## **Keswick Museum and Art Gallery Management Ltd**
**Report of the Directors and Trustees**
**and Financial Statements for the year ended 31 January 2021**
## **Keswick Museum and Art Gallery Management Ltd**
## **Index to the Financial Statements for the year ended 31 January 2021**
||Page||
|---|---|---|
|Charity Information|1||
|Trustees' Report|2||
|Independent Examiner's Report|6||
|Statement of Financial Activities|7||
|Statement of Financial Activities - Comparative|8||
|Balance Sheet|9||
|Notes to the Financial Statements|11|- 16|
## **Keswick Museum and Art Gallery Management Ltd**
## **Charity Information for the year ended 31 January 2021**
**DIRECTORS** J Edgar **AND** J M Edwards Smith **TRUSTEES:** P Fisher P A Howell A McConnell C E Poulter S J Riches J C Temple **BUSINESS ADDRESS** Station Road Keswick CA12 5NF **REGISTERED OFFICE:** As Business Address **CHARITY NUMBER:** 1156330 **COMPANY NUMBER:** 6051644 **INDEPENDENT EXAMINER**
**BANKERS:** Cumberland Building Society Station Street Keswick CA12 5HF
Page 1
## **Keswick Museum and Art Gallery Management Ltd**
## **Report of the Trustees for the year ended**
## **31 January 2021**
The Trustees (Management Committee), who are the directors of the Company for the purposes of company law, present their report together with the financial statements of the Charity for the year ended 31 January 2021.
The accounts have been prepared in accordance with the Charities Act 2011, the Companies Act 2006, and the Accounting and Reporting by Charities: Statement of Recommended Practice (SORP) 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 2015).
## **Governing Document**
Keswick Museum and Art Gallery Management Company Limited is a company limited by guarantee and registered charity. The company was established under a Memorandum of Association, which established the objects and powers of the charitable company, and is governed under it Articles of Assocation.
## **Objectives**
The company is established to provide at the museum and art gallery facilities and premises to advance the education of the public in the arts and crafts and the natural and cultural history of Keswick and the surrounding region for the benefit of the public.
## **Directors**
The directors who acted during the period were as follows: H C Davies - resigned 20 April 2020 R H Earthy - resigned 16 July 2019 J M Edwards Smith J Edgar - appointed 21 October 2019 P Fisher P A Howell A S McConnell C E Poulter S J Riches J C Temple D Thomas - resigned 19 February 2019 E A Thompson - resisgned 20 April 2020
## **Management Structure**
The Charity is managed on a day to day basis by the Manager who is responsible for overseeing the work of the Learning and Participation Officer and Administrator. The Manager is answerable to the Board of Trustees who are also the directors of the company and who are ultimately responsible for the running of the Charity. Each of the three main members of staff are responsible for a team of volunteers who assist in the different areas of managing and running the Museum.
## **Review of the development, activities and achievements of the Charity**
Keswick Museum and Art Gallery comprises of:
- Exhibition Space consists of four gallery spaces;
- the Victorian Gallery,
- Temporary Gallery, - Mountain Heritage Trust Gallery - Fitzpark Gallery
.
Page 2
## **Keswick Museum and Art Gallery Management Ltd**
## **Report of the Trustees, contd. for the year ended 31 January 2021**
## **Review of the development, activities and achievements of the Charity (Cont)**
- Reserve Collection of heritage assets held in purpose built storage and made available to researchers and interested members of the public by prior appointment The Collection is owned by Allerdale Borough Council and managed by KMAG.
The planned refurbishment of the galleries, as part of the Collections 2020 project, took place in January 2020. The museum space has been divided into zones, which encourages regularly changing, thematic displays. The space has significantly improved visitor flow and creates an emphasis on public interaction with the Collection. The Museum re-opened at the start of February with zoned displays on Arts & Crafts, Literature, Landscape, Living Here and Tourism. The Exhibition zone focused on the influence Canon Rawnsley had on Keswick and in particular his role in establishing the conservation movement, including the creation of the National Trust.
The Literature display of Southey's objects was supported by the AHRC-funded project 'Robert Southey's Keswick', led by the School of English at the University of Nottingham. This project facilitated a display on Southey which was well-researched and engaging, highlighting the best of the Museum's literature collections. We also hosted an exhibition from the Mountain Heritage Trust.
Due to the restrictions on the museum’s operations, it was agreed with the grant funders to extend the duration of the project into autumn 2021. This will allow us to deliver the agreed outcomes and give us more opportunity to assess the impact of the project, and in particular the re-display, on visitor experience and wider benefits.
In accordance with national lockdown in March 2020 we closed to the public and utilised the Coronavirus Job Retention Scheme (commonly known as furlough) to support the costs of the team’s wages while we were closed. Trustees were able to apply successfully to the Arts Council Emergency Response Fund for support with the costs of reopening to the public in Summer 2020. This supported the increased staffing costs where volunteers were not able to perform their usual roles, updating infrastructure to allow for flexible working and ensuring the building met the covid secure standards.
Keswick Museum was open to the public for 146 days between 1[st] February 2020 and 31[st] January 2021. Comparing the visitor numbers for these periods with the previous year the 2020 visitor figures are 64% of 2019’s figures. For context, the average visitor levels for similar organisations in Cumbria and across North West was 30%. From this data we can see that there is sustained demand for visits to Keswick Museum, over and above the local average, even during the coronavirus pandemic.
In addition to a Parkrun and a Women in Extreme Sport exhibition, we hosted a major takeover of the Community Gallery and 18 other areas of the museum by St Herbert’s School with their ‘Afloat’ exhibition – with six sessions of live storytelling, four days of craft events and our Where’s Wally Trail, the period of August to October when we were open for business was extremely successful in terms of footfall, till takings and positive comments received, showing a major increase from local families in addition to visitors. In particular the museum had a strong October half term, helped by poor weather, where we saw our visitor numbers increase to 487 compared to 431 in 2019.
Following the November lock down, trustees made the decision that it was not prudent to reopen during the brief lifting of restrictions in December. During the winter of 2020/2021 some of the staff moved to part-time furlough to allow them to fundraise, write major grant applications and to continue to manage and maintain both the building and the Collection.
Page 3
## **Keswick Museum and Art Gallery Management Ltd**
## **Report of the Trustees, contd. for the year ended 31 January 2021**
## **Review of the development, activities and achievements of the Charity (Cont)**
We moved our engagement online, in response to the national restrictions, with great success. The move from traditional to digital platforms (and having a team member focused on managing them) has increased our digital audience engagement across all platforms has increased our post reach to +204% in December with engagement levels at +49%. The series of craft videos we created when we could not run our planned activities have been very popular; the first video reached over 12.4k and has been viewed 12.9k times.
On reviewing the organisation’s Forward Plan, endorsed by the Board in February 2020, we have found that we have met nearly all the aims for this financial year and are making significant progress with those where circumstances have limited us from progressing as planned. This is in the face of many challenges, significant disruption and uncertainty, as well as a change of Manager.
Keswick Museum is lucky to have a dedicated and enthusiastic volunteer team and a pro-active Friends organisation who have championed us throughout this year supporting our fundraising strategies such as the very successful Adopt an Object scheme and our Crowdfunder. They are integral to us being able to provide an award-winning service and committed participants in all we do.
Through the Collections 2020 grant we were able to recruit a fulltime Curator in September to lead on the preparation of the Accreditation documents for the Arts Council to allow us to keep our status as an Accredited Museum. Despite the challenges of remote working and furlough we are still on track to submit the return in Spring 2021, no small achievement. We have also been successful in recruiting an experienced Museum Manager on a parental leave contract who joined us just before the November lockdown.
The Keswick to Threlkeld Railway path has now been reopened after being shut since Storm Desmond in December 2015. This should increase footfall and engage a passing audience. Keswick Museum worked with the Lake District National Park Authority to provide images for the permanent interpretation boards along the route, a partnership that we hope to build on in the coming years.
While Keswick Museum continues to be successful in applying for project funding to deliver specific objectives around Collection care and engagement the previously identified issues with the original business plan restricts what operations can be sustained by core funds. This has been further exacerbated by the demands put on our reserves by the financial implications of Covid-19. We continue to be grateful for the substantive support from the Friends of Keswick Museum, Allerdale Borough Council, Keswick Town Council and Keswick Tourism Association.
We would also particularly like to thank the long serving Trustees Edward Thompson, Anthony McConnell and Heather Davies who have retired during the year.
Page 4
## **Keswick Museum and Art Gallery Management Ltd**
## **Report of the Trustees, contd. for the year ended 31 January 2021**
## **Reserves Policy**
The Trustees aim to have reserves of at least 6 months of running costs as a minium requirement as laid down by the Charity Commission. This is estimated to be in the region of £60,000.
## **Investment Policy**
The Memorandum and Articles of Association of the Charity permit wide powers of investment. The Trustees should invest the money of the charity not immediately required for its purposes, in or upon such investments, securities or properties as may be thought fit.
## **Risk Assessment**
The Trustees regularly review the risks to which the charity is exposed and consider the implications of those risks. There is no risk currently facing the charity which the Trustees consider significant.
## **Statement of Directors Responsibilities**
The Directors are required under the Companies Act 2006 and the Charities Act 2011 to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the company and of its net surplus or deficit for that period. In preparing those financial statements, the directors are required to:
a) select suitable accounting policies and then apply them consistently;
b) observe the methods and principles in the Charities SORP
c) make judgements and estimates that are reasonable and prudent;
d) state whether applicable accounting standards and statements of recommended practice have been followed subject to any departures disclosed and explained in the financial statements;
e) prepare the financial statements on the going concern basis unless it is inappropriate to presume the company will continue in operation.
The Directors are responsible for keeping proper accounting records which disclose with reasonable accuracy the financial position of the Trust and to enable them to ensure that the financial statements comply with applicable law, accounting standards and the Charities SORP. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
## **ON BEHALF OF THE TRUSTEES**
**Clare Poulter Chair Date: 29 April 2021**
Page 5
## **Keswick Museum and Art Gallery Management Ltd**
## **Independent Examiners Report for the year ended 31 January 2021**
I report on the accounts for the Trust for the year ended 31 January 2021 which are set out on pages 7 - 16.
## **Respective responsibilities of trustees and examiner**
The charity's trustees 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 examiners report is needed.
## It is my responsibility to:
- examine the accounts under section 145 of the 2011 Act;
- 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
- to state whether particular matters have come to my attention.
## **Basis of independent examiners report**
My examination was carried out in accordance with the General Directions given by the Charity Commissioners. An examination includes a review of accounting records kept by the charity and a comparison of the accounts presented with these 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, I do not express an audit opinion on the view given by the accounts.
## **Independent examiners' 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 to:
- keep accounting records in accordance with s130 of the 2011 Act; and
- to prepare accounts which accord with the accounting records and to comply with the accounting requirements of the 2011 Act
- 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.
Page 6
## **Keswick Museum and Art Gallery Management Ltd**
|**Statement of Financial Activities**|||||||
|---|---|---|---|---|---|---|
|**for the year ended**|||||||
|**31 January 2021**||**31**|**January 2021**|||**31 January 2020**|
||**Notes**|Restricted|Unrestricted Designated||Total|Total|
|||||Funds|||
|||£|£|£|£|£|
|**INCOME**|||||||
|**Donations and legacies**|||||||
|Donations and gifts|3|-|10,443|-|10,443|21,822|
|Legacies receivable||-|-|-|-|-|
|Grants receivable|4|69,653|70,845|-|140,498|90,769|
|**Income from charitable activities**|||||||
|Museum Activites|5|-|17,245|-|17,245|59,109|
|**Other trading activities**|||||||
|Fundraising|6|-|-|-|-|488|
|Trading income|7|-|33,566||33,566|42,456|
|**Income from investments**||-|1,565|-|1,565|2,174|
|**Total income**||69,653|133,664|-|203,317|216,818|
|**EXPENDITURE**|||||||
|**Costs of raising funds**|||||||
|Fundraising costs|8|-|7,075|-|7,075|8,685|
|**Expenditure in charitable activities**|||||||
|Charitable activities|9|104,576|114,282|-|218,858|217,119|
|**Total expenditure**||104,576|121,357|-|225,933|225,804|
|**Net income / (expenditure) before**|**transfers** (34,923)||12,307|-|(22,616)|(8,986)|
|**and investments**|||||||
|**Net gains/(losses on investments)**||-|-|(8,966)|(8,966)|6,506|
|**Net income/(expenditure)**||(34,923)|12,307|(8,966)|(31,582)|(2,480)|
|Transfers between funds||2,987|(7,787)|4,800|-|-|
|Total funds brought forward||39,025|20,521|55,939|115,485|117,965|
|**Total funds carried forward**|17|7,089|25,041|51,773|83,903|115,485|
There were no gains or losses in the year to 31 January 2021 or 2020, other than those included above.
The notes form part of these financial statements
Page 7
## **Keswick Museum and Art Gallery Management Ltd**
## **Statement of Financial Activities for the year ended**
## **31 January 2020**
|**Statement of Financial Activities**
**for the year ended**|||||
|---|---|---|---|---|
|**1 January 2020**|**31**|**January 2020**|||
||Restricted|Unrestricted Designated||Total|
||||Funds||
||£|£|£|£|
|**INCOME**|||||
|**Donations and legacies**|||||
|Donations and gifts|3,500|18,322|-|21,822|
|Legacies receivable|-|-|-|-|
|Grants receivable|90,024|745|-|90,769|
|**Income from charitable activities**|||||
|Museum Activites|-|59,109|-|59,109|
|**Other trading activities**|||||
|Fundraising|-|488|-|488|
|Trading income|-|42,456||42,456|
|**Income from investments**|-|2,174|-|2,174|
|**Total income**|93,524|123,294|-|216,818|
|**EXPENDITURE**|||||
|**Costs of raising funds**|||||
|Fundraising costs|-|8,685|-|8,685|
|**Expenditure in charitable activities**|||||
|Charitable activities|56,449|160,670|-|217,119|
|**Total expenditure**|56,449|169,355|-|225,804|
|**Net income / (expenditure) before transf**|37,075|(46,061)|-|(8,986)|
|**and investments**|||||
|**Net gains/(losses on investments)**|-|-|6,506|6,506|
|**Net income/(expenditure)**|37,075|(46,061)|6,506|(2,480)|
|Transfers between funds|(8,594)|32,625|(24,031)|-|
|Total funds brought forward|10,544|33,957|73,464|117,965|
|**Total funds carried forward**|39,025|20,521|55,939|115,485|
Page 8
## **Keswick Museum and Art Gallery Management Ltd**
## **Statement of Finanical Position**
|**as at**
**31 January 2021**
**Notes**
**Fixed Assets**
Tangible fixed assets
12
Investments
13
**Current Assets**
Stock
Debtors
14
Cash at bank and in hand
**Creditors: amounts falling due within one year**
Creditors and accruals
15
**Net Current Assets**
**Total Assets less Current Liabilities**
**NET ASSETS**
**Funds**
Restricted funds
16
Unrestricted funds
Designated funds
17|**31 January 2021**
£
£
-
-
-
4,299
18,925
67,255
90,479
6,576
83,903
83,903
83,903
7,089
25,041
51,773
83,903|**31 January 2020**
£
£
-
43,285
43,285
4,843
5,366
69,284
79,493
7,293
72,200
115,485
115,485
39,025
20,521
55,939
115,485|**31 January 2020**
£
£
-
43,285
43,285
4,843
5,366
69,284
79,493
7,293
72,200
115,485
115,485
39,025
20,521
55,939
115,485|
|---|---|---|---|
||||43,285
72,200|
||90,479
6,576|79,493
7,293||
|||||
||||115,485|
||||115,485|
||||39,025
20,521
55,939|
||||115,485|
For the year ending 31 January 2021 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 notes form part of these financial statements
Page 9
## **Keswick Museum and Art Gallery Management Ltd**
## **Statement of Financial Position (cont) as at 31 January 2021**
The directors acknowledge their responsibilities for:
- a) ensuring that the company keeps accounting records which comply with Section 386 of the Companies Act 2006, and
- b) preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its surplus or deficit for each 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.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'
Approved by the trustees and signed on their behalf
**Clare Poulter Chair Date: 29 April 2021**
The notes form part of these financial statements
Page 10
## **Keswick Museum and Art Gallery Management Ltd**
## **Notes to the Financial Statements for the year ended 31 January 2021**
## **1 Accounting Policies**
## **Statement of compliance**
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities in preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (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.
## **Basis of preparation**
The charity meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note (s).
## **Tangible Fixed Assets and Depreciation**
Assets used for charitable purposes, with an expected useful life exceeding one year, are capitalised on the balance sheet. Depreciation is provided at the following annual rates in order to write off each asset over its expected useful life:
Computers 33.34% on reducing balance Fixture & Fittings 25% on reducing balance
## **Income**
Income consists of grants received and income from promotions, accounted for on a receivable basis. Where income is received for a specific purpose, as defined by the donor, this income is classed as restricted. Income received towards the general objects of the charity is classed as unrestricted.
## **Expenditure**
Expenditure is accounted for on an accruals basis. Where it relates to a specific project it is allocated to that project as restricted expenditure. Expenditure that relates to the objects of the charity is classified as charitable activities. Any legal or professional costs are classified as governance costs. The costs of generating funds are separately indentified.
## **Funds**
General funds are those where no restrictions have been placed upon the specific spending of the funds by the donor. Designated funds are those funds where the directors have chosen to earmark general funds for a specfic purpose. Restricted funds are those funds where the donation is received for a specific purpose as set out by the donor.
## **Corporation Tax**
As a 'not for profit' company with charitable status the Company is exempt from the payment of corporation tax.
## **Stock**
Stock is valued at the lower of cost and net realisable value.
## **2 Payment to Accountants**
The payment to the accountants included in the expenditure is split as follows:
|Book keeping, payroll and year end accounts
Payment for Independent Examination|2021
£
2,400
-
2,400|2020
£
2,400
60|
|---|---|---|
|||2,460|
Page 11
## **Keswick Museum and Art Gallery Management Ltd**
## **Notes to the Financial Statements for the year ended 31 January 2021**
||||31 January|2021|||
|---|---|---|---|---|---|---|
|||Restricted|Unrestricted|Designated|Total|31 January 2020|
|||£|£|£|£|£|
|**3**|**Donations**||||||
||Sundry Donations|-|4,775|-|4,775|16,895|
||Friends Donations|-|5,668|-|5,668|4,927|
|||-|10,443|-|10,443|21,822|
|**4**|**Grants receivable**||||||
||Allerdale Borough Council|-|37,807|-|37,807|245|
||JRS Grant Support|-|33,038|-|33,038|-|
||Arts Council Dive Into Derwentwa|1,500|-|-|1,500|13,500|
||Arts Council UNESCO|675|-|-|675|6,574|
||HLF 2020 Exhibitions|39,160|-|-|39,160|69,950|
||ACE COVID Support Grant|28,318|-|-|28,318|-|
||Keswick Town Council|-|-|-|-|500|
|||69,653|70,845|-|140,498|90,769|
|**5**|**Museum Activites**||||||
||Admission Charges|-|11,333|-|11,333|36,734|
||Room Hire|-|1,300|-|1,300|8,802|
||Education|-|2,067|-|2,067|6,147|
||Other Income|-|-|-|-|-|
||Reimbursed expenses|-|-||-|-|
||Gift Aid|-|2,545|-|2,545|7,426|
||Sponsorship|-|-|-|-|-|
|||-|17,245|-|17,245|59,109|
|**6**|**Fundraising**||||||
||Victorian Fayre|-|-||-|488|
|||-|-|-|-|488|
|**7**|**Trading income**||||||
||Retail Sales|-|5,386|-|5,386|14,515|
||Catering Franchise|-|28,180|-|28,180|27,941|
|||-|33,566|-|33,566|42,456|
|**8**|**Costs of raising funds**||||||
||Trading Expenses||||||
||Cost of Sales|-|3,354||3,354|8,685|
||Fundraising Audit|-|3,721||3,721|-|
|||-|7,075|-|7,075|8,685|
Page 12
## **Keswick Museum and Art Gallery Management Ltd**
## **Notes to the Financial Statements for the year ended 31 January 2021**
|**9**
**Charitable activities**
Exhibition and Project Costs
Staff costs
Administration
Marketing and Advertising
Premises and other costs
Interest and charges
Legal and professional
**10**
**Employee Remuneration**
Staff costs
Wages
Travel
Recruitment
Staff training|31 January 2021
Restricted
Unrestricted
Total
31 January 2020
£
£
£
£
104,576
880
105,456
61,109
-
76,447
76,447
84,049
-
4,124
4,124
13,357
-
2,380
2,380
8,187
-
27,098
27,098
46,758
-
953
953
1,299
-
2,400
2,400
2,360
104,576
114,282
218,858
217,119
31 January 2021
31 January 2020
£
£
75,876
81,590
78
1,062
45
113
448
1,284
76,447
84,049|31 January 2021
Restricted
Unrestricted
Total
31 January 2020
£
£
£
£
104,576
880
105,456
61,109
-
76,447
76,447
84,049
-
4,124
4,124
13,357
-
2,380
2,380
8,187
-
27,098
27,098
46,758
-
953
953
1,299
-
2,400
2,400
2,360
104,576
114,282
218,858
217,119
31 January 2021
31 January 2020
£
£
75,876
81,590
78
1,062
45
113
448
1,284
76,447
84,049|
|---|---|---|
|||84,049|
No employee had employee benefits, including salary and pension contributions, in excess of £60,000 (2018: nil)
The key management personnel of the charity comprise the Trustees and the Chief Executive Officer. The total employee benefits of the key management personnel were £25,000
The average number of staff employed by the trust during the year was as follows;
||31|January|2021|31|January 2020|
|---|---|---|---|---|---|
|||No.|||No.|
|**Direct staff**|||4||4|
|**Admin and office staff**|||1||1|
||||5||5|
## **11 Trustee Remuneration and Expenses and Related Party Transactions**
No remuneration directly or indirectly out of the funds of the charity was paid or payable for the year to any trustee or to any person or persons known to be connected with any of them. During the year £168 was paid to Trustees in travel expenses.
Related parties are the Trustees and Key Management Personnel and their close families. During the year there were no transactions with related parties.
Page 13
## **Keswick Museum and Art Gallery Management Ltd**
## **Notes to the Financial Statements for the year ended 31 January 2021**
## **12 Tangible Fixed Assets**
|||||Computer|Fixtures &||
|---|---|---|---|---|---|---|
|||||Equipment|Fittings|Total|
|||||£|£|£|
||**COST**||||||
||At|1 February 2020||1,410|-|1,410|
||Additions|||-|-|-|
||At|31 January|2021|1,410|-|1,410|
||**DEPRECIATION**||||||
||At|1 February 2020||(1,410)|-|(1,410)|
||Charge for year|||-|-|-|
||At|31 January|2021|(1,410)|-|(1,410)|
||**NET**|**BOOK VALUE**|||||
||**At**|**31 January 2021**||-|-|-|
||||||||
||**At**|**31 January 2020**||-|-|-|
|**13**|**Investments held as fixed assets**||||||
||||Market Value||||
||||At|1 February 2020|43,285||
||||Additions||-||
||||Disposals||(34,319)||
||||Revaluation||(8,966)||
||||At|31 January 2021|-||
|**14**|**Debtors**||||31 January 2021|31 January 2020|
||||||£|£|
||Trade debtors||||1,014|842|
||Other debtors||||16,092|2,538|
||Prepayments||||1,819|1,986|
||||||18,925|5,366|
|**15**|**Creditors: amounts falling due within one year**||||||
||31 January 2021|31 January 2020|
|---|---|---|
||£|£|
|Trade creditors|2,031|1,784|
|Other taxation & social security|1,878|1,966|
|Accruals|-|877|
|Deferred income|2,667|2,666|
||6,576|7,293|
Page 13
## **Keswick Museum and Art Gallery Management Ltd**
## **Notes to the Financial Statements**
**for the year ended 31 January 2021**
|**16**
**Funds**
**Projects & Restricted funds**
Dive Into Derwentwater
HLF 2020 Exhibitions
Arts Council UNESCO
COVID Support Grant
**Designated funds**
Refurbishment reserve
Investment reserve
**Funds Comparative at 31 January**
**Projects & Restricted funds**
Dive Into Derwentwater
HLF 2020 Exhibitions
Arts Council UNESCO
Curatorial Support
HLF War & Peace
Development Fund
**Designated funds**
Refurbishment reserve
Investment reserve|At
Incoming
Outgoing
At
1 February
2020
Resources
Resources Transfers
31 January
2021
£
£
£
£
£
(3,997)
1,500
-
2,497
-
44,187
39,160
(76,258)
-
7,089
(1,165)
675
-
490
-
-
28,318
(28,318)
-
-|
|---|---|
||39,025
69,653
(104,576)
2,987
7,089|
||12,654
-
-
4,800
17,454
43,285
(8,966)
-
34,319|
||55,939
8,966
-
-
4,800
51,773|
||**2020**
At
Incoming
Outgoing
At
1 February
2019
Resources
Resources Transfers
31 January
2020
£
£
£
£
£
-
14,000
(17,997)
-
(3,997)
-
69,950
(25,763)
-
44,187
-
6,574
(7,739)
-
(1,165)
2,504
3,000
(1,778)
(3,726)
-
2,978
-
(3,172)
194
-
5,062
-
-
(5,062)
-|
||10,544
93,524
(56,449)
(8,594)
39,025|
||18,400
-
-
(5,746)
12,654
55,064
6,506
-
(18,285)
43,285|
||73,464
6,506
-
(24,031)
55,939|
Page 15
## **Keswick Museum and Art Gallery Management Ltd**
## **Notes to the Financial Statements for the year ended 31 January 2021**
|**17**
**Net Assets by fund**
Restricted
Unrestricted Designated
£
£
£
Tangible fixed assets
-
-
-
Investments
-
-
-
Current assets
7,089
31,617
51,773
Creditors: amounts falling due
-
(6,576)
-
within one year
Creditors: amounts falling due
-
0
-
in more than one year
**Total net assets**
7,089
25,041
51,773
**Net Assets by fund Comparative at 31 January 2020**
Restricted
Unrestricted Designated
£
£
£
Tangible fixed assets
-
-
-
Investments
-
-
43,285
Current assets
39,025
27,814
12,654
Creditors: amounts falling due
-
(7,293)
-
within one year
Creditors: amounts falling due
-
0
-
in more than one year
**Total net assets**
39,025
20,521
55,939|Total
£
-
-
90,479
(6,576)|
|---|---|
||0|
||83,903|
||Total
£
-
43,285
79,493
(7,293)|
||0|
||115,485|
## **18 Going Concern**
The Trustees deemed it necessary to draw to the attention of the reader of the accounts that at the year ended 31st January 2020 there was a possible going concern issue due to the poor performance in that year. This was exacerbated by the uncertainty of the COVID pandemic. However during the year ended 31st January 2021 there has been siginficant finanical support and so the situation has remained stable during the year. However the challenge still remains for the museum to be run sustainably once it is able to reopen fully.
## **19 Members liability**
The liability of the members is limited. Every member of the charity undertakes to contribute to the assets of the charity in the event of the organisation being wound up while he or she is a member, or within one year after he or she ceases to be a member, for payment of the debts and liabilities of the charity contracted before he or she ceases to be a member, and of the costs, charges and expenses of winding up, and for the adjustment of the rights of the contributors among themselves, such amount as may be required, but not exceeding £1.
Page 16
## **Keswick Museum and Art Gallery Management Ltd**
**Financial Statements for the year ended 31 January 2021**
The following pages do not form part of the Statutory Accounts
## **Keswick Museum and Art Gallery Management Ltd Income and Expenditure Account for the year ended 31 January 2021**
|**INCOME**
**Donations and Legacies**
Donations and gifts
Sundry Donations
Friends Donations
Grants receivable
Allerdale Borough Council
JRS Grant Support
Arts Council Dive Into Derwentwater
Arts Council UNESCO
HLF 2020 Exhibitions
ACE COVID Support Grant
Keswick Town Council
**Income from charitable activities**
Museum Activites
Admission Charges
Room Hire
Education
Gift Aid
Sponsorship
**Other trading activites**
Fundraising
Victorian Fayre
Trading income
Retail Sales
Catering Franchise
**Investment income**
Dividend income
Bank interest received
**Total income**|**31 January 2021**
4,775
5,668
10,443
37,807
33,038
1,500
675
39,160
28,318
-
140,498
11,333
1,300
2,067
2,545
-
17,245
-
5,386
28,180
33,566
1,087
478
1,565
203,317|**31 January 2020**
16,895
4,927
21,822
245
-
13,500
6,574
69,950
-
500
90,769
36,734
8,802
6,147
7,426
-
59,109
488
14,515
27,941
42,944
1,859
315
2,174
216,818|**31 January 2020**
16,895
4,927
21,822
245
-
13,500
6,574
69,950
-
500
90,769
36,734
8,802
6,147
7,426
-
59,109
488
14,515
27,941
42,944
1,859
315
2,174
216,818|
|---|---|---|---|
||37,807
33,038
1,500
675
39,160
28,318
-|245
-
13,500
6,574
69,950
-
500||
||11,333
1,300
2,067
2,545
-|36,734
8,802
6,147
7,426
-||
||-
5,386
28,180|488
14,515
27,941||
||1,087
478|1,859
315||
|||||
||||216,818|
Appendix i
## **Keswick Museum and Art Gallery Management Ltd Income and Expenditure Account for the year ended 31 January 2021**
|**Income, brought forward**
**Expenditure**
**Costs of raising funds**
Trading Expenses
Cost of Sales
Fundraising Audit
**Exhibition and Project Costs**
Curator costs
General exhibition costs
Learning costs
HLF War and Peace costs
Dive Into Derwentwater costs
HLF 2020 Exhibitions costs
UNESCO Arts Council costs
COVID Support Grant Costs
Curatorial costs funded
**Staff costs**
Wages
Travel
Recruitment
Staff training
**Administration**
Stationery and computer supplies
Refreshments and volunteer costs
Postage, telephone and broadband
General expenses
Subscriptions
Trustee travel expenses
**Marketing and Advertising**
Advertising and marketing
**Expenditure Carried Forward**|**31 January 2021**
£
£
203,317
3,354
3,721
7,075
868
-
12
-
-
76,258
-
28,318
-
105,456
75,876
78
45
448
76,447
2,518
-
934
197
307
168
4,124
2,380
2,380
195,482|**31 January 2020**
£
£
216,818
8,685
-
8,685
837
624
3,199
3,172
17,997
25,763
7,739
-
1,778
61,109
81,590
1,062
113
1,284
84,049
5,421
1,407
4,830
508
433
758
13,357
8,187
8,187
175,387|
|---|---|---|
Appendix ii
## **Keswick Museum and Art Gallery Management Ltd Income and Expenditure Account for the year ended 31 January 2021**
|**Expenditure brought forward**
**Premises and other costs**
Rates and water
Insurance
Repairs and renewals
Laundry and cleaning
Security
Light and heat
**Interest and charges**
Bank charges
Global payment charges
**Depreciation**
Buildings
Equipment
**Legal and professional**
Consultancy
Accountancy
Legal costs
Total Expenditure
**Net Income / (Expenditure)**|**31 January 2021**
£
£
195,482
611
6,421
6,999
891
809
11,367
27,098
98
855
953
-
-
-
-
2,400
-
2,400
225,933
**(22,616)**|**31 January 2020**
£
£
175,387
3,120
6,371
22,115
3,128
1,036
10,988
46,758
388
911
1,299
-
-
-
-
2,360
-
2,360
225,804
**(8,986)**|**31 January 2020**
£
£
175,387
3,120
6,371
22,115
3,128
1,036
10,988
46,758
388
911
1,299
-
-
-
-
2,360
-
2,360
225,804
**(8,986)**|
|---|---|---|---|
||98
855|388
911||
||-
-|-
-||
||-
2,400
-|-
2,360
-||
|||||
||||225,804|
|||||
||||**(8,986)**|
Appendix ii