Registorad number.. 08716250 Charity number.. 1158304 Huguenot Heritage Centre (A company limited by guarantee) HUGUENOT MUSEUM Unaudited Trustees. report and financial statements For the year ended 31 March 2021
Huguenot Heritsge Centre IA company limited by guarantee) Contents Page Rgference and adminlstratlve detsils of the charity, its trustees and advisers Trustees. report Independent examiner's report Statement of financial actlvities 10 Balance sheet Notes to the financial statements 12-20
Huguenot Heritage Centre IA company limited by guarantee) Reference and administrative dgtails of th• company. its trustees and advisers For the year ended 31 March 2021 Trustees P J DLJval. Chairman L J DLJ Cane. Treasurer B M de L Cazenove K J Michael Dr T V Murdoch HFDoe (resigned 6 September 20201 Company registered number 08716250 Charity registered number 1158304 Registered office 95 High Street Rochester Kent ME1 1LX Company secretary LJDuCane Accountants Kreston Reeves LLP Chartered Accountants Monlague Place Quayside Chatham Maritime Chatham Kent ME4 4QU Pag8 1
Huguenot Heritage Centre IA company limited by guarantee) Trustees. report For the year ended 31 March 2021 The Trustees present their annual report together with the financial statements of the Charty for the year 1 April 2020 to 31 March 2021 The Annual report serves the purposes of both a Trustees, report and a DI¢10rS, report under company law. The Trustees confirm that the Annual report and financial slalemenls of the Charitable Company comply wrth the current slalulory requirements, the requiremen15 of the Charrtable Company's goveming docurllenl and the provisions ol the 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 leffective 1 January 20191. Since the Charity qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies Ljnder the Companies Act 20(6 Istralegic Report and Directors, Reporti Regulations 2013 has been omitted Objectives and activities a. Policios and objgCtIVgS The objects of the Charity, as sel out in Clause 4 of ils Articles of Association. are.. to advance education ol the public by eslablishing, developing. and operating a Huguenot Heritage Centre li.e. the Huguenot Museum) at 95 High Street, Rochester, ME1 1 LX". lo advance education ol the public by promoting interest in, and knowledge of, Huguenot herrtage." and to advance education ol the public by holding, managing and conserving Huguenot and Huguenol-related collections and archives and making such collections and archives publicly available for the purpose of viewing and research and the publicatk)n of the resuls of that research. b. Strategie$ for achlevlng objectlves These objects are forwarded by the activities of the Huguenot Museum. which opened to the public on 13 May 2015, and which has a programme of pemianenl and temporary displays and exhibitions. interprelalion and educational events. special events. family actwilies and outreaeh work. c. Publi¢ benoflt The Trustees have complied with the duty under Section 4 of the Charities Act 2006 to have due regard lo public benefit guidance published by the Charitie5 Commission. They have considered this guidance In deciding what activities the Chanly should undertake, and they are satisfied that the Charity confers a public benefit d. Volunteors Volunteer guides are invaluable In helping the Museum lo engage visitors. The Trustees wish lo convey their gratitude for the support given by volunteers. withoijl whom the Museum would be unable to offer its visitors the high-quality experience that has resulted in so many positive comments. Pagè 2
Huguenot Heritage Centre IA company limited by guarantee) Trustees. report Icontinuedl For the year ended 31 March 2021 Structure, governance and management Constitution The Charity was incorporated as a charrtable company limited by guarantee on 2 October 2013., its company registered number Is 08716250. The Charity's governing document is its Articles of Association, the current version of which was registered at Companies House on 12 August 2014. The Charity was registered as a charity w(th the Charity Commission on 20 August 2014., ils charity number is 1158304. The Direclois of the Company are the Trustees of the Charity. b. Methods of appointment or election of Trustg9S The Trustees have assessed the necessary and ¢Yesirable skills, attributes and experience that they consider should be available to the board in order lo enable il most effectively lo fulfil the objects of the Charty. Where deficiencies in skills and experience among the existing Board of Trustees have been Identified. the Trustees are actively seeking to address such deficiencies. Consideralion is also given to succession planning. An Individual proposed as a Trustee is subjecled to a thorough selectlon and interview process to ensure that hislher appoinlrnent as a trustee will strengthen the overall composition and balance of Ihe Board of Trustees. At each annual general meeting one third of the Trustees lor. if their number is not three or a multiple of three. the nLJmber nearest lo one Ihirdl musl tire from office. the Trustees retiring being those who have k)een longest in office since their last appoinlmenl. Clauses 27 to 39 of the Charity goveming document describe the powers of Trustees, and the procedures for their appoinlment. resignation and removal. c. Organisational structure and decision-rnaking polici9$ Under the Gharity's governing document. the Trustees are responsible for the management and control of 811 the charty's activities. The Trustees meet regularly in order lo consider the Charity's affairs. The tasks of the day lo day running of the Museum, the maintenance of Ils premises. and the management of the Chaiily s other ernployees are delegated to the Museum Director. who is supervised by. and reports to, the Board of Trustees. Staff are involved in major decision making and policy formulation wherever possible. d. Policies adoptgd for the induction and training of Trustees New Trustees are briefed by the Secretary eoncerning both their duties and the Charity's expectation$ of ils Iruslees. They also receive a copy of both the Charity's governing document, and the Charity Commission's guidance publication. The essential twstee.. what you need to know ICC31. In addition. new IrLJslees are Instructed in the work of the Museum by the Museum Director Extemal training for Trustees in matters of governance is available. Page 3
Huguenot Heritage Centre IA company limited by guarant801 TrUSts. report Icontinuedl For the year ended 31 March 2021 Achlevements and perfomiance a. Main achievements ofthe charity In common with all rnuseums, we started the year under the restrictions of the first n81ional Covid lockdown. This was particularly Iruslraling when we had ended the previous year on such a high note. with the highest annual number of visitor5 we had had since opening. and with so much momentum on all fronts of our activities and commLJnity engagement We were able lo maintain contact with our audiences through both national lockdowns with our family history service. maintained by a small team of Incredibly dedicated volunteers who responded enthusiastically lo growing numbers of visitors. who had turned lo exploring their family history In their enforced lime at home. The income generated by this service was useful, but the opportunity lo maintain a link to remote visitors was invaluable and the service continued lo operate well remotely even once we reopened our doors again. Our spaces are small, and our family history volunteers are in the more vulnerable category, so we did not return lo lace to face sessions during the year. We turned lo internet-based activity and engagement where we could, from zoom-ba$ed volunteer meetings to stepping up our social media aclivity and growing social media followers al a faster rale than ever before A highlight of Ihe year was our online talk from internalional-beslselling author Kale Mosse on 23 Janijary 2021, which was the only live event with audience questions of the launch week for The City of Tears This is the second in Kale's Huguenot quartet, which started with The Burning Chambers. The event attracted 100 participants from around the world, including key part5 of the Huguenot diaspora, South Africa and the United Slates. More than 400A of participants were also from OLJtside our core region Imedway. Kent, London and Essex), giving positive options for extending our geographical engagement. Unfortunately, our reduced staff capacity over the year meanl that we were unable to ¢apilalise on the trend for online talks and events. and so we were unable to launch an extended season of similar online events in 2021-22 However. we We able lo end the year with our first online learning session for university students, which is a model which we hope lo be able lo develop as part of a hybrid approach lo learning and events wrth the option of both in person and online access. The connections we make betsveen the 'first refugees, and the refugees of today continue lo be valued by visitors, and continue to open up opportunrties for discussion and engagement. One family described the Huguenot Museum as'a national treasure we loved this famity friendly museum The exhibition also beautiful Interweaves short contemporary refugee narratives In a touching and inspiring way. This tiny museum musl surely be one of the m051 relevant museum5 in the UK today. It tells the forgotten narrative of the blessing and value of refugees In our British society down through lime. During this year we continued lo work with Mina hhcPhee who Is a trustee of refugee charity Kent Kindness, and we org8nised an event with refugees from Kent Kindness and Phosphoros Theatre just before the first lockdown,. Mina is further slrenglhening our relationship with Kent Refugee Action Nefvlork. The Covid pandemic had a significant impact on our staffing capacity in a number of ways. It meant that we we unable lo fill the vacant Learning and CommLJnity Engagement Officer post. and in June 2020 our Visitor Services and Volunteer Co-ordinator had to leave for family reasons and could not be replaced until November that year. This left us wrth just the Director and our team of volunteers, who rose admirably lo the challenge of reopening the Museum in July 2020. Covid also depleted oul volunteer team. Some of whom were shielding and vulnerable. This meant both that we suspended our family history service for a few months in the summer, and that we had lo be careful about restoring activities that volunteers had previously participated in. Our Visitor Services and Volunteer Co-ordinator, Georgia, had been furloughed al the beginning of the pandemic, leaving only the Director. and for the last few months of the year the Director her$eW was part-furloughed. Page 4
Huguenot Heritage Centre IA company limited by guarantgel Trustees, report lcontinuedl For the year ended 31 March 2020 We opened just days a week - on Fridays and Saturdays las compared to our usual four daysl - until the second lockdown in November. Our visitors were around 20010 of normal attendance. bLJI this compared favourably with other museums. and we were able lo manage the balance between demand and social distancing with relative ease and comfort. We opened for the annual Heritage Open Days Festival, bul visitor numbers were again around 20¢/0 of the 400420 visitors that we achieve in a normal year. Visitor feedback, however, wa5 extremely positive. with visitors feeling safe to come to the Museum. One visrtor summed up with the comment". 'Absolutely brilliant. Just the right size Quality exhibits, wonderfully displayed. Fascinatingl. We had strong engagement from those who had Huguenot connections to those who were new lo the story of the Huguenots and the French Hosprtal. While visitor Interest was qurte buoyant. opportunrties for generating income beyond admission lickels and shop sales were quite limited Inrtially, of course. demand for venue hire evaporated. which was a significant blow lo our Income, and one ol our key clients had been a language school, which has not been able to resume ils operations in the UK. We were able lo reopen in the summer of 2020, thanks lo grants received from Medway Council and the Nalional Lottery Heritage Emergency Fund. and we would particularly like lo express our thanks for this support We would also like to record OLJr thanks to Soijlh East Museum Development. and lor generous donations from key individual supporters During the year we submrtted our final evaluation report for our NLHF project grant which reported extremely high levels of visitor satisfaction with the galleries and events, and hi9h levels of volunteer salisfaclion. 'Visilors lo the Museum are having a very positive valued experience. They value the high-quality presentation. unique personal stories. relevan¢e and significance of the Huguenot story In British history and in ielalion lo refugees in the UK lo)day'. This provide5 a p0511ive foundation on which lo build the future of the Huguenot Museum The Trustees wish lo express their gralrtude for the hard work and dedication of the staff.. Dinah Winch - Museum Director Georgia Cook - Learning and Community Engagement Officer (to 15 September 20201 Holly Austin-vera - Visitor Services and Volunteer Co-ordinator (from 1 November 2020 to 20 June 20211 b. Revlew of activitie$ The Charity's lolal income for the period lolalled £177,03312020.. £194.8881. Total expendi(ure amounted lo £159.82912020" £181,390). Staff remuneration amounled to £64,03412020.. £83.6331, premises related costs to £36,40112019. £52.1561, fundraising expenditure lo £14212020." £6,942). and other operational costs lo £59,252 12020.. £38.6591 Al 31 March 2021 the Charity's lolal funds amounted to £111.41512020'. £94.2111. an increase of £17.204 Page 5
Huguenot Heritage Contre IA company limited by guarantee) Trustees, report Icontinuedl For the year ended 31 March 2021 Financial rgVI&W a. Going concern After making appropriate enquiries. the Trtjslees have a reasonable expectation that the Charty has adequate resoLJrces to ¢ontinLJe in operational existence for the current accounting period. For this reason. they continue lo adopt the going concern basis in preparing the financial slatemenls. Further details regarding the adoption of the going concern basis can be found in the accounting policies. b. Resgrves policy As a precaution against Ljnforeseen adverse events. the Trustees wish lo maintain unrestricted reserves sufficient to fund the core operation of the Museum for a penod of 81 least six calendar months. ¢. PrincSpal funding In the year ended 31 March 2021 the Charty's principal sources of core funding were. Grant funding National Lottery Heritage Fund £28.63712020. £86,108) Grant funding The Patrick Dalby Trust £5.000 Grant funding - The Lord Faringdon Charitable Trust £2.50012020. £2.5001 Grant funding - The Dyers, Company Charitable Trust £1.00012020." £1,000) Grant funding - The Radnor Charitable Trust £500 Donation5 (including Gift Aidl £8.60112020' 31.1031 Museum operational activities £26.88012020. £59,177> In addf(ion, during the year and as assistance in meeting the Challenges reSu1ng from the Covid-19 pandemic. the Charity received one-off grant funding, as follows. National Lottery Heritage Fund £57,894 Medway Coijncil £41.572 Coronavirus Job Retention Scheme £4,449 The Trustees wish to express their gratitude lor the support the Museum has received from the National Lottery Hentage Fund. the Patrick Dalby Trust, The Lord Faringdon Charitable Trust, The Dyers, Company Charrtable Trust. and The Radnor Charitable Trust. e. Financial risk management The Trustees have 8 duty lo identify. assess and regularly review the risks to which the Charty is exposed, in particular those related lo the operations and finances of the Charity The Trustees need lo ensure th81 appropriate controls are In place to provide reasonable assurance against fraud and error. During the year ended 31 March 2021 the Trustees have identified and assessed the major risks to which the Charily is exposed They are satisfied that, in the introduction of robust systems and procedures, they have taken appropriate steps lo mrtigate exposure lo major risks. f. Classes of membership Under Clause 11111 of the Articles of Assctialion the Trustees may establish classes of membership with different rights and obligations, and shall record the rights and obligations In the register of members To ensure that. if necessary, control of the Charity May be exerc1sed by the Directors of The French Hosprtal Icharily number". 2193181. the Trustees have established classes of membership, which classes are defined as follows". Foundation. Foundation membership is open only to Directors of The French Hosprtal. Foundation members have a right lo attend. speak and vole al general meetings of the Charity. General. General membership Is open lo all persons except Directors ol The French Hospital. General members have a right lo attend and speak, but do nol have the right to vote, at general meeting$ of the Charity. Pagè 6
Huguenot Heritage Centre IA company limited by guarantsel Trustees. report l¢ontinuedl For the year ended 31 March 2021 Plans for future periods The Museum has the following strategic aims. lo make museum operations sustsinable and increase our resilience for the future. lo become the home ol knowledge foi Huguenot Collections nationwide and develop a presentatIVe collection of our own. lo develop a national and International profile in Huguenot history. culture and heritage by offering a varied and engaging programme of display5, activities and events on sile and online. lo lead the sector In providing leaming opportunities for audiences which connect the Huguenot Legacy with ¢onlemporary issues In the present day. The Covid pandemic has resulted In an immediate need lo address the problern of the Museum lacking a financially-sustainable mode of operation. To this end, a Recovery Advisory Group has recently been fomied, with the tasks ol both evaluating the economie and funding potential of the various elements of the Museum's existing and projected operations, Including looking into opportunities for partnerships. and of harnessing the widespread support that the Museum has from ils stakeholders, ils volunteers and the general public. For the PSent, lo ensure that Ihe Charity continues lo have sufficient financial reserves, rt has been necessary temporarily lo save on staffing and other c05t5, and lo curtail public access to the Museum's collections. We are anticipating that the work of the Recovery Advisory Group will result in Museum activrties returning during the Summer of 2022 Page 7
Huguenot Heritage Centre IA company limited by guarantee) Trustoes. rèport l¢ontlnugdl For the year ended 31 March 2021 Statement of Trust8es' responsibilities The Trustees (who are also the Directors of the Company for the purposes of company lawl are responsible for preparing the Trustees, report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards Iuniled Kingdom Generally Accepted Accounting Praclicel. Company law requires the Trustees to prepare financial st*ements for each financial year. Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs ol the Charity and of its income and application of resources, including Its Income and expendilLJre. for that period In preparing these financial slalemenls. the Trustees are required to.. select suitable aecounling policies and then apply them consislenlly, observe the methods and principles of the Charities SORP IFRS 1021., make judgments and a¢coiJnling eslimales that are reasonable and prudent., slate whether applicable UK Accounting Standards IFRS 1021 have been followed. subject to any material departures disclosed and explained In the financial stalemenls.. prepare the financial slalemenls on the going concern basis unless il is inappropriate lo presume that the Charity will Continue in business The Trustees are responsible for keeping adequate accounting records that are sufficient 10 show and explain the Chaiily's transactions and disclose with reasonable accuracy al any time the financial posrtion of the Charity and enable them lo ensure that the linanc5al Statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charity and hence for tsking reasonable steps lor the prevention and detection of fraud and other irregularities. This report was approved by the trustees on 28 December 2021 and signed on their behalf by.. L J Du Cane, Trustee Page 8
Huguenot Heritage Centre IA company limited by guarantee) Indèpendènt examinèr's report For the year ended 31 March 2021 Independent examinerfs report to the Trustees of Huguenot Heritage Centre I'the Charity'l I report to the Charty Trustees on my examination of the accounts of the Chanty for the year ended 31 March 2021, which are set out on pages 10 to 20. Re$pon$ibilitie$ and basis of report As the Trustees ol the Charity land Ils Directors for the purposes of company lawl you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 20061'lhe 2006 Act'i. Having satisfied myseLI that the accounts of the Charity are not qUired lo be audited under Part 16 of the 2006 Act and are eligible foi independent examination, I report in respect ol my examination of the Charity's ac¢ounls carried out under section 145 of the Charities Act 2011 I'the 2011 Acl'l. In carrying out my exarninalion I have followed the Directions given by the Charity Comrnission 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 w1th the examination giving me cause to believe.. 1. accounting records were not kept In respect of the Charity as required by section 386 of the 20C6 Act., or 2. Ihe accounts do not accord with those records,. or 3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'lrue and fair, view which is not a matter considered as part of an Independent examination.. or 4. the accounts have not been prepared In accordance with the methods and prinCipS of the Statement of Recommended Practice for accounting and reporting by charities lapplicable to charities preparing their accounts In accordance with the Financial Reporting Standard applicable in the UK and the Republic of Ireland IFRS 10211 I have no concerns and havè eome across no other matters in connection with the examination to which attention should be drawn In this report In order to enable a proper understanding of the accounts lo be reached. This report is made solely lo the Charity's Trustees, as a body. in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that l rnighl slate to the Charity's Trustees those matters l am required to state to them in an independent examiner's report and for no other purpose. To the fullest extent permitted by law. I do not accept or assLJme responsibility lo anyone other than the Charity and the Charity's Trustees as a body. for my work or for this report. Signed.. Dated. 28 December 2021 S Robinson BA FCA FCIE DChA MCMI Kreston Reoves LLP Chartered Accountants Chatham Maritime Pa9e 9
Huguenot Horitag& Centre IA Company limited by guarantee reglstered number: 087162501 Statement of financial activities incorporating income and expenditure account For the year ended 31 March 2021 Unrestrict8d Restricted funds funds 2021 2021 Total funds 2021 Total funds 2020 Note Income from- Donations and legacies Other trading activities Total Income 150,153 26,880 177 033 150,153 26.880 177 033 135,711 59.177 194,888 Expenditure on.. Raising funds Charitable activities Total expendilu 142 159,687 159,829 142 159,687 159,829 6.942 174.448 181.390 Net movement in funds 17,204 17,204 13.498 Reconciliation of funds.. Total funds brought forward Total funds carried forward 93,959 111,163 252 252 94,211 111,415 80.713 94,211 All activities relate lo continuing operations. The notes on pages 12 10 20 form part of these financial slatemenls. Pagè 10
Hugu¬ Heritage Centr& IA company limited by guarantee - registgrgd number: 087162501 Balance sheet As at 31 March 2021 2021 2020 Note Fixed assets Herilage assels 11,950 11,9SO Curr&nt assets Debtors Cash al bank and in hand 10 3.320 31,557 74.040 105,597 110162 Creditors- amounts falling due within one year 10.697 23.336 Net current assets 99,465 82,261 Net assets 111,415 94,211 Charity funds Restricted funds Designated funds unstrICted funds 12 12 12 252 34,755 76,408 252 34,755 59,204 Total funds 111,415 94,211 The Charity was entitled lo exemption from audit under section 477 of the Companies Act 2006. The members have not required the Charity lo obtain an audit for the year In question In accordance with section 476 01 the Companies Act 2006 The Trustees acknowledge their responsibilrties for compIng with the requirements of the Act w(£h respect lo ac¢ounting records and preparation of financial slatemenls. The fi'nancial slalemenls have been prepared in accordance wrth the provisions applicable lo entities subject lo the small companies regime. The financial slalemenls were approved by the Trustees on 28 December 2021 and signed on their behalf. by. L J Du Cane, Treasurer The notes on pages 12 10 20 form part of these financial slalemenls. Page 11
Huguenot Heritage Centre IA company limited by guarant991 Notes to the financial statements For thè yèar ended 31 March 2021 General information Huguenot Heritage Centre is a company limited by guarantee wi(h the charity registration number 1158304 and the company registration number 08716250. The address ol the registered Offi is 95 High Street, Rochester, Kent. ME1 1 LX. The main objectives of the Charty are.. to advance education of the public by establishing, developing and operating a Huguenot Heritage Centre li.e. the Huguenot Museum) al 95 High Street. Rochester. Kent, ME1 1LX.' lo advance education of the public by promoting interest In and knowledge of Huguenot heritage.. lo advance education of the public by holding. managing and conserving Huguenot and Huguenot- related collections and archives and making SLJ¢h collections and archives publicly available for the purpose of viewing and research and the publication of the results of that research. Accounting pollcles 2.1 Basis of preparation of financial accounts The financial statements have been prepared in accordance with the Charities SORP IFRS 1021 Accounting and Reporting by Charities Slalement of Recommended Practi applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Repub11c ol Ireland IFRS 1021 leffeclive 1 January 20191 and the Cornpanies Act 200S. Huguenot Heritage Centre meets the definf(ion of a public benefrt entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise slated in the relevant accounting policy. 2.2 Company ststus The Charity Is a company limited by guarantee In the event of the Charty being wound up, the liability in respect of the guarantee is limited lo £10 per member of the Charity. 2.3 Going concern The Tru51ees assess whether the use of going concern is appropriate, i.e. whether there are any material uncertainties related lo events or conditions that may cast signif1cant doubt on the ability of the Charity lo continue as a going concern The Trustees make this assessment in respect of a period of al least one year from the dale of aulhorisation for Issue ol the financial slalemenls. and have concluded that the Charity has adequate resources to continue in operational existence lor the foreseeable future, and that there are no material uncertainties about the Charity's abilty lo continue as a going concern, thus they continue to adopt the going concern basis of accounting in preparing the financial statements. The impact of the COVID-19 pandemic has been assessed by the Trustees, so far as is reasonably possible, bul il is difficult lo evaluate with any certainty the potential outcomes on the Charity's future activities. However, taking into consideration the Charity's level of reserves, the Trustees believe that the Charity will be able to continue in operational existence for the foreseeable future. Page 12
Huguenot Heritage Centre IA company limitgd by guarante?) Notes to the financial statements For the year ended 31 March 2021 Accounting policios Icontinued} 2.4 Income All income is recognised once the company has entitlement to the Income, and il is probable that the income will be received, and the arnount of Income receivable can be measured reliably. Grants a included in the Slalemenl of financial activities on 8 receivable basis. The b81ance of income received for specific purpose5, bul not expended during the period. is shown in the relevant funds on the Balance Sheet. When Income Is received In advance of enlillement of receipt, Ils recognition Is deferred, and il Is Included In creditors as deferred Income. Where entitlement occurs before Income Is received. the income is accrued. Income lax recoverable in relation lo donations recewed under Grft Aid or deeds of covenant IS recognised al the lime of the donation. 2.5 Expenditure Expenditure is recognised once there 15 a legal or constructive obligation lo transfer economic benefit lo a third p8rty. and il is probable that a transfer of economic benefits will be required in selllemenl. and the amount of the obligation can be measured reliably. Expenditure on charitable activities is incurred on directly undertaking the aclwilies which further the Charity's objectives. as well as any associated support costs. All expenditure is inclusive of irrecoverable VAT. 2.6 Herltsge assets Where heritage assets have been purchased, they a initially recognised al cost. After recognition, under the cost model, herrtage as5els are measured at cost less any accumulated impairment losses. Al each reporting dale the Charrty assesses whether there is any indication of impairment. 11 such Indication exists. the recoverable amount of the asset is determined lo be the higher of ils fair value less costs lo sell and rts value in use. An Impaimient loss is recognised where the carrying amount exceeds the recoverable amount. 2.7 Debtors Trade and other debtors are recognised al the settlement amount after any trade discount Offed. Prepayments are valued al the amount prepaid net of any trade discounts due 2.8 Cash at bank and in hand Cash al bank and in hand includes cash and short-term highly IIqu1d investments with a short maturity of three months or less from the dale of aequisrtion or opening of the deposlt or similar aonI Page 13
Huguenot Heritage Centre IA company limited by guarantee) Notes to the financial statements For the year ended 31 March 2021 Accounting policigs Icontinuodl 2.9 Liabllltles and provlslons Liabilrties are recogni5ed when there is an obligation al the Balance sheet d81e as a resutt of a past event. and it is probable that a transfer of economic benefit will be required in settlement. and the amount of the settlement can be eslimated reliably. Liabilities are recognised al the amount that the Charty anlicipales it will pay to settle the debt or the amount il has received as advance payments for the goods or servi$ it musl provide. Prov1510ns are measured al the best estimate of the amounts quired to settle the obligation. Vvhere the effect of the time value of money 15 material, the provision is based on the present value of those amounts. discounted al the pre-tax discount rale that reflects the risks specifie lo the liability. The unwinding of the discount is recognised in the Slalemenl ol financial activities as a finance cost. 2.10 Financial instruments The Charity only has financial assets and financial liabilities of a kind that qualfy as basic financial instruments Basic financial instruments are initially recognised al transaction value and subseouenlly measured at their settlement value. 2.11 Pensions The Charity operates a defined contribution pension scheme, and the pension charge represents the amounts payable by the Charity to the fund in respect of the year. 2.12 FLsnd accounting General funds are unreslricled funds which are available for use al the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes. Restr1Cted funds are funds which are to be used in accordance with specrfic restrictions imposed by donors or whi¢h have been raised by the Charity for particijlar purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each reslricled fund is sel out in the notes lo the financial slalemenls Page 14
Huguenot Heritage Centre IA company limited by guarantoel Notes to the financial statefflents For the year ended 31 March 2021 3. Income from donations and legacles Unrestricted funds 2021 Reslrictod fund$ 2021 Total funds 2021 Total funds 2020 Donations Grants 8,601 141,552 8.601 141,S52 49.603 86.108 150,153 135,459 150 153 135.711 135.711 Total 2D20 252 4. Income from charitable a¢tivitiOS Unrg$lricted Fund$ 2021 Total funds 2021 Total Funds 2020 Income from museum operations Totsl 2020 26,880 59,177 59177 59.177 S. Costs of raising funds Unrestricted Funds 2021 Total funds 2021 Total Fund5 2020 Fundraising expenditure Total 2020 142 6,942 142 6,942 6,942 6. Analysls of expenditure by actlvlties Direct Costs 2021 Support Costs 2021 Total funds 2021 Totsl funds 2020 Chari(able activities Total 2020 157.047 171,428 2.640 3.020 159687 174.448 174,448 Page 15
Huguenot Heritage Centre IA company limitod by guarantèe) Note5 to the financial statements For the year ended 31 March 2021 6. Analysis of expenditurn by a¢livitlgs Icontlnuedl Analysis of direct costs Unrg$trictgd Funds 2021 Total Funds 2021 Total Funds 2020 Wages and salaries National insurance Pension cos15 Other staff-relaled costs Rent Insurance Other premises costs Maintenance and development of exhibitions Activities and resources Website and IT Office expenses Publicity and promotion Consultancy 59.195 1,845 2,994 539 22.000 4,757 9,644 26,775 2,061 8,988 2,863 4,134 11,252 59,195 1,845 2,994 539 22,000 4,757 76,355 4,012 3,266 3,728 22,000 4,739 25,417 9.756 3,960 2,613 6,346 9,236 26,775 2,061 8,988 2,863 4.134 11,252 157,047 171,428 157.047 171.428 171.428 Total 2020 Analysis of support costs Unre$tri¢ted funds 2021 Total funds 2021 Total funds 2020 Independent examiner's fee Accountancy fees 1,176 1,464 1,176 1.464 1,200 1,820 2,640 3020 Total 2020 3,020 Page 16
Huguenot Heritage Centre IA company limited by guarant981 Notes to the financial statefflents For the year ended 31 March 2021 7. Staff costs 2021 2020 Wages and salaries Social security costs Other pension costs 59,195 1.845 2.994 76,355 4,012 3,266 The average number of persons employed by the company during the year was as follows". 2021 No. 2020 No. No employee received remuneration amounting to more than £60,000 in either year. The lolal remuneration and benefits reiVed by the key management personnel of the charity during the 2020-21 financial year amounts to £44.42412016." £42.5361. 8. Trustees, remuneration and expenses During the year, no Trustees reeewed any remuneration or other beneff(s12020 - £Nill. During the year ended 31 Ilarch 2021, no Trustee expenses have been Incurred {2020 - £Nill. Herltage assets Assets recognised at cost Tanqueray sauce boat 2021 Total 2020 Carrying value al 31 March 2021 11,9SO 11,950 10. Debtors Total 2021 Total 2020 Other debtors Prepayments and aecrued Income 2.897 423 28,080 3,477 Page 17
Huguenot Heritage Centre IA company limitèd by guarant901 Notes to the financial statements For the year ended 31 March 2020 11. Creditors.. Amounts falling due withln one year Total 2021 Total 2020 Other creditors Accruals and deferred income 2.073 8.624 13,835 9,500 10.697 23,335 12. Stslement of funds Stsl&ment of funds - current year 8alan¢o at1 April 2020 Income ExndIture Transfe Balance at31 March 2021 Unrestricted funds Designated fund - Heritage assets Designated fund - Staff Designated fund - Mothballing General funds Total unrestricted funds 11,950 12,805 10,000 11,950 12,805 10,000 76.408 111 163 177 033 177 033 159 829 159,829 Restricted funds Refugee projects 252 252 Total of funds 177,033 159,829 111,415 The purpose of the Refugee projects fund Is lo advance education of the public by promoting interest in, and knowledge of, Huguenot refugees and their experi8n¢e of persecution. This purpose is in accordance with the Museum's charitable objects. P8ga 18
Huguenot Heritage Centre IA company limited by guaranteel Notes to the financial statements For the year ended 31 March 2020 13. Statgmont of funds Icontinuedl Statement of funds - prior year Balance at1 April 2019 Income Expenditure Transfers Balance at31 March 2020 Unrestricted funds Designated fijnd Heritage assets Designated fund - Staff Designated fund - Mothballing General funds Total unre51ricled funds 11,950 12,805 10,000 11,950 12,805 10.000 59,204 93,959 80,713 80,713 194,636 194,636 181,390 181 390 Restricted funds Refugee projects 252 252 Total of funds 194888 181 390 14. Analysis of net assets between funds Analysis of net assets between funds - Current year Unrestricted funds 2021 Restricted funds 2021 Total funds 2021 Heritage assets Current assets Credrtors due within one year 11,950 109,910 110,6971 11.950 110,162 110,6971 252 Total 111 163 252 111415 Analysis of net assets batween funds . prior year Unrestricted funds 2020 Reslricled funds 2020 Total funds 2020 Heritage assets Current assets Creditors due within one year 11,950 105,345 123.3361 11,950 105,597 123.3361 252 Total 93,959 94,211 Page 19
Huguenot Heritage Centre IA Company limited by guarantee) Notes to tha financial statefflents For the yèar ended 31 March 2021 15. Pen$ion commitments The Ch8rily operates a defined wntribulions pension scheme The assets of the scheme are held separately from those of the Charity in an independently administered fund The pension cost eharge represents contributions payable by the Charity lo the fund and amounted lo £2,99412020 - £3,2661. Contributions lolalling £56712020 - £Nill were payable to the fund al the Balance sheet date and are included in creditors. 16. Related party transactions Al the Balance sheet dale. two of the Huguenot Museum's Trustees, namety P J Duval and L J Du Cane, were also Trustee Directors of the French Hospitsl. One of the Huguenot Museum's Directors, namely Dr T V Murdoch. was a Non-trustee Director of the French Hospital Dunng the year the Charity received Income of £22.000 frorn The French Hospital in respect of fees due under a contract for the conservation and management of ils collections. During the year the Charrty paid The French Hospital rent of £22,000 for r($ 95 High Street premises. Al the Balance sheet dale there are no amounts oweLI. 17. Continggnt Ilabillty On 19 March 2014 the Charity was named as a grantee of the Heritage Lottery Fund's grant for the Huguenot Heritage Centre project. Under the Heritage Lottery Fund's then Standard Terms of Grant there exists a possibility of a financial obligation by the Charity to the National Lottery Heritage Fund I'NLHF") in circumstances in which either the Charity chwses to relocate wilhoul NLHF permission, or in which il ceases to operate. A conseqijence of the Covid-19 pandemic has been that many smaller museums have faced a challenging operating environment during the past 18 months. In particular. the Charity has been unable lo secure sufficient grant and donor funding for ils current operations." this has necessitated a temporary $1ctiOn in ils aclivilies. and a temporary cessation ol public access lo rts collections. It Is considered that the Charity has sufficient financial reserves lo cover the costs ol maintaining ils premises and colle¢lions during the period needed by the Charity. assisted by Its Recovery Advisory Group, to formulale and implement plans for a financially sustainable mode of operation The NLHF is aware of the Charity"5 current financial position. and is supportive of the actions being taken by the Charity to achieve a finaneially sustainable mcNJe of operation. 11 Is impracticable lo quantify the extent of this possible financial obligation lo NLHF, and thus no liability pertaining lo this matter is recognized in these financial statements. Page 20