2025-03-31-accounts - Milton Keynes Museum Trust Limited

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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 2025

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 2025

	Page	Page
Reference and Administrative Details		1
Reportofthe Trustees	2	to	5
Independent Examiner's Report		6
Statement of Financial Activities		7
Balance Sheet	8	to	9
Cash Flow Statement		10
Notes tothe Financial Statements	11	to	22
DetailedStatementofFinancialActivities	23	to	24

MILTON KEYNES MUSEUM TRUST LTD

REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 MARCH 2025

TRUSTEES

A Harris N A Adams (resigned 23.10.25) E P Gifford (resigned 24.10.24) D G Hopkins P S Kitchen D N Loudon JE Palmer S Patel M R Petchey R Sumner A Marlow (resigned 16.8.24)

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

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MILTON KEYNES MUSEUM TRUST LTD

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

The trustees who are also direciors 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 2025. 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 tich 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.

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MILTON KEYNES MUSEUM TRUST LTD

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

OBJECTIVES AND ACTIVITIES

Significant activities

To achieve the aim of opening the New Galleries, the Board agreed the proposal for two courses of action:

Ancient Gallery

It would use the funding already secured with some of its reserves to display the archaeology of the area. It would work with exhibition designers on each time period individually, starting with the Roman occupation - centred around a reconstruction of part of Bancroft Roman Villa discovered on the farm now occupied by the Museum. As this was being planned, the Museum. was grateful to receive a bequest from Robert Excell, who had been Chair of the MK Heritage Association and long-timesupporter. This allowed the Museum to complete a section on the Bronze Age, featuring some significant finds and centred on a representation of the biggest Bronze Age roundhouse so far discovered in theUK - also found on the farmland of the Museum. An ichthyosaur, discovered when Caldecotte Lake wasbeing excavating, provides a stunning entrance exhibit. This was crowdfunded and supported by Art Fund.

The Ancient Milton Keynes Gallery was opened in January 2025.

The Museum is grateful to the Garfield Weston Foundation, the Headley Trust, the Hobson Foundation, the Swire Charitable Trust and the Radcliffe Trust).

The New Milton Keynes Gallery

The Museum was grateful to receive funding from the National Lottery Heritage Fund (over £220,000) to the Museum was grateful to receive funding from the National Lottery Heritage Fund (over £220,000) to work on a one-year pilot testing new ways of working with the community. It employed an outreach officer and developed six themed displays, that were more about community involvement than about producing finished exhibits. As well as one focussed upon telling people's stories, they explored how to represent the significance of green spaces for people in an inside space, how play can be used as inter-generational way of understanding the grid roads and what does the City Centre mean to different people. Engagement was achieved through workshops, tours around Milton Keynes, interaction with exhibits and discussion. The Museum leamed a great deal about working with the community but, above all, that it still has much to do. Challenges include the inter-relationships of the communities themselves, reconciling the recognition of individual groups whilst still establishing a single Milton Keynes community, developing exhibitions aimed at attracting. There are many more. The Museum will continue to employ an outreach officer and establish a Strategy to involve all Milton Keynes communities and training programmes to develop skills in exhibition production.

Visitor Numbers

The Museum attracted 36,089 visitors during the year (49,906) 28% decrease on the previous year.

Education

2,868 students attended presentations by the education department (3,861) last year - a 26% reduction.

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 41,773 hours (50,349) last year) equivalent to about 1/3 of a million pounds (using the NLHF guidance figures). 265 individual volunteers, including work experience and DofE candidates, donated their time, skills and experience.

Reduction in Numbers

The reduction in visitor numbers and volunteer hours is largely accounted for by the fire and shut-down.

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MILTON KEYNES MUSEUM TRUST LTD REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

STRATEGIC REPORT

Financiai position and going concer The strategic report forms part of the trustees’ annual report.

The Museum's financial position is showing an overall surplus of £203,810 (2024: £31,053 deficit). This excludes capital expenditure on specific projects amounting to £229,681. The Museum also received £175,000 restricted funds held in trust for MK Heritage Association. 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 2025/26. 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 Museum has concentrated its work on increasing its visitor numbers and 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, 2023/24 and 2024/25 have been a story of building back our visitor numbers and of planning how to achieve our plans for expansion.

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 and general funds of £535,854 (2024: 356,942) as set out in note 12.

The Board holds restricted reserves of cash and assets for specific purposes (see notes 12 and 18 to the accounts). These total £293,517 (2024: £268,619), including assets under construction.

STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, timited 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.TheMemorandum 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.

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MILTON KEYNES MUSEUM TRUST LTD (REGISTERED NUMBER: 02302281)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

STRUCTURE, GOVERNANCE AND MANAGEMENT

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

D G Hopkins D N Loudon J E Palmer S Patel M R Petchey R Sumner P S Kitchen

Related Party Disclosures

There were no related party transactions for the year ended 31 March 2025.

Report of the trustees, incorporating a strategic report, approved by order of the board of trustees, as the company directors, on 12 December 2025 and signed on the board's behalf by:

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Kitchen - Trustee
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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’) | report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2025. 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, | 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 | 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. | can confirm that | am qualified to undertake the examination because | am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.

| have completed my examination. | confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

ti accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
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
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)).

| 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.

Nese

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

12 December 2025

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MILTON KEYNES MUSEUM TRUST LTD

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025

				2025	2024
		Unrestricted	Restricted	Total	Total
		funds	funds	funds	funds
	Notes	£	£	£	£
INCOME AND ENDOWMENTS FROM
Donations and legacies	2	323,289	71,601	394,890	169,133
Charitable activities	3	349,230	-	349,230	366,331
Investment income	4	7,589	-	7,589	13,928
Other income		11,636	-	11,636	6,620
Total		691,744	71,601	763,345	556,012
EXPENDITURE ON
Raising funds	5	35,240	-	35,240	18,839
Charitable activities	6
Charitable activities		477,592	46,703	524,295	568,226
Total		512,832	46,703	559,535	587,065
NETINCOME/(EXPENDITURE)		178,912	24,898	203,810	(31,053)
RECONCILIATION OF FUNDS
Totalfunds broughtforward		356,942	268,619	625,561	656,614
TOTALFUNDSCARRIEDFORWARD		535,854	293,517	829,371	625,561

The notes form part of these financial statements

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MILTON KEYNES MUSEUM TRUST LTD

BALANCE SHEET 31 MARCH 2025

				2025	2024
		Unrestricted	Restricted	Total	Total
		funds	Tuiids	Tunas	funds
	Notes	£	£	£	£
FIXED ASSETS
Tangible assets Heritage assets	13 14	259,172 40,079	268,354 -	527,526 40,079	312,658 40,079
		299,251	268,354	567,605	352,737
CURRENT ASSETS
Stocks	15	8,961	-	8,961	9,332
Debtors Cash at bank and in hand	16	26,191 263,558	- 200,163	26,191 463,721	17,596 310,456
		298,710	200,163	498,873	337,384
CREDITORS
Amounts falling due within one year	17	(62,107)	(175,000)	(237,107)	(64,560)
NETCURRENTASSETS		236,603	25,163	261,766	272,824
TOTALASSETS LESS CURRENT
LIABILITIES		535,854	293,517	829,371	625,561
NETASSETS		535,854	293,517	829,371	625,561
FUNDS	18
Unrestricted funds:
Unrestricted funds				535,854	356,942
Restricted funds:
Restricted funds				293,517	268,619
TOTALFUNDS				829,371	625,561

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 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 Irustees and authorised for issue on 12 December 2025 and were signed on its behalf by:

The notes form part of these financial statements

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MILTON KEYNES MUSEUM TRUST LTD

BALANCE SHEET- continued 31 MARCH 2025 aPek IA | P S Kitchen - Trustee

The notes form part of these financial statements

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MILTON KEYNES MUSEUM TRUST LTD

CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2025

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||||||||| |---|---|---|---|---|---|---|---| |2025|2024| |Notes|£|£| |Cash|flows from|operating|activities| |Cash|generated|from|cperations|20|386,688|17,616| |Net cash|provided|by operating|activities|386,688|17,616| |Cash|flows from|investing|activities| |Purchase|of tangible|fixed|assets|(233,423)|(274,939)| |Net|cash|used|in|investing|activities|(233,423)|(274,939)| |Change|in|cash|and|cash|equivalents| |in|the|reporting|period|153,265|(257,323)| |Cash|and|cash|equivalents|at|the| |beginning|of the|reporting|period|310,456|567,779| |Cash|and|cash|equivalents|at the|end| |of the|reporting|perlod|463,721|310,456|

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The notes form part of these financial statements

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MILTON KEYNES MUSEUM TRUST LTD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

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 2025

1. ACCOUNTING POLICIES - continued

TANGIBLEDepreciationFIXEDis providedASSETSat 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% oncost
Computerequipment	-	25%oncost

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 comprise items held for resale in the Museum shop and 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

Llabllitles 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 2025

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

DONATIONS AND LEGACIES

	Unrestricted Funds	Restricted Funds	2025 Total	2024 Total
			Funds	Funds
	£	£	£	£
Donations Grants	158,289 165,000	64,744 6,857	223,033 171,857	30,364 138,769
	323,289	71,601	394,890	169,133

CHARITABLE ACTIVITIES
	2025	2024
	£	£
Entrance and groups	232,931	226,074
Shop sales Sponsorships	29,384 -	31,159 400
Tea shop	86,915	108,698
	349,230	366,331

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MILTON KEYNES MUSEUM TRUST LTD

NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2025

4.	INVESTMENT INCOME
			2026	2024
			£	£
	Rents received		-	3,908
	Interest received		7,589	10,020
			7,589	13,928
5.	RAISING FUNDS
	RAISING DONATIONS AND LEGACIES
			2025	2024
			£	£
	Raising funds		35,240	18,839
6.	CHARITABLE ACTIVITIES COSTS
			Support
		Direct	costs (see
		Costs	note 7)	Totals
		£	£	£
	Charitableactivities	423,441	100,854	524,295

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MILTON KEYNES MUSEUM TRUST LTD

NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2025

6. CHARITABLE ACTIVITIES COSTS - continued

Analysis by fund type

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||||||| |---|---|---|---|---|---| |Unrestricted|Restricted| |funds|funds|Total|Total| |2025|2025|2025|2024| |£|£|£|£| |Charitable|activities|339,258|19,946|359,204|396,351| |Staff|costs|119,779|26,757|146,536|153,981| |Depreciation|18,555|-|18,555|17,894| |477,592|46,703|524,295|568,226| |Total|2024|517,441|50,785|568,226|

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Analysis of expenditure by activities

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||||||| |---|---|---|---|---|---| |Activities| |undertaken|Support|Total|Total| |directly|costs|funds|funds| |2025|2025|2025|2024| |£|£|£|£| |Charitable|activities|258,350|100,854|359,204|396,351| |Staff|costs|146,536|-|146,536|153,981| |Depreciation|18,555|-|18,555|17,894| |423,441|100,854|524,295|568,226| |Total|2024|475,862|92,364|568,226|

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SUPPORT COSTS

Charitable activities

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Governance
Other costs Totals
£ £ £
77,857 22,997 100,854
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MILTON KEYNES MUSEUM TRUST LTD NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2025

Qo.a METINES 0 IIDCFAMEPHEVARLAINAITIIDE.TN WIE LAA RIE WINE

Net income/(expenditure) is stated after charging/(crediting):

	2025	2024
	£	£
Depreciation -owned assets	18,555	17,895
Hire of plant and machinery Otheroperatingleases	86,303 1,636	71,483 4,135

9. TRUSTEES’ REMUNERATION AND BENEFITS

There were no trustees’ remuneration or other benefits for the year ended 31 March 2025 nor for the year ended 31 March 2024.

TRUSTEES' EXPENSES

There were no trustees' expenses paid for the year ended 31 March 2025 nor for the year ended 31 March 2024.

STAFF COSTS

STAFF COSTS
	2025	2024
	£	£
Wages and salaries	135,890	142,929
Social security costs	8,553	9,135
Other pension costs	2,093	1,917
	146,536	153,981

The average monthly number of employees during the year was as follows:

				2025	2024
Average	number	of	employees	5	5

No employees received emoluments in excess of £60,000.

COMPARATIVES FORTHE STATEMENT OF FINANCIAL ACTIVITIES	COMPARATIVES FORTHE STATEMENT OF FINANCIAL ACTIVITIES
	Unrestricted	Restricted	Total
	funds	funds	funds
	£	£	£
INCOME AND ENDOWMENTS FROM
Donations and legacies	116,500	52,633	169,133
Charitable activities	366,331	.	366,331
Investment income	13,928	-	13,928
Other income	6,620	-	6,620
Total	503,379	52,633	556,012
EXPENDITURE ON
Raisingfunds	18,839	-	18,839

continued...

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MILTON KEYNES MUSEUM TRUST LTD

NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2025

_COMPARATIVES FORTHE STATEMENT OF FINANCIAL ACTIVITIES - continued	_COMPARATIVES FORTHE STATEMENT OF FINANCIAL ACTIVITIES - continued	_COMPARATIVES FORTHE STATEMENT OF FINANCIAL ACTIVITIES - continued
	Unrestricted	Restricted	Total
	funds	funds	funds
	£	£	£
Charitable activities
Charitable activities	517,441	50,785	568,226
Total	536,280	50,785	587,065
NETINCOME/(EXPENDITURE)	(32,901)	1,848	(31,053)
Transfers between funds	13,140	(13,140)	-
Net movement in funds	(19,761)	(11,292)	(31,053)
RECONCILIATION OF FUNDS
Total funds brought forward	376,703	279,911	656,614
TOTALFUNDSCARRIEDFORWARD	356,942	268,619	625,561

Page 17

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MILTON KEYNES MUSEUM TRUST LTD

NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2025

STATEMENT OF FUNDS	STATEMENT OF FUNDS
Statement ofFunds - Current Year
	BalanceAt				Balance At
	1 April			Transfers	31 March
	2024	Income	Expenditure	in‘Out	2025
	£	£	£	£	£
Unrestricted Funds
Designated Funds
Designated Tariff Funding	102,870	-	-	-	102,870
Designated Grant Funded Capital	53,201	-	-	-	53,201
Project Support	44,166	-	-	-	44,166
	200,237	-	-	-	200,237
General Funds	156,705	752,063	(512,832)	.	395,936
	356,942	752,063	(512,832)	.	596,173
	Balance At				Balance At
	1 April			Transfers	31 March
	2024	Additions	Expenditure	In/Out	2025
	£	£	£	£	£
Restricted Funds
Ancient Gallery	215,092	71,601	(46,703)	-	239,990
New Gallery - HLF	13,443	-	-	-	13,443
The Bradwell
Windmill	30,084	-	-	-	30,084
Funds used for
Heritage Assets	10,000	-	-	-	10,000
	268,619	71,601	(46,703)	-	293,517
TotalofFunds	625,561	823,664	(559,535)	-	829,371

Page 18

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MILTON KEYNES MUSEUM TRUST LTD

NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2025

13.	TANGIBLE FIXED ASSETS
		Freehold		Assets under	Fixtures and	Computer
		property		construction	fittings	equipment	Totals
			£	£	£	£	£
	COST
	At 1 April 2024 Additions	40,423 -		268,354 229,681	85,838 1,300	34,811 2,442	429,426 233,423
	At 31 March 2025	40,423		498,035	87,138	37,253	662,849
	DEPRECIATION
	At 1 April 2024	10,156		-	73,218	33,394	116,768
	Charge foryear	4,042		-	12,646	1,867	18,555
	At 31 March 2025	14,198		-	85,864	35,261	135,323
	NET BOOK VALUE
	At 31 March 2025	26,225		498,035	1,274	1,992	527,526
	At 31 March 2024	30,267		268,354	12,620	1,417	312,658
14.	HERITAGE ASSETS
							Total
							£
	MARKETVALUE
	At 1 April 2024 and 31 March	2025					40,079
	NET BOOKVALUE
	At 31 March 2025						40,079
	At 31 March 2024						40,079
15.	STOCKS
						2025	2024
						£	£
	Finished goods and for resale					8,961	9,332
16.	DEBTORS: AMOUNTS FALLING		DUEWITHIN	WITHIN ONEYEAR
						2025	2024
						£	£
	Trade debtors VAT Prepayments					3,576 - 22,615	4,663 10,645 2,288
						26,191	17,596

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 19

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MILTON KEYNES MUSEUM TRUST LTD

NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2025

17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

==> picture [419 x 246] intentionally omitted <==

----- Start of picture text -----
||||||| |---|---|---|---|---|---| |2025|2024| |£|£| |Trade|creditors|36,043|46,221| |Social|security and|other taxes|4,613|4,774| |VAT|8|-| |Other|creditors|187,031|10,022| |Accrued|expenses|9,412|3,543| |237,107|64,560| |18.|MOVEMENT|IN|FUNDS| |Net| |movement| |At|1/4/24|in|funds|At|31/3/25| |£|£|£| |Unrestricted|funds| |Unrestricted|funds|356,942|178,912|535,854| |Restricted|funds| |Restricted|funds|268,619|24,898|293,517| |TOTAL|FUNDS|625,561|203,810|829,371|

----- End of picture text -----

Net movement in funds, included in the above are as follows:

==> picture [392 x 113] intentionally omitted <==

----- Start of picture text -----
|||||| |---|---|---|---|---| |Incoming|Resources|Movement| |resources|expended|in|funds| |£|£|£| |Unrestricted|funds| |Unrestricted|funds|691,744|(512,832)|178,912| |Restricted|funds| |Restricted|funds|71,601|(46,703)|24,898| |TOTAL FUNDS|763,345|(559,535)|203,810|

----- 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 2025

18. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

		Net	Transfers
		movement	between
	At 1/4/23	in funds	funds	At 31/3/24
	£	£	£	£
Unrestricted funds
Unrestricted funds	376,703	(32,901)	13,140	356,942
Restricted funds
Restricted funds	279,911	1,848	(13,140)	268,619
TOTALFUNDS	656,614	(31,053)	-	625,561

TOTAL FUNDS

Comparative net movement in funds, included in the above are as follows:

	Incoming	Resources	Movement
	resources	expended	in funds
	£	£	£
Unrestricted funds
Unrestricted funds	503,379	(536,280)	(32,901)
Restricted funds
Restricted funds	52,633	(50,785)	1,848
TOTALFUNDS	556,012	(587,065)	(31,053)

A current year 12 months and prior year 12 months combined position is as follows:

		Net	Transfers
		movement	between
	At 1/4/23	in funds	funds	At 31/3/25
	£	£	£	£
Unrestricted funds
Unrestricted funds	376,703	146,011	13,140	535,854
Restricted funds
Restrictedfunds	279,911	26,746	(13,140)	293,517
TOTALFUNDS	656,614	172,757	-	829,371

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MILTON KEYNES MUSEUM TRUST LTD

NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2025

MOVEMENT IN FUNDS- continued A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

==> picture [391 x 115] intentionally omitted <==

----- Start of picture text -----
|||||| |---|---|---|---|---| |Incoming|Resources|Movement| |resources|expended|in|funds| |£|£|£| |Unrestricted|funds| |Unrestricted|funds|1,195,123|(1,049,112)|146,011| |Restricted|funds| |Restricted|funds|124,234|(97,488)|26,746| |TOTAL FUNDS|1,319,357|(1,146,600)|172,757|

----- End of picture text -----

RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 March 2025.

20. RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES

==> picture [395 x 113] intentionally omitted <==

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |2025|2024| |£|£| |Net|income/(expenditure)|for the|reporting|period|(as|per the| |Statement|of|Financial|Activities)|203,810|(31,053)| |Adjustments|for:| |Depreciation|charges|18,555|17,895| |Decrease|in|stocks|371|-| |Increase|in|debtors|(8,595)|(3,443)| |Increase|in|creditors|172,547|34,217| |Net|cash|provided|by|operations|386,688|17,616|

----- End of picture text -----

21. ANALYSIS OF CHANGES IN NET FUNDS

==> picture [394 x 83] intentionally omitted <==

----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |At|1/4/24|Cash|flow|At|31/3/25| |£|£|£| |Net|cash| |Cash|at|bank|and|in|hand|310,456|153,265|463,721| |310,456|153,265|463,721| |Total|310,456|153,265|463,721|

----- End of picture text -----

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MILTON KEYNES MUSEUM TRUST LTD

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025

			2025	2024
	Unrestricted	Restricted	Total	Total
	funds	funds	funds	funds
	£	£	£	£
INCOME AND ENDOWMENTS
Donations and legacies
Donations	158,289	64,744	223,033	30,363
Grants	165,000	6,857	171,857	138,770
	323,289	71,601	394,890	169,133
Charitable activities
Entrance and groups	232,931	-	232,931	226,074
Shop sales Sponsorships	29,384 .	- .	29,384 =	31,159 400
Tea shop	86,915	=	86,915	108,698
	349,230	-	349,230	366,331
Investment income
Rents received	=	=	-	3,908
Interest received	7,589	-	7,589	10,020
	7,589	-	7,589	13,928
Other income
Other Income	11,636	-	11,636	6,620
Total incoming resources	691,744	71,601	763,345	556,012
EXPENDITURE
Ralsing donations and legacies
Raising funds	35,240	-	35,240	18,839
Charitable activities
Wages	111,669	24,221	135,890	142,929
Social security Pensions	6,540 1,569	2,013 524	8,553 2,093	9,135 1,917
Establishment costs	86,303	-	86,303	71,483
Subscription and donations	1,636	-	1,636	4,135
Charitable activities	95,812	19,945	115,757	179,844
Repairs and maintenance	43,491	-	43,491	30,225
Telephone and internet Printing, postage & stationery Travel	3,358 4,699 3,060	- - -	3,358 4,699 3,060	3,840 4,310 6,829
Sundries and other costs Depreciation	45 18,556	- -	45 18,556	3,321 17,894
	376,738	46,703	423,441	475,862

This page does not form part of the statutory financial statements

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MILTON KEYNES MUSEUM TRUST LTD

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025

			2025	2024
	Unrestricted	Restricted	Total	Total
	funds	funds	funds	funds
	£	£	£	£
Other costs
Other
Legal and professional	-	-	-	1,189
Insurance	11,332	-	11,332	9,296
Computercosts Bank charges	6,792 4,643	- -	6,792 4,643	7,110 1,234
Advertising	55,090	-	55,090	58,672
	77,857	.	77,857	77,501
Governance costs
Accountancy	22,997	-	22,997	14,863
Total resources expended	§12,832	46,703	559,535	587,065
Net(expenditure)/income	178,912	24,898	203,810	(31,053)

This page does not form part of the statutory financial statements

Page 24