Charity No. 1171114 Poole Museum Foundation Trustees, report and unaudited financlal statements for the year ended 31 March 2023
Poole Museum Foundation Content5 For the year ended 31 March 2023 Page Legal and administrative information Trustees, report Independent examinerfs report Statement of financial activities Balance sheet Notes to the financial statements 9-13
Poole Museum Foundation Legal and administrative details For the year ended 31 March 2023 Trustees Felicity Irwin DL Prof. Timothy Darvill OBE Peter Burt John Butterworth Simon jenner Peter Dobson Dr Joanna Kennedy OBE FREng Prof. Paul Gough Charity registration number 1171114 Principal office Poole Museum 4 High Street Poole BH15 IBW Independent examiner Saffery LLP Chartered Accountants Midland House 2 Poole Road Bournemouth BH2 5QY Page I
Poole Museum Foundation Trustee5' Report Forthe year ended 31 March 2023 Objectives and Activlties The objectives of Poole Museum Foundation are as follows.. The advancement of, including the advancement of public appreciation and education in, the arts, culture, heritage, or science, in particular (without limitation) bv= l. Acquiring and maintaining suitable objects and works of art for inclusion in the permanent collections of Poole Museum Service,. 2. Providing for, or supportinE, the establishment, maintenance, refurbishment, enhancement and interpretation of exhibitions and display5 of the said permanent collections and the buildings in which they are housed,. Providing for, or supporting, 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 as 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 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 awareness and raise funds. Identifying sources of grant income and applying for sultable grants to fund the furtherance of the objectives of Poole Museum Foundation. During January 2022 it was announced that the second phase bid for National Lottery Heritage funding had been 5ucce5sful, with £2.24m awarded towards the Poole Museum, Our Museum redevelopment project. This represents a significant part of the total project budget 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 has continued 5UPPOrting the Museum in raising additional funds for the project from other sources. 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 yearended 31 March 2023 Achievements and Performance During the year ended 31 March 2023, areas of key activity have been as follows.. Support for the activities of the Foundation were provided on a part time basis by a Project Support Officer, resourced by Poole Museum. During the period, Poole Museum Foundation continued with the collection of cash and contactless donation5 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. The Poole Museum galleries were c105ed to the public on 31, December 2022, with the redevelopment project getting underway. Due to this reduced period of opening, income from donations was lower than in the previous full year. Amounts collected over the period from these sources totalled £9,882, along with Gift Aid to the value of £2,042. The donation income included a sum of £400 from Dorset Buildings Group, which was gratefully received. Income from membership subscriptions reached £1,385, with the Project Support Officer actively promoting new memberships and renewals, along with member only events being run to improve engagement with our membership offer. During May 2022, a 3-hour wildlife boat trip around Poole Bay and harbour was held for members and friends from the Poole Maritime Trust. The Foundation supported Poole Museum's successful second phase bid for National Lottery Heritage funding, which was a wonderful achievement for all involved. Financial Review During the year ended 31 March 2023, Poole Museum Foundation received grant income of £51,500. This consisted of a Erant of £50,000 received from the Headley Trust to 5UPPOrt funding of the Our Museum Project. A further Sum of El,500 was received from the Arts Society to support workshops for the Hoardings Project, as part of the Our Museum project activity plan. Both Erants have been placed in restricted funds and will be paid over to Poole Museum upon request. The Foundation received further income of £19,882 during 2022-23 from donations. This income was supplemented by £4,566 of Gift Aid on eligible donations. A further £2,119 of income was generated from fundraising activities, including membership subscriptions, bringing the total income for the year up to E78,067. Donation income was increased significantly by a generous donation from a local family of £10,000, along with related Gift Aid of £2,500 received in November 2022. The donation was made to the Foundation, in furtherance of its objectives, rather than being designated for pass through to Poole Museum. Expenditure during the year consisted of costs in relation to merchant services, professional fees, fundraising & member events and insurance premiums. The excess of income over expenditure for the year of £72,745 has been added to the brought forward funds balance of £85,556, leaving closing funds of £158,301 as at 31" March 2023. As at the balance sheet date, we are holding a sum of £50,000 in the Headley Trust restricted fund, £30,000 within the Valentine Trust restricted fund and £1,500 within the Arts Society restricted fund. These restricted funds will be paid over to Poole Museum, to support the projects for which the grants were received at the point a request to do so is made. The Poole Museum designated fund contains a balance of £23,304, which is available to be paid over to the Museum when requests are made. Remaining unrestricted funds total £53,497. Page 3
Poole Museum Foundation Trustees, Report Forthe year ended 31 March 2023 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 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 reserves is therefore to target that unrestricted funds do not fall into deficit, other than for limited periods of time. The amount of unrestricted reserves which are held will fluctuate, as projects or acquisitions for the Museum which the Foundation wishes to support may not occur on a linear basis. At the year-end unrestricted funds held totalled £76,801 so the policy is met. Structure, Governance and Management Poole Museum Foundation is a charitable incorporated organisation governed by a constitLJtion 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 2023 ststement of Trustees, responslbilities The trustees are responsible for preparing the trustee5' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practicel. 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 resources of the charity for that period. In preparing these financial statements, the trustees are required to.. select Sultable accounting policies and then apply them consi5tentlyi observe the methods and principles in the Charities SORP IFRS 1021,. make judgements and estimates 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 trustees 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 Statements comply with the Charities Act 2011, applicable accounting regulations 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 trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. This report was approved by the Trustees on ... ..... .2023 and signed on their behalf by.. Trustee Page 5
Poole Museum Foundation Independent examinerfs report to the trustees of Poole Museum Foundation for the year ended 31 March 2023 I report to the trustees on My examination of the accounts of the Poole Museum Foundation Ithe Charityl for the year ended 31 March 2023. Respertive responsibilities of trustees 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 examinerfs 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 items or disclosures in the accounts, and seekinE explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion 15 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'5 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 respect of the Trust as 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 accounts set out in the Charities (Accounts and Reports) 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 concerns and have come across no other matters in connection 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 November 2023 Casidhe Baleri ACA CTA For and on behalf of Saffery LLP Midland House 2 Poole Road Bournemouth BH2 5QY Page 6
Poole Museum Foundation Statement of financial activities For the year ended 31 March 2023 Unrestricted funds 2023 Restricted funds 2023 Total funds 2023 Total funds 2022 Note Income from: Donations and grants Fundraising activities Giftaid 19,882 2,119 4,566 51,500 71,382 2,119 4,566 24,275 3,065 4,550 Total income 26,567 51,5(M) 78,067 31,890 Expenditure on: Charitable activities 5,322 5,322 19,8671 Total expenditure 5,322 5,322 19,8671 Net movement in funds 21,245 51,500 72,745 41,757 Total funds at l Apri12022 55,556 30,000 85,556 43,799 Total funds at 31 March 2023 76,801 81,500 158,301 85,556 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 2023 2023 2022 Note Fixed assets Tangible fixed assets Current assets Cash at bank and in hand Debtors 179,904 4,898 184,802 106,367 4,550 110,917 Creditors: Amounts falling due within one year 126,5011 125,3611 Net current assets 158,301 85,556 Net assets 158,301 85,556 Represented by: Restricted funds 81,500 30,000 Unrestricted funds 76,801 55,556 Total funds 158,301 85,556 The financial statements were approved by the Trustees on .2023 and signed on their behalf, bv.. The notes on pages 9 to 13 form part of these financial statements. Charity number.. 1171114 Page 8
Poole Museum Foundation Notes to the financial statement5 For the year ended 31 March 2023 Accounting policies 1.1 Basis of preparation of financlal statements 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 Trustees consider that there are no material uncertainties about the entity's ability to continue as a going concern. 1.3 Income All income 15 recognised once the charity has entitlement to the income, it is probable that the income 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 benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirement5. 1.5 Tangible fixed assets Fixed assets are initially recorded at cost, less any subsequent accumulated depreciation and subsequent impairment loss. Asset class 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 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 Forthe year ended 31 March 2023 Accounting policies {continued} 1.7 Liabilitie5 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. Liabilities are recognised at the amount that the charity anticipates 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 Financial instruments The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instrument5. 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 estlmatlon uncertainty In the application of the Charity's accounting policies, the trustees are required to make judgements, estimates and assumptions 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 afferts 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 sources of estimation uncertainty in 2023 or 2022. Voluntary income Unrestricted funds Restricted funds Totsl Funds 2023 Unrestricted funds Restricted funds Total Funds 2022 Voluntary donations 19,882 19,882 24,275 24,275 Grants 51,500 51,500 Giftaid 4,566 4,566 4,550 4,550 Other voluntary income 2,119 2,119 3,065 3,065 26,567 51,500 78,067 31,890 31,890 Page 10
Poole Museum Foundation Notes to the financial statements Forthe year ended 31 March 2023 Expenditure on charitable activities Unrestricted funds Restricted funds Total 2023 Unrestricted funds Restricted funds Total 2022 Grants made 3,000 1,900 4,900 Grant writeback 120,0001 120,0001 Merchant services 2,151 2,151 2,279 2,279 FundraisinE Costs 800 800 1,181 1,181 Examiners fee 1,020 1,020 900 900 other professional fees Other running costs 120 120 3(10 300 1,231 1,231 573 573 5,322 5,322 8,233 118,1001 19,8671 During the year no Trustees received any remuneration or reimbursement of expenses12022'. none). There were no related party transactions in the year nor in 2022. Tangible Fixed assets Fixture5, fittings and equipment Cost: At l April 2022 and 31 March 2023 5,125 Depreciation.. At l April 2022 and 31 March 2023 5,125 Net book value: At 31 March 2022 At 31 March 2023 Debtor5 2023 2022 Accrued income 4,898 4,898 4,550 4,550 Page 11
Poole Museum Foundation Notes to the financial statements Forthe year ended 31 March 2023 Creditors: Amounts falling due within one year 2023 2022 Accruals and deferred income 26,501 26,501 25,361 25,361 7 Statement of funds Movement offunds for the year At l April 2022 Incoming resource5 Resources expended At 31 March 2023 Restricted funds Valentine Trust Arts Society Headley Trust 30,000 30,000 1,500 50,OQX) 81,500 1,500 50,000 51,5(K) 30,000 Unrestricted funds General funds Designated funds 41,518 14,038 55,556 17,301 9,266 26,567 15,3221 53,497 23,304 76,801 15,3221 Total funds 85,556 78,067 15,3221 158,301 Unrestricted funds General funds represent the free funds of the charity which are not designated for particular purposes and are expendable at the discretion of the Trustees in the furtherance of the objects of the charity. Designated funds represent funds that have been collected through donations set aside to support the museum. Restricted funds The Valentine Trust fund relates to monies received to contribute towards a fundraising officer at Poole Museum. The Arts Society fund relates to a grant received to support workshops for the Hoardings Project, as part of the Our Museum project activity plan. The Headley Trust fund relates to a grant contributinE towards the refit of the Ceramics and Design Gallery at Poole Museum, as part of the Our Museum project. Page 12
Poole Museum Foundation Notes to the financial statements For the year ended 31 March 2023 The Hendy Foundation relates to monies received to fund ceramist workshops. Movement of funds for the prior year At l April 2021 Incoming resources Resources expended At 31 March 2022 Restricted funds Valentine Trust Hendy Foundation 10,000 1,900 11,900 20,0(X) 11,9001 18,100 30,000 30,000 Unrestricted 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 31,890 9,867 85,556 Page 13