REGISTERED COMPANY NUMBER: 05370758 (England and Wales REGISTERED CHARifi NUMBER: 1108817 REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 FOR PETERSFIELD MUSEUM &ART GALLERY LIMITED (A COPAPANY LITED BY GUARANTEE)
PETERSFIELD hlUSEUM & ART GALLERY LIIAITED CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Page Report of the Tntstees 1 to 7 Report of the Independènt Auditors 8 to 10 statsment of Financial Activitlos 11 Balance Sheot 12 Notes to the Financlal Statements 13 to 27
PETERSFIELD MUSEUM & ART GALLERY LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 The Truste8s who are also direAors of the charity for the purposes of the Companies Act 2006. present their report with the financial statements of the charity for the year ended 31 March 2024. The financial statements have been prepared in adan with the accounting policies set out in note 1 to the financial statements and comply with the charitable company's Memorandum of Association, the Companies Act 2006 and 'Accounting and Reporting by Charitres. Statement of Recommended Practi 8pplicable to charrties preparing their accounts in accordance with the Financlal ReF>Jrting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). OBJECTIVES AND ACTivrriES Objectlves and aims Petersfield Museum and Art Gallery is a register&1 charity and company limited by guarantee. It is an independen( accredrted rNseum and CurntlY receives no statutory or govemment funding beyond a small, annual grant from Petersfield Town Council. All running costs. including staff saL8ries and collections care costs, are met from income it raises from admissions. interest on investments and other fundraising activities. The charity's objects are to advan the education of the public by the establishment and Maintenan of a museum for items of historical and archaeological interest, archives, photographs, flora and fauna together with arts and crafts especially Ihose relating to the town of Petersfield and the surrounding area. The charity measures its susS against the above objectives by rts level of engagement with the public either by the number of visitors to the museum attendees at its outreach events. In all but name, we are sts'll a new museum folbhirwJ the redevelopment and refurbishment of the whole site and, as such, are still building comparatNe figures a38inst which to measure prcgress. We are pleased that our admissions have increased from 4.443 in FKevious year to 5,186 this year, a rise of 170A. Non-standard admissron engagement (edUtiOnal activity, outreach. culiural events & venue hire) increased from 5.625 in the previous year to 7,259, a rise of 290h. The refreshed Museum and Art Gallery Coffee Shop enjoyed its first full year under the direct management of the Museum. We estimate that 8,565 customers have visited the catering facilty during the year, compared to 4,938 in the previous year, an increase of 73Y. The trustees have paid due regard trj guidan issued by the Charity Commission in deciding what activities the charity should undertake. Page 1
PEfERSFIELD MUSEUM & ART GALLERY UMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 OWECTIVES AND ACTIVITIES Significant actlvlties 2023r24 was the second year in which the Museum and Art Gallery had a full year of visits frorn the public after the major redevelopment, and it was also another year of numerous exhibitions and grO£h in engagement. The number of visrtors to the Museum and Art Gallery incyeased again, though on a daily basis there is still a great vartation in the nUMLrs. In the Flora Twort Gallery, the Museum and Art Gallery continued to prcgramme fresh and interesting temporary exhibib'ons for visitors to engage with. starting with an eXhibit)n of some of the interesting works of Catherine Knight, an artist from Bristol. entitled Long Shadt)ws. The sertes of arLworks were painted during a stay in Norway by the artis( and the display was the first solo exhibition of this series of paintings. This was followed by an exhibitDn of paintings tided Modern Icons by the well-regarded artist, Anita Klein who has, throughout her career, been greatly influenced by her residen and interest in Italy. Following that the Museum and Art Gallery held its first exhibition of ceramics by Nitholas Lees enb'Jed Abstract Vessels. The quality of the work was superb wth the result that the V & A Muum purchased one of his works for their collection. The year concluded wtth Sarah Butterfield. a regionally renowned artist showing a series of paintings titled Dusk and Dawn on the Solen( which stKJNcased vrews across the Solent at different times and seasons of the year. In the Petersfield Gallery. which is in the new building connecting the fomier poli station to the old town courthouse, there yre temporary displays to celebrate the 50th annNersary of the Petersfield Area Historical Society, who founded the museum back in 1999, some beautifvl lteff from the Edward Bamsley Workshop to illustrate 100 Years of Craft and latterly Life Through a Lens displaying a range of work from the Museum and Art Gallery's large photography archive. The Flora Twort Collection display in the gallery was updated showing a wide range of her wort. In the Standfield Gallery the Museum and Art Gallery was delighted to display two series of Gyles Brandreth's Fun and Fabulous JumpeTS which, over the years, he has wom on television and then has had manufactured. Accompanying the jumFErs were photographs of lebr]i]eS who were wearing the jumpers. As an extra to the exhibition, there was a competrtion to Produ a new design which was then made by one of the Museum and Art Gallery's volunteers. The winner of the compelition had the satisfaction of seeing their completed design wom on TV by Gyles Brandreth on Christmas Day 2023. It was also hugely encouraging to note that a sizable proportion of the visitors to the Gyles Brandreth exhibition came from a wide geographical area. The Engagement side of the Museum and Art Galery continues to Ik eXtMetY suSSfUl, and has offered a WKJe variety of output from theatre, live music, cinema, lectures, hands-on acb'vits'es workshops, art classes, walks and talks that are now very well supported by the publrc with many of the events being selling-out. The decision to rrrf)ve the catering operation 'in house, and cou e it with providing refreshments for all events at the museum has tumed out to be very successful. The hospitalty team now have many regular customers as well as visrf(ors to the Museum and Art Gallery , which has helFed over the quieter, winter months. In the summer the tables outside in the coutyard have been well utilised. The added advantage of operating a full bar at events at the museum has proved to be a good income source. The 'Friends' and 'Supporterf schemes have continued to thrive and it is hoped to expand this in the fLrture. as it is a steady fom of income. The Board wishes to thank all the volunteers for their support in various roles,. they have done an amazing job during the year. thout their continued help trE Mu*um and Art Gallery could not function as a resource available to the public. Page 2
PETERSFIELD MUSEUM & ART GALLERY LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 OBJECTIVES AND ACTIVITIES Public benefit In shaping the obiecbves for the year and planning the activitES. the Board has considered carefulty the Charity Commission's guidan on public benefits. The museum and art gallery provides public benefft through a range of acb'vities, including providing educational actNities. by its contribution to histortcal research regarding the town of Petersfiekl and the surrounding area and preseNation of historr(21 artifacts relating to the k)cal area. The trustees believe that the chanty fulfills its objectives and provides wblic benefit by: - opening the museum and gallery to the public and providing a high-quality experien. - caring for the collections in accordan wilh proper professional standards. - providing educab'onal ath'vities for schools, colleges and the general public. - faciltsting activth'es for special interest groups. vnrking to the hMFK)rtan of the sludy of the history and archaeology of Petersfield and the surrounding area. making exhibitions of art and other objects with national and intemalional interest accessible to residents of the town and surrounding areas, as well as those who do not live locally. - providing access, either by appointment or on public open days, to the Edward Thomas Study Centre. - free entry for Under 18s from Dember 2023, funded intiialEy by a grant from a local private charitable trust The cost of enty to the museum and gallery is set at a level which continues to compare well with other local museums and the charges for activities are consklered to offer g(x)d value for FrK)ney. ACHIEVEMENT AND PERFORMANCE Strategic Revlew The description under the headings "Achievement and performance" and 'Finanoal reviw meet the company law r&Ulrerr£nls for the trustees to psent a strategic report. Fundrablng activities on again fundraising activitEs have been led Tn house on a voluntary basis by one of our Trustees and, as ntIon elsewhere have focused on successfijlly raising the fijnds necessary to stage the Peggy Guggenheim: Petersfield to Palazzo exhibib'on. Coupled with other duts"es, this has meant that other fvndraising has not been as active as it might but next year, wth a nre settted financial team, a strategic review of fundraising will take place and recommendations for strengthening the fundraising resource will be wt to the Board. Fundraising effort will then be concentrated on seeking to raise fvnds from Charitable Trusts and Foundations, developing a 'Legacy Gwing. programme and implementing regular giving and endowment schemes. As always, the Trustees are grateful to Petersfield Town Counal for their perennial grant of £2,500 towards general running costs and occasional. small, prOjeCtelated grants fiDm East Hampshire Distiict Councillors. Page 3
PETERSFIELD MUSEUM & ART GALLERY LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 FINANCIAL REVIEW Financlal position The financial statements for the financial period ending 31 March 2024 show a net outhow of £385,300. Whilst this is a significant figure, the actual 'cash' oufficAv is considerabty less owing to.. (i) Museums and Galleries Exhibition Tax Reltef (MGETR) eipts of £134,986, reiVed during this financial period, being ac£ounted for in the preceding financial pericmjs" and (li) The Depreciation charge of £138,009. induding a significant increase of £58,062 from our decision to start depreciating our Freeholds assets. (iii) receiving £40,875 in grants relating to next year Guggenheim exhibition The 'actual' cash ouffiow of £71,430 is largely in line with expectations as the organisations continues to invest in its infrastructu, exhibitions and public programming as it builds up to what is hoped will be a successful application to beco an Arts Counal England National Portfolio Organisation when the next round opens in either 2025 or 2026. In addttion, grants for the Peggy Guggenheim-. Petersfield to Palazzo exhibf(ion totalling £116,860 awarded during the financial period under review will be accounted for in the financial period ending 31 March 2025. The following statements no longer include trading activities such as retail sales that are not museum operations related, as they are now reported within the different entsty of PNI4G (Trading) Ltd. Reserves policy The trustees remain committed to a policy of professional curatorial direction to achieve the development of the museum and gallery and have maintained the policy of designating part of the capFtal as a curatorial fund. This p)licy was temporarily amended to assist wÈth the cost of redeveloping the enlarged site, and this amendment has been extended following the impact C reserves following Pandemic and, rrK)re lattedy, the war in Ukraine and its effect on global st(k markets. The policy in spect of UndeSnated reserrfes is to aim to hold approximately 6 mnths. running costs, currently ests"mated at £200,000. At the yearend our free reseNes were below this and it is the Trustees, aim to build the free reserves to the expected level over the next three to five years through fundraising and other income-generating activities. At present the reserves do not reach Ihe designated level and indeed are being reduoEd as a result of stock market weakness. Addttionalty. short-temi cashfiow constraints may require further draws on invested capital over the nexi year or so. Accordingly, the Finance and General Purposes committee have ask&J the new Finance Trustee, Luc Blais, to undertake a review during 2023 of the organisation's investrnent strategy. FUTURE PLANS In the report last year, it vrds Stated that tt)e Museum and Art Gallery hoped to hokl an intemational exhibitron to coincide wrth and lebrate its 25th anniversary. Thanks to the exceptional vnrk of the staff team and the Head of Collections and Exhibitions Louise Weller, this is now in pla and 'Peggy Guggenheim.. Petersfield to PalpJZZO' will run from 15 June to 5 October 2024. Thanks to strong and resilient fundraising actilnty, a high proportion of the funding required has been provided by Arts Gouncil England. the Henry Moore Foundatron and the Weston Loan Programme administered by The Art Fund. STRUCTURE, GOVERNANCE AND MANAGEMENT Goveming document The charity is controlled by its governing document, a deed of trust. and constrtutes a limited company, ITmited by guarantee, as defined by the Companies Act 2006. Page 4
PETERSFIELD hlUSEUM & ART GALLERY LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 Petersfield Museum and Art Gallery Limited is a charitable company limited by guarantee, incorporated on 21 February 2005 (registratson number 05370758) and registered as a charity on 4 April 2005 (registration number 11 D8817). The company's MemDrandum of Association established the objectives and powers of the charrtable company, which is govemed under ts Articles of Association. In the event of the company being wound up subscnbing members are required to contribute to an amount not exceeding £10. The only Voting Members now are the Trustees and Directors of Petersfield Museum and Art Gallery Limited. Under the requirements of the Memcxandum and Articles of Associats'on, at each annual general meekn'ng one third of the directors must retire from office. Retiring directors may offer themselves for relection. Directors are recruited for the mix of sk'lls and talents required for a company and charity of this nature. The Company is the sole trustee of the Flora Twort charity. which has a separate Charty Commission registration. The board has overall responsibilty for policy. for finan and for the provish)n of facilities needed to enable the Museum and Gallery to fulfill its objects. Vthilst many aspects of day-tt>day management have evolved towards the Museum and Gallery DireGtor, the Board remains the ulbmate decision-rnaking body. taking into account informat provided by the Museum and Gallery Director and their team. The board and staff are resFonsible for the displays, Co1ctIOnS of archive and arbfact material and the education prograrnme. Surplus funds are placed either on deposit wrth the company's bankers or with licensed deposit takers in order to obtain the best retum commensurate with security of funds and the need to retain cashtlow. Staff There have been a number of staff changes during the year. Lewis Webb who joined in September 2022 from the education sector as (Jjr Markeb'ng and Development Offitsr. and who developed the way that the Museum communutes with the outside world, decided to return to education in August 2023. Molly Hoffman, who joined in July 2022 as Customer Engagement offir, and who developed the shop offer enomious, continually introducing new and exciting product lines, also left to go back into education in Newcastle. The Museum and Art Gallery wish them both well. Vle were joined by Molly Schmidt in August 2023 as Marketrng and Communicat'ons Officer and Emity Langrish joined in November 2023 as Customer Engagement Officer. Trustees It has been a settled year for the Trustees, though the organisation was sad to lose Peter Taylor, who reSned for personal reasons. Peter proved invaluable in helping to oblain funding from outside sources, aided by his valuable personal connections. The Museum and Art Gallery shall rtainlY miss him. In June 2023 , the Museum and Art Gallery wes joined by Luc Blais in the role of Treasurer, tsking over from Jeremy Mitchell, who is now concentrating on Fundraising. Luc has wide experien, having been the Finan Director of veral major companies. Finally. long-standing Char, Vaughan Clarke will be stepping dovm from the role after some 19 years, having had the privilege of watching the organisation grow from a purely amateur group to a fully professional outfit Induction and training of new tteeS All newly appointed trustees a provided with a full introduction to the charity, including meeting with existing trustees to ask any questions they may have. They are also given access to the Charities Commisston's guidance 'the essential trustee.. what you need to know, what you need to do.. New trustees are required to meet wrth the board as a whole before their appointment is confimed and are offered the opportunty to attend training for their role as trustee. Risk management The trustees have a duty to entfy and V*ev the risks to which the charty is exposed and to ensure appropriate controls are in place to provide reasonable assuran against fraud and error. Page 5
PETERSFIELD MUSEUM & ART GALLERY LIMrrED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number 05370758 (England and vleS> Reglstered Chaiity number 1108817 Registered office St Peters Road Petersfield Hants GU32 3HX Trustses L Blais (appointed 11.7.2023) V R Clarke FMECook R E J Foster {appointed 11.4.2023) W E Gosney E A Brooks A Jones P Martin J Mitchell S Murfitt W A C Nornington J A Sindair (appointed 11.4.2023) Company Secretary S Murfitt Auditors Morris Crocker LimTted Chartered Accountants statutory Audftors stab.on House North Street Havant Hampshire p091QU Museum and Gallery Director Dan Mcwlliam Page 6
PETERSFIELD MUSEUM & ART GALLERY LlhlTED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 STATEPJIENT OF TRUSTEES, RESPONSIBILITIES The trustees (who are also the directors of Petersfield Museum Limited (a company limited by guarantee) for the purposes of company law) are responsible for preparing the Report of the Trust*s and the financial statements in accordan with applicable law and United Kingdom Aunts.g Standards (United lfjngdom Generally A¢pted Accounb'ng Practsce). Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the stste of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the tharttable company for that period. In pparIng those financi81 statements, the trustees are required to - select suitable acxounting policies and then appty them consistenty. - observe the methods and prinaples in the Charity SORP,. - make judgements and estimates that are reasonable and prudentr, prepare the financial statements on the going concem basis unless tt is inappropriate to presume that the charitable company will continue in business. The trustees are responsible for keeping proper anting records which disclose with reasonable accuracy at any time the financial posits'on of the charitable company and to enable them to ensure that the financial statements comply with the CompanEs Act 2006. They a also responsible for safeguarding the assets of the charitable company and hen for taking reasonable steps for the prevention and detection of fraud and other irregularib'es. In so far as the trustees are aware." - there is no relevant audit infornation of which the charitable company's auditors are unaware; and the trustees have taken all steps that they ought lo have taken to make themselves aware of any relevant audrt information and to establish that the auditors are &¥vare of that information. AUDITORS The auditors, Morris Crocker Limited. w1 be proposed for re-appointment at the forthcoming Annual General Meeting. Approved by order of the board of trustees on ............................................. and signed on its behalf by.. J Mitchell - Trustee Page 7
REPORT OF THE INDEPENDENT AUDITORS TO THE PAEMBERS OF PETERSFIELD MUSEUM & ART GALLERY LIMITED Opinion We have audrted the financial ststements of Petersfield Museum & Art Gallery Limited (the 'charitable company,) for the year ended 31 March 2024 which comprise the Statement of Financial Activities, the Balance Sheet and notss trj the finanaal statements, including a summary of signfficant accounting policies. The fnancial reporting framework that has been applied in their preparats'on is applicable law and United Kingdom Accounting Standards (United 'ngdorn Generally A(Lepted AOUnts.ng Practi). In our opinion the financial statements.. give a true and fair view of the state of the charitable company's atrdirs as at 31 March 2024 and of its incoming resour$ and application of resourc induding its incLime and expendrture, for the year then ended., have been property wepared in a(Lordance with United lfjngdom Generalty Accepted Accounting Practi. and have been prepared in accordan Kfjth the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with Intemational Star)dards on Auditing (UK) (ISAS (UK}) and applicable law. Our restK>nsibilits'es under those standards a fvrther described in the Auditors, responsibilities for the audit of the financial statements sects'on of our report. We are independent of the charitable company in accordance with the ethrAI requirements that are relevant to our audit of the financial statements in the UK, induding the FRC'S Elhical Stsndard, and we have fvjlfilled our other ethrcal responsibilities in accordan with these requirennts. INe believe that the audit eviden we have obtained is suffnient and appropriate to provide a basis for our opinion. Conclusions relating to golng concern In auditing the financial statements, we have concluded that the trustees, use of the going COnM basis of accounting in Ihe preparats.on of the financial statements is appropriate. Based on the work we have performed. we have identified any material UnrtaIntIeS relats'ng to events or conditions that, individually or collectively. may cast signfficant doubt on the charitable company's ability to continue as a going concem for a peric*J of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees wrth respect to going conrn are described in the relevant sections of this reFM)rL Other information The trustees are responsible for the other infomiatK)n. The other infOnatiOn comprises the infonnation included in the Annual Report, other than the financial ststements and our Rert of the Independent Auditors thereon. Our opinion on the financial statements does not cover the other inf0Mtt0n and, expt to the extent othernise explicitly stated in our report, we do not express any form of assuran conclusion thereon. In connection wtth our audit of the financial statements, our responsibilty is to read the other inf0mtIOn and, in doing so, consider whether the other infonrk2tion is materially inconsistent with the financial statements or our knowledge obtained in the audtt or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstateffEnts. we are required to detemiine whether this gives rise to a material misstatement in the financial statements themselves. If. based on the work we have perfomed. we conclude that there is a material misstatement of this other infomation, we are required to report that fact. We have nothing to rekK)rt in thi5 regard. Other matter We have audtted the financial statements of PetersfEld Museum and Art Gallery for the year ended 31 March 2024. The financial ststements indude comparative infom)ab'on for the year end 31 March 2023 that was not audited by us. Accx)rdingty. we do not express an opinion on those comparats've figures. Page 8
REPORTOFTHE INDEPENDENT AUDrroRS TOTHE PJIEMBERS OF PETERSFIELD MUSEUM & ART GALLERY LIMtfED Matters on which we are required to report by exception In the light of the knowledge and UndetandIng of the charitsble t1panY and its environment obtained in the course of the audit, we have not identified material misstatements in the Repjrt of the Trustees. We have nothing to report in respect of the folbwing matters where the Companies Act 20CE requires us to report to you if. in our opinDn.' adequate accounting records have not been kept or retums adequate for our audit have not been reIVed from branches not visited by us., or the financial statements are not in agemerrt with the accounting records and returns" or certain disdosures of trustees. mUneration specffied by law are not made,. or we have not received all the infomiation and explanations we require for our audit,. or the trustees were not enb'tled to take advantsge of ihe small companies exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Trustees. Responsibilities of trustees As explained more fully in the Statement of Trustees, Responsibilities, the trust$ (who aE also the directors of the charitable company for the purposes of mmpany law) are responsible for the preparation of the financial statements and for being sats'sfied that they give a true and fair view, and for such intemal control as the trustees determine is necessary to enable the preparation of finanoal statements that are free from material misstatement whether due to fraud or error. n preparing the financial statements. the trust&s are responsitde for assessing the charitable company's ability to continue as a going concern, disdosing, as applicable. rnatters related to going concem and using the going concern basis of accounting unless the tntstees either intend to IiquKlate the charitable company or to cease operatsons, or have no realists'c altemative but to do so. Page 9
REPORT OF THE INDEPENDENT AUDrroRS TO THE MEMBERS OF PETERSFIELD MUSEUM & ART GALLERY UMITED Our responsibilities for the audit of the financyal statemeTrts Our objectives are to obtain reasonable assuran about whether the financial ststements as a whole are free from material misstaterrEnt, whether due to fraud or errcK, and to issue a ReFOrt of the Independent Auditors that indudes our opinion. Reasonable assuran is a high level of assuran, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if. individualiy or in the aggregate, they could reasonably be expected to infiuence the economic deasions of users tsken on the basis of these financial statements. From discussion wilh management and those charged with govemance information about the entity is documented to assess the activity within the organisation. We discuss management's assessment of risk in respect of irregularities, fraud and going canm. Based on these discussions and our own assessments V determined that the key risk areas were income reccKJnition in respect of cut off issues and management override nrnIng the size of the organisation. We set financial statement materialty level based on the level of inct>me. As a not for profft organisation raising income is its primary focus which is why income was used to determine the level of materiality. Our overall assessment of risk was used to detsrmine Performan materiality at an appropriate level. Substantive audit tests were designed after assessing and performing wakthrough tests. The w8lkthrough testing confimed documented systems whith have iEen designed to act as a preventative measure against fraud and error which appear to be operating as documented. Subslantive tesb'ng tested a sample of the population, preSentatiVe of the population. to identify errors. The testing did not ident'fy any material misstatements in areas tested. Audit substantive tests concluded no material errors over the key risk areas of income recognition and management override. The audit considers the organisation is not exp)sed to material risk of error as a result of assessing laws and regulations that are appropriate to the organisation. Management assessed there is no going cOnM risk. A fvrther descrrption of our responsibilities for the audii of the financial statements is located on the Financial Repong Counal's website at wfyvw.froorg.uklauditrxsresponsibilities. This description fomis part of our Report of the Independent Auditors. Use of our report This report is made solely to the charttable company's memkrs. as a body, in accordan with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable Company's memters those matters we are required to state to them in an auditors, report and for no other purpose. To the ftjllest eent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable coffpany's rrembers as a Ix)dy. for our audrt worK for this repor( or for the opinions we have fomied. P UndeNiood {Senior Statutory Auditor) for and on behalf of Morris Crocker Limited Chartered Accountants Statutory Auditors Station House Noth Street Havant Hampshire Pog 1QU Date.. Page 10
PEfERSFIELD MUSEUM & ART GALLERY UMITED STATEMENT OF FINANCIAL ACTNMES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT FOR THEYEAR ENDED 31 MARCH 2024 2024 Total funds 2023 Total funds Unrestricted Restricted fvnds funds Notes INCOME AND ENDOWMENTS FROM Donations and legacies 54.399 20,603 75,002 97,144 Other trading acbvities Investment income other income 32.560 4,960 13 744 32.573 5,704 57.881 27,990 134,986 Total 91,919 21,360 113,279 318,001 EXPENDITURE ON Raising funds 403 403 9,000 Charltable activities Museum activities 430.175 68,001 498,176 481,440 Total 430.578 68,001 498,579 490,440 Net gainsl(k)sses) on investments (40,477) NET INCOfvIEI(EXPENDITURE Transfe between funds (338,659) 14.228 (46,641) (14.228) {385,300) (212,916) 22 Net movement in funds (324,431) (60,869) (385,300) (212,916) RECONCILIATION OF FUNDS Total funds brought forward 945,389 3.259.513 4.204.g02 4,417,818 TOTAL FUNDS CARRIED FORWARD 620,958 3.198,644 3.819,602 4,204,902 The notes f(mi part of these financial statements Page11
PETERSFIELD MUSEUM & ART GALLERY LIMITED BALANCE SHEET 31 MARCH 2024 2024 2023 Notes FIXED ASSErs Intangible assets Tangible assets Heritage assets Investments 12 13 14 15 17,222 2,932,538 278.700 77,945 3,082,483 278,700 681,054 3,3CE,405 4,042,237 CURRENT ASSETS stocks Debtors Cash at bank 16 17 7,029 161,619 93,580 124,782 505,590 630,372 262,228 CREDITORS Amounts falling due within one year 18 {84.992) (61,782) NEf CURRENT ASSETS 545.380 200,446 TOTAL ASSEfs LESS CURRENT LIABILMES 3,851,785 4,242.683 CREDrroRS Amounts fralling due after more than one year 19 (32,183) (37,781) NASsE[s 3,819,602 4,204,902 FUNDS Unrestncted fund5 Restrrted funds 620,958 3,198,644 945.389 3,259,513 TOTAL FUNDS 3.819,602 4,204,902 These financjal statements have been wepared in )rdan with the provisions appli(ble to charitsble companies subjecl to the small companies regime. were approved by the Board of Trustees and authorised for tssue on . and were signed on its behalf by: he finan men Itchell - Trustee The notes fo part of these financial statements Page 12
PETERSFELD MUSEUM & ART GALLERY LIIIErrED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES Basis of preparing the financial statements The financial statements of the charrtable company, whith is a public benefit enttty under FRS 102, have been prepared in aCrdan with the Charitses SORP {FRS 102) 'Accounting and Reporting by Charities.. StateEnt of Recommended practi applicable to charities preparing their accounts in accordants wth the FnanCIal Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effectNe 1 January 2019),, Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republtc of Ireland, and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are induded at market value, as modifjed by the revaluation of certain assets. Preparatk>n of consolidated financial statements The financAal statements contain information about Petersfield Museum & Art Gallery Limited as an indiwdual company and do not contain conso5idated financial infomation as the parent of a group. The charty is exernpt under Section 399(2A) of the Companies Act 20C6 from the requirements to prepare consolidated financial statements. Income All income is recojnised in the Statement of Financial Acbvtties On the charity has entitlement to the funds, it is probable that the income will be r1Ved and the arrount can be measured reliably. Income from general donations is recognised on receipt or once the charitable company has been notified of the donab'on, unless perf0rrnan uJnditions require defetrai of the amount. Cash donations are recognised on receipt In¢X)me tax recoverable in relation to donations reiVed under Gift Aid or deeds of menant is recognised at the time of the donatKM. Investsnent income is eamed through holding assets for investment purposes. It includes dividends and interest Income from fixed Inte5t investments is recognised when reNed. Dividend income is recwnised as the charity's right to r1ve payment is established. Annual membership and life membership subscriptions are recognised in full on receipt as this income is in the nature of a gift. No accrual is induded for the cost of providing annual or life members with futu publicats.ons as, whilst the Trustees expect to continue to provide this servi, they believe there is no contractual requirement or expectation to do so. Admissions and gift shop income is recognised at the time of the reIpL Govemment grants are accounted for when receivable and any conditi.ons attached to the grant have been met. EXpendIre Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expendrture. it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliabty Expenditure is accounted for on an ac£ruals basis and has been classified under headings that aggregate all cost related to the Gategory. Imere costs cannot be direcuy attributed to particular headings they have been allocated to activits'es Im a basis consistent with the use of r&8Qur. Intangible a&80ts Intangible assets are initially measured at cost. After initi.al reccgnition. intrdngible assets are measured at cost less any a(Lumulated arrnrtisation and ary aMulated 1mpairffnt losses. The website is being amortised evenly over its esb"mated u*ful fe of three years. Tangible fixed assets Tangible fixed assets are inrtially measured at cost and subsequenty measured at cost or valuab"on, net of depreciation and any impaimient losses. Page 13 continued...
PETERSFIELD MUSEUM & ART GALLERY UMrrED NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES - continued Tangible fixed assets Individual fixed assets costing Thre than £500 have been capitalised. unless covered by specific grant or donation income. Depreciation is recognised so as to write off ts cost or valuation of assets less their residual values over their useful lives on the followFng bases.. Freehold land Buildings Plant and equipment - not provided - 2% on cost - 250k on st The gain or loss arising on the disposal of an asset is determined as the differen tetween the sale proceeds and the carying value of the asset, and is recognised in the statement of financial activ"es. Heritsge assets Over many years the charity has been given or has acquired the artifacts on display at the Petersfield Museum, including items previously displayed in the Flora Twort Gallery. A"facts are acquired when the is a conneciion to Petersfield and the surrounding area and the trustees feel that the acquisition of such items will enhan the llectIOn. The charity has a clear duty of care for these assets and to make them alIable for the enjoyment and education of the public as frar as possible, commensurate with their long tenm care and preservation. The highest FY)Ssib standards of collection management are applied by the The trustees policy was historically to include heritage assets in the accounts at their insurance value. This policy was changed in 2020. Heritage assets aGquired prior to 2020 are valued at the 2019 insuRnce value. Aquisib'ons of heritage assets from 2020 onwprds are induded in the accounts at cost. A register of heritage assets is maintsined by the curatorial staff. The museum also acquires a number of heritage assets through donation which are of a relatively minor value. Where the value of each item is considered by the curatorial staff of the museum to be less than £500 these items are not included in the accounts. The trustees consider that such items will have a minor impact on the overall value of the charity's herstage assets. th the reopening of the museum to the public, as much of the collection as is commensurate with the care and preservation of the artifacts will be put on public display. )ere a request is made for more detsiled acc&ss to an ttem for the purpose of research, eac*] such request will be considered on its individual metits. Stocks stocks are valued at the lower of cost and net realisable value, after making due allowan for obsolete and slow ffp)ving items. Taxation The charity is exempt from corpordtK)n tsx on its charitable activities. Fund accountlng Unrestiicted funds can be used in accordan with Ihe charitatJe objectives at the discrets.on of the trustees. Restricted fvnds can onty be used for pa'Cular restricted purposes wthin the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Page 14 continued...
PETERSFIELD MUSEUM & ART GALLERY LIMITED NOTES TO THE FINANCIAL STATEMENTS- contlnued FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES - continued Fund accountlng Further explanat'on of the nature and purpose of each fund is induded in the notes to the financial statements. Impalrment of ftxed assets At each reporbng end date, the charitable compary reviews the carying amounts of its tangible assets to determine whether there is any indi(2tK)n that those assets have suffered an impaimEnt loss. If any such indication exists, the recoverable amount of the asset is estimated in order to deterrrine the extent of the impairment loss. Pension Costs and other post-retirement benerts The charitable company operates a defined contribution pension scheme. Contrtbub'ons payable to the charitable company's Fenson stheme are charged to the StaÈment of Financial Activities in the period to whh they relate. DONATIONS AND LEGACIES 2024 2023 9,676 32,416 26,750 6,160 Donations Grants 7,486 84,278 5,380 75.002 97,144 OTHER TRADING ACTIVMES 2024 2023 Clubs Shop inco Talks Museum admissions 2,112 2,203 25,237 11,546 18,895 9,273 21,188 32,573 57,881 INVESTMENT INCOME 2024 2023 In¢Xsme from listed investments Deposit aixount interest 5.128 576 26,147 1,843 5,704 27,990 All investment income is derived from assets held in the United Kingdom. Page 15 continued...
PETERSFIELD MUSEUPA & ART GALLERY LIMITED NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 RAISING FUNDS Investment management costs 2024 2023 Portfolio rrranageTrEnt Loss on revaluation 257 146 9,000 403 9,000 CHARITABLE ACTrVITIES COSTS Support costs (see note 7) Direct Costs Totals Museum activits.es 479,978 18,198 498,176 SUPPORTCOSTS Goveman costs Finan Totals Museum activities 2,542 15,656 18,198 Support costs. induded in the above. are as fcAIows: Finance 2024 Museum athvits'es 2023 Total acts'vities Finan costs Health and safety 1.020 1,522 4,477 14,815 2.542 19,292 Governance costs 2024 Museum activities 2023 Total activities Auditors, remunerat'on AcGountancy and legal fees Professional fees 7,750 5,385 2,521 8,650 12,678 7,210 15,656 28,538 Page 16 continued...
PETERSFIELD MUSEUPA & ART GALLERY uMrrED NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 31 MARCH 2024 NET INCOMEI(EXPENDITURE) Net inc))nEI{expendrture) is stated after charginty{credib'ng): 2024 2023 Auditors, remuneration Depreciation - owned assets Website 8mortisation 7.750 138.009 2,778 8,650 83.333 TRUSTEES, REhWNERATION AND BENEFITS There were no trustees, remunerab'on or other benefi15 for the year ended 31 March 2024 nor for the period ended 31 Marth 2023. Trustees. expens During the year a total of £3:166 (2023 - £1.514} was paid to 5 trustees (2023 - 2 trustees) in respect of the reimbursement of payments made on behalf of the charrty. 10. STAFF COSTS The key rnanagent personnel of the chartty comprise the museum curator, the museum dItOr and the head of engagement. The total employ& beneffts, comprising salary, pension contributions and Employers National Insuran contributions of the key management personnel of the charity were £107,430 (2023.. £80,586). No employee received emolunEnts in eXS of £60,000 (2023.. none). 11. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVMES Unrestricted funds Restricted ftjnds Total funds INCOME AND ENt)OWNEKfs FROM DonatKins and legacies 13,342 83.802 97,144 Other trading actiVFties Investment income Other income 57,881 26,796 134.986 57.881 27.990 134,986 1,194 Total 233,005 84,996 318,001 EXPENDITURE ON Raising funds 9.000 9,000 Charitable activities Museum aGbvities 436,637 44,803 481,440 Total 445.637 44.803 490,440 Net gainsl{losses} on investnEnts (36,012) (4.465) (40,477) NET INCOMEI(EXPENDITURE) (248,644) 35,728 (212.916) Page 17 cont'nued...
PETERSFIELD MUSEUM & ART GALLERY LIMITED NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 11. COMPARATIVES FOR THE sTATEFNT OF FINANCIAL ACTIVITIES - continued Unrestricted Restncted fvnds fijnds Total funds RECONCILIATION OF FUNDS Totsl ftjnds brought forward 1.194,033 3,223,785 4,417,818 TOTAL FUNDS CARRIED FORWARD 945,389 3,259.513 4,204,902 12. INTANGIBLE FIXED ASSETS Website COST Additions 20,000 AMORTISATION Charge for year 2.778 NET BOOK VALUE At 31 March 2024 17,222 At 31 March 2023 13. TANGIBLE FIXED ASSETS FfhokI propety Plant and mathinery Totals COST At 1 April 2023 Impairments 2.903,117 375,251 (53,676) 3,278,368 {53,676) At 31 March 2024 2.903.117 321.575 3,224.692 DEPRECIATION At 1 April 2023 Charge for year Impaiments 195,885 79,947 (41.740) 195,885 138,009 (41,740) 58.062 At 31 March 2024 58,062 234.092 292,154 NEf BOOK VALUE At 31 March 2024 2.845.055 87,483 2,932.538 At 31 March 2023 2,903,117 179,366 3,082,483 The land and buildings were valued by the trustees at an estimate of their market valLJe based on current use. In the case of the former Court House in Petersfiekl this represents the market value of £145,000 in accordan with the valuab.on carried out in the year ended 28 February 2014. Page 18 continued...
PEfERSFIELD MUSEUM & ART GALLERY LIMITED NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 13. TANGIBLE FIXED ASSETS - conlinued In accordan with the Charities SORP. the entity conducted a comprEhensive revEw of rts fixed asset register and identified several assets that are no longer in use. As a result, these assets were assessed for impairnient The Charities SORP requires that an Impalmnt loss be recognrzed if the carying amount of an asset exceeds its reVerable amount. The decision to impair these assets ensures that the financial ststements psent a true and fair view of the entity's financial position, reflecting the actual utilty and economic benefits expected from these assets. Consequently, an impairment charge has been recognized in the financial statements to adjust the carrying value of these assets to their recoverable amount, in Complian wrth the relevant accounting standards outlined in the Charities SORP. 14. HERITAGE ASSETS Restricted Unrestricted Tolal At 1 April 2023 ar 31 March 2024 168,450 110.250 278,700 NET BOOKVALUE At 31 March 2024 168.540 110,250 278,700 At 31 March 2023 168,540 110,250 278.700 The only changes trj heritage assets as included in the accounts wrthin the last six years are the purchases of £3,050 in the year ended 29 February 2019. £2,790 in the period ended 31 March 2020, £5,848 in the year ended 31 March 2022, and £850 in the year ended 31 March 2023. Prior to 28 February 2018 heritage assets were not rnISed in the accounts, from that date. however, all heritage assets owned by the charity. whether acquired by purchase or donation, are shown on the balan sheet, subject to the exdusion for small items acquired by donation as set out in accounting policies. 15. FIXED ASSEf INVESTMENTS Cash and settlements pending Listed investments Totals MARKET VALUE At 1 Aprtl 2023 Addib'ons Disposals Revaluations Reclassificationltransfer 657,787 23.267 40,375 881,054 40,375 {643,338) (146) (643,338) (146) 14,449 {14,449) At 31 March 2024 77,945 77,945 NET BOOK VALUE At 31 March 2024 77.945 77,945 At 31 March 2023 657,787 23,267 681,054 There were no investsnent assets outside the UK. Page 19 conkn'nued...
PETERSFIELD MUSEUM & ART GALLERY LIMITED NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2024 15. FIXED ASSET INVESTMENTS - contlnued cost or valuation at 31 March 2024 is represented by: Cash and sethements pending Valuation in 2023 Valuation in 2024 23,267 54,678 77,945 The company's investhEnts at the balan sheet date in the share capital of companies include the following.. PMAG (Tradlng) Ltd Registered Offi.. Petersfield Museum, St Peters Road, Petersfiebj, Hants, GU32 3HX Nature of business: Gift and coffee shop within the Museum The charty holds an investment in its wholty-owned subsidiary, PNfjAG [TdIng) Ltd. This investment is not represented by share capital, as PMAG (Trading) Ltd is a company limited by guarantee and does not have any issu&J share captal. PMAG (Trading) Ltd was established to undertake the commeraal trading activities of the charity, including the operation of the gift shop and {x}ff shop wrthin the Museum. Despite the absen of share capitsl, the charty exerases full control over the subsidiary's acb'vities and finances. Given that the subsidiary is limited by guarantee. the investrnent in PMAG (Trading) Ltd is reflected in the charity's accounts as an investment based on the charity's control over the entity, rather than a traditional equity investment 16. STOCKS 2024 2023 stocks 7,029 17. DEBTORS: AlouNTs FALLING DUE WITHIN ONE YEAR 2024 2023 Trade debtors Amounts owed by group undertakings Other debtors Prepayments and accrued income 291 13,062 109,966 1,463 160,612 935 124,782 161,619 Page 20 continued...
PETERSFIELD MUSEUM & ART GALLERY LIMITED NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 18. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Bank loans and overdrafts (see note 20) Trade creditors Social security and other taxes Other creditors Accruals and deferred income 5,5g8 1,958 4,091 2,553 70,792 5,598 2,674 4,650 2.188 46,672 84,992 61,782 CREDITORS: AhlOUNTS FALLING DUE AFfER MORE THAN ONE YEAR 2024 2023 Bank loans (see note 20) 32,183 37,781 LOANS An analysis of the maturity of loans is gwen bek)vr. 2024 2023 Amounts f811ing due within one year on demand." Bank loans 5,598 5,598 Amounts falling ben one and two years: Bank loans- 1-2 years 32,183 37,781 21. ANALYSIS OF NET ASSETS BETWEEN FUNDS 2024 Total funds 2023 Total funds Unrestricted Restrthd nds funds Fixed assets Investrnents Current assets Current liabilities Long term liabilities 3.118.072 77.945 (2,498,259) (44,617) (32,183) 110,388 3,228,460 77,945 630,372 (84,992) (32,183) 3,361.183 681,054 262,228 (61,782) (37,781) 3,128,631 {40.375) 620,958 3,198,644 3,819,602 4,204,902 Page 21 continued...
PETERSFIELD PaUSEUM & ART GALLERY LIMITED NOTES TO THE FINANCIAL STATEMENTS- contlnued FOR THE YEAR ENDED 31 MARCH 2024 22. MOVEMENT IN FUNDS Net movement in ftjnds Transfers betsveen funds At 31.3.24 At 1.4.23 Unrestrtcted funds General fund DeSnated Fund Revaluation Reserrfe 217,578 643.338 84,473 (316,666) (21,993) 14,228 (84,860) 621,345 84,473 945,389 (338,659) 14,228 620,958 Restn"cted funds Blackrock M&G Investrnents Flord Twort Fund Pathways project Edward Thomas Literary Festival Edward Thomas Study Centre Don Eades Flora Twort Gallery Eariy Years Inside Out Other Guggenheim Exhibition Kids Go Free 25,029 26,025 348,255 2.315.608 105 109,869 2.838 408,475 3.000 15.657 4.652 (7.998) (6.230) 17,031 20,539 348,255 2,268,166 105 107,618 17,338 400,1C6 1,930 15.177 4,652 (4,273) 2,000 744 (47,442) (2.251) 14,500 (8.369) (1,070) (480) (4,273} 2,000 3.259,513 (46,641) (14.228) 3,198,644 TOTAL FUNDS 4,204,902 {385.300) 3.819,602 Net movement in funds, induded in the atmjve are as folkms: Incoming resour Resou$ expended Movement in funds Unrestrlcted funds General fvnd Designated Fund 91,919 (408.585) (21,993) (316,666) (21,993) 91.919 (430,578) (338,659) Restrlcted fvnds M&G Investments Pathways project Edward Thomas Study Centre Don Eades Fbra Twort Gallery Early Years Inside Out Guggenheim Exhibition Robert Frost conference Kj'ds Go Fr 744 744 (47,442) (2,251) 14,500 (8,369) (1,070) (480) (4,273) (47,442} {2,251) 14.500 (8,369) {1,070) (2.362) (4.287) {2,220) 1,882 14 2,220 2,000 2,000 21,360 {68,001) (46.641) TOTAL FUNDS 113.279 (498,579) (385,300) Pa9e 22 conb'nued...
PETERSFIELD MUSEUM & ART GALLERY UMITED NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2024 MOVEMENT IN FUNDS- continued Comparatives for movement in funds Net movement in funds Transfers between funds At 31.3.23 At 1.4.22 Unrestricted funds General fund Designated Fund Revaluation Reserve 398,497 711.3 84.473 (228.919) (19.725) 48,000 (48,000) 217,578 643,338 84,473 1,194,033 (248.644) 945,389 R88tricted funds Blackrock M&G Investrnents Flora Twort Fund Pathways project Edward Thomas Literary Festival Edward Thomas Study Centre Don Eades Flora Twort Gallery Earty Years Inside Out Other 27,216 27,109 348,250 2,287,473 (2,187) (1,084) 25,029 26,025 348,255 2.315.608 105 109,869 2.838 408.475 3,000 15,657 4,652 28,135 105 (630) {5,226) (3,938) 3,000 15.657 1.891 110,499 8,064 412,413 2,761 3,223.785 35,728 3.259,513 TOTAL FUNDS 4.417.818 (212.916) 4,204,902 Comparab've net movement in funds, included in the above are as follows: Incoming Resources resources expended Gains and losses Movement in funds Unrestrleted funds General fund Designated Fund 207,718 25,287 (436,637) {9.000) (228,919) (19.725) (36,012) 233,005 (445,637) (36,012) (248,644) Restrlctsd funds Blackrock M&G InvestnEnts Flor2 Twort Fund Pathways project Edward Thomas Literary Fests'val Edward Thomas Study Centre Don Eades Flora Twort Gallery Eaty Years Inside Out Other 701 493 {2,888) (1,577) (2,187) (1.084) 48.620 305 593 (20,485) (200) {1,223) (6.726) (3,938) 28.135 105 (630) (5,226) (3,938) 3,000 15,657 1,891 3,000 26,658 3,121 (11.001) {1,230) 84.996 (44,803) (4.465) 35.728 TOTAL FUNDS 318,001 (490,440) (40,477) (212,916) Page 23 continued...
PETERSFIELD MUSEUM & ART GALLERY UmED NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 MOVEMENT IN FUNDS- continued A cuffent year 12 nK)nths and Fyior year 12 months wmbined posrtion is as follows: Net mDvement in funds Transfers bebNeen funds At 31.3.24 At 1.4.22 Unrestricted funds General fijnd Designated Fund Revaluation Reserve 398,497 711.063 84.473 (545,585) (41,718) 62.228 (48,000) (84.860) 621,345 84.473 1.194.033 (587,303) 14,228 620,958 Restrfcted funds Blackrk M&G Investments Flora Twort Fund Pathway5 project Edward Thomas Literary FestNal Edward Thomas Study Centre Don EeS Flora Twort Gallery Earfy Years Inside Out Other Guggenheim Exhibition Kids Go Fr 27.216 27.109 348.250 2,287,473 (2.187) {340) (7,998) (6.230} 17,031 20,539 348,255 2,268,166 105 107,618 17.338 400,106 1,930 15,177 4.652 (4,273) 2,000 (1g.307) 105 (2,881) 9,274 (12,307) 1,930 15,177 1,891 (4,273) 2,000 110.499 412,413 2.761 3.223,785 {10.913) (14,228) 3,198,644 TOTAL FUNDS 4.417.818 (598,216) 3,819,602 Page 24 continued...
PETERSFIELD PAUSEUAI & ART GALLERY UMtrED NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2024 MOVEMENT IN FUNDS - contlnued A current year 12 months and prior year 12 months Mbined net mvement in funds. included in the above are as foll Incoming Resources resources expended Gains and losses Movement in funds Unrestricted funds General fund Designated Fund 299,637 25.287 (845,222) (30,993) {545,585) {41,718) (36,012) 324.924 (876.215) (36,012} Restricted funds Blackrock M&G Investments Flora Twort Fund Pathways project Edward Thomas Literary Festrval Edward Thomas Study Centre Don Eades Flora Twort Gallery Early Years Inside Out Other Guggenheim Exhib.On Robert Frost conferen Kids Go Free (587.303) 701 1.237 (2,888) (1.577) (2.187) 1340) 48.620 305 593 16,000 (67,927) {200) (3.474} (6,726) (12,307) (1,070) {13,363) (1.230) (4,287) (2.220) {19,307) 105 (2,881) 9,274 (12,307) 1,930 15,177 1,891 (4,273) 3,000 28,540 3,121 14 2.220 2,000 2,000 106.356 (112.804) (4,465) (10,913) TOTAL FUNDS 431.280 (989.019) {40,477} (598,216) Unrestricted funds: The designated curatorial fund is a fund set up by the trustees to hold surplus funds and is represented by an investment portfolio. The revaluation reserve represents the excess of the current valuation of the Old Courthouse of £145,000 over the original £60,527. Restricted funds.. The restricted funds from Blackrock and M&G Investments originated from Flora Tworvs will and were subsequendy transfer1 to Hampshire County Council. then to the charity. These funds are designated for the Flord Twort gallery lIdIng or collections. The Flora Twort fvnd represents pr(dS from the sale of the gallery building itself and is earmarked for its share of the poli statFon purchase. The Pathways project (fomierly the Caprtal Proiert) (L)mprises funds primarily from the Heritage Lottery Fund, along with o)ntributions from trusts, foundations, and individual donors. These funds are allo(8ted fDr site redevek)pment and public engagement activities, recgntted only after meeting all nding requirements. The Edward Thomas Study Centre indudes Heritage Assets and books loaned by the Edward Thomas Fellowship to Petersfield Museum for display, irK8ured by the museum. Page 25 continued...
pErERSFIELD MUSEUAI & ART GALLERY UPAnED NOTES TO THE FINANCIAL STATEMENTS - Contlnued FOR THE YEAR ENDED 31 MARCH 2024 MOVEMENT IN FUNDS - contlnued The Don Eades fund supports the conservation of negatives viithrn the collection, completed during the exhibFtion period from November 2021 to May 2022. The Flora Twort Gallery fund is dedicated to cAinstructing an art and temporary exhibttion gallery meeting government indemnity scheme standards. This project was funded largely by a £375,000 donation from the H8 AIlen Charit£ble Trust SUPFAemented by several smaller grants, totalSing the exrected capital cost of £385,000. Other restricted funds consist of income from grants and donations specificalty destgnated for the charty's projects and associated expere& The Guggenheim Exhibition fund is in relats'on to the Guggenheim exhibtb'on which the museum is running from 15th June to 5th October 2024. The Robert Frost Confereft fund VRS funding reiVed for one of the trustees to travel to a Robert Frost conference in the United States. The kids go free fund represents donations received for cost of offering free admissions for under-18s in 2024. 23. EMPLOYEE BENEFrr OBLIGATIONS The charrtable company operates a defined contribution pension stheme for all qualFfying employees. The assets of the scheme are held paratelY from those of the charitable company in an independently administered fund. The charge to profit or loss in resp of defined contn"bution scherrEs was £4,322 (2023 - £3.267) CoNGENT LFABILITIES In the event of a breach of the tenS of tre Heritage Lottery Fund grant, the fund may require repayment of all or part of the payments made tr) the museum to date. As at 31 March 2024 the maximum liability under this provision was £1.522,900 (2023.. £1,522,900) The Herrtage Lottery Fund has tEen granted a first charge over all assets of the charitable company as in the event of a breach of the condttions of the gran( the Heritage Lottery Fund may require repayment of all or part of the grant paid to date. Petersfield Town Coun(xl has been granted a charge over the freehold propety at Petetsfield Museum as in the event of a breach of the condits'ons of the gran( the o)uncil may require repayment of all or part of the grant paid to date. 25. RELATED PARTY DISCLOSURES During the year, Petersfield Muum and Art Gallery, the parent company. engaged in the following transath'ons wrth its trading subsidiary. PWG ffrading) Ltd. Sale of Invento Petersfield Museum and Art Gallery sokl inventory to PMAG ffrading) Ltd for £12,962. These transsctions were conducted on terms that are consistent with tho* that would be 4reed upon in arm's length transactions. Donation.. Petersfield Museum and Art Galery receNed a donation of £27,073 from PMAG ffrading) Ltd. This amount has been recorded as income in the f nancial ststements of the parent company. Debtors lance.. Page 26 continued...
PETERSFIELD IIIUSEUM & ART GALLERY LIMITED NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2024 25. RELATED PARTY DFSCLOSURES - contlnued As of the reporting date, Petersfield Museum and Art Gallery had a credito[5 balan of £13,C62 with PMAG {Trading) Ltd. This balan is irduded in Ihe current liabilities sectK)n of the parent company's financial statements. Nature of the Related Pa Rela PMAG (Trading) Ltd is a whollyiywned subsidiary of Petersfield Museum and Art Gallery. Transactions with this related paty are carried out on terns agreed upon between the entities. ULTIMATE CONTROLLING PARTY The charitable company is not under the control of anottw entity or any one indrvidual. Page 27