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2023-03-31-accounts

Charity registration number 1018779

Company registration number 02793965 (England and Wales)

ST BARBE MUSEUM AND ART GALLERY

A COMPANY LIMITED BY GUARANTEE

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

ST BARBE MUSEUM AND ART GALLERY

LEGAL AND ADMINISTRATIVE INFORMATION

Chair Sir J H de Trafford
Board Of Trustees S Alderson
P Baker
A Corbridge
C Faint
T Francis
C A Jones
Professor A C King
J A Millard
P A Perry
Professor A Smith
Sir J H de Trafford
A Pritchard (Appointed 12 September 2023)
Senior Management Team M Ragan, Museum Director
Charity number 1018779
Company number 02793965
Registered office St Barbe Museum
New Street
Lymington
Hampshire
SO41 9BH
Independent examiner Fiander Tovell Limited
Stag Gates House
63/64 The Avenue
Southampton
Hampshire
SO17 1XS
Bankers Lloyds TSB PLC
39 High Street
Lymington
Hampshire
SO41 9ZF
Investment advisors LGT Wealth Management
One Lochrin Square
92 Fountainbridge
Edinburgh
EH3 9QA

ST BARBE MUSEUM AND ART GALLERY

CONTENTS

Page
Vision, mission and core value 1
Summary of strategic objectives 2 - 3
Chair's statement 4
Director's report 5 - 7
Trustees' report 8 - 10
Independent examiner's report 11
Statement of financial activities 12
Balance sheet 13
Notes to the financial statements 14 - 28

ST BARBE MUSEUM AND ART GALLERY

VISION, MISSION AND CORE VALUES

Vision

To become the most respected small museum and art gallery in the UK - providing cultural experiences and creative activities for the wider community.

Mission

We will achieve our vision by:

with the aim of diversifying our audience and reaching out to people of varied background, ages and abilities.

Core Values

The integrity of our charity and of everyone who works here is hugely important to us if we are to fulfil our mission and realistically aspire to our vision.

We will be:

By implementing our Mission, striving towards our Vision and living up to our Core Values we intend to create a virtuous circle leading to long-term success.

1

ST BARBE MUSEUM AND ART GALLERY

SUMMARY OF STATEGIC OBJECTIVES

Our Five Year Plan details eight strategic objectives linked together in a virtuous circle:

  1. Make St Barbe a great organisation that attracts and inspires talented people.

  2. Provide our people with improved information, tools and resources - property, plant, IT and equipment.

  3. Enrich the range and quality of our collection and the ways in which it can be accessed.

  4. Develop an innovative, appealing and diverse programme of exhibitions, displays and activities that are evaluated for impact.

  5. Expand and diversify the experiences and activities of our audiences by improving our outreach and the services we provide, online and in-person.

  6. Use marketing creatively to raise our profile, and to increase and diversify our audience, while showcasing our charitable impact.

  7. Attract a larger, more varied and loyal group of donors through a comprehensive fundraising strategy.

  8. Improve financial performance, operational efficiency and environmental standards.

----- Start of picture text -----
Talented
People
Sustainable Right
Finances Tools
Comprehensive
Accessible Collection
Fundraising
Effective Cultural
Marketing Experiences
Creative
Activities
----- End of picture text -----

2

ST BARBE MUSEUM AND ART GALLERY

SUMMARY OF STATEGIC OBJECTIVES

A failure to succeed with any one objective jeopardises overall success. However, by ensuring that our action plans are implemented coherently in all areas we can build momentum around a virtuous circle. Potential for acceleration will come from the successful application to Arts Council England for National Portfolio Status. Additionally, we will focus efforts on any objective which is failing, either through adverse external factors or inadequate attention. This may require us to slow the virtuous circle or in extreme circumstances (such as closure of the museum because of a pandemic) go into reverse and implement contingency plans. It is this flexibility that lies at the heart of our Five-Year Plan.

3

ST BARBE MUSEUM AND ART GALLERY

CHAIR’S STATEMENT FOR THE YEAR ENDED 31 MARCH 2023

A year ago, when I was writing this statement, news had just come through that we had been awarded the status of a National Portfolio Organisation (NPO) by Arts Council England (ACE). Competition for this coveted status and the accompanying funding had been particularly fierce and we were delighted to receive this recognition. For the last five years our vision has been ‘To become the most respected small museum and art gallery in the UK’ and this accolade is recognition that we are on the right track.

A year ago, we also added another phrase to our vision: ‘Providing cultural experiences and creative activities for the wider community.’ With these words we aligned ourselves closely with the objectives of ACE and recognised the enormous strides that we have taken to reach out to an audience of all ages, all backgrounds and all abilities. Maria Ragan will cover these activities in more detail in her Director’s Report.

This is my fifth Chair’s Statement and in each of the previous years I have been able to report a small surplus of income over expenditure. The aim of our strategy ‘Creating a Flexible Future’ is to grow our activities in the community in line with the funding we receive. However, the year to 31 March 2023 was a transition year and we registered a loss. It was the first year in which we gained no benefit from the National Heritage Lottery Fund grant for ‘The Future of St Barbe’, which gave us a wonderful fiveyear programme of funding to relaunch our refurbished museum that was extended into a sixth year by Covid. It was also the year before the National Portfolio Organisation funding by ACE kicked in.

We relied on our small reserves to keep us going and didn’t pull back from our activities, but instead continued to expand them and increased our coverage to more of the rural villages in our designated area. This has allowed us to make a strong start to fulfilling the commitments we made to ACE in applying for NPO status.

In our strategy we recognise that success starts with recruiting and motivating a talented team of staff, trustees and volunteers. At the core of this is our Director, Maria Ragan, who has just completed her first 5 years with St Barbe. Her impact has been truly transformational and I would like to pay tribute to her. Of course, she would be the first to say that she couldn’t succeed without her small but effective team. I will leave it to her in the Director’s Report to cover changes that have occurred.

Amongst the Trustees, I reported in my last letter on changes up to late 2022, but in mid-2023 we were hit by two departures. Very sadly, Bill Porter lost his brave battle with cancer and we will miss him enormously. He chaired our Marketing Committee, provided advice on Information Technology and was always ready to help at events. We will also miss Jackie Neylon, who has decided to retire so that she can provide increasing care for her husband. Fortunately, we have been able to recruit Alison Pritchard and we welcome her to our ranks.

Our team of over a hundred volunteers are fundamental to running a small museum and art gallery. They provide the customer-facing team on the front desk but also support us in the research room, in hanging exhibitions, in hosting events, taking minutes of meetings and numerous other tasks. The team of staff, trustees and volunteers work well together, under Maria’s leadership, and I can’t thank them enough for all that they do for St Barbe.

I must also thank all those who support us from large, national funding organisations to the many individuals who join us as Patrons or Friends. From multi-year grants to small individual donations, we welcome every financial contribution, which allows us to provide cultural experiences and creative activities for the wider community.

Sir John de Trafford Bt. MBE

Chair of Trustees

4

ST BARBE MUSEUM AND ART GALLERY

DIRECTOR’S REPORT

FOR THE YEAR ENDED 31 MARCH 2023

This has been another excellent year for St Barbe. We have produced superb exhibitions, innovative programming and exceptional outreach opportunities for our communities.

Our successful application to the Arts Council England (ACE) National Portfolio Organisation (NPO), has been a huge amount of work to get up and running and to produce the level of documentation required, but we are equal to the task and have really run with this as a project.

Make St Barbe a great organisation that attracts and inspires talented people

As always, our staff and volunteers have continued to be the major asset of the Museum, each working hard and contributing to the success of the Museum in ever more creative ways.

Staff Changes:

Our volunteers are obviously central to the smooth running of the Museum, we are exceptionally grateful to them for their time, energy and enthusiasm.

Provide our people with improved information, tools and resources - property, plant, IT and equipment

We are continuing to develop the website and our CRM system to ensure that they meet our ever growing needs.

The maintenance programme is going ahead slowly. However, we are now ensuring that any changes or amendments to the building take the long-term energy efficiency and sustainability into account.

Enrich the range and quality of our collection and the ways in which it can be accessed

We continue to develop the collection and enhance our knowledge of the collection by hosting Tea and Memory sessions. We are working with the local community and other organisations to build the collection and improve our cataloguing.

Develop an innovative, appealing and diverse programme of exhibitions, displays and events that are evaluated for impact

The ‘History on the High Street’ exhibition displayed the development and history of Lymington High Street, providing details of the history of each building. We also worked with Spud Youth, showing the work of young people on their ideas and vision for the future of the High Street.

The ‘Open’ exhibition continued to be of a very high quality, reflecting the work that we had shown in other exhibitions during the year. ‘Contemporary Cuts’ was an exhibition put on at short notice due to changing schedules. This was contemporary work by a range of printmakers and was very successful. The summer family exhibition ‘Dinosaurs on your Doorstep’ was very successful at bringing in a whole new audience. The autumn exhibition ‘Small Wonders’ was a really lovely celebration of plants, animals and habitats that are under threat. Contemporary Cuts and Small Wonders did extremely well on sales commission for the Museum.

5

ST BARBE MUSEUM AND ART GALLERY DIRECTOR’S REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

In the New Year we had ‘Wycinanki – Polish Paper Cuts’ and ‘Paul Kidby – Discworld’, both very popular with our regular audience and they brought in a variety of new audiences. We finished the year with ‘Scene through Wood’ an excellent exhibition on loan to us from the Ashmolean Museum, Oxford.

We continue to have an excellent relationship with national museums and local collectors. Curators and Access Panel meet to help us make the future programming more community focused. We have developed a Community Panel and are focusing on outreach projects in the local villages and communities

Expand and diversify the experiences and activities of our audiences by improving our outreach and the services we provide, on-line and in person

This year we continued to expand and develop our outreach programming. We continued with the Hampshire Activities and Food programme (HAF) and we are now their most successful project.

With the continued support of the Beaulieu Beaufort Foundation we were able to further develop our ‘St Barbe at Large’, an outdoor pop-up held on the Emsworth Road Recreation Ground and Pennington twice a week during the summer holidays.

With the project funding from the Arts Council England we have continued to increase our outreach and educational activities and have been able to offer most of our activities for free.

Engagement with our Young Curators and Access Panels has continued to increase and their input is important in our future programming.

St Barbe for Ukraine has been an important development this year. We have made the Museum available for teaching English and as a meeting point. We have worked with the other New Forest Agencies to ensure that our Ukrainian guests had have all the support that they would need during this difficult year.

Use marketing creatively to raise our profile, and to increase and diversify our audience, whilst showcasing charitable impact

We are maintaining our excellent relationships with the local press who provide good coverage. Signage on the High Street and directions are much clearer and are helping direct people here. The website is working well and much easier to use and update. Our social media presence is continually developing which helps with our programming and events.

All of our work is professionally evaluated for each event and activity to ensure that we can track the impact of marketing on footfall and impact.

Attract a larger, more varied and loyal group of donors through a comprehensive fundraising strategy

Both our ACE Can’t See the Art for the Trees and NLHF projects come to an end in 2024 and although we have the regular NPO income, we need to work hard to develop new funded projects.

We continue to have amazing support from our Patrons and Friends organisation. We have been able to have a range of fundraising and social events this year which help us develop and expand this support.

6

ST BARBE MUSEUM AND ART GALLERY

DIRECTOR’S REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2023

We are also developing our business partner network and secured a three-year sponsorship with Hallett Independent.

Improve financial performance, operational efficiency and environmental standards

A key priority for the staff and trustee team will continue to be fundraising, since we are an independent charity.

I have regular meetings with Carol Faint, our new Treasurer. We look at operational costs and potential savings. I regularly review contracts to ensure that we are getting value for money.

Both the café and shop continue to be an excellent asset to the Museum. The shop is making a small profit.

This has been a busy and successful year. The Staff, Volunteers and Trustees all feel that we are continuing to develop ever more positive relationships with the community that will help us support them in the future.

Maria Ragan Director

St Barbe Museum and Art Gallery

7

ST BARBE MUSEUM AND ART GALLERY

TRUSTEES’ REPORT

FOR THE YEAR ENDED 31 MARCH 2023

The Trustees, who are directors for the purposes of company law, present the annual report together with the financial statements and independent examiners’ report of the charitable company for the year ended 31 March 2023.

Governing Document

The charity is constituted as a company limited by guarantee and is, therefore, governed by a memorandum and articles of the association.

Recruitment and Appointment of Trustees

All directors of the company are also trustees of the charity and there are no other trustees. The Board has the power to appoint additional trustees as it considers fit to do so.

Trustee Induction and Training

All newly appointed Board members receive appropriate induction involving meetings with other directors and discussions with the Museum Director together with the right to attend any appropriate external courses. All Board members have access to independent advice on any matters relating to their responsibilities as Directors. The Directors are responsible for ensuring that all Board procedures are complied with. Training is undertaken as required during the year.

The trustees who served during the year and up to the date of signature of the financial statements were:

S Alderson P Baler C Faint A Corbridge T Francis C A Jones Professor A C King J A Millard D W Moulton (Resigned 13 September 2022) J Neylon (Resigned 13 June 2023) P A Perry B Porter (Deceased 2 April 2023) Professor A Smith Sir J H de Trafford A Pritchard (Appointed 12 September 2023)

Objectives and Activities

The museum preserves and shares the artefacts, images and stories of the New Forest coastal area, to inspire and deepen its audiences’ understanding of their own cultural identity and sense of place. The flagship galleries host high quality exhibitions, bring art of national significance to Lymington for the benefit of the wider community.

The charity is organised so that all trustees meet regularly to manage its affairs and review matters considered by the individual committees.

8

ST BARBE MUSEUM AND ART GALLERY

TRUSTEES’ REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2023

There have been no material changes since the last Annual Report in the policies adopted by the Trust in the furtherance of the objectives.

Public Benefit

The museum is for the use and benefit of all members of the public.

The trustees confirm that they have complied with the requirements of section 4 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charities Commission for England and Wales.

Financial Review

The Statement of Financial Activities shows a deficit of £102,843 (2022 – surplus of £21,044). Grants and donations of £188,069 (2022 - £402,866) were received together with exhibition and admission income of £65,190 and £32,739 respectively, so contributing to the majority of income for the year of £306,551.

From an operational point of view the museum has generated a deficit of £62,517 (2022 – surplus of £24,191).

Policy on Reserves

Total balances sheet reserves at 31 March 2023 amount to £1,624,352, of which £1,389,792 is restricted. The largest restricted fund is the ‘The Future for St Barbe Fund’ of £1,319,354. This relates to funds (after providing for depreciation) which have been spent on the major capital refurbishment project completed in July 2017. These appear on the Balance Sheet as Fixed Assets under the heading Leasehold.

Of the total reserves, only £148,554 relates to unrestricted funds available to the charity. This level of funding is deemed to be at the minimum level required to support the continuation of the museum’s activities. Day-to-day maintenance and operational requirements place considerable demands on the charity’s resources and do not allow it to build up significant unrestricted reserves. Any further developments will require additional funding from donors. The position is kept under close review to ensure day-to-day administration costs can be met as they fall due.

Risk Management

The Trustees maintain a risk register with risks assessed for the likelihood of crystallising and impact on the charity should they do so. The principal risks and uncertainties are shortage of income, a major incident, failure to attract sufficient volunteers or systems failure. Each risk has mitigation activities associated with it and an identified lead or leads to pursue these activities.

The trustees (who are also directors of St Barbe Museum and Art Gallery for the purposes of company law) are responsible for preparing the trustees’ report and the financial statements in accordance with United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Policies) and applicable law and regulations.

9

ST BARBE MUSEUM AND ART GALLERY

TRUSTEES’ REPORT

FOR THE YEAR ENDED 31 MARCH 2023

Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the trustees are required to:

Select suitable accounting policies and apply them consistently;

The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company’s transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so are as the trustees are aware:

It is not a requirement that the charity be audited but the Trustees have agreed that the charity will be audited every three years with independent examinations in the intervening periods. The last audit was 2022 and the next audit will be 2025.

Small companies provision statement

This report has been prepared in accordance with the small companies regime under the Companies Act 2006.

The trustees' report was approved by the Board of Board Of Trustees.

............................. Sir J H de Trafford Trustee

Date: .............................................

10

ST BARBE MUSEUM AND ART GALLERY

INDEPENDENT EXAMINER'S REPORT

TO THE BOARD OF TRUSTEES OF ST BARBE MUSEUM AND ART GALLERY

I report to the board of trustees on my examination of the financial statements of St Barbe Museum and Art Gallery (the charity) for the year ended 31 March 2023.

Responsibilities and basis of report

As the board of trustees of the charity (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 charity 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 charity’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

Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.

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

Adam Buse ACA Fiander Tovell Limited

Stag Gates House 63/64 The Avenue Southampton Hampshire SO17 1XS

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

ST BARBE MUSEUM AND ART GALLERY

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2023

Unrestricted
Restricted Endowment
funds
funds
funds
2023
2023
2023
Notes
£
£
£
Income and endowments from:
Grants, donations & legacies
2
137,153
50,916
-
Charitable activities
3
142,952
-
-
Investments
4
-
-
140
Other income
5
16,202
-
-
Total income and endowments
296,307
50,916
140
Fundraising and publicity
-
2,306
-
Investment management
-
-
214
Charitable activities
6
358,824
85,739
-
Total expenditure
358,824
88,045
214
Net gains/(losses) on investments
10
-
-
(3,123)
Net movement in funds
(62,517)
(37,129)
(3,197)
Fund balances at 1 April 2022
211,071
1,426,921
89,203
Fund balances at 31 March 2023
148,554
1,389,792
86,006
The statement of financial activities includes all gains and losses recognised in the year.		 Total
Unrestricted
funds
2023
2022
£
£
188,069
181,256
142,952
86,388
140
9
16,202
2,715
347,363
270,368
2,306
-
214
-
444,563
246,177
447,083
246,177
(3,123)
-
(102,843)
24,191
1,727,195
186,880
1,624,352
211,071		 Restricted
Endowment
funds
funds
2022
2022
£
£
206,691
14,919
-
-
-
-
-
-
206,691
14,919
-
-
-
167
233,627
-
233,627
167
-
9,037
(26,936)
23,789
1,453,857
65,414
1,426,921
89,203		 Total
2022
£
402,866
86,388
9
2,715
491,978
-
167
479,804
479,971
9,037
21,044
1,706,151
1,727,195

All income and expenditure derive from continuing activities.

ST BARBE MUSEUM AND ART GALLERY

BALANCE SHEET

AS AT 31 MARCH 2023

Notes
Fixed assets
Tangible assets
12
Investments
13
Current assets
Debtors
14
Cash at bank and in hand
Creditors: amounts falling due within
one year
15
Net current assets
Total assets less current liabilities
Capital funds
Endowment funds
17
Income funds
Restricted funds
18
Unrestricted funds		 2023
£
£
1,474,318
85,772
1,560,090
51,847
137,864
189,711
(125,449)
64,262
1,624,352
86,006
86,006
1,389,792
148,554
1,624,352		 2022
£
£
1,519,237
88,969
1,608,206
106,080
141,088
247,168
(128,179)
118,989
1,727,195
89,203
89,203
1,426,921
211,071
1,727,195		 2022
£
£
1,519,237
88,969
1,608,206
106,080
141,088
247,168
(128,179)
118,989
1,727,195
89,203
89,203
1,426,921
211,071
1,727,195
1,608,206
118,989
1,727,195
89,203
1,426,921
211,071
1,727,195

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 2023.

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 .........................

.............................. Sir J H de Trafford Trustee

Company registration number 02793965

ST BARBE MUSEUM AND ART GALLERY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

1 Accounting policies

Charity information

St Barbe Museum and Art Gallery is a private company limited by guarantee incorporated in England and Wales. The registered office is St Barbe Museum, New Street, Lymington, Hampshire, SO41 9BH.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.

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

The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. 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 charity 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

The Statement of Recommended Practice (SORP) for Accounting and Reporting by Charities defines reserves as income which becomes available to the charity and is to spend at the Trustees’ discretion in furtherance of any of the charity’s objects, but which is not yet spent, committed or designated. This definition of reserves therefore excludes restricted and designated funds and income funds which could only be realised by disposing of fixed assets held for charity use.

Unrestricted reserves are held for three specific reasons:

1 To protect the charity in the event of a loss of income for a period of up to three months;

2 To safeguard the charity from an unexpected but essential one-off cost; or

3 To provide sufficient funds to enable the charity to be able to pay both salary and overhead costs for a period of three months.

This would require minimum reserves of £60,000. The amount of reserve held at 31 March 2023 is £9,754 (2022: £70,462) as per note 20. This reduction is due to the end of our five year National Heritage Lottery Funding and we will be working hard in future years to build our reserves back up to our required minimum.

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 long term investments managed by LGT Wealth Management via the Charities Aid Foundation allowing income drawdown for a specific number of year after which the capital will become available.

1.4 Income

Income is recognised when the charity 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.

ST BARBE MUSEUM AND ART GALLERY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

1 Accounting policies

(Continued)

Cash donations are recognised on receipt. Other donations are recognised once the charity 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 charity 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.

Grants receivable are recognised when the three following conditions are met:

Membership income is recognised when received on the basis that the museum will incur no further costs in relation to this against which the income would normally be deferred.

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.

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.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements 2% Straight line basis
Fixtures and fittings 15% Straight line basis
Office equipment 25% Straight line basis
Gallery equipment 15% Straight line basis

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 charity. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

ST BARBE MUSEUM AND ART GALLERY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

1 Accounting policies

(Continued)

1.8 Impairment of fixed assets

At each reporting end date, the charity 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 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.

1.10 Financial instruments

The charity 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 charity's balance sheet when the charity 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.

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 payments 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 charity’s contractual obligations expire or are discharged or cancelled.

1.11 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 charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

ST BARBE MUSEUM AND ART GALLERY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2023

1 Accounting policies

(Continued)

1.12 Retirement benefits

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

ST BARBE MUSEUM AND ART GALLERY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

2 Grants, donations & legacies

Unrestricted
Restricted
funds
funds
2023
2023
£
£
Donations and gifts
77,394
-
Grants received
59,759
50,916
Reimbursement of staff costs
-
-
137,153
50,916		 Total
Unrestricted
Restricted
Endowment
funds
funds
funds
general
2023
2022
2022
2022
£
£
£
£
77,394
19,568
53,842
-
110,675
148,142
152,849
14,919
-
13,546
-
-
188,069
181,256
206,691
14,919		 Total
2022
£
73,410
315,910
13,546
402,866

ST BARBE MUSEUM AND ART GALLERY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

3 Charitable activities

Patrons & Friends of St Barbe
Admission income
Sponsorship
Workshops
Exhibitions
Exhibitors entry fees
Education		 2023
£
34,936
32,739
4,500
480
65,190
804
4,303
142,952		 2022
£
32,388
21,342
5,000
1,479
19,297
5,859
1,023
86,388

Exhibition income is high in 2023 as a consequence of £51,669 received on sale of artists works. Included within exhibition costs (note 7) is £35,637 paid to exhibitors in respect of these sales.

4 Investments

**Endowment ** Unrestricted
funds funds
general
2023 2022
£ £
Income from listed investments 138 -
Interest receivable 2 9
140 9

5 Other income

**Unrestricted ** Unrestricted
funds funds
2023 2022
£ £
Other income 16,202 2,715

Other income in 2023 includes £7,520 which was charged to the café for rent and utilities compared to £1,250 in 2022, being abated in recognition of COVID lockdowns. Also included is £6,330 of finance charges to NFDC for parking clock sales which included a catch up for prior periods.

ST BARBE MUSEUM AND ART GALLERY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2023

6 Charitable activities

Depreciation and impairment
Share of support costs (see note 7)
Share of governance costs (see note 7)
Analysis by fund
Unrestricted funds
Restricted funds		 2023
£
61,112
368,250
15,201
444,563
358,824
85,739
444,563		 2022
£
-
467,700
12,104
479,804
246,177
233,627
479,804

In the prior year restricted depreciation was included in support costs. In the current year restricted depreciation has been posted directly to restricted charitable activities.

7 Support costs

Staff costs
Depreciation
Establishment costs
Finance costs
Administration
costs
Information
technology
Other support costs
Human resources
Exhibition costs
Audit fees
Accountancy
Legal and
professional
Analysed between
Charitable activities		 Support
costs
Governance
costs
£
£
152,740
-
2,481
-
52,139
-
7,141
-
22,644
-
6,568
-
5,344
-
1,928
-
117,265
-
-
4,600
-
9,601
-
1,000
368,250
15,201
368,250
15,201		 2023
Support costs Governance
costs
£
£
£
152,740
200,053
-
2,481
63,823
-
52,139
37,800
-
7,141
5,649
-
22,644
22,401
-
6,568
9,881
-
5,344
3,899
-
1,928
3,888
-
117,265
120,306
-
4,600
-
3,875
9,601
-
8,229
1,000
-
-
383,451
467,700
12,104
383,451
467,700
12,104		 2022
£
200,053
63,823
37,800
5,649
22,401
9,881
3,899
3,888
120,306
3,875
8,229
-
479,804
479,804

ST BARBE MUSEUM AND ART GALLERY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

7 Support costs

(Continued)

Staff costs for 2023 include £14,523 funded by grants (2022: £91,487).

Governance costs includes payments to the auditors of £4,600 in respect of independent examination (2022 - £3,875 for audit fees).

8 Board Of Trustees

No trustees were reimbursed expenses from the charity during the year. In the prior year three trustees received a total of £723 of reimbursed expenses relating to costs incurred on behalf of the charity in relation to an event. No additional benefits were received in the current and prior year.

No trustees, nor any persons connected with them, have received any remuneration from the charity during the current or prior year.

The charity arranges cover of £1,000,000 for the trustees against liabilities in relation to the charity (2022 - £1,000,000).

Donations made by the trustees without any conditions attached totalled £1,000 for the year (2022 - £920).

9 Employees

The average monthly number of employees during the year was:

Employment costs
Wages and salaries
Social security costs
Other pension costs		 2023
Number
7
2023
£
143,010
7,017
2,713
152,740		 2022
Number
10
2022
£
187,221
9,905
2,927
200,053

Wages and salaries in the current year include £14,523 funded by grants (2022 - £91,487). The full payroll cost is shown above.

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

Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2023 2022
£ £
Aggregate compensation 51,682 50,417

ST BARBE MUSEUM AND ART GALLERY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

10 Net gains/(losses) on investments

**Endowment ** Endowment
funds funds
general general
2023 2022
£ £
Revaluation of investments (3,123) 9,037

11 Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxationof Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

12 Tangible fixed assets

Leasehold
improvements
Fixtures and
fittings
£
£
Cost
At 1 April 2022
1,560,841
189,176
Additions
-
121
At 31 March 2023
1,560,841
189,297
Depreciation and impairment
At 1 April 2022
124,868
112,961
Depreciation charged in the year
31,217
28,388
At 31 March 2023
156,085
141,349
Carrying amount
At 31 March 2023
1,404,756
47,948
At 31 March 2022
1,435,973
76,215		 Office
equipment
£
20,097
550
20,647
13,170
2,128
15,298
5,349
6,927		 Gallery
equipment
£
610
18,003
18,613
488
1,860
2,348
16,265
122		 Total
£
1,770,724
18,674
1,789,398
251,487
63,593
315,080
1,474,318
1,519,237

ST BARBE MUSEUM AND ART GALLERY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2023

13 Fixed asset investments

Listed
investments
Other
investments
£
Cost or valuation
At 1 April 2022
88,869
100
Additions
29,153
-
Valuation changes
(2,859)
-
Disposals
(29,491)
-
At 31 March 2023
85,672
100
Carrying amount
At 31 March 2023
85,672
100
At 31 March 2022
88,869
100
2023
Other investments comprise:
Notes
£
Investments in subsidiaries
20
100
The listed investments relate to the endowment fund.
14
Debtors
2023
Amounts falling due within one year:
£
Trade debtors
6,915
Other debtors
34,226
Prepayments and accrued income
10,706
51,847		 Total
£
88,969
29,153
(2,859)
(29,491)
85,772
85,772
88,969
2022
£
100
2022
£
2,873
95,773
7,434
106,080

Other debtors include £17,116 of grant income relating to 2023 but not received until after the year end (2022 - £66,792) and £2,093 of exhibition tax credit also received after the year end (2022 - £11,492).

ST BARBE MUSEUM AND ART GALLERY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

15 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
Other taxation and social security
Trade creditors
Amounts owed to subsidiary undertakings
Other creditors
Accruals and deferred income		 2023
£
5,075
9,488
86,268
1,797
22,821
125,449		 2022
£
3,784
28,394
80,519
2,275
13,207
128,179

16 Retirement benefit schemes

Defined contribution schemes

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

The charge to profit or loss in respect of defined contribution schemes was £2,713 (2022 - £2,927).

Contributions which are unpaid as at the balance sheet date total £809 (2022 - £677).

ST BARBE MUSEUM AND ART GALLERY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

17 Endowment funds

Endowment funds represent long term investments held with the Charities Aid Foundation for a specific number of years after which drawdown of the capital sum will be available. Income arising on the endowment funds can be used in accordance with the objects of the charity and is included as unrestricted income. Any capital gains or losses arising on the assets form part of the fund.

Movement in funds Movement in funds Movement in funds Movement in funds Movement in funds Movement in funds
Balance at Incoming Resources Revaluations Balance at Incoming Resources Revaluations Balance at
1 April 2021 resources expended gains and 1 April 2022 resources expended gains and
31		 March 2023
losses losses
£ £ £ £ £ £ £ £ £
Expendable endowments
Endownment fund 65,414 14,919 (167) 9,037 89,203 140 (214) (3,123) 86,006
65,414 14,919 (167) 9,037 89,203 140 (214) (3,123) 86,006

ST BARBE MUSEUM AND ART GALLERY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

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:

Balance at
1 April 2021
£
The Future of St Barbe (Leasehold improvements)
1,437,709
Coin Hoard Fund
16,148
Celtic Coin Hoard Fund
-
Can't see the Arts for the Trees (Arts Council)
-
Gallery Equipment
-
National Lottery Heritage Fund
-
1,453,857		 Movement in funds
Incoming
resources
Resources
expended
Balance at
1 April 2022
£
£
£
147,613
(206,594)
1,378,728
-
-
16,148
47,342
(27,033)
20,309
11,736
-
11,736
-
-
-
-
-
-
206,691
(233,627)
1,426,921		 Movement in funds
Incoming
resources
Resources
expended
Transfers
31
£
£
£
-
(59,374)
-
-
-
-
-
(2,306)
(18,003)
33,800
(7,511)
-
-
(1,738)
18,003
17,116
(17,116)
-
50,916
(88,045)
-		 Balance at
March 2023
£
1,319,354
16,148
-
38,025
16,265
-
1,389,792

ST BARBE MUSEUM AND ART GALLERY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

18 Restricted funds

(Continued)

The Future of St Barbe Fund (Leasehold improvements)

This fund is in respect of the 'Future of St Barbe Project' to improve public services and enhance the St Barbe venue, enabling the organisation to be more resilient in the long term.

Coin Hoard Fund & Celtic Coin Hoard

Monies donated specifically for the acquisition and display of Roman coin collections.

Can't see the Arts for the Trees

This fund is in respect of Arts Council funding to help the museum broaden and diversify its audience and to develop an enthusiasm for the museum and all cultural experiences in the New Forest. The fund will help to deliver a wide range of physical and virtual events, activities and workshops in full consultation with our partners and our visitors.

Gallery Equipment

Monies transferred from the Celtic Hoard Fund for the acquisition of display case and graphics equipment.

National Lottery Heritage Fund

This funding relates to a project to connect communities with their heritage and strengthen community ownership of collections. The aim is to actively encourage participation by outreach work in the community settings and targeted events at the Museum.

19 Analysis of net assets between funds

Unrestricted
funds
Restricted
funds
Endowment
funds
2023
2023
2023
£
£
£
Fund balances at 31 March 2023 are represented by:
Tangible assets
138,700
1,335,618
-
Investments
100
-
85,672
Current assets/(liabilities)
9,754
54,174
334
148,554
1,389,792
86,006		 Total
Unrestricted funds
2023
2022
£
£
1,474,318
140,509
85,772
100
64,262
70,462
1,624,352
211,071		 Restricted
funds
Endowment
funds
2022
2022
£
£
1,378,728
-
-
88,869
48,193
334
1,426,921
89,203		 Total
2022
£
1,519,237
88,969
118,989
1,727,195

ST BARBE MUSEUM AND ART GALLERY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

20 Subsidiaries

Details of the charity's subsidiary at 31 March 2023 is as follows:

Name of undertaking Registered Nature of business Class of % Held % Held
office shares held Direct Indirect
The St. Barbe Trading St Barbe Museum
Running gift shop at St Barbe		 Ordinary 100.00
Company Limited New Street Museum
Lymington
Hampshire
SO41 9BH

The aggregate capital and reserves and the result for the year of subsidiaries excluded from consolidation was as follows:

Name of undertaking Profit/(Loss) Capital and
Reserves
£ £
The St. Barbe Trading
Company Limited 5,799 1,345