**REGISTERED CHARITY NUMBER: 1067952**
## **Report of the Trustees and**
**Unaudited Financial Statements for the Year Ended 31 August 2022**
**for**
## **The Verwood Museum Trust**
Town & Forest Chartered Accountants Cornerways House School Lane Ringwood Hampshire BH24 1LG
**The Verwood Museum Trust**
## **Contents of the Financial Statements for the Year Ended 31 August 2022**
|||**Page**||
|---|---|---|---|
|**Report of the Trustees**||1||
|**Independent Examiner's Report**||2||
|**Statement of Financial Activities**||3||
|**Balance Sheet**||4||
|**Notes to the Financial Statements**|5|to|8|
|**Detailed Statement of Financial Activities**||9||
**The Verwood Museum Trust**
## **Report of the Trustees**
## **for the Year Ended 31 August 2022**
The trustees present their report with the financial statements of the charity for the year ended 31 August 2022. The trustees have adopted the provisions of 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).
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Governing document**
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number**
1067952
## **Principal address**
Manor Way Verwood Dorset BH31 6HF
## **Trustees**
G J Thorne Miss B A Page C G Thorne J E Thorne
## **Independent Examiner**
Town & Forest Chartered Accountants Cornerways House School Lane Ringwood Hampshire BH24 1LG
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
.......................................................................... C G Thorne - Trustee
Page 1
**Independent Examiner's Report to the Trustees of The Verwood Museum Trust**
## **Independent examiner's report to the trustees of The Verwood Museum Trust**
I report to the charity trustees on my examination of the accounts of The Verwood Museum Trust (the Trust) for the year ended 31 August 2022.
## **Responsibilities and basis of report**
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.
## **Independent examiner's statement**
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
1. accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
2. the accounts do not accord with those records; or
3. the accounts 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 accounts to be reached.
Zara Dunster FCA Town & Forest Chartered Accountants Cornerways House School Lane Ringwood Hampshire BH24 1LG
Date: .............................................
Page 2
**The Verwood Museum Trust**
## **Statement of Financial Activities**
## **for the Year Ended 31 August 2022**
|Unrestricted
funds
Notes
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
42,592
Other income
-
**Total**
42,592
**EXPENDITURE ON**
Raising funds
2
46,771
**NET INCOME/(EXPENDITURE)**
(4,179)
**RECONCILIATION OF FUNDS**
Total funds brought forward
111,646
**TOTAL FUNDS CARRIED FORWARD**
107,467|Restricted
fund
£
-
-
-
-
-
-
-|31.8.22
Total
funds
£
42,592
-
42,592
46,771
(4,179)
111,646
107,467|31.8.21
Total
funds
£
46,783
906|
|---|---|---|---|
||||47,689|
||||35,120|
||||12,569
99,077|
||||111,646|
The notes form part of these financial statements
Page 3
**The Verwood Museum Trust**
## **Balance Sheet**
## **31 August 2022**
|Unrestricted
funds
Notes
£
**CURRENT ASSETS**
Stocks
4
300
Debtors
5
644
Cash at bank
107,063
108,007
**CREDITORS**
Amounts falling due within one year
6
(540)
**NET CURRENT ASSETS**
107,467
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
107,467
**NET ASSETS**
107,467
**FUNDS**
7
Unrestricted funds
**TOTAL FUNDS**|Restricted
fund
£
-
-
-
-
-
-
-
-|31.8.22
Total
funds
£
300
644
107,063
108,007
(540)
107,467
107,467
107,467
107,467
107,467|31.8.21
Total
funds
£
-
614
111,572
112,186
(540)
111,646
111,646
111,646
111,646
111,646|
|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
............................................. C G Thorne - Trustee
The notes form part of these financial statements
Page 4
**The Verwood Museum Trust**
## **Notes to the Financial Statements**
## **for the Year Ended 31 August 2022**
## **1. ACCOUNTING POLICIES**
## **Basis of preparing the financial statements**
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention.
## **Financial reporting standard 102 - reduced disclosure exemptions**
The charity has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland':
- the requirements of Section 7 Statement of Cash Flows.
## **Income**
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
## **Expenditure**
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. 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.
## **Stocks**
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
## **Taxation**
The charity is exempt from tax on its charitable activities.
## **Fund accounting**
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
## **Provisions and accruals**
Provisions are recognised when there is a present legal or constructive obligation as a result of past events and the amount can be reliably estimated. Provisions are not recognised for future operating losses.
Page 5
continued...
**The Verwood Museum Trust**
## **Notes to the Financial Statements - continued for the Year Ended 31 August 2022**
## **2. RAISING FUNDS**
## **Raising donations and legacies**
|**Raising donations and legacies**|||
|---|---|---|
||31.8.22|31.8.21|
||£|£|
|Cost of fundraising events|18,188|11,070|
|Other operating expenses|4,931|6,998|
|Heritage centre costs|2,575|2,455|
|Support costs|540|540|
||26,234|21,063|
|**Investment management costs**|||
||31.8.22|31.8.21|
||£|£|
|Administrative expenses|20,537|14,057|
|Aggregate amounts|46,771|35,120|
## **3. TRUSTEES' REMUNERATION AND BENEFITS**
There were no trustees' remuneration or other benefits for the year ended 31 August 2022 nor for the year ended 31 August 2021.
## **Trustees' expenses**
There were no trustees' expenses paid for the year ended 31 August 2022 nor for the year ended 31 August 2021.
## **4. STOCKS**
## **5.**
|**STOCKS**|||
|---|---|---|
||31.8.22|31.8.21|
||£|£|
|Stocks|300|-|
|**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**|||
||31.8.22|31.8.21|
||£|£|
|Prepayments|644|614|
Page 6
continued...
**The Verwood Museum Trust**
|**Notes to the Financial Statements- continued**
**for the Year Ended 31 August 2022**
**6.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Other creditors
**7.**
**MOVEMENT IN FUNDS**
At 1.9.21
£
**Unrestricted funds**
Shop
60,621
Museum
51,025
111,646
**TOTAL FUNDS**
111,646
Net movement in funds, included in the above are as follows:
Incoming
resources
£
**Unrestricted funds**
Shop
42,592
Museum
-
42,592
**TOTAL FUNDS**
42,592|31.8.22
31.8.21
£
£
540
540
Net
movement
At
in funds
31.8.22
£
£
(1,604)
59,017
(2,575)
48,450
(4,179)
107,467
(4,179)
107,467
Resources
Movement
expended
in funds
£
£
(44,196)
(1,604)
(2,575)
(2,575)
(46,771)
(4,179)
(46,771)
(4,179)|
|---|---|
continued...
Page 7
**The Verwood Museum Trust**
## **Notes to the Financial Statements - continued for the Year Ended 31 August 2022**
## **7. MOVEMENT IN FUNDS - continued**
## **Comparatives for movement in funds**
|||Net||
|---|---|---|---|
|||movement|At|
||At 1.9.20|in funds|31.8.21|
||£|£|£|
|**Unrestricted funds**||||
|Shop||||
||47,212|13,409|60,621|
|Museum|51,865|(840)|51,025|
||99,077|12,569|111,646|
|**TOTAL FUNDS**|99,077|12,569|111,646|
|Comparative net movement in funds, included|in the above are as follows:|||
||Incoming|Resources|Movement|
||resources|expended|in funds|
||£|£|£|
|**Unrestricted funds**||||
|Shop||||
||46,074|(32,665)|13,409|
|Museum|1,615|(2,455)|(840)|
||47,689|(35,120)|12,569|
|**TOTAL FUNDS**|47,689|(35,120)|12,569|
## **8. RELATED PARTY DISCLOSURES**
There were no related party transactions for the year ended 31 August 2022.
Page 8
**The Verwood Museum Trust**
|**INCOME AND ENDOWMENTS**
**Donations and legacies**
Donations, legacies and similar income
Grants
**Other income**
Bank interest
**Total incoming resources**
**EXPENDITURE**
**Raising donations and legacies**
Cost of fundraising events
Other operating expenses
Heritage centre costs
**Investment management costs**
Administrative expenses
**Support costs**
**Governance costs**
Accountancy and legal fees
Total resources expended
**Net (expenditure)/income**|**Detailed Statement of Financial Activities**
**for the Year Ended 31 August 2022**
31.8.22
31.8.21
£
£
42,592
17,320
-
29,463
42,592
46,783
-
906
42,592
47,689
18,188
11,070
4,931
6,998
2,575
2,455
25,694
20,523
20,537
14,057
540
540
46,771
35,120
(4,179)
12,569|**Detailed Statement of Financial Activities**
**for the Year Ended 31 August 2022**
31.8.22
31.8.21
£
£
42,592
17,320
-
29,463
42,592
46,783
-
906
42,592
47,689
18,188
11,070
4,931
6,998
2,575
2,455
25,694
20,523
20,537
14,057
540
540
46,771
35,120
(4,179)
12,569|
|---|---|---|
||||
|||46,783
906|
|||47,689
11,070
6,998
2,455|
|||20,523
14,057
540|
|||35,120|
|||12,569|
This page does not form part of the statutory financial statements
Page 9
## **The Verwood Museum Trust Manor Way Verwood Dorset BH31 6HF**
Town & Forest Chartered Accountants Cornerways House School Lane Ringwood Hampshire BH24 1LG
Date:
Dear Sirs,
## **The Verwood Museum Trust Letter of Representation Financial Statements for the Year Ended 31 August 2022**
We have made appropriate and sufficient enquiries (including, where appropriate, inspection of supporting documentation) of the trustees, management and staff with relevant knowledge and experience of the charity. These enquiries were sufficient to satisfy ourselves that we can properly make each of the following representations to you.
## **GENERAL**
In our opinion, the charity has satisfied the reporting conditions as specified in the Charities Act 2011. Accordingly, in our opinion the charity is exempt from audit for the period.
We acknowledge as trustees our responsibility for preparing, or causing to be prepared, financial statements that give a true and fair view. We also acknowledge our responsibility for making accurate representations to you.
All the accounting records have been made available to you for the purpose of your work and all the transactions undertaken by the charity have been properly reflected and recorded in the accounting records.
All other records and related information, including minutes of all management and shareholders’ meetings, have been made available to you.
Proper disclosure has been made in the financial statements of all matters necessary in order for them to show a true and fair view.
We have no plans or intentions that may materially affect the carrying value (and, where relevant, the fair value measurements) or classification of assets and liabilities.
## **ASSETS**
All stock, wherever situated, that is properly owned by the charity at the balance sheet date has been included. The amount shown for stock takes full account of all slow-moving, excessive, obsolete or defective items.
We confirm that the stock figure at 31 August 2022 was £300.00.
We anticipate that all current assets will realise in the ordinary course of the charity’s business at least the amounts at which they are stated. In particular, we believe adequate provision has been made against all amounts owing to the charity which are known or may be expected to be irrecoverable.
We confirm the only bank accounts held by the charity, and the cash book balances, were as follows and were correct at 31 August 2022:
|-|Lloyds|Treasurers Account|No. 01747333|£3,898.84|
|---|---|---|---|---|
|-|Lloyds|Shop Account|No. 01748449|£33,735.22|
|-|Virgin|Charity Deposit Account|No. 15035T-24138|£69,429.51|
We confirm the cash in hand balance at 31 August 2022 was £nil.
We are not aware of any capital commitments.
## **LIABILITIES AND PROVISIONS**
In our opinion, significant assumptions used by us in making accounting estimates, including those measured at fair value, are reasonable. Those estimates reflect our judgement based on our knowledge and experience of past and present events, and are also based on our assumptions on the conditions we anticipate will exist together with the courses of action we intend to take. In that regard, in the opinion of the trustees adequate provisions have been made.
We are not aware of any substantial liabilities, contingent liabilities or guarantees to third parties.
## **OTHER MATTERS**
There is no litigation in progress, or pending.
No events or transactions have occurred since the period end, or are pending, which we believe could have a material effect on the financial statements or which are of such significance in relation to the charity’s affairs that they should be mentioned in the financial statements in order to avoid giving a misleading view of the financial position.
We confirm that no shortages, irregularities or misappropriations of a material amount were discovered by us during the period under review.
We confirm that we are not aware of any actual or potential instance of non-compliance with those laws and regulations that provide a legal framework within which, and are central to the way in which, the entity conducts its business.
We have made appropriate enquiries and are not aware of any further transactions with related parties requiring disclosure in the financial statements.
In our opinion, on the basis of information and enquiries that are pertinent to the charity’s circumstances and which we believe to be adequate, it is appropriate to continue to treat the charity as a going concern. In particular we believe that adequate cash resources will be available to cover the charity’s requirements for working capital for at least twelve months from the date of signing the financial statements. We also confirm our plans for future actions required to enable the charity to continue as a going concern are feasible. We confirm that any disclosures in the financial statements are an accurate reflection of the reasons why we consider they should be drawn up on a going concern basis.
The charity has not entered into any guarantees, warranties or other financial commitments.
There were no purchase commitments in excess of normal requirements or at prices in excess of the prevailing market price, nor agreements to purchase items previously sold.
We confirm that the trustees did not receive any remuneration from the charity during the period.
Yours faithfully,
## **C G Thorne**
_Trustee_
## **Signed on behalf of the board**