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2020-12-31-accounts

REPORT OF THE TRUSTEES AND

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

FOR

THE SALISBURY AND SOUTH WILTSHIRE MUSEUM TRUST A COMPANY LIMITED BY GUARANTEE

THE SALISBURY AND SOUTH WILTSHIRE MUSEUM TRUST A COMPANY LIMITED BY GUARANTEE

INDEX TO THE FINANCIAL STATEMENTS for the year ended 31 December 2020

Page
Company Information 1
Report of the Trustees 2
Report of the Auditors 8
Consolidated Statement of
Financial Activities 12
Balance Sheets 13
Consolidated Statement of Cash Flows 14
Notes to the Financial Statements 15
Appendix - Income and Expenditure account

THE SALISBURY AND SOUTH WILTSHIRE MUSEUM TRUST A COMPANY LIMITED BY GUARANTEE

COMPANY INFORMATION for the year ended 31 December 2020

TRUSTEES:

J L Turner (Chairman) (Appointed 3 July 2020) A H Beckwith-Smith D K Edmonds (Treasurer) C H Elmer A X T Green S Jackson P Marland (Retired 15 September 2020) J G R Perry B P Plummer (Appointed 30 January 2020) T F Reeve S M Denniston (Retired 15 September 2020)

Observers E C Probert – Dean and Chapter, Salisbury Cathedral A N Deane – Wiltshire Council

SECRETARY:

D K Edmonds

REGISTERED OFFICE:

The King's House 65 The Close Salisbury SP1 2EN

REGISTERED NUMBER: 1826436 (England and Wales)

REGISTERED CHARITY NUMBER:

289850

AUDITORS:

Fawcetts LLP Chartered Accountants and Statutory Auditors Windover House St Ann Street Salisbury SP1 2DR

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THE SALISBURY AND SOUTH WILTSHIRE MUSEUM TRUST A COMPANY LIMITED BY GUARANTEE

REPORT OF THE TRUSTEES

for the year ended 31 December 2020

The trustees present their report with the financial statements of the company for the year ended 31 December 2020. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” in preparing the annual report and financial statements of the charity.

PRINCIPAL ACTIVITY

The principal activity of the company in the period under review was that of the trusteeship and management of a museum in the city of Salisbury.

STATUS

The Salisbury and South Wiltshire Museum Trust (the Trust) was incorporated on 20 June 1984. The Trust is a registered charity, number 289850. Its registered company number is 1826436.

TRUSTEES

The trustees during the period from 1 January 2020 to the date of this report were:

J L Turner (Chairman) - Appointed 3 July 2020 J L Turner (Chairman) - Appointed 3 July 2020 J L Turner (Chairman) - Appointed 3 July 2020
A H Beckwith-Smith
D K Edmonds
C H Elmer
A X T Green
S Jackson
P Marland - Retired 15 September 2020
J G R Perry
B P Plummer - Appointed 30 January 2020
T F Reeve
S M Denniston - Retired 15 September 2020
Observers
E C Probert - Dean and Chapter
A N Deane - Wiltshire Council
PROFESSIONAL ADVISERS AND KEY PERSONNEL
Director/Curator: A X T Green BA MA AMA
Address: The King's House
65 The Close
Salisbury, SP1 2EN
Bankers: Lloyds Bank Plc
38 Blue Boar Row
Salisbury, SP1 1DB
Solicitors: Wilsons Solicitors LLP
Alexandra House
St Johns Street
Salisbury, SP1 2SB
Investment advisers: Quilter Cheviot Investment Management
London Road Office Park
Salisbury
SP1 3HP

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THE SALISBURY AND SOUTH WILTSHIRE MUSEUM TRUST A COMPANY LIMITED BY GUARANTEE

REPORT OF THE TRUSTEES for year ended 31 December 2020

STRUCTURE, GOVERNANCE AND MANAGEMENT

Organisational structure

Salisbury Museum is an unincorporated charity. It is controlled by the Salisbury and South Wiltshire Museum Trust, a company limited by guarantee. This company is also a registered charity, but it has no assets. The collections and lease of the King’s House belong to the Museum.

The Museum is governed by a Board of Trustees which meets each month and which determines the general policy of the Museum. The day-to-day management and financial affairs of the Museum delegated to the director and his staff. Sub-committees are formed from time to time to deal with specific issues, eg marketing and communications, governance.

Risk management

The trustees have assessed, as far as reasonably possible, the major risks to which the charity is exposed including those related to the operations and finances of the Museum and are satisfied that systems are in place to mitigate any exposure to major risks.

Investment powers

The trustees have the power to invest in such stocks, shares, investments and property as they see fit. The trustees have engaged Quilter Cheviot – with effect from April 2020 - as investment managers.

Trustee appointment, induction and training

The Trust can have a maximum of twenty trustees. The Chairman, Treasurer and a maximum of fourteen trustees are elected from within the Museum membership and serve three-year terms. The Articles of Association also allow for The Dean and Chapter of Salisbury Cathedral, Southampton University and Wiltshire Archaeological and Natural History Society to each appoint one nominated trustee. Wiltshire Council can appoint two Nominated Trustees.

However during 2017 the trustees commissioned an independent review of the governance arrangements of the museum. As a result of this review it was agreed at a Board meeting on 2 November 2017 that the nominated trustees would cease to be trustees but could continue to attend Board meetings as observers.

All new trustees are sent a pack of Museum policies, constitution and other documents and are offered a personal tour of the Museum and induction by the Director. From time to time trustees are offered training courses such as those arranged by Wiltshire Council.

OBJECTIVES AND ACTIVITIES

In setting the objectives and planning the activities of the Museum, the trustees have given careful consideration to the Charity Commission’s guidance on public benefit. The objectives are set out in the Memorandum as the provision and maintenance of a museum in or near the City of Salisbury for the benefit of the public providing exhibits of historical, scientific and artistic significance and interest and to act as its trustee.

Mission Statement:

At The Salisbury Museum we are committed to welcoming, inspiring and entertaining our diverse audiences by telling the story of Salisbury and the surrounding area – a unique landscape which has been the cradle of unparalleled human achievement for over half a million years.

We continually seek new ways to engage and collaborate with the broadest of audiences and partners. We use our expertise, creativity and passion, and the extraordinary breadth of our collections, to present contemporary experiences, displays, exhibitions and events which give context to the archaeological, historic and artistic riches of Salisbury and south Wiltshire.

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THE SALISBURY AND SOUTH WILTSHIRE MUSEUM TRUST A COMPANY LIMITED BY GUARANTEE

REPORT OF THE TRUSTEES

for the year ended 31 December 2020

The Salisbury Museum acts as a catalyst to understanding and learning about English history on many different levels, and to appreciating what is so special and significant about this landscape, and the lives of the people who have shaped it – and who continue to shape it today.

The Museum Director updates a forward plan each year to ensure that the Museum staff are clear about the priorities and targets for the forthcoming year.

Volunteers play a significant role in the Museum’s ability to deliver its services. The Museum had over 200 volunteers in 2020 who contributed 5,691 (2019 also 200 volunteers and 17,372) hours of work to the Museum. Their work is vital to the wellbeing of the Museum and the Trustees are extremely grateful for all their hard work.

ACHIEVEMENTS AND PERFORMANCE

The year 2020 will forever be associated with the COVID-19 pandemic. The museum closed to the public on 17 March 2020 just before the first national lockdown and remained closed until 30 July. The museum shut again for the second national lockdown from 5 November, reopened on 3 December, and closed on 30 December as Wiltshire moved into tighter restrictions. The museum was only open for just over six months in 2020, missing a significant proportion of the busy summer season in June and July.

To re-open in July we followed strict government guidelines and risk assessed all our activities to ensure we were COVID secure. The café was the first to open as the franchise holders were able to offer an outdoor table service. In the museum we introduced an improved cleaning regime, one-way system, more volunteer gallery stewards, screens for reception staff and hand sanitising stations. Extra staff were employed to gather contact details of all visitors for track and trace.

The museum opened four days per week with shorter hours (11am to 4pm). For August and September we waived entry fees and encouraged donations. This was popular with visitor numbers 58% of what they were the year before in August (2,135) and 38% in September (1,131). We initially offered an advance booking system but the take up and the requirement for it were minimal as visitor numbers were never high enough to create problems with overcrowding. Admission fees were reintroduced in October, but at a slightly lower rate due to the closure of the costume gallery (see below), lack of a major exhibition and a reduction in chargeable VAT. Despite the fall in international tourism numbers were not as low as we were expecting because the domestic market was strong.

In terms of exhibitions the year opened with the final few days of the Trinity Buoy Wharf Drawing Prize exhibition (until 11 January). This was followed by Albert Goodwin: Visionary Landscapes (from 25 January). This was an exhibition of watercolours and sketches on loan from Maidstone Museum that illustrated the artist’s travels (which included Salisbury). The exhibitions planned for the remainder of the year - As You See Me and Cutting it Fine: The Art of the Wood Engraver were postponed.

When the museum re-opened on 30 July we created an exhibition called Pick & Mix which revealed some of the social history, fine art, natural history and geology in the reserve collections. This followed an online version on Instagram. The purpose was to highlight our future plans to develop the museum with funding from the National Lottery Heritage Fund (see below). This exhibition remained in place for the remainder of 2020. In October we were fortunate to be loaned a group of Lego Brick models of Tudor buildings and characters made by Brick Galleria based in Salisbury. These were positioned around the museum as part of the one-way system.

In terms of events we started to organize behind the scenes tours for the public when we were closed. These were booked online via Eventbrite and proved to be very popular. The public were taken around, socially distanced, in groups of 10 and shown objects in the galleries and in the stores. The only major family events were those linked to our Look Again fashion project held over February half term and a ‘drop in’ event on 29 October when visitors could meet the Lego brick model makers.

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THE SALISBURY AND SOUTH WILTSHIRE MUSEUM TRUST A COMPANY LIMITED BY GUARANTEE

REPORT OF THE TRUSTEES for the year ended 31 December 2020

ACHIEVEMENTS AND PERFORMANCE Continued

The one area the museum made considerable progress on in 2020 was our NLHF funded redevelopment project: Salisbury Museum for Future Generations . In 2019 the museum secured a development round grant of £429,400 to fund staff and consultants to work up the bid in more detail to submit a round II application in 2021. The key staff – the Chief Operating Officer (Kate Barker), Activity Plan Coordinator (Emma Gascoigne), Project Curator (Bridget Telfer – seconded from her role as Volunteer Coordinator) and Project Administrator (Natasha Clayton) were all in post early in 2020. The professional team were also all in place including the Architects and Designers (Metaphor), Conservation Architects (St Ann’s Gate) and Activity and Business Plan consultants (Tricolor). A full digital survey of the building was undertaken before the first lockdown so we were able to make progress on design and content throughout the year. By December, drafts of both the business plan and activity plan were ready for the NLHF mid-term review in January 2021.

The museum also made significant headway with the fundraising for the project. The campaign, called Past Forward, aims to raise the £1.2 million needed in match funding. Fundraising consultants Development Partners helped to produce a case for support and a fundraising brochure. A private donor came forward who is willing to make a major donation and initial approaches to trusts and foundations look very promising.

Another area of major development in 2020 was our online activity. As a result of closure the museum created a number of online initiatives. This included the Pick and Mix online Instagram exhibition, Museum Connect films (funded by Wessex Museums) and behind the scenes video tours with the museum Director.

Look Again , the Esmée Fairbairn Museums Association funded project to redisplay the costume gallery was delayed by COVID-19. The gallery was refurbished by external contractors, but the project is dependent on volunteer support to mount the costumes. Therefore the scheme has been mothballed and the staff involved were furloughed. This has preserved the restricted funds specifically given to this initiative.

In addition to the NLHF staff noted above two other staff appointments were made in 2020. Rachel Coman was appointed to take over from Bridget Telfer as our part-time Volunteer Coordinator on 1 July (having been appointed before lockdown in March). Denise Wilding started as a job share with Wil Partridge, the Wiltshire Finds Liaison Officer, on 22 July (again delayed due to COVID-19), but due to relocation left on 28 December.

The museum made 104 acquisitions over the year.

The total number of visitors for 2020 was 9,157, which is about a third of what we would achieve in a ‘normal’ year.

FINANCIAL REVIEW

The year was dominated by the effects of Covid; from closure of the Museum which meant no entrance income to the generosity of Members who kept faith with us and the considerable support the Government both Local and National provided. In numbers we received £29,295 from the Arts Council towards our overheads (insurance and security bills still needed to be met); £60,000 from Government ( the Job Retention Scheme Grant – Furlough) which meant staff, (who generously helped by taking a pay cut when we were closed) were paid; over £26,000 by local Councils as well as foregoing their “business rates” of nearly £10,000.

Membership income remained strong and we received over £27,000 in general donations as well as nearly £60,000 towards our NLHF project –Past Forward.

The donations that have been specifically received towards our NLHF project have now been transferred to the new Salisbury Gallery Fund detailed in our “restricted funds”.

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THE SALISBURY AND SOUTH WILTSHIRE MUSEUM TRUST A COMPANY LIMITED BY GUARANTEE

REPORT OF THE TRUSTEES

for the year ended 31 December 2020

As in previous years the Museum’s individual projects continued to benefit with incoming funds of nearly £140,000 (2019 - £184,107).

The Director, supported by the management team and Board of Trustees, moved swiftly to deal with the effects of closure on the Museum in particular by cutting out all unnecessary expenditure including turning off the heat and limiting the amount spent on maintenance. The overall effect was that the Museum’s loss in the year, before depreciation, was just £10,912 and this was more than offset by our investment gains of £36,680.

As mentioned in last year’s report our investments are now handled locally by Quilter Cheviot and we did exit from our “Defined Benefit” pension scheme with the Wiltshire County Council at a cost of £271,000 and that by leaving this removes a previous pension liability that was unquantifiable from year to year.

The free reserves policy of Salisbury Museum is to hold liquid reserves in the form of cash or readily convertible investments of £150,000; this being the equivalent to approximately six months of operational expenditure. It is the aim of Salisbury Museum to have sufficient unrestricted reserves to allow the Museum to operate effectively for the foreseeable future, safeguard its collections and cover its pension commitments. At 31 December 2020 the Museum had free reserves of £441,403 (2019: £417,751 –restated after taking into account £155,316 transferred to the new Salisbury Gallery Fund). Included in these figures are unrestricted investments held of £354,699 (2019 £454,145). Given the unpredictable nature of much of the Museum’s income, the trustees aim to invest any surplus unrestricted funds to provide a relatively secure stream of income to fund future activities.

The trustees maintain a close watch on the museum's cash flow and during this difficult time the full Board of Trustees has met monthly to review matters.

FUTURE DEVELOPMENTS – COVID-19

As a result of COVID-19 Salisbury Museum closed to the public on 17 March 2020. We lost the bulk of our regular income from ticket sales, events, retail, café, educational visits and facility hire. We still maintained regular income from our Wiltshire Council grant, subletting and membership.

To reduce the financial impact of the coronavirus crisis the museum placed most of the core staff on furlough from April onwards and utilised the government’s Coronavirus Job Retention Scheme to pay 80% of salary. An emergency grant of £29,295 was also secured from the Arts Council to help with core costs. In July, after consultation and a full review sadly four roles were deemed redundant which will represent a saving of £74,000 per annum.

STATEMENT OF TRUSTEES' RESPONSIBILITIES

Law applicable to incorporated charities in England and Wales requires the trustees (who are also the directors of the company) to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the company and of the group and its financial activities for that period. In preparing those financial statements, the trustees are required to

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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THE SALISBURY AND SOUTH WILTSHIRE MUSEUM TRUST A COMPANY LIMITED BY GUARANTEE

REPORT OF THE TRUSTEES for the year ended 31 December 2020

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the trustees are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each trustee has taken all the steps that he or she ought to have taken as a trustee in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

Fawcetts were reappointed auditors during the year and have expressed their willingness to continue in that capacity.

In preparing this report advantage has been taken of the exemptions available to small companies under the Companies Act 2006.

ON BEHALF OF THE BOARD:

Jon Turner - Trustee

D K Edmonds - Trustee

Dated: 20 April 2021

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THE SALISBURY AND SOUTH WILTSHIRE MUSEUM TRUST A COMPANY LIMITED BY GUARANTEE

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF THE SALISBURY AND SOUTH WILTSHIRE MUSEUM TRUST

Opinion

We have audited the consolidated financial statements of The Salisbury and South Wiltshire Museum Trust (the ‘charitable company’) for the year ended 31 December 2020 which comprise the Consolidated Statement of Financial Activities, the Consolidated Balance Sheet, the Consolidated Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

Other information

The other information comprises the information included in the Report of the Trustees, other than the financial statements and our Report of the Auditors thereon. The Trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Continued on Page 9

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THE SALISBURY AND SOUTH WILTSHIRE MUSEUM TRUST A COMPANY LIMITED BY GUARANTEE

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF THE SALISBURY AND SOUTH WILTSHIRE MUSEUM TRUST

Continued from Page 8

Matters on which we are required to report by exception

In light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors included within the Report of the Trustees.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of Trustees

As explained more fully in the Statement of Trustees’ Responsibilities set out on page six, the Trustees (who are also directors of the charitable company for the purposes of company law and trustees of the charity for the purposes of charity law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

Extent to which the audit was considered capable of detecting irregularities, including fraud.

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

Continued on Page 10

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THE SALISBURY AND SOUTH WILTSHIRE MUSEUM TRUST A COMPANY LIMITED BY GUARANTEE

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF THE SALISBURY AND SOUTH WILTSHIRE MUSEUM TRUST

Continued from Page 9

Identifying and assessing potential risks related to irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations we consider the following:

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following area: revenue and resource recognition. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We have also obtained an understanding of the legal and regulatory frameworks that the charitable company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, Charities Act and related legislation.

Audit response to risks identified

As a result of performing the above, we identified revenue and profit recognition a key audit matter related to the potential risk of fraud. Our procedures to respond to risks identified included the following:

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

Continued on Page 11

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THE SALISBURY AND SOUTH WILTSHIRE MUSEUM TRUST A COMPANY LIMITED BY GUARANTEE

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF THE SALISBURY AND SOUTH WILTSHIRE MUSEUM TRUST

Continued from Page 10

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of nondetection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Simon Ellingham BA FCA DChA (Senior Statutory Auditor) for and on behalf of Fawcetts LLP Chartered Accountants and Statutory Auditors Windover House St Ann Street Salisbury SP1 2DR

Dated: 12 May 2021

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THE SALISBURY AND SOUTH WILTSHIRE MUSEUM TRUST A COMPANY LIMITED BY GUARANTEE

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (including Income and Expenditure Account) for the year ended 31 December 2020

Unrestricted Restricted Total Total
funds funds 2020 2019
Notes £ £ £ £
Income and endowments from:
Donations and legacies 26,105 501,983 528,088 253,444
Charitable activities 3 183,766 - 183,766 164,955
Other trading activities 4 80,468 - 80,468 163,381
Investments 5 6,355 4,709 11,064 19,076
Total income 296,694 506,692 803,386 600,856
Expenditure on:
Raising funds 13,222 - 13,222 27,445
Charitable activities – Operation of the Museum 518,908 505,825 1,024,733 806,792
Other trading activities 16,546 - 16,546 28,622
Total expenditure 8 548,676 505,825 1,054,501 862,859
Gains/(Losses) on investment assets - Realised (15,095) (9,055) (24,150) 15,037
- Unrealised 51,775 28,345 80,120 58,415
36,680 19,290 55,970 73,452
Net income/(expenditure) before transfers (215,302) 20,157 (195,145) (188,551)
Transfers between funds 77,562 (77,562) - -
Net income/(expenditure) (137,740) (57,405) (195,145) (188,551)
Other recognized gains/losses
Actuarial gains/(losses) on defined benefit - - - 209,000
pension schemes
Net movement in funds (137,740) (57,405) (195,145) 20,449
Fund balances brought forward at 1 January 2020 580,797 2,052,434 2,633,231 2,612,782
Fund balances carried forward
at 31 December 2020 443,057 1,995,029 2,438,086 2,633,231

None of the group’s activities were acquired or discontinued in the current or preceding periods.

The statement of financial activities includes all gains and losses recognised during the year.

The notes form part of these financial statements

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THE SALISBURY AND SOUTH WILTSHIRE MUSEUM TRUST A COMPANY LIMITED BY GUARANTEE

(Registered No: 1826436)

BALANCE SHEETS 31 December 2020

Notes
FIXED ASSETS:
Tangible assets
9
Investments
10
Heritage assets
11
CURRENT ASSETS:
Stock
12
Debtors
13
Cash at bank and in hand
CREDITORS:Amounts falling
due within one year
14
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES:
CREDITORS:Amounts falling
due after more than one year
Net Assets excluding pension scheme
liability
Defined benefit pension scheme
deficit
20
NET ASSETS
FUNDS:
Restricted funds
15
Unrestricted funds
16		 Consolidated
2020
2019
£
£
1,021,267
1,262,337
542,050
658,276
486,403
486,403
2,049,720
2,407,016
11,654
7,766
129,977
159,265
290,589
359,338
432,220
526,369
(43,854)
(29,154)
388,366
497,215
2,438,086
2,904,231
-
-
2,438,086
2,904,231
-
(271,000)
2,438,086
2,633,231
1,995,029
2,052,434
443,057
580,797
2,438,086
2,633,231		 The Company The Company
2020
£
1,021,267

542,050
486,403
2,049,720

11,654
129,977
290,589
432,220
(43,854)
388,366
2,438,086

-
2,438,086

-
2,438,086

1,995,029

443,057
2,438,086
 2020
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 2019
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-

The financial statements were approved and authorised for issue by the Board of Trustees on 20 April 2021 and were signed on its behalf by:

D K Edmonds – Trustee

The notes form part of these financial statements Page 13

THE SALISBURY AND SOUTH WILTSHIRE MUSEUM TRUST A COMPANY LIMITED BY GUARANTEE

CONSOLIDATED STATEMENT OF CASH FLOWS for the year ended 31 December 2020

CASH FLOWS FROM OPERATING ACTIVITIES:
Net cash (used in)/provided by operating activities
(a)
Cash flows from investing activities:
Dividends, interest and rents from investments
Purchase of property, plant and equipment
Purchase of heritage assets
Proceeds from sale of investments
Realised Loss (Gains) on disposals of investments
Purchase of investments
Net cash (used in)/provided by investing activities
Change in cash and cash equivalents in the reporting period
Cash and cash equivalents at 1 January 2020
Cash and cash equivalents at 31 December 2020
(b)
a.
RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW
FROM OPERATING ACTIVITIES
Net expenditure for the year as per the Statement
of Financial Activities
Adjusted for:
Depreciation
Unrealised (Gains)/losses on investments
Dividends, interest and rents from investments
Decrease/(Increase) in stocks
(Increase)/Decrease in debtors
(Decrease)/Increase in creditors including pension fund deficit
Net cash (used in) provided by operating activities
b.
ANALYSIS OF CASH AND CASH EQUIVALENTS
Cash at bank and in hand		 2020
£
(276,159)
11,064
-
-
611,208
24,150
(439,012)
207,410
(68,749)
359,338
290,589
2020
£
(195,145)
241,070
(80,120)
(11,064)
(3,888)
29,288
(256,300)
(276,159)
2020
£
290,589
290,589		 2019
£
(37,355)
19,076
(4,959)
(1,128)
308,323
(15,037)
(107,803)
198,472
161,117
198,221
359,338
2019
£
(188,551)
255,338
(58,415)
(19,076)
3,760
17,483
(47,894)
(37,355)
2019
£
359,338
359,338

The Museum has no borrowings or obligations under finance leases therefore a reconciliation of net debt has not been provided.

The notes form part of these financial statements

Page 14

THE SALISBURY AND SOUTH WILTSHIRE MUSEUM TRUST A COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2020

1. ACCOUNTING POLICIES

Basis of preparation

The Museum constitutes a public benefit entity as defined by FRS 102. 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 issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Companies Act 2006 and UK Generally Accepted Accounting Practice.

The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £1.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Basis of consolidation

The consolidated financial statements incorporate the financial statements of the Museum Trust and its subsidiary undertakings, The Salisbury and South Wiltshire Museum and Salisbury Museum Replicas Limited. A separate statement of financial activities for the Trust itself is not presented because the Trust has taken advantage of the exemptions afforded by section 408 of the Companies Act 2006.

Income

Income is recognised on an accruals basis. Income received for specific purposes is treated as restricted. Donations are included in incoming resources when they are receivable. Legacies are included when the charity is advised by the personal representative of an estate that payment will be made or property transferred and the amount involved can be quantified.

Grant income

Grants and other income that are awarded subject to specific performance conditions are recognised when the performance conditions for their receipt have been met and, where appropriate, income is deferred accordingly. The substance of other contractual conditions attached to the grants and the nature of the arrangement with the funder are considered when determining the periods in which income is recognised. The Museum has received support from the UK government as part of a package of measures introduced to support business during the Coronavirus pandemic. Government grants are recognised in the financial statements in the period in which they become receivable.

Tangible fixed assets

Expenditure on fixed assets is capitalised except for expenditure incurred on the replacement of assets of low value with a short life. Repair, renovation and replacement expenditure is written off as expenditure in the statement of financial activities. The cost of fixed assets is their purchase cost, together with any incidental costs of acquisition.

The King's House is held on a long lease, is a listed property and is carried at its original cost as the trustees consider that it is not appropriate to apply a valuation to such property.

Leasehold property is depreciated at 2% per annum on cost. Freehold property is depreciated at 10% per annum on cost. Leasehold improvements are depreciated at 10% per annum on cost. Fixtures and fittings are depreciated at 33.3% per annum on cost.

Page 15

THE SALISBURY AND SOUTH WILTSHIRE MUSEUM TRUST A COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2020

1. ACCOUNTING POLICIES (continued)

Expenditure

Expenditure is allocated to expense headings either on a direct cost basis or apportioned according to time spent. The irrecoverable element of VAT is included with the item of expense to which it relates.

Heritage assets

Up to 31 March 2005 items acquired for the Museum’s collection of exhibits were charged to the Statement of Financial Activities in the year of acquisition. The value of the collection at 31 March 2005 is considered to be incalculable and is therefore not included on the balance sheet. From 1 April 2005, in line with SORP 2005, acquisitions for the collection are capitalised as heritage assets. Heritage assets are not depreciated as they are considered to have an indefinite useful life.

Stocks

Stock is valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Pension costs

The Museum contributes to employees individual defined contribution pension schemes. Additionally, until 30 September 2019, the Museum made contributions to the Wiltshire Pension Fund, a defined benefit scheme, on behalf of certain employees. Contributions are charged to the revenue account in the period in which they fall due and amounted to £27,520 in the period (2019 - £46,673). Actuarial gains and losses are recognised immediately in the Statement of Financial Activities.

Investments

All investments are stated at market value. Any gain or loss on revaluation is taken to the statement of financial activities.

Funds

The Museum’s funds consist of unrestricted and restricted amounts. The Museum may use unrestricted amounts at its discretion. Restricted funds represent income contributions which are restricted to a particular purpose. Designated funds comprise unrestricted funds that have been set aside by the trustees for a particular purpose.

2. TRADING INCOME AND EXPENDITURE

The Museum operates a shop on its premises. Its trading results are shown below.

Turnover
Cost of sales
Gross profit
Administrative expenses
Net (Loss ) profit		 2020
£
11,125
6,450
4,675
10,096
(5,421)		 2019
£
32,000
17,769
14,231
10,853
3,378

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THE SALISBURY AND SOUTH WILTSHIRE MUSEUM TRUST A COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2020

3. CHARITABLE ACTIVITIES

Membership subscriptions
Entrance tickets
Grants from Wiltshire Council and The Arts Council
Coronavirus Job Retention Scheme (CJRS)- Furlough
Total
4.
OTHER TRADING ACTIVITIES
Special Events
Rental income
Lecture theatre hire and film work
Museum shop sales
Sundry income including Hurricane store income
5.
INVESTMENT INCOME
Dividends
Interest
6.
STAFF COSTS
Wages and salaries- museum total salary
Social security costs
Other pension costs
Total Staff Costs
Less: Funded by restricted income		 2020
£
48,948
19,814
55,665
59,339
183,766
2020
£
1,248
57,524
557
11,125
10,014
80,468
2020
£
10,984
80
11,064
2020
£
357,992
19,377
27,520
404,889
(217,073)
187,186		 2019
£
46,918
90,137
27,900
-
164,955
2019
£
33,068
59,447
4,075
32,000
34,791
163,381
2019
£
18,949
127
19,076
2019
£
297,492
17,267
46,673
361,432
(161,332)
200,100

The average number of employees during the year, calculated on a full-time equivalent basis, was as follows:

2020 2019
Office and management 15 13

At the balance sheet date there were no outstanding pension contributions (2019 - £Nil). During the year under review four personnel were made redundant at a cost of £26,588. Apart from the disclosures made in note 19 to the financial statements, neither the trustees, nor any person connected with them, received any remuneration or reimbursement of expenses during the year. No employee earned £60,000 per annum or more. Key management personnel, which consist of the Trustees and the Museum Director, were paid a total of £36,800 (2019 £40,484) before employer pension contributions.

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THE SALISBURY AND SOUTH WILTSHIRE MUSEUM TRUST A COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2020

7. EXPENDITURE

Expenditure includes:

2020 2019
£ £
Auditors' remuneration including professional fees 4,000 4,000
Depreciation – owned assets 241,070 255,338
Directors’ remuneration including employer pension contributions 44,528 49,077

8. ANALYSIS OF TOTAL RESOURCES EXPENDED

Year ended 31 December 2020

Charitable activities:
Costs of raising funds
Costs of operating Museum shop
Costs of operating the Museum
Management and administration
of the Charity:
Governance costs
Total resources expended
Year ended 31 December 2019
Charitable activities:
Costs of raising funds
Costs of operating Museum shop
Costs of operating the Museum
Management and administration
of the Charity:
Governance costs
Total resources expended		 Staff costs
£
-
8,410
394,479
402,889
2,000
404,889
Staff costs
£
-
8,928
350,504
359,432
2,000
361,432		 Support
costs
£
13,222
8,136
381,184
402,542
6000
408,542
Support
costs
£
27,445
19,694
192,950
240,089
6,000
246,089		 Depreciation
£
-
-
241,070
241,070
-
241,070
Depreciation
£
-
-
255,338
255,338
-
255,338		 2020
Total
£
13,222
16,546
1,016,733
1,046,501
8,000
1,054,501
2019
Total
£
27,445
28,622
798,792
854,859
8,000
862,859

The sole activity of the charity is the operation of a museum in Salisbury.

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THE SALISBURY AND SOUTH WILTSHIRE MUSEUM TRUST A COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2020

9. TANGIBLE FIXED ASSETS

COST
At 1 January 2020
Additions
At 31 December 2020
DEPRECIATION
At 1 January 2020
Charge for the year
At 31 December 2020
NET BOOK VALUE
At 31 December 2020
At 31 December 2019		 The King’s
House
At Cost
£
250,000
-
250,000
103,750
5,000
108,750
141,250
146,250		 Hurricane
Improvements
Close
to
Store
date
£
£
158,682
2,592,276
-
-
158,682
2,592,276
31,737
1,610,864
15,868
214,126
47,605
1,824,990
111,077
767,286
126,945
981,412		 Fixtures
and
fittings
£
241,158
-
241,158
233,428
6,076
239,504
1,654
7,730		 Totals
£
3,242,116
-
3,242,116
1,979,779
241,070
2,220,849
1,021,267
1,262,337

10. FIXED ASSET INVESTMENTS

VALUATION:
At 1 January 2020
Additions
Disposals
Net unrealised investment gains
At 31 December 2020		 £
658,276
439,012
(635,358)
80,120
542,050

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THE SALISBURY AND SOUTH WILTSHIRE MUSEUM TRUST A COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2020

11. HERITAGE ASSETS

COST:
At 1 January 2020
Additions
As at 31st December 2020		 £
486,403
-
486,403

The Museum’s collections are assets of historical importance held to advance the Museum’s conservational and educational objectives and which through public access contribute to the culture and education of Salisbury and its visitors. Additions to the Museum’s collections have been capitalised and stated at cost since 1 April 2005. No value has been placed on the collections held prior to 1 April 2005 as reliable cost information is not available and conventional valuation approaches lack sufficient reliability when applied to assets such as those held in the Museum’s collections. The cost of any such valuation would also be onerous in comparison to any additional benefit that may be derived by users of the financial statements.

During 2020 one hundred and four items were added to the collection but there was no cost involved in acquiring them.

12. STOCKS

12. STOCKS
2020 2019
£ £
Goods for resale 11,654 7,766
13. DEBTORS: AMOUNTS FALLING
DUE WITHIN ONE YEAR
2020 2019
£ £
Other debtors 113,742 142,802
Prepayments 16,235 16,463
129,977 159,265
14. CREDITORS: AMOUNTS FALLING
DUE WITHIN ONE YEAR
2020 2019
£ £
Other creditors 28,004 10,645
Accrued expenses 15,850 18,509
43,854 29,154

Page 20

THE SALISBURY AND SOUTH WILTSHIRE MUSEUM TRUST A COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2020

15. RESTRICTED FUNDS

Transfers Transfers Dividends Investment
At between and gains/ At
1.1.20 Income funds interest (losses) Expenses 31.12.20
£ £ £ £ £ £ £
General Funds
Specimen fund 2,488 - - - - - 2,488
Museum Publications 750 - - - - - 750
Tisbury Environs 26,097 1,500 - - - (5,314) 22,283
Acquisition fund 1,877 - - - - - 1,877
Esmée Fairbairn Collection 22,799 49,610 - - - (35,272) 37,137
W C Refurbishment fund 18,178 - - - - - 18,178
Salisbury Area Board Grant 250 - 46 - - (296) -
Salisbury City Council grant 3,241 16,000 260 - - (6,011) 13,490
W M Photography Project 2,996 4,657 - - - (3,446) 4,207
Coombe Bissett Research Project 1,810 - - - - - 1,810
OU Meteorite display 458 - - - - - 458
Wylye Hoard conservation 5,798 - - - - - 5,798
Wessex Museums Partnership - 63,767 (1,618) - - (57,293) 4,856
Finds Liaison Officer (PAS) - 25,675 - - - (24,230) 1,445
Roman House 1,258 - - - - - 1,258
Art Society Donation 5,000 - - - - (5,000) -
WPM Connections Project - 1,650 - - - (1,296) 354
Rex Whistler Archive 1,412 91 - - - - 1,503
John & Ruth Howard - 3,500 - - - - 3,500
94,412 166,450 (1,312) - - (138,158) 121,392
National Lottery Heritage Fund - 276,497 32,867 - - (309,364) -
Educational Funds
K B Wyatt Trust 217,011 - - 4,709 19,290 (58,303) 182,707
Capital Funds
Heritage assets 486,403 - - - - - 486,403
King’s House & Costume
Gallery Appeal fund 146,250 - (5,000) - - - 141,250
Hurricane Close Store 126,946 - (15,868) - - - 111,078
Wessex Gallery 981,412 - (214,126) - - - 767,286
Salisbury Gallery Fund - 59,036 125,877 - - - 184,913
1,741,011 59,036 (109,117) - - - 1,690,930
Total 2,052,434 501,983 (77562) 4,709 19,290 (505,825) 1,995,029

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THE SALISBURY AND SOUTH WILTSHIRE MUSEUM TRUST A COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2020

15. RESTRICTED FUNDS (continued)

Description of Restricted Funds

The Specimen fund consists of bequests and other monies raised specifically for the acquisition of individual exhibits.

Museum Publications represents donated funds provided for a new booklet about Clarendon Palace.

The Tisbury Environs fund represents a grant from the British Museum and other donations for funding research and excavation of a Roman archaeological site near Tisbury.

The Acquisition fund was financed from the proceeds of disposal of unaccessioned items donated to the museum but outside the scope of its collections and will be used for the acquisition of items for the museum’s collections.

Esmée Fairbairn Collection fund represents significant funding received to support the ‘Look Again’ costume gallery refurbishment project between 2018 and 2020.

The W C Refurbishment fund represents donations and other monies raised towards the refurbishment of the museum’s toilets.

Salisbury Area Board Grant is from Wiltshire Council to fund community consultation.

The Salisbury City Council grant is to fund community and family events and activities organised by the museum.

The Wessex Museum Photographic Project represents funds received for a photographic project with young people in the Tidworth area.

The Coombe Bissett Research Project fund consists of donations to support a small archaeological research project in the village.

The OU Meteorite Display fund represents a grant from the Open University to help fund display panels for the Lake House meteorite.

The Wylye Hoard Conservation fund represents donations made towards the cost of conserving and displaying this Bronze Age hoard acquired by the museum in 2014.

The Wessex Museums Partnership fund represents the museum’s portion of funding from Arts Council England to support a range of innovative projects delivered by the partnership including exhibitions, community engagement, learning, marketing, fundraising and collections care. The Wessex Museums Partnership is led by Poole Museums Service and includes the Dorset Museum and Wiltshire Museum as well as the Salisbury Museum.

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THE SALISBURY AND SOUTH WILTSHIRE MUSEUM TRUST A COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2020

15. RESTRICTED FUNDS (continued)

Description of Restricted Funds (continued)

The Roman House fund represents donations and other funds raised towards the development and construction of an outdoor classroom at the museum based on the design of a traditional timber framed Roman building.

The Art Society provided £5,000 in order to assist with the refurbishment of the costume gallery as part of the ‘Look Again’ project.

The WPM connections fund is a grant from the Wessex Museums to support the development of online content during the COVID-19 pandemic in 2020.

The Rex Whistler fund represents donations received towards the cost of conserving our significant Rex Whistler Archive.

The grant from the John and Ruth Howard Trust is was for outreach activity in 2020 which was cancelled due to the pandemic. This grant can be spent at the museum’s discretion.

Finds Liaison Officer (FLO) is a position funded in the form of a grant from the Portable Antiquities Scheme (PAS) based at The British Museum.

The K B Wyatt Trust fund is to be used for the purposes of education for children.

The Heritage assets fund represents acquisitions for the Museum’s collection that have been capitalised on the balance sheet.

The King’s House and Costume Gallery fund represents donations received in the 1980s to enable the move to The King’s House and the improvement of the property. The transfer to unrestricted funds is an amount equivalent to the depreciation charged in the year.

The Hurricane Close Store fund represents a grant of £50,000 received from the Garfield Weston Foundation and a grant of £75,000 from Wiltshire Council towards the purchase of an off-site storage facility. The purchase of the store was completed in February 2018.

The Wessex Gallery Capital fund represents the amount of grants and donations for the Wessex Gallery that have been spent on leasehold improvements and fixtures and fittings. A transfer equivalent to the depreciation charge is made to unrestricted funds each year.

The Salisbury Gallery fund is donations received towards Past Forward: Salisbury Museum for Future Generations – our major redevelopment project. This was merged with the 150[th] anniversary fund in 2020.

The National Lottery Heritage Fund awarded Salisbury Museum a major grant towards the development of the Museum and the Salisbury Gallery in particular. During the year the Salisbury Museum started Phase I of the Salisbury Gallery Project. We were awarded for Phase I £429,000 by the NLHF. The Museum has to “match fund” this grant by providing 10%.

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THE SALISBURY AND SOUTH WILTSHIRE MUSEUM TRUST A COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2020

16.
UNRESTRICTED FUNDS
Pension scheme
deficit
Balance at 1 January 2020
(271,000)
Surplus/ (Deficit) for the period
-
Repaid in the period
271,000
Balance at 31 December 2020
-
17.
ANALYSIS OF NET ASSETS BETWEEN FUNDS
Unrestricted
funds
£
Fund values at 31 December 2019 are represented by:
Tangible fixed assets
1,654
Investments
354,699
Heritage assets
-
Current assets
130,558
Liabilities
(43,854)
Pension scheme liability
-
443,057
Unrealised gains included above
on investment assets at 31 December 2020
51,775
Reconciliation of movements in unrealised gains on investment assets:
Unrealised Gains at 31 December 2019
58,494
Cost adjustments in respect of transactions in the year
(58,494)
Gains arising on revaluations in period
51,775
Unrealised Gains at 31 December 2020
51,775		 General
funds
£
851,797
(137,740)
(271,000)
443,057
Restricted
funds
£
1,019,613
187,351
486,403
301,662
-
-
1,995,029
28,345
25,277
(25,277)
28,345
28,345		 Total
£
580,797
(137,740)
-
443,057
Total
funds
£
1,021,267
542,050
486,403
432,220
(43,854)
-
2,438,086
80,120
83,771
(83,771)
80,120
80,120

18. National Lottery Heritage Fund

During the year the Salisbury Museum started Phase I of the Salisbury Gallery Project. We were awarded for Phase I £429,000 by the NLHF. The Museum has to “match fund” this grant by providing 10%.

Salisbury Museum Spent to 31st December 2020
NLHF reimbursed to date

Salisbury Museum match funding ( 10%)
VAT Element of Salisbury Museum match funding
Balance owed by NLHF as at 31st December 2020		 2020
309,364
(216,757)
(29,439)
(3,430)		 2020
£59,838)

Page 24

THE SALISBURY AND SOUTH WILTSHIRE MUSEUM TRUST A COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2020

19. RELATED PARTY TRANSACTIONS

Mr Adrian Green, the Museum Director, is a trustee of the charity. During the year ended 31 December 2020, Mr Green received a gross salary of £36,800 (2019: £40,484) and the Museum paid £7,728 (2019: £8,593) in employer’s pension contributions.

20. PENSION COSTS

PENSION COSTS
2020 2019
£ £
Defined benefit pension scheme:
Exit fee - 271,000
Deficit - -

Until 30 September 2019, the Museum participated in the Wiltshire Pension Fund (‘the Fund’), a multi-employer defined benefit pension scheme for a number of its employees.

A decision was made during 2019 by the Trustees to exit from the Wiltshire Pension Fund due to the concern that the potential liability of a “Defined Benefit” scheme was more than the Museum could afford to bear. Negotiations were entered into and with the agreement of the staff who were members and a guarantee supplied by Wiltshire Council we were able to exit for a figure of £271,000. Our actuarial deficit just four years ago was £644,000 (2016). We exited from the scheme on 30 September 2019 but the deficit of £271,000 was settled in March 2020.

The Wiltshire Pension Fund is a funded defined benefit scheme, with the assets held in separate trusteeadministered funds. The total contribution made for the year ended 31 December 2020 was £NIL (2019: £40,947), of which employer's contributions were £NIL (2019: £35,601) and the employees' contributions were £NIL (2019: £5,346). The scheme was in deficit and the Museum entered into an agreement to make additional contributions which in 2020 amounted to £NIL (2019: £17,250). The additional contributions ceased when the Museum exited the scheme on 30 September 2019.

The Museum also operates defined contribution schemes (NEST & Royal London) for the remaining staff and since 30 September 2019 for the former members of the Wiltshire Pension Fund. Contributions to those schemes by the Employer in 2020 was £27,520 (2019: £11,072) with the employees contributing to these schemes in 2020 £8,878 (2019: £4,213).

21. CONTINGENT LIABILITY

As at 31 December 2020 the Museum has received grants totalling £1,625,816 from the Heritage Lottery Fund for the Archaeology of Wessex Gallery. Under the terms of the grant the funds would be repayable should the Museum breach its obligations. The Heritage Lottery Fund has a legal charge over the leasehold property of the Museum to secure all monies that may become due. The trustees consider that it is highly unlikely that any amounts will ever become repayable to the Heritage Lottery Fund and accordingly no liability is included in these financial statements.

In addition, as at 31 December 2020 the Museum had received grants from Wiltshire County Council of £75,000 and £50,000 from Garfield Weston regarding the acquisition of a permanent store at Old Sarum Industrial Park, the Hurricane Close Store, for the long term storage of the museums and finds. Although the Museum owns the freehold of the Hurricane Close store we would have a liability to repay these grants in the event of a sale of the property

Page 25

THE SALISBURY AND SOUTH WILTSHIRE MUSEUM TRUST A COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2020

22. COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted Restricted Total Total
funds funds 2019 2018
£ £ £ £
Income and endowments from:
Donations and legacies 69,337 184,107 253,444 315,868
Charitable activities 164,955 - 164,955 160,642
Other trading activities 163,381 - 163,381 200,829
Investments 12,139 6,937 19,076 25,862
Total income 409,812 191,044 600,856 703,201
Expenditure on:
Raising funds 27,445 27,445 17,188
Charitable activities – Operation of the Museum 590,744 219,646 810,390 790,772
Other trading activities 25,024 25,024 54,761
Total expenditure 643,213 219,646 862,859 862,721
Gains/(Losses) on investment assets - Realised 13,667 1,370 15,037 (3,913)
- Unrealised 41,381 17,034 58,415 (54,078)
55,048 18,404 73,452 (57,991)
Net income/(expenditure) before transfers (178,353) (10,198) (188,551) (217,511)
Transfers between funds 230,134 (230,134) - -
Net income/(expenditure) 51,781 (240,332) (188,551) (217,511))
Other recognized gains/losses
Actuarial gains/(losses) on defined benefit 209,000 - 209,000 84,000
pension schemes
Net movement in funds 260,781 (240,332) 20,449 (133,511)
Fund balances brought forward at 1 January 2019 320,016 2,292,766 2,612,782 2,746,293
Fund balances carried forward
at 31 December 2019 580,797 2,052,434 2,633,231 2,612,782

Page 26

THE SALISBURY AND SOUTH WILTSHIRE MUSEUM TRUST A COMPANY LIMITED BY GUARANTEE INCOME AND EXPENDITURE ACCOUNT for the year ended 31 December 2020

Income:
Membership subscriptions
Donations
Hurricane Close Store
Legacies
Entrance tickets
Events
Rental income
Café Income
Lecture theatre hire & filming
Shop sales
Lending our artefacts
Grant - Wiltshire Council
Grants - Art Council, Support Grants & CJRS
Museum Tax Credit from HMR&C
Commission & Royalties & Bank interest
Dividends
Education income
Expenditure:
Salary costs (before deducting “Furlough” of £59,339)
Lighting and heating
Telephone
Printing, stationery and postage
Computer expenses
Travel and courses
Sundry expenses including additional costs for Covid 19
Audit and accountancy
Consultancy fees for HR, VAT and Business Development.
Quilter Cheviot (2020) and Cazenove (2019) fees
Bank charges
Insurance
Maintenance
Conservation
Security
Publicity and fundraising
Exhibition costs – including Festival of Archaeology
Cost of shop sales
Library and subscriptions
Rent
Council tax and Salisbury B I D fee
Hurricane Store expenses
VAT recovered less irrecoverable VAT
Contribution to P A S
Contribution to Wessex Museums Partnership
Carried forward		 2020 £
296,694
307,606
(10,912)		 2019
£
48,948
26,105
132
-
19,814
1,248
49,423
8,101
557
11,125
5,000
22,320
92,684
1,073
336
6,275
3,553
187,816
18,630
1,585
7,809
13,251
819
5,508
4,000
1,299
154
2,341
15,411
10,291
208
8,539
13,222
12,163
6,450
1,509
769
2,022
2,321
(8,511)
-
-		 £
46,918
68,850
276
487
90,137
33,068
49,423
10,024
4,075
32,000
15,000
27,900
-
14,115
820
12,012
4,707
200,100
21,986
2,037
13,460
11,481
1,338
2,074
4,000
6,406
4,649
3,673
16,048
28,733
457
5,973
27,445
14,945
17,769
567
769
12,683
4,071
(16,470)
1,181
2,500		 £
409,812
387,875
21,937

This page does not form part of the statutory financial statements

Appendix

THE SALISBURY AND SOUTH WILTSHIRE MUSEUM TRUST A COMPANY LIMITED BY GUARANTEE INCOME AND EXPENDITURE ACCOUNT for the year ended 31 December 2020

Brought forward
Depreciation:
Leasehold property
Hurricane Close Store
Improvements to property
Fixtures and fittings
Investment gains:
Gain/(loss) on revaluation of investments
Gain/(loss) on disposal of investments
Net (deficit)/surplus before transfers
Transfer from restricted funds
Operating surplus in year
Transfer of Salisbury Gallery Fund to NHLF Project
NET MOVEMENT IN UNRESTRICTED FUNDS		 2020 £
(10,912)
241,070
(251,982)
36,680
(215,302)
232,878
17,576
(155,316)
(137,740)		 2019
£
5,000
15,868
214,126
6,076
51,775
(15,095)		 £
5,000
15,868
214,126
20,344
41,381
13,667		 £
21,937
255,338
(233,401)
55,048
(178,353)
230,134
51,781
-
51,781

This page does not form part of the statutory financial statements

Appendix