Charity Registration No. 1126995 Company Registration No. 06700294 (England and Wale51 VALE AND DOWNLAND MUSEUM (WANTAGE) ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 VALE AND DOWNLAND MUSEUM (WANTAGE) LEGAL AND ADMINISTrATIVE INFORMATION Trustees I Cameron (Chairl E Green JT Hannaby J Mitchell G Parker J Reynolds G Rice J H Smythe Charlty number 1126995 Company number 067LK1294 Registered offi 19 Church Street Wantage Oxfordshire OX12 8BL Independent examlner Chapman Worth Limited 3 The Old Estate Yard High Street. East Hendred Wantage, Oxfordshire VALE AND DOWNLAND MUSEUM {WANTAGE) CONTENTS Page Trustees, report Statement of Trustees, Responsibilities Independent examiner's report Statement of financial activlties Statement of financlal posltlon 7-8 Notes to the accounts 9-17 VALE AND DOWNLAND MUSEUM (WAKfAGE) TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2022 The trustees present their report and accounts for the year ended 31 March 2022. The accounts have been prepared in accordance with the accounting policies set out in the notes to the accounts and comply with the charity's Memorandum and Articles of Association. the Companies Act 2006 and "Accountlng and Reporting by Charities- Ststement of Recommended practi￿ applicable to charities preparing their accounts in accordan￿ with the Financial Reporting Standard applicable in the UK and RePU￿1C of Ireland IFRS 1021 las amended for accounting periods cornrnencing l January 20161. Structure* gOVerna￿e and management The charity is a company limited by guarantee. The members who are the trustees have a liability of £1 on the winding up of the charltable tompany. Vale and L)ownland Museum IWanta8el is a registered charity, registered in England. number 1126995. It is governed by its Memorandum and Articles of Association. The trustees, who are also the directors for the purpose of company law, and who seNed during the year were., I Cameron Ichainnanl E Green WP Falkenau (resigned as treasurer and trust* 23 N¢)vember 2021} JT Hannabv J Mitchell G Parker J Reynolds G Rice (appointed treasurer 23 November 20211 JH Smythe The trustees are oppointed either by nomination from other organisations or by c(poption by the existing trustees. None of the trustees has any beneficial interest in the company. The charitable company has a tradlng subsidiary. Vale and Downland IRetsil} Limite(l. whith runs the cafe and (until 31 December 2021) the shop in the M{￿euM. From l January 2022 the Shop has been run by the charitable company. The trustees have assessed the major rtsk5 to whith the charity Is exposed. and are satisfied that systems are in Pla￿ to mitigate exposure to the major risks. VALE AND DOWNLAND MUSEUM (WANTAGE) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 Objectives and activities The charity's objects a5 set out In the Memorandum and Artides of Association are: al To promote and maintain for the benefft of the Inhabitants of the Vale and Downland area the existing museum owned by the Vale and Downland Museum Trust or any successor museum and thereby to advance education and provide faalities in the interests of social welfare for improving the conditions of life of the said inhabitants bl To take over all the assets and undertaking of the Vale and Downland Museum Trust Iregistered charity number2704661. A¢hievements and performance The Museum reopened. after another closure because of the pandemic. on 5 July 2021 and since then has been able to remain open as normal. It has gradually resumed its usual programme of exhibitions. events. activities and visits. These are a great Success thanks to the continuing hard work of the staff and volunteers. The Board wishes to record its appreciation for all they do. Overall the Museum and supporting seriices are performing satisfartorily and are expected to continue to do so. subject of course to there being no recurrence of the pandemic. Flnanclal revlew The result forthe financial year ended 31 March 2022 was a deficit of £37.972 on income of £132,105 12021- defictt of £11,655 on income of £137.8081. At 31 March 2020 Lains 8am was ￿analysed as an investment property and was revalued to be carried at the trustees. estimate of its market value. At 31 March 2022 the Company had accumulated reserves of £1,831.86112021- £1,869,834). There were no rgstrictod fund balantÈs at 31 Marth 2022. The net book value of tangible assets at 31 March 2022 including the investment property was £1,708,40612021: £1,724,173). The f￿e reserves. the difference between the value of tangible assets and unrestritted funds, have redu￿ from £145.661 to £123.455 over the year. The Board believes that this free ￿SerVe level is adequate to meet the ongon8 needs of the chartty. The Company hold5 the Museum property at ￿ Church Street under a long tem) lease which ha5 an enduring value to the Company. This has a net value, in the books of account. of £591,715. If in rernote circumstances the Company needed to ¥acate the property. there is a risk that the Written down value may not be realisable. VALEAND DOWNIAND MUSEUM IWANTAGE) TRusfEES' REPORT (coKfiNUED) FOR THE YEAR ENDED 31 MARCH 2022 Publk 8enefft The Board has nrted the duty in SectM?n 4 of the Charities Act 2W6 and given regard to the Charity Commission's guidance on public benefiL Sotiety in general benefrts from the charity's work through the provision of a museum that is free to all to visit promotes education arHI social awareness. In common with other museums and organisations the Museum was significantprf affected by the restrthons required ta Combat the pandemiG It was therefore obliged to dose together wlth the café for threè periods. lattèrly from 23 December 2020 to 6 Juty 202L The Trustees thank staff and volunteers for their wort ctroperation and flexibility dUri￿￿hat was a difficult period. and fortheir efftlrts since then to retLrrn to normal. The cash reserves ofthe Museum were svdnrficantty depleted brfthe postwnement of rent payments for Lalns Barn during the pandemic dosedown period. Thèse have resumed tsgether wrth payments toward5 the arrears. for which the tn&ees are 8ratefiJl to management of Lains Barn. The trustees coTrsiderthat reserves are required to meet fi￿tUatIonS in receipts and pay￿￿ts, and also to cover contingencies and risks. Adequate reser4es are retsil￿d to enable the Company to meet its objectives for the forthcoming year. The adequa¢y of the reseffts poly 15 rvrfiewed annuallv. This report has been prepared In accordance wlththespe&l prOV￿10n relatlngto small companies within Part 15 ofthe Companies Art 2(K)6. On behaw of the Board of Trustees I Cameron Chairman VALE AND DOWNLAND MUSEUM (WANTAGE} STATEMENT OF TRUSTEES, RESPONSIBILITIES The Trustees, who are also the dirertors of Vale and Downland Museum (Wantagel for the purpose of company law, are responsible for preparing the Trustees, Report and the accounts in accordance with applicable law and United Klngdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law ￿qUireS the trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the charity and of the intoming resources and application of resources, including the income and expenditure. of the charitable company for that year. In preparfng these accounts, the trustees are required to= select suitable accounting policies and then apply them consistently: observe the methods and principles In the Charities SORP- make ludgements and estimates that are reasonable and prudent; and prepare the accounts on the going concern basss unless It is inappropriate to presume that the charlty will continue In operation The trustees are responslble for keeplng adequate accounting records that disclose with reasonable accuracy at any time the flnantial position of the charlty and enable them to ensure that the accounts comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for tsking reasonable steps for the preventlon and detection of fraud and other irregularitles. VALE AND DOWNLAND MUSEUM {WANTAGE) INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF VALE AND DOWNLAND MUSEUM (WANTAGEI I report on the financial statements of the charity for the year ended 31 March 2022. whlch are set oirt on pages 6 to 17. Respertlve responslbllftles of trtsstees and examlner The charl￿S trustees, who are also the directors of the Company for the purposes of Company Law, are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 20061'the 21YJ6 ACYI. Having satisfied myself that the financial ststements of the Company are not required to be audited under Part 16 of the 2006 Art and are eligible for independent examination, I report in respect of my examination of the charFVs accounts as carried OLrt under sett￿n 145 of the Charities Art 2011 1.the 2011 Act'l. In carrying OLtt my examination I have followed the Directions given by the Charity Commission under section 145{51 Ibl of the 2011 Act. Independent examlne¢s statement I have completed my examination. I confirm that ￿ matters have come to my attention in connection wlth the examlnatlon gtving me cause to believe". accounting records were not kept in respett of the Company as required by section 386 of the 2006 Act: or 2. the account5 do not accord with those records: or 3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Att other than any requirement that the accounts gp•e a true and fair view whith is not a matter considered as part of an independent examination- or 4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by Charities applicable to charities preparing thelr accounts In accordance wlth the Flnancial Rewrting Standard applicable in the UK and Republic of Ireland IFRS1021. I have no concerns and have come across no other matters in connection wrth the examination to which attention should be drawn in this report in order to enable a proper understandin8 of the accounts to be reached. Anna Chapman FCA Chapman Worth Limited Chartered Accountants Unit 3 The Old Estate Yard High Street, East Hendred Wantage. Oxfordshire OX12 8JY Dated: 2111112022 VALE AND DOWNLAND MUSEUM (WANTAGE) STATEMENT OF FINANCIALAcnvmES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2022 Ti>tsl 2021 nds funds 2022 In¢omln8 resourrns from generated funds Donations and legacies Investment income 32.451 80,749 113.2CK> 951 114.151 17.954 61,494 75,500 136.994 814 137,808 80,749 131.154 951 17.954 Incoming re50urces from charitsble artivities 17,954 132,105 Resources ex Charitable artivities Direct charitable expenditure Governance costs 148.409 17,954 166,363 145,737 3,714 3.714 3,726 Total resources expended 152.123 17,954 170.077 149,463 Net in¢ome I(expendI￿re} forthe )Tar before In¥e5tment galns and transfe 137.9ni 137,9721 111.655) Net gains on investments io Gross transfers between funds Net movernent in funds 137.9721 137.972) 111,6551 Fund balances at l April 2021 1.869,834 1.869,834 1,881,489 Fund balances at 31 March 2012 1.831.862 1.831,862 1.869,834 VALE AND DOWNLAND MUSEUM (WANTAGE) STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2022 zo 2021 Hxed assets Tangible assets Investments 608306 I,IfA),I 1.708.406 624.073 i.100,ioo 1,724,173 io Current assets Stock Debtors Cash at bank and in hand li 52.156 84.861 139,007 69,244 83.128 152.372 Credltors: affl￿nts fallln8 due within one year 13 (155511 16.7111 Net cwrent Illabilitiesllassets 123,456 145.661 Net assets I￿31.862 1,869,834 Income funds Restricted funds 15 Unrestricted fvnds 14 1.831.862 I￿31,862 1,869.834 1,869,834 VALE AND I)OWNLAND MUSEUM {WANTAGE) STATEMEKf OF FIIIANCIAL posfTION (CONTINUED) AS AT 31 MARCH 202Z The company is entitled to the exemption from the audit requirement Contained in sertlon 477 of the Companies Act 2Cx)6. for the year ended 31 Marth 2021 ompanleg subject to the small CLYnpanles ve8ime. The financial statements were approved by the Trustees on I Cameron Ichairnmnl Trustee VALE AND DOWNLAND MUSEUM (WANTAGE) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2022 l Accoufttl￿ pollcles Company Inforniatlon Vale and Downland Museum (Wantage) is a private company limtted by 8uarantee incOr￿rated in England and Wales. The company Is also a registered charlty with the Charrties Commission for England and Wales. 1.1 Accountlr¥ conventlon The accounts have been prepared in accordance with FRS102 Yhe Financial Reporting Standard applicable in the UK and Republic of Ireland" I"FRS102"1. "Accounting and ReportinE by Chartties" the Statement of Recommended Practice for charitie5 applying FRS102. the Companies Act 2CO6 and UK Generally Accepted Accountin8 Practice as it applied {as amended for accounting periods commencing l January 20191. The charity 15 a Public Benefrt Entity as defined by FRSIO2. The ac¢ounts are prepared in sterlin& which is the functional currency of the d￿rity. Monetsry amounts in these financial ststements are rounded to the nearest £. The financial statements have been prepared to give a true and fairf view and have departed from the Charities IAccounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair view.. Thi5 departure has Involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Resx)rting Standard applicable in the UK and Republic of Ireland {FR51021 issued on 16 July 2014 ratherthan the Accounting and Reporting by Charitie5." Statement of Recommended Practice effective from l April 2005 whKch has ￿nce been withdrawn. The financial statements have been prepared under the historic cost convention. The principal accounting pollcles adopted are set out below. The company has taken advantage of the exemption under sertion 4(Q of the Companies Act 2CQ6 not to prepare consolidated accounts. The accounts present infonnation about the company as an indivldual entity and not about its group. 1.2 Golng concern At the time of approvlng the accounts, the tnrtee5 have a reasonable expectatlon that the charlty ha5 adequate resource5 to continue in operational existence for the foreseeable future. Thus the trustees, continue tD adopt the going toncem basis of accounting in preparing the accounts. VALE AND DOWNLAND MUSEUM (WAKfAGE) NOTES TO THE ACCOUNTS ICONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 l Accountlng polldes- continued 1.3 tharltable furmts Unrestrirted funds are awailable for use at the discretion of the trustees in furtherance of their charitable objectives unless the funds have been designated for other purpose5. Restricted fun(ts are subjert to specific conditions by donor5 a5 to how they may be used. The purpose5 and uses of the ￿$tritted funds are set OLrt in the notes to the accounts. Endowment funds are subjert to specffic condltions by donor5 that the capital must be maintslned by the charity. 1.4 Incomlng re50urce5 Income is recognised when the charity is legally entttled to it after any performance conditions have been met, the amounts can be measured reliably. and itls probable that Income will be recetved. Cash donations are recognised on receipt. Other donatlons are recognised once the charity has been notlfied of the donation. unless perforn)ance condrtions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. LegacSes are recoEnised on reoipt or otheThwse rfthe tharity has been notified of an impending distribution. the amount is known, and receipt is expected. If the amount 15 not known. the legacy is treated as a contingent asset. 1.5 Resources expended Expenditure 15 recognised On￿ there 15 a legal or constructive obligation to make a payment to a thlrd party, It Is probable that settlement will be required and the amount of the obligation can be measured reliably. Charitable actNitles Include expenditure asscKiated with meeting the charitable objertlves and include expendlture associated with the museum gallery displays and various communtty projects and educatlonal programmes. It indudes both the direct costs and 5UPPJrt costs relating to these activities. Governance costs intlude those incurred in the governan￿ of the charity and its assets and are primarily associated with constitutlonal and Statutory requirements. Support costs include central functions and when appropriate are allocated to acti￿ c05t categorles on a basis conslstent with the use of the resources. -1 VALE AND DOWNLAND MUSEUM (WANTAGE) NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 l Accountlng pollcles- contlnued 1.6 Tangible fixed assets and depreclatlon Tangible fixed asset5 Other than freehold land are stated at cost less depreciatlon. Depreciation 55 Freehold land Not depreciated Leasehold improvements 50 years Gallery displays S years Fixtures. fittlng5 and equipment 10 years 1.7 Cash and cash equlvalents Cash and cash equivalents include cash in hand, deposits held at call with banks. other short-term liquid investments with original maturities of three month5 or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. Bosicfinondql ￿￿ets Basic financial assets, which include debtors and cash and bank balances, are inltlally measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable wlthin one year are not amortised. 8usicfinondal Ilabllltles Basic financlal liabilities, including creditors and bank loan5 are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the f￿Ure reeelpts discounted at a market ratÈ of Interest_ Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, uslng the effective interest rate method. Creditors are obligations to pay for goods or seNices that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classlfied as current liabilities if payment is due within one vear or le55. If not, they are presented as non-current liabilities. Creditors are recognised initially at transortion price and subsequently measured at amortised cost using the effective interest method. Derecoynftlon oAAlnanclal Ilablllrfes Financial liabilities are derecognised when the charitys contrartual obligations expire or are discharged or cantelled. -li- VALE AND DOWNLAND MUSEUM (WANTAGE) NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 l Accountlng pollcles- continued 1.8 Investments Investments are initially measured at cost and subsequently measured at Cost less any accumulated impairment losses. The investments are assessed for impaim)ent at each reporting date and any impairment10sses or reversals of impairment losses are recognised Immedlately in the Statement of Financial Activities. nvestment property, which is property held to earn renta15 and/or for capital appreciation, is initially recorded at cost. Subseouently it 55 measured at falr value at the reporting date. Changes in fair value are recognised in the Statement of Financial Activities. 1.9 Taxation Vale and Downland Museum (Wantagel Is a registered charity and as such is not Ilable to income tax on income derlved from its charitable actlvitles which fall within the various exemptions available to re8lStered charities. 2 Donatlons and Legacles Unrestrirted Restrlcted Funds Fund5 Total 2022 Total 2021 Donatlons and grant5 32,451 17,954 50.405 61,494 Unrestricted don ns and le Wantage Town Counci5 Donation boxes/credit card/online acies com rlse: £25.350 £6.071 £500 £370 £160 £32.451 T Randall Friends of Vale and Downland Museum Other donations R strirted donations and le Job retention grarkt South East Museums SeNice Vale of White Horse District Council acles com rise: £14,644 £3.000 £310 £17,954 -12~ VALE AND DOWNLAND MUSEUM (WANTAGE) NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 3 Investment In￿me 2022 2021 Rental income Interest receivable 80,71MI 49 80.749 75.500 75,500 4 Incomlng resources from charitable actl¥ltles 2022 2021 Artisw gallery hire/commission receivable Sale of goods and 5erwces Other 175 776 797 17 814 951 5 Total resources expended 2022 2021 Charftable aclivitles Direct charitable ex enditure Activities undertaken direcdy Support costs Total 69,560 96.803 166,363 68,035 77,702 145,737 Govemance Costs 3.714 3.726 170.077 149.463 Govemante costs include payments to thÈ Inde￿ndent examiner of £ 2￿10(2021.. £2.0101. 6 Support costs 2022 2021 Administratbve and central costs Lains Barn maintenance Staff costs Depreciation 58.417 38,013 19.295 19.091 96,803 20,1])6 19,683 77,702 7 Trustees None of the Trustees lor any person5 connected with them) received any remuneration or expenses during the year. No donations were made to the charity by any of the Trustees during the year. -1> VALE AND DOWNLAND MUSEUM (WANTAGE) NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 8 Employee5 Number of employees The average weekly number of employees during the year was.. 2022 Number 2021 Number Museum staff Ailmini5tration staff Employment costs 2022 2021 Wages and salarie5 Social security costs Other pension costs 79.538 239 911 84,023 795 84,818 There were no employees whose annual remuneration was £60,C(Kl or more. 9 Tanglble fixed assets Lease1￿Id Fixture5 Fittin8s & EqpL Total Cost At l April 2021 Ailditions Di5POsals At 31 March 2021 768,287 55,138 3,324 823.425 3,324 768,287 58.462 S26,749 Depredatlon At l April 2021 Addltlon5 Disposals At 31 March 2022 161,206 15,366 38,146 3,725 199,352 19,091 176,572 41,871 218.443 N#t book ￿lue At 31 March 2022 591,715 16,591 608,306 At 31 March 2021 607,D81 16.992 624,073 -14. VALE AND DOWNLAND MUSEUM (WANTAGE) NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 10 Flxed asset Investments Investment Property Investment Sn subsidlary undertaking Total Market value at l Aprll 2022 Revaluation Market value at 31 March 2021 1.100,000 loo i.ioo,ioo i.ioo,000 loo I,ioo,ioo Hlstorlcal cost.. At 31 March 2022 and 31 March 2021 10,544 loo Investment property During the year ending 31 March 2020 Lains Barn was reanalysed from tangible flxed assets to fixed assets investments. The property was revalued as at 31 March 2020 by the trustees based on it5 rental yield. A formal valuation undertaken in 2010 valued the property at £750,000. £l.Im reflects its current market value. Investment In subsidiary undertaklng Holdin8$ of more than 20% The company holds more than 20% of the Share capital of the following companies: Company Country of reglstratlon or incorporat*on Cla55 Subsldlary undertakings Vale and Downland Museum (Retail) Limited United Kingdom Ordinary 100 The aggregate amount of ¢apital and reserves and the results of these undertakings for the last relevant financial year were a5 follows: Capltal and Profftlllossl reserves for the year Pfinclpal Artlvhles Running the cafe and Ifor part of the yearl the shop In the museum Vale and Downland Museum (Retaill Limited 15.8421 9,150 -15- VALE AND DOWNLAND MUSEUM (WANTAGE) NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 11 Stotks 2022 2021 Finished Boorts and goods for resale IZ Debtor5 2022 2021 Amounts owed bygfOUP yndertaking5 Other debtors Othertaxation and so¢lal secuflty 18.945 23.489 45.755 521 52,156 69,244 13 tsedltoN' amountshlln8 thje wlthln oneyear 2021 TradÈ¢reditors Other creditors Accrua15 Othertaxatlon and soclal securlty 11252 1,661 1,029 3,565 456 4313 15.551 6,711 14 Unre51rtctedfvnds Balan¢e brought forwa Incomiw resources Outgoing resource5 Net8ains on Investments 8alance Carried forward 1.869.834 132,105 1170,0771 1.831.862 IS Restrf¢ted funds Balance brou8htforward Incoming resources Outgoing rÈ50urtrs 8alan¢e carried fotward 17,954 117,9541 16 Rdated partles At 31 March 2022 a balance of £28,94512021 É23.4891 was from thesubsidi8ry undertaking.vale and Downland Museurn (Retail) Umlted, in respert of income received on the parent company'5 behawand rent chargedforthe use of space in the Museum. 17 Personswith SlgnlN¢antCoTrtrol The company has reasonable cause to belleve thatthere is no registrable petson or entity In relatlon to the Company. VALE AND DOWNLAND MUSEUM {WANTAGE) NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 18 Anal¥5i5 of net assets between funds Unrestrlcted Restrfcted Totsl Fund balances at 31 March 2022 are Tangible fixed assets Investment5 Current assets Creditors.. amounts falllng due within one year Creditors- amounts falling due after more than one year resented b 608.306 I,ioo,ioo 139,007 115,5511 608,306 I,ioo,ioo I39,￿7 115,5511 1.831,862 1,831,862 17-