w1¢•19e1artsrt Wycombe Heritage and Arts Trust Year ended 31 March 2024 Wycombe Heritage and Arts Trust Annual Report and Financial Statements for the year ended 31 March 2024 Charity no. 1155456 Company no. 08783933
mb*W•ta9•thlrtSrlUIt Wycombe Heritage and Arts Trust Year ended 31 March 2024 Index PAGE Legal and administrative details Trustee5 report Report of the Independent Examiner io Statement of Financial Activities li Balance Sheet 12 Notes to the Financial Statements 13
WHAI Wyc•mb• Hitita9¢•Art%Tru6t Wycombe Heritage and Arts Trust Year ended 31 March 2024 Wycombe Heritage and Arts Trust is a company limited by guarantee and is a registered charity governed by its Memorandum and Articles of Association. For the purposes of charity law the trustees are the directors of the charity and throughout this report are collectively referred to as 'trustees'. LEGAL AND ADMINISTRATIVE DETAILS Company registration number: 08783933 Charity registration number: 1155456 Registered office: Wycombe Museum The Greenway High Wycombe HP13 6PX Trustee Board: Stephen Mills {Chair and Company Secretary) Jenifer Baker OBE Fay Ewing (appointed 7 December 2023) Lyndsey Feeney Jim Foy Anthony Green Susan Leighs Sarah Major Stephen Milner Bankers: Metro Bank PLC Unit 81-113 2 Eden Walk High Wycombe HPII 2AW Chartered Accountants". Calculo Tax Audit Ltd 29-31 Castle Street High Wycombe HP13 6RU Page | I
Wycombe Heritage and Arts Trust Year ended 31 Jmarch 2024 Trustees Report for the year to 31 March 2024 The Trustee5 of Wycombe Heritage and Arts Trust, who are also the Directors of the Charity for the purposes of the Companies Act 2006, present their Annual Report and Financial Statement for the year ended 31 March 2024. The accounts have been prepared in accordance with the accounting policies set out in note 2 to the accounts and comply with the Charity'5 governing document, the Companies Act 2006 and Accounting ond Reporting by Chorities.. Statement of Recommended Practice ISORPI applicable to charities preparing their accounts in accordance with the Financi21 Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 (effective l January 20161. Objectives, Activitie5 and Public Interest The Charity's objects are.. to establish and maintain a museum and art gallery for the benefit of the public to advance education by the running of a Heritage and Arts Service such other charitable purposes beneficial to the public consistent with the objects above as the Trustees acting reasonably shall determine. The Charity's objectives are to provide a well-managed and accessible collertion that reflects the material culture of communities across Wycombe district, in an enjoyable, friendly, safe and captivating environment that actively encourages life-long learning for all, and to strengthen partnerships internally and externally in order to promote the Museum as a valuable resource for the community, visitors and heritage specialists. Our Mission: Building pride in Wycombe by using our heritage to understand the stories ojour people ¢7nd ¢ommuniTties Strategic Plan During 2023, Trustees and staff of the Musellm developed a new set of strategic aims, as statements of intent which support our Mission. These aim5 will act as the foundations for Trustee decision-making during the next five years, and will be regularly reviewed and assessed by the Board and Management. The aims are built around two pillars- Engoging Our Audiences and Collection5 ond Curotor5hip. and are supported by four further aims. Below is a summary of each aim. Page12
Wycombe Heritage and Arts Trust Year ended 31 March 2024 2 CORE AIMS TO SUPPORT OUR MISSION: Buildlng pride In Wycombe by uslng our herltage to understand the stories of ourpeople and communities En9aglngOur Au Collectlons and Underpinned by 4 supportin8 aims.. Robust and effective Sustalnable and stable ANANCES Efflcient & strate8lC OPERATIONS Clear and en8a8ln8 COMMS Engoging Our Audiences Reflecting Wycombe's diverse people stories.. we will understand and reflect the wide cultural and socio-economic diversity of Wycombe's people and communities in our activitie5 and engagement- strengthening community cohesion, placemaking and wellbeing Putting our collection at the heart of our engagement.. we will interpret our collection through multiple modes of engagement including exhibitions, talks, workshops, schools and family engagement. online, and in replying to enquiries. Becoming a valued cultural partner.. we will build strong, mutually beneficial, collaborative partnerships with relevant local organisations that embed us more deeply within Wycombe's cultural and social networks Collection5 and Curutorship A well-managed, accessible and relevant collection.. our collection will be well cared for and managed to the museum accreditation standard. We will ensure that this collection is acce55ible, valued by and interpreted in ways which have relevant connections for our audiences A focus on Wycombe'5 chair and furniture making heritage.. we will be especially known for our stories surrounding the people and communities of the chair and furniture-making industry of Wycombe and the wider Chiltern5 & Thames Valley To accomplish our two Strategic Aims successfully, it is imperative that the Trust operates in a sustainable and stable manner. Consequently. we have identified four essential supporting aims that must be effectively implemented to fulfil our Mission- Page | 3
Wycombe Heritage and Art5 Trust Year ended 31 March 2024 Governonce We will have effective governance and leadership structures which are regularly reviewed, alongside a collaborative culture which uses Trustee expertise to support staff, fostering strong relationships within the organisation. Finonciol Sustainability We will secure long-term financial stability, including a suitable long-term core funding agreement with Buckinghamshire Council and active diversification of our income streams- supported by accurate, nsightful and timely financial reporting. Operotions We will create safe, welcoming, and well-designed spaces for our audiences to experience, while considering environmental sustainability in all our activitie5. Communicotions Our diverse audiences will be aware of the Museum and understand who we are and what we offer on- site, off-site, and online. They will be actively engaged with our institution, fostering a sense of connection and participation in its Mission. Athievements and Performance Wycombe Museurn continued its commitment to local people, our communities and providing accessible and meaningful opportunities to engage with local heritage and culture during 2023-24. Partnerships with varied organisations remain crucial to delivering a wide-ranging programme and reach diverse audiences. The Trustees would like to thank all the organisations that have supported the Trust during the year. During the financial year, the Museum has welcomed over 50,000 visitors and estimate5 a total off-slte engagement (through website visits, talks and other partnership engagement) of over 100,000. Our exhibitions: these are our opportunity to showcase more of our collections, create local partnerships to tell local storie5 and uncover new fascinating histories from the area. Major exhibitions were.. Our Place- an exhibition about place, exploring how our collection is rooted in the local landscape, the intriguing history of the house before it was a museum, and the different families that lived here. o Hidden Hands- A Chalk, Cherries and Chairs funded a collaboration with the Woodlanders volunteer team and Buckingharn5hire New University using new research to uncover the women's stories of work in local villages, alongside a series of talks and workshops including lace-making and 5traw-pl3iting with local makers. Community exhibitions hove featured.. John Hampden, local landowner and Member of Parliament. He opposed King Charle51, fought in the Civil Wars, and died for his caijse. In partnership with the John Hampden Society and Battlefields Trust, featuring 17th century armour and weaponry on loan. o The Orpheu5 Choir- exploring their history from a Methodist Chapel in 1923 through World Wars, national tours and trophy wins to celebrate their centenary year. P3Ee14
Wycombe Heritage and Arts Trust Year ended 31 March 2024 Wycombe Museum at 90- a joint pop-up exhibition at Wycombe Museum and High Wycombe Library Permanent Installations.. Our Blue Chair panel was installed in the sensory garden. It was funded by The Art5 Society as part of the Take One Picture, National Gallery initiative to get more kid5 into rt. Our partnerships and funded projects: as a local museum, our partnerships allow us to connect better with local people and co-create projects, exhibitions and events for our communities. Ch(Jlk, Cherries and Chairs.- the Museum has continued to work closely on this with the Chilterns Landscape Partnership. Activities funded included.. o Hidden Honds exhibition la5 above) o The Chair FestlV21- during the year, preparations took place for The Chair Festival in Wycombe, which began with the exhibition The Art of the Choir opening in March. Our first step was a multi-partner meeting welcoming over 25 potential partners, including 8 chair manufacturers. The Chair Festivol continues into the summer of 2024. Opportunity Bucks.. we began to work closely with this local project. The Museum is one of the few greenspaces located in Terriers and Amersham Hill, one of io Bucks wards where people experience the most hardship. The Museum partnered with Opportunity Bucks, looking at how we can support local people to engage and spend time in our green space. Buckinghamshire Culture.- we became signatorie5 to the Bucks-wide Inclusion ond Access Monifesto. We also were part of a Social Prescribing pilot working with Music Noture Create, a music therapy organisation. ond took part in the Open World Fair, Buckinghamshire-wide culture weekend. Other partnerships.. we are developing our relationship with other local organisations particularly Buckinghamshire New University, re their relaurTrched Chair Course: and others re the railway station and bridges. We have also been working with local community groups to h05t them at the Museum, hold specific events and ensure our premises are accessible to all. This included Wycombe Refugee Forum, Wycombe Multicultural Organisation and Dosti Lodies. In June we held a Windrush ot 75 celebration for local elders. Our Collections: the Collection5 at Wycombe Museum are at the heart of everything we do,. our goal is to make them more accessible for all I Stores.. we have worked hard on the plans to rnove our stored collections from poor environmental conditions to a newly built open store so that more people can see our remarkable chair collection. We moved 70% to a temporary space for drying and have begun the process of auditing and cleaning all items. This work wa5 funded by The Heart of Bucks General Fund. Acqui51tions: we accepted one offer Inot yet accessioned) during the year of two caned seated chairs attributed to samuel Treacher, one of Wycombe's first 19, century furniture manufacturers. Enquiries.. we received 119 enquiries during the year. These ranged from researchers on artists represented in our art collection, identification of Windsor chairs, information about local furniture manufacturers and photo collection enquirie5. Unusual or notable enquiries included the purchase of photograph5 of our mayoral drums from a USA researcher on military history and an enquiry if the Beatles ever played in West Wycombel Page15
Wycombe Heritage and Arts Trust Year ended 31 March 2024 Learning programme: We welcomed over 1,000 school children to the Museum for learning sessions, of which 25% came from local priority wards. Our Explore15essions for home educated children continued to be popular and serve a new segment of local youth. We also developed new CPD material for Primary School teachers on delivering local history stories. Informal learning sessions throughout the year included our toddlers, Tiny T(71k fime and Forest School,. Discover ond Moke, featuring stories and craft session5 for primary-aged children- and days out for the whole family. Events: 5,300 people took part in our events programmes, including 36 workshops for 2-5-year-olds, 31 workshops for 4-12-year-olds, 12 adult workshops, 6 family days and 20 other adult events. About 20% of our event visitors were from priority ward5. The Museum aims to deliver a range of engaging and enjoyable sessions. Highlights were-. our signature Discover ond Make events for primary-aged children including a trail to investigate our collections and a craft event and Bees l in partnership with High Wycombe beekeepers and straw plaiting and lace-making to tie in with our exhibition and an archaeology dig. o Family Fun days including two featuring the Chiltern Rangers, exploring wood in the Chilterns from chair-making to charcoal and corn-milling. events celebrating the Coronation of King Charles111 and Queen Camilla in May 2023, funded by the local Community Board. including a picnic for 150 people and special event forthe Wycombe Refugee Forum. The Museum hosted various performances within its grounds, including-. o Shakespeare by Unbound, an award-winning story telling company. o Sour Cherry Soup, a one-woman show telling the story of the changing landscapes and populations of the Chilterns Isupported by Cholk, Cherries (Jnd Choirs). a contemporary dance performance by Sign Dance Collective Seoson(Jl event5.' we also held a spooky Halloween looking for local ghosts and a Tudor Christmas themed family day. The Museum again partnered with One Ct7n Trust to provide free tickets to local familie5 in need for school holiday events. These successe5 could not have been achieved without the hard work and efforts of Staff and Volunteer5, and our Trustee5 thank and congratulate them all for their stalwart support and enthusiasm making it possible for the Trust to survive and thrive. Financial Review The Trust's principal source of income remain5 the grant from Buckinghamshire Council, along with the lease for the Castle Hill site. During 2023124, the Trust received £150,000. Grant income rose from £28,018 in 2022123 to £46,068 in 2023124, with the majority of grants restricted for specific purpose5. During 2023124. the Trust worked with a number of partners to deliver ronge of events and exhibitions, continuing to receive the majority of grant funding through restricted P3ge16
Wycombe Heritage and Arts Trust Year ended 31 March 2024 funds. In particular the Museum continued to work closely with Cholk, Cherries ond Choirs.. o Chiltern5 LondscDpe Purtnership, which celebrates the Chilterns landscapes. Trading income remained broadly steady at £54,63812022123 £56,745), as visitor numbers recover after the COVID-19 pandemic. The Trust generated a small surplu5 of £856 over the year12022123 deficit of £1,801). The unrestricted deficit for the year was £530. bringing unrestricted funds to £110,302 at 31 March 2024, while restricted funds stood at £10,997. Total funds at the year-end stood at £121,29912022124 £120,443). The Future This has been a great year for Wycombe Museum - cementing new partnerships post-COVID, finding it5 place within the local area and working closely with local communities. The focus for the coming year remains delivering the goals of the Strategic Plan, in order to continue to deliver our Mission. Our main area of work will be on the chair collection, both in terms of progressing the stores move to make more of our chairs accessible and through our Chair Festival - building exhibitions, partnerships and events about chairs. Our annual grant from Buckinghamshire Council has been reduced to £125,000 p.a. for 2024-25 and we agreed another year, 2025-26, at this level in September 2024. Buckinghamshire Council has committed in principle to a longer-term partnership with the Museum and WHAT'S Board of Trustees remain5 grateful to the Council for their ongoing support. A five-year busine55 plan has been developed with the support of external consultants, incorporating a fundraising programme consisting of targeted grant funding applications, relaunching the museum supporter scheme and plans to develop corporate support. Public benefit The Trustees confirm that they have complied with rheir duty in section 17 of the Charities Act 2011 to have due regard to the public benefit guide published by the Charity Commission in delivering the activitie5 undertaken by the Charity. The Trustees continue to keep in mind the Charity Commission's guidance on public benefit, and look to provide a variety of events and activities at the Museum, to encourage vi51tors to explore the Museum and ground5 and beyond. Alongside this, the Museum runs an education programme to engage local schools with Wycombe history, and provides an outlet for learning through voltJnteering, plus the benefits associated with volunteering in general. Reserves Policy It is the policy of the Wycombe Heritage and Arts Trust that unrestricted funds which have not been designated for a specific use should be maintained at 3 level equivalent to between three and six months, expenditure. The Trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the current activities while consideration is P3Ee17
Wycombe Heritage and Arts Trust Year ended 31 March 2024 given to ways in which additional funds may be raised. Thi5 level of reseeS was held at the end of Mèrch 2024. Risks and untertainties The Trustees have evaluated the major risks to which the Trust is exposed and these are considered to be related to financial uncertainty. Current yeor solvency The current year results have added to the unrestricted reserve5 of the Trust, sufficient to ensure the Musellm can continue to deliver the Trust's objective5 into the coming year. Actual results are monitored against current forecast on a monthly b2S15 as part of the management accounting reporting process to ensure any negative variances are measured and appropriate remedial actions implemented. Medium-term 501venry Buckinghamshire Council has extended the funding arrangements initially in place with Wycombe District Council, with funding levels agreed up until March 2026, while Buckinghamshire Council has committed to a longer-term partnership with the Museum. Structure, Governante & Management Wycombe Heritage and Arts Trust is a company lirnited by guarantee, incorporated on 20 November 2013 and was registered in England and Wale5 on 24 January 2014. In the event of the company being wound up, Trustees are each required to contribute an amount not exceeding £10. Recruitment and Appointment of Board of Dirertors The directors are also Trustees of the charity. They are appointed for a four-year term and may be reappointed. There is a maximum of 11 Trustees. Since the Trust's creation all new Trustees have been appointed by the Board following advert15ement, application and an open recruitment process. Statement of Tru5tees' responsibilities The Trustees, who are also the directors of Wycombe Heritage and Arts Trust for the purpose of company law, are responsible for preparing the Trustees, Report and the financial statement5 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 affair5 of the Trust and of the incoming resource5 and application of resource5, including the incorne and expenditure, of the charitable company for that year. In preparing these financial statements, the Trustees are required to.. select suitable accounting policies and then apply them consistently,. Paee18
Wycombe Heritage and Arts Trust Year ended 31 March 2024 observe the methods and principles in the Charities SORP,. make judgements and estimates that are reasonable and prudent,. and prepare the accounts on the going concern ba515 unless it is inappropriate to presume that the Trust will continue in operation. The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the Trust and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Calculo Tax Audit Limited of 29-31 Castle Street, High Wycombe, Buckinghamshire, HP13 6RU were appointed as the Trust's accountants. The Trustees, report was approved by the Board of Trustees on 21 November 2024. Stephen Mills, Chair P3ge19
WHAI Wycombe Heritage and Arts Trust Year ended 31 March 2024 Independent Examiners Report I report to the trustees on rny examination of the accounts of the Wycombe Heritage and Arts Trust for the year ended 31 March 2024 which are set out on pages 11 to 19. Responsibilities and basis of report As the Trustees of the Wycombe Heritage and Arts Trust land a150 the directors of the company for the purposes of charity lawl, you are responsible for the preparation of the accounts in accordance with the requirements of the Companie5 Act 20061"the 2006 Act"). Having satisfied myself that the accounts of the Company are not required to be audited for this year under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charitie5 Act 20111.the 2011 Act"). In carrying out my examination, I have followed all the applicable Directions given by the Charity Commission (under section 14515llbl of the 2011 Act. Independent examiner's statement I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect.. accounting records were not kept in accordance with section 386 of the 2006 Act.. or 2. the financial statement5 do not accord with those records.. or the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination,. or the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. I have no concerns and have come across no other matters in connection with the examination to which atterltion Should be drawn in order to enable a proper understanding of the accounts to be reached. Jonathan Walton FCA FCCA Chartered Accountant Calculo Tax Audit Limited 29-31 Castle Street. High Wycombe, Buck5, H P13 6RU Date Page l io
Wycombe Heritage and Arts Trust Year ended 31 March 2024 Statement of Financial Activities Forthe year ended 31 March 2024 Unrestricted Restricted funds funds Total 2024 Total 2023 Note Income Donations ond gronts Donations and grants Buckinghamshire Council grant 2,525 150.000 45,543 48.068 150,000 28,018 150,000 Incomefrom charitable octivities Operation as a museum Learning activities 1.072 4,525 1,072 4,525 890 3,146 Incomefrom other troding octivities Ancillary trading activities Friend5 membership 54,638 576 54,638 576 56,745 687 Total Income 213,336 45,543 258,879 239,486 Expenditure Huisingfunds Ancillary trading activities 39,109 39,109 38,074 Expenditure on chorit(Jble t7ctivities Operation as a museum 174,757 44,157 218.914 203,213 213.866 44.157 258,023 241,287 Net income /{outgoingsJ 15301 1,386 856 11.8011 Transfers between funds Net movement infund5 15301 1,386 856 11,8011 Total funds brought forward 110,832 9,611 120.443 122,244 Total funds carried forward 110,302 10,997 121,299 120,443 Page 111
Wycombe Heritage and Arts Trust Year ended 31 March 2024 Balance Sheet As at 31 March 2024 Note 2024 2023 Fixed assets Tangible assets 12,641 19,077 Current assets Stocks Debtors Cash at bank and n hand 4.119 10.197 100,066 114.382 728 7,656 103,773 112,157 Liabilities Creditors-. amounts falling due within one year Net current assets {5.7241 108,658 110,7911 101.366 Total net assets 121.299 120,443 The funds of the tharity Restricted funds Unrestricted funds Designated funds io li 10,997 110,302 9,611 110,832 12 121.299 120.443 The company is entitled to the exemption from the audit requirement contained in section 477 of Companies Act 2006 for the year ended 31 March 2024. No member ofthe company has deposlted a notice, pursuant to section 476, requiring an audit of these accounts. The Trustee5 are responsible for ensuring that the charity keeps accounting records which comply with section 386 of the Act and for preparing accounts which give a true and fair view of the state of affairs of the company as at the end of the financial year. They are also responsible for its incoming resource5 and the application of these resources. including its income and expenditure, for the financial year in accordance with the requirements of sections 394 and 395, and which otherwise cornply with the requirement of the Companies Act 2006 relating to the accounts. so far as applicable to the companv. The accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. These accounts we approved by the Trustees on 11 November 2024 and signed on their behalf,. Stephen Mills, Chalr Page | 12
Wycombe Heritage and Arts Trust Year ended 31 March 2024 Notes to the financial statements Charitable company information Wycombe Heritage and Arts Trust is a private company limited by guarantee incorporated in England and Wales. The registered office is Wycombe Museum, The Greenway, High Wycombe, HP13 6PX. Accounting convention These accounts have been prepared in accordance with Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland, I'FRS 102,1, and with the Companies Act 2006, the Charities Act 2011 and follows the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and the Republic of Ireland Ithe 'Charities SORP'I. The Trust is a Public Benefit Entity as defined by FRS 102. The accounts have been prepared on the historical basis except for the modification to a fair value basis for certain financial instruments as specified in the accounting policies below. 2.1 Going concern The Trust has agreed a sustainable budget for the next 12 months. The Trust has determined that it has adequate resovrces to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing its accounts. 2.2 Charitable funds Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objective5 unless the funds have been designated for other purpose5. Restricted funds are subject to specific conditions by donors as to how they must be used. The purposes and use5 of restricted funds are set out in the notes to the account5. 2.3 Income Income 15 recognised when the Trust 15 legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that the income will be received. Cash donations are recognised on receipt. Other donations are recognised once the Trust has been notified of the donation. unless performance conditions require deferral of the amount. Donations under Gift Aid together with the associated income tax recoveries are credited as income when the donations are received. Legacies are recognised on receipt or otherwise if the Trust has been notified of an impending distribution, the amount is known, and the receipt is expected. If the amount is not known, the legacy is treated as a contingent a55et. Page113
Wycombe Heritage and Arts Trust Year ended 31 March 2024 Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for good5 and services provided in the normal course of busine55, net of discounts. 2.4 Expenditure Liabilities and related expenditure are recognised in full in the accounts as soon as an obligation arises. Costs of generating funds comprise the costs a550ciated with attracting voluntary income and the costs of trading for fundraising purposes. Resources expended are included in the statement of financial activities on the accruals basis inclusive of any VAT which cannot be reclaimed. 2.5 Tangible a55ets Tangible fixed assets are measured at cost less accumulated depreciation and anv accumulated impairment losses. Assets are capitalised where their value is greater than £1,000. Depreciation is recognised 50 as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases.. Office equipment Plant and machinery Museum and garden equipment Website 20% on cost 25% on cost 20% on cost 20QA on cost 2.6 Impairment of fixed assets At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset 15 estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount 15 reduced to its estimated recoverable amount, and on impairment105s is recognised immediately in income or expenditure. If an impairment subsequently reverses, the carrying amount of the asset is increased to the revised estimate of the recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in income or expenditure. 2.7 Stotks Stocks are valued at the lower of cost and estimated selling price less costs to sell, after making due allowance for obsolete and slow-moving iterns. 2.8 Debtors Short term debtors are measured at transaction price after any trade discount offered, less any impairment. Paee114
wyrgMmtuYI&Artff TTUrt Wycombe Heritage and Arts Trust Year ended 31 March 2024 2.9 Cash at bank and in hand Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or sirnilar account. 2.10 Creditors Short term trade creditors are measured at transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. 2.11 Deferred income Deferred income relates to the grant from Buckinghamshire Council which is received shortly ahead of the period it relates to. 2.12 Financial instruments The Trust only h35 financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. Crltical accounting estimates and judgements In the application of the Trust's accounting policies, the Trustees are required to make judgements, estimates and assumption5 about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Artual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods Trustees None of the Tru5tee5 lor any persons connected with them) received any remuneration or benefits form the Trust during the year. Page115
Wyrornb¢HeTlia9t•ArtsTn¢ Wycombe Heritage and Arts Trust Year ended 31 March 2024 Analysis of expenditure Ancillary trading Operation as activities a museum 2024 Total Unrestrirted funds Direct costs Su ort costs Professional fees Staff costs Office costs Premises costs 11,975 3,266 15,241 1,624 23.410 386 844 14,616 108,089 7,335 16,040 18,546 847 5.037 981 174.757 16.240 131.499 7.721 16,884 18,546 1,412 5.302 1.021 213,866 Publicity and marketing Insurance Other costs 565 265 40 39,109 Restricted funds Direct costs Staff costs 2024 Totals 16,083 28,074 218,914 16.083 28,074 258,023 39,109 Ancillary Operation as trading activities a museum 2023 Total Unrestrirted tunds Direct costs ort costs Professional fees Staff costs Office costs Premises costs Utilities Publicity and marketing Insurance Other costs 11,610 2.771 14,381 1,761 22,948 358 783 15,845 102,926 6,793 14,884 16,726 370 6.459 S98 167,372 17,606 125.874 7,151 15,667 16.726 617 6,799 625 205,446 247 340 27 38.074 Restricted fund5 Direct Costs Staff Costs 2023 Totals 10,423 25,418 203,213 IOA23 25,418 241,287 38.074 Ancillary trading activities represent events and activities, along with retail and catering services. that are undertaken to.. further the offer,. attract V151tors,' and, provide a valuable Page116
Wycombe Heritage and Arts Trust Year ended 31 March 2024 resource for the local community. Whilst these costs can be attributed to these activities, they are also a crucial element for the operation of the museum and art gallery. Employees The average monthly number of employees during the year was.. 2024 2023 Average monthly number Full-time equivalent Tangible fixed as5etS Office equipment Plant & machinery Museum equipment Website Total Cost At l April 2023 Additions At 31 March 2024 12,287 11,748 6,968 9,802 40.805 12,287 11,748 6,968 9,802 40,805 Depreciation At l April 2023 Provided in year At 31 March 2024 9,483 862 10,345 5,272 2,220 7,492 3,020 1,394 4,414 3,952 1,960 5,913 21.727 6,436 28.164 Net book value at 31 March 2024 1,942 4,256 2.554 3,889 12.641 Net bookvalue at 31 March 2023 2,804 6,476 3,948 5,850 19,078 Debtors 2D24 2023 Prepayments and accrued income Other debtors 10.197 7,656 10,197 7,656 Page117
Wycombe Heritage and Arts Trust Year ended 31 March 2024 Creditors: amounts falling due within one year 2024 2023 Trade creditors Accruals Deferred income 2.118 3.606 5,724 3,724 7,067 10,791 io Restricted funds Opening funds 01104123 Closing funds 31103124 Income Expenses Tran5fer5 Red Lion fund Chalk, Cherries and Chairs Together We 8uild Coronation day Story Writing Competition Bucks Culture funding Storage project Rothschild Strategic Fund Health Check funding Other funding 325 5,974 278 838 1,688 325 5,192 17,152 396 117,9341 16741 18381 11,6881 12,6001 15,4201 112,5001 11,9951 15081 144.1571 2,600 10,000 12,500 1,995 900 4,580 508 900 9.611 45,543 10,997 Red Lion Fund Funds received for the ongoing maintenance of the Red Lion in Wycornbe town centre Chalk Cherries and Chairs Funds received from Chalk, Cherries and Chairs, a Chilterns Landscape Partnership, which celebrates the Chilterns landscapes. Projects funded during the year inclucle Hidden Hand5 exhibition - a collaboration with Buckinghamshire New University exploring women's stories of work in local villages. alongside a series of talks and workshops- a Storywriting competition with local schools -and the development phase of The Art of the Chair- exploring the art, design and marketing of chairs and leading into the Chair Festival which runs in summer 2024. Together We Build-Funds received from Buckinghamshire Culture a5 part of their co-curation project to remember the 2012 Paralympic5 ten years on. We worked with Buckinghamshire Page118
WycwnbeH¢rlta9••An%Thirt Wycombe Heritage and Arts Trust Year ended 31 March 2024 College Group to put on a small local exhibition and are signatories to the Access and Inclusion Manifesto. Coronation Day Fund5 received from Buckinghamshire County Council to enable the museum to host local community events to celebrate the coronation of Their Majesties King Charles111 and Queen Camilla in May 2023. Including partnerships with the Wycombe Refugee Forum and local guide and scout groups. Social Prescribing Funding received from Buck5 Culture to undertake a pilot on Social Prescribing as part of wider Bucks-based pilot project. At Wycombe Museum we worked with Music Nature Create to deliver for new parents in the local area. Storage Project Funding provided by the Heart of Bucks Community Foundation to support the museum in its ongoing work to secure suitable and adequate storage for the collection. Rothschild Strategic Funding Funding received to support the Museum to carrying out a full strategic review to ensure the museum remains sustainable into the future. Organisational Health Check Funding Funding provided by our local Museum Development Office to review our organisation from governance perspective Other funding This reflects various smaller amounts of restricted funds, all under £1,000. 12 Analysis of net assets between funds Tangible fixed assets Current liabilities Current a55etS Total Unrestricted funds Restricted fund5 12,641 103.385 10,997 114,382 15,7241 110,302 10.997 2024 total funds 12,641 15,7241 121,299 Page119