PORTLAND MUSEUM TRUST 2020
ANNUAL REPORT
1.ABOUT THE TRUST
Portland Museum Trust is a ‘Not for Profit Company Limited by Guarantee’, registered in June 2007, operating as an independent charitable trust. The Trust took over the management and operational responsibility for Portland Museum from Weymouth & Portland Borough Council in March 2008, under the terms of a 25 year lease. The Council remained the owner of the Museum until April 2019 when a Dorset-wide reorganization of local councils saw the abolition of Weymouth & Portland Borough Council, and the creation of the new Dorset Council. Portland Museum became an asset of Dorset Council for an interim year, after which its future ownership was due to be decided in April 2020. It is hoped that PTC will eventually take over the ownership of the museum.
The Trust is a Registered Charity (No.1132576), and its operation is governed by its Memorandum and Articles of Association. Its objects are –
“The objects for which the Trust is formed are (but only in so far as the same are charitable): the advancement of the education of the public by providing and maintaining a museum of artefacts and specimens relating to the natural sciences, natural history, archaeology, literature, music, the fine and decorative arts, antiquities and local history relating in particular to the Island of Portland”
There are currently 6 directors of the Trust, who form the Board. They are: - Angela Scott (Chair) Mike Osmond, (Finance Director) Elizabeth Hardy (Company Secretary) David Carter, Amanda Wallwork, Nancy Grace In addition, Gerry Hinde acts as an Advisor to the Trust
Formal board meetings are held every two months. Individual directors have specific responsibilities. The Museums Adviser for Bournemouth, Dorset and Poole, Vicky de Wit, is a mentor to the Trust and offers curatorial support and professional advice. The Trust has developed a working relationship with Portland Town Council ahead of the proposed transfer of the Museum, and it is hoped that this partnership will bring many benefits to the Portland community.
The Trust employs one part time member of staff, Lucy Watkins, to manage the office administration and oversee operational activities, directing the work of around 30 volunteers. Additionally in 2020, a few parttime contractors were employed as Lucy has been employed as a parttime project manager to oversee the various projects being carried out in the Museum during the 2020 Covid enforced closure.
Page 1
2. CHAIRMAN’S REPORT AND REVIEW OF THE YEAR
2020 has been a very strange year for, not only for Portland Museum, but the whole world. Having started 2020 with high hopes for the upcoming season with brand new windows, doors and carpets in place, everything changed in March. The dreadful pandemic of Covid-19 sent the country into complete lockdown on March 23[rd] . At the time, we had no idea how long term the situation was to last, but we realised that we probably wouldn’t be opening In April as we had planned.
As the whole reality of the situation kicked in, we all rapidly learned to use Zoom to enable us to communicate when we couldn’t leave our houses. It was decided that we could either sink or swim, all of us opting for the latter.
With the Museum closed, we had lost our source of income. However, due to careful management of the funds by the Trust in previous years, we had some reserves and decided that they should be used when needed, as this was an unprecedented emergency. Our Manager, Lucy Watkins, was not furloughed as we needed her drive and enthusiasm to keep the Museum and collection safe when we were closed. Thankfully, various funding opportunities gradually became available. An initial Government Grant of £10,000 to small businesses was most welcome and eased the situation. An initial application to the Arts Council England (ACE) for Covid-19 support was unsuccessful but a subsequent application to their Culture Recovery Fund was successful and we were awarded a grant for £71,000. This enabled two major projects to be carried out. Firstly, the Maritime Gallery was relocated to the downstairs office and the office was relocated upstairs to the Maritime Gallery. Secondly, a huge amount of work was done on Collection Care, checking the location and condition of objects, improving the paperwork and transferring the records onto Modes. Additionally, the funds were available for the purchase of a new garden store which is waterproof with both heating and lighting. It can now successfully be used for storage, safe in the knowledge that the items are being stored in a safe, dry environment.
All this work was overseen by our manager as the funding allowed us to employ her fulltime, along with collection care staff and contractors to do small building jobs, painting and clearing works. Covid-limits on the number of people allowed to work in the Museum at any one time slowed the pace at which this work could be carried out and so an extension of three months was granted by ACE until June 2021.
As well as this large grant from ACE, we secured 3 other small grants: one from the SW Development Fund to produce a popup museum allowing us to take some of the collection out to places and another from the Art Fund, to work with The Guildhall Live Events team in London to carry out a LIDAR scan of Rufus Castle to produce a 3D model. Lastly, we secured some forward funding from Dorset Council Revenue Support Fund for a fixed sum of £5000/year for 3 years (2021-2023) to help with running costs – the first time we have ever received such support. The Church Ope Project (an ACE funded project awarded in 2019) was due to completion at the end of 2020. However, after consulting with ACE, the deadline for this project was extended till the end of December 2021.
In 2020, we remained closed for the whole season, partly to allow the work to be continued but largely due to the small size of the galleries which would have prevented more than 2 or 3 visitors at any one time in each gallery. Another consideration was that many of our volunteers were shielding at home and we had made the decision to not bring them back till the covid situation improved. Due to good use of social media platforms, zoom and the telephone, they were kept in touch with what was going on in the museum.
Page 2
On reflecting on the year 2020, I feel proud of the way the museum responded to the pandemic, actively looking for funding opportunities to keep us going and really improving the layout of the museum and care of the collection. It could have been a complete disaster but we all pulled together and used the year to move forward and put us in a better place to survive whatever life throws at us in the future.
All of the ongoing projects are due for completion in 2021, so 2021 already looks like another busy year for Portland Museum.
Dr Angela Scott
Chair of Portland Museum Trust
Page 3
3. Grants and Donations
The trust is grateful for grants received from the following organisations: -
Arts Council England (Cultural Recovery Fund) £71,050
Art Fund (Respond and Reimagine Grant) £13,000
SW Museum Development Fund £4400
Local Authority Retail Hospitality Leisure Grant £10,000
Dorset Council (Revenue Support Fund) £5,000/year 2021-2023
4. Visitors
Due to Covid, the Museum was closed for whole of the 2020 season and so there were no visitors or events.
5. Friends of Portland Museum
Many people continued to pay their membership fees for the Friends during closure in 2020. A total of £295 was collected and, to date, the money is held by the Friends.
The Trust are very grateful for their continued support.
6. Acknowledgements
The survival of the Museum in this most challenging of years is testament to the hard work of our manager, Lucy Watkins. With the support of the Trustees, she worked tirelessly throughout 2020 to organise a timetable for contractors whilst ensuring that all Covid regulations were adhered to. In addition, Lucy continued to support the volunteers, many of whom were isolating at home. She also played a very active role, with some of the Trustees, in writing grant applications ensuring several successes.
2021 looks like being a much better year than 2020. The Trust is looking forward to completing the renovations in the Museum and opening to the public again.
Page 4
Registered number: 06292060
PORTLAND MUSEUM TRUST DIRECTORS' REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
AR Accounting
Portland Museum Trust Directors' Report and Unaudited Financial Statements For The Year Ended 31 December 2020
Contents
| Page | |
|---|---|
| Company Information | 1 |
| Directors' Report | 2 |
| Accountant's Report | 3 |
| Income and Expenditure Account | 4 |
| Balance Sheet | 5 |
| Notes to the Financial Statements | 6—7 |
| The following pages do not form part of the statutory accounts: | |
| Detailed Income and Expenditure Account | 8—9 |
Portland Museum Trust Company Information For The Year Ended 31 December 2020
| Directors | Amanda Wallwork |
|---|---|
| Angela Scott | |
| Michael Osmond | |
| Elizabeth Hardy | |
| David Carter | |
| Secretary | Elizabeth Hardy |
| Company Number | 06292060 |
| Registered Office | Hillgate House |
| 2a Old Castle Road | |
| Weymouth | |
| Dorset | |
| DT4 8QB | |
| Accountants | AR Accounting |
| Chartered Accountant & Tax Adviser | |
| 16 Fisherbridge Road | |
| Preston | |
| Weymouth | |
| DT3 6BT |
Page 1
Portland Museum Trust Company No. 06292060 Directors' Report For The Year Ended 31 December 2020
The directors present their report and the financial statements for the year ended 31 December 2020.
Statement of Directors' Responsibilities
The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the surplus or deficit of the company for that period. In preparing the financial statements the directors are required to:
- select suitable accounting policies and then apply them consistently;
make judgments and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Directors
The directors who held office during the year were as follows: Angela Scott Michael Osmond Elizabeth Hardy David Carter
Small Company Rules
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
On behalf of the board
Angela Scott
Director
09/09/2021
Page 2
Portland Museum Trust Accountant's Report For The Year Ended 31 December 2020
Chartered Accountant's report to the directors on the preparation of the unaudited statutory accounts of Portland Museum Trust For The Year Ended 31 December 2020
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the accounts of Portland Museum Trust For The Year Ended 31 December 2020 which comprise the Income and Expenditure Account, the Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given to us.
As a practising member of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/membership/regulations-standards-andguidance.
This report is made solely to the directors of Portland Museum Trust, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the accounts of Portland Museum Trust and state those matters that we have agreed to state to the directors of Portland Museum Trust, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Portland Museum Trust and its directors, as a body, for our work or for this report.
It is your duty to ensure that Portland Museum Trust has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of Portland Museum Trust. You consider that Portland Museum Trust is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit of the accounts of Portland Museum Trust. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
22/09/2021
AR Accounting Chartered Accountant & Tax Adviser 16 Fisherbridge Road Preston Weymouth DT3 6BT
Page 3
Portland Museum Trust Income and Expenditure Account For The Year Ended 31 December 2020
| Notes TURNOVER Cost of sales GROSS SURPLUS Administrative expenses OPERATING (DEFICIT)/SURPLUS Other interest receivable and similar income Interest payable and similar charges (DEFICIT)/SURPLUS FOR THE FINANCIAL YEAR |
2020 £ 69,274 (265) 69,009 (69,774) (765) 9 (635) (1,391) |
2019 £ 32,473 (4,478) |
|---|---|---|
| 27,995 (26,027) |
||
| 1,968 19 (887) |
||
| 1,100 |
The notes on pages 6 to 7 form part of these financial statements.
Page 4
Portland Museum Trust Balance Sheet As at 31 December 2020
| Notes FIXED ASSETS Tangible Assets 3 CURRENT ASSETS Stocks 4 Debtors 5 Cash at bank and in hand Creditors: Amounts Falling Due Within One Year 6 NET CURRENT ASSETS (LIABILITIES) TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS Income and Expenditure Account MEMBERS' FUNDS |
2020 £ £ 3,599 3,599 1,596 3,798 100,983 106,377 (64,728) 41,649 45,248 45,248 45,248 45,248 |
2020 £ £ 3,599 3,599 1,596 3,798 100,983 106,377 (64,728) 41,649 45,248 45,248 45,248 45,248 |
2019 £ £ 4,597 4,597 1,596 13,770 32,861 48,227 (6,185) 42,042 46,639 46,639 46,639 46,639 |
2019 £ £ 4,597 4,597 1,596 13,770 32,861 48,227 (6,185) 42,042 46,639 46,639 46,639 46,639 |
|---|---|---|---|---|
| 3,599 41,649 |
4,597 42,042 |
|||
| 106,377 (64,728) |
48,227 (6,185) |
|||
| 45,248 | 46,639 | |||
| 45,248 | 46,639 | |||
| 45,248 | 46,639 | |||
| 45,248 | 46,639 |
For the year ending 31 December 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
On behalf of the board
Angela Scott
Director
09/09/2021
The notes on pages 6 to 7 form part of these financial statements.
Page 5
Portland Museum Trust Notes to the Financial Statements For The Year Ended 31 December 2020
1. Accounting Policies
1.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts. Turnover includes revenue earned from the sale of goods and from the rendering of services and donations received. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
1.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Fixtures & Fittings
25% reducing balance basis
1.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.
2. Average Number of Employees
Average number of employees, during the year was as follows: 1 (2019: 1)
3. Tangible Assets
| Cost As at 1 January 2020 Additions As at 31 December 2020 Depreciation As at 1 January 2020 Provided during the period As at 31 December 2020 Net Book Value As at 31 December 2020 As at 1 January 2020 . Stocks Stock - finished goods |
2020 £ 1,596 1,596 |
Fixtures & Fittings £ 19,402 202 |
|---|---|---|
| 19,604 | ||
| 14,805 1,200 |
||
| 16,005 | ||
| 3,599 | ||
| 4,597 | ||
| 2019 £ 1,596 |
||
| 1,596 |
4. Stocks
Page 6
Portland Museum Trust Notes to the Financial Statements (continued) For The Year Ended 31 December 2020
5. Debtors
| . Debtors |
||
|---|---|---|
| Due within one year Prepayments and accrued income Other debtors . Creditors: Amounts Falling Due Within One Year Trade creditors Other taxes and social security Net wages Accruals and deferred income |
2020 £ 3,798 - 3,798 2020 £ 892 170 - 63,666 64,728 |
2019 £ 13,505 265 |
| 13,770 | ||
| 2019 £ - 100 536 5,549 |
||
| 6,185 |
- Creditors: Amounts Falling Due Within One Year
7. Company limited by guarantee
The company is limited by guarantee and has no share capital.
Every member of the company undertakes to contribute to the assets of the company, in the event of a winding up, such an amount as may be required not exceeding £1.
8. General Information
Portland Museum Trust is a private company, limited by guarantee, incorporated in England & Wales, registered number 06292060. The registered office is Hillgate House, 2a Old Castle Road, Weymouth, Dorset, DT4 8QB.
Page 7
Portland Museum Trust Detailed Income and Expenditure Account For The Year Ended 31 December 2020
| TURNOVER Admissions, shop sales and events FoPM Grants and donations received COST OF SALES Shop Purchases and events GROSS SURPLUS Administrative Expenses Wages and salaries Volunteers expenses Rent, rates and meeting expenses Light and heat Water rates Repairs and maintenance Gardening Waste removal Premises insurance Security and safety Work on collection Secretarial and office costs Marketing and project research costs Telecommunications and data costs IT resources Accountancy fees Legal and professional fees Subscriptions Depreciation Sundry expenses OPERATING (DEFICIT)/SURPLUS Other interest receivable and similar income Bank interest receivable |
2020 £ £ 50 382 68,842 69,274 265 (265) 69,009 12,031 10 19 757 172 40,296 - 45 3,571 927 4,293 725 3,523 621 493 495 207 253 1,200 136 (69,774) (765) 9 9 |
2020 £ £ 50 382 68,842 69,274 265 (265) 69,009 12,031 10 19 757 172 40,296 - 45 3,571 927 4,293 725 3,523 621 493 495 207 253 1,200 136 (69,774) (765) 9 9 |
2019 £ £ 22,063 1,365 9,045 32,473 4,478 (4,478) 27,995 11,526 758 40 1,525 281 1,753 84 377 3,592 688 - 483 1,297 1,023 417 - 288 191 1,532 172 (26,027) 1,968 19 19 ...CONTINUED |
|---|---|---|---|
| 69,274 (265) |
|||
| 12,031 10 19 757 172 40,296 - 45 3,571 927 4,293 725 3,523 621 493 495 207 253 1,200 136 |
11,526 758 40 1,525 281 1,753 84 377 3,592 688 - 483 1,297 1,023 417 - 288 191 1,532 172 |
||
| 69,009 (69,774) |
|||
| 9 | 19 | ||
| (765) 9 |
|||
Page 8
Portland Museum Trust Detailed Income and Expenditure Account (continued) For The Year Ended 31 December 2020
| Interest payable and similar expenses Bank and card charges (DEFICIT)/SURPLUS FOR THE FINANCIAL YEAR |
635 | (635) | 887 | (887) |
|---|---|---|---|---|
| (1,391) | 1,100 |
Page 9
Registered number: 06292060
PORTLAND MUSEUM TRUST DIRECTORS' REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
AR Accounting
Portland Museum Trust Directors' Report and Unaudited Financial Statements For The Year Ended 31 December 2020
Contents
| Page | |
|---|---|
| Company Information | 1 |
| Directors' Report | 2 |
| Accountant's Report | 3 |
| Income and Expenditure Account | 4 |
| Balance Sheet | 5 |
| Notes to the Financial Statements | 6—7 |
| The following pages do not form part of the statutory accounts: | |
| Detailed Income and Expenditure Account | 8—9 |
Portland Museum Trust Company Information For The Year Ended 31 December 2020
| Directors | Amanda Wallwork |
|---|---|
| Angela Scott | |
| Michael Osmond | |
| Elizabeth Hardy | |
| David Carter | |
| Secretary | Elizabeth Hardy |
| Company Number | 06292060 |
| Registered Office | Hillgate House |
| 2a Old Castle Road | |
| Weymouth | |
| Dorset | |
| DT4 8QB | |
| Accountants | AR Accounting |
| Chartered Accountant & Tax Adviser | |
| 16 Fisherbridge Road | |
| Preston | |
| Weymouth | |
| DT3 6BT |
Page 1
Portland Museum Trust Company No. 06292060 Directors' Report For The Year Ended 31 December 2020
The directors present their report and the financial statements for the year ended 31 December 2020.
Statement of Directors' Responsibilities
The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the surplus or deficit of the company for that period. In preparing the financial statements the directors are required to:
- select suitable accounting policies and then apply them consistently;
make judgments and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Directors
The directors who held office during the year were as follows: Angela Scott Michael Osmond Elizabeth Hardy David Carter
Small Company Rules
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
On behalf of the board
Angela Scott
Director
09/09/2021
Page 2
Portland Museum Trust Accountant's Report For The Year Ended 31 December 2020
Chartered Accountant's report to the directors on the preparation of the unaudited statutory accounts of Portland Museum Trust For The Year Ended 31 December 2020
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the accounts of Portland Museum Trust For The Year Ended 31 December 2020 which comprise the Income and Expenditure Account, the Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given to us.
As a practising member of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/membership/regulations-standards-andguidance.
This report is made solely to the directors of Portland Museum Trust, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the accounts of Portland Museum Trust and state those matters that we have agreed to state to the directors of Portland Museum Trust, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Portland Museum Trust and its directors, as a body, for our work or for this report.
It is your duty to ensure that Portland Museum Trust has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of Portland Museum Trust. You consider that Portland Museum Trust is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit of the accounts of Portland Museum Trust. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
22/09/2021
AR Accounting Chartered Accountant & Tax Adviser 16 Fisherbridge Road Preston Weymouth DT3 6BT
Page 3
Portland Museum Trust Income and Expenditure Account For The Year Ended 31 December 2020
| Notes TURNOVER Cost of sales GROSS SURPLUS Administrative expenses OPERATING (DEFICIT)/SURPLUS Other interest receivable and similar income Interest payable and similar charges (DEFICIT)/SURPLUS FOR THE FINANCIAL YEAR |
2020 £ 69,274 (265) 69,009 (69,774) (765) 9 (635) (1,391) |
2019 £ 32,473 (4,478) |
|---|---|---|
| 27,995 (26,027) |
||
| 1,968 19 (887) |
||
| 1,100 |
The notes on pages 6 to 7 form part of these financial statements.
Page 4
Portland Museum Trust Balance Sheet As at 31 December 2020
| Notes FIXED ASSETS Tangible Assets 3 CURRENT ASSETS Stocks 4 Debtors 5 Cash at bank and in hand Creditors: Amounts Falling Due Within One Year 6 NET CURRENT ASSETS (LIABILITIES) TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS Income and Expenditure Account MEMBERS' FUNDS |
2020 £ £ 3,599 3,599 1,596 3,798 100,983 106,377 (64,728) 41,649 45,248 45,248 45,248 45,248 |
2020 £ £ 3,599 3,599 1,596 3,798 100,983 106,377 (64,728) 41,649 45,248 45,248 45,248 45,248 |
2019 £ £ 4,597 4,597 1,596 13,770 32,861 48,227 (6,185) 42,042 46,639 46,639 46,639 46,639 |
2019 £ £ 4,597 4,597 1,596 13,770 32,861 48,227 (6,185) 42,042 46,639 46,639 46,639 46,639 |
|---|---|---|---|---|
| 3,599 41,649 |
4,597 42,042 |
|||
| 106,377 (64,728) |
48,227 (6,185) |
|||
| 45,248 | 46,639 | |||
| 45,248 | 46,639 | |||
| 45,248 | 46,639 | |||
| 45,248 | 46,639 |
For the year ending 31 December 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
On behalf of the board
Angela Scott
Director
09/09/2021
The notes on pages 6 to 7 form part of these financial statements.
Page 5
Portland Museum Trust Notes to the Financial Statements For The Year Ended 31 December 2020
1. Accounting Policies
1.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts. Turnover includes revenue earned from the sale of goods and from the rendering of services and donations received. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
1.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Fixtures & Fittings
25% reducing balance basis
1.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.
2. Average Number of Employees
Average number of employees, during the year was as follows: 1 (2019: 1)
3. Tangible Assets
| Cost As at 1 January 2020 Additions As at 31 December 2020 Depreciation As at 1 January 2020 Provided during the period As at 31 December 2020 Net Book Value As at 31 December 2020 As at 1 January 2020 . Stocks Stock - finished goods |
2020 £ 1,596 1,596 |
Fixtures & Fittings £ 19,402 202 |
|---|---|---|
| 19,604 | ||
| 14,805 1,200 |
||
| 16,005 | ||
| 3,599 | ||
| 4,597 | ||
| 2019 £ 1,596 |
||
| 1,596 |
4. Stocks
Page 6
Portland Museum Trust Notes to the Financial Statements (continued) For The Year Ended 31 December 2020
5. Debtors
| . Debtors |
||
|---|---|---|
| Due within one year Prepayments and accrued income Other debtors . Creditors: Amounts Falling Due Within One Year Trade creditors Other taxes and social security Net wages Accruals and deferred income |
2020 £ 3,798 - 3,798 2020 £ 892 170 - 63,666 64,728 |
2019 £ 13,505 265 |
| 13,770 | ||
| 2019 £ - 100 536 5,549 |
||
| 6,185 |
- Creditors: Amounts Falling Due Within One Year
7. Company limited by guarantee
The company is limited by guarantee and has no share capital.
Every member of the company undertakes to contribute to the assets of the company, in the event of a winding up, such an amount as may be required not exceeding £1.
8. General Information
Portland Museum Trust is a private company, limited by guarantee, incorporated in England & Wales, registered number 06292060. The registered office is Hillgate House, 2a Old Castle Road, Weymouth, Dorset, DT4 8QB.
Page 7
Portland Museum Trust Detailed Income and Expenditure Account For The Year Ended 31 December 2020
| TURNOVER Admissions, shop sales and events FoPM Grants and donations received COST OF SALES Shop Purchases and events GROSS SURPLUS Administrative Expenses Wages and salaries Volunteers expenses Rent, rates and meeting expenses Light and heat Water rates Repairs and maintenance Gardening Waste removal Premises insurance Security and safety Work on collection Secretarial and office costs Marketing and project research costs Telecommunications and data costs IT resources Accountancy fees Legal and professional fees Subscriptions Depreciation Sundry expenses OPERATING (DEFICIT)/SURPLUS Other interest receivable and similar income Bank interest receivable |
2020 £ £ 50 382 68,842 69,274 265 (265) 69,009 12,031 10 19 757 172 40,296 - 45 3,571 927 4,293 725 3,523 621 493 495 207 253 1,200 136 (69,774) (765) 9 9 |
2020 £ £ 50 382 68,842 69,274 265 (265) 69,009 12,031 10 19 757 172 40,296 - 45 3,571 927 4,293 725 3,523 621 493 495 207 253 1,200 136 (69,774) (765) 9 9 |
2019 £ £ 22,063 1,365 9,045 32,473 4,478 (4,478) 27,995 11,526 758 40 1,525 281 1,753 84 377 3,592 688 - 483 1,297 1,023 417 - 288 191 1,532 172 (26,027) 1,968 19 19 ...CONTINUED |
|---|---|---|---|
| 69,274 (265) |
|||
| 12,031 10 19 757 172 40,296 - 45 3,571 927 4,293 725 3,523 621 493 495 207 253 1,200 136 |
11,526 758 40 1,525 281 1,753 84 377 3,592 688 - 483 1,297 1,023 417 - 288 191 1,532 172 |
||
| 69,009 (69,774) |
|||
| 9 | 19 | ||
| (765) 9 |
|||
Page 8
Portland Museum Trust Detailed Income and Expenditure Account (continued) For The Year Ended 31 December 2020
| Interest payable and similar expenses Bank and card charges (DEFICIT)/SURPLUS FOR THE FINANCIAL YEAR |
635 | (635) | 887 | (887) |
|---|---|---|---|---|
| (1,391) | 1,100 |
Page 9