REGISTERED COMPANY NUMBER:
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REGISTERED CHARITY NUMBER:
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Report of the Trustees and |
Unaudited Financial Statements for the Year Ended 31 March 2018 |
for |
Swindon Museum and Art Gallery Trust |
REGISTERED COMPANY NUMBER:
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REGISTERED CHARITY NUMBER:
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Report of the Trustees and |
Unaudited Financial Statements for the Year Ended 31 March 2018 |
for |
Swindon Museum and Art Gallery Trust |
Swindon Museum and Art Gallery Trust |
Contents of the Financial Statements |
for the Year Ended 31 March 2018 |
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Page |
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Report of the Trustees | 1 to 3 |
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Independent Examiner's Report | 4 |
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Statement of Financial Activities | 5 |
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Balance Sheet | 6 |
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Notes to the Financial Statements | 7 to 12 |
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Swindon Museum and Art Gallery Trust |
Report of the Trustees |
for the Year Ended 31 March 2018 |
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with |
the financial statements of the charity for the year ended 31 March 2018. The trustees have adopted the provisions of |
Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their |
accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) |
(effective 1 January 2015). |
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OBJECTIVES AND ACTIVITIES |
Objectives and aims |
The Swindon Museum and Art Gallery Trust (the Trust) was formed on 29th October 2015, and was registered as a |
charity on 23rd February 2016. The principle objective of the Trust is to fulfil the ambition of Swindon Borough Council |
(SBC) to build a new museum in the heart of Swindon, and to manage it for the benefit of the community. |
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The aim is to build a landmark building in the centre of Swindon to develop the area between the Old Town and the |
Railway sector into a thriving cultural quarter in accordance with the SBC's Town Masterplan, to house the existing |
excellent collections of art and artefacts, to partner with the Science Museum to display some of their collections stored |
at Wroughton, to attract visiting exhibitions, and most importantly, to be a social hub and visitor attraction which will fuel |
economic growth and create a sense of civic pride for local residents. |
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Activities for Achieving Objectives |
Fundraising will be vital to enable development of the project and the trustees continually review the most appropriate |
methods for generating the funds necessary to achieve their objectives. |
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Main Activities undertaken to further the charity's purposes for public benefit |
In setting objectives and planning for activities, the trustees have given due consideration to the general guidance |
published by the charity commission relating to public benefit and are confident that there is definitely an identifiable |
public benefit. |
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ACHIEVEMENT AND PERFORMANCE |
Key Financial Performance Indicators |
The Trust generates income from private donations as well as receiving funding from Swindon Borough Council. It will |
seek grants and donations from individuals, corporations, trusts and all other grant giving bodies. |
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Review of Activities |
Following the resignation of the Museum director, a new director was appointed, on a consultancy basis, to support the |
Trust's activities and complete the bid to the Heritage Lottery Fund (HLF). |
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A full range of plans and supporting documents were produced to support the project and HLF bid, including: Architect's |
Plans, Business Plan, Collections Plan, Interpretation Plan, Audience Engagement Plan, Development and Delivery |
Phase Plan. |
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Over £8M in project match-funding was confirmed. |
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Extensive Communications and Consultation was carried out to engage local businesses and the wider community. |
Regular liaison took place with SBC executives and political leaders. |
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A major bid was submitted to the Heritage Lottery Fund in November, which was warmly received by the HLF South |
West Committee. Assessment and follow up questions were received and responded to between January and March |
2018. |
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In April 2018, we learned that the HLF application had not been successful. Work is ongoing in 2018/19 to identify and |
select an alternative options to delivery the new museum and art gallery. |
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Investment Policy and Performance |
Cash is currently held in Lloyds Bank. An investment committee will be formed if it is decided to place money in any |
markets. |
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Factors Relevant to Achieve Objectives |
A grant application was made to the Heritage Lottery Fund in order to secure ~50% of the funds required to deliver the |
Museum relocation project in its current proposed form. As this was not successful, work is ongoing in 2018/19 to |
identify and select an alternative options to delivery the new museum and art gallery. |
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FINANCIAL REVIEW |
Financial position |
At 31 March 2018 the Charity had total funds of £7,270. |
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Swindon Museum and Art Gallery Trust |
Report of the Trustees |
for the Year Ended 31 March 2018 |
FINANCIAL REVIEW |
Reserves policy |
The Trust will need to maintain reserves in order to pay its future costs, such as wages. If fundraising is sufficiently |
successful it would be the intention to build a Foundation with strong reserves due to the uncertainty of long term |
funding for the arts and the desire to be sustainable without such. |
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Going concern |
After making enquires, the trustees have a reasonable expectation that the Trust has adequate resources to continue in |
operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in |
preparing the financial statements. |
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STRUCTURE, GOVERNANCE AND MANAGEMENT |
Governing document |
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by |
guarantee, as defined by the Companies Act 2006. |
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Charity constitution |
The Trust was set up on the 29th October 2015 as a private limited company, limited by guarantee, number 9847324. It |
became a registered charity on 23rd February 2016, charity number 1165701. |
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Recruitment and appointment of new trustees |
The election of trustees is performed in accordance with the terms of the Trust's Memorandum and Articles. Six |
independent trustees are elected by the trustees and one is nominated by SBC. |
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Organisational Structure and Decision Making |
The Trust is managed by the trustees with the assistance of a museum director who is the sole employee. All decisions |
are made by the trustees at regular meetings held at least monthly. |
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Related parties |
None |
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Risk management |
The trustees have assessed the major risks to which the Trust is exposed, in particular those related to the operations |
and finance of the Trust, and are satisfied that systems and procedure are in place to mitigate exposure to major risks. |
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REFERENCE AND ADMINISTRATIVE DETAILS |
Registered Company number |
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Registered Charity number |
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Registered office |
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Trustees |
Mr Robert Hiscox DL (Chairman) | - resigned 25 May 2018 |
Mrs Nicola Alberry DL |
Lord (Joel) Joffe CBE | - deceased 18 June 2017 |
Miss Linda Kasmaty |
Mr Brian Mattock |
Mr Gordon Samuel |
Mr Peter Troughton CBE (Acting Chairman) |
Mrs Nicola Arkell-Reed | - appointed 1 July 2017 |
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Swindon Museum and Art Gallery Trust |
Report of the Trustees |
for the Year Ended 31 March 2018 |
REFERENCE AND ADMINISTRATIVE DETAILS |
Independent examiner |
S G Fraser |
FCA |
MHA Monahans |
Chartered Accountants |
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Swindon |
Wiltshire |
SN1 3DR |
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FUNDS HELD AS CUSTODIAN FOR OTHERS |
There are no funds held as custodian for other parties. |
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Approved by order of the board of
trustees
on
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Independent Examiner's Report to the Trustees of |
Swindon Museum and Art Gallery Trust |
Independent examiner's report to the trustees of Swindon Museum and Art Gallery Trust ('the Company') |
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2018 . |
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Responsibilities and basis of report |
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act'). |
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Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act. |
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Independent examiner's statement |
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe: |
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1. | accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or |
2. | the accounts do not accord with those records; or |
3. | the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or |
4. | the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)]. |
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I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached |
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S G Fraser |
FCA |
MHA Monahans |
Chartered Accountants |
38-42 Newport Street |
Swindon |
Wiltshire |
SN1 3DR |
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15 August 2018 |
Swindon Museum and Art Gallery Trust |
Statement of Financial Activities |
for the Year Ended 31 March 2018 |
Period |
29.10.15 |
Year Ended | to |
31.3.18 | 31.3.17 |
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Unrestricted
fund |
Restricted
funds |
Total
funds |
Total
funds |
Notes | £ | £ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies | 2 |
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Investment income | 3 |
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Total |
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EXPENDITURE ON |
Charitable activities | 4 |
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NET INCOME/(EXPENDITURE) |
( |
) |
( |
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( |
) |
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Transfers between funds | 12 | (22,881 | ) | 22,881 | - | - |
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Net movement in funds |
( |
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( |
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( |
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RECONCILIATION OF FUNDS |
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Total funds brought forward |
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TOTAL FUNDS CARRIED FORWARD |
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213,109 |
Swindon Museum and Art Gallery Trust |
Balance Sheet |
At 31 March 2018 |
2018 | 2017 |
Notes | £ | £ |
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CURRENT ASSETS |
Cash at bank |
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CREDITORS |
Amounts falling due within one year | 10 |
( |
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( |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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NET ASSETS |
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FUNDS | 12 |
Unrestricted funds | 7,270 | 125,469 |
Restricted funds |
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87,640 |
TOTAL FUNDS |
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213,109 |
The charitable company is entitled to exemption from audit under |
Section 477 of the Companies Act 2006 for the year ended 31 March 2018. |
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The members have not required the company to obtain an audit of its financial statements for the year ended |
31 March 2018 in accordance with Section 476 of the Companies Act 2006. |
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The trustees acknowledge their responsibilities for |
(a) |
ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the
Companies Act 2006 and |
(b) |
preparing financial statements which give a true and fair view of the state of affairs of the charitable company as
at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. |
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These financial statements have been prepared in accordance with the |
special provisions of Part 15 of the Companies Act 2006 relating to |
charitable small companies. |
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The financial statements were approved by
the Board of
Trustees
on
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Swindon Museum and Art Gallery Trust |
Notes to the Financial Statements |
for the Year Ended 31 March 2018 |
1. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been |
prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement |
of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial |
Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015)', |
Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of |
Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost |
convention. |
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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 prepared in sterling which is the functional |
currency of the charity and rounded to the nearest pound. |
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There are no significant areas of judgements or key sources of estimation uncertainty. |
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The trustees consider that there are no material uncertainties about the Charity's ability to continue as a going |
concern |
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Legal status of the charity |
The charity is a company limited by guarantee and has no share capital. In the event of the charity being wound |
up, the liability in respect of the guarantee is limited to £1 per member of the charity. |
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Financial reporting standard 102 - reduced disclosure exemptions |
The charity has taken advantage of the following disclosure exemption in preparing these financial statements, |
as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland': |
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- | the requirements of Section 7 Statement of Cash Flows. |
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Income |
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it |
is probable that the income will be received and the amount can be measured reliably. |
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Expenditure |
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the |
charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and |
the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and |
has been classified under headings that aggregate all cost related to the category. Where costs cannot be |
directly attributed to particular headings they have been allocated to activities on a basis consistent with the use |
of resources. |
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Taxation |
The charity is exempt from corporation tax on its charitable activities. |
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Fund accounting |
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. |
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Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions |
arise when specified by the donor or when funds are raised for particular restricted purposes. |
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Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. |
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Pension costs and other post-retirement benefits |
The charity operates a defined contribution plan for its employees. A defined contribution plan is a pension plan |
under which the charity pays fixed contributions into a separate entity. Once the contributions have been paid |
the charity has no further payment obligations. The obligations are recognised as an expense when they are |
due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately |
from the charity in independently administered funds. |
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Swindon Museum and Art Gallery Trust |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2018 |
1. | ACCOUNTING POLICIES - continued |
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Donated goods and services |
Donated professional services and donated goods are recognised as income when the charity has control over |
the item, any conditions associated with the donated item have been met, the receipt of economic benefit from |
the use by the charity of the item is probable and that economic benefit can be measured reliably. |
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On receipt, donated professional services and donated facilities are recognised on the basis of the value of the |
gift to the charity which is the amount the charity would have been willing to pay to obtain services or goods of |
equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in |
the period of receipt. |
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Financial instruments |
The charity has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments. |
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Financial assets |
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Basic financial assets, including trade and other receivables, cash and bank balances, are initially recognised at |
transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured |
at the present value of the future receipts discounted at a market rate of interest. |
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Financial liabilities |
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Basic financial liabilities, including trade and other payables, bank loans and overdrafts and loans from fellow |
group companies, are initially recognised at transaction price, unless the arrangement constitutes a financing |
transaction, where the debt instrument is measured at the present value of the future receipts discounted at a |
market rate of interest. |
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2. | DONATIONS AND LEGACIES |
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Period |
29.10.15 |
Year Ended | to |
31.3.18 | 31.3.17 |
£ | £ |
Donations |
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Gift aid |
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Grants |
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Grants received, included in the above, are as follows: |
Period |
29.10.15 |
Year Ended | to |
31.3.18 | 31.3.17 |
£ | £ |
Swindon Borough Council | 83,333 | 183,333 |
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3. | INVESTMENT INCOME |
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Period |
29.10.15 |
Year Ended | to |
31.3.18 | 31.3.17 |
£ | £ |
Deposit account interest |
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Swindon Museum and Art Gallery Trust |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2018 |
4. | CHARITABLE ACTIVITIES COSTS |
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Support costs | Totals |
(See note 5) |
£ | £ |
Swindon Museum and Art Gallery | 343,550 | 343,550 |
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5. | SUPPORT COSTS |
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Management |
Governance
costs |
Totals |
£ | £ | £ |
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339,887 | 3,663 | 343,550 |
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Support costs, included in the above, are as follows: |
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Period |
29.10.15 |
Year Ended | to |
31.3.18 | 31.3.17 |
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Swindon
Museum and Art Gallery |
Total activities |
£ | £ |
Wages | 15,206 | 60,054 |
Social security | - | 4,448 |
Pensions | 1,606 | 4,791 |
Postage and stationery | 738 | 3,952 |
Sundry expenses | 376 | 256 |
Travel and subsistence | 6,924 | 2,769 |
Professional fees | 315,037 | 94,475 |
Accountancy and legal fees | 3,663 | 2,500 |
343,550 | 173,245 |
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6. | NET INCOME/(EXPENDITURE) |
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Net income/(expenditure) is stated after charging/(crediting): |
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Period |
29.10.15 |
Year Ended | to |
31.3.18 | 31.3.17 |
£ | £ |
Accountancy and Independent Examination | 3,663 | 2,500 |
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7. | TRUSTEES' REMUNERATION AND BENEFITS |
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There were no trustees' remuneration or other benefits for the year ended 31 March 2018 nor for the period |
ended 31 March 2017 . |
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Trustees' expenses |
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During the year £933 (2017 - £nil) was reimbursed to R Hiscox for expenses incurred during the year ended 31 |
March 2018. |
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Swindon Museum and Art Gallery Trust |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2018 |
8. | STAFF COSTS |
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Period |
29.10.15 |
Year Ended | to |
31.3.18 | 31.3.17 |
£ | £ |
Wages and salaries |
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Social security costs |
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Other pension costs |
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16,812 | 69,293 |
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The average monthly number of employees during the year was as follows: |
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Period |
29.10.15 |
Year Ended | to |
31.3.18 | 31.3.17 |
Museum director | - | 1 |
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No employees received emoluments in excess of £60,000. |
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9. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
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Unrestricted
fund |
Restricted
funds |
Total
funds |
£ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
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Investment income |
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Total |
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EXPENDITURE ON |
Charitable activities |
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Total |
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NET INCOME/(EXPENDITURE) |
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TOTAL FUNDS CARRIED FORWARD | 125,469 | 87,640 | 213,109 |
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10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
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2018 | 2017 |
£ | £ |
Social security and other taxes |
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Accrued expenses |
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Swindon Museum and Art Gallery Trust |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2018 |
11. | ANALYSIS OF NET ASSETS BETWEEN FUNDS |
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2018 | 2017 |
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Unrestricted
fund |
Restricted
funds |
Total
funds |
Total
funds |
£ | £ | £ | £ |
Current assets | 10,472 | 4,500 |
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Current liabilities |
( |
) |
( |
) |
( |
) |
( |
) |
7,270 | - | 7,270 | 213,109 |
12. | MOVEMENT IN FUNDS |
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At 1.4.17 |
Net movement
in funds |
Transfers
between funds |
At 31.3.18 |
£ | £ | £ | £ |
Unrestricted funds |
General fund | 125,469 | (95,318 | ) | (22,881 | ) | 7,270 |
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Restricted funds |
Swindon Borough Council grant | 14,040 | (9,314 | ) | (4,726 | ) | - |
Swindon Borough Council capital grant | 73,600 | (101,207 | ) | 27,607 | - |
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(110,521 | ) |
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TOTAL FUNDS |
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(205,839 | ) |
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7,270 |
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Net movement in funds, included in the above are as follows: |
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Incoming
resources |
Resources
expended |
Movement in
funds |
£ | £ | £ |
Unrestricted funds |
General fund | 54,379 | (149,697 | ) | (95,318 | ) |
|
Restricted funds |
Swindon Borough Council grant | 83,332 | (92,646 | ) | (9,314 | ) |
Swindon Borough Council capital grant | - | (101,207 | ) | (101,207 | ) |
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( |
) | (110,521 | ) |
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TOTAL FUNDS |
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( |
) | (205,839 | ) |
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Comparatives for movement in funds |
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Net movement
in funds |
At 31.3.17 |
£ | £ |
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Unrestricted Funds |
General fund | 125,469 | 125,469 |
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Restricted Funds |
Swindon Borough Council grant | 14,040 | 14,040 |
Swindon Borough Council capital grant | 73,600 | 73,600 |
87,640 | 87,640 |
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TOTAL FUNDS | 213,109 | 213,109 |
Swindon Museum and Art Gallery Trust |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2018 |
12. | MOVEMENT IN FUNDS - continued |
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Comparative net movement in funds, included in the above are as follows: |
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Incoming
resources |
Resources
expended |
Movement in
funds |
£ | £ | £ |
Unrestricted funds |
General fund | 203,021 | (77,552 | ) | 125,469 |
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Restricted funds |
Swindon Borough Council grant | 83,333 | (69,293 | ) | 14,040 |
Swindon Borough Council capital grant | 100,000 | (26,400 | ) | 73,600 |
183,333 | (95,693 | ) | 87,640 |
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TOTAL FUNDS | 386,354 | (173,245 | ) | 213,109 |
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Restricted funds: |
Swindon Borough Council grant |
A fund for the salary of the museum director. |
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Swindon Borough Council capital grant |
A fund for the capital development of the new museum. |
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Transfers between funds: |
The following transfers have been made: |
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Transfer from | Transfer to | £ | Reason |
SBC grant |
General fund |
25,665 |
being recruitment fee for the director funded by the
SBC grant |
General fund | SBC grant | 20,939 | to cover the deficit on this fund |
General fund | SBC capital grant | 27,607 | to cover the deficit on this fund |
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13. | RELATED PARTY DISCLOSURES |
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R Hiscox, a trustee |
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During the year, the charity received donations of £2,000 (£2017 - £2,000) from the Hiscox Foundation and |
donations of £nil (2017 - donations of £140,500 and Gift Aid of £10,014) from R Hiscox. |
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