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2021-03-31-accounts

REGISTERED COMPANY NUMBER: 08313398 (England and Wales) REGISTERED CHARITY NUMBER: 1153345

Report of the Trustees and Audited Financial Statements for the Year Ended 31 March 2021

for

The Buckinghamshire County Museum Trust (A Company Limited by Guarantee)

Haines Watts 4 Claridge Court Lower Kings Road Berkhamsted Hertfordshire HP4 2AF

The Buckinghamshire County Museum Trust

Contents of the Financial Statements for the Year Ended 31 March 2021

Page
Report of the Trustees 1 to 10
Report of the Independent Auditors 11 to 14
Statement of Financial Activities 15
Balance Sheet 16
Cash Flow Statement 17
Notes to the Cash Flow Statement 18
Notes to the Financial Statements 19 to 27
Detailed Statement of Financial Activities 28 to 29

The Buckinghamshire County Museum Trust

Report of the Trustees for the Year Ended 31 March 2021

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2021. The trustees have adopted the provisions of 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) (effective 1 January 2019).

Our Aims

The Trust operates under a charitable company Memorandum and Articles incorporated on 29th November 2012 amended by special resolution on 1 August 2013 which included the regulations for appointment of trustees. Since 10 June 2021 the Trust has traded as Discover Bucks Museum.

The objects of the Charity are to maintain a museum and/or art gallery, the advancement of education and training and other purposes which are at the discretion of the Trustees are consistent with these.

We aim, through our activities to inspire and educate residents and visitors to the county by curating and telling its unique story; to acquire, preserve, display, interpret and share the natural and cultural heritage of the County documenting the way we live now and in the past.

Forward thinking is at the heart of the Trustees' Vision for the future - working through partnerships and seeking the support and engagement of museum visitors in whatever we do.

Page 1

The Buckinghamshire County Museum Trust

Report of the Trustees for the Year Ended 31 March 2021

OBJECTIVES AND ACTIVITIES

The Trust has managed the County Museum since 1st August 2014 and receives an annual management fee to look after the collections and operate the Museum. It has signed key agreements including a Service Level Agreement, Funding Agreement and licenses to occupy as the basis for viable operation.

In setting objectives and planning activities the Trustees have given careful consideration to the Charity Commission's general guidance on public benefit and in particular to its supplementary public benefit guidance on advancing education.

Impact of the Covid-19 Pandemic

2020-2021 has been greatly impacted by Covid 19 and the pandemic, which has meant that the Museum remained closed for much of the year, with the exception of a few days in August for a few hundred visitors to provide family explorer programmes and yoga classes for adults in the museum garden to ensure safe delivery and two days in December with the new Bucks Art Society and Tony Hart Art exhibition.

26 staff were put on furlough from April onwards and two learning schools delivery staff had to be made redundant later in the year, due to the huge loss in income and lack of any school bookings during the year.

The planned Science Festival in July and August 2020 was postponed to 2022 and instead a Heart of Bucks Grant enabled the Museum to work with local charities to put on family explorer sessions in the gardens based on the Museum natural history collections and to run 12 Yoga sessions with the Fitness Garden from Wycombe for adults to help combat mental health problems in the pandemic. The Museum also put on thank you cream tea occasions for the Museum volunteers and the local NHS and Food Bank staff in August. High Sheriff Andrew Farncombe attended to thank everyone for their contributions during this difficult time. The Bucks Art Society and Tony Hart art show due in September was then postponed to December with the opening on 16 December, although the exhibition had to close 2 days later due to Covid restrictions.

Work continued on the Discover Bucks Galleries behind the scenes agreeing case layouts and designs and appointing contractors for the build later in the year. The previous Touch of Bucks Exhibition was stripped out in November and work eventually started on the new gallery exhibition install from 1 March 2021. Fundraising continued to fill the funding gap for the project, which was affected by the closure or cessation of funding from a variety of Trusts and Foundations due to the pandemic that would have given funds to such projects in the past.

Staff learnt new digital skills and developed existing ones to create on-line programmes including family activities making crafts around our collections themes at home and a series of blogs about collection objects of interest. A new Webinar series was developed and delivered from 31 October starting with the Customs of the Dead with the Finds Liaison Officer on Halloween night itself, magical science show at Christmas and other community collaborations, including a Hannukah Webinar with the South Bucks Jewish Group around Jewish artists from the Studio Pottery range, LGBTQ Hidden Histories with Bucks Archives and Artists from Bucks Art Society and Tony Hart's daughter in conversation about their act. Videos were created with our Art curator top picks from those closed art shows and the Social History curator tour of the new Embroiderers Guild Embroidered Birds Exhibition only installed a few days before lockdown.

Contact took place with the Black Lives Matter Aylesbury Group in the summer to establish a dialogue about the Museum's growing efforts to represent and reflect black lives and those of many other different communities in future displays. Trustee Ann Alphonse worked with the West Indian community to create 9 new blogs about significant stories of success from local people, which were displayed on the museum web site from October. A video was made of one family's experiences accessible from the Museum Youtube channel via the web site. A new Black History Group was established to develop content around black lives throughout the year and the Community Advisory Group with avery diverse membership resumed their meetings from November onward to advise the museum on future programmes and activities that represent their membership. Blogs were also contributed by the Aylesbury Hindu Temple about the festival of Holi in March and the previous year's event at the Museum.

Page 2

The Buckinghamshire County Museum Trust

Report of the Trustees for the Year Ended 31 March 2021

The impact of the Pandemic has greatly affected the income of the Museum with losses of 30% of self generated income which the Museum is grateful were largely mitigated by the Furlough Scheme to support staffing costs and Covid Emergency funding during the year.

Page 3

The Buckinghamshire County Museum Trust

Report of the Trustees for the Year Ended 31 March 2021

STRATEGIC REPORT

Achievement and performance

Acquisitions during the year:

Bequest of 2 watercolour works by John Nash

The Art Fund have donated 2 watercolour studies by John Nash from the estate of Ann Turner. One of the works is dated 1935 when John Nash was living in Meadle in Bucks and both works are of beech trees which are prevalent in Bucks and the Chilterns.

Page 4

The Buckinghamshire County Museum Trust

Report of the Trustees for the Year Ended 31 March 2021

Saxon Sword and Scabbard Find during excavation

The Portble Antiquities Scheme excavated a site just outside Bucks last year and found a Saxon sword in a scabbard which is a very rare find. The grave goods from this site included bowls and spears and the skeleton was also buried with a sword, in its scabbard, with all the fittings. These finds, once conserved, will come to the Museum collections and hopefully be displayed in our galleries in the future.

Portable Antiquities Scheme

Work continued on recording treasure finds and liaising with finders although there were few finders meeting days during the year due to Covid. The Finds Liaison Officer was on maternity leave and a part time replacement covered this role throughout most of the year.

Service Level Agreements

Most of this work had to stop during the year due to staff being on furlough but some work was delivered for the National Paralympic Heritage Trust helping to accession and record some of their acquisitions.

Volunteers

Work at Halton Resource Centre sadly had to stop for the year due to the effects of the pandemic but several of the volunteers provided excellent support over the summer with the family explorer programme in August.

Friends of Patrons

The Museum receives regular support from its Friends and Patrons; the two groups are a single charity and managed by a joint committee but retain different priorities for grant allocation. The Patrons owe their origins to fundraising efforts to build the new art exhibitions gallery in the 1990s and focus their grant giving on art acquisitions and some strategic grants for example for selected special exhibitions. The Museum is incredibly grateful to the Patrons and Friends for their continued and invaluable support for the exhibitions programmes and other activities which are such a success with our local community.

The Friends kindly supported the purchase of Bucks treasure items for the collections during the year and committed £10,000 towards the purchase of a much needed new EPOS system as well match funding for the Bucks Heroes project of £11,800 and Third Party funding contribution to enable the release of the FCC Charities Foundation grant of £79,000 during the year.

The significant donation from the Friends of £150,000 towards the costs of the Discovering Bucks gallery development has been the cornerstone of the fundraising strategy for this capital project. These funds have come from a generous legacy to the Friends from John Worby Brill, as well as contributions from the accumulated fund. The Patrons also generously offered a grant of £25,000 towards the Discover Bucks galleries, which was much appreciated. Some Friends and Patrons have made very generous individual donations toward the gallery costs, and these also are much appreciated.

Page 5

The Buckinghamshire County Museum Trust

Report of the Trustees for the Year Ended 31 March 2021

STRATEGIC REPORT

Financial review

Financial position

The Covid pandemic impacted the activities of many organisations in 2020 / 21 and Bucks County Museum Trust was no exception. It was obliged to close for quite a considerable period and when open visitor numbers were much lower than in pre-pandemic times and consequently income streams diminished considerably. The Trustees are very grateful for the financial support from the government furlough scheme and from Bucks Council. This support has allowed the Museum to retain most of its staff.

The key features of the financial performance for the year ended 31st March 2021, extracted from the detailed financial statements on pages 15 to 29.

The principal income during the year was from the Buckinghamshire Council Service level agreement for the management of the museum and collection £414,850, a National Portfolio Organisation grant from the Arts Council £101,840 and the Government Furlough scheme £150,482.

The main items of expenditure were salaries and pension contributions £619,039, property and insurance costs £83,189, fundraising and accounting fees £41,395 and exempt VAT cost £22,543.

Reserves policy

Retained reserves at 31st March 2021 were £364,721. The Bucks County Museum Trust is currently dependent on a management fee from Bucks County Council and NPO funding from the Arts Council together with income from admission, schools and event income fees to sustain its activities and this year the government furlough scheme.

This means that if there were to be a gap or a reduction in the management fee allocation, or a major reduction in earnings it is possible that the trust would need to cease trading and resign its Funding Agreements as it will take time to build a level of reserves on which the Museum could fall back.

To avoid this and to safeguard against funding difficulties the board of Trustees has agreed to establish a level of financial reserves to ensure that main operations can continue for a period of 12 months. The main concerns of the board are to ensure:

  1. That staff can continue working to restore services or secure new funding

  2. That service users are able to be supported in returning to the Museum's operations when restored.

If difficulties were to arise then or in the event of a major fire or other disturbance, it has been calculated that reserves of £500,000 would be needed to continue running for at least 12 months. The reserves should be built up from the unrestricted (earned) income.

Page 6

The Buckinghamshire County Museum Trust

Report of the Trustees for the Year Ended 31 March 2021

STRATEGIC REPORT

Future plans

Board members led a rebranding process in September 2020 as part of the organisation wide agreement to consult with our audiences and review our purpose and mission in the current climate of the Pandemic. Selected staff, volunteers, Friends, trustees and community groups met to explore branding personality types and agree on a new personality of the Explorer with a bit of Magic as the new projection of the Museum's purpose. This branding encapsulated the ethos of the Museum's varied offer of Bucks collections, art shows, Roald Dahl Children's Gallery and temporary exhibitions and events to describe the journey we are all taking together as staff, volunteers and Friends, visitors, stakeholders and communities and the wow factors our collections and experiences offer during that journey.

Consultations were also held with visitors and non-visitors about a possible change of name to reflect the new branding personality of the Museum and the final result was the name Discover Bucks Museum, which was launched in the following year. A branding consultant was commissioned with the HEF funding to create a new logo for the name and these elements were incorporated into the work on a new web site to be launched in June 2021. This formed the basis of the creation of new mission and values:

Our Mission

We collect and share objects and stories reflecting the people, culture and landscapes in Buckinghamshire. We encourage visitors to join us on journeys of discovery. We inspire our community, creating conversations and connections to the place where we live.

Our Values:

People

We are open and inclusive. We ensure that the objects, exhibitions and events we share are representative of our community so that everyone can see themselves reflected.

Exploring

We inspire deep emotions and moments of magic. We help people to explore and find things that are meaningful to their lives and help them discover the heritage of Buckinghamshire.

Curiosity

We are curious and inquisitive about our collections and the world around us. We uncover the wonderful stories linked with our collections to stimulate ideas, knowledge, understanding and conversations.

In March 2021 a Forward Planning session was held on-line to include all staff, volunteers, Friends and community advisory group members to work on objectives around the main aims for 2021 - 2022 and provide the Museum with a Covid recovery plan when the museum was allowed to re-open later in the year.

Forward Plan Aims

  1. Financial stability

  2. Transform Museum offer

  3. Ensure that people are at heart of the organisation

  4. Establish Museum brand and identity

  5. Enhance the museum collections

Achievement of the above by planning for the future incorporating focus on dynamism, ambition and quality, inclusivity and relevance and awareness of environmental impact.

Page 7

The Buckinghamshire County Museum Trust

Report of the Trustees for the Year Ended 31 March 2021

STRUCTURE, GOVERNANCE AND MANAGEMENT

Trustees holding office in 2020/21 were selected following public advertisement and interview. All Trustees are selected based on the range of skills and characteristics needed to oversee and develop the museum and to integrate its work with the wider community. Trustees have experience and qualifications in finance, business development and management, marketing and branding, healthcare, governance and strategy, school's management, education, development of young people, project management, community engagement and museum/heritage management. Trustees are aware of the need to diversify and have diversified gender and different cultural backgrounds within current trustees and are committed to continuing to diversify the governance of the museum and include different voices in decision making in the future.

Every new trustee receives an induction pack and a formal induction day with the Museum Director and staff and attend at least one Away Day annually with staff to help plan for the future. Since 1st April 2020 the trustees have met formally 10 times (until the end of March 2021).

Heritage Emergency Funding during the year enabled some support for a governance review with heritage consultant from December 2020 to March 2021, leading to the formation of a Finance and Risk Committee, as well as an HR committee with Terms of Reference and a reporting structure to the main board. The Risk Register was also identified as needing review by the Trustees in the next few months. Role descriptions for the Chair and trustees were also created for future recruitment and diversifying the trustee board was also considered including the need to recruit a young person to join the board.

During the year a business planning process was carried out on-line in March 2021 once most staff were back at work from furlough. The session involved all staff and representatives from volunteers, Friends & Patrons and our Community Advisory Group to help set objectives for the 2021 - 22 Forward Plan aims. The Business Plan is delivered out by Museum Director (who is also secretary to the Trustees) who is responsible for co-ordinating the work of the Trustees and their Committees, preparation of papers and management accounts and the review of matters arising.

All trustees give of their time freely and no remuneration or expenses were paid in the year. No Trustee or person connected with a trustee received any benefit from their association.

The majority of Trustees are also Directors of the Buckinghamshire County Museum Enterprises, a company limited by guarantee, which was dormant throughout the report year.

Organisational Management

The Trustees determine the general policy of the Trust attended by the Director and specialist staff as required. The day to day running of the Museum and all staff appointments are delegated to the Director, supported by senior staff. The Director undertakes the key leadership role overseeing curatorial, public and community relations and administrative functions in consultation with the senior staff. The day to day administration of the Museum and its associated Resource Centre is undertaken within the policies and procedures approved by the Trustees. Only significant expenditure decisions and major capital projects to be referred to the Trustees for prior approval.

Other Relationships

The trustees maintain a close relationship with Bucks County Council, now Buckinghamshire Council from 1 April 2020 and the Arts Council and other museums and heritage organisations in Buckinghamshire and neighbouring localities. The Museum Director is Chair of the South East Museums Advisory Group for the Museum Development Officer and is a member of the Association of Independent Museums, the Museums Association, the new Bucks Archive and Heritage Network and South East Women Leaders in Museums networks. Other members of staff are members of specialist groupings for Education, Archaeology and Natural Sciences integrating them into national networks across the UK. Bucks Museum continues to host Buckinghamshire Culture, the new Cultural Strategy Partnership led by Bucks Cultural Outreach Officer, funded by the Rothschild Foundation. The Museum Director sits on the new Development Board which met in May 2020 for the first time. During the year the community outreach work supported by this project halted due to the Pandemic but Bucks Culture delivered a number of on-line initiatives, including " Bucks In a Hundred Objects" which invited people from different backgrounds to choose what made Bucks special to them and to which staff from Bucks Museum made several contributions.

Page 8

The Buckinghamshire County Museum Trust

Report of the Trustees for the Year Ended 31 March 2021

Risk Management

The Trustees are responsible for the overseeing of the risks faced by the museum. Detailed considerations of risk are delegated to the Senior Management and are identified, assessed and controls established throughout the year.

A formal review of the charity's risk management processes was undertaken during the year and Health and Safety risks are a standing agenda item on the Trustee's meeting agenda. Work continued during the year on the fire audit outcomes including enhanced documentation, training for staff and replacement work by Buckinghamshire Council on the fire doors at the Museum. Risk is managed under the headings of financial sustainability (where detailed Financial regulations have been adopted), public and staff safety, events and community access.

Through the established risk management processes for the Museum, the Trustees are satisfied that the major risks identified have been adequately mitigated where necessary. It is recognised that systems can only provide reasonable but not absolute assurance that major risks have been adequately managed.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

08313398 (England and Wales)

Registered Charity number

1153345

Registered office

9 Church Street Aylesbury Buckinghamshire HP20 2QP

Trustees

Cllr W J Y Chapple Local Authority Councillor Mr S R Kearey Chartered Accountant Mr R K Sutcliffe Management Consultant Ms H L R Llewelyn-Davies Company Director (resigned 13.9.21) Mr N A Oakley (resigned 15.3.21) Ms A Alphonse Ms S Imbriano Ms N Thiebaut Mr A R J Patterson (appointed 8.12.20)

Company Secretary

Ms S R Shave

Auditors

Haines Watts 4 Claridge Court Lower Kings Road Berkhamsted Hertfordshire HP4 2AF

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees (who are also the directors of The Buckinghamshire County Museum Trust for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Page 9

The Buckinghamshire County Museum Trust

Report of the Trustees for the Year Ended 31 March 2021

STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

AUDITORS

The auditors, Haines Watts, will be proposed for re-appointment at the forthcoming Annual General Meeting.

Report of the trustees, incorporating a strategic report, approved by order of the board of trustees, as the company directors, on ............................................. and signed on the board's behalf by: 21/12/2021

....................................................................

Mr R K Sutcliffe - Trustee

Page 10

Report of the Independent Auditors to the Members of The Buckinghamshire County Museum Trust

Opinion

We have audited the financial statements of The Buckinghamshire County Museum Trust (the 'charitable company') for the year ended 31 March 2021 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Page 11

Report of the Independent Auditors to the Members of The Buckinghamshire County Museum Trust

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, 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 statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Page 12

Report of the Independent Auditors to the Members of The Buckinghamshire County Museum Trust

Our responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The objectives of our audit are to identify and assess the risks of material misstatement of the financial statements due to fraud and error; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud or error; and to respond appropriately to those risks. Owing to the inherent limitations of an audit, there are unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK).

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and legislation, our procedures included the following:

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations are from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusions.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Page 13

Report of the Independent Auditors to the Members of The Buckinghamshire County Museum Trust

Use of our report

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 charitable company's 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 accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Shaun Brownsmith FCA (Senior Statutory Auditor) for and on behalf of Haines Watts 4 Claridge Court Lower Kings Road Berkhamsted Hertfordshire HP4 2AF 23/12/2021 Date: .............................................

Page 14

The Buckinghamshire County Museum Trust

Statement of Financial Activities for the Year Ended 31 March 2021

Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
Charitable activities
5
Charitable activity
Other trading activities
3
Investment income
4
Total
EXPENDITURE ON
Raising funds
6
Charitable activities
7
Charitable activity
Other
Total
NET INCOME/(EXPENDITURE)
Transfers between funds
18
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
funds
£
154,105
160,633
485,149
440
800,327
122,691
743,906
-
866,597
(66,270)
50,431
(15,839)
161,920
146,081		 Restricted
funds
£
10,996
209,949
266,169
-
487,114
144,316
45,432
-
189,748
297,366
(50,431)
246,935
1,520,553
1,767,488		 31.3.21
Total
funds
£
165,101
370,582
751,318
440
1,287,441
267,007
789,338
-
1,056,345
231,096
-
231,096
1,682,473
1,913,569		 31.3.20
Total
funds
£
23,763
161,367
1,015,602
1,034
1,201,766
256,044
875,358
19,429
1,150,831
50,935
-
50,935
1,631,538
1,682,473

The notes form part of these financial statements

Page 15

The Buckinghamshire County Museum Trust

Balance Sheet 31 March 2021

Notes
FIXED ASSETS
Tangible assets
13
Heritage assets
14
CURRENT ASSETS
Stocks
15
Debtors
16
Cash at bank and in hand
CREDITORS
Amounts falling due within one year
17
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
NET ASSETS
FUNDS
18
Unrestricted funds:
General fund
Restricted funds
TOTAL FUNDS		 Unrestricted
funds
£
4,740
380
5,120
4,839
58,384
265,992
329,215
(188,254)
140,961
146,081
146,081		 Restricted
funds
£
-
1,350,000
1,350,000
-
-
417,488
417,488
-
417,488
1,767,488
1,767,488		 31.3.21
Total
funds
£
4,740
1,350,380
1,355,120
4,839
58,384
683,480
746,703
(188,254)
558,449
1,913,569
1,913,569
146,081
1,767,488
1,913,569		 31.3.20
Total
funds
£
14,959
1,350,380
1,365,339
5,568
135,042
667,467
808,077
(490,943)
317,134
1,682,473
1,682,473
161,920
1,520,553
1,682,473

The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by: 21/12/2021

............................................. Mr R K Sutcliffe - Trustee

The notes form part of these financial statements

Page 16

The Buckinghamshire County Museum Trust

Cash Flow Statement for the Year Ended 31 March 2021

Notes
Cash flows from operating activities
Cash generated from operations
1
Net cash provided by operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Interest received
Net cash provided by investing activities
Change in cash and cash equivalents in
the reporting period
Cash and cash equivalents at the
beginning of the reporting period
Cash and cash equivalents at the end of
the reporting period		 31.3.21
£
15,573
15,573
-
440
440
16,013
667,467
683,480		 31.3.20
£
351,867
351,867
(461)
1,034
573
352,440
315,027
667,467

The notes form part of these financial statements

Page 17

The Buckinghamshire County Museum Trust

Notes to the Cash Flow Statement for the Year Ended 31 March 2021

1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES

31.3.21 31.3.20
£ £
Net income for the reporting period (as per the Statement of Financial
Activities) 231,096 50,935
Adjustments for:
Depreciation charges 10,219 10,975
Interest received (440) (1,034)
Decrease in stocks 729 611
Decrease in debtors 76,658 159,373
(Decrease)/increase in creditors (302,689) 131,007
Net cash provided by operations 15,573 351,867
2. ANALYSIS OF CHANGES IN NET FUNDS
At 1.4.20 Cash flow At 31.3.21
£ £ £
Net cash
Cash at bank and in hand 667,467 16,013 683,480
667,467 16,013 683,480
Total 667,467 16,013 683,480

The notes form part of these financial statements

Page 18

The Buckinghamshire County Museum Trust

Notes to the Financial Statements for the Year Ended 31 March 2021

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared on a going concern basis. The Trustees have reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment. In particular, in response to the COVID-19 pandemic, the Trustees have tested their cash flow analysis to take into account the impact on their business of possible scenarios brought on by the impact of COVID-19, alongside the measures that they can take to mitigate the impact. Based on these assessments, given the measures that could be undertaken to mitigate the current adverse conditions, and the current resources available, the Trustees have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts.

The presentational currency is sterling £ and rounded to the nearest pound.

Significant judgements and estimates

In preparing the financial statements it is necessary to make certain judgements, estimates and assumptions that affect the amounts recognised in the financial statements. These assumptions are reassessed annually as part of the accounts preparation process.

In the view of the trustees applying the accounting policies adopted, no judgements were required that have a significant effect on the amounts recognised in the financial statements nor do any estimates or assumptions made carry a significant risk of material adjustment in the next financial year.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. Grants are recognised upon receipt.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Tangible fixed assets

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Where parts of an item of tangible fixed assets have different useful lives, they are accounted for as a separate items of tangible fixed assets.

Depreciation is provided at the following annual rates in order to write off each asset over its useful estimated life, on a straight line basis or, if held under a finance lease, over the lease term, whichever is shorter.

Fixtures and fittings - 25% on cost

continued...

Page 19

The Buckinghamshire County Museum Trust

Notes to the Financial Statements - continued for the Year Ended 31 March 2021

1. ACCOUNTING POLICIES - continued

Heritage assets

Heritage assets are included at cost. In the year ended 31 March 2017 the museum was successful in acquiring the Lenborough Hoard at a cost of £1,350,000. The Trustees do not consider depreciating this asset is appropriate as there is no indication the value will have fallen.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Pension costs and other post-retirement benefits

The trust operates a defined contribution scheme. Contributions payable to the pension scheme are charged to profit and loss in the period to which they relate.

2. DONATIONS AND LEGACIES

3.

Donations
Gift aid
Government grant
OTHER TRADING ACTIVITIES
Shop income
Catering income
Payments from government or public authorities in the normal
course of trading
Schools income
Roald Dahl gallery
Birthday parties and other inc
Archaeological fees
Family activities and misc inc
Commission on art sales
Embroiderers Guild
Carried forward		 31.3.21
£
14,610
9
150,482
165,101
31.3.21
£
139
253
409,851
15
-
-
3,729
5,473
-
18,453
437,913		 31.3.20
£
16,793
6,970
-
23,763
31.3.20
£
13,091
21,861
434,734
60,271
41,842
22,351
18,274
10,704
2,413
15,251
640,792

continued...

Page 20

The Buckinghamshire County Museum Trust

Notes to the Financial Statements - continued for the Year Ended 31 March 2021

3.
OTHER TRADING ACTIVITIES - continued
Brought forward
Room lettings
Exhibition income
PAS Service Grant
Muir Trust reimbursement
Wedding income
Art sale proceeds
NPHT SLA
Discover Bucks Project
Museum and gallery tax relief
4.
INVESTMENT INCOME
Deposit account interest
5.
INCOME FROM CHARITABLE ACTIVITIES
Activity
Grants
Charitable activity
6.
RAISING FUNDS
Other trading activities
Opening stock
Purchases
Closing stock
Bad debts
Distribution costs		 31.3.21
£
437,913
2,310
-
22,171
-
-
1,056
16,738
266,030
5,100
751,318
31.3.21
£
440
31.3.21
£
370,582
31.3.21
£
5,568
256,278
(4,839)
10,000
-
267,007		 31.3.20
£
640,792
13,269
14,052
29,109
4,726
3,392
22,923
12,000
275,339
-
1,015,602
31.3.20
£
1,034
31.3.20
£
161,367
31.3.20
£
6,179
253,723
(5,568)
-
1,710
256,044

continued...

Page 21

The Buckinghamshire County Museum Trust

Notes to the Financial Statements - continued for the Year Ended 31 March 2021

7. CHARITABLE ACTIVITIES COSTS

7.
CHARITABLE ACTIVITIES COSTS
Charitable activity
8.
SUPPORT COSTS
Charitable activity		 Support
Direct
costs (see
Costs
note 8)
£
£
766,834
22,504
Governance
Finance
costs
£
£
395
22,109		 Totals
£
789,338
Totals
£
22,504

9. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

31.3.21 31.3.20
£ £
Auditors' remuneration 6,300 5,000
Other non-audit services 15,809 19,429
Depreciation - owned assets 10,219 10,975

10. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 March 2021 nor for the year ended 31 March 2020.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 March 2021 nor for the year ended 31 March 2020.

11. STAFF COSTS

Wages and salaries
Other pension costs		 31.3.21
£
538,598
80,441
619,039		 31.3.20
£
589,674
48,719
638,393

The average monthly number of employees during the year was as follows:

31.3.21 31.3.20
Average number of staff 49 49

No employees received emoluments in excess of £60,000.

continued...

Page 22

The Buckinghamshire County Museum Trust

Notes to the Financial Statements - continued for the Year Ended 31 March 2021

12. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

INCOME AND ENDOWMENTS FROM
Donations and legacies
Charitable activities
Charitable activity
Other trading activities
Investment income
Total
EXPENDITURE ON
Raising funds
Charitable activities
Charitable activity
Other
Total
NET INCOME/(EXPENDITURE)
Transfers between funds
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
funds
£
17,401
100,000
749,263
1,034
867,698
63,246
832,937
19,429
915,612
(47,914)
48,052
138
161,782
161,920		 Restricted
funds
£
6,362
61,367
266,339
-
334,068
192,798
42,421
-
235,219
98,849
(48,052)
50,797
1,469,756
1,520,553		 Total
funds
£
23,763
161,367
1,015,602
1,034
1,201,766
256,044
875,358
19,429
1,150,831
50,935
-
50,935
1,631,538
1,682,473

continued...

Page 23

The Buckinghamshire County Museum Trust

Notes to the Financial Statements - continued for the Year Ended 31 March 2021

13. TANGIBLE FIXED ASSETS

COST
At 1 April 2020 and 31 March 2021
DEPRECIATION
At 1 April 2020
Charge for year
At 31 March 2021
NET BOOK VALUE
At 31 March 2021
At 31 March 2020		 Fixtures
and
fittings
£
53,976
39,017
10,219
49,236
4,740
14,959

14. HERITAGE ASSETS

In 2017 monies were raised for the purchase of the Lenborough Hoard. This acquisition cost £1,350,000.

15. STOCKS

Stocks
16.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade debtors
VAT
Prepayments and accrued income		 31.3.21
£
4,839
31.3.21
£
(150)
7,221
51,313
58,384		 31.3.20
£
5,568
31.3.20
£
70,353
-
64,689
135,042

continued...

Page 24

The Buckinghamshire County Museum Trust

Notes to the Financial Statements - continued for the Year Ended 31 March 2021

17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade creditors
Social security and other taxes
VAT
Accruals and income in advance		 31.3.21
£
102,169
18,066
-
68,019
188,254		 31.3.20
£
236,929
14,216
1,975
237,823
490,943

18. MOVEMENT IN FUNDS

Unrestricted funds
General fund
Restricted funds
Restricted Fund
Lenborough Hoard
TOTAL FUNDS
Net movement in funds, included in the above
Unrestricted funds
General fund
Restricted funds
Restricted Fund
TOTAL FUNDS		 At 1.4.20
£
161,920
170,553
1,350,000
1,520,553
1,682,473
are as follows:		 Net
movement
in funds
£
(66,270)
297,366
-
297,366
231,096
Incoming
resources
£
800,327
487,114
1,287,441		 Transfers
between
funds
£
50,431
(50,431)
-
(50,431)
-
Resources
expended
£
(866,597)
(189,748)
(1,056,345)		 At
31.3.21
£
146,081
417,488
1,350,000
1,767,488
1,913,569
Movement
in funds
£
(66,270)
297,366
231,096

continued...

Page 25

The Buckinghamshire County Museum Trust

Notes to the Financial Statements - continued for the Year Ended 31 March 2021

18. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Unrestricted funds
General fund
Restricted funds
Restricted Fund
Lenborough Hoard
TOTAL FUNDS
Comparative net movement in funds, included
Unrestricted funds
General fund
Restricted funds
Restricted Fund
TOTAL FUNDS		 At 1.4.19
£
161,782
119,756
1,350,000
1,469,756
1,631,538
in the above are		 Net
movement
in funds
£
(47,914)
98,849
-
98,849
50,935
as follows:
Incoming
resources
£
867,698
334,068
1,201,766		 Transfers
between
funds
£
48,052
(48,432)
380
(48,052)
-
Resources
expended
£
(915,612)
(235,219)
(1,150,831)		 At
31.3.20
£
161,920
170,173
1,350,380
1,520,553
1,682,473
Movement
in funds
£
(47,914)
98,849
50,935

A current year 12 months and prior year 12 months combined position is as follows:

Unrestricted funds
General fund
Restricted funds
Restricted Fund
Lenborough Hoard
TOTAL FUNDS		 At 1.4.19
£
161,782
119,756
1,350,000
1,469,756
1,631,538		 Net
movement
in funds
£
(114,184)
396,215
-
396,215
282,031		 Transfers
between
funds
£
98,483
(98,863)
380
(98,483)
-		 At
31.3.21
£
146,081
417,108
1,350,380
1,767,488
1,913,569

continued...

Page 26

The Buckinghamshire County Museum Trust

Notes to the Financial Statements - continued for the Year Ended 31 March 2021

18. MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Restricted funds
Restricted Fund
TOTAL FUNDS		 Incoming
resources
£
1,668,025
821,182
2,489,207		 Resources
expended
£
(1,782,209)
(424,967)
(2,207,176)		 Movement
in funds
£
(114,184)
396,215
282,031

19. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 March 2021 or 31 March 2020

Page 27

The Buckinghamshire County Museum Trust

Detailed Statement of Financial Activities for the Year Ended 31 March 2021

INCOME AND ENDOWMENTS
Donations and legacies
Donations
Gift aid
Government grant
Other trading activities
Shop income
Catering income
Payments from government or public
authorities in the normal course of trading
Schools income
Roald Dahl gallery
Birthday parties and other inc
Archaeological fees
Family activities and misc inc
Commission on art sales
Embroiderers Guild
Room lettings
Exhibition income
PAS Service Grant
Muir Trust reimbursement
Wedding income
Art sale proceeds
NPHT SLA
Discover Bucks Project
Museum and gallery tax relief
Investment income
Deposit account interest
Charitable activities
Grants
Total incoming resources
EXPENDITURE
Other trading activities
Opening stock
Carried forward		 31.3.21
£
14,610
9
150,482
165,101
139
253
409,851
15
-
-
3,729
5,473
-
18,453
2,310
-
22,171
-
-
1,056
16,738
266,030
5,100
751,318
440
370,582
1,287,441
5,568
5,568		 31.3.20
£
16,793
6,970
-
23,763
13,091
21,861
434,734
60,271
41,842
22,351
18,274
10,704
2,413
15,251
13,269
14,052
29,109
4,726
3,392
22,923
12,000
275,339
-
1,015,602
1,034
161,367
1,201,766
6,179
6,179

This page does not form part of the statutory financial statements

Page 28

The Buckinghamshire County Museum Trust

Detailed Statement of Financial Activities for the Year Ended 31 March 2021

Other trading activities
Brought forward
Purchases
Bad debts
Distribution costs
Closing stock
Charitable activities
Wages
Pensions
Rates and water
Insurance
Light and heat
Telephone
Postage and stationery
Advertising
Sundries
Repairs and maintenance
Travel costs
Other professional fees
Other office costs
Training
Security equipment
Subscriptions
Depreciation of tangible fixed assets
Support costs
Finance
Bank charges
Governance costs
Auditors' remuneration
Auditors' remuneration for non audit work
Total resources expended
Net income		 31.3.21
£
5,568
256,278
10,000
-
(4,839)
267,007
538,598
80,441
5,123
10,382
40,813
7,253
2,928
1,816
22,648
201
-
1,544
40,821
289
3,603
155
10,219
766,834
395
6,300
15,809
22,109
1,056,345
231,096		 31.3.20
£
6,179
253,723
-
1,710
(5,568)
256,044
589,674
48,719
14,620
9,682
55,847
11,446
3,557
7,703
29,105
5,978
3,154
59,131
15,538
1,161
451
319
10,975
867,060
3,298
5,000
19,429
24,429
1,150,831
50,935

This page does not form part of the statutory financial statements

Page 29