REGISTERED COMPANY NUMBER: 03203702 (England and Wales) REGISTERED CHARITY NUMBER.. 1071244 Report of the Trustees and Unaudlted Financial Statements for the Year Ended 31 December 2024 for HASLEMERE EDUCATIONAL MUSEUM kc KNOX CROPPER
HASLEMERE EDUCATIONAL MUSEUM Contents of the Financlal Statements for the Year Ended 31 December 2024 Page Report of the Trustees Independent Examiner's Report Statement of Flnanclal Actlvltles Balance Sheet 9 to 10 Notes to the Financial Ststements 11 10 24 Detailed Statement of Flnanclal Actlvltles 25 10 27
HASLEMERE EDUCATIONAL MUSEUM Report of the Trustees for the Year Ended 31 December 2024 The trustees who are also directors of the charity for Ihe purposes of the Companies Act 2006, present their report with the financial statements of Ihe charity for the year ended 31 December 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing iheir accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 (effective 1 January 20191. OBJECTIVES AND ACTIVITIES Strategles to achieve the year's objectives 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 aclivities. The Trustees have produced a five year plan covering the years 2025 to 2029. 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. During 2026 the Museum will have been established on Haslemere High Street for 100 years, A programme of events and fund rsising activities is being formulated lo commence during 2026 to celebrate the anniversary and to assist in ensuring that the Museum's place in the community continues for another 100 years. An extensive annual educational programme has been identified, leading to the promotion and use of the education room and grounds of Ihe Museum and further expanding the number of schools and local 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 conlacl with schools and other organisations. Actlvltles and achievements durSng 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. During the year the Museum organised a wide variety of events for children, adults and families, as well as a number of temporary exhibitions. Visitor numbers (which include those benefitting from outreach activiliesl showed a decrease to 33,462 12023- 35,600) FINANCIAL REVIEW Flnancial position For the year ended 31 December 2024, the Museum reported a net surplus of income over expenditure of £64,723, before investment gains12023'. net deficit of £131 .5101. The Museum's investment portfolio generated gains of £44,707 (2023.. £147,208). The total value of the investment portfolio on 31 December 2024 amounted to £1,758,853. The Museum depends on the income generated from its investmenls to assist in funding its core and ongoing activities. This investment income is a vital source of funds and helps to offset expenditure on charitable objeclives. Total funds carried forward on 31 st December 2024 were £2.304.683 (2023.. £2,195,253), of which £1.691,601 was represented by unrestricted funds (2023.. £1.612.792) and £613,08212023.. £582,461) by restricted funds. Page 1
HASLEMERE EDUCATIONAL MUSEUM Report of the Trustees for the Year Ended 31 December 2024 FINANCIAL REVIEW Prlnclpal fundlng sources and expenditure in the year under review The Museum is reliant on the income earned from various sources to meel its costs, including enlry 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 £53,931 in 2023 to £184,554 in 2024. This was due to a substantial donation of £140,000 from the Kate Livingstone Trust for which we are extremely grateful. Granls also increased substantially from £8,810 10 £58,848 principally due to a grant received of £47,484 from the Heritage Lottery Fund to assisl in funding activities and an exhibition to celebrate the Museum's one hundred years situated on Haslemere High Street. Haslemere Town Council continues lo 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 wilh the interest received from cash deposits was maintained at a similar level to the previous year al £59,905 (2023.. £60,747). This income is vital lo assist the Museum in reducing operating deficits which are forecast lo continue in future. The Museum's income from trading a¢tivilles rose slightly to £74,572, up from £74,494 in 2023. Total income increased signilicanlly lo £413,860 12023.. £226,611), primarily due to the substantial donation from the Kate Livingstone Trusl and the Heritage Lottery Granl, as noted above. Total expenditure decreased to £349,137 12023.. £358,121), primarily due lo a welcome reduction in energy costs and lower spending on events and exhibitions. These savings were partially offset by increased costs of repairs and those related to the management and care of collections. Investment policy and objectives 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 lo a well diversified portfolio that reasonably matches the Museum's requirements and objectives. During the year the investment 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 subslanlial 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 lo an ethical policy that imposes a range of investment reslriclions. The Fund aims to pursue a long-term sustainable investment solution which incorporates environmental. soci81 and governance (ESGI considerations into the investment strategy. Page 2
HASLEMERE EDUCATIONAL MUSEUM Report of the Trustees for the Year Ended 31 December 2024 FINANCIAL REVIEW Reserves pollcy The Trustees have agreed a policy lo hold unrestricted and undesignaled reserves equivalent to al least six months expenditure, which at 31 December 2024 amounted to £174,56812023'. £179,060) based on 12 months expenditure policy). These reserves are held in bank accounts or in readily realisable investments. But for Ihe existence of the Museum in a Million Expendable Endowment Fund, the Trustees would have considered il necessary to agree a policy to hold unreslricled reserves equivalent to at least four years, annual expenditure. Total unrestricted reserves at 31 December 2024 amounted to £1,691.601 (2023.. £1,612,792). The reasons why the Trustee5 consider reserves at this level are required are as follows.. Most of the Museum's expenditure comprises fixed costs which relate lo the running of the Museum. The majority of Ihis expenditure comprises non discretionary eslablishmenl 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 dependanl upon volunteer workers in order to be able lo maintain and run ils activities. Annual expenditure would increase by around 50 % if commercial rates were paid to individuals or outside agencies to carry out the work currently undertaken by volunteers. With the exceplion of the investment income generated by the designated funcls, only a small proportion ol the Museum's annual income can be regarded as re9ular recurring income, Despite the Trustees keeping a light control over expenditure, the Museum's budgets for 2025 and the coming years anticipate operating deficits lan excess of expend iture over income} in each future financial year. These deficits are after taking account of the investment incorne generated by the expendable endowment fund. The principal purpose of the Museum in a Million Expendable Endowment Fund is lo generate income lo assist in securing the Museum's future. The investment income generated from this Fund provides regular income which partly ollsets 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 2025. Our future plans include the upgrading of the Museum's building fabrie. 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 il can be commercially let which is then anticipated to generate a significant ongoing long term income stream for the Museum. The Museum's future plans also include a programme of events and fund raising activities commencing in 2026 to commemorate the Museum's 100th anniversary of being established on Haslemere High Street. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing 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 2024 STRUCTURE, GOVERNANCEAND MANAGEMENT Charity constitution The Museum was founded in 1888 by Sir Jonathan Hutchinson FRS, an eminent physician and surgeon. In 1998 the Museum was incorporated as a Company limited by Guarantee as Company No.3203702. As such it has ils Board of Directors. and a Management Committee that reports to the Board. The Museum is registered 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 property to the Company or any other charity for any educational or other charitable purpose in such manner as the Trustees see fil, Having regard lo the complexity of the inter-relationship between the respeclive charities No. 1071244 and 1054842 il 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. Organlsational structure The Board of Directors are legally responsible for Ihe overall management and control of the Museum. Full board meetings are held six limes a year scheduled in advance held in allernale months beginning in January of each year. The day lo 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 lo attend these meetings. Other committees may be convened when it is considered necessary, lo address specific matters. Objectives and policies The objects of the Museum, as set out in the Articles, are 'lo 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 il became the first institution of ils kind in the country lo provide regular lessons and practical demonslrations to visiting school parties. By an agreement in 1926. the Museum was required lo relain the name 'Haslemere Educational Museum, and the educational function continues lo be al the forefront of the Museum's activities. I n furtherance of this function a full-lime Education Officer was appointed 2nd has been in place since the beginning of 2001. While admission is free, visitors are encouraged lo make a donation. Access lo the Museum by all members of the public is important to the charity in promoting the importance of education for everyone. Page 4
HASLEMERE EDUCATIONAL MUSEUM Report of the Trustees for the Year Ended 31 December 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Appointment. induction and training 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 Ihan 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 Meeling 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 nexl Annual General Meeting. New Trustees are provided with an information pack including the charity's governing document giving explanations of the charitable objectives, together with copies of the financial statements and other relevant information, to allow them lo understand and be aware of the activities of the charity. Trustees are recruited based upon their skills, sector knowledge and experience and may attend relevant courses as training to enhance their knowledge and the undertaking of their role. The Trustees confirm that they have had regard for the Charity Commission guidance on public benefit when reviewing and planning activities in 2024 and for future years. Trustees, vacancies are advertised on the museum's website and details are sent to all members. Trustees, vacancies are also advertised on a specialist on-line Museum recruitment webslte. Trustees are appointed from a broad cross section of the surrounding area and beyond and bring with them knowledge and skills which help with determining the policies, strategy and directional leadership of the M useum as well as providing assistance to management as and when required. Employment Policy The Museum places importance on the involvement of ils employees and there are regular meetings Wlth 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 Risk assessment The Trustees have assessed the major risks lo which the charity is exposed and are satisfied that policies and systems are in place to mitigate exposure. REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number 03203702 (England and Wales) Registered Charity number 1071244 Registered office 78 High Street Haslemere Surrey GU27 2LA Page 5
HASLEMERE EDUCATIONAL MUSEUM Report of the Trustees for the Year Ended 31 December 2024 Trustees Ms M J Odell MBE (Chairman) R A M Manyon J R Pile RIBA CJFReayFCA R C Sabin Ms J E Storey Company Secretary Ms S A Porter Independent Examiner Knox Cropper LLP Chartered Accountants Office Suite 1 Haslemere House Lower Street Haslemere Surrey GU27 2PE Approved by order of the board of trusiees on 27 August 2025 and signed on its behalf by.. C J F Reay - Trustee Page 6
Independent Examlnerfs Report to the Trustees of Haslemere Educatlonal Museum Independent examlner's report to the trustees of Haslemere Educational Museum I'the Company'l I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2024. This report is made to the Trustees, as a body, in accordance with the lerms of my engagement. Our work has been undertaken so that we might carry out an Independent Examination of the financial statements in accordance with the General Directions given by the Charity Commissioners. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees, as a body, for our work or for this report. Responslblllties and basis of report As the charity's trustees of the Company {and also its directors for the purposes of company lawl you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act,) Having satisfied myself that the accounts of the Company are not required lo 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 I'lhe 2011 Act'l. In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145151 {bl of the 2011 Act. Independent examlner's statement Since your charity's gross income exceeded £250,000 your examinar must be a member of a listed body. I can confirm that l am qualified to undertake the examination because l am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies. I have completed my examination. I confirm that no mallers have come lo 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 requiremenl 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 with 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}1. 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 lo be reached. ]// Z /. L,/ James Holland-Leader FCA Knox Cropper LLP Chartered Accountants Office Suite 1 Haslemere House Lower Street Haslemere Surrey GU27 2PE 27 August 2025 Page 7
HASLEMERE EDUCATIONAL MUSEUM Statement of Flnanclal Actlvltles {Incorporatlng an Income and Expenditure Account) for the Year Ended 31 December 2024 2024 Total funds 2023 Total funds Unrestricted funds Reslricled funds Notes INCOME AND ENDOWMENTS FROM Donations and legacies 193,857 74,598 268,455 79.630 Charltable activities Charitable Objectives 10,794 10,794 11,740 Other trading activities Investment income Other income 74,572 59,905 134 74,572 59,905 134 74,494 60,747 Total 339 262 413,860 226,611 EXPENDITURE ON Raising funds 7,841 7,841 9,634 Charitable activities Charitable Objectives 297 319 43,977 341 296 348.487 Total 305,160 43,977 349,137 358,121 Net gains on investments 44,707 44,707 147,208 NET INCOME 78,809 30,621 109,430 15,698 RECONCILIATION OF FUNDS Tolal funds brought forward 1,612,792 582,461 2,195,253 2.179,555 TOTAL FUNDS CARRIED FORWARD 1691601 613 082 2 304,683 2,195,253 CONTINUING OPERATIONS All income and expenditure has arisen from continuing activities. The notes form part of these financial statements Page 8
HASLEMERE EDUCATIONAL MUSEUM Balance Sheet 31 December 2024 2024 Total funds 2023 Total funds Unrestricted funds Restricted funds Notes FIXED ASSETS Tangible assets Investments 14 15 17,868 1,409 812 192,525 349,041 210,393 1,758,853 219.333 1,799,500 1,427,680 541,566 1,969,246 2,018,833 CURRENT ASSETS Stocks Debtors Investments Cash at bank and in hand 16 17 18 36,184 32,669 85,353 158 875 36,184 32,669 85,353 230,391 5,206 32,130 60,000 111,419 71,516 313,081 71,516 384,597 208,755 CREDITORS Amounts falling due wilhin one year 19 149,160) (49,160) 132,3351 NET CURRENT ASSETS 263,921 71,516 335,437 176,420 TOTAL ASSETS LESS CURRENT LIABILITIES 1,691,601 613,082 2,304,683 2,195,253 NET ASSETS 1691601 613,082 2,304 683 2,195,253 FUNDS Unrestricted funds Restricted funds 20 1,691,601 613,082 1,612,792 582,461 TOTAL FUNDS 2,304,683 2 195,253 The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024. The members have not required the company to obtain an audit of ils financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006. The trustees acknowledge their responsibilities for (a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and preparing financial slalements which give a true and fair view of the state of affairs of the charitable company as al 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 olherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. (b) The notes form part of these financial statements Page 9 continued...
HASLEMERE EDUCATIONAL MUSEUM Balance Sheet- contlnued 31 December 2024 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 27 August 2025 and were signed on ils behalf by-. C J F Reay Trustee The notes form part of these financial Statements Page 10
HASLEMERE EDUCATIONAL MUSEUM Notes to the Flnancial Statements for the Year Ended 31 December 2024 ACCOUNTING POLICIES Basls of preparing the financial statements The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance wilh the Charities SORP IFRS 1021 Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) (effective 1 January 20191,, 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 assets. The financial statements are presented in sterling, which is the functional currency of the Charity and are rounded to the nearest pound. The accounts have been prepared to give a 'lrue and fair view, and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the exlenl required lo provide a 'true and fair view,. This departure involved following Accounting and Reporting by Charilies preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 issued on 16th July 2014 rather than the Accounting and Reporting by Charities Slalemenl of Recommended Practice effective from 1 st April 2005 which has since been withdrawn. 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 doubl 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 dale of authorisalion 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 a going concern, thus they continue to adopt the going concern basis of accounting in preparing the financial slatemenls. Income All income is recognised in the Stalement 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. Grants, Donations and Legacies Grants are accounted for when Haslemere Educational Museum is notified of its legal entitlement and the amount due is probable. Donations and Legacies are accounted for when received. Investment and Investment Income Investments are staled at market value-bid price. The income element of any accumulation share5 IS shown as income with the corresponding amount shown as an addition to the investments. Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, il is probable that a transfer of economic benefits wi51 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 cosls cannot be directly atlribuled to particular headings they have been allocated lo activities on a basis consistent with the use of resources. Page11 continued...
HASLEMERE EDUCATIONAL MUSEUM Notes to the Flnanclal Statements contlnued for the Year Ended 31 December 2024 ACCOUNTING POLICIES - continued Tangible fixed assets Depreciation is provided al the following annual rates in order to write off each asset over its estimated useful life. Building Building Improvements Galleries Improvements Plant and machinery Fixtures and fittings Computer equipment 2010 on cost 10,10 on cost 5010 on cost 20% on cost 20Q/o on cost 25°/4 on cost Tangible fixed assets comprising the freehold land and buildings at High Street. Haslemere are used to meet the charilable objectives. The original Museum buildings are grade 11 listed property and, as such, are considered to be 'Heritage Assets,. As permitted by the SORP, these buildings have not been capitalized, but expendilure on the improvement of the buildings and the galleries has been capilalized, 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 Ihis. 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 objeclives are lo lease or loan such property to the Company or any other charity for any educational or other charitable purpose and lo b8nefit the Museum or any of the educational or oth8r charitable purposes in such manner as the Trustees see fil Stocks Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost includes all direct expenditure and an approprlate proportion of fixed and variable overheads. Taxation The charity is exempt from corporation tax on its charitable aclivilies. 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 Ihe donor or when funds are raised for particular reslricled purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. Hlre purchase and leasing commltments Rentals paid under operating leases are charged to the Stalement of Financial Activities on a straight line basis over the period of the lease. Page 12 continued
HASLEMERE EDUCATIONAL MUSEUM Notes to the Flnancial Statements - contlnued for the Year Ended 31 December 2024 ACCOUNTING POLICIES - continued Pension costs and other post-retirement benefits The charitable company operate5 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. 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 party and the amount due to settle the obligation can be measured reliably. Creditors and provisions are normally recognised al their selllemenl amount after allowing for any trade discount due. Financial Instruments The Charity only has basic financial assets and financial liabilities of a kind that qualify as basic financial inslrumenls. Basic financial instruments are initially recognised al 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 2024 2023 Donations Gift aid Legacies Grants Membership subscriptions 184,554 38 15,000 58,848 10,015 53.931 6.404 8,810 10,485 268,455 79,630 Page 13 continued...
HASLEMERE EDUCATIONAL MUSEUM Notes to the Flnanclal Statements - continued for the Year Ended 31 December 2024 DONATIONS AND LEGACIES - contlnued Grants received, included in the above, are as follows.. 2024 2023 Haslemere Town Council Wild Escapes Surrey Museums Norfolk County Council Heritage Lottery Fund - 100 years Shottermill Great War Memorial Trust Barbara Whalmore Charitable Trust Royal Pavillion and Museums Trust Other grants 2,750 5,000 3,085 210 204 47,484 1,000 2,500 4,000 700 725 58,848 8,810 OTHER TRADING ACTIVITIES 2024 2023 Special events & Exhibitions Shop sales 55,772 18,800 51,186 23,328 74,S72 74,494 INVESTMENT INCOME 2024 2023 COIF Ethical Investment Fund Deposit account interest 47,467 12,438 51,352 9,395 59,905 60,747 Page 14 continued...
HASLEMERE EDUCATIONAL MUSEUM Notes to the Financlal Statements - contlnued for the Year Ended 31 December 2024 INCOME FROM CHARITABLE ACTIVITIES 2024 2023 Activity Charitable Objectives Hire and use of Premises 10,794 11.740 RAISING FUNDS Other trading activities 2024 2023 Opening stock Purchases Closing stock 6,206 8,453 6,246 8,594 15.2061 9,634 CHARITABLE ACTIVITIES COSTS Direct Costs Isee no18 81 Support costs (see note 9) Totals Charitable Objeclives 334 325 341296 DIRECT COSTS OF CHARITABLE ACTIVITIES 2024 2023 Staff costs Rates and water Insurance Light and heat Telephone Repairs & maintenance IT costs Security cost5 Care of collection Postage & Stationery Sundries Special events & exhibitions Marketing Subscriptions Travelling costs Cleaning Staff Welfare Staff Training Depreciation 172,031 6,643 12,060 22,590 4,357 48,301 5,108 2,254 18,675 3,030 678 12,830 2,154 2,965 783 2,190 825 1,025 15,826 165.480 7,582 10.917 38,382 3.938 34,276 5,410 2,797 1,350 5,042 342 37.748 2,249 1.638 583 1.705 609 684 14,872 334,325 335,604 Page 15 onlinued...
HASLEMERE EDUCATIONAL MUSEUM Notes to the Flnanclal Statements - continued for the Year Ended 31 December 2024 SUPPORT COSTS Governance costs Finance Totals Charitable Objeclives 2,375 4,596 6,971 Support costs, included in the above, are as follows.. 2024 Charitable Objectives 2023 Total activities Other operating leases Bank charges Legal and professional fees Independent Examination Fee 175 2,200 1,206 145 2,745 6,765 3,228 12,883 10. NET INCOMEIIEXPENDITUREI Net incomellexpenditure} is slated after chargingl{crediting} 2024 2023 Depreciation - owned assets Other operating lease5 Pension Costs Independent Examination Fee 15,826 175 3,008 3,390 14,872 145 2,759 3,228 11. TRUSTEES, REMUNERATION AND BENEFITS No trustees received any remuneration or other benefits for the year ended 31 December 2024 nor for the year ended 31 December 2023. Trustees, expenses During the year, £89 was reimbursed to one trustee in respect of travel expenses (2023.. nill. These expenses related directly lo travel costs incurred in connection with the museum's activities. Page 16 continued...
HASLEMERE EDUCATIONAL MUSEUM Notes to the Flnanclal Statements- contlnuèd for the Year Ended 31 December 2024 STAFF COSTS Key management personnel is defined as the Trustees and Museum Management Committee.. Total emoluments paid to Key Management Personnel in Ihe year amounted to £67,544 (2023.. £67,311) The following staff costs were incurred in the year.. Salaries.. £165,249 {2023'. £159,553) Social Security £3.774 (2023.. £3,168) Pension.. £3,00812023.. £2,759) Total staff ¢osls.' £172.031 12023.. £165.4801 Volunteers 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.. 2024 13 2023 14 Administration No employees received emoluments in excess of £60,000. 13. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unreslricled funds Reslricled funds Total funds INCOME AND ENDOWMENTS FROM Donations and legacies 80,444 19,186 79,630 Charitable actlvltles Charitable Objectives 11,740 11,740 Other trading activilies Investment income 72,832 60,747 1,662 74,494 60,747 Total 205,763 20.848 226,611 EXPENDITURE ON Raising funds 9,834 9,634 Charltable activlties Charitable Objectives 288,632 59,855 348,487 Total 298,266 59.855 358,121 Net gains on investments 147,208 147,208 Page 17 continued...
HASLEMERE EDUCATIONAL MUSEUM Notes to the Financlal Statements - contlnued for the Year Ended 31 December 2024 13. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued UnreslriGted Restricted funds funds Total funds NET INCOMEI{EXPENDITURE) Transfers between funds 54,705 2.785) 139,0071 2,785 15,698 Net movement In funds 51,920 (36,222) 15.698 RECONCILIATION OF FUNDS Total funds brought forward 1,560,872 618,683 2,179,555 TOTAL FUNDS CARRIED FORWARD 1,612,792 582,461 2,195,253 14. TANGIBLE FIXED ASSETS Building Improvements Land & Buildings Galleries Improvemènts COST Al 1 January 2024 Additions 31,641 4,659 353,585 231,620 At 31 December 2024 353 585 231,620 DEPRECIATION At 1 January 2024 Charge for year 19,366 155,719 7,072 231,620 Al 31 December 2024 22,996 162,791 231620 NET BOOK VALUE Al 31 December 2024 13,304 190,794 At 31 December 2023 12,275 197,866 Page 18 continued...
HASLEMERE EDUCATIONAL MUSEUM Notes to th6 Financial Statements - continued for Ihe Year Ended 31 December 2024 14. TANGIBLE FIXED ASSETS - Continued Fixtures and fittings Plant and machinery Computer equipment Totals COST Al 1 January 2024 Additions 25,865 1,398 20,356 12,404 829 675,471 6,886 At 31 December 2024 27,263 20,356 13,233 682,357 DEPRECIATION Al 1 January 2024 Charge for year 18,402 20,356 10,675 1,558 456,138 At 31 December 2024 12,233 471 964 NET BOOK VALUE At 31 December 2024 210,393 Al 31 December 2023 7463 1,729 219,333 FIXED ASSET INVESTMENTS COIF Charities Elhical Investment Fund Cash Deposits Totals MARKET VALUE At 1 January 2024 Revaluation Reclassificationllransfer 1,629,144 44,706 170,356 1,799,500 44,706 85,3531 85,353) At 31 December 2024 1,673,850 85,003 1758 853 NET BOOK VALUE At 31 December 2024 1,673,850 85,003 1,758 853 At 31 December 2023 1,629,144 170,356 1,799,500 There were no direct investment assets outside the UK. Page 19 continued...
HASLEMERE EDUCATIONAL MUSEUM Notes to the Flnanclal Statements continued for the Year Ended 31 December 2024 16. STOCKS 2024 2023 Work-in-progress Shop stock 30,366 5,818 5,206 36,184 5,206 The work-in-progress relates to expendilure on the Museum House which will be capitalised as an investment property in fixed assets when the work is completed. 17. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Trade debtors Prepayments and accrued income 8,219 24,450 6,906 25.224 32,669 32,130 18. CURRENT ASSET INVESTMENTS 2024 2023 Cash Deposits 85,353 60.000 19. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Trade creditors Social security and other taxes Pensions Credit Card Accrued expenses 18,320 2,124 563 1,953 26,200 3,834 2,477 555 780 24,689 32.335 Page 20 continued...
HASLEMERE EDUCATIONAL MUSEUM Notes to the Financial Statements continued for the Year Ended 31 December 2024 20. MOVEMENT IN FUNDS Net movement in funds Al 31.12.24 At 1.1.24 Unrestricted funds General fund Premises Fund - Unrestricted The Museum in a Million Fund 418,540 6,559 1,187,693 34,102 452,642 6,659 1,232,400 44,707 1,612,792 78,809 1,691,601 Restricted funds Education Care of Collection Museum Development Fund The AE Orchard Buildings and Collection Fund One hundredth anniversary Fund 19,417 16,136 197,866 (2,0381 {8,7541 {7,071) 17,379 7,382 190,795 349,042 349.042 48,484 582 461 613,082 TOTAL FUNDS 2,195,253 109,430 2,304,683 Nel movement in funds, included in the above are as follows.. Incoming resources Resourc6S expended Gains and losses Movement in fund5 Unrestrlcted funds General fund The Museum in a Million Fund 339,262 {305,1601 34,102 44,707 339,262 {305,160) 44,707 78,809 Restrlcted funds Haslemere Town Councillvisitor Information Centre Fund Education Care of Collection Museum Development Fund Premises Reslricled One hundredth anniversary Fund 4,148 7,100 10,866 14,1481 19,1381 {19,6201 (7,0711 {4,000} 12,038} 18,754) 17,071) 4,000 48,484 74,598 43 977) 30,621 TOTAL FUNDS 413,860 349 1371 109,430 Page 21 ontinued...
HASLEMERE EDUCATIONAL MUSEUM Notes to the Flnanclal Statements - contlnued for the Year Ended 31 December 2024 20. MOVEMENT IN FUNDS - continued Comparatives for movement in funds Nel movement in funds Transfers between funds Al 31.12.23 At 1.1.23 Unrestricted funds General fund Premises Fund - Unrestricted The Museum in a Million Fund 213,828 6,559 1,340,485 207,497 (2,7851 418,540 6,559 1,187,693 1S2,792} 1,560,872 54,705 {2,785) 1,612,792 Restricted funds Education Care of Collection Museum Development Fund Premises - Reslricted Wild Escapes The AE Orchard Buildings and Collection Fund 21.819 24,119 204,938 (2,4021 (7,9831 {7,072} 12,785) (18,765) 19,417 16,136 197,866 2,785 18,765 349,042 349.042 618,683 39,0071 2,785 582,461 TOTAL FUNDS 2,179,555 15,698 2,195,253 Comparative nel movement in funds, included in the above are as follows.. Incoming resources Resources expended Galns and losses Movement in funds Unrestrlcted funds General fund The Museum in a Million Fund 205,763 1298,2661 300,000 152,792} 207,497 152,792) 205,763 (298,2661 147,208 54,705 Restrlcted funds Haslemere Town Councillvisitor Information Centre Fund Education Care of Collection Museum Development Fund Premises - Restricted Wild Escapes Donations for a specific purpose 6,662 (6,6621 {2.4021 {8,9831 17,0721 (2,785) (21,851) 10,100) (2,4021 (7,9831 (7,072} {2,785} 118,765) 1,000 3.086 10,100 20,848 59,8551 39,007) TOTAL FUNDS 226,611 358.1211 147.208 15,698 Page 22 continued...
HASLEMERE EDUCATIONAL MUSEUM Notes to the Financial Statements - continued for the Year Ended 31 December 2024 20. MOVEMENT IN FUNDS - continued DESIGNATED FUNDS Part of the unrestricted funds have been designated by the Trustees for specific future purposes. Premises Fund The Trustees periodically designate certain amounts to ensure sufficienl funds are available lo complete major tasks on the building, The Museum In a Mllllon Fund This is an expendable endowment fund created some years ago and was designed to highlight the achievements of the fund raising appeal and is reflected in the fixed asset investment fund which 15 designated to generate income to assisl in securing the future of the Museum for generations lo come. RESTRICTED FUNDS Museum Development Fund This balance represents the amount spent on building improvements to the Museum and the refurbishment of Ihe galleries less annual depreciation. The cost was mel 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 lo annual depreciation. Premlses Fund The balance represents grants received for improvements lo premises less expenditure incurred. Education Funds received are used specifically for educational projects such as the ongoing dementia outreach project and HYPE Haslemere Town Counclllvisitor Informatlon Centre Fund Funds are received from Haslemere Town Council in support of the work carried out by the Visitor 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 Easl. One hundredth anniversary Fund The fund represeni grants and donations received in the year with the aim to commemorate the Museum's 1 Ooth anniversary in 2026. The A E Orchard BuSldlngs and Collection Fund This fund is to be spent on the Museum's Buildings and Collections. Page 23 continued...
HASLEMERE EDUCATIONAL MUSEUM Notes to the Flnanclal Statements - contlnued for the Year Ended 31 December 2024 21. OTHER FINANCIAL COMMITMENTS As of 31 December 2024 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 {2023'. NIL). Page 24