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2022-03-31-accounts

Charity Registration No. 1108817

Company Registration No. 05370758 (England and Wales)

PETERSFIELD MUSEUM LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

PETERSFIELD MUSEUM LIMITED

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees P C Taylor A D Jones F Cook W E Gosney J Mitchell Lady W A C Normington CBE P A Martin V R Clarke Dr S E Murfitt (Appointed 6 December 2021) Secretary F Cook (Resigned 18 May 2022) Dr S E Murfitt (Appointed 18 May 2022) Charity number 1108817 Company number 05370758 Registered office The Old Courthouse St. Peters Road Petersfield Hampshire United Kingdom GU32 3HX Auditor Azets Audit Services Athenia House 10-14 Andover Road Winchester Hampshire United Kingdom SO23 7BS Investment advisors Charles Stanley & Co Limited 2 Westover Road Bournemouth BH1 2BY

PETERSFIELD MUSEUM LIMITED

CONTENTS

Page
Trustees' report 1 - 6
Statement of trustees' responsibilities 7
Independent auditor's report 8 - 10
Statement of financial activities 11
Balance sheet 12
Statement of cash flows 13
Notes to the financial statements 14 - 30

PETERSFIELD MUSEUM LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2022

The T rustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 202 2 . The T rustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 201 9 ).

Objectives and activities

Objectives and aims

Petersfield Museum is a registered charity and company limited by guarantee. It is an independent, accredited museum and currently receives no statutory or government funding beyond a small, annual, grant from Petersfield Town Council. All running costs, including staff salaries and collections care costs are met from income it raises from admissions, interest on investments and other fundraising activities.

The charity's objects are to advance the education of the public by the establishment and maintenance of a museum for items of historical and archaeological interest, archives , photographs , flora and fauna together with arts and crafts especially those relating to the town of Petersfield and the surrounding area.

The charity measures its success against the above objectives by its level of engagement with the public either by the number of visitors to the museum or attendees at its outreach events .

In all but name we are a new museum following the redevelopment and refurbishment of the whole site and, as such, do not have comparative figures available against which to measure progress. Engagement following our opening to the public on 9 June 2021 has been further tempered by the ongoing Covid pandemic, which we expect to blight visitor numbers for another couple of years.

We are nevertheless pleased to have welcomed 4,274 paying visitors between 9 June 2021 and 31 March 2022, with a further 2,324 taking part in some form of other engagement, whether that be through taking part in educational activity or outreach or attendance at one of our many events.

The museum café is operated on our behalf by a subsidiary of a local catering business, Chinwags, on a concession basis, and we estimate 7,344 individuals have visited the café – not all of whom will have been paying museum visitors.

We are now in a position where we have benchmark figures for measuring future performance against objectives.

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake .

PETERSFIELD MUSEUM LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

Significant activities

2021 was the year in which we were finally able to open our Museum to the public.

In early March 2021 we moved all our collections and all our racking back from the Town Hall, and thanks to the excellent work of our curator, Sophie Yaniw, and the work by a number of volunteers some months earlier, in boxing up many items, everything was soon situated in its designated place. The move from our Dragon Street shop was completed soon afterwards, and it was great to have all our staff on site once again. April and May were spent installing all the artefacts into the cases, and also preparing the shop, and so, by May, we were able to start training both staff and volunteers on the various systems. The final refurbished museum looked absolutely fantastic. We opened to the public on Wednesday 9 June 2021, with a very positive public response. We found a local company, Chinwags, to run the museum café, which, we had decided not to run in-house for the present time. The café has attracted a regular clientele, though is not as busy as we would like, especially over the winter months – something we need to improve in the future.

The official opening of the Museum by Gyles Brandreth took place on Tuesday 12 October 2021, and was a great success, with many invited guests present, and with more guests for the reception in the evening.

In the Flora Twort Gallery we started with a presentation of many Flora Twort paintings, and this was followed in November by a presentation of Don Eades photographs, with an excellent booklet, which put the photographs into context. In March the display changed to an international theme, with a display of some of the works of the renowned artist Paula Rego, again accompanied with an excellent booklet.

In the Standfield Gallery we displayed items from George Marston, who was a Petersfield resident and the artist on the Shackleton expedition.

The Don Eades photographic archive has been given funding by the Hampshire Archives Trust, to enable us to store the items correctly, and teams of volunteers have been hard at work on that task, which we hope to complete in the next financial year.

The Edward Thomas Study Centre, with its library of some 2,500 books by and about the poet and writer Edward Thomas, opened initially on one day a week, staffed by volunteers from the Edward Thomas Fellowship. This wide-ranging collection also includes manuscript letters, a gallery display of prints, photographs and original art, together with works of contemporary poetry as it spreads its reach and interest. From March it has been open two days a week with volunteers from the museum team working alongside those from the Fellowship.

The engagement side of the Museum has been most successful, and we have all been amazed at the variety of offerings, from theatre, films, lectures, hands- on activities and walks that are now on offer and very well supported by the public.

We are pleased to say that the ‘Friends’ scheme has made a very good start, thanks in part to some ‘behind the scenes’ organised tours of the building. Most of those on each tour became a ‘Friend’, and we hope to expand this in the future.

The Board wishes to thank all the volunteers for their support in various roles, they have done an amazing job during the year. Without their continued help the Museum could not function as a resource available to the public.

We would like to thank the Board for their tremendous support during the year, and the way that they have all helped to give the museum a flying start. It has not helped that all our meetings this year have had to be held online, and we hope that we shall soon be back to face to face meetings on the museum premises.

Since the year-end, our Curator, Sophie Yaniw has left the Museum and moved north with her husband to be nearer her family. We are most grateful to Sophie for her hard work and great effort on the curatorial and interpretation side of the Museum activities, which made a significant contribution to the delivery of the successful Pathways project.

PETERSFIELD MUSEUM LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

In her place, we are delighted to welcome Louise Weller, who joins us from Pallant House Gallery where she curated many successful and high profile Art Exhibitions over the last eight years. Louise has taken on the new title of ‘Head of Collections and Exhibitions’ as the Museum moves towards highlighting the Exhibitions side of its offerings, particularly those in the Flora Twort Art Gallery.

Going forward, for marketing purposes, the organisation will be known as Petersfield Museum and Art Gallery whilst retaining the registered name of Petersfield Museum Limited.

Thanks

The Trustees are grateful to everyone who has supported our work during the year, in particular our staff, volunteers and other supporters whose commitment, enthusiasm and many skills have been indispensable.

Strategic Review

The description under the headings “Achievement and performance” and “Financial review” meet the company law requirements for the trustees to present a strategic report.

Public benefit

In shaping the objectives for the year and planning the activities, the Board has considered carefully the Charity Commission's guidance on public benefit.

The museum provides public benefit through a range of activities, including providing educational activities, by its contribution to historical research regarding the town of Petersfield and the surrounding area and preservation of historical artefacts relating to the local area. The trustees believe that the charity fulfils its objectives and provides public benefit by:

The cost of entry to the museum is set at a level which compares well with other local museums and the charges for activities are considered to offer good value for money.

Achievements and performance

Fundraising activities

During the year the f undraising activities have been underpinned by the work of our Finance Trustee , Jeremy Mitchell and another Museum Trustee, Peter Taylor , who has considerable experience in this field . Both undertake work on funding applications and reporting in a voluntary capacity.

Most of the activity this year has again been monitoring and reporting on the Pathways into the Past project , and ensuring reports are submitted in a timely manner in order to draw funds in a manner that optimises cashflow. This work is now drawing to a close and future focus will move to diversifying income streams, working on an application to join Art Council England’s National Portfolio Investment Programme for 2023 – 2026 and developing fundraising capability within the museum workforce.

As always , the Trustees are grateful to the Petersfield Town Council for their perennial grant of £2 , 500 towards the museum’s general running costs.

The charity does not use professional fundraisers. Our approach to fundraising relies on grants awarded from various providers. We organise exhibitions and events to attract the public and increase museum admissions. To ensure compliance with various regulations and laws impacting the fundraising activities and donations, the Charity has adopted a comprehensive policy in this regard. In 2022 no complaints about Petersfield Museum Ltd fundraising practices or activities were received by the fundraising regulator.

PETERSFIELD MUSEUM LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

Financial review

Reserves policy

The trustees remain committed to a policy of professional curatorial direction to achieve the development of the museum and have mainta i ned the policy of designating part of the capital as a curatorial fund . This policy was temporarily amended to assist with the cost of redeveloping the enlarged site, and this amendment has been extended following the impact on reserves following the Pandemic and, more latterly, the war in Ukraine and its effect on global stock markets.

During the year the charity's main reserve fund held with Charles Stanley showed little movement , however, during the year the sum of £100 , 000 previously held as cash to support cashflow for the Pathways into the Past project , pending quarterly reimbursement from the NLHF, was returned to the investment portfolio. In addition, the sum of £ 700 ,000 has been designated by the Trustees to generate an income to pay the Curator’s salary and associated curatorial-related costs. Overall , the trustees remain satisfied that these funds are returning a reasonable rate of return over the long term .

The policy in respect of undesignated reserves is to aim to hold approximately 6 months' running costs, currently estimated at £150,000. At the year end our free reserves amounted to £398,497 and it is the Trustees aim to build the free reserve to this level over the next three to five years through fundraising and income-generating activities.

Future plans

Our future plans revolve very much around improving income generally and diversifying those sources.

It is going to take time for public confidence in visiting museums and the like and the summer of 2022 is likely to see many people playing ‘catch up’ and taking holidays postponed from 2020 and 2021. There is also the impact of the war in Ukraine and the rapidly increasing cost of living to be considered when looking at future plans, at least in the shorter-term.

We will seek to maintain our current pricing structure for at least one more fiscal year, whilst growing public engagement with our other events and activities that are not necessarily those generally associated with a museum. The cost of entry is set at a level which compares well with other local, independent museums.

We will also seek to reach out to a wider, regional if not national, audience with ‘high quality’ art exhibitions – such as the Paula Rego exhibition in place over the year-end and running into the summer. This effort will be supported by increased marketing activity to attract those visitors from further afield.

Additionally, now that the Museum is open, we shall be developing our annual ‘Friends’ offer to recruit more members to this annual membership scheme, providing users with unlimited annual access to all exhibitions and the museum with a steady income.

PETERSFIELD MUSEUM LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

Structure, governance and management

Governing document

Petersfield Museum Limited is a charitable company limited by guarantee, incorporated on 21 February 2005 (registration number 05370758) and registered as a charity on 4 April 2005 (registration number 1108817). The company ' s Memorandum of Association established the objectives and powers of the charitable company , which is governed under its Articles of Association. In the event of the company being wound up subscribing members are required to contribute to an amount not exceeding £10 .

The membership of the Company comprises s ubscribing Members who make an annual £20 contribution to the funds . Subscribing Members are entitled to attend the AGM and only s ubscribing Members can stand as, and vote for , directors . The directors of the company are also trustees for the purpose of charity law.

Under the requirements of the Memorandum and Articles of Association, at each annual general meeting one third of the directors must retire from office. Retiring directors may offer themselves for re-election . Directors must be s ubscribing Members of the company and are recruited for the mix of skills and talents required for a company and charity of this nature . The Company is the sole trustee of the Flora Twort charity, which has a separate Charity Commission registration .

A full governance review is to be undertaken during 2022 to update the museum’s constitution in line with current Charity Commission guidelines. Once approved any such amended constitution will be put to the museum membership for ratification at a separate Extraordinary General meeting, in line with the terms of the current constitution.

The board has overall responsibility for policy , for finance and for the provision of facilities needed to enable the Museum to fulfil its objects . Whilst many aspects of day-to-day management will evolve towards the Museum Director, the Board will remain the ultimate decision-making body , taking into account information provided by the Museum Director and their team . The board and staff are responsible for the displays, collections of archive and artefact material and the education programme . Surplus funds are placed either on deposit with the company's bankers , our investment advisors or with licensed deposit takers in order to obtain the best return commensurate with security of funds and the need to retain cashflow.

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

P C Taylor A D Jones F Cook W E Gosney J Mitchell C Newbery (Resigned 21 September 2021) Lady W A C Normington CBE S Howard (Resigned 9 November 2021) P A Martin V R Clarke Dr S E Murfitt (Appointed 6 December 2021)

There have been some staff changes during the year. Mark Berry, who joined us as our new Curatorial Intern in October 2020, helping to research items for future exhibitions, left in September 2021 for a post at the Leeds Armouries, whilst Elisha Mason who was our Assistant Curator left us in March 2022 to be the curator at the Hereford Cider Museum. We wish them every success in their new posts.

PETERSFIELD MUSEUM LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 Trustees Since the financial year-end, we have been joined by Stephen Murfitt, who has taken over as Company Secretary from Fr8nc8s Cook. He ¢omes with a wealth ol experience as he is already on the Board ol several Heritage Railway Companies. Rlsk management The Iruslees have a Lluty to idenb'fy and review Ihe risks to which the charity is exposed and to ensure appropriate ¢onlro15 are in pla￿ to provide reasonable assurance against fraud and error. Induction and training of trustees All newly appointed trustèes are provided with a full introductDn to the charity, including meeting with existing trustees to ask any questions they may have. They are also given 8CC8SS to thè Charities Commission's guidan¢e 'lhe essential Iruslee.. what you need to know, what you need lo do.. New trustees are required to meet with the board as a whole befo￿ their appointment is confirmed and a offered the opportunity lo attend training for their rol& as trustee. Auditor Azets Audit Services were appointed as auditor lo th& company and a resolution proposing that they be re- appointed will be put al a General Meeting. Dl$¢lo$ure ol Infomiatlon to audltor Each ol the trustees has confirmed that there is no information of which they a￿ aware whi¢h is relevant lo the audit, bul of which the auditor is unaware. They have further confirmed that they have taken appropriate steps lo identify such relevant infomiation and to establish that the auditor is aware of such information. The trustees. report was approved by the Board of Trustees. VRCI Trustè Dated.. ke ID

PETERSFIELD MUSEUM LIMITED

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 31 MARCH 2022

The trustees (who are also the directors of Petersfield Museum Limited (a company limited by guarantee) for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

PETERSFIELD MUSEUM LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF PETERSFIELD MUSEUM LIMITED

Opinion

We have audited the financial statements of Petersfield Museum Limited ( the charitable company ) for the year ended 31 March 2022 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice) .

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the 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 sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company' s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the trustees annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and except to the extent otherwise explicitly stated in our report we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

PETERSFIELD MUSEUM LIMITED

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF PETERSFIELD MUSEUM LIMITED

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the d irectors ' r eport included within the trustees' r eport.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the s tatement of trustees' r esponsibilities, the trustees, who are also the directors of the charitable company for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company ’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance , but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

PETERSFIELD MUSEUM LIMITED

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF PETERSFIELD MUSEUM LIMITED

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of noncompliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or, misrepresentations.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/Our-Work/Audit/Audit-and-assurance/Standards-and-guidance/Standards-and-guidance-forauditors/Auditors-responsibilities-for-audit/Description-of-auditors-responsibilities-for-audit.aspx. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charitable company's trustees , as a body, in accordance with Chapter 3 of Part 16 of the C ompanies Act 2006 . Our audit work has been undertaken so that we might state to t he charitable company's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Michael Tizard (Senior Statutory Auditor) for and on behalf of Azets Audit Services

25/10/2022

.........................

Chartered Accountants Statutory Auditor

Athenia House 10-14 Andover Road Winchester Hampshire United Kingdom SO23 7BS

PETERSFIELD MUSEUM LIMITED

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2022

Unrestricted
Restricted
funds
funds
2022
2022
Notes
£
£
Income from:
Donations and legacies
3
67,837
270,103
Charitable activities
4
41,612
-
Investments
5
23,239
1,403
Total income
132,688
271,506
Expenditure on:
Raising funds
Investment
management fees
6
9,000
-
Charitable activities
Museum activities
7
327,737
147,675
Total resources
expended
336,737
147,675
Net gains/(losses) on
investments
11
45,535
(3,190)
Net (outgoing)/
incoming resources
before transfers
(158,514)
120,641
Net movement in funds
(158,514)
120,641
Fund balances at 1
April 2021
1,352,547
3,103,144
Fund balances at 31
March 2022
1,194,033
3,223,785		 TotalUnrestricted
funds
2022
2021
£
£
337,940
134,969
41,612
4,736
24,642
22,136
404,194
161,841
9,000
9,000
475,412
200,579
484,412
209,579
42,345
63,194
(37,873)
15,456
(37,873)
15,456
4,455,691
1,337,091
4,417,818
1,352,547		 Restricted
funds
2021
£
785,019
-
3,303
788,322
-
107,244
107,244
61
681,139
681,139
2,422,005
3,103,144		 Total
2021
£
919,988
4,736
25,439
950,163
9,000
307,823
316,823
63,255
696,595
696,595
3,759,096
4,455,691

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

PETERSFIELD MUSEUM LIMITED BALANCE SHEET ASAT31 MARCH 2022 2022 2021 Note$ Fixed assets Tangible assets Heritage assets Investments 12 13 14 3,164,020 277,850 753,245 3,097.177 272,002 644,663 4.195,115 4,013,842 Current assets Stocks Debtors Cash at bank and in h8nd 16 17 12.087 109.063 195,421 4,216 379,882 196,986 316,571 581,084 Creditor5- amounts falling due wllhln one y8ar {50,4891 191,1961 Net CLtrrent assets 266,082 489.888 Total assets less current liabiliti85 4,461,197 4,503,730 Creditors.. amounts falllng due after mor• than one year 19 143.3791 148,0391 Net assets 4.417,818 4,455,691 Income funds Restricted fund5 Unrèstriol d funds D8signal8d funds General unreslricled funds 22 3,223,785 3,103,144 23 23 711.063 482,970 599.291 753,256 1,194,033 1,352,547 4.417,818 4,455,691 Thè financial ststements We￿ approved by the Trustees on 11 i D - i L DrSEMurfi Trustee Company Reglstr¥tlon No. 05370758 12-

PETERSFIELD MUSEUM LIMITED

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2022

Notes
Cash flows from operating activities
Cash generated from operations
28
Investing activities
Purchase of tangible fixed assets
Purchase of heritage assets
Net transfer from bank to Charles Stanley cash
account
Investment income received
Net cash used in investing activities
Financing activities
Repayment of bank loans
Net cash (used in)/generated from
financing activities
Net decrease in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2022
2021
£
£
£
£
197,902
573,678
(141,863)
(1,035,404)
(5,848)
-
(52,000)
3,701
1,405
3,392
(198,306)
(1,028,311)
(1,161)
50,000
(1,161)
50,000
(1,565)
(404,633)
196,986
601,619
195,421
196,986

PETERSFIELD MUSEUM LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

1 Accounting policies

Charity information

Petersfield Museum Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is The Old Courthouse, St. Peters Road, Petersfield, Hampshire, GU32 3HX, United Kingdom.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charitable company's governing document, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)". The charitable company is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling , which is the functional currency of the charitable company . Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charitable company has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Income

Income is recognised when the charitable company is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Income from general donations is recognised on receipt or once the charitable company has been notified of the donation, unless performance conditions require deferral of the amount .

Cash donations are recognised on receipt. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Investment income is earned through holding assets for investment purposes. It includes dividends and interest. Income from fixed interest investments is recognised when received. Dividend income is recognised as the charity's right to receive payment is established.

Annual membership and life membership subscriptions are recognised in full on receipt as this income is in the nature of a gift. No accrual is included for the cost of providing annual or life members with future publications as, whilst the Trustees expect to continue to provide this service, they believe there is no contractual requirement or expectation to do so.

Admissions and gift shop income is recognised at the time of the receipt.

Government grants are accounted for when receivable and any conditions attached to the grant have been met.

PETERSFIELD MUSEUM LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

1 Accounting policies

(Continued)

1.4 Expenditure

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably.

All the costs, including support costs, incurred by the charity are treated as expenses of the charitable activities of the company.

1.5 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

No depreciation is provided on the buildings on the Police Station and Court House in year following the completion and subsequent opening of the museum. For financial year 2023, the trustees will obtain a valuation of the entire museum complex and determine an appropriate policy of either revaluation or depreciation going forward.

Individual fixed assets costing more than £500 have been capitalised, unless covered by specific grant or donation income.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land not provided
Frehold Property not provided
Plant and Machinery 25% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the year.

PETERSFIELD MUSEUM LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

1 Accounting policies

(Continued)

1.6 Heritage assets

Over many years the charity has been given or has acquired the artifacts on display at the Petersfield Museum, including items previously displayed in the Flora Twort Gallery.

Artifacts are acquired when there is a connection to Petersfield and the surrounding area and the trustees feel that the acquisition of such items will enhance the collection.

The charity has a clear duty of care for these assets and to make them available for the enjoyment and education of the public as far as possible, commensurate with their long term care and preservation. The highest possible standards of collection management are applied by the charity.

The trustees policy is to include heritage assets in the accounts at their insurance value. The valuation in the accounts therefore represents the insurance valuation at the latest renewal date together with the value of any additional heritage assets acquired between this date and the financial year end.

A register of heritage assets is maintained by the curatorial staff. It is intended that this will be updated when the collection returns to the museum site.

The museum also acquires a number of heritage assets through donation which are of a relatively minor value. Where the value of each item is considered by the curatorial staff of the museum to be less than £ 500 these items are not included in the accounts. The trustees consider that such items will have a minor impact on the overall value of the charity's heritage assets.

With the reopening of the museum to the public, as much of the collection as is commensurate with the care and preservation of the artifacts will be put on public display. Where a request is made for more detailed access to an item for the purpose of research, each such request will be considered on its individual merits.

1.7 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year . Transaction costs are expensed as incurred.

1.8 Impairment of fixed assets

At each reporting end date, the charitable company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any ) .

1.9 Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items .

1.10 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less .

PETERSFIELD MUSEUM LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

1 Accounting policies

(Continued)

1.11 Financial instruments

The charitable company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charitable company 's balance sheet when the charitable company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future p aymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charitable company ’s contractual obligations expire or are discharged or cancelled.

1.12 Taxation

The charity is exempt from corporation tax on its charitable activities.

1.13 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charitable company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.14 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

PETERSFIELD MUSEUM LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

1 Accounting policies

(Continued)

1.15 Fund accounting

Where funds are received for a specific purpose set out by the donor or implied by the terms of appeal, these are shown as restricted income in the Statement of Financial Activities. Funds donated to be held as capital are shown as Endowment Funds. Expenditure for the purpose specified is applied against the income and any amount unexpended at the balance sheet date is shown within Restricted F unds.

General funds are unrestricted funds which are available for use at the discretion of the T rustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

The Trustees, at their discretion, may set aside funds to cover specific future costs. Such funds are shown as designated funds within Unrestricted funds. Where the T rustees decide such funds are no longer required for the purposes intended, they may be released by transfer to general Unrestricted funds.

2 Critical accounting estimates and judgements

In the application of the charitable company’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements:

3 Donations and legacies

Unrestricted
Restricted
funds
funds
2022
2022
£
£
Donations and gifts
611
21,808
Grants
62,550
248,295
Membership fees
4,676
-
67,837
270,103		 TotalUnrestricted
Restricted
funds
funds
2022
2021
2021
£
£
£
22,419
4,423
9,804
310,845
128,715
775,215
4,676
1,831
-
337,940
134,969
785,019		 Total
2021
£
14,227
903,930
1,831
919,988

Grants include £nil (2021 £50,000) from Petersfield Town Council towards the expansion and remodelling of Petersfield Museum and a perennial grant of £2,500 (2021 £2,500) towards the running cost of the museum.

PETERSFIELD MUSEUM LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

4 Charitable activities

Shop income
Clubs
2022
2022
£
£
Sales within charitable
activities
15,545
8,311
For the year ended 31 March 2021
Shop income
Services
provided
£
£
Sales within charitable
activities
76
60		 Talks
Museum
Admissions
2022
2022
£
£
633
17,123
Clubs Name a brick
£
£
1,267
795		 Total
2022
£
41,612
Talks
£
2,538		 Total
2021
£
4,736
Total
2021
£
4,736

For 2022 and 2021, all charitable income was unrestricted.

5 Investments

Unrestricted
Restricted
funds
funds
2022
2022
£
£
Income from listed
investments
23,192
1,403
Deposit account interest
47
-
23,239
1,403		 TotalUnrestricted
Restricted
funds
funds
2022
2021
2021
£
£
£
24,595
22,047
3,303
47
89
-
24,642
22,136
3,303		 Total
2021
£
25,350
89
25,439

PETERSFIELD MUSEUM LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

6 Raising funds

Unrestricted Unrestricted
funds funds
2022 2021
£ £
Investment management fees 9,000 9,000
9,000 9,000
Charitable activities
Museum
Museum
activities
activities
2022
2021
£
£
Staff costs 185,622
154,301
Depreciation and impairment 75,020
5,485
Rates and utilities 13,637
17,620
Insurance 7,613
8,793
Telephone and internet 4,215
2,479
Advertising 27,781
1,831
Rent 2,223
17,904
Office costs 17,854
13,293
Repairs and maintenance 1,953
701
Travel & subsistence 1,327
359
Subscriptions 1,112
880
Sundry 5,761
3,119
Training & other staff costs 4,507
1,355
Project costs 75,095
40,826
Bank charges 1,045
-
Other charitable expenditure 5,522
3,198
430,287
272,144
Share of support costs (see note 8) 10,781
3,890
Share of governance costs (see note 8) 34,344
31,789
475,412
307,823
Analysis by fund
Unrestricted funds 327,737
200,579
Restricted funds 147,675
107,244
475,412
307,823

7 Charitable activities

PETERSFIELD MUSEUM LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

8
Support costs
Support
costs
Governance
costs
£
£
Finance costs
3,216
-
Health & Safety
7,565
-
Accountancy
-
15,381
Professional fees
-
18,963
10,781
34,344
Analysed between
Charitable activities
10,781
34,344		 2022
£
3,216
7,565
15,381
18,963
45,125
45,125		 Support
costs
Governance
costs
£
£
3,890
-
-
-
-
22,518
-
9,271
3,890
31,789
3,890
31,789		 2021
£
3,890
-
22,518
9,271
35,679
35,679

Governance costs includes audit fees of £ 7,300 (2021- £ 8,340) & VAT services of £12,000 (2021 - £nil) .

9 Trustee's remuneration and benefits

There were no trustees' remuneration or other benefits for the year ended 31 March 202 2 nor for the period ended 31 March 2021.

Trustee's expenses

During the year a total of £1,677 (20 21 - £1,210 ) was paid to 3 trustees (2 021 - 2 trustees) in respect of the reimbursement of payments made on behalf of the charity.

10 Employees

The average monthly number of employees during the year was:

Employment costs
Wages and salaries
Social security costs
Other pension costs		 2022
Number
8
2022
£
171,443
10,722
3,457
185,622		 2021
Number
7
2021
£
142,147
9,193
2,961
154,301

PETERSFIELD MUSEUM LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

10 Employees

(Continued)

No employees received emoluments in excess of £60,000.

The key management personnel of the charity comprise the museum curator, the museum director and the head of engagement. The total employee benefits, comprising salary, pension contributions and Employers National Insurance contributions of the key management personnel of the charity were £97,891 (2021: £90,679).

£56,989 of the staff costs (including pension costs) have been allocated to the Pathways Project (2021 - £75,439).

11 Net gains/(losses) on investments

Unrestricted
Restricted
funds
funds
2022
2022
£
£
Revaluation of
investments
37,700
(3,190)
Gain/(loss) on sale of
investments
7,835
-
45,535
(3,190)		 TotalUnrestricted
funds
2022
2021
£
£
34,510
67,297
7,835
(4,103)
42,345
63,194		 Restricted
funds
2021
£
61
-
61		 Total
2021
£
67,358
(4,103)
63,255

12 Tangible fixed assets

Freehold land
and buildings
£
Cost
At 1 April 2021
2,849,959
Additions
51,658
At 31 March 2022
2,901,617
Depreciation and impairment
At 1 April 2021
-
Depreciation charged in the year
-
At 31 March 2022
-
Carrying amount
At 31 March 2022
2,901,617
At 31 March 2021
2,849,959		 Plant and
equipment
£
284,750
90,205
374,955
37,532
75,020
112,552
262,403
247,218		 Total
£
3,134,709
141,863
3,276,572
37,532
75,020
112,552
3,164,020
3,097,177

PETERSFIELD MUSEUM LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

12 Tangible fixed assets

(Continued)

The land and buildings were valued by the trustees at an estimate of their market value based on current use. In the case of the former Court House in Petersfield this represents the market value of £ 145,000 in accordance with the valuation carried out in the year ended 28 February 2014. The original cost of this building (including associated legal costs) was £ 60,527. In the case of the former police station in Petersfield, market value is taken as being the original purchase price of £ 455,887 (including associated legal costs) and conversion costs and professional fees toward the conversion of £2,293,811 . In the opinion of the trustees, the overall total of £ 2 ,894,698 is not considered to be significantly different from the market value of the combined site.

13 Heritage assets

Restricted Unrestricted
£
£
At 1 April 2021
161,752
110,250
Purchases
5,848
-
At 31 March 2022
167,600
110,250		 Total
£
272,002
5,848
277,850

The only changes to heritage assets as included in the accounts within the last five years are the purchases of £ 3,050 in the year ended 29 February 2019 , £ 2,790 in the period ended 31 March 2020 and £5,848 in the year ended 31 March 2022 . Prior to 28 February 2018 heritage assets were not recognised in the accounts, from that date, however, all heritage assets owned by the charity, whether acquired by purchase or donation, are shown on the balance sheet, subject to the exclusion for small items acquired by donation as set out in accounting policies.

PETERSFIELD MUSEUM LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

14 Fixed asset investments

Listed
investments
Cash
£
£
Cost or valuation
At 1 April 2021
579,142
65,518
Additions
195,659
(195,659)
Valuation changes
34,510
-
Surplus/ (Loss) on disposal
7,835
-
Transfer from general funds in year
-
52,000
Disposals
(101,917)
101,917
Dividend income
-
23,240
Investment management fees
-
(9,000)
At 31 March 2022
715,229
38,016
Carrying amount
At 31 March 2022
715,229
38,016
At 31 March 2021
579,145
65,518		 Total
£
644,660
-
34,510
7,835
52,000
-
23,240
(9,000)
753,245
753,245
644,663

Fixed asset investments revalued

If the fixed asset investments were to be carried at their historical cost value they would have a value of £687,482 (2021 - £615,587).

15
Financial instruments
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
16
Stocks
Stocks		 2022
£
753,245
2022
£
12,087		 2021
£
644,663
2021
£
4,216

PETERSFIELD MUSEUM LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

17
Debtors
Amounts falling due within one year:
Trade debtors
Other debtors
Prepayments and accrued income
18
Creditors: amounts falling due within one year
Notes
Bank loans
20
Other taxation and social security
Trade creditors
Other creditors
Accruals and deferred income
19
Creditors: amounts falling due after more than one year
Notes
Bank loans
20
20
Loans and overdrafts
Bank loans
Payable within one year
Payable after one year
21
Retirement benefit schemes		 2022
£
388
20,154
88,521
109,063
2022
£
5,460
4,821
20,928
1,414
17,866
50,489
2022
£
43,379
2022
£
48,839
5,460
43,379		 2021
£
-
238,202
141,680
379,882
2021
£
1,961
3,283
45,719
795
39,438
91,196
2021
£
48,039
2021
£
50,000
1,961
48,039

Defined contribution schemes

The charitable company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charitable company in an independently administered fund.

The charge to profit or loss in respect of defined contribution schemes was £3,457 (2021 - £2,961).

PETERSFIELD MUSEUM LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

22 Restricted funds

The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:

Blackrock
M&G Investments
Flora Twort Fund
Pathways project
Edward Thomas Study Centre
Don Eades
School for Social
Entrepreneurs
Flora Twort Gallery
Other		 Balance at
1 April 2020
£
27,114
27,034
348,250
1,545,432
110,250
-
3,425
360,500
-
2,422,005		 Incoming
resources
£
1,305
598
-
723,303
5,204
7,500
-
48,412
2,000
788,322		 Movement in funds
Resources
expended
Transfers Revaluations,
gains and
losses
£
£
£
-
-
-
-
-
61
-
-
-
(101,048)
3,425
-
(5,204)
-
-
-
-
-
-
(3,425)
-
(992)
-
-
-
-
-
(107,244)
-
61		 Balance at
1 April 2021
£
28,419
27,693
348,250
2,171,112
110,250
7,500
-
407,920
2,000
3,103,144		 Movement in funds
Incoming
resources
Resources
expended
Revaluations,
gains and
losses
31
£
£
£
966
-
(2,169)
437
-
(1,021)
-
-
-
251,627
(135,266)
-
249
-
-
12,900
(12,336)
-
-
-
-
4,493
-
-
834
(73)
-
271,506
(147,675)
(3,190)		 Balance at
March 2022
£
27,216
27,109
348,250
2,287,473
110,499
8,064
-
412,413
2,761
3,223,785

PETERSFIELD MUSEUM LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2022

22 Restricted funds

(Continued)

The restricted funds Blackrock and M&G Investments were all passed to Hampshire County Council under the will of Flora Twort and were subsequently transferred to the charity. The Blackrock and M&G Investments funds represent a trust fund the income from which can only be used on the Flora Twort gallery building or collections.

The Flora Twort fund represents its share of the police station purchased partly with the disposal proceeds of the gallery building itself.

The restricted fund Pathways project (previously described as the Capital Project) represents funds received principally from the Heritage Lottery Fund but also from trusts, foundations and individual donors towards the redevelopment of the enlarged site and the provision of public engagement activities. These funds are only recognised once all the requirements to receive the funds have been fully satisfied.

The Edward Thomas Study Centre represents Heritage Assets and the value of the books loaned by the Edward Thomas Fellowship to Petersfield Museum for display in the Edward Thomas Study Centre. They are insured by Petersfield Museum.

The Don Eades fund represents a project to conserve and preserve the negatives within the collection. The work is to be carried out during the exhibition period November 2021 to May 2022.

The School for Social Entrepreneurs fund was earmarked to fund the Digital Ticketing System as part of the Pathways Project which was successfully delivered in the year, therefore a transfer between funds has been made.

The Flora Twort Gallery fund is a capital project with the purpose of constructing a purpose built art and temporary exhibition gallery to government indemnity scheme standard, known as the Flora Twort Gallery (formerly the South East Gallery (SEG)) and work commenced and finished at the same time as that on the capital elements of Pathways into the Past. It was financed largely through a donation of £375,000 from the HB Allen Charitable Trust, with two or three smaller grants to meet the expected capital cost of £385,000

The other restricted funds represent the income from grants and donations made to the charity for specific projects and associated expenses.

PETERSFIELD MUSEUM LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

23 Unrestricted funds

The income funds of the charity include the following unrestricted funds:

Designated
curatorial fund
General fund
Revaluation
reserve
Decant		 Balance at
1 April 2020
£
1,177,098
75,520
84,473
-
1,337,091		 Incoming
resources
£
21,428
140,413
-
-
161,841		 Movement in funds
Resources
expended
Transfers Revaluations,
gains and
losses
£
£
£
(9,000)
(653,429)
63,194
(197,456)
650,306
-
-
-
-
(3,123)
3,123
-
(209,579)
-
63,194		 Balance at
1 April 2021
£
599,291
668,783
84,473
-
1,352,547		 Incoming
resources
£
23,239
109,449
-
-
132,688		 Movement in funds
Resources
expended
Transfers Revaluations,
gains and
losses
31
£
£
£
(9,000)
46,254
51,279
(333,481)
(46,254)
-
-
-
-
-
-
-
(342,481)
-
51,279		 Balance at
March 2022
£
711,063
398,497
84,473
-
1,194,033

The designated curatorial fund is a fund set up by the trustees to hold surplus funds and is represented by an investment portfolio managed by Charles Stanley & Co Ltd and cash not yet spent.

The revaluation reserve represents the excess of the current valuation of the Old Courthouse of £145,000 over the original £60,527.

PETERSFIELD MUSEUM LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

24
Analysis of net assets between funds
Unrestricted
funds
Restricted
funds
2022
2022
£
£
Fund balances at 31
March 2022 are
represented by:
Tangible assets
300,629
2,863,391
Heritage assets
167,600
110,250
Investments
711,065
42,180
Current assets/
(liabilities)
58,118
207,964
Long term liabilities
(43,379)
-
1,194,033
3,223,785		 TotalUnrestricted
funds
2022
2021
£
£
3,164,020
294,690
277,850
161,752
753,245
599,354
266,082
344,790
(43,379)
(48,039)
4,417,818
1,352,547		 Restricted
funds
2021
£
2,802,487
110,250
45,309
145,098
-
3,103,144		 Total
2021
£
3,097,177
272,002
644,663
489,888
(48,039)
4,455,691

25 Financial commitments, guarantees and contingent liabilities

In the event of a breach of the terms of the Heritage Lottery Fund grant, the fund may require repayment of all or part of the payments made to the museum to date. As at 31 March 2022 the maximum liability under this provision was £1,421,694 (2021 - £1,136,102)

In the year to 31 March 2022 the charity received a grant of £nil (2021 - £50,000) from Petersfield Town Council. In the event of a breach in the terms of the grant the council may require repayment of all or part of the grant.

The Heritage Lottery Fund has been granted a first charge over all the assets of the charitable company as in the event of a breach of the conditions of the grant, the Heritage Lottery Fund may require repayment of all or part of the grant paid to date.

Petersfield Town Council has been granted a charge over the freehold property at Petersfield Museum as in the event of a breach of the conditions of the grant, the council may require repayment of all or part of the grant paid to date.

26 Capital commitments 2022 2021
£ £
At 31 March 2022 the charitable company had capital commitments as
follows:
Contracted for but not provided in the financial statements:
Acquisition of property, plant and equipment - 143,521

27 Related party transactions

Transactions with related parties

During the year the charitable company entered into the following transactions with related parties:

PETERSFIELD MUSEUM LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

27 Related party transactions

(Continued)

Payments totalling £550 (2021: £839) were made to Paul Martin Studio - Working Practice Ltd, a company connected to a trustee to provide goods to sell in the shop and marketing items to be used at events.

28
Cash generated from operations
(Deficit)/surpus for the year
Adjustments for:
Investment income recognised in statement of financial activities
(Gain)/loss on disposal of investments
Fair value gains and losses on investments
Depreciation and impairment of tangible fixed assets
Investment management fees
Movements in working capital:
(Increase) in stocks
Decrease/(increase) in debtors
(Decrease)/increase in creditors
Cash generated from operations		 2022
2021
£
£
(37,873)
696,595
(24,642)
(25,439)
(7,835)
4,103
(34,510)
(67,358)
75,020
5,485
9,000
9,000
(7,871)
-
270,819
(107,990)
(44,206)
59,282
197,902
573,678

29 Analysis of changes in net funds

Analysis of changes in net funds
At 1 April 2021 Cash flows At 31 March 2022
£ £ £
Cash at bank and in hand 196,986 (1,565) 195,421
Loans falling due within one year (1,961) (3,499) (5,460)
Loans falling due after more than one year (48,039) 4,660 (43,379)
146,986 (404) 146,582