Charity Registration No. 1058595
COMBINED MILITARY SERVICES MUSEUM
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021
COMBINED MILITARY SERVICES MUSEUM
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees Mr R Wooldridge Mr D Wooldridge Mr G Wooldridge Charity number 1058595 Registered office Station Road Maldon Essex CM9 4LQ Independent examiner Azets Audit Services 3Mc Middlemarch Business Park Siskin Drive Coventry CV3 4FJ
COMBINED MILITARY SERVICES MUSEUM
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 2 |
| Independent examiner's report | 3 |
| Statement of financial activities | 4 |
| Balance sheet | 5 |
| Notes to the financial statements | 6 - 15 |
COMBINED MILITARY SERVICES MUSEUM
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 AUGUST 2021
The trustees present their report and financial statements for the year ended 31 August 2021.
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 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 (FRS 102) (effective 1 January 2019)".
Objectives and activities
The main objects of the charity are to display its collection for the education of the general public, and to preserve its collection for the benefit of future generations.
The charity will co-operate with other charities, voluntary bodies and statutory authorities operating in furtherance of the objectives and to exchange information and advice with them.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
The trustees are very grateful for all the efforts of the volunteers throughout the year. Excellent work has been carried out restoring the museum external tank and missile exhibits, making them first class exhibits once again.
Achievements and performance
The trustees are very pleased with the museum's progress during the last year despite the obvious impacts of Covid-19 which again resulted in the museum being forced to close for part of the year. CMSM is internationally recognised for the importance of its collections and we are now working with both French, Spanish and German national museums on future exhibitions.
Visitor numbers have been lower than normal due to the pandemic, but are still at acceptable levels considering the circumstances.
Overall the trustees are very satisfied with the museum's activities and the charity's performance during the financial year.
Financial review
The trustees believe that the year end position and financial performance during the year are satisfactory. At the balance sheet date total funds were £2,191,079 (2020 - £2,159,655). Of these funds £241,013 (2020 - £243,602) relates to restricted funds.
A surplus of £31,424 (2020 - £26,257) has been returned for the year and this partly reflects the various Covid19 funding received by the Museum to support it through the unprecedented times the pandemic resulted in.
Most of the funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. The only exception to this is the lottery grant which is primarily to fund the extension of the museum and has been treated accordingly.
The levels of reserves have so far been determined by external factors as the charity becomes established, but it is expected that reserves will be determined by the need to keep a minimum level of operating working capital, especially with regard to unrestricted funds. Restricted funds are not expected to be liquid as they are likely to be tied up in the freehold building.
The trustees have examined the charity's requirements for reserves and have established a policy that unrestricted reserves should be sufficient to cover at least six months of the charity's expenditure.
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COMBINED MILITARY SERVICES MUSEUM
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2021
The trustees has assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
As in the previous year these financial statements cover a period when the museum was forced to close as a result of the Covid 19 pandemic and these times have given the opportunity for the trustees to take stock of the situation and move things forward.
A plan has been developed to rebrand the museum in order to increase footfall and grant applications have been successful to enable the museum to receive funds to enable this plan to develop. The Trustees are confident in these plans and the positive impact they will have on the museum going forward.
Structure, governance and management
The charity is controlled by its governing document, a deed of trust, and constitutes an unincorporated charity. The charity is constituted by Deed of Trust dated 29th August 1996 and its registered number is 1058595.
The trustees who served during the year and up to the date of signature of the financial statements were: Mr R Wooldridge Mr D Wooldridge Mr G Wooldridge
The existing trustees make appointments of new trustees when deemed necessary in order to perform the trust's objectives effectively. Potential trustees are selected on the basis of their relevant background and experience and are expected to actively support and further the charity's work.
The trustees meet on a regular basis in order to discuss relevant matters relating to the charity. Important decisions are reached at these meetings and communicated to the staff and other interested parties.
Decisions are made by consensus by the trustees at the trustees' meetings.
Public benefit
The object of the Combined Military Services Museum is to display its collection for the education of the general public. The trustees are very pleased with the work having been carried out this year in line with the charity's objects.
The trustees have read the guidance issued by the Charity Commission and consider that they are in full compliance.
The trustees' report was approved by the Board of Trustees.
..............................
Mr R Wooldridge
Trustee Dated: .........................
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COMBINED MILITARY SERVICES MUSEUM
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF COMBINED MILITARY SERVICES MUSEUM
I report to the trustees on my examination of the financial statements of Combined Military Services Museum (the charity) for the year ended 31 August 2021.
Responsibilities and basis of report
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).
I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.
I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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1 accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
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2 the financial statements do not accord with those records; or
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3 the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.
I 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.
Robert Anderson FCA Azets Audit Services
3Mc Middlemarch Business Park Siskin Drive Coventry CV3 4FJ
Dated: .........................
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COMBINED MILITARY SERVICES MUSEUM
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 AUGUST 2021
| Unrestricted Restricted funds funds 2021 2021 Notes £ £ Income and endowments from: Donations and legacies 3 73,410 26,200 Charitable activities 4 17,489 - Other trading activities 5 4,680 - Investments 6 22 - Other income 7 29,000 - Total income 124,601 26,200 Expenditure on: Raising funds 8 2,229 - Charitable activities 9 87,584 29,566 Total resources expended 89,813 29,566 Net incoming/(outgoing) resources before 34,788 (3,366) Gross transfers between funds (775) 775 Net income/(expenditure) for the year/ Net movement in funds 34,013 (2,591) Fund balances at 1 September 2020 1,916,053 243,602 Fund balances at 31 August 2021 1,950,066 241,011 |
Total Unrestricted funds 2021 2020 £ £ 99,610 71,442 17,489 12,922 4,680 3,291 22 27 29,000 - 150,801 87,682 2,229 2,386 117,150 55,652 119,379 58,038 31,422 29,644 - - 31,422 29,644 2,159,655 1,886,409 2,191,077 1,916,053 |
Restricted funds 2020 £ - - - - - - - 3,387 3,387 (3,387) - (3,387) 246,989 243,602 |
Total 2020 £ 71,442 12,922 3,291 27 - |
|---|---|---|---|
| 87,682 | |||
| 2,386 | |||
| 59,039 | |||
| 61,425 | |||
| 26,257 - |
|||
| 26,257 2,133,398 |
|||
| 2,159,655 |
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
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COMBINED MILITARY SERVICES MUSEUM
BALANCE SHEET
AS AT 31 AUGUST 2021
| Notes Fixed assets Tangible assets 13 Heritage assets 14 Current assets Stocks 16 Debtors 17 Cash at bank and in hand Creditors: amounts falling due within one year 18 Net current assets Total assets less current liabilities Income funds Restricted funds 20 Unrestricted funds |
2021 £ £ 648,439 1,473,147 2,121,586 2,914 10,784 68,479 82,177 (12,686) 69,491 2,191,077 241,011 1,950,066 2,191,077 |
2020 £ £ 653,129 1,461,348 2,114,477 2,229 5,848 40,088 48,165 (2,987) 45,178 2,159,655 243,602 1,916,053 2,159,655 |
2020 £ £ 653,129 1,461,348 2,114,477 2,229 5,848 40,088 48,165 (2,987) 45,178 2,159,655 243,602 1,916,053 2,159,655 |
|---|---|---|---|
| 2,114,477 45,178 |
|||
| 2,159,655 | |||
| 243,602 1,916,053 |
|||
| 2,159,655 |
The financial statements were approved by the Trustees on .........................
.............................. Mr R Wooldridge Trustee
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COMBINED MILITARY SERVICES MUSEUM
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2021
1 Accounting policies
Charity information
Combined Military Services Museum is a charitable trust and registered at the Charity Commission number 1058595.
1.1 Accounting convention
The financial statements have been prepared in accordance with the charity's [governing document], 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 (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 applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
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. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
1.4 Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
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COMBINED MILITARY SERVICES MUSEUM
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2021
1 Accounting policies
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.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.5 Expenditure
Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
1.6 Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings No depreciation is provided Plant and machinery 10% on reducing balance Fixtures and fittings At variable rates on reducing balance
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 net income/(expenditure) for the year.
No depreciation is provided on the charity's freehold property as the trustees believe that its economic value is substantially higher than its book value and any depreciation would be immaterial. The property will be subject to regular impairment reviews.
1.7 Heritage assets
Heritage assets are initially shown at the cost of the acquired asset. A heritage asset that is recognised initially at its cost may be subsequently carried at a valuation where a charity adopts a policy of carrying its heritage assets (or group of heritage assets) at valuation. Heritage assets are held and maintained principally for their contribution to knowledge and culture and consequently are not considered to have a finite economic life. Consequently no depreciation is charged on heritage assets.
1.8 Impairment of fixed assets
At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.9 Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost.
Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.
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COMBINED MILITARY SERVICES MUSEUM
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2021
1 Accounting policies
1.10 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.
1.11 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.
1.12 Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.13 Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
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COMBINED MILITARY SERVICES MUSEUM
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2021
1 Accounting policies
1.14 Heritage Lottery Fund
The National Lottery fund contributed to the cost of buildings and display cases and the balance on the restricted fund represents the value of those assets acquired less amortisation.
2 Critical accounting estimates and judgements
In the application of the charity’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.
3 Donations and legacies
| Unrestricted Restricted funds funds 2021 2021 £ £ Donations and gifts 1,046 - Grants receivable 72,364 26,200 73,410 26,200 Grants receivable for core activities Covid 19 grant - - National Heritage - - HMRC Job Retention Scheme 12,110 - Arts Council Cultural Recovery Fund 41,519 26,200 Maldon DC 18,735 - 72,364 26,200 |
Total Unrestricted funds 2021 2020 £ £ 1,046 15,751 98,564 55,691 99,610 71,442 - 25,000 - 19,700 12,110 10,991 67,719 - 18,735 - 98,564 55,691 |
Total Unrestricted funds 2021 2020 £ £ 1,046 15,751 98,564 55,691 99,610 71,442 - 25,000 - 19,700 12,110 10,991 67,719 - 18,735 - 98,564 55,691 |
|---|---|---|
| 71,442 | ||
| 25,000 19,700 10,991 - - |
||
| 55,691 |
Grant income of £98,564 (2020 - £55,691) includes amounts received under the HMRC JRS scheme of £12,110 (2020 - £10,881), Covid-19 funding from Maldon District Council of £18,735 and from the Arts Council under their Culture Recovery Fund of £67,719. The first Arts Council grant of £41,519 was to cover core costs whilst the Museum was closed as a result of the pandemic, the second grant for £26,200 was to help with the Museum reopening and investment in IT equipment and developing the Museum’s social media profile. The previous year the charity had received Covid-19 related grant income from the Arts Council and National Heritage Fund.
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COMBINED MILITARY SERVICES MUSEUM
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2021
4 Charitable activities
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Admissions income | 17,489 | 12,922 |
5 Other trading activities
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2021 | 2020 | ||
| £ | £ | ||
| Shop income | 4,680 | 3,291 | |
| 6 | Investments |
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2021 | 2020 | ||
| £ | £ | ||
| Interest receivable | 22 | 27 | |
| 7 | Other income | ||
| Unrestricted | Total | ||
| funds | |||
| 2021 | 2020 | ||
| £ | £ | ||
| Net gain on disposal of tangible fixed assets | 29,000 | - |
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COMBINED MILITARY SERVICES MUSEUM
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2021
8 Raising funds
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2021 | 2020 | |
| £ | £ | |
| Fundraising and publicity | ||
| Merchandise and refreshments | 2,229 | 2,386 |
| 2,229 | 2,386 | |
| Charitable activities | ||
| 2021 | 2020 | |
| £ | £ | |
| Staff costs | 37,044 | 33,711 |
| Depreciation and impairment | 4,690 | 5,211 |
| Rates and water | 192 | 209 |
| Insurance | 2,963 | 2,801 |
| Light and heat | 4,990 | 4,670 |
| Repairs and maintenance | 28,379 | 7,231 |
| Printing and stationery | 3,982 | 228 |
| Telephone | 976 | 555 |
| Advertising | 16,028 | 156 |
| Travel costs | 119 | 119 |
| Sundry costs | 3,110 | 1,070 |
| Bank charges | 656 | 582 |
| Consultancy and professional fees | 11,825 | - |
| 114,954 | 56,543 | |
| Share of governance costs (see note 10) | 2,196 | 2,496 |
| 117,150 | 59,039 | |
| Analysis by fund | ||
| Unrestricted funds | 87,584 | 55,652 |
| Restricted funds | 29,566 | 3,387 |
| 117,150 | 59,039 |
9 Charitable activities
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COMBINED MILITARY SERVICES MUSEUM
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2021
10 Support costs
| Support costs Governance costs £ £ Accountancy - 2,196 - 2,196 Analysed between Charitable activities - 2,196 |
2021 Support costs Governance costs £ £ £ 2,196 - 2,496 2,196 - 2,496 2,196 - 2,496 |
2020 £ 2,496 |
|---|---|---|
| 2,496 | ||
| 2,496 |
Governance costs includes payments to the auditors of £1,620 (2020- £1,620) for independent examiners fees.
11 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
12 Employees
Number of employees
The average monthly number of employees during the year was:
| 2021 | 2020 | |
|---|---|---|
| Number | Number | |
| Museum operations | 2 | 3 |
| Employment costs | 2021 | 2020 |
| £ | £ | |
| Wages and salaries | 37,023 | 32,570 |
| Social security costs | (604) | 604 |
| Other pension costs | 625 | 537 |
| 37,044 | 33,711 |
There were no employees whose annual remuneration was £60,000 or more.
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COMBINED MILITARY SERVICES MUSEUM
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2021
13 Tangible fixed assets
| Cost At 1 September 2020 At 31 August 2021 Depreciation and impairment At 1 September 2020 Depreciation charged in the year At 31 August 2021 Carrying amount At 31 August 2021 At 31 August 2020 |
Land and buildings £ 606,227 606,227 - - - 606,227 606,227 |
Plant and machinery Fixtures and fittings £ £ 47,250 167,540 47,250 167,540 38,640 129,248 861 3,829 39,501 133,077 7,749 34,463 8,610 38,292 |
Total £ 821,017 |
|---|---|---|---|
| 821,017 | |||
| 167,888 4,690 |
|||
| 172,578 | |||
| 648,439 | |||
| 653,129 |
No depreciation is charged on the freehold property because in the opinion of the trustees any such charge would be immaterial.
14 Heritage assets
| At 1 September 2020 Purchases At 31 August 2021 |
£ 1,461,348 11,799 |
|---|---|
| 1,473,147 |
Heritage assets represent the charity's various display collection and all assets are shown in the financial statements at their cost price.
| 15 Financial instruments Carrying amount of financial assets Debt instruments measured at amortised cost Carrying amount of financial liabilities Measured at amortised cost |
2021 2020 £ £ 5,848 11,994 2,987 14,830 |
|---|---|
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COMBINED MILITARY SERVICES MUSEUM
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2021
| 16 Stocks Finished goods and goods for resale 17 Debtors Amounts falling due within one year: Other debtors Prepayments and accrued income 18 Creditors: amounts falling due within one year Trade creditors Other creditors |
2021 £ 2,914 2021 £ 8,166 2,618 10,784 2021 £ 5,103 7,583 12,686 |
2020 £ 2,229 |
|---|---|---|
| 2020 £ 2,384 3,464 |
||
| 5,848 | ||
| 2020 £ 472 2,515 |
||
| 2,987 |
19 Retirement benefit schemes
Defined contribution schemes
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.
The charge to profit or loss in respect of defined contribution schemes was £625 (2020 - £537).
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COMBINED MILITARY SERVICES MUSEUM
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2021
20 Restricted funds
The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:
| Movement in funds Incoming resources Balance at 1 September 2020 £ £ Arts Council England - Cultural Recovery Grant2 - - Heritage Lottery Fund - 243,602 - 243,602 |
Movement in funds Incoming resources Resources expended Transfers £ £ £ 26,200 (26,975) 775 - (2,591) - 26,200 (29,566) 775 |
Balance at 31 August 2021 £ - 241,011 |
|---|---|---|
| 241,011 |
The restricted fund represents lottery funding received relating to the purchase of freehold property and various fixtures and fittings. At the balance sheet date the balance on the fund is represented by the net book value of these assets.
During the year the Charity received funding from Arts Council England under the Cultural Recovery Fund to help with the reopening of the Museum after the Covid 19 pandemic and invest in new IT infrastructure and equipment and to help with the development of the social media profile of the Museum.
21 Analysis of net assets between funds
| Analysis of net assets between funds | |||
|---|---|---|---|
| Unrestricted funds Restricted funds 2021 2021 £ £ Fund balances at 31 August 2021 are represented by: Tangible assets 407,428 241,011 Heritage assets 1,473,147 - Current assets/(liabilities) 69,491 - 1,950,066 241,011 |
Total Unrestricted funds 2021 2020 £ £ 648,439 409,527 1,473,147 1,461,348 69,491 45,178 2,191,077 1,916,053 |
Restricted funds 2020 £ 243,602 - - 243,602 |
Total 2020 £ 653,129 1,461,348 45,178 |
| 2,159,655 |
22 Related party transactions
Transactions with related parties
During the year the charity entered into the following transactions with related parties:
During the year the charity received donations without conditions totalling £0 (2020 - £10,000) from the trustees.
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