REGISTERED COfvfPANY NUMBER: IM667573 (England and Wales) REGISTERED CHARITY NUMBER: 1128326 REPORT OF TBI TRusfEES AI UNAUDITED FANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 FOR BRADING ROMAN VILLA TRUST Hanison Black Limited Easi Quay Wootton BrAdge Isle of Wight P033 4LA Iilliiiii .LouRV• 25111r2024 (X)kPANIES HOUSE A10
B114DING ROMAN VILLA TRUST coNrENfs OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Page Chairnian's Report Report of the Trustees 3 to 9 Independent Examiner's Report 10 to 11 Statement of Financial Activities 12 Balance Sbeet 13 to 14 Cash Flow Statement 15 Notes to the Cash Flow Statement 16 Notes to the Fitt2tsci21 Statements 17 to 32
BRADING ROMAN VtLLA TRUST CHAIRMAN'S REPORT FOR THE YEAR EI¥IDED 31 MARCH 2024 Since April 2023 we have remained open to the public 5 days a week. Tuesday to Sabjrday. On Mondays. thc villa is Staff by our Musewn & Coll¢¢tiODS Manager, Jasmine Wroath, and other key staff and is used to hold various int¢Tnal m¢¢tings, incluth'ug those of the Board of Brading Roman Villa Tnt (BRVT), During the year to March 2024. we held a number of events and projects at Brdding Roman Villa, which enabled us to continue to maintain a good visltor experience alongside sound operational and finan¢ial management. We are pleased thai foT a third year nujning the Trust has made an operating SUTplus of £7,600 before depreciation of land and buildings. Visitor numbers have been rising slowly but Steadily, which is ffflected iti increased revenue compared to 2022-23. This is encouraging for future gr0h po*ntial. Th¢ Fonun Coff¢¢ Shop has proved increasingly )PUlar with visilors during 2023-24 and pleasingly rcvenue has been rising. W¢ have seen a welcome increase in visits by Island re5id¢nlS. using it to m¢¢t wilh friends or communiry groups such as rdmblers. cycling groups, photographic societies. adult education. and women's 0p$. We continue lo r¢view our operntioDal and revenue-generating options regularly and are intToducing new budgeting systems io create a SUStsinabl¢ and profitsble business. The Coffee Shop has increased footfall and rnis¢d its proflle as a community hub. improving year-round trdding and increasing margins for a su¢¢essfvl bu5in¢5s. It ha5 an important part to play in supporting and enhancing the attractiveness of the villa as a destsnation. with lis primary focus on the rneUm. education, and commwiity. Our retail shop has also been successful over the past year thanks to Paula Blondell, who has sourced new products and introduced rnore local produ¢e. Our £uideFK>ok continues to be very popular and is still one of the most frequently purchased Itn$ from our shop. Visitors. cottllnents are pleasingly w)sitiv¢. and it has made o great addition to the overnll musevm interpretation. The s¢¢ond phase of th¢ aThnual mosaic cleaning was completed in May 2023 by a Eroup of six Universiry of Reading students, who spent three days in the museum using techniques shown them in Phase One by a team of external conservators. The success of the trainins means we have established and can build on this importanl connection with th¢ Univ¢rsiry. We have agreed to continue the progrartun¢ on an aTmual basis with the next mosaic cleaning s¢h¢dul¢d for May 2024. This work is included in our Conservation and Care plan as part of our wider commitment to conservation and a150 falls within our Forward Plan and strdtegy for 2023-2028. Our education programme continues to be prais¢d for its ront¢nt and the diversity of the Key Stsges covered, which attracts many school visits. Tn October 2L)23. we wclcomed a new ethication officer to the team, Sarah Girling, who has b¢¢n hugely successful in maiDiaining and fvrthering our good community links and relationships with local and national s¢hools and oth¢[ leaming groups. We are one of the m05t succcssful heritage educalion providers on the Tsle of Wighi, and our plan for the next few years 15 lo expand our OfEing to in¢lud¢ new outside l¢arning activities covering elements of archacology, living history and ¢nvironmental s¢iences. We hope ihis new. inspiring approach to learning will broaden our offering and ¢ncourage young p¢opl¢ to sp¢nd lime in th¢ natural environment. We have also remained an active participant of the Museums and Schools Progrdtnme (fvnded by Arts Council and DfE) which works collaknratively with other Jsland museums to ¢xpand and broaden educational a¢¢ess to heritage sil¢S. This programme has secured funding for another year to support and facilitate workshops and educational resources for museums and education providers. Page I
BRADING ROMAN VILLA TRUST CHAIRMAN'S REPORT FOR THE YEAR ENDED 31 iWiCH 2024 Temporary exhibitio8 by local artist& which Tettwned in 2022, have ntinUed throughout 2023-24. They have proved populaT. such a5 the Operation Geranium exhibilion, whi¢h was a collaboration of works by many differcnt artists and styl¢s. ¢r¢ai¢d to promote Care in the Community. specifically for those who are living alone and vulnerable. Bookings for future exbibitions. include photograplu"c societie5 and contempornry mosaic artists and are free for the public to view. Our team of volunteers has grown considerably during 2023-24 aDd they provide importsllt support to our Slaff and our work ovenll. Volunteer roles include Museum guide5, Front of HouselReception. gardening. and education. Some of the volunteers include a number of guid¢s fomi¢rly provided by the Friends of Brading Roman Villa. The suppon of ihese volunteers is valu#ble when re¢ruiting new members to the volunteer team. The 2020-23 Forward Plan w)s rtvi¢w¢d during 2023. After tbe review process was completed and a¢rioths ken during th¢ period updated. tsustees considered a new Forward Plan for 2024-2028, which was approved unanimously by ihe Board in January 2024. Our future plans, include fundraising events and restarting our lectures and other talks. We are also lookn.ng at plans to be both environmentally and financially sustainable with reviews of our current beating system and Tenewable energy initiatives as well as staning on new strategic plan5 for audience engagement both inside and outside of the museum. The cost-of-living crisis has Continu to be a nCern for all sections of )Ciety and has continued to have an impact on our visitor numbers and ihe demo8raphia8 of those coming to the museum. Those on low incomes have found it harder to visit due to rising costs. which has made our work within th¢ cotnmunity even more important. We hope io continue to work with charitabl¢ organisations. such as Daisy Chains, and ¢xpand our wn)munity lit)ks in an effort to enable th05c who a currelltiy experiencing financial difficulties to a¢$$ ¢ultural cenires. such as our museum and the site MO generally. Like maDy other heritage sites and small busin¢sse& we continue to struggle with the in¢r¢as¢d cost for energy. Our expenditure Irebled during 2022-23 and did not fall back pre-February 2022 levels during 2023-24. As menlioned, we aim to alleviate the increased cost to the museum expenditure by investing in green energy initiatives. This project would be a 5ucces5. nol Just for our f]nallcAal sustainability, but also to Ifil our commitment to decreasing our carbon footprint and impaci on our natural environmenL Day to day governance has been mana8ed through the Executive Comrnitt¢e comprising the Cbairn]an, Treasurer and T1¢¢ Nick WoodifL¢ld, who mei fortnightly. The Museum & Colle¢tions Manager. Jasmine Wroath. alt¢nds by invitation. The Board has met in person every Iwo months wilh the option for remote participation as may be necessary. At the AGM in November 2023, Professor Mike Fulford Jolw Hal8 and Tony Holmes stood down and off¢r¢d themselves for re-election in accordance with ow Arti¢les of Association. Being eligible, ¢ach was re-ele¢*d unanimously. We would like to thank the Friends of Br4ding Roman Villa for iheir contribution of £1.378 to r¢place the broken video monitor in the Museum. I place on record my thanks lo our Museuln & Collections Manager. Jasmin¢ Wroath. and all our staff. volunteers. and the Trustees for their hard work over the last year maintsining and caring for our important Site as a sustsinable business. which helps us to serve our community avhd enable visitors to enjoy and experience Brading Roman Villa and our Island h¢ritage. Stewart White Cl]airnian Page 2
BRADING ROMAN VILLA TRusr REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 Th¢ trustKs who are also directo of the charity for the purpose5 of the ComparLi¢S Act 2006. present their repon with the financial statements of thc charity for th¢ year ended 31 March 2024. The inJst¢es have adopted the provisions of Accounting and R¢porting by Charities.. Siatement 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 l January 2019). OBJECTIVES AND ACTIVITIES Objective5 and aims The objectives of the Brnding Roman Villa Trust (BRVT). previously known a5 the Oglander Roman Trust (ORT), are th¢ pres¢ryation, prot¢ction. and management ol the site of historical, archaeological, ucAtional, s¢ientific, and archiiecturai interest of Brading Roman Villa on the Isle of Wight. In carrying out the charity's aims, the BR ha5 paid due regard to the guid2n¢e of th¢ Charity Commission on publi¢ b¢ncfit and ensures that its obje¢ts are carried out in accordance with the guidance. The mission of ihe BRwf is to consetve and develop the museum & collection. scheduled monument. aDd the land for public benefit and to enable it to be used as an educational and res¢arch fa¢ility for the community. The BRVT aims to operate the visitor and exhibition Centre ai a sufficient surplus to provide for the administration of th¢ Trust and the development alld Improvement of exbibitions. The values and guiding principles of the BRTr are those of accessibility. Sustainabiliry. and ¢ommuniry us¢ as it seeks to balance the dcmands of a tourist attrnction with th¢ n¢¢ds of a notable historic site. Th¢ vision of the BRwf is io us¢ ils entire site in a holistic way to provide a setting worthy of the ar¢ha¢ological and historical value of the Villa. wirh modern facilities for the benefit of the vÈsitirtg public and local communities. The Trust aims to create a sustainabl¢ ¢nviroDmental, heritage, tourist, and cultural hub. To this end. the BRln contittues to ensure that the ethos of open accessibility 15 fOSt¢r throughout events. programmes. projects. and the day to day running of the facility. Prtcing for All a¢tivities is set to take account of local market condilions and to in¢lud¢ GOn10n$. discounts. and free carer tickets. "Projects are undertakeD in o spiri¢ of ¢oJnmunity involvement and aciive partnership Working wherev¢r possibl¢ to in¢lude local ¢ommuniry 0Up8. schools. and neighbourhoods. Management of volunteers continues to be an integral part of the sile's daily busin¢55. This includ¢s front of house. stewarding, guiding in the museum. ethjcation support and limited £ard¢ninglgrounds maintenance. The Villa'5 education programme continued to provide a wid¢ rallge of activiiias to encompass its lifelong learning ¢thos. As well as th¢ curricutum cldd¢d mai¢rial for school's delivery, Learning Outside the Classroom activities include craft and living history a¢tivities throughout school holidays, our continued partnership with the Arts Council funded Museums and Schools, which helps create new workshops in a number of diff¢r¢nt heritage sites a¢ross the Island. working with schools to PTomote the use of our outside grounds to SDJdy th¢ natural ¢nvironment and our well<stablished work experience prograrnmes. Page 3
BRADING ROMAN VILLA TRusr REPORT OF THE TRUSTEES FOR THE YEAR Ef4DED 31 MARCH 2024 ACHIEVEMENT AND PERFORMANCE We started the year with the rM)pular Daisy ChaiThs Children Charity Easter event in April 2023, which saw over 500 visitors to the site. We hxve b¢¢n workn"Dg with Daisy Cbains foT over 10 years hosting many diff¢reni types of ¢ommunity and ¢haTitabl¢ events. whi¢h h¢lp both ¢haTiti¢S ¢ngag¢ with p¢ople within the local community and encourage those who would not normally visit a museum site to come and spend time bere in a relaxed and fijn atmosphere. Unfornnately, due to the weather during the summer we were unable to host the Festival of Heroes event with Daisy Chains. which typically sees over 4000 people visit the evenl ross the weekend. PlaDS With Daisy Chains for other Smaller events as well as Eastrr ar¢ in the ¢aTIy S¢ag¢s of development with a hope of introducing something new in 2025. Our best achievements have been the work done through education and community developmenl. Working alongside students. community groups and other heritage organisations has allowed us io in¢rease our presence within the local community and begin to develop netWoS and r¢latiODships which w¢ can us¢ to create ncw and cxciting initiativcs and prOJts for th¢ fvtur¢. This includes partnering in the Arts Council Funded 'lt's Your Museum, project. This projeci brings together five accredited museums on the Isle of Wight and aims to strengihen their local community engag¢tn¢nt by supporting new heritage iniliatives aimed at engaging new audien¢es. This project also received suppon from Creative 151and, th¢ 151¢ of Wight's Cultural D¢v¢lopm¢nt Ag¢D¢y and additional funding from Isle of Wight National Landscape {AONB)- Through th¢ proj¢¢i. we were able to connect with Parents Voice Isle of Wight and woik together to review and impiove our offer for children and young people with special educational needs and disabiliiies on the Isle of Wight. The project aims to be completed in the Surnm¢T of 2024 with the legacy outcome of us achieving thc new re50urccs and a¢tiviii¢s OD off¢r through our education programme. Throughout 2023124 we coniinued as a parther in the Museums and Schools Project. The project aims to eTthan¢¢ the links beiween local schools and museums and been successfully working collaborativ¢ly since 2018 to develop a range of workshop sessions, activitie5 ar resources to support heritage education in museums and schools across the Island. This programme is Support by Arts Council England and funded through the Department of Educaiion. This year it h&8 belped us to invest in new educational rcsourccs to dev¢lop and pilot early years aciivlties and workshops aod increase our ofkring for home educators. This work is planned to continue into the future. In the February Half terni. w¢ introduced the Kids in Museums Museum Trdil as a pilot for future museum int¢ra¢tivc actlvilies. Kids in Museums support family friendly heritage organi5ations through a fdnge of simple. but powerful programmes. The trail proved to be very popul8r and by using Kid5 Ln Museums resources and guides we plan to enhance and grow our family frJ"endly engagemeni and active involvement of young people within the museum and site over the next few y¢aTS. During 2023124. we were also suc¢¢ssful in recrnitlng new volurrteers to help across all Kctions of th¢ sit¢, including educatioll. Front of House. Museum guides and Living History. We hope that this growth and support from m¢rnbers of th¢ ¢ommunity will continue and expand in th¢ Coming y¢ars. Pagc 4
BIIADING ROMAN VtLLA TRusr REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 During this period, we have also seen positive financial returns within the café and retail aTeas which had been what we had focused on during the previous r¢vi¢w process. From this we have introduced new food and craft produ¢ts in th¢ Museu shop, which 8T¢ lo¢ally produ¢¢d. Th¢se unique items help us to support loral business and redu¢¢ our carbon footprint with minimal delivery distsnces or costs as well as being very popular with visitors, in particular ihose tbat have visited from the MainEad and offers analysing the su¢¢ess of these and then incorporaiing them fijlly into the daily operating modcl. Th¢ Café ¢olltinues to monitor sales and KPIS which provides u5 the infOrntiOn to gaug¢ progress on any changes and insights that help improve th¢ s¢rvi¢e and offering which help prevent w&ste though the kn'ichen and over stocking. Both the café and retail have seen an in¢rease of r¢v¢nue genetation ftom this, wbich we hope to continue and grow over the next few years. FtNANCIAL REVIEW During the year, the total incom¢ rc1Ved was £381,625 (2022123.. £357,208). Total expenditure was £435.947 {2022123: £412.299). r¢sul¢ing in a tothl ¢xp¢nditure of £54.322 (2022123.. nel expenditure £55,091). The deficit attributsble to unrestricted funds was £2.724 {2022123- £1,070) which consolidated the Charity's unrestricted reserves position from £244.020 at th¢ start of the year to £241,296 at the end. Of this. £75,000 is repSent¢d by 8¢neral fund reserv&s. representing six month5. running ¢osts to ¢ov¢r unforeseen costs and commitments in line with the rerVeS policy. RESERVES Restricted funds are managed to ensure that they ar¢ Snt in liri¢ with donor requirements and do not go into a negative posilion. The Charity regularly reviews its reserves policy. as it has done during this y¢ar. and aims to set aside ai l¢ast three months running costs to cover unforeseen costs and commitments in the event of a sudden reduction in revenue or cessation of activitie5. These are acr¢)unted for as g¢tL¢ral fund (unrestricted) reserves. However. the reserves poli¢y is ¢urr¢ntly under r¢vi¢w by th¢ witts. We are very gratefiil 10 all our funders without wbom imporfanl work for rb¢ Villa would simply not be possible. The Trust Is reliant on income r¢venue str¢aDJs from visitor numbers to the museum and from retail sales generated through the shop and coffee shop. Revenue income can be supplem¢nted by specifi¢ grant application made for discrete essenlial projects. Page 5
BRADING ROMAN VILLA TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 HEIUTAGE ASSETS The BRVT pr¢s¢rv¢s and protects th¢ remain5 of a m11]rne Roman villa complex including int¢rioi walls and in situ mosaic floo. Associated ¢x¢avat¢d artefacts we either displayed in appropriately controlled environtnrnts within the museum or kwt in the Local Authority OWtJ¢d secure coll¢¢tion store at Cothty Bottom. Over 9W/ts of the colleciion bas been excavated from Trust owned land and is used for display. research and education. The colleciions are recorded ott Modes datsbase and through photograpbic archive aterial. The BRvfs obligaiions as owners of an accredited museum include ¢onseryation. emergency plannin regular do¢umentstion and coll¢¢tion auditin& cataloguitig and to provide acce&8 to the collection and a55ets. During the relevant year. the Trust has made no new acquisitions for th¢ ¢olleUion. There have been no disposals. Th¢ BRVTS main collection has not been capltalised becatLqe no reliable cost inforntion is available and valuation processes lack sufficient reliability. Only items purchased through the Portable Antiquities Scherne (Treasure Act 1996) have been capitalised as they have a value independently set by the Tr¢asur¢ Valuation Committee. This is as recommended by SORP. These items are not currently depreciated as they are cons¢rved but are revi¢w¢d for impairTneDt. The asset of mosaic floor pavements - both in situ and with support bases- have not been capitslised because no reliable cost inforn)ation is available. Any fancIallY based valuation would be misleath.ng as to th¢ value and significance of the material culture involved. Furtherniore, th¢ ¢osts incurrcd, if valuation could be obtained. would be dispro[10nale in terms of benefits d¢rived ¢itheE by rbe or by users of th¢ financial statements. The Trustees believe that. should the mosaic pavements and Roman infrastructure be capitalised fully, di8proportiona¢¢ly 18rg¢ amount would b¢ illtrodueed into the financial stamentS and would give a misl¢ading impression of asset wealth and thus act as a disincentive to Frf)t¢nlial donors. The Tnt aim5 to maintain the m05ai¢ pv¢m¢nts in a steady stst¢ of repair. The trnst has a clear duty to care for these assets and to make them availabl¢ for the ¢njoym¢ttt and ethatIOn of the public as far as is possibl¢. Commensurn with th¢hT long-temi preservation. Any cost of associated repair and conservation is reported in the year it is incunEd. Page 6
BRADINC ROMAN VtLLA TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED JI MARCH 2024 STRucfuRE, GOVERNANCE AND MANAGEMENT Governing doeument The BRvf is a Company Limited by Guarante¢ oot having a Share Capitsl and governed by its Articles of Association for a Charitabl¢ Company, as d¢fined by th¢ Compafties Act 26 incoTP)rated in 2003. Th¢ dirtorS of BRVT are also chariry tri]stees as defined by section 177 of the Charities Act 2011. The BRVT (fornierly the Oglander Roman Tnt) Charity Number 1128326 is th¢ successor to the unincorporaled charity also named Oglander Rom#n Trust, w"¢It w&s established by Trust Deed in 1994 and regisiered with the Charity Commission for England and Wal¢s Charity Number 1044506. Tbe latter is dorniant, alihough li holds funds for and on beh?If of th¢ BRvf. Is mLStees are Irustees or follner ISteeS of the BRVr. tll 2019-2020, the trnstees agreed that the then current constituent docutnenis would be reviewed against ¢urreni Charity Commission guidelines, best practice. and relevant ¢xp¢rienr¢ of 0[ation over a number of years. New Articles of Association were adopt¢d at the AGM in November 2020 along with the name change froD] Oglander Roman T io Brading Roman Villa Trust. Rttruilm¢u¢ and appointment of new trustees Th¢ dire¢tOTS (tn]si¢es)" are appointed by the Board of the Company (the Board) or at an Annual General Meeting of the company and serve for three years after which they may put themselves forward for fijrther re-appointment for a further three years. After that period, a dirtOr may be reappoitTrted, if agreed at the relevant general meeting by a Special Resolulion. The Articles of Association provide for a minimum of three directors and th¢ir numb¢r is uorrnally limited to twelve. Decisions of tbe Board arc taken by a maj(>rity of directors present and voting at any duly consiiNted meeting. At general meetings of th¢ mpanY, special resolutions, such as those for ex(en5ion of a trustee'5 term. changes to th¢ Articles of Association or liquidation of the company. require a 7511/0 rnajority vote. The Board regularly reviews ihe skill requirement and range of the Board and will identify and appoint any new directors. In 2020 and 2024, T¢cruitsn¢nt of new directors bas been a public process. A new dir¢¢tor would ordinarily meei with the Chair of the Board and Museum Manager as well as existing directors. The new director will receive a copy of the previous ye*s report and a¢rounts, infom)ation on the background and bistory of the Villa and a copy of the Charity Commission leaflet The Essential Tntstee.. What you n¢¢d to know, and other Infornl10n r¢l¢vant &$ a director of the company and as a charity tryst¢¢. The new director is required io Sign the Charity Commission Declaration of Eligibility for n¢wly appointed trustees and undertake regular courses appropriaie for tnjslees of a heritsge 51te. All dkrectors are required to declare potential conflict of interest in relation to any agenda item at any me¢ling. The Executive Commille¢. comprising the chairma Treasurer and Nick Woodifield. regularly review the risks that the charity faces. and report to the Board at the r¢gular bi-monthly meetings. Robusl m(xkrn fin2n¢ial practices with prop¢r ba¢k up prIdureS have been put in place. Discrete proj¢¢is are largely nd¢d through a diversified grant application pro¢¢ss. Risks relating to stsff and ¢mploym¢nt ar¢ ¢overed by updates of proper procedures. insuT#n¢e. aTLd training on the ethos of the Tn and delivery of its s¢rvi¢es. REFERENCE AND ADMINISTRATtVE DETA]IS Patron HRH The Duke of Edinburgh KG KT GCVO Page 7
BRADING ROMAN VILLA TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 Reglstered Company number 04667573 (England and Wa1¢5) Registered Charity number 1128326 Registered otrice Brading Roman Villa Morton Old Road Brading Isl¢ of Wight P036 OEN Chairman of the Trustees Mr S D White BA (Hons) History, LLB (Syd). LLM (Cantsb) Vice Chairmftn of the Trustees Prof. M Fulford CBE, BA. PhD, FBA. FSA Treasurer and Trustee Mr J S Haigh Trustee$ Mr S R Bailley (appoin*d 20.5.24) Ms P M Barber MA Mr C P Boswell (resign&J 20.5.24) Dr A Buckley [apIllted 20.5.24} Mrs K E Collins DL (app)inted 20.5.24) Mr P B Colly¢r BA (resigned 20.5.24) Mr M M Davies (appointed 20.5.24) Mrs J Garbett (appointed 20.5.24) Mr N A Hartl¢y MBE (appoinled 20.5.24) Mr A P Holm¢s BA (r¢sign¢d 20.5.24) Ms S A Janson Mrs S J Kitching (appointed 20.5.24) The Rev. Canon D M Low MA Mr N R R Oulton MA (Oxon) DL (reSid 20.5.24) Dr L Revell (appointed 20.5.24) Mrs E Wilson (resigned 27.11.23) Mr N Woodifield Company Seeretary Mr P B Collyer. BA Page 8
BRADING ROMAN VILLA TRUST REPORT OF THE TRUSTEES FOR THE YEAR Ef4DED 31 MARCH 2024 REFERENCE AND ADMINISTRATIVE DETAILS Independent Examiner A S Garner BA (Hons) FCA Halson Black Limited East Quay Kite Hill Wootton Bridge Isle of Wight P033 4LA Soll¢Stors Roach PiitA$ 60-66 Lugley Street Newport Isle of Wight P030 SEU BAnkers HSBC 101 St James StTeet N¢wport Isle of Wight P030 IXH Approved by order of the board of truste¢s on . d signed on its behalf by.. MrSDWhite- Page 9
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF BRADING ROMAI¥ VJLLA TRUST Independent examiner's report lo the trustee$ of Br*diog Roman Villa Trust ('the Company,) I report to the charity trusiees on my examination of th¢ attounts of the Company for the year ended 31 Mar¢h 2024. Responsibilities Ydnd basis of report As the charitys knjstees of the Company (and also its directOTS for the purpose5 of company low) you are Tesponsible for the preparation of the accounts itL accordaDce with the requirements of th¢ Companies Act 2006 ('the 26 ACV). Having satisfied myself that the accounts of the Company are noi Tequired to be audited under Part 16 of the 2006 Act and are eligible for indep¢nd¢nt exatninatson. I report in respect of my examination of your charity's accounts as carried out uoder Section 145 of the Charities Act 2011 Cthe 2011 ACV). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of th¢ 2011 Act. Pagc 10
INDEPENDENT EXAMtNER'S REPORT TO THE TRUSTEES OF BRADING ROMAN VILLA TRUST Independent examiner's statement Since your charity's gross in¢om¢ ¢x¢e¢ded £250.INX) your ¢xaminer mt be a member of a listed body. J an ¢onfiTm thai l Am qualified to urKlertake the erdmination because l am a member of the Instite of Chorier¢d A¢coutttants in Et)gland and Wales. which is one of the listed bodies. I have completed my examination. I confimi that no matters have come to my attention in connection with the examination giving me cause to believe: accounting records were not kept in respect of the CovDpany as required by Section 386 of the 2006 the accounts do Doi a¢¢ord with those re¢ords' or the a¢¢ounts do not comply with the accom)ting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is nol a matter wn5ider¢d as part of an independent examination.. or the accounts have not been prepar¢d in accordan¢¢ with th¢ methods and principles of the Statement of Recommended Praclice for accounliDg and reporting by charilies (applicable io charilies preparing their accounts ID ac¢ordanc¢ with the Finattcial Reporting Stslldard applicable in the UK and Republic of treland (FRS 102)). I have no concerns and have come across no other matters in nnectIOn with the examination to which attention slKtruld be drawn in this report in order to enable a proper undwEtanding of the accounts to be reached. A S Garner BA (Hons) FCA Harrison Black LiMid East Quay Kite Hill Wootton Bridg¢ Isl¢ of Wight P033 4LA Dale.. .Pagell
BRADING ROMAN VILLA TRUST STATEMENT OF FINANCIAL ACTivrrtES FOR THE YEAR ENDED 31 MARCH 2024 2024 Total lunds 2023 Total fijnds Unrestricted Restricted funds funds Notes INCOME AI¥D EIYDOWMENTS FROM Donations and legacies 51.711 3,462 55,173 68,597 Charitable activities Museum 160,997 160.997 135.930 Other trdding activities Investment income 150,950 1,896 158,846 147,949 To¢*1 376 381625 357 208 EXPENDITURE ON Raising funds 192.689 20.720 213A09 198.958 Charitable activities Museum 35 187 203 35 222538 Total 379 43 56 055 947 412.299 NET INCOMEI(EXPENDJTURE) Transfer5 between funds (3,625) 901 (50,697) 901) (54J22) {55,091) 22 Net movemenl in funds (1724) (51398) (54J22) {55,091) RECOIYCILtATION OF FUNDS Total funds bTought forward 244,020 1,608,467 I52,487 1.907.578 TOTAL FUNDS CARRIED FORWARD 241296 1 556 869 1,798,165 1852 487 The notes forn] part of these rmancl statements Page 12
BRADING ROMAN VILLA TRUST BALANCE SHEET 31 MARCH 2024 2024 Total funds 2023 Total funds Unrestrtcted Restricted fim(L Notes FIXED ASSETS Tangible assets Heritage assets Investments 14 15 16 15&250 4,860 1551,541 1,709,791 4,860 1.768,212 4,860 163.111 1,551,541 1,714,652 1,773,073 CURREIYT ASSETS Stocks Debtors Cash at bank and in hand 17 18 8980 20,823 11)0 448 28 8,980 20,823 105 776 8,139 21,987 119095 130351 SJ28 13&579 149,221 CREDITORS Amounts falling du¢ within one year 19 (34,703) (34.703) (42,369) NET CURRENT ASSETS 95 548 28 100 876 106 852 TOTAL ASSETS LESS CURRENr LIABtLITIES 258,659 I,55669 1.815,528 1,879.925 CREDITORS Amounts falling due after more than one 20 (17J63) (17J63) {27.438) NET ASSETS 241296 1798 165 1852 487 FUNDS Unrestrt¢ted funds Restricted funds 22 241,296 I56,869 244,020 1.608.467 TOTAL FUNDS 1798 165 1852,487 Th¢ charitable company is eDtitJed to ex¢mptson from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024. The members have not Tequired the company io obtain an audit of its financial stst¢n)eDts for th¢ y¢ar ended 31 Marcb 2024 in accordance with SectiOD 476 of the Companies Act 2006. The not&$ form part of thes¢ fmancial statements Page 13 continued...
BRADING ROMAN VILLA TRUST BALANCE SHEET- ¢on¢inued 31 I¥L4RCH 2024 The trustees a¢knowledg¢ their responsibilities for (a) ertsuring that the chariiable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and (b) preparing fanCiAl stAt¢ments whi¢b give a tye attd fair view of the Stale of affairs of the eharitsble ompany as ai the end of ch finan¢ial y¢aT and of its swplus or defi¢it for ea¢h finan¢ial y¢at in accordance with the requirements of Sections 394 and 395 and whicb othenvise comply with the requirements of th¢ Companies A¢t 2006 r¢lating to fjnancial stat¢m¢nts. so far as applicable to the chaTitable company. Thes¢ financial statements have been prepared in accoTdance with th¢ provisions appli¢able to charitsble ¢ompanies subj¢¢t to th¢ small ¢ompani¢s ElMe. The financial statements were approved by the Board of Tnjstees and authorised for issu¢ on i¢..W.. . . .. and were signed on its behalf by.. Mr M M Davi¢s- Tru5t¢¢ The notes forni part of these financial statements Page 14
BRADING ROMAN VILLA TRusr CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Notes CAsh flows from operating ctivities Cash generated from operations Net cash provided by operating aclivities Cash flows from investing #¢tivltles Purchase of tangible fix¢d ass¢ts Net cash used in investing aciivities Cash flows from finanelng actfivlties Loan repaym¢nts in y¢ar 12.195 Net ¢&sb used in fu)ancing activlties 12 l2 195) Change In cash and Cgsh equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting p¢riod (12J38) l2,112 118,114 106.002 Cash c$h equlvilents at the end of the reportirt8 period 118 114 The notes form part of thes¢ fmaDcial statements Pag¢ 15
BRADING ROMAN VILLA TRusr NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2024 RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTtVlTIES 2024 2023 Net expendilure for the reportiog period (as per the Ststement of Tinanciai Activities} Adjustment5 for: Depr¢riation charges (1ncrcas¢)Idrxr¢ in sto¢ks Decrease in debiors (tkcreaseyincrease in creditors ($4J22) (55.091) 61,924 (841) 1,164 63.166 409 10.155 Net cash provided by operations ANALYSIS OF CASH AND CASH EQUALENTS 2024 2023 Cash iti hand Notice deposits {less than 3 months) Overdrdfts included in bank loans and overdr4fts falling due within one year 967 104,809 401 118.694 Total cash and cash equivalents 105,776 118 114 ANALYSIS OF CHANCES IN NET FUNDS At 1.4.23 Cash flow At 31.3.24 Net casb Cash ai bank and in hand Bank ov¢rdraft 119,095 981 (13.319) 981 105,776 118.114 12J38) 105 776 Debt Dcbts fJlling du¢ within l year Debis falling duc aftcr I (12.208) 2,131 10,075 (10,077) 17 39.64 Total 78,468 132 The notes fonn part of thtse fJnaThcial statements Page 16
BRADING ROMAN VtLLA TRU NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 GENERAL INFORMATION The Brdding Roman Villa Trust is a private company limited by guatantee and incotporat¢d in Englan(L The financial statement ar¢ prted in Sterling. which is the functional curr¢ncy of the Charitable company. ACCOUNTING POLICIES Basis of preparing the fiDaocial statements The financial statements of the Charitable cotnpany, which is a publi¢ benefit entity under FRS 102. hav¢ b¢¢n prcpared in accordanr¢ with the Charities SORP (FRS 102) 'AoUnting and Reporting by Charities.. Statement of Recommended Practi¢¢ applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK #nd Republic of Ireland (FRS 102) (effective l January 2019),. Financial Reporting Standard 102 The Financial Reporting Standard applicable in ibe UK and Republic of Ireland, and thc Companies Act 2006. Th¢ finattcial statements have been prepared under the historical ¢ost nVenon. with the eXctIon of investments which ar¢ included ai market valu¢. During the year the charity has net expenses of £54.322 and as at the balance sheet dat¢ the ¢haTity's current a55ets ¢xce¢ded its CUent liabiliti¢s by £100,876. Th¢ trustees beli¢v¢ that these fiJnds ar¢ sufficient to allow them to continue Tbornial trxding. On this basis. the tNstees consider li appropriate to pr¢par¢ the accounts on a Eoitig cottcern basis. Income All income is recognised in the stsiern¢nt of financial activities when the charity is legally entitled to the income after any perforniance ¢onditiOllS bave been Tn¢t. the amount can be measured reliably and it is probabl¢ that the in¢om¢ will b¢ received. Expenditure Liabilities are reco1]Sed as expenditure as soon AS there is a legal or constructive obligation committing th¢ charity to that ¢xpenditure, li is probable ihat a transfer of economic benefits will be required in settlemeni and the atnount of the obligation can be tneasured reliably. Exp¢nditure is a¢¢ounted for on an accruals b&8is and has been classified under headings that aggr¢gat¢ all cost related to the category. Where costs cannot b¢ directly attribut¢d to particular h¢adings they have been allocated to activities on a basis consistent with the use of resour¢¢s. Tangible fixed assets Depreciation 15 provided at th¢ following annual rates in order to wTite off each a5sd over its ¢stimated us¢fiJl life. Cover building Fixtures and fittings Computer equipment 20A on cosi 15Yo on reducing bklaDce 150/0 on r¢duciDg balau(¢ Th¢ land. Toad and car park are not d¢prE¢iated. Tangible fixed assets are slated al cost less a#wDulated depreciation and accumulated impaimient losses. Cost includes costs directly attributable making the asset capabl¢ of operating as intended by management. Pa8e 17 confinued.
BRADING ROMAN VILLA TRUST NOTES TO THE FINANCIAL STATEMENfs- CODtinued FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES- eontlnued Tangfible flled asset5 No tangible fixed asset are capitslised which are not expected to Serve th¢ Charity for morc than one year. The value of any tangible fixed asset is assessed at ils ¢OSt price. Herltage #ssets The Ttust's main ¢olle¢tion has not been capitalised because no reliable cost tnforniation is available and valuation processes lack sufficient reliabiliry. Only items purchased through the Portabl¢ Antiquities Scheme (Treasure Act 1996) have been capitalised as they have a value ind¢pcndently set by th¢ Tr¢asure Valuation Committee. This is as recornmended by SORF FRS102. These items are not currently depreciated as they are conserved but are revicwed for impairnieni on an annual basls. The asset of mosaic floor pavements - both in situ and with support bases - have not been capitslised because no reliable Cost inforniation is available. Any financially based valuation would be misleading to th¢ value and 5ignifiranc¢ of the material culture involved. Furthemiore, the costs incutTed. if valuation could be obtained. would k dispr0rtI0nate in ternis of benefiLS derived either by the museum or to users of the financi41 sthtements. The TTUStees believe that. should the mosaic pavements and Roman infiastructure be capitslised fvIIy> a disproportionately large amount introduced into th¢ financial statements could give a misleading impression of assct W¢41th and a¢t a disincentive to pontIal donors. The Trust aims to maintain the mosaic pavements in a steady state of Tepair. The trusi has a clear duty of ¢are for th&se assets and to make them available for the enJoyTh¢nt and ¢ducation of the public as far as is possible. commensurate with their long lertn ¢aT¢ and pservall0n. Any cosis of associated repair and ¢ons¢ryation is reported in the year it is Incurr in th¢ Stst¢meDt of Financial Activiti. Investments Investments in subsidiaries mea5ur¢d at cosi less ac¢umulaied impairnient. Stocks Stocks ar¢ stat¢d at th¢ low¢r of ¢osi and estimated selling price less costs to cornplet¢ and sell. Cost includ¢s all costs of purchase. st of conversion and other costs incurred in bringing stock to its present lo¢ation #nd condition. Cost is calculated using the first-in. firsl-out forn)ula. Pmvision is made for damaged. obsolete and slow-moving stock where appropri8*. Taxation No provision to taxalion has Eten provid¢d in th¢se financial stsi¢menLS &$ the charitable company's a¢tivities are within the exemptions grdntcd. Fund accountin Unr¢stri¢ied funds caD be used ID accordance with the ¢haritable obj¢div¢5 at the discretion of the tnte¢s. Restricted funds can only be used for parti¢ular restrict pUoSeS within the objects of the ¢harily. Restrictions arise when specifi¢d by th¢ donor or when fithds ar¢ raised for particular restricted purposes. Page 18 ¢ontinu¢d...
BRADING ROMAN VILLA TRusr NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES- continued Fund actounting Further ¢xplanation of th¢ n#tur¢ and putpose of each fill)d is included in the notes to the fimanctal statements. Hlre purchase and leasing commitments Renlals paid under operating leases are ¢h8rgeJ to th¢ Ststement of Financial Activities on a straight line basis over the period of the lease. Pen51011 f05t$ and other po$t-r¢tirement benefits The charitable company operates a defined contribution peDSiOD scheme. Contributions payable to the charitable company'5 pension sclKm¢ are to th¢ Strtent of Fitwicial Activities in the period to which they relate. Donated s¢rvl¢es Donated services or facilities are included in income when the benefit to the charity is reasonably quantifiable and measurable. They are valued by the trust¢e ai the amount the charity would have been willing to pay for the services or f4¢ilitRs on the open mark. IrTe¢overgble VAT Irre¢ov¢rabl¢ VAT is ¢barged to the statement of financial activitie5 in the year io whi¢b il is incurred. EmplDyment Benefits Short terni benefits, including holiday pay. ar¢ recognised in the period in which the s¢rvi¢¢ is received. DONATIOIYS AND LEGACIES 2024 2023 Donations Giftaid Grants Donated services and facilitses 614 I745 3,463 33551 5,286 7,171 13.442 42.698 55,173 68,597 The charity receives support from volunte¢rs. The value of ihts seryice to the charity is esiimaied at £33,551 (2023 - £23,197). The esiimaied valu¢ of this service is included within inMing r¢sources and an equivalent charge in archacologil expenses and event organisation. The estimatcd value of the s¢rvi¢¢ provided by trstees is also e5tim8ted and included in the accounts as an administration cost. The estimated value of this service is £nil (2023 - £19,500). Page 19 Continued...
BRADING ROMAN VILLA TRUST NOTES TO THE FINANCIAL STATEMENTS- ¢ontlnued FOR THE YEAR Ef4DED 31 MARCH 2024 DONATIONS AND LEGACIES- tontinued Grants received. included in the above. are as follows: 2024 2023 Friends of Brading Roman Villa South East Museum Development- The Wild Escape Scheme TW cUlra] Education Partnership - Creatsve Biosphere Project iJ78 2.085 690 13,442 OTHER TRADING ACTIVITIES 2024 2023 Retsil sale5 Catering sales Fun¢tioDs Educational s¢rvic¢s 42,676 99,820 4209 38,614 92,078 3,037 J58846 147.949 INVESTMENT INCOME 2024 2023 Income from land Bank interest 2,752 3.857 3,353 1,379 6,609 Page 20 continued...
BRADING ROMAN VILLA TRUST NOTES TO THE FINANCIAL STATEMENTS- CODtinued FOR THE YEAR ETrIDED 31 MARCH 2024 INCOME FROM CHARITABLE ACTIVITIES 2024 2023 Activity Museum Entrance fees J60 997 135 930 RAISING FUNDS Raising donation5 and legacies 2014 2023 Staff eosts Museum expenses Eveni organisation 17,061 2285 17,926 4,264 32,175 Other tradlng activitles 2024 2023 Purchases Staff costs Commission Bad debts Support Costs 35,380 81,642 429 49 35,365 71.153 530 62,761 181234 169,809 Aggregate amounts 213 409 198 958 Page21 continu¢d...
BRADING ROMAN VtLLA TRUST NOTES TO THE FINANCIAL STATEMENfs- eontinued FOR THE YEAR ELYDED 31 IWiCH 2024 CHAIUTABLE ACTIVITIES COSTS Support COSLS (see notr 9) Direci Costs Totals Museum 103J90 119 148 222 538 SVPPORT COSTS Governance sts Finance Athnin Pre1$¢$ Totals Other tTading activitt"¢s Museum 12,960 24227 41,617 6J14 63,734 119 148 5J15 8.158 37.187 119 418 182,882 Activity Finance Admin Premises Governance costs Basis of allocation Fl(K)r Area Floor AT¢a Floor Area Floor Area 10. NET INCOMEI{EXPENDITURE) Net incomel(expenditure) is slated after charginyJ(crediting): 2024 2023 Independeni examiners fees Other assurance services Accountancy and trxjokkeeping Depreciation- owned assets Other operating lease5 2.050 770 15,299 61,922 2.340 900 13,758 63,166 Page 22 continued...
BIL4DING ROMAN VILLA TRusr NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2024 11. TRUSTEES, REMUNERATION AND BEI¥EFITS There were no trustees. remunerdtion or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023. Trustees. expenses During the year trustees expenses were paid of £nil (2023 - £nil). 12. STAFF COSTS The average Tnonthly number of employees during the year was &8 follows.. 2024 12 2023 10 Part time Full tinL¢ 13 No employ¢¢5 r¢ceived emoluments in exce55 of £60.000. Key managemeftt personnel remunertion and benefits The total amount of remuneratiort athd benefits received by key management in the year wa& £35,700 {2023 - £35,853). 13. COMPARATtVES FOR TIIE sTATEMEr OF FII¥ANCIAL AcfivITIES Unrestricted Restricted funds funds Totsl funds INCOME AND ENDOWMENTS FROM Donation5 and legacies 51.446 17.151 68.597 Ch?Tltble ¥ctivities Museum 135.930 135.930 Other trading activities Investment income 147.949 147.949 Total 340 057 357 208 EXPENDITURE ON Raising funds 176.301 22.657 198,958 ChaTitable activltles Museum 165 081 213 341 Total 341.382 412 299 Page 23 continued...
BRADING ROMAN VILLA TRUST . NOTES TO THE FINANCIAL STATEMENTS- ¢ontinued FOR THE YEAR ENDED 31 MARCH 2024 13. COMPARATIVES FOR THE STATEMEiYf OF FINANCIAL ACTIVITIES- ¢ontinued Unrestricted Restricted Total fi(ts funds NET INCOMEIIEXPENDITURE) (1.325) 255 (53.766) 255 (55,091) Transfers bettyeen funds Net movement in funds (1,070) (54.021) (55,091) RECONCILtATION OF FUNDS Total funds brought forword 245.090 1.662.488 1,907.578 TOTAL FUIYDS CARRIED FORWARD 244.020 .608,467 1.852,487 14. TANGIBLE FIXED ASSETS Land. road and Cover car parks building FixtUT&S Computer equipm¢nt fittings Totals COST At l April 2023 Additions 107 256&613 429J34 22,129 3.127,922 3,501 Ai 31 March 2024 107 23 431,627 37 3131423 DEPRECIATION At l April 2023 Charge for y¢#r 975,082 51 37037S 14.253 9 188 62 lJ59,710 At 31 March 2024 379 1.026 454 63 615 1,421,632 IYET BOOK VALUE At 31 March 2024 52.064 1709,791 At 31 March 2023 1593.53 I 58.959 7.876 1768 212 Page 24 contillued...
BRADING ROMAN VILLA TRUST I¥OTES TO THE Fif4ANCIAL STATEMENTS- continued FOR THE YEAR EI¥DED 31 MARCH 2024 15. HERITAGE ASSETS Total MARKET VALUE At l April 2023 and 31 March 2024 NET BOOK VALUE At 31 Marcb 2024 4,860 At 31 March 2023 Th¢ trust owns 4dminist¢TS th¢ sit¢ of Brading Roman Villa comprising the of a Roman villa site and its excavated art¢f8cts and objects. In the last five years tbere have been acquisitiODS of a late 2nd Cenw AD zoomorphi¢ silver brooch in the forni of a b&rd found in Shalfl¢et, a collection of 449 copp¢r alloy coins and accompanying wt sherds, found in Freshwater. Roman ¢oins from the hoards found in Calbourne and Shalfleet. a medieval pendant rnade from a roman gold solidus eoin dating io the 3rd Cenw AD and in the last year the Tnjst has acquired a 8 Bronze AgeJ]ron Age Sompting type sock¢ted axehead5 and fTagm¢nts of socketed axeheads with casting debris. (49 iiems altogether) Thcr¢ have been no disposals in Ihe same period. Thc Trust h&s att AUlSition and Disposats policy - # ¢or¢ policy within the Accreditation framework and has both a cOervation audit and plan dealing with the preservation of the a55ets. Management of the heritage assets is dealt with in the Coll¢¢tions seclions of the Business and Forward plans. Access to the offsite stored assets is by appoinlment. Other h¢ritsge assets can be viewed between I O.00am and 4.00pm Tuesday through Saturday. I& FIXED ASSET INVESTh[s Shar¢s in group undertakings MARKET VALUE At l April 2023 and 31 Mar¢h 2024 NET BOOK VALUE Ai 31 March 2024 At 31 March 2023 TheT¢ were no investment assets outsid¢ th¢ UK. The company's investments at the banCe sheet date in the shar¢ capital of companies include the followin8'. Page 25 contsnued...
BRADING ROMAN VILLA TRUST OTES TO THE FINANCIAL STATEMENTS- contioued FOR THE YEAR ENDED 31 MARCH 2024 16. FIXED ASSET INVESTMENfs- continued Bradlng Roman Villa (TrxdlnR) Ltd Registered office: Nature of business.. DomLint Class of shaTe'. Ordinary holding 100 2024 2023 Aggregate capital and reserves The Y4ccouniS of the dornwlt subsidiary mpallY are not n$011da1l 17. STOCKS 2024 2023 Shop. ¢aterin8. Stationery and fvel 8,139 18. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Trade debtors VAT Prepayments 1,615 2576 16.632 2,671 19.316 Page 26 ¢ontinu¢d...
BRADING ROMAN VILLA TRUST NOTES TO THE FINANCIAL STATEMENfs- ¢ontinued FOR THE YEAR ENDED JI MARCH 2024 19. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Bank loans and overdrafts (see 21) Trade crcditors So¢i81 security and other taxes VAT Other ¢r¢ditors A¢cruals and deferd incom¢ 10.077 2,412 2,064 13,189 9,100 1,624 1,581 5,783 11,092 1,810 18J40 34,703 20. CREDITORS: AMOUNTS FALLtNG DUE AFfER MORE THAN ONE YEAR 2024 2023 Bank loans (see note 21) 17 21. LOANS An analysis of the Maturity of loans is given below.. 2024 2023 Amounts falling due within one year on demand: Bank overdrafts Bank loan5 981 10,077 13,189 Amounts falling between one and two years: Bank loans 17 27,438 Page 27 continued...
BRADING ROMAN VILLA TRUST NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2024 22. MOVEMENT ILY FUNDS Nel movement in funds Transfers beThveen funds At 31.3.24 At 1.4.23 Unrestricted fund$ General fund Munns Pottrait Collection - DeS1ted Fund 243.149 (3.625) 901 240.425 871 871 244.020 (3,625) 901 241,296 Restricted funds Herapath Shenton Trust Friends of Brading Romon Villa Arts Council Englatsd Cover Building Royal Pavilion & Museum Erica Manley Museums & Schools Early Years Project 4979 1423 7.184 I93531 3SO 4979 2,713 5,890 lJ42,J59 350 778 898 (1,294) (SiJ72) (608) 759 19 312 901 1608,467 1556869 TOTAL FUIYDS 52 487 22) 1798 165 Net movement in fijnds. included in the aEK)v¢ as follows: Inwrning resowc¢s Resources ¢xpended Movement in funds Unrestrieted funds General fund 376,267 (379,892) (3,625) Restricted funds Friends of Brading Roman Villa Arts Council England Cover Buildirtg South East Museum Dev¢lopment Erica Manley Museums & Schools Early YeaT5 Project lJ77 (479) (1,294) (SlJ72) (2,085) (137) 898 (1,294} (51,372) 2,085 896 759 I,ooD 312 56,055) TOTAL FUNDS 54 381625 LL22) Page 28 continued...
BRADING ROMAN VILLA TRUST NOTES TO THE FINANCIAL STATEMENTS- ¢ontinutd FOR THE YEAR EI¥DED 31 MARCH 2024 22. MOVEMENT IN FUNDS - continued Compar4tive$ lor movement ill funds Net movement in fimds Transfers betW¢¢D fwids At 31.3.23 At 1.4.22 Unrestricted funds G¢n¢Tal fvnd Munns Portroit Collection- Designated Fund 244.240 (1.346) 255 243,149 850 21 871 245.090 (1.325) 255 244,020 Restricted funds Herapath Shenton Trust Friends of Brading Roman Villa Arts Council England Cover Building Royal Pavilion & Museum 4.979 1.655 8.451 1.644.903 4.979 2,423 7,184 1.593.531 350 ,023 {1,267) (51.372) (255) 1662 488 255) 1608 467 TOTAL FUNDS 1907 578 55,091 1852 487 Comparative nel movern¢nt in funds. in¢lud¢d in the above are as follows: Incoming r¢sour¢¢s Resources ¢xpended Movement in funds Unrestricted funds General fund Munns Portrait Collection- Designated Fund 340,036 (341.382) (1.346) 21 21 340,057 (341,382) (1.325) Restricted funds Friends of Brading Roman Villa Arts Council England Cover Building South E&5t Museum Development Royal Pavilion & Museum IW Culttral Education Parttmhip - Creative Biosphere Project 3.709 (2.686) (1,267) (51.372) (690) (2.150) 1,023 (1,267) (51.372) 690 (2.150) 12.752) 17.151 70.917) TOTAL FUNDS 357,208 412,299 55.091) Page 29 colltinu¢d...
BRADING ROMAN VtLLA TRUST NOTES TO THE FINANCIAL STATEMENfs- eontinued FOR THE YEAR ENDED 31 MARCH 2024 22. MOVEMENT IN FUNDS- eontinued A curreDt year 12 months and prior ytsr 12 months mbined position is as follows: Net movement in fidS Tran5fcrs betweeD fimds Al 31.3.24 At 1.4.22 Unrestrieted funds General fijnd Munns Portrait Collection- Designated Fund 244.240 (4.971) .156 240.425 850 21 871 245.090 (4.950) 1.156 241,296 Res¢ri¢¢ed funds Herapath Shenton Tn]st Friends of Brading Roman Villa Arts Council England Cover Building Royal Pavilion & Museum Erica Manley Museums & Schools Early Years Project 4.979 1.655 8.451 1,644.903 2.500 4,979 2.713 5.890 1,542.159 350 778 1,921 (2.561) {102,744) (2,150) 759 (863) 19 312 312 1.662.488 104.463 1.156 1556 869 TOTAL Fuf4DS 1.907.578 109 413 1798 165 Page 30 continu¢d.-.
BRADING ROMAN VILLA TRUST . NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2024 22. MOVEMENT IN FUNDS- eontlnued A Current year 12 months and prior year 12 montlL% combined net movement in fimds. included in the above are as follows.. InmIng Resources resources expended MovemeDt in funds Unrestricted funds General fid Munns Portrait Collection - Desi8nated Fund 716.303 (721.274) (4.971) 21 21 716J24 (721274) (4,950) Restricted funds Friends of Brdding Roman Villa Arts Council EDglaTMI Cover Building South East Museum Developm¢nt Royal Pavilion & Museum tw CulDJral Education Partnership- Creative Biosphere Project Erica Manley Museums & Schools Early Years Project 5.086 (3.165) (2.561) (102.744) (2.775) (2.150) 1,921 {2.561) (102.744) 2,775 (2.150) 12.752 896 {12,752) (137) 759 312 22.509 126,972 104463 TOTAL Fuf4DS 738.833 848 246) 109413 Designated Funds Munns Ponraii R¢storallon donatio have been collected sppxifically for this restoration. R¢$tri¢ted Funds H¢rapath Shenton Trust - The opening r¢stri¢t¢d fund conslsts of £4.979 unspent funds towards the r¢storation of the air source heat pump. This fund remains unspent at the balance sheet dale. Friends of Brdding RomaD Villa - Th¢ op¢ning restricted fid consisted of UDsp¢nt fimds towards signage costs and the net E¥y)k valu¢ of fixed Lss¢ts king written down in line with d¢pre¢iation ov¢r th¢ &%setS U5efvl lives. During the year fiher funds were Teceived in r¢l#tion to the purchaqe of a video monitor. All fiinds were fully exp¢nd¢d in the period. The closing fund relat¢s to the n¢t book valu¢ of fixed assets bcing written dovm in line with ihe depreciation over the assets usefvl lives. Arts Council England - The opening & closing fiknd relates the net LK)ok value of fixed &ssets being written down in line with the d¢pr¢ciation over the assets useful lives. Page31 conrinued...
BRADING ROMAN VILLA TRUST NOTES TO THE FINANCIAL STATEMENTS- ¢ontinued FOR THE YEAR ENDED 31 MARCH 2024 22. MOVEMENT IN FUNDS- continued Royal Pavilion & Museum - The opening Testri¢i¢d fiuMI [¢lat tr) unspent fidS in relation to the Audience Research Projeci. Costs wer¢ in¢urr¢d duTing the year on advertising and data collection ServiS. Th¢ r¢n)aTrning fvnds clf relate to unspent funds io be matcbed against future cost. South East Museurn Development - Fund8 were received during the year in relation to their Wild Es¢ap¢ S¢h¢m¢. a creative project for museums to engage with schools and families inspired by the n4rure round us. Costs were incurred during the year on materials and equipment. Th¢se funds were fully expended in the period. Erica Manley - Sales were made during the wiod in relation to mosaics donated to the VillaiD her memory. These fuDd5 were ]lY ¢xp¢ndd in th¢ period and the closing restricted fjJnd represents the net book value of fixed a55ets bcing wriu¢n down in line with the depreciation over the assets useful lives. Museums & Schools FArly Years Project - Funds were received during the year io dev¢lop a new early years workshop and learning resource. These fvnd5 were fully ¢xpended in the period. CoveT building - This includes monies donated for the cover building at Brdding Roman Villa. The closing Restricted Fund consisting of £1.542.159 T¢pr¢sent5 the net book value of the asset purchased with resiricted income, this is being Written down in line with the depreciation over the assets useful lifc. 23. RELATED PARTY DISCLOSURES Th¢r¢ wer¢ no related paty trdnsaction5 for the year ended 31 March 2024. 24. ULTIMATE CONTROLLING PARTY The Charity is ntrOlled by its Board of TDJStees. Page 32