THE MUSEUhl OF RICHMONO DIRECTORS. REPORT AND FINANCIAL STATEIAENrs YEAR ENDED 31 MARCH 2024
INDEX 10 Slaternnt of FarA81 AG'¥ilws 12 BaPanc8 She 14 Nc8s to Ihe FinarKial slatets
THE MUSEUIA OF RICHMOK) GENERAL INFORMATION MUSEUM PREMISES AM) REGISTERED OFFICE The Obj Hall vthrtlth Avenue Richmond. Surrey TW9 1TP COMPANY REGISTRATION NUMBER REGISTERED CHARITY NUMBER 295164 ROYAL PATRON HRH PrwKess AleyAndra PATRONS Anfta Anand Sir David Attworough OM Ann ChapmaTrDaniel Greville Dare The L1 Fen of IAknt Stknrd Lady Annabel Goldsmilh Lord Watson of Rthmond CBE DIRECTORS Ms N Mann {chair, Irryn 6 December) Ms A Attebey Ms G Bathng, Ms A ChapMa1 R Chri5ti8 Plé H Clarte {resvJned 6 De¢4ts) Mr D Feeney Ms S van Haren ' The Lord Lee crf Traffcrfd DL Mr B May (reSned 6 Decemb8r) Mr C Preston Mr P Stoc&dale IwAnted 6 Decertlw) HON. SECRETARY Mr P Stc¢kd8 CUF14TOR Ms L lThvin BA (Hons) Mst (to 22 September) {F4)St vxant 22 September to 4 January) Mr G Ens10 &4 {HO). MSC (fr( 4 Januay} THE MUSEUM OF RICHMOND Trustees.. TRUST Ms R Christie- Chair Mr P Cregeen M5 S Goods INtEPENDENT EXAMINER Mr J Foxvnl FCCA FCIE BANKERS CAF Bank Ltd Np)nw*Je 8uldirwJ Society (dèpo%l )unt) Virgin Nkney {deposit &ccwnt) The MUSEUM OF RICHMOND 1 Also known as Ms R 8ading 2 Also known as Ms S Lap
riRECTORS' REPORT YEAR ENDeo 31 MARCH 2024 CONSTITUTION The Mu$eum of Richmond, which is a registered charty, a ccKrpany whCt share wital. limited by guarant88, and il i8 administered in accordarKe wilh its MemorarKlum and ArtleS of As8ouK. OBJECTIVE OF THE CHARITY The objective ollhe charity 5s lo advan¢e the edUCalK ofthe in the local history d Richmond by the provisDn of a museum. which was opened in October 198& In luthroiKe of those otiectives the Musaum was guided by the following mission statement durir¥J 2023r24.' 'The of RichmorKI seeks to intery>ret and comrNnKxie matmial of Ri¢l¥nond's past for th6 public's berrt education loYMenr. PUBUC 8ENEFrr The dlrectOTS confimi that they have rBfeThed to Ihe guJarK In Charity Comii88ion'8 gtraI guKlance on public benefrt as part of an annual exercise. TW have a150 re¥%d the oWNes and ¥lNiti9s of the MuseLM and the manner in which it provkdes a public benefrt. indi•Jes.' Caring and displaying a pemian8nt collection of hxal hi8tory provided free to all visitors. Providing Iwo or three t8mporary eXhIbitn$ a year addlnal Sm1 exhibitions in which members of the public are invofved. Providing a wid&ranging educat Servi lo schocls cols {including pupils with special educational needs), families and aduls (inel lif8hMg arn9 for okler people). Mathets'ng the Museum's SerVe5 to appeal to a dNerse aud. Training and using volunteers in many araas of the Mu88um'8 pmNision. . Working In partrShiP with other local orwisa1iL to hance the $8rvK ORGANISATION The dkectorn have ulwne rosponsibilty for al aspects Mus8um'swork. in pwtKular in detennining 8tralegy and dyection. mltOring progress relation to strabJr olpcti¥es and ¢he pthmanGe oflhe oryanisation. The board of (Irectors must have not 18ss than fve. KI nbye than 21 members. and meet$ four times a ye¥. Dirlor8 can serve for not more than nine years. The chaw is oted for a maximum of five years. and continues in office even if. as a consequence, nine-year limrt for di[t0[$ is exceeded. The directors are mostly kxal reSeThts wFhJse knowwge aKI eyperience qualfy IIKrn for the m and are recruitthj thrcwgh invition or arlverti88mant. Th9 L¢Mdon Borough of RhrIKl-uporThaMes appoints one or two affj invite(I to board meetings in an"ex-officKJ" capacty. The daY-tdaY operalv)n and admini5tTation c4 the Museum is car out by the curator and the leaming offr r8PQrting to the board. Voluntsry helpers aff the adff¥ssion3 Counter and a responsible for the sale of gcods in the shop.
THE MUSEUM OF RICWND DIRECTORS. REPORT (Continu) YEAR ENDED 31 MARCH 2024 The drector5 in off8 from 1 Aprl 2023 to the date of the apal ofthese fala1 statements were: Ms N Mann - Chair Ms A Altelsey Ms G 8arling M$ A Chapman-Daniel Ms R Christie M8 H Clarke (resigned 6 De¢emb¥) Mr D Feeney MsSvanHa Lord Lee of Tralfrxd DL Mr B May (resign 6 December) Mr C Preston- Treasurer Mr P Stockdale- Secretary (appointed 6 Decw RISK MANAGEMENT The major risks to which the charity is exposed. as Klerkn by the Bowd. he been reviev+d as part of an nal exercise and systems are in place lo mrt3ate these rtsks. A risk r¥Ster has been ¢reated and a risk management policy set up. The risks with the hh¢st assessment {consvJerwig both IM and ffikefihood) are shn below. logelher with acti$ and mibgat1cs. Descrl Dependence on income sources alloA¢ll0n Continue close eont&A wth the CourKil through represthttatives on the Trustee board. Quarter updates. Continue to identrfy and irry)lement ways to dir$ify income. FNe-year financial sustainabilty plan 15 in develOpMt. Annual Council grant for 2024r25 has been recei¥èJ. Increase efforts to raise funds through instilutional rants. Fundraisi to remain under constant revithv by the Finarte Cc¥rniittee.' staff to be constantly vigilant for all fundraising opp¢ytunib"es. FNe-year financial sustainabilty plan is in develoF4rnt. Fundratsing also "ontiwj in FoTh¥ard Plan 2023- 28. Maintain liaison with the Council - be inclLbJed in future plans ad¥Le for Ihe Museum. L$¢ has teen rer)ewed until 2028. Ne&J to identfy funding needs for future exhibitions and likety funders, and cOnser this in lorMJ-temi exhibition SChede. Board will consKler dng frequgncy andlor scale of exhibil)rts if that would save costs. 8enefathrs Circk funds are avaiL4)le for use to meet shortfalLs. Shortfall on fundraisin9 Reduced space arKI resourc8S. Future of Old Town Hall unkn(ywn. Shortrall in granls for exhibitions due to Ch9*n9 fvnding priorities
THE IAUSELIM OF RICTrthIOND DIRECTORS. REPORT {Contlnu•d) YEAR ENDED 31 MARCH 2024 STATEMEiif OF THE DIRECTORS. RESPONSIBLrnES The directors are reswnsh)lefor Fryaring theAmud Rept8Ththa finala1 slatements #i acean¢ewth appluble law and regulaliorbs. Company law requiRs the threciot5 to prep ffiancial for each fnancial year which give a true and fa view ofthe stale of affairs of the coryany and of the 8pS or defKit of the corypany forthat p¥)d. In Preparing thos8 financial staements, the dirKtors are requed to: select suitable accounting policies and then apply them corristenty.. makejudgennl$ and e51imales that are fea$cabIe and prudent., prepare the finarKial statemenls on the going ¢on¢ern basis unless it is inapproprHle lo presume that the ecpanY conlnue in bus1r. The directors. who a directors for the pu1$e5 of coanY law trwlees the pwky)ses of chity law, are responstlle for keeping prop8r a¢Unting records that disclose with 4¥onable accuracy al any lime the financ1 po$ition of the ccrfnpany and to enable them to 8nsure Ihal the financial statements ¢oryly with the Companie5 Act 2006. Th8y are also resrM)nsible ftr safeguarding assets ofthe ccffj)any aThJ her for takr¥J reasonable steps for the prevenlicl) and deleeth)n of fraud and other irregularities. RESERVES Ure8tricted reseNes a kept at a kvel whth wll Ctr¥tr ncrnl OpWati(M costs for a pemd of at 5t three months. At Curllt bvels of gxp9nditure this is Set al £30.0. TIMS figure is cons•Jered the absolute minKnLMn to pemi( the Museum lo opernle nomialty during thi$ p@lod without any further irtcthe. As at 31st March 2023 the unrestricted reserves were £64.101 {2023: £56.947), the deSn81&1 reserves were £so.fxio {2023: £50.000) ar the restricted £11,984 (2023.. £11.986). It is the irrtonli¢x of the diiectors to maullain reserves * a level ere tPere is 5uffient wver to ensure the pMiseS are aKvays maintained to the standards generally eXj of a hxal rnuseum or otr establishment for general education. FINANCIAL STATEMENTS FOR THE YEAR Total incoming resourc85 for the year were £134.612 (2023.. £130.891). as fdlows.. 2024 223 LBRUT Grant Other Gwts and donati¢$ Operating income induding eduCatnal actNilies 24,645 29,967 34.148 16,743 134.612 130.891 Gr8nts The Museum received a grant of £80,000 (2023.. £80.(X)O} frcth the London Borough of Rthmnd upon Thames ILBRUTI, of whh £53.oI2023- £53,000) was applied in hePpirvJ to meet salaries, £25.OC(J (2023.. £Z5.O¢XI) for rent for occupation of the Old Tuwn Hall aThJ £2.oI2023." £2.LI)O> to pay buibjry security and other property costs. This is unchanged from the prev¢ous year.
THE MUSEUIA OF RICHhlOND DIRECTORS. REPORT Icontlnugd) YEAR ENDED 31 MARCH 2024 Fundraising adwities £10.23612023: £4.363) was from fvr¥Jrai5irvJ tslks and events. Netofcoststhis gerated £5,937 (2023: £2.617). Outcom8 forth8 year The Museum generated a net sulUs of £7.15212023.' £693) the . There was a swplus on unr85tricled fvnd8 of £7,154 {2023: £693) and a deftit of £2 on restrthd funds (2023. £0). There was no change vi Ihe level of deSnated reservos. Further detals can be found li thé Stat¢m8nl of Fmancial PdiVi on page 11. Chalrfs R•port This year saw a good level of slabiity follthmng on frcrfn 2022r2023. wTrEre our tclal visitor number was 7.262 (3,990 walk in visitors). Totsl vi8iÉs in 2023f2024 w8re 8.307, whth ude$ 4.839 walk4n vi$ilor¥. This has exce&led our pre COV figures of 20191202017,263 in t(al, 4.444 in visitors). and compares favourably lo the rest of the mu$eum Sector. It is encouragirvJ th the se¢ond hawof 2023r2024 more vi5ilors than the same period in 2019r20, suggesting that numbers have notjust rturne(I to we£ovbJ leve15 bul are excegjing them. This stats'lty is no doubl the resuh ofthe commitment and dedicatw of all those Sl4¥Jl the Museum and Tis core offer as a central cuf(uro1 Institutic in RichmoTrJ. Our leamir4J programme has bme a moiry feature olour Ol0h COMMUntI)rt fjth the wider c¢Knmunty. In 2023r2024 we rnn 46 workshops al the Museum, 2 * Iccal schcds 2 online. wortting with 1,500 slud9nls, covering everything from Prehistory to Wodd War Two. We also baned 23 DISCOV Boxes lo schcds, enabl'ng 1.167 students to have a mus8um experience in their own dassrooms. Between 2023 and 2024. we 27 C5118 worksly6 kyfanilies in the sctth h)lidays, whh attr8d 437 attendees. The workshops ¢ontinued their successful struclure of fLXuSr on a fflusen objec( exploring the Story behind this object using th8 displays and handling cc4lect¥)n. and then ereating a ¢raft propct using the obj'ect and the story as inspiration. In 2023r2024 themes inCded The Rthmond IAl0hOuSe. Texti knked to the Artirla1 Silk exhibition and ghost stories lirthed to Richmond Palac. Vle 14 Coffee and Crafting workslys for aduAs this ythr. aitendwj ty 210 •Jults. Thi5 year the ProgrnMe wag suppcted by The 83 Green Week and The Full of Life Fund. A further 7 outre&h tslks to ILxal groups were ddNer8d by ts PAuseum Tm. as well as attendance al fa¥s and events like the Rthmond May Fair and Noth1 Play Day. bolstered our offerrtrg. The was also a Continu grh in our social media presence wf(h daity posts from the Museum by our Museum stsff. Staff have Work hard on creating varied end eng4ing content bytsking pat in challenges h'ke". The 100-Day Pr(4ect and Museums 30,. creating a Museum Advent Calendar: resewching Icca ghost stor5 for Ha104en. and sharing cortentfrom other projects like the athvork Creat by Richmond upon Thames College Art Students forthe Aitfftial Si eXhibitn and thg art work created by 12 l¢xal $tudents dUrV the summer schools in August 2023. These achievements were the product of our tt¥o full twne Staff, and a team of over 30 volLmleers and other supporters who help the Mu5eLwn q)erate. In temis d OUT full-lime staff. we appoint&J a new Curator and ExecutNe oifieer in January 2024 to work alongsvjg our Lgarnrr¥ Officer. Fclthvin9 the fonTr Curorfs departure from the museum In S8pl8mber 2023 and until the appointrnent of the new Curator n January 21r24, VY McGrath &%wmed the interim Curator and Exectslive Officer role. supp)rted by Ela Jack. Thi$ year saw the exhibthon Artfficial &lk: Fr(wn Kewto the frcth June 2023 to June 2024. Opened by Rhard Deverell, Dwe¢t¢x of the Royal B(rtan Gardens. Kew. trÉ exhibition was a great SLKcess and drew in over 4,000 peop to view the exhilyl#)n and inspir&J a reted prcJ[aM of talks and wothshops at the Museum over th8 12 months. The weekty Curatof lour, which is free lo the publt. becane a regLlw fealure of the Museum's Programming, tegulaty cting vtsitors each week. Fundraising Igmains a major aspect of the extra actNities that the Museum runs in addith)n to ils edLUtional purposa. Tan our very 8uccesslul Gwden Paty in Jur* 2023. r¢tLwn¥¥J to Trwnffts House for a sold-oui surrffier event, which attracled 213 wsitors and raEed nearty £4.tNXl of for ts museum. We al$0 offered tr40 highty successful
THE IAUSEUM OF RICHMOND DIRECTORS. REPORT Icontlnugdl YEAR ENDED 31 MARCH 2024 public talks in Autumn 2023. In s8mber 2023. Anthony Horoilz provided a tafK 239 visitors that raisèd £2.500 of funds that We sha with the Richmond Swiety wthli e in Oct()er 2023 Zandra Rhodes attracted 280 attendees to a talk titled, 50 Ygars of Fabulous. helping to raise over £3,500 for the museum. In March 2024 Graham Boygs prov•J a talk, My Lrfe li Raiws.. From csterIO Lahore. Goveman¢o.' The Board continued with four meets"ng5 per year (Ma. June. September, and December). We co- ¢)Pted Ihrge new Trustees lo the Board in Deer 2023. tho ill be foThn&ly appx)inted al an EGM in June 2024. The Chair, Hilda Clarke, retired from the Board in December 2023. Ntola Mann took over tenure of the Chair rde in the same Mth. The Board conts"nugJ to carry 0 discussions wth th& Council over a potential nthv larger and more sulable me for t MLm. The Board dso contriblrt to the Tom Centre Engagement Report Ipublished in January 2024) in conjunction with Vle PA>Je That. an architecture urbanism praeliee that sp8cialrLes in town-cenlre strategies and research. The Board conttnues its ThDrk on th? Fmvard Plan for 2023r28, ouUine8 the Museum's strategic aims and Pfioftties for the next five years. The c{lents of a Plan armj assrKialed Acivjn Plans were approved by the Board in March 2023. One ofthe duties ofthe Board also in¥oW the regular rthryew of our pcAws inthding th8 annual upd81iNJ ofthe Safegu¥ding policy, which is essential to cover ourwcAk wh all ages grp$ that woth with the Musewn. All our poli¢ies are on our webse for the pubhc to exIne. Anothei one of our key dts 15 ihe appointment of staff and in January 2024 we appointed a new Curalor and Exeeutwe Offrerto the Museum. Gary Enslone. Gary replaces Lajra Ipwin. We a150 hosted a number of work eXpernCe placements thts year. including rtS frL¥n hxal schools. colw and St mY'S Universlly. PLANS FOR FUTIJRE PERIODS Future plans, praposed by staff and Trustees aweed by the Board. are ikned by the Museum'$ ststed ObjectNes and we mindful ofthe PuLlic Benafrt remit confeffed Musewn through ils status as a Charly. Scthe spe¢ik plans fof the fulure aR". Museum Accredltadon: The Museum will b8 fff4rywing plans. wocedures lo en5ur8 that they are ready for its next Accreditatxjn Relum (Arts C(wnal England). expeed lo be due in June 2025, but owing lo the post- Covid backkg it cOd be much bnger. All ¢k¢entaljn wll be continlkaltry revmved. so that museum is ready for wheneverth8 limg comes. eXhItOn$'. Artificial Silk.. From Kffov to the associd acb¥tss: June 2023- June 2024 sh You Were Here: Frcn Hor8ce to Ted Lasso: JM 2024- January 2025 An exhibition eyploring the gbbal links of Richmond to C0ch0 With the reaffiM1atn of the Councl twnnlng'& of the town. Exhibitim to run January to March 2025. but designed in a pop-up capty so rt can be reus&J during the vinning celebrations. Collectlons: A8 dis¢ussed with Ihe Muse1 CcAle¢on's Tr Ihe population ofthe ¢oltectK)n6 management system will continu8, bulding on the recorrwnd81th?n$ induded the conservath)n audit report. Detail$ tsf more of the Museum's artefacts will be made a¢ces$ible to th& public though ils eolledb)ns data)ase a)d through social media. Thwe wa$ a review of tr colleth.ons Trust in 2023. wJat*)g wr predures. Learnlng: The Museum has an Acth)n Plan agreed by Bowd. L1 obi8CtNes for the folknving year are d•taled in the plan agreed by th8 Board of Trust8e5. Fundralslng: Each year we produce an Impact Rew1 to illustrate the of the Museum whKh we send out to our Benefaor8 and major 8takehobJers in to hdp raise (wr proNe aNJ targot more financial support for Museum.
THE MUSEUM OF RICHMOND DIRECTORS. REPORT (Contlnued) YEAR ENDED 31 MARCH 2024 The Museum was wel $upp(rted durwry the Co¥TJ pandern by 9)Ver1w aThJ our Ictsl Council annual grant. Swi¢e then our fundraising activities have bne Ma ¢ru¢ial aThJ we need to pursue more fun(ling lo cover rising costs throughout 2023 and 2024. We also Icaik forward to irKreawr•3 rAI number of Fnends. Benefactcrt and Patr$ durirKJ the next year. Vlslbllty: We have been thing on Thwoved Ink$ with RthThv)nd Vcntary ServK8s and the Cutture team at Council a5 part of their plans to cr&e a new Cuttural hub in Il'chmond. Our ties with the Local Cound ar8 extensive and we conluiue to have a strong partnershp with its and as we wortt lo support our Ixal communty. Communlty: Our scho prograffthe5 flty wtykshops are wovuig $SSIu1. Similarty. our work with communty group8 will continua these plans have been devehjped through our eXCent liik$ wilh the volunty sector in Richmond. Volunteers." Oue lo some recent volunteer retirets, we are actNdy Icking to r8Cn#t nre volunteers to our suecessful ¥onteer prtrjramme. Our volunteers enle us to plan more &tN*ies within the Museum and impact our Saturday opening hours. Nicola Mann- Chair
INDEPENDEPIT EXAMINER'S REPORT TO THE TRUSTEESI DIRECTORSI MEMBERS OF THE MUSEUM OF RICHMOND ON THE ACCOUMTS FOR THE YEAR ENDED 31 MARCH 2024 I repcrt lo th8 trustses M my examinalKJn of the ofttE Mu¥eurn of RKhmond forthe year eThY¢d 31 March 2024. R05PeCtIvo responslbllths and ba81s of Yeport As the charty's trustees (who tre alsolhe dir oflhe ¢cVar forlhe wrwsesc1crv I1. Y( are resp10 forlhe preparatb)n Of1 aCCnts in reWth the requreThnts Crynw¥es Act 20CE (the 20C6 Acti. Having satisfied myself th81 the cnts ofthe C(Thpry are rwuired lo be audrted for thi5 year under Part 16 ofthe 20C6 Act and are etigible for dependent examinalK)n, I report in respect crf my exammiation ofyour ¢T$ aCCnts as carried out under section 145 of the CharrtEs Act 2011 (Ihe 2011 Act). In crying out my examination. I have foll¢)Ned the Dwe¢t)n$ given by the Chanty Corfflir6SN)n (under secknn 145(5Xbl dthe 2011 ACL Ind•p•nd•nl •xamkn•es gtatwn•nt I have corrpleted my exaninh)n. I ¢cf1 that no niia to my attention whrh gr4s me cauge to believe that accourtWKJ reconls were not ke li xccffdancewlh secl)n 386 cl the Companies Act 2(.. or Unts do accc¥d with sh recos. CY the xcounls do nol compty with relevarrt &c4iunlry S110 396 of the Coryanigs Act 2(K6 clher than Wrement th# xcounts gr¥e a farf vivw whrh is nol a mater considw&J as part of the indeFendont eXa))iatn". or • th8 COUnts have not bewb prepwed fft &coThlKe wlh Ihe ch8$ SORP (FRS1021 I have no c¢CernS have ¢on across othw mlets i) corrn*•Jnwlh the eXInal)n toWhh aitention shId be dra4Yn in cder io enabl8 a propw urthrslandiNJ of the to be rhed. Nane.. Jason Foxwel Relevant professional qualrfication or bothy.. FCCA FCIE Address.. 39 Enfield Ro•Y. P¢)olè. BH15 3LJ Dae.. 13 September 2024 io
THE MUSEUM OF RICHIAOND STATEMENT OF FINANCIAL ACTMTIES YEAR ENDED 31 MARCH 2024 Unreslricbj ReStrted FurKI$ FuThJs Totsl Income from Donations and Grants Charilabb Actiwties 14.508 .137 104,645 .137 134.612 Expondlture on Raising funds Charilabb &tiv*ies 4,299 4.299 123 161 .139 Not Income lexpondlturnl 7,1fA 7.152 Total funds brought fop•Mrd 1(k.947 11.986 118 933 Tolal funds carrled for¥n The breakd(Y•vn for 2023 is shcvm beiw. Furbjs FuThJs Total Income from Donations and Grants Chariiabl8 Adivit 18.614 16.743 114,148 16.743 130 891 95.534 Expgndlture on Raising funds Charitable actwities 1.747 32,917 1,747 128 451 95.534 Net Income (expenditur•l Total fvnds brought forward 118 240 Total funds carrlod forward 106.947 11 J86 118 933 li
ThE PAUSEUM OF RICHMOND BALANCE SHEÉT AT 31 MARCH 2024 Company No. 2048888 2024 2023 CURRENT ASSETS Debtors Bank and cash balan¢o$ 10.281 118,761 7,855 119.008 129.042 126.3 CREDITORS - falling due wrthin crt year 12.957) (7,9301 Nel assets 126.085 118933 RESERVES Unrestricted- designated Unrestricted- general Unrestrided- total 64,101 114.1D1 $6,947 1CE,947 Restrted funds Total funds 126.085 For the year èrKling 31 M¥ch 2024 Ihe ¢(Y was entitled to exen¥Xion fr(¥n aJit under 477 of th8 CompaiM8sAct 2006. The members have not required the ¢anP to an authl in &coffla1 wlh sectirjn 476 of the Cryani8sA¢t 20L. The dyectots ac*nowledg• their r8spork5iWy for c(rylyr8 wlh the requiremenis oftheAct with respect to accounlng racords and for thg preparation of accou% Approved by the Bo¥d on 11th September 21f24 arKI signed on its behal ty: N MANN nn Dwectors C PRESTON li The Statement of Financial ACtr¥it, Statement ofcash FINS and Nrtes on pages 11 to 19 foTrn part ofthese ffinanGial ststanents 12
THE MUSEUM OF RICHMOND STATEMENT OF CASH FLOWS YEAR ENDED 31 paARCH 2024 Yew El 3111 March 2024 Year Ended 31 March 2023 Net cash Inllow from opwating activitles 24 Change In ca8h and cash equival•nts Irb reportFng period Cash and cash equivalents at the beginning ofthe reporting period (24n 4.178 119.008 114,830 Cash and cash equlvalents at the end of the reportlng perlod 118761 Roconclllatlon of not movement In fvnds to n•t ash flow from operatlng actl¥ltles IDecreaselllncre8se in debtors (Decreaselllncrease in creditors 7.152 12.426) 14.973) 4,085 16001 Net cash us•d In operallng acllvllles 247 13
THE hlUSEUM OF RICHMOND YEAR ENDED 31 PIARCH 2024 NOTES TO THE FINANCIAL STATEMENTS ACCOUNTING POLICIES The prin¢ipal accounting pS adcyted in the we1)n ofthesè fifttal statenIS are set out beknw. al Basls of accounting: The financial stslemerts have been Prepared uThJer Ihe historrnl (Tht convention, and in accordance with the Financial R8porting Standards 102 IFRS 1tr2). the SLqtement Recommended Practice for Charities IFRS 102) 2015 and tIE charl Arl 2011. bl Income: All irKome is included in the of Fingncial Acli4ities {SoFAI when the tharity i51ggally entTtled to it as income. ultimate receikx is probable and the amount to be recognis•J be quantffied with reasonable accuracy. Nomial practsce Is not to tae ac£ount c4 tIE value of seryices or tacilities wovthd lo Ihe clitY free of charge. ¢1 Expendlture: Expenditure is reMgnwd on the u81$ bass is dassthd in the WA undef headings that aggregate rekgted costs. d> Tangible flxed assets: Th8 normal practice of the charty is to fumy depr&th any assets in the year of acquisilwjn. •) Museum Exhibiis: F¢y the purpose of Ihese accounls. no value 15 pl on n7Jse)1 exl)its, whether wrchased or donated. ngrship of exhtjiis vests n the trustees ofts m Trust. fj Fund accountlng: Unrestri¢ted funds may be used for general ch8418b al the Ch$ discretion. Designated funds are those set aside out of unrestricted fiJrKls for a purpose specified by the trustees. Restricbj funds are those whefe the %)ncff has im[Sed or agree(I lo reslrictkm. which are legally binding. orb Ihe use of funds contributed. gl Volunts•T¥: No anounts have been induded in these statements to refhd see6 kYovKled free of charge to the Museum by vc4teer$. h) Golng concern: These accourts Iwe been prep*ed on a going corwn l)asis the trustees ¢OrtsKI to be correct. 14
THE MLISEUM OF RICHMOND YEAR ENDED 31 MARCH 2024 NOTES TO THE FINANCIAL STATEMEt4TS (Contlnuod DONATIONS AND GRANrs Unrestricted ReslrKtad fund$ Oe5ignated funds Total funds 2024 LBRUT an1 Artificial Silk eXhrtIOn grants Coffee and Crafting athity donatic MDO 3 learnir¥J grant Heathrow Communtty Tnjst grant General donati$ Benefactors Cird8 Gift ANJ claimed Total 80.000 4,375 2,181 80.000 4,375 2.181 500 3.081 4,773 7,488 3.081 4.773 7.488 2.247 14.508 The breakdown for 2023 is shthvn bel.. UnTeslrrled Reslrthd fimd5 D8sNJne(I fwids fvnds Total fund$ 2023 LBRUT grant Poppy Factc#y exhibiiion gra)ts Artif11 Silk exhibition Covhl-19 Support Grant RPLC 4 leaming grant and donatnns MDO S aUdnce (lOPMe wt Kickstart sehefne AIMO Colle¢tion$ grant Gongral donations Benefactors Circle Gift Abj cLqimed 80.000 5,000 625 6,000 951 400 7,148 1,410 3.248 7.495 1.871 114,148 s,0 625 951 4C 7.148 1.410 3.248 7,495 The thJs8um premisesare ma(le aVaabtothe thitybythe Bowh of Rhnd u[ Tham95 ILBRUT). The Museum received a grant of £.(•0 {2023'. £80.OLN)I from the LBRUT to fvnd payment of the rent and associated costs of ctcupying The Old Trrrtn Hall. Whittaker Avenue. RKhmond and a large proportion of salary co$l$. 3 eL Df Lwdon 4 Rictrffiond Parish Larts Char 5 meL of Lwdon De¥efwnerl Offir 6 As8ocK•lpM ot IrMlepeThJèrti Musewyé 15
THE MUSEUM OF RICHMOND YEAR ENDED 31 MARCH 2024 NOTES TO THE FINANCIAL STATEMENTS (Continued) CHARITABLE ACTIVITIES Uryestrthd Tctsl fijnds fuThJs 2024 2024 uNeStried nds 2023 Total funds 2023 Talks and events Legactes Subscriptions EdtIonal a¢iN#ies HMRC Tax Relief Other in¢ome ImteT85t and shopl 10.236 10,2S8 4.362 4,362 769 8.818 4.761 696 5,706 3,780 8.818 4.761 5,706 3,780 2.199 5.383 29.967 2.199 16,743 16.743 £4,761 {2023.. £3.7801 was red from HMRC under the Museum and Galleries Tax Rekef scheme. This reths to eypènd1tU incurred on mounlirwj ten exht*thns duriThJ 2021f22. RA181NG FUNDS fvnds funds ftjnds 2024 Talk3 and events 4.299 The breakdown for 2023 1$ $hwi belw. Unrestricted Re5trict8d funds Total funds 2023 Talks and events 1.747 1,747 16
THE MUSEUM OF RICHIAOND YEAR ENDED 31 IURCH 2024 NOTES TO THE FINANCIAL STATEMENTS (Conllnuedl CHARITABLE ACTivmES Unrestted Rostted funds funds Total fvnds 2024 Museum costs 123 161 The breakdown for 2023 beltr: UNestricted Restricted lunds funds Totsl fuThJs 2023 Museum costs 128.451 STAFF COSTS 2024 2023 Salaries Natnal inswce contribulmx Pensions 60.323 67,760 788 1,496 1,657 62.768 71073 The averag8 number of persons erryloy8J duriig the yearwas 2 FfE (2023.. 31. There wer8 no staff in either the Current prior year whose &Th)lumenls exc88d8d £60.000. The Museum pyovides a stakeholder pension lo the staff enybyed in &cordae wlh staluw obligation8. There was no curator fc over three mnths the year. During part of that tvr a museum assistant was empbyed at a l¢)wer. non-ws¥)nable salary. hence the reduckn in slaff costs. There was a150 a kickslart emph)yee for part of 2022123. Trustfye unoluments No trustee in either the current or ptky year received any remunetikn. befrt in kind or rem+ursement of expènses. DEvfoRS 2024 2023 Tr&Je debtor5 Prepaid expenses 2.482 7,799 10.281 159 7.696 17
THE MLISEUM OF RICHMOND
YEAR ENDED 31 MARCH 2024
NOTES TO THE FINANCIAL STATEMENTS IContInu>
CREDITORS: amounts falllng due wlthin one year
2024
2023
Accruals and deferred inc
THE MUSEUM OF RICTrWOND YEAR ENDED 31 MARCH 2024 N¢)TE8 TO THE FINANCIAL STATEMENTS Icontlnuedl The breakdcwn for 2023 is shNn telw. Balar at 1 Incomel Balance at 31 Aw"d 2Iy22 (ExpdrtU) Trsfer$ March 2023 Restricted funds.. Deveh)pmenl fvnd Funds availabla f¢y specrfic exhibitK)ns Tota restrthd fuThls 11.Yd6 11.986 11.986 11.986 Unrestricted funds General fvnd Designat fund5 Display fund Total desynated knds Total unrestricted funds Total funds 693 1C6.254 118.240 1C6.947 118933 10. RELATED PARTY TRANSACTIONS There woro no relaed transxtKM during the yew12023- Non2). 11. THE COLLECTION The Museum's CdlectIc is vested in The Musewn Rthnnd TnisL a eh•r**kn trust. 19