Charity No. 1171114 Poole Museum Foundatlon TTUStees' report and unaudlted financial statements for the year ended 31 March 2021
Poole Musèum Foundation Content5 For the year ended 31 March 2021 Page Legal and administrative information Trustees, report Independent examillerfs report Statement of financial activities Balance sheet Notes to the financial statements 8-12
Poole Museum Foundation Legal and administrative details For the year ended 31 March 2021 Trustees Felicity Irwin DL Prof. Timothy Darvill OBE Peter Burt John Butterworth Simon Jenner Prof. Emma Hunt Peter Dobson Dr joanna Kennedy OBE FREng (Appointed 5 AuÉust 20211 Paul Gough (Appointed 11 November 20211 (Retired 2 December 20211 Charlty reglstration number 1171114 Principal office Poole Museum 4 High Street Poole BH15 IBW Independent examiner Saffery Champness LLP Chartered Accountants Midland House 2 Poole Road Bournemouth 8H2 5QY Page I
Poole Museum Foundation Trustees, Report For the year ended 31 March 2021 The Trustees present their annual report together with the financial statements of Poole Museum Foundation for the year ended 31 March 2021. Objectives and Activities The objectives of Poole Museum Foundation are as follows.. The advancement of, including the advancement of publlc appreciation and education in, the arts, culture, heritage, or science, In partlcu lar Iwlthout limitationl by.. l. Acquiring and maintaining suitable objects and works of art for Inclusion In the permanent collections of Poole Museum Service,. 2. Providing for, or supporting, the establishment, maintenance, refurbishment, enhancement and interpretation of exhibitions and displays ot the said permanent collections and the buildings in which they are housed,. 3. Providing for, or supportin& the establishment, maintenance, refurbishment, enhancement and interpretation of other exhibitions and displays of such permanent collections. The main activities in relation to these objectives have been a5 follow5- Continuing with the collection of cash donations from members of the public visiting Poole Museum and reclaiming Gift Aid to provide additional funding. The maintenance of the infrastructure for the collettion of contactless and online donations to help improve the level of donation5. The ongoing development of the membership scheme for Poole Museum Foundation, in order to increase awareness and raise fund5. Identifying sources of grant income and applying for suitable grants to fund the furtherance of the objectives of Poole Museum Foundation. The ongoing part funding of a Fundraising and Membership Officer (employed by Poole Museum) to resource the day-to-day activities of the charity. Supporting Poole Museum In phase two of the bid for National Lottery Heritage Funding forthe.our Museum.. Rediscovering Poole's Maritime Heritage" project. This follows the successful initial bid, where the Museum was awarded fundinE of £352,000, in order to develop future plans for the museum. The second phase is to make a bid for additional grant funding to deliver the plan5 that have been developed. Activities were limited during 2020-21, due to the Covid-19 restrictions impacting the operation of the Museum and fundraising activities. The Trustees have had regard to the guidance issued by the Charity Commission on public benefit in relation to the activities undertaken. Achievements and Performance During the year ended 31 March 2021, areas of key activity have been a5 follows.. During the period, Poole Museum Foundation applled for and received a grant of £10,000 from the Valentine Trust, to 5UPPOrt the funding of a Fundraising and Membership Officer for the fourth year running. The Fundraising and Membership Officer is a resource shared by Poole Museum and Poole Museurn Foundation. The securing of these fund5 has been key to the ongoing maintenance and development of the activitie5 of the Charity. Page 2
Poole Museum Foundation Trustees, Report For the year ended 31 March 2021 A grant of £1,900 was reiVed frorn the Hendy Foundation during the year, which has subsequently been used to fund ceramist workshops. During the period, Poole Museum Foundation continued with the collertion of cash and contactless donations from visitors to Poole Museum, as well as maintaining an online donations facility. Eligible donations were topped up with Gift Aid, maximising the value of the donations to Poole Museum. Due to the Covid-19 restrictions in place throughout much of the year, including periods of full closure for the Museum, income from these sources was down substantially on the previous year. Amounts collected over the period from these sources totalled £14,414, along with Gift Aid to the value of £3,609. Poole Museum Foundation has entered into a Memorandum of Understanding with BCP Council, outlining the intent that donations collected, less costs incurred in relation to their collection would upon request periodically be transferred back to PoDle Museum. Expenditure on Charitable activities therefore reflects amounts paid over or due to be paid over to Poole Museum in respect of donations and related Gift Aid. Pass through grant income is also paid over to Poole Museum upon request. The foundation was unable to engage in fundraising activities throughout much of the year, due to the restrictions in place for Covid-19. Financial Review During the period ended 31 March 2021, Poole Museum Foundation received income of £26,31412020.' £28,084) from grants and donations. Thi5 income was supplernented by £3,609 12020: £1,554) of Gift Aid on eligible donations. A further £1,64912020'. £5,768) of income was generated from fundraising activities, bringing the total income for the year up to £31,57212020.. £35,406). The income level fell when compared to the previous year, due to the Covid-19 pandemic, leading to the closure of the museum and a consequent reduction in small donations received in the donation boxes and contactless donation terminals. The restrictions also prevented fundraising events from taking place. The level of donations received for the year was boosted significantly by an extremely generous donation from a local family of £10,000 and related Gift Aid received in December 2020. This donation was made to the Foundation, in furtherance of its objective5, rather than for direct pass through to Poole Museum. Of the income received during the year, £7,93212020'. £35,776) was expended on charitable activities over the course of the year. This included £3,48112020.' £16,032) due to Poole Museum in respect of donations. Remaining expenditure predominantly related to merchant seNices and depreciation on donation boxes, along with governance and insurance costs. The eXSS of income over expenditure for the year of £23,64012020'. £370 excess expenditure) has been added to the brought forward funds balance. Unrestricted and restricted fund5 remain flrmly in credit at the end of the year. Requests to transfer funds received from donations and grants were not made during the current financial year. This reflects other priorities within the Local Authority. It is also felt that holding funds helps give the Foundation additional credibility when dealing with fundraising bodies. This will be an important part of the support provided by the Foundation in the next phase of application for National Lottery Heritage Funding. Page 3
Poole Museum Foundation Trustees, Report For the year ended 31 March 2021 Policy on Reserves The nature of the activities of Poole Museum Foundation are Such that the charity at thi5 Stage does not have any significant ongoing expenditure corllmitments. Income received is expended in furtherance of the charity objectives and therefore the charity does not have an underlying basis on which to hold reserves. The policy on re5erve5 15 therefore to target that unrestricted funds do not fall into deficit, other than for limited periods of time. As at 31 March 2021, unrestricted funds stand at £31,899 which therefore meets our reserve5 policy. Structure, Governance and Management Poole Museum Foundation is a charttable incorporated organisation governed by a constitution dated 13 january 2017. New trustees are appointed by the Board of Trustees, taking into consideration their skills knowledge and experience. Statement of Trustees, responsibillties The trustees are responsible for preparing the trustees, report and the flnancial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England & 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 of the incoming resources and application of resource5 of the charity for that period. In preparing these financial statements, the trustees are required to.. select suitable accounting policies and then apply them consistently,. obseNe the methods and principles in the Charities SORP IFRS 1021,. make judgements and estimate5 that are reasonable and prudent,. State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements,. and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. The trustee5 are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statement5 comply with the Charities Art 2011, applicable accounting regulation5 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustee5 are re5pon5ible for the maintenance and integrity of the charity and financial information included on the charity's website. Legislation in the United Kin&dom governing the preparatlon and dissemination of financial statements may differ from legislation in other jurisdictions. This report was app ved by the Trustees on . l & Qr¢EM.¢.B...2021 and signed on their behalf by.. tee Page 4
Poole Museum Foundation Indèpendent examiner's report to the trustees of Poole Museum Foundation for the year ended 31 March 2021 I report to the trustees on my examination of the accounts of the Poole Museum Foundation (the Charity) for the year ended 31 March 2021. Respective responsibilities of trustee5 and examiner As the charity trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 20111'the Act'l. I report in respect of my examination of the Trust's accounts carried out under section 145 of the 2011 Act and In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 14515llbl of the Act. Basis of independent examiner's report My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual item5 or disclosures in the accounts, and seeking explanations from you as trustee5 concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a 'true and fair view, and the report is limited to those matters set out in the statement below. Independent examiner's statement I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect.. l. accounting records were not kept in respert of the Trust a5 required by section 130 of the Act. or 2. the accounts do not accord with those records,. or 3. the accounts do not comply with the applicable requirements concerning the form and content of account5 set out in the Charities IAccounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair view, which is not a rnatter considered as part of an independent examination. I have no concerns and have come across no other matters in connertion with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Signed.. 16 December 2021 Nicholas Fernyhough FCA DChA For and on behalf of Saffery Champness LLP Midland House 2 Poole Road Bournemouth BH2 5QY Page 5
Poole Museum Foundatlon Statement of financial activities For the year ended 31 March 2021 Unrestrl¢ted fund5 2021 Restricted nd5 2021 Total funds 2021 Total funds 2020 Note Income from: Donation5 and grants Fundraising activities Giftaid 14,414 1,649 3,609 11,900 26,314 1,649 3,609 28,084 5,768 1,554 Total income 19,672 11,900 31,572 35,406 Expenditure on: Charitable activities 6,660 1,272 7,932 35,776 Total expendlture 6,660 1,272 7,932 35,776 Net movement in funds 13,012 10,628 23,640 13701 Total funds at l April 2020 18,887 1,272 20,159 20,529 Total funds at 31 March 2021 31,899 11,900 43,799 20,159 The notes on pages 8 to 12 form part of these financial statements. Page 6
Poole Museum Foundation Balance Sheet For the year ended 31 March 2021 2021 2020 Note Fixed assèts Tangible fixed assets 1,282 Current assets Cash at bank and in hand Debtors 85,461 3,609 89,070 58,790 1,877 60,667 Creditors: Amounts falling due within one year 145,2711 141,7901 Net current assets 43,799 18,877 Net a55et5 43,799 20,159 Represented by: Restricted funds 11,900 1,272 Unrestricted funds 31,899 18,887 Total funds 43,799 20,159 The financial stat en were approved by the Trustees on . 14 etcch.i).Lk2021 and siÉned on their behalf, by.. The notes on pages 8 to 12 form part of these financial statements. Charity number: 1171114 Page 7
Poole Museum Foundatlon Notes to the financial statements For the year ended 31 March 2021 Accounting policies 1.1 Ba515 of preparation of financial statement5 The financial statements have been prepared under the historical cost convention in accordance with Statement of Recommended Practice: Accounting and reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective l January 20191 and with Charities Act 2011. Poole Museum Foundation constitutes a public benefit entity as defined by FRS 102. 1.2 Going concern The Trustee5 con5iderthat there are no material uncertainties about the entity's ability to continue as a golng concern. 1.3 Income All Sncome is recognised once the charity has entitlement to the income, it is probable that the incorne will be received and the amount of income receivable can be measured reliably. 1.4 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefit5 will be required in settlement and the amount of the obligation can be measured reliably. Expenditure 15 classified by activity. Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements. 1.5 Tangible fixed assets Fixed a55et5 are initially recorded at cost, less any subsequent accumulated depreciation and subsequent impairment loss. Asset clas5 Depreciation method 4 years straight line Fixtures, fittings and equipment 1.6 Cash at Bank and in hand Cash at bank and in hand includes cash and shortterm highly liquid investments with a short maturity of three months or les5 from the date of acqui51tion or opening of the dep051t or similar account. Page 8
Poole Museum Foundation Notes to the financial statement5 For the year ended 31 March 2021 Accounting policies Icontinuedl 1.7 Liabilities Liabilities are recogni5ed when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliablv. Liabilities are recognised at the amount thatthe charity anticlpates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Concessionary loans include those payable to third parties which are interest free or below market interest rates and ae received to advance charitable purposes. 1.8 Finan¢lal instruments The charity only has financial assets and financial liabilltles 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 measured at amortised cost using the effective interest method. 1.9 Critical estimates and judgements and key sources of estimatlon uncertainty In the application of the Charity's accounting policies, the trustees are required to make judgements, estimates and assuniptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of revision and future periods where the revision effects both current and future periods. There are no critical estlmates, judgements or key sources of estimation uncertainty in 2021 or 2020. Voluntary income Unrestrirted funds Restricted funds Total Fynds 2021 Unrestrltted funds Restricted funds Total Fund5 2020 Voluntary 14,414 14,414 18,084 18,084 donations Grants 11,900 11,900 10,000 10,000 Giftaid 3,609 3,609 1,554 1,554 Other voluntary 1,649 1,649 5,768 5,768 income 19,672 11,900 31,572 25,405 10,000 35,405 Page 9
Poole Museum Foundation Notes to the financial statements For the year ended 31 Marth 2021 Expenditure on charitable activities Unrestricted funds Restricted funds Total 2021 Unrestricted funds Restricted funds Total 2020 Donatlons and Gift Aid 3,481 3,481 16,032 16,032 to Poole Museum Grants made 3,(X)O 10,000 13,000 Donation boxes project 356 356 Depreciatlon io 1,272 1,282 1,281 1,281 Merchant services 2,037 2,037 2,052 2,052 Fundraising costs 1,813 1,813 Examiners fee 810 810 720 720 other running costs 322 322 522 522 6,660 1,272 7,932 24,139 11,637 35,776 Durlng the year no Trustees received any remuneration or reimbursement of expenses12020'. none). There were no related party transactions in the year nor in 2020. Tangible Fixed a55ets Fixtures, fittings and equipment Cost.. At l April 2020 Additions At 31 March 2021 5,125 5,125 Depreciation: At l April 2020 3,843 Charge 1,282 At 31 March 2021 5,125 Net book value: 31 March 2021 31 March 2020 1,282 Page 10
Poole Museum Foundation Notes to the financial statements For the year ended 31 March 2021 Debtors 2021 2020 Accrued income Prepayments 3,609 1,554 323 1,877 3,609 Creditors: Amounts falling due within one year 2021 2020 Accruals and deferred income 45,271 45,271 41,792 41,792 7 Statement of funds Movement of funds for the year At l April 2020 Incoming resources Resource5 expended At 31 March 2021 Re5tri¢ted funds Heritage Lottery Fund Fundraising Officer Hendy Foundation 1,272 11,2721 10,000 1,900 10,000 1,900 1,272 11,900 11,2721 11,900 Unrestricted fund5 18,887 19,672 16,6601 31,899 Total fvnds 20,159 31,572 17,9321 43,799 Unrestricted funds represent the free funds of the charity which are not designated for particular purp05e5 and are expendable at the discretion of the Trustee5 in the furtherance of the objects of the charity. The Heritage Lottery fund relates to monies received to improve donations at Poole Museum and develop skills in the museum staff, trustee5 and volunteers. The Fundraising Officer fund relates to monies received to contribute towards a fundraising officer at Poole Museum. The Hendy Foundation relates to monies received to fund cerami5t workshops. Page 11
Poole Museum Foundation Notes to the finantial statements For the year ended 31 March 2021 7 Statement of funds Icontinuedl Movement of funds for the prior year At l April 2019 Incoming resources Resources expended At 31 March 2020 Restricted funds Heritage Lottery Fund Fundraislng Oflicer 2,909 11,6371 iio,0001 1,272 10,000 2,909 10,000 111,6371 1,272 Unrestricted funds 17,620 25,405 124,1391 18,887 Total funds 20,529 35,405 135,7761 20,159 Page 12