Charity number: 1153345 Company number: 08313398 (England and Wales) The Buckinghamshire County Museum Trust Report of the Trustees and Unaudited Financial Statements For the year ended 31 March 2024
The Buckinghamshire County Museum Trust Contents Page For the year ended 31 March 2024 Report ol the Truslees 2to12 Independent Examlner's Report lo the Trustees 13 Statement of Financial Activities 14 Statement of Financial Position 15 Statement of Cashflows 16 Notes to the Flnancial Statements 171025 Detailed Statement of Financial Activities 26to27
The Buckinghamshire County Museum Trust Report of the Trustees For the year ended 31 March 2024 The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2024. The trustee5 have adopted the provisions of 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 1021 (effective l January 20191. Our Alms The Trust operate5 under a charitable company Memorandum and Articles incorporated on 29th November 2012 amended by special resolution on l August 2013 which included the regulations for appointment of trustees. Since 10 June 2021 the Trust has traded as Discover Bucks Museum. The objects of the Charity are to maintain a museum and/or art gallery, the advancement of education and trainlng and other purposes which are at the discretion of the Trustees are consistellt with these. We aim, through our activities to inspire and educate residents and visitors to the county by curating and telling its unique story: to acquire, preserve, display, interpret and share the natural and cultural heritage of the County documenting the way we live now and in the past. Forward thinking is at the heart of the Trustees, Vision for the future - working through partnerships and seeking the support and engagement of museum visitors in whatever we do.
The Bucklnghamshlre County Museum Trust Report of the Trustees For the year ended 31 March 2024 OBJECTIVES AND ACTIVITIES The Trust has managed the County Museum since 1st August 2014 and receives an annual management fee to look after the collections and operate the Museum. It has signed key agreements including a Service Level Agreement, Funding Agreement and licenses to occupy a5 the basi5 for viable operation. In setting objectives and planning activities the Trustees have given careful consideration to the Charity Commission's general guidance on public benefit and in particular to Its Supplementary public benefit guidance on advancing education. Impact of the Covid-19 Pandemic and Cost of Living Crlsls 2023-2024 has continued to grow our general visitor number5, to an annual total of 31,111; just over sk more visitors than in the previous financial year. We are starting to see schools returning in the capacity in which they used to prior to Covid, though transportation costs continue to be an i55ue. Furthermore, it appears that school visitors, secondary spend lin the shopl is decreasing, as the rise in the cost of living means that some families have less expendable cash and therefore no pupils bring spending money rather thèn some of them. Visitors to the museum gallerle5 and exhibitions however. have increased since the period before covid. The museum is continuing to increase 5elf-generated income and the aim is to increase this further over the 2024-25 period as income from Service Level Agreements is decreasing by around £IOk, every year, over the next 3-year period. The 2023-24 period saw around 44Yo of income being self-generated 1£426kl and the remaining 56*01£537kl generated through SLAS, Art5 Council NPO funds and other core grants. Although self-generated income 55 beginning to increase, there is Still a threat from the regular Council SLA income reducing and the difficulty in making up those funds through self-generated sources. The following year will see further efforts to generate ftjnds through events/activities, an increase in activity taking place in the Roald Dahl Children'5 Gallery las the 30, anniversary approachesl and a focus on fundraising & donations. Admissions income will also be a focus and will feature a review of the pricing and charging structure. EKhibitions There were a number of exhibition and display installations, totalling 7 exhibitions throughout the year, along with a number of community displays and a changing permanent display. The beginning of the year saw the installation of the museum's first'open Art Exhibition, an opportunity for both professional and amateur artists in Buckingham5hire to be displayed alongside each other. Submissions for the exhibition exceeded expectations and there were nearly 400 submissions from over 100 art15ts. The launch of the exhibition was one of the most successful to date, at which we welcomed over 200 artists, dignitaries and public to the opening night. The next exhibition was our 'summer blockbu5terf: in the spirit of the previous summer I'Feel the Force'l, the exhibition Mechonics Alivel Worked with Science Projects Ltd. again, but also with Cabaret Mechanical theatre to present an exhibition that featured a number of automat and hand5-on exhibits for families to enjoys. Footfall was in the region of 7,000 visitors- Ik more visitors than the summer of 2022- and feedback was very good. The science theme performs well at Discover Buck5 Museum and will fÈature in a number of family-focused exhibitions in the future. September saw a month-long opening of CRAFTEDI,. an exhibition designed in collaboration with the Buckinghamshire Craft Guild which featured their artworks which were also for sale. This generated nearly £6.5k total sales income, of which just over £2k was commission for the museum. The Craft Guild enjoyed their tenure in the art gallery and have expressed an interest to put on a similar exhibition in the future. Much of the remainder of the year featured a general interest exhibition which ha5 been touring the country over the last couple of years: l Grew Up 805, a nostalgic look at 805 memorabilia and themes of popular culture. The exhibitlon proved to be very popular and visitor numbers were around 11,500 over the 5-month run. The
The Buckinghamshire County Museum Trust Report of the Trustees For the year ended 31 Marth 2024 exhibition lent itself well to a themed events programme which ran alongside it, and the final quarter of the year owed much of its high visitor numbers to the exhibition. The final exhibition that was mounted in the year was Thi5 Fractured Land; developed in collaboration with a ohort of S local artists who came together to explore themes surrounding Bucklnghamshire'5 landscapes. The exhibition featured very different mediums, including: printing on fabric, photography, film and even working with unusual materials to create 'inflatable' art. The exhlbition is due to run until June 2024. Other exhlbitions and displays included: Community Gallery- From the 'Art.. Youth Art, Stories on the Plate and a fashion-themed exhibition developed by a Caribbean group The Story of MoryAnning- a maquette of Mary which toured the UK Story of Holly & Ivy- A children's Christmas book, which orSginally featured Aylesbury The launch of our Early Access Case, a way in which we can show archaeological artefacts from the county, much sooner than would normally be possible. Events Events attendance numbers were excellent across the year and almost doubled the figure5 from previous year 15,717.. 2024 vs 2,875: 20231. The events programme featured some newly trialled formats, such a5 quiz nights and fundraising events to gauge where interest lay. Informal activity days continued during school holidays and the changing craft activitie5 for Easter, Summer. Christmas and half-term holidays. Many of the craft activities were themed dependent on the season or the exhibitions that were mounted,. the 80s themed crafts and science-themed crafts in the summer and October half-term were very well received. Some of our notable events through the year included: indow on the Brain, the final event of the Your Amazing Brain exhibition from the 2022-23 period. This featured circus-themed sclence acts. which took over the whole museum for the evening. A charged-for premium event, it was attended by nearly 200 people and had excellent feedback. Holi Festival of Colour- a regular celebration at the museum, this religious festival invites all of Aylesbury to attend and be inspired by the history and background of the festival. Featuring traditional performances, dancinE and multi-coloured paint, it was attended by around 800 people this year. St George's Day- Delivered in collaboration with the Aylesbury Town Council, this annual event attracted visltor numbers in excess of 1,000 over the day and featured theatrical performantes and crafts. It is free to attend. Festival of Archaeology- This year focused on 'Archaeology & Creativity,. We invited representatives from local archaeological units to come and meet the public and had object handling available from our own collections. Children's activities were a150 featured. Heritage Open Day- This year's theme was 'Creativity Unwrapped,, for which we had object handing and craft activities as part of a trail around the museum. It was attended by about 120 people this year. Children's Author Meet & Greet- to trial a new type of event and continue the theme of children's literature at the museum, award-winning children's author & illustrator, Harriet Muncaster delivered an interactive talk. The event sold-out at a capacity of 190. Festival of Light- We again hosted the event in collaboration with Holy Cow Community Event5. The day featured community act5 on a stage in the museum's garden and ended with a lantern parade late afternoon. The event was attended by 700 people Other events included.. further sessions for toddlers, includinE'. Ducklings la led session), stay and play and toddler-specific Dahl Gallery sessions. The Tea & Talk series was also launched, which involves our
The Bu¢kinghamshire County Museum Trust Report of the Trustees For the year ended 31 March 2024 team of Keepers delivering talks about a variety of topics, followed by an afternoon tea,. capacitie5 for these are limited, but the sessions normally sell-out. Discover Bucks Galleries The galleries continue to be a highllght of the museum. The beautifully refurbished galleries still have some work to be done- including a 'plant wall, in the wildlife section and further work on some interactive elements, though the majority of planned work has now been completed. A water-effect projector has now been added to the geology gallery and the wildlife gallery features interactive animal sounds. There are options to further extend the interactivity of these Ealleries, for which additional media content, IT Screens and guide options are now being investigated. The galleries have undergone a few changes; the costume cases in the Bucks People gallery have changed a few times, to ensure that items are rested from display. This year the case featured: a display of Paralympics costume and Victorian fancy-dress, and will soon feature 'Marvin the Paranoid Android, original costume, from the BBC TV adaptation of Hitchhiker's Guide to the Galaxy. Community The National Lottery Heritage Fund 'Bucks Heroes, project is ongoing and continues to reach out to and engage with key community and disability groups, including.. the Asian British Women's group, mental health groups, Adoption UK groups and autism groups, to name a few. The project continues to collect stories and objects from these groups about overcoming adversity and has worked to deliver community-led exhibitions, such as. Storie5 on the Plate, with MKIAC, and a fashion-focused project and exhibition with a Bucks-based Caribbean group. The museum continue5 to work with all communities where p055ible and recent relationship5 are being developed with Aylesbury Community Pride and the local business sector. STRATEGIC REPORT Achievement and performance Discover Bucks New Galleries Project - Completion of the visual effects and interactive wildlife sounds. Successful changing of the Bucks People displays. Raising general public footfall to that of pre-pandemic levels and 5ucce55ful delivery of 'Mechanics Alivel, exhibition over the summer holidays, accounting for 7,000 visitors aeross the 6-week5 Completion of the storage improvements at our Halton Resource Centre Confirmation, supported by a grant of £60k from the DCMS Wolfson Fund. Continuation of the NLHF funded Bucks Heroes Project supporting the Discover Bucks People Gallery development and community engagement Planning underway for a large-scale exhibition to take place in 2026 based on three Saxon archaeology sites in Buckinghamshire, including loans of British Museum and HS2 object5. Acquisition of the 'Aylesbury Egg,. a 1.700 year-old Roman egg, which still has its contents. Thought to be the oldest 'intact' egg in the world I
The Buckinghamshire County Museum Trust Report of the Trustees Forthe year ended 31 March 2024 Acqulsltions during the year.. Bronze Age Gold Bracelet A complete cast gold bracelet dating to the Middle Bronze Age c. 1400-1100 cal BC. The object appears to be the first Bronze Age Eold bar bracelet from Buckinghamshire Collectlon of materlalArom Burnham Abbey The collection contains decorated medieval Stonework, pot sherds and, some small metal find5. but the most important part Is a group of over 50 decorated medieval floor tiles, made in the tile industries around Penn, and th dated to the 13, 114 century. All discovered during gardening by the nuns in the late 20th century, the tiles were most likely originally from the Abbey church which was demolished at the dissolution of the original monastery under Henry Vlll. Highways und Byways in Buckinghumshire Book by Clement Shorter, 1920, with 81 wood engravings by Frederick L Griggs. Rocks, fossils and minera15 collettedfrom Watermead Lake c. 120 specimens from the 1987 excavation, as part of work to publish the stratigraphy of the Upper Kimmeridge Clay near Aylesbury. Lepldoptera Specimen5 40 drawer cabinet of Lepidoptera specimens from Buckinghamshire and other locations collected by Alan Showler, plus 36 field notebooks. Selectlon of Buckinghom5hire Geologlcal Sample5 Variety of rock types Ic. 361 collected at various sites in Buckinghamshire/Bedfordshire. Including.. Coombes Quarry, Weston Underwood Limestone Quarry and Munday's Hill Quarry* by Mike Palmer Akeman Street Station House, Model & 011 Painting 'Akeman Street Station House, Woodham, by William Jasper Gassor, oil on board, about 1935-40, framed and glazed, signed lower left. Model,. Akeman Street Station House, Woodham by Geoffrey Gassor, about 1980. Document.. Newspaper cuttlngs Three newspaper cuttings showing Mi55 Mabel Purefoy Fitzgerald receivinE her honorary degree in 1972 at the age of 100. She studied at a Oxford from 1896 but could not be awarded a degree because she was a woman. She lived at Manor Farm Grendon Underwood Portable Antiquitie5 Scheme Recording of finds continues to be well documented across the county. Many treasure acquisitions come to the museum by way of the PAS scheme and Finds Liaison Officer. The FLO continues to SUPPOrt with object handing at museum events and delivers talks to external groups. Service Level Agreements The museum cares for and manage5 collections from the National Paralympic Heritage frust, Embroiderer's Guild and Tring Museum. The SLA with Buckinghamshire Council continues, whereby the Council pays the museum to care for their collections, but this amount is due to reduce over the next 3 years and is due for revision in 2026-27.
The Buckingharnshire County Museum Trust Report of the Trustees For the year ended 31 March 2024 Volunteers There has been some successful recruitment of volunteers at the museum. particularly with regards to the visitor services and education teams. These volunteers are crutial to supportin8 the events and activities and specialist tasks such as grounds maintenance and working with our Keeper of Archaeology. We thank our volunteer5 for the c. 2,000 hours they generously give to the museum every year. Friends and Patrons The Museum receives regular support from its Friends and Patrons,. the two groups are a single charity and managed by a joint committee but retain different priorities for grant allocation. The Patrons owe their origins to fundraising efforts to build the new art exhibitions gallery in the 19905 and focus their grant giving on art acquisitions and some strategic grants for example for selected special exhibitions. The Museum 15 incredibly grateful to the Patrons and Friends for their continued and invaluable support for the exhibitions programmes and other activities which are such a success with our local community. The Friends kindly supported the purchase of Bucks treasure items for the collectlons during the year and other small project5, including.. treasure acquisitlOn5 1x91 totalling £5,000,. £10,000 for the development phase for a MEND project application; and £2,000 towards developing bespoke shop products. The Patrons kindly supported.. a treasure acquisltion to the value of £2,500; a museum trail for children £4,000,. equipment £400; and development and printing of a new general publicity leaflet £4,000. Funding from the Friends & Patron5 totalled £28,399 in 2023124. STRATEGIC REPORT Flnancial review Financial posltlon The key features of the financial performance for the year ended 31st March 2024, extracted from the detailed financial statements on pages XX to XX. The principal income durlng the year was from the Buckinghamshire Council Service level agreement for the management of the museum and collection £416k, a National Portfolio Organisation grant from the Arts Council £102k and other servlce level agreements totalling £19k. Admission fees were increased on Jan 8 2024 and the year's income totalled £37k for the new museum galleries and £46k for the Roald Dahl Children's Gallery. Increasing the admission charge has increased self-generated income slgnificantly though it remain5 to be seen if this will have a negative effect on visltor numbers. The main items of expenditure were salaries and pension contributions £582k la decrease of 5% compared with 20221231 and utilities £86k. Self-generated income accounted for 46% of total income. an improvement on the 24% equivalent in 2022123. Reserves policy Retained reserves at 31st March 2024 were £1,627k The Buck5 County MuseLsm Trust is currently dependent on a management fee from Bucks County Council and NPO funding from the Art5 Council together with Sncome from admission, schools and event income fees to sustain its activities and this year the government furlough scheme. This means that if there were to be a gap or a reduction in the management fee allocation, or a major reduction in earnings it is possible that the trust would need to cease trading and resign its Funding Agreements as it will take time to build a level of reserves on which the Museurn could fall back.
The Buckinghamshire County Museum Trust Report of the Trustees For the year ended 31 March 2024 To avoid this and to safeguard against funding difficulties the board of Trustee5 has agreed to establish a level of financial reserves to ensure that main operations can continue for a period of 12 months. The main concerns of the board are to ensure: l. That Staff can contlnue working to restore services or secure new funding 2. That service users are able to be supported in returning to the Museum's operations when restored. If difficulties were to arise then or in the event of a major fire or other disturbance. it ha5 been calculated that reserves of E500k would be needed to continue running for at least 12 months. The reserve5 should be built up from the unrestricted learned) income. STRATEGIC REPORT Future plans The new mission and values developed during the rebranding exercise in 2021122 remain the same- Our Mission We collect and share objects and storie5 reflecting the people, culture and landscapes in Buckinghamshire. We encourage visitors to join us on journeys of discovery. We inspire our community, creating conversations and connection5 to the place where we live. Our Values: People We are open and inclusive. We ensure that the objects, exhibitions and events we share are representative of our community so that everyone can see themselves reflected. Exploring We inspire deep emotions and moments of magic. We help people to explore and find things that are meaningful to their lives and help them discover the heritage of Buckinghamshire. Curloslty We are curious and inquisitive about our collections and the world around us. We uncover the wonderful stories linked with our collections to stimulate ideas, knowledge, understanding and conversation5. In January 2023, confirmation was received for continuation of the museum as part of the National Portfolio Organisation INPOI scheme in the Arts Council's new 2023126 Investment Programme. This was confirmed at support level of £101,840 in each of the three years of the programme and is dependent on Arts Council's reporting requirements. development of annual activity plans and delivering the 4 key investment principles.. ambition & quality, dynamism, environmental responsibility and inclusivity & relevance. An extension year will be applied for, to cover the period 2026-27; this Is not judged on a competitive ba51S. The DCMS Wolfson funding was received to make essential upgrades to storage and capacity at the Museum Resource Centre, Halton,. a project which was completed during the 2023124 period. The Trust continues to seek upgrades and/or alternative storage facilities for better storage of the museum's collections. The Trust is lookin8 at deeper strategic planning and detailed work and development on the museum's USPS to raise brand awareness and better cater for our visiting public and communities. The Trust has developed a wider strategic plan to guide in achieving new strategic aims, based on collections, public/education programmes, environmental responsibilities and financial sustainability.
The Buckinghamshire County Museum Trust Report of the Trustees For the year ended 31 March 2024 Additlonal strategic aims for the upcoming financial year, include: Increasing self-generated income to combat the reduction in income through service level agreements and fortify financial sustainability Identifying, developing and using each of our unique selling points to the museum's advantage, connecting with the correct audiences in the correct ways Developing of our collections and collecting policie5; including the potential for development of the display of the museum's nationally important studio ceramics collection Exploring the Trust's fundraising potential. this prevlously unrealised source of philanthroplc income could help fund improvements to the museum's buildings, collections and visitor experience Increasing brand awareness,. continuation to reach our audiences and develop new ones Further developing our visitor experience and seek awards, accolades and recognition for our efforts Continuing to improve access to the museum and its educational content through meeting the needs of our users STRUCTURE, GOVERNANCE AND MANAGEMENT Trustees holding office in 2023124 were selected following public advertisement and interview. All Trustees are selected based on the range of skills and characteristics needed to oversee and develop the museum and to integrate it5 work with the wider community. Trustees have experience and qualifications in finance, business development and management, healthcare, governance and strategy, project management, education, development of young people, project management, community engagement, Equality & Diversity, and museum/heritage management. Trustees are aware of the need to diversify and have diver51fied gender and different cultural background5 Wlthin current trustees and are committed to continuing to diversify the governance of the museum and include different voices in decision making in the future. This includes seeking to recruit a Trustees from different cultural backgrounds. Every new trustee receives an induction pack and a formal induction with the Chief Executive and staff and attend at least one Away Day annually with staff to help plan for the future. Since 1st April 2023 the trustees have met formally 4 times (until the end of March 20241 and once for a Strategy Away Day Iwith other museum 5taffl. The Finance Committee met 3 times and the HR Committee I time. All tru5tee5 give of their time freely and no remuneration or expenses were paid in the year. No Trustee or person connected with a trustee received any benefit from their a550ciation. The majority of Trustees are also Directors of the Buckinghamshire County Museum Enterprises, a company limited by Euarantee, which was dormant throughout the report year. Organi5ational Management The Tru5tee5 determine the general policy of the Trust attended by the Chief Executive and specialist staff as required. The day to day running of the Museum and all staff appointments are delegated to the Chief Executive, supported by senior staff. The Chief Executive undertakes the key leadership role overseeing curatorial, public and community relations and administrative functions in consultation with the senior staff. The day-to-day admin15tration of the Museum and its associated Resource Centre is sjndertaken within the policie5 and procedures approved by the Trustee5. Only significant expenditure decisions and major capital projects to be referred to the Trustees for prior approval. Other Relation5hlps The trustees maintain a c105e relationship with Bucks County Council, now Buckinghamshire Council from l April 2020 and the Art5 Council and other museums and heritage organisations in Buckinghamshire and neighbouring localities. The Chief Executive is a Trustee of the Buckinghamshire Culture organisation and a member of the Association of Independent Museums and the Museums Association. Other members of staff are members of 10
The Bucklnghamshlre County Museum Trust Report of the Trustees For the year ended 31 March ZOZ4 specialist groupings for Education. Archaeology and Natural Sciences integrating them into national networks across the UK. Risk Management The Trustees arÈ responsible for the overseeing of the risks faced by the museum. Detailed considerations of risk are delegated to the Senior Management and are identified, assessed and controls established throughout the year. A formal review of the charity's risk management processes was undertaken during the year and Health and Safety risks are a standing agenda item on the Trustee'5 meeting agenda. Work continued during the year on the fire audit outcome5 including enhanced documentation, training for staff and replacement work by Buckinghamshire Council on the fire door5 at the Museum. Risk is managed under the headings of financial 5UStainabillty (where detailed Financial regulations have been adopted), public and staff safety, events and community access. Through the established risk management processes for the Museum, the Trustees are satisfied that the major risks identified have been adequately mitigated where necessary. It is recognised that systems can only provide reasonable but not absolute assurance that major risks have been adequately managed. The Trust continue5 to insure the buildings, contents and activities of the museum and resource centre, and also has specialist insurance cover on the collections. Further insurance is in place for.. Trustee5 Indemnity. Personal Accident, Employerf5 Liability and Public Liability (for no less than £IOml. REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number 08313398 (England and Wales) Registered Charity number 1153345 Registered office 9 Church Street Aylesbury Buckinghamshire HP20 2QP
The Buckinghamshire County Museum Trust Report of the Trustee5 Continued For the year ended 31 March 2024 Cornpany reg15tratlon number Prlnclpal address 08313398 Discover Bucks Museurn 9 Church Street Aylesbury Bucklnghamshire HP20 2QP Trustees The tiustees and offlcers servlng durlng the year and slnce the year end were as follows- Mr Jamie Douglas Mr Mark Hall Mr Robert Sulcliffe Mr Simon Kearey Mr William Chapple Ms Kale Schwarz Ms Natasha Oslaszewska-Thiebault Ms Susan Imbriano Prof Daniel Peti Independent examiners Caroline Clarke ACA 66 High Street Lewes East Sussex BN7 1XG Appioved y the Board of Trustees and signed on ils behalf by S! IA0 IL _ J£dQ/t 12
The Buckinghamshire County Museum Trust Independent Examiners Report to the Trustees For the year ended 31 March 2024 I report lo the Iruslees on my examination ol the accounts of the charitable company for tha year ended 31 March 2024. Responslbllities and basls of report As the charity Trustees. who are also directors for the purposes ol company law, are responsible for the preparation of the accounts In accordance with the requirements of the Companies Act 2006 ('Ihe 2006 Act,). Having satisfied myself that the accounts ol the Company are not required lo be audited under Part 16 of the 2006 Act and are eligible for independent examinalion, I report in Tespect of my examination of your charity's accounts carried ovl under section 145 of the Chari119s Act 20111'lhe 2011 Acl'l. In carrying out my examinalion I have followed the Directions given by the Charity Commission under section 14515)Ibl of the 2011 Act. Independent examlneys statement Since the Charitable company's gross income exceeded £250,000, your examiner musl be a member of a body listed in soclion 145 of the 2011 Act. I confirm that l am qualified lo undertake the examination by virtuo of my membership of Institute of Chartered Accountanls in En9land and Wales, which is one of Ihg listed bodies. I have completed my examination. I conflrm that no matters have come lo my attention in connection wllh the examlnatlon giving me cause to believe that any material respect.. 1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act.. or 2. the accounts do not accord with those records., or 3. the accounts do not comply with the requlrements of section 396 of the 2006 Act other than any requirement that the accounts give a Irue and falr vlew, which is not a maller consldered as part of an independent examination,. or 4. the accounts have not been prepared In accordance with the methods and principles of the Statement of Recommended P¥aclice for accounting and reporting by charities applicable to charities preparing their accounts in accordance Wlth Ihe Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102). I have no concerns and have come across no other mallers in connection wilh the examination lo which attention should be drawn in this report in ordeT to enable a proper understanding of the accounts to be reached. Caroline Clarke ACA 66 High Sfreel Lewes East Sussex BN7 IXG 13
The Buckinghamshire County Museum Trust Statement of Financial Activitles {includSng Income and Expenditure Account} For the year ended 31 March 2024 Notes Unrestrlcted funds Restricted funds 2024 2023 Income and &ndowment5 from: Donations and legacies Other Iradlng activlles Investments Other ifjcome 109,153 642.703 2,434 17,924 772,214 190,562 299.715 642,703 2,434 17,924 191,454 689,407 478 1,000 Total 190.562 962,776 8B2,339 Expendlture on: Raising funds Charitable activities 116.495) {750,488) 1766,983) 116,495) {1.021,357) 11.037.852) (17,319) 11.101.659) 11,118,978) 718 (270,8691 (270,869) Total Net incomelexpenditure Reconciliation of funds Total funds brought forward Total funds carrled forward 5,231 IBO.307) 175,076) 1236,6391 194.331 1.432.758 1.627,089 1.863.728 199,562 1,352,451 1.552,013 1,627,089 14
Registered Number . 08313398 The Buckinghamshire County Museum Trust Statement of Flnancial Position As at 31 March 2024 Notes 2024 2023 Fixed assets Tangible assets Heritage assets 14 5,157 1.350,380 7,922 1,350.380 1,358,302 15 1.355,537 Current assets stocks Debtors Cash at bank and in hand 16 17 2,222 67,227 218,362 287,811 (91,335) 4,793 77.384 261,173 343,350 {74,563) Creditors: amounts falllng dug wlthln one year 18 Net current asset$ 196,476 1,552.013 268,787 Total a$sgts18ss current liabilities 1.627.089 Net assets 1.552.013 1,627,089 The funds of the charlty Restricted income funds 19 1.352,451 199,562 1,432,758 194,331 1,627.089 Unreslricled Income funds 19 Total funds 1.552,013 For the year ended 31 March 20241he company was entitled lo exemption from audit under section 477of the Companigs Act 2006 relatlng to small companies. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476, The Iruslees acknowledge their responsibilities for complyin9 with the requirements of the Act with respect to accounting rocords and the prepaialion of accounts. These accounts have been Prepared in accordance with the provisions applicable to companies subject to the small companies, Tegime. The Ilnanclal statements were approved and aulhorised for issue by the Board and slgned on Its behalf by.. 15
The Bucklngham5hire County Mus•um Trust Cashflow Statgrnent For the year ended 31 March 2024 2024 2023 Cash flow from operating actlvltles Cash generated from operations 144,390) 1324,0801 Dividends, interest and rent from investments 2,434 478 Purchase of tangible assets 855 (1,492) 1,579 142,811) 1325.094) Cash and cash equival6nls al beginnin9 of year 261,173 586,267 Cash and cash equivalents at end of year 218,362 261,173 Ca$h generated from oporatlons Nel rnovement in funds 175.0761 1236,6391 Adlu5tmenls for.. Depreciation and amortisalion of fixed assels Dividends, interest and rent from investments 3.620 {2,434} 3,776 (478) Movement in working capital (Increaselldecrease In stocks {Increaseydècrease in debtors IncreasellDecreasel in creditors 2,571 10,157 16,772 115.3781 75,361 Cash generated from operatlons 44,390 324.080 16
The Buckinghamshire County Museum Trust Notes to the Financial Statements For the year ended 31 March 2024 l. Accountlng Pollclgs Basls of accounting The financial statements have been prepared under the historical cost convention, excepl for investments which are included al market value and the revaluation of cfjrtain fixed assets and in accordance with the Charities SORP (FRS 1021 'Accounling and Reporting by Charities- Slalement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021 leffeclive l January 2019),. Flnancial Reporting Standard 102 the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), and the Companies Act 2006. The Buckinghamshirp County Museum Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or Iransaction value unless otherwise slalgd in the relevant accounting policy nole(s). Golng concern The flnancial slalement5 have been prepared on a going concern basis. The Trustees have reviewed and considered relevant information, Including the annual budget and future cash flows in making their assessment. In particular, in Tesponse to the COVID-19 pandemic, the Trustees have lesled their cash flow analysis lo take into account the impact on their business of possible SnarioS brought on by the itnpact ol COVID-19, alongside the measures that they can lake to mi119alg the impact. Based on these assessments, given the measures that could be undertaken to miligale the current adverse conditions, and (he current resources available, the Trustees have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts. Funds The charity maintains a general unrestricted fund which represents funds which are expendable al the discretion of the Iruslees in furtherance of the objects of the charity. Such funds may be held in order lo finance both working capital and capital investment. Designated funds comprise of unrestricted fund5 that have been set aside by the Trustees (or particular purpose5. Resliicled funds have been provided lo the charlty for particular puiposes, and il is the pollcy of the board of Iruslees to carefully monitor the application of those funds in accordance wllh the restrlclions placed upon them. There is no formal policy of transfer between funds or on the allocatlon of funds to designated funds, other than that described above Incomlng rgsources Income is recognised when the Charity has enlillemenl to the funds. any performance indicators attached to the Itemls} of Incom8 have been mel, it is probable that the income wlll be received. and the amount Gan be measured reliably. Donations are recognised in full in the Statement of Financial Activities when enlilled. receipt is probable and when the amount can be quanlifled with reasonable accuracy. Gift aid receivable is included when claimable. Grant income is crediled lo the Slatemenl of Financial Activities when received or receivable whichever is earlier, unless the grant relates to a future yoar, in which case it is deferred. Income from charitable activities is credited lo the Statement of Financial Activities when received or receivable whichever is earlier. unless it relates lo a specific future year or event. in which case il 15 deferred. Resource$ oxponded Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation commilling the charity lo that expenditure, il is probable that a transfer of economlc benefits will be required in sgtllemenl and the amount of the obligation can be measured reliably. Expendituie is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly allribuled lo particular headings they have been allocated to activities on a basis consistent with the use of resources. Taxation As a registered charily, the company is exempt from income and corporation lax lo the extent that it5 income and gains are applicable to charitable purposes only. 1Y
The Buckinghamshire County Museum Trust Notes to the Financial Statements Continued For the year ended 31 March 2024 Tanglble fixed a55ets Tangible fixed assets, other than freehold land. are slated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided al rates calculated lo wrile off the cost or valuation of fixed assets. less their estimated residual value. over Iheir expected useful lives on the following basis.. Compuler Equipment Fixtures and Fittings 200/* Slraighl line 250/Tr Straight line Herltage assets Heritage assets are included at cost. In the year ended 31 March 2017 the museum was successful in acquiring the Lenborough Hoard al a cost of £1,350,000. The Trustees do not consider depreciating this asset is appropriate as the residual value is deemed to equal the cost paid and there is no indication the value will have fallen. Stocks and work In progress Stocks are valued al the lower of cost and nel realisable value after making due allowance for ob501ete and slow moving items. C05t includes all direct costs and an appropriate proportion of fixed and variable overheads. Pensions The trust operates a defined contribution scheme. Contributions payable lo the pension scheme are charged lo the 51alemenl of finallcial aclivilies in the period to which they relate. 2. Income from donatlons and legacles Unrestricted funds Restrlcted funds 2024 2023 Donatlons received 7,313 101.840 7,313 292.402 30,391 161,063 Grants received 190,562 109.153 190,562 299.715 191,454 Analysls of grants recelved 2024 2023 Arts Council - NPO 101,840 15,000 7,333 20,000 101,840 British Museum acquisition grant British Museum PAS grant Buckinghams County Council - Conlribulion to MEND applicalion Business Support DCMS Mend Fund 21,455 1.000 60,000 27,899 6.400 Friend5 & Patrons of (he Museum Headley Trust acquisition grant Muir Trust National Heritage Lollery Fund - Bucks Heroes Project V&A acquisition grant 4,375 32,393 42,180 11.750 292.402 161,063 18
The Buckinghamshire County Museum Trust Notes to the Financial Statements Continued For the year ended 31 March 2024 3. In¢omg garned from other actlvltles 2024 2023 Unrestrlcted funds Other aclivllies for generating funds 642.703 689,407 642,703 689.407 4. Invgstmgnt IncomB 2024 2023 Unrestrl¢ted funds Bank interest receivable 2,434 478 2.434 478 5. Other Income 2024 2023 Unrestricted funds Museum and gallery lax relief 17.924 1.000 17,924 1.000 6. Expendlture on generating donatlons and legacies 2024 2023 Unrestrlct8d funds Donations 16.495 17.319 16.495 17,319 7. Costs of charitablo actlvltles by fund typg Unrestrlcted funds Restrlcted funds 2024 2023 Reflectlng the people, culture and landscapes in Buckinghamshire Support costs 723,194 270.869 994,063 1,071,677 27.294 27,294 29,982 750,488 270.869 1,021,357 1,101,659 19
The Buckinghamshire County Museum Trust Notes to the Financial Statements Continued For the year ended 31 March 2024 8. Costs of charltablg actlvltles by actlvlty type Activitioy undertaken directly Support costs 2024 2023 Support costs Reflecting the people, culture and landscapes in Buckinghamshire 994,063 27.294 1.021,357 1,101,659 9. Analysis ofsupport costs 2024 2023 Ref19Ctlng tho people, cullure and landscapes In Bucklnghamshire Finance 6.936 20,358 4,366 25,616 Governance costs 27,294 29,982 10. Not incomel{expendlture) for the ygar This is slated after chargingllcrediling).. 2024 2023 Depreciation of owned fixed a55els Accountancy fees Auditor's fees 3,615 1.600 3.776 6,360 50,298 Staff pension contributions 50,956 20
The Buckinghamshire County Museum Trust Notes to the Financial Statements Contlnued For the year ended 31 March 2024 11. Staff costs and 8molumBntS Total staff costs for the year ended 31 March 2024 werg.. 2024 2023 Salaries and wages Social security costs Pension costs 498,600 32.230 50,956 560.687 50,298 581.786 610.985 No employee earned more than £60,000 during the year12023.'nil) The lolal employee benefits of the key management personnel of the charity were £72,702. 2024 2023 staff 43 37 43 37 12. Trustee remuneratlon and rglated party transactlons The charity trustees were not paid or received any other benefits from employment with th8 charity in the year12023:£nill. No charity trustee received payment for professional or other services supplied lo the charity12023..£nill. The trustees all give freely their lime and expertise without any form of rernuneralion or other beneflt in cash or kind12023.'£nill. Trustees, expenses represents the payment or reimbursement of travel and subsistence costs totalling £nil12023.'£nil). There are no related party Iransaclions lo disclose for 2024 {2023'.none). 21
The Buckinghamshire County Museum Trust Notes to the Financial Statements ContSnued For the year ended 31 March 2024 13. Comparatlv9 for the Statement of Flnan¢lal Activities UnrgStri¢ted funds Restricted funds 2023 Income and endowments frorn: Donations and legacies Other lladlng activiles Inveslmenls 123.938 650.322 478 1,000 775,738 67.516 39,085 191,454 689.407 478 other income 1,000 Total 106,601 882.339 Expendilure on: Raising funds ChaTltable activi1185 117,319) (716,8051 (734.1241 117,319) 11,101,659) 11.118.978) {384.8541 1384,8541 Total Net Incomelexpendlture Reconclllation of fund5 Total funds brought forward Total funds carTiod forward 41,614 1278.253) (236,6391 152.717 194,331 1,711.011 1,432.758 1,863,728 1,627,089 14. Tanglble fixed a55ets Flxtures and Flttlngs Cost or valuatlon Al 01 April 2023 Addltlons At 31 March 2024 66,439 855 67.294 Depreclatlon At 01 April 2023 Charge for year At 31 March 2024 58.517 3,620 62.137 Net book valuas At 31 March 2024 5,157 Al 31 March 2023 7.922 22
The Bucklnghamshire County Museum Trust Notes to the Flnancial Statements Continued For the year ended 31 March 2024 15. HeTltage assets Assgt 1 Balance al 01 April 2023 1,350,380 Balance at 31 March 2024 1.350.380 16. Stocks and work In progres5 2024 2023 Stocks of raw materials 2.222 4,793 2,222 4.793 17. Debtors 2024 2023 Amounts dug within one year: Trade debtors 15,155 49,171 2,901 21.227 54.936 1.221 Prepayments and accTued income Other debtors 67.227 77,384 18. Credltor5: amounts falllng dug Wlthln one year 2024 2023 Trade creditors 55,472 12,429 23.434 13,827 18,273 42,463 Other creditors Accruals and deferred income 91,335 74.563 23
The Buckinghamshire County Museum Trust Notes to the Financial Statements Continued For the year ended 31 March 2024 19. Movement In funds Unrestricted Fund$ Balance at 0110412023 Incoming resources Outgolng resources Balance at 3110312024 General Geneial 194,331 772,214 1766,9831 199,562 194,331 772,214 1766.983) 199.562 Unrestricted Funds- Prevlous year 88lance at 0110412022 Incoming resources Outgolng rosourcgs Balance at 3110312023 General General 152,717 775.738 (734,124) 194,331 152,717 775.738 1734,1241 194.331 Restricted Funds Balance at 0110412023 Incoming resources Outgolng rosources Balance at 3110312024 Bucks Heroes 37,776 {51.948} 163,608) 114,172) 19.150 Discover Bucks Galleries 82,758 Friends Projects Halton Storage Lenborough Hoard MEND Fvnd 10.424 60.000 18,169) 160,0001 (27,3751 (30,0001 12611 129.508) 2,255 1,350,000 25,625 30,000 1.348.250 Muir Trust 12611 {2,771) Poriable Antiquities 26,737 1.432.758 190,562 1270.869) 1,352.451 Restrlcted Funds - Prevlou$ year Balance at 0110412022 Incoming resources Outgolng resourcgs Balance at 3110312023 Discover Bucks Galleries 361,011 106.601 {384,8541 82,758 Lenborough Hoard 1.350,000 1,350,000 1,711,011 106,601 1384,854) 1.432.756 24
The Buckinghamshire County Museum Trust Notes to the Financial Statements Continued For the year ended 31 March 2024 20. AnaSysls of net assets between funds Tanglblg flxed assets Net curront assets I Not Assets Unrestricted funds General General 5,537 194,026 199.563 Restricted funds Bucks Heroes 114.172) 114.172) 19,150 19,150 2,255 2,255 {1.7501 1.348.250 12611 12611 {2,7721 12,7721 Discover Bucks Galleries Friends Prolecls Lenborough Hoard Muir Trust 1.350,000 Portable Antiquities 1,355,537 196,476 1,552,013 Previous year Tanglblè flxod assets Nèt currènt a$8ets 1 Net Assets Unrestrlcted funds General General 8,302 186,029 194,331 Restrlcted funds Dlscover Bucks Gallerie5 82.758 82.758 Lenborough Hoard 1,350,000 1.350,000 1.358,302 268.787 1.627,089 25
The BuckTnghamshire County Museum Trust Detailed Statement of Financial Activities For the year ended 31 March 2024 2024 2023 INCOME AND ENDOWMENT Donatlons and legacl&s Donatlons 7,313 292,402 30.391 161,063 Grants receivable 299,715 191,454 Other tradlng actlvltlgs Shop income Catering income Payments from government or publlc authorities Schools income 10,425 17,818 437.052 38,252 14,778 7,130 14,782 12,316 22,202 428,663 37.101 8,787 9,336 14.098 31,036 6,027 14,054 8,049 Family activities and misc income Room lellings Embroiderers Guild PAS SeNice Grant Art sale proceeds NPHT SLA Discover Bucks Project other income Admissions income 9,875 4,167 4,085 84,339 97,738 642,703 689,407 Investments Bank interest receivable 2,434 478 2.434 478 Other Income Museum and gallery lax relief 17,924 1.000 17.924 1.000 Total Incoming resources 962,776 882,339 EXPENDITURE Ra151ng donatlons and legaclps Purchases (16,495) 117,319) (16,495) 117.319) Charltable actlvitles Cost of direct charitable activity Staff costs - wages & salaries Slalf costs - social security costs Staff costs - pension contributions Depreciation- owned assets 1408.6621 1498.6001 132,2301 150,9561 {3,6151 {456.9161 (560,687) (50,2981 (3.7761 (994,0631 {1,071,677) SUPPORT COSTS Finance Finance {6.9361 14.3661 16,9361 14,3661 26 This page does not form part of the statutory financlal slalements
The Buckinghamshire County Museum Trust Detailed Statement of Financial Activities Continued For the year ended 31 March 2024 Governance costs Govemance costs {18.7581 (1,6001 119,256) Accountancy fees Audit fees 16,360) 120.358) (25,6161 Total rosources expended (1,037,852) 11,118,978) Net Expenditure (75,076) 1236,6391 27 This page does not folm part of the stalulory financial statements