OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2023-12-31-accounts

Charity registration number 289590

THE ASSOCIATION OF GUILDS OF WEAVERS, SPINNERS AND DYERS ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

THE ASSOCIATION OF GUILDS OF WEAVERS, SPINNERS AND DYERS

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees A Easey
J Crowther
A Johnson
L Fidler
A Martin
C Snape
J Maher
L Shannon
M England
C Knowles
K Johnston
Charity number 289590
Independent examiner PM+M Solutions for Business LLP
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB

THE ASSOCIATION OF GUILDS OF WEAVERS, SPINNERS AND DYERS

CONTENTS

Page
Trustees' report 1 - 5
Independent examiner's report 6
Statement of financial activities 7
Balance sheet 8
Notes to the financial statements 9 - 14

THE ASSOCIATION OF GUILDS OF WEAVERS, SPINNERS AND DYERS

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2023

The trustees present their annual report and financial statements for the year ended 31 December 2023.

The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

Objectives and aims

The Association of Guilds of Weavers, Spinners and Dyers constitution states its objectives as follows:

  1. The preservation and improvement of craftsmanship in hand weaving, spinning and dyeing, for the benefit of the public.

  2. The promotion of public awareness and education in such craftsmanship.

Significant activities

The biennial rotation of events: Exhibition, Summer School and Conference (Guilds Gathering) continues.

There are three certificates offered after a course of study to members of the member guilds of the AGWSD.

Production of a quarterly journal.

Public benefit

The Association organises a biennial National Exhibition and Conference, with a Summer School on the alternate year, these are open to members of affiliated and associate guilds and to members of the public. The Association also maintains a presence at the major craft exhibitions throughout the country and member guilds similarly hold local exhibitions and demonstrations. Information concerning the AGWSD and the member guilds is available at events and through the AGWSD website, and the member guilds' websites.

Work is continuing on developing the educational programme through the Foundation Certificates, the Certificates of Achievement and the Certificate in Advanced Textile Studies.

The Association publishes a quarterly magazine, "The Journal for Weavers, Spinners and Dyers" which is on sale to guild members and the public.

The Trustees of the Association of Guilds of Weavers, Spinners and Dyers believe they have complied with the duty in section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission.

ACHIEVEMENT AND PERFORMANCE

The Association currently has 115 affiliated member guilds plus 3 associated (overseas) Guilds. The guilds' members now total 5,308. It should be noted that, although we undertake detailed five-year financial forecasting and planning, it is recognised that certain aspects of fulfilling our main educational aims – Certificates (Foundation Certificate, Certificate of Achievement and Certificate in Advanced Textile Studies), Stuart Groom Memorial Library and our biennial National Exhibition - are not self-financing and therefore effectively partially subsidised by Association reserves, but largely by the vital importance of volunteer ‘gift time’, both within the Guilds and the Association, which is donated by members at all levels of expertise with a wide range of both textile, practical and administrative talents. Without this personal commitment, the Association could not continue to offer the current wide range of activities for such a modest affiliation fee.

We were able to keep our activities going thanks to the flexibility, patience and wonderful ‘can-do’ attitude of our volunteers and of our member guilds, for which we are very grateful.

THE ASSOCIATION OF GUILDS OF WEAVERS, SPINNERS AND DYERS

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Area links

Regular communications between five Area Links, who are members of the GPC, and the guilds in their ‘area’ take place regularly via zoom, five times a year based around the timings of the GPC meetings and AGWSD AGM. The Area Links hold their own group zoom meetings to share and collate information from and to the guilds, the AGWSD chair and Vice Chair attend these meetings to give support and to aid communications. This has developed well over the past year, with guilds working together for events developed through the Area Link meetings.

Monthly Newsletter

The AGWSD News continues to play a significant part in the communications between the GPC, the JEC and members of all the member guilds. It is emailed to all guild secretaries monthly for forwarding to their guild members. The News includes information of a more time sensitive nature, such as guild events. There is a rolling programme of ‘from the guilds’ where guilds can celebrate their events, information about the GPC and the members, its work and is used as a way of promoting all the AGWSD has to offer to member guilds.

Biennial Summer School

The Association’s biennial Summer School was held at Harper Adams University, near Newport, Shropshire, from 13[th] to 20[th] August 2023. It was attended by 271 students (including 12 non-resident and 7 campers) some of whom received bursaries to enable them to attend, 18 tutors, 8 companions, one convenor and an assistance dog. The 18 courses included Weaving (on shaft and tapestry looms), Spinning, Dyeing (including Eco-printing and Indigo Shibori) Felt making, Braiding, Papermaking and Soft Basketry, all tutored by experts in their fields. Evening events included two lectures, craft and natter, student and tutor fashion show, silent auction, and a half-day break allowed the chance to join organised local educational visits. The trade fair at the end of the week hosted 25 traders. The open day on the final day was open to non-summer school attendees as well as those who had attended. Visitors were able to see the work achieved by the students during the week and also visit the exhibitions, these included one of tutor’s work, a showcase of four graduates work and the Certificate of Achievement submissions. Coming out of COVID the event was extremely popular and partly as a result of this and through careful financial budgeting, the summer school made a surplus.

2024 Biennial Conference and Exhibition

The 2024 National Conference will be held at Bicton College in July 2024. There is a programme with nine speakers booked over the long weekend. The theme of the Conference is “The riches of wool”. Applications opened on October 31[st] , 2023, and the conference is now fully booked.

Similarly, preparation for the 2024 National Exhibition to be held at Hay Castle in October 2024 was started in earnest.

Looking ahead to 2025 and to 2026, work is already in progress to find venues for the biennial events in these years.

The Certificates

The Foundation Certificates concept was developed to meet the learning needs of members who were either new to Guilds or who wanted to extend their skills, and for whom the Certificate of Achievement seemed too big a step. The first, the Foundation Certificate in Spinning, was piloted in 2016 and launched fully in 2017. Since then, 51 students have been awarded the Foundation Certificate and there are 52 students currently studying. In 2020 the Foundation Certificate was submitted successfully for accreditation to the Textile Institute and from September 2021 is an approved course with credit. There are currently 15 mentors supporting the active students. The second, the Foundation Certificate in Natural Dyeing was launched with a pilot in May 2019. The pilot is complete, and the syllabus is being reviewed based on feedback from students and mentors. A revised certificate will be relaunched later in the year. The syllabus for the Foundation Certificate in Weaving is in early draft form.

THE ASSOCIATION OF GUILDS OF WEAVERS, SPINNERS AND DYERS

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

The Certificate of Achievement (CoA)

The CoA continues to provide a broad and balanced series of five syllabi that can be undertaken by members of the affiliated and associate guilds. It is self-directed learning with emphasis on the student undertaking to seek out the best information for their selected syllabus. The CoA Handbook was revised for 2023 with clearer information, additional images, and an appendix giving examples of the use of level descriptors/indicators used for the assessment process.

Twenty students registered for the CoA in 2023, which is a significant increase on 2022. The cost for registering for the CoA remains at £40. Bursaries are available on application to the CoA coordinator ratified by the GPC, for financial help for the student to attend a course for furthering their learning.

An annual review of the registered students indicates there is a dropout rate, not unusual in such self-directed learning, there are some students who are taking a break, there remains on average 50 students who are actively engaged in the process. The Current CoA Coordinator gives support when requested, there is a closed Facebook Group that is used for group support.

Two students put their work forward for assessment at the summer school 2023. One achieved a distinction in Natural Dyeing, the other a credit in Spinning. There was a further student for assessment who had to withdraw at the last moment due to ill health issues. The assessment process is undertaken by professionals in the given technique. The moderator has extensive knowledge of the assessment process as well as knowledge of the techniques.

The Certificate on Advanced Textile Studies (CATS)

CATS is based on the student’s individual research idea, the ‘Statement of Intent’, based around spinning, weaving or dyeing. CATS has an outline modular system, so that progress can be supported, and further avenues of research undertaken within the guidelines given.

CATS has three students currently enrolled, they continue to research their given areas. They are supported by the CATS coordinator depending on their individual requirements, one has ongoing face to face support every few months, which helps the exploration of ideas and opens avenues for exploration. Support is offered to each CATS student and is taken up as required.

The current CoA and CATS coordinator is a professional teacher working on a volunteer basis.

In line with the AGWSD educational remit, the registration costs and assessment costs for the students have not increased for both the Certificate of Achievement and the Certificate in Advanced Textile.

The Journal WSD

The Journal WSD supports the Association's education purpose. During 2023 the Journal Editorial Committee planned to produce 4 issues; to maintain income from subscriptions, sales and advertising; and to improve administrative processes, in particular improving website functionality to streamline the subscriptions process to benefit volunteers and subscribers.

The Journal WSD website was merged into the Association website during the year and the subscriptions process, which allows for several different ways of paying was streamlined. As with so many IT projects, some of the work did not go as smoothly as hoped. Thanks to a great deal of volunteer time and expertise, assisted where necessary by the services of an IT contractor, by the year end all was working in line with expectations. The option of a postal subscription with payment by cheque was retained to ensure that no potential subscriber was excluded for want of IT skills or access.

The Journal content during the year included instructional articles as well as disseminating Association news. The drop in subscriptions during the year was probably driven at least partly by the economic situation. However some loss of auto-payment functionality following the website merge may also have contributed. The trend towards individual subscriptions has slowed with more subscribers choosing to receive their issues via their guild bulk subscription. Advertising income recovered to where it was in 2020 and bank interest has increased considerably because of the increase in rates generally. EU VAT charges continue to be applied locally. Whilst we feared this might have deterred EU subscribers, no significant impact was seen during the year. Steps have been taken to rationalise the list of complimentary copies and thereby reduce overheads. Once the exceptional expenditure on the IT costs is excluded, The Journal WSD continued to make a small surplus and has strong reserves.

Recruitment of volunteers to the committee remains challenging and the JEC Secretary and Treasurer had to share the Chair’s role following the expiry of the previous incumbent’s term of office. Nevertheless, current members continue to work effectively to produce a high-quality publication. Although more expensive than virtual meetings, face to face meetings have continued in the hope of fostering a strong team ethos to ensure that the same standard continues.

THE ASSOCIATION OF GUILDS OF WEAVERS, SPINNERS AND DYERS

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Stuart Groom Memorial Library

The AGWSD Stuart Groom Memorial Library of books and journals has been developed over years from books given for review and donations. Historically, the library functioned through the goodwill of volunteers who housed the books and organised lending from their homes. The library moved several times between volunteers. The AGWSD had been looking for some time to find a permanent home for the library. We now have a partner in the Trowbridge Museum, based in an old woollen mill and dedicated to preserving the history of wool spinning and weaving in the area. They now house the library adjacent to their own books and have administered the library since March 2023. There are currently 35 guild members who have registered for library cards.

FINANCIAL REVIEW

Reserves policy

The Association of Guilds of Weavers, Spinners and Dyers has a policy to hold free reserves equal to a minimum of 18 months' running costs to enable association activities and journal production to continue until subscription income is received. The trustees have estimated the target level of free reserves to be £230,000. Free reserves at 31 December 2023 amounted to £267,591 (2022 - £249,174). The trustees will take measures to maintain the reserves at the target level.

Designated reserves totalling £17,984 (2022 - £20,684) are held for the purposes of providing bursaries to eligible attendees of the Summer School or Conference which are held biennially and for providing bursaries towards the studies for eligible Certificate of Achievement students.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The Association of Guilds of Weavers, Spinners and Dyers is an unincorporated association governed by a constitution adopted on 28 April 1984 as amended on 27 April 1991, 4 April 1998, 6 April 2002, 16 April 2007, 12 April 2008, 2 April 2011, 13 April 2013, 18 April 2015, 22 April 2017, 6 April 2019, 1 May 2020 and 19 June 2021.

Recruitment and appointment of new trustees

The trustees are elected by association members at the Annual General Meeting.

The General Purposes Committee consists of the 4 Honorary Officers and not less than 2 nor more than 12 members elected at the Annual General Meeting and no more than 3 members can be co-opted to the committee. The chairman and treasurer of the Journal Editorial Committee are additional members of the General Purposes Committee.

The Journal Editorial Committee consists of a maximum of 18 and normally a minimum of 8 members elected at the Annual General Meeting and no more than 4 members can be co-opted to the committee. One of the members is elected by General Purposes Committee from its own members.

Trustees

J Crowther Chair
J Maher Vice Chair
M England HonorarySecretary
C Chisholm HonoraryTreasurer Resigned 08/06/2024
A Easey
A Johnson
A Martin
C Knowles
C Snape
K Johnston
L Fidler
L Shannon
P Blogg End of tenure 10/06/2023
R Campana End of tenure 10/06/2023
H Miller End of tenure 10/06/2023

THE ASSOCIATION OF GUILDS OF WEAVERS, SPINNERS AND DYERS

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number 289590

Principal address Montrose Tower Road Ashley Heath TF9 4PU

The trustees' report was approved by the Board of Trustees.

J. E. Crowther

.............................. J Crowther Trustee Date: ............................................. 11/06/2024

THE ASSOCIATION OF GUILDS OF WEAVERS, SPINNERS AND DYERS

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF THE ASSOCIATION OF GUILDS OF WEAVERS, SPINNERS AND DYERS

I report to the trustees on my examination of the financial statements of The Association of Guilds of Weavers, Spinners and Dyers (the charity) for the year ended 31 December 2023.

Responsibilities and basis of report

As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).

I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of , which is one of the listed bodies.

Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.

I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

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 that in any material respect:

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 financial statements to be reached.

Ceri Dixon BSc(Hons) FCA PM+M Solutions for Business LLP New Century House Greenbank Technology Park Challenge Way Blackburn Lancashire BB1 5QB 11/06/2024 Dated: .........................

THE ASSOCIATION OF GUILDS OF WEAVERS, SPINNERS AND DYERS

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023

**Unrestricted ** Unrestricted
funds funds
2023 2022
Notes £ £
Income from:
Donations and legacies 4 4,530 2,000
Charitable activities 2 263,051 81,485
Other trading activities 3 8,929 9,541
Investments 5 3,561 270
Total income 280,071 93,296
Expenditure on:
Charitable activities 6 265,307 106,589
Net gains/(losses) on investments 8 953 (3,011)
Net income/(expenditure) for the year/
Net movement in funds 15,717 (16,304)
Fund balances at 1 January 2023 269,858 286,162
Fund balances at 31 December 2023 285,575 269,858

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The notes on pages 9 to 14 form part of these financial statements.

THE ASSOCIATION OF GUILDS OF WEAVERS, SPINNERS AND DYERS

BALANCE SHEET

AS AT 31 DECEMBER 2023

Notes
Fixed assets
Intangible assets
9
Current assets
Stocks
11
Debtors
10
Investments
12
Cash at bank and in hand
Creditors: amounts falling due within
one year
13
Net current assets
Total assets less current liabilities
Income funds
Unrestricted funds		 2023
£
485
4,727
16,771
297,837
319,820
(46,090)		 2022
£
£
11,845
500
2,898
15,823
354,746
373,967
(104,109)
273,730
285,575
285,575
285,575		 £
-
269,858
269,858
269,858
269,858

The notes on pages 9 to 14 form part of these financial statements.

11/06/2024 The financial statements were approved by the Trustees on .........................

J. E. Crowther

..............................

J Crowther Trustee

THE ASSOCIATION OF GUILDS OF WEAVERS, SPINNERS AND DYERS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

1 Accounting policies

Charity information

The Association of Guilds of Weavers, Spinners and Dyers is an unincorporated registered charity.

1.1 Accounting convention

The financial statements of the charity, 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 Charities Act 2011. The financial statements have been prepared under the historical cost convention.

Financial reporting standard 102 - reduced disclosure exemptions

The charity has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland':

1.2 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.

Subscriptions for The Journal for WSD are recognised on a receipts basis.

Affiliation fees, journal advertising and event income is recognised on an accruals basis with amounts received in advance being taken to deferred income in the balance sheet.

Bank interest is recognised when receivable.

1.3 Expenditure

Liabilities are recognised as expenditure as soon as there us a legal or constructive obligation committing the charity to that expenditure, 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 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. Expenditure includes any VAT which is not fully recoverable.

1.4 Intangible fixed assets other than goodwill

Identifiable development expenditure in respect of income generating websites is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

Amortisation is recognised so as to write off the cost of intangible fixed assets over their useful lives on the following bases:

Website

33.3% straight line

1.5 Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

THE ASSOCIATION OF GUILDS OF WEAVERS, SPINNERS AND DYERS

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

1 Accounting policies

(Continued)

1.6 Taxation

The charity is exempt from tax on its charitable activities.

1.7 Fund accounting

Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity.

Designated funds are those set aside by the trustees to be used for particular purposes in the future.

2 Charitable activities

Association
The Journal
2023
2023
£
£
Journal subscriptions
-
36,543
Retail sales
15
2,079
Summer school
197,353
-
Affiliation fees
23,976
-
Conference income
-
-
Certificates
3,085
-
Exhibition fees
-
-
224,429
38,622		 Total
2023
Association
The Journal
2022
2022
£
£
£
36,543
-
42,369
2,094
20
1,253
197,353
-
-
23,976
11,118
-
-
22,131
-
3,085
1,839
-
-
2,755
-
263,051
37,863
43,622		 Total
2022
£
42,369
1,273
-
11,118
22,131
1,839
2,755
81,485

3 Other trading activities

Unrestricted Unrestricted
funds funds
2023 2022
£ £
Advertising income 8,330 9,494
Other income 599 47
Other trading activities 8,929 9,541

THE ASSOCIATION OF GUILDS OF WEAVERS, SPINNERS AND DYERS

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

4 Donations and legacies

Unrestricted Unrestricted
funds funds
2023 2022
£ £
Donations 4,530 2,000
5 Investments
Unrestricted Unrestricted
funds funds
2023 2022
£ £
Bank interest received 3,561 270

THE ASSOCIATION OF GUILDS OF WEAVERS, SPINNERS AND DYERS

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

6 Charitable activities

Association The
2023
Depreciation and
impairment
-
Promotional expenses
260
Computer expenses
328
Summer school expenses
and bursaries
182,207
Insurance
6,495
Certificates
3,162
Printing, stationery and
advertising
325
Conference expenses
-
Bank charges
231
Website costs
1,122
Travel, room hire and
miscellaneous
12,387
Journal production
expenses
-
Exhibition
-
Library
770
Graduate showcase
expenses
1,440
208,727
Governance costs
5,142
213,869		 Journal
2023
5,922
-
-
-
-
-
9
-
1,631
1,006
2,234
40,636
-
-
-
51,438
-
51,438		 Total
2023
Association The
2022
5,922
-
260
94
328
109
182,207
1,477
6,495
6,039
3,162
3,073
334
132
-
20,959
1,862
167
2,128
1,095
14,621
9,333
40,636
-
-
4,371
770
3,055
1,440
1,490
260,165
51,394
5,142
4,528
265,307
55,922		 Journal
2022
-
-
-
-
-
-
907
-
1,315
3,207
1,192
44,046
-
-
-
50,667
-
50,667		 Total
2022
-
94
109
1,477
6,039
3,073
1,039
20,959
1,482
4,302
10,525
44,046
4,371
3,055
1,490
102,061
4,528
106,589

7 Trustees

During the year, 12 trustees (2022 - 12 trustees) were paid expenses, as follows:

Additionally, £132 was paid to two trustees (2022 - £195 paid to four trustees) who were operating as part of the Foundation Certificate group of mentors and assessors, all of whom were paid at the same rate.

Apart from the above, the trustees were not remunerated during the year or the previous period.

THE ASSOCIATION OF GUILDS OF WEAVERS, SPINNERS AND DYERS

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

8 Net gains/(losses) on investments
Unrestricted Unrestricted
funds funds
2023 2022
£ £
Gain/(loss) on investments 953 (3,011)
9 Intangible fixed assets
Website
£
Cost
At 1 January 2023 -
Additions - separately acquired 17,767
At 31 December 2023 17,767
Amortisation and impairment
At 1 January 2023 -
Amortisation charged for the year 5,922
At 31 December 2023 5,922
Carrying amount
At 31 December 2023 11,845
At 31 December 2022 -

The development costs of income generating websites are capitalised and subsequently amortised over their estimated useful economic lives of three years.

10
Debtors
Amounts falling due within one year:
Trade debtors
Prepayments and accrued income
11
Stocks
Stocks		 2023
£
700
4,027
4,727
2023
£
485		 2022
£
780
2,118
2,898
2022
£
500

THE ASSOCIATION OF GUILDS OF WEAVERS, SPINNERS AND DYERS

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

12
Current asset investments
Coloma Wealth
13
Creditors: amounts falling due within one year
Deferred income
Accrued expenses		 2023
£
16,771
2023
£
41,411
4,679
46,090		 2022
£
15,823
2022
£
99,833
4,276
104,109

14 Designated funds

Designated reserves totaling £17,984 (2022 - £20,684) are held for the purposes of providing bursaries to certain attendees of the Summer School or Conference, or eligible students studying for the Certificate of Achievement.

15 Related party transactions

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