2020-12-31-accounts - American Museum & Gardens

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CONTENTS			PAGES
Trustees' Annual Report			3-6
Independent	Auditor's Report		7-9
Consolidated Income and	Statement ofFinancial Activities (incorporating expenditure account)	the	10
Consolidated	&Charity Balance Sheets
Consolidated	Statement ofCash Flows		12
Notes to the	Financial Statements		13—31
Detailed Income and Expenditure			32-36

Registered	charity name:	charity name:	The American Museum	In Britain	In Britain
Charity number			1106989
Company	registration	number	05282777
Registered	office		Claverton Manor
			Bath
			BA2 7BD
Trustees			Mr GThomas
			Mr E Bayntun-Coward
			Mr R Bemays
			Mrs BBovender
			Mrs SDeForest Scott
			Mr M EHaranzo
			Mr0 D Harrison Jr
			Lady C Manning
			Mrs Lynne Sayer Mr WJTyne Jr(resigned)
			DrR H Wendorf
Auditor			Moore
			Chartered Accountants	&Statutory		Auditor
			30Gay Street
			Bath
			BA1 2PA
Bankers			NatWest Bank Pic
			24-25 Stall Street
			Bath
			BA1 1QF
Sogcitors			Stone King
			13Queen Square
			Bath
			BA1 2HJ
Investment	Advisors		Rothschild Asset Management
			1 King William Street
			London
			EC4N 7AR
			Bessemer Trust
			630Fifth Avenue
			New York
			New York 10111
			USA
			Hamlin Capital Management		LLC
			640B Avenue
			New York
			NY 10019

		Unrestrloted	Restricted	Endowment	Total	Total
	Nota	fundsf	funds 6	funds 6	2020 8	2019 6
Income and endowments
Donations and legacies Charitable acxlvttles		5,861 109,198	704,537		710,398 109,198	241,799 293,053
Other trading actlvhles Investment income		148,284 169,707	48,262	18,320	148,264 236,2SS	284,319 270,725
Total Income		433,031	752,798	18,320	1,204,14S	1,089,896
Expenditure
Raising funds Charitable activities	4 465	77,289 1,159,141	418,199	18,283	77,289 1,603,623	130,352 1,788,537
Other trading activities (HH) Other trading acSvltles (Charity)	4 4	156,513 67,564			168,613 87,864	259,423 62,395
Total expenditure		1,472,507	416,199	18,283	1,906,989	2,240,707
Nat ga/ns/(losses) on Investments	869	724,480			724,480	1,366,042
Net Income/(expenditure)		(314,996)	S36,69S	37	21,640	216,231
Transfers between funds	14
Actuar/al gains/(losses) on defined benefit pension scheme	6	74,000			74,000	35,000
Foreign exchange gains/6osses)		(46,977)			(46,977)	(I33,790)
Net movamant in funds		(287,973)	336,699	37	48,663	116,441
Reconclgatlon of funds
Total funds brought forward		6,379,319	176,328	15,385,9DD	21,941,547	21,825,1D6
Total funds carried forward		6,091,346	612,927	16,386,937	21,990410	21,941,647

								Group	Charity		Group	Charity
								2020	2020		2019	2019
						Note			6		6	6
Fixed Assets
Tangible assets						7		11,583,082	11,573245		11,808,280	11,795,522
Heritage assets						7a		25,750	25,750		25,750	25,750
Investmant assets in		the UK				88 20		8,312,886	8,283,614		6,696,643	6,682,620
Investment assets outside tha UK						8		1,168,958	1,168,958		2,800,473	2,800,473
								21,090,666	21,061,587
Current Assets
Stodrs						10		35,429	10,568		39,347	11,229
Debtors						11		285,344	343,266		124,825	160,016
Cash st bank and	In	hend						303,249	264,852		150,861	13S,077
								604,022	618,666		316,034	310,324
Creditors- amounts		Iaglng
due wghin ons year						12		(212,468)	(188,043)		(136,632)	(107,141)
Net Current Assets								391,664	430,643		178,401	203,182
Total assets less	currant gabggies			sxduding	pension asset			21,482,210	21,482,210		21,607,547	21,607,647
Creditors: Amounts		faglng due after more than I				year
Defined bensfltpansion scheme asset						6		508,000	508,000		434,000	434,000
Nat assets including		pension asset/(llabglty)						21,990,210	21,990,210		21,941,647	21,941,547
The funds oftha	charity
Endowment funds						14
Endowment	funds (group and			charity)			11,614,144			11,614,107
Revaluation	reserve (group and charity)						3,771,793			3,771,793
								15,385,937	15,385,937		15,385,900	15,385,900
Restrkded Income	funds					14		512,927	512,927		176,328	176,328
Unrestricted Income		funds
Unrestrkted Income funds			(group	end charity)			5,583,346			5,945,319
Pension reserve	(group and chargy)						508,000			434,000
								6,091,348	6,091,346		6,379,319	6,379,319
Total charity funds								21,990,210	21,990,210		21,941,547	21,941,647

FOR	THE YEAR ENDED 31STDECEMBER 2020
1.	ACCOUNTING POLICIES (CONTINUED)
(I)	Trading stock
	Trading stock la stated at the lower ofcost and net resllssble value.
(g)	Tangible assets
	All tangible fixed assets sre measured st cost less accumulated depreciation, except the charity's land and			bugdlngs,		which
	the charity has elected to use the most recant valuation as its deemed cost. There Is no lower limit for cspitsllsation				of		fixed assets.
	The depredagon rates used sre as follows:
	2%an s straight gne basis Buildings
	25% on a reducing balance basis Motor vehkqes
	various rates Including 6-25% straight line snd 25%redudng Furniture and equipment						balance
(h)	Heritage assets
	The charity holds heritage assets, which are tangible fixed assets of hlstorkal, artistic orsdentgic Importance that are					held to
	advance preservation and conservation ob(ecllves ofthe charily
	Under previous accountfng pogclas these assets wars not eapltalised and therefore are not represented	by		any flguros			In these gnanobd
	There Is no reliable cost Information and a convantlonat valuation approach wgi lack suMcfent reliability.
	SlgnEcant costs would be involved In the reconstrucgon or analyskr ofpast accounting records or valuations, which				sre onerous compared
	to the additional benefit derived by users ofthe accounts,
	Futhar details an Heritage assets Is given in the Note 7a to these gnsnckd statements. ln 2017s bust portrait of Churchill was accessloned							Into
	the heritage collection (cost of525,000).This wgl be shovm on the babrnoe sheet as a herotsge asset
	The very long expected gvss ofthe heritage assets, due to their nature, value and need to be protected	and		preserved			means that
	dspreckdlon Is not material and is therefore, not provided. In add%on many ofthe artefacts cauld actually dse in value						as time goes on,
	thus making dsprerdsgon less applkable.
(I)	Realised and unreallsed gains and (oases on Investmant assets
	Reagsed gains snd losses are cabulated by reference to tha disposal proceeds less any disposal costs
	compared with the original cost or the market value st the kist bakrnce sheet date, whichever ie later.
	Unreallsed gains snd losses are calculated by comparing the market value at the beginning ofthe year
	with that st the end ofths year for assots held at both dates snd by comparing the cost with the market
	value atthe end ofthe year for assets acquired during the year and held at ths year end.
())	Pension costs The museum operates 2 pension schemes, s defined benefit schema which Bnow dosed to new members
	and a degned contrlbugon scheme for nsw members.
	The cost of providing pension snd related benefits ls charged to the SOFA aver the employees' service
	lives on the basis ofs constant percentage of earnings which ls sn estimate ofthe regubv cost. Vsdstlons
	from regular cast, arising from periodic actuarial valuations are agocatsd over the expected remaining
	service lives ofcurrent employees on ths basis ofs constant percentage of current and estimated future
	earnings. Any dlgerence between tha charge to the statement offinancial acttvigas and tha contributions
	payable to the schema Is shown as sn asset ore liability In Ihe balance sheet.
	The assets ofthe defined contribution scheme ara held separately from those oftha charily. The annual
	centritwtlons psyabls sre charged to the SOFA.
(k)	Foreign currencies
	Assets and liebilges In foreign currendes are translated Into sterling at the rates ofexchange ruling at
	the balance sheet date. Tninsactlons in foreign currandss ara translated Into stergng at the mte of
	exchange ruling at tha date ofths transaction. Exchange differences sre taken Into the statement of
	financial acgvkles forthe year.
(m)	Financial Instruments
	Financial Instruments are classEed and accounted for, accordbrg to the substance ofthe contractualarrangement,
	as either financial assets, financial liabilities or equity instruments. An equity Instrument Is any contract	that		evidences
	a residual Interest In the assets ofthe company aRer deducting ag of Its liabgltles.
(n)	Funds
	The Charity has numerous restricted, endowment and designated funds. The Charity does not have an	established			policy to
	make transfers between funds to or from the designated fund, Instead transfers ara made from time to time			as the Trustees
	consider appropriate.
	Each fund fs determined by reference to tha original donation and restdrdions applied at that time. Ag funds			are shovm
	separately In the Note to the Acceunts and comprise ofa mbdure oftangible fixed assets, Investmants,	cash and sundry
	assets.
(o)	Preparation ofthe accounts on a going concern basis
	In the year to 31 December 2020 the Group made an operational loss ofF702,803.This wss offset by the		growth ofthe tnveslmente.
	At the dale ofthis report it held nat assets of522.032m
	Throughout the whole of2020 and Into 2021,tha Group has been Impacted by the global pandemic and the many				repercussions
	arising from this. For the Museum these have Included sn enforced suspension ofactlviges and ths subsequent toss					IfIncome.
	As a result ofths measures taken by the Group, the trustees believe that the company hes su%slant cash			reserves	to enable
	Itto contnue to meet lls gsblilles as they arise. The group has undertaken cost cutgng measures In late	2020 snd this					has given rtse
	to soma restructuring of senior managemanL The Group continues to take advantage ofthe Job retention		scheme snd				various other grants.

	Coffactlons Basis ofAffocstlon Management 8	Coffactlons Basis ofAffocstlon Management 8	Public Programme	Fund Raising	Investments	governance	Total 2020	2019
		Exhlblgons	(Education)
Stsff & rekdad costs Properly costs Office costs Trading costs Per capita Usspe Usape Nature		292,208 437,881 30,954	387,659 423,958 30,984	88,478 10,813	4,034 38,454 158,513	3,911 21,164	750,377 865,730 132,369 158,513	777,354 848,048 357,881 259,423
Total		781,023	542,601	77,289	201,002	25,075	1,906,989	2,240,707
					2020f		2019 8
Included	within the above amounts sre the fogowlnp resources expended: AudR fees Other services provided by the external auditors ProNr(loss) on foreipn exchange				14,100 3,100 (46,877)		13,650 3,100 (133,790)
STAFF	COSTS				2020f		2019
	Wages snd sslsdes Sodsl security costs Pension costs (including	defined benefit adjustments)			585,420 47,566 55,580		599,981 49,864 50,699
							700,344

The charity employed tha foRowlng	number of people with emoluments	number of people with emoluments	feglng wphln the bands as disdosed	below.
			2020	2019
Salary band			Number	Number
F130,000 - 5140,000
5120,000 - 2130,000
The average head count of employees,	analysed	by function, was:	2020	2019
			Number	Number
Museum stsff Management and administration AM Enterprises Umlted			22 9 17		21 10 19 50

Analysis	ofamount recognised In	ofamount recognised In	statement	statement	statement	ofother	ofother	comprehensive
										2020	2019
										6000'$	f000's
		Asset return less Interest	income		recopnlsed			In the I&E		196	135
		Experience gains/losses on benefit				obBgstlcn				17	18
		Egest a(assumptions changes		on benefit			obBgstlon			(142)	(123)
		Total recognised								71	30
History ofexperience gains and losses
										2020	2019
										6000's	6000's
Difference		between the asset return	and the		Interest		Income			196	135
%of schema assets										2.3%	-1.6%
Experience		gains and losses on BsbUities		(EOOO's)						17	18
%ofscheme BabiBUes										0.0%	0.0%
Total amount recopnlsed In OCI (f000's)										(142)	(123)
%of scheme BabiBUes										2.0%	2.0%
Ths Trustees estimate that the contributlons					to the pension schema for the proceeding				year to be Hil.
Analysis	ofthe change In tha daffnad beneRt obggatlon									2020 6000's	2019 f000's
		Opening defined benefit obligation								1,511	1,441
		Current seNIce cost								6	6
		Interest cost								29	38
		Actuarial (pains)/losses								125	105
		Benefits paid								(80)	(79)
		Closing defined beneRt obBgatlon								1,591	1,511
Analysis	oftha change In the fair value			ofplan assets						2020 E'000's	2019 f000's
		0psnlnp fair value ofphn	assets							1,945	1,840
		Interestlncome								38	49
		Asset gain/(losses)								196	135
		Cantrlbutions
		Benefds paid								(80)	(79)
		Closing fair value ofplan	assets							2,099	1,945
Ufe expectancy based on mortsgty			assumptions
Assuming		a retirement sge of65, Ihe Ufe		expectancy			In	years ara as foBows:
										2020	2019
										Years	Years
		For a male egad 65 now								17.3	17.3
		At 65fora male member	aged	45 now						21.7	21.7
		For e female aped 65 now								17.9	17.9
		At 65fora female member egad 45now								22.4	22.4

FOR	THE YEAR ENDED 31STDECEMBER 2020	THE YEAR ENDED 31STDECEMBER 2020
7.	FIXEDASSETS - TANGIBLE ASSETS(continued)
	Group
			Freehold	Motor	Furniture &	Total
			Property 6	vehicles 6	equipment 6
	COSTNALUATION
	At 1 January 2020 Additions		I2,806,051 1,875	15,398	1,209,669 2,681	14,031,118 4,556
	Disposals At31stDecember 2020		12,807,926	15,398	(1,075) 1,211,275	(1,075) 14,034,599
	DEPRECIATION
	At 1 January 2020		1,200,840	14,821	1,009,379	2224,840
	Dlspoaals				(975)	(975)
	Charpe forthe year At31stDecember 2020		171.520 1,372,160	144 14,965	56,008 1,064,412	227,872 2,451,537
	NET BOOK VALUE
	At 31stDecember 2020		11,435,766	433	146,864	11.583,062
	At 31st December 2019		11,605,411	577	200,290	11,806,276
	Please refer to the relevant text given	In the 'Charity'	part of Ihe Rxed Asset Nota.
Ta.	FIXEDASSETS - HERITAGE ASSETS				2020	2019
					Heritage	Heritage
					Assets	Assets
	COSTNALUATION
	At I January 2020				25,750	25,000
	Additions					750
	At 31st December 2020				25,750	25,750
	DEPRECIATION
	At I January 2020
	Charge forthe year
	At 31stDecember 2020
	NET BOOK VALVE
	At 31stDecember 2020				25,750	25,750

FIXEDA	SSETINVESTMENTS IN TH	E UK
					2020	2020	2019	2019
					Notes	8	8
Charity
	Quoted investments
	Brought forward				6,240,235		6,050,363
	Addhlons				12,984,046		4,225,123
	Dlspose le				(14,152,808)		(4,881,599)
	Net gains/posses)				2,658,310		846,348
	Market value 31st December					7,727,785		8,240,235
	Unquotsd investments
	Brought forward				(14,023)		(248)
	Net gains/Oosses)				(15,249)
	Value 31st December					(29,272)		(14,023)
	Cash held for Investment	purposes				260,101		118,408
	Investment Properties				20	325,000		340,000
	Total UK Investments					8,283,814		6,682,620
	H/ster/cal cost ofthe quoted	investments		at 31st December 2020wes 67,538,161
	The historical cost ofthe unquoted		investment		Is not known.
croup					2020	2020	2019	2019
	Cluoted Investments				8		8	k
	Brought forward				6,240,235		6,050,363
	Additkrns				I2,984,046		4,225,123
	Disposals				(14,152,806)		(4,881,599)
	Net gains/gasses)				2,656,310		846,348
	Market value 31st December					7,727,785		6,240,235
	Cach held for Investment	purposes				260,101		116,408
	Invsatmanl Properties					325,000		340,000
	Total UK investments					8,312,886		6,696,643

9.	FIXEDASSETINVESTMENTS OUTSIDE THE UK	FIXEDASSETINVESTMENTS OUTSIDE THE UK	FIXEDASSETINVESTMENTS OUTSIDE THE UK	FIXEDASSETINVESTMENTS OUTSIDE THE UK
	Charity snd Group Quoted investments				2020 8	2020 6	2019 8	2019 8
	Brought forward AddNons				2,742,432 884,244		2,231,463 578,155
	D/sposals				(2,513,196)		(324,462)
	Net gains/gooses)				79,935		366,222
	Fore/gn exchange gain/goes) Market value 31st December					1,146,576		2,742,432
	Cash held for Investment		purposes			22,382		58,042
	Total Investments	held outside the UK						2,800,474
	Historical cost ofthe quoted			Investments	st31st Deoember 2020was 67,538,'161
10.	STOCKS
						2020		2019
						6		8
	Charity Goods for resale					10,568		11,229
	Group
	Goods for resale							39,347
11.	DEBTORS
						2020		2019
						6		8
	Charity Trade debtors					1,640		6,140
	Amounts due from Group undenaklngs					82,382		71,728
	VAT					43,150		3,879
	Prepsymenls snd other debtors					216,114		78,470
						343,266		160,018
	Group
	Trade debtors					3,900		9,549
	VAT gsbglty					44,784		3,679
	Prepsyments and other debtors					216,660		111,597
						265,344		124,826

12.	CREDITORS: AMOUNTS FALLING DUE	CREDITORS: AMOUNTS FALLING DUE	WITHIN ONE YEAR		2020 6		2019f
	Charity Trade credfors Taxatbn snd sordelsecurlty Accruals snd sundry creditors				106,722 13,494 67,827		38.300 13,566 55,274 107,141
	Group Trade wedltors Taxatlon and sordsl security Accruals snd sundry creditors				115,423 24,018 73,027		48,050 28,107 60,474 136,632
13.	ANALYSIS OF NETASSETS BETWEEN		FUNDS Tangible	Nst current		Pension
			fixed assets f	Investments 6	assets	scheme f	Total
	Charity
	Endowments Map fund Permansntfund Urn McCa gum fund Property fund Education endowment Field conssrvaUcn fund Exhlbf ion fund JJM Main fund JJM Prstt Wlp fund	fund	I0,538,894	333,652 1,349,749 36,264 772,348 525,974 400,013 402,579 248,493 779,971			333,652 1,349,749 38,264 11,311,242 525,974 400,013 402,579 246,493 779,971
			1D,538,894	4,847,043			15,385,937
	Restricted funds Map fund lsn McCapum fund Education fund Field ConservaUon fund Exhibition tund JJM Main fund JJMPraltlMB fund School House fund Capfst Campsipn Top Roor Rat Folk Art GaPery Lincoln Bust Education propramme Transportation fund Garden fund UK Appeal ACE marketing fund				277 422 8S4 210 179 155 490 1,187 39,206 25,692 65,114 4,384 2,744 13 1,925		277 422 884 210 179 155 490 1,187 0 39,206 25,692 65,114 4,384 0 2,744 13 1,925
	Thsnksplvlnp TexUls Sodety Mount Yemen Garden				I 2,000 BD7		1 2,000 907
	Events				2,137		2,137
	Roof repairs Clavenon Theatre Mub				244,350 1,827		244,350 1,827
	Lecture 88ri88 fund				24,846		24,846
	ChB drone play area Period rooms				9,177 74,074		9,177 74,074
	Gardens Gulls 8 woodlands Job retention scheme		prefect		10,727		10,727 0
			0		512,927	-	512,927
	Unrestdcted funds		1,044,168	4,634,801	(95,624)	608,000	6,091,346
	Totslfunds		11,583,062	9,481,844	417,304	508,000	21,990,210

				Tangible		Nst current	Nst current	Pension
				ffxed assets	Investments		assets	scheme	Total
				6		6	6	F.
Group
	Endowments Map fund Permanent fund lan McCagum fund Property fund Educabcn endowment Field conservation fund Exhibition fund JJM Mein fund JJM Pratt Wgl fund	fund		I0,538,894		333,6S2 1,349,749 36,264 772,34S 525,974 400,013 402,579 246,493 779,971			333,652 1,349,749 36,264 11,311,242 525,974 400,013 402,579 246,493 778,971
				10,538,894		4,847,043			15.385,937
	Restricted funds Msp fund lan MOCagum fund Education fund Field Conservation fund Exhibition fund JJM Main fund JJM Prstt Wgl fund School House fund						277 422 884 210 179 155 490 1,187		277 422 884 210 179 155 490 1,187 0
	CapitslCsmpalgn Top Hoor Flat Folk Arl Gallery Lincoln Bust Education programme Transportation fund Garden fund UK Appeal ACE marketing fund Thanksgiving Textile Sodety Mount Vernon Garden Events Roof repalm Claverton Theatre chrb Lecture series fund Chlldrens play area Period rooms Garden Gugla & woodlands Job retention scheme		protect				39,206 25,692 65,114 4,384 2,744 13 1,92S 1 2,00D 907 2,137 244,350 1,827 24,846 9,177 74,074 1 D,727		39,206 25,692 65,114 4,364 0 2,744 13 1,925 1 2,MD 907 2,137 244,350 1,827 24,846 9,177 74,074 I0,727 0
					0	0	512,927	0	512.927
	Unrestricted funds			1,044,168		4,634,601	(95,623)	508,000	6,091,346
	Total funds			11,583,062		9,4S1,844	417,304	508,000	21,990,210

											2020 8	2019f
	W8hln one year										2,307	1,191
	Within one and		five years								3,919	1,489
											6,226	2,680
	Lease amounts		paid In the		year						2,260	1,191
SUBSIDIARY COMPANY
The charily owns 100%of			the Issued		ordinary		share capital ofAmerican	Museum		Enterprises	Limited, s company	registered kr England (00486293).
The subsidiary's principal		scglvlty ls to operate					the retail shops st the Museum.		Ag	activities have been consolidated		on s gne by gne
basis	In the SOFA.
											2020	2019
											8	8
	Turnover										148,284	284,319
	Cost ofsales										(147,938)	(245,853)
											328	38,466
	Administrative	expenses		and finance coals							(15,577)	(52,240)
											(15,249)	(13,775)
	(Loss)/Prom an		ordinary	actlvltles		before taxagon					(15,249)	(13,775)
	Tax on loss on	ordinary		scgvMes
	(Loss)/Profit on		ordinary	srdMtles		after tsxstlon					(15,249)	(13,775)
												(13,77
	The aggregate	ofthe assets, liabgltles and funds was:
	Assets										77,516	87,198
	Llabhhies, share		capital	and retained			earnings				(106,788)	(101,219)
	Furids										(29,272)	(14.023)

				Group	Group
				2020	2018
				6	6
Net moverrwnt In funds				48,663	116,441
Add back depredation				227,672	223,304
Deduct Investment	Income shown	In investing	actlvltes	(238,289)	(270,725)
Decrease/(Increase)	In stook			3,918	(9,464)
Decrease/(Increase)	In debtors			(140,519)	271,297
Increase/(Decrease)	In credkors			75,836	19,761
Investments non cash adlustmsnt				(3,690,491)	(996,761)
Decrease/Cncrease)	in defined benagt pension scheme			(74,000)	(35,000)
Add back loss on disposal ofasset
Correcgon for pubgcetlons stock sd/ustment			In HH
Net oash used In	operating activities			(3,785,210)	(681,147)

				Group	Charity	Group	Charity
				2020	2020	2019	2019
				6	6	F.	6
Flnandal	assets
Investments (at fair		value through	Income and expenditure)	9,481,844	9,452,572	9,497,116	9,483,094
Cash and	bank balances			303,249	264,852	150,861	139,077
Debtors (excluding		prepaymants)		48,684	127,152	13,228	81,548
Flnandal	llabl Sties
Creditors				212,468	188,043	136,632	107,141

				Unrestricted	Restricted	Endowment	Total
				funds	funds	funds	2019
				6	6	6	6
Income and endowments
Donations snd legacies				37,777	204,022		241,799
Charitable sctlvgles				293,053			293,053
Other trading scgvlges				284,319			284,319
Investments				166,036	104,889		270,725
Total Income				781,185	308,711		1,089,899
Expenditure
Raising funds				130,352			130,352
Charitable adlvgles				1,343,175	273,842	171,520	1,788,537
Other trading acgvgles				259,423			259,423
Other				62,395			62,395
Total expenditure				1,795,345	273,842	171,520	2,240,707
Net gales/gooses)	on investments			1,337,237		28,805	1,368,042
Net income/(expenditure)				323,077	34,869	(142,716)	215,231
Transfers between	funds
Actuarial gains/gooses)		on defined	benefit
pension scheme				35,000			35,000
Foreign exchange	galrulgosses)			(133,790)			(133,790)
Net movement In	funds			224,287	34,869	(142,716)	116,441
Reoonolgatlon of	funds
Total funds brought	forward			8,155,032	141,459	15,528,815	21.825,106
Total funds carried forward				6,379,319	176,328	16,386,900	21,941,647

and retag outlets at	the	Museum The summery gnsncbrl performanc	e ofthe charity alone ts:
			Total	Total
			2020	2019
			6	6
Income snd endowmentc
Donagons and legacies Chargable activities			710,398 109,188	241,799 293,053
Other trading adlvNss			5,000	38,670
Investments			236,289	270,725
Total income			1,060,685	844,248
Expenditure
Raising funds			77,289	130,352
Charitable activities			1,603,623	1,788,537
Other trading scthrltles
Oitwr			87,564	62,394
Total expenditure			1,748,476	1,981,283
Net gains/gosses)	on Investments		709,231	1,352,266
Net income/(expenditure)			21,640	216,230
Transfers between	funds
Actuarial gains/gooses)		on defined benefit
pension scheme			74,000	35,000
Foreign exchange	gains/gooses)		(46,977)	(133,790)
Net movement In	funds		48,663	116,440
Reconclgatlon of	funds
Totalfunds broughtforward			21,941,547	21,825,107
Total funds carried forward				21,941,547

				2020	2019
				6	6
INCOME
Memberships				19,471	25,813
Admissions				82,375	229,437
Other Income				10,352	37,804
AM Enterprises Ltd				148,264	284,319
				257,462	577,372
DEPARTMENTAL	EXPENSES
Property Management Visitor Experience Curatorial				504,573 388,204 211,431 129,002	499,601 559,021 253,167 139,166
JJM expenses Rnanca				19,016 55,781	14,754 59,591
Fundrshlng Garden				2,870 171,193	20,500 222,652
Friends 8 Mamhers
Restricted expenditure AM Enterprises Ltd expenditure		Encluding	recharge)	266,406 163,513	215,830 298,094
				1,911,969	2,279,377
OPERATING SURPLUS/(DEFICIT)
OTHER INCOMEIEXPENDITURE
Investmsnt Income	UK			208,911	194,757
Investment Income	US			27,378	75,968
Donations 8YEA				710,398	241,799
Revaluation ofInvestment property Invsshrlsnt gain/Boss) Foreign exchange gain/(loss) Fee%gas Income fram HH				724,480 (46,977) 5,000	1,366,042 (133,790) 38,870
Grants
				1,629,190	1,783,446

			2020	2019
				8
PROPERTY
Stalf coats			46,792	60,915
Office costs and	travel		72	82
Contract maintenance			5,671	410
Coundl tsx &water			11,229	27,969
Telephone & Internet			5,216	5,420
Recyollng			1,748	2,254
Electricity &oi1			65,417	58,515
Insurance			39,111	34,607
Building malntesnce			33,366	29,095
Property damage			11,490	25,935
Vehicle costs			563	5,712
Cleaning & pest control			13,814	8,2'78
Investment property			3,143	7,368
Security &fire			10,871	12,586
Equipment and leasing			1,222	393
Depredation snd	loss on disposal		254,850	222,062
				499,601
MANAGEMENT
Staff costs tinct redundancy)			233,977	228,447
Oflhe costs 8 carriage			11,879	10,191
Travel				82
Pension expense	gncludlng	FRS17)	55,580	50,699
Rewullment and	HR advice		6,370	1,231
Training			592	267
Professional fees			21,134	180,598
Investment broker fess			37,777	38,174
ITand Internet			5,696	14,049
Management Board costs			71	265
Staff welfare			6,992	6,013
Office equipment			2,429	1,734
Pubgc relations			9	47
Subscrllrtlons				574
Directors travel			1,228	7,771
Directors development			4,470	18,560
			388304	559,021

					2020	2019	2019
					8	6
VISITOR EXPERIENCE
Stag costs					169,728	157,925
Ot8cs costs					136		106
Travel and training					790		1,714
Interecthre exhlbmon				maintenance			111
Marketing					21,220	28,128
Volunteers travel					5,148	18,437
Volunteers expenses					702		835
Pdntm t d	N				144		13
Webslte					1,600
PutEc rehtions					975
Events					5,862	32,419
Workshops							47
Membership	friends				186		3,170
Compgmentary		tickets			1,440		3,842
Learning snd	Education				644		1,465
Visitor experience			other		2,978		4,953
					211,431	253,167
CURATORIAL
6taff costs					80,522	82,629
Office expenses					250		387
Travel &dogrlng					393		1,874
Exhlbluons					27,875	21,174
Exhibition Improvements					905		2,385
Maps							45
Conservation					2,674		3,564
Cogecdons management					2,577		2,783
Cogecuon photography							2,371
Christmas at	Clsverton				5,414	11,459
Library					1,581		2,534
Journal					5,878		7,277
Publications	stock
Freehnce design							675
Grarrls							50
					129,002	139,168
JJM
Olgce costs							55
Travel							53
Etartrlclty					2,153		659
Rant					18,250		9,780
Rates					613		1,527
Telephone
Mainteance							813
Fire &security							1,067
Insurance							800
Professtonslfaes
					19,018	I	4,754

FOR THE Y	EAR ENDED 31STDECEEIBER2020
		2020	2019
			6
FINANCE
Staff costs		40,344	34,291
Office costs			13
Travel			63
Bank charges		4,856	6,187
Finance AMIS projects		1,917	84
Finance prcfsslonal fess			13,073
Ledger costs		5,588
Payroll costs		3,078	2.890
		55,781	56,591
FUNDRAISING
Stsft costs and travel			330
Ollke costs
Fundrslslng	development	2,270	20,170
		2,870	20,600
GARDEN
Staff costa		91,023	91,391
OtSCS costs		87	157
Travel		80	424
Equipment 8	repalm	3,242	2,662
Gmuhds mallltahsnca		2712	4,287
Development			2,700
Infmstrurdure		71808	111,514
Traswork		900	7,528
Plants		1,316	1,934
Health 8 safety		25
Volunteers		0	56
		171,193