The Trustees present their annual report and financial statements for the year ended 30 September 2023.
The financial statements have been prepared in accordance with accounting policies set out in our note 1 to the accounts and comply with the charity’s governing document, ” 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) and the Charities Act 2011.
The objectives of the charity are to provide educational services to educational institutions and students in the field of interior architecture and design.
The charity also aims to advance subjects in interior design, interior architecture and related disciplines in particular by the provision (or assistance with the provision) of:
- Land, buildings, equipment or other services;
- Conferences, seminars, training, courses or public research; and
- Such other means as the trustees from time to time determine.
Other charitable activities include the prevention and relieve of poverty and financial hardship among those persons, in particular students and prospective students of interior design, interior architecture and related disciplines, who are at risk of being in need by the provision (or assistance with the provision) of:
- Grants
- Scholarships
- Bursaries
- Loans
- Other financial assistance and such other means at the trustees may from time to time determine.
The Trustees are of the opinion that the ability to offer financial assistance to students meets its requirements to consider the need to consider the public benefit requirements of the charity.
The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
In 2022 the charity issued 56 membership invoices, a figure which is expected to remain similar in 2024. The annual summer show was held again at the Oxo Tower at which 20 members exhibited. The Interior Educators national student awards were again very successful, attracting nearly 500 entrants from across the UK with the winners being published in the national design press. The show and awards exhibition were a great success, attended by around 800 academics, graduates, industry figures and members of the public.
Interior Educators ran a face-to-face AGM in November 2022 at Middlesex University in London and a further online meeting in March 2023. Discussions focussed on the summer show, our response to key issues affecting our discipline in Higher Education, including pressures on Foundation courses, the need to review established pedagogic practice and planning for a smooth transition with new trustees and directors taking the helm from April 2023. The partnership with United in Design was announced. This will provide apprenticeships for students from backgrounds under-represented in the Interior Design industry.
The next AGM will be in November 2023 and will take place in person with online links at Sheffield Hallam University.
All members and trustees who volunteer for Interior Educators do so on the basis that their work is recognised in publicity and is not remunerated.
During the year the charity generated income totaling £40,588. As a result of the Summer show going ahead this year, there was exhibition income. With the majority of expenditure relating to show costs, the charity has reported a surplus for the year of £17,839 (2022: £10,987).
Reserves policy
The Trustees are conscious of the need to have a reserves policy. The Trustees have decided that unrestricted reserves should be maintained at a minimum of £20,000, which corresponds to running costs needed for the summer show. Unrestricted reserves, defined as unrestricted funds excluding tangible fixed assets, are £34,228 at 30 September 2023 (2022: £16,389).
Risk assessment
The Trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
The charity is a charity and is recognised as such by the HM Revenue & Customs for taxation purposes. As a result there is no liability to taxation on any of its income.
Interior Educators is a charitable company, limited by guarantee, that was incorporated on 20 June 2008. The company was awarded charitable status was granted on 29 July 2012 and registered with the Charity Commission for England and Wales on 31 July 2012. The Charity is governed by its memorandum and articles of association.
The Trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
The Trustees are also the directors of the charitable company for the purposes of charity law and under the company's articles. None of the trustees has any beneficial interest in the Charity. All of the trustees are members of the Charity and guarantee to contribute £10 in the event of a winding up.
Appointment of Trustees
As defined by the Articles of Association, the Trustees are re-elected/elected through a vote at the Annual General Meeting. A revised term of 4 years for Director-Trustees and 3 years for Trustees was proposed and accepted at the AGM at Napier Edinburgh on 26 April 2019, in order to ensure turnover of participation whilst maintaining continuity.
Management
The management of the Charity is the responsibility of the Board of Trustees.
Decisions are made by the Trustees at regular trustees’ meetings by a majority vote. Each trustee has one vote. If a casting vote is required, it can be exercised by the chairman elected by the trustees for that meeting.
There is a possible influence on the charity’s operating policies of other educational charities in the design and creative sector such as the CHEAD organisation.
The charity is affiliated to a global network of other similar associations such as I.D.E.A. (Interior
Design/Architect educators Association) in New Zealand and Australia and I.F.I (the International Federation of Interior Architects and Designers).
Trustees' induction and training
Training is through mentorship with existing trustees, using external resources and/or training as appropriate. Outgoing trustees have made it clear that they will remain available to mentor those who are new to the role.
The above report has been prepared in accordance with the special provisions relating to small companies within part 15 of the Companies Act 2006 relating to small companies.
The Trustees' report was approved by the Board of Trustees.
I report to the Trustees on my examination of the financial statements of Interior Educators (the charity) for the year ended 30 September 2023 which comprise the statement of financial activities, balance sheet and related notes.
As the Trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).
Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or
the financial statements do not accord with those records; or
the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derives from continuing activities.
Interior Educators is a private company limited by guarantee incorporated in England and Wales. The registered office is Bede House, 3 Belmont Business Park, Durham, DH1 1TW, United Kingdom.
The financial statements have been prepared in accordance with the charity's memorandum and articles of association, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”), the Charities Act 2011 and the Charities SORP "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 charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.
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 £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The charity has a reported a surplus in the year and expects this position to continue next year. The Trustees have considered the ongoing inflationary pressures affecting the wider economy and their continuing impact on the charity's going concern status.
The Trustees consider that the charity has sufficient cash resources to meet its ongoing obligations and will continue in operational existence for the foreseeable future. They have therefore opted to continue to prepare the financial statements on a going concern basis.
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.
Donations, legacies and membership subscriptions are included in full in the Statement of Financial Activities when receivable. Grants, where entitlement is not conditional on the delivery of a specific performance by the charity, are recognised when the charity becomes unconditionally entitled to the grant. Grant income, where related to performance and specific deliverables, is accounted for as the charity earns the right to consideration by its performance.
Income received from exhibition income is credited in full in the period in which it is received.
Expenditure is recognised when a legal or constructive obligation has been entered into and has been charged direct to charitable expenditure, cost of generating funds or governance costs.
Charitable activities comprise those costs incurred by the charity in the delivery of its activities and services for its beneficiaries.
Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include accounting and audit fees and costs linked to the strategic management of the charity.
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
VAT
The charity is not registered for VAT and accordingly expenditure includes VAT where appropriate.
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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The Trustees are not aware of any such items affecting the financial statements.
Membership income
Exhibitor income
Show venue
Show security
Other show costs
Website maintenance
Insurance
Trustee expenses
Accountancy and independent examination fees
None of the Trustees (or any persons connected with them) received any remuneration or benefits from the charity during the current or prior years. One trustee received a reimbursment of expenses relating to travel and accomodation totalling £370 (2022: £Nil)
There were no employees in the current or prior year.
There were no disclosable related party transactions during the year (2022 - none).