#
##
|Directors|Directors||B McElnsy|||
|---|---|---|---|---|---|
||||C Gore|||
||||B Hutton|||
||||A Shepherd|||
||||A Griffiths|||
||||S Balmer|||
||||J Higgins|||
||||Dr7 Munford|||
||||R Scott|||
|Secretary|||B Hutton|||
|Charity|number||328725|||
|Company||number|02499752|||
|Registered||office|12 Bennett Street|||
||||Bath|||
||||BA1 2QJ|||
|Auditor|||Ferguson
Maidment||&Co.|
||||8e Floor|||
||||167Fleet Street|||
||||London|||
||||EC4A 2EA|||
|Bankers|||Lloyds Bank|||
||||47 Milsom Street|||
||||Bath|||
||||BA1 1DN|||
|Investment||Managers|Brewin Dolphin|Ltd||
||||StJames House|||
||||StJames Square|||
||||Cheltenham|||
||||GL50 3PR|||
##
||||Page|
|---|---|---|---|
|Directors'
report|||1-7|
|Statement
of Directors'||responsibilities||
|Independent
auditor's||report|9-11|
|Statement
of financial||activities|12|
|Balance sheet|||13|
|Statement of cash flows|||14|
|Notes to the financial|statements||15-27|
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||||Unrestricted|Endowment|Restricted|Total|Total|
|---|---|---|---|---|---|---|---|
||||funds|funds|funds|2022|2021|
|Income from:|Notes||8|2|2|8|2|
|Donations
and legacies|||398|104,470|13,195|118,063|603,632|
|Charitable
activities|||10,522|||10,522|2,357|
|Other trading
activities|||28,670|||28,670|3,443|
|Investments|||310,328|||310,328|270,649|
|Insurance
claim proceeds|||28,363|||28,363||
|Government
grant|||18,918|||18,918|5' 532|
|Total income|||397199|104470|13,195|514,864|939613|
|~Ex
n
i~tur
n,|Notes|||||||
|~Ri1
7
0||||||||
|Fundraismg|||2,078|||2,078||
|Trading costs|||29,861|||29,861|23,213|
|Investment
management|||1,511|24,494||26,005|23,249|
|Insurance
claim expenses|||1 145|||1,145|4198|
||||34,595|24494||59089|50658|
|Charitable
activities||9|286,719||15051|301 770|249 194|
|Total resources expended|||321,314|24,494|15,051|360,859|299,852|
|Net gains/(losses)
on||||||||
|investments|13|||56,288||56,288|73,814|
|Net (outgoing)/incoming||||||||
|resources before transfers|||75,885|136,264|(1,856)|210,293|713,575|
|Transfer|||191,828||191,828|||
|Net (expenditure)/income|for the|year||||||
|Net movement
in funds|||(115,943)|136,264|189,972|210,293|713,575|
|Fund balances at 1 April 2021|||287625|7171,397|49,400|7,508,422|6,794,847|
|Fund balances at 31 March 2022|||171,682|7,307,661|239,372|7,718,715|7,508,422|
##
##
||||||2022||2021||
|---|---|---|---|---|---|---|---|---|
|Fixed assets||||Notes||2||2|
|Tangible assets||||14||913,728||922,620|
|Investments|at||cost|15|5,865,922||5,819,884||
||||value||552,700||457 202||
|||||||6,418,622||6,277,086|
|||||||7,332,350||7,199,706|
|Current assests|||||||||
|Stocks||||16|12,244||11,188||
|Debtors||||17|51,621||46,890||
|Cash at bank and in hand|||||~77 574||289,933||
||||||441,439||348,011||
|Creditors:
within one|amount
year|falling due||75|~5~,074||39,295||
|Net current|assets|||||386,365||308,716|
|Total assets less current|||||||||
|liabilites||||||7,718,715||7,508,422|
|Income funds|||||||||
|Restricted funds||||19||239,372||49,400|
|Endowment|funds|||20||7,307,661||7,171,397|
|Designated|funds|||21||||164,611|
|Unrestricted|funds|||||171,682||123,014|
|||||||7,718,715||7,508,422|
##
##
##
||||||2022|2021|
|---|---|---|---|---|---|---|
|||||Notes|||
|Net Incomings/(Outgoings)
from||Activities|||210,293|713,575|
|Add:
Non-cash
items|||||||
|Depreciation||||14|11,512|25,011|
|Loss on disposal
offixed|assets|||||371|
|Less:Endowment
funds|||||(136,234)|(653,924)|
|Dividends|||||(310,328)|(270,649)|
|Adjustment
re gains and|other non-cash||||||
|investment
activities|||||4,350|10,477|
|Cash used prior to capital injection,|||investment||||
|activities and operations|||||(220,407)|(175,139)|
|Cash from capital injection: legacy|||||104,470|600,000|
|Cash generated
from investment||activity|||||
|Dividends
Sale of investments
Purchase
of investments
Investment
management|fees (PEF)||||310,328
322,236
(417,973)
(28.687)|270,649
576,658
(1,358,002)
(28,874)|
|Total|||||185,9tl4|~539,569|
|Application
of Cash in Operational|||Activities:||||
|Purchase
offixed assets
Increase
in stock
Increase/(decrease)
in debtors
Decrease
in creditors||||14
16
17
18|(2,620)
(1,056)
(4,731)
15,779|(13,634)
(3,971)
(1,756)
(5,209)|
|Total|||||7,372|(24,570)|
|Net (Decrease)/Increase
in Cash|||||77,339|(139,278)|
|Cash at 1 April|||||422,216|561,494|
|Cash at 31 March|||||499,555|422,216|
|Composition
of cash balances at||31 March|||377,574|289,933|
|Cash at bank|||||100,639|121,640|
|PEF cash with investment
manager|||||21,342|10,643|
|Total|||||499,555|422,216|
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|3|Donations|and legacies|and legacies|||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
|||||Unrestricted|||Endowment|Restricted|Total|Total||
|||||funds|||funds|funds|2022|2021||
||||||||designated|||||
||||||2||||6|||
||Donations|and gifts||||398||13,195|13,593|3,632||
||Legacies||||||104470||104,470|600,000||
|||||||398|104,470|13,195|118,063|603,632||
||For the year||ended|||||||||
||31 March 2021||||1|484|600 000|2 148||603,632||
|4|Charitable|activities|||||||2022|2021||
||||||||||2|2||
||Admission|Charges|||||||8,066|||
||Events||||||||882||865|
||Education|||||||||||
||Membership||subscriptions||||||1,574|1|492|
||||||||||10,522|2,357||
|5|Other trading activities||||||||2022|2021||
||||||||||2|2||
||Shop income||||||||26,927|3,151||
||Image copyright sales||||||||830||292|
||Other income||||||||913|||
||Other trading||activities||||||28,670|3,443||
|6|Investments||||||||2022|2021||
||||||||||6|6||
||Income from||listed|||||||||
||investments||||||||310,197|270,382||
||Interest receivable||||||||131||267|
||||||||||310,328|270,649||
|7|Government||grant income||||||2022|2021||
||||||||||6|6||
||Coronavirus||Job Retention|Scheme||||||||
||Grant||||||||8,251|40,101||
||Coronavirus||Government|Business|support||||10,667|19431||
||||||||||18,918|59,532||
##
##
|8|Raising funds|||||||
|---|---|---|---|---|---|---|---|
|||||Unrestricted|Endowment|Total|Total|
|||||funds|funds|2022|2021|
||F
drasin
an|Publid||||||
||Staff costs|||2078||2078||
||~TCh
M|||||||
||Other trading
activities|||16,957||16,957|6,148|
||Staff costs|||12904||12904|17065|
|||||29,861||29661|23,213|
||Investment
mana|ement||1,511|24494|26Q03|23249|
||Insurance
claim ex en e|||1 145||1,145||
|||||34,595|24,494|59,089|46,462|
||For the year ended 31 March 2021|||||||
||Fundrasing
and publicity|||||||
||Trading costs|||23,213|||23,213|
||Investment
management|||1,290|21,959||23,249|
|||||24 503|21,959||46,462|
|9|Charitable
activities|||||2022|2021|
|||||||2|2|
||Staff costs|||||185,607|161,394|
||Depreciation|||||11,512|25,382|
||Advertising
and PR|||||1,467|403|
||Collection care|||||3,136|3,372|
||Property costs|||||40,736|18,221|
||Travel and expenses|||||1,192|96|
||Legal and professional|||||1,216|1,250|
||Subscriptions|||||505|715|
||Training
and consultancy|||||11,714|3,139|
||Office costs|||||14,662|10,437|
||Bank charges|||||143|39|
||Education|||||1,543|635|
||Exhibition|||||4,938|1,385|
||Artefact insurance|and storage||||19,594|19,476|
|||||||297,965|245,944|
||Share of governance||costs (see note 10)|||3,805|3250|
|||||||301770|249194|
##
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|Support|costs|||||||
|---|---|---|---|---|---|---|---|
||||Support|Governance|2022|2021|Basis of|
||||Costs|Costs|||allocation|
|Audit fees||||3805|3805|3250|Governance|
|||||3,805|3,805|3,250||
|Analysed|between|Charitable||||||
|activities||||3,805|3,805|||
##
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##
|Number
ofe|mployees|||
|---|---|---|---|
|||2022|2021|
|||Number|Number|
|Curator||||
|Visitor Services||||
|Administration||||
|Education||||
|Security||||
|||8|8|
|Employment|costs|||
|||2022|2021|
|||2|2|
|Wages and salaries||180,865|161,487|
|Social security|costs|11,230|8,957|
|Other pension|costs|8494|8,015|
|||200,589|178,459|
##
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##
|13|Net gains/(l||osses)
on investmen|ts|||||
|---|---|---|---|---|---|---|---|---|
||||||||2022|2021|
||||||||2|2|
||Gain/(loss)|on sale of|||||||
||investments||PEF||||17,685|420|
||||EEF||||(1,068)|(12,698)|
||Unrealised||||||||
||gains/(losses)||EEF||||39671|86092|
||||||||56,288|75.814|
|14|Tangible fixed assets||||||||
|||||Freehold|Assets under|Fixtures and|Library|Total|
|||||land and|construction|fittings|||
|||||buildings|||||
||Cost||||||||
||At 1 April 2021|||224,239|668,638|566,832|51,250|1,510,959|
||Acquisitions
Disposals|||||2,620
990||2,620
~990|
||At 31 March||2022|224,239|668638|568,462|51,250|1,512589|
||Depreciation||and impairment||||||
||At 1 April 2021||||55,866|532,473||588,339|
||Disposals|||||(990)||(990)|
||Depreciation||charged||||||
||in the year|||||11,512||11,512|
||At 31 March||2022||55,866|542,995||598 861|
||Carrying
amount||||||||
||At 31 March||2022|224,239|612,772|25,467|51,250|913,728|
||At 31 March||2021|224,239|612,772|34,359|51,250|922,620|
##
##
|15|Fixed asset investments|||||
|---|---|---|---|---|---|
||||Listed|Cash in|Total|
||||investments|portfolio||
||Permanent
Endowment|Fund atcost||||
||At 1 April 2021||5,698,244|121,640|5,819,884|
||Incoming resources|||57,227|57,227|
||Additions||359,101|(359,101)||
||Sales proceeds||(309,560)|309,560||
||Gains/ (Losses)
Fees and outgoings||17,685
187|(28,687)|17,685
~28,874|
||At 31 March 2022||5,765,283|100,639|5,865,922|
||At 31 March 2021||5,698,244|121,640|5,819,884|
||Emergency
Endowment|Fund at market value||||
||At 1 April 2021||446,559|10,643|457,202|
||Incoming resources|||56,895|56,895|
||Additions||58,872|(58,872)||
||Sales proceeds||(12,676)|12,676||
||Realised Gains/ (Losses)||(1,068)||(1,068)|
||Fees and outgoings|||||
||Unrealised
gains/ (Losses)||39,671||39671|
||At 31 March 2022||531,358|21,342|552,700|
||At 31 March 2021||446.559|10,643|457 202|
##
##
|16|Stocks||||||
|---|---|---|---|---|---|---|
||||||2022|2021|
||||||2|2|
||Finished goods and goods for resale
Less: Provision for obsolete stock||||12,406
~162|11,350
~162|
||||||12,244|11,188|
|17|Debtors||||||
||||||2022|2021|
||Amount|falling due||within one year:|2|2|
||Trade debtors|||||168|
||Other debtors||||27,508|23,856|
||Prepayments||and accrued income||24,113|22,866|
||||||51,621|46,890|
|18|Creditors||||||
||||||2022|2021|
||Amount|falling due||within one year:|8|8|
||Other taxation||and social security||5,067|3,155|
||Trade creditors||||25,775|26,247|
||Accruals|and|deferred|income|24,232|9,893|
||||||55,074|39,295|
##
##
##
|||||Balance at|Incoming|Resources|Transfers|Balance at|
|---|---|---|---|---|---|---|---|---|
|||||1 April 2021|Resources|Expended||31 March|
|||||||||2022|
|||||||||2|
|MEAA Metalware
conservation|||project|24,353||||24,353|
|MEAA Emergency
Appeal||||9,732|426|||10,158|
|The Reimaging|Project fund|||3,646|||191,828|195,476|
|L.G Harris Trust|Security||||||||
|Enhancements||||7,867||(2,598)||5,269|
|L.G Harris Trust|Photography||of||||||
|collection||||3,800||||3,800|
|West of England|combined|authority|||||||
|Creative Business Grant|||||7,144|(7,144)|||
|Medlock Charitable
Trust||Flexible|||||||
|display space at|Museum|galleries|||3,000|(2,684)||316|
|West of England|combined|authority|||||||
|Creative
Growth|Grant||||2,625|(2,625)|||
|||||49400|13,195|15,051|191,828|239,372|
##
##
##
|||||||Movement|in funds|||
|---|---|---|---|---|---|---|---|---|---|
||||||||||Balance at|
|||||Balance at
1 April 2021|Incoming
Resources|Resources
Expended|Transfers|Revaluations
gains/losses|31 March
2022|
|||||2|2|8|2|2|2|
|Permanet|Endowment||fund|5,815,222|52,575|(24,494)||17,685|5,860,988|
|Gift from Franklin||Tusu's Estate||884,620|||||884,620|
|Special capital reserve||||9,352|||||9,352|
|Emergency|Endowment||fund|462,203|51 895|||38,603|552,701|
|||||7,171,397|104,470|24,494||56,288|7,307,661|
##
|||||Movements|in|funds||
|---|---|---|---|---|---|---|---|
|||Balance at|Incoming|Resources||Transfers|Balance at|
|||1 April||||||
|||2021|Resources|Expended|||31 March 2022|
|||2|f|2||2|8|
|Designated|funds|164611|25,862||211|190262||
|||164,611|25 862||211|190,262||
##
##
|Analysis of net assets between funds|||||
|---|---|---|---|---|
||General|Restricted|Endowment|Total|
||funds|funds|funds||
|Fund balances at 31 March 2022 are|||||
|represented
by:|||||
|Tangible assets|25,467||888,261|913,728|
|Investments|||6,418,622|6,418,622|
|Current assets/(liabilities)|146,215|239372|778|386365|
||171,682|239,372|7307661|7,718,715|
##