2021-12-31-accounts

COMPANY REGISTRATION NUMBER: 00682542 CHARITY REGISTRATION NUMBER: 313614

PENDON MUSEUM TRUST LIMITED Company Limited by Guarantee UNAUDITED FINANCIAL STATEMENTS 31 DECEMBER 2021

NOCKELS GEE

Chartered Certified Accountants 5 The Chambers Vineyard Abingdon-on-Thames

PENDON MUSEUM TRUST LIMITED

COMPANY LIMITED BY GUARANTEE

FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2021

	Page
Trustees' annual report (incorporating the directors' report)	1
Independent examiner's report to the trustees	10
Statement of financial activities (including income and
expenditure account)	11
Statement of financial position	12
Notes to the financial statements	13
The following pages do not form part of the financial statements
Detailed statement of financial activities	23

Page 1

PENDON MUSEUM TRUST LIMITED

COMPANY LIMITED BY GUARANTEE

TRUSTEES' ANNUAL REPORT (INCORPORATING THE DIRECTORS' REPORT)

YEAR ENDED 31 DECEMBER 2021

The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 31 December 2021.

The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity's governing document, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published in October 2019

Objectives and activities

OBJECTIVES OF PENDON MUSEUM TRUST LIMITED

The principal activity is the construction and operation of an exhibition of landscape, model buildings and railways at Long Wittenham, Abingdon, Oxfordshire, together with supporting interpretative material and exhibits.

The Museum continues to work on developing and building its major exhibit, whilst at the same time maintaining existing displays and relics. Opening is normally every weekend and selected additional dates (bank holidays, half term and summer Wednesdays, Thursdays in August), where volunteers staff the Museum. Special showings are also arranged for pre-booked groups on request. The Covid 19 pandemic meant that the museum was closed to the public until May 22, 2021. Opening after that was limited by various factors including availability of volunteers, meaning that the museum was only open on Saturdays and some Wednesdays in the summer school holidays. About 2000 visitors were welcomed to the museum in 2021. Virtual contact with the public remained very important and over 100,000 interactions were made during the year.

During the enforced closure our website content has been much enhanced with innovative features such as virtual tours of our prime exhibit, as has the Friends Place where access is limited to the Friends of Pendon. Considerable virtual access to our models is now available, a valuable resource and interpretation tool. Social Media presence has been strengthened.

The continuing support of our Friends, good cost control and the support received from Government have combined to ensure that the Trust remains financially secure.

PUBLIC BENEFIT

The activities of the Museum provide public benefit and can be divided into three main areas:

• Maintenance of archive records of landscape, buildings and railways, primarily from the Vale of White Horse area.

• Development of the Museum's major exhibits and displays which are of general interest and educational value to families and special interest groups. Increasing access to the exhibits and archives online.

• Provide facilities to volunteers and the public for training and to develop modeling and operational skills to maintain and improve the exhibits.

The museum is open to the public on typically 120 days per year plus additional openings for booked groups.

Page 2

PENDON MUSEUM TRUST LIMITED

COMPANY LIMITED BY GUARANTEE

TRUSTEES' ANNUAL REPORT (INCORPORATING THE DIRECTORS' REPORT) (continued)

YEAR ENDED 31 DECEMBER 2021

Objectives and activities (continued)

The Trustees regularly review the activities of the Museum and visitor arrangements especially for special interest groups. The Trustees actively encourage the wider involvement from Friends and Volunteers of the Museum.

The Trustees confirm that they have had regard to the Charity Commission's guide on public benefit and are satisfied that the activities of the Museum are of public benefit. The extensive involvement of volunteers and flexible visitor arrangements ensure that the facilities of the Museum are widely available to the public. Steps continue to be taken to further enhance the availability of archive material for Friends of the Museum and members of the public through the development of an on-line archive.

The award of Arts Council Accredited Museum Status, after the presentation of an extensive application portfolio and assessment visit, highlights our public benefit.

VOLUNTEERS

Our volunteers are an essential resource for the charity. The Trustees are grateful for the unstinting efforts of the volunteers who are involved in the activities. It is estimated that typically over 10,000 volunteer hours are provided during a year. If this is conservatively valued at £10 an hour the volunteer effort amounts to over £100,000.

Much of the Volunteer communication has also been put on line to help the dissemination of information in a more equitable and effective manner. Printed material is sent to volunteers not able to receive communications electronically, to ensure that no-one is disenfranchised.

Limited numbers of volunteers, both for Front of House and Backroom activities continues to be a challenge. Our volunteers are essential to Pendon's future.

Strategic report

The following sections for achievements and performance and financial review form the strategic report of the charity.

Achievements and performance

REVIEW OF DEVELOPMENTS, ACTIVITIES AND ACHIEVEMENTS

The Trust continued to develop the exhibition during the year and has continued to operate Gift Aid visitor admissions taking advantage of the Gift Aid scheme available through H M Revenue & Customs. This is a significant source of additional revenue to the Trust.

The Trust continues to provide access to its unique archive of life and transport in the Vale of White Horse during the 1920s and 1930s period, with ancillary information from the post war period and other locations.

Page 3

PENDON MUSEUM TRUST LIMITED

COMPANY LIMITED BY GUARANTEE

TRUSTEES' ANNUAL REPORT (INCORPORATING THE DIRECTORS' REPORT) (continued)

YEAR ENDED 31 DECEMBER 2021

Achievements and performance (continued)

In spite of prolonged closure 77 new individuals and families have joined Friends of Pendon. Part of the reason for this has been the new video series Views of the Vale introduced to the Friends Place website, these show models and the buildings as they are now in the Vale with information, commentary and stunning photography.

Pendon Museum Trust Limited's position as an exemplar of fine scale miniature modeling continues to attract visitor and press coverage as well as the support of modelers eminent in their field. Work of these people supports the development of the principal exhibit, which is developing new techniques to represent life in the 1920s and 1930s. Workshops had to be curtailed due to the pandemic, but rapid growth in virtual visitors kept the museum in the public eye and received much praise.

This year preparatory work has progressed on the Annex development and a project has continued on the future encapsulation and interpretation of the Vale scene.

Pendon Museum provides educational facilities and community talks on its subject to schools and adults over a wide geographical and demographic area, and brings a significant number of visitors to the Long Wittenham area. These come from across the region and beyond (the Museum holds a unique position and attracts visitors from home and abroad). It also continues to develop the skills of its volunteer force with training and education in order to enhance the presentation and accuracy of information to visitors.

Temporary exhibitions and visiting layouts provided added interest for visitors. In 2021 we offered a Then and Now display comparing the trains seen nowadays on the existing railways in the Vale of White Horse with those that were in use in the 1930s. This again was done using models of the contemporary trains, juxtaposed with some of our 1930s models.

The Museum was awarded Accredited Museum status by the Arts Council in 2018 (Accreditation No. 963). Trustees have used this award as a springboard to improve our processes and procedures in the Museum, helping us to enhance and maintain our professionalism. The 5-year Forward Plan submitted with the application has proved valuable in providing a structured way forward.

The support of the Oxfordshire Museum Development Officer is acknowledged with thanks - support helps financially to get new projects off the ground and also encourages the Trust to innovate in the way that the exhibits are interpreted by our visitors.

Friends, who subscribe to the Museum, have access to a number of events at a reduced rate, which include lecture evenings. They also have access to an area of the website called Friends Place which holds a growing body of information on social history, buildings and railway operations in the Vale of White Horse. The many improvements made to the Friends offer during the year are both worthwhile in themselves and are succeeding in attracting more new friends to join.

During 2021 and following the retirement at the end of 2020 of our administrator, Sandra Cox, Trustees advertised for and appointed a new administrator, with a slightly widened brief. However, for various reason, this appointment was determined, during the probation period, not to be what ultimately either the Museum nor the appointee required and was terminated.

As a result, towards the end of 2021 and looking forward to the changed volunteering pattern that we, and other volunteer based institutions are facing, Trustees decided that Pendon Museum should seek and appoint a full-time Museum Manager not just to oversee the administration of the Museum, but also to take a lead in development and promotional activities. Interviewing for suitable candidates commenced in December 2021, with an intention to appoint in 2022, which has been done.

Page 4

PENDON MUSEUM TRUST LIMITED

COMPANY LIMITED BY GUARANTEE

TRUSTEES' ANNUAL REPORT (INCORPORATING THE DIRECTORS' REPORT) (continued)

YEAR ENDED 31 DECEMBER 2021

Achievements and performance (continued)

Three Trustees resigned during 2021: Paul Leonard, Kevin Brown and Martin Ray, after many years of valuable service to the Trust. Paul, during his six years as Chair led the Museum through formal Museum Accreditation in 2017 among many other achievements. Kevin Brown filled the role of Treasurer for 18 years. Martin Ray provided marketing support and guidance as well as leading work on the website and, with Kevin and others, on our Friends programme and many other innovations in the Museum. Pendon salutes their wisdow, service and contributions to the Trust and the Museum for so many years.

Financial review

The value of all funds as at 31 December 2021 was £719,738 (2020 - £555,457) which is comprised unrestricted funds of £719,632 (2020 - £555,457) and restricted funds of £106 (2020 - £Nil).

PRINCIPAL FUNDING SOURCES

The total income for the year was £226,377 (2020 - £107,604) comprising museum admission income, subscriptions, donations, investment income and donation from the subsidiary, plus Government grants under their Covid 19 support schemes. In addition to this regular income there were legacies totaling £124,540 This year the income exceeded the expenditure by £164,281 (2020 - £30,641). All surpluses are re-invested into the Charity to further the objectives. The Trustees review current and future funding needs on a regular basis.

RESERVES POLICY

The Trustees have reviewed the reserves of the charity. This review encompassed the nature of the income and expenditure streams, the need to match variable income with fixed commitments and the nature of the reserves. The review concluded that to allow the charity to be managed efficiently and to provide a buffer for uninterrupted services, a general reserve of £80,000 (about one year's operating costs) should be maintained for the unrestricted funds ("the free reserves") not committed or invested in tangible fixed assets. Our reserves meet this requirement at the present time.

The Trustees have reviewed this policy in light of their plans and expectations for the future. Given the commitments and income streams on which the charity depends, they have confirmed it is prudent to maintain the current policy.

RESULTS

The results for the year and the charity's financial position at the end of the year are shown in the attached financial statements.

The funds of the Trust are held in bank accounts and no financial investments are made. In order to maximise bank interest a proportion of the funds are held in saving accounts with the balance needed for day to day operation being held in bank current accounts. Saving accounts are split over a range of banking groups such that all would be covered by the Financial Services Compensation Scheme should a bank get into difficulties.

Page 5

PENDON MUSEUM TRUST LIMITED

COMPANY LIMITED BY GUARANTEE

TRUSTEES' ANNUAL REPORT (INCORPORATING THE DIRECTORS' REPORT) (continued)

YEAR ENDED 31 DECEMBER 2021

Financial review (continued)

RISK MANAGEMENT

The Trustees have carried out a detailed review of the charity's activities and have produced a comprehensive Forward Plan setting out the major opportunities available to the charity and the risks to which it is exposed. The Trustees monitor progress against the strategic objectives set out in the plan annually. The plan was updated towards the end of 2019 with firmed up detailed targets for 2020 and now covers the period 2020 - 2024. Strategic objectives were unchanged. It is the Trustees' intention to review this plan again in detail in 2022, post covid.

As part of this process, the Trustees have implemented a risk management strategy which comprises:

• an annual review of the risks which the charity may face;

• the establishment of systems and procedures to mitigate those risks identified in the plan;

• the implementation of procedures designed to minimise any potential impact on the charity should any of those risks materialise.

A number of decisions previously taken by Trustees, having due regard to advice briefings from the Charity Commission, have been maintained. These include increasing the operating cash reserve, placing reserves with a range of banks, and imposing strict controls on expenditure across all activities.

As in previous years a schedule of potential projects has been identified, with those most likely to proceed being ones to ensure compliance with legislation, having direct relevance to the work of the Museum, the control of running costs, or a positive impact on visitors' appreciation of Pendon.

Work continues to ensure that the Museum acts in a safe environment, with regular Health and Safety reviews. Volunteers carry out a safety briefing prior to each opening to the public. Provision has been made to ensure continued safe operation.

The Trustees are aware of their responsibilities to ensure compliance with all statutory legislation.

Plans for future periods

Following extensive consultation with a range of stakeholders the Museum Development Group proposed a new draft Five Year Action Plan for the Museum for the·period 2017 - 2022. Following a consultation period, Trustees have formally adopted this plan. Detailed targets for 2021 were agreed and an updated plan covering the period 2020 - 2024 has been put in place. This will be revised during 2022 when the post-Covid environment is clearer.

The plan focuses on continuing to enhance interpretation and increasing the public space to allow more displays. The Interpretative Strategy developed a few years ago and since updated forms a major input in the Trusts plans.

Page 6

PENDON MUSEUM TRUST LIMITED

COMPANY LIMITED BY GUARANTEE

TRUSTEES' ANNUAL REPORT (INCORPORATING THE DIRECTORS' REPORT) (continued)

YEAR ENDED 31 DECEMBER 2021

Plans for future periods (continued)

LEGAL STATUS

The organisation is a charitable company limited by guarantee, incorporated on 3 February 1961 and registered as a charity.

The company was established under a Memorandum of Association which established the objects and powers of the charitable company as defined by the Companies Act 2006 and is governed under its Articles of Association which were last amended on 3rd November 2012.

The Trustees are aware of their responsibility to ensure compliance with the legislation governing charitable companies.

Bank National Westminster Bank Plc 11 Market Place, Abingdon-on-Thames, OX14 3HH

Accountants Nockels Gee Accountants Limited 5 The Chambers, Vineyard, Abingdon-on-Thames, OX14 3PX

Structure, governance and management

ORGANISATION

The Charity is administered by the Trustees, supported by a management team appointed by Trustees.

The Charity has a wholly owned trading subsidiary, Pendon Museum Sales Limited, carrying out noncharitable trading activities for the charity. Full details are set out in note 19. The Directors of the subsidiary company are C J Webber, M P Moignard and P N Wood. Dr K J Brown was also a Director until his resignation on 7 December 2021. For the financial year ended 31 December 2021 the company was due to make a donation of £1,814 (2020 - £nil) transferring all its profits to the charity.

APPLICATIONS AND NOMINATIONS FOR TRUSTEES

Any member of Pendon Museum Trust Ltd may stand for election at an Annual General Meeting to become a Trustee. Trustees are elected typically for a term of three years. The minimum number of Trustees is three. The Trustees may co-opt any member of the Trust to fill a casual vacancy. Any Trustee so appointed shall remain in office until the next Annual General Meeting and shall then be eligible for re-election.

All Trustees must be at least 18 years old and capable of managing their own affairs.

An induction procedure has been established by way of providing a governance document, including appropriate Charity Commission booklets, which is issued to all Trustees on appointment. Training is given as required.

MEMBERS

Members of the charitable company guarantee to contribute an amount not exceeding £1 to the assets of the charitable company in the event of winding up. The total number of such guarantees at 31 December 2021 was 70 (2020 - 70).

Page 7

PENDON MUSEUM TRUST LIMITED

COMPANY LIMITED BY GUARANTEE

TRUSTEES' ANNUAL REPORT (INCORPORATING THE DIRECTORS' REPORT) (continued)

YEAR ENDED 31 DECEMBER 2021

Structure, governance and management (continued)

Trustees' Responsibilities

The Trustees (who are also directors of Pendon Museum Trust for the purposes of company law) are responsible for preparing the Trustees Annual Report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Standards (United Kingdom Accounting Standards).

Company 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 charitable company and of the incoming resources and application of resources, including income and expenditure 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 estimates that are reasonable and prudent;

• state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements

• 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 proper accounting records which 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 Companies Act 2006. The Trustees are also responsible for safeguarding the assets of the charitable company and hence for 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 charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Page 8

PENDON MUSEUM TRUST LIMITED

COMPANY LIMITED BY GUARANTEE

TRUSTEES' ANNUAL REPORT (INCORPORATING THE DIRECTORS' REPORT) (continued)

YEAR ENDED 31 DECEMBER 2021

Reference and administrative details

Registered charity name Pendon Museum Trust Limited

Charity registration number 313614

Company registration number 00682542

Principal office and registered Pendon Museum Trust Limited office Long Wittenham Abingdon on Thames OX14 4QD UK

The trustees

Dr K J Brown (Resigned 7 December 2021) P Leonard (Resigned 7 September 2021) M P Moignard M Ray (Resigned 24 July 2021) P J Wiltshire P N Wood O Green (Appointed 15 February 2021)

The Trustees who served during the year and up to the date of this report are named above. They are Directors for the purpose of company law and Trustees for the purpose of charity law

OFFICERS

All Trustees are officers of the charity. Those elected to specific roles by Trustees during the period were as follows:

Chairman: P Leonard Treasurer: Dr K J Brown Secretary: M P Moignard

PRESIDENT AND VICE PRESIDENTS

The positions of President and Vice President are considered by Trustees and the Members to be honorary. Those appointed do not undertake any role in the management of the Trust in that capacity, and therefore are not Trustees by virtue of that position. At the moment, there are no holders of these posts.

Company secretary

Company secretary M P Moignard Independent examiner Helen Gee FCCA 5 The Chambers Vineyard Abingdon-on-Thames

Page 9

PENDON MUSEUM TRUST LIMITED

COMPANY LIMITED BY GUARANTEE

TRUSTEES' ANNUAL REPORT (INCORPORATING THE DIRECTORS' REPORT) (continued)

YEAR ENDED 31 DECEMBER 2021

The trustees' annual report (incorporating the directors' report) and the strategic report were approved on 28 April 2022 and signed on behalf of the board of trustees by:

M P Moignard Trustee

O Green Trustee

Page 10

PENDON MUSEUM TRUST LIMITED

COMPANY LIMITED BY GUARANTEE

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF PENDON MUSEUM TRUST LIMITED

YEAR ENDED 31 DECEMBER 2021

I report to the trustees on my examination of the financial statements of Pendon Museum Trust Limited ('the charity') for the year ended 31 December 2021.

Responsibilities and basis of report

As the trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 ('the 2006 Act’).

Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

1. accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or

2. the financial statements do not accord with those records; or

3. the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act 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; or

4. the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

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.

Helen Gee FCCA Independent Examiner

5 The Chambers Vineyard Abingdon-on-Thames 4 May 2022

Page 11

PENDON MUSEUM TRUST LIMITED

COMPANY LIMITED BY GUARANTEE

STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT)

YEAR ENDED 31 DECEMBER 2021

			2021		2020
		Unrestricted	Restricted
		funds	funds	Total funds	Total funds
	Note	£	£	£	£
Income and endowments
Donations and legacies	5	183,966	–	183,966	67,945
Other trading activities	6	11,456	–	11,456	5,116
Investment income	7	976	–	976	2,117
Other income	8	29,349	630	29,979	32,426
		--------------------------------	--------------	--------------------------------	--------------------------------
Total income		225,747	630	226,377	107,604
		================================	==============	================================	================================
Expenditure
Expenditure on raising funds:
Costs of raising donations and
legacies	9	4,791	–	4,791	3,595
Expenditure on charitable activities	10,11	56,781	524	57,305	73,368
		----------------------------	--------------	----------------------------	----------------------------
Total expenditure		61,572	524	62,096	76,963
		============================	==============	============================	============================
		--------------------------------	--------------	--------------------------------	----------------------------
Net income and net movement in	funds	164,175	106	164,281	30,641
		================================	==============	================================	============================
Reconciliation of funds
Total funds brought forward		555,457	–	555,457	524,816
		--------------------------------	--------------	--------------------------------	--------------------------------
Total funds carried forward		719,632	106	719,738	555,457
		================================	==============	================================	================================

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The notes on pages 13 to 21 form part of these financial statements.

Page 12

PENDON MUSEUM TRUST LIMITED

COMPANY LIMITED BY GUARANTEE

STATEMENT OF FINANCIAL POSITION

31 DECEMBER 2021

		2021	2020
	Note	£	£
Fixed assets
Tangible fixed assets	16	69,958	73,652
Current assets
Debtors	18	21,903	13,890
Investments	19	100	100
Cash at bank and in hand		629,263	468,834
		--------------------------------	--------------------------------
		651,266	482,824
Creditors: amounts falling due within one year	20	1,486	1,019
		--------------------------------	--------------------------------
Net current assets		649,780	481,805
		--------------------------------	--------------------------------
Total assets less current liabilities		719,738	555,457
		--------------------------------	--------------------------------
Net assets		719,738	555,457
		================================	================================
Funds of the charity
Restricted funds		106	–
Unrestricted funds		719,632	555,457
		--------------------------------	--------------------------------
Total charity funds	21	719,738	555,457
		================================	================================

For the year ending 31 December 2021 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

• The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

These financial statements were approved by the board of trustees and authorised for issue on 28 April 2022, and are signed on behalf of the board by:

M P Moignard Trustee

O Green Trustee

The notes on pages 13 to 21 form part of these financial statements.

Page 13

PENDON MUSEUM TRUST LIMITED

COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2021

1. General information

The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is Pendon Museum Trust Limited, Long Wittenham, Abingdon on Thames, OX14 4QD, UK.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Companies Act 2006.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

There are no material uncertainties about the charity's ability to continue. The reserves of the charity meet the requirement that has been set-out by the Trustees in their report.

Disclosure exemptions

The charity satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102:

(a) No cash flow statement has been presented for the company.

(b) Disclosures in respect of financial instruments have not been presented.

Consolidation

The charity has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the entity and its subsidiary undertakings comprise a small group.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires trustees to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Page 14

PENDON MUSEUM TRUST LIMITED

COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 DECEMBER 2021

3. Accounting policies (continued)

Taxation policy

Pendon Museum Trust Limited is a registered charity and accordingly is exempt for taxation on its income and gains where they are to be applied for charitable purposes.

Fund accounting

Unrestricted funds are available for use at the discretion of the trustees to further any of the

charity's purposes.

Designated funds are unrestricted funds earmarked by the trustees for particular future project or

commitment.

Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.

Volunteers

The value of the services provided by volunteers is not incorporated into these financial statements. Further details of their contribution is provided in note 17 to these financial statements and in the Trustees' Report.

Incoming resources

All incoming resources are included in the statement of financial activities when entitlement has passed to the charity, it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:

• income from donations, the Friend of Pendon scheme and grants are recognised when there is evidence of entitlement, receipt is probable and its amount can be measured reliably.

• income from Gift Aid is recognised in the appropriate accounting period.

• legacy income is recognised when receipt is probable and entitlement is established.

• income from museum admissions, event and lectures are recognised in the appropriate accounting period.

Resources expended

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be recovered, and is classified under headings of the statement of financial activities to which it relates.

All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.

Page 15

PENDON MUSEUM TRUST LIMITED

COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 DECEMBER 2021

3. Accounting policies (continued)

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Freehold building - 2% straight line Equipment - 20% straight line Permanent Exhibits - Fully depreciated

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cashgenerating unit to which the asset belongs.

Debtors

Debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Investments

Cash at bank and cash 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.

Cash at bank and in hand

Investments are stated at their original cost.

A review for impairment is carried out at each reporting date. Where the carrying value exceeds the recoverable amount the investment is impaired accordingly.

Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably.

4. Limited by guarantee

The company is registered in England and Wales and is limited by guarantee. The liabilities of the members is limited to £1 per member.

Page 16

PENDON MUSEUM TRUST LIMITED

COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 DECEMBER 2021

5. Donations and legacies

		Unrestricted	Total Funds	Unrestricted	Total Funds
		Funds	2021	Funds	2020
		£	£	£	£
	Donations
	Donations	6,707	6,707	7,874	7,874
	Friends of Pendon subscriptions	41,324	41,324	41,778	41,778
	Gift Aid claimed on donations and
	subscriptions	9,245	9,245	10,408	10,408
	Gift Aid claimed on museum
	admissions	2,150	2,150	885	885
	Legacies
	Legacies	124,540	124,540	7,000	7,000
		--------------------------------	--------------------------------	----------------------------	----------------------------
		183,966	183,966	67,945	67,945
		================================	================================	============================	============================
6.	Other trading activities
		Unrestricted	Total Funds	Unrestricted	Total Funds
		Funds	2021	Funds	2020
		£	£	£	£
	Museum admission income	11,173	11,173	4,595	4,595
	Workshops, lectures and other events	283	283	521	521
		----------------------------	----------------------------	-----------------------	-----------------------
		11,456	11,456	5,116	5,116
		============================	============================	=======================	=======================
7.	Investment income
		Unrestricted	Total Funds	Unrestricted	Total Funds
		Funds	2021	Funds	2020
		£	£	£	£
	Bank interest receivable	976	976	2,117	2,117
		==============	==============	=======================	=======================
8.	Other income
			Unrestricted	Restricted	Total Funds
			Funds	Funds	2021
			£	£	£
	Donation of profits from trading company		1,814	–	1,814
	Job retention grant income		1,678	–	1,678
	Local authority grant income		25,857	630	26,487
			----------------------------	--------------	----------------------------
			29,349	630	29,979
			============================	==============	============================
			Unrestricted	Restricted	Total Funds
			Funds	Funds	2020
			£	£	£
	Donation of profits from trading company		–	–	–
	Job retention grant income		5,426	–	5,426
	Local authority grant income		27,000	–	27,000
			----------------------------	--------------	----------------------------
			32,426	–	32,426
			============================	==============	============================

Page 17

PENDON MUSEUM TRUST LIMITED

COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 DECEMBER 2021

9. Costs of raising donations and legacies

		Unrestricted	Total Funds	Unrestricted	Total Funds
		Funds	2021	Funds	2020
		£	£	£	£
	Friends of Pendon administration	4,791	4,791	3,595	3,595
		=======================	=======================	=======================	=======================
10.	Expenditure on charitable activities by fund type
			Unrestricted	Restricted	Total Funds
			Funds	Funds	2021
			£	£	£
	Museum expenses		55,068	524	55,592
	Support costs		1,713	–	1,713
			----------------------------	--------------	----------------------------
			56,781	524	57,305
			============================	==============	============================
			Unrestricted	Restricted	Total Funds
			Funds	Funds	2020
			£	£	£
	Museum expenses		71,854	–	71,854
	Support costs		1,514	–	1,514
			----------------------------	--------------	----------------------------
			73,368	–	73,368
			============================	==============	============================
11.	Expenditure on charitable activities by activity type
		Activities
		undertaken	Support	Total funds	Total fund
		directly	costs	2021	2020
		£	£	£	£
	Museum expenses	55,592	–	55,592	71,854
	Governance costs	–	1,713	1,713	1,514
		----------------------------	-----------------------	----------------------------	----------------------------
		55,592	1,713	57,305	73,368
		============================	=======================	============================	============================
12.	Net income
	Net income is stated after charging/(crediting):
				2021	2020
				£	£
	Depreciation of tangible fixed assets			3,694	6,699
				=======================	=======================
13.	Independent examination fees
				2021	2020
				£	£
	Fees payable to the independent examiner for:
	Independent examination of the financial statements			900	720
				==============	==============

Page 18

PENDON MUSEUM TRUST LIMITED

COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 DECEMBER 2021

14. Staff costs

The total staff costs and employee benefits for the reporting period are analysed as follows:

	2021	2020
	£	£
Wages and salaries	11,964	13,551
Employer contributions to pension plans	–	80
	----------------------------	----------------------------
	11,964	13,631
	============================	============================

The average head count of employees during the year was 1 (2020: 2). The average number of full-time equivalent employees during the year is analysed as follows:

	2021	2020
	No.	No.
Number of museum staff	1	2
	==============	==============

No employee received employee benefits of more than £60,000 during the year (2020: Nil).

15. Trustee remuneration and expenses

No remuneration or other benefits from employment with the charity or a related entity were received by any of the Trustees in this and the previous financial year.

During the year, four Trustees received reimbursement of expenses totalling £2,216 which related to various expenses, all were incurred wholly and exclusively for charitable purposes.

16. Tangible fixed assets

	Freehold		Permanent
	building	Equipment	Exhibits	Total
	£	£	£	£
Cost
At 1 January 2021 and
31 December 2021	162,460	58,703	3,000	224,163
	================================	============================	=======================	================================
Depreciation
At 1 January 2021	90,156	57,355	3,000	150,511
Charge for the year	3,249	445	–	3,694
	--------------------------------	----------------------------	-----------------------	--------------------------------
At 31 December 2021	93,405	57,800	3,000	154,205
	================================	============================	=======================	================================
Carrying amount
At 31 December 2021	69,055	903	–	69,958
	================================	============================	=======================	================================
At 31 December 2020	72,304	1,348	–	73,652
	================================	============================	=======================	================================

The freehold building is subject to a charge in favour of National Westminster Bank plc.

17. Heritage assets

Many of the Museum's displays and models have been created by volunteers. These models and displays are unique, representing thousands of hours of volunteer time over many decades. The Trustees do not consider that an accurate value can be attached to them and the costs are not capitalised.

Page 19

PENDON MUSEUM TRUST LIMITED

COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 DECEMBER 2021

18. Debtors

	2021	2020
	£	£
Amounts owed by group undertakings	19,498	13,259
Other debtors	2,405	631
	----------------------------	----------------------------
	21,903	13,890
	============================	============================

19. Investments

Pendon Museum Trust Ltd owns 100% of the 100 Ordinary £1 Shares of Pendon Museum Sales Ltd (company number 01251264).

Pendon Museum Sales Ltd is the trading company for the charity and operates the shop at the museum. Shop takings received by Pendon Museum Sales Ltd for the year ended 31 December 2021 were £7,016 (2020 - £3,513), and total expenses were £5,202 (2020 - £4,152). The profits each year are donated to Pendon Museum Trust Ltd therefore the financial statements of Pendon Museum Sales Ltd show no profit each year. The value of the donation to Pendon Museum Trust Ltd for the year ended 31 December 2021 was £1,814 (2020 - £nil as made a loss), as set out in note 8.

Pendon Museum Sales Ltd has historic profit reserves brought forward of £3,688 (2020 - £4,427) therefore the capital and reserves of the subsidiary at 31 December 2021 were £3,788 (2020 - £3,788).

20. Creditors: amounts falling due within one year

	2021	2020
	£	£
Trade creditors	300	300
Accruals and deferred income	1,079	719
Social security and other taxes	107	–
	-----------------------	-----------------------
	1,486	1,019
	=======================	=======================

Page 20

PENDON MUSEUM TRUST LIMITED

COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 DECEMBER 2021

21. Analysis of charitable funds

Unrestricted funds

Unrestricted funds
	At 1			At 31
	January			December
	2021	Income	Expenditure	2021
	£	£	£	£
General funds	481,805	225,747	(57,878)	649,674
Buildings, fixtures and equipment	73,652	–	(3,694)	69,958
	--------------------------------	--------------------------------	----------------------------	--------------------------------
	555,457	225,747	(61,572)	719,632
	================================	================================	============================	================================
	At 1			At 31
	January			December
	2020	Income	Expenditure	2020
	£	£	£	£
General funds	444,465	107,604	(70,264)	481,805
Buildings, fixtures and equipment	80,351	–	(6,699)	73,652
	--------------------------------	--------------------------------	----------------------------	--------------------------------
	524,816	107,604	(76,963)	555,457
	================================	================================	============================	================================

The general funds are unrestricted and can be used in accordance with the charitable objectives at the discretion of the Trustees. There is no stipulation on how these funds are spent.

There is a designated fund in respect of the buildings, fixtures and equipment of the charity. Their book value in the financial statements is reflected in the figures above. The expenditure represents the annual depreciation charge in the accounts. Transfers relate to newly acquired assets, where appropriate.

Restricted funds

Restricted funds
	At 1			At 31
	January			December
	2021	Income	Expenditure	2021
	£	£	£	£
QR Codes	–	630	(524)	106
	==============	==============	==============	==============
	At 1			At 31
	January			December
	2020	Income	Expenditure	2020
	£	£	£	£
QR Codes	–	–	–	–
	==============	==============	==============	==============

The Restricted Funds relate to specific projects that are undertaken.

In 2021 the Restricted Funds relate to Grants received in 2021 towards QR Codes. There were Grants received of £630 and expenses incurred of £524, there are £106 funds to carry forward.

There were no Restricted Funds brought forward, received, spent or carried forward in the year ended 31 December 2020.

Page 21

PENDON MUSEUM TRUST LIMITED

COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 DECEMBER 2021

22. Analysis of net assets between funds

	Unrestricted	Restricted	Total Funds	Total Funds
	Funds	Funds		2021
	£	£		£
Tangible fixed assets	69,958	–		69,958
Investments	100	–		100
Current assets	649,574	106		649,680
	--------------------------------	--------------		--------------------------------
Net assets	719,632	106		719,738
	================================	==============		================================
	Unrestricted	Restricted	Total Funds
	Funds	Funds		2020
	£	£		£
Tangible fixed assets	73,652	–		73,652
Investments	100	–		100
Current assets	481,705	–		481,705
	--------------------------------	--------------		--------------------------------
Net assets	555,457	–		555,457
	================================	==============		================================

23. Related parties

During the year ended 31 December 2021, Dr K J Brown was a Director of both Pendon Museum Trust Ltd and Pendon Museum Sales Ltd until his resignation from both on 7 December 2021. He received no remuneration from either entity in this or the previous year.

Donations were received from Dr K J Brown during the year ended 31 December 2021 of £500. There were no stipulations on how the donations were spent.

Page 22

PENDON MUSEUM TRUST LIMITED

COMPANY LIMITED BY GUARANTEE

MANAGEMENT INFORMATION YEAR ENDED 31 DECEMBER 2021

The following pages do not form part of the financial statements.

Page 23

PENDON MUSEUM TRUST LIMITED

COMPANY LIMITED BY GUARANTEE

DETAILED STATEMENT OF FINANCIAL ACTIVITIES

YEAR ENDED 31 DECEMBER 2021

	2021	2020
	£	£
Income and endowments
Donations and legacies
Donations	6,707	7,874
Friends of Pendon subscriptions	41,324	41,778
Gift Aid claimed on donations and subscriptions	9,245	10,408
Gift Aid claimed on museum admissions	2,150	885
Legacies	124,540	7,000
	--------------------------------	----------------------------
	183,966	67,945
	--------------------------------	----------------------------
Other trading activities
Museum admission income	11,173	4,595
Workshops, lectures and other events	283	521
	----------------------------	-----------------------
	11,456	5,116
	----------------------------	-----------------------
Investment income
Bank interest receivable	976	2,117
	--------------	-----------------------
Other income
Donation of profits from trading company	1,814	–
Job retention grant income	1,678	5,426
Local authority grant income	26,487	27,000
	----------------------------	----------------------------
	29,979	32,426
	----------------------------	----------------------------
	--------------------------------	--------------------------------
Total income	226,377	107,604
	================================	================================

Page 24

PENDON MUSEUM TRUST LIMITED

COMPANY LIMITED BY GUARANTEE

DETAILED STATEMENT OF FINANCIAL ACTIVITIES (continued)

YEAR ENDED 31 DECEMBER 2021

	2021	2020
	£	£
Expenditure
Costs of raising donations and legacies
Friends of Pendon expenses	4,791	3,595
	--------------------------------	--------------------------------
Expenditure on charitable activities
Wages and salaries	11,964	13,551
Pension costs	–	80
Rates and water	604	952
Light and heat	3,907	3,519
Repairs and maintenance	17,548	29,851
Insurance	4,646	4,247
Legal and professional fees	1,713	1,514
Telephone	2,426	2,602
Other office costs	188	1,134
Depreciation	3,694	6,699
Sundry expenses and subscriptions	4,759	2,689
Publicity	2,132	3,982
Vale and rail modelling	2,391	1,054
Rota expenses	1,333	1,494
	----------------------------	----------------------------
	57,305	73,368
	----------------------------	----------------------------
	----------------------------	----------------------------
Total expenditure	62,096	76,963
	============================	============================
	--------------------------------	----------------------------
Net income	164,281	30,641
	================================	============================