ARMITT LIBRARY AND MUSEUM CENTRE
(A company limited by guarantee)
Annual Report and Consolidated Financial Statements YEAR ENDED 31 DECEMBER 2020 Company registration number: 03153895 Charity registration number: 1054762
ARMITT LIBRARY AND MUSEUM CENTRE
Contents
| Reference and Administrative Details | 3 |
|---|---|
| Trustees' report | 4 |
| Trustees' responsibilities in relation to the financial statements | 6 |
| Independent Examiners Report | 6 |
| Consolidated statement of financial activities | 8 |
| Consolidated Balance sheet | 9 |
| Charity balance sheet | 10 |
| Notes to the financial statements | 11-19 |
ARMITT LIBRARY AND MUSEUM CENTRE Reference and Administrative Details
| Charity name | Armitt Library and Museum Centre |
|---|---|
| Charity registration number | 1054762 |
| Company registration number | 3153895 |
| Principal office | Rydal Road Ambleside Cumbria LA22 9BL |
| Registered office | Rydal Road Ambleside Cumbria LA22 9BL |
| Trustees | Charles R Nugent |
| Vivienne J C Rees | |
| Anthony P Lonton | |
| Peter R Lansberry | |
| Sir Christopher J Scott | |
| Timothy V Sykes | |
| Col.(Retd) Christopher Sanderson, OBE JP DL | |
| Tim Cowen | |
| Secretary | Peter R Lansberry |
| Examiner | Dodd & Co Limited |
| FIFTEEN Rosehill | |
| Montgomery Way | |
| Rosehill Estate | |
| CARLISLE | |
| CA1 2RW |
Page 3
ARMITT LIBRARY AND MUSEUM CENTRE
Trustees Report for the Year ended 31 December 2020
The Trustees present their report and the unaudited consolidated financial statements of the Charity for the year ended 31 December 2020. The financial statements have been prepared in accordance with the accounting policies set out in the notes to the accounts and comply with the Charity’s governing document, the Companies Act 2006, the Charities Act 2011 and 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 (FRS102) effective 1 January 2019.
The Armitt Library and Museum Centre (The Charity) is registered with the Charity Commission, registration number 1054762, and is a company limited by guarantee, registration number 03153895. The Charity is governed by its Memorandum and Articles of Association. The Charity was incorporated on 1 February 1996 and the registered address is Rydal Road, Ambleside, Cumbria, LA22 9BL. The Trustees’ Annual Report also contains the information required under the Companies Act 2006 for a Directors’ Report.
The Charity is the sole trustee of the charity known as The Armitt Collection Trust (formerly The Armitt Trust)(The Trust), and the Charity Commission issued a linking direction with effect from 1 January 2019. The Charity and the Trust are known as The Armitt.
Objects
The Objects of the Charity were to: “establish and maintain in perpetuity in Ambleside Cumbria a library and museum centre for promoting the study and general knowledge of all literary scientific and artistic works and artefacts particularly (but without limitation on the generality of the forgoing) those of the registered charity known as The Armitt Trust with the object of advancing the education of the public.”
On 21 February 2020 the Constitution of the Charity was amended to incorporate changes in company law and practice. At the same time the Objects were slightly amended to ensure that The Armitt has the widest scope to fulfil its original purposes. The revised objects are: “for the public benefit, to advance the education of the public, in particular, but not exclusively, by the provision and maintenance of a library and museum in perpetuity in Ambleside, Cumbria for promoting the study and general knowledge of all literary, scientific and artistic subjects, works and artefacts and in particular (but without limitation) those of the Armitt Collection”.
Trustees
Trustees who served during the reporting year were:
V J C Rees A P Lonton C R Nugent P R Lansberry C J Scott J D S Brown Resigned 9 March 2020 T V Sykes C Sanderson P Hardy Resigned 9 May 2020 T Cowen
The Trustees are the Members of the Charity and are the Directors for the purposes of company law.
Two Trustees resigned during the course of the year, Tim Brown and Pat Hardy. Tim is thanked for his invaluable contribution as Trustee over nearly five years, and Pat for her exceptional contribution to The Armitt’s governance and sustainability as a Trustee, and more recently for her astute, far-sighted and decisive stewardship of The Armitt as Chair. The Trustees continue to seek new Trustees and are particularly looking to strengthen their connections with the local community and to broaden their marketing and revenue development skill-sets.
In so far as possible within the restrictions imposed by the current pandemic established reporting and decision-making procedures have continued to be followed and the Trustees have had regular contact with The Armitt’s management, staff and volunteers. We are satisfied that those roles the Trustees are obliged to perform (being twelve general roles applicable to all Trustees and a number of specific roles dependent on Trustees’ areas of expertise) are being discharged appropriately.
The Trustees have assessed the major risks to which the charity is exposed, and are satisfied that
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ARMITT LIBRARY AND MUSEUM CENTRE
Trustees Report for the Year ended 31 December 2020
appropriate systems are in place to manage those risks.
The Trustees have had due regard to the guidance published by the Charity Commission on Public Benefit.
Activities and Finance
In common with many other enterprises, 2020 was an unusual year for The Armitt. In accordance with the Government’s Covid-19 related direction we closed on the 18th of March and a year later had still not reopened. Enforced closure brought with it business support grants in the year from South Lakeland District Council to the value of £27,000, Arts Council England emergency funding of £35,000, and furlough payments of £4,400. Our business operational costs were slightly reduced during closure, and despite exceptional costs arising from the redundancy of our Curator, the year has much improved our financial position.
In optimistic anticipation of being able to open at some stage during the year, much work was done redecorating our ground floor exhibition rooms and hanging an impressive selection of water-colours and other works covering the period from the middle of the 18 Century to the middle of the 20th Century. The Trustees are immensely grateful to Peter Lansberry and Chris Lord for their preparation of the exhibition rooms, and to our former Chairman, Charles Nugent, for his curatorial expertise and generosity in drawing together such a fine collection.
The consolidated results this year show a surplus of £35,692 of which £15,227 relates to the Armitt Library and Museum Centre and £20,468 relates to the Armitt Collection Trust.
Reserves
The reserves policy is that the general reserve (reserves that are unrestricted and undesignated) should be not less than £15,000 based on three months’ core operating costs, excluding depreciation. At the end of the year the general reserve was in deficit by £1,303, and the financial position is therefore closely monitored to ensure that The Armitt can continue to operate.
Post Year-End Events
Following the year-end, Miss Faye Morrissey joined The Armitt in March 2021 as its Manager/Curator. The new post recognises the need for both effective commercial management of The Armitt and high-quality curation and development of its Collections. The Trustees join in welcoming Faye to her appointment and look forward to working with her to ensure that The Armitt builds on its impressive legacy and prospers long into the future.
The Museum re-opened for a trial day on 20 May 2021 with an invited audience to check the procedures etc
Small company provisions
This report has been prepared in accordance with the small companies regime under the Companies Act 2006.
Approved by the Board and signed on its behalf by:
TIMOTHY SYKES Trustee 21 May 2021
Page 5
Trustees Responsibilities in relation to the Financial Statements
ARMITT LIBRARY AND MUSEUM CENTRE
The trustees(who are also directors of the Armitt Library and Museum Centre for the purposes of company law) are responsible for preparing the Trustees' Annual Report and the financial statements in accordance with applicable law and the Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources, including income and expenditure, of the Charity for that period. In preparing these 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;
-
make judgements and estimates that are reasonable and prudent;
-
state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enablethemto ensure that the financial statements comply with the Companies Act 2006. They arealso responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Page 6
Armitt Library and Museum Centre
Independent Examiner's Report to the trustees for the Year Ended 31 December 2019
I report on the accounts of the charity for the year ended 31 December 2020.
Respective responsibilities of trustees and examiner
The trustees (who are also the directors of the company for the purposes of company law) are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
Having satisfied myself that the Charity is not subject to an audit under Part 16 of the Companies Act 2006 and is eligible for independent examination, it is my responsibility to:
-
examine the accounts under section 145 of the 2011 Act;
-
follow the procedures laid down in the General Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act; and
-
state whether particular matters have come to my attention.
Basis of independent examiner's report
My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes condsideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a 'true and fair view' and the report is limited to those matters set out in the statement below.
In connection with my examination, no matter has come to my attention:
-
(1) which gives me reasonable cause to believe that in any material respect the requirments:
-
to keep accounting records in accordance with section 386 of the Companies Act 2006; and
-
to prepare accounts which accord with the accounting records, comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the Statement of Recommended Practice: Accounting and Reporting by Charities
have not been met; or
- (2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
…............................................. Martin Ward FCA Dodd & Co Limited Chartered Accountants
DATE 29/09/2021
FIFTEEN Rosehill Montgomery Way Rosehill Estate Carlisle CA1 2RW
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ARMITT LIBRARY AND MUSEUM CENTRE
Consolidated Statement of Financial Activities (including Income and Expenditure Account) for the year ended 31 December 2020
| Note Income and endowments from: Voluntary income 2 Armitt Collection Trust 3 Charitable activities 4 Other trading income 5 Interest received Total income and endowments Expenditure on: Raising funds 6 Charitable activities 6 Total expenditure Net income/(expenditure) Transfers between funds Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward |
Unrestricted Funds Restricted Funds Total Funds 2020 Total Funds 2019 £ £ £ £ 71,374 23,125 94,499 34,560 - - - 146,016 3,205 11,777 14,982 39,369 393 - 393 3,943 38 84 122 44 |
|---|---|
| 75,010 34,986 109,996 223,932 |
|
| 579 - 579 2,129 64,454 9,271 73,725 73,664 |
|
| 65,033 9,271 74,304 75,793 |
|
| 9,977 25,715 35,692 148,139 85,875 (85,875) - - |
|
| 95,852 (60,160) 35,692 148,139 410,662 154,060 564,722 416,583 |
|
| 506,514 93,900 600,414 564,722 |
All of the Group's activities derive from continuing operations during the above periods.
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ARMITT LIBRARY AND MUSEUM CENTRE
Consolidated Statement of Financial Activities (including Income and Expenditure Account) for the year ended 31 December 2020
| Note Tangible assets 10 Heritage assets 11 Stocks Debtors 12 Cash at bank and in hand g year 13 Net current liabilities Net (liabilities)/assets Unrestricted funds Restricted funds Total charity funds 15 Fixed assets Current assets The funds of the charity: |
£ £ 357,198 139,177 496,375 1,278 5,127 115,886 122,291 (18,252) 104,039 600,414 506,514 93,900 600,414 2020 |
£ £ 357,198 139,177 496,375 1,278 5,127 115,886 122,291 (18,252) 104,039 600,414 506,514 93,900 600,414 2020 |
£ £ 364,816 139,177 503,993 2,746 2,003 89,070 93,819 (33,090) 60,729 564,722 410,662 154,060 564,722 2019 |
£ £ 364,816 139,177 503,993 2,746 2,003 89,070 93,819 (33,090) 60,729 564,722 410,662 154,060 564,722 2019 |
|---|---|---|---|---|
| 600,414 | 564,722 | |||
| 506,514 93,900 |
410,662 154,060 |
|||
| 600,414 | 564,722 |
For the financial year ended 31 December 2020, the charity was entitled to exemption from audit under section 477 of the Companies Act 2006.
Trustees' responsibilities:
-
The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476;
-
The trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
Approved by the Board on 21 May 2021 and signed on its behalf by:
TIMOTHY SYKES Trustee
PETER R LANSBERRY Trustee
Page 9
ARMITT LIBRARY AND MUSEUM CENTRE
Consolidated Statement of Financial Activities (including Income and Expenditure Account) for the year ended 31 December 2020
| Note Tangible assets 10 Heritage assets 11 Stocks Debtors 12 Cash at bank and in hand Creditors: Amounts falling due within one year 13 Net current liabilities Net (liabilities)/assets Unrestricted funds Restricted funds Total charity funds 15 Fixed assets Current assets The funds of the charity: |
£ £ 357,198 76,892 434,090 1,278 5,127 91,537 97,942 (18,252) 79,690 513,780 506,514 7,266 513,780 2020 |
£ £ 357,198 76,892 434,090 1,278 5,127 91,537 97,942 (18,252) 79,690 513,780 506,514 7,266 513,780 2020 |
£ £ 364,816 76,892 441,708 2,746 2,335 189 5,270 (32,731) (27,461) 414,247 410,662 3,585 414,247 2019 |
£ £ 364,816 76,892 441,708 2,746 2,335 189 5,270 (32,731) (27,461) 414,247 410,662 3,585 414,247 2019 |
|---|---|---|---|---|
| 513,780 | 414,247 | |||
| 506,514 7,266 |
410,662 3,585 |
|||
| 513,780 | 414,247 |
For the financial year ended 31 December 2020, the charity was entitled to exemption from audit under section 477of the Companies Act 2006.
Trustees' responsibilities:
-
The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476;
-
The trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preperation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
Approved by the Board on 21 May 2021 and signed on its behalf by:
TIMOTHY SYKES Trustee
PETER R LANSBERRY Trustee
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ARMITT LIBRARY AND MUSEUM CENTRE
Notes to the Financial Statements for the year ended 31 December 2020
1 Accounting Policies General information
Armitt Library and Museum Centre is a private company limited by guarantee in England and Wales. The address of the registered office is given in the charity information on the first page of these financial statements. The nature of the Armitt’s operations and principal activities are detailed on page 1 of these financial statements.
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
The financial statements have been prepared in accordance with 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) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Basis of preparation
The Charity meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.
The Charity has applied Update Bulletin 1 as published on 2 February 2016 and does not include a cashflow statement on the grounds that it is applying FRS 102 Section 1A.
Going concern
The Charity has considered whether the use of the going concern basis for accounting is appropriate. To do this, they have considered whether there are any material uncertainties as to the Charity's ability to continue as a going concern.
Following the COVID-19 outbreak, the trustees have prepared detailed cash flow projections and budgets to take into account the uncertainties surrounding the pandemic and its effect on their ability to operate. As a result of this review, the trustees remain confident that there are financial resources available to see the Charity through until normal operations resume and are satisfied that there are no material uncertainties about the Charity's ability to continue as a going concern.
Fund accounting policy
Unrestricted income funds are general funds that are available for use at the trustees' discretion in furtherance of the objectives of the Charity. Further details of each fund are disclosed in note 15.
Income and endowments
Donations are recognised when the Charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the Charity before the Charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the Charity and it is probable that these conditions will be fulfilled in the reporting period.
Legacy gifts are recognised on a case by case basis following the grant of probate when the administor/executor for the estate has communicated in writing both the amount and settlement date. In the event that the gift is in the form of an asset other than cash or a financial asset traded on a recognised stock exchange, recognition is subject to the value of the gift being reliably measured with a degree of reasonable accuracy and the title to the asset having been transferred to the Charity.
Investment income is recognised on a receivable basis.
Income from charitable activities includes income recognised as earned (as the related goods or services are provided) under contract.
Expenditure
Liabilities are recognised as soon as there is a legal or constructive obligation committing the Charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category.
Costs of generating funds are the costs of trading for fundraising purposes.
Charitable expenditure comprises those costs incurred by the Charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Support costs
Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage. Taxation
The Charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
Fixed assets
Individual fixed assets costing more than £100 are initially recorded at cost.
Depreciation
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:
Leasehold building 50 years straight line Plant and machinery 10 years straight line Fixtures, fittings and equipment 3 or 5 years straight line
The leasehold building is erected on leasehold land held at a peppercorn rent.
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ARMITT LIBRARY AND MUSEUM CENTRE
Notes to the Financial Statements for the year ended 31 December 2020
Heritage assets
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 if necessary. Fair values for any donated assets are estimated by reference to market prices.
Where information on the cost or valuation of heritage assets is not available or the cost of providing such information significantly outweighs any benefit to the users of the accounts then heritage assets are not recognised on the balance sheet.
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.
Stock
Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs. Items donated for resale or distribution are not included in the financial statements until they are sold or distributed.
Trade Debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business. Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the Charity will not be able to collect all amounts due according to the original terms of the receivables.
Cash and Cash Equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Liabilities
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the Charity does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Pensions
The Charity operates a defined contribution pension scheme. Contributions are charged in the statement of financial activities as they become payable in accordance with the rules of the scheme.
Consolidation
Consolidation financial statements have been prepared on a line by line basis in accordance with FRS102 and the Charities Act 2011.
The consolidated financial statements incorporate the accounts of:
-
Armitt Library and Museum Centre, the charitable company (The Charity)
-
The Armitt Collection Trust, an unincorporated linked charity (the Trust).
2 Voluntary income
| Arts Council England Emergency grant Donations and gifts Donations and legacies Coronavirus job retention scheme grants Business support grants |
Unrestricted Funds £ Restricted Funds £ Total Funds 2020 £ Total Funds 2019 £ 4,974 23,125 28,099 34,560 4,400 - 4,400 - 27,000 - 27,000 - 35,000 - 35,000 - |
|---|---|
| 71,374 23,125 94,499 34,560 |
Of the donations and legacies income in 2019, £17,300 related to unrestricted funds.
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ARMITT LIBRARY AND MUSEUM CENTRE
Notes to the Financial Statements for the year ended 31 December 2020
3 The Armitt Collection Trust activities
| Donations and gifts Grants Investment income - interest received Funds held by the Armitt Collection Trust on 1 January 2019 |
Unrestricted Funds £ Restricted Funds £ Total Funds 2020 £ Total Funds 2019 £ 23,125 23,125 5,705 - - - 5,850 84 - 84 44 |
|---|---|
| 23,209 - 23,209 11,599 |
|
| - - - 146,016 |
All funds relating to the Armitt Collection Trust are restricted funds for the purposes of these financial statements.
4 Charitable activities
| Admission charges Sales of goods and services Equipment grant Flood repair grant Book Conservation grants Exhibition Grant |
Unrestricted Funds £ Restricted Funds £ Total Funds 2020 £ Total Funds 2019 £ 1,914 - 1,914 20,241 1,291 - 1,291 9,598 - - - 6,000 - 6,617 6,617 - - 735 735 - - 4,425 4,425 3,530 |
|---|---|
| 3,205 11,777 14,982 39,369 |
Of the income from charitable activities in 2019, £29,839 related to unrestricted funds and £9,530 to restricted funds.
5 Other trading activites
| Sales of goods and services | Unrestricted Funds £ Restricted Funds £ Total Funds 2020 £ Total Funds 2019 £ 393 - 393 3,943 |
|---|---|
Of the other income in 2019, £3,943 related to unrestricted funds.
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ARMITT LIBRARY AND MUSEUM CENTRE
Notes to the Financial Statements for the year ended 31 December 2020
6 Expenditure
| Advertising and publication costs Cost of goods sold Charitable activities Conservation costs Depreciation Rates and water Insurance Light and heat Repairs and maintenance Postage stationery and sundries Telephone and fax IT costs Subscriptions Bank interest Bank charges Governance costs Independent Examination Legal fees Raising funds Direct costs Staff costs Cost of goods for primary purpose sales Exhibition costs The Armitt Collection Trust Support costs Included above is expenditure from restricted funds as follows: Conservation and exhibition costs Exhibition costs Flood recovery costs |
The Armitt Collection Trust ALMC Total 2020 Total 2019 £ £ £ £ - - - 1,270 - 579 579 859 |
|---|---|
| - 579 579 2,129 |
|
| - 27,949 27,949 22,951 - 1,350 1,350 2,003 2,741 1,607 4,348 779 - 1,006 1,006 5,540 |
|
| 2,741 31,912 34,653 31,273 |
|
| - 14,159 14,159 14,182 - 1,379 1,379 2,365 - 3,374 3,374 3,347 - 3,487 3,487 4,356 - 6,203 6,203 3,809 - 212 212 498 - 1,621 1,621 1,802 - 1,469 1,469 1,031 - 541 541 287 - 182 182 532 - 640 640 1,242 |
|
| - 33,267 33,267 33,451 |
|
| - 1,620 1,620 1,800 - 4,185 4,185 7,140 |
|
| - 5,805 5,805 8,940 |
|
| 2,741 70,984 73,725 73,664 |
|
| - - - 3,530 - 4,900 4,900 2,025 - 1,630 1,630 - 2,741 - 2,741 7,140 |
7 Trustees' remuneration and expenses
No trustees received any remuneration or expenses during the year.
8 Net expenditure
Net expenditure is stated after charging:
| Independent examiners fee Depreciation of tangible fixed assets |
2020 2019 £ £ 1,620 1,800 14,159 14,182 |
|---|---|
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ARMITT LIBRARY AND MUSEUM CENTRE
Notes to the Financial Statements for the year ended 31 December 2020
- 9 Employees' remuneration
The average monthly number of employees during the year was: 1 2
The aggregate payroll costs of these persons were as follows:
| Redundancy costs Wages and salaries Social security Other pension costs |
2020 £ 2019 £ 18,160 22,507 9,600 - - - 189 444 |
|---|---|
| 27,949 22,951 |
No employee received emoluments of more than £60,000 during the year. During the year the Charity received coronavirus job retention scheme grants amounting to £4,400.
The key management personnel comprise the Trustees. The total employee benefits of the key management personnel of the Charity were £nil (2019 - £nil).
10 Tangible fixed assets Group and Charity
| 11 Group Additions Disposals Charity Additions Disposals Charge for the year As at end of year Net book value Heritage assets Cost As at beginning of year As at end of year As at 31 December 2020 As at 31 December 2019 Additions Disposals As at end of year Depreciation As at beginning of year Eliminated on disposals Cost As at beginning of year Cost As at beginning of year As at end of year |
Leasehold buildings £ Plant and machinery £ Fixtures, fittings and equipment £ Total £ 641,879 54,335 17,605 713,819 - 6,541 - 6,541 - - - - |
Leasehold buildings £ Plant and machinery £ Fixtures, fittings and equipment £ Total £ 641,879 54,335 17,605 713,819 - 6,541 - 6,541 - - - - |
|---|---|---|
| 641,879 60,876 17,605 |
720,360 | |
| 282,426 49,086 17,491 - - - 12,836 1,240 83 |
349,003 - 14,159 |
|
| 295,262 50,326 17,574 |
363,162 | |
| 346,617 10,550 31 |
357,198 | |
| 359,453 5,249 114 |
364,816 | |
| £ 139,177 - - |
||
| 139,177 | ||
| £ 76,892 - - |
||
| 76,892 |
Heritage assets held comprise works of art, photographs, books and other similar items donated to or purchased by the the Armitt. Heritage assets held prior to 1995 have not been valued as the trustees consider the cost of obtaining such a valuation would be disproportionate to the benefit to the Armitt. There were no disposals during the year (2019: nil) and no charges for impairment are considered necessary.
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ARMITT LIBRARY AND MUSEUM CENTRE
Notes to the Financial Statements for the year ended 31 December 2020
| Summary of movements in heritage assets | |||||
|---|---|---|---|---|---|
| Group | Charity | ||||
| Purchases | Donations | Purchases | Donations | ||
| £ | £ | £ | £ | ||
| 2016 Fine Art | 47,000 | - | - | - | |
| Library | - | - | 352 | - | |
| 2017 Photographic collection | 2,548 | - | - | - | |
| Library | 1,500 | - | - | - | |
| 2018 Photographic collection | 5,168 | - | - | - | |
| Fine Art | 220 | ||||
| 2019 Local artefacts and archives | 6,230 | 4,600 | 380 | 4,600 | |
| 2020 | - | - | - | - | |
| 12 | Debtors | ||||
| Group | |||||
| 2020 | 2019 | ||||
| £ | £ | ||||
| Other debtors | 4,143 | 1,147 | |||
| Prepayments and accrued income | 984 | 856 | |||
| 5,127 | 2,003 | ||||
| Charity | |||||
| 2020 | 2019 | ||||
| £ | £ | ||||
| Amounts owed from group undertakings | - | 332 | |||
| Other debtors | 4,143 | 1,147 | |||
| Prepayments and accrued income | 984 | 856 | |||
| 5,127 | 2,335 | ||||
| 13 | Creditors: Amounts falling due within one year | ||||
| Group | |||||
| 2020 | 2019 | ||||
| £ | £ | ||||
| Bank overdrafts | - | 6,968 | |||
| Other creditors | 15,972 | 23,532 | |||
| Accruals and deferred income | 2,280 | 2,590 | |||
| 18,252 | 33,090 | ||||
| Charity | |||||
| 2020 | 2019 | ||||
| £ | £ | ||||
| Bank overdrafts | - | 6,968 | |||
| Amounts owed to group undertakings | - | - | |||
| Other creditors | 15,972 | 23,532 | |||
| Accruals and deferred income | 2,280 | 2,231 | |||
| 18,252 | 32,731 |
14 Members' liability
The charity is a private company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £10 towards the assets of the charity in the event of liquidation.
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ARMITT LIBRARY AND MUSEUM CENTRE
Notes to the Financial Statements for the year ended 31 December 2020
15 Analysis of funds Group
| Buildings fund Endowment Fund Heritage assets fund Restricted funds: The Armitt Collection Trust fund Rawnsley Exhibition Grant Foyle Charity Equipment Grant Flood covery Fund fund Conservation grants Designated Funds: Current period Unrestricted funds: General Funds |
At beginning of year Incoming resources Resources expended Transfers At end of year £ £ £ £ £ (25,683) 75,010 (52,197) 1,566 (1,304) 359,453 - (12,836) - 346,617 - - - 84,309 84,309 76,892 - - - 76,892 |
|---|---|
| 410,662 75,010 (65,033) 85,875 506,514 |
|
| 150,475 23,209 (2,741) (84,309) 86,634 - 4,425 (895) (1,566) 1,964 3,585 - - - 3,585 - 6,617 (4,900) - 1,717 - 735 (735) - - |
|
| 154,060 34,986 (9,271) (85,875) 93,900 |
|
| 564,722 109,996 (74,304) - 600,414 |
The Armitt Collection Trust fund represents the funds held by that Charity. For the purposes of these consolidated accounts all such funds are held as restricted to separate the trust assets (as a linked charity) from ALMC. The Armitt Collection Trust funds comprise:
| Endowment Fund Heritage assets fund Restricted funds: Education Fund Unrestricted funds: General Funds Designated Funds: |
2020 £ 2019 £ 16,109 - 6,744 86,693 62,286 62,286 |
|---|---|
| 85,139 148,979 1,496 1,496 |
|
| 86,635 150,475 |
The Endowment Fund represents funds raised in 2018 and 2019, principally by the Armitt Trust, to provide a secure long-term financial base for the operation and development of the Armitt Library and Museum by providing a sustainable income to support the operating expenses. During the year £84,309 of these funds were transferred from the Armitt Collection Trust to the Armitt Library and Museum Centre which is responsible for maintenance and housing the Collections.
Langdales and Rawnsley exhibition grant funds are Arts Council funding to support the exhibitions. Foyle Charity equipment fund is to assist the acquisition of display and lighting equipment. Flood Recovery Fund is to assist with repairs and marketing following flooding.
Conservation Grants are funds from the Friends of the Armitt to assist with the conservation of the library.
Transfers
The transfer from the Rawnsley Exhibition Fund represents the purchase of the display equipment.
| Buildings fund Heritage assets fund Restricted funds: The Armitt Collection Trust fund Langdales exhibition grant fund Foyle Charity equipment grant Flood recovery funds Unrestricted funds: Prior period General Funds Designated Funds: |
At beginning of year Incoming resources Resources expended Transfers At end of year £ £ £ £ £ (29,645) 56,787 (50,260) (2,565) (25,683) 372,291 - (12,838) - 359,453 71,912 - - 4,980 76,892 |
|---|---|
| 414,558 56,787 (63,098) 2,415 410,662 |
|
| 157,615 (7,140) 150,475 3,530 (3,530) - - 6,000 - (2,415) 3,585 2,025 - (2,025) - - |
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ARMITT LIBRARY AND MUSEUM CENTRE
Notes to the Financial Statements for the year ended 31 December 2020
| 2,025 | 167,145 | (12,695) | (2,415) | 154,060 |
|---|---|---|---|---|
| 416,583 | 223,932 | (75,793) | - | 564,722 |
| The transfer from the Foyle Charity fund represents the purchase 15 Buildings fund Endowment Fund Heritage assets fund Restricted funds: Rawnsley Exhibition Grant Foyle Charity equipment grant Flood covery Fund fund Conservation grants Buildings fund Heritage assets fund Restricted funds: Foyle Charity equipment grant Langdales exhibition grant fund Flood recovery funds 16 Group Current period Tangible assets Heritage assets Current assets Creditors: Amounts falling due within one year Net assets Tangible assets Heritage assets Current assets Creditors: Amounts falling due within one year Net assets General Funds Designated Funds: Net assets by fund Unrestricted funds: Unrestricted funds: Charity Current period General Funds Designated Funds: Prior period Prior period |
of the display equipment. At beginning of year Incoming resources Resources expended Transfers At end of year £ £ £ £ £ (25,683) 75,010 (52,197) 1,566 (1,304) 359,453 - (12,836) - 346,617 - 84,309 - - 84,309 76,892 - - - 76,892 |
|---|---|
| 410,662 159,319 (65,033) 1,566 506,514 |
|
| - 4,425 (895) (1,566) 1,964 3,585 - - - 3,585 - 6,617 (4,900) - 1,717 - 735 (735) - - |
|
| 3,585 11,777 (6,530) (1,566) 7,266 |
|
| 414,247 171,096 (71,563) - 513,780 |
|
| At beginning of year Incoming resources Resources expended Transfers At end of year £ £ £ £ £ (29,645) 56,787 (50,260) (2,565) (25,683) 372,291 - (12,838) - 359,453 71,912 - - 4,980 76,892 |
|
| 414,558 56,787 (63,098) 2,415 410,662 |
|
| - 6,000 - (2,415) 3,585 - 3,530 (3,530) - - 2,025 - (2,025) - - |
|
| 2,025 9,530 (5,555) (2,415) 3,585 |
|
| 416,583 66,317 (68,653) - 414,247 |
|
| Unrestricted Funds Designated Funds Restricted Funds Total Funds 2020 Total Funds 2019 £ £ £ £ £ 10,581 346,617 - 357,198 364,816 - 76,892 62,285 139,177 139,177 6,367 84,309 31,615 122,291 93,819 (18,252) - - (18,252) (33,090) |
|
| (1,304) 507,818 93,900 600,414 564,722 |
|
| Unrestricted Funds Designated Funds Restricted Funds Total Funds 2019 £ £ £ £ 5,363 359,453 - 364,816 - 76,892 62,285 139,177 1,684 - 92,135 93,819 (32,730) - (360) (33,090) (25,683) 436,345 154,060 564,722 |
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ARMITT LIBRARY AND MUSEUM CENTRE
Notes to the Financial Statements for the year ended 31 December 2020
16 Charity
| Charity | |
|---|---|
| Current period Tangible assets Heritage assets Current assets Creditors: Amounts falling due within one year Net assets Tangible assets Heritage assets Current assets Creditors: Amounts falling due within one year Net assets Prior period |
Unrestricted Funds Designated Funds Restricted Funds Total Funds 2020 Total Funds 2019 £ £ £ £ £ 10,581 346,617 - 357,198 364,816 - 76,892 - 76,892 76,892 6,368 84,308 7,266 97,942 5,270 (18,253) - - (18,253) (32,731) |
| (1,304) 507,817 7,266 513,779 414,247 |
|
| Unrestricted Funds Designated Funds Restricted Funds Total Funds 2019 £ £ £ £ 5,363 359,453 - 364,816 - 76,892 - 76,892 1,685 - 3,585 5,270 (32,731) - - (32,731) (25,683) 436,345 3,585 414,247 |
17 Post Balance Sheet Event
Along with all other similar organisations the Armitt has been required to close during the Covid 19 pandemic lockdowns. During those periods appropriate action was taken to protect the Charity's assets and future. Museums are permitted to re-open on 17 May 2021 and the Armitt is admitting a small number of Friends of the Armitt and other invited visitors on 20 May to obtain feedback on the measures in place to provide a safe and interesting visitor experience when the general public are admitted from 27 May. it is not yet clear what the long term effects of Covid 19 and the closure will be.
The impact of the closure has been a complete loss of the income from visitors to the museum throughout the tourist season of 2020 and early 2021. The Charity has been able to access government support schemes and has received a grant from the Arts Council. The Trustees continue to review support available from a variety of sources.
The trustees are confident that sufficient financial resources are available to see the Charity through the foreseeable future until there is a return to more normal operations. The charity has assessed the impact on reserves to be manageable. The Trustees therefore believe the Charity will remain financially viable and the financial statements can continue to be prepared on a going concern basis.
Therefore the COVID 19 crisis is treated as a non adjusting event and no adjustments are deemed to be required to the accounts for the impact of the above events since the balance sheet date.
Page 19