Charity Registration No. 1154120
Company Registration No. 07930803 (England and Wales)
MUSEUM OF ARCHITECTURE
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2020
MUSEUM OF ARCHITECTURE
LEGAL AND ADMINISTRATIVE INFORMATION
| Trustees | Ms C Pease | |
|---|---|---|
| Mr J Hargrave | ||
| Ms M F Woolford | ||
| Mr G Woolford | ||
| Mr T Masten | ||
| Mr R C Fiehn | ||
| Mr J Harvey | ||
| Ms M Leung | (Appointed 1 February 2020) | |
| Mr S Adams | (Appointed 11 November 2020) | |
| Ms N Dove-Edwin | (Appointed 11 November 2020) | |
| Mr C Hildrey | (Appointed 1 October 2019) | |
| Secretary | Ms M F Woolford | |
| Charity number | 1154120 | |
| Company number | 07930803 | |
| Registered office | Flat 5 | |
| 11 Rutland Gate | ||
| London | ||
| SW7 1BH | ||
| Independent examiner | F J Wilde FCCA MBA DChA | |
| Warner Wilde | ||
| 4 Marigold Drive | ||
| Bisley | ||
| Surrey | ||
| GU24 9SF | ||
| Bankers | HSBC - Oxford Street | |
| 431 Oxford Street | ||
| London | ||
| W1C 2DA |
MUSEUM OF ARCHITECTURE
CONTENTS
| Page | |
|---|---|
| Trustees report | 1 - 2 |
| Independent examiner's report | 3 |
| Statement of financial activities | 4 |
| Balance sheet | 5 |
| Notes to the financial statements | 6 - 13 |
MUSEUM OF ARCHITECTURE
TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 30 SEPTEMBER 2020
The Trustees present their report and financial statements for the year ended 30 September 2020.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing documen t , the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)".
Objectives and activities
The charity's objects are :
a) to advance education and research on the subjects of architecture, building, town planning, construction and development and the inter-relationship between the natural and built environment and related disciplines.
b) to establish and maintain, or to support the establishment and maintenance of, a museum or gallery, or museums or galleries, or spaces or other resources that provide the infrastructure and environment to encourage and assist such education and research.
The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
Achievements and performance
2020 was a very strange year for MoA. Following what started off to be a promising uphill trajectory following The Gingerbread City at Somerset House, the pandemic created a staggering halt to all of MoA's activities, projects and possible future.
There were some wins for 2020. We turned 15 years old and even though we were not able to celebrate in any way, it was a significant milestone to reach. We were selected to be on the British Pavilion team as an institutional partner as well as be able to give our first grant to Chris Hildrey for Proxy Address for £5000.
However, even though the 2020 year resulted in little to no income for MoA, it became a time to reflect and act on next steps to move the charity forward and put plans in place such as endeavouring to spin off The Gingerbread City and School for Creative Thinkers to create a sustainable future for the Museum for years to come.
The team continued to work incredible hard at future projects, new partnerships and new business opportunities throughout this time. This was not a time of waiting, but of action, resilience and tireless work to get us back on track and continue the work of the last 15 years.
Financial review
Total income for the year has increased to £264,901 (2019: £213,304), (excluding donated goods and services £35,000 (2019: £31,350)). Total expenditure for the year was £264,833 (2019: £200,350) (excluding donated goods and services £35,000 (2019: £31,350)).
The overall result is a surplus for the year of £68.
Total reserves now stand at £6,416 (2019: £6,348).
Reserves Policy
It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The Trustees considers that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. The charity is working to achieve this level of reserves.
The Trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
- 1 -
MUSEUM OF ARCHITECTURE
TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2020
Structure, governance and management
The charity is a company limited by guarantee.
The Trustees who served during the year were: Mr C Turner (Resigned 19 December 2020) Ms C Pease Mr J Hargrave Ms M F Woolford Mr G Woolford Mrs P Agrawal (Resigned 17 October 2019) Mr T Masten Mr R C Fiehn Mr J Harvey Ms M Leung (Appointed 1 February 2020) Mr S Adams (Appointed 11 November 2020) Ms N Dove-Edwin (Appointed 11 November 2020) Mr C Hildrey (Appointed 1 October 2019)
Trustee recruitment
Trustees are recruited depending on what talent and expertise is needed on the board. The Director reaches out to individuals after consultation with the other board members.
None of the Trustees has any beneficial interest in the company. All of the Trustees are members of the company and guarantee to contribute £1 in the event of a winding up.
Organisational structure
Day to day running is led by Director, Melissa Woolford , with help from Linda Lu and Morvi Koochak (on furlough from March 2020). Rob Fiehn, as chair, is a very active member of the board and organisation.
The trustees r eport was approved by the Board of Truste e s.
..............................
Ms M F Woolford
23/06/2021 Dated: .........................
- 2 -
MUSEUM OF ARCHITECTURE INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF MUSEUM OF ARCHITECTURE I report to the Trustees on my examinalion of the financAal Statements of Mwum of h1tClr¥ (the charlty) for the year ended 30 Sept•mbor2020. R•sponslbllltl•8 and basls of rnport A8 the Trustees of the chanty land also rts diredors for the purposes of company law} you gre responsible for th• preparation of the finarKial ststemnts in accothnce wrth the reqLtirerTh9nts of the Companies Act 2006 (tho 2006AL). Havlng 8ati¥fied my8ellthot the finanod statmnts of Iha rt11ty are not r8quSr•d to audited undw Part 16 of the 2006 Act and are ellgible for independent examlnalion. I report in resped of my examlnation of tho charity's finanad statements carried wt un¢Jer section 145 of the Charities Act 2011 (the 2011 Ad). In carrying out my examination I have follov•Yd al the applicable Dirfjcttons gfven by the Ch&Mty Commission under Section 14515)Ibl of the 2011 Indopondfrnt examln•rf• •tatsm•nt sin the charity's gross Sncome exceed•d £250,000 your exèmlner must be a member of a body Ilsted in 8èCtSon 145 of the 2011 ACL I confirm that l am qudthed lo undertake the examinatlon becau l am member ofA8¥od8tton of Chrtered Cerilfied lAxmnts. li one olthe I1#t bodl88. I have completed my examlnaJon. I conllrm that no mattern have comè to my attentlon In eon1CtIon whh the •xamlnatlon gIng me cause to believe that in any material respect.. accounting records were not kept In rped of Ihe charity as required by 8ectlon 386 of the 2006 Act,. or the Ilnanual stthments do not accord those r•cord8', or the finanal slalements do not compty wrth the accounting requlrements of •oGkn 396 of thè 2006 Act other than any requirement that the accounts Ove a true and fatr vSowvthlch18 not a matter conslder•d 88 Part ol an Independenl eXannatiOn,. or the flnandal statements have not been preparad In accordan thith the method8 And prfrKiples of thè Statement of RecommerKled Practice for accounn9 and reporUng by charibgs appThcable to charitie8 preparfng their aocounts In accordance lth the Flnanaal Reporting Standard applicablo in the UK and RepubliG of Ireland {FRS 102). I have no conctms and auoss no otr*r matters in c¢)nneCti wth the examination to vthlch attenllon shoukl Ix dra1 in this report kn IKd•r to enable 8 PrOr LYAler8tsThthng of ttr finanrAal statemenls to be reached. F J Wlde FCCA MBA OChA mer Wdde 4 Marfgold Drivo Blsley Surrey GU24 9SF ILt Lo Ll
MUSEUM OF ARCHITECTURE
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 SEPTEMBER 2020
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2020 | 2019 | ||
| Notes | £ |
£ | |
| Income from: | |||
| Donations and legacies | 3 | 52,019 | 31,945 |
| Charitable activities | 4 | 247,882 | 212,709 |
| Total income | 299,901 | 244,654 | |
| Expenditure on: | |||
| Raising funds | 5 | 852 | 1,403 |
| Charitable activities | 6 | 298,966 | 230,297 |
| Other | 11 | 15 | - |
| Total resources expended | 299,833 | 231,700 | |
| Net income for the year/ | |||
| Net movement in funds | 68 | 12,954 | |
| Fund balances at 1 October 2019 | 6,348 | (6,606) | |
| Fund balances at 30 September 2020 | 6,416 | 6,348 |
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
- 4 -
MUSEUM OF ARCHITECTURE
BALANCE SHEET
AS AT 30 SEPTEMBER 2020
| 2020 Notes £ Fixed assets Investments 12 Current assets Debtors 13 2,453 Cash at bank and in hand 28,496 30,949 Creditors: amounts falling due within one year 14 (24,536) Net current assets Total assets less current liabilities Income funds Unrestricted funds |
2019 £ £ 3 23,724 21,469 45,193 (38,848) 6,413 6,416 6,416 6,416 |
£ 3 6,345 6,348 6,348 6,348 |
|---|---|---|
The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 30 September 2020.
The Trustees acknowledge their responsibilities for ensuring that the charity keeps accounting records which comply with section 386 of the Act and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its incoming resources and application of resources, including its income and expenditure, for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the Trustees on ......................... 23/06/2021
..............................
Ms M F Woolford Trustee
Company Registration No. 07930803
- 5 -
MUSEUM OF ARCHITECTURE
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
1 Accounting policies
Charity information
Museum of Architecture is a private company limited by guarantee incorporated in England and Wales. The registered office is Flat 5, 11 Rutland Gate, London, SW7 1BH.
1.1 Accounting convention
The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)". The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling , which is the functional currency of the charity. Monetary a mounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the accounts, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. The Charity has generated a surplus up to the date of signing the accounts which will assist in achieving the reserves target. Thus the trustees continue to adopt the going concern basis of accounting in preparing the accounts.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
1.4 Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
Income is deferred to the extent that it relates to future periods.
- 6 -
MUSEUM OF ARCHITECTURE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2020
1 Accounting policies
(Continued)
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business, net of discounts, VAT and other sales related taxes.
1.5 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
1.6 Fixed asset investments
Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year . Transaction costs are expensed as incurred.
A subsidiary is an entity controlled by the charity. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.7 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8 Financial instruments
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at the recoverable amount.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price and subsequently carried at amount payable.
Derecognition of financial liabilities
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
1.9 Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
- 7 -
MUSEUM OF ARCHITECTURE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2020
1 Accounting policies
(Continued)
1.10 Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2 Critical accounting estimates and judgements
In the application of the charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3 Donations and legacies
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2020 | 2019 | |
| £ | £ | |
| Donations and gifts | 1,522 | 595 |
| Grants receivable | 15,497 | - |
| Donated goods and services | 35,000 | 31,350 |
| 52,019 | 31,945 |
4 Charitable activities
| Sales within charitable activities Less: deferred income |
2020 £ 247,882 - 247,882 |
2019 £ 238,209 (25,500) 212,709 |
|---|---|---|
- 8 -
MUSEUM OF ARCHITECTURE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2020
| 5 6 7 |
Raising funds Unrestricted funds 2020 £ Fundraising and publicity Advertising 852 852 Charitable activities 2020 £ Staff costs 44,572 Cost of sales 141,006 Subcontractor costs 88,973 Rent 3,555 Computer software 3,197 Books and journals - Insurance 1,460 Travel 1,387 Staff costs - 284,150 Grant funding of activities (see note 7) 5,000 Share of support costs (see note 8) 1,980 Share of governance costs (see note 8) 7,836 298,966 Grants payable 2020 £ Grants to institutions: Hildrey Studio 5,000 |
Total 2019 £ 1,403 1,403 2019 £ 16,592 117,845 81,913 2,467 4,114 173 1,886 2,529 900 228,419 - 201 1,677 230,297 2019 £ - |
|---|---|---|
- 9 -
MUSEUM OF ARCHITECTURE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2020
| 8 Support costs Support costs Governance costs £ £ Office costs 1,813 - Printing, postage and stationery 167 - Legal and professional - 5,528 Accountancy fees - 2,051 Bank charges - 257 1,980 7,836 Analysed between Charitable activities 1,980 7,836 |
2020 Support costs Governance costs £ £ £ 1,813 187 - 167 14 - 5,528 - 35 2,051 - 1,490 257 - 152 9,816 201 1,677 9,816 201 1,677 |
2019 £ 187 14 35 1,490 152 1,878 1,878 |
|---|---|---|
Governance costs includes the Independent Examiners fees of £ 1,030 (2019- £1,010 ) .
9 Trustees
None of the Trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year , except as disclosed in note 16.
10 Employees
Number of employees
The average monthly number of employees during the year was:
| 2020 | 2019 | |
|---|---|---|
| Number | Number | |
| 2 | 1 | |
| Employment costs | 2020 | 2019 |
| £ | £ | |
| Wages and salaries | 43,604 | 16,374 |
| Social security costs | 37 | - |
| Other pension costs | 931 | 218 |
| 44,572 | 16,592 |
There were no employees whose annual remuneration was £60,000 or more.
- 10 -
MUSEUM OF ARCHITECTURE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2020
11 Other
| Unrestricted | Total |
||
|---|---|---|---|
| funds | |||
| £ | |||
| 2020 | 2019 |
||
| Interest charges | 15 | - |
|
| 15 | - |
||
| Fixed asset investments | |||
| Other | |||
| investments | |||
| Cost or valuation | |||
| At 1 October 2018 & 30 September 2019 | 3 | ||
| Carrying amount | |||
| At 30 September 2020 | 3 | ||
| At 30 September 2019 | 3 | ||
| 2020 | 2019 | ||
| Other investments comprise: | Notes | £ | £ |
| Investments in subsidiaries | 17 | 3 | 3 |
| Debtors | |||
| 2020 | 2019 | ||
| Amounts falling due within one year: | £ | £ | |
| Trade debtors | 1,120 | 22,706 | |
| Other debtors | 1,333 | 760 | |
| Prepayments and accrued income | - | 258 | |
| 2,453 | 23,724 |
12 Fixed asset investments
13 Debtors
- 11 -
MUSEUM OF ARCHITECTURE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2020
| 14 Creditors: amounts falling due within one year Notes Other taxation and social security Deferred income 15 Trade creditors Other creditors Accruals and deferred income 15 Deferred income Arising from Deferred Income |
2020 £ 20,350 - 989 947 2,250 24,536 2020 £ - |
2019 £ 9,057 25,500 1,174 505 2,612 38,848 2019 £ 25,500 |
|---|---|---|
Deferred income relates to payments in advance for events after the balance sheet date.
16 Related party transactions
Transactions with related parties
During the year the charity entered into the following transactions with related parties:
| Key management personnel | 2020 £ 50,667 50,667 |
2019 £ 58,333 58,333 |
|---|---|---|
During the year the charity paid Nous Collaborative Ltd, a company wholly owned by the director, M Woolford, fees for services provided as disclosed above.
During the year a grant of £5,000 was made to ProxyAddress, an organisation founded by one of the trustees.
- 12 -
MUSEUM OF ARCHITECTURE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2020
17 Subsidiaries
These financial statements are separate charity financial statements for the Museum of architecture.
Separate company financial statements are required to be prepared by law. Consolidated financial statements are not required as the group constitutes a small group.
Details of the charity's subsidiaries at 30 September 2020 are as follows:
| Name of undertaking | Registered | Nature of business | Class of | % Held |
|---|---|---|---|---|
| office | shares held | Direct Indirect | ||
| MOA Collaborative | England and | Dormant Company | Ordinary | 100.00 |
| Wales | shares |
18 Contingent Liability
Whilst the charity is getting established, management staff have not received their full fees. The trustees will pay this at some time in the future, funds permitting. The amount owed at 30 September 2020 is £97,725.
- 13 -