REGISTERED COMPANY NUMBER: 05370758 (England and Wales) REGISTERED CHARITY NUMBER: 1108817 REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDEO 31 MARCH 2026 FOR PETERSFIELD MUSEUM & ART GALLERY UMITED (A COMPANY LIMITED BY GUARANTEE) IiillMIII *AE90P3SW' 1510812025 COMPANIES HOUSE A4
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PETERSFIELD MUSEUM & ART GALLERY LIMITED CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Page R•port of tho Trust••• Report of the Independent Audltor6 7 to 10 Statement of Flnanclal Acllvttles 11 B•lan¢• Shmt 12 Not•8 to th• FlnanelAI Stat•m•nts 13 to 30
PEfERSFIELD MUSEUM & ART GALLERY LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 paARCH 2025 The financial ststements have been prepared in accordance Wbth the aoxountin9 policles set OLrt in note 1 to the financial statements and comply with the charitable company's Memor8ndum of Assocaats'on, the Companies Act 2006 and "Accounting and Reporting by Chanties.. Stslement of Recommended Practice applicable to chanties preparing their accounts in accordance wrth the Financial Reporting Standard applicable in the UK and Republic ol Ireland (FRS 102)" (effective 1 January 20191. The Trustees who are also directors of the charty for the purposes of the Companies Act 2006. present their report with the finanaal statements of the charity for the year ended 31 March 2025. OBJECTIVES AND ACTivrriES Objeclives and aims Pelersfield Museum and Art Gallery is a regl8tered chanty and company limited by guaranlee. It is an independent, accredited museum and receives no regular statutory funding beyond a small annual grant from Petersfield Town Council. running costs. induding staff salaries and collections care, are mel from income raised via admissions, trading, and voluntary fiJndraisin9. The charity exists to advance the education of the public through the establishment and maintsnance of a museum for items of historical, archaeological, artlstic, and literary interestospeaally those relating to Petersfield and its surrounding 8rea. Success is measured by public engagement.. visitor numbèrs, educational actbvities, and public programming. Slgnlflcant actlvitles 2024125 marked the most ambitious exhibition year in the Museurn's history, led by the international sUesS of Peggy Guggenheim.. Petersfield to Palazzo, vthich ran from June lo October 2024. The exhibiti'on attracted exGeptsonal visitor numbers and natsonal attention, linking Petersfield to one of the 20th cenlury's most iconic figures in modem art The exhibib'on was developed in partnership with the Peggy Guggenheim Colleth'on, Veni, and induded loans from Tate, The Hepworth Wakefield. and the National Trust. Other exhlbitlon highlights Included.. - South Oowns Open- our first open exhibition. ofworks inspired by the national park. - A range of temporary exhibitions in the Flora Twort Gallery and Edward Thomas Study Centr& Our public programming ilourished with events ran9ing from artist-led workshops and themed walks to outdoor cinema and curator-led tours. However, the poor weather during summer 2024 impacted several planned ouidoor events linked to the Guggenheim exhibition, affecting overall parts'cipatson and secondary income. Publlc benefit In line with the Charity Commission's guidance, the Museum continues to serve public benefit by.. - Maintaining a highUa}ty public museum and gallery experien. - Offenng educational activities for schools and community groups. Preserving and interpreting local history and arthaeology. Providing public access to the Edward Thomas Study Centre. . Offering free eniry to Under-18s trom December 2023 onwafds. Page 1
PETERSFIELD MUSEUM & ART GALLERY UMITEO REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2026 ACHIEVEMENT AND PERFORMANCE Slrateglc Review The Peggy Guggenheim: Petersfield to Palazzo exhibition was an extraordinary success, exceeding all expectations: - Over 8.900 visitors attended durin9 the exhibition peric1 {a 575°A in(xease on comparable 2023). - Incorne from adrnissions, retail, and catenng saw increases of438%, 2900h, and 520A, respectively. - National press verage included The Observer, The Sunday Times, and The Spectator, with The i naming it one of the UK'S top ten exhibitions of 2024. Vdunteers played a cNcial role. increasing from 39 to 72 during the exhibition. and the a$soaated engagement programme reathed over 2.500 paitipants. Overall annual museum admissions rose by 117% to 10,770, wilh a 42% increase in total users to 30,039. The Trustees wish to publidy record their thanks also to the Stsff team who worked so hard to make this exhibition such a success and making wsitors so welcorne desplte managlng visitor numbers that far exceeded expectations. Thanks also go to Arts Couneil England, the Art Fund Weston Loan Pfogramme and the Henry Moore Found8tion, together wlth many other donors, vtho made thls exhibrtion possible. Without theli finandal support this Intrlgulng Story ol Peggy Guggenheim's life in Pelersfield between 1934- 1939 would not have been told so well. rf at au. However, a major concem, arising late in the financial period, h85 been the decision by Arts Council England to ask the Department for Culture and Media Studies to defer the next round of National Portlolio Organisation (NPO) applications by 12 month8. This delay may result in 8ignificanl financial pressure in 2025126, depending upon the outcome of other ndraising and income generating activities. As a resulL the Trustees will cary out a strategic review during 2025 and ace renewed focus on increasing voluntary income through trusts, individual giving, and legacy campaigns whilsl also managing Costs. FINANCIAL REVIEW Flnanclal po8ltlon There is no doubt that 2024 12025 was the best year ever for generated income, with admission income alone standing at £56,156 {£21,188) and from other activities at £14,768 1£11.3851. This latter figure exdudes activity, induding events inxme. that passes Ihrough the trading subsidiary. The yéar was also notsble for an incr888e In donated Income. Including grants, to £213,837 <£75,002), although a significant portion ol the grant income {£115.750) was for the Peggy Guggenheim exhibition. There was a net increase in expenditure {induding depreciation) of £125.351 to £623,930 {£498,579). again lar9ety due to the Guggenheim exhibition c¥sts and associated additional activities, resuliing in an overall Jefirit for the year of £282,921 (£139,256 t)efore deprecaation and amortization). Ajthough the headline figures show a deficit for a fourth nse(Xrtive year there is a degree of 'catch up. as accumulated Sufpluses are 'spent out, and the Museum's liquidity Position r8mains manageable. but increasingly fragile. The Board has therefore approved a full strategic and finanual review to be undertaken in 2025. Fundraising effortfocused durlng 2024r25 on the Guggenheim exhibltion-wlll now be expanded to include core operational support, regular giving. and exploring endowment options. R•servo9 poIIcy The Trustees aim to hold unTe51ricted, undesignated. reseNes equivalent to six months of running c<>sts (approx. £200,000). As of 31 March 2025, these free reserves were below tsrge( and TNstees continue to work towards rebuilding these over Ihe next >5 years. Page 2
PETERSFIELD MUSEUM & ART GALLERY UMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 FUTURE PLANS 2025126 will focus on.. - Continuing to deliver an ambrtious wogramme ol exhibition8 and events, Induding the next South Downs Open and new communty-curated exhibition. InLYeasing fundraising capacity to support financial resilien. Undertaking full Strategic and Govemance reviews to secure the Museum's future amid conts'nuing lunding uncertalnty. STRUCTURE. GOVERNANCE AND MANAGEMENT Governlng document The charity is controlled by its goveming document, a deed of trust. and constitutes a limited company, limited ty guarantee, as defined by the Companies Act 2006. PerSfield Museum and Art Gallery Limrte(l is a charitsble cornpany limiled by guarantee, inctjrporated on 21 February 2005 (registration number 053707581 and registered as charity on 4 April 2005 Iiegistralion number 1108817). The company's Memorandum of Association estsblished the objectives and powers of the charitable company. which is govemed under ils A"eS of Assoaation. In the event of Ihe company being wound up subs(bIng members are required to contn'bute to an amounl not exceeding £10. The only Voting Mwnbers now Arè th8 Trustees and Dlrectors ol Pelersfield Museum and Art Gallery Limited. Under the requirements of the Memorandum and Artides of Association, at each annual general meeting one third of the directors musl retire from office. Retiring directors may offer themselves for r&election. Directors are recruited for the mix of skills and talents required for a company and charity of this nature. The Company 15 the sole trustee of the Flora Twort charity, which has a separate Chanty Commission registration. The board has overall responsibility for policy. for finance and for the provision of facilities needed to enable the Museum and Gallery to lulfill its objects. Whilst many aspects of daY-t(daY rnanagemenl have evolved towards the Museum and Gallery Director, the Board remains the ultirnale decision-m8king body. taking into account information provided by the Museum and Gallery Oirector and their team. The board and Staff are responsible lor the displays, collections of archive and artifact material and the educatson programme. Surplus fiJnds are placed elther on deposit witti the company's bankers or with licensed deposlt takers in order to obtain the best return commensurate with secunty of lunds and the need to retain cashllow. Currently all fvnds are held with Ilcensed deposit takws. Staff The trend of staff gaining valuable sector experience with the organisation end then moving on has continued this year, although on both occasions lor personal reasons. Molly Schmirt Marketing and Communications Officer {Aug 2023- Mar 20251, relocated away from the area. Ernity L8ngTish, Cu8tomer Engagement Officer lfrorn Nov 2023) is relocating abroad and will leave in April 2025. They are being su8eded ty Annabelle Bonnar, vtho joined us from February 2025, and Maya Bakhshov, who joins us from April 2025. We thank Molly and Emily for their contrlbutions and wlsh them well in their future careers vthilst welcoming Annabelle and Maya to the learn. Page 3
PETERSFIELD MUSEUM & ART GALLERY UMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 STRUCTURE, GOVERNANCE AND MANAGEMENT Tru8lee8 th the likelihood of Trustee retirements over the nexl year or so. in the interests of succession planning two new Twstees were recruited duTing the year and we are pleased to welcome Ellora Sutton and Ajice Shaw to the Trustee Board. joining in July and October respedivety. Ellora Is an award-innlng, published poet who has previously been a poet-invresidence both wrth ourselveg and also the nearby Jane Austen House. Ellora brings to the Board her dose affinity wrth literature and experlence of hosting literature-related even Ajice joined the Board has 15 years experience in the Museum Gector, having worked previously at the Bntish Museum. vaA. Sctence Museum and with ourselves as Project Manager during our redevelopment behveen 2018-2021. Alice brings all those skills. and local connections to the Board. Together they help strengthen the dlversty ol our organisation wbth a Board that now has 8 $7% 143% Male l Female split as we move towards a 50150 balance. Finally. lonstanding Chair, Vaughan Clarke stepped down from the role in October after some 19 years. having had the privilege of watthing the organisation grow from a purely amaleur group to a fully professional outft He has been succeeded by Jeremy Mitthell. wtho also ha8 a lon8tanding Gonneclion wtth Ihe org8nlsgtion. for whom he has been volunteer fundraiser for over 15 years. Vaughan will remain as a Trustee for a lurther 12 months when it 19 hoped he wlll take on a fom of 'arnbassadorlal' role. Inductlon and tralnlng of new trustees AJI newty appointed trustees are provided with a full introductton to the tharity, induding meeting with existing trustees to ask any questions they may have. They are 8180 given access to the Chariti'es Commission's guidance trhe Essential Trustee) what you need to know, what you need to do,. New truslees are required to meet wrth the board as a whde befor8 thelr appointment is eonfimied and are offered the opportunity to attend training for their role as tfustee. Rlsk management The trustees have a duty to identfy and review Ihe risks to which the carfty is exp08ed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. REFERENCE AND ADMINISTRATIVE DETAILS Reglstered Company number 05370758 {England and Wales) Reglstered Charlty number 1108817 Registered offic• St Peters Road Petersfield Hants GU32 3HX Page 4
PETERSFIELD MUSEUM & ART GALLERY LIMrrED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 Trustee8 J Mitchell - Chairman L Blais V R Clarke FMECook R E J Foster W E Gosney E A 8rooks A Jones P Martin S Murfitt WA C Nomington J A Sinclair E R Sutton lappolntad 16.7.20241 A M Shaw (appointed 8.10.20241 Company So¢Mt•ry S Murfitt Audltor6 MC Audit Limited Statutory Auditors Station House North Street Havant Hampshire P09 1QU Mus•um and Gallery Olr•etor Dan Mclmlliam Page 5
PETERSFIELD MUSEUM & ART GALLERY UMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2026 STATEMENT OF TRUSTEES, RESPONSIBILITIES The trustees (who are also the directOTS of Petersfield Museum Limited (a (x)rnpany limited by guarantee) for the Tposes of company law) are responsible for preparing the Report of the Trustees and the financial ststements in accordance with applicable law and Untted Kingdom Accounting Stondards (United lQ'ngdorn Generally Accepted Accounling Practice). Company law requlres the trustees to prepare finandal statemenis for each financial year which give a true and fair view of the stste of affairs o! the tharitsble 1MpanY and of the incoming resources and application of resources. induding the income and expenditure, of the tharitable company for that period. In preparing those financial statements, trte trustees are required to - select suitable acn'ng policies and then appty them consistently., - obseNe the methods and principles in the Charity SORP.. - make judgements and estimates that are reasonable and prudent: wepare the financial slalements on the going concem basis unless it18 inappropriate to presume that the tharltsble company will continue in business. The trustees are responslble for keeping proper accounting records which disdose with reasonable accuracy at any time the financial posib'on of the charitable rJ)mpany and to enable them to ensure that the finanaal statements comply ith the Companies Act 201%. They are also responsible for safeguarding the assels of the charitable company and hence for taking reasonable steps lor the wevenlion and detecllon of fraud and other Irregularlties. In 80 far as the tru8tee8 are aware.. - there is no relevant audit information of which the charitable companys auditors are unaware; and the trustees have taken all steps that they ought to have tsken to make themsefves aware of any relevant audit information and to establish that the auditors are aware of that inftjrmab'on. AUOITORS The auditors, MC Audit Limited. will be woposed for rtrappointment at the forthcomlng Annual General Meeting. Approved by Order of the board of trustees on ........ . and signed on rts behalf by: J Mitchell - Charman Page 6
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF PETERSFIELD f•lUSEUM & ART GALLERY UMITED Oplnlon We have audited the financial statements of Petersfield Museum & Art Gallery Limfted (the 'charitable company.) for the year ended 31 March 2025 which comprise the Statement of Financial Acts'vities, the Balance Sheet and notes to the financial statements. induding a summary of signifit2nt accounting policies. The financial report.rng framework that has been applied in Iheir preparation is applicable law and United Kingdom Accounting Standards (Unrted Kingdom Generally Accepted Account'ng Pracbcel. In our opinion the financial slatements.. give a true and fair view of the state of the charitable Cornpany's affairs as at 31 March 2025 and of its incoming resources and application of resources, including rts income and expenditure. for the year then ended; have been properly prepared in accordance wlth United Kingdom Generally Arxepted Ac£ounting Practice; and have been prepared in acojrdance with the requirements of the Companies Act 2006. Basls for oplnlon 1Ole conducted our audrt in accordance wth Internab'onal Standards on Audrting {UK) (ISAS (UK)) and applicable lww. Our responsibil.eS under those slandards are further described in the Audrtors, responsibilib'es for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethiG41 requirements that are relevant to our audit of the finanual statements in the UK, induding the FRC'S Ethical Stsndard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audrt evidence we have obtained 15 sufficaent and appropriate to provide a basis lor our opinion. Conelu•lon• r•lallng to golng conc•m In auditing the finanoal statements, we have concluded that the trustees, use of the going concern basi5 of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfomied, we have not identified any materlal uncertainties relating to events. ly condrtion5 that. individually or collectively, may cast signiftcant doubt on the charitsble company's ability lo ¢ontlnue os a going concern for a period of at le861 twelve months from when the financial statements are authorised lor issue. Our responsibilities and the responsibilities of t'he trustees with respect to going concem are described in the relevant sections of this report Other Inforniallon The trustees are responsible for the other infomation. The other infomiation comprises the information included in thè Annual Report, other than the financial ststements and our Report of the Independent Auditors thereon. Our opinlon on the financial statements does not cover the olher Inforniallon and, except to the extent otheThvise explicitly stated in our report, we'do not express any fofm of assurance conclusion thereon. In connertian wth our audit of the financial ststements, our responsibility is to read the other infomiats'on and, in doing so, consider whether the other informalion is materially inconsistent with the financial statements or our knoedge obtained in the audit or olheThvise appears to be matenally misstated. If we identify such malerial inconsistencies or apparent material misstatements. we are required to determine whether this gives rise to a material misstatement in the finanaal statefflents themselves. If, based on the work we have perfonned. we condude that there is a material misstatement of Ihis other information, we ar,e required to report that fact. We have nothing to report in this regard. Other matt•r In our opinion, based on the work undertaken in the Urse of the audit.. the information given in the Report of the Trustees for the flnancial year k)r which the financial ststements are prepared is consistent with the finanrAal statements: and Ihe Report of the Trustees has been prepared in accordance wilh appIlble legal requirements. Page 7
REPORT OF THE INDEPENDENT AUDITOR8 TO THE MEMBERS OF PETERSFIELD MUSEUM & ART GALLERY UMITED Matters on which we are required to report by excepiion In the light of the knowledge and understanding of the charitable company and its environment obtsined in the course of the audit. we have not identified material misslatements in the Report of the Trustees. We have nothing to rep in respect of the following matters where the Cornpanies Act 2008 requires us to report to you if. in our opinion.. adequate accounting records have not been kept or retums adequate for our audit have not been received from branches not visited by us: or the financial stalements are noi In agreement vth the accounting records and retums: or certwn disdosures of tnistees, remuneration speiified by law are not made," oi we have not received all Ihe infornialion and explanations we require for our audit,. or the trusteeg were not entilled to take advantage of the small companies exemption from the requirernent to prepare a Strategic Report or in preparing the Report of the Trustees. Respon8lbllltl•s of tni8tee8 As explained more fulty in the Stalemenl of Truslees, Responsibililies, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial ststements and lor being satisfied that they give a true and fair view, and lor such internal control as the trvstees detennine is necessary to ènable the preparab'on of financial statements that are free from material misstatemen( whether due to fraud or error. In preparing the financial statements. the tN5tee5 are responsible for assessing the charitable company's ability to continue as a going concern. disdosing, as appllcable, matters related to golng concem and using the going concem basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operalions. or have no renllstic aliemative but to do so. Page 8
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF PETERSFIELD MUSEUM & ART GALLERY LIMITED Our responslbllllles for ihe audit of the flnancial statements Our objects'ves are to obtain reasonable assuran about vthether the financial statements as a whole are free from material misststement. whether due to fraud or error, and to issue a Report of the Independent Audrtors that includes our opinion. Reasonable assurance is a high level ol a$6ur8nce, bul is not a guarantee that an audit conduded in accordance witti ISAS (UK) will always detect a fflaterial misstatemenl when rt exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate. they could reasonably be expected to influence the economic dectsions of users tsken on the basis of these financial statements. The extent to which our procedures are capable ol detecting irregularities, includlng fraud is detailed beloiw. From discussion with management and those tharged wrth govemance. infomiab'on about the entity is documented to assess the activity witrtin the organisation. We discuss managemenfs assessment of risk in fespect of irregularities. fraud, and going concem. Based on these discussions and our own assessments. we determined that the key. risk areas were Income recognit in respect of cut-off issues and management override concerning the size of the organisation. We set financial statement materiality level based on the level of fixed assets. Glven that the dlaritable company has a large balance sheet and a relab'vely small income statement, fixed assets were considered a more appropnate benchmark than income. As a not-for-profrt entity, the stewardship and safeguarding of fixed assets are of primary importance to the charjty's stakeholdeTS.This make5 fixed assels a more relevant and stsble base for deterrnining materialty. Our overall assessrnent of risk was used to detem)ine performance materiality at an appropriate level. Substantive audit tests were de8ignèd after a8S8S8ing and performing walkthrough tests. The walkthrough tests'ng confirmed documented systems whith have been designed to act as a preventalive measure against fraud and error, and vthich appear to be operating as documented. Substantive testing tested a sample of the population, representatsve ol the population, to identify errors. The tesb'ng did not identity any material misstatement5 in areas tested. Audit substantive tests ccmduded no material errors over the key risk areas of income recognition and management override. The audbt o)nsider8 the organisalion is not exposed to rnaterial risk of 8rror as a result of assessing laws and regulations that are oppropriate to Ihe organis81ion. Management assessed there is no going conr£rn risk. A further description of our responsibilitles for the audit of the Iln8nclal statements 18 located on the Flnanclal Reporting Council's websiie at Nwhw.frc.org.uklauditorsresponsibilrties. This descriptlon forrns part of our Report of the Independent Auditors. Page 9
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF PEfERSFIELD MUSEUM & ART GALLERY LIMITED Use of our roport This report is made solely to the charitable company's members. as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the tharitable companls members those matters we are required to state to them in an auditors, report and for no other purpose. To the fullest extent permitted by law, we do not accepl or assume responsibilty to anyone other than the chariiable company and the chantable cornpanls members as a body. for our audit Work, for this repoit or for the opinions we have fornied. P undeI00d (Senior Ststutory Auditor) for and on behalf ol MC Audit mited Stalulory Auditors Station House North Street Havanl Hampshire P09 1QU Date.. Page 10
PETERSFIELD MUSEUM & ART GALLERY UMITED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025 2025 Total funds 2024 Total funds Unrestrithd fiJnds Restricted funds Notes INCOME AND ENDOWMENTS FROM Donations and legac4es 89,020 124,617 213,837 75,002 Other trading activilies Investmenl income Other income 68,872 21,518 2,052 1,712 70.924 23.230 33.218 32,573 5,704 Tfital 212 628 128 381 113279 EXPENDITURE ON Raising funds 262 880 1,142 403 Charltable actlvltl Museum activities 622,788 Total 538 782 NET INCOMEIIEXPENDITURE) (326,154) 43,233 1282.921) {385,3001 RECONCILIA TION OF FUNDS Totsl funds brought forward 820,958 3.198,644 3,819.602 4.204,902 TOTAL FUNDS CARRIED FORWARD 3 241877 3 819 602 The notes fom part of these financAal slatements Page 11
PETERSFIELD MUSEUM & ART GALLERY UMITED BALANCE SHEET 31 MARCH 2025 2025 2024 Notes FIXED ASSETS Intangible assets Tangible assets Heritage assets Investments 12 13 14 15 12.330 2.797,228 279,951 17.222 2,932,538 278.700 3,126,199 3.306,405 CURRENT ASSETS Oebtors Cash at bank 16 35.970 437 652 124.782 505 590 473,622 630.372 CREDITORS Amounts falling due within one year 17 (36.9791 (84.992) NET CURRENT ASSETS 545 380 TOTAL ASSETS LESS CURRENT LIAeiLITIES 3,562,842 3,851,785 CREDrroRS Amounts falling due after more than one year 18 {26.161) (32.183) NET ASSETS 3 $36 681 3819602 FUNDS Unrestricted fvnds Restnded lunds 21 294,803 3 241878 620,958 TOTAL FUNDS 3 536 681 3819602 These financial ststements have been prepared in accordance the provisions applicable to tharitable companies subject to the small companies regime. Th8 financial st*ements were approved by the Board of Trustees and aulhorised for issue on ..7r.f.... and were signed on it8 behalf by.. itchell - Chairman The notes form part of these finand81 statements Page 12
PEfERSFIELD MUSEUM & ART GALLERY UMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 ACCOUNTING POLICIES Basi8 of preparing the flnanclal sta'tements The financial statements of the charilable rJJmpany, which is a public benefft entity under FRS 102. have been prepared in accordance with Ihe Charits'es SORP (FRS 102) 'Accounting and Reporting by Charibes.. Stalement of Recommended Practice applicable to charity'es preparing their accounts in accordance with the Finanoal Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) (effective 1 January 2019).. Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and Ihe Companies Act 2006. The financial ststements have been prepared under the historical cost convention. wrth the except'on of investments vthich are induded 8t m8rket Value. as modified by the revaluation of certain assets. Golng Concern The financial statements have been prepared on a going concern basls. The Irustees have 8ssessed the charity's ability to continue as a going concern and have a reasonable expectstion that the charity has adequate resources to continue in operational existence for the foreseeable future, bein9 at least twefve months from the dale of approval of the finanGtal statements. In making this assessment. the trustees have considered the chaiity's financial position, cash flows, and future funding commitrnents. The charty has prepared forecasts and projects'ons which demonslrate that it is able to meet its liabilities as they Yall due. These forecasts include reasonable assurnpts'on5 aboul the level of income expectèd Irom donatlans. grant8, and other funding sources. The trustees are avmre of the ongoing economic uncertainties and have considered the potents'al impact on income levels and expenditure. Mits'gating actions have been idenb'fied, induding cost controls and securing diversified sources of funding. Based on this rewew, Ihe trustees believe that there are no material uncertainties that casl significant doubt on the charity's ability to continue as a going concem. Accordingly, the trustees continue to adopt the going o)ncern basis of accounting in preparin9 the financial statements. Pveparatlon of con8olldat•d flnanclal sLit•m•nt• The financial statements contain infomatson about Petersfteld Museum & Art Gallery Limrted as an individual company and do not contsin consolidated financial information as the parent of a group. The charity is exempt under Section 39912A) of the Companies Act 2008 from the requirements to prepare consolidated financial statements. CrillrAI accountlng ludgements and key •ourees of esllmatlon uncertalnty In weparing the financial statements ol the charitable company. the Injstees are required to make judgements, estimates and assumptions that affed the appiication of accounting policies and the pOrted amounts ot assets, liabilities. InMe and expendrture. After careful review, the trustees confirm that there are no crlliGqI accounting judgements or key sources of eslimation uncertainty that have had a material impact on the charitsble company's financial statements for the year. Income All income is recognised in the Statement of Financial Activtties once the tharity has entrtlement to the funds, it is Probable that the Income wtll be received and the amount can be measured reliably. Income from general donations is recognised on receipt or once the charitable company has been notified of the donalion. unless perfomance conditions require deferral of the amount. Cash donations are recognised on reipt. Income recoverable in relation to donations received under Gift Ald or deeds of mvenant is recognised at the time of the donation. Page 13 continued...
PETERSFIELD MUSEUM & ART GALLERY UMITED NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2025 ACCOUNTING POLICIES - continued Income Investrnent income 15 eamed through holding assets for investrnent purposes. It indudes dividends and interesL Income from fixed interest inveslments is recognised when reiVed. Dividend income is recognised as the charity's right to receive payment is established. Annual membership and Ilfe membership Subscriptions are recognised in full on receipt as this income is inthe nature of a gilL No accrual is included for the cosl ol providing annual OT life members with fijlure publications as, bthilst the Trustees expect to continue to provide this service. they believe there is no contractual requirement or expectation to do so. Adm158lon3 and gift shop income Is recogniged at the ts'me of the receipt Govemment grants are arxounted for when receivable and any conditlon8 attached to the grant have been met. Expondlture Liabilib'es are recognised as expenditure as soon as there 13 a legal OT constructive obligation commilting the charity to that eXpendire, it is probable that a transfer of economic benefit5 wll be required in settlement and the amount of the obligats'on can be measured reliably. Expenditure is ac£ounted for on an accwals basls and has been dassified under headings that aggre9ate all cost related to the category. Where costs cannot be directly attributed to parts.18r headings thoy have been allocated to activilie8 on a basis con8iStent the use ol resources. Intanglble a88 Intsngible assets afe initially measured at cosL After Inltlal recognlllon, Intanglble 8$6ets are measured at ry)st less any accumulated amortFsation and any accumulated impairnent losses. The webslte 1$ being amortised evenly over its estimated uselul Itfe of three years. Tanglble Ilxed •8s•t8 Tangible fixed asset5 are Inilially measured at cost and subsequently measured at cost or valuation. net of deweciation and any impaimient losses. Individual fixed assets costing more than £500 have been capltalised, unless covered by specific grant or donats'on income. Depredation Is recognised $0 as to Nwite off the cost or valuation of assets less their residual values over their useful live5 On the following bases.. Freehold land Buildings Plant and equipment - not wovided - 2% on cost - 25% on cost The gain or loss arising on the disposal of an assel is detemiined as the difference between the 58le proceed3 and the ¢rryIng value of the asset, and is recognised in the statement of financial activities. Impalrm•nt of flxed as8et8 At each reporting end date, the dbaritable company reviews the carrying amounts of its tangible assets to detemiine whether there is any indication that those assets have suffered an impainnent loss. If any such indication exists. Ihe recoverable amount of thè asset is e8timated in order lo detemiine the extent of the impaimient loss. Page 14 continued..
PETERSFIELD MUSEUM & ART GALLERY UMITED NOTES TO THE FINANCIAL STATEMENTS - Continued FOR THE YEAR ENDED 31 MARCH 2025 ACCOUNTING POUCIES - continued Heritage assets Over many years, the charity has been given or has acquired the artefacts on display at Petersfield Museum, including items previously exhibited in the Flora Twort Gallery. Artefarts are acquired where there is a connection to Petersfield and the SUounding area, and where the trustees believe suth acquisib.ons wll enhance the collecb'on. The thanty has a clear duty of eare for these assets and aims to make them available lor the enjoyment and educab.on of the public 85 far as possible. consistent wilh their long-tenn caTe and PTe5eprfation. The highest possible standards of colledion management are applied by the charity. Historicalty, the truslees, policy was to indude heritage 8ssets in the accounts at their insurance value. Thls policy was revised in 2020. Heritage assets acquired before 2020 aTe recorded at their 2019 insurance valuation. Acquisitions of heritage assets from 2020 onwards are included at cost. A registeT of hentage assets Is malntained by the curatOli81 $t8ff. The museum also receives donations of heritage assets that are of relats'vety minor value. Where individual items are assessed by curatorial staff to have a value of less than £500. these are not recognised in Ihe accounts. The trustees consider that such items have 8 negligible impacA on the overall value of the charity's hentage assels. Followng the reopening of the museum to the public, the charity aims to display as much of the collection as is compatible with the proper care and preservation of the artefacts. Vwhere detailed access is requested for research purposes, eath request is considered on its indivldual merits. Taxatlon The tharity is exempt from corporats'on tax on its charitable ath'vities. Fund accounllng Unrestricted fvnds can be us•Y in accordance with the charitable objectives at the dlsuets'on of the trustees. Restricted funds can only be used for particular restricted PUfjK)ses within the objects of the charity. Restrictlons 8rlse when speafied by the donor or when funds are raised ft)r particular restrlcted purposes. Further explanation of the nature and purpose of each fund is induded in the notes to the financial statements. P•n8lon e08t• and other po•t-r•tlrnm•nt bènefl18 The chantable company operates a defined contributlon pension scheme. Conln'butions payable to the charitable company's penswi scheme are charged to the Statement of Financial Activities in the period to which they relate. Flnanclal Inglfumenls The charity only enters into basic financial instruments transactions that result in Ihe recognition of finanrAal assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third pa'e5 and loans to related parties and investrnents in noTrputtable ordinary shares. Trade and other debtors Short term debtors are measured al transaction price. less any impaimienL Loans receivable a measvred initj.ally at fair value, nel of transaction costs, and are measured subsequently at amortised cost using the effeclive interest method, les5 any impairrnent. Cash and cash equlvalents Page 15 continued...
PEfERSFIELD MUSEUM & ART GALLERY UMITED NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 31 MARCH 2025 ACCOUNTING POUCIES - contlnued Finan¢lal In$truments Cash and cash equivalents comprise cash at bank and on hand. deposits with banks and other short-term highly liquid investrnents and bank overdrafts. In the balance sheet, bank overdrafts are shown within borrowngs or current liabilibes. Trade and other credftorg Short term trade creditors are measured at the transaction price. Other financial liabiltlies, including bank loans, are measured initially at fair value. net of tTansacts'on costs, and are measured subsequently at amort15ed cost using the effective inlerest method. DONATIONS AND LEGACIES 2025 2024 Glfts Donatlons Grants Fées 7.887 61,547 135.599 9.676 32,416 26.750 213637 OTHER TRADING ACTIVITIES 2025 2024 Club8 Talks Museum admissions 1,703 13,065 2.112 9.273 70,924 INVESTMENT INCOME 2025 2024 Income from listed investrnentj Deposit account interest 22,636 594 5,128 576 All investment income Is derlved from assets held In the Unrted Klngdom. Page 16 continued...
PETERSFIELD MUSEUM & ART GALLERY UMITED NOTES TO THE FINANCIAL STATEMENTS- Conllnued FOR THE YEAR ENDED 31 MARCH 2025 RAISING FUNDS Investment management co•ts 2025 2024 Portfolio management Loss on revaluation 262 880 257 146 1.142 403 CHARITABLE ACTIVITIES COSTS Support costs (see note 7) Direct Costs Totals Museum activlties 601555 822 788 SUPPORT COSTS Govemance rA)sts Finance Totals Museum activriies Support costs, induded in the above. are as lollows.. Flnance 2025 Museum ath'vities 2024 Tot81 actsvits'es Finance costs Health and safety 879 1,020 2.622 Governance cost8 2025 Museum acbvitses 2024 Total ath'vities Auditors, remuneration AcrAuntancy and legal fees Professional fees 6,700 11,245 6.380 8,755 18.611 15,656 Page 17 ntinued...
PETERSFIELD MUSEUM & ART GALLERY UMITED NOTES TO THE FINANCIAL STA TEMENTS - contlnued FOR THE YEAR ENDED 31 MARCH 2025 NET INCOMEI(EXPENDITURE) Net inme1(eXpenditUre) is stated after thargin(credittng)'. 2025 2024 Auditors. remuneration Depreciats'on - owned assets Website arnortisation 6.700 136,408 6.380 138,009 2.778 TRUSTEES, REMUNERATION AND BENEFITS There were no trustees, remuneration or other beneffts for the year ended 31 March 2025 nor for the period ended 31 March 2024. Tru8tee•' •xpen8 During the year a total of £2,99012024 - £3,166) was pald to 2 trustees (2024 - S tru8teesl In respe(A of the reimbursement of payments made on behalfof the charty. 10. STAFF COSTS The key managemenl personnel of the chortty comwise the museum ojrator. the museum director and the head of engagement. The total employee benefits. comprising salary, pension contr'butions arKI Employers Nabonal Insurance contributs'ons of the key management personnel of the tharity were £113,290 {2024. £107,430). No employee received emoluments in excess of £60,000 {2024'. none) The average nwnber of employees during the year was 13 (2024- 11). 11. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted funds Restricted funds Total lunds INCOME AND ENDOWMENTS FROM Donations and legacies 54,399 20,603 75,002 Other tradlng activities Investment income 32,560 13 744 32,573 Total 113 279 EXPENDITURE ON Raising funds 403 Charltable a¢llvltle8 Museum activitses 430 175 Total 430,578 68.001 498.579 NET INCOMEIIEXPENDITURE Transfer5 bet*ten funds (338.659) 14.228 (46.641) (14.228) (385.300) Page 18 continued...
PETERSFIELD MUSEUM & ART GALLERY LlhllTED NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025 11. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - contlnued Unrestricted Restricted funds funds Total funds Net mov•menl In fund• 1324.431) (60.869) (385,300) RECONCILIATION OF FUNDS Total funds brought foTward 945,389 3.259,513 4,204.902 TOTAL FUNDS CARRIED FORWARD 3.198.644 3.819.602 12. INTANG18LE FIXED ASSETS Webslte COST At 1 April 2024 Additions 20,000 At 31 March 2025 AMORTISATION At 1 April 2024 Charge for year 2.778 At 31 March 2025 NET BOOK VALUE Al 31 March 2025 At 31 March 2024 TANGIBLE FIXED ASSETS Freehold propety Plant and mad)inery Totals COST At 1 April 2024 Additsons 2,903,117 321,575 1.098 3.224.692 At 31 March 2025 2903117 322 673 3 22S 790 DEPRECIA TION At 1 April 2024 Charge lor year 58,062 234,092 292,154 136408 At 31 March 2025 116,125 312.437 428,562 NET BOOK VALUE At 31 Marth 2025 2 786 992 2 797 228 At 31 March 2024 2,845,055 87.483 2 932 538 Page 19 continued...
PETERSFIELD MUSEUM & ART GALLERY LIMITED NOTES TO THE FINANCIAL STATEMENTS - conllnued FOR THE YEAR ENDED 31 MARCH 2025 13. TANGIBLE FIXED ASSETS - contlnued The land and buildings were valued by the trustees at an estimate of their market value based on current use. In the case of the fomer Court House in Petersfield this represents the market value of £145,000 inaccordance %Mth the valuab'on carried out in the year ended 28 February 2014. The Charitable Company changed their year end to 31 Marth wthin their 2020 financial year. HERITAGE ASSETS Restrfcted Unrestrfctsd Total At 1 April 2024 Additions 168,450 110,250 278.700 1.251 At 31 Marth 2025 279,951 NET BOOK VALUE At 31 Man* 2025 111501 At 31 Marth 2024 168 450 278 700 Prior to 28 Felary 2018 heritage assets were not recognised in the accounts. from that date, hoNever. all heritage assels owned by the charity, whether acquired ty purchase or donation. are shown on the balance sheeL subjed to the exdusion for small items acquired by donation as set out in accounting poliaes. There was no disposals. recapitijlatlons or Impalmients to Herliage Assets. The charty continues to acquire new heritsge a88etg in accordance wlth Its acqulsitlans policy. In the 188t five years. acquisits.ons have been made as foll0v. Cost Cost as at 1 April 2020 Additions for the year ended.. 2021 2022 2023 2024 2025 272,002 850 Cost as at at 31 March 2025 279.951 Page 20 conts'nued...
PETERSFIELD MUSEUM & ART GALLERY LIMITED NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 31 MARCH 2025 15. FIXED ASSET INVESTMENTS Cash and settlements pending MARKET VALUE At 1 April 2024 Oispos81s Revaluations 77.945 (40,374) At 31 March 2025 NET BOOK VALUE At 31 March 2025 At 31 March 2024 There were no investment assets outside the UK. The companW8 investments al the balance sheet date in the share capital of ry)mpanies include the folli)wing'. PMAG (Tradlng) Ltd Registered office: Pelersfield Museum, St Peters Road, Petersfield, Hants, GU32 3HX Nature ol business.. Gift and coffee shop within the Museum The chadty hold8 an inveslrnent in rts whollywowned subsidiary. PMAG ITradlng) Ltd. Thls Inveslment Is not represented by share caprtal, as PMAG (Trading) Ltd is a company limited by guarantee and does not have any issued share capital. PMAG {Tradingl Ltd was established to undertake the commercial tr8ding aclivities of Ihe chanty, including the operatson of the gift shop and coffee shop within the Museurn. Desplte the absence of share c8Pital, the tharity exercises full control over the subsidiary's acts'vtties and finances. Given that the subsidlary is limrted by guarantee. the investrnent in PMAG (Trading) Ltd is reflected in the charity's accounts as an investrnent based on the charity's control over the entity, Tather than a tradrtional equity Investment. The following is an eyAracA of the financaal statement of PMAG (Trading) Ltd for the period ended 31 Marth 2025.. 2025 2024 TURNOVER Cost of sales 75.037 53,786 GROSS SURPLUS Administrative expenses 38.722 27,156 11,129 22,406 Other operating income OPERATING SURPLUS Interest receivable and similar income 21.594 76 27.073 SURPLUS BEFORE TAXATION 21,670 27,073 Page 21 ontinued...
PETERSFIELD MUSEUM & ART GALLERY UMITED NOTES TO THE FINANCIAL STATEMENTS - contlnu•d FOR THE YEAR ENDED 31 MARCH 2025 1S. FIXED ASSET INVESTMENTS - contlnu•d Profits distriiwted to the ¢harty Retained in subsidiary The assets and liabilities of the subsidiary were.. Current assets Current liabl1'eS 28,177 28.177 28,177 28.177) Net 8588ts ReseNes 16. DEBTORS: AMOUNTS FALLING DUE THIN ONE YEAR 2025 2024 Trade debtors Amounts owed by group undertakings Other debtors Prepayments and acuued income 291 13,062 109,966 1.463 20.512 1,922 17. CREDITORS: AMOUNT8 FALLING DUE WITHIN ONE YEAR 2025 2024 Bank loans and overdrafts {see note 19) Trade creditors Social security and other tsxes other creditors Accruals and deferred income 8,026 11,187 5,251 1.243 5,598 1.958 4.091 2.553 36 979 84 992 Page 22 Ontirnd...
PETERSFIELD MUSEUM & ART GALLERY LIMITED NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025 18. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 2025 2024 Bank loans (see note 19) 26,161 19. LOANS An analysis ofthe maturty of loans is given below.. 2025 2024 Amounts falling due within one year on demand.. Bank overdrafts Bank loans 2,145 Amounts falling between one and two years.. Bank loans- 1-2 years 20. ANALYSIS OF NET ASSETS 8ETWEEN FUNDS 2025 Totsl funds 2024 Total funds Unrestricted funds Restricied fijnds Fixed assets Investments Current asseis Current liabilrtie8 Long term liabilitles 3,089,509 36,690 12,768.2561 {36,9791 26 1611 3,089,509 36,690 473,622 (36.979) 3,228,460 77,945 630,372 (84.992) 3,241,878 294 803 3 241878 3 536 681 3819602 Page 23 continued...
PETERSFIELD MUSEUM & ART GALLERY UMITED NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 31 MARCH 2025 21. MOVEMENT IN FUNDS Net movement In funds At 31.3.25 At 1.4.24 Unrestricted funds General lund Designated Fund Revaluation Resenie (84.860) 621.345 {256.662) (69.493) (341.522) 551.852 620,958 {326,155) 294.803 Re8trl¢t•d fund• Blackrock M&G 1nveStrntS Flora Twort Fund Pathways project Edward Thomas Literary Festival Edward Thomas Study Centre Don Eades Flora Twort Gallery Earty Years Inside O Other Guggenheim Exhibition lQ'ds Go Free 17,031 20,539 348,255 2,268.166 105 107,818 17.338 41)0,106 1,930 15.177 4,852 (4,273) (380} (5001 1,712 16,651 20,039 349,967 2.268,166 12,260 107.526 17.338 400.106 1,930 15,177 4.852 26.066 12.155 (921 30,339 3 241878 TOTAL FUNDS 3 819 602 282 921 3 536.881 Net movement in funds, included in the above are as follLIWS'. Incoming resources Resources expended Movement in funds Unrestrfcted fundg General fvnd Designated Fund 205,098 {461,758} 77 0251 (2S8,662) 69 493) 212,628 ($38,783) (326,155) Re8trt¢led fund• Blackrock M&G Investments Flora Twort Fund Edward Thomas Literary Feslival Edward Thomas Study Centre Guggenheim Exhibition (380) (500) (380) (5001 1,712 12.155 (92) 30.339 1,712 17,812 (5,657) 192) 78.518) 108,857 128 381 TOTAL FUNDS 623 930) 282.921) Page 24 continued...
PETERSFIELD MUSEUhl & ART GALLERY UMITED NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 31 MARCH 2025 21. MOVEMENT IN FUNDS - contlnued Comparatlves for movement In funds Net movement In funds Transfers betsveen fund8 At 31.3.24 At 1.4.23 Unrestricted funds General lund Oesignated Fund Revaluation Reseprfe 217,578 643,338 1316,6661 (21,993) 14.228 (84.8601 621,345 945,389 (338,659) 14.228 620,958 Restrfcted fund8 Blackrock M&G Investments Flora Twort Fund Pathways project Eoiard Thomas Literary Festlval Eiward Thomas Study Centre Don Eades Flora Twort Gallery Early Years Inside Out Other Guggenheim Exhibition Kids Go Free 25.029 26.025 348.255 2.315.608 105 109.869 2,838 408.475 3,000 15,657 4,652 (7.9981 (6.2301 17,031 20,539 348,255 2,268,166 105 107,818 17,338 400.106 1.930 15,177 4,652 14,273) 744 (47,442) 12,2511 14,500 18.369) 11,070) (480) (4,273) 3259513 14 2281 TOTAL FUNDS 3 819 602 Page 25 continued...
PETERSFIELD MUSEUM & ART GALLERY UMITED NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025 21. MOVEMENT IN FUNDS . ¢ontlnu•d Comparative net movement in funds. included in the above are as follows.. Incoming resources Resources expended fvlovement in funds Unrestricled funds General fund Designated Fund 91,919 {408.585) 21993) (316.666) 91,919 (430.578) (338,659) Re3trlcted fund$ M&G Investments Pathways project E03rd Thomas Study Centre Don Eades Flora Twort Gallery Early Years Inside Out Guggenheim Exhibition Robert Frost conference Kids Go Free 744 744 (47.442) (2,251 > 14,500 (8.3691 {1.070) (480} 14.273) (47,442) (2.251) 14,500 (8.369) (1.070) (2,362) (4,2871 (2.220) 1,882 14 2,220 TOTAL FUNDS 113279 498 579) 385.300) Page 26 conlinued...
PETERSFIELD MUSEUM & ART GALLERY UMITED NOTES TO THE FINANCIAL STA TEMENTS - contlnu•d FOR THE YEAR ENDED 31 MARCH 2025 21. MOVEMENT IN FUNDS - contlnued A cuffent year 12 months and prior year 12 months combined posib'on is as follows.. Net movement in funds Transfers between funds At. 31.3.25 At 1.4.23 Unrestrlcted funds General fund Designated Fund Revaluation Reserve 217.578 643,338 1573,328) (91,486) 14.228 (341,522) 551,852 945,389 (664,814) 14,228 294.803 Rostrf¢ted funds Blackrock M&G Investsnents Flora Twort Fund PathvRys project Edward Thomas Literary Festival Edward Thomas Sludy Centre Don Eades Flora Twort Gallery Early Years Inside Out Other Guggenheim Exhibiti'on 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 (380) 244 1,712 (47,442) 12.155 12,343) 14,500 18,369> 11.070> (480) (7,998) {6,2301 16,651 20,039 349,967 2,268,166 12,260 107,526 17,338 400,106 1,930 15.177 4.652 28,066 26,086 3259513 3241878 TOTAL FUNDS 4 204 902 868 221 3 536 681 Page 27 conts'nued...
PETERSFIELD MUSEUM & ART GALLERY UMITED NOTES TO THE FINANCIAL STATEMENTS - conllnued FOR THE YEAR ENDED 31 MARCH 2025 21. MOVEMENT IN FUNDS- contlnued A Current year 12 monlhs and prior year 12 months comblned net movement in funds. induded in the above are as follows.. Incoming resources Resources expended Movement in funds Unre8lrlcted fund• General fund Designated Fund 297,015 (870.343) 990181 (573,3281 91486) 304.547 (969,361) (664,814> Rmtrfcted fund• Blackrock M&G Investments Flora Twort Fund Pathways project Edward Thomas Literary Festival Edward Thomas Study Centre Don Eades Flora Twort Gallery Early Years Inside Out Guggenheim Exhibrtion Robert Frost conference 'ds Go Free (3801 (5001 (380) 244 1,712 (47,442) 12,155 {2,343) 14,500 (8.3691 (1.0701 (4801 26.066 744 1,712 (47.H21 (5,657) {2,3431 17,812 14,500 (8.369) (1.0701 (2.362) {82.805) (2.220) 1,882 108.871 2.220 149 741 TOTAL FUNDS (1122 509) 668 221) Unre#trleted fum18: The designated curatonal fund13 a fund set up by the trustees to hold surplus fijnds and is represented by an investment portloh'o. The revaluation reserve represents the excess of Ihe current vafuation of the Old Courthouse of £145,000 over the original £60,527. Restrlcted fund•: The restricted funds from Blad(rod( and M&G Investments originated from Flora Tworvs will and were $ubsequenYy transferred to Hampshire County Counal, then to the charity. These funds are designated for the Flora Twort gallery building or collections. The Flora Twort fund represents proceeds from the sale of the gallery building it8elf and 18 eamiarked for its share of the police station purchase. The Pathways project (fomierly the Capital Project) compri8e8 1)Jnds primarity Ir(Th the Heritage Lottery Fund. along with cA)ntributions from trJsts. loundations. and individual donors. These fijnds are alloc*ed ft)r site redevelopment and public engagemert ath'vits'es. recognized only after meets'ng all funding requirements. The Edward Thomas Study Centre indudes Heritage Assets and books loaned by the Eoward Thomas Fellowship to Petersfield Museum for display. nsured ty the museum. Page 28 conlinued...
PETERSFIELD MUSEUM & ART GALLERY LIMITED NOTES TO THE FINANCIAL STATEMENTS - conllnued FOR THE YEAR ENDED 31 MARCH 2025 21. MOVEMENT IN FUNDS - conllnued The Don Eade5 fund supports the conservation of rtegatNes within Ihe collection. completed during the exhibttion period from November 2021 to May 2022. The Flora Twort Gallery fund is dedicated to constructing an art and temporary exhibition gallery meeting govemment indernnity scheme standards. This project was funded largely by a £375,(KiO donation from the H8 Ajlen Charitable Trust supplemented by several smaller grants. totalling the expected capital cost of £385,000. Olher restrided funds consist of income from grants and donations specifically designated for the chanty's piojects and associated expenses. The Guggenheim Exhibition lund is in relation to the Guggenheim exhibily'on which the museum is running from 15th June to 5th October 2024. The Rob8rt Frost conference fvnd was funding received for ont of thè trusteès to travel to a Robert Frost conference In the United Ststes. The kids go free fund represents donations received for the cost of offering free admissions for under-18s in 2024. 22. EMPLOYEE BENEFIT OBLIGATIONS The charitable company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the ch8ritable company In an independently administered fund. The charge to profit or loss in respect of defined contribution sthemes was £4,616 (2024- £4,322) 23. CONTINGENT LIABILITIES In the event of a breach of the temis of the Heritage Lottery Fund grant, the fund may require repayment of all or part of the payments made to the museum to date. As at 31 March 2025 the maximum liability under this provision was £1,522,900 (2024.. £1,522.9001 The Heritage Lottery Fund has been granted a first charye over all the assets of the cheritsble company a8 in the event of a breach of the conditions of the granc the Heritage Lottery Fund may require repayment of all or part of the grant paid to date. Petersfield Town Council has been granted 8 charge over the freehold propety at Petersfield Museum as in the event of a breath of the eA)nditions of the grant, the council may require repayment of all ¢x part of the grant paid to date. Page 29 ntinued...
PETERSFIELD MUSEUM & ART GALLERY UMITED NOTES TO THE FINANCIAL STATEMENTS- conlinued FOR THE YEAR ENDED 31 MARCH 2025 RELATED PARTY DISCLOSURES During the year. Petersfield Museum and Art Gallery, the parent company. engaged in the following transacxions viith its trading subsidiary. PMAG (Trading) Ltd." on Petersfidd Museum and Art Gallery received a donation of £21.e70 from PMAG (Trading) Ltd. This arnount has been recorded as income in the financial statements of the parent compary. As of the repoitin9 date, Petersfield Museum and Art Gallery had a debtors balan of £20,512 with PMAG (Trading) Ltd. This balance is induded in the current a8se¢s section ol the parent CmpanY'S financial statements. PMAG (Trading) Ltd is a wh0lly-oNed subsidiary of Petersfield Museum and Art Gallery. Transadion$ wrth this related party are carried out on terms agreed upon betsveen the entitses. 25. ULTIMATE CONTROLLING PARTY The charitable company is not under the control of another entity or any one individual. Page 30