REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
BIGGAR MUSEUM TRUST |
Report of the Trustees and |
Financial Statements for the Year Ended 31 December 2023 |
REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
BIGGAR MUSEUM TRUST |
Report of the Trustees and |
Financial Statements for the Year Ended 31 December 2023 |
BIGGAR MUSEUM TRUST |
Contents of the Financial Statements |
for the Year Ended 31 December 2023 |
Page |
Report of the Trustees | 1 | to | 5 |
Independent Examiner's Report | 6 |
Statement of Financial Activities | 7 |
Balance Sheet | 8 | to | 9 |
Notes to the Financial Statements | 10 | to | 19 |
BIGGAR MUSEUM TRUST (REGISTERED NUMBER: SC398044) |
Report of the Trustees |
for the Year Ended 31 December 2023 |
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 December 2023. 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 |
Biggar Museum Trust exists to promote the heritage and culture of Biggar and Upper Clydesdale to both visitors and local residents. Its objective is the advancement of education through the display of its collections and the provision of access to its extensive archives, as well as the conservation and preservation of artefacts and local sites of historical, geological and archaeological interest. |
The charity's principal objectives are to: |
o | collect, store, preserve and record the historic heritage of the area; |
o | provide an educational and enjoyable experience for all ages; |
o | make the collection and archive as accessible to as many people as possible; |
o | act as one of the focal points for local community endeavour; and |
o | maintain the financial viability of the museums. |
BIGGAR MUSEUM TRUST (REGISTERED NUMBER: SC398044) |
Report of the Trustees |
for the Year Ended 31 December 2023 |
ACHIEVEMENT AND PERFORMANCE |
Significant Activities |
2023 has been a busy year for the museum and the following is a synopsis of the events and achievements. |
Preparation for the installation of the Dalkeith Palace Model commenced February when the huge wooden model, completed by George Meikle Kemp, architect of the Sir Walter Scott monument on Princes Street Edinburgh was delivered and reinstated by cabinet maker Patrick Baxter. The exhibition opened at Easter and continued for the summer season. It proved to be very popular and attracted visitors from further afield. Visitor numbers and retail sales showed a slow incline over the year. |
Several smaller community exhibitions and events took place over the year and we are delighted that we are able to provide space to allow local artists to exhibit with us for Biggar Little festival. With support from Friends of Biggar Museum, talks took place and of particular note was a very popular talk by Amy Blakeway, senior lecturer from St Andrews university. Amy spoke about Mary Queen of Scots, who has a direct link with Biggar, where we celebrate our very own 'Queen Mary' for the day during the annual Gala Day celebrations. |
To commemorate the coronation of King Charles we were able to display an example of a chair from the Coronation of Queen Elizabeth. The loan of this chair was very kindly provided by one of our Museum Patrons. |
We were honoured when the Scottish Curling Trust invited us to hold their exhibition to commemorate the 100th Anniversary of the Winter Olympics at Chamonix. Three members of the British team, who just happened to come from Biggar, won Olympic Gold medals at the games. The museum was able to provide additional displays to support the exhibition which ran from November to March. |
Restoration of Holy Trinity Chapel continued at a pace and the stencilling and lighting has now been completed. The Chapel is available for community events and is now used regularly by the congregation of the now closed St Isidore's Roman Catholic Chapel in Biggar. Episcopalian services are also held by Lanark church once a month. |
To enable us to carry out necessary upgrades to our Hanwell Museum Monitoring System, which monitors conditions throughout the museum, we were delighted to receive a grant from The Association of Independent Museums. |
Maintenance and repair proved to be a major issue throughout the year. Parts of our necessary equipment failed all at the one time along with our air conditioning units and several small museum management systems. It is hoped that the investment made now will cover us for many years to come. |
We are pleased to have secured Catherine Gordon as a Trustee to the museum board. Catherine comes to us with a wealth of experience from many years of service with National Museums of Scotland. Catherine knows the museum well as she was born in Biggar. |
Anne Seawright has stepped down as a member of the Trustee board but we are delighted that she will continue as a valued volunteer in the museum. |
Mike Hunter, a long serving Trustee, stepped down due to ill health. Sadly Mike passed away early 2024. He was instrumental in the development of the 'New' museum and the ongoing operations. He will be sadly missed by everyone at the museum. |
In September our Manager/ Curator, Elaine Edwards accepted an exciting role with The Commonwealth War Graves Commission but agreed to continue in her role of Curator. |
FINANCIAL REVIEW |
Principal funding sources |
Our main sources of funding are admissions, shop sales, donations and grants. |
Investment policy and objectives |
The Trust's investment policy is designed to obtain the highest possible sustainable income for the Biggar Museum Trust commensurate with maintaining the real value of the underlying assets over time. Investments are made for the long term through diversified UK and international portfolios of ordinary shares. We believe this policy is the best way of protecting the long term value of both income and capital against inflation. |
BIGGAR MUSEUM TRUST (REGISTERED NUMBER: SC398044) |
Report of the Trustees |
for the Year Ended 31 December 2023 |
FINANCIAL REVIEW |
Reserves policy |
The Endowment Fund holds the long term investments of the Trust. These consist of a balanced portfolio of international equity funds designed to provide a sustainable income in support of the operational activities of the Museum. The Trust's priority is to preserve the real value of the Fund's thereby allowing its annual distributions to keep pace with inflation over time. Consequently its underlying capital is treated as a designated reserve fund whose assets can only be realised in exceptional circumstances. |
Reserves are disclosed at note 19 and no fund is in deficit. |
The financial reserves of the Trust are retained and ordinarily utilised only insofar as the Trust receives the benefit of the income that the funds provide. |
FUTURE PLANS |
2025 is our 10th anniversary of the opening of the new museum building and we are proud to mark this achievement. To commemorate we will hold an exhibition at the beginning of the year which includes many of the Artworks that we hold in our collection rarely on view to the public. |
Following this and opening at Easter, we will host an exhibition on Lamington Village which will include the beautifully restored Holy Trinity Chapel displaying the restoration process of the original interior stencilling. We will also be exhibiting items we hold in our collection from Lamington House, home to the Baillie Cochrane family. Sadly the house was demolished in the 1950's because the direct line of the Baillie Cochrane family died out. |
From the village of Lamington and the small surrounding villages we hope to display information and reminiscences from members of the public who were raised in the area. |
Biggar Archaeology group carried out extensive work around the village and we will be displaying the finds and the story of the old village which was located close to Lamington burn. |
Perhaps the most exciting commemoration for our 10th anniversary is that we are delighted we have been selected to hold the 100th Anniversary of the worldwide poet, gardener, writer and artist, Ian Hamilton Findlay. We will collaborate with the team at Little Sparta Garden to bring this exhibition to Biggar High Street. |
A lot of discussion has taken place regarding the rear stores which are currently used to house some of our collection. We hope to develop these to include them into our existing buildings but to also provide proper storage for community and educational purposes. |
Our Curator, Elaine Edwards, left the Museum to continue with her new position with the Commonwealth War Graves Commission and we are delighted that we have now secured a new Business Manager, Paige Hughes, who comes to us with vast experience of the heritage sector. Paige's experience will be very beneficial for development of the property and the main exhibition. |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Governing document |
The charity is a charitable company limited by guarantee, incorporated on 19th April 2011 and registered with the Office of the Scottish Charity Regulator with effect from 22 June 2012. The charity was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed by it's Articles and Memorandum of Association. Under those Articles the directors of the company are also charity trustees for the purposes of charity law. |
Recruitment and appointment of new trustees |
The directors believe there is a good mix of skills and experience represented on the Board of Directors, which includes service users, local business people, members with previous governance experience and members with specialist sector knowledge and experience. Skills gaps are identified and suitable nominations sought when required. |
BIGGAR MUSEUM TRUST (REGISTERED NUMBER: SC398044) |
Report of the Trustees |
for the Year Ended 31 December 2023 |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Organisational structure |
Biggar Museum Trust is governed by a Board of Directors of up to 15 members, who meet quarterly to set the annual budget, monitor the work of the charity, oversee its strategic direction and agree policy. The day-to-day operation of the museum is delegated to the museum's management committee which meets monthly and, through that committee, liaises with the museum's volunteers. |
Induction and training of new trustees |
Board members are made familiar with the operation of the organisation and their governance roles and responsibilities through the publication 'Guidance for Charity Trustees' which is available from OSCR. The members also have to self-assess themselves as fit and proper persons. |
New members of the Board are taken through an induction programme which includes: |
o | the structure, ethos and operation of the charity; |
o | governing documents and reporting requirements; |
o | roles and responsibilities of members of the Board; |
o | resourcing information and financial arrangements; and |
o | strategic plans for the organisation. |
REFERENCE AND ADMINISTRATIVE DETAILS |
Registered Company number |
Registered Charity number |
Registered office |
Trustees |
G J S Goodfellow (Chairman) |
C J P Dawnay (resigned 19.06.2023) |
S Bradley |
C Gordon (appointed 25.09.2023) |
L A Gordon |
M W Hunter (resigned 27.03.2023) |
J Irwin (resigned 27.03.2023) |
D Lavery |
P Marshall |
G M Porteous |
I O Riddell |
C L Rigg |
A Seawright (resigned 04.12.2023) |
Company Secretary |
Independent Examiner |
Julie Calderwood FCCA |
G O Thomson & Co |
Chartered Accountants |
85 High Street |
Biggar |
ML12 6DL |
BIGGAR MUSEUM TRUST (REGISTERED NUMBER: SC398044) |
Report of the Trustees |
for the Year Ended 31 December 2023 |
REFERENCE AND ADMINISTRATIVE DETAILS |
Solicitors |
Smail & Ewart |
79 High Street |
Biggar |
ML12 6DE |
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. |
Approved by order of the board of trustees on |
Independent Examiner's Report to the Trustees of |
Biggar Museum Trust |
I report on the accounts for the year ended 31 December 2023 set out on pages seven to nineteen. |
Respective responsibilities of trustees and examiner |
The charity's trustees are responsible for the preparation of the accounts in accordance with the terms of the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). The charity's trustees consider that the audit requirement of Regulation 10(1)(a) to (c) of the Accounts Regulations does not apply. It is my responsibility to examine the accounts as required under Section 44(1)(c) of the Act and to state whether particular matters have come to my attention. |
Basis of the independent examiner's report |
My examination was carried out in accordance with Regulation 11 of the Charities Accounts (Scotland) Regulations 2006. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the accounts. |
Independent examiner's statement |
In connection with my examination, no matter has come to my attention : |
(1) | which gives me reasonable cause to believe that, in any material respect, the requirements |
- | to keep accounting records in accordance with Section 44(1)(a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations; and |
- | to prepare accounts which accord with the accounting records and to comply with Regulation 8 of the 2006 Accounts Regulations |
have not been met; or |
(2) | to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. |
Julie Calderwood FCCA |
The Association of Chartered Certified Accountants |
G O Thomson & Co |
Chartered Accountants |
85 High Street |
Biggar |
ML12 6DL |
16 September 2024 |
BIGGAR MUSEUM TRUST |
Statement of Financial Activities |
for the Year Ended 31 December 2023 |
2023 | 2022 |
Unrestricted | Restricted | Endowment | Total | Total |
funds | funds | fund | funds | funds |
Notes | £ | £ | £ | £ | £ |
INCOME AND | ENDOWMENTS FROM |
Donations and legacies | 2 |
Charitable activities | 5 |
Legal fees | - | - | - | - | 8,333 |
COVID 19 Grants | - | - | - | - | 5,900 |
Rents received | 10,748 | - | - | 10,748 | 11,350 |
Other trading activities | 3 |
Investment income | 4 |
Other income |
Total |
EXPENDITURE ON |
Raising funds | 6 |
Charitable activities | 7 |
General museum running costs | 108,581 | 49,848 | - | 158,429 | 129,792 |
Preservation costs | 2,000 | 171,201 | - | 173,201 | 93,925 |
Governance costs | 3,075 | - | - | 3,075 | 3,105 |
Legal fees | - | - | - | - | 6,837 |
Total |
Net gains/(losses) on investments | ( | ) |
NET INCOME/(EXPENDITURE) | ( | ) | ( | ) | ( | ) | ( | ) |
Transfers between funds | 19 | 30,000 | - | (30,000 | ) | - | - |
Net movement in funds | ( | ) | ( | ) | ( | ) | ( | ) |
RECONCILIATION OF | FUNDS |
Total funds brought forward | 353,345 | 1,537,733 | 372,406 | 2,263,484 | 2,328,507 |
TOTAL FUNDS CARRIED FORWARD | 334,250 | 1,477,892 | 373,276 | 2,185,418 | 2,263,484 |
BIGGAR MUSEUM TRUST (REGISTERED NUMBER: SC398044) |
Balance Sheet |
31 December 2023 |
2023 | 2022 |
Unrestricted | Restricted | Endowment | Total | Total |
funds | funds | fund | funds | funds |
Notes | £ | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 14 |
Investments | 15 |
CURRENT ASSETS |
Stocks | 16 |
Debtors | 17 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 18 | ( | ) | ( | ) | ( | ) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
NET ASSETS |
FUNDS | 19 |
Unrestricted funds: |
General fund | 334,251 | 353,345 |
Restricted funds: |
Archaeology Account | 3,888 | 3,888 |
Semple Education Grant fund | 2,178 | 2,178 |
Lamington Chapel | 37,924 | 63,305 |
Garage Project | 1,427,301 | 1,461,762 |
General fund restricted items | 6,600 | 6,600 |
1,477,891 | 1,537,733 |
Endowment funds | 373,276 | 372,406 |
TOTAL FUNDS | 2,185,418 | 2,263,484 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023. |
The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006. |
BIGGAR MUSEUM TRUST (REGISTERED NUMBER: SC398044) |
Balance Sheet - continued |
31 December 2023 |
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. |
These financial statements have been prepared in accordance with the provisions applicable to small charitable companies subject to the small companies regime. |
The financial statements were approved by the Board of Trustees and authorised for issue on |
BIGGAR MUSEUM TRUST |
Notes to the Financial Statements |
for the Year Ended 31 December 2023 |
1. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements of the charitable company, which is a public benefit entity under FRS 102, 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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets. |
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. |
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. |
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 | - |
Fixtures and fittings | - |
Assets which are inalienable or historic, including historic asset collections and artefacts, are excluded from the Balance Sheet on the basis that it is either too difficult or too costly to attribute a value to those assets. A register of heritage assets is maintained by the trustees which contains a detailed record of each asset including how and when it was acquired. |
Payment for heritage assets is included in the SOFA in the year they are acquired. |
Taxation |
The charity is exempt from corporation tax on its charitable activities. |
Fund accounting |
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. |
The capital of the endowment fund has been ring-fenced and is only to be utilised in exceptional circumstances, whilst the income from the fund is available to assist with the general operating costs of the Museum. |
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. |
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. |
Going concern |
The trustees have formed a reasonable expectation that the Trust has adequate resources to continue in operational existence for the foreseeable future and so continue to adopt the going concern basis in preparing the accounts. |
BIGGAR MUSEUM TRUST |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
1. | ACCOUNTING POLICIES - continued |
Investments |
Investments are shown at market value at the Balance Sheet date. |
2. | DONATIONS AND LEGACIES |
2023 | 2022 |
£ | £ |
Donations |
Gift aid |
Legacies |
Grants |
Subscriptions |
Admissions | 8,896 | 10,483 |
Patrons | 3,950 | 4,600 |
Grants received, included in the above, are as follows: |
2023 | 2022 |
£ | £ |
Museums Gallery Scotland | - | 4,588 |
Association of Independent Museums | 1,040 | 1,040 |
Ventient Energy Glenkerie Community Fund | - | 9,917 |
Listed Places of Worship Grant Scheme | 24,841 | - |
Miss Harvey's Trust | 10,000 | 10,000 |
Cloburn Quarry | - | 100,000 |
DWP Kickstart | - | 8,251 |
INTR Charity Trust | 65,000 | - |
Rathbone Investment Management | 1,000 | - |
101,881 | 133,796 |
3. | OTHER TRADING ACTIVITIES |
2023 | 2022 |
£ | £ |
Sales |
Commissions received | - | 175 |
Room hire | 1,021 | 1,130 |
BIGGAR MUSEUM TRUST |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
4. | INVESTMENT INCOME |
2023 | 2022 |
£ | £ |
Dividend income | 12,400 | 10,743 |
Deposit account interest |
The Biggar Museum Trust Endowment Fund is designed to provide the Trust with additional income. |
5. | INCOME FROM CHARITABLE ACTIVITIES |
2023 | 2022 |
Activity | £ | £ |
Recovery of legal fees | Legal fees | - | 8,333 |
Grants | COVID 19 Grants | - | 5,900 |
Rents received | Rents received | 10,748 | 11,350 |
Grants received, included in the above, are as follows: |
2023 | 2022 |
£ | £ |
South Lanarkshire Council | - | 5,900 |
6. | RAISING FUNDS |
Other trading activities |
2023 | 2022 |
£ | £ |
Purchases |
7. | CHARITABLE ACTIVITIES COSTS |
Support |
Direct | costs (see |
Costs | note 8) | Totals |
£ | £ | £ |
Conservation | 6,409 | - | 6,409 |
General museum running costs | 158,429 | - | 158,429 |
Preservation costs | 173,201 | - | 173,201 |
Governance costs | - | 3,075 | 3,075 |
338,039 | 3,075 | 341,114 |
BIGGAR MUSEUM TRUST |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
8. | SUPPORT COSTS |
Governance |
costs |
£ |
Governance costs | 3,075 |
9. | NET INCOME/(EXPENDITURE) |
Net income/(expenditure) is stated after charging/(crediting): |
2023 | 2022 |
£ | £ |
Depreciation - owned assets |
Surplus on disposal of fixed assets | ( | ) |
10. | TRUSTEES' REMUNERATION AND BENEFITS |
There were no trustees' remuneration or other benefits for the year ended 31 December 2023 nor for the year ended 31 December 2022. |
Trustees' expenses |
There were no trustees' expenses paid for the year ended 31 December 2023 nor for the year ended 31 December 2022. |
11. | STAFF COSTS |
2023 | 2022 |
£ | £ |
Wages and salaries |
Other pension costs |
38,136 | 43,525 |
The average monthly number of employees during the year was as follows: |
2023 | 2022 |
Management |
BIGGAR MUSEUM TRUST |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
12. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
Unrestricted | Restricted | Endowment | Total |
funds | funds | fund | funds |
£ | £ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
Charitable activities |
Legal fees | 8,333 | - | - | 8,333 |
COVID 19 Grants | 5,900 | - | - | 5,900 |
Rents received | 11,350 | - | - | 11,350 |
Other trading activities |
Investment income |
Other income |
Total |
EXPENDITURE ON |
Raising funds |
Charitable activities |
General museum running costs | 94,053 | 35,739 | - | 129,792 |
Preservation costs | - | 93,925 | - | 93,925 |
Governance costs | 3,105 | - | - | 3,105 |
Legal fees | 6,837 | - | - | 6,837 |
Total |
Net gains/(losses) on investments | ( | ) | ( | ) |
NET INCOME/(EXPENDITURE) | ( | ) | ( | ) | ( | ) | ( | ) |
Transfers between funds | (130,000 | ) | - | 130,000 | - |
Net movement in funds | ( | ) | ( | ) | ( | ) |
RECONCILIATION OF FUNDS |
Total funds brought forward | 490,363 | 1,556,296 | 281,848 | 2,328,507 |
TOTAL FUNDS CARRIED FORWARD | 353,345 | 1,537,733 | 372,406 | 2,263,484 |
BIGGAR MUSEUM TRUST |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
13. | LEGAL FEES |
During 2019 the legal dispute with the abortive purchaser of the Moat Park building was settled in favour of Biggar Museum Trust. It was decreed that the plaintiff should pay Biggar Museum Trust's legal costs in respect of their failed appeal and the Trustees concluded this action during the year.. |
14. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | and |
property | fittings | Totals |
£ | £ | £ |
COST |
At 1 January 2023 and 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
15. | FIXED ASSET INVESTMENTS |
Unlisted |
investments |
£ |
MARKET VALUE |
At 1 January 2023 |
Disposals | ( | ) |
Revaluations |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 | 373,276 |
At 31 December 2022 | 372,406 |
There were no investment assets outside the UK. |
Cost or valuation at 31 December 2023 is represented by: |
Unlisted |
investments |
£ |
Valuation in 2019 | 26,037 |
Valuation in 2020 | 1,074 |
Valuation in 2021 | 30,194 |
Valuation in 2022 | (39,442 | ) |
Valuation in 2023 | 23,778 |
Cost | 331,635 |
373,276 |
BIGGAR MUSEUM TRUST |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
15. | FIXED ASSET INVESTMENTS - continued |
The investments are held in the BMT Endowment Fund which holds specialist unit trusts designed specifically for charities to provide a high and growing income while at the same time protecting the underlying capital from the erosive effect of inflation. |
16. | STOCKS |
2023 | 2022 |
£ | £ |
Stocks |
17. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
VAT |
Prepayments |
18. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Social security and other taxes |
VAT | - | 802 |
Accrued expenses |
19. | MOVEMENT IN FUNDS |
Net | Transfers |
movement | between | At |
At 1.1.23 | in funds | funds | 31.12.23 |
£ | £ | £ | £ |
Unrestricted funds |
General fund | 353,345 | (49,094 | ) | 30,000 | 334,251 |
Restricted funds |
Archaeology Account | 3,888 | - | - | 3,888 |
Semple Education Grant fund | 2,178 | - | - | 2,178 |
Lamington Chapel | 63,305 | (25,381 | ) | - | 37,924 |
Garage Project | 1,461,762 | (34,461 | ) | - | 1,427,301 |
General fund restricted items | 6,600 | - | - | 6,600 |
1,537,733 | (59,842 | ) | 1,477,891 |
Endowment funds |
BMT Endowment Fund | 372,406 | 30,870 | (30,000 | ) | 373,276 |
TOTAL FUNDS | 2,263,484 | (78,066 | ) | 2,185,418 |
BIGGAR MUSEUM TRUST |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
19. | MOVEMENT IN FUNDS - continued |
Net movement in funds, included in the above are as follows: |
Incoming | Resources | Gains and | Movement |
resources | expended | losses | in funds |
£ | £ | £ | £ |
Unrestricted funds |
General fund | 81,608 | (130,702 | ) | - | (49,094 | ) |
Restricted funds |
Lamington Chapel | 160,168 | (185,549 | ) | - | (25,381 | ) |
Garage Project | - | (34,461 | ) | - | (34,461 | ) |
General fund restricted items | 1,040 | (1,040 | ) | - | - |
161,208 | (221,050 | ) | - | (59,842 | ) |
Endowment funds |
BMT Endowment Fund | - | - | 30,870 | 30,870 |
TOTAL FUNDS | 242,816 | (351,752 | ) | 30,870 | (78,066 | ) |
Comparatives for movement in funds |
Net | Transfers |
movement | between | At |
At 1.1.22 | in funds | funds | 31.12.22 |
£ | £ | £ | £ |
Unrestricted funds |
General fund | 490,363 | (7,018 | ) | (130,000 | ) | 353,345 |
Restricted funds |
Archaeology Account | 3,888 | - | - | 3,888 |
Semple Education Grant fund | 2,178 | - | - | 2,178 |
Lamington Chapel | 48,356 | 14,949 | - | 63,305 |
Garage Project | 1,496,223 | (34,461 | ) | - | 1,461,762 |
General fund restricted items | 5,651 | 949 | - | 6,600 |
1,556,296 | (18,563 | ) | - | 1,537,733 |
Endowment funds |
BMT Endowment Fund | 281,848 | (39,442 | ) | 130,000 | 372,406 |
TOTAL FUNDS | 2,328,507 | (65,023 | ) | - | 2,263,484 |
BIGGAR MUSEUM TRUST |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
19. | MOVEMENT IN FUNDS - continued |
Comparative net movement in funds, included in the above are as follows: |
Incoming | Resources | Gains and | Movement |
resources | expended | losses | in funds |
£ | £ | £ | £ |
Unrestricted funds |
General fund | 106,398 | (113,416 | ) | - | (7,018 | ) |
Restricted funds |
Lamington Chapel | 109,917 | (94,968 | ) | - | 14,949 |
Garage Project | - | (34,461 | ) | - | (34,461 | ) |
General fund restricted items | 5,494 | (4,545 | ) | - | 949 |
115,411 | (133,974 | ) | - | (18,563 | ) |
Endowment funds |
BMT Endowment Fund | - | - | (39,442 | ) | (39,442 | ) |
TOTAL FUNDS | 221,809 | (247,390 | ) | (39,442 | ) | (65,023 | ) |
A current year 12 months and prior year 12 months combined position is as follows: |
Net | Transfers |
movement | between | At |
At 1.1.22 | in funds | funds | 31.12.23 |
£ | £ | £ | £ |
Unrestricted funds |
General fund | 490,363 | (56,112 | ) | (100,000 | ) | 334,251 |
Restricted funds |
Archaeology Account | 3,888 | - | - | 3,888 |
Semple Education Grant fund | 2,178 | - | - | 2,178 |
Lamington Chapel | 48,356 | (10,432 | ) | - | 37,924 |
Garage Project | 1,496,223 | (68,922 | ) | - | 1,427,301 |
General fund restricted items | 5,651 | 949 | - | 6,600 |
1,556,296 | (78,405 | ) | - | 1,477,891 |
Endowment funds |
BMT Endowment Fund | 281,848 | (8,572 | ) | 100,000 | 373,276 |
TOTAL FUNDS | 2,328,507 | (143,089 | ) | - | 2,185,418 |
BIGGAR MUSEUM TRUST |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
19. | 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: |
Incoming | Resources | Gains and | Movement |
resources | expended | losses | in funds |
£ | £ | £ | £ |
Unrestricted funds |
General fund | 188,006 | (244,118 | ) | - | (56,112 | ) |
Restricted funds |
Lamington Chapel | 270,085 | (280,517 | ) | - | (10,432 | ) |
Garage Project | - | (68,922 | ) | - | (68,922 | ) |
General fund restricted items | 6,534 | (5,585 | ) | - | 949 |
276,619 | (355,024 | ) | - | (78,405 | ) |
Endowment funds |
BMT Endowment Fund | - | - | (8,572 | ) | (8,572 | ) |
TOTAL FUNDS | 464,625 | (599,142 | ) | (8,572 | ) | (143,089 | ) |
Purposes of restricted funds |
Semple Education Grant Fund | To fund education in the local area. |
Archaeology Account | To fund archaeological investigations |
Garage Project | To develop a purpose built museum in Biggar |
Lamington Chapel | To assist with the maintenance of the building |
Catalogue Fund | To pay the salaries of cataloguers |
20. | RELATED PARTY DISCLOSURES |