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← The Julia Margaret Cameron Trust

2025-06-30-accounts

Charity registration number 1026339 (England and Wales) Company registration number 02800174

THE JULIA MARGARET CAMERON TRUST

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

THE JULIA MARGARET CAMERON TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees

Mr R J Simmonds Mrs J M Osborne Mr J Giddings Mr D White Dr B J Hinton

Secretary

Mr R J Simmonds

Charity number (England and Wales) 1026339

Company number 02800174

Registered office

Dimbola Museum And Galleries Terrace Lane Freshwater Isle of Wight PO40 9QE

Independent examiner

Moore (South) LLP 9 St Johns Place Newport Isle of Wight England PO30 1LH

THE JULIA MARGARET CAMERON TRUST

CONTENTS

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Page
Trustees’ report 1-5
Independent examiner's report 6
Statement of financial activities 7
Balance sheet 8-9
Notes to the financial statements 10-23
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THE JULIA MARGARET CAMERON TRUST

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 30 JUNE 2025

The trustees present their annual report and financial statements for the year ended 30 June 2025.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)".

Objectives and activities

Public benefit

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what 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 Forward programme and autistic people. We aim to work even harder to interact with a range of people from different groups and backgrounds. This features heavily in our forward plan.

The Trust also recognise the need to engage with local people and inform them about their local heritage and raise awareness of the significant history that Dimbola Lodge has in terms of Julia Margaret Cameron’s relationship with Tennyson, Darwin, GF Watts, Ellen Terry and other famous visitors to Freshwater in the 1860s. This features as a key priority within our forward plan.

The Trust received funding from the Daisie Rich Trust for engaging local people, as well as a grant from Freshwater Parish to enhance the surroundings of the Trust building. The Trust also received funding from The Isle of Wight Council for two umbrella projects; Museums and Schools, and The Isle of Wight Summer Walking Project.

The Trust has partnered with local schools and walking groups to enhance community engagement, and raise the profile of the museum and galleries in the local area.

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 include a camera club, external 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.

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THE JULIA MARGARET CAMERON TRUST TRUSTEES' REPORT (INCLUDING DIRECTORS’ REPORT) (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025

Achievements and performance

Significant activities and achievements against objectives

In July, the Trust celebrated thirty years since it was established with the aim of saving and restoring the former home of Julia Margaret Cameron. The Trust commemorated this with a summer event attended by Mrs Cameron’s our president Julian Bell, and Vice President Jules Cameron, both descendants of Mrs Cameron. Dr Brian Hinton unveiled the newly installed statue, The Lady of Shallot, and recited the associated Tennyson poem for the gathered guests, and an evening party was catered by local businesses, the Isle of Wight Cocktail Company, and The Albion Hotel.

The main summer exhibition featured the work of Lisen Stibeck, a contemporary Swedish photographer, who has many parallels with Mrs Cameron. The museum also exhibited a gown created entirely from recycled plastic by West Wight Timebank, a community project aimed at raising ecological awareness and promoting reuse and recycling.

During the summer, Trustees and staff members took part in an archaeological dig at the site of the 1970 Isle of Wight Festival, which unearthed a number of curiosities including ring pulls from festival goers’ drinks, machine parts used to construct the stage, and a make-up compact. The dig was filmed for the BBC’s The One Show and featured interviews with Dr Brian Hinton, Roger Simmonds and Kelly Wetherick.

As part of the Isle of Wight Summer Walking Project, Kelly Wetherick led guests on a number of walks, exploring the local landscape and using the opportunity to educate walkers on the history of Dimbola and the Freshwater Circle. One of the walks also incorporated an Introduction to Photography course, sponsored by the IW Creative Network.

August saw the Trust hold a performance of Breaking Glass, a staged reading of the play about the life of Julia Margaret Cameron, by Emma Palzere-Rae, which was broadcast by Zoom to those unable to attend the event in person.

The autumn exhibition was “Looking For Alice”, by wet collodion photographer Dave Shrimpton, which took the image of Alice Liddell, photographed by and friend of Julia Margaret Cameron, as its point of departure, as well as featuring contemporary images. Dave also hosted a wet collodion workshop, demonstrating the methods used by Mrs Cameron in her photography, and used the opportunity to photograph Dimbola staff and volunteers, echoing Mrs Cameron's practice of photographing her own household staff. A concurrent exhibition, Then And Now, showed photographs taken by the Isle of Wight Photographic Society contrasting old images of the Island with pictures taken recently.

The November Craft Fair raised over £2,000 for the Trust, and high Christmas sales in the gift shop also contributed to the Trust’s income in this period.

2025 began with an exhibition by noted fashion and wartime photographer Lee Miller, “Style is Strength”, which focused on Lee’s images of women in WWIII, loaned by Farley’s House, Lee’s Sussex home. This was run alongside “One Step Closer” by Marco Sanges, a contemporary Italian photographer whose striking works feature portraits of celebrities.

Our main summer exhibition was Punk+ by Sheila Rock, a noted music photographer, featuring portraits from the late 1970s punk scene, alongside images from Sheila’s Tough and Tender series. Sheila gave a talk at the exhibition launch and revealed that she had honeymooned at Dimbola in 1972, when the building was a guest house. The Studio gallery hosted Sea Change, by Kathleen Holloway, a photographic journey inspired by grief.

Dimbola continues to fulfil its role as an arts centre, and hosted a number of musical events, book launches and talks by visiting guests. 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 working alongside the wholly owned subsidiary which runs the tea room on site to encourage visitor numbers.

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THE JULIA MARGARET CAMERON TRUST

TRUSTEES' REPORT (INCLUDING DIRECTORS’ REPORT) (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025

Financial review

The Trust has reported a deficit in the year of £(42,258) (2024: deficit £11,253) on unrestricted funds and an overall deficit on total funds of £(38,960) (2024: £10,550). The restricted funds had a movement of £3,298 (2024: £703) which results in a balance of £4,001 (2024: £703) at the year end.

The total funds balance on restricted and unrestricted funds was £1,055,613 (2024: £1,094,573).

The tangible assets include the value of the main Dimbola Museum and Galleries properties which includes some additional flats and apartments which are successfully let, earning income for the Trust. There has been no change to the Heritage Assets or the £1 share property of the wholly 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 (Sherwood 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 concern

The company’s wholly owned trading subsidiary JMCT Trading Limited has also struggled through the pandemic years and beyond and incurred trading losses. However, in the year to 30 June 2025 the trading company has generated a surplus of £19,786 (2024: £22,655), reducing the overall losses to £(30,786) (2024 £(50,572)), and subsequent to the year end the inter company balance has been partially repaid. 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 return the trading company to more normal operations. The Trustees are closely monitoring cash flow and expenditure, and are looking at ways to generate additional income within the Trust and rading company.

The Trustees are of the opinion that no other significant risks exist, and that it is appropriate to prepare the accounts on a going concern basis.

Reserves policy

Uncertainties of the income sources, and maintenance requirements on the historic property have all placed considerable demands on the charity’s limited 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 to identify fundraising opportunities.

For the medium term, the Trust is striving to generate a cash reserve that would provide a buffer towards running costs — or three month’s running costs, which the Trustees have identified as £25,000. An action plan is being put in place to achieve that.

Alongside a programme of staffing and other expenditure reviews, the Trust is looking at its assets including the main house, and an investment property (Sherwood bungalow) as part of a plan and forecast 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 event of a winding up the members, who are the Trustees are liable to contribute the sum of £10.

The trustees, who are also the directors 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 Mr J Giddings Mr D White Dr B J Hinton

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THE JULIA MARGARET CAMERON TRUST

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025

Recruitment and appointment of trustees

The board of management has the power to appoint members of the Board.

The board of management seeks to identify new trustees who bring qualities which will help to achieve the charity’s objectives. Potential trustees are given details of the Trust's aims and activities and if all agree, they will be proposed as new trustees at a subsequent board meeting. This process will allow for due consideration of each candidate’s eligibility, personal competence, specialist knowledge and skills.

New trustees will receive appropriate induction from the existing trustees, which includes briefing them on the Articles of Association, the business plan and recent financial performance of the Trust. During the induction process they will also meet key employees.

None of the trustees has any beneficial interest in the company. All of the trustees are members of the Trust.

An office team runs the Trust day-by-day, with the input of the Chairman, and the Company Secretary, who helps with contracts and legal matters. These report to the full Board. The Board meets bi-monthly and receives reports from Chairman and paid staff and determines 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, to address the financial imbalance. They are also now covering many of the functions previously undertaken by the administrator. There is an increased reliance on volunteers and direct input from board members.

Other matters

Trading Company

The Directors have made significant improvements to 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 Dimbola House.

Responsibilities of the Board of Trustees

The Trustees, who are also directors of The Julia Margaret Cameron Trust for the purpose of company law, are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year which gives a true and fair view of the state of the affairs of the charitable company as at the balance sheet of its incoming resources and application of resources, including income and expenditure, of the charitable company for the financial year. In preparing those financial statements the Trustees are required to:

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 them 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 prevention and detection of fraud and other irregularities

These accounts have been prepared in accordance 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 staff and volunteers.

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THE JULIA MARGARET CAMERON TRUST

TRUSTEES’ REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025

Theip was approved by the Board ofTrustees. Trustee , : Date: VE[3/ 22:

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THE JULIA MARGARET CAMERON TRUST

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF THE JULIA MARGARET CAMERON TRUST

| report to the trustees on my examination of the financial statements of The Julia Margaret Cameron Trust (the charity) for the year ended 30 June 2025.

Responsibilities 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 2006.

Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the Companies Act 2006 and are eligible for independent examination, | report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination | have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.

Independent examiner's statement

| have completed my examination. | confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

| have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

Moore (South) Lup

Vicky Drayton BA ACA

For and on behalf of Moore (South) LLP

9 St Johns Place Newport Isle of Wight PO30 1LH England

Dated: 25] 03] 2026

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THE JULIA MARGARET CAMERON TRUST

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 30 JUNE 2025

Unrestricted Restricted Total Unrestricted Restricted Total
funds funds funds funds
2025 2025 2025 2024 2024 2024
Notes £ £ £ £ £ £
Income from:
Donations and legacies 3 12,628 9,491 22,119 18,284 4,778 23,062
Charitable activities 4 42,063 - 42,063 35,462 - 35,462
Other trading activities 5 71,065 - 71,065 64,073 - 64,073
Investments 6 183 - 183 85 - 85
Total income 125,939 9,491 135,430 117,904 4,778 122,682
Expenditure on:
Raising funds 7 7,397 4,552 11,949 3,894 3,189 7,083
Charitable activities 8 157,121 1,641 158,762 125,263 886 126,149
Other expenditure 13 3,679 - 3,679 - - -
Total expenditure 168,197 6,193 174,390 129,157 4,075 133,232
Net income/(expenditure) and
movement in funds (42,258) 3,298 (38,960) (11,253) 703 (10,550)
Reconciliation offunds:
Fund balances at 1 July2024 2024 1,093,870 703 =1,094,573 1,105,123 - 1,105,123
Fund balances at 30 June
2025 1,051,612 4,001 1,055,613 1,093,870 703 =1,094,573

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The notes on pages 10 to 23 form part of these financial statements.

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THE JULIA MARGARET CAMERON TRUST

BALANCE SHEET

AS AT 30 JUNE 2025 .

2025 2024
Notes £ £ £ £
Fixed assets
Tangible assets 15 439,383 450,026
Heritage assets 16 33,612 33,612
Investment property 17 573,000 573,000
Investments 18 1 1
1,045,996 1,056,639
Current assets
Stocks 19 1,500 1,500
Debtors 20 39,796 80,796
Cash at bank and in hand 12,681 6,118
53,977 88,414
Creditors: amounts falling due within 21
one year (26,803) (28,650)
Net current assets 27,174 59,764
Total assets less current liabilities 1,073,170 1,116,403
Creditors: amounts falling due after
more than one year 22 (17,557) (21,830)
Netassets 1,055,613 1,094,573
The funds ofthe charity
Restricted income funds 25 4,001 703
Unrestricted funds 26 1,051,612 1,093,870
1,055,613 1,094,573

The notes on pages 10 to 23 form part of these financial statements.

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THE JULIA MARGARET CAMERON TRUST

BALANCE SHEET (CONTINUED)

AS AT 30 JUNE 2025

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 30 June 2025.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The finafieialstatemgnts were approved by the trustees on A&/03).2026

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Mr R J Sirimonds
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Trustee

Company registration number 02800174 (England and Wales)

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THE JULIA MARGARET CAMERON TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

Charity information

The Julia Margaret Cameron Trust is a private company limited by guarantee incorporated in England and Wales. The registered office is Dimbola Museum And Galleries, Terrace Lane, Freshwater, Isle of Wight, PO40 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 constitutes a public benefit entity as defined by FRS 102.

The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.

The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, 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 at fair value. The principal accounting policies adopted are set out below.

1.2 Going concern

As outlined 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 trading company owes the charity £25,987 in respect of this support, with partial repayments made after the year end.

The trustees are actively working to improve the trading and charity position, and are monitoring cash flow and expenditure closely. Based on these factors and after assessing the financial performance since the year end, the trustees have concluded that it is appropriate to adopt the going concern basis in preparing these financial statements.

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 specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

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 performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received. The only exception to this is membership fees which are included when received.

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THE JULIA MARGARET CAMERON TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025

1 Accounting policies

(Continued)

For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled.

For legacies, entitlement is the earlier of the charity being notified of an impending distribution or the legacy being received. At this point income is recognised. On occasion legacies will be notified to the charity however it is not possible to measure the amount expected to be distributed. On these occasions, the legacy is treated as a contingent asset and disclosed.

Donated facilities and donated professional services 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 services. A corresponding amount is recognised in expenditure.

No amount is included in the financial statements for volunteer time in line with 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 life of the asset.

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

Income from trading activities includes income earned from fundraising events and trading activities to raise funds for the charity. Income is received in exchange for supplying goods and services in order to raise funds and is recognised when entitlement has occurred.

Investment income is earned through holding assets for investment purposes such as shares and property. It includes dividends, interest and rent. Where it is not practicable to identify investment management costs incurred within a scheme with reasonable accuracy the investment income is reported net of these costs. It is included when the amount can be measured reliably. Interest income is recognised using the effective interest method and dividend and rent income is recognised as the charity’s right to receive payment is established.

1.5 Expenditure

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably.

irrecoverable VAT is charged as an expense against the activity for which expenditure arose.

Fund-raising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities.

Support costs are those that assist the work of the charity but do not directly represent charitable activities and include office costs, governance costs, administrative payroll costs. They are incurred directly in support of expenditure on the objects of the charity and include project management carried out at Headquarters. Where support costs cannot be directly 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.

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THE JULIA MARGARET CAMERON TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025

(Continued)

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Freehold land and buildings 2% straight line on buildings Fixtures and fittings 15% reducing balance IT and website 20% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

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 preserve 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 with the standard is necessary for the financial statements to give a true and fair view.

1.7 Investment property

Investment properties 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 / (losses) on investments’ in the SOFA.

Heritage assets are recognised on the balance sheet and initially measured at cost when purchased or if donated, their valuation. Assets are subsequently stated at cost or valuation less accumulated depreciation and accumulated impairment losses. Fair values for donated assets are estimated by reference to market prices.

Acquisitions only arise when donated to the charity or if 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 knowledge and culture. A register of all assets held by the charity is available and the assets themselves are accessible to the public with prior agreement. Heritage assets are to be held for the foreseeable future.

1.9 Fixed asset investments

Investments in subsidiaries are measured at cost less impairment.

1.10 Impairment of fixed assets

Assets not measured at fair value are reviewed for any indication that the asset may be 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 carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

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THE JULIA MARGARET CAMERON TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025

1 Accounting policies

(Continued)

1.11 Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes 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 formula. 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 equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.13 Financial 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 instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised 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 include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at 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 financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.14 Taxation

The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes.

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THE JULIA MARGARET CAMERON TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025

1 Accounting policies

(Continued)

1.15 Employee benefits

When employees have rendered service to the charity, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

1.16 Retirement benefits

2 Critical accounting estimates and judgements

In the application of the charitable company’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated 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 underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which 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 current and future periods.

One of the critical areas where judgements and estimates are made is the valuation of investment property. 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 considering factors such as future rental income, capitalisation rates, and market conditions, all of which could have a significant impact on the valuation. Changes in these assumptions may result in adjustments to the carrying value of the investment property in future reporting periods.

3 Income from donations and legacies

Unrestricted Restricted Total Unrestricted Restricted Total
funds funds funds funds
2025 2025 2025 2024 2024 2024
£ £ £ £ £ £
Donations and gifts 12,628 - 12,628 18,284 703 18,987
Grants - 9,491 9,491 - 4,075 4,075
12,628 9,491 22,119 18,284 4,778 23,062
Donations and gifts
Donations including Gift
Aid 8,483 - 8,483 12,808 - 12,808
Friends contributions 4,145 - 4,145 3,421 - 3,421
Other - - - 2,055 703 2,758
12,628 - 12,628 18,284 703 18,987

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THE JULIA MARGARET CAMERON TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025

4 Income from charitable activities

Unrestricted Unrestricted
funds funds
2025 2024
£ £
Operation ofDimbola Museum and Galleries
Admission 41,215 29,925
Other income 848 5,537
42,063 35,462

5 Income from other trading activities

Unrestricted Unrestricted
funds funds
2025 2024
£ £
Exhibitions 5,433 3,423
Gift Shop income 29,642 27,740
Rental income 35,990 32,910
Othertradingactivities 71,065 64,073

6 Income from investments

Unrestricted Unrestricted Unrestricted
funds funds
2025 2024
£ £
Interest receivable 183 85
Expenditure on raising funds
Unrestricted Restricted Total Unrestricted Restricted Total
funds funds funds funds
2025 2025 2025 2024 2024 2024
£ £ £ £ £ £
Fundraising and publicity
Exhibition and event
costs 7,397 4,552 11,949 3,894 3,189 7,083

7 Expenditure on raising funds

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THE JULIA MARGARET CAMERON TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025

8 Expenditure on charitable activities

Operation of Operation of
Dimbola Dimbola
Museum Museum
and and
Galleries Galleries
2025 2024
£ £
Direct costs
Staffcosts 78,495 54,885
Depreciation and impairment 10,817 11,332
Premises 23,577 16,980
Insurance 3,826 4,463
Travel and subsistence 5,801 2,933
Telephone and internet 867 397
Office supplies 3,221 1,780
Professional 961 750
Other and subscriptions 699 1,894
Accounting, bookkeeping and examination 8,832 7,193
Bankcharges 1,781 838
Loan interest 1,311 971
Gift shop 15,074 15,233
155,262 119,649
Share ofsupportand governance costs (see note 9)
Governance 3,500 6,500
158,762 126,149
Analysis by fund
Unrestricted funds 157,121 125,263
Restricted funds 1,641 886
158,762 126,149

Overhead costs which are attributable to more than one activity have been apportioned across cost categories in the accounts.

Governance has been allocated to charitable activities.

9 Support costs allocated to activities

Support costs allocated to activities
2025 2024
£ £
Governance costs 3,500 6,500
Analysed between:
OperationofDimbolaMuseumandGalleries 3,500 6,500

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THE JULIA MARGARET CAMERON TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025

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----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |10|Net|movement|in|funds|2025|2024| |£|£| |The|net|movement|in|funds|is|stated|after|charging/(crediting):| |Fees|payable|for the|independent|examination|of the|charity's|financial| |statements|1,500|1,500| |Depreciation|of owned|tangible|fixed|assets|10,817|11,331|

----- End of picture text -----

11 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year. Expenses were reimbursed during the year of £2,890 (2024 - £1,274). The trust purchased Trustee insurance as part of a combined package.

12 Employees

The average monthly number of employees during the year was:

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----- Start of picture text -----
|||||| |---|---|---|---|---| |2025|2024| |Number|Number| |5|5| |Employment|costs|2025|2024| |£|£| |Wages|and|salaries|75,448|51,878| |Social|security|costs|1,567|2,383| |Other|pension|costs|1,480|624| |78,495|54,885|

----- End of picture text -----

There were no employees whose annual remuneration was more than £60,000.

13 Other expenditure

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|||||| |---|---|---|---|---| |Unrestricted|Unrestricted| |funds|funds| |2025|2024| |£|£| |Rental|property|expenditure|3,679|-|

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14 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

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THE JULIA MARGARET CAMERON TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025

15 Tangible fixed assets

15 Tangible fixed assets
Freehold land Fixtures and IT and website Total
and buildings fittings
£ £ £ £
Cost
At 1 July 2024 466,466 95,263 7,093 568,822
Additions - - 175 175
At 30 June 2025 466,466 95,263 7,268 568,997
Depreciation and impairment
At1 July2024 37,469 75,757 5,571 118,797
Depreciation charged in the year 7,344 2,926 547 10,817
At 30 June 2025 44,813 78,683 6,118 129,614
Carrying amount
At 30 June 2025 421,653 16,580 1,150 439,383
At 30 June 2024 428,997 19,506 1,523 450,026
16 Heritage assets
£
At1July2024andat30June2025 33,612

The charity's heritage assets include collections of artworks, books and museum artefacts. These assets are held to support the charity’s objectives of advancing the education of the public in the work of Julia Margaret Cameron and the history of early photography, and the practice and appreciation of modern photography as an art.

The charity adopts a policy of acquiring, preserving, and maintaining heritage assets to ensure their long-term preservation. Items are acquired through donation, bequest, or purchase, and are subject to a rigorous selection process based on their significance and contribution to the charity’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 obtained. For assets acquired by donation, they are included at their fair value as of the date of acquisition. In certain cases, where it is not practical to obtain a reliable cost or valuation, heritage assets are not capitalised but are disclosed within this note.

There is no readily available valuation for the artifacts and as such they are included at cost.

In the the last four accounting periods there were no additions, disposals, nor any impairments of any heritage assets.

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THE JULIA MARGARET CAMERON TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025

17 Investment property

Investment property
2025
£
Fair value
At1July2024and30June2025 573,000

The investment properties have been revalued by the trustees as of 30 June 2025, based on market evidence and relevant data available. In the absence of a recent professional valuation, the trustees have used their judgement and available market information to assess the fair value of the properties.

18 Fixed asset investments

Other
investments
£
Cost or valuation
At 1 July 2024 & 30 June 2025 1
Carrying amount
At 30 June 2025 1
At 30 June 2024 1
2025 2024
Other investments comprise: Notes £ £
Investmentsinsubsidiaries 1 1

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THE JULIA MARGARET CAMERON TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025

18 Fixed asset investments

(Continued)

The Trust owns the entire issued share capital consisting of 1 ordinary share of £1 of the trading subsidiary, JMCT Trading Limited. JMCT Trading Limited was incorporated in February 2005 and operates a tea room and shop. The subsidiary donates its taxable profits to the Trust by agreement between the respective trustees and directors by Gift Aid.

Rent has been contributed to the Charity of £5,805 (2024 - £4,055).

See below for a summary of the year ended 30 June 2025 financial statements of JMCT Trading Limited:

Summary profit and loss account

Summary profit andand loss account
2025 2024
£ £
Turnover 285,444 277,025
Investment income 35 -
Cost ofsales and adminstrative expenses (264,901) (254,370)
Profit/(loss) 20,578 22,655
The assets and liabilities ofthe subsidiary were: 2025 2024
£ £
Fixed assets 577 770
Current assets 32,556 49,683
Creditors: amounts falling due within oneyear (63,126) (101,024)
Total assets less current liabilities (29,993) (50,571)
Aggregate share capital and reserves (29,993) (50,571)
19 Stocks
2025 2024
£ £
Finished goods and goods for resale 1,500 1,500
20 Debtors
2025 2024
Amounts falling due within one year: £ £
Amounts owed by subsidiary undertakings 25,987 74,134
Other debtors 4,500 -
Prepayments and accrued income 9,309 6,662
39,796 80,796

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THE JULIA MARGARET CAMERON TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025

21 Creditors: amounts falling due within one year

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|||||||||| |---|---|---|---|---|---|---|---|---| |2025|2024| |Notes|£|£| |Bank|loans|23|4,642|4,363| |Other taxation|and|social|security|1,546|1,812| |Trade|creditors|12,068|11,769| |Other|creditors|890|880| |Accruals|and|deferred|income|7,657|9,826| |26,803|28,650| |22|Creditors:|amounts|falling|due|after more more|than|one|year| |2025|2024| |Notes|£|£| |Bank|loans|23|7,142|11,415| |Other|borrowings|10,415|10,415| |17,557|21,830| |23|Loans|and|overdrafts|,| |2025|2024| |£|£| |Bank|loans|11,784|15,778| |Other|loans|10,415|10,415| |22,199|26,193| |Payable|within|one|year|4,642|4,363| |Payable|after one|year|17,557|21,830|

----- End of picture text -----

22 Creditors: amounts falling due after more more than one year

The Trust has loans secured against Sherwood Bungalow, a rental property for £21,699 (2024 - £25,693). The mortgage loan of £11,784 (2024 - £15,777) is repayable within 5 years. There is no repayment terms on the remaining loan.

24 Retirement benefit schemes

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||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---| |2025|2024| |Defined|contribution|schemes|£|£| |Charge|to|profit|or|loss|in|respect|of defined|contribution|schemes|1,480|624|

----- End of picture text -----

The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.

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THE JULIA MARGARET CAMERON TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025

25 Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

At 1 July 2024 Incoming Resources At30 June
resources expended 2025
£ £ £ £
Isle ofWight Council - 3,954 (2,607) 1,347
Daisy Rich fund - 3,000 (3,000) -
Hosting home school events 703 - - 703
Lady of Shalott Project - 2,337 (386) 1,951
Lee Miller exhibition - 200 (200) -
703 9,491 (6,193) 4,001
Previous year: At 1 July 2023 Incoming Resources At30 June
resources expended 2024
£ £ £ £
Isle ofWight Council - 1,075 (1,075) -
Daisy Rich fund - 3,000 (3,000) -
Hosting home school events - 703 - 703
- 4,778 (4,075) 703

The restricted fund projects were in respect of Exhibition expenses and development of the Museum and Galleries.

26 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are 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 funds by the trustees for specific purposes.

At 1 July 2024 Incoming Resources At30 June
resources expended 2025
£ £ £ £
General funds 674,312 125,939 (168,197) 632,054
Revaluationreserve 419,558 - - 419,558

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THE JULIA MARGARET CAMERON TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025

26 Unrestricted funds

(Continued)

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----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |Previous|year:|At|1|July|2023|Incoming|Resources|At30June| |resources|expended|2024| |£|£|£|£| |General|funds|685,565|117,904|(129,157)|674,312| |Revaluation|reserve|419,558|-|-|419,558| |~=Analysis|of|net|assets|between|funds| |Unrestricted|Restricted|Total| |funds|funds| |2025|2025|2025| |£|£|£| |At|30|June|2025:| |Tangible|assets|439,383|-|439,383| |Heritage|assets|33,612|-|33,612| |Investment|properties|573,000|-|573,000| |Investments|1|-|1| |Current|assets/(liabilities)|23,173|4,001|27,174| |Long|term|liabilities|(17,557)|-|(17,557)| |1,051,612|4,001|1,055,613| |Unrestricted|Restricted|Total| |funds|funds| |2024|2024|2024| |£|£|£| |At|30|June|2024:| |Tangible|assets|450,026|-|450,026| |Heritage|assets|33,612|-|33,612| |Investment|properties|573,000|-|573,000| |Investments|1|-|1| |Current|assets/(liabilities)|59,061|703|59,764| |Long|term|liabilities|(21,830)|-|(21,830)| |1,093,870|703|1,094,573|

----- End of picture text -----

27 ~=Analysis of net assets between funds

28 Related party transactions

During the year, the trustees received hospitality free of charge from the trading subsidiary, with an equivalent value of £2,726 (2024: £2,194).

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