Company registration number.. CE023519
Charity registration number.. 1191417
The Isles of Scilly Museum Association
(A Charitable Incorporated Organisationl
Financial Statements
for the Year Ended 31 December 2022

The Isles of Scilly Museum Association
Contents
Reference and Administrative Details
Trustees, Report
2to5
Independent Examiner's Report
Statement of Financial Activities
Balan￿ Sheet
Notes to the Financial Statements
9t020

The Isles of Scilly Museum Association
Reference and Administrative Details
Trustees
Ann Tudor
Dr Robert Andrew Lambert
Marthe Broadhurst
less Vian
Llsbet Jackmèn
Joesph Payne
Dr Vickie Heaney
Dr Katharine &wyer
t4chard McQrthy
Anne Hall
Charity Registration Number 1191417
Compatiy Registration NumberCE023519
Registered Office
Porthmellon Enterprise Centre
Porthmellon
st Marys
Isles of Scil
TR21 OJY
Independent Examiner
Crane & Johnston C&J Ltd
Chartered Certified Accountants
30132 Trebarwith Crescent
Newquay
Cornwall
TR7 IDX
Page I

The Isles of Scilly Museum Association
Trustees, Report
The trustees, present the annual report together with the financial statements of the charity for the
year ended 31 December 2022.
This year, the trustees have decided to Use the accrua15 basis of accounting as this provides an
accurate reporting framework now thèt the Association'5 activitie5 have become more complex. The
2022 accounts are presented on this ba515 and the 2021 comparative figures have been restated on
the accruals basis to properly acknowledge comparable financial information.
Objertives and activities
Objects andaims
The objects of the CIO are.. (l) to advance the education of the public in the history, archaeology,
and natural science of the Isles of Scilly and12) promote the study and understanding of the island's
heritage by the provision and maintenance of a Museum to serve as an educational and cultural
resource for the local community and the general public.
Publicbenefit
The trustees confirm that they have referred to the guidance contained in the Charity Commission's
general guidance on public benefit when reviewing the Trusvs aims and objectives and in planning
future activities and projetts.he trustees confirm that they have complied with the requirements of
section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by
the Charity Commission for England and Wales.
Achievements and performance
This was another very productive year for the Museum, even wlth the situation that we still find
ourselves in.
In July of 2022 we were granted planning permission for the new Museum and Cultural Centre in the
Town Hall, which was a significant step forward. There have been regular meetings of the Project
Board, where the Council of the Isles of Scilly have been working alongside the Museum Association
wlth the help of various consultants,. several applications have been Submitted to funding bodies, and
although we have not been successful in all of them, we remain positive we will be able to obtain the
funds required.
The Museum on the Move has gone from strength to st￿ngth, with Ali50n Clough tsking a leading
role in organising volunteer5 and running the shop. Kate Hale has continued to do excellent work as
curatorlmanager, ably assisted by Sarah Garratt and volunteers. In November 2022 we employed
Rachael Utting as Collections OffI￿r and she has made a fantastic start cataloguing and assessing our
collection.
A huge amount of work is being done behind the scenes to ensure the successful resolution to the
issue of a new home for the Museum, and the Chair Jess Vian would like to take this opportunity to
say thank you to her fellow Trustees, the staff and volunteers of the Museum, and Members and
Officers of the Council of the Isles of Sci1Sy, all of whom are working very hard together.
Page 2

The Isles of Scilly Museum Association
Trustees, Report
Financial review
During the year, the charity continued to deliver its setvice5.
Total income increased from £83,358 to £129,215 largely due to the increase In activities and grant
funding.
Totsl expenditure increased from £73,208 to £127,904, mainly due to increased grant funded
projects.
Overall, the net resulted in a deficit for the year of £11,637 compared to a surplus of £20,715 in the
previous year, after unrealised gainsllosses on the Investments.
Total funds reduTrd to £291,122 from £302,760. A full breakdown can be seen in note 18.
Policy on reserves
The reseNes of the Isles of Scilly Museum Association be divided into restricted fvnds, designated
ftjnds and unrestricted funds (free reserves).
Restricted funds:
Murley Maclaren award
Donated by a former resident, the Murley Maclaren award is restricted to the purpose of funding
projects up to the value of £100, for selected appli￿ntS, under the age of 20, who wish to pursue an
interest or project in keeping with the education aims of the Association. The trustees have decided
to increase the award to £200. The total amount held in the award fund at 31 Dec 2022 is £5,000.
Designated funds:
Donations for new museum
As agreed with the Council of the Isles of Scilly las part of the package involving compensation for
being unable to occupy our leased premises), the Association has agreed to designate all donation5
received Sin￿ the closure of the building for the new museum project. The total of these donations at
31 Dec 2022 is £30,367.
Current projects
The trustee5 are committed to a number of inltiatlves to be delivered in 2023 with an anticipated cost
of £41,525.
Therefore we have totsl designated funds of £71,892 (2021 £12,752).
Unrestricted funds (Free reserves):
Alderton bequest
The Alderton bequest of £172,QOD is viewed by the trustees as a long-term investment to provide an
ongoing source of income for the Association. The totsl value of these assets (currently held with
M&G Investments) at 31 Dec 2022 is £175,000.
Free reserves
The trustees of the Isles of Scilly Museum Association CIO consider it prudent to maintaln free
reserves equivalent to total operating costs for one year.
The totsl operating costs budgeted for 2023 are £61,300.
The total free re5erve5 at 31 Dec 2022 were £34,593.
Page 3

The Isles of Scilly Museum Association
Trustees, Report
structurei governance and management
Nature ofgoveming document
The Trustees subject to the Charities Act 2011 and the Constitution are responsible for the
management of and the exercise of all power5 pertaining to the Charity.
The accounts comply with current Statutory requirements and the charity's governing documents.
Recruitment andappoAntment of trustees
The members or the charity trijstees may at any time decide to apFJoint a new charity trustee,
whether in place of a charity trustee who has retired or been removed, or as an additional charity
trustee, provided that the limit of 12 charity trustees would not as a result be exceeded. A person so
appointed shall ￿tIre at the conclusion of the next AGM after the date of his or her appointment and
may then be re-appointed in accordance with the usual procedure and for the avoidance of doubt the
time that such person has already served shall not, unless otherwise specifically agreed by the charity
trustees, be taken into account in determining the length Df such person's subsequent term of ofFice.
statement of trustees, responsibilities
The trustees are responsible for preparing the truste￿, report and the financial statements in
accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally
A￿pted Accounting Practice) and applicable law and regulations.
Charity law requires the trustees to prepare financial statements for each financial year. Under charity
law the trustees must not approve the financial statements Unle￿ they are satisfied that they give a
true and fair view of the state of affairs of the charity and of the incorning resources and application
of resources, including its income and expenditure, of the charity for that period. In preparing these
financial statements, the trustees are required to..
select suitable accounting policies and apply thern conslstentlyi
obserye the methods and principles in the Charities SORP,.
make judgements and estimates that are reasonable and prudent.
state whether applicable accounting standards, comprising FRS 102 have been followed, Subject to
any material departures disclosed and explained in the financiol statements,. and
prepare the ffinancial statements on the going con￿rn basis unles5 it 15 inappropriate to presume
that the charity will continue in business.
The trustees are responsible for keeping proper accounting records that can 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 Act 2011. 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 corporate and financial
inforrllation included on the charitable corllpany's website. Legislation governing the preparation and
dissemination of financial statements may differ frorn legislation in other jurisdictions.
Page 4

The Isles of Scilly Museum Association
Trustees, Report
The annual report was approved by the trustees of the charity on .i.p.l.'Ilx3.. and slgned on its
behalf by..
Ann Tudor
Trustee
Page 5

Th8 Isles of Seilly Museum Association
Independent Examiiier's Report to the trustees of The Isles of Scilly
Museum Assoclatlon ('the Charity,)
I report to the charlty trustees on my examlnauon of the accounts of the Ch3rlty for the year ended
3L December 2022.
R&sponsibllitle5 and basis ol repoit
A5 the charlly's truste& of Ihe cliarlty you are respoiisible for Ilie preparatlon of the accounb In
accordance with the requlrements of the Charities Act 2011 Clhe 201L Act?.
I r8porl In respect of my examinatlon of your charity'8 arroiinttfj as carrled out under section 145 of
tlie Charltles Act 2011 Clhe 2011 Act?. In carryTng out my eXamIna￿On I have followed the Olrectlons
gfven by the Charlty Commlsslon under sectlon 145{5){b) of Ihc 2011 ACL
Independent examiner's statement
I have cornpleted my examlnallon. I conflmi th61 no matters hive come to my altentlon In connecilon
wlth the examination glvlng me cause to believe-.
l. accountlng records were not kept In respect of 'lhe Isles of Scllly Muse￿Ill Assoclallon as
requlred by 5ectlon 130 of the 2011 Art,. or
2. the accoLJnts do noL hccord with th0￿ records., or
3. the accounts do not cowply with the éccovnmng requlrements concerr)ing the form and content
of actoynts set out In the Charltles IAccounts and Fieports) RegulBllons 2008 other thJn any
requlrement that the accounts glve a 'lrue and falr vlew whkh is not a matter consldered as
part of an Independent examlnallon.
I have no concerns and have mine acr055 no other niatters In connecllon witli the examination to
whlch attenuon should be drawn in Ilils report In orde1. to enable a proper understanding ol the
accounts to be reached.
Crane & Johnston
Chartered Certllied Accountants
30132 Trebarw51h CreS￿nt
Newquay
Cornwall
TR7 IDX
23 October 2023
Page 6

The Isles of Scilly Museum Association
Statement of Financial Activities for the Year Ended 31 December 2022
(Including Statement of Total Recognised Gains and Losses)
Totsl
2022
Total
2021
Unrestrirted
Restrirted
Note
Income and Endowments from:
Donations and legacies
other trading activities
Investment income
other income
19,615
7,779
7,521
68,572
88,187
7,779
7,521
56,211
2,749
7,209
Total income
129 215
Expenditure on:
Raising funds
Charitable activities
(2,430)
56,902
{2,430)
125 474
(2,539)
Total expenditure
127 904
Net Sncome
Transfers between funds
1,311
(372)
1,311
10,L50
372
Other recognised gains
and losses
other gains/losse5
12,948
Net movement in funds
(12,009)
372
IIL,637)
20,7L5
Reconciliation of funds
Total funds brought fonvard
298 131
302 759
282 045
Total funds carried forward 18
286 122
291122
302 760
All of the charity's actwities derive from continuing operations during the above tsvo periods.
The notes on pages 9 to 20 form an integral part of these finanaal statements.
Page 7

The Isles of Scllly Museum Association
(Registration number: CE023519)
Balance Sheet as at 31 December 2022
2022
2021
Flxed assets
Tangible assets
Investments
12
13
7,22B
172 410
11,870
185 358
197 228
Curr¢nt assets
st(Kks
Debtors
Cash at bank and in hand
14
15
16
8,0(K)
56,064
6,000
20,165
117,421
106,225
693
Creditors: Amounts falllng due within one year
17
Net current assets
105 532
Net assets
291122
302 760
Fund5 of the ch•rity:
Restrirted income fund5
Restncted funds
5,000
4,628
Unrestricted income funds
Unrestrirted funds
298 132
Totsl fvnd5
18
291122
302 760
The finanual statements on pages 7 to 20 were approved by the trust￿, and authorised for issue on
.i.rA.1..14.AA and signed on their behalf by..
v&•r
Ann Tulor
Trustee
Marthe Broadhurst
Trustee
The notes on pages 9 to 20 fom Bn integral part of these fin8nckg1 statements.
dge8

The Isles of Scilly Museum Association
Notes to the Financial Statements for the Year Ended 31 December 2022
I Charity status
The charity is a charitable incorporated organisation registered In England and Wales
The address of its registered office is..
Porthmellon Enterprise Centre
Porthmellon
st Marys
Isles of Scilly
TR21 OJY
2 Accounting policies
Summary of significant attounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out
below. These policies have been consistently applied to all the years presented, unless othenwise
stated.
Statement of compliance
The financial statements have been prepared in accordance with Accounting and Reporting by
Charities.. Statement of Recommended Practice (applicable to charities preparing their accounts in
accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS
102)) (issued in October 2019) - (Charities SORP IFRS 1021).
Basis of preparation
The Isles of Scilly Museum Association meets the definition of a public benefit entity under FRS 102.
Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise
stated In the relevant accounting policy notes.
Going concern
The trustees consider that there are no material uncertainties about the charity's ability to continue as
a going concern nor any significant areas of uncertainty that affect the carrying value of assets held
by the charity.
Exemption from preparing a cash flow statement
The charity opted to early adopt Bulletin I published on 2 February 2016 and have therefore not
Included a cash flow statement in these financial statements.
Income and endowments
All income is recognised once the charity has entitlement to the income, it is probable that the income
will be received and the amount of the income re￿1vable can be measured reliably.
Page 9

The Isles of Scilly Museum Association
Notes to the Financial Statements for the Year Ended 31 December 2022
Donations andlegacies
Donations are recognised when the charity has been notified in writing Of both the amount and
settlement date. In the event that a donation is subjert to conditions that require a level of
performance by the charity before the charity is entitled to the funds, the income is deferred and not
recognised until either those condition5 are fully fflet, or the fulfilment of those conditions is wholly
within the control of the charity and it is probable that these conditions will be fulfilled in the
reporting period.
Legacy g1￿ are recognised on a case by case basis following the grant of probate when the
dministratorlexecutor for the estate has communicated in writing both the amount and settlement
date. In the event that the gift is in the form of an asset other than cash or a financial asset traded
on a recognised stock exchange, recognition is subjert to the value of the gift being reliably
measurable with a degree of reasonable accuracy and the title to the asset having been trallsfer￿d to
the charity.
Grants receivable
Grants are recognised when the charity has an entitlement to the funds and any conditions linked to
the grants have been met. Where performance conditions are attached to the grant and are yet to be
met, the income is recognised as a Ilability and included on the balance sheet as deferred income to
be released.
Investment income
All income is recognised On￿ the charity has entitlement to the income, it is probable that the income
will be received and the amount of the income receivable can be measured ￿lIablY.
Expenditure
All expenditure is rec(&nlsed once there is a legal or constructive obligation to that expenditure, it is
probable settlement is required and the amount can be measured reliably. All costs are allocated to
the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot
be directly attributed to particular headings they have been allocated on a basis consistent with the
Use of resources, with central staff costs allocated on the basis of time spent, and depreciation
Charg￿ allocated on the portion of the asseV5 Use. Other support costs are allocated based on the
spread of staff costs.
Raising funds
These are costs incurred in attracting voluntary Income, the management of investments and those
incurred in trading activities that raise funds.
Charltable athwties
Charitable expenditllre comprises those costs incurred by the charity in the delivery of it5 acbvities
and services for its beneficiarie5. It includes both costs that can be allocated directly to such acbvities
and those costs of an Indi￿Ct nature necessary to support them.
Page 10

The Isles of Scilly Museum Association
Notes to the Financial Statements for the Year Ended 31 December 2022
Governance costs
These include the costs attributable to the charity's cornpliance with constitutional and 5tstutory
requirements, including independent examination, strategic management and trustees meetings and
reimbursed expenses.
Taxation
The charity 15 considered to pass the tests set out in Paragraph I Schedule 6 of the Finance Act 2010
nd therefore it meets the definition of a charity for UK corporation tax purposes. Accordingly, the
charity is potentially exempt from taxation in respect of income or capital gains received within
categories covered by Chapter 3 P3rt 11 of the Corporation Tax Act 2010 or Sertion 256 of the
Taxation of Chargeable Gains Art 1992, to the extent that such income or gains are applied
exclusively to charitsble purposes.
Tangible fixed assets
Individual fixed assets costing £1,000.00 or more are initially recorded at cost, less any subsequent
accumulated depreciation and subsequent accumulated impairment losses.
Depreciation and amortisation
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any
estlmated residual value, over their expected useful economic life as follows..
Asset class
Office Equipment
Furniture & Fittings
Depreciation method and rate
3 year straight line
5 year straight line
Fixed asset investments
Fixed asset investments, other than programme related investments, are included at market value at
the balance sheet date. Realised gains and losses on investments are calculated as the difference
beiween sales proceeds and their market value at the start of the year, or their subsequent cost, and
are charged or credited to the Ststement of Financial Activities in the period of disposal.
Unrealised gains and losses represent the movement In market values during the year and are
credited or charged to the Statement of Financial Activities based on the market value at the year
end,
stock
stock is valued at the lower of c05t and estimated selling price le5S Costs to complete and *ll, after
due regard for obsolete and slow moving stocks. Cost is deterrnined using the first-in, first-out
{FIFO).
Page 11

The Isles of Scilly Museum Association
Notes to the Financial Statements for the Year Ended 31 December 2022
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or serVI￿S performed in the
ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at
amortised cost using the effective interest method, less provision for impairment. A provision for the
impairment of trade debtors is established when there is objective evidence that the charity will not
be able to collert all amounts due according to the original terms of the re￿]vable5.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly
liquid investments that are readily convertible to a known amount of cash and are subject to an
insignificant risk of change in value.
Fund structure
Unrestricted income funds are general funds that are available for use at the trustees discretion in
furtherance of the objertives of the charity.
Designated funds are unrestrirted funds set aside for specific purposes at the discretion of the
trustees.
Restricted income funds are those donated for use in a particular area or for specific purposes, the
use of which is restricted to that area or purpose.
3 Income from donations and legacies
Unrestricted
funds
General
RestrlLted
funds
Total
2022
Total
2021
Donations and legacies-
Donations from individuals
Legacies
Gift 3id reclaimed
Grants, including capitsl grants;
Grants
15,433
2,000
2,182
15,433
2,000
2,182
12,753
Page 12

The Isles of Scilly Museum Association
Notes to the Financial Statements for the Year Ended 31 December 2022
4 Income from other trading activities
Unrestricted
funds
General
Total
funds
Total
2021
Trading income;
Sales of goods and servlces
5 Investment income
Unrestricted
funds
General
Total
2022
Total
2021
other income frorll fixed asset investments
7,209
6 Other income
Unrestricted
funds
General
Total
2022
Total
2021
Compensation for loss of income
other income
24,628
24,628
16,801
388
7 Expenditure on raising funds
a) Costs of trading activities
Unrestricted
funds
General
Total
2022
Total
2021
Note
Costs of goods sold
2,539
Page 13

The Isles of Scilly Museum Association
Notes to the Financial Statements for the Year Ended 31 December 2022
8 Expendlture on charitable activities
Unrestrirted
funds
General
Restricted
funds
Total
2022
Totsl
2021
Note
PrDject costs
DepreCIa￿On
Volunteer expenses
Rent and rates
Light, heat and
power
Insurance
Repairs and
maintenance
Telephone and fax
Office expenses
Courier services
Trade subscriptions
Sundry expenses
Travel and
subsistence
Advertising
Legal and
profe￿lOnal fees
Bank charges
staff costs
Governance costs
68,572
68,572
4,642
116
1,081
17,592
4,644
307
4,642
116
1,081
1,088
363
2,324
363
2,324
262
2,319
1,859
353
2,747
40
82
317
1,859
353
2,747
1,788
521
1,764
91
237
144
82
317
674
608
674
28
608
6,164
6,164
11,945
34,832
700
34,832
700
27,242
693
125 474
In addition to the expenditure analysed above, there are also governan￿ costs. of £700 (2021 £693)
which relate directly to charitable acbvities. See note 9 for further detsils.
Page 14

The Isles of Scilly Museum Association
Notes to the Financial Statements for the Year Ended 31 December 2022
9 Analysis of governance and support costs
Governance costs
Unrestrirted
funds
General
Total
2022
Total
2021
Independent examiner fees
Examination of the financial statements
700
700
693
700
700
693
IOTrustees remuneration and expenses
During the year the charity made the following transactions with trustees,.
Anne Hall
£1,770 (2021.. £Nil) of expenses were reimbursed to Anne Hall during the year.
Marthe Broadhurst
£78012021.. £Nil) of expenses were reimbursed to Marthe Broadhurst during the year.
Richard Mccarthv
£64312021.. £Nil) of expenses were reimbursed to Richard Mccarthy during the year.
Dr Vickie Heanev
£1,243 (2021.. £Nil) of expenses were reimbursed to Dr Vlckie Heaney during the year.
Of the payment of expenses to trustees a totsl of £4,132 relates to expenses incurred on research
trips for the new museum project and was fully funded from grant funding. The remaining £304
relates to travel costs to attend meetings.
No trustees, nor any persons connected with them, have received any remuneration from the charity
during the year.
No trustees have received any other benefits fmm the charity during the year.
li staff costs
The aggregate payroll costs were as follows..
2022
2021
staff costs during the year were:
Wages and salaries
The monthly average number of persons employed by the charity dLJring the year expressed as full
time equivalents was as follows..
Page 15

The Isles of Scilly Museum Association
Notes to the Financial Statements for the Year Ended 31 December 2022
2022
No
2021
Administration
No employee received emoluments of more than £60,000 during the year.
12Tangible fixed assets
Furniture
and
equipment
Total
Cost
At l January 2022
At 31 December 2022
11,870
Depreciation
Charge for the year
At 31 December 2022
4,642
Net book value
At 31 December 2022
At 31 December 2021
13 Fixed asset investments
2022
2021
Other investments
172 410
185 358
Page 16

The Isles of Scilly Museum Association
Notes to the Financial Statements for the Year Ended 31 December 2022
other investments
Listed
investments
Totsl
Cost or Valuation
At l January 2022
172 410
172,410
At 31 December 2022
172 410
172 410
Net book value
At 31 December 2022
172 410
172,410
At 31 December 2021
172,410
172 410
14 Stock
2022
2021
Stocks
15 Debtors
2022
2021
Trade debtors
55,458
606
20,165
Prepayments
16Cash and cash equivalents
2022
2021
Cash ot bank
17 Creditors: amounts falllng due within one year
2022
2021
Accruals
693
Page 17

The Isles of Scilly Museum Association
Notes to the Financial Statements for the Year Ended 31 December 2022
18 Funds
Balance
Balance
ati
other
at31
January Incoming Resources
recognised December
2022
resources expended Transfersgains/{losses) 2022
Unrestricted funds
General
285,379
60,643
(59,332) (59,5121
{12,948) 214,230
Designated
Total unrestricted
funds
298 131
372
286 122
Restricted funds
Murley Maclaren
Award
Museum on the
Move
Local Enterprise
Partnership
Community Renewal
Fund
AIM Pilgrim s Trust
ACE (Grand Ball)
Architectural
Heritage Fund
5,228
(228)
5,000
(600)
600
4,114
(4,114)
26,407
2,787
24,662
(26,407)
{2,787)
(24,662)
10 602
Total Restrirted
funds
68572
372
Total funds
302 759
129 215
127 904
291122
Page 18

The Isles of Scilly Museum Association
Notes to the Financial Statements for the Year Ended 31 December 2022
Restricted funds:
Murley Maclaren award
Donated by a former resident, the Murley Maclaren award is restricted to the purpose of funding
projetts up to the value of £100, for selected applicants, under the age of 20, who wish to pursue an
interest or project in keeping with the education airns of the Association. The trustees have decided
to increase the award to £200. The total amount held in the award fund at 31 Dec 2022 is £5,000.
Local Enterprise Partnership
The Isles of Scilly Council, through thelr Local Enterprise Partnership Funding, provided funds for the
Museum to build operational capacity in preparation for the new Museum and Cultural Centre project.
Community Renewal Fund
The Islands Partnership, through their Community Renew31 Fund allocation, provided funding to
support the Museum Association In updating and improving its collertions documentstion pro￿sSes.
AIM Pilgrim's Trust
The AssDclatlon of Independent Museums Pilgrim s Trust grant provided funding for a collections care
audit.
ACE (Grand Ball)
The Arts Council England provided funds for the Museum Association, working collaboratively wlth
Creative Scilly, to create and deliver a community play for Scilty, engaging diverse interest groups and
using the museurn and its collections to inspire 3 ￿lebration of the Bishop Rock Lighthouse and its
place in local history. As part of this project the funds were used to develop and reach a wide
audience along with a legacy of high-quality assets.
Architectural Heritage Fund
The Architectural Heritage Fund provided fundlng to support the Museum AssociatlDn in a number of
areas.. public consultation, fundraising, skills and capacity building for Museum Trustees and
employees, together with developing options for an appropriate governan￿ model for the new
Museum and cultural hub.
Designated funds:
Donations for new museum
As agreed with the Council of the Isles of Scilly (as part of the package involving compensation for
being unable to occupy our leased premises), the Association has agreed to designate all donations
re￿iVed since the closure of the building for the new museum project. The totsl of these donations at
31 Dec 2022 is £30,367.
Current projects
The trustees are committed to a number of initiatives to be delivered in 2023 with an anticipated cost
of £41,525.
Therefore we have total designated funds of £71,892 {2021 £12,752).
Unrestrirted funds (Free reserves)
Alderton bequest
The Alderton beqU￿t of £172,000 is viewed by the trustees as a long-term investment to provide an
ongoing source of income for the Association. The total value of these assets (currently held with
M&G Investments) at 31 Dec 2022 is £175,000.
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The Isles of Scilly Museum Association
Notes to the Financial Statements for the Year Ended 31 December 2022
Free reserves
The trustees of the Isles of Scilly Museum Association CIO consider it prudent to maintain free
reserve5 equivalent to total operating costs for one year.
The total operating costs budgeted for 2023 are £61,300.
The total free reserves at 31 Dec 2022 were £34,593.
19 Analysis of net assets between funds
Total funds
at31
December
2022
Unrestrirted
funds
General
Restrirted
funds
Tangible fixed assets
Fixed asset investments
7,228
172,410
112,422
7,228
172,410
117,422
Current assets
Current liabilities
5,000
Total net assets
286 123
291123
20Control
The ultimate controlling party is the Trustees of the charitable incorFJorated organisation.
Page 20