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Reglstered Company number 02182687 (England & Wales) Reglstered Charity Number 519521
THE SILK HERITAGE TRUST
LINKED REPORT AND ACCOUNTS FOR THE YEAR ENDED
31ST MARCH 2021
HEYWOOD SHEPHERD
CHARTERED ACCOUNTANTS
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a THE SILK HERITAGE TRUST
_ Financial Statements for the year ended 31 March 2021
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|Contents|Page|
|Legal|and|Administrative|Information|4-2|
|Report|of|the|Trustees|3-8|
|independent|Auditor|Report|9-44|
|Statement|of|Financial|Activities|12|
|Balance|Sheet|13-14|
|Notes|forming|part|of the|financial|statements|15-25|
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- The Silk Herltage Trust Trustees Report for the Year Ended 31" March 2021
. Legal and Administrative Information
Company Name
The Silk Heritage Trust
Registered Office The Heritage Centre Roe Street Macclesfield Cheshire SK11 6UT
Registered Charity No 519 521
Company Registration No 2182687
Governing Document Articles of Association
Directors and Trustees Mr John Varney (Chair) Mr Nicholas Hynes Mr Roy Pownall Ms Catherine Dewar Miss Dominique Roberts (resigned 3 November 2020) Clir Lesley Smetham Clir Janet Jackson (Friends of Macclesfield Silk Heritage nominee) Ms Hannah Williamson Mr Anthony Davison (resigned 1 Apri! 2020) Mr David Shatwell Cllr Elizabeth Braithwaite , Mr P Cole (Appointed 7 May 2021)
Museum Director (Interim) Emma Anderson Company Secretary Emma Anderson
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o. The Silk Herltage Trust Trustees Report for the Year Ended 31°* March 2021 ennOEN
Independent Examiners
Heywood Shepherd Chartered Accountants & Registered Auditors
1 Park Street
Macclesfield Cheshire SK11 6SR
Payroll Consultants Heywood Shepherd
Bankers
The Co-operative Bank 1 Balloon Street Manchester M60 4EP
Royal Bank of Scotland 56 Chestergate Macclesfield SK11 6BA
National Westminster Bank PO Box 65 2 Chestergate Macclesfield Sk11 6BA
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o The Silk Heritage Trust Trustees Report for the Year Ended 31% March 2021
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The full name of the Charity is the SIlk Heritage Trust. Its registered office and principal operating address is The Heritage Centre, Roe Street, Macclesfield, Cheshire, SK11 6UT.
Constitution
The Company (The Trust) was incorporated on 23 October 1987 and is limited by guarantee with charitable status, and accordingly no distributions are allowed. The Trust, formerly known as the Macclesfield Museums Trust, was granted a uniting direction on 10 December 2008 which had the effect of uniting the Macclesfield Museums Trust with the Silk Heritage Trust Endowed Charity, formerly the Macclesfield Sunday School Heritage Centre Trust. A new body of trustees was formed which also serves corporately as the Trustees for the Endowed Charity.
The Trust is governed by the Articles of Assoclation dated 10" September 2012, which replaced the Memorandum and Articles dated 10" December 2008.
The Board of Trustees shall consist of no less than nine and not more than eighteen members, unless the Members pass a Special Resolution to change these numbers. The Trustees have the power to appoint any person to be a Trustee, but the total number of Trustees shall not exceed the maximum of eighteen.
The Trustees, who are also Directors under Company law, who served during the year and subsequently are shown on page 1. None of the Trustees have any financial interest in the Company.
Trustee Induction and Training
New Trustees are given an Induction Pack which contains a briefing on their legal obligations under Charity and Company law, the Articles of Association, the committee and decision-making processes, the Business Plan and recent financial performance of the Company. Famitliarisation visits are arranged, and Trustee training events are held, as necessary, to facilitate the undertaking of their role.
Organisation
The Board of Trustees administers the Charity. A Museum Director is appointed by the Trustees to manage the day to day operations of the Charity. The Board meets four times per annum, and the following sub-committees meet as shown:
Property Committee
Meets six times per annum and acts as a review and advisory committee to the Board in the areas of commercialisation, development, maintenance and management of the Trust’s property portfolio; including managing risk, strategy, planning and major projects.
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- The Silk Heritage Trust Trustees Report for the Year Ended 31° March 2021
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Objectives and Actlvities
The objects of the Trust are stated In the Memorandum and Articles as (1} the advancement ofthe education of the public by the provision of museum and ancillary facilities; and (2) and any other charitable purpose for the benefit of the public.
Financial Review
In this period the Silk Heritage Trust has made a surplus of £51,725. Operationally the Silk Heritage Trust made a surplus of £61,444 and the Herltage Centre Trust made a deficit of £12,712. The Silk Heritage Trust fulfilled many restricted responsibilities resulting in net income of £2,993 increasing restricted funds carried forward to £52,889.
Priorities for the Trust going forward are to create a sustainable balance sheet with net reserves which will provide operational stability. The Balance Sheet is getting stronger through careful cost management and a proactive approach to diversifying income. Principal Risks and Uncertainties
The Trustees have reviewed the major risks to which the Charity is exposed, particularly those related to the operations and finances of the Trust. The Trustees have given consideration to the appropriate policies, procedures and systems to mitigate the Charity’s exposure to the major risks. The principal financial risk facing the Charity is the ability to generate sufficient income from charitable activities and external funding to cover expenditure incurred in fulfilling the objectives of the Charity.
Investment Powers and Pollcy
The Articles of Association of the Charity permit the Trustees to invest the moneys of the Company not immediately required for its objects in or upon such investments, securities or property as be thought fit.
The Trust’s investments are currently restricted to UK banks and government bonds.
Reserves Policy
The Trustees aspire to retain three month’s operating costs in reserve. As at 31% March 2021, the Charity’s free reserves, as defined as unrestricted funds not represented by fixed assets had reached this amount.
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The Silk Heritage Trust Trustees Report for the Year Ended 31% March 2021
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Achievements and Performance
Our work during 2020-2021 built on the transformation programme the Trust had begun two years previously. The Trustees had previously been pleased to report that the Trust was financially viable due to steps taken in recent years to strengthen robustness through reducing outgoings & diversifying income streams.
This put us in a strong position in our immediate response to the pandemic, nonetheless the sudden loss of key income streams meant that we had to address the shortfall through a significant reduction in expenditure — stripping operations down to essentials and cutting back expenditure. Although alt buildings were closed to visitors, staff remained working behind the scenes, consistent with Covid protection provisions, during the first lockdown and this was an opportunity to undertake valuable work in our buildings and with our collections.
The Old Sunday School remained open throughout for partners providing essential services for vulnerable people. As far as possible, we enabled this by opting to spend a significant proportion of reserves to replace and repair the windows, allowing better ventilation and a safer working environment.
The operations of our key partner Cinemac were hit particularly hard, not only by enforced closure, followed by reduced audiences but by the halting offilm production globally and this has had a consequential effect on our finances.
The Silk Museum closed for most of the year, except for a brief opening period between September — November 2020, when we welcomed back visitors through pre-booked visits for small groups. Paradise Mill was closed for the entire year because social distancing was impossible to implement in this complex, heritage environment and because our elderly guides were shielding.
The limitations of West Park Museum building, in Its restricted access and air flow, have meant that it has not been possible to open this to the public.
Governance
John Varney and Catherine Dewar were re-elected at the AGM as Chair and Vice-Chair respectively for a further term. Antony Davidson resigned as a Trustee due to conflicting pressures on his time; his expertise in formal education had been extremely valuable to the Trust.
The Trust focussed on managing its responsibilities for the wellbeing and safety of staff and visitors in line with all Government guidelines. The Trust has regularly monitored cash flow. A dedicated Risk Assessment Sub-group of Trustees and staff reviewed the changing public health context to adapt operations, control financial risk and ensure safety at all times during the various phases of the pandemic.
The Trust is grateful to our President, David Rutley, MP, for his support for our work, our development plans and recognition of the Trust’s key role in the town’s recovery. During the
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period, and thanks to available grant funding, the Trust to bring in external expertise to collaborate with Trustees and the Director in addressing key issues of its role and responsibilities for Its buildings, collections and audiences.
Financial management
Management and monitoring of the Trust’s financial position has been challenging through this period, due to the impact of lost income streams. We are very grateful to our Accountants Heywood Shepherd for guidance and support in funding applications.
The Trust would have been in a more difficult position were it not for Government support delivered through grants to businesses from Cheshire East and through the furlough scheme which the Trust benefitted from during the second lockdown from November 2020 onwards. Staff were on full or partial furlough from November until the beginning of April 2021 and this has avoided the need for a more drastic approach.
Despite no dedicated fundraising capacity, the Director and staff worked extremely hard to secure grant funding from a wide range of sources in order to survive this financial year, protect our nationally significant collections and serve our audiences. The following grants were secured: Arts Council England: Emergency Funding and Cultural Recovery Fundingto support the Trust’s operations
National Heritage Lottery Fund: Emergency Fund towards Silk Museum reopening Historic England: for repairs to the Old Sunday School’s windows which had become vital in ensuring a safe air flow for all building users Architectural Heritage Fund: Project Viability grant to explore a viable new business and operational model for the Old Sunday School; Project Development grant to support a transformational vision for the Silk Museum and Paradise Mill to inform its long-term role in the town and in Cheshire as a major heritage attraction Community and Arts smaller funders: Support for creative programmes with vulnerable older people; & new models for our Schools’ offer
The Trust also diversified its fundraising by launching on-line donations, bookings and benefitting from small bequests
New relationships
The pandemic highlighted the strength and value of our relationship with Cheshire East Council. The Trust remains grateful for the ongoing revenue funding, plus additional funding streams that have allowed us to extend our work to reach communities. Grants from CEC and Cheshire Community Fund supported the production of Art Packs inspired by our Have a Dabble programme. These packs ensured that vulnerable older people could continue to enjoy creative activities, and this impacted on their wellbeing; the packs were also distributed more widely through Macclesfield Live Well at Home, and Macclesfield SMILE.
The Friends of Macclesfield Silk Heritage have remained an important source of support for the museum, The pandemic hit the Friends hard due to its elderly membership and the cancellation of all its in-person events. Nonetheless we have collaborated to develop an
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The Silk Heritage Trust Trustees Report for the Year Ended 31° March 2021
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ambitious programme of online talks, which have raised the profile of our collections and reached new, international audiences as well as creating a new income stream from donations. The Friends gave significant support to the Museum from their limited reserves, the expansion of our Curator’s work on the Fashion & Textiles collections, and the Curatorial Assistant’s research into the Ancient Egyptian collections.
We were thrilled that the Silk Museum received the Textiles’ Society’s Museum Award. This vote of confidence in such challenging times, has helped drive our new mode! of conservation — research — engagement that Is informing the development of our collections. This enabled us to extend the Conservator in Residence funded through the Association of Independent Museums and focus on our Macclesfield Stripe textiles collections.
New Ways of Working
From the beginning of lockdown, we worked hard to maintain relationships with audiences: - adult visitors, families school partners and their communities, so that everyone could develop and express creativity. We developed a blog of activities tied to our collections on our website and shared through our social media channels.
We have continued our vision for Macclesfield Museums as the place to capture history in the making, and grant funding from the Arts Council, enabled us to work with LIT (Macclesfield's literature festival) to encourage creative writing amongst local communities.
Our relationships with schools had to be completely reimagined because of the pandemic. Funding from Museum Development North West supported a partnership with Nantwich Museum, which has helped develop Virtual Visit local history packages for local schools to enhance existing relationships and reach new audiences. Our schools’ programme has delivered a successful programme of Loan Boxes and Virtual Visits which will continue to inform our work post-pandemic. _
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The Trust was delighted to be able to develop its relationship with Project inc, by creating new studio spaces in the Old Sunday School for teaching art to vulnerable young people. Continuing these activities during the pandemic werea lifeline for many of these students.
The Trust has been able to develop new partnerships during lockdown. A partnership is being developed with Scoop & Scales, a social enterprise food co-operative operating from the Old Sunday School, and this has helped evaluate our vision for the repurposing building.
On behalf of the Board of Trustees, | would like to extend our enormous thanks to the Director, Emma Anderson, and her team at the museums. Without their dedication, drive and determination to ensure our Museums not only survive, but thrive during the uncertainty of the pandemic, we would not now be in a position of being able to consider an exciting, vibrant future for our buildings and collections,
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- The SIIk Heritage Trust : Trustees Report for the Year Ended 31°* March 2021
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Statement of Trustees’ Responsibilities
The Trustees (who are also Directors of the Charity for the purposes of Company law) are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generaliy Accepted Accounting Practice).
Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charitable Company, and of the incoming resources and application of resources, including the income and expenditure, of the Charitable Company for that period. In preparing these financial! statements, the Trustees are required to:
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e Select suitable accounting policies and then apply them consistently
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Observe the methods and principles in the Charities SORP
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Make judgements and estimates that are reasonable and prudent
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¢ State whether applicable UK Accounting Standards have been followed e Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity Company will continue In business.
The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the Charitable Company and enable them to ensure that the financial! statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charitable Company 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 information included on the Charitable Company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legistation in other jurisdictions.
This report has been prepared in accordance with the Special Provisions of part 15 of the Companies Act 2006 relating to small companies.
The Trustees’ Report was approved by the Board and signed on its behalf by:
John Varney Chair, Silk Heritage Trust Date : 20" January 2022
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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF THE SILK HERITAGE TRUST Linked Financial Statements for the year ended 31 March 2021
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Oplnion
We have audited the financial statements of the Silk Herltage Trust for the year ended 31 March 2021 which comprise the Statement of Financial Activities, the Balance Sheet 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 (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements: - give a true and fair view of the state of the charitable company’s affairs as at 31 March 2021 and of its incoming resources and application of resources, including its result, for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the requirements of the Companies Act 2006.
Basls 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 Auditors responsibllities 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
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
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the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
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- the trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the charitable company’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.
Other information
The trustees are responsible for the other information. The other information comprises the Information included in the annual report, other than the financial statements and our Report of the Independent Auditors thereon.
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.
Opinion on other matters prescribed by the Companies Act 2006
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In our opinion, based on the work undertaken in the course of the audit: - the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and
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- the Report of the Trustees has been prepared in accordance with applicable tegal requirements.
Matters on which we are requlred to report by exception
In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.
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~ REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF THE SILK HERITAGE TRUST oo Linked Financlal Statements for the year ended 31 March 2021
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Matters on which we are requlred to report by exception
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
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adequate accounting records have not been kept or returns adequate for our audit have not been recelved from branches not visited by us; or
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- the financial statements are not in agreement with the accounting records and returns; or - certain disclosures of trustees’ remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.
Responsibllities of trustees
As explained more fully In the Statement of Trustees Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company 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.
Auditors responslbllitles 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 materlal misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion, Reasonable assurance Is a high level of assurance, but is not a guarantee that an audlt 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, are detailed below:
Our approach to identifying and assessing the risks of material misstatements in respect of irregularities, including fraud and non-compllance with laws and regulations, was as follows: e The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; ¢ We identified the laws and regulations applicable to the company through discussions wlth trustees and management, and from our knowledge and experience of the charity sector; « We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, Charities SORP FRS102, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation); e We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting correspondence; and
- « Identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the company’s financial statements to material misstatements, including obtaining an understanding of how fraud might occur, by:
e Making enquiries of management as to where they considered there was susceptibility to fraud, their knowiedge of actual, suspected and alleged fraud; ¢ Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF THE SILK HERITAGE TRUST Linked Financlal Statements for the year ended 31 March 2021
To address the risk of fraud through management bias and override controls, we: e Performed analytical procedures to identify any unusual or expected relationships; e Investigate the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: ¢ agreeing financial statement disclosures to underlying supporting documentation;
e reading minutes of meetings of those charged with governance;
¢ enquiring of management as to actual potential litigation and claims;
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of noncompliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from errors as they may involve deliberate concealment or collusion.
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 Independent Auditors.
Other Matters
We draw your attention to the fact that the prior year comparative figures have not been audited as there was no requirement or request from the members.
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 an auditors’ report 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.
Mr N A Kennington FCA (Senior Statutory Auditor) for and on behalf of Heywood Shepherd Statutory Auditor 1 Park Street Macclesfield SK11 6SR
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Date : 20% January 2022
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THE SILK HERITAGE TRUST
Balance Sheet as at 31 March 2021
| Silk | Silk | |||||||
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| Heritage | Heritage | |||||||
| Silk | Trust | Sik | Trust | |||||
| Herltage Trust |
Endowed Charity |
Total | Heritage Trust |
Endowed Charity |
Total | |||
| 2021 | 2021 | 2021 | 2020 | - | 2020 | 2020 | ||
| Notes | £ | £ | £ | £ | £ | £ | ||
| Fixed Assets | ||||||||
| Tangible assets | 12 | 1,051,406 | 152,458 | 1,203,564 | 1,059,430 | 156,408 | 1,215,538 | |
| Investments | 13 | - | 202 | 202 | - | 202 | 202 | |
| Current Assets | ||||||||
| Stock | 14 | 5,270 | - | 5,270 | 4,790 | - | 4,790 | |
| Debtors | 15 | 15,369 | 27,004 | 42,373 | 6,697 | 48,448 | 66,746 | |
| Cash at bank and in hand | 120,063 | 96,377 | 216,440 | 81,176 | 83,067 | 164,243 | ||
| 140,702 | 123,381 | 264,083 | 92,663 | 131,615 | 224,178 | |||
| Creditors: amounts falling | ||||||||
| due within one year | 16 | 39,417 | 3,927 | 43,344 | 63,839 | 3,299 | 67,138 | |
| Net Current Assets | 101,285 | 119,454 | 220,739 | 28,824 | 128,276 | 157,040 | ||
| Total Assets Less Current Llabllities | 1,152,391 | 272,114 | 1,424,505 | 1,087,954 | 284,826 | 1,372,780 | ||
| NatAssets | 1,152,394 | 272,114 | 1,424,505 | 1,087,954 | 284,826 | 1,372,780 | ||
| Charity Funds | ||||||||
| Unrestricted funds | 1,099,502 | 272,114 | 1,371,616 | 1,038,058 | 284,826 | 1,322,884 | ||
| Restricted funds | §2,889 | - | 52,889 | 49,896 | ~ | 49,896 | ||
| TotalFunds | 18&19 | 1,152,391 | 272,114 | 1,424,505 | 1,087,954 | 284,826 | 1,372,780 |
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THE SILK HERITAGE TRUST
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Balance Sheet as at 31 March 2021- continued
These financial statements have been prepared in accordance with the provisions applicable to small companies subject to the small companies regime and in accordance with FRS 102 SORP.
The financial statements were approved and authorised for issue by the trustees on the 20th January 2022 and signed on their behalf by:
Mr John Varney - Chalrman of Trustees
The notes on pages 15 to 25 form part of these accounts.
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THE SILK HERITAGE TRUST
Notes to the accounts for the year ended 31 March 2021
1. ACCOUNTING POLICIES
a) Basis of preparatlon and assessment of going concern
accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with Financial Reporting Standard applicable in the UK and Republic of Ireland FRS 102 section 1A and the requirements of the Companies Act 2006. Assets and llabilities are Initially recognised at historical cost or transaction value unless stated in the relevant accounting policy note.
The Silk Heritage Trust, formally known as Macclesfield Museums Trust has been granted a Uniting Direction by the Charities Commission . The effect of this is that these accounts must also report on the financial activities of The Silk Heritage Endowed Charity, formerly known as Macclesfield Sunday School Heritage Centre Trust. The Trustees are of a view that there are no material uncertainties about the Trust's ability to continue as a going concern.
The Sitk Heritage Trust meets the definition of a public benefit entity under FRS 102.
The trust received government grants totalling £86,000 in the year towards the provision of Museum Services.
The financial statements are prepared in sterling which Is also the functional currency of the trust.
b) Company status
The trust is a company limited by guarantee.
c) Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance * of the general objectives of the trust and which have not been designated for other purposes. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the trust for particular purposes.
The aim and use of each restricted fund Is set out in the notes to the financial statements.
d) Incoming resources and debtors
All incoming resources are recognised once the charity has entitlement to the resources, it is probable that the resources will be received and the monetary value of Incoming resources can be measured reliably. Income from grants is recognised when the charity has entitlement to the funds, conditions have been met, is probable . to be received and can be measured reliably. "Trade and other debtors are recognised at the settlement amount due. Prepayments are valued at the amount prepaid. Accrued income and tax recoverable is included at the best estimate of the amounts receivable atthe balance sheet date.
e) Resources expended and creditors
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category.
Fundraising costs are those incurred in seeking voluntary contributions. Management and administration costs are those in connection with administration of the charity and compliance with the constitutional and statutory requirements.
Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably.
; : | |
Page 15
. ~ THE SILK HERITAGE TRUST
.
Notes to the accounts for the year ended 31 March 2021 - continued
1. ACCOUNTING POLICIES (continued)
f) Tanglble fixed assets and depreclation
Tangible Fixed Assets are stated at cost.
Depreciation is provided on Buildings and Fixtures, Fittings and Equipment on a straight line basis over the expected useful lives of the assets concerned. The rates used for this purpose are:
Perlod (years) Fixtures and Fittings 10 Buildings 50
The Museum's exhibits are not represented in the balance sheet.
The depreciation on buildings is included at 2% of the difference between the current market value and the original cost.
Artefacts purchased by the Museum are not capitalised but are treated as expenditure in the SOFA in the period In which It occurred.
g) Heritage costs
The original land and buildings of the Macclesfield Sunday School were transferred to the Silk Heritage Trust Endowed Charity by a trust deed dated 31 October 1981. The property is a Grade II listed building. It was built in 1813 for the recreation and education of the local community. The charity uses the property to fulfil its objectives by providing rooms for recreational and educational facilities.
The property has not been capitalised as the original cost is unavailable and onerous costs would have to be incurred for the property to be reliably valued. It is also owned as specie property under an Endowed Trust as a Historic asset.
h) Stock
Stock is represented by shop goods for resale which are stated at the lower of cost or net realisable value. Provision has been made where it is considered that stock is obsolete or slow moving.
i) Pension costs
The company operates a work place pension scheme which is a defined contributions scheme with the Peoples Pension. Contributions payable for the year are charged to the SOFA.
j) Investments
Investments ; Investments are a form of financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation in the year.
k) Cash at bank and in hand
Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
Page 16
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_, THE SILK HERITAGE TRUST
:
Notes to the accounts for the year ended 31 March 2021 - continued
| Sik | |||||
|---|---|---|---|---|---|
| Heritage | Silk Heritage | ||||
| Sllk | Trust | Trust | |||
| Heritage | Endowed | Sik Hartage | Endowed | ||
| Trust - |
Charity | Trust | Charity | ||
| 2021 | 2021 | 2020 | 2020 | ||
| £ | £ | £ | £ | ||
| NET INCOMING RESOURCES | |||||
| Thls is stated after charging: | |||||
| Depreciation | 9,500 | 3,950 | 10,256 | 3,950 | |
| Auditfee | 2,500 | - | 3,000 | - | |
| Otherfinance and accountancyfees | 8,400 | - | 10,585 | 7,000 | |
| STAFF COSTS AND NUMBERS | |||||
| Staff costs were as follows: | |||||
| Salaries and wages | . | 83,970 | 13,000 | 103,163 | 30,000 |
| Social securtty costs | 2,879 | - | 650 | - | |
| Employers pension contributlons | 1,214 | - | 10,046 | - | |
| Total | 87,863 | 13,000 | 113,859 | 30,000 |
7. NET INCOMING RESOURCES
8. STAFF COSTS AND NUMBERS
The average monthly head count was 15 staff (2020 - 25) and the average monthly number of full ttme employees during the year, was as follows.
| 2021 | 2020 | |
|---|---|---|
| Number | Number | |
| Finance and administratlon | 1 | 1 |
| Fundraising | 4 | 1 |
| Charitable activitles | 4 | 5 |
| ——* | —_—— |
Approximately 15% of unrestricted staffing costs relate to the operation of the Endowed Charity.
No Employees had employes benefits In excess of £60,000 (2020 - none).
,
The management of the combined trust is the duty of the trustees who are unpald.
9. TRUSTEE REMUNERATION & RELATED PARTY TRANSACTIONS
No members of the Board of Trustees (Directors) received any remuneration or expenses during the year.
No trustee or other person related to the charity had any personal interest In any contract or transaction entered into by the charity during this year or the previous year.
The Macclesfield Museum Trust, now known as The Silk Heritage Trust and Macclesfield Sunday School Heritage Centre Trust, have been granted a UnlitIng Directlon. The Endowed Charity provides rent free accommodation to Tha Silk Herltage Trust in return for shared expenses. At the year end, the net debt owing from the Silk Museum to the Heritage Centre was £19,152 (2020- £32,968)
10. TAXATION
As a chanty, The Silk Heritage Trust is exempt from tax on income and gains falllng within s505 of the Taxes Act 1988 or s256 of the Taxation of Chargeable Galns Act 1992 to the extent that these are applied to its charitable objects. No tax charges have arisen In the Charity.
.
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‘
’ THE SILK HERITAGE TRUST Notes to the accounts for the year ended 31 March 2021 - continued
11. PENSION SCHEME
The trust paid £nil (2020- £20,654) Into the Cheshire East Councell Superannuation Scheme on behalf of Its employees. At the balance sheet date £nlt (2020 - £1,000) was outstanding.
The trust made contributions to the work placa pension scheme with Peoples Pension for 3 employees totalling £1,213 (2020 - £4,393).
12. TANGIBLE FIXED ASSETS The Silk Herltage Trust
| The Silk Herltage | Trust | Fixtures, | |||
|---|---|---|---|---|---|
| Land & | Fittings & | ||||
| Bulldings | Equipment | ‘Total | |||
| Cost | : | £ | £ | £ | |
| At1 April 2020 | 4,202,215 | 419,013 | 1,321,228 | ||
| Additions | . - |
4,476 | 1,476 | ||
| At31 March 2024 | 1,202,215 —IIIIl_ ee |
120,489 1,322,704 l——ESEI~— > __—~~~L———EE&E=[===—=s=x=s#us*==>=]_» |
|||
| Depreciation | |||||
| At1 April 20149 | 143,085 | 119,043 | 262,098 | ||
| Charge fortheYear | 9,500 | : | 9,500 | ||
| At31 March 2021 | 152,585 lS |
119,013 271,598 KxKzq<qz<x#<<=<<=<<*<<>[[[S[S[="[[=[=—=>> |
|||
| Net book values | |||||
| At31 March 2021 | 1,049,630 1,476 1,054,106 SSE |
||||
| At31 March 2020 | 1,059,130 - Iu SyioKK—{z{K__————_ |
1,069, 130 L_—_——— |
|||
| Thevalue ofLand and | Bulldings consists of the Museum atPark Green.The | development ofthls sitewas | was funded to a large extent bythe | ||
| National Lottery Heritage Fund. | The conditions ofthe funding stipulated that Ifthe bulldingwas everto be sold, a percentage ofthe grant | ||||
| glven of£800,000 would have to be repald. | |||||
| The Silk Heritage | Trust | Endowed Fund | Fixtures & | ||
| Bullding | — Fittings | Total | |||
| Cost | £ | £ | £ | ||
| At1April 2020 | 309,111 | 105,737 | 414,848 | ||
| Additions | - | : | : | ||
| At 31 March 2021 | 309,114 | 105,737 | 414,848 | ||
| Depreciation | |||||
| At1April 2020 | 156,595 | 101,845 | 258,440 | ||
| Charge fortheYear | 3,300 | 650 | 3,950 | ||
| At31 March 2021 | 159,895 102,495 262,390 ———E=E>=>ICICIi) ———e |
||||
| Net book values | ~ | ||||
| At 31 March 2021 | 149,216 | 3,242 | 152,458 | ||
| =————————————e—e—=anmmvl_elqem_i_nen_ee_e_e_e_eeeeeeeee—e—e—eee | |||||
| At31March2020 | - | 162,516 | 3,892 | 156,408 |
The bullding represents renovations and additions to the land and butldings of the Macclesfield Herttage Centre.
;
The original land and buildings of the Macclesfield Heritage Centre were transferred to the trust by the Trust Deed dated 31st October 1981 and have not been Included in the fixed assets.
Page 21
. THE SILK HERITAGE TRUST
_
‘
Notes to the accounts for the year ended 31 March 2021 - continued
13. INVESTMENTS
| 13. | INVESTMENTS | ||||||
|---|---|---|---|---|---|---|---|
| 2021 | 2021 | 2020 | 2020 | ||||
| Nominal | Market | Nominal | Market | ||||
| SIlk Heritage Trust Endowed Charity | Value | Value | Value | Value | |||
| £ | £ | £ | £ | ||||
| Clty of Manchester 3% | 371 | 202 | 371 | 202 | |||
| 371 | 202 | 371 | 202 | ||||
| Silk | |||||||
| Heritage | Silk Heritage | ||||||
| Silk | Trust | Trust | |||||
| 14.STOCK | STOCK | Heritage Trust |
Endowed Charity |
Total | SilkHerliage Trust |
Endowed Charity |
Total |
| 2021 | 2021 | 2021 | 2020 | 2020 | 2020 | ||
| £ | £ | £ | £ | £ | £ | ||
| Shop goods for resale | 5,270 | : | 5,270 | 4,790 | - | 4,790 | |
| The amount ofstock recognised as an expense In thecost ofsales | during the yearwas | was £2,145 (2020- £29,321) | |||||
| 15. | DEBTORS | ||||||
| Trade debtors & Prepayments | 10,482. | 4,169 | 14,651 | 6,417 | 15,480 | 21,897 | |
| Other debtor | 4,887 | 1,024 | 5,911 | - | - | - | |
| Sllk Heritage Trust | “ | 19,152 | 19,152 | - | 32,968 | 32,968 | |
| VAT | - | 2,659 | 2,659 | 280 | - | 280 | |
| 15,369 | 27,004 | 42,373 | 6,697 | 48,448 | 55,145 | ||
| 16,CREDITORS: | CREDITORS: Amounts falllng | ||||||
| due within one year | |||||||
| Trade creditors and Accruals | 19,676 | 3,927 | 23,603 | 29,871 | 2,029 | 31,900 | |
| Cheshire Pension Fund | - | - | . | 1,000 | ~ | 1,000 | |
| Silk Heritage endowed trust | 19,152 | - | 19,152 | 32,968 | - | 32,968 | |
| VAT | 589 | ~ | 589 | - | 1,270 | 1,270 | |
| 39,417 | 3,927 | 43,344 | 63,839 | 3,299 | 67,138 |
17 SHARE CAPITAL
SHARE CAPITAL — The company is incorporated under the Companies Act 2006 and is limited by guarantee and therefore does not have a share capital.
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- THE SILK HERITAGE TRUST
.
Notes to the accounts for the year ended 31 March 2021 - continued
48. STATEMENT OF FUNDS
| Balance af | Transfer | Transfer | Balance at | ||||
|---|---|---|---|---|---|---|---|
| 3istMarch | Incoming | Outgoing | between | 31st March | |||
| 2020 | Resources | Resources | Funds | 2024 | |||
| £ | £ | £ | £ | £ | |||
| Unrestricted Funds | |||||||
| The SIIk Heritage Trust | 7,038,058 | 231,880 | 161,436 | (9,000) | 1,099,502 | ||
| The Silk Heritage Trust Endowed | Charity | 284,826 | 23,164 | 44,876 | 9,000 | 272,114 | |
| Total Unrestricted Funds | 1,322,884 | 255,044 | 206,312 | *_ | 1,371,816 | ||
| Restricted Funds | . | ||||||
| The Silk Harttage Trust | |||||||
| AIM | 9,600 | - | 7,694 | - | 1,906 | ||
| Sustalnable improvement | 2,200 | - | - | 2,200 | |||
| John Ellerman | . | 15,690 | - | 15,690 | - | “ | |
| NewHomes Bonus | 15,445 | - | 5,438 | - | 10,007 | ||
| Chashire East | 4,956 | - | 4,956 | - | . | ||
| Esme Fairbalrn | 2,005 | - | 2,005 | - | . | ||
| Arts Counell | ~ | 5,000 | 5,000 | - | - | ||
| Cheshire East have a dabble | - | 1,560 | 1,500 | - | . | ||
| Chashire East covid support | - | 4,900 | 4,900 | - | . | ||
| Natlonal hertage | - | 8,900 | 8,900 | - | - | ||
| University ofManchester | - | 9,200 | - | - | 9,200 | ||
| Friends of Macclesfield Silk Heritage Textlia support | - | 6,675 | - | - | 6,675 | ||
| Friends of Macclesfield Silk HeritageAnclent Egypt | - | 8,325 | 844 | - | 7,481 | ||
| Textila society | - | 4,800 | - | - | 4,800 | ||
| ArchttecturalHeritage Fund Historic England |
- - |
6,160 18,750 |
6,160 8,130 |
- - |
- 10,620 |
||
| Total Restricted Funds | 49,896 | 74,210 | 71,217 | - | 52,889 | ||
| TOTAL FUNDS | . | 1,372,780 329,254 277,529 - 1,424,505 ————IyI~I>>=>o—>IylICICI~l~l>>>> Cc IS > =— |
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- THE SILK HERITAGE TRUST Notes to the accounts for the year ended 31 March 2021 - continued
18 STATEMENT OF FUNDS (continued)
,
Unrestricted Funds
The Silk Heritage Trust - These represent the accumulated unrestricted general funds of the Trust.
The SIIk Heritage Trust Endowed Fund - These represent the accumulated unrestricted general funds of the Endowed Charity
Restricted Funds
During the financial year 2020-21 the Silk Heritage Trust worked with restricted funds from a range of sources.
Cheshire East Council's annual grant is awarded in relation to the Service Level Agreement with the Trust based on effectively managing the museum collections and increasing public and educational engagement with these collections. The Council also made an additional awards of £1,500 to support a programme of new, creative programme for people to have a dabble remotely in activitios, and £4,900 for covid support.
Museum Development North West awarded a Sustainable Improvement Fund grant (SIF) to support the development of schools' loans boxes as part of our work to refresh our learning programme.
John Ellerman Foundation funding allowed the Trust to continuing working with the Director in delivering the Transformation programme at the SIlk Museum and Old Sunday School.
The Esmee Fairbaim Foundation funding was in its flnal year of support of work to Increase care, documentation and engagement with the Museum's nationally important collectlon of Pattern Books.
An award from the Architectural Heritage Fund was glven to cover restoratlon support for the museums.
An award from the New Homes Bonus scheme is contributing to the transformation of the Old Sunday School as a creative, community hub for Macclesfield.
The Friends of Macclesfield Silk Herltage made one of their most generous grants in support of two museum programs in the year.
A grant from Historic England was given to support the restoratlon of the windows in the Old Sunday School.
A grant from the university of Manchester was awarded in the year to assist with covid recovery.
A grant was awarded by the textlle soclety In support of restoration of the fabric collections.
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oo THE SILK HERITAGE TRUST
Notes to the accounts for the year ended 31 March 2021 - continued
19 ANALYSIS OF NET ASSETS BETWEEN FUNDS
| Unrestricted | Restricted | |||
|---|---|---|---|---|
| funds | Funds | 2021 | ||
| £ | £ | £ | ||
| The Silk Heritage Trust | ||||
| Tangible Fixed Assets | 1,051,106 | . | 1,051,406 | |
| Net Current assets | 48,396 | 52,889 | 101,285 | |
| Creditors falilng due in more than one year | “ | . | - | |
| 1,099,502 | 52,889 | 1,152,391 | ||
| The Silk Heritage Trust Endowed Charity | ||||
| Tangible Fixed Assets | 152,458 | - | 152,458 | |
| Investments | ; | 202 | . | 202 |
| NetCurrent Assets | 119,454 | . | 119,454 | |
| 272,114 | - | 272,114 |
20 INTER TRUST LOAN
As at the balance sheet date the inter trust loan outstanding was £ 19,152 owing to the Endowed Charity by the Sik Heritage Trust.
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