REGISTERED COfvfPANY NUMBER: IM667573 (England and Wales) REGISTERED CHARITY NUMBER: 1128326 REPORT OF TBI TRusfEES AI UNAUDITED F￿ANCIAL 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 Tn￿t (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 gr0￿h 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 ￿0￿p$. We continue lo r¢view our operntioDal and revenue-generating options regularly and are intToducing new budgeting systems io create a SUStsinabl¢ and profitsble business. The Coffee Shop has increased footfall and rnis¢d its proflle as a community hub. improving year-round trdding and increasing margins for a su¢¢essfvl bu5in¢5s. It ha5 an important part to play in supporting and enhancing the attractiveness of the villa as a destsnation. with lis primary focus on the rn￿eUm. education, and commwiity. Our retail shop has also been successful over the past year thanks to Paula Blondell, who has sourced new products and introduced rnore local produ¢e. Our £uideFK>ok continues to be very popular and is still one of the most frequently purchased It￿n$ 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 OfE￿ing 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 exhibitio￿8 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 T￿￿1¢¢ 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¢ GOn￿10n$. discounts. and free carer tickets. "Projects are undertakeD in o spiri¢ of ¢oJnmunity involvement and aciive partnership Working wherev¢r possibl¢ to in¢lude local ¢ommuniry ￿0Up8. schools. and neighbourhoods. Management of volunteers continues to be an integral part of the sile's daily busin¢55. This includ¢s front of house. stewarding, guiding in the museum. ethjcation support and limited £ard¢ninglgrounds maintenance. The Villa'5 education programme continued to provide a wid¢ rallge of activiiias to encompass its lifelong learning ¢thos. As well as th¢ curricutum c￿l￿dd¢d mai¢rial for school's delivery, Learning Outside the Classroom activities include craft and living history a¢tivities throughout school holidays, our continued partnership with the Arts Council funded Museums and Schools, which helps create new workshops in a number of diff¢r¢nt heritage sites a¢ross the Island. working with schools to PTomote the use of our outside grounds to SDJdy th¢ natural ¢nvironment and our wellrity of directors present and voting at any duly consiiNted meeting. At general meetings of th¢ ￿mpanY, special resolutions, such as those for ex(en5ion of a trustee'5 term. changes to th¢ Articles of Association or liquidation of the company. require a 7511/0 rnajority vote. The Board regularly reviews ihe skill requirement and range of the Board and will identify and appoint any new directors. In 2020 and 2024, T¢cruitsn¢nt of new directors bas been a public process. A new dir¢¢tor would ordinarily meei with the Chair of the Board and Museum Manager as well as existing directors. The new director will receive a copy of the previous ye*s report and a¢rounts, infom)ation on the background and bistory of the Villa and a copy of the Charity Commission leaflet The Essential Tntstee.. What you n¢¢d to know, and other Inforn￿l10n r¢l¢vant &$ 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 prI￿dureS 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 [ap￿Illted 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 (reSi￿d 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 Ha￿lson 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 2￿6 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 m￿t 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 Insti￿te 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 LiMi￿d 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 I￿52,487 1.907.578 TOTAL FUNDS CARRIED FORWARD 241296 1 556 869 1,798,165 1852 487 The notes forn] part of these rmanc￿l 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,556￿69 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 I￿56,869 244,020 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 f￿anCiAl 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 EQU￿ALENTS 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¢ pr￿￿ted 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) 'A￿oUnting 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 ￿nVen￿on. with the eXc￿tIon 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 CU￿ent 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 reco￿1]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 dispr0￿rtI0nate 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 po￿ntIal 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 p￿servall0n. 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 tn￿te¢s. Restricted funds can only be used for parti¢ular restrict￿ pU￿oSeS 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¢ Strten￿t 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 I7￿45 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 in￿Ming r¢sources and an equivalent charge in archacologi￿l expenses and event organisation. The estimatcd value of the s¢rvi¢¢ provided by tr￿stees 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 cUl￿ra] 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 Pre￿1$¢$ 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 remuner*tion 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 sTATEME￿r OF FII¥ANCIAL AcfivITIES Unrestricted Restricted funds funds Totsl funds INCOME AND ENDOWMENTS FROM Donation5 and legacies 51.446 17.151 68.597 Ch?Tlt*ble ¥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 A￿UlSition and Disposats policy - # ¢or¢ policy within the Accreditation framework and has both a cO￿ervation 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 b￿anCe 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$011da1￿l 17. STOCKS 2024 2023 Shop. ¢aterin8. Stationery and fvel 8,139 18. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Trade debtors VAT Prepayments 1,615 2576 16.632 2,671 19.316 Page 26 ¢ontinu¢d... BRADING ROMAN VILLA TRUST NOTES TO THE FINANCIAL STATEMENfs- ¢ontinued FOR THE YEAR ENDED JI MARCH 2024 19. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Bank loans and overdrafts (see 21) Trade crcditors So¢i81 security and other taxes VAT Other ¢r¢ditors A¢cruals and defer￿d incom¢ 10.077 2,412 2,064 13,189 9,100 1,624 1,581 5,783 11,092 1,810 18J40 34,703 20. CREDITORS: AMOUNTS FALLtNG DUE AFfER MORE THAN ONE YEAR 2024 2023 Bank loans (see note 21) 17 21. LOANS An analysis of the Maturity of loans is given below.. 2024 2023 Amounts falling due within one year on demand: Bank overdrafts Bank loan5 981 10,077 13,189 Amounts falling between one and two years: Bank loans 17 27,438 Page 27 continued... BRADING ROMAN VILLA TRUST NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2024 22. MOVEMENT ILY FUNDS Nel movement in funds Transfers beThveen funds At 31.3.24 At 1.4.23 Unrestricted fund$ General fund Munns Pottrait Collection - DeS1￿￿ted 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 I￿93531 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 fi￿dS 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.. In￿mIng Resources resources expended MovemeDt in funds Unrestricted funds General fi￿d 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 fi￿d 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 fi￿her 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 fi￿dS in relation to the Audience Research Projeci. Costs wer¢ in¢urr¢d duTing the year on advertising and data collection Servi￿S. 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