THE CRAFT CENTRE & DESIGN GALLERY LIMITED
FINANCIAL ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2025
Company Registration Number: 1685289 Charity Registration Number: 513457
THE CRAFT CENTRE & DESIGN GALLERY LIMITED
(Company Limited by Guarantee with Charitable Status)
| CONTENTS | PAGE |
|---|---|
| Company Information | 3 |
| Board of Management Report | 4 - 8 |
| Independent Examiner’s Report | 9 |
| Statement of Financial Activities | 10 |
| Balance Sheet | 11 |
| Notes to the Accounts | 12 - 21 |
Page 2
THE CRAFT CENTRE & DESIGN GALLERY LIMITED
(Company Limited by Guarantee with Charitable Status)
COMPANY INFORMATION
The board of management is pleased to present their 41[st] Annual Report together with the Financial Statements for the year ended 31 March 2025.
The financial statements comply with current statutory requirements, the memorandum and articles of association and the Charities SORP (Statement of Recommended Practice) FRS 102 “Accounting and Reporting by Charities” effective January 2019.
Reference and Administrative Information
Charity name: The Craft Centre and Design Gallery Limited Charity registration number: 513457 Company registration number: 1685289 Registered office and Operational address: The Craft Centre and Design Gallery City Art Gallery The Headrow Leeds LS1 3AB
Board of Management
The charitable company (“the charity”) had a board of 2 management members as at 31 March 2025. There were 2 trustees serving during the year:
Councillor Kayleigh Brooks (Chairperson)
Councillor Jessica Lennox (Deputy Chair) (Appointed June 2023)
Ex-Officio Member of the Board of Management
Vacant
Honorary Treasurer
Victoria Bradshaw, Chief Officer - Financial Services, Leeds City Council
Secretary
Corporate Governance Services, Leeds City Council
Manager
Miss S Pickard, The Craft Centre & Design Gallery Limited 01/04/24
Independent Examiners
Leeds City Council
Bankers
Virgin Money. 94-96 Briggate, Leeds, LS1 6NP
Shares
The charitable company has no share capital
Page 3
THE CRAFT CENTRE & DESIGN GALLERY LIMITED
(Company Limited by Guarantee with Charitable Status)
BOARD OF MANAGEMENT REPORT
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing Document
The Craft Centre and Design Gallery is a company limited by guarantee and a registered charity governed by Charity Law and the Charity Commission and its Memorandum and Articles of association dated 15 October 1982. It was established by the Leeds Arts Collection Fund with the support of the Council, the Memorandum of Association being signed by Councillor E Nash and Robert Rowe, Director of Art Galleries. The object of the charity is “to support the public educational purposes of the Leeds City Council Art Galleries by the understanding, appreciation and commission of good design”. In the event of the winding up of the charity each member of the Board of Management has guaranteed to contribute £1.
Appointment of the Board of Management
The directors of the company are also charity trustees for the purposes of charity law and under the company’s Articles are known as members of the Board of Management. The Members appoint the Board of Management, the chair of the board and other officers.
None of the trustees receives remuneration or other benefit from their work with the charity.
Trustee Induction and Training
New trustees are sent information regarding the charity, including a copy of the statement of accounts and a copy of the Charity Commission’s guide on “How to be an effective Trustee”. They meet the chairperson who introduces them to the charity.
In addition, new trustees will be encouraged to visit the Craft Centre & Design Gallery to see how its charitable objectives are achieved.
Risk Management
The main risk the charity faces would be a sudden and sustained decline in income from agency commission sales. The reserves policy takes account of this risk.
Organisational Structure & Day to Day Operations
The Board of Management of the charity is responsible for the strategic direction and policy of the charity.
The Manager has the responsibility for the day to day operational management of the charity, individual supervision of the staff and also ensuring that the staff continue to develop their skills and methods of working in line with good practice. These areas of operations are also covered by the Deputy Manager.
Other staff have the responsibility for maximising the number of visitors to the Craft Centre by ensuring that the Craft Centre’s website is up to date and also by promoting the exhibitions through social media and several websites.
Page 4
THE CRAFT CENTRE & DESIGN GALLERY LIMITED
(Company Limited by Guarantee with Charitable Status)
BOARD OF MANAGEMENT REPORT
OUR AIMS AND OBJECTIVES
Objects of the Charity
The objects of the charity are to stimulate the appreciation of, demand for and production of well-designed objects by commissioning, exhibiting and making available for sale such art and craft objects.
These aims and objectives are achieved by:
-
exhibiting a broad range of high quality art and craft objects for the enjoyment, education and inspiration of our city
-
providing much needed facilities for craft artists and designers to display and develop their creative powers
-
encouraging a diverse range of audience attendance at our exhibitions
-
enabling the ownership of original and high quality art and craft objects
The vision that shapes our aims and objectives remains clear: to add to the quality of life of the citizens of our city by expanding their horizons through the provision of exciting, challenging and accessible art and craft works.
Public Benefit
The Craft Centre and Design Gallery provides a unique artistic resource within the Leeds metropolitan area and our critically acclaimed exhibitions have earned a national reputation for exhibiting some of the most interesting and diverse examples of contemporary craft art and design.
Over the years, the gallery has exhibited and promoted the works of hundreds of designers, from the well renowned, to graduates just starting out. Their work has ranged from the traditional in technique, to items that are extremely innovative and even daring.
Our well attended exhibitions and showcases are free to all, with works of art available for purchase in all price ranges. To further support exhibiting artists and to encourage wider ownership of quality art, we also offer interest free loans for purchases under the ‘Own Art’ scheme run by the Arts Council England.
We have knowledgeable and highly skilled staff who are always available to discuss the art works and their production techniques, and who also offer help and useful advice to craft and design artists.
We have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing our aims and objectives and in planning our future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives of the charity.
Page 5
THE CRAFT CENTRE & DESIGN GALLERY LIMITED
(Company Limited by Guarantee with Charitable Status)
BOARD OF MANAGEMENT REPORT
FINANCIAL REVIEW
Results for the year
The operation of the charity for the year ended 31 March 2025 has resulted in a deficit of £42,331. This included IAS 19 Pensions income of £4,000 which have been included within Charitable Activities. Excluding IAS 19 Pensions, the position is an operating deficit of £46,331 (2024: a total deficit of £42,744; £41,744 excluding IAS19 Pensions costs). The operating reserves, after adding the deficit for the year, are a deficit of £92,309 (2024: deficit reserves of £45,978). Adjusting the accounts for actuarial changes to the pension fund net liability of £49,000 (recognised in Other gains and losses) results in a pension fund position of a £0 net asset, and a negative balance of £92,309 (2024: negative balance of £978, after a £37,000 pension fund adjustment).
Pension Fund
The International Accounting Standard (IAS) 19 net asset as at 31 March 2025 of £0 represents the difference between the value of the Company’s pension fund assets at 31 March 2025 and the estimated present value of the future pension payments to which it was committed at 31 March 2025. These pension assets will be paid out over a period of many years during which time the assets will continue to generate returns towards funding them. Any significant changes in global equity markets after 1 April 2025 would also have an impact on the capital value of the pension fund assets.
Disclosure on Going Concern status
The Board has reviewed the charitable company’s financial position and its future outlook and has concluded that it can no longer be satisfied that the company is a going concern. The financial position is such that, unless there is a significant change in circumstances, the Board is likely to have no realistic alternative but to cease the company’s activities. The accounts have therefore not been prepared on a going concern basis. The Board is currently exploring all options before taking a decision on the future of the charitable company. As no firm decision has yet been taken, the carrying value of assets and liabilities remains in line with the company’s previous accounting policies, which have not been amended.
The 2024/25 financial year has seen a worsening of the financial results in comparison to the 2023/24 financial year. In the current economic environment, the directors recognise that the company’s financial position is extremely challenging, and that significant action would be needed to modernise and adapt its operating model if it were to continue operating in the future. It is not clear whether the company has the capacity to make such significant changes as would be needed to secure its future.
The company’s level of operational reserves after discounting the impact of pension net assets (please see the explanation below) were in deficit at a negative £92,309.
The fund’s deficit of £92,309 is after the addition of a net pension fund asset of £0 which represents the extent to which asset held by the West Yorkshire Pension Fund and attributable to the company outweigh the estimated value of its pension liabilities. This net asset is not realisable by the company for any other purpose other than to meet future pension costs. Under the terms of the Guarantee Agreement between Leeds City Council and the administering authority of the West Yorkshire Pension Fund dated 22 March 2001, Leeds City Council acts as Guarantor to the company in respect of its pension position. If the company ceased to operate, the pension asset of £0 would revert to Leeds City Council.
Investment policy
Under the memorandum and articles of association, the charity has the power to make any investment which the board of management sees fit.
Page 6
THE CRAFT CENTRE & DESIGN GALLERY LIMITED
(Company Limited by Guarantee with Charitable Status)
BOARD OF MANAGEMENT REPORT
Events since the end of the year
Since the end of the year the Board of management, with the support of the Council, have continued to explore all options before taking a decision on the future of the charity / company.
Reserves Policy
The Board recognise that the company requires appropriate levels of cash reserves and it is the policy of the company to maintain sufficient, unrestricted funds which are the free reserves of the charity, to cover short term running costs and/or to respond to emergencies for a period of approximately 3 months.
The negative reserves of the company of £92,309 is after the addition of a pension fund net asset of £0 However, as the pension fund assets and liabilities would revert to Leeds City Council if the company ceased to operate, this in effect means the company has a negative reserve of £92,309.
The Board considers that the negative reserve of £92,309 is insufficient to meet its policy objectives and is exploring all options as noted above.
POLITICAL AND CHARITABLE DONATIONS
No political or charitable donations were made during the year.
THANKS
The Board wishes to thank its staff, all the artists, crafters, designers and makers who had been showcased at the Gallery and note the artistic and charitable achievements over the years.
Page 7
THE CRAFT CENTRE & DESIGN GALLERY LIMITED
(Company Limited by Guarantee with Charitable Status)
BOARD OF MANAGEMENT REPORT
INDEPENDENT EXAMINATION OF THE ACCOUNTS
For the year ending 31 March 2025 the trustees are satisfied that the charitable company is entitled to exemption from the provisions of the Companies Act 2006 (the Act) relating to the audit of the financial statements for the year by virtue of section 477, and that no member or members have requested an audit pursuant to section 476 of the Act.
The trustees acknowledge their responsibilities for:
-
ensuring that the charitable company keeps adequate accounting records which comply with section 386 of the Act; and
-
preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of the financial year and of its surplus or deficit for the financial year in accordance with the requirements of sections 394 and 395, and which otherwise comply with the requirements of the Act relating to financial statements, so far as applicable to the charitable company.
Board of Management Responsibility in Relation to Financial Statements
Company and charity law requires the board of management to prepare financial statements that give a true and fair view of the state of affairs of the charity at the end of the financial year and of its surplus or deficit for the financial year. In doing so the board of management are required to:
-
select suitable accounting policies and apply them consistently,
-
make judgements and estimates that are reasonable and prudent,
-
follow applicable accounting standards and
-
prepare the financial statements on a going concern basis (see note above).
The board of management are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enables them to ensure that the financial statements comply with the Companies Act 2006. The board of management are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
By order of the board of management:
( ( Councillor Kayleigh Brooks )
18/12/2025 Date
Registered Office:
The Craft Centre & Design Gallery Limited City Art Gallery The Headrow LEEDS LS1 3AB
Page 8
THE CRAFT CENTRE & DESIGN GALLERY LIMITED
(Company Limited by Guarantee with Charitable Status)
INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE CRAFT CENTRE & DESIGN GALLERY LIMITED
Report to the trustees/ Craft Centre & Design Gallery Limited members of ~~a~~ On accounts for the year ended 31[st] March 2025 Charity no 513457
Set out on pages
10-21 ~~PO~~
Respective responsibilities of trustees and examiner
The trustees (who are also the directors of the company for the purposes of company law) are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility to:
-
examine the accounts under section 145 of the 2011 Act,
-
to follow the procedures laid down in the general Directions given by the Charity Commission (under section 145(5)(b) of the 2011 Act, and
-
to state whether particular matters have come to my attention.
Basis of independent examiner’s statement
My examination was carried out in accordance with general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair’ view and the report is limited to those matters set out in the statement below.
Independent examiner's statement
In connection with my examination,
-
No matter has come to my attention which gives me reasonable cause to believe that in, any material respect, the requirements:
-
to keep accounting records in accordance with section 386 of the Companies Act 2006; and
-
• to prepare accounts which accord with the accounting records, comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the Statement of Recommended Practice: Accounting and Reporting by Charities;
-
have not been met ; or
-
However, in order to enable a proper understanding of the accounts to be reached, attention should be drawn to the fact that the Board has concluded that the accounts should not be prepared on a going concern basis..
Signed:
Date:
18/12/2025 ~~ee~~
Name: Richard Ellis ~~PO~~ Relevant professional Chartered Institute of Public Finance and Accountancy (CIPFA) qualification(s) or body: ~~a~~ Address: Civic Hall, Leeds, LS1 1UR ~~PO~~
Page 9
THE CRAFT CENTRE & DESIGN GALLERY LIMITED
(Company Limited by Guarantee with Charitable Status)
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025
| Description | Note | Unrestricted | Total | Total | |||||
|---|---|---|---|---|---|---|---|---|---|
| Funds | Funds | Funds | |||||||
| 2025 | 2025 | 2024 | |||||||
| £ | £ | £ | |||||||
| INCOME | |||||||||
| Income and Endowments from: | |||||||||
| Investments | 3 | 0 | 0 | 0 | |||||
| Income from charitable activities | 4 | 110,090 | 110,090 | 116,877 | |||||
| Other | 5 | 4,301 | 4,301 | 55 | |||||
| Total | 114,391 | 114,391 | 116,932 | ||||||
| EXPENDITURE | |||||||||
| Expenditure on: | |||||||||
| Charitable activities | 6 | (154,350) | (154,350) | (157,309) | |||||
| Other | 7 | (2,372) | (2,372) | (2,367) | |||||
| Total | (156,722) | (156,722) | (159,676) | ||||||
| Net Income / (Expenditure) | 14 | (42,331) | (42,331) | (42,744) | |||||
| OTHER RECOGNISED GAINS/(LOSSES) | |||||||||
| Actuarial gains/(losses)on Defined Benefit Pension Scheme | 17 | (49,000) | (49,000) | 37,000 | |||||
| Net movement in funds | (91,331) | (91,331) | (5,744) | ||||||
| RECONCILIATION OF FUNDS | |||||||||
| Total funds brought forward | (978) | (978) | 4,766 | ||||||
| Total funds carried forward | (92,309) | (92,309) | (978) |
The statement of financial activities includes all gains and losses recognised in the year.
All income expenditure are derived from continuing activities.
Page 10
THE CRAFT CENTRE & DESIGN GALLERY LIMITED
(Company Limited by Guarantee with Charitable Status)
COMPANY REGISTRATION NUMBER 1685289
BALANCE SHEET AS AT 31 MARCH 2025
| Description | Note | 2025 | 2024 |
|---|---|---|---|
| £ | £ | ||
| FIXED ASSETS | |||
| Tangible Assets | 9 | 539 | 1,078 |
| CURRENT ASSETS | |||
| Stocks - Goods for Resale | 10 | 1,087 | 1,087 |
| Debtors | 11 | 0 | 351 |
| Cash at Bank and in Hand | 12 | 177,947 | 69,915 |
| Total current assets | 179,034 | 71,353 | |
| LIABILITIES | |||
| Creditors: Amounts Falling Due Within One Year | 13 | (271,882) | (118,409) |
| Total net current assets or (liabilities) | (92,848) | (47,056) | |
| Net assets or liabilities excluding pension asset or (liability) | (92,309) | (45,978) | |
| Defined benefit scheme asset / (liability) | 17 | 0 | 45,000 |
| Net assets or liabilities including pension asset or(liability) | (92,309) | (978) | |
| THE FUNDS OF THE CHARITY | |||
| Unrestricted funds | (92,309) | (978) | |
| Total charity funds | (92,309) | (978) |
For the year ending 31st March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime.
SIGNED ON BEHALF OF THE BOARD OF MANAGEMENT
18/12/2025 Date
( Councillor Kayleigh Brooks )
Page 11
THE CRAFT CENTRE & DESIGN GALLERY LIMITED
(Company Limited by Guarantee with Charitable Status)
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025
1. ACCOUNTING POLICIES
(a) Basis of Accounting
The financial statements have been prepared under the historical cost convention and in accordance with applicable United Kingdom and International accounting standards, the Charities SORP (Statement of Recommended Practice) FRS 102 “Accounting and Reporting by Charities” effective January 2015 and the Companies Act 2006. The principal accounting policies adopted in the preparation of the financial statements are as follows:
-
(i) Income from charitable activities represents sales of goods, exclusive of value added tax. The Company’s claim for exemption from taxes under Section 505 (1) Income and Corporation Taxes Act 1988 has been confirmed by the Inland Revenue.
-
(ii) Depreciation is provided for in equal instalments calculated to write off the cost of fixed assets over their anticipated useful lives. Useful lives are:
Fixtures and Fittings 5 -10 years Computer Equipment 5 years
-
(iii) Stocks are stated at cost net of value added tax.
-
(iv) Grant income is recognised in the accounts when the charity becomes unconditionally entitled to the grant, i.e. where entitlement is not conditional on the delivery of a specific performance by the charity.
-
(v) The administrative and accounting policies and procedures of the charity are so closely linked to those of the City Council that it has been decided to make no charge for certain administrative expenses incurred by the Council during the year ended 31 March 2025. The decision follows upon that of the Council to maintain the amenity for the benefit of the city of Leeds.
-
(vi) The charitable company contributes, in regard to a number of its employees, to the West Yorkshire Pension Fund, a funded defined benefit statutory scheme administered by the City of Bradford Metropolitan Council in accordance with the Local Government Superannuation Regulations 1988. The benefits provided to the employees concerned are based on final pensionable pay. Contributions are charged to the Statement of Financial Activities each year so as to spread the cost of pensions over employees’ working lives with the charitable company.
-
(vii) The company applies the provisions of FRS 102 in full to account for its financial instruments.
-
(viii) The trustees have taken advantage of the exemption in Financial Reporting Standard No 1 (revised) from including a cash flow statement in the financial statements on the grounds that the charitable company is small.
-
(ix) The accounts have not been prepared on a going concern basis. However in practice this has not affected the carrying value of any of the assets or liabilities shown in the balance sheet.
(b) Fund accounting
Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity. All funds of the charity are considered to be unrestricted.
Page 12
THE CRAFT CENTRE & DESIGN GALLERY LIMITED
(Company Limited by Guarantee with Charitable Status)
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025 continued
(c) Income
All income received are included in the statement of financial activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income:
-
(i) Voluntary income is received by way of grants, donations and gifts and is included in full in the Statement of Financial Activities when receivable. Grants, where entitlement is not conditional on the delivery of a specific performance by the charity, are recognised when the charity becomes unconditionally entitled to the grant.
-
(ii) Investment income is included when receivable.
-
(iii) Income from charitable trading activity are accounted for when earned.
(d) Expenditure
Expenditure is recognised on an accrual basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates:
-
(i) Costs of generating funds comprise the costs associated with trading for fundraising purposes.
-
(ii) Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
-
(iii) Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include the audit fees and costs linked to the strategic management of the charity.
-
(iv) All costs are allocated to the Statement of Financial Activities on a basis designed to reflect the use of the resources. Costs relating to a particular activity are allocated directly, other support costs are apportioned to a particular activity as a percentage based on estimated staff time involved, as set out in note 6.
2. BOARD OF MANAGEMENT
No emoluments or reimbursement of expenses were paid by the charity to the board of management during the year.
| 3. INVESTMENTS | |
|---|---|
| Unrestricted Funds Total Funds Total Funds |
|
| 2025 2025 2024 |
|
| £ £ £ |
|
| Special Interest Bearing Account (SIBA)-Interest in year |
0 0 0 |
| Total | 0 0 0 |
Page 13
THE CRAFT CENTRE & DESIGN GALLERY LIMITED
(Company Limited by Guarantee with Charitable Status)
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025 continued
4. INCOME FROM CHARITABLE ACTIVITIES
| 4. INCOME FROM CHARITABLE ACTIVITIES | |
|---|---|
| Unrestricted Funds Total Funds Total Funds |
|
| 2025 2025 2024 |
|
| £ £ £ |
|
| AgencySales - Craft items | 110,090 110,090 116,877 |
| Total | 110,090 110,090 116,877 |
| 5. OTHER | Unrestricted Funds Total Funds Total Funds |
| 2025 2025 2024 |
|
| £ £ £ |
|
| Gift Vouchers expired IAS Pensions Income |
0 4,000 0 4,000 55 0 |
| Other Income | 301 301 0 |
| Total | 4,301 4,301 55 |
| 6. CHARITABLE ACTIVITIES | ||||||
|---|---|---|---|---|---|---|
| Direct Pay | Payments to Craft Artists |
Direct Costs | Support costs | Total 2025 |
Total 2024 |
|
| £ | £ | £ | £ | £ | £ | |
| Agency Commissions | ||||||
| Operational Costs | (51,349) | 0 | (4,365) | (9,613) | (65,327) | (64,851) |
| IAS 19 Pensions Costs | 0 | 0 | 0 | 0 | 0 | (1,000) |
| Payments to Artists | 0 | (52,041) | 0 | 0 | (52,041) | (55,251) |
| (51,349) | (52,041) | (4,365) | (9,613) | (117,368) | (121,102) | |
| Exhibitions | ||||||
| Operational Costs | (21,395) | 0 | (107) | (4,005) | (25,507) | (25,168) |
| Educational/Advisory Service | ||||||
| Operational Costs | (9,072) | 0 | 0 | (2,403) | (11,475) | (11,039) |
| Total | (81,816) | (52,041) | (4,472) | (16,021) | (154,350) | (157,309) |
The support costs are allocated to the activities as a percentage of the estimated time spent on each activity. The percentages used were: Agency Commissions 60%, Exhibitions 25% and Educational/Advisory Service 15%.
| 7. OTHER | |
|---|---|
| Unrestricted Total Total |
|
| Funds Funds Funds |
|
| 2025 2025 2024 |
|
| £ £ £ |
|
| Independent Examiner’s and Audit fees | (1,667) (1,667) (1,667) |
| IAS 19pension fund valuation fees | (705) (705) (700) |
| Total | (2,372) (2,372) (2,367) |
Page 14
THE CRAFT CENTRE & DESIGN GALLERY LIMITED
(Company Limited by Guarantee with Charitable Status)
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025 continued
| 8. STAFFING | ||||
|---|---|---|---|---|
| 2025 | 2025 | 2024 | ||
| £ | £ | £ | ||
| (i)Staff Costs: | ||||
| Salaries and Wages | (75,692) | (75,692) | (77,987) | |
| Social Security Costs | 0 | 0 | 0 | |
| Pension Costs(see note 17) | (9,889) | (9,889) | (9,528) | |
| Total | (85,581) | (85,581) | (87,515) |
No employee earned more than £60,000 per annum.
(ii) The average number of people employed by the Charity during the year was:
| (ii)The average number of people empl | oyed by the Charity dur | ing the year was: | |
|---|---|---|---|
| 2025 2024 |
|||
| Manager | 1 1 |
||
| Assistants | 5 6 |
||
| Total | 6 7 |
||
| 9. FIXED ASSETS | |||
| Fixtures & | Computer Total |
||
| Fittings | |||
| ASSET COST | £ | £ £ |
|
| Balance brought forward | 52,131 | 4,995 57,126 |
|
| Additions | 0 | 0 0 |
|
| Disposals | 0 | 0 0 |
|
| Balance carried forward | 52,131 | 4,995 57,126 |
|
| ACCUMULATED DEPRECIATION | |||
| Balance brought forward | 51,921 | 4,127 56,048 |
|
| Charge for the year | 105 | 434 539 |
|
| Disposals duringtheyear | 0 | 0 0 |
|
| Balance carried forward | 52,026 | 4,561 56,587 |
|
| NET BOOK VALUE | |||
| At 31 March 2025 At 31 March 2024 |
105 | 434 539 |
|
| 211 | 868 1,078 |
||
| 10. STOCK | |||
| Breakages | Bags and Postcards Total |
||
| £ | £ £ |
||
| Balance brought forward | 310 | 95 405 |
|
| Additions | 712 | 0 712 |
|
| Stock sold/used/written off | (30) | 0 (30) |
|
| Balance carried forward | 992 | 95 1,087 |
Page 15
THE CRAFT CENTRE & DESIGN GALLERY LIMITED
(Company Limited by Guarantee with Charitable Status)
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025 continued
| 11. DEBTORS | 11. DEBTORS | ||||
|---|---|---|---|---|---|
| 2025 | 2024 | ||||
| £ | £ | ||||
| Trade debtors | 0 | 351 | |||
| Total | 0 | 351 | |||
| 12. CASH AT BANK AND IN HAND | |||||
| 2025 | 2024 | ||||
| £ | £ | ||||
| Bank Account | 177,754 | 69,722 | |||
| Credit Cards Holding Account | 43 | 43 | |||
| Petty Cash Float | 150 | 150 | |||
| Special Interest BearingAccount(SIBA) | 0 | 0 | |||
| Total | 177,947 | 69,915 | |||
| 13. CREDITORS | |||||
| 2025 | 2024 | ||||
| £ | £ | ||||
| Trade creditors | (16,997) | (18,671) | |||
| Leeds City Council | (252,912) | (97,335) | |||
| VAT | (1,973) | (2,403) | |||
| Total | (271,882) | (118,409) |
14. OTHER NOTABLE ITEMS
The net incoming resources before other recognised gains and losses is arrived at after charging:
| The net incoming resources before other recognised gains and losses is arrived at after charging: | |
|---|---|
| 2025 2024 |
|
| £ £ |
|
| Independent Examiner and Audit Fees (1,667) (1,667) |
|
| IAS19 pension fund valuation (705) (700) |
|
| Depreciation (539) (547) |
15. TRUSTEE REMUNERATION AND RELATED PARTY TRANSACTIONS
No members of the management committee received any remuneration during the year. No trustee or other person related to the charity had any personal interest in any contract or transaction entered into by the charity during the year (2024 – Nil).
Leeds City Council supports the board of management. The charity occupies premises within the City Art Gallery under licence from Leeds City Council, no charge for rent appears in these accounts. In addition the Council provides support services at no cost. At the year end the charity owed Leeds City Council £252,912 in respect of payments made on its behalf (2024 – £97,335). The charity previously deposited surplus cash balances with Leeds City Council at a commercial rate of interest. The balance of this deposit on 31 March 2025 was £0 (£0 at 31 March 2024).
Page 16
THE CRAFT CENTRE & DESIGN GALLERY LIMITED
(Company Limited by Guarantee with Charitable Status)
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025 continued
16. CAPITAL COMMITMENTS
The charity had no capital commitments in the years ending 31 March 2025 and 2024.
17. PENSIONS
IAS 19 Accounting Results Schedule 31 March 2025
| Employer: | The Craft Centre and Design Gallery Ltd |
|---|---|
| Fund: | West Yorkshire Pension Fund |
| FundAdministeringAuthority: | City of BradfordMetropolitan District Council |
| Prepared by: | Aon |
| Preparedfor: | City of BradfordMetropolitan District Council |
1 Results under IAS 19 (LGPS funded benefits)
The figures below relate to the funded liabilities within the fund which is part of the Local Government Pension Scheme. There are additional disclosures under IAS 19 and these have been set out in Section 5 of the Covering Report.
| Date of the last full actuarial valuation of the employer's LGPS funded benefits | Date of the last full actuarial valuation of the employer's LGPS funded benefits | 31 March 2022 | |
|---|---|---|---|
| Expected employercontributionsnext year(£M) | 0.010 | ||
| Durationof liabilities | 23.8 years | ||
| Key assumptions | 31 March 2025 % p.a. |
31 March 2024 % p.a. |
31 March 2023 % p.a. |
| Discountrate | 5.80% | 4.70% | 4.50% |
| CPI Inflation | 2.50% | 2.50% | 2.60% |
| Pension increases | 2.50% | 2.50% | 2.60% |
| Pension accounts revaluation rate | 2.50% | 2.50% | 2.60% |
| Salary increases | 3.75% | 3.75% | 3.85% |
Mortality assumption
The mortality assumptions are based on actual mortality experience of members within the Fund based on analysis carried out as part of the 2022 Actuarial Valuation and allow for expected future mortality improvements. Sample life expectancies at age 65 in normal health resulting from these mortality assumptions are shown below.
normal health resulting from these mortality assumptions are shown below. |
||
|---|---|---|
| 31 March 2025 | 31 March 2024 | |
| Males | ||
| Pensioner member aged 65 at accountingdate | 20.9 | 21.0 |
| Active member aged 45 at accountingdate | 21.8 | 22.3 |
| Females | ||
| Pensioner Member aged 65 at accountingdate | 24.1 | 24.2 |
| Active member aged 45 at accountingdate | 24.8 | 25.2 |
| Asset allocation | Value at 31 March 2025 | Value at 31 March 2025 | Value at 31 March 2024 |
|
|---|---|---|---|---|
| Quoted | Unquoted | Total | ||
| Equities | 64.4% | 14.9% | 79.3% | 79.0% |
| Property | 0.8% | 2.0% | 2.8% | 2.9% |
| Government bonds | 9.0% | 0.0% | 9.0% | 8.9% |
| Corporate bonds | 4.0% | 0.0% | 4.0% | 4.2% |
| Multi Asset Credit | 0.0% | 0.0% | 0.0% | 0.0% |
| Cash | 0.0% | 2.6% | 2.6% | 4.0% |
| Other | 0.1% | 2.2% | 2.3% | 1.3% |
| Total | 78.3% | 21.7% | 100.0% | 100.0% |
Page 17
THE CRAFT CENTRE & DESIGN GALLERY LIMITED
(Company Limited by Guarantee with Charitable Status)
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025 continued
| Reconciliation of funded status to balance sheet Fair value of assets Present value of funded defined benefit obligation Funded status Unrecognised asset Asset/(liability) recognised on the balance sheet The split of the liabilities at the last valuation between the various categories of members is Activemembers Deferred Pensioners Pensioners Amounts recognised in profit and loss and other comprehensive income Operating cost Current service cost Past service cost(inc. curtailments) Settlement cost Financing cost Interest on net defined benefit liability/(asset) Pension expense recognised in profit and loss Remeasurements in other comprehensive income Return on plan assets(in excess of)/ below that recognised in net interest Actual(gains)/losses due to changes in financial assumptions Actual(gains)/losses due to changes in demographic assumptions Actual(gains)/losses due to liabilityexperience Adjustment loss(gain)due to restriction of surplus Total amount recognised in other comprehensive income Total amount recognised in profit and loss and other comprehensive income Allowance for administration expenses included in Current Service Cost(£M) Changes to the present value of the defined benefit obligation Opening defined benefit obligation Current service cost Interest expense on defined benefit obligation Contributions byparticipants Actual(gains)/losses due to changes in financial assumptions Actual(gains)/losses due to changes in demographic assumptions Actual(gains)/losses due to liabilityexperience Net benefitspaid out Past service cost(inc. curtailments) Net increase in liabilities from disposals/acquisitions Settlements Closing defined benefit obligation |
Reconciliation of funded status to balance sheet | Value at 31 March 2025 (£M) |
Value at 31 March 2025 (£M) |
Value at 31 March 2024 (£M) |
|---|---|---|---|---|
| Fair value of assets | 0.575 | 0.545 | ||
| Present value of funded defined benefit obligation | (0.387) | (0.476) | ||
| Funded status | 0.188 | 0.069 | ||
| Unrecognised asset | (0.188) | 0.000 | ||
| Asset/(liability) recognised on the balance sheet | 0.000 | 0.069 | ||
| as follows: | ||||
| Activemembers | 38% | |||
| Deferred Pensioners | 48% | |||
| Pensioners | 14% | |||
| Amounts recognised in profit and loss and other comprehensive income | Period ending 31 March 2025 (£M) |
Period ending 31 March 2024 (£M) |
||
| Operating cost | ||||
| Current service cost | 0.010 | 0.011 | ||
| Past service cost(inc. curtailments) | 0.000 | 0.000 | ||
| Settlement cost | 0.000 | 0.000 | ||
| Financing cost | ||||
| Interest on net defined benefit liability/(asset) | (0.004) | 0.000 | ||
| Pension expense recognised in profit and loss | 0.006 | 0.011 | ||
| Remeasurements in other comprehensive income | Period ending 31 March 2025 (£M) |
Period ending 31 March 2024 (£M) |
||
| Return on plan assets(in excess of)/ below that recognised in net interest | 0.005 | (0.019) | ||
| Actual(gains)/losses due to changes in financial assumptions | (0.118) | (0.038) | ||
| Actual(gains)/losses due to changes in demographic assumptions | (0.004) | (0.007) | ||
| Actual(gains)/losses due to liabilityexperience | 0.002 | 0.006 | ||
| Adjustment loss(gain)due to restriction of surplus | 0.188 | 0.021 | ||
| Total amount recognised in other comprehensive income | 0.073 | (0.037) | ||
| Total amount recognised in profit and loss and other comprehensive income | (0.079) | (0.026) | ||
| Allowance for administration expenses included in Current Service Cost(£M) | 0.000 | 0.000 | ||
| Changes to the present value of the defined benefit obligation | Period ending 31 March 2025 (£M) |
Period ending 31 March 2024 (£M) |
||
| Opening defined benefit obligation | 0.476 | 0.483 | ||
| Current service cost | 0.010 | 0.011 | ||
| Interest expense on defined benefit obligation | 0.022 | 0.022 | ||
| Contributions byparticipants | 0.004 | 0.004 | ||
| Actual(gains)/losses due to changes in financial assumptions | (0.118) | (0.038) | ||
| Actual(gains)/losses due to changes in demographic assumptions | (0.004) | (0.007) | ||
| Actual(gains)/losses due to liabilityexperience | 0.002 | 0.006 | ||
| Net benefitspaid out | (0.005) | (0.005) | ||
| Past service cost(inc. curtailments) | 0.000 | 0.000 | ||
| Net increase in liabilities from disposals/acquisitions | 0.000 | 0.000 | ||
| Settlements | 0.000 | 0.000 | ||
| Closing defined benefit obligation | 0.387 | 0.476 |
Page 18
THE CRAFT CENTRE & DESIGN GALLERY LIMITED
(Company Limited by Guarantee with Charitable Status)
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025 continued
| Changes to the fair value of assets | Period ending 31 March 2025 (£M) |
Period ending 31 March 2024 (£M) |
|---|---|---|
| Opening fair value of assets | 0.545 | 0.492 |
| Interest income on assets | 0.026 | 0.022 |
| Remeasurement(gains)/losses on assets | (0.005) | 0.019 |
| Contributions bythe employer | 0.010 | 0.010 |
| Contributions byparticipants | 0.004 | 0.004 |
| Net benefits paid out | (0.005) | (0.005) |
| Net increase in assets from disposals/acquisitions | 0.000 | 0.000 |
| Settlements | 0.000 | 0.000 |
| Closing fair value of assets | 0.575 | 0.542 |
| Actual return on assets | Period ending 31 March 2025 (£M) |
Period ending 31 March 2024 (£M) |
|---|---|---|
| Interest income on assets | 0.026 | 0.022 |
| Remeasurementgain/(loss)on assets | (0.005) | 0.019 |
| Actual return on assets | 0.021 | 0.041 |
2 Estimated pension expense in future periods
We provide an estimate of the charges to the profit and loss account in future periods, based on the assumptions as at 31 March 2025 set out in Section 1. Comments on these approximate figures are set out in the Covering Report.
Funded Benefits
| Analysis of amount charged to profit and loss | Period ending 31 March 2026 (£M) |
|---|---|
| Current service cost | 0.005 |
| Interest on net defined benefitliability | 0.000 |
| Total estimated pension expense | 0.005 |
| Allowance for administration expenses included in Current Service Cost (£M) | 0.000 |
| Estimated pensionable payroll over the period (£M) | 0.078 |
3 Sensitivity Analysis
The approximate impact of changing the key assumptions on the present value of the funded defined benefit obligation as at 31 March 2025 and the projected service cost for the period ending 31 March 2026 is set out below.
In each case only the assumption mentioned is altered; all other assumptions remain the same and are summarised in Section 1. We have not included sensitivity of unfunded benefits (where applicable) on materiality grounds.
Funded LGPS benefits
| Funded LGPS benefits | |||
|---|---|---|---|
| Discount rate assumption Adjustment to discount rate |
+0.1% p.a. | Base figure | -0.1% p.a. |
| Present value of total obligation (£M) | 0.378 | 0.387 | 0.396 |
| % changeinpresentvalue oftotalobligation | -2.4% | 2.4% | |
| Projected service cost (£M) | 0.005 | 0.005 | 0.005 |
| Approximate % changeinprojected service cost | -8.0% | 8.4% | |
| Rate of general increase in salaries Adjustment to salary increase rate |
+0.1% p.a. | Base figure | -0.1% p.a. |
| Present value of total obligation (£M) | 0.388 | 0.387 | 0.386 |
| % changeinpresentvalue oftotalobligation | 0.2% | -0.2% | |
| Projected service cost (£M) | 0.005 | 0.005 | 0.005 |
| Approximate % changeinprojected service cost | 0.0% | 0.0% |
Page 19
THE CRAFT CENTRE & DESIGN GALLERY LIMITED
(Company Limited by Guarantee with Charitable Status)
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025 continued
| NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025 continued | NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025 continued | NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025 continued | NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025 continued |
|---|---|---|---|
| Rate of increase to pensions in payment and deferred pensions assumption, and rate of revaluation of pension | |||
| accounts assumption | |||
| Adjustment to pension increase rate | +0.1% p.a. | Base figure | -0.1% p.a. |
| Present value of total obligation (£M) | 0.396 | 0.387 | 0.378 |
| % changeinpresentvalue oftotalobligation | 2.2% | -2.2% | |
| Projected service cost (£M) | 0.005 | 0.005 | 0.005 |
| Approximate % change in projected service cost | 8.4% | -8.0% |
| NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025 continued | NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025 continued | NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025 continued | |
|---|---|---|---|
| Rate of increase to pensions in payment and deferred pensions assumption, and rate of revaluation accounts assumption |
of pension | ||
| Adjustment to pension increase rate | +0.1% p.a. | Base figure | -0.1% p.a. |
| Present value of total obligation (£M) | 0.396 | 0.387 | 0.378 |
| % changeinpresentvalue oftotalobligation | 2.2% | -2.2% | |
| Projected service cost (£M) | 0.005 | 0.005 | 0.005 |
| Approximate % change in projected service cost | 8.4% | -8.0% | |
| Post retirement mortality assumption Adjustment to mortality age rating assumption* |
-1 year | Base figure | +1 year |
| Presentvalue oftotalobligation(£M) | 0.396 | 0.387 | 0.378 |
| % change in present value of total obligation | 2.2% | -2.2% | |
| Projected service cost (£M) | 0.005 | 0.005 | 0.005 |
| Approximate % changeinprojected service cost | 4.3% | -4.4% |
* A rating of +1 year means that members are assumed to follow the mortality pattern of the base table for an individual that is 1 year older than them
4 Data summary
Funded benefits
The following data was provided by the Fund Administering Authority and / or the Employer and has been used to produce the results in this report. Details of the split of assets between the various asset classes were also provided by the Fund Administering Authority and are shown in Section 1. We have also shown some of the intermediate calculations used in evaluating the figures in this report.
Active members as at 31 March 2022
| Active members as at 31 March 2022 | ||
|---|---|---|
| Number | Total Pay (£M) | |
| Total | 10 | 0.087 |
| Pensioner & deferred pensioner members as at 31 March 2022 | ||
| Type | Number | Total pension (£M) |
| Deferredmembers | 3 | 0.012 |
| Pensioners and dependants | 1 | 0.003 |
Funded cash-flow data provided
| unded cash-flow data provided | |||
|---|---|---|---|
| Months Provided |
Amount Provided (£M) |
Amount Used (£M) |
|
| Employer–Normal contributions | 11 | 0.009 | |
| Employer–Additional capital contributions | 11 | ||
| Employer – Earlyretirement strainon fund payments | 11 | ||
| Total contributions by the Employer | 0.010 | ||
| Employee - Normal contributions | 11 | 0.004 | |
| Employee - Added years contributions | 11 | ||
| Total contributions by participants | 0.004 | ||
| Transfers in | 12 | ||
| Other income | 12 | (0.001) | |
| Transfers out | 12 | ||
| Retirement lumpsums | 12 | ||
| Other outgo | 12 | ||
| Death in service lumpsums * | 12 | ||
| Benefitspaid(i.e.pensionpaid) | 12 | 0.004 | |
| Net benefitspaid out ** | 0.005 | ||
| *We have calculated the expected death in service lump sums over the year to be (£M) | 0.000 | ||
| ** The'Net benefits paid out' figureincludes anallowanceforexpenses of(£M) | 0.000 |
Any other approximations applied in deriving the "Amount Used" are set out in the Covering Report.
Page 20
THE CRAFT CENTRE & DESIGN GALLERY LIMITED
(Company Limited by Guarantee with Charitable Status)
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025 continued
| NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025 continued | NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025 continued | NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025 continued | NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025 continued |
|---|---|---|---|
| National cashflows between employers in the Fund | |||
| Amount Provided (£M)* |
Amount Used (£M)* |
||
| Notional Transfersin | 12 | ||
| Notional Transfers out | 12 | ||
| Net notional transfers of assets | 0.000 |
| Prior year adjustments | |
|---|---|
| Amount (£M)* | |
| Allowance for additional data in relation to the cashflows provided for the prior year | 0.000 |
| Annualised pensionable payroll over the accounting period | |
| **(£M) *** | |
| Period ending 31 March 2025 | 0.075 |
| Period ending 31 March 2024 | 0.070 |
- The annualised pensionable payroll has been derived from the contributions paid over the relevant accounting period
| he annualised pensionable payroll has been derived from the contributions paid over the relevant accounting period | |
|---|---|
| Calculation of assets at the balance sheet date | |
| UnitisedFund: | Yes |
| (£M)* | |
| Asset Value at 31 March 2025 | 0.573 |
| UnitPrice at 31 March 2025 | 1.9545 |
| Unit Price at 31 March 2024 | 1.8819 |
| Total knownto 31 March 2025 | 3.9% |
| Total returnoverthe accounting period* | 3.9% |
- The total return has been adjusted to reflect any differences between the assumed investment returns allowed for in the prior period and the actual returns experienced over the prior period (where applicable).
The Employer has a net pensions asset at the accounting date. If the Employer has instructed us to recognise the asset in full (or not at all) we have reflected this within the Results Schedule. Otherwise, we have calculated the maximum economic benefit the Employer could recognise in the accounts (referred to as the asset ceiling) calculated in accordance with IFRIC 14. If the asset ceiling is below the net pension asset we have restricted the net pension asset to the asset ceiling within this Results Schedule.
Results (£M)
| Results (£M) | |
|---|---|
| **(£M) *** | |
| Asset ceiling | 0.000 |
| Additional Liability | 0.000 |
Page 21