Company Registration Number 3237369
The Haberdashers' Millennium Treasures Trust
Financial Statements (unaudited)
30 June 2022
The Haberdashers' Millennium Treasures Trust
| FINANCIAL STATEMENTS 2022 | |
|---|---|
| CONTENTS | Page |
| Legal and administrative details | 1 |
| Council’s report | 2 |
| Statement of financial activities | 5 |
| Balance sheet | 6 |
| Notes to the accounts | 7 |
The Haberdashers' Millennium Treasures Trust
FINANCIAL STATEMENTS 2022
LEGAL AND ADMINISTRATIVE DETAILS
Constitution
The Haberdashers’ Millennium Treasures Trust is a company limited by guarantee, not having a share capital, and a registered charity. The governing instrument of the Trust is the Memorandum and Articles of Association of the company.
Company number 3237369. Charity Commission registration number 1062019.
Council Members
J B S Swallow (Chairman) Dr M G Archer J W Kininmonth C J Davis
Company Secretary
E D Bayley
Registered Office and address for correspondence
Haberdashers’ Hall 18 West Smithfield London EC1A 9HQ
Solicitors
Stone King LLP 91 Charterhouse Street London EC1M 6HR
Bankers
C Hoare & Co 37 Fleet Street London EC4P 4DQ
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The Haberdashers' Millennium Treasures Trust
COUNCIL’S REPORT
The Council is pleased to present the report and financial statements of the Haberdashers’ Millennium Treasures Trust (the Trust) for year ended 30 June 2022.
Objects
The objects of the Trust are to acquire, preserve, maintain and display for the benefit of the public, works of art, artefacts, documents, pictures, carvings, sculptures and such like material which reflect the historic contribution to and development of the life of the City of London by the Haberdashers’ Company.
The Council members confirm that they have referred to the Charity Commission’s general guidance on public benefit when reviewing the Trust’s aims and objectives and in planning the Trust’s activities.
Statement of Council’s Responsibilities
The Council members who are trustees (also directors of the Trust for the purposes of company law) are responsible for preparing the Council’s 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 Council to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Trust and of the incoming resources and application of resources, including the income and expenditure of the Trust for that period. In preparing these financial statements, the Council Members are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards have been followed, subject to any material departure disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Trust will continue in operation.
The Council Members are responsible for keeping proper accounting records that disclose with reasonable accuracy the financial position of the Trust and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Management and governance arrangements
Four permanent Council members were appointed this year at a Special Meeting to replace the Master and four Wardens who had historically held office. Council may appoint members to fill vacancies, on retirement of outgoing members. No Council member receives any remuneration from the Trust.
Council members are directors and members of the company and charity trustees. Members of the company do not hold shares but instead undertake to contribute an amount not exceeding £1 each to the assets of the company, if required, in the event of it being wound up.
Council members are already experienced charity trustees through their service with the Haberdashers’ Company and undergo trustee induction and training through the Haberdashers’ Company. The Secretary provides an additional induction process specific to the Trust.
The Council meets formally once each year but in addition is able to deal with Trust business through
Special meetings as required.
In considering potential acquisitions, the Council is advised by the Fine Arts Committee of the Haberdashers’ Company but no power to expend Trust resources is delegated to that Committee.
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The Haberdashers' Millennium Treasures Trust
COUNCIL’S REPORT
Staff of the Haberdashers’ Company, the Trust and various charities having the Haberdashers’ Company as trustee are jointly employed under a paymaster arrangement.
The Council’s risk management process is integrated with that of the Haberdashers’ Company and involves:
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review of the range of risks faced by the Trust;
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implementation of controls and procedures to minimise the main areas of risk and to mitigate the effect of adverse events.
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review of systems and procedures in place at Haberdashers’ Hall where the Trust’s treasures are located.
Related parties
The Council members of the Trust are all members of the Court of Assistants (governing body) of the Haberdashers’ Company. The objects of the Trust are closely connected with the Company and its history.
Investment powers and objective
Under the memorandum and articles of association, the Trust has power to make any investment which the Council sees fit.
The Trust’s reserve has been invested as follows:
(i) in the Haberdashers’ Charities Invested Income Fund, a portfolio of investments representing reserves of several Haberdasher charities. This fund, whose objective was to maximise total return, closed in February 2012 and the proceeds of the Trust’s investment were transferred to the Haberdashers’ Charities Cash Pool.
(ii) in the Haberdashers’ Charities Cash Pool, combining cash deposits for several Haberdasher charities. The investment objective of the Pool is to maximise interest from short term deposits placed with institutions meeting a minimum credit rating requirement.
Reserves policy
In the year ended 30 June 2022, the cash reserves fell to £2,500 (2021: increased to £10,941). The Council’s stated policy is to retain an uncommitted reserve of up to £100,000 to provide for maintenance of the Trust’s assets, but recent acquisitions without an associated fundraising campaign have depleted the reserves. The position will be improved by a £40,000 annual charitable donation from the Worshipful Company of Haberdashers, to help with the maintenance and repair of treasure. This sum is included in current assets.
Mission, strategy and activities
Haberdashers’ Hall receives several thousand visitors each year, many of whom have little understanding of livery companies and the pivotal role they have played since medieval times and continue to play in the development of the City of London. The Council seeks to support the Haberdashers’ Company in using Haberdashers’ Hall, its decorations, contents and its staff to inform members of the public about the historical and modern activities of the Company.
The Trust’s resources are limited and the Council’s strategy is to contribute by way of individual projects or acquisitions which will be available for viewing by the public at Haberdashers’ Hall and which can be used to illustrate the history and activities of the Haberdashers’ Company. During the period under review, the Trust commissioned and installed a new banner by Anne Carrington to commemorate the election of a Haberdasher Lord Major.
The Haberdashers’ Company assists the Trust in its work by providing staff resources for guided tours of Haberdashers’ Hall and for participation in London Open House, an annual open day which attracts some 1,500 visitors to the Hall each year. The Company also provides insurance cover for Trust assets at no cost to the Trust.
A number of valuable assets have been received over the years as gifts in kind and the Council wishes to express its continuing gratitude to the donors.
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The Haberdashers' Millennium Treasures Trust
COUNCIL’S REPORT
Financial matters
The annual accounts have been prepared in accordance with the requirements of the memorandum and articles of association, the SORP “Accounting and Reporting by Charities” and the Companies Act 2006.
The Trust’s incoming resources for the period were £42,910 (2021: £2,328), including restricted donations of £Nil. Resources expended were £27,822 (2021: £1,949). Expenditure on treasures amounted to £nil (2021 £Nil). This does not appear in the Statement of Financial Activities and would normally be treated as capital expenditure (except for gifts in kind). Total funds increased by £15,088 to £666,782 (2021: increased by £379 to £651,694).
Valuation of treasures is not straightforward as many items are specific to the Haberdashers’ Company and would have limited appeal elsewhere. They are capable of being and intended to be retained indefinitely, so no provision is made for depreciation. The Council’s policy is to capitalise all items at historical cost or estimate of value provided by donors and to review book values annually, guided by the most recent valuation for insurance purposes. In many cases, insurance values of items are well in excess of their historical cost.
Independent Examiner
The members have agreed to dispense with annual audit and the independent examination of the financial statements due to the minimal changes in the financial affairs of the Trust in 2022.
Approved by the Council and signed on its behalf:
E D Bayley
Secretary
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The Haberdashers' Millennium Treasures Trust
STATEMENT OF FINANCIAL ACTIVITIES Year ended 30 June 2022
| Note Unrestricted Funds £ Restricted Funds £ INCOMING RESOURCES Incoming resources from generated funds Donations receivable 41,788 - Book sales 1,102 - Bank interest 20 - TOTAL INCOMING RESOURCES 42,910 - RESOURCES EXPENDED Charitable activities 2 27,523 - Governance costs 2 299 - TOTAL RESOURCES EXPENDED 27,822 - NET MOVEMENT IN FUNDS 15,088 - Reconciliation of Funds: Total fundsbrought forward 416,221 235,473 TOTAL FUNDS carried forward 7 431,309 235,473 |
Total Year to June 30 2022 £ 41,788 1,102 20 42,910 27,523 299 27,822 15,088 651,694 666,782 |
Total Year to June 30 2021 £ 1,899 387 42 2,328 1,804 145 1,949 379 651,315 651,694 |
|---|---|---|
The statement of financial activities includes all gains and losses in the period. All incoming resources and resources expended derive from continuing activities. The notes on pages 7 to 10 form an integral part of these financial statements.
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The Haberdashers' Millennium Treasures Trust
BALANCE SHEET Year ended 30 June 2022
| Note FIXED ASSETS Treasures 3 Other tangible fixed assets 4 CURRENT ASSETS Stock – books Debtors and prepayments 5 Cash on deposit Cash at bank CREDITORS: amounts falling due within one year 6 NET CURRENT ASSETS NET ASSETS FUNDS Restricted Fund 7 Unrestricted Funds: Designated Fund 7 General Fund 7 |
2022 £ 629,954 - 629,954 6,982 44,782 2,500 - 54,264 (17,436) 36,828 666,782 235,473 319,798 111,511 666,782 |
2021 £ 629,954 113 630,067 8,061 3,250 8,500 2,441 22,252 (625) 21,627 651,694 235,473 319,910 96,311 651,694 |
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The notes on pages 7 to 10 form an integral part of these financial statements.
For year ending 30 June 2022 the Trust was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors’ (Council) responsibilities:
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the members have not required the Trust to obtain an audit of its accounts for the period in question in accordance with section 476,
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the directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts
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these accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime.
These financial statements of the Haberdashers’ Millennium Treasure Trust were approved by the Council and authorised for issue and signed on their behalf.
J B S Swallow
Chairman
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The Haberdashers' Millennium Treasures Trust
NOTES TO THE ACCOUNTS Year ended 30 June 2022
1. ACCOUNTING POLICIES
The financial statements are prepared in accordance with the Statement of Recommended Practice “Accounting and Reporting by Charities”, revised in 2005 (SORP 2005) and applicable accounting standards. The particular accounting policies adopted by the trustees are described below.
Accounting convention
The financial statements are prepared under the historical cost convention.
Fund accounting
The Trust maintains funds as follows:
Restricted Fund
Restricted funds hold donations or gifts in kind which must be used in accordance with donors’ wishes.
Designated Fund
Designated funds are maintained to hold assets acquired by the Council out of unrestricted income.
General Fund
The general fund is an unrestricted fund which receives all undesignated income and is available to meet any expenditure in pursuit of the object of the Trust.
Incoming resources
All income is recognised in the statement of financial activities when the conditions for receipt have been met and there is reasonable assurance of receipt. Where a claim for repayment of income tax has or will be made, such income is grossed up for the tax recoverable.
Gifts in kind are shown in the Statement of Financial Activities at the Council’s best estimate of value on acquisition.
Expenditure
Expenditure is recorded on an accruals basis.
Charitable expenditure comprises costs incurred by the Trust in the delivery of its activities and services for its beneficiaries. It includes both costs which can be allocated direct to such activities and costs of an indirect nature used to support them.
Governance costs include costs associated with meeting the constitutional and statutory requirements of the Trust and include fees for independent examination and costs linked to the strategic management of the trust.
Fixed assets and depreciation
Treasures (tangible fixed assets in the form of works of art, documents and artefacts which the Trust intends to retain indefinitely) are capitalised at cost and are not depreciated because they have indefinite useful lives and high residual values. The Council conducts an annual impairment review.
Display cabinets are depreciated at the rate of 10% per annum on a straight line basis
Investments
Investments are stated at market value. Realised and unrealised gains and losses are shown separately in the appropriate section of the statement of financial activities.
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The Haberdashers' Millennium Treasures Trust
NOTES TO THE ACCOUNTS Year ended 30 June 2022
2. RESOURCES EXPENDED
| Charitable activities £ Costs directly allocated to activities Repairs and restorations – treasures 25,237 Books sold – “A Hidden Gem” 1,079 Depreciation of display cabinets 112 Other expenditure - Support costs Allocated on the basis of staff time Staff costs 960 Service charges 135 27,523 |
Govern- ance £ - - - 186 100 13 299 |
Year ended 30 June 2022 £ 25,237 1,079 112 186 1,060 148 27,822 |
Year ended 30 June 2021 £ - 379 150 13 1,252 156 1,949 |
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3. TREASURES
Treasures include silverware, works of art and historical documents acquired in pursuit of the object of the charity.
| Designated Fund £ Restricted Fund £ Balance as at 1 July 2021 - treasures 326,457 303,497 Payments made during the period Balance as at 30 June 2022 326,457 303,497 OTHER TANGIBLE FIXED ASSETS Display Cabinets £ Cost As at 1 July 2021 17,866 Additions - As at 30 June 2022 17,866 Depreciation As at 1 July 2021 17,754 Charge for the period 112 As at 30 June 2022 17,866 Net book value 30 June 2022 nil Net book value 30 June 2021 112 |
Total £ 629,954 629,954 |
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4. OTHER TANGIBLE FIXED ASSETS
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The Haberdashers' Millennium Treasures Trust
NOTES TO THE ACCOUNTS Year ended 30 June 2022
5. DEBTORS
| Donation receivable Book sales |
Year ended 30 June 2022 £ 41,756 3,026 44,782 |
Year ended 30 June 2021 £ 1,327 1,923 3,250 |
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6. CREDITORS
| Staff costs Service charges Sundry costs Bank overdraft |
Year ended 30 June 2022 £ 1,060 148 12 16,216 17,436 |
Year ended 30 June 2021 £ 544 68 13 - 625 |
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7. STATEMENT OF FUNDS
| STATEMENT OF FUNDS | |||||||
|---|---|---|---|---|---|---|---|
| Restricted Funds Restricted treasures fund Unrestricted Funds Designated treasures fund Designated fixed asset fund Unrestricted general fund Total unrestricted funds Total Funds |
Balance 1 July 2021 £ 235,473 319,798 112 319,910 96,311 416,221 651,694 |
Incoming resources £ - - - 42,910 42,910 42,910 |
Resources expended £ - - (112) (112) (27,710) (27,822) (27,822) |
Transfers £ - - - - |
Balance 30 June 2022 £ 235,473 319,798 - 319,798 111,511 431,309 666,782 |
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The Haberdashers' Millennium Treasures Trust
NOTES TO THE ACCOUNTS Year ended 30 June 2022
8. ANALYSIS OF FUND ASSETS AND LIABILITIES
| Unrestricted Funds £ Treasures 326,457 Other tangible fixed assets - Net current assets 104,851 431,308 |
Restricted funds £ 303,497 - (68,023) 235,474 |
Total 2022 £ 629,954 - 36,828 666,782 |
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9. CAPITAL COMMITMENTS
The following capital expenditure had been authorised:
At 30 June 2022 £Nil At 30 June 2021 £Nil
10. INFORMATION REGARDING EMPLOYEES AND TRUSTEES
No trustee has received any remuneration or reimbursement of expenses from the Trust during the year to 30 June 2022 (2021: £Nil).
The trustees are members of the governing body of the Haberdashers’ Company, which operates a paymaster arrangement under which staff costs are charged to the Trust. The Haberdashers’ Company also makes a charge to the Trust for use of Haberdashers’ Hall and its office facilities. These charges are calculated not to exceed the cost to the Haberdashers’ Company for providing the services.
Other than the Haberdashers’ Company, no party connected to the trustees receives any payment from the Trust.
11. TAXATION
The charity is entitled to exemptions from tax afforded by sections 466 to 493 Corporation Tax Act 2010 so far as its income and gains are applied for charitable purposes.
12. CAPITAL
Every member of the Trust undertakes to contribute such amount as may be required, not exceeding £1, to the Trust’s assets if it shall be wound up whilst he or she is a member, or within one year after ceasing to be a member, for payment of the Trust’s debts. At 30 June 2022, the Trust had 4 members.
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