2021-06-30-accounts - The Julia Margaret Cameron Trust

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					Page
Legal and administrative		information
Trustees annual report		(including	directors	report)	3-7
Independent examiners'		report
Statement offinancial	activities
Balance sheet					10—11
Notes to the accounts					12 —26

Address		The Julia Margaret	Cameron	Cameron	Cameron	Cameron	Trust	Trust
		Dimbola Lodge
		Terrace Lane
		Freshwater Bay
		Isle ofWight
		PO40 9QE
Council of	Management
(Trustees)		B Hinton MBE (Chairman)
		J Giddings
		R Simmonds
		JWhite (resigned	27	October			2021)
		D White
		J Peters
		F Richter (Appointed		17September 2020, resigned 19April 2021)
		I Dickens (Appointed J Orchard (Appointed		17September 2020, resigned 28 July 2021) 17September 2020, resigned 4August 2021)
		ECook (Appointed	17September 2020)
		J Osbourne (Appointed			28 July			2021)
Secretary		R Simmonds
Governing	Instrument	Memorandum 8 Articles			ofAssociation				—16March1993 (amended	11January 2013)
Charitable Status		The Trust isa registered				charity		No. 1026339
Company Status		The Trust isa limited		company				No. 02800174
Bankers		The Co-operative	Bank
		Stockport, Cheshire
		National Westminster		Bank Pic
		Newport
		Isle ofWight
Accountants		Moore (South) LLP
		9StJohns Place
		Newport
		Isle ofWight
		PO30 1LH
Solicitors		Robinson Jarvis &	Rolf
		18Melville Street
		Ryde
		Isle ofWight
		PO33 2AP

The Trustees who served during the financial y	ear were:
8 Hinton MBE (chairman)	J Osbourne	(Appointed		November 2021)
G Downey-Middleton (resigned 16/05/2019)	J Giddings
RSimmonds	D White
JWhite (deceased early 2022) J Orchard (Appointed 17September 2020)	J Peters
I Dickens (Appointed 17September 2020)	E Cook (Appointed		17	September 2020)

			Un-Restricted
			and Designated	Restricted	Total	Total
			Funds	Funds	Funds	Funds
			2021	2021	2021	2020
						Restated
		Notes	6			E
Income and endowments	from:
Donations and legacies			177,311	2,500	179,811	140,464
Income from other trading	activities:
Fund raising activites			38,634		38,634	60,179
Investment income			12		12	39
Income from charitable activities			15682		15682	45 858
Total income and endowments			231,639	2,500	234,139	246,540
Expenditure on:
Costs of raising funds		5	4,673	2,500	7,173	23,013
Charitable activities:
Operation of Dimbola
Museum and Galleries		5	130569		130569	121259
Total expenditure			135,242	2,500	137,742	144,272
Net income/(expenditure)	for the year		96,397		96,397	102,268
Gain/(losses) on revaluation		offixed assets	62,600		62,600	250,400
Transfer between funds
Net movement in funds			158,997		158,997	352,668
Reconcilation offunds:
Total funds brought forward	at	1 February 2020	927,500		927,500	574,832
Total funds carried forward	at 30June 2021		1,086,497		1,086,497	927,500

AS AT 30JU	NE 20	21
					2021		2020
							Restated
			Notes
Fixed assets
Tangible assets			8		479,935		357,123
Heritage assets			9		33,612		33,612
Investment	properties		10		573,000		510,400
Investments			11		1		1
					1,086,548		901,136
Current assets
Gift shop stock				1,500		1,500
Debtors			12	60,685		29,723
Cash at bank in hand				3056		53592
				65,241		84,815
Current liabilities
Creditors: Amounts		falling due within
one year			13	30750		19817
Net current assets					34,491		64,998
Long term liabilities
Loans			14		34542		38634
Net assets					1,086,497		927,500
Funds
Restricted			17
Unrestricted			15		1 086497		927500
					1,086,497		927,500

ofeach asset on a	systematic basis	over its expected useful life
Freehold premises		2'/0 straight line
Heritage museum	exhibitions	n/a —see below
Freehold property		2'/0 straight line
Investment property		n/a —see below
Website and IT		20'/0 straight line
Fixtures and fittings		15'/0 reducing balance

Income fro	m donat	ions and legacies
			Un-
			Restricted	Restricted	Total	Total
			Funds	Funds	Funds	Funds
			2021f	2021 6	2021 F	2020f
Grants			71,013	2,500	73,513
Donations	including	Gift Aid	102,000		102,000	136,103
Friends contributions			4298		4298	4 361
			177,311	2,500	179,811	140,464
Income from fund		raising activities
Rental income			35,353		35,353	36,858
Events			3,281		3,281	3,890
Room hires						1,090
Gilt Shop income						18341
			38,634		38,634	60,179

Income from charitable activities
	Un-
	Restricted	Restricted	Total	Total
	Funds	Funds	Funds	Funds
	2020 6	2020 6	2020f	2021 6
Admission	14,858		14,858	36,598
Touring exhibitions Course fees				(110) (35)
Other	824		824	9405
	15,682		15,682	45,858

FO	R THE PERIOD ENDED 30JUN	R THE PERIOD ENDED 30JUN	E 2021
5.	Total expenditure
			Costs of			Total	Total
			Generating	Charitable		funds	funds
			Funds	activities	Governance	2021	2020
							Restated
							6
	Brochure costs		713			713	21
	Staff costs			46,803		46,803	43,019
	Exhibition and event costs		6,460			6,460	33,025
	Premises			33,942		33,492	26,205
	Insurance			4,993		4,993	4,861
	Travel			1,318		1,318	637
	Telephone and	internet		1,399		1,399	992
	Office supplies			4,986		4,986	3,045
	Professional			685		685	501
	Accounting, bookkeeping
	and examination			7,667	2,000	9,667	6,572
	Depreciation			18,228		18,228	7,040
	Bank charges			528		528	1,250
	Loan interest			892		892	1,111
	Other and subscriptions			3,492		3,492	1,338
	Gift shop			623		623	14,655
	Bad debt written	off		3,013		3,013
	Allocation ofgovernance			2,000	(2,000)
			7,173	130,569		137,742	144,272

6.	Net incoming/(outgoing)	Net incoming/(outgoing)	resources for the year	resources for the year
	Net income / (expenditure)		is stated after charging		/ crediting:
						2021f	2020
	Depreciation					18,228	7,040
	Independent examination					2,000	1,080
7.	Staff and Trustee	Costs
						2021	2020
							f
	Wages including National		Insurance			46,395	42,723
	Defined contribution	pension		costs		408	296
						46,803	43,019

durin	g the ye	ar offN	il (2020 —513	).The	Trust	pur	chased Trustee insur	ance as part ofacombine	d packa
								2021	2020
The	average	number	ofemployees	dudng	the	year	was:

FOR THE PERIOD ENDED 30JUNE	2021
8.Tangible fixed assets - restated
	Land and	ITand	Fixtures &
	Buildings	Website	Fittings	Total
			8	8
Cost
At 1 February 2020	350,832	4,534	66,913	422,279
Additions	115634		25406	141 040
At 30June 2021	466,466	4,534	92,319	563,319
Depreciation
At 1 February 2020	5,032	4,399	55,725	65,156
Charge for year	10405	47	7776	18228
At 30June 2021	15,437	4,446	63,501	83,384
Net book value at 30June 2021	451,029	88	28,818	479,935
Net book value at 31 January 2020	345,800	135	11,188	357,123

Cost at 1 February 2020		510,400
Revaluation gain/(losses)		62600
At 31 January 2021		573,000
Net book value at 31January	2020	510,400
Net book value at 30June 2021		573,000

Summary profit and los	s accou	nt JMCT Tr	ading Ltd
				2021	2020
				6
Turnover				87,255	69,476
Government grants				34,827
Cost ofsales and administrative		expenses		~145981	~86217
Operating profit				(23,899)	(16,741)
Retained in the subsidiary				(23,899)	(16,741)
The assets and liabilities ofthe subsidiary			were:
Current assets				11.323	2,668
Creditors: amounts falling	due within one year			~62 188	~29634
Total assets less current	liabilities			(50,865)	(26,966)
Aggregate share capital and reserves				(50,865)	(26,966)
Rent has been contdbuted	to the	Charity off5,910(2020 —63,380)

FOR	THE PE	RIOD EN	DED 3	0JUNE 2021
12.	Debtors
					2021	2020f
	Sales ledger debtors					2,865
	Amounts due from subsidiary			trading company	60865	26 858
					60,685	29,723
13.	Creditors:	Amounts	falling	due within one year
					2021	2020f
	Loans				4,107	5,820
	Purchase	ledger creditors			5,733	6,736
	Other creditors				6,235	3,214
	Accruals and deferred		income		14675	4 047
					30,750	19,817
14.	Creditors:	Amounts	falling due in more than one year
					2021 f	2020 f
	Otherloans				34,542	38,634

				At				At
				1 February	Incoming	Outgoing	Transfers	30June
				2020	resources	resources	(note 6)	2021
					(inc.gains)
					6
General fund				545,625	231,639	(135,242)	24,917	666,939
Designated		reserve		24,917			(24,917)
Revaluation		reserve		356958	62600			419558
Total unrestricted Restricted fund			funds	927,500	294,239 2500	(135,242) ~2500		1,086,497
				927,500	296,739	(137,742)		1,086,497
Comparative		Movement		in funds - restated
				At				At
				1 February	Incoming	Outgoing	Transfers	31January
				2019	resources	resources	(note 6)	2020
				6	(inc.gains) 8
General fund				439,907	128,540	(142,822)	120,000	545,625
Designated	reserve			26,917	118,000		(120,000)	24,917
Revaluation		reserve		106558	250400			356 958
Total unrestricted Restricted fund			funds	573,382 1 450	496,940	(142,822) ~1450		927,500
				574,832	296,490	(144,272)		927,500

						Unrestricted		Restricted		Total
						fund		fund		funds
						F		6
	Tangible		fixed	assets		1,086,548				1,086,548
	Current		assets			65,241				65,241
	Current liabilities Long term liabilities					(30,750) ~34 542				(30,750) ~34542
						1,086,497				1,086,497
	Comparative			Analysis	of	net assets between	funds - restated
						Unrestricted		Restricted		Total
						fund		fund		funds
						6		F		6
	Tangible		fixed	assets		901,136				901,136
	Current		assets			84,815				84,815
	Current liabilities Long term liabilities					(19,817) ~38634				(19,817) ~38634
						927,500				927,500
17.	Restricted Funds
	The Trust had			the following		restricted funds at the year end:
						At				At
						1 February	Incoming	Outgoing	Transfers	30June
						2020 6	resources	resources f	f	2021 5
	Natural	enterprise					2,500	(2500)

In line with the charities st	atem	ent of rec	ommended	practice, presented	below is the full	comparative	SOFA
				Un-Restricted
				and Designated	Restricted	Total	Total
				Funds	Funds	Funds	Funds
				2020	2020	2020	2019
			Notes	8
Income and endowments	from:
Donations and legacies Income from other trading	activities:		2	140,464		140,464	50,967
Fund raising activites Investment income			3	60,179 39		60,179 39	55,335 33
Income from charitable activities			4	45858		45858	38852
Total income and endowments				246,540		246,540	145,187
Expenditure on:
Costs of raising funds Charitable activities:				23,013		23,013	8,499
Operation of Dimbola
Museum and Galleries				119809	1450	121529	98452
Total expenditure				142,822	1,450	144,272	106,951
Net income/(expenditure)	for the year			103,718	(1,450)	102,268	38,236
Gain/(losses) on revaluation		offixed assets		250,400		250,400
Transfer between funds
Net movement in funds				354,118	(1,450)	352,668	38,236
Reconcilation offunds:
Total funds brought forward	at	1 February	2019	573,382	1,450	574,832	536,596
Total funds carried forward	at 31 January		2020	927,500		927,500	574,832