10135D Yc. REGISTERED COMPANY NUMBER: 02704749 (England and Wales) REGISTERED CHARITY NUMBER: 1010902 THE MERCHANT'S HOUSE (MARLBOROUGH) TRUST UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
THE MERCHANT'S HOUSE (MARLBOROUGH) TRUST CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Page Report of the Trustees Independent Examiner's Report statement of Financial Actlvltles statement of Flnanclal Position Notes to the Flnanclal Statements 9 to 18
THE MERCHANT'S HOUSE (MARLBOROUGH) TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2023. 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 l January 2019). OBJECTIVES AN D ACTIVITIES Objectives and aims Objects The objects of the Trust are to preserve architectural and constructional herttage buildings, and to educate by exhibiting buildings and objects. Aims The principal activity and aim of the company, a charitable trust, continues to be the renovation and presentation of the town house and shop built by silk merchant Thomas Bayly following the Great Fire of Marlborough of 1653. The House is furnished as it might have been in 1675 and is open as a visitor attraction. Part of the House is home to the Marlborough Museum, displaying the Marlborough collection of local artefacts and documents. We have also established a library and archive collection. The Trust occupies 132 High Street, Marlborough, under a lease from Marlborough Town Council at a nominal rent and runs until January 2048. As well as holding the lease of 132 High Street, the Trust owns the freeholds of 133 High Street and of The Old Print Works on the land behind 132. strategles There are a number Df projects connected with conservation, restoration and development of the House and its surroundings which the trustees would like to get under way. Implementing these depends on identifying appropriate sources of fLJnding for each prDject and we will continue to approach a range of grant-giving institutions and individuals to achieve this. The trustees are very consciDUS that the environment in which the Trust operates is an evolving one and that the charity needs to keep under continuous review its Immediate priorities, how it presents itself, and how best to secure the funding it needs to do its work. Conservation Much of the main Merchant'5 House building has been made safe, attrattive, and visitable over the last 30 years. Nevertheless, the report commissioned in 2019 by the trustees revealed a backlog of malntenance and conservation work required to the various buildings. Work to address this started in 2021. After finishing the first phase and second phases and having secured most of the funding we are now focused on completing the remaining and ffinal phase of the roof repair durlng 2024. The Museum The museum, housed in part of the building, houses a collection of objects linked to Marlborough. We continue to build up a team of volunteers and the museum re-opened following Covid with an exhibition to commemorate Marlborough at War and 80 years since WWII Normandy Landings. The Collections Having Secured for the museum, two 19th Century painllngs by George Maton, depicting the Town Green with local characters we look forward to displaying them once we have been able to fund their restoration and framing. Volunteers Volunteers provide an immeasurable contribution throughout the Merchant's House Trust - as guide5 in the House, working in the garden and shop, creating embroidery, and helping with events, staying in touch with sUPPOrters and general administration. Page I
THE MERCHANT'S HOUSE (MARLBOROUGH} TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 OBJECTIVES AND ACTIVITIES Visitors In 2023 we welcomed 1,357 visitors as the House was fully open from its planned period of March to December 2023 and continue to look to increase visitor numbers through our associate memberships with Historic Housing Association and Visit Wiltshire Events The Trust arranged a number of events during 2023 to support and promote the work of The Merchant's House and to raise fund5. As the House remained open until December, the events programme included an evening of music and singing and children'5 Halloween events alongside the traditional Spring Studies Lecture and Open Gardens, and an re-enactment event by The Devereux's Regiment of Foot on the weekend 6th & 7th july Digital The Trust is making greater use of digital media and platforms since the launch of a new webslte In January 2023 and is generating local interest and helping towards increased visitor numbers Education Our education work continued, with our Visits and Tours Co-ordinator vi51ting schools to talk about the House. We had visit5 from, amongst others, Newman College (Netherland5), Marlborough St. Mary's School and Marlborough College. The children enjoyed learning about re-enforced learning about the Fire of Marlborough and the Great Fire of London, and about 17th Century life in general. Trustees Alison Galvin-wright continued as Chair of the Trust. During the year Guy Deatker joined as trustee in November 2023, whilst Tirn Butler retired in September 2023. FINANCIAL REVIEW Financial Review Fundraising The Trust relied on its own fundraising activities during 2023, including the Spring Study series, Marlborough Open Gardens as as well as escorted tours of the House. Trading Company Despite difficult trading conditions the Shop achieved a profit in 2023 of £36,072. The trading company has donated that profit to the Trust, immediately in the following year. Reserves policy The trustees seek to ensure that the level of reserves is at least equivalent to the Ilablllties of the Trust at any point in time so that, combined with the current incoming resources for the current year, the Trust's activitie5 may continue for a further period of twelve months. At 31 December 2023 the trustee5 consider that the level of reserves is satisfactory. Having used the reserves to support activities during 2023 in the aftermath of 2022 longer than planned House closure, the Trustees plan to restore unrestricted reserves towards 6 months or longer as quickly as financial conditions allow. The Tnjst's Designated Reserve Fund exists to support the long-term financial plans and aspirations of the Trust. Further details of the fund are shown at note 13 to the financial statements. Various elements of the Designated Fund are added to each year as funds permit, or spent if needed. Designated Reserve Fund (except for the Trust's freehold property assets and subsidiary Company investment) is held in the Trvst's bank accounts. Page 2
THE MERCHANT'S HOUSE (MARLBOROUGH) TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 FUTURE PLANS During 2023 and as the current Building Conservation Management Plan was coming to its conclusion; as the final tranche of the roof repair completes, the Trust has commenced creation of a new Building Conservation Management Plan. This to cover the years 2025 - 2029. The Trustees have also completed a new 5-10 year strategic plan that aims to enhance visitor experience, access and greater linkages with Marlborough and wider communities including educational facilities and museums. Thi5 includes the intrDduction in 2024 of unguided tours for those who appreciate a more flexible way to experience the House and ML55eum. Our priority remains to raise sufficient funds in support of the House and tum towards more detailed restoration, and looking at how we present the House and its collections. STRUCTURE, GOVERNANCE AND MANAGEMENT Governance The company is a registered charity (no. 1010902) and 15 limited by guarantee of £1 from each of its members. It is governed by its Memorandum of A550ciation and Articles of Association. Trustees are appointed for a three-year temi at the end of which they may be reappointed by resolution at the Annual General Meeting of the company. Marlborough Town Council has the right to appoint two serving councillors to the board of trustees. We meet potential new trustees before appointing them to ensure they are sympathetic to the aims of the Trust and can contribute towards achieving those aims. Management The board of trustees hold the primary responsibility for management of the Trust's affalrs and for the achievement of the Trust's charitable objectives. Day to day operations are supervised by the Trust Manager who is assisted by a team of staff and volunteer5. Trading subsidiary A wholly owned subsidiary company, Merchant's House Trading (Marlborough) Limited, operates a gift shop at the House and donates its annual profits to the Trust in the following financial year. The trading company is managed by a board of directors. Rlsk The trustees know they must be prudent in managing the charity and pursuing its charitable objectives. They appreciate also that, as with many charities, the sources of funding on which they rely are susceptible to considerable fluctuation. To balance the Trust's incoming resources with its annual expenditure, we operate a system of budgetary control and the trustees VIeW financial performance at their regular meetings. The board of trustees keep under review the major risks associated with the Trust's activities. Any risks identified are monitored and mitigation measures put in place where needed. REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number 02704749 (England and Wales) Registered Charity number 1010902 Registered office The Merchant's House 132 High Street MARLBOROUGH Wiltshire SN8 IHN Page 3
THE MERCHANT'S HOUSE (MARLBOROUGH) TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 Trustees A M Galvin-wright Chair C G Goodfellow (resigned 20.2.23) MJ Hall AR WRoss E J S Hiscocks J 5heppard G L Smith T J Butler (resigned 28.9.23) M Z H M Fogg (appointed 16.8.23) J V Patrick (appointed 16.8.23) G F Deatker (appointed 21.11.23) Company Secretary K R Dickens (appointed 7.8.23) Independent Examiner Morris Owen Chartered Accountants 43-45 Devizes Road 5WINDON Wiltshire SNI 4BG EVENTS SINCE THE END OF THE YEAR Information relating to event5 Since the end of the year is given in the notes to the financial statements. Approved by order of the board of trustees on by.. igned on its behalf A M Galvin-wright - Trustee Page 4
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE MERCHANT'S HOUSE (MARLBOROUGH) TRUST Independent examlner's report to the trustees of The Merchant's House (Marlborough) Trust {'the Company,) I report to the charity trustees on my examination of the accounts of the Company for the year ended 31st December 2023. Responsibilities and basis of report As the charity's trustees of the Company (and also Its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requiremerbts of the Companies Act 2006 ('the 2006 Act,). Having satlsfied myself that the accounts of the Company 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 examinatlon of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act,), In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act. Independent examiner's statement I have completed my examination. I confirm that no matters have come to my attentlon In connection with the examination giving me cause to believe: accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act. or the accounts do not accord with those records; or the account5 do not comply with the accounting requlrements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter consldered as part of an independent examination, or the accounts 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 accounts in accordance with the Financial Reporting Standard applicable in the UK and Republlc of Ireland (FRS 102)), I have no concern5 and have come across no other matters in connection wlth the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Ian Sumbler FCCA Morris Owen Chartered Accountants 43-45 Devize5 Road SWINDON Wiltshire SNI 4BG 22nd July 2024 Page 5
THE MERCHANT'S HOUSE (MARLBOROUGH) TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023 2023 Total funds 2022 Total funds Unrestricted funds Restricted funds Notes INCOME AND ENDOWMENTS FROM Donations and legacie5 6,557 20,000 26,557 28,745 Charitable activities Grants Miscellaneous income 4,000 6,490 132 132 other trading activities Investment income 60.287 44,540 60,287 44,540 12,701 42,617 Total 111.516 20.000 131,516 94,553 EXPENDITURE ON Fundraising and event costs 871 871 2,637 Charitable activities House restoration, purchase of furnishings, and education 133,943 74,186 208,129 127,978 Total 134,814 74,186 209,000 130,615 NET INCOME/(EXPENDITURE) Transfers between funds (23,298) (40,275) (54,186) 40,275 (77,484) (36,062) 13 Net movement in funds (63,573) (13,911) (77,484) {36,062) RECONCILIATION OF FUNDS Total funds brought forward 682,102 69,582 751,684 787.746 TOTAL FUNDS CARRIED FORWARD 618,529 55,671 674.200 751,684 The notes form part of these financial statements Page 6
THE MERCHANT'S HOUSE (MARLBOROUGH) TRUST STATEMENT OF FINANCIAL POSITION 31 DECEMBER 2023 2023 Total funds 2022 Total funds Unrestricted funds Restricted funds Notes FIXED ASSETS Tangible assets Investments 513,369 20,010 45,100 558,469 20,010 568,312 20,010 io 533,379 45,100 578.479 588,322 CURRENT ASSETS Debtors Cash at bank and in hand li 42,941 53,684 42,941 64,255 8,499 187,841 10,571 96,625 10,571 107,196 196,340 CREDITORS Amounts falling due within one year 12 (11,475) (11,475) (32,978) NET CURRENT ASSETS 85,150 10,571 95,721 163,362 TOTAL ASSETS LESS CURRENT LIABILITIES 618,529 55,671 674,200 751,684 NET ASSETS 618,529 55,671 674,200 751,684 FUNDS Unrestricted funds.. General fund Designated fund 13 70,255 548,274 44,615 637,487 618,529 682,102 Restricted funds 55,671 69,582 TOTAL FUNDS 674,200 751,684 The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023. The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006. The trustees acknowledge their responsibilities for (a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companie5 Act 2006 relating to financial statements, so far as applicable to the charitable company. (b) The notes form part Df these financial statements Page 7 continued...
THE MERCHANT'S HOUSE (MARLBOROUGH) TRUST STATEMENT OF FINANCIAL POSITION - continued 31 DECEMBER 2023 These financial statements have been prepared in accordance with the provision5 applicable to charitable companies subjett to the small companies regime. The fin ncial statements were approved by the Board of Trustees and authorised for issue on and were signed on its behalf by.. A M Galvln-wright - Trustee atker - Trustee The notes form part of these financial statements Page 8
THE MERCHANT'S HOUSE (MARLBOROUGH) TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 CHARITY INFORMATION The company is a company limited by guarantee and incorporated in England and Wales, and a registered charity with the Charity Commission in England and Wales. The registered office address is The Merchant's House, 132 High Street, Marlborough, Wiltshire SN8 IHN. These financial statements are presented in British Pounds (GBP), which is the charity's functional and presentational currency. ACCOUNTING POLICIES Basis of preparing the financial statement5 The financial statements of the charitable company, 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 l January 2019),, Financial Reporting Standard 102 'The Financial Reporting standard applicable in the UK and Republic of Ireland. and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value. The financial statements are prepared on a going concem basis under the historical cost convention, modified to include certain items at fair value. The financial statements are prepared in sterling which is the functional currency of the charity and rounded to the nearest pound. There are no significant areas of judgements or key sources of estimation uncertainty. The trustees consider that there are no material uncertainties about the Charity's ability to contir)ue a5 3 going concern. Legal status of the Charity The charity is a company limited by guarantee and ha5 no share capital. In the event of the charity being wound up, the liability in respett of the guarantee is limited to £1 per member of the charity. Flnancial reporting standard 102 - reduced disclosure exemptions The charity has taken exemption from preparing a cash flow statement under the charlties SORP {FRS 102) Update Bulletin l issued on 2 February 2016, as the charity constitutes a small charity. Preparation of consolidated financial statements The company has taken advantage of the exemptions provided not to prepare group accounts. The trustees do not consider the cost of preparing consolidated accounts justifiable. Income All Income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it 15 probable that the income will be received and the amount can be measured reliably. Expenditure Liabilities are recognised as expenditu 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 C05t relaled to the category. Where costs cannot be directly attributed to particular headings they have been allocated to attivities on a basis consistent with the use of resources. Page 9 continued...
THE MERCHANT'S HOUSE (MARLBOROUGH) TRUST NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023 ACCOUNTING POLICIES - continued Governance costs Governance costs include costs of the preparation and examlnatlon of the statutory accounts, the cost of trustee meetings and the cost of any legal advice to trustees on governance or constitutional matters. Tangible fixed assets Fixed assets are recorded at cost. Depreciation is provided on tangible fixed a55ets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows., Nuseum Equipment Office & computer equipment Antiques & painting5 Freehold property Improvements to leasehold property 6.670/0 Straight line ba515 200/0 Straight line basis 200/D Straight line basis See below IOOO/o Straight line basis (see below) The trustees consider that owing to the incomparable nature of the freehold property, it would be diffficult to obtain a valuation under conventional valuation methods, Even if valuations could be obtained, the trustees consider that the cost5 would be onerous compared with the additional benefits derived by users of the accounts. As such the freehold property 15 being shown at C05t and is not depreciated. The company has a 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 incurred. Taxation The charity is exempt from corporation tax on its charitable activities. Fund accounting Unrestrirted funds can be used in accordance with the charitable objectives at the discretion of the trustees but some of those funds are designated by the tru5tee5 for specific purpose5. Restricted funds cèn 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. Further explanation of the nature and purpose of each fund is included in the notes to the financial Statements. Debtors Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments 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 term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. Creditors Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of fund5 to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount after allowing for any trade discounts due. Financial instruments Financial a55et5 and liabilities are recognised and carrled at transaction price, the Trust having no 'financing' transactions. For this purpose, financial assets are trade and other receivables, cash and bank balances and financial liabilities are trade and other payables and loans. Page 10 continued...
THE MERCHANT'S HOUSE (MARLBOROUGH) TRUST NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023 OTHER TRADING ACTIVITIES 2023 2022 Fundraising events Admission fees Gift of shop profits 4,970 9,062 46,255 8,182 4,519 60,287 12,701 INVESTMENT INCOME 2023 2022 Property rental income Deposit account interest 43,659 881 42,585 32 44,540 42,617 NET INCOME/(EXPENDITURE) Net income/(expenditure) is Stated after chargingl(crediting)'. 2023 2022 Auditors, remuneration Depreciation owned assets 2,000 12,177 11,030 TRUSTEES, REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefits for the year ended 31 December 2023 nor for the year ended 31 December 2022. Trustees, expenses Trustees, expenses totalling £nil (2022 £21) for charitable expenditure were reimbursed by the charity. STAFF COSTS The average monthly number of employees during the year was as follows: 2023 2022 Trust Manager & Administrators No employees received emoluments in excess of £60,000. Page 11 continued...
THE MERCHANT'S HOUSE (MARLBOROUGH) TRUST NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023 COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted funds Restricted funds Total funds INCOME AND ENDOWMENTS FROM Dctnations and legacies 10,745 18,000 28,745 Charttable artivities Grants Miscellaneous income 4,000 6,490 4,000 6,490 other trading activities Investment income 12,701 42,617 12,701 42,617 Total 76,553 18,000 94,553 EXPENDrruRE ON Fundraising and event costs 2,637 2,637 Charitable activities House restoration, purchase of furnishings, and education 124,172 3,806 127,978 Total 126,809 3,806 130,615 NET INCOME/(EXPENDITURE) (50,256) 14,194 (36,062) RECONCILIATION OF FUNDS Total ftjnds brought forward 732,356 55,390 787,746 TOTAL FUNDS CARRIED FORWARD 682,100 69,584 751,684 TANGIBLE FIXED ASSETS Freehold property Museum equipment Leasehold improv'nts COST At l January 2023 Addition5 517,157 55,115 748,577 At 31 December 2023 517,157 55,115 748,577 DEPRECIATION At l January 2023 Charge for year 18,375 3,675 748,577 At 31 December 2023 22,050 748,577 NET BOOK VALUE At 31 December 2023 517,157 33,065 At 31 December 2022 517,157 36,740 Page 12 continued...
THE MERCHANT'S HOUSE (MARLBOROUGH) TRUST NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023 TANGIBLE FIXED ASSETS - continued Office & computer equipment Antiques & paintings Totals COST At l January 2023 Additions 256,827 30,294 1,187 1,607,970 1,187 At 31 December 2023 256,827 31,481 1,609,157 DEPRECIATION At l January 2023 Charge for year 243,873 6.591 28,833 1,039,658 764 11,030 At 31 December 2023 250,464 29,597 1,050,688 NET BOOK VALUE At 31 December 2023 6,363 1,884 558,469 At 31 December 2022 12,954 1,461 568,312 10. FIXED ASSET INVESTMENTS Shares in group undertakings COST At l January 2023 and 31 December 2023 20,010 NET BOOK VALUE At 31 December 2023 20,010 At 31 December 2022 20,010 There were no investment assets outside the UK. The CDmpany'5 investments at the balance sheet date in the share capital of companies include the following: Merchant's House Trading (Marlborough) Limited Registered office: The Merchant's House, 132 High Street, Marlborough, Wiltshire SN8 IHN. Nature of business: Gift shop Class of share., Ordinary holding loo 2023 2022 Aggregate capital and reserves 60,592 70,775 Page 13 continued...
THE MERCHANT'S HOUSE (MARLBOROUGH) TRUST NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023 11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2023 2022 Amounts owed by group undertakings VAT Prepayments and accrued income 34,436 3,205 5,300 8,499 42,941 8,499 12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2023 2022 Amounts owed to group undertakings Accruals and deferred income 21,005 11,973 11,475 11,475 32,978 In expectation of the Merchant's House Trading (Marlborough) Limited donation of profits, which happened after the prior year balance sheet date, £50,000 was transferred in December 2022 and therefore is the reason at 31 December 2022 the intercompany is a creditor balance. This has now been cleared by the donation being formalised during the year ended 31 December 2023. 13. MOVEMENT IN FUNDS Net movement in fund5 Transfers between funds At 31.12.23 At 1.1.23 Unrestrlcted funds General fund Designated fund 44,615 637,487 9,538 (32,836) 16,102 (56,377) 70,255 548,274 682,102 (23,298) (40,275) 618,529 Restricted funds Antique collecti0115 Nuseum Marlborough drawings Education Town signs Museum MTC Modes Database Marketing & Promotion Roof Conservation Buildings repairs 353 44,835 1,554 1,375 875 3,595 1,421 844 14,000 730 353 43,802 1,554 (1,033) (1,375) 875 3,395 1,203 844 (200) (218) (54,275) 40,275 730 2,915 2,915 69,582 (54,186) 40,275 55,671 TOTAL FUNDS 751,684 (77,484) 674,200 Page 14 contlnued...
THE MERCHANT'S HOUSE (MARLBOROUGH) TRUST NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023 13. MOVEMENT IN FUNDS - continued Net movement in funds. included in the above are as follows.. Incoming resources Resources expended Movement in funds Unrestricted fund$ General funé Designated fund 111,516 (101,978) (32,836) 9,538 (32,836) 111,516 (134,814) (23,298) Restricted funds Museum Education Museum MTC Modes Database Roof Buildings paIrS (1,033) (1,375) (200) (218) (54,275) (17,085) (1,033) (1,375) (200) {218) (54,275) 2,915 20,000 20,000 (74,186) (54,186) TOTAL FUNDS 131.516 (209,000) (77,484) Comparatives for movement in funds Net movement in funds At 31.12.22 At 1.1.22 Unrestricted funds General fund Designated fund 94,869 637,487 150,254) 44,615 637,487 732,356 (50,254) 682,102 Restricted funds Antique collections Museum Mar1borough drawings Education Town sign5 Museum MTC Modes Database Marketing & Promotion Roof Conservation 353 45,868 1,554 1,375 875 3,881 640 844 353 M,835 1,554 1,375 875 3,595 1,421 844 14,000 730 (1,0331 (286) 781 14,000 730 55,390 14,192 69,582 TOTAL FUNDS 787,746 (36,062) 751,684 Page 15 continued.
THE MERCHANT'S HOUSE (MARLBOROUGH) TRUST NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 DECEMBER 2023 13. MOVEMENT IN FUNDS - continued CDmparative net movement in funds, included in the above are as follows.. Incoming resources Resources expended Movement In funds Unrestricted funds General fund 76,553 (126,807) (50,254) Restricted funds Audit fee Museum Museum MTC Modes Database Roof Conservation 2,000 (2,000) (1,033) (2861 (219) (1,033) {286) 781 14,000 730 1,000 14,000 1,000 (270) 18,000 (3,808) 14,192 TOTAL FUNDS 94,553 {130,615) (36,062) A current year 12 months and prior year 12 months combined position is as follows.. Net movement in funds Transfers between funds At 31.12.23 At 1.1.22 Unrestricted funds General fund Designated fund 94,869 637,487 (40,716) (32,836) 16,102 (56,377) 70,255 548,274 732,356 (73,552) (40,275) 618,529 Restricted funds Antique collection5 Museum Marlborough drawings Education Town signs Museum MTC Modes Database Marketing & Promotlon Roof ConseNation Buildings repairs 353 45,868 1,554 1,375 875 3.881 640 844 353 43,802 1,554 (2,066) (1,375) 875 3,395 1,203 844 (486) 563 (40,275) 730 2,915 40,275 730 2,915 55,390 (39,994) 40,275 55,671 TOTAL FUNDS 787,746 (113,546) 674,200 Page 16 continued...
THE MERCHANT'S HOUSE (MARLBOROUGH) TRUST NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023 13. MOVEMENT IN FUNDS - continued A current year 12 mDnths and prior year 12 month5 combined net movement in funds, included in the above are as follows: Incoming resources Resources expended Movement in funds Unrestricted funds General fund Designated fund 188,069 (228,785) (32,836) (40,716) (32,836) 188,069 (261,621) (73,552) Restricted funds Audit fee Mijseum Education Museum MTC Modes Database Roof Conservation Buildings repairs 2,000 (2,000) (2,066) (1,375) (486) (437) (54,275) (270) (17,085) (2,066) (1,375) (486) 563 (40,275) 730 2,915 1,000 14,000 1,000 20,000 38,000 (77,994) (39,994) TOTAL FUNDS 226,069 (339,615) (113,546) The following designations have been made: Balance at 31.12.2022 Movements/ Transfers in year Balance at 31.12.2023 Purpose of designation Salaries and other running costs Replacements for loaned furniture Capital projects Essential repairs Building5 used for charitable purposes Investment in Trading Company 16,500 4,250 25,730 53,842 517,155 20,010 16,500 4,250 25,730 4,989 476,795 20,010 (48,853) (40,360) 637.487 (89,213) 548,274 14. RELATED PARTY DISCLOSURES During the year the charity received a donation from it5 trading subsidiary The Merchant's House Trading (Marlborough) Limited of £46,255 (2022 £nil). The trading subsidiary has agreed after the balance sheet date to donate its net profit of £36,072 to the charity. At the year end the subsidiary owed the charity £34,436 (2022 - £21,005 owed to the subsidiary). Page 17 continued...
THE MERCHANT'S HOUSE (MARLBOROUGH) TRUST NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023 15. POST BALANCE SHEET EVENTS The Merchant's House (Marlborough} Trust has agreed after the balance sheet date to extend the lease on 132 High Street Marlborough for a further 25 years at £1 per annum. 16. MEMBERS, LIABILITY The charity is a private company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the charity in the event of liquidation. Page 18
THE MERCHANT'S HOUSE (MARLBOROUGH) TRUST DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 INCOME AND ENDOWMENTS Donations and legacies Donations and legacies Gift aid Subscriptions 22,510 633 3,417 23,319 3,041 2,385 26,560 28,745 other trading activities Fundraising events Admission fees Gift of shop profits 4,970 9,062 46,255 8,182 4,519 60,287 12,701 Investment income Property rental income Deposit account interest 43,659 881 42,585 32 44,540 42,617 Charitable actlvities Miscellaneous income Grants 132 6,490 4,000 132 10,490 Total incorning resources 131,519 94,553 EXPENDITURE other trading activities Fundraising event costs 871 2,637 Charitable activities Employment Costs Establishment costs Repairs and maintenance Office expenses Printing, postage and stationery Subscriptions and donations Sundry and other costs Depn leasehold property improvements Depn of antiques & paintings Depn of Dffice & museum equipment 49,883 16,301 97,287 1,490 3,201 113 50,912 9,491 29,309 2,020 5,095 229 1,331 3,675 7,876 626 3,675 6,592 766 179,308 110,564 Support costs Management Establishment C05t5 Carried forward 2,561 2,561 504 504 This page does not form part of the statutory financial statements Page 19
THE MERCHANT'S HOUSE (MARLBOROUGH) TRUST DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 Management Brought forward Office expenses Sundry and other costs 2,561 9,295 577 504 703 15 12,433 1,222 Finance Bank charges 353 671 Governance c05t5 Auditors, remuneration Legal and professional fees Accountancy fees 2,000 13,271 250 13.788 2,250 16,038 15,521 Total resources expended 209,003 130,615 Net expenditure (77,484) 136,062) This page does not form part of the statutory financial statements Page 20