Docusign Envelope 10.. 79630871-1e15-46E&B561>72E885AE653F Charity reglslration number 1018779 Company registration number 02793965 (England and Wales) ST BARBE MUSEUM ANDART GALLERY A COMPANY LIMITED BY GUARANTEE ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 *AEH9GLIS• 121121202S COMPANIES HOUSE A03
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Oocusign Envelope10'. 7963087l-1E16E&BSs0-72E88sAE653F ST BARBE MUSEUM ANDART GALLERY LEGAL AND ADMINISTRATIVE INFORMATION Chalr Sir J H de Trafford Board Of Truslees S Alderson T Francis C A Jones Professor A C King J A Millard PAPery ProfessorA Smith Sir J H de Trafford A Pritchard N J McLocklin S E Cheers A J Burton A Scopes A Sperryn-Jones (Appointed 4 June 2024) (Appointed 17 Seplember 2024) (Appointed 16 September 2025) (Appointed 16 September 2025) Senlor Managemeni Te•m M Ragan. Museum Director Charlty number 1018779 Company numb•r 02793965 Regl•ler•d offlc• St 8arbe Museum New Street Lyrnington Hampshire S041 9BH Independent examlner Flander ETL Stag Gates House 83164 The Avenue Soulhamplon Hampshire S017 1XS Bankers Lloyds TS8 PLC 39 High Street Lyminglon Hampshire S0419ZF Investment advlsors Schroder Unit Trusts Limited PO Box 1402 Sunderland SR43 4AF
Dowsign EnlOpe ID.. 79630871-1E1546E&B560.72E885AE653F ST BARBE MUSEUM AND ART GALLERY CONTENTS Page Vision, mission and Gore values Summary of strategic objectives Chaivs stalemenl Direclorfs report Trustees. report 8-10 Independent examiners report 11 Slalemenl of financial activities 12 Balance sheet 13 Statement of cash flows 14 Nole5 to Ihe financial statements 15-27
Docusign Envelope ID.. 79630871.1E1546E5-B56¢>72E865AE653F 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- Art, History and Community. Mission We will achieve our vision by.. a) Making St Barbe a great organisation that attracts and inspires talented people - staff, volunteers. Friends, Trustees, contractors, partners and others. b) Working with our community lo improve the range of cultural experiences and creative activities for our audiences through the way In which we o Collect, interpt and make accessible the cultural heritage of the New Forest and its coastline Deliver world class exhibitions and events Produce innovative cultural programmes and activitie$, including via the web Encourage the participation of the wider community in creative pursuits Inspire greater respect for the planet and lake a lead in developing more sustainable practices with the aim of diversifying our audience and reachlng out to people of varied background, ages and abilities. c) Attracting a larger, varied and loyal group of Donors, Patrons, Friends and revenue-generating visitors to provide a financially resilient base for our expanding activities. Corn Values The integrity of our ¢harity and of everyone who works here is hugely important to us ifwe are to fulfil our mission and realistically aspire to our vision. We will be.. Creative- in everything we do and in how we listen to, inspire and collaborate with others Demandlng- of ourselves and of all our working practices. including our approach lo sustainability Fair- in our approach lo increasingly diverse audiences, supporters, colleagues. partners and others By implementing our Mission, striving towards our Vision and living up to our Core Values we intend to create a virtUOUS Circle leading to long-temi success.
DO$ Envelope ID.. 79630871-1EI &46E&8560-72E6BSAE6S3F ST BARBE MUSEUM AND ART GALLERY SUMMARY OF STATEGIC OBJECTIVES Our Five Year Plan details eight strategic objectives linked together in a virtuous circle.. Make St Barbe a great organisalion Ihat 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 chantable 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. Talented People Sustainable Finances Right Tools Comprehensive Fundraising Acces55ble Collectlon Efrfeclive Cultural MarkeiinB Expefiences Creative Activities A failure to succeed with any one objective jeopardises overall success. HovVer, by ensuring Ihal our action plans are implemented coherently in all areas we can build momentum around a virtuous circle. Conversely. y might have to 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 lo go into reverse and implement contingency plans. It is this flexibility that lies at the heart of our Five-year Plan.
Doojslgn Envelope 10.. 79630871-1 E1MES-8S672EaSAE6s3F ST BARBE MUSEUM ANDART GALLERY CHAIR'S STATEMENT FOR THE YEAR ENDED 31 MARCH 2025 A year ago. I wrote about the difficulties facing arts organisations in obtaining funding, despite their proven benefits to the UK economy and to the well-being of the local population. If anything. the situation has worsened since then. because Local Authorities and Central Government are struggling with the rising demands for both health and welfare. This has led to very strong competition from other arts and cultural organisations for our normal sources of external funding and a realisation that long term financial resilience requires Sl Barbe to develop new and direGlly Controlled sources of funding. Looking ahead to an uncertain future, we stsrt wth a strong foundation. Several years ago, we developed our Vision, Mission and Values. Other than fine tuning, these remain unchanged. We also developed a long-terrn plan titled 'Creating a Flexible Fulure,, which is updated every year. This sets out in detail our strategies and the plans to implement them. However, flexibility is built into this approach 80 that we can accelerate or pause activities depending on our success in raising funds. A significant innovation in 2024 was to mount a major maritime festival, called Lymington Afloat, that ran from September to December. This consisted of major exhibition al Sl Barbe, a Town Trail highlighting local businesses, a Festival Weekend which opened up the river to the wider community and a programme highlighting the wonderful career opportunities in the maritime sector. It raised the profile of Lymington as a major marilime centre and supported the local economy. St Barbe has long had a flourishing Friends organisation but one legacy of Lyminglon Afloat is the new business relationships il has opened up and the development of closer relationships with the local Lymington & Pennington Town Council. The financial benefits of this were seen in a slighlly larger surplus for Ihe year of £21,901, which allovts us to continue the task of rebuilding a small reserve. However, we recognise thal this reserve Is insufficient in these uncertain times. We have therefore embarked on a major project to further diversify our funding. The Business Partner scheme has been relaunched and is gaining momentum. We are also building new relationships with high-net-worth individuals that live locally. Many of them have done well financially and are open to supports'ng initiatives that help some of the least privile9ed in the local community St 8arbe has developed a stron9 set of programmes and capabilities thal allow us to reach out to all ages, from pre-school to dementia sufferers, to all backgrounds, from Ukrainian refugees to local children on free school meals, and to all abilitie5, from those with physical challenges to our expanding neurodiverse group. Increasingly we are also moving activities into the New Forest villages that are relatively cut off and deprived of access to culture. Three new fund-raising initiatives were launched in early 2025 - an on-line art auction, a gala new year concert and a series of heritage talks. Rather than fun-runs or other common Charity events, these play to our cultural heritage. They also build on the well-e5tablished Lymington Open Garden scheme which has been running for many years. Eady indications for these new initiatives are promising. I have written in previous reports about my firm belief that our number one priority is to recruit good people to serve St 8arbe. We are fortunate lo have a dedicated small staff group under our Director, Maria Ragan. They in turn lead a team of over 100 volunteers and a much smaller number of paid freelancer5. My thanks go out to all of them because they really make a difference. This has been recognised by winning awards from independent panels. I wll leave Maria to cover those in her Directors Report.
Docusi9n Envelope10.. 79630871.IE1&48E5_8560_72E8B5AE653F ST BARBE MUSEUM AND ART GALLERY CHAIR'S STATEMENT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 The other important group of volunteers is our Trustees, vtho don't just provide direclion but roll up their sleeves and support many of our aclivilies. At the end of 2024 we said farewell lo Prue Barker who has reb'red as a Trustee and Chairofthe Fnends. In early 2025 Carol Faint retired as Treasurer but continues to provide very valuable accounting support. Since the end of the financial year, we have also said goodbye to Anne Corbndge who is moving away from Lymington. Jeff Lock and Marc Heighway have also resigned after much shorter terms as Trustees for different personal reasons. We wish them all well and know that they will continue to support us. During 2024 we took part in a national scheme to recruit Young Trustees, with the aim of providing a wider range of viewpoints. We were very pleased to appoint Saoirse McKnight Posner and Frankie Tucker as Trustees, although Frankie decided to stand down in September 2025. They operate alongside the existing trustees in every way, but do not appear on the official lists because they do not also carry the responsibility of being company directors. Al the beginning of 2025. 1 announced my intention to retire at the end of the year. We took a decision to appoint Alison Pritchard and Neil McLocklin as Deputy Chairs to 5UPPOrt the transition. l am very grateful for all the work they have put in to ensure that we don't lose momentum. We will soon be in position to report on succession plans. That leaves me with final thanks to all those who have supported me as Chair over the past seven and a half years, especially those who have funded our activities. While the major funding may have come from public bodies, trusts and foundations, l am particularly grateful lo Ihe many individuals who have 5UPPOrted us as Friends, Patrons or Business Partners. Without you we could not have done so much for the wider community in the coastal areas of the New Forest. Thank you all so very much. gir IL TrAfvI Sir John de Trafford Bt. M8E Chair of Trustees 0911212025
DoSign Envelvpe ID.. 79630871.1 E1N6E&B5W72E8B5AE653F ST BARBE MUSEUM AND ART GALLERY DIRECTOR'S REPORT FOR THE YEAR ENDED 31 MARCH 2025 This has been a very good year for St Barbe Museum + Art Gallery. We have continued to win awafds.. Employer of the Year from Brockenhurst College, recognising the work we have been doing with the college on work placements and careers; the second was our Bronze Carbon Literacy award as a Carbon Literate Organisation from the Carbon Literacy Trust. We continue to produce superb exhibitions, innovative programming and exceptional outreach opportunities for all our communities. We continue lo work hard on our Arts Council England (ACE) National Portfolio Organisation (NPO) programme and have had some excellent feedback from ACE. Make St Bart)e a great organisation that attracts and Inspires talentod people 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 creatlve ways. Staff Changes.. Rachel Palmer hasjoined us as an Office Assistant to help u5 Wlth our migration to SharePoint. Due to a reduction in income, especially from Council sources, we ran a redundancy process which resulted in most roles having a reduction in hour5, but fortunately, no redundancies. Our volunteers continue lo play a central to the smoolh running of the Museum, we are ever grateful to them for their time, energy and enthusiasm, Provlde our people wlth Improved Informatlon, tools and r•sourc•8 prop•rty, pl•n( IT and •qulpment We are continuing to develop the website and our CRM system to ensure that they meet our ever- growing needs. Our IT syslem is being transitioned to SharePoint. The work is being undertaken by Rachel Palmer and assisted by Trustee, Neil MGLoGklin. We have applied for funding to help us deal with the acce$$, maintenance and sustainability issues in the Museum- this is through the ACE MEND fund arKI the Community Infrastructure levy, Enrlch the range and quallty 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, churches, railway stations and other organisats'ons to build the collection and improve our cataloguing. We have taken on new research volunteers who are helping with all ourvisitor enquiries. We have been focusing on out contemporary collecting, usln9 social media. Develop an innovative. appealing and diverse programmo of exhibitions, displays and events that are evaluated for impact Theo en Exhibition is the annual opportunity for our community to display their creative works of art and have them available for sale. The quality ofthe work is truly amazing and we were very successful with sales this year. In UNCOMMONERS acclaimed photographer Steve Poole crealed a study of the New Forest unlike any other.. a series of environmental portraits that shed light on the vibrant, idiosyncratic human ecosystem at the heart of one of the UK'S most beloved National Parks. The exhibition included 70 photographs from a project Steve spent eighteen months working on and included extraordinary pictures of New Forest commoners, spectacular shots of athletes and intimate portraits of workers, hobbyists, conservationists and artists, all captured among the area's beautiful landscapes-.
Docuslgn Envèlopè ID.. 7963o871-1E1546ES-B5672E8B5AE6s3F ST BARBE MUSEUM AND ART GALLERY DIRECTOR'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Mechanics Alive was a family-friendly exhibilion that brilliantly combined art, science, engineering and humour. Perfect for visitors of all ages, il was a hands-on experience that fascinated and entertained with beautifully hand-crafted automata mechanical sculptures Ihat came to life at the press of a button. Each piece was a mini masterpiece, showcasing intricate designs and clever mechanism5 that not only offered endless fun but also provided insight into the ingenious engineering behind them. ton Afloat was a major exhibition which explored the river's vital role in shaping the social and commercial fabric of Lymington. From its historical significance to ils modern-day impact. the exhibition delves into how the river has influenced both community and industry. The exhibition displayed the pioneering work of loGal marine designers. engineers and builders frorn the earliest days to the present. Visitors gained a comprehensive understanding of how the river has been central to Lymington's development, from the flourishing sall industry on ils banks to its current reputation for groundbreaking yacht design. The river has always been a lifeline for the town, providing sheltered anchorage, facilitating trade routes and driving the maritime economy. Today,11 remains crucial as a hub for visitors. link lo the Isle of Wight and a dynamic natural environment facing the challenges of climate change and increased river traffic. While much attention Is often given to the river's final stretch towards the sea, the exhibition also explored the lesser-known northern waters, where the river rises in the heart of the New Forest and Ilows through diverse habitats that make il one of Britain's richest rivers for wildlife. Shorelines Sk lines was a unique exhibition examining contemporary artists, interest in the boundaries befvleen sea and land, sea and sky and the skylines of urban and rural settings. It featured nine leading printmakers using a range of media Including wood engraving. linocut, screenprint and lithography lo explore the places where the elemen15 meet., along the Bntish coast, in cities and suburbs or out in field and copse. Their handling of the subjects ranged from the dramatic to the serene, reflecting diverse artistic styles and visions. Expand and div•rnify lh• eXrIenceS and activiti•$ of ouraudiences by improving our outreach and the 8ervlc08 we provldè. on-llne and In pernon We have again continued to expand and develop our outreach programming. We continued our Hampshire Activities and Food programme (HAF) and V are now their most successful and award- nning project. With the on-going support ofthe Beaulieu Beaufort Foundation, we were able lo continue our 'SI Barbe at Large,, an outdoor pop-up held on the Emsworth Road Recreation Ground and at Pennington twice week during the summer holidays. We have continued to expand our outreach offer and have developed activities in village locations across the forest. We have worked closely with Culture in Common and many other organisalions lo develop a D Day exhibition which toured 9 local villages during the commemorations in June along with many other Community projects. The Young Curators and Access Panels are 90ing from strength to strength, and their input is important in our future planning and programming.
Ooojslgn Envelope ID.. 79630871-1E15.46ES-B561>72E885AE853F ST BARBE MUSEUM AND ART GALLERY DIRECTOR'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Use marketlng creatively to raise our profile, and to increase and divernify our audience, whilst showcasing charitsble impact We are continuing to develop excellent relationships with the local press who give us good coverage. We are now providing them with regular content for features in the weekly paper. Signage on the high Street and directions are much clearer and are helping direct people here. The website is working well, and our social media presence is continually developing. which helps with our programming and events. All ol 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 laryer, more varied and loyal group of donors through a comprehensive fundraising strategy Our ACE NPO funding is our major source. bul we are currently working hard lo develop new projects to attract a wider range of donors. We are developing a recurring programme of direct fund-raising events in¢ludin9 an art auction and concert which we hope will increase our profile and income in the coming year. We are continuing lo develop our relationship with Lymington and Pennington Town Council and are hoping for more regular support from them. We continue lo have amazing support from our Patrons and Friends organisation. We have had a range of fundraising and social events this year, vthich help us develop and expand this support. We are also increasing our business partner network and secured a further three-year sponsorship wth Hallett Independent. lfflprove financial performance, operational efficiency and environmental standards A key priority for the staff and Iruslee team will continue lo be fundraising. With the help of other members of staff, l am now spending at least two days per bveek fundraising This approach has been reasonably successful, but we need now lo concentrate on larger funding packa9es. With the Core group, 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 continuing to make a small profit. Carbon Literacy Training has now been fully rolled out and many of our exhibitions help spread the message of environmental awareness. This has been a busy and Successful year. The Staff, Volunteers and Trustees all feel that we have developed ever more positive relationships with the community, local and district councils and other supporters. Maria.Ragan Director St Barbe Museum and Art Gallery
Docusign Envelope ID.. 79630871.IE1546E5_B560.72E8B5AE653F ST BARBE MUSEUM AND ART GALLERY TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2025 The Trustees, who are directors for the purposes of company law, present the annual report together with the financial statements and auditors, report ofthe charitable company for the year ended 31 March 2025. Goveming Docum•nt The charity is Constituted as a company limited by guarantee and is, therefore, governed by memorandum and articles oflhe association. Recruitment and Appointment of Trustees All directors ofthe 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 appropfiate induction involving meetings with other directors and discussions with the Museum Director together with the ri9hl 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 8oard procedures are complied wrth. Training is undertaken as required during the year. The trustees who served during the year and up to the date of signature of financial statements were.. S Alderson A Burton S E Cheers T Francis C A Jones Professor A C King N J McLocklin J A Millard PAPerry Professor A Smith A Pritchard A Scopes A Sperryn-Jones Sir J H de Trafford (Appointed 17 September 2024) (Appointed 4 June 20241 (Appointed 16 September 2025) (Appointed 16 September 2025) Trustees vtho resigned during the year and up to the date of signature are.. C Faint A Corbridge M Heighway J Lock (Resigned 11 March 2025) (Resigned 16 September 2025) (Appointed 12 December 2024, Resigned 30 July 2025) (Appointed 17 September 2024, Resigned 30 July 2025) Objectives and Activities The museum preserves and shares the artefact5, images and stories of the New Forest coastal area. to inspire and deepen its audiences, understanding of Iheir own cultural identity and sense of place. The flagship galleries host high quality exhibitions bringing art of national significance to Lymington for the benefit of the véider community. The charity is or9anised so that all trustees meet regularly to manage its affairs and review matters considered by the individual committees. There have been no material changes since the last Annual Report in the policies adopted by the Trust in the furtherance of the objectives.
Docuslgn Envelope ID.. 79630871-1 E1 S46E5-B572E88sAE653F ST BARBE MUSEUM AND ART GALLERY TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2026 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 £35,491 {2024'. £85,102 deficit). Grants and donations of £310.117 {2024'. £363,657) vRre received together with exhibition and admission income of£31,470 and £34,136 respectively, so contributing io the majority of income for the year of £506,871 (2024., £478,148) From an operational point of view the museum has generated a surplus of £21,901 (2024., surplus of £6,003). Policy on Funds Total balance sheet funds as at 31 March 2025 amount to£1,503,759, ofwttich £1,248.212 is restricted. The largest restricted fund is the 'The Future for St Barbe Fund, of £1.209,027. This relates lo funds (after providing for deprecialionl 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 Ihe total funds, only £176,458 relates to unrestricted funds available to the charity. This level of funding is deemed to be at the minimum level required to support the continualion of the museum's activities. Day-to-day maintenance and operational requirements place considerable demands on the charity's resources and do nol allow it lo build up significant unrestricted reser4es. 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 Ilkelihood of crystallising and impact on the charily 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 il and an identified lead or leads lo pursue these activities. ststement of trustees responslbllllles The trustees (who are also directors of St Barbe Museum and Art Gallery for the purpose3 of company lawl are responsible for preparing the trustees, report and the financial statements in accordance with United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounts'ng Policies) and applicable law and regulations. 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 ofthe charitable company and of ils 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 Ihem consistently., Observe the meihods and principles in the Charities SORP., Make judgements and estimates Ihal are reasonable and prudent., stale whetherapplicable UK Accounting Standards have been followed, subjectta any material departures disclosed and explained in the financial statements., and Prepafe the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
Docusign Envelope10.. 79630871-1E1546E5-B560-72E8B5AE653F ST BARBE MUSEUM AND ART GALLERY TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitsble company's transactions and disclose wth 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 asseis of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Disclosure of infomiation In so are as the trustees are aware.. There is no relevant audit information ol the charitable company's auditor is unaware; and The trustees have taken all steps thal they ought to have taken to make themselves aware of any relevant audit information and to ensure that the auditor is aware of that information. It is not a requirement that the charity be audited but the Trustees have agreed thal the Charity will be audited every three years with independent examinations in the intervening periods. The lasl audit was 2022 and the next audit will be as agreed by the Trustees. Small companleg provislon 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 Trustees. Sir J H de Trafford Trust•• Date.. 0911212025 10
Docusign Envelope10'. 7963o871-1E1&46E5-B5672E8B5AE6S3F ST BARBE MUSEUM AND ART GALLERY INDEPENDENT EXAMINER'S REPORT TO THE BOARD OF TRUSTEES OF ST BARBE MUSEUM AND ART GALLERY I report lo the board of Iwstees on my examination of the financial statements of Sl Barbe Museum and Art Gallery (the chaiityl lor the year ended 31 March 2025. Responslbllllles and basls of report As Ihe board of truslees of the chaTty land 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 Ihe Companies Act 2006. Having satisfied mysell thal the flnancial slalemenls ol the chorlty are not Tequired lo be audited under Part 16 01 the Companies Act 2006 and are eli9ible for independent examination. I report in respect ol my examination of the charity's financial slalements carried out under section 145 of the Charilies Act 2011. In carrying out my examination I have lollowed the Directs'ons given by the Charity Commission under section 145(51(b) of the Chanties Act 2011. Independent examlnerf8 Statement Since the charity'5 gross income exceeded £250,000, the independent examiner musl be a member of a body listed In section 145 of the Chari118s Act 2011. 1 Gonfirffl that l arn quallfied to undertake the examinallon because l am member ol Institute of Chartered Accounlanls in England and Wales, which is one of Ihe listed bodies. I have completed my examination. I confimi that no matters have come lo my attention in connection wilh the examination giving me cause lo believe that in any malefial respect.. accounting records were not kept in respect of the charity as required by section 386 of the Companies Act 2006. Ihe financial slalements do not accord with those records., or the financial 51alements do not comply with the accounting requirements of section 396 01 the Companies Act 2006 other than any requirement that the financial slalemenls give a true and fair view. which is not a matter considered as part of an independent examination,. or the financial statements have not been prepared in accordance wlh the melhod$ and principles ol the Siatement of Recommended Practice for accounting and reporting by charities applicable lo charities preparing their financial slalements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. 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 FCA Flander ETL Slag Gates House 63164 The Avenue Soulhampton Hampshire S017 1XS Dale.. 1111212025111.'52 GMT 11
Enwloy Y).. 7IWO871.IEIY6E&B5fjfy72e$osAe8$3F ST BARBE MUSEUM AND ART GALLERY STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME ANO EXPENDITURE ACCOUNT FOR THEYEAR ENDED 31 MARCH 2025 Unr•iirf¢t•d R•itrfci•d Endo¥Th•ni fund• 2025 Totsi Unr•iirl¢thi R•ithct•d Éfid•Tn•nt lund funds 1014 2024 Total 2D25 zozs 2025 20Z4 1024 Not•• Incom• ftd •ndowm•nts irtsm.. Grnnis, éonUc•i & hq•d•s Ch•rtl•ble •11•• Inv•5tm•nlA Oih8r inctyne 219,198 184,401 3,331 ,962 90,921 310.117 184.461 3.331 8.962 287.J97 100,270 6,58S •6.260 363,857 100,Z70 6,B86 7,638 Total Incoffl• 415.9SO BO.971 506,871 381.888 96.2eO 478,14B Éxp•ndltur• •n'. Chirti•bl• 394.049 143,540 537,589 375.8BJ 185,221 581,108 Tot•1 •xp•ndlt¥i• 391.049 143.540 537.589 378,88S 18S,221 S61.106 NRI plnUVosse#l on In¥fjstm 14,7731 14,7731 12,1441 N•1 In¢om•l(•xp•ndltur•l and mo¥•m•nl ITr lundi 21.901 152,8191 14,7731 135.4911 8,003 188,WJll 12,1441 185,1021 Recon¢lliiti•n ol lund$'. Fund balinr4s •1 l Apfjl 2024 154.SS7 1,31JJ,831 83,882 1,639,250 148,554 1,389.792 86.008 1,624,352 Fund ts•l•ne• It 31 March 2025 176,W 1,248,212 7g,OBS 1.503,759 154.557 1.300.831 83.862 1,63B,25D The Slemen1 ol nnandBI acli%bes indudii all g•lns losies reN>Dnised In th• 91. NJI Incoffe and expendllurn dw1¥• Imm coniinulng au111. 12-
Docusign Envelope ID. 79630871-IE16E8560-72E885AE6S3F ST BARBE MUSEUM AND ART GALLERY BALANCE SHEET AS AT 31 MARCH 2025 2025 2024 Notes Fixed assets Tangible assets Investments 14 15 1,372.144 79.189 1.419.688 83,962 1.451,333 1,503.650 Current assets Debtors Cash al bank and in hand 17 102.396 67,603 100,839 84,415 169.999 185,254 Creditors: arnounts falllng due within one year 1117,573) 1149,854> Net current a•setB 52,426 35,800 Total assets less current li3bilities 1,503,759 1,539,250 The funds of th• charlty Endowment funds Restricted income funds Unrestricted funds 20 21 22 79,089 1.248,212 176,458 83.862 1,300.831 154.557 1.503,759 1,539,250 The company is enlllled lo the exemption from the audit requirement contained in section 477 01 the Companies Act 2006. for the year ended 31 March 2025. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect lo accounting records and the preparation of finanaal slalemenls. The members have not required the company to obtain an audit of ils Inancial statements lor the year in question in accordance with seclion 476. These financial statements have been prepared in accordance with the provisions applicable to companies subject to ihe small companies regime. The financial statemenls were approved by the board of trustees on 0911212025 gif Jom IL frafvl Sir J H de Trafford Trustee Company registration number 02793965 (England and Wales) 13-
Docus19n Envelope ID.. 79630871.1 E1&46E&B561>72E885AE653F ST BARBE MUSEUM AND ART GALLERY STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 Notes Cash flows from operating acllvltles Cash absorbed by operations 24 {10,030) (54,554) Investlng actlvltles Purchase of tangible fixed assets Purchase of investments Proceeds from disposal of investments Investment income received (10,1131 {11,745) (80,000) 86,265 6,585 3,331 Net cash (used In}Igenerated from inve•ting •ctlvllles (6,782) 1,105 Net cash generated Irom Ilnanclng aclivitie• Nel decrease In cash and cash equivalent$ 116,812) (53,449) Cash and Gash equlvalents at beginnlng of year 84,415 137,864 Cash and cash equlvalenlg at end of year 67,603 84,415 14-
Docvsign Envelope ID.. 79630871-1E1546e5.B580_72E8B5AE653F ST BARBE MUSEUM AND ART GALLERY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accountlng pollcle• CharSty Snforniation 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 Streel, Lyminglon, Hampshire, S041 98H. 1.1 Accountlng ¢onvention The financial statements have been prepared in accordance with the charity's goveming document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" I'FRS 102,1 and thè Charities SORP "Accounting and Reporting by Charilies.. Statement ol Recommended Practice applicable to charities preparing their .accounls in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102)" (effective 1 January 20191. The charity is a Public Benefit Entity as defined by FRS 102. The financial statements are prepared in sterling, which is the funclional curren¢y of the charity. Monetary amounts in these financial slalements are rounded to the nearest £. The financial statements have been prepared under the historlcal cost conventlon, modified lo Include certain financial instruments al fair value. The principal accounting policies adopted are set out below. .1.2 Golng concern At the lime ol approving the financial slaternents, the board of trustees have a reasonable expectation Ihat Ihe charity has adequate resources lo conlinue in oper81ional existence for the foreseeable luture. Thus the board of trustees continue lo adopt the going concem basis of accounting in preparing the financial slatements. 1.3 Charitable funds The Slalemenl of Recommended Practice {SORP) for Accounting and Reporting by Charities defines reseNes as income which becornes available lo the charity and is lo spend at the Trustees. discretion in furtheTance of any ol the charity'5 objects. but which Is not yel spent, commilled or designated. Thls definition of reserves therefore excludes reslricted and designated funds and income funds which could only be Tealised by disposing of fixed assets hèld for charity use. Unr.e$tri¢ted reser4es are held for three $pe¢iflc reasons.. 1 To prolecl Ihe 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 ¢osl', or 3 To provide sufficient funds to enable the charity lo be able to pay both salary and overhead costs for period of the months. This would require minimuffl reserves of £60,000. The amount of reserve held at 31 March 2025 is £33,470 {2024'. £13.426) as per note 19. We will be working hard in future years lo build our reserves back up lo our required minimum. Reslricled funds are subject lo specific conditions by donors or grantors as lo how they may be used. The purposes and uses of the Testricted funds are set out in the notes to the financial stalernents. Endowment lunds are long term investments managed by Cazenove Capilal allowing income drawdown for specific number of year after which the capital will become available. 1.4 Income Income is recognised when the charity is legally entitled lo il after any performance conditions have been met, the amounts can be rneasured reliabty. and it is probable that income will be received. 15-
Docusign Envelope10.. 79630871-1 E1546E5-8560-72E885AE653F ST BARBE MUSEUM AND ART GALLERY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accounting pollcies (Continued) Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of Ihe donation. unless performance conditions require deferral of the amount. Income tax recoverable in relalion to donations received under Gift Aid or deeds of covenant is recogni5ed at the lime of Ihe donation. Legacies are recognised on receipt or otherwise il the charity has been notified of an impending distribution, the amount is known, and Teceipl is expected. If the amount is not known, the legacy is treated as a contingent asset. Grants receivable are recognised when the three lollowing condillons are mel.. Enlillemenl - control over the rights or other access lo Ihe economiG benefit has passed lo the charlty. Probable il is more likely than not that the economic benefit has passed lo the charity. Measurement - the monetary value or amount of the income can be measured reliably and the costs incuffed for the transaction and the costs to complete Ihe transaction can be measured reliably. Membership incofne is recognised when received on the basi5 that Ihe museum will incur no fvrther costs in relation to this against which the income would nonnally be delerred. 1.5 Expendltur• Expenditure 1$ recogn15ed once there Is a legal or constructive obligation lo transfer economic benefit to a third party, il is probable that a transler ol economic benefits will be required in setllemenl, and Ihe amount ol the obligalion can be measured reliably. ExpendiluTe.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 allributable to a single ti¥ity are allocated directly lo that activity. Shared costs which conlribule lo more Ih8n one activity and support costs which are not attributable to a slngle activity are apportioned betrNeen those aclivilies on a basis consistent with the use of resources. Central staff costs are allocated on the basis of lime spent, and depCIall0n charges are allo¢at8d on the portion of the asset's use. 1.6 Tanglble fixed assets Tangible fixed assets are initially measured at cosl and subsequently measured at cost or valuation, nel of depreciation and any impaiimenl losses. Depreciation is recognlsed so 8$ to write off the cost or valuation of assets less their residual value8 over their Useful lives on the following bases.. Leasehold improvements Fixtures and fittings Office equipment Gallery equipment 2% Stfaighl line basis 15Yo Straight line basis 25Y• Straight line basis 15Yo Slraight line basis The gain or loss arising on the disposal ol an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statemenl of financial activities. 1.7 Fixed asset investments Fixed asset investments are initially measured at Iran5adion price exduding transaclion wsts. and are subsequently rneasured at fair value at each reporting date. Change5 in fair value are recognised in net incomellexpenditure) for Ihe year. Transaction costs are expensed as incurred. A subsidiary is an entity controlled by the charty. Control is the power to govern the financial and operating policies of the entity so as to obtain benefils from its activities. 16-
Oocu$lgn Envelope 10.. 79630871-IE1 S.46E&8561>72E8B5AE653F ST BARBE MUSEUM AND ART GALLERY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accounting poll¢l•s Icontinu•dl 1.8 Impalmienl of fixed assets Al each reporting end date. the charity reviews the carrying amounts of its tsngible assets to determine whether there is any indicalion thal those assets h8¥e suffered an impairmenl loss. If any such indication exists. the recoverable amount of the asset is ests'mated in order lo determine the exlenl of the impaimienl loss lif any). 1.9 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held al call with banks, other short-term liquid inveslments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown wilhin borrowings in current liabilities. 1.10 Financlal Snstruments The charity has elected lo apply Ihe provisions of Section 11 'Basic Financial Instruments. and Section 12 'Olher Financial Inslrumenls Issues, of FRS 102 to all of its financial instruments. Financlal Instruments are recogni5ed In Ihe charity's balance sheet when the charlly becomes party to the contraclual provisions of the inslrumenl. Financial assets and liabilities are offset, with the nel amounts presented in the financial statement5, when there is a legally enforceable right to sel off the recognised amounts and there is an intention to sellle on a net basis or lo realise the asset and settle the liability simultaneously. Bag1¢ fln•nclal a•8et8 Basic finanual assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are sub5equenlly carried at amortised cosl using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the presenl value ol the future receipls discounted at a market rate of interest. Financial assets classifled as receivable within one year are nol amortised. Basic flnanclal Ilablllties Basic financial liabililies, including creditors and bank loans are initially recognised al Ifansaction price unless the arrangernenl conslilules a financing transaction, where the debt instrument is measured at the present value of the fulure payments discounted at a marf(el rale of interesl. Financial liabililies classified as payable wilhin one year a not amortised. Debt instrumenls are subsequently Caled at amort15ed cost. using the effeclive interest rale method. Trade creditors are obligation5 to pay for goods or SeICe5 that have been acquired in the ordinary course of operaiions 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-currenl liabilities. Trade creditors are recognised initially al Iransacllon wice and subsequently measured at amortised cost uslng the effective interest method. Derecognition of linancial liabilities Financial liabilities are derecognised when the charity'5 contractual obligations expire or are discharged or cancelled. 1.11 Employee benefits The cosl of any unused holiday enlillement is recognised in the period in which the employee's services are received. Termination benefits are recognised immediately as an expense when the charily is demonstrably committed lo terminale the ernploymenl of an employee or lo provide lemiinatson benefits. 17-
Docuslgn Envelope ID.. 79630871-1E1546ES-B56(k72E8B5AE653F ST BARBE MUSEUM ANDART GALLERY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accountlng pollcio• (Continued) 1.12 Retirement benefils Payments to defined contribution retirement benefrt schemes are charged as an expense as ihey fall due. Income from grant•, donatlons & legacle8 Unreslrlcted R¢strlcted funds funds 2025 2025 Totsl Unrestrlcted Restricted funds funds 2024 2024 Total 2026 2024 Donatlons and gifts Grants 37,759 181 ,437 37,759 272,358 39,528 227,869 39,528 324.129 90,921 96.260 219,196 90,921 310,117 267,397 96,280 363.657 Unreslricled grant incorne has reduced in 2025 because the Art5 Council grant for the Can't See The Art for the Trees project finished in 2024. Charllable actlvltlè8 2025 2024 Patrons & Frlends of St 88rbe Admlsslon Income Sponsorship Workshops Exhibitions Exhibitors entry fees Educallon 48,162 34,136 66,225 2,933 27.707 3,783 1,535 38.276 29,668 16.500 1,167 10,412 2,908 1,339 184.461 100.270 Charilable aclivity income has increased significanlty in 2025 primarily due lo the inclusion 01 £59,225 sponsorship income relating to the Lymington Afloat Feslival as well as Very successful sales of art and an increase in exhibition tax credit. 18-
Oo¢usian Envelope ID.. 79630871-1E15-46E&8560-72E885AE653F ST BARBE MUSEUM AND ART GALLERY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Income from investments Unrestricted Unrestricted funds funds 2025 2024 Income from listed investments Interest receivable 3.313 18 6,466 119 3,331 6,585 Other Income Unrestricted Unrestricted funds fund$ 2025 2024 Other income 8,962 7,638 Other income includes £7,880 which was charged lo the calé for rent and ulililies in both 2024 & 2025. Expendlture on ¢h4rltable actlvlll•g Charitable activity 2025 Charitable activity 2024 Direct costs Depreciation and impaiment 54,498 83,948 Share ol support and governance costs {see note 7) Support Governance 468,444 14,647 483,085 14.073 537,589 561,106 Analysis by fund Unrestricted funds Re5tTicled funds 394,049 143.540 375,885 185,221 537,589 561,106 19-
Doojsign Envelope10'. 79630871-1E1546E&B56(k72E8B5AE653F ST BARBE MUSEUM AND ART GALLERY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Support costs Support G'overnance cosls ¢ost$ 2025 Support cosls Governance costs 2024 Staff costs Deprecialion Establishment costs Finance costs Adminislralion costs Infomialion technology Other support costs Human resources Exhibition and engagemenl costs Audll fees Accountancy 220,353 3.159 56,063 7.443 220,353 3,159 56,063 7,443 221,087 2,426 54.370 6,727 221,087 2,426 54,370 6.727 25,097 25.097 21,042 21,042 5,979 5,637 1,868 5,979 5,637 1,868 5.224 6,035 3,629 5,224 6,035 3,829 142,845 142.845 3,000 11,647 162,545 162,$45 2,750 11,323 3,000 11,647 2,750 11,323 468,444 14,647 483,091 483,085 14,073 497,158 Analysed behyeen Charitable activities 468,444 14,647 483.091 483,085 14,073 497,158 Net moveménl In fund• 2025 2024 The net movement in funds is slated after chargingl(crediling)'. Fees payable to the charity's independent examiner.. for the independent examination of the charity's financial statements for other financial services Depreciation of owned langible fixed assels 2,070 930 57.657 1,900 850 66,375 Board Of Trustees No Iruslees were reimbursed expenses from the ¢harity during the current and prior year. No additional benefits were received in the current and prior year. No tTUStees. nor any persons connected with thern, have received any remuneration from the charity during the currenl or prior year. The charity arranges cover of £1,000,000 for the trustees against liabilitie5 in relation to the chanly (2024 £1,000,000). Donations made by the trustees without any conditions attached £1,948 for Ihe year {2024 - £1,000). 20-
Oocusign Envelope ID.. 79630871-1 E1 s46E5-B5672E8BsAE653F ST BARBE MUSEUM AND ART GALLERY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 10 Employees The average monthly number ofemployees during the year was.. 2025 Number 2024 Number 10 Employment co•t8 2025 . 2024 Wages and salaries Social security costs other pension costs 203,802 12.354 4,197 204,273 12,503 4,311 220,353 221.087 There were no employees whose annual remuneration was more than £60,000. R•mun•ratlon of k•y m•nagement per•onn•l Thg remuneTalion of key management personnel was as lollows.. 2028 2024 Aggregate compensation 56,838 54.061 11 Relaled party transactions There were no disd05able related party transaction5 during the year12024 - nonel- 12 Galns and losses on Investments Endowmeni Endowment funds funds 2025 2024 Gainslllossesl arising on.. Revaluation of investments (4,773) 12,1441 13 Taxatlon The charity is exempt from taxation on its activities because all ils income is applied for charitable Purposes. 21
Do¢usign Envelope 10.. 7963D871.1E1546E5-B5672E&85AefjS)F ST BARBE MUSEUM AND ART GALLERY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 14 Tangible fixed assets L•agehold Flxturnj aThd Smpr•v•ments fittingg Off5c? equlpment G•llvry •quipm?nt Total Cost At 1 April 2024 Additions Disposals 1,560,841 196.882 2.726 21,010 575 (11,767) 22.410 1,801,143 6.812 10,113 {11,767) Al 31 March 2025 1.560,841 199.608 9,818 29,222 1,799,489 Depreclatlon and Impalrment Al l April 2024 Depreciation charged in the year Eliminated in rèsped of disposals 187,302 31,217 170,589 19,235 17,393 2.443 (11,767) 6.171 4,762 381,455 57.657 {11,767) At 31 March 2025 218,519 189.824 8,069 10,933 427,345 Carrylng amount At 31 March 2025 1,342,322 9.784 1,749 18,289 1,372,144 At 31 March 2024 1,373,539 26.293 3,617 16,239 1,419,688 16 Fixed ajset Investrnents Llst•d Other Inve•trn•nt• Inve•tment• Total Cost or valuatlon At 1 April 2024 Valuation changes 83,862 (4,773) 100 83.962 14,773) At 31 March 2025 79,089 100 79,189 Carrying amount At 31 March 2025 79.089 79,189 At 31 March 2024 83,862 83,962 2025 2024 Other inveslmenls comprise.. Notes Investments in subsldiaries 16 100 loo -22-
DoGusiyn Envelope ID.. 79630871-1 E1 N6E5-B56fy72E885AE653F ST BARBE MUSEUM AND ART GALLERY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 16 Fixed asset Investrnents (Continued) The listed inveslments relate lo the endowment fund. In the prior year, the endowment funds were moved lo a new provider where the emphasi5 is on responsible inveslment. The St. Barbe Trading Company Limited. our trading subsidiary, exists to undertake non-charitable aclivilies in order lo generate income from the sale of goods. 16 Subsidlarles Detalls ol the chanty's subsldlary al 31 March 20251s 8$ follows.. Name of undertaking Reglstered offlce Nalur• of bu8lness Class of % Held shares held Dlrect Indlrect The St.8arbe Trading Company Limited Sl Barbe Museum New Street Lymington Hampshire S04198H Running gift shop al St 8arbe Ordinary Museum 100.00 The 8ggregate capital 8nd reseF¥es and the result lor the year ol subsidlaries excluded Irorn consolidation was as follows.. Name of undertaking ProfiVILo$$) Capltal and Reserves The Sl.Barbe Trading Cornpany Limited 12,192 12,464 17 0•btor• 2025 2024 Amounts falllng due wlthln one year: Trade debtors Other debtors Prepayrnen15 and accrued income 7,462 78.714 16,220 9,563 78,373 12,903 102.396 100,839 Other debtors include £48,138 of grant income relating lo 2025 but not recelved until after the year end (2024- £57.934J and £14,282 of exhibition tax credit also received after the year end (2024 - £4,439). 23-
Oow5ign Envelupe10." 79630871-IE1546E&B560-72E885AE653F ST BARBE MUSEUM AND ART GALLERY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 18 Creditors.. arnount8 falllng due wlthin one year 2025 2024 Other taxation and social security Trade creditors Amounts owed to subsidiary undertakings Other creditors Accruals and deferred income 6,822 16,510 55,175 3,881 35,185 10,293 19,866 39,646 2,655 77,194 117,573 149.654 Deferred Income In the current year Includes £10.000 received in ffj5pe¢l of Iha Soulhall Life of the Flgld$ Exhibition. In the prior year deferred income included £51,975 in respect ol the Lyrninglon Afloat project which look place in the current year. 19 Retirement beneflt schemes 2025 2024 Deflned conlrlbutlon 8ch•m•• Charge to profil or loss in respect of defined contnbution schemes 4,197 4,311 The ¢hadty operates a defined Contribullon pension scheme for all qualifylng employees, The a$$els ol the scheme are held separately from those ol the charity in an independently adminisleTed lund. Contrlbulions which are unpaid as at the balance sheet date total £1.800 {2024 - £883). 20 Endowment funds Endowment funds represent long term Investments held wllh Ihe Cazenove Charity Responslble Mulli-Assel Fund for a specific number of years after which drawdown of Ihe capital sum will be available. Income arising on the endowment funds can be used in accordance with the objects ofthe charity and is included a5 unreslncted income. Any capital gains or losses arising on the assets fomi part of the fund. At 1 Aprll 2024 Galns and At 31 March 108808 2025 Expendable endowments Endownmenl fund 83,862 (4.773) 79,089 Prevlous year: Galns and At 31 March losses 2024 2023 Expendable endowment5 Endownmenl fund 86,006 (2,144) 83,862 -24-
Docuslgn Envelope 10.. 79630871.1E1546E&8560-72E885AE653F ST BARBE MUSEUM AND ART GALLERY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 21 Restricted funds The restricted funds of the charty comprise the unexpended balances of donations and grants held on trust subject lo specific conditions by donors as lo how they may be used. At l April 2024 Incomlng r•source8 Re8ource• At 31 March •xpended 2025 The Future of Sl 8arbe (Leasehold improvements) Coin Hoard Fund Gallery Equipment National Lollery Heritage Fund HIVICF - The Saturday Club Trust 1,259.170 16.148 19.487 150,1431 1.209.027 16,148 20,228 5.097 76.698 9,128 (4,3561 176,6961 112,3451 6,026 2.809 1.300.831 90,921 (143,5401 1.248,212 Pr•vlou• year: Al 1 Aprfl 2023 Incomlng resources R•50urce8 At 31 March expended 2024 The Future of St Barbe {Leasehold improvemenlsl Coin Hoard Fund Can't see the Arts for the Trees (Arts Council) Gallery Equiprnent National Lollery Heritage Fund HIVICF - The Salurday Club Trust 1,319,354 16,148 38,025 16.265 160,184) 1,259,170 16,148 138,025) (3,765) 182,5021 1745) 6,987 82.502 8,771 19.487 6,026 1,389,792 96,260 (185,2211 1,300,831 25-
Oo¢uslgn Envelope 10.. 79630871-1E1&46E&856(F72E885AE653F ST BARBE MUSEUM ANDART GALLERY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 21 Restrlcted funds Icontlnuedl Th F ture f St Barbe Fund Leaseh I rovements This fund is in respect of the 'Fulure of Sl Barbe Project, to improve public ser4ices and enhance the St Barbe venue, enabling the organisalion lo be more resilient in the long term. Coin Hoard Fund Coin Hoard Monies donated specifically for the acquisition and display ol coin collections. n't see the Arts for th Tr This fund Is in respect of Arts Council funding lo help the museum broaden and dSversify ils audlence 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. Galle nl Monies Iranslerred from the Ceftic Hoard Fund for the acquisition of dlsplay case and graphics equipment. National Lotte Herita e Fund This funding relates to a project lo connect communities with their heritage and &trengthen community ownership ol collection5. The aim is lo actively encourage participation by outreach work in the community settlngs and targeted events at the Museum. HIWCF - The Saturda Club Trust Collaboration with Saturday Club Trust funded by HIWCF. 22 Unre8trlcted fund• The unrestricted funds of the charity comprise the unexpended balances ol donallons and grants which are nol subject to specific conditions by donors and grantors as lo how Ihey may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes. At 1 Aprll 2024 Incomlng ReBoure•8 At 31 March r••ourc expended 2025 General funds 154,557 415.950 1394,049) 176.458 Prevlous year: At 1 Aprll 2023 Incomlng resource5 Resources Al 31 March expended 2024 General funds 148.554 381.888 1375.885) 154.557 26-
Oocu5wn Envelope ID.. 79630871-1E1546E&B560-72E885AE653F ST BARBE MUSEUM AND ART GALLERY NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 23 Analysis of net assets between funds Unrestricted funds 2025 R•$trlcted Endowm•nt funds funds 2025 2025 Total 2025 Al 31 March 2025: Tangible assets Investments Current asselsl{liabllitie8) 142.888 100 33,470 1.229,256 1.372,144 79,189 52.426 79,089 18.956 176,458 1.248,212 79.089 1.503.759 Unrestrlcted nds 2024 Restricled Endov•Tnent lunds funds 2024 2024 Totsl 2024 At 31 March 2024: Tangible assets In¥estmen15 Current assetsl(liabilities) 141.031 100 13,426 1.278,657 1.419,688 83,962 3S,600 83.862 22,174 154,557 1,300,831 83,862 1.539,250 24 Cash absorbed by operations 2025 2024 Deficit for the year 135.4911 185.102) AdJustmenl• for: Investmenl income recognised in stalernent ol financial adivities Fair value gains and losses on inveslmenls Depreciation and impairment of tangible fixed assets Non-cash effect of change of investment portfolio manager (3,331) 4.773 57.657 {6,5851 2,144 66,374 (6,5981 Pllovements in worklng capital: Ilncreasel in debtors (Decrease)fincTease in credilors (1,557) (32,081) (48,992) 24,205 Cash abgorbed by operatSon8 (10,0301 154,554) 25 Analysis of changes in net funds The charity had no material debt during the year. -27-