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
#293

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 sU￿esS 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 high￿Ua}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 peric*1 {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 inx*me. 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 effort*focused 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. P￿erSfield 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 su￿8eded 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. lon*standing 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 lon*8tanding 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 c*arfty 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 1￿MpanY 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 ac￿n￿'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 kno￿edge
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 appIl￿ble 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 v￿th 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 unde￿I00d (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. In￿Me 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 re￿ipt. 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 re￿iVed. 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 eXpendi￿re, 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 SU￿ounding 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 in￿me1(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 Fe￿lary 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
Ontirn￿d...

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 1nveStrn￿tS
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
Eo*iard Thomas Literary Festlval
Ei*ward 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
E0￿3rd 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 C￿mpanY'S financial
statements.
PMAG (Trading) Ltd is a wh0lly-oN￿ed 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