REGISTERED COMPANY NUMBER: 03203702 (England and Wales REGISTERED CHARITY NUMBER: 1071244 Report of tho Trustees and Unaudlted Flnanclal Statements for the Year Ended 31 December 2023 for HASLEMERE EDUCATIONAL MUSEUM KNOX CROPPER £*artere¢ accon[antS
HASLEMERE EDUCATIONAL MUSEUM Contents of the Flnan¢lal Statements for the Year Ended 31 December 2023 Page Report of the Tru8tee8 . Independent Examlnerf8 Report Statement of Flnanclal Actlvltl88 Balance Sheet Notes to the Flnanclal Statomonts 10 to 21 Detalled Statemont of Flnanclal Actlvltlos 22 to 23
HASLEMERE EDUCATIONAL MUSEUM Report of the Trustees for the Year Ended 31 December 2023 The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 {effective 1 January 20191. OBJECTIVES AND ACTIVITIES Strategies to achleve the year's objectlves The Trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Charity's aims and objectives and in planning future activities. The Trustees have produced a five year plan covering the years 2023 to 2027. The plan identifies the continued promotion of the Museum as an educational and cultural centre and the engagement of as broad an audience as possible by a full and varied annual programme of events and activities. This is achieved by encouraging and supporting visits and visitors for events for both existing and new audiences. An extensive annual educational programme has been identified, leading to the promotion and use of the education room and grounds of the Museum and further expanding the number of schools and Ioc81 organisations that use the facilities. This is achieved through a combination of the Museum's website, development of leaflets and promotional material as well as continued contact with schools and other organisations. ActlvStle8 and achlevements durlng the year The Museum has served the town and beyond since 1888. providing education and entertainment and is fully integrated into the fabric of the town, organising and supporting many of the activities which make Haslemere so special. Visitor numbers {which include those benefitting from outreach activities) showed a welcome increase to 35,600 (2022- 31,914}. This is still below the pre-covid numbers of 40,177 in 2019. FINANCIAL REVIEW Flnanclal posltlon The net excess of expenditure over income of the Museum for the year ended 31st December 2023, before gains12022 losses) on investments was £131,51012022'. £118,323). The Museum's investment portfolio generated gains of £147.208 {2022 losses of £258,580). As a result of the favourable market conditions £300,000 of investments were sold during the year with the money partly bein9 used to fund the Museum's deficit and partly being placed on deposit to take advantage of the high interest rates available. The total value of the investment portfolio at 31 December 2023 amounted to £1,629,144. The Museum depends on the income generated from its investments produce to assist in funding its core and ongoing activities. This investment income is a vital source of funds and assists the museum in reducing its operating deficit. Total funds carried fomard at 31st December 2023 were £2,195,253 (2022.. £2,179,555}. of which £1,612,792 was represented by unrestricted funds12022: £1,560.872} and £582,461 (2022.. £618,683) by restricted funds. Page 1
HASLEMERE EDUCATIONAL MUSEUM Report of the Trustees for the Year Ended 31 December 2023 FINANCIAL REVIEW Prlncipal fundlng sources and expendlture In the year under revlew The Museum is reliant on the income earned from various sources to meet its costs, including entry donations, educational income, room hire, membership subscriptions, individual donations, bequests and grants from various bodies. It also generates significant income from its investment portfolio. Donations received showed a welcome Increase from £24,648 in 2022 to £53,931 in 2023. However, this increase was more than offset by a considerable reduction in grants received from £40,118 In 2022 to £8,810 in 2023. Haslemere Town Council continues to support Visit Haslemere for which we are very grateful. Investment income, which principally relates to the investments underpinning the Museum in a Million Endowment Fund together with the interest received from cash deposits was maintained at a similar level to the previous year at £60,747 {2022.. £58,587). This income is vital to assist the Museum in reducing operating deficits which are forecast to continue in future. The Museum's income from trading activities increased to £74,494 from £73,103 in 2022. Total income which amounted to £226.611 was maintained at a similar level to that achieved in 2022 {£229,5601. Total expenditure increased to £358,121 {2022'. £347,883) This was primarily due to increased energy costs which amounted to £38,382 12022.. £25.620} and the increased costs relating to events and exhibitions. Repairs and maintenance costs continue at a high level, a consequence of the Museum being located in a large listed building. Investment pollcy and oblectlves The investment objectives are to generate a sustainable income stream which at least maintains its real value in future years and at least maintains the capital value over the long term. To reduce risk, the Trustees have taken advantage of common investment funds, as they concluded that these funds offer the most cost effective access to a well diversified portfolio ihat reasonably matches the Museum's requirements and objectives. During the year the investmeni funds were invested in the COIF Charities Ethical Investment Fund. This fund is managed by CCLA Fund Managers Limited, one of the UK'S largest charity fund managers. The investment fund is a mixed asset fund which comprises a diversified portfolio of assets with a substantial exposure to overseas equities with the aim of providing a good level of income and long-term protection from Inflation. The Ethical Investment Fund adheres to an ethical policy that imposes a range of investment restrictions. The Fund aims to pursue a long-term sustainable investment solution which incorporates environmental, social and governance {ESGI considerations into the investment strategy. Page 2
HASLEMERE EDUCATIONAL MUSEUM Report of the Trustees for the Year Ended 31 December 2023 FINANCIAL REVIEW Reservos policy The Trustees have agreed a policy to hold unrestricted and undesignated reserves equivalent to at least six months expenditure. which at 31 December 2023 amounted to £179,060 (2022: £173,941) based on 12 months expenditure policy}. These reserves are held in bank accounts or in readily realisable investments. But for the existence of the Museum in a Million Expendable Endowment Fund, the Trustees would have considered it necessary to agree a policy to hold unrestricted reserves equivalent to at least four years, annual expenditure. Total unrestricted reserves at 31 December 2023 amounted to £1,612,792 (2022.. £1,560,872) The reasons why the Trustees consider reserves at this level are required are as follows.. Most of the Museum's expenditure comprises fixed costs which relate to the running of the Museum. The majority of this expenditure comprises non discretionary establishment and staff employment costs. Establishment costs are high as the Museum is located in an 18th century listed building set in large grounds. The Museum is critically dependant upon volunteer workers in order to be able to maintain and run its activities. Annual expenditure would increase by around 500/0 if commercial rates were paid to individuals or outside agencies to carry out the work currently undertaken by volunteers. With the exception of the investment income generated by the designated funds, only a small proportion of the Museum's annual income can be regarded as regular recurring income. Despite the Trustees keeping a tight control over expenditure, the Museum's budgets for 2024 and the coming years anticipate operating deficits (an excess of expenditure over income) in each future financial year. This deficit is after taking account of the investment income generated by the expendable endowment fund. The principal purpose of the Museum in a Million Expendable Endowment Fund is to generate income to assist in securing the Museum's future. The investment income generated from this Fund provides regular income which partly offsets the annual running costs of the Museum as well as reducing the Museum's annual deficit. FUTURE PLANS The Museum has a full programme of events, exhibitions and activities planned for 2024. Our future plans include the upgrading of the Museum's building fabric. The programme of works is part of a sustainability strategy that aligns closely with the Museum's mission and Is an investment that will save money over the longer term. The programme of works includes upgrading and refurbishment of the former Curator's house so that it can be commercially let which is then anticipated to generate a significant ongoing income stream for the Museum. STRUCTURE, GOVERNANCE AND MANAGEMENT Governlng document The charity is a company limited by guarantee whose objects and powers are set out in the Articles of Association. Page 3
HASLEMERE EDUCATIONAL MUSEUM Report of the Trustees for the Year Ended 31 December 2023 STRUCTURE, GOVERNANCE AND MANAGEMENT Charlty constitution The Museum was founded in 1888 by Sir Jonathan Hutchinson FRS, an eminent physician and surgeon. In 1996 the Museum was incorporated as a Company limited by Guarantee as Company No.3203702. As such it has its Board of Directors, and a Management Committee that reports to the Board. The Museum is gistered with the Charity Commission as a Charity, No. 1071244, the Trustees of which are also the members of the Board of Directors of the Company. The Company holds certain properties comprised in a conveyance dated 5th June 1925 and a deed dated 22nd March 1926 as a Trustee for a separate unincorporated charity No. 1054842 named 'Haslemere Museum Charity, whose objects are to lease or loan the propety to the Company or any other charity for any educational or other charitable purpose in such manner as the Trustees see fit. Having regard to the complexity of the inter-relationship beeen the respective charities No. 1071244 and 1054842 it has been separately agreed by the Charity Commission that the Trustee's Report and the Accounts of the former may incorporate the affairs and financial transactions. if any, of the latter. Organ18atlonal Structuro The Board of Directors are legally responsible for the overall management and control of the Museum. Full board meetings are held six times a year scheduled in advance held in alternate months beginning in January of each year. The day to day activities of the charity are co-ordinated through a Management Committee consisting of senior Museum staff and the Honorary Treasurer and Honorary Secretary. Trustees are entitled to attend these meetings. Olher committees may be convened when it is considered necessary, to address specific matters. ObJectlve8 and pollcles The objects of the Museum, as set out in the Articles, are 'to forward and advance the study of Science, Literature and the Fine Arts by means of a well equipped Museum of Natural History and objects of art and of a scientific literary and historical nature,. From its establishment in 1888 the emphasis has been on education and life long learning, particularly of young people - in 1898 it became the first institution of its kind in the country to provide regular lessons and practical demonstrations to visiting school parties. By an agreement In 1926, the Museum was required to retain the name 'Haslemere Educational Museum, and the educational function continues to be at the forefront of the Museum's activities. In furtherance of this function a full-time Education Officer was appointed and has been in place since the beginning of 2001. While admission is free, visitors are encouraged to make a donation. Access to the Museum by all members of the public is important to the charity in promoting the importance of education for everyone. Appolntment, Inductlon and tralnlng of Trustees Trustees are appointed at an Annual General Meeting for a term of office of three years. Trustees are eligible for re- election for consecutive periods of three years. If a Trustee has served for more than nine years their reappointment for a further period of three years shall be by exception and subject to a particularly rigorous review by the Trustees and the reasons for any reappointment shall be explained in the Notice of Annual General Meeting or annual Trustees report. Trustees may also co-opt a person as Trustee for a term no longer than twelve months. A Trustee so appointed must retire at the next Annual General Meeting. New Trustees are provided with an information pack including the charity's governing document giving explanations of the charitable ob}ectives, together with copies of the financial statements and other relevant information, to allow them to understand and be aware of the activities of the charity. Trustees are appointed from a broad cross section of the surrounding area and bring with them knowledge and skills which help with determining the policies, strategy and directional leadership of the Museum as well as providing assistance to management as and when required. Page 4
HASLEMERE EDUCATIONAL MUSEUM Report of the Trustees for the Year Ended 31 December 2023 STRUCTURE, GOVERNANCE AND MANAGEMENT Employment Pollcy The Museum places importance on the involvement of its employees and there are regular meetings with them. Where training for improved job performance is required every effort is made to ensure it is provided. Work experience is offered to students, particularly if they are interested in a career in museums Rlsk assessment The Trustees have assessed the major risks to which the charity is exposed and are satisfied that policies and systems are in place to mitigate exposure. REFERENCE AND ADMINISTRATIVE DETAILS Reglstered Company number 03203702 {England and Wales) Reglstered Charlty number 1071244 Reglstered offlco 78 High Street Haslemere Surrey GU27 2LA Trustees Ms M J Odell MBE (Chairman) Dr M J Clayton (resigned 23.11.23) R A M Manyon {appointed 1.3.23) J R Pile RIBA CJFReayFCA Sir A J Rose CBE FRSA (deceased 9.2.23} R C Sabin Ms J E Storey (appointed 23.11.23) Company Secretary Ms S A Porter Independent Examlner Knox Cropper LLP Chartered Accountants Office Suite 1 Haslemere House Lower Street Haslemere Surrey GU27 2PE Approved by order of the board of trustees on 23 September 2024 and signed on its behalf by.. C J F Reay - Trustee Page 5
Independent Examine5 Report to the Trustees of Haslemgre Educatlonal Museum Independent examlner's report to the trustees of Haslemere Educational Museum ('the Company.) report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2023. Responsibilitles and basls of report As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act'l. Having satisfied myself that the accounts of the Company 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 your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'}. In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145151 (bl of the 2011 Act. Indopendent examlner's statoment 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: accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act., or the accounts do not accord with those records., or the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or the accounts have not been prepared in accordance wilh the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102)). 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 accounts to be reached. ]u.J L James Holland-Leader FCA Knox Cropper LLP Chartered Accountants Office Suite 1 Haslemere House Lower Street Haslemere Surrey GU27 2PE 23 September 2024 Page 6
HASLEMERE EDUCATIONAL MUSEUM Statement of Financlal Actlvities {Incorporating an Income and Expenditure Account) for the Year Ended 31 December 2023 2023 Total funds 2022 Total funds Unrestricted funds Restricted funds Notes INCOME AND ENDOWMENTS FROM Donations and legacies 60,444 19.186 79,630 87,768 Charltable actlvltles Charitable Objectives 11,740 11,740 10,102 Other trading activities Investment income 72,832 1.662 74,494 73,103 58,587 Total 205 763 226 611 229,560 EXPENDITURE ON Raising funds 9,634 9,634 4,587 Charltable actlvitie8 Charitable Objectives 288 632 343,296 Total 298 266 358 121 347.883 Net gainsl(lossesl on investments 147 208 NET INCOMEIIEXPENDITURE) Transfers between funds 54,705 (39,007) 15,698 {376,903) 20 Net movement In funds 51,920 (36,222) 15,698 {376,903) RECONCILIATION OF FUNDS Total funds brought forward 1,560,872 618,683 2,179,555 2,556,458 TOTAL FUNDS CARRIED FORWARD 1612792 582 461 2 195 253 2 179 555 CONTINUING OPERATIONS All income and expenditure has arisen from continuing activities. The notes fom part of these financial statements Page 7
HASLEMERE EDUCATIONAL MUSEUM Balance Sheet 31 December 2023 2023 Total funds 2022 Total funds Unrestricted Restricted funds funds Notes FIXED ASSETS Tangible assets Investments 14 19,614 15 1438783 199,719 360 717 219,333 1799 500 228,613 1912 333 1,458,397 560,436 2,018,833 2,140,946 CURRENT ASSETS Stocks Debtors Investments Cash at bank and in hand 16 17 18 5,206 32,130 60,000 5,206 32,130 60,000 111419 6,246 23,145 37,304 186,730 22,025 208,755 66,695 CREDITORS Amounts falling due within one year 19 (32,335) 132,335) (28,086) NET CURRENT ASSETS 176 420 38,609 TOTAL ASSETS LESS CURRENT LIABILITIES 1,612,792 582,461 2,195,253 2,179,555 NET ASSETS 1612792 582 461 2 195 253 2,179,555 FUNDS Unrestricted funds Restricted funds 20 1,612,792 582 461 1,560,872 618683 TOTAL FUNDS 2 195 253 2 179555 The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023. The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006. The trustees acknowledge their responsibilities for la) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otheise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. Ib) The notes form part of these financial statements Page 8 continued...
HASLEMERE EDUCATIONAL MUSEUM Balance Sheet - continued 31 December 2023 These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. The financial statements were approved by the Board of Trustees and authorised for issue on 23 September 2024 and were signed on its behalf by.. C J F Reay - Trustee The notes fomi part of these financial statements Page 9
HASLEMERE EDUCATIONAL MUSEUM Notes to the Financlal Statements for the Year Ended 31 December 2023 ACCOUNTING POLICIES Bas18 of preparlng the financlal statements The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP {FRS 1021 '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 IFRS 1021 (effective l January 2019}', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain asseis. Golng concern The trustees assess whether the use of going concern is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the company to continue as a going concern. The trustees make this assessment in respect of a period of at least one year from the date of authorisation for issue of the financial statements and have concluded that the Museum has adequate resources to continue in operational existence for the foreseeable future and there are no material uncertainties about the Museum's ability to continue as going concern, thus they continue to adopt the going concern basis of accounting in preparing the financial statements. Crltlcal accountlng Judgoments and key sources of e8tlmatlon uncortalnty The former curator's employment requirement was to live on site in the Museum's adjoining propety known as the "flat" The curator contributed £75 per month, £900 per annum, towards the utility bills with monthly deductions taken at source through the curatorfs PAYE. The curator's element of utility bills was subject to estimation uncertainty as the flat shared supplies with other Museum premises. The former curator ceased employment in May 2023, and the new curatorfs position does not require living on site. Income All income Is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. Donation8, Logacles and Collectlon8 Grants are accounted for when Haslemere Educational Museum is notified of its legal entitlement and the amount due Is probable. Investment and Investment Income Investments are stated at market value-bid price. The income element of any accumulation shares is shown as income with the corresponding amount shown as an addition to the investments. Expendlture Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity lo that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Tangible fixed assets Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Page 10 continued...
HASLEMERE EDUCATIONAL MUSEUM Notes to the Flnancial Statements - continued for the Year Ended 31 December 2023 ACCOUNTING POLICIES - contlnued Tanglble fixed assets Building Improvements Galleries Improvements Plant and machinery Fixtures and fittings Computer equipment 2°/0 on cost 50/0 on cost 20 % on cost 20 % on cost 250/0 on cost Tangible fixed assets comprising the freehold land and buildings at High Street, Haslemere are used to meet the charitable objectives. The original Museum buildings are grade 11 listed propety and, as such, are considered to be 'Heritage Assets,. As permitted by the SORP. these buildings have not been capitslized, but expenditure on the improvement of the buildings and the galleries has been capitalized. The Museum Collection has not been capitalized as the Trustees consider that it is impractical to ascertain either a cost or a market value. Consistent with this, object purchases and acquisition expenses are written off via the Statement of Financial Activities, in the year of acquisition. Certain of the freehold land and buildings and the artefacts in the collection are held by the company as a Trustee for a separate charity named Haslemere Museum Charity (Charity No. 1054842} whose objectives are to lease or loan such property to the Company or any other charity for any educalional or other charitable purpose and to benefit the Museum or any of the educational or other charitable purposes in such manner as the Trustees see fit. Stocks Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Taxatlon The charity is exempt from corporation tax on its charitable activities. Fund accountlng Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. Hlre purchase and leaslng commltments Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease. Penslon costs and other post-retlrement benefits The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate. Debtors Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid after taking account of any trade discounts due. Page11 continued...
HASLEMERE EDUCATIONAL MUSEUM Notes to the Flnancial Statements - continued for the Year Ended 31 December 2023 ACCOUNTING POLICIES - continued Cash at Bank and In Hand Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less. Credltors Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third paty and the amount due to settle the obligation can be measured reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discount due. Flnanclal In8truments The Charity only has basic financial assets and financial liabilities of a kind that qualify as basi financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. DONATIONS AND LEGACIES 2023 2022 Donations Gift aid Legacies Grants Membership subscriptions 53,931 6,404 24,648 5,440 5,000 40,118 12,562 8,810 87,768 Grants received, included in the above, are as follows.. 2023 2022 Waverley Borough Council Haslemere Town Council Wild Escapes Other grants 7,750 5,400 18,765 8,203 5,000 3,085 725 40,118 OTHER TRADING ACTIVITIES 2023 2022 Special events & Exhibitions Shop sales 51,166 58,273 14,830 74,494 73.103 Page 12 continued...
HASLEMERE EDUCATIONAL MUSEUM Notes to the Flnancial Statements - contlnued for the Year Ended 31 December 2023 INVESTMENT INCOME 2023 2022 COIF ethical investment fund COIF fixed interest fund Deposit account interest 51,352 55,523 1,012 2,052 58,587 INCOME FROM CHARITABLE ACTIVITIES 2023 2022 Activity Hire and use of Premises Charitable Objectives 10,102 RAISING FUNDS Other tradlng actlvltl88 2023 2022 Opening siock Purchases Closing stock 6,246 8,594 3,636 7,197 6,2461 4,587 CHARITABLE ACTIVITIES COSTS Direct Costs {see note 8) Support costs (see note 9) Totals Charitable Objectives 335 604 348 487 DIRECT COSTS OF CHARITABLE ACTIVITIES 2023 2022 Stsff costs Rates and water Insurance Light and heat Telephone Repairs & maintenance IT costs Security costs Care of collection Postage & Stationery Sundries Special events & exhibitions 165,480 7,582 10,917 38,382 3,938 34,276 5,410 2,797 1,350 5,042 342 180.271 1,623 8,984 25,620 3,775 31,804 3,569 2.520 3,680 5,922 839 Carried forward 313,264 296,345 Page 13 continued..
HASLEMERE EDUCATIONAL MUSEUM Notes to the Flnanclal Statements - continued for the Year Ended 31 December 2023 DIRECT COSTS OF CHARITABLE ACTIVITIES - continued 2023 2022 Brought foNard Unrecoverable VAT adjustment Marketing Subscriptions Travelling costs Cleaning Staff Welfare Staff Training Depreciation 313,264 296,345 9,008 3,767 3,000 2.249 1,638 583 1,705 609 684 2,518 610 17,363 335 604 332,611 SUPPORT COSTS Governance costs Finance Totals Charitable Objectives Support costs, included in the above, are as follows.. 2023 Charitable Objectives 2022 Total activities Other operating leases Bank charges Legal and professional fees Independent Examination Fee 145 2,745 6,765 498 3,094 4,485 10. NET INCOMEI(EXPENDITURE) Net incomellexpenditure} Is stated after chargingllcrediting}'. 2023 2022 Depreciation - owned assets Other operating leases Pension Costs Independent Examination Fee 14,872 145 2,759 17,362 498 3,352 2,608 Page 14 continued...
HASLEMERE EDUCATIONAL MUSEUM Notes to the Flnanclal Statements - continued for the Year Ended 31 December 2023 11. TRUSTEES. REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefits for the year ended 31 December 2023 nor for the year ended 31 December 2022). Trustees, expenses There were no trustees, expenses paid for the year ended 31 December 2023 nor for the year ended 31 December 2022. 12. STAFF COSTS Key management personnel is defined as the Trustees and Museum Management Committee (including the curator). Total emoluments paid to Key Management Personnel in the year amounted to £67,311 12022.. £65,797} The following staff costs were incurred in the year.. Salaries.. £159,553 (2022.. £171,500) Social Security.. £3,16812022'. £5,418) Pension.. £2,759 (2022. £3,352) Total staff costs.. £165,48012022'. £180,270) Volunteer8 The Museum continued to have the support of over 100 unpaid volunteers who are involved in almost every activity and provide invaluable help to the Museum. The average monthly number of employees during the year was as follows.. 2023 14 2022 14 Administration No employees received emoluments in excess of £60,000. 13. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted Restricted funds funds Total funds INCOME AND ENDOWMENTS FROM Donations and legacies 54,502 33,266 87,768 Charltable actlvltl08 Charitable Objectives 10,102 10,102 Other trading activities Investment income 72,355 748 73,103 Total 195.546 34,014 229,560 EXPENDITURE ON Raising funds 4,587 4,587 Page 15 continued...
HASLEMERE EDUCATIONAL MUSEUM Notes to the Flnancial Statements - continued for the Year Ended 31 December 2023 13. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - contlnued Unrestricted Restricted funds funds Total funds Charltable actlvlties Charitable Objectives 286,122 57,174 343,296 Total 290,709 347,883 Net gainsl(losses) on investments 258,580) 258,580) NET INCOMEI(EXPENDITURE) Transfer8 betwoen fund8 1353,743) 348 596) (23,160) 348,596 (376,903) Net movement In fund8 (702,3391 325,436 (376,9031 RECONCILIATION OF FUNDS Total funds brought forward 2,263,211 293,247 2,556,458 TOTAL FUNDS CARRIED FORWARD 1.560,872 618 683 2 179 555 14. TANGIBLE FIXED ASSETS Building Land & Galleries Improvements Buildings Improvements COST At 1 January 2023 Additions 26,646 353,585 231,620 At 31 December 2023 353 585 231620 DEPRECIATION At 1 January 2023 Charge for year 16,202 148,647 231,620 At 31 December 2023 155 719 231620 NET BOOK VALUE At 31 December 2023 197 866 At 31 December 2022 10,444 204 938 Page 16 continued...
HASLEMERE EDUCATIONAL MUSEUM Notes to the Financlal Statements - contlnued for the Year Ended 31 December 2023 14. TANGIBLE FIXED ASSETS - continued Fixtures and fittings Plant and machinery Computer equipment Totals COST At 1 January 2023 Additions 25,268 597 20,356 12,404 669,879 At 31 December 2023 675 471 DEPRECIATION At 1 January 2023 Charge for year 15,116 20,356 9,325 441,266 At 31 December 2023 456 138 NET BOOK VALUE At 31 December 2023 219 333 At 31 December 2022 10,152 228,613 15. FIXED ASSET INVESTMENTS COIF Charities Ethical Investment Fund Cash Deposits Totals MARKET VALUE At 1 January 2023 Additions Disposals Revaluation Realised gainsl(lossesl 1,781,936 130,397 39,959 1,912,333 39,959 1300,000) 145,703 1300,0001 145,703 At 31 December 2023 1629 144 170 356 1799 500 NET BOOK VALUE At 31 December 2023 1629 144 170 356 1799 500 At 31 December 2022 1,781,936 130 397 1,912,333 There were no direct investment assets outside the UK. Page 17 continued.
HASLEMERE EDUCATIONAL MUSEUM Notes to the Flnanclal Statements - contlnuod for the Year Ended 31 December 2023 16. STOCKS 2023 2022 Shop stock 5,206 6,246 17. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2023 2022 Trade debtors VAT Prepayments and accrued income 6,906 7,852 471 14,822 18. CURRENT ASSET INVESTMENTS 2023 2022 Cash Deposits 19. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2023 2022 Trade creditors Social security and other taxes Pensions Credit Card Accrued expenses 3,834 2,477 555 780 5,588 2,345 602 90 19,461 28,086 Page18 continued...
HASLEMERE EDUCATIONAL MUSEUM Notes to the Flnancial Statements - contlnued for the Year Ended 31 December 2023 20. MOVEMENT IN FUNDS Net movement in funds Transfers beeen funds At 31.12.23 At1.1.23 Unre8trlcted funds General fund Premises Fund - Unrestricted The Museum In a Million Fund 213,828 6,559 1340 485 207,497 12,785) 418,540 6,559 1187 693 152 792) 1,560,872 54,705 12,785) 1,612,792 Restrlctod funds Education Care of Collection Museum Development Fund Premises - Restricted Wild Escapes The AE Orchard Buildings and Collection Fund 21,819 24,119 204,938 12,402) 17,983) 17,072) 12,785) 118,765) 19,417 16.136 197,866 2,785 18,765 349 042 349 042 618 683 582 461 TOTAL FUNDS 2 179 555 2 195 253 Net movement in funds, included in the above are as follows.. Incoming resources Resources expended Gains and losses Movement in funds Unrestrlcted funds General fund The Museum in a Million Fund 205,763 (298,266) 300,000 152 792) 207,497 152 792 205,763 1298,266) 147,208 54,705 Restrlcted funds Haslemere Town CouncilNisitor Information Centre Fund Education Care of Collection Museum Development Fund Premises - Restricted Wild Escapes Donations for a specific purpose 6,662 16,662) 12,402) 18,983) 17,072) 12,785) 121,851) 10 100) (2,402 (7,983 (7,072 (2,785 118,765 1,000 3,086 59 855) 39 007) TOTAL FUNDS 226611 358 121) 147 208 Page 19 continued.
HASLEMERE EDUCATIONAL MUSEUM Notes to the Flnanclal Statements - contlnued for the Year Ended 31 December 2023 20. MOVEMENT IN FUNDS - contlnued Comparatives for movement In funds Net movement in funds Transfers between funds At 31.12.22 At1.1.22 Unr88trlcted funds General fund Premises Fund Unrestricted The Museum in a Million Fund The AE Orchard Educational Fund 314,346 6,559 1,593,264 349,042 (100,9641 446 213,828 6,559 1,340,485 1252,779) 349,0421 2,263,211 (353,7431 1348,5961 1,560,872 Restrlcted funds Education Care of Collection Museum Development Fund Premises Restricted Wild Escapes The AE Orchard Buildings and Collection Fund 45,763 17.186 213,772 16,526 13,767) 113,067) {8,834) 116,257) 18,765 {20,177) 20,000 21,819 24,119 204,938 (269) 18,765 349,042 349,042 293 247 23,160) 348,596 618,683 TOTAL FUNDS 2,179 555 Comparative net movement in funds, included in the above are as follows.. Incoming resources Resources expended Gains and Movement losses in funds Unrestrlcted funds General fund The Museum in a Million Fund 195.546 {290,709) (5,801) 252 779) (100,964) 252,779) 195,546 (290,709) Restrlcted funds Haslemere Town Councillvisitor Information Centre Fund Education Care of Collection Museum Development Fund Premises - Restricted Wild Escapes 1258,580) (353,743) 7,186 5,663 {7,186} {9,430} {13,067} (8,8341 {18,6571 (3,767) (13,067) 18,834) (16,257) 2,400 34,014 57 1741 23,160) TOTAL FUNDS 229,560 347,883) 258,580) 376,903) DESIGNATED FUNDS Part of the unrestricted funds have been designated by the Trustees for specific future purposes. Page 20 continued.
HASLEMERE EDUCATIONAL MUSEUM Notes to the Flnanclal Statements - contlnued for the Year Ended 31 December 2023 20. MOVEMENT IN FUNDS - contlnued Premises Fund The Trustees periodically designate certain amounts to ensure sufficient funds are available to complete major tasks on the building. The Museum In a Mllllon Fund This is an expendable endowment fund and is designed to highlight the achievements of the appeal and is reflected in the fixed asset investment fund which is used to generate income to assist in securing the future of the Museum for generations to come. RESTRICTED FUNDS Mu88um Development Fund This balance represents the amount spent on building improvements to the Museum and the refijrbishment of the galleries less annual depreciaiion. The cost was met mainly by Lottery funding and the balance is shown in tangible assets in the Balance Sheet, represented by Land and Buildings and Galleries Improvements, and is subject to annual depreciation. Preml808 Fund The balance represents grants received for improvements to premises less expenditure incurred. Educatlon Funds received are used specifically for educational projects such as the ongoing dementia outreach project and HYPE Haslemoro Town Counclllvlsltor Informatlon Centre Fund Funds are received from Haslemere Town Council In support of the work carried out by the Visilor Information Centre Care of Collectlon The funds represent grants and donations received specifically to be used in storing and maintaining the museum artefacts Wlld Escapes The funds represent grants for the national project run by Art Fund. The Museum is the lead organiser for the South East. 21. OTHER FINANCIAL COMMITMENTS As of 31 December 2023, the Museum had total commitments under non-cancellable operating leases of £2,443 to June 2027. 22. RELATED PARTY DISCLOSURES During the year, the Museum paid NIL {2022'. NIL). Page 21