## ## |Reports|Reports||| |---|---|---|---| |Reference and administrative||information|1| |Trustees'
annual
report|||| |Independent
auditor's|report||14| |Financial statements|||| |Statement offinancial|activities||19| |Balance sheet|||20| |Statement ofcash flows|||21| |Principal
accounting|policies||22| |Notes to the financial|statements||26| ||Charity|Charity|name|Collections Trust|| |---|---|---|---|---|---| ||Charity|number||0273984|| ||Company|number||01300565|| ||Registered||office|Rutland
House|| |||||23-25 Friar Lane|| |||||Leicester LE1 5QQ|| ||Trustees and|directors||Ms C Hampshire|(Chair)| |||||Mr RAvann|| |||||Dr A Bhaugeerutty|| |||||Ms K Childs|| |||||Ms N Golding|| |||||Ms SJohnson|| |||||Ms A Karia|| |||||Ms S Longmuir|| |||||Dr C Michaels|| |||||Ms TSimpson|| |||||Ms R Sloss|| |||||Mr P Stevenson|| |||||Ms L Turner|| |Company|Secretary and Chief Executive|||Mr K Gosling|| |||Bankers||CAF Bank Ltd|| |||||25 Kings
Hill Avenue|| |||||West Mailing|| |||||ME194JQ|| |||Auditor||Buzzacott LLP|| |||||130Wood Street|| |||||London|| |||||EC2V 6DL|| ## ## ## |Trustees||Appointed|/ Resigned| |---|---|---|---| |Ms C Hampshire|(Chair)||| |Mr RAvann|||| |DrA Bhaugeerutty||(Appointed|30 May 2022)| |Ms K Childs|||| |Ms S Elliott||(Resigned|3 March 2023)| |Ms N Golding||(Appointed|30 May 2022)| |Ms SJohnson||(Appointed|30 May 2022)| |Ms A Karia|||| |Ms SLongmuir||(Appointed|30 May 2022)| |Dr C Michaels|||| |Ms TSimpson|||| |Ms RSlcss||(Appointed|30 May 2022)| |Mr P Stevenson|||| |Ms LTamer|||| ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## |Risk|Cyber security| |---|---| ||CT is reliant
on IT and the internet
for all its operations.
A cyber-attack| ||could compromise
its ability to deliver its services and generate
income.
A| ||data breach could risk litigation
and damage to our reputation.| |Tolerance|Medium to low —whilst a cyber-attack
is unlikely to threaten
the existence| ||of Collections
Trust,
it could
take considerable
time
and
resources
to| ||resolve an attack and may lead to costly legal fees and fines.| |Mitigation|A password
management
system
has
been
introduced
to ensure
all| ||passwords
are complex,
with
multi-factor
authentication
also required
for| ||key systems.
The organisation
is working
to renew
its Cyber Essentials| ||accreditation
and
is commissioning
more
proactive
help
with
certain| ||requirements
from
its external
IT support.
The Cyber
Smart
app
that| ||underpins
this accreditation
includes
training
modules
on topics such as| ||phishing
and password
protection
that all staff must complete.| |Risk|Loss ofstrategic direction and focus during
MDS start up| ||As the Museum
Data Service becomes a reality,
with Collections
Trust as| ||one of three
founding
organisations,
there
is
potential
for confusion| ||amongst
stakeholders
regarding
our brand
and purpose,
and questions| ||around capacity to cope with such change.| |Tolerance|Low —the organisation
has been working towards
this for many years and| ||needs to maximise the current
opportunity
to deliver on its strategic aims.| |Mitigation|Our Investment
Principles
action
plan sets out how the trust will manage| ||the transition,
including
continued
board
development
and succession| ||planning
for board and key staff.| |Risk|Loss ofkey member ofstaff| ||Employee
turnover
is inevitable,
and
in a small
organisation
a lot of| ||institutional
knowledge
rests with a few key individuals.| |Tolerance|Medium —the sudden
departure
ofa key member of staff in 2023 proved| ||challenging
and time-consuming,
but survivable.| |Mitigation|The management
team works closely together. Handover
procedures
and| ||documented
processes
proved
effective. Reserves
provide
the financial| ||resources to hire interim
staff when needed.| ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ||||Un-||2023|2022| |---|---|---|---|---|---|---| ||||restricted|Restricted|Total|Total| ||||funds|funds|funds|funds| |||Notes||6|6|| |Income from:||||||| |Charitable
activities||2|136,409|235,198|371,607|379,635| |Investments||3|694||694|7| |Total income|||137,103|235,198|372,301|379,642| |Expenditure
on:||||||| |Charitable
activities||||||| |.Projects snd progremmes||||235,198|235,198|234,232| |.Other charitable
activities|||129,708||129,708|128,721| |Total expenditure||4|129,708|235,198|364,906|362,953| |Net income for the year|||7,395||7,395|16,689| |Other recognised|gains (losses)|||||| |Actuarial
gain
in respect to defined||||||| |benefit pension scheme||19|279,000||279,000|165,000| |Net movement
in funds|||286,395||286,395|181,689| |Total funds brought|forward||(135,390)||(135,390)|(317,079)| |Total funds carried forward|||151,005||151,005|(135,390)| ## |||Notes|2023
5|2023f|2022
F|2022| |---|---|---|---|---|---|---| |Fixed assets||||||| |Tangible assets||||2,916||799| |Current assets||||||| |Stock||9|177||1,336|| |Debtors||10|8,517||15,889|| |Cash at bank and|in hand||173,575||161,947|| ||||182,269||179,172|| |Liabilities:||||||| |Creditors: amounts|falling due|||||| |within one year||11|(34,180)||(36,361)|| |Net current assets||||148,089||142,811| |Total assets less|current|||||| |liabilities||||151,005||143,610| |Pension
liability||19||||(279,000)| |Total net asset (liabilities)||||151,005||(135,390)| |The funds ofthe|charity:|||||| |Restricted
funds||13||||| |Unrestricted
funds:||||||| |. Designated
funds|||20,000||20,000|| |.Pension reserve||13|||(279,000)|| |.General funds||13|131,005||123,610|| |Total unrestricted|funds|13||151,005||(135,390)| |Total funds||||151,005||(135,390)| ## |||||2023|2023|2022|2022| |---|---|---|---|---|---|---|---| ||||Note|5|f|F|| |Cash flows from operating|||||||| |activities:|||||||| |Net cash provided
by operating|||||||| |activities|||14||13,518||20,453| |Cash flows from investing|||||||| |activities:|||||||| |Interest received||||694||7|| |Purchase offixed assets||||(2,584)||(1,007)|| |Cash used in investing|activities||||(1,890)||(1,000)| |Change
in cash and cash|||||||| |equivalents
in the year|||||11,628||19,453| |Cash and cash equivalents||at the|||||| |beginning
ofthe year|||||161,947||142,494| |Cash and cash equivalents||at the|||||| |end ofthe year|||15||173,575||161,947| ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## |1|Detailed comparatives|Detailed comparatives|Detailed comparatives|for the statement|for the statement|of|financial activities|financial activities||| |---|---|---|---|---|---|---|---|---|---|---| |||||||||||2022| ||||||||Vnrestrlcted
Restricted|||Total| |||||||||funds|funds|funds| ||||||||Notes|||| ||Income from:|||||||||| ||Charitable
activities||||||2
175,403||204,232|379,635| ||Investments||||||3|7||7| ||Totalincome||||||175,410||204,232|379,642| ||Expenditure
on:|||||||||| ||Charitable
activities:|||||||||| ||.Projects and pmgrammes||||||||234,232|234,232| ||. Other charitable|activities|||||128,721|||128,721| ||Total expenditure||||||4
128,721||234,232|362,953| ||Net income (expenditure)|||for the year||||46,689|(30,000)|16,689| ||Other recognised|losses||||||||| ||Acluarial gainin respect to|||defined benelit||||||| ||pension scheme||||||19
165,000|||165,000| ||Net movementin|funds|||||211,689||(30,000)|181,689| ||Total funds brought||forward||||(347,079)||30,000|(317,079)| ||Total funds carried||forward||||(135,390)|||(135,390)| |2|income from charitable|||activities||||||| |||||Un-|||2023|Un-||2022| |||||restricted|Restricted||Total|restricted|Restncled|Total| |||||funds|funds||funds|funds|funds|funds| |||||6||6|6|6|f|f| ||Projects and programmes|||||||||| ||Arts Council England||||234,232||234,232||204,232|204,232| ||Other charitable activities|||||||||| ||Retail and pubbshmg|||34,097|||34,097|||| ||Spectrum
partnership|||||||||| ||licenmng
scheme|||62,628|||62,628|56,147||56,147| ||Consultancy|||27,584|||27,584|70,750||70,750| ||Tl'sining|||6,300|||6,300|6,600||6,600| ||Conference|||5,800|||5,800|7,064||7,064| ||Other income|||||966|966|||| ||Total income from|||||||||| ||charitable activities|||136,409|235,198||371,607|175,403|204,232|379,635| ## |||||||||2023|2023|||2022| |---|---|---|---|---|---|---|---|---|---|---|---|---| ||||||Unrestricted||Restricted|Total|Unrastnctcd||Restricted|Total| |||||||funds|funds|funds||funds|funds|funds| |||||||6|6
6|||6'|6'|r.| |||Bank interest||||||694||7||7| |||Analysis|ofexpenditure|||||||||| ||||Restricted|||||Unrestricted||||| ||||||Other|||||||| ||||||grant|||||||2023| ||||ACE
funding
f.
E|||Retail
E|Spectrum
f|Consultancy
E|Training
E|Conference
E|CTAward
E|Total
8| ||Expenditure|||||||||||| ||Direct casts||19,336||966|16,679|383|||1,222|1,042|39,628| ||Duecl st8ff costs||162,432|||10,814|1,900|16,574|2,769|||194,489| ||||181,768||966|27,493|2,283|16,674|2,769|1,222|1,042|284,117| ||Overheads|||||||||||| ||Adminntration|||||||||||| ||overheads||52,464|||6,672|7068|56,623|1,286|||67,751| ||Staff|ovsmeads||||27,514|2,911|27308|5,305|||63,038| ||||52,404||—|32,6!I7|3,469|32,453|6,304|||127,377| ||Total|expenditure||||||||||| ||2023||234,232||tes|81,679|5,900|50,505|9,380|1,222|1,042|M4,908| ||||ReatllCI8d|||||unrestncred||||| |||||||||||||2022| |||||ACE
5||Relail
f|Spectrvm
f|Consvnaecy
1'|Training
5|Conference
f|CTAwanl
f|Tofelf| |||Expenditure||||||||||| |||Direct costs||16,221||14,026|434|73,131||452||44,264| |||Direct slalf coals||742,433||9,610|1,249|37,529|2,551|||187,582| |||||758,654||23,638|1,683|44,760|2,561|452||231,846| |||Overheads||||||||||| |||Adminrsfrehon||||||||||| |||overheads||54,|145|4,283|336|0,903|964|||69,631| |||Staffoverheads||21,433||11,075|80S|25,606|2,493|||61,470| |||||TS,STS||15,358|1,204|35,509|3,458|||131,107| |||Total expendilum||||||||||| |||2022||234,232||38,994|2,887|80,269|6,119|452||382,953| ## ## |Analysis
of staff costs, tru
management
personnel
Staff costs were as follows:|stee
remuneration
and|expenses,
and the c|ost of key| |---|---|---|---| |||2023|2022| |||6|6| |Salaries and wages||232,730|222,751| |Social security costs||19,383|18,908| |Pension costs||13,414|13,116| |Redundancy
costs|||4,283| |Temporary
staff costs||9,734|| |||275,261|259,058| |FRS 102defined benefit pension|adjustment|(8,000)|(10,000)| |||267,261|249,058| |2023|2022| |---|---| |6|F| ## |The average number ofemployees
(head
the year was as follows:|count based on number ofstaff employe|d)
during| |---|---|---| ||2023|2022| ||No.|No.| |ACE|3.4|3.0| |Retail|0.3|0.3| |Spectrum|0.1|0.1| |Consultancy|0.2|0.5| |Training|0.1|0.1| |Support|1.2|1.5| ||5.3|5.5| ## ## ## ||Computer|2023| |---|---|---| ||equipment|Total| ||F|6| |Cost||| |At 1 April 2022|1,007|1,007| |Additions|2,584|2,584| |At 31 March 2023|3,591|3,591| |Depreciation||| |At 1 April 2022|208|208| |Charge for the year|467|467| |At 31 March 2023|675|675| |Net book values||| |At 1 April 2022|799|799| |At 31 March 2023|2,916|2,916| ## |Stock|||| |---|---|---|---| |||2023|2022| |||5|6| |Forms and|catalogue cards|177|1,336| |||177|1,336| |Debtors|||| |||2023|2022| |||5|6| |Amounts|falling due in less than one year:||| |Trade debtors||1,523|4,201| |Sundry debtors|||161| |Prepayments||6,994|5,977| |Rental deposit|||5,550| |||8,517|15,889| ## ## ## |Credito|rs:|amounts
falling due within one ye|ar|| |---|---|---|---|---| ||||2023f|2022| |Trade creditors|||9,572|4,894| |Taxation|and|soma) secunty||5,154| |Pension|contributions|||956| |Redundancy||payment||4,283| |Deferred|income|||308| |Accrue(a|||18,982|15,367| |VAT payable|||5,626|5,356| |Royalties||||41| ||||34,180|36,361| ## |Analysis ofn|et assets|between funds||||||| |---|---|---|---|---|---|---|---|---| |||||2023||||2022| |||||Total||||Total| |||Unrestricted|Restricted|funds|Unrestricted|Restncted||funds| |||6|6|6||r.|6|6| |Tangible
fixed assets||2,916||2,916|799||—|799| |Net current assets||148,089||148,089|142,811||—|142,611| |Pension
hability|||||(279,000)||—|(279,000)| |Net assets/liabilities||||||||| |atthe end ofthe|year|151,005||151,005|(135,390)|||(135,990)| |Movement
in|funds|||||||| |||At 1||||Gains|/|At 31| |||Apnl|||(losses) end|||March| |||2022
f|Income
f|Expenditure
r||transfers
r.||2023
r.| |Restricted funds||||||||| |Arts Council England||||||||| |.Core funding|||234,232|(234,232)||||| |.Other income|||966||(966)|||| |Total restricted funds|||235,198|(235,198)||||| |Unrestricted
funds||||||||| |Designated
funds||||||||| |. Strategic development||10,000||||||10,000| |. Defined benefit|pension|||||||| |scheme management||10,000||||||10,000| |||20,000||||||20,000| |FRS102pension|liability|(279,000)||||279,000||| |General funds||123,610|137,103|(129,708)||||131,005| |Total unrestricted|funds|(135,390)|137,103|(129,708)||279,000||151,005| |Total funds||(135,390)|372,301|(364,906)||279,000||151,005| ## ## ## |Movement
in|funds
(con|tinued)||||| |---|---|---|---|---|---|---| |||At 1|||Gains /|At 31| |||April|||(losses) and|Mamh| |||2021|Income|Expenditure|transfers|2022f| |Restricted funds||||||| |Arts Cuuncil England||||||| |Core funding||30,000|204,232|(234,232)||| |Total restricted
funds||30,000|204,232|(234,232)||| |Unrestricted
funds||||||| |Designated
funds||||||| |Strategic development|||||10,000|10,000| |Defined benefit pension||||||| |Scheme management|||||10,000|10,000| ||||||20,000|20,000| |FRS 102pension|liability|(445,000)||1,000|165,000|(279,000)| |General funds||97,921|175410|(129,721)|(20,000)|123,610| |Total unrestricted|funds|(347,079)|175,410|(126,721)|165,000|(135,390)| |Total funds||(317,079)|379,S42|(3S2,953)|165,000|(135,390)| ## |Reconciliation
ofn|et income|to net cash flow from operating|activities|| |---|---|---|---|---| ||||2023
5|2022f| |Net income for the reporting
period||||| |(as per the statement|offinancial activities)||7,395|16,689| |Depreciation|||467|315| |Interest|||(694)|(7)| |Decrease
/ (Increase)|in stock||1,159|(274)| |Decrease I(increase)|in debtors||7,372|(2,497)| |(Decrease) / Increase|in creditors||(2,181)|7,227| |Defined benefit pension scheme service and finance cost adjustments||||(1,000)| |Net cash provided
by operating||activities|13,518|20,453| ## ## |||||||At 1||At 31| |---|---|---|---|---|---|---|---|---| |||||||Apnl||March| |||||||2022|Cashtlows|2023| |||||||f|f|f.| |Cash|at|bank|and|in|hand|161,947|11,628|173,575| |||||||161,947|11,628|173,575| |||||||At 1||At 31| |||||||April||March| |||||||2021|Cash Bows
f|2022
f| |Cash|at|bank|and|in|hand|142,494|19,453|161,947| |||||||142,494|19,453|161,947| ## ## ## ## ## ||||2023|2022| |---|---|---|---|---| ||||per annum|per annum| |Rate of mcrease|in salaries||2.80|3.15| |Rate of increase|in pension|payments|2.75|3.15| |Discount rate|||4.75|2.75| |Rate of m8ation - CPI|||2.75|3.15| |The mortality
assumptions
used were as follows:||| |---|---|---| ||2023|2022| |Longevity at age 65for current pensioners||| |.Men|21.7|22.2| |.Women|24.3|24.2| |Longevity at age 65for future pensioners||| |.Men|22.2|23.0| |.Women|25.5|25.7| |||||2023|2022| |---|---|---|---|---|---| |||||5'ooos|F'000s| |Net deficit in scheme at I April||||(279)|(445)| |Service cost||||(17)|(14)| |Net interest||||(8)|(9)| |Employer contributions||||25|24| |Re-meesurement
ofthe defined||liability per actuary||577|165| |Net asset I(deficit) in the scheme as per actuarial|||valuation|298|(279)| |Adjustment
recognised|within actuarial losses to cap pension asset'|||(298)|| |Net deficit in scheme|at 31 March as recognised||on the balance||| |sheet|||||(279)| ## ## |Total expenditure|recognised|in the statement
offinan|cial
activities (SOFA) was:|| |---|---|---|---|---| ||||2023|2022| ||||FOOOs|FOOOs| |Service cost|||17|14| |Total expenditure|recognised|in SOFA|17|14| |Employer contributions|||(25)|(24)| |FRS 102charge|(credit)||(8)|(10)| |The net gain recognised|in the re-measurements
in other r|ecognised
gains and los|ses was:| |---|---|---|---| |||2023|2022| |||Ecoos|6000s| |Actuarial losses on scheme|liabilities|575|97| |Actuarial gains on scheme|assets|2|68| |Adjustment
to cap pension|asset|(298)|| |Remeasurement
ofthe defined benefit liability||279|165| |||2023|2022| |---|---|---|---| |||FOOOs|FOOOs| |Defined benefit obligation at|1 April|(1,561)|(1,624)| |Current service cost||(17)|(14)| |Interest cost||(43)|(33)| |Contributions
by scheme participants||(3)|(2)| |Benefits paid||16|15| |Actuarial gains||575|97| |Defined benefit obligation|at 31 March|(1,033)|(1,561)| |Reconciliation
ofopening
and closing balances ofthe f
scheme assets:|air value ofthe charity's
sh|are ofthe| |---|---|---| ||2023|2022| ||60009|FOOOs| |Fair value ofscheme assets at 1 April|1,282|1,179| |Actuarial
gains|2|68| |Interest income on assets|35|24| |Contributions
by employer|25|24| |Contributions
by scheme participants|3|2| |Benefits paid|(16)|(15)| |Fair value ofscheme assets at 31 March|1,331|1,282| ## |||||Value at||Value at| |---|---|---|---|---|---|---| |||||31 March||31 March| |||||2023||2022| |||||6'000||F'000| |Equities|||69.0|918|58.3|747| |Government|bonds||4.7|63|5.0|64| |Other bonds|||9.3|124|9.2|118| |Property|||8.3|110|8.9|114| |Other managed||funds|8.7|116|18.6|239| |Total market|value ofassets|||1,331||1,282| ##