Craft Northern Ireland Company Llmlted by Guarantee Flnanclal Statements Y•ar Ended 31 March 2025 Company No: N1642349 Charity No: NIC106410
Craft Norlhern Ireland Company Limited by Guarantee Table of Contents YeaT Ended 31 March 2025 Pag• Company Information R8POrt of th8 Trust8es Indep8nd8nt 8xamln8Vs report 10 Statement of Financlal Actlvities Balance Sheet 12 Notes to the Financlal Statements 13-19
Craft Northern Ireland Company Llmlted by Guarantee Company Information Trustees Rory Shearer {Reslgned 08 Aprll 2025) James Toland (Resigned 24 March 2025) Patricia Flanagan Patricia Margaret McNeill Rachel Fitzpetrick O'Neill Kim Mawhinney Chris McHugh Olivia Stèwart Wllllam Fitzpatrick (Appointed 13 June 2024) Address for correspondence 11&119 Roy81 Avenue Belfast Northern Ireland BT1 1FF Regl8t8rnd Offlc• 115-119 Royal Avenue Belfast Northern Ireland BT11FF Indepondent Examln•r AAB Group Accountants Llmited 1-3 Arthur Street Belf88t Co. Antrim BT14GA Registsrgd Charlty No. 106410 Reglstered Company No. N1642349 Company Secretary K Davidson Bank Ulster Bank 2-8 Mark8t Stre8t Downpatrick County Down BT30 6BU
Craft Northern Ireland Report of the Trustees Year Ended 31 March 2025 The Trustees presents their annual report together with the financial statements of Craft Northern Ireland for the year ended 31 March 2025. The Trustees confirm that the Annual report and financial statemenls of the TN5t cornply wllh the Charities Act (Northern Ireland) 2008. the Companies Act 2006. the Artic185 of A550ciation. and the Accounting and Reporting by Charitles.. Statement of Recommended Practice applicable to charities preparing their a¢GoL5nts In accordance wlth th8 Financial Reparting Standards applicable in the UK and Republic of Ireland (effective 1 January 20191. This report provldes Infonnatlon on Craft Northem Ireland actiwties and flnancial performance and fomis part of a range of public Information designed to give an open 8ccount of our work. Objectlves and alms The chariws purp08es as Set out In the organisations Strategic Plan of the Board are the 8Ghievement of.. Our Vl8lon A diverse and suslalnabl8 craft $8¢tor that make8 a posltive contrfbutlon to the culture, e¢onomy and wallbelng of people In Northem Ireland. OurMi8ilon To contribute lo an integrated, entrepreneurial and vibrant contemporary Grafts sector In Northem Iland, acuvely supported by regional and local stskeholdeTS. that contrlbules increaslngly lo the creatlve, cultural and economic life of Northem Ireland. OurValu•s We will work in a way whSch'. Is ambitious and Ouard-lOok1ng. Builds partner8hlp8 and Collaboraon8. Flnds opportunilles to promote and advocate Nl Craft. 18 educating, enriching, Insplrlng and Innovallng. Promote8 quallty. Is inclusive and r08pgcttul, Top level oblo¢t1$ Mak•ro We want lo enable makers to find training relevant lo their business and to build beneficial neorkS in Nl and beyond. We wll also support makers la find professional development 8nd learn about and lest comTnercial approaches. We wlll 8UPPOrt makers wlth open 8ccesg Iralnlng and professlonal development programme opportunllles. We wlll help people stay In touch and nelwork through our Maker forums and newsletters. We wll promote raft through our Craft Nl Directory of m8k8rs and retailers, our Gallery and our prornotions and marketing activities. Audlences & Market8 We will work towards audlence5 #nd buyers bèing ae to find more hlgh quality craft across Nl and to see high qU81ity craft exhibllions easily. We also want to make it easier ft)r people to find Craft workshop8, whether for recreation or profes8lonal development. We will create a new markellng strategy and develop our webslte. We will also develop our lurled exhSbltions pri(151ng Nl makers. We will grow August Craft Month and through partnerships increase audlenGes both In Nl and across the island of Ireland and among visitors. We will build relationships in education, local government and 8cross relevant 8takeholders wllh an Interest In a flourlshlng craft sector.
Craft Northern Ireland Report of the Trustees Year Ended 31 March 2025 Craft Nl We want makers to See Craft Nl as an inspirational source of infomialion and advlca. To meet thls and our other obj8ctiveg we will develop our range of income streams and take care lo support our stsff. We will collaborate wllh a wlder range of partners to deliver value for the craft sector. We wll njn our advice and slgnposling service and grow the potential of our phy81C81 space as a resource for makers. We wlll create new plans for gallery marketing, sponsorship and fundralslno, And we wll (levelop and 6UPPOrt our Staff. We will develop relationships with partners across the islands. ACHIEVEMENT AND PERFORMANCE Progre88 Agalnsl Objective8 l. Makèr# 1.1 Signpostlng: Durlng the year Craft Nl provlded ongoing support for de8ign8r-makers & Sector Ihrough 5ignposUng and informatlon 5UPPOrt, via responding lo indivldual queries and offgrlng one to ono SUPPOrt to craft makers and via our Weekly Plan C newsletter- drculallon118t of 900 c¥aft makers. 1.2 Talks and Trainlng 1.3 Plan C: Wegkly Mak8r-focused newsl8tt8r sent by e-mail locuslng on grant Opportun198, training. busin88S 6UPPOrt and maker new8. Th8 malllng Ilst reaGheB over 800 craft makers with a consistent S0%+ open rat6. 1A Thanks to 8UPPOrt from Future Screen5 Nl's Art WO programme. we were ablg to 8mploy a DlgSlal Developme Officer to offer tralning in the following areas.. Understandlng soGlal m8dla. Creatlng content for 80clal m8dl8. Individual one lo one support reaching 43 maker8. Tralnlng programme In uslng Canva. Tralnlng uslng Capcul Using photoshop Product Photography workshop 1.5. On behalf of Belfast Clty Council and Newry, Mourne & Down Councll we dellvered maker CPD events under the Go Succeed programrne. 1.6. Other talks Includ8d Antl-copylng In Deslgn IACIDI: talk from lewellery deslgner Shoun Leane in partnership wi PILOT at Belfost School of Art., undertslangong GPSR wllh ACNI.
Craft Northèrn Iroland Report of the Trustees Year Ended 31 March 2025 2. Audiences and Markets 2.1 Acces61ng hlgh quallty local craft Craft Nl continues to Sell work from over 60 North8m Irish makers through ils Gallery at 115-119 Royal Avenue, Belfast. Makers in Northem Ireland have the opportunity to apply annually to sell through the Gallery through a juried open call-out. Frorn tlme lo time, guest makers are Invlted to sell through the Gallery to ensure a new and varie offer for customer5. Guest makers are approved by Ihe Craft Nl Board Quality Group. Craft Nl continues to promote craft retsilers who sell Northem Irish craft across Northem Ireland, as well as makers who sell directly to the public. We produced a monthly mall-out profiling new5 from the sector, events and products from retailers. We also host a retailer Directory on the Craft Nl websit6 and partner closely with thes& al Chnslmas tr) ralse their profile on our own soclal channels through sharing video conl8nl and news about them, all wlth a vi8w to encouraglng the publlc 10 5UPPOrt loGal makers when conslderfng glfting options. Outreach.- in 20254125 we look opportunities to take craft work from Nl makers oulslde the Gallery to venu8$ wlth appropriate audiences and partners. We partnered th Garden Show Ireland to bring a Craft Vlllage lo the show vtr programme of demonslratsons from local craft makers as well as makers selling directly lo the public. lo an audience approx 25,000 visitor8. We also had a pop-up al the Knith'ng & Slilching Show {12,000 visilors)- Through support from Ihe Saudl Herllage Commlsslon. we were able lo bring work from 13 Nl to Saudl International Herllaga Week In Rlyadh in November 2024. 2.2 ExhlbltlonA: We were able to provide a varied exhibition programme in 2024125- .Makern Who Teach.. Short exhlbltlon October 2023 10 8howcas8 some of th8 talent of those who are teaching In FEIHE schools and community settlngs as part of thelr craft portfollo car88r. .Queen Ellzab•th Scholarnhlp Trust Nl •howcas•: showcase ofwork from 17 Trust scho13rshlp Nl awardees: April & May 2024- .Glas8 Soclety of lrnlandlCounGII of Irlsh Fashlon De8lgn•r8: The Glass Runway. Exhibition of glass wearables shong collaboraUon baen g188s m8kers and f8shion designers from the island of Ireland. Launch of calwalk 8hc in the MAC. .Reactlon." August Craft Month Exhlbltlon 2024- Craft Nl annual showcase of Northem Irish work lo mark Augus Craft Month- exiem81 guestluror from Blueco8ls Gallery and awarding of bursaries for omerging makers; .Irlsh Woodturners, Guild.. travelllng exhlbition of wood to commemorate the 40 anniversary of the IWG th membership from a¢ros$ th¢ island of Ir81ond; .ChTlstfflas Showcaso.. Craft Nl Gallery partidp8nls Invlted lo respond to a theme lo generate special one<Jff ple¢es Christmas INovlDecl', 2.3 August Craft Month 2024: In 2024. Craft Nl continues ils partnership for a thlrd year with the Design & Crafts Counryl of Ireland to deliver and co-promote August Craft Month acr05S the island of Ireland. growing and sharing audiences ft)r craft and craft makep. In 2024 433 events took place acr055 the island. wllh 176 in Northem Iland. An estimated 1.400 makers took part in 2024 aGr05S the island. An estimated 75,000 p80ple visited the a114sland events in 2024. In 2023, w8 had over 16,000 vi8ilor8 lo the ACM website. 152 pieces of press coverage for makers acros8 the island.
Craft Northern Ireland Report of the Trust•es Year Ended 31 March 2025 2.4 Communlcatlons and Campaigns We implemented our annual Marketlng Plan covering= direct mail newsletters- social media paid and organic activity and collaborations., partnerships with other promotional bodies such as Visit Belf8St. To profile the sector at Christmas 2024, we had a mail drop lo 12,000 homes in 8elf88t to promote craft grfting. a small numbèr of outdoor ads as well as an intensified social media and dlrect e-mail programrne. 2.5 Webslte and Maker Directory In 2024125 we conllnue to promote the Craft Nl Maker Directory through social media promollonal spotllgM$ on Diréctory members and promotsng online. This 15 with 8 vlew lo bulldlng awareness of the Directory as a first poinl of reference for curators, audienS or customer wanting lo engage with craft makers. Recruitment to the Dirgclory conttnues lo increase th appllcatlons assessed quartedy and currently 141 members. 3. Craft Nl 3.1 HR and itafflng In 2024125 we had no changes to the 51aff team. James Toland and Rory Shearer resigned from the Board of Directors. Wllllam Fitzpatrick joined the Board of Trustees and was &lected Treasurer. FINANCIAL REVIEW PvlncSp¥l fvndlng ¥ource• Aslde from the income generated by service provision and comml8sion on sale5 In the charivs retall gallery, the charivs principal funding source is the Art8 Council of Northern Ireland. In 2024125. Craft Nl are grateful to through Belfast City Council for funding through Its partnershlp programme and to Future Screens Nl for funding the Art Work programme. Income was also g8ner8ted through partnerlng wllh Anlrim & Newtownabb8y Councll on organlslng the Cr8ft Village al Garden Show Iraland, 88 w611 as through ProjoGI Management provided for August Craft Month In Rol on behalf of the Design & Cr8ft8 Councll of Irèland. We also partnered with Belfast City Council and Armagh Newry & Down Coundl to dellver maker CPD under the Go Succeed prograrnme. Investment policy and objecllves.. Aside from retalnSng a prudent arnounl in reserves each year most of th8 charitls funds are spent In the short temi so there are no funds for long temi investment. Re¥•rv•s pollcy The charity operates a Reserves Pollcy as 8 prudent measure to ensure the contlnued operation of the charfty In the event of an ImmedS818 flnanclal requlremgnt due lo unforeseen circumstances. Such corcumstances mlght arfse as a result of. although nol lirniled to, any or a number of the fOllng. . A source of incomg not belng renewed or reduced. Funds might be needed to glve the trustees tlme to take actlon if income falls below expeGtstlon$; . The rlsk of unforeseen emergency or other unexpected need for funds. e.g. an unexpected larye repalr blll or flnding 'seed-funding' for an urgent project. . Covering unforeseen day-taY operats'onal Gost5, e.g. employing temporary staff to cover a long-term sickness absence-
Craft Northem Ireland Report of the Trustees Year Ended 31 March 2025 Planned commitments. or designations. that cannth be met by fvture income alone, e.g. a relocation. plans for a malor asset purchase or a significanl project that requires the charity lo provide 'malched funding,: The need to fund short-term deficits in a cash budget. e.g. money may need to be spent before a funding grant is ceiVed. •The board of directors has reviewed both income and expenditvre for the next year and has set aside an amount approximating lo 15% of annual expenditure. For the financial year 202312024 this approximates to £35,000. The Board of directors have examined the charItS requirements for reserves in the Ilght of the main risks to the to the organlsatlon and are confidenl that the reserves are sufflcient lo ensure the Gonllnued operallon of the charity now and in the immediate future. The Board of Directors will serve the rfght at any polnt In tlme to draw down th18 reseNe as mlght be requlred whllst ensuring by 811 raasonable means the earllest posslble rebuilding of reserves In Ilne th this policy. FUTURE PLANS The charity plan8 contlnuing the a¢tivi1188 Outlined above in tha forth¢omlng y&ar8 $ubje¢t to 8ati$fa¢lory funding 8rr8ngements. STRUCTURE, GOVERNANCE AND MANAGEMENT Gov•mlfig docum•nt The tharfty Is controlled by its governlng document, a deed of InJ8t. and conslltutes a Ilmlted company, Ilmlted by guarantee, as defined by the Companies Act 2006. The organisalion is a charltabl8 company Ilmited by guarantee, incorporated on 24 November 2016 and reglslered as 8 charity on 6 Aprll 2017. The company was eslabllshed under a Mernorandum of Assoclallon that eslab118hed the objects 8nd powers of the chatable company and15 govemed under it8 Artlcles of Assoclallon. In the event of the company Ing wound up members required to contribute an amount not axc8eding £1. R•crultm•nt •nd •ppolntm•nt of now trust•e• Trustees may be appolnted by the current Board of Trustees and shall serve for a period of thre• years, which period can be extendeL1 by a further tsvo tems of three years each by mutual agreement betsveen the B08rd and tho Trustee. On appoinlmenl as Trustee, th8 person shall become a company member of tha charity. Afi members of Ihe board of dlreclors glve Ihelr Ilme volunlarlly and recelve no benefits or expenses from the charity. The charity actively promotes a board of dlrectors that Includes a range of 5kllls. experlence and knoadge In keeping with the pursuance of its Objec15. The traditional business skills ar? well represented on the board of directors. In an effort to maintain this broad 5klll mix. a board skllls audlt Is carried out regularly. m05t reCenY in 2021 and In the event of particular skllls belng lost due to retirements, future board recruitment will give priority to the r8plaGement of these skills. STRUCTURE. GOVERNANCE AND MANAGEMENT Org#nlsatlonal structurn As of 31 March 2024, the charity h8s a board of directors of elght members who meet bi-monthly and are responsible for the strategic direction and policy of the charity. There is an Audit and Risk Sub-committee and Nominations and Remunerations Sub-committee. The Board's Quality Committee decides on gallery, retail and exhibition applications.
Craft Northern Ireland Report of the Trustees Year Ended 31 March 2025 Members of the board of direGtors are from a variety of prof888ional backgrounds relevant to the work of the ch8rlty. A scheme of delegation is in place and d8y-lo-d8y responslbility for the provision of services rests th the Staff team. The Director is responsible for ensudng that the charfty delivers the seThices specified and that key performance indicators are mel. Inductlon and tralnlng of new trustees The existing Trvslees are already familiar with the praelical work of the charity and are encouraged lo attend any events organised by the charity. New trustees will be invited and encouraged lo attend a series of short tralnlng sessions lo f8mi1Sarise themselves with the charity and the context within which St operalas. Thésè will be led by the Chalr of the board of dir8ctor8 and the Chlef Executive of th• charity and will cover. - The obllgations of board of dlre¢lor8' membors; - The maln document5 that set out the operational framework for the charfty including the Memor3ndum and Articl8s- . Resovrclng and the currenl finandal position a5 set out in the laleBI published accounts. and Fulure plans and objectives. Relat•d partl•s In 80 far as11 is Gompllmentary lo th8 charivs obffiecls. the charlty is guided by both local and national pollcy. The Art8 Council of Northem Ireland Is the lead development agency for the arts in Northern Ireland. Thelr overall place the Arts 8t the heart of our soclal. economlc and Greotive Ilfe,. Thelr strateglc plan 'ln8plre,ConnecL Lead 2019 10 2024, includes: Cr88ling a confident, vibrant, arts InfrasLnJclure: - Working with local government to slr8nglh6n Ioc81 arts - Increase audiences for the art8 Bulld 8u8talnablllty by helping org8n18allons diversify incom8 Our programme of 8ctivllies therefore ffts the Arts Councll of Northem Ireland'5 StrategiG oblecttves an(1 therefore Ihelr funding crlterla. The Arts Council ol Northem Ireland appolnts an observer who acts a6 Ilalson officer vlth organisalions in recelpl of financi81 as818lanc8. 11 Is a eondllion of flnanclal 8ssl8t8nc8 that the observer is invited to attend all board meetlngs Includlng any su&commltte&s. Rlsk managem•nt The Board of Directors hgs Gonducted a revlew of the major risks to which the Charfty is exposed and a rfsk regSsler has been established that 56 revlewed bi-monthly 81 each Board meellng. whe approprfate, systems or procedures hove been estsbllshed to mitigate the rlsks the tharoty faces. The organlsation Is gulded In 2024-25 by a one-year business plan, undar the 2022-25 three year Strategic Plan.
Craft Northem Ireland Report of the Trustees Year Ended 31 March 2025 statement of Trustses, ResponslbS1itles The trustees, who are also the directors of Craft Northem Ireland for the purpose of company law, are responsible for preparing the Trustees, Report and the financial statements in accordance wlh applicable law and Unrted Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Praclicel. Company Law requires the trustees lo prepare financial slalements for each financial year tch glve a true and fair view of the slate of affairs of the charity and of Ihe incoming resoufces and application of resources, including the income and trxpanditur8, of Ihe charitable company for that year. In preparing those financial stal8ment8, the trustees are required lo.. salecl suitable accounllng policies and then apply them consistently; observe thè mothods and principles in the Charities SORP., make ludg8menls and estimates that are reasonable and prudent., stale whether applicable UK Accounting Standards have been followed. subject lo any material departures disdosed and explaingd in the finencial slatemenls., and prepare the financial slalements on the going concern basis unless It is inappropriata to presume Ihal the charity whll continue in operation. The trust8es are responsible for keeping adequate accounting records that disclose wlh reasonable 8¢¢uracy at any lime the financial position of the charity and enable them to 8nsur8 that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding thè assets of the charity and henc6 for tsking reasonable steps fDr the prevention and deleclion of fraud and other IrguI9r1tieS. Disclosur• of inlormatlon to Independent Examinor Each of the trustees has confirmed that there is no infomalion of thich they are aware lch is ral8vant lo th& independent oxamination, bul of lch the independant examiner is unaware. Th¢y hava furthèr confirmed th81 they have taken appropriata steps to idenlity such relevanl informatson and lo establish that the independent examiner is 8war8 of such Snformalion. Thè Irusle $, report was approved by the Board of Trustee$ and signed on ils behalf by.. K Mawhinney Chairperson Dated: .........
Craft Northern Ireland Independent Examinels Report Year Ended 31 March 2025 I report to the trustees on my examination of the financial staternents ol Craft Ncthem Ireland (the charity) for the year ended 31 March 2025. Responslbllltlei and bas18 of report As the Iruslees of the charity (and 81so ils directors for the purpose5 of company law) you are responsible for the preparation of the financial 8talements in accordance wth the requirements of the Companies Act 2006 Ilhe 2006 Act). Having s8tisfi8d myself that the financial statements of the charity are not requlred to be audlted under Part 16 of the 2006 Act and are eligible for ind8pendent examination, I report In re$ct of my examination of the charity's financial statements carried out under section 65 of the Charflles Act (Northern Ireland) 2008 (the 2008 Act) . In carrying out my examination I have followed all the appllcable dlrèctions given by the Charfty Commlsslon under section 65{91{bl of the 2008 Act. Independ•nt •xamln•rf$ 4t4t•ment I have Completed my examinallon. I conflmi that no matters have come lo my attention in connection with the examlnation givlng me caus8 to believe thgt In any mBterlal respect.. accountlng record5 were not k8Pt In respect of the charlty as required by Secon 386 of the 2006 Act,. or the financial stslemenls do not accord 1h those record8; or the financial statements do not comply with the accountsng requiremen18 of section 396 of the 2006 Acl oth8r than any requirement that Ihe accounts give a tru8 and falr vlew whlch Is not a matter consldered as part of an Indapendenl exarnlnatlon., or the finandal $18ternenls have not been prepared in accordance with the methods and principles of the Statement of R8commende(I Pracllce for accounting and r8POrtlng by charllles 8ppllcabl& to charitles preparing their account6 in accordance with the Financ181 Reportlng Standard applicable in the UK and Ropubll¢ of Ireland (FRS 102). Slnce your tharlty's gross income exceeded £250,000 your &xamln$r musl b8 a member of a Ilsted l)ody. l Gan Gonfirm that l am qu81ified to undert8ke the examinallon b6cau88 l am 8 r8glsler8d member of Chartgred Accountants Ireland, whlch15 one of the Ilsted bodles. I have no concems and have come across no other matters in connedon wth the examination lo which attention Should be drawn in Ihis pOrt in order to enable a proper understanding of the financial stalements lo be reached. Mlchaol Farrèll For, and on behalf of, AAB Group Accountants Llmlted 1-3 Arthur Street Belfast Co. Anthm BT14GA Dated.. .1.Ql.1212.Q.25.. 10
Craft Northem Ireland Company Limited by Guarantee Statemont of Financial Activities (incorporating an income and expendliure account) Year Ended 31 March 2025 Total Funds Total Funds 2025 2024 UTrrestrlcted Restricted Notss Incomo and frndowments from.. DonationÈ and leg#cla$ 18.171 182,442 200,613 186,776 Other tradlng acllviues 69.636 69.638 68,296 Totsl In¢om• and •nd•wm¢nts 87.807 182,442 270,249 255,072 Expondltur• on: Charflable ACtItI68 1100,9271 1184,2851 (285,212) 1262.088) Tolal Exp•ndltuv• (100,927) 1184.285) (285,212) 1262,0681 Nel Incom• for Ihe ar boforn trnnsfern 1,843 Transfers been funds Net movement In fund• 113,120) 11,843) (14.963) (6,9961 R•conclllatlon of lunds: Total fund8 brought forward 66,952 3.801 70,753 77,749 Totsl Funds C•rrf•d Forw¥rd 10 53.832 1.958 55,790 70,753 All income derives from Gontlnulng aCVIlla8, therefore no statement of recognised gains or losses 18 given. The nolgs on pages 13 10 19 fcffii part of th988 financlal statements.
Craft Northem Ireland Company Limlted by Guarantee Balance Sheet as at 31 March 2025 Note 2024 2024 Fix•d Assets Tangible assets 2,657 5,098 Currènt Assets Debtors Ca8h at bank and in hand 10,165 47,215 57,380 10.194 69,580 79,774 Cr•dltors: amounts f•lling due one yèar 4,248 14.119 NET CURRENT ASSETS 53,133 65.655 NET ASSETS 70.753 R8pres8nted by.. Unrnstricted Fund•'. G?neral Designated 10 44,089 9,763 57,189 9.763 Restricted Fund8 10 1,958 3,801 70,753 The company is entitled to the exemption from the audit r8quirem6nt contained in section 477 of the Compani8s Act 2006, for the year endad 31 March 2025. Tho directors ackn@d90 Iholr responsibililies for ensuring that the charity keeps accounting records lch comply wlh section 386 of the Act and for preparing financial statements leh give a tNe and fair view of the slate of affairs of the company 85 at the end of the financi81 year and of hs incoming resources 8nd application of resources, including ils income and 6xp8ndilure, for the finAncial year in accordance with the requirements of sections 394 and 395 and lch otherwse comply wih the r¢quir6menls of th'e Companles Act 20Cfj relaling lo financial Statements, 80 far as applicabSe lo Ihe company. Thè membets hav8 not required tha company to obtain an audit of its financial statements for thè year In question in accordance with section 476. These financial statgments h8ve been prepared in accordance viilh the provisions 8pplicable lo companies subject to the small companies regime. The fina ial statements were approved by the Trustees on . Kim Mathinn8y (Ch8irl Trustee Company Regi5tAtion Number N1642349 The notes on page$ 13 - 19 fom part of these financial statements. 12
Craft Northern Ireland Company Llmlted by Guarantee Notes to the Financial Statements as at 31 March 2025 1 ACCOUNTING POLICIES The prtndpal accounting policies adopted. judgements and key sources of esllmatlon uncertalnty In the preparatlon of the flnancial slalemenls are as follows- al Basis of preparation The financial statemènts have been prepared In accordance wllh Accounllng 8nd Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 2019)- Icharities SORP IFRS 10211, the Flnancial Reportlng Standard appllcable In the UK and Republic of Ireland IFRS 102). Craft Northem Ireland meets the definition of a public benefit entity under FRS 102. The Charity is not rèqulred lo provid& a sl8t8m8nl of c£shflows as they meet the definitlon of small entity In accordanca wllh paragr8ph 7.1 b of FRS 102 b) Preparallon of the accounts on a going concom b8sl$ At the time of approvlng the flnanclal stalemen15, the Injstees have a reasonabl8 expectsllon that thè charfty has adequa18 resources lo contlnue In operatlonal exOstenc8 for the foreseeable fvture. Thus the trustees onlinue to adopt the golng concem basis of accounting in preparing th8 financial statements. cl Fund Accounts'no General fund8 are unrestricted funds which are available for use at the discT81ion of the Trustee5 In furtherance of the general objective8 of the Charity and which have not been designated for other purposes. General funds may be transferred lo designated funds where Trustees wsh to U88 these funds for spedfic purpose. Such funds may be Iran8feff8d back lo general funds onc8 the criteria for the designation have been met or ore no longer appllcable. Restricted funds are fund8 which are lo be used in accordance with speclflc re8trfcUon8 Imposed by donors or which have been raised by the Charity for particular purposes. The cost of rai8ing and admlnlst8rfng such funds are charged agalnsl the speclflc fund. The alm and use of reslrfcted funds is set out In thé not88 to th8 financial slotements. Restricted funds may only be transferred to general or designated funds one8 the criteria for restriction have been discharged or no longer apply. d) Income Recognltlon Polleies Items of income ar8 r8cogni88d and included in the accounts when all of the following ¢rlterlo are mat: The charity has enlltlèment lo the funds., any p8rformano8 condliions attached lo th8 i18m of income has been m81 or gre fvlly wllhln the wntroi of the charity., there is sufflcient certalnty that recelpt of the Income 58 consldered probable,. and the amount can be measurad rellably. el Donated serviGes and fBcllilles In accordance wlth the Charltle8 SORP {FRS 1021, the general volunteer lime of supporters Is not recognlsed. fj Interest Receivable Intergst on funds held on deposit is inciuded when receivable and Ihe amount can be measured reliably by the charity., this 18 normally upon notSficallon of the Intere51 pald or payable by the Bank 13
Craft Northern Ireland Company Limited by Guarantee Notes to the Flnanclal Statements Year Ended 31 March 2025 1 ACCOUNTING POLICIES {contlnued) n) Taxation The company is a registed charity and the charitable tax exemptions are therefor8 being claimed to the extent that income andlor gains are applicable and applied lo charitable purposes only. These exemptlons will remain In place as long as income and expenditure is applied to charftable purposes only. ol Financlal instruments The Charity has elected lo apply the provlslons of Section 11 'Baslc Financial Instruments, and Section 12 Other Financlal Instruments Issues, of FRS 102 10 all of its financial inslrumenls. Financial instrumènts are recognised in the Charfty's balance sheet when the Charity becomes party to the contractual provisions of the instnjment. Finanaal assets and118bllit18s are off881, the net amounts are presented In the financial slalements, when there is a legally enforceable rlghl to 5É1 off the recognised amounts and there is an intention lo setue on 8 net basis of to reallse the a8set and settle the Ilablllty slmultaneously. Basic financlal 88$ets BasSc flnanclal assèts aro initially measured al IransactSon pric8 In¢ludlng transactlon $t$ and are subsequently oarried al 8mortised cost using tha effeGtive Interest method unless the arrang8m8nt conslilules a flnancing transaction, where the IrènsaGllon Is measured 81 the present value of the future ceipts dlscounled at a market rate of in16r661. Fln8ncOal assets classified as recoivabl8 wllhin one year are not amortlsed. Basic financlal li8bilili8s Basic financlal Ilabili118s are Inlllally recognised at transacllon prfce unless the arrangement conslltule8 a financing transaction, where the debt instruments is measured al the present value of the future payments dlscounled al a market rale of intar8St. Financial li8bllllies classified a8 Payable within one year are not amortised. Debt instruments ar8 subsequently carried at amortised cost, uslng the effectlve Interest rale method. Trade credStors are obligations Its pay for goods or senAce8 that have been 8cqulred In the ordlnary course of operatlons from suppllers. Amounis payable are classlfled as current Ilablllties If p8ym8nt Is duts within one year or less. If not, they are presented as non current liabilitles. Trade ¢r¢ditors ar¢ re¢ognlsed inltl8lly at transaction prlce and subsequently measured al amortised Gost using the effectlve Snleresl method. Derecognits'on of fin8nci81 liabilities Financial liabllilies are derecognlsed when the Charfvs contractual obligations expir8 or are discharged or cancelled. p) Critical accounllng èstimates and judgements In the 8pplicalion of the Charity's accounting pollcies. the Tnjstees are requlred lo make judgements, estlmales and assumptions about the car.n9 amount of assets and liabilities that are not readily apparent frorn other sources. The estimates and associated assumptions are based on historical experience and other factor5 that are considered lo ba relevant. Actual results may dlffer from these estimates. The estlmates and underlying assumptlons are revlewed on an ongolng basls. Revlslons to accountlng estimates are r8cognised in the period in which the estimate Is revised where the revisian affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. 15
Craft Northem Ireland Company Llmltod by Guarantee Notes to the Financial Statements Year Ended 31 March 2025 1 ACCOUNTING POLICIES {contlnuedl g) Expenditure and Irrecoverable VAT Expenditure 18 reeognised once there is a leg81 or constructive obligation to make a payment lo a third party, it is probable that settlement will be required and the amount of the obllgation can be measured rellably. Expenditure Is c188sified under th6 follong actlvlty headlngs.. • Expenditure on charitsble activities Indudes the Gosts of supporting refugee families and activities undertaken lo further the purposes of the charity and thelr associated support costB • Olhgr expenditure represents those items not falling into any other heading Irrgcoverable VAT is charged as 8 Cost ag8lnst the activlty for whlch the expendllure was incurred. h) Allocation of support Cas18 Support Gosts are those nctIonS that assist the work of the chartty but do not directly undertake charitsble activities. Support cost5 include back office costs, financg. personnel, payroll and governance cos15 which suppert the charity'¥ programmes and activits'es. These costs have been alloc8t8d belwean cost of raising lunds and expendStu on charitable activities. il C8sh al bank and in hond Cash at bank and Gash in hand includes cash and short term highly liquld investments with a short rnaturlty of three months or less from the date of 8cqulslllon or openlng thé deposll or 8imilar account Il Tanglble Fixed A58els Indlvldual fixed assets ar8 C8pilali88d at cost and are depreclaled ovar thelr estlmaled useful economlG Ilves on 8 8tr8iqht Ilne basis as follows.. Asset Category. Annual Rat• Fixiures, fittings and equlpment Computar Equipment 10% Straight LSne 33D/• Slralght Llne The carylng values of18nglble fixed assets are reviewed for impalrment when events or clrcumstance8 indlcate the carrylng value may not b8 recDv8rable. k) Debtors Trada and other debtors are recognlsed 81 the selllemenl amount due after any trade dlscounl offered. Prepayments are valued 81 the amount prepaid after taking account of any Irdd8 diseounl dua. l) Credltor8 and Provlslons Creditors and pro)risions are recognised where the charfty has a present obllgatlon resultlng from a p8st event that wll probably result in the transfer of funds to a third party and th8 arnount due to s8llle the obllgalion can be measured or eslimaled reliably. Creditors and pro610n8 are normally recognlsed at their S9eMent arnount aft8r allowing for any trade discounts due. ml Pensions The company operates a defined conlributlon p8nslon scheme. Contrfbulons are charged In the statement of financial aGlivi1185 as they become payable In accordance wlh the rules of the Scheme. 14
Craft Northern Ireland Company Llmited by Guarantee Notes to the Financlal Statements Year Ended 31 March 2025 2 Income from donation5 and legacles Total Funds Total Fund8 2025 2024 Unrnstrlcted Restrlcted ACNI Annual Fundlng Programme Belfast City Council Art Work- Funder Future Scr88n Ni Gard8n Show Ireland August Craft Month 2,177 4,890 143,404 18,000 21,038 145,581 22,890 21,038 1.666 9,439 145,509 18,000 21,420 1,847 1,666 9,439 18,171 182,442 200.613 186,776 The 2024 total of £186,776 wa8 splbt £19,847 unrestrlcted and £166,929 re8trfGtsd. 3 Incom• from Tradlng Actlvltl•• Total Funds Totsl Funds 2025 2024 Unr••trlct•d Ro•trfcted Gallery Sales Other Income 89,636 69,636 62,736 5,560 69,636 89,836 68,296 The 2024 total of £68.296 was all unrestricted, 4 Re¥ult¥ lor th• year The results for the year h8B been arrfved al aftsr charging the follow(ng: 2025 2024 Depre¢lallon 2,441 2.441 5 Ewndltur• on charltable acllvlty Total Fund• Tol81 Fund5 2025 2024 Unrestrlctod R•¥trlcted Dlrect chatable Support Costs GovernBnce Costs 97.445 2,933 550 181,355 278,799 2,933 3.480 255,820 4,649 1.599 2,930 100,927 184,285 28S,212 262,068
Craft Northern Ireland Company Limited by Guarantee Not89 to th• Flnanclal Statements {cont) Year Ended 31 March 2025 6 Analysis of Staff costs: 2025 2024 Salarros and Wages Social security eosls Other Pension Costs 156,476 13,637 8,198 178 311 159,282 13,182 7,857 180 321 The average monthly number of employees was 812024: 81 and the average monthly number of employees durlng the year expressed as full tlme equtvalents was as follows Iln¢ludlng casual and part lime slafQ'. 2025 Numb•r 2024 Number Ch8rftable acts'vities No employee has emoluments in excess of£60,00012024'. 01. Th8 charity Trusle8S Were not Paid nor did they rec8ive any olh8r benefits from employment wth the charity in th8 year12024.. £nill neither were they reimbursed expenses during the year12024.. £nill. No ch8rily Trustee received payment for prof88slonal or other 8erylces supplled lo the charfty {2024: £nll)- 7 Tanglble Flxed A¥sgt¥ Flxturos, f4tt5ng8 and Computer •qulpment oqulpment Total Cost.. As at 1 Apdl 2024 Additions AB al 31 March 2025 3,337 8,520 9,857 Depreciotion.. As al l April 2024 Charge for the year AS 8131 March 2025 2,171 334 2,505 2.588 2,107 4.695 4,759 7,200 N81 Book Value AS at 31 March 2025 832 As at 31 March 2024 1,166 3,932 5,og8 8 D•btorn 2025 2024 Trade Debtors Accrued Income Prepayments 2,160 7,170 835 10,165 160 9,275 759 17
Craft Northern Ireland Company Llmlted by Guarantee Notes to the Flnanclal Slatsments {cont) Year Ended 31 March 2025 9 Cr•dltors: amounts falllng duo wlthln one year 2025 2024 Trade Creditors IeT Taxes and Soclal Securfty Costs Accru81s Other cdItorS 1.357 8,239 3.050 1,830 1.000 4,119 1,890 1,000 4248 10 Analysls of Movem•nts In Funds Op•nlng Balanc• at31 Mareh 2025 Incom• Expondltur• Unrestrlct•d fund• Genero1 funds- 811 fund8 De8ign8t8d Fund8 S7,189 9.763 86,952 87,807 1100.9271 44,069 9,783 $3,832 87,807 1100,9271 R•strlct•d fund• Restrlct•d fund8- 811 lund8 3.801 182,442 184.285 1.958 Tot•1 70,753 270,249 128S,2121 $5,790 Thg deslgnaled fund relats8 tc the Gulld Bursary recelved Irom the former Nl Guild of Designer Craftsmen to be used fcf the 8dv8ncement of the craft sector In Northem Ireland. 11 Analys1* of M¢)v•m•nts In RtrIcted Fund• Openlng 8alanc• A•at31 PAar¢h 2020 Incom• exp•ndltur• ACNI Annual Fundlng Pragrarnme ACNI H&S Equlpm8nl Gronl Art Work Fund8r futur? Nl 8elfasl City Council Partnershlp Programme 143,404 1143,140) 12,1071 121,0381 18,000 184,285 264 1,694 3,801 21,038 18,000 182.442 3,801 1,958 18
Craft Northern Ireland Company Llmlted by Guarantee Notes to the Flnanclal Statements {cont) Y8ar Ended 31 March 2025 12 Analy•l8 ol net b•tw••n funds Unrestrlctad R•strfct•d funds fund• 2025 2025 Tot41 fund• 2025 Tol81 funds 2024 Tangible fixed assets Current 8ssels Creditor3 amounts falllng due thIn one year 963 57,116 (4,2481 1,694 264 2.657 57,380 14,248) 5.099 79.774 (14,1191 53,832 1,958 55,790 70,754 13 Rdatsd party tr•n•actlon# There wwo no related party transactlons durSThJ Ihe year {2024 £NIII. 19
The following pages do not form part of the financial statements whlch are the subject of th8 independent examinerfs report on page 12
Craft Northern Ireland Company Llmlted by Guarantee Notes to the Financial Statements (cont) Year Ended 31 March 2025 Anatysls of expenditure on Gh•ritabl• actlvltles: Total Funds Total Funds 2025 2024 Unrestrlcted Rèstrict•d Wages Penslon8 Gallery Supplies Rent an(1 Rate8 Insurance Llght and Heal Telephone PosLige and slalionery Publlcity and marf(etSng Maintenance and 5gcurlty Exhibition costs Subscrlptions Maker development Legal and prof858ional Travel and subslstence Staff Iralnlng August Craft Month Catering & Hospitality Room Hlre Depreciation of tanglbl8 tlxed assets Support costs Govemance cos18 55,550 8.198 1.865 13,543 2,168 2.074 1.374 1.133 506 3,954 117,223 172,773 8,198 1.865 42,342 2.168 4,074 1,374 1,133 13.769 4.690 2.017 1,675 2,952 1.835 1,022 1,027 12,258 1.187 168,028 7,857 2,326 41,168 1,918 2,043 1,269 756 6,630 4,536 1,998 2,793 3,923 2,203 2152.53 1,334 2,345 28,799 2,000 13,263 736 2,017 1,675 2,952 1.835 1.022 1.027 12,258 1,187 100 2,441 4,649 1.599 262,069 334 2,933 550 100.927 2,107 2.441 2.933 3.480 285,212 2.930 184,285 Thé 2024 total of £262,D69 w88 8pIIt £92,S33 unrestricted and £189,536 restricted. Analys1¥ of governanc• and #upport costs Total Fund• Total Fund$ 2025 2024 Unr•strlcted Restrfcted Bank and card trans8cUon chsrges Accountancy fe88 2,933 550 2.933 3,480 4,649 1.599 2,930 ,930 6,413 6,248 The 2024 total of £6,248 w8s split £3,318 unre$lri¢led and £2,930 restricted. 20