The Powell£otton Trust Registered Charity No.1167318 in England and Wales Registered Company No. 09934968 Trustees, report andfinancial statements for the year ended 31 March 2021 The Powell-cotton Trust Trustees, Annual Report forthe year ended 31 March 2021 Reference and administrativo details of tho Charity, its Trustees and advl8ers forthe year endod 31 March 2021 Trustoes A Harrison G Marvin G Rethood C Valentine, Chairman Company number 09934968 Charity rogister8d numbgr 1167318 Ragistered office The Powell-cotton Museum Quex Park Birchington Kent CT70BH Indepgndent auditor Moore Kingston Smith LLP Chartered Accountants and Business Advisers Devonshire House 60 GosweS1 Road London EC1 M 7AD 020 7566 4000 www. mks.co.uk Bankers Lloyds TSB Bank plc Cecil Square Margale Kent CT91JG stockbrokers Investec Wealth & Investment 30 Gresham Street London EC2VIQN (21 The Powell-cotton Trust Trustees. Annual Report for the year ended 31 March 2021 OBJECTS AND ACTIVITIES 11 Policies and objects.. al The objects of the Museltm are to advance education for the benefit of the public by.. the provisionandmaintenanceof amuseum in ornearBirchingtr)nforexhibilingspecimensof natural hisloryandethnography Ipartieularlysuchspecimenscollecled by Percy HoraceGordon Pow011 Cotton, Esq) and, rfthe Trusleèsthinkfit,8pecimens of olhersciences andof the fineand useful arts b) the extension and enhancement, eonservalion, storage and rnaintenan￿ of the collection of specimens belonging lo the Museum,"and c) the promotion of education in subjects relevant to the speamens belonging to the Museum and the use of such specimens inresearch. 2) Vision.. People Matter- The Powell-cotton Museum is for everyone- current alld future audien￿8, staff, volunteers, our Ictal community, Ihe source communities from where our collections originate and anyone else who wants lo work with the Powell-cotton Museum, House and Gardens and lo be part of our fO￿ard joumey. To be for everyone, we will rnake space for those voices in our Museum.. past, present and future. This comes from both listening lo the diversity of voices WTthin our community today and using our eolle¢b"ons to make space for people who have historKaliy teen vol￿te$S. We are committed to tell a wider story. to enable others to share in that narrative and be a part of its making. At ils heart, any story we tell is about people. For this reason. our vision can b8 encapsulated in the phrase.. p￿pIe matter. We call this our're-imagining, project. 3} Aims.. a) To be collabordtive and inclusive Our working eulture will be for everyone. collaborative in nature and will empower all to participate. b) To be Iransparent in the process and delivery of this programme. This programme of work will have a measurabk Ir8mework of deliveTrbles and milestones and we will be accountable for both our pnjcesses and finished works. cl To embra￿ change NOW and build on the momentum offorward movement we've already established. The Museum began working to tell a wider, more inclusN@. story in 2018. In February 2020 we started laying the groundwork for our re-imagining programme. However. the COWD-19 pandemic and the development of the Black Lives Matter movement brought a dual global shift in how we work and focus on what matters. This gave us the impetus lo take this work from 'behind the scenes, and into the public eye. Bringing our reimagining programme lo the fore now gives us a window of Opportunity to radicalty rethink what we do and how we do tt. This is a moment for change in our organisational cuhure - the understanding thaL rf we want lo, we CAN do things drfrerently and should be emp¢)wered tr) do so. dl To embed our commitment to change within our Museum $0 that these changes become long-term, sustainable working Practi￿S, notjusl words. Vwhal we refer lo as'decolonising the museum, aims lo address the silences of the past, acknowledge prNilege and adjust balances of power in the present. It is a prO￿s$ of Teturning context trj the past via our interpretstion and engagement and working with our comrnunilies near and far today to be equitable, honest and transp8￿nt moving fo￿ard. 4) Our Objectives: al Securing a sustainable future for the Powell-cotton Museum, Quex House and Gardens. This will cover finances. the fabric of the buildings (which will in lum secure the future of the 1 Thro￿hoUt this (so￿[￿ent when referring to'lhe Muse￿, u'The Powell£otton Museum,. we are in¢SusSve ol the Museum, Quex House. Gardens ￿ the Powell-cotton TrusL {3) The Powell-cotton Trust Trustees, Annual Report for the year ended 31 March 2021 collections) and our resources. It is also rdected in our relationships with our staff and the value we place on their knowledge and experience. bl Make sure that all our engagement, both intemally and extemalty, is meaningful, aligning with our Vision and Values. Engagement doesn't atways have lo be of clear or tangible benefil to the Museum- sometimes i( will simply be the right thing lo do. c) Establish the identity and function of the Powell-cotton Museum. Quex House and Gardens. Previous Work has identrfied the historic identity of the site, but the future will be what we make it. This will include our extemal identity as a brand. but also the best relationship btheen our component parts {museum, house, garden) to give us an innovative, independent and sustainable future. 5} Values-. al Our vIs￿n 'p￿pIe matterf is foundational to the values of this programme of work. These values will be embedded across the organisalion from visitor ex￿rience and collectKJns to operations to HR. These values relate lo everyone who works with us, in whatever way that may be. Everyone's lived experiences are valued by the oryanis8tion and everyone should be empowered to fuffil their potential. In this regard, we work lo the principle that equity is as important as equality. b) We place importance on the emotional connections that exist between people and pl￿. We have courage in our convictK)n¥= we will be brave in our actM)ns and innovative in our approach. 61 Activities for achievingobjects." The Trust has continued lo operate the museum, house and gardens in the year providing opportunities for many people, including students, schoolchildren and intemalional researchers to access the stories and collections of the charity, both online and in person subject to govemment guidelines during the COMD-19 Pandemic. n The Twslees have supwrted investment in areas specifically Intend￿ to improve our perfomiance in line with the charity's aims and objectives-. 1. Maintenance projects have k)een undertaken this year to reS0￿e issues connected to the age of the buildings. i}The Winter Garden Project Restoration was completed of the glasshouse abutting the walled garden and the lawn5. The Wintèr Gsrdèn is a Safe, multrfunctional space for all to enjoy. A beautiful heritage buildin9 frir learning, gathering and relaxing. li) Roof repairs lo dioramas During the period funding was made available to undertake repairs to the flat roof above the dioramas and a series of object stores. This is part of the ongoing 10 year maintenance program falling out of a commissioned survey of the buildings. 2. Gallery 4 was re-commissioned as a triage ststs'on for object conservation, documentation and cataloguing activities to enhance the storage and maintenance objects from the world CU￿￿re$ collection. 3. The Trustees have supported the work of Museum slaff in delivering an improved and virtual accessible learning and engagement experien￿ through the commitment of funds to IT, and photography equipment as well as licensing of specialist sofvare and cloud-based platform8. We continue to fulfil our engagement and leaming objects in multiple ways and we work lo make the mus&um col￿tIOnS are acLessible to as wide an audience as possible. {4) The Powell-cotton Trust Trustees. Annual Report for the year ended 31 March 2021 ACHIEVEMENTS AND PERFORMANCE 1) Review of activities During the coronavirus ICOVID-19} pandemic, several museums worklwide had to close to the public for long periods. as governments put in pla￿ lockdowns and strict safety regulations lo contain the health crisi5. The museum staff of the Powell-cotton Trust were able to switch relats'vely seamlessly to wortiing from home using existing collaborative ck)ud based work platfomis. A small skeleton team attended the site on a rota tr) ensure the security of the buildings and collections, and to facilitate any emergency and necessary maintenance works to the site. A pragmatic approach to maintenance of the histortrc gardens was taken by the Gardens team as wothing from home was not a viable option. COVID-19 gave us a time to reflect and in September 2020. we announced we would be closed for day-to-day drop in visits so that we could carry out a 'Reimagining' programme of projects at the museum, house and gardens. During this time we would be undergoing $ignrfi¢ant change to our focus and work as a museum. As we undertook projects, established partnerships and make progress we made a commitment to share this with our communities. partners and others through increased s(￿181 and digitsl engagement al Drrving fopHard decolon18atlon Decolonising the Museum is an ongoing commitment initiated in 2018. It aims to addross the silences of the past, acknowledging privilege and adjusting balances of power. 11 is a process of returning context- if museums are going to tslk about cobnial exploration and expansion, the discussion needs to be inclusive and transparent, lry)kn"ng at how it affected everyone. notjusl those people who gifted objects to mu$9ums. i) Colonial Critter Project Work continued on the Colonial Critters project, under the management of our Curator of Natural History. Research activities were prioritised and these focused on investigating the history of big game huntsng in order lo put Percy Powell-cotton's colle¢lions in context, and study of the stor￿$ of some of the key animals in our dioramas. Our Audiencè Development Consultants 'Hybrid' moved from in-person meetings to video calls with lotsl organisalions and community groups. ill #MuseumMaker- a continuing series of Social media actNities ￿lebrating and giving voKe lo those persons who have contributed significantly to the development of our museum. Published weekly, these social media posts are the product of research within the archives and provKled preparatory groUn￿Ork for new storiès to be delivered in th8 galleri•s as part of our future plans for interpretation. bl R￿@s19n and develop our education and outreach program il Home schooling In recognition of our charitable objects, and the pressures for families to engage in home schwling during the pandemic we developed a number of online leafning resources accessible through our social media platforms. These included, #MuseumThing- Quizzes and challenges set around collection objects and stori8s using photographs but created to get our aUdIer￿ talking about what they have at home. #Museummake - a making project that could easily done * home with materials most households were likely lo have already. Posted weekly. Also including live MakeAlong sessions wrth a Leaming and Engagement Officer. li} Breaking Out of the Mus&um- taking museum-based leaming to children in our Community We were $uccessfrJl in our application lo the Association of Independent Museums 'Tackling Inequalities Hallmarks Grant Award, supported by Arts Council England. Our yèar-long project kick-started a sustsinable, long-tem outreach programme for the Museum. bringing cultural 151 The Powell-cotton Trust Ttustees, Annual Report k)r the year ended 31 March 2021 heritage into the cLassroom as schools continued their amazing work under difficult circumstances. The grant has funded tsvo projects" '￿at'S in the Box?, and 'Worfd on our Doorstep.. 'What's in the Box?. offers KS1-2 pupils in Thanet free access lo the use of a museum loans box, including objects, activities, and curriculum links, as well as a virtual session with one of the Museum's Learning and Engagement OffI￿r$. 'World on our Doorstep, is a mixture of in-class lessons and a museum workshop using the lrfe and collection5 of the Powell-cotton family lo support leaming about the British Empire, colonialism, local history, and how ideas and attitudes of the past impact us today. During the period of this reFQrt over 300 children have engaged with learning in this way. cl Rolmaglnlng the Musoum {House and Gardens) il Digital Engagement {al During the period we have undertaken a series of inleNiews with local press and specolisl hefilage publications, spoken at virtual conferences, talked with individuals and ￿MmUnitY groups to answer specific questions artrd concern5, as well as created and released statements answering FAQ'S about the progrdmme of work. Ibl Website Launched -w((h a remit lo enable collaboration and a cOnveTSat￿n with our audiences, both near and far, during and post COVID. The webslte is accessible to all. Its content CTeated by the staff team. this website is engaging, refreshed wularly and acts as a hub for all our other social and digital platforms. li} Open Days and specialist groups en the govemmenl guidance on being 'open' lo the public pennitted us to do so we did, but in a drfferenl way. We were open for schools, researchers and universf(ies by appointment. We were open lo community groups, and for general drop in visrtors on Specffj￿d days. We now work to segment the openings so that specific distinct groLSPS have their own 'days' on site. 11 makes us accessible to a greater percentsge of the local population, meeting their specific needs and enabling us to work more (Josety with these groups Kn partnership. el Quex House Gardens il Biodiversity th a pragmatic approach required to maintain the historic gardens during the numerous lockdowns the opportunty piesenled rtself to aclNely engage in protecting the biodiversity of the Gardens. Our Head Gardener, with careful management, allowed areas of longer grass to be developed lo provide a much needed habilal for a wide range of flora and fauna such as grasses. wildflowers and butterfies. ii) Building Felalionships with Community Groups This year has seen the Garden become a hub for distinct groups with special needs.. Adults with teaming disabilrties, and Adults with m8ntal health issues. Relationships with the care providers, Kent County Council and Terrance House respectively, have developed over the period and are now in the process of being consolidated under a memorandum of understanding between all parties. The Garden5 offers mullisensory, inspirational. and targeted activitie5 to reach across the different learning styles and abilities of our community groups. We have created opportunities for these volunteers to contribute their energy and skills and ensure they have an engaging and fulfilling expellence. NOTE." The Trustees have supported investment in areas sp8cifically intenda to improve the organisation's perf0mlan￿ in line with the charity's aims and objectives. In setting objectives and planning for actwities, the Trustees have given due consideration to general guidance published by the {6} The Powell-cotton Trust Trustees, Annual Report for the year ended 31 March 2021 Charity Commission relating lo public benefit. The Trustegs are of the opinion that sufficient funds are available lo meet future obligations. FINANCIAL REVIEW 11 Key financial perforynance indicators The Powell-cotton Museum, Quex House and Gardens 15 transitioning through a complex period of change and growth because of th8 museum becoming enlitled lo a substantial legacy in the form of a fffty pefcent share in the former Powell-cotton Settled Estste. This will enable substantial growth and expansion of the charity. New strategic departmentsl plans have been devised by the Trustees in collaboration with staff, volunteers and stakeholdeTS. As a resutt of the new income stream from the legacy, combined with operational changes, the long-stsnding operating deficit of the Charity will end. We are in year 2 of a transition that may last for a 3-year period to allow for the complexity of the Legacy which is currently being managed by the Administrators prior lo vesting in the Museum and a prThiate beneficiary. How the legacy is to be vested has been referred lo the Courts for direction by the Adminislralors. Court direction is anticipated in 2022. 21 Stalgmenl of financial activit￿8 The Trustees have taken the strategic decision lo support the transformational change process through investment from charity reserves. This has included the following key decisions-. al Investment from Charty reserves in preparing for the vesting of the fomier Powell-cotton Settled Estate, including taking independent professional legal and accountancy advice, appointment of Strutt & Parkers land agents to provide due diligence report. management athice and to improve management pract¢￿. These work5 have been commissioned by the Trustees to ensure that they are ready for vesting. to improve the quality of the management of the fonner Powell-cotton Sellled Estats, to understand and fulfil their fiduciary duties and to mitigate any identified risks associated with their inheritance of the undivtded haK share of the fomier Settled Estate. b) Investment into Museum House and Gardens by way of a structured cyclKal maintenance programme following years of underinvestment. 31 Key ffnancial information a) The results for the year are contained in the Ststemenl of Financial Activities on page 15. The net de￿11 for the year was £205,255 comprising total income of £485.688 lolal expenditure of £942,425 and gains on investments of £251,482. bl The deficit for the year on Unrestricted Funds was £216.377 Charitable expenditure was £935,600 as detsiled in note 17 to the accounts. cl The net surplus for the year on Restricted Funds was £11,122 comprising total income of £9,003 and lolal resources expended of 6,825. d) Note 17 to the accounts contains an analysis of the incoming, expenditure and transfers relating to Restricted Funds in respect of specrfic projects. e) Balance sheet Total funds decreased from £3,197.554 10 £2,992,299 reflecting the nel deficrf(. fj Cash at Bank. on Deposit and in Hand al 31 March 2021 decreased from £558,53010 £348.972 and the matl(et value of investments was £1.162,071 compared to £1,237.892 in the PTior year. 41 Investment powers and policies The Charity's Memoiandum of Association aulhorises the trustees to deposjt or invest funds, to employ a professional fund-manager and to arrange for the investments or other propety of the Charrty to be held in the name of a nominee in the same manner and Subject to the same conditions as the Iruslees of a Iwsl are permitted to do by the Trustee Act 2000. PCT manages its investments wf(hin its own ethical guidelines, with the objective of achieving a high constant income stream. See note 6 to the Accounts for details of the income receNed. Investments are reviewed at least annually in conjunction with an external advisor. 171 The Powell-cotton Trust Truslee5' Annual Report for Ihe year ended 31 March 2021 51 Reserves policy and performance It is the policy of the Charity to maintain unreslricted liquid fvnds at a level that approximates three lo six months. unreStr￿ted expenditure. At 31 March 2021, unreStr￿ted Funds amoLrnted to £2,965,394 ineluding £348,972 cash and investments £1.225,469. 61 Going concern After making appropriate enquirks, the Trustees have a reasonable expectation that the charlty has adequate resources lo continue in operational existence for the foreseeable future. For this reason. they continue lo adopt the going concern basis in preparing the financial statements Further details regarding the adoption of the going concern basis can be found in the Accounting Policies. The Trustees are of the opinion that Suff￿lent funds are available to meet future obligations. Wrth th@ conlinvance of the COVID-19 Pandemic the charity continues to instigate an effective business continuity plan to ensure that team members could woth safely and effectively during the COWD-19 pandemic. This enabled the Trustees and the SMT to balance care of our staff and volunteers with the care of the collection. This included a collaborative team approach to detailed risk assessments following which home working was insligaled, maintsining only a skeleton crew on sile to provide secunty and care for the collection and gardens. STRUCTURE. GOVERNANCE AND MANAGEMENT 1} Constitution The charitsble company is govemed by its Memorandum and Articles of AssocTralion which were adopted on 10 December 2015. The Board of Trustees of the Museum shall consist of the following.. four nominated Trustees up to Six Co-opted Trustees Nominated Tnjstees are appointed as follow5". one by the Zoological Society of London one by the British Museum one by the Natural History Museum one by the University of Kent Co-opted Trustees must be persons able by reason of their qualifications, knowledge or experience lo assist in promoting the objects of the charity. 21 Method of appointment or election of Trustees Trustees are recruited from a wide range of backgrounds lo ensure an appropriate mix of skills and experience. They are appointed in accordance with the current Scheme. 31 Policies adopted for the induction 8nd training of Trustees Upon their appointment each new trustee would receive a copy of the latest accounts. the Charty Commission Schemes and any relevant policies. 4} Pay policy for seniorstaff Our principle5 are to pay our senior staff a fair salary that is competitive within the charity and museums sector, proportionate lo the complexity of each role, and responsible in line with our chaatable objectives. From these principles, we have defined our pay policy.. {8) The Powell-cotton Trust TTUStees' Annual Report for the year ended 31 March 2021 al Pay all staff within the appropriate band recommended by the Museum AsS￿latIon Salary guidelines of 2009, but do not compete on pay with the public or private sectors b) Meet all nat￿nal pay standards, and provide all paid staff with a livingwage cl Communicate the spread of pay through the organis8tion to our staff and to the PLFblic d) Pay our staff an appropriate salary to attract and retain people with the leadership, experien￿. knowledge and skills required to leadthe Iransfomiation weareundergoing 5) Organisational struclure and decision making The powers of the Trustees include the raising of fund5. the publishing of audffed accounts, the care of the collection$, the a￿ul$ll10n or disposal of objects, the appointment of staff, the purchase of appropri*e insurance cover and the exchange of infomialion with other institutions and statutory bodies. Trustees musl hold al least three ordinary board meetirsgs and an annual general meeting in each twelve-month period. Such meeting5 require at least fourteen day5, notice. Extraordinary meetings m8y be called by the Chairman or by any two Trustees and require at least len days, notice. 61 Risk managernent TheTwsteeshaveassessed the majorrisks lo whichthe charty isexposed, in particularthose relatedto the operations andfinances of the charity,and aresalisfied that syslemsare in pla￿, or are being addressed, to mitigate our exposureto major risks. The primary risk facing The Powell£otton Trust is the successful conclusion of negotiations to secure the inheritance due to the Trust. The risk register ts regularty reviewed lo mitigate exposure to such risk. 71 Plans for future periods Work on the Reimagining Programme laid out above {pages 341 will (￿ntInue for the next year. a} Future developments Throughout the 're-imagining' project there are a number of exeiting initiatives and development.. i) The restoration of the Walled Garden. stsrting with the Winter Garden Glass House ill Decoloni8alion of the Museum listening lo the unheard voices that have been sIlen￿d iiil The development of the 'Sunshine' garden project working with local groups and organisalions through Kent lo ensure equity in access to the Garden iv) Trustee recruitment to meet Klentffied skills shorlages and to better represent the demographic of the collections vl A new collection storage strategy and buikyings vi) Accredrtation (expected March 20221 vii) Trustee recnjitmenl 19) The Powell-cotton Trust Trustees, Annual Report for the year ended 31 March 2021 Statemgnt of Trustees Responsibilities The Trustees are responsible for p￿parIng the Trustees, ReKKJrt and the financial statements in aecordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practi￿) including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland,. Charity law requireslhe Trustees to preparefinaneial statements for each financial yearwhich give8 true and fair view of the slate of affairs of the charity and of the income and expenditure of the charitable company for that period. In preparing the financial statements, the Trustees are required to- select suitable accounting PK)liC￿$ and then apply them consistentty,. obsetve the methods and principles in the CharitiesSORP', make judgements and estimates that are reasonable and prudent., state whether applicable UK Accounting Standards have bèen followed, subject lo any material departures disclosed and explained in the financial ststements., and prepare the financial slalements on the going concem basis unless il is inappropriate lo presume that Ihecharity will continue in business. TheTruslees are responsible for keeping adequateaccounting recortlsthatdisclosewilh reasonable aceuracy al any limethe financial position of the charitable company and to enable them lo ensure that the financial statements eomply with Ihe Charities Act 2011. They are also responsible for saf8guarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustees are responsib￿ lor the maintenance and integrity of the corporate and financial infomation included on the charity's website. Legislation in the United tQngdom goveming the preparation and dissemination of financial statements may differ from legislalion in other jurisdictions. This report was approved by the Trustees on 21 January 2022 On behalf of the Trustees Clare Valgnting, Chairnian 1101 INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE POWELL£OThON TRUST Opinlon We have audlted the financFal statements of the Powell-cotton Tiust I'lhe comp8nl) for the year ended 31 Marth 2021 which comprise the Statemen* of Finan¢1￿ Adivf(ies lin¢luding the Summary Income and Expenditure Account) the Balance Sheet, the Cash Flow Statementl and notes lo the financAal statements, indudin9 a summary of signrficant a¢(x)unting policies. Thè finanrial reporting framework that has been applied in their p￿ParatiOn is applicable law and Un¢ted Kingdom Accounting Standards, including FRS 102 'The Finanaal Reporting Standard Applicable in tt)e UK and Ireland. (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements.. give a true and fair view of the state of the charitable company's affaifs as at 31 March 2021 and of f(s incomin9 re$our¢es and applicatr'on of ￿$0*J[CeS. including its in(x)me and expenditure, for the yearthen ended have bèen properfy prepared In accordan￿ with United Kingdom Ganerally Accepted Accounting Prdcb(*.' and have been prepared in aecordarKe wth the requir¢ments of the Companies Act 2006. Basis for oplnion We conducted our audit in accL)rdance vAth Inlemational Standards on ALKliling IUKI IISAslUK)l and applicable law. Our ￿SpOnSIbl1((leS under those standards are further described in the Audthrfs Responsibiliti&s for the audst of financial stslements section of our report. We are independent of the charitable company in acc4)rdan¢e with the ethical requirements that a￿ relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and wè have fulfilled our other ethical resp0115ibililies in accordancè with these requirements. We txlieve that the audit èvidence we have obtained is sufficient and appropriate to prov¢de a basis for our opinion. Con¢lu$ions relating to golng ¢on¢•rn In auditing th8 financial statements, we have concluded that the trust￿$. use of the going cOn￿M b3$i5 of accx)unting in Ihe preparation oflhe finanaal statements is appropriate. Based on the work WÈ have performed, we have not identified any material un¢ertainties relating to èvents or ondilions that, individually or ￿lleCtIvelY, rnay cast signrficanl doubt on the charitable companys ability to continue as a going conc8m a period of al least rrK)nths from when the financial statements are authorised for issue. Our rèsponsibilities and the responsibilities of the trustees wth resped to going ojncern are de$¢ribed in the relevant $¢¢tions of this report. Other Infomiatlon The other Infomiafjon comprise5 the informatson Includeu in the annual ￿pOrt. other than the financial statements and our auditorfs report thereon. The Iruslees are responsible for the other infomi81ion. Our opinion on the financial statements does not cover the other infomiation and. except b the extent otherw3e eX￿1¢111Y st*ed in our report. we do not express any fom of assurance condusion thereon. In connection with our audit of the finan￿al statements. our ￿sponSibl11fy is to read the other information and, in doing so, oJnsider whether the other infomiation is materially In￿n￿ls1ent with the financi81 stslemer¢ts or our kn¢)wledge obtained in the audit or otherwse appears to be materially misstated. If we identify such material in¢onsislencies or apparent m*erial misstatements, we are required to detemiine whether there is a material misstatement in the financi81 $￿te￿EntS or a material misststemenl of the other information. If, based the work we have perform8d. we conclude that there is a material mi35talemenl of this other infornialion. we are required lo report that fact. We have nothing to raport in this regard. INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE POWELL£OThON TRUST {¢ontinuedl OpinÉon$ on other matt•Ys prns¢ribed by tho Compani08 Act 2006 In our opinion, based on the work undertaken in the course of the audrt.. the infomiats'on given in the trustees. annual report ftr the financial year for which the finawal statements are prepared is consistent with the finanoal statements,. and the tsuslee8' annual report have been prepared in ath}rdan￿ v￿th applicable legal requir&ments. Mattern on which wo oro required to rnport by exception We have nothing to report in respecl of the followin9 matters where the Compani&s Act 2006 requires us lo report lo you rf, in ¢)ur opinion.. adequate accountiThJ ￿CordS have not been kept, or retum$ wJequate for our audit have not been received from branches not visited by us", or the financial statements are not in agreement with the accounting record$ and retums" or rtain disdo$ure8 of trustees. remuneration specified by law 3￿ not made., or we have not received all the infomiation and explanations we requi￿ for OUT aL¢dit, or the trustees were not entiuad to prepare the financial stslements in accordance with the small CL)mpanies regime and take advantsge of the small companies exemptt'on in preparing the Trustees, Annual Report and from prèparing a Strategic Report. Responsibllltl8s ot trusttss As explained mre fijlly in the trustees. responsibilfaes statement set out on page 8. the trustees Ivtho are al80 the directors of the tharitsble ￿MpanY for the purposes of company lawl are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair vi¢w, and for such intsmal control as the trustees detem)ine is necessary lo enablo p￿paration of financFal stslemerts that ate free from material misstatement. whether due to fraud or error. In preparing the financial statements, the tw$lees are responsible for assessing the charitable company's ability lo continue as a going o)ncem, disclosing, as applicable, matters related to going concern and LJ$ing the yoing Concern basis of accounting unless the trustees either intend to liquidate the charitable company or lo Cease operations, or have no re81istic ajtemalive bLrt to do $0. Audrtorfs responsibilitie$ for the audit of the flnanclal slatemènts Our objectives are to obtain ￿asOnable assurance about whether the finanryal stslements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that indudes our 0￿.niOn. Reasonable assurance is a high level of assuran￿, but is not a guarantee that an audit conducled in accordance with ISA3 IUKI will always dète¢t a material misstatement when it exists. Misst*ements can arise from fraud or error and are considered material if, individually or in aggregate, they could ￿#sonablY be expected to Inffluen￿ the ecx)nomic decisions of users taken on the basis of these finan￿al statements. Irregularities, induding fraud. a￿ instsnces of nono)mpliance wth laws and regulations. We d8sign procedures in line with our responsibillbes, ouuined above, to delect material miystalements in respè¢t of irregularities, induding fraud_ The extent to which our procedures are capable of detecting irregularities, induding fraud is detailed below. 1121 INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE POlflELL4OThON TRUST (continued} Explanation as to wlMt extent the audit was consldered capable of detectlng irrggularltles. Includlng frnud The objectives of our audit in respect of fraud, are., to identify and assess the risks of Mate￿al misstatement of the financial statements due to fraud-, lo obtain sufficient appropri*e audit evidence regarding the assessed risks of material misstslement due to fraud, through designing and implementing appropriate responses lo those assessed risks., and lo respond appropriately to instance8 of ￿ud or suspected fraud identified during the audrt. However, the p￿rnary resFonsibilty for the prevention and detection of fraud rests wth Loth management and those char9od with govemance of the charitable company. Our approach was as follows.. We obtained an understanding of the legal arKi regulatory requirements applicable to the charitable cxjmpany and considered that the m081 significant are the Companies Act 2006, the Charities Act 2011, the Charity SORP, and UK fin8n(yal reporting standards as issued by the Financial Reporting Counol. We obtained an understanding of how the dBritsble company complie5 with the$e requirements by discussions with management and thosè charged with govemance. We 8sse88ed the ri8k of material misstatement of the financial statements. including the risk of m8leri81 mi8stslemenl due to fraud and how it might fxtur, by holding discussions with management and those charged with goVerTran￿. We inquired of management and those eharged wrth govemance as to any knovm instances of non-ci*mpllar￿e or suspected nonvcompliance with laws and regulatTron8. Based on this understanding, we designed spec4fic appropriate audit procedurès to identfy instancés of non-complian￿ with laws and regulations. This included making ènquiries of managenw)t and those tharged with governar￿e and obtaining additional corToborativ& evidence as required As part of an audit in accordance vthh ISAS (UK) we exercise professional judgement and maintain professional S￿pliCiSM throughout the audit. We also: Identify and assess the risks of matèrial misstatement of the financial statements, whether due to fraud or error, design and perform audit Procedures responsive to those risks, and obtai audit evidence that is suffic4ent and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, 8$ fraud may invdve collusion, forgery, intentional omissions. misrepresentations, or the override of internal control. Obtain an understanding of int8mal eontrol rolevant to the audit in order to design audit pro￿￿re$ that are appropriate in the arcumstances, btrt not for the pury)oses of expressing an opinion <)n thg effgctivene88 of the charitable company's intemal control. Evaluate the appropriateness of accounting policAes used and the ￿4$Onabl$ne88 of 8¢counling estimates and related disclosure3 made by the trustees. Conclude on the appropriateness of th8 trust8es' use of the going conc*m basi3 of a¢(￿UntIng and, based on the audit evidence obtained. whèth8r a m*erial uncertainty exists related to events or conditions that may cast s1gnrfi￿nt doubt on the ch8rrtable Company's ability lo continue as a going concern. If we condude that a material uneertainty exists. we are required to draw attention in our auditor's ￿port to the related disdosures in the financial statements or, if such disclosures are inadequate. lo modify our opinion. Our condusions are based on the audit evidèncè obtsined up to the dale of our auditor's report. However, future events or ¢ondilions may cause the charitsble company to Cease to (x)nb"nue as a going concern. Evaluate the overall pr&8enlation, strLKture arKI c4Jnlent of the financial statements, induding the is¢JoSu￿8, and whether the financial statements represent the undeflying transactions and events in a rnanner that achieves fair presentation. 1131 INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE POWELL¢OTTON TRUST {¢ontinuedl We communicate vrith those Charged with govemance regarding, among other rnatters. the planne(t scope and timing of the audit and significant audit findings, induding any significant deficiencaes in inlemal control that we identify during our audit Uso of our report This report is made solely to the ¢hantable company's members, as a tr￿y. in accordance wilh Chapter 3 of Part 16 of the Companio$ Act 2006. OLtr audit Work has been undertaken so that we might stsle to the company's members those matters we are required to Stale lo them in an auditorfs report and for no other purpose. To the fullest extent pomitted by law, we do not a(tept ￿ assum& responsibility to any paty other than the Charitable company and chantable companrfs n￿Mbers a3 a bc*Jy, for our audit wcffk, for thi$ repoiL or for the opinions we have fornieil. olyL K, rJL LI2 James Cross Isenior Ststtrtory Audltor) for and on behalf of Moore Kingston Smith LLP, Statutory Auditor Date 28 January 2022 Devonshire House 60 Goswell Road London EC1M 7AD 114) THE POWELL-COTTON TRUST STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 March 2021 Unrestricted Rostrlcted Funds Funds Total 2021 Total 2020 Nots Incomo from: Donations and legacies 407,770 9,003 416,773 612,269 Charitable activrties 1253) {2531 97,688 Other trading activit￿S 4,408 4,408 34.469 Investments 64,760 64.760 116,129 Total income 476,685 9,003 485,688 860,555 Expènditure on: Raising funds 4.043 4,043 15,945 Charitable activities 931.557 6.825 938,382 1.063,380 Total expendlture 935.600 6,825 942,425 1,079,325 N8t incomellexpendilure) before investment gains/llossesl {458.9151 2.178 1456,737} {218,7701 Net gainslllosses} on investments 12 251.482 251,482 1158,956) Transfer betsveen funds 17 18.9441 Net intomel{expenditure) and movement in funds {216,3771 11.122 1205,2551 {377.7261 Re¢oncillation of funds: Total funds bioughl forvéard 17 3,181,771 15,783 3.197,554 3,575,280 Total fvnd8 carried forwanl 17 2.%5,394 26,905 2,992,299 3,197,555 (15) THE POWELL£OTTON TRUST BALANCE SHEET as at 31 March 2021 N¢)te 2021 2021 2020 2020 Fixgd Assets Tangible assets Investments 11 12 697,066 1,225.469 1,922,535 675,431 1,301,290 1,976,721 Curront Assets Stock Debtors Inveslrnenls Cash al bank and in hand 13 14 15 9,299 778,083 6,846 757,999 348,972 1,136,388 558,530 1,323.409 CrgdFtor8: Amounts falling du within one year 16 66.624 102,578 Net Currgnt A88ets 1,(E9.764 1.220,833 Not Assets 18 2,992,299 3.197,554 Funds Restricted funds 17 26,905 15,783 Unrestricted funds 17 2,965,394 3,181.771 Total charity fund8 17 2,992,299 3,197,554 The notes on pages 18 to 29 fomi part of these accounts Approved by the trustees on nd signed on their behaK by. C Valentine Chair of the Board {16) THE POWELL-COTTON TRUST STATEMENT OF CASH FLOWS for the year wd•d 31 March 2021 2021 2020 Cash genoratod from operating actlvlties Net Cash used in operating activities 18 559,700 835,184 Cash flows from invosting actÉvitigs Dividends, inlerest and rent from investments Investment management fees Purchase of propety, plant and equipment Proceeds from the sale of investmenls Purchase of investments Net cash provided ty invostlng activities 64,760 (5,2121 {36,7091 560,209 232,906 350,142 116.129 15,2121 {54,3151 574,333 12(h.472 424,463 Change in cash and ¢ash equival8nts in the reporb"ftgperrf 209,558 410,721 Cash and cash equThialents at the beginning of the reporting period 558,530 969,251 Cash and cash equlvalents at tho end of the reporting pgrfod 348,972 558,530 Rgconcillation of net movemont In funds to net cash Ilow from O￿rat1Thg activitigs 2021 2020 Net expenditure for the year (as per the Statement of Financial Activities) (205,255) (377.7261 Adjustsnent for: Depre¢ialion Charges Investment management fees Disposal of fixed a$$ets Gainslllosses) on investments Dividends, interest and rent from investments Ilncrease}Idecrease in stock Ilncrease}Idecrease in debto Increaselldecreose) in credilors 16,073 5,212 11,0001 1251,4821 164,7601 12,4531 120,0841 135,9511 20,801 5,212 158,956 1116,1291 2,557 (s78,4￿) 49,581 Net provlded byl{used in) op9rntlng actlvltie 559 700 Analysis of cash and cash wuivalent4 2021 2020 Cash in hand and al bank Cash held by investment manager 201,057 147915 478,197 {171 THE POWELL.¢OThON TRUST NOTES TO THE FINANCIAL STATEMENTS forth8yearend¢d 31 March 2021 ACCOUn￿ng Polkles Basb of preparatlon Th8 accounts have been prepar8d undèr Ihe historral ¢osteonvèntion wilh itsms re¢ogni5ed &lcost or transaction value Un￿$$ oth*wse Stat￿ in the re￿nt note5 of these acujunls. The finanual statements have been prepa￿￿ in accorisance w*th the Stslement of RecoTnmend&l PraCts￿.. Ao))unting and R8porbn9 by CharitÈs preparirvJ their accounts in accordan￿ with the Finanual Reporbng Standard applicable in the Unile¢l Kingdom and Republic of I￿land (The FRS 102 Charities SORP) and the Charities Act 2011. Prxwelkcotton TrUst￿Sti￿1tOS 8 public benefft c¢mpny as d8fined by FRS 102. On 18 January 2018 the Charitable o)mpany réeeNed th8 ben8frt of the assets, liabilitiès and yndertaking of Powell Cotton Museum. an unincotwrated charity of Ihe same name. On th8 Same date the d)aritab￿ company b8carne the tnjstee of the unin¢orForated charity which is now a linked chatty und8r Charity Commission TeguL4tions. The unincorpooted Charity continu85 to hold (trtaSn pr¢yrty and mu58um assets tr￿etherWItt) £10,000 cash as permanent endowment, held for the benefit of Ihe charrtable Company. During the ye8rthe charity resolved lo release the £10,000 pemanenl endowmenl and Ihi$ is now induded in unr8SriCted funds. The property and museum 28sets are not ￿tognIsed in the financi81 statements as the endowments w8re conveyerl many decades ago. There Is no inlomiation as to IheirV81￿When donated, and the 8mounts invofved are now likely to be immatsrial. The financial $taknnent8 are prepared in sterfiTh), whKh is the frJnction81 ajrrenw of the company. Monetary amounts in thos8 finanrial Ststements are rounded to th8 nearest pound. Goin¢ Concom The trnstee8 have assessed whetherthe use of the going ￿n￿M basss is appropriate and have consldered possibLe events orconditlOn8 that M￿ht cast signifKant doubt on Ihe ability of the Charitab￿ company to ())n￿nue as a going cortsrn. Tr tnjstees have made thi5 a55e55rnent for period of at least one year fiom the date of wroval of the frnanaal statem8nts. In parbcuLgr the tru8tees have rxJn$idere(* Ihe chari￿￿e cornpany's forec2sls ancl projections and have taken accounlof pr88sures on Income and the impact of Cowd-19. As explained more fully in the TtU$ts85 Annual Report, the mu5eurn has embark&l on a wmagining prDject to re-focus and clarfy its objectives and activits"es. This imioEv8d a planned closure of the museum to the public and work 1$ corntnencing on Ihe interpretation of the collethon. Thi5 process was accelerated by the outbreak of thè pandemic and amhough this has inewtably resulted in a Ios5 of In￿Me in the short tom, the trustees are now Tecewing regular Inc￿Me from the Estste of Michael Garratt as referred lo In note 2 to the financial ststements. In addition the trustees are able to draw down on tt)e inve51ment portfolio rf nocessèry. After making enoviries thè tru5tEes have (xMcluded that there is a ￿aSonabl expectation that the char4table (xJmpany has adwuate resources to continue in operabonal existen￿ lorth6 fortrseèable futtJr8. and there are no Mate￿al uncertaintVa5 affecting this as5urnption. The charit&ble companythwelore continues to adopt Ihe goin9 cOn￿M basi% in preparing its financial stat8rn8nts. Fund accounting General funds are unrestrtcted fvnds which ar8 available tr use at Ihe dlscretbn of thè TN5ttes i furtheran¢￿ of the general objectives of the charty and wh￿h have not been ¢esignated forother Restricted funds ere fvnds which a￿ to us8d in acrA)rdanr£ wth Specific mtrietions imposed by don0￿ orwhich hav8 teen raised by the chanty for parti¢ular purposes. The cost8 of raising and adrninistering $u¢h funds a￿ Charged against lh8 specific fund. Thè aim and use of each restricted fund is s8tout in the notes to the linanoal statements. FSxed asset investments ate 8 fotrn of finanual instwment ar￿ are initially tecogni5ed at Iheir transaction o)sl and $ubs¢quentty rn8asur&J atfairvalue at the Balan￿ Sheetdate, unless fair value cannot be measured ￿lIab￿ in which case it 15 measured at cost less impairment. Investmtsnt n$ and losses, wheth8¥ reaSi5ed or unrealis8d. are combined and shtrwn the headir*J 'Gainslllossesl on Investrnents. in the Ststsm8nt of Finanual ActMb"es. THE POWELL£OThON TRUST NOTES TO THE FINANCIAL sTATEmEP￿s forthe y￿r0nd8d 31 March 2021 Aeeounting Pollcles l¢orrfnuedl n¢ome l in¢om8 is recognised On￿ the charity h8s entilernent to Ihe income, it is probable th8t Ihe ncome will be ￿ceNed, and the amoijntof income re￿iVal￿a can be measured ￿llabty. For legaaes, entilkgment taken as the earfier of the date on which eilher. Ihe charity is aware Ihat probate has been gianted. the estate has been finalised 8nd notfficah.on has be8n made by the executor(sl to the Trust Ihat a ¢Yistritiutitsn wll be made, or %¥hen a distribution 15 receNed from the e$late Re￿ipt ot a1gJacy, in Who￿ or in part, is only con5id8red probab￿ when the amounlc8n be measured rellably and the charity ha8 been nob"fKd of the executsls intenton to make a distribubon. Where le9a¢ie$ have bsèn notifi'8d to the ¢harty, orthe d)arity is aware of Ihe granb.ng of probate, and the criierw for income ￿COgni￿On have not been met. thèn the legacy treatsd as a contingent asset and disclosed if matsrial_ Income tax ￿¢￿>Verab￿ in reLgtkin to donaltons weived under GrftAd ordeeds of covan8llt is rBcognised atthe time of the donation. Income tsx recov8rabb in relatron to invtrsthent incorne 18 rwnised at the tine th8 inv85tment income B recelvabltr. Exp•ndltur• Expenditure is re¢ognised On￿ the￿ is a kgal or rA)nsbiJcti¥E oblKJatr"on totransfer econern benefitto a third party. it is probable thata transfer of 8conomic benefits w511 be required in settlement and the amount of Ihe obligation can be mea$uied reliably. Expendthre is dassffied by a¢tiwty. The ¢osts of eoch activty are made up of the totsl direct C05t5 and shared costs. in¢ludirYJ support costs, of each acts.wty Dire¢t¢osts at1ributab￿ to a single actiwty a￿ allocated #irectty to that activty. Shared ccsts which contribute to rn0￿ tt)an one acti￿ty and support costs whith not attributable to a slngle activity ar8 apporboned batt￿n Ihose a¢twitie5 on a basis ￿nSiStent￿1h the use of resources. Central staff oJ8ts are allocated on U)e basis of timo sp8n( and dep￿tia￿on tharges allocated on the porbon of the a$58ts' use. Tanglblo fixed assets and depwlatlon Tangible fi￿ assets in ex￿$$ of £1,000 are capitalised at C03L Depr8¢iation is provided at rates calculated to write off the cost of fyxed a￿ts, less Iheirestimated residual value. over Ihelr expected useful INes on the following trA$￿.. No d8pr8ciation is provided on building additio￿ as thes8 aTE rnaintsined to a high $tsndard and therefore have a very long estimated useful life. cOnseq￿ndY any annual oraccumuL4ted depreciation wouhl not te material lo the finanoal 5tatsm8rts. THE POWELL-COTTON TRUST NOTES TO THE FINANCIAL STATEMENTS for¢￿ year•n(*d 31 March 2021 AccountlrwJ Pollctes IcontInu￿ Tangiblo fix•d assets and deprKlatton {con11n￿￿) A ￿eWfor1mpaI[M8nt0f a fixed asset is canied out rfevents or ch8TrJe8 in circumstancès indicats that the ¢arrwng value of any asset rnay not be recoverab￿. Shortf811s beh¥een the Carrying value of fixed assets and their recoverable amounts a￿ recognised as irnpairrnents. Impairnient losse$ are re0)gn￿O in the Stat8rn8ntof Finanryal ACti￿treS. Part ofauex H(xJse Plant and machinery 25% straight lin8 F￿tur85 arkl frtb"rvJs 25% straight lin8 Computer 8quiprn8nt 33% straight line Fire alarm system 4% stra￿aht line Extension to Museum Nil Tea Rooms 10% straight line Stocks Strtks are valued alth8 Iow8rof cost and net realisable value after making due allowan￿ for obsolete and slow-moving stoth5. Cost indudes all direct costs and an appropriate proporhon of fNed anc* V8ftab￿ overheads. Intsro8t ￿0]vable Inierest on fund$ held on deposit is Includ￿ when receTriable and the amount can be measured reliably by the Charity,. this 18 nomially upon notification of the interest paid or payable by the bank. Debtors Trae and other debtors are recogniseil at the 5ettkrnent arnount after anytrade discountoffer8d. P￿paYments are valuod atth? amount paid netof any trade dk%eounts due. Cash al bankand In hond C8sh at bank and in hand includes cash and 5hortterrn highly liquid inve$knents with a short maturity of thre8 month$ or less from the date of wuk%ition 01 opening of the deposrt orsimllar 8ccount. Uabllltle8 and provlslons abilitE$ are re¢t)JnwJ when there is an obligation at th8 Balan￿ Sheet date as a result of a p85t ev8nt, il rs probabl8 that a Iransferof e¢onomi¢ benefitwill b8 required in settbment. and the amount of the settlernent carl be estirnated reliably. Liabilities are recogni5ed at the amount that the charity antiapates itwill pay to sewe tt)e debt or lh8 amount it has received as attvan￿ payments forth8 goods or services it must pro¥Ade. Prowsions a￿ ffleasur8d at Ihe best estimate of the amounts r8quir8d trj setue the obligation. whe￿ the effect of the time value of morw Is matsrial. the provisKin is based or? th8 present valu? of those amounts. dwovnted al the discount rate that reflects the risks speofi¢ to the liabilty. The unwinding of the discount is recognlsed wthin interest pavable and simiLgr thara88. 1201 THE POWELL-COTTON TRUST NOTES TO THE FINANCIAL STATEMENTS for the year gnded 31 Ma￿h 2021 Accountlng Pollcl88 Icontlnuedl Hn8n¢lal IrBtNm•n The chaiity onty has finanrial assets and finanrial liai¥'1th85 of a kirtd thatqualfy as basic flnancial instruments. Basic finarlcial instrun7ents are inits.alty recognk%ed attransactbon value and subsequenuy Measur￿ at theirsetllementvalue. Heritsge Assots Herilage assets comprise the Mwvm's colkntions ofnalural hi4toryexhibts and associate(I art•facts, ceramics, fumiture. aTWorf¢$ and other item5 largety collected by Percy Powell-cotton and his family. Furthei details concerning the natu￿ an¢J extentof the collection are prowded on Ihe Museum$ website. No value is attributed to the ttjllectons as ￿liable historical cost infornation is not availab￿ and due to the uniqueness of much of the collect￿n. parti¢ulaty ¥)e dioramas, conventional valuabon techniques are either not appropriate or cannot be obtained at a ¢osl commensurate the benefit that might b8 derived by users of the attounts. Therefore the tNstees have adopted a nOn-￿cognItion approach as pennitted by FRS 102. Expenditure on prese￿ation and restor81.on collects.on is writtan ott in the S12t8rnent of Finanoal Acti¥Ales as it is incurred. The Musoum's co118ctions were substantially assemb￿* by PeKy Powo11-Cotton and his family in the late 1800,5 to earty 1900's. Percy Powell-cotton was a ploneer in the use of the diorama to display mounted animals Hgainst backdrop5 of their natural habrtats. Powell-cotton Museum's nalural hi510ry diorarnas are outstanding examples. unique to the UK, stunning fortheir si2e, quality and imagery. Theworfdwell-Cotton famity- FUrti￿r details of th8 natur8 8nd 8Xtenlof Ihe collections are available on the Museum's website ht￿..1￿￿￿￿.qUeXpark.￿.UkIm￿S8UmIcoI￿Cyon$.htsn1. The definition of numbers In a Co1￿Ction 15 faifty atbitrary a5 sirrfJ￿ iiems acCessio￿d may comprise a wide range of artetscts, components orsuppottiThJ papers. However, this Il$t ￿fie¢t5 how they ar8 S(X8ss1on￿ in rnuseum records. Category Esumated numbor of itsms as at Archives, Photograph8. Films 82,045 thno Natural Histo Archa801 ic21 Fuinilure, paintings and c8rarnics 18.550 8.000 1.679 Wea Social Histo 460 Total THE POVELL-COThON TRUST NOTES TO THE FINANCIAL STATEMENTS fortheyearen(led 31 March 2021 A￿Ount￿r￿a Pollcfes I￿ntInued> uis ddis osals The colle￿On$ are very much Ihe ot famity and it is rare forthe Trustees to make a(4uisItK)ns ordisposals of objects from the ¢ol*ion vnkss the Trustees are satBf* that this doe5 not detract from the integrity of th8 collection. Th￿ is a strong presufflption wJain5lthe disposal of any acossiorKd item5 in the Museum's cdkdion exceptforstyJnd ￿ratorial andlor colktions rnan8g8m8nt reas0r￿. There h8¥8 been no fflaterial acquisitions Ord￿P￿saI$ since ￿ri1 2010. The tN8tees' prirnary obj8ctiv8 is to safeguard and d8vaiop coll•cti¢)ns $0 that they can be made a8 acce85ible as p)ssib18 now and in the futu[8. This tsbjective is delNered through prograrnmes of display5. events, publication5 web5ittrs. fiel(hvort. ￿Search. do¢umentsbon and ¢Dlle¢tion$ care. Objects from the Co1￿CtIon a￿ eiY)er displayed in the museum and on ourwebsite. or made available via loans to third partw. oreLse they 8re held in our W1￿ctionS stor85 for r8search and future use. C8 The ￿lte¢l￿n iq di8played and stored armrding to recrNJni8ed intem8tiorEal standards for the prevention of material deiemration. Library and archive storage faalitLes and exhibity.ons are ba8ed upon and inforned bythe reouirements of BS 5454 and The Nab"on81 ￿h1Ve$ Stsndard for Rewrd R8posiiories. Cwumentafvon Obi8c15 in th8 cdlection are d￿ment•d in accL)rdance wth Arts Counol England requlrements a SPECTRUM. 7he Nljseum vjlll". . have Secu￿ Oug to all obje¢ts in the CO1￿￿0￿., . hold basi¢ data on object $0 that it can be unvluety id8ntif*d arnj thè co1￿10n 8udit8d re9ularly'. • ensure reco¥d5 re18ting to objects in the Col*d￿n a￿ enhanctd made availabk to audiences where yropriate. 1221 THE POWELL-COThON TRUST NOTES TO THE FINANCNL STATEMENTS forth8 yearended 31 March 2021 Accountlng Polk1è5 Icontinuedl u$ion of H lartce S In the opinion of the TrLL8t8es. reliable inf¢)miabon on cost orvalue L% not availableforthe Museum's collect￿n$ a(4uired pThor to April 2010. Thi$ is owng to the18d¢ of reliable Infomiation on purch888 cos( the Lqck of comparable mark8tvalue5,' the diverse nature of the obj8¢ts.' and the volume of ms h8kl. In the Trustee5' opinion, conventw)nal valuation approaches k¢k suffiaenlly r8liabilityand any valuats.on is likety to incur signfficant cost and a time cornmitmentthat is likely to be onerous Even if valuations COU￿ be obtainwj the r￿Stwoukfj not be cotnm&nsufaie wrth anybenefib to the Museum manag8menL curatonal Stsff, Ihe PU￿1C, or users of Ihe finanu81 statsnEnts For thi5 reason the Collecbon5 which were alm08t ents.rely gifted to thè Mus&um at nil cost many years ago, and are In￿Mpare￿Ie in nalure, are not recogni8e¢ a$ assets in the Museum's Balan(t Sh8eL 1231 THE POWELL-COTTON TRUST NOTE8 TO THE FINANCIAL STATEMENTS for the yearendtd 31 ￿?￿h 2021 Donatlot)8 and lèoacl•& Unr¥th¢t•d kntrlctod 2021 2020 Yearto 31 hlarch 2021 D￿at{on8 Grarits Legaoes Devélopment pr(ye£ 200 26.399 390.174 282 17.437 594,550 17.396 390,174 9.003 Total don3￿0￿$ and le9￿10* 407,770 9.008 418.773 612,269 Forthè ￿arend& 2020 therewere £17.lJ44 reslitted donatiorts arKi *g4ThBs. At 31 March 2021 the Trustses were 8rf*are oftheir entiuptnentto a share in assots ofthe Quex Park Sett Estate Tolk)wlng Ihe death of frymer life tenant in April 2016. The Val￿ oftheTtust¥ Share is e5tirnaled lo be In the reyion of £25 millhin.. how8v8fih& distribubtsn of the Estate ps a complex pror8ss and th8 TrustÈtrs artr not cuffenuy in a posivon to ascertain thÈ likèty amwnl ￿Cen1¥ble or Ihe1SmSno of tht ret*ipl. The Trusf5 share of t inrome from the Estate is being disldbuted AdmIn￿trat0[5 and ￿ induded within Legacy inwme above. Charlt•bkt ￿11¥11￿5 2020 Yoarto 31 Marth 2021 Adm￿slOng Sncome Membership 140 13931 140 13931 86.936 8,752 253 263 97.688 Fuhdraltslng Into unmtrIct￿ RgStrfthd 2020 Yoarto 31 March 2021 Calerhg Sncome FundK)n i)(x)mtr 28.948 .3e3 1.587 1.587 1.587 1.587 35,311 AeU¥ltl88forg•notatlny funds.$hop ¥•lp¥ Unrn*rfcted R88ts5ct•d 2021 2020 Yg•rto 31 I1¥￿h 2021 Shop sal6s Shop purd)Jses 17,801 118,6431 2.777 2.7TI Gr055 shop sa*s 2,821 2,821 1842 In 2020, oflhp tota It￿Me from 8GINI￿5 forge￿rat1￿j bjnds, £842 was to thr&strid&l futKls and £nl wa510 reslrKted funds. I1￿5￿•￿t Incom& 2021 2020 YwTto 31 Mwrch 2021 Gross divid*￿$ and interèst Rental ￿cOnTre Sundry interest 45,864 19,096 45,664 19.098 109,513 6.616 116129 1241 THE POWELL-COThON TRUST NOTES TO THE FINANCIAL STATEMENTS for the year•nded 31 March 2021 Costs ofrn*lng fundts Unrp&trfd•d R8Btrfct•d 20tJ 2020 Yearto 31 Mar¢h 2021 Adverbsmg arKI prorYsOtK)n InvÈstrnent nanagament kps 11,3511 5.394 10,733 5.212 5.394 In 2020. ofthe total ¢x)ts¢s of0e￿rats'r¥J ￿￿Unta￿lnCOrne. £15.945wa8 to unresthctsd and £na wasto restricted funds. charItab￿a¢ll¥tiI•S unrn9tr1¢￿ Rostrlctod Total funds fuhd nds 2021 Totsl fvnds 2020 DlrectCO8ts Rent Rates and watsr InÉurances Upk88p of98rdèth and grouTrJs E￿CtricIty and Repairs and r8new818 Sundryexpènses Sewrity Travdling and Sub￿**nI FunctiDn costs P051age. stslor*ry and tekphone 17 882 20.￿6 2,090 26,455 76,049 21,196 6,258 9.912 17 882 20.491 2.090 26.455 76.515 21.418 8.258 10.383 8.386 125 28,777 4.710 28,922 49.725 11,659 466 222 471 6.999 20,995 57.232 6.999 26,538 57,232 7,808 IT Support ¢onsullarKy f8es Equiprnent hire Education &xpens Museuffl conserv8b)n Contractors. fees Wage$ and salariès National insuran( ￿￿ploye￿5 pensh)n Heamh and safety C16anlny Bad lebl Depreoaknon 5.541 70,758 1381 2.308 2,530 467.197 37,522 11.447 5,375 3.557 2,530 467.197 37.522 11,447 5.375 3.557 3.812 435.911 32,014 10,568 10.680 20,801 744,444 16,073 794.152 16.073 80D.977 6.825 $¥ppon ¢08ts Bookkeeping and aCCA)￿￿nCY Bank charges Comput&reosts 15,092 617 8,278 21,987 15.092 617 6.278 21.987 11,337 2.557 5.765 19,859 Govern•n¢8 Costs Auditors rernun8ralion Profes5i0nal fees 7,950 107,488 115.418 7,95D 107.468 115.418 6.950 292.327 299.2TI 931.557 6.625 938,382 1.063.380 In 21Y20.. £1.061.749 w88 from unr8sknLW fiTr45 and £1.631 was trom rèstrided ftjnds. Ourw thè ¥ear. no Trustees r8c8fved anv ramunpration I202￿ £ril> DUrir￿ the Year. noTrJslees recewed an¥ bpneffts vi kin(112020- £r￿ During the year, noTruslee6 12021k four) ￿ceived reinbursement Df expen5e5 lotalling £n412020- £8641 ￿laI￿g to travel and sub5i5tanco. 1251 THE POW£LL4OThON TRUST NOTES TO THE FINANCIAL STATEME14TS for th• ￿ar ended 31 March 2021 Not Irthmèll•xpBndlturo1 Thks 15 Staled after Charuingllcreortr￿I thefo1k)w￿0.' 2021 2020 Audrtorfs remuneratK)n- Audit fees 7.950 2,9DO 16.073 Accountsrw, taxa1￿ 8nd othersèNK*S Cepr&(iation 20,801 DLring the year, no Ttuste8s r￿ed any r￿neratiOn. b8n8fits In khd or reimbwsement olex￿nSeSl2o2O-£n1D. 10 Staifcosts staff costs We￿ as fr￿0W8.. 2021 2020 Wages 8nO saL8r so￿al secur7ty costs Ponsknn costs 467,197 37,522 11,447 435,911 32,014 1D.5e8 518.160 47B.493 The averdge numberof employeasduring the ￿a[W&s.. 2021 No. 32 2020 No. 32 The number ofemplo￿5 whose r6munèration as defined fort￿l￿]n puws abDve £60.000 was 1 12020". niD. Thwe was 2 12020." nil) empl¢)yee5 gr8nled redundanGy paymtnts in ￿ yewtotalling £1.326 P020.. £nll. The lolal emtyoymènt berEffls Indud¥￿ empWrnatK)nal fft5uran￿ and penskjn contribubon5 fDrth8 key management personnd were £223,95612020.. £120.7811. It Yonglbl8flxod ats¥8ts Part of Quex NouBo Ak Sy¥tem Furn6ture. fmtinys and fygu1pr￿nt Computer Exteth810 equlprnent to Aluspurn &Tea Rooms Totsi Coit At 1 Apr6 2020 Addilh)ns 0￿pOS￿ At 31 March 2021 14,067 63,793 1.8S5 14,882 35,843 622,360 787.642 37,70B 622 360 804 350 D•pr8clat￿n At 1 April 2020 Charge for the ￿ar On disposals At 31 Morrh 2021 879 2.110 2.746 1.513 14,572 12.03B 14.014 412 92.211 18.073 Nrt Book Valuo Al 31 Myrch 2021 14,067 23.895 607.934 697.1186 At31 Mardb2020 675 431 1281 ThE POWELLiorroN TRUST NOTES TO THE FINANCIAL STATEMENTS forthe year ended 31 March 2021 12 Flx•d A8Setlnv88lM￿th Unquotgd vèsknents Invv4trvtrnt Total Martel At t April 2020 Add￿On8 sposals Revaluat*)ll5 1,237,892 63,398 1.301.290 232, 15802091 251.482 232,9L 1560.2091 251,482 At 31 Mard) 2W21 1.162,071 63.398 1.225.489 Hi5tric41 cost 1.038.117 1.038.117 Valuatlo The UWUOted h)vestN*nt atthe s $tsled at¢￿t Ltsled irNe51r￿nts are Staled at market Val￿. No individual invttstments were rnate￿I lo the porttolio. 13 Stock8 31 March 2021 31 Mgrch 2020 Finisw goods and goods ftr ffjsa 9.299 14 D8btoY8 2021 2020 TrÈde debtofs Othpr debtors 231 777,652 3.671 IS CurrertasW Inwstn*nts 2021 2020 COIF chari￿5 De￿1 Fur 16 C￿dItOr&= a￿￿￿nts falllng ¥u• wlthln one yo4r 2021 2020 Tra(È creditors Ta￿a￿ty) and sodal 88curlty Otttr ctvdiiors Acuvab and defetrwj income 36.027 10.498 9.141 10.958 66,824 28,326 17,998 51,402 102.576 1271 THE POWELL-COTTON TRUST NOTES TO YHE FINANCthL STATEMENTS forthe year •nded 31 March 2021 17 Ststom•nt of fund¥ Galn81 1kn¥osy Ineom Exp•nd5thro transfèrs Y••rond8d 31 A•a￿h 2tr21 Brought Forward rAthod Unre&trtctgd I￿ndS Incorne AccoLNt CapitalAccount Totsl unr88trlctod 1,188,154 1,993,617 3.181.771 476,685 1935.8Lh)I 18.9HI 251.482 242.538 720,295 2.245.099 2.965.394 476.S55 1935,6Tr)1 RostFlrt•d fvnd8 DÈ¥ofvirvJ Reslrtulon Fund rjr AIM Tackling Irwu8litiÈs Grant 2.5 3,503 2.500 2.815 ie881 $8nsory HU Nafftibian N8TTrtives Makirvj Afriran cOn￿C￿￿ 15,5411 13281 12681 3.403 11.455 8,732 11,783 4.LKIQ Yotal ro8trlcted fufids 15,783 &D03 16,8251 26,905 Totsl funds 3.197.554 485,688 942,425 251.482 2.992.299 During the ye8rth8 slalus ofthe restricted funds was r&Me%Yed a￿1 itwas ascertained that these fiJnds had been eypended on purposes forwhlch th8ywere irrterKled in prewous yaars. Aixordingly th6 b8lance8 brwhl fr)WfO have bpen transferred to ￿res￿Ided funds where awroprfate. Year8ndod 31 March 2020 UnTOStrfctod funds Income Account Capllal Account Total unrogtrlcted 1.342.904 2,1S2,573 3.495.477 843.342 11.077,6941 1,188,154 1,9ty3,617 3.181.771 1158.9561 179,3541 843,342 11,077.6941 Restrlcted thJn¥8 HLF- Worhy War 1 AIM Stor&s ACE- ￿CUri￿ fv Fubjre ofour UnKiue5 Project AIM. Statues ProiÈ(a 100 Objects Project Rolling garrten fund Development projects Namibian Narrthos M8kiw AftiGan CoDnettvJ Friènd& of Quex VO￿nteer OeY8losNnanl Proje 8.896 4,689 4.830 31 3,059 16.984 1(KJ 12.719 16.6961 14.6891 14,8301 13.0591 116,9841 11001 13.044 4.WLI 112811 11.783 4.0(N) 13701 201 130,4951 30.495 Totsl re8trf¢tsd lut)d8 79.803 17.213 11.6311 179.6021 15,783 Totsl fvnd• 3.575,280 8eo.555 3,197.554 1.079.325 158,956 1281 THE POWELL4orroN TRUST NOTES TO THE FINANCIAL STATEhlENT8 frjrthe y•ar end•d 31 PAarth 2021 18 An•￿1¥ of Deta¥￿￿ fvnd• Toial nd8 2021 Total fundg X121 funds 20 2020 Tangibk fi￿d assets F￿ed asset In¥eskneJts Current assets c1editor5d￿ withwi orw )tJr Tolal Funds 697,066 1.225.469 1,109.483 166,6241 2.965.394 697.f 1,225.469 1.138.388 166.6241 2.992.299 675.431 1.301.290 1,323,409 1102.5761 3.197,554 26.W5 26.gD5 19 Relatèd party tsansa¢tion8 The ch8rtty wns 47.08% oflhe issued share Ixpitaf in The Quex Park Estates Company Limw. Tre charfty exèrctses no svjnificant Gontrol i)verlhe Operat￿n$ of Ihls ctyTpany and Ihe accounts ha¥* not therefore been con501idated. The (Juex Park Estates Company Umiied is In￿￿rated in the Urited Kingdom and ils wincwal acbvity is farmtyw and etsiaiè marwenl. At 31 March 2020 chath £5,41812020-£5,4181 to Thè Q￿X Path Estat6s Company UMW. 20 Operatlng leases At the reportiro date the charity had out5tandiry cOmm+trr￿nts fOrfUtu￿ minimum leasè payTrnts under nOn-¢an￿[Iabk operating leases vthid) fall due as follows.. 2020 Wthin ONd Year Belween two antt fve ve&rs 1.362 1.021 21 CaDttal ¢ommKm•nt As al 31 March 2021 the charity had capitrl CA)mmitments of £nil12020 £34,334) in reLation to th• ctJmmi8sK)n of IT InfastruGlure. 1291