NORTON PRIORY MUSEUM & GARDENS THE NORTON PRIORY MUSEUM TRUST LTD (Limited by Guarantee) ANNUAL REPORT AND ACCOUNTS FOR YEAR ENDED 31 MARCH 2024 Company Registration Number - 01232182 Charity Number- 504870
Cover Photo: Image from Liverpool String Quartet performance with Luke Jerram's Gaia, held in the atrium at Norton Priory Museum and Gardens in January 2024.
THE NORTON PRIORY MUSEUM TRUST LTD (Limited by Guarantee) TRUSTEES ANNUAL REPORT YEAR ENDED 31 MARCH 2024 CONTENTS PAGE 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
Page 1 THE NORTON PRIORY MUSEUM TRUST LTD (Limited by Guarantee) TRUSTEES ANNUAL REPORT YEAR ENDED 31 MARCH 2024 The Trustees have pleasure in presenting their annual directors, report together with the financial statements of the charity for the year ended 31 March 2024 which are also prepared to meet the requirements for a directors. report and accounts for Companies Act DufDoses. The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Articles of Association, and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) CHAIR'S REPORT 2023124 has been a year of change and challenges for Norton Priory, including an exciting, expanding events programme thanks to the museum's appointment as an Arts Council National Portfolio Organisation. In January 2024, as part of the NPO programming, Luke Jerram's Gaia quite literally brought the world to Norton Priory, as the museum welcomed over 6,000 visitors, traditionally one of the quietest months of the calendar, to view the giant rotating Earth. Gaia was accompanied by a full events programme and attracted both regular supporters and first-time visitors to the museum. The restored Flemish Collectors Cabinet has now also been installed in the main ground floor gallery and makes an impressive addition to the museum displays. In temis of challenges, visitor revenue was badly affected by a major local road closure for several months over the peak summer season, due to the new Garden Village housing development. Increased utility costs and a tripling of the electricity bill also added greatly to budget pressures for the year. At the AGM in December 2023, long-standing chair of the trustees, Paul Mathews stood down after many years, service. The Trust would like to record its grateful thanks to him for all his support. The Trust would like to put on record its appreciation for all the excellent work by the Museum's CEO, staff, trustees and enthusiastic volunteers - a great team effort which ensures Norton Priory continues to thrive as a valued museum and visitor centre. The Trust continues to benefit from a wide range of partnerships including Halton Borough Council, Arts Council England, National Heritage Lottery Fund, Historic England, The Art Fund and other funders. During 2024125, we look forward to a second year of NPO activities and other positive developments around the 42-acre estate. Lynn Pegler DL Chair of Trustees
Page 2 THE NORTON PRIORY MUSEUM TRUST LTD {Limited by Guarantee) TRUSTEES ANNUAL REPORT YEAR ENDED 31 MARCH 2024 Our purposes and activities The objects of the Company as set out in the Articles of Association are to preserve, restore and improve the buildings, features, objects and gardens on the historic site of Norton Priory in Runcorn and to operate a museum interpreting the site and its history for the benefit of everyone, both now and in the future. The above is encapsulated in the Trust's mission statement.. 'To conserve, champion and celebrate the heritage, landscapes and collections of Norton Priory for present and future generations, The strategies employed to achieve the charity's aims and objectives are to.. Provide first class museum and horticultural displays to engage new and diverse audiences,. Provide a creative and busy programme of events and changing displays to attract repeat visits and to broaden our appeal., and Provide an excellent education programme designed to engage as many schools and community groups as possible, including a special focus on people from areas of high deprivation and those with disabilities. Putting these strategies into action, the Trust has three major areas of activity which comprise of: 1. The museum building and its collection., 2. The gardens and grounds,. and 3. The community engagement and events programme. In shaping the objectives, the Trustees have considered the Charity Commission's guidance on public benefit, including the guidance 'public benefit: running a charity (PB2)'. The Trust aims to provide the broadest access to and engagement with the collections, gardens and archaeological site. All charitable activities, including the education and events programme are aimed at ensuring that the widest possible range of people are able to enjoy and learn from Norton Priory's resources and facilities. A well-established volunteer programme, provides skills development and social engagement opportunities at Norton Priory to a wide range of, mainly, local people. Our collection and site Norton Priory is recognised as Europe's most excavated medieval monastic site and includes a Grade I listed 12th century Undercroft, which is integrated into the museum building. The Priory ruins, collection of over 200,000 artefacts, plus the gardens and grounds enable us to tell the story of nearly 900 years of history from the founding of the Augustinian Priory in 1134, its upgrading to mitred abbey status in 1391, its dissolution in 1536, incorporation in a 16th Century Tudor house and then an 18th Century Georgian
Page 3 THE NORTON PRIORY MUSEUM TRUST LTD (Limited by Guarantee) TRUSTEES ANNUAL REPORT YEAR ENDED 31 MARCH 2024 house, through to the continuing excavations begun in 1971. Areas of the Scheduled Monument continue to be explored, as funding permits. Our learning and outreach programmes The learning programme continues to develop and works with both formal and infomial education providers. Learning sessions for children and young people are curriculum linked and regularly evaluated. The sessions cater for a broad range of ages and abilities and provide the bedrock of Norton Priory's learning programme. This is complemented by adult learning workshops which are based around traditional skills. The Trust continues to work with a range of other partners, including NHS England, The Bluecoat in Liverpool and independent providers to deliver a broad range of inclusive learning and development opportunities. Outreach events are delivered at a range of partner buildings and schools The team delivers learning sessions and workshops which draw on Norton Priory's heritage and natural resources and are supported by a range of talented volunteers. The development and management of the volunteering programme at Norton Priory is also part of the learning team's remit. Our gardens and grounds The Trust manages an estate of 42 acres, which includes the excavated remains of the medieval monastic complex, woodland, orchards, meadows and the Walled Garden. Much of the area around the museum building is classified as a Scheduled Monument, whilst the Georgian Walled Garden holds the National Collection of Tree Quince. The Head Gardener has overall responsibility for the grounds of the estate, with a special focus on the Walled Garden. He is supported by a range of regular volunteers who assist in the maintenance on the Walled Garden. The Ranger advises on providing the best habitats for the diverse fauna that inhabits the area, with a special focus on pollinating insects and protected species. The Ranger's role also includes educates members of the public in environmental and wildlife issues through outreach and onsite formal and informal learning sessions. Our Volunteers The Trust is grateful for the support of a dedicated team of volunteers of whom around 50 are active, having volunteered for the Trust at least once during the year. They assist with the presentation of the grounds and gardens, improving the visitor experience and help to deliver leaming sessions. Our Staff The Trust has a small staff team, headed by the CEO. The team work together to increase engagement, improve the visitor offer, to build sustainability for the site, and to ensure the site continues to be looked after and developed.
Page 4 THE NORTON PRIORY MUSEUM TRUST LTD (Limited by Guarantee) TRUSTEES ANNUAL REPORT YEAR ENDED 31 MARCH 2024 Achievements and Performance The work of the Trust is focussed on delivery of public benefit, providing access to the museum and the gardens and grounds which surround it. Visitors The site welcomed 36,269 visitors during 2023124, which represented an increase of 64 % over the previous year. Visitor numbers remained below pre-pandemic levels during the year, but the sizeable increase in numbers is evidenTr of growing visitor confidence and the benefits of a varied programme of quality events. Opening hours remained set at 5 days per week, with an additional weekday during school holidays. The site was closed on Saturdays when a wedding was booked between April and September. Weekday closed days during termtime were used to support school visits and other group visits. Collections & Site A series of workshops took place as part of an Arts Council England project to better understand the collections, including new finds from the previous year's archaeological excavations. The restored Flemish collector's cabinet and the George11 side table were placed on permanent public display in the main museum ground floor gallery. Unveiled in September 2023, the cabinet has become a key part of the narrative of the Brooke family mansion which formerly stood on the site, alongside the Gainsborough painting. Learning and Outreach Learning visitor numbers continued to increase, with a today of 5,015 attendees to learning sessions during the period. Representing a 790/0 increase over the previous year, this was ahead of expectations: in a year in which cost of coach travel continued to impact on out of school visits, the increase was especially noteworthy. The increase in the number of learning attendees is felt to be linked to a strong offer of sessions, combined with the ability to offer indoor and outdoor learning experiences. An increase in the number of blended visits, combining more than one curriculum area was also noted. Evaluation from the sessions was consistently high across the year. Gardens and Gmunds The Rose Walk was formerly opened in September 2023 and visitor feedback from the gardens remains high. Path resurfacing work completed in the previous year was complemented by resurfacing of the main museum car park in preparation for the winter season. Work on a new apple orchard continued, which will provide a comprehensive collection of varieties of apples, whilst also boosting the museum's environmental and biodiversity credentials.
Page 5 THE NORTON PRIORY MUSEUM TRUST LTD (Limited by Guarantee) TRUSTEES ANNUAL REPORT YEAR ENDED 31 MARCH 2024 Financial review 2023124 presented a number of challenges. An increase in electricity costs was expected, but the rate of increase was higher than had been expected. A further challenge came from a 3-month road closure, the result of new access roads being constructed for a major residential development. These factors, combined with the ongoing 'cost of living crisis, negatively impacted the Trust's trading performance during the year. The road closure affected summer trading, including during the vital August period, whilst the increases in electricity costs took effect in October, at a time when electricity use for the Trust naturally peaks. Further challenges were presented by larger than expected building maintenance costs which occurred from October 2023 into January 2024. Against these challenges. 2023124 also brought positivity, with the Trust welcoming its first year of National Portfolio Organisation funding from Arts Council England. This provided a £136,500 investment in the activities of Norton Priory Museum and Gardens. There was a negative Net Income figure for the year of £21 k which compares with a figure of £157k in 2022123. The Trust's General Reserve decreased by £31 k to £215k. Principal Funding Resources The principal funding source of the Trust was an operating grant of £174k from Halton Borough Council towards the museum's running costs for the year, which covered 23 % of the Trust's 2023124 revenue expenditure. This grant is subject to annual approval by the Council. The Trust seeks further funding wherever possible to extend its range of activities and, in addition to the first year's NPO grant of £136.5k, received other grants totalling £58k. Admission charges, including day admissions. events, membership and gift aid thereon, totalled £182k compared to £127k in the previous year as the Museum continued to recover from the impact of Covid19. Shop sales were £38k, compared to £24k in the previous year. Investment Powers and Policy Under its Articles of Association, the Trust may invest any monies not immediately required for its purposes in such investments, securities or property as may be thought fit. Currently such monies are held in a Deposit Account. Reserves Policy The Board has reviewed the level of Trust reserves required to provide an adequate working balance, to fund unforeseen emergency repairs to its property, and to allow the
Page 6 THE NORTON PRIORY MUSEUM TRUST LTD {Limited by Guarantee) TRUSTEES ANNUAL REPORT YEAR ENDED 31 MARCH 2024 Trust to scale down its activities on a manageable basis in the event that the Council grant was terminated or significantly reduced. The Board considers that the ideal level of reserves would be three months, expenditure, i.e. £146k based on its 2023124 annual operating costs. As at 31 sl March 2024. the free reserves (i.e. after excluding the Furniture & Equipment reserves of £150K which represent tangible fixed assets and the Restricted funds of £60k), totalled £215k. The additional £115k will be utilised to continue to support the Trust's operating costs, including increased utility costs in 2024125. There was a surplus on the Pension Fund as at 31 March 2024 as calculated by the Actuary in accordance with FRS102 of £975k, compared with a surplus at 31 March 2022 of £829k. The main reason for the movement was a positive change in the financial assumptions compared to the previous year. The Trust's contributions to the Pension Fund are assessed every three years with the latest review being at March 2022. This is based on a Funding valuation which is different to an Accounting valuation. Going Concern Basis The financial pressures facing the Trust, and indeed the wider cultural sector, are expected to continue into the coming years. As a result, the Trust is placing additional focus on growing earned income, via increased advertising and a stronger events programme. Weddings have also been identified as a key area of continued growth. As in the previous year, the Trustees will consider investment expenditure where opportunities arise. This may, for example, result in investing in capital spend to reduce operating costs or to increase potential income. This approach, combined with a reasonable expectation that grant support from Halton Borough Council will continue into 2024125, will ensure that the site can continue to be operational for the foreseeable future. The Trustees are aware that the ongoing challenges facing the sector, which are expected to continue to negatively affect the short-term financial position of Norton Priory, can be managed by the use of free reserves. Expectations for 2024125 are that electricity costs will reduce from October 2024, whilst it is hoped building costs will become more predictable. A new artistic directorship model is being introduced for events programming, whilst wedding and corporate business is viewed as a growth area. Combined with increased marketing, this will help increase earned income, supported by National Portfolio Organisation funding from Arts Council England. As a result, the going concern basis has been adopted in preparing the Trust's financial statements.
Page 7 THE NORTON PRIORY MUSEUM TRUST LTD (Limited by Guarantee) TRUSTEES ANNUAL REPORT YEAR ENDED 31 MARCH 2024 Plans for future periods The Trustees are looking ahead to continued improvements across the estate, whilst also being alert to the impact of increasing utility and other operational costs. Reference and Administrative Details Charity Number 504870 Company Registration Number 01232182 Principal & Registered Office Tudor Road Manor Park, Runcorn WA7 1SX
Page 8 THE NORTON PRIORY MUSEUM TRUST LTD (Limited by Guarantee) TRUSTEES ANNUAL REPORT YEAR ENDED 31 MARCH 2024 Our Advisors Independent Examiner Giles Mattocks FCA Mattocks Grindley Ltd 18 Mulberry Avenue Turnstone Business Park Widnes WA8 OWN Bankers National Westminster Bank PIC 146 Widnes Road Widnes WA8 6BB Directors & Trustees The Directors of the charitable company are its Trustees for the purpose of charity law and throughout this report are collectively referred to as the Trustees. The Trustees who served the charity during the year and since the year end were: Mr Paul Mathews Mr Dwayne Johnson Chair - Resi ned on 11 December 2023 Chair from 11 December 2023, Resigned 18 June 2024 Vice Chair Ms Moira Stevenson Cllr. John Abbott Sir Richard Brooke Cllr Christo her Carlin Mr Alex Cowan Mrs Ha Davies Ms Emil Harrison Ms Therese Kearne Mrs Eleanor Manson-swako Dr. Martin Morlid Cllr. Paul Nolan MrsL nnPe ler DL MrGu Thomas ointed on 29 October 2023 Resi ned on 18 June 2024 Chair from 18 June 2024 Trustees annotated with an asterisk were nominated by Halton Borough Council Senior Staff Museum CEO Senior Keeper Head Gardener Visitor Experience Manager Rob Sanderson Lynn Smith John Budworth Claire Broadhurst
Page 9 THE NORTON PRIORY MUSEUM TRUST LTD (Limited by Guarantee) TRUSTEES ANNUAL REPORT YEAR ENDED 31 MARCH 2024 Structure, Governance and Management Governing Document Norton Priory Museum Trust Limited is a company limited by guarantee formed in 1975 and governed by its updated Articles of Association dated 25th April 2017. In the event of the company being wound up, members are required to contribute an amount not exceeding £1. The Trust is registered as a charity with the Charity Commission with the objects of preserving, restoring and improving the buildings, features, objects and gardens on the historic site of Norton Priory in Runcorn,. operating a museum interpreting the site and its history; and to support the preservation and management of other historic sites in the area for the benefit of the public. Recruitment and Appointment of Trustees In line with the Trust's Articles of Association, the Trustees are also the Company's Directors and the only members of the Company. Halton Borough Council, the Trust's major stakeholder and funder, have the right to nominate three Trustees as laid down in a funding agreement. With the exception of Halton Borough Council nominees, Board Members appointed after 25 April 2017 are appointed for a term of five years and may stand for re-election for a further term of five years. At this point a Board Member must retire, but after one year is able to be elected for a further. final term of five years. The Trust looks to enhance its skills base as need arises and apart from utilising known contacts will advertise vacancies on its website and make approaches to relevant organisations. No Trustee receives remuneration or other benefit, including expenses, from their work with the charity. Trustee Induction and Training New Trustees undergo an induction session with the Trust's Director and have an opportunity to meet the staff. A new induction pack has been produced to give new Trustees a broad picture of the charity and its work and this pack includes a role specification and code of conduct for the Board as well as the Charity Commission publication. 'The Essential Trustee,. They are briefed on their legal duties under charity and company law, the content of the Articles of Association, the committee and decision-making prosseS and recent financial performance of the charity. Trustees are encouraged to attend events and training days which will help in the understanding and discharge of their roles. Trustees are also made aware of the Charity Commission's guidance on the delivery of public benefit. Property Norton Priory is a scheduled monument incorporating the Grade I listed Priory Undercroft and is in the ownership of Halton Borough Council (Halton Council). The
Page 10 THE NORTON PRIORY MUSEUM TRUST LTD (Limited by Guarantee) TRUSTEES ANNUAL REPORT YEAR ENDED 31 MARCH 2024 Trust holds a 30-year lease to 2041. The Trust receives an annual grant from Halton Council to facilitate the running of the site. The Trust manages the Walled Garden site under a separate lease and management agreement which also runs to 2041. The Trust receives each year the interest on an endowment held by Halton Council towards the site's maintenance. Professional support services for Halton Castle are provided for Halton Council under an annual service level agreement. Organisational Structure The Board of Trustees, specified by the Articles of Association as between 10 and 20 members, oversees the operation of the Charity. The Board meets at least quarterly and there are two sub-committees covering Personnel and Finance & Strategy and particular projects for the life of that project. The Senior Management Team have authority, within terms of delegation approved by the Trustees, for operational matters including finance, employment and professional activities related to the scheduled sites. Related Parties and co-operation with other organisations The Trust has a close relationship with Halton Borough Council, its main funder and the owner of the site. As well as up to three Council nominees, the Council's Open Space servIs Divisional Manager is invited to attend Board of Trustee meetings as an observer. The Trust also works closely with the national and regional museums and heritage sector, especially National Museums Liverpool and Historic England, who support the Trust's work with advi, loans and scheduled monument consent. Research projects typically engage a number of universities each year and there are particularly close and ongoing collaborations with the universities of Liverpool John Moores, Liverpool and Nottingham. The Trust has on-going partnerships with several local and national bodies including the Woodland Trust, who manage woodland adjoining the scheduled site. The Trust also works in partnership with Country Gardens, part of Halton Borough Council Adult Services, to provide catering services for Norton Priory, a microbrewery and an ice- cream parlour. The Trust has also excellent links with many local Halton schools, colleges, educational and community groups. The Trust works in partnership with groups and organisations including The Bluecoat in Liverpool, A Place for Us CIC and Hazlehurst Studios. Employee Matters The Trust operates a performance management system for all staff, linked to the Business Plan, with appraisal and review meetings taking place each year.
Page11 THE NORTON PRIORY MUSEUM TRUST LTD (Limited by Guarantee) TRUSTEES ANNUAL REPORT YEAR ENDED 31 MARCH 2024 The starting salary for senior staff is recommended to the Trustees by the Personnel Sub-committee. The pay policy for all staff is reviewed by the Personnel Sub- Committee and recommendations made to the Trustees. Any Local Government pay award for Administrative, Professional and Technical staff implemented by Halton Council is taken into account when deciding on the level of pay review, as well as changes in minimum wage, cost of living, sector benchmarks, and above all, affordability to the Trust. Risk Management The Board has approved a risk management framework setting out the main financial and business risks facing the Trust and matching the controls in place to mitigate those risks. The major risk currently facing the Trust is failure to generate sufficient income to maintain its operation. Trustee responsibilities relating to the financial statements The Trustees are required by UK Company Law to prepare financial statements for each financial year that give a true and fair view of the state of affairs of the Company as at the end of the financial year and of the net incoming or outgoing resources of the Company for the period. In preparing these financial statements, the Trustees have.. selected suitable accounting policies and applied them consistently-, made sound judgements and estimates that are reasonable and prudent., followed applicable accounting standards,. and prepared the financial statements on a going concerns basis. The Trustees are responsible for maintaining adequate accounting records which disclose with reasonable accuracy at any time the financial position of the Trust and enables them to ensure that financial statements comply with the Companies Acts. The Trustees are also responsible for ensuring that there are sufficient internal controls to safeguard the assets of the Company and for taking reasonable steps for prevention and detection of fraud and other irregularities.
Page 12 THE NORTON PRIORY MUSEUM TRUST LTD (Limited by Guarantee) TRUSTEES ANNUAL REPORT YEAR ENDED 31 MARCH 2024 Statement as to disclosure to our Independent Examiners Each of the persons who is a trustee at the date of approval of this report confirms that.. so far as each trustee is aware, there is no relevant audit information of which the charity's independent examiner is unaware" and each trustee has taken all steps that they ought to have taken as a trustee to make themselves aware of any relevant audit information and to establish that the charity's independent examiner is aware of that information. This report was approved by the Trustees at the Annual General Meeting on 3 December 2024. Signed on behalf of the Trustees: Ik Py5CL( Lynn Pegler DL (Chair of Trustees) 3 December 2024
Page 13 THE NORTON PRIORY MUSEUM TRUST (Limited by Guarantee) INDEPENDENT EXAMINER'S REPORT TO THE MEMBERS OF THE NORTON PRIORY MUSEUM TRUST LTD YEAR ENDED 31 MARCH 2024 I report to the directors on my examination of the financial statements of The Norton Priory Museum Trust {'the charity,) for the year ended 31 March 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 ststement Since the charity's gross income exeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that l am qualified to undertake the examination because l am a member of the Institute of Chartered Accountants in England and Wales (ICAEW), which is one of the listed bodies. 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.. 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 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).
Page 14 THE NORTON PRIORY MUSEUM TRUST (Limited by Guarantee) INDEPENDENT EXAMINER'S REPORT TO THE MEMBERS OF THE NORTON PRIORY MUSEUM TRUST LTD YEAR ENDED 31 MARCH 2024 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. aff Mr G Mattocks FCA Independent Examiner MAThOCKS GRINDLEY LTD Chartered Accountants 18 Mulberry Avenue Turnstone Business Park Widnes Cheshire WA8 OWN J December 2024
Page 15 THE NORTON PRIORY MUSEUM TRUST (Limited by Guarantee) STATEMENT OF FINANCIAL ACTIVITIES FOR YEAR ENDED 31 MARCH 2024 Unrestricted Restricted Funds Funds Total Funds 2024 2023 Note Income from: Donations and grants Charitable activities Other trading activities 8,733 392,253 92,690 200,548 160 209,281 392,413 92,690 20,057 338,758 88,733 Total income 493,676 200,708 694,384 447,548 Expenditure on: Raising funds Charitable activities 96,332 457,468 15,168 146,415 111,500 603,883 91,953 513,129 Total expenditure 553,800 161,583 715,383 605,082 Net income l (expenditure) (60,124) 39,125 {20,999) (157,534) Transfers between Funds 21 59,977 (59,977) other recognised gains I losses Remeasurement surplus l (deficit) on defined benefit pension scheme 10 110,000 110,000 711,000 NET MOVEMENT IN FUNDS 109.853 (20,852) 89,001 553,466 RECONCILIATION OF FUNDS Fund Balances brought forward 1,230,118 81,311 1,311,429 757,963 Total Funds carried fonNard 1,339,970 60,460 1.400.430 1,311,429 The Statement of Financial Activities includes all gains and losses recognised in the year. All income and expenditure were derived from continuing activtties. The Notes on Pages 18- 31 form part of these Financial Statements
Page 16 THE NORTON PRIORY MUSEUM TRUST (Limited by Guarantee) BALANCE SHEET AS AT 31 MARCH 2024 Notes 2024 2023 Fixed assets Tangible assets 14 164,663 163,614 Current assets Stocks Debtors Cash at bank and in hand Total current assets 15 16 17 11,489 79,748 255,488 346,725 10,974 35,812 397,582 444,368 Liabilities: Creditors: Amounts falling due within one year 18 {85,958) (125,553) Net current assets 260,767 318,815 Net assets excluding pension liability Defined benefit pension scheme asset I (liability) 425,430 482,429 10 975,000 829,000 Total net assets 22 1,400,430 1,311,429 The funds of the charity: Restricted income funds 19 60,460 81,311 Unrestricted funds.. Designated funds Pension reseNe General reserve Total unrestricted funds 20 20 20 149,608 975,000 215,362 1,339,970 155,175 829,000 245,943 1,230,118 Total charity funds 1,400,430 1,311,429 For the year ending 31 March 2024 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. Trustees, 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 Trustees and authorised for issue on 3 December 2024 and are signed on behalf of the Board by: Lynn Pegler DL (Chair of Trustees) thp+
Page17 THE NORTON PRIORY MUSEUM TRUST (Limited by Guarantee) STATEMENT OF CASH FLOWS FOR YEAR ENDED 31 MARCH 2024 Previous Year Funds Total Funds Cash flows from operating activities: Net cash provided by (used in) operating activities (See Note 23) 134,954 1,490 Cash flows from investing activities Purchase of Fixed Assets (7,140) Net cash provided by (used in) investing activities (7,140) (1,490) Change in cash and cash equivalents in reporting period (142,094) (1,490) Cash and cash equivalents at beginning of reporting period 397,582 399,072 Cash and cash equivalents at end of reporting period 255,488 397,582
Page 18 THE NORTON PRIORY MUSEUM TRUST (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES The principal accounting policies of the Trust are set out below. These policies have been applied consistently throughout the year. Basis of preparation The financial statements have been prepared in accordance with the Charities Statement of Recommended Practice (SORP) (FRS102) second edition issued in October 2019, the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) (effective 1 January 2015>, and the Companies Act 2006. The Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s). Income recognition Items of income are recognised and included in the accounts when all of the following criteria are met.. the charity has entitlement to the funds. any performance conditions attached to the item(s) of income have been met or are fully within the control of the charity- there is sufficient certainty that receipt of the income is considered probable; and the amount can be measured reliably. Income received in advance of weddings or group bookings is deferred until the criteria for income recognition are met. For legacies, entitlement is taken as the earlier of the date on which either.. the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor{s) to the Trust that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor's intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met. then the legacy is a treated as a contingent asset and disclosed if material. Expenditure recognition Expenditure is recognised once there is a legal orconstructive obligation to make a payment to a third party, it is probable that settlementwill be required and the amount ofthe obligation can be measured reliably. Expenditure is classified under the following activity headings- Costs of raising funds comprise costs associated with the shop, marketing and publicity costs, and their associated support costs. Charitable activities comprise those costs incurred by the charity in the delivery of its activities and services. It includes both costs that can be directly attributed to such activities and those costs of an indirect nature necessary to support them. All costs are allocated between activities on a basis consistent with the use of the resources.
Page 19 THE NORTON PRIORY MUSEUM TRUST (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 Allocation of support costs Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. They include finance and administrative costs, communication costs and governance costs which support the Trust's activities. These costs have been allocated between cost of raising funds and expenditure on charitable activities. The bases on which support costs have been allocated are set out in the notes to the accounts. Pensions The Trust contributes to a defined benefit pension scheme, with pension contributions being paid to the Cheshire Pension Fund in accordance with the recommendations of the actuary. The scheme is funded, with the assets of the scheme administered by trustees appointed by the Fund and held separately from those of the Trust. The Trust fully adopted FRS17 for the accounting treatment of retirement benefits for the first time in the year ended 31 March 2006. The effect of this change was to recognise pension scheme deficits and surpluses in the Trust's balance sheet. The difference between current service costs and the Trust contributions plus net return on assets is charged or credited to expenditure in the Statement of Financial Activities. Actuarial gains and losses are recognised in the Statement of Financial Activities after Net Income/Expenditure for the year. The resulting defined pension scheme surplus or liability is stated in the Trust accounls after Net Current Assets on the Balance Sheet. Actuarial valuations of the pension scheme are obtained triennially and updated at 31 March each year. st Fixed Assets Tangible fixed assets are stated at cost less accumulated depreciation. Only individual items costing in excess of £2,500 are normally capitalised. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows.. Motor Vehicles 10 years Furniture and Equipment 5 - 30 years depending on life of asset th No depreciation is provided on the 16 C Flemish cabinet as Trustees consider that it will hold its value. Where fixed assets are funded by grants or donations and capitalised in accordance with the Trust's accounting policies, the corresponding gain is recognised as income in the Statement of Financial Activities in accordance with FRS102. A designated reserve is also created against which the annual depreciation charges are transferred. Costs incurred on the Museum reconstruction (with the exception of furniture & equipment) have not been capitalised as almost all the expenditure was incurred by the freeholder, Halton Council, and the property is included in their accounts. Current Assets Stock is represented by non-consumable and consumable items for resale which are stated at the lower of cost and net realisable value, after making allowance for slow moving and obsolete items.
Page 20 THE NORTON PRIORY MUSEUM TRUST (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid after taking account of any trade discounts due. The Trustees have the power to invest in such assets as they see fit subject nevertheless to such conditions and consents as may for the time being be imposed or required by law. Surplus funds have been deposited with Banks and Building Societies in accordance with the Trust's approved investment policy. 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. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. Fund structure The Trust's funds are split as follows.. Unrestricted funds- these funds are available to spend on activities that further any of the purposes of charity. They include the General Reserve which provides for future working capital and helps to protect the Trust against any unexpected expenditure. Designated funds - these are unrestricted funds of the charity which the Trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds- these are donations or grants which the donor has specified are to be solely used for particular areas of the Trust's work, or where funds have been raised by the Trustees for a particular purpose. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. Income from donations and grants 2024 2023 Restricted.. Donations and sponsorship Grants 6,111 194,437 189 8,394 Unrestricted.. Donations Grants 8,434 299 4,283 7,191 20,057 209,281 The Trust benefits enormously from the involvement and enthusiastic support of its volunteers. In accordance with FRS102 and the Charities SORP {FRS102), the economic contribution of general volunteers is not recognised in the Accounts.
Page 21 THE NORTON PRIORY MUSEUM TRUST (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 2024 2023 Income from charitable activities Admission charges including gift aid Support from Local Authority Other income 182,391 188,516 21,506 127,599 183,002 28,157 392,413 338,758 £160 of the Admission charges was Restricted income. Income from other trading activities Shop sales Rents and service charges other income 37,566 22,057 33,067 24,190 30,510 34,033 92,690 88,733 Income from trading consists entirely of sales made in the United Kingdom. Expenditure on raising funds Cost of shop stock sold Advertising costs Staff and administrative costs 15.631 15,514 80,355 10,436 8,374 73,143 111,500 91,953
Page 22 THE NORTON PRIORY MUSEUM TRUST (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 Analysis of charitable activities 2023124 Staff costs 82,229 11,736 82,747 82,150 69,499 11,736 31,185 234,475 105,622 31,185 112,335 40,935 6,091 58.864 14,376 603,883 Buildings Grounds Activities 88,848 13.733 23,487 18,135 5,567 20,773 5,073 237,932 Administration Depreciation Support costs (Note 7) Governance costs (Note 7) Totals 2024 9,067 524 20,643 5,042 222,231 17,448 4,261 143,720 The Staff Costs above include a £36,000 credit in respect of an FRS 17 pension adjustment. 2022123 Staff costs 59,740 8,295 111,350 58,062 52,191 8,295 35,937 223,281 74,652 35,937 48,146 28,628 6,091 80,430 15,964 513,129 Buildings Grounds Activities 42,134 9,742 6,012 12,591 5,567 40,110 7,961 241,653 Administration 6,295 524 18,800 3.732 125,774 Depreciation Support costs (Note 7) Governance costs {Note 7) Totals 2023 21,520 4,271 145,702 The Staff Costs above include £36.000 debit in respect of an FRS 17 pension adjustment. The above analyses include both Restricted and Unrestricted Funds.
Page 23 THE NORTON PRIORY MUSEUM TRUST (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 Analysis of support costs & governance costs 2023124 Staff costs Time 45,489 10,115 55,604 14.162 Printing & communications Independent Examiner fees Other Trust costs Usage Governance 13,375 787 2,760 2.760 Governance 714 714 Totsls 2024 58,864 14.376 73,240 2022123 Staff costs Time 65,732 12,049 77,781 15,563 Printing & communications Independent Examiner fees other Trust costs Usage Governance 14,698 865 2,800 2,800 Governance 1,170 1,170 Totals 2023 80,430 16,884 97,314 2024 2023 Net income l expenditure for year This is stated after charging.. Depreciation Interest payable 6,091 6,091 Auditor's remuneration as Independent Examiner Trust accounts 2,760 2,540
Page 24 THE NORTON PRIORY MUSEUM TRUST (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 2024 2023 Analysis of staff costs The aggregate staff costs were: Directly employed.. Gross salaries 292,572 251.147 Social security costs 16,647 14,147 Other pension costs 23,365 82,130 Consultancy charges 5,130 2,000 Travel, training and recruitment costs 6,250 8,186 343,964 357,610 The Other pension Costs include a credit of £36,000 (£36,000 debit in 2022123) in respect of an FRS 17 pension adjustment. Particulars of employees: Average number of staff (full time equivalents) during the year Number of staff to whom retirement benefits are accruing under defined benefit scheme 13 Number of employees with emoluments above £60.000 None None
Page 25 THE NORTON PRIORY MUSEUM TRUST (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 10. Retirement benefits The Trust participates in the Cheshire Pension Fund, which is a funded defined benefit pension scheme administered in accordance with the Local Government Pension Scheme Regulations 2013 and Amendment Regulations 2015-20. The scheme provides pensions and other retirement benefits for employees based upon final salaries. The annual funding costs of these pensions is based on triennial actuarial valuations, with the costs being financed by contributions from both the Trust and staff. The last formal valuation of the Fund for the purpose of setting employers, contributions was as at 31 March 2022, with the next formal valuation due as at 31 March 2025. The Trust paid contributions at the rate of 22.9 % during the year ended 31 March 2023 inclusive of 1.25 % in respect of ill-health Insuran contributions. For the three years from 1 st April 2023, the rate is unchanged. The employee's contribution is between 5.5 % and 6.8 % of pensionable pay dependant on annual remuneration. For these Accounts, the actuary has valued the Pension Scheme in accordance with FRS102. The major financial assumptions used by the actuary are as follows: Year ended.. 31 March 2024 31 March 2023 Nominal % per annum Pension increase rate 2.75 % Salary increase rate Discount rate 3.450/. Major categories of plan assets as percentage of total plan assets Year ended: 31 March 2024 31 March 2023 Equities Bonds 50% 35/. Property Cash 12°/ 14%
Page 26 THE NORTON PRIORY MUSEUM TRUST (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 Changes in the Fair Value of Plan Assets, Defined Benefit Obligation and Net Liability - Year ended 31 March 2024 Assets Obligations Net (liability) lasset £'ooo £'ooo £'ooo Fair value of plan assets Present value of funded liabilities 2,470 2,470 (1,641) 829 1,641 1,641 Opening position as at 31 March 2023 2,470 Current service cost 60 (60) Net Interest.. Interest income on plan assets Interest cost on defined benefit obligation Total net interest 117 117 78 (78) 39 117 78 Total defined benefit cost recognised in SOFA 117 138 (21) Cashflows.. Plan participants contributions Employer contributions Benefits paid Expected closing position 16 16 57 57 (841 2,576 (84) 1,711 865 Remeasurements: Changes in demographic assumptions Changes in financial assumptions Other experience Return on assets excluding net interest Total remeasurements recognised in Other Recognised Gains l (Losses) (9) (111) 47 111 (47) 37 37 37 {73) 110 Fair value of plan assets Present value of funded liabilities 2,613 2,613 {1,638) 975 1,638 Closing position as at 31 March 2024 2,613 1,638
Page 27 THE NORTON PRIORY MUSEUM TRUST (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 Changes in the Fair Value of Plan Assets, Defined Benefit Obligation and Net Liability- Year ended 31 March 2023 Assets Obligations Net (liability) lasset £'ooo £'ooo £'ooo Fair value of plan assets Present value of funded liabilities 2,672 2,672 (2,518) 154 2,518 2,518 Opening position as at 31 March 2022 2,672 Current service cost 83 (83) Net Interest.. Interest income on plan assets Interest cost on defined benefit obligation Total net interest 74 74 70 {70) 74 70 Total defined benefit cost recognised in SOFA 74 153 (79) Cashflows: Plan participants contributions Employer contributions Benefits paid Expected closing position 13 13 43 43 (12) 2,790 {12) 2,672 118 Remeasurements.. Changes in demographic assumptions Changes in financial assumptions Other experience Return on assets excluding net interest Total remeasurements recognised in Other Recognised Gains l {Losses} 49 (49) 1,054 (1,054} (26} (23) (297) 121 {320} (1,031) 711 Fair value of plan assets Present value of funded liabilities 2,470 2,470 (1,641) 829 1,641 Closing position as at 31 March 2023 2,470 1.641
Page 28 THE NORTON PRIORY MUSEUM TRUST (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 11 Trustees, emoluments and benefits No Trustee was paid any remuneration or expenses by the Trust in the year (2022123- Nil). No Trustee or other person related to the charity had any personal interest in any contract or transaction entered into by the charity during the year {2022123- Nil). 12. Related party transactions The charity has close working relationships with Halton Borough Council, which nominates up to three trustees and provides annual funding to assist the charity to carry out its charitable objectives. The following is a summary of transactions with the Council. 2024 2023 Revenue funding received to operate museum and walled garden Custodian support grant for Halton Castle Grants received for projects 183,516 178,002 5,000 5,000 1,185 13. Taxation There will be no liability for corporation tax owing to the Company's charitable status. No tax is paid on interest receivable. The Trust's Value Added Tax recovery status is "Partially Exempt" 14. Tangible fixed assets Furniture & Fittings Motor Vehicles Equipment Total COST At 1 April 2023 Additions in Year 186,969 7,140 194,109 17,533 91,446 295,948 7,140 303,088 At 31 March 2024 17,533 91,446 DEPRECIATION At 1 April 2023 Charge for year At 31 March 2024 31,152 5,192 13,861 524 87,321 375 132,334 6,091 36,344 14,385 87,696 138,425 NET BOOK VALUE At 31 March 2023 155,817 3,672 4,125 163,614 At 31 March 2024 157,765 3,148 3,750 164,663
Page 29 THE NORTON PRIORY MUSEUM TRUST (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 2024 2023 15. Stocks Retail stocks for resale 11,489 10,974 16. Debtors Trade debtors 20,921 57.412 1,415 79,748 29,172 4,459 2,181 Grants receivable Other debtors 35,812 17. Cash at bank and in hand Bank deposits Current account 122,607 126,957 5,924 255,488 120,981 275,603 998 Paypal, Worldpay & floats 397,582 18. Creditors: Amounts falling due within one year Trade creditors Accruals and deferred income 5,615 80,343 85,958 9,380 116,173 125,553 19. Movement in Restricted funds 2023124 Projects Total 81,311 200,708 {161,583} {59,977) 81,311 200,708 (161,583} (59,977) 60,460 60,460 Previous year- 2022123 Projects Total 147,823 147,823 9,073 (50,101) (25,484) 9,073 (50,101) (25,484) 81,311 81,311
Page 30 THE NORTON PRIORY MUSEUM TRUST (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 Pur oses of Restricted Funds These are grants and donations where the money is required to be spent on a specified purpose. 20. Movement in Unrestricted funds 2023124 Designated Funds." Furn. & Equipment Reserves General Fund 155,175 (5,567) 149,608 245,942 493,676 {589,800) 65,544 215,362 829,000 36,000 110,000 975,000 1,230,117 493,676 (553,800) 59,977 110,000 1,339,970 Pension Reserve Previous year - 2022123 Designated Funds." Furn. & Equipment Reserve General Fund Pension Reserve 160,742 (5,567) 155,175 295,398 438,475 (518,981) 31,051 245,943 154,000 (36,000) 711,000 829,000 610,140 447,064 (554,981) 25,484 711,000 1,230,118 Pur oses of Unrestricted Desi nated Funds Furniture and Equipment Reser4es These reserves represent grant received for the acquisition of audio-visual equipment, facial reconstruction, lighl sculptures, display cases th and a 16 C Flemish cabinet. A sum equivalent to the annual depreciation is transferred from these Reserves to the General ReseNe each year. 21. Transfers between funds Depreciation on costs funded by grants transferred from the Designated Reserves to the General Fund (£5,567). Restricted Fund costs transferred from General Fund (£59,977).
Page 31 THE NORTON PRIORY MUSEUM TRUST (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 22. Analysis of net assets between funds Restricted Designated General & Funds Funds Pension Reserrfes Total Year ended 31 March 2024 Tangible Fixed Assets Cash at Bank Other Net Current Assets Pension Surplus 149,608 15,055 195.029 5,279 975,000 149,608 1,190,362 164,663 255,488 5,279 975,000 1,400,430 60,460 60,460 Year ended 31 March 2023 Tangible Fixed Assets Investments and Cash at Bank Other Net Current Assets Pension Surplus 155,175 8,439 316,271 (78,767) 829,000 155,175 1,074,943 163,614 397,582 (78,767) 829,000 1,311,429 81,311 81,311 23. Reconciliation of net Income l (expenditure) to net cash flow from operating activities 2024 2023 Net income l {expenditure) for the reporting period Add back: Depreciation charges Add back." Pension revaluation adjustments (Increase) l Decrease in stocks {Increase) l Decrease in debtors Increase l (Decrease) in creditors Net cash provided by (used in) operating activities (20,999) 6,091 (36,000) (515) (43,935) (39,596} (134,954) {157,534) 6,091 36,000 {823) 25,314 89,462 (1,490)
Page 32 THE NORTON PRIORY MUSEUM TRUST (Limited by Guarantee) INCOME AND EXPENDITURE YEAR ENDED 31 MARCH 2024 2023124 General Restricted Fund Funds 2022123 Total Totsl INCOME Admissions (including Gift Aid) Shop sales Rents receivable 182,231 160 182,391 127,599 37,566 37,566 24,190 22,057 22,057 30,510 Operating support Grants 188,516 188,516 183,002 299 194,437 194,736 15,585 Donations and other income 63,007 6,111 200,708 694,384 69,118 66,662 Total Income 493,676 447,548 EXPENDITURE Staff costs 324,848 49,986 374,834 5,130 11.850 117,358 319,610 Consultancy fees Building costs Grounds maintenan 5,130 2.000 105,508 82,947 29,358 7,545 1,827 7,970 31,185 15,514 27,642 88,959 119,967 991 15,735 15.631 35,937 Marketing and publicity Furniture & equipment Activity costs Administrative costs 8,375 27,642 18,422 31,008 51,032 14,743 17,292 Shop - Cost of sales Other costs 15,631 10,436 22.820 22,820 17,464 Totsl Expenditure 584,233 61.583 745,816 563,515 Transfers between Funds 59,977 (59,977) Adjusted Surplus for year See note {30,581) (20,852) (51,432) (115,967) Note: This statement excludes the FRS pension revaluation adjustment of £36,OOOcr {£36,OOOdr in 2022123) and Depreciation funded from Reserves of £5.567 (£5,567 in 2022123). This Page does not form part of the Independently Examined Financial Statements