THE AMERICAN MUSEUM AND GARDENS CONSOUDATEO AIIANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Charity nwnber 1106989 THE AMERICAN MUSEUM AND GARDENS FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023 CONTENTS PAGES TTUStees' Annual Report IndeFendent Audiiorfs Rep￿t Consdidated Statement of Fironc?al ACtNIt￿ (l￿P￿ting the incorn8 and expenditur8 a(wunt) 10 Consolidated & Charity Bakrtt Sheets Consolidated S￿t￿ent of Cash Fbws 12 Notes tt> the Financial Stalements 13-31 Dètailed Income and Expenditure Reglstered charfty name: Charity number 1106989 Company registration number Registorgd officg c￿Ver&In Mamr BA2 78D Trustees Mr G TtrNJmas Mr E BaynturFCoward Mr R Bemays Mrs V RK*ard Mrs E De F(￿est SKott Mr M Harartzo Laly C MaJnir¥J Mrs L Sayer MrA Tinniswood Mr O Galbr8ath Ms J Kingsley MrA Comba Ms A Millman Ms K Penn¥wion Auditor Moore Chartere(l Aco)untsnts & Slatutory Auditor 30 Gay Street BA1 2PA 8ankgr Natwesl Bar* Pk 2*25 Stsll Street BA1 1QF SoliGitors sto￿ lfjng 13 Qu88n Square BA1 2HJ In¥e8trnentAdvisors Rorthsdjild Asset Ma[wm￿rt 1 King Imlliam Street London EC4N 7AR Hamln Ga4Hlal Management LLC 640 5th Avenue Nv•4 York NY 10019 The Trustèes. who are also director5 foi the purr*)ses of company Law, have plèasure in presertirvJ their report and the financial statemènt8 of Ihe charity and its subSKfiary ft>rthe yw ended 31 December2023. The fffiancial staternents comply with the Charities Act 2011. the Cornpanies Ad 20(￿. the Mernorandwn and Articles of Assoaation, and A¢¢tsunting and Repo￿ng by Chatiti"es.' Statement of RecommendÈd PrdeticÈ appliG8trAe lo charitEs p￿paring theii accounts in accordance with the Financial Rèporting Stantsril ap￿ICable in the UK aThJ Republi¢ of Ireknd (FRS 1D21 leffectwe 1 January 20191. GOVERNING DOCUMENT ThèAmerir2n MuS￿m and Gardens Uowrner1yAme￿an Museum in BriEa"n} w8sest8bltshed by Deed ofTrust on S February 1959. Tho deed was arnended in 1g64 so as to eslaFAish Ihe Jthn j￿jkyn Memorial. On 10 November 2004 trte MuseL became an incorporated charty. The Museum ig p¥Èmed by its Memorandurn Athles of A￿5￿18ti￿ as amended by SpecAal Resolubon dated 13 October 2008. REFERENCE AND ADMINISTRAMVE DETAILS Reference and administrative detsils are shown in the schedule ofm8ml￿ of the Ix)8rd professional advisers in these finathxat statements. THE TRUSTEES The Trustees who served the charity during the year and ai the date of approval of thèse financi81 Stste￿nts were as follows.. Mr E B8yntun-Coward Mr R Bernays Mrs E De Forèst S(x)tt Mr M Haranzo Lady C Mannlng Mrs L Sayer Mr G Thomas Ms J Kingsley Ms A Mrltman MrA C(XTtha Ms K Pennington Mi D Galbrat Mr A rInn￿￿j Mrs V Richarrl RECRUITMENT ANO INDUCTION OF TRUSTEES The Halcyon Foundation in the Unit&J States of Amerir2 has ap￿￿O¥al duties to board membeTS of the American Museum and Gardens. This iry a not-for-profrt organisatK)n under se¢*on 501 (c) 3 ofthe US Intemal Revenue C(xJe. Proposed n¢wTru$tegs will be interviewed by the Executive Chair akxvJside al ￿ast existing Trustees. Each new board member will go through a Ihorough ￿dUctI￿ packagè and will meel all rnembers of the Museum's leadership team. and spend time wth ea(* of them. as part of their indudion. ￿1 new Trustees will also partiapate in relevant workshops and presentations. and wll bè biought up lo date wth Ihe K4usewn'$ ￿lOn. strategy and devebpment plans for the future. CHIEF EXECUTIVE Gareth Thomas ser¥Éd as th8 Exe¢JJiive CtrAimHn thrrxJgh(xrt the ytsr. ThE CHAF￿￿Es AIMS AND MISSION STATEMEKr The mission of the Ame￿￿ Museum is to educate, stimulatè. s￿1 irwre ts wsitors in order to *Jrther the understanding of Arnerican history and cuttuie. The Museum carries this missK)n through the presentation of its historic roorns, its decoratnie art and f￿k art u)Ilection8, and its special exfu"btb￿S: pubfj[3t￿)ns. educational programmes, and gardens. THE CHARITY'S STRATEGIES FOR ACHIEMNG OUR STATED 0￿EcTIvEs The Museum strategies for achièwng our objectives involved slaff (kvelopment. publrcatKtns, exlwbi￿n$, and faefi￿eS irnwovement fot bettei putAic services. Our functional Ed￿110￿ Centre inu2ases our abilty to present public and schools educational programs, while the Exhibitson Gallery enablès us to put onè C￿ Iwo temporary exhibitions eath yoar. VOLUNTEER CONTRIBUTIONS TO MUSEUM OPERATIONS The Museum has a roll call of some 195 vc4unteers who in principle promde a TcKim guide Servi￿ faolttatiny se￿Thty and visitor interpretatiiKE when OF￿￿ to the pubkc. VoluntÈers arè also used for supp)rt to ihe curatorial and retail departments, while over40 volLJnteèrs work in the gardens. During the ye* in Ihe orderof 17.250 hours were offered by 195 volunteers. REVIEW OF CHARITABLE ACTIVITIES UNDERTAKEN The American Museum ar¥J Gardens is an educaignal irthtion that serves the regtr)nal o)rnmunty ofthe UK and a small nufflber of visrtots from the EU. lis fctus is on the edu(xtion of Ihe British public about the ¢xJlture and d￿rative arts of the United States. As SLKth. all of its activitses in some way 8UFWt this mis￿on - wtrEther il is the improvernent of the physical plant, increased educational programmirg, or better exhil)tbons. The follovjing list rèflécts somè of the activrbes of the Museum during 2023. Major activities in 2023.. The Museum held temporary exhibitron5. the fitst fraturing a phOtogra￿lC exhibition ofAmerican in Crisis, while the sec¥nd focused on Amet7￿ arK1 was desAgn8d ID attract the y￿￿er tamilies to the Museum. The Museum 8 number of ￿lf￿Y events including Easter. Juty and Halltsween in Octot*T. which were very well attended. The foottall oflhe Museum was iweased tojust 72,{￿. Thts was thé h￿hèSt annual fcrllfall for many years, and It is ￿ped to CATrntinue this into 2024. The Museum has undèrtaken eXt￿S￿e s￿￿11 capxt4 worts on security. aLami aThJ fire prevention as well as some well overdue repairs to roofs and windows. Other prqects suth as the renovation ofthe Cone5toga Wa9on and woodland maintenance wtth Ash die have beer¢ started. PUBLIC 8ENEFIT The boarQ has regard lo the Charity commi￿on giMdanr£ Ix) public bÈnefrt. The Amertcan Museurn and Gardens is open lo all and enwurages partiapation from all sections of SLvety in order lo furlhet the urKlerstanding of American culture and history 8fKI to deèpen aThY strengEW Lastiro ties between UK and US The Museum's care and interpretation of the col￿On. speoal exhibthons. and rts educAtKJn. CAJlture. and events progr8mtn8s ar& designed for mass appeal as wdl as ￿)Ill&tIng study. In pursuri of its mission, the Museum suppcwts the ktsl communtiy, r*o¥tdes work experienoo. kaming opportunitses and gages altnosl 200 voluntee￿. FINANCIAL REVtEW R￿9rVeS policy. The (*arity has unrestricled reseryes of approximate￿ £3.4 milKin, predomin8nlty in th8 fotTn of investrnenls. The investsnenls generate income that helps to compensate for the Operation￿ deficit of the Museum. It is ihe Trustèès. vièw that rt is prudent lo erwre Ihat there are sthfioent reseThes to prowde financial fle￿bIl[lY for the futu￿. Faetors outsidè the Charity's control Fludualions in the eXCha￿e rate be￿een the UK and the US o)ntinued to havè a mild effect on tMMYgèting. Thé unr8alised gain or1088 on foreign exthange is shrywn in the financial statement aNt notè Principal funding sources The primary sources of fvnding came from t￿et sales thatged to listi￿$ to ihe Mvseuffl durng r￿rrna1 opening and for special events atKI membership salès, togetheibth any r8dw"rTEd G[l￿d. The secondary sources of [￿dIng are private and (x)rporate hire, maiot donations trom a number of SoUr￿S induding via the Halryon Foundation, interest earr*d from et¥Jowrn¢Jts UNQSted with UK 8 USA proÉssional fund managers. InC￿asIng1y. Ihe secondary S￿JrceS of in(1)￿￿ indtKle the knrrK3n Defi and operdtion. In addition. gifts, donatiorts. and grants made a [￿)n￿"bUtiOn to thÈ yèafs tota incnrre. Invesbnent policy and objecti¥e5 The main fund is managed on a total retum basis. It is invested through the New Court Fund which has approximately 65.fi invested in retum-seeking assets and 35¥0 invested in diversifying assets The reStr￿ted funds are invested in the Targeted Income Shares of the New Court Fund which aims lo distribute dividend income of perannum. In a(klitton, nominees of the Deulsche Bank ￿rIaIn investments in the Uniled Ststes of AmerKa. Funds held by Deutsche Bank havè béèn givèn a balanced I￿pItal and ir￿OMe) objectNe. Invèsfment powers Any ttusl monies from time to time in the hands of the Tr[￿tee$ that are not subjeci to expr8ss diredTrons as to Thiestment, may, in theirdis(xelion. be invested in the purchas& of S￿*1 slocks. tunds. shares, securities orotherinvesttT>ents or propety of whatsoever nature and whatsoeveras Tnjstees s￿1 in thwr absoluie discretion thi￿ fti. Rgstrtcted funds Thè Museum has approxwnately £0.5 rnflfKJn V4rth of M(￿leS held in 32 athve rest[￿ed tunds. The reStr￿ted funds inchjde exhibition and conservation projects. arKI more recenty fundro for wblicAtions. educattonal outreach and gaiden ie(kvelopment. Further detail on èach rèstricted fund is given in th Notes to these firkgrKxal stsiements. RISK ASSESSMENT The Trustees have ¢x8rnined the rTh9jor iisksto vthith the Museum ts exposed and have develoFeJ a detaled Risk Régister, which identifies the majoi risks to whth the Museum and the Trustees arè èx￿Sed. This wsster ts a live doKJJment and is ¢On5idered by the Truste8S 8t èvery Board rneeting (fcNJr a year). The table below sets out the key rtsks, whth have been identif￿. KEY RISKS IDENTIFIED Inability lo raise funds for the redevelopment of the exhibtb.on galery. Manor House and Coach-hcMtsÈ airs. 2. Current plann¢d attFa¢tions th) not attrxt the required fooffall to support the outg(xng expenditure for Ihe Museum as a whole Due to cash low, dtawdowns deplete the ￿Ve$knent portlolio so diwdeThJs received iknea8e RISK MITIGATION MUs￿m board have appoint6d a fund raiser in the USA to ma(e o)ntactwith major LIS funders nd FoUndat￿nS. Greater use of intemal resources n) th6 dev6lowent of Ihe famity attractions and hollday ever Sen￿r lean wll [T￿lty both pay and non-pay expwldlbj￿ levejs and takè steps lo increase Ir1￿Me generatw)n in order lo redu￿ cash need and rediKe the o erational deficrfc. sen￿ team modify admissitM and membership rdtes ac£ordingty. This review wll also indLJde the rnodificab.on of catering and ietail 4. Pri￿$ rise more than the wethded rise in almis5ion and tnembership rates, leading tr) 8 redu(knn in profits. FUTURE PLANS The folknwiswJ a￿ considèred lo be signthnt fLtbJre plans forthe IAuswm.' The Museum is umising invesbnent fiJn(ts to rthihl and restore the retaining wall, whieh is near the Coach- house. This ￿71) be rea0¥ mid-season in 2(Y24. bul ha5 rreanl that full use of the a￿a flw pwate hire Cannot be achieved. Full use of the C0athhC￿ and st$b￿S wll be possble in 2Q25. when revenu¢ from private hire wll be incrè8sed. The Museum is putting on a single exha)itson t￿￿"AMerican Road Trip.. Thts will be 11?xible ent)ugh lo allow Smaller events to be fomied arouThJ th& road trip Ktea. TRADING COMPANY American Museum Enterprises Linmted (lorrnerty kTh)vm as HH Estales knnyted) is a wholty cywned subsidiary that operates thè musèurn shop and thècafé. The trading c(Ynpany transfers any taxable proffts via Di¥￿IendS to the muse￿￿. The results of Am*ican Museum Enterprises Limtted (formerly known as HH Estates Limited) 8re disdosed in the Notes to these nawK¥at statements. RESPONSIBILrriES OF THE TRUSTEES The Trustees are responsible for preparing the Trustees, Amual Rep￿ and fin*Kxal statements in accordance applicable L7w and United Kingdom Gènèralty Accepted AcoyJnliThJ Pt&atce. Company Liw wuires the Tw5tees to wepare finawal statements for ?￿h financial year that give a true aThJ fair view of the state of affairs of the chatity and of the surplus or defiot of the d)arity for thal peric*Y. In preparing these financial statemènts. the Twstees ￿ require(I to". •3elect suitable wrtjnting ￿￿￿eS and tt*n 8ppty (xsnsistarfty.. •make jL*Jgements and estnnates that are rvasonatle and pnKlent." and prepare the fina￿￿ttl statements on the wiThJ con¢>m basis unless it is inappropriate to prosum¢ that the tharty will continue in opèration. The Trustees are responsible for keeF*ng pr¢wwAJnling rÈixJrds that th(*)se with ￿aSonable aoxfa￿ al any tirne tho fInar￿la1 position of the tharity and that enable them to er￿lre that thè finarti￿ ststements ￿mplY with Companies Act 2005. The trustees a￿ also responsible for safeguardin9 the as*s of Ihe tharity and hence for takirwJ reasonable steps for the prevention arKI detection of fraud and other irreguL3rities. In so far as the Trustèès are *Yare: •there is no relevant audit InfOnnat￿ of which chartys auditOf5 arE Unawa￿,. and •the Trustees ha¥e taken all steps that they ought to have taken lo make themse￿&$ aware of any relevant audit inlomiation and to establish that the auditry5 are ¥￿are ofthat inform￿. AUDITOR Motrè are ￿e￿ed to be ￿.app￿rtsd under se¢ti(*) 487(2) ofthe ￿panie$ACt 2c￿. SMALL COMPANY PROMSIONS This report h8s been prèpared in acCOrdar￿ wth the specia w0visi￿￿ for STn811 1xrnpan1￿ Ur￿er Part 15 of the Compan￿$ Act 20￿. Approved by the Trusl&s on the XX SeFrtentsr 2024 and ggned on their bÈh8lE on that date.. Gareth Thomas ExeculNe Chairman Registered office.. Claverton Manor Claverton Bath BA2 78D Independent Auditor's Report to the Trustees of The AMeri￿n Museum In 8rltaln Opinion We have audited the financial staterrents of The Americ*n Museum and Gardens {fornErty known as The AmeriGan MuseLtm in Britain) Ilhe 'charity') for the year ended 31 December 2023 which comprise the Consdidaled Statement of Financial Activities. Chanty and Consolidated Balance Sheets, Consolidated Statement of Cash Flow and notes lo the financial statements. including a summary of significant accounting policies. The finan￿al reporting framework that has been appl￿ in their preparation is applicable law and United lfjngdom Accounting Standards. including FRS 102"The Finanaal Reporting Standard applicable in the UK and Republic of Ireiand" (United lfjngdom Gene￿IlY Actethl Accounts"ng Practi￿). In Dur opinlon the financial statements: give a true arKI fair view of the state of the group's and the charitable company's affairs as at 31 December 2022 and of the group"'s incoming resources and application of resources, including its income and expendÉlure, for the year then ended. have been propedy prepared in aC￿rdan￿ with United Kingdom Generally Acce￿￿ Accounting Practice., and have been prepared in accordan￿ with the requirements of the Charities Act 2011. Basls for oplnion We condu¢led our audrt in accordance with Intemational Standards on Auditing {UK> IISAS (UKII and applicable law. Our responsibilities under those standards are furtherdescribed in the Aud(corfs resF)onsibilitie5 forthe audit of the financial statements section of our retM)rL We are independent of the charity in accordanTr with ￿e ethical requirements that are relevant lo our audit of the financial statements in the UK including the FRC'S Ethical Standard. and we have fulfilled our eth421 responsibilities in accordance wtth these requirements. We believe that the audit evidence we have obtained is suffiaent and appropriate to provide a basis for our audit opinion. Conclusions relating to going concern In auditing the financial statements. we have Ixincluded that the directors, use of ihe going concem basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have wformed, we have not Klentified any material uncertaintEs relating to events or conditions that. individualty or collectsvety. may cast signtfi¢ant doubt on the company's ability lo continue as a going concem for a pericxy of at least hvelve months from when the financial statements are authorised for Issue. Our reswllsibilities and the resFMinsibilities of the dire¢tors wth res￿ to going (x)ncem are described in the relevant secb.ons of this Other inlomiation The trustees are responsible for the other infom)alion. The other infomialion comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other infom)ation and: except to the extent otherwse explicitly stated in our report, we do not express any form of assuran￿ condusion thereon. In conrEction with our audit of the financial slaternents, our responsibility 15 to read the other informab'on and, in doing so, consider whether the other infom)ation is rnaterialty inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to te materially rnisstaled. If we hlentify such material inconsistencies 01 apparent material misstatements. we are required to determine whether there is a material misslatemenl in the financial statements or 8 material misstatement of the other infom)ats'on. If, based on the work we have performed, we conclude that there is a malerial Fllisstatement of this other infomiation, we are required to report that fact We have nothing lo report in this regard. Oplnlons on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the ￿Urse of the audiL' the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is wnsistent wtth the financial statements,. and the Strategic Report and the Rewrt of the Directors have been prepared in accordance with applicable legal requirernents. Matters on whkh we are required to report by ex¢¢plion In the light of the knowledge and understanding of the company and ib environment obtained in the urse of the audit. we have not idenlified material misstatements in the strateg￿ Report or the Rew)rt of the Directors. We have nothing to report in respect ofthe folkhving matters where the Companies Act 2006 requires us to report lo you if. in our opinion". adequate accounting records have not been kept or retums adequate for our audr( have not been received frorn branches not visited by us., or the finanaal staterTEnts are not in agree￿nt with the accounb'ng records and retums," or certain disclosures of directors, remuneration specified by law are not made: or we have not re￿IVed all the informatK)n and explanatsons we require for our audit. Responsibilities of trustees As explained more fully in the ttustees, respons1bilrt￿S Statement sel out on page 6. the trustees are responsible for the preparation of the financial statements and for being sab'sfied that they gtve a true and fair view, and for such inlemal control as the trustees determine is necessary to enable the preparation of financial statements that are fr￿ from material misststement. whether due to fraud or error. In preparing the financial stalemenls. the tnjstees are responsible for as*ssing the ¢hanty's ability to continue as a going concern, disclosing, as applicable. matters related to going Con￿[n and using the going COn￿M basis of accounkn'ng unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic allernattve but to do so_ Audltor's responsibilities for the audlt of the financial statements Our objects.ves are to obtsin reasonable assurance about whether Ihe financial statements as a whole are free from material misstatemenl, whether due to fraud or e￿Or, and to issue a Report of the Auditors that irbcludes our opinion. Reasonable assuran￿ is a high level of assuran￿. bLtt is not a gLtarantee that an audit ¢onducled in accordance with ISASIUK) will always delect a material mtssiatementwhen it exists. Misstatements Can arise from fraud or error and are considered material rf. individually or in the aggregate, they could ￿3$OrtablY be expected to influence the economic decisions of users taken on the basis of these financial statements. Explanation as to what extent the audit was consklered capable of detectlng Irregularftles, includlng fraud. The objectives of our audit in respect of fraud. are- to identtfy and assess the risks Df material misstatement of the financial statements due to fraud". to obtain sufficient appropnate audit evidence regarding the assessed risks of material misstatement due lo fraud. through designing and implementing appropriate responses to those assessed risks.. and lo respond appropriately to instances of fraud or suspected fraud identfied during the audit However. the primary reswnsibility for the prevention and deleciion of fraLKJ tests with both managetTEnt and those charged with govemance of the company. Our approach was as follows". We obtained an understanding of the legal and regulatory requI￿rne￿ts applicable lo the company and considered that the most signfficant are the Companies Act 201%, UK Financial Reporting Standards, CharitEs Act and UK taxatv)n legislab'on. We obtained an understsnding of how the company complies wth these requirements by dixussions wilh rnanagement those charged with g0Vema￿e. We assessed the risk of material Misstatem￿ of the financial statements, including the risk of material misstatement due to fraud and how it might ¢xcur. ty holding discussions wilh management and those charged Imth goveman We inquired of management and those charged wtlh goV￿ance as to any known Instan￿ of non- (￿)MplIance or suspected non-compliance wlh Laws and reguktw)ns. Based on this understanding, we designed specific appropriate audÈt procedures to idenb.fy instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtainiNJ ajd[t￿al corroborattve eviden￿ as r￿uired. A further description of our responsibilrties for the audit of the financial ststements is thated on the Financial Reporting Council's website atwww.frc.org.ukJaudrtorsresFK)n&bilitbes. This descripts.on forms part of our Retx)rt of the Auditors. Usè of our report Thi5 report is made solely lo the charity's trustee5. as a txmty. in ￿￿Ordan￿ with Chapter 3 of Part 8 of the Charrties Act 2011 and regulations made urKler secb.on 154 of that ACL Our audit work has been undertaken so that we might state lo the charity's trustees those rnatter5 we are reqLsired to state to them in an auditorfs report and for no other purpose. To the fullest extent pennitted by law, we do not accEptor assurne responsibility to anyone other than the charty and i¥s trusiees as a b(xly, for our audrtworK ft)rthis repor( or for the opinions we have fomied. Simon Cunningham (Senior Statutory Auditor) For and on behalf of Moore Chartered Accountants and Statuty ALJditDr 30 Gay Street Bath, Somerset, BA12PA Date.. THE AMER￿AN MUSEUM AND GARDENS QNSOLIDATED STATEMEMf OF FINANCIAL ACTP*ITIES OPKLufANG THE CONSOUDATED IpxordE AND EXPENDrruRE Acc¢yJrffj FOR THE YEARENDED 31ST DE¢EMBER2023 nd8 a)23 2022 Incomg and onth)wmnts Donatio￿ and legacEs Chantable aCtW￿es (Xhertradthg IAMEI In}ms￿an1 income 281.935 559.115 462,053 124235 572.717 54.662 S59.116 4$2.053 .205 257.607 286,065 75B,739 348,082 206,286 103.187 To￿1 Income 1.427.338 15.884 30.205 1133,427 1,599,172 Exp6ndltur Ralsiny fijnds Charitablè attivities Other trading acti￿tieS IAMEI Othr trading (Charity) 93.726 1.616.229 458.887 55.3T4 57.899 2.415.509 411.355 $3.572 4&5 548.&35 30,193 1195,2S7 .374 Totsl expendlture 1224.216 548.835 .193 18U3.244 2.938.335 N81 gainslllossesl on MI￿1M8ftts 8&9 710.860 1877,4481 Nat It)comèll•xynditur•l 1*0181 127.049 12 101, 12.216.611) TrdnSfer5 bplwEen fiwKIs 14 Actuarial gainsll105Eesl on defined b penS￿n s¢*eme I44.￿) 144.(PMI 1155,0001 Foreign excharoe g31￿￿058e$> (83.5281 {83.528) 182,746 Npt ￿￿¥B￿l￿ntIn funds IS3.S461 127049 12 I24￿5} 12,168.8651 Reconclllaflon of funds Total funds browhl fward 3.7&3.479 539.891 15.385.582 19,679,3S2 21.8S8.217 Total fvnds carried for%Yard 4599.933 666W 15,384994 19,651867 19,679,352 The ￿at￿M￿t Offir*Md￿ atbvtt￿s IrKILth all g*ns artd k)&s&s t*xyJntsed in the pr. wKXx¥￿ aThl exp￿Ure deri¥8from continuing aclivllKs. 10 THE AMERICAN MUSEufii AND GARDEKS CONSOLIDATED AND CHAFIITY BALANCE $FEErs FOR THE YEAR ENDED 31ST DECEM8ER2023 Group Charity 2023 Gpo 2022 Charfty 2022 F4xod Asg•ts Tangl￿e asse15 iit4e assets Invesltnenl assets in VE UK In￿lment assets out￿d& ￿ UK 11.106.179 25.750 6.197.146 1.746_555 19.1)￿030 11.050,955 25.750 6.128,547 1.746.5S5 18.9S1,807 11,253.￿6 25.750 6,278.079 1,887,602 19h45267 11.234.428 25.750 6.213.314 1,887.602 19.361.094 7a CuTrentAssets siocks D8trtors Cash at and In hand 10 9).259 215.923 381.515 6.302 296.894 351,241 35.573 237.642 '164.374"""- 5,576 342.508 "138,"600""- 627.697 653.437 437,589 486.684 CrBditor¥- arnounts fallry due *i￿rn one y88r 12 P19.4601 1161 J77) 1444.5D41 1409,4251 ¢uYrerrtAs8ets .237 491060 6,9151 77.258 Total assets I￿8 current liab6tiesox£*JdiThJ pensKyn assel 19.443.t67 1*443.867 19N38J62 19J38.3S2 Creditors: A4nixJnts falling due aftermots than 1 Defined beneffl penston sc*Èm& asset 209,000 241.￿0 241.000 Not assets In¢ludlng pension asseVIl￿bI1ty1 19.651867 19.65186T f9,679,362 19.679.362 Th8 fvnds ofthe Char Endownent funds EndDwfn8nt furKls (group thariiyl RÈvaiuation Eserve Igrwp and th￿lty} 14 11,614.201 3.771.793 11,614.189 3,TT1.7SI 15.385.994 666.940 15.385.9)4 15.385,982 539,891 15.385.982 539,891 RestricÉed income funds UnrestDcW irwme Unrestricw Incom& ¥unds (gtuup arKI ctrAntyl Penslon res￿ (grwp and thwityl 14 3.M.933 3,512.479 241.0 3.599.933 3.599.933 3.753,4 3.753.4T9 Total charity funds t3 19,651167 I9.65￿7 19,679,352 f9.679,352 The ttustees have prepared group aC(￿nts n aCc￿thn￿ settK)n 398 of the Cornpar¥8sAd2￿ and se(*on 138 ofthe Chanties ACJ 2011. These accoLmts are pwpared in accord8nce wth the 4)ec421 of Part 15 ofth8 C￿)parIeS ALt tdatiry to smau COM￿￿$ 8rYJ consrtilLrt8 Ihe annual accounts ￿quY￿ byihe Compan*s A(# 2W aThJ are fiw cYrJAakn to mÈtthets ofthe rA)mpary. Tre notes fortn Part Dlthese accwnts. Trustse Apwov8d by Ihe tsuslees on THE APAERtCAN MUSELW AND GARDENS CONSOLIDATED STATEAIENT OF CASH FLOWS FOR TIE YEAR ENDED 31ST DECEMBER 2023 GroL¥* Group 2022 2023 c￿ used In opera*lons 1520.022) 11,045A421 cash ljows from invosting a¢￿vItI09 InvesinEnt ncome PLwchases of investments Proceeds from Sale of KNeS￿entS PLwchas8 wi ofdtsposals of lar•J*k fjxed assets Ca¥h provid8d by Iu8od inl inv6¥ting adiviti88 257.￿7 1283,3671 1.187,655 (24.7311 1.137.1$3 2W,286 (367.1051 I.1￿,027 168,3081 9349 IMer6as6 in eash and 8qulvalents the y88f 217.141 11Q9.5421 Cash and cashequlvalerts atthe beginlry (rfthe year 1H374 273.916 Total eash and ¢a8h 8qul¥alot)ts attho end olthe 381.615 1rf374 12 ThE AMERICAN MUSEUM AND GARDENS TE$ TO THE F114ANCIAL STATEMENTS FOR niE YEAR ENDED 31ST DECEMBER 2023 AceouNTING POUCIES lal B491$ olproparnt50 The fIn￿c￿l statements has teen prapaftd li a(yJJ￿ar￿E￿ith Acfwnlkng aTrY Rwrtsvj by chai￿." stalen￿1 Bf ReCom[n￿￿1 Pradt apwIcab￿to charibes prepsring I￿1r accounts in ac£0[dar￿e the Rep(Kbw Sta￿jards ap￿1¢￿t￿e in thè UK and RÈpuNit OF Irpland IFRS 1021 leffecUv8 1 J*uary 20f9)- (Chartes SORP IFRS 10211. Its F￿an¢￿ Reportlng Stand¥d in the UK and Republ￿of Irdand IFRS 102) and the Q)mpaThesAd2t￿. The Atrnerican and Gardens meets dtfinititsn ola wtrAic berefft FRS 102. A55ets a[￿ liatxL*es atE Ini1&41ty recogrHsed at histcrfical co* or tranSa￿￿n vath urkn ollETh%ise staw in the r*vant polty n￿e(SI. he basrs for preparatson ottrts accwnts ts that the Fknewn i5 a g(xro c(rfKem. The effects ofthe 2072 and 2023 c(Ét Of￿*9 has si￿￿8nt. P￿tiNJ. cat*ing and rkni costs hav8 contrbuted lo a squeeze on th8 gross margui in AM Fntsprts￿ arKI oby¥￿1 In es1*8 rtsis. A process has been implem6ntsY in 2023 to have wdarrrwtxws tyi c(6ts ortbrwj Ricknjryj (al urt staff non-pay tsJstS Ibl lo Incyease the iio)m8 in ver•Jè and iyJtprt kmre arxl'lcl locwtrye to ￿Velop efiiern7*hllhln ¢xt*Tng operatK)n. Tr15 Is belleved to b8 the 0￿Y YRythatthe MuseLxn ￿ i￿reaSE its tec(ffi*suthnai4È ito lh2 ful￿￿. Ibl Donatlons, legaclos an¢J Oth￿ volumt*y Income All retypts unkss restri&ad ￿11 be applEd lowards awge* General arE UtXEStri(tsd tUFth are avaiLItrAe for ￿ althe ofts trllst￿ in fi1rthW￿ ofthe generdl ubieclives ofthe thatAy and Y4hich have not been deswed forother wtPD5es Designat8d rundts cotnprise unRstrbXed f￿YS Ihal been set aslk byttE ￿p￿lar pwposes. The aim aThY of8ach de$t9rtated fund 15 sel ttE mtes to Ihe financiaf ststew*rts. RÈstrKJpd *e are lo be in aco)rdan¢è th speaftc resth¢t￿ll5 i￿p0S￿j by doncrfs have been ttii5ed by Ihe 4tsrtyforp¥b"udar wrposes. The rJ)Sl of raising atml adtnlnistering such furK15 a￿ ch3rg&Y a9aSnst spèth I￿￿1. use of eaL* restric￿ fiw¥J s ￿out *) rths to Ihts ffinana￿ stslements_ [Tr￿lms￿ incom8 aTh1 galns are albcated 10 IhÈ appruprmtsfvro. 1¢) Incomlny ￿0￿r¢s5 All Incoming resoL*ces are induded ￿ trE soFAw￿ the chanty 6 to ts NKoffle and amwnl can be quantifi￿ Wth reasonabk ac￿racY. FOr1eg￿5, entitlemwrt e*r oftr*£*arfty ntitified oi an wnper*Jing or the kgacy being received. E￿nated facilities arÈ atthe value to the aI8fftY7hl￿ett￿s (xn be is bearry i5 bearin9 Ike ￿8t. No amounts are induded in ￿ finan￿￿ staternetts fvr setVKEs (kjtbated by voktnleers. Idl R090yr¢e¥ expmded & credltors I pxpenditure is accounted br on an actruas baw ha5 been clas￿￿ uThJerl*atho$ that aggre9atÈ 211 tAtsts t￿#[e￿ tts IhÈ ￿tegOry. Supporto)51s have b$6n ah)Catsd tIE ithffwerrt aCti¥rt￿ thtyrnats￿, see pth)te 4 FLmd4ai*NJ costs are Ihose IrKxJ￿I in 5eekiry vdLmtary cordrft￿tl￿s aTrJ do not t￿ts otth"5sern￿tyU (nformatwJD in suwort ofthÈ chat11ab￿ Sw)port costs are ihosa costs 5UPPOrtof on the objects ofttE charity and rcknle project mantyetnent caffled (xrt at Headw8rt*s. Marvtr￿rt arnj ad￿￿tra￿￿ Ix)5ts are those incur￿ in connedion*lth tha adnMrKstyalion ofthe charity and com&￿18r￿e wnsMK)na statsrtory rew1[￿T￿$ l>)vemance r))sts ¢￿118e staff and related Costs that are deem￿1 lo be incutred in the of thÈgenÈtal govemartt oflhe Ch*. Credrtors are r￿n15￿ th*er8 th? tharity has a lHI￿ as Ihe res￿ of a pasttrarnsathon le11￿88￿Ment astsets attd tho Inc#rnè arising Quottd InvÈstmeni assets arÈ slated at m*el Val￿ the ￿3￿(￿1 slalerr￿￿5. Investments ￿ W￿￿ted cornpanES are slated al Ihe rw assetvah* of Ehat [￿lP#[ry. The SOFA net ￿1n8 and ¥￿e$ ansing oll rt¥akni￿r￿ and diSr￿S I￿O￿th￿￿. Investment ￿¢1)me is treated as I￿oMeWh￿ Y8t*ll12ble. The investment property ￿ St Mark's Road sokl n It￿ >wr2W21. How8rprowties *ytrin Ihe bwvjary are commerjal 13 ThE AUEIICAM Museum AND GARDENS NOTES TO THE HIW4¢1AL STATEMEFirs FOR THE YEAR ENDED 31ST DECfMBER2023 ACCOUNTING pou¢JES 1¢OP￿INuED) lfj Trading $tock Tradi￿ stock Is slated althe kxrof cost aThJ r88lsat4a vah 19> Tanglble a5xts l tsngible fixed ass81s are measur8d at cost less aGrunulatsJ de[He0atK￿. exwtts￿ chatys knd ar￿ ￿￿ngs. the thority *as ele￿￿ to w the mo* re￿￿t valL4knn as its deÈmed Tr*Te i% nD kA4Er forcaptalisai%)n Off￿ 855ets. dq)reoabon rates used are as ftl(rt¥s'. Buldings Molorvehicles Fumilure and eqL*meni 2% on a stryht basi& 25% on a ￿U[￿r￿ balaJrE basi5 YdFiL¥ts lates straym kne * 25% redu(YvJ baan Ihl HeF6tsge q¥se(s The charity holds t￿lIage ￿ets. *thlch are tan&th fix6d assets ofhthwLxl. OrX4￿￿￿1￿pOrt￿ thai8re haky to advarKe preservatioTr and consorvation objettivÈs of ts tharty Under PTWQUS accounlng politles thsse 8ssels wefe (zpitali5wI arml l1vetsv￿ rkrtwwented by anyfjllwes in these f￿a￿la4 There 1$ rn rdi8Ue cost Tnfomabon and a corwent￿alYthalX)n wil ￿hr￿￿ent Slgnfficanl costs ￿U￿1 be inVo￿ed in Ihe re¢*rts1t￿on oraT•is of past acmunbry recuds ￿Valuat￿)n5. 8r8 ￿rouS compar•J to the a￿d￿"On81 be4*fft deyw by users otlhè 8(x¥xA#s. Fut￿r￿al811$ ort Haritage a&%ets ￿ given in ttE 7a to tw rinarKi¥ slaterwts.ln 2017 a ttystp(*trait of CP4Jr¢hill was aCcess￿)￿ad into the fvefitage colleCb￿ (cost of £25,0￿1. yjll be on the baL4nce as a heriw asset loj￿ni valua E25.7501 The very long 8>¥etted IDies of the f*rit3ge as5et& lotW natwe. aTrJ n*J to be proteaed ptE5ewwl means Ihat d&pretsat￿n is not material ar￿ is tr￿refore. provhyed. In adthti￿ m*y of ts artefad5 cthjkj a(￿￿riSe in Yahjp as titt￿ gops on, thus making dep[eGIati￿ less apwIrab￿. lil Realised and unrea115ed 9¥n$ and losses th¥estsYth a88•ts Reall￿ giins and losses ar8 c8tulaled by r8fererKe lo the 5￿1 (J)sls compa￿￿ wilh Orig￿81 cost or tho market v&lue al Ih&18sI bakrte sheeidale, is lat￿. ga￿5 arNI losses are calculated by cTrmpann9 the marketvalue al Ihe beginning oft￿* year th th&t at thp erKI of the forassets al both Iyaks and tr>y wmparfng ts ￿st wnh the market value at Ih&erwJ oftr* yèar torassets aGqLir&l (knrg ￿ yearwrtl W at bae yeareTr1. I Ponsioth Costs The r￿Seu￿ operate5 2 Per￿￿￿ sthrrEs. a be￿ft srkne¥knth is nty4c*Jse4 to r* m￿t a defined contribuliorj scheme for r*w members The cost of provNJing pension anis beneffts Ls Ch￿ to the SOFA over￿ eWyee5' Se￿￿ Dn Ihe basis ofa Gonstanl per*ntage of 88rnlngs*fiich 18 an estin*e of ts re9￿ar (x)5t. Variations froJn cos¢ frDm perTDdic riodic actlgrial valLtatth)ns ale allocated over exF*tted iÈtn&rwKJ servK2 of cwtenl emptyEe5 On the bast5 of a constant percemtsge of Wr￿￿1 and esiimaied fviure eamings. lkny (fiffer￿￿ beh4Een the charge to the stthwert0ffirk8n￿ Inimes and th6 conti*utions payable 10 the stheThe is Shown as an asset or a aatsb.ty ￿ ths b*8nc8 sh881. The assats ofthe dtrfined corrtribubon scherne a￿ he￿ separaldy from Iltose ofV% tt)anty. The amual o)nti*ubons payat4e e charyed to the SOF tt is thè intention oflhe Trustees to Imp*m￿t ￿Jt oltha dehxd be￿￿#£*￿￿2 tun by Iki For¢lBn ¢wrrencis¥ As5els aThY liabir￿ in &Jre¥n currenc*s are trans￿ $￿Ir￿j * ofexdw rufro at the balan￿ sheet date Transactions In fore&n currenc*s ar8 tiar￿818￿ into st￿￿￿j altrE rate ofex(*arvJe al lh8 date of the transacticffi. Exchange drffe￿nce¥ ate taken ito Ihe statement offinanoal 8th¥￿e$ year. Im) Flnancial instrumtrThts Financial instrurnents are das5W and acGowW for. acc(rfding 10 Ihe substsrte of ¢￿tra￿la1 atrat4Ement, as eit￿rfi￿ancral assels. nnanckql ￿8b1￿￿5 &]urty instruments. An egurty ittstl￿￿tfy aTry that ev￿5 a re5￿Ual interest in the as*s ollhe company 8t￿ tteduc￿ all ofits liab￿￿￿_ Inl Funds The Charity has nUTnerous teslrfded, Endownent and dwnaled Trt Ch¥tydoes have an estsblw ￿tY10 make transfers bptvEen funds to orfrom the deswJnaia Snstead mada from I￿￿e to as Ihe Ttustep5 consider apyopriale. Each lund Is d8lermhwd by refer8ncs to the crfiginal ¢JO[￿tK￿ atvj ￿5IrKkn at IhattirrE. Ml fimds are slxYA separately li Ihe 10 tsAshare ca￿al. Eath to corthte up to £1 in evènt ofthe harity be￿g ￿5$0￿ Tr Musaum was irworakd in & Wak¥ regi51vpd offKS athJr8ss * Cla%*rton Man￿, CKavertth). Balh BA2 78D. Iql Group financial statstnEnis The finan081 statemenis consolidatÈ thè re$4Jhs ollhp rAwed subsithary Am8rfw Entwfvs Litnited formerfy kno￿ as HH Es(atss LiftMt8d on a by kne bw. ils naff* Tn 2021. Irl Post Bala￿¢* Sh8Ot Evtrts There no svJnifKant posi bal￿￿ shpet e¥uts ￿ 202312024 onthe abw Oft￿ Mwm to conknue surtessftrfly trading thp ftjiurtr tonfimcd in lol ofthese finanLial ststemerts. the ¥e oftha tharW5 at¥lity to r4Jnthue to tsadp thmuyh dlfficLltpefiod. INCOMING RESOURCES FROM CHAPThABLEACTIVTfiES 20# 20Zd 2022 Total AdmissN)r Membership Olher 3tr2.710 106.W21 382.710 106,921 69.484 559.115 525,071 90 237 142,431 758,739 559.115 INCOMING RESOURCE5 FRNI G￿￿TED FIJ4DS 2Q23 2023 )23 2022 Total Vol¥ntsry I￿Ome ¢JRs and donatiorts Job reitthon stherne 281.935 572.717 854,652 285,065 281.935 572.717 854.652 286,065 AcUvltlo9 lor 98n8ra15n9 I￿ndS Retsil and catering IrKy)me 4e2,053 482.053 348,082 l1wèstrne￿ incorne UK lThcome Invesirnents I￿ted on a r8cogntsed stOL* excharv Inveslmenl woperties incomÈ 532(M) 25.70 78.908 103.167 205 186.572 25.708 212,280 131,552 11,792 143,344 103.167 30.205 US in¢om& Investsnents IFlpd on a recognwd stock exthar Total 45.327 257,607 62 942 206 286 124235 103.167 30,205 15 ThE AMERICAN MUSEUM AND GARDENS OTES TOTHE FINANCLAL STATEMENTS FOR THE YEAR ENDEO 31ST DECEMBER 2023 cHA￿TABLE EXPE14DITURE ANALYSED BY CHARiTABLF Acn¥ir Basls of A]location hlanagotrwrf & Programm• Fund Ra*kng Exhib#ion¥ IEdu¢alionl Total 2022 2022 Slaff & relaled u>sts Per ¢*pita Property m515 Usage offi￿ costs Lkage Tra(fing Costs 382.497 578237 571.679 483.241 89,919 78.328 5.943 1.036,443 1.C69,735 236,179 458,887 994.805 824.341 707.834 411,355 15.4111 21.133 458.887 20,041 Total 1.0￿.419 1.144.839 485.￿3 28,298 2.803.244 2.938.3 2022 Audit fees otherserV￿ promded by thB eth[￿￿ ￿rtur. (￿tYe1{¥ Profftllloss) on fc￿gn exclk4rqe 18.(K*) 1T.( 2.750 182,746 183.5281 STAFF COST8 2023 2021 &34.469 76.￿1 41.IY23 769,302 71.380 33.429 sewity Gosls Pens￿Tr costs lindudirKJ defined ben8fft adju51[[￿￿) 952.453 874.111 Ind￿d the pnsion costs are rJ.825ofdefiEd perw (x)51 LtharyEs. The charity effl[￿￿￿ thp foluditwJ tunbeTof wAh em(the￿S falts4 ￿t￿mAllE barhysas (k5CIDsed bdow.. 2(¥Z3 2022 Nwnbgr Salary band £70,000. £80.￿) averdge head ￿￿tof8M¥￿*s. anatysed by I￿￿￿)0. was.. 2023 PknbÈr 2022 Nurn￿r Mus¥Jm staff Flanaoemeni 8nd admintstral AM E[rt￿riseS 28 24 67 Mr Gareth 7hTrmas held ts ￿11￿￿5 ol iKJlh," ExpAxthe Clwtman aTrJ Trnslea ofTr£ Arwcan Mu5ewn ar￿ GÈrdÈns. MrG Thomas recsved both rewneral￿n reirnbuTEements for eXp￿S in km5 fDle as Exeo#t¥e Chainian bLrt not as a Tn*e. Otl*TMse. no Trustee r8¢*ved any ern&￿ents or re1mbur5err￿ts forexF￿￿es durng yearunder w8W. TPJe key managetn8nt p￿s￿ne1 of Ihe group arKJ thariiy eth￿p￿ ihe In￿e$. ￿ Museum Exetsthe Chamian, ￿reCtOr of Oeveiopment tirector of Collections and Puts1￿ Enga￿mÈ￿L Head Cuiaior. F￿8￿ of FnaK8, Heal of Estates and Hwl Gardèr*r. The to￿ reMUr*rali￿Tr the key manageJnerit of thè charity £418.57512Q22. £404,1881. Severance payments made year as £2.918 16 THE AMEWCAN MUSEUPA A14D GARDENS NOTES TO THE FINANCJAL STATEMETrThS FOR THE YEAR ENDED 31ST DECEMBER2023 & STAFF COSTS Icop¥nNUED DEFINED BENEFIT PENSION SCHEIIE Natur• ol the schem? full fjx¥Jing a$sÈs$ment was as at 1 January 2015 3fMI re5uls. ber*fft StrudutE and dala wer8 $Lmmarfsed in a report to the Intstee5 dated June 2017. The b￿eft struaure has Th)1 tharw $W￿lhE as8es¥ment. The scheme dosed to r•entrants arKJ the age I￿Ofte of actfve mwthers wll wease over brye Underthe projected unll metkwjd used foiFRS 1￿2 iheilfftrtsè￿Z ￿5t as ¥ ofsataryv&il increase as ac•¥e ￿n)bats ofthe $d￿rne asproath t￿re￿nI. oftwnltmènts The 8Cluary has a5$L￿ed thst no cDnstDJthe e￿. ￿ a*&eCtal[L￿ that in Ihe eyes ofu* membets that a actice of granting adffjli(￿l beneffts rni proThtsed Int￿ bwtsfil sh￿￿e*ll TIE assumpuons do ftot tske acts)utrt of pa5texpeiience ofdtscr￿￿ary pra(*ces 0tnfom￿Ii0n aL¥NJ thp exetrise of disueoon in tutue. Fundlthg rèqutremènts Trustees estymats that GL¥rfritxJbons trj Ihe *xih2 ryorte￿ year to be NSI (2022 Nil) Thè majorass￿1pOorts Ltsed by Ihe attsry at baLlr￿e sheet date 23 2022 CI8￿ulrt rate Relafl Pri￿ Infiation S8tary inttease rate Al￿￿(￿fOr tEvalualKn of defe￿e￿ of RPI or5% rf Wan￿ for revaluat￿n of deferred per￿￿ ofRPI w 2.5% if Aj￿Wan￿ for pe￿1(￿) In payrMIi vmaeases of RPI ￿ 5% p.a. 4.8% 3.3% 3.9% 3.3% 2.5• 3.1% 3.8% 3.3% 2.5% 3.1% Assets at Proportion at 2023 2023 Bonds Inswed pensions TL￿1 745 1.307 745 55% 20 2022 Fair value of p18n assets Value of fr￿ded oL4gatio 1207 11.0981 1.348 scheme 209 241 Anatys15 ofth• GharyBd to operatry profft 2023 £000'9 22 £0￿.$ CU￿nI setvtce cost Net interes( expense (71 r￿al wrabng thargellrx8ditl 17 THE AmE￿chN MU5EW AND GARtENS 140TES TOTHE FINANCIAL STATEf*NTS FOR YEAR ENDED 31ST DECEMÈER2023 PENSION C0$7S ICONTINUEDI £WO's £C4JO¥ A¥s81 return kss interest ir￿￿e ￿cogn￿ SOFA Expenence gain￿0￿ w benefit oNvJalvJn Effect of assumptio1￿ changes on tktEfft oblija Totsl opergting Ichargel tredit Fm AlxJve (6211 1621 526 (291 12 Totsl lo be rVcogn￿I in thè SOFA 1321 H15tory of •xporien¢• galns and )23 £OOO's Drfftrr￿ bèiiAwi asset rewm intwestwKr % of scheme assets Experience garr￿ and Ioss8s M ¥ablKI&8 I£OLWYsl % of l￿bilitiES Total atnowt recogrK*J in OCI I£(KQsl % of 5theme Irdbilrfies (6211 46.1% 1621 6.6% 528 47.7% 1.5% .4% -2.6% Th8 TA￿1085 Oslmale thatthe contrityjhons to stheme ye*to LÈ t41. ATraty8i8 Of1￿ Chan￿ In tho doltr*d benBfft obugatiti 2022 £OOW5 1.624 £OOO'ts 1.107 Opening deffned ben8fft (*kgation rr6nt servK* O)St Interest cost AGWgrial Igains)rtosses Beneffts pa Clasing defined bÈnÈfitotAigklN)n 25 1881 1.098 14661 801 1,107 Anatysls of the ¢hat198 th&lafjr valuo of pl•n assets 2023 2022 £OOO'¥ 2.013 Openir4 fairvalue of pLqn ass Intewest income Asset gainlllossE51 Conlribubons Bererrts pai aosing fairvakJ2 of a>sets 1.348 16211 1881 1.307 1801 Lrf9 qxpeclanGy based ￿ mortality ￿uMp￿0￿5 Assurning a relirernent age of 65, the IfE epwiancy in year5 we as frAkyAE: 2022 Yaar& 17.3 21_7 17.9 22_4 10 Ygats 17.3 21.7 17.9 For 8 male aged 65 n Al 65 lora male meth aggd 45 For a femak 89ed 65 r At 65 for a feM￿e mernb81 ag6d 45 rth¥ al￿ in yea[5 10 18 TrIE AMERICAN MUSEUM ANDGARDENS NOTES TO THE FIN￿cIAL STATEMENTS FOftYHE YEAR ENDED 3qST DECEMBER2023 7 FIXED ASSETS-TAP￿BLE ASSETS Charity Frpoljoh ProFe Equlpmont 8flxlur8S wohick•& COSTNALUATION At 1 January 2023 AddIt￿nS Oisposals At 3fst Do¢6mber2023 I2,￿7.92@ 15.399 12SJ.647 14,on,972 l2.￿7.92fj 15,399 1273.945 14,097.270 DEPPECIATIOM l Jants2ry 2023 Dwosals Charg$ forth2 year At 31st Decernber 2023 1.715.2UO 15.39 1.10S.946 2,839.546 171.679 1.886.879 35.091 1,144.037 206.770 3,046.315 15,399 NET BOOK VALue At 318t D•¢ember 2023 10.¥21.¢M7 129.908 11.OSO.955 At 31st t*cember 2022 11.(W.T26 141.701 11234,427 erila9e ass*s have b8eTr insur8d th a v￿UeOr}2l.Q￿￿Q￿j in recert I￿18nte¥￿H￿ThJ. The fr8thdd propertywaswdlued by A RCIS. ofJ(w Laro LaS&le, ￿ 31 tkcen*er 2012 at E12.WXI.(M)). The Jnot¢X V8hlc* and l￿fi1￿￿Ure aThJ al L*d sdetyfortre dtrect putKrt>ses. NOTE REGARDING ThE SECUfdlY OFARTIFACTSA14D HEIOTAGE ASSErs In order ITr Ensure that all the atfifacts dtspkyEd in the and stored n r*erri￿ atE kept safe, a pmgrdmme of U￿JaIl￿g th8 sè(aJrity 5y5tems has t8ken pla￿ In early 2023. T1￿ writy syste￿￿ have ThY￿Jed Cc￿ta[￿erdS and $8nsthe eleth￿r alarn￿. Trusle8s have beèn kept inlotmed ofthese ￿gradeS in the board Meets￿5 as pan ofthe ¢xpital prograrnme. Trustees are corrtent tst the ￿￿$ ofartitacts and heriMge assets • slc4ww dIma￿l are smal. 19 THEAlllERICAN MiISEUhl MD GARDENS NOTES TO THe FIPIAHCIAL STATEMENTS FOR THE Y&4R EPIDED 31ST DECEMBER2023 FIXEDASSETS- TANGIBLE ASSET8 Icorrflnuedl Group Frefjhohj Fumltura & equlpmtr Total vehkl85 GOSTIVALUAMON At 1 January 2023 Addilions Disposals A131st Deeembor2023 12.￿7,926 15.399 1,310,314 14.133.639 24,T81 24.731 I2.￿7.026 15.399 1.335.045 14.158.369 DEPReciAfioN At 1 January 2023 D￿pOsal$ Charge forihe year At 31st Do¢ol￿or2 1.715.3JO 1S,399 1.149.205 2.879.804 171.679 1.8B6.879 40.709 1.1￿.913 212.387 3,092.191 15,399 NET BOOK VALUE At 318t D8c•mber2tr23 10.¥L1,047 1¥,131 11,086.178 13181 D8¢8Mb￿ 2022 11,W726 10 161.109 11.253.835 Plea&è refertothe relevarf text gi￿ in lhe.clw*￿ part Fryl Asset w. 7& FIXED ASSETS- HEPJTAGE ASSETS 2023 Herthge 2022 Herltage COSTIVALUATION Group Additions At 315t De￿￿ty8r 25.750 25,7S) 25.750 25,750 DEPRECIATION Grwp Charge for the year At 318t Detembèt BOOKVALUE At318tOtrttrmber 25.750 25,750 The hertsge baL2rtt Is a stix* busLofChwthq. which was m the f￿j 88S8t in 2016 atNI has been tran5fW lo hetsJe assets in 2017. fo1￿m￿j fts as¢(*stsion to the rnu5eum artrfacts. NOTE REGARDING THE UNQUAiifiFIED HERITAGE ASSErs The Museum posesse5 a large number of H8ri18ge assets th8t are tK>t VK*thd onttE Thè Museum's coltec*on ￿CludeS 240 htsioitAtneriGan 9￿n5. exwti(KW ]xce5 of shakeTfv￿trre. ￿ber￿￿10Ik *1 paintnys and Sculptures, natbve American objects and renaissan￿ tnaps oflhe'NewWorhf. The Museum's collecllon ianges In age from ts 171h ￿nI￿ oTh*ard TheAmeric2n Mu$eum and Gard&rtS is ￿rted by Ihe Litfariès ar•J Aft*N¥es CaLwK*. d￿t￿leS howexhibits are caretl for, doc&menled. governed and managed tc¥¥h8r¥hlh these eyhbits are sMÈseniÈd to tFxJse *rsOnSv￿tsng It￿ Museum. Museum displays 3 large prLV(Klh)D ofihe extsbits in rfs w8cssK￿. Imse e%hR)its which are key to meelw Ir* Museum's objectives las per the Tmstees. Repcrfii Tre process for cyclirwj assets from stryagB to (Way and vice versa E largely driven by prograffltne of displays the L￿M$er•8tiOn and preser¥atK)n oltsE exh*its. The Museum maint84ns a record ol it5 e>thl)it5 on a datai)8se 5upW by Ir￿r￿￿ swems Ltd. See nob abov6 re9ardlng the ofmwwn arbtacts aTrJ h**e assets THE AMERICAN MUSEUM AND GARDENS NOTES TO THE FINANCIAL STATEhlEF￿s FOR THE YEAR ENDED 31ST DECEAIBER2023 FIXEDASSEf IIIVESTMENTS IN THE UK 2023 ¢harfty Quoted Inve8th8nts Browhl forward AddilKns tisposals Nel gainslOos8esl 6.278.079 7.789,753 1708.5681 5M.638 1816,6741 Mgffrfet valu8 31st ￿¢emb 6,164.149 6.278,079 Unquot8d Inv88trr*rts Brou9hl fon¥ard Net g*nsJaosses V81ue 31st L*&mb8r 184.7651 .834} (TO.273 I68￿99} 164,7651 32.9a7 6.128,Y7 6.213.314 tssl oftr quoknl in¥esbnerts8131st t*t*ntw2023ThFS £&W,62512(122 £6,4712ni The cost of the Unquot￿ investfftEtrt&s kno*n. Group 2Q22 2022 Brought forwar Additions Dtsposals Nat ga1￿1(10sSe&I 6.278.079 7,789,753 (708x81 1695.(M)Dl 1816.6741 Matket valuè 31st December Q164,14 6278.079 Cash held for InvKtsngrt pwp)8e8 32,997 Imiegtsnent Prop8rt18s Total UK iwesbments 6.197.146 6,278.079 Istorical (x)st olthe quow nvasIm￿ at31s1 r￿m￿2023 *as£5.￿.62512tr22 £6.4712731 group had no investments thai repxertsi Mo￿lt￿ 5% by ¥3th oflhe t￿81 pth￿. 21 THE AMERICAN MUSEUhl AND GARDENS NOTES TOTHE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DE¢EMBER 2023 FIXEDASSET INvE$fMENTS OUTSIDETHE UK Chartyand Qyotgd Inv￿trn8rfB 2022 BroughtfonYar41 A￿d￿0￿S DisposaLs F4el ga￿slIk)sSes) F(weign exchange gainlllossl Market Value 31st De￿ber 1.843.834 283.*7 1479.0861 168.440 18186ts1 1.837.920 387.1 {470,0271 169,3881 17&224 I.7￿.695 1*43.834 Cash held t¢ investment wrp088S 12.860 43.788 Tot81 inve51ments outsde the i 1.746,555 1087.602 storfc41 cost ofth6 quoted investrnenb at 31st fknbJw2023wa5 El.￿.938.12(￿ E1289.2191 10. STOCKS 2022 Charlty Good8for res8 5,576 Group Goods fr)r resa )259 S5￿[3 11. DEBTORS 2023 2022 Charlty Trade debtors Amounts due frcffl Group Underta￿rys VAT Prepa￿entS ￿ otsrdebt￿s 6.154 16.D76 118.105 32,422 177.905 178.709 .894 342.508 Group Trade debt¢rs VAT Prepaymènis olherdeb 17.625 17.246 181.052 16.076 40.338 181.228 215.9TJ 237,642 THE AMERICAN MUSEUM AFKI GARDENS NOTES TO THE FINANCIAL STATEAIENTS FOR THE YEAR ENDED 315T DECEMBER 2023 12. ¢REThTORS.. AhV)UNTS FALLING DLEWJTHIN ONE YEAR Char Trade crethrs T5Xa￿0D and sodal s&curity Accru￿$ sU￿ry tsBdit(rfs 171.6 18.599 219,170 409.425 23.444 161.3TI Group Tr8d8 credrtNs raxaiion snd 8oc4al seoJrity Pension control Accrua* and sundry ueditors 64.072 efj249 786 88.353 219.460 176.165 35,1 472 232.717 444.504 13. AMALYSIS OF m￿ASS￿s BEVAIEEN FUNDS TaThglbt¢ Plot CUNont ￿￿[on 8ch¢m• rotal ¢hartty Endowmonts Map fu Pemiar*nt fjJr¥J lan Mccallum fund Property fijnd El*1Gati￿ end￿m￿nt fur eonsÈThation Exhib￿Dll fund JJM fund JJM PrattWIll fvrxl 333.652 1.349.8( 333.652 1.349.8 36,264 11.311.242 525,974 400,013 402,579 246.493 779.971 10.956.114 355.128 525.974 4W,013 4￿£.579 246.493 779,971 10,956,114 4,429,880 15.385.994 R•strlctsd funds M8p fund lan Mccallum Educabon knd Fi8ld ConServat￿n tutyj Exhibition fLTKJ 10 11 io io 41 41 18 21 JJM Pratt Will fund SclM)ol House fuThY Captsl Campaign18wb8lwhsl Top Fk)or Hat le5sentiat captsl ￿rks) Folk Art GaI￿ry lesserth81 c4plt81 ￿**$1 Gallery heakng Travel fund UK Appèal Thanks￿n9 60th arx)Netsary CRM Ash die bath Ckvertan Th£atre LectLYe 5ettes knd ICLgrtdgel Tree planti Period rooms IF(1 for the Fuiuiel Garden lund {Gui￿al con￿￿93 Wagon Gardens 6ndo%sTheni (suF￿Al AudierKE prr4e Damag£d w211 Wdl tKojeL Café project Retaiimw Wall Churchill Leciur& series IBetty Sock?1 Ertsrprises Atademy TogettEr grarrt 21 1192LK> 1192(NJ 2.319 2.319 2.761 495 291.785 13.733 22.761 291.785 13,733 161.960 872 161.560 872 24,291 24.291 20.837 20.837 7,OIKJ ,940 666.940 Un￿strIcted fLrvJ5 3Z8.472 3.445.Z22 137T.7611 209.ow 3.599,933 Tirtal fijnds 11.279W6 7.875.102 269,179 209,000 19,652,867 THE ANIEFICAN MUSEUM AND GARfENS NOTES TOTHE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST t)ECFM8ER20TJ 13. ANALYSIS OF M￿ASSET$ B￿v￿M FUNDS l¢ontlnu8d> Tan9￿ Netcurren¢ PensioTh scheme Toial Group Map ￿nd P8mianenl frJnd lan Mccallum fund Propertyfund EdutAton e￿o￿ent eld conservation Ethibrfon fund JJM Main fund JJM PrattWIll fu 3.652 1.349.8 333,652 1.349.8 36.264 11311.242 525,974 4￿,013 402.579 246.493 779.971 10.956.114 355.128 S25.974 4(M).013 402.579 246.493 779.971 lQ.956.114 4.429.88 15.385.994 Map fund Ian Mccallum Etlwalion furKI FEld Con5ervatsw fvnd ExhiThlion fund JJM Main JJM Prattwil fuod School H￿se fuTrl Capital Campaign lesenial w¢ksl Top Floor Fkl lessantial c4p4tal F(Ak Art GaI￿ry less8nti81 ca￿18] vhJrt¥l Galw healNJg Tvd¥￿ fund UK Appeal Thanksgivir¥J CRM Ash cFe back aavèrton TF*atre dub Ledure series fvnd Iclarkjgel Tree P￿RIl￿g ri￿ ro￿$ (Fitfor the Future) Garden fund (Guilta Canestoga w￿On rypeal Garfer6 enLlo¥finent ISLIFKAI AUrfW￿ project Damaged wall Wells proect Calé project Retsining Wam ChurGhAI LectLfÈ Se￿ IBeity FAK*a¢ Sooal Enterprise5 Academy Tr4vglliDg fogelhergranl 10 10 10 41 18 21 41 21 1192 119,200 2.319 1319 101 22.761 495 291.7 13.ns fL.761 495 291.785 13.733 161,9 872 161.960 872 24291 24291 20.837 20,837 7,0(M) 1,5 1.SCKI .940 66S.940 UnrÈstrt#Èd funds 135.815 3.513.821 1255.7031 209.0 3.$9g.933 Total funds 11,091,929 7.943.701 408.237 209.0(X) 19,652,867 24 ThE AMERICAN MUSEUM AND GAADENS NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023 14. ENDOV¥ThETr¥fs AND RESTRICTED FUNDS Chartty and Group Balance IrKL¥nkng Ckrtgoln9 Tt￿￿fth¥ Endowmgntlunds Map (und Perrnanenl ian Mccallum fuTh Property ￿nd Educabon end0￿ment fth Fleld ft Exhbition fund JJM ma￿ JJM Pratt Wll 3.652 1.349.794 3n,652 1.349,8( 130.1931 11.311.242 525,974 4(Q.013 402.579 246.493 779,971 11,311.242 525.974 40D,013 402,579 246.493 779,971 15.385.9B2 30205 130.1931 15.385.994 Balar Balan R￿¢￿eted lund& Map fund lan Mccallum fijnd Educalv)n tund Field C0fiser￿titsn fuTMI Exhibilion fimd JJM ma￿ JJM Praltwill fund SGhDoI House fu Capital Campaign lesseniial Ca￿tal wwk Top Fl(xJr Flat (essential capital Folk Art GaI￿ry lessenttal ￿pha1 works) Gallgry Healing Travel Fund UK Appeal Thanksthr¥J CRM Ash die baG Claverton Theatre dub Lecture serie5 fund IclaitgEI Tree p￿nting p￿0d rooms IF4F) Garden fund IGLllal Caftestoga W8gon appeal Gardens eThyL￿v￿e￿t ISLIFKAI Audience project Damaged wall Wells proFCt Café prop Retsining Wal Churchill Lectlre serf8s Social EnlerprtsesAcadeffly Travelllng Togelhergrdnl 12.9)3 2.244 15.447 10 9.135 7.T41 21537 112.8261 12.3531 115.535) 111,1261 (9,4281 18,0421 PI,801) 10 10 41 18 21 319 285 29.752 1.187 433.￿20 151.5571 11.7651 (268.015) 578 1192ry) 59.876 (rJ.8751 11.4951 13,999 (Burberyl 814 2.319 145.4WI 124.3781 45,4 24.378 (2.4991 23.753 2.499 101 22,761 495 291.785 13.733 495 .420 234215 13.733 P2A511 (2fj.0811 I9.(K￿l 13,028 170.W 872 4.614 24291 161,960 872 116.1771 11.5&3 24,291 1.855 Its9.￿} 121.92 (3.2431 (3.(XM)I 155.053 21.927 24.080 io.c 9.891 675.884 1548.8351 666.940 Thtr Map Funtl was 8$¢a￿lshE￿ byAtide 17.10(al of Lk PAtt's Wdl. wl¥Gh reads 8$ fol(th8."- .£1 OM third 11131 lo trE Twslegs at the time of mydeath urthrsaKI [￿aratth ofT[￿t dated Ihe fifth day or Fabruary 1￿9, as arnended by Ihe Tnjstees. io be used by sapJ Tnk8tees ￿ fX)ntEC￿fi *ith Ihe'TlalLqs Pratt Cal￿G￿￿ Df ￿kS10￿c31 Maps. fft ts foknnng marw Saij Trus*es shall share as an furKJ and may use Ihe income tf*rE frorn for the wrposes of I#)￿ty. twatiry. labelknu. rat￿aguing, aintsining aThJ publi¢4sing of said c¢Alect￿n. or tor a￿LISib0n5 tlwelo. The princpal and any unused iwne Shall be invested in suth marrer a5 sahj TrLthes shail dewn adw**.- The fiNvJ is 12we%nle¢ maln by fixed asset Ir*tttnÈrts. D￿ng 2011 It* FJ&kl F(xKMlaliDn a donaibn restoratiw fo the Haiii Ah￿d map. THE AMEFVCAN AIUSELW AND GARDENS NOTES TOTHE FINANCIAL STATEIIEMrs FOR THE YEAR ENDED 31ST DECEMBER 2023 14 ENDOWMENTS AND RESTIICTED FUP4)S Iconllnuedl The Pernian8nt Fund rewesents the wo(*eds ofthÈ wcygNen by 7 ofth8 Will ofJohn h￿vIle ￿kyTh wthodied on 29th JLIY 1963. Th subiÈd matterofthe IhÈ Testalorf5 tN)Iding of Shaf25 in J￿kYn.S miied The iemis of thtr ￿9alry are the ￿b1￿ct of iwo Op"txon5 of C(Hmsel." Mr D A 22￿ May 1968 Mr N Bro￿11￿ Wifvnson on 14th AUg￿t 1SW (the on b2h*fofthe Attr￿y G￿raTr. T result 1$ th81 Ihe capital of the Perrllanent FurKI is hekl by ttE Try￿lee5 su*ed tot￿ tetms of the undettsknng gnien by to Ihe Treasury SolKitorto use onty the ￿K￿rne ofVE Fu￿, to ex1￿ any of the catxw. The inGDtne is aval￿￿e forthp ye￿[al putPBse5 of the Pkn. The ftJtMI is rewes￿￿1 fflaiTty byfixed ass&t investmèn The lan M¢¢allum Fund grfts ofa fThinerOw2ctorofthe Musel￿. The wKx>me ofthe knd is lo Museutll gu￿eS atKI staff Y4ith buJ5aties t(YKdtds trE rost of trayd to Ihe lofijnd wsits by US based experf5 lo the K4uSpU￿. The (Z￿al b5 a￿lable. The1U￿ ts reWe￿led rTrai￿y by ffix￿1 asset Invesiments. Tho Property Furnl is (3wta irNested ￿ thE FYUJRtty Of￿ [eVe8en￿ by fwj as881s. Tb8 E￿￿¢all0￿ Fund holds thè wI￿d$Of￿* EdLK*ith Er*ItrhTh￿Appèa. irthdry the sums raised duritva January 1994 ai IhÈ Christ￿* Ethitxb(￿ and UK and W The LftcrA￿e is avaiLgWe for dsfrayiry tne expe￿eS oEthe muse￿.￿ ed￿11￿ prowmmè Tr Ca￿81 L5 rh)t avalabk. is represerted mainly by fixed a55et ￿Ve￿Imerts. T￿ Fl•ld CawJvatitirt Fund comKXT5es gitls frorn Il* Tr￿lee5 oflhe F￿1 Eslate (San The terms of gift, contained in a ￿tter 2rnJ October from Ihe Estate Trustee to the MuseLkM Drector. are 'Thi5 is a capital accourt c0r4n]xrt￿A Irom earrdrqs (¥n L￿d kn Cor￿?11￿1 pl￿￿." The c4 i5 not 3vailab*. The fund is represented by r￿d asset inesti￿. The ExhlblUon Fund ha5 been esta￿￿ lo pro￿ts a wh)xE*ill te tOW8rds cost ofMwn￿ffj the al tha Galery. is not avalab￿. Tl* fund Is reFrfe¥ented mainLY by cash t*kJ by In￿tee￿. forth8 work offfte Johft Juokyn Memoiial. The ￿Cl￿ne ar* •1 avaiLible frilhe purposes of the JJM. but not for the generd purwse5 of thti(xn Btitwn. TIElurKI is ieprewtsj Inainty byf asset itwestments. TheJJM PrattWIII fund Was estsblsw byArfK* 17 11Xbl of th Ftraifs Wa. ￿ re*ts as101￿￿.. '(tyl Two Ihirds12rJi to the Trusteas al Ih8 lkneofmy death w)J8r savj Ded￿ati￿ ofTrusid8led the fifth day of F8bruwy 1959. as amended by Tmstees. 8ubFd lo wuvisvJns of ts nexIsuc￿linY palagrap￿S hweof - I direct Ihaisaid grfL under Ihis parayraph bl 10 saNI Trust*s undÈrsaMI Dadaration of Trust shall be he￿ as endowientfvNJ fc*tr* mairrfenancè and Lyerai[c￿ of Freshft¥d Manor. Freshford. Avon. Eng18fKI. itr bt Ltsed - primarmy as the ￿adquarte[S of the ptLyed knu*n as the'thhn JLMIW ￿e￿13r a conlinuing program of loan exhibi15 of Amerttzn MleBst lo be serrt •rtfr(xn 5aKI F[PShft￿d Marvto 0ltEr p* of Gr98t Btitain, orto othef caunthes. as an educationa servu to sch￿* and other9r￿p5. under ￿ aUSp￿S ofthe Tftjstees ofThe Amertcan Museum in Britan *. secoThJarfy. fwother wrpose5 0fthe￿￿￿n Museum in Bthain as directed by Ihe Trustees. The olsaid fuThJ shall tÉ used frC￿ li￿10 kne lor the mwlenarK8 oflhe growds. hol￿. its contents. for penybamt inwovements •jd￿r￿. 8Th1 fw otsrexpEn8es In connecbon wlh the support ofthe8aKI"John Judkyn ￿￿)0￿Jar as deiern)rÉd by Trustces. - K at any acbng Trustees undersad Dedaraiitn ofTrust SMI bei&ve il io b8 in8d￿SatI& rèason to usa or corthnue to LÉe said Freshford Mamr lor the afoTesaNI purposes. orvfith to Use addi￿￿31 preThises, l aulhorise and emwmerthe Sa￿ Truste&s L￿der saKI [￿a￿tion of Trust to lake SLth aGIK>n and exppnd the the principd and irKorne Df such fund as ￿Y shaldeem aly￿bIe frofft tune io Ixne. pmwditNJ the name of John Judkyn Shai ahv3ys be associated with s2i(J wopd.- T%vo tsurd5 referred to i$ 2rJ of 341100 of W E WJ"amin tr￿th￿￿y. FollN*ng the sa18 I¥￿th the awrov4 olthe Charity CthMnxssh)r￿1 ol Fr8shfrKd Manorin Juty 19*. thi8 fLty supports the John JudkyD MemorK91 ￿ itscs*m sunm￿1r*j tr¢ Gol*ln 2022 2023. Gallgry Hed￿rry. Th￿WaS set up lo r8ceNe 8peoffo 104**dsthe system ofthe Gakry. This projeGt is now compjaie. The EdiKation Progranmp f￿￿ reweserds moThe$dona￿ by lo enharKE￿ EduGabwal 0￿ch operat¥)ns ofthe Museuffl. More recenttytr￿5 has be￿ t¢*)wJ w) byE5.l#X) traTwtu)5ts Of5d￿ Thè Trank¥iving dthnerheld 31the MlL$eL￿ Ls bya 9e[￿￿5 gift, re￿￿1 in 2022 (¥ty.. CRM. Thi% p￿ie& was and 8el w otthe 5th5 systetn the Sa￿5f(Xr￿ and Veevart curpanie Thi& proieLI 1s comtyets as 18r a¥ resvided firthJ is Ixjl tlwe aE 50￿e res￿￿ costs [￿ety hi 2024. Ash Dle Back. TIMS projed has be￿ I￿￿￿ated esserTiHI ¥Krks wryraThMne. Ewdith ￿ 2023 has been Covar￿ by e5sertial works resiriaed lunth￿. FLwth&rthT*A be done ￿ 2o24knv1￿ fvnd5 be Thade 8¥adab￿ donations. The Clav¢rton TI￿tre ¢￿blUnd knrspets￿ wryM>ses asddermv￿d bylhe ¢*Jb each year. Yhe Lecture serfes f￿d was 8 9iftto atthe forth8 aaiiJg8 Ledures. Tree PJaTrUry ThLs h*$ baen Set w tD re5trKW fwMlYMJ for t￿Treee plantyryj in grou￿.. Perlod Room8 thjnd IF?1 forth• FutuTrl: tIM5 has W set LV lo lurwJr*pw towards th8 perW￿ rooms Garden Gullla and woodland5 proiert Th garden prryed has te￿ generOL￿y byA ()J￿a 10 a part titne gardener. Thp woodlands p￿ject has teen fLn)Jed frM) th?W(v>J￿￿s Tntst lo ma￿l￿n and ¥nprovethp woodlarrtts. Coffi•stoga Wagon Appeal. Ths has b8w sei ￿ as a Eepardte to ￿SlO[e ￿ house Ihp Conestoga wagon Gardons gndowmgnt ISUFKAI. ThÉ an grftfrorn SUFXA to 5uppNllhe Ne•JArnerran Garden. Th Museum b 8ThoYtsd to utslise 5% ofttE end￿Ed (atxtal eath y Audlwce rfftrr4e¢L This ts a proied 10 5U[veYv￿rt9t5 ¢0 15 by ts Arts CoLW(g ofEwtand Damaged walL The Ihe kn1￿￿d dwjed a S￿¢8$￿ dakn was m*Je be spent in 2023. W811s Proi•Gt. This 15 morey g￿lOrthe ofa*l wopty. M¢*tr m(w has ￿en made avaiL4ble the Bcheme wll go ahea Café prolocL proied 4¥as compkted til Irts first (FArt¥of2023.. Retslnkng Idvall. M)r6y has r￿tseefi received to w0i￿t M 2924. Chu￿h1[1 Lo¢tUV&88Yi&s IBW Sucharl. Tr¥s 85 an Ihe c￿￿1 year at the Museutn. So¢lal Ente￿* Acadry The Amèrican Museum & Gardens was a*aThled £10.rKKJ byttESDtxal E[*erwI￿ A(knylhTwJh a st*eme cal￿d Steps to Sustsinabllty. whith fund￿ by Nati¢￿81 Lottery Fknt*Je Furx1. The futKls IAve been to rA￿c￿aSe 3 cateriry trailer, V￿￿?￿11 b8 Ltsed on busy day5 to Swe hot & c(dd be¥er4es and snacks fvnds and irry0￿r& le vi*lor eyierte. Travolllng Towth8r Cra This was a gJant yNen by Brtstd ljty cou￿7 to tscthte ￿ on Efft. Qiwsty aThJ IrKI￿. I* DESIGNATED FUNDS There were rbo ￿e￿nated ¥undstWhout tha Pen¢￿ w¥J2r reknpw. 27 THE AMEW¢At4 MUSELIM AND GARDENS IIOTES TOTHE FINANCIAL STATEMETrITS FOR THE YEAR ENDED 3I$T DECEAI8ER2023 1$. TRANSA¢mON$ WTHTRUSTEES The Trustees not r￿1Ve any lÈrnUr]Èrat￿ durvy Ihe ￿. MrG TI￿laS ￿lu*&I rec*wJ femwwatiw ONY In fv"5 C8wty as E¥erArtNe Chairman. The charity has in the past proGured profess￿al from Wrthet5 LLP, Mr M Haranzo (rn￿teel i4 a Pthr. I IransaclioTrs were conduth Jnatkel rate lo ￿ setYi(%5 wjvvjed bylhe lkni. tinfjng th8 ￿ar Ihe Chanty curred nofee The charity rented properfy trff￿ Georye Baynlun. an enlity wlich Mr E B￿nts￿r￿ (fiusteel is tre cwnw. All tranSaCt￿nS￿Ere conduGbY al the ffl8tkel rate. Ihe C￿lty pavj rènt in the8￿￿ of £13.LuI12￿.' £13.0001. 17. LEASING coMMrrMENTS th8rity arx4 group'5 filure mnThwJ opw4try the pa￿Tn￿ts in respeL* ofolfv*èJuiTh* ar8 as 2023 2022 WSlhin year Within and fiv8 years 3,349 1.551 4.063 5.614 8.460 L8ase ammts p￿d hi the)Ear 2.147 18. SUBSIOIARY COMP•lNY The thrity OV4r$ 11X)% ofthe NdinarysharE calxta ofAJnÉ[l￿ M￿Jm EnterpÈes Lpm#ed. a CoM￿Y regi81er8d ￿ Eroland IOW2931. The subsidlarfs Fffjnapal actD*ity Is to opeTale retsd at the Museum. Al a£11￿ have C&V)sc4￿ated on a &ie by lins ba81s the SOFA. 2022 462.053 1432.0861 348.082 1386.12n Cost of saJÈs 29.965 133.7991 138,045) 132.2281 miThslrative ar￿ co5fs (L0$6llProfft on or(fy*ry aLtivilÈS Wore 12xaiion Tax on loss w ordinary *vitie5 (3.8341 (70.2731 ILossVProfil on orthary activitEs anEttaxai 13,8341 170.2731 13.8341 (TO.2731 The ty9￿￿8te oflhÈ assets. liab￿$ aTrJ fvr￿ was: 84.414 1153.0121 86.419 1151,1841 a￿li￿s. share capital and ￿t￿ned F￿d8 168.5981 164.7651 19. ULTIMATE PAPENT COMPANY The MusBUm recognises the H3kyon FoundatK)n. a wwratsd thjerthe Law 01￿$t￿ ofNav York as its uth.ma conlroling pariy- THE AAqERICAN MUSEUM AND GARDENS P•)TES TO THE FINANaAL STATEhlENTS FOR THE YEAR ENDeD 31ST DECEIIBER 2023 RECONCIUATION OF NET MOVEIIEIIT IN FUNDS TO CASH FLOW FROM OPERATING AC7MnES GrLWP Group Net move￿ent in Add back depredali Deduct investrnenl income investir*J 8th11&s DEcreaselllncreasel In slock D8crèasellltKreasel in d8biof5 IncreasellDecreasel in credtiots Inveslnents non eash a￿D￿l￿&￿t De(reasWllwreasel in defin8d benefft SL*eme bad( loss on dIsp￿1 of asset (26.4851 212.387 PST.604 5.314 21.719 1225.0441 (682.3(61 P,188.865) 212.406 I206￿86) 618 (616211 74.963 7.880 148.000 8.663 NetUgh u$8d In operdtlng acfivttles 1920.0221 1.045.442) ThE ￿￿RICAl4 MUSEUM AND GARDENS NOTES TO THE FINANCIAL STATEhlEMrs FOR THE YEAR ENDED 31ST DECEAIBER20rJ 21. COMPARATIVE INFORMATION ON THE STATEMENT OF FIN￿4ClA￿ACTm1lEs FOR THE YEAR ENOED 31ST DECEMBER 2022 Total 202Z funds Incomp and end(wmnts Donations and legaaes C*artLable 2ctivitiÈ$ (hr*rtrading ai*WbèS Investmtrnts 83,073 758.739 348.Cé2 113,797 286.065 758.739 348.082 2(￿.?￿8 71.170 21.319 Total 1,303,691 274.162 21.319 1￿￿.172 Expendfturp Raising funds Charitable activiEEs other izading activities Other 57,899 2.t11,102 411.355 $3.572 57,899 2.415,509 411.355 .572 283,115 21.2W Total Oxkwdttwre 1633.928 283.115 21.292 2,938,3 Net gawW(Ix*s) on investments 1877.4461 1877.4481 Nèt irtcomtrllèxp￿di￿Ttr1 (8,9531 27 1121A6111 Transfers betsEen funds Acbjarial gainslllossesl on defined bwefft penslon sthetTe I155.0￿) 1155,0001 FO￿ign exchange gal￿1110￿￿e$I 182.746 1V2.746 Net Enovernenl In funts 179.839} 18.9531 27 11188,864 Reconclllatton of funds Totsl fin4Y5 brought fwar S.￿.418 548,844 15.365,955 21,868.217 Total funds ¢arrl8d loThYard &753,479 $39.891 16,385.982 19.679,352 THE AMEWCAN MUSEUM AND GAIIDENS PK)TES TO THE FINANCLIL STA￿lE￿Irs FOR THE YEAR ENDED 31ST DECEdlBER2023 22. FINANCIAL PÉRFORMANCE OF THE CFLIRIYY The consolKJai8d statem￿t of finanGial activities r8suMsoflhe thxfw operales ca and retail OLrtkts allhe Museum. S￿￿mary [￿t￿manCe ofthethJrity4r* *". Total 2022 2023 In￿m& and endowingn¢¥ Donthns and legaiaes Charitable act￿11￿5 Othertrading ￿¥11 lnveSkn￿Is 854,￿2 559.115 7,0(K) 257.607 2e6.ws 758.739 2C6.288 Total im¢ome 1.678.374 1258, Expènditurn Raising fund5 CharilaNe aGtbvths Other Itadkng activilies 93.726 2,195.257 57.899 2.415.509 55.374 53.872 Total 9¥p•rKw￿rO 2.344.357 2,528.98D Net gain51fjoss8sI on irtvesl 767.028 (947.7211 Not incornpllexpBfKtiiurel 101.043 11216.6111 Transfers funds Atiuarial gainsloossesl C￿ deffr*d benefft p￿￿10￿ stherne 144.(XJ)I 1155.OODI FO￿gn exchang8 gainsllk)$5e51 183.5281 182,746 Ilot mov8m•nt itt fund5 12,18&865) R6conclliatlon of fvr¥l¥ To131 ftjnds br(xwht forward 19.679.152 21.868217 Totsl fun¢ts carrfed forward 19.652.867 19ffi79?52 23. CORPOPATION TAX The charity 1$ exetnpt fro￿& tsx on arnl ga￿$ fallng 88(knn 505 Ollhp Taxes Act 1988 orsethon 252 ofttE of Ch8rgeaJp Gain5 Ad 1992 to the extert thalltE5e ar8 lo asdwitthotr4"ects. 31