STROUD DISTRicr COWLE MUSEUM FINANCIAL STATEMENTS FOR THE ST YEAR ENDED 31 MARCH 2024 Registei'ed Charity Number: 1156849 SHINER MrtCHELL FISHER & CO. LIMITED Accountant5 and Registered Auditors Smith House George Street Nailsworth Siroud Glos GL6 OAG
STROUD DESTRICT COWLE MUSEUM FINANCIAL STATEMENTS si. FOR THE YEAR ENDED 31 MARCH 2024 CONTEIYrs I to3 Report of the Trustee5 Report of the Independent Examiner Income and Expenditiire Account Statement of Financial Activities Balance Sheet 8t09 Notes to the Financial Statements
STROUD DISTRICT COWLE MUSEUM TRUSTEES, ANNUAL REPORT ST FOR THE YEAR ENDED 31 MARCH 2024 The trustees present their annual report with the unaudited financial statements of the charity for the year ended 31, March 2024. REFERENCE AND ADMINISTRATIVE INFORMATION The assets and resources of the Charity are used exclusively In the perfomiance and fwiherance of Stroud Djstrict (C.owle) Museum ("Charity"}. The Chatity 15 controlled by its Trust Board, namely the following person5 were in control of the charity during the year. A Bluett M Hearfield C Hale H Jeffrey A Lowery S NeN%ton A Penn Chairman Treasurer Appointed on 6 Febrnary 2023 The day to day administration of the ChELrity was undertaken by Mrs M Hearfield. who also acts as treasurer. The main agents for the charity are". Bankers.. Coventy Builth"ng Society 43 King Street Stioud Glos GL5 3DA CCLA PO Box 12892 Dunmow Essex CM6 9DL Independent Examiner.. Shiner Mitchell Fisher & Co. Smith House George Street Nailsworth GL6 OAG STATEMENT OF TRUSTEES RESPONSIBILITIES The Trustees are required to prepare finaneiai statements for each financial year that ve a true and fair view of the state of affairs of the Charity as at the end of each financial year and of the net incoming and outgoing resources of the Charity for that period. The Trustees confirni that suilable accounting policies have been used and applied consistently and reasonably and prudent judgements and estimates have been made in the preparation of the financial statements for the year ended 31 March 2024. The Trustees also confirm that applicable accounting Standards have been followed and that the Statements have been prepared on the goin¥ concem b&sis. The Trustees are responsible for keeping proper accounting records which disclose wlth reasonable accuracy at any time the financial position of the Charity. They are also responsible for safeguarding the Assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
STROUD DISTRICT COWLE TRUSTEES, ANNUAL REPORT MUSEUM CONTINUED ST R THE YEAR ENDED 31 MARCH 2024 STRUCTURK, GOVERNANCE AND MANAGEMENT Govemin Document The Charity, which is a Charitable Incorporated Organisation wtth registered charity number.. 1156849, is governed by its Coiisb"tution. Recruitment and A ointment of Trustees The charity tfU5tees for the poSe5 of charity law are known as tnembers of the Management Committee. Under these requirements one third of the trustees are elected each year to serve for a period of five years after which they must stand down and offer themselves for re-election at the next Annual General Meeting. As a needs led charity, the Trustees are selected to offer a wide range of skills and experience that are of benefit to tlie charity. TTilStees Induction and Trainin All trustees are made fan)Iliar wjih the work of the Charity and the requirements of the Charities Act. New trustees take part in an induction process that introduces them to the purpose of the Charity and the workings of the niuseuin. It covers.. The obligations of trustees The m21n documents thicli set out the operationa] framework for the charIty The operation and management of tlie Museum in the Park, and the facilities provided for the storage of the Collection (provided by Stroud District Council) Resour¢ing and the current financial position as set out In the latest published accounts Future plans and objectives Risk Mana ement The Trustees. in conjunction with the Museum Development Manager, have conducted a review of major risks to which the charity is exposed. A risk register has been established and is updated at least a]inually. As the museum is owned and managed Stroud D151ricl Council they provide risk management for the venue and its visitors and for the storage of the Collection. Where appropriate, rystems or procedures have been establislied to mitigate the risks the charity faces. Internal control risks are niinimised by the implementation of procedures for authorisation of all Iransacttons and projects. ranisational Structure The trustees meet regultrly and are responsible for the strategie direction and policy of the charity together wtth the review of the vanou5 projects currently being undertaken. The M useum Manager provides detailed reports on ihe Museum s previous quarter s activities, on any additions to. and disposals required from, the collection, and the museum's own risk assessment. OBJECTIVES AND ACTtVlTIES FOR THE PUBLIC BENEFIT The objective of the charity is to preserve. safeguard and showcase the Cowle Collection of objects and specimens of anh'quity, natur history, art, archaeology and science (including pictures. books and documents of educational or scientific interest). The ¢harity has formed a partnership with Stroud District Council (SDC) in order to coinplete the objective and through this partnerghip SDC provide the facility known as the Museum-in-the-Park, Sirarford House. Stratford Park, Stroud to showcase and exhibit the collection. The council prowdes the m9nagernent and operationa] funding for Ihe museum and the Charity is the legal guardian for the Collection. As part of the partnership YÈnd In conjunction with the Trustees, it also allows for the Collection to be conserved and maintained as required. Due to the size of the collection any Itein5 not displayed are safely stored and safeguarded by SDC.
STROUD DISTRICT COWLE TRUSTEES, ANNUAL REPORT MUSEUM CONTINUED si. R THE YEAR ENDED 31 MARCH 2024 ACH IEVEMENTS AND PERFORMANCE Followiiig the end of the Lottery Funded Agreement the Trust signed a new collaboration agreement with Stroud District Council. The Council provides the man2gement and operational funding, for the Stroud District (Cowle} Museum Service (known as the Museum in the Park). The Trust has die legal lille and g?uardianship of collections and manages donations and grants used for the museum's public pro2MmeS and the upkeep of the collection. The selection and purchase of a modern collections management system has begun - to be funded by the Trust- which will substantially improve data manag?ement, retr]eval and access to the wider collections. The Annual Report of the past year's activities can be found listed on the Home page of the Museum's website I4Tr4(7¥' i)IiiseiiiiiiiiiliL' under the section called More About Us. FINANCIAL REVIEW The charity is A not-for-profit organisatfton and relies for funding for its general actlvlties on income from donations and bank interest. The trustees do not have any con¢eTns regarding the financia] posltion of the Charity. Investment Poli The charity deposits funds not immediately required in the Coventy Building Society and with COIF Charities Investmeni Fund. Tlie charity aims to provide a long-terni total return compromising growth in capital and long- term protection from inflation, In accordance with the UK Stewardship code. Reserve The TrLlStee5 have examined the charity's requirements for reserves in the light of the main risks to the organisation. The amount in the reserve fund is held as a rolling fund to be used as cashflow for each project when requested by the museum. PLANS FOR FUTURE PERIODS Next year wll see the adoption of our new Fonvard Plan to 2029 and th¢ review and update to our Collections Development Policy. The implementation of the collections management system forms one of the most important forthcoming service activities. RESPONSIBILITIES OF THE MANAGEMENT COMMITTEE Charity law requires the Management Committee to prepare financial statements for each financial year that give a true and fair view of ihe slate of affairs of the Charity as at the balance sheet date and of the its incoming resource5 and applicatson of resources. including income and expenditure. for the financia] year. In preparatt'on of those financial statements, the Management Committee should follow best practice and.. Select suitable accountsng policies and apply them consistently Make judgements and estimates that are reasonable and prudent" and Prepare the financial statements on the going concern basis unless it is inappropriate to assume that the charity will continue on that basis The Management Committee is responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the Charity and enable them lo ensure that the financial statements cornply with the Financi Reporting Standards. The Management Committee is also ie5ponsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevenb.on and detection of fraud and other irregularities. Members of the Mana emenl Committee Members of the management comrniltee who are Irustees for the PUTpose of charity law. who served during the year and up to ihe dale of this report are set out on page l. In accordance with charity law, as the charity's trustees, we Certify that.. So far as w¢ are aware. there is no relevant information of M'hich the ¢haritfv s examiners are imawarc: and As thc TFUStees of the charits.. Ive have takcn ail thc stcps that ive ought to have taken in order lo make elves aw of anv relcvant infomiation and to establish that the charity s cxaminers are aware of that omation. Signe fof Management Committee If- 11 gLZLti- Andr Ch Bluett Date (l NbJl¥ Marion Hearfield Treasurer Dale
INDEPENDENT EXAMtNERS REPORT TO THE TRUSTEES OF STROUD DISTRICT (COWLE) MUSEUM FOR THE YEAR ENDED 31 ' MARCH 2024 Respective i'esponsibilities of trustees and examiner The charity's trustees are responsible for the preparatt'on of the accounts. The eharity's trustees consider that an audit is not required for this year under section 144(2) of the Charits'es Act 2011 (the 201 I Charities Act), and that an independent examination is needed. l am qualified to undertake the examination by being a quaIified member of the Chartered Association of Certified Accounlanls. Havingy sah'sfied myself that the charity is not subject to auth't under company law. or otherwise, and is eligible for independent examination. it is my responsibility to.. • examine the accounls under sects'on 145 of the 2011 Charities Act, • lo follow the procedures laid down in the generat Directions given by the Charity Commission under section 145{5){b) of the 2011 Charities Act, and • to state whether particular matters have come to my attention. Basis of independent examinei s statement My examination was carried out in accordance with general Directions given by the Charity Commission. An independenl examiiiation includes a review of the accounting records kept by the Charity and a comparison of the accounts presented with those records. It a]so includes consideration of any unusual item5 or disclosuTe5 in the accounts. and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the account5 present a 'true and fair. view and the report is limited to those matters set out in the n&xt statement. Independent examinei S statement In connection with my examinatt'on, no matter has come to my attention.. which gives me reasonable cause to believe that in any materia] respect the requirements.. • To keep accounting records in accordance w]th section 386 of the Companies Act 2006 and • To prepare accounts which accord with the accountt'ng records, comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the Statement of Recommended Practt"ce". Accounting and Reporting by Chaiities have not been met or 2. to which. in my opinion, attention should be drawn in order to enable a proper understanding of the ac¢ounts to be reached. SHINER MITC LL FISHER & CO. LTD Independent Examiner Date Smith House George Street Nailsworth Stroud Glos GL6 OAG
STROUD DISTRICT COIVLE MUSEUM INCOME AND EXPENDITURE ACCOUNT ST FOR THE YEAR ENDED 31 MARCH 2024 Note 2024 2023 INCOME 53,390 350,728 EXPENDITURE Administrative and operating expenses Bank Charges 24,572 10,188 48 NET INCOMING RESOURCES 28.818 340,492 Interest receiv&bEe SURPLUSI(DEFICIT) OF INCOME OVER EXPENDITURE BEFORE TAXATION 37,814 341,564 Taxation RETAINED SURPLUSI(DEFICIT) FOR THE YEAR AFTER TAXATIOP4 341564
STROUD DISTRICT COWLE MUSEUM STATEMENT OF FINANCIAL ACTIVITIES R THE YEAR ENDED 31 ' MARCH 2024 2024 Total Funds 2023 Total Funds Note General Funds Restrieted Funds INCOME RESOURCES Donations ft Aid Claim Plant Sales Funds from the Friends of the Museum Interest Receivable 49,700 1,899 1,791 49,700 1,899 1,791 346,087 4,641 Total Income 62 351 EXPENDITURE Management and administration Bank Charges Total expenditure 24.572 24,572 10,188 48 24 Net incoming resources before transfers Gross transfers between funds Net Income 37.814 37,814 341.564 37,814 37,814 341,564 Other Recognised Gains/(Losses) Gainsl(Losses) on revaiuah.on of Fixed Assels 40,879 40,879 (2,432) Nel Movement in Funds 78.693 78.693 339,132 Total funds brought forward 488 765 488 765 149 633 Total funds carried forward 567 458 567 458 488 765
STROUD DISTRICT COWLE MUSEUM BALANCE SHEET ASAT31' MA CH 2024 Note 2023 FIXED ASSETS Investments 386,943 106,064 CURRENT ASSETS Debtors Cash ai bank and in hand 2,423 380 578 194 158 194,158 383.001 CREDITORS: Amounts falling due within one year 300 NET ASSETS 567 457 488 765 RESERVES Restricted funds General fuiids 567 457 488 765 TOTAL FUNDS 567 457 488 765 The charity is entitled to exemption from audit for the year ending 31. March 2024. The Charity's constitution does not require the charity to obtain an audit of its financial statements for the year ended 31 March 2024. The Trustees acknowledge their responsibilities for.. (a) ensurtng that the charity keeps accounting records w4]ich cornply with the Charities Act 2011 and (b) preparing financial statements which give a true and fair view of the slate of affairs of the charity as at the end of e&ch financial yeai and of its profit and loss foi each financial year in accordance wth the requirements of the Act relating to financial statements, so far a5 applicable to the charity. The fin I statem nts on pages 5 to l O were approved by the board of Trustees and signed on its beliaif by.. /S- 11- Andrew Bluett Ch Date [8 Nb124 Marion Heatfield Treagurer Date
STROUD DI TRICT COWLE MUSEUM NOTES TO THE FINANCIAL STATEMENTS ORTH ST YEAR ENDED 31 MAR H 2024 ACCOUNTING POLICIES The principat accounting policies are summarised below. The accounting policies have been applied consistently throughout the year. Basis of accounting The financial statements have been prepared in accordance wilh Financial Reporting Standard 102 "The Financi Reporting Standard applicable in the UK and Republic of Ireland" including the provision of Section l A "Small Entities" and the Statement of Recommended Practise.. Accounting and Reporting by Charities issued in January 2019. The financiaj statements have been prepared under the historical cost convention. Fund aecounting Unrestricted fund5 are available for use at the discretion of the trustees in furtherance of the general objectives of the charity. Designated funds are unrestricted funds earmarked by the Management Committee for parh"cular purposes. Restricted funds are subJe¢ted to restrictions on their expenditure imposed by the donor or through the terms of an appea]. Incoming iYsoui'¢es All incoming resources are included in the statement of fmancial activities when the charity is entitled to the Inrne and the amount can be quantified with reasonable accuracy. The following specific policies are applied lo particular categories of income. Voluntary income is received by way of grants, donations and gifts and is included in full in the Statement of Financial Activities when receivable. Grants, where entitlement is not conditional on the delivery of a specific perfomiance by the charity, are recognised when the charity becomes unconditionaily ent]"t]ed to the giant. The value of donated services and facilities provided by volunteers has not been included in these accounts. Investment income is included when receivable. Incoming resources from charitable trading activity are accounted for when eam¢d. Incoming resources from grants, where related to perfoimgnce and specific deliverables, are accounted for as the charity earns the right to consider&tt"on by its perfonnance. Resourees expanded Expenditwe is Tecognised on an accruaI basis as a liability is incurred. Costs of generating funds are those costs incurred in attracting voluntary income, and those incurred in trad3ng activities that rwse funds. Charitable expenditure compiises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such aclivtties and those costs of an inth.rect nature nece55ary to support them. Governance costs include those costs associated wryth meets.ng the Constitution and statutory requirements of the charity and include the audit fees and costs linked to the strategic management of the charity. All costs are allocated between the expenditure categories of the SOFA on a basis designed to refle¢t the use of the resource. Costs relating to a particular activity are allocated directly, others are apportioned on an appropriate basis eg. Staff costs per time spent and other costs per their usage. Taxation The Charity is a restered charity and is not liable for any income. capital gains or corporation taxes on its current activAtie5.
STRO D DISTRICT COWLE MUSEUM NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR si" NDED 31 MAR H 2024 MANAC EMENT AND ADMINISTRATION 2024 Total 2023 Total General Restricted Plant Purchases Museum Equipment Donations Made Sundry office expenses Repairs Bank Charges Independent Examiners Fees 4,008 4,875 11,923 4,008 4.875 11,923 1,873 6,865 3,466 3.466 1.150 48 300 300 300 No iemuneration wa5 received by the Trustees during the year. 3. DEBTORS 4. CREDrfoRS Amounts falling due within one year: 2023 2023 Creditors Accruals 13,344 300 300 300 S. ANALYSIS OF FUNDS 2024 Totnl Funds 2023 Total Fundg General Funds Restricted Funds (a) Movement in funds Al I. April 2023 Net tncomingl(outgoing) resources At 3 1" March 2024 488,765 488,765 149,633 339 132 488 765 567 458 (b) Representfttion of fund bAlanees Fixed Asset Investments Cash and bank balances Current assets Current liabilities 386,942 194.158 386,942 194,158 106,064 380,578 2,423 300 At 31" March 2022 567 4S8 567 458 488 765 6. OTHER NOTES The charity is the owTrer in perpetuity of two rcx)ms at the School of Science and Art building at Lansdown, Stroud. The asset was donated to the charity over 100 years ago and is held at its histor]c cost of£nil.