REGISTERED COMPANY NUMBER.. 07995354 (England and Wales) REGISTERED CHARITY NUMBER- 1148S43 Re rt oflhe Trustees Unaudited Financial S alements for the Months Ended 31 December 2 for TUDOR HOUSE BROADWAY TRU
TUDOR HOUSE BROADWAY TRU Contents ofthe Fin I Statements for the 9 Months ended 31 De rnber2023 Page Report oflhe Trustees 1 to 2 Independent Examiners Report Statèment of Financial Activttie Balance Sheet Notes to the Finanaal Stslernenls 6 to 10 Detailod Ststement of Financial A(awities 11 to 12
TUDOR HOUSE BROADWAY TRU Re ort ofthe Tru Months ended 31 D ees mber 223 forth The IrL¢slees who are alsts directors of the charity for the purposes of the Companies Act 2Q06, presènt their report wth the financial statements of the charity for the 9 Months ended 31 December 2023. The Iruslees have adopted the provisions of Accounting and Rèp()rting by Charities.. Statèment of Recommended P18¢1ice applicable lo charities preparillg their accounts in accordance with the Financial Reporting Standard applicab in the UK and RéputAic of Ireland IFRS 1021 (effective 1 January 20191. Objectlves and activities Objectives and aims The ObjeCteS of the charity are to establish and maintain a museum and art gallery for th6 bènefit of the public and lo advance education in the arts. Public benefit The trustees h8ve complied wth their duty to have due regard to the guidance on pulli¢ benefit published by the Charity Commission. The mvsèum is open for public access for a minimum of 6 days a week Including weekends and has an admission charge with concessions for families with children, children, students and seniors. An initial concession arrangetnenl which favoured Worcestershire residents and families from the areas of high&sl need in the locality was in pla up to 31 March 2014. The museum offers outreach and on-site programmes to 8chools and other int8r8sted groups 8nd makes every effort to be fully inclusive and work with childrèn and young people from 8Feas of highest need lo raise aw8reness, confidenc8 and ambition Volunteers The Trusteès are continualty grateful to the many volunteers who 8UPPOrt ihe Musèum in various ways throughout the year. Strategic report Achievement and perforniance Charitable actlviti•s The museutn opened lo the public on 7 September 2013. The building was renovated in a year-long project and displays a selection of objects and work$ of art from Oxford's Ashmolean Museum and from the local cornmunity of Broadway, Worcesletshire. There is a shop within the museum th81 provides an additional income stream. The project has been made possible through the generosity of H W Keil Limited, owner of the building which granted Tudor House a ltsng-tetrn lease. The projèct also received lead support from wOrsLerShi1e County C¢uncil wilh a grant of £200,000. In September 2D17 the Museum changed ils public name to Broadw8y Museum an¢J Art Gallery to reflect its posib'on and strengthen its ties with the local community. Fundraising activltlos The Museum organises Lwsional fundraising activities with the aim of increasing 8wareness of the Museum, Taising funds for it and involving the local community. Financial revi•w Financial posltlon Having appointed a full time Dir6¢tor lo the Museum, Anona van Lawick, at the end of Febnjary 2022 it was planned that we would invest some of the reserves lo help grow and develop the Museum ils offering. The strategy that has been developed is to lake the Museum to 2025 and to help make il more sustainable and a benefit to 811. During the period we held 2 major fundraising events.. a lunth held 8t The Lygon Arms in Broadway and a stall providing hol drinks and museum gifts at the Broadway Evening ChristFnas Shopping Th85e evenls were not only successful in raising the profilè of the Museum but in raising funds. In addition the series of talks has continued using presentatsons in the Museum that were also available on line and have been very succe55ful. The overall financial position was aided by Grants 8nd by generous donations from Frtends, Patrons and Benefactors. Reserves pollcy The Trustees are looking to maintain CA$h reseNes equThi8lènt lo 6 months expènditure to enable the maintenance of the Museum operations. Page 1
TUDOR HOUSE BROADWAY TRUST Re ort of the Trustees for the 9 Months ended 31 December 2 Strategic rgPQrt Financial rview Going concem The financial statements have been prepared on a going concem basis. The Trustees have reviewed and Considered relevant infom)ation. including the annual budget and future cash flows in making their assessment. In particular, tho TnJstée$ have tested their cash flow analysis to take into account the impa¢t on their business of various possible scenarios, alongside the measure5 that they can take to mitigate many impacts. Based on these assessments, given the measures that could be undertaken to mitigate the current adverse conditions. and the current resources available, the Tnjstees have conduded that they can continue lo adopt the going concem basis in preparing the annual report and 8ccounts. Structu, govemance and managemènt Governing docum•nt Thè charity is controlled by its goveming document. a deed of trust. and constitutes a limited company, litnited by guarantee, as defined by the Companies Act 2006. Recrultm•ntand appointmant of new trustees The recruitment of new trustees is at the discretion of the existing trustees. Induction and training of new trustees The induction and training of new trustees is at the discretion of the exisb.ng trustees. The Trustee$ Serve for a period of three years and can stand foi r8-ele¢tion at the Annual General Meets'ng The Trustees retiring by rotation 8t the Annual General Meeting are J H Painter, M A Roge15 and J H Noott. J H Painter and M A Rogers ale standing for re-election and S White is standsng for election having been appointed to fill a casual vacancy during the perod. Related parties There were no related party transactions during the peri¢xl. In the year ended 31 Mafch 2023 the Charity recewed p3yro11 support for £109 from Haines Watts Worcester Limited a business that John Painter, a Tiustee, was formerfy 8 Diieclor until 31 Marth 2021. Reference and administrative detsils Registered Company numbgr 07995354 (England and Walès) Reglstergd Charity number 1148543 R•gistered offlce Tudor House 65 High Street Bioadway w0SterShire WR12 7DP TruBtees J H Painter BA FCA Chartered Accountant Mrs H Munro MA Msc FCIPD Retired Chief Executive J H Noolt Art Dealer P A Oliver Bsc ACII Retired Insurance Executwe Dr M A Rogers Retired Museum Director Dr E A Wilks European Director MISA Lctker (appointed 619120231 S J Mar80n lappointed 619r20231 M S Neal (appointed 619120231 Ms S White (appointed 13103r20241 Report of the directors, on rustee5 rating a stfategic report. approved by ordèr of the board of trustees. as Ihg MpanY .and signed on the board's behalf by.. J H Painter 8A FCA- Trustee Page 2
Inde ndenl Examinerfs Re ort to the Trustees of Tudor House Broadwa Trust Independgnt examinerfs report to the trustees of Tudor Hou$¢ Broadway Trust I'the Company'l I report lo the charity trustees on my examination of the accounts of the Company for the 9 Mgnlhs ended 31 Dember 2023. Responslbllitiès and basis of report As the charity's trustees of th& Company land also its d1CtorS for the purposes of company lawl you are resp()n$ible for the prep8ialion of the accounts in accofdan¢e with the requirements tsf the Companies Act 20 Ilhe 2006 Act). Having satisfied mys81f that the acLounts of the Company are not required to be audited under Part 16 of the 20Cf Act and are èligible for independent examination, l Teport in respect of my exarnin81ion of your charity's accounts as carried out under Section 145 of the Charities Act 2011 fthe 2011 Act'l. In carrying out my examination I have foll<Med the Directions given by the Charity Commission under Section 145151 Ibl of the 2011 Act. Indend*At examinerfs statem8nt I have completed My examination. I confjrm that no m8tters have com$ lo my attention in connection with the examination giving me cause to believe.. acoounling records were not kept in respect ofthe Company as required by Section 386 of the 26 ACL or the accounts do not accord with those records," or the accounts do not comply with the accounting requirements of Sedion 398 of the 2C(i6 Act othef than any requirement that the accounts give a true and fair view which is not a matter ¢onsidered as part of an independent examination,. or the accounts have not been prepared in accordan with the methods and princip185 of the Statement of Recommended Practice for accounting and reporting by charities lapplicable to charities Preparing their accounts in accordancé wth the Financial Reporting Standard applicable in the UK and Rèpublic of Ireland {FRS 10211. I have no concèms 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 8 proper understanding of the accounts to bè reached. M Skellum FCA Ballards LLP Oakmore Court Kingswood Road Hampton Lovett Droilwith WR9 OQH Date.. Page 3
TUDOR HOUSE BROADWAY TRUST Statement of Financi81 Activities for the 9 Months ended 31 December 223 9 Month$ ended Yèar ended 31 31 Decèmber 2023 March 2023 Unrestricted fund Total fvnds Not•s Income and endowm•nts from Donations and lega¢ie5 49,050 eo,114 Other Irading aebvities Investment 1CoMe 36,074 522 16,860 91 Total Expendltur* Raising funds 19,299 9,327 Charitable activltiès Museurn Building 22,062 44.858 Other Total INCOMEIIEXPENDITUREI 115.1201 154,4911 Reconciliation of funds Total funds brought forward 259.505 313,996 Total funds carried forward The notes ft)rm part of these fin8nci81 statements Page 4
TUDOR HOU E BROADWAY TRUST RE ISTERED NUMBER." 07995354 Balance Sheet 310ecember2023 31 December 2023 31 March 2023 Unrestricted fund Total funds Notss Fixed assets Tangible ass6ts 209.492 216,024 Current assets Stocks Debtors Cash at bank and in hand 10 13,978 7,027 42 196 43,368 49,673 Creditors Amounts falling due within one year 12 18,4751 16,192} Net current aès¢ts Totsl assets less current liabllltios 244,385 259.505 NET ASSETS Funds Unrestricted funds 13 259 505 Total funds The charitable company is entitled to exemption from audit under Sedion 477 of the Companies Act 20( for the 9 Months ended 31 December 2023. The mèrnbers have not required the company to obtain an audit of its financial statements for the 9 Months ended 31 December 2023 in accordance with Section 476 ofthe Companies Act 2006. The trustees acknowledge their résponsibilities for {81 ensuring that thè charitable company keops accounling records that comply wi(h Sections 386 and 387 of the Companies Act 2006 and preparing financi81 statements which give a tfue and fair view of the state of affairs of the charitable company as at the end of each financial year and of ts surplus or deficit for each financi81 year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirèments of the Cornpanies Act 2006 relating to liancial statements, so far as applicable to the charitable company. Ibl These financial statements have been prepared in a<wrdance with the provisions applicable lo Charitab companies subject lo the small companie5 regime. The fi 8n¢ial statements were approved by the Board of Twslees and 8Lrthorised for issue on . and were signed on its behalf by.. J H Painter BA FCA- Trustaè The notes fom part ofthese financial statements Page 5
UDOR HOUSE BROADWAY TRUST Notes to the Finanual Statements for the 9 Months ended 31 Decernber 2023 Accounting polieies Basis of preparfng the financial ststsments The financial statements of the charitable company. which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP IFRS 1021 'AOUntIng and Reporting by Charities.. Slalement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20191,, Financial Reporting Standard 102 'Thè Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Companies Act 2006. The financial statements have been prepared under the historical cost o)nvention. Income All income is recognised in the Statement of Financial Activities once the charity has enlillement to the fvnds, it is probable that the income will be reIved and the amount Can be rneasured reliably. Expenditure Liabilitiès are recognis8d as expenditure as soon as there is a legal or constructive obligation committing the charty to that expenditure, it is probable that 8 transfer Of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on 8n accruals basis and has been classified under htradings that aggregalg all cost related to the category. lthere costs cannot be directly attributed lo particular headings they have be8n allocated to actwities on a basis consistent with the use of resources. Tangible flxed assets Depieryation is provide(J at the following annual iales in Order to write off each asset ovtrr ils estimated usèful lrfe. Short leasehold Fixtures and fittings Computer equipment Straight line over 33 years 10/0 on cost 33¥0 on c05t Stocks stocks are valued al the lower of cost and net realisablo value. after making due allowance ftsr ob¥oSete and slow moving items. Taxation The Chartty is exempt from corporation tax on ils ¢haritable tthe8. Fund accounting Unrestiicted funds can be used in accordance wlh the charitable objectNes at the discretion of the TnJstees. Restricted fvnds can only be used for partiwlar restricted purposes within the objects of the Charity. Re8tri¢tions arise when Specied by the donor or when fund8 are raised for p8rticular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. Hire purchase and leasing cornmitments Rentals paid under operating aSeS are d)arged to the Statement of FinancAal Activities on a straight Ilne basis over the p81iod of the lease. Penslon eo¥ts and othèr post-retiremènt benefits The charitable company operates a defined contribution pension scherne. Contiibulions payable to the chafltable cnmpany's pension scheine are charged to the Statement of Financial Activities in the period to which they relate. Going concern The financi81 statements h8ve been ppared on a gng Concern basis. The Tru51ees have reviéwed and considered Felevant information. including thè annual budget and future cash fiows in making their assessment. In particulai, the Trustees have tested their cash flow analysis to take into account the impact on their business of various possible sTrnarios, alongside the measures that they can take lo mitigate their impact. Based on these assessments. given the measurÈs that could be undertsken to mitigate the current adverse Conditions, and thè urrenl resource5 available, the Twslees have concluded that Ihey can Continue to adopt the going concem basis in preparing the annual report and accounts P8ge 6 continued...
TUD R HOUSE BROADWAYTRUST Notesto the Financi81 Slalemenls- continued for the 9 Months ended 31 Decembei 2 23 Othertradlng actlvlti¢$ 9 Months ended Yearended 31 31 De¢omber 2023 March 2023 Fundraising events Shop income SF*)nsorships 29,595 5,479 12,( 4,8 Inv•stm¢Dt income 9 Months •nded Year•nded 31 31 Decèmber 2023 March 2023 Interest feceNable- tradirYJ Raising Funds Rai8ing Donations and L•ga¢ie¥ 9 Months ended Yèar ended 31 31 December 2023 March 2023 Fundraising Lecture cosls 13.940 272 3,820 320 14,212 4,140 Nèt inc0mel1expendlrfrI Net incomèl{expenditurel is stated aftèi thargIn(CredIt1ngl'. 9 Month¥ ended Y•arended 31 31 December 2023 March 2023 Depreciation- owned assets Hire of plant and machinery 6,532 18,857 Trust9. remuneratlon and benefits There were no trust. remuneration or other benefits for the pefiod ended 31 December 2023 norfor the year ended 31 March 2023. Trustees. expens•$ There were no trusl&es' expenses paid for the period ende<l 31 Demb$r 2023 nor for the year ended 31 March 2023. Staff costs The average monthly number of employè85 during the yearwas as follows.. 9 Month3 ended Year ended 31 31 December 2023 March 2023 Admlnislration No èmployees received emoluments in excess of £60,000. Page 7 continued...
TUDOR HOUSE BROADWAY TRUST Notes to the Financial Statements- con inued for the 9 Months ended 31 December 2023 ComparativeB for the statem&nt of financial actlvitl¢s Unr•stricted fund Income and •ndowments from Donations and legacies 60,114 Other trading activities Investment income 16.860 Total Expendlture ¢)n Raising funds 9,327 Charitable activtlie Museum Building 44,858 Other 77,371 Totsl NET DEFICIT 154,491) R•eonciliation of funds Total funds brought fomard 313,996 Total funds carrled forward Tanglblè fix assets Fixtures aNI fittin95 Short Igasehold Computer oquiIMn8nt Totals At 1 April 2023 Addth"on8 259,701 91,971 11,593 363.265 At 31 December 2(Y23 259 701 Depreclation At 1 April 2023 Charge for year 54,983 82,384 9,874 147,241 Al 31 DeCeMr 2023 153773 Net book valuè Al 31 December 2023 At 31 March 2023 10. Stocks 31 Decembér 2023 31 March 2023 Sto¢k8 Page 8 continued...
TUD R HOUSE BROADWAY TRUST Notes to the Financial Statemènts- continued for the 9 Months ended 1 December 2 11. Debtors.. amounts falling due withln one year 31 December 2023 31 March 2023 Trade debtot5 Prepayments 5.231 225 12. Credltars: amounts falllng duo within one year 31 December 2023 31 March 2023 Trade creditors Soci815e¢urily and othèr taxes Other credrtors Accruals and dèfèrred income 5,818 466 2,203 226 13. Movemènt in funds Net movèment In fvnds At 114123 At 3111W23 Unrestricted fund# General fund 259,505 11S,1201 244,385 TOTAL FUNDS Nel movement in funds, induded in the above 8re as follows-. li coming gourceB Resources èxpènded Movement In fund5 unrestrict funds General fund 85,646 1100,7661 115,1201 TOTAL FUNDS Comparatlve¥ for movement in fund8 Net mmment in funds At 114122 At 3113123 Unrestrlcted funds General fund 313,996 154,491) 259,505 TOTAL FUNDS Page 9 continued...
TUDOR HOUSE BROADWAY TRUST Notes to the Finanual for the 9 Months ende latements- continued 31 December 2023 13. Movem•nt In funds- continu8d Comparative net movement in fvnds. included in the above are as follows-. Incomlng resourees Resources expendèd Movement in fund$ Unrestrf¢ted fvnds General fund 77,(5 I131.5) 154,491) TOTAL FUNDS A eurrent period 9 months and prior year 12 months combined position is as follows.. m)vement in funds At 114122 At 31112123 Unr•stricted funds General fjjnd 313,996 {69.6111 244,385 TOTAL FUNDS A Current period g mtsnlh3 and prior ye8r 12 months combined net movement in fvnds, included in the above are as follows.. li coming r. sourceB Resourcg expended Movement In funds Unrestrlctèd fund8 General fvnd 162.711 1232,3221 {69.6111 TOTAL FUNDS 14. Related party (fisclosures The were no related party transactions during the pèriod. In the year ended 31 March 2023 the Charity received payroll support for £109 from Haine5 Watts WorSter Limited a business that John Paintèr, a Trustee. was fomierly a Diiedor until 31 March 2021. Page 10
TUDOR HOUSE BROADWAY TRUST Detailed Slalement of Finan¢i81 Activities he 9 Months end 1 Dmber2023 9 Months ¢nded Year endod 31 31 December 2023 March 2023 Incom• and endowments Donations and legaei•$ Donations Gift aid Grants Admissions Mernbers and Benefactors 9.547 23,703 1,414 1,220 28,033 6,000 26,237 49,050 60,114 Other trading activities Fundraising events Shop income Sponsorships 29,595 5,479 12,060 4,8(Kl 36,074 16.860 Invostment income Interest recèivable-trading $22 91 Total Incoming resources 85.846 77,(5 Expenditure Raising donations and legacies Fundraising Lacture costs 13,94Q 272 3,820 320 14.212 4.140 Other tradlng •¢tivitieB Opening slwk Purchases Exhibition Costs Hire of plant and mthinery Closing stock 450 1,809 2.809 469 450 450 1,020 3,170 997 450 5,087 5.187 Charitsble activitles Light and heat Advertising Sundries 8,464 11,373 13.395 9,571 23.903 26,732 Oth¢r Wages Pensions Repairs and Renewals Garried fOard 30.813 853 38,630 1,042 37.067 57,378 This page does not form part ofthe statutory financial slatements Page 11
DOR HOUSE BROADWAY TRUST Detailed Statetnent of Financial Activities foi the 9 Months ended 31 Drnber 2023 9 Monts ended 31 December 2023 Year ¢nded 31 March 2023 BroughtfotW8rd Staff Training Travel Depre¢i8lion of tangible fLxed assets 37,067 366 522 57,378 1,121 15 44,487 77,371 SLFPPOrt costs Management Insurance Telephone Subscriptions 8,197 1,091 35 10,493 1,822 977 9,323 13,292 Finance Bank charg6S 1,347 1.1L Inforrnation technology IT Sofvare and consumables 928 2.579 Governanc• costs Accountancy and legal fees Total resources expended 100766 Net lexpendSturèllincome This page does not fomi part ofthe statutory financial statements Page 12