REGISTERED COMPANY NUMBER: 00899449 (England and Wales) REGISTERED CHARITY NUMBER: 235914
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 30 September 2025
for
Contemporary Applied Arts (A Company Limited by Guarantee)
Alexanders Accountants
27 High Street Horley Surrey RH6 7BH
Contents of the Financial Statements for the Year Ended 30 September 2025
| Page | ||
|---|---|---|
| Report of the Trustees | 1 to | 15 |
| Statement of Trustees' Responsibilities | 16 | |
| Independent Examiner's Report | 17 to | 18 |
| Statement of Financial Activities | 19 | |
| Balance Sheet | 20 to | 21 |
| Notes to the Financial Statements | 22 to | 31 |
| Detailed Statement of Financial Activities | 32 to | 33 |
Trustees Report and Financial & Operating Review TRUSTEES' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2025
Annual report and financial statements
The Trustees present their annual report together with the financial statements of the Company for the period 1 October 2024 to 30 September 2025. The Annual Report serves the purposes of both a Trustees' report and a Directors' report under company law. The Trustees confirm that the annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).
Since the Company qualifies as small under section 382 of the Companies Act 2006, the strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.
Business review
The period has been one of continued solidification, maintenance, and transformed growth. During 2025 we achieved a stronger performance, supported by the success of the online platforms and exhibitions and fairs, we were able to organise with our maker members. CAA has continued the expansion of our digital presence across multiple resources. These activities enabled us to reach a wider customer base, both domestically and internationally, through online sales and engagement.
Throughout the year, CAA has focused on strengthening our sales with our marketing efforts and on building upon opportunities, while carefully managing our resources. CAA has sought to minimise cash losses, sustaining financial stability, and directing our constrained resources towards progressing CAA's activities on its fundamental purposes.
We are profoundly thankful to the many maker members and volunteers who have generously given their time, skills, and commitment to support CAA. Their involvement has been valuable in helping us deliver events, increase our community, and continue advancing CAA.
Trustee changes
There were no changes to the composition of the Board of Trustees during the year however on 28[th] April 2026 Dame Janet Paraskeva who has served on the Board since October 2021 retired. The Board is extremely grateful for the thoughtful, cogent and relevant advice she has given over the past 5 years. Her contribution will be missed. We have not yet found a replacement Chair and although we have not undertaken another formal search, we continue to make informal enquiries and approaches as and when we can.
We are aware of the need to fill this vacancy with an individual who has the appropriate knowledge of the industry and skills to focus on the fundraising that is needed to put CAA back on the path it should be treading to a more sustainable future. There were no other changes to the trustees serving during the year. Full details of the trustees who served during the period are set out below in this report.
Financial review
During the period under review, CAA achieved Sales of £310,000 (2024 £242,000) a 28% increase and our gross margin on sales improved at 50% (2024 45%). Our operating expenses rose modestly to £203,000 (2024 £197,000) largely due to increased staffing costs. This left us with an overall operating loss of £4,000 (2024£40,000) a great improvement on the prior year.
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As disclosed in the previous Trustee report, in February 2025 we received the second instalment of the threeyear grant of £50,000 per annum from a generous and long-time supporter of CAA. The receipt of this donation with its associated tax credit allowed us to show a net surplus of £59,000 (2024- £41,000)
We are left with only one loan a government backed COVID “bounce back” loan. We continue to be able to service this debt, and which is payable in monthly instalments up until 2030. At the outset this loan was £50,000; at the time of writing the outstanding principal is now below £23,500. All payments have been made on time.
At 31[st] May 2026 (the most recent data available before finalising this report), our cash balance is approximately £153,000 roughly sufficient to cover 8 months expenses.
Gallery Lease
Our lease on 6 Paddington Street comes up for renewal in May 2027 which will require some careful consideration by the Trustees. We have not yet commenced negotiations with the landlord.
Gallery makeover and other activities
This year with gallery-based exhibitions planed, the team worked on creating more functional working space by improving storage areas. We built a packing station that was bigger with storage compartments for all the packing equipment’s we use. We also boxed and labelled all extra stock items in the storage room.
Two new additional part-time staff joined the team this year.
Events & Exhibitions At CAA
New Maker Showcase (Exhibition): 1 – 14 November 2024
Interactive public event, Thursday November 14[th] , 2024, 4 - 8pm: New Makers ‘Meet the Maker’ event. Free admission. On this selection we took on 5 Ceramists, 1 Metalsmith, 1 Glass Maker & 1 Wood Maker.
New Makers 2024:
Tim Fluck | Ömer Öner | Barbara Gittings | Eva Radulova | Beate Gegenwart | Ferri Farahmandi | Mathieu Jones | Verity Pulford | Hannah Lane.
Christmas Preview Events, 28[th] November & 5[th] December 2024
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Collect 2025 (Art Fair): 28[th] February – 2[nd] March 2025
https://caagallery.org.uk/show/contemporary-applied-arts-collect-2025
Entitled Legacy & Evolution, CAA's presentation at Collect 2025 celebrates the gallery both as a heritage organization and a dynamic driver of innovation in the applied arts sphere, with a visual timeline demonstrating each makers' place in CAA's 77-year history.
Collect Makers 2025:
Jane Adam | Julie Arkell | Kate Bajic | Amelia Burke | Charlie Burke | Delfina Emmanuel | Tim Fluck | Gabriele Koch | Daphne Krinos | Bert Marsh | Olga Prinku | Angus Ross | Anna Silverton | Claire Underwood | Paul Wearing | Alison White | Helen Yardley
London Craft Week 2025: 13[th] – 18[th] May 2025
Craft In Evolution @ OXO Tower: Private View: 15th May, 6.30-8.30pm
As it enters its 77th year, Contemporary Applied Arts takes over gallery@oxo in South Bank’s iconic Oxo Tower Wharf for Craft in Evolution, a group exhibition showcasing the work of 25 talented makers which explores the dynamic relationship between craftsmanship and contemporary innovation. https://caagallery.org.uk/show/contemporary-applied-arts-craft-in-evolution-london-craft-week2025
London Craft Week Makers:
Vicki Ambery-Smith | Kate Bajic | Delfina Emmanuel | Ferri Farahmandi | Lesley Farrell | Gill Forsbrook | Barbara Gittings | Ruth Harries | Zoe Hillyard | Kathryn Hinton | Mara Irsara | Margaret Jones | Mathieu Jones | Lizzie Kimbley | Nancy Main | Tessa Wolfe Murray | Ömer Öner | Laurent Peacock | Verity Pulford | Hanna Salomonsson | Jennifer Shellard | Ruth Shelley | Laurance Simon | Zoe Wilson.
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Refractions: New & Archival Jewellery by Marlene McKibbin 12[th] August – 30[th] August 2025 Private View: Thursday 14[th] August 6-8pm
Contemporary Applied Arts is delighted to present a solo show of new and archival jewellery by Marlene McKibbin. The show is full of treasures from Marlene's archive, offering a unique opportunity to own never-to-be-seen-again pieces from over two decades of her ever-evolving practice.
https://caagallery.org.uk/show/contemporary-applied-arts-refractions-new-archival-jewelleryby-marlene-mckibbin
A Legacy in Motion: London Design Festival 2025 13[th] September – 27[th] September 2025
Showcasing works by Contemporary Applied Arts members working across mediums, including glass, ceramics, textiles, metal, wood and jewellery, A Legacy in Motion celebrates craft traditions whilst imagining new possibilities. From functional ceramics and hand-blown glassware to unique artworks that meld craft with augmented reality, each piece offers a chance to bring the story of making into your own space.
https://caagallery.org.uk/show/contemporary-applied-arts-a-legacy-in-motion-london-design-festival-2025
Participating makers:
Hendrike Barz-Meltzer | Peter Black | Kelvin J Birk | John Creed | Gilles Le Corre | Carolyn Genders | Caroline Eglestone | Adam Frew | Beate Gegenwart | Choi Keeryong | Gabriele Koch | Hannah Lane | Jo Lawrence | Janet Hinchcliffe McCutcheon | Nick Membery | Lara Pain | Laurent Peacock | Sue Paraskeva | Thomas Petit | Verity Pulford | Eva Radulova | Michael Ruh
Workshop hosted by Claire Ireland 22[nd] September 2024 for 6. This was advertised on Eventbrite.
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OUTREACH & EDUCATION
CAA aims to champion the applied arts in Britain and develop and encourage the public’s enjoyment and understanding of the working with materials.
We also host events with explicit educational aims, from ‘Meet the Maker’ events to workshops with local children that coincide with exhibitions in the gallery. Through our development and mentorship programmes we can support the early careers of emerging artists making innovative use of materials to build the next generation of applied artists in Britain.
During this time, we had 2 Work Experience placements, 1 Work Shadowing placement and one Internship placement.
Internship: Shijia Zhou from 13[th] January – 21[st] March. She was a second-year Jewellery Design student at the University of the Arts London. Her expenses were covered by CAA.
Work Shadowing: Sage Twombley. She was a young textile enthusiast about to start GCSE’s and was interested in learning about the industry.
Work Experience: Mckaila Nzewgu 7[th] – 11[th] July
Work Experience: Aladi Omachi Abu 5[th] – 15[th] August
- Marketing achievements and E Commerce growth
At the end of the 2021-22 year, the board reviewed CAA's online presence and agreed to invest in an upgrade of its digital touchpoints - the website, online shop, newsletter, and social media strategy - with a focus on two objectives:
In 2024-25, we continued improving the gallery's online presence and expand into new channels, driving brand awareness and further growth in online & offline sales.
| Gallery Sales | 252,981 | 69.4% |
|---|---|---|
| Online sales | 116,931 | 31.6% |
| Total sales | 369,912 | 100.0% |
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Google Ads Insights Report
Reporting Period: 1 September 2024 – 30 September 2025
Summary
During the reporting period, Google Ads delivered significant visibility and traffic to the website:
| Metric | Result |
|---|---|
| Impressions | 2.95 million |
| Clicks | 62,600 |
| Average CPC | £0.03 |
| Advertising Spend | £2,130 |
| Average CTR | 2.12% |
Key Highlights
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Nearly 3 million ad impressions generated strong brand visibility.
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Over 62,000 website visits were driven by Google Ads.
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An exceptionally low average CPC of £0.03 indicates highly cost-efficient traffic acquisition.
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The campaign delivered traffic at an estimated cost of approximately 3.4 pence per click , representing excellent value for budget invested.
Traffic Performance Trends
September–November 2024
- Impressions began at their highest level during the reporting period.
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Traffic levels were relatively modest despite strong visibility.
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This suggests strong audience reach but lower engagement during the early months.
December 2024 – March 2025
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Both impressions and clicks increased steadily.
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Click growth closely tracked impression growth, indicating improving campaign relevance and audience engagement.
April – June 2025
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Performance reached its strongest levels.
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Both impressions and clicks peaked, demonstrating:
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Strong market visibility.
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Effective audience targeting.
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Consistent user engagement.
July – August 2025
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A notable decline occurred in both impressions and clicks.
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Possible contributing factors:
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Seasonal demand fluctuations.
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Reduced advertising activity.
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Increased market competition.
September 2025
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Traffic recovered strongly.
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Clicks and impressions both increased, suggesting campaigns regained momentum following the summer slowdown.
Audience Demographics Insights
Primary Audience
The demographic heat map indicates the strongest engagement came from:
Males Aged 18–34
This segment generated the highest concentration of impressions.
Particularly:
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Male 18–24
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Male 25–34
These groups appear to be the core audience reached by the campaigns.
Secondary Audience
Moderate reach was achieved among:
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Females 18–34
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Males 35–44
These groups provide opportunities for additional targeting and growth.
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Lower Engagement Segments
Lower impression volumes were recorded among:
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Users aged 45+
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Female audiences aged 45+
Insight
The campaigns currently resonate most strongly with younger audiences, particularly males under 35. Future campaign testing could explore messaging tailored toward older demographics to broaden reach.
Device Performance Analysis
Traffic Distribution
Clicks by Device
Device Share of Clicks Mobile Phones 93.8% Computers 3.7% Tablets 2.5% TV Screens 0.0%
Impressions by Device
Device Share of Impressions Mobile Phones 86.3% Computers 10.9% Tablets 2.8% TV Screens 0.1%
Advertising Spend by Device
Device Share of Spend Mobile Phones 86.1% Computers 11.2% Tablets 2.7% TV Screens 0.1%
Key Device Insights
Mobile Dominates Performance
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Nearly 94% of all clicks originated from mobile devices.
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Mobile users generated a disproportionately high share of traffic compared with desktop users.
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• Mobile advertising should remain the primary focus of future campaigns.
Desktop Generates Visibility but Fewer Clicks
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Computers accounted for approximately 11% of impressions but only 3.7% of clicks .
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This suggests mobile users are significantly more likely to engage with ads.
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Tablets and TV Screens
- These devices contributed minimal traffic and have limited impact on overall campaign performance.
Strategic Insights
What Worked Well
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Strong overall visibility with nearly 3 million impressions.
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Excellent cost efficiency with an average CPC of £0.03.
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Consistent growth through the middle of the reporting period.
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Strong engagement among younger audiences.
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Mobile-first performance driving most traffic.
Opportunities for Improvement
⚠ Investigate the mid-2025 traffic decline to determine whether it was caused by seasonality, budget changes, or increased competition.
- ⚠ Review desktop landing page experience to improve desktop click-through performance.
⚠ Test audience expansion campaigns targeting users aged 35–54 to identify additional growth opportunities.
⚠ Continue prioritising mobile optimisation given its dominant contribution to traffic.
Conclusion
Between September 2024 and September 2025, Google Ads successfully generated substantial website traffic at a very low acquisition cost.
Campaign performance strengthened throughout the year, peaking during spring and early summer 2025 before experiencing a temporary seasonal decline and subsequent recovery.
The data shows a highly mobile-centric audience.
Overall, the campaigns delivered efficient reach, strong engagement, and a solid foundation for continued growth.
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Arts On-platformsales $7,285 14 1nquir1es-toaI 12 hours Page 10
MEMBERSHIP
As a membership organisation for craft artists across disciplines, CAA is unique in the UK. We currently represent around 200 designer makers, spanning the spectrum of the applied arts. Members range from well-established artist-makers to graduates from leading applied art courses.
This allows artists to exhibit and sell their work through the gallery. Membership is open to makers living and working in the United Kingdom for at least six months of the year.
We have a new maker selection once a year. The panel for 2025 was made up of professional artist-makers, all respected leaders in their fields. Panel members represent their own specialist discipline but are also responsible for contributing to the selection of makers from each field. The current panel members are:
Daphne Krinos (jewellery) Tessa Eastman (ceramics) Alison White (textiles) Mathew Pare (Wood) Helen Slater-Stokes (Glass) Ane Christensen (Metal)
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CONSTITUTIONAL AND GOVERNANCE REPORT
Objectives and activities
a. Policies and objectives
Contemporary Applied Arts ("CAA") is London's original multi-disciplinary applied arts gallery which champions and promotes only the very best of British craft. CAA is a membership organisation, comprising around 230 leading British-based makers, professionals who create one-off pieces in ceramics, glass, jewellery, metal, paper, textiles, wood and furniture. This is a unique model in the applied arts world. Our makers' work demonstrates a perfect harmony of technical skill and artistic vision. CAA's gallery is a respected place for learning about, appreciating and purchasing contemporary craft. Our mission is to show high-quality applied arts in an accessible and engaging way, through our gallery displays and exhibitions, educational events, outreach and publications.
The objects and purposes of CAA are wholly charitable and are to preserve, promote and advocate for the applied arts in the United Kingdom.
We aim to:
Further the study and understanding of the crafts in the UK by encouraging people to learn from CAA's activities, exhibitions and displays. We support our maker membership by displaying, publicising, promoting and selling their work in the company's gallery, in other venues and online.
Act as a champion for the crafts, working to ensure that excellence in the applied arts in Britain is recognised, valued, experienced and enjoyed by the widest possible audiences.
In these ways, CAA supports the marketplace for craft in the UK and supports our nationally distributed maker members by offering the public access to their work via a commercial gallery, which exposes them to diverse audiences and often offers them opportunities to extend their practice and participate in creative projects.
FINANCIAL REVIEW
a. Going concern
The financial statements have been prepared on a going-concern basis. The Trustees have reviewed the Company’s forecasts and projections covering a period of 12 months from the date of signing these financial statements. As a result of the legacy of the Coronavirus pandemic, there remains uncertainty over whether the future cashflows will be sufficient to cover the Company’s liabilities that fall due. The trustees have cut expenditures to the greatest extent possible but future revenues may still be insufficient to maintain a viable organisation.
b. Reserves policy
A review of the reserves policy to determine what level of reserves CAA should prudently maintain considered:
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CAA's cash flow sensitivity, based on the uncertain nature of CAA's sales and donations,
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revenues compared with its fixed costs,
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the amounts needed to pay CAA's creditors in the event of an unplanned winding-up,
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the need for an additional contingency, including allowance for any on-going losses
It was agreed that reserves would ideally be at least £60,000, equivalent to some four months of unrestricted expenditure. This target was not achieved in recent years, but it remains a principle that a substantial reserve should be built up.
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c. Principal funding
CAA runs on earned income, the majority of which is made through sales of the maker members' work. In addition to this, the maker members pay an annual fee, the total income from which represents about 10% of CAA's core running costs. We also seek donations and support (for exhibitions, education and outreach, publications and other activities) from grant-making trusts, foundations and individuals. We welcome 'support in kind' where appropriate.
Structure, governance and management
a. Constitution
CAA is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association on 1 March 1967 as last amended on 9 August 1994. It was founded as the Crafts Centre of Great Britain in 1948 and changed its name to Contemporary Applied Arts (CAA) in 1987.
b. Governance of the Board of Trustees
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.
The management of Contemporary Applied Arts ("CAA") is the responsibility of the Board of Trustees who are elected and co-opted under the terms of the Articles of Association.
The Articles of Association stipulate that the Board of Trustees consist of up to twelve members and that three of the Board members must be maker members. Trustees are eligible to serve for two three-year terms with re-election at the end of the first. The Chair holds office for two terms and there is a provision for extension if appropriate. Judith Unwin retired as Chair in December 2022 after the end of the accounting period. A search for a successor has been undertaken but has so far not been successful.
New Trustees are identified and recruited through recommendations, particularly by members of CAA, Friends and fellow arts organisations. Trustees are chosen on the basis of their professional skills, which might be of value to CAA as a business and/or arts charity, and also for their personal interests and activities, which often include engagement within the applied arts.
c. Organisational Structure and Decision-Making
The Board of Trustees, who are the Trustees of the charity registered with the Charity Commission, are responsible for the executive decisions.
d. Management of Conflicts and Related Parties
The Board of Trustees has adopted a policy which requires its members to declare any conflicts of interest and the agenda for each Board of Trustees meeting includes an item inviting such disclosure.
A Declaration of Conflicts of Interest Form highlights the conflict which might exist where work of a trustee who is also a maker is sold or exhibited by CAA on preferential terms not available to other makers. During the year all sales were on an arm's length basis and no work of a trustee was sold or exhibited on a preferential basis. During the year, the work of maker members who are currently serving as Trustees sold by CAA totalled £25,609 (2024: £1,474).
e. Risk management
CAA has identified risks faced by the organisation, completed a risk register and adopted a risk management policy in 2012. The Charities Commission guide for charities on how to approach risk management and Arts Council England's Introduction to Boards of Arts organisations were used as the basis for this. In each case, the risk map spells out the potential impact of the risk, steps taken by CAA to mitigate it and who is responsible for managing the risk. A traffic system then assesses the likelihood and potential impact of each risk before and after control measures are applied. The Board has a policy of reviewing the risk register and policy at least once a year.
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Board of Trustees (as of the date the accounts were approved, in alphabetical order)
David Eton
David Eton is a Chartered Accountant with more than 30 years of experience in the financial services Industry predominantly working with smaller entrepreneurial businesses. He has been Treasurer since November 2021.
Marlene McKibbin Jeweller; Maker Trustee
Marlene McKibbin is a leading contemporary jeweller. Born in Newry, Co Down, she holds a BA from Ulster College of Art and an M.Des from the Royal College of Art. She has been making and exhibiting jewellery for over four decades and has shown in the UK and internationally. Her work is held in many major collections including the Victoria & Albert Museum London, Aberdeen Art Gallery, National Museum of Scotland, British Council Collection, MIMA Middlesbrough, The Alice and Louis Koch Collection Switzerland, and Fuller Craft Museum Brockton, MA, USA. She is a long-standing CAA maker member and, since 2001, Associate Lecturer at Central Saint Martins.
Lucy Thompson
Lucy is a marketing communications professional with 10 years’ experience in higher education and social research environments. She is currently Marketing Lead for the UCL Faculty of Engineering Sciences, where she leads a team to deliver student recruitment, product and content marketing strategies. She holds a BA Hons (First Class) in Germanic Studies from the University of Sheffield, and an MPhil in European Comparative Literatures and Cultures from the University of Cambridge. She has been an Associate Lecturer at Birkbeck College since 2017.
Helen Yardley Textiles Maker Trustee
Helen Yardley was born in Plymouth, Devon. She studied printed and woven textiles at Manchester where she obtained a first-class degree before obtaining her master’s at the Royal College of Art.
She has served as a Trustee of the Crafts Council from 2003 to 2007 and is an Honorary Fellow of Design Nation.
She has received notable commissions for British Ambassadors Residences, Moscow and Vienna, London Stock Exchange, Abu Dhabi Stock Exchange, Coutts Bank The Strand, Fidelity Investments Tokyo and London HQ.
Her work is held in the V&A, House of Commons Collection, Crafts Council Collection, Southampton Art Gallery. In addition to the UK, she has exhibited in the USA, Japan, Germany, France and Italy.
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STRUCTURE, GOVERNANCE AND MANAGEMENT
REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number
00899449 (England and Wales)
Registered Charity number
235914
Registered office
6 Paddington Street
Marylebone London W1U 5QG
Trustees
D Eton MP McKibbin Rt Hon Dame JH Paraskeva (Retired 28th April 2026) LH Thompson HC Yardley
Independent Examiner
Alexanders Accountants 27 High Street Horley Surrey RH6 7BH
30/06/2026 Approved by order of the board of trustees on ............................................. and signed on its behalf by:
Lucy Tallentire (Jul 1, 2026 08:09:00 GMT+1)
.......................................................... L Thompson - Trustee
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Contemporary Applied Arts
Statement of Trustees' Responsibilities for the Year Ended 30 September 2025
The trustees (who are also the directors of Contemporary Applied Arts for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charity SORP;
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make judgements and estimates that are reasonable and prudent;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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Independent Examiner's Report to the Trustees of Contemporary Applied Arts
Independent examiner's report to the trustees of Contemporary Applied Arts ('the Company') I report to the charity trustees on my examination of the accounts of the Company for the year ended 30 September 2025.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.
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Independent Examiner's Report to the Trustees of Contemporary Applied Arts
Independent examiner's statement - matters of concern identified
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Association of Accounting Technicians, which is one of the listed bodies.
I have completed my examination.
Material uncertainty related to going concern: I draw attention to note 1 in the financial statements on going concern, which indicates that, there is uncertainty over whether future cashflows will be sufficient to cover the Company's liabilities as they fall due. Due to the uncertain outcome of these cashflows, a material uncertainty exists that may cast a significant doubt on the Company's ability to continue as a going concern.
I confirm that no other matters have come to my attention in connection with the examination giving me reasonable cause to believe that in any material respect:
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accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; and
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
I confirm that there are no other matters to which your attention should be drawn to enable a proper understanding of the accounts to be reached.
M. Lewin
M. Lewin (Jul 2, 2026 10:42:54 GMT+1)
Michael Lewin
The Association of Accounting Technicians
Alexanders Accountants
27 High Street Horley Surrey RH6 7BH 30/06/2026 Date: .............................................
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Contemporary Applied Arts
Statement of Financial Activities
(Incorporating an Income and Expenditure Account) for the Year Ended 30 September 2025
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies Charitable activities Membership subscriptions Sales Grants received Investment income 3 Total EXPENDITURE ON Charitable activities Charitable activities Governance Other Total NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted fund £ 64,000 24,052 331,236 - 1,290 420,578 357,447 3,137 754 361,338 59,240 4,189 63,429 |
Restricted funds £ - - - - - - - - - - - - - |
30.9.25 Total funds £ 64,000 24,052 331,236 - 1,290 420,578 357,447 3,137 754 361,338 59,240 4,189 63,429 |
30.9.24 Total funds £ 81,506 22,099 248,729 - 1,060 353,394 307,914 3,132 888 311,934 41,460 (37,271) 4,189 |
|---|---|---|---|---|
The notes form part of these financial statements
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Contemporary Applied Arts
Balance Sheet
30 September 2025
| CREDITORS Unrestricted funds: FIXED ASSETS Notes Tangible assets 8 CURRENT ASSETS Debtors 9 Cash at bank CREDITORS Amounts falling due within one year 10 NET CURRENT ASSETS/(LIABILITIES) TOTAL ASSETS LESS CURRENT LIABILITIES Amounts falling due after more than one year 11 NET ASSETS/(LIABILITIES) FUNDS 13 General fund Restricted funds: TOTAL FUNDS |
Unrestricted fund £ 1 25,367 110,024 135,391 (50,944) 84,447 84,448 (21,019 ) 63,429 |
Restricted funds £ - - - - - - - - - |
30.9.25 Total funds £ 1 25,367 110,024 135,391 (50,944 ) 84,447 84,448 (21,019 ) 63,429 63,429 - 63,429 |
30.9.24 Total funds £ 1 19,639 82,869 102,508 (70,943 ) 31,565 31,566 (27,377 ) 4,189 4,189 - 4,189 |
|---|---|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2025.
The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2025 in accordance with Section 476 of the Companies Act 2006.
The notes form part of these financial statements
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continued...
Contemporary Applied Arts
Balance Sheet - continued 30 September 2025
The trustees acknowledge their responsibilities for
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(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
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(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
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: 30/06/2026
............................................. Lucy Tallentire (Jul 1, 2026 08:09:00 GMT+1) L Thompson - Trustee ............................................. D Eton - Trustee
The notes form part of these financial statements
Page 21
Contemporary Applied Arts
Notes to the Financial Statements for the Year Ended 30 September 2025
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
Contemporary Applied Arts is a Company registered by guarantee in England. The nature of the charity's operations and principal activities are to preserve, promote and advocate for the craftsmanship in the United Kingdom.
The financial statements 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Contemporary Applied Arts Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £. The financial statements prepared are for the year ended 30 September 2025, and the comparative figures are for the year ended 30 September 2024.
The members of the company are the Trustees named on page 9. In the event of the company being wound up, the liability in respect of the guarantee is limited to £1 per member of the company.
Income
All income is recognised once the Company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
For legacies, entitlement is taken as the earlier of the date on which either: the company is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the Trust that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the company has been notified of the executor's intention to make a distribution. Where legacies have been notified to the company, or the company is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material.
Donated services or facilities are recognised when the company has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use of the company of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), the general volunteer time of the Friends is not recognised and refer to the Trustee's report for information about their contribution.
On receipt, donated professional services and facilities are recognised on the basis of the value of the gift to the company which is the amount it would have been willing to pay to obtain services or facilities of economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.
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Contemporary Applied Arts
Notes to the Financial Statements - continued for the Year Ended 30 September 2025
1. ACCOUNTING POLICIES - continued
Income
Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefit will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use.
Support costs are those costs incurred directly in support of expenditure on the objects of the company and include project management carried out at Headquarters.
Charitable activities and Governance costs are costs incurred on the company's charitable operations, including support costs and costs relating to the governance of the company apportioned to charitable activities
Tangible fixed assets
A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate that the carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying value of fixed assets and their recoverable amounts are recognised as impairments. Impairment losses are recognised in the Statement of Financial Activities.
Tangible fixed assets are carried at cost, net of depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives.
Depreciation is provided on the following bases:
| Depreciation is provided on the | following bases: |
|---|---|
| Gallery improvements | - over the remaining term of the lease |
| Gallery equipment | - over 3 years |
| Website | - over 5 years |
| Plant and machinery | - 20% on cost |
| Office equipment | - 33% on cost |
Taxation
The charity is exempt from corporation tax on its charitable activities.
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Contemporary Applied Arts
Notes to the Financial Statements - continued for the Year Ended 30 September 2025
1. ACCOUNTING POLICIES - continued
Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Company and which have not been designated for other purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
Pension costs and other post-retirement benefits
The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents the contributions payable by the Company to the fund.
Going concern
The financial statements have been prepared on a going concern basis. The Trustees have reviewed the Company's forecasts and projections covering a period of 12 months from the date of signing these financial statements. As a combination of a number of factors including the legacy of the pandemic, there remains uncertainty over whether the future cashflows will be sufficient to cover the Company's liabilities that fall due. The Trustees have cut expenditure to the greatest extent possible but future revenues may still be insufficient to maintain a viable organisation.
CAA was the beneficiary of an interest free SITR loan in 2019. During the pandemic, the maturity of this loan was extended to December 2022. As noted in the Trustees Report the lender agreed to waive repayment and convert this into a Donation. This together with the associated gift aid has made significant progress in reducing the net deficit in the Company's reserves, and the Trustees believe that CAA will have sufficient resources to meet its obligations as they fall due in the next 12 months. However, there does still remain material uncertainty that may cast significant doubt on the Company's ability to continue as a going concern.
Interest received
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Company; this is normally upon notification of the interest paid or payable by the institution with whom funds are deposited.
Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as 'Gains/(Losses) on investments' in the statement of financial activities.
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Contemporary Applied Arts
Notes to the Financial Statements - continued for the Year Ended 30 September 2025
1. ACCOUNTING POLICIES - continued
Stocks
The Company holds consignment stock on behalf of individual sellers, however the risks and rewards of ownership remain with the sellers up to the point of sale. Accordingly, consignment stock is not recognised on the balance sheet.
Debtors
Trade and other debtors are recognised at the settlement amount after any trade discounts offered.
Prepayments are valued at the amount prepaid net of any trade discounts due.
Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
Liabilities and provisions
Liabilities are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amount required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the statement of financial activities as a finance cost.
Financial Instruments
The Company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
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Contemporary Applied Arts
Notes to the Financial Statements - continued for the Year Ended 30 September 2025
2. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Critical accounting estimates and assumptions:
The Company makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are the estimated useful lives of fixed assets.
3. INVESTMENT INCOME
30.9.25 30.9.24 £ £ Interest received 1,290 1,060 NET INCOME/(EXPENDITURE) Net income/(expenditure) is stated after charging/(crediting): 30.9.25 30.9.24 £ £ - Depreciation - owned assets 5,564
4. NET INCOME/(EXPENDITURE)
5. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 30 September 2025 nor for the year ended 30 September 2024.
Trustees' expenses
There were no trustees' expenses paid for the year ended 30 September 2025 nor for the year ended 30 September 2024.
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Contemporary Applied Arts
Notes to the Financial Statements - continued for the Year Ended 30 September 2025
6. STAFF COSTS
The average monthly number of employees during the year was as follows:
7.
| 30.9.25 Employees 1 No employees received emoluments in excess of £60,000. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted Restricted fund funds £ £ INCOME AND ENDOWMENTS FROM Donations and legacies 81,506 - Charitable activities Membership subscriptions 20,099 - Sales 248,729 - Grants received Investment income - 1,060 - - Total 353,394 - EXPENDITURE ON Charitable activities Charitable activities 307,914 - Governance 3,132 - Other 888 - Total 311,934 - NET INCOME 41,460 - Transfers between funds - - Net movement in funds 41,460 - RECONCILIATION OF FUNDS Total funds brought forward (37,271) - TOTAL FUNDS CARRIED FORWARD 4,189 - |
30.9.24 1 Total funds £ 81,506 20,099 248,729 - 1,060 353,394 307,914 3,132 888 311,934 41,460 - 41,460 (37,271) 4,189 |
|---|---|
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Contemporary Applied Arts
Notes to the Financial Statements - continued for the Year Ended 30 September 2025
8. TANGIBLE FIXED ASSETS
| Gallery Plant & Office improvements machinery equipment £ £ £ COST At 1 October 2024 51,000 - 2,232 Disposals - - - At 30 September 2025 51,000 - 2,232 DEPRECIATION At 1 October 2024 51,000 - 2,231 Eliminated on disposal - - Charge for year - - - At 30 September 2025 51,000 - 2,231 NET BOOK VALUE At 30 September 2025 - - 1 At 30 September 2024 - - 1 9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade debtors Other debtors Prepayments and accrued income 10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other loans (see note 12) Trade creditors Social security and other taxes Other creditors Accruals and deferred income |
Website £ 25,400 - 25,400 25,400 - - 25,400 - - 30.9.25 £ 580 2,150 22,637 25,367 30.9.25 £ 6,222 35,458 4,420 1,444 3,400 50,944 |
Totals £ 78,632 - |
||
|---|---|---|---|---|
| 78,632 | ||||
| 78,631 - - |
||||
| 78,631 | ||||
| 1 | ||||
| 1 | ||||
| 30.9.24 £ 427 700 18,512 |
||||
| 19,639 | ||||
| 30.9.24 £ 5,332 27,758 5,805 6,980 25,068 |
||||
| 70,943 |
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Contemporary Applied Arts
Notes to the Financial Statements - continued for the Year Ended 30 September 2025
| 11. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 30.9.25 £ Other loans (see note 12) 21,019 12. LOANS An analysis of the maturity of loans is given below: Amounts falling due within one year on demand: 30.9.25 £ Other loans 6,222 Amounts falling between one and two years: Other loans - 1-2 years 6,222 Amounts falling due between two and five years: Other loans - 2-5 years 14,797 Amounts falling due in more than five years: Repayable by instalments: Other loans more 5yrs instal - 13. MOVEMENT IN FUNDS At Net movement 1.10.24 in funds £ £ Unrestricted funds General fund 4,189 59,240 Restricted funds - - TOTAL FUNDS 4,189 59,240 |
30.9.24 £ 27,377 30.9.24 £ 5,332 |
|
|---|---|---|
| 5,332 | ||
| 15,996 | ||
| 6,049 At 30.9.25 £ 63,429 - 63,429 |
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Contemporary Applied Arts
Notes to the Financial Statements - continued for the Year Ended 30 September 2025
13. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| Incoming Resources resources expended £ £ Unrestricted funds General fund 420,578 (361,338 ) Restricted funds - - TOTAL FUNDS 420,578 (361,338 ) Comparatives for movement in funds Net Transfers At movement between 1.10.23 in funds funds Unrestricted funds £ £ £ General fund (37,271 ) 41,460 - Restricted funds - - - TOTAL FUNDS (37,271 ) 41,460 - Comparative net movement in funds, included in the above are as follows: Incoming resources Resources expended £ £ Unrestricted funds General fund 353,394 (311,934) Restricted funds - - TOTAL FUNDS 353,394 (311,934 ) |
Movement in funds £ 59,240 - 59,240 At 30.9.24 £ 4,189 - 4,189 Movement in funds £ 41,460 - 41,460 |
|---|---|
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Contemporary Applied Arts
Notes to the Financial Statements - continued for the Year Ended 30 September 2025
14. RELATED PARTY DISCLOSURES
The following craft items made by the Board of Trustees were sold through CAA's gallery during the year / period:
during the year / period: |
||
|---|---|---|
| YE 30 | YE 30 | |
| September | September | |
| 2025 | 2024 | |
| £ | £ | |
| Helen Yardley | 4,163 | - |
| Marlene McKibbin | 21,446 | 1,474 |
| 25,609 | 1,474 |
The Charity previously received a loan of £15,000 from a Trustee which was repayable on 24th November 2025. This loan has been written off with the agreement of the Trustee lender.
During the year the Charity received £NIL (2024 - £NIL) in donations from its Trustees, before gift aid. The donors did not attach any conditions to their gifts which require the Charity to alter the nature of any of the existing activities.
During the year the Charity received £14,565 (2024 - £3,371) sales income and £260 (2024 - £260) membership income from its Trustees.
15. FUNDS
There are no restricted funds held.
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Contemporary Applied Arts
| Detailed Statement of Financial Activities for the Year Ended 30 September 2025 INCOME AND ENDOWMENTS Donations and legacies Donations Investment income Interest received Charitable activities Membership subscriptions Sales Grants received - unrestricted Grants received - restricted Total incoming resources EXPENDITURE Charitable activities Wages Social security Pensions Rates and water Insurance Postage and stationery Sundries Purchases Exhibition expenses Rent Telephone Independent examiners remuneration Repairs to property and equipment Computer & Internet costs PayPal fees Bookkeeping Bank and processing charges Interest payable Carried forward |
30.9.25 £ 64,000 1,290 24,052 331,236 - - 355,288 420,578 83,541 - - 3,560 7,211 19,025 869 153,636 4,179 49,683 (633) 3,200 5,330 10,294 - 9,412 7,440 - 356,747 |
30.9.24 £ 81,506 1,060 22,099 248,729 - - |
|---|---|---|
| 270,828 | ||
| 353,394 78,961 - - 3,316 7,470 15,832 253 107,915 1,663 51,100 3,279 3,200 4,874 8,192 - 9,397 6,898 - 302,350 |
This page does not form part of the statutory financial statements
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Contemporary Applied Arts
| Contemporary Applied Arts | ||
|---|---|---|
| Detailed Statement of Financial Activities for the Year Ended 30 September 2025 Charitable activities Brought forward Bad debts Depreciation of Gallery Improvements Depreciation of Plant and machinery Depreciation of Office equipment Depreciation of Website Other Bank loan interest Support costs Governance costs Bookkeeping Legal fees Total resources expended Net (expenditure)/income |
30.9.25 £ 356,747 700 - - - - 357,447 754 3,137 - 3,137 361,338 59,240 |
30.9.24 £ 302,350 - 5,100 - 464 - |
| 307,914 888 3,132 - |
||
| 3,132 | ||
| 311,934 | ||
| 41,460 |
This page does not form part of the statutory financial statements
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