Wessex Museums Trust Unaudited Annual Report and Financial Statements For the Year Ended 31 March 2024 Charity Registered in England and Walès Number. 1171104 Wessex Museums Trust Conlents For Ihe Year Ended 31 Marth 2024 Reference and Adrrllnistrative Details Trustees. Report Independent Examiners, Report Slatement of Financial Activities Balance Sheet Statement of casmlows 10 Notes to the Financ￿1 Statemenls 11-20 Appendix A- Impact Rewrt Page 1 Wessex Museums Trust Reference and Administrative Details For the Year Ended 31 March 2024 Trustees D Davtson C Dixon E Dunbar J Dyer A Green G Smrth S Wills Fyeo Chief Exfr¢utlv• Officer K Broughton Registered Charlty Number 1171104 Regi$l•rod 0ffi¢o Aibert Gocrfjman LLP Goodwood House Blackbrook Park Avenue Taunton Somersel TA1 2PX Independent Examiner Mthelle Ferris Bsc {Hons} FCA DChA bert Goodman LLP G(N)dwood House Blackbrook Patk Avenue Taunton Somersel TA1 2PX Bankers Barclays pk Le￿￿$ter LE87 2BB Page 2 Wessex Museums Trust Trustees, Report For the Year Ended 31 March 2024 The Truslees of the Wessex MUseL￿nS Trust present their and the accounts for the perK¥J ended 31 March 2024 and confirm they compty wth the requirements of Ihe Charilies Act 2011, Ihe charity's constitution. and Accounting and Reporting by ChaTtlies.' Statement of Recommended Practice applicable to charities preparing their accounts in accordance y￿th the Financial Reportiro Slan(Jard applicable in the UK and Republic of Ireland {SORP FRS 1021. STRUCTURE. GOVERNANCE AND MANAGEMEKr The Wessex Museums Trust is a Charitable Incorporated Organisation {CIO) registered with the Charity Commission in January 2017 (No. 1171104). The Trust is govemed by ils conslrtution last updated in March 2024. The Wessex MuseLMnS Trust Board cowsts of fwe nominated arKJ fwe appointed tnjstees. The fNe nominated Iruslees are nominated, of￿ each, by the five nominated tKNYies (Poole BCP Council - Poole Museum. Dorset Natural History & Archaeok)gical SoC￿ty, Salisbury aThY South Wiltshire Museum Trust, Swindon Borough Council Swtndon Museums. Wilishire Archaeok)gical & Natural History Society). Nominated trustees are appointed for a three year terrn. The five appointed trustees are independent and selected on the basis of the skills. knowledge and experience they can bring to the effective adminislrabon of the Trust Board. The five apFX)inted by the trustees serve for a lerm of three years. Trustees are eleded at a meeting of the Trustee Board. usually the AGM. charity trustee who has served for three consecutive terms may not be reapFX)inted for a fourlh consecutive term but may be reappointed after an interval of at least one year. The charity Iruslees are responsible for managing the affairs of the CIO. They also oversee the management and delivery of the Wessex Museums Partnership's National Portfolio Organisalion (NPO) programme funded by Arts Council England IACEI. The funding agreement for the NPO is between ACE and. Wessex Museums Trust. The day-l04ay operations of the Trust are managed by the CEO arml a team of three (2.2 FTEI further central staff members who work acTOSS the consortium.. a Fundraising & Development Manager, Marketing & Digital OffI￿r and Finance & Admin Assistant. All three p)sls are funded by a combination of the consortium's NPO grant and partr￿ museum contributions made to the Trust. All staff are employed by Wessex Museums Trust. The Wessex Museums Trusl Board meets 5 times per year. The Board invites an 'obseNer truslee, from the meeting hosl when held on site in a partner museum, lo ensure engagement with the partner museums, boards. The minutes of the Wessex Museums Trust Board meetings are aLw distributed lo and form a regular agenda item on the boards of each of the partner museums. Trustees give their time freely and receive no remuneratK)n or ffinancial benefits. The Wessex Museums Partnership maintains a risk register in respect of delivery of its NPO programme and the charity's affair5. This indudes Ofganisational risks in respect of the Wessex Museums Trust as the govemance and manageff￿nI body of the NPO. The risk register is reviewed at every Board meeting. Page 3 Wessex Museums Trust Trustees, Report For the Year Ended 31 March 2024 Trustees Gcoy D Dawson C Dixon E Dunbar J Dyer A Green E Selby G Smith M Spender S Wills Fyeo {Re&gned 23 May 2024) (Appointed 21 September 20231 (Appointed 21 September 2023) {Appointed 21 Seplember 20231 (Resigned 21 September 2023) (Resigned 23 May 20241 (Appointed 22 June 2023) Objectlves and actSvltles The objects of the Wessex Museums Trust are set out in its constrtution and are svmmarised as follows.. To support for the benefit of the public the building, establishment and maintenance of accredited museums in Dorset and Wiltshire. their artefacls, art. speamens. documents and other associated m2teri81, including the collection. storage. research and conservatKJn of all such material.. and To advan￿ the edu¢￿tIOn of the pubh'c lin particular but ￿t￿)ut limitation to those living in Dorset and Wiltshire and those geograph￿. ethnic. disabled and other communities who do not tradrtionally attend museums) in particular (but not limited to) by providing information about the history. heritage and culture of Dorsel and Willshire and support to the provision and improvement of the facilities, collections. eXhibit￿nS. fornal and informal leaming opportuntlies. public events and other educational activities. including in digital fomi. available lo the public in museums in Dorset and Wiltshire and wrthin the communities of t)orsel and Wittshire and across the intemet. The Wessex Museums TTUSt 15 a Ihrrving partnership of the fve leading museumslmuseums services across the counties of Dorset and Wiltshire". Poole Museum. t)orset Musevm & Art GaI￿ry, The Salisbury Museum. SNMndon Museuff6 and Wiltshiie Musewi. Wessex Museums exisls to build the resilience and relevance of the museums in our partnership and others across the region. Our mission is to support museums to connect. inspire and add value lo people's lives. Achievements and performan¢0 The ach￿Vernent and performance of the Wessex Museums Trust are sel out in our Annual Impact Report for 2023124 (Appendix Al. Page 4 Wessex Museums Trust Trustees, Report For Ihe Year Ended 31 March 2024 Flnan¢lal r•vl During the year the charity generated incnme of £546,67412023 - £101,203) from a combination of grants. sponsorship and donations. Against this there were costs for the operation of the charity. as well as programme and project delNery costs The surplus in the year of £161.270 {2023- deficit £38.375) inclLKled a surplus of £130,128 for restricted ftjnding and a surplus of £31.142 for unreslricled funding, leaving closing reserves al the year end of £43,557 UnreStr￿ted funds {2023 £12,415) and £139.805 of restricted funds 12023- £9.6771. Reserves policy Wessex Museums Trust are particulady aware of the need to cover contiryency liabilit￿$ such as gaps in funding streams. cash flow and meeting the cost of redurKlancy payments to staff in the event that the organisation were forced lo close. It achieves this by aiming lo hokl enough free ieserves to cover these contingencÈs. The level of free reserves has been set by Trustees takn'ng wito account the following: The need to secure ongoing core fundir¥J from sale of charitable activities and grants. Plus ensuring that if payment is late in a￿1ving, ¥￿ have funds to cover running costs. Project fuThJing is often short term and at risk of changes to funding prcgrammes. Addilionally, in-kind support currently received may not be available in the future. Sufficienl funds should be readily available to provkye working capital to enable the organisation to bid for additional funding streams whKh may be paid in arrears. Working capital i.e.. propd furKling to continue short temi projects or start new ones. although at tt)al point it could be made a designated fund. (An amount decided each year) Funds should be available in order to buikl capacity arNJ contribute to improved productivity and sustsinability of the organisation. The srnoth wnning of the charity. Funding shoukl also be available to deal continger￿*S which mhJht arise in the day to day running of the organisation including: Contingency costs (An an￿Unt decNJed each year), sickness cover. malernitylpaternity leave. recruitment cosls. 11 is anticipated that 3-6 months would be a required level of ￿ServeS. vthich at the curr8nt level of expendrture would equate to £96k - £192k. Current reserves are £183,362 and are beiry accumulated towards the desired level. Page S **Wessex Museums Trust** Trustees’ Report For the Year Ended 31 March 2024 ## **Statement of Trustees’ Responsibilities** The trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England & Wales 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 charity for that period. In preparing these financial statements, the trustees are required to: - select suitable accounting policies and then apply them consistently; - observe the methods and principles in the Charities SORP; - make judgments and accounting estimates that are reasonable and prudent; - state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements, and - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. The trustees are responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed/constitution. 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. Approved by the board on 03/10/2024 and signed on their behalf by: G Smith Chair _________________________________________________________________________________________________________ Page 6 **Wessex Museums Trust** Independent Examiners' Report to the Trustees For the Year Ended 31 March 2024 ## **Independent examiners report to the Trustees of Wessex Museums Trust** I report to the charity trustees on my examination of the accounts of Wessex Museums Trust (“the charity”) for the year ended 31 March 2024. ## **Responsibilities and basis of report** As the charity trustees of the charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the 2011 Act”). I report in respect of my examination of the charity’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. ## **Independent examiner’s statement** Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies. I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: 1. accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or 2. the accounts do not comply with these records; or 3. the accounts do not comply with the applicable requirements concerning the form and content of the accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a “true and fair view” which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Michelle Ferris BSc (Hons) FCA DChA Albert Goodman LLP Goodwood House Blackbrook Park Avenue Taunton Somerset TA1 2PX ## Date: 16/10/2024 _________________________________________________________________________________________________________ Page 7 Wessex Museums Trust Slatement of Financial Activities For the Year Ended 31 March 2024 Unrest. Restrict. rlcted Funds Unrest- Restrict- ricted Funds Total 2024 Total 2023 Noles Funds Funds Income from: Donations and grants 62,170 484.504 546,674 22,739 78,464 101,203 Total Income 62,170 484,504 546,674 22.739 78,464 101,203 Expenditure on: Charitable expendrture 31.028 354,376 385.404 17,122 122,456 139,578 Total expenditure 31.028 354,376 385,404 17,122 122,456 139.578 Net incomellexpenditurel before transfers 31.142 130.128 161,270 5,617 {43,992} 138,3751 Transfer be￿een funds 11001 100 Net movement In funds 31.142 130,128 161.270 5,517 143,8921 138,3751 Reconciliation of funds Fund balances at 01 April 2023 12,415 9.677 22,092 6,898 53,569 60,467 Fund balances at 31 March 2024 43,557 139,805 183.362 12,415 9,677 22.092 Page 8 **Wessex Museums Trust** Balance Sheet As at 31 March 2024 **----- Start of picture text -----**
Notes 2024 2023
£ £
Fixed assets
Tangible fixed assets 6 2,377 3,790
Current assets
Cash at bank and in hand 198,643 24,875
198,643 24,875
Creditors
Amounts falling due within one year 7 (17,658) (6,573)
Net current assets 180,985 18,302
Net assets excluding pension
183,362 22,092
liabilities
Defined benefit pension scheme
asset/(liabilities) 10 - -
Total net liabilities including pension
liabilities 183,362 22,092
Funds
Unrestricted funds
General funds 8 30,408 11,664
Designated funds 8 13,149 751
43,557 12,415
Restricted funds 8 139,805 9,677
Net assets 183,362 22,092
**----- End of picture text -----**
Approved by the Board of Trustees for issue on 03/10/2024 and signed on their behalf by: G Smith Chair _________________________________________________________________________________________________________ Page 9 Wessex Museums Trust Statement of cashflows As at 31 March 2024 2024 2023 Notes Cash flows from operating activities Nel expenditure for the year Adjustments lo ￿$h flows frc¥n non-cash item5". Depreciation and amortisalion 161.270 (38.3751 1.413 450 162.683 137,9251 Working capital adjustments Increase I (decrease) in credrt￿S 11,085 6,573 Nel cash flow from operations 173,768 131,3521 Cash flows from investing activitie5 Purchase of tsngible fixed assets 14.2401 (4,2401 Nel increase in cash and cash equivalents 173,768 135,5921 Cash and cash equivalents at the beginning of the reporting peric Cash and cash equivalents at the end of Ihe reporting period 24,875 60,467 198,643 24,875 Cash & Cash equivalents reconcil￿tiOn= Cash al bank 198,643 24,875 Total cash & cash equivalents at the end of the reporting perK)d 198,643 24,875 Page 10 Wessex Museums Trusl Notes to the Finanaal Statements For the Year Ended 31 March 2024 Accountlng Pollcles General infomiation and basis of ac¢ounting The financial statements have been prepared in ￿OrdanCe with Accounting and Reporting by Chartlie$.' Statements of Recommended Pr￿tice applicable to tharities preparing their accounts in accordance with the Financial Reporting Standard appl￿ble in the UK and Republic of Ireland {FRS1021 leffeclive 1 January 20191- Chartlies SORP {FRS 1021. the Fnancial Reporting Standard applicable in the UK and RepU￿1C of Ireland (FRS 102). The charity meets the definitM)n of a public benefit entity under FRS 102. Assets and liabilities a initially recognised at hislorical cost ￿ transaclM)n value unless other4vise stated in the relevant accounting policy. The charty previously prepared the a(Lounts on a receipts and payments basis. For the year er)ded 31 March 2024 the limit for receipts and payments accounls was breached and therefore Ihese accovnts are prepared on the accruals basis. The accounts (wicluding comparatives) have been prepared as rf accnjals basis had afvays been applted. Income All income is included tn the Stalemenl of Financial Activities when Ihe charrty is entitled lo the income and the amount can be quanti￿ wilh reasonab￿ accuracy. The following specific policies are applied lo particular categories of incoff*. The valuatKJn of donated services not quantified within the Slalement of Financial Activities. Donation income is received by way of general grants. donations aThJ gifts and is induded in full in the Statement of Finanryal Aclivities when re￿1vab￿. Income from charitable activities is rec(NJnised vthen the activty that lead to the income takes place. Investment inc(Mne is included vthen recEivable. 1.3 Govemfflgnt grants Government granls a￿ accounted for when ￿r￿ndItional￿ due and reasonable assuran￿ can be gained that it will be received. Where funds are received in advanc£. for a specified period. these funds are deferred and recognised in the peri(Kl to vthich they relate. Where funds have not been received in a specified perbod. these fu￿lS will be accrued in debtors and recognised in the perirml to which they relate. Not all grants received have c0ndrt￿nS and performance indicators attached. where this is the case, the income is included within donalK)ns. Performance related grants are included within Charitable Acb'vitEs income. Donated services In accordance vthh the Charities SORP (FRS 1021. unpaid volunteer time is not recognised in the finanGial statements. Expenditure Expenditure is recognised on an ac(xuals basis as a liabilty is incurred. All expenditure is gross of VAT which c2nnot be recovered and is reported as part of the expenditure lo which il re￿tes. Charitable expendrture ￿mpriseS those costs i￿Urred by the charity in the delivery of tls adivilies and services. Direcl Costs are alhxaled to such aciivitses and support costs are apportioned as appropriate lo delivering charitable acaivities. Pag8 11 Wessex Museums Trust Notes to the Financial Statements For the Year Ended 31 March 2024 Fixod assets Depreciation is calculaled to write off the cost of fixed assets over their estimated usefvl lives at the following rates=_ Computer equipment - 33.33% straight line Fixed assets are valued at cost less deprecIat￿n. Debtors Prepayments are Valu￿ al the arrK)unt prepawj. Accrued i￿ome comprises amounts due from funders and is recognised vthen the charity is entitled to the grant, receipt is probable and the amount can be measured reliably. Cash at bank and In hand Cash at bank and in hand comprise cash on hand and call deposits. and other short-temi highly liquid investments that are readily convertible lo a known amount of cash and are subject to an insignrficanl risk of change in value. Creditors Creditors and provisions are recognised where the chartty has a present obligation resL¢tting from a past event that wll probabty result ir) the transfer of funds to a third party and the amount due to seltle the obligation can be measured or estimated reliabty. Credilors and provisions are recognised at their settlement amount. Deferred income is inclLhYed when the charity has nol the crileria for recognition ol the income. 1.10 Taxatlon The company is a registered charity and ys the￿f0￿ not liable to c¢yporation tax to the extent that Ir￿ome and gains are applied lo the tharitable obp¢tives of the charity. 1.11 Ponslon ¢ontributlons The charity operates a defined contribution pension scheme. The scheme and its assets are held by independent managers. Contributions are recognised in the Statement of Financial Activities in the period in which they become payable in accordance wrth the rules of the scheme. In addition. the company holds a Local Goverrwr*nt Pension Scheme {LGPSI managed by Dorset County Council, which is ck)sed to new entrants. This is a funded defined benefft schemes where the assets are held separately from those of the charity in separate Trustee administered funds. Typ￿allY defined benefit plans define an amount of pension benefit that an employee will re￿1ve on retirement. usually dependent on one of more factors such as age, years of seNice and compensation. The liability recognised in the Balan￿ Sheet in respect of defined benefit pension plan is the present value of the defined benefit obligation at the reF(Srting date minus the fair value of the plan assets. The defined benefit obligation is measured using the projected unil credit method. The present value of the defined benefit obligalion is determined by discounts'ng the estimated future payments by reference to market yields al the ￿porting date on high-quality corEMNate bonds thal are denominated in the currency in which the benefits wll be paid. and that have terns lo maturty approximating lo the temis of the related pension liability- Page 12 Wessex Museums Trust Notes to the Financial Statements For the Year Ended 31 March 2024 Actuarial gains and losses are recc#Jnised invnediatety wi other gains and k)sses. The net liability in the scheme al the date of the transfer of the employees from the council is shown as a separate item in the Statement of Financial ActNities. 1.12 Fund accounting General funds are unrestricted funds receivable or generated for the objects of the charity MihoLrt futher specified purFrt)se and are avaiLgble as general funds. Designated fu￿1$ are unrestricted funds eamprked by the Trustees part￿ular purposes. Restrtcted funds are arrw)unts that have been r￿1Ve￿ wrth a restriction applied on Iheir use by the donor. 1.13 VAT The charity is not VAT registered and therefore all costs are irK4u5ive of VAT. 1.14 Flnancial Instruments The charity only holds basic finanaal instruments as defined in FRS 102. The financkal assets and liabilities of the charty and th￿"r measurements are as follows.. Financial assets - trade and other debtors are bas￿ financk41 instruments and are debt instruments measured at amrtised cost. Prepayments are not finan￿al instrun*nt$. Cash at bank- is classified as a bas￿ finanoal instrument is measured al face value. Financial liabilities - trade creditors. a(truals afftl other ¢Thif(ors are financial instruments, and are measured at arrrf)rtised cost. Taxation and social security are not induded in ihe financial instruments disclosure definition. Deferred income is not deemed lo be a financial liability, as the cash settlement has already taken place and there is an obligab.on to deliver services rather than cash or another financial instrument 1.16 Crltlcal accounting eslimates and areas of judgement Estimates and judgements are continually evalualed and are based on historical experience and other factors, including expectatior15 of fulure events that are believed lo be reasonable under the rcumstances. The Trust makes ests"males and assumptions con￿MIng the future. The resutting accounting estimates and assumptions vdill. by definitKJn, seldom equal the related actual results. The estimates and assumptions that have a sKJnificant risk of causing a material adjustment to the carrying amounts of assets and liabilities wthin the next financial year a￿ discussed below. The present value of the Lo(*l Govemmenl Pension Scheme defined benefit liability depends on 8 number of factors that are delemiined on an actuarial basis using a variety of assumptions. The assumptions used in detemiining the net cost (income) for pensions include discount rate. Any changes in these assumptions. which are discbsed in note 10. will impact the carrying amunl of the pension liability. Page 13 Wessex Museums Trust Notes to Ihe Financial Stalemenls For the Year Ended 31 March 2024 Donations and general grants Unre- Restrict- $tri¢ted funds Unre. Restrict- stricted funds Totsl 2024 Total 2023 funds funds Donations Partner Museum conlribulions NLHF Grant Art Fund NPO Grant. BCP Council funding. AUB - project underspend 10.0(K) 10.000 15,000 39,125 7,739 15.OC(I 1,273 9,012 15.000 33,240 2,495 41.456 15,000 39.125 33,240 2.495 41,456 435.379 435,379 44,358 2,812 44,358 2.812 62,170 484,504 546.674 22.739 78,464 101,203 'Denotes govemment grants Income from government grants comprises granls made by local authorities or other government bodie5 to fund the prIn￿paI activities and objectives of the charity via CO￿ funding and funding for Specif￿ projects. See above for more information, induding the amount and Source of these grants. There are rK) unfulfilled conditions or other contingencie5 attached lo these amurrts. Page 14 Wessex Museums Trust Notes to the Finanaal Statements For the Year Ended 31 March 2024 Charitablo 0x￿ndIture Unrtr Restrict- Total stricted 2024 funds stricted funds Totsl 2023 funds Salary and conlraclor cosls NPO Fundraising maternity cover NPO Conference NPO Partnership Exhibition Development Fundraising regulator Training Workplacements Evaluation Legal supwi Insurance HR fees IT setup and annnual support costs Subscription Stripe refunds Xero fees Operational costs Depreciation Advertising Travel and subsistence Consulting Entertainment- business 18.421 2e6.236 304.657 48,463 1,5 1,215 48,463 1,556 1.215 4,559 50 1,505 759 6,531 4,559 50 1,505 759 6,531 6,469 723 1,722 3,378 666 216 39 45 450 5.005 5,005 2.5CKI 2,5C 3,526 805 3.526 6,469 723 1,722 2.487 2.310 2.958 470 891 470 216 39 45 450 20 1.413 2.907 2.927 1.413 3,523 4.658 8,605 274 3,523 4,658 8,605 274 Project Costs: Hardy exhibition Leaming showcase Bridging the gap Lost and Found ArlislK and cultural spend Virtual collections Connecling with communities Museum cpportunities slipend Environmental responsibility Govemance costs: Accountancy fees Independent examiner fees 56,528 399 56.528 399 304 16.736 8.677 304 16,736 8.677 3.9￿) 10,012 85 110 10.012 110 3,539 720 3,539 720 3.621 3.621 684 31.028 354.376 385.404 17.122 122,456 139,578 Page15 Wessex Museums Trust Notes to the Financial Statements For the Year Ended 31 March 2024 Net Incoming res<>urces before transfers This is stated after char9ing'. 2024 2023 Deprecialion Independent examiners remuneration - accountancy fees Independent examiners remuneraknon - examination fees 1.413 3,539 720 450 3,621 Employees and employmenl costs 2024 2023 Wages and salaries Pension contributions 294.475 10.182 47,939 524 304.657 48,463 No individual employee was pawj over £60,(K)0 (2023: none). One Trustee was reimbursed for general expenses during the year of £184 {2023'. none). The key management personnel of the Charity is considered to be the Chief Executive Offi￿r. The lolal costs to the charity of employee benefits (includes gross pay. employer national insurance and employer pension) for the key management personnel was £57.60012023.' nil). The average monthly head count was 5 (2023.. 2). The charity operates both defined benefit and defined contribution pension schemes. The charge lo the Statement of Financial Activities for the year is shown above. Contributions totalling £2.214 12023.. £175) were payable to the schemes at the end of the year and are included in creditors. Further details of the defined benefit pension scheme are given in note 10. Paoe 16 Wessex Museums Trust Notes to the Financial Statements For the Year Ended 31 March 2024 Tanglble fixed assels Computer Equipment Total Cost As at 01 Apnl 2023 4,240 4,240 As at 31 March 2024 4,240 4,240 Depreclatlon As at 01 April 2023 Charge for year 450 1,413 450 1.413 As al 31 March 2024 1.863 1.863 Nel book value As 3131 March 2024 2.377 2.377 As al 31 March 2023 3.790 3.790 Cr•ditors: Amounts falllng due within one year 2024 2023 Trade ueditors Accruals Tax aThJ soc4al security Pension creditor 8.924 3,480 2.059 2.214 981 4,733 1,665 175 Other creditors 17,658 6,573 Page 17 Wessex Museums Trust Notes to the Financial Slatemenls For the Year Ended 31 March 2024 Statement of funds Balance 01.04.23 Income Expenditure Balance 31.03.24 Transfers RestTicled funds ACE NPO National Lottery Heritage Fund Trusts & Foundab'ons- Swire 8,221 435,379 1,456 39.125 10,000 1336,229) (18.147) 107,371 22,434 10,000 Total restricted funds 9,677 484,$04 1354,3761 139,805 Unrestricted funds General 11.664 47.170 128.426} 30,408 Designated funds Partner Museum Contributions 751 15.000 12.6021 13,149 Total unrestricted funds 12,415 62.170 {31.0281 43,557 Total funds 22,092 546.674 1385,4041 183,362 Slalement of funds- prlor year Balance 01.04.2022 Inconp Expendlture Balance 31.03.2023 Transfers Restrlcted funds Art Fundlweslon Loans ACE NPO Natsonal Lollery Herrtage Fund Thomas Hardy Swiety 22,269 31,300 2.495 41.456 33.240 1,273 {24,8641 164,535) 131,7841 {1,2731 8,221 1,456 Total restricled funds 53,569 78,464 1122.4561 1C 9,677 Unrestrlcted funds General 6,898 7.739 (2,873) 1100) 11,664 Designated funds Partner Museum Contribut￿$ 15,000 114,2491 751 Total unrestricted funds 6.898 22.739 117.1221 11CX)} 12,415 Total lunds 60,467 101.203 1139,578) 22.092 Page 18 Wessex Museums Trust Notes to the Financial Statements For the Year Ended 31 March 2024 S￿ement ot funds Purp050 of malerial funds: Design&￿ furKls- contributK)ns from partner museums to SUPE￿ agreed programmes. NPO- Arts Council Er)gland grant furKling to support agreed partnership programme. including staff costs. operational costs. eXhibit￿n$. training & development. elc. Art Fundmeston Loans~ grant funding to support extemal loans of works of art and associated costs to conseNe. frame and mount the work for inclusion in the Hardy's Wessex exhibition. NLHF - grant funding for the Bridging the Gap wogramme lo support inclusive eroagement praCt￿e across the partnership. Includes slaff costs. trainirvJ & development, public programming and evaluation. Thomas Hardy $￿Iety- granl for prcKJramme of tslks linked to the Hardy's Wessex exhibition. Analysls of ngt a￿tS betW￿n funds Unre- Restrict- stricted funds Unre- Re51rlct- stricted ed funds funds Tolal 2024 Total 2023 funds Tangible assets Current asset5 Current ljabililies 2.377 2.377 58.838 139.805 198.643 {17.658) (17.6581 3.790 15,198 (6.5731 3,790 24,875 {6,5731 9.677 43.557 139.805 183,362 12.415 9.677 22.092 Page 19 Wessex Museums Trust Notes to the Financial Statements For the Year Ended 31 March 2024 10 Defined benefit pension s¢homo On the 1 April 2023 two employees transferred lo the charity from Bownemouth Christchurch and Poole Council. under TUPE rules. They are therefore part of a closed defined benefft penS￿)n scheme. The scheme is fully funded at rale of 19.4°A. The value of assets and liabilities at the year end are as folkjws.. 2024 £'ooo 225 12251 2023 £'ooo Ongoing fund position Assets Liabilits'es Total The assUmptic￿S adopted in calculating the liabilty are as follows: 2024 Y• p.a. 2023 °A p.a. Calculation assumplions Discount rate Rate of pay increases Rate of pension in￿aSed ICPII Page 20 I c ty Q c OJ £ oc O W ¢J) a) o w o g g g g g g g g 8 8 o o JULU 00( Z5 Q Q) Ilitil * r4 c D >£ C 75 £L c £ i) 7J 3 0£ c O OD VJ ) c c ££ Z V y c£ 4X tv J c c c ij o c ol nj t4J w c ty J o