Registered number: 02302281 Charity numbar: 803675 MILTON KEYNES MUSEUM TRUST LIMITED {A company limited by guarantee) TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
MILTON KEINES MUSEUM TRIIST LwrrED {A company limited by guarantse) CONTENTS Page Roference and admlnlstralive details of the Charity. its Trustees and advlseT5 Trusteès. rgport Independent auditorfs report on the financlal st*Thnts 10~13 14 Balanca sheet 15-16 17-30
MILTON KEYNES MUSEUM TRUST LIMITED IA Company limited by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARrrY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2022 Trustees G Hawking. Chair J Beckerleg. Treasurer A Harris {appointed 28 April 20211 EP Grfford JS Hilton (resigned 28 Apnl 2021) DG Hopkins DN Loudon D Millis JE Palmer M Petchey {resigned 10 May 2021. appointed 27 October 2021) R Sumner J Walker (resigned 17 May 2021) S Patel (appointed 26 January 2022) KE Savage {aprN)inted 26 January 20221 Company registered number 02302281 Charity registered number 803675 Registered office Mcconnell Drive Wdverton Milton Keynes MK12 SEL Company secretary A Harris Independent audltor MHA Maclntyre Hudson Chartered Accountants Statutory Auditors Millon Keynes Page 1
MILTON KEYNES MUSEUM TRUST uMrrED (A Gompany Ilmited by guarnntee) TRusfEES' REPORT FOR THE YEAR ENDED 31 IAARCH 2022 The Trustees present their annual reFrtyt together with the audi financial statements of Ihe Mimon Keyn8S Museum Tnjst Ltmited for the l(j 1 Aprll 2021 to 31 Mar( 2022. The Annual retK)rt serves the purposes of both a Tnjstees. report arKI a directors. retKKt urmler <x¥npany law. The Trustees (x)fir that the Annual report and financial statements of the charilabl8 (x)mpany (xxnkty vrith the current statut(wy requirements, the requirements of the charTtable (x)mpanS govemiThJ dcojment and the pn)V1Sbc of the Slatement of Recommended Practice ISORPI applicable to charilies prepwiw their accounts in accordance vth the Financial RelIng stalard applifzble in the UK RewlJt of IrelwKi (FRS102) leffeclive 1 January 2019). Since the Charity qualif as small WKJer s&thn 382 of the C(xnpanres A¢t 2(Th, ts Strategic rewt required of medium arKI large cornpan c(pan Act 2C (Strategic Reixyt and Directors. Report} Regulations 2013 has been LKnitted. Objgctlves and aclivitRs a. Policies and objectives The Museum is an Arts cnCl EThJland axlIted se81 hIStY rnuseurn for Milton Keynes and the gurrounding area. The prime iknjeclive ts to prov¥Je a ful rnrrfje of Muwjm services for the pwle of Milton Keynes wtth the Museum tirwJ open througtr the JEar. It holds a pr(KJramme of special events as well as additsonal actfvibes during the halF-term holKlay5. The Museum works wlh Milton Keynes Council and other member5 of the Heritage MK Cortsortium. to prrynote and wotect the area's heritage and culture. The Chadty Trustees have pakl due regaftl to guidanL by the Charity Crwnmission in deuding what aCtivie$ the Charity shOd undertake. In setting oty'ectives and planning for xbwtses. the Trustees have given (kn8 cortsideration to general guidance published by the Charity CIMybMtrI r8 to public benefi( iNaudiThJ the guidaTh 'Public benefit funning a charity IPB2)'. b. Main aclivltles undertak8n to furtlw thg Ch¥itys for thg publlc ben The Trustees continue to keep in mind the Charily COmm'S ldan on public benefil and look to incre8se the education b8naffts, ujrrenty exiendod to $chlS and the general pubjic, and wovKfje ¢Jutlets for leaming through volunteering. plus the beneffts aslated wilh vrjunteering in general.
MILTON KEYNES MUSEUM TRUST LIMITED (A company limtted by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 Achievements and perfornmnce . Main achievements of the Charity The Covid-19 pandemic has had an enomious impact on the entire herrtage sector. leading to one of the most challenging periods in Milton Keynes Museum's history. The loss of visitor income and volunteer engagement h8s had a major impact on the Museum's strategy and business model and has delapj Ihe ambibous plans for the Museum's expansKsn. The Museum ended the 2021122 financial year vthh vtsrtor figures of 21,866 which is around 40¥0 of pre-covid levels. As a result, the income derived from wsilors Was signtficanuy down on a 'normal' operating year. Visitors are however making a cautious retum. and once Ihey are through the door they have a fantastic time. Feedback is overwhelmingly positive". people are glaj to be back, and many are enjoying ihe Museum for the first time and promise to come back. Such a great placel The room sets are amazing. the volunteers are very knowledgeable. and it is a very handwin place. The granary tea room is also amazingg With homemade cakes which were delicious. The admission price covets a whole year so you can go as often as you lik¢ Great day for all ages (children loved the toysl)- Trip advisor review January 2022 Navigating the ¢hallenge To navigate this thallenge the Director and Trustees stopr£d all but essential spending, stIctUTed the staff team arKI applied for emergency funding. Unfortunately, administralion staff were identrfied as being at risk and wer8 subsequenlly made redundant. HM Government Coronavirus Job Retention Scheme ICJRSI allowed Ihe Museum lo retain staff and offset staff costs. This provKled a lrfeline to cover the remaining salary costs that would usually be supported by rat1(Ala1 income. Successful applications were made to the Culture Recovery Fund. delivered by Arts Council England using funds provided by the Department for Digital. Culture. Media and Sport. The Museum is incredibly grateful for this support and for the support of MK Council vtho, in aydib.on to the nomial financial support, provided Covid emer9ency related grants. Page 3
MILTON KEYNES MUSEUIA TRUST UMrrED (A company Ilmlted by guarantee) TRUSTEES. REPOIU (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 Museum Improvements Thanks in part to the SUpl from the Cthre ReLW Fund and the gwcsity of volunteer tlme the Museum has made a nurnter of enhancements to the site duriNJ the ar. In 2021r22 the volunteers and staff achieved a great deal. This included: Relticaliro the Wi¢torian SclKd Room to sdhx4 gr(MJps to take part in interxtive shopS vthoUt imp8th.ng on the safe movement of visiiors around the MuseLMn. New 1nterwetatl lo enharte the visttrK volutteers are rK)t atAe to Interpret the story A new exhibibon eXpl1rj the Wc4vert(m Estate. its iwiks tr) Dr Jrthn Rad(ffe and the use of the farmlarvj before the creation of m(MJem Miltm Ker. Opening the Story of Chiklhoc#J, an exhibitsc of toy5 frryn Ihe to the present day- visttor5 are invited to contrit4Jte their own ty and Se$ to the Museum. Installation of a Nature Centre to enhance the use of the IAuseum's nath trail and grounds. Replaciro the old schodroom with the Servants. R<y)m. its orhJinal fvnction in th8 Victorian Famihouse, with interactive exlubils deM£¥Ir81IThJ tha on the fami to cl8an. preserve focKI. provKJe IwJhting and run the houSeAd. Installat of Ihe balStal that kn originally ky2ted at Willen Lake dumg the earfy days of Milton KeyTE% and was presented to the Muwjm by the Parks Trust in 2019. tt will be a focal point for the events and leaming prcordmme. Volunteerlng Volunteers are at lh8 ntre of the Museum's ormtirm grIty gMrvJ their time as r()rn guides, serving Rl the shop and tea rcN)ms, caring ts the col1ectK. (KganisiNJ evts. delivering leaming wixkshops 8nd undertaking building and rnaintenance pr(4ecls. The Trustees are YKxediW gratefvl to all of fAJr volunteers who help create such a untque experien{ for visitots. During the year the Tt apw)inted a Vdunleer Rajuriment arKI Support Orr vtho has made excellent ogress to buikl the team fotkAMng knkdtrm. A total of 65 vdunteer5 (ind1rj Duke of Edinburgh volunteers and Work ExPerier sludents) have ned up to volunteers across all Arwking areas bringing the team up to 26g. Work is IMgoirYJ to estsblish links with k)rA ujmmunty grouF6 and organisations to promote volunteering aTh the team have been SUPFMYted with an enhanLj training aNI iluCI10n pro3fdmme which has includgd Demenlia Friendly trainiTr3 and First Aid. Learning Pn)gramme 1534 pupils from 37 engaged ith the MuseJJm duiiro the ar. To ertsure ts safety of students and volunteers. workshop capacity Yras limited to 35 rather than 60 and Ihe number d sbjdents recorded reflects this. Seff-guided sessions were intrO(k to mitswe a stKKta3e of vc4urrteer education guid8s and these have prov&1 popular. The team are developing deeFW relalicffiships 1th 1 for eXarn GemiaThJer Parf( regularfy bring groups to our school workslw to 18am about the WIL*orians. Our strategic partners Arts and Heritage Alliance MK had also been vuknng viti the ConnitNJrr(M oxnmunty (where the is based) to build new genuine relationships belween the arts arKJ heritage sl0r aTrJ new (xxnrnunities. Subsequently the Museum developed outreach activiknes and 75 thiidren four groups at eander Patk Schc¥J V•Ere able to interact wth Page 4
MILTON KEYNES MUSEUM TRUST UMITED IA company limiled by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 A¢hievements and perforniance {continued) In the Spring. a schwl group arrived and one siudent was not participating in the workshops. Our Education Officer identified language as the barytet to engagement for the little gid whose family had come lo Milton Keynes from Afghanistan as a refvgee. She was able to communicate with the student in Urdu and she smiled for the first lime and then took a full part in the SesOn. These experiences have led to exploratory conversations with local organisalions who supwjrt refugees and infftuenced our communty outreath programme. Collections Up to the end of March 2022 the team accessioned 171 ilems. tsIcjed 9.501 objects and disposed of 1,739 others. 49 conservation treatments were carried out and 3.260 volunteer hours were spent on collections care. Recent improvement to the storage facilities al the Mkjseum include creating a conservation Spa in the New Store along with the acquisition of an x-ray machine arKI access to WFFI across all the stores. By the end of March 2022. the entire MK Council owned art (xAleckn {280 items) had been transferred lo the museum and 80°A of the archaeology 171,997 objects. 2400 tM)xes). Extensrve work has been done to conserve. catslogue and repack the archaeolcwJy (x)Ilecb"on and to prepare items for dIsaY in the Ancient MK gallery. Work to review and catalogue the archival mateiial has continued. The Social History collection continues to devel(p, wtth a focus on items for the Story of Childh(Krfl exhibitic. A podcast has created and ght episodes have been reteased and three on-line exhibityons created. An external conservation project has been undertaken and suptth has been prowded to the wider heritage community of Mi1) Keynes. Temporary Exhibitions The Museum hosted a number of fantsstic lemFK)rary exhibtbons in the new galleries since re-opening in May 2021. Wired for Sound explored the i(xinic music scene in Milton Keynes while Women in Sport celebrated Milton Keynes, City of Sport status in 2020 and We are MK T(x)I slM)wcased the creative work of people in Milton Keynes durtng lockdown. In October, Phoenix Rising MK. la community group supporting adults disabilities and learning support needs) presentéd upring Three." From Lockdown to Fr8edom a vibr8nt èxhibthon of paintings. photographs, mosaics and fashion designs created during the pandem. Each exhibition attracted new audiences to Museurn and forged new and fruitful relationships with community organisations in and around Mitton Keynes. We have plans for wnore temFM)rary èxhibitions in the new galleries whilst we raise the remaining funts for the permanent exhitltions. Pa3e 5
MILTON KEINES MUSEUM TRUST UMrrED (A company lirnited by guardntee) TRUSTEES. REPORT (coF¥llNUED) FOR THE YEAR ENDED 31 MCH 2022 Partnership w(Yking city to amplrfy each othefs 8fKI achieve maxThum Thpac f communities. EXaMeS of partnership 8CtIeS Ind8. The Parks Trust Working with the Parks TrusL Museum the new home for the Bandstand that once stood on Willen Lake and was beiro removed to make way the redevewnent of the area. The bandstand is now kKated on the grounds of fhe Museutn arKI is alrealy a ht wKth visitry5. It will ts the l¢xation for musoum and leaming eveTts in the ftrture. We are ex11 Ihe Museum (n rwae and re-use other OUtdr fumilure vthen it is repla. havs what I love at#)ut this museum. r8cent KeyKs htory is just as import8nt to iv - Facebook cofflm8nt ¢(nment "I didn? exp8Ct lo feel when I I1 MUS tcthy. I didn7 k that Ihe bandstand was here- my late wrfe and I got engaged on the tJandstarKI- lkn has teen preserved- it looks better than ever." Vi&lor f8edback AHA MK: The Museum bs a member of Arts and Heritsge Alliance MK and MK Heritage. We have hosted workshops for artBts LxJnmi&sions wilh nmUni11eS arKI have FAans to showw the resuttiro artwort and instslLations n8Xt year. T¢)Jettw FYWI(*e the area's and heriby and b)ok for wayE to increase partVjpati. Organlsational Developm•nt This yEar the Trustee, Staff aThJ VrAteer team have refres Ihe muse'S Vision. Mission and Values and a Case for Suppxxt has been to sUp¥t developmwtt acbth. In tandem vrith this, Ihe &year Business Plan and a Fundrdising Str3tgJy have also been ralÉfied by the Board of Trustees and is belng implemented by the team. We remain coJnisant of the changiry ar¥J put1 health arKI ffinancbal laThJscape an¢J are keeping plans under Lwstant revie4¥.
MILTON KEYNES MUSEUM TRUST LIMITED (A company lirnitgd by guarantee} TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 Financial review a. Financial review and going Concern The Museum's finan$ have been signtficanWy affected by the continuing impact of the Covid-19 pandemic in 2021122. Visitor numbers t(KFk lime to recover and remain1 below the 2019 levels. This affected the amount of income from wsiloTS {from tid(els. shop sales and restaurant sales). On a more positive note the Museum berfitted from grant support from: Milton Kee$ in relaiion to Maintenan and the cdlection" MiltC Keynes Council for Covid emergency support The Arts Council England in the fom of CUUre recx)very grants Irounds 1.2. and 31,. and The Govemment's Job Retention scheme. The additi"on81 income has enabled the Museum to maintain ils reserves through what would otherwise have been a very difficult time. The Museum's financial p05ttion is showing an overall surplus of £21.045 at 31 Marth 2022 {2021.' surplus £255,597),. this is a Gofflbination of LNJth the operating wjsition plus one-off Iterns on spectfic projects. The Charity Tnjstees have undertaken a delailed review of the risks fa¢•J by thè Museum and has uwjated its risk register. The Board is satisfied that seMS and a¢tion5 are in pla to mitigale exFK)sure to the major risks. Looking fornard Ihe challenge to restore visttor numbers tr) previcmjs levels will )ntinue but the Museum has sufficient funds to withstand an operati(Thl deficit in 2022123. b. Reserves policy Our resee$ policy is to reserve sufficiènt funds to cover the Museum in the event of a major setback. We aim to hold £150,000 as cash to cover ouigoings for staff costs. utilities and maintenance. The Board has des(gnated £200,237 85 set out in note 19. The Board holds several restricted reserves for SfiC wrw)ses {see note 19 to the accounts). These lotsl £256.013 {2021: £2TI.3521 Page 7
MILTON KEYNES MUSEUII TRUST LwrrED (A company limiled by guarnnt¢¢> TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 Mitton Keynes thJwJm Tr Limited is rw3isiered as a charilable c4Jmpany Vrnited by guarantee and was set up by a Memorandum of AsscKiation.The Mem(andum and Artides of Ass(mkn we UFMYatwl in June 2021. The Board of TNstees have resFonsiblity for ts 081[ W4ern of lh8 Museum. The Museum Director is responsible for the daY-t{Y management of a manaJement t8am of senior voluntaers and staff members who oversee the acliv[ of the Museum. uence aTKI updated. Trustees are Inknlev ty members d the Board WKI the Board twts forward irnlmduals to be elected and l or ccwted urthr the temis of the ManoraThYum of The aim to achieve a wide mix of skills and The Charity Trustees. who are alx) the dIrect5 for the wrFose of o)mpany law. and wts) ser¥ed during the year and up to the date of signature of the financial slatements Vere: CharityTryteeS G Hawking (Chair) J Beckedeg (Treasurer) J S Hilton {Hon. PrestdenL resw 28 Awil 2021) A Har (Secretary. apwnted 28 April 20211 E P Gifford D G Hopktns DN Loudon D Millis J E Palmer M Petchey (resign 10 May 2021. ap1rrt 27 C¢tobw 2021} R Sumner J Walker {resigned 17 May 2021) S Patel (appointed 26 January 2022) K E Savage (apinted 26 Janaury %)22) Company Secretar. D S Mills {reSIgr 28 April 2021) A Harris (apwinted 28 A11 2021) Page 8
MILTON KEYNES MUSEUM TRUST UMrrED {A company Ilmiied by guarantee) TRUSTEES. REPORT (CONTINUED} FOR THE YEAR ENDED 31 MARCH 2022 Statement of Twstees. re5pon$ibilitles The Trustees (who are also the directors ol the Charity for the puT)se$ of company law) are responsible for preparing the Trustees. report arKI the financial statements in aC{x)rdan with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounbng Practice). Company law requires the Twstees to prepare finawal statements for each financial ye8r. Under Company law. the Trustees must not approve the financial ststem8nts unless they are sab"sfied that they give a true and faif view of the stale of affairs of Ihe Charity and of its incoming resources and application of resources. including ils income and expendilure. for that In preparing these firk7nc1 statements. the Trustees are required to.. select suitable accounting policies and then apply them nsisten. observe the methods and principles of Ihe Charibes SORP IFRS 102) make judgments and accounting estimates that are reasonable and prudent" stste whether applicable UK AccountirwJ Standards IFRS 102) have been followed. subjecl to any material departures disclosed and explained in the financial statements: prepare the financial statements on the going concem basis unless f( is inappropriate to presume that the Charity will continue in Isiness. The Trustees are resFK)nsible for keeping adequate ac(x)unting recdS that are sufficient to show and explain the Charitys transactions and disclose wtth reasonable awjracy at any time the financial position of the Charity and enable them to ensure that the financial ststements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of Charity and hence for taking reasonable steps for the prevention and delecb.on of fraud and other irreguiariknes. Disclosure of inforniation to auditor Each of the persons who are Trustees al the time when this Trustees. rew)rt is approved has confimied that.. so far as that Trustee is aware. there is relevant audit infOnation of which the tharitys auditor is unaware. and that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant sudit infomiation an¢J to estsblish that charitys auditor is aware of that infomiation. Auditor The audttor, MHA Maclntwe Hudson. has indicated his wllingness to o)ntinue in office. The designated Trustees will propose a motion reapFX)inting the audttor at a meeting of Ihe Trustses. Approved by order of the memtrws of the t%)ard of Tfustees and signed on their behalf by.. (Tre at urerl P4e9
MILTON KEYNES MUSEUM TRUST UMITED (A Company Ilmlted by guarnnt¢e) INDEPENDENT AUDIToifs REPORT TO THE MEMBERS OF MILTON INEs MUSEUM TRUST LIMITED Oplnion We have audi the firAncxal slatwents of fvthtlc Kew Trust Limited (the 'drity) for the year ended 31 March 2022 whith o)mprise the Staternent of finaal &bvi1s. the Balan shert the Statement of cash fbws and the related notes. indudirvJ a summary of significant actAMJnting 1(&s. The financlal repo.ng framework that has been applied thr preparation is applirxble Iw and Uniled KirKJdom Accounting Slandards, indJIr0 Financial Reporb"ng Standard 102 Tr Finanoal Repcffting StaThJard ap11cab1e in the UK and Repubtic of Irdand. (United lfjngdom Generally Aw)ted kn(xintirwJ Practic). In our opinK)n the financial statements: give a tnje and fair of the state of the dwritable {x)mpan$ affairs as at 31 Marth 2022 and of tts InMirj resources and aFvlicakn of resources. indudiT¥J ils income arKI extwyjlture for the year then ended.. have been prOty [Kep8r1 in ac£4)rdanee wilh Unllwl Generally Accepted Accounting Practice.. and Basls for oplnlon We CcffiduC our audit in aC(xjrdan with Intemational StarKJards AudttiTrJ (UK) (ISAS (UKII and applicable law. Our responsibilities under those starKlar(Ls are fijrlher desCrild in the Audstofs responsibilities ts the aLKlit of the financial statements wtion of our r8tK¥t We afe iThlependent of the charitable company in accordance tr¢ the ethi1 rgjuirements that we relewant to audtt of the financial statements in the United Kingdom, induding the Finanual RepcM1iro C1n¢1rS EthirA Standard, aThJ we have fulfil our other ethical responsibilities in atxtdance with these requirem119. We believe that the audit evidenc we have obtained is suffient and approte to provbje a basis cwr (4)ini¢J). Concluslons relatlng to golng ¢on¢¢m In audftlrwj the finala1 slatements. have Ihat tt TnJsts' use of the going u)ncem basis of accounting in the eparati of the finKial statements is appropriate. nditions that, individually cf l¥Y. may cast swJnificant on the charilable compan$ abilty to (xjntinue as a g(MThJ (x)nC for a of at least telve mcfflths from tthen the financkql statements are aulhorised issue. Our responsibilibes and the reswthikli8s of the TNsiees wilh respect kn ng cOrn are des(¥ibed in the relevant sections of this ret Pag8 10
MILTON KEYNES MUSEUM TRUST LIMITED (A company limited by guaranleg) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MILTON I(EYNES MUSEUM TRUST LIMITED ICONTINUEDI Othor infomiation The other information comprises the infornalion included in Ihe Annual report other than the financial statements and our Audilorfs report thereon. The Trustees are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other infomialion and, except lo the extent otherwse explic5dy stated in our retK)rt. we do rt express any form of assurance conclusion thereon. Our responsibility is to read the other inforrnalion and. in doing so. consider whether Ihe other infomiatson is malerially inconsistent wilh the financial statements or our knowledge obtained in the course of the audit. or othenNise appears to be materially misstated. If we Klenbfy such material inconsistencies or apparent material misstatements, we are required to deteline vthether this gives rise to a malerial misstatement in the financial statements themselves. If, based on the worf( we have pformed. we conclude that there is a malerial misstatement of Ihis other iomi2t10n. we are rw4uired to retKKi that fact. We have nothing to reFKJl in this regard. Opinion on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the aud the iTrfomiation given in the Trustees, reFKlrt for the financial Itar for which the financial statements are prepared is Gonsistent wth the financial slatements. the Trustees. rert has been prepared in aCCordare with applible legal requirements. Matters on which we are required to report by exception In the light of our knowledge arKI underslandiThJ of the charitable MpanY and its environment obtained in the course of the audi( we have Tr)1 identrfied material misststements in the Trustees, reporL We have nothing to rewjrt in reSpt of the folk)wrvJ Matte in relation to which Companies Act 2006 requires us to report to you rf. in our onIon.. adequate accounting records have not been kepL or rernS adequate for our audit have not been received from branches nol visited by us", the financial ststements are not in agreement ryth the ac(x)unting records and rebjms" or certain disdosures of Trustees. remuneration swified by law are not made: 01 we have not received all the infofTnation and exp1ar110nS we require for our aud(É' or the Trustees were not entiiled to prepare the financial ststemenls in accordance with the small companies regime and take advantage of the small cA)mpanies' exemptions in preparing the Trustees, reFN)rt and from the requirernent to prepare a Stralegic report. Page 11
MILTON KEYNES MUSEUM TRUST uMrrED (A Gompany IFmiled by guarantee) INDEPENDEr AUDITOR7 REPORT TO THE MEMBERS OF MILTON KEYNES MUSEUM TRUST LIMITED {CONTINUED} Rosponslbilities of trustees As explained more fully in the TTr. res1lti8S siatemw( the Trustees (WI are also the diractors of th8 charitable company for wrposes of company law) are re$l)le for the preparation of the financial statements and for beirrfJ saltsfi1 that they gve a arKI fair VBW. and for such tnal ¢£trol as the Truste8s determine is necwry to enatde preparalion of fnarwl statements that are fre8 from material misslatemen( vthether due to frathj or errc. In preparing Ihe financial statements. TnJste8s ar& reswxtsible for ass8ssing the charitable (XIMpan$ abibty to continue as a going conrn. disck)siw. as aFokable. mallers reEateA to gDing conrn and using the goiNJ conom basis of acc(MJnting unless the Trusiees either interKI to liquidate the charilable company or lo cease Our objectives a to obtain reas(Nth assuran aimyjt thether the finan(ial statements as a Vhole are free from material misstatemenL 7thether due to fraud (ff err(K. and to issue an Audrtorfs report that incbudes our opinion. Reasonable assuran is a high leveE of assurwKe. bui is not a guaranlee that an audit ndUCted in accordance wth ISAS (UK) 11 alwa detecl a material misstatement wtw it exists. Misslatements can 8rlse from fraud eor arKI are u)nsHIer1 material if. irmliwdualty or in the wegate. tlw coukl reasonably be lffegulariknes. Irt111rJ fraud. are irtstws of nC(ffip1l with and wulalions. We design prdures in lir wth our resFxM)sibiliti8s. IMJIIWy atx)ve. to dett material misstatements in respect of irregulaiities. induding fraud. Th8 extent to vhjich our Ky(#1reS are (2patAe of detediry regU. includirKJ fraud is detsiled below. - Enquiry of management around tUal and tential litigatmj) and daims". - Perfrffming audit work over the risk of management override of controls. wxluding ttisting of joumal entries aThJ other adjustments for appropriateness. evalualing the bus1rS rati[ of swJnfficant transactions (Mjlside the normal course of business and revivwing aCcntIng estimates fLf bi8S: . Reviewing minutes of meeliTrJs of those charged govwnance: applThble lav•E and regulali( A further description of our responsibli ities for the audit of the financk91 statements is located on the Financial Reporting Council's website at VhV4V.frc. .uklaudtlorsres iltties. Thts description forms part of our Auditovs reporL P•Je 12
MILTON KEYNES MUSEUM TRUST UMITED {A company lirnited by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MILTON INEs MUSEUM TRUST LIMITED (CONTINUED) Use of our report This report is made solety to the charitae 1mpan$ members, as a tthy, in accordan wth Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we Might state to the charitsble companls members those matters we are required to stale lo them in an Auditor's report and for no other purpose. To the fullest extent m)Illed by law. we do not awpt or assume responsibility to anyon8 Other than the charitable company and its members. as a tMyYy. for our audii work. frx this report. or for the opinions we have formed. Ellzabeth Newell BA IHons) FCA (Senlor statutory auditorl for and on behalf of MHA Maclntyre Hudson Chartered Accountsnts Statutory Auditors Milton Keynes Date.. Pe 13
MILTON KEYNES MUSEUM TRUST LIMrrED {A company liffliied by guarantee STATEMENT OF FINANCIAL ACTIVfflES {INCORPWTING INCOME AND EXpENDuRE AccouKr) FOR THE YEAR ENDED 31 MARCH 2022 Totsl funds 2022 Total funds 2021 fvnds 2022 funds 2022 In¢orne from: Donations and legaci&s Charitable adivities 263.158 181,151 546.597 15.360 911 181.151 Other income &457 5AS7 23,076 Totsl Income 450A7T 37.085 487.462 585.944 Expendilure on: Raising funds Charitable aclivib 15.197 15.197 451220 17,478 312,869 14258 Totsl expgnditure 452.159 14258 466.417 330.347 Net {0xF1tUm)fIThG0Th Transfers betrn funds {1,782) 44.166 21,045 255,597 18 (44166} Net movement in funds .339} 21.045 255,597 Reconclllatlon of funds: Total funds brht forward Net movement in JIS 477A03 2Tf.352 (21.339) 754.755 21,045 499, 158 255,597 519,787 24013 T15,800 754. 755 The Statement of finanoal actsvIt CIlS all gal5 army kssses reCnI£ in the ar. The notes on pages 17 to 30 f(ym part of these finarKid statements. P4e 14
MILTON KEYNES MUSEUM TRUST LIMITED IA company limited by guardntee) REGISTERED NUMBER: 02302281 BALANCE SHEET AS AT 31 MARCH 2022 2022 2021 Flxed assets Tangible assets Heritage assets 12 13 84,137 40.079 60,9f9 17,270 124216 78,189 Current assets Stocks Debtors 14 9.332 8,405 676.585 16.417 25,246 685,330 15 Cash at bank and in hand 694,322 726.993 Creditors: amounts falling due within one year 16 142,738) (50,427) Net current assets 651.584 676,566 Total assets less current liabilities 775.800 754, 755 Nèt assets excluding pension asset 775.800 754. 755 Total net assets 775.800 754, 155 Charity funds Reslricled funds Unrestricted fvnds 18 18 256,013 519.787 277,352 477,403 Total funds 775.800 754,755 Page 15
MILTON KEYNES MUSEUM TRUST UMrrED (A company limited by guarantse) REGISTERED NUMBER: 02302281 BALANCE SHEEf (CONTINUED) AS AT 31 MARCH 2022 The Trustees acknowledge their resFN)nsibilities for cMp5 wtlh the requirements of the Act wih r8spect to accounting re(xffts and preparati of fintwcial statements. The finala1 statements have Lwi prep¥ed In with the applicable to lItIeS subject to the small (x)mpanies regime. The finan ' I statements were approvaj and au11b for IS by the TDJStees and sigrwj on their behalf by. {Tr asurer) 0>3 The notes on pages 17 to 30 form part ofthese nala1 statements. Page 16
MILTON KEYNES MUSEUM TRUST LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 General inforniation Mitton Kee$ Museum Trust Limited is a private (x)mpany limited by guarantee incorporated in England and Wales. The registered Offi is Mcconnell Drive, Wolverton. Milton Keynes, MK12 SEL. Accounting policies 2.1 Basis of prèparation of financial statements The finanual slatements have prepwed in a¢(dance the Charities SORP IFRS 102} - Accounting and RepK)rting by Charities: Statement of Recommended practi applicable to charities prepariThJ their accounts in accordan wlh the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102} {effective 1 January 2015}. the Financial Reporting Standard applicabla in the UK and Republ of Irdand {FRS 1021 and the Companies Act 2006. Milton Keynes Museum Trust Limited meets the definrlion of a publ benefit entity under FRS 102. Assets and liabilities are inrbally recognised at htsloriI cost or transaction value unless otherwise ststed in the relevant accounting poliw. Th6 financial statements are prepared in sterling . which is the functional currency of the Chartty. Monetary amounts in these financial statements are rounded to the nearest £. 2.2 Golng concem At the lime of approving the financial statements. the Charity Tnjstees have a reasonable expectation that the Chanty has adequate resources lo conb.nue in operational existen for the foreseeable future. Thus the Chartty Trustees u)ntinue to adopt Ihe going )nM basis of accounting in preparing the financial statements. Covid-19 SlaÉefflent'. In response to the Covid-19 pandemic. the Charity Trustees have ¢>)nsidered Ihe future cashflow requirements of the Chartty and how these might be impacted by Covid-19. Based on these eonsiderations 2nd having ward to the resources available to the tharity. the Charsty Trustees have concluded that there is rK) material UnrtaInty arising from the Covid-19 pandemic and that they can continue to adopt the going CA)ncem basis in preparing t annual rewrt and accounts. 2.3 Charitable funds Unrestricted funds are awailatAe for use * the discretion of the Charity TnteeS in furtherance of their charilable objectives. Restricted funds are subject to spectfic cd$ by donors as to how they may be used. The purposes and uses of Ihe restrthd funds are set out in the notes to the financial statements. Page 17
MILTON KEYNES MUSEUM TRUST uMrrED (A ¢ompany limited by guararrtee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 PAARCH 2022 Accounting poll¢l8s {¢ontind) All in¢J)me is recDJnil the Charity has entlu to the income. il is protrAble that the inc(The will be retsived arKI the lount of irK(xne receth can be measur1 rnlkgbly. Grants are inclLthJ the Statement of finanal vIbeS on a reIvable basis. The balance of income re1Ved for speuhc purF#)ses but not ex[ed duriro the My1 is shovm in the relevant funds on the Balance sheet. Where income is ra[Ved in adv8ncè of entiyement of receipt. its recognitKm is deferr and induded in Ixedti(Jr5 as defer1 inC(e. Where enlidement ocr4Jrs 2.5 ExFndItUrtt ExpeThJibJre is lejniSed 0e there is a legal or tX¥tructi obligatson to transfer e(£¥nomic benefit to a third party. it is wobatle that a transfer of benefits wll be required in settlement and the amwnt of the oblh3atui can be measured reliaw. EXprture is das$1 by acknwty. The costs of eath actswty are Fnade up of Ihe total of direct costs and shared costs, including support costs invofved in undertakiThJ each actty. Dr&t costs attributable to a Sing activty are albcated directly to that adivity. Stsrryl costs which corrtrI to more than one actswty support costs which are not attributable to a single actiwty are aprMlrtx tetween those acbvibes on a basis consi%tent the use of resour. Central staff Lts are alkxd the basls of time sponL and dopreciatson dHrg8s alioLzbJ on the [¥)rts of the assefs use. Expendibjre w Taising funds indudes all expenditi]re ljrred by the c11¥ty to ralse fvnds for its chaTitabie purw)ses and indudes costs of all furKlraÉsing aciNitses events and nonvcharitable trading. Expendire on itsritable is HM)JrrgJ cfft dir undwthng the acttvihes which further the Charitys objectives. as well a5 any aslated suKpxt crtsts. All expendiiure B inclusive of Irrec0e VAT. Tangible fixed assets are calIsed 8rKJ re%&1 when firture eLXrKlc tfits are pr(A)able and cost or value of the asset can be measured feliably. Tangible fixed assets are iniliaty recc•3ntwl at After rBc(NJntlion. uThJer the cost mcxjel. tsngible fix&J assets are measuTpd at cost less accumuLited depre10 and any accumulated impairment losses. Al costs incurred to twiw a tarvJible ed asset into its intended working condition should bg indUdj in the measuremerrt of $t PwJe 18
MILTON KEYNES MUSEUM TRUST LIMITED (A company limited by guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Accounting policies Icrjnlinuedl 2.6 Tangible fixed assets and deprKlallon (continued) Depreciation is charged so as to allate the cost of langible fixed assets less their residual value over their estimated useful lives. using the straight-line method. Depreciation is provKled on the fdlowing basis: Freehold property Fixtures and fittings offi equipment 10% 25% 25.10 2.7 Heritage assets The Charity possesses a historical collection of herilage assets. which are accessible to the public for viewing and research. These are re¢(nised inrtially at cost of acquisition. 2.8 Stocks Stocks are valued at the low of cost and net realisabie value after making due allowance for obsolete and slow-momng SICS. 2.9 Debtors Trade and other debtors are rwnised al the setdement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounls due. 2.10 Cash al bank and in hand Cash al bank and in hand indudes cash and short-term highly liquid inveslments wih a short maturity of three months or less from the date of acquisition or opening of the deposit or sitnilar account. 2.11 Liabilities and provisions Liabilibes are recognised when there is an obligation at the Balance sheel date as a result of a past event. tt is probable that a transfer of economic benefrt will be required in settlement. and the amount of the settlement can be estimated reliably. Liabilities are reccMJnised at the amount that the Charity antipate$ it vrill pay to setue the debt or the afnounl it has reIVed as advanced payments for the gocmjs or serwces it must provide. Provisions are measured at the best estimate of the amounts wuired lo settle the obligation. Where the effect of the time value of money is material, the prOvlon is based on the present value of those amounts, discounted al the pre-tax discount rate that reflects the risks specrfic to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost. Page 19
MILTON KEYNES MUSEUM TRUST UMrrED IA company Ilmtted by guarantee) NOTES TO THE FINANCIAL STATEIAENTS FOR THE YEAR ENDED 31 MARCH 2022 A¢oounting policies {wrtinu8d) 2.12 Financial instruments The Charity onty has ffinancial assets WKI financi81 liabilibes of a kind that qualfy as basic financial instruments. Basic finan(ial instruments are initsdty reCJni ai transaction value and subsequenJy moasured at their setll8ment walue with ts eXrAir of bank loarts Ythith are subSequenY 2.13 Fund ac¢ourrtiftg furtherdnce of the obAectives cl the Clrity and tiK) TrDt Ixen deSJnated for other prPc. Designated funds comprise Unrestric funds that have been set astyje by Ihe Trustee5 for particular purpLW. The aim and use of each designa1 fuThJ is set oul in th& not&s tr) the financial donors or bthich have been raised by the Crity parli¢78r purFM)ses. The costs of raising and administering such fuNls are charged wJaitLSt spectfic fvTrJ. The aim and use of each restricted fund is set ¢JJt in the notes lo the financial Statents. InVeStmt income. gains and losses e alj to fijnd. Totsl fund5 2022 Total fvnds 2021 funds 2022 funds 2022 Donatirms 18,OTT 245.081 25,162 275.081 11.365 535.232 Grants 263.1&8 37,085 300.243 546.597 Total 2021 516,330 30,267 546.597
MILTON KEYNES MUSEUM TRUST LIMITED (A company limitgd by guarantoel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Income from charilable activtties Unrestricled funds 2022 Total funds 2022 Total funds 2021 Entrance and group fees Shop income Tea shop 124.371 15.305 41.475 124.371 15.305 41.475 70,778 4,582 Total 2022 181,151 181,151 t5,360 Total 2021 15.360 75.360 Investment income Unrnstri¢ted funds 2022 Total funds 2022 Total funds 2021 Deposit interest 611 611 911 Total 2021 911 Other incoming re$our¢es Unrestricted funds 2022 Total fund$ 2022 Total furRds 202t other incorne 5.457 5.457 23,076 Total 2021 23,076 23,076 Page 21
MILTON KEfNES MUSEUM TRUST UIArrED IA ¢ompany limited by guarnntee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Summary by fund type funds 2022 funds 2022 Total 2022 Total 2021 CFBiitable acliviknes Staff costs Depreciation 225,7g) 191.285 19.887 226.174 205.159 I97 113.262 190.712 8,895 13,874 436, 14.258 451,220 312.869 Total 2021 254,595 58.274 312.869 Ana1$ of expenditure by actlvltios Totsl fund5 2022 Total funds 2021 direety 2022 2022 Charitable actiwtie5 staff ¢o$ts 203,81MI 205.159 19.887 22.374 226.174 205.159 19.887 113,262 190.7t2 8,895 428.846 22.374 451.220 312,869 Total 2021 297,807 15.062 312,869 Auditots remuneration 2022 2021 Fees payable to the Chart¥s audikn fwthe audrt of the Ctrwitls annual 4.962
MILTON KEYNES MUSEUM TRUST LIMITED IA Company IlmSted by guarnnteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 10. Staff costs 2022 2021 Wages and salaries sla1 security costs Contribution to defined contribution pension schemes 188.508 13.249 3.402 177,885 70,327 2,500 205,159 190.712 The average number of persons emtdoyed by the Charity dursng Ihe year was as follows: 2022 No. 2021 No. Average number of emtAoyees No employee received remuneration amwntirwJ to more than £60.000 in either ar. During the year. key management personnel of the charity received remuneration, in¢luding gross salary, employers, national insurance and pensKffi contributions amounted to £75,320 (2021 £40.833}. 11. Trustees. remuneration and expon During the year, no Trustees received any remuneration or other nefits (2021- £NIL). During the year ended 31 Marth 2022. Trustee expenses have been incurred (2021- £NIL). Page 23
MILTON KEYNES MUSEUIIi TRUST LIMrrED {A company limited ty guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 12. Tanglblg fixed assets Fixtures and fittings Office equlpm•nt Buildings Total Cost or valuation At 1 Aprl 2021 110.783 43,104 40.4T3 2.681 At 31 March 2022 32,626 153.887 At 1 April 2021 Charge for the 24121 15,6S2 25,743 2,163 49.864 19.886 2.071 At 31 Marth 2022 2.071 27.906 69,750 Net Ix)ok value At 31 March 2022 38J52 41,065 84.137 At 31 March 2021 56,717 4.202 60.919 Herltsge assets 2022 Totsl 2022 Carryryng value at 1 fvwil 2021 17.270 22.809 17.270 22.809 40.079 40.079 P&Je 24
MILTON KEYNES MUSEUM TRUST LIMrrED (A company limited by guaranlee} NOTES TO THE FINANCIAL STATEAIENTS FOR THE YEAR ENDED 31 MARCH 2022 14. Stocks 2022 2021 Finished gocxls and gcS for resale 9,332 16.417 15. Debtors 2022 2021 Due within one year Trade debtors Other debtors 1.857 1,849 4.699 (30) 20,707 4,569 Prepayments and accrued income 8A05 25,246 16. Creditors: Amounts falling due within one year 2022 2021 Trade creditors Other tsxation and social securtty Other CrlitorS 17,425 5,282 2,450 17.581 27, 740 7.129 2.243 13,315 Accruals and deferred income 42,738 50,427 17. Financial instruments 2022 2027 Flnanclal assets Financial assets measurwj at cost through income and expendilure 676.585 685.330 PaJe 25
MILTON KEYNES MUSEUM TRUST uMrrED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Balance at Transfor$ 31 March inlout 2022 Balance at 1 Awll 2021 unrestrict filnds Designated fufK15 Designated tafiff fuNknng Designated grant fvnded capitsl Project SUPF4Yt 135M53 583) 101870 47.366 19.500 (13.665) 53.201 44,166 44,166 181819 19.5110 (46248 44.166 200,237 Taiiff funding Funds Ld to meet Ihe agreed cA)sts of the Heal of FundraistrxJ and Devekynent. Designat grant funded carAtsI Deferred capttal grants used to offset (x)st of depal of grdnt SUppN. ¢Apttal expenditure. Proiecl Support Funds set aside to supFKwt agrega pr(4eGts Iznnot be met from the OF*rntil budget. Genernl funds General Fds- all funds 2¥564 430,8TI (405,911) 319,550 Totsl Unrestricted funds 47TA03 450.3TI (451159} 44.166 519.787 Crmnected Earth Fund New (Ancient) Gal Grant re A1viSt The Bradwell wIrmIE 1fj6 203.276 942 (44.1661 210,361 8.068 27,584 10.000 14OIMI {11874) 10.000 37.085 114258) (44166) 256,013 Totsl of funds 754755 487A62 (+166A1n 775,800
MILTON KEYNES MUSEUM TRUST LIMrrED IA company limited by guarnntee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 18. Statement of funds (continugd) Connected Earth Fund This fund was used in support of the telephOr gallery. Spending to the value of the funding was not charged initially to the fund. This has been corrected in 2021122. New (ancient} Gallery To support spending on the new galleries- AncEnt arKI Modern - including fitting out the exhibition space. Grant re: Arthmst Funds received from Milton Keynes Council to meet the costs of the ArChi$t. Any income which is not spent is held for future years. The 8radwell Windmill Funds received from Millon Keynes c1nl to contribute to the day-to-day upkeep of the Bradwell Windmill less any expenditure incurred_ Funds used for Herrtage Assets Money reiVed which has been used to acquire heribje assets. Page 27
IAILTON KEYNES MUSEUWI TRUST uMrrED (A Gompany Ilmlt¢d by guaran) NOTES TO THE FINANCIAL STATEms FOR THE YEAR ENDED 31 MARCH 2022 18. Statement of funds (continued) Balanc8 at 31 March 2021 I W 2020 Inc(Mn8 E¥penditure Designated funds DeSnated tariff fijnding Designated grant fund cap¥tal 135.453 47,366 135,453 47.366 181819 182.819 General funds General Funds- all funds 193.799 372,858 {272,073) 294,584 Total Unrestrictod fur 193.799 555,677 (272.073) 477,403 conne Earth Fund {Ancient) Gal Large Exhibit Dhsplay Building Fund Grant re thhiwst The Bradweil Wirmlmil 44.166 44.166 203.276 10,267 (16,(KKI) (27.917) (13,674) (483) 27.9t7 5.816 18,451 15.LXKI 6,942 22.968 30&359 30.267 {58,274) 277,352 Total of funds 499,158 (330.347) 754. 755 Pd98 28
MILTON KEYNES MUSEUM TRUST LIMITED (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 19. Summary of funds Summary of funds- current year Balan¢e at 31 March 2022 Balance at 1 Aprll 2021 Transtsrs Inlout Income Expenditure Designated funds General ftjnds Restricted funds 182.819 19.500 430.871 37,085 {46.248 {405.9111 114.258) 44.166 200.237 319.550 256,013 {44.1661 754.755 487.462 (466.417) 775.800 Summary of funds - Prior year Balance al 31 March 2021 Balance al l Apnl 2020 Income Exp&nditure Designated funds General funds Reslricled funds 182,819 372,858 30.267 182.819 294,584 277,352 193,799 305.359 {272,073) (58.274) 499. 158 585.944 (330,347) 754, 155 Analysis of net assets betwaen funds Analysls of net assets betwgen funds - current year Unrestrlcted funds 2022 Restrtcted fvnds 2022 Total funds 2022 Tangible fixed assets Heritage assets Current assets Creditors due vthin one year 84.137 30.079 448.309 {42,738} 84,137 40,079 694,322 {42.738} 10.000 246.013 Total 519,787 256,013 775,800 Page 29
MILTON KEYNES MUSEUIA TRUST LipJirtED (A company limtted by guardntee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 21. The Charity cyerates a deffin contrknu stheme all qualifying emtAoyees. The assets of the scheme are held separatdy fr(xn IIKk8e of the ch in an iNJeFer¥Jenty adminiSted fund.