COMPANY NUMBER: 04348168 REGISTERED CHARITY NO: 1090327 BRIDPORT MUSEUM TRUST LIMITED (COMPANY LIMITED BY GUARANTEE WITHOUT SHARE CAPITAL) REPORT AND Fll+lANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
BRIDPORT MUSEUM TRUST LIMITED INDEX TO REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Page No Reference and Administratkve details 2-10 Trustees. Annual Report (including Directors. Report) Ii Independent Examiner's Report 12 Statement of Financial Activities (including Incom¢ and Expenditure Account) 13 Balance Sheet 14-20 Notes to the Financial Statements
BRIDPORT MUSEUM TRUST LIMITED IIEPORT AND FtNANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 REFERENCE AND ADMINISTRATIVE DETAILS Directors and Trustees The Board of Trustees constitutes directors of the company for the purpose of company law and Trustees for the purpose of charity law. Trustees serving during the year and since the year end were as follows: Anna Bright - Chair (retired 25 April 2024) Camilla Hampshire Professor Karen Hunt Martin Isaacs Emma Pell (Squire) - Chair (appointed 25 April 2024) Amanda Streatfeild Sarah Williams (retired 31 May 2024) Secretary Martin Isaacs Registered Office The Coach House. Gundry Lane Bridpor¢ Dorset DT6 3RJ Bankers Nat West plc 22 East Street BridporL Dorset DT6 3LG Flagstone Investment Management Ltd 1st Floor. Clareville House 26-27 Oxendon Street London SWI 4EL Independent Examiner Scott Vevers Ltd Chartered Accountants & Registered Auditors 65 East Street Bridport DorseL DT6 3LB Company Number 04348168 Charity Number 1090327
BRIDPORT MUSEUM TRUST LIMITED TRUSTEES, ANNUAL REPORT (INCLUDING DIRECTORS, REPORD FOR THE YEAR ENDED 31 MARCH 2024 The Trustees present their annual report and financial statements of the charity for the year ended 31 March 2024. The Trustees have adopted the provisions of the Statement of Recommended Practice (SORP) "Accounting and Reporting by Charities" (FRS 102) in preparing the annual report and financial statements of the charity. The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the Articles of Association, the Charities Act 201 I, the Companies Act 2006 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland published on 16 July 2014 (as amended by Update Bulletin I published on 2 February 2016). Objeclives andAelivities The Charity's objectives, set out in Article 2 of the Articles of Associatioffj are 'to advance the education of the public in Bridport and the surrounding area in particular through the provision of a museum,. Bridport Museum is operated by the TrusL and is a fully accredited museum. To further learning within the community, the Trust supports research of its archive and artefacts through a Local History Centre open one day a week, with further remote support foT people who need digital access. The Trust plays an active role in the cultural life of the town, supporting local events and festivals. The Trust is a member of the Jurassic Coast Museums Partnership and has a si)ifiCant role in supporting the Jurassic Coast Trust's Strategic Management Plan. Our collections and geological displays help to deliver against many of the strategic objectives within this plan to promote and conserve the World Heritage Site, thus lending significance and wider context to our items. How Objeclives andAcliviti'es Deliver Public Benefit Through providing an open and welcoming Museum. events and activities. exhibitions, collections care and sharing local archives. as described in this repo¢ the Trustees consider that the Charity has complied fully with its duty in section 17 of the Charities Act 2011 to have due regard to public benefit guidance published by the Charity Commission. The Museum is committed to operating ethically and subscribes to the Museums Association's Code of Ethics. Bridportmuseum Trust Colleclions The Trust cares for around 20,000 objects, which refl¢¢t many aspects of the history of the town and suffounding area. In addition. there are approximately 30,000 photOaphS or images in the Collection. Since 2012 the Collection has included the Sanctuary Rope and Net Collection and paper archives. which record the history of the dominant industy which has shaped the town. The Museum is a member of both thc national and Dorset branches of the Museums Association. The Museum's Collections Development Policy was reviewed and Updat in June 2023 to take into account the findings of our community-engaged coll¢ctions review project The Right Stuff (discussed further below). Th¢ Museum's collecting area now comprises the following parishes." Allington. Askerswell, Bettiscombe. Bothenhampton, Bradpole, BridporL Broadoal Burton BradstocK Channouth. ChideocK Chilcombe, Dott¢ry, Little Bredy. Litton Cheney, Loders. Long Bredy, Marshwood. Monkton Wyld, Morcombelake. Neth¢rbury, North Poorton, Pilsdon, PowerstocL Puncknowle, Salway Ash. Shipton Gorge, Stanton St Gabriel. Stoke Abbo¢ Swye, Symondsbury, Walditch, Whitchurch Canonicorum, Wootton Fitzpaine..
BRIDPORT MUSEUM TRUST LIMITED TRUSTEES, ANNUAL REPORT (INCLUDING DIRECTORS, REPORT)- (Continued) FOR THE YEAR ENDED 31 MARCH 2024 Prem£se The Trust operates across three sites- the Museum, The Grove and the Coach House. July 2023 saw major leak in the Coach House which required the swift transfer of artworks from the affected area to The Grove, significantly reducing available work space. From I, September 2024 we took over additional space at The Grove, which should address this issue. The Coach House leak had a lengthy and appreciable impact on the general use of the building and. in particular, on conservation Work. In late 2023 we commissioned an architect with extensive relevant experience to draw up an initial feasibility study on refurbishment and development works on the building, primarily to underpin a bid to Dorset Council's Capital Leverage Fund: volunteers assisted in drawing up the bid. Although the bid was unsuccessful, the feasibility study will infonn the overall review of how we use our current properties and an overall strategy on how that can be maximised. As ever, thanks go to our three maintenance volunteer4 who keep on top of many of the day to day tasks such as testing the fwe alarn]. as well as undertaking basic maintenance. SÉaffandHuman Resources The year saw continuing significant changes to staffing. Two new freelance roles were recruited in March 2023 to work alongside Collections Consultant Tim Burge on The Right Stuff project: a Project & Engagement Manager (Victoria Northwood) and a Collections Officer (Graham Bowen). Shortly afterwards one of the two job-share Museum Managers (Sophie Bull) went on maternity leave, and a temporary appointment was made to her role {Emma Luckraft). Helen Horler (the other job-share Museum Manager) stepped down in December 2023 for family reasons and Emma Luckraft (Sophie's maternity cover) left in January 2024 to tske up pernlanent employmenL Victoria Northwood has provided limited management cover on a freelance basis since January 2024. Sophie Bull decided not to return after maternity leave. and the Board took the decision to recruit a full- time Volunteer Manager on an 18 month contract while we review the Trust's strategy for the medium to longer term future. We were fortunate to recruit Michelle Caesar to this role in July 2024. The Board ¢xpress their gratitude to the staff who have departed during the period for their hard work and wish them well for the future. Volunteers The Board are deeply indebted to our volunteers who support all aspects of the Trust's activity as detsiled in the following sections. With the changes to the Trust's staffing structure in 2022 and subsequent staff turnover, trustees and volunteers have provided invaluable support for administrative and central support functions, including the review and updating of policies and procedures required for our Reaccreditation submission. The sustainability of the Trust and all its services in the post-pandemic world depends on an active and engaged group of volunteers. The volunteer-led 'Building Connections, programme, initiated in 2022 to improve collaborative working across groups and sites, continued with a further event in May 2023 to showcase four of the projects that had b¢en initiated or developed since the previous year. The event covered topics including: a new series of talks open to the public, tours for volunte¢rs of the Collections and Local History Centre. updat¢ on the actÉvities of the EducationlLearning team. both in the museutn as well as outreach, and a volunteer skills audit together with capturing suggestions for further Projects. Volunteers continue to enjoy engaging with the public who visit the museum or contact the Local History Centre and are consistently apprlated for their friendly and inforniative welcome. There are regular opportunities for the volunteer team to meet. and staff provide e-mail updates on a weekly basis. A prOamMe of staff and volunteer training was delivered July- September 2023 as part of The Right Stuff project.
BRIDPORT MUSEUM TRUST LIMITED TRUSTEES. ANNUAL REPORT (NCLUDING DIRECTORS, REPORT)- (Continued) FOR THE YEAR ENDED 31 MARCH 2024 Volunleers(conÉd) Sessions were delivered on Display and Interpretation by Vicky Dawson, on Documentation and MODES software by Tim Burge. on Collections Care and Marking and Labelling Objects by Helena Jaeschke and on Handling and Cleaning Objects by Kayleigh Spring. Volunteers from neighbouring Beaminster Museum and West Bay were invited to participate in the training programme and in February 2024 we gratefully took up a reciprocal offer from West Bay Discovery Centre for volunteers to join their First Aid training. During this financial year volunteers have contributed over 5,750 hours to the Trust (compared to around 4,000 hours over the same period 2022-2023). Before the pandemic, volunteers contributed around 5,000 hours per year, and we are pleased to see volunteer hours recovering in the post-pandemic world. A house-keeping exercise on our volunteer records identified that the number of active volunteers is now around 50 (less than the 65 reported last year). The Trust lost a dedicated and enthusiastic Museurn volunteer, Lesley Keatley, in December 2023. A donation was made to the family's chosen charity in her memory and the Board wish to express their gratitude for her commitment and contributions to our work. Achievements (md Performance Highlights from this yeaT include: Accreditation Due to the pandemic. Arts Council England had further postyoned the date for the Museum's Reaccreditation submission to 8 September 2023. Staff, volunteers and trustees worked together to prepare for this cnJ¢ial assessment, which demonstrates that the Trust continues to meet sector standards in all its operations, policies and practices. We are pleased to report that the Accreditation panel awarded the Trust Full Accreditation status on 9 November 2023. The Right Stuff Project The Right Stuff, a three-year community-engaged Collections review projecL funded by the Esmée Fairbairn Collections Fund, administered by the Museums Association, launched in October 2019. The timescal¢ for the project was extended due to the pandemic and staff changes, and the project re-stsrted with new project workers in March 2023. Between May and September 2023 15 'Community Curators, from BTidport and the Suound1ng arva reviewed the collections relating to their parish held by the Museum, and selected objects for inclusion in a fmal project exhibition which was on display October 2023 - July 2024. Audience feedback from project activities which took place 2021-2022 (including two exhibitions, 'The Right Stuff and 'Curalor or Chaos? ) helped to inforni a refreshed Collections Developtnent Policy which was submitted as part of the Museum's Accreditation return in September 2023. It also helped to inforni the creation of a collections assessment guide which will b¢ used to support both acquisitions and disposals going forward. On 28 June 2023. the project Collections Consultant Tim Burge and our Collections Volunteer Shelagh Ball presented a paper at an online Museums Association conference: 'The Future of Museums: Disposal,. Since then we have received enquiries from around the UK fro other Museums starting a review and rationalisation process themselves. A case-study sharing learning from the project is currently in preparation, to be published in 2024. Museum and Shop The Museum was open April- D¢mber 2023, re-opened for the February half-terni 2024, and then at the end of March to coincide with Easter Weekend. During the financial year we had a totsl of 3.883 visitors. including 793 children and 574 adults admitted without charge. the latter were primarily carers or repeat visitors. The figures represent an increase of just under 5 % on the previous year, but are still a cause for concern.
BRIDPORT MUSEUM TRUST LIMITED TRUSTEES, ANNUAL REPORT (INCLUDTNG DIRECTORS. REPORT)- (Continued) FOR THE YEAR ENDED 31 MARCH 2024 Museum and Shop (contd.) Our front of house volunteers continue to enjoy engaging with the public who visit the museum and are highly appreciated for their friendly and inforniative welcome. They also contribute advice on shop stock items and liaise with suppliers. A leafleL "Boozy Bridport" was published by the Museum and promoted locally. It proved so popular that a second reprint was required. the cost of which was generously funded by a Bridport pub. The Makers Group continue to apply their handicraft skills to create rope and cord and make unique items for sale in the shop. Over the financial year the Makers, items accounted for around 50% of the value of total shop sales. During the year the group started producing packaging with handmade netting. reducing plastic waste and showcasing even more BrAdport Museum skill. During 2023 the Museum participated in South West Visitor Insights: an audience evaluation programme for museums and cultural organisations to gain an understanding of and build an evidence base of knowledge about their audiences. The final report was received from Museum Development South West in February 2024 and we have since received raw data from the survey and guidance which will help us to take this work forward. Exbibitions and Events The Museum hosted a range of exhibitions and events throughout the year to encourage repeat visits. We made good use of the temporary display cabinet in the Museum's front gallery with a Coronation themed display from May to July in 2023. As July was Plastic Free month we presented a display of modern plastic vs non plastic items from the collection, and in September 2023 a further display was created to coincide with International Knot Tying Day. The Museum's temporary exhibition gallery hosted a collection of paintings by Bridport artist Jules Cross during the summ¢r of 2023. this was replaced in October 2023 by the community curated exhibition related to The Right Stuff projecL which included both objects from the Museum's own collection and items lent from members of the community. In February 2024 Bridport was announced as the inaugural Dorset Town of Culture and as part of this initiative the Museum was on¢ of three venues hosting a National IA)ttery Heritage Funded retrospective exhibition 'George Biles: King of slwriterS, during August 2024. The Museum offered free enty to the museum on the Saturday of Heritage Open Week in September 2023 and joined in Bridport's 'Christmas Cheer, celebrations in December, with extended Museurn opening hours and carols from a local choir. Volunteers Continue to provide regular Ropemaking demonstrdtions within the museum, as well as outdoor 'Rogue Ropemaking,, which continue to be very popular, generating interest and donations. Staff and volunteers brought the Museum into the community during the course of the year with stslls at the Bridport Charter Fair in May 2023 and the Melplash Show in August 2023 and August 2024. Walk8 and Talks Volunteers continued to run the weekly Historic Guided Walks on Thursday mornings from April - September 2023, raising £875 in donations. Volunteers also organised and ran a series of weekly tslks on Monday evenings in the MuseuEn June - August 2023. We are grateful to the speakers who gave their time and expertise to this prOarnme. including David Alcock, Prof Karen HunL Tegwyn Jones. Dr Robert Nantes. Vincent Sheppard. Bruc¢ Upton and Dave Willis. Ticket sales for the tslks raised £1,145. We learned useful lessons on comfortable capacity, possibly repeating popular (over-subscribed!) talk publicitylmarketing and administration and hope to build on this in future. Three volunteers and a trustee between them gave 18 'outreach' tslks through the year on a range of local history topics, mainly in the Bridport area but also as far afield as Yeovil and Weytnouth: the talks were attended by a total of around 800 people and raised a further £845 in donations.
BRIDPORT MUSEUM TRUST LIMITED TRUSTEES, ANNUAL REPORT (tNCLUDING DIRECTORS, REPORT)- (Continued) FOR THE YEAR ENDED 31 MARCH 2024 Walks and Tallis (eontd.) During the course of the year we collaborated with Bridport Town Council on their Streetscape & Heritage Interpretation Study: volunteers with relevant knowledge helped record podcasts to accompany the council's new heritage trails around the town. For fiirther inforniation and to hear the podcasts, go to litt s'.Iliviviv.brid orl-tc.nov.uLlsti'eetsca e-lierila e-iiilci- relatioii-slud l. Learning and Outreach Our volunteer learning team continued to welcome schools, local scout groups and other organisations to the Museum during the year, including People First Dorset (a charity led and run by people with learning disabilities), and French exchange students from Thomas Hardye School. The team also creat¢s Icsson plans and loan materials for schools and produces materials for teachers and wup leaders to download from the website. The team also organised a range of activities for younger visitors. The Easter 2023 dinosaur egg trail was a great success with 101 completed trails returned. One lucky young person was delighted to win a Lego Plesiosaur. The team devised and provided two days of drop-in Valentine inspired creative activity during the February 2024 half-temi and repeated the popular dinosaur egg trail during the 2024 Easter school holidays. In addition to the loan boxes available to be borrowed by schools. the Museum also has "reminiscence boxes". These are made available to care homes via Care Dorset and through outreach visits facilitated by Museum volunteers. they are always very well received and highly valued. Loeal History Centre The Centre had a very busy year, despite visitor appointments being suspended for nearly two months in the winter to enable volunteers to do resource 'housekeeping' and carry out Collections work. W¢ continue to offer morning and afternoon appointments on a Wethiesday. There were over l 00 visitors in person - not all with appointments - including some from New Zealand. Canada and the USA. The volunteers, knowledge and ¢xpertise has been invaluable and much appreciated by visitor& During the autumn of 2023 we carried out considerable research responding to enquiries prompted by th¢ Bridport Heritage Forum house history prOjL In addition the Centre received nearly 200 phone and email enquiries during the year from all over the world. In addition to family history requests, topics ranged from the history of the Fives Court in Bridport (south of the Brewery near the river), salmon poaching, cowboys. Bridport Town Criers and Frederick Douglass (the American abolitionist who escaped from slavery and addressed a meeting in Bridport Town Hall in 1886). A number of queries led to us receiving new inforniation to add to our resources. We hav¢ also been very grateful to authors for donating Copies of their books to the Centre Library. There were over 400,000 photo viewings on the Museum Flickr site over the year and the total number of views is now over 3.3 million. The site has 56 followers. Collections The collections volunteer team worked closely with The Right Stuff project team during the course of the year. tssting the new collections assessment guide and reviewing collection areas including fine arL archaeology and geology. Recommendations for disposal of some objects were brought to the Board in September 2024 and it is anticipated that collections review activities will continue beyond the fonnal end of the project. Several new volunteers joined the team during the course of the year. and have taken on areas of the collection which had received little attention previously, including social history and numismatics.
BRIDPORT MUSEUM TRUST LIMITED TRUSTEES, ANNUAL REPORT (INCLUDING DIRECTORS, REPORT)- (Continued) FOR THE YEAR ENDED 31 MARCH 2024 Collections (eontd.) The team collaborated with Bournemouth University Archaeology department on the Waddon Hill collection, supporting the research of the archaeologist who leads the work on that site. Volunteers hosted a visit from the archaeologist and landowner and visited Bournemouth University. The university secured a ant from the Dorset National Landscape Partnership's Famiing in Protected Landscapes prowme to prOeSS the work: this included a £500 contribution to the Trust's survey of the conservation status of the collection and to plan the conservation of an object. The report was received in January 2024 and recommended that we modify the current packaging materials, in order to help prevent further deterioration of this important collection. The Trust will identify funding to purchase these materials. We look forward to developing this relationship and to contributing to the university's publications. Volunteers gave three talks to local organisations including Dorset Diggers and the U3A archaeology group on the Trust's archaeology collection, and are developing links with the team at Dorset County Museum. During autumn 2023 an MA Graduate volunteer worked on the rope and net archives. including the Sanctuary collection. This was a mutually beneficial arrangement giving valuable experience to a young museum professional at the start of his career and providing the team with a different perspective on the Right Stuff Challenges. We are exploring with Bridport Town Council the possibility of displaying items from our fine art collection in some of their premises. FinaneialReview The year saw an Unrestricted Funds surplus, after transfers. of £17,469 (2023 surplus after transfers, £5,215) and a totsl deficiL after transfer3, on Restricted Funds of £33,663 (2023 -deficit after transfers £21,861). The Unrestricted Funds result was better than projected: the Legacy income was not budgetelt and investment (bank) income significantly exceeded projection from a combination of effective cashflow management and continuing relatively high interest rate rises. There were significant cost reduction4 arising primarily from stsff changes and improved cost controls. While this surplus is welcome, it should also be noted that the significant capital expenditure of £24,383 in the year saw a reduction in the General Fund at the year-end. as noted below. The overall Restricted Funds deficit Teflects continuing expenditure of funds brought forward, reflecting activities previously delayed by Covid and resource constraints. Restricted Funds spending is closely monitored to prevent any final closing deficit on a Fund which would need undenvriting from Unrestricted Funds. RerVeS Policy In 2020 the trustees adopted a reserves policy whereby the Tnjst will maintain a free (Unrestricted) General Reserve for the followin8 purposes: To provide a sustainable and appropriate level of working capital To allow for p¢riods of unexpected drops in planned income To cope with sudden short-terni increases in planned expenditure To provide cover for other risks, contingencies or unforeseen events. Trustees also set a minimum level for the General Reserv¢ of six months projected Unrestricted annual expenditure. This level is reviewed by the Board each year when considering and approving the following year's budget.
BRIDPORT MUSEUM TRUST LIMITED TRUSTEES, ANNUAL REPORT (INCLUDING DIRECTORS, REPORT)- (Continued) FOR THE YEAR ENDED 31 MARCH 2024 Royerves Policy (contd) In 2022 the trustees set up a Desiated Fixed Assets Fund to match the value of the Fixed Assets included in the Balance Sheet. they also set up a Designated Collections Fund. In line with Charity Commission guidance set out in Charity Reserves.. Building Resilience (CC19) the specified minimum General Reserve level is applied to the remaining (Net Cash Assets) Unrestricted Funds. At 31 March 2024 the Unrestricted General Reserves balance was £95,067 (2023 £96.362), which represents I I months, Unrestricted Expenditure (2023 - 10.7 months). This provides a degree of short- terni stability in the face of continuing uncertainties -the longer-temi effects of the pandemic, the dramatic rise in the cost of living and increased competition for voluntary charitable donations, all of which could seriously reduce footfall and related income. The Board will also look to apply some of the General Reserve to support developing the organisation, while strictly rnaintsining the Policy's minimum specified level. As well as looking to widen and increase income sources. Trustees will continue to monitor spendin& to maximise savings and ensuring value for money, while ensuring that servic¢ quality is maintained. Principal Funding Sources Bridport Museum Trust is dependent on funding from Dorset Council and Bridport Town Council, for which we are extremely atefUl. The Dorset Council agreement (£54,062) ran to MaTch 2024. In January 2024, after th¢ council's overall funding review. we heard that we will receive £40,000 for three years from 2024-25. Within the county's museums sector this is a comparatively favourable resulL but still represents a significant reduction which will significantly impact our future plans. The Bridport Town Council agreement was increased to £6,000 annually during 2021-22, to partly offs¢t the introduction of rent charges for our olfice in The Grove. which we lease from the Council. After a review meeting for our next five year Service Level Agreement the Council have confirmed that our annual funding will increase to £7,500. We are very teful for their continuing support. As local authority income alone is insufficient to run the Museum, income from other sources is vital. Unrestricted donations in the year increased to £7,463, including Gift Aid reclaimed (2023 - £5,246). We were fortunate to also receive two legacies, totalling £11,012 (2023 - one of £l.000). We are very grateful to all our donors. As part of future funding strategics. we will explore new ways of attracting, motivating and retaining supporters. Sales tumover from the Museum shop fell to £6,377 (2023 - £8,288): and net sales proceeds contributed a surplus of £2,702 (2023 - surplus £4.362). This disappointing performance can be attributed in part to our decision to reduce the Museum's open period after half-terni in February '24, largely because of stsff shortage. Th¢ year's cost of sales was also significantly impacted by the lat¢ receipt of a bill for nearly £900, most of which would have been charged to the previous year had it been received in time. We will continue to monitor shop stock items to provide souvenirs and gifts for visitors, often reflecting our collection. We will also continue to monitor stock pricing, to maximise this income stream. We are again very ateful for the Continu and growing involvem¢nt of our group of highly skilled volunteer 'Makers', who craft a wide range of items incoTporating rope or twine. They are prolific in ideas and new creations to sell. including popular rope and twine gifts at Christtnas. They also n]onitor the success of their pieces and modify what they produce accordingly.
BRIDPORT MUSEUM TRUST LIMITED TRUSTEES, ANNUAL REPORT (tNCLUDING DIRECTORS, REPORT)- (Continued) FOR THE YEAR ENDED 31 MARCH 2024 Plansfor F4ture Periods The lingering impact of Covid-19, coupled with cost of living increases and increasing calls on charitsble giving. has brought an increased level of financial uncertainty for the Trust's future, in common with many other organisations in the sector and more widely. The Board had a facilitated strategy day in July 2024 to consider priorities for the future. The Board is detern)ined to make progress on restoration or replacement of the collections store- the Coach House. This will require more detailed options appraisal, feasibility Studies and proeSSed plans, fundraising and project management. The Board are also looking ahead to the museum's centenary in 2032. Early work is beginning on a wider strategy for the museum, including to support its long temi sustainability via further work on fundraising, commercial income and audience development. S¢ruclure, Governance andmanagemenl Governing Document Bridport Museum Trust Ltd is a charitable company limited by guarantee, incorporated on 7 January 2002 and has no share capital. It was registered as a charity with th¢ Charity Commission on 30 January 2002. The charitable company is governed by its updated Articles of Association, passed by Special Resolution on 14 May 2022, thereafter registered with Companies House and the Charity Commission. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £10 per member of the charity. The registered office is The Coach House, Gundry Lane, Bridport DT6 3RJ. Organisational structure The Board of Trustees are responsibl¢ for safeguarding the future of the Collection and the sustainability of th¢ museum and all its services. With the changes in stsffing and the intention to recruit more trustees and further involve volunteers in the overall running of the TrusL the role of the Executive Committee (Chair & Treasurer) will be reviewed and revised if appropriate. In May 2023 Professor Emerita Karen Hunt stood down as Chair and Anna BTighL Vice-chair, w&8 appointed Interim Chair. The Board, staff and volunteers are very grateful to Karen for all her work in steering the Trust through the unprecedented challenges of the last few ycars and are pleased that she remains a Board tnember. After an extensive recruitm¢nt process. Emma Squire (CBE} was appointed as a trustee and Chair in April 2024 and has started to map out her priorities for the immediate future. particularly in reviewing the Trust's structure and recruiting new trustees. Anna Bright stood down as Interim Chair and retired from the Board in April 2024. All in the Trust are very grateful to Anna for her significant contributions over the last five years, particulatly as Vice Chair. then Interim Chair over the last two years. Risk Managemellt How the Board discharges its responsibility for this going forward will forni part of the planned structural review mentioned above. An early priority for Michelle Caesar as newly recruited Volunteer Manager is to work with volunteers to review and update risks and mitigations in each area of op¢rations: this will feed in to the structural Teview of the role of the Executive Committee. Procedures are in place to ensure compliance with health and safety regulations for staff, volunteers, users and visitors. We have a strict schedule of inspections for electrical and flre safety equipmenL and staff keep a record of scheduled inspections, maintenance and cleanliness and share reports with the Board.
BRIDPORT MUSEUM TRUST LIMITED TRUSTEES, ANNUAL REPORT (INCLUDING DIRECTORS, REPORT)- {Continued) FOR THE YEAR ENDED 31 MARCH 2024 Statement of the Trustees, Responsibilities The Trustees (who are also directors of Bridport Museurn Trust Ltd for the purposes of company law) are responsible for preparing the Trustees. Annual 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 Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources. including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Trustees are required to: Select suitable accounting policies and then apply them consistently. Observe the methods and principles in the Charities SORP 2015 (FRS 102): Make judgements and estimates that are reasonable and prudent. stste whether applicable UK Accounting Standards have been followed. subject to any material departures disclosed and explained in the financial statement. and Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitsble company will continue in operation. The Trustees are responsible for keeping adequate accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company 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 charitable company and hence for takin8 reasonable steps for the prevention and detection of fraud and other iegUlar1ties. This report has been prepared in accordance with the special provisions relating to small companies in Part 15 of the Companies Act 2006. On behalf of the Board. Martin Isaacs Company Secretary and Trust¢e 24 October 2024 10-
INDEPENDENT EXAMINER'S REPORT TO THE BOARD OF TRUSTEES ON THE UNAUDITED FINANCIAL STATEMENTS OF BRIDPORT MUSEUM TRUST LIMITED I report to the charity Trustees on my examination of the accounts of the company for the year ended 3 1st March 2024 which are set out on pages 12 to 20. Responsibilities and basis of report As the charity Trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 {'the 2006 Act'}. Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your company's accounts as carried out under section 145 of the Charities Act 2011 ('the 201 l Act.). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. Independent examiner's statement I have cornpleted my examination. l ¢onfirn] that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: accounting records were not kept in respect of the company as required by section 386 of the 2006 2. the accounts do not accord with those records. or 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 'true and fair view, which is not a matter considered as part of an independent examination. or 4. the accounts have not been prepar¢d in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to chariti¢s preparing their accounts in accordance with the Financiaj Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)]. I have no conc¢rns and have com¢ 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 reach¢d. Mr. M. J Cridland B.A. (Hons) F.C.A Scott Vev¢rs Ltd Chartered Accountants and Registered Auditors 65 East Street Bridport Dorset DT6 3LB Date.. l.i.L.11.l.i.w...... 11
BRIDPORT MUSEUM TRUST LIMITED STATEMENf OF FINANCIAL ACTIVITES (INCLUDING INCOME AND EXPENDITURE AccoifNT) FOR THE YEAR ENDED 31 MARCH 2024 Notes Restricted Unrestricted Funds Funds Total 2024 2023 Income and endowments from Donations and legacies: Donations Legacies Grants Admissions Service Level Aeernents Trading Activities: sales of goods Investment income Other income: Sale of Collection items 7.463 2,791 7,463 11,012 5,246 1,000 (2.985) 13,725 60,062 8,288 6.324 316 8,221 13.599 60,062 6,377 13,679 13,599 60,062 6,377 13,679 Total income and endowments 8,221 103,971 112,192 91,976 Expenditure on Generating income Charitable Activities 3.675 89,447 3,675 124,711 3,926 104.696 35.264 Total expenditure 35.264 93,122 128,386 108,622 Net Income l (Expenditure) for the year (27,043) 10,849 (16,194) (16.646) Transfers between Funds (6,620) 6.620 Net Movement in funds for the year (33,663) 17,469 (16,194) (16,646) Reconciliation of funds Totsl Funds Brought Forward 255.023 108.353 363,376 380.022 Total Funds Carried Forward 221,360 125.822 347,182 363,376 The statement of financial activities includes all gains and losses recognised during the year. All income and expenditure derive from continuing activities. 12-
BRIDPORT MUSEUM TRUST LIMITED BALANCE SHEET AS AT 31 MARCH 2024 Notes 2024 2023 Fixed Assets 10 30,439 11,675 Current Assets Stock Debtors and prepayments Cash at Bank and in Hand 2,873 18.050 313,638 3,165 10,302 356.714 334.561 (17,818) 370,181 (18,480) Creditors: amounts falling due within one year Net Current Assets 316,743 351,701 Net Assets 347,182 363,376 Charity funds Restricted Funds Unrestricted Funds 11, 12 221,360 125.822 255.023 108,353 347,182 363.376 For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 Companies Act 2006 relating to small companies. Directors, responsibilities: The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476" The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. These financial statements are prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. The flnancial statements on pages 12 - 20 were approved by the Trustees, authorised for issue and signed on their b¢half by: Martin saacs Company Secretary and Trustee 24 October 2024 13
BRIDPORT MUSEUM TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 1.0 Accounting Polieies The principal accounting policies applied in the preparation of the financial statements are set out below. These policies have been consistently applied to all the years present unless otherwise ststed. 1.1 Statement of compliance The charity constitutes a public benefit entity as defined by FRS 102. 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 (FRS 102) published on 16 July 2014 (as updated through Update Bulletin I published on 2 February 2016), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Charities Act 2011, th¢ Companies Act 2006 and UK Generally Acc¢pted Practice as it applies from l January 2015. The charity has applied Update Bulletin l as published on 2 February 2016 and does not include a cash flow statement on the grounds that it is applying FRS 102 Section IA. 1.2 Going concern The financial statements are prepared on a golng concern basis under the historic cost convention. The financial statements are prepared in sterling. which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. IJ Fund &ceounting Unrestricted funds are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been desiated for other purposes. Restrict¢d funds are subject to restrictions on their expenditure imposed by the donor. 1.4 Income recognition All incoming resources are included in the Statement of Financial Activities (SOFA) when the charity is legally entitled to the income after any perforn]ance conditions have been meL the amount can be measured reliably and it is probable that the income will be received. For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of perforniance before entitlement can be obtained then income is defeed until those conditions are fully met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled. Income from government and other grants are recognised at fair value when the charity has entitlement after any perforniance conditions have b¢en mrt it is probable that the income will be received and the amount can be measured reliably. If entitlement is not met then these amounts are deferred. Interest income is recognised when receivable and the amount can be measured reliably by the charity. this is nomially upon notification of the interest paid or payable by the bank. 14-
BRIDPORT MUSEUM TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 1.5 Expenditure recognition Expenditure is recognised on an accrual basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered. and is reported as part of the expenditure to which it relates: Expenditure on charitable activities comprises those costs incurred by the charity in the delivery of its activities and services. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. Other expenditure represents those items not falling into any other heading. Costs ofgeneraling income These are costs incurred in attracting voluntary income, the management of investments and in trading activities that raise funds. Charilable activities Charitable expenditure comprises costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes costs that can be allocated directly to such activities and indirect costs necessary to supw)rt them. 1.6 Support eosts Support costs include central functions that assist the work of the charity but do not directly represent charitable activities. They are incurred directly in support of expenditure on the objects of the charity. Where support costs cannot be directly attributed to particular headings they have been allocated to wst of generating income and charitable activities on a basis consistent with use of the resources. 1.7 Tangible Fixed Assets Tangible fixed assets are stated at cost less depreciation. Items whose pUhase price is £200 or more are capitalised. Depreciation is provided at rates calculat¢d to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following basis: Fixtures and fittings Furniture and equipment Computer equipment and printers 200/0 per annum on Cost - 33.3 % per annum on cost 1.8 Debtors Debtors are recognised at the settlement amount. Prepayments are valued at the amount prepaid. 1.9 Casb alld casb equivalents Cash and cash equivalents comprise cash on hand, call deposits and other short-terni highly liquid invesknents that are readily convertible to a known amount of cash and ar¢ subject to an insignificant risk of change in value. 15
BRIDPORT MUSEUM TRUST L[TED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 1.10 Creditors and provisions Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are nornially recognised at their settlement amount. 1.11 Pensions The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged in the Ststement of Financial Activities in the year they are payable. 1.12 Fund structure Unrestricted income funds are general funds that are available for use at the Trustses, discretion in furtherance of the charity's objects. Restricted income funds are those donated for use in a particular area or for specific purpose, the use of which is restricted to that area or purpose. Service Level Agreements During the year Dorset Council provided £54,062 (2023 £54,062) and Bridport Town Council provided £6,000 (2023 £6,000) under Service Level Agreements to support the work of the Museum. We continue to greatly appreciate their support. As reported above. Dorset Council funding has now been set at £40.000 a year for three years from 2024-25 and Bridport Town Council recently confimied funding of £7,500 a year for five years from 2024-25. Costs of generating income 2024 2023 Costs of goods sold CaTd payment processing fees and shop costs 2,748 927 3,213 713 3,675 3,926 16-
BIUDPORT MUSEUM TRUST LJMITED NOTES TO THE FINANCtAL STATEMETrrrs FOR THE YEAR ENDED 31 MARCH 2024 Analysis of Expenditure on Charitable Activities 2024 Restricted Unrestricted 2023 Total Note Total Expenditure Staff costs Staff training and travel Staff recruitment Ternporary management support Volunteer costs Exhibition, Learning Resources and Activities Advertising and publicity Conservation costs Other project costs Health & Safety I Covid-19 precautions Rent and water Electricity and gas Insurance Property repairs and maintenance Telephone and broadband Computer costs Printing, postage and stationery Office equipment leasing Sundry costs Cleaning costs Memberships and subscriptions Examination fees Professional fees Trustees, training I conferences Trustee recruitment Bank charges Depreciation 31.080 16 38,218 85 704 4,050 1,143 1,171 1,636 2,058 3,748 521 5.260 17,600 1,390 754 1,147 286 15,801 84 7,030 4,777 1,984 1,507 4.009 8.236 385 749 146 1,194 361 1,800 4,612 74 800 333 367 7,825 4,545 2,635 6,089 3,517 7,687 445 667 51 2,489 407 2,073 748 10 121 371 103 3,902 7,020 838 5,619 832 6,291 35,264 89.447 104,696 Staff Costs 2024 2023 Gross Salaries Employer Pension Costs in year Employer PeA)sion Costs: adjust historic accrual Employer National Insurance Costs Statutory Maternity Pay reclaimed 38.238 1,147 178 37.108 1,110 (8.483) 31,080 38,218 No employee earned more than £60,000 per annum (2023 - nil). Staff Numbers The average monthly number of persons employed by the charity during the period was 2.5 (2023 - 2.5). The average monthly number of full-time equivalent employees (including casual and part time staffj during the year was 1.4 (2023 - 1.5). 17-
BRIDPORT MUSEUM TRUST LtMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Defined Contribution Pension Scheme The charity is a member of the People's Pension defined contribution pension scheme. The scheme and its assets are held by independent managers. The pension charge represents contributions due from the charity and amounted to £1,147 in the year (2023 - £1,110). £178 was charged to adjust an historic accrual carried forward. Trnstees, Remuneration and Expenses No remuneration was paid to Trustees in the year (2023 - Nil). No expenses incurred on behalf of the Charity were reimbursed to Trustees (2023 - £Nil) and Trustees received no other benefits. Taxation The charity is considered to pass the tests set out in Pardgraph I Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tsx purposes. Accordingly) the charity IS Potentially exempt from taxation in respect of income and pital received within categories covered by Chapter 3 Part I l 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 to charitable purposes. No tax charges have arisen in the year. 10 Fixed Assets Fixtures and Fittings Furniture Computer EquipmenL Printers Total Equipment Cost.. At l April 2023 Additions Write back fully depreciated assets 5,651 23,219 3,211 16,867 1,164 (191) 25,729 24,383 (191) At 31 March 2024 28,870 3,211 17,840 49,921 Deprecia¢ion.' At l April 2023 Charge for the Year Write back depreciation 3,315 1,390 1,672 656 9,067 3,573 (191) 14.054 5,619 (191) At 31 March 2024 4,705 2,328 12,449 19.482 Nel Book Value." At 31 March 2023 2,336 1,539 7,800 11,675 At 31 March 2024 24,165 883 5,391 30.439 18
BRIDPORT MUSEUM TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 11 Analysis of Charitable Funds Balance at 1.04.2023 Income Expenditure TransfeTS Balance at 31.03.2024 Restricted Funds Sanctuary Fund Right Stuff Project Conservation Project DC S.106 Funding Textile Care Project Fine Arts Project Cabble Bequest 206,988 33,758 1,735 7,047 2,495 3,000 7,123 24,048 1,577 158 841 1.351 166 (5,804) (816) 194,061 8,894 158 6.889 1,654 1,649 8.055 8,221 255,023 8,221 35,264 (6,620) 221,360 Unrestrieted Funds Fixed Assets Designated Fund Collections Designated Fund Genernl Reserves 11,675 316 96,362 18,764 30,439 316 95.067 103,971 93,122 (12,144) 108,353 103,971 93,122 6,620 125,822 Total Funds 363,376 112,192 128,386 347,182 Restricted Funds These fi]nds are subject to specific purposes declared by the donors. The Sanctuary Fund supports the car¢, development and interpretation of the Sanctuary Collection. The Right Stuff Project was established in 2019-20 with a three year funding agreement from the Esmee Fairbairn Collections Fund. its purpose is a three year community engaged Collections r¢view: the original schedule was delayed by Covid 19 and staffing changes. With the funder's agreement we plan to omplete the work within the year 2024-25. The Conservation Project was established in 2019-20 with a £25,000 grant from West Dorset District Council: its purpose is the conservation of artworks in the Trust's Collection. The DC S.106 Funding was established in 2020-21 with a £7,560 Section 106 grant from Dorset Council: its purpose is environmental monitoring at the Coach House premises. The Textile Care Project was established in 2020-21 with a £2,495 grant from the Daphne Bullard. Kathy Callow and Elizabeth Hammond Association: its purpose is the conservation of tsxtiles in the Trust's Collection. The Fine Arts Project was established in 2021-22 with a £3,000 donation from the Bridport Old People's Forum on their closure: its purpose is the conservation and acquisition of artworks. The Cabble Bequest was established during the year with a bequest of £8,221: its purpose is the furtherance and maintenance of the Trust's Collection. 19-
BRIDPORT MUSEUM TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 11 Analysis of Charitable Funds (contd.) Unrestricted Funds: Designated Funds The Fixed Asset Fund represents the Net Book Value of the Trust's working assets. this separation clarifies the UnTestricted net current assets (General Reserve), to which the TTUSt's Reserves Policy is applied. The Collections Fund was estsblished during 2022-23 with the proceeds of the sale of Collection items deemed no longer appropriate. In line with our Collections Policy and ACE Accreditation standards. sale proceeds are set aside to fimd the long-terni sustainability, use and development of th¢ collection. 12 Analysis of Net Assets Between Funds Restrirted Funds Unrestricted Funds Total Fixed Assets Cash at Bank and in Hand Other current assets I liabilities 30,439 89,726 5,657 30.439 313.638 3.105 223,912 (2.552) Total 221,360 125,822 347,182 13 Obligations under leases and hire purchase eontracts Operating IRases commitments Total future minimum lease payments und¢r non-cancellable operating leases are &s follows: 2024 2023 Other Within one y¢ar 488 560 14 Related Party Transactions Dursng the year there were no related party transactions (2023 - one). IS Financial Instruments 2024 2023 CategorAsation of Financial Inytruments Financial assets that are debt instrument measured at amortised cost Financial liabilities measured at amortised cost 330,526 17,818 365,914 18,480 Items of income, expensey gains or10sses The total interest income for financial assets not measured at fair value through profit or loss is 13,679 6.324 -20-