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PORTLAND MUSEUM TRUST
ANNUAL REPORT 2023
1
Annual Report 2023
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Chairman’s Report
-
About the Trust
-
Links to other Organisations
-
Events
-
Update of projects
-
Grants and Donations
-
Admissions
-
Income
-
Friends of Portland Museum
10. Acknowledgements
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1. Chairman’s Report
2022 was a year of consolidation for the museum. This continued into 2023 as it became obvious that recovery from the pandemic was a long-term project and in common with many cultural organisations, survival was going to be harder than was initially envisaged.
For us it was also a year of change. Our wonderful manager for the last 5 years, Lucy Watkins, left the museum to work for the Jurassic Coast Trust, following completion of the very successful ‘Earl of Abergavenny’ project
Following Lucy’s departure, the Trust appointed Chloe Taylor and Rachel Elam to a job share until the end of September. They co-ordinated the volunteers and, together, kept the museum running until the end of September. Since then, Chloe has continued to work parttime in the museum and will continue to do so throughout the 2024 open season.
2023 proved to be a hard year for the Trust. As well as dealing with staff changes, we had to deal with problems with the buildings. There were repeated floods in the courtyard and in the Marie Stopes Cottage with water bubbling up through the gaps between the flag stones. Eventually, after a sterling effort by David Carter and Tom Ellis-Jones, Dorset Council were persuaded to assist the museum in getting to the cause of the flooding after active support from Councillor Paul Kimber. Dorset Council carried out the necessary remedial work in the courtyard and excavated beneath the Marie Stopes Cottage flagstones to establish if there was a further problem there. Even during periods of heavy rain over the winter the floor has not flooded and we hope that the work in the courtyard has solved the problem. Dorset Council has paid for all the work to date and been monitoring the floor every month, this will end at the end of March 2024 and responsibility handed back to us. There does remain a poor element of construction, which may come back to haunt us, from the 1930s when the original tile roof on Marie Stopes Cottage was replaced by thatch without providing adequate ground level drainage from the run off from the thatch, which is now Listed!
Like many cultural organisations in 2023, Portland Museum was struggling to cope with the rising costs of electricity, insurance and other running costs. The cost-of-living crisis meant that we had less visitors than we hoped for and they were spending less money in the shop than in previous years. The Trust pruned the museum expenditure as much as possible so as not to deplete the limited reserves in the bank account further.
Once the museum was closed for the winter, following the Halloween event, staffing was cut back to two days/week and the heating was kept to a minimum.
In 2021, the museum was awarded £5,000/year for 3 years (2021 – 2023) by Dorset Council from the Organisational Revenue Support Fund. An application for the next round of support for 2024 – 2026 was more ambitious and we were delighted to be awarded £15,000/year for the next 3 years. This award eases the financial pressure a bit. Additionally, grant giving bodies have eventually woken up to the fact that museums don’t just need money for projects, they need money to help with running costs and wages. It is anticipated that an application will be made in 2024 for one of these grants.
As the museum moves into the 2024 season, the Trust will be working hard to improve the financial resilience of the museum and to ensure its long-term future.
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On a personal note, I have decided to step down from the Trust at the end of March 2024 after 10 ½ years. I am confident that with the present group of excellent Trustees on the Board, I am leaving the museum in safe hands.
Dr Angela Scott
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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 ownership of the museum collection and the management and operational responsibility for Portland Museum from Weymouth & Portland Borough Council in March 2008, under the terms of a 25 year full repairing and insuring 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 management of the lease was given 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, as of 31[st] December 2023, has 9 members, assisted by our Chartered Accountant, Adele Russell of AR Accounting.
-
Angela Scott (Chair)
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David Carter (Maritime Collection & Buildings)
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Mike Osmond (Finances)
-
Nance Grace (Collection Care)
-
Amanda Wallwork (link with b-side)
-
David Wilkins (Education)
-
Louisa Carpenter (Retail Adviser)
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Tom Ellis – Jones (Buildings)
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Stella New (Environmental Monitoring & Collection Care)
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Elizabeth Hardy (resigned March 2023)
-
Julie Freeman (resigned September 2023).
-
We will have 2 new trustees in 2024: Dorset Councillor Rob Hughes and Mr Tony Flux
4
3. Links to other Organisations
The Trust works with many other organisations, and is pleased to be associated with: –
Arts Council England Nautical Archaeology Society Association of Independent Museums Nothe Fort b-side Portland Bill Lighthouse Budmouth College Portland Town Council Dorset Council Receiver of Wreck Dorset Museum Royal Museums Greenwich Dorset Museums Association Shire Hall, Dorchester Historic England St George’s Church Modes St Georges Heritage Study Centre, Portland MSDS Marine St Georges School, Portland Museum Association Weymouth LUNAR Society National Lottery Heritage Fund Weymouth & Portland Heritage Group
4. Events in 2023
• Book Event
On Friday 3rd March, Portland Museum hosted Author Sarah Acton’s book talk and discussion cafe for her new book: ‘ Seining Along Chesil: Voices from a Dorset Fishing Community ’. It was very popular, with 21 people attending. Sarah Acton has donated a copy of the book to the museum and it is in Avice’s Cottage for visitors to read.
• Heart of Stone Oral History and Community Project Film Screening
On Friday 24th March, Portland Museum partnered with Sarah Acton, Rob Jayne and Tom Hughes to host multiple screenings and podcast streamings of the project that had recorded the voices and stories of local quarrymen through discussion cafes held at Portland Museum during the summer of 2022. It was a great day with 54 people attending the screenings. Three local quarrymen hosted a Q&A at the 2pm session, as well as then Museum Manager, Lucy, giving a speech.
• Easter Event
On Thursday 6th and Friday 7th of April, Portland Museum hosted an Easter ‘Paint your own fossil’ and Easter craft event. It was a very popular two days with 37 children coming along to paint their own fossils. The event raised £382.45.
• Dino Day
On Wednesday 16th August, Portland Museum hosted its ever popular Dino Day. We had a large array of Dino themed crafts, Paint your own fossils, face painting, make-a-‘Veggiesaurus’, a dino trail leading down to the lookout at Church Ope and our very own T rex! The day raised £897 with 126 event attendees.
• B-side festival and Heritage Open Day: 7th – 10th September
5
Local artist, Christopher Lee worked with Portland Museum to create souvenirs inspired by artefacts recovered from the ‘Earl of Abergavenny’ shipwreck. Clay models were created by museum volunteers, which Chris scanned and 3D printed. These prints were turned into keychains, pins, magnets and necklaces and sold in the museum gift shop and in vending machines all around the island. We also hosted our Heritage open day this weekend where we offered free entry to the museum.
• Halloween Event
On Wednesday 25th October, Portland Museum hosted a Halloween Craft Event that raised £273.60. There was a spooky selection of crafts, fossil painting, a spider eye spy challenge and volunteers brought the spirit of Halloween to life with their spooky costumes!
• Karen Brown talk at C2000 Hall
On Friday 24th November, Karen Brown gave a talk titled: We are the Time Traveller’s - Treasures from the Dark Dorset Earth . It was an excellent talk where the audience was given a chance to hold real artefacts and given a tour of Dorset through history. Altogether, we raised just under £300.
- Christmas craft event
On Saturday 16th December, Portland Museum hosted a Christmas craft event. The event had free entry, but we served refreshments and had fossil painting which raised £40. There was a small selection of festive crafts, a reindeer eye spy, and Father Christmas came along.
5. Update of projects
- Diving into the Digital Archives of the ‘Earl of Abergavenny
In November 2021 Portland Museum, with our partners, the Nautical Archaeology Society and MSDS Marine, were awarded £59,014 from the National Lottery Heritage Fund (NLHF) with £500 match-funding from Weymouth LUNAR Society to implement a digital volunteering initiative based around the 1805 shipwreck of the East Indiaman, ‘Earl of Abergavenny’, with an additional objective of breaking down some of the barriers to heritage. We were one of just 17 UK projects to benefit from this one-off funding opportunity.
The project commenced in January 2022 with a 31 March 2023 completion date. It enabled us to offer our Museum Manager, Lucy Watkins, the post of Project Manager with appropriate remuneration and monies to backfill her role for the duration of the project. An unexpected bonus was the development of an ongoing partnership with the Royal Museums Greenwich.
In January 2023 NLHF invited us to apply for a 3 month extension with £9,840 additional funding to continue the outreach element until July 2023. During this extension, there were 20 outreach events which reached over 5,000 people, our new volunteers’ design manual was downloaded 544 times and we spoke at a NLHF webinar before project completion in September 2023. Our partners, MSDS Marine, reached 17,000 people in their outreach project to engage landlocked people in the Midlands in which they used ‘Earl of Abergavenny’ artefacts and our design manual.
We were chosen by the Society of Museum Archaeologists as the 2023 winner of their ‘Volunteering Award’ category for ‘Diving into the Digital Archives of the ‘Earl of Abergavenny’’. The project attracted the attention of Historic England who stated “the efforts of Portland
6
Museum and its volunteers have provided sufficient new evidence to justify the reassessment of the ‘Earl of Abergavenny’ for addition to the Schedule under the Ancient Monuments and Archaeological Areas Act”. We understand that an announcement will be made in the near future.
- St Andrew’s Church vegetation clearance with Historic England
We were commissioned to facilitate the removal of the vegetation that was engulfing the ruins of St Andrew’s church with Historic England.
6. Grants
£5,000 from Dorset Council as the third instalment of the Organisational Revenue Support Fund (2021 -2023).
£3,000 from Portland Town Council to support Portland Museum and allow all Portlanders free entry to the museum throughout the year.
£6,895 from the National Lottery Heritage Fund being the final instalment of the original ‘Earl of Abergavenny’ Project.
£9,840 from the National Lottery Heritage Fund to continue the outreach element of the ‘Earl of Abergavenny’ Project during a 3 month project extension.
£14,244 from Historic England to facilitate the removal of the vegetation that was engulfing the ruins of St Andrew’s church.
7. Admissions
Overall, Portland Museum had 4,245 visitors, of which 2,900 were adults. 10% of the visitors were from Portland
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 2023:
-
Grant from Dorset Council: £5,000
-
Grant from Portland Town Council: £3,000
-
Friends of Portland Museum: £185
-
Admissions: £13,626
-
Shop sales: £5,363 - gift stock + food
-
Donations: figure not available at the time of writing
9. Friends of Portland Museum
Following the pandemic and recovery, it was decided to try and return the FoPM to the successful organisation that it had been. It was hoped that we could offer the Friends a few more benefits to joining as their long-standing ‘free entry to the museum’ was no longer relevant to Portlanders that all have free entry now. The reorganisation stalled somewhat, but, for 2024, there are already 5 or 6 interesting talks lined up with other events to follow. Onwards and upwards!
7
10.Acknowledgements
I would like to thank all the people associated with the museum who have all worked tirelessly to make the museum the success that it is. This includes the staff, both past and present, all our fantastic volunteers, the Friends and of course, my fellow trustees who have been so supportive to me personally.
8
Registered number: 06292060
PORTLAND MUSEUM TRUST DIRECTORS' REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
AR Accounting
Portland Museum Trust Directors' Report and Unaudited Financial Statements For The Year Ended 31 December 2023
Contents
| Page | |
|---|---|
| Company Information | 1 |
| Directors' Report | 2—3 |
| Accountant's Report | 4 |
| Income and Expenditure Account | 5 |
| Balance Sheet | 6 |
| Notes to the Financial Statements | 7—8 |
| The following pages do not form part of the statutory accounts: | |
| Detailed Income and Expenditure Account | 9 |
Portland Museum Trust Company Information For The Year Ended 31 December 2023
| Directors | Ms Amanda Wallwork |
|---|---|
| Dr Angela Scott | |
| Mr Michael Osmond | |
| Mr David Carter | |
| Ms Nancy Grace | |
| Miss Louisa Carpenter | |
| Mr David Wilkins | |
| Ms Stella New | |
| Mr Thomas Ellis-Jones | |
| Mr Anthony Flux | |
| Mr Robert Hughes | |
| Company Number | 06292060 |
| Registered Office | 217 Wakeham |
| Easton | |
| Portland | |
| Dorset | |
| DT5 1HS | |
| 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 2023
The directors present their report and the financial statements for the year ended 31 December 2023 .
Directors
The directors who held office during the year were as follows:
Ms Amanda Wallwork Dr Angela Scott Mr Michael Osmond Ms Elizabeth Hardy Resigned 27/03/2023 Mr David Carter Ms Nancy Grace Miss Louisa Carpenter Mrs Julie Freeman Resigned 29/09/2023 Mr David Wilkins Ms Stella New Appointed 13/09/2023 Mr Thomas Ellis-Jones Appointed 13/09/2023 Mr Anthony Flux Appointed 02/02/2024 Mr Robert Hughes Appointed 02/02/2024
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.
Page 2
Portland Museum Trust Directors' Report (continued) For The Year Ended 31 December 2023
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
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
A M Scott
Dr Angela Scott Director
10/02/2024
Page 3
Portland Museum Trust Accountant's Report For The Year Ended 31 December 2023
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 2023
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 2023 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.
Signed
AR Accounting
12/02/2024
AR Accounting Chartered Accountant & Tax Adviser 16 Fisherbridge Road Preston Weymouth DT3 6BT
Page 4
Portland Museum Trust Income and Expenditure Account For The Year Ended 31 December 2023
| Notes TURNOVER Cost of sales GROSS SURPLUS Administrative expenses OPERATING DEFICIT Other interest receivable and similar income Interest payable and similar charges DEFICIT FOR THE FINANCIAL YEAR |
2023 £ 70,843 (5,343 ) 65,500 (71,815 ) (6,315 ) 160 (898 ) (7,053 ) |
2022 £ 100,008 (5,776 ) |
|---|---|---|
| 94,232 (105,451 ) |
||
| (11,219 ) 35 (943 ) |
||
| (12,127 ) |
The notes on pages 7 to 8 form part of these financial statements.
Page 5
Portland Museum Trust Balance Sheet As At 31 December 2023
| Notes FIXED ASSETS Tangible Assets 4 CURRENT ASSETS Stocks 5 Debtors 6 Cash at bank and in hand Creditors: Amounts Falling Due Within One Year 7 NET CURRENT ASSETS (LIABILITIES) TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS Income and Expenditure Account MEMBERS' FUNDS |
2023 £ £ 12,755 12,755 875 4,979 14,747 20,601 (876 ) 19,725 32,480 32,480 32,480 32,480 |
2023 £ £ 12,755 12,755 875 4,979 14,747 20,601 (876 ) 19,725 32,480 32,480 32,480 32,480 |
2022 £ £ 16,357 16,357 872 4,866 29,236 34,974 (11,798 ) 23,176 39,533 39,533 39,533 39,533 |
2022 £ £ 16,357 16,357 872 4,866 29,236 34,974 (11,798 ) 23,176 39,533 39,533 39,533 39,533 |
|---|---|---|---|---|
| 12,755 19,725 |
16,357 23,176 |
|||
| 20,601 (876 ) |
34,974 (11,798 ) |
|||
| 32,480 | 39,533 | |||
| 32,480 | 39,533 | |||
| 32,480 | 39,533 | |||
| 32,480 | 39,533 |
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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
A M Scott
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Dr Angela Scott Director
Mr David Carter Director
Ms Nancy Grace Director
10/02/2024
The notes on pages 7 to 8 form part of these financial statements.
Page 6
Portland Museum Trust Notes to the Financial Statements For The Year Ended 31 December 2023
1. General Information
Portland Museum Trust is a private company, limited by guarantee, incorporated in England & Wales, registered number 06292060 . The registered office is 217 Wakeham, Easton, Portland, Dorset, DT5 1HS.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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 is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. 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% on a reducing balance basis
2.4. 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. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2022: 2)
4. Tangible Assets
| Cost As at 1 January 2023 Additions As at 31 December 2023 Depreciation As at 1 January 2023 Provided during the period As at 31 December 2023 |
Fixtures & Fittings £ 43,525 649 44,174 27,168 4,251 31,419 ...CONTINUED |
|---|---|
Page 7
Portland Museum Trust Notes to the Financial Statements (continued) For The Year Ended 31 December 2023
Net Book Value
| As at 31 December 2023 As at 1 January 2023 5. Stocks Finished goods 6. Debtors Due within one year Prepayments and accrued income 7. Creditors: Amounts Falling Due Within One Year Trade creditors Other taxes and social security Accruals and deferred income |
2023 £ 875 875 2023 £ 4,979 4,979 2023 £ 11 - 865 876 |
12,755 |
|---|---|---|
| 16,357 | ||
| 2022 £ 872 |
||
| 872 | ||
| 2022 £ 4,866 |
||
| 4,866 | ||
| 2022 £ 80 1,681 10,037 |
||
| 11,798 |
8. 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.
Page 8
Portland Museum Trust Detailed Income and Expenditure Account For The Year Ended 31 December 2023
| 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 Employers pensions - defined contributions scheme Project contractors Sub-contractors Travel 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 Other interest receivable and similar income Bank interest receivable Interest payable and similar charges Bank and card charges DEFICIT FOR THE FINANCIAL YEAR |
2023 £ £ 23,776 185 46,882 70,843 5,343 (5,343 ) 65,500 18,295 569 19,153 12,320 973 1,999 392 429 - 381 4,963 690 - 2,362 428 1,041 2,159 680 90 450 4,251 190 (71,815 ) (6,315) 160 160 898 (898) (7,053 ) |
2023 £ £ 23,776 185 46,882 70,843 5,343 (5,343 ) 65,500 18,295 569 19,153 12,320 973 1,999 392 429 - 381 4,963 690 - 2,362 428 1,041 2,159 680 90 450 4,251 190 (71,815 ) (6,315) 160 160 898 (898) (7,053 ) |
2022 £ £ 23,363 345 76,300 100,008 5,776 (5,776 ) 94,232 38,775 522 18,803 - 103 1,371 265 8,684 208 331 4,305 497 12,138 3,432 4,900 832 3,485 680 180 476 5,452 12 (105,451 ) (11,219) 35 35 943 (943) (12,127 ) |
2022 £ £ 23,363 345 76,300 100,008 5,776 (5,776 ) 94,232 38,775 522 18,803 - 103 1,371 265 8,684 208 331 4,305 497 12,138 3,432 4,900 832 3,485 680 180 476 5,452 12 (105,451 ) (11,219) 35 35 943 (943) (12,127 ) |
|---|---|---|---|---|
| 70,843 (5,343 ) |
100,008 (5,776 ) |
|||
| 18,295 569 19,153 12,320 973 1,999 392 429 - 381 4,963 690 - 2,362 428 1,041 2,159 680 90 450 4,251 190 |
38,775 522 18,803 - 103 1,371 265 8,684 208 331 4,305 497 12,138 3,432 4,900 832 3,485 680 180 476 5,452 12 |
|||
| 65,500 (71,815 ) |
94,232 (105,451 ) |
|||
| 160 | 35 | |||
| (6,315) 160 (898) |
(11,219) 35 (943) |
|||
| 898 | 943 | |||
| (7,053 ) | (12,127 ) |
Page 9
Registered number: 06292060
PORTLAND MUSEUM TRUST DIRECTORS' REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
AR Accounting
Portland Museum Trust Directors' Report and Unaudited Financial Statements For The Year Ended 31 December 2023
Contents
| Page | |
|---|---|
| Company Information | 1 |
| Directors' Report | 2—3 |
| Accountant's Report | 4 |
| Income and Expenditure Account | 5 |
| Balance Sheet | 6 |
| Notes to the Financial Statements | 7—8 |
| The following pages do not form part of the statutory accounts: | |
| Detailed Income and Expenditure Account | 9 |
Portland Museum Trust Company Information For The Year Ended 31 December 2023
| Directors | Ms Amanda Wallwork |
|---|---|
| Dr Angela Scott | |
| Mr Michael Osmond | |
| Mr David Carter | |
| Ms Nancy Grace | |
| Miss Louisa Carpenter | |
| Mr David Wilkins | |
| Ms Stella New | |
| Mr Thomas Ellis-Jones | |
| Mr Anthony Flux | |
| Mr Robert Hughes | |
| Company Number | 06292060 |
| Registered Office | 217 Wakeham |
| Easton | |
| Portland | |
| Dorset | |
| DT5 1HS | |
| 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 2023
The directors present their report and the financial statements for the year ended 31 December 2023 .
Directors
The directors who held office during the year were as follows:
Ms Amanda Wallwork Dr Angela Scott Mr Michael Osmond Ms Elizabeth Hardy Resigned 27/03/2023 Mr David Carter Ms Nancy Grace Miss Louisa Carpenter Mrs Julie Freeman Resigned 29/09/2023 Mr David Wilkins Ms Stella New Appointed 13/09/2023 Mr Thomas Ellis-Jones Appointed 13/09/2023 Mr Anthony Flux Appointed 02/02/2024 Mr Robert Hughes Appointed 02/02/2024
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.
Page 2
Portland Museum Trust Directors' Report (continued) For The Year Ended 31 December 2023
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
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
A M Scott
Dr Angela Scott Director
10/02/2024
Page 3
Portland Museum Trust Accountant's Report For The Year Ended 31 December 2023
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 2023
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 2023 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.
Signed
AR Accounting
12/02/2024
AR Accounting Chartered Accountant & Tax Adviser 16 Fisherbridge Road Preston Weymouth DT3 6BT
Page 4
Portland Museum Trust Income and Expenditure Account For The Year Ended 31 December 2023
| Notes TURNOVER Cost of sales GROSS SURPLUS Administrative expenses OPERATING DEFICIT Other interest receivable and similar income Interest payable and similar charges DEFICIT FOR THE FINANCIAL YEAR |
2023 £ 70,843 (5,343 ) 65,500 (71,815 ) (6,315 ) 160 (898 ) (7,053 ) |
2022 £ 100,008 (5,776 ) |
|---|---|---|
| 94,232 (105,451 ) |
||
| (11,219 ) 35 (943 ) |
||
| (12,127 ) |
The notes on pages 7 to 8 form part of these financial statements.
Page 5
Portland Museum Trust Balance Sheet As At 31 December 2023
| Notes FIXED ASSETS Tangible Assets 4 CURRENT ASSETS Stocks 5 Debtors 6 Cash at bank and in hand Creditors: Amounts Falling Due Within One Year 7 NET CURRENT ASSETS (LIABILITIES) TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS Income and Expenditure Account MEMBERS' FUNDS |
2023 £ £ 12,755 12,755 875 4,979 14,747 20,601 (876 ) 19,725 32,480 32,480 32,480 32,480 |
2023 £ £ 12,755 12,755 875 4,979 14,747 20,601 (876 ) 19,725 32,480 32,480 32,480 32,480 |
2022 £ £ 16,357 16,357 872 4,866 29,236 34,974 (11,798 ) 23,176 39,533 39,533 39,533 39,533 |
2022 £ £ 16,357 16,357 872 4,866 29,236 34,974 (11,798 ) 23,176 39,533 39,533 39,533 39,533 |
|---|---|---|---|---|
| 12,755 19,725 |
16,357 23,176 |
|||
| 20,601 (876 ) |
34,974 (11,798 ) |
|||
| 32,480 | 39,533 | |||
| 32,480 | 39,533 | |||
| 32,480 | 39,533 | |||
| 32,480 | 39,533 |
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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
A M Scott
==> picture [87 x 30] intentionally omitted <==
==> picture [124 x 35] intentionally omitted <==
Dr Angela Scott Director
Mr David Carter Director
Ms Nancy Grace Director
10/02/2024
The notes on pages 7 to 8 form part of these financial statements.
Page 6
Portland Museum Trust Notes to the Financial Statements For The Year Ended 31 December 2023
1. General Information
Portland Museum Trust is a private company, limited by guarantee, incorporated in England & Wales, registered number 06292060 . The registered office is 217 Wakeham, Easton, Portland, Dorset, DT5 1HS.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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 is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. 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% on a reducing balance basis
2.4. 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. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2022: 2)
4. Tangible Assets
| Cost As at 1 January 2023 Additions As at 31 December 2023 Depreciation As at 1 January 2023 Provided during the period As at 31 December 2023 |
Fixtures & Fittings £ 43,525 649 44,174 27,168 4,251 31,419 ...CONTINUED |
|---|---|
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Portland Museum Trust Notes to the Financial Statements (continued) For The Year Ended 31 December 2023
Net Book Value
| As at 31 December 2023 As at 1 January 2023 5. Stocks Finished goods 6. Debtors Due within one year Prepayments and accrued income 7. Creditors: Amounts Falling Due Within One Year Trade creditors Other taxes and social security Accruals and deferred income |
2023 £ 875 875 2023 £ 4,979 4,979 2023 £ 11 - 865 876 |
12,755 |
|---|---|---|
| 16,357 | ||
| 2022 £ 872 |
||
| 872 | ||
| 2022 £ 4,866 |
||
| 4,866 | ||
| 2022 £ 80 1,681 10,037 |
||
| 11,798 |
8. 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.
Page 8
Portland Museum Trust Detailed Income and Expenditure Account For The Year Ended 31 December 2023
| 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 Employers pensions - defined contributions scheme Project contractors Sub-contractors Travel 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 Other interest receivable and similar income Bank interest receivable Interest payable and similar charges Bank and card charges DEFICIT FOR THE FINANCIAL YEAR |
2023 £ £ 23,776 185 46,882 70,843 5,343 (5,343 ) 65,500 18,295 569 19,153 12,320 973 1,999 392 429 - 381 4,963 690 - 2,362 428 1,041 2,159 680 90 450 4,251 190 (71,815 ) (6,315) 160 160 898 (898) (7,053 ) |
2023 £ £ 23,776 185 46,882 70,843 5,343 (5,343 ) 65,500 18,295 569 19,153 12,320 973 1,999 392 429 - 381 4,963 690 - 2,362 428 1,041 2,159 680 90 450 4,251 190 (71,815 ) (6,315) 160 160 898 (898) (7,053 ) |
2022 £ £ 23,363 345 76,300 100,008 5,776 (5,776 ) 94,232 38,775 522 18,803 - 103 1,371 265 8,684 208 331 4,305 497 12,138 3,432 4,900 832 3,485 680 180 476 5,452 12 (105,451 ) (11,219) 35 35 943 (943) (12,127 ) |
2022 £ £ 23,363 345 76,300 100,008 5,776 (5,776 ) 94,232 38,775 522 18,803 - 103 1,371 265 8,684 208 331 4,305 497 12,138 3,432 4,900 832 3,485 680 180 476 5,452 12 (105,451 ) (11,219) 35 35 943 (943) (12,127 ) |
|---|---|---|---|---|
| 70,843 (5,343 ) |
100,008 (5,776 ) |
|||
| 18,295 569 19,153 12,320 973 1,999 392 429 - 381 4,963 690 - 2,362 428 1,041 2,159 680 90 450 4,251 190 |
38,775 522 18,803 - 103 1,371 265 8,684 208 331 4,305 497 12,138 3,432 4,900 832 3,485 680 180 476 5,452 12 |
|||
| 65,500 (71,815 ) |
94,232 (105,451 ) |
|||
| 160 | 35 | |||
| (6,315) 160 (898) |
(11,219) 35 (943) |
|||
| 898 | 943 | |||
| (7,053 ) | (12,127 ) |
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