Charlty number: 1156458 Jane Austen's House Museum Trustees. annual report and financial statements For the year ended 31" December 2023 Compass Accountants Venture House The Tanneries East Street Titchfleld Hampshlre P014 4AR JANE AUSTEN'S HOUSE MUSEUM Contents Page Legal and administrative information Trustees, annual report Statement of Trustees, responsibilities Auditor's report to the Trustees 8-10 Statement of financial activities li Balance sheet 12 Cash flow statement 13 Notes to the flnancial statements 14-23 JANE AUSTEN'S HOUSE MUSEUM Legal and admlnlstratlve Informatlon Charlty number 1156458 Prlnclpal address Jane Austen's House Winchester Road Chawton Alton Hampshire GU34 ISD Trustee5 Isabel Hughes Ichalrl Rebecca Barden Keith Harrlson (from 6, Decembei 20231 Geoffrey Marsh Isabella Mead Annabel Partiidge Chris Pearce (to 14, June 20231 Louisa Price Elizabeth S¢ott Professor Kathryn Sutherland {tts 3 March 20231 Ayesha Walawalkar Anne Young Audltors & Accountants Compass Accountants Llmlted Venture House The Tannerles East Street Titchfield Hampshire P0144AR Bankers CAF Bank Llmlted 25 Klngs Hlll Avenue Kin85 Hill West Malllng Kent ME19 4JQ Natlonal Westminster Bank PIC 38 Hlgh Street Alion Hampshire GU34 IBF Page I JANE AUSTEN'S HOUSE MUSEUM Report of the trustees for the year ended 31st December 2023 The Trustees present thelr rèport and the flnancial statements for the year ended 31, December 2023. The Trustees who served during the year and up to the date of th15 report are set out on paEe l. The Trustees have had due Tegard to ihe guldance Issued by the Charlty Commission on Public Benefit. Structurei governance and management The Chaiity 1% a Foundatlon charitable Incorporated Organlsatlon ICIOI and Is governed by Its Constltutlon. The CIO was registeted wlth the Charlty Commission on 31" March 2014 and was doimant from thls date untll I" July 2014 when it took over the activilie5 Qf the Jane Austen Memorlal Trust. Thls Iransfei wa5 authoiised by ¥ section 105 Order Issued by the Charity Commlssion for England and Wales. Affiliation The Charity Is not affiliated to any other Charlly. Trustee IndLlCtlon and Trainin Therè is no formal Induction and tralning for Trustees. However the exlsllng Trustees Inform a potential trustee about the charSty's mi55ion before any appolntment with a view to the potential Trustee helplng io achieve the set goals and objectives of the charity. At least thrèè Trustees. meeting5 are held In a year at which the Tlustees can ra15e and dlscuss relevant Is5ue5. Or anisational Structure The Tiustees, who meet regularly throughout the year, are responsible for the overall direction of the charity. Trustees are appointed for an initial ierm of three years, any vacancles belng filled by the selection and appointment of suStable per5on5 by the Trustees. Day to day operations are overseen by the Dlrector, who leads a team of paid staff and volunieers. Risk Mana ement The Trustee5 contlnuously seek to identify or review malor rlsks to which the charity may be exposed on an ongoing basis, documenllnÈ them as appropriate in the Risk Re815tef. Once Idenllfled, systems and procedures lor monltorlng and mitlgating rlsks are pui Into place. The Risk Register is reviewed formally and approved by Trustees annually. Objectlves and actlvltles Princi al Actlvitl lane Austen's House 15 a Charitable Incorporated Organlsation ICIOI established to advance educaiion and the studv of English literature and 5peciflcally to advance the works of Jane Austen. These objectives are a¢hieved by managing the opening of the house in Chawton, Hampshlre where Jane Austen lived from 1809 to shortly bèfore her deèlh In 1817 as a museum dedlcated to her life and wrltlng and by promotions at specific events relatln8 to her works. There have been no thanges In the pollcies adopted to achieve the charity's objectlves. The CIO'S princlpal activitie5 durlng the perlod were those of the upkeÈp and malntenance of Jane Austen's House, maklng It accessible to the public anij to Inform about her life and work in furtherance of the educational oblective. The Trusrees gratefully acknowledge the work of the volunteer rota In helplng to run the Museum. Achlevements and performance 2023 was an exceptional year for IAH. The Chailty's strong posl-covid recovery contlnue5 Wlth a 30.5% year on year Increase in visltor numbers, and a signlficant growth In Income. Whilst the 37,547 vi5itoTs we welcomed in 2023 were still 4% below 2019 numbers, the visitor-generated In¢omÈ ralsed by the Cha¥lty and its Trading Company was higher than any year In the prevlous decade. This excellent financlal performance has allowed the OT8anisation to build the strong foundatior¢s in needs to achleve 5traieÉic alms In the years to come. Exhibitions and dis 2023 saw the installation of a series of tempofary displays across Jane Austen's House. In March 2023 the museum launched 'The Maklng of Prlde und Prejudice" a multilayered exhlbltlon that hlghllghted JAH'S astonishinEly rlch collectlon of materlèls related to thls beloved novel, flrst published In 1813. The exhibition included Austen's handwritten letter5 relating to the publicatlon of the novel, over 200 years of editions, ranging from her bTOther's own copy of Pride und Prejudice to the first paperback coples, alongslde theatre deslgns, book Illustration5 and materlals PaÈe 2 JANE AUSTEN'S HOUSE MUSEUM Report of the trustees for the year ended 31" Decèmber 2023 relatlng tCF famous adaptatlons. It also included a video reel, generously provlded by tho BBC, of thelr adaptatloThs from the 1930s to the 199D5. This display will run until April 2024. As part of the exhibltlon we SnvestÈd In 3 new high security display case, which will hElp us tts continue to achieve our aFnbitlons of displdylng more of our collectlons. Linked to this exhibitiot*, we made further devEloptnents to tlie di5pldy uf ihe Drawing Room to ensure ihal it betler reflected Austen's lived experience In the Hovse and deepened vFsltors' connectlons to the story of Austen's writing within the space. The year marked the 250 birthday of Au5ten'5 belDved older si5tpr C355andra, ar* annlversary th8t has bee celebrated acr05S the site in several different ways. On 9 Janyary 2023, we opened"Cassandra's Orchard- In the Courtyard ol the House, a project that was funded during 2022 by indsvidual donors from across the world and a substantial donation trom Cala Homes. The final tree was planted by children flam Chawton C of E Primary School o the date of Ca5sandra'5 birthdayi and the treES continued to thrive thr()iJ8hDUt their first yÈar- even bearing handful of apple5 in the aututnn. Theirgrowth will bring much life to the courtyard. Cassandra's rich legacy was a150 commemorated inside the house. In March we opened'my Oear Cassandra. in the Courtyard Gallery,. an exhibition which celebrated Cas58ndTa'S life and her support of her sister's writing, and which ran froni March to October 2023. This Courtyard G311ery display wa5 chaTrged In October to'satire and Scandal.. colourlul display that dived into the brutal and hil3rious world ol GeorgiBn cartoon5 that Austen and her contemporaries would have known well. Thi5 display wa5 guest curated by acclalmed hlstorian Alice Loxton. In 5ep¢ember, we opened a small display in the vestibule display case around Jane Austen and Muslc, showcèslng one the Museum's extraordinary collections of Austen's own music book5. The 2023 Christmas experience focused ot* Emn7u, biinging key scenes from the novel to life using speclally commlssloned audio, sustainable. handmade decorations and evocative scents. The audlo Installation featured actors 5311y Scott as Emma WOodho￿Se and Bertie Carvell as Mr Elton 8longside Carlyss Peer as the narrator and Dominit Gerrard as Mrjohn Kni8htley. The experience was very well recelved and helped d¥lwe a 41% year on year increase in December visitors. uisltlons Iii JunE 2023 Jane Austen's House acquired two itern5 related to Jane's brother Admlral Slr Francis Austen frorn auilion at Bonhams. These we¥e a Manu￿ript t)iographlcal memolr ol Admlral Sir Francis Austen. and an album of sketthes macle by Francis Austen and his daughter Cassandra Ellza. Austen. These were purchased lor the combined price of £6.400. This purchase was generouslysupptsrted by grants from the Friends of the National Libraries and the V&A Purchase Grant Fund. Outreach 8nd Education Work continued to deliver the"Creativity and Cuiriculum- engaging todaws VOUnE people with Jane Austen's eternal themes project" generously funded by the Art Fund's Reimagine Grant. The team developed four new forrnal learning workshops, including an innovative new escape room. all aimed at Key Stage$ 3, 4 a4)d 5. JAH worked with partner schools to develop and test these workshop5 as well as offering teacher open evenines, both onsite and online. In spring 2023 we ran a series of onslte and onllne creatlve writinE workshops. The project has also included s4gnlficant inve5tmeMt ¢n Trnlormal learning loryoung people. New activities have been developed for our leariiing £entre including cialt and writing activities which have been en)bedded as part ol the vislror experience. We worked In partnership with the Guildford School of actlnE, as well as wirh Èstabllslied a£rors to create a series ol videos, shared across social media platforms, leaturing actors the same age 8$ AustÈn's £har3Cters, and in modern dr&ss r&adin8 letters from the novels. Thege have been incredlbly well received, wlth excÈlleiit reath and engagement. The team has also worked tts develop wellbeinE and mental health workshops for Emjlh young people and teacher5. 8 workstream that wlll continue to grow aTrd Evolve over the comiiig yedrs. A major st¥e3m of the project has been the development of tlie museum'5 artist in residence programtries. This year we husted four residents working in a ianBe ol mediurns.. poetlyp sound in5t?118tioni papeT flDwErs and Èmbrolderylcreative writing. The Art Fund project will conclude in late Spring 2024. The inve51rnent rnade inio markÈting and communications during 2022 by growing the staff team began to be re311sed itt 2023. The doubling of the communications capacily h3s allowed for the implementation of an engaÈinÈ, considered Hpproaih to promoting the museum, its work and its collection5 that is rooted in our strategic oblectives and brand values. The r&s￿ltS of this work h3ve been positively felt across every area of the museum. In July 2023, a shoTt leel Posted on Instagram went vsral and was viewed by 1.5 million viewers across the globe. This, and other content and Page 3 JANE AUSTEN'S HOUSE MUSEUM Report of the trustees for the year ended 31, December 2023 inltlatives has dramatlcally grt)wn soclal medla engagement, and thls can be seen dlrectly In 3 rise in tlckel soles an v(sltor numbers. Followlng the vlral reel, August 2023 was the buslest slnce 2017. Pro rammi arid Partnershi Ouring 2023 the museum strenethened and developed its annual piogramme of events. OnlirTre events, including the very popular monthly guided virtual tours, and virtual book clubs cotltinued. and have sustained a contillLJed level of interest. We once again partnered W￿th Chawton House. Elizabeth Gaskell'5 House and the Bronte Parsonage Museum to celebrate International Women'5 D3y* anLI in Decemberi p4rtnered with the Emily Cari House and the L M Montgomery Institute in Canada, for the first in a seiies of collabor8tive onlinp, international events. All exhibition5 th¥oughout the ye8r were a150 Posted online. OnsitE, we celebrated Pride ond Prejudice Day In Januaryj grew our July celÈbrations around the anniversary of Jane Austen's death, and continued to deliver villaBe walks, and prlvate guided tours. The museum hosted an outdoor the8tre production of Mansfield Purk, produced by the W8termill Theatre in Newbury. This was the first outdoor the8tre to take place in the garden for Many years. and highlighted opportunitie5 to develop this further. In June, Jane Au5ten's House took part in the first ever Royal Reading Room Literary Fest%val. which took place at Hampton Couit. The M￿se￿￿ took part it* the Highclere Bookclub. as well as reteivin8 excellent pres5 coverage throughout tlie year. Over thp cour5E 012023 Ehe museutn h85 built an exciting partne151iip Mtli Whitihurch SÉlk Mill to pruduce silk ribbon5 I￿spIred by thE HDuse and it5 colle£tiot15. Silk ribbon weaving has been added to the Red List of End6n6erÉd Crafts, and we are IoDking forward to Supporting the vital work carried out by Whitchurch Silk Mill a5 the projeEr tomes to frultlon in 2024. Retail and commercial income 2023 saw 8 siBnili£ant donalion of £73,800 from the JAHM Tradir*g Company. Retail performance In 2023 was very stron& with a 21% growth in net SPH against 2022. This was in part driven by an extensive refit of the shop space. which took place in April 2023. This increase display space by 30% as well as improving Vlsltorflow. New and dynarnic ranges, includlng the bespoke, in house deslgned'charactert ranEe, were introduced throughout the year which continued to drive income. Established licenslnB relatlonshlps with Rlley Blake DesiEns, Harkness Roses and klamilton Weston have contlnuÈd and been dovÈloped, wlth H8rkness Roses 18unchlng a new-seiise and SÈnslbll1t￿ rose at Ch@Isea Flower Show Sn May. New parinetshlps wgre developed wlth Moorcroft Portery, who introduced a range InspSred byjane Austen's House, and wlrh Macmillan Publishing who produced beautiful editloiis of Sgrtse ortd Sensibllity, Pride ond Prejudice and Emmo. which fealured that JAH wallpaper on the Iront covers. These very quickly became best sellers, and are widely available. Maintenance and Restoration Preserving and restoring the fabric of the builditsgs at Jane Austen'5 House 55 a key part of our charitable objective to maintain a museum in Austefi'5 former home. In 2023, all Of the windows and doors that face onto the Courtyard were rep&lred and redecorated. This Intluded slgnllicant repalr work to the Hlstorlc Kitsclosures alld testing of supptsrtlng documentation, to assess compliance wlrh applicable laws and regulations. We focussed on law5 and iegulations whicli could give rise to materlal misstatÈment in the financi81 statements includin& but not Ilmited to. the charities Act 2011, the Charitles SORP, and the Financial Reporting Standard 102. We identified the risk ol material mlsstatement of the financial statements due to fraud and designed audit procedures to respond tts the risk. We performed audit procedure5 des18ned to address the risk of fraud arising from management overrlde of controls, including. but not limited to, testing ol journal entries and other adjustments, reviewing 3c¢ouiiiing estimate5 for evidence of blas, and evaluating the busine55 rationale of significant transactlons outslde the normal course of busine55 Page 9 JANEAUSTEN'S HOUSE MUSEUM Independent Audlttsrfs Report to the Trustee5 01 Jane Austen's House Museum Because of the Inherent limltatloThs of an audit. there is a risk that we wlll not detecr all Irregularltles, Including those leading to a material mi5Statement In the flnancial statement5 01 non-compliance with regularioii. This risk Increases the rnore that compliance with a law or regulation is removedfrom the evenls and transactions rellecled In the flnanclal St3ternents, as we will be less likely to b&come aware of Instances of non-compliance. The risk is also greater regdrdin rregularities occurring due to Iraud rather than error, as fraud Involves Intentional concealment, forgery. collusSun, on115sion or fflisrEpresentation. A furtheF description of our responsibilities forthe audit olthefinancial statements Is located the FinaTrcial Reporting Council's webslte 4t.. www.IrE.org.uk/auditorsrespon51bilities. Thi5 des¢rlptlon lorms parÉ of our auditor's repoit. Use of our report This report Is made 501ely to the charitws trustee5, as a body. in accordance with Part 4 of the Charitles IAccounts and Reportsl Regulations 2QC)8. Dur avdit work ha5 been undertaken so that we might state to the charitvs tru5tee5 those matters we are required to state tD ihe.m in an auditDrfs rppoit and lor fio other purpose.Tothe fullest extent permltted by law, we do not 3CCePt or assume respansihility to anyone other than the charity and the ch8rity's trustees as a bodv, for our 't work. for thls r ft, or for the opinions we have foimed. Accountants Llmited, red Accountants a￿d Statutory Auditor Venture House. The Tanner4es East Slfeet. Titchlield Hampshire, P014 4AR Ch Date.. LOTh 2t)u CompassA¢countants Ilmltedi5 eliqible to act U5 uuditorin tErms olsecilon 1212 Df ¢hÉ CompuniesAct2006. Page 10 JANE AUSTEN'S HOUSE MUSEUM Statement of flnanclal activttiès (Incorporatlng the Income and expendlture accountl For the year ended 31" December 2023 Uniestilcted Restricted fund5 funds 2023 Unie5tri¢ted Restrlcted Total funds funds 2022 Total Notes Income from., Donations and grants Donated assets Admissions Investment income Other income Rp.nt81 income 138,222 420 408,845 15,580 29,588 1,700 8,956 147,178 42D 408.845 15,580 29.588 1,700 150,009 524,800 303,136 4,496 23,392 1,700 40,91K) 190.909 524,800 303,136 4,496 23,392 1.700 Total Income 594,355 8,956 603,311 1.007,533 40,900 1,048.433 EKpendSture on: R8ising luTrd5 Charitable activitles 15,664 413.484 15,664 23,987 437,471 8.528 388.408 8.528 547.975 159.567 Total expenditure 429.148 23,987 453,135 396.936 159.567 556,503 Net Incomellexpendlturel 165,207 115,0311 150,176 610.597 1118,6671 491,93 Transfer between funds 5.120 15,1201 125.5791 25,579 Net movement in fLEnds 170,327 120.1511 150,176 585,018 193,0881 491,930 Recontlllatlon of funds., Total funds brou8ht forward 2,678,809 24,219 2,703.028 2,093.791 117.307 2.211.098 Total funds carried forward 2,849,136 4,068 2,853,204 2,678.809 24,219 2,703,028 The notes on page5 14 lo 23 fomi an Integral part of these financial statements PaÉe 11 JANE AUSTEN'S HOUSE MUSEUM Balance sheèt A5 at 31st December 2023 2023 2022 Notes Fixed assets Tangible assets Heritage asset5 Inve5tmentS io li 12 5,099 2,153,944 loo 5,970 2,143,978 loo 2,159,143 2,150,048 Currertt assets Debtors Cash at bank and in hand 13 99,840 647,286 116,136 526,177 747,126 642,313 Crediturs- amounts falling due wlthin one year 14 153,0651 189,3331 Net current assets 694,n61 552,980 Total assets less turrent Ilabillties 2,853,204 2,703,028 Funds 15 Restrlcted funds 17 4,068 24.219 Deslgnated fund5 fjp.neral unrestricted Funds 371,131 2,478,005 351,579 2,327,230 Tot31 unrestricted funds 16 2,$49,136 2,678￿09 Total funds 2,853,204 2.703.028 The fSnan¢lal statements were approved and author15ed for i55ue by the Trv5teES and signed on their behalf by Isabel HuEhe5 Chalr of Trustees Date: 2+10*12+, The notes on pages 14 to 23 form an Integral part of these flnandal statements Page 12 JANE AUSTEN'S HOUSE MUSEUM Cash flow statement for the year ended 31 December 2023 2023 2022 Cash flows from operating actlvltles: Nèt cash provlded byllused Inl operating activitÉes 133,375 17,235 Cash flows from Investing activities: Purcliase of tangible fixed assets Purch35e OF heritage assets 12,7201 19,5461 13,0761 Net cash used In Investlng activitles 112,2661 13.0761 change in cash and ¢ash equlvalents In the reportlng perlod 121.109 14,159 Cash and cash equivalents at l January 2023 526.177 512,018 Cash and cash equivalents at 31 December 2023 647,286 526,177 Net incomellexpenditurel for the reporting period DÈpreciation Loss on disposal of 85sets Donated assets Oecreasellincreasel in debtois IDeciea5ellincrpagÈ in creditors Net cash provlded byllused inl operatlfig a¢tlvitles 150,176 3.459 132 14201 16,296 136,2681 491,930 4.840 1,669 1524.8001 47,630 14,0341 133,375 17,235 Page 13 JANE AUSTEN'S HOUSE MUSEUM Notes to the flnanclal statements foy the year ended 31, December 2023 Accountlng pollcles 1.1. Charity Informatlon Jane Austen's House fvluseum is a Fountlation Cha¥it3ble Incorporated Organlsation ICIOI reglstered in England & Wales. The p¥lnclpal address Is Jane AusleTh's House, Winchester Road. Chawton, Alton, HampshSre, GU34 ISO. Jat5e Austen's House Museum meet5 the definition of a public benefit entity under section 34 01 FRS 102. Assets and liabilitie$ 8re init1811y recognised at historical cost or transaction value, ￿nlesS otherwise stated in the relevant accounting policy. The prlnclpal oblectlves of the Iharity are detalled In the Trustees report. 1.2. Bagls of accountlng The charity constitutes a public benefit entity as defined by FRS 102. The flnancial statements have been prepared atcordance with Accounting and Reporting by chalities.. Statement ol Recommended Practice appllcable to charities preparing thÈlr accounts in aecordan¢e with the Flnancial Reporting Standard appllcable in the UK and Republic ol Ire13nd IFRS 1021 issued in October 2019. the Financial Reporting Standard applicable in the United Kingdom and Republic ol Ireland (FR5 1021. the Charities Act 2011, and UK GenerallyAccepted Accounting Praitice. The financial statements are presented in sterling which is the functional currency ol the charity. Monet8rv amounts In these flnancial statements 2re rounded to tho nearest £. The Charity has taken advantage of the exemptlon In the Charlties Act 2011 not to prepale consolldated accounts on the basls that the group, of which this is ihe pa¥ent. qualifies as a small group. The flnanilal statements present information about the Charity 35 an individval &ad not about its group. 1.3. Golng concern The Trustees reviewed JAHM'S plan5 for 2024 DecembeT 2023 and, considering them affordable, agreed that the accounts lor 2023 should be prepared on a going concern basis. The Executive team and the Trusteeg review forecasts on a regular basis throughoutthe year. giving due consideration to risk5 & opportunitie5. This, allied to the strength ol the 831ance Sheet and the availability of unrestrlcted reserves, Including the maintenance ol a cash threshold designed to protect agalnst sudden, adverse changes In our operating model, support5 the deiision to prepare these accounts on 3 golng-concern ba515. 1.4. Charltable funds Unrestricted funds ale available lor use at tlie discretion of the trustees in furtheranceol theircharltableob￿eC1lveS uA1È5S thÈ lunds havÈ bÈÈn dEslgnated For other purposes. Restricted funds are subject to spectfic conditions on their expenditure imposed by the donor. The purposes and uses of the restricted funds are set out in the notes to the accounts. Des¢gnated fvnds represent monies set aside by Trustees lo provlde lor luture acouisltlons of Jane Austen artefacts, restoration projects and enhallcernEnl of the rnu5eum facilitie5. 1.5. Incomlng resourtes All inioming resources Bre included in the Statement of Financial Activities when the charity Is entitled to the income and the amount can be quantifsed with reasonable accuracy. The following specific policles are applled to parti¢ular cateeories of income: Voluntary income is received by way of grants, donations and gifts and is included in lull in the Statement CFf fina￿(1a1 ActiviEle5 when reGEivable. Donated services and facilities are included at the value to the charity where this can be quantified. The value of services provided by volunteers has not been inclvded. Investment income is included when receivable. Page 14 JANEAUSTEN'S HOUSE MUSEUM Notes to the flnanclal statements for the year ended 31" December 2023 Grant5, where related to performance and speclflc delSverables, are accounted IOT 85 charity earns the right to consideratioTr by its perftsrmanco. Legacies are included when the charity Is advised by the personal representative ol an estate that payment will be madÈ or propeity transferred and the amount Involved can be qu3ntilied. 1.6. Resources expended Expenditure is recognised on an accrual bas4s a5 a liability 15 incurred. Expenditure includes any VAT which cannot be fully r￿0vered, and is reportEd 5eparatEly as irrecoverable VAT. Fundraising costs comprise the costs assotlated with attracting visitors toJaThe Austen's House. Charitable expendittsre comprises those cosrs incurred by the Charity in the delivery ol its actNitie5 and services for sts Tr)eneficlaries. It includes both costs that can be allocated directly lo such a¢tivitiÈs and those costs ol an Indirect nalure necessary to support them. Suppoit cost5 include governance costs which are costs associated ￿t￿ meeting the constitutional and statutory requlrements of the Chartty and Include the audit fees and costs linked tothe 5trateglc management ol the Charitv. 1.7. TanBlble flxed a55ets artd deprÈtlatlo Tangible fixed 35set5 Wlth a tost or value greater th3n £500 and a useful life exceeding one year are stated at cost es5 3CCLJmulated depreci3tion. Depreciation is provided at rates calculated to write olf the cost less residual value ol each asset over its exptcted uscful life. as follows- Flxtures and littlll85 Computer equlpment 5 years straight line 3 years stralght Ilne 1.8. Heritage assets Heritag* assets predominantly relate to the cosi ol the buildin& subsequent capital Improvements and exhibit5 hdd in the museum. Heritage assets aye recognised and measured at cost as the Trustees do not conslder rhat reliable valuation inforrnation can be obtained. This because of the diverse nature of the assets held. the number of assets held ènd the lack of comparable markÈt values. No deprEciation is provided on the freehold propeny and capital improvement5 as in the opinion of the Trustees the current market value excÈeds the combined val￿e of property and Improvements. Exhibits are ntrt depreciated since they are rnaintained at their cvrrent condition by a continuing conservarion prograinme. The cost of con5eTvatlon tsf exhibits is reported in the Statement of Financial Activitie5 in the year tt 15 incurred. 1.9, Flxed asset invèstments Fixed asset investments are initially measured at cost and subsequeiitly measured at lost less any accumulated impairment losses.The investments are assessed IDr irnpatrmEnt at e8ch reporting date and any impairment losses or reversals of irnpairment1055es are rEcoBnised immediately in net Income/lexpenditu¥el for the yeaT. A subsidiary Is an entity £ontro11ed by the Charlty. Control Is the power to govern the financial Bnd operatlng poli¢les of tho entity so as to obtain benefits from its activitÉes. 1.10. Cash and cash eqvivalènts ash and cash eq￿1valentS Include cash in hand 3nd deposits held at call with banks. 1.11. Flnancial Instruments The Trust has elected to apply the provisions ol Section 11 'Basic Financlal Instruments, and Section 12 '0theT Financial Instrument515sue5' 01 FRS102 to all ol its financial instrvments. Financial instruments are recognised when the Ch3rSty becomes party to the contractyal provislons of Ihe instrunient. Page 15 JANE AUSTEN'S HOUSE MUSEUM Notes to the flnancial statements for the year ended 31, December 2023 Financlal assets and liabilities afe offset, with the net amounts presented In the financial statements. when there Is a legally enforceable right to set off the recognisÈd 8mtsunt5 and there is an intention to settle on a net b&51S Of to realise the asset and s@ttle the Ilablllty simultaneously. Critical accountlng estlmatès and judgements In the application ol the Charity's accountlllg policies, the trustee5 are required to make jltdgements, estitnate5 and 855umptions about the c3rrying amount of asset5 and liabilities that are not rÉÈdily apparent from other sources. The estimates and assoclated assumptions are based on liistorical experience and other factors thèt are LonsIde￿d to be relevant. Actual result5 may diffei from these e5tirnate5. The estin)ates and underlylng assumptions a¥e reviewecs on an ongoinE basis. Revisions to accounting estimates are recognÈ5Ed in the pEriDd in which the estimate is rewised where the revision affects only that period. or In the period ol ihe revision and future perlods Whe￿ the revision affects both cuireni and future peflod5. Donations Unre5t¥icted Designated funds fund5 RestrlclÈd fvnds 2023 Toial 2022 Total JASNA Fund Jane's Fund Main House Restoration Fund JA & Art of Wiitlng FunLI Art Fund relmaglnEd grant Courtyard Buildings Fund Sn)all buslness COVID grants Contribution5 tOWBrds Bonhams purchase Gift 3id payfflent from sub5idiarv Sundry donatioTrs Jnd E¥ants 6.923 9,290 6,923 9,290 6.869 9.870 3,015 3,960 39,140 250 250 1.6(K> 2,311 1,600 2,236 75 4.(K>O 5.120 5,120 73,BtKI 47,884 73,800 47.884 91,231 32,824 121,684 16.538 8,956 147,178 190,909 Forthe year ended 31, December 2022 the Charity received restricted donatlonsof £40,900, designated donations of £20,699 and unrestricted donations of £129,310. Investment Income Unresiricted funds 2023 Total Unresiricted funds 2022 Total Interest receivable from group undertakings 8aTrk interest receiv2ble 4.438 11.142 4,438 11,142 3,530 966 3.53D 966 15,580 15,580 4,496 4,496 Fundralsing Unrestrlcted funds 2023 Unrestrlcted Total fund$ 2022 Total Advertlsing and publicity 15.664 15.664 8,528 8,528 Page 16 JANE AUSTEN'S HOUSE MUSEUM Notes to the flnantial statements for the year ended 31" December 2023 Charitable activitles Unrestrlcted De51gnated Re5trlcled funds f¢Jnds f*Jnds 2023 Unrestricted RestrTrcted Total funds funds 2022 Total staff c05t5 227.239 Project expenses 5.942 Conservation ol exhibits 5,077 Governallce & support costs 116,979 227,239 88,176 5.077 116,979 241,777 10.031 2.598 111.244 241,777 179,130 2.598 124,470 58.247 23.987 169.099 13,226 355.237 58.247 23,987 437,471 365,650 182,325 547,975 Fo¥ the year ended 31 Deieinber 2022 the Charlty's expenditvre on charit3ble activities consisted ol E159.567 restricted funds. £22,758 desi8naied fund5 and £365,650 unrestricted funds. Governance and support C05t5 Unrestrltted Restrl¢ted funds funds 2023 Unrestrlcted Reslricted Total funds lunds 2022 Total Support tosts Upkeep ol garden Rate5 Light and heat CLvnputer and software Telephone Insuran 6,968 1,196 6,408 16,135 918 21,652 8,864 6,968 1,196 6,408 16,135 918 21,652 8,864 6.39S 962 S,559 14,126 697 20.272 8,228 6.395 962 8,559 14,126 697 20.272 8,228 Repairs and maintenan Retail terminal, tran5aclion and equipmeTrt cusls Depreciation of fixtuies and fittings Postage and packaging ClÈanlng sr8ff travel ollice stationery Fundr3lsing and training expenses Mlstellaneous B8nk interest and charges Staff and volunteer refreshments Irrecoverable VAT Loss on disposal of fixed assets 15,870 3,459 64 7,337 3,654 899 1,658 410 1,749 801 15,870 3,459 64 7,337 3,654 899 1,658 410 1,749 801 11.041 4,840 104 6,373 2,766 S99 11,041 4,840 104 6,373 2,766 599 1,099 1,019 1,439 782 26,398 1,669 1,099 1,019 1,439 782 13,172 1,669 10,876 132 10,876 132 13,226 Governance cosis Audit lees 3,500 3,257 722 450 3,500 3.257 722 450 3.4(KJ 2.555 555 592 3.400 2,555 555 592 Accountancy fees Professlonal fees Travel 116,979 116,979 111,244y 13,226 124,470 PaKQ 17 JANE AUSTEN'S HOUSE MUSEUM Notes to the financlal statements for the year ended 31, December 2023 Nèt Incoming resources for the year 2023 2022 Net incoming resources is stated after charging.. Oepreciation and other amounts written off tangible fixed assets AuditOT5' remumeration Auditors, reMU￿erat10n fTom non-audit work 3.591 3.500 3,257 6.509 3,400 2,555 Employees 2023 2022 Employment costs Tot81 wages and salaries Less recharged to J A H M Trading Les5 re£har8ed to projects 310,641 252,003 1104,8271 129.4081 11,327 7,709 194,487 19,706 io,iio 214,886 15,208 9,009 Social securlty costs Pension costs 224,303 239,103 No etnployee reEeived erTrolurDents of rnore than £60,00012022- None). Total wage5 and salarie5 for 2023 do not Includè any onÈ-oll rÈdundancy paymÈnts with termination benefits of ENil12022= £NIII being paid. Numbei of employees The average monthly numbers of employees dur4n8 the year w3s as follows: 2023 Number 2022 NLEmber Museum 17 15 No trugree re¢eTrved remunÈration durlng tho year12022'. £Nill. 5 trustees were reimbursed lor travel expenses totalling E370 in the year12022.. £Nill, Page 18 JANE AUSTEN'S HOUSE MUSEUM Notes to the flnanclal statements for the year ended 31" December 2023 io. Tangible flxed assets Flxtures and Computer Ilitlngs Equlpment Total Cost At I"January 2023 Additlons Disposals 61.401 1,354 4.773 13,663 1,366 75,064 2,720 4,773 At 31* December 2023 57,982 15,029 73,011 Depreciatlork At I" January 2023 Charge for the ye3T Eliminated in respect of di5P05als 55.431 3,429 4,641 13.663 30 69,094 3,459 4,641 At 31. December 2023 54,219 13,693 67,912 Net book values At 31, DÈcÈmber 2023 3,763 1,336 5,099 At 31 December 2022 5,970 5,970 All tangible fixed assets are held and used for direct charitable purpose5. 11. Herltage assets Freehold Improvements pr(Fperty to properly Exhlblts Total Cost At I'january 2023 ALldltions Di5P05315 62,500 946,851 1,134,G27 9,966 2,143,978 9,966 At 31" December 2023 62,500 946,851 1.144.593 2.153,944 Depreciatio At I"Jallu2ry and 31. December 2023 Net book values At 31" December 2023 62,500 946,851 1,144,593 2,153,944 At 31" December 2022 62,5ao 946,851 1,134.627 2,143,978 The heritage assets are of historic importance and include £1,009,351 which relates to the c05t ol the building and subsequent capital improvements. The origlnal building was built in the seventeenth century and wasthe home of 33np Austen. This buildlng is open to the public. Tlie rem3ining £1.144,593 relate5 to exhibits which are connected to Jane Austen or herfamlly whlch thÈ Charity holds to exhibit ill the museum. Page 19 JANEAUSTEN'S HOUSE MUSEUM Notes to the financial Statements for the year ended 31" December 2023 Five year5ummary of her4taEÉ a$5et transactions 2023 2022 2021 2020 2019 Addltions 5mprovement5 to property Exhlblts 1,800 524.800 27,490 41,076 9,966 177,250 Tot81 additions 9.966 526,600 177.250 68.566 Dis osals Improvernent5 to pioperty Exhiblts 1,615 805 03 601 3.399 Tot81 disposals 1,615 1,406 3,802 12. Fixed asset investments Subsldlary undeitaklngs shares Total Cost At l January 2023 and At 31 Decembei 2023 100 loo Investmefits represent 100% ol thè isgued share capltal in J A H M Trading Ltmited. 13. Debtors 2023 2022 Grants receivable Other debtors Prepayments and accrued incoffle 3,574 6,094 90,172 19,437 104 96.595 99,840 116,136 14. Credltors: amounts falllng due wlthln one yeay 2023 2022 Tr&de Creditors Other iaxation and social sÈturlty Amounts owing to subsldiary underr3kSngs Other credltors Accruals and dÈfÈrred income 8,912 3,535 28,135 483 12,000 5,300 5,336 42,107 19,523 17,067 53.065 89.333 Page 20 JANEAUSTEN'S HOUSE MUSEUM Note5 to the financlal statements for the year ended 31, December 2023 15. Analysis of net assets between funds Unrestricted Desi8llaied Restrlcted fLEnds lunds funds Total funds Fund balance5 at 31 OecernbeT 2023 as represented by., Tangible fixed assets Heritage assets Investments Current a55ets 5.099 2.153.943 loo 371,928 153.065 5,099 2,153,943 IDO 747,127 153,0651 371,131 4,068 2,478.005 371,131 4,06B 2,853.204 Unrestricted Designated Re5trlcted funds funds funds Total funds Fund balances at 31 Decembe¥ 2022 as represented by.. Tangible fixed assets leritage assets Investmeftts Current assets 5.970 2,143,978 loo 266,515 189,3331 5,970 2,143,978 loo 642,313 189,3331 351,579 24,219 2.327.230 351,579 24,219 2,703,028 16. Unrestrlcted funds At I"JanuaTy 2023 At 31, December 2023 Incoming Tesouros OutEolnE resource5 Transfers Unrest¥icted funds 2.327.230 577.817 1370,9021 156,1401 2,478.005 Designated funds-. JASNA Iconservatsonl Ftjnd Jane's Fund Long Term Maintenance FuTrd Acquisitions Fund JA Anniversaries Developmenr Fund JA & Art of Wrltlng Fund Shop Refurblshment Fund CDurtyard Bulldlngs Aestoration Fund 37,575 33,5Q4 15.000 20,000 7,500 33,000 25,000 180,000 6.923 9.290 114,6061 13.4761 29,892 39.318 20.000 14,442 15.000 24.166 5,000 14,4261 7,5QO 11,1321 250 19,0841 123.1861 16,7621 11.8141 55,000 75 228,213 DÈstÉnated IuAds'. 351,579 16,538 158,2461 61,260 371,131 2.678,809 594,355 1429,1481 5,120 2,849,136 Page 21 JANE AUSTEN'S HOUSE MUSEUM Notes to the financial statemènts for the year endèd 31, December 2023 At 15tJanuary 2022 At 315t December Incoming resources Oulgoing re50urce5 Transfers 2022 Unrestricted funds 1,901,829 986.834 1374,1781 1187.2551 2,327,230 DeslEnarÈd funds: JA5NA Iconservationl Fund Jane's Fund Long Term Maintenance Fund Acquisiiions Fund JA Anniversartes Development Fund JA & Art of Writing Fund Shop Refurbishment Fund Courtyard Buildings RestoratlDn Fund 39,034 42,928 10,000 5U.UUO 50.000 6,869 9,870 11,6391 1952 16,6891 118,3421 5.DDO 115.3081 114,6921 14.8591 137,6411 29,040 25,000 180,000 37,575 33,504 15,ODO 20,ODD 7,500 33,ODD 25,000 IBO.ODO 3.960 Deslgnated Funds.. 191,962 20,699 122,7581 161,676 351,579 ?,093,791 1,007.J33 1396,9361 ,5791 2,678,809 Desien8ted funds represent monies Set aside by Trustees to provide lor futvre acquisitions ol Jane Austen artefacts, restoration projecls, and enhancement ol the museum facilities. Tr8n5fe¥s to the general fund occur when the funds havE been spent on capital items as de5ignBted. 17. Restrlcted funds At l January In¢omlng 2023 resDurces At 31 DecembÈr 2023 Outgolng resources Transfers Art Fund Reimagined FuTrd Bonhains Lot Fund Courtyard Buildings Fund 24.219 1,600 5,120 2,236 123,9871 1.832 15.1201 2.236 24,219 8,956 123,9871 15,1201 4,068 At l Janvary IncomFng 2022 resource5 At 31 Decernber 2022 Outgoing resources Transfers Main 14ouse Aestoratlon Fund Art Fund Reima8ined Fund 117,307 1,760 39,140 1145,3541 114,2131 26,287 17081 24,219 117.307 40,900 1159,5671 25,579 24,219 Purposes of festyicted funds The Main Huu5e Re5toratlon Fund holds donations recelved through the 'Sponsor a Roof Tlle" Appeal, 8rBnts received towards tlie project and transfers from J3ne's Fund and JA5NA. The Art Fund Roima8lne Grant Fund represents grants aw8rded to fund 90Yo of the edutatlon RÈlmaEinÈ Prolecr. Page 22 JANEAUSTEN'S HOUSE MUSEUM Notes to the flnantlal statements for the year ended 31" December 2023 Transfers to the geTreral fund occur when the lulld5 have been Spent on capital Items as speclfied and there are no remalning condstions to 58t15fv. 18. Subsldlarles DEtails of the Charitls subsidlaries at 31, December 2023 are as follows.. Name of undertaklng Registered office Nature of busines5 J A H M Trading England & Wales Retail sales 3t Jane Company Limited Austen's House Museum class of shares held Ordinary % Held loo 19. Related party transactlons DurinB the year, Under the terms of a Service Agreement. there were recharges to the subsidiary relatlng to shared costs which comprised the following.. 2023 2022 Management & Visitor Services stall Till transaction charges Alarn)s & sÈcuritv 104,827 12,985 618 874 29,408 9,033 484 1,208 1,947 360 1.700 Insurance IT and telecoms Rent 2,111 360 1,700 123.475 44,140 20. Flnanclal Instruments The carrying amount5 of the charity'5 financial Instruments are as follows.. 2023 2022 Finuncio10ssetS Debt instruments measured at amortised cost- Grants receivable (note 141 3,574 3.574 19,437 19,437 FlnonclolllobftlltiÉs Measured 8t amoylised cosl Trade creditors lTrote 151 - Amounts owing to subsidiary ￿ndertaking$ Inote 151 Other cieditors (note 151 8,912 23,150 483 5,300 42,107 19.523 32,545 66,930 Page 23