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2025-10-31-accounts

Quilters, Guild '/ 2025 Annual Report Cob ACCREDITEB MUSEUM

INTRODUCTION

Contents

STRATEGIC REPORT

GOVERNANCE

FINANCIAL STATEMENTS

03 ... Foreword from President 04 ... Letter from Chief Executive 05 ... Who We Are

06 ... Our Activities Snapshot

Education & Engagement

Research, Access, & Conservation

11 ... Pillars of Strength

Trustees

Staffing

Volunteers

24 ... Charity Statement of Financial Activities

Membership Quilt Collection

Quiltworks

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INTRODUCTION

A LETTER FROM THE PRESIDENT & CHAIR OF THE BOARD

As we approach the Annual General Meeting of the Quilters’ Guild, I am truly delighted to introduce our 2025 report to you. This moment in our calendar is an important opportunity to reflect on the year behind us, to celebrate what we have achieved together.

Our report for 2024 described a period of transformation - a time in which we carefully examined who we are, how we operate, and how we can best serve our members in a changing world. I am delighted to confirm that 2025 has been a year of consolidation and growth, building steadily and successfully on those already firm foundations.

Under the leadership of our Chief Executive Officer, Connie Rayner, the Guild has embraced a fresh and purposeful approach to organisation and governance. Connie’s clear vision and steady guidance have shaped the development of a forward-thinking Board of Trustees with a strong sense of strategic responsibility. The Trustees are focused not only on the present needs of the Guild but also on safeguarding our long-term future, whilst keeping their eyes on the horizon to ensure sustainable growth and resilience for the years to come.

I would like to take this opportunity to extend my heartfelt thanks to both the Trustee and Executive Boards for their commitment, dedication, and generosity of time. Their work is supported every day by the exceptional staff team at our headquarters in York. Their professionalism, efficiency, and warmth ensure that the Guild runs smoothly. They respond to countless queries, provide invaluable administrative and practical support, and do so with patience and good humour. We are deeply grateful for the contribution they make to our shared success.

Of course, at the heart of the Quilters Guild are our volunteers and members - the lifeblood of our organisation. It is always a joy to see our community come together to share a passion for quilting and stitched textiles - whether in-person at events, through online gatherings, or within regional and special interest groups. The creativity, generosity, and friendship that flourish within the Guild are truly inspiring.

Most of all, I would like to thank you - our remarkable community. You give so generously your time, talents, and enthusiasm. Your commitment ensures that the Quilters’ Guild continues to thrive and evolve while remaining true to its heritage. We are incredibly fortunate to have such a dedicated and supportive community, and together, we can look forward, with confidence, to a bright and creative future.

Thank you.

Alongside this strategic leadership, Connie has overseen the creation of an Executive Board with a clear mandate to deliver the key pillars at the heart of the Guild’s strategy. This structure has brought renewed clarity and focus to our work. By aligning responsibilities and empowering leaders within specific areas, we have fostered an energetic and highly effective team. The impact of this approach is already evident, with tangible progress being made across education, collections, membership engagement, events, and communications. You will read more about these developments later in this report, and I’m proud to say that the enthusiasm and professionalism of this team are helping to shape a vibrant and responsive Guild.

Melanie Williams

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INTRODUCTION

A LETTER FROM OUR CHIEF EXECUTIVE

To lead our organisation - one that safeguards quilting heritage and champions the future of stitched textiles - is a privilege. Working on behalf of each of you is a responsibility I never take lightly.

Our volunteers remain extraordinary. Across the British Isles, coordinators, treasurers, area representatives, editors, organisers, and countless others turn strategy into action every single day. Their dedication ensures that the Guild is not simply an organisation, but a living, learning, and joyful community.

This year has been one of renewed momentum for the Quilters’ Guild. After a period that required disciplined change and careful decision-making, I’m pleased that we are beginning to see the results take shape. We have strengthened our reserves, expanded the visibility of the Quilt Collection, and continued to grow our vibrant and generous community of makers across the country.

We have also continued our commitment to equality, diversity and inclusion. This work is ongoing and evolving. We are listening, learning, and embedding inclusive practice more deeply throughout our culture and activities. After all, a Guild that celebrates creativity must also celebrate our differences.

Quiltworks, too, has begun carving out a clearer identity, working with textile artists to reinterpret designs from the Collection into contemporary “inspired-by” patterns. Seeing our heritage quilts spark modern creativity reminds us that quilting is not static. It does not grow old - it adapts, evolves, and thrives in new hands.

To every member who renews, participates, volunteers, donates, or simply advocates for quilting within their own community; thank you. You are the Guild.

For the year ended 31 October 2025, the Guild recorded a surplus of £67,585. I share this not with complacency, but with gratitude and quiet confidence. It reflects careful stewardship, improved income, and the enduring commitment of our members. Our piecing is aligned - but these next stitches matter. We remain prudent, yet we are moving steadily and responsibly in the right direction.

Our transformation in recent years has required courage and resilience from many of us, and this year demonstrates that those difficult decisions were necessary. We are more focused, more strategically aligned, and financially stronger than we were this time last year. Yet we cannot be complacent. Financial pressures remain, and our growth must be sustainable. Ambition must be balanced with realism, which is why careful management will continue to guide every decision I make.

One of the most visible signs of progress has been within the Quilt Collection. We more than doubled the number of objects brought into public view, increased visitor engagement, and extended our reach to an estimated 90,000 people in person this year. Placing the Collection firmly at the heart of our strategy has reaffirmed its power and relevance.

What gives me the greatest confidence, however, is not the finances - it is the spirit within the Guild: the generosity of our members, the diligence of Trustees, the passion of volunteers, and, above all, the creativity of our quilters.

Membership income has grown, Gift Aid recovery has strengthened, and trading performance has remained robust. These improvements reflect the hard work of our staff and volunteers, and the faith that members continue to place in the Guild’s direction.

Thank you for your continued belief in what we are building together. I look forward to listening, learning, and leading with you as we take our next steps.

I would like to express my sincere gratitude to our Trustees, past and present. Those who retired from the Board during this period did so having provided steady guidance through challenging times. The current Board continues to offer strategic insight and personal support, and I am particularly thankful for the trust they have placed in me during this period of transformation.

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INTRODUCTION

WHO WE ARE & WHAT WE DO

At the Quilters’ Guild we believe in connecting people, art, and heritage; enriching the very fabric of our culture with quilts and stitched-textiles.

Over the years Quilters’ Guild has played a major part in shaping the industry as it is today. Following the very first Festival of Quilts, held in Lords Cricket ground in 1999 attracting a relatively small number visitors, the event quickly accelerated and now, managed by Immediate Live, the event brings together circa. 24,000 visitors annually.

OUR VISION

Our vision is to showcase British quilting on a global stage, inspiring and uniting a thriving community that connects diverse people and cultures, carrying forward the art and spirit of quilting for generations to come.

Our members, volunteers and the people we work with continue to make outstanding contributions that help shape the work we do. We operate across the British Isles as teams of volunteers that find ways to make stitching and quilting accessible for all. Through education, outreach, and creative collaboration, we play a core role in sustaining a vibrant quilting tradition.

OUR MISSION

The Quilters’ Guild is on a mission to bring together people from all cultures with a shared interest in quilting and associated stitched textiles. We provide an open and safe community in which to grow and learn in the spirit of friendship, and to celebrate all quilts for the individuality, creativity, and love with which they are made.

Our work provides members and the public with opportunities to learn new techniques, explore innovative tools and materials, and gain insight from experienced instructors and guest speakers. Demonstrations, hands-on classes, and skill-building sessions ensure that members continue to grow creatively and technically. Our programs highlight both traditional quilting methods and contemporary approaches, encouraging members to honour the past while embracing new ideas.

WHAT WE DO

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Support national and
Award grants to fund
international networking
individual development & collaboration.
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Protect the heritage and provenance of items in our collection

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Promote the craft
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STRATEGIC REPORT

2024 - 25 ACTIVITIES SNAPSHOT

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92 350
16
items & objects people enjoyed
pieces
made available
accessioned into +35
to over
our accredited
days of on-site
4807
Quilt
65,800 Quilt Collection
Collection +1000 individual
£31,573 visitors activities members
photos and
raised in
stories made 460
donations
available online affiliated
groups
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OUR ONLINE PRESENCE

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Website Instagram Facebook YouTube
visits: 401,000 views: 76,600 views: 694,100 views: 30,500
users: 71,000 visits: 6,000 visits: 20,900 visits: 246,900
reach: 77,100 interactions: 12,100 watch time: 3,200
subscribers: 3,059
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STRATEGIC REPORT

FULFILLING OUR PURPOSE

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Activities include:

Value created for members:

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Activities include:

Value created for members:

Value created for wider society:

Value created for wider society:

• By offering opportunities for people to learn, explore, and engage with quilting, we help raise awareness of this traditional craft, increase quilting literacy, and inspire future generations of quilters.

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STRATEGIC REPORT

FULFILLING OUR PURPOSE

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Activities include:

• Lectures

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Bursaries cover:

Value created for members:

• Members of the Quilters’ Guild have had exclusive access to a UK regulated qualification diploma in Master Quilting, a course designed by the Quilters’ Guild accredited through Open Awards. Quilts created as part of the course are showcased at Europe’s largest quilt show, Festival of Quilts at the NEC in Birmingham.

• Our self-directed Quilt Judging Course has been successfully running since 2003. Having had great success in the UK, the course is now capturing the attention of key players in the international sphere with our first USA-based learners, as well as attracting its first male learners in 2024.

Value created for wider society:

• Regions nationally hold open days and weekend-long events in which nonmembers are invited to take part in the activities hosted across the British Isles. The public can attend an array of workshops and talks, covering topics from getting started through to refining skills and inspiration.

• As we broaden our offerings we diversify our appeal, engaging with groups often under-represented in the industry and expanding the general public’s interest in our heritage and craft.

Value created for members:

Value created for wider society:

• Supporting emerging talent, encouraging knowledge sharing, and fostering international collaboration, we contribute to the cultural enrichment of society

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STRATEGIC REPORT

FULFILLING OUR PURPOSE

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Activities include:

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Activities include:

Value created for members:

• Access to both current and historical reference materials enables members to stay informed about trends, techniques, and the evolving landscape of textile arts.

Value created for wider society:

Open Days

Value created for wider society:

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STRATEGIC REPORT

FULFILLING OUR PURPOSE

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Activities include:

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Activities include:

Value created for members:

• Encourages networking and collaboration among quilt groups by offering them a unique “show and tell” or exhibition experience using the travelling trunks.

• Supports educational and skill-building opportunities by providing members with the chance to study and appreciate a diverse range of textiles and techniques, from traditional to modern.

Value created for wider society:

• Continues to add to the resources and knowledge available to the public to learn from, understand and be inspired by our patchwork and quilting heritage

Value created for wider society:

• Facilitates educational outreach by offering the trunks to various community groups, schools, and organisations, allowing them to experience quilting history first-hand.

• Inspires creativity and cultural exchange, as the trunks showcase the diversity of styles, techniques, and inspirations that influence contemporary textile arts.

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STRATEGIC REPORT

PILLARS OF STRENGTH: Membership, the people & beyond

Membership remains the lifeblood of The Quilters’ Guild, and this year we were encouraged by clear signs that our long-term focus on engagement and retention has begun to take effect. After a period of challenge, the trend in membership numbers is stabilising, with attrition slowing significantly and overall membership showing modest growth.

Education remains central to who we are and why we exist. All of our courses are designed to support quilters, tutors, and judges, offering formal recognition of skills and

enhancing confidence and credibility within the wider quilting community.

Alongside our forthcoming course, we will continue to expand our programme of workshops, webinars, and masterclasses. These opportunities will support quilters of all levels, covering technical skills, creative development, group leadership, and exhibiting work. Together, they form a clear and accessible pathway for ongoing learning and professional growth.

In particular, adult UK membership losses have reduced year on year, moving from a steep decline in 2023 to much smaller decreases in 2024 through to 2025. This improvement signals a clear shift, members are choosing to stay, engage, and reconnect with the Guild. While there is still work to do, the direction of travel is positive, and it gives us confidence that the steps we are taking are having a very real impact.

Young and beginner quilters remain a key priority as we look to nurture the future of quilting. We are pleased to have reintroduced the role of National Young Quilters Officer, with Geraldine Edgington appointed to lead engagement and development activities for under-18s. These initiatives are designed to inspire creativity, build confidence and lasting connections within the wider quilting community.

Members are choosing to stay, engage, & reconnect with the Guild.

This strengthening of our membership base underpins everything we do. It reinforces our belief that investing in member experience, education, and connection is the right strategy for the future of the Guild.

At the heart of our Pillars of Strength, strategy is our genuine commitment to building a more vibrant, inclusive, and engaged quilting community. The Guild thrives because of its members, and we will continue to create meaningful opportunities for connection, collaboration, and participation across the UK.

As ever, we are committed to ensuring that resources and guidance remain just as accessible and relevant to the needs of those at the start of their quilting journeys, as those that have been quilting with us for years. By providing strong entry-level opportunities and clear pathways for progression, we aim to encourage new members to remain connected to the Guild as their skills and confidence grow.

Volunteering continues to play a key role in the success of the Guild, particularly within membership activities. We are always looking for members who wish to contribute their skills, experience, and enthusiasm as these roles help shape and strengthen the Guild’s future and connection to our community.

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STRATEGIC REPORT

PILLARS OF STRENGTH: Quilt Collection

The Quilt Collection is a national cultural asset, offering a window into the history, artistry, and heritage of British stitched textiles. Last year, we reaffirmed our commitment to making the Quilt Collection more accessible and more dynamic, with the view of building on it’s legacy through elevated experiences.

This year marked a step change in the scale and reach of the Quilt Collection. We more than doubled the number of objects on display, showcasing 92 quilts compared with 45 last year, our expanded visibility was supported by a increase in on-site engagement, with approximately a 21% rise in the number of visitors attending exhibitions, group visits and research days.

As a result of the significant increase in activities and events, we estimate that the Collection was reached by around 90,000 people in person over the year. Together, these figures reflect our dedication towards making more of the Collection visible, active, and central to the Guild’s public programme.

At the core of this progress is a strengthened commitment to accessibility and relevance for both Guild members and the wider public. Over the past year, we have focused on bringing more of the Collection into active use—moving quilts out of storage and into displays, events, and learning contexts. By increasing

the number and range of objects showcased, we have enabled visitors to engage with a broader spectrum of stories, techniques, and traditions, reinforcing the Collection’s role as a living resource rather than a static archive.

While in-person visits remain a vital part of how people experience the Collection, we have taken practical steps towards widening digital access. This year, we began developing the infrastructure and content needed to support online interpretation, laying the groundwork for future digital exhibitions and an expanding library of digitised quilts. These initiatives will allow quilters, researchers, and enthusiasts to explore the Collection remotely, extending its reach nationally and internationally and offering new ways to engage with the craftsmanship, histories, and meanings embedded in the quilts.

The Collection has continued to grow in ways that reflect the evolving nature of quilting. Our focus has been on strengthening representation across styles, regions, and periods, while also increasing the visibility of contemporary practice. We are actively exploring collaborations with living quilters and textile artists, ensuring that the Collection captures not only the history of British quilting but its ongoing development. These relationships help connect traditional skills with modern innovation, enriching the Collection and reinforcing its relevance to today’s quilting community.

Through guided visits, workshops, talks, and collaborative projects, the Collection is increasingly experienced as an interactive and participatory resource - one that encourages creativity, learning, and dialogue across generations and communities.

As access and activity have expanded, our commitment to conservation and care has remained unwavering. One of our newest staff members, Rupal Jain, a Conservator with extensive experience in digital textile analysis and historic textile conservation, joins the team to uphold the highest standards of collection management, and ensure our quilts are preserved responsibly for the future.

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STRATEGIC REPORT

PILLARS OF STRENGTH: Quiltworks

Alongside this creative focus, Quiltworks continues to provide a carefully curated range of quilting-related products that reflect the Guild’s ethos of quality and authenticity.

Over the past year, Quiltworks has continued to strengthen its role as a sustainable commercial arm of the Guild, supporting our charitable work whilst refining its creative direction. Rather than focusing solely on expansion, this year has been about consolidation and purposeful diversification to ensure that what we offer is distinctive, relevant, and rooted firmly in the Quilt Collection itself.

Our approach has moved decisively beyond the traditional museum gift-shop model. Instead, Quiltworks operates as a creative

A key development has been a renewed emphasis on original pattern creation. Quiltworks is increasingly drawing directly from the Guild’s Collection, working with textile artists and designers to reinterpret historic quilts and translate them into contemporary, accessible designs.

platform that supports makers at different skill levels and offers meaningful connections to quilting heritage through practical, usable designs.

These “inspired-by” patterns re-imagine traditional motifs, structures, and techniques for modern makers, allowing today’s quilters to engage creatively with heritage while producing work that feels fresh and personal.

While overall operations have remained stable, the strategic shift towards pattern development and artist collaboration positions Quiltworks for sustainable growth. By foregrounding exclusive, Collection-inspired content, we are strengthening brand identity, deepening engagement with Guild members, and creating products that cannot be found elsewhere.

Looking ahead, this refined focus will guide further development. By continuing to invest in creative partnerships and expanding the range of modern, heritageinspired patterns, Quiltworks will enhance its contribution to the Guild’s financial resilience while celebrating the enduring influence of the Quilt Collection.

By collaborating with practising textile artists, we are building a stronger bridge between the Collection and the contemporary quilting community.

These partnerships not only generate new and exclusive products but also create a dynamic dialogue between past and present.

The result is a growing body of patterns and designs that honour the integrity of historic quilts that demonstrate the quilts and the Collection’s ongoing relevance.

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GOVERNANCE

FINANCIAL REVIEW: Building a sustainable future

Following a number of financially challenging years, 2024-25 marks a welcome and significant return to surplus for The Quilters’ Guild. Careful stewardship, steady income growth, and the continued commitment of our members and supporters have strengthened the Guild’s position and restored confidence in our financial trajectory.

FINANCIAL POSITION

For the year ended 31 October 2025, The Guild (including Festival of Quilts Ltd) recorded a surplus of £67,585, a substantial improvement that reflects both disciplined cost management and improved income performance.

This positive outcome is an important step forward for our charity and while we are not yet where we ultimately need to be, particularly in terms of reserves security, the progress achieved this year provides a firmer foundation from which we will continue to build.

INCOME SOURCES

Membership remains the Guild’s most stable and dependable source of income. In 2024-25, membership income rose to £314,466, an increase of £7,610 on the previous year (£306,856). This growth demonstrates both retention and renewed confidence in the Guild’s direction.

Gift Aid recovery of £43,443 remains a significant amount, this is one of our core income streams used to strengthen our unrestricted income and make a meaningful contribution towards operating costs.

Together, membership and Gift Aid continue to underpin the Guild’s charitable work and provide resilience against fluctuations in other income streams

Voluntary income, including donations and legacies, amounted to £81,980. Within this:

General donations amounted to £5,130 Legacies contributed £25,670 Easy Fundraising generated £773 Other trading activities, yielded £352,130

The Trustees acknowledge with gratitude the continued generosity of our members, partners and supporters.

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GOVERNANCE

FINANCIAL REVIEW: Building a sustainable future

CHARITABLE ACTIVITIES & IMPACT

A significant proportion of the Guild’s expenditure continues to be directed towards charitable activities in furthering our objectives. These include education and outreach programmes, member services, stewardship of the Quilt Collection, and development of Guild-accredited qualifications.

Investment in digital resources and educational provision has remained a strategic priority, ensuring accessibility for members who are unable to attend in-person activities. The Trustees remain committed to applying resources in a manner that maximises public benefit while maintaining financial discipline.

FUNDRAISING & MEMBERSHIP ENGAGEMENT

The Guild’s approach to fundraising remains ethical, transparent, and member-focused. Fundraising activities during the year, including initiatives linked to Festival of Quilts and member-led schemes, contributed to voluntary income and strengthened engagement across the community.

The Trustees recognise the importance of income diversification and will continue to explore sustainable fundraising opportunities aligned with the Guild’s charitable aims.

RESERVES AND INVESTMENT STRATEGY

Free reserves at the year end totalled £399,424. The Guild’s reserves policy requires sufficient reserves to cover approximately 12 months of operational costs, currently calculated at £482,833.

While the current position represents a substantial improvement, it remains below the policy target. Rebuilding reserves to the required level therefore remains a key priority for the Trustees.

Reserve funds are held in a CCLA account in accordance with the Guild’s investment policy. The Trustees prioritise capital preservation while seeking reasonable returns to support charitable activities. Investment income during the year totalled £15,387.

LOOKING AHEAD

The return to surplus in 2024-25 represents a significant and encouraging step forward. Increased membership income, improved Gift Aid recovery, and strong trading performance have contributed to rebuilding financial resilience.

However, the Trustees remain mindful of ongoing economic pressures and the importance of restoring reserves to policy levels. The Guild must therefore continue to manage resources carefully, strengthen income streams, and maintain prudent financial oversight.

The Trustees review the reserves policy annually to ensure it remains appropriate to the scale and complexity of the Guild’s operations. The policy requires reserves sufficient to cover approximately 12 months of operating expenditure in order to safeguard against income volatility and unforeseen costs.

With continued member support and responsible stewardship, the Trustees are confident that the Guild is moving in a positive direction while remaining vigilant in protecting its long-term sustainability.

General reserves increased during the year from £105,245 at 1 November 2024 to £155,296 at 31 October 2025, strengthening the Guild’s overall financial position.

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GOVERNANCE

RISK MANAGEMENT: Principal Risks

OVERVIEW OF THE GUILD’S RISK REGISTER

The Guild’s risk register is designed to highlight and manage the key risks that could impact our ability to achieve our organisational strategy. The key aspects of our risk management process include:

RISK MANAGEMENT PROCESS

Risk management is overseen by the Trustees and Chief Executive through the Guild’s central Risk Register. The risk register is reviewed regularly by this team and presented to the Board’s Finance, Audit, and Risk Committee for a more detailed review. The regular review process focuses on:

With the implementation of our new strategy, we have updated the risk register to address emerging risks and challenges. We have also highlighted specific risks associated with the new strategy. The risk register is under constant review to ensure that we respond effectively to the changing external environment and mitigate any evolving risks.

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PRINCIPAL RISKS RISK MANAGEMENT
top 5 from the risk register internal controls and actions
Financial Stability • The organisational strategy is fully costed and fully funded
• Short, medium and long-term planning is structured on
prudent income growth levels
• Revised income generation and strategy is in line with
changing economic conditions
• Review of operational model to ensure it is viable within the
financial framework
• Constant review of diversification opportunities
• Increase profitability of Festival Of Quilts Ltd, the trading
subsidiary, to support our charitable aims
• Ensure adequate reserves policy
The Guild fails to deliver an • Continuously look to enhance member benefits, events and
attractive membership proposition activities.
• Conduct regular membership surveys and focus groups to
create on-going feedback loop.
• Strengthen communications and connection between
members and the core mission of the organisation.
Lack of adept volunteers • Introduce Volunteer Services coordinator to strengthen and
retain solid network of personnel
• Assess volunteer posts and framework to identify areas in need
of thoughtful upgrades
• Provide training and support to regional committees for better
member engagement.
Maintaining robust operational • Embedding a digital culture in the organisation which
framework integrates digital delivery throughout the strategy
• Maintaining investment in IT systems and processes
• Documented systems of internal control and accountability are
maintained
• Ensuring the suitability of policies and procedures, and UK
GDPR compliance throughout our work
• Implementing change to ensure the board, management,
staff, and volunteers of the Guild reflect the diversity of the
communities we serve
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GOVERNANCE

STRUCTURE: Governance & Management

The Quilters’ Guild of the British Isles is a charitable company limited by guarantee, incorporated on 10th October 1997, (company number 03447631). The Quilters’ Guild of the British Isles was registered as a charity in England and Wales on 12 January 1998, (registration number 1067361), and with the Office of the Scottish Charity Regulator (OSCR) on 22 May 2012 (registration number SC043174).

The Company was established under a Memorandum of Association which specified its objects and powers but following the introduction of the Companies Act 2006 and the resolution passed on the 6 April 2013 amending them, is now governed by its Articles. In the event of the Company being wound up members are required to contribute an amount not exceeding £1.

The Trustees of the Quilters’ Guild are the charity’s Trustees under charity law and the Directors of the charitable company. While the organisation is registered under the name The Quilters’ Guild of the British Isles, its working name is Quilters’ Guild, (“QGBI”, the “Guild”, the “Organisation” and the “Charity” which have used throughout this report).

The Charity has one wholly owned subsidiary; Festival of Quilts Ltd (“FOQ Ltd”) known as QGBI Enterprises, QShop, and now trading as Quiltworks. This company’s principal activity is that of raising funds for the Quilters’ Guild.

TRUSTEES

Our Board of Trustees (Directors) is responsible for defining the overall strategy, creating momentum, movement and improvement, taking the Guild purposefully into the future.

The charity’s Articles of Association provide for 12 Trustees. Consisting of the President and up to a further eleven additional members, four of whom may be non-Guild members selected for their specific skills and expertise. Trustees are, elected or appointed to the Board for three years at our Annual General Meeting (AGM), subject to re-election (or re-appointment) and are able to serve for a maximum seven-year term.

The Council meets immediately after the AGM, following-up with a further five meetings scheduled over the course of the year. All trustees undergo a formal induction to the charity, the content of which is reviewed annually and includes a mixture of formal training with supporting documentation, meetings with senior management and visits to observe the charity’s services in action.

TO THE YEAR ENDED 31 OCTOBER 2025 THE FOLLOWING TRUSTEES SERVED ON THE BOARD:

Melanie Williams - Chair (elected: 2020) Jane Blackburn (elected: 2020) Merrill Tanton (elected: 2022) Susan Mary Batchelor (elected: 2025) Yvonne Gail Romain (elected: 2025) Sheila Evans (resigned: 10/05/2025) Kate Christie (resigned: 06/09/2025) Angela Daymond (resigned: 02/12/2024) Jenny Hall (resigned: 10/05/2025) Judi Kirk (resigned: 10/05/2025) Helen Pringle (resigned: 10/05/2025)

TO THE YEAR ENDED 31 OCTOBER 2025 THE FOLLOWING DIRECTORS SERVED FOQ LTD:

Elizabeth Ingle - Chair Conni Rayner Jane Blackburn

Angela Daymond (resigned: 28/04/2025)

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GOVERNANCE

STRUCTURE: Governance & Management

SUBCOMMITTEES

In addition to the regular schedule of board meetings, Trustees are supported through the work of subcommittees.

In The Audit Committee, which is responsible for appointing the external auditors, reviewing the Guild’s accounts and financial controls, and reviewing the statements and actions on risk and internal controls.

Membership of this committee is drawn from trustees, senior management, and lay members

Lay members are often members of the Guild who possess a particular expertise relevant to the work of the committee. During the year ended 31st October 2025 there were no lay members on the committee.

STAFFING

The staff team work closely with the Board of Trustees to help turn the Guild’s vision and mission into reality. The Chief Executive is responsible for the day to day management of the organisation. The senior staff team’s pay is approved by the Board of Trustees and reviewed on an annual basis.

To engage with the staff in an effective manner, Trustees continue to make themselves available through a range of communication channels. We encourage and empower our staff to share their news, learnings and celebrate their achievements.

The team that served during the year 2024-25 are:

Alice Futers Member & Volunteer Services Coordinator Carol Bowden Member & Volunteer Services Coordinator Heather Audin Curator Katy Jones Communications Coordinator Sarah Yelland Smith Bookkeeper Victoria Wood Marketing and Merchandise Coordinator Christine Morton Business Manager - resigned October 2024

Biographical information on the current team can be found at: https://www.quiltersguild.org.uk/pages/discover/about/guild-people/ Executive-Team

EXECUTIVE TEAM

The Executive team help ensure the voices of our members and stakeholders are heard and that our operations are aligned with our mission to inspire, preserve, and grow our quilting community.

Our Chief Executive, Connie, remains responsible for the day to day operations of the charity and for the following five core steering committees; Membership, Activities, Volunteering, Education and the Quilt Collection.

Executive Chair of Education Jenny Hall Executive Chair of Event and Activities Judi Kirk Executive Chair of Volunteer Services Adelle Lindsay Executive Chair of Membership Services Carol Bowden Executive Chair of Quilt Collection Heather Audin

Conni Rayner

Chief Executive

Anne Gosling

Chief Finance Officer - volunteered services

18 of 59

GOVERNANCE

STRUCTURE: Governance & Management

VOLUNTEERS, AND SUPPORTERS

During the year 2024-25, we were incredibly lucky to have had support from over 600 volunteers.

Our incredible volunteers are the backbone of many of our services, which otherwise would not exist, and certainly not be delivered on the local scale that members and non-members currently enjoy.

Volunteers have increasingly returned to face-to-face events nationwide, delivering retreats, fundraising, open days, and education.

We will continue to review our volunteering opportunities, diversifying across the organisation were we can, with a view to engaging a broader range of volunteers as possible.

NATIONAL OFFICERS

The Quilters’ Guild has long been a source of education and friendship for Quilters across the British Isles.

From the very beginning, we have been an organisation powered by volunteers and loved by thousands. Over the years, we’ve developed a strong volunteer culture that has become the lifeblood of the Guild.

The National Officers at for the year ended 2024-25 are:

Bursary & Awards Officer

Helen Clark

Conference Officer

Cat Ashton Ryan Education Officer Marilyn McInnes Festival of Quilts Officer

Gill Clark

International Officer

Carol Fieldhouse

Library Officer Lis Tate

Quilt Judging Committee Chair Stephanie Pettengell

19 of 59

GOVERNANCE

STATEMENT of Trustee Responsibilities

TRUSTEE RESPONSIBILITIES

The Trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable laws and regulations. Company law requires the Trustees to prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards) and applicable law.

Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and the Charity and of the surplus or deficit of the group for that period.

So far as each of the Trustees at the time of the Report are aware there is no relevant information of which the auditors are unaware and they have taken all the steps they ought to have taken to make themselves aware of any relevant audit information and to establish the auditors are aware of that information.

Clive Owen LLP has indicated its willingness to be reappointed as statutory auditor.

This Annual Report of the Trustees, under the Charities Act 2011 and the Companies Act 2006, was approved by the Board of Trustees on ..........................., including approving in their capacity as company directors the Strategic Report contained therein, and is signed as authorised on its behalf by:

In preparing these financial statements, the Trustees are required to:

Melanie Williams Chair of the Board of Trustees

• state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Group and the Charity’s transactions and disclose with reasonable accuracy at any time the financial position of the Group and the Charity and enable them to ensure that the financial statements comply with the Companies Act 2006.

They are also responsible for safeguarding the assets of the Group and the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

20 of 59

GOVERNANCE

INDEPENDENT AUDITORS REPORT to the Board of Trustees

OPINION

We have audited the financial statements of The Quilters’ Guild of the British Isles (the ‘parent charitable company’) and its subsidiaries (the ‘group’) for the year ended 31 October 2025 which comprise the Consolidated Statement of Financial Activities, the Consolidated Balance Sheet, the Charitable Company Balance Sheet, the Consolidated Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements:

• give a true and fair view of the state of the Group’s and of the parent charitable company’s affairs as at 31 October 2025 and of the Group’s incoming resources and application of resources, including its income and expenditure for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Companies Act 2006, the Charities Act 2011, the Charities and Trustee Investment (Scotland) Act 2005 and regulations 6 and 8 of the Charities Accounts (Scotland) Regulations 2006.

BASIS FOR OPINION

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors’ responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe

that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

CONCLUSIONS RELATING TO GOING CONCERN

In auditing the financial statements, we have concluded that the Trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group’s or the parent charitable company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

OTHER INFORMATION

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors’ Report thereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

21 of 59

GOVERNANCE

INDEPENDENT AUDITORS REPORT to the Board of Trustees

OPINION ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Trustees’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements.

MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 and the Charities Accounts (Scotland) Regulations 2006 (as amended) requires us to report to you if, in our opinion:

• the parent charitable company has not kept sufficient accounting records; or

RESPONSIBILITIES OF TRUSTEES

As explained more fully in the Trustees’ Responsibilities Statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial

statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the Group’s and the parent charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

AUDITORS’ RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS

We have been appointed as auditor under section 152 of the Charities Act 2011 and section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors’ Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. Our audit must be alert to the risk of manipulation of the financial statements and seek to understand the incentives and opportunities for management to achieve this.

22 of 59

GOVERNANCE

INDEPENDENT AUDITORS REPORT to the Board of Trustees

We undertake the following procedures to identify and respond to these risks of non compliance:

• Understanding the key legal and regulatory frameworks that are applicable to the Group. We communicated identified laws and regulations throughout the audit team and remained alert to any indicators of non compliance throughout the audit. We determined the most significant of these to be Charity law, company law, taxation law, UK GAAP, health and safety, and GDPR.

statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors’ Report.

USE OF OUR REPORT

This report is made solely to the charitable company’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008 and regulation 10 of the Charities Accounts (Scotland) Regulations 2006. Our audit work has been undertaken so that we might state to the charitable company’s trustees those matters we are required to state to them in an Auditors’ Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.

• Challenging management on key estimates, assumptions and judgements made in the preparation of the financial statements. These key areas of uncertainty are disclosed in the accounting policies.

Through these procedures, we did not become aware of actual or suspected non compliance. We planned and performed our audit in accordance with auditing standards but owing to the inherent limitations of procedures required in these areas, there is an unavoidable risk that we may not have detected a material misstatement in the accounts. The further removed non compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve concealment, collusion, forgery, misrepresentations, or override of internal controls. We are not responsible for preventing non compliance and cannot be expected to detect non compliance with all laws and regulations.

Christopher Beaumont BA(Hons) BFP FCA DChA (Senior Statutory Auditor) for and on behalf of:

Clive Owen LLP

Chartered Accountants and Statutory Auditors 140 Coniscliffe Road Darlington Co Durham DL3 7RT

Date:

Clive Owen LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

A further description of our responsibilities for the audit of the financial

23 of 59

FINANCIALS

CHARITY STATEMENT OF FINANCIAL ACTIVITIES

for the year ended 31 October 2025

Note
Income from:
Donations and legacies
4
Charitable activities
5
Other trading activities
6
Investments
7
Total income
Expenditure on:
Raising funds
9
Charitable activities
10
Total expenditure
Net expenditure before net loss on
investments
Net profit/(loss) on investments
Taxation
8
Transfer between funds
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
Funds
2025
£
Restricted
Funds
2025
£
Total
Funds
2025
£
Total
Funds
2024
£
105,118
3,298
108,416
41,806
191,510
9,630
201,140
258,290
320,731
8,939
329,670
322,630
11,932
1,144
13,076
14,221
629,291
23,011
652,302
636,947
-
-
-
-
563,384
26,229
589,613
676,018
563,384
26,229
589,613
676,018
65,907
(3,218)
62,689
(39,071)
-
1,326
1,326
676
65,907
(1,892)
64,015
(38,395)
3,202
-
3,202
2,916
69,109
(1,892)
67,217
(35,479)
4,788
(4,788)
-
-
73,897
(6,680)
67,217
(35,479)
341,082
107,154
448,236
483,715
73,897
(6,680)
67,217
(35,479)
414,979
100,474
515,453
448,236

24 of 59

FINANCIALS

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 October 2025

Income from:
Donations and legacies
Charitable activities
Other trading activities
Investments
Total income
Expenditure on:
Raising funds
Charitable activities
Total expenditure
Net expenditure before net loss on
investments
Net profit/(loss) on investments
Taxation
Transfer bewteen funds
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Note Unrestricted
Funds
2025
£
Restricted
Funds
2025
£
Total
Funds
2025
£
Total
Funds
2024
£
4
5
6
7
9
10
8		 78,682
3,298
81,980
40,677
219,459
9,630
229,089
277,403
343,191
8,939
352,130
352,666
14,243
1,144
15,387
15,350
655,575
23,011
678,586
686,096
19,656 - 19,656
31,759
569,644
26,229
595,873
681,602
589,300
26,229
615,529
713,361
66,275
(3,218)
63,057
(27,265)
-
1,326
1,326
676
66,275
(1,892)
64,383
(26,589)
3,202
3,202
2,916
69,477
(1,892)
67,585
(23,673)
4,788
(4,788)
-
74,265
(6,680)
67,585
(23,673)
357,659
107,154
464,813
488,486
74,265
(6,680)
67,585
(23,673)
431,924
100,474
532,398
464,813

25 of 59

FINANCIALS

BALANCE SHEETS

for the year ended 31 October ended 31 October 2025
Group Charity
2025 2024 2025 2024
Note £ £ £ £
Fixed assets
Intangible fixed assets 15 15,376 26,249 14,826 26,249
Tangible assets 16 6,131 8,606 3,851 5,704
Investments 17 10,993 9,667 60,995 59,669
32,500 44,522 79,672 91,622
Current assets
Stocks 18 7,704 7,113 - -
Debtors 19 66,729 68,503 93,350 67,475
Cash at bank and in hand 685,490 646,400 597,948
 601,530
759,923 722,016 691,298
 669,005
Creditors: amounts falling due
within one year 20 (260,025)
 (301,725)
 (255,517)
 (312,391)
Net current assets 499,898 420,291 435,781
 356,614
Total assets less current
liabilities 532,398 464,813 515,453
 448,236
Total net assets 532,398 464,813 515,453
 448,236
Charity Funds
Restricted funds 21 100,474
 107,154 100,474
 107,154
Unrestricted funds 21 431,924 357,659 414,979
 341,082
Total funds 532,398 464,813 515,453
 448,236

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees on …........................ and signed on their behalf by:

Melanie Williams President The notes on pages 28 to 59 form part of these financial statements

Merrill Tanton Chair of the Audit Committee

26 of 59

FINANCIALS

STATEMENTS OF CASH FLOWS

for the year ended 31 October 2025

Cash flows from operating activities
Net cash generated/(used) in operating activities
Cash flows from investing activities
Dividends, interests and rents from investments
Proceeds from the sale of tangible fixed assets
Purchase of intangible assets
Purchase of tangible fixed assets
Taxation refund
Net cash provided by/(used in) investing activities
Cash flows from financing activities
Net cash provided by financing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year		 Group
2025
£
2024
£
28,007
7,194
15,387
15,350
-
-
(7,506)
(9,455)
-
(4,206)
3,202
11,083
1,689
-
-
39,090
8,883
646,400
637,517
685,490
646,400		 Charity
2025
£
2024
£
(12,904)
12,004
13,076
14,221
-
-
(6,956)
(9,454)
-
(2,271)
3,202
2,916
9,322
5,412
-
-
(3,582)
17,416
601,530
584,114
597,948
601,530

The notes on pages 28 to 59 form part of these financial statements.

27 of 59

FINANCIALS

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 October 2025

1. General information

The Charity is a company which is limited by guarantee and every member of the Charity undertakes to contribute to the assets of the Charity in the event of the same being wound up while they are a member, or within one year after they cease to be a member, for payments of debts and liabilities of the Charity contracted before they cease to be a member, and of the costs, charges and expenses of winding up, and for the adjustment of the rights of the contributions among themselves, such amounts as may be required not exceeding £1.

The Charity is registered in England and Wales with the Charity Commission, and in Scotland with the Scottish Charity Regulator. The registered office is St Anthony's Hall, Peasholme Green, York, YO1 7PW.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The Quilters' Guild of the British Isles meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £1.

Assets and liabilities are initially recognised at cost or transaction value unless otherwise stated in the relevant accounting policy notes.

On the grounds that the charitable company's results are consolidated into the charitable company's group accounts the charitable company has taken advantage of certain exemptions conferred by section 1.11 of FRS 102 as follows:

The Consolidated Statement of Financial Activities (SOFA) and Consolidated Balance Sheet consolidate the financial statements of the Charity and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis.

2.2 Going concern

The Trustees have, at the time of approving the financial statements, a reasonable expectation that the charity has adequate resources to continue in operational existence for the twelve months from date of signing the financial statements. In addition, the Trustees have no intention to wind the company up in the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

28 of 59

FINANCIALS

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 October 2025

2. Accounting policies (continued)

2.3 Income

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Grants are included in the Consolidated Statement of Financial Activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance Sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.

Income receivable by way of donations and sponsorship is included in full in the SOFA when receivable.

Membership subscriptions are included in the SOFA for the period to which they relate, with subscriptions received in advance being deferred to future periods.

Tax recoverable on covenanted income and Gift Aid donations are included in the SOFA for the period to which they relate, with Gift Aid on subscriptions received in advance being deferred to future periods.

Investment income - Interest and dividends are recognised upon receipt by the charity, when the amount that the charity is entitled to is confirmed.

2.4 Volunteers

No amounts are included in the financial statements for services donated by volunteers.

2.5 Expenditure

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings the have been apportioned on a basis consistent with the use of resources as disclosed in note 10.

Expenditure on raising funds includes all expenditure incurred by the Group to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

Charitable expenditure comprises those costs incurred by the charitable company in the delivery of its activities and services for its beneficiaries.

All expenditure is inclusive of irrecoverable VAT.

Support costs comprise all non-attributable costs including Finance, Human Resources, Information Technology, Marketing, and Depreciation. These costs have been allocated across the functional categories of expenditure on the basis of time spent by employees on each activity.

29 of 59

FINANCIALS

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 October 2025

2. Accounting policies (continued)

2.6 Taxation

The Charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

2.7 Intangible assets and amortisation

Intangible assets costing £500 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Amortisation is provided on intangible assets at rates calculated to write off the cost of each asset on a straight-line basis over its expected useful life.

Amortisation is provided on the following basis:

Computer software - 33 % straight line

2.8 Tangible fixed assets and depreciation

Tangible fixed assets costing £100 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings - 10% straight line
Office equipment - 20% straight line
Computer equipment - 33% straight line

Grants in respect of expenditure on tangible fixed assets are treated as either fund income or deferred income. The grant is released to the SOFA over the expected useful life of the related asset in line with the depreciation policy.

30 of 59

FINANCIALS

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 October 2025

2. Accounting policies (continued)

2.9 Investments

Investments (other than investments in subsidiaries) are stated at market value at the balance sheet date. The SOFA includes the net gains and losses arising on revaluations and disposals throughout the year.

The investment portfolio is held to generate returns and gains for the group and accordingly is designated as fair value through profit and loss (FVTPL). Under this designation the portfolio is revalued at each period end to its fair value, as determined by reference to quoted market prices and values determined by independent fund managers, with any gains or losses going through the statement of financial activity.

Investments in subsidiaries are stated at cost and the Trustees review the carrying value annually for indications of impairment.

2.10 Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

2.11 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. The impairment loss is recognised in the income and expenditure account.

2.12 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account held for working capital. Bank overdrafts are shown within borrowing in current liabilities.

2.13 Creditors, loans, and provisions

Creditors, loans, and provisions are recognised where the group has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors, loans, and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Financial liabilities are derecognised when, and only when, the group's obligations are discharged, cancelled or they expire.

Amounts recognised as provisions are best estimates of the consideration required to settle the present obligation at the reporting date end, taking into account the risks and uncertainties surrounding the obligation.

31 of 59

FINANCIALS

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 October 2025

2. Accounting policies (continued)

2.14 Financial instruments

The Group has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instrument Issues' of FRS 102 to all of its financial instruments.

2.15 Operating leases

Rentals paid under operating leases are charged to the Consolidated Statement of Financial Activities on a straight-line basis over the lease term.

2.16 Pensions

The charity operates a defined contribution pension arrangement for the benefit of employees. The assets of the schemes are held and managed separately from those of the charity. The charge to the SOFA represents the contributions payable by the charity to the schemes during the year.

2.17 Fund accounting

Unrestricted funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Group and which have not been designated for other purposes.

Designated funds are allocated from the general fund or received from third parties which have no restriction on their uses.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Group for particular purposes. Where no on-going restriction remains and all original conditions and restrictions have been met in relation to the original grant or donation, funds are transferred to general funds. The purpose and use of the restricted funds is set out in note 21.

The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

32 of 59

FINANCIALS

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 October 2025

3. Critical accounting estimates and areas of judgement

In the application of the Charity's accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.

Critical accounting estimates and assumptions:

Allocation of support costs:

Support costs are allocated on a direct basis to the activities to which they relate. There are instances where costs, which as staff costs, relate to more than one activity. These costs are allocated by management to reflect the activities performed. The allocation of these costs is considered to be critical to the accounts because they have the ability to materially alter the allocation of costs between expenditure on raising funds and expenditure on charitable activities.

Critical areas of judgement:

Debtor provision – There is an element of estimation and judgement made by the Trustees when assessing whether trade debtors are recoverable. The Trustees review the aged debtor reports on a monthly basis and provisions are made for balances where recovery is considered doubtful.

Investment valuation – The Trustees has applied judgement when assessing whether there are indicators of impairment in the carrying value of the investment.

33 of 59

FINANCIALS

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 October 2025

4 Charity

Income from donations and legacies

Donations and sponsorship
Grant income
Gift Aid income		 Unrestricted
funds
2025
£
Restricted
funds
2025
£
Total
funds
2025
£
62,326
2,647
64,973
- --
42,792
651
43,443
105,118
3,298
108,416
Donations and sponsorship
Grant income
Gift Aid income
Group
Income from donations and legacies
Donations and sponsorship
Grant income
Gift Aid income
Donations and sponsorship
Grant income
Gift Aid income		 Unrestricted
funds
2024
£
Restricted
funds
2024
£
Total
funds
2024
£
11,777
(460)
11,317
- - -
30,256
233
30,489
42,033
(227)
41,806
Unrestricted
funds
2025
£
Restricted
funds
2025
£
Total
funds
2025
£
35,890
2,647
38,537
- --
42,792
651
43,443
78,682
3,298
81,980
Unrestricted
funds
2024
£
Restricted
funds
2024
£
Total
funds
2024
£
10,648
(460)
10,188
- - -
30,256
233
30,489
40,904
(227)
40,677
34 of 59

FINANCIALS

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 October 2025

5 Income from charitable activities

Charity only
British Quilt Study Group
Contemporary Quilt
Judging Course
Education and outreach
Communication
Miniature Quilt Group
Regional activities
Traditional Quilt Group
Modern Quilt Group
The Loft
Subsidiary only
Conference
Magazine advertisements
Charity only
British Quilt Study Group
Contemporary Quilt
Judging Course
Education and outreach
Communication
Miniature Quilt Group
Regional activities
Traditional Quilt Group
Modern Quilt Group
The Loft
Subsidiary only
Conference
Magazine advertisements		 Unrestricted
funds
2025
£
Restricted
funds
2025
£
Total
funds
2025
£
18,810
18,810
3,635
3,635
19,824
19,824
- 9,6309,630
28,590
28,590
2,404
2,404
90,666
90,666
1,367
1,367
3,240
3,240
22,974
22,974
191,510 9,630
201,140
18,997
18,997
8,952
8,952
219,459 9,630
229,089
Unrestricted
funds
2024
£
Restricted
funds
2024
£
Total
funds
2024
£
33,502
33,502
973
973
3,961
3,961
-
26,162
26,162
28,659
28,659
2,663
2,663
128,470
128,470
1,019
1,019
3,568
3,568
29,313
29,313
232,128
26,162
258,290
8,950
8,950
10,163
10,163
251,241
26,162
277,403

35 of 59

FINANCIALS

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 October 2025

Income from fundraising events

Charity only
Fundraising
Membership subscriptions
Other income
Subsidiary only
Retail sales
Charity only
Fundraising
Membership subscriptions
Other income
Subsidiary only
Retail sales		 Unrestricted
funds
2025
£
Restricted
funds
2025
£
Total
funds
2025
£
1,567
8,880
10,447
314,407 59
314,466
4,757 -4,757
320,731
8,939
329,670
22,460
22,460
343,191
8,939
352,130
Unrestricted
funds
2024
£
Restricted
funds
2024
£
Total
funds
2024
£
4,640
8,760
13,400
306,804
52
306,856
2,374
- 2,374
313,818
8,812
322,630
30,036
- 30,036
343,854
8,812
352,666

36 of 59

FINANCIALS

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 October 2025

7 Investment income

Charity
Income from local listed investments
Group
Income from local listed investments
Charity
Income from local listed investments
Group
Income from local listed investments		 Unrestricted
funds
2025
£
Restricted
funds
2025
£
Total
funds
2025
£
11,932 1,144
13,076
14,243 1,144
15,387
Unrestricted
funds
2024
£
Restricted
funds
2024
£
Total
funds
2024
£
13,033
1,188
14,221
14,162
1,188
15,350

8 Taxation

Charity and Group
Museum and Galleries Exhibition Tax Relief
Charity and Group
Museum and Galleries Exhibition Tax Relief		 Unrestricted
funds
2025
£
Total
funds
2025
£
3,2023,202
Unrestricted
funds
2024
£
Total
funds
2024
£
2,916
2,916

37 of 59

FINANCIALS

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 October 2025

9 Expenditure on raising funds

Raising funds expenditure

Group
Raising funds
Wages and salaries
Social security costs
Contribution to defined contribution pension schemes		 Unrestricted
funds
2025
£
Total
funds
2025
£
Total
funds
2024
£
19,656
19,656
31,105
-
-
592
-
-
44
-
-
18
19,656
19,656
31,759

Raising funds expenditure was unrestricted in the current year and the prior year

The expenditure by the Charity in raising funds was £ NIL (2024: £ NIL)

10 Analysis of expenditure on charitable activities

Summary by fund type

Group
Charitable activities
Charitable activities
Charity
Charitable activities
Charitable activities		 Unrestricted
funds
2025
£
Restricted
funds
2025
£
Total
funds
2025
£
569,644
26,229
595,873
Unrestricted
funds
2024
£
Restricted
funds
2024
£
Total
funds
2024
£
640,283
41,319
681,602
Unrestricted
funds
2025
£
Restricted
funds
2025
£
Total
funds
2025
£
563,384
26,229
589,613
Unrestricted
funds
2024
£
Restricted
funds
2024
£
Total
funds
2024
£
634,699
41,319
676,018

38 of 59

FINANCIALS

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 October 2025

11 Analysis of expenditure by activities

Group
Charitable activities
Charitable activities
Charity
Charitable activities
Charitable activities		 Activities
undertaken
directly
2025
£
Support
costs
2025
£
Total
funds
2025
£
314,685
281,188
595,873
Activities
undertaken
directly
2024
£
Support
costs
2024
£
Total
funds
2024
£
384,111
297,491
681,602
Activities
undertaken
directly
2025
£
Support
costs
2025
£
Total
funds
2025
£
313,553
276,060
589,613
Activities
undertaken
directly
2024
£
Support
costs
2024
£
Total
funds
2024
£
383,237
292,781
676,018

39 of 59

FINANCIALS

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 October 2025

11 Analysis of expenditure by activities (continued)

Analysis of direct costs

£40 for 40 years - Staff costs
Anne Morgan Legacy Fund
British Quilt Study Group
Communication
Conference
Contemporary Quilt award
Collection Management
Contemporary Quilt
Education
Mary Ann Corp Fund
Membership
Miniature Quilt Group
Modern Quilt Group
Purchases from subsidiary
QGCI - Education and Travel
Scholarship
The Quilters' Guild Collection
Regional activities
Sue Belton Legacy Fund
The Loft
Traditional Quilt Group
Heritage Lottery Fund
depreciation
Young Quilters Project		 Group
Charity
Total
funds
2025
£
Total
funds
2024
£
Total
funds
2025
£
Total
funds
2024
£
-3,496
-3,496
901506901506
25,262
36,002
25,262
36,002
117,098
113,560
44,899
45,741
1,029665
-
-
-
360
-
360
1,900
5,509
1,900
5,509
10,146
9,216
10,146
9,216
11,044
9,675
11,044
9,675
8,406
19,9138,406
19,913
9,220
7,271
9,220
7,271
4,534
3,553
4,534
3,553
6,036
5,7536,036
5,753
-
-
72,096
67,610
1,120
1,354
1,120
1,354
3,972
4,127
3,972
4,127
86,604
133,255
86,604
133,255
1,200
-1,200
-
5,707
9,657
5,707
9,657
5,904
4,549
5,904
4,549
9,431
10,310
9,431
10,310
5,171
5,380
5,171
5,380
314,685
384,111
313,553
383,237

40 of 59

FINANCIALS

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 October 2025

11 Analysis of expenditure by activities (continued)

Analysis of support costs

Analysis of support costs
Amortisation of computer software
Audit and accountancy charges
Bank charges
Computer maintenance
Contractor services
Depreciation of Fixtures, fittings and equipment
Equipment hire and maintenance
General insurance
Governance
Printing, postage and stationary
Premises costs
Professional fees
Redundancy costs
Staff costs
Sundries
Telephone and internet
Travel and subsistence		 Group
Charity
Total
funds
2025
£
Total
funds
2024
£
Total
funds
2025
£
Total
funds
2024
£
8,951
5,885
8,951
5,885
17,780
12,275
15,000
9,600
814
832
605
628
9,847
9,399
9,343
9,024
-
9,384
-
9,384
2,476
6,460
1,853
6,027
2,126
2,173
2,126
2,173
8,130
8,869
8,130
8,869
5,524
4,376
5,524
4,376
4,739
8,455
4,739
8,325
39,200
40,287
39,200
40,287
3,416
3,785
3,008
3,414
-
16,209
-
16,209
174,317
164,213
174,317
164,213
577
1,093
543
1,080
2,523
2,359
2,523
2,359
768
1,437
198
928
281,188
297,491
276,060
292,781

12 Auditor's remuneration

2025 2024
Fees payable to the Group's auditor for the audit of
the Group's annual accounts 14,400 8,000
Fees payable to the Charity's auditor in respect of:
Non-audit services 2,100 2,000
All taxation advisory services not included above 1,280 650

All taxation advisory services not included above

41 of 59

FINANCIALS

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 October 2025

13 Staff costs

Wages and salaries
Social security costs
Contribution to defined contribution
pension schemes
During the year redundancy payments we
The average number of persons employed
Employees		 Group
2025
£
Group
2024
£
Charity
2025
£
Charity
2024
£
175,364
168,588
168,114
168,588
7,236
8,746
6,875
8,746
3,313
4,525
3,313
4,525
185,913
181,859
178,302
181,859
re made of £ NIL_(2024: £16,209)
by the Charity during the year was as follows:
Group
2025
No.
_Group
2024
No.
Charity
2025
No.
Charity
2024
No.
7
8
7
8

No employee received remuneration amounting to more than £60,000 in either year.

The charitable company operates and makes contributions to a defined contribution pension scheme. The assets of the pension scheme are held separately from those of the charitable company in an independently administered fund. The pension cost charge for the period was £3,313 (2024: £4,525).

The key management personnel of the Charity comprise the trustees and the senior management team. The total employee benefits of the key management personnel employed by the Charity, which encompasses 1 individual (2024: 1 individual) , were £41,695 (2024: £42,582)

14 Trustees' remuneration and expenses

During the year no Trustees received any remuneration or other benefits (2024: £NIL)

During the year ended 31 October 2025, expenses totalling £3,724 were reimbursed or paid directly to 7 Trustees. (2024: £4,922 to 9 Trustees)

42 of 59

FINANCIALS

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 October 2025

15 Intangible assets

Group

Cost
As at 1 November 2024
Additions
Disposals
As at 31 October 2025
Amortisation
As at 1 November 2024
Charge for the year
Disposals
As at 31 October 2025
Net book value
As at 31 October 2025
As at 31 October 2024		 Computer
software
£
Trademarks
£
Total
£
56,278
-
56,278
6,006
1,500
7,506
(2,616)
-
(2,616)
59,668
1,500
61,168
30,029
-
30,029
17,426
-
17,426
(1,663)
-
(1,663)
45,792
-
45,792
13,876
1,500
15,376
26,249
-
26,249

No amortisation on additions is charged in the year of acquisition.

43 of 59

FINANCIALS

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 October 2025

15 Intangible assets (continued)

Charity
Cost
As at 1 November 2024
Additions
Disposals
As at 31 October 2025
Amortisation
As at 1 November 2024
Charge for the year
Disposals
As at 31 October 2025
Net book value
As at 31 October 2025
As at 31 October 2024		 Computer
software
£
Trademarks
£
Total
£
56,278
-
56,278
6,006
950
6,956
(2,616)
-
(2,616)
59,668
950
60,618
30,029
-
30,029
17,426
-
17,426
(1,663)
-
(1,663)
45,792
-
45,792
13,876
950
14,826
26,249
-
26,249

No amortisation on additions is charged in the year of acquisition.

44 of 59

FINANCIALS

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 October 2025

16 Tangible fixed assets

Group

Cost
As at 1 November 2024
Additions
Disposals
As at 31 October 2025
Depreciation
As at 1 November 2024
Charge for the year
Disposals
As at 31 October 2025
Net book value
As at 31 October 2025
As at 31 October 2024		 Fixtures and
fittings
£
Office
equipment
£
Computer
equipment
£
Total
£
74,209
14,369
20,769
109,347
-
-
-
-
(11,011)
(199)
-
(11,210)
63,198
14,170
20,769
98,137
72,743
8,596
19,402
100,741
155
1,465
756
2,376
(11,011)
(100)
-
(11,111)
61,887
9,961
20,158
92,006
1,311
4,209
611
6,131
1,466
5,773
1,367
8,606

No depreciation on additions is charged in the year of acquisition.

45 of 59

FINANCIALS

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 October 2025

16 Tangible fixed assets

Charity

Cost
As at 1 November 2024
Additions
Disposals
As at 31 October 2025
Depreciation
As at 1 November 2024
Charge for the year
Disposals
As at 31 October 2025
Net book value
As at 31 October 2025
As at 31 October 2024		 Fixtures and
fittings
£
Office
equipment
£
Computer
equipment
£
Total
£
62,244
11,877
20,769
94,890
-
-
-
-
-
-
-
-
62,244
11,877
20,769
94,890
61,690
8,094
19,402
89,186
60
1,037
756
1,853
-
-
-
-
61,750
9,131
20,158
91,039
494
2,746
611
3,851
554
3,783
1,367
5,704

No depreciation on additions is charged in the year of acquisition.

46 of 59

FINANCIALS

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 October 2025

17 Fixed asset investments

Listed
investments
£
Group
Cost or valuation
At 1 November 2024 9,667
Revaluations 1,326
At 31 October 2025 10,993
Net book value
At 31 October 2025 10,993
At 31 October 2024 9,667
The historical cost of investments at 31 October 2025 was £5,000 (2024: £5,000).
Charity
Cost or valuation
At 1 November 2024
Revaluations
At 31 October 2025
Net book value
At 31 October 2025
At 31 October 2024		 Investment in
subsidiary
company
£
Listed
investments
£
Total
£
50,002
9,667
59,669
1,326
1,326
50,002
10,993
60,995
50,002
10,993
60,995
50,002
9,667
59,669

47 of 59

FINANCIALS

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 October 2025

17 Fixed asset investments (continued)

Principal subsidiaries

The following was a subsidiary of the Charity:

Company Registered office or principal place of
Name Number business Principal activity
Festival of Quilts Limited 3538705 St Anthony's Hall, Peasholme Green, Operation of arts
York, North Yorkshire, YO1 7PW facilities
Class of shares Holding Included in consolidation
Ordinary 100% Yes

The financial results of the subsidiary for the year were:

Name
Festival of Quilts Limited
18 Stocks
Raw materials and
consumables
19 Debtors
Due within one year
Trade debtors
Amounts due from group
undertakings
Other debtors
Prepayments and accrued
income		 Income
£
Expenditure
£
124,816
124,448		 Profit/(Loss)
Surplus/(Deficit)
for the year
£
Net assets
£
368
66,947
Group
2025
£
Group
2024
£
24,215
42,339
-
-
6,747
2,916
35,767
23,248		 Group
2025
£
Group
2024
£
7,704
7,113
Charity
2025
£
Charity
2024
£
24,090
41,618

27,115
-
6,747
2,916
35,398
22,941
66,729
68,503		 93,350
67,475

48 of 59

FINANCIALS

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 October 2025

20 Creditors: Amounts falling due within one year

Trade creditors
Amounts owed to group
undertakings
Other taxation and social security
Other creditors
Accruals and deferred income		 Group
2025
£
Group
2024
£
Charity
2025
£
Charity
2024
£
11,869
11,397
11,113
11,407
-
-
-
17,050
2,558
5,859
2,100
2,256
1,139
3,796
625
3,655
244,459
280,673
241,679
278,023
260,025
301,725
255,517
312,391
Deferred income at 1 November 2024
Resources deferred during the year
Amounts released from previous
periods
Deferred income at 31 October 2025		 Group
2025
£
Group
2024
£
Charity
2025
£
Charity
2024
£
262,933
253,695
262,933
253,695
224,808
262,933
224,808
262,933
(262,933)
(253,695)
(262,933)
(253,695)
224,808
262,933
224,808
262,933

Deferred income relates to membership income and its associated gift aid, primarily received quarterly or annually in advance. Where membership income and its associated gift aid is received in advance, it is released on a monthly basis allowing income to match the membership period.

49 of 59

FINANCIALS

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 October 2025

21 Statement of funds

Statement of funds - current year

Unrestricted funds
Designated funds
British Quilt Study Group Fund
Collections' Management Fund
Contemporary Quilt Fund
Founder Members' Bursary Fund
Judging Courses
Miniature Quilt Group Fund
Modern Quilt Group Fund
Regional Funds (General)
The Loft
Traditional Quilt Group Fund
Total designated funds
General funds
General reserves
Total unrestricted funds		 Balance at
1 November 2024
£
Income
£
Expenditure
£
Taxation
£
Transfers
in/(out)
£
Gains/
(Losses)
£
Balance at
31 October 2025
£
23,640
23,187
(25,262)
-
21,565
2,002
1,809
(1,900)
6,908
8,819
29,897
13,079
(10,146)
-
32,830
404
-
-
-
404
3,002
19,824
(8,858)
(376)
13,592
8,938
4,229
(4,534)
-
8,633
19,446
8,551
(6,036)
(5,000)
16,961
136,006
96,041
(86,604)
-
145,443
500
22,974
(5,707)
(17,267)
500
12,002
4,838
(5,904)
-
10,936
235,837
194,532
(154,951)
-
(15,735)
-
259,683
121,822
461,043
(434,349)
3,202
20,523
-
172,241
357,659
655,575
(589,300)
3,202
4,788
-
431,924

50 of 59

FINANCIALS

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 October 2025

21 Statement of funds (continued)

Statement of funds - current year (continued)

Restricted funds
Anne Morgan Fund
Anne Tuck Fund
Bogod & Co Fund
Clydesdale Bank Grant
Heritage Lottery Fund
Mary Ann Corp Fund
QGBI Education and Travel
Scholarship Fund
Quilt Historians
Quilt Judging Bursary Fund
Sue Belton Fund
Sue Ridgwell Fund
Young Quilters' Fund
Total restricted funds
Total funds		 Balance at
1 November 2024
£
Income
£
Expenditure
£
Taxation
£
Transfers
in/(out)
£
Gains/
(Losses)
£
Balance at
31 October 2025
£
9,351
-
(901)
-
-
-
8,450
540
-
-
-
-
-
540
5,908
-
-
-
(5,908)
-
-
500
-
-
-
-
-
500
17,462
-
(9,431)
-
-
-
8,031
35,116
9,630
(8,406)
-
-
-
36,340
5,339
243
(1,120)
-
1,120
-
5,582
575
-
-
-
-
-
575
2,471
2,501
-
-
-
-
4,972
15,822
891
(1,200)
-
-
1,326
16,839
224
10
-
-
-
-
234
13,846
9,736
(5,171)
-
-
-
18,411
107,154
23,011
(26,229)
-
(4,788)
1,326
100,474
464,813
678,586
(615,529)
3,202
-
1,326
532,398

51 of 59

FINANCIALS

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 October 2025

21 Statement of funds (continued) Statement of funds - prior year

Unrestricted funds
Designated funds
British Quilt Study Group Fund
Collections' Management Fund
Contemporary Quilt Fund
Founder Members' Bursary Fund
Judging Courses
Miniature Quilt Group Fund
Modern Quilt Group Fund
Regional Funds (General)
The Loft
Traditional Quilt Group Fund
Total designated funds
General funds
General reserves
Total unrestricted funds		 Balance at
1 November 2023
£
Income
£
Expenditure
£
Taxation
£
Transfers
in/(out)
£
Gains/
(Losses)
£
Balance at
31 October 2024
£
22,051
37,591
(36,002)
-
-
23,640
6,139
372
(5,509)
-
1,000
-
2,002
28,251
10,862
(9,216)
-
-
29,897
404
-
-
-
-
404
7,965
3,961
(8,552)
-
(372)
-
3,002
8,005
4,486
(3,553)
-
-
8,938
16,929
8,270
(5,753)
-
-
19,446
158,499
130,206
(133,255)
-
(19,444)
-
136,006
500
29,313
(9,657)
-
(19,656)
-
500
12,312
4,239
(4,549)
-
-
12,002
261,055
229,300
(216,046)
-
(38,472)
-
235,837
115,197
420,861
(455,996)
2,916
38,844
-
121,822
376,252
650,161
(672,042)
2,916
372
-
357,659
52 of 59

FINANCIALS

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 October 2025

21 Statement of funds (continued)

Statement of funds - prior year (continued)

Restricted funds
£40 for £40 years
Anne Morgan Fund
Anne Tuck Fund
Bogod & Co Fund
Clydesdale Bank Grant
Heritage Lottery Fund
Mary Ann Corp Fund
QGBI Education and Travel
Scholarship Fund
Quilt Historians
Quilt Judging Bursary Fund
Sue Belton Fund
Sue Ridgwell Fund
Young Quilters' Fund
Total restricted funds
Total funds		 Balance at
1 November 2023
£
Income
£
Expenditure
£
Taxation
£
Transfers in/(out)
£
Gains/
(Losses)
£
Balance at
31 October 2024
£
3,496
-
(3,496)
-
-
-
-
9,857
-
(506)
-
-
-
9,351
900
-
(360)
-
-
-
540
6,908
(1,000)
-
-
-
-
5,908
500
-
-
-
-
-
500
27,772
-
(10,310)
-
-
-
17,462
29,129
26,272
(19,913)
-
(372)
-
35,116
6,367
326
(1,354)
-
-
-
5,339
575
-
-
-
-
-
575
2,471
-
-
-
-
-
2,471
14,295
851
-
-
-
676
15,822
213
11
-
-
-
-
224
9,751
9,475
(5,380)
-
-
-
13,846
112,234
35,935
(41,319)
-
(372)
676
107,154
488,486
686,096
(713,361)
2,916
-
676
464,813

53 of 59

FINANCIALS

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 October 2025

21 Statement of funds (continued)

Purpose of designated funds

The designated funds were set up to identify and separate the income and expenditure relating to specific projects.

Founder Members' Fund To enable Guild members further their knowledge of patchwork and quilting. Collections' Management Fund Contributions towards the acquisition and conservation of quilts. Judging Courses Income raised from running of quilt judging courses.

The remaining funds relate to the regions and special interest groups which are administered independently of The Guild but form part of the overall entity. The funds for these are therefore disclosed separately. The transfers relate to monies held in the Charity's general reserve for these groups at the year end.

Purpose of grant funds

Clydesdale Bank Grant Grant towards the cost of Investing in Volunteers accreditation. Heritage Lottery Fund 2020 Grant towards and education and volunteering programme Purpose of legacy funds Anne Morgan Fund Contribution towards the upkeep of the Anne Morgan Cup which is to be presented at the Annual Conference for the best miniature quilt. Sue Belton Fund Contribution for awards education. Sue Ridgwell Fund Fund for competitions for Guild members Purpose of donation funds £40 for 40 years Donations received towards the cost of setting up an education programme. Anne Tuck Fund Donation received towards the provision of an annual prize for a Contemporary Quilt challenge. Mary Ann Corp Fund Donations received towards the cost of setting up an education programme in Region 2. Quilt Historians Donations towards received the cost of an initial pilot to interview Quilt Historians. QGBI Education and Travel Scholarship Fund Bursaries to fulfil The Guild's educational remit for member students. Young Quilters' Fund Donations, sponsorship and grants towards the running of projects for Young Quilters. Bogod & Co Fund Donations received towards the purchase of contemporary pieces for the Collection During the year the donor has given permission for the monies to be allocated to unrestricted reserves. The money has been allocated to the Collection Fund. Quilt Judging Bursary Fund Donation received to provide a bursary for the Quilt Judging Course.

Transfers between funds

Transfers between funds are discussed and approved by Trustees at Board Meetings. The principal transfers during the year concern the use of unrestricted funds.

54 of 59

FINANCIALS

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 October 2025

22 Summary of funds

Designated funds
General funds
Restricted funds
Summary of funds - prior year
Designated funds
General funds
Restricted funds		 Balance at
1 November
2024
£
Income
£
Expenditure
£
Taxation
£
Transfers
in/(out)
£
Gains/
(Losses)
£
Balance at
31 October
2025
£
235,837
194,532
(154,951)
-
(15,735)
-
259,683
121,822
461,043
(434,349)
3,202
20,523
-
172,241
107,154
23,011
(26,229)
-
(4,788)
1,326
100,474
464,813
678,586
(615,529)
3,202
-
1,326
532,398
Balance at
1 November
2023
£
Income
£
Expenditure
£
Taxation
£
Transfers in/(out)
£
Gains/
(Losses)
£
Balance at
31 October
2024
£
261,055
229,300
(216,046)
-
(38,472)
235,837
115,197
420,861
(455,996)
2,916
38,844
121,822
112,234
35,935
(41,319)
-
(372)
676
107,154
488,486
686,096
(713,361)
2,916
-
676
464,813

55 of 59

FINANCIALS

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 October 2025

23 Analysis of net assets between funds - current year

Tangible fixed assets
Intangible fixed assets
Fixed asset investments
Current assets
Current liabilities
Analysis of net assets between funds - prior year
Tangible fixed assets
Intangible fixed assets
Fixed asset investments
Current assets
Current liabilities		 Unrestricted Funds
2025
£
Restricted Funds
2025
£
Total Funds
2025
£
6,131
-
6,131
7,342
8,034
15,376
-
10,993
10,993
678,476
81,447
759,923
(260,025)
-
(260,025)
431,924
100,474
532,398
Unrestricted Funds
2024
£
Restricted Funds
2024
£
Total Funds
2024
£
8,603
3
8,606
14,792
11,457
26,249
-
9,667
9,667
625,939
96,077
722,016
(291,675)
(10,050)
(301,725)
357,659
107,154
464,813

56 of 59

FINANCIALS

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 October 2025

24 Reconciliation of net movement in funds to net cash flow from operating activities

Net income/(expenditure) for the year
(as per statement of Financial Activities)
Adjustments for:
Depreciation charges
Amortisation charges
Losses/(gains) on investments
Dividends, interests and rents from
investments
Loss/(profit) on sale of fixed assets
Decrease/(increase) in stocks
Decrease/(increase) in debtors
(Decrease) in creditors
Taxation refund
Net cash used in operating activities		 Group
Charity
2025
£
2024
£
2025
£
2024
£
67,585
(23,673)
67,217
(35,479)
2,376
7,281
1,853
6,828
17,426
14,948
17,426
14,948
(1,326)
(676)
(1,326)
(676)
(15,387)
(15,350)
(13,076)
(14,221)
1,052
634
953
447
(591)
715
-
-
1,774
18,593
(25,875)
16,646
(41,700)
7,638
(56,874)
26,427
(3,202)
(2,916)
(3,202)
(2,916)
28,007
7,194
(12,904)
12,004

25 Analysis of cash and cash equivalents

Analysis of cash and cash equivalents
Cash in hand Group
Charity
2025
£
2024
£
2025
£
2024
£
685,490
646,400
597,948
601,530
685,490
646,400
597,948
601,530

26 Analysis of changes in net debt

Cash at bank and in hand As at
1 November
2024
£
Cash
flows
£
Acquisition and
disposal of
subsidiaries
£
As at
31 October
2025
£
646,400
39,090
-
685,490
646,400
39,090
-
685,490

57 of 59

FINANCIALS

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 October 2025

27 Operating lease commitments

The Group and the Charity had no commitments under non-cancellable operating leases at 31 October 2025.

28 Related party transactions

During the year the Charity made purchases from Festival of Quilts Limited, the subsidiary, of £72,096 (2024: £67,610). The Charity received a charitable donation made under gift aid of £26,436 (2024: £1,129). Details of outstanding balances as at the year-end are given in note 19 of these Financial Statements.

29 Contingent asset

An individual has left a bequest to the Chairty. The Charity is awaiting a decision from the high court on the legal position as there are several beneficiaries. Once that has been obtained then probate can start and the Charity will have more visibility on the amount, less legal fees, that the Charity will be entitled to.

58 of 59

ADMINISTRATION

INDEPENDENT AUDITORS:

Clive Owen LLP

140 Coniscliffe Road, Darlington, DL3 7RT

BANKERS:

Unity Trust Bank

4 Brindley Place, Birmingham, B1 2JB

INVESTMENT ADVISORS:

CCLA Investment Management

1 Angel Lane, London, EC4R 3AB

REGISTERED OFFICE ADDRESS:

The Quilters’ Guild of the British Isles St Anthony’s Hall, Peasholme Green, York, YO1 7PW

59 of 59