REGISTERED COMPANY"14UM8ER: 02704749 (England and Wales) REGISTERED CHARfTY NUM8ER: 1010902 THE MeRCHANfs MOUSE (MARLBOROUGH) TRUST AUDrrED FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 1111 A83A4JDP 0410512022 COMPANIES HOUSE
ThE MÉRCHA14fs IIOUSE (MARLBOROVGH) TRUST CONTENTS OF THE FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 Report of the Trustees I to 5 Report of the Independent Audltors 6 to 9 Statement of.Flnancial Artivities io SLitement of Flnandal Posltlon li Notes to the Finanu•l Statements 12 to 21
THE MERCHANT'S HOUSE (MARLBOROVGH) TRUST (REGISTERED NUMBER: 02704749) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021 The trustees who are also d1ctOrS of the tharity for the purposes of the Companies Act 2006. present their report with the financièl statements of the charlty for the year ended 31 December 2020. The trustees have adopted the provislons of Accounting and Reporting by Charttées: Statement of Recommended Practlce applicable to charities preparing th&r accounts in accordance with the Finanoil Reportong Standard applicable in the UK and Republic of Ireland (FRS 102) (effe¢ti¥e l january 2015)- OBJEcfIvES AND AcrzvrrI£s Objectives and alms Objects The objects of the Trust are to preserve architerturnl and constructional heritage buildings. and to educate by exhibiting buildings and objetts. Aims The prlnclpal aLlivSty and alm of the company contlnued to be that of a charitable trust whose objectlve is the renovation of the town house and shop built by silk Merchant Thomas 8ayly following the 'Great Fire of Marlborough of 1653. The House is fumished to an interpretatbon Oate of 1675 and Is open as a visitor attraction. In 2018. the Marll)orough Museum was opned in part of the house and it dlsplays the Marlb¢rough collertion. comprising local artefacts and docvrnents. A library and archive collection have been e5tsblished and a resource centre will be set up in due course. The Trust occupres the Trust property at 132 High Stet. Marlborough under a lease from Marlborough Town Covncll. The lease was renewed for a further seven years from 30 March 2019. The Trust also owns the freeholds of 133 High street and The Old Print Works. Strategies The is a number of proJeL1s connerted with cowrvatFon. restoration and development of the House and its environs which a considered to be desirable by the trustees. However, Implementing these depends upon identifying relevant sources of funding for each proj.ect and active steps have been. and will contirtue to be, tsken to achleve successful applications to varioLJS grnnt-giwng institutions and individuals. A structured committee sysrem has been established with a view to the more effiaent fijnttioning of 5trategyi policy ant1 management. Conservation As far as 132 Hlgh Street Is concemed, the vast majortty of the main Merchant's House building has now been rest0d. A port prepared during 2019 revealed that there is a slgniflcant backlog of maintenano and conservation work required to the various buildings. Work to remedy this stèrted on thi5 in 2021 with a total spend of approximately É75.000 in the year. A fvndraisin9 appeal has 1)een launched for the completlon of this Jnd further pha5e5 of the building repairs. The Museum Unfortunately* the openlng of the Museum was pvented by the Coronavirus pandemlc In 2020 and 2021. Plans to restrtjrtu the committee that mènages the Museum took platr so as to attract more hJnding and visltors when it opens in March 2022. The Collertlons In 2020 there were additions costing £773 were made to thÈ Collertion5. Coronavlru$ Pandemi¢ Activities in 2021 were again greatly Ilmited by the Coronavirus pandemic. Thi5 $VIted in the c105ure of the Merchant's House Shop for part of the year and there were fewer tours arKI event5 in the Trust. Events were moved online where $SIble. Page I
THE MERCHANTS HOUSE (MARLBOROUGH) TRUST (ReGisfERED NUMBER: 02704749) REPORT OF THE TRusfEES FOR THE YEAR ENDED 31 DECEMBER 2021 OBJECTIVES Af4D AcrIvmES Volunteers We are fortunate to have some 50 voluftteers who nomialjy contribLtte around 150 hours of activity per week in all aspects of the Trust and its trading subsidiary's work. CovTrd-19 and lockdown prevented many of our volunteers from attending but we kept them updated neWetter5 throughout the year and we hope that most will return in 2022. The pandemic meant that there were a redUd number of volunteers who led guided tours artd worked in the shop. The house opened ts guided tours and vFsits in Juty 2021. an(1 although visitor numbers were limited due to Covid-19, a pool of 6 volunteeTS led thè tours until thÈ house ¢losed for tours in Ortober 2021. In addEtion to guided tours. volunteers continued to work in the shop. although volunteer numbers fell 'from 30 to 10. Alongside tours and the shop. volunteer5 continued their work the trust office, garden, museum, arthives, ¢leanin9 and the sewing project. VItorS 224 people vlsited the house for tours from when the house opened in July to when ir closed in October. The covid restrictions meant that the planned 9roups tour5 were either cancelled or postponed until.2022. Events Our total net income from events was £3.943 - induding a successful Open Gardens event and a Study Day pmgramme via Zoom. We are planning a more ambitlous programme for 2022. EdtIOn There We 4 visits from scho$ in July 2021. altlwugh the covid restsirtlons mean that many planned vlslts We Canlled. Patrons and Trustees Lady Sykes agreed to become a patron of the Trust in 2021. Alison Galvin-wright continued as Chair of the Trust. Jane Nicholson who had been a Trustee for some 23 years tIred. Kim Wakeham resigne£l as a Trustee but took up the vacant post as Trust Manager and Company Secretary. Ted" Hixotks was appointed as a Trustee. FINANCIAL REWIEW Financial Review Fundraising Helped by the 30th Annlversary Appeal. dofiations and grants totalled £43.128 (2020 - £13,468). The Trust re1ve Govemment Coronaviru5 related giarts of £14.143. Trading Company The Shop was closed ft>r nearfy three months of the year, but Mth the help of government grants of £3,646, it èchieved a profit of £55.267. As usual. all of this profit was given to the Trust. Reserves pollcy The Trustees seek to ensure that the level of reserves is at least equivalent to the liabilities of the Trust at any point in time so that, combined with the current incoming resources of the current year, the Trnst's activities may continue for a further period of twelve months. At 31 Drnber 2021 the Trustees consider that the level of reserves is satisfactory. The Trust's Designated Resetve Fund exists in order better to reflect the long-term financlal plans and aspirations of the Trust. Further details of the fvnd are Shown at note 13 to the finanLi•l statement5, and various elements of the Designated Fund are added to each year as funds permit. É43.346 of the Designated Fund was used in the year. but £38,000 was added to it. That part of the Designated Reserve Fund, which is not rePSented by the Trust's freehold property assets. subsldlary company Investment and Restricted Funds, Is held in.a separate bank deposit account. Pa9e 2
THE MERCHANT'S HOUSE (MARLKIROUGM) TRUST (REGISTERED NUMBER: 02704749) REPORT OF THE TRusfEES FOR THE YEAR ENDED 31 DECEMBER 2021 FUTURE PLANS The Trustees, plons for 2022 indude fvrther rnajor bvllding pair work, supporting the 30th Annrversary Fundraising Appeal, Ehe Marlborough Museum in conjunttion with Marfborough Town Council and Marlborough History Society, and continulng the fundraising campaign for the $toratiOn and lurnishing of the last remalning parts of the building. It Is also intended to increase the membership and to promote edL4cational and other events to give a greater appreciation of history and the built hedtage. A full list of events is planned for 2022. sTrucruRE, GOVERNANCE AND MANAGEMENT Governance The company 15 a re91sted charity {no. 1010902) and is limited by guarantee of £1 from each of its members. It is governed by its MemoTrndum of Assooatlon and Artides of Assooation. Trusteès are appointed for a three-year term at the end of whith they may be aPpoInted by resolution at the Annual General Meeting of the company. By agreement with the Marlborctugh Town Council, the uuncil has the rfght to appolnt two seryfjng councillors as representatives of the council on the board of trustees. Potential new trustees are met prior to election to erwjre they are sympathetic to the aims of the trust and can contribute towarLls achieving those aims. Management The board of trustees hold the primary responsibility for management of the TrLVS affaits and for the achievement of the Trust's charitable objectlves. Day to day operations are supervised by the Trust Manager who is assistsd by a large group of volunteers Structure A wholly owned subsidiary company. The Merchant's House Trading IMarfl>)rough) Lirnited. operates a gift shop on the premises and donates its annual profits to the Trust. The trading company is managed by a sepaote Boaro of Direttors. Rlsk The tnjstees remain aware of the need to manage the commitments that have been made to administer the charity and to pursue the Trust's charitsble objectives from funds whith. in keeping wtth the nature of charitable funding generally. are susceptible to ftuttuation and capable of inconsistency. These characterlsti¢s are not compatible with certain categories of Trust expenditure. In order to tsalan thè Trust's incoming re50urce5 with its annual expenditu. the tnjstees operate a system of bud9etary control and Strategic management meetrngs are held on a regular ba&s. The board of trustees continuously review major risks assoaated with the Trust's artlwlties. Any risks identified are monitored and controlled by establishing procedures. REFERENCE A14D ADMINISTrAnvE DEfAILS Registered Company number 02704749 {Erv4land and Wales) Reglstered Charlty number 1010902 Reglstered offlce The Merchant's House 132 High Street MARLBOROUGH Wiltshire SN8 IHN Page 3
THE MERCHAKf's HOUSE (MARLBOROUGH) TRUST (REGIMRED NUMBER: 02704749) REPORT OF THE TRUSfEES FOR ThE YEAR EIIDED 31 DECEMBER 2021 Trustees AJHCohen A M Galvin-wright C G Goodfellow 8 J Nicholson (resigned 16.12.21) MJHall ARWRoss C J Wakeham (resigned 31.7.21) A Wilson {resigned 14.4.21) E J Cooper {resigned 13.7.21) V J Hillier (appointed 8.7.21) (resigned 19.1.22) J S Hiscocks {appointed 3. 12.21) J Sheppard (appointed 19.1.22) Company Secretary S K Fairfax-Ross (resgned 25.05.2021) C J Wakeham {appolnted 31.07.2021) Audltors Morris Owen Statutory Auditors 43-45 Devizes Road SWINDQN Wiltshi SNI 48G STATEMENT OF TRUSTEES. RESPONSI8lLrnES The trustees (who are also the directors of The Merchanvs HoLe (Marlborough) Trust for the purposes of company law) are pOnsIble for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards {United Kingdom Generally Accepted Accounting Prattice) including Finanaal Reporting Standard 102 Yhe Financial Reporting Standard applicable in the UK and Republic of IrelarKJ- Company law requlres the trustees to prepare financial statements for each flnanool year whlch glve a true and fair view of the state of affairs of the charltable company and of the incorning resources and application of resource5. induding the income and expenditure. of the charitable company for that perrod. In preparin9 those financial statements, the trustees are required to selett suitable accountlng pollcles and then apply them consistently* observe the methods and principles in the Charity 50RP: make Judgements and estimates that are reasonable and prudent.. prepa the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company wlll continue in business. The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy t any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Art 2006. They are also responsible for safeguarding the assets of the charitable company and hen for taking reasonable steps for the prevention and detettion of fraud and other irre9ulartties. srATEMENT AS TO DISCLOSURE OF INFOR14AT1014 TO AUDrroRS So far as the trustees are aware, there is no relevant Tnfomiation (a5 define(I by Sertion 418 of the Companies Act 2006) of which the Charitable company's auditors are unaware, and eath trustee has taken all the step5 that they ought to have taken as a trustee in order to make them aware of any auoit informatlOA an¢J to establlsh that the charitable company's auditors are aware of that infomation. Page 4
THE MERCHANT'S HOUSE (MARLBO'ROUGH) TRusf (REGISTERED NUMBER: 02704749) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021 AUDITORS The auditors. Morris Owen, were appointed durin9 the year and will be proposeLI for -aPpoIntMent at the forthcoming Annual General Meets"ng. Approved by order of the board of trustees on 20 April 2022.and slgned on Its behalf bv.. A M Galvin-wright - Trustee Page 5
REPORT OF ThE ItIOEPENDEf¥f AUOZTORS TO ThE MEMBERS OF THE MERCHANT'S HOUSE (MARLBOROUGH) TRusr Opinion We have oudlted the finanaal statements of The Merchanys House (Marlborough) Trust {the 'charitable company,) for the year ended 31 December 2021 which comprise the Statement of Financial Activities. the ststement of Financial Position and rte5 to the financial statements. Induding a summary of significant accounting polioes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdorn Accounting Standards (United Kingdom Generally Accepted Attounting Practice), Includln9 Financial Reportlng Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland.. In our opinion the fFnan¢ial ststements: give a true and falr view of the state of the tharitable company's affairs as at 31 Decernber 2021 and of its incomin9 resources and application of rerte5, induding its income and expendlture. for the year then have been properfy prepared in accordance with United Kingdorn Generally Accepted Accountlng Prattice, including Financial Reporting Standard 102 The Fjnancial Reporb"ng Standard applicable in the UK and Republlc of Ireland.; and have been prepared in acwrdance with the reqUireMts of the Companies Art 2006. 8asls for oplnlon We conducted our audlt In accordan with Intemational Standards on Audlting (UK) {ISAs (UK)) and applicable law. Our responsibilittes under those standards are further described in the Auditors, responsibilities for the audit of the financiol statements settion of our report. We are independent of the charitable company in accordance with the ethical quIrements that are relevant to our audit of the financial statements in the VK. including the FRC'S Ethical Standard. and we have fvlfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we fiave obtained is sufficlent and appropriate to provide a basis for our opinion. Condusions relating to going c¢ern In auditing the financsal statements. we have conduded that the trustees. use of the going concem basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfornied. we have It identified any rnaterial uncertalnties relating to events or condltions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concem for a period of at least twelve months from when the financial statements arè authortsed for issue. Our responsÈbilitles and the SponSIbl1it5es of the trustees w]th SpeCt to 90ing concem are described in the relevant 5ection5 of this report. Other Inf¢7rniation The trustees are responslble for tre other inforniatiors. The other Information comprÉ5es the infomation included In the Annual Rewrt. other than the financial statements and our Report of the Independent Auditors thereon. Our opinion on the financial statements does ¢t cover the other infomiation and, except to the extent otherwise expli¢ttly stated our report. we do not expSS any form of assurance condusion thereon. In connection with our audit of the financial statements, our SpOnSIbIlity is to the other infomation and, in doing $0. consider whether the other infomiation 15 materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If v identify such material inconsistencies or apparent material misstatements, we are required to detemiine hether this gives rise to a material misstatement in the fin6noal staternents themselves. If, based on the work we have perfomied. we conclude that there is a material misstatement of thts other information. we ore requ10 to report that fart. We have nothing to report in this regan1. Page 6
REPORT OF THE INDEPEMDEPn AUOITORS TO THE MEMBERS OF THE MERCHANT'S HOUSE (MARL80ROUGH) TRUST Opinlon5 on other nwtters prescribed by the Companles Art 2006 In our opinion, based on the work undertsken in the course of the audit= the infomation given in the Report of the Trustees for the finanaal year for which the financial 5tstements are prepared is consistent with the finanoal statements- and the Report of the Trustees has been pTrpad in accordance with applicable tegal requlrements. Matterya on which we are requlred to report by exception In the light of the knowledge and understanding of the charitable company and its environment obtsined in the course of the audit. we have not identified rnaterial misstatements in the Report of the Trustee5. We IVe nothing tr* report in respect of the followin9 matters where the Companies Att 2006 requires us to report to you if. in our opinFOn= adequate attountin9 records have not been kept or returns adequate for our audit have not been received from branches not visited by us. or the financial statements are not in agreement with the accounting ffcords and retums; or certain disclosures of trustees. muneratIon specified by law a not made. or we have not received all the infomiation and explanations we require for our audit- or the trustees werÈ not entitled to take advantage of the small companies exemption from the reqU1ment lo prepare a Strdteglc Report or in preparing the Report of the Trustees. Responsibilities of trustees As explained more fully in the Statement of Trustees. Responslbilltie5. the tnjstees {who a also the dlrectors of the charttable company for the purpose5 of cornpany law) are responsible for the pParation of the finanaal statements and for being satisfied that they give a trne and fair view. and for such intemal control as the trustees determine is necessary to enable the preparats.on of financial 5tafrments that are free from material misstatement. whether due to fraud or em)r. In pparing the finanaal statements, the trustees are responsible for assessing the charltable company's abllity to continue as a goin9 ¢oncem, disclosing. as applicable. matter5 related to going conrn and using the going concern basis of accounting unless the trustees either intend to liquidale the charitable comparsy or to cease operations, or have no realistic alternatlve but to do so. Our regponsibllities for the audlt of the flnanclal statements Our objertbves are to obtain reasonable assurance about whether the financÉal statements as a whole are free from material misstatement. whether due to fvaud or error, and to issue a Report of the Endependent Auditors 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 alway5 detect a rnatenal mi55tatement when it exists. MIs5tatements can arise from fraud or error and are Conside material if. individually or in the aggregate, they could reasonably be expecte<J to influence the economic decisFons of users taken on the basis of these financial ststements. The extent to which our procedures are capable of detectlng irwularitses. Indudln9 fraud is detsFled below: Our approach to identifying and assessing the risks of material misstatement in respect of irre9ularitie5. Induding fraud and non-complian with laws and regulations, was as follows.. the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilitie5 and ski115 to identfy or recognise non-compliaftce wtth èpplicable laws an regulations through the audit plannin9 process. we identified the laws and regulatjons applicable to the company through dlscusslons wlth lttOr5 and other managernent. and from our commercial knowledge and experience of the cornpany'5 Industry; we focused on specific laws and regulations whth we col0ere may have a mèterial effert on the financial statements or die operations of the company. indudlng the Charities ACL Companies Art. general data protection regulations (GDPR). employrnent. and health and safety legislation we assessed the extent of compliance with the laws and wulation5 identified above through making enquiries of management and inspertin9 legal correspondence: and idents.fied laws and regulations were communicated within the audit team regularty and the team rernaine(l alert to Instance5 of non%ompliance througlwul the audil, Page 7
REPORT OF THE INDEPENDENT AUDrroRS TO THE MEMBERS OF THE MERCHAMfs HOUSE 114ARLBOROUGH) TRUST We assessed this sLtSptibIlity of the company's financ1 staternents to material misstatement, includlng obtaining an understanding of how fraud might occur by.. making enquiries of mana9ement as to Whe they conskSered there was susceptibility to fraud, their knowledge of ithal, suspected and alleged fraud; and considerlng the intemal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. In response to the $anC rtsk of Irregularities within the use of restricted fvnds within the charity sertor we: perforned substantive procedures on sources of irKome to identfy any restrictions imposed and agreeing to underfying supporting documentsts"on- and perfomied substantive procedures on expenditure attributable to restri¢ted activities to ensure costs incurred were in accordance with the restrictions imposed by agreeing to underlying 5UPPOrtlng documentation. In sponSe to addressing the rLsk of fraud due to management override of internal controls we. performed analytlcal procedures to identify any unusual or unexpected relationships: tested Journal entrtes to identify unusual transactions: assessed whether jud9ements and assumpttons made tn determining the accounting estirnates set out in note two were lndtcative of potential bias; and investlgated the rdtionale behind gnIfIcant or unysval transaction: In response to the risk of IglantieS and non-compliance with lavts and regulations. we designed procedures which included, but were not Ilmited to- agelfi9 financial statement disclosures to underfying supporting docLtrmentstion' and reviewing minutes of Board meetings hel(J for the exlstence of actLtal and potents.al lits"gation and clalms Due to the inherent limitations of an audit, the is an unavoidable risk that we may not hève detected some material misstatements in the financial statements. even though we have pmperly planned and performed our audit in accordance with auditing standards. For example. as with any audit. there rema4ned a higher risk of non-detection of irregularities. as thèse may involve collusion. for9ery, intentional omi55ions. misrepresentations. or the override of internal controls. We are not responsible for p¥ttIng fraud or non-¢ompliance with laws and regulations and cannot be experted to detect all fraud artd nL)n-¢ompliance with laws and regulations. Materra5 misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve dellberate concealment or collusion. A further description of our reSponbIlItIeS for the au¢Jit of the finanoal statements is located on the Finandal Reporting Council's webslte at www.frGorg.uklauditorsresponsibilities. This description forms part of our Report of the Independent Auditors. Page 8
REPORT OF THE INDEPENDEiif AUDITORS TO ThE MEMBERS OF THE MERCHAiifs HOUSE (MARLBOROUGH) TRUST Use of our report This report Is made solely to the charltsble company's members. as a body. in accordan with Chapter 3 of Part 16 of the Companies Art 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are reqUId to state to them in an audrtor5' report and for no other purpose. To the fullest extent pemiitted by law. we do rn)t accept or a$5ume responsibiltty to anyone other than the charitable company and the charitable company's members as a body¢ for ovr aLrdit work. for thi5 report. or for the opinions we have formed. lan Sumbler (Senior Statutory Auditor) for and on behalf of Morris Owen ststutory Ayditors 43-45 Devizes knad SWINDON Wlltshire SNI 4BG Page 9
THE MERCHANT'S MOUSE (MARLBOROUGN) YRIIST STATEMENT OF FINANCIAL AcllviTIES FOR THE YEAR ENDED 31 DECEMBER 2021 2021 Total funds 2020 Total funds Unrestrirted funds Restricted fvnds Notes INCOME AND ENDOWMEt4TS FROM Donations and legacie5 34.957 11281 47,238 18,037 Charitable actlvltles Grants Miscellaneous income 14,143 2,500 14,143 Isoo 5.878 Other trading activities Envestment income 61947 43,271 61947 43,271 74,478 45,444 Totsl 157.818 12.281 170.099 143.837 EXPENDITURE ON Fundraising and event cosrs 1268 268 8.276 Charltable activitles ouse restoration. purchase of fumlshings. and education 160,278 9,940 170.218 ID7.790 Total 161S46 172,486 1.16.066 NET INCOME/(EXPENorruRe) (4.728) 2.341 (2.387) 27,771 RECONCILIATION OF FUNDS Total funds brought forward 737.084 53,049 790.133 762,362 TOTAL FUNDS CARRIED FORWARD 73¥356 55.390 787,746 790,133 The notes form part of these finanaal statements Page 10
ThE MERCHANT'S HOUSE (MARLBOROUGH) TRusf (REGisfERED NUMBEIL. 02704749) srATEMENT OF FINANCIAL POSITION 31 DECEMBER 2021 2021 Total fvnds 2020 Total funds Unrestrirted Restn"Lted fund5 nd5 Notes FIXED ASSErs Tangible assets Investments 532.524 20,010 45.868 578,392 20.010 593,167 20,010 io 552,534 45,868 598N02 613,177 CURRENT ASSETS Debtors Cash at bank and in hand li 28.311 162.622 28,311 171144 20,387 170.036 9.522 190.933 9.522 200rt55 190,423 CREDrn)RS Arnounts falling due thin one year 12 (ii.iii) {ii.iii} (13,467) NEf CURREfiT ASSErs 179.822 9.522 189.344 176,956 TOTAL ASSEfs LESS CURRErir UABILITIES 731356 55.390 787.746 790,133 NEf ASSErs 731356 55,390 787.746 790,133 FUNDS Unstricted fvnds: General fuftd Designated fund 13 94.869 637,487 94,251 642,833 732,356 737,084 Restricted funds 55,390 53,049 TOTAL FUNDS 787,746 790,133 These flnandal statements Ikive been prepared In accordan with the provlsions applicable to charitable companies subjert to the small companies lMe. The financial tatements We approved by the Board of Trustees and authorised for issue on 20 April 2022 were sl its behalf by: AJHCO rustee The notes ft*mi part of these financial statements Page 11
THE MERCHAi¥fs HOUSE (MARLBOROUGH) TRUST NOTES TO THE FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 CHARITY INFORMATIO The Company 15 a company limited by guarantee and incorpornted In England and Wales, and a registered charity with the Charity Commission in England and Wales. The reglstered Offi address is The Merchant's HoLse, 132 High Street. Marlborough, wiltshi SN8 IHN. These finan¢ial ststements are presented in British Pounds (GBP). whrch is the charity'5 functional )nd presentational currency. ACCOUNTING POUCIES Basis of preparing the fin•nclal statements The financial statements of the tharitable company. whlch FS a public benefit entity under FRS 102, have been ppared in accordan with the Chèritiès SORP (FRS 102) 'Acctsunting and Reporting by Charities". Statement of Recommended Pfattice applicable to charities preparing thelr accounts in accordance with the Financlal Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) {effettive l January 2019)., Finanoal Reportin9 Standard 102 The Financial Reporting Standard applicable in the UK and Republtc of Ireland. and the Companies Art 2006. The financial statements have been pPAred under the historical cost c£>nvention, with the exptIOn of investments which are included at market value. The ftnancial Statements a ppad on a 90ing concem basis under the historical cost conventlon, modtfied to Indude certaln items at fair value. The financial Statements are prepared in 5terting which is the functional CLmncy of the charity and rounded to the nearest pound. There are no significant areas of judgements or key souros of estimation uncertsinty. The trustees Consider that theTr are no material uncertainties about the Charity'5 ablllty to continue a5 a going concern. Legal status of the Charity The charity is a company limited by guarartee and has no Sha capitsl. In event of the charity being wound up. the Ilablllty in respett of the guarantee is Ilmited to £1 per member of the charlty. Finaneial reporting standard 102- reduced dlxlosure exemptions The charity has taken exemption from preparing a cash flow statement under the charities SORP {FRS 102) Update Bulletln I Issued on 2 Febrwary 2016. as the chartty constitutes a small charity. Preparatlon of consolldated flnancial statements The CoMnY has taken advantage of the exemptTrons prowded not to prepare group accounts. The trustees do not consider the cost of preparing cortsolidated accounts justifiable. Income All income is recognised in the Statement of Financial ALtiwties On the charity has entitlement to the funds. it is probable that the income will be received and the amount can be measured lIablY. Expendityre abilities a recognised as expenditure as )Dn as there is a legal or constructive obligation committing the charity to that expenditure. it is probable that a transfer of ecortomlc benefits will be réouired in settlement and the amount of the obligation can be measured rEliably. Expenditure is accounted for on an accruals basis and has been dassified under headin9S that aggregate all cost lated to the category. Where costs cannot be direcuy attributed to parttcular headings they have been allocated to activ(tles on a basis conslstent with the use of resource5. Page l2 continued...
ThE HER¢T's HOUSE (MARLBOROUGH) TRVST NOTES TO ThE FINANCIAL sfATEMENTS- contlnued FOR THE YEAR ENDED 31 DECEMBER 2021 ACCOUNTING POLICIES - continued Govemance Costs Governance costs indude costs of the pparatIOn and examinaiion of the statutory accounts, the cost of trustee meetlngs and the cost of any legal advice to trustees on governance or constitutional matters. Tanglble flxed assets Fixed a55ets are recon1ed at cost. DepClatt0 is prowded on tangible fixed assets so as to write off the cost or valuation. less any estimated re5i¢Jual value. over their exFerted u5efvl economlc Ilfe as follows: Museum Equipment Office & computer equipment Antiques & paintings Freehold propetty Improvement5 to leasehold property 6.67% straight line basis 20% straight line basis 20% Straight line basis See below 100% strabght line basls (see below) The trnstees consider that owing to the incomparable nature of the freehold property. it would be difficult to obtain a valuab.on under conventional valyation method5, Even if valuatlons could be obtained. the trustees consider that the costs would be onerous compared with tt)e additional benefits derived by users of the accounts. As such the freehold property Is being shown at cost and is not deprectsted. The company has a short temi lease of the property at 132 High Street and as a matter of policy writes off the expense of any improvements carried out on the building as incued. Taxation The charity is e¥empt from ¢orporatlon tsx on its rtrItale activities. Fund accountlng Unrestrirted hjnds can be used In acCOrdae with the charitable objetttves at the d15cretlon of the trustees but some of those funds are deslgnated by the trustees for specific purposes. Restricted ftjnds can only be used for partfitylar restrirted purposes within the objerts of the charfty. Restrirtions arise when specified by the donor or when fvnds are raised for particular StrItted purposes. Further explanation of the natu #nd purpose of each fvnd is indude¢J in the notes ro the financial statements. Debtors Trade and other debtors a COgnised at the settlement amount due after any trade discount offered. Prepayrnents are valued at the amount prepaid net of any trade discounts due. Cash at bank and in hand Cash at bank and cash in hand includes cash and short temi highly liquid investments wtth a short maturity of the months or less from the date of acquisition or opening of the deposit or slmllar account. CredltOfS Creditors are recognised where the charity has a present oblatIon resulting from a past event that will probably result in the transfer of fvnds to a third party and the amount due to settle the obligauon can be measured or estimated reliably. Credltors are nomially recognised at their settlement amount after allowing for any trade discounts due. Page 13 continued...
The MERCMANfs HOUSE (MARLBOROVGH} TRUST NOTES TO ThE FINANCIAL sfATEMENTS - contlnued FOR THE YEAR ENDED 31 DECEMBER 2021 ACCOV14TING POLICIES- continued nan¢ial instruments Flnancial assets and liabilities a recognised and carried at transaction price. the Trust havtng no 'financing' transaction5. For thFs purpose. financial assets are trade and other re1vableS, cash and bank balances and flnan¢ral Ilabilities are trade and other payables and loans. OTHER TRADING ACTIVTfJES 2021 2020 Fundraising events Admission fees Gift of shop profits 6,211 1,469 55,267 4,121 1,214 69,143 62.947 74,478 INVEsfMENT INCOME 2021 2020 Property rentsl Income Deposit account interest 43,252 19 45.268 176 43,271 45,444 NET INCOME/(EXPENDrnIRE) Net incomel{expenditure) 15 Stated after tharging/(crediting): 2021 2020 Auditors, munerat(On Depreciation - owned assets 2,0¢)0 25,177 2,000 12.517 TRUSTEES. REMUNERATION AND BENEFITS There We no tru5tees' remuneration or other beneffts for the year ended 31 Dernber 2021 nor for the year ended 31 December 2020. Included in other creditOT5 is an amount of £700 (2020 - £700) due to trustees. This is a loan to the Trust that is payable on demand. There were no trustees, expenses paid for the year ended 31 Dernber 2021 nor for the year ended 31 Deomber 2020. Page 14 continued...
THE 14tRCHAtffS HOUSE (MARLBOROUGH) TRUST NOTES TO THE FZNANCTAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021 srAFF COSTS The average monthly number of employees OurirKJ the year was as follows: 2021 2020 Trust Manager & AdministratOf5 No emplgyees receive<l emoluments in excess of £60.000. COMPARATIVES FOR THE STATEMENT OF FINANCXAL AcrzvrrIES Unrestricted Restricted funds fvnds Total funds INCOME AND ENLIOWMENTS FROM Donations and legacies 13.037 5,000 18,037 Charltable a¢tlvltles Grants 5.878 5,878 other trading artivities Investment income 74,478 45.444 74,478 45,444 Total 138.837 5,000 143,837 EXPENDrnIRE ON Fundraising and event costs 8.276 8,276 Charitable acti¥itie5 Holise restoration. purchase of furnishings, and education 103.673 4.117 107.790 Total 111.949 4.117 116,066 NEf INCOME 26.888 883 27.771 RECONCILIATION OF FUNDS Total fun¢ts brought forward 710.196 52.166 762,362 TOTAL FUNDS cARE0 FORWARD 737.084 53,049 790.133 Page 15 contlnued...
THE MERCHANfs HOUSE (MARLBORIWGH) TRusr NOTES TO ThE FINANCIAL ATEmENTS- contlnued FOR THE YEAR ENDED 31 DECEMBER 2021 TANGZBLE FIXED ASSETS Frèehold property Museum equipment Leasehold improv'nts cosr At l January 2021 Additions 517.157 55,115 739,131 At 31 Oecember 2021 517.157 55.115 748.577 DEPRECIATION At l January 2021 Charge for year 11,025 3,675 739,131 9,446 At 31 Dernber 2021 14.700 748.577 NEf BOOK VALUE At 31 December 2021 517,157 40,415 At 31 Dember 2020 517.157 44.090 Offi& computer equipment Ankn"ques & paintings Totals COST At l January 2021 Additions 255.051 773 29,017 183 1.595.471 10.402 At 31 December 2021 255,824 29,200 1,605,873 DEPRECIATZON At l Jartuary 2021 Charge for year 224.778 11,219 27,370 837 1.002,304 25,177 At 31 Dernber 2021 235,997 28,207 1.027.481 NET BOOK VALUE At 31 Oecember 2021 19,827 993 578,392 At 31 Decethber 2020 30.273 1.647 593,167 Pa9e 16 contlnued...
THE MERCHAf4rs HOUSE (MARLBOROUGH) TRvsr NOTES TO THE FINANCIAL STATEMENTS- contlnued FOR THE YEAR ENDED 31 DECEMBER 2021 10. FIXED ASSET INVESTMEf4TS Shas in group undertakings COST At l January 2021 and 31 December 2021 20,010 NET BOOK VALUE At 31 December 2021 20,010 At 31 Dember 2020 20,010 There were no investment assets outsÉde the UK. The company's investments at the balance sheet date In the share capital of companies Indude the following: Merchant's House Tradlng (Marlborough) Llmited Registered office: The Merythant's House. 132 High Street. Marlborough. Vfiltshire SN8 IHN. Nature of business: Gift Shop Cla55 of sha. Or¢Jinary holding 100 2021 2020 A99regate capital and reseryes 24.520 24,520 ii. DEBTORS: AMOUNTS FALUNG DUE WITHIN ONE YEAR 2021 2020 Amounts owed by group undertakings Other debtor5 Prepayments and accrued income 26.821 14,773 1,234 4,380 1,490 28,311 20,387 Page 17 Cofttinued...
THE MERCHANTS HOUSE (MARLBOROUGH) TIIUST IIOTES TO THE FINANCIAL STATEMENTS- continued. FOR THE YEAR ENDED 31 DECEMBER 2021 12. CREDm)AS: AMOUNTS FALUNG DUE WrnIZN ONE YEAR 2021 2020 Other creditors Accruals.and deferred income 700 10.411 700. ii.iii 13. MOVEMENT IN FUNDS Net movement in funds Transfers beeen fvnds At 31.12.21 At 1.1.21 Unre5trirted funds General fund .Designated fund 94.251 642,833 (4.728) 5.346 (5.346) 94.869 637,487 737.084 (4.728) 731356 Restricted fund$ Antique collection5 Museum Martborou9h drawings Education Town signs Museum Modes Database. Marketin9 & Promotion 500 46,901 1,554 1,375 1.719 (147) {1.033) 353 45,868 1,554 1,375 875 3,881 640 844 (844) 2WI 53.049 1341 55,390 TOTAL FUNDS 790.133 (2.387) 787,746 Wet movement in hjnds, induded in the above.are as follow¥; Incoming res(iurces Resources expended Movement. in funds Unrestrf¢ted funds General fund 157.818 {161546) (4.728) Restrlcted funds Antique collettions Audit fee" Museum Nuseum p¢rc" Window Sundial Mo¢Jes Database (147) (2,000) (1,033) (147.) 2.1)00 (1,033) 881 2,881 3.075 2,22S 1,31XJ (3.875) (2,225) {6fj0) 640 1¥281 (9,940) 341 TOTAL FUNDS 170.099 (172.486) (2.387) Page 18 contrnued...
THE MERCHAiifs HOUSE (•IARLBOROUGH) TRUST MOTES TO THE FINANCIAL STATEMENTS- contlnued FOR THE YEAR ENDED 31 DECEMBER 2021 13. MOVE14ENT IN FUNDS- continued Cornparatlves for movement In fvnds Net movement in funds Transfers between funds At 31.12.20 At 1.1.20 Unrestrleted funds General fvnd Designated fund 111,373 598,823 26.888 (44.010) 44.010 94,251 642,833 710,196 26.888 737.084 Restricted funds Antique collertions Museurn Recording History Madborough drawings Education Town sigfL Museum MTC 500 47.934 459 1,554 500 46,901 (1.033) (459) 1.554 1.375 1.719 1,000 1.375 1.719 1,000 52.166 883 53.049 TOTAL FUNDS 762.362 27.771 790,133 Comparative net movement in fttrnds, Induded in the above are as follows: Incoming resoUe5 Resources expentled Movement in funds Unrestrlrted funds Generdl fund 138,837 (111,949) 26,888 Restrlcted funds Audit fee Museum Recording History Education Museum MTC 2.000 (2.0001 (1,033) (1,084) (1.033) (459) 1.375 1,000 625 1.375 1.000 5.000 (4.117) 883 TOTAL FUNDS 143.837 (116.066) 27.771 Page 19 o)niinued...
THE MERCHANT'S HOIISE {14ARLBOROVGH) TRUST NOTES TO THE FINANCIAL sfATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021 13. MOVEMEKf IN FUNDS- ¢onllnued A current year 12 months and prior year 12 months combined potiOn s as follows: Net movement In funds Tran5fer5 between funds At 31.12.21 At 1.1.20 Unrestricted funds General fund Designated fund 111,373 598.823 22.160 {38,664) 38.664 94,869 637.487 710,196 22.160 732.356 Restricted fun¢ts Antique collections Museum Recording History Madborough drawings Education Town signs Museum MTC Modes Database Marketing & Promotion 500 47,934 459 1,554 (147) (2,066) (459) 353 45,868 1.554 1.375 875 3,881 640 844 1.375 1.719 (844) 3.881 640 52.166 3.224 55.390 TOTAL FUNDS 762,362 25.384 787,746 A current year 12 months and prior year 12 rnonths comblned net movement in funds, included in the above are as follows: Incomlng resources Resources expended MovernenL In funds Unrestrlcted funds Generas fund 296.655 (274,495) 22.160 Regtri¢ted funds Ants"que colleth.ons Audit fee Museum Recording History Education Museum MTC Windov• Sundlal Modes Database (147) (4.000) {2,066) (1,084) (1471 4.000 12,066) {459) 1,375 3.881 625 1.375 3.881 3.875 2.225 1.300 (3.875) (2,225) 1660) 640 17,281 (14,057) 3.224 TOTAL FUNDS 313.936 {288,552) 25.384 The following designatfions have been made: dge 20 cortinued...
ThE MERCHANTS HOUSE (MARLBOROUGH) TRUST NOTES TO THÉ FINANCIAL sfATEMEI4TS- Contlnued FOR THE YEAR ENDED 31 DECEMBER 2021 13. MOVEMENT IM FUNDS- continued Transfer froml(to) unstrirted funds Balan at 31.12.2019 Balance at 31.12.2020 Purp)se of designation Salaries and other running costs Replacements for loaned fvmiture Capital projert5 Essential repairs Buildings used for charitable purposes Investment in Trading Company 15,000 4,250 23,230 39,188 517.155 1,500 16.500 4,250 25.730 59,188 517,155 20.010 2,500 20.000 20.010 598.823 44,010 642,833 14 RELATED PARTY DISCLOSURES During the year the tharity receiveLI a donation from its trading subsTrdiary The Merrtant's House Trading (Martborough) Limited of £55.267 (2020 - £69.143). At the year end the subsidiary owed the charity £26,821 (2020- £14.773). IS. MEMBERS. UABILITY The charty 15 a private company limited by guardntee and consequently does not have share capital. Each of the members is Ilable to contribute an amount not exceeding £1 towards the assets of the charity in the event of liquidation. Page 21
THE MERCHAp¥fs HOUSE (•IARLBOROVGH) TRusr 'PROFrr AND LOSS. ACCOUNT_ YEAR ENDED 31 DECEI48ER 2021 2021 2020 Total Ineome Subscriptions reIVed Events income Vlsltor & educatlon income Museum entry charges Donatlons - Merchants House Tradlng Dtsnatiofts - other Grants & restritted donations Rental Income Bank intertst Government Covld Grants Mlscellaneous Income 4,109 6.211 IN69 4.109 6.211 1869 4.570 4,121 1.214 55.267 30.848 55,267 30.848 11281 43.252 19 14.143 2,500 170.1)99 69.143 8,467 5,000 45,268 176 5.878 11281 43.'252 19 14,143 1500 157,818 11281 143.837 Expenditure Wages Events cos Llght & heat Water Repairs and maintenan Telephone & Ilne rentals Postage, statlonery and advertlslng Ensurance Aud6t and accountsncy PrDfessional lees & Software Costs Travelling and subslstarite Subscrtptions payd Bank charge5 and Interest Museum expenditure Miscellaneous expenses 48rt32 1268 1763 188 65,704 1.921 4.713 7.957 300 6.032 1.495 57 225 1.157 48rt32 2,268 763 188 65,704 1,921 4.860 7.957 300 6,032 155 57 225 .1.157 62.380 1,292 2.622 654 8,804 1,869 5,483 6,279 2.370 7,689 3,037 170 69 457. 147 2.000 1.290 144,502 1,290 147,309 309 103,548 2.807 Depreclatlon - property conser4TatloA Depre¢latlon - Museum cabinets etc. Depreclatlon - furnituo etc. purthases Actual purchases £773 (ÉNIL- 2020) DepTr¢latlon - computers and equipment 3.346 2.642 11.219 6,100 1.033 3.675 11.219 3,675 6.851 837 546 837 172N86 1,993 116,066 9.940 Surplus for the Year 341 2.387 2.7,771 R¢5tri¢<ed Funds Unrestricted Funds Designated Undesignated 1341 341 (5.346) 618 {4.728) {5.346) .618 (4¥87 44.010 17,121 27,771 341