THE AMERICAN MUSEUM AND GARDENS CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Charity nuThbor 1106989 Company registration numbgr 05282777 THE AMERICAN MUSEUM AND GARDENS FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024 CONTENTS PAGES TN$leos' Annual Report Indap&nd6nt Auditorfs Report Consolidated Statemsnt of Flnandal Aclivltlos lincotpordting the income and expenditur@ account) io Consolldated & Charity Balance Sheet5 11 Consolldated Statsmgnt of Cash Flows 12 Notes lo tha Flnanclal Stat6ments 13-30 Regi8lered charity name; The Am8rfcan Musaum and Gardens Charlty number 11Q6989 Company roglstratlon number 05282777 Reglstoréd offlco Claverton Manor Bath BA2 7BD Tru8tee8 Mr G Thomas Mr E Bayntun.Coward Mr R Bernays Mr$ E De Forest Scott Mr M Haranzo Laty C Manning Mrs L Sayer Mr A Tinniswood Mr D Galbreath Ms J Klngslèy Mr A Comba Ms A Mlllman Ms K Pennington Mr W Henry Thomas Sheppard Audltor Sumer Auditcc Limited Chartered ACc￿Untants & StabJtory Auditor Lennox House 3 Plerr8pont Street Bath BA1 1LB Bankers Natwest Bank PIC 24-25 stall Street Bath BA11QF Sollcltors Stone Klng 13 Queen Squarè Bath BA12HJ Investment Advisors Rothschlld Asset Managèmant 1 Klng William Street London EC4N 7AR Hamlin Capitsl Management LLC 640 5th Avenue New York NY 10019 Th8 T￿St88S. who ar8 also dlractors for the purposes of company law. have pleasur8 in presentlng their report and the flnanclal statemants of tha charlly and Its subsldlary for the year 8ndad 31 Decembar 2024. The flnanclal slatemenls comFIy wlth the Char11188 Act 2011. th8 Companles Act 2006. lh6 Memorandum and Arlieles of Assoclatlon, and Ac¢ounllng and ReportiThJ by Charitie8'. Sl8lem8nt of Recommend8d Practice appllcable to charlll6s praparlng thèir accounts in accordanoe wlth the Financial Repcsrtlng Standard applicable in the UK and Republlc of Ireland IFRS 102) leffectlve 1 January 20191. GOVERNING DOCUMENT Tha American Museum and Gardens w8$ established by Deed of Trust on 5 Feb￿￿rY 1959. The deed was amended in 1964 so as to e5tabllsh the John Judkyn Memorial. On fjo November 2004 the Museum became an InGorporaled charity. The Museum is govem&d by Its Memorandum and Articles of Associallon as amended by Special Resolution dated 13 Oct¢)bgr 2008. REFERENCE AND ADMINISTRATNE DETAILS Reference and admlnlstrallve details are shown in tho schodula of Memb8rs of the board and prof&sslonal advl$ers In thas6 finanGial slalements. THE TRUSTEES The Truslees who $eNed the charfty durfng the year and at the date of approval of these financial $tatem&n18 were as follows: Mr E Baynlun£oward Ms A Millman Mrs E Da Forosl Scolt r M Haranzo Mr8 L Say8r Mr G Thomas Ms J Klngsley Mr D Galbralth MrA Comba Ms K Pannlnglon Mr A Tlnniswood Olher change8 in diro¢tor8 holding oflice are as ft)Ilows.' Mr R Bernays- resigned 17 June 2025 Lady C Mannlng - reslgned 17 June 2025 Mr W Henry Thoma$ ShepFord-appolnted 18 March 2025 RECRUITMENT AND INDUCTION OF TRUSTEES The Halcyon Foundation in the United Statgs of America has approval dutlas to board members of th8 Amgrfcan Museum and Gardens. This is a nol-for•rofll organlsallon under section 501 Ic) 3 of the US Internal Revenu8 Cod8. Prop08ed new Tru8tee8 will be inlervlewed by the Exe¢ulive Chair alongside at leasl Iwo existlng TnBtees. Each new board member wim go through a thorough inductlon package and will meet all members of the Museum's leadership team, and spend tlme wlth each of them. as part of thelr Inductlon. All new Trustees will also participate in relevant workshops and presentatlons and wlll be brought up to date wlth Ihe Museum's vlsion, strategy and development plans for the future, CHIEF EXECUTIVE Gar6th Thomas served as the Executlve Chalrman Ihroughoul thè year. THE CHARITIES AIMS AND MISSION STATEMENT The mission of Ihe AmerlGan Museum is to educatg, stimulats, and inspire its visltors In oKler to further th8 understandlng of American history and culture. The Museum Carrles out this mission through the pre8entalion of its historic rooms, Its decorative art and folk-art collections, and ts special exhlbilions, publi￿tions, eduGalional programmes, and gardens. THE CHARrrY's STRATEGIES FOR ACHIEVING OUR STATED OBJECTIVES The Museum strategles for achleving our obJecUv&s Involved staff developmert publi¢ations, exhibition8, and fad1[￿e$ Improvement for better public Services. Our functlonal Educatlon Gontro Incroasgs our ablllty lo pr8sènl public and schools educatlonal programs, whlle tho Exhibition Gall6ry 8nabl8s us to put on one or Iwo lemwrary axhlblllons each year. VOLUNTEER CONTRIBUTIONS TO MUSEUM OPERATIONS The Museum has a roll call of some 195 volunteers who in princlpls provlde a room gulde sarvice facllitating security and visitor interpretation when open to the public. Volunteers are also used for support to tho ourBtorial and r6lai5 dèpartments, while ovor 40 volunteers work in the garden8. REVIEW OF CHAR￿ABLE ACTIVITIE8 UNDERTAKEN Tho American Museum and Gardens is an educational in81itution that serves the regional communlly of the UK and a small rnum￿r of vi51tors from the EU, Its focus is on the edu(*tion of the British public about the culture and decoratlve arts of the Unlled Slates. As such, all of Its activities in some Way support Ihls mission - whether it is the improv8m&nl of th& physlcal plant, Increased educallonal programmlng, or b8tl8r exhiblllons. The following list reflects 80mo of the acllvllles of the Musgum durlng 2024. Major activities In 2024: The Museum held two t8mporary exhlbllions. Ihe first featuring "The American Road trip" and the second focused on "Animals b8havlng badly" and was designed to allract the younger families to the Museum. The Museum held a number of holiday evenl8 includlng Easter, Juty and Halloween in October, whlch wer8 Vèry well attended. The footfall of the Museum achleved Just und8r 62,000. Th18 was 14Yo lower than our highest footfall in 2023 of 72,000. This reflected the wlder industry 8xperl&nc8 In 2024, as a ￿sUIt of the cosl-of-llvlng crtsls. Th8 Musaum has undertaken soine large capital projects, Includin9 the rebuilding of the retainlng wall, which leads up lo Ihg Coach housg, th6 start of th8 Susan Gulllla Cultural Centre in the Coach house and the woodland walk sponsored by B8tty Suchar. Ash dle-back work also contlnue8. PUBLIC BENEFIT The board ha8 ward lo the Charlly Commission guldance on public benefit. The Am8rlcan Museum and Gardens18 0￿rn to all and encourages participation from all secllons of socioty in ord8r to further th8 und8rslandlng of Am&rf¢an culture and hlstory and to deepen and strengthen lastirvJ tios between the UK and USA. Tha Mus8urn's care and Inlerpretstk)n of the collectlon, special exhibitions, and its education. culture, and ev8n18 programmés arè deslgned for mass appeal as well as facllllatlng study. In pursuit of It8 mlsslon, Iha Museum supports tho local community, provldes work experlence, learning opporlunilies arKI engages almost 200 volunteers. FINANCIAL REVIEW Res8rv8s policy. The charity has unrestricted reserves of approximately £4.08 milllon. predominantly in the form of investments. The investments generate income Ihat helps to compensate for the operalional doficit of Ihe Musèum. It is th& Truste9s' view that it is prudent to ensure that there are sufficlent reserves to provide financial fl8xibility for the future. Factors outslde the Charltws control Flucluations in the exchange rate between the UK and Ihe US continued to have a mild effect on budgetlng. The unrealised gain or loss on foreign exchang8 is shown in the financial statement and notos. Principal funding sourcas The primary sources of fundlng came from tlckèt sales charged to visitors to the Museum during normal op8ning and for special events and membership sales, together wlth any reclaimed Gil Aid. The secondary sources of funding are private and corporate hire, major donatlons from a number of sources Includlng vla the Halcyon Foundation, interest earned from endowments invested with UK & USA professional fund managers, Increasingly, Eh8 S8condary sources of Income Include the American Deli and reta51 operalion. In addition, gifts, donation5. and grants made a contribution to the year's total income. Invostment policy and objectlves The main fund is managod on a total return basis. It 18 invested through th& New Court Fund which has approxlmately 65Yo invested in return-seeking assets and 35ts/0 invasted in diversifying assets The restricted funds are Invested In the Targeted Income Shares of the New Court Fund which aims to distributa dividend incom8 Of 30% per annum. In addition, nomine8s of the Deutsche Bank (Hamlin) hold certaln Investments in the United States of America. Funds held by Deuische Bank have b8en given a balanced (capital and income) oblectlve. During 2025. it is the inl&ntion of the Board to move £1.8m of the endowment funds into a higher revenue yleldlng fund run by Namura. Investment powers Any trust monies from tim8 to time in Ihe hands of the Trust89S that are not subject to express dlrections as to Investmenl, may, in their dlscrellon, b6 Invesled in th8 purchase of such stocks, funds, shares, securities or other Investments or propety of whatsoever nature and whatsoever as the Trustees shall in their absolut8 dlscretion Ihink fit. Reslrlctod funds The Museum has approximately £O.825 mllllon worth of monles held In 22 active restricted funds. The restricted funds include exhibltlon and conservation projects, and more recently funding for publicatlons, educational outreach and gard8n redevelopment. Further detail on each restrlcted fund is giv@n in tha Notas to th8sa financial statem8nts. RISK ASSESSMENT The Trustees have examined the major risks to which the Museum is exposed and have devel¢)ped a detailed Risk R8gister, whlch Identlfies the major risks to which the Museum and the Trust68s are exposed. This register is a live document and is considered by Ihe Trustees at every Board meeting (four tlmes a year). The table below sets out the key financial risks, whlch have been idenlified: KEY RISKS IDENTIFIED Inabllity to raise funds for the redevelopment of the exhibition ga116ry and the Manor House. RISK MITIGATION The Museum board have appointed a fund iser in the USA to make contact with major US funders 8nd Foundations. Greater u86 of internal resources In the development of the family attraclions and holida events Tha new chalrm8n and tmstees wlll be working on radical structural changes In 2025 so that expendlture can be reduced, and th Museum remaln within ts fundln envelo Senior team will modify admlssion and membership rates accordlngly. Thls review wlll also include the modification of retail rlces. Management will make contingency plans and @nsurg there is a reasonably long notlce time with Grayson's. 2. Current planned attractions do not attract Ihe requlred footfall to support the outgolng ex enditure for th8 Museum as a whole 3. Due to cash flow, drawdowns deplete the Investment portfollo, so dlvldends received decrease 4. Prices risè more than the predicted rise in admlsslon and membershlp rates, leading to a roduction In proflts. 5. The outsourcing of th8 catering function In th& dell, does not continue, leading to a transfer back to the Museum management, wlth the conse uent disru tion of seNices. FUTURE PLANS The following are consldered to be significant future plans for tho Museum: The Museum will be capitalising on the recent refurbishments of the retalnlng wall and Coach-house lo maximise the weddings and private hire offer. The American Garden deli will be run by the catering company Grayson's from February 2025. Thls is planned to enhance the deli offer and allow maximum flexibility for staging events where catering is neGessary. The Museum Is puttlng on two exhibitions In 2025, one with Maps and olh6r Space exploration. TRADING COMPANY Amerl¢aft Museutn Enl&rpr188s Limtted is a wholly owned subsldlary Ihat ¢perate8 the mwum shop and the C8fé. The tradlng campany tran$f¢rs any t￿ble proflts via Dlvldends to th6 Mus8um. The results ¢f American Museum Enterprl$es Limlted 8r6 di8c4osed in the Notes to the8e financial 8tatam8nt8. RESPONSIBILITIES OF THE TRUSTEES Tho Trustgps are r8spon8ibl8 for preparing the Trusl&&&' Annual Report and the financial statem9nts In a￿tsrdance with applicable law and UnrEed Kingdom Generawy Accepted Accounting Practice. Company law requir8$ the T￿￿188$ to prepare financlal statements for aach financlal year that give a true and falrvlew of the stat8 of affairs of the charity end of the surplus or deficit of the tharity for that P8rbd. In praparing Ihese financlal Statements, the Trustees are required to.. •881ect sultab18 a¢￿UntIng pollcies and then apply them wnsistentty. •makeJudgement8 and 88tfmates that are reason￿16 and prudent,, and •prepgre the fin￿¢1¥1 statements on the going ¢¢￿0ern basis unle8s It18 Inappropriate to presum8 that the charlty will Continue in operation. The Trusts8s are re8ponsible for keeping proper ¥counting reccrds that disclose wlth reasonable accuracy at any tlm¢ the financlaJ po8rfion of the Gharity and th8t enable them to ensure Ihatthe financi81 statemenls cornply with Compenies A¢t 20Q6. Th¢ trustees are also responsible for safeguarding the ass&ts of th6 chaty and hencefor taklng reasonatsle steps for th8 prOv￿tIon and detection of frAvd ancl other irregularities. In so far as the Trus1889 ar8 aware: •t￿re is no ralevant audit infomiatirm of whlGh the charity's 8uditor8 ar8 unaware,, and •th8 Tru8t8e8 have taken all staps Ihst th@y ought to have taken to make them8elve8 awara of any relevant audit Informalil￿ and to establi8h that the audltorn are awar6 of that Informatb)h, AUDITOR Sumer Auditco Limited of the Companies Act 20Q6. SMALL COMPANY PROVISIONS This report has been prepared in accordanoe with the special prov18ions for small companies under Part 15 of tho Companies Aol 2006. Apkyoved by the Trustee8 on the 16th Septeml)er 2025 and signed on their behalf orF Gareth Thomas Executre Chairman 2o2f Registered office: Claverton Manor Claverton Bath BA2 7BD Independent Auditovs Raport to the Trustees of The Amerlcan Museum In Brltaln OPINION We have audtted the flnanclal statements of The American Museum and Gardens {ttte 'charity') for the year nded 31 Decamber 2024 whlch comprlse the Consolidated Statement of Flnanclal Actlvltles, the Consolidated and Charity Ba18nc6 Sh@8t. the Consolidated Cash Flow and notes to th& financlal statements, InClUd￿ng a summary of significant accountlng pollcles. The flnanci81 reporting fram8work that has b8en appli8d in thelr preparation is applicable law and Unlted Klngdom Accounting Standards Iunlted Klngdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 The Flnanclal Reporting Standard appllcable In the UK and Republlc of Ireland,. In our oplnion the flnanclal statements.. . glve a true and falr view of the state ofthe group and the charity's affairs as at 31 December 2024 and ofthe group's incoming resourcas and applicatlon of resources for the year then ended., have been properly prepar8d in accordance with Unil@d Kingdom G8ngrally Accepted Accounting Pracllce, Includlng Financlal Reportlng Standard 102 'The Financial Reporting Standard appllcab16 In th8 UK and th8 Republic of Ireland,; have b@en prepar8d in accordance wlth the r&quiromgnts of the Companl&s Act 2006. BASIS FOR OPINION We conducted our audit in accordance with Inl8mational Slandard8 on Auditing (UK) (ISAS (UK)) and appllcable law. Our responslbilitles under those standards are further described in the Auditors responsibilit18s for the audit ofth8financial statements section of our report. We are Independent of the Gharity In accordance wlth the ethical requirements that are relevant to our audit of th8 financial statements in the UK, including the FRC'S Ethical standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained Is sufficlent and appropriate to provide a basls for our opiiiion. CONCLUSIONS RELATING TO GOING CONCERN In audlting the financial statements, w8 hava conclud8d that th8 trust8es' use of tha golng concem basls of ac(x)untlng In the preparatlon Of the financial statements Is appropriate. Based on th8 work we have performgd. wg have not Identlfied any matorial uncertainties relatlng to events or condltions that, individually or collectlV61y. may cast significant doubt on th8 charitable companvs abi1Sty to continue as a going concern for a perlod of at least twelve months from when the financial statements are authorised for issue. Our responsibilili6s and the responsibilities of the trustees with respect to golng concem are described In the relevant sections of this report. OTHER INFORMATION The trustees are responsible ft)r the other Informatlon. The other information comprises Ihe information includ8d in the annual report, oth8r than th@ financial statements and our Report of the Independent Auditors thereon. Our opinion on the flnancS8l statements does not cover thé other infomiatlon and we do not express any form of assurance concluslon thereon. In connection witr) our audit of the financlal statements, our resrxjnslblllty Is to read the other informallon and. in doing 80, consider whether the other information is materially inconsistent wlth the financlal statements, or our knowledge obtalned In the audit or otherwise appears to be materially misslaled. If, based on the work we hav8 perform6d, we concludg that there is a mater181 mlsstatement of this other information, we are required to report that fact. We have nothing to raport in this regard. OPINION ON OTHER MAThERS PRESCRIBED BY THE COMPANIES ACT 2006 In our opinion, based on the work undertaken in th8 course of the audit: the Information given in the Report of the Trustees for the financial year for whioh the flnanclal statements are prepared Is consistent wlth the flnanclal statement8; and the Report of the Trustees has b88n pr@par8d in accordance wlth applicable legal requirements. MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION In the Ilght of the knowledge and und&rstanding of the charltable company and Its environment obtained In the course of the audit, we have nol identified material mlsstatemenls In the Report of the Twst89S. W8 have nothing to report in respect of the followlng matters where the Companles Act 2006 and the Charities Act 2011 requires us to report lo you if, in our opinion: adequate accounting records have not been kept or retums adequate for our oudit have not b89n reGeivgd from branches not vlslted by us,. or th& financial statements are not in agreement wlth th8 accounting records and returns; or certain dlsclosures of trustees, remuneration specified by law are not mad&. or we have not received all the information and explanations we requlre for our audlt. RESPONSIBILITIES OF TRUSTEES As explained mora fully in the Statement of Trust86s Responslbllltles, the truste&s are responslble for the preparatlon of the flnancial staternents which give a tru6 and fair view, and for such internal control as the trustegs determine Is necessary to enable the preparation of financial statements that are free from material misslat8m8nt. whether due to fraud or error. In preparlng the flnanclal statements, the trustees are responsibl8 for assessing thg charty's ability to continug as a going concem. dlscloslng. as appllcable, matters related to golng concem and uslng the going concorn basis of accounting unless th8 trustees either intend to liquidate the charity or to cease operatlons, or have no rea115tlc alternative but to do so. OUR RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material mlsstatement, whether due to fraud or error, and to issue a Report of the Independ&nt Auditors that indudes our opinion. Reasonable assurance is a high level Df assurance but Is not a guarantee that an auditconducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or emr and are considered materlal rf, individually or in thg aggregate, they could reasonabty be expected lo influence the economlc decislons of users taken on the basis of these financial stat@ments. Th8 8Xtent to which our procedures are capable of detecting irT8gularitigs includlng fraud Is detalled below., EXPLANATION AS TO WHAT EXTENT THE AUDIT WAS CONSIDERED CAPABLE OF DETECTING IRREGULARITIES, INCLUDING FRAUD The ebjectlves of our audit in respect of fraud, are; to idontify and assess the risks of material misstatamenl of the financial statements du6 to fraud. to obtain sufficlent approprlate eudit evidence regarding the assessed risks of malerial misstatement due to fraud, through deslgnlng and implementlng appropriate responses to those assess6d risks: and to respond approprlatelyto instances offraud or suspected fraud identified durlng the audlt. However, the prlmary responslblllty for the prevention and detecllon of fraud rests with both management and those Charged wlth governance of the company. Our approach was as follows: • We obtained an understanding of th& legal and regulatory requirements applicable to the company and considered that the most significant ara the Charities act 2011, UK Financial Reporting Standard5 and UK taxolion legislation. Wg obtained an understanding of how the company complies with these requlrements by discussions with management and those charged with governance. We assessed the rlsk of material misstat8ment of the financial stat8m8nls. including Ihe ri8k of material misstatement due to fraud and how It mlght occur, by: holdlng dlscusslons wlth management and those charged with gov8rnance', Discussion amongst th@ 8ngagement team as to how and where fraud mlght occur, performing analytical procedures to idenlify any unusual or unexpected r8latiDnships that may indicate risks of material misstatement due to fraud, Based on our risk assessment, we considered the area's most susceptible to fraud to be ravanu& rgcognition and management override of controls. Our procedures in respect of these included.. Testing a sample of journals which met the risk criteria and agreeing to supportlng documenlatlon; Assessing significant estlmates made by management for bias. We inqulr6d of management and those charged with governance as to any knc>wn Instances of non- compliance or suspecled non-compliance with laws and regulations. Based on this understanding, we deslgned speclflc appropriate audlt procedures to identify instances of non-Gomplianco with laws and regulations. Thls Sncluded maklng enqulries of management and those charg8d wilh gov&rnanG8 and obtaining additional corroborative evidence a8 required. A fvrthgr description of our r&sponslbilities for the audlt of the flnanclal statements Is located on the Financial R@porting Council's w6bsite at www.frc.org.uklauditorsresponsibilitles. Thls descriptlon forms part of our Report of the Independent Audltors. USE OF OUR REPORT This rgport is mad@ solgly to the tharity's Trustees. as a body. in accordance wlth Chapter 3 of Part 16 of the Companies Act 2006 and to the charity's Trustees, as a b(Kly, in accordanc6 With Chapter 3 of Part 8 of the Charities Act 2011 and regulations made under section 154 of thatAct. Our audit work has been undertaken so that we might state to th8 charitabl8 CDmpanVs members and the charlty's Trustees those matters we are requir8d to state to th8m in an audttors, reporl and for no oth8r purpos6. To th& fullest extént permitt8d by law. we do not accept or assume responslblllty to anyone other than the charltable company, the charitable company's members as a body, and Ils Trustees as a body, for ouraudlt work, forthls report, orfor the oplnlons we hav8 form8d. i* oC.ThJ IS ètL Simon Cunningham {Senior Statutory Auditor) For and on behalf of Sumer Auditco Llmited Chartered Accounts & Statutory Auditor Lennox House 3 Plerrepont Street Bath BA11LB Eligible to aGt as an auditor in terms of Section 1212 of the Companies Act 2006 THE AMERICAN MUSEUM AND OARDEN8 CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING THE CONSOLIDATED INCOME AND EXPENDrruRE ACCOUNT) FOR THEYEAR ENDED 318TDECEMBER2024 As R#stst TotY41 2023 UnrgBlrlcted nd$ Restrlcleil fund$ Endowment funds Total 2024 Income amd endowments Donatlow and legacle6 Charitgblg a¢tivlllgS Olhw Iradlng 8CtlvkNés IAKIEI Investrn8nt Incom8 266,246 604,19S 401,088 146,340 517,192 783,43B 604,195 401,08B 259,315 854,6S2 559,116 462,053 257,807 69,973 43,OW2 Totsl In¢omt 1.417,869 587,165 43,002 2,048,038 2,133,427 Expendlture R81giny funds Chariiabl8 aedv1￿6 otherlmdlng gctlvltles IAMEI (X￿rtr8d1ftg act1￿1185 (Charily} 110,288 1,638,513 399.355 77.902 110,268 2.418,351 399,355 77,902 03,725 2,207,257 458,887 55,374 4&5 865,343 214.495 Total expÉndlture 2.126.038 665.343 214495 3,1105,876 2,815.243 N8t galnslfvssesl on Invèstm8nts 8&9 578,173 578,1T3 770.860 Ngt incomolloxpanditurèl 1129.9961 (78,1781 1171.4931 1379.607} Trawlers bgtW09n funds 14 788,e97 86.188 1824,8651 Actugrial galn5lllo￿eSI on defirvj benefit penslon schèma Fordgn 8xchang8 g8lnsllloB8esl 2T,1D3 27,1D3 83,5281 Net movemgnt Im fi4nd8 685,804 42,0101 {996,3581 1362,S641 5.51 R•con¢lllatlon of funds Total luThJ8 brought forward 3,390,934 666.940 15,385,994 19,443,868 19,438.852 Tot&1 fundg corrlgd forward 4.076.738 624.930 14389,636 19,091,304 19,443.868 Th8 5tatsmgnl ol finanr481 activ￿85 includ85 al gal￿ and Ios¥g8 recognis8d In Ihe year. All Inccrfne a￿1 expendllLwe ￿er￿e from eonllnulno acllvlt19S, io THEAMERICAN MUSEUM ANDGARDENS CONSOUDATED AND CHARITY BALANCE SHEETS FOR THEYEAR ENDED 31ST EECEM8ER2024 Group 2024 Charity YJ24 Group 2023 Charfty 2023 Fixgd A￿ets Tgnglbla assets If,111.8ep 2fj.750 ,87d.2Q4 1,756,841 11,D99.131 2S,750 5,870,204 1.768,841 14761,926 74 11.088,179 25,750 ¥,197,148 1,746,555 19,034630 11.OSD,955 25,75Q e.197.148 1,746.555 19,020.40$ Investmentas8èts In tho UK I￿￿$1menta￿S2ts ou161de UK Stocks Deblorg C48h ol bgnk and In hand 30,573 124,82e 377P24 4,855 218.067 247.846 30.259 201,966 895,329 11 ¥,?L72 $61,241 670,768 6S1437 CY•ditors. arllJJrrts f4lllng éug ¥Mlhln ow y 12 POS.S74> It57.$24) 1219.816) (161,3771 326.649 413,244 408.238 491060 Totsl assetg fes8 ¢UTront IIL*lttl6s excluding ￿nsiOn A¥¥91 19091,804 1•.185,170 19,4430È& 19.511466 redltori., Am(Kmt8falllno du&aft8r more Ihan 1 rMn¢d bonoffil p9nsI￿ Éehèm8 as69t Net assots Includi￿ ￿nSIOn agBetlOlabllltyl 19 ￿91￿04 19,Ib5.170 443,868 19.512,48fj Tl)g fund8 of the chan 14 Endcwrenitund8 cknarityl Rw¥ual1￿ ro56rve (group and oharftyj 10,617,843 8.711,793 11.614,201 4T11,793 14,389.e38 24,930 Reslrlthd ￿c0￿8f￿￿jS Unres￿￿1ed iD¢OMg funds Unre8trlded In￿￿nef￿￿js loroup and c￿rItY) PengiDn rgserve{oroup a￿1 charity? 14.880.e36 e24.930 15,385,904 666,940 14 15,384994 6e6,tr4U 4,07&n8 8.390,934 4,OYS,738 4.150,￿4 8,39D.994 3,45&.533 Totsl chailty Ivnd8 13 19,091.304 14164170 19,443.868 19 512,466 Thetru$teeg li0￿ preparèd uroup a￿O￿nIS at￿O￿nE8 seotbn 398 ofth& Acl 2N)8 arKJ S8Dbon 138 ofll*Chwilkns Act 2011. Th989 acewnts Arè prepar￿* In &ceord$nCg￿th the special provblons of Fart 15 Df Comp8nle8Acl rdo(Ing lo3mpll ¢4mp￿05 afid corksllilutè 4llnu¥l ocxoun19 r9q￿red ty the Companle8 Act 2006 8nd ar? fr)r CircuLq1K)￿ k) memberg olthe compdny. The notes form ol these Garelh Yhoma8 T￿￿9 Approved by the tru8lees on THE AMERICAN MUSEUM AND GARDENS CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31ST DECEMBER 2024 Gytsup 2024 Group 2023 Note Cash usgd In op8ratlon8 20 83,663 1906,208) C88h fl•wts from Ifivobtlng a¢tlvllleo Invèslment kncom8 Purchases of InvestsTr*nt8 Pro¢egds from salg of Investmonts Pur¢ha80 r￿1 of dlsposals ol tsnglblB fixed a58els Cash provlded by (used In} Investlng a¢tlvltles 259.315 1275,0211 1,237,752 1256,387 985,659 257,807 1283,3671 1,187,655 24,731 1,137,164 Incr&a$g In ca8h and cash aqul¥algnt8 durlng tho y•ar 118.Q04} 230.956 Cash and cash •qulval•nts at the ￿gIning of t￿year 395.350 1PA374 Total cash and cash 81￿1￿21&n￿ al th8 ond of the y8ar 377.325 395.330 12 THE AMERICAN MUSEUM AND GARDEN8 NOTES TO THE FINANCIAL 8TATEMENT8 FOR THE YEAR ENDED 318T DECEMBER 2024 ACCOUNTING POLICIES lal Basls of p￿paratIon Th8 flnancial slatemenis has baen proparad In ac￿rdanC• ￿1th Accounlng and Reporting by Charllles.. Statement of Recommf#nilod Pra¢tke appllcablo to charltleg preparfng Ihelr accounts In gccordanca wlth the Flnanclal Raportkng Stsllda￿S appllcable in the UK and R6publlc Df Ir818nd IFRS 10211gff8Ctive 1 January 2019}- ICharliK88 SORP IFRS 10211, the Flnanclol Rewrunc Standard appllcablè In the UK and Republlc ol Ir91aNI IFRS 1021 and the Compani68 Act 2006. Tho Amert¢an Musturn and Gardens rneels the dgflnltton ol a putllc ben&fft èntlty under FRS 102. A388ts liabltsllos ar& inlll8lly reTr)gni%d at hi8tori¢al ¢o$l ortranya¢llon valu? unle9$ olhen¥lse stated In the rel￿arnt ac¢ouMlng PDllsy nDtsI81, The basls for praparatkjn ol tha acctsunts IE Ihal th8 Mu58um16 a golng conc8m. Preparation of th8 accounts on a golng con¢ern ba$18 In the year lo 31 D￿embar2024 Ihg Group mad& owr&tlona] loss 01 £95Tk. Thls was pavty offsat by thè gro￿ of the Inv881m9nts. Al lh9 dalg of this report11 hold net assets 01 £19.165m a redu¢tk)n of £0.353m from 20231£19.444m), Throughoui 2024. the Group has boeTh IMpa￿&d by thè global cost of1Svlng and rises in fugl costs aml thls has Impacted total costs and a C￿eSPond￿9 Teductton kn ￿lMOS$10nS and events Income. As a result of tha mèasurès tal(￿ by fhè Group, th8 belièvè that thg ￿MpanY has sufflclent rese￿e8 to onablg it lo conllnue lo mget115 Ilablllle5 as they artse. The group h89 Insdlut8d and ffjgulBr r8vlowof all staff and non-pay costs a vlsw to maklng offle18nci88. In wJdlll(*k th8re ar8 arnbilirws rgv8nw agnorallng tsryets w*ich bg ￿rked Dn In the ye4r 2025. (bl Donatlons. lega¢ks ant1 other voluntary inGomg Al ro¢&lpts unlgss re8t￿(ted wlll be appll8d towards operatlng expenses. General funds aro unrastrfctod I￿KIS ththlch ara avèllablè tor usè 8t thè di8cr8tlon of th9 trustees In furtheran￿ of the 98n8ral objectfve8 of tre chqrity and ￿kn1¢h have not been desb)gled for othor wrpog0&. D851gnql￿￿ fvrKl$ ¢omprfge unreslrlctgd funds that havè boon $6t aslde by the trustees for parllGular purpos85. Th8 alm aNI Lth of gach dgsigna19d fund is set out In the notes to the flnanclal stetemenig. Restricted fvnd8 arfy lund8 Yknlch areto be used In accordawe vdlh $pe¢lfic ro8litlk)ns Imposed by doM)rs orwhlch have b89n raised bytha charlty for partlcular wrpc*es. The cost Df Rislw and (kn1nI5te￿llg such fvnds are chgrged agdnstlhe fund. The &irn and use of each reslrloted fund L8 Sgt out In tho not08 tD the flnanclal statement Invèsbnanl Incom8 and gain8 alknat8d to th8 appropriate fund. Icl Incomlng resources Atl Incomlng rBsource8 are Included In the SOFA when th& charfty Is legally enlltl6d to th8 IrKom8 and thg amount can b9 quantllled wlth agonable accurBcy. For legaci05. 9fblillemolll 18 tho oarligr of Ihg charity belng notllled of Bn knp6ndlng cllstdbulk)n or tho109acy belnu recefved, Donated faclllues we Included atthe vajue to the charlty ￿ere Ihls be quantlfled aml & thlrd party18 bgarlng Is b&arfng the ¢ost. No 8mcunts aro Inoludad In the fIna￿la1 stalgmanls for sewlces donated by vo5Lmleers, Idl Resoure•s •xpendad & ¢r8dltor5 All expenditure Is accounted for on an accruals basls ancl has been class111￿ under hèAdings that aggragate all costs rglat6d to thè category. Support havg bogll alliKalfjd between Ihe dlfferenl a¢￿VI￿e8 depending on their n8tUW. 800 Note 4 Fund.r&lslrKd costs are Ihosa IncurTad In Sgeklng w￿ntary ¢ontdbullons aNJ (lo not InclLKle tha costs ol dlssamlnatlng IMforrnaOon In support of Ihe Chartlab￿ act￿111￿$. Supwt ¢x)sts arg th05è 4X15ts Incurred direotly in 8LlPPOrt ol expendlture on the oblects of the ¢hortty and Includa prol8cI manag8menl Garrled out 8t Headquarters. Management and admlnlstrotlon cos18 are Ihose incurred in connectw)n I￿[h th8 adrninistralion of the Charity and Cr￿pHan¢8 ￿th ¢(￿${￿1UllQTral and Btalutory requ5￿MentS. Gov¢rMnc8 ￿81$ ¢omprl8e slaff and related ¢o$l$ that ar9 d88mad lo be Incutr81J In the cour58 of the general gov8Fnance ol th6 Charily. Credit￿8 are recognlsad where tha cth8rlty has a Ilablllly as tho rasult of a past tr8n8aoUon or eyenl, 01 Investment a558ts and the incorne arising Quoted Investsnenl 8$99ts er6 8lalèd &1 mafftot valw In the Iln&NI818t81gments. Inve51mentg In unquoted cotnpgnios Bre stated al the 0614s8et v&luo of that company. The SOFA inclLtdes the nel galns and losse5 arislng on revaluatlons and dlsposals throughout th9 year. Inve8lmgnl lllcome Is Irealed 85 Incorne when recdvable. Propèrti88 Within th& Museurn bounil8ry ar8 being lel out lorcornmcial r8nt. 13 THE AMERICAN MUSEUM AND GARDENS NOTES TO THE FINANCIAL 8TATEMENT8 FOR THE YEAR ENDED 31ST DECEMBER 2024 ACCOUNTING POUCIES ICONTINUEDI fj Tradlng stock Tradlng stock Is stated gt tha lowrr of and net reallsabb value, Ig} TOng1b￿ 9$8è1• J tanglbl6 flx9d assgts are me88urad at rost 1958 a￿uMUlated depreclallon, except the chartt*s 18nd and b￿lIdIng8, whlch the cha￿ty has elected to the most recent valuallon as tts deemed COBI. Thara Is no low8r1Smlt for capilBlls9lion ol rued a8sel$. Thg depr8clatkffl rates used are ag folhx¥g: Buildlw8 Motor vehlcles FuFnllurg and èqulpmant 2Vp on 8 strglgtht Iln9 b851¥ 25% on a reduclng balance bas18 various r&lg8 In¢￿dIng &25% 8tralgM Ilne and 2S% roduong balanc• Prtsl8Cts ftsr*t)rk whlch has notyel b88n completed have b88n cla6Bified es Assets Under Construction. Ihl Herftage a$set8 Th& Charlly hokl8 herftaue assets, whlch are tanglble fixed assets ol hlstthleèl, artlstlc Or5don￿nC lrnportance Ihal are hekl to advawo preservolltin and con8ervalion objgcllve8 of the charfty Under pravknus accountlng polic18s th888 a5S8ts ￿ra nDt capitalisgd and Iherefore are not represented by ￿ylIg￿re$ In the8a flnanclal Therels no rellable cost Informall1￿ and & con￿nt￿nal valuallon &pwo&ch wlll Lgck sufflc18nl rella￿1VLY. Slgnlflcant eDSts would bg involv9d In the rg(onstrwtIc￿ or analysls ol past accounthig ra¢ords ty valMllon8, byhlch are onerous comparod to th& addllk)ng1 bonom d9￿$￿ by u8&r8 01 tho a¢wunts. Fulhor det8118 on H8rltau6 asséts IS ￿￿en kn thg No19 7a loth8B8 financl81 stat•m•nts.In 2D17 a trMJst portrait of Churchill WAS accesskjnod Into the herltage o¥JTheGtion {Go¥t of £25.0001. Th18 ￿711 be shown on the balance she819s a h&lagg 98891 l¢urrentvalu& £25.750) Tho vory expected Ilve8 of Ihe herflage assets, due to Ihelr nBtur9, velu& 8Th1 rwd lo b& protected and preservad maans thal depra¢lA￿On Is not matèrial and 18 thereforg, r￿t prwded. In adthtion manyof ariefBCts Gould gctuplly in valua as Ilme goe8 on. thus maklng depreclBllon le89 appllcoble. 111 R•oll8•d and unrgall¥gd galn8 and1088&8 on Inv08tmenl assèts Reallsad galns and losses Bre Lxloulaled by roleronco lo (ho dl8po8al pr￿eedS less any dlgPO881 costs compared ￿1h the OTlglnal Cost or the market valu8 at th& lasl balancg shaèl dat9, 7Athlchèver18 lal8r. Unr8alised gains and knsses are calculated by comparing th9 mark91 valu9 atthe beglnnlng ol the yearvAth that al the end of the y9arfor as8Ot9 hehJ al bcth dat&s and by compartng thè rxjst th thè Mark6t V8lu6 8t th8 Ènd of th8 y8ar fryaÈs81s acqwrgd during Ihg year and held at Ihe year end. (J'l Pgnsion 8chemg The musaum operates 2 pen61on scheMe6. 8 defined benalll schemo Ilrèaled as knsured b6n8flt sC￿m8 und8r FRS 102 Sgctin 28.121 hlch Is now to new rnembers and fvlure arxl a defined contributlon scheme for new members. The In8urod benefft 8cheme, whl¢h13 now dosed has been the sublo¢tof a dotdlad note 6 In the accounts, and was pravlousty &ss*Ès@d and vahJ8d 88th y8ar by an acknary. Duriry the unwind process of the $cheme, the Tw5tees identifigd a bond held related lo the sch¢mo quallflng Ihe Sche￿ as an Insufftd benefit Pl￿ reC￿nISed undor FRS 102 equfvalenl to a deffnod G(thlrlbutlon sch8m8. Th13 r&su￿d In a changg In accounllng polky vknloh has bean retropocllvgfy applied In the wrrenl perfod. Thg Iwste￿ of tho pon$k)n Schemo #ro In tho proc88s of ￿ndIng up the defined ben￿lL sohem• it15 •XP8Et8d to b8 ¢x•mpl8led In 2026. Ikl Fornign currenci&6 A$$&lg and labilttle$ In lortrlgn ￿rrenCIeS are Iransht&l Into stsrllng al th8 ralas of exchangg rullny al th& balance sheet dale Tfarn8a¢tl￿s in forelgll ¢urreNies are translated inlo 3lerfing al the raie ol excl)ange rullng 91 th& dat8 of the Iiansactlon. Exchange dlfferen¢És aro taken Into Ihg statement of flnallclal actlvllies lorlhe yoar. (ml Flnanclal In8truments Hnanclal Inglfumenl$ 8r8 da8slfled And accounted for, £Kcordlng lo thè substanco ol the tontractual 8rrang8menl, as <hwflnanclal 8558ts, fin8nual liabilitW8 or equity in8lruments. An equily Instrument Is any eontrAct thBI evid6nce8 a resldual Intergsl In tha agsgts of cK>mparry after dedu¢tlng all Df Its Ilab511tles. Inl Funds Thg Charity numgrDU3 To3lrfcled, e￿o￿ne￿I arKI deslgnated funds. Thg Charlty does nol havo an ogtsbllshed pollcy lo make transffers botwegn fund5 to or from tha d8signa18d ftjnd, iThGlead Iranslgrs aro madg from ilme to tltne 45 the Tru51ee$ conslder appmprfale. Each fuMI is dotermlned by refe￿nce to origlnal donatlon and rostrl¢tlon$ applled al that ￿Me. All funds are showi 8opar8lely In th? Nole lo the Accounts and comprlse of a mlxture ol langlbla fixèd assèig, irwèstMont8, cash and SUMIry 9889ts, 14 THE AMERICAN MUSEUM AND GARDENS NOTES TO THE FINANCIAL STATEME1￿8 FOR THE YEAR ENDED 31ST DECEMBER 2024 ACCOUNTING POLICIES (CONTINUED (ol Lagal stslu$ of tho mU￿￿m Th& Mus0um Is a company Ilmlled by guarantè8 and has no 8har8 carital. Each member proml89S to conlrlbule up lo £1 In the event of the chartty belng d18801ved. Thè Mu$&um was Inoorpor81od in Englend & Wales. The re￿￿1$re￿ offlce 8ddre8818 C18V8rton Manor, Clavarton. Balh BA2 7BD. (pl Group Ilnanclal statements Th8 flnanclal 8tal8m8nts consolldate lh6 results of tha charlty and Ils ￿011￿￿￿￿ed $utr*idlaryArn8rir8Tr m￿￿Um Enterprfses Umlted. {ql Post Balance Sheet Events Thèr• wÈre no aignrfic8nl post bahnc8 8h891 ev8Trts In 202412025 whlth woukl Impact on tha ablllty ol th6 Museum to conllnu& uceeg$fully Iredlng Into Ihe futuro. As conflmied In note lo) ol these fln8nclal stalement3, the trusi&g8 ar& ¢onfidernl ol th& eharfty's abllty to LX)nlnue to trada through Is riimcull pe￿0d. {Yl Tr•atm•nt of Estats projèct •xpènditure T•thich ralies upon donatgd fundlng. Each yearlunds are glven fN varlous estate prolads knd 20241$ no gx¢8pllon. Mernbers of the Flnance and ALKlIt commltta& consh48r wh8thgr any of Ihg projects might b8 ￿qUiring capitalisalion. Estat6 projects In 202d whether fund9d from don8lion3 or working ￿PItal have bgan a8 follow8.' Rebvlldlng of th9 rgtolnlw wall, ¢reAtk)n of a W)c￿land walk, relurblshmont th tho Coach hous8 ¢orrfar8nc8 fa(Mlity and a Mler bore hole. 8maU ￿rkS ui¢lu¢ling Intruder alarm Installalton. tslephon9 8y8tsm, safely fitrn on key ￿￿dow8, car park Ilghts It i¥ wn¥idoied by Iho Gotnrnittee. that th9¥9 e3tsl￿ba8ed prolects do not cortstituts on gddrfong109Sgt, but org to do vAlh the r&novatlon and m￿ern183￿0n ol the o)thsllng asset. Thls16 ￿cept for thè Coach HOL￿@ r8wvation arad water bore bthich will boih be shom as P89ts under cons(wollon, Due regard ha8 been taken ol FRS 102 and the defin1t1o￿ Ihgrgln. Z INCOMING RE80URCE8 FROM CHARITABLE ACTf4llTIES 2024 Unr•strlct•d 2024 Totsl 2023 Total R•8trl¢ted Admlss5ons Mgmbershlp Olhor 344.010 126.538 133.647 604,195 344,010 126,536 133,847 604,195 382,710 106.921 69.484 559,115 INCOMING RESOURCES FROM GENERATED FUNDS 2024 Unre8lrf¢ted 2024 Restrlcted 2024 En(lowment 2024 Total 2023 Total Voluntary Income Glfts and donallon8 2e6,246 517.192 783,438 854,652 266,246 517.192 783,438 854,652 A¢tlvltl&s for genèrallng Relall arKI catering inromg 401.088 401,088 401,088 401,088 462.053 462,053 Invo$tm&nt In¢om• UK income Investments Isled on a recognlsed stock exchange Investrnenl propgtli98 income 66.350 25.334 91.684 69,g73 43,002 179,325 25,334 204.669 186.572 25,708 212,28D 69.973 43,002 US Ineome Investmenis llsted on a rg¢ognised 8tock 8xchange Total 54,S56 259.316 45,327 257,601 146.340 69,973 43,002 16 THE AMERICAN MUSEUM AND GARDENS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 21J24 CHARITABLE EXPENDITURE ANALYSED BY CHARITABLE ACTivrrY As Reslatefl Basls of AllocatlDn Collectlons Publ1¢ Man&goM•nl & Programmg FUMI Ral$lng Inw¢$tm¢nts Exhlbltlons {Educailonl OovernanG¢ Total 2024 2023 Stsff & related co818 Propérty Costs Offlce cos15 Tradlng c08ts P8r capila U88go Usage Natura 414,318 641,708 94,855 627,174 544,689 95,607 88,845 6,435 1,136.772 1,194,434 275.316 399,355 1,050,442 1,069,735 236.179 458,887 8,037 20.fA1 21,423 43,389 399,355 Total 1,150,881 1,267,470 110,268 449.179 28.078 3,005,876 2,815,243 2024 2023 Included whhln th6 abovè gmDunts are the follo￿ng re8our¢es 8xp8nded'. ALKISt lees 18,750 18,000 Profitllbs51 on forelgn 6xchangÉ 27,103 183,52SI 5. STAFF COSTS 2024 2tr23 Wagès and salaè5 Soclal securty costs Pgn8lon u)8ts lincludiT¥g dgfingd b9n&fil adjustmenlsl 893.807 83.420 41&36 834,469 76,961 41,023 1,019.363 9Y2.453 kn¢ludod wthin thg p￿SlOn costs are E3.825 of defined LX)ntiTbuUon pon8lon ¢051 charges. The charity employed follo￿7ng nurnber of Fooplo wlh emoluments felllng vlthln thg bands 98 (Isclosed bg1¢)w'. The salary band Includes employers riallonal Irtsurance and p8ll8i(M contribLrtlons Thg comparallv9 fjguro8 have been ollered accordlngly 2024 Numbgr 2023 Number Sglary b4nd £60.(X>O- £70,OOD E70.001- £80,000 £80,OQ1- £90.OOD The average head count ofernployeeg, analysed ty functk)n, MS,. 21Y24 Numbgr 2023 NumbBr Museum staff Management and adrnlnlslrallon AM Enterrthsas Lirrblted 22 12 24 58 28 24 Mr Garelh Thomas held thè pogMon8 of both., Ex6¢utlve Chalmian and Trust60 of Th¢ Amert¢aTh Museum and Gardens. Mr G Thom89 rocafv6d both r8mun8ration and ralmEAJ158mènts f(Y8XP9nsgs in hls role as E￿CUl1Ve Chairman bul not as e Tru9108. Oth￿Wi88. Truste& recelved any emolurnents or relmbursements for 6xp￿seS durfng the ygar undèr rovI&w. The key managem8Tr1 pgr$onn61 of th& yroup chartty comprfs6 Iru5t8è5, the Museum Ex8cxrtiV8 Chairm&n, Olrector of Developnenl Dlrectorof CdleGttons arKI PubllG Engagernent. Hegd Curator, Head ol Flnance. Head ol Estates ar￿ Head G8rdengr. The lolal Temunoralion for thè key managomenl p6rsonnèl of the group and ehartty were £454,68312023.' £418,5751. S8v&ranc8 payment8 ￿r& mado in tho year a8 follows £5.500 1£2.918 in 20231 The pay of the 5enlor mqnageis 15 reviewed aTrnually arKI normally Inorea9ed1Tr 9¢corderKe wlth ovgrH9g e8mlng8. 16 THE AMERICAN MUSEUM AND GARDENS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024 O. PRIOR YEAR RESTATEMENT. IN RELATION TO INSURED BENEFIT PLAN Durlng tha y8ar. th8 T￿3(888 hav8 id8nfif18d additional informodon surroundlng uK-b￿￿d d911ned benefit scheme, that ha3 resulled In a ehgnge In gccountlng pollcy t) bo apwigd relrDspecflvety, The Trustse9 have beèn ln thg proc8s8 ol up the pensk>n sch6me through a 8a18 to Scottish WidoM Idiscussad lurther bebwl. DLwing Ihe Pro￿S5 the Tru8lofy8 have idenlllled a Bond held by the plan ¢overlng the obfigatlons of the penslon schem&, qua11flng thè plan 89 an ￿$￿r9d benefll plan und9r sactlon 28.12 of FRS 102. Throuuh adoptlng the standard 28.12. the charitable group16 requlr8d to T8EogniB8 th8 8¢h9mg 88 Defin8d Conlrlbullon Plan. Change In A¢eountlng Pollcy Tha chaNJa In ai%ounfing policy has bèen retro¥pe¢tiv8ly applled throughout th8 IInan¢￿ glalemernlg. The folowln9 8ecUon$ have been restated for ¢onslstent 4coountlng trealmonl. Con8oDd81od St&famentolFh&n¢la1Actlvl￿s 2023 2023 As R8sLited A6 Statèd Unre8trlGtsd Unrestrlctod Fund5 Fund8 1.828,229 1,616,229 1253,0(K)I Charitsblo A¢tlvlUe¥- Net lTrt8re81 Cost Actuarlal galnslllos5esI on d8fflnwJ b8n8fft p8n810Tr 8chern8 N8t mov8ment in fvnd8 1121.5451 {362,5461 Totalfunds brought formrd 3.512.479 3,753,479 Totel funds carrfed fmrd 3.390.934 3,390,934 Ch8rit8b18 Exp8nthture Analysad by Charrtabl&Aoliwty As RèstAled A8 Stot•d Publlc Publlc Proyr•mm• Programme 583.679 571.679 1,132,839 1,144.839 Slaff & Related Costs Totsl Reconcfft'ation of Nafmovomgnt ￿ Funds lo Not Cesh Flow from Operolion Acliviti As R08tatad As 8tst•d Nel movamanl In furKJs Decreaseloncreasel In dellned beneffl peThslon sch&ma 6,516 1236.4841 241,000 All requlred dl$¢losures under FR8 102 Defined Benefil Plan8 have been removed 8ccordlngly lolkM¥lThg the changa In accoLmtlng pollcy as Ihase no longer apply In the curr¢nl or prfor periods. S¢h#mo wlndwup A d8Gi510n W88 m8d8 ￿ l&t8 2023 to wind up the defined benelll scheme, Througholrt 2024 tho procoss has been golnu fo￿￿rd wlth the help of Scotllsh Wldows, Thoy be bLtylng out tha scligmo. Th8 sisges achi8V8d hav8 b88n a8 . All memberg who a￿ not yel In receipt of Ihetr pot)$lolls hav8 be8n oontacled and Info￿￿d of Ihelr opllon8. . Scottlsh Wldows have advlsad that thè g￿lar numb8rof p8D8ions In payment, the more 8lmlghl forward tho InguraTr¢& process will be. . Whero members have optsd lo reoelvg thelr pensSon, offer proposals have been presented to each momber by Scoitlsh Widow8 - All staiutory nolic8s and r8801utions have been Ilnalised and Gompleted by trus1093 lo the publlo al large and lo known mgmbers. . Currently ther¢ ar6 22 penslon9 In pèymenl and 5 deferr8d members, of whom 4 8r& elth8r at or will shortly attain r8tlrement age Scotll$h wlll In due course be able to e51Imate liabillty which thgy are prepared b tgke over. for exlstino r>6n$loners and deferred rF)gmbers. Thgre Is currgnlly no budgot allowanca for th8 wind up as it aBsumes costs can be met in full ftom th9 ¥uTpIus. 17 THE AMERICAN MUSEUM AND GARDENS NOTE8 TO TrIE FINANGIAL STATEMENTS roR THE YEAR ENDED 31ST DECEMBER 2024 7 FIXED ASSETS . TANGIBLE AS8ETS Charlty Freehold Propgrty Assets undar Conslructlon Mplor v•hlelès Equlpm•nt & flxtUTe8 Totsl C08TNALUATION At 1 January 2024 Addlllons DIsposAIg At 318t Dgc•mb•r 21)24 12,807.926 16,399 1,273,945 14,097.270 6,OOY 254,842 248,833 12.807,926 248,833 15.399 1,279,954 14,352,112 DEPRECIATION Al l January 2024 Di5po8918 Ch8rgèfor th8 ygar At 31911)oe•mbor 2024 1.886,879 15,399 1.144,037 3,046,315 171.679 2,058,558 34,987 1.179,024 206.666 3,252.981 16,399 NET BOOKVALUÉ At 3181 Docembor 2024 10,749,388 248,$33 100,980 11.099,131 At 3181 twèmb8r2023 10,V21,047 129,908 11.050,956 ThÈfreehold propety wag vglued by A Bovry8r RCIS, olJon&8 Lanu LaSall8, oll 31 Dacembar 2012 8t £12,800,000. motor vehicle and thg furniturg ofKI oqulpm8nt ar8 al u8fjd 8olely for the dlrect charltable purpos08. Durung Iho yoar tho charlly and group began constructk)n project8 that l&rgetsd to b8 complot8d In th8 2025 flnanclal parl Tho restrictad prolèctg of th8 Water Bor& HrA9 and Susan Guillia Cultural Cenlee h&ve been capitslised ￿ a83018 under conslructlon. NOTE REGARDING THE 8ECURifY OF ARTIFACTS AND HERrrAGE ASSErs In order to en$uro that all the artlfacts dlsplayed In the Museum and stored In Museum preml888 are k8pI safe, a rKogramme of updating th& se￿rIty systems has taken pla￿ ITr 8ady 2023. sewrity Systems have IncPJded CCTV c8mera8 and s9n8lttve 6lectronlc alarm&. Trustees have been kapt Informod of those upgrad8s In the btsard m88tlngs as part of the capital programms. Tw8lees arg content that the risks of artllacls and herltage assets belno stolan or damaged are small. In July 20ZJ Peter Gough. s8curity *vi8or for Ihg Art8 Courril. visilgd the Museum to Umlertake a revlèw of 80curity. HIS fo¢us was on the So￿￿ty of Pl￿)11¢ r￿Ing collections but as part tsf thls revF6w hè lou¢hed on somg gen8ral securlty arrangèments lalarms and key wntrollaccessl. The management of the Museum met In September to ￿vIew1h18 roport and Identlfy prlorfty actiDns lo Implement. Pet?r Gough's report CDnlalrk8 follo￿kng stalemenl ab￿tI￿v￿ ol thr8811o the collactk)ns, Glvgn the naturè ol tha cont8Tht5 at th8 American Museum it IS CQll8idered that thg m05t Ilkety Ihreal, out of hours, Ls opportunigt theft lor ¢88h lor it&m$ whl¢h are readlly converuble to C89hl mlherlhan a burglary forh191orlo art614d$'. Th8 0011o¢tk)n does rH)t ¥ealty Includ8 Ilerns that are easy lo solVconvÈrt to cash such a8 gems, precious metslsp jewellery and raro colns and medab. The item8 in glotBS lènd lo b& lass vgluablolaltraGtlve andlor dlfflcuYL to steBll8ell Ith6 map ¢ollectlon, for£kxample, has such rare exan)pkn that ailampts to s611 on th& opgn m&rket wcwld allr8Bt ¥ttgTrtionl. H8ritsge assets hav& bgen InSU￿d to a va￿8 of £16.888.000 In tho raoènt Insurarh08 V81ualion. 18 THE AMERICAN MUSEUM AND GARDENS NOTE8 TO THE FIWIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024 FIXED AS8ET8-TANGIBLE ASSETS Icondnu•d) Group Fre•hold Assets und•r Proporty ¢oMtru¢tlDn Motor Yehlcle6 Fumituro & equlpmont Total COSTNALUATION At 1 January 2024 Addltions Di8posoI8 At 31st D•¢èmb8r 2024 12,807,926 15,399 1,335,045 14,15S,370 7,&fj4 258,387 248,833 12,807,926 248,833 16.399 1.342.599 14,414,757 DEPRECIATION At 1 January 2024 Dlsposals Charge for the year At 31$t t)e¢ember 2024 1,886,8Y9 15,399 1.189,913 3,092,191 171,679 2,058,558 39.027 1,228,940 210,706 3,302,897 15,399 MET BOOKVALUE At 315t D8c9rnbgr 2024 10,749.368 248,833 113,658 11,111,860 At 31st D8c8mb8r 2023 10,921.047 145,131 11,066,179 Pkasè r6fèr to th8 r818V8rrt t8Xt glv8n in th8 part rflhe Flxgd Assel Note. 7a. FIXED ASSETS. HERITAGE ASSETS {Charlty and Group} 2024 H8rllago Assets 2023 Hèrity A588tg COSTIVALUATION Group Additlons Al 31st D¢￿mb¢r 25,750 25,750 25.750 25,150 DEPRECIATION G￿l ChBrgè for lh8 y68r At 31st December NET BOOK VALUE At 31st December 25,750 25,750 The herita￿ balan￿18 a stone bu81 of Chu￿hNl, WRS on the flxed 958et reglster In 2016 hay baen Iransferrgd lo herllage a8sGts In 2017, folID￿ng Ils ascc8s$lon to the museum ariifacts. NOTE REGARDING THE UNQUANTIFIED HERITAGE AND HISTORICAL ARTIFACTS The Museum wsesse8 a large numberof Herttage and Hlstorlcal art￿￿¢18 &$ part of th8 ¢011oGtlon vthlch are not Induded on tho Bg18n¢8 Sh8eL The Mu8eum'8 cojlgotion Includes 240 hlslorloAmerlcan qullts, exoeptlonal pleee8 of Shakèrfurniluro, trxubeTanlfolk art paintlngs and 5wlptu￿, natlv8 Amerfcan objects and renalssance maps of thg'NewWorld. The Museum s cdlectlon rnnges In age from th& 17th ¢ontury onwards. The Amerf¢an Mus6um and Gardens Is ac¢r8di18d by thè Museums Llbr8ri85 8nd Archives Cguncll, %*hlch demonstrates how exhlblt8 are ¢afvd for, choumenle(l. governed and manapj together￿th these exhlblts ore prè$9ntBd to tho8& p￿rs￿5 vlsfrling the Museum. Th8 Museurn display8 a larg? proportlDn of Ihg exhibit8 in ils posessbn, p3rtlcul8rly those exhibit5 ythich are kay lo rneetillg thè Museum's oblo¢tfvog189 p6r Iho Trusto¢s' RoPOrtI. Th& process for cycllny assets from storag9 to dksplay and vlca vorsa Is l#rg•ly d￿V8n by the ¢urrenl progrgmme of dlsplays and the Gonservatlon and pie5ervallon of the exhlblts. Tha Museum malrbtalns a record ol lis &xhltths on a datsba$è 8uppli8d by Adlb Information Syd8ms Ltd. Th8 Museum 18 comfortabl8 with ils policy on th8 S8¢urlty and documeniotlcffl of Sts collecUon especlalty In the Ilhl of thè ov&Tht8 laklng place al the Brlllth Museum In re¢enl month$. 19 THeAMERICAN MUSEUM AND GARDENS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024 FIXED ASSEf INVESTMEMf8 IN THE UK 2024 2024 2023 2023 Notes Charfty Quotod Inv•stm8nl$ Brought forward Addilion$ Dlsposals Net galnslllossesl 6,184.149 6.278,079 ie10.LVJI 316,055 1708.5681 594,638 Markol valw 315t December 5,870,2r14 6,184,149 Unquoted Inv06bnènts Brouuhl fornard N&t gaIn￿lI￿$s65) Value 315t Decernber 164.7651 64,765 8h h?Id for Inv&8tment purpo898 32,997 Totsl UK Investments 5.870.204 6.197,146 Hlstorlcal cost of Iho quoted Inveslmenls al 31st D6t*N*)èr 2024 was £6,337.355121Y23 £5.883.6261. The hi51orlcal cost of the urlquotsd invg8lm8nl1s not thown. Group 2024 2024 2023 Quoted Investrnonts Broughtforward Additions DIspog918 Net WdinsIII085981 6,164,149 6.278,079 1610.0￿) 316,(￿5 C108,5681 594,638 Market valw 31st December 5,870,204 8,164,149 Cash held for Invo$tm•nt PUTPOSOB 32,997 Invo¥lmenl Propgrt168 Total UK Inv88tm6nt8 5,870,204 6,197,146 Hi81￿1¢al cost oflhe ql￿ed Investments al 3181 December 2024 wa8 £5,337,365 {2023 £5.$83.6251. Thg group had no lllv8Stments that repr989nled rnore that 6% by valua of th8 fotgl porifolio. 20 THE AMERICAN MUSEUM AND GARDENS NOTE8 TO THE FINANCIAL STATEMENTS FOR THEYEAR ENDED 31ST DECEM8ER2024 FIXED ASSET INVESTMENT8 OUTSIDE THE UK Charity and Group Qwoted Investment8 2024 2024 2023 2023 Brought lo￿8rd Addllions Disposals Net gBln91llosgesl For6Lw axchang& goinllk)$51 Market value 318t Dece￿er 1,733.695 275,021 1627.7521 297,733 26,214 1.843.834 283,367 1479.0861 168.44D 82,8601 1,704,911 1,733.695 Ca6h held for Inveslmenl pur￿90 51,930 12,860 Totsl Inv08tmonts hBld OLrt8ld& the UK 1,756,841 1,746,555 H181orf¢pl ¢061 of th& quot￿1 Inv¥stm$n15 al 31st December 2024 was £1,002.421,12023 £1,096,936} 10. STOCKS 2024 21)23 Charlty GoodB for resa 5,302 Group Goods knres 30.259 11. DEBTOR8 2024 2023 charity Trwjo dobtor8 Anw)unts due from Gftjup undertaklngs VAT Prgpayrn9nls arK¢ olhgrd9blor 7,331 93,441 23,871 93,424 6.154 17.102 178,709 218,067 296,894 Group Trada debtors VAT Prapaymenls otherdebtors 7,331 23.871 93.424 8,154 17,102 178.709 124,626 201,96S 21 THE AMERICAN MUSEUM AND GARDENS NOTES TO THE FINANCIAL STATEMENT8 FOR THE YEAR ENDED 318T DECEMBER 2024 12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Charlty Trad8 crgditor8 Taxollon and 80clal 8gcurlty A¢￿Ud￿ and sundry credltors 48,517 20,636 88,371 157,524 53,080 23,444 84.853 161,377 Group Trade crodltors Taxatson and s00ial security Pen8lon ¢onlrol Accruals and 8undry credllor8 58,383 69,848 671 89,972 205,874 64.072 86,10S 786 88,353 219,316 11 ANALYSIS OF NET AS8ET8 BETWEEN FUNDS Tanulbl• flxod asBets Investmonts Nat QllTT?nt 8lon $¢hemo Total Charlly Endowments Map lund Permanenl fund lan Mocallum fund PrOp￿Y fund EdurAlioA èndoM*nt hjnd Fleld comervatk)n fund Exhibthon fund JJM Maln fund JJM Pratt Wlll fuMI 343213 1.388,512 37.303 182,223 541,046 343,213 I,3￿.51% 37.303 10,923.983 541,048 fO,741.760 414.11S 246,493 494.971 414.115 246.493 494.971 10.741,760 3,647,876 14,389,636 R86trictad fthnd5 Map fund lan MoCallLm fund Pl0￿rty fw¢J Edueatlon fund Fleld ConseNalkJn fund Exhibltion tund JJM Main fund JJM PrallWIII fund School Hou88 furKJ Capltal Csmpalon l&senllal work81 Travel Iwd UK I US Appe81 Thanksgivlw 60th annlv8r8ary Ash dla back Ckverlon Theatre club CParldgo Le¢tur9 Sgrf9s Iclalre Srnilhl Treo planung P8ri(Kl rooms (Fitfor th• Futur8) Gard&n fund IS Gulll81 Conesloga Wagon Gardgns endow*eTrt ISLIFKAI Audbnoe proleol Darnag8d wall W61 prole¢l Retainlng Wall Churchlll Lecture serles (Belty Suchar Soci41 Entsrprisgs Acadèmy Trav811irwJ Ti48thor grant Susan Gulllla Culbjral centre Wood Irail P￿19¢1 (Batty Sucharl Guide boDk 18 17 IT 2D 61 20 40 61 474 119,370 474 119.370 22,761 2,298 261,626 22,761 2,298 261.626 152,960 152.960 9,151 35,572 18,328 9,151 35,572 18,328 1.150 1.ots 1,150 1,015 624,930 624,929 Unrestrlcted funds 383,121 3.979.169 1211,686} 4,150,604 Total funds 11.124,881 7.627,045 413,244 19,165.170 THE AMERICAN MUSEUkl AND OARDENS NOTE8 TO THE FINANCIAL STATEMENT8 FOR THE YLIR ENDED 31ST DECEMBER 2024 13. ANALYSIS OF NET ASSETS BETWEEN FUNDS Icontlnuèdl Tangiblg fixed assets Inv&stmènt* Nèt Current a88ets Pension 8¢home Total Group Endowments Map fund PerrnBn6nl fund lan Mccallum fund Property fund EduGBthM endovrnentfund Fleld Conse￿allOn lund EXh￿)ItIOn fund JJM Maln fund JJM Pratt Wll fund 343,213 1.388,512 37,303 182,223 541,046 343,213 1,S88.512 37,303 10,923,983 541,046 ID,741,760 414,115 246.493 494,971 414,115 246,493 494,971 10,741,760 3,647,876 14.389,636 R•strlrted fijnds Map fund lan Mccallum fvnd Property fund Educa￿on fund FW Conservallon fund Exhiblllon fund JJM Maln fund JJM Pratl Wlll fund School Hous9 fund Captt81 Camp￿￿ le8entlal ￿>rks) Travel fund USA IUKAppgal ThankS￿v￿g Ash dla back Claverton Theatre c*Jb Clarldge LerALT8 S8ria8 (Claire Smith) Traa pl&ntlng Period rL¥)m5 for the Futurol Garden fLrnd IS Gullllal Can881oga Wagon appeal Garden5 8ndowm8nt (SLIF1￿) AUdIen￿ project Damaggd wal INells proJecl R81aiThlng WRII Chunhlll Le¢ttJrg sedgs (Bgtty SLKh8rl Soclal EntWTtses Ac&Jemy Travelling Togèlh&rgraTht Susan Gulllla Cultural centre trail projeot {Bg1ty Sucharl Guide book 39 18 17 20 39 18 17 61 61 20 474 119,370 474 119.370 22,761 2,298 261.626 22,761 261.626 152.960 152.960 9,161 35,572 18.328 9.151 35,572 18,328 1,150 1,015 1.150 1,015 624,930 624,929 Unrastrici8d funds 395.850 3,979,169 1298.2811 4,076,738 Totsl funds 11.137,610 7,627.045 326,649 19,091,304 23 ThE AMERICAN MUSEUM ANL) GARDENS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024 14, ENDOWMENTS AND RESTrICTED FUNDS ¢harfty •nd Qroup Balance blfwd Movement In r•$our¢È$ Incomlng Outgolng Balance clfwd Donatlon$ Tran8fgY8 Endowmont fund$ Map fund Permanènt fund lan Mccalum fund Property fund Educatlon endowThenl fund Field conswallon furd Exhlbillon fund JJM Maln fvnd JJM Pratt Wlll fund 333,652 1,349.806 36,264 11,311,242 525,974 400.013 402,579 246A93 779.971 9,561 343,213 38.670 1,368,512 1.039 37,303 1215,7391 10,923,983 15,072 S41,046 {400,0131 11.536 43,002 142,975} 1171,5201 414,115 246,493 4￿,971 (285,0￿) 15,385,994 43,002 1214,4951 824,8651 14,389,686 Balan¢• blfwd Mov•m&nt In i•sour¢•6 In￿mIng Outgolng Tran$ler8 8alan¢e clfvid R88trlctsd funds Map fund lan Mocallum fund 10 10,629 1,155 5,e44 16,756 110,60D) 11,14S} 15,82n 116,748} 18 17 20 Educgtkjn lund Fi91d Conservation fund Exhlbllbn furKI JJM Mwn furld JJM P￿(1 Will fvnd Sthool HoL15e fund Capltal CBmpaW1gssentE81 c9pltel wor*$} Travel Fund Burberry) UKJUS Appeal Th8nksglvlng Ash dle back Clavorton Thoatro dub Clarldgè Lèttlura Sèrf6s ICIBlra Smlthl Tre8 plarntlng P&rFDd roc1￿$ IF4 Gard6n fund (Gullial Cafft5tog& Wagon appeal Gardens endomianl ISLIFKA Audlenc* project Darnaged wall Wells project Retalniw Wall Churchlll Lecture serle8 (Belty Swhar) Social EnleTpri8es Ac3demy Trav6111ng Togeth8r ￿￿t Susan Gulllla Cuttural Centre Wood trail projacl IB&tty Suchart Guld& book 10 41 18 21 12,825 7,e34 15,329 112,8051 17,632) 115,3101 61 40 1621 176,411) 119,201 2.319 77 142,86n 11,8451 474 119.370 119,370 14) 19,650 19,6501 22,761 495 291,785 13,733 22,761 2.298 281,627 2,970 11.553 11,1 $7) 116,31MI 13,7331 14,2111 19,0001 125.4071 4,211 161,960 872 152.960 18721 1.073 11S.1401 285,000 17,781 118,85$1 24,291 9,151 35,572 18.328 169,042 {40&4701 12,5091 I7,0￿) 11.5001 2D,e37 7,OLXI 1,5 157,020 46.456 2.W25 1155.8701 1,150 1,015 146.4401 12,9251 666,940 587.165 1665,3431 36.168 624.930 UnrèBlrkted funds 3,390.934 2,D23.145 2,120.038 78e,697 4,076,738 Total fuNIs 19,443.868 2,663,312 3,OD5,876 19,091,304 Thè Map Fund wag èGtabllsliwJ by Arilcb 17.IOlal Df Dr Pratt's Wlll, whlch roads as follovtts:_ 'al On8 thlrd {1131 lo Ihfj TrLkgle88 al the tlm8 of my death under sald Declaratlon of Trusl dalèd tha fifth day of Febiuary 1959. arnended by tha Trustees. lo be used by sald Trustees In LX)nnecllon ￿th the'DaUas Pralt Collectlon of Hlstorkal Maps. In followkng mannèr.. Sakl Tmst88# Shall hold sald sharg as an andomngnl fund and may use the Income only there from for the purposes ol houslng, cumtlw. mounllng, labelThng, (alal￿ulng, maintaining and publicising ol said ¢olleGli(th. or for ngw aGqulslliorH Iheteto. The pri￿1PaI 8nd unused In¢ome shall b8 lThv$sl8d In ¥uth manner as sald Trustees shall deem advl$able.' Thè lund Is r&pr8sènled maln by fI￿d a55et in¥estfflent3. Durin9 20111he Field Foundallon rnade a donallon for Ihe restorallon fo the Ha￿1 Ahrmgd map. 24 THE AMERICAN MUSEUM AND GARDENS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 318T DECEMBER 2024 14. ENDOWMEMT8 AND RESTRICTED FUNDS Icontlnugdl Th8 PermBn8nt Fur)d r￿r@sAntS the pro¢eod5 01 the legacy g￿en by Clause 7 of tho Wlll of John Nevlle Judkyn o diéd on 29th July 1983. Tho sublocl maltsr of the legacywas th9 Te3talort8 holdlng of shares In Judkyn's Umlt8d. Tho terms of Ihol6g&cy are the subject of two Oplnlons of Couns81'. Mr D A Zl8gl8r on 22nd May 1968 snd Mr N Brts￿e Wilkinson on 14th AugU81196S (the lallergfven on behalf of th& Aliorn6y G&narall, The result Is that th6 capltal of the P6rman6nt Fund Is h81d by Ihe Truste&s subjacl to Ihe ierm$ of the undertaking glvell by them lo tho Treasury Solleltor to use only the incom& of the Fund, and not to expend any of the capltal. Th6 Incorna Is Avallabi6 for tho general purpose8 of Ihe Musèum. Thè furKI iy repr8sentsd m8inly by fixgd asset investmen13. Th• lan Mccallum Fund r8pr888nts gmts in mBmryy of a forrner Dlreclor of the Museum, The Income of th6 fund18 to provldè Musgum guid88 and staff vvith bur8arip8 lowards the cost of travel to thè USA and Lo vi8lts by US based 8xperts lo Ihe Museum. Thè oapltal1$ not avall&ble. Tha fvnd Is wresented malnty by flxgd assèt inve8lments. The Proporty Fund [8 Ihe capltal Invested In th9 propèrly of th8 Mu88Lm. Thg fund is representsd by ta￿lble flxed a8sels. Tha Educatlon Fund hokl8 pro¢eed8 ofth& Educatk)n Endowment Appgal, InoludlrvJ th8 sums ra1$￿ durlng Jgnuary 1994 al the ChrlÈllfy'8 Exhlbltk>n and 8th8quent events In the UK and USA. Th8 Incom8 18 8vall8blè for defra￿ng Ihg 9XP8wes ol the Museum's education prwramme. The ￿pItalI6 not avalleble. The fund18 repr8$ented malnty by Ilxod 858el Inv951ments. Th• Flold Con¥ervJUon Fund compri$8s glfts from the Truste99 of the Fl8ld Eslats Isan Fr8nd8coI. torms of tho gift, ¢0rrtaiT￿I In a ￿tter dated 2nd October 1996 from the Flold E8lalB Trug1è9 lo the Museum Dlrector, are "Thls Is a c8pSt818ccount coThtribuflon frDm wrt)ich garnligs can be used for con9erv4lion purp05È8." Tho Gapilal Is not av8llable. The fund Is repr8s¢nt¢d rnalnly byflxed 8¥8et Inve8lments. 11 has been Iransfgrrod to th& Hamlln p(thlio. The Exhlbltlon Fund has begn ostabllshed lo provide a perman8nt end¢Jwmenlvthose IrKome wlll be applled t(wards the ¢05t of mountlng the annual pxhibSUon al thg Mu8eums New Galery. The cap5ts1 Is not avollBblg, The fundls represented malnly by cash hald by the Irustèèg. The JJM Maln fund represents the accumulated pr￿9￿19 of 8poclal appeals, *acteB and dorAllons swolfftally for the ￿￿rk of the John Judkyn Mem(xlRI. Thg Income and ￿pItal ar6 avallabb for the pUr[M)s￿ of the JJM, but mt lor th8 g8n8r81 purposes of tho Americam Museurn th Britain. Thfj fuTKI 18 repr989nt8d rnainly byffxed a8sel Investments. The JJM Pratt Will lund wa¥ e8t8blished by Articlfy 17.10lbl of tk Praws Wlll, re9ds as fokn: "Ibl Two thwd312131 to tho Tru8t998 al the tlme ol my death under $gid Declamllon of Twst dated Iho flfth day of February 1959, as amended by th8 Trustè8s, sublèot to tho provisiow of tha naxl Succe￿Ing p8ragraph9 hereof I dlrecl that sald gilt underthls paragraph bl to sold Tru81oes under sald Declaralbn of Tru81 shal b? h&kl as an 8ndowm8nt fund forth8 rnaintsllance and op9rafjon ol Freshford ma￿[. Fre8hford. Avon. Enuland. to bo u8ed prlmarfty 8S the headwBr16r8 of the prolo¢t kntswn 88 the John Judkyn Momorlal comprfslng a contlnulng program of loan exhlbits of Atnerican interest lo ￿ 88nl out from sald Freshford Manor to olher part9 of G￿9t Brftaln, or io othercounlths, as an educauonal s&rvlc8 to schools and olhar grows, undgr the auspices of t Trustees of Tho Amfjri(xn Museum In BrflaSn 8md. secondarlly. lor olhor purpo80s of th8 Amerlc&n Museum In Brltaln As dlr8Ct6d by thè Trust88s. Tha incom8 01 said fund shall ￿ used fvotn tlme to lime forthe maintgnan¢g of the grounds, house, Its contenis. for peimanent Improvements and addldons, and for olher &xpens6s In connoction with th9 SUPPOrt of tho sald'John Judkyn Men￿rIal as iJetgrmln8d by U)8 Trustees. If al any Ilme Ih? a¢Ung TNstees undersald Declaratlon of Trust shall b8118V8 it to b8 inadvi8ab18 for any rgason to Use or conunve to use sald Freshford Mgnor for the aforesald purposes. to ￿se addlllon&l prem1s6$, l aulhorlse and empoMr1￿ sald Tvuslaès undèr sald Daclaralion of TNst lo lak6 such 8¢tlon arKI eXp￿d thè the prfNlpal and incxTrme ol such fLtnd as they sh911 de¢m gdvl8abl6 from tSme to Ilme. but provSdlng the rAm& of John Judkjffl shall athys be assoclaled wlh saKI projeot.. Two thlrds refeNed lo19 213 of 3411(K) ol the W E Bgnlamln InJ8t lund. Foll￿ng Iho salo (￿1￿ (h8 opprovg101 tr8 Gharity Commissbnersl of Freshford Manor In July 1996. this fund supports the John Judkyn Mèmorfal ITh Its ¢onllnLAnu acdvlllgs. Tha fund Is reprosented malnly by flxed as58t iTrve8lmants. After leg81 advlc8 the Trusl8es dedded lo Iransler £285.OOQ of thi5 fund to Ihe unre3trioled rK>rtfolig in 2024. Th18 money uged lo rebulld th& rolalnlThg wall whlch wog In danger of falllng and Inlerupllny Museum operat10r￿. Thè school Hou58 Fund rg18198 to a donallon from Mr & Mrs 818nley DeForest Swll ￿l¢hIS Lo bo u8gd 8fr8shing tha School House,. Th8 funds are held In cash wthin Ihe maln current accounL Tho Capltsl Campalun was set up to fund capltsl projèct5 wer8 rA)n8id8r8d to be vilal to Musoum operallons. In 2024 Ihls Included arm 8yStem8 Upgmde Con8st￿a Wagon sholtar Ash d19 back prol6cl Heal pump In Ihts maln hous? Car park Ilgmng 25 THE AMERICAN MUSEUM AND GARDENS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024 1& ENDOWMENfs AND RESTRICTED FUNDS Icontlnuèdl The Educatlon Programme Travol fund repreaents monl$s donated by Bu￿arry to enhanca the EducatlonAI OutrèAch oparalions of the Museum. More recently this has been lopped up by £5,(W from the Medlock TYu$l lo halp ￿th tran6POrt oosls of 8chool vlsits Tho UKJ US App•al. Thls fund has bèen rnseNed for esS￿lIa1 capllal W￿rkS. The Thpnk¥glvlng dlnner hgld al the Mu8eum was under4wlttgn by a g•n&rou8 glft, whkh was reBelvad In 2D22 only.11 Is nowdormant.. Ash Dle Back. Th16 project has been Incorporated Into tho &s89nllal works pmgr&mmg, Expen(Illuro In 2024 h89 bgen coveTsd by th8 essenllal woth8 restrl¢tod fU￿Ing. Furlhor work wll be donè In 2025 for whch lunds ￿411 b& maJ& wallabl8 from donatlons. Th? ClaY•rton Tl*atr• Club fumd Is u58d for 5pBCif￿ purFKJ598 as d818rmlned by the eed) yegr. In 2024 fund¥ were ralsed lor guldg Clpridge Loctwg 8grlo& ICI4lrg Smllhl was a generous glft to o)nlrfbutfy low&rdg gwst speakerb 81 the Museum for Ihg Clthldgg Lgctures. Tree Planllry. Thls has baen 8et up lo recelve restrlcteil fundlng for th8 Memorlal Tre8 plantlng In Ihe Musgum grounds.. Perlod Room8 lund IFII tor the Fulurel.. Ihl8 has baen 8el up to Start fundra181ng toward8 the per1￿ rooms Garden Fund IGulllal. Th8 ggrdan project has b99n uon$rou81yfvnded by A Gullla to support a part tlmè g8rdarn8r. C¢n•$togaW4yon Awil. Thls h8$ been sol up as a separate appèal to rèslorè and htsu58 th8 Con88toga wagon Gardons endowment {SLIFKA). Th16 an endowmarnl gEII from SLIFKA to support th8 NgwAmwican GArden. Th8 Museum 1$ 8lk)wl lo uullse 5% ofthe endomd capltsl each y6ar. Audlence woject. Th1816 a project10 8U￿eY vlsV(ors lo thè Mu80um 8nd18 flmded bytha Arts Councll of England. Thls Is now rA)mplg10. Damaggd wall. The woll beslde the kttched w98 damagod aml a successful clalm was mttdb whlch SE)8nl In 2024. Wells Projgct. Thls 1$ money glven for the drllllng ol a ￿11 on th8 propèrty. Morfj M(￿0Y has bgen made avallable and thB ¥chem8 VdS cornpleie Ratslnlng Wall. Fundlng was provkjed by Haloyon and th8 JJM Prait Wil fund and thls proJeclwd5 succe￿hlIty complelgd In 2024, Churchlll Lecture Beri85 (Batty SuchaTI. This fundls glv¥n as an entknvmeTrt forlhe Churc*ll leclLW9 ygar at the Mu9eum, Soclal Enterprfse Academy. The Amgrican Musgum & Gardgns Y￿$ awarded £10.OOD bythe Social Enlerprl8e Academy through a scherne cal18d Steps lo Sustalnablllty, wht¢h w funded by Natk)nal Lottery Herftage Fund. Th& fund5 hav8 b88n us8d trtr purchase a catering trailer, which wll be usgd on busy days to SBTwe hot & bev¢r￿g￿ 8nuGk8 generating addlllonol funds for1￿ Mu89um and Improthg lo vlsAor experfence. Travelllng Together Grant Thi8 wa8 a granl glvan by Bristol Clly CouTrol lo fadltate work on Equily. Dlvorslly and Inckt510n. 8u5an Guillia Cultural Centre Thls Is a fund set up lo d8velop the Coachhou89 Into 4 cullural rentr8 In mgnKJry of Sl￿an GulllFa.11 wlll bo used for both inl8mal and exlemal 9vent8 Wood trall project This was a proect fumled by Betty Sucthar and gnablod 8 woodlBnd tr8il lo be created. Thls project was Completed In thè year 2024. Guide Book Th6 costs for a gulde book ha8 bBen genarousw donatsd by the Claverton Theatrè Group. prol•ca will be comp181gd in early 2025 roady fw iho oponlng In Fèbruary2025. Transfor of Funds Ag parl ol tha TYustèes' ong(Ang ¢ork81dero11gn of resetvè$, a dgt&lled revlew has contlnued through (h8 y8arto 31 D8C8mb8r2024 to assess th8 pr8sentatian of fund5, Ill particuLqr thos8 relgting to fix8d as8&ls. Transfers betwEen fund3 shovm above InclLKle tha necessary adjustrnents to allgn deP￿claI10Th tharges ￿th Ihe reltyvanl asset-holdlng fu￿. The Trusl8&5 have glven du8 conslderatlon to tho guldance ¥￿thIn Bec￿on 221 of the Charflles Stalomwl of Recomm&nd6d Pr8Ctlca ISORP 20191 in making this d8¢i8ion. Th& Iruslees determIn￿l transfer8 trom the ffjgtrlcled funds Wolls ProlrJGt and Susan Gullla Cultu￿1 c6rnt6￿ to unr8strlGt8d fund8wpre all0￿db]e as capKal purchases ￿re Ineurrad durlng the yèarthè sati8fi8d the restrictions of the lunds. Nelther restricted fund r&qulr¢d the purchased aswts bo heW ￿thin the funds after puicha8es were rnBd2. IS. DESIGNATED FUND8 Th8r8 Mra no d8slgn8tod funds thr(KJghout lh8 Porlod Ur￿8r r8view, 26 THE AMERICAN MUSEUM AND GARDENS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024 16. TRANSACTION8 wrrH TRUSTEES The Tru5tee8 dld vol rec81ve any Temun8ration during the y8ar. Mr G Thomaj (Trusleel reCeIv￿ remuneralbn only In hls capoclty as Executive Chalrman. Th8 charity has in th& past procured profèssicmal $8rvic88 from Wilhars LLP, an onlity ￿1¢h Mr M Haranzo ttiuste21 is a Partner. All tron9act￿n$ wro condudad al lh& market Ta16 applicab￿ b th& 8*Nlcas provlded by the flrm. Durlng the year tha CharSty IncLwrgd no fae5. The charity rantsd properly fvom Go0ry8 Bayntun. an gnlity whlch Mr E Bayntun 257,607 Tolal In¢om• 1,653.948 1,678,374 Ex￿nditUr• Raising funds Cha￿table advltlg5 Ofher 110.268 2.418.350 77,902 93.726 2,2D7.257 55.374 T￿al oxpgndlture 2,606.520 2,356.357 Nèt Q81nsllk>ssè81 on inv88lm&tsts 18.173 838.V25 Net Income1(e￿n￿1thr¢> 3743991 151,642 Transfars between fvrKI8 Aclu8ri81 gaill81110&8gBI on defined b8neffit pgnslon scham6 Fowlgn exchang8 gair￿lI10$s0S) 27,103 {83,5281 Mot mov6mgnt In fund6 134729fj1 74,114 Reconcllatlon ol funds Total funds brou9ht forn8rd 19,512,466 19.438,352 Total fund5 carried forw4rd 19,165,170 19,512,466 2& CORPORATION Tlk¥ The charitylg exempt from Incom and galng falllng wlthln seotlon 505 of Ihg Taxgs Act 1988 or sectkjn 252 01 tho Taxation of Chargeable Galns Act 1992 to th6 6xt8nt that Ih8s8 am applied lo ils ¢harflable objects. 30