2023-03-31-accounts - The Norton Priory Museum Trust Limited

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TRUSTEES ANNUAL REPORT
Chair's Report
Our purposes and activities
Achievements and Performance
Financial Review
Plans for the Future
Reference and Administrative Details
Structure Governance and Management
Trustee responsibilities relating to the financial	statements
Statement as to disclosure to our Independent	Examiners	12
INDEPENDENT EXAMINER'S REPORT TO	THE MEMBERS	13
STATEMENT OF FINANCIAL ACTIVITIES		15
BALANCE SHEET		16
CASH FLOW STATEMENT		17
NOTES TO THE FINANCIAL STATEMENTS		18
DETAILED INCOME AND EXPENDITURE ACCOUNT		32

			Unrestricted	Restricted	Total	Funds
		Note	Funds	Funds	2023	2022
Income from:
Donations and grants			11,474	8,583	20„057	279,414
Charitable activities			338,358	400	338,758	328,476
Other trading activities			88,643	90	88,733	68,249
Total income			438,475	9,073	447,548	676,139
Expenditure on:
Raising funds			87,862	4,091	91,953	79,378
Charitable activities			467,119	46,010	513,129	502,842
Total expenditure			554„981	50,101	605,082	582,220
Net income / (expenditure)		8	(116,506)	(41,028)	(157,534)	93,919
Transfers between Funds		21	25,484	(25,484)
Other recognised gains	/ losses
Remeasurement surplus / (deficit) on defined benefit pension scheme		10	711,000		711,000	363,000
NET MOVEMENT IN FUNDS			619,978	(66,512)	553,466	456,919
RECONCILIATION OF FUNDS
Fund Balances brought	forward		610,140	147,823	757,963	301,044
Total Funds carried forward			1,230,118	81,311	1,311,429	757,963

					Previous
				Total	Year
				Funds	Funds
					F
Cash flows from operating	activities:
Net cash provided by (used in) operating
activities (See Note 23)				1,490	48,532
Cash flows from investing	activities
Purchase of Fixed Assets					(31,204)
Net cash provided by (used in) investing			activities		(31,204)
Change in cash and cash reporting period	equivalents	in		(1,490)	17,328
Cash and cash equivalents reporting period	at beginning		of	399,072	381,744
Cash and cash equivalents period	at end of	reporting		397,582	399,072

Income from donations	Income from donations	2023	2022
Restricted:
Donations	and sponsorship	189	4,991
Grants		8,394	213,823
Unrestricted:
Donations		4,283	1,183
Grants		7,191	59,417
		20,057	279,414

					2023	2022
					f
3.	Income from charitable		activities
	Admission charges	including		gift aid	127,599	109,806
	Support from Local	Authority			183„002	179,678
	Other income				28,157	38,992
					338,758	328,476

Income from other trading
Shop sales	24,190	17,799
Rents and service charges	30,510	32,760
Other income	34,033	17,690
	88,733	68,249

Cost ofshop stock sold	Cost ofshop stock sold		10,436	6,709
Advertising	costs		8,374	1,823
Staff and	administrative	costs	73,143	70,846
			91,953	79,378

Analysis of charitable activiti	Analysis of charitable activiti	es
2022/23		6)c cS~ e c&e ~ e E e e ~ e&o &0)	c0 Ve e 0 ~ 0 v)	& e C ~ e 'Q L 9 e s QQ	N N e0I-
			E		E
Staff costs		59,740	111,350	52,191	223,281
Buildings		8,295	58,062	8,295	74„652
Grounds				35,937	35,937
Activities		42,134	6,012		48,146
Administration		9,742	12,591	6,295	28,628
Depreciation			5,567	524	6,091
Support costs (Note 7)		21,520	40,110	18,800	80,430
Governance	costs (Note 7)	4,271	7,961	3,732	15,964
Totals 2023		145,702	241,653	125,774	513,129

		QlC
	2021/22	e V ~—e c e Le ~ 9 aO)	C0 Ve e 0 ~ ON	'+ e em e 'Q m o QQ	CV N CON e0I-
Staff costs		47,261	98,008	66,552	211,821
Buildings		6,721	47,050	6,721	60,492
Grounds				34,440	34,440
Activities		54,341	10,435		64,776
Administration		11,227	17,497	8,748	37,472
Depreciation			5,567	524	6,091
Support costs (Note 7)		16,214	33,625	22,833	72,672
Governance	costs (Note 7)	3,364	6,977	4,737	15,078
Totals 2022		139,128	219,159	144,555	502,842

	2022/23	c0 o e c(u	L~ o- e0 N v	Cc 0Q	CV Cl CV C0I-
Staff costs		Time	65,732	12,049	77,781
Printing 8 communications		Usage	14,698	865	15,563
Independent	Examiner fees	Governance		2,800	2,800
Other Trust	costs	Governance		1,170	1„170
Totals			80,430	16,884	97„314

					r0			QVC	CV CV CD
	2021/22								CV
					o c(	lA e m		0Q	C0I-
	Staff costs				Time		60,849	10,413	71,262
	Printing 8 communications				Usage		11,823	695	12,518
	Independent Examiner	fees		Governance				2,800	2,800
	Other Trust costs			Governance				1,170	1,170
	Totals						72,672	15,078	87,750
								2023	2022
									F
8.	Net income / expenditure		for year
	This is stated after charging:
	Depreciation							6,091	6,091
	Interest payable							Nil	Nil
	Auditor's remuneration	as	Independent		Examiner
	Trust accounts							2,540	2,800
	Grant claim								540

						2023	2022
						P
Analysis	of	staff costs
The aggregate			staff costs were:
Directly	employed:			Gross	salaries	251,147	221,109
				Social	security costs	14,147	12,500
				Other	pension costs	82,130	94,022
Consultancy		charges				2,000
Travel,	training		and recruitment		costs	8,186	3,022
						357,610	330,653

Particulars ofemployees:	Particulars ofemployees:		No.	No.
Average	number ofstaff (full time equivalents) during the	year
Number	ofstaff to whom retirement benefits are accruing	under
defined	benefit scheme
Number	of employees with emoluments above f60,000		None	None

Year ended:	31 March 2023	31 March 2022
	Nominal	%per annum
Pension increase rate	2 95%	3.15%
Salary increase rate	365%	3.85%
Discount rate	4.75%	2.75%

Year ended:	31 March 2023	31 March 2022
Equities	48%	42%
Bonds	35%	42%
Property	14%	10%
Cash	3%	6%

Year ended 31 March	2023		,
				Assets	Obligations	Net (liability)
						/asset
				R'000	R"000	6'000
Fair value of plan assets				2,672		2,672
Present value offunded	liabilities				2,518	(2,518)
Opening position as at	31 March	2022		2„672	2,518	154
Current service cost					83	(83)
Net Interest:
Interest income on plan assets				74		74
Interest cost on defined	benefit obligation				70	(70)
Total net interest				74	70
Total defined benefit SoFA	cost recognised		in	74	153	(79)
Cashflows:
Plan participants contributions				13	13
Employer contributions				43		43
Benefits paid				(12)	(12)
Expected closing position				2,790	2,672	118
Remeasurements:
Changes in demographic assumptions					49	(49)
Changes in financial assumptions					(1,054)	1„054
Other experience				(23)	(26)	3
Return on assets excluding net interest				(297)		297
Total remeasurements recognised Recognised Gains / (Losses)		in Other		(320)	(1,031)	711
Fair value of plan assets				2,470		2,470
Present value offunded liabilities					1,641	(1,641)
Closing position as at 31 March 2023				2,470	1,641	829

Year ended 31 March 20	22
				Assets	Obligations	Net (liability)
						/asset
				K'000	f'000	F'000
Fair value of plan assets				2,464		2,464
Present value offunded	liabilities				2,624	(2,624)
Opening position as at	31 March	2021		2,464	2 624	(160)
Current service cost					85	(85)
Net Interest:
Interest income on plan assets				51		51
Interest cost on defined	benefit obligation				55	(55)
Total net interest				51	55	(4)
Total defined benefit SoFA	cost recognised		in	51	140	(89)
Cashflows:
Plan participants contributions				12	12
Employer contributions				40		40
Benefits paid				(16)	(16)
Expected closing position				2,551	2,760	(209)
Remeasurements:
Changes in demographic assumptions					(13)	13
Changes in financial assumptions					(235)	235
Other experience					6	(6)
Return on assets excluding net interest				121		121
Total remeasurements recognised Recognised Gains / (Losses)		in Other		121	(242)	363
Fair value of plan assets				2,672		2,672
Present value offunded liabilities					2,518	(2,518)
Closing position as at 31 March 2022				2„672	2,518	154

	2023	2022
Revenue funding received to operate museum and walled garden	178,002	174,678
Custodian support grant for Halton Castle	5,000	5,000
Grants received for projects	1,185	14,210

Tangible fixed assets
	Furniture &	Motor	Equipment	Total
	Fittings	Vehicles
COST
At 1 April 2022	186,969	17,533	91,446	295,948
At 31 March 2023	186,969	17,533	91,446	295,948
DEPRECIATION
At 1 April 2022	25,960	13,337	86,946	126,243
Charge for year	5,192	524	375	6,091
At 31 March 2023	31,152	13,861	87„321	132,334
NET BOOK VALUE
At 31 March 2022	161,009	4,196	4,500	169,705
At 31 March 2023	155,817	3,672	4,125	163,614

								2023		2022
15.	Stocks
	Retail stocks for resale							10,974		10,151
16.	Debtors
	Trade debtors							29,172		20,487
	Grants receivable							4,459		39,150
	Other debtors							2,181		1,489
								35,812		61,126
17.	Cash at bank and	in	hand
	Bank deposits							120„981		120,451
	Current account							275,603		277,446
	Paypal, Worldpay	8 floats						998		1,175
								397,582		399,072
18.	Creditors: Amounts		falling due within	one year
	Trade creditors							9,380		11,036
	Accruals and deferred		income					116,173		25,055
								125,553		36,091
19.	Movement in Restricted funds
			mIor g m~ IB	g) O	N NI	ol r 0 Ul 0	N o o N o	Nr mI-	0 m m Q	m Mo o m m ~
	2022/23
	Projects		147,823	9,073		(50,101)		(25,484)		81,311
	Total		147,823	9,073		(50,101)		(25,484)		81,311
	Previous year - 2021/22
	Projects		100,184	229,075		(154,999)		(26,437)		147,823
	Total		100,184	229,075		(154,999)		(26„437)	-	147,823

Movement in Unre	stricted f	unds
		l5I '3 Vcg tO	~ lA V c o 0	cn + c I V 0 Ul +0 Q I	lh VJc 05I-	0 C 6$I IL	5 Z0 0 m c~ C ~
2022/23
Designated Funds:
Furn. 8 Equipment	Reserves	160,742	-	-	(5,567)		155,175
General Fund		295,398	438,475	(518,981)	31,051		245,943
Pension Reserve		154,000	-	(36,000)		711,000	829,000
		610,140	438,475	(554,981)	25,484	711„000	1,230,118
Previous year - 2021/22
Designated Funds:
Furn. 8 Equipment	Reserve	139,872	—	-	20,870		160,742
General Fund		220,988	447,064	(378,221)	5,567		295,398
Pension Reserve		(160,000)	—	(49,000)		363,000	154,000
		200,860	447,064	(427,221)	26,437	363,000	610,140

Analysis	ofnet assets between	funds
		Restricted	Designated	General &	Total
		Funds	Funds	Pension
Year ended 31 March 2023				Reserves
Tangible	Fixed Assets		155,175	8,439	163,614
Cash at	Bank	81,311		316,271	397,582
Other Net Current Assets				(78,767)	(78,767)
Pension	Surplus			829,000	829,000
		81,311	155,175	1,074,943	1,311,429
Year ended 31 March 2022
Tangible	Fixed Assets		160,742	8,963	169,705
Cash at	Bank	147,823		251,249	399,072
Other Net Current Assets				35,186	35,186
Pension	Deficit			154,000	154,000
		147,823	160,742	449,398	757,963

2023	2022
(157,534)	93,919
6,091	6,091
36,000	49,000
(823)	(227)
25,314	(53,257)
89,462	(46,994)
(1,490)	48,532

				2022/23		2021/22
			General	Restricted
			Fund	Funds	Total	Total
INCOME
Admissions (including		Gift Aid)	127,199	400	127,599	109,806
Shop sales			24,100	90	24,190	17,799
Rents receivable			30,510		30,510	32,760
Operating support			183,002		183,002	179,678
project grants			7,191	8,394	15,585	273,240
Donations and other	income		66,473	189	66,662	62,856
Total Income			438,475	9,073	447,548	676,139
EXPENDITURE
Staff costs			312,362	7,248	319,610	279,001
Consultancy fees				2,000	2,000	6,016
Building costs			81,795	1,152	82,947	67,213
Grounds maintenance			32,631	3,306	35,937	34,440
Marketing and publicity			6,035	2,340	8,375	1,823
Furniture &equipment			16,184	2,239	18,422	31,036
Activity costs			22,074	28,958	51,032	70,369
Administrative costs			14,675	2,616	17,292	13,909
Shop - Cost ofsales			10,211	225	10,436	6,709
Other costs			17,447	17	17,464	17,137
Total Expenditure			513,414	50,101	563,515	527,653
Transfers between	Funds		25,484	(25,484)
Adjusted Surplus for year		See note	(49,456)	(66,512)	(115,967)	148„486