| Contents | |||
|---|---|---|---|
| Page | |||
| Reference and Administrative Details |
|||
| Trustees' Report |
3 —12 | ||
| Independent | Examiner's Report |
13—14 | |
| Consolidated | Statement of Financial | Activities | 15 |
| Consolidated | Balance Sheet | 16 | |
| Consolidated | Statement ofCash Flows |
||
| Notes to the | Financial Statements, | incorporating: | |
| Accounting | Policies | 18 —22 | |
| Other Notes | to the Financial Statements |
22-34 |
| Total | Total | |||||
|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Funds | Funds | |||
| Funds | Funds | 2023 | 2022 | |||
| Note | F | |||||
| INCOME | ||||||
| Donations and legacies |
18,380 | 60,871 | 79,251 | 8,849 | ||
| Trading activities |
109,382 | 13,603 | 122,985 | 92,575 | ||
| Investment income |
377 | 377 | 13 | |||
| Charitable activities |
447,540 | 447,540 | 515,061 | |||
| TOTAL INCOME | 128,139 | 522,014 | 650,153 | 616,498 | ||
| EXPENDITURE | ||||||
| Raising funds | 109,382 | 109,382 | 84,733 | |||
| Charitable activities |
374 | 547,919 | 548,293 | 693,270 | ||
| TOTAL EXPENDITURE | 109,756 | 547,919 | 657,675 | 778,003 | ||
| NET INCOME / (EXPENDITURE) |
||||||
| BEFORE TRANSFERS | 18,383 | (25,905) | (7,522) | (161,505) | ||
| Transfers between |
funds | 17 | 3,179 | 3,179) | ||
| NET INCOME /(EXPENDITURE) | ||||||
| BEFORE OTHER | RECOGNISED | |||||
| GAINS AND LOSSES | 21,562 | (29,084) | (7,522) | (161,505) | ||
| Actuarial gains / (losses) on defined |
||||||
| benefit pension schemes | 21 | 216,000 | 216,000 | 253,000 | ||
| NET MOVEMENT | IN FUNDS | 21,562 | 186,916 | 208,478 | 91,495 | |
| RECONCILIATION | OF FUNDS | |||||
| Funds at 1 April | 17 | 183,867 | 152,945 | 30,922 | (60,573) | |
| TOTAL FUNDS AT 31 MARCH | 17 | 205,429 | 33,971 | 239,400 | 30,922 |
| Group | Group | Charity | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Notes | 2023 | 2022f | 2023 | 2022 | ||||||
| FIXEDASSETS | ||||||||||
| Intangible assets |
11 | |||||||||
| Tangible assets | 12 | 30,662 | 37,195 | 30,662 | 37,915 | |||||
| Investments | 13 | 1 | 1 | |||||||
| 30,662 | 37,195 | 30,663 | 37,916 | |||||||
| CURRENT ASSETS | ||||||||||
| Stock | 14 | 12,011 | 10,678 | |||||||
| Debtors | 15 | 29,239 | 70,093 | 26,559 | 68,007 | |||||
| Cash at bank and | in hand | 20 | 241,691 | 254,391 | 244,156 | 255,932 | ||||
| 282,941 | 335,162 | 270,715 | 323,939 | |||||||
| LIABILITIES | ||||||||||
| Creditors: amounts falling due |
within one | 16 | ||||||||
| year | (74,203) | (188,435) | (61,978) | (177,213) | ||||||
| NET CURRENT ASSETS | 208,738 | 146,727 | 208,737 | 146,726 | ||||||
| NET ASSETS EXCLUDING | PENSION | |||||||||
| SCHEME LIABILITY | 239,400 | 183,922 | 239,400 | 183,922 | ||||||
| Pension scheme | liability | 21 | ~(153,000 | (153,000) | ||||||
| NET ASSETSI(LIABILITIES) | 239,400 | 30,922 | 239,400 | 30,922 | ||||||
| FUNDS | ||||||||||
| Restricted Funds |
||||||||||
| General restricted |
funds | 17 | 33,971 | 55 | 33,971 | 55 | ||||
| Pension fund reserve | 17 | (153,000) | (153,000) | |||||||
| Total Restricted | Funds | 33,971 | ~152,945) | 33,971 | (152,945) | |||||
| Unrestricted Funds |
||||||||||
| General funds | 17 | 205,429 | 183,867 | 205,429 | 183,867 | |||||
| TOTAL FUNDS I | (DEFICIT) | 239,400 | 30,922 | 239,400 | 30,922 | |||||
| The financial statements | were approved | by the Trustees | and signed | on | (1,(.~q | .on their | behalf by: |
| OR THE YEAR ENDED | 31 MARCH | 20 | 23 | |||
|---|---|---|---|---|---|---|
| 2023 | 2022 | |||||
| Notes | ||||||
| Cash flows from operation | activities | |||||
| Net cash provided by operating activities |
19 | (13,077) | (87,732) | |||
| Cash flows from investing | activities | |||||
| Interest income | 377 | 13 | ||||
| Purchases of tangible fixed |
assets | (2,695) | ||||
| Net cash provided by I(used in) investing |
activities | 377 | (2,682) | |||
| Cash flows from financing | activities | |||||
| New borrowings | ||||||
| Net cash provided by I(used in) financing |
activities | |||||
| Change in cash and cash |
equivalents | in | the year | (12,700) | (90,414) | |
| Cash and cash equivalents | at the beginning | ofthe year | 254,391 | 344,805 | ||
| Cash and cash equivalents | at the end | of | the year | 20 | 241,691 | 254,391 |
| NCOME FRO | M TRA | DING ACTIVIT | IES | |||
|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | Total | |||
| Funds | Funds | Funds | Funds | |||
| 2023 | 2023 | 2023 | 2022 | |||
| Commercial | trading | activities | 109,382 | 109,382 | 84,733 | |
| Hire offacilities | 10,103 | 10,103 | 3,295 | |||
| Other trading | activities | 3,500 | 3,500 | 4,547 | ||
| 109,382 | 13,603 | 122,985 | 92,575 | |||
| Total —2022 | 91,693 | 882 | 92,575 | |||
| NVESTMENT | INCOME | |||||
| Unrestricted | Restricted | Total | Total | |||
| Funds | Funds | Funds | Funds | |||
| 2023 | 2023 | 2023 | 2022 | |||
| f. | ||||||
| Bank interest | 377 | 377 | 13 | |||
| Total —2022 | 13 | 13 |
| Unrestricted | Restricted | Total | Total | |||
|---|---|---|---|---|---|---|
| Funds | Funds | Funds | Funds | |||
| 2023 | 2023 | 2023 | 2022 | |||
| Museum activities |
||||||
| Grants | ||||||
| CheNvell District |
Council | 378,520 | 378,520 | 377,100 | ||
| Oxford University | Museums | Partnership | 11,991 | 11,991 | 11,880 | |
| Covid-19 Grants | 12,506 | |||||
| Other grants | 450 | 450 | 71,628 | |||
| 390,961 | 390,961 | 473,114 | ||||
| Other funding | ||||||
| Service income | 10,000 | 10,000 | 10,000 | |||
| Exhibitions and |
events | 46,579 | 46,579 | 31,591 | ||
| Other income | 356 | |||||
| 56,579 | 56,579 | 41,947 | ||||
| Total | 447,540 | 447,540 | 515,061 | |||
| Total —2022 | 515,061 | 515,061 |
| Unrestricted | Restricted | Total | Total | |||
|---|---|---|---|---|---|---|
| Funds | Funds | Funds | Funds | |||
| 2023 | 2023 | 2023 | 2022 | |||
| Commercial | trading | activities | 109,382 | 109,382 | 84,733 | |
| Total —2022 | 84,733 | 84,733 |
| XPENDITUR | E ON CH | AR | ITAB | LE ACTIV | ITIES | |||
|---|---|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | Total | |||||
| Funds | Funds | Funds | Funds | |||||
| 2023 | 2023 | 2023 | 2022 | |||||
| Museum activities |
||||||||
| Staff costs | 365,825 | 365,825 | 366,766 | |||||
| Staff related costs | 1,250 | 1,250 | 181 | |||||
| FRS102pension net interest cost |
11,000 | 11,000 | 12,000 | |||||
| Exhibitions and events |
51,462 | 51,462 | 107,025 | |||||
| Insurance | 7,061 | 7,061 | 7,484 | |||||
| Utilities | 16,220 | 16,220 | 36,553 | |||||
| Technology | 16,192 | 16,192 | 17,679 | |||||
| Maintenance | ofpremises | and equipment | 3,105 | 3,105 | 2,058 | |||
| Cleaning | 414 | 414 | 1,603 | |||||
| Advertising and marketing |
370 | 22,833 | 23,203 | 15,058 | ||||
| Service agreements | 3,999 | 3,999 | 4,769 | |||||
| Museum refurbishment |
and redecoration | 7,257 | 7,257 | 71,467 | ||||
| Printing, postage and |
stationery | 1,793 | 1,793 | 2,042 | ||||
| Bookkeeping | and accountancy | fees | 14,247 | 14,247 | 13,384 | |||
| Independent | examiner | fees | 3,000 | 3,000 | 3,000 | |||
| Governance | support costs | 6,068 | 6,068 | 6,000 | ||||
| Human Resources consultancy |
722 | 722 | 1,033 | |||||
| Other support | costs | 7,766 | 7,766 | 8,131 | ||||
| Bank charges | 1 172 | 1,176 | 920 | |||||
| Depreciation | and amortisation | 6,533 | 6,533 | 16,115 | ||||
| 374 | 547,919 | 548,293 | 693,270 | |||||
| Total —2022 | 693,268 | 693,270 |
| TAFF COSTS | ||
|---|---|---|
| 2023 | 2022 | |
| Staff costs during the year were: | ||
| Wages and salaries | 310,332 | 297,024 |
| Social security costs | 20,261 | 18,852 |
| Pension costs (note 21) | 80,948 | 83,268 |
| 411,541 | 399,144 |
| Management | ||
|---|---|---|
| Museum | ||
| Administration | and | support |
| ANGIBLE FIXEDASSETS | |||
|---|---|---|---|
| Group and Charity | Fixtures | Plant & | |
| &Fitting | Machinery | Totalf | |
| Cost | |||
| At 1 April 2022 | 174,125 | 57,679 | 231,804 |
| Additions | |||
| At 31 March 2023 | 174,125 | 57,679 | 231,804 |
| Depreciation | |||
| At 1 April 2022 | 138,178 | 56,431 | 194,609 |
| Charge for the year | 6,140 | 393 | 6,533 |
| At 31 March 2023 | 144,318 | 56,824 | 201,142 |
| Net book value | |||
| At 31 March 2023 | 29,807 | 855 | 30,662 |
| At 31March 2022 | 35,947 | 1,248 | 37,195 |
| TOCK | ||||||
|---|---|---|---|---|---|---|
| Group | Charity | |||||
| 2023 | 2022 | 2023 | 2022 | |||
| Shop stock | 12,011 | 10,678 | ||||
| EBTORS | ||||||
| Group | Charity | |||||
| 2023 | 2022 | 2023 | 2022 | |||
| f. | ||||||
| Trade debtors | 924 | 5,445 | 924 | 5,445 | ||
| Other debtors | 15,702 | 46,403 | 13,022 | 44,317 | ||
| Prepayments | and accrued income | 12,613 | 18,245 | 12,613 | 18,245 | |
| 29,239 | 70,093 | 26,559 | 68,007 | |||
| CREDITORS: | Amounts | falling due within one year | ||||
| Group | Charity | |||||
| 2023 | 2022 | 2023 | 2022 | |||
| Other loans | 60,000 | 60,000 | ||||
| Trade creditors | 13127 | 60,133 | 11,239 | 56,933 | ||
| Other taxation | and social security | 23,776 | 35,160 | 21,096 | 33,389 | |
| Other creditors | 22,078 | 9,109 | 14,421 | 2,858 | ||
| Accruals and | deferred | income | 15,222 | 24,033 | 15,222 | 24,033 |
| 74,203 | 188,435 | 61,978 | 177,213 |
| Statement offunds —prior yr | Statement offunds —prior yr | 1April | Transfers | Gains 8, | 31March | ||
|---|---|---|---|---|---|---|---|
| 2021 | Income | Expenditure | In /(out) | losses | 2022 | ||
| E | E | ||||||
| Restricted Funds | |||||||
| Museum fund |
430,185 | (421,296) | (3,578) | 5,311 | |||
| Museum fundraising |
fund | 20,000 | (20,000) | ||||
| Resilience fund | (33,713) | (9,062) | (1,564) | (44,339) | |||
| OUMP fund | 11,880 | (11,880) | |||||
| Library fund | 23,888 | 6,875 | (5,071) | 25,692 | |||
| Welcome project fund | 76,621 | (75,559) | 1,062 | ||||
| Other restricted funds |
17,287 | 76,565 | (81,779) | 256 | 12,329 | ||
| Pension fund | (339,000) | (67,000) | 253,000 | (153,000) | |||
| (234,917) | 516,443 | (684,149 | (3,322) | 253,000 | (152,945)) | ||
| Restricted Fixed Asset Funds | |||||||
| Fixed assets funds | 10,797 | (9,119) | (1,678) | ||||
| Total Restricted Funds | (224,120) | 516,443 | (693,268) | (5,000) | 253,000 | (152,945) | |
| Unrestricted Funds |
|||||||
| General funds | 163,547 | 100,055 | (84,735) | 5,000 | 183,867 | ||
| Total Funds | (60,573) | 616,498 | (778,003) | 253,000 | 30,922 |
| urrent year | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Restricted | |||||||||
| Unrestricted | General | Total | |||||||
| Funds | Funds | Funds | |||||||
| Intangible fixed assets |
|||||||||
| Tangible fixed assets | 30,663 | 30,663 | |||||||
| Current assets | 217,655 | 53,060 | 270,715 | ||||||
| Creditors due within one | year | (12,226) | (49,752) | (61,978) | |||||
| Provisions for liabilities |
and | charges | |||||||
| 205,429 | 33,971 | 239,400 | |||||||
| rior year | |||||||||
| Restricted | |||||||||
| Unrestricted | General | Total | |||||||
| Funds | Funds | Funds | |||||||
| Intangible fixed assets |
|||||||||
| Tangible fixed assets | 37,195 | 37,195 | |||||||
| Current assets | 195,149 | 140,013 | 335,162 | ||||||
| Creditors due within one | year | (11,282) | (177,153) | (188,435) | |||||
| Provisions for liabilities |
and | charges | (153,000) | (153,000) | |||||
| 183,867 | (152,945) | 30,922 | |||||||
| ECONCILIATION OF |
NET | MOVEMENT | IN FUNDS TO | NET CASH FLOW | FROM OPERATING | ACTIVITIES | |||
| 2023 | 2022 | ||||||||
| Net income / (expenditure) |
for the year | (7,522) | (161,505) | ||||||
| Adjustment for: |
|||||||||
| Depreciation charges |
6,533 | 16,115 | |||||||
| Interest receivable | (377) | (13) | |||||||
| Defined benefit pension | scheme cost less contributions | payable | 52,000 | 55,000 | |||||
| Defined benefit pension | scheme net finance costs | 11,000 | 12,000 | ||||||
| (Increase) / decrease |
in | stocks | (1,333) | (3,328) | |||||
| (Increase) / decrease |
in | debtors | 50,854 | (41,600) | |||||
| Increase / (decrease) |
in | creditors | (124,232) | 35,599 | |||||
| Net cash provided by |
operating | activities | 13,077 | (87,732) |
| he principal actua |
rial assumpti |
ons at the |
balance sheet date (expre | ssed as weighted averages) w |
ere: |
|---|---|---|---|---|---|
| 2023 | 2022 | ||||
| Rate ofincrease | in salaries | 295% | 3.15% | ||
| Rate ofincrease | for pensions | in payment | / inflation | 295% | 3.15% |
| Discount rate for | scheme liabilities |
4.75% | 2.75% |
| sumed | live e | xpectations on retirement age 65are: |
||
|---|---|---|---|---|
| 2023 | 2022 | |||
| Retiring | today | —Males | 19.3 | 22.2 |
| Retiring | today | —Females | 24.1 | 24.5 |
| Retiring | in 20 | years - Males | 23.4 | 23.1 |
| Retiring | in 20 | years —Females |
25.4 | 26.1 |
| Sensitivity analysis: | |||||
|---|---|---|---|---|---|
| The sensitivities regarding the principal |
assumptions | used to measure | the scheme | liabilities | (i.e. the defined |
| benefit obligations) are as follows: |
|||||
| 31 March | 31 March | ||||
| 2023 | 2022 | ||||
| Discount rate —0.1%(2022: —0.1%) | 25,000 | 39,000 | |||
| Salary increase rate + 0.1%(2022: + | 0.1%) | 6,000 | 7,000 | ||
| Pension increase / inflation +0.1%(2022:+0.1%) |
19,000 | 32,000 |
| he Trust' | s share ofthe assets | in the scheme were as follow | s: | |
|---|---|---|---|---|
| 31 March | 31 March | |||
| 2023 | 2022 | |||
| Equities | 966,000 | 1,017,000 | ||
| Gilts and | Bonds | 212,000 | 237,000 | |
| Property, | LLP's and Diversified | Growth Funds | 119,000 | 111,000 |
| Cash | 26,000 | 28,000 | ||
| Total market value ofassets | 1,323,000 | 1,393,000 |
| e amou | nts recognised in the Statement of Financi |
al Activities are as follows: | |
|---|---|---|---|
| 2023 | 2022 | ||
| Current | service cost | (78,000) | (81,000) |
| Interest | on liability | (50,000) | (38,000) |
| Interest | on scheme assets | 39,000 | 26,000 |
| Total | ~89,000) | (93,000) |
| 2023 | 2022 | ||||||
|---|---|---|---|---|---|---|---|
| Opening | defined benefit |
obligation | * | 1,546,000 | 1,572,000 | ||
| Adjustment for obligation |
funding | guarantee | due to year end surplus | position | 242,000 | ||
| Current | service cost | 78,000 | 81,000 | ||||
| Interest | cost | 50,000 | 38,000 | ||||
| Contributions by scheme |
participants | 11,000 | 11,000 | ||||
| Actuarial Benefits |
(gains) / losses paid |
(686,000) ~6,000 |
(149,000) 7,000 |
||||
| Closing | defined benefit obligation |
1,235,000 | 1,546,000 |
| PENSION COMMITMENTS (continued) | ||
|---|---|---|
| Movements in the fair value ofTrust's share ofscheme assets: |
||
| 2023 | 2022 | |
| Opening fair value ofscheme assets |
1,393,000 | 1,233,000 |
| Interest on assets | 39,000 | 26,000 |
| Actuarial gains I(losses) |
(140,000) | 104,000 |
| Contributions by employer |
26,000 | 26,000 |
| Contributions by scheme participants Benefits paid |
11,000 ~6,000 |
11,000 7,000 |
| 1,323,000 | 1,393,000 |