## **PORTLAND MUSEUM TRUST** **ANNUAL REPORT 2022** ## **Annual Report 2022** 1 1. Chairman’s Report 2. About the Trust 3. Links to other Organisations 4. Grants and Donations 5. Events 6. Update of projects 7. 2022 Season 8. Income 9. Admissions 10. Friends of Portland Museum ## **1. Chairman’s Report** This was a year of consolidation for the museum. It was the first year, post-pandemic, that the museum was able to open for the complete season. Any thought of ‘returning to normal’ were soon quashed. We realised last year, how much people seemed to have changed over the course of the pandemic, but we now realised that these changes were quite long term. The museum had to adapt the way it was run to accommodate these changes. Having been hopeful that all our shielding volunteers would return in 2022, many of them chose not to or were still shielding. Additionally, less new people came forward to volunteer than we were used to. Also, the incidence of covid remained quite high, resulting in a steady stream of staff and volunteers isolating with positive covid tests. Following the award of a Heritage Lottery Grant for the ‘Earl of Abergavenny’ project at the end of 2021, our long term Museum Manager was appointed as Project Manager, remaining as Museum Manager for 1 day/week. A temporary part time Administrative Assistant was appointed to run the museum in her absence. Despite all the covid generated problems, we managed to keep the museum open seven days/week and the visitors came in in reasonable numbers. Plenty of events were held over the course of the season and, as with 2021, I can write a pretty positive report though it is tinged with concerns for the long term financial position of the museum ## **2. 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, initially for an interim year. The lease 2 was sublet to Portland Town Council, an arrangement that has continued throughout 2022. 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"_ The Board of Trustees has 8 members, assisted by our Accountant, Adele Russell. The active recruitment drive for some new trustees continued to allow for imminent retirement of other trustees - Angela Scott (Chair) - Elizabeth Hardy (Company Secretary & Health and Safety) - David Carter (Buildings and Maritime Collection) - Mike Osmond (Finances) - Nance Grace (Collection Care) - Amanda Wallwork (link with b-side) - Julie Freeman - David Wilkins - Louisa Carpenter (Retail Adviser) ## **3. Links to other Organisations** The Trust works with many other organisations, and is pleased to be associated with – 3 Dorset Council Arts Council England St George’s Church Dorset Museums Association Portland Town Council Budmouth College Association of Independent b-side Museums (AIM) Weymouth & Portland Heritage St Georges Heritage Study Centre, Group Portland Weymouth LUNAR Society St Georges School, Portland Portland Court Leet b-side artist Christopher Lee Sarah Acton Aria Heals-Taylor Nautical Archaeology Society Historic England Dorset Museum Portland Bill Lighthouse Royal Museums Greenwich Modes MSDS Marine Shire Hall, Dorchester Receiver of Wreck Museum Association Nothe Fort 4 ## **4. Grants and Donations** The Trust is grateful for grants, donations and financial help from the following organisations – - Portland Court Leet - Dorset Museums Association - Dorset Council - Portland Town Council - Various local groups (through David Carter’s talks) - Weymouth LUNAR Society - National Lottery Heritage Fund - Friends of Portland Museum - Historic England ## **5. Events** - Talk on ‘Earl of Abergavenny’ by David Carter (February) - Talks on the life of our museum founder and benefactor, Dr Marie Stopes in Sturminster Newton and Sherborne by David Carter (October) - Platinum Jubilee Craft Event (May) - Three tours of Rufus Castle (June/July) - Bric-a-Brac sale in museum garden (July) - Four Discussion Cafes with Sarah Acton and Portland residents - discussion of life & jobs on Portland in 1900s – recorded by a cameraman and an audio recorder to create a soundscape of stories (June to August) - Dino Day Craft Event (August) - b-side artist in garden – Christopher Lee (September) - Heritage Open Day on theme of ‘Astounding Inventions’. Marshall’s Televisor and Mechanical Pencils recovered from the wreck of the ‘Earl of Abergavenny’ were showcased (September) - Talk from Johanna Roethe, an Architectural Investigator, on St Andrews Church – organised by Friends of Portland Museum (September) - Halloween craft event (October) - Creative workshop with b-side artist Chris Lee (December) - Six ‘Paint your own Fossils’ - children’s craft events (November/December) - Free hot drinks and biscuits were available for locals throughout winter 2022 for the 'warm banks' scheme ran through Island Community action 5 - **Over the course of 2022, sixteen events related to the ‘Earl of Abergavenny’ Project were delivered at various** 1. Wyke Regis Library, Weymouth – talk & pop-up display (May) 2. Budmouth Probus, Weymouth – talk (May) 3. Chesil Beach Centre, Weymouth - pop-up display (July) 4. Festival of British Archaeology, Corfe Castle - pop-up display (July) 5. Southwell Dog Show, Portland - pop-up display (August) 6. Friends of Weymouth Museum, Weymouth – talk (September) 7. Portland Probus, Weymouth – talk (September) 8. Nothe Fort Science Fair, Weymouth - pop-up display (October) 9. u3a Archaeology Group, Dorchester - pop-up display & talk (October) 10. Sherborne Historical Society - pop-up display (October) 11. u3a, Sturminster Newton - pop-up display (November) 12. Moose Lodge, Weymouth – talk (November) 13. Nautical Archaeology Society International Conference, Dublin – display (November) 14. Dorset Museum Association Conference, Wimborne – talk (December) 15. Langton Matravers Historical Society – talk & pop-up display (December) 16. Weymouth College – talk (December) ## **6. Update of projects** - Delayed Church Ope project was signed off in January (funded by Arts Council England) - 3D scan of Rufus Castle was completed and loaded onto website in May (funded by Art Fund) - Full Accreditation was awarded for a period of 5 years. - ‘Protect our Pictures’ – a volunteer led project is ongoing. This project is allowing the museum’s old image collection of Portland pictures to be transferred to new museum quality albums (Funded by donations from the Court Leet & Aria Heals -Taylor) - The museum was awarded £59,014 by the National Lottery Heritage Fund + £500 match funding from Weymouth LUNAR Society (December 2021) to launch a digital volunteering initiative and break down barriers to heritage: **’Diving into the Digital Archives of the Earl of Abergavenny’,** working with partners – Nautical Archaeology Society and MSDS Marine the project using artefacts recovered from the wreck of the East India Company ship ‘Earl of Abergavenny’. Most of the project was completed in 2022. With the award of some extra funding by NLHF, it will be completed in 2023. Project included: 6 - Recruitment of volunteers - Volunteer training in 3D digital photography - 3D imaging artefacts from the ‘Earl of Abergavenny’ and uploading them onto our website. - Volunteer training in the use of Modes and then recording the artefacts from the ‘Earl of Abergavenny’ - Volunteers training in Condition Assessment of artefacts - Outreach events - Talks to various local groups on the project ## **7. 2022 Season** During the 2022 season, the museum employed two part-time members of staff. Lucy Watkins worked 3 days/week as the Earl of Abergavenny Project Manager (financed by the NLHF grant) and 1 day/week as Museum Manager (financed by the museum). Chloe Taylor was employed as an Administrative Assistant by the museum for 4 days/week. Supported by volunteers, this level of staffing allowed the museum to be open 7 days/week during much of the season. ## Grants 1. The award of the grant from NLHF to the museum at the end of 2021 was very exciting. It meant that the museum was going to be very busy throughout 2022. The first job for the Project Manager and David Carter (Trustee overseeing the ‘Earl of Abergavenny’ project who was one of the dive team, led by Edward Cumming, that surveyed and recovered a large number of artefacts from the wreck), was to recruit volunteers to take part in the skills training on **‘Diving into the Digital Archives if the Earl of Abergavenny.’** Around 40 volunteers signed up and the majority stuck with the project. The training on 3D digital photography was carried out by our partners, MSDS Marine. Using an iPad Pro and a specialised app, volunteers soon acquired the skills to produce stunning 3D images of the artefacts. The volunteers also learned other key skills, including training in how to use Modes, an electronic data base for museum objects; Condition Assessment of objects and Collection Care. Our other partner, the Nautical Archaeology Society produced a training manual on the above skills training that is now freely available to all on our newly revised website This work continued on a smaller scale when the museum opened to the public. The upstairs office and work space proved to be very useful as it allowed project work to continue when visitors were in the rest of the museum. 7 Over the course of the year, David Carter and Lucy Watkins gave talks on the project to various groups and conferences. Additionally, they took the pop-up museum and a handling collection of Earl of Abergavenny objects to various events in the area, assisted by some of the project volunteers. 2. We are grateful to Portland Town Council for the generous donation of a grant of £3,000 in exchange for the museum giving all residents of Porland free entry to the museum. 3. We are also grateful to Dorchester Council for a grant of £5,000 as part of their Revenue Support Program. 8 ## Events Over the course of 2022, we were able to carry out more events than we had in 2021. The threat of Covid had abated quite a bit, though there were still some outbreaks throughout the year, but not on the scale of 2021. We still maintained cleaning standards and kept the Perspex sheet at the front desk to protect our front of house staff. We had to cope with several Covid cases amongst staff and volunteers over the year. We held three children’s craft events in the museum garden and used a booking system to ensure that there were not too many people in the museum at any one time. Where possible, we held all events in the garden, including Sarah Acton’s discussion cafes, the Bric-a-Brac sale and the b-side event with Christopher Lee. The museum is grateful to Gerry Hinde, the owner of Rufus Castle, who kindly gave permission for the museum to take three groups of visitors for a tour around the inside of the ruins of the castle. These trips were very popular and thoroughly enjoyed by those people who participated. Portland Museum continues to be part of Weymouth and Portland Heritage Group and participated in the national annual Heritage Open Day again. We are very grateful to one of our volunteers, Vicky Marshall, for the loan of a fascinating family heirloom ‘ **Marshall’s Televisor’** a mechanical television built by her father and uncle on Portland. A new craft activity was started in 2022 – ‘Paint your own Fossils’. This was organised by Chloe Taylor at weekends in November and December. ## **8. Income** The annual income for Portland Museum comes from a combination of small grants (not allocated to specific projects), donations, entrance fees and retail. Income in 2022: - Grant from Dorset Council: £5,000 - Grant from Portland Town Council: £3,000 - FOPM: £345 - Retail (purchase cost + profit + cash donations): £9,617 - Admissions: £13,173 ## **9. Admissions** Adults: 3,349 Children : 1,212 of which 11% were Portlanders This figure is an underestimate of the total number of visitors as the entry recording system was new to many volunteers and occasionally, groups of visitors were recorded as I visitor only. 9 The breakdown of these numbers shows that 66% of visitors to the museum were adults and 33% were children, for both Portlanders and non-Portlanders. ## **11. Friends of Portland Museum** Portland Museum is very grateful to the Friends who have made a valuable contribution over many years. The members who have been running the Friends and said that they wish to stand down now and hand on the role to new people. The Friends and the museum would especially like to thank Pam Boyce as well as Jan and Les Sullivan for all their hard work over many years. It is now time for the Friends to be taken forward by some new people in 2023 Dr Angela Scott Chair of Portland Museum Trustees 10 Reglstered number.. 06292060 PORTLAND MUSEUM TRUST DIRECTORS. REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 AR Accounting Portland Museum Trust Directors. Report and Unaudited Financial Statements For The Year Ended 31 December 2022 Contents Page Company Information Directors. Report Accountsnt's Report Income and Expenditure Account Balance Sheet Notes to the Financial Statements The following pages do not forrn part of the statutory accounts.. Detailed Income and Expenditure Account Portland Museum Trust Company Information For The Year Ended 31 December 2022 Dlrectors Ms Amand3 Wallwork Dr Angela Scott Mr Michael Osmond Mr David Carter M5 Nancy Grace Mi55 Louisa Carpenter Mrs Julie Freeman Mr David Wilkins 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 I Portland Museum Trust Company No. 06292060 Dlrector$' Report For The Year Ended 31 December 2022 The directors present their report and the financial staternent5 for the year ended 31 December 2022. statement ot Dlrectors, Responslbllltles The directors 3re responsible for prep3ring the Directors, Report and the fln3ncial statements In accordance wlth 3pplicable law and regulations. Company law ￿qUireS the directors to prepare financial statements for each financial year. Under that law the al￿ttor5 have elected to prepa￿ the financial statement5 in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standord5 and applicable lawl. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the surplu5 or deficit of the company for that period. In preparing the financial Statements the d1￿ctOrS are required to.. select suitable accounting policies then apply them consistentlyi make judgments and accounting estimates that are reason3ble and prudent,. prepare the financial statements on the going concern basis unless it is inappropriate to presume that the cornpany will continue In business. The dlrertors are responsible for keeping adequate accountlng records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable thern to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other Dlrector$ The directors who held office during the year were as follows.. Ms Amanda Wallwork Dr Angela Scott Mr Michael 05￿Ond Ms Elizabeth Hardy Mr David Carter Resigned 1910612023 Ms Nancy Grace Miss Loulsa Carpenter Appointed 1610312022 Mrs Julie Freeman Appointed 19/0312022 Appointed 1910312022 Mr David Wilkins Small Company Rules This report has been prepared In accordance with the special provisions relating to companies subject to the srnall companies regime within Part 15 of the Companie5 Act 2006. On L)ehalF of the boar 11-1 S. p*- Dr Angela Scott Director 1410912023 Page 2 Portland Museum Trust Accountant's Report For The Year Ended 31 December 2022 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 2022 In order to assist you to fulfil your duties under the Companies Act 2006, 1 have prepared for your appmval the accounts of Portland Museum Trust For The Year Ended 31 December 2022 which comprise the Income and Expenditure Account, the Balance Sheet and the related notes fmm the company's accounting records and from Informatlon and explanations you have given to us. As a practising member of the Institute of Chartered Accountants in England and Wales IICAEWI, we are subject to its ethical and other professional ￿qUIreMentS which are detailed at http'.l]www.i¢aew.com/enlmembership/regulations-standards-and- guidance. 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 L)een undertaken solely to popare 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 3 body, in this report In accordance with ICAEW Technical Release 07116 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone Oiher than Portland Museum Trust and its directors, as a bodyi for our work or for this report. It 15 your duty to ensure that Portland Museum Trust has kept adequate accounting record5 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 cornpletene55 of the accounting record5 Or information and explanations you have given to us and we do not, therefore, express 3ny opinion on the financial statements. Signed 15/09/2023 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 2022 2022 2021 Notes TURNOVER Cost of sales 100.008 15,7761 103.445 17,7371 GROSS SURPLUS 94,232 95,708 Adminlstratlve expenses 1105,4511 188,2231 OPERATING {DEFICIT)/SURPLUS 111,2191 35 19431 7,485 Other Interest receivable and similar income Inte￿st Payable and similar charges 11.0731 {DEFICIT)ISURPLUS FOR THE FINANCIAL YEAR 112,1271 6.412 The notes on pages 6 to 7 form part of these financial statements. Page 4 Portland Museum Trust Balance Sheet As At 31 December 2022 2022 2021 Notes FIXED ASSETS Tangible A55et5 16,357 17,133 16,357 17,133 CURRENT ASSETS stocks 872 1,348 4,150 43,132 Debtors Cash at bank and in hand 4,866 29,236 34,974 48,630 Creditors: Amount$ F)Iling Due Within One Year ILI,7981 114,1031 NET CURRENT ASSETS (LIABILITIES) 23,176 34,527 TOTAL ASSETS LESS CURRENT LIABILITIES 39,533 51,660 NET ASSETS 39,533 51,660 Income and Expenditure Account 39,533 51,660 MEMBERS. FUNDS 39,533 51,660 For the year ending 31 December 2022 the company was entitled to e%emption from audlt under section 477 of the Cornpanies Act 2006 relating to small cornpanies. The members have not reouired the company to obtain an audit in accordance with section 476 of the Companies Act 2006. The directors acknowledge their responsibllities for complying wlth the ￿quirementS of the Act wlth ￿SpeCt 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, ￿gI[￿e. On behalf of the board Dr Angela Scott Mr David Carter Ms Nancy Grace Director Director Director 1410912023 The notes on pages 6 to 7 forrn part of these financial 5tatetnents. Page 5 Portland Museum Trust Notes to the Financial Statements For The Year Ended 31 December 2022 Accounting Policies l. l. Basis of Preparation of Financial Statements The financial statements have been pfftpa￿￿ under the historical cost Convention and in accordance with Financial Reporting Standard 102 section LA Small Entities 'The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Ctsmpanie5 Act 2006. 1.2. Turnover Turnover Is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover include5 revenue earned from the sale of goods and from the rendering of 5ervice5. Turnover is reduted for esiimaied customer returns, rebates and other similar allowances. Sale ot goods Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has t￿nsferred to the buyer. This 15 usually at the point that the customer hs5 signed for the delivery of the goods. Renderlng of $er¥lce$ Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract 15 measured by cornparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognlsed to the extent of recovenble expenses when the outcome of a contract cannot be estimated reliably. 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 live5 on the following ba5es'. Fixtures & Fittings 25010 on a reducing balance basis 1.4. Stocks and Work in Progre$s stocks and work in progress are valued at the lower of cost and net realisable value after making due allow3nce for obsolete and slow-rnoving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress Is reflerted in the accounts on a contract by contrart basls by recording turnover and related costs as contract activity progresses. 2. Average Number of Employees Average number of ernployees, including directo￿, during the year was a5 follows.. 2 12021.. 1) 3. T•nglble As$ets Fixtures & Flttlngs Cost at l January 2022 Additions 38,849 4,676 at 31 December 2022 43,525 Depreclatlon As at l January 2022 Pmvided during the period 21,716 5,452 As at 31 December 2022 27.168 Net Book V•lue A5 at 31 December 2022 16,357 As at l January 2022 17,133 Page 6 Portland Museum Trust Notes to the Financial Statements (continued) For The Year Ended 31 December 2022 4. Stocks 2022 2021 stock - finished goods 872 1,348 872 1,348 5. Debtor5 2022 2021 Due wlthln one year Prepayments and accrued Income 4,866 4,150 4,866 4,150 6. Creditors.. Amounts Falling Due Within One Year 2022 2021 Trade c￿dItorS 80 75 Other taxes and social Security Accruals and deferred income 1,681 10,037 455 13,573 11,798 14,103 7. Company Ilmlted by gu•rantee The company is limited by guarantee and has no share capital. Every member of the company undertakes to contribute to the assets of the cotnpany. in the event of a winding up, such an amount as may be required not exceeding £1. 8. General Informatlon Portland Museum Trust is a private cornpany. limited by guarantee, incorparated 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 2022 2022 2021 TURNOVER Admi5510n5, shop sales and events FOPM Grants and donations received 23,363 345 76,300 23,003 358 80.084 100,008 103,445 COST OF SALES Shop Purchases and events 5,776 7,737 15,7761 17,7371 GROSS SURPLUS 94,232 95,708 Administrative Expenses Wages and salarie5 Ernployers pensions - defined contributions schetne Project contractors Volunteers expenses Travel expenses Rent, rates and meeting expenses Light and heat Water rates 38,775 522 18,803 15,166 io 103 566 29 1,371 265 1.730 138 Repairs and maintenance Gardening Waste removal Prerni5es insurance Security and safety Work on collection Secretarial and office costs Marketing and project research costs Telecommunic3tions and d3ta costs 8,684 208 331 4,305 497 10,257 150 398 3,953 599 12,138 3,432 4,900 832 36,231 4.248 5.412 610 tT resources 3,485 680 180 476 5,452 12 1,975 660 180 188 5,711 12 Accountsncy fees Legal and professional fees Subscriptions Depreciation Sundry expenses 1105,4511 188,2231 OPERATING {DEFICIT)/SURPLUS 111,2191 7,485 Other interest receivable and similar income Bank interest receivable 35 35 Interest payable and similar expenses 8ank and card charges 943 1.073 19431 11,0731 {DEFICIT)ISURPLUS FOR THE FINANCIAL YEAR 112,1271 6,412 Page 8 Reglstered number.. 06292060 PORTLAND MUSEUM TRUST DIRECTORS. REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 AR Accounting Portland Museum Trust Directors. Report and Unaudited Financial Statements For The Year Ended 31 December 2022 Contents Page Company Information Directors. Report Accountsnt's Report Income and Expenditure Account Balance Sheet Notes to the Financial Statements The following pages do not forrn part of the statutory accounts.. Detailed Income and Expenditure Account Portland Museum Trust Company Information For The Year Ended 31 December 2022 Dlrectors Ms Amand3 Wallwork Dr Angela Scott Mr Michael Osmond Mr David Carter M5 Nancy Grace Mi55 Louisa Carpenter Mrs Julie Freeman Mr David Wilkins 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 I Portland Museum Trust Company No. 06292060 Dlrector$' Report For The Year Ended 31 December 2022 The directors present their report and the financial staternent5 for the year ended 31 December 2022. statement ot Dlrectors, Responslbllltles The directors 3re responsible for prep3ring the Directors, Report and the fln3ncial statements In accordance wlth 3pplicable law and regulations. Company law ￿qUireS the directors to prepare financial statements for each financial year. Under that law the al￿ttor5 have elected to prepa￿ the financial statement5 in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standord5 and applicable lawl. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the surplu5 or deficit of the company for that period. In preparing the financial Statements the d1￿ctOrS are required to.. select suitable accounting policies then apply them consistentlyi make judgments and accounting estimates that are reason3ble and prudent,. prepare the financial statements on the going concern basis unless it is inappropriate to presume that the cornpany will continue In business. The dlrertors are responsible for keeping adequate accountlng records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable thern to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other Dlrector$ The directors who held office during the year were as follows.. Ms Amanda Wallwork Dr Angela Scott Mr Michael 05￿Ond Ms Elizabeth Hardy Mr David Carter Resigned 1910612023 Ms Nancy Grace Miss Loulsa Carpenter Appointed 1610312022 Mrs Julie Freeman Appointed 19/0312022 Appointed 1910312022 Mr David Wilkins Small Company Rules This report has been prepared In accordance with the special provisions relating to companies subject to the srnall companies regime within Part 15 of the Companie5 Act 2006. On L)ehalF of the boar 11-1 S. p*- Dr Angela Scott Director 1410912023 Page 2 Portland Museum Trust Accountant's Report For The Year Ended 31 December 2022 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 2022 In order to assist you to fulfil your duties under the Companies Act 2006, 1 have prepared for your appmval the accounts of Portland Museum Trust For The Year Ended 31 December 2022 which comprise the Income and Expenditure Account, the Balance Sheet and the related notes fmm the company's accounting records and from Informatlon and explanations you have given to us. As a practising member of the Institute of Chartered Accountants in England and Wales IICAEWI, we are subject to its ethical and other professional ￿qUIreMentS which are detailed at http'.l]www.i¢aew.com/enlmembership/regulations-standards-and- guidance. 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 L)een undertaken solely to popare 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 3 body, in this report In accordance with ICAEW Technical Release 07116 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone Oiher than Portland Museum Trust and its directors, as a bodyi for our work or for this report. It 15 your duty to ensure that Portland Museum Trust has kept adequate accounting record5 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 cornpletene55 of the accounting record5 Or information and explanations you have given to us and we do not, therefore, express 3ny opinion on the financial statements. Signed 15/09/2023 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 2022 2022 2021 Notes TURNOVER Cost of sales 100.008 15,7761 103.445 17,7371 GROSS SURPLUS 94,232 95,708 Adminlstratlve expenses 1105,4511 188,2231 OPERATING {DEFICIT)/SURPLUS 111,2191 35 19431 7,485 Other Interest receivable and similar income Inte￿st Payable and similar charges 11.0731 {DEFICIT)ISURPLUS FOR THE FINANCIAL YEAR 112,1271 6.412 The notes on pages 6 to 7 form part of these financial statements. Page 4 Portland Museum Trust Balance Sheet As At 31 December 2022 2022 2021 Notes FIXED ASSETS Tangible A55et5 16,357 17,133 16,357 17,133 CURRENT ASSETS stocks 872 1,348 4,150 43,132 Debtors Cash at bank and in hand 4,866 29,236 34,974 48,630 Creditors: Amount$ F)Iling Due Within One Year ILI,7981 114,1031 NET CURRENT ASSETS (LIABILITIES) 23,176 34,527 TOTAL ASSETS LESS CURRENT LIABILITIES 39,533 51,660 NET ASSETS 39,533 51,660 Income and Expenditure Account 39,533 51,660 MEMBERS. FUNDS 39,533 51,660 For the year ending 31 December 2022 the company was entitled to e%emption from audlt under section 477 of the Cornpanies Act 2006 relating to small cornpanies. The members have not reouired the company to obtain an audit in accordance with section 476 of the Companies Act 2006. The directors acknowledge their responsibllities for complying wlth the ￿quirementS of the Act wlth ￿SpeCt 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, ￿gI[￿e. On behalf of the board Dr Angela Scott Mr David Carter Ms Nancy Grace Director Director Director 1410912023 The notes on pages 6 to 7 forrn part of these financial 5tatetnents. Page 5 Portland Museum Trust Notes to the Financial Statements For The Year Ended 31 December 2022 Accounting Policies l. l. Basis of Preparation of Financial Statements The financial statements have been pfftpa￿￿ under the historical cost Convention and in accordance with Financial Reporting Standard 102 section LA Small Entities 'The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Ctsmpanie5 Act 2006. 1.2. Turnover Turnover Is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover include5 revenue earned from the sale of goods and from the rendering of 5ervice5. Turnover is reduted for esiimaied customer returns, rebates and other similar allowances. Sale ot goods Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has t￿nsferred to the buyer. This 15 usually at the point that the customer hs5 signed for the delivery of the goods. Renderlng of $er¥lce$ Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract 15 measured by cornparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognlsed to the extent of recovenble expenses when the outcome of a contract cannot be estimated reliably. 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 live5 on the following ba5es'. Fixtures & Fittings 25010 on a reducing balance basis 1.4. Stocks and Work in Progre$s stocks and work in progress are valued at the lower of cost and net realisable value after making due allow3nce for obsolete and slow-rnoving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress Is reflerted in the accounts on a contract by contrart basls by recording turnover and related costs as contract activity progresses. 2. Average Number of Employees Average number of ernployees, including directo￿, during the year was a5 follows.. 2 12021.. 1) 3. T•nglble As$ets Fixtures & Flttlngs Cost at l January 2022 Additions 38,849 4,676 at 31 December 2022 43,525 Depreclatlon As at l January 2022 Pmvided during the period 21,716 5,452 As at 31 December 2022 27.168 Net Book V•lue A5 at 31 December 2022 16,357 As at l January 2022 17,133 Page 6 Portland Museum Trust Notes to the Financial Statements (continued) For The Year Ended 31 December 2022 4. Stocks 2022 2021 stock - finished goods 872 1,348 872 1,348 5. Debtor5 2022 2021 Due wlthln one year Prepayments and accrued Income 4,866 4,150 4,866 4,150 6. Creditors.. Amounts Falling Due Within One Year 2022 2021 Trade c￿dItorS 80 75 Other taxes and social Security Accruals and deferred income 1,681 10,037 455 13,573 11,798 14,103 7. Company Ilmlted by gu•rantee The company is limited by guarantee and has no share capital. Every member of the company undertakes to contribute to the assets of the cotnpany. in the event of a winding up, such an amount as may be required not exceeding £1. 8. General Informatlon Portland Museum Trust is a private cornpany. limited by guarantee, incorparated 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 2022 2022 2021 TURNOVER Admi5510n5, shop sales and events FOPM Grants and donations received 23,363 345 76,300 23,003 358 80.084 100,008 103,445 COST OF SALES Shop Purchases and events 5,776 7,737 15,7761 17,7371 GROSS SURPLUS 94,232 95,708 Administrative Expenses Wages and salarie5 Ernployers pensions - defined contributions schetne Project contractors Volunteers expenses Travel expenses Rent, rates and meeting expenses Light and heat Water rates 38,775 522 18,803 15,166 io 103 566 29 1,371 265 1.730 138 Repairs and maintenance Gardening Waste removal Prerni5es insurance Security and safety Work on collection Secretarial and office costs Marketing and project research costs Telecommunic3tions and d3ta costs 8,684 208 331 4,305 497 10,257 150 398 3,953 599 12,138 3,432 4,900 832 36,231 4.248 5.412 610 tT resources 3,485 680 180 476 5,452 12 1,975 660 180 188 5,711 12 Accountsncy fees Legal and professional fees Subscriptions Depreciation Sundry expenses 1105,4511 188,2231 OPERATING {DEFICIT)/SURPLUS 111,2191 7,485 Other interest receivable and similar income Bank interest receivable 35 35 Interest payable and similar expenses 8ank and card charges 943 1.073 19431 11,0731 {DEFICIT)ISURPLUS FOR THE FINANCIAL YEAR 112,1271 6,412 Page 8