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 num1￿1 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 11￿14 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•nd*tt r•port St•l•m•nt offfin￿d￿ 10 BJl•nc• •ho•t 11 Stat•rn•nt al ¢￿h fi 12 Not•s to th• fir￿7¢#•1 *al•M￿th 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$ocJation, the Companies Act 2006 and "Attounting and Rewjrting by Charth"es'. Statemenl ol Recommendèd Practicè applicablè lo tharrtie5 prepariJ)g their accwnls in accordance with the Finanoal RwtirKJ Sthndard apthble in the UK and Rapubllc of Ireland IFRS 1021" (effective 1 January 20191. During th8 cour8e of the year under r•4ryew, and lo recowise the gro￿n9 ￿nF￿rtanCe of its art collection5 and the irnpact of exhibitions in the Flora Twort Gallery. the organisation changed rts regislered name to PETERSFIELD MUSEUM AND ART GALLERY LIMITED, Ihereinafter called PMAGI w￿ESt keeping the same ragi61ration numbers and con5titulion with the Charrty Commrssim and al Companies House. Obl•etl¥M •nd ah Pelersfièld Museum and Art Gallery is a r•￿stered charrty and company limil*d by guaranlee. It 1$ 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 In￿Me il raises from admissions. inierest on in¥Yslmenl8 and other fundraising •cIMties. The c*arity's objects are lo a¢fvance the edl￿a￿.¢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 P￿erSfie￿￿ and the area. Th• tharrty measures its $Ltt•SS against the atY)v• obJec*¥es by rts lo￿[ of Mgaggmenl wrth th• public eithèr by the number ol wsilors to Ihe mus•um or attend88s al its outreath events. In all bul name ￿ are stil a new museum fo¥oMng Ihe redevets)r￿en1 and relurbishn•nl of Ihe ¥knd8 srte end, as such, are stiN building comparab.ve figurès against whl¢h lo rneasuo wo￿8$. 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• dec￿e￿ 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 ￿sIr￿merS haw visrted the c*ering 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 ¥th￿h 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 w*tors to the Museum and GaI￿ry 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(p*r￿￿ 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 'Tra￿S 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 G￿￿0￿ 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 I￿ttl sabre from 'Star W¥s', on loan from the Royal ArMoUr￿5 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 Novern￿r 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 f￿M 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 I￿ned 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 e￿ryOne 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 commis5￿n,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 c￿lectiC￿$ in aC￿rdance pfcyer professic￿81 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 a￿e$s, eilhef by apwntment or on wt4i¢ open days, to the Edward Thtyn¥s s￿dY Cfjnlre. The cost ol entry to Ihe museum and galery is Set at a level conlinues to compare wo11 with oth8r k*c41 museums and the charges for a￿1￿1￿e8 are ojnshjered to offer gc*>J value lor money. A¢hl•vwn•nt• •nd p•rforni•ne• Fundr•l•lng •ctl¥ltl•• During Ihe year Ihe Fundraising ath'wtses C￿r￿mUe to have been underpinned by the WO￿ of tyjr FIr)an￿ Trustee Jeremy Mitchell and another Museum Trustee. Peter Taylor. who has considerable •xper￿n¢8 in this field. Both undertake woth on I￿￿1ng app￿cat1￿￿S and fewtiThJ in a votyjntary cap8rJty. They were assisted this y*ar by Markets'ng and CommuN¢8t￿$ Manager Lv*is Vkbb, who had a fundraislng respon￿bi1￿Y 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 f￿Sed ￿ 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 BI￿s, who was 8pptynted in J￿V 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 de￿gnat￿hg 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 le￿1 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 C￿leCt￿n$ 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$lde tyjr direc* ar80, thanks lo Inuaasèd matheting, we hope to hold an intemats'onal exhth'I￿n in the not loo faf distant fulure. structur•, gov•rn•n¢• and m•n•g•m•nl Gov•rnlnq docum•nt Petersfield Museum and Art Galery Lirnited is a charitat4e company limited by guarantee, incryt*ed on 21 Fèbfuary 2005 (registration number 05370758) and registered as a on 4 Awil 2C(J5 Iregislralion number 11088171. The companvs Memorandum of Associal￿n estsb￿shed the objectives and powers of the charrtable cLJrnpany, wthich 1$ goveme(l under rts Artides ol Association. In the event of the o)mpany being wound (tp subs￿1b1￿9 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 gu￿elir*s, Ternowng the category of Sub%nbing Members, who aT6 now 'Fri￿dS 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 ￿rr￿1 ￿NstItU￿On. The onty Voting Members are the Trustees Diredor5 of Petersfiekl Museum and Art GaI￿ry Limrted. Under the requ1￿mentS 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 reg￿tratiOn. 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 G*ry Direclor their team. The board and Staff are respon￿ble lor the displays. C￿lleCtionS 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 oL*ain 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 (App￿ted 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 Ta￿01 (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, 0￿r$aW the move ol the museum artefacls from 8nd back lo the Museum ¢Juring the r&deveJopment. It is thanks lo her Ihat th& moves went so smoothty. We wlsh her well at her now post al Iha YtrksPMre s￿Ure Park. In July 2022 LaU￿n Weyland. who w¥s first our A￿'Stant EduraJ"M OffKer. and then the Customer Engagement Officer, left us for a post ol Operaticffjs Managar ai Famham Museurn, and Joe Shepherd who deatt with Visitor Experience and marketing left for a post * FaMh￿ Malb"ngs. We ￿$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 ￿c*eaSe th• ol Truslees and de￿ • more divers8 Board. We have a¢Jverti$ed widefy and. as a result now have rTh)re trustees. Ann BrfK*s. who 15 the oJrrenl Chai￿rSOn of the Petersfiekl Histoncal Souèty. arKI who has a great interesl in archaec4ogy, Joined us in January, whilst Rlchafd F05t8r, who is thg Feuows, Librarran and keeper of the wl cdkclion at Wnchèster College. and Janel Sinclair. who is a member of ICOM and an art ￿st(￿n. airalor and 18CtLtrw, have been apFM)inted and I0￿e4 us at the April 2023 Board Meeting. Luc Blais joined u5 in Juty ￿23 as our new Treasurer as Jeremy Mitcheif relinquishes Ihal part ol his role. Rlsk manag•m•nl The truslees have a duty to identify and the risks to which the chanty is exposed and to Wtsure appropriate controls are in pla￿ lo provtde reasowbable assurance against fraud and error. Induetlon and tralning of trust••4 All ne%￿Y appointed tntstees are prOV￿led *ryth a ful irrtrLNludion lo the charity. mthding meeting %bith existing tnjstees to ask any quèstions they may have. They are also given arxe55 to the Ch¥th"es Ctynrnission's guidance the essential tmstee.. ￿at you nèed lo know. whal you r7eed to do.. New tnJst*ès are required to meet vthh th8 boafd a5 a whc4e before their aprth"nlment is confimed and are offered the opportunty to attend training for thew iole as truslee. PETERSFIELD MUSEUM AND ART GALLERY LIMrrED TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 ststenwnt of tru¥te•4' responslbllit The trustees are also the directcrfs of Petersfield Museum Limited la ccrfnpany lirnited by guarwlteel lor the Purposes of cornpany lawl are resp￿sIble for prepanng the Report of the TrustÈ&5 and Ihe financAal stslements in aourdance wrth apF4trca￿e law and Unrted I(￿￿orn Accounb'ng Stsndard$ (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 cL￿Siste￿I￿,. obs¢Ne the methods and principles in the Charity SORP., make judgemen15 and estimates thai are reasonable and pfudenl., p￿pare the financial statements on the going corKem ba￿5 unless it is inapkryiriaie to pr￿Ume th81 the chgfitable company *ryll c￿tr"n￿8 In business. Th* trustees are responsible for keeping yoper accounting rec￿dS which disdos& wth reasonable accuracy at any bme the financial po$ilion of the Charita￿e Company and to enable them to ensure that the fin￿ClaI statements cornpty with the Companies Act 20Cfj. They are also re5p(fftsible lor safeguarding the asse15 of th¥ chaiitstrAe company and han￿ takmg reasonable step$ fty the wevenI￿ and det¢Cts"on of fr¥ud and other Irregularities. In so far os the tru$tee$ ar¢ ￿￿¢.. IheTr ig no ral*vant 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 &rtK*s, a ￿$0￿tion woposing thgt Azets ALtdil Sefvices b• reappoinled as auditor of the company wsll be put at a General Meeting. Dl•¢lo•ur• of Snfommtton to •udltor Each ol the trustees ha5 ￿n￿rnie￿ that there is rn Informati￿ of which Ihey are 8w•re which is rekvant to the audit, but of wttith the auditor is tsnawa￿. They have furlher confimed that ihey have taken appropriate sleps to i¢entify suth relévant inlomalion and lo eslatlr5h Ihat the avdrtcff is awa￿ of such information. The tr4t tees. report was approved ty the Board olTN$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 pOI￿leS. Th• finanaal raporting framework that has been ap￿Iean￿, exemplions in Preparing th8 tru￿**5. report and from the requiremenl lo prepare a strategic report. R￿PO￿lbIlltl•I oftru•tM• A$ explained more fully in the sta1wn￿l of tru￿e•s. reSpon￿bIll￿$, th& Irusteos, who are also tho dlrectors of the chantable company for th* purpose ol company law, ar• responsib￿ for Ihe weparation of the financial slalemonls and lor boing satisfied Ihal they give a true and lair vlew. and for 5uth inlemal control as the trustees delemiine is noce$sary lo enable the Preparation of sthlemenls that are free Mat￿81 wAsstalemenl, whether due 10 fr8ud or error. In Preparing the financial stalemenls, the tmstees ar• responwble for asSes￿ng 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, Indiv￿￿allY or in the aggregale. Ihey could reasonabty be expecled lo inlluerKe the ￿)noMiC deasi￿S 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, I￿uding fraud, aw instances of non￿r￿1p[1anCe with l•vs and Tegulations. We deswn prr*edures in line wrth our re¥W)n&brfit￿. rA￿lne￿ atym. to detect malefial rnisstatements in respect of irregulaiilie8, inthding fraud. In ￿Sponse to Ihe risk of wregubanb.es and nOn-r￿m￿.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"g￿lon 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 ￿fi￿dered lo have a dir•¢t material effect on the financial slalements ￿ the operations ofthe enlty through enquiry and insperaion., Rewewing finanual statement disclosures and t*sting Its suppo￿"ng docLbmentalion lo assess COM￿￿nCe 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 bus￿esS 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 irTeguIarrt￿S, 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•$cnpliM of our responsibiliti'es is available on the Financial Reporting Councal's website al.. http8.'11 www.frc.org.UklOur.WorkjAud￿A￿￿rt-an&è$suTanceISfandards-￿￿gU￿0neelS1Orbd#r￿S•an￿g￿I￿anco-fOr- audilorslAUdrtors-fèsponsibilrties-for-audit￿1e￿pII0n-Of-audllo￿s￿sibllrties-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 respOn￿bI￿ty 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 In￿StMent management fees Museum activNie8 438,837 44.803 481.440 327,737 147,675 475,412 Total charltsb •XpondI￿l• 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,$47 3.103,144 4,455.691 Fund balan¢•• at 31 March 2023 945,389 3259.513 4.204.9)2 1.194,033 3.223.785 4,417.618 Thg statement of finanual a¢b"wties indude5 all gains and losses recagnised M) the year. All income and eXpendItu￿ d￿¥Ve ¢¢)nl*)uing adjvitbes. The Statement of financial ac1wit￿S also c(￿￿leS v*ilh th• wirements an inccrtne and expenth.lure account under the Com￿n￿sAcE 2(￿. 10- PETERSFIELD MUSEUM AND ART GALLERY LIMITED BALANCE SHEET AS AT31 MARCH 2023 2023 2022 Flx•d •••et• Tangible a55eis Heritage assels Investment$ 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 in￿rne 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 Statem￿1$ have been wepared in a(xordance thè tharita￿e company's g0￿MIng documenl, the Companies Act 20C6 and -Accounttrng and Rep¢￿tir￿j 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 IrtiL￿al wrrenty of tha charitable ccfflpany. Monetary amounts in these finanaal statemenls *e rounded to the ne¥ie$l £. The flnanc4al statem•nts have been prepared under the hIst￿lCa1 cosl &￿Verttk￿. and lo indude ￿vestm¥nI properts'es and ￿rtain ffinan(481 instrumenls 41 fair vahje. The principal ac¢ounb"ng poticies adopted are s&1 tyJl below. 1.2 Golng cone•m Al Ihe ijme ol approbryng the finanLyal stal•menl$. the Iwstees have a reasonable èxpectation Ihat the charitable company has adequate r¢sour¢es lo continue in operational exister￿e for the foreseeable future. Thu$ the truslees conbnuè lo adopi the gory c**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)|**Total**Unrestricted
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• y￿r 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 d*fin￿ contrknJt*Jn p8nsion s¢h•m* lor ￿ quob￿.ng employees, The assets of the stheme are held $¢paraiety frcrfn those of the thafttable oynpany in an independentty adminislored fund. The Charge to profft cff loss in r•sp8¢1 of dtfined c4Jntribution Sch•M￿ was £3,26712022- £3.4571. 24- 80¢*2 00(y¢npW(O*OfD (Ti N ¢0 ¢4 ￿ ¢JJ rthl* O C ￿ iri i) i) ¥J• Ec£ Zl q)iJ o (¥ ￿00¥ PETERSFIELD MUSEUM AND ART GALLERY LIMrrED NOTES TO THE FINANCIAL STATEMENTS IcoMfiNUED) FOR THE YEAR ENDED 31 AIARCH 2023 An•tyJl8 of net ass•ts b•twwn lufftd¥ UnYMtrietod R¢•trlct¢d lund• funds 2023 2023 Totsl unrnjtrlc1￿ R•stricted fvnd¥ fund* 2022 2022 Total 2023 2022 Fund balances at 31 PAarch 2023 are represent6d by". Tangible assets Herrtage assets Ir¢vestments CLI￿￿1 assels1l1ia￿lit￿S1 Long le￿ h'at4ilies 292.697 2,789,786 3.082.483 168.450 110.250 278.7 643.339 37.715 881,054 {121,3161 321,762 200,448 137.7811 137,7811 3O).629 2,863.391 167.6LN) 110,250 711. 42.180 58,118 207.964 143.3791 3,164.020 277,850 753,245 266,082 143,379) 945,389 3.259.513 4,204.¥J2 1.194,033 3,223,785 4,417.818 26 FIMn¢l•l cofflrnllm•nt•. g￿rnnI•m •nd ¢onOng•nl U•blllllo• In the •venl of a breath of Ihe tenns of the Herrtage Lottary Fund gr¥nl. Ihe fund rnay T•quir• rop8ymenl of all or part of Ihg payments rnade to the museum to dole. AS at 31 IAarth 2023 ihe maximum liability under Ihis proWS￿n was £I.522,￿(2022.. £1,421,694) The Hentag8 Lottery Ftsnd has bèen granted a first tharge over 01 the ass￿5 of the th￿table company 8$ in the event of a ts￿ath 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 St￿ement of fnan(ial acti￿tleS 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-