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2021-03-31-accounts

Charity Registration No. 1010345

Company Registration No. 02576495 (England and Wales)

HITCHIN BRITISH SCHOOLS TRUST

BRITISH SCHOOLS MUSEUM

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

HITCHIN BRITISH SCHOOLS TRUST BRITISH SCHOOLS MUSEUM CONTENTS

Page
Legal and administrative information 1
Trustees' report 4 - 13
Independent examiner's report 14
Statement of financial activities 15 - 16
Balance sheet 17
Notes to the financial statements 18 - 30

HITCHIN BRITISH SCHOOLS TRUST BRITISH SCHOOLS MUSEUM LEGAL AND ADMINISTRATIVE INFORMATION

Board Of Trustees Mrs Denise Amoss - Chair Mrs Pamela Johnson (Resigned 01 April 2020) Mr Graham Kingsley (Resigned 11 May 2020) Mrs Joy McCarthy (Resigned 31 July 2020) Mrs Sheila Wearmouth (Resigned 25 February 2021) Ms Claire Woodforde Mr Michael Thompson (Resigned 31 July 2021) Mr Richard Atterton (Appointed 09 July 2020) Mr James Burgess (Appointed 05 November 2020) Mr Samuel Forsyth (Appointed 05 November 2020) Mr Gulshan Mangat (Resigned 13 September 2021) Mrs Claire Rose (Resigned 13 September 2021) Mrs Lesley Saunders (Appointed 05 November 2020) Ms Lucy Unger (Appointed 10 December 2020)

Patrons Lady Caroline Bowes-Lyon The Rt Hon The Lord Cormack DL FSA The Rt Hon the Lord Lilley Mr Andrew Dimsey Mrs Dot Dimsey The Rt Hon Sir Oliver Heald QC MP Mr and Mrs John Lancaster Ricardo Lopez-Portill y Lancaster Jones Don Armando Lopez-Portillo y Garcia-Rojas Rodrigo-Alonso Lopez-Portillo y Lancaster-Jones Francesco-Xavier Lopez-Portillo y Lancaster-Jones President Vacant Vice Presidents Miss E Hunter Mrs C Iley Charity number 1010345 Company number 02576495 Registered office 41/42 Queen Street Hitchin Hertfordshire SG4 9TS Independent examiner Mark Hjertzen BA FCA HW Associates Limited Portmill House, Portmill Lane Hitchin Herts SG5 1DJ

Bankers CAF Bank Limited Virgin Money (a/c closed 06/11/2020) PO Box 289 Jubilee House West Malling Gosforth Kent ME19 4TA Newcastle upon Tyne NE3 4TG

HITCHIN BRITISH SCHOOLS TRUST BRITISH SCHOOLS MUSEUM TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)

FOR THE YEAR ENDED 31 MARCH 2021

The Board of Trustees present their report and accounts for the year ended 31 March 2021.

The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Trust's Memorandum and Articles of Association, the Companies Act 2006 and "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 I January 2015)"

The Legal and Administrative information set out on page 1 forms an integral part of this Report.

Chairs Report

As I reflect on the unique year of 2020-2021 I am struck by the significant positive impact that our volunteers and local community made to our survival. Lockdowns forced us to radically change our thinking and adapt our visitor experience to meet Covid guidelines. I could so easily have been reporting on a gloomy outcome had it not been for the fortitude, creativity, dedication and commitment of volunteers, staff and Friends of the British Schools Museum.

Only being open for 4 months brought in 27% of visitors against the previous year yet increased our Gift Aid claims by 47%, gave us a record ticket sales and visitor numbers for the Halloween event and increased our social media presence and visibility in the community. I personally had great pleasure in representing the museum by delivering our donated Easter Craft packs to the East and North Herts NHS Trust, Lister Hospital children’s ward.

Due to the diligence of the Board in the previous 2 years, we started the 2020 financial year in a strong position with reserves to help us through the March to July Lockdown. Our focus on financial planning and monitoring of cash flow meant we could assess the potential impact of different Covid-19 scenarios. Unfortunately, with our projections and continued Covid-19 restrictions, the Board implemented a restructure to maintain our long term financial stability which saw the removal of two posts leaving the Curator and Finance and Administration Officer in post.

A benefit of this rigorous financial management was expediency in producing quality applications for large grants. Our governance and immediate actions were determining factors in awarding us Emergency Grants covering several months of our core costs.

It was volunteers therefore who imagined, created, organised and ran new events. They invented open air Schoolyard sales and craft fairs which were free and kept us visible in the community. They maintained the building by painting, repairing and constructing where needed. They handmade made endless cakes, crafts and masks which sold in abundance and a fundraising committee was formed immediately to organise Quiz@Home and evening entertainment talks. Volunteers brought together musicians by engaging with visitors and discovering a will to help us succeed. They put together the Winter Concerts, all delivered on-line with tickets sold to new audiences.

Over £13,000 was raised by volunteers and our online donation page attracted donors from all over the UK. Over 600 viewers from across the World listened to our Winter Concerts on our YouTube channel.

We end 2020/21 in the healthiest financial position for many years. It is worth noting that the balances will be drawn down according to the grant expenditure plans so we still need to monitor the profitability of operations to level the running costs and guaranteed income. We have re-built our reserves, benefitted from unrestricted donations, grants and income and do constantly review our expenditure.

HITCHIN BRITISH SCHOOLS TRUST BRITISH SCHOOLS MUSEUM TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

Our significant restricted fund balance contributes to our grant stipulated core costs and our reserves, our designated funds contribute to our cost of sales and operations. Our unrestricted funds enable future investment in developing new and profitable events

We now look forward to investing in our sustained future through buildings and fabric maintenance, digital innovation, technology infrastructure, ICT equipment upgrades and recruiting and developing to new volunteer roles with skills and enthusiasm to support our recovery.

New Trustee roles will support the key goals and during summer 2020 we recruited seven new Trustees with wide ranging skills and expertise. I extend a heartfelt thank you to those Trustees who worked tirelessly in emergency board meetings, volunteered on site through this year and helped shape our vision for the future as financial sustainability came into view.

Thank you also to our resilient staff team who managed uncertainty and change with optimism and patience and to our volunteers, sponsors, donors, grant givers and Friends, who were outstanding in their support and dedication throughout this year.

We are financially stable, can invest in our future and have only done that with your help.

Denise Amoss Chair HBST

Date: 15 January 2022

HITCHIN BRITISH SCHOOLS TRUST BRITISH SCHOOLS MUSEUM TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)

FOR THE YEAR ENDED 31 MARCH 2021

Objectives and activities

Objectives and activities

The charity's objects ('Objects') are specifically restricted to the following:

  1. to preserve and use a historically important group of buildings in Hitchin, Hertfordshire known as British Schools;

  2. to advance education of the public in the history of schooling by:

  3. a. preserving and enhancing the collections of artefacts relating to the history of elementary education and social history of children;

  4. b. presenting these buildings and collections as a museum of elementary education and childhood; c. delivering a living experience of historical schooldays to all.

The Trust continues to uphold the following Vision and Mission Statements: -

Our Vision is for the British Schools Museum: To be the best at connecting our heritage and our communities.

Our Mission is to: Preserve our unique buildings and collections for future generations so that our communities continue to discover and enjoy the history of learning.

Activities to deliver the strategy.

Due to the global pandemic the activities of the Hitchin British Schools Trust were severely curtailed throughout the financial year.

The museum concentrated on safety of our people and audience, financial stability, and adapting our offer. Financial support came from the following:

The Board met weekly in the initial months to review our priorities and created a short-term plan to further reduce our expenditure and generate income through safe fundraising and events.

To ensure the maintenance, repair, conservation and restoration of the historic buildings

This has been achieved by:

HITCHIN BRITISH SCHOOLS TRUST BRITISH SCHOOLS MUSEUM TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

Preserving and developing our collections as an authentic resource for the history of learning :

This has been achieved by:

Developing our digital profile:

This has been achieved by:

HITCHIN BRITISH SCHOOLS TRUST BRITISH SCHOOLS MUSEUM TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

Achievements and performance

Financial
Year		 Public
Opening
Days		 School
Children		 Adults
with
Schools		 Group
Visitors		 Events Room
Hire		 Outreach Total
2016/17 2978 3329 482 588 1380 913 1399 11069
2017/18 2663 3845 566 368 2481 781 1616 12320
2018/19 3948 4359 626 389 2949 200 1963 14434
2019/20 1831 3113 547 320 2833 928 1551 11123
2020/21 1684 0 0 0 104 21 52 2951

As part of national lockdowns/local Tier 4 restrictions, the museum was effectively open to the public for just over 4 months in 2020/21. The team did extremely well to create events that attracted about 27% of visitors compared to last year. Visitors are recorded under Public Opening from July 4 th 2020, when restrictions were lifted from Lock-Down 1 and where visitors enjoyed the Museum, Summer Crafts, Halloween and Exhibition as part of their general visit. Paranormal Events and talks still ran in a socially distanced environment and contributed to the room hire, events and outreach figures.

The audience was further increased through the creative on-line events, so although not visitors in person, the audience reach was extended on-line. The Winter Concerts sold 130 tickets for the live performances and were free to access on YouTube after the event. Together, the Winter Concerts had over 620 views from locations across the world including New York and Miami.

Other on-line events brought audiences of over 100 for the monthly Quiz@Home and 68 for the Sovereign Hill Mining and Strange and Quirky English Customs talks.

• Grants

The Grants obtained in 2020/21 have largely been related to business continuity and Covid-19 recovery. We are extremely thankful for the support received from the funders.

HITCHIN BRITISH SCHOOLS TRUST BRITISH SCHOOLS MUSEUM TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

Grants totalling over £200,000 were awarded in 2020/21, of which nearly £180,000 were received during 2020/21. The Arts Council England Cultural Recovery Grant (round 3) - £26,330 was awarded in March 2021,and received in 2021/22 for core costs and projects

Operations

The diligence of the board in scrutinising the financial situation over the last 2 years meant that we had a clear picture of our cash flow and financial position in March 2020 when Covid impact was first felt. We had strengthened our reserves and were financially viable through the first few months of lockdown before the grants became available.

However, the board again had to make some difficult decisions with the longer-term future of the museum in mind and risk assessed the possible impacts of Covid-19 on our long-term financial position. Our decision was to immediately reduce expenditure by reviewing suppliers, contracts and reducing staff costs. We took advantage of the Government Coronavirus Job Retention Scheme but forecast that the gap between the grant and staff costs would not be financially sustainable. Two posts were made redundant, 1 member of staff placed on furlough and one full time member of staff remained on site or home working when possible.

Volunteers filled the gaps almost full time and supported the Curator in finance and general administration, operations, maintenance, development of new events and re-organisation of the visitor routes and site to be compliant with Covid guidance.

• Donations and Sponsorship

We acknowledge and give thanks to our generous donors and corporate sponsors.

Our regular donors, together with Gift Aid, contribute £365 each month

We benefitted from an unrestricted £10,000 legacy from Mary Godfrey who was a stalwart volunteer, our thanks and condolences were passed to her family.

FTF Worldwide Events, was our major corporate sponsor for 2020-21. They provided free inspiration, consultancy time, lighting, audio equipment, extraordinary props and expertise for the successful Halloween and Winter Wonderland displays. Their team was onsite to monitor and maintain the Halloween equipment and decorated the Monitorial Schoolroom and Meeting room as well as the 20ft Christmas tree in the Schoolyard. They also provided guidance on staging the Winter Concerts and helped with small but significant details such as the powers sources and safety aspects of running large events.

Hitchin TV produced a digital video at a reduced rate which was also funded by the Friends of the British Schools Museum (the Friends).

HITCHIN BRITISH SCHOOLS TRUST BRITISH SCHOOLS MUSEUM TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

The Hitchin Society donated £9,000 unrestricted funds as they regrettably closed their charity in the wake of Covid-19 and the impact on their volunteers and activities. Whilst the funds are unrestricted we are mindful of their purpose, to preserve buildings of historic interest in Hitchin, and our need to commission a full site survey. We are grateful that their donation can be put towards assessing and planning preservation work in the museum.

Our volunteers were outstanding fundraisers during this year. From events, such as Quiz@Home, a series of talks, making face masks, crafts and cakes or dying hair pink, 175 donors went on-line to give nearly £13,000 which was 64% of an ambitious £20,000 target. We extend our thanks to volunteers who stepped up immediately to form a fundraising group, encouraged others and provided inspiration and drive to keep the momentum going throughout the year.

The Friends of the British Schools Museum also deserve a mention not only for granting us £1340 for production of videos for schools’ use but for contacting us immediately, putting an emergency funding plan in place and supporting us through their own fundraising efforts. For your grants and moral support, we thank you.

We should also note the immense goodwill of people who had pre-booked tickets for ghost walks, talks, school visits, group visits, room bookings, the Winter Wonderland and Santa. We ring-fenced their payments, contacted each one individually and discussed the options of refunds, donations or a return visit. Of the Winter Wonderland and Santa tickets alone, 347 ticket prices were donated to the museum.

• Learning Programme

Due to Covid-19, no school visits were made during the year.

The Education team adapted the informal learning events and delivery methods to include single use craft packs for general visitors and themed events in Summer, at Halloween and at Christmas. We opened the Schoolyard and made Victorian games and toys accessible for play

• Visitor Programme

During the year we had one exhibition:

• Events

HITCHIN BRITISH SCHOOLS TRUST BRITISH SCHOOLS MUSEUM TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

• Trading

• Shop and Tea Room

• Gift Aid

In 2019/20 we made a commitment to increase the gift aid contribution and this was a resounding success. The introduction of pre-booking and on-line payments meant gift aid forms could be populated in advance and conversations were had with every visitor at the new entrance.

By comparison, £16,516.19 (2019/20) and £24,367.37 (2020-21). A remarkable 47% increase on Gift Aid from 73% less visitors.

• Site Hire

Public Benefit

We have referred to the Charity Commission’s general guidance of public benefit when reviewing our aims and objectives and in planning our future objectives. In particular, we have considered how planned activities will contribute to the aims and objectives we have set. The Trustees are satisfied that the Trust meets the Charity Commission’s guidelines with regard to delivering public benefit.

The Trust’s policy is to consult and discuss with employees through team and volunteer meetings, management meetings and conferences any matters likely to affect employees’ interests.

HITCHIN BRITISH SCHOOLS TRUST BRITISH SCHOOLS MUSEUM TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

Information regarding matters of concern to employees and volunteers is given through newsletters, information bulletins and reports which seek to achieve a common awareness on the part of all employees and volunteers of the financial and economic factors affecting the Trust’s performance.

Applications for employment from all sectors of the community are always fully considered.

Volunteers

As the museum undertook a phased re-opening of the site with Covid-19 measures in place, there were fewer opportunities for volunteering onsite. Nevertheless, volunteers provided over 4,400 hours of their time to support the continued maintenance, the collections and the events. Volunteer recruitment took place and we increased our home working volunteer roles.

As is evident in this unique report, volunteers came up with ideas, created, planned and organised the majority of the operational activities during the 2019-2020 year. Supported by a reduced and dedicated staff team, the volunteers made success possible, and we are forever grateful.

We would like to take the opportunity to thank all of the volunteers who have helped onsite or helped from home. The year has been very challenging for volunteers, and their enthusiasm and effort have got the museum through this period. We would like to thank them very much for their support.

HITCHIN BRITISH SCHOOLS TRUST BRITISH SCHOOLS MUSEUM TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

Reserves policy

It is the policy of the Trust that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six months' expenditure. The Board of Trustees considers that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the Trust's current activities whilst consideration is given to ways in which additional funds may be raised.

The reserves as of 31 March 2021, totalling £427,247 are:

Risk management

The Board has in place an overall risk management document identifying potential problems of continuing viability, SWOT analysis, as well as health and safety matters, which is under constant review. In addition, the Board has approved policy guidance on the production of safety risk assessments. Structure, governance and management

The Trust is a company limited by guarantee, having no share capital, and is a registered charity. The Trust was incorporated on 24th January 1991 and is governed by its Memorandum and Articles of Association, as amended on 14th November 2015. Membership is, at present, limited to 200 and the liability of the members in the event of the Trust being wound up is limited to a sum not exceeding £10 each.

The Board of Trustees, who are also the directors for the purpose of company law, and who served during the year are set out in the Legal and Administrative Information on page l.

The Board of Trustees are elected by the members. One third of the Board members are required to retire at each Annual General Meeting (AGM), but each person is eligible for re-election at that time. The Board must comprise at least 4 members and not more than 12 and it has the power to fill casual vacancies. A Trustee appointed to fill a casual vacancy must retire at the next AGM and may be proposed for re-election by the members.

Mrs Denise Amoss - Chair Mrs Sheila Wear-mouth Ms C Woodforde Mr R Atterton Mr J Burgess Mr S Forsyth Mr G Mangat Mrs C Rose Mrs L Saunders Ms L Unger

On behalf of the Board of Trustees

Mrs Denise Amoss - Chair Trustee

Dated: 15 January 2022

HITCHIN BRITISH SCHOOLS TRUST BRITISH SCHOOLS MUSEUM TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

Plans for future periods

Obviously, these accounts and our future activities are being drawn up in the period of Coronavirus and emerging variants. Our main focus areas in the current climate are therefore;

Finance

People

Buildings

HITCHIN BRITISH SCHOOLS TRUST BRITISH SCHOOLS MUSEUM TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

Digital

Commercial Trading

Learning & education

HITCHIN BRITISH SCHOOLS TRUST BRITISH SCHOOLS MUSEUM INDEPENDENT EXAMINER'S REPORT

TO THE BOARD OF TRUSTEES OF HITCHIN BRITISH SCHOOLS TRUST

I report to the Board of Trustees on my examination of the financial statements of Hitchin British Schools Trust (the Trust) for the year ended 31 March 2021. which are set out on pages 15 to 30 .

This report is made solely to the charit able company's trustees , as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and the charitable company's trustees as a body in accordance with section 154 of the C harities Act 2011 . My independent examiner's work has been undertaken so that I might state to the charit able company's trustees those matters I am required to state to them in an independent examiner ' s report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charitable company, the charit able company's members as a body and the charit able company's trustees as a body, for my independent examiner's work, for this report, or for the opinions I have formed.

Responsibilities and basis of report

As the Board of Trustees of the Trust (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).

Having satisfied myself that the financial statements of the Trust 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 the Trust’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act) . In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

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 that in any material respect:

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 financial statements to be reached.

Mark Hjertzen BA FCA H W Associates Limited

Dated: .........................

HITCHIN BRITISH SCHOOLS TRUST BRITISH SCHOOLS MUSEUM STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2021

Unrestricted Unrestricted
Restricted
funds
funds
funds
general
d esignated
2021
2021
2021
Notes
£
£
£
Income from:
Donations , grants, gifts and legacies
2
94,769
-
2,090
Charitable activities
3
11,190
-
109,502
Other trading activities
4
9,659
-
-
Bank interest receivable
5
45
-
-
Total income
115,663
-
111,592
Expenditure on:
Fundraising activities
6
6,609
-
-
Charitable activities
Museum and educational programmes
7
72,058
-
9,189
Preservation and exhibition of collections
7
28,330
-
-
Maintenance of historic buildings
7
4,061
-
534
Total charitable expenditure
104,449
-
9,723
Total resources expended
111,058
-
9,723
Net incoming/(outgoing) resources before transfers
4,605
-
101,869		 Total Unrestricted Unrestricted
Restricted
funds
funds
funds
general
d esignated
2021
2020
2020
2020
£
£
£
£
96,859
29,252
-
-
120,692
31,953
-
43,810
9,659
35,827
-
-
45
29
-
-
227,255
97,061
-
43,810
6,609
3,767
-
386
81,247
68,899
-
30,510
28,330
31,989
-
9,500
4,595
8,266
-
-
114,172
109,154
-
40,010
120,781
112,921
-
40,396
106,474
(15,860)
-
3,414		 Total
2020
£
29,252
75,763
35,827
29
140,871
4,153
99,409
41,489
8,266
149,164
153,317
(12,446)

HITCHIN BRITISH SCHOOLS TRUST BRITISH SCHOOLS MUSEUM STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2021

Unrestricted Unrestricted
Restricted
funds
funds
funds
general
d esignated
2021
2021
2021
Notes
£
£
£
Net incoming/(outgoing) resources before transfers
4,605
-
101,869
Gross transfers between funds
3,758
(3,758)
-
Net income/(expenditure) for the year/
Net movement in funds
8,363
(3,758)
101,869
Fund balances at 1 April 2020
(9,462)
235,726
94,509
Fund balances at 31 March 2021
(1,099)
231,968
196,378		 Total Unrestricted Unrestricted
Restricted
funds
funds
funds
general
d esignated
2021
2020
2020
2020
£
£
£
£
106,474
(15,860)
-
3,414
-
3,758
(3,758)
-
106,474
(12,102)
(3,758)
3,414
320,773
2,640
239,484
91,095
427,247
(9,462)
235,726
94,509		 Total
2020
£
(12,446)
-
(12,446)
333,219
320,773

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

HITCHIN BRITISH SCHOOLS TRUST BRITISH SCHOOLS MUSEUM BALANCE SHEET

AS AT 31 MARCH 2021

Notes
Fixed assets
Tangible assets
12
Investments
13
Current assets
Stocks
14
Debtors
15
Cash at bank and in hand
Creditors: amounts falling due within one
year
16
Net current assets
Total assets less current liabilities
Income funds
Restricted funds
18
Unrestricted funds		 2021
£
4,703
7,709
129,166
141,578
(4,723)		 £
290,390
2
290,392
136,855
427,247
196,378
230,869
427,247		 2020
£
4,703
7,722
35,542
47,967
(32,857)		 £
305,661
2
305,663
15,110
320,773
94,509
226,264
320,773

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2021.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board Of Trustees on 15 January 2022

Mrs Denise Amoss - Chair

Trustee

Company Registration No. 02576495

HITCHIN BRITISH SCHOOLS TRUST BRITISH SCHOOLS MUSEUM NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

1 Accounting policies

Charity information

Hitchin British Schools Trust is a private company limited by guarantee incorporated in England and Wales. The registered office is 41/42 Queen Street, Hitchin, Hertfordshire, SG4 9TS.

1.1 Accounting convention

The accounts have been prepared in accordance with the Trust's governing document, the Companies Act 2006 and “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)” (as amended for accounting periods commencing from 1 January 2016). The Trust is a Public Benefit Entity as defined by FRS 102.

The Trust has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling , which is the functional currency of the Trust . Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the Board of Trustees have a reasonable expectation that the Trust has adequate resources to continue in operational existence for the foreseeable future. Thus the Board of Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the Board of 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.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the Trust.

1.4 Income

Income is recognised when the Trust is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the Trust has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the Trust has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

HITCHIN BRITISH SCHOOLS TRUST BRITISH SCHOOLS MUSEUM NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

1 Accounting policies

(Continued)

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

Expenditure is recognised on an accruals basis when a liability is incurred, as soon as there is a legal or constructive obligation committing the charitable company to the expenditure. Expenditure includes any VAT which cannot be recovered, and is reported as part of the expenditure to which it relates.

Costs of generating funds comprise the costs associated with attracting voluntary income and the costs of trading for fundraising purposes including the cafe and the shop.

Charitable expenditure comprises those costs incurred by the charitable company on the delivery of its activities and services. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Governance costs include those costs primarily associated with meeting the constitutional and statutory requirements of the charitable company and include the reporting accountants and legal fees and costs linked to the charitable company's compliance with regulation and good practice.

All costs are allocated between the expenditure categories of the Statement of Financial Activities on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly; others are apportioned on the basis of estimates of the proportion of time spent by staff on those activities.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Tangible fixed assets are stated at cost less depreciation.

The school land, together with the original school buildings, was purchased by the Trust in 1994. The Trust is responsible for keeping the original buildings in fit and useful condition, and these costs are written off as incurred.

Conservation, renovation and restoration of the buildings, constituting improvements subsequent to the original purchase, costing more than £5,000 are capitalised and carried in the balance sheet at historical cost. Land is not depreciated.

Heritage assets have not been capitalised or depreciated as no reliable value can be attributed.

Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Land and buildings 2% Building renovation & restoration 2% Fixtures, fittings & equipment Variable %

HITCHIN BRITISH SCHOOLS TRUST BRITISH SCHOOLS MUSEUM NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

1 Accounting policies

(Continued)

Freehold land is not depreciated.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities .

1.7 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year . Transaction costs are expensed as incurred.

A subsidiary is an entity controlled by the Trust. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.8 Impairment of fixed assets

At each reporting end date, the Trust reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any ) .

1.9 Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell . Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

1.10 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.11 Financial instruments

The Trust has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Trust 's balance sheet when the Trust becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

HITCHIN BRITISH SCHOOLS TRUST BRITISH SCHOOLS MUSEUM NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

1 Accounting policies

(Continued)

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future p aymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Trust ’s contractual obligations expire or are discharged or cancelled.

1.12 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the Trust is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2 Donations , grants, gifts and legacies

Unrestricted
Restricted
funds
funds
general
£
£
Donations and gifts
48,320
2,090
Grants receivable for core activities
46,449
-
94,769
2,090
For the year ended 31 March 2020
29,252
-		 Total
2021
£
50,410
46,449
96,859		 Total
2020
£
29,252
-
29,252
29,252

Donated goods and services

The Trust benefits greatly from the unpaid support of its volunteers. In accordance with FRS102 and the Charities SORP (FRS102) the economic contribution of general volunteers is not recognised in the accounts.

HITCHIN BRITISH SCHOOLS TRUST BRITISH SCHOOLS MUSEUM NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

3 Charitable activities

Museum and
Museum and educational
Museum and educational
educational programmes
programmes
2021 2020
£ £
Sales within charitable activities 11,190 31,953
Performance related grants 109,502 43,810
120,692 75,763
Analysis by fund
Unrestricted funds - general 11,190 31,953
Restricted funds 109,502 43,810
120,692 75,763
For the year ended 31 March 2020
Unrestricted funds - general 31,953
Restricted funds 43,810
75,763
Performance related grants
British & Foreign Schools Society - 27,515
AIM Biffa Award history Makers Programme - 2,137
Small items - 14,158
109,502 43,810
4 Other trading activities
Unrestricted Unrestricted
funds funds
general general
2021 2020
£ £
Fundraising events and room hire 8,978 25,820
Cafe and shop income 681 10,007
Other trading activities 9,659 35,827

HITCHIN BRITISH SCHOOLS TRUST BRITISH SCHOOLS MUSEUM NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

5 Bank interest receivable

Unrestricted Unrestricted
funds funds
general general
2021 2020
£ £
Interest receivable 45 29
Fundraising activities
Unrestricted Unrestricted Restricted Total
funds funds funds
general general
2021 2020 2020 2020
£ £ £ £
Costs of fundraising events and room hire
Catering and other costs 6,553 3,147 - 3,147
Cafe and shop expenditure
Purchases for cafe and shop 56 620 386 1,006
6,609 3,767 386 4,153

6 Fundraising activities

HITCHIN BRITISH SCHOOLS TRUST BRITISH SCHOOLS MUSEUM NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

7
Museum and
educational
programmes
Preservation
and
exhibition of
collections
Maintenance
of historic
buildings
2021
2021
2021
£
£
£
Staff costs
23,476
17,106
1,074
Depreciation and impairment
15,746
-
-
Exhibition and conservation costs
-
901
-
Schools programme costs
1,552
-
-
Repairs and maintenance
-
-
653
Staff and volunteer training and welfare
5,990
-
-
Other costs
1,589
-
-
48,353
18,007
1,727
Share of support costs (see note 8)
16,791
5,270
1,464
Share of governance costs (see note 8)
16,103
5,053
1,404
81,247
28,330
4,595
Analysis by fund
Unrestricted funds - general
72,058
28,330
4,061
Restricted funds
9,189
-
534
81,247
28,330
4,595
For the year ended 31 March 2020
Unrestricted funds - general
68,899
31,989
8,266
Restricted funds
30,510
9,500
-
99,409
41,489
8,266		 Charitable activities
Total
2021
Total
2020
£
£
41,656
54,858
15,746
15,995
901
10,538
1,552
1,281
653
608
5,990
1,171
1,589
5,147
68,087
89,598
23,525
34,665
22,560
24,901
114,172
149,164
104,449
109,154
9,723
40,010
114,172
149,164
109,154
40,010
149,164		 Charitable activities
Total
2021
Total
2020
£
£
41,656
54,858
15,746
15,995
901
10,538
1,552
1,281
653
608
5,990
1,171
1,589
5,147
68,087
89,598
23,525
34,665
22,560
24,901
114,172
149,164
104,449
109,154
9,723
40,010
114,172
149,164
109,154
40,010
149,164
89,598
34,665
24,901
149,164
109,154
40,010
149,164
109,154
40,010
149,164

HITCHIN BRITISH SCHOOLS TRUST BRITISH SCHOOLS MUSEUM NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

8 Support costs

Support costs Governance
costs
£
£
Staff costs
-
20,560
Premises running costs
15,819
-
Communications and
advertising
4,113
-
Book-keeping services by
Independent Examiner
1,697
-
Other finance, legal and
professional
1,633
-
Office and general
263
-
Independent examiner's
remuneration
-
2,000
23,525
22,560
Analysed between
Charitable activities
23,525
22,560		 2021Support costs
Governance
costs
£
£
£
20,560
-
22,901
15,819
23,064
-
4,113
5,809
-
1,697
1,395
-
1,633
1,546
-
263
2,851
-
2,000
-
2,000
46,085
34,665
24,901
46,085
34,665
24,901		 2020
£
22,901
23,064
5,809
1,395
1,546
2,851
2,000
59,566
59,566

9 Board Of Trustees

None of the Board of Trustees (or any persons connected with them) received any remuneration during the year .

One Trustee received £NIL for reimbursement of out of pocket expenses during the year (2020: 1 received £16).

The aggregate amount of donations received from Trustees during the year was £66 (2020: £297).

10 Employees

The average monthly number of employees during the year was:

2021 2020
Number Number
Charitable activities 4 5
Employment costs 2021 2020
£ £
Wages and salaries 61,405 75,075
Social security costs - 1,489
Other pension costs 811 1,195
62,216 77,759

HITCHIN BRITISH SCHOOLS TRUST BRITISH SCHOOLS MUSEUM NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

10 Employees

(Continued)

There were no employees whose annual remuneration was more than £60,000.

11 Taxation

The Trust is a registered charity and therefore is not liable to income tax or corporation tax on income or gains derived from its charitable activities, as they fall within the various exemptions available to registered charities.

12 Tangible fixed assets

Land and
buildings
Building
renovation &
restoration
Fixtures,
fittings &
equipment
£
£
£
Cost
At 1 April 2020
180,000
127,896
165,011
Additions
-
-
474
At 31 March 2021
180,000
127,896
165,485
Depreciation and impairment
At 1 April 2020
30,000
42,171
95,074
Depreciation charged in the year
1,200
2,558
11,988
At 31 March 2021
31,200
44,729
107,062
Carrying amount
At 31 March 2021
148,800
83,167
58,423
At 31 March 2020
150,000
85,725
69,936		 Total
£
472,907
474
473,381
167,245
15,746
182,991
290,390
305,661

13 Fixed asset investments

Other
investments
Cost or valuation
At 1 April 2020 & 31 March 2021 2
Carrying amount
At 31 March 2021 2
At 31 March 2020 2
2021 2020
Other investments comprise: Notes £ £
Investments in subsidiaries 23 2 2

HITCHIN BRITISH SCHOOLS TRUST BRITISH SCHOOLS MUSEUM NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

13
Fixed asset investments
14
Stocks
Finished goods and goods for resale
15
Debtors
Amounts falling due within one year:
Trade debtors
Other debtors
Prepayments and accrued income
16
Creditors: amounts falling due within one year
Other taxation and social security
Trade creditors
Other creditors
Accruals and deferred income		 (Continued)
2021
2020
£
£
4,703
4,703
2021
2020
£
£
310
2,850
7,399
1,308
-
3,564
7,709
7,722
2021
2020
£
£
706
2,338
217
12,270
-
15,000
3,800
3,249
4,723
32,857		 (Continued)
2021
2020
£
£
4,703
4,703
2021
2020
£
£
310
2,850
7,399
1,308
-
3,564
7,709
7,722
2021
2020
£
£
706
2,338
217
12,270
-
15,000
3,800
3,249
4,723
32,857
2020
£
2,850
1,308
3,564
7,722
2020
£
2,338
12,270
15,000
3,249
32,857

17 Retirement benefit schemes

Defined contribution schemes

The Trust operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the Trust in an independently administered fund.

The charge to profit or loss in respect of defined contribution schemes was £811 (2020 - £1,195).

HITCHIN BRITISH SCHOOLS TRUST BRITISH SCHOOLS MUSEUM NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

18 Restricted funds

The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:

Movement in funds Movement in funds
Balance at Incoming Resources Balance at
1 April 2020 resources expended 31 March 2021
£ £ £ £
Collections 3,221 - - 3,221
Internship 1,671 - (1,671) -
Computer & telephone 1,697 - (1,697) -
Arts Council England Ready to Borrow Grant Funding - 109,502 - 109,502
British & Foreign School Society grants 4,860 - (4,860) -
Small items 4,937 2,090 (4,540) 2,487
Association of Independent Museums 2,237 - (2,137) 100
Fixed asset reserve 75,886 - (4,787) 71,099
94,509 111,592 (19,692) 196,378

Collections Fund

This fund represents various donations which have enabled the purchase of conservation materials and cataloguing facilities for the collections.

Internship Fund

This fund represents grants to fund an intern to assist the Curator with the collection. Permission was obtained to derestrict and release to general fund.

Computer & Telephone Fund

This fund represents donations and grants to enable the Trust to upgrade its computers and telephone systems. Permission was obtained to de-restrict and release to general fund.

Small items

This fund represents a number of small grants and donations for a variety of purposes.

Association of Independent Museums

This fund represents grants from the Association of Independent Museums Biffa History Makers scheme.

Fixed asset reserve

This fund holds the net book value of assets purchased using restricted capital funds.

19 Designated funds

The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes:

School Buildings Designated Fund

The Board of Trustees has taken the prudent decision to designate this fund at the carrying value of the freehold land and buildings and associated renovation and restoration costs because the school buildings are intrinsic to the charitable activities of the Trust and do not represent free reserves.

HITCHIN BRITISH SCHOOLS TRUST BRITISH SCHOOLS MUSEUM NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

20 Analysis of net assets between funds

General Fund
Designated
Funds
Restricted
Funds
2021
2021
2021
£
£
£
Fund balances at 31 March 2021 are represented by:
Tangible assets
156
231,968
58,266
Investments
2
-
-
Current assets/(liabilities)
(1,257)
-
138,112
(1,099)
231,968
196,378		 TotalGeneral Fund
Designated
Funds
Restricted
Funds
2021
2020
2020
2020
£
£
£
£
290,390
684
235,726
69,251
2
2
-
-
136,855
(10,148)
-
25,258
427,247
(9,462)
235,726
94,509		 Total
2020
£
305,661
2
15,110
320,773

HITCHIN BRITISH SCHOOLS TRUST BRITISH SCHOOLS MUSEUM NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

21 Operating lease commitments

At the reporting end date the Trust had outstanding commitments for future minimum lease payments under noncancellable operating leases, which fall due as follows:

Within one year
Between two and five years		 2021
£
1,325
2,320
3,645		 2020
£
1,325
3,645
4,970

22 Related party transactions

Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2021 2020
£ £
Aggregate compensation 10,739 25,277

Transactions with related parties

During the year the Trust entered into the following transactions with related parties:

The Trust is supported by the Friends of the Hitchin British Schools Museum ("the Friends"), an independent charity (registered number 1016659) which makes donations to the Trust.

During the year donations totalling £1,340 (2020: £13,697) were received from the Friends.

23 Subsidiaries

These financial statements are separate Trust financial statements for Hitchin British Schools Trust.

Details of the Trust's subsidiaries at 31 March 2021 are as follows:

Name of undertaking Registered Nature of business Class of % Held
office shares held Direct Indirect
Benchmark Trading Limited England & Wales Dormant Ordinary 100.00