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|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|
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||||||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|
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|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|
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|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|
##
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|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|
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|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|
##
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|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)|
##
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|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|
##
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|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|
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