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 LI￿TED 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 a￿￿dan￿ 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 Cur￿ntlY 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 su￿sS 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 (edU￿tiOnal 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 nUML￿rs.
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 Mu￿um 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 y￿re 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 eXt￿MetY su￿SSfUl, 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 De￿mber 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 p￿sent 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 n￿re 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, prOjeCt￿elated 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) ￿e￿ipts of £134,986, re￿iVed 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 UndeS￿nated 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 re*lection. 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, Co1￿ctIOnS 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 offi￿r, 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
reS￿ned 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 t￿￿teeS
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 v￿leS>
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 A￿unts.￿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 p￿parIng
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 a￿nting 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. w￿1 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 A￿OUnts.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 requiren￿nts. 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 COn￿M 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 Un￿rtaIntIeS 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 con￿rn are described in the
relevant sections of this reFM)rL
Other information
The trustees are responsible for the other infomiatK)n. The other infO￿natiOn comprises the infonnation
included in the Annual Report, other than the financial ststements and our Re￿rt of the Independent Auditors
thereon.
Our opinion on the financial statements does not cover the other inf0M￿tt0n and, ex￿pt 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 inf0m￿tIOn 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 Unde￿tandIng 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 re￿IVed
from branches not visited by us., or
the financial statements are not in ag￿emerrt 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 can￿m.
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 ￿n￿rnIng 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 cOn￿M risk.
A fvrther descrrption of our responsibilities for the audii of the financial statements is located on the Financial
Repo￿ng 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 e￿ent 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)
N￿ASsE[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 aC￿rdan￿ with the Charitses SORP {FRS 102) 'Accounting and Reporting by
Charities.. State￿Ent of Recommended practi￿ applicable to charities preparing their accounts in
accordants wth the F￿nanCIal 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 r￿1Ved 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 re￿iVed
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 Inte￿5t investments is recognised when re￿Ned. Dividend
income is recwnised as the charity's right to r￿1ve 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 re￿IpL
Govemment grants are accounted for when receivable and any conditi.ons attached to the grant
have been met.
EXpendI￿re
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 a￿Mulated 1mpairff￿nt 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 wh￿h 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 rnanage￿￿nt personnel of the chartty comprise the museum curator, the museum dI￿tOr
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 eX￿S 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 sTATEF￿NT 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
Ff￿hokI
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 Impalm￿nt loss be recognrzed if the
carying amount of an asset exceeds its re￿Verable amount. The decision to impair these assets
ensures that the financial ststements p￿sent 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 r￿nISed 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 [T￿dIng) 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: A￿louNTs 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 be￿n 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
DeS￿nated 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 Um￿ED
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
Blackr￿k
M&G Investments
Flora Twort Fund
Pathway5 project
Edward Thomas Literary FestNal
Edward Thomas Study Centre
Don E￿eS
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 transfer￿1 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, rec￿gntted 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 exper￿e&
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 re￿iVed 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)
Co￿￿NGENT LFABILITIES
In the event of a breach of the te￿nS 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 Mu*um 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