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 2023
FRIENDS OF THE NATIONAL MUSEUM OF BERMUDA (UK)
ANNUAL REPORT AND FINANCIAL STATEMENTS For the year ended 5 April 2023
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 |
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FRIENDS OF THE NATIONAL MUSEUM OF BERMUDA (UK)
ANNUAL REPORT AND FINANCIAL STATEMENTS For the year ended 5 April 2023
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* | |
| Kay, Baroness Andrews, OBE | |
| (from 21 October 2022) | |
| Commander Robin Bawtree, | |
| OBE, RN_(until 21 October 2022)_ | |
| Jonathan Coad, FSA | |
| Paul Leseur, MBE_(until 21_ | |
| October 2022) | |
| Gregory Lunn | |
| Dag Palmer | |
| * 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 |
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FRIENDS OF THE NATIONAL MUSEUM OF BERMUDA (UK)
ANNUAL REPORT AND FINANCIAL STATEMENTS
For the year ended 5 April 2023
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 2023. 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:
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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
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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
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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 2023 are:
| First elected | Current term | |
|---|---|---|
| expires/ed | ||
| George Fergusson_Chairman_ | 2017 | 2023 |
| Colin Fleming, CPA CA_Honorary Treasurer_ | 2014 | 2025 |
| Kay, Baroness Andrews, OBE | 20221 | 2025 |
| Commander Robin Bawtree, OBE, RN | 2014 | 20222 |
| Jonathan Coad, FSA | 2014 | 2023 |
| Paul Leseur, MBE | 2014 | 20223 |
| Gregory Lunn | 2014 | 2023 |
| Dag Palmer | 2014 | 2024 |
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FRIENDS OF THE NATIONAL MUSEUM OF BERMUDA (UK)
ANNUAL REPORT AND FINANCIAL STATEMENTS For the year ended 5 April 2023
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1 Baroness Andrews was elected on 21 October 2022
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2 Commander Bawtree retired on 21 October 2022
3 Paul Leseur, MBE retired on 21 October 2022
No staff are employed by the Charity, which is entirely reliant upon volunteers.
ACTIVITIES AND OPERATIONS FOR THE YEAR ENDED 5 April 2023
During the financial year ended 5 April 2023, the CIO was actively involved in the National Museum of Bermuda’s multi-year Future of History campaign, which officially came to an end in September 2022. The Chairman and Honorary Treasurer acted as co-chairs of the UK and US Friends Division of the Campaign and the UK Friends were successful in securing donations towards the Campaign (some spread over several years), exceeding the target set for the UK. £10,327 (2022: £54,150) was received during the 2023 financial year. The CIO also continued to collect modest donations to support the ongoing operations of the National Museum of Bermuda.
The National Museum of Bermuda Future of History Campaign aimed to raise US$8,500,000 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. The campaign proceeds will underpin education programmes to students, teachers and everyone interested in Bermuda, as well as provide for expansion, and to ensure operational stability. Integral to the expansion pillar is stabilising and drying-out the Casemates Barracks, built for the Royal Marines between 1839-43. The Barracks are the some of the oldest surviving buildings in the Bermuda Historic Naval Dockyard and represent important examples of British naval and military-built heritage. It is intended that the Casemates will become home to both the Bermuda National Archives and the Centre for Atlantic World History. See also https://nmb.bm/campaign/ for further information.
Grants of £4,225 were made in 2023 (2022: £60,000). Of this total, £2,000 (2022: £10,000) was to support operations in Bermuda (helping to mitigate the effects of multiple forced closures during the Covid-19 pandemic) and £2,255 (2022: £50,000) to support the Future of History Campaign.
The Trustees continuously review 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 Charity 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 contribute public benefit both to the preservation of important aspects of Bermuda and British heritage and to historical education at every level from primary through tertiary and post-graduate study.
GENERAL DATA PROTECTION REGULATION
The Trustees have reviewed carefully the extent to which the General Data Protection Regulation (GDPR affects the Charity. In July 2019, the Charity adopted a Privacy Policy that complies with the
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FRIENDS OF THE NATIONAL MUSEUM OF BERMUDA (UK)
ANNUAL REPORT AND FINANCIAL STATEMENTS
For the year ended 5 April 2023
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.
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:
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Select suitable accounting policies and then apply them consistently;
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Observe the methods and principles in the Charities SORP;
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Make judgements and estimates that are reasonable and prudent;
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State whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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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. A grant of £4,225 was made to the National Museum of Bermuda during 2023 (2022: £60,000).
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FRIENDS OF THE NATIONAL MUSEUM OF BERMUDA (UK)
ANNUAL REPORT AND FINANCIAL STATEMENTS
For the year ended 5 April 2023
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 2023, the Charity’s free reserves were £15,506 (2022: £8,480).
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 examination nor an audit 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
Colin Fleming Honorary Treasurer
15 June 2023
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FRIENDS OF THE NATIONAL MUSEUM OF BERMUDA (UK)
ANNUAL REPORT AND FINANCIAL STATEMENTS
For the year ended 5 April 2023
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 accounts of the Friends of the National Museum of Bermuda (UK) for the year ended 5 April 2023, which are set out on pages 9 to 11.
Responsibilities and basis of the of report
As the charity trustees, you are responsible for the preparation of the accounts in accordance with 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 Act and in carrying out my examination, I have followed 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 matters have come to my attention in connection with this examination which gives me cause to believe that, in any material respect:
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accounting records were not kept in accordance with section 130 of the Act or
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the accounts do not accord with the accounting records
I have no concerns and have come across no matters in connection with my examination to which attention should be drawn 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 15 June 2023
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FRIENDS OF THE NATIONAL MUSEUM OF BERMUDA (UK)
ANNUAL REPORT AND FINANCIAL STATEMENTS For the year ended 5 April 2023
Balance Sheet
5 April 2023
(In £ Sterling)
| Assets Cash Total Assets Liabilities Accounts payable Total liabilities NET ASSETS |
2023 15,506 15.506 0 0 15,506 |
2022 8,480 |
|---|---|---|
| 8,480 | ||
| 0 | ||
| 0 | ||
| 8,480 |
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FRIENDS OF THE NATIONAL MUSEUM OF BERMUDA (UK)
ANNUAL REPORT AND FINANCIAL STATEMENTS
For the year ended 5 April 2023
Statement of Financial Activities
For the year ended 5 April 2023
(In £ Sterling)
| Notes Income Donations 2 Interest earned Total income Expenses Grants made 3 Operating expenses 4 Total expenses NET INCOME/ (LOSS) Reserves Brought forward Reserves Carried forward |
2023 11,530 18 11,548 4,225 297 4,522 7,026 8,480 15,506 |
2022 54,885 0 |
|---|---|---|
| 54,885 | ||
| 60,000 371 |
||
| 60,371 | ||
| (5,486) 13,966 |
||
| 8,480 |
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FRIENDS OF THE NATIONAL MUSEUM OF BERMUDA (UK)
ANNUAL REPORT AND FINANCIAL STATEMENTS
For the year ended 5 April 2023
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
Donations received during the year comprise:
| General donations Future of History Campaign Total |
2023 £ 1,203 10,327 11,530 |
2022 £ 735 54,150 |
|---|---|---|
| 54,885 |
3 Grants made
Grants made to the National Museum of Bermuda comprised:
| Operations Future of History Campaign Total |
2023 £ 2,000 2,255 4,225 |
2022 £ 10,000 50,000 |
|---|---|---|
| 60,000 |
4 Operating expenses
Operating expenses comprise:
| Independent Examiner’s fee Bank charges Total |
2023 £ 200 97 297 |
2022 £ 200 171 |
|---|---|---|
| 371 |
On behalf of the Trustees:
Colin Fleming CPA CA Honorary Treasurer
15 June 2023
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