Registered Charity: 1173867
THE MUSEUM OF OXFORD DEVELOPMENT TRUST
ANNUAL REPORT AND RECEIPTS AND PAYMENTS ACCOUNTS
FOR THE YEAR ENDED 31 JULY 2024
THE MUSEUM OF OXFORD DEVLOPMENT TRUST INDEX
| Page | |
|---|---|
| Legal and Administrative Information | 1 |
| 2-3 | |
| 4 | |
| 5 | |
| Receipts and Payments Accounts | 6 |
| Statement of Assets and Liabilities | 7 |
| Notes to the Accounts | 8-10 |
Page 1
THE MUSEUM OF OXFORD DEVELOPMENT TRUST
LEGAL AND ADMINISTRATIVE DETAILS
| Charity Registration Number: | 1173867 |
|---|---|
| Trustees: | David Juler (Chair) |
| Harvey Fagg (Treasurer) | |
| Christine Simm (Resigned 13/05/2024) | |
| Kate Blessington | |
| Victoria McGuinness (Resigned 13/05/2024) | |
| Robert Price | |
| Simon Kingsnorth | |
| Charlotte Englishby | |
| Josephine Niala (Appointed 16/10/2023) | |
| Registered Office: | The Museum of Oxford Development Trust |
| Oxford Town Hall | |
| St. Aldates | |
| Oxford | |
| OX1 1BX | |
| Independent examiners: | SPX Oxford Ltd |
| Peace House | |
| 19 Paradise Street | |
| Oxford | |
| OX1 1LD | |
| Bankers: | CAF Bank Ltd |
| 25 Kings Hill Avenue | |
| Kings Hill | |
| West Malling | |
| Kent | |
| ME19 4JQ |
Page 2
THE MUSEUM OF OXFORD DEVELOPMENT TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2024
The Trustees present their annual report and receipts and payments accounts of the charity for the year ended 31 July 2024.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Settlement's Trust Deed and the charities act 2011.
Objectives and activities
The Charity's objective is to advance education by supporting the charitable work of the Museum of Oxford in such ways as shall be thought fit.
In pursuit of that objective, the Trustees seek to acquire funds by way of donations from a variety of sources, for eventual application to the ongoing educational services and operation of the Museum of Oxford, situated within the City of Oxford's Town Hall, St Aldate's, Oxford OX1 1BX.
Achievements and performance
In the year the trust released funds of £20,318 (2023: £91,851) to Oxford City Council to support the ongoing work at the museum.
In 2023a range of projects, community engagement activity, exhibitions and more. The Trust has seen the stepping down of long-standing members (Christine Simm and Victoria McGuinness) who trustees are extremely grateful for as founding members and long-time supporters of the Museum. JC Niala joined the board in 2023, bringing a wealth of knowledge from the University Museums and her experience of running community-based projects. The Trust has also reviewed its purpose and how it can best deliver on its charitable objects, looking at ways it can better support, advocate and fundraise for the
Visitor numbers to the Museum have continued to increase as have steps taken to increase the level of hire income as well as school and group visits. However, it is also visible that income, particularly in regards to shop sales, donations and events is beginning to plateau, which is to be expected. This means from th supporters. Income generation for the Museum needs to remain a priority as the financial position Oxford City Council continues to face poses challenges and pressures.
Alongside the creative nature of income generation, advocacy for the Museum remains a priority for the Trust. Highlighting the incredible work of the Museum team and how that delivers against the shares stories of the families behind an Oxford main-stay, St Giles Fair. The community outreach and engagement around this exhibition is the type of work which needs to be highlighted to councillors and colleagues across the council and beyond to demonstrate the importance of the Museum for local identity and pride. Engagement with young people continues to also be a priority for the Museum and the Peter McQuitty bursary, although being reviewed, offers an incredible opportunity to contribute to the Museum in creative ways.
Page 3
THE MUSEUM OF OXFORD DEVELOPMENT TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2024
Trustees continue to be grateful to members of staff. Fantastic fundraising efforts have been achieved thanks to the hard work of colleagues. Trustees also thank all funders who continue to support the Museum of Oxford and whose donations have a huge impact. 2024-25 will continue to provide challenges, however the Development Trust is in a good place to face these alongside the Museum team.
Financial review
The Trustees report a surplus for the year of £85,536 (2023: £60,736 deficit).
The retained reserves held by the Charity at the year-end totalled £134,094 (2023: £48,558), including unrestricted reserves totalling £38,896 (2023: £34,777).
Structure, Governance and Management
The Museum of Oxford Development Trust is a Registered Charity (No: 1173867) constituted by a Trust Deed made 31 March 2017 between original trustees (Robert Price, Christine Simm, Anthony Joyce and Victoria McGuinnness).
The trustees who served during the year and up to the date of signature of the financial statements were:
David Juler (Chair) Christine Simm (Resigned 13/05/2024) Harvey Fagg (Treasurer) Simon Kingsnorth Robert Price (Secretary) Charlotte Englishby Kate Blessington Josephine Niala (Appointed 16/10/2023) Victoria McGuinness (Resigned 13/05/2024)
The charity is managed by a committee, comprising the Trustees, and supported by appropriate officers of the City Council.
New Trustees are appointed by the existing Board of Trustees to bring new perspectives and expertise into the Trust according to the needs perceived by the Board from time to time.
The trustees' report was approved by the Board of Trustees and signed on its behalf by:
David Juler Chair
Harvey Fagg Treasurer
Date: 21[st] November 2024
Page 4
THE MUSEUM OF OXFORD DEVELOPMENT TRUST STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 31 JULY 2024
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).
The law applicable to charities in England and 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 incoming resources and application of resources of the charity for that year.
In preparing these financial statements, the trustees are required to:
-
select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the Settlement and enable them to ensure that the receipts and payments accounts comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the Settlement and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Page 5
THE MUSEUM OF OXFORD DEVELOPMENT TRUST EXAMINER’S REPORT TO THE BOARD OF TRUSTEES OF THE THE MUSEUM OF OXFORD DEVELOPMENT TRUST FOR THE YEAR ENDED 31 JULY 2024
I report to the trustees on my examination of the accounts of The Museum of Oxford Development Trust for the year ended 31[th] July 2024, which are set out on pages 6 to 10.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in
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.
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 Trust as required by section 130 of the Act; or
(2) the accounts do not accord with those records
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.
Signed: Name: Relevant professional qualification or membership of professional body (if any):
Address:
Sheila Parry FCCA
ACCA
SPX Oxford Ltd Peace House 19 Paradise Street Oxford OX1 1LD
Date: 25 Novemmber 2024
Page 6
THE MUSEUM OF OXFORD DEVELOPMENT TRUST RECEIPTS AND PAYMENTS ACCOUNTS FOR THE YEAR ENDED 31 July 2024
| Income and Endowments from: Donations Legacies Bank Interest Total Expenditure on: Charitable activities Total Net income/(expenditure) Transfers Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward |
Note 2 |
Unrestricted Funds 2024 £ 4,662 1,854 2,036 8,552 5,183 5,183 3,369 750 4,119 34,777 38,896 |
Unrestricted Funds 2024 £ 4,662 1,854 2,036 8,552 5,183 5,183 3,369 750 4,119 34,777 38,896 |
Restricted Funds 2024 £ 97,994 - - 97,994 15,827 15,827 82,167 (750) 81,417 13,781 95,198 |
Total Funds 2024 £ 102,656 1,854 2,036 106,546 21,010 21,010 85,546 - 85,536 48,558 134,094 |
Total Funds | Total Funds | Total Funds |
|---|---|---|---|---|---|---|---|---|
| 2023 £ 5,341 26,000 149 31,490 92,226 |
2023 | |||||||
| 92,226 | ||||||||
| (60,736) | ||||||||
| - | ||||||||
| (60,736) 109,294 |
||||||||
| 48,558 |
The notes of pages 8 to 10 form part of these accounts.
Page 7
THE MUSEUM OF OXFORD DEVELOPMENT TRUST STATEMENT OF ASSETS AND LIABILITIES AS AT 31 JULY 2024
| Note | 2024 | 2023 | |
|---|---|---|---|
| £ | £ | ||
| Current Assets | |||
| Cash at bank | 134,094 | 48,558 | |
| 134,094 | 48,558 | ||
| Net Current Assets | 134,094 | 48,558 | |
| The Funds of the Charity | The Funds of the Charity 3 |
||
| Unrestricted income funds | 38,896 | 34,777 | |
| Restricted income funds | 95,198 | 13,781 | |
| TOTAL Funds | 134,094 | 48.558 |
The notes on pages 8 to 10 form part of these accounts.
Approved and authorised by the Trustees on 21[st] November 2024 and signed on their behalf by:
Harvey Fagg Treasurer
Page 8
THE MUSEUM OF OXFORD DEVELOPMENT TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2024
1. Accounting Policies
Charity information
The Museum of Oxford Development Trust is a Charitable Incorporated Organisation.
Accounting convention
The financial statements have been prepared in accordance with the charity's governing document. The charity is a Public Benefit Entity as defined by FRS 102.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
Fund Accounting
of the objects of the Charity. Restricted funds are those earmarked by the donor for use in a particular area or for specific areas.
Incoming Resources
All incoming resources are included in the receipts and payments accounts on a cash basis.
Resources Expended
All expenditure is accounted for on a cash basis and has been classified under headings that aggregate all costs related to the category. It is categorised under the following heading:
- Charitable expenditure These are costs incurred on the charitable activities, including support costs and costs relating to the governance of the charity apportioned to charitable activities.
Page 9
THE MUSEUM OF OXFORD DEVELOPMENT TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2024
2.
The amount spent on charitable activities, including support costs, is analysed by activity as follows:
| Contribution to Museum of Oxford (OCC) Professional Costs Bursary |
2024 £ 20,318 330 302 60 21,010 |
2023 £ 91,851 330 - 45 |
2023 |
|---|---|---|---|
| 92,226 |
No Trustees received any remuneration in the year (2023: £Nil).
No Trustees received reimbursement for any expenses in the year (2023: £Nil).
3. Funds
| Restricted Funds Peter McQuitty Bursary Events & Exhibitions Fund Connected Communities Fund Hidden Histories Fund Community Gardens Fund Total Restricted Funds Unrestricted Funds General Total Funds |
Total 2023 Incoming Outgoing Transfers £ £ £ £ 2,500 - (302) - 10,531 93,000 (10,531) - - 4,994 (4,994) - 500 - - (550) 250 - - (250) 13,781 97,994 (15,827) (750) 34,777 8,552 (5,183) 750 48,558 106,546 (21,010) - 1 |
Total 2024 £ 2,198 93,000 - - - 95,198 38,896 |
|---|---|---|
34,094 |
Peter McQuitty Bursary : This relates to a donation received to set up a bursary to provide funding to encourage the development of skills and experience for young people who are inquisitive and questioning, and who wish to share, interpret and preserve the histories and cultures of the people of Oxford.
Events & Exhibitions Fund : This relates to a grant received for the funding of programmes, events and exhibitions.
Page 10
THE MUSEUM OF OXFORD DEVELOPMENT TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2024
3. Funds (Continued)
Hidden Histories Fund:
Community Gardens Fund:
4. Related parties
There were no related party transactions in the year other than those disclosed in note 2 (2023: No transactions).
5. Subsequent Events
There were no post balance sheet events.