Reglstered 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 2024
ST. NEOTS MUSEUM LIMITED (A Company Limited by Guarantse) CONTENTS Page Refer8nce and Administrative Details of the Museum, Its Trustees and Advisers Chaimian's Statement Trustees. Report 8-11 Independent Examinerfs Report 12 statement of Financial Activities 13 Balance Sheet 14-15 Notes to the Financial Statements 18-31
ST. NEOTS MUSEUM UMITED (A Company Limited by Guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE MUSEUM, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2024 Trustees R J Brittain. Finance Officer L M Capper MBE (appointed 21 August 2024) G C R Chapman EBElam M Fletcher. Chaimian C J Jones J K Sinfield C Slade E St Hill Davies C C Thompson Company registered number 02290819 Charity registered number 800074 Registered office 8 New Street St Neots Cambs PE19 1AE Company secrntary J K Sinfiekl Accountants Streets Chartered Accountants Potton House Wyboston Lakes Great North Road Wyboston Beds MK44 38Z Bankers Barclays Bank PIC Leicester SerwrAng Centre Leicester Leics PE19 1AS Santander Bridle Road Bootle Merseyside L30 4GB Natwest Bank PIC 92 High Street Huntingdon Cambs PE29 3DT Page 1
ST. NEOTS MUSEUM LIMITED (A Company Limited by Guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE MUSEUM, ITS TRUSTEES AND ADVISERS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Cambridge & Counties Bank Chamwood Court 5B New Walk Leicester LE16TE United Trust Bank Limited 1 Ropemaker Street London EC2Y 9AW Page 2
ST. NEOTS MUSEUM LIMITED (A Company Limited by Guarnntee) CHAIRMAN'S STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2024 The chairman presents his statement for the year. 1. Objects of the Charity The objects of the charity are set out in the Arbcles 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 provision and maintenance of a Museum,. The Trustee5 reviewed the original Memorandum & Articles of Association (from 1988) and formally adopted an updated version of it in June 2019. 2. A Look back at 2024 2024 has been a year of significant change and development for the museum ryth a stepped increase in our income generation resulting in year on year income increasing by around 60% and organisationally the recruitment of a Museum Manager to lead on the museums commercial and day to day operations. For the majority of 2024 the museum manager post had been unfilled and to the credit of the museum staff, volunteers, and tNstees the museum delivered, during 2024, a successful and varied schedule of vrkshops, events and learning programmes and expanded our on-line activrties %thilst still maintaining our financial position despite a significant increase, excluding pay. in our day to day costs. Receiving full aGGreditation for the museum from the Arts Council was a major achievement and is a reGognition that the standards and poliaes we have set ourselves (and adhere to) thill ensure we can continue to develop our museum, promote the history of our town and we manage our Gollections properly, engage V4fjth visitors, and that we are govemed appropriately. We obtsined a major grant from the Highways Agency to develop our displays and the first of those displays, representation of a railway carriage, opened to the public in 2024. All the museum team have supported this project, this has been a key initiative where we have also made use of the sknlls and expertise of our museum team and volunteers to ensure we tumed a proposal into a physical reality. Earlier in the year we collected from the British Museum a very rare Early Saxon brooch which was donated to the museum. As a result of this very special object being added to our collection a major funding initiats've was launched to enable the museum to showcase our local treasures and archaeological items of historical importance to the public. The Friends of the Museum are leading on this initiative and V have already reached over 50UA of our funding targeL The next stage is contacting major grant funding bodies to match the donations received from the public and local organisations. I highlighted in last yearfs pOrt that the Museum had significant building issues, both structurally and vth the limited layout and spaces available. Our lead trustee and nelY appointed museum manager established a good working relationship with some of our key supporters and we a seeing some of the improvements to our museum such as the new roof, upgrading our wireless network and forthcoming replacement of our internal lighting. These are visible signs of how we are modemising our facilitses to ensure we Safeguard our collection and make the museum more enjoyable to wsit and work in. Plans for any major redevelopment of the museum site are on hold awaiting completion of a feasibilty study looking at options and an audience engagement plan, both studies are due to be completed in 2025. Page 3
ST. NEOTS MUSEUM LIMrrED (A Company Limited by Guarantsè) CHAIRMAN'S STATEMENT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 3. Key relationships with other oryanisations (a) St. Neots Town Council The premises occupied by the Museum are leased (35 years from 2020) from the TOTrA Council ryth a peppercom rent and an obligation on the landlord to maintain the bullding in good condition, viith the Museum responsible for its interior decoration. The Council also provides a substantial contribution tovRrds the Museum's running costs. Wtihout the ongoing support of the Town Council, the Museum would have great difficulty in prowding the services to meet its obligations. Our yearly grant from St Neots Town Counal was for £63,080 (a year on year increase of 11 %) and our request to increase the grant for 2025r26 to £67,700 has been approved by the Council. In addition, funding of £13,000 was allocated by the Town Council to support maintenance of the museum buildings. The Trustee5 are gratefijl 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 and the surrounding parishes continue to gain access to the Museum for free and that we provide the events, exhibitions and activities which ensure the Museum is placed in the heart ofthe 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 heritage of the St Neots area. support the Museum's work viith a wide variety of communty groups including schools and young people and champion the stories of local people and places revealed through the Museum's collections. During 2024, as well as the traditional events such as the Round Table Santa Sleigh Run, Museum Open day and the Christmas Draw, the Friends of the Museum also organised a unique event, held in November, combining historical bad(ground and dramatic recreation, to articulate the 1812 murder of British Prime Minster, Spencer Perceval. The event was a majtx commercial success and was very VRII attended. The Friends are planning to hokl a similar event in 2025. The Friends of the Museum are leading on an inibative to enable the museum to showcase our local treasures and have already reached over 500h of our funding target of £25,000. The Trustees aCknaedge 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 5LlPPOrt of the 'Friends' will be even more important and vital to aid any fvture redevelopment of the Museum. c) St Neols Museum Volunteers As Chair of Trustees, I want to acknowledge that the llIng partiapation of the Volunteers is an essential element in the continued success of the Museum. Thanks goes to the hard-working Volunteers who keep the Museum shipshape and tidy, proNllde a wann welcome to our visitors, support the workshops and events held at the museum. attend extemal events as supporters and promotors of the museum. as well as carrying out cataloguing, research, and archival work to ensure our collection is well managed. They bring a wde range of skills and expertise, and their experience and enthusiasm helps support work of the highest quality. A total of 47 unpaid volunteers are involved in supporting the museum donating 5,839 volunteer hours in 2024. Page 4
ST. NEOTS MUSEUM LIMITED (A Company Llmited by Guarantee) CHAIRMAN'S STATEMENT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 4. 2024 Activities and Programmes 4.1 Museum Activities and Events In 2024 we had 10,242 visitors to the Museum. In addits-on, we estimate aboLrt 1,000 visitors attended the Living History Festival in September on the Market Square and many more people interacted with the Museum through our website and other outside events and activibes. In the Temporary Exhibition Gallery V put on 2 exhibitions by local artists and a very successful Lego family event and the always popular Winter Craft and Gift Fair. During 2024 we provided 14 walks around St Neots town centre, involving over 160 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 preserving the heritage and culture of the area and our total collection COnSts of 14,698 individual items. Our social media p¢)st reach figures have risen from 1,542 in 2023 to an overall social media rea¢h in December 2024 of 48,041. Marketing evaluation run on the reception desk throughout 2023 showed that print media reached very few visitors and a result using a more targeted advertising strategy our marketing spend reduced by -550/0 in 2024 vs. the previous year. We have an outline programme for next year with a Continued focussed on local history vthth (free family activities in the spring and summer school holidays). l am very excited that we are holding, in March and April, our first Arts Season at the museum promoting the work of three local arb'sts. 2025 is the 30th anniversary of the museum and we are creating a special exhibition to celebrate this major milestone. Our Living History festival is happening in Septemberwith key funding already secured. 4.2 Leaming Programmes The fomial leaming programme saw 390 PUlS from 8 local primary schools visit the Museum for local history units led by the Leaming Officer including small group visits from Samuel Pepys special education school and Riverside MeadOV Academy. a Social, Emotional and Mental Health (SEMH) specialist scho. We are looking to expand the leaming programme for schools and our support of dementia groups in the area. Family informal leaming vlas 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 workshops were part of the University of Cambridge 'Summer Yth the Museums. programme which supports regional Museums. 5. Museum Governance In terms of museum govemance, we have improved the focus and accountability Mfjth the trustee meetings now being held quartedy and the creation of three working groups responsible for the leadership of the financeloperations, promotionfinvestment and organisationlpolicies of the museum. All three working groups are now in place and are starbng to make a difference putting in place the structures we need for the museum to continue to progress. In relation to trustee recruitment, two new members have joined the Board and it is good to see that both bring to the team new skills and leadership and taknng ownership of two key studies (community engagement and feasibilitylreview of options) that are required to support any future Arts Council funding applicats'on. Page 5
ST. NEOTS MUSEUM LIMrrED (A Company Limlted by Guarantee) CHAIRMAN'S STATEMENT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 6. Financial Position and The Charity's Reserves The total unrestricted funds held by the Charitable Company at year end are £51,289. The Trust's current 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 i55ues. The reserves in our unrestricted account at the end of 2024 represent about 6 months, worth of expenditure. Credit is due to the Financial Team for its detailed 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 organisational change. One of our agreed strategic aims is to be more financially resilient and grow our revenues ensuring the Museum maintain5 sufficient cash reserves to underpin the long-temi future of the Museum and broadens the scope of Museums investments to achieve its objective5. In 2024 y continued to widen the sources of funding by seeking investment opportunities outside of our previous support organisations. It has been a year of significant hange and developrnent for the museum wth a stepped increase in our income generation resulting in year on year income increasing by around 60%. The increase in funding has been predominately utilised to update our museum displays and develop our IT capabilities and to commence a programme of vrfork to enable the museum to showcase our local treasures which are cUentlY held in secure storage. In summary, the Board considers the overall financial perfomance of the Trust to be satisfactory. We are grateful to the whole staff and volunteer team cantributed to the performance and for all their effort and passion. 7. 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: To engage, develop and inspire our communities %Mth the aim to develop the leaming potential of the museum and to widen access to the museums resources enabling rn0 people to enjoy and leam about local hentage. 2. To care, grow and increase access to our collections ensuring St Neots Museum is an important community asset thn?ugh the pservatIon of the collections and the stoiies Éhey tell with the Museum adopting good professional prdctice. 3. To redevelop and transfonn our infrastnjcture wth the intention lo trdnsfonn the museum into a hen"tage. leaming & culturdl hub for the whole communty using rfs unique local collection. 4. To be more finanallY resilient and grow our revenues ensuring the Museum maintains suffnt cash reserves that underpin the long-tem? future of the Museum and broaden the Scope of Museums investments and extemal funding to achieve Ats aims. 5. Improve our govemance to safeguard the long temi future of our museum by ensuring we have dear <)wnership and regular remews of the Projects we agree to implement. The Board of Trustee5 continue to align our priorities to the foTrvard plan. The agreed priortiies {in order) for 2025126 are: Delivery of the digital design5 project 11. Maintaining a finanrial position of breakeven by year end. This means that we are not looking to increase volumes Iredesign "business as usual actNities" such as tslksl walksl school visits etc unless we identify a funding shortfall. Page 6
ST. NEOTS MUSEUM LIMITED (A Company Llmlted by Guarantee) CHAIRMAN'S STATEMENT {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 111. Delivery of the showcasing local treasu5 display. If we get the required funding then this is to happen in the second half of 2025 afterwe have completed the digitsl designs project. IV. Support the evaluations required for the Options study and Community engagement review. This is being lead by trwo of our trustees. V. Obtain fvnding for the "Access for All Projecf. This project will deliver a range of improvements to our museum building to ensure our facilities are accessible to all and the intetion is this will be prominently funded through targeted grants. We have agreed a programme of key projects to deliver during 2025 (and beyond) and l am grateful to my fellow Trustees for their continued help and support through what is a very ambitious programme in terms of what Y have set out to achieve. M Fletcher Chaimian Date: 16 July 2025 Page 7
ST. NEOTS MUSEUM UMrrED (A Company Limited by Guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees present their annual report together with the financial statements of the Museum fly the year from 1 January 2024 to 31 Dember 2024. The Annual Report serves the purposes of both a Trustees, report and a directors, report under company law. The Trustees confimi that the Annual Report and financial ststements of the charitable company comply with the current statutory requirements. the requirements of the charitable company's goveming document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance wtth the Finanaal 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 Companie5 Act 2006 (Strategic Report and Directors, Report) Regulations 2013 has been omitted. Objectives and activities a. Policies and objectives The object set out in the Memorandum and Artides of associalion is to advance the education of the public in conservation and the history of St Neots, Cambridgeshire and its immediate environs 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 Chanty Commission relating to public benefi( induding the guidance 'Public benefit.. running a charity (P82)'. b. Main activities undertaken to further the Museum's purposes for the public benefit The charity provides opportunities for artifacts to be preserved and displayed for the benefit of the local community. The Museum is open to the general public for general viewing of static displays or participation in specialist events and workshops. Local residents can visit the Museum free of charge. with donations in lieu of entrance fees being requested for other visitors. Schools and community groups are able to visit the Museum as part of their educational activities and they also have access to boxes of artifacts on a range of topics. vthich enable a hands-on approach to leaming. Achievements and perfonnance . Main achievements of the Museum The review of the Museum's activities and performance is given in the Chairman's Report. Page 8
ST. NEOTS MUSEUM LIMITED (A Company Limited by Guarantee) TRUSTEES. REPORT ICONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Financial revlew . Going concern The charity continues to receive an annual grant from St Neots Town Council and also has a good level of general reserve5 to support the day to day activibes. After making appropriate enquiries, the Trustees have a reasonable expectation that the Museum has adequate resources to continue in operational existence for the foreseeable ftAure. For this reason, they continue to adopt the going concem basis in preparing the finanaal statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies. b. Reserves policy The Trustees seek to maintain sufficient unrestrided reserves to cover six to nine months running costs, excluding depreciation, with the desired level of general funds estimated at £50,000 (2023 £50,000). The actual level of unrestricted reserves was £51,289 at the reporting date (2023 £60,300). The Trustees consider that the museum's assets are sufficient 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 SUTplus of £31,574 (2023 deficyt of £4,377) comprising a deficit on unrestricted activities of £6,666 and a surplus of £38.240 on restricted funds. Restricted income indudes grants and fundraising for specific projects where the expenditure will be incurred in fvture accounting periods. The trustees continue to prepare detsiled budgets, and to approve and monitor spending on the running costs for the museum, in addition to managing specific projects and enhancements to the museum's facilities and displays. The employment and general running costs continue to be covered by the annual grant from St Neots Tovm Council. Structure• governance and management a. Constitution St. Neots Museum Limited is registered as a charitsble company limtied by guarantee (company registration number 02290819, charity number 800074) and was 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 responsibility of the Trustees who are elected and c(Fopted under the terms of the Memorandum of Assaciation. c. Oryanisational structure and declsion•making policies The directors who served the chartty 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 running of the Museum is undertaken by the trustees and senior paid staff. Page 9
ST. NEOTS MUSEUM UMITED (A Company Limitsd by Guarantee) TRUSTEES. REPORT ICONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Structurei governance and management (continued) d. Pay policy for key management personnel The charity sets rates of pay which are commensurate wth the roles and responsibilities of each staff member Details of the remuneration paid to key management personnel are gbven in note 11. e. Related party relationships In addition to the groups listed in the Chaimian's Report. the charity's trustees are also, individually, involved in number of other businesses and organisations. but there are not any related party transactions requiring disdosure in the accounts. f. Financial risk management The Trustees have assessed the major risks to wthich the Museurn is exposed, in particular those related to the operations and finances of the Museum, and are satisfied that systems and procedure5 are in place to mitigate our exposure to the major risks wherever possible. Plans for future pèriods As set OLSt in the Chaimian'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 sOUrceS to continue for the foreseeable future. Members, liability The Members of the Museum guarantee to contribute an amount not exceeding £1 to the assets of the Museum in the event ofwnding up. Statement of Trustees, responslbilities The Trustees (who a 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 with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare financial statements 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 expendtture, for that period. In preparing these finanaal staternents. the Trustees are required to: select suitable accounting policie5 and then apply them consistently", observe the methods and principles of the Charities SORP (FRS 102): make judgments and accounting estimates that are reasonable and prudent" state whether applicable UK Accounting Standards (FRS 102) have been foll0vd. subject to any material departures disclosed and explained in the financial statements., prepare the financial statements on the going Goncem basis unless it is inappropriate to presume that the Museum will continue in business. Page 10
ST. NEOTS MUSEUM LIMITED (A Company Limited by Guarants8J TRUSTEES, REPORT ICONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Statement of Trustees, responsibilities (CONTINUED) The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Museum'5 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.. 16 Juty 2025 Page11
ST. NEOTS MUSEUM LIMITED (A Company Limited by Guarantee) INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Independent Examiner's Report to the Trustees of SL Neots Museum Limited Iyhe Museum,) We report to the charty Trustees on our examinab'on of the accounts of the Museum for the year ended 31 December 2024. Responsibilities and Basis of Report As the Trustees of the Museum (and its directOTS for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act.). Having satisfied ourselves that the accounts of the Museum are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination. we report in respect of our examination of the Museum's accounts carried out under section 145 of the Charities Act 2011 (Ihe 2011 Act.). In carrying out our examination we have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. Independent Examiner's Statement We have completed our examination. We confirm that no matters have come to our attents'on in connection wtth the examination giving us cause to believe.. accounting records were not kept in respect of the Museum as required by section 386 of the 2006 Act,. or the accounts do not accord vth those records,. or the accounts do not comply vth the accounting requirements of section 396 of the 2006 Ad other than any requirement that the accounts give a Irue and fairf wew which is not a matter considered a5 part of an independent examination; or the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charrties [applicable to charities preparing their accounts in accordance with the Finanual Reporting Standard applicable in the UK and Republic of Ireland {FRS 102)]. We have no concem5 and have come across no other matters in connection with the examination to which attention should be drawn in this port in order to enable a proper understanding of the accounts to be reached. This report is made solely to the Museum's Trustees, as a body. in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our Work has been undertaken so that V might state to the Museum's Trustee5 those matters we are required to state to thern in an Independent Examiner's Report and for no other purpose. To the fullest extent permitted by law, y do not accept or assume responsibility to anyone other than the Museum and the Museum's Trustees as a body, for our work or for this report. Signed= Linda J Lord c1 cl Dated. i 8 ¢VLJST aoas BSC, BFP, FCN TEP Streets Chartered Accountants Potton House, Wyboston Lakes, Great North Road, Wyboston. Bedford MK44 3BZ Page 12
ST. NEOTS MUSEUM LIMITED (A Company Limited by Guaranteè) STATEMENT OF FINANCIAL ACTMTIES IINCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2024 Unrestricted funds 2024 Restricted funds 2024 Total funds 2024 Total funds 2023 Note Income from: Donations and legaues Charitable activitses 11.085 78,133 13.542 1.368 10,826 41,254 21.911 119,387 13,542 1,368 9, 153 79,848 22,906 1,723 Other trading activities Investments Totsl Income 104,128 52,080 156,208 113,630 Expenditure on: Raising fund5 Charitable activities 9,231 101,563 9.231 115,403 14,830 103, 177 13,840 Total expenditure 110.794 13.840 124.634 118,007 Net (expenditure}lincome Transfers between funds (6,6661 (2.345) 38,240 31,674 (4,377) 18 Net Tnovement in funds 19,011) 40.585 31.574 (4,377) Reconciliation of funds: Total funds brought fov*vard Net movement in fvnds 60,300 (9,011) 29,122 40,585 89,422 31,574 93, 799 (4,377) Total funds carried forward 51.289 69.707 120,996 89,422 The Statement of Financial Activities indudes all gains and losses recognised in the year. The notes on pages 16 to 31 fomi part of these financial statements. Page 13
ST. NEOTS MUSEUM LIMITED (A Company Limlted by Guarantee) REGISTERED NUMBER: 02290819 BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2023 Note Fixed assets Tangible asset5 Heritage assets 13 14 9.420 22.747 4, 783 22, 747 32.167 27.530 Current assets stocks Debtors Cash at bank and in hand 15 16 7,323 4,619 84,315 8,382 6,009 56,594 96,257 70, 985 Current liabllities Creditors.. amounts falling due within one year 17 (7,428) (9,093) Net current assets 88,829 61,892 Total net assets 120,996 89,422 Page 14
ST. NEOTS MUSEUM LIMITED (A Company Llmited by Guarantee) REGISTERED NUMBER: 02290819 BALANCE SHEET {CONTINUED) AS AT 31 DECEMBER 2024 2024 2023 Note Charity funds Restricted funds Unrestricted funds 18 18 69,707 51,289 29, 122 60,300 Total funds 120.996 89,422 The Museum was entiled to exemption from audit under 5eGtion 477 of the Companies Act 2006. The mernbers have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006. The TTUStees acknowledge their responsibililies ft)r complying with the requirements of the Act with respect to accounting records and preparation of financial statement5. The financial statements have been prepared in accordance with the provisions applicable to ents'ties subject to the small companies regime. The financial statements were approved and aulhorised for issue by the Trustees and signed on their behalf by: Fletcher Chairman Date= 16 July 2025 The notes on pages 16 to 31 form part of these financial statements. Page 15
ST. NEOTS MUSEUM U1411TED (A Company Limitad by Guarantea) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 General inforniation The charitable company is a company limited by guarantee, registered in England and Wales. The address of the registered office is 8 New Street. st Neots. Cambridgeshire, 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 vAth the Charities SORP (FRS 102) - 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). the Financial Reporting Standard applicable in the UK and ReputAic of Ireland (FRS 102) and the Companies Act 2006. SL Neots Museum Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilitie5 are inits-ally recognised at historical cost or transaction value unless other*Se stated in the relevant accounts'ng policy. 2.2 Going concern The trustees have a reasonable expectation that the museum has adequate resources to continue in operational existence for the foreseeable fLrture. For this reason they continue to adopt the going concem basis in preparing the financial statements. 2.3 Fund accounting General fijnds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general obj'ectives of the Museum and which have not been designated for other purposes. Restricted funds are funds which are to be used in accordance fjth specific restrictions imposed by donors or which 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. 2.4 Income l income is recognised once the Museum has entitrement to the income, it is probable that the income y11 be received and the amount of income receivable can be measured reliably. Income tax recoverable in relation to donations received under Gift Aid is recognised at the time of the donation. Page 16
ST. NEOTS MUSEUM LIMITED (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies (continued) 2.5 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third paty, it is probable that a transfer of econoTnic 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 fLJnds for its charitable purposes and indudes costs of all fundraising activitie5 events and non-charitable trading. Expenditure on charitable activitses is inCued on directty undertaknng the activities which fvrther the Museum's objectives, as well as any associated support costs. All expenditure is inclusive of Ie¢OVerable VAT. 2.6 Interest receivable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Museum- this is normally upon notification of the interest paid or payable by the insts'tution wth whom the fvnds are deposited. 2.7 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 definition of a charitable company for UK corporation tax purposes. Accordingly, the Museum is potentially exempt frorn taxation in respect of income or capital gains received vththin categories wvered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxats"on of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. 2.8 Tangible fixed assets and depreciation Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impaimient 105ses. All costs incurred 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 c05t of tsngible fixed assets less their residual value over their estimated useful lives. Depreciation is provided on the following basis: Fixtures, fittings. tools and equipment 15% per annum reducing balance or 33.33Q straight line Page 17
ST. NEOTS MUSEUM LIMITED (A Company Limited by Guarantae) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies {continued) 2.9 Heritage assets The charity holds a number of historic assets, many of which have been donated to the Museum. There is no reliable cost infomiab.on or valuation of the majority of the Museum'5 collections. which consist of items relating to St Neots and District from prehistoric times to the 1940,5. The benefits of obtsining a valuation do not justify the c05t and, as a consequence, such assets are not included in the financial statements. Heritage assets, vthich 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 capitalised and included at cost induding any incidental expenses of acquisition. The very long expected lives of heritage assets, due to their nature, value and need to be protected and preserved means that depreciation is not material and 15. therefore, not provided. 2.10 Stocks stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost include5 all direct costs and an appropriate proportion of fixed and variable overheads. 2.11 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. 2.12 Cash at bank and in hand Cash at bank and in hand includes cash and short-tem highly liquid investments wth a short maturity of three months or less from the date of acquisibon or opening of the deposit or similar account. 2.13 Liabilities and provisions Liabilitses are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. 2.14 Financial instruments The Museum only has financial assets and financial liabilitie5 of a kind that qualify a5 basic financial instruments. Basic finanaal instruments are inttially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effects.ve interest method. 2.15 Operating leases Rentals paid under operating leases are tharged to the Statement of Financial Activttses on a straight line basis over the lease temi. Page 18
ST. NEOTS MUSEUM LIMITED (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies (continued) 2.16 Pensions The Museum operates a defined contribution pension scheme and the pension tharge represents the amounts payable by the Museum to the fund in respect of the year. Income from donations and legacies Unrestricted Restricted funds funds 2024 2024 Total funds 2024 Total funds 2023 Donations Donations - General Donations- Friends of St Neots Museum Use of Old Court Room Thornhilv Diddington Fund 3.757 4,607 2,721 3.757 4.607 2,721 10,826 3,967 3,436 1, 750 10,826 11,085 10,826 21,911 9,153 11,085 10,826 21.911 9, 153 Total 2023 9. 153 9, 153 Page 19
ST. NEOTS MUSEUM UPAITED (A Company Llmlted by Guarantse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Income from charitsble activities Unrestricted Restricted fvnds fund5 2024 2024 Total funds 2024 Total funds 2023 Grant from St Neots TOTr 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 67,074 67,074 41.254 2.119 63,200 41.254 2.119 2,466 1.552 1.552 2,677 160 7.228 160 7.228 148 9,357 Total 2024 78,133 41.254 119,387 79,848 Total 2023 77,848 79,848 Income from other trading acllvlties Income from fundralslng events Unrestricted funds 2024 Total funds 2024 Total tunds 2023 Shop income Escape room income 8.187 5.355 8.187 5.355 11,673 11,233 13.542 13.542 22,906 Total 2023 22.906 22,906 Page 20
ST. NEOTS MUSEUM LIMITED (A Company Llmited by Guarnntee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Investment income Unrestricted funds 2024 Total funds 2024 Total funds 2023 Interest received 1,368 1,368 1, 723 Total 2023 1, 723 1,723 Expenditure on raising fijnds Costs of ralslng voluntary Income Unrestrfcted funds 2024 Total funds 2024 rotal funds 2023 Goods for resale (adjusted by stock) Escape room costs 5,664 3,567 5,664 3,567 7,315 7,515 9,231 9.231 14,830 Total 2023 14,830 14,830 Page 21
ST. NEOTS MUSEUM UMITED (A Company Limitsd by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Analysis of expenditure on charitable activities Summary by fund type Unrestricted Restricted funds funds 2024 2024 Total 2024 Total 2023 St Neots Museum 101,563 13.840 115,403 103,177 Total 2Q23 101.064 2,113 103, 177 Summary by expendlture type Staff costs Depreciation Other costs 2024 2024 2024 Total 2024 Total 2023 St Neots Museum 59,904 2,031 53.468 115.403 103,177 Total 2023 61,116 1.613 40,448 103, 177 Page 22
ST. NEOTS MUSEUM LIMITED (A Company Limlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Analysis of expenditure by activities Activities undertaken directly 2024 Support costs 2024 Total funds 2024 Total funds 2023 st Neots Museum 106,703 8.700 115.403 103, 177 Total 2023 91.582 11.595 103, 177 Analysls of direct costs Total funds 2024 Total funds 2023 Staff costs Depreciation Rent Rates and vRter Light and heat Insurance 59,904 2,031 1,040 614 3,862 2.456 6.432 1,891 747 61,116 1,613 1,040 709 3,620 2,242 2, 122 1,148 309 Repairs and maintenance Security system Conservation Display5 and exhibitions Events Legal and professional fee5 2,919 3,870 20.937 1,868 6,877 8,918 106.703 91,582 Page 23
ST. NEOTS MUSEUM LIMITED (A C(Mnpany Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Anatysis of expenditure by activilles (continued) Analysis of support costs Total funds 2024 Total funds 2023 Telephone Postage, stationery and photocopier Publicity and advertising. induding webste costs Travelling and training costs Sundry expense5 Govemance costs 6T1 326 309 3.799 79 1.137 2,699 466 6,139 14 2,208 2,442 8,700 11,595 10. Independent examiner's remuneration The independent examinerfs remuneration amounts to an independent examiner fee of £1,875 (2023 - £1, 800), and payroll and secretarial serwce5 of £824 (2023- £541). 11. Staff costs 2024 2023 Wages and salaries Contribution to defined contribution pension schemes 58,320 1,584 59. 749 1,367 59,904 61,116 The average number of person5 employed by the Museum during the year was as follows: 2024 2023 Museum Staff Museum staff Page 24
ST. NEOTS MUSEUM LIMITED (A Company Limited by Guarantse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 11. Staff costs (contlnued) No employee received remuneration amounting to more than £60.000 in either year. The staff costs represent the total payroll costs (gross pay. employerfs national insurance and pension cantributions) of the museum manager. museum assistant. education and learning officer and cleaner. The key management personnel of the charity comprise the trustees and the manager appointed on 3 June 2024 {previously key management personnel compriseed the trustees and curatorldirector). None of the trustees receive any remuneration. The total remuneration (induding employer pension contributions) paid to key management personnel in the year amounted to £14.940 (2023 £21,268). 12. Trustees. remuneration and expenses During the year, no Trustees received any remuneTatton or other benefits (2023 - £NILJ. During the year ended 31 December 2024, no Trustee expenses have been incurred (2023 - £NIL). 13. Tanglble fixed assets Fixtures and fittings Cost or valuation At 1 January 2024 Additions 98,067 6,668 At 31 December 2024 104,735 Depreciation At 1 January 2024 Charge for the year 93,284 2.031 At 310ecember 2024 95.315 Net book value At 31 December 2024 9,420 At 31 December 2023 4, 783 Page 25
ST. NEOTS MUSEUM LIMITED (A Company Limitsd by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 14. Heritsge assets Assets recognised at cost Kimbolton Hoard 2024 Carying value at 1 January and 31 December 2024 22,747 22,747 15. Stocks 2024 2023 Finished goods and goods for Tesale 7,323 8,382 16. Debtors 2024 2023 Due within one year Other debtors Prepayments and accrued income 1,664 2,955 3, 778 2,231 4,619 6, 009 17. Creditors: Amounts falling due within one year 2024 2023 Arxruals and defeed income 7,428 9,093 Page 26
ST. NEOTS MUSEUM UMITED (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Statement of funds Statement of funds - cuThent year Balance at 31 December 2024 Balance at 1 January 2024 Transfer5 inlout Income Expenditure Unrestricted funds General Funds 60,300 104,128 (110,794) 12,345) 51.289 Restrictsd funds Propety Conversion and Equipment Fund Heritage Asset5 (primarily Kimbotton Hoard) St Neots Town Council Vibrant Communty Fund Mrs A Wills Legacy NCCIMDSE National Highways Rotary Club of St Neots Goodliff Huntingdonshire Family History Society ThornhilVDiddington Fund 4.783 (2,031 6.669 9,421 22,747 22,747 1600) 968 968 972 37,982 700 {972) (2,530) 110,509) (700} 24,943 624 624 1,000 10,826 1822) 178 10,826 29.122 52.080 (13.840) 2,345 69.707 Total of funds 89.422 156,208 1124.634) 120.996 Page 27
ST. NEOTS MUSEUM UMITED (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 18. Statement of funds (continued) Statement of funds - prior year Balance at 31 Dernber 2023 Balance at l January 2023 Trnnsfers in/out Income Expenditure Unrestricted funds General Funds 65, 694 111.630 (115,894) (1. 130) 60,300 Restricted funds Property Conversion and Equipment Fund Heritage Assets (primarity Kimbolton Hoard) Rotsry Project Camb5 County Council Goodlrfl ThomhilVDiddington Fund 3, 766 (1,613) 2,630 4, 783 22, 747 22.747 (500) (1,500) 624 968 624 968 28,105 (2,113) 1,130 29,122 Totsl of funds 93, 799 113.630 (118,007) 89,422 Page 28
ST. NEOTS MUSEUM LIMITED (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 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 addttional assets purchased in the year. Heritage Assets In 2012 the Museurn 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 costing £515. The restricted fund repsenting the cost of the heritage assets acquired and the fund Nwll be maintained at this value while the assets are owned by the Museum. st Neots Town Council Vibrant Communty Fund During the year the museum received £600 to Cover the costs of a twilight event for families. The grant was used to purchase lightin9 for special effects. Mrs A Wills Legacy In 2021, the Museum received a legacy of £968 from Mrs A Wills to go towards the preservation and presentation of a collection of items donated by Mrs Wills. NCCIMDSE The Museum received a grant of £972 to purchase collection care equipment recording humidity and temperature in gallery spaces. The grant was Combined with £822 from Huntingdonshire Family History Society to purchase environmental monitors costing £1.794 Mthich have been capitalised and transferred to the Property Conversion and Equipment Fund. National Highways A grant of £37,982 vras received for the introduction of digital resources to enhance display5 and exhibitions for visitors and to provide stopping points for more sustained engagement wth the public. During the year, expenditure totalling £13.039 had been inurred, with the project being completed early in 2025. Goodliff In 2020 the Museum received £800 towards producing a Iklet for St Neots in World War 2 and to purchase oral recoding equipment. £176 was used in previous years, leaving £624 carried forward. Huntingdonshire Family History Society provided a grant of £1,000, of vthich £822 VRS used to fund environmentsl monitors, as noted above. The remaining £178 will be used for oral history equipment and training. ThornhilVDiddington Fund During the year an Angltrsaxon brooch, the Thomhill Diddington Brooch, was donated to the museum. A fund-raising campaign was launched to fund the purchase of a seGure showcase to display the Diddington brooch and the Kimbolton Hoard. Page 29
ST. NEOTS MUSEUM LIMrrED (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 19. Summary of funds Summary of funds - current year Balance at 31 December 2024 Balance at 1 January 2024 Transfers inlout Income Expenditure General funds Restricted funds 60,300 29,122 104.128 52.080 1110,794) (13,840) (2,345) 2,345 51.289 69.707 89,422 156.208 (124.634) 120,996 Sumrnary of funds - prior year Balan at 31 December 2023 Balance at l January 2023 Transfers in/out Income Expenditure General funds Restricted funds 65.694 28,105 111,630 (115,894) (2, 113) (1, 130) 1, 130 60,300 29, 122 93. 799 113,630 (118.007) 89.422 20. Analysis of net assets bets*en funds Analysls of net assets beten funds - current period Unrestricted funds 2024 Restricted funds 2024 Total funds 2024 Tangible fixed assets Heritage assets Cuent assets Creditors due rythin one year 9.420 22,747 26,550 (7.428) 9.420 22,747 96.257 (7.428) 69,707 Total 51,289 69,707 120.996 Page 30
ST. NEOTS MUSEUM LIMITED (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 20. Analysis of net assets betn funds (continued) Analysis of net assets betten funds - prior period Unrestricted funds 2023 Restricted funds 2023 Total funds 2023 Tangible fixed assets Heritage assets Current assets Creditors due rythin 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 21. Members, liability The Museum is a company limrted by guarantee. Each member of the charitsble company undertakes to contribLrte to the assets of the company in the event of it being wound up while 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 liabiliiies contracted before helshe ceases to be a member. 22. Relatsd party transactlons The Museum has not entered into any related paty transaction during the year, nor are there any outstanding balances owing between related parties and the Museum at 31 December 2024. Page 31