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
028￿174
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 kno￿ledge 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 V￿rkIng 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 enhan￿d lighting that not only gives a dearer image but redU￿S 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 s￿neS 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 signif￿ant 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 appIl￿ble 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
P￿Ved 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 Ca￿YIng 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 Re￿rtIng 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 be￿een
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 ir￿orne 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 serrfI￿S. 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 occu￿ed.
Investment income is eamed through holding assets for inveslment Purposes such as shares and prO￿rtY. 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 depreCIa￿n 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 preSe￿e 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 ne￿SSary 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
Ir￿ude$ 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 cu￿ent 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 dIS￿unted 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 Chari￿s 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 Under￿ng 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 n￿eSSary
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 ac11￿tieS 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 chari￿s 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 re￿nt 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 cu￿ent 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).