PRIThLEWELL PRIORY MUSEUM Charity Registration No 1027112 ANNUAL REPORT & ACCOUNTS YEAR ENDED 31" MARCH 2024
PRIThLEWELL PRIORY MUSEUM Charity Registration No 1027112 Year Ended 315t March 2024 Contents Trustees Annual Report Statement of Trustees, Responsibilities Independent Examinerfs Report Statement of Financial Activities Balance Sheet Notes to the accounts
PRirrLEWELL PRIORY MUSEUM Charity Registration No 1027112 Year Ended 31" March 2024 Trustees Annual Report The Trustee is pleased to present their report and accounts for the year ended 31 March 2024. The accounts have been prepared in accordance with the accounting policies set out in note 2 to the accounts and comply with the Trust's governing document, the Charitie5 Act 2011 and the Statement of Recommended Practice, Charities SORP (FRS102). Objective5 and activities To provide a museum for the general benefit of the inhabitants of Southend on Sea. Prittlewell Priory Museum was given in trust to the Borough [sicl Council by Robert Arthur Jones in 1918 as part of the transfer to the Borough Isic] under trust of Priory Park. The museum is now a listed building having originally been established in 1110 as a monastic residence. The museum re-opened in June 2012 having been closed for extensive restoration and conservation work since September 2009 following the successful application for a Heritage Lottery Funding Bid. The site now features the public sponsored paving stones and new visitor centre. The Trustees in making decisions about the Trust make those decisions with due regard to the objects of the Trust. In addition, they have due regard to their legal duty to carry out the Trusvs charitable purposes for the Public Benefit and the Charity Commissions. guidance thereon. Prittlewell Priory Museum has remained available for all members of the public to benefit from and use freely for the purposes of recreation and pleasure throughout the period. Achlevement5 and performance Prittlewell Priory Museum is currently maintained to allow the purposes in its Governing document set out below to take place during the financial year 2023-24. The Trustee considers that the performan of the charity during the year was satisfactory. Plans for the future The Trustees intend to continue to expand the programme of events and enhance the quality of the visitor offer at Prittlewell Priory Museum. Financial review The total income for the year of £100,092 (2023: £136,664) includes a donation received from Southend City Council General Fund of £54,38412023 £95,981). This donation was received to cover the unrestricted deficit created by the fact that the cost of maintaining the museum exceeded the net income of the charity.
PRIThLEWELL PRIORY MUSEUM Charity Registration No 1027112 Year Ended 31st March 2024 ReSenS Poliry The trust does not need to hold reserves as any deficit which arises on the operation of the trust, should the trust have no funds to meet it, is funded by Southend on Sea City Council. which is 501e trustee of the trust. Going concern Prittlewell Priory Museum meets the definition of a public benefit entity under FRS102. There are no material uncertainties about the chariws ability to continue as a going concern. Structurei governance and management Governing documents The Trusys Governing document is in the fonn of a Declaration of Trust made on 23, April 1992. Trustee recruitment ond tmining Southend City Council elected members are corporate Trustees. Therefore, Councillors once elected become a corporate Trustee of the Trust. Risk Assessment The city council, when carrying out risk assessments for its own activities, includes within the assessment the activities of the trust, SO any major risks applicable to the trust are covered by the council arranging appropriate insurance or having in place strategies to cover other contingencies.
PRIThLEWELL PRIORY MUSEUM Charity Registration No 1027112 Year Ended 31st March 2024 Reference and adminlstrative details Trustee Southend-on-Sea City Council Secretary/Treasurer to the Trust Southend-on-sea City Council Address Civic Centre Victoria Avenue Southend-on-sea Essex SS2 6ER Independent Exomlner TC Group The Courtyard Shoreham Road Upper Beeding Steyning West Sussex BN44 3TN Bankers Barclays Bank PIC 1-3 Haymarket Towers Humberstone Gate Leicester LEI IWA
PRITTLEWELL PRIORY MUSEUM Charity Registration No 1027112 Year Ended 31st March 2024 Statement of Trustees, Responsibilities The Trustees are responsible for preparing accounts which give a true and fair view of the state of affairs of the Charity as at the end of each financial year and the income and expenditure of the Charity for that period. In preparing those accounts, the Trustees are required to: Select suitable and applicable accounting policies and then apply them consistently. Make judgement and estimates that are reasonable and prudent. Prepare the financial statements on a going concern basis unless it is inappropriate to presume that the organisation will continue in business. The Trustees are also responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Charity and enable it to ensure that the financial statements comply with charity legislation and the relevant governing instruments. They are responsible for safeguarding the Charittys asset5 and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Results The Trust's financial results are as per the annexed accounts. By order of the Trustees Signed erto J Chesterton (Feb 10, 2025 13:46 GMT) Joe Chesterton, Executive Director (Finance & Resources) Date Feb 10, 2025
PRIThLEWELL PRIORY MUSEUM Charity Registration No 1027112 Year Ended 31st March 2024 Independent Exarninerfs Report I report on the accounts of the Trust for the year ended 31 March 2024, which are set out on pages 6 to 13. Responslbllltles and basis of report As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act.). I report in respect of my examination of the Trusys accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145{5)(b) of the Act. Independent examinews stotement I have completed my examination. I confimi that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect.. l. accounting records were not kept in respect of the Trust as required by section 130 of the Act. or 2. the accounts do not accord with those records. or 3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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. 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. Mark Cummins FCCA FCIE Forand on behalf of TCGroup Office: Steyning, West Sussex Dated: IqtK-
PRIThLEWELL PRIORY MUSEUM Charity Registration No 1027112 Year Ended 31" March 2024 Statement of Financial Activities 2023124 2023124 2023124 Unrestricted Restricted Endowment Funds Funds Funds 2023124 Totsl Funds 2022/23 Total Funds Income From Donations 56.933 33 43,126 100.092 56,933 33 97,796 13 Investments Charita ble activities 43,126 100,092 38,855 136,664 Total Income Expenditure on Charita ble activities 127.335 127,335 78 120,871 120.871 248,284 248,284 285,530 285,530 Total expendlture 78 Net expenditure and net movement in funds {27.243) (781 {120.871) 1148,192) (148,866) Reconciliation of Funds Total funds brought forward Total funds carried forward 517,634 490.392 5.006 1,811,546 2,334,186 4.928 1,690.670 2.185.990 2,483,052 2,334,186 All income and gains for the year are recogni5ed on the statement of financial activities. All the Charity's activities a re classified as continuing.
PRIThLEWELL PRIORY MUSEUM Charity Registration No 1027112 Year Ended 31" March 2024 Balance Sheet 2023124 Total Funds 2022123 Total Funds Note Fixed Assets Tangible Assets Heritage Assets Total Fixed Assets 490,392 1,690,670 2.181,062 517,635 1,811,541 2,329,176 Current Assets Cash at bank and in hand Total Current Assets 5,768 5.768 5,666 5,666 Liabilities Creditors: Amounts falling due within one year Net current assets (840) 4,928 {6601 5,006 Tota l assets 2.185,990 2,334,182 The funds of the charity Endowment funds Restricted income funds Unrestricted funds Total charity funds 10 1,690.670 11 4,928 490.392 2.185.990 1,811,541 5,006 517,635 2,334,182 Approved by the Trustee and signed on its behalf by an authori5ed signatory. Signed teFto J Chesterton (Feb 10, 2025 13:46 GMT) Joe Chesterton, Executive Director {Fin3nce & Resources) Southend on Sea City Council for the Trustee Date 10/2/25
PRITTLEWELL PRIORY MUSEUM Charity Registration No 1027112 Year Ended 31 March 2024 Notes to the accounts Note l Legal Status Prittlewell Priory Museurn is an unincorporated charity registered in England and Wales (charity number 1027112). Note 2 Accounting Pollcfes B0515 of preparation The accounts have been prepared in accordance wtth 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 1021 (effective l January 2015) - (Charities SORP {FRS 102)), and the Charities Art 2011. Prittlewell Priory Museurn meets the definition of a public benefit entity under FRS 102. Assets and liabilitie5 are initially recognised at historical cost or transattion value unless otherwise stated in the relevant accounting policy note{s). There are no material uncertainties about the charit5 ability to continue a5 a going concern given the continued support of Southend City Council. The financial statements are prepared in Pounds Sterling. which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest pound. Cosh Flow Stotement In accordance with the Charities SORP (FRS 102) the charity is claiming exemption from the requirement to prepare a cash flow statement on account of it being a small charity. Income Donations and other forms of voluntary income are recognised as incoming resources when receivable, except insofar as they are incapable of financial measurement. Charitable activities- represent income from rent and are recognised when receivable. Investment income is accounted for when receivable. Expenditure Expenditure is accounted for on an accruals basis exclusive of the element of VAT which is recoverable by Southend City Council in accordance with VAT Notice 749 para 7.5. Charitable expenditure comprises those costs incurred by the charity in the delwery of its activities and services for its benef iciaries.
PRILEWELL PRIORY MUSEUM Charity Registration No 1027112 Year Ended 31st March 2024 Note 2 Accounting Pollcles (continued) Fixed assets and depreclatlon Tangible and heritage fixed assets are capitalised at Cost. Land is not depreciated. Buildings are depreciated on a 5traight-line basis over a period of 27-30 years. Cash at l)ank and in hand Cash at bank and in hand includes cash and short term highly liquid investments. A separate bank account is maintained by the Trust, this is used for donations from the public and expenditure related to the sponsored pavers scheme. All other income and expenditure pass through the City Council's account, and its cash balances are held within the City Council's general bank account. Creditors ond provisions Creditors and provisions are recognised where the charity has present obligation resulting frorn a past event that will probably result in a transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Critical accountlng estimates and judgements In the application of the charity's accounting policies. the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are relevant. Actual results may differ from these estimates. The estimate5 and underlying assumptions are reviewed on an ongoing basis. Revision5 to accounting estimates are recognised in the period in which the estimate is revised. The trustees do not consider that there are any critical estimates or areas of judgement that need to be brought to the attention of the readers of the financial statements. Note 3 Income from Donations Donations of £2,549 {2023: £1,815) were received from the public. Donations of £54,384 (2023: £95,981) were from Southend City Council as the funding required to make up the operational deficit for the year. This donation is equitably apportioned across all operational trust expenditure. Included in the donation of É56.934 (2023: £97,796) are the following donated services: 2024 2023 Employees- seconded staff Administration 38.695 285 38,980 42,738 314 43,052 Note 4 Income from Imiestments Investment income is from interest earned on the cash balances held.
PRITTLEWELL PRIORY MUSEUM Charity Registration No 1027112 Year Ended 31° March 2024 Note 5 Income from Charitable Artivities 2024 2023 Sales Fees & Charges 33.183 9,943 43.126 23,101 15,754 38,855 Note 6 Cost of Charitable Activities 2024 2023 Employees Building/Ground Maintenance Util ities 68.081 60,053 14,512 18,552 (10,734) 38,860 12.450 9,800 14,520 9,050 148,114 148,114 840 660 Insurance Supplies & Services Depreciation Governance costs Administration 501 441 248.284 285,530 The sUPPOrt costs incurred are the administration services provided by Southend City Council and governance costs. Total support costs for the year were £1,341 {2023: £1,101}. Governance costs comprise solely of fees paid to independent examiners. During the year £840 (2023: £660) was paid to the independent examiner in respect of examination services. Employee costs relate to employees of the Council. No staff were remunerated over £60,000 in the year. The charity is mana8ed by Southend City Council and doesn't have any key management personnel. io
PRITTLEWELL PRIORY MUSEUM Charity Registration No 1027112 Year Ended 31si March 2024 Note 7 Fixed A55ets The Prittlewell Priory Museum land and buildings are reco8nised in the accounts as heritage assets. Tangible Assets Herltage A55ets Total Asset cost. valuation. or revalued amount Balances as at 01104123 and 31103124 804,723 3.613.017 4.417,740 Accumulated depreciation and impairment revlews Balance brought forward @ 01104123 287,088 1,801,476 2,088,564 Charge for the year 27,243 120,871 148,114 Balance carried fonNard @ 31103124 314.331 1.922.347 2,236,678 Net Book Value Brought forward @ 01104123 Carried forward @ 31103124 517.635 1,811,541 2,329,176 490.392 1,690,670 2,181,062 Note 8 Creditors Amounts falling due within one year 2024 2023 Other Creditors 660 Note 9 Net Current Assets The net current asset of £4,928 (2023.. £5,006) reflects the closing balance of the separate bank account held by the Prittlewell Priory Museum Trust. Note 10 Endowment fund The endowment fund arose from Robert Arthur Jones. donation of the Prittlewell Priory Museum in 1918. Note 11 Restrirted fund The restricted fund represents amounts received to be specifically used for the improvement of Prittlewell Priory Museum. 11
pRILEwELL PRIORY MUSEUM Charity Registration No 1027112 Year Ended 31st March 2024 Note 12 Trustee remuneration No trustee was paid in respect of their services as a trustee in 2023 or 2024 and no expenditure was reimbursed. Note 13 Related Party Transactlons During the year the trustee (Southend City Council) donated £54,384 (2023: £95,981) to the Trust in respect of the funding required to cover the operational deficit for the year. Southend City Council collerted a further £45,12612023: £38,855) in respect of other charitable income. The Trust paid the Council £99,252 in respect of operating costs for the year (2023: £136,003). Note 14 Comparatlve funds 2022123 2022123 2022123 Unrestricted Restricted Endowment Funds Funds Fund5 2022123 Total Funds Income From Donations 97,796 13 97,796 13 38,855 136,664 Investments Charita ble activities 38,855 136,664 Total Income Expenditure on Charitable activities 163,907 163,907 752 120,871 120,871 285,530 285,530 Total expenditure 752 Net expenditure and net movement in funds (27,243} {752) (120,871} (148,866} Reconciliation of funds Total funds brought forward Total funds carried fonvard 544,877 5,758 1,932,417 1,811,546 2,483,052 517,634 S,006 2.334, 186 12
PRIThLEWELL PRIORY MUSEUM Charity Registration No 1027112 Year Ended 315t March 2024 Note 15 Net Assets Between Funds Year Ending 31SE March 2024 Unrestrirted Restrirted Endowment Total Fixed Assets 490.392 840 1.690.670 2.181.062 5,768 (840) 2,185.990 Current Assets 4.928 Current Liabilities Totsl 490.392 4.928 1.690,670 Year Ending 31st March 2023 Unrestricted Restrirted Endowment Total Fixed Assets 517,635 660 1,811,541 2,329,176 5,666 (660) 2,334,182 Current Assets 5.006 Current Liabllities (660) 517.635 Total 5.006 1,811,541 13