Southwold Museum & Historical Society
Trustees Report
It will be no surprise to everyone that once again the year proved difficult as we exited from the Covid pandemic. The Museum opened later than usual in the season but in the latter half did return to normalcy.
On the plus side, the lecture programme was not impacted, for by the Autumn confidence in attending such events had returned. The lectures have been particularly good this year and we have had some record attendances. We changed the venue to the Stella Peskett Millennium Hall and this has proved popular. Details of next year’s lectures will be given in our next mailing.
Details of our finances are attached along with the Treasurer’s comments. Essentially, the organisation has held up financially during the year, supported by generous donations, control of costs and some escalation in the value of reserve investments. However, this picture will be short lived as costs and inflation impact in the coming months.
In addition, I have reported previously that it is necessary to carry out significant infrastructure repairs to the Museum building. The cost of this repair work (now planned for the closure period between Autumn and Spring) is sizeable and will deplete our reserves. To support this we have been seeking grant funding from various sources, and I am very pleased to report that The Southwold Trust has offered us £10,000 towards the project. We thank them greatly for their support.
Another area of concern is our inability to maintain a full opening of the Museum during this season as we are seeing a decline in volunteers to act as stewards. On a number of days we have had to remain closed as no one was available and this will have an impact on our donations. If we cannot secure more help it throws an unacceptable burden on our curators who work tirelessly to keep the Museum open. We are really in need of some more of our members to come forward and help us in this task. Please contact our curators Val and Jo – (email them at curator@southwoldmuseum.org) if you feel you can assist. To those of you who have already done so, we offer our gratitude.
The Society is looking to broaden its horizon and make itself more visible. Consequently, we have been attending some events where we have set up a promotional stall. This has included the Lions Fete on the Green and will also feature at the Suffolk Show.
It is also our plan to re-establish visits to historical venues in the area. One trip will be set up for September for which details are attached.
Finally, we are returning to our practice of holding our dinner after the AGM which will take place in The Crown on Monday, June 20[th] so we look forward to seeing members at this event which has always been the highlight of our year.
Rhys Jarvis, 27[th] May 2022
Southwold Museum & Historical Society
STATEMENT OF ASSETS 2021
| STATEMENT OF ASSETS 2021 | ||
|---|---|---|
| 2021 | 2020 | |
| £ | £ | |
| Brought forward balances at 1st January | ||
| 2021 | ||
| Unrestricted Funds: | ||
| SM&HS Current Account | 2189 | 2750 |
| COIF deposit account | 10567 | 1976 |
| COIF fxed interest account | 8217 | 7953 |
| COIF income shares | 20316 | 19089 |
| Total Brought forward | 41289 | 31768 |
| Surplus/(Defcit)for the year | 1324 | 1682 |
| Change of value in investments | 370 | 10224 |
| Total Funds | 42983 | 40310 |
| Represented by balances at 31st | ||
|---|---|---|
| December 2021 | ||
| Unrestricted Funds: | ||
| SM&HS Current Account | 3247 | 1210 |
| COIF deposit account | 8666 | 10567 |
| COIF fxed interest account | 7680 | 8217 |
| COIF income shares | 23210 | 20316 |
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Total Funds 42983 40310
TREASURER’S INCOME & EXPENDITURE FOR 2021 PLUS BUDGET COMPARISON
| Receipts | Actu | Budg | Notes |
|---|---|---|---|
| al | et | ||
| £202 | £202 | ||
| 1 | 1 | ||
| Grants | 3000 | 1500 | Additional £1,000 drawdown from |
| reserves than budgeted | |||
| Donations | 4303 | 2200 | Donations incl. £1000 bequest |
| from William Whiting (dec) | |||
| Sales | 1193 | 1050 | Budget assumes steady state |
| Interest | 221 | 256 | Slight reduction due to drawdown |
| of deposits | |||
| Subs | 2085 | 1525 | Encouraging after several poor |
| years | |||
| Events Surplus/ | 147 | 0 | Continuing negative trend |
| (Loss) | |||
| Gift Aid | 0 | 700 | Will not receive until next year |
| Total Receipts | 1065 | 7231 | Gift Aid needs to be addressed |
| 5 | |||
| Payments | |||
| Insurance | 1628 | 1600 | Reduction negotiated but slightly |
| above budget | |||
| Utilities | 3379 | 2917 | Energy costs escalating |
| R&M | 2883 | 1690 | Building consultancy of £1485 not |
| budgeted | |||
| Printing/Clerical | 672 | 737 | Predictable expense items |
| Allied organisations | 202 | 205 | Steady, only paying on demand |
| Collection | 0 | 0 | Zero investment |
| Merchandise | 504 | 0 | Map Marketing |
| purchases | |||
| Rates | 63 | 82 | Discounted until 2022/23 |
| Total Payments | 9331 | 7231 | Building consultancy and energy |
| cost overruns | |||
| Surplus/Defcit | 1324 | 0 | £2,500 drawdawn avoided a |
| defcit |
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Treasurer’s Report on the 2021 Accounts
Notes 2021
Whilst a shortfall on an aspirational budget the outcome was assisted by earlier than envisaged opening and good summer trading activity both in-house and at selected events. All revenue aspirations bar Gift Aid, which should be settled in the current year, were achieved but escalating costs obviated this encouraging trend particularly building consultancy, merchandise purchases and the national trend in energy costs (which will escalate further).
Total funds held within the charity at 21.12.2021 were £42983 a year on year increase of £2673 (6.6%).
Our fixed interest account declined due to market forces depressing fixed interest securities by £527 (6.5%) whilst our income shares investments increased by £2894 (14.2%).
Our reserves currently preserve our solvency which must be carefully assessed before any major building expenditure is committed
David Holland 13[th] April 2022
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