**Charity registration number 1126995 (England and Wales) Company registration number 06700294**
# **VALE AND DOWNLAND MUSEUM (WANTAGE) ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025**
## **VALE AND DOWNLAND MUSEUM (WANTAGE)**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
|**Trustees**|I Cameron|
|---|---|
||G Rice|
||J Hannaby|
||G Parker|
||J Reynolds|
||J Smythe|
||S Seymour|
||G Dawson|
||R Batstone|
||R Talbot|
|**Charity number (England and Wales)**|1126995|
|**Company number**|06700294|
|**Registered office**|19 Church Street|
||Wantage|
||Oxfordshire|
||OX12 8BL|
|**Independent examiner**|Chapman Worth Limited|
||2 The Old Estate Yard|
||High Street|
||East Hendred|
||Wantage|
||Oxfordshire|
||OX12 8JY|
## **VALE AND DOWNLAND MUSEUM (WANTAGE)**
## **CONTENTS**
||**Page**|
|---|---|
|Trustees' report|1 - 2|
|Independent examiner's report|3|
|Statement of financial activities|4|
|Balance sheet|5|
|Notes to the financial statements|6 - 14|
## **VALE AND DOWNLAND MUSEUM (WANTAGE)**
## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)** _**FOR THE YEAR ENDED 31 MARCH 2025**_
The trustees present their annual report and financial statements for the year ended 31 March 2025.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)".
## **Objectives and activities**
## _Public benefit_
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
## **Achievements and performance**
## _Significant activities and achievements against objectives_
The Museum has achieved considerable success in meeting its objectives, having recovered from the problems resulting from the pandemic. Future success will be dependent on overcoming long-term financial constraints, but the trustees are hopeful of achieving this.
The trustees would again like to express their appreciation of the continuing and extremely valuable efforts of the staff and volunteers whose contribution to the success of the Museum is invaluable. They would also like to express their thanks to Wantage Town Council and other donors.
## **Financial review**
The result for the financial year ended 31 March 2025 was a surplus of £6,592 on income of £228,213 (2024: deficit of £13,043 on income of £168,083). At 31 March 2020 Lains Barn was reanalysed as an investment property and was revalued to be carried at the trustees' estimate of its market value. At 31 March 2025 the Company had accumulated reserves of £1,793,971 (2024: £1,787,379). There was a restricted fund balance of £50,059 at 31 March 2025.
The net book value of tangible assets at 31 March 2025 including the investment property was £1,681,317 (2024: £1,673,477). The free reserves, the difference between the value of tangible assets and unrestricted funds, has decreased from £109,944 to £62,495 over the year. The Board believes that this free reserve level is adequate to meet the ongoing needs of the charity. However, it notes the long-term increase in costs which it is taking steps to address.
The Company holds the Museum property at 19 Church Street under a long term lease which has an enduring value to the Company. This has a net value, in the books of account, of £571,462. If in remote circumstances the Company needed to vacate the property, there is a risk that the written down value may not be realisable.
## _Reserves policy_
The trustees consider that reserves are required to meet fluctuations in receipts and payments, and also to cover contingencies and risks. The cash reserves of the Museum are continuing to decline as a consequence of increasing costs. However, the trustees consider that there are adequate reserves to enable the Company to meet its objectives for the forthcoming year. The adequacy of the reserves policy is reviewed annually.
## **Structure, governance 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 charitable company. Vale and Downland Museum (Wantage) is a registered charity, registered in England, number 1126995. It is governed by its Memorandum and Articles of Association.
- 1 -
VALEAND DOWNLAND MUSEUM (WANTAGE)
TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORn ICONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
The tru$lees. who are also the directors foT the purpose of company law. and %tho served during the year and up to
the dale of signature of the financial statements were..
I Cameron
G Rice
J Hannaby
G Parker
J Reynolds
J Smythe
S Seymour
G Dawson
R 8atstone
R Talbol
RecFuilment and appointment of tnjslees
The trustees are appolnted either by nomination from othgr organisations or by cwption by the existing twslees.
oanisational slwcture
The Museum is operated by Vale and Downland Museum (Wantsge) whith is a company limited by guarantee and
a gIStered charity. Operations are subject lo th8 company's memorandum and attcles of association.
The Company is run by a Board of directors known as trustees 0 meet once 8VW two Ynonlhs. They take
decisions Dn matters of policy and on major issue8. They are also members of the Cornpany when required, such as
fcsr theAnnual General Meeting of the wmpany.
The Board annually elects the followng officers.. Chaiman, Vice-chairnian, Trea8urer and Deputy TreasLsrer.
None of the trustees induding officors receive any remuneration for their servicos.
The Museum is run on a day-to-day basis by a Manager and a Curator. the latter being responslble for the
Museum's collection. These are employees and the senior staff, responsible for other staff and for volunteers.
The senior staff are advised by the officers when appTopriate.
The Museum has a wholly-owned subsidiary Vale and Downland Museum {Retaill Ltd whlch operates Ihe Museum
café. The tnjstees are also directors of this compary.
The Trustees, rew)rt Was approved by the Board ofTNstees.
Cha
an
Dale..
VALE AND DOWNLAND MUSEUM (WANTAGE)
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF VALEAND DOWNLAND MUSEUM IWANTAGE
I report to thè trustees on my èxamination of the finan¢i81 ststsments of Vale And Downland Museum (Wantagel
Ilhe ¢hartyl for the year ended 31 March 2025.
Responsibilities and basis of r•port
As the trustees of the charty land also its directors for the PUryKJses of company kThl. you are respon$ibk for the
preparatn of the financial statements in accordan with the requirements ol the Companies Act 2006.
Having sats$fd MY11 that the finanual stslermnts of the charty are required lo audited under Part 16 01
th8 Companiès Act 20C6 and are elvJible for independent examin8lion. I report in respect of my examination of the
¢harty's financial slalernenl8 carried out under section 145 of the Char.e$ Act 2011. In carrying oul my examination
I hève followed the DITectn$ given by the Charity Commission under secb'on 14515llbl of Ihe Charities Act 2011.
Ind•p•nd•nt •x•mln•rf8 ststgm•nt
I have completed my exarnination. I confirn thal no mattars haw comg lo my att•ntion in nn¢10n with the
examinaljon giving me cause to bel that in any mal8rial re$p8Ct'.
accounting records were not kept in respect of the tharity as roquired by seclion 388 01 the Companio$ A
20C6.
the financial statemènts do not accord wrth Ihose r•c4Jrds: or
the finan¢ial slalements do not cOmY wrth the accounting requirements of section 396 of the Companies Act
20C6 other than any requirement that the financAal sialements give a tn ar lair wew, which 1$ nol a mattgr
nsidered as part ol an independenl examination., or
the finanaal slalemenls have not been Prepared in ac¢tsrdarK* with the methods and principles of the
Sl81omenl of Recommènded Practice for acuunting and repo.ng by charities applicable lo charitie$
preparing their financial Statements in accordance with Ihe Financjal Reporting Standard applicable in the UK
and RepU¢C of Ireland IFRS 1021.
I have no n¢SnS and have com& across no olhef matters in ¢onn¢ction wrth Ihts examinalion lo which attention
should be ¢Jrawn in this reporl in order lo enabk a proper understanding ol Ihe financial slalemenls lo be reached.
Anna Chapman FCA
Chapman Worth Llmthl
2 The Old Es18le Yard
High Slreet
Easl Hendred
Wanlage
Oxfordshire
OX128JY
Date..
61.1 :1202
## **VALE AND DOWNLAND MUSEUM (WANTAGE)**
## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT**
## _**FOR THE YEAR ENDED 31 MARCH 2025**_
|**Unrestricted**
**Restricted**
**funds**
**funds**
**2025**
**2025**
**Notes**
**£**
**£**
**Income from:**
Donations and legacies
**3**
51,129
57,586
Charitable activities
**4**
24,726
-
Investments
**5**
94,772
-
**Total income**
170,627
57,586
**Expenditure on:**
Charitable activities
**6**
210,240
11,381
**Total expenditure**
210,240
11,381
**Net income/(expenditure) and**
**movement in funds**
(39,613)
46,205
**Reconciliation of funds:**
Fund balances at 1 April 2024
1,783,525
3,854
**Fund balances at 31 March**
**2025**
1,743,912
50,059|**Total**
**Unrestricted**
**Restricted**
**funds**
**funds**
**2025**
**2024**
**2024**
**£**
**£**
**£**
108,715
47,903
5,313
24,726
20,603
-
94,772
94,264
-
228,213
162,770
5,313
221,621
179,667
1,459
221,621
179,667
1,459
6,592
(16,897)
3,854
1,787,379
1,800,422
-
1,793,971
1,783,525
3,854|**Total**
**2024**
**£**
53,216
20,603
94,264
168,083
181,126
181,126
(13,043)
1,800,422
1,787,379|
|---|---|---|
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
- 4 -
VALE AND DOWNLAND MUSEUM (WANTAGE)
BALANCE SHEET
AS AT31 MARCH 2025
2025
2024
Notes
Flxed assets
Tangible assets
Investment propety
Investments
11
12
13
581,317
1,100,000
100
573.477
1,100.000
100
1,681.417
1,673,577
Current assots
Stocks
DebtOTS
Cash at bank and in hand
14
15
5.351
30,628
85,650
3,608
23,344
93,254
121,629
120,206
Credltols: amounts falllng due wlthln
ong year
16
19,0751
18,4041
Net Current assets
112,554
113.802
Total assets le current Ilabllltles
1,793,971
1,787,379
The funds ofthe chaflty
Reslricled income lunds
unstrICted funds
17
18
50,059
1,743,912
3,854
1,783,525
1,793,971
1,787.379
The eompany is enlilled to the exemption from the audit requirement contained in section 477 of the Companies Act
2006, for the year ended 31 March 2025.
The directors a¢knoedge their responsibilities for complwng wth the requirements of the Companies Act 20L
with respect to 8¢counting recoras ana tne preparatton of flnancl81 ststerNent3.
The members have not fequired the company to obtain an audit of its financial statements for the y&ar in question in
accordance with section 476.
These finanaal statements have been prepared in a¢cordan¢e with the provlsions applicable to companies subje¢t
to the small companies regime.
The financlal statements were approved by the tfustees on .
Ch
irnian
Company registration number 06700294 (England and Wales}
## **VALE AND DOWNLAND MUSEUM (WANTAGE)**
## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 MARCH 2025**_
## **1 Accounting policies**
## **Charity information**
Vale And Downland Museum (Wantage) is a private company limited by guarantee incorporated in England and Wales. The registered office is 19 Church Street, Wantage, Oxfordshire, OX12 8BL.
## **1.1 Accounting convention**
The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)". The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities not to prepare a statement of cash flows.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
## **1.2 Going concern**
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
## **1.3 Charitable funds**
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
## **1.4 Income**
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions 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.
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
- 6 -
## **VALE AND DOWNLAND MUSEUM (WANTAGE)**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2025**_
## **1 Accounting policies**
**(Continued)**
## **1.5 Expenditure**
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.
Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
## **1.6 Tangible fixed assets**
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
|Leasehold land and buildings|Not depreciated|
|---|---|
|Leasehold improvements|50 years|
|Fixtures and fittings|10 years|
|Gallery displays|5 years|
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
## **1.7 Investment property**
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss
## **1.8 Fixed asset investments**
Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.
A subsidiary is an entity controlled by the charity. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
## **1.9 Impairment of fixed assets**
At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
## **1.10 Stocks**
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost.
- 7 -
## **VALE AND DOWNLAND MUSEUM (WANTAGE)**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2025**_
## **1 Accounting policies**
## **(Continued)**
Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.
## **1.11 Cash and cash equivalents**
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
## **1.12 Financial instruments**
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
## _**Basic financial assets**_
Basic financial assets, which include debtors and cash and bank balances, are initially 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 within one year are not amortised.
## _**Basic financial liabilities**_
Basic financial liabilities, including creditors and bank loans 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 future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
## _**Derecognition of financial liabilities**_
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
## **1.13 Employee benefits**
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
- 8 -
## **VALE AND DOWNLAND MUSEUM (WANTAGE)**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2025**_
## **2 Critical accounting estimates and judgements**
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
## **3 Income from donations and legacies**
|**Unrestricted**
**Restricted**
**funds**
**funds**
**2025**
**2025**
**£**
**£**
Donations and gifts
10,979
-
Grants
40,150
57,586
51,129
57,586
**Grants**
University of Reading
-
4,805
Norfolk County Council
-
4,500
Vale Of White Horse
District Council
-
31,281
Westmill Solar
-
5,000
Truck Festival Trust
-
1,000
Oxford County Council
-
1,000
Wantage Town Council
31,659
10,000
RWK Goodman
5,000
-
Other
3,491
-
40,150
57,586|**Total**
**Unrestricted**
**Restricted**
**funds**
**funds**
**2025**
**2024**
**2024**
**£**
**£**
**£**
10,979
47,903
5,313
97,736
-
-
108,715
47,903
5,313
4,805
-
-
4,500
-
-
31,281
-
-
5,000
-
-
1,000
-
-
1,000
-
-
41,659
-
-
5,000
-
-
3,491
-
-
97,736
-
-|**Total**
**2024**
**£**
53,216
-|
|---|---|---|
|||53,216|
|||-
-
-
-
-
-
-
-
-|
|||-|
## **4 Income from charitable activities**
||**Unrestricted**|**Unrestricted**|
|---|---|---|
||**funds**|**funds**|
||**2025**|**2024**|
||**£**|**£**|
|**Incoming resources from charitable activities**|||
|Artists’ gallery hire/commission receivable|318|519|
|Sale of goods and services|24,408|20,084|
||24,726|20,603|
- 9 -
## **VALE AND DOWNLAND MUSEUM (WANTAGE)**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 MARCH 2025**_
## **5 Income from investments**
||**Unrestricted**|**Unrestricted**|
|---|---|---|
||**funds**|**funds**|
||**2025**|**2024**|
||**£**|**£**|
|Rental income|93,714|93,489|
|Interest receivable|1,058|775|
||94,772|94,264|
## **6 Expenditure on charitable activities**
||**Charitable**|**Charitable**|
|---|---|---|
||**activities**|**activities**|
||**2025**|**2024**|
||**£**|**£**|
|**Direct costs**|||
|Activities undertaken directly|101,725|81,697|
|**Share of support and governance costs (see note 7)**|||
|Support|114,835|95,007|
|Governance|5,061|4,422|
||221,621|181,126|
|**Analysis by fund**|||
|Unrestricted funds|210,240|179,667|
|Restricted funds - general|11,381|1,459|
||221,621|181,126|
|**Support costs allocated to activities**|||
||**2025**|**2024**|
||**£**|**£**|
|Administrative and central costs|67,876|54,295|
|Staff costs|28,427|22,047|
|Depreciation|18,532|18,665|
|Governance costs|5,061|4,422|
||119,896|99,429|
|**Analysed between:**|||
|Charitable activities|119,896|99,429|
- **7 Support costs allocated to activities**
- 10 -
## **VALE AND DOWNLAND MUSEUM (WANTAGE)**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2025**_
## **8 Trustees**
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
## **9 Employees**
The average monthly number of employees during the year was:
||**2025**|**2024**|
|---|---|---|
||**Number**|**Number**|
|Total|5|5|
There were no employees whose annual remuneration was more than £60,000.
## **Remuneration of key management personnel**
The remuneration of key management personnel was as follows:
## **10 Taxation**
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
## **11 Tangible fixed assets**
|**Leasehold**
**land and**
**buildings**
**Fixtures and**
**fittings**
**£**
**£**
**Cost**
At 1 April 2024
768,287
60,842
Additions
26,372
-
At 31 March 2025
794,659
60,842
**Depreciation and impairment**
At 1 April 2024
207,304
48,348
Depreciation charged in the year
15,893
2,639
At 31 March 2025
223,197
50,987
**Carrying amount**
At 31 March 2025
571,462
9,855
At 31 March 2024
560,983
12,494|**Total**
**£**
829,129
26,372|
|---|---|
||855,501|
||255,652
18,532|
||274,184|
||581,317|
||573,477|
- 11 -
## **VALE AND DOWNLAND MUSEUM (WANTAGE)**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 MARCH 2025**_
## **12 Investment property**
|**Investment property**||
|---|---|
||**2025**|
||**£**|
|**Fair value**||
|At 1 April 2024 and 31 March 2025|1,100,000|
During the year ending 31 March 2020 Lains Barn was reanalysed from tangible fixed assets to fixed assets investments. The property was revalued as at 31 March 2020 by the trustees based on its rental yield. A formal valuation undertaken in 2010 valued the property at £750,000. £1.1m reflects its current market value.
## **13 Fixed asset investments**
|**Cost or valuation**
At 1 April 2024 & 31 March 2025
**Carrying amount**
At 31 March 2025
At 31 March 2024
Other investments comprise:
**Notes**
Investments in subsidiaries
**21**
**14**
**Stocks**
Raw materials and consumables
**15**
**Debtors**
**Amounts falling due within one year:**
Amounts owed by fellow group undertakings
Other debtors
Prepayments and accrued income|**Other**
**investments**
**£**
100
100
100
**2025**
**2024**
**£**
**£**
100
100
**2025**
**2024**
**£**
**£**
5,351
3,608
**2025**
**2024**
**£**
**£**
23,724
17,737
5,642
5,607
1,262
-
30,628
23,344|**Other**
**investments**
**£**
100
100
100
**2025**
**2024**
**£**
**£**
100
100
**2025**
**2024**
**£**
**£**
5,351
3,608
**2025**
**2024**
**£**
**£**
23,724
17,737
5,642
5,607
1,262
-
30,628
23,344|
|---|---|---|
|||100|
|||100|
|||**2024**
**£**
100|
|||**2024**
**£**
3,608|
|||**2024**
**£**
17,737
5,607
-|
|||23,344|
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## **VALE AND DOWNLAND MUSEUM (WANTAGE)**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2025**_
## **16 Creditors: amounts falling due within one year**
|Trade creditors
Accruals and deferred income|**2025**
**£**
4,256
4,819
9,075|**2024**
**£**
2,223
4,181|
|---|---|---|
|||6,404|
## **17 Restricted funds**
The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.
|**Previous year:**|**At 1 April**
**2024**
**Incoming**
**resources**
**Resources**
**expended**
**At 31 March**
**2025**
**£**
**£**
**£**
**£**
3,854
57,586
(11,381)
50,059
**At 1 April**
**2023**
**Incoming**
**resources**
**Resources**
**expended**
**At 31 March**
**2024**
**£**
**£**
**£**
**£**
-
5,313
(1,459)
3,854|
|---|---|
## **18 Unrestricted funds**
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
|General funds
**Previous year:**
General funds|**At 1 April**
**2024**
**Incoming**
**resources**
**Resources**
**expended**
**At 31 March**
**2025**
**£**
**£**
**£**
**£**
1,783,525
170,627
(210,240)
1,743,912
**At 1 April**
**2023**
**Incoming**
**resources**
**Resources**
**expended**
**At 31 March**
**2024**
**£**
**£**
**£**
**£**
1,800,422
162,770
(179,667)
1,783,525|
|---|---|
- 13 -
## **VALE AND DOWNLAND MUSEUM (WANTAGE)**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2025**_
## **19 Analysis of net assets between funds**
|**Unrestricted**
**Restricted**
**funds**
**funds**
**2025**
**2025**
**£**
**£**
**At 31 March 2025:**
Tangible assets
554,945
26,372
Investment properties
1,100,000
-
Investments
100
-
Current assets/(liabilities)
88,867
23,687
1,743,912
50,059
**Unrestricted**
**Restricted**
**funds**
**funds**
**2024**
**2024**
**£**
**£**
**At 31 March 2024:**
Tangible assets
573,477
-
Investment properties
1,100,000
-
Investments
100
-
Current assets/(liabilities)
109,948
3,854
1,783,525
3,854|**Total**
**2025**
**£**
581,317
1,100,000
100
112,554|
|---|---|
||1,793,971|
||**Total**
**2024**
**£**
573,477
1,100,000
100
113,802|
||1,787,379|
## **20 Related party transactions**
At 31 March 2025 a balance of £23,724 (2024 £17,737) was due from the subsidiary undertaking, Vale and Downland Museum (Retail) Limited, in respect of income received on the parent company's behalf and rent charged for the use of space in the Museum.
## **21 Subsidiaries**
The company holds more than 20% of the share capital of the following companies:
Details of the charity's subsidiaries at 31 March 2025 are as follows:
|**Name of undertaking**|**Registered**|**Nature of business**|**Class of**|**% Held**|
|---|---|---|---|---|
||**office**||**shares held**|**Direct Indirect**|
|Vale and Downland Museum|
United Kingdom|Running the cafe in the|Ordinary|100.00|
|(Retail) Limited||museum|||
- 14 -