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2022-03-31-accounts

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

AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2022

FOR

THE BUCKINGHAMSHIRE COUNTY MUSEUM TRUST (A COMPANY LIMITED BY GUARANTEE)

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

THE BUCKINGHAMSHIRE COUNTY MUSEUM TRUST

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2022

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 31ST MARCH 2022

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 31st March 2022. 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 31ST MARCH 2022

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

2021-2022 saw a slow return to normality after the lockdowns forced by the pandemic. Step 2 of the lockdown lifting came into effect in mid-April, enabling museums and art galleries to reopen, but with social distancing and Covid-measures still in place. Mid-May brought Step 3 of opening, allowing groups of up to 30 people meet outdoors, followed by the Step 4 phase lifting all restrictions in mid-July.

21 staff were brought back from furlough from April onwards, though, unfortunately there were 2 redundancies from the school's delivery staff team, resulting from the slow return of visitors- schools in particular- and lost income throughout the period.

The impact of the Pandemic greatly affected the income of the Museum and self-generated income equated to only 15% of total income (c.£115k), with the remaining 85% generated through service level agreements, collection management fees, Arts Council England NPO funds and unrestricted business recovery grants.

The end of the 2021/22 Financial Year did see visitor figures start to recover and, although the museum was closed throughout April and half of May, the annual visitor figures totalled an estimated 17,900 visitors, down around 57% from pre-pandemic levels. It is hoped that recovery of visitor numbers will be swift, aiming to increase the 2021/22 figures in 2022/23 to around 30,000 annual visitors.

Exhibitions

There were a number of exhibition installations, totalling 7 throughout the year. Following pandemic lockdowns, the museum opened in May 2021 with a Tony Hart exhibition in tandem with the Bucks Art Society Centenary exhibition. Although the exhibition was very well-received, visitor numbers were low and covid precautions still in place. At the same time, a new Embroiderer's Guild exhibition entitled 'Embroidered Birds' also opened, which remained until December 2021 and was replaced with 'Sew New' in January 2022.

Following the Tony Hart & Art Society's exhibitions closure in June, the year's blockbuster exhibition, 'Dinosaurs Uncovered' opened in time for the school summer holidays. The exhibition and activities running alongside were a hit with families and attracted around 4,800 visitors across the summer period- excellent numbers for the recovery period, but still not at pre-pandemic levels (c. 7,000 visitors).

In October, two exhibitions were installed alongside each other- 'Reincarnated Rubbish' and 'Contemporary Art and Artists' before the 'Off the Wall' art fair took place through November and into early December 2021. The art fair raised around £5.5k for the museum and sold many of the artworks displayed.

The final exhibition of the year was the sculpture-based 'Sit 'N' Play' exhibition, aimed at families looking for interactive experiences. The exhibition attracted around 5,000 visitors across the period Jan-Mar 2022 in which it ran.

Events

Although limited in number compared to previous years (following the Charities Commission's guidance to focus on core activities), a few successful events took place throughout the year and contributed to the museum's total annual footfall.

Page 2

THE BUCKINGHAMSHIRE COUNTY MUSEUM TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2022

Unfortunately, the April events (including St. George's Day) were cancelled on account of the lockdowns in place however, June saw the delivery of WhizzFizz Fest activities followed by well-attended events aimed at both children and adults for the 'Bucks Culture Weekend' in July 2021. The next group of events took place alongside the 'Dinosaurs Uncovered' exhibition and featured informal learning activities such as: dinosaur trails, making Triceratops models and designing dinosaur costumes.

September saw the delivery of a Heritage Open Day through an online session before the craft activities of the Halloween half-term, 'Mushroom Magic' session and High Sheriff Justice Tea took place in October. The Festival of light; in partnership with local charity, Holy Cow; was able to take place in November and has become a firm date in the museum's annual event diary.

A Georgian Christmas event was put on for the festive season and included trails, demonstrations, reenactors, games and much more to successfully appeal to the family audience. This proved popular and further development of this such event will take place for the festive season in 2022.

Finally, the Holi Festival of Colour took place in March 2022, to celebrate the Hindu festival. As with the Diwali Festival of light, this community event was key in connecting with some of the key demographics of the area and was attended by over 300 people. Another event that will become a regular event in the museum's annual calendar.

Discover Bucks Galleries

After a lot of work throughout the previous year and this one, the Discover Bucks Galleries were celebrated with an opening event on 31st March 2022, culminating in a Private View event for dignitaries, patrons and funders numbering around 120 people.

The galleries are focused on Buckinghamshire and divided into 5 key areas: Bucks Geology, Bucks Archaeology, Bucks Wildlife, Bucks People and Bucks Art. The culmination of a £1.2m project, the galleries showcase some of the more valuable and interesting objects in our collections and include audio-visual, interactive and hand-on elements to make the galleries accessible and enjoyable to all.

The Lenborough Hoard is a key feature of the galleries, discovered and excavated in 2014, consisting of over 5,000 silver Saxon coins and valued at £1.35m in 2016 by the Treasure Valuation Committee. Over 4,000 of the coins will go on display in the Bucks Archaeology gallery, the remainder kept at the County Museum Resource Centre for further research and analysis.

The galleries have been rejuvenated to increase access to local history, particularly for the people of Buckinghamshire. It is hoped that the galleries attract an increased footfall, generate an income in visitor revenue and increase accessibility and engagement with the history of the region and key objects within our collection.

Further work is still needed in key areas: completion of the Lenborough Hoard installation, the Wildlife Gallery displays & screens, the interactive projectors in the Geology & Archaeology galleries; however, the galleries are now in a state of completion to enable members of the public to learn about the people, history and wildlife of Bucks. The final installations are to take place in the latter half of 2022 and some interactive elements are likely to be completed in the first half of 2023.

Community

The museum continued to engage with and deliver events in partnership and for key community groups in Aylesbury. The Hindu communities came together for the aforementioned Holi and Diwali Festivals, and disabled communities were also catered for at all opportunities through increasing accessibility to all events, activities and exhibitions.

The National Lottery Heritage Fund 'Bucks Heroes' project is ongoing and continues to reach out to and engage with key community and disability groups, including: the Asian British Women's group, mental health groups, Adoption UK groups and autism groups, to name a few. The project continues to collect stories and objects from these groups about overcoming adversity and deliverables include community-led exhibitions in 2022/23.

Page 3

THE BUCKINGHAMSHIRE COUNTY MUSEUM TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2022

STRATEGIC REPORT

Achievement and performance

Acquisitions during the year:

Commission and donation of a statue from the William Harding Charity

This is a bronze statue by Haddenham sculptor Judy Cowper, made in 2020-21, that has been cast, patinated and waxed. This statue commemorates the 300th anniversary of William Harding's Charity based in Aylesbury. The Trustees of the Charity commissioned the work and have donated it to the museum. The statue shows three children of different ages in 18th century clothes that are patched and worn. Around the base are tools that are used in various trades. The children are named Florence, William and Arthur and are shown reading and taking an interest in a book. The statue stands in the museum garden as a permanent exhibit.

Aylesbury Dairy Company champagne tap

A small, metal device developed in Victorian times to allow a glass of champagne to be released from a bottle without having to remove the cork. This one is engraved with the name of the Aylesbury Dairy Company, a firm founded in 1865 by a farmer from Quainton who sought to supply London with top-quality milk. Champagne taps were also used to dispense the fashionable but expensive Koumiss (a drink made from fermented mare's milk). A cheaper alternative, developed from cow's milk, was sold by the Aylesbury Dairy Company.

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 a reduction of FLO days on site due to changes brought about by the pandemic. The Finds Liaison Officer was on maternity leave and a part-time replacement covered this role throughout most of the year.

Service Level Agreements

Work on the National Paralympic Heritage Trust and Embroiderer's Guild collections began again, including the installation of two EG exhibitions, some acquisition to the EG collections and further cataloguing of the NPHT collection.

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THE BUCKINGHAMSHIRE COUNTY MUSEUM TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2022

Volunteers

Work at Halton Resource Centre sadly had to stop in the previous year due to the effects of the pandemic but several of the volunteers have returned since to aid in cataloguing, photography and display work, amongst other projects.

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 other small projects, including: £3,000 for the development of museum leaflets in the new branding, £7,500 to cover the cost of loans, transportation and insurance for the upcoming Picasso exhibition and a further £47,700 towards refurbishments of the galleries.

The £48k 2021/22 contribution from the Friends & Patrons was part of a larger donation towards development of the galleries, totalling £150,000 across this year and last.

Total funding from the Friends & Patrons totalled £65,698 in 2021/22.

Financial review

Financial position

The Covid pandemic impacted the activities of many organisations in 2020 / 21 and slowed recovery following the phased approach to lifting restrictions and Bucks County Museum Trust was no exception. The museum was unable to reopen until Step 2 of the phased approach, which was in mid-April 2021. 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 2022, extracted from the detailed financial statements on pages 15 to 27.

The principal income during the year was from the Buckinghamshire Council Service level agreement for the management of the museum and collection £403,793, a National Portfolio Organisation grant from the Arts Council £101,840 and the Cultural Recovery Fund and Business Support Grants of £216,758.

The main items of expenditure were salaries and pension contributions £655,924, utilities £53,501, property and insurance costs £33,321, professional fees £28,529 and accountancy & software fees £23,950.

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THE BUCKINGHAMSHIRE COUNTY MUSEUM TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2022

STRATEGIC REPORT Financial review

Reserves policy

Retained reserves at 31st March 2022 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.

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THE BUCKINGHAMSHIRE COUNTY MUSEUM TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2022

STRATEGIC REPORT

Future plans

Further stakeholder consultation regarding the new Discover Bucks Galleries and rebranding of the museum took place during the year, alongside the identification of the museum's key audiences. This involved gathering feedback through in-person and digital channels to gain qualitative feedback with regards to the ongoing works. Following the consultation and analysis of visitors, the key target audiences were defined as:

  1. Trips and treats- predominantly families looking to find things to entertain their children with, cultural experiences preferred

  2. Commuterland Culturebuffs- typically older and retired people looking for cultural and educational experiences 3. Home and Heritage- people living locally- typically older again- looking to discover more about the area in which they live

Further work on this will take place in 2022/23 whereby a new 5-year strategic plan will be developed with these findings in mind and how best to increase and engage with our existing and new audiences.

The new mission and values developed during the rebranding exercise remain the same:

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 November 2021, preparation of the application for the Arts Council's new 2023/26 Investment Programme (NPO status) took place, which included

  1. Direct responses to the Arts Council's 4 Key Investment Principles

  2. An updated activity plan for the duration of the investment period

  3. Financial forecasting for the period

  4. Continued reporting for the 2021/22 extension year of the previous investment programme

The application was submitted prior to the deadline in March 2022 and the outcome is expected October 2022.

Page 7

THE BUCKINGHAMSHIRE COUNTY MUSEUM TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2022

STRUCTURE, GOVERNANCE AND MANAGEMENT

Trustees holding office in 2021/22 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 2021 the trustees have met formally 9 times (until the end of March 2022).

The HR and Finance Committees (set up in 2020/21) continued to meet throughout the year, on 3 occasions each.

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/Chief Executive and specialist staff as required. The day to day running of the Museum and all staff appointments are delegated to the Director/Chief Executive, supported by senior staff. The Director/Chief Executive 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 former Museum Director (in post until 30th April 2022) was Chair of the South East Museums Advisory Group for the Museum Development Officer and 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 former Museum Director sat on the new Development Board, as does one of the Museum's Trustees.

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.

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THE BUCKINGHAMSHIRE COUNTY MUSEUM TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2022

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

Mr R K Sutcliffe Cllr W J Y Chapple Ms S J Imbriano Mr S R Kearey Ms N K Ostaszewska-Thiebaut Mr A R J Patterson Ms H L R Llewelyn-Davies (resigned 13/9/2021) Ms A Alphonse Project Manager (resigned 23/5/2022)

Company Secretary

Auditors

Haines Watts (Berkhamsted) Limited 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).

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

Page 9

THE BUCKINGHAMSHIRE COUNTY MUSEUM TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2022

STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued

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 (Berkhamsted) Limited, 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: 22/12/2022

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

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 31st March 2022 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).

In our opinion the financial statements:

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:

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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.

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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:

We assessed the susceptibility of the trust's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the audit team included:

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 Independent Auditors.

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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 (Berkhamsted) Limited 4 Claridge Court Lower Kings Road Berkhamsted Hertfordshire HP4 2AF 22/12/2022 Date: .............................................

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THE BUCKINGHAMSHIRE COUNTY MUSEUM TRUST

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST MARCH 2022

Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
Charitable activities
Charitable activity
Other trading activities
3
Investment income
4
Total
EXPENDITURE ON
Raising funds
6
Charitable activities
7
Charitable activity
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
£
8,894
327,344
580,816
63
917,117
77,308
841,902
919,210
(2,093)
8,729
6,636
146,081
152,717		 Restricted
funds
£
5,799
47,677
698,768
-
752,244
761,481
38,511
799,992
(47,748)
(8,729)
(56,477)
1,767,488
1,711,011		 31/3/22
Total
funds
£
14,693
375,021
1,279,584
63
1,669,361
838,789
880,413
1,719,202
(49,841)
-
(49,841)
1,913,569
1,863,728		 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

The notes form part of these financial statements

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THE BUCKINGHAMSHIRE COUNTY MUSEUM TRUST

BALANCE SHEET 31ST MARCH 2022

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
£
10,206
380
10,586
4,793
62,006
225,256
292,055
(149,924)
142,131
152,717
152,717		 Restricted
funds
£
-
1,350,000
1,350,000
-
-
361,011
361,011
-
361,011
1,711,011
1,711,011		 31/3/22
Total
funds
£
10,206
1,350,380
1,360,586
4,793
62,006
586,267
653,066
(149,924)
503,142
1,863,728
1,863,728
152,717
1,711,011
1,863,728		 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

22/12/2022

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

............................................. 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 31ST MARCH 2022

Notes
Cash flows from operating activities
Cash generated from operations
1
Net cash (used in)/provided by operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Interest received
Net cash (used in)/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		 31/3/22
£
(86,305)
(86,305)
(10,971)
63
(10,908)
(97,213)
683,480
586,267		 31/3/21
£
15,573
15,573
-
440
440
16,013
667,467
683,480

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 31ST MARCH 2022

1. RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES

Net (expenditure)/income for the reporting period (as per the Statement
of Financial Activities)
Adjustments for:
Depreciation charges
Interest received
Decrease in stocks
Decrease in debtors
Decrease in creditors
Net cash (used in)/provided by operations		 31/3/22
£
(49,841)
5,506
(63)
46
503
(42,456)
(86,305)		 31/3/21
£
231,096
10,219
(440)
729
76,658
(302,689)
15,573

2. ANALYSIS OF CHANGES IN NET FUNDS

Net cash At 1/4/21
£		 Cash flow
£		 At 31/3/22
£		 At 31/3/22
£
Cash at bank and in hand 683,480 (97,213) 586,267
683,480 (97,213) 586,267
Total 683,480 (97,213) 586,267

The notes form part of these financial statements

Page 18

THE BUCKINGHAMSHIRE COUNTY MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2022

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, the only judgement made that has a significant effect on the amounts recognised in the financial statements is the residual value of the heritage assets is deemed to equal the cost paid. Given their is no reason to assume differently this is deemed to be of low risk. No estimates or assumptions made carry a significant risk of material adjustment in the next financial year.

Income

Income is recognised when the Charity has entitlement to the funds, any performance indicators attached to the item(s) of income have been met, it is probable that the income will be received, and the amount can be measured reliably.

Donations are recognised in full in the Statement of Financial Activities when entitled, receipt is probable and when the amount can be quantified with reasonable accuracy. Gift aid receivable is included when claimable.

Grant income is credited to the Statement of Financial Activities when received or receivable whichever is earlier, unless the grant relates to a future year, in which case it is deferred. Income from charitable activities is credited to the Statement of Financial Activities when received or receivable whichever is earlier, unless it relates to a specific future year or event, in which case it is deferred.

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.

continued...

Page 19

THE BUCKINGHAMSHIRE COUNTY MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2022

1. ACCOUNTING POLICIES - continued

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 Computer equipment - 20% on cost

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 the residual value is deemed to equal the cost paid and 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 the statement of financial activities in the period to which they relate.

2. DONATIONS AND LEGACIES

Donations
Gift aid
Government grant		 31/3/22
£
6,518
8,175
-
14,693		 31/3/21
£
14,610
9
150,482
165,101

continued...

Page 20

THE BUCKINGHAMSHIRE COUNTY MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2022

3. OTHER TRADING ACTIVITIES

Shop income
Catering income
Payments from government or public authorities in the normal course of
trading
Schools income
Archaeological fees
Family activities and misc inc
Embroiderers Guild
Room lettings
PAS Service Grant
Art sale proceeds
NPHT SLA
Discover Bucks Project
Heart of Bucks Covid Impact Gr ant
Museum and gallery tax relief
The Cultural Fund
4.
INVESTMENT INCOME
Deposit account interest
5.
INCOME FROM CHARITABLE ACTIVITIES
Activity
Grants
Charitable activity		 31/3/22
£
10,450
14,015
403,793
46,717
6,459
22,697
16,852
9,789
33,783
20,115
9,602
678,366
5,000
-
1,946
1,279,584
31/3/22
£
63
31/3/22
£
375,021		 31/3/21
£
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
31/3/21
£
440
31/3/21
£
370,582

continued...

Page 21

THE BUCKINGHAMSHIRE COUNTY MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2022

6. RAISING FUNDS

Other trading activities

Opening stock
Purchases
Closing stock
Bad debts		 31/3/22
£
4,839
838,743
(4,793)
-
838,789		 31/3/21
£
5,568
256,278
(4,839
10,000
267,007

7. CHARITABLE ACTIVITIES COSTS

Charitable activity
SUPPORT COSTS
Charitable activity		 Support
Direct
costs (see
Costs
note 8)
£
£
852,537
27,876
Governance
Finance
costs
£
£
2,469
25,407		 Totals
£
880,413
Totals
£
27,876

8. SUPPORT COSTS

9. NET INCOME/(EXPENDITURE)

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

Auditors' remuneration 31/3/22
31/3/21
£
£
4,375
6,300
Other non-audit services 19,575
15,809
Depreciation - owned assets 5,505
10,219

10. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31st March 2022 nor for the year ended 31st March 2021.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31st March 2022 nor for the year ended 31st March 2021.

continued...

Page 22

THE BUCKINGHAMSHIRE COUNTY MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2022

11. STAFF COSTS

Wages and salaries
Other pension costs
The average monthly number of employees during the year was as follows:
Average number of staff
No employees received emoluments in excess of £60,000.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
funds
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
154,105
Charitable activities
Charitable activity
160,633
Other trading activities
485,149
Investment income
440
Total
800,327
EXPENDITURE ON
Raising funds
122,691
Charitable activities
Charitable activity
743,906
Total
866,597
NET INCOME/(EXPENDITURE)
(66,270)
Transfers between funds
50,431
Net movement in funds
(15,839)
RECONCILIATION OF FUNDS
Total funds brought forward
161,920		 31/3/22
£
596,678
59,246
655,924
31/3/22
39
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		 31/3/21
£
538,598
80,441
619,039
31/3/21
49
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

12. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

continued...

Page 23

THE BUCKINGHAMSHIRE COUNTY MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2022

12. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued

----- Start of picture text -----
||||| |---|---|---|---| |Unrestricted|Restricted|Total| |funds|funds|funds| |£|£|£| |TOTAL FUNDS CARRIED FORWARD|146,081|1,767,488|1,913,569| |TANGIBLE FIXED ASSETS| |Fixtures| |and| |fittings| |£| |COST| |At 1st April 2021|53,976| |Additions|10,971| |At 31st March 2022|64,947| |DEPRECIATION| |At 1st April 2021|49,236| |Charge for year|5,505| |At 31st March 2022|54,741| |NET BOOK VALUE| |At 31st March 2022|10,206| |At 31st March 2021|4,740|

----- End of picture text -----

13. TANGIBLE FIXED ASSETS

14. HERITAGE ASSETS

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

15. STOCKS

----- Start of picture text -----
|||| |---|---|---| |31/3/22|31/3/21| |£|£| |Stocks|4,793|4,839|

----- End of picture text -----

continued...

Page 24

THE BUCKINGHAMSHIRE COUNTY MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2022

16. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Trade debtors
Other debtors
VAT
Prepayments and accrued income
17.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade creditors
Social security and other taxes
Net wages due
VAT
Other creditors
Accruals and income in advance
18.
MOVEMENT IN FUNDS
Net
movement
At 1/4/21
in funds
£
£
Unrestricted funds
General fund
146,081
(2,093)
Restricted funds
Restricted Fund
417,488
(47,748)
Lenborough Hoard
1,350,000
-
1,767,488
(47,748)
TOTAL FUNDS
1,913,569
(49,841)		 31/3/22
£
11,011
4,125
-
46,870
62,006
31/3/22
£
68,944
13,501
1,378
6,082
3,138
56,881
149,924
Transfers
between
funds
£
8,729
(8,729)
-
(8,729)
-		 31/3/21
£
(150)
-
7,221
51,313
58,384
31/3/21
£
102,169
18,066
-
-
-
68,019
188,254
At
31/3/22
£
152,717
361,011
1,350,000
1,711,011
1,863,728

continued...

Page 25

THE BUCKINGHAMSHIRE COUNTY MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2022

18. MOVEMENT IN FUNDS - continued

Net movement in funds, included in the above are as follows:

Incoming
resources
£
Unrestricted funds
General fund
917,117
Restricted funds
Restricted Fund
752,244
TOTAL FUNDS
1,669,361
Comparatives for movement in funds
Net
movement
At 1/4/20
in funds
£
£
Unrestricted funds
General fund
161,920
(66,270)
Restricted funds
Restricted Fund
170,553
297,366
Lenborough Hoard
1,350,000
-
1,520,553
297,366
TOTAL FUNDS
1,682,473
231,096
Comparative net movement in funds, included in the above are as follows:
Incoming
resources
£
Unrestricted funds
General fund
800,327
Restricted funds
Restricted Fund
487,114
TOTAL FUNDS
1,287,441		 Resources
expended
£
(919,210)
(799,992)
(1,719,202)
Transfers
between
funds
£
50,431
(50,431)
-
(50,431)
-
Resources
expended
£
(866,597)
(189,748)
(1,056,345)		 Movement
in funds
£
(2,093)
(47,748)
(49,841)
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 26

THE BUCKINGHAMSHIRE COUNTY MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2022

19. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 March 2022, nor for the year ended 31 March 2021.

Page 27

THE BUCKINGHAMSHIRE COUNTY MUSEUM TRUST

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST MARCH 2022

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
Archaeological fees
Family activities and misc inc
Embroiderers Guild
Room lettings
PAS Service Grant
Art sale proceeds
NPHT SLA
Discover Bucks Project
Heart of Bucks Covid Impact Gr ant
Museum and gallery tax relief
The Cultural Fund
Investment income
Deposit account interest
Charitable activities
Grants
Total incoming resources
EXPENDITURE
Other trading activities
Opening stock
Purchases
Bad debts
Closing stock		 31/3/22
£
6,518
8,175
-
14,693
10,450
14,015
403,793
46,717
6,459
22,697
16,852
9,789
33,783
20,115
9,602
678,366
5,000
-
1,946
1,279,584
63
375,021
1,669,361
4,839
838,743
-
(4,793)
838,789		 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
256,278
10,000
(4,839)
267,007

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 31ST MARCH 2022

Other trading activities
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
Distribution costs
Equipment maintenance
Protective clothing
Depreciation of tangible fixed assets
Support costs
Finance
Bank charges
Governance costs
Auditors' remuneration
Auditors' remuneration for non audit work
Legal fees
Total resources expended
Net (expenditure)/income		 31/3/22
£
596,678
59,246
7,140
19,926
46,361
12,107
2,288
7,831
25,222
292
709
28,529
25,765
2,013
10,146
155
1,403
1,134
86
5,506
852,537
2,469
4,375
19,575
1,457
25,407
1,719,202
(49,841)		 31/3/21
£
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

This page does not form part of the statutory financial statements

Page 29