REGISTERED COMPANY NUMBER: 02704749 (England and Wales) REGISTERED CHARITY NUMBER: 1010902 THE MERCHANT'S HOUSE (MARLBOROUGH) TRUST UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024
THE MERCHANT'S HOUSE (MARLBOROUGH) TRUST CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024 Page Report of the Trustees Independent Examiner's Report Statement of Flnancial Activities Statement of Financlal Positlon Notes to the Financlal Statements 9 to 18 Detailed Statement of Financial Activities 19 to 20
THE MERCHANT'S HOUSE (MARLBOROUGH) TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2024 The trustees who are also directors of the charity for the purposes of the Companles Act 2006, present their report with the financial statements of the charity for the year ended 31st December 2024. The trustees have adopted the provisions of Accounting and Reporting by Charitles.. 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 AND ACTIVITIES Objectlves and aims Objects The objects of the Trust are to preserve archltectural and construttional herltage bulldlngs, and to educate by exhiblting bulldlngs and objects, Alms The principal activlty and aim of the companyi a charitable trust, continue5 to be the renovatlon and presentatlon of the town house and shop bullt by sllk 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 vi51tor 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 collectlon. The Trust occupies 132 Hlgh Street, Marlborough, under a lease from Marlborough Town Council at nomlnal rent and runs until January 2048. A5 well as holding the lease of 132 High Street, the Trust own5 the freeholds of 133 High Street and of The Old Print Works on the land behlnd 132. Strategies There are a number of projects connected with conservatlon, restoratlon 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 fundin9 for each project and we will continue to approach a range of grant-giving institutions and individuals to achleve thls. The trustees are very eonsclous that the environment in which the Trust operates is an evolvlng one and that the charlty needs to keep under continuous review its immediate priorltles, how it presents itself, and how best to secure the funding it needs to do its work. Conservatlon Much of the main Merchant's House building has been made safe, attractlve, and vlsitable over the last 30 years. Nevertheless, the report commissioned in 2019 by the tru5tee5 revealed a backlog of maintenance and conservation work required to the variou5 buildings. Work to address this started In 2021. After finishing the first phase and second phases and having secured most of the fundlng we focused on completlng the remalnlng and final phase of the roof repair during 2024. However, during the repair, it became evldent that one of the main chimney's needed repairs and whilst our contractors have secured the chimney for the time being we are seeking appropriate permlssions and funding to fully repair this key component of the House The Museum The museum, housed in part of the bulldingi house5 0 collectlon of objects linked to Marlborough. The museum successfully re-opened following Covid with an exhibltlon to commemorate Marlborough at War and 80 years since WWII Normandy Landlngs. The re-opening has helped play a role In attracting what we think 15 the hlghest number of visStors to the House since it flrst opened to the publlc The Collections Having secured for the museum, two 19th Century paintlngs by George Maton, depictlng the Town Green wlth 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 guides in the House, working in the garden and shop, creating embroidery, and helping with events, staying in touch with 5UPPOrters and general administration. Page I
THE MERCHANT'S HOUSE (MARLBOROUGH) TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2024 OBJECTIVES AND ACllVITIES Visitors In 2024 we welcomed 2,401 paying visltors as the House was fully open from its planned period of March to December 2024 and contlnue5 to look to increase visitor numbers through our associate membershlps with Historic Houslng Association and Visit Wiltshire. We think 2,401 Is a record number of visitors Events The Trust arranged a number of events durSng 2024 to support and promote the work of The Merchant's House and to raise funds. As the House remained open until December, the events programme included an evenlng of muslc and singlng and children's Halloween events alongside the traditional Spring Studies Lecture and Open Gardens, and a re-enactment event by The Devereux's Regiment of Foot on the weekend 6th & 7th July. For the first time, the entlre building was decorated Internally for Chrlstmas, to the theme of 'The Night Before Christmas, to capitali5e on another local Christmas attraction belng closed due to floodlng, Dlgital The Trust Is making greater use of digltal media and platforms slnce the launch of a new webslte in January 2023 and is generating local Interest and helping towards increased visitor numbers especially via our relationship with Historic Houses. A 7-page article in the August Historic Houses magazine provided a significant boost to visitor numbers. Education Our education work contSnued, wlth our Vlsits and Tours Co-ordlnator vlsltlng schools to talk about the House. We had visits from, amongst others, Marlborough St. Mary's School, Great Bedwyn, Oare and Preshute Primary schools 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. Durlng the year Dr Rowan Whimster joined as trustee In November 2024. We antlcipate some changes during 2025 not least due to potential changes in Marlborough Town Councillor Trustees following Local Electlons in May FINANCIAL REVIEW Fundraislng The Trust relied on its own fundraislng activities durlng 2024, with new events showlng positive results and potentlal to bulld upon going fornard. Chrlstmas event5 proved popular with a positive return. living history event in July attracted a new audience. Tradlng Company increasingly 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 reseNe5 is at least equlvalent to the liabilities of the Trust at any point in tlme so that, combined with the current incoming resources for the current year, the Trust's actlvitles may continue for a further period of twelve months. At 31 December 2024 the trustees consider that the level of reserves Is satisfactory. Having used the reserves to support activities during 2023 and 2024, the Trustees plan to restore unrestricted reserves towards 6 months or longer as quickly as financial conditions allow. The Trust's Designated Reserve Fund exlsts to support the long-term financial plans and aspirations of the Trust. Further details of the fund are shown at note 16 to the financial statements. Varlous elements of the Designated Fund are added to each year as funds permit, or spent if needed. The Designated Reserve Fund (except for the Trust's freehold property asset5 and subsldiary company investment) 15 held in the Trust's bank accounts. Page 2
THE MERCHANT'S HOUSE {MARLBOROUGH) TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2024 FUTURE PLANS The Trust has commenced creatlon of a new Bulldlng ConseNation Management Plan. Thls to cover the years 2025 2029 and is currently undergoing a strateglc review of Its museum actlvities and subsequent plans. The Trustees have revlewed the 5-10-year strateglc plan that alms to enhance vlsltor experlence, access and greater Ilnkages with Marlborough and wider communities Incltsding educational facilltles and museums. The Introductlon in 2024 of unguided tours has proved very successful and now accounting more than 65¥0 of total visits for those who appreciate a more flexible way to experience the Ptouse and Museum. H05ted and escorted tours continue to be popular as well in helping the visitor to become more fully immersed in 17 Century History as well as touching on the changes that have taken place since then Our prlority remalns to raSse sufflcient funds in 5UPPOrt of the House and turn towards more detalled re5toratlon, and looking at how we present the House and its collectlons. STRUCTURE, GOVERNANCE AND MANAGEMENT Governance The company Is a registered charity (no. 1010902) and is Ilmited by guarantee of £1 from each of Its members. It Is governed by its Memorandum of Association and Artlcles of Assoclation. Trustees are appointed for a three-year term at the end of which they may be reappointed by resolutlon at the Annual General Meetlng 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 sympathetlc to the aims of the Trust and can contribute towards achieving those aims. Management The board of trustees hold the prlmary responslbillty for management of the Trust's affalrs and for the achievement of the Trust's charitable objectives. Day to day operatlons are supervlsed by the Trust Manager who 15 assisted by a team of staff and volunteers. Tradlng subsldlary A wholly owned subsidiary companyi Merchant's House Trading (Marlborough) Llmited, operates a gift shop at the House and donates its annual profits to the Trust in the following Financlal year. The tradlng company is managed by a board of directors. Rlsk The trustees know they must be prudent in managing the charlty and pursuing Its charitable objectlves. They appreciate also that, a5 Wlth many charities, the sources of funding on which they rely are susceptlble to conslderable fluctuation, To balance the Trust's incoming re50urce5 Wlth its annual expenditure, we operate a system of budgetary control and the trustees revlew financial performance at thelr regular meetings. The board of trustee5 keep under review the major rlsks associated with the Trust's activities. Any risks identlfied are monitored and mitigation measures put in place where needed, REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number 02704749 (England and Wales) Registered Charlty 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 31sr DECEMBER 2024 Trustees A M Galvln-wrlght (Chalr) MJ Hall ARWRoss E J S Hiscocks J Sheppard G L Smith MZHMFogg J V Patrick G F Deatker R P Whimster (appointed 13.11.24) Company Secretary K R Dlckens Independent Examlner Morris Owen Chartered Accountants 43-45 Devlzes Road SWINDON Wiltshire SNI 4BG EVENTS SINCE THE END OF THE YEAR Information relatlng to events since the end of the year is given in the notes to the financial statements. Approved by order of the board of trustees on 24th June 2025 and signed on its behalf by: A M Galvln-wright - Trustee Page 4
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE MERCHANT'S HOUSE (MARLBOROUGH) TRUST Independent examiner's report to the trustees of The Merchant's House (Marlborough) Trust ('the Company,) I report to the charity trustees on my examlnation of the accounts of the Company for the year ended 31st December 2024. Responsibilities and basis of report As the charlty's trustees of the Company (and a150 its directors for the purposes of company law) you are responslble for the preparation of the accounts in accordance wlth the requirements of the Companles Act 2006 ('the 2006 Act,), Having satlsfled myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are ellgible for Independent examinatlon, I report in respect of my examlnation 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 Dlrections given by the Charity Commi551on under Section 145(5) (b) of the 2011 Act. Independent examlner's Statement I have completed my examlnation, I confirm that no matters have come to my attention In connertion with the examinatlon giving me cause to believe., accounting records We not kept In respect of the Company as required by Section 386 of the 2006 Act; or the account5 do not accord with those records,. or the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and falr view which Is not a matter considered as part of an independent examination; or the accounts have not been prepared in accordance wlth the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance wlth the Financial Reporting Standard applicable In the UK and Republic of Ireland (FRS 102)). I have no concern5 and have come across no other matters in connectlon with the examlnatlon to whlch attention should be drawn In thi5 report in order to enable a proper understanding of the accounts to be reached. Ian Sumbler FCCA Morrls Owen Chartered Accountants 43-45 Devizes Road SWINDON Wiltshire SNI 4BG Date.. Page 5
THE MERCHANT'S HOUSE (MARLBOROUGH) TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST DECEMBER 2024 2024 Total funds 2023 Total funds Unrestricted Restricted funds funds Notes INCOME AND ENDOWMENTS FROM Donatlons and legacies 6,995 67.131 74,126 26,560 ChaTltable activities Miscellaneous income 1,175 1,175 132 Other trading activities Investment income other Income 63,889 21,276 122 63,889 Zl,276 122 60,287 44,540 Total 93,457 67.131 160.588 131,519 EXPENDrruRE ON Fundraising and event costs 2,131 2,138 871 Charitable actlvities House restoration, purchase of fijrnishlngs, and educatlon 123,932 41,426 165,358 208,132 Total 126,063 41,433 167,496 209,003 NET INCOME/(EXPENDITURE) (32,606) 25,698 (6,908) (77,484) RECONCILIATION OF FUNDS Total funds brought forward 618,529 55,671 674,200 751,684 TOTAL FUNDS CARRIED FORWARD 585,923 81,369 667,292 674,200 The note5 form part of these financial statements Page 6
THE MERCHANT'S HOUSE (MARLBOROUGH) TRUST STATEMENT OF FINANCIAL POSITION 31ST DECEMBER 2024 2024 Total funds 2023 Total funds Unrestricted fund5 Restricted funds Notes FIXED ASSETS Tang ible assets Investments li 12 507,367 20,010 43.647 551,014 20,010 558,469 20,010 527,377 43.647 571,024 578,479 CURRENT ASSETS Debtors Cash at bank and In hand 13 36,661 43,174 36,661 80,895 42,941 64,255 37,721 79,835 37,721 117,556 107,196 CREDITORS Amounts falllng due withln one year 14 (21,288) (21,288) {11,475) NET CURRENT ASSETS 58,547 37,721 96,268 95,721 TOTAL ASSETS LESS CURRENT LIABILITIES 585,924 81,368 667,292 674,200 NET ASSETS 585,924 81,368 667,292 674,200 FUNDS Unrestricted fund5: General fund Designated fund 16 43,548 542,376 70,255 548,274 585,924 618,529 Restricted funds 81,368 55,671 TOTAL FUNDS 667,292 674,200 The charitable company 15 entitled to exemption from audlt under Section 477 of the Companies Act 2006 for the year ended 31st December 2024. The members have not requlred the company to obtain an audit of its flnanclal statements for the year ended 31st December 2024 in accordance with Section 476 of the Companies Act 2006. The trustees acknowledge thelr responsibilities for (a) ensuring that the charitable company keeps accounting record5 that comply wlth Sections 386 and 387 of the Companie5 Act 2006 and preparing financial statement5 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 deflcit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply wlth the requireTnents of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. (b) The note5 form part of these financial statements Page 7 continued...
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THE MERCHANT'S HOUSE (MARLBOROUGH) TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024 CHARITY INFORMATION The company is a company limited by guarantee and Incorporated In England and Wales, and a regIsted charity with the Charity Commlssion In England and Wales. The reglstered office address 15 The Merchant's House, 132 High Street, Marlborough, Wiltshlre SN8 IHN. These flnanclal statement5 are presented in British Pounds (GBP), which is the charity's functlonal and presentational currency. ACCOUNTING POLICIES Basis of preparing the financlal statements The financial statements of the charitable companyi whlch Is a PLJbllc beneflt entlty under FRS 102, have been prepared accordance with the Charities SORP (FRS 102) 'Accounting and Reportlng by Charities.. Statement of Recommended Practice applicable to charities preparlng their accounts in accordance with the Financial Reportlng Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019),, Flnancial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Companies Act 2006, The financlal 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 golng concern basls under the historical cost conventlon, modifled to Include certain Items at fair value. The financial statements are prepad in sterllng whlch is the funrtional currency of the charlty and rounded to the nearest pound. There are no significant areas of Judgements or key sources of estlmation uncertainty. The trustees consider that there are no material uncertainties about the Charlty's ability to continue as a going concern. Legal status of the Charity The charity 15 a company limlted by guarantee and has no share capital. In the event of the charity being wound up, the liabllity In respect of the guarantee is Ilmited to £1 per member of the charity. Financial reporting standard 102 - reduced disclosure exemptions The charity has taken exemption from preparing a cash flow statement under the charities SORP (FRS 102) Update Bulletin l issued on 2 February 2016, a5 the charity constitutes a small charlty. Preparation of consolidated flnancial 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 Justiflable, Income All income Is recognlsed in the Statement of FinancSal Activitles once the charlty 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 a5 expenditure as soon as there Ss a legal or constructive obligation committing the charity to that expenditure, It is probable that a transfer of economic benefit5 wlll be required in settlement and the amount of the obligation can be measured rellably. Expendlture 15 accounted for on an accruals basls and ha5 been classlfied under headings that aggregate all C05t related to the category, Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis conslstent wlth the Lise of resources. Page 9 continued...
THE MERCHANT'S HOUSE (MARLBOROUGH) TRUST NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 31ST DECEMBER 2024 ACCOUNTING POLICIES - contlnued Governance costs Governance costs include costs of the preparalion and examination of the statutory accounts, the cost of trustee meetings and the cost of any legal advlce to trustees on governance or constitutional matters. Tangible flxed assets Flxed assets are recorded at cost. Depreciation Is provided on tangible Iixed assets so as to write off the cost or valuation, le55 any estimated residual value, over thelr expected useful economic life as follows: Museum Equipment Office & computer equipment Antiques & paintings Freehold property Improvements to leasehold property 6.67010 Straight line basis 20Vo Stralght Ilne basls 200/0 Stralght line basls See below IOOVO Straight line basls (see below) The trustees conslder that owlng to the incomparable nature of the freehold property, It would be difflcult to obtain a valuation under conventlonal valuation methods, Even If valuallons could be obtained, the trustees consider that the costs would be onerous compared with the additional benefits derived by users of the accounts. As such the freehold property Is being shown at cost and is not depreciated. The company has a lease of the property at 132 Hlgh Street and a5 a matter of pollcy writes off the expense of any improvements carried out on the building as incurred. Taxation The charSty Is exempt from corporation tax on Its charitable attivltie5. Fund accounting Unrestricted funds can be used In accordance wlth the charltable objectives at the discretion of the trustees but some of those funds are designated by the trustees for speclfic purposes. Restrlcted funds can only be used for particular restricted purposes within the objerts of the charlty. Restrictions arise when specified by the donor or when funds are raised for partlcular restricted purposes. Further explanatlon of the nature and purpose of each fund is included In the notes to the financlal statements. Debtors Trade and other debtors a recognlsed 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 openlng of the deposit or simllar account. Creditors Creditor5 are recognised where the charity has a present obllgation resultlng from a past event that wlll probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount after allowing for any trade discounts due. Financial Instruments Financial assets and liablllties are recognised and carried at transaction prlce, the Trust having no 'financing' transattions. For thls purpose, flnancial assets are trade and other receivables, cash and bank balances and flnancial liabilitles are trade and other payables and loan5. Page 10 contlnued..,
THE MERCHANT'S HOUSE (MARLBOROUGH) TRUST NOTES TO THE FINANCIAL STATEMENTS - Contlnued FOR THE YEAR ENDED 31ST DECEMBER 2024 DONATIONS AND LEGACIES 2024 2023 Donations and legacie5 Glft ald Subscriptions 69,325 1,103 3,698 22,510 633 3,417 74,126 26,560 Included In 'grants and donations, above are: 2024 2023 Marlborough Area Board The Syder Foundation Marlborough Town Council Aurelius Trust Fitton Trust Legacies Sarah Hunt Other grants and donations 3,500 15,000 1,000 2,000 250 37,451 20,000 2,510 10,124 69,325 22,510 OTHER TRADING ACTIVITIES 2024 2023 Fundraising events Admission fees Glft of Shop profits 7,399 20,418 36,072 4,970 9,062 46,255 63,889 60,287 The trading shopi Merchant's House Trading (Marlborough) Llmited, profits for the year ended 31 December 2024 were £2,715, These were gifted in full to The Merchant's House (Marlborough) Trust after the balance sheet date and therefore will appear in the 2025 statutory accounts. INVESTMENT INCOME 2024 2023 Property rental income Deposlt account interest 20,275 I,ooi 43,659 881 21,276 H,540 Page 11 continued.,.
THE MERCHANT'S HOUSE (MARLBOROUGH) TRUST NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2024 NET INCOME/(EXPENDITURE) Net income/(expenditure) is stated after charging/(credlting)', 2024 2023 DeprecSatlon - owned assets 7,455 11,030 TRUSTEES, REMUNERATION AND BENEFITS There were no trustees, remuneratlon or other benefits for the year ended 31st December 2024 nor for the year ended 31st December 2023. Trustees. expenses Trustees, expenses totalling £nil (2023 £nil) for charitable expenditure were relmbur5ed by the charlty. STAFF COSTS The average monthly number of employees during the year was a5 follows.. 2024 2023 Trust Manager & Admlnistrators No employees received emoluments in excess of £60,000. INDEPENDENT EXAMINERS FEES 2024 2023 statutory accounts produttlon & external scrutlny 2,875 2,250 2,875 2,250 10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted funds Restricted funds Total funds INCOME AND ENDOWMENTS FROM Donations and legacles 6,558 20,002 26,560 Charitable activities Miscellaneous income 132 132 other tradlng activities Investment income 60,287 44,540 60,287 44,540 Total 111,517 20,002 131,519 EXPENDITURE ON Fundraising and event costs 871 871 Charltable actlvltles House restoration, purchase of furnlshings, and education 133,944 74,188 208,132 Total 134,815 74,188 209,003 Page 12 continued...
THE MERCHANT'S HOUSE (MARLBOROUGH) TRUST NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2024 10. COMPARATIVE5 FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued Unrestricted Restricted funds funds Total funds NET INCOME/(EXPENDITURE) Transfers between fund5 (23,298) (40,275) (54,186) 40,275 (77,484) Net movement In funds (63,573) (13,911) (77,484) RECONCILIATION OF FUNDS Total funds brought forward 682,102 69,582 751,684 TOTAL FUNDS CARRIED FORWARD 618,529 55,671 674,200 11. TANGIBLE FIXED ASSETS Freehold property Museum equipment Leasehold improv'nts COST At 1st January 2024 and 31st December 2024 517,157 55,115 748,577 DEPRECIATION At 1st January 2024 Charge for year 22,050 3,675 748,577 At 31st December 2024 25,725 748,577 NET BOOK VALUE At 31st December 2024 517,157 29,390 At 31st December 2023 517,157 33,065 Offlce & computer equipment Antiques & paintings Totals COST At 1st January 2024 and 31st December 2024 256,827 31,481 1,609,157 DEPRECIATION At 1st January 2024 Charge for year 250,464 3,082 29,597 1,050,688 698 7,455 At 31st December 2024 253,546 30,295 1,058,143 NET BOOK VALUE At 31st December 2024 3,281 1,186 551,014 At 31st December 2023 6,363 1,884 558,469 Page 13 continued,.,
THE MERCHANT'S HOUSE {MARLBOROUGH) TRUST NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2024 12. FIXED ASSET INVESTMENTS Shares In group undertaklngs COST At 1st January 2024 and 315t December 2024 20,010 NET BOOK VALUE At 31st December 2024 20,010 At 31st December 2023 20,010 There were no investment assets outslde the UK. The company's Investments at the balance sheet date In the share capital of companles include the following: Merchant's House Trading (Marlborough) Limited Registered offfice: The Merchant's House, 132 High Stet, Marlborough, Wlltshire SN8 IHN. Nature of busine55.' Gift shop Class of Share., Ordinary holding loo 2024 2023 Aggregate capital and reserves 27,068 60,592 13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Amounts owed by group undertaklngs VAT Prepayment5 and accrued income 36,010 34,436 3,205 5,300 651 36,661 42,941 14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Bank loans and overdrafcs (see note 15) VAT Accruals and deferred income 149 1,402 19,737 11,475 21,288 11,475 Page 14 continued...
THE MERCHANT'S HOUSE (MARLBOROUGH) TRUST NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 31ST DECEMBER 2024 15. LOANS An analy515 of the maturity of loans is given below.. 2024 2023 Amounts falling due within one year on demand.. Bank overdrafts 149 16. MOVEMENT IN FUNDS Net movement in funds Transfer5 between funds At 31.12.24 At 1.1.24 Unrestrlcted funds General fund Designated fund 70,255 548,274 (26,707) (5,898) 43,548 542,376 618,529 (32,605) 585,924 Restricted funds Antique collections Museum Marlborough drawings Town signs Museum MTC Modes Database Marketing & Promotion Conservation Build ings repairs Sir John Sykes Room Chair Restoration MHT Merch 353 43,802 1,554 875 3,395 1,203 844 730 2,915 (353) (968) 42,834 (1,554) (875) 799 {219) 4,194 984 (844) 730 21,546 10,000 80 1,000 25,005 {6,374) 10,000 80 1,000 55,671 25,697 81,368 TOTAL FUNDS 674,200 (6,908) 667,292 Net movement in funds, included in the above a as follows.. Incoming resources Resources expended Movement In funds Unrestricted funds General fund Designated fund 92,457 1,000 {119,164) (6,898) (26,707) (5,898) 93,457 (126,062) (32,605) Restrirted funds Museum Museum MTC Modes Database Buildings repalrs Chalr Restoration MHT Merch 500 1,000 {1,468) (201) (219) (39,546) (968) 799 (219) 25,005 80 1,000 64,551 80 1,000 67,131 (41,434) 25,697 TOTAL FUNDS 160,588 (167.496) (6,908) Page 15 continued...
THE MERCHANT'S HOUSE {MARLBOROUGH} TRUST NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2024 16. MOVEMENT IN FUNDS - contlnued Comparatives for movement in funds Net movement in funds Transfers beeen funds At 31.12.23 At i,1.23 Unrestricted funds General fund Deslgnated 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 Restrlcted funds Antique collections Museum Marlborough drawlngs Education Town signs Museum MTC Modes Database Marketing & Promotion Roof Conservation Buildlngs 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 Comparatlve net movement in funds, included in the above are as follows.. Incoming resources Resources expended Movement in funds Unrestrlcted funds General fund Designated fund 111,516 (101,978) (32,836) 9,538 (32,836) 111,516 (134,814) (1,033) (1,375) (200) (218) (54,275) (17,085) (23,298) (1,033) (1,375) (200) (218) (54,275) 2,915 Restricted funds Museum Educatlon Museum MTC Modes Database Roof Buildings repairs 20,000 20,000 (74,186) (54,186) TOTAL FUNDS 131,516 {209,000} {77,484} Page 16 continued...
THE MERCHANT'S HOUSE {MARLBOROUGH} TRUST NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2024 16. MOVEMENT IN FUNDS - continued A current year 12 months and prior year 12 months comblned positlon Is as follows: Net movement in funds Transfers between funds At 31.12.24 At 1.1.23 Unrestricted funds General fund Designated fund 44,615 637,487 (17,169) (38,734) 16,102 (56,377) 43,548 542,376 682,102 (55,903) (40,275) 585,924 Restrlcted funds Antique collections Museum Marlborough drawings Education Town slgns Museum MTC Modes Database Marketing & Promotion Roof Conservation Bulldings repairs Sir John Sykes Room Chair Restoration MHT Merch 353 44,835 1,554 1,375 875 3,595 1,421 844 14,000 730 (353) (2,001) 42,834 (1,554) (1,375) (875) 599 (437) 4,194 984 (844) 40,275 (54,275) 730 21,546 10,000 80 1,000 27,920 (6,374) 10,000 80 1,000 69,582 (28,489) 40,275 81,368 TOTAL FUNDS 751,684 (84,392) 667,292 A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows., Incoming resources Resources expended Movement in funds Unrestricted funds General fund Deslgnated fund 203,973 1,000 (221,142) (39,734) (17,169) (38,734) 204,973 (260,876) (55,903) Restrlcted funds Museum Education Museum MTC Modes Database Roof Buildings repairs Chair Restoration MHT Merch 500 (2,501) (1,375} (401) (437) (54,275) (56,631) (2,001) (1,375) 599 <437) (54,275) 27,920 80 1,000 1,000 84,551 80 1,000 87,131 (115,620) (28,489) TOTAL FUNDS 292,104 (376,496) (84,392) The following deslgnations have been made: Page 17 contlnued..
THE MERCHANT'S HOUSE (MARLBOROUGH) TRUST NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 31ST DECEMBER 2024 16. MOVEMENT IN FUNDS - contlnued Balance at 31.12.2023 Movements/ Transfers in year Balance at 31.12,2023 Purpose of deslgnation Salarles and other running costs Replacements for loaned ftjrnlture Capltal projects Essential repairs Bulldlngs used for cha ritable pu rposes Investment in Tradlng Company 16,500 4,250 25,730 4,989 476,795 20,010 16,500 4,250 25,730 4,989 470,897 20,010 (5,898) 548,274 {5,898) 542,376 17. RELATED PARTY DISCLOSURES During the year the charity received a donation from Its trading subsidiary The Merchant's House Trading (Marlborough) Limited of £36,072 (2023 - £46,255). The trading subsidiary has agreed after the balance sheet date to donate its net profit of £2,715 (2023 - £36,072) to the charity. At the year end the subsidiary owed the charity £24,337 (2023 - £34,436). 18. POST BALANCE SHEET EVENTS The Merchant's House (Marlborough) Trust has agreed after the balance sheet date to extend the lease on 132 Hlgh Street Marlborough for a further 25 years at £1 per annum. 19. 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 31ST DECEMBER 2024 2024 2023 INCOME AND ENDOWMENTS Donatlons and legacles Donations and legacies Gift aid Subscriptions 69,325 1,103 3,698 22,510 633 3,417 74,126 26,560 Other trading activities Fundraising events Admisslon lees Gift of shop profits 7,399 20,418 36,072 4,970 9,062 46,255 63,889 60,287 Investment income Property rental income Deposit account Interest 20,275 I,ooi 43,659 881 21,276 44,540 Charitable activities Miscellaneous income 1,175 132 other Income Other income 122 Total incoming resources 160,588 131,519 EXPENDrruRE Other tradlng actlvltles Fundraising event costs 2,138 871 Charitable activities Employment costs Establishment costs Repairs and maintenance Offi'ce expenses Prlntingi Postage and stationery Su bscriptions and donations Depn leasehold property improvements Depn of antiques & paintings Depn of office & museum equipment 54,460 16,874 53,337 49,883 16,301 97,287 1,490 3,201 113 3,675 6,592 766 4.027 78 3,675 3.082 698 136,231 179,308 Support costs Management Establishment costs Office expenses Carried forward 437 6,593 7,030 2,561 9,295 11,856 Thls 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 31ST DECEMBER 2024 2024 2023 Management Brought forward Sundry and other costs 7,030 335 11,856 577 7,365 12,433 Finance Bank charges 383 353 Governance costs Legal and professional fees Accountancy fees 18,504 2,875 13,788 2,250 21,379 16,038 Total resources expended 167,496 209,003 Net expenditure (6,908) (77,484) Thls page does not form part of the statutory flnancial statements Page 20