Company registration number.. 3488337 Charity registration number.. 1068540 The Priest's House Museum Trust IA company limited by guarantee) Annual Report and Financial Statements for the Year Ended 31 March 2022 The Priest's House Museum Trust Contents Trustees, Report 1 to15 Reference and Administrative Details 15 Statement of Trustees, Responsibiliti'es 16 Independent Examinerfs Report 17 Statement of Financial Activities 18to19 Balance Sheet 20to21 Statement of Cash Flows 22 Notes to the Financial Statements 23to37 ## T ## Report of the Trustees for the Year Ended 31 March 2022 _Young refugees from around the world explored issues of home, identity and being part of a community in our Photograph: Richard Frewer._ 1 Report of the Trustees for the Year Ended 31 March 2022 The Trustees, who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 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) (January 2022). ## **OBJECTIVES AND ACTIVITIES** The - 1) To advance education for the public benefit, in particular but not exclusively in the archaeology and social history of Wimborne and East Dorset as told through its heritage, landscapes and stories of the people in the area; - 2) To provide and maintain a museum and information service at the property known as the ther buildings, and in pursuit of that object: to borrow and loan artefacts and archives relating to the area; to manage, document, conserve and safeguard the museum collections and holdings; to exhibit, interpret and provide public access to the museum collections and holdings; to provide learning experiences and activities for the public; to provide exhibitions, conferences, workshops and other events; to research, promote and publish studies of the area; to provide an information service to the public. - 3) To undertake any other charitable purpose. 2 Report of the Trustees for the Year Ended 31 March 2022 ## **INTRODUCTION** The Museum of East Dorset is the cultural hub and place to visit to learn more about the history of the area. It is an Arts Council England Accredited Museum. Its collections include rare and unique exhibits of local and national significance, which preserve and celebrate the culture and stories of the local people from prehistory to the present day. engages with the local community through changing exhibitions, events and outreach and offers enjoyment, learning and inspiration to visitors of all ages. The museum and information centre are housed in a Grade II* listed building, which dates from late Elizabethan/early Jacobean times, with its own heritage-planted walled garden. The museum is located opposite the Minster Church in Wimborne. The ongoing Covid-19 pandemic continued to have an impact on museum activity throughout this reporting period. ## **STRATEGY AND FUTURE PLANS** Following on from the launch of an updated business strategy in 2021, this year saw the completion of a new Forward Plan for 2021 - 2023. The plan translates the strategy into tangible actions against which the team can deliver, ensuring we are able to measure our progress towards our strategic priorities. As a small museum delivering big ambitions, it is essential that we are able to focus our resources where they will have the most impact. We have continued our work to create more sustainable income streams for the museum, with a focus on increasing visitor numbers to the museum. This work will be ongoing across 2022/2023 and will include a full review of our marketing to ensure we are accurately targeting our priority local and family audiences. By improving financial sustainability, the museum can continue to provide high quality services to the East Dorset community and deliver real public benefit through its learning and community engagement activities. We know that the future of museums continues to be precarious, with reduced council funding likely and increased competition for grants. The Trust will continue to align its aims with those of its key strategic partners: Arts Council England, National Lottery Heritage Fund (NLHF) and Dorset Council. The museum is grateful for the financial contribution it receives from Dorset Council through the Service Level Agreement, which provides vital funds to support our work. Looking forward, 2022/23 will see the final delivery of the National Lottery Heritage Fund activity plan, including the creation of two new volunteer teams: Research and Preventive Conservation. Both will drive forward work in these key areas. We will also be setting up an Inclusion Group for the museum, which will act as an advisory group to ensure we are progressing our ambitions to improve access for all to the museum. We look forward to working with Wimborne Community Theatre group again to create a new theatrical production inspired by our collection, with workshops for schools and young people. 3 Report of the Trustees for the Year Ended 31 March 2022 ## **Vision** - a centre of education and culture, continually _Western Gazette,_ 2 December 1960). ## **Vision 2021 - 2025** We aspire to celebrate our rich heritage through a vibrant museum and cultural hub which connects people with the past and offers enjoyment, learning and inspiration to visitors of all ages. ## **Mission** To become a dynamic heritage and cultural centre for all, and a quality attraction in the area. We will achieve this through the following objectives: 1. Provide a compelling value-for-money experience for all ages which generates repeat visits and recommendations. 2. Help people to discover, share and engage with the stories of East Dorset on site and digitally 3. Improve collections care, management and knowledge 4. Develop our understanding and relationship with different communities in East Dorset and beyond 5. Diversify/increase income streams from Museum of East Dorset and East Dorset Information Centre 6. Ensure staff and volunteers are appreciated and supported to effectively deliver their roles 7. Improve efficiency of operations, ensuring key processes, procedures and information are readily accessible. ## **Values and behaviours** - providing a sense of community and place - Deliver a WOW experience through our museum services for all ages - Embrace change: be open-minded to the possibilities it brings - Create welcoming and safe spaces of interaction, participation and engagement - face to face and online - Be imaginative and innovative; create fun wherever possible - Offer authentic, knowledge-based growth and learning opportunities - Build open and honest relationships which respect people, through communications - Build a positive team spirit with all stakeholders - Be accessible and inclusive in all we do - vision to be there for future generations 4 Report of the Trustees for the Year Ended 31 March 2022 ## **People** During this reporting period, we have had several staff changes at the museum, including Director We said goodbye to James Webb, Acting Director in December 2021. September also saw Rachel Vivian our Learning and Community Engagement Offer leave for new opportunities, with Lara Longford joining the museum. As always, our success as a museum is dependent on the support and dedication of the staff and over 80 volunteers who contribute thousands of hours to ensure we achieve our vision. The museum continues to develop a strong volunteer programme which offers a range of opportunities where people can use or develop skills, become part of a community and enhance their wellbeing. The museum has developed new roles where specialist skills can be used in a positive way to implement change. ## **REVIVAL PROJECT** The final formal snagging for the Revival Project was completed early 2022. As we welcome more visitors to the museum, we discover where further tweaks can be made to ensure that we offer the best possible experience to visitors. We are also pleased to have completed the new volunteer break room which offers some much-needed space where people can relax. In October, the museum held a party to thank those who had been involved in the capital works for the Revival Project. Sponsors and funders, architect, building contractors, consultants, project manager, Trustees, staff and other contributors were finally able to come together and raise a toast to the new museum and information centre. _Left: Stephen Boyce, National Lottery Heritage Fund (NLHF), expresses his delight at the completion of the capital works. Right: Philippa Davies and Stephen Boyce, NLHF; Claire Fear, Conservation Architect, Thread; Sara Marshall, Chair of_ 5 Report of the Trustees for the Year Ended 31 March 2022 ## **REVIVAL PROJECT ACTIVITY PLAN** The grant from the National Lottery Heritage Fund also supports the delivery of an activity plan up until the end of 2023. This programme of events and activities enables existing and target audiences to increase their understanding of local heritage, while helping to develop civic pride, self-worth and empowerment. Some of the dynamic activities which have taken place include: ## **Exhibitions** ## _Sir Ernest Kaye Le Fleming, Local Hero and Early Influencer_ This exhibition celebrated the life and achievements of Ernest Kaye Le Fleming (1872 - 1946), a local GP who reached national prominence as Chairman of the British Medical Association. Ernest was an enthusiastic collector. In 1962, when the museum opened, his photographs and objects became an important part of our collection. Thanks to him, we can display the nationally significant collection of Victorian Valentines, which he saved from being pulped during the war. ## _Remembering Ian Willis_ The museum celebrated this well known, and much loved, local character who was born and bred in Wimborne. His home, Serles House, and particularly its garden, became famous for quirky and Over the years, he donated many items to the collection. _Left: Curator with a stuffed crocodile, taken in lieu of cash payment by Sir Ernest Kaye Le Fleming for his services as a doctor._ _Right: Panel from Remembering Ian Willis display._ 6 Report of the Trustees for the Year Ended 31 March 2022 ## _East Dorset Celebrates, 70 years of fun and festivities_ the main museum window. A significant amount of time was devoted to the planning of a new temporary exhibition to be opened in April 2022. For the first time, the whole team worked together to create the exhibition, resulting in an offer to appeal to all audiences, including families. The exhibition will continue to evolve throughout 2022, offering great value for our members and annual pass holders. ## **Learning and community** . We are proud to continue developing in this area to provide a memorable experience for our local community. Schools have slowly started to re-book following the disruption of 2020, and we will need to continue engaging and encouraging bookings next year. Our new Learning and Community Engagement Officer, who joined us in September, has fully updated and refreshed our learning offer to ensure it meets the current needs for schools. We have been busy planning a new partnership with In Jolly Good Company to bring their dementia friendly activities to a central Wimborne location. This exciting offer will launch at the museum in April 2022. The Reminiscence group, in partnership with Wimborne Library, has continued to meet, when possible, offering a chance to chat and share memories. A Holiday Activities and Food (HAF) session was held in the summer holidays, funded by Dorset Council. This brought children from low-income families to the museum for a four-hour session, with a free hot meal as well as art and craft activities. Millstream Theatre, facilitated by Persuasion Arts and State of Play, has continued to meet and provide exceptional opportunities to the local community. Millstream has been successful in obtaining a new grant to support its work. ## _Family activities_ From the Great Pudding Stir in December to our everpopular Little Explorer craft activities in school holidays, there is more for families to enjoy at the museum than ever before. Our February Little Explorers considered the environment and recycling and was co-hosted with Dorset Wildlife Trust. 7 Report of the Trustees for the Year Ended 31 March 2022 This four-week programme in conjunction with DEED (a local global education charity) involved young refugees from around the world who are now studying at Bournemouth & Poole College. explored issues of home, identity and being part of a community with Drama Specialist, Sharon Muiruri Coyne. This project was a reminder of role in bringing people together and sharing stories, ensuring we are at the heart of the community. The project concluded with a powerful celebration performance. _The young people particularly enjoyed the Victorian kitchen as they recognised many items which are still being used in their homes today. Photograph: Richard Frewer._ ## **Events** A flourishing events programme continued to go from strength to strength as lockdown restrictions lifted. ## Talks In October skeleton, an artefact of national significance, which has received 83 citations in scientific publications over the years. He discussed what the disease might have meant for this person and his community and also suggested possible avenues of future research. In February, Professor Alistair Pike from the University of Southampton delivered a ZOOM lecture where he discussed how human movement can be detected in teeth, and how this is helping us understand the arrival of past diseases into Britain, and even Neanderthal hunting strategies. The lecture was followed by a Q&A session. 8 Report of the Trustees for the Year Ended 31 March 2022 ## Workshops Our lifelong learning workshop programme has grown to include new suppliers and types of crafts. Based on the success of this year, an evening programme will run alongside the existing daytime programme in 2022/23. It will be aimed at a slightly different audience and will offer alternative crafts and workshops. _Workshops: Mosaics, calligraphy and printmaking (Linocut)_ ## Model Railway In October, we were delighted to welcome Wimborne Model Railway who put on an exhibition in the Hilda Coles Centre. There was a real buzz on site with many visitors coming just to see them and learn more about the fascinating history of the Wimborne Railway. More weekends will be planned in 2022. ## Halloween Our first Museum by Torchlight Halloween event was a sell-out success with 49 tickets sold. This gave families the chance to see the museum in a whole new light! Spooky music added to the atmosphere, with a pumpkin trail and themed biscuit decorating providing plenty to do. This event will be extended next year to allow more families to take part in the fun. 9 Report of the Trustees for the Year Ended 31 March 2022 ## Christmas Our Christmas offer was very successful. From the Great Pudding Stir to our ever-popular Christmas Shopping Evening, the museum was full of festive cheer. The Community Christmas Tree included decorations made by local schools and care homes; museum visitors were able to add their own Christmas wishes. The Victorian Kitchen was decorated with greenery, much from the garden, and new interpretation boards shared Georgian and Victorian Christmas traditions. A display of Christmas and New Year cards from the late Victorian and Edwardian eras was particularly popular as many had never been displayed before. 10 Report of the Trustees for the Year Ended 31 March 2022 ## **OTHER ACTIVITIES** ## **East Dorset Tourist Information Centre** The information centre, managed by the Trust since January 2014, continues to deliver a quality service of local information to both the community and visitors to the area. The service is combined with the main entrance to the Museum of East Dorset, which also includes the shop and secondhand bookshop, both of which are free to enter. Further local makers have been added to the shop stock, ensuring there is always something new and locally crafted to be found. ## **Garden** The gardening team has worked tirelessly to maintain our wildlife friendly walled garden. Produce from the garden, including heritage fruit varieties, is sold to support the upkeep of the garden and ensure visitors can take a piece of us home with them. We started to offer garden tours this year as a new income stream. Although these started relatively late in the season they have proved extremely popular, giving visitors an opportunity to explore our beautiful heritage garden in more depth. ## **Membership scheme** ers has always provided invaluable financial support through their subscriptions and attendance at events. Their support enables key services to be delivered which enhance the local community and provide real public benefit. Many of our members also support the museum through volunteering, generously sharing their skills and experience. As some of our biggest advocates locally, members make a real contribution to our work. ## **Public benefit** The Board of Trustees has referred to the Charity Commission's general guidance on public benefit when reviewing the museum's aims and objectives and in planning activities. In particular, the Board considers how planned activities will contribute to the aims and objectives set out in the museum's Forward Plan. 11 Report of the Trustees for the Year Ended 31 March 2022 ## **FINANCIAL REPORT** Total income of the Trust was £296,410 (2021: £610,899). Due to the enforced closure of the museum at certain times of the year, and government-imposed restrictions related to the pandemic, the commercial income derived from museum and other activities was significantly lower than would be expected in a normal year. However, we received £91,524 in emergency grant funding from various sources, including the Heritage Emergency Fund and Dorset Council, which helped to compensate for the lower commercial income. Also included in grant income are funds received from the National Lottery Heritage Fund for the Revival Project amounting to £76,612. The property refurbishment part of this project was successfully completed during the year. The Trust also received a grant of £nil (2021: £70,000) from Dorset County Council. The Trust received donations and legacies amounting to £12,317 (2021: £23,150). The museum in extremely grateful to the donors for their generous gifts and to all donors, large and small, for their continued support. Expenditure on museum activities was £473,386 (2021: £426,835). At the year-end, total unrestricted funds held were £916,971 (2021: £1,075,636). Restricted funds held were £1,467,346 (2021 £1,485,657). ## **Reserve policy** The Trust aims to maintain unrestricted funds, the free reserves of the Charity, at a level sufficient to ensure that all unrestricted expenditure outstanding at any one time can be met. Enhancements or improvements will not be approved unless the Trustees are satisfied that the need has been properly justified and the funds are or will be available to meet the relevant expenditure. The Trustees have continued their policy of maintaining a minimum reserve (Contingency Reserve) equal to the estimated fixed costs of running the museum for a six-month period if closed. This policy, together with emergency financial support from the Heritage Emergency Fund and Dorset Council, has ensured that the Trust has had the necessary financial resources to cope with the adverse effects of the pandemic. ## **Investment policy** The Trust receives an income on an annual basis through entrance fees, donations, charitable activities and other sources. It budgets to expend all anticipated income, whilst maintaining a prudent amount in reserves each year. Existing investments remain on deposit at the best rate available with organisations authorized by the Financial Conduct Authority and covered by the Financial Services Compensation Scheme. 12 Report of the Trustees for the Year Ended 31 March 2022 ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** ## **Governing document** Memorandum and Articles of Association, and is a registered charity. The members of the museum are subscribing members; in the event of the Trust being wound up, the liability of the guarantee is limited to £10 per member. At the 2021 AGM, members voted to approve the proposed amended Articles of Association to allow an AGM to be held on a electronic platform. ## **Recruitment and appointment of new Trustees** As set out in the Articles of Association, the Trustees retire by rotation and are elected by members attending the Annual General Meeting (AGM). Trustees can co-opt to the Board during the year and seek confirmation at the next AGM. When considering the appointment of a trustee, due regard is given to a balance of skills to ensure that the Board has as wide a knowledge base as possible. The Trust operates an open recruitment policy for trustees with advertisements placed both locally and nationally as required. Trustees are interviewed before an appointment is made. ## **Organisation structure** The Board of Trustees, which comprises a maximum complement of 10, oversees the administration of the charity and its trading subsidiary. The Board meets at least four times a year to It employs a full-time Director who has responsibility for the day-to-day activities of the museum and reports back to the Board of Trustees. The Board employs other staff, both full-time and part-time who work with a large number of volunteers. The Board of Trustees has two sub-committees: Resources Committee has delegated responsibility to consider a range of financial and human resource issues. Visitor Services Committee has delegated responsibility to consider visitor experience and commercial aspects of the museum operations The sub-committees meet a minimum of four times a year and report to the Board at each meeting of the Trustees. ## **Induction of new Trustees** New Trustees will undergo an induction where they will be briefed on their legal obligations under charity and company law. They are provided with the Charity Commission guidance on public benefit, the Memorandum and Articles of Association, previous Trustee meeting minutes, museum strategy and policy documents, and annual budget and recent financial performance of the Trust. New Trustees will meet the Director and other staff members and have a tour of the facility. All Trustees have the opportunity to attend training events which will benefit their roles on the Board. 13 Report of the Trustees for the Year Ended 31 March 2022 ## **Key management remuneration** Trustees receive no remuneration for time spent on museum matters. Details of any expenses claimed by trustees are set out in the financial statements. Staff pay levels are reviewed annually by the Board. Factors considered are inflation, comparable pay levels, performance and available financial resources. In 2021, all staff salaries were graded in line with the museum sector. The museum also opted to become a Living Wage employer. ## **Related parties** The Trust has a wholly owned subsidiary: East Dorset TIC Limited (Registered Charity number 8809040), which was established on 1 January 2014 to operate the Tourist Information Centre which had previously been operated by East Dorset District Council. East Dorset TIC Limited ## **Risk management** A risk management strategy continues to be developed by the Board of Trustees to ensure that all significant risks facing the Trust are identified, mitigations put in place where appropriate and their status is reviewed on a regular basis. The annual report was approved by the trustees of the charity on ... and signed on its behalf by: . Sara Marshall (Chair) Trustee 14 The Priest's House Museum Trust Trustees, Report Reference and Administrative Details Trustees Sara Marshall {Chairl Sue Cook Vanessa Joseph Jeremy Mills David Morgan Sarah Newman Tony Prest Mario Roncaglia 23-27 High Street Wimborne Minster Dorset BH21 1HR Principal Office Company Registration Number 3488337 Charlty Reglstratlon Number 1068540 Bankors National Weslminsler Bank 7 West Borough Wimborne Minster BH21 1PR Independent Examiner PKF Francis Clark Chartered Accountants Towngate House 2-8 Parkstone Road Poole Dorset BH15 2PW Page 15 The Priest's House Museum Trust Statement of Trustees, Responsibilities The trustees (who are also the directors of The Priest's House Museum Trust for the purposes of company lawl are responsible for preparing the trustees. report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations. Company law requires the trustees to prepare financial statements for each financial year. Under company law the Iruslees must not approve the financial statements unless they are satisfied that they give a true and fair view of the stale of affairs of the charitable company and of ils incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial slatemenls, the Iruslees are required lo.. select suitsble accounting policies and apply them consislenlly., observe the methods and principles in the Charities SORP-, make judgements and eslimales that are reasonable and prudent; stale 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 charitable company will continue in business. The Iruslees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy al any time the financial position of the charitable company and enable them lo ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by the trust*s of the chaiity on 28 October 2022 and signed on its behaW by.. Sara Marshall (Chair) Trustee Page 16 The Priest's House Museum Trust Independent Examinerfs Report to the trustees of The Priest's House Museum Trust I report to the charity trustees on my examination of the accounts of the eharily for the year ended 31 March 2022 which are set out on pages 18 to 37. Respective responsibilities of trustees and examiner As the charity's trustees of The Priest's House Museum Trust {and also ils directors for the purposes of company lawl you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 20061'the 2006 Acl'l- Having satisfied myself that the accounts of The Priest's House Museum Trust are not required lo be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity s accounts as carried out under section 145 of the Charities Act 2011 I'the 2011 Acl'}. In carrying out my examination I have followed the Directions given by the Charity Commission under section 14515llbl of the 2011 Art. Independent examiner's ststement Since The Priest's House Museum Trust's gross income exceeded £250,000 your examiner musl be a member of a body listed in section 145 of the 2011 Act. I confirm that l am qualified lo undertake the examination because l am a member of the ICAEW and ACCA, both of which are listed bodies. I have completed my examination. I confirm that no matters have come lo my attention in connection with the examination giving me cause lo believe- 1. accounting records were not kept in respect of The Priest's House Museum Trust as required by section 386 of the 2006 Act., or 2. the accounts do not accord with those records., or 3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'lrue and fair view, which is not a matter considered as part of an independent examination- or 4. the accounts have not been prepared in accordan￿ with the methods and principles of the ststement of Recommended Practi￿ for accounting and reporting by charities lapplicable lo charities preparing their accounts in accordan￿ with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 10211. I have no concerns and have come across no other matters in connection with the examination lo which allenlion should be drawn in this report in order to enable a proper understanding of the accounts lo be reached. Anne-marie Gales FCCA FCA {a partner ofj Chartered Accountants Towngale House 2-8 Parkslone Road Poole Dorsel BH15 2PW 4 Novemtser 2022 Page 17 The Priest's House Museum Trust Statement of Financial Activities for the Year Ended 31 March 2022 (Including Income and Expenditure Account) Unrestricted funds Restricted funds Total 2022 Note Income and Endowments from: Donations and legacies Charitable activities Investment income 103,841 110,224 183 81,762 400 185,603 110,624 183 Total income 214,248 82,162 296,410 Expendlture on: Raising funds Charitable activities 153,8641 {319,0491 153,8641 1419,5221 {100,4731 Total expenditure {372,913 1100,473 1473,386 Net expenditure 158,665 18,311 176,976 Net movement in funds {158.6651 118,3111 1176,9761 Reconciliation of funds Total funds brought forward 1,075,636 1,485,657 2,561,293 Total funds carried forward 916,971 1,467,346 2,384,317 The notes on pages 23 to 37 fomi an integral part of these financial statements. Page 18 The Priest's House Museum Trust Statement of Financial Activities for the Year Ended 31 March 2022 (Including Income and Expenditure Account) Unrestricted funds Restricted funds Total 2021 Note Income and Endowments from: Donations and legacies Charitable activities Investment income 147,987 28,137 114 434,661 582,648 28,137 114 Total income 176,238 434,661 610,899 Expendlture on: Raising funds Charitable activities 136,4191 1395,5911 136,4191 1426,8351 {31,2441 Total expenditure 432,010 131,2441 1463,254 Net lexpenditurellincome Transfers between funds 1255,7721 354,016 403,417 354,016 147,645 Net movement in funds 98,244 49,401 147,645 Reconciliation of funds Total funds brought forward 977,392 1,436,256 2,413,648 Total funds carried forward 18 1,075,636 1,485,657 2,561,293 All of the charity's activities derive from continuing operations during the above periods. The funds breakdown for 2021 is shown in note 18. The notes on pages 23 to 37 fomi an integral part of these financial statements. Page 19 The Priest's House Museum Trust (Registration number: 3488337) Balance Sheet as at 31 March 2022 2022 2021 Note Fixed assets Tangible assets Investments 13 14 1,390,265 495,100 1,488,070 495,100 1,885,365 1,983,170 Currgnt assets Debtors Cash at bank and in hand 15 130,931 399,507 49,154 554,535 530,438 603,689 Credltors: Amounts falllng due wlthln one year 131,4861 125,5661 Net current assets 498,952 578,123 Net assets 2,384,317 2,561,293 Funds ofthg Charity: Restricted income funds Restricted funds 1,467,346 1,485,657 Unrestricted income funds Unrestricted funds 916,971 1,075,636 Total funds 18 2,384,317 2,561,293 The notes on pages 23 to 37 fomi an integral part of these financial statements. Page 20 The Priest's House Museum Trust (Registration number: 3488337) Balance Sheet as at 31 March 2022 For the financial year ending 31 March 2022 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating lo small companies. Directors. responsibilities.. The members have not required the charity to obtsin an audit of ils accounts for the year in question in accordance with section 476., and The directors acknowledge their responsibilities for complying wth the requirements of the Act with respect lo accounting records and the preparation of accounts. These accounts have been prepared in accordan￿ with the provisions applicable lo companies subject to the small wmpanies regime. The finanaal statements on pages 18 to 37 were approved by the trustees, and authorised for issue on 28 Octob8r 2022 and signed on their b8half by.. Sara Marshall (Chair) Trustee The notes on pages 23 to 37 fomi an integral part of these financial statements. Page 21 The Priest's House Museum Trust Statement of Cash Flows for the Year Ended 31 March 2022 2022 2021 Note Cash flows from operating activities Net cash lexpendilurellincome {176,9761 147,645 Adjustments to cash flows from nOn￿a$h items Depreciation Investment income 105,508 11831 171,6511 107,677 11141 255,208 Working Capital adjustments Ilncrease}Idecrease in debtors Increaselldecrease) in creditors Increase in deferred income 15 17 181,7771 5,509 411 55,593 184,3821 396,190 Net cash flows from operating activities {147,5081 622,609 Cash flows from investing activities Interest receivable and similar income Purchase of tangible fixed assets 183 17,7031 114 1284,0551 Net cash flows from investing activities 17,5201 1283,9411 Net Idecreaseifincrease in cash and cash equivalents 1155,0281 554,535 338,668 Cash and cash equivalents at 1 April 215,867 Cash and cash equivalents at 31 March 399,507 554,535 All of the cash flows are derived from continuing operations during the above ￿ periods. The notes on pages 23 to 37 fomi an integral part of these financial statements. Page 22 The Priest's House Museum Trust Notes to the Financial Statements for the Year Ended 31 March 2022 1 Charity status The charity is limited by share capital, incorporated in the United Kingdom. The address of ils registered office and principle place of business is.. 23-27 High Street Wimbome Minster Dorset BH21 1HR 2 Accounting policies Summary of significant accounting policies and key accounting estimates The principal accounting policies applied in the preparation of these financial statements are sel out below. These policies have been consistently applied to all the years presented, unless otherwise slated. Statement of compllance 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 IFRS 1021 leffeclive 1 January 20151- (Charities SORP IFRS 10211, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102). They also comply with the Companies Act 2006 and Charities Act 2011. Basls of preparatlon The Priest's House Museum Trust is a registered charity, registration number 1068540, company number 3488337, registered in the United Kingdom. The address of the charity is given in the referenTr and adminislralive details on page 1 of these financial statements. The nature of the charity s operations and principal activities are described in the Trustees annual report. The charity constitutes a public benefit entity as defined by FRS 102. The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are prepared in sterling which is the functional currency of the charity and rounded lo the nearest £. Going concern In the opinion of the board the charity has sufficient working capital to continue to meet its financial obligations and pay its liabilities as they fall due for the foreseeable future and therefore the financial statements have been prepared on a going concern basis. The board has considered the level of funds held and the expected level of income and expenditure for 12 months from aulhorising these financial stalemenls. The budgeted net expenditure is sufficient with the level of reserves held for the charity to be able to continue as a going concern. Page 23 The Priest's House Museum Trust Notes to the Financial Statements for the Year Ended 31 March 2022 Subsidiary Entity The East Dorsel Tourist Information Centre I'EDTIC'I is a fully owned subsidiary of The Priest's House Museum Trust. EDTIC profil of £nil 12021.. £5,116) will be donated lo The Priest's House Museum Trust in the subsequent financial period.. Income and endowments All income is recognised once the charity has entillemenl to the income, il is probable that the income will be received and the amount of the income receivable can be measured reliably. Donations and legacies Donations are recognised when the Charity has been notified in writing of both the amount and settlement dale. In the event that a donation is subject lo conditions that require a level of perfomiance by the charity before the charity is entitled lo the funds, the income is deferred and not recognised until either those conditions are fully mel, 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 administratorlexecutor for the estate has communicated in writing both the amoLJnt 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 measurable with a degree of reasonable accuracy and the tille to the asset having been transferred to the charity. Grants receivable Grants are recognised when the charity has an enlitlemenl lo the funds and any conditions linked lo the grants have been met. Where performance conditions are allached to the grant and are yel lo be mel, the income is recognised as a liability and included on the balance sheet as deferred income lo be released. A grant that becomes receivable as compensation for expenses already incurred will be recognised in the income and expenditure in the same period in which the related expenditure is incurred. Deferred income Deferred income represents amounts received for future periods and is released to incoming resources in the period for which, il has been received. Such income is only deferred when.. The donor specifies that the grant or donation must only be used in future accounting periods., or The donor has imposed conditions which must be met before the charity has unconditional entitlement. Investment income Investment income is recognised on a receivable basis. Charitable activities Income from charitable activities including subscriptions, sales of donated and purchesed goods, fundraising income, catering income, rentsl income and entran￿ fees, includes income recognised as earned las the related goods or services are provided). Page 24 The Priest's House Museum Trust Notes to the Financial Statements for the Year Ended 31 March 2022 Expgnditure All expenditure is recognised once there is a legal or conslruclive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated lo the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed lo particular headings they have been allocated on a basis consislenl with the use of resources, with central staff costs allocated on the basis of lime spent, and depreciation charges allocated on the portion of the asset's use. Other support costs are allocated based on the spread of stsff costs. All resources expended are inclusive of irrecoverable VAT. Raising fiinds These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds. Charltable actlvltles Charitable expenditure comprises those costs incurred by the charity in the delivery of ils activities and services for ils beneficiaries. It includes both costs that can be allocated directly lo such activities and those costs of an indirect nature necessary to support them. Governance costs These include the costs attributable lo the charity's compliance with conslitulional and statutory requirements, including audit, strategic management and Irustees's meetings and reimbursed expenses. Government grants Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either lo revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating lo an asset is deferred, it is recognised as deferred income. Irrecoverable VAT Irrecoverable VAT is charged against the category of resources expended for which il was incurred. Taxation The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore il meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempl 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 lo charitable purposes. Tangible fixed assets Individual fixed assets costing £500 or more are initially recorded al cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Page 25 The Priest's House Museum Trust Notes to the Financial Statements for the Year Ended 31 March 2022 Depreciation and amortisation Depreciation is provided on tsngible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows.. Asset class Leasehold buildings and improvements Furniture, fittings and equipment Assets under construction Depreciation method and rate Over the term of lease 12.5 10 Straight line basis No Depreciation Fixed asset investments Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Statement of Financial Activities. Investments in subsidiaries are measured at cost less impaiment. Trade debtors Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business. Tffide debtors are recognised initially al the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impaimient of trade debtors is established when there is objective evidence that the charity will not be able lo collect all amounts due according lo the original terms of the receivables. Cash and cash equivalents Cash and cash equivalents comprise cash on hand and call deposits, and other short-tem) highly liquid investments that are readily convertible to a known amount of cash and are subject lo an insignificant risk of change in value. Trade Creditors Trade creditors are obligations lo 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 selllemenl 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 Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method. Fund structure Unrestricted income funds are general funds that are available for use at the trustees, discretion in furtherance of the objectives of the charity. Designated funds are unrestricted funds where the resources are set aside for specific purposes at the discretion of the trustees. Page 26 The Priest's House Museum Trust Notes to the Financial Statements for the Year Ended 31 March 2022 Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose. Pensions and other post retirement obligations The charity operates a defined contribution pension scheme. Contributions are Charged in the statement of financial activities as they become payable in accordan￿ with the rules of the scheme. 3 Income from donations and legacies Unrestricted funds General Rg$trictgd funds Total 2022 Total 2021 Donations and legacies,. Donations from East Dorset TIC Appeals and donations Donations from Priest's House Museum Collection Trust Grants, including capital grants., Government grants Grants 5,116 1,597 5,116 1,597 12,743 6,725 5,147 5,147 8,420 457 91,524 457 173,286 12,966 541,794 81,762 103,841 81,762 185,603 582,648 4 Income from charitable activities Unrestrlcted funds General Restricted funds Total 2022 Total 2021 Subscriptions Fundraising income Catering income Rental income Other income Entrance fees 2,721 572 45,644 18,450 13,246 29,591 2,721 972 45,644 18,450 13,246 29,591 474 400 1,887 18,492 15,960 4,320 110,224 400 110,624 41,133 Page 27 The Priest's House Museum Trust Notes to the Financial Statements for the Year Ended 31 March 2022 5 Investment income Unrestrlcted funds General Total 2022 Total 2021 Interest receivable and similar income., Interest receivable on bank deposits 183 183 114 6 Expenditure on raising funds a) Costs of ggngrating donations and Iggacies Unrestrlcted funds General Total 2022 Total 2021 Note Fundraising costs 53,864 53,864 36,419 Page 28 The Priest's House Museum Trust Notes to the Financial Statements for the Year Ended 31 March 2022 7 Expenditure on charitable activities Total 2022 Total 2021 Employment costs Rates and water Insurance Light and heat Telephone Postage and stationery Advertising Sundries Collections costs Repairs and maintenance Tfftde subscriptions Travel and subsistence Irrecoverable VAT Documentation Accountancy fees Bank charges Legal and professional fees Depreciationof tangible fixed assets VAT Partial exemption Governance costs (see note below) 145,104 863 4,216 18,110 2,058 1,809 11,283 8,547 9,911 31,782 7,775 1,683 16,972 2,070 6,619 1,974 42,159 105,508 13,2211 4,300 133,050 1,608 5,224 7,520 2,984 6,211 32,162 8,952 41,115 4,107 471 48,250 1,992 11,139 10,214 107,677 3,975 419,522 426,835 In addition to the expenditure analysed above, there are also governance costs of £4,300 12021 £3,975) which relate directly to charitable aclivilies. See note 8 for further details. Page 29 The Priest's House Museum Trust Notes to the Financial Statements for the Year Ended 31 March 2022 8 Analysis of governance and support costs Governance costs Unrestricted funds Total 2022 Total 2021 General Independent Examiner's remuneration 4,300 4,300 3,975 4,300 4,300 3,975 9 Net Incomlngloutgolng resources Net loutgoinglfincoming resources for the year include.. 2022 2021 Depreciation of fixed assets Independent examiner's fee 105,508 4,135 107,677 3,975 10 Trustees remuneration and expenses No trustees, nor any persons connected with them, have received any remuneration from the charity during the year. No trustees have received any other benefits from the charity during the year. 11 staff costs The aggregate payroll costs were as follows.. 2022 2021 Staff costs during the year were- Wages and salaries Social security costs Pension costs Other staff costs 134,838 5,232 3,861 1,173 124,683 5,069 3,298 145,104 133,050 The monthly average number of persons {including senior management team) employed by the charity during the year expressed as full lime equivalents was as follows.. 2022 No 2021 No Employees Page 30 The Priest's House Museum Trust Notes to the Financial Statements for the Year Ended 31 March 2022 No employee received emoluments of more than £60,000 during the year. The total employee benefits of the key management personnel of the charity were £101,191 {2021 £46,582). 12 Taxation The charity is a registered charity and is therefore exempt from taxation. 13 Tangible fixed assets Leasehold Property and Improvements Exhibition Fixtures and Flttlngs Office Equlpment Total Cost Al 1 April 2021 Additions 1,440,644 7,023 68,214 680 300,525 1,809,383 7,703 Al 31 March 2022 1,447,667 68,894 300,525 1,817,086 Depreciation Al 1 April 2021 Charge for the year 219,962 57,956 55,674 1,876 45,677 45,676 321,313 105,508 Al 31 March 2022 277,918 57,550 91,353 426,821 Net book value Al 31 March 2022 1,169,749 11,344 209,172 1,390,265 Al 31 March 2021 1,220,682 12,540 254,848 1,488,070 Heritage assets The collections managed and recorded by the Museum are held by The Priest's House Museum Collection Trust and details are disclosed in the financial statements of The Priest's House Museum Collection Trust. 14 Fixed asset investments 2022 2021 Investment properties Shares in group undertakings and participating interests 495,000 100 495,000 100 495,100 495,100 Page 31 The Priest's House Museum Trust Notes to the Financial Statements for the Year Ended 31 March 2022 Investment properties Investment properties Cost or Valuation Al 1 April 2021 495,000 Provision Al 31 March 2022 Ngt book value Al 31 March 2022 495,000 Al 31 March 2021 495,000 Shares in group undertakings and participating interests Subsidiary undertakings Total Cost Al 1 April 2021 100 100 Al 31 March 2022 100 100 Net book value Al 31 March 2022 100 100 Al 31 March 2021 100 100 Page 32 The Priest's House Museum Trust Notes to the Financial Statements for the Year Ended 31 March 2022 15 Debtors 2022 2021 Tmde debtors Due from group undertakings Prepayments VAT recoverable Other debtors 2,171 76,970 2,046 8,953 40,791 836 24,155 20,722 237 3,204 130,931 49,154 16 Cash and cash equivalents 2022 2021 Cash on hand Cash at bank Short-term deposits 31 290,729 108,747 109 445,801 108,625 399,507 554,535 17 Creditors: amounts falling due within one year 2022 2021 Trade creditors Inlercompany loan Other creditors Accruals Deferred income 18,163 16,278 89 3,458 5,741 12,912 411 31,486 25,566 Page 33 The Priest's House Museum Trust Notes to the Financial Statements for the Year Ended 31 March 2022 18 Funds Balance at 1 April 2021 Incoming resources Resources Balance at 31 expended March 2022 Unrestricted funds General Unrestricted Fund 483,976 214,248 1372,9131 325,311 Designated Pension Fund Contingency Reserve Bequest of property Icharltonsl 1,660 95,000 1,660 95,000 495,000 495,000 591,660 591,660 Total unrestricted fund$ 1,075,636 214,248 372,913 916,971 Restricted funds Education Fund New Build Fund including HLF revival funding Arts Council Grant Town and Parish Council Bankes Project Millstream Project 2021 TB Skeleton 602 602 1,475,530 1,041 4,000 362 4,022 100 76,612 194,6601 1,457,482 1,041 4,000 362 3,759 100 5,550 15,8131 Total restricted funds 1,485,657 82,162 1100,4731 1,467,346 Total funds 2,561,293 296,410 473,386 2,384,317 Page 34 The Priest's House Museum Trust Notes to the Financial Statements for the Year Ended 31 March 2022 Balance at 1 Aprll 2020 Balance at 31 March 2021 Incomlng Resources resources expended Transfers Unrestrlcted funds General Unrestricted Fund 18,694 176,238 1432,010) 721,054 483,976 Designated Pension Fund Contingency Resetve Development Fund Bequest of property Icharltonsl 1,660 95,000 351,961 1,660 95,000 1351,9611 510,077 115,0771 367,038 495,000 958,698 591,660 Total unrestricted funds 977,392 176,238 432,010 354,016 1,075,636 Restricted Education Fund New Build Fund including HLF revival funding Arts Council Grant Town and Parish Council Bankes Project Millstream Project 2021 Heritage Emergency Funding 2021 TB Skeleton 686 20 11041 602 1,426,396 1,041 4,000 362 3,771 311,659 110,876) 1251,6491 1,475,530 1,041 4,000 362 4,022 7,582 17,331) 115,300 100 112,933) 1102,3671 100 Total restricted funds 1,436,256 434,661 31,244 354,016 1,485,657 Total funds 2,413,648 610,899 1463,254) 2,561,293 Page 35 The Priest's House Museum Trust Notes to the Financial Statements for the Year Ended 31 March 2022 The specific purposes for which the funds are to be applied are as follows.. Restricted funds.. The New Build Fund including HLF revival funding represents the nel book value of leasehold property and improvements and exhibition fixtures and fittings. Heritage Emergency Fund represents funds provided lo assist with costs of the museum during enforced closure due to lockdown and to assist with development of improved online presence. The other restricted fund held are for the purposes described. Designated funds.. Bequest of property Icharllonsl represents the value of a property gifted lo the Trust, income from which is used to support the general activities of the Trust. Pension fund represents funds sel aside to meet potential historic pension commitments for one employee. Contingency fund represents funds set aside for the running of the Trust for a period of up to 12 months if exceptional circumstances lead to a significant loss of income. 19 Analysis of net assets between funds Total funds at 31 March 2022 Unrestricted funds General Designated Restricted funds Tangible fixed assets Fixed asset investments Current assets Current liabilities 1,390,265 1,390,265 495,100 530,438 31,486 100 356,697 31,486 495,000 96,660 77,081 Total nel assets 325,311 591,660 1,467,346 2,384,317 Total funds at 31 March 2021 Unrestricted funds General Designated Restricted funds Tangible fixed assets Fixed asset investments Current assets Current liabilities 12,540 100 496,902 25,566 1,475,530 1,488,070 495,100 603,689 25,566 495,000 96,660 10,127 Total nel assets 483,976 591,660 1,485,657 2,561,293 Page 36 The Priest's House Museum Trust Notes to the Financial Statements for the Year Ended 31 March 2022 20 Related party transactions During the year the Charity made the following related party transactions.. The Priest's House Museum Collection Trust IA charity with common Trustees) During the year £nil 12021.. £8,420) was received in donations from The Priest's House Museum Collection Trust. Al the balance sheet date the amount due tolfrom The Priest's House Museum Collection Trust was £Nil12021 £Nill. East Dorset TIC Isubsidiaryl During the year wages recharges of £23,738 {2021'. £30,884) were made lo East Dorsel TIC. Taxable profits generated from East Dorset TIC of £nil {2021.' £5,116) are gift aided lo The Priest's House Museum Trust in the subsequent financial year. Al the balance sheet dale the amount due from East Dorsel TIC was £76,97012021 - £24,155). Page 37