Charlty Number: 1153109 Banbury Museum & Galleiy BANBURY MUSEUM TRUST (A CHARITABLE INCORPORATED ORGANISATION) UNAUDITED TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
BANBURY MUSEUM TRUST Contents Page Reference and Administrative Details Trustees, Report 3-12 Independent Examiner's Report 13-14 Consolidaled Statement of Financial Activities Consolidaled Balance Sheet 16 Consolidated Statement of Cash Flows 17 Noles to Ihe Financlal Statements. incorporallng: Accounting Policies 18-22 Other Notes to the Financlal Statements 22-34
BANBURY MUSEUM TRUST Reference and Administrative Details Trustees Ms R Mileham Mr A Scott Mr J E Spratt Dr H Forde Mrs A Williams Mrs C Adams Miss S Hussain Cllr P Chapman Cllr R Pattenden Mr J Walton Chair Deputy Chair For Cherwell District Council - Resigned May 2024 For Cherwell Districl Council Appointed June 2024 Kay Management Personnel Mr SM Townsend, Museum Director Mrs S Denton, Director of Operations The Board consists of all the above individuals, one of whom is appointed by Cherwell District Council. Prlnclpal Address Banbury Museum & Gallery Spiceball Park Road Banbury Oxfordshire OX16 2PQ Reglsterad Charlty Number 1153109 Independent Examlners Morgan Accountancy Solutions Suite 16 Enterprise House Bicester Business Cenlre Telford Road Bicester Oxfordshire OX26 4LD Bankers HSBC Bank PIC 17 Market Place Banbury Oxfordshire OX16 SED Solicitors SE-Solicilors 52-54 The Green Banbury Oxfordshire OX16 9AB
BANBURY MUSEUM TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 Banbury Museum & Gallery is Accredited Museum 1154 with Arts Council England. The Trustees present their report together with the consolidated financial statements of the Banbury Museum Trust ('the Trusl,) for the year ended 31 March 2024. There is much to commend in this report. the Museum has delivered an outstanding programrne of exhibitions and activities, supported by successful trading. Furthermore, the Museum completed an Audience Development Plan, which will enable to Museum to develop more relevant programmes. targeted more precisely. Understanding our audiences will help Banbury Museum & Gallery to create a sustainable future that places visitors at the heart of what the Museum does. It will allow the Museum to respond to and anticipate the needs of the community, and provide a service that inspires, educates. and entertains. The audience development strategy underpins robust financial planning allowlng for a sustainable future for the Museum. Structuro overnance and Mana em Constltutlon The Trust is a charitable incorporated organisation. incorporated and registered with the Charlty Commission for England and Wales on 29 July 2013. The primary governing document of the Trust is its Constitution, dated 29 July 2013 and as amended on 21 June 2018 and 10 June 2022. Details of the Trustees who served throughout the year are included in the Reference and Administrative Details on page 2. Members, Llablllty In the event of the charity being wound up, the Members have no liability to contribute to the assets of the Trust and no personal responsibility for settling its debts and liabilities. Trustees, Indemnltles In accordance with normal commercial practice the Trust has purchased insurance to protect Trustees and officers from claims arising from negligent acts, errors or omissions occurring whilst on Trust business. The insurance provides cover up to £1,000,000 on any one claim. Method of Recruitment and Appolntment or Electlon of Trustees The Trust's Constitution specifies that the number of Trustees shall be not less than three and not more than nine. One trustee is appointed by Cherwell District Council. All Trustees are appointed for a two-year term except for the Chair of Trustees who is appointed for a three-year lerm. The Board Considers nominations for new Trustees who can make a valuable contribution to the strategy and management of the Trust. with any appointments of new Trustees being approved at a meeting of the Board. Policies and Pmcedures Adopted for the Inductlon and Trainlng of Trustees. The procedure for the induction and training of trustees is as follows: A Trustee training event to oulline roles, responsibilities and obligations under charity law and review guidance issued by the Charity Commission. To take place every years. All Trustees will be updated annually on relevant changes in charity law and Charity Commission guidance. All Trustees will be encouraged to attend an annual Trustee awayday.
BANBURY MUSEUM TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 Organlsational Structure The Board is responsible for the overall governance of the Trust. It sets the general strategy and business plans for the Trust, approves an annual budget, monitors performance against the plans and budgets and makes major decisions about strategy, Museum development and senior staff appointments. The Board meets 4 times each year, supplemented with more frequent less-formal meetings. The Board has also established two sub-committees for the purposes of undertaking certain aspects of the governance of the Trust. These are 8 Resources Committee and a Development Committee. The Trustees appoint the members to these sub-commitlees. with the members of the sub-commitlees then electing their respective Chair and Deputy Chair. These sub-committees meet on a regular basis throughout the year in undertaking their respective responsibilities as set out in their respective lerms of reference as agreed by the Board. There is also a Heallh & Safety Committee that meets with the same regularity. monitoring operational health and safety and making recommendations to the Board on any strategic matters. The Trustees have delegated the day-to-day management of the Trust to the senior management team, which is led by the Museum Director. The Trustees comply with the Charity Governance Code, routinely reviewing governance structures to ensure best practice is adhered to. The Trustees are satisfied that they have applied all the material best practice requirements of the Code and remain focused on the following priorities. To develop data on audiences, both users and non-users, within Banbury and the surrounding areas to make the Museum's services accessible for all, including those currently under-served. To ensure all Trustees and senior staff complete an annual declaration of interests and that a separate register of interests is maintained. To ensure the Trust has a program in place for the regular I cyclical review of all policies I procedures. as well as considering any new areas of compliance. To regularly review the terms of reference for the sub-committees of the Board and their membership. Arrangements for settlng pay and remuneratlon of key management personnel The Trustees consider the Trustees and the senior management team to comprise the key management personnel of the charity in charge of directing and controlling, running and operating the Trust on a day-to-day basis. All Trustees give of their time freely and no Trustee received any remuneration in the current or prior year. Details of Trustees, expenses and related party transactions are disclosed in note 9 and 22 of the financial stalements respectively. The pay of the senior management team is reviewed annually and normally increased in line with average earnings. In view of the nature of the charity, Ihe Trustees benchmark Ihe pay for senior management staff against the pay levels in other Local Authority funded organisations and other similar charitable organisations. Related Partles and Other Connected Organlsatlons Although the undertaking of Banbury Museum was transferred to Ihe Trust from Cherwell District Council ('the Council,) on 1 November 2013, the Trust continues to be supported by and to work closely with Cherwell District Council, as well as having a member of the Council sil on its Board. The Trust receives grant funding and service income from the Council, which covers the core operational costs of the Museum. and also buys certain administration and support services and supplies from the Council. The details of the transactions between the Trust and the Council during the year ended 31 March 2024, along with other related party transactions, are set out in more detail in note 22 of the financial statements.
BANBURY MUSEUM TRUST TRUSTEES, REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2024 A¢crltatIOn Banbury Museum & Gallery is accredited with Arts Council England. The Trustees support the importance of full accreditalion. which ensures the Museum meets the national standard expected by its audiences and stakeholders. The majority of the collections on display are in the ownership of the Oxfordshire County Council's Museum Service, and therefore the process of accreditation must be completed in tandem with Oxfordshire County Council. The museum has been awarded provisional regislration, which will be upgraded to full regislration once a new Service Level Agreement has been agreed between Oxfordshire County Council, Cherwell District Council and Banbury Museum Trust. The new Service Level Agreement is being drafted by Oxfordshire County Council and is planned to be completed and agreed in 2024125. Ob ectives and Actlvities Objects and Alms The object of the Trust. as set out in its Constitution, Is °To advance the awareness and education of the public, particularly, but not exclusively, in the history of Banbury, North Oxfordshlre and the adjoining counties. and preserve the collections and archives in its stewardship. This will be achieved, in particular but not exclusively, by: Effective stewardship of the Museum's collections and archives,. Exhibiting, interpreting and providing access to the collections and archives.. Establishing and maintaining Museum(s), and l or archive(s) for the public benefit, and assisting other organisalions in achieving these objectives- and Collecting artefacts and archives in the Museum's own right. or in collaboration with other Museums. Publlc Benefit The Trustees confirm that they have complied with the requirement in the Charities Act 2011 to have due regard to the Charity Commission's general guidance on public benefit in exercising their powers and duties. They have referred lo this guidance when reviewing the Trusl's objects and aims and in planning its future activities and are satisfied that the Trust's activities comply with this guidance and are of public benefit. Mlsslon Vlslon and Statomant of Pur ose Mlsslon Banbury Museum & Gallery Is a place of new ideas: we reflect world-changing ideas of the past and work with people from all backgrounds to create the future. Vlslon We would like our visitors to realise what makes this place so special. become the best version of you. understand your shared heritage with other people living nearby. feel warm and welcomed.
BANBURY MUSEUM TRUST TRUSTEES, REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2024 Statement of Pury>ose We will enhance the quality of life and wellbeing of our community and users, through a cultural offer thatwill unlock our stories of past, present and future. We will be accessible, acknowledging the diverse needs of our users, and non-users. We will work with museum partners across the world, for the benefit of our town and region. We will be resilient. Ke Aims to 31 March 2024 Develop an outstanding programme of special exhibitions for our audiences. Review and improve access, creating a programme of enjoyable and memorable learning experiences, to meet the cultural and creative needs of our community. Develop, fundraise and deliver the new Waterways Gallery, to improve interpretation and access. Develop and fundraise for a scherne lo improve the access from Spiceball Park Rd. Develop the Patron's Circle, supporters and giving. Negotiate a new funding agreement with Cherwell Districl Council, Support the Banbury Quays Consortium. Achlevements and Performance The year to 31 March 2024 has been the Trust's ninth full year of operation of the Museum following the transfer of the Museum to the Trust on l November 2013. The Trustees, employees, volunteers and supporters have all contributed lo the ongoing development of the Trust and the Museum during this time and all remain firmly committed lo the continuing desire to build a successful and sustainable future for the Museum. The total number of visitors to the Museum during the year lo 31 March 2024 was 97,883, an increase of almost 4,000 over the previous year. This figure represents users for the whole Museum building, which offers a range of services, and reflects the national piclure for cultural venues. In terms of the Trust's achievements and performance against its 7 key aims for the year, these are as follows..
BANBURY MUSEUM TRUST TRUSTEES, REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2024 Develo an outstandin ro ramme ofs ecial exhibitions for our audiences Reveallng the Human Form An exhibition of 30 artworks by 19 artists, many of them among the leading British artists of recent times. This curated in-house exhibition included loans from the Arts Council Collection and the British Council Collection. Among the sculptors represented were.. Antony Gormley Barbara Hepworth Henry Moore Lynn Chadwick Elizabeth Frink Anthony Caro Eduardo Paolozzi Rachel Whiteread The exhibition included two Turner Prize Winners, Antony Gormley and Rachel Whlteread, and was a major undertaking, that brought outstanding work lo Banbury for our audiences. Robot Robotwas designed to appeal to the Museum's family audience. The exhibition paid homage to the TV series Robot Wars, with the inclusion of the iconic Hypno-disc. Hypno-disc was made in Middleton Cheney. just outside Banbury, and was both innovative and successful, reaching multiple national finals. A great local-yet- national story about Banbury engineering. Brltlsh Wlldllf• Photography Awards This popular exhibition displayed work submitted for The British Wildlife Pholography Awards (BWPA). and is a revered showcase of nature photography. The exhibition celebraled British wildlife and wild spaces are through inspirational images displayed. The Ironstone Art Prlzo The Ironstone Art Prlze is a biennial open art competition and exhibition, however the previous one was held in 2020 just before the first Covid lockdown. After much pandemic-relating rescheduling ruled out a 2022 exhibition, the competition returned. The Museum brought together a prestigious judging panel, Paul Hobson (Director, Modern Art Oxford), Deborah Smith (Direclor, The Arts Council Collection), Finn Taylor (Senior Tutor, The Royal College of Art) and Phillip Mould (art dealer, historian and broadcaster). The exhibition was well received and showcased the creative skills of artists working within a 25-mile radius of Banbury. I Wannabe In the 90s Banbury Museum & Gallery was the opening venue of the national tour of a brand-new exhibition that invited visitors to take a trip back in tirne with over 200 iconic objects and artworks bringing the Nineties to vivid life. From the days of Britpop and the Spice Girls, when Everything l Do, Love Is All Around. and I Will Always Love You set up camp at Ihe top of the singles chart and refused to leave. When Sonic the Hedgehog first spun and Lara Croft raided her first tomb, we played our first Playstation and caught our first Pokemon.
BANBURY MUSEUM TRUST TRUSTEES, REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2024 This exhibition took a nostalgic journey through growing up in the nineties, exhibiling familiar 'relics' from the past, from beloved toys and video games to music and films that defined the era. The exhibition reflected the era of 'Cool Britannia, and'Britpop' in the formative years ofthe internet, mobiles, digital pholography and much that has shaped life today. It was object-rich, hands-on, colourful and playful, appealing to anyone with fond memories of the 90s. Review and im rove access creatin ro ramme of en. the cultural and creative needs of our communit able and memorable learnin ex eriences to meet Central for learning and engagement, is the policy to improve access to our collections and exhibitions, both physical and intellectual, using the improved data the museum holds on audiences. The Museum provided enjoyable and memorable learning experiences to meet the cultural and creative needs of our community. Audiences included family groups, children, adults and older people, who visit for exhibitions, events, school workshops and reminiscence sessions. Outreach services were also provided. The programme.. Buill on successes so far, improving our marketing, communication and evaluatlon methods wlth key audiences, Reviewed our recent events for adults and continued to develop the evening programme. Improved the sustainability of our schools programme by training more staff to assist with delivering workshops. Maintained and developed our work involving older people. Worked closely with the Exhibitions Team on community exhibition projects to ensure successful outcomes for our audiences and the Museum's further development. Improved our expertise in and provision for people with special needs. Building on our 'social stories, for each new exhibition, developing a 'social story, for the Museum as a whole. Involved other departments, staff and volunteers in the work of the Learning and Engagement Team, upskilling individuals and ensuring that knowledge and resources ffom across the Museum is accessible for learning activities. The Museum Director has supported the Banbury Historical Society, who deliver an outstanding lecture programme from the Museum, both lo members and the public who attend the monthly lectures, and to those who stream content to watch at home. The programme advances knowledge of the rich local history, and the regional historical context. The Rosemarie Higham Library is now open Thursday and Saturday afternoons, staffed by volunteers from Ihe Banbury Hislorical Society. The partnership with the Banbury Historical Society delivers a high-quality programme of lectures, visits and access to unique resources.
BANBURY MUSEUM TRUST TRUSTEES, REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2024 Develo fundraise and deliver the new Waterwa s GalSe toim rove inter retation and access. The redisplay of the Waterways Gallery was identified in the 2015 Development Strategy and is necessary as the existing gallery is 20 years old. The preparatory design work has now been completed and the project costed. This project can proceed once the funds of approximately £300.000 have been raised. The next stage of the project is to raise the neSSary funds. The Fundraising Campaign will commence in the new financial year. Develo and fundraise for a scheme to im rove the access from S iceball Park Rd The development of the Waterfront capital project in the immediate environs of the Museum. which opened in summer 2022, necessitated an architectural reappraisal to improve the Museum's accessibility, as new routeways, alignments and increased footfall, render existing a¢sS routes inadequate. The access ramp from Spiceball Park Rd no longer meets building regulation standards. The Museum commissioned a feasibility study from Oxford Architects to redesign the canalside entrances and facades and redesign the Banbury Gallery, to meet the needs of urban Banbury in 2022 and beyond. Oxford Architects created an ambilious architectural solution that includes a new entrance and atrlum leading directly off Spiceball Park Rd, new improved circulation spaces. and a new larger gallery space. This scheme was presented to the trustees and received their unanimous support. The trustees subsequently instructed Oxford Architects to tender for the design team to take the plans to planning permission. Develo the Museum Sho Welcome Atrium and launch an Online Sho The Museum Shop and Welcome Atrium opened in October 2021, following almost £80,000 in funding from the Garfield Weston Foundation. This development has proved enormously successful, sales increasing by almost profit which directly funds the Museum's charitable objectives. Throughout the year 2023124 trading has improved still further, as these accounts show. It is hoped that the launch of an online shop in 2023 will further improve sales. Develo membershi and su orters, schemes and ivin The Museum has continued to work with consultant Sarah Gee, within the Developlng Partnerships Project. In May the Patron's Circle enjoyed an unforgettable evening at Farnborough Hall. Both Roderick Williams OBE and Philip Mould OBE performed and made generous speeches in support of our cause. The guests too, which numbered almost 100, were very complimentary. This event was only possible with the support of the Museum's trustees, who were able to arrange use of Farnborough Hall through the generosily of the Holbech family, and the contributions from Roderick Williams OBE and Philip Mould OBE. The Patron's Circle supporters number approximately 30 individuals. whose donations make a vital contribution to the Museum. See note on page 28. Su ort the Banbu Qua s Consortium The Museum has taken a leading role and supported the development of a new body. the Banbury Quays Consortium.
BANBURY MUSEUM TRUST TRUSTEES, REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2024 This body aspires.. lo promote urban regeneration and facilities for all age groups for recrealion, art. performance, culture, education and olher leisure activities within the Banbury Quays area in order to encourage participation by all those living in Banbury and the surrounding area, and to make Banbury a destination for visitors. The benefits for the Museum are many, not leastthe potential to develop new partnerships, increase footfall, and be seen to be making a positive conlribulion lo the Town's economy. The Banbury Quays Consortium supported the Banbury Canal Festival 2023, held on the weekend of the 30th September and 1 Sl October. Fine weather and an outstanding programme attracted a footfall of 20,000. This notable success brought a weekend of creativity, performance and fun, of great value to wellbeing, community cohesion, and the local economy. Two further projects the Banbury Quays Consortium were involved with include advocating for a new route from Banbury Train Stalion lo the Museum, taking a route along the towpath, and the commissioning of a Cultural Strategy for Banbury. It is hoped that both these projects will be completed in 2024125. Flnanclal RevSew The majority of the Trust's income continues to be in the form of grant funding from Cherwell District Council, the use of which is restricted to the particular purpose of operating the Museum. The grants received from the Council during the year ended 31 March 2024 and the associated expenditure of these grants are shown as Restricted Funds in the Statement of Financial Activities. The Trust also received grantfunding from other organisations during the period, principally the Oxford University Museums Partnership who fund the operation of the Museum's ongoing reminiscence program. Other income was generated from a range of activities. including educational visits and events, art exhibitions, room hire, and the income generated by the Trust's trading subsidiary, Banbury Museum Trading Limited, which operates the Museum shop. The Trust also generated income from donations, which were received from both individuals and corporate trusls and entities. For the year ended 31 March 2024, the total consolidated operating expenditure (excluding depreciation and amortisation charges, FRS102 pension cost and interest cost adjustments and gallery refurbishment expenditure) was £624,804 (2023: £580,885) while the total consolidated operating income was £649,990 (2023.. £590,278) {excluding any Museum development income). The consolidated operating net surplus for the year was therefore £25,186 (2023.. £9,393). The Trust's wholly owned subsidiary company generated turnover for the year of £127,414 (2023.. £109,382) with a gross profit margin of £68,984 (2023.. £63,211) or 54.10/0 (2023.. 57.8 % ) and a net operating profit for the year of £nil (2023: £nil). The consolidated net surplus funds of the Trust at 31 March 2024 are £257,301 (2023.. £239,400), which comprised of the following: Restricted General Funds Restricted Pension Liability Fund Unrestricted Funds £26,607 (2023.. £33,971) £nil (2023-. £nil) £230,694 (2023: £205,429) The pension scheme liability relates to the deficit in the Trust's defined benefit pension scheme, which was transferred to the Trust from Cherwell District Council on 1 November 2013. Although the eligible employees who transferred to Ihe Trust on 1 November 2013 were transferred on a fully funded basis such that there was no surplus or deficit in the scheme on the transfer date, the FRS102 report produced at 31 March 2024 has assessed the scheme is in surplus at 31 March 2024. The Trust is currently required to make any accelerated paymenls to meet this pension scheme liability and were arrangements to change again as resuS1 of future actuarial valuations of the scheme, then this would represent an additional cost for the Trust which it would need lo be met from its 10
BANBURY MUSEUM TRUST TRUSTEES, REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2024 recurring core grant funding and other sources of income. Note.. Under the terms of a Guarantee to the Admission Agreement dated 1 November 2013, Cherwell District Council guarantees any outstanding Local Government Pension Scheme liabilities to the extent the Trust is unable to meet any such liabilities in the future. Overall, the Trustees continue to be satisfied with the Trust's financial performance during the year ended 31 March 2024 and its overall financial position at 31 March 2024. ReseThes Policy The Trustees policy is to review the reserve levels of the Trust on an annual basis. This review will encompass the nature of the income and expenditure streams. the need to match income with commitments and the nature of the Trust's reserves. The Trustees also take into consideration the future plans of the Trust, the uncertainty over some elements of future income streams and other key risks identified during the risk review process. The Trustees have determined that the Trust should hold free cash reserves sufficient to cover approximately 1.5- months core operating costs, which equates to approximately £82,000. The reason for this is to provide sufficient working capital to cover delays between spending and receipts of grants and to provide a cushion to deal with the reduction in grant funding in future years from the Council, together with unexpected emergencles such as urgent maintenance, long term staff absences etc, At 31 March 2024, the Trust's total reserves were in surplus by £257,301, aided by the pension scheme reserve no longer being in deficit. Of this, £26,607 relates to restricted funds, which can only be expended in line with the requirements of the grants and other funders who provided them. The Trust's free designated and general cash reserves at 31 March 2024 were therefore £230,694 (2023.. £205,429). Golng Concern After making appropriate enquiries, the Board has a reasonable expectation that the Trust has adequate resources to conlinue in operational existence for the foreseeable future. For this reason, it continues to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Accountlng Policies note of the financial stalements. In making this assessment, the Trust continues to be reliant on the grant funding provided to it by Cherwell District Council, which is provided pursuant to the terms and conditions of the Grant Agreement with the Council dated 1 November 2013. Under the terms of the Grant Agreement, the Council will provide an annual grant to the Trust in respect of each financial year up to and including the year ending 31 March 2024, the use of which is restricted to the core operating costs of the Museum. The basis of the annual grant provided In respect of each financial year of the Trust is dependent on many factors, as set out the specrfic terms of the Grant Agreement with the Council and includes phased reductions in the annual grant of £10,000 per year from 1 April 2016 onwards until 31 March 2024. The granl has been renewed for the 2024125 on an automatic rolling basis under the terms of the contract that expired on 31 March 2024, with a new grant term and value currently under discussion and negotiation. Investment Pollcy The Trust's investment policy is to maintain all surplus funds in Current and deposit accounts with the Trust's appointed bankers. Rlsk Management The Trustees have a risk management strategy which comprises: An annual review of the principal risks and uncertainties that the Trust, and its subsidiary company, Banbury Museum Trading Limited, face., The establishment of policies, systems and procedures to mitigate those risks identified in the annual review,. and
BANBURY MUSEUM TRUST TRUSTEES, REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2024 The implementation of procedures designed to minimise or manage any potential impact on the Trust should those risks materialise. The Trustees remain focused on financial sustainability, noting the reliance on grant funding from Cherwell District Council. New initiatives to improve sustainability are focused on improving trading performance, improving the facility lo drive more footfall, engagement and trade, and the development of new membership clubs. A key element in the management of financial risk is the regular review of the financial health of the Trust, and the Trustees examine the financial health of Ihe Trust formally every quarter, reviewing performan against budget and overall level of expenditure, as well as reporting to Cherwell District Council every quarter on the operation of the Museum and expenditure of the grant from the Council. The Trusl also has a risk register in place, which is regularly reviewed in light of any new information and formally reviewed annually by the Trustees. The Trustees recognise that the Local Government Pension Scheme could represent a significant potential liability to the Trust in the fulure. However, as the Trustees consider Ihe Trust is able lo meet its known annual contribution commitments for the foreseeable future, the risk from this liability is considered to be minimal. Under Ihe terms of a Guarantee to the Admission Agreement dated 1 November 2013, Cherwell Districl Council guarantees any outstanding Local Government Pension Scheme liabilities to the extent the Trust is unable lo meet any such liabilities in the future. Attention has also been focussed on non-financial risks arising from Trust's operations, including the health and safety of Museum visitors and the management of the Museum's exhibitions and collections. These risks are managed by ensuring accreditation is up to dale, having robust policies and procedures in place and through regular awareness Iraining for staff working in these operational areas. Plans for Future Perlods The Key Aims within the Forward Plan from 2024125 are as follows: Develop an outstanding programme of special exhibitions for our audiences. Review and improve access, using our Audience Development Plan to inform a programme of enjoyable and memorable learning experiences. to meet the cultural and creative needs of our community. Review and improve access, creating a programme of enjoyable and memorable learning experiences, to meet the cultural and creative needs of our community. Develop, fundraise and deliver the new Waterways Gallery, to improve interpretation and access. Develop and fundraise for a scheme to improve the access from Spiceball Park Rd. Develop the Patron's Circle, supporters and giving. Negotiate a new funding agreement with Cherwell District Council and consider saving options. Support Ihe Banbury Quays Consortium. Funds held as Custodian Trustee on Behalf of Others The Trust and its Trustees do not act as Cuslodian Trustees of any other charities or organisations. Approved by order of the Board and signed on their behalf on by.. R Mileham - Chair of Trustees 12
BANBURY MUSEUM TRUST INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2024 Independent Examlner's Report to the Trustees of Banbury Museum Trust (the 'Group') I report to the charityTrustees on my examination of the consolidated accounts of the group comprising the Banbury Museum Trust (a Charitable Incorporated Organisation) ('the parent charity,) and its subsidiary undertakings for the year ended 31 March 2024 which are set out on pages 15 to 34. This report is made solely to the charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the charity's Trustees those matters l am required to state to them in an independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the parent Charity and the charity's Trustees as a body, for my work or for this report. R6sponslbllltles and 8asls of Report As the Truslees of the parent charity you are responsible for the preparation of the consolidated aeLounts of the group in accordance with the requirements of the Charities Act 2011 {'the 2011 Act,) and you have chosen to prepare consolidated accounts for the group. You are satisfied thal the accounts of both parent charity and the group are not required by charity law to be audited and have chosen instead to have an independent examination, I report in respect of my examination of the consolidated accounts carried out under section 152 of the Charities Act ('the 2011 Act,). In carrying out my examination I have followed all the Directions given by the Charity Commission under section 152(5)(b) of the 2011 Act. An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters that an auditor considers in giving their opinion on the accounts. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently, l express no option as to whether Ihe consolidated accounts present a 'true and fair, view and my report is limited to those specific matters sel out in the independent examiner's statement. Ind•pand•nt Examlnerfs Statomont Since the Trustees have opted to prepare consolidated accounts for the group your examiner must be a member of a body listed in section 145 of the 2011 Acl. I confirm that l am qualified to undertake the examination because l am a member of the Association of Chartered Certified Accountants, which is one of the listed bodies. Your attention is drawn to the fact that the group has prepared the accounts in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn. l understand that this has been done in order for the accounts to provide a true and fair view in 8ccordance with the Generally Accepted Accounling Practice effective for reporting periods beginning on or after 1 January 2015. 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- accounting records with respect to the parent charity were not kept as required by section 130 of the 2011 Act and with respect to its subsidiaries as required by section 386 of the Companies Act 2006. or the financial statements (SO not accord with those records- or the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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 13
BANBURY MUSEUM TRUST INDEPENDENT EXAMINER'S REPORT (contlnued) FOR THE YEAR ENDED 31 MARCH 2024 the accounts have not been prepared in accordance with the method8 and prirsciples of the Statement of Recomm8nded Practica for accounting and reporting by charilies applicable to charities preparing Iheir accounts in accordance with thè Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS102). 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 financial statements to be reached. ty.k Marie Morgan FCCA Morgan Accountancy Soluttons Suite 18 Enterpris8 House Bicester Business Centr8 Telford Road Bicester Oxfordshire OX26 4LD Date., 14
BANBURY MUSEUM TRUST CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024 Total Funds 2024 Total Funds 2023 Unrestricted Restricted Funds Funds Note INCOME Donations and legacies Trading activities Investment income Charitable activities 43,346 127,414 3,818 3,155 1,583 11,408 44,929 138,822 3,818 462,421 79,251 122,985 377 447,540 459,266 TOTAL INCOME 177,733 472,257 650,153 EXPENDITURE Raising funds Charitable activities 127,414 2,308 127,414 512 675 109,382 548,293 510 367 TOTAL EXPENDITURE 129,722 510,367 640.089 657,675 NET INCOME I (EXPENDITURE) BEFORE TRANSFERS 48.011 (38,110) 9,901 (7,522) Transfers between funds 17 22,746 22,746 NET INCOME I(EXPENDITURE) BEFORE OTHER RECOGNISED GAINS AND LOSSES 25,265 15,364 9.901 7,522 Actuarial gains l (losses) on defined benefit pension schemes 21 8,000 8,000 216,000 NET MOVEMENT IN FUNDS 25,265 (7,364) 17,901 208,478 RECONCILIATION OF FUNDS Funds at 1 April 17 205,429 33,971 239,400 30,922 TOTAL FUNDS AT 31 MARCH 17 230,694 26,607 257,301 239,400 The Statemenl of Financial Activities includes all gains and losses recognised in the year. The notes on pages 18 to 34 form part of these financial statements. 15
BANBURY MUSEUM TRUST CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2024 Group 2023 Charity 2024 2024 2023 Notes FIXED ASSETS Intangible assels Tangible assets Investments 11 12 13 24,127 30,662 24,127 30,662 24,127 30,662 24,128 30,663 CURRENT ASSETS Stock Debtors Cash at bank and in hand 14 15 20 11,362 53,608 262,822 327.792 12,011 29,239 241,691 282,941 33,020 283,189 316,209 26,559 244,156 270,715 LIABILITIES Cradltors.. amounts falling due wilhin one year 16 94,618 74.203 83,036 61,978 NET CURRENT ASSETS 233,174 208,738 233,173 208,737 NET ASSETS EXCLUDING PENSION SCHEME LIABILITY 275,301 239,400 257,301 239,400 Pension scheme liability 21 NET ASSETS 257,301 239,400 257,301 239,400 FUNDS Restrlcted Funds General restricted funds Pension fund reserve 17 17 26,607 33,971 26,607 33,971 Total Restricted Funds 26,607 33,971 26,607 33,971 Unrestrlcted Funds Designated funds General funds 17 17 71,947 158,747 71,947 158,747 205,429 205,429 Total Unrestrlcted Funds 230,694 205,429 230,694 205,429 TOTAL FUNDS 257,301 239,400 257,301 239,400 The financial slatements were approved by the Trustees and signed on on their behalf by.. R Mileham Chair of Trustees The notes on pages 18 to 34 form part of these financial statements. 16
BANBURY MUSEUM TRUST CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Notes Cash flows from operation actlvltles Net cash provided by operating activities 19 17,313 (13,077) Cash flows from Investing actlvltles Interest income Purchases of tangible fixed assets 3.818 377 Net cash provlded by l (used In) Investlng activities 3,818 377 Cash flows from flnanclng actlvltles New borrowings Net cash provlded by l (used In) flnanclng actlvltles Change In cash and cash gqulvalents In the year 21,131 12,700 Cash and cash equivalents at the beginning of the year 241,691 254,391 Cash and cash equlvalents at the end of the year 20 262,822 241,691 The notes on pages 18 to 34 form part of these financial statements. 17
BANBURY MUSEUM TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 1 ACCOUNTING POLICIES A summary of the principal accounting policies, which have been applied consistently. except where noted, is set out below. Basis of Preparation The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant noles to these accounts. The financial statements have been prepared in accordance with the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued October 2019 (Charities SORP {FRS102)), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011. The financial statements have been prepared to give a'true and fair, view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair, view. This departure has involved following the Charities SORP (FRS 102) rather than Ihe Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. Banbury Museum Trust constitutes a public benefit entity as defined by FRS 102. The statement of financial activities (SOFA) and balance sheet consolidate the financial statements of the Trust and its subsidiary undertaking. The results of the subsidiary are consolidated on a line-by-line basis. No separate SOFA has been presented for the Trust alone as permitted by Ihe Charities SORP (FRS102). Golng Concern The Trustees assess whether the use of going concern is appropriate (i.e. whether there are any material uncertainties related lo events or conditions that may cast significant doubt on the ability of the Trust to continue as a going concern). The Trustees make this assessment in respect of 8 period of one year from the date of approval of the financial statements. In common with Cultural Organisations across the UK, the outbreak of COVID-19 had a direct and significant impact on the Trust's ability to deliver our programme of activities due to the restrictions put into place by the UK Government. These commenced in the 2020121 financial year and continued into 2021122. The changing nature of public health requirements naturally undermined public confidence in visiting venues and attractions, and it was only towards the end of 2021122 financial year, that confidence gradually began to return. From 1st April 2023 a full programme of activitles have resumed, and have been received enthusiastically by the Museum'5 audiences. The Trust has consolidated net assets at 31 March 2024 £257,301 (2023.. net assets of £239,400). Excluding Ihe pension fund, the consolidated net assets of the Trust at 31 March 2024 are £257,301 (2023: £239,400). Whilst the Trust remains reliant on grant funding provided by Cherwell District Council, which has phased reductions in future years under the Grant Agreement with Cherwell District Council, the Trustees consider that there are no material uncertainlies about the Trust's ability lo continue as a going concern. Therefore, after making appropriate enquiries, the Board has a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. 18
BANBURY MUSEUM TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 1 ACCOUNTING POLICIES (continued) Fund Accountlng General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. Designated funds are funds set aside by the trustees out of unrestricted general funds for specific future purposes, projects or intentions. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. Income All Income is recognised once the Trust has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Donated services or facllities are recognised when the Trust has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefil from the use of the Trust of the item is probable and thal economic benefit can be measured reliably. In accordance with the Charities SORP {FRS 102), the general volunteer time is not recognised in the financial statements. On receipt, donated professional services and donated facililies are recognised on the basis of the value of the gift to the Trusl which is the amount the Trust would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Other income Is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service. Income from government and other grants, whether'capital, grants or'revenue, grants, is recognised when the Trust has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and Ihe amount can be measured rellably and is not deferred. Interost Recelvable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Trust, which is normally upon notification of the interest paid or payable by the Bank. Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared Costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. 19
BANBURY MUSEUM TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES (continued) Expendlture {continued} Support costs are those costs incurred directly in support of expenditure on the objects of the Trust and include project management carried out at Headquarters. Costs of generating funds are costs incurred in attracting voluntary income, and those incurred in trading activities that raise funds. All expenditure is inclusive of any irrecoverable VAT. Operatlng Leases Rentals under operating leases are charged to the statement of financial activities on a straight-line basis over the lease term. Investments Investments in subsidiaries are valued at cost less provision for impairment Intangible Fixed Assets Inlangible assets costing £nil or more are capitalised and recognised when future economi¢ benefits are probable and the cosl or value of the asset can be measured reliably. Intangible assets are initially recognised at cost and are subsequently measured at cost net of amortisation and any Provision for Impairment. Amortisation is provided on intangible fixed assets al rates calculated to write off the cost of each asset. less their estimated residual value, over their expected useful lives on the following bases.. Website development work 4 years straight line Tanglble Flxed Assets Assets costing £500 or more are capitalised. The herilage assels held by the Trust are represented by collections that are held on permanent loan from other Museums and individuals and as such do nol form part ofthe Trust's assets and are Iherefore not included in the Trust's financial statements. A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate that the carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying value of fixed assets and their recoverable amounts are recognised as impairments. Impairment losses are recognised in the statement of financial activities. Where tangible fixed assets have been acquired with the aid of specific grants, either from the government or from the private sector, they are included in the Balance Sheet at cost and depreciated over their expected useful economic life. The related grants are credited to a restricted fund in the Statement of Financial Activities and carried forward in the Balance Sheet. Depreciation on such assels is charged to the restricted fund in the Stalement of Financial Activities to reduce the fund over the useful economic life of the related asset on a basis consistent with the Trust's depreciation policy. Where tangible fixed assets have been acquired with unrestricted funds, depreciation on such assets is charged to the unrestflcted fund. Tangible fixed assets are carried at cost, net of depreciation and any provision for impairmerit. Depreciation is provided al rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expecled useful lives on the following bases.. Plant and machinery Fixtures and fittings 8 years straight line 4 years straight line 20
BANBURY MUSEUM TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 1 ACCOUNTING POLICIES (continuedl Stock Stocks are valued at the lower of cost and net realisable value after making allowance for obsolete and slow- moving stocks. Cost includes all direct costs. Debtors Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Cash at Bank and In Hand Cash at bank and cash in hand includes cash and short term highly liquid investments with a short malurity of three months or less from the date of acquisition or opening of the deposit or similar account. Llablllt5es and Provlslons Liabilities are recognised when there is an obligation at the balance sheet date as a result of a past event, It Is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Trust anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the preserst value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised within interest payable and similar charges. Flnanclal Instruments The Trust only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective inlerest method. Penslons Beneflts The Trust operates a deflned contribution pension scheme for eligible employees and the pension charge represents the amounts payable by the charity to the fund in respect of the year. Retirement benefits to certaln employees of the Trust, being those employees who were eligible employees who transferred to the charity from Cherwell District council on 1 November 2013, are provided by the Local Government Pension Scheme {'LGPS'). This is a defined benefit scheme and is contracted out of the State Earnings-Related Pension Scheme ('SERPS'). The LGPS is a funded scheme and the assets are held separately from those of the Trust in separate trustee administered funds. Pension scheme assets are measured at fair value and liabilities are measured on an actuarial basis using the projected unit credit method and discounted at a rate equivalent to the current rate of return on a high-qualily corporate bond of equivalent lerm and currency to the liabililies. The actuarial valuations are obtained at leasl triennially and are updated at each balance sheet date. The amounts charged to operating surplus are the current service costs and the costs of scheme introductions. benefit changes. settlements and curtailments. They are included as part of staff costs as incurred. Net interest on the net defined benefit liability is also recognised in the Statement of Financial Activities and comprises the interest cost on the defined benefit obligation and interest income on the scheme assets, calculated by multiplying the fair value of the scheme assets at the beginning of the period by the rate used to discount the benefit obligations. The difference between the interest income on the scheme assets and the actual return on the scheme assets is recognised in other recognised gains and losses. Actuarial gains and losses are recognised immediately in other recognised gains and losses. 21
BANBURY MUSEUM TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 1 ACCOUNTING POLICIES {contlnued) Crltlcal Accountlng Estlmates and Areas of Judgement Estimates and judgements are continually evaluated and are based on historical experience and other faclors, including expectations of future events that are believed to be reasonable under the circumstances. CritlGal aGGounting estimates and assumptions The Trust makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are detailed below. The present value of the LGPS defined benefit liability depends on a number of factors that are determined on an actuarial basis using a variety of assumptions. The assumptions used in determining the net cost (income) for pensions include the discounl rate. Any changes in these assumptions, which are disclosed in note 21, will impact the carrying amount of the pension liability. Furthermore, a roll forward approach which projects results from the latest full actuarial valuation performed at 31 March 2024 has been used by the actuary in valuing the pensions liability at 31 March 2024. Any differences between the figures derived from the roll forward approach and a full actuarial valuation would impact on the carrying amount of the pension liability. Tangible fixed assets are depreciated over their economic useful lives taking into account residual values where appropriate. The actual lives of Ihe assets and residual values are assessed annually and may vary depending on a number of factors Critical areas ofjudgement The classification of expenditure between restricted and unreslricled funds is a critical area of judgement as certain expenditure can be applied to both funds. Where this is Ihe case and the amounts in question are considered material the expenditure is apportioned lo both funding streams on an appropriate basis. 2 INCOME FROM DONATIONS AND LEGACIES Unrestrlcted Funds 2024 Restrlcted Funds 2024 Total Funds 2024 Total Fund8 2023 Donations 43,346 1,583 44,929 79,251 Total- 2023 18,380 60,871 79,251 22
BANBURY MUSEUM TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 3 INCOME FROM TRADING ACTIVITIES Unrestrlcted Funds 2024 Restrlcted Funds 2024 Total Funds 2024 Total Funds 2023 Commercial trading activities Hire of facilities Other trading activities 127,414 127,414 7,908 3,500 109,382 10,103 3,500 7,908 3,500 127,414 11,408 138,822 122,985 Total- 2023 109, 382 13,603 122, 985 4 INVESTMENT INCOME Unr•strlcted Funds 2024 Restrlcted Funds 2024 Total Funds 2024 Total Funds 2023 Bank interest 3,818 3,818 377 Total- 2023 377 377 S INCOME FROM CHARITABLE ACTIVITIES Unrestrlct•d Funds 2024 Restrlcted Funds 2024 Total Funds 2024 Total Funds 2023 Museum actlvltles Grants Cherwell District Council Oxford University Museums Partnership Other grants 392,659 11,999 392,659 11,999 378,520 11,991 450 404.658 404,658 390.961 Other funding Service income Exhibitions and events Other income 10,000 46,579 3,155 54,534 74 57,689 74 3,155 54,608 57,763 56.579 Total 3,155 459,266 462.421 447,540 Total- 2023 447,540 447,540 23
BANBURY MUSEUM TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 6 EXPENDITURE ON TRADING ACTIVITIES Unrestricted Funds 2024 Restricted Funds 2024 Total Funds 2024 Total Funds 2023 Commercial trading activities 127,414 127,414 109,382 Total- 2023 109.382 109,382 7 EXPENDITURE ON CHARITABLE ACTIVITIES Unrestrlcted Funds 2024 Restrlcted Funds 2024 Total Funds 2024 Total Funds 2023 Museum activitles Staff costs Staff related costs FRS102 pension net interest cost Exhibitions and events Insurance Utilities Technology Maintenance of premises and equipment Cleaning Advertising and marketing Service agreements Museum refurbishment and redecoration Printing, postage and stationery Bookkeeping and a¢¢ountancy fees Independent examiner fees Governance support costs Human Resources consultancy Other support costs Bank charges Deprecialion and amortisation 333,456 679 (4,000) 64,596 7,451 34,425 16,980 674 536 16,404 5,009 750 1,734 15,043 1,600 2,645 141 5,429 280 6,535 333,456 679 (4,000) 66,495 7,451 34,425 16,980 674 536 16,783 5,009 750 1,734 15,043 1,600 2,645 141 5,429 310 6,535 365,825 1,250 11,000 51,462 7,061 16,220 16,192 3,105 414 23,203 3,999 7,257 1,793 14,247 3,000 6,068 722 7,766 1,176 6,533 1,899 379 30 2,308 510,367 512,675 548,293 Total- 2023 374 547,919 548,293 24
BANBURY MUSEUM TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 STAFF COSTS 2024 2023 Staff costs during the year were: Wages and salaries Social security costs Pension costs (note 21) 316,622 19,780 42,998 310,332 20,261 80,948 379,400 411,541 The average number of persons (including senior management team) employed by the Trust during the year was as follows.. 2024 No. 2023 No. Managemenl Museum Administration and support 19 19 No staff received remuneration in excess of £60,000 in either the current or prior year. The total employee benefits, including employer pension contributions and employer National Insurance contributions, for the Trust's key management personnel for the year were £113,083 (2023: £110,598). 9 TRUSTEE REMUNERATION AND EXPENSES No Trustees received any remuneration. reimbursed expenses or other benefits during the year ended 31 March 2024 (2023: £nil). 10 TAXATION Factors affectlng tax charge for tha yèar The Trust is exempl from corporation lax on income falling within the relevant section of Ihe Taxes Act 1988 to the extent these are applied for charitable purposes. Factors that may affect future tax ¢harges There were no factors that may affect future tax charges 25
BANBURY MUSEUM TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 11 INTANGIBLE FIXED ASSETS Group and Charity Webslte Cost At 1 April 2023 and 31 March 2024 16,870 Amortisation At 1 April 2023 Charge for the year 16,870 At 31 March 2024 16,870 Not book value At 31 March 2024 At 31 March 2023 12 TANGIBLE FIXED ASSETS Group and Charity Flxturas & Fitting Plant & Machlnary Total Cost At 1 April 2023 Additions 174,125 57,679 231,804 At 31 March 2024 174,125 57,679 231,804 Daproclatlon At 1 April 2023 Charge for the year 144,318 6,141 56,824 394 201,142 6,535 At 31 March 2024 150,459 57,218 207,677 Net book value At 31 March 2024 23,666 461 24,127 At 31 March 2023 29,807 855 30, 662 26
BANBURY MUSEUM TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 13 FIXED ASSET INVESTMENTS Shares in group undertakings Charlty Market Value At 1 April 2023 and 31 March 2024 The Trust owns 100 % of the issued share capital of Banbury Museum Trading Limited. The company was incorporated on 19 February 2014 and commenced trading from 1 April 2014. Its principal activity is the operation of the Museum shop and the sale of Commercial merchandise on behalf of the Trust. The company's activities for the year ended 31 March 2024 have been consolidated on a line-by-line basis, The turnover for the year was £127.414 (2023: £109,382) and its result for the year was a profit of £nil (2023.. £nil). The company has net assets at 31 March 2024 of £1 {2023: £1). 14 STOCK Group Charlty 2024 2023 2024 2023 Shop stock 11,362 12,011 15 DEBTORS Group Charlty 2024 2023 2024 2023 Trade debtors Other taxation and social security Other debtors Prepayments and accrued Income 1,527 17,879 21,109 13,093 924 1,527 924 15,702 12,613 18,400 13,093 13,022 12,613 53,608 29,239 33,020 26,559 16 CREDITORS: Amounts falllng due wlthln on• yèar Group Charlty 2024 2023 2024 2023 Trade creditors Other taxation and social security Other creditors Accruals and deferred income 8,792 20,790 12,396 52,640 13.127 23,776 22,078 15,222 5,115 20,790 4,491 52,640 11,239 21,096 14,421 15,222 94,618 74,203 83,036 61.978 27
BANBURY MUSEUM TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 17 STATEMENT OF FUNDS At1 April 2023 At31 March 2024 Transfers In l (out) Gains & losses Income Expenditure Restricted Funds Museum fund Resilience fund OUMP fund Library fund Olher restricted funds Pension fund 460,258 (483,004) (2,492) (11,999) {3,357) (1,515) 8,000 22,746 9,132 6,640 11,999 21,218 3,621 17,861 2,106 8,000 Total Restrlcted Funds 33,971 472,257 510,367 22,746 8,000 26,607 Unrestrlcted Funds Patron's Circle fund (desig) General funds 42,225 8,094 (2,278) 30 32,000 54.746 71,947 158,747 205.429 Total Unrestrlcted Funds 205,429 50,319 2,308 22,746 230,694 Total Funds 239,400 522,576 512,675 8,000 257,301 The specific purposes for which the funds are to be applied are as follows.. Unrestrlcted Deslgnated Funds Patron's Clrcle Fund The Palron's Circle Fund is a designated fund crealed by the trustees with the intention of securing funding now from generous benefactors lo protect the future financial well-being of the charity, creating a funding base which can be used to continue to provide temporary exhibitions, ensure the upkeep of the building generally, and to fund future building projecls and other projects. It was created to establish a new source of income by recognising the likely reduction in funding from the existing main grant received from the local Council. Restrlcted General Funds Museum Fund The Museum Fund represents the core operation of Banbury Museum with the Museum's activities being funded through the grant funding received from Chemell District Council together with other income generated from services, events and exhibitions operated by Ihe Museum. OUMP Fund The OUMP Fund represents the 'reminiscence' program operated by the Trust which is directly funded by grant funding from the Oxford University Museums Partnership (OUMP). 28
BANBURY MUSEUM TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 17 STATEMENT OF FUNDS (continued) Resllience Fund The Resilience Fund is a project established for the redevelopment and refurbishment of Banbury Museum. Funding for this project has been generated from grants provided by the Arts Council England and from donations from private donors and other charitable trusts and organisations. Under the terms of the loan originally provided by the Pye Settlement Trust. this loan was converted to a donation in May 2024. Library Fund The Library Fund represents a project established for the development of the Rosemarie Higharn Library at Banbury Museum, which has been funded by donations from private donors for this specific purpose. Welcome Pmject Fund The Welcome Project was conceived in 2015 and recommended as one of a series of Stage 1 capital projects. The project was funded by Arts Council England. The purpose is to redevelop the Museum's main entrance, creating a welcoming introduction to Banbury Museum & Gallery, and an attractive retsil space. Other Restricted Funds The Other Restricted Funds represents funding provided by various other charitable trusts and organisations to support shorter-tern specific projects undertaken by the Trust, Including some specialist exhibitions. Penslon Reserve Fund This relates to Ihe valuation of the Trust's defined benefit pension scheme at 31 March each year. There is no liability at the year end date because there was an asset of £88,000 in the context that the fair value of plan assets exceeds the present value of funded obligations, and in accordance with accounting standards, this asset has not been recognised. Statement of funds- prlor yr 1 April 2022 Transfers In/ (out) Gains & losses 31 March 2023 Income Expenditure Restrlcted Funds Museum fund Resilience fund OUMP fund Library fund Welcome project fund Other reslricted funds Pension fund 5,311 450, 148 (44,339) 60,000 11,991 (125) (452,085) {6,529) (11,991) (4,349) (1,257) (8, 708) 63,000 (3,374) 9,132 25,692 1,062 12,329 153,000 21,218 195 3,621 216,000 Total Restricted Funds 152,945 522,014 547,919 3,179 216,000 33.971 Unrestrlcted Funds General funds 183.867 128, 139 109, 756 3,179 205,429 Total Funds 30,922 650, 153 657,675 216,000 239,400 29
BANBURY MUSEUM TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 18 ANALYSIS OF NET ASSETS BETWEEN FUNDS Current year Restrlcted General Funds Unrestrlcted Funds Total Funds Intangible fixed assets Tangible fixed assets Current assets Creditors due within one year Provisions for liabilities and charges 24,127 85,515 (83,035) 24,127 327,792 (94,618) 242,277 (11,583) 230,694 26,607 257,301 Prlor yoar Restricted General Funds Unrestricted Funds Tolal Funds Intangible fixed assets Tangible fixed assets Current assets Creditors due within one year Provisions for liabililies and charges 30,663 53,060 (49, 752) 30,663 270,715 (61,978) 217,655 (12,226) 205,429 33,971 239.400 19 RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING ACTIVITIES 2024 2023 Net income l (expenditure) for the year 9,901 {7,522) Adjustment for: Depreciation charges Inlerest receivable Defined benefit pension scheme cost less contributions payable Defined benefit pension scheme net finance costs (Increase) I decrease in stocks (Increase) I decrease in debtors Increase l (decrease) in creditors 6,535 (3,818) 12,000 (4,000) 649 (24,369) 20,415 6,533 (377) 52,000 11,000 (1,333) 50,854 124,232 Net cash provided by operating activities 17,313 13,077 30
BANBURY MUSEUM TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 20 ANALYSIS OF CASH AND CASH EQUIVALENTS 2024 2023 Cash in hand and at bank 262,822 241,691 21 PENSION COMMITMENTS Certain eligible employees of the Trust belong to a defined contribution scheme. The total contributions made for the year ended 31 March 2024 were £2,034 (2023: £2,548) and contributions amounting to £nil (2023: £Nil) were payable to the scheme at 31 March 2024. As described in note 1, certain oftheTrust's other employees belong to the Local Government Pension Scheme (LGPS) which is managed by Oxfordshire County Council and which is a defined benefit scheme. The pension costs are assessed in accordance with the advice of independent qualified actuaries. The latest actuarial valuation of the LGPS was at 31 March 2024. The LGPS is a funded defined benefit scheme, with the assets held in a separate Irustee-administered fund. The total contributions made for the year ended 31 March 2024 were £36,000 (2023.. £37,000) of which employer's contributions totalled £26.000 (£2023.. £26.000) and employees, contributions totalled £10.000 (2023.. £11,000). Contributions amounting to £3,277 (2023: £3,431)were payable to the scheme at 31 March 2024. As described in note 1. the LGPS obligation relates to the certain eligible employees of the Trust, who were the eligible employees transferred from Cherwell District Council to the Trust on 1 November 2013. Under the terms of the Services Transfer Agreement dated 1 November 2013. the eligible employees transferred to the Trust on 1 November 2013 were transferred on a fully funded basis such that there was no surplus or deficit in the LGPS Iransferred to the Trust on this date. Under the terms of a Guarantee to the Admission Agreement dated 1 November 2013. Cherwell District Council guarantees any outstanding Local Government Pension Scheme liabilities to the extent the Trust is unable to meet any such liabilities in the future. Prlnclpal actuarlal assumptlons The principal actuarial assumptions at the balance sheet date (expressed as weighted averages) were: 2024 2023 Rate of increase in salaries Rate of increase for pensions in payment l inflation Discount rate for scheme liabilities 4.85° 4.75 /0 The current mortality assumptions include sufficient allowance for future improvemenls in mortality rates. The assumed live expectations on retirement age 65 are: 2024 2023 Retiring today - Males Retiring today - Females 19.2 23.9 19.3 24.1 Reliring in 20 years - Males Retiring in 20 years Females 23.3 25.2 23.4 25.4 31
BANBURY MUSEUM TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 21 PENSION COMMITMENTS (continued) 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 2024 31 March 2023 Discount rate _ 0.10/0 {2023 . . 0.19/0) Salary increase rate + 0.1 % (2023 '. + 0.10/0 Pension increase l inflation + 0.1 % (2023 .' + 0.10/0) 26.000 4.000 23.000 25,000 6,000 19,000 The Trust's share of the assets In the scheme were as follows: 31 March 2024 31 March 2023 Equities Gilts and Bonds Property, LLP'S and Diversified Growth Funds Cash 1,008,000 331,000 136,000 30,000 966,000 212,000 119,000 26,000 Total market value of assets 1,505,000 1,323,000 The actual return on scheme assets for the year ended 31 March 2024 was -£52,000 (2023: -£52,000). The amounts recognlsed In the Statement of Flnanclal Actlvltles are as follows: 2024 2023 Current service cost Interesi on liability Interest on scheme assets (38,000) {60,000) 64,000 (78,000) (50,000) 39,000 Total 34,000 89,000 Movements In the present value of defined benefit obligations were as follows: 2024 2023 Opening defined benefit obligation . Adjustment for obligation funding guarantee due to year end surplus position Current service cost Interest cost Contributions by scheme participants Actuarial (gains) I losses Benefils paid Closing defined benefit obligalion 1,235,000 1,546,000 242,000 78,000 50,000 11,000 (686,000) 6,000 1,235,000 38,000 60,000 10,000 (65,000) 6,000 1,272,000 As the pension scheme is in surplus, this excludes the £242,000 guaranteed funding by CDC if in deficit. 32
BANBURY MUSEUM TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 21 PENSION COMMITMENTS (contlnued) Movemonts In the fair value of Trust's share of scheme assets: 2024 2023 Opening fair value of scheme assets Interest on assets Actuarial gains l (losses) Contributions by employer Contributions by scheme participants Benefits paid 1,323,000 64,000 88,000 26,000 10,000 1,393,000 39,000 {140,000) 26,000 11,000 6,000 1,505,000 1,323,000 P•nslon scheme a¢¢ountlng at 31 March 2024 Per the actuarial report, as at 31 March 2024 the LGPS defined benefit scheme had a surplus of £233,000 (2023 £88,000). In prior years the scheme had been in deficit, with the Trust's share of the deficit accounted for as a liability on the Trust's Balance Sheet with the deficit reported in a specific Pension Fund restricted fund. With the pension scheme now in surplus, the £242,000 CDC guarantee has been removed as it is currently not required. but the surplus has not been recognised as a pension scheme asset as this surplus cannot be realised in the foreseeable future. The Pension scheme liability on the Balance Sheet has therefore been set to zero, and the Pension Fund restricted fund zero. Should the LGPS pension scheme fall into deficit in the future the liabilily will be recognised to the extent that the overall deficit exceeds £242,000 as the Trust only becomes liable towards any deficit in excess of this amount where the CDC guarantee remains valid. 22 RELATED PARTY TRANSACTIONS Owing to the nature of the Trust's operations and the composition of the Board being drawn from local public and private sector organisations, transactions may take place with organisations in which the Trustee has an interest. All Iransactions involving such organisalions are conducted at arm's length and in accordance with the provisions of the Trust's Constitution, Ihe requirements of the Charities Act 2011 and the Trust's normal procurement procedures, and none of Ihe Trustees benefit personally from any such transactions. The following Iransactions took place during the year ended 31 March 2024: Mr P Chapman, who was a Trustee throughout this accounting period, was also a member of the Council During the year ended 31 March 2024. the Council provided core grant funding to the Trust of £392,659 (2023.. £378,520). The Trust also purchased various services from the Council during the year ended 31 March 2024, including ICT provision, graphic design and printing services, computer supplies. and building utilities costs. The total invoiced value of these services excluding VAT was £19,911 (2023.. £39.411). At 31 March 2024, the amount owed by the Trust to the Council was £nil (2023.. £10,000) and the amount due to the Trust from the Council was £nil (2023: £nil). Mr J E Spratt, who 15 a Trustee, was also a Director of Spratt Endicott Limited (trading as SE-Solicitors). During the year ended 31 March 2024. SE-Solicitors charged the Trust for legal and HR services totalling £166 excluding VAT (2023.. £1,710). At 31 March 2024. the Trust owed £199 (2023: £nil) to SE-Solicitors. Mr J M Walton, who is a Trustee, is also a Director of Whitley Stimpson Limited, Chartered Accountants. During the year ended 31 March 2024. Whitley Stimpson Limited charged the Trust £4,154 excluding VAT (2023 £1.080) for payroll services. At 31 March 2024, theTrust owed £nil (2023 .' £1,080) to Whitley Stimpson Limited. 33
BANBURY MUSEUM TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 22 RELATED PARTY TRANSACTIONS (contlnued) Mr J E Spratt and Mr J M Walton, who are Trustees, were also Trustees of Tooley's Boatyard. During the year ended 31 March 2024, Tooley's Boatyard charged the Trust for providing event services totalling £182 excluding VAT during the year. and also charged the Trust £252 for stock supplied in the Museum shop for resale. At 31 March 2024, the Trust owed £nil (2033 £nil) to Tooley's Boatyard. Dr H Forde, who is a Trustee, is also a Trustee of Banbury Historical Society. During the year ended 31 March 2024, the Trust paid a £20 membership fee to Banbury Historical Society, and Banbury Historical Society charged £1,108 for stock supplied in Ihe Museum shop for resale. The Trust charged Banbury Historical Society £500 for room hire during the year ended 31 March 2024. At 31 March 2024, nothing was owed to or from Banbury Historical Society. The Trust also re-charged staff and other administration and support costs totalling £68,939 (2023.. £63,110) to Banbury Museum Trading Limited, the Trust's wholly owned trading subsidiary, during the year ended 31 March 2024. 23 CONTINGENT LIABILITY Banbury Museum Trust has a legal dispute with Cherwell District Council about utility bills raised after the period end. The Trust's position, as advised by a solicitor, is that the amount Is not contractually due. and as a result the liability need not be provided, but the Trust realises that the future grant funding is currently being discussed as al the date of sign off of these accounts, and this funding is subject to an amount of reduction in funds to be provided over the next few years. A provision of £40,500 has been included in these accounts relating to the year ended 31 March 2024. However no provision has been made for the previous year which is estimated to be £65,000, and the amounl provided for the year ended 31 March 2024 may be understated. 34