Charity No. 1171114 Poole Museum Foundation Trustees. report and unaudited financial statements for the year ended 31 March 2024
Poole Museum Foundatlon Contents For the year ended 31 March 2024 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 Foundatlon Legal and administrative details For the year ended 31 March 2024 Trustees Felicity Irwin OL Prof. Timothy Darvill OBE (resigned 5 October 20241 Peter Burt John Butterworth (resigned 7 February 20241 Simon Jenner Peter Dobson Dr Joanna Kennedy OBE FREng Prof. Paul Gough Tim Ingram (appointed 8 February 20241 Charity registration number 1171114 Principal office Poole Museum 4 High Street Poole BH15 IBW Independent examiner Saffery LLP Midland House 2 Poole Road Bournemouth BH2 5QY Page I
Poole Museum Foundatlon Trustees, Report For the year ended 31 March 2024 Objertives and Activities The objectives of Poole Museum Foundation are as follows: The advancement of, includinE the advancement of public appreciation and education in, the arts, culture, heritage, or science, in particular (without limitation) 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 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 follows.. The ongoing development of the membership scheme for Poole Museum Foundation, in order to intrease awareness and raise funds. Identifying sources of grant income and applying for suitable 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 successful, 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 very successfully continued supporting 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 Foundatlon Trustees, Report For the year ended 31 March 2024 Achievements and Performance During the year ended 31 March 2024, 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 closed to the public on 31" December 2022, with the redevelopment project getting underway. The Foundation has continued to raise funds for the Poole Museum development project. Although the Poole Museum has been closed income from membership subscriptions remained Consistent with the prior year. Flnanclal Revlew During the year ended 31 March 2024, Poole Museum Foundation received grant income of £488,300. This consisted of a grant of £150,000 received from the Fine Foundation Grant, £50,000 from the Talbot Village Trust, £250,000 from the Garfield Weston Foundation, £28,300 from the Steel Charitable Trust and £10,000 from the Alice Ellen Co to support funding of the Our Museum Project. All grants have been placed in restricted funds and will be paid over to Poole Museum upon request. The Foundation received further income of £10,570 during 2023-24 from donations. This income was supplemented by £2,500 of Gift Aid on eligible donations. A further £1,615 of income was generated from fundraising activities, including membership subscriptions, bringing the total income for the year up to £502,985. 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 £498,926 has been added to the brought forward funds balance of £158,301, leaving closing funds of £657,227 as at 31" March 2024. 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, £1,500 within the Arts Society restrirted fund, £10,000 within the Alice Ellen restricted fund, £250,000 within the Garfield Western restricted fund, £28,300 within the Steel Charitable Trust restricted fund, £50,000 within the Talbot Village Trust restricted fund and £150,000 within the Fine Foundation 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 £21,653, which is available to be paid over to the Museum when requests are made. Remaining unrestricted funds total £65,774. Page 3
Poole Museum Foundatlon Trustees, Report For the year ended 31 March 2024 Policy on Reserve5 The nature of the activities 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 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 whith the Foundation wishes to support may not occur on a linear basis. At the year-end unrestricted funds held totalled £87,427 $0 the policy is met. Strutture, Governance and Management Poole Museum Foundation is a charitable 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. Page 4
Poole Museum Foundatlon Trustees, Report For the year ended 31 March 2024 Statement of Trustee5' responsibilitie5 The trustee5 are responsible for preparing the trustees, 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 suitable accounting policies and then apply them consistently,. 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 financi31 position of the charity and enable them to ensure th3t 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 wa5 approved by the Trustees on . 16 December -2024 and signed on their behalf bv: eL Page S
Poole Museum Foundatlon Independent examinerfs report tothe trustees of Poole Museum Foundation forthe year ended 31 March 2024 I report to the trustees on my examination of the accounts of the Poole Museum Foundation Ithe Charity) for the year ended 31 March 2024. Respective 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 examinels 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 a150 includes consideration of any unusual items or disclosures in the accounts, and seeking 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 is Eiven 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 Since the Company's gross income exceeded £250,0(X) your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that l am qualified to undertake the examination because l am a member of the ICAEW, which is one of the listed bodies. I have completed my examination. I tonfirm 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 Company as required by sertion 386 of the 2006 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 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 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.. Casidhe Baleri ACA CTA For and on behalf of Saffery LLP Midland House 2 Poole Road Bournemouth BH2 5QY Page 6
Poole Museum Foundatlon Statement of financial activities For the year ended 31 March 2024 Unrestrirted funds 2024 Restricted funds 2024 Total funds 2024 Total funds 2023 Note Income from: Donations and grants Fundraising activities Giftaid 10,570 1,615 2,500 488,300 498,870 1,615 2,500 71,382 2,119 4,566 Total income 14,685 488,300 502,985 78,067 Expenditure on: Charitable activities 4,059 4,059 5,322 Total expenditure 4,059 4,059 5,322 Net movement In funds 10,626 488,300 498,926 72,745 Total funds at l April 2023 76,801 81,500 158,301 85,556 Total fund5 at 31 March 2024 87,427 569,800 657,227 158,301 The notes on pages 9 to 13 form part of these financial statement5. Page 7
Poole Museum Foundatlon Balance sheet For the year ended 31 March 2024 2024 2023 Note Flxed assets Tangible fixed assets Current assets Cash at bank and in hand Debtors 679,810 2,898 682,708 179,904 4,898 184,802 Creditors: Amounts falling due within one year 125,4811 126,5011 Net current assets 657,227 158,301 Net assets 657,227 158,301 Represented by: Restricted funds 569,800 81,500 Unrestricted funds 87,427 76,801 Total funds 657,227 158,301 16 December The financial statements were approved by the Trustees on ........................... .2024 and Signed on their behalf, by.. The notes on pages 9 to 13 form part of these financial statements. Charity number- 1171114 Page 8
Poole Museum Foundatlon Notes to the financial statements For the year ended 31 March 2024 Accounting policies 1.1 Basis of preparation of financial 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 3pplicable 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 intome is 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 requirements. 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 Foundatlon Notes to the financial statements For the year ended 31 March 2024 Accounting policies Icontinuedl 1.7 Liabilities 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 reliablv. 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 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 estimation uncertainty In the application of the Charivs 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 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 estimates, judgements or key sources of estimation uncertainty in 2024 or 2023. Voluntary income Unrestricted funds Restricted funds Total Funds 2024 Unrestricted funds Restrirted funds Total Funds 2023 Voluntary donations 10,570 10,570 19,882 19,882 Grants 488,300 488,300 51,500 51,500 Gift aid 2,500 2,500 4,566 4,566 Other voluntary income 1,615 1,615 2,119 2,119 14,685 488,300 502,985 26,567 51,500 78,067 Page 10
Poole Museum Foundatlon Notes to the financial statements For the year ended 31 March 2024 Expenditure on charitable activities Unrestricted fund5 Restricted funds Total 2024 Unrestricted funds Restricted funds Total 2023 Merchant services 577 577 2,151 2,151 Fundraising costs 800 800 Examiners fee 1,020 1,020 1,020 1,020 Other professional fees 30 30 120 120 Other running costs 2,432 2,432 1,231 1,231 4,059 4,059 5,322 5,322 During the year no Trustees received any remuneration or reimbursement of expenses12023- nonel. There were no related party transartions in the year nor in 2023. Tangible Fixed assets Flxtures. flttlngs and equipment Cost: At l April 2023 and 31 Marth 2024 5,125 Depreciation: At l April 2023 and 31 March 2024 5,125 Net bookvalue: At 31 March 2023 At 31 March 2024 Debtors 2024 2023 Accrued income 2,898 2,898 4,898 4,898 Page 11
Poole Museum Foundatlon Notes to the financial statements For the year ended 31 March 2024 Creditor5: Amounts falling due within one year 2024 2023 Accruals and deferred income 25,481 25,481 26,SOI 26,501 7 Statement of funds Movement of funds for the year At l April 2023 Incoming resources Resources expended At 31 March 2024 Restricted fund5 Valentine Trust Arts Societv Headley Trust Alice Ellen Garfield Weston Steel Charitable Trust Talbot Village Trust Fine Foundation 30,000 1,500 50,000 30,000 1,500 50,000 10.000 250,000 28,300 50.000 150,000 569,800 10,000 250,000 28,300 50,000 150,000 488,300 81,500 Unrestricted funds General funds Designated funds 53,497 23,304 76,801 14,615 70 14,685 12,3381 11,7211 14,0591 65,774 21,653 87,427 Total funds 158,301 502,985 14,0591 657,227 Unrestrirted 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. Restrlcted funds The Valentine Trust fund relates to monies received to contribute towards a fundraising officer at Poole Museum. Page 12
Poole Museum Foundatlon Notes to the financial statements For the year ended 31 March 2024 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 contributing towards the refit of the Ceramics and Design Gallery at Poole Museum, as part ofthe Our Museum project. The Alice Ellen fund relates to a grant contributing towards the refit of the Poole Museum. The Garfield Weston fund relates to a grant contributing towards the refit of the Poole Museum. The Steel Charitable Trust fund relates to a grant contributing towards the refit of the Poole Museum. The Talbot Village Trust fund relates to a grant contributing towards the refit of the Poole Museum. The Flne Foundatlon fund relates to a grant contributing towards the refit of the Poole Museum. Movement of funds for the prior year At l April 2022 Incoming resources Resources expended At 31 March 2023 Restricted funds Valentine Trust Arts Societv Headley Trust 30,000 30,000 1,500 50,000 81,500 1,500 50,000 51,500 30,000 Unrestrirted 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 Page 13