Charity Na. 1171114 Poole Museum Foundatlon Trustees, report and unaudited financial statements for the year ended 31 March 2022
Poole Museum Foundation Contents For the year ended 31 March 2022 Page Le8al and administrative information Trustees, report Independent examlnerfs report Statement of financial activities Balance sheet Notes to the financial statements 9-13
Poole Museum Foundati¢Jn Legal and administrative details For the year ended 31 March 2022 Trustees Felicity Irwin DL Prof. Timothy DaNill OBE Peter Burt john Butterworth Simon jenner Prof. Emma Hunt Peter Dobson Dr Joanna Kennedy OBE FREng (Appointed 5 August 20211 Prof. Paul Gough (Appointed 11 November 20211 (Retired 2 December 20211 Charity registration 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 BH2 5QY Page I
Poole Museum Foundation Trustees, Report For the year ended 31 March 2022 Oblectives and Activities The objertwes of Poole Museum Foundation are as follows= The advancement of, including the advancement of publlc appreciation and education in, the arts, culture, herltage, or science. in particular (without limitation) by.. l. Acquirlng 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 of the said pemanent collections and the buildings in which they are housed,. 3. Providing for, or supportlng, the establishment, maintenance. refurbishment, enhancement and interpretation of other exhibitions and display5 of such permanent collections. The main actThiities in relation to these objertives have been as follows: Continuing with the collection of cash donation5 from members of the public visiting Poole Museum and reclaimin8 Gift Aid to provide additional funding. The maintenance of the infrastructure for the collection of contactless and online donations to help improve the level of donations. The ongoing development of the membership scheme for Poole Museum Foundation, in order to increase awarene55 and raise funds. Identifying sources of grant income and applying for suitable grants to fund the furtherance of the objective5 of Poole Museum Foundation. Supporting Poole Museum in phase two of the bid for National Lottery Heritage Funding for the"Our Museum: Rediscovering Poole's Maritime Heritage" projert. This followed a successful initial bid, where the Museum was awarded funding of £352,000, in order to develop future plans for the museum. The Second phase was to make a bid for additional grant fundinE to deliver the plans that have been developed. During january 2022 it was announced that the second phase bid for National Lottery Heritage funding had been successful, with £2.24m awarded. This will represent a significant part of the total project budget of £4.37m for this exciting project which will transform and refresh Poole Museum enabling it to continue to thrive and appeal to a wider audience. Poole Museum Foundation is arttvely engaged in supportingfundraising efforts for the remaining funds. The Trustees have had regard to the guidance issued by the Charity Commission on public benefit in relation to the activities undertaken. Page 2
Poole Museum Foundation Trustees. Report For the year ended 31 March 2022 Achievements and Performance During the year ended 31 March 2022, areas of key activity have been as follows.. Support for the activities of the foundation were provided on a part time basls by a Membership Officer, resourced by Poole Museum. During the peTiod, Poole Museum Foundation continued with the collection of cash and contactless donations trom visitors to Poole Museum, as well as maintaining an online donations facility. tligible donations were topped up with Gift Aid, maximising the value of the donations to Poole Museum. Due to the Èasing of the Covid-19 restrictions in place throughout much of the previou5 year, income from these sources increased substantially from the previous year. Amounts collected over the period from these source5 totalled £14,275, along with Gift Aid to the value of £2,042. Income from membership 5ubscription5 also increased by over 20% up to £1,430, with the Membership OffIr artively promotlng memberships and with member only events being run to improve engagement with our membership offer. Following the easing of Covid-19 restrictions, some limited fundraising events activity recommenced, with a Birds of Poole Harbour boat trip organised. with support from Poole Maritime Trust. The foundation supported the Poole Museum successful second phase bid for National Lottery Heritage fundin& which was a wonderful achievement for all involved. Financial Review During the year ended 31 March 2022, Poole Museum Foundatlon received income of £24,275 from donations. This income wa5 Supplemented by £4,550 of Gift Aid on eligible donations. A further £3,065 of income was generated from fundraising activities, bringing the total income for the year up to £31,890. No grant income was received during the period. The income level increased slightly when compared to the previous year, due to the increase in donations being more than sufficient to offset the lack of grant income during the year. The level of donations received for the year was boosted significantly by a further generous donation from a local family of £10,000, along with related Gift Aid received in November 2021. This donation was made to the Foundation, in furtherance of its objectives, rather than being designated for pass through to Poole Museum. During the financial years 2018-19 and 2019-20, Erant income totalling £20,000 had been received from the Valentine Trust, in order to support a Membership and Fundrèising Officer position. It had been anticipated that the grant income would have been swiftly passed over to BCP, a5 a tontribution towards the funding of that POSltion. The grant income was therefore also treated as expenditure, with a liability to pay over the funds held on the balance sheet. In practice however the position was fully resourced by Poole Museum and PMF have not been requested to contribute towards the fundin8. The Chalrman of PMF has consulted with The Valentine Trust, who have conf1rmed that they are satisfied that the funds can instead be used to fund future expenditure. As a result of thls, the £20,(K)O previously charged to the P&L has been writtèn back to the profit and loss account during 2021-22 and the liability removed from the balance sheet. The £20,000 written back has been placed in the Valentine Trust restricted fund, to be expended during future periods. Page 3
Poole Museum Foundation Trustees. Report For the year ended 31 March 2022 Due to the £20,000 credit against expenditure. total expenditure stated within the statement of financial activity is therefore a negative amount of £9,867, a5 the £20,000 written back is substantlally higher than the actual expenditure during the period, whlch totalled £10,133. Expenditure during the year included a grant made of £3,000 to help fund the third-floor gallery within the Museum. A sum of £1,900 received during 2020-21 from the Hendy Foundation was also paid over to the Museum to support the funding of ceramist workshops. Remaining expenditure predominantly related to merchant servlces, c05t5 related to fundraising eventsi professional feès, and insurance costs. The ex¢e55 of income over expenditure for the year of £41,757 has been added to the brought forward funds balance. As at the balance sheet date, we are holding a sum of £30,000 within the Valentine Trust restricted fund, along with £14,038 within a designated fund for Poole Museum. This fund reflects the income collected from donation5 and related Gift Aid during the year, less costs related to the collection of the donations. Poole Museum Foundation has entered into a Memorandum of UnderstandSnE with SCP Council, outlining the intent that donations collected, le55 Costs incurred In relation to their collection would upon request periodically be transferred back to Poole Museum. Expenditure on Charitable activities has therefore historically reflected amounts paid over or due to be paid Dver to Poole Museurn in respect of donations and related Gift Aid. During 2021-22, the treatment ha5 been amended, so that only amounts actually paid over are recognised as an expense during the financial year. Amounts that are due to be paid over are instead placed in a designated fund, which for 2021-22 wa5 the amount of £14,038 noted above. Policy on Reserves The nature of the activitles of Poole Museum Foundation are such that the charity at this Stage does not have any significant ongoing expenditure commitments. 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 reserve5 15 therefore to target that unre5trirted funds do not fall Into deflcit, other than for limited periods of time. Structure, Governance and Management Poole Museum Foundation is a charitable incorporated orBanisation 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. Page 4
Poole Museum Foundation Trustees, Report For the year ended 31 March 2022 Statement of Trustees, responsibilities The trustees are responsible for preparing the trustees, report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards Iunited Kingdom Generally Accepted Accounting Practice). I he law applicable to charities in England & Wales requlre5 the trustees to prepare fiiiilllLldl 5LdLeiiigiils foi eacli 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 resources 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; observe the methods and principles in the Charities SORP IFRS 1021; make judgements and estlmates that are reasonable and prudent- state whether applicable accounting Standards have been followed, subject to any material departures disc105ed 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 trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at anv time the financial position of the charity and enable them to ensure that the financial statements comply with the Charitie5 Act 2011, applicable accounting regulations and the provision5 of the trust deed. They are a150 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 charity and financial information included on the charity's website. Leglslation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in otherjurisdictions. This report was approved y the Trustees on ...........................-.......2023 and signed on thelr behalf by: Trustee Page 5
Poole Museum Foundatlon Independent examlner's report to thè trustees of Poole Museum Foundation for the year ended 31 March 2022 I report to the trustees on my examination of the accounts of the Poole Museum Foundation (the Charity) forthe year ended 31 March 2022. Respective responsibilities of trustees and examiner A5 the charity trustees you are responsible for the preparation of the account5 in accordance with the requirements of the Charitie5 Act 20111'the Act'l- I report In respect of my examination ot 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 sertion 14515llbl of the Act. Basi5 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 record5. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanation5 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 examinerfs 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 as required by section 130 of the Art; 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 accounts set out in the Charities (Accounts and Report51 Regulations 2008 other than any requirement that the accounts give a 'true and fair view, which is not a matter considered as part of an independent examination. I have no COnrnS and have come across no other matters in connection with the examination to which attention Should be drawn In thi5 report in order to enable a proper understanding of the accounts to be reached. Slgned.. 25 January 2023 Nicholas Fernyhough FCA OChA For and on behalf of Saffery Champness LLP Midland House 2 Poole Road Bournemouth BH2 5QY Page 6
Poole Museum Foundation Statement of financial activities For the year ended 31 March 2022 Unrestricted funds 2022 Restrirted funds 2022 Total funds 2022 Total funds 2021 Note Income from.. Donations and Erants Fundraising activities Gift aid 24,275 3,065 4,550 24,275 3,065 4,550 26.314 1,649 3,609 Total income 31,890 31,890 31,572 Expenditure on: Charitable activities 8,233 118,1001 118,1001 19,8671 7,932 Total expenditure 8,233 19,8671 7,932 Net movement in funds 23,657 18,100 41,757 23,640 Total funds at l April 2021 31,899 11,900 43,799 20,159 Total funds at 31 Mar¢h 2022 55,556 30,000 85,556 43,799 The notes on pages 9 to 13 form part of these financial statements. Page 7
Poole Museum Foundation Balance sheet For the year ended 31 March 2022 2022 2021 Note Fixed assets Tangible fixed assets Current assets Cash at bank and in hand Debtors 106,367 4,550 110,917 85,461 3,609 89,070 Creditors,. Amounts falling due within one year Net current assets 125,3611 145,2711 85,556 43,799 Net assets 85,556 43,799 Represented by.. Restricted fund5 30,OCIO 30,000 Unrestricted funds 55,556 31,899 Total funds 85,556 43,799 The financial stateme Il/oI were approved by the Trustees on ............................2023 and signed on their behalf, by.. The notes on pages 9 to 13 form part of these financial statements. Charity number.. 1171114 Pa@e 8
Poole Museum Foundation Notes to the financial statements For the year ended 31 March 2022 Accounting policies 1.1 Basis of preparation of finan¢lal statement5 The flnancial statement5 have been prepared under the historical cost convention in accordance with Statement of Recommended Practice.. Accounting and reporting by Charities preparing thelr accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective i January 20191 and with Chariries Act 2011. Poole Museum Foundation constitutes a public benefrt entity a5 defined by FRS 102. 1.2 Going Concern The Trustees consider that there are no material uncertainties about the entitws ability to continue a5 a going concern. 1.3 Income All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amoLint of income receivable can be measured reliablv. 1.4 Expenditurè Expendlture 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 benefits will be required In settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activitv. Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and Statutory requirements. 1.5 Tangible fixed assets Flxed assets are initially recorded at cost, less any subsequent accumulated depreciation and subsequent Smpairment loss. Asset class Depreclation 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 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. Page 9
Poole Museum Foundation Notes to the financial statements For the year ended 31 March 2022 Accounting policles Icontinuedl 1.7 Liabilltles Liabilities are recognised 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 reliably. Liabilitie5 are recognised atthe amount that the charity anticipates it will pay to settle the debt or the amount St has received as adVand payrnents forthe goods or services it must provide. Concessionary loans include those payable to third partles which are inter@st free or below market interest rate5 and ae received to advance charitable purposes. 1.8 Financial instruments The charity only has financial assets and financial liabilities of a kind that qualify as basicfinancial instruments. Basic financial instruments are initially recognised at transaction value and Subsequently measured at their settlement value with the exception of bank loan5 which are subsequently measured at amortised c05t Using the effective interest method. 1.9 Critrcal estimates and Judgements and key sources of estimation uncertalnty In the application of the Charity's accounting policies, the trustees are required to make judgements, estirnates and assumptions about the carryin8 amount of a55ets and liabilities that are not readily apparent from other source5. The estimates are recognised in the period in which the estimate is revised where the revision affect5 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 estimates, judgements or key source5 of estimation uncertainty in 2022 or 2021. Voluntary income Unrestricted funds Restricted funds Total Funds 2022 Unrestricted funds Restricted funds Total Funds 2021 Voluntary donations Grants 24.275 24,275 14,414 14,414 11,91J) 11,900 Giftaid 4.550 4,550 3,609 3,609 Other voluntary income 3,065 3.065 1.649 1.649 31,890 31,890 19,672 11,900 31,572 Page 10
Poole Museum Foundation Notes to the financial statement5 For the year ended 31 March 2022 Expenditure on Charitable actlvities Unrestricted funds Restrlrted funds Total 2022 Unrestricted funds Restricted funds Total 2021 Donations and Gift Aid 3,481 3,481 to Poole Museum Grants made 3,000 1,9(X) 4,900 Grant writeback 120,0001 120,0001 Depreciation io 1,272 1,282 Merchant services 2,279 2,279 2,037 2,037 Fundraising costs Examiner5 fee 1,181 1,181 900 900 810 810 Other professional fees 3(X) 300 Other running costs 573 573 322 322 8,233 118,1001 19,8671 6,660 1,272 7,932 During the year no Trustees received any remuneration or reimbursement of expenses12021: nonel. There were no related party transactions in the year nor in 2021. Tangible Fixed assets Fixtures, fitting5 and equlpment Cost: At l April 2021 Addltlons At 31 March 2022 5,125 5,125 Depretlatlon: At l April 2021 Charge 5,125 At 31 March 2022 5,125 Net book value: 31 March 2022 31 March 2021 Page 11
Poole Museum Foundatlon Notes to the financial statements For the year ended 31 March 2022 Debtors 2022 2021 Accrued income Prepayments 4,550 3,609 4,550 3,609 Creditors.. Amounts falling due wlthin one year 2022 2021 Accruals and deferred income 25,361 25,361 45,271 45,271 7 Statement of funds Movement of funds for the year At l April 2021 Incoming resources Resources expended At 31 March 2022 Restricted funds Valentine Trust Hendy Foundation io,o(x) 1,900 11,900 20,000 11,9001 18,100 30,000 30,000 Unrestrlcted funds General funds Designated funds 31,899 17,852 14,038 31,890 18,2331 41,518 14.038 55,556 31,899 18,2331 Total funds 43.799 31,8 9,867 85,556 Unrestricted funds General funds represent the free funds of the charity which are not designated for particular purpose5 and are expendable at the discretion of the Trustees in the furtherance of the objects of the charitv. Deslgnated fLrnds represent funds that have been collected through donations set aside to 5UPPOrt the museum. Page 12
Poole Museum Foundation Notes to the financial statements For the year ended 31 March 2022 7 Statement of funds l¢ontinuedl Restricted funds The Valentine Trust fund relates to monies received to contribute towards a fundraising officer at Poole Museum. The Hendy Foundation relates to monies received to fund cerarvii5t workshops. Movement of funds for the prlor yeer At l Aprll 2020 Incoming resources Resource5 expended At 31 March 2021 Restricted fvnds Heritage Lottery Fund Valentine Trust Hendy Foundatlon 1,272 11,2721 10,000 1,900 10,000 1,900 1,272 11,900 11,2721 11,900 Unrestricted funds 18,887 19,672 16,6601 31,899 Total funds 20,159 31,572 17,9321 43,799 Page 13