Registered number 03754242
Charity Number 1075902
Radstock, Midsomer Norton and District Museum Society Report of the Trustees and unaudited Financial Statements
31 March 2022
Radstock, Midsomer Norton and District Museum Society
Report and financial statements Contents
| Page | |
|---|---|
| Independent examiner's report | 3 |
| Report of the trustees | 4 - 7 |
| Statement of financial activities | 8 |
| Balance sheet | 9 |
| Notes to the financial statements | 10 - 13 |
| Detailed statement of financial activities | 14 |
Radstock, Midsomer Norton and District Museum Society Registered number: 03754242 Charity number: 1075902
Independent examiner’s report to the trustees of Radstock Museum
I report on the accounts for the year ended 31st March 2022, which are set out on pages 4 to 14.
Respective responsibilities of trustees and examiner
The charity’s trustees (who are also directors of the company for the purposes of company law) are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year under section 144 (2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility to:
a) examine the accounts under section 145 of the 2011 Act;
b) to follow the procedures laid down in the general directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
c) to state whether particular matters have come to my attention.
Basis of independent examiner’s report
My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statement below.
Independent examiner’s statement
In connection with my examination, no matter has come to my attention:
(1) which gives me reasonable cause to believe that in any material respect, the requirements:
a) to keep accounting records in accordance with section 386 of the Companies Act 2006; and
b) to prepare accounts which accord with the accounting records and comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the Statement of Recommended Practice - Accounting and Reporting by Charities have not been met; or
(2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Mr J L Battle FCCA MAAT 12 Spencer Drive Midsomer Norton Radstock BA3 2DN
Date:
5th May 2022
Page 3
Radstock, Midsomer Norton and District Museum Society Registered number: 03754242 Charity number: 1075902
Report of the Trustees
For the year ending 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 (FRS102) (effective 1 January 2019).
Objectives and activities
Objectives and aims
The principal activities of the company throughout the financial period were in the field of the advancement of education of the public in the local area by the provision of a museum of local artefacts and other items of historic or public interest.
Achievement and Performance
Chairman's Report 2021/22
This report follows on from a period in which the operations of the Society were severely curtailed by the Covid pandemic. Financial year 2021/22 saw the gradual emergence of the Society from Covid hibernation and this was paralleled by the reopening of the museum in time for Easter. Full trustee meetings resumed in March and at that meeting Dennis Herbert retired as Chair and was succeeded by Stephen Clews. Dennis had served in that role for eight years and his contribution to the Society is warmly appreciated.
During the year several acquisitions were made for the Society’s collection. These included the escape axe from the WWII Paulton Glider crash, the Clutton account books, documents relating to the operation of Braysdown Colliery and a Friendly Society polehead from Tunley. The Society also funded the museum company to carry out conservation and mounting for display of the Radstock Town drum. The collection remains on loan to the Radstock Museum Company which manages it for the Society.
The Society made a legacy from the late Alex Hann available to the Museum Company for the creation of a new temporary exhibition space in the museum named in his honour. Three other legacies were received from the estates of Valerie West, Shane Beadle and Ray Ashman, all of whom were great supporters of the museum.
Page 4
Radstock, Midsomer Norton and District Museum Society Registered number: 03754242 Charity number: 1075902
Report of the Trustees
For the year ending 31 March 2022
Chairman's Report 2021/22 (continued)
The Five Arches, the Society’s journal, maintained production throughout the Covid emergency, thanks to the dedication of editor Julie Dexter and her publication team. It provided a great read in lockdown and for some there was more time to write! It remains the only journal to focus on this area and is enjoyed not just by locals but also by those now living in far flung parts of the globe.
Fund raising by the Friends was not possible due to the Covid emergency.
The work of the Society only happens because of the contribution of time and effort by the trustees and volunteers supported by our members. Despite the Covid emergency and cessation of activities we were able to maintain our membership. Do encourage your friends and neighbours to join the Society and help preserve our local past not just for the future but also for people to enjoy today.
Financial Review
Principal funding sources
Incoming funds are by way of subscriptions, voluntary income and fundraising ventures.
Reserves policy
The trustees have established a policy whereby the unrestricted funds not committed or invested in tangible fixed assets held by the charity should be 6 months of budgeted expenditure. At this level, they feel that they would be able to continue the current activities of the charity in the event of a significant drop in funding. It would obviously be necessary to consider how funding would be replaced or activities changed.
Structure, Governance and Management
Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
Recruitment and appointment of new trustees
Under the requirements of the Memorandum and Articles of Association the trustees are elected to serve at the Annual General Meeting.
Company administration
Following application by the Trustees to the Charity Commission, the Commission directed that, as of 5th February 2013, the administrative link between Radstock Midsomer Norton and District Museum Society and Radstock Museum, which was made by direction of the Commission dated 4th September 1995, no longer has effect.
Page 5
Radstock, Midsomer Norton and District Museum Society Registered number: 03754242 Charity number: 1075902
Report of the Trustees
For the year ending 31 March 2022
Reference and Administrative Details
Registered Company number
03754242 (England and Wales)
Registered Charity number 1075902
Registered office
Radstock Museum Waterloo Road Radstock BA3 3EP
President
Dr R J Charles Chilcott
Trustees
S R Clews Chairman L J Sprake Treasurer S H Chorley D Herbert P E Herbert J Bryant S J Steel K H Trivett S Yarlett J Peterssen Mrs A C Gillard-Sprake
Company Secretary
K H Trivett
Independent Examiner
Mr J L Battle FCCA MAAT 12 Spencer Drive Midsomer Norton Radstock BA3 2DN
Solicitors
Thatcher & Hallam Island House Midsomer Norton Radstock BA3 2HJ
Bankers
Natwest Bank plc 3 High Street Midsomer Norton Radstock BA3 2HT
Page 6
R•gl¥terod nunkn: Chaty numbw: 03754242 10759Q2 Roport of thft Truste8s Fw tho year endlng 31 March 2D22 The t8$ (who are also directors ol the charity IOT the purF)ses ot company law) aro roswnsible for pfepariro tha Tntsl8as' Annual Report and the tinanaal Statomts. acwrd&n¢e wilh 8ppli¢abl$ law and United Kingdom A(x(wnting Standafds (UK G•neralty Acwed Aco)uniong Pracioce). Crynpany law roqLMres the trustees to wawa financ statemts foroath finwc481 year, Vthich a true aThJ fair wew cl the stste ol affw'rs of th$ tharitsble ¢xrfnpany and of the Incorning resourcès and appli¢aticA) of resourc. IndudiThJ tho irwme aml expenditure, of the Charlbla cMipany tor thal p8ricd. In preparing these fin statoments, tho iruste8s are required . select suitable aoxunting policies and then apptythem wislstenty. observe the methods ar princiFles in the Chari118s SORP. make ludg&ments and estimatès that are reasonable and prudént sme whether applioxble UK Accounting Stsndard$ havo b9en tolkMed, subl•6I to any material dgpartures disdosed and explained in the financial ststements: prepare the ffnancial statements on gcArKJ conc8m basis unless it 15 ¥wwropriate to presume that tho ¢haiit8blo (x)mp8ny will ¢Ino in oparath)n. Th8 trustees are responstsle lor keeFxng adequate aon11ng Tètofds that dCk}Se ith reas¢)nable arxuracy at any time the linanGial postn of Ihe chaiitable company and enable Ihem to ensur6 that the finan(aai slalements o)mplywith the Companies Acl . They are akso responsth for safeguarding the assets of th9 tha11t InP and henr for taking reasonabjo Steps lor the prevenlion and of fraud and 0th8r iffogularities. In 80 far as the tsustO8s are awaro at tho Ilme of appT(wing wr tru8ta6s' anfiual rwt Iher6 is no relevant information. bèir4J infomalicffi n8eded bythe exarnin8r In ¢onn8ctlon with prek)aring theii wort, of thich th8 charitablo cJJmpanys ayaminor 15 unaware,. and the tru51e?s havè taken all staps that they ought lo have tak6n to make theMseoS . aware of any relevant Inform and to establish that ts examlner b aware of Ihat Inlomiatlon. Trls r8POrt has bean pTrpared In accordance ilh th8 Pjtstemem of Rewnmendgd Practke. Ac¢ounting aThJ Reporting by Charthgs Approv&J by order of ts t)oard of trustaes c. IP 18ior*J on kn behall ty. ste[th Cl8¥A. Chair
Radstock, Midsomer Norton and District Museum Society Statement of Financial Activities for the year ended 31 March 2022
| Notes Income: Donations and legacies Other trading activities 2 Total income Expenditure Charitable activities Total expenditure Reconciliation of funds Total funds brought forward Total Funds carried forward Net income/(expenditure) |
Total Funds Total Funds 2022 2021 Unrestricted Unrestricted £ £ 30,239 5,101 7 - |
|---|---|
| 30,246 5,101 |
|
| 3,019 1,241 |
|
| 3,019 1,241 |
|
| 27,227 3,860 43,588 39,728 |
|
| 70,815 43,588 |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
Page 8
Radstock, Mldsomer Norton and Dlllrlct Musoum Soclaty Balance Sheot as at 31 March 2022 Flxfjd ass•ts Tarwitle assets Hgrhage assets 138 Curr•nt a$8ots 18 70.658 70.676 18 Cash at bank and in haThJ Habllltl•s 70,815 Unr8StriCknY funth 70.815 Total Funds The tnistees are satsfi&J that th8 IxNnpary b entitlgd to exemwKffi from the r•]uirrn to (Aain an audit uThJer s&tion 47T of tha Compani88 kt 2LI)6. The membets have not requiF&I the 0)Mpany (thin an audt in acdae Trth sectKJn 476 the Act. The d1rectorsftn ackJK)vAedge trthr r85F#Mslblles for complwng wiih requirem (rf tt Companles Act 2¢X6 IMlh respe¢t to accounting records arKI the preparation of accoun The acc(MJnts have been pwar8d Thi accordance the prmions fft Part 15 of the CDmpanie8 Act 2C applicable kn mpanieS suty'ect to Ihe small Com retyme. Tlw frnKaal statements were apwowd by Trustees on On behall ot the Trustaos Mr Stephen Cl8ws- Clr Pagg 9
Radstock, Midsomer Norton and District Museum Society Notes to the Accounts for the year ended 31 March 2022
1 Principle accounting policies
Principal accounting policies adopted in the preparation of the financial statements are set out below:
Basis of preparation
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 (FRS102) (effective 1 January 2019) – (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
The financial statements have been prepared under the historical cost convention.
Fund Accounting
Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity.
Restricted Funds are subjected to restrictions on their expenditure imposed by the donor or through the terms of an appeal.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Incoming Resources
All incoming resources are included in the statement of financial activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy.
Resources expended
Expenditure is recognised on an accrual basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered.
Costs of generating funds comprises those costs associated with attracting voluntary income and the costs of trading for fundraising purposes.
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include the examiner's fees and costs linked to the strategic management of the charity.
All costs are allocated between the expenditure categories of the SoFA on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly, others are apportioned on an appropriate basis.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Page 10
Radstock, Midsomer Norton and District Museum Society Notes to the Accounts for the year ended 31 March 2022
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 15% on reducing balance Heritage assets - 100% in year of purchase
Heritage assets
The collection of museum artefacts is treated as heritage assets. The unique nature of the collection is that it has no material resale value on the open market and purchased artefacts are recognised at cost and depreciated fully in the year of acquisition.
Taxation
The company is exempt from corporation tax on its charitable activities only.
| 2 Income Other trading activities Other income Total other trading activities |
Unrestricted £ 7 |
Total Total 2022 2021 £ £ 7 - |
|---|---|---|
| 7 | 7 - |
- 3 Net Income/(Expenditure)
| Net Income/(Expenditure) | Total | Total |
|---|---|---|
| 2022 | 2021 | |
| £ | £ | |
| Net income/(expenditure) is stated after charging/(Crediting): | ||
| Depreciation - fixtures and fittings | 25 | 29 |
| Depreciation - heritage assets | 996 | 370 |
4 Trustees' Remuneration, benefits and expenses
There were no trustees' remuneration or other benefits for the year ended 31 March 2022 nor for the year ended 31 March 2021.
There were no trustees' expenses paid for the year ended 31 March 2022 nor for the year ended 31 March 2021.
Page 11
Radstock, Midsomer Norton and District Museum Society Notes to the Accounts for the year ended 31 March 2022
| 5 | Tangible Fixed Assets | Fixtures and |
|---|---|---|
| Fittings | ||
| £ | ||
| Cost | ||
| At 1 April 2021 and 31 March 2022 | 4,298 | |
| Depreciation | ||
| At 1 April 2021 | 4,135 | |
| Charge for the year | 25 | |
| At 31 March 2022 | 4,160 | |
| Net Book Value | ||
| At 31 March 2022 | 138 | |
| At 31 March 2021 | 163 |
6 Heritage Assets
The original collection of museum artefacts was not acquired by purchase and has not been valued in the accounts. Subsequent purchases until 31st March 2005 were treated as expenditure in the year of acquisition.
From 1st April 2005 museum artefacts totalling £11,757 have been capitalised and depreciated.
For insurance purposes the collection has been valued at £120,000.
| 7 Debtors Radstock Museum |
2022 2021 £ £ 18 18 |
|---|---|
| 18 18 |
Page 12
Radstock, Midsomer Norton and District Museum Society Notes to the Accounts for the year ended 31 March 2022
8 Movement in funds
| Movement in funds | ||||
|---|---|---|---|---|
| Unrestricted funds General Fund Total Funds |
1st April 2021 £ 43,588 |
Incoming resources £ 30,246 |
Resources expended £ (3,019) |
31st March 2022 £ 70,815 |
| 43,588 | 30,246 | (3,019) | 70,815 |
9 Related party disclosures
There were no related party transactions for the year ended 31st March 2022.
Page 13
Radstock, Midsomer Norton and District Museum Society Detailed Statement of Financial Activities for the year ended 31 March 2022
| Income and Endowments Donations and legacies Donations Gift aid Subscriptions Legacies Other trading activities Other income Total incoming resources Expenditure Other trading activities Friends of the Museum expenses Charitable activities Care of collection Grants to Radstock Museum Support costs Management Postage and stationery Subscriptions Depreciation - Fixtures and Fittings Depreciation - Heritage assets Governance costs Accountancy and legal fees Total resources expended Net (expenditure)/Income |
2022 £ 440 471 2,248 27,080 30,239 7 7 30,246 - - 204 1,256 1,460 90 - 25 996 1,111 448 448 3,019 27,227 |
2021 £ 2,475 518 2,108 - |
|---|---|---|
| 5,101 - |
||
| - | ||
| 5,101 | ||
| - | ||
| - - - |
||
| - 124 270 29 370 |
||
| 793 448 |
||
| 448 | ||
| 1,241 | ||
| 3,860 |
This page does not form part of the statutory financial statements Page 14