Keswl¢k Museum and Art Gallery Management Ltd Report of the Dlrectors and Trustees and Flnanclal Statements for thè year ended 31 January 2025 Keswick ACCOUNTANTS KESWICK MUSEUM
Keswick Museum and Art Gallery Management Ltd Index to th8 Financial Statements for the year ended 31 January 2025 Page Charity Information Trustees, Report Independent Examiner's Report 10 Statement of Financlal Activities 11 Stat8ment of Financial Activities - Comparative 12 Balance Sheet 13 Notes to the Flnancial Statements 15-21
Keswick Museum and Art Gallery Management Ltd Charity Information for the year ended 31 January 2025 DIRECTORS AND TRUSTEES: G R Blackmore M Chatton J Edgar L-J C Johnston A R G Mccooey K Mckay V Mitchell C E Pouller BUSINESS ADDRESS Station Road K6swick CA12 5NF REGISTERED OFFICE: As Business AddsS CHARITY NUMBER: 1156330 COMPANY NUMBER: 6051644 INDEPENDENT EXAMINER Tim Moss ACA 16 Hazelwood Kendal LAg SEE BANKERS: Cumberland Building Society Station Street Keswick CA12 5HF Page 1
Keswlck Museum and Art Gallery Management Ltd Report of the Trustees for the year ended 31 January 2025 The Truslees (Managemenl Committee), who are the directors of the Company for the purposes of company law, present their report together with the financial statements of the Charity for the year ended 31 January 2025. The accounts have been prepared in accordance with the Charities Act 2011. the Companies Act 2006, and the Accounting and Reporting by charities.. Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) {effective 1 January 2015). Govorning Document Keswick Museum and Art Gallery Management Company Limited is a ujmpany limited by guarantee and registered charity. The comp8ny was establishad under a Memorandum of Association, which established the objects and powers of the charitable company, and is governed under ils Articbs of Assocation. Trustees The Trustees who served during the year ware'.- G R Blackinore M Chatton C E Donaldson - resigned 07 January 2025 J Edgar D Jackson - reslgned 01 March 2024 L-J C Johnston - 8ppoinled 08 October 2024 K Mackay C F May - resigned 07 January 2025 A R G Mccooey V Mitchell - appointed 14 Jan 2025 C E Poulter ObJectlves The company is established to provide at the museum and art gallery, facilities and premises to advance the educalion in the arts and crafts and the natural and cultural history of Keswick and the surrounding region for the b8nefit of the public. Mlsslon Keswick Museum Is a centre for local cullure and history. Our mission is to conserve and celebrate our rich heritage for the enjOen1. education and inspiration of all. Achievements and performanc8 over the year This year, in terms of outputs achieved. has been one of great success for the Museum and Is described further below. However. to put our achievernents in context.. we are comfortably solvent in the short lerm yet il remains difficLJll lo see how if we continue as we are to achieve long tenn finanGial stability and sustainability. In essanc8 we are 8 'clvlc' museum. Our history has been as a local. Gouncil-run activity. Most civic museums will expect to cover only 40-50°A of their costs through their earned income. However. we currently receFve no financlal support from Cumberland Council and are expected to stand on our own two feet. Page 2
Keswick Museum and Art Gallery Managèment Ltd Report of th8 Trustees, Contd. for the year ended 31 January 2025 Achlevements and performance over the year {Contd.} Whilst there is nothing wrong in principle for being responsible for ourselves it seems perverse that when we look at measures of 'social value, as set oul by government itself. we see minimal recognition of the many tens of Ihousands of pounds of value which we add to our community and the local economy. We are activaly looking at ways to strengthen and quantify our social value contributions. By looking at the gov8rnment report referénced and restricting the analysis to specifiG categories (extra-curricular activities for children, arts based activities for children and support for people wilh dementia) we can show our benefil and social value conlribution of over £170,000 in a year. A more generous selection of categories shows benefits running Into the £millions. Similarly we have estimated our 'net addltional economic impact, uslng Ihe Association of Independent Museums model. This is about £250,0(KJ a year. Storytellèrs Exhibition & Programme The Iheme of our exhibitions and programmes for Ihis reporting year and much of Ihe next is 'Storytellers'. This project is funded by NHLF. The initial activities were 'Reimagining Goldllocks,, from the end of Aprll 2024 and ovcnts and activities focused on the 250th anniversary of Robert Southey. Southey was a Keswlck resident, Poet L8ureate and chronicler of the first MKitten version of the Goldilocks tale. We partner8d with Crosthwalte Church in Keswick, where Southey Is buried, and th8 University of Cumbria to share our Southey work. Whilst this proj8Ct was delivered, we also had 'Tale Telt, running, gathering folk stories, myths and legends from local people. This has already achieved over 800 engagemenls wilh individuals from across the county. The resulting exhibition, still to come, will be a departure for us from our usual method of exhibition dlsplay. with a big audlo conlent, 11 will leave a legacy of cultural material that may well olherwlse have been lost. Community Gallery We have a 'free' area in the building where we run oxhibilions of particular interest to local community groups and special interests Events this year have inGluded-. 1950s Keswick - which proved extremely popular Threlkeld Brownles achieving thelr Archaeology badge Thirlmere be-damned Our Frozen Planet {including a book launch for a local author) The frequency of exhibitions in this space will be scaled back next year as we have been unable to secure future funding, bul we continue to consider the gallery an important element in our offering. In addition to this free admittance Gallery space we circulaled an offer via a Royal Mail post drop lo all residents in the CA12 postcode area so they could benefit from a reduced admission fee, Lunchtime Talks These 8vents are well supported and often oversubscribed, and as far as practicable relata to the exhibilion programme we are running at Ihat lime. We have continued our policy of offering them free of charge to ensure no exclusion on financial grounds. although we do ask for donations. 1 CULTURE AND HERITAGE CAPITAL". NK)NETISING THE IMPACT OF CULTURE AND HERITAGE ON HEALTH AND Page 3
Keswlck Museum and Art Gallery Management Ltd Report of the Trustees, Contd. for the year ended 31 January 2025 Achievements and performance over the year (Contd.) Volunteers Numbers grew this year after a dip post COVID and we now have about 60 active volunteers covering Front of House, Collections and other activities. We have worked wilh Cumbria Voluntary SeNices (CVS) to recruit more volunteers and through the Access All Areas project lo support people who would otherwise face barriers lo volunteering with us. The opportunities lo volunteer are in themselves an important facet of social value. We created a dedlcated dlsplay case for Indivldual volunteers to curat8 Iheir 'own' exhibition on a subject whlch inler8sls them, examples over the year have included.. The History of Portugal: Robert Southevs Unfinished Dream The Keswlck to Threlkeld Rallway Path Southey: From Radical to Conservative Peter Croslhwaite's Museum in Miniature Harriet Martineau's Keswick D'ye ken John Woodcock Graves? Southey's Terrlble Knitters of Dent Voluntear hours for 2024125 were 3,098 (2024: 3,153) with 550A covering front of house ro18S and 37 % worklng on our collections through the Access All Areas project funded by lh8 Arts Council. Tuesday's Tonic We are delighted to have been able lo continue these Tuesday sessions lch support people living with dementia and their carers. Wo have been successful in our request for substanlial funding for 2025126 from the Cumbria Community Foundation for this work, and we are working in partnership with Keswick Rotary lo deliver an extra session each month in 2025. £1,500 is still needed to complete the funding requirements for the nexl Iwo years but with our past record we are hopeful that Ihis additional financial support will be forthcoming. On this basis we have been able lo provide free places for all altend88s and thoir carers. The sessions were provided twice monthly and in total 48hrs worth or 24 sessions hav8 been run wilh 345 particlpant attendances over the year. The sessions are always well attended by a core of particlpants and carers with the regularity of tha provislon greatly appreclated. Page 4
Keswick Museum and Art Gallery Management Ltd Report of the Trustees, Contd. for the year ended 31 January 2025 Achlevements and performance over the year {Contd.) Stay and Discover These sessions are for under fwe's and contain a storVelling element with basic Mak8ton and a creative gallery aGtivity to encourage play and discover. They are extremely popular and indeed often oversubscribed, with families coming from Penrilh, Carlisle and Workington as well as Keswick itself. We were pleased lo receive support for this from Keswick Town Council for 2025126, recognising that there is limited support for this age group in the area. The sessions run weekly during term tSme {33 weeks approx) and we have had 260 child partlclpant attendances and 217 parenvcarer participant attendances during the year. Schools Our engagement with schools has continued to flourish, and we now have on average one school vislt a week. The schools involved range right across Cumbria including Barrow. Kendal, Workinglon, Whilehaven. Cockermoulh and Penrith. Locally in 202415 every pupil al St Herbert's primary school will have had an educational inler2Ction with the museum, and this is now extending to Borrowdale, Bassenlhwait8 and Braithwalte school. W8 have also engaged widely wilh sec<)ndary schools and it appears thal have found a useful niche engaging with SEND programmes. Primary school visits- 17 differont schools across 27 'visits' with 593 paid educational attendances and 161 free altendances. Secondary school visits- 4 schools with 91 paid educational atlendances. The free attendances ar& usually to deliver the outputs from our grant funded work, and ma16rial costs are covered and some staff time through the full cost recovery element. At present our Learning and Engagement costs are not fully covered by income from this source. We are limited in the amount we can charge by the financial circumstances of schools and pupils. The Board would very much regret h8ving to curtail Ihis aspect of our work as we consider it integral to our accessibility, inclusiveness and relation wilh the community. Meanwhile we will continue to endeavour to keep as much of Ihe activity as possible wilhin our'core costs.. Accessiblllty Keswlck participated as a pilot in Ihe Sensory Museums project run by the Arts and Humanities Research Council, essantlally explorlng multi-sensory interprotation of items In the collectlon. in collaboratlon with community partners. We were proud to have been selected as a pilot and feel we have contributed usefully to the project. One of the recommendations from our previous work with Helping Hands was to review the aCSSIbl11tY of our website. This has been progressing, and wilh the financial support of Museums Development North we started work on a 'welcome' video aimed at giving prospective visitors a preview of what to expect and what facilities we offer. Our summerfair, Ihemed on a 'Teddy Bear's Picnic. inGluded a hired 'Changing Places. tollet. The positive response to this from visitors suggests that if affordable it is something we should try lo include in future plans. The fair in the park allows us lo be more inclusive, reaching a wider audience than usual and if we can inGrease accessibllity to the event then the benefits increase still further. M8katon Is a UK-basod language program Ihal CoMneS sJ5, symbols. and sp89d) to support communl¢allon fr children and adults wtlh leaming or communI(x1k difficulties. Page 5
Keswick Museum and Art Gallery Management Ltd Report of the Trustees, Contd. for the year ended 31 January 2025 Achievemants and performance over the year {Contd.) Collection Phase 2 ofAccess All Areas started in May 2024, and as mentioned above includes a big element of support for volunteers who face barriers. The 'Wisiling Here, zone of the main exhibition has been revamped and refreshed. The photography of collection objeGls in 3D continues. This seems to be somelhing that some volunteers find particulady interesting. Results are shown on a touch screen in the museum, literally allowing us to display more of th8 collectlon. We have also started to show some objects on line. Our collection records are digitally recorded using Modes. These records (mlnus personal details) have been uploaded lo the Museum Data S8Nice and our hand written accession reglsters have been digitised and transcrlbed as part of the Banish Ihe Backlog programme run by The Collections Trust. Our volunteers havé completed the reconciliation work of more than 7.000 entries from the registers to correct and update our Modes records. Other continuing collaborations are: English Heritage - especially in relation to Casllerigg Stone Circle and school visits National Trust MINT Chin8S8 Fllm Festival Keswick Tourism Keswick Mountain Festival Cumbrla Wildlife Trust Words by the Water Page 6
Keswick Museum and Art Gallery Management Ltd Report of the Trustees, Contd. for the year ended 31 January 2025 Achlevements and perfom)ance over the year {Contd.) Flnance and Fundrai55ng We have liad some significant suGGess in understanding and acting on the Full Cost Recovery prlnclple In grant applications. In general this has meant Ihal project grants now cover a meaningful contribution to mnning, providing space for and supporting individual projects. We increased our entry fees for this year, which has asslsted the financial position and we will need lo continue such increases in future to help lessen our f inancial deficits. Ratail sales remain weak~ people still have 'less money to spend,. We have looked at the items that our shop sells and revlewed the range. Building on our knowledge of what does sell well we have added many items that are unique to the mus8um and come from our heritage ofThe Keswick SGhool of Industrial Arts. We have reached out to local businesses In Ihe town. given our mutual interest in making Keswlck an attractive visitor destination, and we recognise that we need to do much more lo demonslrale how we can mutually help wilh this. The Income from Barclays Bank has been very useful In underpinning the rental stream from the Crosthwaite room. We hava also seen a healthy increase in bookings for the Crosthwaite room by a wido range of olher local groups. Additionally the café which has only been open flve days a week thls year will be back with seven days a we8k opening which should increase our tumov8r shar8 in th8 coming year. Where we can control our financial destiny are making every effort lo increas8 our income and there are positive signs that in some areas we are able to do so. However, the underlying level of our unfunded costs are not all going to be met by these actions. For the moment we have reserves we can use to support our activity but these are finite and It Is Imperative that we find ways to aGhleve financial break even in the next two to three years if we are to continue. Page 7
Keswlck Museum and Art Gallery Managemenl Ltd Report of the Trustees, Contd. for the year ended 31 January 2025 Financial results Financially the year has been another challenging one. Visitor numbers are still below pre-pandemic levels and dlsappointingly have not improved on the previous years level. The gr0h in our income is purely a resuFt of increasing ticket prices. Retails sales have reduced and spend per head continues a year on year downward trend. On the plus side other trading income from room rental has seen an increase. Receipls from small donalions still form a very small part of our income. We have also benefitled from a larger one off donation this year as The Friends of Ihe museum group. which has fundraised on our bahalf for many years, has b8en wound up and Ihe balance of resldual funds transferred to us, Our grant funding has again been a strong elemenl In improving our performanc8. Securing grants with a full cost recovery element has been a very signlficant faclor for us and considerably altered our financial result. Our main exhibition granl this year from The Arts Council is recaived in arrears and this has altered the patlem of our receipt of funds and hence the reduction In the restricted funds balance at year end. As a consequence of all this we have incurred a deficil of £29k (2024: £132k deficit). Total Expenditure In 2025 was £316k <2024- £330k). Staff costs were £187k (2024: £184k), which includes the cost of a freelance person. These staff include Ihose who deliver our Leaming and Educatlon programme, 8 key feature of our objectives for this and futur8 yaars, Restricted funds were reduced by £25k (2024.. £36k). Our Unrestricted funds were increased by £12k {2024: £46k reduction) following a £40k transfer from our resilience designated fund to make good this years deficit. The loss budgeted for Ihe year was in fact far larger than Ihe more modest loss that was evenlually achieved. The Museum has set a course lo achieve a breakeven position over the next 2-3 years. il is unrealistic lo be able to achieve this in the space of one or two years and henc8 th8 continuing need for the resilience designated fund lo support the tradlng posilion. This y8ar we transferred £40k (2024: £50k) from this resilience reserve to unrestricted funds to bolster the general fund. We also transferred a further £25k from the unreslricled reservos to our sp8cial projects fund, this being the balance of the funds received from the Friends net of matched funding for our grants. The reslllence & fulure projecls designated funds were established after our receipt of a legacy in 2023. Our plans are to use the latter funds lo Invesl In a project to honour the memory of our very generous legatee. The balance sheet shows a total of £225k (2024: £254k). Reserves Policy The management team have considered the level of unrestricted funds held by the Museum and are happy to mainlain the policy Ihal Ihe level of unreslricled reserves should be sufficient to cover 3 months of core running costs as 2 minimum requirement. The budgeted unrestrScted core expenditure for 2025-26 is £160,000, our target for unrestricted funds is therefore £40,000. The reserves are needed to meet Ihe working capital requirements of the museum and management are happy that should there be a significant reduclion in income these funds would enable tho charity lo continue to meet its ongoing liabilities whila any short term difficulties are resolved. Page 8
Keswlck Museum and Art Gallery Management Ltd Report of the Trustees, Contd. for the year ended 31 January 2025 Princlpal Rlsks &'Uncertalntles: Rlsk Managemont The Trustees have a risk rnanagemenl slralegy which comprises". - An annual review of the rlsks the charity may face - Th6 6Stablishment of systems and procedures designed to miligale the potential impact of the risks Identified - Tho Implemenlallon of procedures designed lo minimlse any potential impacl on the charily shoukl those risks materialis8 The work has identified financial sustainability is the major financial risk. A key element in Ihe m3nagemenl of Ihe financial risk has been In Ihé rÈvleui of the reseNes policy to ensure sufflclènt worklng capital Is in place over Ihe mIng years. Statement of Dlr8ctors RèsponslbFlities The Dlreclors are required under the Companles Acl 2006 and the Charllles Acl 2011 to prepare financlal statements for each financial year whlch 9lve a Irue and fair view of tho slate of affalrs of lh8 company end of Ils net svrplus or deficit for that perlod. In preparing those financial slataments, the dlrectors ara requlred lo: a) solecl sultable accounting policies and then apply Ihem consistently. b) observe the melhods and princlples in the Charities.SORP', c} make judqemenls and eslimales that are reasonable and prudent., d) stale whether applicable accounting standards and stalements of recommended practlce have baen followed subject lo any departures disclose¢J and 8xplalned In the financial slalemenls. e} prepare the financial statements on the going concem basls unless il És inappropriate to presume the company will continue in op8ralion. The Directors are responsible for keeping proper accountlng records whl¢h disclose with reasonable accuracy the flnanclal position of the Charity and to ènable Ih8m lo ensure that the financial statements comply with applicablo law, a¢¢ounling slandards and the Charities SORP. Thay ara also r&sponslble for safeguardlng the assets of ihe charlly and hence for taking reasonable sl8ps for Ihe pr6V6nlion and deleclion of fraud and other irregularities. ON BEHALF OF THE TRUSTEES Clare Poulter Chair Date: 71h AprTI 2025 Page 9
Keswlck Museum and Art Gallery Management Ltd Independent Examiners Roport for Iha yaar ended 31 January 2025 I report on the accounts for the Trust for the year ended 31 January 2025 which are set out on pages 8-21. Respectlve responslbllltles of trustees and examlner The charity's trustees are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this year, under section 144(2) of the Charities Act 2011 (the 2011 Act), and that an independent examiners report is needed. It is my responsibility to., - examine the accounts under section 145 of the 2011 Act; - to follow the procedures laid down in the General Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. and - to state whether particular matters have come to my attention. Bas18 of Independent examlner8 report My examination was carried out in accordance with the General Dlrections given by the Charity Commissioners. An examination includes a review of accounting records kept by the charity and a comparison of the accounts presented with these records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concernlng any such matters. The procedures undertaken do not provide all the evidence that would be required In an audit and, consequently, I do not express an audit opinion on the view given by the accounts. Independent examlner8' statement In connection with my examination. no matter has come to my attention.. (1) which gives me reasonable cause to believe that, in any material respect, the requirements keep accounting records In accordance with s130 of the 2011 Act. and to prepare accounts which accord with the accounting records and to comply with the accounting requirements of the 2011 Act have not been met; or (2) to which, in my opinion, attention should be drawn in order to enable a proper understandlng of the accounts to be reached. TIM M088 ACA Date.. Zs16/25 Page 10
Keswlck Museum and Art Gallery Management Ltd Statement of Flnancial Actlvltles for the year ended 31 January 2025 31 January 2025 Notes Unrestricted Restriclad Designated Funds 31 January 2024 Total Total INCOME Donations, legacles and grants Donalions and gifts Legacies receivable Grants receivabl In¢om8 from charitabl8 actlvities Museum Activiles Other trading acllvltles Fundraislng Trading income Income from Investments 39.059 9,080 48.139 12.109 2.000 80.338 123.201 123.201 68,042 68,042 54,206 737 40.485 6.727 737 40,485 6,727 754 40.454 7.222 Tolal income 155,050 132.281 287,331 197,083 EXPENDITURE Expendlture on tradlng activities Aclivities for generating funds Expendlture in charltable actlvitles Charitable activities 8,033 8,033 9,911 212.241 95,991 308,232 319.625 Total expendlture 220.274 95,991 316,265 329,536 Net Income before transfers (65,224) 36,290 (28,934) {132,4531 Transfers between funds 77,249 (61,664) (15,585) Net movement in funds 12,025 (25,374) (15.585) (28,934) (132,453) Total funds brought forward 26,757 34,731 192,454 253.942 386,395 Total funds carrled forward 17 38,782 9.357 176.869 225,008 253,942 There were no gains or losses in the year to 31 January 2025 or 2024, other than those included above. The notes on pages 1 &21 fomi pari of these financlal slatements Page 11
Keswick Museum and Art Gallery Management Ltd Statement of Flnancial Activities for the year ended 31 January 2024 31 January 2024 Unrestricted Restricted Designated Funds Total INCOME Donations and legaclas Donations and gifts Legacies receivable Grdnts récèivable Income from charitable aclivities Museum Activites other trading activltles Fundraising Trading income Income from investments 7.654 2,000 4,455 12,109 2.000 80.338 80,338 54,206 54.206 754 40.454 7,222 754 40,454 7,222 Total Incomé 112,290 84.793 197,083 EXPENDITURE Expénditure on tradlng activities Activities for generating funds Expenditure In charitable activitles Charltable activities 9,911 9.911 228,831 90,794 319,625 Total expenditure 238,742 90,794 329.536 Net income before transfers {126,452) {6,001) (132,453) Transfers between funds 80,214 (30.214) (50.000) Net movement In funds (46.238) (36,215) (50,000) (132.453) Total funds brought forward 72.995 70,946 242,454 386,395 Total funds carrled forward 26.757 34,731 192.454 253,942 Page 12
Keswick Museum and Art Gallery Management Ltd Statement of Flnanlcal Position as at 31 January 2025 Notes 31 January 2025 31 January 2024 Fixed Assets Tangible fixed assets Current Assets Stock Dabtors Cash at bank and in hand 4,387 40,655 202.037 2,794 35,818 231,619 12 247.079 270,231 Credltors: amounts falling due wSthln one year Creditors and accruals 13 22,071 16,289 Net Current Assets 225,008 253,942 Tolal Assets less Current Llaljllltles 225,008 253,942 NET ASSETS 225,008 253,942 Funds Unrestricted funds Restricted funds Designated funds 14 38.782 9,357 176,869 26,757 34.731 192,454 15 225,008 253,942 For the year ending 31 January 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtaln an audlt in accordance with section 476 of the Companles Acl 2006. The notes on p8ges 15-21 fomi part of these financial statements Page 13
Keswick Museum and Art Gallery Management Ltd Statement of Flnan¢ial Posltlon (Contd. as at 31 January 2025 The Trustees aCknOedge their responsibilities for: ensuring that Ihe company keeps accounting reGords which comply with Section 386 of the Companles Act 2006, and b) preparing financial statements which give a true and fair view of the state of affairs of the company as al Ihe end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise complywith the requirements of the Companies Acl 2006 relating to flnanclal statements, so far as appllcable to Ihe company. These financi81 slatemenls have been prepared in accordance with the provisions applicable lo companies subject to the small companies regime 2nd in accordance wlh FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, Approved by the Truste8s and signed on Iheir behalf Ikn Clare Poulter Chair Date: 7th Aprll 2025 The noles on pages 15-21 form part of these financial statements Page 14
Keswick Museum and Art Gallery Management Ltd Notes to the Flnanclal Statements for the year ended 31 January 2025 1 Accountlng Pollcles Statement of compllance Thè financial statements have been prepared in accordance wllh Accounling and Reporbng by ChaTi118S'. Slalement of Recommended Practice applicable lo chartlies in proparing their accounts In a¢cordance wlh Ihe Financial Reporting Sl8ndard applicable in the UK and Republic of Ireland {FRS 102) {effeclive 1 January 2019) - {Charitles SORP IFRS 102)). the Financial Reporting Standard applicable in the UK and Republic ol Ireland (FRS 102) and the Companies Act 2006. Bas1$ of preparatlon The charity meols Ihe definition of a publlc benefit entity under FRS102. Ass&ls and118bllllles ar8 initially recognis8d al hlstorlcal Cost or Iransaction valu6 unless otheise staled in th8 relevant accounting policy nolelsl. Tanglble Flxed Assgts and Dopreclatlon Assets used for charitabl& purposes, with an expected useful life 8xce8dlng one year, are capitalised on the balance sheet. Depreciation Is provided al the following annual rate5 in order to wrlle off each asset over Its expected useful life.. Computers Flxture & Filllng8 33.34% on ieduclng balance 25°A on reduclng balance Income Income consists of grants recoivod and income from promotions. accounted lor on a receivable basls, Whe18 income Is recelved for a spedfic purpose, a$ defined by the donor, thi5 income Is classed as reslricled. Income re¢eived towards the general objects of the charity is classed as unreslriGted. Expendltur& Expenditure is accounted for on an aru81S basis. Wh6re il r8lal8s lo a specific projeGI11 is 8lloca18d to that proleGI as re$lrlcl8d expendlture. Expendllure that relates to Ihe objects of the charfly Is cla55ifled as charllable aclivilies. Any legal or professlonal costs are classlfied as governance ¢osl$. Th8 costs of ganeraling lunds ar8 separately Idenllfied. Funds General funds are Ihose where no reslrlcllons have be8fk placed upon the specific sponding of the funds by thé donor. Designated funds are those funds where the direclors have chosen lo eam)ark general funds for specfic purpos8. Restricted funds are Ihose funds where the donation is recelved for a specific purpose 8s set out by the donor. Corporatlon Tax As a 'not for profil. company wilh Gharilable stalus the Company Is exempt from the payment of corpor8Uon lax. Stock Stock Is valued at Ihe lower of cost and nel reallsable vakne. 2 Payment to Accountants Th8 P8yment lo the accountants included in Ihe expenditura is splil as follows: 2025 2024 Book keeplng, payroll and year end accounts Payment for Independent Examination 2.750 3,000 2.750 3,000 Page 15
Keswlck Museum and Art Gall&ry Management Ltd Notes to the Financlal Slatements for the year ended 31 January 2025 31 January 2025 Reslricted Unrestricted Dasignated Total 31 January 2024 3 Donations Sundry Donations Friends Donations Gift Ald 3,238 29,415 6,406 39.059 2,113 6,885 82 9.080 5,351 36,300 6,488 48,139 3,767 3,894 4,448 12,109 4 Grants recelvablg Arts Council Cumberland Coun¢ll NHLF Grant AIM Grant Museum Development NW Keswick Lions Keswick Town Council York Museum Trust Sensations Museum Co-op Funding Ralhbone Tullie House Other Grants 36.018 36,018 14,392 11,000 47.342 315 317 1,000 1,500 84.529 115) 84,529 1151 1.350 208 959 1.350 208 959 3,000 1,472 100 100 123,253 123,253 80,338 5 Museum Actlvlt8$ Admission Ch8rges Room Hire Lcarning and Educatlon Other Income Insurance proceeds 45,594 17,410 4,051 987 45,594 17,410 4,051 987 36,536 11,865 4,026 1.120 659 54,206 68,042 68,042 6 Fundralslng Victorlan Fayre 737 737 737 737 754 754 7 Tradlng Income Relall Sales Calerlng Franchise 14,041 26,444 40.485 14,041 26.444 40,485 13,501 26,953 40,454 8 Expendlture on Tradlng Activities Costs of Retail Purchases Other fundraising costs 6.944 1.089 8.033 6,944 1,089 8,033 8,8q7 1,094 9.911 Page 16
Keswlck Museum and Art Gallery Management Lld Notes to the Flnancial Statements for the year ended 31 January 2025 31 January 2025 Unrestrlcted Restricted Total 31 January 2024 9 Charitable actlvities Exhibition and Project Costs Staff costs Administration Marketing and Advertising Premisas and other costs Interest and charges Legal and professional 276 139,344 7,322 18,064 43.262 1.223 2,750 212.241 35,097 47,883 3.372 9.173 466 35.373 187,227 10.694 27,237 43,728 1,223 2,750 308.232 47,584 184,004 11,908 22.325 49.817 987 3.OQO 319,625 95,991 10 Employee Remuneratlon 31 January 2025 31 January 2024 staff costs Wages Employers NIC Employers Pension Freelance wages Travel Recruitment Staff training 156,788 5.774 2,666 15,630 1,882 3,164 1,323 187,227 157,482 6,416 2,951 12.499 1,629 235 2,792 184,004 No employee had employee beneflts, including salary and penslon Contrlbulions, in excess of £60,000 (2024: nil). The key managem&nt personnel of the charity comprlse the Trustees and the Chief Executlve Offlc8r. The total empSoyee bènefits of the key management personnel w8re £34,800. The averag6 number of full lirne equlvalent staff employed by the trust during the y8ar was as follows,. 31 Jarbuary 2024 31 January 2025 No. Direct staff Admin and offlce staff 5.30 0.65 5.95 11 Trustee Remuneratlon and Expenses and Related Party Transactlons No remuneration directly or indirectly out of the funds of the Gharity was paid or payable for the year to any Trustee or to any person or persons known to be connected with any of them. During Ihe year £80 {2024: £1.629) was paid lo Truslees in tr8vel expenses. Related parties are the Truste8s and Key Management Personnel and Iheir close families. Ouring the year there were no transactions with relaled parties. Page 17
Keswick Museum and Art Gallery Management Ltd Notes to the Flnanclal Statements for tho year ended 31 January 2025 12 Debtors 31 January 2025 31 January 2024 Trade debtors other debtors Prepayments 1,302 35,683 3.670 930 29,224 5,664 40.655 35.818 13 Credltors: amounls falllng due withSn one year 31 January 2025 31 January 2024 Trdde creditors Other taxation & social seCurty Accruals Deferred income 7,455 2,513 526 11,577 6,419 3,067 220 6,583 22,071 16,289 Page 18
Keswlck Museum and Art Gallery Management Ltd Notes to the Financlal Statements for the year ended 31 January 2025 14 Funds At 1 February 2024 Incoming Outgoing At 31 January 2025 Resources ReSrCeS Transfers Projects & Restrlcted funds story Tellers 80.607 (34,054) {46.553} NHLF Big Science 2023 6.564 (58) {4,128) (2.378) ACE Access All Areas 39,305 {23,372) (7.402) 8,531 NHLF Communitys Volce 13,864 4,032 (18,052) 156 ACE Opening the Store Door 7,910 3,598 (8,793) 12,715) Other Grants 2,970 1,693 (867) (2,970) 826 Tuesdays Tonic 3,423 3.104 (6,725) 34,731 132,281 95,991) 61,664 9,357 Designated funds Refurblshment Reserve 17,454 17.454 Future Projects ReseNe 75,000 24,415 99,415 Resillence ReseNe 100,000 (40,000) 60,000 192,454 15,585) 176,869 Page 19
Keswick Museum and Art Gallery Management Ltd Notes to the Financial Statements for the year ended 31 January 2025 Funds Comparative at 31 January 2024 At 1 February 2023 Incoming Outgoing At 31 January 2024 Resources Resources Transfers ProJecls & Restrlcled funds NHLF Big Science 2023 32.291 32,435 (32,895) (25,267) 6,564 NHLF Evolving Exhiblion 1.219 (1,219) NHLF Communitys Voi 13.046 16,126 {15,308) 13,864 ACE Opening the Store Door 21,082 14,392 {23,307} (4.257) 7,910 Other Grants 16,244 (13,274) 2,970 AIM Training Grant 315 {315) Tuesdays Tonic 3,308 6,500 (5,695) {690) 3,423 70,946 84,793 90,794) 30,214 34,731 Deslgnated funds Refurbishment reserve 17.454 17,454 Investment reserve 50,000 25.000 75,000 Resllience Reserv8 175,000 (75,000) 100,000 242.454 {50,000) 192,454 15 Net Assots by fund Unrestricted Restricted Designated Total Tangible flxed assets Current assets Creditors.. amounts falling due within one year 60,853 {22,071) 9,357 176,869 247,079 (22,071) Total net assets 38,782 9.357 176,869 225.008 Page 20
Keswick Museum and Art Gallery Management Ltd Notes to the Financlal Statements for the year ended 31 January 2025 Net Assets by fund Comparative at 31 January 2024 Unrestricted Restricted Designated Total Tangible fixed assets Current assels Creditors: amounts falling due wilhin one year 43.046 (16,289) 34,731 192,454 270,231 (16,289) Total net assets 26.757 34,731 192.454 253,942 16 Going Concern The Trustees have reviewed the going concem slatus of the Museum and are happy to conclude that there are no material risks within the next 12 months. They believe that the preparation of the accounts on a going Concern basis is the correct treatment. Trading conditions contlnue to be very challenging for the Museum and losses are forecast over the next twelve months. The Trustees are happy thai given the level of unrestricted reserves available and the business plan that has been proposed and approved by the board, bringing the museum back to surplus over the next three years, that the museum continues to be a going concern. 17 Members liablllty The liabi11ty of the members is limlted. Every mamber of the charity undertakes to contribute to the assets of th8 charity In the event of the organisatlon belng wound up whlle he or she is a m8mber, or within one year after he or sh8 ceasos to be a member, for payment of the debts and liabililies of Ihe charity Gontracted before he or she aS0S to be a member. and of the costs, charges and expens8s of winding up, and for Ihe adjustment of the rights of the contributors among Ihemselves. such amounl as may be required, but not exceedirvJ £1. Page 21
Keswlck Museum and Art Gallery Management Ltd FinanGial Statements for the year ended 31 January 2025 The following pages do not form part of th8 Statutory Accounts
Keswick Museum and Art Gallery Management Ltd Income and Expenditure Accounl for the year ended 31 January 2025 31 January 2025 31 January 2024 INCOME Donatlons and Legacies Donations and gifts Sundry Donations Friends Donations Gift Aid 5,351 36,300 6,488 3,767 3,894 4,448 48,139 12,109 Legacies recelvable Legacy receSved 2,000 2,000 Grants receivable Arls CounGII Cumberland Council NHLF Grant AIM Grant Museum Developmenl NW Keswick Lions Keswick Town Councll York Musoum Trust Sensations Museum Co-op Funding Rathbone Tullie House Other Grants 36,018 14,392 11,000 47,342 315 317 1,000 1,500 84,529 (15) 1,350 208 959 3,000 1,472 100 52 123,201 80,338 Income from charltable activltles Museum Aclivit8S Admission Charges Room Hire Learning and Educatlon Other Income Insurance proceeds 45,594 17,410 4,051 987 36,536 11,865 4,026 1,120 659 68,042 54,206 Other tradlng activites Fundralslng Victorian Fayre 737 754 737 754 Trading inGom8 Relail Sales Catering Franchise 14.041 26,444 13,501 26,953 40,485 40,454 Inveslment income Bank int8rest received 6.727 7,222 6.727 7,222 Total Income 287.331 rf97,083 Appendix I
Keswl¢k Museum and Art Gallery Management Ltd Income and Expenditure Account for the year ended 31 January 2025 31 January 2025 31 January 2024 Income, brought forward 287,331 197.083 Expendlture Expenditure on Trading Actlvltles Trading Expenses Costs of Retail Purchases Other fundraising costs 6,944 1,089 8,817 8,033 9,911 Exhlbltlon and Prolect Costs Collections costs Exhlbition costs Learning and engagemenl costs Evalualion 424 14,762 18.939 1.248 9,841 15,497 20.686 1.560 35.373 47,584 Stsff costs Wages Employers NIC Employers Pension Freelance wages Travel Recmltment Staff Irainlng 156,788 5,774 2,666 15,630 1,882 3,164 1.323 157,482 6,416 2,951 12,499 1,629 235 2,792 187,227 184.004 Admlnlstration Stationery and computer supplies Refreshments and volunteer costs Postage, telephone and broadband Computer & website expenses Subscrlpllons Trustee travel expenses 3,014 578 1.909 4,753 360 80 2,692 1.538 1.847 3,980 522 1,329 10,694 11,908 Markétlng and Advortlslng Advertising and marketing 27,237 22,325 27,237 22,325 Expéndlture Carried Forward 268.564 275,732 Appendix li
Keswick Museum and Art Gallery Managèmènt Ltd Income and Expenditure Account forthe year ended 31 January 2025 31 January 202S 31 January 2024 Expendlture brought forward 268,564 275,732 Prémlsès and other costs Rates and water Insurance R8palrs and renewals Laundry and cleaning Light and heat 3,452 2.074 18,682 5.689 13.831 1.826 2,727 29,810 4,933 10,521 43.728 49,817 Interest and charges Bank charges 1.223 987 1.223 987 Legal and professlonal Accountancy 2.750 3,000 2.750 3,000 Total Expandltur6 316,265 329,536 Nat Incorne (28,934 132,453 Appendix iii