2021-04-05-accounts - Friends Of The National Museum Of Bermuda (UK)

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

FRIENDS OF THE NATIONAL MUSEUM OF BERMUDA (UK) A Charitable Incorporated Organisation

Registration Number 1157056

Trustees’ Annual Report and Accounts

For the year ended 5 April 2021

FRIENDS OF THE NATIONAL MUSEUM OF BERMUDA (UK)

ANNUAL REPORT AND FINANCIAL STATEMENTS

For the year ended 5 April 2021

INDEX

	Page
Reference and Administrative details	3
Report of the Trustees	4-7
Report of the examining accountant	8
Balance sheet	9
Statement of financial activities	10
Notes to the financial statements	11

FRIENDS OF THE NATIONAL MUSEUM OF BERMUDA (UK)

ANNUAL REPORT AND FINANCIAL STATEMENTS

For the year ended 5 April 2021

REFERENCE AND ADMINISTRATIVE DETAILS

Charity Registration Number	1157056
Principal Office	3 St. Paul’s Mews London NW1 9TZ
Trustees
	George Fergusson,Chairman*
	Colin Fleming, CPA CA_Honorary Treasurer*_
	Commander Robin Bawtree, OBE, RN
	Jonathan Coad, FSA
	Paul Leseur, MBE
	Gregory Lunn
	Dag Palmer
	Martin Slade
	* Honorary Officers of the Charity
Bankers	CAF Bank
	25 Kings Hill Avenue
	Kings Hill, West Malling
	Kent ME19 4JQ
Independent Examiner	Sue Kowszun BA FCA DChA,
	Harlequin Accounting & Financial Services Ltd
	Bancroft, Mill Road
	West Chiltington, West Sussex RH20 2PZ

FRIENDS OF THE NATIONAL MUSEUM OF BERMUDA (UK)

ANNUAL REPORT AND FINANCIAL STATEMENTS

For the year ended 5 April 2021

FRIENDS OF THE NATIONAL MUSEUM OF BERMUDA (UK)

REPORT OF THE TRUSTEES

The Trustees of The Friends of the National Museum of Bermuda (UK), a Charitable Incorporated Organisation, (the Charity) present their Annual Report and Financial Statements for the year ended 5 April 2021. These comply with the governing documents of the Charity, the relevant Statement of Recommended Practice (the Charities SORP 2015), Financial Reporting Standard 102 and the Charities Act 2011.

The Friends of the National Museum of Bermuda (UK) was incorporated, and recognised as a Charity in England and Wales, on 15 May 2014. It operates under a standard Charitable Incorporated Organisation (CIO) Constitution, which was adopted formally by the Trustees of the CIO on 2 December 2014.

OBJECTS OF THE CHARITY

The objects of the Charity are:

to promote and foster research (and to publish such research) on any territorial and maritime historical subjects whether or not relating to the Museum or the Islands of Bermuda; and
to promote the permanent preservation of such maritime artefacts and relics of historical archaeological and technical interest as the Trustees may consider appropriate wheresoever the same shall be situated; and
to promote and maintain in perpetuity the museum and the historical buildings and gun emplacements within the area of the historic fortifications of the old Royal Naval Dockyard situate at the northern end of the Ireland Island within the Parish of Sandys in Bermuda as a maritime museum for the study and general knowledge of all maritime subjects for the enjoyment of and with the object of advancing the education of the public.

GOVERNANCE AND MANAGEMENT

The Trustees manage the activities of the CIO, and meet formally at least once a year. There is contact and correspondence as necessary throughout the year as business of the CIO demands.

As required by the CIO’s Constitution, the Trustees serve for three-year terms, which are renewable. Trustees who served during the year ended 5 April 2021 are:

	First elected	Current term expires
George Fergusson_Chairman_	2017	2023
Colin Fleming, CPA CA_Honorary Treasurer_	2014	2022
Commander Robin Bawtree, OBE, RN	2014	2022
Jonathan Coad, FSA	2014	2023
Paul Leseur, MBE	2014	2022
Gregory Lunn	2014	2023
Dag Palmer	2014	2021
Martin Slade	2014	2021

No staff are employed by the Charity, which is entirely reliant upon volunteers.

FRIENDS OF THE NATIONAL MUSEUM OF BERMUDA (UK)

ANNUAL REPORT AND FINANCIAL STATEMENTS

For the year ended 5 April 2021

ACTIVITIES AND OPERATIONS FOR THE YEAR ENDED 5 April 2021

The CIO continued to collect modest donations to support the work of the National Museum of Bermuda. No requests for grants were received during the year.

The National Museum of Bermuda (NMB) is in the initial stages of a multi-year campaign to preserve and share Bermuda’s history, heritage and culture for residents, visitors, and those interested in Bermuda’s pivotal role in the Atlantic World’s history. This campaign will underpin education programmes to students, teachers and everyone Bermuda inspires. Indeed, the 2020/21 Covid-19 Pandemic saw many educational resources developed by the Museum made available to all on the www.nmb.bm/learn website, along with recordings of lectures by noted historians, as the Museum ensured that its resources reached students and others affected by lockdowns and stay-at-home orders. The other major theme of the campaign is to stabilise the Casemates Barracks (built 1830s) so that it may become the home for a Research Centre for Atlantic World History. The CIO is an active member of the Campaign and is approaching possible donors in the UK. Donations received for this campaign are disclosed in Note 2 to the financial statements.

The Trustees are continuing their review of the CIO’s operating procedures and consider revisions to its risk management and compliance procedures to reflect current best practice. The Trustees have also reviewed the CIO’s financial systems and procedures.

PUBLIC BENEFIT

The Trustees have complied with their duty to have due regard to the Charities Commission’s public benefit guidance when exercising their powers and duties to which that guidance is relevant. In providing practical and financial support for the National Museum of Bermuda; the Trustees are satisfied that they contributing public benefit both to the preservation of important aspects of Bermuda and British heritage and to historical education.

GENERAL DATA PROTECTION REGULATION

In May 2018 the General Data Protection Regulation (GDPR) came into effect. It represented a significant change and consolidation of existing Data Protection law. The Trustees have reviewed carefully the extent to which the GDPR affects the Charity. In July 2019, the Charity adopted a Privacy Policy that complies with the GDPR. All members of the Charity have received a copy of the revised policy, which is available on request from the Registered Office.

For the purposes of the GDPR, and as stated in the Charity’s Privacy Policy, the Treasurer is the Charity’s Data Controller and Data Processor.

FRIENDS OF THE NATIONAL MUSEUM OF BERMUDA (UK)

ANNUAL REPORT AND FINANCIAL STATEMENTS

For the year ended 5 April 2021

TRUSTEES’ AND EXECUTIVE COMMITTEE’S RESPONSIBILITIES IN THE PREPARATION OF FINANCIAL STATEMENTS

The Trustees (who are also the Executive Committee of the Charity) are responsible for preparing the Trustees’ Annual Report and Financial Statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

In preparing those financial statements, the Trustees are required to:

Select suitable accounting policies and then apply them consistently;
Observe the methods and principles in the Charities SORP;
Make judgements and estimates that are reasonable and prudent;
State whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue on that basis.

The Trustees and Executive Committee are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the applicable law. 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.

The Trustees are responsible for the maintenance and integrity of the corporate and financial information on the Charity Commissioners’ website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Risk Management

The major risks to which the Trustees believe the Charity is exposed are discussed at Trustee meetings and are reviewed at least annually. The Trustees believe that, as far as is practical, these risks are managed in an appropriate manner.

The Charity’s governing documents and policies are reviewed regularly to ensure that they keep pace with developments in best practice.

Grant making policy

At present, the Charity only awards grants in support of projects proposed by the National Museum of Bermuda, and reviewed and approved by the Trustees of the Charity. No grants were made during 2021 (2020: £nil).

FRIENDS OF THE NATIONAL MUSEUM OF BERMUDA (UK)

ANNUAL REPORT AND FINANCIAL STATEMENTS For the year ended 5 April 2021

Reserves

The Trustees’ policy with regard to reserves is to make suitable expenditure on the ongoing activities of the Charity, whilst maintaining adequate funds to deal with current and medium term needs and having the necessary provision to deal with unforeseen circumstances. As at 5 April 2021, the Charity’s free reserves were £13,966 (2020: £8,335).

Going Concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements.

Independent examiner

In view of the scale of the Charity’s activities and net assets, neither an independent audit nor an independent examination of the Financial Statements is required. However, the Trustees have resolved to have an independent examination and this has been carried out by Sue Kowszun BA FCA DChA.

Statement of disclosure of information to the Independent Examiner

The Trustees and Executive Committee at the date of approval of this Trustees’ annual report confirm that, so far as each of them is aware, there is no relevant examinable information of which the Charity’s independent examiner is unaware, and the Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant.

On behalf of the Trustees:

George Fergusson Chairman 5 July 2021

Colin Fleming Honorary Treasurer

FRIENDS OF THE NATIONAL MUSEUM OF BERMUDA (UK)

ANNUAL REPORT AND FINANCIAL STATEMENTS

For the year ended 5 April 2021

INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE FRIENDS OF THE NATIONAL MUSEUM OF BERMUDA (UK)

I report to the trustees on my examination of the financial statements of The Friends of the National Museum of Bermuda (UK) (the Charity) for the year ended 5 April 2021.

Responsibilities and basis of report

As the trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the Charity’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner’s statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

accounting records were not kept in respect of the Charity as required by section 130 of the Act; or
the financial statements do not accord with those records

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Sue Kowszun BA FCA DChA

Harlequin Accounting and Financial Services Limited Bancroft, Mill Road, West Chiltington, West Sussex RH20 2PZ

5[th] July 2021

FRIENDS OF THE NATIONAL MUSEUM OF BERMUDA (UK)

ANNUAL REPORT AND FINANCIAL STATEMENTS For the year ended 5 April 2021

Balance Sheet

5 April 2021 (In £ Sterling) Assets Cash Total Assets Liabilities Accounts payable Total liabilities NET ASSETS	2021 13,966 13,966 0 0 13,966	2020 8,335
		8,335
		0
		0
		8,335

FRIENDS OF THE NATIONAL MUSEUM OF BERMUDA (UK)

ANNUAL REPORT AND FINANCIAL STATEMENTS

For the year ended 5 April 2021

Statement of Financial Activities

For the year ended 5 April 2021

(In £ Sterling)

Notes Income Donations 2 Total income Expenses Operating expenses 3 Total expenses NET INCOME/ (LOSS) Reserves Brought forward Reserves Carried forward	2021 5,900 5,900 269 269 5,631 8,335 13,966	2020 945
		945
		260
		260
		685 7,650
		8,335

FRIENDS OF THE NATIONAL MUSEUM OF BERMUDA (UK)

ANNUAL REPORT AND FINANCIAL STATEMENTS For the year ended 5 April 2021

Notes to the Accounts

1 The Charity and basis of presentation

The Friends of the National Museum of Bermuda (UK) (a Charitable Incorporated Organisation) (‘the CIO’) was incorporated and entered into the Register of Charities on the 15 May 2014.

The accounts are prepared on the cash basis.

2 Donations received and grants made

Donations received during the year comprise:

General donations Future of History Campaign Total	2021 £ 1,450 4,450 5,900	2020 £ 945 0
		945

No grants were made during the year.

3 Operating expenses

Operating expenses comprise:

Independent Examiner’s fee Bank charges Total	2021 £ 200 69 269	2020 £ 200 60
		260

On behalf of the Trustees:

Colin Fleming CPA CA Honorary Treasurer

5 July 2021