Cbarity registration lluknber 1010345 Company registration number 02576495 {England and Wales) HITCHIN BRITISH SCHOOLS TRLST BRtTtSH SCHOOIS MUSEUM ANNUAL REPOKt AIW UYAUDITED FINANCIAL STATEME5 FOR THE YEAR ENDED 31 MARCH 2024
HITCHIN BRITISH SCHOOLS TRUST BRITISH SCHOOLS MUSEUM CONTENTS Page Legal and administrative inforniation Trustees, report Independent examineT'S report io Statement of financial activities 11- 12 Balance sheet 13 Notes to the fu)ancial statements 14-27
HITCHIN BRITISH SCHOOLS TRUST BRITISH SCHOOLS MUSEUM LEGAL AND ADMINISTRATIVE INFORMATION Boird Of Trustees Mrs Lesley Saunders- Chair Ms Lucy Unger Mr Douglas Black Mr FrarF¢i5 Hon Mrs Emine Dogan Mr Richard Atterton Ms Claire Woodforde Dr Zibiah tA)akthar Mrs Wendy Watson Mrs Abigail Kikuchi Ms Esther Green Appointed l November 2023 Appointed l November 2023 AptKJinted l November 2023 Resigned 24 May 2023 Patrons Lady Carolin¢ Bowcs-Lyon Mr Andrew Dimsey Ricardo Lopez-Portill y Lancasier Jones Rodrigo- AlorLW Lopez-Portillo y Lancaster- Jones Francisco-xavier IK>pez-Portillo y Lan&qster- Jones President Mrs Ynonne Limbrick Vice Presidettts Miss E Hunter Mts C Iley Charity llumber 1010345 Company number 02576495 Registered office 41142 Queen Street Hitchin Hertfordshirt SG4 9TS Independent examiner Mark Hjertzen BA FCA HW Associates Limited Portmill House. Portmill Lane Hitchin Hertford5hire SG5 IDJ Bankers CAF Bank Limited PO Box 289 West Malling Kent ME194TA
HITCHtN BRITISH SCHOOLS TRUST BRITISH SCHOOLS MUSEL'M TRUSTEES, REPORT ONCLUDING DIRECTORS, REPORT) FOR THE YE4R EJVDED 31 MARCH2024 The Board of Trustees present their report and accounts for the year ended 31 March 2022. The accounts have been prepared in accordance with ihe accounting policies set out in note I to the accounts and Ix)mply with the Trust's Memornndum and Articles of Association. the Companies Act 2006 and "Accounting and Reporting by Charities: Staternent of Recornmended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) (effective l January 2015)" The Legal and Administrative infomation set out on page I fornis an Inteal part of this Report. Chairs Report The year 2023 been a remarkable period for the Hitchin British SchooL marked by significant achievements and community engagement. Our museum. housed in the historic Grade 11 and Grade Il listed buildings, continues to be a beacon of educational heritage. This year. we successfully hosted numerous events. which attracted a diverse group of visitors eager lo learn about the ¢ducational pr4cti¢¢5 of the pasL providing a fim and educational experience for families. These events not only enhanced our visibility, but also strengthened our tie5 with the local community. En addition to our public events, we have made strides in preserving and show1ng our unique collection. The rnuseum's Victorian Gallery cl&ssroom and the last surviving Monitorial Schoolroom in the world remain central attractions, drawing hidory enthusiasts and educational groups alike. Our efforts to offer immersive experien5. such as the 1880 Gallery Lesson. have been well-re¢eived. providing visitor5 with a vivid glimpse into the edu(ionai methods of the 19th century. Furthermore, the introduction of our Play Cafe has been a resounding success winning a Heritage Association of Museums award for innovation. This space, with its ind(K)r and outdoor plaj" are&s, h&s become a favourite among our youngest visitors and their families, offering a welcoming environment where they can enjoy refreshments while the children play. A5 we look forward to the ¢oming year. we remain committed to our mission of preserving this invaluable piece of educational history and continuing to offer enriching experiences to all our visitors. A hathfelt appreciation goes out lo our resilient staff. whose optimism and patience have been unwavering. We are immensely grateful to our dedicated volunteers. sponsors. donors: grant givers, and Friends. whose support and hospitality, including countless eups of te4 have been invaluable throughout the year. Looking ahead to 2024125. the Hitchin British Schools Museum is continuing to actively pursue grants lo further enhance the buildings infrastructure and elevate the museum to a preferred destination for all. We are excited about the future and remain committed to preserving our cultural heritage while adapting to the evolving need8 of our community. Lesley Saunders Acting Chair HBST Date: 25 Nov 2024
HITCHIN BIUTISH SCHOOLS TRUST BRITISH SCHOOLS MUSEUM TRUSTEES, REPORT {INCLUDINC DIRECTORS, REPORT) FOR THE YE4R ENDED 31 MARCH 2Q24 The financial ststements have been prepared in accordatice with the ac¢owitingpolicies set out in note I to the financial statements and comply with the Trust's tgoveming documentJ. the Comparties 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 l January 20 19). Objectives and •cliviti¢$ The charitys objects ('Objects') are spe¢ifically restricted to the following: l. to preserve and use a historically important group of buildings in Hitthin. Hertford5hire knolvn as British Schools. 2. to advance education of the public in the hlstory of schooling by: A. preserving and enhancing the collections of artefacts relating to the hislory of elemenw education and social history of children. B. presenting these buildings and collections &s a MuuM of elementsry education and childhood: C. delivering a livin8 experience of historical schooldays to all. The Trust continues to uphold the following Vision and Mission Statements: _ Our Vision TS for the British Schools Museum: To be the best at (x)nnecting 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.
HITCHIIY BRITISH SCHOOLS TRUST BRJTISH SCHOOLS MUSEUM TRUSTEES, REPORT (INCLUDING DIREcfoRS' REPORT) (coKfiNUED) FOR THE YE4R ENDED 31,WARCH 2024 Aetivltles to delfiver the strategy The Board met monthly to review our priorities and Created a short-temi plan to fvrther reduce our expenditure and generate income through safe ndraising and events. To ensure the maintenaoc4 repair, eonservalioll and restoration oTthe hLstorle buildings Thi5 has been achieved by: G¢n¢ral maintenance perfonned throughout the year Updirtg the Team Room. Clearing non-visitOT areas of un-used items and ilems in pT repair to gain better access for site condition assessment. Preserving and developing our Collections as an *uthenlfie resouree for the history of leArning: This has been achieved by.. Identifying ways to publicise the collections and make them accessible Publicising the collections to relevant audiences Creating a schedule for digitisation of texts and artefacts Assessing the condition of the collections Developing new exhibitions for the public Undertaking a public survey to see what the lo¢al community knew about the museum and to understand what they liked / disliked abo their experience. Developing our digital profile: This has been achieved by: Regular posting on Facebook and Inslagram Increasing OUT Facebook followers The play cafe has a regular group of followers
HITCHIN BRITISH SCHOOLS TRUST BRITISH SCHOOLS MUSEUM TRUSTEES, REPORT (INCLUDING DIREoRs. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH2024 Aebievements 4nd perforniance Total Visitor Numbers The museums, total audience duTiMg ihe financiaI ye2r was 9.698 (2022f23 6.566). IliAliCIA .YUBLIC S("HOOkn . ADULTS YEAR , PENING .1 QIILDRE. IVITH Al's HOO CROIIP I, EVENTS VISITORS ROOhf OUTREACH TQT AL 3.948 4.359 626 389 2949 200 1963 14,434 1,813 3,113 547 320 2.833 1.551 11,123 1,684 104 21 52 2,951 2.451 1,419 30 1.457 165 6.113 022123 2,196 2,968 352 141 367 542 6.566 023n4 1.042 3,975 225 IJ30 9.698 Tbe trend indicates that school visits are incrwing. The rewvery is clearly a reflection of the work done by our team. The above figures d( not include the visitors coming to the Tea Room only. In addition to the above we had le&st 9,950 adults and children in the café. Giving a lotal audience to the museum of18.187. Dollatlons, Grnntsy gifts and legacies We acknowledge and give thanks to our generous donors and corporate sponsors. The Restricted Grants obtained in 2023t24: AIM Collections Audit 1.320 St s to Sustainabili British and Foreign School Society Tola Tea Room Educational use 500 3.320 Unrestricted Grdnts Fri¢nds of The Hitchin School Insurance ceTa Hertfordshire County Council- locality grant Total rint of Book christr Tree 150 11.753
HITCHIN BRITISH SCHOOLS TRUST BRITISH SCHOOLS MUSEUM TRUSTEES, REPORT UNCLUDING DIREoRs, REPORT) (CONTINUED) FOR THE YE4R ENDED 3J MARCH 2024 Donations We have been extremely lucky this year to receive a large (k)nl0 without any resirictions to enable us to help match fund for grants to improve and maintain the fabric of the building. For this we cannot express our gratitude enough. Friends of the British Schools Museum 10.063 General Donations- with ift aid 90.990 7.857 Donations Totsl £109.960 This year we rtt¢ived £4,158 of gift aid. The large donation aiso attracted sift aid but we did not receive this income until April 2024.The FrTends of the British Schools Museum deserve & special menlion for their continuing support moral support through out th¢ year. we thank yOLt. Learnfing Prngnnjtne Our learning progrnmme allows children to bring the past to life through role-play, historic lessons, workshops handling genuine historic artefacts and rnore. The opportunity to explore and dTscover what life and education would have been like in Georgian. N'ictorian and WWII era schools. bringing the past io life is now stretching beyond our immediate local area and we are slaning to attract Schools from farther afield. This is enabling to rdise our edLLcational profile and ensuring we are a go to place for this part of the curriculum. General Events 4,992 Fundraising 1.951 Paranorm 7.514 Room Hire 997 Total £15.454 Events income included a serie5 of talks, a crdft fair, Hallowttn. ghost waIks, recorder c(Jncert. Christmas wreath making and Santa's grotto, ¢hildrw's iK)ok festival and finally a book launch for William Wilshere's Hitchin FarJn. Volunteers ILave played a cw¢ial role in facilitating the successful execution of our renowned ParanomMI Events. A grand total of 338 participants have engaged in vigi15 rO$S various locations. including the Monitorial Schoolroom. Gallery Classroom, Headmastevs House, and Girls School Corridor. The presence of dedicated volunteers has tnEly elevated this encoL(nter into an unforgettable and extraordinary experience and we can't thank them enough. This event is increasing year on year. A whole site event for Halloween w&s the laTgest visitor attstion that ran in 2023. With 204 adults. 286 children over 5 years old and 35 children under 5 years oll plus Halloween after dark 27 adults, 27 children and l under 5 (Total 580) We extend our thanks to volunteers who slepped up and encouraged oth¢r5 and provided inspiration and drive to keep the momentum going throughout the year.
HITCHIN BRITISH SCHOOLS TRUS[ BRITISH SCHOOLS ML.SEUM TRUSTEES, REPORT ONCLUDING DIREcfoRS' REPORT) (CONTINUED) FOR THE YE4R ENDED 31 h£4RCH2024 Tradillg Shop and Tea Room Income 2D21122 Income 202212J Income 2022123 Shop in¢ome Tea Room income £2,680.24 £2.104.23 £2.315.00 £29 448.11 £68.405.0 The continual development of the Tea Room h&8 brought essential revenue and footfall to the Museum. The Café is accessible to all. irresp¢ctiv¢ of their museum visiL and l)Mpanying the café is a play zone. free with a rnuseum ticket or attracts a small char8e if only visiting the play zone. Publlc 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 particutar, we have considered how planned activities will contribute to the aim5 and objectives we have set. The Trustees are satisfied that the Trnst meels the Charity Commission's guidelines wilh regard to delivering public benefit. The Trust's policy is to consult and discuss with employees through team and volunieer meetings. management meetings and conf¢T[ce8 any matteTS likely to affect employees. interests. Inforn]ation ffgarding matters of concem to employ5 and volunteers is given through newsletters, inforniation bulletins and reports which seek to achieve a common awareness on the part of all employee5 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 Volunteer contribution remains essenlial for the museum's acwmplishments. The estimated volunteer houT5 for this year stsnd at 8,000, although this is likely a conservative figure. Numerous Voluntee invest sigmificant time both off-site and behind the scenes. providing essentia] support and enhan¢ing the museum's visibility. Additionally. the museum's committed small team of staff a]so dedicates extra hour5 through volunteering efforts. The museum acknowledges that volunteering dynamics are 01vIng in response to economt¢ conditions. We enthusiastically embrace young¢r volunteers. however. their en3ag¢ment tends to be of shorter duration with a higher turnover rate. We are actively exploring strategies to enhance the experience for ouryounger volunl¢ers and enhance their involvement. We wish to express our grntitude to a]1 the volunteers who have contributed Ix>th on-site and from home. Their dedication and hard work ar¢ immensely valued, and we extend our heartfelt thatths for th¢ir invaluable supp)rt. Reserves policy It is the policy of the Trusi that unrestricted funds which have not been desigtLated for a specific use should be maintained at a level equivalent to between three and six months. expenditure. The Board of TTUStees considers that serVeS at this level will ensure thaL in the event of a significant drop in funding. they will be abLe to continue the Trust'5 Cuent activities whilst eonsideration is given to ways in which additional funds may be raised. The reserves of 31 March 2024, totailing £478,132 are." Restricted funds: £65.758 Designated funds £239.900 General unrestricted funds £172.474
HITCHIN BRITISH SCHOOLS TRUST BRITISH SCHOOLS MUSEUM TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOK THE YE4R EJVDED 31 K4RCH 2024 Rlsk tnan*gemeDt The Board has in pl¢ an overaIl risk management document identifying wjtential problems of continuing viability. SWOT analysi5, as well as health and safety matters, which is under constant rl¢w. In addition, the Board has approved policy guidance on the production of safety risk assessments. govemance and management. The Trust is a company limited by guarantee. having no share capital, and is a registered cEwity. Tbe TNst was incijrporated on 24th January 1991 and is governed by it5 Memorandum and Articles of AssociatiOQ 2s amended on 14th November 2015. Membership is, at present, limited to 200 and ihe liability of the membeTS 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 th¢ putpose of company law. and who served during the year are set out in the Legal and Administrative Information on pag¢ l. The Board of Trustees are elected by the members. One third of the Board members are required to Tetire at each AnT)ual General Meeting (AGM), but each per50n is eligible for T¢-elelon 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 Ual va¢an¢y must retire at the next AGM and may be proposed for re-election by the members. Mr R Atterton r5 L Saunders Ms L LTnger Dr Z Loakthar Mrs W Watson ITS A Kikuchi Ms E Green Mr D Black MrFHon Mrs E Dogan ehalf of the Board of Trustees Mrs Lesley Saunders- Chair Trusl¢e Dated: 25 Nov¢mb¢r 2024
HJTCHIN BRITISH SCHOOLS TRUST BIUTISH SCHOOLS MUSEUM TRUSTEES, REPORT (INCLUDING DIREoRs, REPORT) (CONTINUED) FOR THE YE4R ENDED 31 Tr£4RCH 21124 Plalls for futhre periods oking for new revenue streams Fund raising opportunilies Explore new ways to use the Collections Explore ways to use the Buildings. as an achieve research centre Obtain grants to ensure the buildings remain in good repair. Finance Train all staff in use of financial systems and pro¢¢sses Maintain scrutiny on financial operations Gain financial sustsinability by levelling running costs and guarantred income. People Prioritise volunteer recruitment for event organisin& social collections and volunteer management Ensure that there is appropriate Cover available to oper*e the play cafe to its full potential. Bulldlngs Obtain quotes for building repairs Upgrade the heating system UpdIng the cloakroom toilets water supply Digitxl Increase social media channels and profile Review online booking Look at cloUd-bd se¢r$ Collection management system lo b¢ reviewed Commerci41 TradiDg Re-imagine the museum shop Review the museum brn7d Develop the Play Cafe experience Learning & educatlon Increase the number of schools visiting and teacher engagement Investigate viability of infornial leaming through ¢hildren's parties and day-time activities Further develop the site as a communtty asset with free enty events and supw)rting local businesses and charities.
HITCHIN BRITISH SCHOOLS TRUST BRITISH SCHOOLS MUSEUM INDEPENDENT EXAMINER'S REPORT TO THE BOARD OFTRUSTEES OF HITCHIN BRtrisH SCHOOLSTRUST 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 2024. which a set out on pages 11 to 27. This report is made solely to the charitsble ¢ompany'5 trustees, as a body, in a¢¢oTdance with Chapter 3 of Part 16 of the Companie5 Act 2006 and the charitable company's trustees as a body in accordance with section 154 of the Charities Act 2011. My independent examinerfs work has been undeTtak¢n so that I might slate to the charitable company's trustees those matters l am required to state to them in an independent examinerfs report and for no other purpose. To the fullest extenf penJ]itted by law, I do not accept or assume resp)nsibility to anyone other than the clwitable company. the charitable company's members as a body and the ¢haritabl¢ companys trustees as a body. for my independent examinevs worl foT this repor¢ or for the opinions I hav¢ formed. Responsfibllitl and basts of report As the Board of Trustees of the Trust (and also its directors for the purposes of company lawl you are responsible frir the preparation of the fmancial statements in ardance with the requirements of the Companies Act 2006 {the 2006 Act). Having satisfied myself that the financial ststements of the Trust are not Yequired io be audited under Part 16 of the 2006 A¢t 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 Dir¢¢tions given by the Charity Commi55iou under section 145(5)(b) of the 2011 Act. lftdependellt Cxamiller's 5tstemen¢ Since the Trust's gross in¢oFne exceeded £250,000 your examiner musi be a member of a body listed in section 145 of the 201 l Act. I confirni that l am qualified to undertake the examination because I am a member of Institute of Chartered Accountants in England and Wa1¢5, which is one of the listed bodie I have completed my examination. I confirni that no matters have come to my attention in connection with the ¢xamiDation giving me cause to believe that in any material respect: accounting records were not kept in respecl of the Trl as required by sertion 386 of the 2006 Act" or the financial slatements do not ¥wrd with those records. or the financiaI statements 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 financial st*ments have not been prepared in accordanee with the methods and prin¢ipl¢s of the Stalement of Recommended Practice for accoun¢ing and reporting by charities applicable to charities preparing their accounts ' accordance with the FinaJ)cial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102). I have no concems and have come acriJs5 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 financiaI staiements to be reached. KK_Qty• Mark Hjert2en B CA H W Associates Limited Dated: ... 10-
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HITCHIN BIUTISH SCHOOLS TRUST BRtTISH SCHOOLS MUSEUM BALANCE SHEET ASAT31 AURCH2024 2024 2023 Notes Ffixed assets Tangible assets Current assets Stocks Debtors Cash at bank and in hand 12 248.647 265,322 13 14 1.489 7.110 230214 2.535 12,749 153J33 238.813 168,617 Crtditors". amounts fydlling due within one year 15 (9.328) (10,9201 Net Current assets 229,485 157,697 Total a$8¢ts less current liabilities 478.132 423,019 Income funds Restrithd funds Unrestricted funds 18 65,758 411374 75,992 347.027 478,132 423,019 The Company is entitled to the exemption from the audit requirement eontained in section 477 of the Companies Act 2006. for the year ended 31 March 2024. The direcwrs acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of fmanciaI sL*ments. The memb¢r5 have not required the rornpany to obtain an audit of its financial statements for the year in question in accordance with section 476. These financial ststements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The financial ststements were approved by the Board Of Te¢S on 25 November. rs L Saunders Trustee Compally Reglstration No. 02576495 13
HITCHIN BRITISH SCHOOLS TRUST BRITISH SCHOOLS IVIUSEUM NOTES TO THE FINANCIAL STATEMENTS FOR THE YE4R ENDED 31 JK4RCH 2024 AetountjDg polAeies Charity inforni*tion Hitchin British Schools Trust is a private company limited by guarantee incorporated in England 2nd Wales. The registered office is 41142 (¢¢n StreeL Hitchin. Hertfordshire, SG4 9TS. 1.1 Accounting couvenlioD The accounts have been prepared in accordance with the Trust's g0MIng docurnenL the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice 4)plicable to ¢harities preparing their ac¢ounts in accordance with the Financial R¢porting Standard applicable in Ihe UK and Republic of Ireland {FRS 102)- las amended for accounting periods commencing from l January 2016). The Trust is a Public Benefii Entity as defined by FRS 102. The Ttust has taken advantsge of the provisions in the SORP for charities applying FRS 102 Update Bulletin I not to prepar¢ a Statement of Cash Flows. The financial statements are prepared in sterling. which is the functional currency of the Trust. Monetary amounts in these financial statements are rounded to th¢ nearest £. The financial ststements have been prepared underthe historical cost Conventio The principal accounting policies adopted are set out below. 1.2 Going collccrn At the time of approving th¢ financial Statements, the Board of TneeS have a reasonable expectalion that the Trust h adequatr resources to continue tn operaiional e.Yistence for the foreseeable future. Thus the Board of Trustees continue lo adopt th¢ going concern basis of accounting in preparing the financial stalements. IJ Charitable funds UnresÉri¢ted funds aTe available for Use at the discretion of the Board of Trustees in furtherance of theiT charitsble objectives. Restricted funds are subject to specific conditions by donors or grantors 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 fun& are subject to specific conditions by donors that the capital must be rnaintsined by th¢ Trust. 1.4 Income Income is recognised when the TrLLSt is legally entitled to it after any perforniance conditions have been meL the amounts can be measured reliably, and it is probable that income will be received. Cash donations are rewgnised on receipt. Other donations are recognised once the Tn]st has been notified of th¢ donation, unless perfomiance 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 llotified of an impending distribution, Ihe amount is knowrL 2nd Teceipt is expected. If the amount is wt known. the legacy is ttealed as a contingent &sset. 14-
HITCHIN BRITISH SCHOOLS TRUST BRITISH SCHOOLS MUSEUM NOTES TO THE FINANCIAL STATEMEiYfs (COP4TINUED) FOR THE YE4R ENDED 31 MARCH2024 Aecouoting policies (Continued) 1.5 Expenditure Expenditur¢ is F0g1]iSed once th¢Te is a legal or conslructive obligation to transfer economic benefit to a third paty, it is probable that a transfer of economic benefits will be wuired in settlemenL 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 cost5, including support Wsls involved in ldertakIng each activity. Direct costs attributable to a single activty are allocated directly to that activity. Shared costs which contribute lo more than one activity and support costs which are not attributable to a single activity are apportioned betw¢en those activilies on a basis consistent with the use of resour¢es. Central staty o)sts are allocated on the basis of time spenL and depreciation charges are loCated on the portion of the a5set'5 use. Expenditure is recognised on an dnIa15 basis when a liability is incurred, as soon as there is a legal or constructive obligation committing the charitable company to the ¢xpenditure. Expendithre includes any VAT which cannot be recovered, and is reported &s part of the expenditure to which it relate Costs of generating funds comprise the costs associated with attracting voluntary income and the costs of trading for fwjdraising PUTposes including ihe cafe and the shop. Charitable expenditure comprises those costs incurred by the charitsble company on the delivery of its acttvities and services. It includes both costs that can be allocated directly to su¢h activities and those costs of an indirect natUTe necessary to support them. Governance costs include those costs primarily with mttting the Constili0na] and statutory requirements of the ¢haritable company and in¢lude the T¢rtIng accountants and legal fee5 and costs linked to the charitable company's compliance with regulation and good practic¢. AII Costs are allocated betwttn the expendithre categories of the Statement of Financiat Activities on a basis designed to reflert the use of th¢ r¢source. Costs relating to a particular activity allocated direcily: others are apportioned on the basis of ¢stimat¢s of the proportion of time spent by staff on those activities. 1.6 Tangible red assets Tangible fixed assets are inilially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impaiTrneni105S¢S. Tangible fixed assets are st*ed at cost less depreciation. The school land, together with the original school buildings, was purchased by the Trust in 1994. The Trust is resw)nsible 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 tEwL £5,000 are capitatised and carried in the ba]ance sheet at historical WSL Land is not depreciated. Heritage &ssets have not been capitalised or deprffiated as no reliable value can be attributed. Depreciation is provided at rates calculated to writr off the cost less estimated residual value of each asset over ils expected useful life, as follows: Land and buildings Building renovation & restoration Fixtures, fittings & equipment 2Yo Variable yo Freehold land is not depreciated. The gain or loss arising on the disposal of an asset is derMined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the 51atem¢nt of financial xtivities. 15-
HITCHIN BRITISH SCHOOLS TRUST BRITISH SCHOOLS MUSEUM NOTES TO THE FINANCIAL sTATEmEs (CONTINUED) FOR THE YEAR ENDED 31 A£4RCH 2024 Accounting polieies (Continued) 1.7 Impalrment of fixed 88s¢ts At each reporting end date, the TTU5t reviews the carying amounts of its langible assets to deterrnine whether theTe is any indication that those ets have suffered an impaiment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to deterniine th¢ extenl of the impaientIo55 (if any). 1.8 Stoeks Stocks are stated at the lower of cost and estimatrd selling price less costs to complete and sell. Cost comprises direct materials and. wher¢ appIlble. direct labour wsts and those overheads that have been inrurred in bringing the stocks lo their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cosL Net realisable value is the estimated selling priee less all estimated costs of completion and costs to be incurred in marketing, selling and distri1tIOn. 1.9 Cash and csish equivalents Cash and cash equival¢nts include cash in han(L deposits held at call with banks. other short-terni liquid investments with origina] matUTities of three months or 1¢5s, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.10 Fin#nclal Instrnlnellts The Trust has elected to apply the provisiotL8 of Section I I "Basic Financial Inslruments. and Section 12 '0ther Financtal Instnllnents Issues. of FRS 102 to all of its fJnan¢ial instrurnents. Financial instruments are reco8nised in the TTUSt'5 balance sheet when theTrust becomes party to the conlrnctual provisions of the instrument. Financial 8sgets and liabilities are offset. with the net amounts presented in the fmancial statements. when there is a legally enforab]e right to set off the re¢ogni5ed arnounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simulianeously. Basicfinanci4vI a55ets Basic financial assets, which include debtors and and bank balances, a initially measured at transaction price including transaction costs and are 5ubs4u¢ntly carried at amortised cost using the effeclive 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 &s receivable within one year are not amortised. Boficfinancial liabilities Basic fancial liabilitie5. including creditors and bank loans are initially recogni5ed a¢ tran5adion price unless the arrangement constitutes a financing trartsaction. where the debt instrument is measured at the present value of the firture payments discounted at a market r&e of interest. Financial liabililies classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised wst. using the effective interest rale method. Trade creditors a obligations to pay for goods or seTvices that have been acquired in the ordinary course of operations from suppliers. Amounts payable are cl&ssified &$ current liabilities if payment is due within one year or less. If no( they are presented as non-current liabilities. TTade creditors are recognised initially at transa¢tion price and subsequently measured at amortised Cosi using the effective interest method. Derecognikion offinancialliabililies Financial liabilities are d¢regniSed when the Trust's contractual obli8atiQll5 expire or are diharged or cancelled. 16-
HITCHIN BRITISH SCHOOLS TRUST BRITISH SCHOOLS MUSEUM NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YE4R ENI)ED 31 K4RCH2024 Aeeounting polieies (Continued) 1.11 Employee belleflts The cost of any unused holiday entitleTneDt is recognised in the period in which the employee's services are received. Termination benefits are recognised immediately as an expense when the Trust 15 deMOtrablY committed to tem)inate the employment of an employee or to provide tennination Ixnefits. 1.12 Retirement benefits Payments to defined contribution retirement benefit schemes aff chwEed as an expense as they fall due. Donatio08. grants* gifts and legacies URrestri¢ted Unrestrl¢ted funds futtd$ general Tolal 2024 Total 2023 Donations and gifts Grants receivable for core activities 109.960 15.073 109.960 15,073 17,225 52.793 125.033 125.033 70,018 For theyear ended 31 March 2023 43.208 26,810 70.018 Donated goods and serviees The Trust benefits greatly from the unpaid support of it5 volunteer5. In accordance with FRSI 02 and the Charities SORP (FRS102) the economic contribLttion of general volunteers is not recogni5ed in the accounts. 17-
HITCHIN BRITISH SCHOOLS TRUST BRITISH SCHOOtS MUSEUM NOTES TO THE FINANCIAL STATEMEKfs (CONTINUED) FOR THE YEAR ENDED31 MARCH2024 Charitable 4etivities Museurn and Museum and educational educational proErammes programmes 2024 2023 Sale of goods Perfom12nce related grants 36.490 33,466 9.350 36.490 42,816 Analysis by filnd Unreslrided funds- g¢neral Restricted funds 36,490 33.466 9,350 For the year ended 31 Mareh 2023 Unrestricted funds- general Restricted funds 33.466 9,350 42,816 Performance related grants 9,350 Income from other trading a¢livities Unrestricted Unregtrieted funfts fund5 2024 2023 Fundraising events Shop income 15.454 71,195 12.512 31.763 Other trading activities 86.649 44.275 18-
HITCHIN BRITISH SCHOOLS TRUST BIUTISH SCHOOLS MLSEUM NOTES TO THE FINANCIAL STATEMEIYTS (CONTINUED) FOR THE YE4R ENDED31 MARCH2024 Income from investments Unrestrlcted Unrestricted fund5 funds 2024 2023 Interest receivable 3,015 730 Expelldire on rafising funds Unrestricted Unrestrlcted funds funds 2024 2023 Costs of fundraising evellts and room hire Sta8ing fundraising events 3.007 1,037 Cafe and shop expettdiknre Other tyading activities 13,518 6,759 Total costs 16,525 7.796 19-
HITCHIN BRITISH SCHOOLS TRUST BRITISH SCHOOLS MUSEUM NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR EJVDED 31 MARCH 2024 Charitable activities Museum and Preservatlon Malntenanee educational nd of historic prngrnmmes exhibition of buildings collections Totsl 2024 Totxl 2023 2024 2024 2024 Staff costs Depreciation and impairnient Exhibition and conservation costs Schools progrdmme costs Repairs and maintenance Staff and volunteer training and welfare Other costs 98.587 16.674 652 4,575 98,587 16.674 756 4,575 11.304 45,508 16,645 3,968 1,356 23.973 2.154 900 104 11.304 147 147 120,635 104 11,304 132,043 94.504 Share of 5UPPOrt ¢05t5 (see note 8) Share of governance costs (5tt note 8) 21,456 8.733 12,757 4,560 34,213 13,293 41.587 10.001 150.824 17,421 11,304 179,549 146.092 Allalysis by fund Unrestricted funds- g¢neral Unrestricted funds - Restricted funds 137.908 17.421 11,304 166,633 110.571 19.063 16.458 12.916 12,9l6 I5024 17.421 11.304 179.549 146.092 For the year ended 31 M#reh 2023 Unrestricted fvnds - genernl Unrestricted funds - Restricted funds 84.519 19.063 16.458 21,142 4.910 110,571 19.063 16.458 120,040 21,142 4,910 146,092 -20-
HITCHIN BRITISH SCHOOLS TRUST BRITISH SCHOOLS MUSEUM NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YE4R ENDED 31 MARCH2024 Support tosts Allo¢2ted to adivities 2024 2023 Support costs Support costs Support costs Support costs Support cos Governance costs 19.115 3,980 5,122 4,857 2.935 11,497 19.587 4,883 3,235 11.520 2,362 io,ooi 47,506 51,588 Allaty5ed between: Support costs Governance costs 36,009 11,497 41.278 10,310 47,506 51,588 Net Movement in funds 2024 2023 The net movement in funds is ststed after chargingl(crediting): Depr¢¢iation of owned tangible fixed assets 16,674 16.645 io Board ofTrnstee$ None of the Board of Trustees (or any persons wnnected with them) received any remuneration during the year. None of the Board of Trustees had out of tKpcket expenses. no reimbursement was required (2023: £nil reimbursement). The aggregate amount of donations received from Trustees during the year was NIU2023." £nil). Tax*tioB The Trust is a regiSted charity and therefore is not liable to income tax or corporation tax on income or gains derived from its charitable actLVlties, as they fall wtthin th¢ various exemptlOll5 available to r¢gistered ¢haritie5. -21
HITCHIN BRITISH SCHOOLS TRUST BRITISH SCHOOLS MLSEUM NOTES TO THE FINANCIALSTATEMENTS (CONTINUED) FOR THE YE4R ENDED 31 A£4RCH 2024 12 Tangible red Assets Land arKI 8uil(fing Fixtures, buildings rnnovation & fittings & restoration equipment Total Cost At l April 2023 180,000 127,896 172.585 480,481 At 31 Mah 2024 180.000 127.896 172.585 480,481 Depreciation and impairnient At l April 2023 Depreciation charged in the year 33.600 1200 49,846 2.558 lil.714 12,916 215.160 16,674 At 31 March 2024 34.800 52.404 144.630 231.834 Carrying amoullt At 3 l March 2024 145200 75,492 27,955 248,647 At 31 March 2023 146,400 78,051 40,871 265,322 13 S¢ock8 2024 2023 Finished goods and g(M)ds for resale 1,489 2,535 J4 Debtors 2024 2013 Amounts f4lllng du¢ withlm oll¢ y¢ar: Trade debtors Other debtQTS Prepayments and ¢ru¢d inrome 6,864 246 4,228 246 8,275 7.110 12.749 IS Creditors: amounts f&llillg due witbkn ODe ye2r 2024 2023 Other tatIon and Social Security Trad¢ creditors Other creditors Accruals and deferred income 382 5.607 936 2,403 696 5.438 386 4,400 9.328 10,920 -22-
HITCHIN BR ISH SCHOOLS TRUST BRITISH SCHOOLS MUSEUM NOTES TO THE FINANCIAL STATEMEKfs (CONTINUED) FOR THE YEAR ENDED 31 AURCH2024 16 Retirement benefit schemes 2024 21123 Defilled contribution schemes Charge to profit or loss in respect of defined contribution schemes 1.397 1,202 The Try1 operdtes a defined Contribution pension scheme for all qualifying employees. The &ssets of the scheme are held separately from those of the Trust in an independently administered fimd. 17 Unrestricted funds - These are unrestricted fund5 which are material to the TnJsV5 activities. At l Aprll 2023 In¢oming resources Resourees expended At 31 March 2024 239.900 239,900 Previous yeydr: At l April 2022 Incoming resources Resovr¢e5 expended At 31 March 2023 26,810 (19.0631 239,901 -23-
HITCHIN BRITISH SCHOOLS TRUST BRITISH SCHOOLS MUSEUM NOTES TO THE FlNANCIALSTATEMEs (CONTINUED) FOR THE YE4R ENDED 31 MARCH 2024 18 Restricted funds The restricted fvnds of the charity comprise the unexpended balances of donations and grants held on trIt subject to 5p¢cifi¢ conditions by donors as lo how they may be used. Movement in fullds Incomlng Balance at Yesources 31 March 2024 65,758 -24-
HITCHIN BRITISH SCHOOLS TRUST BRITISH SCHOOLS MUSEUM NOTES TO THE FIf4ANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH2024 18 Restritted fund5 (Continued) Colleclions Fund This fund represents various donations which have enabled the purchase of conservation materials and cataioguing facilities for the Collections. Comptlter & Telephone Fund This fund represent5 donation5 and grants to cnable the Trust to upgrade its computers and telephone systems. Pern)ission was obtained to de-restrict and release to genern] fim4t Arts Cowicil Englond Cglthre Recovery Funding This fund repr¢5ents grants to fund an intern to assist the Curator with the collection. Perniission was obtained to de- restrict and release to genernl fimd. Small ilemx This fijnd represents a number of small grdnts and donations for a variety of PUTPK)ses. Associalion oflndependeni Museums This fund represents grants from the Association of Independent Museums Biffa History Makers scheme. Fixed assel SerVe This fijnd hold5 the net Ix)ok value of assets purchased using restricted capital funds. Keeping Your Truslees On Track Thls fund repre5¢nts grants to 5UPPOrt the trustee ly)ard development and transition worlL Ileritage Compass This thnd represents grant fund the development of essential skills in business planning. audience development, leadership and change management. with the aim of creatingabetter connected, infonned and r¢silient heritsse landscape across England. Bringing Laughter Back io Pl¢Jyground This fund reprents a grant to increase the interpretation of the playground to include introducing a new schools, session where they learn about and play traditional games. Kickstart Scheme This fund from DWP represents grants help to provide six months of paid employment for young people including employability support to develop their work skills and to help them find future employmenL STOS This fund represents funding for social entery)rise. SIL4RE-Toward,N'ei Zero Carbon - {Lighiirtg) This ftmd represents grant for lighiing. Herifordshire Literacy This fund represents a grdnt to cover core costs over the Covld 19 lockdown. her items This filnd represents smalJ granls for variety of purpose5 -25-
HITCHIN BRITISH SCHOOLS TRUST BIUTISH SCHOOLS MUSEUM NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YE4R ENDED 31 AURCH 2024 19 Lnrestricted fund5 The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors grantors as to how they rnay be used. Th¢5e include designated funds which have been set aside out of unrestricted fwids by the trustees for specific purposes. At l April 2023 Incoming resourees Resources expended Trallsfers At 31 March 21124 General funds 107.127 251.187 (183.158) (2.682) 172,474 Prevlous year: At l Aprfil 2022 Incoming resources Resources ¢xpeoded Transfers At 31 March 2023 General funds 145.485 121.679 (118.367) (41.671) 107.126 School Buildings Designated Fund The Board of Trustees has taken the prudent decision to d¢signat¢ this fund at the carrying value of th¢ freehold land and buildings and associated Tenovalion and restoration Costs because the school buildings are intrinsic to the charitable activities of the Trust and do not represent free rese. Computer Fund The Board of Tn]stees ha5 tsk¢n the decision ts) desi8n* ihis fund to replace obsolete infonnation technology within the museum that see the charitsble activities. 20 Analysts ofDet gsg¢ts between fDnds Unrestricted runds De5igtbated funds Restricted funds Total 2024 2024 2024 2024 At31 March 2024: Tangible assets Current assetsl{liabililies) 8.747 l63.727 239,900 248,647 229,485 65,758 172.474 239.900 65,758 478,132 -26-
HITCHIN BRITISH SCHOOLS TRUST BRITISH SCHOOLS MtiSEUM NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 WCH 2024 20 An21ysis of net assets between funds (Continued) Unrestritted funds Deslgtt2ted funds Restrlcted fuuds Total 2023 2023 2023 2023 At 31 March 2023: Tangible assets Current Lgset&l{liabilities) 25.421 81.705 239.901 265.322 157,697 75.992 107.126 239.901 75.992 423.019 21 Operating lease comrntlments Lessee At the reporting end datetheTtust had outstanding commitment5 for future minimum lease Paytn¢nt5 under non-¢anlIable operating leases, which fall due as follows: 2024 2023 Within one year 994 22 Related party traosactlODS Transactions with related partles During the year the Trust entered into the following transactions with relatrd partics". The Tt 15 SUPPOrted by the Friends of the Hitchin British SCIOIs Museum ('the Friends"). an independent charity (registered number 1016659) which make5 donations to the TrusL -27-