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2023-12-31-accounts

COMPANY REGISTRATION NUMBER: 00682542

CHARITY REGISTRATION NUMBER: 313614

PENDON MUSEUM TRUST LIMITED Company Limited by Guarantee UNAUDITED FINANCIAL STATEMENTS 31 DECEMBER 2023

VINEYARD ACCOUNTANTS

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

PENDON MUSEUM TRUST LIMITED

COMPANY LIMITED BY GUARANTEE

FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2023

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 22

Page 1

PENDON MUSEUM TRUST LIMITED

COMPANY LIMITED BY GUARANTEE

TRUSTEES' ANNUAL REPORT (INCORPORATING THE DIRECTORS' REPORT)

YEAR ENDED 31 DECEMBER 2023

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 2023.

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 Museum returned to its pre-Covid opening plan in 2022 and 2023 saw very strong visitor numbers, which at year end stood at: 7,586. The Museum has continued to offer a blended offer, marrying its physical exhibit with a strong virtual presence and over the year we have supported over 57,000 online interactions via various media.

This year we recruited a dedicated Marketing Officer to support and enhance our media presence and to reach new audiences. Our website content has continued to be added to 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 legacies received during the year 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:

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

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.

Page 2

PENDON MUSEUM TRUST LIMITED

COMPANY LIMITED BY GUARANTEE

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

YEAR ENDED 31 DECEMBER 2023

Objectives and activities (continued)

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 online archive.

The Museum was awarded Arts Council Accredited Museum Status in 2018 (Accreditation No.963), following the presentation of an extensive application portfolio and assessment visit. This status is testament to 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 or, if valued at the recommended value for volunteer time of £13.70, it's £137,000.

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, hosting a Friends event to mark the newest addition to the scene, the Brickworks. It 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 2023

Achievements and performance (continued)

More individuals and families have joined Friends of Pendon during the year. The ongoing video series 'Views of the Vale' introduced to the Friends Place website in 2021 and cameo videos of some of the trains of the Vale will have played their part; these videos 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 modelling continues to attract visitor and press coverage as well as the support of modellers eminent in their field. The work of these people supports the development of the principal exhibit, which is developing new techniques to represent life in the 1920s and 1930s. Museum staff have worked hard to develop modelling skills, running a series of popular Junior Modelling sessions and reaching out to higher education providers to see how students and the Museum's modellers may benefit from each other's skills and expertise.

Work has continued on the Annexe development, with West Waddy Archadia presenting a Development Plan of what might be feasible with the space. The company have also advised on the Vale Encapsulation, and plans for how this might work have been submitted to trustees.

Pendon Museum has grown its educational offer this year. In the early months of the year, it held a Teachers' Day to ascertain how it might develop a learning programme appropriate to local needs. Following this, staff and trustees are developing a grant proposal to seek funding for an Education and Community Engagement Officer. Various themed events were held, such as an Easter egg trail and Christmas crafts, to enrich the Museum's family offer. The year closed with the Museum's first Pre-School Day, which brought a number of under-5s to the Museum for play and crafts. It was successful and it is hoped to hold these more frequently going forward.

Reaching new audiences has been key to the Museum's work this year, and the Museum Manager has organized two events to support this. The first was a Facilitated Away Day, to enable staff, trustees and volunteers to discuss the future of the Museum and how to grow new audiences. The second event, an AIM Higher session, run by the Association of Independent Museums, built on this, and encouraged trustees and volunteers to identify key areas of work to take the Museum forward. Both days were well attended and have helped to focus thinking on the Museum's next five-year plan.

Both events were integral to the Museum's ongoing work on re-accreditation. As noted, Pendon Museum was awarded Accredited Museum status by the Arts Council in 2018 (Accreditation No. 963). Trustees have continued to use this award as a springboard to improve our processes and procedures in the Museum, helping us to enhance and maintain our professionalism. The Facilitated Away Day and the AIM Higher event have enabled staff, trustees and volunteers to take a pro-active approach to preparing for reaccreditation. 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.

The Museum Manager, Emma Midgley, appointed in 2022 has made a significant impact on the Museum this year. Her work to streamline the Museum's operational activity, coordinate volunteers, advise on strategy and governance and take the lead of estate, curatorial and community development, has made for a very robust organisation.

Page 4

PENDON MUSEUM TRUST LIMITED

COMPANY LIMITED BY GUARANTEE

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

YEAR ENDED 31 DECEMBER 2023

Financial review

The value of all funds as at 31 December 2023 was £878,873 (2022 - £873,863) which is comprised unrestricted funds of £878,767 (2022 - £873,757) and restricted funds of £106 (2022 - £106).

PRINCIPAL FUNDING SOURCES

The total income for the year was £142,202 (2022 - £251,471) comprising museum admission income, subscriptions, donations, investment income and donation from the subsidiary. In addition to this regular income there were legacies totalling £2,580 (2022 - £148,685). This year the income exceeded the expenditure by £5,010 (2022 - £154,125). 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 2023

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, work is already ongoing to revise the plan for the subsequent five year period, accounting for changes to both our Museum and operations, and the general museum/leisure world post Covid

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

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. An updated plan covering the period 2020 - 2024 has been put in place. Work to revise this plan for the post-Covid world started in 2022 and was ongoing throughout 2023. 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 into the Trust's plans.

Page 6

PENDON MUSEUM TRUST LIMITED

COMPANY LIMITED BY GUARANTEE

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

YEAR ENDED 31 DECEMBER 2023

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

Accountants

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

Vineyard 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 in 2023 were M P Moignard and P N Wood. For the financial year ended 31 December 2023 the company was due to make a donation of £8,232 (2022 - £7,994) 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.

Page 7

PENDON MUSEUM TRUST LIMITED

COMPANY LIMITED BY GUARANTEE

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

YEAR ENDED 31 DECEMBER 2023

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:

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 2023

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

M P Moignard P J Wiltshire O Green M J Smith Ms A S A Saunders S D Johnson P Owen (Appointed 2 May 2023)

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:

Chair: M J Smith Secretary: Ms A S A Saunders (appointed July 2023)

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 Ms A S A Saunders

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 2023

The trustees' annual report (incorporating the directors' report) and the strategic report were approved on 10 May 2024 and signed on behalf of the board of trustees by:

Ms A S A Saunders Charity Secretary

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 2023

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 2023.

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

5 June 2024

Page 11

PENDON MUSEUM TRUST LIMITED

COMPANY LIMITED BY GUARANTEE

STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT)

YEAR ENDED 31 DECEMBER 2023

2023 2022
Unrestricted Restricted
funds funds Total funds Total funds
Note £ £ £ £
Income and endowments
Donations and legacies 5 72,855 – 72,855 210,589
Other trading activities 6 40,709 – 40,709 25,971
Investment income 7 16,031 – 16,031 2,797
Other income 8 12,607 – 12,607 12,114
───────── ──── ───────── ─────────
Total income 142,202 – 142,202 251,471
═════════ ════ ═════════ ═════════
Expenditure
Expenditure on raising funds:
Costs of raising donations and
legacies 9 4,709 – 4,709 3,911
Expenditure on charitable activities 10,11 132,483 – 132,483 93,435
───────── ──── ───────── ────────
Total expenditure 137,192 – 137,192 97,346
═════════ ════ ═════════ ════════
───────── ──── ───────── ─────────
Net income and net movement in funds 5,010 – 5,010 154,125
═════════ ════ ═════════ ═════════
Reconciliation of funds
Total funds brought forward 873,757 106 873,863 719,738
───────── ──── ───────── ─────────
Total funds carried forward 878,767
═════════		 106
════		 878,873
═════════		 873,863
═════════

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 20 form part of these financial statements.

Page 12

PENDON MUSEUM TRUST LIMITED

COMPANY LIMITED BY GUARANTEE

STATEMENT OF FINANCIAL POSITION

31 DECEMBER 2023

2023 2022
Note £ £
Fixed assets
Tangible fixed assets 16 62,570 66,264
Current assets
Debtors 18 13,873 43,760
Investments 19 100 100
Cash at bank and in hand 806,270 765,422
───────── ─────────
820,243 809,282
Creditors: amounts falling due within one year 20 3,940 1,683
───────── ─────────
Net current assets 816,303 807,599
───────── ─────────
Total assets less current liabilities 878,873 873,863
───────── ─────────
Net assets 878,873 873,863
═════════ ═════════
Funds of the charity
Restricted funds 106 106
Unrestricted funds 878,767 873,757
───────── ─────────
Total charity funds 21 878,873
═════════		 873,863
═════════

For the year ending 31 December 2023 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

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 10 May 2024 and are signed on behalf of the board by:

M J Smith Trustee

Ms A S A Saunders Trustee

The notes on pages 13 to 20 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 2023

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 2023

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:

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 2023

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 cash-generating 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 2023

5. Donations and legacies

Unrestricted Total Funds Unrestricted Total Funds
Funds 2023 Funds 2022
£ £ £ £
Donations
Donations 11,346 11,346 5,924 5,924
Friends of Pendon subscriptions 41,711 41,711 41,409 41,409
Gift Aid claimed on donations and
subscriptions 17,218 17,218 14,571 14,571
Legacies
Legacies 2,580 2,580 148,685 148,685
──────── ──────── ───────── ─────────
72,855 72,855 210,589 210,589
════════ ════════ ═════════ ═════════
Other trading activities
Unrestricted Total Funds Unrestricted Total Funds
Funds 2023 Funds 2022
£ £ £ £
Museum admission income 41,766 41,766 27,106 27,106
Workshops, lectures and other events (1,057) (1,057) (1,135) (1,135)
──────── ──────── ──────── ────────
40,709 40,709 25,971 25,971
════════ ════════ ════════ ════════
Investment income
Unrestricted Total Funds Unrestricted Total Funds
Funds 2023 Funds 2022
£ £ £ £
Bank interest receivable 16,031 16,031 2,797 2,797
════════ ════════ ═══════ ═══════
Other income
Unrestricted Total Funds Unrestricted Total Funds
Funds 2023 Funds 2022
£ £ £ £
Donation of profits from trading
company 8,232 8,232 7,994 7,994
Other income 1,935 1,935 50 50
Local authority grant income 2,440 2,440 4,070 4,070
──────── ──────── ──────── ────────
12,607
════════		 12,607
════════		 12,114
════════		 12,114
════════

6. Other trading activities

7. Investment income

8. Other income

9. Costs of raising donations and legacies

Unrestricted Total Funds Unrestricted Total Funds
Funds 2023 Funds 2022
£ £ £ £
Friends of Pendon administration 4,709 4,709 3,911 3,911
═══════ ═══════ ═══════ ═══════

Page 17

PENDON MUSEUM TRUST LIMITED

COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 DECEMBER 2023

10. Expenditure on charitable activities by fund type

Unrestricted Total Funds Unrestricted Total Funds
Funds 2023 Funds 2022
£ £ £ £
Museum expenses 130,943 130,943 91,791 91,791
Support costs 1,540 1,540 1,644 1,644
───────── ───────── ──────── ────────
132,483
═════════		 132,483
═════════		 93,435
════════		 93,435
════════

11. Expenditure on charitable activities by activity type

Activities
undertaken Support Total funds Total fund
directly costs 2023 2022
£ £ £ £
Museum expenses 130,943 – 130,943 91,791
Governance costs – 1,540 1,540 1,644
───────── ─────── ───────── ────────
130,943
═════════		 1,540
═══════		 132,483
═════════		 93,435
════════

12. Net income

Net income is stated after charging/(crediting):

Net income is stated after charging/(crediting):
2023 2022
£ £
Depreciation of tangible fixed assets 3,694
═══════		 3,694
═══════

13. Independent examination fees

2023 2022
£ £
Fees payable to the independent examiner for:
Independent examination of the financial statements 1,000
═══════		 900
════

14. Staff costs

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

2023 2022
£ £
Wages and salaries 41,415 36,506
Employer contributions to pension plans 846 557
──────── ────────
42,261
════════		 37,063
════════

The average head count of employees during the year was 2 (2022: 2). The average number of fulltime equivalent employees during the year is analysed as follows:

2023 2022
No. No.
Number of museum staff 2 2
════ ════

No employee received employee benefits of more than £60,000 during the year (2022: Nil).

Page 18

PENDON MUSEUM TRUST LIMITED

COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 DECEMBER 2023

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.

16. Tangible fixed assets

Freehold Permanent
building Equipment Exhibits Total
£ £ £ £
Cost
At 1 January 2023 and
31 December 2023 162,460 58,703 3,000 224,163
═════════ ════════ ═══════ ═════════
Depreciation
At 1 January 2023 96,654 58,245 3,000 157,899
Charge for the year 3,249 445 – 3,694
───────── ──────── ─────── ─────────
At 31 December 2023 99,903 58,690 3,000 161,593
═════════ ════════ ═══════ ═════════
Carrying amount
At 31 December 2023 62,557 13 – 62,570
═════════ ════════ ═══════ ═════════
At 31 December 2022 65,806 458 – 66,264
═════════ ════════ ═══════ ═════════

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.

18. Debtors

2023 2022
£ £
Amounts owed by group undertakings – 35,056
Prepayments and accrued income 5,196 –
Other debtors 8,677 8,704
──────── ────────
13,873
════════		 43,760
════════

Page 19

PENDON MUSEUM TRUST LIMITED

COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 DECEMBER 2023

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. Total takings received by Pendon Museum Sales Ltd for the year ended 31 December 2023 were £21,508 (2022 - £20,242), and total expenses were £13,276 (2022 - £11,346). 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 2023 was £8,232 (2022 - £7,994), as set out in note 8.

Pendon Museum Sales Ltd has historic profit reserves brought forward of £3,788 (2022 - £3,788) therefore the capital and reserves of the subsidiary at 31 December 2023 were £3,888 (2021 - £3,888).

20. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 300 300
Amounts owed to group undertakings 2,177 –
Accruals and deferred income 1,354 1,274
Social security and other taxes 109 109
─────── ───────
3,940
═══════		 1,683
═══════

21. Analysis of charitable funds

Unrestricted funds

Unrestricted funds
At 1 At 31
January December
2023 Income Expenditure 2023
£ £ £ £
General funds 807,493 142,202 (133,498) 816,197
Buildings, fixtures and equipment 66,264 – (3,694) 62,570
───────── ───────── ───────── ─────────
873,757 142,202 (137,192) 878,767
═════════ ═════════ ═════════ ═════════
At 1 At 31
January December
2022 Income Expenditure 2022
£ £ £ £
General funds 649,674 251,471 (93,652) 807,493
Buildings, fixtures and equipment 69,958 – (3,694) 66,264
───────── ───────── ──────── ─────────
719,632 251,471 (97,346) 873,757
═════════ ═════════ ════════ ═════════

Page 20

PENDON MUSEUM TRUST LIMITED

COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 DECEMBER 2023

21. Analysis of charitable funds (continued)

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
2023 Income Expenditure 2023
£ £ £ £
QR Codes 106 – – 106
════ ════ ════ ════
At 1 At 31
January December
2022 Income Expenditure 2022
£ £ £ £
QR Codes 106 – – 106
════ ════ ════ ════

The Restricted Funds relate to specific projects that are undertaken.

The Restricted Funds brought forward and carried forward in 2023 relate to Grants received in 2021 towards QR Codes. In both 2022 and 2023 there was no further income or expenses incurred.

22. Analysis of net assets between funds

Unrestricted Restricted Total Funds
Funds Funds 2023
£ £ £
Tangible fixed assets 62,570 – 62,570
Investments 100 – 100
Current assets 816,097 106 816,203
───────── ──── ─────────
Net assets 878,767 106 878,873
═════════ ════ ═════════
Unrestricted Restricted Total Funds
Funds Funds 2022
£ £ £
Tangible fixed assets 66,264 – 66,264
Investments 100 – 100
Current assets 807,393 106 807,499
───────── ──── ─────────
Net assets 873,757 106 873,863
═════════ ════ ═════════

23. Related parties

In the year ended 31 December 2023 there were no transactions with Related Parties that require further disclosure (2022 - Nil).

Page 21

PENDON MUSEUM TRUST LIMITED

COMPANY LIMITED BY GUARANTEE

MANAGEMENT INFORMATION YEAR ENDED 31 DECEMBER 2023

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

Page 22

PENDON MUSEUM TRUST LIMITED

COMPANY LIMITED BY GUARANTEE

DETAILED STATEMENT OF FINANCIAL ACTIVITIES

YEAR ENDED 31 DECEMBER 2023

2023 2022
£ £
Income and endowments
Donations and legacies
Donations 11,346 5,924
Friends of Pendon subscriptions 41,711 41,409
Gift Aid claimed on donations and subscriptions 17,218 14,571
Legacies 2,580 148,685
──────── ─────────
72,855 210,589
──────── ─────────
Other trading activities
Museum admission income 41,766 27,106
Workshops, lectures and other events (1,057) (1,135)
──────── ────────
40,709 25,971
──────── ────────
Investment income
Bank interest receivable 16,031 2,797
──────── ───────
Other income
Donation of profits from trading company 8,232 7,994
Other income 1,935 50
Local authority grant income 2,440 4,070
──────── ────────
12,607 12,114
──────── ────────
───────── ─────────
Total income 142,202
═════════		 251,471
═════════

Page 23

PENDON MUSEUM TRUST LIMITED

COMPANY LIMITED BY GUARANTEE

DETAILED STATEMENT OF FINANCIAL ACTIVITIES (continued)

YEAR ENDED 31 DECEMBER 2023

2023 2022
£ £
Expenditure
Costs of raising donations and legacies
Friends of Pendon expenses 4,709 3,911
───────── ─────────
Expenditure on charitable activities
Wages and salaries 41,415 36,506
Pension costs 846 557
Rates and water 856 935
Light and heat 18,696 6,689
Repairs and maintenance 27,684 17,594
Insurance 1,205 4,602
Legal and professional fees 1,540 1,644
Telephone 1,193 2,838
Other office costs 1,134 516
Depreciation 3,694 3,694
Sundry expenses and subscriptions 3,922 3,406
Publicity 16,674 5,990
Vale and rail modelling 3,388 2,958
Rota expenses 7,117 5,506
IT and computers 3,119 –
───────── ────────
132,483 93,435
───────── ────────
───────── ────────
Total expenditure 137,192 97,346
═════════ ════════
───────── ─────────
Net income 5,010
═════════		 154,125
═════════