Charity Number: 1153109 Banbury Museum 8 Galleiy BANBURY MUSEUM TRUST (A CHARITABLE INCORPORATED ORGANISATION) UNAUDITED TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
BANBURY MUSEUM TRUST Contents Page Reference and Administrative Details Trustees, Report 3-12 Independent Examiner's Report 13-14 Consolidated Statement of Financial Activities 15 Consolidated Balance Sheet 16 Consolidated Statement of Cash Flows 17 Notes to the Financial Statements, incorporating.. Accounting Policies 18-22 Other Notes to the Financial Statements 22-34
BANBURY MUSEUM TRUST Reference and Administrative Details Trustees Ms R Mileham MrA Scott Mr J E Spratt Dr H Forde Mrs A Williams Mrs C Adams Miss S Hussain Cllr P Chapman Cllr R Pattendon Mr J Walton Chair Deputy Chair Resigned June 2025 For Cherwell District Council - Resigned May 2024 For Cheell District Council Appointed June 2024 Key Management Personnel Mr S M 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. Principal Address Banbury Museum & Gallery Spiceball Park Road Banbury Oxfordshire OX16 2PQ Registered Charity Number 1153109 Independent Examiners Morgan Accountancy Solutions Suite 16 Enterprise House Bicester Business Centre Telford Road Bicester Oxfordshire OX26 4LD Bankers HSBC Bank PIC 17 Market Place Banbury Oxfordshire OX16 SED Solicitors SE-Solicitors 52-54 The Green Banbury Oxfordshire OX16 9AB
BANBURY MUSEUM TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2025 Banbury Museum & Gallery is Accredited Museum 1154 with Arts Council England. The Trustees present their report together with the consolidated financial statements ofthe Banbury Museum Trust {'the Trust'l for the year ended 31 March 2025. There is much to commend in this report, the Museum has delivered an outstanding programrne of special exhibitions displayed in the Pye Gallery, offered an extensive programme of activities for families, seniors and special interest groups, published its second Impact Report, all supported by successful trading and the Patron's Circle. Furthermore the museum has worked with the British Museum and the Ashmolean Museum to display important collections of great local significan, respectively the Hornton Anglo Saxon brooches and the Broughton Coin Hoard. Structure Governance and Mana ement Constitution The Trust is a charitable incorporated organisation. incorporated and registered with the Charity 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, Liability 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, Indemnities 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 Appointment or Election 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 0-year term except for the Chair of Trustees who is appointed for a three-year term. 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 Procedures Adopted for the Induction and fraining of Trustees. The procedure for the induction and training of trustees is as follows= A Trustee training event to outline roles, responsibilities and obligations under charity law and review guidance issued by the Charity Commission. 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 2025 Organisational 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 three sub-committees for the purposes of undertaking certain aspects of the governance of the Trust. These are a Resources Committee, a Development Committee and a Health & Safety Committee. The Trustees appoint the members to these sub-committees, with the members of the sub-committees then electing the Chair in the case of the former tMo. The Board elects the Chair of the Health & Safety Committee. These sub-committees meet on a regular basis throughout the year in undertaking their respective responsibilities as set out in their respective terms of reference as agreed by the Board. 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 governan 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-seNed. 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 / 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 setting pay and remuneration 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 Gontrolling, 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 statements 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, the Trustees benchmark the pay for senior management staff against the pay levels in other Local Authority funded organisations and other similar charitable organisations. Related Parties and Other Connected Organisations Although the undertaking of Banbury Museum was transferred to the 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 sit 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 seNices and supplies from the Council. The details of the transactions belween the Trust and the Council during the year ended 31 March 2025, 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 2025 Accreditation Banbury Museum & Gallery is accredited with Arts Council England. The Trustees support the importance of full accreditation, which ensures the Museum meets the national standard expected by its audiences and stakeholders. The majority ofthe 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 registration, which will be upgraded to full registration once a new Service Level Agreement has been agreed between Oxfordshire County Council, Chemell District Council and Banbury Museum Trust. Ob-ectives and Activities Objects and Aims 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 Oxfordshire and the adjoining counties, and presetve the colleGtions and archives in its stewardship. This will be aGhieved, 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 archivels} for the public benefit, and assisting other organisations in achieving these objectives., and Collecting artefacts and archives in the Museum's own right, or in collaboration with other Museums. Public 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 to this guidance when reviewing the Trust'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. Mission Vision and Statement of Pur ose Mission 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. Vision 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 2025 Statement of Purpose We will enhance the quality of life and wellbeing of our community and users, through a cultural offer that will 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 set to 31 March 2025 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 Watemays 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. Support the Banbury Quays Consortium. Achievements and Performance The yearto 31 March 2025 has been the Trust's eleventh full year ofoperation of the Museum following the transfer of the Museum to the Trust on 1 November 2013. The Trustees, employees, volunteers and supporters have all contributed to the ongoing development of the Trust and the Museum during this time and all remain firmly committed to the continuing desire to build a successful and sustainable future for the Museum. The total number of visitors to the Museum during the year to 31 March 2025 was 92,255. In terms of the Trust's achievements and performance against its 7 key aims for the year, these 3re as follows.. Develo an outstandin ro ramme ofs ecial exhibitions for our audiences I Wannabe in the 90s Banbury Museum & Gallery was the opening venue ofthe national tour ofa brand-new exhibition that invited visitors to take a trip back in time 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 the 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 PlaySÈation and caught our first Pokemon. The exhibition took a nostalgic journey through growing up in the nineties, exhibiting 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 photography 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.
BANBURY MUSEUM TRUST TRUSTEES, REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2025 3D Surprise Your Eyes This exciting interactive art exhibition made its debut in Banbury, following a successful global tour of the US, Canada, the Middle East, and Europe. The exhibition's hand painted 3D artworks and illusion scenes allowed visitors to step into a fantasy realm, battling dinosaurs, escaping sea monsters, fighting Ninja warriors, and hanging out with Spiderman among the skyscrapers. Visitors brought cameras, smartphones and friends and family to capture the lifelike illusions. This proved an enormously successful summer show, with ticket sales second only to the Museum's Star Wars exhibition. The exhibition offered the right formula for our main audience group and had cross generational and social media appeal. The Changing Face of Banbury An engaging exhibition that delved into Banbury's rich history, highlighting the changes seen within living memory and the evolution of the town since the 1940s. The exhibition included rare photographs, treasured artefacts, and interactive displays, telling how the marketplace evolved, how industries shifted, and how communities were shaped by both tradition and economic transformation. From the bustling streets and local landmarks to modern developments of today, the exhibition allowed visitors to discover how our community has grown and adapted. So, whether visitors have called Banbury home for decades or have newly arrived, this exhibition offers a unique opportunity to reflect on Banbury's recent history., and celebrate the stories and places that have made it the vibrant town it is today. Visitors were able to share and record their own memories and stories in the exhibition, creating a lasting legacy for our community. Travel Photographer of the Year In March Banbury Museum & Gallery invited visitors on a journey through the eyes of some of the world's most talented photographers, The first venue in the UK to host the Travel Photographer of the Year exhibition, the exhibition showcased the winning images from the 2024 competition, highlighting the very best in contemporary travel photography. Featuring over 50 images, including some of the most outstanding winning images from the 2024 competition, the exhibition highlighted the beauty, diversity. and resilience of our planet. This collection offered a rare opportunity to see the latest in award-winning trave5 photography, capturing fresh perspectives from around the globe, with stunning landscapes and vibrant cultures to intimate portraits and wildlife in action. Create a ro our communi ramme of en able and memorable learnin ex eriences to meet the cultural and creative needs of and contribute to the sustainabilit of the museum setvice. Central for the Learning & Participation Team is the engagement of audiences in collections and exhibitions, to inspire curiosity, creativity, confidence and enjoyment. To do this effectively and with the sustainability ofthe seNice in mind, the team used the improved data the museum holds on audiences, and our increasing knowledge of the needs of schools and older people. Audiences included family groups, adults and older people, who visit for exhibitions, events, school workshops and reminiscence sessions and also use outreach services.
BANBURY MUSEUM TRUST TRUSTEES, REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2025 Achievements included.. Success in seeking and using external resources and partnerships to increase the quality and reach of programmes,. improving cohesion and focus within the museum to improve the impact of our exhibitions, events and learning programmes and their marketing. Responded successfully to the increasing demand for the Museum's Primary Schools programme by improving skills within the team and looking for external funding to support resource development. Further, the Team increased engagement through regular communications and evaluation with schools. Made the Museum more engaging through the knowledge and expertise we are gaining from the Science in Your World programme, particularly in relation to educational 'capital', STEM subjects and the redevelopment of the Waterways Gallery. Built on the success of'late nights, and adult events to increase engagement with adult audiences. Used the new funding models and priorities of the reminiscence programme to enhance engagement with older people, thereby providing opportunities for their knowledge and experience to enhance local history research and exhibition. Improved understanding of the additional needs of audiences, enhancing the accessibility of programming and options for people with disabilities. Develo fundraise and deliver the new Waterwa s Galle toim rove inter retation and access. The Waterways Gallery is sited in a bridge which crosses the Oxford Canal and connects the Museum Shop and entrance on one side of the museum, with the galleries, library and café on the other. The current gallery was created and opened in 2002 and is the final gallery to be refurbished in the current capital works programme. The Museum Design Team completed the preparatory work and have worked with Outside Studios to create a fundraising pack. The new gallery has been costed at c.£300,000. A campaign has begun, led by the Museum Director and supported by consultant Sonia Rasbery. Linked lo this project is Science in your World, which delivers £30,000 from the Science Museum, which is being used to develop prototype interactives for the new Waterways Gallery. Develo and fundraise for a scheme to im rove the access from S iceball Park Rd Recent major development around the Museum has brought a new cinema, hotel, restaurants and retail. This development has necessitated a review of the Museum's orientation, as the 'rear service entrance, from Spiceball Park Rd, has become of equal importance to the Museum's main entrance into the shopping centre mall. The Museum developed a concept scheme with Oxford Architects, that entirely redesigns the entrance and external elevations, provides much improved internal circulation and a redisplayed Banbury Gallery. This project is secondary to the Watelways Gallery redevelopment, and in the current political and economic climate, the project has been reviewed. It has been decided that this strand of work should be paused until the general economic situation becomes clearer and more positive.
BANBURY MUSEUM TRUST TRUSTEES. REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2025 Develo membershi and su orters, schemes and ivin The BM&G continued to build its resilience through developing the Patron's Circle, although paused developing further supporters, schemes, as the current environment is unhelpful. Donations through the Patron's Circle and associated giving contributing approximately £45,000 of new funding in 2023124. The year 2024125 has been more challenging, as although the level of giving has remained similar, it has proved difficult to grow this tranche of funding. Ne otiate a new fundin reement with Cherwell District Council and consider savin tions Work continued to negotiate 2 new funding agreement with Cherwell District Council, to commence from 1 $1 April 2025. The new agreement must satisfy the t0 negotiating parties. The Trustees, on the one hand, are looking for a relationship that will allow BM&G to grow in the coming years, building sustainability and public trust, whiGh will sustain it into the future. The Local Authority, on the other hand, look to ensure that BM&G delivers the LA'S cultural and economic objectives, at an agreed cost. The grant offered represents a significant reduction, therefore BM&G has been considering multiple cost saving measures, and looking to secure a better financial offer. Su ort the Banbu Qua s Consortium The Museum continued to take a leadership role of the Banbury Quays Consortium, through which the Museum can advance its own charitable objectives. The BQC has the following objectives "To promote urban regeneration and facilities for all age groups for recreation, art, performance, culture, education and other leisure activities within the Banbury Quays area in order to encourage participation by all those living in sanbury and the surrounding area, and to make Banbury a destination for visitors." The Museum continues to directly benefit from the creation and the success of this body, as it aims to improve the cultural offer, improving access and bringing greater footfall to Banbury. Furthermore the work of the BQC is directly in line with Arts Council England's 'Let's Create, strategy, and supports the Council's agenda, the MLiseum's key stakeholder.
BANBURY MUSEUM TRUST TRUSTEES, REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2025 Financial Review 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 2025 and the associated expenditure of these grants are shown as Restricted Funds in the Statement of Financial Activities. The Trust also received grant funding from other organisations during the period, principally the Oxford University Museums Partnership who fund the operation ofthe 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 trusts and entities. For the year ended 31 March 2025. the total consolidated operating expenditure (excluding depreciation and amortisation charges, FRS102 pension cost and interest cost adjustments and gallery refurbishment expenditure} was £633,75512024'. £624,804) while the total consolidated operating income was £646.680 (2024. £649,990) (excluding any Museum development income). The consolidated operating net surplus for the year was therefore £12,92512024. £25,186). The Trust's wholly owned subsidiary company generated turnover for the year of £122,07212024.. £127,414) with a gross profit margin of £64,599 (2024.. £68,984) or 52.9'/0 {2024.' 54.1 % ) and a net operating profit for the year of £nil {2024.' £nil). The consolidated net surplus funds of the Trust at 31 March 2025 are £263,66412024. £257,301), which comprised of the following.. Restricted General Funds Restricted Pension Liability Fund Unrestricted Funds £40,32212024. £26,607) £nil12024.. £nil) £223,342 {2024. £230,694} The pension scheme liability relates to the deficit in the Trust's defined benefit pension scheme, which was transferred to the Trust from Chemell District Council on 1 November 2013. Although the eligible employees who 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 scheme on the transfer date, the FRS102 report produced at 31 March 2025 has assessed the scheme is in surplus at 31 March 2025. The Trust is currently required to make any accelerated payments to meet this pension scheme liability and were arrangements to change again as result of future actuarial valuations of the scheme, then this would represent an additional cost for the Trust which it would need to be met from its 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 endecl 31 March 2025 and its overall financial position at 31 March 2025. 10
BANBURY MUSEUM TRUST TRUSTEES, REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2025 Reserves Polic The Trustees policy is to review the reserve levels ofthe 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 3 months core operating costs, which equates to approximately £130,000. The reason for this is to provide sufficient working capital to cover delays beeen 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 emergencies such as urgent maintenance, long term staff absences etc. At 31 March 2025, the Trust's total reserves were in surplus by £263,$84, aided by the pension scheme reserve no longer being in deficit, Of this, £40, 322 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 2025 were therefore £223,342 {2024'. £230,694). Goin Concern After making appropriate enquiries, the Board has a reasonable expectation that the Trust has adequate resources to continue 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 Accounting Policies note of the financial statements. In making this assessment, the Trust continues to be reliant on the grant funding provided to it by Chefwell District Council, with this agreement having now been renewed for the period commencing 1 April 2025. Under the terms of the Grant Agreement, the Council will provide an annual grant to the Trust, 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 specific terms of the Grant Agreement with the Council. Investment Polic The Trust's investment policy is to maintain all surplus funds in current and deposit accounts with the Trust's appointed bankers. Risk Mana ement 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 The implementation of procedures designed to minimise or manage any potential impact on the Trust should those risks materialise.
BANBURY MUSEUM TRUST TRUSTEES, REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2025 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 to drive more footfall, engagement and trade, and the development of new supporters, 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 the Trust formally every quarter, reviewing performance against budget and overall level of expenditure, as well as reporting to Chemell District Council every quarter on the operation of the Museum and expenditure of the grant from the Council. The Trust 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 future. However, as the Trustees consider the Trust is able to meet its known annual contribution commitments for the foreseeable future, the risk from this liability is considered to be minimal. 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. 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 date, having robust policies and procedures in place and through regular awareness training for staff working in these operational areas. Plans for Future Periods The Key Aims within the Forward Plan from 2025126 are as follows.. Achieve full Accreditation with Arts Council England. Develop a strategy to build the Museum's financial sustainability, in the light of budget cuts and Local Government Reorganisation. Source new funding to replace funds lost following the reduction in grant from Cherwell District Council. Develop an outstanding programme of special exhibitions and events 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 the Patron's Circle, supporters and giving. Support the Banbury Quays Consortium Funds held as Custodian Trustee on Behalf of Others The Trust and its Trustees do not act as Custodian Trustees of any other charities or organisations. Approved by order of the Board and signed on their behalf on 4 December 2025 by.. R Mileham - Chair of Trustees 12
BANBURY MUSEUM TRUST INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2025 Independent Examiner's Report to the Trustees of Banbury Museum Trust (the 'Group') I reportto the charity Trustees on my examination ofthe consolidated accounts ofthe group comprising the Banbury Museum Trust la Charitable Incorporated Organisation} ('the parent charity'} and its subsidiary undertakings for the year ended 31 March 2025 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 ofthe 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. Responsibilities and Basis of Report As the Trustees of the parent charity you are responsible for the preparation of the consolidated accounts of the group in accordance with the requirements of the Charities Act 2011 ('the 2011 Act'l and you have chosen to prepare consolidated accounts for the group. You are satisfied that 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 I'the 2011 Act,). In carrying out my examination I have followed all the Directions given by the Charity Commission under section 15215){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 the consolidated accounts present a 'true and fair, view and my report is limited to those specific matters set out in the independent examiner's statement. Independent Examiner's Statement 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 Act. 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 IFRS 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 accordance with the Generally Accepted Accounting 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 2. the financial statements do not accord with those records., or 3. the financial statements do not comply with the appliGable 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 (continued) FOR THE YEAR ENDED 31 MARCH 2025 4. the accounts have not been prepared in accordan wÈth the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102). 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. Marie Morgan FCCA Morgan AcGountancy Solutions Suite 16 Enterprise House Bicest8r Business Centre Telford Road Bicester Oxfordshire OX26 4LD Date: 14
BANBURY MUSEUM TRUST CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025 Total Funds 2025 Total Funds 2024 Unrestricted Restricted Funds Funds Note INCOME Donations and legacies Trading activities Investment income Charitable activities 23,853 122,072 4,254 2,388 12,654 26,241 134,726 4,254 481,459 44,929 138,822 3,818 462.421 481,459 TOTAL INCOME 150,179 496,501 646,680 649,990 EXPENDITURE Raising funds Charitable activities 122,072 122,072 517,245 127,414 512,675 516,701 TOTAL EXPENDITURE 122,616 516,701 639,317 640,089 NET INCOME I (EXPENDITURE) BEFORE TRANSFERS 27,563 120,200) 7,363 9,901 Transfers beeen funds 17 34,915 34,915 NET INCOME I(EXPENDITURE) BEFORE OTHER RECOGNISED GAINS AND LOSSES 14,715 7,363 9,901 Actuarial gains l (losses) on defined benefit pension schemes 17, 21 1,000 1,000 8,000 NET MOVEMENT IN FUNDS 17,352) 13,715 6,363 17,901 RECONCILIATION OF FUNDS Funds at 1 April 17 230,694 26,607 257,301 239,400 TOTAL FUNDS AT 31 MARCH 17 223,342 40,322 263,664 257,301 The Statement 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 2025 Group 2024 Charity 2025 2025 2024 Notes FIXED ASSETS Intangible assets Tangible assets Investments 12 13 24,407 24,217 24,407 24,127 24,407 24,127 24,408 24,128 CURRENT ASSETS Stock Debtors Cash at bank and in hand 14 15 20 11,539 48,001 322,174 381,714 11,362 53,608 262,822 327,792 33,018 337,355 370,373 33,020 283,189 316,209 LIABILITIES Creditors.. amounts falling due within one year 16 142,457 94,618 131,117 83,036 NET CURRENT ASSETS 239,257 233,174 239,236 233,173 NET ASSETS EXCLUDING PENSION SCHEME LIABILITY 263,664 257,301 263,664 257,301 Pension scheme liability 21 NET ASSETS 263,664 257.301 263,664 257,301 FUNDS Restricted Funds General restricted funds Pension fund reserve 40,322 26,607 40,322 26,607 Total Restricted Funds 40,322 26,607 40,322 26,607 Unrestricted Funds Designated funds General funds 17 17 92,865 130,477 71,947 158,747 92,865 130,477 71,947 158,747 Total Unrestricted Funds 223,342 230,694 223,342 230,694 TOTAL FUNDS 263,664 257,301 263,664 257,301 The financial statements were approved by the Trustees and signed on 4 December 2025 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 2025 2025 2024 Notes Cash flows from operation activities Net cash provided by operating activities 19 61,940 17,313 Cash flows from investing activities Interest income Purchases of tangible fixed assets 4,254 6,842 3,818 12 Net cash provided by l (used in) investing activities 2,588 3,818 Cash flows from financing activities New borrowings Net cash provided by l (used in) financing activities Change in cash and cash equivalents in the year 59,352 21,131 Cash and cash equivalents at the beginning of the year 262,822 241,691 Cash and cash equivalents at the end of the year 20 322,174 262,822 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 2025 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 notes 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 IFRS10211, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 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 1021 rather than the 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 the Charities SORP IFRS102). Going Concern The Trustees assess whether the use of going concern is appropriate li.e. whether there are any material uncertainties related to 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 a period of one year from the date of approval of the financial statements. The Trust has consolidated net assets at 31 March 2025 £283,664 {2024'. net assets of £257,301). Excludin9 the pension fund, the consolidated net assets of the Trust at 31 March 2025 are £263,664 (2024.. £257,301). Whilst the Trust remains reliant on grant funding provided by Chemell 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 uncertainties about the Trust's ability to 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 2025 1 ACCOUNTING POLICIES {continued) Fund Accounting 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 facilities are recognised when the Trust has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use of the Trust of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 1021, the general volunteer time is not recognised in the financial statements. On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the Trust which is the amount the Trust would have been willing to pay to obtain servi$ 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 the amount can be measured reliably and is not deferred. Interest Receivable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Trust, which is normally upon notif ication 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 paty, 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 su pport costs involved in u ndertaking 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 beeen 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 2025 1 ACCOUNTING POLICIES (continued) Expenditure (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. Operating Leases Rentals under operating leases are charged to the ststement 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 Intangible assets costing £nil or more are capitalised and recognised when future economic benefits are probable and the cost 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 at 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 Tangible Fixed Assets Assets costing £500 or more are capitalised. The heritage assets held by the Trust are represented by collections that are held on permanent loan from other Museums and individuals and as such do not form part ofthe Trust's assets and are therefore 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 beteen 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 assets is charged to the restricted fund in the Statement 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 unrestricted fund. Tangible fixed assets are carried at cost, net of depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected 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 2025 ACCOUNTING POLICIES (continued) 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 maturity of three months or less from the date of acquisition or opening of the deposit or similar account. Liabilities and Provisions 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 present value ofthose 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. Financial 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 interest method. Pensions Benefits The Trust operates a defined 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 certain employees of the Trust, being those employees who were eligible employees who transferred to the charity from Cherwell District counGiI on 1 November 2013, are provided by the Local Government Pension Scheme I'LGPS'I. This is a defined benefit scheme and is contracted out of the State Earnings-Related Pension Scheme I'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-quality corporate bond of equivalent term and currency to the liabilities. The actuarial valuations are obtained at least 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 2025 ACCOUNTING POLICIES Icontinued) Critical Accounting Estimates and Areas of Judgement Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Critical accounting 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 discount 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 has been used by the actuary in valuing the pensions liability at 31 March 2025, 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 the assets and residual values are assessed annually and may vary depending on a number of factors Critical areas of judgement The classification of expenditure between restricted and unrestricted funds is a critical area of judgement as certain expenditure can be applied to both funds. Vvhere this is the case and the amounts in question are considered material the expenditure is apportioned to both funding streams on an appropriate basis. 2 INCOME FROM DONATIONS AND LEGACIES Unrestricted Funds 2025 Restricted Funds 2025 Total Funds 2025 Total Funds 2024 Donations 23,853 2,388 26,241 44,929 Tot81- 2024 43,346 1,583 44,929 22
BANBURY MUSEUM TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 3 INCOME FROM TRADING ACTIVITIES Unrestricted Funds 2025 Restricted Funds 2025 Total Funds 2025 Total Funds 2024 Commercial trading activities Hire of facilities Other trading activities 122,072 122,072 9,154 3,500 127,414 7,908 3,500 9,154 3,500 122,072 12,654 134,726 138,822 Total- 2024 127,414 11,408 138, 822 4 INVESTMENT INCOME Unrestricted Funds 2025 Restricted Funds 2025 Total Funds 2025 Total Funds 2024 Bank interest 4,254 4,254 3,818 Total- 2024 3.878 3,818 5 INCOME FROM CHARITABLE ACTIVITIES Unrestricted Funds 2025 Restricted Funds 2025 Total Funds 2025 Total Funds 2024 Museum activities Grants Cherwell District Council Oxford University Museums Partnership Other grants 392,549 14,977 25,750 392,549 14,977 25,750 392,659 11,999 433,276 433,276 404,658 Other funding Service income Exhibitions and events Other income 48,183 48,183 57,689 74 48,183 48,183 57,763 Total 481,459 481,459 462,421 Total - 2024 3,155 459. 266 462,421 23
BANBURY MUSEUM TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 6 EXPENDITURE ON TRADING ACTIVITIES Unrestricted Funds 2025 Restricted Funds 2025 Total Funds 2025 Total Funds 2024 Commercial trad ing activities 122,072 122,072 127,414 Total- 2024 127,414 127,414 7 EXPENDITURE ON CHARITABLE ACTIVITIES Unrestricted Funds 2025 Restricted Funds 2025 Total Funds 2025 Total Funds 2024 Museum activities 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 SeNice agreements Museum refurbishment and redecoration Printing, postage and stationery Bookkeeping and accountancy fees Independent examiner fees GovernanGe support costs Human Resources consultancy Other support costs Bank charges Depreciation and amortisation 340,932 693 (11,000> 57,606 7,602 38,250 17,488 1,743 378 23,433 4,398 340,932 693 (11,000) 58,106 7,602 38,250 17,488 1,743 378 23,433 4,398 333.456 679 14,0001 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 6,535 500 995 16,047 1,800 1,155 409 6,931 1,279 6,562 995 16,047 1,800 1,155 409 6,931 1,323 6,562 516,701 517.245 512,675 Total- 2024 2,308 510,367 512,675 24
BANBURY MUSEUM TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 8 STAFF COSTS 2025 2024 Stsff costs during the year were.. Wages and salaries Social security Costs Pension costs (note 211 322,332 20,497 42,303 316,622 19,780 42,998 385,132 379,400 The average number of persons (including senior management team} employed by the Trust during the year was as follows.. 2025 2024 No. Management Museum Administration and support 18 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 £117,585 {2024. £113,083). 9 TRUSTEE REMUNERATION AND EXPENSES No Trustees received any remuneration. reimbursed expenses or other benefits during the year ended 31 March 2025 (2024.. £nill. 10 TAXATION Factors affecting tax charge for the year The Trust is exempt from corporation tax on income falling within the relevant section of the Taxes Act 1988 to the extent these are applied for charitable purposes. Factors that may affect future tax charges 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 2025 11 INTANGIBLE FIXED ASSETS Group and Charity Website Cost At 1 April 2024 and 31 March 2025 16,870 Amortisation At 1 April 2024 Charge for the year 16,870 At 31 March 2025 16,870 Net book value At 31 March 2025 At 31 March 2024 12 TANGIBLE FIXED ASSETS Group and Charity Fixtures & Fitting Plant & Machinery Totsl Cost At 1 April 2024 Additions 174,125 3,550 57,679 3,292 231,804 6,842 At 31 March 2025 177,675 60,971 238,646 Depreciation At 1 April 2024 Charge for the year 150,459 6,032 57,218 530 207,677 6,562 At 31 March 2025 156,491 57,748 214,239 Net book value At 31 March 2025 21,184 3,223 24,407 At 31 March 2024 23,666 467 24. 127 26
BANBURY MUSEUM TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 13 FIXED ASSET INVESTMENTS Shares Tn group undertakings Charity Market Value At 1 April 2024 and 31 March 2025 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 2025 have been consolidated on a line-by-line basis. The turnover for the year was £122,07212024.. £127,414) and its result for the year was a profit of £nil {2024'. £nil}. The company has net assets at 31 March 2025 of £1 {2024.' £11. 14 STOCK Group Charity 2025 2024 2025 2024 Shop stock 11,539 11,362 15 DEBTORS Group Charity 2025 2024 2025 2024 Trade debtors Other taxation and social security Other debtors Prepayments and accrued income 278 12,658 15,525 19,540 1,527 17,879 21.109 13,093 278 1,527 13,200 19,540 18,400 13,093 48,001 53,608 33,018 33,020 16 CREDITORS: Amounts falling due within one year Group Charity 2025 2024 2025 2024 Trade creditors Other taxation and social security Other creditors Accruals and deferred income 14,887 18,001 10,512 99,057 8,792 20,790 12,396 52,640 10,189 18,001 3,870 99,057 5,115 20,790 4,491 52.640 142,457 94,618 131,117 83,036 27
BANBURY MUSEUM TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 17 STATEMENT OF FUNDS At1 April 2024 At31 March 2025 Transfers In I lout) Gains & losses Income Expenditure Restricted Funds Museum fund Resilience fund OUMP fund Library fund Other restricted funds Pension fund 456,774 {491,689) {2,490} (14,977) {3,3561 (5,1891 1,000 34,915 6,640 4,150 14,977 17,861 2,106 14,505 21,667 24,750 1,000 Total Restricted Funds 26,607 496,501 516,701 34,915 1,000 40,322 Unrestricted Funds Patron's Circle fund {desigl General funds 71,947 158,747 21,461 6,646 (543) 92,865 130,477 34,915 Total Unrestricted Funds 230,694 28,107 544 34,915 223,342 Total Funds 257,301 524,608 517,245 1,000 263,664 The specific purposes for which the funds are to be applied are as follows.. Unrestricted Designated Funds Patron's Circle Fund The Patron's Circle Fund is a designated fund created by the trustees with the intention of securing funding now from generous benefactors to 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 projects 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. Restricted 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 CheNell District Council together with Other income generated from services, events and exhibitions operated by the 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 2025 17 STATEMENT OF FUNDS (continued) Resilience 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 2025. Library Fund The Library Fund represents a project established for the development of the Rosemarie Higham Library at Banbury Museum, which has been funded by donations from private donors for this specific purpose 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. Pension Reserve Fund This relates to the 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 £233,00012024 .' 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- prior yr 1 April 2023 Transfers In /(out) Gains & losses 31 March 2024 Income Expenditure Restricted Funds Museum fund Resilience fund OUMP fund Library fund Other 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 Restricted Funds 33,971 472,257 510,367 22, 746 8, 000 26.607 Unrestricted Funds Patron's Circle fund (desig) General funds 42,225 8,094 (2. 278) 32.000 54. 746 71,947 158.747 205.429 Total Unrestricted Funds 205,429 50.319 2,308 22, 746 230,694 Total Funds 239,400 522.576 512,675) 8, 000 257,301 29
BANBURY MUSEUM TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 18 ANALYSIS OF NET ASSETS BETWEEN FUNDS Current year Restricted General Funds Unrestrtcted Funds Total Funds Intangible fixed assets Tangible fixed assets Current assets Creditors due within one year Provisions for liabilities and charges 24,407 146,532 (130,6171 24,407 381,714 (142,457) 235,182 (11,840) 223,342 40,322 263,664 Prior year Restricted General Fiinds Unrestricted 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 (7 1,583) 230, 694 26,607 257,301 19 RECONCILIATIQN QF NET MQVEMENT IN FUNDS TO NET GASH FLOW FROM OPERATING ACTIVITIES 2025 2024 Net income I (expenditure) for the year 7,363 9,901 Adjustment for: Depreciation charges Interest receivable Defined benefit pension scheme cost less contributions payable Defined benefit pension scheme net finance costs Ilncrease) I decrease in stocks Ilncrease) I decrease in debtors Increase l (decrease) in creditors 6,562 14,254) 10,000 (11,000) (177) 5,607 47,839 6,535 13,818} 12,000 14,000} 649 (24,369) 20,415 Net cash provided by operating activities 61,940 17,313 30
BANBURY MUSEUM TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 20 ANALYSIS OF CASH AND CASH EQUIVALENTS 2025 2024 Cash in hand and at bank 322,174 262,822 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 2025 were £2.050 {2024'. £2,034) and contributions amounting to £nil (2024. £nill were payable to the scheme at 31 March 2025. As described in note 1. certain ofthe Trust's other employees belong to the Local Government Pension Scheme ILGPS) 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 2025. The LGPS is a funded defined benefit scheme, with the assets held in a separate trustee-administered fund. The total contributions made for the year ended 31 March 2025 were £41.000 (2024, £36,000) of which employer's contributions totalled £30,000 {£2024. £26,000} and employees, contributions totalled £11,00012024.' £10,000) Contributions amounting to £3,33912024'. £3,277) were payable to the scheme at 31 March 2025. 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 transferred to the Trust on this date. Under the terms of a Guarantee to the Admission Agreement dated 1 November 2013, Chetwell 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. Principal actuarial assumptions The principal actuarial assumptions at the balance sheet date lexpressecl as weighted averages) were.. 2025 2024 Rate of increase in salaries Rate of increase for pensions in payment l inflation Discount rate for scheme liabilities 2.75'/0 2.75 % 5.80°/o 2.75Q/o 2.750/0 The current mortality assumptions include sufficient allowance for future improvements in mortality rates. The assumed live expectations on retirement age 65 are-. 2025 2024 Retiring today - Males Retiring today - Females 19.1 23.9 19.2 23.9 Retiring in 20 years - Males Retiring in 20 years - Females 23.1 25.2 23.3 25.2 31
BANBURY MUSEUM TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 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 2025 31 March 2024 Discount rate 0.1 % (2024 '. 0.1 % } Salary increase rate + 0.10/0 {2024 .' + 0.1 %) Pension increase l inflation + 0.1 % (2024 '. * 0.1 %) 23,000 3,000 20,000 26,000 4,000 23,000 The Trust's share of the assets in the scheme were as follows: 31 March 2025 31 March 2024 Equities Gilts and Bonds Propety, LLP'S and Diversified Growth Funds Cash 1,074,000 331,000 142,000 32,000 1,008,000 331.000 136,000 30,000 Total market value of assets 1,579,000 1,505,000 The actual return on scheme assets for the year ended 31 March 2025 was +£40,000 (2024.. +£152,000}. The amounts recognised in the Statement of Financial Activities are as follows: 2025 2024 Current service cost Interest on liability Interest on scheme assets 140,000) {63,000) 74,000 (38,0001 160,000) 64,000 Total 29,000 34,000 Movements in the present value of defined benefit obligations were as follows: 2025 2024 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 Benefits paid Closing defined benefit obligation 1,272,000 1,235,000 40,000 63,000 11,000 (219,000) 7,000 1,160,000 38,000 60,000 10,000 165 000) 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 2025 21 PENSION COMMITMENTS {continuedl Movements in the fair value of Trust's share of scheme assets: 2025 2024 Opening fair value of scheme assets Interest on assets Actuarial gains I Ilossesl Contributions by employer Contributions by scheme participants Benefits paid 1.505,000 74,000 (34,000) 30,000 11,000 1,323,000 64,000 88,000 26,000 10 000 6.000 1,579,000 1,505,000 Pension schome accounting at 31 March 2025 Per the actuarial report, as at 31 March 2025 the LGPS defined benefit scheme had a surplus of £419,000 12024 .. £233,000} In prior years the scheme had been in deficit, with the Trust's share of the deficit accounted for as a Siability 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 liability 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 transactions involving such organ isations are conducted at arm's length and in accordance with the provisions of the Trust's Constitution, the requirements of the Charities Act 2011 and the Trust's normal procurement procedures, and none of the Trustees benefit personally from any such transactions. The following transactions took place during the year ended 31 March 2025.. Mr R Pattendon, who was a Trustee during this accounting period, was also a member of the Council. Mr Pattendon succeeded Mr P Chapman as the Council's representative on the board during the year. During the year ended 31 March 2025, the Council provided core grant funding to the Trust of £392,54912024. £392,659) It was also invoiced by 8anbury Museum Trust a tota5 of £550 over the year for other research funding and room hire, At the 31 March 2025 the Council owed the Trust £500. The Trust also purchased various services from the Council during the year ended 31 March 2025, including ICT provision, graphic design and printing services, and computer hardware, services and supplies The total invoiced value of these services excluding VAT was £23,212 {2024. £19,911). At 31 March 2025, the amount owed by the Trust to the Council was £nil (2024. £nil} and the amount due to the Trust from the Council was £nil (2024.. £nill. A provision of £45,000 was made as a Contribution towards the utilities costs through the year, and should this be payable it will be due to the Council. Further details of this transaction are found in Note 23 Contingent Liability. Mr J E Spratt, who is a Trustee, was also a Director of Spratt Endicott Limited (trading as SE-Soli¢itors) for part of this accounting period. During his period, SE-Solicitors charged the Trust for legal and H R services totalling £nil12024. £166). At 31 March 2025, the Trust owed £nil12024. £199) to SE-Solicitors. 33
BANBURY MUSEUM TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 22 RELATED PARTY TRANSACTIONS {continued) Mr J M Walton, who is a Trustee, was also a Director of Vvhitley Stimpson Limited, Chartered Accountants for part of this accounting period. During this period, Vvhitley Stimpson Limited charged the Trust £3,265 excluding VAT (2024 £4,154) for payroll services. At 31 March 2025, the Trust owed £nil 12024 -. £nil} to Whitley Stimpson Limited. 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 2025, Tooley's Boatyard charged the Trust for providing event services totalling £140 excluding VAT during the year {2004 .. £182). and also charged the Trust £84 for stock supplied in the Museum shop for resale12024 . £252). At 31 March 2025, the Trust owed £nil (2024 . £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 2025, Banbury Historical Society charged £990 for stock supplied in the Museum shop for resale (2024 £1,108), The Trust charged Banbury Historical Society £528 for room hire during the year ended 31 March 2025 {2024 £500). At 31 March 2025, nothing was owed to or from Banbury Historical Society {2024 . £nil). The Trust also re-charged staff and other administration and support costs totalling £64,59912024.' £68,939) to Banbury Museum Trading Limited. the Trust's wholly owned trading subsidiary, during the year ended 31 March 2025. 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 at 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 £45,000 has been included in these accounts relating to the year ended 31 March 2025 (2024 . £40,500 provision). As at 31 March 2025. a total provision of £85,500 is now included in the accounts. However no provision has been made for accounting years prior to the year ended 31 March 2024 which is estimated to be £65,000, and the total amount provided at 31 March 2025 may be understated. The Trust relies on the continued support of CDC so there is an expectation of some amount payable, but this has not been negotiated at the date of sign off. 34