W0Mb•HATla9*ArtTrUrt Wycombe Heritage and Arts Trust Year ended 31 March 2025 Wycombe Heritage and Arts Trust Annual Report and Financial Statements for the year ended 31 March 2025 Charity no. 1155456 Company no. 08783933
wye0m*l¢a1o&ArtS TYllIt Wycombe Heritage and Arts Trust Year ended 31 March 2025 Index PAGE Legal and administrative details Trustees report Report of the Independent Examiner 12 Statement of Financial Activities 13 Bafance Sheet 14 Notes to the Financial Statements 15
wyeomb•H•YitQ9•lhArtITryit Wycombe Heritage and Arts Trust Year ended 31 March 2025 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 Mi115 (Chair and Company Secretary- resigned 22 May 2025} Guy Foreman (Chair and Company Secretary- appointed 22 May 20251 Jenifer Baker OBE Rosemary Brake (appointed 30 January 2025) Fay Ewing Lyndsey Feeney Jim Foy (resigned 27 February 20251 Anthony Green Poppy Lawrence Carr (appointed 30 January 2025) Susan Leighs Sarah Major Stephen Milner {resigned 27 February 20251 Eleftheria Neep {appointed 3 April 20251 Jame5 Peters (appointed 3 April 20251 Bankers: Metro Bank PL Unit 81-113 2 Eden Walk High Wycombe HPII 2AW Chartered Accountants-. Calculo Tax Audit Ltd The Threshing Barn, Manor Barns, Coates Lane High Wycombe HP13 SUX Page I I
Wye•mb•MeTlt4y•&ArtITYurt Wycombe Heritage and Arts Trust Year ended 31 March 2025 Trustees Report for the year to 31 March 2025 The trustees, 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 2025. The accounts have been prepared in accordance with the accounting policies set out in note 2 to the accounts and comply with the Charity's governing document, the Companies Act 2006 and Accounting and Reporting by Charities.. Statement of Recommended Practice ISORPI applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 (effective l January 2016). Objectives, Activities and Public Interest The Charity's objects are: to establish and maintain a museum and art gallery forthe benefit of the public to advance education by the running of a Heritage and Arts Service such other cha ritable purposes beneficial to the public consistent with the objects above as the trustees acting reasona bly shall determine. The Charity's objectives are to provide a well-managed and accessible collection 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, a nd 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 of our people and communities Strategic Plan During 2023, the Trustees and the staff of the museum developed a new set of strategic aims, as statements of intent which support our Mission. These aims act as the foundations forTrustee decision- making over a five year period, and will be regularly reviewed and assessed by the Board and management. The aims are built around two pillars- Engaging OurAudience5 and Collections and Curatorship, and are supported by four further supporting aims. Below is a summary of each aim. Page | 2
w••11•T1lg•4ArtlTTurt Wycombe Heritage and Arts Trust Year ended 31 March 2025 2 CORE AIMS TO SUPPORTOUR MISSION: Bullding prlde In Wycombe by using our heritage to understand the storles oAourpeople and communltles Engaging Our Audlences Collections and Curatorship Underpinned by 4 supporting aims: Robust and effectlve GOVERNANCE Sustslnable and stable FINANCES Efficient & strateglc OPERATIONS Clearand enga8lng COMMS Engaging OurAudiences 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 activities 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 Collertions and Curatorship 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 accessible, valued by and interpreted in way5 which have relevant connections for our audiences A focus on Wycombe's 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 Chilterns & Thames Valley To accomplish our two Strategic Aims successfully, it is imperative that the museum operates in a sustainable and stable manner. Consequently, we have identified four essential supporting aim5 that must be effectively implemented to fulfil our mission: Page | 3
worAb•>I•Y1t4y•Art51y¥rt Wycombe Heritage and Arts Trust Year ended 31 March 2025 Governance We will have effective governance and leadership structures which are regularly reviewed, alongside collaborative culture which uses Trustee expertise to support staff, fostering strong relationships within the organisation. Financial Sustainability We will secure long-term financia I sta bility, including a suitable long-term core funding agreement with Buckinghamshire Council and active diversification of our income streams- supported by accurate, insightful and timely financial reporting. Operations We will create safe, welcoming, and well-designed spaces for our audiences to experience, while considering environmental sustainability in all our activities. Communications 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 a nd participation in its Mission. Achievements and Performance Wycombe Museum continued its commitment to local people, our communities and providing accessible and meaningful opportunities to engage with local heritage and culture during 2024-5. Partnerships with varied organisations remain crucial to delivering a wide-ranging programme and reaching 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 estimates a total off-site engagement (through website visits, talks and other partnership engagement) of over 100,000. Exhibitions: Exhibitions are our opportunity to showcase more of our collection5, create local partnerships to tell local stories and uncover new fascinating histories from the area. During spring/summer 2024, our permanent Chair galleries were refurbished, to improve the visitor experience and ma ke the display of our nationally significant collection more inclusive for our audiences. The updated spaces include putting people's stories back into the galleries, creating a 'Chair th Lab, offering visitors the chance to be a 'chair expert, and reopening our 20 and 21, Century gallery. For more detail see Funded Projects, below. Major exhibitions were: The Art of the Chair126th March 2024- 2nd February 2025) This exhibition explored the art, design and marketing of chairs, from Victorian traveling salesmen's artwork and miniature chairs, to slick 1970s adverts and gave our audiences the chance to discover the designs that made Wycombe chairs known around the world. Produced in partnership with Chalk, Cherries and Chairs as part of our Chair Festival. Page14
wyeomb• H•titag•ArtTYUrt Wycombe Heritage and Arts Trust Year ended 31 March 2025 A Walk Round Wycombe Through Time Illth February 2025- 1st March 2026) An exhibition strolling through 150 years of Wycombe's history. In partnership with Sharing Wycombe's Old Photos {SWOPI, and local historian Mark Page, this photographic exhibition revealed how the streets and open spaces of High Wycombe have changed through time. Audiences could see historic photographs- some within living memory and some beyond- and compare them with modern views of the town they know today. Community exhibitions this year have featured: John Hampden - an exhibition telling the story of local landowner and Member of Parliament. He opposed King Charles I, fought in the Civil Wars, and died for his cause. In partnership with the John Hampden Society and Battlefields Trust, featuring 17th century armour and weaponry on loan. High Wycombe Choral Society - an exhibition exploring and celebrating the history of this local th choir, as it celebrated its 90 Anniversary in 2024. 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. Chalk, Cherries and Choirs.. the museum has continued to work closely with Chalk, Cherries and Chairs {CCCI, a 5- year Landscape Partnership Scheme funded primarily by the National Lottery Heritage Fund, which finished delivery in September 2024. Wycombe Museum successfully bid to lead the Chair Festival, the final part of collaborative work for the project. Activities funded included: o Art of the Chuir Temporary Exhibition (April 2024)- As above o Chair Festival (July 2024) The Chilterns Chairs Festival saw us deliver 28 public events in collaboration with 17 local partners18 of which were new partnerships for us and CCC}. Highlights included sell-out tours of Ercol and William Ha nds, talks by local expert5, local art made by local people at Wycombe Arts Centre, pole lathe demonstrations at Chiltern Open Air Museum, seated dance for those with mobility issues at Wycombe Swan and a Family Fun Day at Wycombe Museum. We were finalists in the Bucks Sparks Awards for the Best Cultural Collaboration for the Chiltern Chairs Festival. o Redeveloped Galleries (Summer 2024) Our gallery redevelopment aimed to achieve several things-putting people's stories into the galleries, renewing our 20 Century land beyond) gallery and supporting our visitors to learn how to look at chairs to understand how they are made. Our curator drew on audience research from the last decade in understanding where audiences need support in connecting with collections and has worked c105ely with local specialists and Bucks New University to make our galleries engaging and accessible. As part of this work, we have introduced, Chair Lab. an interactive gallery intended to allow visitors to develop the cultural capital to be able to 'read' a chair. We also feature the Chair of the Future, a rotating display including outputs from the new BNU Chair design course. o Here, There and Everywhere Town Trail (Summer 2024) We launched our'Here, Chair and Everywhere, Trail which expands the story of chair-making into the centre of High Wycombe and gives everyone the opportunity to imagine the town how it used to be Page | 5
Wyeomb•HeTltag•&ArtXTNrt Wycombe Heritage and Arts Trust Year ended 31 March 2025 when the chair industry dominated the local landscape. The trail is available as a paper version or online and there are four new permanent interpretation panels in town adding to the story. Chalk, Cherries and Chairs, The Next Generation." The underspend from the above project is to be used in 2025126 to focus on excluded groups from the main project, with a particular focus on young people. Workshops started in early 2025 to plan deliveryfor the summer. We are looking to a future landscape project which will continue to bring heritage, landscape and environment work together, once the main Chalk, Cherries and Chairs project comes to an end. Opportunity Bucks.. We continued to work closely with this local project during the year. The museum is one of the few greenspaces located in Terriers and Amersham Hill, one of the 10 wards in Buckinghamshire, where people are experiencing the most hardship. The museum partnered with Opportunity Bucks, to look at how we can support local people to engage and spend time in ourgreen space. As part of this the museum hosted a community day event and employability training on-site. Supporters Scheme.. We re-launched our supporters scheme. As a free museum we want to embrace our identity as a community organisation and this is a step in building a close supporters group and on-going support from individuals. Chair Network.. We are part of the new Wycombe Furniture Forum to look at the future of chair making in the local area, with a view to exploring regeneration, young people and enterprise. Local Railwoy Network.. We have been part of a working group focussed on improving the area around the railway station. Chiltern Rangers and Buckinghamshire New University "adopted" the station which now features new artwork signposting local nature and chair making, and directs visitors to the Wluseum. Other nearby locations, including the footbridge to Priory Avenue, will be updated with new artwork highlighting local heritage and culture, including signposts to the Museum. Other partnerships: We are developing our relationship with other local organisations particularly Buckinghamshire New University in relation to their relaunched Chair Course. We continue to work with local communities to host them at the museum, hold specific events and ensure our museum is accessible to all. This year this included Wycombe Refugee Forum, Wycombe Multicultural Organisation and Dosti Ladies. Collections: The collections at Wycombe Museum are at the heart of everything we do and our goal is to make them more accessible for all. During the financial yea r, our collection activity included the following highlights: Chair Discovery Centre: We have continued to work hard on the plans to move our stored collections from poor environmental conditions to a newly built open store so that more people can see our remarkable chair collection. With funding from Heart of Bucks, all items have now been moved into temporary storage for drying while a new store is being built. The Trust is working in partnership with Buckinghamshire County Council to ensure that the final storage facility is fit for purpose, and we are grateful for this assistance and partnership through this project. Pagel 6
Wy¢•mb•Hvrf¢a¥•&ArtsTTUrt Wycombe Heritage and Arts Trust Year ended 31 March 2025 Rationalisation project: As part of our stores move we have been undertaking a rationalisation project, funded by Museum Developmentsouth East, to review our collections as we move it and rationalise objects which a re duplicates, irretrievably damaged or irrelevant to our collection. Guided by the Museum Code of Ethics, we have completed our initial review of items, and worked through the first Stage of disposal of items in order to focus our resources on ca ring for collections which are meaningful and tell our local stories, as per our Collections Development Plan. Acquisitions: During our rationalisation and store move we have a collecting moratorium. Enquiries: We received a total of 55 enquiries during the year. These ranged from researchers wanting to know more about G-Plan researcher Victor Brammel Wilkins, to requests from schools about their history including Hatters Lane and Hamilton Academy. Learning Programme: We were successful in welcoming over 1,000 school children to the museum for learning sessions, of which 25Yo came from our local priority wards. Our Explorel sessions for home educated children continued to be popular and Serve a different segment of the local youth population. Informal learning sessions throughout the year included our toddlers, Tiny Talk Time and Forest School. Discover and Make, featuring stories and craft sessions for Primary-aged children; and days out for the whole family. Events: More than 3,300 people took part in our events proEramme, which included 36 workshops for 2-5-year-olds, 31 workshops for 4-12-year-old children, 12 adult workshops, 6 family days and 20 other adult events. About 20% of our event visitors were from priority wards. The museum aims to deliver a range of engaging and enjoyable sessions. Some highlights include: o Our signature Discover and Make events for primary-aged children which include a trail to investigate our collections and an associated craft event. H ighlights this year included stained glass activities, tiny bodgers huts, and a Roman event. In partnership with Ercol, we were delighted to offer free tours of their local factory o A Chair Festival Family Fun Day including try-it-yourself bodging and chair caning The museum hosted a variety of performances within its grounds, including: o Shakespeare performances by Unbound, an award-winning Story telling company. o A contempora ry dance performance by sign Dance Collective, 'Seated Stories.. Chairmaking History Through Donce, Seasonal events.. At our Christmas craft fayre we welcomed local crafters back to sell their amazing creations and hosted a Santas Grotto in partnership with Wycombe Food Hub. Pagel 7
WyeombeH*TItAg•&ATtsYYUSt Wycombe Heritage and Arts Trust Year ended 31 March 2025 Wycombe Museum Team These Successes could not have been achieved without the hard work and efforts of the team of staff and volunteers, and the trustees thank and congratulate them all for their stalwart support and enthusiasm which has made it possible for the Trust to survive and thrive. During 2024, our volunteer team won the Proud of Bucks award within the Outstanding Group Category. These awards celebrate Buckinghamshire's communities that have demonstrated care, creativity and commitment towards their local areas. The Trustees are delighted and proud that the Museum volunteer team were recognised in this category which celebrates voluntary groups making positive impacts for this loca I spaces. Financial Review The principal source of income for the Trust remains the grant from Buckinghamshire Council, along with the grant of the lease for the Castle Hill site. During 2024125, the Trust received £125k12023/24 £150k). Grant income rose from £48k in 2023/24 to £71k in 2024/25, with the majority of the grants restricted for specific purposes. The Trust worked with a number of partners to deliver a range of events and exhibitions, continuing to receive the majority of grant funding through restricted fund5. In particular the museum continued to work closely with Chalk, Cherries and Chairs- a Chilterns Landscape Partnership, which celebrates the Chilterns landscapes. Trading income dropped to £45k (2023/24 £55kl- The Trust generated a deficit of £24k over the year12023/24 surplus of £lk}, showing the impact of the reduction in the grant awarded from the Buckinghamshire County Council. The unrestricted deficit for the year was £23k, bringing unrestricted funds to £88k at 31 March 2025, while restricted funds stood at £llk. Total funds at the year-end stood at £98k {2023/24'£121k}. 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 focu5 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 for 2025/26 will be on the chair collection, both in terms of progressing the store5 move to make more of our chairs accessible and through our Chair Festival- building exhibitions, partnerships and events all about chairs. We will also continue to work out strategic plan to ensure that the Trust and the museum is financial sustainable into the future. Our annual grant from Buckinghamshire Council was reduced to a £125k p.a. level from 2024125 and we have agreed another year 2026-27 at this level. Buckinghamshire Council ha5 committed to a longer- term partnership with the museum and the Trust's Board remains grateful to the Council for their ongoing support. Work continues to implement the 5-year business plan to maximise income streams and become financially susta inable in the long term, given the drop in the Council grant. Page18
Wycorn H•TLtog•AArtsThirt Wycombe Heritage and Arts Trust Year ended 31 March 2025 A key success in delivering the 5-year business plan will be securing both core a nd specific funding from other funders, in order to invest in the future sustainability of the museum. While this funding was not secured during 2024/25, as hoped for on the original time line, the trustees are delighted that the museum was successful in securing two grant fund bids in early 2025/26. A grant of £105k has been awarded from the Rothschild Foundation, to be spent over the next three years, alongside an award of £106k from the Arts Council Museum Renewal Fund, to be used in 2025/26. These two grants, plus other smaller grants, will be deployed both to bolster unrestricted income and reserves levels, but also to deepen engagement with local audiences, invest in raising our profile, and continue to develop our commercial income streams. The trustees would like to thank the hard work of our staff team, particularly our Museum Director, Roz Currie, that went towards the success outcome of these bids. Public benefit The trustees confirm that they have complied with their 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 activities undertaken by the charity. The trustees continue to keep in mind the Charity Commission'5 guidance on public benefit, and look to provide a variety of events and activitie5 at the museum, to encourage visitors to explore the museum and grounds and beyond. Alongside this, the museum runs an education programme to engage local schools with Wycombe history, and provides an outlet for learning through volunteering, plus the benefits associated with volunteering in genera l. 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 a level equivalent to between three and six months unrestricted expenditure. This equates to reserves levels being between £50k to £IOOk. Free reserve levels (unrestricted funds less fixed assets) stand at £81k at the end of 31 March 2025, and are therefore within the reserve policy. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be a ble to continue the current activities while consideration is given to ways in which additional funds may be raised. As above, two grant awards have been secured in early 25/26, which will increase unrestricted fund levels further. Risks and uncertainties The trustees have evaluated the major risks to which the Trust is exposed and these are considered to be related to financial uncertainty. Current year solvency The current year results have depleted the Trust's free reserves levels, now standing at £81k, however these are still sufficient to ensure the museum can continue to deliver the Trust's objectives into the coming year. Page 19
Wy¢•mb•HevlEqg•&ArtsYYust Wycombe Heritage and Arts Trust Year ended 31 March 2025 Actual results are monitored against current forecast on a monthly basis as part of the management accounting reporting process to ensure any negative variances are measured and appropriate remedial actions implemented. Medium-term solvency Buckinghamshire Council has extended the funding arrangement, with funding levels agreed up until March 2027, while Buckinghamshire Council has committed to a longer-term partnership with the museum. Structure, Governance & Management Wycombe Heritage and Arts Trust is a company limited by guarantee, incorporated on 20 November 2013 and was registered in England and Wales 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 Directors 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'5 creation all new trustees have been appointed by the Board following advertisement, 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 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 true and fair view of the state of affairs of the Trust and of the incoming resources and application of resources, including the income 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; obseNe 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 basis 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. Page | 10
Wycombe Heritage and Arts Trust Year ended 31 March 2025 Calculo Tax Audit Limited of The Threshing Barn, Manor Barns, Coates Lane, High Wycombe, Buckinghamshire, HP13 SUX were appointed as the Trust's accountants. The Trustees, report was approved by the Board of Trustees on 13 November 2025. Guy Foreman Chair Page | 11
wyeoMb• M•Titag•&Art£Thixt Wycombe Heritage and Arts Trust Year ended 31 March 2025 Independent Examiners Report I report to the trustees on my examination of the accounts of the charity for the year ended 31 March 2025 which are set out on pages 10 to 20. Responsibilities and basis of report As the charity trustees of the Company (who are also 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 Companies Act 2006 ("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 Charities Act 2011 {"the 2011 Act"). In carrying out my examination, I have followed the Directions given by the Charity Commission {under section 14515llbl of the 2011 Act. Independent examiner's statement l am qualified to undertake the examination by being a qualified member of the Association of Chartered Accountants. I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination which gives me cause to believe that in, any material respect: accounting records were not kept in accordance with section 386 of the Companies Act 2006: or the accounts do not accord with the such records: or the accounts do not comply with relevant accounting requirements under section 396 of the Companies Act 2006 other than any requirement that the accounts give a 'true and fairf view which is not a matterconsidered as part of an independent examination; or the accounts have not been prepared in accordance with the Charities SORP IFRS102}. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in orderto enable a proper understanding of the accounts to be reached. xli.I12T Jonathan Walton BFP FCA Chartered Accountant Ca Iculo Tax Audit Limited The Threshing Barn, Manor Barns. Coates Lane, High Wycombe, Buckinghamshire, HP13 SUX Date Page | 12
Wytorn HtTitdg*&ArtITWrt Wycombe Heritage and Arts Trust Year ended 31 March 2025 Statement of Financial Activities For the year ended 31 March 2025 Unrestricted Restricted funds funds Total 2025 Total 2024 Note Income Donations and grants Donations and grants Buckinghamshire Council grant 5,543 125,000 65,135 70,678 125,000 48,068 150,000 Incomefrom charitable activities Operation as a museum Learning activities 122 4,360 122 4,360 1,072 4,525 Income from other trading activities Ancillary trading activities Friends membership 44,958 472 44,958 472 54,638 576 Total Income 180,455 65,135 245,590 258,879 Expenditure Raisingfunds Ancillary trading activities 37,672 37,672 39,109 Expenditure on charitable activities Operation as a museum 165,360 66,072 231,432 218,914 203,032 66,072 269.104 258,023 Net income / (outgoingsj {22,577) {937) (23,514) 856 Transfers between funds Net movement in funds {22,577) (937) (23,514) 856 Total funds brought forward 110,302 10,997 121,299 120,443 Total funds carried forward 87,725 10,060 97,785 121,299 Page113
Wye•mb•H•Yitag•&ArtTnLt Wycombe Heritage and Arts Trust Year ended 31 March 2025 Balance Sheet As at 31 March 2025 Note 2025 2024 Fixed assets Tangible assets 6,205 12,641 Current assets Stocks Debtors Cash at bank and in hand 3,459 8,527 83,858 95,844 4,119 10,197 100,066 114,382 Liabilities Creditors: amounts falling due within one year Net current assets (4.264) 91,580 {5,7241 108,658 Total net assets 97,785 121,299 The funds of the charity Restricted funds Unrestricted funds Designated funds io li 10,060 87,725 10,997 110,302 12 97,785 121,299 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 2025. No member of the company has deposited notice, pursuant to section 476, requiring an audit of these accounts. The trustees are responsible for ensuring that the charity keeps accounting records which coJriply 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 resources 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 comply with the requirement of the Companies Act 2006 relating to the accounts, so far as applicable to the company. 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 13 November 2025 and signed on their behalf,. Guy Foreman, C ir Page | 14
Wye•mbeH4ritog•&ArtsTTUS¢ Wycombe Heritage and Arts Trust Year ended 31 March 2025 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- he Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland, {'FRS 102,), 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 (the 'Charities SORP')- 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 ha5 adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to'adopt the going concern basis of accounting in preparing its accounts. 2.2 Charitable funds Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives 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 uses of restricted funds are set out in the notes to the accounts. 2.3 Income Income is recognised when the Trust is legally entitled to it after any performance condition5 have been met, the amounts can be measured reliably, and it 15 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 othenNiSe 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 asset. Page | 15
Wyconth Horitago&ArtITTWt Wycombe Heritage and Arts Trust Year ended 31 March 2025 Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business, 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 associated 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 assets Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Assets are capita lised where their value is greater than £1,000. Depreciation is recognised so as to write off the cost or valuation of assets less their resid ual va lues over their useful lives on the following bases: Office equipment Plant and machinery Museum and garden equipment Website 20% on cost 25Yo on cost 20% on cost 20Yo 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 is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss 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 impairment105s been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in income or expenditure. 2.7 Stocks Stocks are valued at the lower of cost and estimated selling price les5 COSt5 to sell, after making due allowance for obsolete and slow-moving items. 2.8 Debtors Short term debtors are measured at transaction price after any trade discount offered, le5S any impairment. Page | 16
Wywrnb¢H¢ritqg¢&ATtsTTWt Wycombe Heritage and Arts Trust Year ended 31 March 2025 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 similar account. 2.10 Creditor5 Short term trade creditors are measured at transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of tra nsaction 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 has financia l assets and financial liabilities of a kind that q ualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. Critical accounting estimate5 and judgements In the application of the Trust's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual re5uIt5 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 ofthe revision and future periods where the revision affects both current and future periods Trustees None of the trustees lor any persons connected with them) received any remuneration or benefits form the Trust during the year. Page | 17
Wye•mbtHeritts9t&ArtIYYust Wycombe Heritage and Arts Trust Year ended 31 March 2025 Analysis of expenditure Ancilla ry trading Operation as activities a museum 2025 Total Unrestricted funds Direct costs ort costs Professional fees Staff costs Office costs Premises costs Utilities Publicity and marketing Insurance Other costs 12,526 3,275 15,801 1,890 21,363 373 934 17,007 105,881 7,090 17,747 7,515 371 5,673 801 18,897 127,244 7,463 18,681 7,515 619 5,972 840 248 299 39 37,672 165,360 203,032 Restricted funds Direct costs staff costs 2025 Totals 37,998 28,074 231,432 31,749 28,074 265,611 37,672 Ancillary Operation as trading activities a museum 2024 Total Unrestricted funds Direct costs Su ort costs Professional fees Staff costs Office costs Premi5e5 Costs Utilities Publicity and marketing Insurance Other costs 11,975 , 3,26.6 15,241 1,624 23,410 386 844 14,616. 108,089 7,335 16,040 18,546 847 5,037 981 16.240 131,499 7,721 16,884 18,546 1,412 5,302 1,021 213,866 565 265 40 39,109 174,757 Restricted funds Direct costs Staff costs 2024 Totals 16,083 28,074 218,914 16,083 28,074 258,023 39,109 Ancillary trading activities represent events and activities, along with retail a nd catering services, that are undertaken to: further the offer; attract visitors- and, provide a valuable Page | 18
Wy£•mbo HorltAg¢&AvtsTTUSt Wycombe Heritage and Arts Trust Year ended 31 March 2025 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: 2025 2024 Average monthly number Full-time equivalent Tangible fixed assets Office Plant & equipment machinery Museum equipment Website Total Cost At l April 2024 Additions At 31 March 2025 12,287 11,748 6,968 9,802 40,805 12,287 11,748 6,968 9,802 40,805 Depreciation At l April 2024 Provided in year At 31 March 2025 10,345 862 7,492 2,220 9,712 4,414 1,394 5,808 5,913 1,960 7,873 28,164 6,436 34,600 11,207 Net book value at 31 March 2025 1,080 2,036 1,160 1,929 6,205 Net book value at 31 March 2024 1.942 4,256 2,554 3,889 12,641 Debtors 2025 2024 Prepayments and accrued income Other debtors 2,547 5,980 8,527 10,197 10,197 Page | 19
Wy(grn Hrttag&llrtSTrn*t Wycombe Heritage and Arts Trust Year ended 31 March 2025 Creditors.. amounts falling due within one year 2025 2024 Trade creditors Accruals Deferred income 2,615 1,649 4,264 2,118 3,606 5,724 io Restricted funds Opening funds 01104124 Closing funds 31103125 Income Expenses Transfers Red Lion fund Chalk, Cherries and Chairs Storage project Heart of Bucks- learning Rationalisation Grant RFS Grant Other funding 325 5,192 4,580 325 48,652 153,8441 (4,580) {4551 12,800} 13,4931 1900) {66,072) 9,990 3,000 3,493 9.535 200 900 10,997 65,135 10,060 Red Lion Fund Funds received for the ongoing maintenance of the Red Lion in Wycombe town centre Chalk Cherries and Chairs Funds received from Chalk, Cherries and Chairs, a Chilterns Landscape Partnership, which celebrates the Chilterns landscapes. Project5 funded during the year include The Art of the Chair exhibition- exploring the art, design and marketing of chairs; redevelopment of our Permanent Chair Galleries and our remarkable summer 2024 Chair Festival. 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. Heart of Bucks- Learning Project Funding provided by the Heart of Bucks Community Fund to review our learning handling collections and sessions for both the formal and informal learning programme. Page | 20
WycombHeTitts9c&ArtTYUit Wycombe Heritage and Arts Trust Year ended 31 March 2025 Rationali5ation Funding from Museum Development South East to review to review our collections as we move it and rationalise objects which are duplicates, irretrievably damaged or irrelevant to our collection. RFS Grant Funding from the Regional Furniture Society to support our development of the Chair Discovery Centre, including conservation equipment, staff time and funding for interpretation 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 assets Total Unrestricted funds Restricted funds 6,205 85,784 10,060 95.844 14,2641 87,725 10,060 97,785 2025 total fund5 6,205 14,264) Page | 21