harity m9i•tr4ti*)n numb•r 1108817 rngl#tr4tion 053707S8 (England •nd Wal) PETERSFIELD MUSEUM AND ART GALLERY LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
PETERSFIELD MUSEUM AND ART GALLERY LIMITED LEGAL AND ADMINISTRATIVE INFORMATION Tru•1 L Blw"s E Brooks (Apwnled 11 JLtty 20231 (Apw'nted 10 January 20231 V R Clarke F Cook R Foster W E Goymy ADJMes PA Ma"n J Mitch811 SEMurf Lady WA Norn?h)glon CBE J Sindwr IApp)inted 11 April 2023) IAppThnted 11 April 2023) S•¢r•t•ry S E Mvrfrtt Mumum •nd G•ll•ry Dlr•clor O McVAham Charfty num11 1108817 Company numb•r 05370758 R•gl•t•rnd offl¢• The Old Courthwse Sl. Pelers Road Pelersfield Hampshir• Unrfed 'ngd{KTr GU32 3HX Audltor Azets SeT¥ices Athenia House 1114 Andover Road nchestof Hampshire Unrted Kingdorn S023 78S Inv•¥trent •dvl8¢)rs Charf Stanley & Co Limiled 2 thstover Road 8oumem(Arth BH1 2BY
PETERSFIELD MUSEUM AND ART GALLERY LIMrrED CONTEKrs 9• TnJ8te•8' f•FKXt Indty•ndtt r•port St•l•m•nt offfind 10 BJl•nc• •ho•t 11 Stat•rn•nt al ¢h fi 12 Not•s to th• fir7¢#•1 al•Mth 13-29
PETERSFIELD MUSEUM AND ART GALLERY LIMITED TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORTI FOR fHE YEAR ENDED 31 AIARCH 2023 The Trustees who are also dirèclors of the tharity for Ihe purposes ofthe Companies Act 2008. pr•sent th&ir re wth the financi statements of the charity loi the year ended 31 2023. The financial statements haw been prepared in accordance with Ihe accwnkn.ng policie5 set out in nole 1 to the financial statemgn15 and comply with Ihe chantatAe companys Memorandum of As$ocJation, the Companies Act 2006 and "Attounting and Rewjrting by Charth"es'. Statemenl ol Recommendèd Practicè applicablè lo tharrtie5 prepariJ)g their accwnls in accordance with the Finanoal RwtirKJ Sthndard apthble in the UK and Rapubllc of Ireland IFRS 1021" (effective 1 January 20191. During th8 cour8e of the year under r•4ryew, and lo recowise the gron9 nFrtanCe of its art collection5 and the irnpact of exhibitions in the Flora Twort Gallery. the organisation changed rts regislered name to PETERSFIELD MUSEUM AND ART GALLERY LIMITED, Ihereinafter called PMAGI wESt keeping the same ragi61ration numbers and con5titulion with the Charrty Commrssim and al Companies House. Obl•etl¥M •nd ah Pelersfièld Museum and Art Gallery is a r•stered charrty and company limild by guaranlee. It 1$ an independent, accredrted museum and currentty receives no statulory or govemment ftmding beyond a small. annual, grant from Petersfield Town Council. All njnning Cosis. Induding staff salaries and colledK)ns care costs are met from InMe il raises from admissions. inierest on in¥Yslmenl8 and other fundraising •cIMties. The carity's objects are lo a¢fvance the edla.¢ft ol th& Wb1 by the establisPthenl and maint8na)ce of a musèum lor rtem$ ol histodcal and arthaec4ogical interest, [ve5. thcrtographs. flora and fa(tna together wrth arts and c¥afts •spe¢ially Ihose relaling to the of PerSfie and the area. Th• tharrty measures its $Ltt•SS against the atY)v• obJec¥es by rts lo[ of Mgaggmenl wrth th• public eithèr by the number ol wsilors to Ihe mus•um or attend88s al its outreath events. In all bul name are stil a new museum fo¥oMng Ihe redevets)ren1 and relurbishn•nl of Ihe ¥knd8 srte end, as such, are stiN building comparab.ve figurès against whl¢h lo rneasuo wo8$. We are encouraged thal OUT admissions have in¢>eased from 4.274 in Ihe previous yoar lo 4.443 this year. Non- standard admission engagemenl has increased from 2,324 laking pan to 5.625 partiapanls Ihis al. This covers educattmal actiwty, rArtreach, attendance 81 ¢ullural evenls arKI venu• l¥'T•. The musoum calé opwated on our behall by a sub&diary of a l¢xal cafering 1)usin•s$ wa5 owrallonal unlll Novembér 2022. Following the doBure. w• dece lo take Ihe calefing op8fali¢)n iTrhwse. directty run by Ihe organisabon. The refreshed Myseum and Art gallery Coffee Shop iwned after a &month temporary closur& on 21 March 2023. We estimate 4.938 sIrmerS haw visrted the cering tsc41ity sit• in this pol. The trust•è$ have paid due regard to guidance issued by the Chanty Crynmission in dKlding what actiwlies the charity should undertake.
PETERSFIELD MUSEUM AND ART GALLERY LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED FOR THE YEAR ENDED 31 MARCH 2023 Signffle•rt #ctivrties 2022r23 was Ihe year in ¥thh we h8d 8 full year of visits frrmn the pubfic after the rfrdevelopment and it wa5 a150 a year ol numerous exhibitson an(J Staff changes. The number of wtors to the Museum and GaIry ha5 increased, though on a daity basis there is a great Yarrakn th the nwnber5 some days, is dffirAJh to predKt. In the Petersfjeld Gallery, whith is in Ihe new building CLJnnecting the OPJ poli stslion lo Ihe courthouse. the Flora Twort display was thanged lo a nv4¥ sel of paintings, refiecjing the WKle Tange of her wort¢ and also induding more infofmab.on photographs of the arlisl. In tt)e Flora Twcrt Galery, we emlinued wth a ¢b"splay ol some of th• works of the ren(pr inttrmatsonal artist Paula Rego, accompanied by a full exhibitNM cataloguè which altracled wsilois from a large distan from Petersfield. Sadly. Paula Rego died during the time her work was on Show. From September unt4 November 2022 the work ol Alison &iy•Aher and Kate Bwther. enlthd 'TraS in the Landscap•, was displayed and this attracted lot of interest from a w• area. From November Unt February 2023 we were deh"ghted lo exhibit 8 number of walercolours by G0 Ru5hmer, a popular loca5 aitist who ha$ • lar9e locaj following. W• fiftished the year with an interesting display by Calhenne Knighl. an arb.st from Bnstd. entllled 'Long Shadows,. Th* ser185 of paintings werè painted duriThJ 4 short stay in Norway, aThJ our exhib"on was the first solo display ol this series of paints'ngs. In the Standfield Gallery we displayed ilems relahng to Sci•nce Fiolion. covering works from H.G We115, John ndham and Alec Guinness. Included in ihe exhibition wa8 an crfiginal Ittl sabre from 'Star W¥s', on loan from the Royal ArMoUr5 Museum in Le¢ds. For Ihe first time Ihe Museum and G•Mery Lewning Space wa$ used for temporary touiing exhibition., an exhibition of Spacé Race Toys and Games. and th's attracted a lot of interest. espeoally from our younger visrtors as well as Ihose who could fememtjer the 1960$. The Engagement shle of ihe Mvseum and GaNery conlinu•s lo be most successfvl, and we have all been encouraged by the variety of offeMg5, trom theatr•, h¥e muw¢, filrns. lerAvres. hands-on acb'wbes and walk$ that are now on offer and very well supportfj(I by Ihe Regarding the catering operation, the operator deuded lo end th• agreement in Novernr 2022 and we deoded lo move Itt8 Operati 'in house. and coupte it with prowding refreshmen15 for all evenls at museum. We have b•8n joined for this venture by Jack May, who has a high reputstion in the wcffld of cL)ffe8. Wt are pleased that the 'Frt•nds' stheme has conlinued lo thrbNP. wtth more wple joining every mmlh, and we hope to expand this in Ihe ftthjre, as il is a steady fM of knwi•. The Board wishe5 to thank all the vduntwrs for thelr supyl in various roles; they have done an amazln9 job during Ihe year. WthoLrt Iheir continued help the Museum could not fut7ctton as è resource available lo Ihe public. This year some 14 sixth fomers have Ined the volunt•er team ond we are delighted to be joinèd by Ihis younger age 9foLIP. I WOLld like lo thank Ihe Boafd for their tremendous SUFWI th• y•ar, and Ihe way that they have all helped the museum during the year in 50 many dfflefent ways. Th•nks The Truslees arè graleful lo eryOne who has suppc¥ted our wowk during the year, in partiojlar rAr staff, volunte8TS and other stJPPOflers whose commitment enthusiasm an¢J rnany ski#s have been indispensable. Strateglc Review The description under Ihe headirvJs 'Athie%Rmenl and perfomiaw" ènd "Financyal re4ievK meet the company law requirom•nts frjr the twslees lo present a 5trategi¢ rwt
PETERSFIELD MUSEUM AND ART GALLERY LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORTI (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Public nefft In shaping the objectives lor Ihe year and planning the aclibibes. the Bwd h¥$ ¢onsMJered car•fulty the Charity commis5n,5 guidancE on publi¢ benefits. The museum and art gallery provides wblbc thrwgh a range of actmties, induding providing edu¢alional activiti•s, by rfs contribution to histori¢a res&arth regarthng the tthvn of Pètersfiehj and the surrounding area and preservatic of historical artefa(s relab.ng lo Ihe W area. The trustees believe that the tharrty lulfils its objecb'ves and provides wblic by.. opening Ihe rnuseum arKI 9aNery to the public and wo¥ryding a hwlwLtalrty expenence. caflng for the clectiC$ in aCrdance pfcyer professic81 Stsndards. providing educational a¢tiMb"es for sthods. cdlèges and the general public. facililaling adivrties lor special interest groups. vthkj'ng lo the importance of the study ofihe histrAy and ardwoh>3y of Petersfiehl and the surrounding wea. makin9 eyhibiltcfis of art and olher otyects wrth nalional and internab'onal interest a&1¢4e to residen15 of the lown and surrounding 8rea5. as well as those do nol live locamy. prowding ae$s, eilhef by apwntment or on wt4i¢ open days, to the Edward Thtyn¥s sdY Cfjnlre. The cost ol entry to Ihe museum and galery is Set at a level conlinues to compare wo11 with oth8r kc41 museums and the charges for a11e8 are ojnshjered to offer gc>J value lor money. A¢hl•vwn•nt• •nd p•rforni•ne• Fundr•l•lng •ctl¥ltl•• During Ihe year Ihe Fundraising ath'wtses CrmUe to have been underpinned by the WO of tyjr FIr)an Trustee Jeremy Mitchell and another Museum Trustee. Peter Taylor. who has considerable •xpern¢8 in this field. Both undertake woth on I1ng appcat1S and fewtiThJ in a votyjntary cap8rJty. They were assisted this yar by Markets'ng and CommuN¢8t$ Manager Lv*is Vkbb, who had a fundraislng responbi1Y wthin Ihe remrt of his role- much of hi$ traiiwwJ belng undertaken in house by Jeremy Mitchel. Income generaled from fvndrai$ing ha$ been somthvhal Iwnited a$ Jeremy has also fSed VAT recThery. &Kpltiring the possibility of recovering m¢)ney under the Govwnmtnl's Museums and Galleries Exhibrtion Tax Rglief scherne and applw'ng tr S¢dIC 33A registratiort. De¢lsK$ the latter are still awart&d. A Kwoject grant ofiust under £30. was otrtained from Arts Counc4 Engl8rKI tor a coN8CtKms-rel•ted engagement programme, iitled'lnside.. Outsde., which ran frc¥n August 2022 lo June 2023 and was a great $l$S. Small sums were 4so faised from other and C(nC1k$ smamer picpcts. AS always, the Trustees are graleful lo Petersfiekl Town Counol for thew perennial grant of £2,5(Kl lowards Ihe museum's general running costs. Looking foNanJ. rt rs ¢Jear thal greaterfocus 1$ ww4uired general and specfft fvndraising. As suth, Jeromy will be changing hi5 trustee role during the next financyal year and transferring his finance respc¥tsibililies lo our new I¥5Urer, Luc BIs, who was 8pptynted in JV 2023.
PETERSFIELD MUSEUM AND ART GALLERY LIMITED TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) ICONTINUED) FOR THE YEAR ENDED 31 AIARCH 2023 Financial rnvi•w RvJ•r¥• pollcy The trustee$ remain commrtled to a polKy of wjlessional (xjratorial directKJn to achieve the devdopmenl of the musgurn and gallery and have maintained th& policy of degnathg part of the cwal as a cur8torial fund. This policy was temporarily amended to a55isI wrth the cost of redeveloping enlargÈd srte. and this amendment has been exlended followmg Ihe impad on reseNes fcdlowirw Ihe PandemK and. more lattedy, the war in Ukraine and its effect on global 5tcKk markets. The pclicy in respecl of und&signaled serveS is to aim to hLld approximalety 6 months, running CLlStS. rrOntlY estimated at £200,OCQ. Al the yeai end our free reseNes were tjeltyw this and it 16 the Truslees. aim to build the free reseNes lo the expecled level over the next three to five years through fundraising and other income•generating athities. At present the reserves do not reach the deswnated le1 and •r bery redLthd as a rnsult ol slock market Wgakn8s8. Addrtionally. sh¢yt-lerm cashflow constraints may require fvrther draws on invested caprtal over the nexl year or so. Accordingly, the Financé and Gèner Purpose5 ccrfnmrtiee have asked the new Finance Trustee, Luc Blais, to undertake a rebtyew during 2023 ollhe organisati'S inv•slmenl stralegy. 11 remains the wish of the Trustees that TeseNes to Ihe level of £7CQ.CKQ are designated to g&nwale an Income at 4% per annurn lo pay the sak4ry of the Head of CleCtn$ and Exhibth'ons. 11 is acknowledged that ojrrgnlly reserves are below this levd. Futur• pl•n• Now that the Museum is attracting on Ino¥eased number of visitors from wel oul$lde tyjr direc ar80, thanks lo Inuaasèd matheting, we hope to hold an intemats'onal exhth'In in the not loo faf distant fulure. structur•, gov•rn•n¢• and m•n•g•m•nl Gov•rnlnq docum•nt Petersfield Museum and Art Galery Lirnited is a charitat4e company limited by guarantee, incryted on 21 Fèbfuary 2005 (registration number 05370758) and registered as a on 4 Awil 2C(J5 Iregislralion number 11088171. The companvs Memorandum of Associaln estsbshed the objectives and powers of the charrtable cLJrnpany, wthich 1$ goveme(l under rts Artides ol Association. In the event of the o)mpany being wound (tp subs1b19 m•mbors 8re requwed lo ctmrtrilxrte lo an amount not exc•edMg £10. During the course of the year, a full govoman¢e review was Lmdertaken to updale the museum and art gallery's )n5titution in line wilh ojrrenl Charlty Commiswi guelirs, Ternowng the category of Sub%nbing Members, who aT6 now 'FridS of the Mus&wn and Art GaNery.' This was duly approved by the SubscAibing Members a separate Extr•¢ydingry Genero1 rneets"ng. in th.ne wrth the twms of the rr1 NstItUOn. The onty Voting Members are the Trustees Diredor5 of Petersfiekl Museum and Art GaIry Limrted. Under the requ1mentS of the Memorandum and ArtK4es of Assowb"on. ai e8th annual weral meeting one third of the diredors must retsre from office. Retsring dir8ctOfS m8y offer thern5efves for re-election. Director$ are rec¥uited for the mix of skills and talenls required fof a cc¥npany and charrty of this nature. The Ccrfnpany is the sole Iru51ee of the Flora Twori thanty, whth has a separate Gharrty Commission regtratiOn. The board has overall responsibilty lor pdy, for finar and for provision of faulilies needed to enable the Museum and Gallery to frjlfill its objects. Whilsl many aspea5 of day4rtday management have evolved ttrwards the Museum and Gallery Diractor, the 8oaid remains the ulb"rnate de(3sion-making body, taking Into count information prowded by thè Museum and Gry Direclor their team. The board and Staff are responble lor the displays. ClleCtionS ol afchive and artrfact m3terral and the education programme. Surplus fijnds are aCed either c(b de{S1.1 wth the bankws, ow investrnent advssors or with licensed deposit takers in order to oLain the best return commensurate wbth seojiity of funds and the need to reta cashllow.
PETERSFIELD MUSEUM AND ART GALLERY LIMITED TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) ICONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 The twstees, who are also the directcrfs for the puwse of company law, and who served during the year and up to the datè of signaluie of the finanaal stsl8ments were". L Blais IAFP)mted 11 Juty 20231 EBIC (Appted 10 January 2023) V R Ctathe F Cook R Foster W E G06ney A D Jone5 P A Maitin J MrtchÈll S E Murfitt Lady W A NcKmingl¢x CBE J Sindair P C Ta01 (Appointed 11 20231 IAFvomled 11 April 2023) (Reswned 10 Octobèr 20231 St•ff There have b¥en a rwbw of staff chwlges during th• year. Sophitr Y3nv4V. who pinad us in 2017 ¥$ assislant cwator, be¢tynirwJ our curalor in 2019. deuded to movè bac to th¥ north 0¢ England in June 2(r22. She was a pdlar of strW and. during her tenure, 0r$aW the move ol the museum artefacls from 8nd back lo the Museum ¢Juring the r&deveJopment. It is thanks lo her Ihat th& moves went so smoothty. We wlsh her well at her now post al Iha YtrksPMre sUre Park. In July 2022 LaUn Weyland. who w¥s first our A'Stant EduraJ"M OffKer. and then the Customer Engagement Officer, left us for a post ol Operaticffjs Managar ai Famham Museurn, and Joe Shepherd who deatt with Visitor Experience and marketing left for a post * FaMh Malb"ngs. We $h Ih•m every success in their new roles. We were jtyned, in Jun6 2022, by Louise er. who was lh• Head of Exhibrtions of th• Pallanl How Gg119ry 8nd who is now our Head ol cokth.ons and Exhibilions", in Juty 2022, by Moly Hoffman a5 our Visrtor Engègement Supervisor, and In September 2022, by Le$ Webb wtho is our markeb.ng and Develowent Man#ger. Finaly in February 2023 we were joined by Hospitalrty Manager Jad( May who wll be njnning the c4ffee Bhop aknng wth the hoswlality at all events. TYuit• During the year we ha seen the need lo ceaSe th• ol Truslees and de • more divers8 Board. We have a¢Jverti$ed widefy and. as a result now have rTh)re trustees. Ann BrfKs. who 15 the oJrrenl ChairSOn of the Petersfiekl Histoncal Souèty. arKI who has a great interesl in archaec4ogy, Joined us in January, whilst Rlchafd F05t8r, who is thg Feuows, Librarran and keeper of the wl cdkclion at Wnchèster College. and Janel Sinclair. who is a member of ICOM and an art st(n. airalor and 18CtLtrw, have been apFM)inted and I0e4 us at the April 2023 Board Meeting. Luc Blais joined u5 in Juty 23 as our new Treasurer as Jeremy Mitcheif relinquishes Ihal part ol his role. Rlsk manag•m•nl The truslees have a duty to identify and the risks to which the chanty is exposed and to Wtsure appropriate controls are in pla lo provtde reasowbable assurance against fraud and error. Induetlon and tralning of trust••4 All ne%Y appointed tntstees are prOVled ryth a ful irrtrLNludion lo the charity. mthding meeting %bith existing tnjstees to ask any quèstions they may have. They are also given arxe55 to the Ch¥th"es Ctynrnission's guidance the essential tmstee.. at you nèed lo know. whal you r7eed to do.. New tnJst*ès are required to meet vthh th8 boafd a5 a whc4e before their aprth"nlment is confimed and are offered the opportunty to attend training for thew iole as truslee.
PETERSFIELD MUSEUM AND ART GALLERY LIMrrED TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 ststenwnt of tru¥te•4' responslbllit The trustees are also the directcrfs of Petersfield Museum Limited la ccrfnpany lirnited by guarwlteel lor the Purposes of cornpany lawl are respsIble for prepanng the Report of the TrustÈ&5 and Ihe financAal stslements in aourdance wrth apF4trcae law and Unrted I(orn Accounb'ng Stsndard$ (Unrted lQngdom GeneraNy AccepteL1 Accounting Practice). Company law requires the trustees to prepa financial st8tements for eath fjrsanclal year which gtve a true and fair eW ol the stale ol affwrs ol the chanlat4e company and of thè incorning resources and applicatiijn of resources, induding the incorne and experbdilure. of the tharrtablts company for pariod. In Preparing those finanaal stalemenls, thè trustees arè fequired to sdgct surtable acwintry pc4iciè$ and Ihen apply them cLSisteI,. obs¢Ne the methods and principles in the Charity SORP., make judgemen15 and estimates thai are reasonable and pfudenl., ppare the financial statements on the going corKem ba5 unless it is inapkryiriaie to prUme th81 the chgfitable company ryll ctr"n8 In business. Th trustees are responsible for keeping yoper accounting recdS which disdos& wth reasonable accuracy at any bme the financial po$ilion of the Charitae Company and to enable them to ensure that the finClaI statements cornpty with the Companies Act 20Cfj. They are also re5p(fftsible lor safeguarding the asse15 of th¥ chaiitstrAe company and han takmg reasonable step$ fty the wevenI and det¢Cts"on of fr¥ud and other Irregularities. In so far os the tru$tee$ ar¢ ¢.. IheTr ig no ralvant audrt inlorrn¥tion ofwthith the charit8ble ccffjparfs auditors are unawarg." and the trustees have taken all steps thal they ought to have taken to make themselves awar¥ of any rdev8nl au¢rt informats'on and lo estabh'$h Ihal Ihe authlors are awgre of that Audltor In accordanca wrth the ccfflp8ny's &rtKs, a $0tion woposing thgt Azets ALtdil Sefvices b• reappoinled as auditor of the company wsll be put at a General Meeting. Dl•¢lo•ur• of Snfommtton to •udltor Each ol the trustees ha5 nrnie that there is rn Informati of which Ihey are 8w•re which is rekvant to the audit, but of wttith the auditor is tsnawa. They have furlher confimed that ihey have taken appropriate sleps to i¢entify suth relévant inlomalion and lo eslatlr5h Ihat the avdrtcff is awa of such information. The tr4t tees. report was approved ty the Board olTN$lees. VRCla Tru*tse
PETERSFIELD MUSEUM AND ART GALLERY LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PETERSFIELD MUSEUMANDART GALLERY LIMITED Oplnlon We have audited the financ4al statements ol Petersfiekl Museum aTrJ Art GaNery Limrted (the charrtable cornp?nyl for the yeaf ended 31 March 2023 whth rK•mprise the slatement of (an¢jaI acliwlies, thè balance sheet. the 5talewnent ol cash fh)ws and the notes to the financial statements. includmg significant arLounting pOIleS. Th• finanaal raporting framework that has been apIe<l in thtrii preparaticffi is applicabte law and Unil&J Kingdom Accounting Standards, induding FRS 102 Thè Financial Rep)rting Slandard applKable in Ihe UK and Republic ol lrnland (Unrted lQ'ngJom GenernuyA(pted AcCtg Prac). In our opinion. the financ4al statemenls.. give a truo and 13ir view of the state ol the thanlable comwy's affairs as at 31 March 2023 and ol rts inming resources and applicaliM of resource5. Induding rts inc¢yne and expenditufe, lor the year then ended.. have been propedy prepared in ¥cwdance United 'n900M Generauy Accepl•d Accounting Practic•.' and have b88n prepared in athvd¥e with the reqLMrwn•nts ol Ihe Cryanie3Act 2. 8••1$ tor oplnlon W8 Conducted our a111 in accordance with Inlemab"t)nal Standards on Audtti'ng lu IISAS IUKII and applicable law. Our responsibilities under Ihose slandard5 are lurther described tn the Auditorfs rnsponsibililtss lor the audit ol th8 fynanual stotemonls of our roport. We afe independent of the charrtable company in eOrdanCe wrth lh• ethical requirements that are relevant to our of the financr¥l statements in the UK. induding the FRC'S Ethical Stsnllard, and we have fvIfiNed c¥Jr othèr Q1hl fespcffl%"IltIeS in aCcdanc8 wrth these qUIrementS. W? believe that the audit emdence we havg oblained is sUffent and apprcwato lo provwje a basis lor our opjnion. Conclu•lon• v•latlng to golng conc•rn In auditing the finano41 statements, we have that the trustees. use of the grn9 concam baws ol accounting In the preparabon of th• fnan¢i4 $lalements is approme. Based on the wolk WÈ have Ferformed, we ha¥e not Jd•fttrf ony material urertaintS rel•tsng to •vents or conditions that, indivtduaNy or coweclivefy. may cast signfficanl doubt on the charitae company'5 ability to continu• as a going ¢on¢em lor a period ol at kast ¢tr mMlhs triyn then the finanfial statements are authorised for issue. Our responsibilities and the reSpsitl.ts'es ol the trustee$ ¥rilh resped to going ccfflcwn are described in lh• rolevant sectsons ofthi5 rewl. Olh•r lTrforniatlon The other infomation comprises Iho inlormalion indulled in the trustees annual reFKJrt other than the finanual statements and our audit5 report thereon. The trustees are reswn51ble for ihe oihef Informion contained wthin thg annual report. Our opinion cffl ihe financial stslernents does nol cover the other inforrnatson and except lo the extenl otherwise ex•callY stated in our report we do not express any fc¥m ol assurance condusion Ihereon. Our iesponsibAity is to read the other nfomiation ond, in doThJ so. ¢SIder thether the other infomialion is matenally Inconsistent vthh the financial statèment$ or ]( knoedge obtained in Ihe Urse of the audil. or otheiSe appears to be materk41ty misstated. If we Klentfy such material inconsistencaes or appawl malefial misstatements, wo are wuired to detewmine whether this gives rise to a material misstatement in t1 financial statements themselves. 11. based cffl Ihe work wè have perf(Kmed. we 0)lde Ih81 there is a material misstatement of this other inf(wmalion. we are required lo report thal fact. We have nothing to report in this r8gard.
PETERSFIELD MUSEUM AND ART GALLERY LIMrrED INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF PETERSFIELD MUSEUM ANDART GALLERY UMITED Oplnlons on other mittern prMerib•d by the Cory•ni•s Acl 2006 In our cyinion. based on the work undtsrtaket) in Ihe cjr5e of ryjr audit.. th• infonnalion given In the truslees. repimt for the finarla1 year for whth the finanaal slalements are prepared. which indudes the dir¢lors' rewrt prepared ILV the purpos#$ of company law. is consistent wilh the financial statements,. an the direclors, report elded wrthln the trustees. re has be•n prepwed in accordan with apFlicabFe legal requir8ments. M•tt•rn on whlch •r• rnqulrnd to r•port ty •xc•ption In the light of the knthedg• and understsnding of the tharilable company and its enwTonmtrnt obiained in Ihe Course of the audit, we have not enty"fied material misstatements in the direcaors. fepwl induded within Ihe tTuslees' r•p)rt. We have nothing to rep)rt in respect of the fc41rAving matters in rel8bon lo whi¢ the Companies Acl 2006 r•qun5 us to report lo you rf, in our orAnion". the charitabl& company h85 nol keFrt adequate aCc¢u.9 records.. or the financi81 stslemenls are rt in agreement wth the a¢0nng records and r•tum5'. OT certain disdosures of Irustee8' remuneTatKJn speufied by law are not made., or we have not receNed al thtr infoFrnatK)n and exF4anattons w ftrquire for our audit; or thtr Iruslee6 were not entWed lo ppare the finanoal slat•menls in accorda1 wtth th• small oJmpani¥8 regime and take advantsgtr of Ihe small o)ffrf>an, exemplions in Preparing th8 tru5. report and from the requiremenl lo prepare a strategic report. RPOlbIlltl•I oftru•tM• A$ explained more fully in the sta1wnl of true•s. reSponbIll$, th& Irusteos, who are also tho dlrectors of the chantable company for th purpose ol company law, ar• responsib for Ihe weparation of the financial slalemonls and lor boing satisfied Ihal they give a true and lair vlew. and for 5uth inlemal control as the trustees delemiine is noce$sary lo enable the Preparation of sthlemenls that are free Mat81 wAsstalemenl, whether due 10 fr8ud or error. In Preparing the financial stalemenls, the tmstees ar• responwble for asSesng the ch8ritsNe eompanys abllly lo conlinue as a going cortcern, disdosing, as apWi¢able. matters lated lo goin9 Concern and using Ihe going concem bags ol accounting unless the Injslees ether intend to liquhlale the chan"t8tle company or to ceas• operth'ons, or have no r•ahsti¢ ahernatNe bul to do so. Audlloe• mpon•lblllll•• for th• audlt of th• fin•ncl•l *t•t•m• Our objedives are lo obtain reasonable assurance about whether Ihe financial slatemenls as a whd• are free from maltrial misslalement. whethef due lo fraud ewror. and to issue an auditorfs report that indudes our opini. Reasonable assurance is a high level of assurance, bul is nol a guarantee Ihal an audit condudèd in accordance with ISAS IUIQ wll thays dete a Material misstalement when rt e$1s. Misslatements can 8ri5e from fraud or error and are ¢on$idered material if, IndivallY or in the aggregale. Ihey could reasonabty be expecled lo inlluerKe the )noMiC deasiS ol users taken on the basi5 of Ihe5e finanual slalements.
PETERSFIELD MUSEUM AND ART GALLERY LIMrrED INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF PETERSFIELD MUSEUMANDART GALLERY LIMITED IrregulaTilies, Iuding fraud, aw instances of nonr1p[1anCe with l•vs and Tegulations. We deswn prredures in line wrth our re¥W)n&brfit. rAlne atym. to detect malefial rnisstatements in respect of irregulaiilie8, inthding fraud. In Sponse to Ihe risk of wregubanb.es and nOn-rm.ance with kws and regulations. induding fraud. we designed procedures which indudèd.. Enquiry of management and those charged wth 9ovemanr around adual and polenlial 1th"glon and daims as well as adual. Suspected and alleged fraud., Reviewing minutes of meets.ngs ol Ihos• charged with governanc4'. Assessing the exlent of complKan¢e wth the laws ar)d regulatsons fidered lo have a dir•¢t material effect on the financial slalements the operations ofthe enlty through enquiry and insperaion., Rewewing finanual statement disclosures and tsting Its suppo"ng docLbmentalion lo assess COMnCe wrth applicaNe laws and regulations,. Performing audit WO over Ihè of management bias and owmdt of Contr$, including le$b"ng ol ioumal enln'es and othef adjuslmenls for approwialeness, evabjating Ihe busesS rationale of significanl transactions oulsKle the nonnal course of bJsines$ and remwng accounting estimatè$ lor indicators ol polenlwl blas. Because of the inherent limitati$ of an audrt. there is a risk that we ill not delect all irTeguIarrtS, induding those leading to a material misslalemenl in the finan(ial stalemenls or noTrcompliance wrth regulation. This risk increasès the more that compliance wrth a Law or r*gul¥tson 15 removed from the evgnls and transaction$ f•flected in the financial statemen15. as we will be less lTrkely io become aware ol instances of non-compliance. The risk is also greater gardIng irregtslarities o¢cvrring due to fraud rather than error, as fraud ¥Ve$ irtention81 concealmenl, forg•ry. co1$10n. onmssion or. misrepres8ntab'on$. A furth•r d•$cnpliM of our responsibiliti'es is available on the Financial Reporting Councal's website al.. http8.'11 www.frc.org.UklOur.WorkjAudArt-an&è$suTanceISfandards-gU0neelS1Orbd#rS•angIanco-fOr- audilorslAUdrtors-fèsponsibilrties-for-audit1epII0n-Of-audllossibllrties-IOr.audlt.aspx. This desuiption forms part of our audil¢x's report. of our r•port This repon is rnade solely to the charitable companys trustees, as a b)dy, in a¢wdance with Chaptèr 3 of Part 16 of the Companies Act 20. Our audrt wolk has been undertakfjn $0 that we rnighl slate to Ihe charitable company's trustees ihose matters we are required lo state to th•m in an audrtors. rem and fcv no other puwse. To the fullesl extent pemititsd by law, we do not accept or a$sunE respOnbIty to anyone other than the chantable company and lh• thaniable company's trustees as a body. for our audrt wo, for thrs fepcrft, ty for the op'nws w• have formed. Jon Noble (Senlor Stslutory Auditor) for •nd on behalf of Az•ts Audit S•rvi¢ 7 4ea- 2oLI Chart•r•d Ae¢ountsnts Statut¢)ry Audltor Athenia House 1(k14 Andover Road nchesler Hampshi United Kingdom S023 78S
PETERSFIELD MUSEUM AND ART GALLERY LIMITED STATEMENT OF FINANCIALACTMTIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2023 Unrnslrlct•d R•¥trfct•d nd• 2023 Tolal Unrn•trfct•d Re•trfci•d fund¥ fund 2022 2022 Tot•1 2023 2023 2022 Note• Donations and legacies Chantable a¢tiM1$ Investments 13,342 57.881 26,7 83,802 97.144 57.8B1 27,990 87,837 41.612 23,239 270,103 337,940 41,812 24,642 1.194 1,403 Totsl Incom• 98.019 183.015 132.688 271,506 404.194 InStMent management fees Museum activNie8 438,837 44.803 481.440 327,737 147,675 475,412 Total charltsb •XpondIl• 436.637 44,803 481.440 327,737 147,675 475,412 Total •xp•ndlluv• 445,637 44.803 490,440 336.737 147.675 484,412 Nel gain51llos808) on inv8stments 11 136.012) (4,4651 140,47n 4S,535 13,1901 42,345 Not loutgoSngPlncornlng re•ourceg b•for• Mu••um• and Gallorf•• Exhiblfjon T¥x R•ll {383,830) 35.728 I347.2> {158,5141 120.641 137,8731 Museums and Gallen•s Exhibrtion Tax Relief 134.986 134.986 N•t mov•m•nt In fund• 1248.6441 35.728 (212.916) 1158,514) 120.841 137,8731 Fund balances at 1 Wil 2022 1.194.033 3.223,785 4,417,818 1.352,$47 3.103,144 4,455.691 Fund balan¢•• at 31 March 2023 945,389 3259.513 4.204.9)2 1.194,033 3.223.785 4,417.618 Thg statement of finanual a¢b"wties indude5 all gains and losses recagnised M) the year. All income and eXpendItu d¥Ve ¢¢)nl)uing adjvitbes. The Statement of financial ac1witS also c(leS v*ilh th• wirements an inccrtne and expenth.lure account under the ComnsAcE 2(. 10-
PETERSFIELD MUSEUM AND ART GALLERY LIMITED BALANCE SHEET AS AT31 MARCH 2023 2023 2022 Flx•d •••et• Tangible a55eis Heritage assels Investment$ 13 14 15 3,082,483 278,700 681.054 3,164.020 277,850 753,24S 4.042,237 4,195.115 Curr•nt aM•ts Stocks DebloTS Cash al bank and hand 16 17 7,029 161,619 93,580 12,087 109,063 195,421 262.228 316.571 Cr•dltov•: •mouDts l*lllDg du• vAthln on• year 18 161.782) 150,4891 Nel cun¥nl ass•18 2(KJ,446 288,082 Total ••••ts IM• ¢urr•nl Il•blllll•• 4.242,683 4,461,197 Cr•dltorn: amounts falllng dv• •ft•r mor• than on• yur 137,781) 143,3791 4,204,sI 4.417,818 Ineom• lund• Reslricted funds 3,2S9.513 3,223,785 Designated fvnds General unresln'cled funds 23 748.304 197.085 711,C63 482.970 945,389 1.194,033 4.204,gY2 4,417,818 The finan ements were a roved ty theTrustees on.......... ............ 13 ££ S E Murfftt Tnmtse Company 1•gi•tion numb•r 05370758 11
PETERSFIELD MUSEUM AND ART GALLERY LIMITED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AIARCH 2023 2023 2012 Cash flows from op•rntlng actlvlll•• Cash labsofbgd byllgeneraled frtmn operations (144.4391 197.902 Inv••ttng aetlvltl Purthase ol tangit4e ftxed assets Purtha5e of heritage assets Net tr8n5feT lo I (from) bank from l {lo) Chartes Stanley cash 8¢ri)unt Investment inrne fernived {1.796) 1850) 1141,8631 {S,8481 48.( 152,000) N•t cash g•ner•t•d fromllu••d Inl •nv••tlng aetivits•• 1198.3C61 Flnanclng actlvltj Repayrnenl ol bank loans 15.4801 11,181) N•t ¢••h y••d In fln•n¢lng •¢tlvltl•• 15,4801 11,1611 N•t d•cr•aM In c••h •nd c4•h •qulval•nts {101,8411 11,5651 Cash and cash eqvivalerts at beginning of year 195.421 198,986 C••h •nd •h •qulval•nts at •nd ol y••r 93.580 195,421 12-
PETERSFIELD MUSEUM AND ART GALLERY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AIARCH 2023 Accountlng policie4 Chaflty Inlornmdon Pelersfield Museum and Art Gallery Limrted is a wwate company limited by guarantèè rno)rporated in England and Walès. The regislered offi¢e is The Okl Courthouse, Sl. Peters Road, Pelersfield. Hampshire, GU32 3HX. United lQ"ngdom. 1.1 Accountlng ¢onv•n#on The financial Statem1$ have been wepared in a(xordance thè tharitae company's g0MIng documenl, the Companies Act 20C6 and -Accounttrng and Rep¢tirj by Charities.. Statemènt of Recommended Praclice appli¢abk lo tharibes preparing their accounts in accordance with the FinancAal Reporting Slandard apF4icatAe in the UK and RepublK of Ireland {FRS 1021 leffectV48 1 January 2019)" The charitable company is a Putdtc Benefrt Entty as defined by FRS 102. The financ4al stal•m¥nl8 a wepared in sterling. whth 1$ the IrtiLal wrrenty of tha charitable ccfflpany. Monetary amounts in these finanaal statemenls e rounded to the ne¥ie$l £. The flnanc4al statem•nts have been prepared under the hIstlCa1 cosl &Verttk. and lo indude vestm¥nI properts'es and rtain ffinan(481 instrumenls 41 fair vahje. The principal ac¢ounb"ng poticies adopted are s&1 tyJl below. 1.2 Golng cone•m Al Ihe ijme ol approbryng the finanLyal stal•menl$. the Iwstees have a reasonable èxpectation Ihat the charitable company has adequate r¢sour¢es lo continue in operational existere for the foreseeable future. Thu$ the truslees conbnuè lo adopi the gory c<wm ba$ ol ac{nting in weparing Iho ffinanaal statement5. 1.3 Ch•rltabl• fvnd• Unreslncted funds ar• avail•ble fcf use al Ihe dwellon of the twstees in fvrlherance of Ihwr tharrtab obj'ecaives. Designal•d fvnds MpriSe fund$ which have been set aside al the distretion of the Iruslees for $pgdfic purposes. The purposes aThl u8es of Ihe designated funds are set ¢xrt in the r)otes lo tho finan¢i81 s18lemenl8. Restred lunds are subj¢d to speufic cOndrtvS by donors 8S to how they may be used. Th• purposes and uses olthe TestrKted funds are set out in th• notss lo Ihe finanrial sia18m¢s. 1.4 Incomg Income is recognisad when the (*aiilalJle company rs legty enblled to il after any perfomiance CditionS have been met, th& amounts can be measured 414y. and it is prcthble Ihal inc0Tr7e will be Ceived. Income from generaf dcallonS is recogThsed iecw or once the thanlable cofflpany aa$ been notified ol the OI10n. i1nsS perfoFmanc8 ¢d•ll9 requKe deferfal of aMNI. Cash donations are recTr3nised on rep1. Income tsx reo)¥erable in rnLatiM lo donations received under Gift Aid or dd$ ofo)venant is recognised al the time ofthe donation. 13-
PETERSFIELD MUSEUM AND ART GALLERY LIMITED NOTES TO THE FINANCIAL STATEAIENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Accounling ¢1•8 Iconilnuedl Investment ino)me 15 earned through holdmig a$sts for inNP5tment purposes. 11 Includes dmdends and inte$1. Incorne from fixed interesl inveslrnents is recc•Jrised wthen Ild. Dividend incomè ig 9)gnISed as the charity's right to receiv& payment is established. Annual membwship and lrfe membership subsuipb"on$ are recognised in full on receipt as this in¢(yn¢ is in Ihe nature ol a grft. No accrual is indudsd for the cost ol prowding annual or h.fe members wth tUre publications as, whi1 the Trustes exped lo c4Jntir¥Je to pro¥ide Se. they belitrve the is no oinlractual reqlmremI or expe¢tation to do so. Admisyons and gfft inCMe is r¢wnised at the lime ofthe receiFI. Govemmenl grants ore anted for re¥vable and ony dItionS aitathed to the grant ha b8on met. 1.5 Exp•ndltur• AN expenditure is gccounted ffA on an baw$ and has I)e da5sifhryd undw headngs that aggr•9ate all costs rlale(I lo the category. Expendrtufe is re¢ognised where there is a legal or eonstruclive obligation lo make payments lo third parties, r( is probat4e thal ihe s8tllemont will bo required and ¢he arnounl of the otAigation can be mea$ur•d r•li8bty. Jl the st3. induding support costs. irK¥rred by the thaiity ¥e treated as expènses of the chwitabla actiwties of the company. 1.6 T•nglbl• fix•d a•••l• T¥ngible fixed assets are initlty measured at cost arKI subsequemty measud at cost LY valuation, nel of depreaation ar any impairm•nl loss. No depreaalHy¢ is proed on the buildings on the Pfylce Sl81iM and Court House in year following th• ¢omplÈtion and subsequenl cpening ol th museum. For financial year 2023. the trustees wll ob13in Valuation of the ents're sen rtpleX and detevmine an apprcyiats pdicy of eith•r rev8lualion LY depreciation going I00rd. Indlvklual fixed aBBets costing more Ih8n Es have been Cawlalrn. unl•y ¢owed by speufie 9T•nl or donation income. Depreciation is CognISed so as lo wnle off the cost OT vUatiC of assets less their residud values over their useful lives on the folbwin9 bases.. Fraehold land and iwibding$ Plant and equipment nol wowd¢d 25% on cosl The gain Of Ioss 8ring on the disposd of an gsset is de¢¥rmined as difference behyeen the sale proc*ed$ and th¢ eafrying value of Ihe asset. and is renised in the statemert of financaal acliwiies. 14-
PETERSFIELD MUSEUM AND ART GALLERY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Accountlng pollcl•• (Continu•dl 1.7 H•Yltage usets Over many yea15 the charity has been given or has a(¥uwed the artrfacts on display al the P•l•rsfield Museum. induding items prtiviou5ty dlsplayed in the Ftora T¥¥ort Gallery. Artifacts are arA4uwed when thwè is a cfjnne¢Aion to Petersfield and the Suffounding area and the trustees fè that the acquisrtmjn of such items enhance the o)Nection. The chanty has a Clear duty of re for thes& asset8 •)d to make them #vailable for th& ery"oyTrent and education of th& pulJic as far as possi¢. commensurate with Ihwr lorKJ term care and preservation. The highest possible standards of collection management are appl by the drty. The trustees was histortcalty to •TrUde hentage assets in the accounts al t+'r inswonce vdve. Thi$ policy was chan9&d in 2020. Herrtage asseis acquired pnor lo 2020 are valued at Iht 2019 insurance valu$. Aquisilion5 01 henta98 assets Irom 2020 onwards are induded in Ihe •cc(AMsts at cost. A register ol h¢rrtage 88set8 is maintsned by the oJr4lorial slaff. The museum also acquires a number ol herilage assets Ihrough donation whth are ol a relatively minor value. Where the Trralu ol each rtem is cnsidered by the rAratorial staff of the museum lo be less than £500 these items ai& not induded in the accounls. trustees consider that suth Ilems will have a minw impact on the overall value of the charrty's hwrtage assets. th the reopenirvJ of Ihe mus&um lo Ihe public, a$ much of Ihe collection as 1$ Commensurate with the care and preservation of the artifacts will put on put4ic display. a rtrquesl is made fof more detailed accss to w iiem forihe purpose of rese8r¢. eath rnquest will be o)nsidered on its individual ri(S. 1.8 Flx•d a$••1 Inv••trn•nl• Fixed asw investments are ini11lY measured al transaction pri exduding transaction co$t5, and are subsequnlly measured at fair vae al each reporting date. chare5 in lair valu& are recognised in n&t incomelltxpendrturel for the year. Transadion costs ore expensed as incurred. 1.9 Imp•ifflwnt of fix•d •$s•ts Al each rep.ng end datè, the tharitable company reviews the carrying amounts of Its tangibl& assets lo determine whethw ther& is any diCats.on that those assets have suffei8d an impairinent lo$$. If any such indication èxists. the Tecoverable amount of the asset is estsmated *) order lo Iletermine the extent ol tha impaiim•nt loss {If any). 1.10 Sto¢k• Stocks 8re valued at the kmer Lrf $1 and net TealisaLq• vakn, ¥ftw makin9 due alknvance lor Obsote and ow mown9 items. 1.11 C••h •nd cash •qulv•lents C8sh and cash equivalents indude tash in hand. depo$ held al cal with banks. other short-temi Iiquld Investments wrth original matuliS of three mLMrths or less. 15-
PETERSFIELD MUSEUM AND ART GALLERY LIMrrED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AIARCH 2023 Accounllnu poll¢l•• Icontlnuedl 1.12 Flnanclal In•truffl•nls The charitat4e company has el•¢ted lo appty Ihe &y1S1OnS of SeclNJn 11 'BaS Finanual Instruments, and secti 12 '0ther Financial lnstruryts Issues. ol FRS 102 lo al of trts firwi¢ial in$lwmwts. Fin3nri¥l Instruments a recognised in the tharrtlè compan3 balaThx sheet lthen the Charitab company beCme5 party to Ihe CctractUal wowsitins ol thè inslrumenl. Financial a$$•ts and li8bilrties are offsel. wilh the net am(MJnts prnsenled in the Ilnandal slatemenls, when there is a legalty enforceable righl to sel off the recognised amtsunls and there is an intention lo settle on a rt basis or to ase asset and seldtr Ihe1o1)ty sKnuAaneously. Buk Iln•nci•l •ss•l¥ Basic finanaal asset5. thith indude debtNs and cash and bank balances. are initially measured at Iransath'on pri inchjding transa¢'on costs and are subsequenty camed al arnortised cosl using the effective interest method unless thg arranment cOnsbteS a fanc4g transaetion, wheie the Iransadion is m•asLtred at thg wesnt value of the luture receipts discounted at a Ma•t ral& of iNefe81. Financial ass3 clo$$ified 0$ rtteiv8Ole within one year arn am0's•d. Bk IlnwKlal H•bllftl•¥ 8as¢c financial lialm'lilies. induding ¢redrtors ortd bank loans are inrtially regniSed at transadon price unless the aThangeMt ¢on$lrtutes 8 financing transacts'on, Ihe debt instrument 1$ measured ot the presenl Volue of the fU1u payrnenls discounted al a rnaet ral• of inlefest. Finanual Irabihties dassifiod as payabl& within one year are r1 am¢ybsed. Debt Inslrumerts ale sub8equtrntty ca1ed at wnorfised cosl, using th• effediv• knlerest rale method. Trade creditors a ObligatnS to pay lor goods or semces that have been acquired in the ord#)•y course ol operations from SuplerS. Amunl$ payab are dassffjed as oj1 liabilities rf payment Is due within one year of less. 11 not, they are Pfesenied as ncffl•DJryent liats'libes. Trade credrtors are iecognised initially al transath'on price and subsequenuy measured al am0'sed rnst uwng the effecbve interesl method. D•r•cognhlon of Ilftaft¢l•l Il&bllth¥ Finanaal liabilrties are derecognised Iho th&ble company's contra(aual obbg8lK)ns expire or are discharged or cancelled. 1.13 Taxallon The ¢h8rity is exernpt frorn oJrpcKation tax on ils chaiitable atres. 1.14 Employ•• b•n•fits cLsst of any Ltnused holrd8y entitlemeni is Teo)wwsed in the periDJ in the wnployee's services are re¢eived. Tennination benefrts are recognised immedaldy as an expense when the chafilat4& company is demonstr3Y committtd to terminale Ihe ernployment ol an ernYee cff to prowde temiinalion beneffts. 1.15 Rtirwn•rt nefft• Payments lo defined ¢onlribulion reliremenl benefrt scknemes are charged 8$ an expense as they falb due. 16-
PETERSFIELD MUSEUM AND ART GALLERY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 AIARCH 2023 Accounting poll¢le• IContlnu•dl 1.16 Fund •ccounting Where funds are received for a specific purpose sél out by the donor impld by the tenns of appeal, Ihese are shown as restrit#ed inciTr in the Staiemenl ol Finanaal Actiwties. Funds donated to be held a5 capital are shown as Endowment Funds. Expèndrture for the purpose spetsffied is apF4ied against the income and any amount unexpended at the balau sheet date is shown Trtiin RestrSed Fur¥Js. General funds aro unrestricted hjnds thi¢h a available for use al the disc4etion of the Trustees in lurtheran¢e of the general objeth'ves of Ihe ¢harty and which have not been designated for other purposes. The Trustees, at thaf dis¢reb"on. may set aside funds to cover speufi¢ ILrtiJre COSIS. Such funds are shown a$ designaled lunds vthhin Unrestricted funds. there the Trustees docide such funds are no hgeT required for th& PUfPOSeS iilended. they may be released by transfaf to general un1Thed funds. Crttlc•l •ccounllng ••tlm•t•• and judg•m•nl• In t application ol the charitabl8 ccrfnpany's occtyjnling pcaL?•$, the tru$tees are required to ffAk• iudgemenls, estimates and assumptions about Ihe cang amount ol assets and liabilrties that we not readily apparent from othei SrCeS. The estimates and aSl8t&d assumpbons a basèd on historical exwiience and other f8clors that aro ¢Sidered to be relevant. Actual re8ulls may drfler from Ihe5e estimates. Th¢ estirnates and undertying assumprtS are led on an ongc4ng basis. R•S1on$ to aCCtiftg estimates ara r¢cD3nised in Ihe period in whKh the estimate is revised where the revi$ion affecls Lmty that pwic4J, or in the period of the fWSiOn and fthure pen(Js where the rewsion affeds tM)th rJJrrent and future p•rlods. The lo1kn4ing judgements lapart from those tiMate5) have had the most signfficant ff&ct on amounts iecogni5ed in the finonwl ststemenls.. Valualion of fixed 4$$ets induding hentag• assets {gee note 1.6). Don•tion• •nd l•gacl Tol•l Unmtrict•d RMtrict•d lund• lund• Tot•1 lund• lund• 2023 1013 2023 2022 2022 2022 Donation$ and gfft$ Grants Membership f 462 7,024 76.778 611 62,550 4.678 21,808 248,295 22,419 310.845 4,676 84.278 13.342 83,802 97,144 67.837 270.103 337,940 Grants indude a perennial grant Lrf £2.5 {21Y22.' £2,5CII from Pelersf*kl Town CcWTh towards the runniThJ st of ihe museum. 17-
PETERSFIELD MUSEUM AND ART GALLERY LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Ch¥rltabh activities Tth• Total 202) TtX•l 2022 Athl¥10 2023 2023 2023 Sales wilhin ¢haritai4e actIveS 25.237 2,203 11.546 18.895 57,881 41,812 For the y••r •nd•d 31 Marth 2022 IAy••um Tot•1 2022 So1 within CharIt8e aL1iNities 15.545 8.311 17.123 41,812 For 2023 and 2U22, al charitable income was TeStrIcted. InvMtm•nts Unv••trl¢ted RllIct•d fund• ThdB Totsl Unr••trl¢l•d RtrIct•d fi•nd¥ fund• Total 2023 2023 2023 2022 2022 2022 Income from listed investmgnls Dewsrt account interest 24,953 1.843 1.194 26.147 1,843 23.192 47 1,403 24,595 47 1.194 27.990 23,239 1,403 24.642 R•l•lng lund• Unrnstrlct•d Unrestricted fund• funds 2023 2022 Investment management fees 9.C(10 18-
PETERSFIELD MUSEUM AND ART GALLERY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Chavltsble •ctivili Museum activltl 2022 attlvhle• 2023 Slaff costs Deweciath'on and impaimi•nt Rates and ulilrties InsuTan¢e Telephone and inlernel Advertl8iny Rent Off cL)sts Repairs and maintenance Travel & subsislence Subscript)ns Sundry Training & other slaff co$t$ Prqtr¢t costs Ac¢ounlan¢y fees Proles$ional lees and carpe8 Bank ch8ige$ Other charrtable eXndit• 165,744 83,333 19,737 11,139 2.523 5,176 185.622 75.020 13,637 7,613 4,215 27.781 2,223 17,854 1,953 1,327 1,112 5.761 4,507 75,095 5,495 1.257 318 1.392 5,977 3.121 92.340 3,OCQ 27,020 1,159 4,879 1,045 5.522 433.610 430,287 Share ol wpport costs (see note 8} Shar• of gov&rnanc¢ ¢osls (see note 81 19,292 28,538 10,781 481,440 47S,412 An•ly•l• by lund Un$t.¢ted funds Restricid fvnd5 436,637 44,803 327,737 147.67S 481,440 475,412 19-
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
- 20 -
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 |
|---|---|---|
- 21 -
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 |
|---|---|---|
- 22 -
PETERSFIELD MUSEUM ANDART GALLERY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 15 FIX aw4et InvMthient8 IContinu•dl Flx•d as8•t InvMtm•nts rnvalu If the fixed asset investments were to be caffied al thwr historica cost val they would hav8 a Value ol £862.86312022 - £687.4821. 16 Stock• 2023 2022 Stod(s 7,029 12,087 17 O•btor¥ 2023 2022 Amount• f•lllng du• wlthln on• y••i: Trade debtors Other debtors Prepayments and a¢¢N•d income 72 180.612 935 388 20,154 88.521 161,619 109.C63 18 Cr•dltor•: •mounts f•lllng du• wlthln on• yr 2023 2022 8*nk loans Other taxation and social s•cunty Tr8de ¢redrtors (Xhef ¢rèdilor5 Accruals and defèrred income S.598 4,650 2.674 2.188 46,672 5,460 4,821 20,928 1,414 17,8e6 61.782 $0.489 19 Cr•dltorn: amounts lalllng du• 4ft•f more th•Tr onè y•ar 2023 2022 Motès Bank loans 37,781 43.379 -23-
PETERSFIELD MUSEUM AND ART GALLERY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 20 Loan¥ and o¥erdrnft¥ 2023 2022 Bank loans 43,379 48,839 Payable within one year Payable aftèr on• yèar 5.598 37.781 43.379 Amounts induded abo which fam due after five years.. Paygble by instalmerrts 13,937 20,123 21 Retlrnrn•Trt b•n•flt •¢h•m Dellned contrlbution •ch•m The charrtable company operates a dfin contrknJtJn p8nsion s¢h•m* lor quob.ng employees, The assets of the stheme are held $¢paraiety frcrfn those of the thafttable oynpany in an independentty adminislored fund. The Charge to profft cff loss in r•sp8¢1 of dtfined c4Jntribution Sch•M was £3,26712022- £3.4571. 24-
80¢2 00(y¢npW(OOfD (Ti N ¢0 ¢4 ¢JJ rthl* O C iri i) i)
¥J• Ec£ Zl q)iJ o (¥ 00¥
PETERSFIELD MUSEUM AND ART GALLERY LIMrrED NOTES TO THE FINANCIAL STATEMENTS IcoMfiNUED) FOR THE YEAR ENDED 31 AIARCH 2023 An•tyJl8 of net ass•ts b•twwn lufftd¥ UnYMtrietod R¢•trlct¢d lund• funds 2023 2023 Totsl unrnjtrlc1 R•stricted fvnd¥ fund* 2022 2022 Total 2023 2022 Fund balances at 31 PAarch 2023 are represent6d by". Tangible assets Herrtage assets Ir¢vestments CLI1 assels1l1ialitS1 Long le h'at4ilies 292.697 2,789,786 3.082.483 168.450 110.250 278.7 643.339 37.715 881,054 {121,3161 321,762 200,448 137.7811 137,7811 3O).629 2,863.391 167.6LN) 110,250 711. 42.180 58,118 207.964 143.3791 3,164.020 277,850 753,245 266,082 143,379) 945,389 3.259.513 4,204.¥J2 1.194,033 3,223,785 4,417.818 26 FIMn¢l•l cofflrnllm•nt•. grnnI•m •nd ¢onOng•nl U•blllllo• In the •venl of a breath of Ihe tenns of the Herrtage Lottary Fund gr¥nl. Ihe fund rnay T•quir• rop8ymenl of all or part of Ihg payments rnade to the museum to dole. AS at 31 IAarth 2023 ihe maximum liability under Ihis proWSn was £I.522,(2022.. £1,421,694) The Hentag8 Lottery Ftsnd has bèen granted a first tharge over 01 the ass5 of the thtable company 8$ in the event of a tsath ol the conditions ol the grant, thè Hefitsge Lottery Fund may require repayment of all or part th the grant paid lo date. Petersfield Town Counul has been granted a tharge over th8 freehold woperty 81 Peter5field MLtseLm as in the event of a breath ol the conditions of Ihe 9rant, the counul may require repayment ol all or part of the grant paid to date. 26 Ca•h g•n•r•tsd from op•rntlon• 2023 2(122 Deficat for the year {212,916 137,8731 Adjvslmenls Iw. Inveslmenl income r¢cognised in Stement of fnan(ial actitleS Gain on disposal of investments Fair valuts gains and losse5 on inveslments Depreaation and impaimgnt oftsrrgible fixed 8ssets Investment management fees I27,9) 18,4711 48.948 83.333 9,000 124,642 17,8351 134.5101 75,020 Movemenls in wtrking caplal.. D8crèasellin¢re85el In stocks IlrueasalldÈcrease in debtLYs 1ncfeaselldecrea in credit 5.058 152.5561 11.155 (7,871} 270,819 I44.2L) Cash labsorbed byVg•nernt•d frnm op•ratlon• 1144,4391 197.902 -28-
PETERSFIELD MUSEUM AND ART GALLERY LIMrrED NOTES TO THE FINANCIAL STATEMENTS {coKfiNUED) FOR THE YEAR ENDED 31 MARCH 2023 27 An•1¥ of ch•nges In n•t fvnd• Atl 2022 Ca•h Ilow•At 31 IA•r¢h 202J Cash al bank and In hand 195.421 1101,8411 93,580 Lr)ans falling due wilhin one year Lo8ns faling due after than on• year 15,4601 143.3791 1138) 5,598 IS.S981 137,7811 146.582 98,3811 50,201 29-