**REGISTERED COMPANY NUMBER: 02302281 (England and Wales) REGISTERED CHARITY NUMBER: 803675**
## **REPORT OF THE TRUSTEES AND**
**UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **FOR**
**MILTON KEYNES MUSEUM TRUST LTD (A COMPANY LIMITED BY GUARANTEE)**
**MILTON KEYNES MUSEUM TRUST LTD**
**CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
||**Page**|
|---|---|
|**Reference and Administrative Details**|1|
|**Report of the Trustees**|2 to 4|
|**Independent Examiner's Report**|5|
|**Statement of Financial Activities**|6|
|**Balance Sheet**|7 to 8|
|**Cash Flow Statement**|9|
|**Notes to the Financial Statements**|10 to 20|
|**Detailed Statement of Financial Activities**|21 to 22|
**MILTON KEYNES MUSEUM TRUST LTD**
**REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 MARCH 2024**
## **TRUSTEES**
|||
|---|---|
|**TRUSTEES**|A Harris|
||N A Adams (appointed 5/5/2023)|
||E P Gifford|
||D G Hopkins|
||P S Kitchen (appointed 13/4/2023)|
||D N Loudon|
||J E Palmer|
||S Patel|
||M R Petchey|
||R Sumner|
||P J Sutton (appointed 13/4/2023)|
||J Beckerleg Treasurer (resigned 5/5/2023)|
||G Hawking (resigned 13/4/2023)|
||A Marlow (appointed 8/8/2023)|
|**COMPANY SECRETARY**|A Harris|
|**REGISTERED OFFICE**|McConnell Drive|
||Wolverton|
||Milton Keynes|
||Buckinghamshire|
||MK12 5EL|
|**REGISTERED COMPANY**|02302281 (England and Wales)|
|**NUMBER**||
|**REGISTERED CHARITY**|803675|
|**NUMBER**||
|**INDEPENDENT EXAMINER**|Valerie Steward|
||VS Consultancy|
||Greenfield Farm, 23 West Street|
||Hibaldstow|
||Lincolnshire|
||DN20 9NY|
Page 1
**MILTON KEYNES MUSEUM TRUST LTD**
**REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024**
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2024. The trustees have adopted the provisions of 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 2019).
## **OBJECTIVES AND ACTIVITIES Objectives and aims**
The prime objective of the Charitable Trust is to provide a full range of museum services for the people of Milton Keynes through the operation of an Arts Council England Accredited museum. The Museum was started by residents of North Buckinghamshire who wished to preserve their heritage against the impending threat of it being lost with the building of the UK's largest planned new town. That heritage was about a rural area with towns, such as Stony Stratford and Bletchley, at its heart. The most significant of these though was Wolverton, the first new town in the world built for the railway. This railway town had made the area one of the most industrialised parts of Buckinghamshire. These two major parts of its heritage were reflected in the first name of the project - the Stacey Hill Collection of Industry and Rural Life.
The Museum and the "New City" began and grew up together. When it became apparent that no other museum, either independent or established by an Authority, was proposed, the Board had to review its aims. After discussion with the local authority, the Museum changed its name and collecting policy, to become 'Milton Keynes Museum'. The Museum is based in a farmstead that has been purchased by the MK Development Corporation and in 1997, it was passed with an endowment to Milton Keynes Council "to be held for the benefit of the community of Milton Keynes". There was therefore a close relationship between the council and the Museum.
Milton Keynes Development Corporation planned and built the New City and did what it could to establish its culture by encouraging community projects. Many early initiatives grew, flourished and withered as the pioneering spirit was lost or external support diminished. Others were taken over and became part of National organisation or schemes with minimal participation from the local community. In Milton Keynes the Museum stands out in its success, longevity and size as a community initiative run by the community for the benefit of all the citizens of Milton Keynes.
As Milton Keynes was approaching its 50th Anniversary, the Council too wanted a City Museum that would tell the whole story of Milton Keynes. This would include the development of the town and of its people and the rich archaeology that had been uncovered. Never before had so much archaeological work been carried out in a similar development area before building began. This action was a choice- it was not at the time dictated by legislation. The Council selected Milton Keynes Museum as the site to tell the City's story and used developmental monies to fund two new galleries. The two organisations worked in partnership and the galleries were completed in 2017. Unfortunately, the funding had not been secured for the permanent exhibitions and so a series of temporary exhibitions were mounted. These included "Herstory"-women in history. "A Sense of Time and Place"-featuring textiles, "Pathways"-an exhibition with the Abrahamic Women, "Building Communities and Community Buildings"-with the MKIAC, the Sikh and Somali communities, "Black History" with the Caribbean Association and an exhibition about the Paralympics. The Museum has worked with the community but this has not helped it to get closer to opening the permanent exhibitions believed to be so important in providing its residents with a shared identity, roots and a sense of place.
Page 2
**MILTON KEYNES MUSEUM TRUST LTD**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024**
## **OBJECTIVES AND ACTIVITIES**
## **Visitor Numbers**
The Museum attracted 49,906 visitors during the year (44,544) 12% increase on the previous year.
## **Education**
3,861 students attended presentations by the education department (3,161 last year), with a number of new or refreshed topics, including one about the Romans offered jointly with the team from the Parks Trust.
## **Volunteering**
Volunteers continue to be at the heart of the Museum's operation. This is seen as an essential direct link to community of Milton Keynes. Volunteers contributed 50,349 hours (47,197 last year) equivalent to approaching over 1/2 of a million pounds (using the NLHF guidance figures). 397 individual volunteers, including work experience and DofE candidates, donated their time, skills and experience.
## **Exhibitions**
Once again, one of the New galleries was used for exhibitions organised with local community groups. The most notable ran for several months and was dedicated to Black History.As last year, the Museum was pleased to offer space for members of the British Paralympic Fencing Team to practice.
## **STRATEGIC REPORT**
## **Financial position and going concern**
The strategic report forms part of the trustees' annual report.
The Museum's financial position is showing an overall deficit of £31,053 (2023: £119,186) this is a combination of both the operating position plus increased spending on specific projects. The Charity Trustees have undertaken a detailed review of the risks faced by the Museum and have updated its risk register. The Board is satisfied that systems and actions are in place to mitigate exposure to the major risks.
Looking forward the challenge to restore visitor numbers to previous levels will continue but the Museum has sufficient funds to withstand an operational deficit in 2024/25. As a result the decision was made not to fill two positions left vacant until the visitor numbers return to pre-Covid levels.
## **Funding sources**
Some funding had been secured towards the permanent exhibitions through various Trust and Foundations. The Museum employed a Development Officer with the aim of securing more funding but still had nowhere near enough-some £2 million to complete the galleries. The Covid pandemic had changed the priorities for many funders as well as the Museum. Since 2021, the Museum has concentrated its work on increasing its visitor numbers to 2019 levels. Although this has not been achieved, it is well within sight and this year the Board of Trustees has concentrated on how to get the New Galleries open to the public as quickly as possible. It has decided that it will use the funding available and many more it can raise to open the Ancient Gallery section by section, starting with "the Romans".
The plans and costings have all been drawn up and reviewed. It was decided that the story of the New City was not at the same stage. The population had greatly increased, and would continue to do so, but it was also very different from that of the early pioneers. The Museum had to tell the story of, and for, all its residents. The decision was taken to apply to the NLHF to help develop that story with the local community and this was submitted at the end of the financial year. Assuming that this is successful, the Museum would hope to open both galleries permanently during the next 12 months. The new entrance and car park would also be open for visitors. The Museum will then be able to tell the unique story of the creation of a New City on farmland. It will also tell of its people. To summarise, 2022/23 and 2023/24 have been a story of building back our visitor numbers and of planning how to achieve our plans for expansion.
Page 3
**MILTON KEYNES MUSEUM TRUST LTD**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024**
## **STRATEGIC REPORT Financial review**
## **Reserves policy**
Our reserves policy is to reserve sufficient funds to cover the Museum in the event of a major setback. We aim to hold £150,000 as cash to cover outgoings for staff costs, utilities and maintenance. The Board has designated funds of £356,942 as set out in note 12.
The Board holds restricted reserves for specific purposes (see notes 12 and 18 to the accounts). These total £268,619 (2023: £279,911).
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Governing document**
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
## **Structure, governance and management**
Milton Keynes Museum Trust Ltd is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association.The Memorandum and Articles of Association were updated in June 2021.
The Board of Trustees have responsibility for the overall governance of the Museum. The Museum Director is responsible for the day-to-day management of a management team of senior volunteers and staff members who oversee the activities of the Museum.
The Museum has a set of Policies that meet governance requirements. These are reviewed by the Board in sequence and updated.
## **Methods of appointment or election of Trustees**
Trustees are interviewed by members of the Board and the Board puts forward individuals to be elected and / or co-opted under the terms of the Memorandum of Association. The aim is to achieve a wide mix of skills and experience. The Board is keen to diversify its membership.
The Charity Trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
A Harris E P Gifford D G Hopkins D N Loudon J E Palmer S Patel M R Petchey R Sumner P S Kitchen (appointed 13/4/2023) P J Sutton (appointed 13/4/2023) N A Adams (appointed 5/5/2023) A Marlow (appointed 8/8/2023)
## **Related Party Disclosures**
There were no related party transactions for the year ended 31 March 2024.
Report of the trustees, incorporating a strategic report, approved by order of the board of trustees, as the company directors, on 13 December 2024 and signed on the board's behalf by:
N A Adams - Trustee
Page 4
**INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF MILTON KEYNES MUSEUM TRUST LTD**
## **Independent examiner's report to the trustees of Milton Keynes Museum Trust Ltd ('the Company')**
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2024.
## **Responsibilities and basis of report**
As the charity's trustees of the Company (and also its directors 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 myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.
## **Independent examiner's statement**
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
1. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Valerie Steward FCA
The Institute of Chartered Accountants in England and Wales
Valerie Steward VS Consultancy Greenfield Farm, 23 West Street Hibaldstow Lincolnshire DN20 9NY
13 December 2024
Page 5
**MILTON KEYNES MUSEUM TRUST LTD**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024**
**----- Start of picture text -----**
2024 2023
Unrestricted Restricted Total Total
funds funds funds funds
Notes £ £ £ £
INCOME AND ENDOWMENTS FROM
Donations and legacies 2 116,500 52,633 169,133 97,874
Charitable activities 3 366,331 - 366,331 298,479
Investment income 4 13,928 - 13,928 3,773
Other income 6,620 - 6,620 16,944
Total 503,379 52,633 556,012 417,070
EXPENDITURE ON
Raising funds 5 18,839 - 18,839 8,422
Charitable activities 6
Charitable activities 517,441 50,785 568,226 527,834
Total 536,280 50,785 587,065 536,256
NET INCOME/(EXPENDITURE) (32,901) 1,848 (31,053) (119,186)
Transfers between funds 18 13,140 (13,140) - -
Net movement in funds (19,761) (11,292) (31,053) (119,186)
RECONCILIATION OF FUNDS
Total funds brought forward 376,703 279,911 656,614 775,800
TOTAL FUNDS CARRIED FORWARD 356,942 268,619 625,561 656,614
**----- End of picture text -----**
The notes form part of these financial statements
Page 6
## **MILTON KEYNES MUSEUM TRUST LTD**
## **BALANCE SHEET 31 MARCH 2024**
**----- Start of picture text -----**
2024 2023
Unrestricted Restricted Total Total
funds funds funds funds
Notes £ £ £ £
FIXED ASSETS
Tangible assets 13 44,304 268,354 312,658 55,614
Heritage assets 14 40,079 - 40,079 40,079
84,383 268,354 352,737 95,693
CURRENT ASSETS
Stocks 15 9,332 - 9,332 9,332
Debtors 16 17,596 - 17,596 14,153
Cash at bank and in hand 310,191 265 310,456 567,779
337,119 265 337,384 591,264
CREDITORS
Amounts falling due within one year 17 (64,560) - (64,560) (30,343)
NET CURRENT ASSETS 272,559 265 272,824 560,921
TOTAL ASSETS LESS CURRENT
LIABILITIES 356,942 268,619 625,561 656,614
NET ASSETS 356,942 268,619 625,561 656,614
FUNDS 18
Unrestricted funds:
Unrestricted funds 356,942 376,703
Restricted funds:
Restricted funds 268,619 279,911
TOTAL FUNDS 625,561 656,614
**----- End of picture text -----**
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
- (a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
- (b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The financial statements were approved by the Board of Trustees and authorised for issue on 13 December 2024 and were signed on its behalf by:
The notes form part of these financial statements
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continued...
**MILTON KEYNES MUSEUM TRUST LTD**
**BALANCE SHEET - continued 31 MARCH 2024**
N A Adams - Trustee
The notes form part of these financial statements
Page 8
**MILTON KEYNES MUSEUM TRUST LTD**
## **CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2024**
**----- Start of picture text -----**
2024 2023
Notes £ £
Cash flows from operating activities
Cash generated from operations 20 17,616 (108,206)
Net cash provided by/(used in) operating activities 17,616 (108,206)
Cash flows from investing activities
Purchase of tangible fixed assets (274,939) (600)
Net cash used in investing activities (274,939) (600)
Change in cash and cash equivalents
in the reporting period (257,323) (108,806)
Cash and cash equivalents at the
beginning of the reporting period 567,779 676,585
Cash and cash equivalents at the end
of the reporting period 310,456 567,779
**----- End of picture text -----**
The notes form part of these financial statements
Page 9
**MILTON KEYNES MUSEUM TRUST LTD**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **1. ACCOUNTING POLICIES**
## **BASIS OF PREPARING THE FINANCIAL STATEMENTS**
The financial statements have been prepared in accordance with 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 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Milton Keynes Museum Trust Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £.
## **INCOME**
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Grants are included in the Statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt. its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.
Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.
## **EXPENDITURE**
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Expenditure on raising funds includes all expenditure incurred by the Charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.
All expenditure is inclusive of VAT and is recoverable on partial exemption basis.
## **CASH AT BANK AND IN HAND**
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
## **CHARITABLE FUNDS**
Unrestricted funds are available for use at the discretion of the Charity Trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
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**MILTON KEYNES MUSEUM TRUST LTD**
**NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024**
## **1. ACCOUNTING POLICIES - continued**
## **TANGIBLE FIXED ASSETS**
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 10% on cost Assets under construction - not provided Fixtures and fittings - 25% on cost Computer equipment - 25% on cost
## **HERITAGE ASSETS**
The Charity possesses a historical collection of heritage assets, which are accessible to the public for viewing and research. These are recognised initially at cost of acquisition.
Heritage assets belonging to the Museum, are not depreciated. The Trust has a clear duty of care for these assets and to make them available for the enjoyment and education of the public as far as is possible, commensurate with their long-term care and preservation. These are in effect inalienable assets, held in perpetuity, and are mostly irreplaceable. Any financially based valuation would be misleading to the value and significance of the material culture involved.
## **STOCKS**
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.
## **TAXATION**
The charity is exempt from corporation tax on its charitable activities.
## **FUND ACCOUNTING**
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity 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
Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
## **HIRE PURCHASE AND LEASING COMMITMENTS**
Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.
## **PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS**
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
## **LIABILITIES AND PROVISIONS**
Liabilities 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.
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**MILTON KEYNES MUSEUM TRUST LTD**
**NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024**
## **1. ACCOUNTING POLICIES - continued**
## **LIABILITIES AND PROVISIONS**
Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.
## **STATEMENT OF FUNDS**
Tariff funding
Funds used to meet the agreed costs of the Head of Fundraising and Development.
## Designated grant funded capital
Deferred capital grants used to offset the cost of depreciation of grant supported, capital expenditure.
## Project Support
Funds set aside to support agreed projects which cannot be met from the operational budget
## **2. DONATIONS AND LEGACIES**
|Donations
Grants
|**Unrestricted**
**Funds**
**£**
15,664
100,836
116,500|**Restricted**
**Funds**
**£**
14,700
37,633
52,633|**2024**
**Total**
**Funds**
**£**
30,364
138,769
169,133|**2024**
**Total**
**Funds**
**£**
30,364
138,769
169,133||**2023**
**Total**
**Funds**
**£**
33,087
64,787
97,874|
|---|---|---|---|---|---|---|
|**CHARITABLE ACTIVITIES**
Entrance and groups
Shop sales
Sponsorships
Tea shop||||**2024**
**£**
226,074
31,159
400
108,698
366,331||**2023**
**£**
186,301
26,488
1,000
84,690
298,479|
## **3. CHARITABLE ACTIVITIES**
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**MILTON KEYNES MUSEUM TRUST LTD**
**NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024**
**----- Start of picture text -----**
4. INVESTMENT INCOME
2024 2023
£ £
Rents received - 3,542
Interest received 13,928 231
13,928 3,773
5. RAISING FUNDS
RAISING DONATIONS AND LEGACIES
2024 2023
£ £
Raising funds 18,839 8,422
6. CHARITABLE ACTIVITIES COSTS
Analysis by fund type
Unrestricted Restricted
funds funds Total Total
2024 2024 2024 2023
£ £ £ £
Charitable activities 369,061 27,290 396,351 278,533
Staff costs 130,486 23,495 153,981 220,177
Depreciation 17,894 - 17,894 29,124
517,441 50,785 568,226 527,834
Total 2023 522,906 4,928 527,834
Analysis of expenditure by activities
Activities
undertaken Support Total Total
directly costs funds funds
2024 2024 2024 2023
£ £ £ £
Charitable activities 303,987 92,364 396,351 278,533
Staff costs 153,981 - 153,981 220,177
Depreciation 17,894 - 17,894 29,124
475,862 92,364 568,226 527,834
Total 2023 522,278 5,556 527,834
**----- End of picture text -----**
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**MILTON KEYNES MUSEUM TRUST LTD**
**NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024**
## **7. SUPPORT COSTS**
|Charitable activities
**NET INCOME/(EXPENDITURE)**
Net income/(expenditure) is stated after charging/(crediting):
Depreciation - owned assets
Hire of plant and machinery
Other operating leases|**Governance**
**Other**
**costs**
**£**
**£**
77,501
14,863
**2024**
**£**
17,895
71,483
4,135|**Totals**
**£**
92,364
**2023**
**£**
29,123
48,173
9,445|
|---|---|---|
## **8. NET INCOME/(EXPENDITURE)**
## **9. TRUSTEES' REMUNERATION AND BENEFITS**
There were no trustees' remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023.
## **TRUSTEES' EXPENSES**
There were no trustees' expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023.
## **10. STAFF COSTS**
|Wages and salaries
Social security costs
Other pension costs
The average monthly number of employees during the year was as follows:
Average number of employees|**2024**
**£**
142,929
9,135
1,917
153,981
**2024**
5|**2023**
**£**
201,618
14,894
3,665
220,177
**2023**
8|
|---|---|---|
No employees received emoluments in excess of £60,000.
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**MILTON KEYNES MUSEUM TRUST LTD**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024**
**----- Start of picture text -----**
11. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted Restricted Total
funds funds funds
£ £ £
INCOME AND ENDOWMENTS FROM
Donations and legacies 69,048 28,826 97,874
Charitable activities 298,479 - 298,479
Investment income 3,773 - 3,773
Other income 16,944 - 16,944
Total 388,244 28,826 417,070
EXPENDITURE ON
-
Raising funds 8,422 8,422
Charitable activities
Charitable activities 522,906 4,928 527,834
Total 531,328 4,928 536,256
NET INCOME/(EXPENDITURE) (143,084) 23,898 (119,186)
RECONCILIATION OF FUNDS
Total funds brought forward 519,787 256,013 775,800
TOTAL FUNDS CARRIED FORWARD 376,703 279,911 656,614
**----- End of picture text -----**
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**MILTON KEYNES MUSEUM TRUST LTD**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024**
## **12. STATEMENT OF FUNDS**
|**Statement of Funds - Current Year**|**Statement of Funds - Current Year**|||||
|---|---|---|---|---|---|
|**Unrestricted Funds**
**Designated Funds**
Designated Tariff
Funding
Designated Grant
Funded Capital
Project Support
**General Funds**
**Restricted Funds**
Ancient Gallery
New Gallery - HLF
Grant re Archivist
The Bradwell
Windmill
Funds used for
Heritage Assets
Paralympic Heritage
Trust exhibition
**Total of Funds**|**Balance At**
**1 April**
**2023**
**£**
102,870
53,201
44,166
**200,237**
176,466
**376,703**
**Balance At**
**1 April**
**2023**
**£**
226,687
-
8,068
30,084
10,000
5,072
**279,911**
**656,614**|**Income**
**£**
-
-
-
-
503,379
**503,378**
**Income**
**£**
14,700
37,388
-
-
-
-
**52,633**
**556,012**|**Expenditure**
**£**
-
-
-
-
(536,280)
**(536,280)**
**Expenditure**
**£**
(26,295)
(24,490)
-
-
-
-
**(50,785)**
**(587,065)**|**Transfers**
**In/Out**
**£**
-
-
-
-
13,140
**13,140**
**Transfers**
**In/Out**
**£**
-
-
(8,068)
-
-
(5,072)
**(13,140)**
**-**|**Balance At**
**31 March**
**2024**
**£**
102,870
53,201
44,166
**200,237**
156,705
**356,942**
**Balance At**
**31 March**
**2024**
**£**
215,092
13,443
-
30,084
10,000
-
**268,619**
**625,561**|
Page 16
continued...
**MILTON KEYNES MUSEUM TRUST LTD**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024**
**----- Start of picture text -----**
13. TANGIBLE FIXED ASSETS
Assets Fixtures
Freehold under and Computer
property construction fittings equipment Totals
£ £ £ £ £
COST
-
At 1 April 2023 40,423 80,838 33,226 154,487
Additions - 268,354 5,000 1,585 274,939
At 31 March 2024 40,423 268,354 85,838 34,811 429,426
DEPRECIATION
-
At 1 April 2023 6,113 59,982 32,778 98,873
Charge for year 4,043 - 13,236 616 17,895
At 31 March 2024 10,156 - 73,218 33,394 116,768
NET BOOK VALUE
At 31 March 2024 30,267 268,354 12,620 1,417 312,658
At 31 March 2023 34,310 - 20,856 448 55,614
14. HERITAGE ASSETS
Total
£
MARKET VALUE
At 1 April 2023 and 31 March 2024 40,079
NET BOOK VALUE
At 31 March 2024 40,079
At 31 March 2023 40,079
15. STOCKS
2024 2023
£ £
Finished goods and for resale 9,332 9,332
16. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade debtors 4,663 5,421
Other debtors - 5,716
VAT 10,645 -
Prepayments 2,288 3,016
17,596 14,153
**----- End of picture text -----**
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.
Page 17
continued...
**MILTON KEYNES MUSEUM TRUST LTD**
**NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024**
## **17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
|**2024**
**£**
Trade creditors
46,221
Social security and other taxes
4,774
Other creditors
10,022
Accrued expenses
3,543
64,560
**18.**
**MOVEMENT IN FUNDS**
**Net**
**Transfers**
**movement**
**between**
**At 1/4/23**
**in funds**
**funds**
**£**
**£**
**£**
**Unrestricted funds**
Unrestricted funds
376,703
(32,901)
13,140
**Restricted funds**
Restricted funds
279,911
1,848
(13,140)
**TOTAL FUNDS**
656,614
(31,053)
-
Net movement in funds, included in the above are as follows:
**Incoming**
**Resources**
**resources**
**expended**
**£**
**£**
**Unrestricted funds**
Unrestricted funds
503,379
(536,280)
**Restricted funds**
Restricted funds
52,633
(50,785)
**TOTAL FUNDS**
556,012
(587,065)
**Comparatives for movement in funds**
**Net**
**movement**
**At 1/4/22**
**in funds**
**£**
**£**
**Unrestricted funds**
Unrestricted funds
519,787
(143,084)
**Restricted funds**
Restricted funds
256,013
23,898
**TOTAL FUNDS**
775,800
(119,186)|**2023**
**£**
16,974
5,247
579
7,543
30,343
**At 31/3/24**
**£**
356,942
268,619
625,561
**Movement**
**in funds**
**£**
(32,901)
1,848
(31,053)
**At 31/3/23**
**£**
376,703
279,911
656,614|
|---|---|
Page 18
continued...
**MILTON KEYNES MUSEUM TRUST LTD**
**NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024**
## **18. MOVEMENT IN FUNDS - continued**
Comparative net movement in funds, included in the above are as follows:
|**Unrestricted funds**
Unrestricted funds
**Restricted funds**
Restricted funds
**TOTAL FUNDS**|**Incoming**
**Resources**
**resources**
**expended**
**£**
**£**
388,244
(531,328)
28,826
(4,928)
417,070
(536,256)|**Movement**
**in funds**
**£**
(143,084)
23,898
(119,186)|
|---|---|---|
A current year 12 months and prior year 12 months combined position is as follows:
|**Unrestricted funds**
Unrestricted funds
**Restricted funds**
Restricted funds
**TOTAL FUNDS**|**At 1/4/22**
**£**
519,787
256,013
775,800|**Net**
**movement**
**in funds**
**£**
(175,985)
25,746
(150,239)|**Transfers**
**between**
**funds**
**£**
13,140
(13,140)
-|**At 31/3/24**
**£**
356,942
268,619
625,561|
|---|---|---|---|---|
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
|**Unrestricted funds**
Unrestricted funds
**Restricted funds**
Restricted funds
**TOTAL FUNDS**|**Incoming**
**Resources**
**resources**
**expended**
**£**
**£**
891,623
(1,067,608)
81,459
(55,713)
973,082
(1,123,321)|**Movement**
**in funds**
**£**
(175,985)
25,746
(150,239)|
|---|---|---|
Page 19
continued...
**MILTON KEYNES MUSEUM TRUST LTD NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024**
## **19. RELATED PARTY DISCLOSURES**
There were no related party transactions for the year ended 31 March 2024.
## **20. RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES**
|**Net expenditure for the reporting period (as per the Statement**
**of Financial Activities)**
**Adjustments for:**
Depreciation charges
Increase in debtors
Increase/(decrease) in creditors
**Net cash provided by/(used in) operations**
**ANALYSIS OF CHANGES IN NET FUNDS**
**At 1/4/23**
**£**
**Net cash**
Cash at bank and in hand
567,779
567,779
**Total**
567,779|**2024**
**£**
(31,053)
17,895
(3,443)
34,217
17,616
**Cash flow**
**£**
(257,323)
(257,323)
(257,323)|**2023**
**£**
(119,186)
29,123
(5,748)
(12,395)
(108,206)
**At 31/3/24**
**£**
310,456
310,456
310,456|
|---|---|---|
## **21. ANALYSIS OF CHANGES IN NET FUNDS**
Page 20
**MILTON KEYNES MUSEUM TRUST LTD**
## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024**
**----- Start of picture text -----**
2024 2023
Unrestricted Restricted Total Total
funds funds funds funds
£ £ £ £
INCOME AND ENDOWMENTS
Donations and legacies
Donations 15,664 14,699 30,363 33,087
Grants 100,836 37,934 138,770 64,787
116,500 52,633 169,133 97,874
Charitable activities
-
Entrance and groups 226,074 226,074 186,301
-
Shop sales 31,159 31,159 26,488
Sponsorships 400 - 400 1,000
-
Tea shop 108,698 108,698 84,690
-
366,331 366,331 298,479
Investment income
Rents received - - - 3,542
Interest received 13,928 - 13,928 231
-
13,928 13,928 3,773
Other income
Other income 6,620 - 6,620 16,944
Total incoming resources 503,379 52,633 556,012 417,070
EXPENDITURE
Raising donations and legacies
-
Raising funds 18,839 18,839 8,422
Charitable activities
Wages 121,704 21,225 142,929 201,618
Social security 7,043 2,092 9,135 14,894
Pensions 1,739 178 1,917 3,665
Establishment costs 71,483 - 71,483 48,173
-
Subscription and donations 4,135 4,135 9,445
Charitable activities 152,554 27,290 179,844 114,694
-
Repairs and maintenance 30,225 30,225 41,826
-
Telephone and internet 3,840 3,840 3,225
-
Printing, postage & stationery 4,310 4,310 3,235
Travel 6,829 - 6,829 4,584
Sundries and other costs 3,321 - 3,321 3,242
-
Depreciation 17,894 17,894 29,124
425,077 50,785 475,862 477,725
**----- End of picture text -----**
This page does not form part of the statutory financial statements
Page 21
**MILTON KEYNES MUSEUM TRUST LTD**
## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024**
**----- Start of picture text -----**
2024 2023
Unrestricted Restricted Total Total
funds funds funds funds
£ £ £ £
Other costs
Other
-
Legal and professional 1,189 1,189 5,556
Insurance 9,296 - 9,296 7,664
-
Computer costs 7,110 7,110 6,690
-
Bank charges 1,234 1,234 3,041
-
Advertising 58,672 58,672 27,158
-
77,501 77,501 50,109
Governance costs
- -
Accountancy 14,863 14,863
Total resources expended 536,280 50,785 587,065 536,256
Net (expenditure)/income (32,901) 1,848 (31,053) (119,186)
**----- End of picture text -----**
This page does not form part of the statutory financial statements
Page 22