REGISTERED COMPANY NUMBER.. 07995354 (England and Wales) REGISTERED CHARITY NUMBER: 1148543 rtof hè Trustees and Financial Statements lor the Y r Ended 31 Decèmbèr 2024 TUDOR HOUSE B ADWAY TRUST
TUDOR HOUSE BROADWAY TRUST Contents ol the Financial Statements he earended 31 Decernber2024 Page Report ofthe Trustee5 3to4 Independent Examinèr's Report statement of Financial Activities Balan Sheèt Notes to the Financial Staternents 8t013 Detailed Statement of Financial ACtive$ 14to15 Page 2
TUDOR HOUSE BROADWAY TRUST Re ar ort of the Trusteas 1 Dember 2024 forth8 The trustees who are a150 directors of the charity for the purposes of the Companies Act 2006. present their report wth the financial statements of the charity for the year ended 31 December 2024. The trustees have adopted the provisions of Accounting and Ropotting by Charities.. Ststement of Recommendad Piacticé app1i¢able to charities pparing their accounts in accordance with the Financial Reporting St3nd8id applicable in the UK and Republic of Irsland IFRS 1021 (effect 1 January 20191. Obj8Ctlve$ and actlvltles Oblectlves and aims The objectives of the charity are to establish and maintain a museum and art gallery for thè bgnefit ol the public and to advance education in the arts. Public bènefrt The trustees have complied with their duty to have due regard to th8 guidance on public benafit published by the Charity Commission. The museum is oKEn for public aCsS lor a minimum of 6 days a week induding weekends and has *n adrnission charge with conSSIOnS for families vAth chikjrèn, children. students and senior5. An initial con$s1on arr8ng8ment which lavoured Worcestershire residents and families frorn the areas of highest nèed in the locality was in p18e8 UP to 31 March 2014. The museum offers outreach and on-site programmes to schools and other interested oroup5 and rnakes every effort to be fully inclusiv8 and work with children and young peopl8 from areas ol highest need to raise awareness, Confiden and ambition Voluntsers The Trustees aTe continually grateful to the many volunte&r5 who support the Museum In v8ri0us ways throughout the year. During th8 yearthe number of Volunteers helping within the Museum increased to 30. Strategic rgport Achlevementand perforrnance Charltablè activitie¥ The museum opened to the public on 7 Septemb8r 2013. The building was r8novatsd in a year-long pioj8Ct and displays a selection of objects and works of art from Oxford's Ashmolean Museum 8nd from the local eommunity of Broadway, WorsterShire. There L% a shop within the rnyseum that provide5 an additional income stream. The project has bèèn mad8 possible through the genèrtssity of H W Keil Limited, owner of the building which granted Tudor House a long-tèrm lease. The project also recèived lead Supportfrom VVorStr5hlre County Council with a grant of £200,Q)O. Ill S&plember 2017 the Museurn changed its public name to Broadw8y Museum and Art Gallery to reflect rts position and strengthen its ties with the local wmrnunity. Fundraising a¢tivilles The Museum tsrganis88 occasional fundraising aetiwti8s with the aim ol increasing 8wareness of the Museum. raising funds for it and involving the local communrty. Flnaneial view Financial p081tlon Having appointed 8 full time Diredor to the Mu58um, Anona van Lawiek, at the end ol February 2022 it was planned that th8 Trustees would invest som& of the reserves to help grow and develop thB Museum and its offeriThJ. The strategy that h85 been ¢Jeveloped is to take the Museum to 2025 and to help makè it mor8 sustainable and a bgneft to all. During the current year discussions have begun on developing a strategy to 2030 and beyond. During the period we hekl 3 major fundraising 8vents that were ntst only successful in raising the profile of tha Mus8urn but also in raising funds. In addition the series of tslk5 has continu6d using presentations in the Museum thatwere 81so available on lin8 and have been very successful. The overall frnanci81 position was aided by Grants and by generous donations frorn Friends, Patrons and Benefactots. Induding donations of £12,5(X) to enable the Museum to mount its very SusSfUl John Singer Sargent Exhibitson in 2025 and is hdd in a restricted fund at 31 Dernber 2024. Reserves poll¢y The Trustees are looking to maintain cash SerVeS equivalentto 6 month5 expenditure to enable the Maintenan ofthe Museum operations. Page 3
TUDOR HOUSE BROADWAY TRUST Re ort of the Trustee ear ended 31 DeCber 2024 rthe Strategic report Financial review Going conc•m The financial statements have been prepared on a going canM basis. Tha Trustees have rewewed and considered relevant infonnation, induding the annual budget and future cash ffows in making their asséssment. In particular, the Trustees have tasted their cash flow analysis to take into account the impact on their sInesS of various possible scenarios. alongside th measures that they can take to mrtigate many impacts. Bas8d on these assessments. given the measures that could be undertaken to mitigate the current adverse conditions, and the Current resour$ available, thè Trustees have conclud8d that they can continue to a¢Jopt the going Conrn basis in preparing th8 annual report and accounts. StructLrre, govemance al manag9ment Govemlng document The charity is controlled by its governing document, a de&1 of trust, and constitutes a limad company, lirnite(S by guarantee, as defined by thè Companies Aet 2(M)6. Recrultm8ntand appointment of new trust5 The recfuilrnent of new trustees is atthe discretion ol the èxi81irrtJ trustw. Inductlon and tralnlng of new trust•t# The induction an¢J training ol new ttustees is at the discretion of th& existing trustees. The Trustees serve for a p8ri0d of three years and can stand lor r6-8lection at thè Annual Gen6r81 Meeting The Trustees retiring by rotation at th8 Annual General Meeting are Mrs H Munro. Mrs A Locker and SJ Marson. Being eligible they 8re all standing for reelection along with A J B McGiigor who is standing for elects'on having bè8n appointed to fill a casual vacancy during the perioj. Related parties There were no relsted paty transactions during thè period. Reference and administrative details Regl8tered Company numb•r 07995354 (England and Walesl Règistgred Charity number 1148543 Regostered offlce Tudor House 65 High Str8et Broadway w0$ter$hI WR12 7DP Trust•a$ Dr M A Rogers Rèti Museum Director J H Painter BA FCA Chartered Accountant Mrs H Munro MA Msc FCIPD Retired Chief Executs" J H Noott Art Dealer Iretired 25 S6pt8mber 20241 P A Oliver BSCACII Retired Insuran Executy've (retired 6 January 20251 HH A J B M¢Grigor (appointed 28 February 20251 Dr E A Wilks European Director (tI[8d 4 March 20251 Mrs A Locker S J Marson MSNe81 Ms S While lappoin18d 13 Mareh 2024 and retir*J 29 May 20251 Report ol th directors, on. rust rporating trateg repor( approved by order of the board ol trustees, as the company . and signed on the board's thalf by.. J H Painter BA FCA- Trustee Page4
TUDOR HOUSE BROAOWAY TRUST Indoponfl•nt Examinèffs Report to the Trusteos of Tudor House Broadway Trust Indopèndont &xamin•rfs rèportto tho trustseB of Tudor House Broadway Trust I'the Company'l I report to the charity trustees on my examination ol the aceounts tsf the Company for thè ygar ended 31 December 2024. Responsibllllles and basls of port As the charity's trustees of the Company land also its directors lor the purpos85 of company lawl you are responsible for the preparation of the accounts in a¢¢ordance with the requirements ol the Compan$ Act 20061'the 2006 Act'i. Hamng satisfied rnysell that the accounts of th6 Company are not required to be audited und8r Part 16 of the 2006 Act and are eligible for ind8pend&nt examination. I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charit16s Act 2011 I'thé 2011 Act'l. In carrying out my •xamination I hav8 ft)Il¢)wed the Directions gNon by the Charity Commission under Section 145151 Ibl of the 2011 Act. Indopondentgxaminerfs Slatsment I have ccynpleted my examinthon. I confim that no matters have come to my attention in conre¢tion with the examin8tion giving me cause to belièvè". accounting fecords were not kept in r8spect ofthe 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 r8quirements ol Section 396 of th8 2006 Act other than any requirement that the accounts give a true and fair vi8w which is not a matter considefed as part of an indendent examination., or the accounts havè not been prepared in accordance with th& mèthcé$ and princip9 of the Stat8rnent of Recomrnended practi for accounting and repon9 by charit1è518pplipRble to charities preparing their accounts in accordance with the Financial Reporting Standard applicabl8 in th8 UK and Republic ol Ireland IFRS 10211. I have no conM$ and have come across no other matters in connection wth the 8x8rnination to which attents.on should be drawn in this report in or¢Jer to en&bla a prop8r undgrstanding ol the acc£Junts to be r8ached. M Skellum FCA Ballards LLP Oakmore Court Kingswood Road Hamplon Lovett DrO11¢h WRg OQH Date.. Page 5
TUDOR HOUSE BROADWAY TRUST Statement of Flrtancial Aetivitie$ for the ear ended 31 December 2024 9 months ended 31 December 2023 Total Funds Year ended 31 Dfrcemb•r 2024 Note8 Restricted Unr&strl¢t•d fotal Fund8 Fund Funds Income And èndowments from Donations and legacies 12.500 113,527 126.027 49,050 Other trading activities Investsnent income 43,920 438 43,920 36,074 522 Total 12,500 157 883 170,383 Expendfjre on Raising funds 12.151 12,151 19.299 Charltabl• aetivities Museum Building 30.096 30,096 22,082 Oth8r 131 126 131,126 59,405 Total 173373 173,373 100.766 NET INCOMEIIEXPENDITUREI 12,500 115.4901 12,9901 115,1201 R•eonciliation of funds Total funds brought forward 244.385 244,385 259.505 Total funds earned forward 12.500 228.895 241,395 Pag8 6
TUDOR HOUSE BROADWAY TRUST (REGISTERED NUMBER 079953541 B lance She•t 31 Decembgr2024 2024 Total funds 2023 Total funds Not•$ Fixed assets Tangible assets 205,721 209,492 Current assets Stocks Debtors Cash at bank and in hand 10 460 8,343 450 13.978 48.793 43.368 Creditors Amounts falliro due within One year 12 113,1191 18,4751 Net curr•nt assets 35,674 Total assets 1¢$$ current liabilities 241.396 NET ASSETS Funds Unrèstricted funds R65tiicted fund 13 228,895 244,385 Totsl funds 244,385 Tha charitable cornpany is antilled to exemption trom auyrt under Section 477 ofthe Companies Act 2006 forthe yearended 31 Decemter 2024. The members have not required the company to obtsin an au¢Jit of its financial stataments for the yèar ended 31 Decernber 2024 in accordsnc8 With Section 476 01 th8 Cornpanies Act 2QKJ6. The trustees acknowledge their responsibilities for lal ensuring that the charitable wmpany keeps accounting records that cornply with S8clions 386 8nd 387 of the Companies Act 20( and preparing financi81 Statements which give 8 true and fair VI of the state of 8ffairs ol the charit8ble company as at the end of each finanoal year and of its surplus or d8ficit for each financi81 year in accordarice with the requirements of Seotions 394 and 395 and which otherwise comply with the requir8menis of thè Companies Act 2006 relating to financial statement5, 50 tsr as applicable to the charitable cotnpany. Ibl These financial statements have been prepared in accordaneè with t provisions applicable to Charitab compan8 subject to the small eompanies regime. n¢ial statement> W8re approved by the Board of Trustees and authorised for issue and were signed on ils behalf by.. J H Painier BA FCA- Tru5t8e Page 7
TUDOR HOUSE BROADWAY TRUST Notes to the Financial Statements forthe nded 31 Dember 2024 Accountlng pollcles 8a¥is of preparlng tho flnaneial #tatements The financial statements of the charitable company, which is a public benefit 6ntity und&r FRS 102, havè b8en prepared in accordance with the Charities SORP IFRS 1021 'Accounting and Rèporting by Charities.. Statement of Rècommended Practice applicab16 to charities preparing their accounts in accordance wth the Financial Reporting Standard applicab in the UK and Republic of Iland IFRS 1021 (effective 1 January 20191., Financi81 Reporting Siandard 102'The Financial Reporting St8nd8id applicable in the UK and Republic of Ireland. and the Compan$ Act 2006. The financial statemènts have been prepared undèr the historical cost convènts'on. Income All incom6 15 recconised in the Statement of Financial Activities Oll th8 charity has entitlemant to the funds, it is probable that the income will be rerewed and the amount can be rneasured raliably. Expendlture Liabilitles are recognised as exp&nditure a3 soon as there is a al or constructive oblig8t4on comrnitting the charity to that expenditure, it is probable that 8 transfer of economic inefits will be required in Settlement and the atnount of the oblatIon c8n be measured reliably. Expenditure is accounted for on an accru81s basis and has been classified undor h8ading5 that agggate all cost ielated to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a bas consistent wth the use ol resourtss. Tangible fixed assets Depreciation is provided at the following annual rates in order lo write off each assèt over its estimated uselul lits. Short a$ehOld Fixtu$ and fitting$ Computerequipment Straight line ovar 33 y8ar3 10°A on cost 33¥ts on cost Stocks Stocks ale valuad at th8 lower of cost anol net alls•ble value, after rnaking due allowance for obsolete and slow momng item5. Taxation The Charty is exempt from corporation tax on ils charitable activths. Fund accoUnng Unrestricted funds can be used in accordance with the charitable obj6ctwe5 atthe discretion of thg Trusiees. Restricted funds can only b8 used for particular $triCtEd purposes within the objects of the Charty. Rostrictions arise when speafi6d by the donor or when funds afy rai58d for particular restricted purposes. Furtherexplanation of the natufy and purpose of each fund is induded in the notes to thè financial siatements. Hlrè pureha80 and leaslng commstinènts Rentals paid under operating leasgs are charged to the St8tern8nt of Financial Actiwtiès on a straigm line basis over the period of the lease. Pension costs and oth•r post-retiremenl beneflts The charitable company operates a defined contributs.on pension scheme. Contributions payab to the ch8rit8ble company's pènsion 8¢heme are charged to th8 Statement of Financial Activibe5 In the period to which they rdate. Going concern The financial statements h8ve been prepared on a going concem basis. The Trustee5 have reviewed and considered relevant information, Including the annual budget and futur8 cash flows in making their assessment. In particular, the Trustees have t8Sted their cash fiow analysis to take into account the Impact on their business of various possible scenarios, 81ongside the measures that they ¢8n take to mitigate their impa¢t. Based on the58 8s5e5sments, given the measur88 th81 could be undertaken to mitVJ8te the current adverse condib'ons, and the current resour$ available, th8 Trustees have conduded that th8y can continue to adopt the going concern basis in preparing the annual report and accounts Page 8
TUDOR HOUSE 8ROADWAY TRUST the Financial St8teménts- con for th8 d 31 December 2024 Oth•r tradlng activitiès Year ended 31 Dae•mber 2024 9 months ended 31 December 2023 Fundraising events Shop income Spon$otships 24.906 18.014 29.595 5.479 43,920 36.074 Imi•stmènt in¢ome Yèar ended 31 Docember 2024 9 months ended 31 Dtrcornber 2023 Interesl receivable- trading 436 522 Raising Funds Raising Donatlon8 and Legaei•$ Yoar ended 31 December 2024 9 months ended 31 December 2023 Fundraising Lecture costs 11A69 682 13.940 272 Net in¢omellexpendlturè} Net incornellexpenditurèl is st8ted after chargingllcreditingl.. Year ended 31 Dember 2024 9 months ended 31 D•cernb?r 2023 Depreciation- owned assets Hire ol plant and machinery 7,595 621 6,532 469 Trust••s' remuneration and benefits Thèrè we no trustees, muneratIon or other benefits for tha year ended 31 0ecemb8r 2024 nor for thè peiiod 8nd8d 31 December 2023. Trusteo's expen8QS There were no trustees, &xpenses paid for the year endad 31 Decernber 2024 nor for the period and8d 31 Dernber 2023. Page 9
TUDOR HOUSE BROADWAY TRUST Notes to the Financi Statements- continu for he ear ended 31 DÈ r 2024 Stsff ¢o¥ts The averaga monthly numberof employees during the yearwas as follows.. Year ended 31 Dec•mb8r 2024 9 months •ndèd 31 Dècember 2023 Administration No employees receNed emoluments in eXsS of£60,OC4J. Comparativ forthe statem•nt offinanclal aclviti08 Unrestrfcted Fund Income and endowm•nt8 from Donations arKJ 49.51X) Other trading activitF85 Investment inccKne 36,074 522 Total E¥pendlture on RaIng funds 19,29g Charitabte activitle$ Musèum Buikliro other 22,062 59,405 T¢)tal 100,766 NET DEFICIT 115,1201 Reconciliation of fvnds Total funds brought forward 259,505 Total funds earrted foThMrd 244,385 Page10
TUDOR HOUSE BROADWAY TRUST Notes to the Fin ncial Statements- contin for th ear ended 31 Decern Tangible fixed assets Short lea$ghol Flxtur•s and fittings Computer Equrpment Total Cost At 1 January 2024 Additions 259,701 91,971 3,075 11.593 749 363,265 At 31 D8C8rnber 2024 259 701 95 046 Depreclatlon At 1 January 2024 Charge for the year 59,358 83,500 10,915 597 153,773 At 31 December 2024 Net book value At 31 December 2024 194.509 10,382 830 205 721 At 31 Dember 2023 200,343 8,471 678 209,492 10. Stocks 2024 2023 stock3 450 450 D•btorn: amount8 falllng du• wlthln onè year 2024 2023 Trad8 debtors Prepayments 126 8,217 5,231 8.343 13,978 12. Credltors.. amounts falling due wlthln ona y•ar 2024 2023 Trade creditors Social security and other tsxes Other creditors Aceru8ls and defer5 income 9,751 654 400 5,818 466 2.191 13,119 8,475 Page11
TUDOR HOUSE BROADWAY TRUST Note he Financial Statém8n - conknnued he ear ended 31 De mber 2024 13. Mov•ment In fund8 Net movom•nt in funds At 111124 At 31112124 Unrestrlcted funds General fund 244,385 115,4901 228,895 Restrlctod fund John Singer Sargent ExhIbOn 12,500 12,500 TOTAL FUNDS 244.385 2.990 241.395 Met rnovement in funds. included in 8bove are as ftsllows IrmIng resources Resources expended Mtsvemgnt in funds Unmstrictsd funds General fund 157,883 1173,8731 115,4901 Restrlcted fund John Singer Sarg6nt Exhibition 12,500 12,500 TOTAL FUNDS 170 383 173873 Comparatlves for movèment in funds Net movemènt Sn fund8 At 114123 At 31112123 Unrestrfetèd funds Genera5 fund 259.505 115.1201 244,385 TOTAL FUNDS 259,505 15,120 244,385 A current year arid priorperiod ol g months combined position is as follows.. N•t movement in fund6 At 114123 At 31112124 Unrestricted funds General fund 259.505 {30,6101 228,895 R•5tricted fund John Singer Sargent Exhibrf(ion 12,500 12,500 TOTAL FUNDS 259.505 241.395 Page12
TUDOR HOUSE BROADWAY TRUST tes to the Financial Statemen ntinu6d for tho ear ende 1 Decernber 2024 13. Movement Sn funds- continuad A current year and prior period of 9 rnonths combined not movèment in fvnds incIled in thè above are as follows.. Incoming resourc&s Resour$ expended Movement in funds UnYestrl¢te(I funds G&nèial fund 243,529 1274,1391 130,6101 Restrlcted fund John Singer Sargént Exhibition 12,500 12.5(Kl TOTAL FUNDS 256.029 274,139 18,110 14. Related party dlsclosur•s There w6ro no related party transactions during th8yearended 31 Decamber2024. 19 months ended 310ecemb&r 2023 £nill Page13