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2022-12-31-accounts

CONTENTS PAGES
Trustees'
Annual
Report		 3-6
Independent Auditor's
Report		 7-9
Consolidated Statement of Financial Activities (incorporating the
income and expenditure account) 10
Consohdated & Charity Balance Sheets
Consolidated Statement ofCash Flows 12
Notes to the Financial
Statements		 13—31
Detailed
Income and Expenditure		 32-36
Registered Registered charity name: charity name: The American Museum Museum Museum and and Gardens Gardens
Charity number 1106989
Company registration number 05282777
Registered office Claverton
Manor
Bath
BA2 7BD
Trustees Mr G Thomas
Mr E Bayntun-Coward
Mr R Bernays
Mrs V Richard
Mrs E De Forest Scott
Mr M Haranzo
Lady C Manning
Mrs LSayer
Mr A Tinniswood		 (Appointed 15s March 2022)
Mr D Galbreath
(Appointed
14sJune 2022)
Ms J Kingsley
(Appointed 13"September 2022)
Mr A Comba (Appointed
13sSeptember 2022)
Ms A Millman
(Appointed
13eSeptember 2022)
Ms K Pennington
(Appointed
13'"September 2022)
Auditor Moore
Chartered
Accountants		 & Statutory Auditor
30Gay Street
Bath
BA1 2PA
Bankers NatWest
Bank		 Pic
24-25 Stall Street
Bat
BA1 1QF
Solicitors Stone King
13Queen Square
Bath
BA1 2HJ
Investment Advisors Rothschild Asset Management
1 King William Street
London
EC4N 7AR
Hamlin
Capital		 Management LLC
640 5th Avenue
New York
NY 10019

KEY RISKS IDENTIFIED KEY RISKS IDENTIFIED KEY RISKS IDENTIFIED RISK MITIGATION
1. Inability
to raise		 funds for the redevelopment of the Senior team are reaching out and making bids to
exhibition
gallery,		 Manor House and Coach-house major UK and US funders and Foundations.
arden wall
2 Current
planned
attractions		 do not attract the required Greater
use
of
internal		 resources in the
footfall
to support		 the outgoing expenditure for the development
of the family		 attractions
and		 holiday
Museum as a whole events
3. Due to cash flow, drawdowns deplete the investment Senior team
will
modify		 both pay
and		 non-pay
porffolio so dividends
received		 decrease expenditure
levels
and		 take steps
to increase
income
generation
in order to		 reduce cash need
and reduce the o erational deficit.
4. Prices rise more than the predicted rise in admission Senior
team
will
modify		 admission and
and
membership		 rates, leading to a reduction in membership
rates
accordingly.
This
review		 will
profits. also include the modification
ofcatering
and		 retail
rices.

Unrestricted Restricted Endowment Total Total
funds funds funds 2022 2021
Note 5 5 5 F.
Income and endowments
Donations
and legacies		 83,073 202,992 286,065 503,234
Charitable
activities		 755,739 758,739 631,467
Other trading
activities
(AME)		 348,082 348,082 327,379
Investment
income		 113,797 71,170 21,319 206,286 210,259
Total income 1,303,691 274,162 21,319 1,599,172 1,672,339
Expenditure
Raising funds 4 57,899 57,899 81,021
Charitab/e
activities		 4&5 2,111,102 283,115 21,292 2,415,509 2,192,886
Other trading
activities
(AME)		 4 411,355 411,355 285,599
Other trading
activities
(Charity)		 4 53,572 53,572 41,502
Total expenditure 2,633,928 283,115 21,292 2,938,335 2,601,008
Net gains/(losses)
on investments		 8&9 (877,448) (877,448) 907,159
Net income/(expenditure) (2,207,685) (8,953) 27 (2,216,611) (21,510)
Transfers
between
funds		 14
Actuarial
gains/(losses)
on defined		 benefit
pension scheme 6 (155,000) (155,000) (126,000)
Foreign exchange gains/(losses) 182,746 182,746 25,517
Net movement
in funds		 (2,179,939) (8,953) 27 (2,188,865) (121,993)
Reconciliation
offunds
Total funds brought
forward		 5,933,418 548,844 15,385,955 21,868,217 21,990,210
Total funds canied forward 3,753,479 539,891 15,385,982 19,679,352 21,868,217

Group Charity Group Charity
2022 2022 2021 2021
Note 6 6 6 6
Fixed Assets
Tangible assets 7 11,253,836 11,234,428 11,385,281 11,366,276
Heritage assets 7a 25,750 25,750 25,750 25,750
Investment
assets		 in the UK 8 6,278,079 6,213,314 8,039,753 8,045,261
Investment
assets		 outside the UK 9 1,887,602 1,887,602 1,912,846 1,912,846
19,445,267 19,361,094 21,363,630 21,350,133
Current Assets
Stocks 10 35,573 5,576 36,191 9,897
Debtors 11 237,642 342,508 175,021 233,707
Cash at bank and
in		 hand 164,374 138,600 273,916 203,447
437,589 486,684 485,128 447,051
Creditors
-amounts		 falbng
due within one year 'l2 (444,504) (409,425) (369,541) (317,967)
Net Current Assets (6,915) 77,258 115,587 129,084
Total assets less current liabibties excluding pension asset 19,438,352 19,438,352 21,479,217 21,479,217
Creditors: Amounts falling due after more than 1 year
Defined benefit pension scheme asset 241,000 241,000 389,000 389,000
Net assets including pension
asset/(liability)		 19,679,352 19,679,352 21,868,217 21,868,217
The funds ofthe charity
Endowment
funds		 14
Endowment
funds
(group and		 chanty) 11,614,189 11,614,162
Revaluation
reserve		 (group and charity) 3,771,793 3,771,793
15,385,982 15,385,982 15,385,955 15,385,955
Restricted
income funds		 14 539,891 539,891 548,844 548,844
Unrestncted
income		 funds
Unrestricted
income		 funds (group and chanty) 3,512,479 5,544.418
Pension reserve
(group		 and charity) 241,000 389,000
3,753,479 3,753,479 5,933,418 5,933,418
Total charity funds 13 19,679,352 19,679,352 21,868,217 21,868,217

Group Group
Note 2022 2021
5 2
Cash used in operations 20 (1,045,442) 247,552
Cash flows from investing
activities
Investment
income		 206,286 210,259
Purchases
of investments		 (367,105) (5,622,379)
Proceeds from sale of investments 1,165,027 5,165,966
Purchase
net ofdisposals oftangible		 fixed assets (68,308) (30,731)
Cash provided
by (used in) investing		 activities 935,900 (276,886)
Increase
in cash and cash equivalents		 during the year (109,542) (29,333)
Cash and cash equivalents
at the begining		 ofthe year 273,916 303,249
Total cash and cash equivalents
at the		 end ofthe year 164,374 273,916

1. ACCOUNTING
POLICIES (CONTINUED)
(f) Trading stock
Trading stock is stated at the lower ofcost and net realisable
value.
(g) Tangible assets
All tangible
fixed assets are measured
at cost less accumulated
depreciation,
except the charity's
land		 and buildings, which
the charity has elected to use the most recent valuation
as its deemed cost. There is no lower limit for		 capitalisation offixed assets.
The depreciation
rates used are as follows:
Buildings
Motor vehicles
Furniture
and equipment
(h) Heritage assets
The charity holds heritage assets, which are tangible fixed assets ofhistoncal,
artistic or scientific importance		 that are held to
advance
preservation
and conservation
objectives ofthe charity
Under previous
accounting
policies these assets were not capitalised
and therefore are not represented		 by any figures in these financial
There is no reliable cost information
and a conventional
valuation
approach
will lack sufficient
reliability.
Significant costs would be involved
in the reconstruction
or analysis ofpast accounting
records or valuations,		 which are onerous compared
to the additional
benefit derived
by users ofthe accounts
Futher details on Heritage assets is given
in the Note 7a to these financial statements.
ln 2017a bust		 portrait of Churchill
was accessioned		 into
the hentage
collection (cost of225,000).This will be shown
on the balance sheet as a heditage asset		 (current value 225,750)
The very long expected
lives of the heritage assets, due to their nature, value and need to be protected		 and preserved means that
depreciation
is not material
and is therefore,
not provided.
In addition
many ofthe artefacts could actually		 rise in value as time goes on,
thus making
depreciation
less applicable.
(i) Realised and unrealised
gains and losses on investment
assets
Realised gains and losses are calculated
by reference to the disposal proceeds less any disposal costs
compared
with the origmal cost or the market value at the last balance sheet date, whichever
is later.
Unrealised
gains and losses are calculated
by comparing
the market value at the beginning
ofthe year
with that at the end ofthe year for assets held at both dates and by comparing
the cost with the market
value at the end ofthe year for assets acquired
during the year and held at the year end.
(j) Pension costs
The museum
operates 2 pension schemes, a defined
benefit scheme which is now closed to new members
and a defined
contnbution
scheme for new members
The cost ofproviding
pension
and related
benefits
is charged to the SOFA over the employees'
service
hves on the basis ofa constant percentage
ofearnings
which is an estimate ofthe regular cost. Vanations
from regular cost, arising
from periodic actuarial
valuations
are allocated over the expected remaining
service lives ofcurrent employees
on the basis ofa constant percentage of current and estimated
future
earnings.
Any difference
between the charge to the statement
offinancial
activities
and the contributions
payable to the scheme
is shown as an asset or a liability
in the balance sheet.
The assets ofthe defined
contribution
scheme are held separately
from those ofthe charity
The annual
contnbutions
payable are charged
to the SOFA
(k) Foreign currencies
Assets and liabikties
in foreign currencies are translated
into sterling at the rates ofexchange
ruling at
the balance sheet date. Transactions
in foreign currencies are translated
into sterling at the rate of
exchange
ruling at Ihe date ofthe transaction
Exchange differences
are taken
into the statement
of
financial
activities for the year.
(m) Financial
instruments
Financial
instruments
are classified and accounted
for, according to the substance
ofthe contractual		 arrangement,
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
after deducting
all of its habilities.
(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 are made from time to time as the Trustees
consider appropriate.
Each fund is determined
by reference to the anginal
donation
and restnctions
applied at that time. All		 funds are shown
separately
in the Note to the Accounts
and comprise ofa mixture oftangible
fixed assets, investments,		 cash and sundry
assets.

The major assumptions used by the actuary the actuary at the balance sheet date were the balance sheet date were 2022 2021
Discount rate 5 1'/ 1.8%
Retail pnce inflation 33% 3.6%
Salary increase rate 3.9% 4 2s/
Allowance
for		 revaluation of deferred pensions ofRPI or 5% ifless 3.3% 3.6%
Allowance
for		 revaluation of deferred pensions ofRPI or 2 5'/. ifless 2 5o/ 2 5s/s
Allowance
for		 pension in payment increases of RPI or 5%p.a ifless 3 1% 3.1%

Assets at Proportion at Assets at Proportion at
2022 2022 2021 2021
2000's 8000's
Bonds 603 45s/ 1,208 60%
Insured pensions 745 55% 805 40%
Total 1,348 2,013
2022 2021
2000's 8000's
Fair value of plan assets 1,348 2,013
Value of funded obligations (1,107) (1,624)
Surplus in the scheme 241 389
Analysis ofthe amount charged to operating profit
2022 2021
8000's 2000's
Current service cost 0 0
Net interest expense (7) (7)
Total operating charge/(credit) (7) (7)

Analysis ofamount recognised
in statement
of ot		 her comprehensive
income
2022 2021
5000's 6000's
Asset return less interest income recognised in the SOFA (621) (35)
Experience gains/losses
on benefit obligation		 (62) (186)
Effect ofassumptions
changes
on benefit		 obligation 528 95
Total operating
(charge) or credit from above		 7 7
Total to be recognised
in the SOFA		 (148) (119)
History ofexperience gains and losses 2022 2021
5000's 2000's
Difference between the asset return and the interest income (621) (35)
'/. ofscheme assets 46 to/ 1 752
Experience gains and losses on liabihties (2000's) (62) (186)
'/. ofscheme
liabilities		 6 So/o 11 5o/
Total amount
recognised
in OCI (2000's)		 528 95
'/ ofscheme liabilities 47 To/r 5 8r/r
The Trustees estimate that the contnbutions
to the pension scheme for the proceeding		 year to be Nil.
Analysis ofthe change
in the defined
benefit obligation		 2022
6000's		 2021
6000's
Opening
defined
benefit obligation		 1,624 1,591
Current service cost
Interest cost 29 20
Actuanal
(gains)/losses		 (466) 91
Benefits paid
Closing defined benefit obligation		 (80)
1,107		 (78)
1,624
Analysis ofthe change
in the fair value of plan assets		 2022
6000's		 2021
5000's
Opening
fair value of plan assets
Interest income		 2,013
36		 2,099
27
Asset gain/(losses) (621) (35)
Contnbutions
Benefits paid
Closing fair value of plan assets		 (80)
1,348		 (78)
2,013
Life expectancy
based on mortality
assumptions
Assuming a retirement
age of65, the life expectancy		 in years are as follows 2022 2021
Years Years
Fora male aged 65 now
At 65 for a male member aged 45 now
For a female aged 65 now		 17.3
21.7
179		 17.3
21.7
17.9
At 65 for a female member aged 45 now 22.4 22M
Duration
in years		 10 11

FIXEDASSETS - TANGIBLE ASSETS
Charity
Freehold Motor Equipment Total
Property vehicles &fixtures
6 6 6 6
COSTNALUATION
At 1 January 2022 12,807,926 15,399 1,182,550 14,005,875
Additions 82,785 82,785
Disposais
At 31stDecember 2022		 12,807,926 15,399 (14,688)
1,250,647		 (14,688)
14,073,972
DEPRECIATION
At 1 January 2022 1,543,680 15,074 1,080,845 2,639,599
Disposals
Charge for the year
At 31stDecember 2022		 171,520
1,715,200		 325
15,399		 (6, 114)
34,215
1,108,946		 (6, 114)
206,060
2,839,545
NET BOOK VALUE
At 3'Ist December 2022 11,092,726 141,701 11,234,427
At 31stDecember 2021 11,264,246 325 101,705 11,366,276

FIXED ASSETS - TANGIBLE ASSETS(continued)
Group
Freehold Motor Furniture
8,		 Total
Property vehicles equipment
8 8 8
COST/VALUATION
At 1 January 2022
Additions		 12,807,926 15,399 1,242,006
90,314		 14,065,331
90,314
Disposals
At 31stDecember 2022		 12,807,926 15,399 (22,006)
1,310,314		 (22,006)
14,133,639
DEPRECIATION
At 1 January 2022 1,543,680 15,074 1,121,296 2,680,050
Disposals
Charge for the year
At 31st December 2022		 171,520
1,715,200		 325
15,399		 (12,652)
40,561
1,149,205		 (12,652)
212,406
2,879,804
NET BOOK VALUE
At 31st December 2022 11,092,726 (0) 161,109 11,253,835
At 31st December 2021 11,264,246 325 120,710 11,385,281

FIXEDASSETS - HERITAGE ASSETS 2022 2021
Heritage Heritage
Assets Assets
5
COSTNALUATION
Group 25,750 25,750
Additions
At 31st December 25,750 25,750
DEPRECIATION
Group
Charge for the year
At 31st December
NET BOOK VALUE
At 31stDecember 25,750 25,750

FIXEDA SSET INVESTMENTS
IN TH		 E UK
2022 2022 2021 2021
Notes 8 8 8 6
Charity
Quoted investments
Brought forward 7,789,753 7,474,635
Additions 4,858,232
Disposals (695,000) (4,746,095)
Net gains/(losses) (816,674) 202,981
Market value 31st December 6,278,079 7,789,753
Unquoted
investments
Brought forward 5,508 (29,272)
Net gains/(losses) (70,273) 34,780
Value 31st December (64,765) 5,508
Cash held for investment purposes 250,000
Total UK investments 6,213,314 8,045,261
Historical cost ofthe quoted investments at 31st December 2022 was 86,471,273 (2021 57,110,139)
The historical cost of the unquoted investment is not known.
Group 2022 2022 2021 2021
Quoted investments 8 8 8 8
Brought forward 7,789,753 7,474,635
Additions 4,858,232
Disposals (695,000) (4,746,095)
Net gains/(losses) (816,674) 202,981
Market value 31st December 6,278,079 7,789,753
Cash held for investment purposes 250,000
Investment
Properties
Total UK investments 6,278,079 8,039,753

9. FIXED ASSET INVESTMENTS OUTSIDE THE UK ASSET INVESTMENTS OUTSIDE THE UK
Charity and Group 2022 2022 2021 2021
Quoted investments 8 8 6 8
Brought forward 1,837,920 1,137,269
Additions 367,105 764,147
Disposals (470,027) (419,871)
Net gains/(losses) (69,388) 331,901
Foreign exchange
gain/(loss)		 178,224 24,474
Market value 31st December 1,843,834 1,837,921
Cash held for investment
purposes		 43,768 74,925
Total investments
held outside the UK		 1,887,602 1,912,846
Historical cost ofthe quoted investments at 31st December 2022 was 21,289,2I9, (2021 81,873,991)

2022 2021
8 8
Charity
Goods for resale 5,576 9,897
Group
Goods for resale 35,573 36,191
11. DEBTORS
2022 2021
6 8
Charity
Trade debtors 16,076 9,419
Amounts due from Group undertakings 116,105 68,743
VAT 32,422 31,559
Prepayments and other debtors 177,905 123,986
342,508 233,707
Group
Trade debtors 16,076 9,429
VAT 40,338 32,382
Prepayments and other debtors 181,228 133,210
237,642 175,021

12. CREDIT ORS: AMOUNTS FA LLIN G DU E WITHIN ON E YEAR
2022 2021
6
Charity
Trade creditors 171,656 193,844
Taxation and soaal security 18,599 30,118
Accruals and sundry
creditors		 219,170 94,005
409,425 317,967
Group
Trade creditors 176,165 229,685
Taxation and social secunty 35,150 42,735
Pension control 472 316
Accruals and sundry
creditors		 232,717 96,805
444,504 369,541
13. ANALYSIS OF NET ASSETS BETWEEN FUNDS
Tangible Net current Pension
fixed assets Investments assets scheme Tote I
8 6 6 6
Charity
Endowments
Map fund 333,652 333,652
Permanent
fund		 1,349,794 1,349,794
lan McCallum fund 36,264 36,264
Property
fund		 11,212,153 99,089 11,311,242
Education
endowment		 fund 525,974 525,974
Field conservation fund 400,013 400,013
Exhibition
fund		 402,579 402,579
JJM Main fund 246,493 246,493
JJM Pratt Will fund 779,971 779,971
11,212,153 4,173,829 15,385,982
Restricted funds
Map fund 335 335
lan McCallum fund 120 120
Education
fund		 98 98
Field Conservation fund 169 169
Exhibition
fund		 333 333
JJM Main fund 319 319
JJM Pratt Will fund 285 285
School House fund 62 62
Capital Campaign 29,752 29,752
Top Floor Flat 1,187 1,187
Polk Art Gallery 0
Lincoln Bust 0
Education
programme		 (Burberry) 814 814
UK Appeal 0
Thanksgiving 4
Textile Society 0
Web Site 0
Roof repairs 0 0
Claverton
Theatre club		 2,499 (2,499)
Lecture series fund (Claridge) 23,753 23,753
Childrens
play		 area 0
Period rooms 234,215 234,215
Gardens
Gugia		 &woodlands project 13,733 13,733
Canestoga
Wagon		 appeal 9,408 9,408
Gardens
endowment		 (SLIFKA) 170,960 170,960
Audience
project		 872 872
Parasols 0
Damaged
wall		 4,614 4,614
Hoopes Wells 24,291 24,291
Cafe project 2,982 2,982
Retaining
Wall		 0
Churchill
Lecture sense		 (Betty Suchar) 24,080 24,080
0 539,891 0 539,891
Unrestncted
funds		 67,433 3,927,087 (482,041) 241,000 3,753,479
Total funds 11,279,586 8,100,916 57,850 241,000 19,679,352

Tangible Net current Net current Pension
fixed assets Investments assets scheme Total
6 6 6 6 6
Group
Endowments
Map fund 333,652 333,652
Permanent
fund		 1,349,794 1,349,794
lan McCallum fund 36,264 36,264
Property
fund		 11,212,153 99,089 11,311,242
Education
endowment		 fund 525,974 525,974
Field conservation fund 400,013 400,013
Exhibition
fund		 402,579 402,579
JJM Main fund 246,493 246,493
JJM Prad Will fund 779,971 779,971
11,212,153 4,173,829 15,385,982
Restricted funds
Map fund 335 335
lan McCagum fund 120 120
Education
fund		 98 98
Field Conservation fund 169 169
Exhibition
fund		 333 333
JJM Main fund 319 319
JJM Pratt Will fund 285 285
School House fund 62 62
Capital Campaign 29,752 29,752
Top Floor Flat 1,187 1,187
Folk Art Gallery 0
Lincoln Bust 0
Education
programme		 814 814
UK Appeal 0
Thanksgiving 4
Textile Society 0
Web Site 0
Roof repairs 0 0
Ciaverton Theatre club 2,499 (2,499)
Lecture sense fund (Claridge) 23,753 23,753
Childrens
play		 area 0
Penod rooms 234,215 234,215
Garden
Gugia		 &woodlands project 13,733 13,733
Canestoga
Wagon		 appeal 9,408 9,408
Gardens
endowment		 (SLIFKA) 170,960 170,960
Audience
project		 872 872
Parasols 0
Damaged
wall		 4,614 4,614
Hoopes Wells 24,291 24,291
Cafe project 2,982 2,982
Retaining
Wall		 0
Churchill
Lecture series		 (Betty Suchar) 24,080 24,080
0 0 539,891 0 539,891
Unrestncted
funds		 67,433 3,991,852 (546,806) 241,000 3,753,479
Total funds 11,279,586 8,165,681 (6,915) 241,000 19,679,352

ary's
principa
SOFA.		 l
 activity
is		 to o perate t he retail shops at the Museum.
A		 ll activities have been consolidated
on		 a line by line
2022 2021
6 f
Turnover 348,082 318,833
Cost ofsales (386,127) (266,534)
(38,045) 52,299
Administrative expenses and finance costs (32,228) (26,065)
JRS scheme 0 8,546
(Loss)/Profit on ordinary activities before taxation (70,273) 34,780
Tax on loss on ordinary actiwties
(l.oss)/Profit on ordinary activities after taxation (70,273) 34,780
(70,273) 34,780
The aggregate ofthe assets, hah ilities and funds was
Assets 86,419 125,825
Liabilities, share capital and retained earnings (151,184) (120,317)
Fuiids (64,765) 5,508

Group Group
2022
6		 2021f
Net movement
in funds		 (2,188,865) (121,993)
Add back depremation 212,406 232,306
Deduct investment
income shown		 in investing activites (206,286) (210,259)
Decrease/(Increase)
in stock		 618 (762)
Decrease/(Increase)
in debtors		 (62,621) 90,323
Increase/(Decrease)
in creditors		 74,963 157,073
Investments
non cash ad/ustment		 967,680 (18,224)
Decrease/(Increase)
in defined		 benefit pension scheme 148,000 119,000
Add back loss on disposal ofasset 8,663 88
Net cash used
in operating
activities		 (1,045,442) 247,552

Unrestricted Restricted Endowment Endowment Total
funds funds funds 2021
F. 6 8
Income and endowments
Donations
and legacies		 9,103 494,131 503,234
Chantable
activities		 631,467 631,467
Other trading
activities		 327,379 327,379
Investments 115,857 68,427 25,975 210,259
Total income 1,083,806 562,558 25,975 1,672,339
Expenditure
Raising funds 81,021 81,021
Charitable
activities		 1,640,288 526,641 25,957 2,192,886
Other trading
activities		 285,599 285,599
Other 41,502 41,502
Total expenditure 2,048,410 526,641 25,957 2,601,008
Net gains/(losses)
on investments		 907,159 907,159
Net income/(expenditure) (57,445) 35,917 18 (21,510)
Transfers
between
funds
Actuanal
gains/(losses)		 on defined benefit
pension scheme (126,000) (126,000)
Foreign exchange gains/(losses) 25,517 25,517
Net movement
in funds		 (157,928) 35,917 18 (121,993)
Reconciliation
offunds
Total funds brought
forward		 6,091,346 512,927 15,385,937 21,990,210
Total funds carried forward 5,933,418 548,844 15,385,955 21,868,217

FOR THE YEAR ENDED 31STDEC THE YEAR ENDED 31STDEC THE YEAR ENDED 31STDEC EM BER 2022 BER 2022
22. FINANCIAL
PERFORMANCE		 OF THE CHARITY
The consolidated
statement		 of financial activities includes the results ofthe charity's wholly owned subsidiary which operates the cafe
and retail outlets at the Museum. The summary financial performance ofthe chanty alone is:
Total Total
2022 2021
6 F.
Income and endowments
Donations
and legacies		 286,065 503,234
Charitable
actwities		 758,739 631,467
Other trading
activities		 7,000 7,000
Investments 206,286 210,259
Total income 1,258,090 1,351,960
Expenditure
Raising funds 57,899 81,021
Chantable
activities		 2,415,509 2,192,886
Other tradmg
activities
Other 53,572 41,502
Total expenditure 2,526,980 2,315,409
Net gains/(losses)
on investments		 (947,721) 941,939
Net income/(expenditure) (2,216,611) (21,510)
Transfers
between
funds
Actuarial
gains/(losses)		 on defined benefit
pension scheme (155,000) (126,000)
Foreign exchange gains/(losses) 182,746 25,517
Net movement
in funds		 (2,188,865) (121,993)
Reconciliation
offunds
Total funds
brought
forward		 21,868,217 21,990,210
Total funds carried forward 19,679,352 21,868,217

2022 2021
6 6
INCOME
Memberships 90,237 26,877
Admissions 243,605 284,861
Christmas
speaal		 income 281,466 258,212
Other income 143,431 61,517
AM Enterprises
Ltd		 348,082 327,379
1,106,821 958,846
DEPARTMENTAL EXPENSES
Property 605,994 507,715
Management 242,353 354,011
Visitor Experience 985,431 586,023
Curatorial 260,850 170,155
JJM expenses 13,514 17,747
Finance 85,703 91,207
Fundraising 1,775 170
Garden 113,926 148,048
Friends 8 Members
Restricted
expenditure		 217,434 440,333
AM Enterprises
Ltd		 expenditure (including recharge) 418,355 292,599
2,945,335 2,608,008
OPERATING SURPLUS/(DEFICIT) (1,838,514) (1,649,162)
OTHER INCOME/EXPENDITURE
Investment
income		 UK 50,855 70,446
Investment
income		 UK restricted 92,489 94,402
Investment
income		 US 62,942 45,411
Donations
&YEA		 278,065 487,917
Revaluation
of investment		 property
Investment
gain/(loss)		 (877,448) 907,159
Foreign exchange gain/(loss) 182,746 25,517
Facitilies income from HH 7,000 7,000
Grants (Job retention scheme in 2021) 8,000 15,317
(195,351) 1,653,169
SURPLUS/(DEFICIT) FOR THE YEAR (2,033,865) 4,007

FOR THE YEAR EN DED 31 STDECEMBER 2022
2022 2021
8 8
PROPERTY
Staff costs 115,912 65,144
Office costs and travel 757 507
Contract maintenance 11,555 13,936
Council tax &water 14,156 11,956
Telephone
& internet		 6,658 5,715
Recychng 4,501 2,878
Electricity & oil 111,533 54,411
Insurance 53,530 42,222
Building
mainteance		 62,735 44,805
Property damage
Vehicle costs 4,348 1,071
Cleamng
&pest control		 6,786 11,424
Investment
property		 4,844 9,911
Security &fire 584 14,359
Equipment
and leasing		 1,946 2,865
Estates training 90
Depreciation
and loss on disposal		 206,059 226,511
605,994 507,715
MANAGEMENT
Staff costs tinct redundancy) 65,896 162,377
Oflice costs &carriage 13,323 10,223
Travel
Pension expense
tincluding		 FRS17) 33,429 67,081
Recruitment
and HR		 advice 6,722 40,185
Training 6,053 6,168
Uniforms 1,870
Professional fees 31,432 9,133
Investment
broker fees		 21,615 6,862
IT and internet 10,622 13,751
ITservices license &equipment 18,680
Management
Board		 costs 285
Staff welfare,
health		 and assurance 11,866 22,351
Office equipment 440 907
Public relations 640
Subscriptions 268 454
Directors travel 6,310 2,238
Directors development 12,902 12,281
242,353 354,011

2022 2021
6 E
VISITOR EXPERIENCE AND DIRECTOR OF DEVELOPMENT
Staff costs 346,670 233,081
Office costs 2,524 537
Travel and training 1,198 2,391
Interactive exhibition maintenance 95
Marketing 65,210 57,779
Volunteers travel 17,600 834
Volunteers expenses 4,313 13,597
Print materials 31
Website
Public relations 10 820
Events and 4th july 501,174 268,553
Workshops
Membership costs 1,376 1,047
Compbmentary tickets 5,850 3,806
Learning
and Education		 2,652 1,122
Visitor experience other, signage 36,759 2,425
985,431 586,023
CURATORIAL AND DIRECTOR OF COLLECTIONS
Staff costs 162,363 118,465
Office expenses 85 289
Travel &clothing 4,955 601
Exhibitions 77,347 34,068
Exhibition
improvements		 3,092 1,181
Maps and Materials 1,524
Conservation 1,524 3,020
Collections management and projects 2,891 1,570
Collection
photography		 42
Christmas
at Claverton		 1,155 2,101
I ibrary 551 561
Journal 8,299
Publications stock 4,321
Freelance design
Grants 1,000
260,850 170,155
JJM
Office costs
Travel 51
Electncity 216 3,716
Rent 13,000 13,000
Rates
Telephone
Mainteance
Fire &secunty 298 920
Insurance
Professional fees 60
13,514 17,747

FOR THE YEAR ENDED 31STDECEMBER 2022
2022
6		 2021f
FINANCE
Staff costs 55,430 47,783
Office costs
Travel
Bank charges 6,117 8,659
Finance AMIB projects 7
Finance profesional fees 18,000 24,990
Ledgercosts 1,525 5,811
Payroll costs 4,624 3,964
85,703 91,207
FUNDRAISING
Staff costs and travel
Office costs 20
Fundraising
development		 1,775 150
1,775 170
GARDEN
Staff costs 94,411 97,870
Office costs 167 215
Travel 0 105
Equipment
&repairs		 460 4,018
Grounds
maintenance		 6,234 3,489
Development 975 1,846
Infrastructure 1515 6,897
Treework 5,866 31,123
Plants 3,064 1,735
Health
& safety		 1189 750
Volunteers 45
113,926 148,048