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2022-03-31-accounts

Registered number 03094854

Radstock Museum

Report of the Trustees and unaudited Financial Statements

31 March 2022

Charity number: 1151573

Radstock Museum

Report and financial statements Contents

Page
Independent examiner's report 3
Chairman's report 4 - 5
Report of the trustees 6 - 9
Statement of financial activities 10
Balance sheet 11
Statement of cash flows 12
Notes to the financial statements 13 - 19
Detailed statement of financial activities 20 - 21

Radstock Museum Registered number: 03094854 Charity number: 1151573

Independent examiner’s report to the trustees of Radstock Museum

I report on the accounts for the year ended 31st March 2022, which are set out on pages 4 to 21.

Respective responsibilities of trustees and examiner

The charity’s trustees (who are also directors of the company for the purposes of company law) are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year under section 144 (2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.

Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility to:

a) examine the accounts under section 145 of the 2011 Act;

b) to follow the procedures laid down in the general directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and

c) to state whether particular matters have come to my attention.

Basis of independent examiner’s report

My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statement below.

Independent examiner’s statement

In connection with my examination, no matter has come to my attention:

(1) which gives me reasonable cause to believe that in any material respect, the requirements:

a) to keep accounting records in accordance with section 386 of the Companies Act 2006; and

b) to prepare accounts which accord with the accounting records and comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the Statement of Recommended Practice - Accounting and Reporting by Charities have not been met; or

(2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

Mr J L Battle FCCA MAAT 12 Spencer Drive Midsomer Norton Radstock BA3 2DN

Date:

26th May 2022

Page 3

Radstock Museum

Chairman's Report For the Year ending 31 March 2022

This has been another challenging year for the Museum with periods when COVID necessitated closure or reduced opening hours. The Museum was able to support the local Christmas activities run by Radstock Town Council although the scale was constrained. The Christmas Fair in the Museum in support of the Museum Friends fundraising was cancelled.

Whilst the Museum shop continued to operate throughout the period, including an increased use of mail order, the tearoom was not reopened until mid March 2022 as it represented the highest risk of COVID transmission whilst also being the most difficult to find sufficient volunteers to operate.

Some school visits were achieved in late 2021 but the programme went back to full capacity in early 2022, providing a significant source of revenue.

The Museum Manager, our only salaried member of staff, remained under the Government’s furlough scheme although he was brought back on partial hours with volunteers providing additional support until he resumed work on his normal hours in July.

The Museum has also benefitted from generous Government support grants during FY 21/22 and the reduction in VAT was also a significant boost to our revenue. Having started the year in a very sound financial position it has been encouraging that, despite concerns expressed in last year’s report, an overall profit of £6.5K was made on operating the Museum whilst the investment portfolio showed a gain of £7.3K.

However, looking forward the Trustees are conscious that the pace of return of visitors has been patchy and the current economic climate is bound to have an adverse effect as people’s disposable incomes are reduced and as a consequence they cut back on discretionary spend. The Museum entry prices have not been raised and we continue to offer attractive events for families during school half terms and holidays.

The planned recruitment of a part time community engagement leader, funded by a grant, was postponed again but is now a high priority for 2022 as it will bring in extra revenue and increase our profile locally.

The Board of Trustees was reduced to just 4 people following the resignation of one long standing and one recently recruited Trustee. An additional Trustee has been appointed who brings useful business experience to the Board. Ideally a further Trustee would be beneficial and efforts are being made to find a suitable candidate.

The number of Museum volunteers, on whom the sustainability of the Museum depends, was reduced by COVID but some hard work on recruitment has borne fruit and the Museum is now in a much sounder position.

Three major projects have been started during the year: a major external repainting scheme; an overhaul of the IT systems with outsourcing of support; and a long-term plan to create additional storage space. Grants are being sought and support from the Museum Society will also cover some of the cost. These projects will reduce the Museum’s level of current cash assets which are in excess of the Trustees stated aims of up to 12 months of operating costs.

Page 4

Radstock Museum

Chairman's Report

For the Year ending 31 March 2022

One major concern which will affect the Museum’s operating finances significantly is the very large increase in energy prices. Currently we are benefitting from being on 3 year fixed price contracts but when these end our operating costs will increase by an estimated £4-5K per year. Coupled with the likely downfall in visitor income and the additional costs of outsourcing IT the impact on sustainability in the medium to long term is significant.

Overall the Trustees are satisfied that the Museum is meeting all its objectives, is in a strong financial position and is well placed to weather the economic challenges of the next few years. In the longer term action will be needed to increase revenue as costs have already been pared as far as is practicable.

Simon Carter Chair/Facilitator Somerset Coalfield Life at Radstock Museum May 2022

Page 5

Radstock Museum Registered number: 03094854 Charity number: 1151573

Report of the Trustees

For the year ending 31 March 2022

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2022.

Objectives and activities

Objectives and aims

The company's objects and principal activities are in the field of the advancement of education of the public in the local area by the provision of a museum of local artefacts and other items of historic or public interest and supporting the charitable activities of Radstock Midsomer Norton and District Museum Society.

Structure, Governance and Management

Governing document

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

Recruitment and appointment of new trustees

Under the requirements of the Memorandum and Articles of Association the members of the board of trustees are elected to serve at the Annual General Meeting.

Achievement and Performance

Charitable activities

The Report of the Chairman is set out on page 3.

Financial Review

Principal funding sources

Income is generated by entrance fees and fundraising trading and is supported by voluntary grants and donations.

Investment policy and objectives

The investment strategy is to aim for medium term growth. Investments, which belong to Radstock Museum, are managed by Oliver Financial Planning. It is not intended to encash investments within the next financial year.

Reserves Policy

The trustees have established a policy that unrestricted funds not committed or invested in tangible fixed assets held by the charity should be no less than 6 months and no more than 12 months of the budgeted expenditure. At this level they feel that they would be able to continue the current activities of the charity in the event of a significant drop in incoming resources whilst providing the necessary time to arrange for the collection housed in the Museum to be safeguarded. In addition the Trustees will maintain a designated fund of £60,000 which is held against the requirement to undertake major work on the structure of the historic Grade 2 listed building in which the Museum is housed.

Page 6

Radstock Museum Registered number: 03094854 Charity number: 1151573

Report of the Trustees

For the year ending 31 March 2022

Reference and Administrative Details

Registered Company number 03094854 (England and Wales)

Registered Charity number

1151573

Registered office

Radstock Museum Waterloo Road Radstock BA3 3EP

Trustees

S N Carter M A Horler Ms J Britton Ms J Newbury Mr M J Crocker D F Cocks Mr B Hawkins

Interim Chair/Facilitator

Appointed 22nd November 2021 Resigned 10th August 2021 Resigned 15th August 2021

Company Secretary

Post vacant

Independent Examiner

Mr J L Battle FCCA MAAT 12 Spencer Drive Midsomer Norton Radstock BA3 2DN

Solicitors

Thatcher & Hallam Island House Midsomer Norton Radstock BA3 2HJ

Independent Financial Advisers

Oliver Financial Planning 30 Forester Road Bathwick Bath BA2 6QE

Page 7

Radstock Museum Registered number: 03094854 Charity number: 1151573

Report of the Trustees

For the year ending 31 March 2022

Bankers

Unity Trust Bank Plc Nine Brindley Place Birmingham B1 2HB

Treasurer

J Binns

Manager

N Turner

Curatorial Adviser

S Clews

Educational Adviser

J Webb

Architectural Adviser

R Taylor

Trustees' responsibilities in relation to the financial statements

The trustees (who are also directors of the charity for the purposes of company law) are responsible for preparing the Trustees' Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (UK Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:

Page 8

Radstock Museum Registered number: 03094854 Charity number: 1151573

Report of the Trustees

For the year ending 31 March 2022

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable 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 charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement as to disclosure to our Independent Examiners

In so far as the trustees are aware at the time of approving our trustees' annual report:

This report has been prepared in accordance with the Statement of Recommended Practice - Accounting and Reporting by Charities.

Approved by order of the board of trustees on: 13 June 2022

and signed on its behalf by:

S N Carter - Trustee

Page 9

Radstock Museum

Statement of Financial Activities for the year ended 31 March 2022

Notes
Income:
2
Donations and legacies
Income from charitable activities
Other trading activities
Investment income
Total income
Expenditure
3
Raising funds
Charitable activities
Total expenditure
Gains/(losses) on investment
assets
Net movement in funds
Reconciliation of funds
Total Funds brought forward
Total Funds carried forward
Net income/(expenditure)
Unrestricted
Restricted Total Funds
Total Funds
Funds
Funds
2022
2021
£
£
£
£
5,151
-
5,151
3,021
-
8,434
8,434
22,388
35,146
(675)
34,471
47,735
175
-
175
596
40,472
7,759
48,231
73,740
3,577
-
3,577
847
30,376
19,359
49,735
49,540
33,953
19,359
53,312
50,387
6,519
(11,600)
(5,081)
23,353
7,284
-
7,284
17,614
13,803
(11,600)
2,203
40,967
169,420
709,152
878,572
837,605
183,223
697,552
880,775
878,572

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

Page 10

Radstock Museum Balance Sheet as at 31 March 2022

Notes 2022 2021
£ £
Fixed assets
Tangible assets 6 684,914 700,616
Investments 7 102,368 95,963
787,282 796,579
Current assets
Stocks 5,235 5,517
Debtors 8 4,145 3,232
Cash at bank and in hand 84,145 72,878
93,525 81,627
Creditors: amounts falling due
within one year 9 (32) 366
Net current assets 93,493 81,993
Total assets less current
liabilities 880,775 878,572
Net assets 880,775 878,572
Funds 11
Unrestricted funds 183,223 169,420
Restricted funds 697,552 709,152
Total Funds 880,775 878,572

The trustees are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.

The members have not required the company to obtain an audit in accordance with section 476 of the Act.

The directors/trustees acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.

The accounts have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.

13 June 2022

These financial statements were approved by the Trustees on ………………………………

----- Start of picture text -----
……………………………..
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On behalf of the Trustees

S Carter Interim Chair/Facilitator

Page 11

Radstock Museum Statement of Cash Flows for the year ended 31 March 2022

Notes
Cash used in operating activities
12
Net increase in cash
Cash at bank and in hand less overdrafts at 1 April
Cash at bank and in hand less overdrafts at 31 March
Consisting of:
Cash at bank and in hand
2022
2021
£
£
11,267
38,560
11,267
38,560
72,878
34,318
84,145
72,878
84,145
72,878
84,145
72,878

Page 12

Radstock Museum Notes to the Accounts for the year ended 31 March 2022

1 Principle accounting policies

The principal accounting policies adopted in the preparation of the financial statements are set out below:

Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting By Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019) – (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Fund Accounting

Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity.

Designated funds are unrestricted funds earmarked by the Management Committee for particular purposes.

Restricted Funds are subjected to restrictions on their expenditure imposed by the donor or through the terms of an appeal.

Incoming Resources

All incoming resources are included in the statement of financial activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income.

Voluntary income is received by way of grants, donations and gifts and is included in full in the Statement of Financial Activities when receivable. Grants, where entitlement is not conditional on the delivery of a specific performance by the charity, are recognised when the charity becomes unconditionally entitled to the grant.

Donated services and facilities are included at the value to the charity where this can be quantified.

The value of services provided by volunteers has not been included in these accounts.

Investment income is included when receivable.

Incoming resources from charitable trading activity are accounted for when earned.

Incoming resources from grants, where related to performance and specific deliverables, are accounted for as the charity earns the right to consideration by its performance.

Page 13

Radstock Museum Notes to the Accounts for the year ended 31 March 2022

Resources expended

Expenditure is recognised on an accrual basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered.

Costs of generating funds comprises those costs associated with attracting voluntary income and the costs of trading for fundraising purposes.

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include the examiner's fees and costs linked to the strategic management of the charity.

All costs are allocated between the expenditure categories of the SoFA on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly, others are apportioned on an appropriate basis.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property - 1.5% on cost Fixtures and equipment - 15% on reducing balance Fixtures and fittings - 5% on reducing balance

Depreciation is not provided on the land element of freehold property, valued at £100,000.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

The company is exempt from corporation tax on its charitable activities only.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when the funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Page 14

Radstock Museum Notes to the Accounts for the year ended 31 March 2022

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.

Pensions

The company operates a defined contribution pension scheme. Contributions are charged to the income and expenditure account as they become payable in accordance with the rules of the scheme.

2
Income
Donations and legacies
Donations
Total donations and legacies
Income from charitable activities
Grants
Total income from charitable activities
Other trading activities
Shop income
Tea room income
Entrance fees
Journal publishing
Room hire
Talks service
Research income
Other income
Total other trading activities
Investment income
Income from listed investment
Total Income
Unrestricted
£
5,151
Restricted
£
-
Total
Total
2022
2021
£
£
5,151
3,021
5,151
3,021
8,434
22,388
8,434
22,388
5,850
2,469
166
-
8,789
1,291
3,075
3,035
44
-
109
-
133
5
16,305
40,935
34,471
47,735
175
596
175
596
48,231
73,740
5,151 -
- 8,434
- 8,434
5,850
166
9,464
3,075
44
109
133
16,305
-
-
(675)
-
-
-
-
-
35,146 (675)
175 -
175 -
40,472 7,759

Page 15

Radstock Museum

Notes to the Accounts for the year ended 31 March 2022

3
Analysis of Expenditure
Other trading expenses
Charitable activities
Management support costs
Governance costs
Total expenditure
4
Net Income/(Expenditure)
Net income/(expenditure) is stated after
Depreciation - owned assets
Other operating leases
Unrestricted
£
3,577
250
28,010
2,116
Restricted
£
-
15,701
3,658
-
Total
Total
2022
2021
£
£
3,577
847
15,951
15,966
31,668
31,608
2,116
1,966
53,312
50,387
2022
2021
£
£
15,701
16,258
358
358
33,953 19,359
charging:

5 Trustees' Remuneration, benefits and expenses

There were no trustees' remuneration or other benefits for the year ended 31 March 2022 nor for the year ended 31 March 2021.

There were no trustees' expenses paid for the year ended 31 March 2022 nor for the year ended 31 March 2021.

Staff costs
Permanent
The average monthly number of employees during the year was as
follows:
2022
2021
1
2
1
2

No employees received emoluments in excess of £60,000.

Page 16

Radstock Museum

Notes to the Accounts

for the year ended 31 March 2022

6
Tangible Fixed Assets
Cost
At 1 April 2021 and 31 March 2022
Depreciation
At 1 April 2021
Charge for the year
At 31 March 2022
Net Book Value
At 31 March 2022
At 31 March 2021
7
Fixed Asset Investments
Market Value
At 1 April 2021
Income - dividends and interest
Management charges
Revaluation
At 31 March 2022
8
Debtors
Trade debtors
VAT
Prepayments and accrued income
9
Creditors: amounts falling due within
Trade creditors
Social security and other taxes
Freehold
property
£
893,567
Fixtures &
equipment
£
64,302
Fixtures &
fittings
£
200,434
Totals
£
1,158,303
261,869
11,903
60,784
527
135,037
3,269
457,690
15,699
273,772 61,311 138,306 473,389
619,795 2,991 62,128 684,914
631,698 3,518 65,397 700,613
one year 2022
£
832
104
3,208
Listed
Investments
£
95,962
175
(1,053)
7,284
102,368
2021
£
92
-
3,139
4,144 3,231
2022
£
32
-
2021
£
110
(476)
32 (366)

Page 17

Radstock Museum

Notes to the Accounts for the year ended 31 March 2022

**10 ** Operating Lease Commitments 2022 2021
£ £

The following operating lease payments are committed to be paid within one year:

Expiring:
Between one and five years
11 Movement in funds
Unrestricted funds
Designated funds
Grade 2 Listed building refurbishment
General Fund
Restricted funds
Freehold land
Freehold buildings
Fixtures and equipment
Fixtures and fittings
HMRC CJRS Grants
Wessex
Somer Valley
Friends of Radstock Museum
Westfield Parish Council
Cottle
St Johns
Thatcher & Hallam
Midsomer Norton town council
Fairfield Trust
Big Local Fund - Night Silencing
Co-Op
Radco
Radstock Town Council
Harker
Radstock Museum Society
1st April
2021
£
60,000
109,420
£
-
40,473
Received in
year
358 358 31st March
2022
£
60,000
123,223
£
-
(26,670)
Utilised in
year
£
-
-
Balance
transfers
169,420 40,473 (26,670) - 183,223
100,000
531,693
1,022
53,491
-
266
337
573
327
69
12,400
803
360
2,447
221
2,469
1,725
950
-
-
-
-
-
-
2,809
-
-
657
-
-
-
-
-
-
-
-
-
(675)
4,850
118
-
(11,903)
(529)
(3,269)
(2,809)
-
-
(657)
-
-
-
-
-
-
-
-
-
(94)
-
(98)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
100,000
519,790
493
50,222
-
266
337
573
327
69
12,400
803
360
2,447
221
2,469
1,725
181
4,850
19
709,153 7,759 (19,359) - 697,552

Page 18

Radstock Museum

Notes to the Accounts for the year ended 31 March 2022

12 Reconciliation of net movement in funds to net cash flow from operating activities

Net Movement in funds
Adjustments for:
Depreciation
Movements on investment
(Increase)/Decrease in Stock
(Increase)/Decrease in debtors
Increase/(Decrease) in creditors
Net Cash used in operating activities
2022
£
2,203
15,702
(6,405)
282
(913)
398
2021
£
40,967
15,966
(17,301)
281
187
(1,540)
11,267 38,560

13 Related party disclosures

There were no related party transactions for the year ended 31st March 2022.

Page 19

Radstock Museum

Detailed Statement of Financial Activities for the year ended 31 March 2022

Income and Endowments
Donations and legacies
Donations
Gift aid
Other trading activities
Shop income
Tea room income
Entrance fees
Journal publishing
Room hire
Talks service
Research income
Other income
Investment Income
Income from listed investment
Charitable activities
Grants received
HMRC CJRS Scheme
Harker
Radstock Museum Society
Radstock Town Council
Clarkes
Witcombe
Friends of Radstock Museum
St Johns
Total incoming resources
2022
2021
£
£
2,632
2,521
2,519
500
5,151
3,021
5,850
2,469
166
-
8,789
1,291
3,075
3,035
44
-
109
-
133
5
16,305
40,935
34,471
47,735
175
596
175
596
2,809
10,238
4,850
-
118
-
-
950
-
3,000
-
2,000
657
-
-
6,200
8,434
22,388
48,231
73,740

This page does not form part of the statutory financial statements Page 20

Radstock Museum

Detailed Statement of Financial Activities for the year ended 31 March 2022

Expenditure
Other trading activities
Shop expenses
Tea room expenses
Journal publishing
Charitable activities
Conservation of artefacts
Land and buildings - depreciation
Fixtures and equipment - depreciation
Fixtures and fittings - depreciation
Support costs
Management
Salaries and wages
Leased equipment
Water rates
Insurance
Light and heat
Telephone and internet
Post, printing and stationery
Sundries
Repairs and maintenance
Exhibition costs
Bank charges
Cleaning expenses
Pension costs
Governance costs
Investment management
Independent examination fees
Accountancy and legal fees
Total resources expended
Net (expenditure)/income
2022
£
2,485
210
882
3,577
250
11,903
529
3,269
15,951
13,248
358
(14)
3,431
4,384
565
236
179
5,133
1,868
277
1,793
210
31,668
1,066
250
800
2,116
53,312
(5,081)
2021
£
373
(56)
530
847
-
11,903
621
3,442
15,966
13,248
358
292
3,345
3,919
609
1,023
179
2,657
5,345
422
-
211
31,608
909
250
807
1,966
50,387
23,353

This page does not form part of the statutory financial statements Page 21