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¢cr￿ltatIOn
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 ne￿SSary 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