Moore Thompson COMPANY REGISTERED NO: 07743618 GRANTHAM COMMUNITY HERITAGE ASSOCIATION LIMITED CHARITY COMMISSION REGISTERED NO: 1145473 STATEMENT OF ACCOUNTS for the period ended 30th December 2024
GRANTHAM COMMUNITY HERITAGE ASSOCIATION LIMITED Contents Page for the period ended 30th December 2024 INDEX Legal and Administrative Information Trustees, Annual Report Independent Examinerfs Report Statement of Financial Activities Balance Sheet Notes to the Accounts 8-16
GRANTHAM COMMUNITY HERITAGE ASSOCIATION LIMITED Legal and Administrative Information for the period ended 30th December 2024 Directors l Trustees Vivienne Reichelt - Chair (Appointed 0710612024) Chloe Rollings (Appointed 0111012024) Lee Steptoe (Appointed 1610912025} Malcolm Robbins Marilyn Edwards (Resigned 0610612024} Amanda Schonhut {Resigned C610612024) Nicholas Jones (Resigned 0810512025) Registered Office Grantham Museum St Peters Hill Grantham Lincolnshire NG31 6PY Independent Examiner E. Wilson FCCA ACA Moore Thompson 27 Market Place Market Deeping Peterborough PE6 8EA Bankers HSBC 88 Westgate Grantham Lincolnshire NG316LF Page.. 1
GRANTHAM COMMUNITY HERITAGE ASSOCIATION LIMITED Annual Report for the period ended 30th December 2024 The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial slalemenls of the charity for the period ended 30 DeTrmber 2024. The trustees have adopted the provisions of the Statement of Recommended Practice ISORPI applicable lo charities preparing their aecounls in acco¥dance with the ' Financial Reporting Standard applicable in the UK and Republic of Ireland, IFRS1021. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The charity is consliluled by Ils governing document, and con51ilutes a limited company. limited by guarantee, as defined by the Companies Act 2006 via Memorandum and Articles of Association adopted 12 January 2012. The charity 15 a registered charity with the Charity Commission and it's registration number 1$ 1145473. The charity's company number Is 07743618. Induction of new trustèès Trustees are elected by the Members at an Annual Geneml Meeting. but others may be co-opted beeen Annual General Meetings. Candidates are invited based upon their knowledge and abilities in a broad range of relevant disciplines including Charity and career experien, which benefits the charity and assists in the pursuit of our Objects. Appropriate Induction training and guidance is available where needed. OBJECTIVES AND ACTIVITIES Objectives and aims The Aims and Objectives remain unchanged.. to provide a highquality. sustainable and inclusive community museum service to the people of Grantham and the surrounding area that educates, infomis and inspires all generations. and lo provide an accessible hub loealion for all stakeholders. During 2024. Granlham Community Heritage Association Limited, trading as Granlham Museum, continued lo operate and develop ils provision in a challenging financial environment. The Museum has remained focused on delivering an unrivalled community serviTr while working lo generate sustainable income lo support Improvement and long-temi development. The need to implement cosl-cutting and cosl-reduclion measures has continued, reflecting the ongoing impact of reduced posl-covid income levels and sustained high energy and operating costs. Despite these pressures. the Museum has maintained Its commitment to free public aCsS and inclusivity. The Museum has continued lo explore grant funding. partnership and commercial opportunities to support development, slabili5e income streams and expand educational and community engagement activity, ensuring resilience and sustainability for the future. Achievements and performance Museum foottall during 2024 has continued to improve, although visitor numbers remain below pre- Covid levels. Income from room bookings and tenants has shown further recovery, but the Museum has not yet re*slablished the full range or frequency of community room hires and fundraising events, such as craft fairs. seen in previous years. A limited programme of community events and activities was delivered during the year. The Museum's focus moving forward remains on rebuilding school visits. community group engagement and participatory aclivilies. This work continues in a competitive local environment. with multiple venues seeking bookings and ongoing pressures on school budgets. The Museum remains grateful for the continued support of individuals and organisalions who have contributed financially to help maintain viability. Volunteer recruitment remained a priority throughout the year. The Museum benefited fiom the continued involvement of experienced volunteers, including the Exhibition Director, and ongoing efforts were made to broaden volunteer capacity across operational and engagement roles. Page: 2
GRANTHAM COMMUNITY HERITAGE ASSOCIATION LIMITED Annual Report for the period ended 30th December 2024 Achievements and pgrformancg continued The Museum delivered a varied programme of temporary exhibitions during the year. maintaining the objective of refreshing al least two exhibitions annually. Exhibitions included displays focused on local heritage. art. and specialist collections. alongside loaned material. The Museum also progressed the use of on-site space for ceramir3 activity. including kiln installation, workshops and commission-based retail opportunities. supporting creative practi and Income generation. Museum representatives continued lo engage with local and regional partners. attending networking and civic events including tourism. lown-centre and cultural forums. stng1henIng the Museum's profile and collaborative relationships. The Museum further developed Ils digital presence during 2024, continuing work with Granlham College lo improve website functionality and content. and expanding social media activity lo enhance communication with visitors. volunteers and stakeholders The international relationship with the Ronald Reagan Birthplace Museum in Tampico, Illinois was maintained. reflecting Granlham's historic pairing with Tampico and shared heritage links. Granl-seeking activity continued throughout the year. The Museum benefited from previously secured funding, including environmental monitoring Improvements and project support through Arts Council and South Kesteven District Council initiatives Community Cabinets We installed and made available for use by community groups and individuals to display collections and stories. Discussions with South Kesteven District Council continued regarding lease arrangements. energy costs and the long-lerm sustainability of the building. Exploratory discussion5 regarding potential shared use of space were also held. although no Changes were implemented during the year. Financial Review The financial results are shown in the Statement of Financial Activities, Balance Sheet and associated notes on pages 6 10 16. Income streams including the gift shop, coffee provision. room hire and offiTr rents continued to recover gradually during 2024, though not lo pre-covid levels. Fundraising activity remained limited due lo financial and capacity constraints. High energy costs continued to place significant pressure on operating budgets and remained the primary financial challenge during the year. As a result, the Museum continued to rely on careful financial management and, where necessary. the use of reserves. The Museum again benefited from financial support provided by supporters, which contributed to covering essential running costs and helped slabilise the financial position. Cosl-reduction measures remained in place where possible. though unavoidable expenditure, including major lift repairs and ongoing energy costs, continued lo impact the Museum's financial resilien. Future Developments The Museum will continue to implement ils revised five-year plan, focusing on regular exhibition turnover, enhancement of pemianent displays and improved visitor experience. Work with established agencies and partners will continue lo strengthen provision and increase visitor attraction. Planned and developing projects include the installation of a working model of Granlham Railway Station, expansion of the Community Cabinets programme, development of a Granlham Timeline. increased use of digital and video inlerprelation, and participation in the Arnhem Trail and associated exhibition marking the 80th anniversary in 2024. The Museum will continue to develop and strengthen relationships with key stakeholders Including Lincolnshire Heritage. Arts Council England. Museum Development East Midlands. South Kesteven Distnct Council. Grantham College and othtrr partners. Grant funding opportunities will continue lo be pursued, although financial constraints may limit aCsS to schemes requiring match funding. Key ongoing priorities include renegotiation of lease arrangements, continued review of energy and operating costs. recruitment of additional Directors and Trustees. renewed engagement with schools. and review of the long-term location, care and Jnterpretatton of the Grantham collection. Risk management The trustees have a duty to identify and review the risks lo which the charity Is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. Page.. 3
GRANTHAM COMMUNI HERITAGE ASSOCIATION LIMITED Annual Report for the period ended 30th December 2024 Public Benefrt The trustees have considered the Chanty Commission's guidance on public benefit and believe that the objects and activities undertaken by the chanty meet this guidance. Services are provided free of charge to clients and the charity u*"lises funding from restn"Gied sources ensuring these services remain ¢h8ritable. Re8erie8 policy It is the policy of the Iruslees lo retsin 12 monlhs of expenditure wthin unrestricled reserves in order lo have sufticient resources for unexpected reduth'ons in Income. Trustees Responsibilities The trustees are responsible for prepafing the trustee5' annual report and the financial statements in accordance with applicable law and United Kingdom Accounbng Standards (United Kingdom Generally AC?ted Accounting Practicel. Company law requires the trustees to prepare financial statemen15 for each financial year. which give true and fair view of the slate of affairs of the charrtable eompany and of the incoming resources and application of resour$. including the income and expenditufe. of the charitsble company for that period. In preparing these financial statements. the trustees are required lo.. Select surtable accounting policies and then apply them consistently., Observe the methods and prinaples In the Chanties SORP, Make judgements and estimates that are reasonable and prudent.. State whether applicable UK AccOun.g Standards have t)een followed. subject lo any material departures disclosed and explained rn the financial statements Prepare the financial statements on the going conrn basis unless il is inappropriate lo presume that the chantsble company wll continue in operation. The Iruslees are responsible for keeping proper accounting records that disc105e with reasonable accuracy al any bme the financial positson of the charitable company and enable them lo ensure that the financial statements comply with the Companies Act 2006 They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps fof the prevention and delectson of fraud and other irregularities. FOR AND ON BEHALF OF THE TRUSTEES Mrs Vivienne Reichelt Chair Date". 30-3-2 Page". 4
Independent Examiner's Report to the Trustees of GRANTHAM COMMUNITY HERITAGE ASSOCIATION LIMITED I report to the charity trustees on my examination of the accounts of the company for the period ended 30th December 2024 which are set out on pages 6 to 16. Responsibilities and basis of report As the charity trustees of the company {and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2006 {'the 2006 Act,). Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination. I report in respect of my examination of your company's accounts as carried out under section 145 of the Charities Act 2011 ("the 2011 Act"). In carrying out my examination I have followed all the Directions given by the Charity Commission under section 145{5)(b) of the 2011 Act. Independent examiner's statement I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect-. accounting records were not kept in respect of the company as required by section 386 of the 2006 Act., or the accounts do not accord with those records. or the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair view, which is not a matter considered as part of an independent examination; or the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. E. Wilson FCCA ACA Moore Thompson Chartered Accountants Market Deeping Date.Ii I c1[ Page.. 5
GRANTHAM COMMUNITY HERITAGE ASSOCIATION LIMITED ststement of Financial Activity (including income and expenditure account) for the period ended 30th December 2024 Notes 2024 Unrestricted Restricted funds funds 2023 Total Total Income from: Donations and legacies Grants Charitable activities Other Investments 4.774 16.740 10,283 5,321 195 4,774 16.740 10,283 5,321 195 5,994 4,849 18,483 160 Total incoming resources 37.313 37,313 29,486 Expenditure on: Raising funds Charitable activities Other 42,632 898 42.632 898 31,498 2,759 Total expended resources 43.530 43,530 34,257 Net expenditure {6,217) (6,217) {4.771) Transfers between funds Net movement in funds (6.217) (6.2171 14.771} Reconciliation of funds: Total funds brought forward 10.653 10,653 15.424 Total funds carried forward 4.436 4,436 10,653 All income and expenditure derive from continuing activities. The statement of financial activities includes all gains and losses recognised during the year. Page.. 6
GRANTHAM COMMUNITY HERITAGE ASSOCIATION LIMITED Balance Sheet at 30th December 2024 2024 Note Unrestricted Restricted Funds Funds 2023 Total Total Fixed assets Tangible assets 1,039 1.039 1,454 Current assets Stocks Debtors Cash at bank and in hand 31 400 12,358 31 400 12,358 175 10,754 12.789 12,789 10,929 Creditors.. Amounts falling due within one year 9.392 9,392 1,730 Net current assets 3,397 3.397 9,199 Total assets less current liabilities 4,436 4,436 10.653 Funds Unrestricted Restricted 4,436 4.436 10,653 4.436 4.436 10,653 The trustees are satisfied that the charity is entitled to exemption from audit of the financial statements for the year under Section 477 of the Companies Act 20061.the 2006 AcV'} relating to small companies and that the members have not required the company to obtain an audit in accordance with Section 476. The trustees acknowledge their responsibilities for_. ensuring that the charity keeps proper accounting records which comply with sectson 386 of the 2006 (i} Act, and (li) preparing financial statements which give a true and fair view of the state of affairs of the charity as at the end of the financial year and of its profit or loss for the financial year in accordance with the requirements of section 396, and which otherwise comply with the requirements of the 2006 Act relating to financial statements, so far as applicable to the charity. These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies, regime and in accordance with FRS 102 'The Financial Reporting Standards applicable in the UK and Republic of Ireland.. These financial statements were a behalf by. and are signed on their LJ Mrs Vivienne Reichelt Chair COMPANY REGISTERED NO: 07743618 Page: 7
GRANTHAM COMMUNITY HERITAGE ASSOCIATION LIMITED Notes to the Financial Statements for the period ended 30th December 2024 1. Accounting policies General Information Grantham Community Heritage Associalion Limited is a charitable company limited by guarantee. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £10 per member of the charity The address of the registered office is given on the charity information page on page 1 of these financial statements. The nature of the charity's operations and principal activities are set out in the Trustees Report Basis of Preparation of Financial Statements The financial statemenls have been prepared in accordance with Accounting and Reporting by Charities. Statement of Recommended Practice applicable lo charities preparing Iheir accounts in accordance with Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) leffeclive 1 January 20201- (Charities SORP IFRS102)), the Financial Reporting Standard applicable to the UK and Republic of Ireland IFRS1021. Ihe Companies Act 2006, the Charities Act 2011 and UK Generally Accepted Accounting Pra¢lice. The charitable company has applied Update Bulletin 1 as published 2 February 2016 and does not include a cashflow statement on the grounds that it is applying FRS 102 Section 1A. The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been Consistently applied to all years presented unless otherwise Public bonefit The charitable company's objectives and activilies are in accordance with the Charity Commissions general guidance on public benefit. Fund accounting Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes with the objectives of the charity. Restrictions arise when specified by Ihe donor or when funds are raised for particular restricted purposes. Incoming resources All incoming resources are included on the Statement of Financial Activities when the charity is legally entitled to the income and the amount can be quantified wilh reasonable accuracy. Resources expended Expenditure is included in the statement of financial activities on an accruals basis and has been classified under headings that aggregate all cost related lo the category Where costs cannot be directly attributed to particular headings they have been allocated to activilies on a basis consistent with the use of resources. Grants offered subject to conditions which have not been met at the year end date are noted as a commitment bul not accrued as expenditure. Page.. 8
GRANTHAM COMMUNITY HERITAGE ASSOCIATION LIMITED Notes to the Financial Ststements for the period ended 30th December 2024 1. Accounting policies (continued) Allocation and apportionment of costs Charitable expenditure comprises those costs incurred by the charity in the delivery of it's activities and services for its beneficiaries. Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include the audit fees and costs linked to the strategic management of the charity. Support costs include all those overhead costs for utility services, and other services and costs, which are in support of the activity They have been allocated to activity cost categories on a basis consistent with the use of resources. Fixed assets Tangible fixed assets are stated at cost or valuation less accumulated depreciation. Depreciation is calculated so as to write off the cost of an asset. less its estimated residual value, over the useful economic life of that asset as follows Computer equipment 25% Straight Line Stocks Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Debtors and creditors receivable I payable within one year Debtors and creditors with no slated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impaimient are recognised in expenditure. Pension costs The charity operates a defined contribution pension scheme for employees The assets of the scheme are held separately from those of the charity The annual contributions payable are charged to the Statement of Financial Activity. Taxation The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a chantable company for UK corporation tax purposes. Going concern The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern. Judgements and key sources of estimation uncertainty The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the cirCumstans. Page.. 9
GRANTHAM COMMUNITY HERITAGE ASSOCIATION LIMITED Notes to the Financial Statements for the period ended 30th December 2024 2. Income from Charitable Activities 2024 Unrestricted Restricted Funds Funds 2023 Total Total Shop Income Coffee Shop Room Hire Office Rental Loan Boxes 644 120 836 8,683 1,269 1,162 16,012 120 836 8,683 40 10,283 10,283 18,483 Income from Charitable Activities was £10.28312023 - £18.483) of which £nil {2023 - £nil) was attributable to endowments, £nil (2023 - £nil) was attributable to restricted and £10,28312023 - £18,483) was attributsble to unrestricted funds. Income from Government Grants 2024 Unrestricted Restricted Funds Funds 2023 Total Totsl Grants 16,740 16,740 4,849 16.740 16.740 4,849 Income from Government Grants was £16,740 (2023 - £4,849) of which £nil {2023 £nil} was attributable to endowments, £nil {2023 £nil) was attributable to reslricted and £16.740 {2023 - £4.849) was attributable to unrestricted funds. Income from Donations and Legacies 2024 Unrestricted Restricted Funds Funds 2023 Total Total Donations 4,774 4,774 5,994 4.774 4.774 5.994 Income from Donations and Legacies was £4,774 (2023 - £5,994) of which £nil (2023 £nil) was attributable to endowments. £nil {2023 £nil) was attributable to restricted and £4,77412023 - £5,994) was attributable to unrestricted funds_ Page.. 10
GRANTHAM COMMUNITY HERITAGE ASSOCIATION LIMITED Notes to the Financial Statements for the period ended 30th December 2024 3. Expenditure on charitable activities 2024 Unrestricted Restricted Funds Funds 2023 Total Total Shop Coffee Shop Event Costs Rates and Water Light and Heat Wages Pension Repairs and Renewals Printing Telephone and Broadband Cleaning Waste Disposal Insurance Independent Examination Fees Accountancy Fees Statue Expenditure Professional Fees 702 702 25 372 38 6,605 10.800 6,605 10,800 8,095 10.801 4,010 4,010 4.288 2,133 750 379 3.426 1,632 1,396 2,133 750 379 3,426 1.632 1,396 1.900 352 3.279 1,554 794 10,799 10,799 42.632 42,632 31,498 £nil (2023 £nil) of the above costs were attribulable to endowment funds. £nil12023 £nil) of the above costs were attributable to restricted funds £42,632 {2023 - £31.4981 of the above costs were attributable to unrestricted funds £nil (2023 £nil) of the above costs were attributable to restricted funds. 4. Employee Emoluments 2024 2023 Wages and salaries 10,800 10,801 10.800 10.801 There are no employees who received emoluments exceeding £60,000 2024 2023 Average number of employees during the year 5. Trustees remuneration and expenses There was trustee remunefation and other benefits for the period ended 30th December 2024 of £6.686 12023 - £7.5751 There were no trustees, expenses paid or reimbursed for the penod ended 30th December 2024 {2023 £nil) Page.. 11
GRANTHAM COMMUNITY HERITAGE ASSOCIATION LIMITED Notes to the Financial Statements for the period ended 30th December 2024 6. Tangible fixed assets Computer Equipment Total Cost At 31st December 2023 Additions 3,047 3,047 At 30th December 2024 3,047 3,047 Depreciation At 31st December 2023 Charge for the year 1.593 415 1,593 415 At 30th December 2024 2.008 2,008 Net book value Al 31st December 2023 1.454 1,454 At 30th Dernber 2024 1.039 1,039 7. Debtors 2024 2023 Cash at bank and in hand Stock 12,358 31 10,754 175 Trade Debtors 400 10 929 8. Creditors 2024 2023 Social Security Wages Payables Trade Creditors Accruals 62 2,512 4,952 1,866 1,730 9392 Page. 12
GRANTHAM COMMUNITY HERITAGE ASSOCIATION LIMITED Notes to the Financial Statements for the period ended 30th December 2024 9. Funds At 31 Dec 2023 Incoming Resources Outgoing Resources At 30 Dec 2024 Transfers Unrestricted funds General fund 10,653 37,313 (43,530) 4,436 Restricted funds Statue Total funds 10.653 37.313 143,5301 4,436 The funds are constituted as follows.. 2024 Unrestricted Restricted Funds Funds 2023 Total Total Fixed assets Stocks Debtors Cash at bank and in hand Creditors. Amounts falling due within one year 1,039 31 400 12,358 1,039 31 400 12,358 1,454 175 10,754 19, 392) (9,3921 (1,730) 4,436 10653 10. Restricted Funds There were no new restricted funds during the year. 11. Related parties Malcom Robbins, a trustee of the charity, rented office space monthly from the charity which came to an end during the 2023 year end. The total rent received from this individual for the year was £nil 12023 - £5,700). There were no amounts outstanding at the year end {2023 - £nil). Rent is charged on normal commercial terms. Page.. 13
GRANTHAM COMMUNITY HERITAGE ASSOCIATION LIMITED Notes to the Financial Statements for the period ended 30th December 2024 Pages 15 to 16 also fonn part of these financial statements and show the comparative 2023 figures. Page.. 14
GRANTHAM COMMUNITY HERITAGE ASSOCIATION LIMITED Notes to the Financial Ststements for the period ended 30th December 2024 12. Fund comparatives Statement of Financial Activity 2023 Unrestricted Restricted funds funds Total Income from: Donations and legacies Granls Charitable activities Other Investments 5,994 4.849 18,483 5,994 4,849 18,483 160 160 Total incoming resources 29.486 29,486 Expenditure on: Raising funds Charitable activities Other 31,498 2.759 31,498 2,759 Total expended resources 34,257 34,257 Net expenditure (4,771) {4,771) Net movement in funds 14.771) (4,771) Reconciliation of funds: Total funds brought forward 15,424 15.424 Total funds carried forward 10,653 10,653 Funds At 31 Dec 2022 Incoming Resources Outgoing Resources At 30 Dec 2023 Transfers Unrestricted funds General fund 15,424 29,486 (34,257) 10,653 Restricted funds Statue Total funds 29 486 34 257 Page.. 15
GRANTHAM COMMUNITY HERITAGE ASSOCIATION LIMITED Notes to the Financial Statements for the period ended 30th December 2024 12. Fund Comparatives (continued Funds The funds are constituted as follows.. 2023 Unrestricted Restricted Funds Funds Total Fixed assets Slocks Debtors Cash at bank and in hand Creditors.. Amounts falling due within one year 1,454 175 1,454 175 10.754 10,754 {1,730) {1,730) 10.653 10,653 Page. 16