Charlty reglstration number 1026339 Company gIStratiOn number 02800174 (England and Wales) THE JULIA MARGARET CAMERON TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
THE JULIA MARGARET CAMERON TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mr R J Simmonds Mrs J M Osbome Mr J Giddings Mr D White Dr B J Hinton SeGretary Mr R J Simmonds ChaTIty number 1026339 Company number 028174 Registered offjce Dimbola Lcrfjge Terrace Lane Freshwater Isle of Wight P040 9QE Independent examiner Moore (South) LLP 9 Sl Johns Place Newport Isle of Wight England P030 1LH
THE JULIA MARGARET CAMERON TRUST CONTENTS Page Twstees, report Independant examinees report statement of financtal activities Balance sheet Notes to the financial statements 10-23
THE JULIA MARGARET CAMERON TRUST TRUSTEES, REPORT {INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 30 JUNE 2024 The trustees present their annual report and financial statements for the year ended 30 June 2024. The financial statements have been prepared in accordance with the acwunling policies set out in note 1 to the financial Statements and comply with the charitrfs [goveming document]. the Companies Act 2006 and 'Accounting and Reporting by Charities: Stalement of Recommended Practi applicable to charities preparing their accounts in accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). Objectlves and acllvltles i. to provide at Dimbola Lodge, Freshwater on the Isle of Wight an Educational Centre to advance the education of the public in the work of Julia Margaret Camer(7n arKI the history of early photography, and the practice and appreciation of modern photography as an arL li. to encourage and promote awareness and knowledge of the historic Freshwater Circle and wnservation of the area known as the Tennyson Mile. iii. to advance educalion and knoledge of the links from Julia Margaret Cameron's time to the present day through our outreach philosophy reflecting the rich artistic. social & (xjltural diversity adherent both during her time on the Island. and in the significant milestones occurring since wilhin West Wight. Public benefrt The trustees have paid due regard to gutdance issued by the Charity Commission in deciding whal activities the charity should undertake. The Trust has built on its aims to work with disadvantaged groups by encouraging exhibitions through actively working with the Way Fomard programme and autistic people. We aim lo work even harder to interact 1th a range of people from different groups and backgrounds. This features heavily in our fotward plan. The Trust also recognise the need to engage with local people and inform Ihem about their local herilage and raise awareness of the significant history that Dimbola Lodge has in tern of Julia Margaret Cameron's relationship with Tennyson, Darwin. GF Watts. Ellen Tery and other famous visitors to Freshwater in the 1860s. This features as a key priority within our fotward plan. The Trust has received funding from the Daisy Rich Trust for engaging local people. We are actively VrkIng with the local community and people with disabilities. including another very successful exhibition Through Autistic Eyes. We have also worked with several schools whose students are not doing well in school and we have offered education through photography. The Trust is continuing its investment in long term projects to better educate the public by updating its interpretalion in house, better framed images and enhand lighting that not only gives a dearer image but redUS our carbon footprint too. We aim to apply to the Esmee Fairbaim Foundation for revenue funding to develop an outreach programme to include nursing homes. prisons and schools and hospitals. The trustees also recognise that Dimbola Museum and Galleries is a focal point of local arts and offers its facilities for hire and or use for a number of events which indude a camera club. extemal courses. internal courses. music evenings and literacy events. Dimbola Museum and Galleries already draws in thousands of visitors a year to the local area, which enhances the local economy.
THE JULIA MARGARET CAMERON TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 Achievements and performance Significant activities and achievements against objeclives Dimbola was still rebuilding stsff morale and visitor numbers after lockdown. The upgrade of library. museum shop, tearoom decor, and Ihe installation of a stained glass middle front door - all achieved in the year ending 2023 and parl of last yearfs Report - gave us a new lease of life. This in tum built on the major upgrade - both inside and out- thanks trj a private benefactor. As part of that same emergency Arts Council Emergency Resource Fund, we looked to recruit a new finance officer and a new curator, and both Rhoda Bracewell and Kelly Wetherick came to us as part time staff. and made our office team more priTractive. working with volunteers and members of the Board. The summer of 2023 saw a major exhibition. curated by Jo Macaulay and funded by Solo. titled "Experience 25" which covered the history of the Isle of Wight Festival 1968-1970 and then restarting in 2002 at Seaclose Park. Newport. This included a specially made visual history shown in rotation on a large screen. showing highlights of each year. and interviews wilh John Giddings and Ray Foulk This atlracted record visitor numbers and a wide range of ages. The exhibition was promoted at the 2024 Festival in Seaclose Park. and a good number of festival goers came over to see it. The show was later to transfer lo a mMunity space in Newport. with highlights of 2023 added. and launched just in time for Ihe June 2024 festival. a short walk from the festival site. As part of the celebrations in 2023. Oimbola was featured on BBC South with an interview wrth the photographer Gered Mankovitz. and later in the run of events. author Harry Shapiro gave an overview of Hendrix's lrfe. In September, the producer of "Latert. Mark Cooper. came to give his own take as head of music at the BBC. and showed highlights of the Jools Holland compered show. The autumn exhibilion in the Olympus Gallery was by documentary photographer David Tunnicliffe of ancient ruins in the deserts of North Africa. and David gave a tslk and took workshops. A matching show was Syd's use of antique mirrors and strange photographic effects. and Island sneS by Irish photographer John Bradshaw. November also saw the first of a series of workshops on old photographic methods in our newly renovated dark room by George Budden. demonstrating how young practioners could use local and sustainable material& The tea room won a bronze award in the Red Funnel awards. while a two day craft fair filled the house. giving a platform to local crafts people and raised £2.41JO for the Trust. 2024 opened. after a short dosed period to effect repairs and upgrades to museum and tearoom, with a new exhibition from Dickens Museum in Clerkenwell. opened by the novelist's great grandson. in which ortginal wet collodion images of Charles were subtly colourised using new techniques. This again attracted a major mini- documentary on South Today. on BBC I It was the first time that the Dickens Fellowship had ever loaned any material to an outside gallery. lan added Dickens memorabilia form his own family archives .and also highlighted his famous ancestorfs connections wilh the Island. and with Tennyson. March saw an experimental threatre. music and poetry event Ovid with Reverb. with the Latin poet. In April the Tom Ford Jazz Quartet performed live in the Olympus Gallery to a packed house. May saw our n8Xt Olympus exhibtion and work by the Swedish photographer Lisen Stibeck. flown straight from Stockholm, and with Lisen in person explaining how she was taking the influence of Julia Margaret Cameron onward into the modem world. This again drew major press interest. and a fascinated crowd of visitors. Oimbola continues to fulfil its roIe as an arts centre. but one centred on old photographic methods repurposed. and our pemianent interest in the work and cirde of Julia Margaret Cameron. All without any regular public funding. and the museum and gallery remains very much volunteer led. Plans for the future Continuing to develop exhibitions and events at Dimbola in the spirit of Julia Margaret Cameron. whilst improving the trading results of the wholly owned subsidiary whlch runs the tea room on site.
THE JULIA MARGARET CAMERON TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 Financial review The Trust has reported a deficit in the year of £(11,253) (2023: surplus of £43,778} on unrestricled funds and an overall deficit on total funds of £{10.550) (2023 - surplus of £10.059). The restricted funds had a movement of £703 {2023-. £33,719) which results in a balance of £703 {2023- £nil) at the year end. The total funds balance on restricted and unrestricted funds was £1.094.573 (2023.. £1.105,123). The tangible assets inctude the value of the main Dimbola Museum and Galleries properties whith indudes some additional flats and apartments which are successfully let. eaming irtcome for the Trust. There has been no change to the Heritage Assets or the £1 share propety of the vtholly owned trading subsidiary company which provides the team room on site. Alongside a programme of staffing and other expenditure reviews. the Trust is looking at its assets including the main house. and an investment property (Shetwc4)d bungalow and apartments) as part of a plan and forecast to return the Trust to good financial health and provide a sustainable model for the future. Going concem The companls wholly owned trading subsidiary JMCT Trading Limrted has also struggled through the pandemic years and beyond and incurred trading losses. In the year to 30 June 2024 Ihe trading company has generated a surplus of £22.655 (2023 defictt of £16.409). reduong the overall losses to £(50.572} 2023 (73.227}. and subsequent to the year end the inter company balance has been substantially repaid. The The trading subsidiary has incurred these overall losses with the operation of the tea room. which is integral to the visitor attraction of the gallery. Work continues to achieve improved results to retum the trading company lo more nortnal operations. The Trustees are of the opinion that no other signifant risks exisL and that li is appropriate to prepare the accounts an a going concem basis. ReseThes policy Uncertainties of the income sources, and maintenance requirements on the historic property have all placed considerable demands on the charity's limiled resources. As a result the Trust continue to look at all areas of its finances. to ensure that a more sustainable finance plan is introduced alongside a fundraising team of volunteers. trustees and staff lo idenlify fundraising opportunities. For Ihe medium terni. the Trust is striving to generate a (xsh reserve that would provide a buffer towards running costs - or three month's running costs. which the Tnjstees have identified as £25.000. An action plan is being pul in place to achieve that. Alongside a programme of staKing and other expenditure reviews. Ihe Trust is looking at its assets including the main house. and an investment property (Sherwood bungalow) as part of a plan and foreGast to return the Trust to good financial health. and provide a sustainable model for the future. Structure, governance and management The charity is a company limited by guarantee registered in England and Wales under number 2800174. In the evenl of a winding up th8 members, who are Ihe Trustees are liable to contribute the sum of £10.
THE JULIA MARGARET CAMERON TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 The Iwstees. who are also the diredors for the purpose of company law. and who served during the year and up to the date of signature of the financial statements were: Mr R J Simmonds Mrs J M Osborne Ms E Cook Mr J Giddings Mr D White Dr8 J Hinton (Resigned 26 April 2024) RecNitment and appointment of trustees The board of management has the power to appoint mernbers of the Board. The board of management seeks to identify new trustees who bring qualiites which wtll help to achieve the charity's objectives. Potential trustees are given details of the Twsfs aims and activities and if all agree. they wll be proposed as new twstees at a subsequent board meeting. This process will allow for due consideration of each candidate's eligibility. personal competen. specialist knowledge ar skills. New trustees will receive appropriate induction from the existing Itustees. which indudes briefing them on the Articles of Association. the business plan and recent financial performance of the Trust. During the induction process they V*llll also rneet key employees. None of the trustees has any benefictal interest in the company. All of the trustees are members of the Trust. An office team runs the Trust day-by-day. wth the input of the Chaiiman. and the Company Secretary. who helps with contracts and legal matters. These report to the full Board. The Board meets bi-monlhly and receives reports from Chairman and paid staff and detemiines policy. The Board is now smaller and leaner. and interacts better with both staff and volunteers. The post of paid administrator has been abolished. and the remaining office staff members have taken reduced hours. lo address the firsanctal imbalance. They are also now covering many of the functions previously undertaken by the administralor. There is an increased relian on volunteers and direct input from board members. other matters TradTng Company The Directors have made significant improvements lo the tearoom following periods of losses incurred, although trading continues to be difficult. However. the tearoom complements the opening of the House and Gallery and is an integral part of the operation of Oimbola House.
THE JULIA MARGARET CAMERON TRUST TRUSTEES. REPORT {INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 Responslbllltles of the Board of Trustees The Trustees, who are also directors of The Julia Margaret Cameron Trust for the purpose of company Saw, ar8 responsible for preparing the Trustees, Report and the financial statements in accordance with appIlble law and United Kingdom Accounting Standards (Untied Kingdom GenerallyAccepted Accounting Practice). Company law requires the Twstees to prepare financial statements for each financial year which gwes a true and fair view of the state of the affairs of the chatitable company as at the balance sheet of its inconing resources and application of resources. including income and expenditure. of the charitable company for the finanaal year. In preparing those financial statements the Trustees are required to: Select suitable accounting policies and then apply them consistently: Observe the methods and principles in the Charities SORP 2019 {FRS102)' Make judgements and eslimates Ihat are reasonable and prudent-. State whether applicable UK A(xounting Standards have been followed. subject to any material departures disclosed and explained in the financial statements.- and Prepare the financial statements on the going con basis unless it is inappropriate to assume that the charitable company will continue in operation. The Trustees are responsible for keeping proper accounting records. which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable thern to ensure that the financial statements comply with the Companies act 2006. The Board is also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevenlion and detection of fraud and other irregularities These accounts have been prepared in ac(xJrdance with the provisions applicable to companies subject to the small companies. regime. Staff and Volunteers The Trust continues to be grateful for the commitment and support provided by its stsff and volunteers. Thel rtwas PVed by the Board of Tnjstees. Trustee 25 March 2025
THE JULIA MARGARET CAMERON TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE JULIA MARGARET CAMERON TRUST I report to the trustees on my examination of Ihe financial statements of The Julia Margaret Cameron Trust {Ih8 charity) for the year ended 30 June 2024. Responslbilltles and basis of report As the trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 20(E (Ihe 2006 A¢t). Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for indeperKlent examination. I report in respect of my examination of the charity's financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In CaYIng out my examination I have followed all the applicable Oireclions given by the Charity Commission under section 145{5){b) of the 2011 Act. Independent examiner's statement I have completed my examination. I confimi that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect-. accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act" or the financial statements do not accord with those records" or the financial statements do not comply wilh the accounting requirements 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 considered as part of an independent examination" or the financial statements have not been prepared in accordance wilh the methods and principles of the ststement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounls in accordance with the Financial RertIng Standard applicable in the UK aTrJ f Ireland (FRS venoco ould msandh in this re corne across no other matters in conneclK)n with the examination to which attention n order to enable a proper understanding of the financial statements to be reached. ort ac on For and on behalf of Moore (South) LLP 9 Sl Johns Place Newrt Isle of Wight P030 1 LH England Dated: 25 March 2025
THE JULIA MARGARET CAMERON TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 JUNE 2024 Unrestricted Restricted fund5 funds 2024 2024 Total Unrestricted Restricted funds funds 2023 2023 Total 2024 2023 Notes Income from: Donations and legaaes Charitable activities Other trading activities Investments 18.284 35.462 64.073 85 4,778 23.062 35.462 64.073 85 4.804 42.747 56.342 12 18,214 23,018 42.747 56.342 12 Total income 117.904 4,778 122.682 103.905 18,214 122.119 Expendlture on: Raising funds Charitable activities 3.894 125.263 3.189 7.083 126.149 31 62.656 18.392 30.981 18.423 93.637 Total expendlture 129.157 4.075 133.232 62.687 49.373 112,060 Net incomel{expenditure) {11.253) 703 (10.550) 41.218 (31.159) 10.059 Transfers beeen funds 2.560 (2.560) Net movement in funds 10 {11.253) 703 (10.550) 43.778 {33.719) 10,059 Reconciliation of funds: Fund balances at 1 July 2023 1.105.123 1.105.123 1.061.345 33.719 1.095.064 Fund balances at 30 June 2024 1.093.870 703 1.094.573 1.105.123 1.105.123 The stalement of financial a¢tiviti2s includes all gains and losses recognised in the year. All irorne and expendituro derive from continuing activities. The notes on pages 10 to 23 form part of these finanaal statements.
THE JULIA MARGARET CAMERON TRUST BALANCE SHEET ASAT30 JUNE 2024 2024 2023 Notes Flxed assets Tangible assets Heritage assets Investment property Investments 14 15 16 17 450.026 33.612 573,000 461,357 33,612 573.000 1,056.639 1.067,970 Current assets Stocks Debtors Cash at bank and in hand 18 19 1.500 80.796 6.118 1.500 78.935 7.726 88.414 88.161 Creditors: amounts falling due within one year 21 (28.650) (25.516) Net current assets 59,764 62.645 Total assets less current liabilities 1.116.403 1.130.615 Creditors: amounts falling due after more than one year 22 {21.830) {25.492} Net assets 1.094.573 1.105.123 The funds of the charity Restricted income funds Unrestricted funds 24 25 703 1.093.870 1.105.123 1.094.573 1,105.123 The notes on pages 10 to 23 fom) part of Ihese financial statements.
THE JULIA MARGARET CAMERON TRUST BALANCE SHEET (CONTINUED) ASAT30JUNE 2024 The company is entilled to the éxemption from Ihe audit requirement contalned In section 477 of the Companies Act 2006. for the year ènded 30 June 2024. The direGtors ad(nowledge their responsibililies complying the requirements of the Companies Act 2006 wllh respect to accounting records and the preparation of financial statements. Tha members have not required the company lo obtain an audit of its ffinancial statements for the year in question in accordance wth seclior) 476. These financial stateTnents have been prepared in accordance with the provisions applicable to companies subject to ihe small companies regime. The finan en proved by the trustees on 25 March 2025 MrRJ Trus mmonds Company registration number 02800174 (England and Wales)
THE JULIA MARGARET CAMERON TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 Accounting policies Charity information The Julia Margaret Cameron Trust is a private company limited by guarantee incorporated In England and Wales. The registered office Is Dimbola Lodge, Terra Lane. Freshwater. Isle of Wight, P040 9QE. In the event of the Charity being wound up the liability of the members who are also trustees is limited to £10. The Charity constilutes a public benefit entity as defined by FRS 102. 1.1 Accounting conventlon The financial statements have been prepared in accordance wilh the charity's governing document. the Companies Act 2006. FRS 102 The Financial Reporting Standard applicable in the UK and Republic ol Ireland. I"FRS 102°) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended PraGliGe applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entty as defined by FRS 102. The charity has tsken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows. The financial ststements are prepared in slerfing. which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention. modified to include investment properties al fair value. The principal ac(x)unting policies adopted are set out below. 1.2 Going concern As ouuined in the Trustees Report. the Trust has provided financial support to the trading company through the pandemic and the subsequent period of operational challenges. where losses were incurred. The Irading company owes the charity £74.134 in respect of this supporL with partial repayments made after the year end. The trustees are actively working to improve the trading position. Based on these factors and after assessing the financial performance since the year end. the trustees have conduded that il is appropriate to adopt tha going concem basis in preparing these financial statements. 1.3 Charilable funds Unrestricted funds are available for use at the discretion of the trustees in furlherance of the general objeclives ol the charity and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. Restricted funds are funds which are to be used in accordance with sp8Lifi¢ restriclions imposed by donors or which have been raised by the charity for particJJlar purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fvnd is set out in the notes to the financial siatements. 1.4 Income All incoming resources are included in the Statement of Financial Activities {SOFA) when the charity is legally entitled to the income after any perfomiance conditions have been met. the amount can be measured reliably and it is probable thal the inc£&me will be received. The only exception to this is membership fees whlch are included when received. 10-
THE JULIA MARGARET CAMERON TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 Accountlng pollcles {Contlnued) For donations to be re¢ognlsed the charity w511 have been notified of the amounts and the settlement date in writing. If there are conditions attached to Ihe donation and this requires a level of perf0mlan before enlitlement can be obtained then incotne is deferred until those o)nditions are fully met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be lfIlled. For legacies. entitlement is the earlier of the tharity being notified of an impending distribution or the legacy being received. At this point income is recognised. On oc(zsion legacies will be notified to the Gharity however it is not possible lo measure the amount expected to be distributed. On these occasions, the legacy IS treated as a contingent asset and disdosed. Donated facilities and donated professional seTvices are recognised in income at their fair value when their economic benefit is probable. it can be measured reliably and the charity has control over the item. Fair value is determined on the basis of the value of the gift to the charity. For example. the amount the charity would be willing to pay in the open market for such facilities and serrfIS. A coThesponding amount is recogrmsed in expenditure. No amount is included in the financial statements for volunteer time in line viith the SORP (FRS 102). Further detail is given in the Trustees. Annual Report. Fixed asset gifts in kind are recognised when receivable and are included at fair value. They are not deferred over the lrfe of the asset. Govemment grants are recognised at the fair value of the asset received or receivable when there is reasonable assuran that the grant conditions will be met and the grants will be received. Income from trading activities indudes income eamed from fundraising evenis and trading activities to raise funds for the charity. Income is received in exchange for supptying gwds and services in order to rdise funds and is recognlsed when entiuement has occued. Investment income is eamed through holding assets for inveslment Purposes such as shares and prOrtY. It includes dividends. interest and rent. Where it is not practicable to identify investment management costs incurred within a scheme with reasonable a(xJJracy the investment income is reported net of these costs. It is induded when the amount can be measured reliabty. Interest income is recA)gnised using the effective interest method and dividend and rent income is recognised as the charity's right to re(xive payment is established. 1.5 Expenditure All expenditure is accounted for on an accxuals basis and has been dassffied under headings ihat aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, tt is probable that the settlement will be required and Ihe amount of the obligation can be measured reliably. Irrecoverable VAT is charged as an expense against the acltvity for which expenditure arose. Fund-raising costs are those in¢urred in seeking voluntary contributions and do not include the costs of disseminaling infonnalion in supF of Ihe charitable actNities. Support costs are those that asslst the WOTk of the charrty but do not directly represent tharttable activities and include office cosls, govemance costs. administrative payroll costs. They are incurred directly in support of 8xpanditure on the objects of the charity and include proiect managernent carried out at Headquarters. Where support costs cannot be direcuy attributed to particular headings they have been allocated to cost of raising funds and expenditure on charitable activities on a basis consistent with use of the resources. 11
THE JULIA MARGARET CAMERON TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 Accountlng pollcles (Continued) 1.6 Tanglble flxed assets Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreCIan and accumulated impainnent losses. Cost includes costs direclly attributable to making th8 asset capable of operatin9 as intended. Depreciation is prowded on all tangible fred assets. at rates calujlated to write off the cost. less estimated resldual value, of each asset on a sysletnatic basis over its expected useful life as follows: Freehold land and buildings Fixtures and fittings IT and website 2% straight line on buildings 15% reducirig balance 20% straight line The gain or loss arising on the disposal of an asset is determined as the drfference between the sale proceeds and the carrying value of the asset. and is recognised in the statement of financial aclivities. No depreciation is provided in respect of the museum exhibition. as the Trustees are of the view that such depreciation would be immaterial. as it is part of the objectives to preSee the property and to maintain the exhibition for future generations. Investment properties are included in the balance sheet at their open market value. Although this accounting policy is in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008). it is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the directors compliance wilh the standard is neSSary for the financial statements to give a true and fair view. 1.7 Investment property Investment properknes for which fair value can be measured reliably are measured at fair value at each reporting date with changes in fair value recognised in 'net gains l (losses) on investments. in the SOFA. 1.8 Heritage assets Heritage assets are recognised on the balan sheet and initially measured at (x)st when purchased or if donated, their valuation. Assets are subsequently stated at cost or valuation less accumulaled depreciation and aGGumulated impairment losses. Fair values for donated assets are esbmated by reference to market prices. Acquisitions only arise when donated to the charrty or rf it is believed that they will further the charity's objectives. Once acquired they will be preserved by the charity in order to keep their historical. artistic. scientific, technological. geophysical or environmental qualities to such a high level as to contribute to kno%Medge and Gulture. A register of all assets held by the charity is available and the assets themselves are accessitAe to the public with prior agreement. Heritsge assets are to be held for the foreseeable future. 1.9 Fixed asset investments Investrnents in subsidiaries are measured at o)st18ss impainnent. 1.10 Impairnient of fixed assets Assets not measured at fair value are reviewed for any indication that the asset may b8 impaired at each balance sheet date. If such indication exists. the recoverable amount of the asset. or the asset's cash generating unit, is estimated and compared to the carying amount. Where the carrying amount exceeds its recoverable amount. an impaimient loss is recognised in profit or loss unless the asset is carried at a revalued amount where the Impairment loss is a revaluation decrease. 12
THE JULIA MARGARET CAMERON TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 Accounting pollcles {Continued) 1.11 Stocks Stocks are stated at the lower of cost and estimated selling price less costs to (x)mplete and sell. Cost Irude$ all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in. first-out fom)ula. Provision is made for damaged. obsolete and slow-moving stock where appropriate. Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing. selling and distribution. 1.12 Cash and cash equlvalents Cash and cash equivalents include cash in hand. deposits held at call wilh banks. other short-term liquid investments with oiiginal maturities of three months or less. and bank overdrafts. Bank overdrafts are shown thin borrowings in cuent liabilities. 1.13 Financlal Instruments The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments. and Section 12 'Other Financial Instruments Issues. of FRS 102 to all of its financial instruments. Financial inslruments are recognised in Ihe charivs balance sheet when the charity becomes party to the contractual provisions of the instrumenL Financial assets and liabilities are offseL with the net amounts presented in the financial statements. when there is a legally enforceable right to set off the recxignised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets. which indude debtors and cash and bank balances. are initially measured at transaction price including transaclion costs and are subsequently carried al amortised cost using the effective interest method unless the arrangement constitutes a financing transaction. where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Basic r Inancial liabilities Basic financial liabilities. induding creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrumenl is measured at the present value of the future payments dISunted at a market rate of interest. Financial liabililies classified as payablo wthin one year are not amortised. Debt instruments are subsequently carried at amortised cost. using the effective interest rate meihod. Trade creditors are obligations to pay for gcKMJs or ser4ices that have been acquired in the ordinary Course of operations from suppliers. Amounts payable are classified as ujrrent liabilFties if payment is due within one year or less. If not. they are presented as non-¢Uffent liabilibes. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Derecognition of financlal liabilities Financial liabilities are der8cognised when the Charis contraciual obligations expire or are discharged or C2ncelled. 1.14 Taxatlon The charity ss an exempt Charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tesis set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the defnition of a charitable company for UK corporation tax purposes. 13-
THE JULIA MARGARET CAMERON TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 Accountlng pollcles (Continued) 1.15 Employee benefits When ernployees have rendered setvice to the charity, short-temi employee benefits to which the employees are entiued are recognised at the undiscounled amount expected to be paid in exchange for that servicè. 1.16 Retirement benefits The charity operates a defined contribution plan for the benefrt of its employees. Contrtbutions are expensed as they become payable. Crltlcal accounting estimates and judgements In the application of the charitable company's accounting wlicies. the trustees are required to n&qke judgements. estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and assoaated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and Underng assumptions are reviewed on an (going basi5. Revisions to accounting estimates are recognised in the period in whÉch the estimate is revised where the revision affects only that period. or in the period of the revision and future periods where the revision affects both ojrrent and future periods. One of the critical areas where judgements and estimates are made is the valuation of investment woperty. The fair value of investment property is determined annually on trustees. valuations who have property interests, recent market transactions. and other available market data. The trustees apply judgement when o)nsidering factors such as future rental income. capitalisation rates. and market conditions. all of which could have a significant impact on the valualion. Changes in these assumptions may result in adjustments to the (xffwng value of Ihe investrnenl propety in future reporting periods. Income from donations and legacies Unrestricted Restricted funds funds 2024 2024 Total Unrestricted Restricted funds funds 2023 2023 Total 2024 2023 Donations and gifts Grants 18.284 703 4.075 18.987 4.075 9,550 14.354 8.664 18.284 4.778 23,062 18.214 23.018 Donatlons and gifts Donations including Gift Ald Friends contributions Other 12,808 3.421 2.055 12.808 3,421 2,758 1.162 3.642 9.550 10.712 3.642 703 18.284 703 18.987 4,804 9,550 14.354 14-
THE JULIA MARGARET CAMERON TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 Income from charltable activities Unrestrlthd funds 2024 Unrestrlcted funds 2023 Operation of Dimbola Museum and Galleries Admission other income 29.925 5.537 29.975 12,772 35.462 42,747 Charitable trading income Included in olher income are a number of adjuslments atnountin9 to £nil {2023 £12.772) related to differences in conlrol accounts previously recorded in the balance sheet. The adjustments were necessary in order to reconcile these control account balances to Ihe true position as at the year end. The adjuslments increased the net income for the year by £nil (2023 £12.772). affecting the chaiitys overall financial perforniance. Income from other trading activities Unrestricted Unrestricted funds funds 2024 2023 Exhibitions Gift Shop income Rental income 3.423 27.740 32.910 2.131 21,231 32.980 Other trading actiNlllies 64.073 56,342 Income from Investments Unrestricted Unrestricted funds funds 2024 2023 Interest receivable 85 12 15-
THE JULIA MARGARET CAMERON TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 Expenditure on ralslng funds Unrestrlcted Rostrfctsd funds funds 2024 2024 Total Unrestricted R85trl¢ted funds funds 2023 2023 Total 2024 2023 Fundraising and publicity Exhibition and event costs 3.894 3.189 31 18.392 18,423 Expenditure on charitable activities Operalion of Operation of Dimbola Dimbola Museum Museum and and Gallerles Galleries 2024 2023 Direct costs staff costs Depreciation and impairnient Premises Insurance Travel Telephone and intemet Office supplies Professional Other and subscriptions Accounting. bookkeeping and examination Bank charges Loan interest Gift shop Bad debt written off Prior year over accruals 54.885 11.332 16.980 4.463 2.933 397 1.780 750 1.894 7.193 838 971 15.233 41.856 11,940 19,922 6.462 2.517 711 1.572 1,485 (7.663) 5,134 1.037 1.694 10.479 (9) (10.000) 119.649 87.137 Share of support and governance costs (see note 9) Gov8rnance 6,500 6.500 126.149 93,637 Analysis by fund UnrestriGted funds Reslricted funds 125.263 886 62.656 30.981 126,149 93.637 16-
THE JULIA MARGARET CAMERON TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 Expenditure on charitable actlvttles (Continued) Overhead costs which are attributable to more than one acttvity have been apportioned across cost categories in the accounts. Governance has been allocated to charitable aclivilies. Included in "other and subscripti(Ins° are a nurnber of adjustments amounting to £nil (2023 - £10,453) related to differences in control accounts previously recorded in the balance sheet. The adjustments were neSSary in order to reconcile these control account balances to the true position as at the year end. This adjustment reduced the net expenditure for Ihe year by £nil (2023 - £10.453). affecting the charitys overall financial perfornian. Support costs allocated to activities 2024 2023 Governance cosls 6.500 6.500 Analysed between: Operation of Ditnbola Museum and Galleries 6,500 6.500 10 Net movement in funds 2024 2023 The net movement in funds is stated after chargingl(crediting): Fees payable for the independent examination of the chariws finan(aal statements Depreaation of owned tangible fixed assets 1.500 11.331 2.000 11.940 11 Trustees None of the trustees (or any persons connected viith them) received any remuneration or benefits from the chartty during the year. Expenses were reimbursed during the year of £1,274 (2023 - £1,338). The trust purchased Trustee insurance as part of a wmbined package. 12 Ernployees The average rnonthly number of employees during the year V4PS: 2024 Number 2023 Number 17-
THE JULIA MARGARET CAMERON TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 12 Employees (Contlnued) Employment costs 2024 2023 Wages and salaries Soaal security costs Other pension costs 51.878 2.383 624 39,840 1,561 455 54.885 41.856 There were no employees whose annual remuneration Y4FS more than £60.000. 13 Taxation The charity is exempt from taxation on its ac11tieS because all its income is applied for charitable purposes. 14 Tangible fjxed assets Freehold land FixtUTe5 and IT and webslte and buildings fittings Total Cost At 1 July 2023 466.466 95.263 7.094 568.823 At 30 June 2024 466.466 95.263 7.094 568.823 Depreciation and impairment At 1 July 2023 Depreciation charged in the year 30.125 72.315 3.442 5.026 545 107.466 11.331 At 30 June 2024 37.469 75.757 5,571 118.797 Carrying amount At 30 June 2024 428.997 19,506 1.523 450.026 At 30 June 2023 436.341 22.948 2.068 461.357 15 Heritage assets At 1 July 2023 and at 30 June 2024 33.612 18-
THE JULIA MARGARET CAMERON TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 15 Herltage assets (Contlnued) The charity's heritage assets include collections of artworks. books and museum artefacts. These 8ssels are held to support the charitys objectives of advancing the education of the public in the work of Jula Margaret Cameron and the history of early photography, and the practice and appreciation of modem photography as an art. The charity adopts a policy of acquiring, preserving. and maintaining heritage assets to ensure their long-term preservation. Iterns are acquired through donation. bequest. or purchase. and are subject to a rigorous selection process based on their Significan and contribution to the charis aims. The charity maintains records of all heritage assets in its care. ensuring appropriate conservation and safeguarding measures are in place to protect them for future generations. In line with the Charity SORP and FRS 102. heritage assets are valued at cost. where a reliable valuation can be oblained. For assels acquired by donation. they are included at their fair value as of the date of acquisition. In certain (xses. where it is not practical to obtain a reliable cost or valuation, heritage assets are not capitalised but are disdosed within this note. There is no readily available valuation foi the artifacts and as such they are included at cost. In Ihe the last four accounting periods there were no additions. disposal4 nor any impairments of any heritsge asset5. 16 Investment property 2024 Fair value At l July 2023 and 30 June 2024 573.000 The inveslment properties have been revalued by the trustees as of 30 June 2024. based on market evidence and relevant data available. In the absence of a rent professional valuation. the Injstees have used their judgement and available market infornialion to assess the fair value of the properbes. 17 Fixed asset Investments Other Investments Cost or valuation At 1 July 2023 & 30 June 2024 Carylng amount At 30 June 2024 At 30 June 2023 2024 2023 other investments comprise: Notes Investments in subsidiaries 19-
THE JULIA MARGARET CAMERON TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 17 Fixod asset inveslments (Contlnued) The Trust owns the entire issued share capital consisting of 1 ordinary share of £1 of the trading subsidiary, JMCT Trading Limited. JMCT Trading Litniied was inwrporated in February 2005 and operates a tea room and shop. The subsidiary donates its taxable profrts to the Tmst by agreement between the respèctive trustees and directors by GiftAid. Rerit has been contributed to the Charity of £4,055 (2023 - £3.900). See below for a summary of the year ended 30 June 2024 financial statements of JMCT Trading Limited: Summary profit and loss account 2024 2023 Turnover Governmant grants Cost of sales and adminstrative expenses 277,025 222.286 200 {238.895) {254,370) ProfiV(10ss) 22,655 (16.409) The assets and liabilities of the subsidiary were- 2024 2023 Fixed assets Current assets Creditors" amounts falling due within one year 770 49,683 {101.024) 36.077 {109.303) Total assets less cuent liabilities {50,571) (73.226) Aggregate share capital and reserves {50,571) (73.226) 18 Stocks 2024 2023 Finished goods and goods for resale 1,500 1.500 19 Debtors 2024 2023 Amounts falling due withln one year. Amounts owed by subsidiary undertakings Prepayments and accrued income 74,134 6,662 68,806 10,129 80.796 78,935 -20-
THE JULIA MARGARET CAMERON TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 20 Loans and overdrafts 2024 2023 Bank loans Other loans 15.778 10.415 20.140 10.415 26.193 30,555 Payable within one year Payable after one year 4.363 21.830 5,063 25,492 The Twst has loans secured against Shenvood Bungalow. a rental property for £25.222 {2023- £30,055). The mortgage loan of £14.807 (2023 - £20.140) is repayable wilhin 5 years. There is no repayment terms on the remaining loan. 21 Creditors: amounts falling due within one year 2024 2023 Notes Bank loans Other taxation and social security Trade creditors Other creditors Accruals and deferred income 20 4.363 1.812 11.769 880 9.826 5.063 10.567 2,540 7.346 28.650 25.516 22 Creditors: amounts falllng due after more than one year 2024 2023 Notes Bank loans Other borrowings 20 11.415 10.415 15.077 10.415 21.830 25.492 23 Retirement benefit schemes 2024 2023 Defined contrlbutlon schemes Charge to profrt or loss in resperA of defined contribution schemes 624 455 The charity operates a defined contribution pension scheme for all qualrfying employees. The assets of the scheme are held separately from those of the Charity in an 1[ependentIY administered fund. 21
THE JULIA MARGARET CAMERON TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 24 Restricted funds The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject lo specific conditions by donors as to how they may be used. At 1 July 2023 Incoming resources Resources expended Transfers At 30 Junè 2024 Isle of Wight Council Daisy Rich fund Hostin9 home school events 1,075 3.000 703 (1.075) (3.000) 703 4,778 {4.075) 703 Prevlous year: At 1 July 2022 Incoming resources R6sources expended Transfers At 30 June 2023 Independent Arts Exhibition Granl Arts Council Grant Experien Exhibition Daisy Rich Trust 915 32.804 (915) (35.908) (9.550) (3.000) 5.664 9.550 3.000 {2.560) 33.719 18.214 49.373 (2.560) The restricted fund projects were in respect of ExhibilK)n expenses and developrnent of the Museum and Galleries. The transfer in the year was in regards to a fixed asset purchase from restricted funds. 25 Unrestricted funds The unrestricted funds of the charity comprise the unexpended balances of donations and grants which aro not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted fijnds by the trustees for specific purposes. At 1 July 2023 Incoming resources Resources expended Transfers At 30 June 2024 General funds Revaluation reserve 685.565 419.558 117.904 (129.157) 674.312 419.558 -22-
THE JULIA MARGARET CAMERON TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 25 Unrestricted funds (Contlnued) Prevlous year: At l July 2022 Incomlng Resources resources expended Transfers At 30 June 2023 General fijnds Revaluation reserve 641.787 419.558 103.905 (62.687) 2,560 685,565 419,558 26 Analysis of net assets between funds Unrestricted funds 2024 Rgstrlcted funds 2024 Total 2024 At 30 June 2024: Tangible assets Heritage assets Investment properties Investments Current assetsl(liabilities) Long term liabilities 450.026 33.612 573.000 450,026 33.612 573.000 59,061 {21.830) 703 59.764 (21.830) 1.093,870 703 1.094.573 UnreslriGled funds 2023 Restrlcted funds 2023 Total 2023 At 30 June 2023: Tangible assets Heritage assets Investment properties Investments Current assetsl(liabilities} Long term liabilities 461.357 33.612 573.000 461.357 33.612 573.000 62.645 {25.492) 62,645 {25,492) 1.105,123 1,105,123 27 Related party transactlons There were no disdosable related party transactions during the year (2023 - none).