R•gISter￿ number: 02026446 Charity number: 296568 MAKE SOUTHWEST FORMERLY KNOWN AS THE DEVON GUILD OF CRAFTSMEN (A COMPANY LIMITED BY GUARANTEE) UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 IIN *ABG4DW19* 0511112022 COMPANIES HOUSE 111 A12 #171 ishop Fleming MAKE SOUTHWEST IFQRMERLY KNOWN AS THE DEVON GUILD OF CRAFTSMEN> IA COMPANY LIMITED BY GUARANTEE) CONTENTS Page Reference and administrntive details of th• Charity. its Trustee$ and advivr¥ Trustees. report Independent examlnerfs report 17-18 Statement of financlal actlvilles 19 Balance sh•et 20 Notes to the flnanclal staternents 21-36 -WiAKE SOUTHWEST {FORMERLY KNOWN AS THE DEVON GUILD OF CRAFTSMEN) (A COMPANY UIAITED BY GUARANTEE) REFERENCE AND ADMINISTrATIVE DETAILS OF THE CHARITY. rrs TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 JUNE 2022 Trusts9$ Lwis VKtory. Chair Richard Martin George Wilkinson Eleanor Bartieman lappointed 20 July 20211 Jane Deane Gillian Gwnwood lappoinled 21 July 2021} Andrew North Celia Wilkinson c(￿r (resigned 20 September 2022) Janel Wingate Mike Lea (appointed 14 June 2022) Company registered number 02026446 Charlty registered number 296568 Regist•r•d office Rive￿ide Mill Fore Street 8ovey Tracey Devon TQ13 9AF Company socretary Laura Wasley Accountants 8ishop Fleming LLP Chartered Accounlants 2nd Floor Stratus House Emperorway Exeter Business Park Exelef EX1 3QS Page 1 MAKE SOUTHWEST (FORMERLY KNOWN AS THE DEVON GUILD OF CRAFfsMEN) IA COMPANY UMITED BY GUARANTEE) REFERENCE AND ADMINISTrATIVE DETAILS OF THE CHARITY. ITS TRUSTEES AND ADVISERS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2022 Bankers Bardays Bank Ple 40 Courtenay Street Devon TQ12 2EA SantsrKler UK P 2 Courten8y Slrtet Newton Abbot Devon TQ12 2HF CAF Bank Limited PO Box 259 West MalliThJ Kent ME194TA Solicitors Mithelmores LLP WOO￿ater House es Hill Exeter Devon EX2 5WR Lester Aldridge LLP yn House Cartton Crescent Southampton S015 2EU Page 2 MAKE SOUTHWEST {FORMERLY KNOWN AS THE DEVON GUILD OF CRAFTSMEN) (A COMPANY LIMITED BY GUARAKfEE) TRUSTEES, REPORT FOR THE YEAR ENDED 30 JUNE 2022 CHAIR'S INTRODUCTION Il's my great pleasure lo report a year of excellent progress in supwrtwbg and promoting a succe55ful crafts seclor in Southwest England. We are the largest and broadest publidy funded crafts organisalion in the region. involving a distinguished array of exhibiting and selling makers and an ambitious outreach programm8 to bring crafts culture to the whole community. Much of this is outlined in the detail of the Trustees. Report below. but I want to emphasise some imp)rtanl key themes Ihal underscore our ambilrons. Ralslng our game We survived and rebuih soundty after our financial woes of 2019-20. and immediately faced the challenges of the pandemic, a sad and drfficull time, but one in which we were able to re-think much of what we do, and lo plan radical modemisatson. sin￿ then we have been intent on raising our game across the board, inspired by strategic and business planning aimed at our ambition lo be the premiere crafts t)ody in the region implements'ng the Arts Counol 'Let's Create. WSKtrn for the widest possible engagement with the arts. A symbolic part of this has been our successfvl change of namè and organisatK)nal presentation, with an accompanying drive for enhanced repul8ts.on across the sector. In January 2022 we opened our 'Artful Craft, exhibition. curated by our President, Peter Randall-page. This was the first in a planned series of nalitsn81- level exhibitions,. the next will bring ren¢)wned photographers from a￿O$S the country to MAKE Southwest. Such events not only raise our reputation and 'pulling powerf, but also reflect well on all the makers who exhibit and sell with us. Al the same time we have significantly enhanced the quality of presenialion in our Retail Gallery. and have detailed architects. plans for making the whole Mill a lively regional hub for everyone to engage actively Mth craft. We are conscious thal inevitably we became more inward-looking over the last couple of years. bul are now underway with a programme of outreach projects which are rapidly changing that. The Trustees. Report describes many initiatives. induding working with young people, emerging makers, the NHS, the teaching profession. and Plymouth University. There is also a determirwl drive to reach scKial media: and our eXcel￿nI You Tube channel represents what we do intemationally. Building th• ngxt gènèration of craft makers and ft*llowers There is a national problem with lack of educational opportunities in the craft sector, and minimal career development support for graduates- the end resuS1 could be an ageing profile of makers and less public interest We aim to play a part in improving this situation. The Trustees. ReK)Ort describes a range ol hands- on Wofk with young people., support for those who may progress lo higher edUcat￿n institutions., our highly supportive graduate membership scheme. wofkshops for people of all ages: inspiring e(JucatKJnal videos., and a ￿freshe￿ Friends 5theme lo promote interest and involvement. Embra¢ing Change We are beeomiNJ increasingly Competent in modem technology. not just in modemising our adminislralion. bul also fft marketing the Chartty and its Maker Members Ihrough social media,. a modern and attractive website- and our Online Shop which we will be developing further to support commercial opportunities for makers. As the Charity expands its horizons again, to match its constitutional remit to work across Ihe Southwest, we are realising that we will need to work 'smarterf to achieve th￿. and are considering ways in which the 'remote working techndogical revolution can help. The craft sector is not the most obvious Car￿idate for improving environmental sustainabiltty. bul we feel Ihere is much that can be done to IMp￿￿ent change. Our parthership with Plymouth University lo lead a 'Green Maker Initrative. is a leading light in this field. Page 3 MAKE SOUTHWEST (FORMERLY KNOWN LS THE OEVON GUILD OF CR￿SmEN1 (A COMPANY LIMITED BY GUARANTEE) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2022 Driving sound financial management Our business planning, risk management and financial management have improved radically since 2019. and are now overseen by a Perfofrnance Management Committee chaired by a Trustee vtho is an experienced company lawyer. alongside a finance sector Trustee. serviced by the Chief Executive and Finance Manager. Our financial perfomance over 2021-22 has in my wew been sound. with remarkable trading results given the circumstances.. costs held down." and an exceptK)nally rewarding surplvs. W8 of course hav& to face an uncertain economic environment in 2022-23. nol jusl becaus8 of the national situation. but also because we will not know how much grant we may be awarded in the Arts Councrl England national grant setllemenl for 2023-26. due to be announced in October 2022. The Trustees lake very seriously their responsibility to look ahead and plan proath.vety and reS￿nsiblY for changing circumstances, and work on this has been undeThvay for some time. Creating a strong Board of Trustees We have built a highly compglenl Board with a mixture of peO￿e wilh backgrounds in the arts and architecture. education. law. finance. business. marketirKJ. Publ￿ and private sectots, and both long- and short-temi experience of The GuildlMAKE Southwest. We have a goc4J gender mix loo. Over the last year all Trustees have received professionally provided training in their duties of managing a chanty. But we have more lo do to bu￿￿ a wider diversity arKJ age range. and to add several additional professional disciplines. We have been concerned to think through good Board recruitment prcKesses and succession planning. In that context I wish to notify the AGM that it is rny intention to retire as a Twstee eady in 2023. After completing a three year term which has involved massive turbulen￿ an(5 constant problem-solving, followed Il'm delighted to say) by a period of intensive and successfvl rebuilding. I want lo hand over to someone with a different skill sel lo lake the next steps foTh¥ard wth our Chief Executs"ve and her outstanding slaff team. In consultation with colleagues, it has been decided that recruitsmenl of a new Chaif should be a professionally organised process designed to find someone with the very besl qualities from a wKle field. I will be as ftexible as I can be lo ensure a timely and smooth handover. It ha5 been a pleasure and privilege lo work for the Charity and ils people. Louis VIGtory, Chair of the B of Trustees. MAKE Southwest Page 4 MAKE SOUTHWEST IFORPAERLY KNOWN AS THE DEVON GUILD OF CR￿SMEN) IA COMPANY LIMITED BY GUARANTEE) TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 30 JUNE 2022 TRUSTEES. REPORT FOR THE YEAR ENDED 30 JUNE 2022 The Trustees present their report and financial stslements. together with the independent examinèls report, for the year ended 30 June 2022. In this ReFth. references to MAKE Southwesl, the Company and the Charity are to MAKE Southwest. The Directors of MAKE Southwest are charity trustees for the purposes of charity law. Under the Charity's artides of association. they comprise the Board of Trustees and are referred lo as Trustees. The TNslee5 confirTn that the Annual Report and finanaal statements of the Charity comply with the statutory requirements. the reqviremenls of the Charity's goveming document and the provisions of the Statgmenl of Recornmended Practice ISORPI. applicable lo charities preparing their accounts in accordance wlth Ihe Financial Reporting Standard applicable in the UK arKI the Rewblic of Ireland IFRS 102, second edition October 2019, effective January 20191. Since the Charty qualrfies as small under se¢tion 383 of the Companies Acl 2006. the strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Direclors. Report) Regulatiorts 2013 is not required. OBJECTIVES ANO ACTIVITIES MAKE Southwest is dedicated to encouraging and promoting the work of Crafts￿￿n and craftswomen. developing and maintaining the highest standards of craftsrnanship and design. and furthering the interest among the general public in creatsng and appreciating crafts in Southwest ErrfJland. With learning and parbcipation al the core of its charitable aims, Ihe Charity seeks to inspire creative excellence through eolllemporary craft. Our vision is that.. We vrill be the leading advocate for a dynam￿ and dtverse cxafts culture in Southwest England. From underslanding and working with our audience, we wll engage and deliver leaming through the power of making to enrich people's lives. Creative excellence will be demonstrated by promoting emerging and established rnakers, whose proclice we will cherish and support. We will be inclusive, innovative. conNmercialby competent. and enwronmentally responsible. Our devel¢wing business strategy. f(yJnded on this VL8*Jn Stslement. has been translated into a Business Plan and Action Programme. The Business Plan provides the frdmework within whith the strategic aims are achieved and focuses on the following key objecttves. 1. Craft culture will be for all 2. W8 will understsnd audien 3. We will work lo be indusive 4. Communily engagement will grow 5. We will celebrate and support makers and making 6. We will embrace environmenlal responsibility 7. thjr building Mll fit our mission 8. Our digital capacity wll be developed 9. We will enhance perfomiance manag￿ent Page 5 MAKE SOUTHWEST IFORMERLY KNOWN AS THE DEVON GUILO OF CRAFTSMEN} IA COMPANY UMITED BY GUARANTEE} TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2022 All visitors to Riverside Mill experience high quality Contemporary craft through MAKE Southwest's tree exhibitions programme. In the year. and still despite frjrther outbreaks of COVID-19. 50,837 people visite Riverside Mill. Artistic and leaming objectives are set for all exhibtknons. and our accessible educational materials and activities are designed to reach a wde audience. Our Leaming Programme is al the heart of Our wblic benefit provision. We believe th8t leaming is core lo promoting an understanding of contemporary craft and increasing access and engagement. By tsking part in craft activith"es. parb"cipants ¢an benefft from an increase in skills, knowledge and understanding. together with enhanced sell-confmyence and seff-esteem. ACtI￿lieS include.. In-gallery actiwlies. drop4n workshops. exhibition tours an¢J demonstrations, all of which ale free to access. together wtth pahl for workshops to leam a sl(ill. Professional developmènt events for our maker eortwnunty onstie and online Formal educa￿On programme. Freehand. Outreach activities In the year over 3,703 people took part in our leamiro activities onsite and online. PUBLIC BENEFIT Tho Trustees confirm that the Charity has had due regard lo the public ben8fft guidance issued by the Charity Commission when making decisions in the day-t(pday running of the Charty. EQUALITY AND DIVERSITY The Charity believes that diversity 1$ about the recognit￿￿ and valuing of differen￿ in Ihe broadest sense and recognises that people with drfferent backgrtyjnds. skills. cuNures. and experiences bring fresh ideas and perceptions that benefit the organisation and all its stakeholders. We aim to encourage and embed diversity across all areas: Arb"sli¢ Programme, Audiences and Partiupab"on. Govemance. Employment and Operations. Our Equality and Oiversity Pdicy shows how we are working lo remve barrier5 to our artistic programme. Projects are speafically targeted al individu81s and 1￿MunitieS wlh protected characteristics. During 2021122 we have conlinued lo work wth children and young people, older people, peoFAe with disabilitses and peoplè who because of locats.on or wei¢>eeonom￿ status are less likely lo engage wtth artistic aclivities. ACHIEVEMENTS AND PERFORMANCE Major Achl•v•ments 50.837 Visitors to the Riverside Mill 235 Full Maker Members beneffti'ng from Ihe Chan￿S suppN 30 Assoaate Maker Members engaging wtth Ihe Charity 370 Member5 of the pU￿1C laking part in leaming activities at Riverside Mill 2,892 Members of the putAic laking part in online acbvit 254 Members of the public engaged in online wothshops 187 Siudents and adults benefiting from wrykshops and talks in schcd and community settings 24 Oays of craft session$ of professional practice Page 6 MAKE SOUTHWEST {FORP41ERLY KNOWN AS THE DEVON GUILD OF CRAFTSMEN) IACOAfjPANY LIMITED BY GUARANTEE) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2022 Exhibition Programm• Jubllee Gallary 'Making It, Leading showcase for emerging artists. makers and designers in the South Wesl, celebrating innovation, diversity and collaboration in craft and making. 24th July to 12th September 2021 Craft and Commons Featuring UK and intemalional artists, the projects exhtrjited here rgpresent ideas and resources to inspire acts of commoning. Curated by Craftspace 18th September to 13th November 2021 MAKE 2021- Contemporary Crafts for Christmas 50 exhibitors based a¢ross the UK showcasing Iheir work ready for the Chrisknas season. 27th November 202110 9th January 2022 The Decline of Eels A series of prints documenting Ihe amazing lifecyde of eels by Maker Member Julia Manning 22nd January to 20th March 2022 Artful Craft Exploring the boLtndaries beiween craft and fine arL curated by MAKE Southwest President Peter Randall- Page RA 2nd April to 2nd July 2022 Riversido Galltrry Jane Deane- Colour. naturally - Textiles 17th Juty to 261h September 2021 Room SelliThJ - Room spaces from our fumilure makers 2nd October to 28th November 2021 Malarials Matter- Presenting DÈSign-Natl￿ Devon and Comwall 4th Oecember 2021 10 13th MaTch 2022 SrtTrety of Wood Engravers- 84th annual exhibition 19th March to 14th May 2022 Skills for Life- Astrid Amold and TouchwLNx1 Southwest's schcol's project 21st May to 3rd July 2022 Maker Member Showcase Fabrizia Ba2zo- 3rd July to 15th August 2021 Taja - 21sl August to 26th Septemter 2021 Room Settings- 2nd October to 28th Novefflber 2021 Society of Wood Engravers- 191h March to 14th May 2022 Phil Underwood - 21st May lo 16th July 2022 Page 7 MAKE SOUTHWEST (FORMERLY KNOWN AS THE DEVON GUILD OF CRAFTSMENI IA COMPANY UMITED BY GUARANTEE) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2022 Loaming The￿ are three slraThJs to our Leaming pmgramtt*. Eduulii>n rolated to exhibilions Our free hands-on gallery aclivib.es were provided for all exhibitions in the Jubilee Gallery in the Young maker space area. The activities invite people to make sofflelhing and leave it on show or take part in a competition. They are designed for age groups: under 12 and 12 and over. Exhibition talks were delivered from Maker Member Julia Manning on her project The Decline of Eels and our President Pelef Randall-Page invited the artists from Artful Craft lo a live streamed Q&A io explore the nature of craft. art and design. Education for all Satttrday Craft Club was sel up due to the decline of making skills being taught in the uJrriculum and wilh this having a knock-on effect with young people not applying for further and higher education in Ihese subjects. The projecl. funded through ACE, enabled us to employ a new education officer. lan Wilkin5, who set up a 12-week craft dub. Young people from the age of 13 to 16 were laughl a carousel of workshops so they could leam different skills each week and build wnffiden￿ in their making. They r￿Mpleted the evidence towards a portlolio of work that would support them in an interview for a FE course. Out af the 12 signed up for the programffle. 6 of them successfvlly completed a Bronze Arts Award. Running alongside this activity we filmed 12 workshops which can now be used for online learning material for young people who live in hard-to-reaeh areas and can be used as a teacherfs resource. To further this aetmty. we are joining the Natsonal Salurday Arts Club netMork in January 2023. We have organised over 40 WOTkshops by our maker members in this perh)d. from needle felling and willow weaving lo jewellery making and portrart sculpture. These have been delivered in our new event space which is part of the old café. A new sink has been put in wth materials and equipment for participants to use. The Gallery Manager worked wilh University Arts Plymouth Texlile Departnent to delNer a live brief lo the students. This was to ￿rne up with a range of Chrislmas wrapping paper and decorations that could be selected and sold in our retail gallery over the festive period. To support mental wellbeing, in January 2022 we launched Weave Wednesdays. which is facilitated by Trustees Jane Deane and Janet Wingate. To dale over 100 people have participated in this free monthly drop-in session, which is everyone. whatever trteir age and background who eryoys sewing, knitting, mending, and making. Printmaking workshops for young peO￿e from the local home-schooling network and chiltjren in foster care We￿ organised. Artwork from the workshops is being used for foster carer re¢ruitmenl. PGCE sludonls from Plymoulh University Teacher Training prctrjramme attended an artist talk and printmaking workshop with Julia Manning. This supported their leaming and professional module. Devon Teachers Nelwork held their conference here at Riverside Mill. which gave u5 a great opportunity to showcase our educational offer. includiro our exhibitions and talent within our maker membership. From this we also held a successful leacher away day from Exeter College and this has led u5 into wKler 'away day. offers. Our outreach programme: Our 'Freehand' work has still been impacted due to COVID as we were still unable lo go into schools. We lumed to online learning and produced a range of videos and resources for young people to access from our website. Page 8 MAKE SOUTHWEST {FORMERLY KNOWN AS THE DEVON GUILD OF CRAFTSMEN) {A COMPANY LIMITED BY GUARANTEE) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2022 We have partnered with Newton West Prirnary Care Nets¥ork lo support and deliveT social prescribirtg activities for those who need non-dinical services lo support their health and wellbeing. They are invited to our free events and workshops and we have delivered csaft ktts lo their home so they can use our online education provi%ion. Headway Devon is a local charity dedicated lo improving life after brain injury and providing essential services across Devon and Torbay for people with acouired brain injuries. their lamilies and carers. We have been working with them for over 5 years. providing workshop ses5K)ns in (xaft making activities. The River Teign Resloralhjn Project is a fcyjr-year projecl which aims lo restore the river and its tributaries, its accessibility, water quality and biodiversity, so that the numbers of muratory f15h. in particular salmon and sea trout. can recover to something approaching their historic ￿Ve15. We are wi)rking with local school hildren by supplying them with craft packs so they can help our President Peter Randall- Page embark on d￿gnIng a piece of public art for the project and in the pr(ws leam aboul environmenlal issues. David Canter Memorial Fund The David Canter Memorial fund is an independent charitable trust of whrch MAKE SO￿hweSt is the trustee. The Dawd Canter Memorial Fund aims lo support craftspeople to develop their work and careers through awarding small grants for travel. equipment, or other capital expenditure. Awards are made biennially. The Fund awarded four grants of £500 each in 2022, each with sustsinability as the theme lor application. Marketing and Promotions Press and media coverage remains cruual. with key regional publications suth as Devon Life, Visit Dartmoor, and Westem Morning News. and with nakn.onal speaalisl publications such as Crafts. The Telegraph and Living Etc and Ceramic Review Magazine. We embrace Ihe imFQrtance of social media for strong engagement with our audience and have increased our followers by 20% on Facebook and Instagram. helped by our Maker Monday posts. Our You Tube channel allows the public to watch our Maker Members at work and to engage in makin9 through our free online workshops. Our improved website has a new joumal and we have over 300 items for sale on our online shop. along with a new look newsletter that goes out lo our ever- growing Tnailing list. Makef Members. Friends. Volunteers Our support for Maker Members ranges from opportunities for exhibiting, nelworking and professional development lo a subsidised group stand for As50uale and Full Maker Members at the Contemporary Craft Festival. The regular e-news for Maker Members provides updates on MAKE Soulhwesl activities, events listings, and opportunities across the craft sector. The MAKE Southwest retail gallery continues lo promote and sell Maker Members, work and offers guest maker opportunities. The Green Maker Initiative was Sel up. working with Aymouth University and Low Carbon Devon to deliver SUPPK)rt and advice for crafts individuals and organisalions who are oJmmitted lo reducing their environmental impact. We launched a new webp8ge which is packed with resources. maker profiles and a pledge for the makers lo sign up lo_ We have hosted a wide range of evenls. with online talks and interviews. an exhibition ar￿ over 140 members s￿ned up acTOSS the Southwest. A mentoring programme was developed from the feedback that we were getting from graduates and emerging makers a1￿ut the k¢k of support when stsrting out in their creatsve prath'ce. With over 300 members within our communty we reached out lo see if they would like to be a mentor to Share their knowledge. We recruited 11 mentees from across the Southwest and matched them SU￿￿$sfullY with 11 mentors. They v4ere given 5 X 1 hour se5s￿n$ over a 6-month period, ¥wth regular catch ups with the project manager and 3 professional development sessions on topicslneeds that came out of the sess+ons. While this programme was under way we have developed and launched a new Graduate Membership Whe￿ we look to support emerging makers after they leave educab"on. Professional development is cnjcial for a Makerfs creative practice. so this project has allowed us to pul together an online t(yJlkil lo supp)rt our community- We did a call out lo oui Membe￿ to see if they would like Page 9 MAKE SOUTHWEST (FORMERLY KNOWN AS THE DEVON GUILD OF CRAFTSMEN) IA COMPANY LIMITED BY GUARA14TEE) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2022 lo share best practi￿ and ddiver a workshop in business skills. We delivered 12 half day sessions either online or at the Riverside Mill by Makers for Makers. From hcml to price yOLtr work. looking at e commerce lo how to make a funding application and top tips on working in collaboration. We partnered with the Craft CoLJneil. QEST and Design Trust. Workshops were filme(I with handouts and have now been made into an online loolkil for everyone to access. We have improved our Assoctale Membership offer with the opportunity to support them in progression to Full Membership by having 1 2 1s wth members of the Selects'on CommFttee. Assooales have been given 'Guest Makerf slots within our retsil gallery and more visibility online. We launched our new Maker Day. W￿re every month we open exdusively for our Maker Members to com8 lo the Riverside Mill. Members can meet wth the leam lo discuss any queries or questions.. this is offered online for members who can't make the day. Work can be either delivered or picked up by arrangement with the Retail Gallery Manager. Nehwfking events have njn on these. wrth an optX)rtunity to See Current exhibit￿5. The photo ts4)oth is tree lo use and free refreshments are prowded. A new refreshed 'Friend$' and volunteer scheme have laun¢hed in September 2022. Page 10 MAKE SOUTHWEST {FORMERLY KNOWN AS THE DEVON GUILD OF CRAFTSMEN) IA COMPANY UMITED BY GUARANTEE) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2022 FINANCIAL REVIEW The Directors of MAKE Southwest are charity trustees for the purposes of charity law. Under the Charity's artides of association, they comprise the Board of Trustees and are refe￿ed lo as Tnjslees. The Trustee5 present their report and finanual statements for the year ended 30 June 2022. In this Report. references to MAKE Southwest. the Company and the Charity are lo MAKE Southwest. Income and Expendi￿re The Charity has made a surplus of £86.294 for the year {2021'. £81.381). split between unrestricted funds 1£57.0021 and restricled funds1£29.2921. Total income for the year ended 30 June 2022 is £455.31612021: £353.5481. Grants. donations and legac￿5 of £310.237 (2021." £242.8211 indude ACE restricted inccrfne for the Crafting Futures project that look place in the year. Trading ineome ihrough the gallery of £136.082 (2021= £107.8111 is above expectations given the impact of the pandemic and the cost of Imng crisis. Total expenditure for the year is £369,022 {2021.. £272.1671. This has been dosely monitored throughout the year. with the ongoing control of overheads. In 2022 we enlered the fifth year of our current National Portfolio Organisalion (NPO) fvnding agreement with Arts Counctl England (ACE). which supports us wilh a grant of £159,133 per annum for the foLtr years until 2022. We We￿ SUC￿$S1u1 in obtaining an extra yearfs extension until 2023. Our NPO funding supports our exhibitions and education programme and incorporates fijnding towards the development of touring exhibitions as well as acknowledging our leadership rok for the sector regionally and nationally. We have also received £15,000 in grant funding from Gaffiehl Weston. Balance Sheet The balance sheet remains strong wilh cash holdings of £288,750. Reserves Pollcy Restricted funds receNed for speufic projects ￿ purposes that a￿ not available for general use stand at £28.79912021.. £16,191) al year end. Al the end of the year free unrestricted reserves amounted to £197.196 {2021'. £147.3621 bthich represented 6.512021". 6.51 rnonths, worth of expendilure. The level of the Charity's reserves are considered at meelir)gs of the Performance Management Commiltee which are held every four months. The reserves policy. which was last reviewed by the Board in Sept 2021. is lo maintsin unrestricted funds at a level equivalent to six months operating expenditure. This 6 month operatin9 expenditL5re target is intended to enable us to successfully'trade through. any potential crisis or adversity that may interrupt operations for that period, or deal with other CTiSeS Ihat may be wmilar in scale lo that. Principal Risks and Un¢ortainties The Tnjslees have ultimate responsibility for the management of risk. with day-to4lay management of risk delegated lo the execulwe management team. Page 11 MAKE SOUTHWEST (FORMERLY KNOWN AS THE DEVON GUILD OF CRAFTSMEN> IA COMPANY LIMITED BY GUARANTEE} TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 30 JUNE 2022 The Trustees have assessed the major risks lo which the Charity is exposed, aThJ to the best of their knowledge are satisfied that appropriate systems are in place to mitigate exposure to those risks. In partieuLqr. the Charity maintains a Slralegi¢ Risks Register that is reviewed quarterly by the Performance Management Commiti¢¢. Specific risks and uncgrtainlies are Considered wilhin the Risk Registers. The Board of Trustees consider the potential greatest areas of are: Fundin Whilst Arts Counal England fvnding has remained secure. the olher main sources of income, trading In crafts and njnning workshops income were known risks at the beginning of this pert(xl. The pandemic greally worsened these risks. but Irading has been successful towards and after the perlod The Trustees have moved to mits.gale the risk of over-re11an￿ on these sources of income by reducing need (smaller and smarter Charity staffing and overheads). and by generats.ng more independent income streams (grants frorn other granlees'..fundraising,' chargeable workshops and other events: etc.). Accommodation Although the Mill remains structuralty sound. il is r¥)w less fft for purpose as a show¢ase for great craft and a place for engagement with craft by the public. There is a considerable maintenance backlog. especially as regards the roof. There is also a need to progress intemal replanning for betier presentation and more ccmmmunity-orientsted. educational. and fundraising purposes. Last year the Charity was successful in securing a second grant from AHF (Architectural Herilage Fund) lo the value of £1S.OOQ to further explore what the co51s would be lo restore the building lo a 90c￿l and environmentally sound eondith.on and adapt it to sutt the ambttious and changing needs of a modem arts charity and fund planning pemiisS￿. Key Senior Management Remuneration The remuneralK)n of senior rnanag￿￿nt is wewed by the Board ofTruslees annually. usually in November to take effect from the following January. Decisions of the Board of Trustees are informed by the recommendatsons of the Chief Executive. The Board of Truste8s atso undertakes perwxJi¢ salary benchmarking. Fundraising Dlsclosure In accordance with the Charities Act 2011. as amended in 2016, the Charity endeavours to adhe￿ to the Code of Fundraising Practice govemed by the Fundraising Regulator. and all relevant guidance published by the Chartered Institute of Fundraising induding Treating donors fairly. The Chief Executive coordinatgs our fundraising activity to ensure Ihat highest stsndards of fvndraising practs'ce. We did not receive any eomplaints in relations to fundraising in the year. We wwld like to lake this opportunity lo thank all (wr fundeTS, induding our Friends. patrons and individuals who have donated lo the Charty. for their invaluable support and recognition of our strategic role locally, regionally. and nationally. Page 12 MAKE SOUTHWEST (FORMERLY KNOWN AS THE DEVON GUILD OF CRAFTSMEN) IA COMPANY LIMITED BY GUARANTEEI TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2022 STRUCTURE, GOVERNANCE AND MANAGEMENT The Charity is a company lirniled by gu8r8ntee. inuywrated in England and Wales under number 02026446 on 9 June 1986. Ils governing documents are its Memorandum and now Afb"des of Association. adopted by special resolution on 12 March 2021. TrustOe5 None of the Trustees has any beneficial inler8s1 in the Chanty. All the Trustees are membeTS of the Charity and guarantee to conthbute £1 in the event of viinding up. The Articles of Associalic)n provide for Twslees lo be appointed lo serve for a period of three Terms18 Tem being the period betsveen one AGM and the next AGM). A TnJstee may be ￿-appoInted for a further three Terms at the AGM at the erKI of their third Temi. A Trustee may only serve a maximum of six Tems. The Board of Trustees consists of al least seven and not more than tsvelve Trustees, of which three Trustees may be appointed by the M8ker Membets. The Charity has a fomial application and interview process for appointing Trustees. which tskes into account the nature of its work. the requirements of ts benefiuaries. and seeks to ensure an effective mix of experience and skills ¢)n the 808rd. During the financial year Mike Lea was appointed as a Trustee and will be proposed for ￿appOintment at the 2022 AGM. The Charity takes steps lo ensure Ihat all Trustees are familiar with the a¢tivities of the Charity and new Trustees are expected to undertake an induction prLKess that covers: their obligations as t￿th Trustees and members: Ihe oFerational framework for the Charity; resourcing and the ￿tren1 financial ￿Si￿on as set out in the latest. published accounts,. ftjture plans and obiecknves. The 8oar(l of Trustees manages MAKE Souihwesl and meets every three months. The outcomes of all decisions made are delegated lo the CEO in act￿rdance with a formal Scheme of Delegated Authorits"es and through the CEO to the senbtir management team to deliver. The CEO is line managed by the Chair of Tnjstees. Related Partle$ None of the Truslees receives remuneration or other benefft from their work with the Charity. Any links with potenlial related parties must be identif￿d and disclosed to the Board of Trustees and this is reviewed on a regular basis. Declarations of interest are also disclosed and reconled. A register is maintsined of all related parties to ￿nitOr for any associated risks or conflicts of interest that may arise. All Trustees glve of their time freely and no Truslee received reMunera1K￿ in the year. Investmenl The Charity has no sp￿arIC investmenl powers. Any surplus funds in addition Its the funds required for the day-to-day requirements of the Charity are put on deposit with the Charsty's bankers to maximise receivable interest. Page 13 MAKE SOUTHWEST (FORMERLY KNOWN AS THE DEVON GUILD OF CRAFTSMEN) (A COMPANY LIMITEO BY GUARANTEEI TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2022 Board of Trustees Committees The Board of Trustees reviewed ils govemance arrangements in the first half of 2022. There are now Sub￿rnm1tteeS of Ihe Board of Trustees - the Perf0M￿n￿ Management Committee and the Selection Committee. Performance Management Convnittee - this meets quarterty lo provide advKe and assuran￿ to the Board of Trustees on the effectiveness of the finanual strategy and business planning of the Charity. on its overall risk appetite and tolerance. and on the operational perfomianc£ of the Charity. Selection Committee this meets quarterly and is responsible for recommending lo the Board makers for election lo Maker Membership following consideration and assessment of their appltr2tions. 11 reviews the application crrteria and Guidance for Maker Membership from lime to time and advises the Board on any necessary changes. It selects entn'es for the annual Maker Members Show and Pfowdes Quality Assurance assessment of Maker Members. works offered tor sale. In addition, the Board of Trustees has established focus groups, which coryrise of Trustees and members ot the team. to manage various aspe¢ls of the Charity's strategic activity. This will include marketing. Incoming generation. Memtetship and Future Fit (Building Improvements). Page 14 MAKE SOUTHWEST (FORMERLY KNOWN AS THE DEVON GUILD OF CRAFTSMEN) IA COMPANY LIMITED BY GUARANTEE) TRUSTEES, REPORT ICONTINVEDI FOR THE YEAR ENDED 30 JUNE 2022 STATEMENT OF TRUSTEES RESPONSIBILITIES The Trnstees are responsible for preparing the Truslees. Annual Report and the financial Statement in accordance applieable law and regulations. Company law requires the Trustees to prepare financial stalernents for each finanryal year. Under that law, the Trustees have prepared the financi81 ststemenls in accordance with United kn"rngdom Generally Accepted Accounting Standards Comprising FRS102, The Financial Reporting Standard applicable in the UK and Republic of Ireland, and applicable law (United Kingdom Generally Accepted A¢￿unting PractiC8}. Under company 18W, the Trustees must not approve the financral statements unless th8y are satisfied that they give a true and fair view of the state of the affairs of the Charity and of the inwming resources and application of resources. induding the income and expenditure. for that period. In preparing these financial statements, the Trustees are required to: Seled suitsble accounting polioes arvj then apply them consistentty,. Observe the methods and principles in the Ststement of Recommended Practices.. Acctyjnting and Reporting by Charities12015): Make judgaments and estimates that are reasonable and Fxudent. Slate whether applicabfe UK acc￿Unting slandards, comprising FRS102 have been followed, subject to any material departures disdosed and explained in the financial statements. Prepare the financial stalements on fhe going c¢)ncem basis unless il is inappropriate to presume that the Charity w711 continue in business. The Trustees are responsible for keeping adeqyate accounting records that are sufficient lo show and explain the Charity's transactions and disdose with reasonable accuracy at any time the financial position of the Charity and enable them lo ensure that the financial statements ￿mplY with the Companies Act 2006. They are also responsib￿ for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustees are responsible for the maintenance and integrity of the Charity's website. Legislation in the United Kingdom goveming the preparation and dissemination of fin8naal stslements may differ from legislation in other jurisdicbons. The Trustees who were in office on the date of approval of these ffinanual statements have confimed. as far as they are aware. that Ihere is relevant information of which the Charity's independent examingr is unaware they have taken all the steps that they oughl to have taken as Trustees in order to make Ihemsefves aware of any relevant irrfomiation and to establish that the Charity's independent examiner is aware of Ihat information. Page 15 MAKE SOUTHWEST (FORMERLY KNOWN AS THE DEVON GUILD OF CRAFTSMEN) (A CO•APANY LIMITED BY GVARANTEEI TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2022 INDEPENDENT EXAMINERS Bishop Fleming LLP were re-apFointed as the independent examiners of the Charity at the 18St AGM and have expressed their willingness lo continue in that capauty- The Trustees. Annual Report has been apwoved by the Trustees on26bctober 2022 arKI signed on their behalf by.. Louls Victory Chair Page 16 MAKE SOUTHWEST (FORMERLY KNOWN AS THE OEVON GUILD OF CRAFfsMENI (A COMPANY LIMITED BY GUARANTEE) INDEPENOENT EXAMINER'S REPORT FOR THE YEAR ENDED 30 JUNE 2022 Independent Examinerfs Report to the Trustees of MAKE Southwest Ifornwrly known as The Devon Gulld of Craftsrnen) ('the Charlty) I report to the Chanty Trustees on my examination of the a￿Unts of the Charity for thg year ended 30 June 2022. R•sponsibilitses and Basis of Report As the Trustees of the Charity larKI its direclors for the purposes of company lawl yrAJ are responsible for the preparation of Ihe accwnts in accordance with the requir0ff￿nts of the Companies Act 2006 ('Ihe 20Cfj A¢f}. Having satisfied myself that the accounts of the Charity are not required to be audited under Part 16 of the 2CKI6 Act and are digible for inde￿ndent examination, I reF(%1 in respect of my examination of the Charitys accounts carried out under sectKJn 145 of the Charits"es Act 2011 {'the 2011 Acr). In carrying out my examination I have followed th6 Directs'ons given by the Charity Commission under seth'on 14515llbl of the 2011 Acl. Independent Examinevs SLitement Since the Charivs gross income exceeded £250.000 your examiner musl be a membef of a body listed in section 145 of the 2011 Act. I confitm that l am qualified to undertake the examinabon be￿uSe l arn a member of the ICAEW. which is one of the listed bodies. I have completed my examination. l confirm that Tr) matters have ¢ome to my attention in Connection with the examination giwng me cause to believe- acrAJunting records were not kept in re5ped of the Charity as required by section 386 of the 2￿6 Ad.. or Ihe accounts do not accord with those records.. or the accounts do not comply Nvith Ihe accounting requirements of sedi)n 396 of the 2006 Act other than any requirement that the accounts give a Inje and fail view which is not a matter considered as part of an intlependent examination. or the accounts have not been prepared in accordance with the methods and principles of the Ststement of Recommendetl Practice for accounting arKI reForting by charities lappltsble lo charities preparing their accoun15 in accordan￿ wrfh the Finanual Reporting Standard applicable in Ihe UK and Republic of Ireland IFRS 10211. I have no ￿ncernS and have come across rK> Other mallers in COnnect￿n with the examination to which attention sh(MJld be drawn in this report in ¢yder to enabbe a proper understanding of the acLounts to be reached. Page 17 MAKE SOUTHWEST {FORMERLY KNOWN AS THE DEVON GUILD OF CRAFTSMEN) IA COMPANY LIMITED BY GUARANTEEI INDEPENDENT EXAMINERS. REPORT TO THE TRUSTEES OF MAKE SOUTHWEST IFORMERLY KNOWN AS THE DEVON GUILD OF CRAFTSMEN) (CONTINUED FOR THE YEAR ENDED 30 JUNE 2022 This repc¥t is made soldy to the Charitys Trustees. a5 a t￿y. in acwrdance wtth Part 4 of the Charities (Accounts and Reports) RegulalK)ns 2008. My work has been undertaken so that I might state to the Charitys Trustees those malters l am wuired lo stste lo them in an Independent examinerfs report and for no other purpose. To the fullest extent permitted by law, I do not a￿pt or assume ￿s￿NSibl1rtY lo anyone other than thg Charity and ￿ Charitls Trustees as a t￿y. for my work or for thts report. Signed.. Tim 8orton Ilbll, Datgj". FCA 8lshop Flemlng LLP Chartered Accounlanls 2nd Floor Slralus House Emperor Way Exeter Business Park Exeter EX13QS Page 18 MAKE SOUTHWEST IFORMERLY KNOWN THE DEVON GUILD OF CRAFTSMEN) (A COMPANY LIMITED BY GUARANTEEI STATEMENT OF FINANCIAL ACTlVtnES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 JUNE 2022 Restricted Unr•strictsd funds fund$ 2022 2022 Total funds 2022 Total funds 2021 Note Income from: Donations and legacies Charitable aclivities Charita￿e trading actiwties Other income 105.583 204.654 310,237 6.804 136.082 2.193: 242.821 136.082 2.193 107.811 836 Total incom• 105.583 349.733 455.316 353,548 Expgnditure on: Raising fuThJs Charilable activities 82,485 210.246 82,485 286.537 27.938 244,229 76.291 Total expenditure 76.291 292,731 369,022 272.167 Net income Transfers betsveen funds 29,292 {16,684} 57,002 16.684 86.294 81,381 18 Net movement in funds 12.608 73,686 86.294 81,381 Re¢¢n¢lliation of funds: Totsl furwjs brought forward Net movement in funds 16.191 12.608 593.158 73.686 609,349 86,294 527,968 81.381 Total funds carrigd forward 28.799 695,643 609,349 The Slatement of Financid Acliwbes indudes all gains and losses re(J)3nised in the year. The notes ￿ pages 21 to 36 fomi part of these ffinancial stalements. Page 19 MAKE SOUTHWEST (FORMERLY KNOWN AS THE DEVON GUILD OF CRAFTSMEN) (A COMPANY LIMITED BY GUARANTEE) REGISTERED NUMBER..02026446 BALANCE SHEET AS AT 30 JUNE 2022 2022 2021 Nole Fixed assèts TarwJible assets Current assets 12 428.589 419,736 Stocks Debtors Cash at bank and in hand 13 14 9.830 15,161 288.750 6,363 6,744 234.689 313.741 247.796 Credrtors.. amounts falling due within one year 15 (46.08n {55.1831 N•t current assets 267.654 192,613 Tolal assets less current liabllilies 696.243 612,349 Credilots.. amounts falling due after more than one year 16 16001 (3.OCQ) Net assets 695,643 609,349 Total net assets 695,643 609,349 Charlty funds Restricted funds Unrestricte¢J ftjnds 18 18 28.799 16,191 593,158 Total funds 695.643 609,349 The Charity was entitled to exemption from audit under seclion 477 of the Companies Act 2006. The membefs have nol required the company to obtsin an audit the year in queslK)n in accordance with section 476 of Companies Act 2006. The Trustees acknoYAedge their respons*)ililies for COmp￿.ng vAth the requirements of the Act with respect to accounting records and preparation of financial statements. The financial statements have been ￿pared in acC￿danCe the prov¢sions applicaL4e to entities subject to the small companies regime. The financial statements were approved and authorised for issue by the Trustees on on their behalf by.. and signed Louis Victory Chair of the Boafd of Trustees The notes on pages 21 to 36 form part of these financial ststements. Page 20 MAKE SOUTHWEST (FORMERLY KNOWN AS THE DEVON GUILD OF CRAFTSMEN) IA COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 3Q JUNE 2022 GENERAL INFORMAnoN The Charity rs a private company limited by guarantee. in￿rIVated in England and Wales. The members of the Company are the Truslegs named ￿ page 1. In Ihe event of the Charity being wound up, the liability in Tespeet of the guarantee is limited to £1 per member of the Charity. ACCOUNTrNG POLICIES 2.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS The financial ststements have been prepared in accordanc* with the Charities SORP {FRS 102} - Accounknng and Reporting by Charities.. Slaternent of Recommended Practice applicable to charities preparing their accounts in accordance wth the Financial Repo￿.n9 Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeth.ve 1 January 20191. the Financ￿1 ReportiThJ Standard applicable in the UK and Republic of Ireland IFRS 102) and Companies Act 2006. 2.2 FUND ACCOUNTING General luThJs are unrestricted funds which are aVaE￿ble for use al the dI￿retiOn of the Trusle8s in furtherance of the general objectives of the Charity and which have not been deS￿nated for other wrposes. Designaled funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The and use of each designated fund is set out in the notes to the financial statements. Restricted funds are funds wthch are to be used in accordance with specrfic restridi￿S imposed by donors or which have been raised by the Charity for particxjlar purposes. The costs of raising and administering such fvnds are charged against the specific fund. The aim and use of each restricted ftjnd is set out in the ￿teS to the financial slalements. Investment incomo. gains and losses are allocated to the appropriate fund. Page 21 MAKE SOUTHWEST (FORMERLY KNOWN AS THE DEVON GUILD OF CRAFTSMEN) {A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 ACCOUNTING POLICIES (contlnued} 2.3 INCOME Al income is recognised once the Charity has enbuemenl to the income. il Ss probable that the inccxne will be received and the amount of income receivable can be measured reliably. Membership subscriptions are recc*)nised on a receipts basis. Grants arè induded in the Stslemenl of financial actIVit￿S on a receivable basis. The balanc8 of income received for spe¢ifi¢ purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is receive(l in advance of entitlement of ￿ceiPt. its recognibon is deferred and included in creditors as deferred income. Where entitlement occur5 bolore income is received. the income is accrued. Donated services or facilities are reccgnised when the Charily has control over the ilern. any conditions assooated with Ihe donated ilern have been met. the receipt of economic benefit from the use by the Charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP IFRS1021. the general volunteer time of the Friends is not recognised and refer to the Tiustees. report for more infomiation abcMJt their witribution. On receipt. dc￿ated professional servi￿$ and facilities are recognisèd on the basis of the value of the gift lo the Chanty ¥thich is Ihe amount it would have been willing to pay to obtain services or facilities of equivalent economic benefit on the ¢)pen market.. a correswnding amount is then recognised in expenditure in the peri¢)J of receipt. Income tsx recoverable in relalion to donations ￿CeIved under Gfft Ald or deeds of covenant is recognised at the lime of the donalion. Other ineome is recLyJnised in the period tii whith r( is ree*Nab￿ and to the extent the goods have been provided or on completton ol the service. 14 EXPENDITURE Expenditure is recognised On￿ there is a legal or constructTve obligation lo transfer eeonomic benefit to a third party. il is probable Ihal a transfer of econofflic benefits wtll be ￿qUired in settlement an(J the amount of Ihe obligation be measured reliably. Expenditure Is classified by activity. The costs of eath activity are made up of the total of ¢Jirect costs and sha￿d costs. induding support Costs involved in undertaking each actiwty. Direct costs attributable to a single activity are allocated directly lo Lhal activity. Shared costs which cThitn"bute to more than one activity and support costs which are not attributable to a &ngle acttvity are appothoned between those adivities on a basis consistenl with the use of resources. Central staff costs are allocated on the basis of time spenL and depreuat charges allocated on the po￿On of the asset's use. Fvndraising costs are those incxjrred in seeking vduntsry Contribut￿n$ and do not indude the costs of disseminating infomialion in support ol the charitable aclivilies. Support costs are those costs incurred directly in support of expendilure on the objects of Ihe Charity and in¢lude project managemenl carried out al Riverside Mill. Gov8mance costs are those incurred in conne¢b'on with administration of the Charity and wrnpliance wtth constitutional and statutory requirements. Cost of generating funds are costs Incur￿ in attracting voluntary income, and Ihose incurred in tr3ding activities that raise funds. Charitable aGtsvilies and Govemance costs are costs incurred on the Charivs educational operations. including supp)rt cosls aThJ costs rdating to the govemance of the Charty apportioned lo charitable a¢tiwties. Page 22 MAKE SOUTHWEST {FORMERLY KNOWN AS THE DEVON GUILD OF CRAFTSMEN) IA COMPANY UMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 ACCOUNTING POLICIES (conlinuedl 2A EXPENDITURE (CONTINUED) l expenditure is indusNe of irrecoverable VAT. 2.5 INTEREST RECEIVABLE Inte￿$t on funds held on depwl is induded when receivable and the amount can be measured reliably by the Charily.. this is nofmally uFon nolificalion of the interest paid or payable by the Bank. 2.6 OPERATING LEASE CHARGES Rentals under operating ￿aSeS a￿ charged lo the Statement of Financial Activities. on a straight line basis over the lease tem. 2.7 TANGIBLE FIXED ASSETS AND DEPRECIATION It is the Charitys policy to mainiain buildings in a continual state of sound repair, the costs are being written off as expenditure when incurred. When improvements are carried out. the expenditure is C8pitslised. As a result of this policy of maintenance and improvement, th8 Tfustees believe that the life of the building is substantial and that the depreciatbon is not ggnific4nl enough to warrant a speofic charge being made against income. Tangl￿e fixed assets ar8 initially reo)gnised at ￿$t. After recognition. under lh8 CQSt model. tangible fixed assets are measured al cost less accumulated depreciation and any accvmulaled impairm&nl losses. All costs incurred to bring a ￿T￿￿lIe fixed asset Fnto its intended working COr￿￿10n Should be included in the measurement of cost. Depreciation is charged so as to allctate the Cost of tsngible fixed assets less their residual value over their estimated useful lives. Depreciation is provided on the foll0v￿rI) basis.. Fixtures and fittings Office equipment Straight line 20% straight ling 2.8 INVESTMENTS The Charity has made the accounting py)licy choti to indude the .RNerside Mill as a free1￿ld property. rather than an investment Propety. 2.9 STOCKS Stocks are valued at the lower of cost and nel ￿alIsable value after making due allowance for obsolete and slow-moving stocks. Cost indudes all direct costs and an appropriate proportion of fixed and variable overheads. 2.10 DEBTORS Trade and other debtors are re￿nised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid nel of any trade discounts due. 2.11 CASH AT BANK AND IN HAND Cash 81 bank and in hand incJude$ cash and short-temi highly liquid investments with a short maturity of three months or less fr(Mn the dale of acquisition or opening of the deposit or similar account. Page 23 MAKE SOUTHWEST (FORMERLY KNOWN AS THE DEVON GUILD OF CRAFTSMEN) (A COMPANY UMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 ACCOUNTING POLICIES (continu 2.12 LIABILITIE5 AND PROVISIONS Liakn"lilie5 are recognised when the￿ is an obl￿tiOn al the Balance sheet dale as a resull of a past event. it is probable that a transfer of econornic benefit will b8 required in setuement. and the amount of the settlement be ests"mated relobty. Liabilities are recognised al the amounl that the Charity anlicipates il will pay lo seltle the debt or the amount it has received as advanced payments for the goods or servKes it must provide. Provisions are measured at the best estimale of the amounts required to setde Ihe obligation. Where the effect of the time value of money is materièl, the provtsion is based on the P￿sent value of those amounts, diseounled at the pre-lax discount rale that reflects the risks Specif￿ to the Ipbility. The unwinding of thg discounl is rec(NJnised wthin interest payable and simiL4r charges. 2.13 FINANCIAL INSTRUMENTS The Charity only has financial as5els and ffinanck81 Ikqbililies of a kind that qualify as basic finanGial instruments. Basie financial instruments are initialty recognised at transaction value and subsequently measured at their settfemenl value with the exception ol bank loans which a￿ subsequently measured at amortised cost using the effective Inte￿$t method. 2.14 PENSIONS Thè Charity operates a defined contribution pension stheme and tho pension tharge represents the amounts payatAe by the Charity to the fund in resp￿ of the year. 2.15VAT For the F*ficMJ under review tr￿ Charity was registered for VAT. Where applieable. income and expenditure is included net of VAT. Page 24 MAKE SOUTHWEST (FORMERLY KNOWN AS THE DEVON GUILD OF CRAFTSMEN) (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 30 JUNE 2022 INCOME FROM DONATIONS AND LEGACIES Re$trictèd Unrèstricted funds fvnds 2022 2022 Total fund$ 2022 Total funds 2021 Donali¢)ns Grants Membership subsuiptions 858 174.134 29,662 858 279,717 29.662 9.126 203.639 30,056 105.583 TOTAL 2022 105.583 204.654 310.237 242.821 TOTAL 2021 32.985 209,836 242,821 The majority of the grant income received by the Charity was funded by the Arts Council Errfjland. to aid the Charity in Car￿ng out its charitsble objeclives. The Charty has been supported during the period by volunteers. Their donated time has not been recorded in the financial statements. INCOME FROM CHARrrABLE Acnvi￿Es Unrgstrlcted fvnds 2022 Total fund$ 2022 Totsl fund5 2021 Other in￿)rne 6.804 TOTAL 2021 2.080 2,080 Page 25 MAKE SOUTHWEST IFORMERLY KNOWN AS THE DEVON GUILD OF CRAFTSME141 (A COMPANY UMITEO BY GIJARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR ThE YEAR ENDED 30 JUNE 2022 INCOME FROM CHARITABLE TRADING ACTIVITIES UnrestrScled funds 2022 Total funds 2022 Total funds 2021 Trading income 136.082 136.082 107.811 TOTAL 2021 107.811 107.811 OTHER INCOMING RESOURCES Unrestrlcted funds 2022 Total fund5 2022 Total funds 2021 Bank interest receivable Other income 101 2,193 2,193 735 TOTAL. 2022 2.193 2,193 836 TOTAL 2021 836 836 EXPENDITURE ON RAISING FUNDS C￿ts of raising voluTrtary income Unrestricted funds 2022 Total funds 2022 Total funds 2021 Fundraising & publKity- general ¢>)sts Page 26 MAKE SOUTHWEST (FORMERLY KNOWN AS THE DEVON GUILD OF CRAFTSMEN) {A COMPANY UMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 EXPENDITURE ON RAISING FUNDS (CONTINUED) OTHER TRADING EXPENSES Unrestrl¢ted funds 2022 Total funds 2022 Total funds 2021 Trading other expeTrJrture Trading stsff costs 36.631 39,970 36.631 39.970 9.973 17,965 76.601 76.601 27.938 TOTAL 2021 27.938 27.938 ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES Summary by fund type Restricted Unrestricted funds funds 2022 2022 Total 2022 Total 2021 ember5 and Friend5 Exhibitions Education Outreach Management and administration Govemance costs Architectural Heritage Fund Release of bad debt provisKJn no longer required 14.845 95.275 44.024 57.762 14,845 95,275 48,674 120,931 18.199 113.402 49.959 46.482 306 1 S.881 4.650 63,169 15.114 15,114 8.472 8,472 116.7741 116.774) TOTAL 2022 76.291 210,246 286.537 244.229 TOTAL 2021 34.485 209,744 244.229 Page 27 MAKE SOUTHWEST (FORMERLY KNOWN AS ThE DEVON GUILD OF CRAFTSMENI (A COMPANY LIMITED BY GUARANTEEI P40TES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 ANALYSIS OF EXPENDITURE BY ACTivmES Support costs 2022 Total nds 2022 Tolal fiJr¢ds 2021 Dlrect costs 2022 Members and Friends Exhibitions 69 45.670 19.749 54.559 14,776 49.605 28,925 66.372 14,845 95.275 48.674 120,931 18,199 113,402 49.959 46.482 306 1S.881 Education Outreach Management and administration Governance costs Architectural Heritage Fund Release of bad debt provision no longer required 15,114 15.114 8.472 8.472 116.7741 116.7741 TOTAL 2022 128.519 158.018 286.$37 244,229 TOTAL 2021 90.530 153,699 244.229 10. INDEPENDENT EXAMINER'S REMUNERATION The indepenoent examinels remuneralion amounts lo an in(kpendenl examiner free of £3.450 P021 - £3,930). and fees for other services lolalling of £4SO12021 - £7501. 11. STAFF COSTS 2022 2021 Wages and salaries Social security costs Contribulion lo defined contribution p8nsion Sche￿*$ 193.219 7,741 5.291 152,530 5.231 4,033 206.251 161.794 The average number of persons empk)yed by the Charity during the year was 9.12D21.' 71. The average wmber of petsons em￿oyed by Ihe Charity during the period expressed as full time equivalents was as follows.. 2022 2021 No. Page 28 MAKE SOUTHWEST {FORMERLY KNOWN AS.THE DEVON GUILD OF CRAFTSMEN) . IA COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 11. STAFF COSTS (CONTINUED) No employee ￿CeiVed remuneraIic￿ amounting to rrrf)re than £60,000 in either year. Key management personnel of the Charity comprise Ihe Trustees, the CEO and the Finance Officer. The total employee beneffts of the key management pefsonnel of the Chanty were £75,431 12021.. £60,060). See note 22 for detsils of transactions wth Trustees. 11 TANG18LE FIXED ASSETS Freehold property {held al cost less 'Fixtur•s and impairrnentl frttings Office •quiprnent Total COST OR VALUATION Al 1 July 2021 Addib"ons 415.01)0 21,707 8.683 35.302 1.710 472.009 10,393 At 30 June 2022 415.OIK 30.390 37.012 482,402 DEPRECIATION At 1 July 2021 Charge for the year 21.707 265 30.566 1,275 52,273 1.540 At 30 June 2022 21.972 31,841 53.813 NET BOOK VALUE At 30 June 2022 415.000 8.418 5.171 428,589 At 30 June 2021 415.000 4,736 419,736 13. STOCKS 2022 2021 Finished goods and grKsds for resa 9.830 6,363 Page 29 MAKE SOUTHWEST IFORMERLY KNOWN AS THE DEVON GUILD OF CRAFTSMEN) IA COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 14. DEBTORS 2022 2021 DUE WITHIN ONE YEAR Trade debtors Other debtors Prepayments and accrued incLyne 1.093 1.793 12.568 4.951 15.161 6.744 15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2022 2021 2.400 15,320 4.312 2.674 21.381 Trade creditors Taxation and swal security Other credrtors Accruals and deferred income 8.665 19.374 3.620 21,124 46.087 55.183 A grant of £425.000 made to the Charity by The Arts Counal of England in 2CN)4105 may become repayable in certain Ur(Wmstan￿ prior to 15 August 2026. Such repayment obligation ts secured by charge over fv'verside Mill. Deferred Income The deferred income balance at 30 June 2022 is £nil {2021.. £2.2501. The amount released lo the Stalemenl of Finanoal Activit*s in respect of deferred income brought lO￿ard from the prior year. wa5 £2.250. 16. CREDITORS: AMOUNTS FALUNG DUE AFTER MORE ThAN ONE YEAR 2022 2021 Loan 600 3.000 The loan induded wlhin cre¢Jitots is being paid off by £200 a month with no interest thafged. Page 30 MAKE SOUTHWEST (FORMERLY KNOWN AS THE DEVON GUILD OF CRAFTSMEN) {A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 17. FINANCIAL INSTRUMENTS 2022 2021 FINANCIAL ASSETS Financial assets measured at fair value through in￿￿ arKI expendibJre 289,843 234.689 2022 2021 FINANCIAL LIABILITIES Financial liabilities measured al amortised cost 27.055 27,894 Financial assets measured at arTh)rtised cost comprise trade debtors and cash Fnancial liaknlities measured al amtytised ￿5t comprise other1gan$. other creditors and a￿Tual$ Page 31 MAKE SOUTHWEST {FORMERLY KNOWN AS THE OEVON GUILD OF CRAFfsMENI . (A COMPANY UMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 18. STATEMENT OF FUNDS STATEMENT OF FUNDS- CURRENT YEAR Balance at 30 June 2022 Balance at 1 July 2021 Transfers inlout Income Expendittsre UNRESTRICTED FUNDS DESIGNATED FUNDS Fixed asseuproperty fund 8uilding repair and maintenance fund Future Fit 419.737 10.393 {1,541) 428,589 26.059 26,059 15.000 15,(100 445.796 25.393 {1,541) 469.648 GENERAL FUNDS Free charity reserves 147.362 324.340 (291,190) 16,684 197,196 TOTAL UNRESTRICTED FUNDS 593.158 349.733 (292,731) 16.684 666.844 RESTRICTED FUNOS Raise the RcN)f Appeal A Good Age Freehand Crafting Futures Japan Souety Creative & Cultural Skills Architeclural Heritage Fund Loneliness 13.941 22.941 3,097 4.650 67,347 (3.097) 12,2501 2250 14,6501 (62.169) 5,178 500 11.000) 18.472) 17.096 2.893 18,4441 (2.893} 180 16.191 105,583 (76.2911 {16.6841 28.799 TOTAL OF FUNDS 455.316 1369.022) 695,643 Page 32 MAI