Registered number: 02290819 Charity number: 800074 ST. NEOTS MUSEUM LIMITED (A Company Limited by Guarantee) UNAUDITED TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
ST. NEOTS MUSEUM LIMITED (A Company Limited by Guarantee) CONTENTS Page Reference and Administrative Details of the Museum. its Trustees and Advlsers Chaimian's Statement Trustees. Report Independent Examinerfs Report statement of Financial Activities 7-10 12 Balance Sheet 13-14 Notes to the Flnanclal Statements 15-30
ST. NEOTS MUSEUM LIMITED (A Company Limited by Guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE MUSEUM, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2023 Trustees R J Brittain. Finance Officer M D Carter (resigned 19 July 2023) G C R Chapman (appointed 19 July 2023) EBElam M Fletcher, Chairman C J Jones J K Sinfield C Slade E St Hill Davies (appointed 19 Juty 2023) C C Thompson G J Watts (resigned 21 August 2023) Company registered number 02290819 Charity reglstered number 800074 Registered office 8 New Street St Neots Cambs PE19 1AE Company secretsry J K Sinfield Accountants Streets Chartered Accountants Potton House Wyboston Lakes Great North Road Wyboston Beds MK44 3BZ Bankers Barclays 8ank PIC 41 High Street St Neots Cambs PE19 1AS Santander Bridle R<)ad Bootle Merseyside L30 4GB Natwest Bank PIC 37 High St st Neots Cambs PE19 1BP Page 1
ST. NEOTS MUSEUM LIIAIITED IA Company Llmlted by Guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE MUSEUM, ITS TRUSTEES AND ADVISERS (CONTINUED) FOR THE YEAR ENDED 31 DECEIABER 2023 Cambridge & Counties Bank Chamwood Court 5B New Walk Leicester LE16TE Page 2
ST. NEOTS MUSEUM LIIAITED (A Company Limited by Guarantee) CHAIRMAN'S STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2023 The chaimian presents his statement for the year. 1. Objects of the Charity The object5 of the charity are set out in the Articles of Association of St. Neots Museum Ltd and are 'to advance the education of the public in conservation and the history of St. Neots. Cambridgeshire, and its immediate environs by the proNllsion and maintenance of a Museum,. The Trustees reviewed the original Memorandum & Articles of Association (from 1988) and fonnally adopted an updated version of it in June 2019. 2. A Look back at 2023 2023 has been a year of significant change and challenges for the museum ryth year on year costs increasing by 17% and organisationally both our curator (wtho has been wtth the museum for over 15 years) and our long temi Chair of Trustees retiring from their roles although our retired Gurator continues to support the museum a5 a neY appointed memberto the Board of Trustees and as Chair of our Friends ofthe Museum. Organisationally for the majority of 2023 the role of museum manager, scoped to take OTT operational management of the museum and to carry out some of the duties of our previous curator, has been vacant. Whilst the museum manager post has been unfilled the trustees approved a temporary restructuring of the museum team. To the uedit of the museum staff, volunteers and trustees the museum delivered, during 2023, a successful and varied schedule of workshops, events and leaming programmes, expanded our on-line activitie5 whilst still maintaining our financial position despite a significant increase in operational non pay costs. However, we were qUired to delay our submission to the Arts Council to extend our ststus as an accredited museum (who have agreed to defer our submission to May 2024) and also postponed our proposal to the National Heritage Lottery Fund for fvnding to cary OLrt new programmes linked to expanding community engagement and the development of the museums physical space. The Museum had significant building issues, both structurally and with the limited layout and spaces available. A lead trustee was assigned to take ownership for a programme of works and to cTrordinate 1th the Town Council to ensure the Museums requirements are fully understood. This programme of work has successfully ensured no worsening in the condition of the building and a full building survey, funded by the landlord, was completed in 2023 identsty'ng and priorilising what structural work is quIred. Plans for the redevelopment of the Museum site are on hold awaiting completion of a feasibility study looking at opts'ons and obtaining relevant costings for the structural Vrk identified as required. The Trustees intention is to resurrect the project next year to complete the feasibility review, audience engagement plans and obtain relevant cost estimate5 for building work and then to seek grant funding to enable the comprehensive development ofthe Museum. Further storage space for the Museums expanding collections has been acquired at a new extemal site and additionally we have carried out the refurbishment and expansion of storage space within the main museum building. The resulting space created has allowed for the provision of a designated office for the Museum staff and the Court Room previously used on a temporary basis for workshops and for public hire has been made permanently available for those purposes. The Board of Trustees have developed a forward plan where we have set out our priorities for the period 2023-28. It concentrates on areas of change. identrfying where we want to be by 2028, and what tt will take to get there. Our annual business plans sit within this overarching framework. wth each year coming into sharper focus as it approaches. This framework is further supported by a number of polices and plans that cover specific areas of activity. I know that the world will look different by 2028. and so V11 our museum,. but the plan developed captures our aspirations now and provide5 a road map for our future. Page 3
ST. NEOTS MUSEUM LIMITED (A Company Limited by Guarantee) CHAIRMAN'S STATEMENT {CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2023 3. Key relationships with other oryanisations (a) St. Neots Town Council The premises occupied by the Museurn are leased (35 years from 2020) from the Town Council with peppercom rent and an obligation on the landlord to maintsin the building in good condition, wth the Museum responsible for its interior decoration. The Council also provides a substantial contribution towards the Museum's Tunning costs. Without the ongoing support of the Town Council, the Museurn Yuld have great difficulty in providing the services to meet its obligations. Our yeady grant from St Neots Town Council was for £56,850 {a year on year increase of 26OA) and our request to increase the grant for 2024 to £63.080 has been approved by the Council. The Trustees are grateful to the Town Council, ¥thich is the principal financial supporter of the Museum, and the Trustees are committed to ensuring all residents of St Neots continue to gain ac5$ to the Museum for free and that we provide the events. exhibitions and activities which ensure the Museum is placed in the heart of the community of St Neots and the surrounding villages. b) The Friend5 of St. Neots Museum The Friends are a separate and independent body dedicated to supporting the work of the Museum through fundraising and advocacy in the local community. The Friends aim to ensure that the Museum can continue to showcase the rich heritsge of the St Neots area, support the Museum'5 work with a Vde variety of communty groups induding schools and young people and champion the Stories of local people and places revealed through the Museum's collections. During 2023, as well as the traditional events such as the Round Table Santa Sleigh Run and the Christrnas Draw, a Cinema Matinee and Friends Open Day were held to increase the visibility of the 'Friends' organisation wthin the community. The Trustees acknovledge the important role the Friends play in the life of the Museum and the financial contribution that they make to it and recognise that the support of the 'Friends' wll be even more important and vttal to aid any future redevelopment of the Museum. c) St Neots Museum Volunteers Thanks goes to the hard-vrkIng Volunteer5 keep the Museum shipshape and tidy and provide a warm welcome to our visitors as well as carying out cataloguing and archival work. They bring a wde range of skills and expertise, and their experience and enthusiasm helps SUPFJOrt work of the highest quality. A total of 47 unpaid volunteers are involved in supporting the museum donating 5,500 volunteer hours per year. The Trustees are pleased to aCknOledge that the willing partiapation of the Volunteers is a cruaal element in the continued success of the Museum. 4. 2023 Activities and Programmes 4.1 Museum Activities and Events 2023 was a good year for St Neots Museum continued steady progress back to the busy and thriving Museum we were in 2019 when vrfe won Best Small Museum in Cambridgeshire and before the Covid19 pandemic swept across the world. In 2023 we had approximately 9.600 visitor5 to the Museum. In addition. v estimate about 1,000 visitors attended the Living History Festival and Marvellous Melodies events held over separate days in September on the Market Square and many more people interaded Vth the Museum through our website and other outside events and activities. In the Temporary Exhibition Gallery we put on 3 exhibitions by local artists and a very successful Marble Mania family event and the alYRys popular Winter Craft and Gift Fair. Page 4
ST. NEOTS MUSEUM LIMITED (A Company Limitsd by Guarantee) CHAIRMAN'S STATEMENT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 During 2023 we provided 13 walks around St Neots town centre. inv(JMng over 130 people, and 25 talks to local groups across the area reaching over 750 people. Essential to the Museum are the objects, photographs and ephemera we collect as part of our core work preserwng the herita9e and culture of the area and our total collection consists of 14,477 individual items. Our social Tnedia p05t reach figures have risen from an average of 12 in March 2021 to 1,542 in March 2023 with an overall social media reach in March 2023 of 25,300. Marketing evaluation run on the reception desk throughout 2023 showed that print media reached very few visitors. as a result the printed media marketing budget is to be significantly reduced for 2024. 4.2 Leaming Programmes The fonmal leaming programme saw 561 pupils frorn 8 local primary schools visit the Museum for local history units led by the Leaming Officer induding small group visits from Samuel Pepys special education school and Riverside MeadOV Academy, a Social, Emotional and Mental Health (SEMH) specialist school. Family informal leaming was supported by 20 days of family craft Workshops in the school holidays, free Museum trails, toddler times, a twilight at the museum event and resources to support family Museum visits. The summer wrkShopS were part of the University of Cambridge 'Summer with the Museums, programme vthich supports regional Museums. Work was completed on the travelling Museum module wth the aim of tsking object5 and ephemera out to the community. This was supported by The Rotary Club of St Neots and Cambridgeshire County Council. 5. Financlal Positlon and The Charity's Reserves The totsl unrestricted fijnds held by the Chartiable Company at year end a £60,300. The Trust's reserves policy is to have a minimum of £50,000 cash reserves on hand to cover the changes in cash flow during the year and to cover any unforeseen issues. The reserves in our unrestricted account at the end of 2023 represent about 7 months, worth of expenditure. Credrt is due to the Financial Team for its detsiled fund management and regular reporbng to the Trustees which has enabled the Museum to stabilise our financial position against a background of significant cost increases and organi5ational change. One of our agreed strategic aims is to be more financialty resilient and grow our revenues ensuring the Museum maintains SuffIent cash reserves to underpin the long-term fvture of the Museum and broadens the scope of Museums investments to achieve tis objectives. Our priorities in 2024 are to continue to widen the sources of funding, develop innovative programmes to generate new income. maximise revenues through the utilisation of the museums facilities and to seek investment opportunities outside of our existing support organisations. In summary, the Board considers the overall financial perfomiance of the Trust to be satisfactory. We are grateful to the whole staff and volunteer team contributed to the perfomiance and for all their effort and passion. 6. The Future The Board of Trustees in partnership with the museum staff has identified five strategic and investment priorities that it will focus on delivering over the next five years. These are: 1. To engage, develop and inspire our communities ryth the aim to develop the leaming potential of the museurn and to wden access to the museums resources enabling more people to enjoy and leam about local heritage. Page 5
ST. NEOTS MUSEUM LIMITED (A Company Llmlted by Guarantee) CHAIRMAN'S STATEMENT (CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2023 2. To care, grow and increase access to our colleth'ons ensuring St Neots Museum is an important communty asset through the preservation of the collections and the stories they tell with the Museum adopting good profe55ional practice. 3. To redevelop and transfonn our infrastructure with the intention to transform the museum into a heritage. leaming & cultural hub for the whole communty using its unique local collection. 4. To be more financialty resilient and grow our revenues ensuring the Museum maintains sufficient cash reserves that underpin the long-temi future of the Museum. (We have developed a baseline five year financial forecast to deliver a projected finanualty neutral position) and broaden the scope of Museurns investrnents and extemal funding to achieve its aims. 5. Improve our govemance to safeguard the long temi future of our museum by ensuring we have clear ownership and regular reviews of the projects we agree to implement. Next year we do need to put the period of instabilty experienced in 2023 behind us. We are recruiting for a new museum manager and we expect to have someone to be in place by the end of May and V have also appointed a part t'me museum assistant who joined the museum in 2023. These additional staff will provide u5 with the flexibility, expertise and succession planning we need to ensure the museum's organisational stability 15 in place. In temis of events - we have an ouuine programme for next year focussed on local history (the focus in 2023 was putting together a number of exhibits'ons supporting local artists) fjth free family activities in the spring and summer school holidays. We y11 continue to support the major events sponsored by the tovm Gounril and local organisations and sh to continue to lead on the popular Living History festival and also develop a new event fo¢ussed on the life and times of St Neot which be held around his feast day of the 31st of July. We are also looking to expand the leaming programme for schools and our support of dementia groups in the area. We have agreed a programme of key projects to deliver during 2024 (and beyond) and l am grateful to my fellow Trustees for their continued help and support through vthat is a very ambitious programme in temis of what we have set oirt to achieve. M Fletcher Chaimian Date: I7171x Page 6
ST. NEOTS MUSEUM LIMITED (A Company Limited by Guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees present their annual report together yth the financial statements of the Museum for the year from year 1 January 2023 to 31 December 2023. The Annual Report 5erve5 the purposes of both a Tru5tees' report and a directors, report under company law. The Trustees confirm that the Annual Report and financial statements of the charitable company comply vAth the current statutory requirements, the requirements of the charitable company's goveming document and the provision5 of Ihe Statement of Recommended Practice (SORPI applicable to charities preparing their accounts in accordance %Mth the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019). Since the Museum qualifies as small under section 382 of the Companies Act 2006. the Strategic Report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors, Report) Regulations 2013 has been omitted. Objectives and activities a. Policies and objectives The objeGt set out in the Memorandum and Article5 of a5sociats.on is to advanGe the education of the public in conservation and the history of St Neots. Cambridgeshire and its immediate environ5 by the provision and maintenance of a museum. In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit induding the guidance 'Public benefit.- running a charity (PB2)'. b. Main activities undertaken to further the Museum's purposes for the public benefit The chartty provides opportunities for artrfacts to be preserved and displayed for the benefit of the local community. The Museum is open to the general public for general vie%*ryng of static displays or participation in specialist events and workshops. Local residents can visit the Museum free of charge. vth donations in lieu of entrance fees being requested for other visltors. Schoo15 and community groups are able to Vi51t the Museum as part of their educational activities and they also have access to boxes of artifacts on a range of topics. which enable a hands-on approach to leaming. Achievements and perfomiance . Main achievements of the Museum The review of the Museum's actsvitie5 and PerfonanCe is given in the Chaimian's Report. Page 7
ST. NEOTS MUSEUM LIMITED (A Company Limited by Guarants8) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DEGEMBER 2023 Financial review . Going concern The charity continues to receive an annual grant trom St Neots Town Council and also has a good level of general reserves to support the day to day activitie5. After maknng appropriate enquiries, the Trustees have a reasonable expectation that the Museum has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concem basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policie5. b. Reseryes policy The Trustees seek to maintain sufficient unrestri¢ted reserves to cover nine months running costs, excluding depreciation, wth the desired level of general funds estimated at £50,000 {2022 £70,000). The trustees, have used some of the resetve5 during the year and, at 31 December 2023, the general reserve amounted to £60,300 (2022 £65,694). The Trustees consider that the museum's assets are suffiaent to meet its obligations and the level of unrestricted funds is adequate to cover the day to day requirements of the museum for the forthcoming year. . Overview The museum has reported an overall deficit of £4,377 (2022 deficit of £13.529) for the year, but continues to prepare detailed budgets to approve and montior spending. The employment and general running costs continue to be covered by the grant from St Neots Town Council. Structure, governance and management a. Constitution St. Neot5 Museum Limited is registered as a charitable company limited by guarantee (company registration number 02290819. charity number 800074) and set up by a Memorandum of Association on 30 August 1988. The Articles of Association were updated on 27 June 2019. b. Methods of appointment or election of Trustees The management of the Museum is the responbIlIty of the Trustees who are elected and co-opted under the terms ofthe Memorandum of Associats'on. . Oryanisational structure and decision-making policies The directors who served the charity during the year are set out on page 1. The directors are also the trustees for the purposes of charity law. Day to day responsibility for the wnning of the Museum 15 undertaken by the trustees and senior paid staff. Page 8
ST. NEOTS MUSEUM LIMITED IA Company Llmlted by Guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Structure, governance and management (contlnued) d. Pay policy for key management personnel The charity sets rates of pay vthich are commensurate ryth the roles and responsibilities of each staff member Details of the remuneration paid to key management personnel are given in note 11. e. Related party relationships In addition to the groups listed in the Chaimian's Report, the charity's trLlStees are also, individually, involved in a number of other businesses and organisations, but there are not any related party transactions requiring disclosure in the accounts. f. Financial risk management The Trustee5 have assessed the major risks to which the Museum is exposed, in particular those related to the operations and finances of the Museum, and are satisfied that systems and procedures are in place to mitigate our exposure to the major risks wherever possible. Plans for future periods As set out in the Chairman's Report, the trustees continue to look at different ways to enhance the Museum and to seek to ensure the charity has appropriate management and resources to continue for the foreseeable fijture. Member5. liability The Mernbers of the Museurn guarantee to contribute an amount not exceeding £1 to the assets of the Museum in the event ofwnding up. Statement of Trustees. responsibilities The Trustees (who are also the directors of the Museum for the purposes of company law) are responsible for preparing the Trustees, Report and the financial statements in accordance fjth applicable law and United Kingdom Accounting Standards {United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare financial ststements for each financial year. Under company law. the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Museum and of its incoming resources and application of resources. including its income and expenditure. for that period. In preparing these finanaal statements, the Trustees are required to= select suitable accounting policies and then apply them consistently; observe the methods and principles of the Charities SORP IFRS 102): make judgments and accounting estimates that are reasonable and prudent., state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements., prepare the financial statements on the going concem basis unless it is inappropriate to presume that the Museum will continue in business. Page 9
ST. NEOTS MUSEUM UMITED (A Company Limited by Guarantse) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Statement of Trustees, responsibilities ICONTINUED} The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Museum's transactions and disdose with reasonable accuracy at any time the financial position of the Museum and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Museum and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by order of the members of the board of Trustees and signed on their behalf by: Fletcher Chairman Date: l? 11)t Page 10
ST. oTs fAusEUM LIMITeD (A Company Llnfft•d ty Guarnnle•l INPEPENDEtir EXAhllNEifs REPORT FOR THE YEAR ENOED 31 DECEMBER 2023 Independont Examln•rfs Report ¢0 th? Trustee8 of St. N•oi6 PthJ¥oum Llrnltod (Ih• Museum. Wa report to the charity Tnlslees on gxanNnalton ol Ihe accouts of the Museum for Ihe yaar ended 31 December 2023. RponsIbl11eS and 8asi¥ of Report As the TTustees ol the Museum (and rts directors for 1178 purpos8s of comgany I} yau are responsible lor the prepoFalion of the accounls In acwd8nc4 wtth the ftyuirements of the Companias Act 2006 I'the 2006 Acl.). Havlng satlsfied ouelveS that the accounts d the Museum are not requlred to be audiled und8r Part 16 of the 2006 Acl and arp eliglble for independenl gx8minal¥on. bye report In respect of our examinatM of the Museum's accounls carried out under section 145 of the Charities Ad 2011 ('Ih8 2011 Acf). In carrying out our examination we have fdlowed Ihe Direcn3 given by the Chanty Commtsskm under secfion 145(5)(b) of the 2011 ACL Indendent Ex•mlngVs Statement We have compleled our examination. We conf¥m Ihat no motlefs have to our attentK)n in conne(Ilon with the exarninalion glvlr9 us cause to be¥e. accounthng Tecords ye not kepl In respect of Museum as wequ[d by seth'on 386 of the 2008 Acl., or the acrnunls do not att4)rd wlth those wecords: or the atUnts do not cornpty wilh Ihe ac%>JuntSng requirements of section 396 of the 2006 Act other than any requirernenl Ihal the ac¢ounls giva a Iru• and falft viw is not a matter considered as port of an independent examination: or the accounts have not been plepar1 In accordance wilh Ihe ffleths and prin0eS of the Slatemenl of Recommended fvaCt for accounting and rnPDrting ty tharities l*icable to charities preparing their accounts In accordan with Ihe Ffflaftcsal ReportirrfJ Standanl applicabje in the UK and Repubhc of Ireland IFRS 102)]. We have no ncernS and have come across no olher matters In connection with the examln81Jon to which attantion should be dfawn in Ihis repart in order tD enabl8 a w¢per understsnding of ihe accounlg to b8 reached. This rvport 15 made solely to the Museum'5 Tntstha5. 05 a bryjy. In aGcoidatKv Ul P¥ii 4 vl Ihu CliarlilE>> (Accounts and Reporls) Regutalrons 2008 Our vK>tk has been undertaken so that we might sla:e lo the Museum's Trustees those matters we are required lo slale lo thwn In an Indeperent Exarninerfs Report and far nD Other purpose. To the fullest exlent pemirtied by law, we do not accept Qr assume respongbility to arbyone ¢Jther than th8 Museum and the Museum's TrnS1 as a body. lor our Wofk or for this report Sigrd. Linda J Ld Dated.. 1 202LL 8Sc. BFP. FC& TEP Stre•ts Charter•d Accountants Potton House, W5t01b Lakes. Great North Road. Wyb051on. Bedford 3BZ Pag8 11
ST. NEOTS MUSEUM LIMITED (A Company Limited by Guarantee) STATEMENT OF FINANCIAL ACTMTIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2023 Unrestricted funds 2023 Restrictsd funds 2023 Total funds 2023 Total funds 2022 Note Income from: Donations and legacies Charitable activities Other trading actiwties Investments 9,153 77,848 22,906 1.723 9,153 79,848 22,906 1,723 13,464 61,591 15,676 283 2.000 Total income 111.630 2,000 113,630 91,014 Expenditure on: Raising funds Charitable activities 14.830 101.064 14,830 103,177 8,578 95,965 2.113 Total expenditure 115,894 2.113 118,007 104,543 Net expenditur8 Transfers between funds (4,264) 14,377) (13,529) 18 1.130 Net movement In funds 15,394) 1,017 {4,377) (13,529) Reconciliation of funds: Total funds brought forward Net movement in funds 65.694 <5,394) 28,105 1,017 93.799 (4,377) 107,328 (13.529) Total funds carried forward 60,300 29,122 89,422 93, 799 The Statement of Finanoal Activities indudes all gains and losses recognised in the year. The notes on pages 15 to 30 fomi part of these financial statements. Page 12
ST. NEOTS MUSEUM UMITED IA Company Limited by Guarantee) REGISTERED NUMBER: 02290819 BALANCE SHEET AS AT 31 DECEMBER 2023 2023 2022 Note Fixed assets Tangible asset5 Heritage assets 13 4.783 22.747 3. 766 22, 747 14 27.530 26,513 Current assets Stocks Debtors Cash at bank and in hand 15 16 8,382 6,009 56,594 8,718 3,692 63, 792 70.985 76,202 Creditors: amounts falling due within one year 17 (9,093) (8,916) Net current assets 61.892 67,286 Total net assets 89,422 93, 799 Page 13
ST. NEOTS MUSEUM LIMITED (A Company Limited by Guarantee) REGISTERED NUMBER: 02290819 BALANCE SHEET (CONTINUED AS AT 31 DECEMBER 2023 2023 2022 Note Charity funds Restricted funds 18 29,122 60,300 28. 105 65,694 Unrestricted funds 18 Totsl funds 89,422 93, 799 The Museum was entiued to exemption from audit under section 477 of the Companies Act 2006. The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies AGt 2006. The Trustee5 acknowledge their responsibilibes for complying wrth the requirements of the Act vth respect to accounting record5 and preparation of financial statements. The financial ststements have been prepared in accordance with the proNision5 applicable to entities subject to the small companies regime. The financial statements Vre approved and auth0ri5ed for issue by the Trustees and signed on their behalf by: Fletcher Chairman Date.. Ai li ITr The notes on pages 15 to 30 fomi part of these financial statements. Page 14
ST. NEOTS MUSEUM LIMITED (A Company Limited by Guardntee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 General infomiation The chantsble company is a company limited by guarantee, registered in England and Wales. The address of the gIStered office is 8 New Street, st Neots, Carnbridgeshire. PE19 1AE. The accounts have been prepared in sterling. This is the functional Currency of the entity. Accounting policies 2.1 Basis of preparation of financial statements The financial statements have been prepared in accordance V4ith the Charities SORP IFRS 102) - Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance fjth the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015). the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. St. Neots Museum Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical c05t or transaction value unless othewse stated in the relevant accounting policy. 2.2 Going concem The trustees have a reasonable expectation that the museum has adequate resources to continue in operational existence for the foreseeable future. For this rea50n they Gontinue to adopt the going concem basis in preparing the financial statements. 2.3 Fund accounting General funds are unrestricted funds vthich are availaL4e for use at the discretion of the Trustees in furtherance of the general objectives of the Museum and which have not been designated for other purposes. Restricted funds are funds whith are to be used in accordance with speofic restriction5 imposed by donors or lch have been raised by the Museum for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. 2A Income All income is recognised once the Museum has entitlement to the income, it is probable that the income wll be received and the arnount of income receivable can be measured reliably. Grants are included in the Statement of Financial Activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance Sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and induded in creditors as deferred income. Where entitlement occurs before income 15 received, the income is accrued. Income tsx recoverable in relation to donations received under Gift Aid is recognised at the time of the donation. Page 15
ST. NEOTS MUSEUM UMITED (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies (continued) 2.5 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits wll be required in settlement and the amount of the obligation can be measured reliably. Expenditure on raising funds indudes all expenditure incurred by the Museum to raise funds for its charitable purposes and includes costs of all fundraising acb-vities events and non-charitable trading. Expenditure on charitable actimts'es is incurred on directy undertaking the activities which further the Museum's objectives, as well as any associated support costs. All expenditLJre is inclusive of irrecoverable VAT. 2.6 Government grants Govemment grants relating to tangible fixed assets are treated as deferred income and released to the Statement of Financial Artivities over the expected usefvl lives of the assets concemed. Other grants are credited to the Statement of Financial Actimties on an ac¢wals basis. 2.7 Interest receivable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Museum- this is nomially upon nots-fication of the interest paid or payable by the instituts'on with whom the funds are deposited. 2.8 Taxation The Museum is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definitson of a charitable company for UK corporation tax purposes. Accordingly, the Museum is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable Purposes. 2.9 Tangible fixed assets and depreciation Tangible fixed assets are inttially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs inCued to bring a tangible fixed asset into its intended working condition should be induded in the measurement of cost Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives. Depreciation is provided on the followng basis= Fixtures. fitknngs, tools and equipment 15% per annum reduring balance or 33.33% straight line Page 16
ST. NEOTS MUSEUM UMITED IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng pollcies Icontinued) 2.10 Herftsge assets The charity holds a number of historic assets, many of which have been donated to the Museum. There is no reliable cost infonnation or valuation of the majority of the MuseuTn's collections, which consist of items relating to St Neots and District from prehistoric times to the 1940's. The benefits of obtaining a valuation do not Justify the cost and, as a consequence, such assets are not included in the financial statements. Heritage assets, thich are tangible fixed assets of historical. artistic or scientific importance that are held to advance preservation and conservation objectives of the charity. Newly purchased heritage assets are capitslised and included at cost induding any incidental expense5 of acquisition. The very long expeGted lives of heritsge assets. due lo their nature, value and need to be protected and preserved means that deprecialion is not material and is, therefore, not provided. 2.11 stocks Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost indudes all direct Costs and an appropriate proportion of fixed and variable overheads. 2.12 Debtors Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 2.13 Cash at bank and In hand Cash at bank and in hand indudes cash and short4emi highly liquid investments with a short maturity of three months or less from the date of acquisib-on or opening of the deposit or similar account. 2.14 Liabilities and provisions Liabilities are recognised vthen there is an obligation at the Balan Sheet date as a result of a past event, it is probable that a transfer of economic benefit wll be required in settlement, and the amount of the settlement can be estimated reliably. 2.15 Financial instruments The Museum only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are inibally recognised at transaction value and subsequently measured at their 5etUement value the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. 2.16 Operating leases Rentals paid under operating leases are Charged to the Statement of Finanrial Activities on a straight line basis over the lease tenn. Page 17
ST. NEOTS MUSEUM UMITED (A Company Limlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies (continuedl 2.17 Pensions The Museum operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Museum to the fund in respect of the year. Income from donations and legacies Unrestricted funds 2023 Total funds 2023 Total funds 2022 Donations Donations- General Donations- Friends of St Neot5 Museum Use of Old Court Room 3,967 3,436 1.750 3,967 3,436 1,750 3,358 4,928 1,178 9,153 9,153 9,464 Government grants 4,000 9,153 9,153 13,464 Total 2022 13,464 13,464 Page18
ST. NEOTS MUSEUM LIMITEO IA Company Llmited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Income from charitable activities Unrestricted Restricted funds funds 2023 2023 Total funds 2023 Total runds 2022 Grant from St Neots Town Council Grants for specific projects Donations in lieu of entrance fees Commission on sale of photographs and craft fair Photographs supplied and miscellaneous income Income from workshops and events 63.200 63,200 2,000 2,466 45, 000 3, 805 1,981 2,000 2.466 2.677 2,677 2,155 148 9,357 148 9,357 199 8,451 Total 2023 77,848 2,000 79.848 61,591 Total 2022 61,291 300 61,591 Income from other trading activities Income fmm fundraising events Unrestricted funds 2023 Total fvnds 2023 Total funds 2022 Shop income Escape room income 11,673 11,233 11,673 11,233 12,668 3,008 22,906 22,906 15,676 Total 2022 15.676 15,676 Page 19
ST. NEOTS MUSEUM UMITED (A Company Llmlted by Guarnntse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Investment income Unrestricted funds 2023 Total funds 2023 Total fvnds 2022 Interest received 1,723 1,723 283 Total 2022 283 283 Expenditure on raising funds Costs of raising voluntary inc¢Jme Unrestrlcted funds 2023 Total funds 2023 Total funds 2022 Goods for resale (adjusted by stock) Escape room costs 7.315 7,515 7,315 7,515 6, 738 1,840 14,830 14,830 8.578 Total 2022 8,578 8,578 Page 20
ST. NEOTS MUSEUM LIMITED IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Analysis of expendlture on charitable activilies Summary by fund type Unrestricted Restricted funds funds 2023 2023 Total 2023 Total 2022 St Neots Museum 101.064 2.113 103,177 95,965 Total 2022 94.603 1,362 95, 965 Summary by expendlture type Staff costs Depreciation Other costs 2023 2023 2023 Total 2023 Total 2022 St Neots Museum 61.116 1,613 40,448 103,177 95,965 Totsl 2022 62, 560 1,044 32,361 95,965 Page 21
ST. NEOTS MUSEUM UMITED (A Company Llmited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Analysis of expenditure by activities Activities undertaken directly 2023 Support costs 2023 Total funds 2023 Total funds 2022 st Neots Museum 91.582 11.595 103,177 95,965 Total 2022 85,218 10,747 95,965 Analysis of direct costs Total funds 2023 Total funds 2022 Staff costs Depreciation Rent 61,116 1,613 1,040 709 62,560 1,044 1.040 1,177 3,649 1.996 1,058 1,028 578 1.918 2.975 6, 195 Rates and Yter Light and heat Insurance Repair5 and maintenance Security System Conservation 3,620 2,242 2,122 309 1,868 6,877 8,918 Displays and exhibitions Events Legal and professional fees 91.582 85,218 Page 22
ST. NEOTS MUSEUM LIMITED (A Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Analysis of expenditure by aclivilies (Continued) Analysis of support costs Total funds 2023 Total funds 2022 Telephone Postage. stationery and photocopier Publiaty and advertising. including website Gosts Travelling and training costs Sundry expenses G0Veman costs 326 297 418 7.359 466 6.139 14 2.208 2.442 625 2,048 11,595 10,747 10. Independent examlneVs remuneration The independent examinerfs remuneration amounts to an independent examiner fee of £1,800 (2022 - £1,600). and payroll and secretsrial services of £541 (2022- £541). 11. Staff costs 2023 2022 Wages and salaries Contribution to defined contribution pension schemes 59,749 1,367 60,958 1,602 61,116 62,560 The average number of persons employed by the Museum during the year was as follows". 2023 2022 Museum Staff Museum staff Page 23
ST. NEOTS MUSEUM LIMITED (A Company Limited by Guardntee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 11. Staff costs Icontinued) No employee received remuneration amounting to more than £60,000 in either year. The staff costs represent the total payroll costs (gross pay, employer's national insurance and pension contributions) of the curatorldirector, museum assistant, education and leaming officer and cleaner. The key management personnel of the chartty comprise the trustees and the curatorldirector. None ofthe trustees receive any remuneration. The total remuneration (including employer pension contrbbutions) for their services to the charity amounted to £21,268 (2022 £27,492). 12. Trustees. remuneration and expenses During the year, no Trustees received any remuneratton or other benefits (2022 - £NIL). During the year ended 31 December 2023. no Trustee expenses have been incurred (2022 - £NIL). 13. Tangible fixed assets FIxtu5 and fittings C05t or valuation At 1 January 2023 Additions 95,437 2,630 At 31 December 2023 98,067 Depreciation At 1 January 2023 Charge for the year 91,671 1,613 At 31 December 2023 93.284 Net book value At 31 December 2023 4,783 At 31 December 2022 3. 766 Page 24
ST. NEOTS MUSEUM LIMITED (A Company Limited by Guarantse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 14. Heritage assets Assets recognised at cost Kimbolton Hoard 2023 Carrwng value at 1 January and 31 December 2023 22,747 22.747 15. Stocks 2023 2022 Finished goods and goods for resale 8,382 8,718 16. Debtors 2023 2022 Due within one year Trade debtors Other debtors Prepayments and accrued income 50 3.778 2,231 1,847 1. 795 6,009 3, 692 17. Creditors". Amounts falling due within one year 2023 2022 Accruals and deferred income 9.093 8,916 Page 25
ST. NEOTS MUSEUM LIMITED (A Company Llmlted by Guarnntee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 18. Statement of funds Statement of funds - current year Balance at 31 December 2023 Balance at 1 January 2023 Transfers inlout Income Expenditure Unrestricted funds General Funds 65.694 111.630 (115,894) (1.130) 60.300 Restricted funds Propety Conversion and Equipment Fund Hentage Assets (primarily Kimbolton Hoard) Rotary Project Cambs County Council Goodliff Mrs A Wills Legacy 3.766 (1.613) 2,630 4,783 22.747 22,747 500 (500) 1.500 (1,500) 624 968 624 968 28,105 2,000 (2,113) 1,130 29,122 Total of funds 93,799 113,630 1118,007) 89,422 Page 26
ST. NEOTS MUSEUM LIMITED (A Company Llmlted by Guardntee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 18. Statement of funds (continued) Statement of funds - prior year Balance at 31 Dernber 2022 Balance at 1 January 2022 Transfe in/out Income Expenditure Unrestricted funds General Funds 79. 595 90,714 (103.181) (1,434) 65,694 Restrlcted funds Propety Conversion and Equipment Fund Heritage Assets (primarily Kimbolton Hoard) Rotary Project Cambs County Council Goodlny Mrs A Wills Legacy Rotary Club of St Neots 3, 076 (1,044) 1,734 3. 766 22,747 117 22.747 (117) 300 (300) 624 624 968 968 201 (201) 27, 733 300 (1,362) 1,434 28, 105 Total of funds 107.328 91.014 (104, 543) 93, 799 Page 27
ST. NEOTS MUSEUM LIMITED IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 18. Statement of funds (continued) Property Conversion and Equipment Fund The Property Conversion and Equipment Fund represents the net book value of assets held by St Neots Museum Limited at the balance sheet date. The fund is reduced by depreciation and amortisation over the life of the assets and transfers represent additional assets purchased in the year. Heritage Assets In 2012 the Museum received grants to enable it to purchase the contents of the Kimbolton Hoard, a collection of Iron Age gold and silver coins costing £22,232. In 2018, the charity also purchased additional medieval artefacts costs'ng £515. The restricted fund representing the cost of the heritage assets acquired and the fund V4ill be maintained at this value while the assets are owned by the Museum. Rotary project During the year the museum received two donations of £200 and £300 for the purchase of Santa's Christmas gifts for the 'Meet the Tudors. event. Both grants were fully utilised in the year. Cambs County Council The Museum received a contribution of £1,500 towards the cost of new racking and chairs for the Museum. The cost of the equipment has been capitalised as an improvement to the charity's assets and the £1,500 transferred to the Property Conversion and Equipment Fund. Goodlrff In 2020 the Museum received £800 towards producing a booklet for St Neots in World War 2 and to purchase oral recoding equipment. £176 was used in previous years. leaving £624 carried foard. Mrs A Wills Legacy In 2021, the Museum received a legacy of £968 from Mrs A Wills to go tOvrdS the presetvation and presentation of a collection of items donated by Mrs Wills. 19. Summary of funds Summary of fvnds - current year Balance at 31 December 2023 Balance at 1 January 2023 Transfers injout Income Expenditure General funds Restricted funds 65.694 28.105 111.630 2.000 (115.894) {2.113) (1.130) 1.130 60,300 29,122 93.799 113,630 (118.007) 89.422 Page 28
ST. NEOTS MUSEUM LIMITED (A Company Limlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 19. Summary of funds (continued) Summary of funds - prioryear Balance at 31 December 2022 Balan at 1 January 2022 Transfers in/out Incon Expenditure General funds 79,595 27. 733 90, 714 (103, 181) (1,362) (1.434) 1,434 65, 694 28, 105 Restricted fund5 107,328 91,014 (104.543) 93, 799 20. Analysis of net assets between funds Analysis of net assets between funds - current year Unrestricted Restrictsd funds funds 2023 2023 Total funds 2023 Tangible fixed assets Heritage assets Current assets Creditor5 due within one year 4,783 22,747 41,863 (9,093) 4.783 22.747 70,985 (9,093) 29,122 Total 60.300 29.122 89,422 Analysis of net assets between funds - prior year Unrestricted funds 2022 Restricted funds 2022 Total funds 2022 Tangible fixed assets Heritage assets Current assets Creditors due 1th1n one year 3, 766 22.747 1,592 3, 766 22,747 76,202 (8.916) 74,610 (8,916) Total 65, 694 28. 105 93, 799 Page 29
ST. NEOTS MUSEUM LIMITED (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 21. Members. liability The Museum is a company limited by guarantee. Each member of the charitable company undertakes to contribute to the assets of the company in the event of it being wound up Nthile helshe is a member, or thin one year after helshe ceases to be a member, such amount as may be required. not exceeding £1 for the debts and liabilities contracted before helshe ceases to be a member. 22. Related party transactions The Museum has not entered into any related patty transaction during the year, nor are there any outstanding balances owbng between related parties and the Museurn at 31 December 2023. Page 30