Clive Shedd & Co Chartered Accountants 232 Sladepool Farm Road Birmingham B14 5EE

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1 REGISTERED CHARITY NUMBER: CHARTERED SOCIETY OF DESIGNERS REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS Clive Shedd & Co Chartered Accountants 232 Sladepool Farm Road Birmingham B14 5EE

2 CONTENTS OF THE FINANCIAL STATEMENTS Page Report of the Trustees 1 Independent Examiner's Report 7 Statement of Financial Activities 8 Balance Sheet 9 Notes to the Financial Statements 10

3 REPORT OF THE TRUSTEES The trustees present their report with the financial statements of the charity for the year ended 31 December The trustees have adopted the provisions of 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 2015). OBJECTIVES AND ACTIVITIES Objects The objects of the Society are: (i) For the benefit of the community to promote and advance a concern for sound principles of design in all those spheres to which design considerations may apply; (ii) to further the practice of industrial design; (iii) to secure for the benefit of industry, commerce and the public a defined and recognised profession of persons well qualified to be designers; (iv) to regulate and control for the public benefit all matters of professional practice and conduct concerning the members of the Society; and (v) to encourage and foster the study of design techniques. Main activities The focus of our work is to create awareness amongst those studying to be designers of professional practice, to develop an understanding of that practice as they progress their career and to engage with them to develop their knowledge of practice by providing them with the means for their Continuing Professional Development. To achieve this, our main activities during the year revolve around its strategy of supporting designers at all stages of their career, From Learning to Earning. It does so by operating various programmes that have been developed to mirror a designer s career path. There are two key activities or programmes: (i) Our membership programme which provides differing levels of membership for design practitioners and those practicing in design related disciplines. (ii) Our Course Endorsement Programme which offers a programme of engagement with design education that not only supports those studying design but also those who are delivering the learning. It is this holistic engagement that allows the Society to fulfil the objects of its Royal Charter. Our current five year strategy for delivering our objects and for the public benefit was set in 2013 and was reviewed in 2015 and changes made that were subject to a further review in 2016 which has since taken place. Public benefit The trustees have given due consideration to the Charity Commission s Guidance on Delivering public benefit under the Charities Act 2011 in both setting the current strategy and in the on-going reviews and any additional developments. In particular, the Course Endorsement Programme has been designed to provide support to those delivering design learning and the educational institutions they work for. Our support for those studying and delivering learning to promote best professional design practice benefits the community in that those becoming design practitioners will have developed a sound understanding of the principles of design practice including issues around sustainability, material resource, energy consideration, inclusivity and environmental concerns. Through our programme, those delivering design learning are obliged to ensure such issues are included within the curriculum. Activities undertaken to deliver public benefit and to achieve the objects set out in our governance documents are further explained in reporting on our achievements and performance. Page 1

4 REPORT OF THE TRUSTEES ACHIEVEMENT AND PERFORMANCE We have made significant achievements within the Society s two key programmes as set out above. The most significant being the development and introduction of a new website. Its introduction was long overdue and work commenced on the design of the new website in A decision was taken not to just update the website but to overhaul our digital strategy and align the website to our ambitions for our key programmes in membership development and education. The Society s brand is of immense value and it was this that allowed us to approach website development companies who saw the attraction of collaborating with the professional body for design. As such we partnered with Redwire who delivered a website on time and on budget and which is future proofed. The Society took the opportunity to review all of its membership application process and to develop the Pathway to Chartered Designer as an interactive online application process. This has already benefited the Society in streamlining the application process for applicants but also in widening the participation of existing members in the assessment process producing a more inclusive assessment with greater safeguards as to its integrity. Designers are now able to conduct a self-analysis of their competences against our framework for professional design practice, CPSK and audit, record and plan their Continual Professional Development with an online toolkit. The website has also provided the Society with a means of wider public communication and benefit by delivering two key information points: (i) A directory of professional practicing members who may be commissioned or employed. (ii) A directory of design courses for use by those looking to embark on a university or college course. This new online presence has also allowed the Society to deliver more information about design practice, news and comment. Our digital platforms have also enabled us via the website and other social media to gather information and over the past 18 months we have conducted regular quarterly surveys of the design sector. These have not only been instrumental in driving our strategies but we have also been able to input into the Bank of England s quarterly business surveys of various other sectors and make representations to them at regular meetings. The Society regards Intellectual Property (IP) as the currency of the design profession creating assets and wealth for not only designers but also their clients and the public at large. Creating an awareness of IP at an early stage in a designer s career is critical to their later understanding and knowledge of the topic, ensuring they are able to protect both their and their client s interests and also ensuring that they do not infringe the IP of others. Therefore the Society regards its collaboration with the Intellectual Property Office (IPO) to be a significant achievement and one that has been enhanced in 2015 with the development of an online tutorial about IP which the IPO submitted for inclusion in our Course Endorsement Programme. IPTutor, developed by the IPO is now a CSD Validate online course and has been fully integrated into our educational programme and Pathway to Chartered Designers as a requirement. Together with holding Observer Status of the World Intellectual Property Organisation, the Society sees this as offering great public benefit. The Society is often asked to input into various government and industry initiatives, it cannot always oblige due to finite resources but when asked, it considers whether there is significant benefit for members or the public and decides accordingly. During the year we have maintained our involvement with the Quality Assurance Agency (QAA) by participating as a board member of the Public Sector and Regulatory Bodies, PSRB, steering committee. This involvement benefits the QAA in its work with Higher Education and the design, development and harmonisation of qualifications and standards as aligned to the professions. The expertise of the Society s members is a great asset and one which the Society leverages for public benefit. Balancing work with voluntary activities is never easy but the Society enjoys strong support from committed members who are keen to input into collaborative initiatives for the benefit of the Society, the design sector and the public. One such instance during the year was the input into drafting a new British Standard, PAS 82, for the shopfitting industry. Page 2

5 REPORT OF THE TRUSTEES ACHIEVEMENT AND PERFORMANCE The Course Endorsement Programme, as outlined, delivers on our strategy of engagement with design education and during the year the participation by courses doubled and as of the date of this report we are now supporting some 23 courses and approximately 2,000 students. What was from 2009 until 2012 a period of piloting the programme has now become a mainstream activity within just four years. Its sustainability has been proven in the past few months with 10 of the courses seeking re-accreditation as their five year licence comes to an end. The Register of Chartered Designers took almost 15 years to achieve and the Pathway to Chartered Designer, which was developed during 2014/15, was finally available as an online interactive process at the start of To date there are some 30 applicants who have completed various stages of the Pathway and the Society is eagerly awaiting the award of Chartered Designer status being confirmed soon. Maintaining a dialogue with members in different regions of the UK and overseas is now more easily achieved thanks to new technology and social media and of course our website but there is still a need for active groups, especially overseas. A major success in 2015 was the re-invigoration of the CSD in Hong Kong. A visit to the Business of Design Week in December 2015 yielded great success when the Society hosted not only a meeting of the members but also of the founding members of the Federation of Hong Kong Design Associations of which the Society is one of the four founding members. The visit resulted in the appointment of a Board of Directors who will oversee the setting up of a registered entity in Hong Kong which will champion the Society s objects in a key gateway to Asia. This achievement comes after some years of discussions as to how we might engage more with our members in Hong Kong and how we might expand our membership and programmes. A major achievement over the past period has been the success in discussions with our Patron, HRH The Duke of Edinburgh, during 2015 in respect of the Prince Philip Designers Prize. Introduced by our Patron in 1959, the Prize was managed by the Design Council until 2011 when they chose to discontinue it. The Society approached our Patron with a view to taking over the management of the Prize, re-introducing it with various enhancements and making an award in At the same time the Society seized the opportunity to discuss a new award with His Royal Highness who as a long standing champion of design and supporter of the Society enthusiastically supported the introduction of a new award, the Prince Philip Student Design Awards. Both the original Prize and the new student awards will be opened up to international entrants and developed to reflect today s design profession. We wish to record in this report our gratitude to His Royal Highness for entrusting the Society with one of, if not the oldest design awards together with the newest design award for students. The Society is pleased to offer the above report of its activities both in respect of its governance objects but also in terms of delivering public benefit. Page 3

6 REPORT OF THE TRUSTEES FINANCIAL REVIEW Financial position The details of the financial activities can be seen in pages eight to sixteen and the Society is pleased to report that once more it has been able to operate within budget and within the means at its disposal. Income from our membership programme fell during the period as a result of collection issues following a change in banking and membership database providers. These issues were identified and have been addressed and outstanding membership subscriptions have now been received. The lower income as a result of our charitable activities is related to our educational programme. During the period no new applications were processed as the Society focussed on delivering support to those already participating in the programme to consolidate on the initiative in preparation for future applications. During the period there were several courses in the process of applying to the programme which have now been successful and will be included in the next report and accounts. Once more the Society has been able to adjust rapidly to circumstances and as a result has been able to undertake all of its activities and make significant achievements during the year whilst saving some 22% on expenditure. Despite a lower income and a large investment in the new website, the Society still recorded a surplus for the twenty first year of just over 2,000 producing a balance sheet showing total funds of 297,682. It is expected that a re-valuation of the property will add significantly to the balance sheet in the next report and accounts. The Society s finances are sound and provide a basis for investment in major new activities to promote our programmes and work. Reserves policy The trustees consider it necessary to build reserves capable of funding six months expenditure to enable the charity to continue with its stated objectives. At the current and future anticipated levels of expenditure this would amount to a reserve in the region of 200,000. FUTURE PLANS The Society will continue with its five year strategy undertaking annual reviews and making changes as necessary. We are minded of the current uncertainties in the market and that this may have a negative effect on our members and will keep a watchful eye on our finances preferring to outsource appropriate activities rather than invest in acquiring liabilities. We plan to develop our Course Endorsement Programme targeting international learning providers of quality courses. To this end we will be embarking on a series of meetings with institutions that have already expressed interest in participating in the programme. The website offers us greater opportunities to engage with non-members and therefore we will be embarking on a recruitment drive targeting those in design and design related practice. The introduction of the Prince Philip Designers Prize has presented new opportunities for collaboration with other professional bodies and we will seek to work with them to deliver greater support to those within our programmes and for public benefit. It has always been our intent to develop a rigorous CPD programme for designers and over the coming year we will be developing the CSD Knowledge Bank being an online resource for all designers providing them with access to expertise and knowledge to ensure they can progress their development in alignment with our framework CPSK. For some time design has been lumped in with the Creative Industries and the Society believes this has muddied an understanding of the valuable role of design in terms of innovation across all commercial social endeavours. In future the Society will seek to collaborate with those outside of the creative industries and will position itself as a representative voice within design for design. A platform for dialogue will be created by the Society to explore the views of others and to seek collaboration to this effect. Page 4

7 REPORT OF THE TRUSTEES STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The registered name of the charity is The Chartered Society of Designers. The Chartered Society of Designers was founded in 1930 and is governed by a Royal Charter granted on 19 May 1976 and amended on 13 July Council members The persons who were Council members at 31 December 2015 or who served during that year or to the date of signing these financial statements were as follows: President David Callcott PCSD From 2013 AGM to 2015 AGM Peter Bosson FCSD From 2015 AGM President Elect Peter Bosson FCSD From 2013 AGM to 2015 AGM Glenn Taylor FCSD From 2015 AGM to April 2016 Immediate Past President Jake Leith PPCSD From 2013 AGM to 2015 AGM David Callcott PCSD From 2015 AGM Vice Presidents Maggie Law MCSD From 2012 AGM to 2015 AGM Piccia Neri MCSD From 2012 AGM to 2015 AGM Glenn Taylor FCSD From 2012 AGM to 2015 AGM Elected Members Clarke Fyfe MCSD From 2012 AGM to 2015 AGM Mohammed Irfan MCSD From 2012 AGM to 2015 AGM Maggie Law MCSD From 2015 AGM Carl McPherson MCSD From 2015 AGM Appointed Member John Sermon PPCSD From March 2016 Honorary Secretary John Sermon PPCSD From 2014 AGM to 2015 AGM Jake Leith PPCSD From 2015 AGM Honorary Treasurer Christopher Ramsden PPCSD From 2014 AGM Recruitment and appointment of new trustees Trustees are elected by the Society's members at the Annual General Meeting in accordance with the Society's by-laws. REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number Principal address 1 Cedar Court Royal Oak Yard Bermondsey Street London SE1 3GA Trustees David Calcott PCSD Peter Bosson FCSD Jake Leith PPCSD John Sermon PPCSD Christopher Ramsden PPCSD Maggie Law MCSD Glenn Taylor FCSD Carl McPherson MCSD Page 5

8 REFERENCE AND ADMINISTRATIVE DETAILS Independent examiner Clive Shedd FCA Chartered Accountant Clive Shedd & Co Chartered Accountants 232 Sladepool Farm Road Birmingham B14 5EE CHARTERED SOCIETY OF DESIGNERS REPORT OF THE TRUSTEES IN CONCLUSION As stated in the above report we are mindful of the valuable asset we possess in our membership, their expertise and generosity of spirit in supporting not just the Society but the design profession. A shining example of this selfless commitment is that of John Sermon PPCSD who became a Student Member of the Society in 1953, a full Member in 1957, a Fellow in 1970, a Council member in 1963 and chair of various regional, discipline and standing committees throughout that period until becoming President in Since stepping down as President in 2007 he has remained a Council member offering words of wisdom and experience. At the AGM in 2015, 62 years after joining the Society, John became the first person to be awarded the CSD Service Award for outstanding service to the Society. It was not only well deserved and fitting award but also a fitting way in which to close this review of the Society s activities in this years Annual Report. Approved by order of the board of trustees on 21 October 2016 and signed on its behalf by: Peter Bosson FCSD - Trustee Page 6

9 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF CHARTERED SOCIETY OF DESIGNERS I report on the accounts for the year ended 31 December 2015 set out on pages eight to sixteen. Respective responsibilities of trustees and examiner The charity's trustees are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this year (under Section 144(2) of the Charities Act 2011 (the 2011 Act)) and that an independent examination is required. It is my responsibility to: - examine the accounts under Section 145 of the 2011 Act - to follow the procedures laid down in the General Directions given by the Charity Commission (under Section 145(5)(b) of the 2011 Act); and - to state whether particular matters have come to my attention. Basis of the independent examiner's report My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a 'true and fair view ' and the report is limited to those matters set out in the statements below. Independent examiner's statement In connection with my examination, no matter has come to my attention: (1) which gives me reasonable cause to believe that, in any material respect, the requirements - to keep accounting records in accordance with Section 130 of the 2011 Act; and - to prepare accounts which accord with the accounting records and to comply with the accounting requirements of the 2011 Act have not been met; or (2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. Clive Shedd FCA Chartered Accountant Clive Shedd & Co Chartered Accountants 232 Sladepool Farm Road Birmingham B14 5EE 21 October 2016 Page 7

10 STATEMENT OF FINANCIAL ACTIVITIES Unrestricted Total funds funds Notes INCOME AND ENDOWMENTS FROM Donations and legacies 2 214, ,286 Charitable activities Charitable activities in furtherance of the objects as set out in the Society's Royal Charter 23,021 56,166 Investment income Total 237, ,614 EXPENDITURE ON Raising funds Raising donations and legacies 62,931 71,927 62,931 71,927 Charitable activities Charitable activities in furtherance of the objects as set out in the Society's Royal Charter 67, ,793 Other 4 105, ,786 Total 235, ,506 NET INCOME 2,124 6,108 RECONCILIATION OF FUNDS Total funds brought forward 295, ,450 TOTAL FUNDS CARRIED FORWARD 297, ,558 CONTINUING OPERATIONS All income and expenditure has arisen from continuing activities. The notes form part of these financial statements Page 8

11 BALANCE SHEET AT 31 DECEMBER 2015 Unrestricted Total funds funds Notes FIXED ASSETS Tangible assets 9 458, ,994 CURRENT ASSETS Debtors: amounts falling due within one year 10 9, ,694 Cash at bank 140, , , ,288 CREDITORS Amounts falling due within one year 11 (29,451) (135,014 ) NET CURRENT ASSETS 121, ,274 TOTAL ASSETS LESS CURRENT LIABILITIES 579, ,268 CREDITORS Amounts falling due after more than one year 12 (281,737 ) (277,710 ) NET ASSETS 297, ,558 FUNDS 15 Unrestricted funds 297, ,558 TOTAL FUNDS 297, ,558 The financial statements were approved by the Board of Trustees on 21 October 2016 and were signed on its behalf by: Peter Bosson FCSD -Trustee Christopher Ramsden PPCSD -Trustee The notes form part of these financial statements Page 9

12 1. ACCOUNTING POLICIES CHARTERED SOCIETY OF DESIGNERS NOTES TO THE FINANCIAL STATEMENTS Basis of preparing the financial statements The financial statements of the charity, which is a public benefit entity under FRS 102, 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 2015)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act The financial statements have been prepared under the historical cost convention, as modified by the revaluation of certain assets. The financial statements were prepared in accordance with applicable charity law in the jurisdiction of registration. This is the first time the charity has adopted Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. The charity's functional and presentation currency is the pound sterling, rounded to the nearest. Going concern There are no material uncertainties about the charity's ability to continue as a going concern. Significant judgements and estimates In preparing these financial statements the charity's management make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities at the balance sheet date and the amounts reported in the statement of financial activities for the reporting period under review. The nature of estimates means that the actual outcome could differ and the charity's management consider there are no estimates or assumptions that have a significant risk of causing a material adjustment to the amounts reported for assets and liabilities within the next financial year. Financial reporting standard reduced disclosure exemptions The charity has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland': - the requirements of Section 7 Statement of Cash Flows. Income All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Tangible fixed assets Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Long leasehold Equipment, fixtures and fittings Website - 2% on cost - 25% on cost - 25% on cost Tangible fixed assets are initially recorded at cost. Cash at bank Due to the uncertain nature of the charity's income and expenditure no long term investments are made and all funds are held in readily accessible bank accounts. Page 10

13 1. ACCOUNTING POLICIES - continued CHARTERED SOCIETY OF DESIGNERS NOTES TO THE FINANCIAL STATEMENTS - CONTINUED Taxation The charity is exempt from tax on its charitable activities. Employee benefits When employees have rendered service to the charity, short-term employee benefits to which the employees are entitled are recognised at the amount expected to be paid in exchange for that service. Fund accounting Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. Financial instruments Basic financial assets, including trade and other debtors and cash at bank, are initially recognised at transaction price and are subsequently measured at amortised cost. Basic financial liabilities, including trade and other creditors and bank borrowings, are initially recognised at transaction price and are subsequently measured at amortised cost. 2. DONATIONS AND LEGACIES Subscriptions 214, , INVESTMENT INCOME Deposit account interest OTHER Support costs 105, ,786 Included in support costs are interest costs on financial liabilities of 14,078 (2014: 13,209). Page 11

14 NOTES TO THE FINANCIAL STATEMENTS - CONTINUED 5. TRUSTEES' REMUNERATION AND BENEFITS There were no trustees' remuneration or other benefits for the year ended 31 December 2015 nor for the year ended 31 December Trustees' expenses Trustees' expenses 932 3,382 Four trustees were reimbursed for travel expenses. 6. STAFF COSTS The average number of employees during the reporting period was 3 (2014: 3). One employee received total employment benefits (excluding employer pension costs) in the band range of 80,000 to 89,999. The total of employee benefits received by key management personnel for their services to the charity during the reporting period was 141,986 (2014: 137,003). 7. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted funds INCOME AND ENDOWMENTS FROM Donations and legacies 253,286 Charitable activities Charitable activities in furtherance of the objects as set out in the Society's Royal Charter 56,166 Investment income 162 Total 309,614 EXPENDITURE ON Raising funds 71,927 Charitable activities Charitable activities in furtherance of the objects as set out in the Society's Royal Charter 115,793 Other 115,786 Total 303,506 NET INCOME 6,108 RECONCILIATION OF FUNDS Total funds brought forward 289,450 TOTAL FUNDS CARRIED FORWARD 295,558 Page 12

15 8. INDEPENDENT EXAMINER CHARTERED SOCIETY OF DESIGNERS NOTES TO THE FINANCIAL STATEMENTS - CONTINUED A provision has been made for fees payable for the independent examination of 2,000 (2014: 2,000). A provision has also been made for accountancy services provided by the accountancy practice of which the independent examiner is the principal of 3,000 (2014: Nil). 9. TANGIBLE FIXED ASSETS Equipment, Long fixtures and leasehold fittings Website Totals COST At 1 January , ,066 Additions - 1,385 40,141 41,526 At 31 December ,066 1,385 40, ,592 DEPRECIATION At 1 January , ,072 Charge for year 9, ,505 At 31 December , ,577 NET BOOK VALUE At 31 December ,673 1,038 39, ,015 At 31 December , ,994 The long leasehold property was valued on an open market basis at 460,000 by Stevens Scanlan LLP, Chartered Surveyors, on 5 July If the long leasehold property had been recognised at historical cost the net book value at the end of the reporting period would have been 349,730 (2014: 357,394). The long leasehold property with a net book value at the reporting date of 417,673 (2014: 426,994) has been pledged as security for the bank loan. 10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade debtors 4,919 81,134 Other debtors ,847 Prepayments and accrued income 4,660 2,713 9, ,694 Page 13

16 NOTES TO THE FINANCIAL STATEMENTS - CONTINUED 11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Bank loans and overdrafts (see note 13) 10,051 23,734 Trade creditors 8,398 18,717 Taxation and social security 4,889 4,442 Other creditors - 76,307 Accruals and deferred income 6,113 11,814 29, , CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR Bank loans (see note 13) 281, , LOANS An analysis of the maturity of loans is given below: Amounts falling due within one year on demand: Bank loan 10,051 23,734 Amounts falling between one and two years: Bank loan - 1 to 2 years 10,542 10,051 Amounts falling due between two and five years: Bank loan - 2 to 5 years 34,819 33,197 Amounts falling due in more than five years: Repayable by instalments: Bank loan more than 5 years 236, , SECURED DEBTS The following secured debts are included within creditors: Bank loans 291, ,444 The bank loan is secured by a legal charge over the long leasehold property. The interest rate applicable to this loan is 4.28% per annum over bank base rate. Page 14

17 15. MOVEMENT IN FUNDS CHARTERED SOCIETY OF DESIGNERS NOTES TO THE FINANCIAL STATEMENTS - CONTINUED Net movement At in funds At Unrestricted funds General fund 149,917 2, ,041 Anice Alexander fund 113, ,920 British Institute of Interior Design fund 8,000-8,000 Life fund 7,189-7,189 Other Donation fund 16,532-16, ,558 2, ,682 TOTAL FUNDS 295,558 2, ,682 Net movement in funds, included in the above are as follows: Incoming Resources Movement in resources expended funds Unrestricted funds General fund 237,868 (235,744 ) 2,124 TOTAL FUNDS 237,868 (235,744 ) 2,124 The Anice Alexander fund has been designated to support women to study or research areas of design. The British Institute of Interior Design fund has been designated for the advancement of study in interior design. The Life fund has been designated to support members suffering financial hardship. The Other Donation fund has been designated as a special purpose fund as this was a large anonymous donation, with the use of this fund to be determined by the trustees. 16. RELATED PARTY DISCLOSURES There were no related party transactions for the year ended 31 December GENERAL INFORMATION The Chartered Society of Designers was founded in 1930 and is governed by a Royal Charter granted on 19 May 1976 and amended on 13 July The Chartered Society of Designers is based at 1 Cedar Court, Royal Oak Yard, Bermondsey Street, London SE1 3GA. 18. FIRST YEAR ADOPTION Reconciliation of income and expenditure for the year ended 31 December 2014 The reclassification of expenditure for the year ended 31 December 2014 related to more appropriate allocations following the transition to Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and did not change the reported net income for the year. Page 15

18 18. FIRST YEAR ADOPTION - continued CHARTERED SOCIETY OF DESIGNERS NOTES TO THE FINANCIAL STATEMENTS - CONTINUED Reconciliation of funds Certain creditors were reclassified following transition to Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' on 1 January The effect was to increase creditors falling due within one year and reduce creditors falling due after more than one year at 1 January 2014 by 73,071 and at 31 December 2014 by 68,030. Transitional relief On transition to FRS 102, the charity has taken advantage of the following transitional relief: to use a previous GAAP revaluation as deemed cost on: - an item of property, plant and equipment. Page 16