**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: - 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 modelling 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. 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: - 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. 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: - 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 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: - 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 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: - 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 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
═════════|