**Helena Thompson Museum Trustee’s report and financial statements For the year ended 31 March 2023** Charity Number: 1119567
**Helena Thompson Museum**
## **Contents**
|**Contents**||
|---|---|
||**Page**|
|Legal and administrative information|1|
|Trustee’s Report|2-3|
|Independent Examiner’s Report|4|
|Statement of financial activities|5|
|Balance Sheet|6|
|Notes to the financial statements|7-10|
**Helena Thompson Museum**
## **Legal and administrative information**
|Charity number|1119567|
|---|---|
|Business Address|Helena Thompson Museum|
||Park End Road|
||Workington|
||Cumbria|
||CA14 4DE|
|Registered office|Allerdale House|
||Workington|
||Cumbria|
||CA14 3YJ|
|Trustee|Cumberland Council|
||Allerdale House|
||Workington|
||Cumbria|
||CA14 3YJ|
|Independent Examiners|Robinson & Co,|
||Chartered Accountants|
||Oxford Chambers|
||New Oxford Street|
||Workington|
||Cumbria|
||CA14 2LR|
1
**Helena Thompson Museum**
## **Report of the Trustee for the year ended 31 March 2023**
The Trustee presents its report and the financial statements for the year ended 31 March 2023. The financial statements have been prepared in accordance with the accounting policies set out in note 2 to the accounts and comply with the Charity’s trust deed, the Charities Act 2011 and 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.
## **Structure, governance and managements**
## _Operational management_
The Charity is administered by Allerdale Borough Council. The Museum is managed and operated on behalf of the Council by Workington Heritage Group Ltd (registered Charity number 1127084), under a management agreement between the two parties.
Workington Heritage Group Ltd also occupy the Museum building under a licence to occupy.
## _Trustee:_
Allerdale Borough Council is the sole trustee of the Charity.
From the 1[st] April 2023 Allerdale Borough Council will cease to operate due to Local Government Reorganisation and the newly formed Cumberland Council will take over the administration of the Charity as the sole trustee.
## **Objectives and activities**
The Charity objectives are to provide and maintain a public museum.
## **Achievements and performance**
The Charity continued to provide support and administrative services.
Expenditure incurred on charitable activity during year of £83,301 (2021-22: £66,570) includes a subsidy payment of £30,000 to the museum operator to support the running costs of the Museum. The remaining expenditure comprises:
- premises related expenditure of £39,971 (2021-22: £20,605) and
- support, administrative and other costs of £13,330 (2021-22: £15,965).
During the year to March 2022, £41,635 of improvement works were carried out to the museum building at Park End Road, Workington.
## **Financial review**
At the balance sheet date, the Charity held total funds of £1,164,028 (2022: £1,183,336).
The net assets of the Charity at the balance sheet date comprise:
- Tangible Assets of £585,692 (2022: £605,000)
- Heritage Assets of £565,975 (2022: £565,975) and
- Investments of £12,361 (2022: £12,361).
The accounts and their supporting notes give further details.
## **Reserves:**
Each year Allerdale Borough Council subsidises the Charity to the extent of the excess of its expenditure over its income and accordingly the Charity holds no general unrestricted funds.
2
**Helena Thompson Museum**
From the 1[st] April 2023 Allerdale Borough Council will cease to operate due to Local Government Reorganisation and the newly formed Cumberland Council will take over the administration of the Charity as the sole trustee under the same arrangements.
## **Risk managements:**
The Trustee has assessed the major strategic, business and operational risks to which the organisation is exposed. The Trustee is satisfied that arrangements are in place to mitigate the exposure to these risks.
## **Statement as to disclosure of information to independent examiners**
In so far as the Trustee is aware:
- there is no relevant information which the charity's independent examiners are unaware: and
- the trustee has taken all steps that it ought to have taken to make itself aware of any relevant information and to establish that the independent examiners are aware of that information
## **Statement of Trustee's responsibilities**
The Trustee is responsible for preparing the Trustee's Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Law applicable to charities in England and Wales requires the Trustee to prepare financial statements for each financial year which give a true and fair view of the Charity and of the incoming resources and application of resources of the Charity for that year. In preparing these financial statements the Trustee is required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in operation.
The Trustee is responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Charity and enable it to ensure that the financial statements comply with the Charity Act 2011. It is also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
For and on behalf of the Trustee
A Seekings Chief Executive Cumberland Council Allerdale House Workington Cumbria CA14 3YJ
Date: 17 October 2023
3
Helena Thompson Museum
Independent examiner's report to the Trustse of Helena Thompson
Museum
I report to the Trustee on my examlnation of the financial statements of the above charity
('the Trust.) for the year ended 31st March 2023, which are set out on pages 5 to 10.
Responsibilities and basis of report
As the Charity Trustee of Ihe Trust you are responsible for the preparation of the accounts in
accordance with the requirements of the Charities Act 2011 (the A¢t')
I report in respect of my examination of the Trust's accounts, carried out under section 145
of the 2011 Act, and in carrying out my examination I have followed all the applicable
dlrections given by the Charity Commission under section 145{5)(b) of the Act.
Independent examinevs ststement
I have completed my exarnination. I can confin that no material matters have corne to my
attention in connection with the examination, which gives me cause to believe that in any
material respect..
Accounting records were not kept in resped of the Trust as required by section
130 of the Act. or
the accounts do not accord with those records,. or
the accounts do not comply wth the applicable requirements conceming the
fonn and content of account5 set out in the Charities {Accounts and Reports)
Regulations 2008 other than any requirement that the accounts give a Irue and
fair view which is not a matter considered as part of an independent
examination.
I have no concems and have come across no other matters in connection with Ihe
examination to which attention should drawn in this report in order to enable a proper
understanding of the accounts to be reached.
Jason Spires FCA DChA
Independent Examiner
robinson+¢o. Chartered Accountants
Oxford Chambers
New Oxford Street
Workington
Cumbria
CA14 2LR
Dated.. I
2•23
**Helena Thompson Museum**
## **Statement of Financial Activities for the year ended 31 March 2023**
||**Unrestricted**
**Funds**|**Restricted**
**Funds**
**(Tangible**
**Assets)**|**Restricted**
**Funds**
**(Heritage**
**Assets)**|**Restricted**
**Funds**
**(Endowment**
**Fund)**|**Total Funds**|**Total Funds**
**Prior Year **|**Note**|
|---|---|---|---|---|---|---|---|
||**£**|**£**|**£**|**£**|**£**|**£**||
|**Incoming Resources**
**Income & endowments from:**
Donations & legacies (Allerdale B.C.)
Charitable activities (Allerdale B.C.)
Investments
**Total incoming resources**
**Expenditure on:**
Charitable activities
Depreciation
Revaluation and Impairment of Fixed
Assets
**Total resources expended**
**Net (income)/expenditure**
**Other recognised gains/(losses):**
Gains/(losses) on revaluation of fixed
assets
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
Net Movement in Funds|0
83,301
0|
0|||0
83,301
0|
41,635
66,570
0|
5
5
5
|
||**83,301**
(83,301)
0
**(83,301)**
**0**
0|**0**
(19,308)
0
**(19,308)**
**(19,308)**
0|
**0**
**0**
0|
**0**
**0**
**0**
0|
**83,301**
(83,301)
(19,308)
0
**(102,609)**
**(19,308)**
0|**108,205**
(66,570)
(23,730)
(105,474)
**(195,774)**
**(87,569)**
(153,756)||
||**0**
0|
**(19,308)**
605,000
(19,308)|**0**
565,975
0|
**0**
12,361
0|
**(19,308)**
1,183,336
(19,308)|**(241,325)**
1,424,661
(241,325)||
|**Total funds carried forward**|**0**|
**585,692**|
**565,975**|
**12,361**|
**1,164,028**|
**1,183,336**||
5
**Helena Thompson Museum**
## **Balance Sheet as at 31 March 2023**
||**Total Funds**|**Prior Year**
**Funds**|**Note**|
|---|---|---|---|
||**£**|**£**||
|**Fixed assets:**
Tangible assets – Freehold Land & Buildings
Heritage assets – Museum Collection
Investments
**Total net assets**
**The funds of the Charity:**
Restricted fund - Tangible assets
Revaluation reserve - Tangible assets
Restricted fund - Heritage assets
Revaluation reserve - Heritage assets
Restricted fund - Permanent endowment
Revaluation reserve - Permanent endowment|585,692
565,975
12,361|605,000
565,975
12,361|6
7
|
||**1,164,028**|
**1,183,336**||
||453,798
131,894
1,000
564,975
12,361
0|
473,106
131,894
1,000
564,975
12,361
0||
|**Total**|**1,164,028**|**1,183,336**||
For and on behalf of the Trustee
A Seekings Chief Executive Cumberland Council
Date: 17 October 2023
6
**Helena Thompson Museum**
## **Notes to the accounts**
## **1 Statement of compliance**
These financial statements have been prepared in compliance with FRS 102 'The Financial Reporting Standards applicable in the UK and Republic of Ireland', the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in UK and Republic of Ireland (FRS102) (Charities SORP (FRS 102)) and the Charities Act 2011.
## **2 Accounting policies**
## **Basis of preparation**
These accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts.
The financial statements are prepared in sterling, which is the functional currency of the entity.
## **Judgements and key sources of estimation uncertainty**
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The financial statements have been prepared on the going concern basis. The Trustee considers that there are no material uncertainties about the Charity’s ability to continue as a going concern.
## **Fund accounting**
Unrestricted funds are available for use at the discretion of the Trustee to further any of the Charity’s purposes.
Designated funds are unrestricted funds earmarked by the Trustee for particular future project or commitment.
Restricted funds are subject to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of the two sub-classes: restricted income funds and endowment funds.
## **Tangible assets**
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
## **Heritage Assets**
Heritage Assets comprise the museum collection held by the Charity principally for their cultural, environmental or historical associations. Museum collections are reported in the Balance Sheet at an insurance valuation based on open market replacement cost for items of comparable nature, age and condition.
## **3 Cashflow**
The Charity is not required to prepare a Statement of Cash Flows.
7
**Helena Thompson Museum**
## **4 Related party - Allerdale Borough Council** - **(Cumberland Council from 01 April 2023)**
During 2022-23 the Charity was administered by Allerdale Borough Council in its capacity as sole trustee. The Charity does not maintain its own bank account and all transactions of the Charity are recorded in the Council's accounting records.
Each year the Council subsidises the Charity to the extent of the excess of its expenses over its income.
From the 1[st] April 2023 Allerdale Borough Council will cease to operate due to Local Government Reorganisation and the Charity will be administered by the newly formed Cumberland Council under the same arrangement.
## **5 Charitable activities**
The expenditure recorded in the Council’s accounting records in relation to the Museum for £83,301 (2021-22: £66,570). This comprises
||**2022/23**|**2021/22**|
|---|---|---|
||**£**|**£**|
|Management fee
Premises related expenditure
Support, administrative and other costs|30,000
39,971
13,330|30,000
20,605
15,965|
||**83,301**|**66,570**|
During the year depreciation of £19,308 (2021-22: £23,730) was charged to the Statement of Financial Activities in respect of the museum building. Collection assets (heritage assets) which have indefinite lives are not depreciated.
8
**Helena Thompson Museum**
## **6 Tangible fixed assets – Freehold Land and Buildings**
The Charity's tangible fixed assets comprise the freehold interest in the land and museum building at Park End Road, Workington.
Freehold land and buildings were revalued as at 31 March 2022 by Wilks, Head and Eve, Chartered Surveyors, in accordance with guidance provided by the Royal Institution of Chartered Surveyors valuation – professional standards (the ‘Red Book’). The valuation uses depreciated replaced cost as an estimate of market value of the property (in existing use). The revaluation exercise resulted in the recognition of a revaluation loss of £153,756 within the Statement of Financial Activities.
||**2022/23**|**2021/22**|
|---|---|---|
||**Freehold land**
**& buildings**|**Freehold land**
**& buildings**|
||**£**|**£**|
|**Cost or valuation**
At the beginning of the year
Additions
Revaluation
**At the end of the year**
**Depreciation and impairments**
At the beginning of the year
Depreciation charge for the year
Revaluation
**At the end of the year**
Net book value at the beginning of the year
**Net book value at the end of the year**|605,000
0
0|
893,785
41,635
(330,420)|
||**605,000**
0
19,308
0|
**605,000**
47,460
23,730
(71,190)|
||**19,308**
605,000|
**0**
711,000|
||**585,692**|
**605,000**|
9
**Helena Thompson Museum**
## 7 **Heritage assets – museum collection**
Heritage Assets are those assets that are held by the Helena Thompson Museum principally for their cultural, environmental or historical associations.
Museum collections are reported in the Balance Sheet at an insurance valuation based on open market replacement cost for items of a comparable nature, age and condition. The latest full valuation was undertaken in March 2017 by external valuers - Mitchells Antiques & Fine Art Auctioneers and Valuers. Values were assigned to all individual items with a replacement cost in excess of £1,000 that were on display, or accessible in store at the time of the re-valuation. Items with an expected replacement cost of less than £1,000 were reappraised by reference to previous inventories and valuations, accession books, MODES records and information provided by museum staff. These items are categorised by the valuer as 'unspecified Accessions'. Valuations are reviewed and updated annually to ensure that they remain current.
All museum items have been grouped and reported together in the balance sheet.
||**2022/23**|**2021/22**|
|---|---|---|
||**Museum**
**Collection**|**Museum**
**Collection**|
||**£**|**£**|
|**Cost or valuation**
At the beginning of the year
Additions
Revaluation
**At the end of the year**
**Depreciation and impairments**
At the beginning of the year
Depreciation
**At the end of the year**
Net book value at the beginning of the year
**Net book value at the end of the year**|565,975
0
0|
565,975
0
0|
||**565,975**
0
0|
**565,975**
0
0|
||**0**
565,975|
**0**
565,975|
||**565,975**|
**565,975**|
10