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← The Powell-Cotton Trust

2024-03-31-accounts

The Powell-Cotton Trust Registered Charity No: 1167318 in England and Wales Registered Company No. 09934968

Trustees’ Report and Financial Statements for the year ended 31 March 2024

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Contents

31 March 2024 .................................................................................................................... 3 Trustees’ Report .............................................................................................................. 4 ............................................................................. 16 ............................. 17

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Trustees and Advisers for the year ended 31 March 2024

Trustees
Company Number
Charity Registered Number
Independent Auditor
Bankers
Stockbrokers		 A Harrison
G Marvin
G Redwood
S Turvey (appointed 01 February 2024)
C Ashley (appointed 01 February 2024)
K Paterson (appointed 01 February 2024)
09934968
1167318
Quex Park
Birchington
Kent
CT7 0BH
Moore Kingston Smith LLP
Chartered Accountants and Business Advisers
6thFloor, 9 Appold Stret
London
EC2A 2AP
www.mks.co.uk
Lloyds TSB Bank PLC
Cecil Square
Margate
Kent
CT9 1JG
Rathbones (formerly Investec Wealth & Investment)
30 Gresham Street
London
EC2V 7QN

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Trustees’ Report

April 2023 to 31 March 2024.

and describes how they have been met in the current year.

1. Charitable Purpose

2.

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3. Summary of Achievements

Introduction

The Museum, House and Gardens reopened to the public on 12[th] February 2022 for weekends and bank holidays, the first time since our Covid-19 closure. The Trust continued this opening pattern throughout the 2023 season, February-October. Admission to the venue included free guided tours inside the Museum and Quex House, access to young explorer backpack buddies full of tools to help discover the stories, free use of garden games, along with a programme of special events and sessions. Pre-booked schools and groups were also hosted throughout the week across the year.

Overall, our visitor numbers have not yet reached pre-pandemic levels, but this is understandable due to the reduction in our opening hours, and the need to rebuild awareness and marketing reach. Through all engagement opportunities offered (general admissions, events, schools and groups), total audience numbers were 11,652 and provides us with a clear baseline from which we can grow our audience numbers in future years. Our shorter opening hours throughout this period has allowed us time to dedicate to work back-of-house with the collection, interpretation, and ongoing maintenance such as temporary roof repairs to try to address long-standing issues.

across all social media channels our post impressions reached 416,000 users with a consistently

Visitor Experience

We welcomed 10,640 visitors through general admission to the Museum, House and Gardens this year, including a special New Years Day 2024 opening for the second year, where we spent the day with our visitors who were pleased to stretch their legs in Quex Gardens. Annual Membership has been popular this year and we were back up to our pre-pandemic levels of 132 members by the end

Our guided tours remained a popular part of the visitor experience across the year. Each day we were open we offered complimentary Quex House Tours and Museum Highlights Tours. We hope introduce more themed tours as our displays are updated and new research becomes available.

visitors. This year we have renewed signage, introduced step stools in galleries to help view tall cases, re-introduced the touring hearing loop as well as introducing two further portable hearing loops and provided seat pads for wheelchairs. We have committed to carry out an internal annual review of our accessibility guide and measures at the end of each season.

were delighted when one of our Duty Managers was presented with an ’Unsung Hero’ bronze award

Visitor Feeback highlights include:

“

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“I have been going there since I was about two and I’m now a teenager – it never gets old and I love

binoculars. We also got to hire out some outdoor games in the lovely sunshine! Brilliant!”

Events & Outreach

general admission. ‘Percy’s World Trip Japan’ returned for a second year over the busy May Bank Holiday weekend, and July saw our busiest National Gardens Scheme day which included a popular botanical printing workshop. Fortunately, the weather was good and as part of the national initiative, over £600 was donated to the Scheme. August saw the introduction of our Tomato Fiesta, along with ‘Museum Movie Magic’ where short films created by University of Kent media students were screened above the dioramas. A well-attended Classic Car Day was followed by Heritage Month in September. This included hosting a Heritage Fair bringing together local heritage attractions and offered a series of bookable talks and tours including libraries and archives behind the scenes tours. As part of Heritage Open Days , we Offered free entry on one of our usual opening days which was well-attended. For Mother’s Day in March 2024, we welcomed the local ‘ Power of Women ’ festival, who took-over the Museum and Gardens for the day and we were able to offer free entry for all to enjoy the events.

Where we charge for special events, we were delighted to welcome a total of 269 event participants, in addition to our general admission audiences. These events included an open-air cinema, a fungi event for which our Head Gardener featured on Radio Kent, and wreath-making with natural materials sourced from Quex Gardens.

Museum photographic archive' co-curated by Abira Hussein, Faiz Shee and Kathleen Lawther was on display in the entrance corridor, and through our work with artist Jayne Wright, we also hosted a temporary display of ‘Tiles of Joy ” in March 2024 in the Welcome Space. Both exhibitions were free to view as part of general admission.

Learning & Engagement

We welcomed 11 school groups (390 total pupils) to the Museum during 2023-24. This is an increase on the prior year. Our most popular workshop is ‘Museum Safari’, and this links well with the history, science and art curriculum. Feedback from schools include “A secret gem of a museum

We launched a series of 10 digital learning resources this year which can be found on our website at ~~www.powell-cottonmuseum.org/resource/~~ . These resources support pre and post school visits for

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the Museum, House and Gardens for many new young visitors.

We created a new community gallery and comment corner in Gallery 6 this year. Gallery 6 is our dedicated learning space and hosts our handling cube and storytelling library area, as well as other interactive ways to engage with the collection, which is very popular with all visitors. To extend this experience across the Museum space, we developed a portable handling trolley. Interchangeable draws and boxes holding artefacts from our Handling Collection supported ‘Object Conversations’, Curator-led talks with university students, curriculum workshops in gallery spaces, and was used as

The Llewellyn School

been infested by carpet beetle. As well as carrying out emergency patch repairs to the roof where budget allowed, the Trust committed funds to our internal ‘Collections Storage Project’ (CSP) in January 2023 to address this, and work on this has been ongoing throughout 2023-24.

Phase 1 has been to clean, pack, freeze, conserve and re-home 2,000 animal skulls complete with horns. In order to manage this volume of material in a short space of time, a container-sized freezer was hired. Around 200 objects per batch are frozen for 1 week (including time for slowly cooling and bringing back to ambient temperature), then transported to their new home. On arrival, basic documentation was undertaken. Phase 2 was to address the extremely valuable primate collection, including around 500 delicate specimens which underwent a similar procedure. The repacking

A small display was created in the Museum to help visitors understand the work being undertaken as it did result in two galleries being closed for temporary skull storage. The Collections Team and Museum Team Members who supported this project, were shortlisted for a ‘team of the year’ award at the Museum and Heritage Awards in March 2024, which they won at the live event in May 2024.

The Museum Team was supported throughout the year by three University of Kent student

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with the University to support students with employability skills and experiences.

in Galleries 1-3 continued this year. The Arts Council-Funded project ‘ ~~Decolonisation & Practice~~ ’ has enabled us to work with a specialist consultant and curator along with members of a community advisory group to investigate the stories of our East African collection. As part of the project, we welcomed a visit from Juman Ondeng, Keeper of Western Kenya at ~~National Museums Kenya~~ (NMK). We also continued our work on ‘The Devolving Restitution Project’ with an Arts Emergency intern, allowing us to re-examine the cultural and artistic heritage of the Ethiopian artefacts on display. In February 2024, we welcomed author and broadcaster Lemn Sissay to the Museum who

Kent, to create the dioramas in Galleries 1, 2 and 3.

Gardens

The Trust manages the landscape, the variety of plants, herbs and food that grow in Quex Gardens across the changing seasons.

planted crops, shortly followed by extreme heat with temperatures over 30 degrees and hardy any rain. Many yards of box hedging, which for the third year has been attacked by the box moth caterpillar, were removed. Despite this uncertain weather, the team planted all the bedding and vegetable crops raised under glass and continued to sow and grow for the remainder of the year. Produce grown in the garden, along with eggs from our flock of hens, are sold in the Museum shop and raised over £320 this year.

series of out-buildings which are currently in the process of being upgraded as part of a longer-term plan.

big glasshouse run. This included cleaning the teak glazing bars and washing the two hundred panes of glass.

The winter garden, a real focal point of the garden buildings, had fans and lights installed and in October, it hosted a lunch, made from garden produce, as part of Juman Ondeng’s, Keeper of Western Kenya at ~~National Museums Kenya~~ (NMK) visit.

In September 2023 we received the news we were successful in an ~~Association of Independent~~ Museums (AIM) grant application through their Connecting Communities Fund, supported by the UK Government. This will enable us to extend and build on the work we already being carried out

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partners and local Councillors, receiving good coverage in local press outlets.

Volunteers

We are very fortunate to have a team of volunteers to help further the aims of the Trust. Our Collection team was assisted with two research and cataloguing volunteers within the Archives year. In addition, our Garden welcomes 25 regular independent volunteers, including students, the AIM-funded Sunshine Project (see below), which began in late 2023, enables us to facilitate between 30-60 community group individuals on a rolling monthly basis.

Shop & Venue Hire

has resulted in some unique ranges in our shop such as African Puzzles, Enamel Pins and Ecofriendly toys. These ranges uphold our values of diversity, inclusivity and representation enhancing the visitor experience through retail storytelling.

Networks & Partnerships

includes Kent & Medway Museum Partnership (KMMP), Association of Attractions in Kent (ATAK), as well as being institutional members of the ~~Museums Association~~ (MA), ~~Association of Independent~~ Museums (AIM), the ~~Group for Education in Museums~~ (GEM) and Visit Kent and Visit Thanet.

Natural

Sciences Collections Association (NatSCA) conference which was very well received and has generated interest in our work from other museum professionals; our Conservator delivering a talk at the Institute of Conservation (ICON) AGM on how we are addressing our mould problem who also received positive feedback from museum colleagues. In addition, our Conservator and Head of Collections presented at a conference at West Dean College which led to discussions about us leading sessions on decolonisation for their incoming students. Our Curator of Natural History also spoke about our work on decolonisation as part of a session co-ordinated by Museum Development South East.

Our Head of Collection and ‘Namibian Narratives’ project partner Dr. Napandulwe Shiweda (University of Namibia, Windhoek), spoke about their research as part of the ‘Making African

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programme at the Journal of Southern African Studies (JSAS) conference. The paper

Project Grants

MEND Roof Repair, funded by Arts Council England through the UK Government (new)

Patch roof repairs have been part of an annual cycle undertaken by our maintenance team to resolve water ingress in previous years. The general build quality of the buildings, the curtilage, mechanical and electrical infrastructure have required year on year investment to address the deteriorating conditions of the entire site. In 2023 the Trustees invested significant funds for the commission of specialist contractors and professionals to support the Trust in its submission of an application for a replacement roof from the Museum Estate and Development Fund (MEND) administered by Arts Council England.

In March we were delighted to hear that the Trust had been awarded a grant of £1.1 million from the Department for Culture, Media and Sport (DCMS) MEND fund, which is administered by Arts

In September 2023 we received the good news from AIM that we had been awarded a grant of £56,960 as part of the wider Connected Communities fund . The grant enabled us to appoint a dedicated Gardens Community Engagement Officer in January 2024 and secure the support of a freelance ceramicist to act as our artist in residence. The grant will also enable us to employ a project officer to bring in more groups and to explore how to use the garden in different ways. The grant will also allow us to bring in Thrive for consultancy and training in the use of social and therapeutic horticulture (STH) to support people's physical and mental health, communication and thinking skills and extend our work in this area.

groups, and good coverage in the local online newspaper. This has helped raise more awareness of

Financial Review

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Whilst there was a court case in December 2022 to determine how the estate should be vested, an appeal was lodged by the other beneficiary and leave for the appeal was granted. However,

the estate was vested on the 23[rd] October 2024. As a result, the appeal has been discontinued. The Charity can now fully focus on its new strategic plan and work to develop the charity in accordance

income from the Quex Estate and some limited funds that the administrators have released. In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit. The Trustees are of the opinion that sufficient funds are available to meet future obligations.

through investment from charity reserves. This has included the following key decisions:

The results for the year are contained in the Statement of Financial Activities on page 15. The net surplus for the year was £1,978,157 (2023: £2,334,955) comprising total income of £3,005,715 (2023: £3,580,538), total expenditure of £1,218,273 (2023: £1,088,018) and gain on investments of £190,715 (2023: loss of £157,565).

The surplus for the year on Unrestricted Funds was £1,944,656 (2023: £2,368,440). Charitable expenditure was £1,081,086 (2023: £1,023,963) as detailed in note 8 to the accounts.

The net surplus for the year on Restricted Funds was £33,502 (2023: deficit £33,485) comprising total income of £50,169 (2023: £27,740) and total resources expended of £103,301 (2023:

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£64,055). Note 17 to the accounts contains an analysis of the incoming expenditure and

Cash at Bank, on Deposit and in Hand at 31 March 2024 decreased from £210,282 to £44,366 and the market value of investments was £2,237,393 compared to £3,889,218 in the prior year.

Investment powers and policies

to employ a professional fund-manager and to arrange for the investments or other property of the Charity to be held in the name of a nominee in the same manner and subject to the same conditions as the Trustees ofa trust are permitted to do by the Trustee Act 2000. The Trust manages its investments within its own ethical guidelines, with the objective of achieving a high constant income stream. See note 6 to the Accounts for details of the income received.

Reserves policy and performance

It is the policy of the Charity to maintain unrestricted liquid funds at a level that approximates three to six months' unrestricted expenditure. At 31 March 2024, Unrestricted Funds amounted to £6,588,674 including £44,366 cash and investments £3,952,616. The level of reserves was substantially enhanced due to some of the liquid assets of the estate being distributed by the administrators.

Three months’ ongoing operating cost is approximately £350k and is well within the reserves held

Going concern

obligations.

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Structure, Governance and Management

adopted on 4th March 2020, and amended on 30 September 2024.

The Board of Trustees of the Museum shall consist of four nominated Trustees and up to six coopted Trustees. Nominated Trustees are appointed as follows:

date the charitable company became the sole trustee of the unincorporated charity which is now a linked charity under Charity Commission regulations. The unincorporated charity continues to hold certain property and museum assets as permanent endowment, held for the benefit of the charitable company. The property and museum assets are not recognised in the financial statements as the endowments were conveyed many decades ago. There is no information as to their value when donated, and the amounts involved are now likely to be immaterial.

The management of the charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Memorandum and Articles of Association. Under the terms there are a minimum of three Trustees who are elected to serve for a period of four years, such term of office being renewable for a further four years.

Charity Commission Schemes and any relevant policies.

bring new skills to the board. This received a good response and the formal appointment of 4 new Trustees was made in February 2024.

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and details are outlined in the employee handbook. In view of the nature of the Trust, the salaries

The powers of the Trustees include the raising of funds, the publishing of audited accounts, the care of the collections, the acquisition or disposal of objects, the appointment of staff, the purchase of appropriate insurance cover and the exchange of information with other institutions and statutory bodies.

e. Risk Management

f. Plans for Future Periods

the estate, the Trustees, with the Senior Management Team, will undertake a review of the Charity,

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align the end of the plan with the Trust’s 2026 anniversary (to mark 100 years since the Trust was founded in 1926).

development.

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The Trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

Charity law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the income and expenditure of the charitable company for that period. In preparing the financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

This report was approved by the Trustees, on …………………………………… and signed on their behalf by:

DocuSigned by: ................................................ [tarOF1BE305E9B04AA... Valentine Clare Valentine Chairperson

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Independent Auditor’s Report to the Members of The

Opinion

We have audited the financial statements of The Powell-Cotton Trust (‘the charitable company’) for the year ended 31 March 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Page 17

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ annual report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

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Responsibilities of Trustees

As explained more fully in the trustees’ responsibilities statement set out on page 9, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s Responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

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the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the charitable company to cease to continue as a going concern.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the charitable company.

Our approach was as follows:

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There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to any party other than the charitable company and charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

29/11/24

Date…………………………………………………..

………………………………………………………… James Cross (Senior Statutory Auditor)

for and on behalf of Moore Kingston Smith LLP, Statutory Auditor

6th Floor 9 Appold Street London EC2A 2AP

Page 21

THE POWELL-COTTON TRUST STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 March 2024

Note
Income from:
Donations and legacies
2
Charitable activities
3
Other trading activities
4, 5
Investments
6
Total income
Expenditure on:
Raising funds
7
Charitable activities
8
Total expenditure
Net (losses)/gains on investments
12
Transfer between funds
17
Reconciliation of funds:
Total funds brought forward
17
Total funds carried forward
17
Net income/(expenditure) before
investment gains/(losses)
Net income/(expenditure) and
movement in funds		 Unrestricted
Funds
£
2,788,753
24,079
6,044
136,671
2,955,546
33,886
1,081,086
1,114,972
1,840,575
190,715
(86,634)
1,944,656
4,644,019
6,588,674		 Restricted
Funds
£
50,169
-
-
-
50,169
50
103,251
103,301
(53,132)
-
86,634
33,502
11,552
45,054		 Total
2024
£
2,838,922
24,079
6,044
136,671
3,005,715
33,936
1,184,338
1,218,273
1,787,442
190,715
-
1,978,157
4,655,571
6,633,728		 Total
2023
£
3,492,658
19,541
3,045
65,294
3,580,538
6,946
1,081,072
1,088,018
2,492,520
(157,565)
-
2,334,955
2,320,616
4,655,571

22

THE POWELL-COTTON TRUST BALANCE SHEET as at 31 March 2024

Note 2024 2024 2023 2023
£ £ £ £
Fixed Assets
Tangible assets 11 772,924 686,664
Investments 12 3,952,616 2,300,791
4,725,540 2,987,455
Current Assets
Stock 13 4,877 4,436
Debtors 14 1,945,710 1,754,877
Investments 15 34 34
Cash at bank and in hand 44,366 210,282
1,994,988 1,969,629
Creditors: Amounts falling due
within one year 16 (86,799) (51,514)
Net Current Assets 1,908,188 1,918,115
Total assets less current liabilities 6,633,728 4,905,570
Creditors: Amounts falling due
after more than one year 17 - (250,000)
Net Assets 19 6,633,728 4,655,570
Funds
Restricted funds 18 45,054 11,552
Unrestricted funds 18 6,588,674 4,644,019
Total charity funds 18 6,633,728 4,655,571

The notes on pages 17 to 28 form part of these accounts

C Valentine Chair of the Board

Company Number: 09934968

23

THE POWELL-COTTON TRUST STATEMENT OF CASH FLOWS

for the year ended 31 March 2024

Note
2024
£
Cash generated from operating activities
Net cash generated/(used) in operating activities
1,521,306
Cash flows from investing activities
Dividends, interest and rent from investments
136,671
Investment management fees
(4,953)
Purchase of property, plant and equipment
(107,829)
Proceeds from the sale of investments
3,537,008
Purchase of investments
(4,998,119)
Net cash provided by investing activities
(1,437,222)
Cashflows from financing activities
Repayment of bank loan
(250,000)
Net cash provided by investing activities
(250,000)
Change in cash and cash equivalents in the reporting period
(165,916)
Cash and cash equivalents at the beginning of the reporting period
210,282
Cash and cash equivalents at the end of the reporting period
44,366
Reconciliation of net movement in funds to net cash flow from operating activities
2024
£
Net income/(expenditure) for the year (as per the Statement of Financial Activities)
1,978,157
Adjustment for:
Depreciation charges
21,569
Investment management fees
4,953
Disposal of fixed assets
-
(Losses)/gains on investments
(190,715)
Dividends, interest and rent from investments
(136,671)
(Increase)/decrease in stock
(441)
(Increase)/decrease in debtors
(190,833)
Increase/(decrease) in creditors
35,287
Net cash provided by/(used in) operating activities
1,521,306
Analysis of cash and cash equivalents
2024
£
Cash in hand and at bank
32,725
Cash held by investment manager
11,639		 2023
£
1,649,081
65,294
(4,953)
(7,477)
938,633
(2,511,012)
(1,519,515)
-
129,566
80,816
210,382
2023
£
2,334,955
14,940
4,953
-
157,565
(65,294)
1,275
(965,929)
166,616
1,649,081
2023
£
165,448
44,834

24

THE POWELL-COTTON TRUST NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2024

1 Accounting Policies

Basis of preparation

The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes of these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (The FRS 102 Charities SORP) and the Charities Act 2011.

The Powell-Cotton Trust constitutes a public benefit company as defined by FRS 102.

On 18 January 2018 the charitable company received the benefit of the assets, liabilities and undertaking of Powell Cotton Museum, an unincorporated charity of the same name. On the same date the charitable company became the sole trustee of the unincorporated charity which is now a linked charity under Charity Commission regulations. The unincorporated charity continues to hold certain property and museum assets as permanent endowment, held for the benefit of the charitable company. The property and museum assets are not recognised in the financial statements as the endowments were conveyed many decades ago. There is no information as to their value when donated, and the amounts involved are now likely to be immaterial.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound.

Going Concern

The trustees have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the charitable company to continue as a going concern. The trustees have made this assessment for a period of at least one year from the date of approval of the financial statements. In particular the account of pressures on income, the impact the cost of living crisis. As explained more fully in the Trustees Annual Report, the museum has embarked on a re-imagining project to re-focus and clarify its objectives and activities. This involved a planned closure of the museum to the public and work is commencing on the interpretation of the collection. This process was accelerated by the outbreak of the pandemic and although this has inevitably resulted in a loss of income in the short term, the trustees are now receiving regular income from the Estate of Michael Garratt as referred to in note 2 to the financial statements. In addition the trustees are able to draw down on the investment portfolio if necessary. After making enquiries the trustees have concluded that there is a reasonable expectation that the charitable company has adequate resources to continue in operational existence for the foreseeable future, and there are no material uncertainties affecting this assumption. The charitable company therefore continues to adopt the going concern basis in preparing its financial statements

Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless fair value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading 'Gains/(losses) on investments' in the Statement of Financial Activities.

(25)

THE POWELL-COTTON TRUST NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2024

1 Accounting Policies (continued)

Income

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received, and the amount of income receivable can be measured reliably.

For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the Trust that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor's intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material.

Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total direct costs and shared costs, including support costs, of each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the assets' use.

Tangible fixed assets and depreciation

Tangible fixed assets in excess of £1,000 are capitalised at cost. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:

No depreciation is provided on building additions as these are maintained to a high standard and therefore have a very long estimated useful life. Consequently any annual or accumulated depreciation would not be material to the financial statements.

(26)

THE POWELL-COTTON TRUST NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2024

1 Accounting Policies (continued)

Tangible fixed assets and depreciation (continued)

A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate that the carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying value of fixed assets and their recoverable amounts are recognised as impairments. Impairment losses are recognised in the Statement of Financial Activities.

Part of Quex House Nil Plant and machinery 25% straight line Fixtures and fittings 25% straight line Computer equipment 33% straight line Fire alarm system 4% straight line Extension to Museum Nil Tea Rooms 10% straight line Roof in construction No depreciation until in use.

Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount paid net of any trade discounts due.

Cash at bank and in hand

Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advance payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised within interest payable and similar charges.

(27)

THE POWELL-COTTON TRUST NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2024

1 Accounting Policies (continued)

Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Heritage Assets

Heritage assets comprise the Museum's collections of natural history exhibits and associated artefacts, ceramics, furniture, artworks and other items largely collected by Percy Powell-Cotton and his family. Further details concerning the nature and extent of the collection are provided on the Museum's website. No value is attributed to the collections as reliable historical cost information is not available and due to the uniqueness of much of the collection, particularly the dioramas, conventional valuation techniques are either not appropriate or cannot be obtained at a cost commensurate with the benefit that might be derived by users of the accounts. Therefore the trustees have adopted a non-recognition approach as permitted by FRS 102. Expenditure on preservation and restoration of the collection is written off in the Statement of Financial Activities as it is incurred.

natural history dioramas are outstanding examples, unique to the UK, stunning for their size, quality and imagery. The world-class natural history and ethnographical collections continue to support the study, understanding and simple enjoyment of the zoological, cultural and ecological diversity of Africa and the Indian sub-continent.

Other galleries in the museum contain Asian weaponry, a range of ceramics, jade and ivory from Europe, China and Japan, assembled by six generations of the Powell-Cotton family. Further details http://www.quexpark.co.uk/museum/collections.html.

The definition of numbers in a collection is fairly arbitrary as single items accessioned may comprise a wide range of artefacts, components or supporting papers. However, this list reflects how they are accessioned in museum records

Category Estimated number
of items as at
31/03/24
Archives, Photographs, Films 82,045
Ethnography 18,550
Natural History 17,441
Archaeological 8,000
Furniture, paintings and ceramics
1,679
Weapons 1,230
Social History 460
Total 129,405

(28)

THE POWELL-COTTON TRUST NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2024

1 Accounting Policies (continued)

Acquisitions and disposals policy

The collections are very much the work of one family and it is rare for the Trustees to make acquisitions or disposals of objects from the collection unless the Trustees are satisfied that this does not detract from the integrity of the collection. There is a strong presumption against the

collections management reasons. There have been no material acquisitions or disposals since April 2010.

Collections management

as accessible as possible now and in the future. This objective is delivered through programmes of displays, events, publications websites, fieldwork, research, documentation and collections care. Objects from the collection are either displayed in the museum and on our website, or made available via loans to third parties, or else they are held in our collections stores for research and

Storage and Care

The collection is displayed and stored according to recognised international standards for the prevention of material deterioration.

Library and archive storage facilities and exhibitions are based upon and informed by the requirements of BS 5454 and The National Archives Standard for Record Repositories.

Documentation

Objects in the collection are documented in accordance with Arts Council England requirements and SPECTRUM.

The Museum will:

regularly;

(29)

THE POWELL-COTTON TRUST NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2024

1 Accounting Policies (continued)

Non inclusion of Heritage Assets in the Balance Sheet

collections acquired prior to April 2010. This is owing to the lack of reliable information on purchase cost; the lack of comparable market values; the diverse nature of the objects; and the volume of items held.

valuation is likely to incur significant cost and a time commitment that is likely to be onerous. Even if valuations could be obtained the cost would not be commensurate with any benefits to the Museum management, curatorial staff, the public, or users of the financial statements

For this reason the Collections which were almost entirely gifted to the Museum at nil cost many Sheet.

(30)

THE POWELL-COTTON TRUST NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2024

2 Donations and legacies

Donations and legacies
Year to 31 March 2024
Legacies
Total donations and legacies
Donations
Grants		 Unrestricted
£
9,366
-
2,779,387		 Restricted
£
50,169
-		 2024
2023
£
£
9,366
863
50,169
30,738
2,779,387
3,461,057
2,788,753 50,169 2,838,922
3,492,658

Total donations and legacies

For the year ended 2023 there were £27,740 restricted grants.

Post balance sheet event

At 31 March 2024 the Trustees were aware of their entitlement to a half share in the assets of the Quex Park Settled Estate following the death of the former life tenant in April 2016. The distribution of the Estate is a complex process; however since 31 March 2024 considerable progress has been made and the Estate was vested in the beneficiaries in October 2024. The process of determining which beneficiary will receive which assets is currently being undertaken and therefore the trustees are not yet in a position to attribute a value to its share of the Estate. Certain assets (primarily the proceeds from sale of listed investments) have been distributed along with income from the Estate and this is included in Legacy Income.

3 Charitable activities

Year to 31 March 2024
Admissions income
Membership income
4
Fundraising Income
Year to 31 March 2024
Function income
5
Activities for generating funds - shop sales
Year to 31 March 2024
Shop sales
Shop purchases
Gross profit from shop sales		 Unrestricted
£
24,005
73		 Restricted
£
-
-		 2024
£
24,005
73		 2023
£
19,541
-
24,079 - 24,079 19,541
Unrestricted
£
2,233		 Restricted
£
-		 2024
£
2,233		 2023
£
1,532
2,233 - 2,233 1,532
Unrestricted
£
8,742
(4,931)		 Restricted
£
-
-		 2024
£
8,742
(4,931)		 2023
£
6,217
(4,704)
3,811 - 3,811 1,513

In 2023, of the total income from activities for generating funds, £1,513 was to unrestricted funds and £nil was to restricted funds.

6 Investment income

Year to 31 March 2024
Gross dividends and interest
Rental income		 Unrestricted
£
69,211
67,460		 Restricted
£
-
-		 2024
2023
£
£
69,211
19,940
67,460
45,354
136,671 - 136,671
65,294

(31)

THE POWELL-COTTON TRUST NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2024

7 Costs of raising funds

Costs of raising funds
Year to 31 March 2024
Advertising and promotion
Investment management fees		 Unrestricted
£
12,050
21,836		 Restricted
£
50
-		 2024
2023
£
£
12,100
2,769
21,836
4,177
33,886 50 33,936
6,946

In 2023, of the total costs of raising funds, £6,946 was to unrestricted funds and £nil was to restricted funds.

8 Charitable activities

Direct costs
Security
IT Support
Health and safety
Cleaning
Contractors' fees
Wages and salaries
National insurance
Employer's pension
Total
Support costs
Bookkeeping and accountancy
Bank charges
Computer costs
Governance costs
Auditors remuneration
Professional fees
Depreciation
Postage, stationery and telephone
Travelling and subsistence
Sundry expenses
Rent
Rates and water
Insurances
Upkeep of garden and grounds
Electricity and oil
Repairs and renewals
Consultancy fees		 Unrestricted
funds
£
10,061
1,710
35,178
2,275
80,920
52,891
84,822
7,804
7,385
4,415
25,624
63,548
19,148
478,229
33,666
12,669
12,707
21,268
21,569		 Restricted
funds
£
-
-
-
-
-
2,429
5,724
-
129
-
17,270
70,994
6,066
628
-
-
-
-		 Total funds
2024
Total funds 2023
£
£
10,061
3,850
1,710
6,365
35,178
28,804
2,275
1,930
80,920
46,828
55,320
46,999
90,546
39,221
7,804
9,453
7,514
10,555
4,415
8,838
25,624
21,610
80,818
132,182
90,142
17,016
484,295
440,550
34,294
37,247
12,669
10,342
12,707
4,382
21,268
19,695
21,569
14,940
975,890 103,240 1,079,129
900,807
30,917
26,267
4,429		 -
12
-		 30,917
16,174
26,278
21,312
4,429
8,172
61,612 12 61,624
45,658
12,930
30,655		 - 12,930
12,865
30,655
121,742
43,585 - 43,585
134,607
1,081,086 103,251 1,184,338
1,081,072

In 2023: £1,017,017 was from unrestricted funds and £64,055 was from restricted funds. During the year, no Trustees received any remuneration (2023 - £nil)

During the year, no Trustees received any benefits in kind (2023 - £nil)

(32)

THE POWELL-COTTON TRUST NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2024

9 Net income/(expenditure)

This is stated after charging/(crediting) the following:

This is stated after charging/(crediting) the following:
2024 2023
£ £
Auditor's remuneration -
Audit fees 12,930 8,930
Accountancy, taxation and other services 4,785 3,260
Depreciation 21,569 14,940

During the year, no Trustees received any remuneration or benefits in kind (2023-£nil). During the year, 1 trustee received reimbursement of expenses of £297 (2023-£438).

10 Staff costs

Staff costs were as follows:

Wages and salaries
Social security costs
Pension costs
The average number of employees during the year was:		 2024
£
484,295
34,294
12,669
531,258
2024
No.
29		 2023
£
440,550
37,247
10,342
488,139
2023
No.
28

The number of employees whose remuneration as defined for taxation purposes above £60,000 was 0 (2023: 1).

The total employment benefits including employer national insurance and pension contributions for the key management personnel were £197,965 (2023 £198,899).

11 Tangible fixed assets

Cost
At 1 April 2023
Additions
Disposals
At 31 March 2024
Depreciation
At 1 April 2023
Charge for the year
On disposals
At 31 March 2024
Net Book Value
At 31 March 2024
At 1 April 2023		 Assets
under
constructi
on
£
-
82,229
-
82,229
-
-
-
-
82,229
-		 Part of
Quex
House
£
14,067
-
-		 Alarm
System
£
52,760		 Furniture,
fittings and
equipment
£
74,400
16,021
-		 Computer
equipment
£
60,241
9,579
-		 Extension
to Museum
& Tea
Rooms
Total
£
£
622,360
823,828
-
107,829
-
-
14,067 52,760 90,421 69,820 622,360
931,657
-
-
-		 7,213
2,112
-		 64,195
9,347
-		 50,514
9,702
-		 15,242
137,164
408
21,569
-
-
- 9,325 73,542 60,216 15,650
158,733
14,067 43,435 16,879 9,604 606,710
772,924
14,067 45,547 10,205 9,727 607,118
686,664

(33)

THE POWELL-COTTON TRUST NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2024

12 Fixed Asset Investments

Fixed Asset Investments
Market value
At 1 April 2023
Additions
Transfer in
Disposals
Revaluations
At 31 March 2024
Historical cost		 £
2,237,393
2,973,875
2,024,243
(3,537,008)
190,715
Listed
investments		 £
63,398
-
-
-
Unquoted
Investment		 £
2,300,791
2,973,875
2,024,243
(3,537,008)
190,715
Total
3,889,218 63,398 3,952,616
3,807,260 - 3,807,260

Valuation

The unquoted investment above is stated at cost. Listed investments are stated at market value.

No individual investments were material to the portfolio.

13
Stocks
Finished goods and goods for resale
14
Debtors
Trade debtors
Other debtors
15
Current asset investments
COIF Charities Deposit Fund
16
Creditors: amounts falling due within one year
Trade creditors
Taxation and social security
Other creditors
Accruals and deferred income
17
Creditors: amounts falling due after one year
Loan		 31 March
2024
£
4,877
4,877
2024
£
13,678
1,932,033
1,945,710
2024
£
34
2024
£
40,399
9,688
2,263
34,449
86,799
2024
£
-
-		 31 March
2023
£
4,436
4,436
2023
£
8,434
1,746,443
1,754,877
2023
£
34
2023
£
18,422
8,707
3,844
20,541
51,514
2023
£
250,000
250,000

The loan is secured by fixed charges over the assets. The rates payable on the loan are set at 4% of the used facility and 2% on the unused facility until expiry in February 2026. The loan is a public interest conessionary loan as defined under FRS102, interest is accrued on the loan as it arises. The loan was fully repaid during the financial year.

(34)

THE POWELL-COTTON TRUST NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2024

18 Statement of funds

Year ended 31 March 2024
Restricted funds
Devolving Restitution Fund c/f
Namibian Narratives
Making African Connections
People & Plants
Artswork
Decolonisation & practice
Headley Fellowship
Creative Collections
Sunshine Project
MEND Roof Repir Designated Fund
Curitorial
Development Projects
Total funds
Unrestricted funds
AIM Tackling Inequalities Grant
Sensory HUB
Total restricted funds		 Brought
Forward
£
4,644,019
1,032
448
3,318
1,819
2,189
89
-
244
1,875
241
475
-
-
-
-		 Income
£
2,955,546
1,129
45,540
3,500		 Expenditure
£
(1,114,972)
1,392
-
16
-
10,002
-
9,489
-
75,994
-
3,268
-
3,140
-		 £
104,081
89
-
8,127
(241)
(475)
75,994
3,140
Gains/
(losses)/
transfers		 Carried
forward
£
6,588,674
1,032
448
1,926
2,932
2,189
-
244
(0)
-
-
36,051
-
232
-
11,552 50,169 (103,301) 86,634 45,054
4,655,571 3,005,715 (1,218,273) 190,715 6,633,728

Details concerning the principal restricted funds are mentioned in the trustees report.

Year ended 31 March 2023
Restricted funds
Devolving Restitution Fund c/f
Namibian Narratives
Making African Connections
People & Plants
Artswork
Decolonisation & practice
Headley Fellowship
Creative Collections
Total funds
Total restricted funds
Unrestricted funds
AIM Tackling Inequalities Grant
Sensory HUB		 Brought
Forward
£
2,275,578
1,706
675
3,403
11,455
12,482
1,211
650
13,455
-
-		 Income
£
3,552,798
-
240
27,500		 Expenditure
£
(1,023,963)
674
-
227
-
85
-
9,636
-
10,293
-
1,300
-
646
-
11,580
-
27,259
-
2,355
-		 £
(160,395)
-
-
-
-
-
-
-
-
-
2,830
Gains/
(losses)/
transfers		 Carried
forward
£
4,644,018
1,032
448
3,318
1,819
2,189
(89)
244
1,875
241
475
45,037 27,740 (64,055) 2,830 11,552
2,320,615 3,580,538 (1,088,018) (157,565) 4,655,570

(35)

THE POWELL-COTTON TRUST NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2024

19 Analysis of net assets between funds

Analysis of net assets between funds
Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
Total Funds		 Unrestricted
funds
2024
£
772,924
3,952,616
1,949,934
(86,799)		 Restricted
funds
2024
£
-
-
45,054
-		 Total
funds
2024
£
772,924
3,952,616
1,994,988
(86,799)		 Total
funds
2023
£
686,664
2,300,791
1,969,629
(51,514)
6,588,674 45,054 6,633,728 4,905,570

20 Related party transactions

The charity owns 47.08% of the issued share capital in The Quex Park Estates Company Limited. The charity exercises no significant control over the operations of this company and the accounts have not therefore been consolidated. The Quex Park Estates Company Limited is incorporated in the United Kingdom and its principal activity is farming and estate management.

21 Operating leases

At the reporting date the charity had outstanding commitments for future minimum lease payments under noncancellable operating leases which fall due as follows:

Within one year
Between two and five years		 2024
£
11,400
35,910
47,310		 2023
£
12,041
45,600
57,641

(36)