COMPANY REGISTRATION NUMBER: 00682542 CHARITY REGISTRATION NUMBER: 313614
PENDON MUSEUM TRUST LIMITED Company Limited by Guarantee UNAUDITED FINANCIAL STATEMENTS 31 DECEMBER 2024
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 2024
| Page | |
|---|---|
| Trustees' annual report (incorporating the directors' report) | 1 |
| Independent examiner's report to the trustees | 11 |
| Statement of financial activities (including income and | |
| expenditure account) | 12 |
| Statement of financial position | 13 |
| Notes to the financial statements | 14 |
| The following pages do not form part of the financial statements | |
| Detailed statement of financial activities | 25 |
Page 1
PENDON MUSEUM TRUST LIMITED
COMPANY LIMITED BY GUARANTEE
TRUSTEES' ANNUAL REPORT (INCORPORATING THE DIRECTORS' REPORT)
YEAR ENDED 31 DECEMBER 2024
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 2024.
Chair's report
Dear Members, Friends and supporters,
We have had a very busy and successful year as is set out in these accounts, much has happened and much is planned but I am firmly of the view that we are making progress on some of the projects that have been discussed for many years now.
I thank all those who have contributed to the mission of the museum, particularly Mick Moignard who stepped down as a trustee during the year. Id also like to take a moment to remember those past members and friends who have contributed so much in the past but sadly are no longer with us.
As I look forward it is vital for the future of the Museum that we develop the presentation of the Museum and make it relevant to today's visitors. When the museum was founded, nostalgia for the 1920s and 1930s was a sufficient motivation for visiting. Today however, that period is no longer within living memory but is history, indeed to most of our younger visitors it may seem to be ancient history, which needs far more explanation than in the past. So let's look forward to 2025 and further development of the Museum.
Malcolm Smith Chairman
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.
In 2024, the Museum continued to develop its major exhibits while maintaining existing displays. The Museum operated on weekends, bank holidays, school holidays, and select Thursdays, alongside special showings for pre-booked groups.
Visitor numbers increased to 7,692 (2023: 7,586), reflecting successful outreach and marketing efforts.
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.
Page 2
PENDON MUSEUM TRUST LIMITED
COMPANY LIMITED BY GUARANTEE
TRUSTEES' ANNUAL REPORT (INCORPORATING THE DIRECTORS' REPORT) (continued)
YEAR ENDED 31 DECEMBER 2024
Objectives and activities (continued)
PUBLIC BENEFIT
The activities of the Museum provide public benefit and can be divided into three main areas:
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Maintenance of archive records of landscape, buildings and railways, primarily from the Vale of White Horse area.
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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.
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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 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. Volunteers remain central to Pendon's operations. In 2024, 69 active volunteers contributed over 2,600 hours to public openings, with additional unquantified hours dedicated to maintenance, modelling, administration, and outreach. 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.
Page 3
PENDON MUSEUM TRUST LIMITED
COMPANY LIMITED BY GUARANTEE
TRUSTEES' ANNUAL REPORT (INCORPORATING THE DIRECTORS' REPORT) (continued)
YEAR ENDED 31 DECEMBER 2024
Achievements and performance
REVIEW OF DEVELOPMENTS, ACTIVITIES AND ACHIEVEMENTS
2024 was a particularly important year for the museum as it celebrated its 70th anniversary. The Trust held an exhibition on the Great Western Railway's influence on the development of transport which included special running weekends on the theme of GWR Then and Now. These demonstrated the evolution of rail traffic from the 1930s up to the modern day. We also held a small photography exhibition from our extensive archive highlighting some of the changes in the buildings that have been modelled at the museum over the past 100 years.
In 2024 volunteers contributed over 10000 hours, this is equivalent to over £137500 in volunteer time. In recognition of all that the volunteers have achieved to make Pendon Museum what it is today, the Trust ran a coach tour around the Vale of White Horse for the volunteers including a complimentary pub lunch. Whilst they have contributed so much, we recognise that volunteering is changing with increasing demands on people's time, we are continuously trying to recruit new volunteers; to achieve this we produced a new volunteer leaflet, ran a volunteer recruitment event, and started advertising for specific volunteer roles.
Considerable progress on the Vale scene was made in 2024. The canal was completed, and work commenced on another section in the Vale scene. The Station Master's house with garden has been installed into the scene and further work has been done to complete the landscape around the Brickworks. In the meantime, Edmonds and Blissett's Cottages, the Manor house and the Church are still in progress, and two buildings of the Knighton Farm complex are close to completion. Modellers are also continuing to enhance the scene; lights have been installed in the signal box, several new coaches are in progress, including Private Owner Wagons and 5 Iron Mink vans and several locomotives have been restored with new chassis.
Volunteers are in the process of creating a series of Down the Lane videos. The first film is on display forming part of the interpretation of Vale. The Trust are noticing that the film is enhancing people's visit. People are spending more time looking at the scene in much more detail, thus deepening their appreciation of what they are looking at.
The footbridge in Dartmoor has been restored, and several other improvements have been made including improving the fencing and adding additional enamel signs in the railway station area. The Dartmoor team have made the railway adjacent to the turntable operational. Whilst not functional during a normal open day, we shared footage on different social media platforms, resulting in a significant increase in interactions thereby raising the profile of the museum with people who may not have heard of it.
The trust has designated funds from its unrestricted reserves (£750k) towards the future development of the museum. There are two projects that this will contribute towards, the vale encapsulation project and the building renovation project.
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PENDON MUSEUM TRUST LIMITED
COMPANY LIMITED BY GUARANTEE
TRUSTEES' ANNUAL REPORT (INCORPORATING THE DIRECTORS' REPORT) (continued)
YEAR ENDED 31 DECEMBER 2024
Achievements and performance (continued)
The Trust are working with architects, West Waddy Archadia on the vale encapsulation project which will replace the surrounding infrastructure around the main feature of the Museum, the Vale scene. This is necessary because it is both showing signs of wear and tear which in itself could damage the Vale Scene, and secondly it is not effective at climatically controlling the environment, allowing light damage, dust and humidity to affect the scene. The architects are working with specialist contractors to ensure that we do everything we can to protect the model both during the works and after the completion of the project, the aim of which is to replace the stretched ceiling, the lighting, the environmental controls and the casing around the model. This will not only protect the model for future generations but will also provide us with an opportunity to update the interpretation, making it relevant and engaging to a wider audience whilst improving access and reducing our environmental impact.
The second aspect of the designated funds will be to upgrade the building and exhibition spaces. The Trustees have started to take important steps to improve the visitor experience but recognise that we are the beginning of this process. A vision for the future of the Museum is in progress including exciting opportunities to improve the visitor experience, contextualise the displays to make them engaging for a wider audience and create additional display space that will enable us to further develop the themes rural life, living and working in the countryside, railways and the use of miniatures to portray these themes.
In recognition that we need to bring our audience with us and respond to their expectations, we are in the process of planning an Audience Research project to ensure that decisions we make are based on evidence to ensure the future sustainability of the museum. We recognise that to achieve some of our longer-term goals, we will need to reconfigure some of the spaces. We successfully applied for Building Regulations to refurbish the Annex so that it becomes a useable space for museum.
As a volunteer run organisation, we are limited to number of hours the museum is able to open but we recognise that we need to improve accessibility. In our effort to engage a wider audience, the Trust participated in the Heritage Open Days, this proved to be extremely successful. We also extended our outreach programme beyond the model railway community; we attended Miniatura, the Dolls House exhibition and the Woodcote Steam Rally Fair. We will be continuing to extend this to other exhibitions in 2025.
The appointment of a freelance marketing officer continues to make a significant difference. During 2024, we doubled the number of posts on Facebook, the primary social media platform. The behind-the-scenes views are proving to be extremely popular, with one post having 5.4K interactions. We were awarded the Travellers Choice award on Trip Adviser with the consistent good reviews on behalf of the visitors; and whether through editorial or paid advertising, we appeared 37 times in 23 different publications. In order to get a better understanding of where to best invest resources in marketing, analysis on paid adverts was undertaken to determine the comparative level of engagement in different publications. This will inform the marketing strategy in 2025.
These activities resulted in a small increase in visitor numbers over 2023. However, looking at the distribution of visitor numbers over the year, visitor numbers in most months were at the same level or higher, in March, June and September the visitor numbers were 50% - 60% higher however visitor numbers over Easter and the Summer holidays were lower, suggesting that people may have started travelling abroad post-pandemic.
We ran nine junior modelling days during the school holidays; these continue to be extremely popular resulting in nearly 900 visitors. We ran two preschool sessions and developed two new family trails to encourage dialogue between family members. We also re-started the adult modelling courses with the Scenic Modelling Course, this proved to be extremely successful with places filling extremely quickly and a long waiting list for future courses.
Page 5
PENDON MUSEUM TRUST LIMITED
COMPANY LIMITED BY GUARANTEE
TRUSTEES' ANNUAL REPORT (INCORPORATING THE DIRECTORS' REPORT) (continued)
YEAR ENDED 31 DECEMBER 2024
Achievements and performance (continued)
We are continuing to build links with the local community. The pop-up café has grown considerably in 2024 making the museum a community hub, we also provide a venue for the local branch of the Scalefour Society to meet. Other smaller projects that have contributed to improvements to the museum are the installation of a new fence at the Tithe Cottage and the Trust have streamlined some of the IT systems to make them more efficient and cost effective.
The support of the Friends continues to be essential for the museum. The Trust are in the process of evaluating how to improve our offer to the Friends. Pendon Museum has a fantastic library, but access has always proved to be an issue. The Trust have rationalised the collection and made the catalogue accessible online through Tiny Cat. This has been rolled out to volunteers on a trial basis, and we will extend it to the Friends in 2025.
Financial review
The value of all funds as at 31 December 2024 was £945,644 (2023 - £878,873) which is comprised unrestricted funds of £945,538 (2023 - £878,767) and restricted funds of £106 (2023 - £106).
Within the unrestricted funds are designated funds amounting to £811,692 (2023 - £62,570) in respect of a building, fixtures and equipment fund amounting to £61,692 (2023 - £62,570) and a development fund of £750,000 (2023 - £nil), which is made up of a transfer from general reserves.
PRINCIPAL FUNDING SOURCES
The total surplus for the year was £66,771 (2023 - £5,010) comprising museum admission income, subscriptions, donations, investment income and donation from the subsidiary. In addition to this regular income there were legacies totalling £77,674 (2023 - £2,580). 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 £150,000 (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. The Trustees have taken the decision to consolidate their cash on deposit with NatWest Group PLC to maximise the interest returns.
Page 6
PENDON MUSEUM TRUST LIMITED
COMPANY LIMITED BY GUARANTEE
TRUSTEES' ANNUAL REPORT (INCORPORATING THE DIRECTORS' REPORT) (continued)
YEAR ENDED 31 DECEMBER 2024
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 Risk Management for the Trust has been updated. The Trustees have implemented a risk management strategy which comprises:
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An annual review of the risks which the charity may face;
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The establishment of systems and procedures to mitigate those risks identified in the plan;
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The implementation of procedures designed to minimise any potential impact on the charity should
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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.
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 non-charitable trading activities for the charity. Full details are set out in note 20. The Directors of the subsidiary company in 2024 were M P Moignard and P N Wood to 16 September 2024. The directors were then changed to P J L Owen and Dr A S A Saunders at this date. For the financial year ended 31 December 2024 the company was due to make a donation of £12,995 (2023 - £8,232) transferring all its profits to to the charity.
Page 7
PENDON MUSEUM TRUST LIMITED
COMPANY LIMITED BY GUARANTEE
TRUSTEES' ANNUAL REPORT (INCORPORATING THE DIRECTORS' REPORT) (continued)
YEAR ENDED 31 DECEMBER 2024
Structure, governance and management (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 3 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
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 8
PENDON MUSEUM TRUST LIMITED
COMPANY LIMITED BY GUARANTEE
TRUSTEES' ANNUAL REPORT (INCORPORATING THE DIRECTORS' REPORT) (continued)
YEAR ENDED 31 DECEMBER 2024
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:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgments and estimates that are reasonable and prudent;
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state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements
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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.
Plans for future periods
Following extensive consultation with a range of stakeholders, the Museum Development Group updated to the Five Year Action Plan for the Museum. This has been refreshed and is being implemented as discussed in the Chairman's Report.
Page 9
PENDON MUSEUM TRUST LIMITED
COMPANY LIMITED BY GUARANTEE
TRUSTEES' ANNUAL REPORT (INCORPORATING THE DIRECTORS' REPORT) (continued)
YEAR ENDED 31 DECEMBER 2024
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 (Resigned 16 September 2024) P J Wiltshire O Green M J Smith Dr A S A Saunders S D Johnson P Owen
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.
Trustee movements after the year end but before the accounts were approved:-
D I Thomas (appointed 4 March 2025)
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: Dr 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
Independent examiner
Dr A S A Saunders Helen Gee FCCA 5 The Chambers Vineyard Abingdon-on-Thames
Page 10
PENDON MUSEUM TRUST LIMITED
COMPANY LIMITED BY GUARANTEE
TRUSTEES' ANNUAL REPORT (INCORPORATING THE DIRECTORS' REPORT) (continued)
YEAR ENDED 31 DECEMBER 2024
The trustees' annual report (incorporating the directors' report) and the strategic report were approved on .............................. and signed on behalf of the board of trustees by:
Dr A S A Saunders Charity Secretary
Page 11
PENDON MUSEUM TRUST LIMITED
COMPANY LIMITED BY GUARANTEE
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF PENDON MUSEUM TRUST LIMITED
YEAR ENDED 31 DECEMBER 2024
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 2024.
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:
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accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or
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the financial statements do not accord with those records; or
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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
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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
Page 12
PENDON MUSEUM TRUST LIMITED
COMPANY LIMITED BY GUARANTEE
STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT)
YEAR ENDED 31 DECEMBER 2024
| 2024 | 2023 | ||||
|---|---|---|---|---|---|
| Unrestricted | Restricted | ||||
| funds | funds | Total funds | Total funds | ||
| Note | £ | £ | £ | £ | |
| Income and endowments | |||||
| Donations and legacies | 5 | 141,870 | – | 141,870 | 72,856 |
| Other trading activities | 6 | 45,202 | – | 45,202 | 41,766 |
| Investment income | 7 | 22,517 | – | 22,517 | 16,031 |
| Other income | 8 | 13,395 | – | 13,395 | 12,607 |
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──── |
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||
| Total income | 222,984 | – | 222,984 | 143,260 | |
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════ |
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═════════ |
||
| Expenditure | |||||
| Expenditure on raising funds: | |||||
| Costs of raising donations and | |||||
| legacies | 9 | 6,150 | – | 6,150 | 4,709 |
| Costs of other trading activities | 10 | 1,996 | – | 1,996 | 1,058 |
| Expenditure on charitable activities | 11,12 | 148,067 | – | 148,067 | 132,483 |
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──── |
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───────── |
||
| Total expenditure | 156,213 | – | 156,213 | 138,250 | |
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||
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──── |
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| Net income and net movement in funds | 66,771 | – | 66,771 | 5,010 | |
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| Reconciliation of funds | |||||
| Total funds brought forward | 878,767 | 106 | 878,873 | 873,863 | |
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| Total funds carried forward | 945,538═════════ |
106════ |
945,644═════════ |
878,873═════════ |
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 14 to 23 form part of these financial statements.
Page 13
PENDON MUSEUM TRUST LIMITED
COMPANY LIMITED BY GUARANTEE
STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2024
| 2024 | 2023 | ||
|---|---|---|---|
| Note | £ | £ | |
| Fixed assets | |||
| Tangible fixed assets | 17 | 61,692 | 62,570 |
| Investments | 19 | 100 | 100 |
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──────── |
||
| 61,792 | 62,670 | ||
| Current assets | |||
| Debtors | 20 | 17,669 | 13,873 |
| Cash at bank and in hand | 878,283 | 806,270 | |
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───────── |
||
| 895,952 | 820,143 | ||
| Creditors: amounts falling due within one year | 21 | 12,100 | 3,940 |
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||
| Net current assets | 883,852 | 816,203 | |
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───────── |
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| Total assets less current liabilities | 945,644 | 878,873 | |
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| Net assets | 945,644 | 878,873 | |
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═════════ |
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| Funds of the charity | |||
| Restricted funds | 106 | 106 | |
| Unrestricted funds | 945,538 | 878,767 | |
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───────── |
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| Total charity funds | 22 | 945,644═════════ |
878,873═════════ |
For the year ending 31 December 2024 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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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;
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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 ........................, and are signed on behalf of the board by:
M J Smith Trustee
P Owen Trustee
The notes on pages 14 to 23 form part of these financial statements.
Page 14
PENDON MUSEUM TRUST LIMITED
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2024
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 15
PENDON MUSEUM TRUST LIMITED
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31 DECEMBER 2024
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 16 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 16
PENDON MUSEUM TRUST LIMITED
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31 DECEMBER 2024
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
Investments
Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impairment.
Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost
less any accumulated impairment losses.
Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value taken through income or expenditure. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted.
Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses.
Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value taken through income or expenditure. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted.
Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
Page 17
PENDON MUSEUM TRUST LIMITED
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31 DECEMBER 2024
3. Accounting policies (continued)
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
This relates to 100% of the share capital at cost in the subsidiary company.
Cash at bank and in hand
Cash deposits are stated at their original cost.
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.
5. Donations and legacies
| Donations and legacies | ||||
|---|---|---|---|---|
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
| Funds | 2024 | Funds | 2023 | |
| £ | £ | £ | £ | |
| Donations | ||||
| Donations | 7,791 | 7,791 | 11,347 | 11,347 |
| Friends of Pendon subscriptions | 40,236 | 40,236 | 41,711 | 41,711 |
| Gift Aid claimed on donations and | ||||
| subscriptions | 16,169 | 16,169 | 17,218 | 17,218 |
| Legacies | ||||
| Legacies | 77,674 | 77,674 | 2,580 | 2,580 |
───────── |
───────── |
──────── |
──────── |
|
| 141,870 | 141,870 | 72,856 | 72,856 | |
═════════ |
═════════ |
════════ |
════════ |
Page 18
PENDON MUSEUM TRUST LIMITED
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31 DECEMBER 2024
6. Other trading activities
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2024 | Funds | 2023 | |
| £ | £ | £ | £ | |
| Museum admission income | 44,309 | 44,309 | 41,766 | 41,766 |
| Workshops, lectures and other events | 893 |
893 | – | – |
──────── |
──────── |
──────── |
──────── |
|
| 45,202 | 45,202 | 41,766 | 41,766 | |
════════ |
════════ |
════════ |
════════ |
|
| Investment income | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
| Funds | 2024 | Funds | 2023 | |
| £ | £ | £ | £ | |
| Bank interest receivable | 22,517 | 22,517 | 16,031 | 16,031 |
════════ |
════════ |
════════ |
════════ |
|
| Other income | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
| Funds | 2024 | Funds | 2023 | |
| £ | £ | £ | £ | |
| Donation of profits from trading | ||||
| company | 12,995 | 12,995 | 8,232 | 8,232 |
| Other income | 400 | 400 | 1,935 | 1,935 |
| Local authority grant income | – | – | 2,440 | 2,440 |
──────── |
──────── |
──────── |
──────── |
|
| 13,395 | 13,395 | 12,607 | 12,607 | |
════════ |
════════ |
════════ |
════════ |
|
| Costs of raising donations and legacies | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
| Funds | 2024 | Funds | 2023 | |
| £ | £ | £ | £ | |
| Friends of Pendon administration | 6,150 | 6,150 | 4,709 | 4,709 |
═══════ |
═══════ |
═══════ |
═══════ |
|
| Costs of other trading activities | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
| Funds | 2024 | Funds | 2023 | |
| £ | £ | £ | £ | |
| Costs of other trading actitivies - | ||||
| Staging events | 1,996 | 1,996 | 1,058 | 1,058 |
═══════ |
═══════ |
═══════ |
═══════ |
|
| Expenditure on charitable activities | by fund type | |||
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
| Funds | 2024 | Funds | 2023 | |
| £ | £ | £ | £ | |
| Museum expenses | 146,196 | 146,196 | 130,943 | 130,943 |
| Support costs | 1,871 | 1,871 | 1,540 | 1,540 |
───────── |
───────── |
───────── |
───────── |
|
| 148,067 | 148,067 | 132,483 | 132,483 | |
═════════ |
═════════ |
═════════ |
═════════ |
7. Investment income
8. Other income
9.
10. Costs of other trading activities
11. Expenditure on charitable activities by fund type
Page 19
PENDON MUSEUM TRUST LIMITED
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31 DECEMBER 2024
12. Expenditure on charitable activities by activity type
| Activities | |||||
|---|---|---|---|---|---|
| undertaken | Total funds | Total fund | |||
| directly Support costs | 2024 | 2023 | |||
| £ | £ | £ | £ | ||
| Museum expenses | 146,196 | – | 146,196 | 130,943 | |
| Governance costs | – | 1,871 | 1,871 | 1,540 | |
───────── |
─────── |
───────── |
───────── |
||
| 146,196 | 1,871 | 148,067 | 132,483 | ||
═════════ |
═══════ |
═════════ |
═════════ |
||
| 13. | Net income | ||||
| Net income is stated after charging/(crediting): | |||||
| 2024 | 2023 | ||||
| £ | £ | ||||
| Depreciation of tangible fixed assets | 3,842 | 3,694 | |||
═══════ |
═══════ |
||||
| 14. | Independent examination fees | ||||
| 2024 | 2023 | ||||
| £ | £ | ||||
| Fees payable to the independent examiner for: | |||||
| Independent examination of the financial statements | 1,440 | 1,200 | |||
| Other financial services | 224 | 209 | |||
─────── |
─────── |
||||
1,664═══════ |
1,409═══════ |
Other financial services relate to providing payroll services.
15. Staff costs
The total staff costs and employee benefits for the reporting period are analysed as follows:
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Wages and salaries | 44,876 | 41,415 |
| Employer contributions to pension plans | 929 | 846 |
──────── |
──────── |
|
45,805════════ |
42,261════════ |
The average head count of employees during the year was 2 (2023: 2). The average number of full-time equivalent employees during the year is analysed as follows:
| 2024 | 2023 | |
|---|---|---|
| No. | No. | |
| Number of museum staff | 2 | 2 |
════ |
════ |
No employee received employee benefits of more than £60,000 during the year (2023: Nil).
16. 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.
Page 20
PENDON MUSEUM TRUST LIMITED
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31 DECEMBER 2024
17. Tangible fixed assets
| Freehold | Permanent | |||
|---|---|---|---|---|
| building | Equipment | Exhibits | Total | |
| £ | £ | £ | £ | |
| Cost | ||||
| At 1 January 2024 | 162,460 | 58,703 | 3,000 | 224,163 |
| Additions | – | 2,964 | – | 2,964 |
───────── |
──────── |
─────── |
───────── |
|
| At 31 December 2024 | 162,460 | 61,667 | 3,000 | 227,127 |
═════════ |
════════ |
═══════ |
═════════ |
|
| Depreciation | ||||
| At 1 January 2024 | 99,903 | 58,690 | 3,000 | 161,593 |
| Charge for the year | 3,249 | 593 | – | 3,842 |
───────── |
──────── |
─────── |
───────── |
|
| At 31 December 2024 | 103,152 | 59,283 | 3,000 | 165,435 |
═════════ |
════════ |
═══════ |
═════════ |
|
| Carrying amount | ||||
| At 31 December 2024 | 59,308 | 2,384 | – | 61,692 |
═════════ |
════════ |
═══════ |
═════════ |
|
| At 31 December 2023 | 62,557═════════ |
13════════ |
–═══════ |
62,570═════════ |
The freehold building is subject to a charge in favour of National Westminster Bank plc.
18. 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.
19. Investments
| Other | |
|---|---|
| investments | |
| £ | |
| Cost or valuation | |
| At 1 January 2024 | 100 |
| Additions | – |
──── |
|
| At 31 December 2024 | 100 |
════ |
|
| Impairment | |
| At 1 January 2024 and 31 December 2024 | – |
════ |
|
| Carrying amount | |
| At 31 December 2024 | 100 |
════ |
|
| At 31 December 2023 | 100 |
════ |
All investments shown above are held at valuation.
Page 21
PENDON MUSEUM TRUST LIMITED
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31 DECEMBER 2024
19. Investments (continued)
Pendon Museum Trust Ltd owns 100% of the 100 Ordinary £1 Shares of Pendon Museum Sales Ltd (company number 01251264), which amounts to £100 (2023 - £100).
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 was £24,872 (2023 - £21,508), and total expenses were £11,877 (2023 - £13,276). 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 was £12,995 (2023 - £8,232), as set out in note.8 and note 20.
Pendon Museum Sales Ltd has historic profit reserves brought forward of £3,788 (2023 - £3,788) therefore the capital and reserves of the subsidiary at 31 December 2024 were £3,888 (2023 - £3,888).
20. Debtors
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Prepayments and accrued income | 3,931 | 5,196 |
| Other debtors | 13,738 | 8,677 |
──────── |
──────── |
|
17,669════════ |
13,873════════ |
Other debtors relates to the donation from Pendon Museum Sales ltd for £12,995 (2023 - £8,232) and gift aid recoverable £743 (2023 - £445).
21. Creditors: amounts falling due within one year
| Creditors: amounts falling due within one year | ||
|---|---|---|
| 2024 | 2023 | |
| £ | £ | |
| Trade creditors | 299 | 298 |
| Amounts owed to group undertakings | 7,086 | 2,177 |
| Accruals and deferred income | 4,606 | 1,356 |
| Social security and other taxes | 109 | 109 |
──────── |
─────── |
|
| 12,100 | 3,940 | |
════════ |
═══════ |
Page 22
PENDON MUSEUM TRUST LIMITED
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31 DECEMBER 2024
22. Analysis of charitable funds
Unrestricted funds
| Unrestricted funds | |||||
|---|---|---|---|---|---|
| At 1 | At 31 | ||||
| January | December | ||||
| 2024 | Income | Expenditure | Transfers | 2024 | |
| £ | £ | £ | £ | £ | |
| General funds | 816,197 | 222,984 | (152,371) | (752,964) | 133,846 |
| Buildings, fixtures and | |||||
| equipment | 62,570 | – | (3,842) | 2,964 | 61,692 |
| Development Fund | – | – | – | 750,000 | 750,000 |
───────── |
───────── |
───────── |
───────── |
───────── |
|
| 878,767 | 222,984 | (156,213) | – | 945,538 | |
═════════ |
═════════ |
═════════ |
═════════ |
═════════ |
|
| At 1 | At 31 | ||||
| January | December | ||||
| 2023 | Income | Expenditure | Transfers | 2023 | |
| £ | £ | £ | £ | £ | |
| General funds | 807,493 | 143,260 | (134,556) | – | 816,197 |
| Buildings, fixtures and | |||||
| equipment | 66,264 | – | (3,694) | – | 62,570 |
| Development Fund | – | – | – | – | – |
───────── |
───────── |
───────── |
──── |
───────── |
|
873,757═════════ |
143,260═════════ |
(138,250)═════════ |
–════ |
878,767═════════ |
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.
The designated funds are as follows:-
Buildings, fixtures and equipment fund - This relates to the book value of tangible fixed assets 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.
Development fund - The board approved a variation of funds to separately account for the future development of the charity as a designated fund from within unrestricted funds. A transfer of £750,000 was allocated to this fund. The amount left within unrestricted is sufficient to cover the annual running costs of the Charity for the period of 6 months to one year.
Restricted funds
| Restricted funds | |||||
|---|---|---|---|---|---|
| At 1 | At 31 | ||||
| January | December | ||||
| 2024 | Income | Expenditure | Transfers | 2024 | |
| £ | £ | £ | £ | £ | |
| QR Codes | 106 | – | – | – | 106 |
════ |
════ |
════ |
════ |
════ |
|
| At 1 | At 31 | ||||
| January | December | ||||
| 2023 | Income | Expenditure | Transfers | 2023 | |
| £ | £ | £ | £ | £ | |
| QR Codes | 106 | – | – | – | 106 |
════ |
════ |
════ |
════ |
════ |
Page 23
PENDON MUSEUM TRUST LIMITED
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31 DECEMBER 2024
22. Analysis of charitable funds (continued)
The Restricted Funds relate to specific projects that are undertaken.
The Restricted Funds in this and the prior year relate to Grants received in 2021 towards QR Codes. In both this and the prior year, there was no further income or expenses incurred.
23. Analysis of net assets between funds
| Unrestricted | Restricted | Total Funds | |
|---|---|---|---|
| Funds | Funds | 2024 | |
| £ | £ | £ | |
| Tangible fixed assets | 61,692 | – | 61,692 |
| Investments | 100 | – | 100 |
| Current assets | 883,746 | 106 | 883,852 |
───────── |
──── |
───────── |
|
| Net assets | 945,538 | 106 | 945,644 |
═════════ |
════ |
═════════ |
|
| 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 |
═════════ |
════ |
═════════ |
24. Prior year adjustments
The investment in Pendon Museum Sales Ltd has been reclassified as a long term asset from previously being disclosed as a current asset.
25. Related parties
In the this and the prior year there were no transactions with Related Parties that require further disclosure.
The investment in the subsidiary company is disclosed in note 20.
Page 24
PENDON MUSEUM TRUST LIMITED
COMPANY LIMITED BY GUARANTEE
MANAGEMENT INFORMATION
YEAR ENDED 31 DECEMBER 2024
The following pages do not form part of the financial statements.
Page 25
PENDON MUSEUM TRUST LIMITED
COMPANY LIMITED BY GUARANTEE
DETAILED STATEMENT OF FINANCIAL ACTIVITIES
YEAR ENDED 31 DECEMBER 2024
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Income and endowments | ||
| Donations and legacies | ||
| Donations | 7,791 | 11,347 |
| Friends of Pendon subscriptions | 40,236 | 41,711 |
| Gift Aid claimed on donations and subscriptions | 16,169 | 17,218 |
| Legacies | 77,674 | 2,580 |
───────── |
──────── |
|
| 141,870 | 72,856 | |
───────── |
──────── |
|
| Other trading activities | ||
| Museum admission income | 44,309 | 41,766 |
| Workshops, lectures and other events | 893 | – |
──────── |
──────── |
|
| 45,202 | 41,766 | |
──────── |
──────── |
|
| Investment income | ||
| Bank interest receivable | 22,517 | 16,031 |
──────── |
──────── |
|
| Other income | ||
| Donation of profits from trading company | 12,995 | 8,232 |
| Other income | 400 | 1,935 |
| Local authority grant income | – | 2,440 |
──────── |
──────── |
|
| 13,395 | 12,607 | |
──────── |
──────── |
|
───────── |
───────── |
|
| Total income | 222,984═════════ |
143,260═════════ |
Page 26
PENDON MUSEUM TRUST LIMITED
COMPANY LIMITED BY GUARANTEE
DETAILED STATEMENT OF FINANCIAL ACTIVITIES (continued)
YEAR ENDED 31 DECEMBER 2024
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Expenditure | ||
| Costs of raising donations and legacies | ||
| Friends of Pendon expenses | 6,150 | 4,709 |
───────── |
───────── |
|
| Costs of other trading activities | ||
| Staging event costs | 1,996 | 1,058 |
─────── |
─────── |
|
| Expenditure on charitable activities | ||
| Wages and salaries | 44,876 | 41,415 |
| Pension costs | 929 | 846 |
| Rates and water | 593 | 856 |
| Light and heat | 19,182 | 18,696 |
| Repairs and maintenance | 34,759 | 27,684 |
| Insurance | 4,607 | 1,205 |
| Legal and professional fees | 1,871 | 1,540 |
| Telephone | 1,337 | 1,193 |
| Other office costs | 1,181 | 1,134 |
| Depreciation | 3,842 | 3,694 |
| Sundry expenses and subscriptions | 6,367 | 3,922 |
| Publicity | 16,767 | 16,674 |
| Vale and rail modelling | 3,192 | 3,388 |
| Rota expenses | 7,415 | 7,117 |
| IT and computers | 1,149 | 3,119 |
───────── |
───────── |
|
| 148,067 | 132,483 | |
───────── |
───────── |
|
───────── |
───────── |
|
| Total expenditure | 156,213 | 138,250 |
═════════ |
═════════ |
|
───────── |
───────── |
|
| Net income | 66,771═════════ |
5,010═════════ |