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2021-03-31-accounts

Charity no. 1165528

The Alfred Gillett Trust Report and Audited Financial Statements 31 March 2021

The Alfred Gillett Trust

Reference and administrative details

For the year ended 31 March 2021

Charity number 1165528
Registered office and The Grange
operational address Farm Road
Street
Somerset
BA16 0EJ
Trustees The trustees are who served during the year and up to the date of this
report were as follows:
Mrs Cato Pedder Chair
Ms Katie Arber (appointed 20 June 2020)
Mr Richard Clark
Mr Patrick Colton
Ms Eleanor Gould (appointed 22 May 2021)
Mr David Hill (appointed 20 June 2020)
Mr Martin Lovell
Mr Hugh Pym
Dr Charles Donald Robertson (resigned February 2021)
Senior Management Team The day to day management of the trust is delegated to the Senior
Management Team as follows:
Ms Natalie Watson Director
Ms Samantha Cullen Office Manager
Mr Tim Crumplin Business Archivist
Ms Nicky Dowding Collections Manager
Bankers National Westminster
72 High Street
Street
Somerset
BA16 0EJ
Solicitors Lancaster Parr
Pear Tree House
Wanstrow
Somerset
BA4 4TF
Auditors Godfrey Wilson Limited
Chartered accountants and statutory auditors
5th Floor Mariner House
62 Prince Street
Bristol
BS1 4QD

1

The Alfred Gillett Trust

Report of the trustees

For the year ended 31 March 2021

The trustees present their report along with the financial statements of the charity for the year ended 31 March 2021.

Reference and administrative information set out on page 1 forms part of this report. The financial statements comply with current statutory requirements, the Memorandum and Articles of Association and the Statement of Recommended Practice - Accounting and Reporting by Charities (effective from January 2019).

Structure, governance and management

The Alfred Gillett Trust is a Charitable Incorporated Organisation (CIO) governed by a board of eight trustees which meet 4 times per year. There is also a finance sub-committee that was formed in early 2021 consisting of 3 trustees. The trustees set the strategic vision and are guided by the Foundation Constitution of the organisation, dated 11 February 2016. We were previously established as a charity under a Trust deed dated 2 October 2002 and its registered charity number was 1095901.

The CIO can appoint trustees and must have at least three charity trustees and a maximum of twelve. Both The Roger and Sarah Bancroft Charitable Trust (registered charity number 211513) and the Joseph and Frances Clark Trust (registered charity number 267441) have the power to appoint and remove one trustee. C & J Clark Limited also has the power to appoint and remove one trustee. All trustees give their time freely and no remuneration was paid in the year.

Trustees are recruited through a process of open advertising in both sector and local channels as well as existing networks, with subsequent interviews held in person before the appointment. The induction process for any newly appointed trustee comprises an initial meeting with the chair and the director. Newly appointed trustees are briefed on our objectives and details of the constitution. The welcome pack includes a brief history, copies of board minutes, the latest annual report and accounts, the constitution, the forward plan, the staff handbook, relevant policy documents and the Charity Commission's guidance The Essential Trustee: What You Need to Know. Trustees also keep themselves up to date using information from the Charities Commission and their solicitors. New trustees are also invited to take a tour of the sites.

At the board meetings, the trustees approve the strategy, including consideration of investment, reserves and risk management policies and performance. The director and senior management team (SMT) have the authority to implement the trustees’ decisions, which are communicated through the trustee meetings, or via email/phone calls during intervening periods. The director discusses issues with the chair of the trustees weekly and submits reports and proposals to the trustees and stakeholders on an ongoing basis.

Due to close links with C & J Clark Limited through collections and services, a Grant Funding Agreement and a Collections Loan Agreement was implemented on 6 February 2018 to ensure we are aligned where possible with the company on activities and resource allocation. As signatories to the two key agreements, strategic direction is provided by the Company Secretary and the Chief Executive Officer. This agreement is now superseded by a service contract from February 2021 following the purchase of the historic collections by the Trust in December 2020.

Objectives and activities

The Alfred Gillett Trust was established to advance public education through the cooperation and assistance in the foundation and maintenance of a public records centre and museum in Street. The collections are varied and include Clark family and business archives, shoe catalogues, point of sale materials, fossils, artwork and furniture, costume, film and sound archives, and a large collection of historic shoes and shoemaking machinery.

Our mission and vision

Our mission is to share the rich history of Street’s shoe industry, demonstrating the principles of stewardship, integrity and community-mindedness, upon which the collection was founded, and inspiring the next generation of creators, thinkers and innovators.

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The Alfred Gillett Trust

Report of the trustees

For the year ended 31 March 2021

Our vision is to inform and inspire the public by sharing the cultural history of shoemaking.

Charitable objectives

Public benefit

The trustees confirm they have complied with the duty in section 17(5) of the Charities Act 2011 to have due regard to public benefit guidance published by the Commission. The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing our aims and objectives and in planning future activities.

The heritage service gives the public access to extensive archival and material culture collections comprising material that relates to the history and manufacture of footwear, the individuals involved in footwear design and production, the development of Street as a company town, and the sociological, political and economic changes which occurred in the nineteenth and twentieth centuries. Outside of COVID restrictions, public access is facilitated at the Grange by prior appointment and in a drop-in capacity through our programme of open days, tours, events, and temporary exhibitions. However, significant background work was undertaken while the public were not able to access the collections due to Government guidelines within collections care management which will improve access in the future.

Achievements and performance

Our strategic aims and objectives set to guide our development were published in the 2019-2025 Strategic Plan. Five key areas of development were identified which contribute to the long-term development programme, culminating in the construction of a new collection store and a museum on the Grange site. Progress was made on all strategic objectives set in 2020-21, including:

Impact of COVID

The 2020-21 Forward Plan and budget, based on the 2019-25 Strategic Plan, was approved on 13 March 2020. This was done without reference to the potential impact of the developing COVID pandemic which at the time was not deemed a massive threat by the UK Government. However, a national lockdown occurred a week later, and the subsequent closure of Trust sites and furloughing of staff throughout the year was necessary with a core team of staff who continued working. Three national COVID lockdowns led to the site being fully closed for 6 months, with the remaining 6 months operated under strict site restrictions/home working in line with covid secure working practices as dictated by the Government. As a result of the pandemic restrictions, the Trust lost 388 staff working days and £72,000 in income, with most of the planned projects, events and activities postponed or cancelled. This had a fundamental impact on how the Trust carried out its planned work and the severe restrictions throughout the year made planning and resource allocation extremely difficult.

3

The Alfred Gillett Trust

Report of the trustees

For the year ended 31 March 2021

All sites were closed on 17 March 2020, with staff working remotely from home or placed on furlough or flexible furlough. This was deemed necessary due to the nature of our core work, which was predominantly focused on working directly with objects and archives which could not be accessed remotely. During this period, a month-by-month operational plan was put in place by the director and SMT to manage the remote staff, and trustees met regularly to assess the changing situation and approve use of the budget.

As restrictions were eased in the summer, a phased return to site working of curatorial staff was implemented from 17 July, with half the staff continuing either part-time or full-time working from home to keep numbers at sites to safe levels and ensure the sites were covid-secure. The number of site working staff was gradually increased over the autumn and managed to a rota, with isolated working on individual tasks, rather than the usual teamwork which meant delivery of a drastically different work plan. Trust sites have remained closed to external visitors since 17 March, except for essential maintenance contractors, and we have instead been providing a remote service using email and Zoom. However, as 2021 has progressed the Trust has been slowly working towards a partial re-opening of the sites in line with Government guidelines.

Unbudgeted expenditure during this time was focused on providing a COVID-secure working environment for site-working staff, ensuring the necessary PPE and social distancing measures were in place, and improving the IT infrastructure to enable remote working from home. There was an increased need for occupational health and mental health support for staff during this time, as well as external HR support to manage the impact of the pandemic on the staff’s wellbeing and performance. The Trust’s room hire service was suspended at the beginning of lockdown and we have not been able to resume this service to date, but the Trust was excited to receive a Restart grant which will focus on the background work required to resume this service in early 2022. The financial loss of this has been accounted for, but the loss of returning customers is not yet known.

This highly restrictive way of working has increased the timescales for many pieces of work planned for completion in 2020 and as such a new forward plan was approved by the trustees on 22 August. This reflected the unexpected drop in income and the Trust’s need to react to developing uncertainties about the future of C & J Clark, a key funder of the Trust. The new plan reduced budgeted activity from £411,725 to £280,550 and focused the energies of the SMT on ensuring the future protection of the company collections in the Trusts’ care. It concentrated the staff and resources on tasks that would be manageable within the social distancing restrictions and the reduced services available from external contractors and suppliers.

Site restrictions and home working caused significant delays to all projects, particularly the time-sensitive Donnes decant and lack of site access has led to a rapid deterioration of the facility. The unexpected opportunity to purchase the company collection created a significant amount of additional work, that did not appear in our plans and further delayed other projects.

In September, discussions began about a potential second national lockdown, and as such 4-week Lockdown Plans were developed by the SMT to ensure all staff could continue working remotely full time on tasks that would contribute meaningfully to the new forward plan. On 5 November, a second lockdown was implemented, and all staff once more asked to work remotely until its expected end on 2 December, causing delays to all sitebased work scheduled. After only 2 weeks on-site in December, a third national lockdown was implemented which saw the return to remote working for all staff until restrictions began to ease on 30 March 2021.

Aim 1: Improve the standards of collections care, storage and documentation

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The Alfred Gillett Trust

Report of the trustees

For the year ended 31 March 2021

▪Develop long-term storage solution for large objects collection including machinery; ▪Move collections into temporary storage at Park Road Store; ▪Document and digitise collections and transfer them into permanent storage; and ▪Continue Donnes decant project.

Continue
the
Shoe
Museum		 ND/JS Ongoing* Delays due to closure of external site and restrictions
decantproject* (CMT) on access
Work
with CJC to set up a		 ND (CMT) Ongoing* Delays due to closure of external site and restrictions
machinery
collections
storage		 on access, given lower priority to other storage
facilityin Morelight* projects
Develop brief for permanent Link NW (SMT, Not Scheduled to begin in March 2021
storage
facility
for
the
large		 CMT) Started
object collection
Transfer
the
machinery		 ND (CMT, Delayed Delayed due to closure of site and restrictions on
collection from Donnes to new FM) contractor availability
storage
Continue
Donnes
Decant		 TC/ND Ongoing* Significant delays to plan due to closure of site and
Project* (CMT) restrictions on contractor availability
Document and digitise decanted ND (CMT) Ongoing* Only possible to do during site access, during
collections
and
transfer
into		 lockdown focus was on database work and post-
storage* processingof images
Negotiate
IPR
and
copyright		 NW (SMT, Complete Incorporated into Transfer Agreement, follow up
agreements with CJC CMT) work required
Renegotiate and renew the CJC NW (SMT) Ongoing GFA
replaced
with
Transfer
Agreement
and
Grant FundingAgreement Schedule of Services to CJCI
Complete the Shoe Digitisation ND (KV, Ongoing* No digitisation during lockdowns, post-processing of
Project* NW,RW, images undertaken, project extended in Jan
Complete
POS
Digitisation		 ND (KC, Ongoing* No digitisation during lockdowns, post-processing of
Project* KV,NW, images undertaken, project extended in Jan
Complete transfer of ownership NW (SMT, Complete Delayed completion due to external partner deadline
of the CJC collection CMT)
Develop proposal to provide the JM (ND, Ongoing Initial report created, proposal incorporated into the
company with remote access to NW, WP) Transfer Agreement, expected delay to completion
the collections database
Provide
enquiry
service
and		 TC (CMT) Ongoing* Only remote service has been offered throughout
enhanced support for company period
projects,
research
and
development*

Aim 2: Increase access through outreach and engagement

▪Refresh the AGT e-newsletter design and content;

▪Complete the #AGTAZ social media campaign;

▪Develop online digital engagement offer and upgrade website;

▪Develop brief for an Oral History Project in 2021-22 aimed at local audiences;

▪Provide an enquiries service to the company and associated contractors;

5

The Alfred Gillett Trust

Report of the trustees

For the year ended 31 March 2021

▪Provide enhanced support for company projects, research and development; ▪Provide a limited public enquiry service; and ▪Provide a limited number of public talks and tours.

Develop proposal to provide the JM (ND, Ongoing Initial report created, proposal incorporated into the
company with remote access to NW, WP) Transfer Agreement, expected delay to completion
the collections database
Provide
enquiry
service
and		 TC (CMT) Ongoing Only remote service has been offered throughout
enhanced support for company period
projects,
research
and
development*
Complete
the
#AGTAZ
social		 SB (RW) Ongoing* On time and to plan
media campaign
Provide a remote public enquiry TC (CMT) Ongoing Only remote service has been offered throughout
service* period
Refresh the AGT e-newsletter SB (DEG) Delayed Delayed followed review by Digital Engagement
design and content Team
Investigate
opportunities
to		 SB (SMT) Complete Discussions held and agreed to focus of virtual and
provide
COVID-19
secure		 digital engagement in 2021
events and activities and create
activity plan for 2021
Complete
Christmas
Advent		 SB (RW) Complete On time and to plan
social media campaign
Develop
room
hire
and		 SB (SMT) Delayed Completion expected to be delayed due to ongoing
commercial income generation COVID restrictions
offer for 2021
Investigate
the
future
income		 SB (SMT) Delayed Delayed due to closure of site and lack of clarity
generation
potential
of
the		 around access for public
Grange

Aim 3: Improve our services, facilities and operations

▪Install information board about Trust facing into Clarks Village;

▪Renew the R&SBC Grant Funding Agreement;

▪Develop branding for Trust site and services to support capital development; and

Implement COVID-19 safe SB (SMT) Complete Site only open to staff and contractors throughout Site only open to staff and contractors throughout Site only open to staff and contractors throughout Site only open to staff and contractors throughout
working practices for staff and period, not volunteers or visitors
visitors
Complete portico
tender		 and SB (FMT) Complete Tenders
received,		 supplier selected, trustee
book works for Spring2021* approvalgranted
Complete asbestos
survey
of		 SB (FMT) Delayed Delayed due to closure of site and restrictions on
Grange and undertake identified contractor availability
actions*
Resolve latent
defects		 in SB (FMT) Ongoing Completion expected to be delayed as reliant on
construction of Archive building* external contractor

6

The Alfred Gillett Trust

Report of the trustees

For the year ended 31 March 2021

Undertake
repair		 and SB (FMT) Ongoing* Significant delays to plan due to closure of site and
maintenance of high-risk high- restrictions on contractor availability
impact buildingdefects*
Resolve
Wi-Fi
issue		 in SB Complete Delayed completion
Hoddinotts (Bluetech)
Create brief for repairing Archive SB (FMT) Ongoing Completion delayed due to closure of site and
walkway roof and implement restrictions on contractor availability, minor work
required
Install
additional
fall		 arrest SB (FMT) Ongoing Delayed due to complexity of issue, closure of site
system for Grange roof access and restrictions,contractor availability
Resolve role required to fulfil FM SB (SMT) Complete External FM providers contacted, decision made to
needs retain current service and bring in contractors on
case-by-case basis

Aim 4: Realise our capital development aspirations

The capital development project to create a new museum on the Grange site was originally intended to be a key piece of work in 2020-21, building on the findings of the business planning and audience development consultants in 2019. The trustees postponed this development until 2021, prioritising the use of the capital development grant on supporting the collections decant and storage projects.

Complete
ethical		 sale of El NW (ND) Complete Delay in receiving final funds from Sotheby's, sale
Anatsui sculpture done to schedule
Develop
ethical		 investment NW (SMT) Delayed Delayed completion due to complexity of Transfer of
policy companycollections
Restructure
Trust		 investments NW (SB) Ongoing Completion expected to be delayed as reliant on
and finances delayed investmentpolicywork
Develop 5-year business plan NW (SMT) Ongoing Completion expected to be delayed as reliant on
delayed investmentpolicywork
Negotiate
the
transfer		 of the NW Not Scheduled to begin in January 2021
Capital Development Grant from Started
R&SBC

Financial review

Investment performance

The charity made an unrealised gain of £477,369 (2020: unrealised loss of £587,030) on the units held in the Schroder’s funds based upon the market value of these units as at 31 March 2021.

The charity made an unrealised loss of £1,013,528 (2020: unrealised gain of £190,832) on the unlisted investment in C & J Clark Limited shares following the continued fall in value and the continued cancellation of any dividend payments.

7

The Alfred Gillett Trust

Report of the trustees

For the year ended 31 March 2021

A Qualification was listed on the 2019/20 accounts due to the September 2019 valuation which was not deemed fit for purpose. It has been custom and practice for this annual valuation to be supplied by C & J Clark Ltd, therefore removing the need for trustees to obtain their own valuation. However, a new valuation was not forthcoming for this financial year and at the point that the annual audit took place, the trustees took the decision that a new share valuation at that point would be no more accurate for the expense that would be incurred and accepted the Qualification. Trustees note that the Qualification will remain in place for these accounts due to this and the opening balance being incorrect.

The trustees consider the results to be reflective of the wider national economic context and continue to review the performance of our investments. Information relating to changes in investments is given in note 14 of the accounts.

Reserves policy

The Trust keeps a certain level of financial reserves to help meet the charity’s needs via a reserves policy dated July 2018. The reserve level has been set to cover the operating costs of the Trust for a period of six months, which is calculated and monitored at the start of every financial year and adjusted to match 50% of the approved operating budget.

At the end of the year we had unrestricted reserves of £5,450,194 (2020: £5,512,436), with ‘free’ reserves of £883,752 (2020: £1,122,969), this being the unrestricted reserves less designated funds, fixed assets and investments. The reserves figure is significantly higher than our policy dictates as the Trust is actively pooling resources and assets as we are in the process of engaging an investment manager to create an ethical investment portfolio to ensure ongoing revenue funding to support our work on an annual basis.

Investments

The listed investments with Schroder charity equity funds are included at fair value using the closing quoted market price, being the bid price, and the unlisted investments have been included in the balance sheet at the annual valuation of the shares by BDO, Chartered Accountants, using a valuation date closest to the balance sheet date in order to be measured at fair value.

Investment policy

There are no restrictions imposed on the investment policy by our constitution. The trustees make the investments in accordance with Charity Law.

Trustees risk assessment

The trustees maintain a risk register to identify the risks that we encounter during operation. The risk register is tabled at every board meeting and each risk identified is graded low, medium or high. The trustees consider that adequate controls are in place to mitigate the key risks identified.

Principal risks and management strategy

8

The Alfred Gillett Trust

Report of the trustees

For the year ended 31 March 2021

Fundraising

The Trust does not have a formal strategy governing how we raise funds from the public and does not use a fundraiser or commercial participator to carry out its fundraising activities. Donations are encouraged at all public events held by the Trust through the use of donations boxes, and via our website. No complaints have been received by the charity about fundraising activity.

The Trust will be looking to develop a strategic fundraising plan in line with strategic ambitions and our charitable objectives.

The Trust has benefitted from a number of covid-19 related grants in this period:

Plans for future periods

Impact of COVID

The ongoing pandemic restrictions in the form of lockdowns or controlled movement continues to have a significant impact on our ability to plan for the coming year. Much of our staff and volunteer work usually focuses on physically handling and processing collections and interacting with our sites and users. 388 staff days were lost in 2020 due to restrictions or lack of suitable work that could be done remotely, and with the situation looking set to continue well in 2021. To plan and budget for 2021-22, a flexible forward plan and budget has been adopted which can be tailored depending on the pandemic restrictions on staff and external contractors. This will give the SMT the ability to ensure the overarching aims and objectives of the Trust provide the core direction and keep staff productively employed instead of furloughed. This does mean that budgets, key performance indicators and timescales are difficult to assign to projects, and these will instead be monitored by the SMT and director and variations reported to the board throughout the year.

As a consequence of the flexibility required, the budget has been calculated using two strands: a fixed revenue budget covering predictable core running costs and a flexible activity budget covering the projects which may take place in each department. Use of the activity budget to operate the flexible forward plan will be authorised by the director and SMT in cases under £5,000, or the trustee finance sub-committee or wider trustees if over £5,000. Funding to achieve the forward plan comes from our reserves and external funding already secured.

The objectives of the flexible forward plan feed into our strategic and capital development aims, which were established in 2019 and are detailed in the Strategic Plan 2019-25. To respond to the acquisition of the company collection, a fifth aim has been added for 2021 onwards which focuses on providing the new service to the company:

9

The Alfred Gillett Trust

Report of the trustees

For the year ended 31 March 2021

5 Develop our strategic direction and capital development aspirations.

At the heart of the proposed plan is an uplift in our digital engagement, with major projects aimed at opening up access to the collections for a range of audiences. Time will be put towards establishing a secure foundation for our long-term strategic goals, much of which can also be done remotely. The framework for this will be the trust’s capital development plan, with preparatory groundwork being put in place now to ensure we stay on track for completion of phase 1 in 2025. Dealing with the purchase of the company collection and the ongoing work to understand the legal and commercial basis of the new setup form a core part of the proposed plan. When COVID-restrictions are eased and sites are accessible to staff, the ongoing decant of collections from external storage will become the highest priority.

Aim 1: Improve the standards of collections care, storage and documentation

This strand of the forward plan has the most risk associated with completion due to the practical, hands-on nature of our work. When possible, the ongoing decant of collections from Donnes and the Shoe Museum to the Grange will be continued. The temporary storage sites will be fully prepared and utilised to hold collections until the brief for the new collections storage facility in the Link is created, including Park Road Store, Morelight and the Shipping Containers. Both the decant projects and the purchase of the company collection creates a huge backlog of documentation work to update ownership details, and time to understand the extent and risks posed by what has been taken on is allocated. A significant project to audit the IPR and Data Protection issues within the collection will enable us to understand the legal basis under which we can utilise the collections to achieve both our charitable objectives and generate income. Proposals to develop online access to the collections will be part of our wider digital engagement strategy for 2021.

In December 2020, the Trust purchased a heritage collection from C&J Clark Ltd. The purchase was made specifically to safeguard the future of the collection and to ensure it remains in the public domain. Whilst a financial value was attributed to the collection for the purposes of the acquisition, the Trust considers its true value to be in its cultural significance. The assets themselves are inalienable, held in perpetuity and mostly irreplaceable, making them inherently difficult to value in financial terms. However, the trustees recognise that the collection meets the SORP FRS102 accounting criteria for a heritage asset and as such the collection is carried on the balance sheet at cost. Should the Trust become insolvent or unable to operate, it is the Trust’s intention to seek an alternative organisation within the Museum and Archive sector to become custodians of the collection so that it remains in the public domain. The Trust is researching ways to legally protect the collection to ensure it remains available for the education and enjoyment of the public.

Aim 2: Provide a professional heritage service to C & J Clark Ltd

The new service agreement with the company features several contractual obligations through the year in return for the £300,000 pa service fee, including an enquiry service, digitisation and physical and virtual talks and tours. In order to establish a professional service to the company reflecting the new arrangement, we will implement new policies and digital systems and work closely with the company to deliver a valued service. This will include developing contemporary collecting, closer collaboration on company projects and investigations into making the digital archive more accessible through a company website.

Aim 3: Increase access through outreach and engagement

Due to inherent uncertainties about physical events, we will focus entirely on digital engagement for 2021, guided by a separate Activity Plan with virtual opportunities for outreach and engagement targeted at a wider range of identified audiences. The core vehicle for this will be a Digital Engagement Strategy developed by the Digital Engagement Group, which also encompasses the development of our wider digital infrastructure and skills. We will provide a remote public and academic enquiry service, with digitisation and collections access also offered when possible. A digital extension to the education project with local schools aims to build on the success of the project in previous years and providing tailored resources for teachers. The viability of hosting in-person events, exhibitions and providing room hire will be reviewed in mid-2021.

10

The Alfred Gillett Trust

Report of the trustees

For the year ended 31 March 2021

Aim 4: Develop our sites and facilities

The ongoing maintenance of the Trust sites is impacted severely by COVID-restrictions, both by lack of access to the site but also the availability of contractors, suppliers and materials. Prioritised projects of the Maintenance Schedule include those which pose an immediate threat to the fabric of the buildings, such as the repair of the Grange portico and the Archive, or are required by legislation, such as the asbestos survey of Grange. Where possible other work to keep the various sites well maintained and fit for purpose will be undertaken, including all off-site stores and shared facilities.

Aim 5: Develop our strategic direction and capital development aspirations

This strand remains largely unaffected by COVID restrictions and focuses on providing the financial and legal basis to continue developing both the trust and the capital development plan. Key projects focus on restructuring the trust's finances and systems, including establishing a business plan, ethical investment portfolio, completing VAT registration and establishing a trading subsidiary. To guide the longer-term strategic development, our charitable objectives and capital vision will be refreshed and an updated capital development plan created.

However, it should be noted that post year end, the director during 2021-22, Natalie Watson, left the Trust and will be replaced with a new director from October 2021. Trustees expect the new director to review the existing Strategic Plan to develop a robust 10-year Strategic Plan which allows the Trust to achieve our ambitions for a new museum to benefit the community and sector.

Statement of responsibilities of the trustees

The trustees are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charity and the incoming resources and application of resources, including the net income or expenditure, of the charity for the year. In preparing those financial statements the trustees are required to:

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the constitution. The trustees 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 included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

11

The Alfred Gillett Trust

Report of the trustees

For the year ended 31 March 2021

Members of the charity have no liability to contribute to the assets of the charity in the event of winding up. The trustees are members of the charity but this entitles them only to voting rights. The trustees have no beneficial interest in the charity.

Auditors

Godfrey Wilson Limited were re-appointed as auditors to the charity during the year and have expressed their willingness to continue in that capacity.

Approved by the trustees on 20 November 2021 and signed on their behalf by

Mrs Cato Pedder (Chair)

12

Independent auditors' report

To the trustees of

The Alfred Gillett Trust

Qualified opinion

We have audited the financial statements of The Alfred Gillett Trust (the 'charity') for the year ended 31 March 2021 which comprise the statement of financial activities, balance sheet, statement of cash flows, and the related notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, except for the effects of the matter described in the "basis for qualified opinion" section" of our report, the financial statements:

Basis for qualified opinion

The charity's investments in the unlisted shares of C and J Clark were carried at a value of £1,208,600 on the balance sheet at 31 March 2020. As described in Note 14 to the accounts, this valuation was determined at 20 September 2019. The trustees did not determine a valuation for the investments as at 31 March 2020 as required under FRS102, and did not facilitiate a further valuation to support this carrying value at the year end date. Consequently, we were unable to determine whether any adjustment to this amount was necessary to support the valuation at 31 March 2020. We have obtained sufficient, appropriate audit evidence to support the valuation at 31 March 2021.

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

13

Independent auditors' report

To the trustees of

The Alfred Gillett Trust

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

As described in the "basis for qualified opinion" section of our report, we were unable to satisfy ourselves concerning the valuation of unlisted investments of £1,208,600 held at 31 March 2020. We have concluded that where the other information refers to the prior year unlisted investments balance or related balances such as unrealised gains or losses, it maybe materially misstated for the same reason.

Matters on which we are required to report by exception

Except for the matter described in the "basis for qualified opinion" section of our report, in the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ report.

Arising solely from the disagreement in accounting treatment on our work related to unlisted investments for the prior period:

We have nothing to report in respect of the following matter in relation to which the Charities Act 2011 requires us to report to you if, in our opinion:

Responsibilities of the trustees

As explained more fully in the trustees’ responsibilities statement set out in the trustees’ report, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

14

Independent auditors' report

To the trustees of

The Alfred Gillett Trust

Our responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The procedures we carried out and the extent to which they are capable of detecting irregularities, including fraud, are detailed below:

(1) We obtained an understanding of the legal and regulatory framework that the charity operates in, and assessed the risk of non-compliance with applicable laws and regulations. Throughout the audit, we remained alert to possible indications of non-compliance.

(2) We reviewed the charity’s policies and procedures in relation to:

(3) We inspected the minutes of trustee meetings.

(4) We enquired about any non-routine communication with regulators and reviewed any reports made to them.

(5) We reviewed the financial statement disclosures and assessed their compliance with applicable laws and regulations.

(6) We performed analytical procedures to identify any unusual or unexpected transactions or balances that may indicate a risk of material fraud or error.

(7) We assessed the risk of fraud through management override of controls and carried out procedures to address this risk. Our procedures included:

▪Testing the appropriateness of journal entries;

▪Assessing judgements and accounting estimates for potential bias;

▪Reviewing related party transactions; and

▪Testing transactions that are unusual or outside the normal course of business.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. Irregularities that arise due to fraud can be even harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

15

Independent auditors' report

To the trustees of

The Alfred Gillett Trust

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charityʼs trustees, as a body, in accordance with section 144 of the Charities Act 2011 and the regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charityʼs trustees those matters we are required to state to them in an auditorʼs report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charityʼs trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Godfrey Wilson Limited

Date: 22 November 2021

GODFREY WILSON LIMITED

Chartered accountants and statutory auditors 5th Floor Mariner House 62 Prince Street Bristol BS1 4QD

16

The Alfred Gillett Trust

Statement of financial activities

For the year ended 31 March 2021

Restricted
Note
£
Income from:
Donations and legacies
3
24,657
Charitable activities
4
7,059
Other trading activities
5
-
Investments
6
-
Other income
7
-
Total income
31,716
Expenditure on:
Raising funds
-
Charitable activities
169,166
Total expenditure
8
169,166
(137,450)
Net gains / (losses) on investments
14
-
Net income / (expenditure)
(137,450)
Transfers between funds
116,445
Net movement in funds
9
(21,005)
Reconciliation of funds:
Total funds brought forward
164,053
Total funds carried forward
143,048
Net income / (expenditure) before
gains / (losses)		 Unrestricted
£
96,551
45,998
-
58,513
854,900
1,055,962
60,364
405,236
465,600
590,362
(536,159)
54,203
(116,445)
(62,242)
5,512,436
5,450,194		 2021
Total
£
121,208
53,057
-
58,513
854,900
1,087,678
60,364
574,402
634,766
452,912
(536,159)
(83,247)
-
(83,247)
5,676,489
5,593,242		 2020
Total
£
621,526
1,123
6,754
95,038
-
724,441
1,961
654,152
656,113
68,328
(396,198)
(327,870)
-
(327,870)
6,004,359
5,676,489

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in Note 20 to the accounts.

17

The Alfred Gillett Trust

Balance sheet

As at 31 March 2021

Note
Fixed assets
Tangible assets
12
Heritage assets
13
Investments
14
Current assets
Stock
15
Debtors
16
Cash at bank and in hand
Liabilities
Creditors: amounts falling due within 1 year
17
Net current assets
Net assets
19
Funds
20
Restricted funds
Unrestricted funds
Designated funds
General funds
Total charity funds		 £
533
163,242
1,167,428
1,331,203
81,139		 2021
£
1,837,565
585,136
1,920,477
4,343,178
1,250,064
5,593,242
143,048
223,264
5,226,930
5,593,242		 2020
£
1,920,831
12,000
2,456,636
4,389,467
-
295,424
1,033,315
1,328,739
41,717
1,287,022
5,676,489
164,053
-
5,512,436
5,676,489

Approved by the trustees on 20 November 2021 and signed on their behalf by

Mrs Cato Pedder (Chair)

18

The Alfred Gillett Trust

Statement of cash flows

For the year ended 31 March 2021

Cash used in operating activities:
Net movement in funds
Adjustments for:
Depreciation charges
(Gains) / losses on investments
Dividends and interest from investments
Loss / (profit) on the sale of heritage assets
Decrease / (increase) in stock
Decrease / (increase) in debtors
Increase / (decrease) in creditors
Net cash provided by / (used in) operating activities
Cash flows from investing activities:
Dividends and interest from investments
Proceeds from the sale of heritage assets
Purchase of tangible fixed assets
Purchase of heritage assets
Net cash provided by investing activities
Increase / (decrease) in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year		 2021
£
(83,247)
93,595
536,159
(58,513)
(854,900)
(533)
132,182
39,422
(195,835)
58,513
867,000
(10,429)
(585,136)
329,948
134,113
1,033,315
1,167,428		 2020
£
(327,870)
72,871
396,198
(95,038)
-
-
221,466
4,368
271,995
95,038
-
(1,575)
-
93,463
365,458
667,857
1,033,315

19

The Alfred Gillett Trust

Notes to the financial statements

For the year ended 31 March 2021

1. Accounting policies

a) Basis of preparation

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).

The Alfred Gillett Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note.

b) Going concern basis of accounting

The accounts have been prepared on the assumption that the charity is able to continue as a going concern. Despite the impact of the Covid-19 pandemic, the charity held unrestricted funds of £5,450,194, cash reserves of £1,167,428 and investments of £1,920,477 which can be drawn down if necessary as at 31 March 2021. It has also taken advantage of the Job Retention Scheme to help with staff costs during site closure. On this basis the trustees consider that the charity will continue as a going concern for a period of at least 12 months from the date on which these financial statements are approved.

c) Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item of income have been met, it is probable that the income will be received and the amount can be measured reliably.

Income from grants, whether 'capital' grants or 'revenue' grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

Income received in advance of provision of services, sponsorship and event income and deposit income is deferred until criteria for income recognition are met.

d) Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity: this is normally upon notification of the interest paid or payable by the bank.

e) Funds accounting

Unrestricted funds are available to spend on activities that further any of the purposes of the charity. Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used for particular areas of the charity's work or for specific projects being undertaken by the charity.

f) Expenditure and irrecoverable VAT

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. Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

20

The Alfred Gillett Trust

Notes to the financial statements

For the year ended 31 March 2021

1. Accounting policies (continued)

g) Allocation of support and governance costs

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Governance costs are the costs associated with the governance arrangements of the charity, including the costs of complying with constitutional and statutory requirements and any costs associated with the strategic management of the charity’s activities. These costs have been allocated between cost of raising funds and expenditure on charitable activities on the following basis:

ities on the following basis:
2020 2019
Raising funds 0.0% 0.0%
Charitable activities 100.0% 100.0%

h) Tangible fixed assets

Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The expected useful life of assets held as fixtures and fittings and equipment were updated during the year. This was done to better reflect the estimated expected usage of these assets. The revised depreciation rates in use are as follows:

Freehold property 50 years
Fixtures and fittings 15 years
Equipment 3 years

No depreciation has been charged on freehold land.

Items of equipment are capitalised where the purchase price exceeds £500.

i) Heritage assets

The charity holds heritage assets, which are tangible fixed assets of historical, artistic or scientific importance that are held to advance the preservation and conservation objectives of the charity. Newly purchased heritage assets are capitalised and included at cost including any incidental expenses of acquisition.

Where heritage assets were acquired in past accounting periods and not capitalised, it can be difficult or costly to attribute a cost or value to them. In such cases, these assets are excluded from the balance sheet if reliable cost information is not available and conventional valuation approaches lack sufficient reliability or significant costs are involved in the reconstruction or analysis of past accounting records or in valuation, which are onerous compared with the additional benefit derived by users of the accounts in assessing the trustees' stewardship of the assets.

The Trust has a number of collections and historical artefacts which it manages and is in the process of cataloguing and digitising some of these historic collections, which are being held to advance the preservation, conservation and educational objects of the Trust. Historically, the majority of these collections were loaned to the Trust from C&J Clark Limited, the Clark family and others and therefore did not belong to the Trust itself. However, during 2020/21 the Trust purchased this collection from C&J Clark Limited. The purchased collection has been capitalised as a heritage asset during the year. Any remaining loaned assets are not capitalised within these financial statements, although some of the expenditure relating to their use and maintenance is included in the Statement of Financial Activities.

21

The Alfred Gillett Trust

Notes to the financial statements

For the year ended 31 March 2021

i) Heritage assets (continued)

The very long expected life of heritage assets, due to their nature, value, and need to be protected and preserved, means that depreciation is not material and is, therefore, not provided. The trustees will review its value at the end of each financial accounting period and consider whether there has been any impairment in its value at which point an impairment charge will be processed.

j) Listed and unlisted investments

Investments listed or traded on a recognised stock exchange are stated at fair value at the reporting date, which is deemed to be their market value. Any gain or loss, whether realised or unrealised, is taken to the Statement of Financial Activities.

Unlisted investments have been revalued to reflect valuations carried out by BDO at a date closest to the balance sheet date, which is deemed to be their fair value. Any gain or loss, whether realised or unrealised, is taken to the Statement of Financial Activities.

k) Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

l) Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

m) Creditors

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

n) Financial instruments

The trust only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently recognised at amortised cost using the effective interest method.

o) Pension costs

The trust operates a defined contribution pension scheme for its employees. There are no further liabilities other than that already recognised in the SOFA.

The charity previously participated in a defined benefit pension scheme. The scheme was a multiemployer pension scheme. During the prior period, the remaining pension liability was paid off and the scheme was closed. The charity is no longer making contributions into the scheme, and all outstanding debt has been paid off.

22

The Alfred Gillett Trust

Notes to the financial statements

For the year ended 31 March 2021

p) Accounting estimates and key judgements

In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below.

Depreciation

As described in note 1(h) to the financial statements, depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life.

During the year, the charity reviewed and revised its depreciation policies to better reflect the estimated expected usage of certain assets. Rates in operation for the current and prior years were as follows:

2021 2020
Freehold property 50 years 50 years
Fixtures and fittings 15 years 15 - 20 years
Equipment 3 years 3 - 5 years

No depreciation has been charged on freehold land.

Heritage assets

As described in note 1(i) to the accounts, many of the charity's heritage assets are too impractical to value and are therefore excluded from the accounts. Where practicable, heritage assets are valued at cost.

Valuation of unlisted investments

The charity holds unlisted investments in the shares of C&J Clark Limited, a private limited company. Valuations are currently carried out by the company on an annual basis under a process set out in the company's Articles. As at 31 July 2021, the shares were valued at £0.46 per share. As no previous valuations have been carried out since September 2019 due to the Covid-19 pandemic, the July 2021 price has been used to value the shareholding at 31 March 2021.

23

The Alfred Gillett Trust

Notes to the financial statements

For the year ended 31 March 2021

2. Statement of financial activities: prior period comparative

Income from:
Donations and legacies
Charitable activities
Other trading activities
Investments
Total income
Expenditure on:
Raising funds
Charitable activities
Total expenditure
Net income / (expenditure) before losses
Net losses on investments
Net movement in funds
3. Income from donations and legacies
CJRS income
Roger And Sarah Bancroft Clark Charitable Trust grant
The National Archives
Other donations
Total income from donations and legacies
Prior period comparative
C&J Clark Limited annual grant
Roger And Sarah Bancroft Clark Charitable Trust grant
Other donations
Total income from donations and legacies		 Restricted
£
342,343
-
-
-
342,343
-
269,267
269,267
73,076
-
73,076
Restricted
£
-
-
24,657
-
24,657
Restricted
£
150,000
192,343
-
342,343		 £
279,183
1,123
6,754
95,038
382,098
1,961
384,885
386,846
(4,748)
(396,198)
(400,946)
£
30,885
33,322
-
32,344
96,551
£
167,500
103,834
7,849
279,183
Unrestricted
Unrestricted
Unrestricted		 2020
Total
£
621,526
1,123
6,754
95,038
724,441
1,961
654,152
656,113
68,328
(396,198)
(327,870)
2021
Total
£
30,885
33,322
24,657
32,344
121,208
2020
Total
£
317,500
296,177
7,849
621,526

24

The Alfred Gillett Trust

Notes to the financial statements

For the year ended 31 March 2021

4. Income from charitable activities

Heritage services - research and service fees
Heritage services - storage fee
Total income from charitable activities
Prior period comparative
Talks
Heritage services
Other
Total income from charitable activities
Income from other trading activities
Restricted
£
Room lettings
-
Other income
-
-
Total income from other trading
activities		 Restricted
£
7,059
-
7,059
Restricted
£
-
-
-
-
£
-
-
-
Unrestricted		 £
34,391
11,607
45,998
£
825
43
255
1,123
2021
Total
£
-
-
-
Unrestricted
Unrestricted		 2021
Total
£
41,450
11,607
53,057
2020
Total
£
825
43
255
1,123
2020
Total
£
5,718
1,036
6,754

5. Income from other trading activities

All income from other trading activities received in the prior period was unrestricted.

25

The Alfred Gillett Trust

Notes to the financial statements

For the year ended 31 March 2021

6. Income from investments

Income from investments
Other unlisted securities
Bank interest receivable
Total income from investments
Investments listed on a recognised stock
exchange		 Restricted
£
-
-
-
-		 £
57,242
-
1,271
58,513
Unrestricted		 2021
Total
£
57,242
-
1,271
58,513		 2020
Total
£
81,109
12,722
1,207
95,038

All income from investments received in the prior period was unrestricted.

7. Other income

Profit on disposal of heritage asset Restricted
£
-		 £
854,900
Unrestricted		 2021
Total
£
854,900		 2020
Total
£
-

26

The Alfred Gillett Trust

Notes to the financial statements

For the year ended 31 March 2021

8. Total expenditure

Total expenditure
Wages and salaries
Training and conferences
Premises costs
Insurance
Health and safety
Other motor / travel costs
Other staff costs
Advertising
Depreciation
Subscriptions
Outreach and event costs
Sundry purchases
Communications and IT
General office
Bank charges
Professional fees
Audit
Legal
Sub-total
Total expenditure
Allocation of support and
governance costs		 Raising funds
£
60,364
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 Charitable
activities
£
275,744
3,338
70,169
16,225
8,333
855
4,866
508
93,595
1,023
33
4,679
-
-
-
-
-
32,898		 Support and
governance
costs
£
22,931
-
-
-
-
-
-
-
-
-
-
-
3,261
19,698
60
9,726
6,460
-		 2021 Total
£
359,039
3,338
70,169
16,225
8,333
855
4,866
508
93,595
1,023
33
4,679
3,261
19,698
60
9,726
6,460
32,898
60,364
-		 512,266
62,136		 62,136
(62,136)		 634,766
-
60,364 574,402 - 634,766

Total governance costs were £6,460.

27

The Alfred Gillett Trust

Notes to the financial statements

For the year ended 31 March 2021

8. Total expenditure: prior period comparative

Wages and salaries
Training and conferences
Premises costs
Insurance
Health and safety
Other motor / travel costs
Other staff costs
Advertising
Depreciation
Subscriptions
Consultancy costs
Outreach and event costs
Sundry purchases
Communications and IT
General office
Bank charges
Room hire costs
Professional fees
Audit
Legal
Trustee meetings
Sub-total
Total expenditure
Allocation of support and
governance costs		 Raising funds
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1,961
-
-
-
-		 Charitable
activities
£
323,455
1,399
65,424
18,351
2,540
2,227
677
1,562
72,871
817
41,621
4,297
27,053
-
591
-
87
2,441
-
21
-		 Support and
governance
costs
£
26,553
-
-
-
-
-
-
-
-
-
-
-
-
5,732
23,148
166
-
25,551
4,920
2,548
100		 2020 Total
£
350,008
1,399
65,424
18,351
2,540
2,227
677
1,562
72,871
817
41,621
4,297
27,053
5,732
23,739
166
2,048
27,992
4,920
2,569
100
1,961
-		 565,434
88,718		 88,718
(88,718)		 656,113
-
1,961 654,152 - 656,113

Total governance costs were £7,589.

28

The Alfred Gillett Trust

Notes to the financial statements

For the year ended 31 March 2021

9. Net movement in funds

This is stated after charging:

Depreciation
Operating lease payments
Trustees' remuneration
Trustees' reimbursed expenses
Auditors' remuneration:
Statutory audit and accounts preparation (including VAT)
Under accrual of prior year		 2021
£
93,595
1,636
Nil
Nil
5,160
1,300		 2020
£
72,871
1,636
Nil
419
4,920
Nil

10. Staff costs and numbers

Staff costs were as follows:

Salaries and wages
Social security costs
Pension costs		 2021
£
300,223
21,279
37,537
359,039		 2020
£
290,314
20,355
39,339
350,008

No employee earned more than £60,000 during the year (2020: none).

The key management personnel of the charity comprise the Trustees, Director, Office Manager, Collections Manager and Business Archivist (2020: Trustees, Director, Office Manager and Business Archivist). The total employee benefits of the key management personnel were £172,013 (2020: £133,902).

Included in the prior year staff costs is the final payment to withdraw from the defined benefit pension scheme totalling £11,584. The charity no longer operates a defined benefit pension scheme and all liabilities regarding the scheme have now been paid.

Average head count
Average number of full-time equivalent employees		 2021
No.
13
11		 2020
No.
13
11

11. Taxation

The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

29

The Alfred Gillett Trust

Notes to the financial statements

For the year ended 31 March 2021

12. Tangible fixed assets

Tangible fixed assets
Cost
At 1 April 2020
Additions in year
Disposals
At 31 March 2021
Depreciation
At 1 April 2020
Charge for the year
Disposals
At 31 March 2021
Net book value
At 31 March 2021
At 31 March 2020		 Land and
buildings
£
1,748,826
-
-
1,748,826
258,914
29,165
-
288,079
1,460,747
1,489,912		 Fixtures
and fittings
£
691,299
-
-
691,299
266,492
57,880
-
324,372
366,927
424,807		 Equipment
£
52,595
10,429
(11,355)
51,669
46,483
6,550
(11,255)
41,778
9,891
6,112		 Total
£
2,492,720
10,429
(11,355)
2,491,794
571,889
93,595
(11,255)
654,229
1,837,565
1,920,831

As described in note 1(p), depreciation rates for fixtures and fittings and equipment were revised during the year. Under previous rates, the depreciation charge for fixtures and fittings would have been £35,387, net book value £389,420. The depreciation charge and net book value of equipment would be unchanged.

13. Heritage assets

Heritage assets
Cost
At 1 April 2020
Additions in year
Disposals
At 31 March 2021
Depreciation
At 1 April 2020 and 31 March 2021
Net book value
At 31 March 2021
At 31 March 2020		 Shoe
collection
£
-
585,136
-
585,136
-
585,136
-		 Artwork
£
12,000
-
(12,000)
-
-
-
12,000		 Total
£
12,000
585,136
(12,000)
585,136
-
585,136
12,000

30

The Alfred Gillett Trust

Notes to the financial statements

For the year ended 31 March 2021

13. Heritage assets (continued)

The Trust has a number of collections and historical artefacts which it manages and is in the process of cataloguing and digitising. These historic collections are being held to advance the preservation, conservation and educational objects of the Trust. Historically, the majority of these collections were loaned to the Trust from C&J Clark Limited, the Clark family and others and therefore did not belong to the Trust itself. However, during 2020/21 the Trust purchased this collection from C&J Clark Limited.

The purchased collection has been capitalised as a heritage asset during the year. Any remaining loaned assets are not capitalised within these financial statements, although some of the expenditure relating to their use and maintenance is included in the Statement of Financial Activities. The trust occasionally receives additions to the collections, and these aquisitions are invariably classified as heritage assets but are rarely included in the balance sheet as it would be both difficult and costly to attribute a value to them.

In the prior year, heritage assets comprised one item held outside the main collection. This asset was sold during the year and the proceeds were used to purchase the collection previously held on loan.

Five year summary analysis of heritage asset transactions:

2021
£
Additions
Shoe collection: cost
585,136
Disposals
Artwork: carrying amount
(12,000)
Proceeds from disposal
Artwork: sales proceeds
867,000
Investments
Market value at 1 April 2020
Unrealised loss
Market value at 31 March 2021
Investments comprise:
Market value
C and J Clark ordinary shares
Investments via Schroders		 2020
£
-
-
-		 2019
£
-
-
-		 2018
£
-
-
-
2021
£
2,456,636
(536,159)
1,920,477
2021
£
195,072
1,725,405
1,920,477		 2017
£
-
-
-
2020
£
2,852,834
(396,198)
2,456,636
2020
£
1,208,600
1,248,036
2,456,636

14. Investments

31

The Alfred Gillett Trust

Notes to the financial statements

For the year ended 31 March 2021

14. Investments (continued)

The unlisted investments in C&J Clark Limited are revalued based on annual valuations of the shares by BDO, Chartered Accountants. The valuation incorporated in the accounts relates to the valuation as of 31 July 2021, the valuation closest to the balance sheet date.

At 31 July 2021, the value of unlisted investments was £195,072 at £0.46 per share (2020: £2.85 per share at 20 September 2019).

Listed investments held by Schroders are shown at the market value at the balance sheet date.

15. Stock

Merchandise
16. Debtors
Prepayments
Dividends receivable
Other debtors
17. Creditors : amounts due within 1 year
Trade creditors
Accruals
Deferred income (see note 18)
Other taxation and social security
Other creditors		 2021
£
533
2021
£
11,601
13,349
138,292
163,242
2021
£
6,740
34,906
29,465
6,438
3,590
81,139		 2020
£
-
2020
£
24,535
8,655
262,234
295,424
2020
£
23,382
12,416
-
5,919
-
41,717

32

The Alfred Gillett Trust

Notes to the financial statements

For the year ended 31 March 2021

18. Deferred income

Deferred income
At 1 April 2020
Deferred during the year
Released during the year
At 31 March 2021		 2021
£
-
29,465
-
29,465		 2020
£
8,000
-
(8,000)
-

Deferred income relates to contract income received in advance of the services being delivered.

19. Analysis of net assets between funds

Analysis of net assets between funds
Tangible fixed assets
Heritage assets
Investments
Current assets
Current liabilities
Net assets at 31 March 2021
Prior period comparative
Tangible fixed assets
Heritage assets
Investments
Current assets
Current liabilities
Net assets at 31 March 2020		 £
-
-
-
143,048
-
143,048
£
-
-
-
164,053
-
164,053
Restricted
funds
Restricted
funds		 Designated
funds
£
-
-
-
223,264
-
223,264
Designated
funds
£
-
-
-
-
-
-		 General
funds
£
1,837,565
585,136
1,920,477
964,891
(81,139)
5,226,930
General
funds
£
1,920,831
12,000
2,456,636
1,164,686
(41,717)
5,512,436		 Total
funds
£
1,837,565
585,136
1,920,477
1,331,203
(81,139)
5,593,242
Total
funds
£
1,920,831
12,000
2,456,636
1,328,739
(41,717)
5,676,489

33

The Alfred Gillett Trust

Notes to the financial statements

For the year ended 31 March 2021

20. Movements in funds

Restricted funds
Capital project
Fossil care
Total restricted funds
Designated funds:
Proceeds from sale of El Anatsui
Total designated funds
General funds
Total unrestricted funds
Total funds
C&J Clark collection care and
digitisation project
Unrestricted funds
Storage containers project		 At 1 April
2020
£
114,543
49,510
-
-
164,053
-
-
5,512,436
5,913,382
6,004,359		 Income
£
-
-
7,059
24,657
31,716
223,264
223,264
832,698
1,055,962
1,087,678		 £
(3,390)
(165,776)
-
-
(169,166)
-
-
(465,600)
(465,600)
(634,766)
Expenditure		 £
£
-
111,153
116,266
-
179
7,238
-
24,657
116,445
143,048
-
223,264
-
223,264
(652,604)
5,226,930
(652,604)
5,450,194
(536,159)
5,593,242
Transfers
and gains
and losses
At 31 March
2021		 £
£
-
111,153
116,266
-
179
7,238
-
24,657
116,445
143,048
-
223,264
-
223,264
(652,604)
5,226,930
(652,604)
5,450,194
(536,159)
5,593,242
Transfers
and gains
and losses
At 31 March
2021
143,048
223,264
223,264
5,226,930
5,450,194
5,593,242

Purposes of restricted funds

Capital project

A grant for the purpose of capital expenditure for any costs incurred by the Trust directly attributable to the construction and/or development of a new Museum. Includes costs attributable to the storage of the artefacts and archives of the Trust which are or may be displayed in the Museum.

C&J Clark collection care and digitisation project

Funding received from C & J Clark Ltd as part of the 2018-21 Grant Funding Agreement to undertake the Digitisation Project. £150,000 of the annual grant is allocated to digitise portions of the company collection loaned to the Trust including footwear, point of sale, shoe catalogues, newspapers and the audio-visual collections. The Digitisation Project commenced in 2013 and finished at the end of the Grant Funding Agreement in 2021.

Fossil care

Following the transfer of ownership of the fossil collection from the Crispin Geology Trust to the Alfred Gillett Trust in 2016, an endowment was meant to be transferred. This has now been achieved. These funds will form the foundation of fundraising for the ongoing care and conservation of the fossil collection.

Storage containers project

A grant of £25,000 received from The National Archives as part of their Covid recovery funding. The grant will pay for two shipping containers and groundworks and infrastructure costs to be implemented for the archive collection of the Trust and will provide the sector with research into the use of shipping containers as appropriate storage for heritage collections.

34

The Alfred Gillett Trust

Notes to the financial statements

For the year ended 31 March 2021

20. Movements in funds (continued)

Purposes of designated funds Proceeds from sale of El Anatsui

The proceeds from the sale of this previously listed heritage asset have been designated to be spent on the purchase of the heritage collections of C & J Clark Ltd and any associated legal and professional fees, including VAT registration and specialist advice required. The remaining funds will be spent on collections storage.

Prior period comparative:

Restricted funds
Capital project
Getting to know the Grange project
Total restricted funds
General funds
Total unrestricted funds
Total funds
C&J Clark collection care and
digitisation project
Unrestricted funds		 At 1 April
2019
£
-
110
90,867
90,977
5,913,382
5,913,382
6,004,359		 Income
£
192,343
-
150,000
342,343
382,098
382,098
724,441		 £
(77,800)
(110)
(191,357)
(269,267)
(386,846)
(386,846)
(656,113)
Expenditure		 £
£
-
114,543
-
-
-
49,510
-
164,053
(396,198)
5,512,436
(396,198)
5,512,436
(396,198)
5,676,489
Gains and
losses
At 31 March
2020		 £
£
-
114,543
-
-
-
49,510
-
164,053
(396,198)
5,512,436
(396,198)
5,512,436
(396,198)
5,676,489
Gains and
losses
At 31 March
2020
164,053
5,512,436
5,512,436
5,676,489

21. Operating lease commitments

The charity had operating leases at the year end with total future minimum lease payments as follows:

Amount falling due:
Within 1 year
Within 1 - 5 years		 2021
£
409
-
409		 2020
£
1,635
409
2,044

35

The Alfred Gillett Trust

Notes to the financial statements

For the year ended 31 March 2021

22. Related party transactions

Both The Roger and Sarah Bancroft Charitable Trust (registered charity number 211513) and the Joseph and Francis Clark Trust (registered charity number 267441) have the power to appoint and remove one Trustee.

One of the trustees, Martin Lovell, is also a trustee of the Roger And Sarah Bancroft Clark Charitable Trust. Grant funding of £33,322 (2020: £296,177) was received during the year from the Roger And Sarah Bancroft Clark Charitable Trust.

The Trust works very closely with C&J Clark Limited and some of the projects being undertaken are funded in part by the company as per note 20. C&J Clark Limited also has the power under the Trust Deed to appoint one trustee to the board of trustees and for the current year and the prior year this was Martin Lovell.

36