Registered number.. 08716250 Charity number.. 1158304 Huguenot Heritage Centre (A company limited by guarantee) HUGUENOT MUSEUMI dtscovet yourstory Unaudited Trustees. report and financial statements For the year ended 31 March 2022
Huguenot Heritage Centre IA company limited by guarantsel Contènts Page Refèr8ncè and administrativ• dètails of th& charity. its trust••s and advls•rs Trustees. report Independent examiner's report Statement of financial activities Balanca shoot 10 Notes to the finanGial stst*m¢nt$
Huguenot Heritagè Cantra IA company limited by guarantee) Reference and administrative details of thè company. its trustees and advisers For the year ended 31 March 2022 Trustees P J Duval. Chairman L J Du Cane. Treasurer A J Cazalel B M de L Cazenove Mrs K J Michael Mrs E J Money Dr T V Murdoch Company registarèd number 08716250 Charity rogistèrèd nurnber 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 Bankers Lloyds Bank plc 25 Gresham Street London EG2V7HN P8ge 1
Huguenot Heritage Cèntra IA company limited by guarantee) Trustees. report For th& yaar ènded 31 March 2022 The Trustees present their annual report together with the financial statements of the Charity for the year 1 April 2021 to 31 March 2022. The Annual report serves the purposes of both a Trustees, report and a Directors, report under company law. The Trustees confirm that the Annu81 report and financial statements ol the Charitable Company comply with the current statutory requirements, the requirements of the Charitable Company's governing document and the provisions ol the Statement of Recomrnended Practice ISORPI applicable to charities preparing their account5 in a¢cordance with the Financial Reporting Standard applicable In the UK and Republic of Ireland IFRS1021 (effective 1 January 20191. Since the Charity qualifies as small under section 382 of the Corllpanies Act 2006, the Strategic report required ol medium and large ¢ompanies under the Companies Act 2006 IStrategi¢ Report and Directors, Report) Regulations 2013 has been omitted. Objaclives and activities a. Poli¢ies and objactiv&s The objects ol the Charity. as Sel out in Clause 4 of its Articles ol Association, are.. to advance education ol the public by establishing. developing, and operating a Huguenot Heritagè Centre li.e. the HLJguenot Museum) at 95 High Street, Rochester. ME1 1 LX". lo advance education of the public by promoting interest in, and knowledge of. Huguenot heritage.. and to advance education of the public by holding, rnana9ing and conserving Huguenot and Huguenot-related collections and archives and rnaking su¢h collections and archives publicly available for the purpose ol viewing and research and the publication of the results of th81 research. b. Strategie5 for achièving obj•ctives These objects are forwarded by the activities of the Huguenot Museum, which opened to the public on 13 May 2015. and which h3s a programme ol permanent and temporary display5 and exhibitions, interpretation and educational events, special events. family activities and outreach work. c. Publlc bèngff t The Tiustees have complied with the duty under Section 4 of the Charities Act 2006 to have due regard to public benefit guidance published by the Charities Commission. They have considered thi5 guidance in deciding what activities the Charity should undertake. and they are satisfied that the Charity confers a public benefit. Structure, govemance and management a. Constitution The Charity was incorporated as a charitable wmpany limited by 9uarantee on 2 October 2013". its company registered number Is 08716250. The Charity's governing document is il5 Article5 of Association, the current version of which wa5 registered at Companies House on 12 August 2014. The Charity was registered as a charity with the Charity Commission on 20 August 2014., its Charity number is 1158304. The Directors of the Company are the Trustees of the Charity. Page 2
Huguenot Heritage Centre IA company limited by guarantee) Trust•as' rgport Icontinuedl For the y8ar èndèd 31 March 2022 b. Methods of appointment or election of Trustees The Trustees have assessed the neSSary and desirable skills, attributes and experience that they con51der should be available to the board in order to enable it most effectively lo fulfil the objects of the Charity. Vvhere deficiencie5 ifi skills and experience among the existing 8oard ol Trustees are Identified. the Trustees actively seek lo address such deficiencies. Consideration is also given to succession planning. An individual proposed as a Trustee is subjected to a thorough selection and interview process to ensure that their appointment as a Trustee will strengthen the overall composib'on and balance of the Board ol Trustees. At each annual general meeting one third of the Trustees lor. if their number is not three or a multiple of three. the number nearest to one thirdl musl retire from office, the Trustee5 retiring being those who have been longest in office 51nce their last appointment. Clauses 27 to 39 of the Charrty governing document describe the powers of Trustee5. 8nd the procedures for their appointment. resignation and removal. c. Policiès adoptèd for the induction and training of Trustees New Trustees are briefed by the Secretary concerning both their duties and the Charity's expectations of ils Trustees They also receive a ¢opy of both the Charily's governing document, and the Ch3rity Commission's guidance publication. The esseiitial trust8e. bvh&t you ne8d to knobv ICC31. In addition, new Trustees are instructed in the work ol the Mu5eurn by a Trustee or the Operations Manager. External training for Trustees in rnatters of governance is available. d. Organisational stru¢tur& and dèclslon-maklng pollcigs Under the Charity's governing document, the Trustees are responsible for the management and control of all the cfvarity's a¢tivilies The Trustees meet regularly in order to consider the Charity's affairs. The t85ks of the day to day running ol the Museurn, the maintenance of its premise5. and the management of the Charity's olher employees are delegated to the Operations Manager. who is supervised by, and reports lo. the Board of Trustees. Staff are Involved in major decision making and policy formulation wherever possible. e. Classes of membership Under Clause 11111 of the Articles of Association the Trustees may establish classe5 of membership with different right5 and obligations, and shall record the rights and obligations In the register ol members. To ensure th8t. if necessary, control ol the Charity may be exercised by the Directors of The French Hospital (charity number". 2193181, the Trustees have established two classes ol mernbership. which classe5 are defined as follows". Foundation Foundation membership Is open only to Directors of The French Hospitsl Foundation members have a right tts attend. speak and vote at general meetings ol the Charity. General." General rnernbership 15 open to all person5 except Directors ol The French Hospital. General members have a right to attend and speak, but do not h3ve the right to vote, at general meetings of the Charity. Page 3
Huguènot Hèritag• Centre IA company limited by guarantee) Trustees. report Icontinuedl For the year ended 31 March 2022 Achievemènts and parformance a. Main achievements of thè charity Although it has been a challenging year for IFte Museum, as described below, the Trustees have used the time to develop a clearer vision and understanding of the way forward for the Charity. to a financially sustainable future. Staff employed in April 2021 comprised the Director and the Visitor Services & Volunteer Co-ordinator. At the start ol the year, the Museum was closed due to Covid restrictions. However. the Director continued to develop the Museum's profile through posts to social media Numbers increased lor each of Twitter. Facebook and Instagram during the spring and summer of 2021. In total, social rnedia Indices showed growth 0111.8% during this period. In April 2021. the Museum hosted an online lecture by the Huguenots of Spitalfields, Froffl the Hugu6nots to the Hoty Ghost. Religion on Stage at the Nalional Thealre- 2009-2019. to wh5ch the Director contributed. The Director also delivered sessions to Chatham Grammar School pupils on the Huguenots as part of a module on the Reformation, and gave a general talk about the Huguenots, the French Hospital and the Museum at the Insiders Outsiders Festival on 25 June 2021. The partial lifting of Covid ieslriclions, tsn 17 May 2021. meant that museums could re-open from that dale. and limited re-opening of the Huguenot Museum look place from 3 July 2021. In total, the Museum was open to the public on six days in the period to 2 October 2021, during which a total 01644 visitors were recorded. The Museum's family history service. which is run by a teatn ol dedicated volunteers, and which piovides Huguenot genealogical iesearch services lor a modest lee, operated successfully through to 21 October 2021 The lack of assured funding for the core operations of the Museum had been dictalino the need to move to a lower cost mode of operation for some time. Ihthen the Vi51tor Services & Volunteer Co-ordinator left the Museum on 20 June 2021. it left the Director as the only paid member of staff. Following the resignation ol the Director on 26 July 2021. the Trustees took the decision to 'mothball' the Museum at the end of the summer season, in order to allow time, and funding. for firstly. the evolution ol a new and lower basal cost approach lo the operation of the Museum. and then, for this revised mode of operation to be established. The Trustees, aware o15imitations In their skillset, established a Recovery Advi50ry Group I'RAG") lo help them in this task. The core membership of the RAG, which is chaired by Ann West MBE JP DL. ¢omprises.' Alex Duval (Director, The French Hospital). Richard Holdsworth MBE Ilormer Director ol Hentage. Visitor Experience and Learning ol the Chatham Historic Dockyard Trust). Carol Howell IDire¢lor of the Foundling Museurnl, Catherine P8rker (Clerk to The French Hospital). and, representing the Charity's Trustees. Leslie Du Cane and Dr Tessa Murdoch. The RAG met for the first time on 12 November 2021. It has been instrumental In assisting the TrLJStees in their development of an outline business plan for a financially sustainable way forward for the Huguenot Museum. The new lower-cosl operating rnodel will be based initially on a heritage centre or visitor attraction approach, with a sing5e paid member of staff seen as an 'enlrepreneurial' Operations Manager with independent museum & maikeling and communications experience, rather than a national or local rnuseum 'curatorial-based' museum professional. The Operations Manager will be responsible lor the Museurn's day-to-day operations, for recruiting and training a team ol volunteers to assist when the Museum Is open to the public and in the provision of genealogical research services. managing the Mu5euffl'5 rnaikeling and communications, and developing its programrne of events. The RAG has also agreed to assist in the development ol a new fundraising strategy for the Museum. This is irnportant, a5 It is likely that the Museum's core activity, even with this new model of operation, will require some addition81 funding. but this fundraising challenge Is expected to be of a manageable scale. On supported by other fundraising, the Museurm will seek to rebuild aspiration, and encourage Increased visitation through short-term 'task and finish, projects. Page 4
Huguenot Heritage Centre IA company limitad by guarantee) Trustee5' report Icontinuadl For the year ended 31 March 2022 Following a meeting on 17 February 2022, this approach to running the Museum has been endorsed by its major stakeholders. including Medway Council, the French Hospital and the National Lottery Heiitage Fund. The post of Operations Manager was advertised during March and April 2021, and the Trustees are now pleased to announce that they have recently appointed Lara Dix as the Operations Manager lor the Museum, and that It is planned to ré-opèn the Museum to the public In time for the 2022 summer school holidays. The Trustees wish lo expres5 their gratitude for all the hard work done by staff and volunteers during the period to November 2021. In the period since November 2021, although the Museum has been closed to the public, it continues to have respons1bilities for the security and safeguarding ol 113 premises and the collections in its care. Vvithout paid staff, fulfilling these resptsnsibilities has only been possible with the assistance of, in particular. Catherine Parker. Clerk lo the French Hospital, and Jacob Scott. Operations and Exhibitions Assistant at Rochester Cathedral. The Trustees therefore wish to express their appreciation for the services Catherine, Jacob and others have provided, and continue to provide, during this "mothballing" period. In addition, the Trustees are extremely grateful for the hands-on support the Museum has received. and continue5 to recèive. from members of the RAG. During the year ended 31 March 2022. the Trustees of the Museum Charity met on len occasions. For part ol this period the Chairman. Peter Duval. was in¢apacitaled due lo ill health, and Dr Tessa Murdoch undertook the role tsf Acting Chair. b. Voluntèers Volunteers are invaluable in helping the Museurn - acting as guides and in other front-of-house roles, conducting farnily history research, and providing administrative 5UPPOrt During the year, the Museum's reduced opening days and hours meant that the number of volunteers1101, who were actively engaged in Museum operation5. Was less than had been the case before the Covid-19 pandemic. The Trustees wish to convey their gratitude for the sUPPOrt given by volunteers. without whom the Museum would be un3ble lo Offer its visitors the high-quality experience that has resulted in so many positive comments. c. R&vi8w of acti¥ities The Gharily'5 incorne for the period tolalled £59,53712021." £177,033) Total expenditure arnounted to £79.319 12021.. £159.8291. Staff rernuneralion arnounled to £37.38212021. £64.0341, premises related costs lo £34,357 12021.. £36,401), fundraising expenditure to £Nil12021.' £1421, and other operational costs to £7.58012021.' £59.2521 Al 31 Mar¢h 2022 the Gharily's t(>lal funds amounted lo £91,63312021" £111.4151. a decrease of £19,782. Financial revi•w a. Principal funding In the year ended 31 March 2022 the Charity s principal sources of core funding were". Donations (including Gift Aid) £2,74012021 £8,601) Museum operational activities £26,911 12021." £26,880) In addition. during the year and as a$5iStance in meeting tre challenges resulting from the Covid-19 pandemic. the Charity received one-off grant funding. as follow5." Medway Council £27,200 Coronavirus Job Retention Scheme £2,688 The Trustees wish to express their gratitude for the 5UPPOrt the Museum has received from Medway Council. Page 5
Huguenot Hèritage Cèntrè IA company limited by guarantee) Trustees. report Icontinuedl For tha yaar &nd&d 31 March 2022 b. Going concern After making appropriate enquiries. the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the current accounting period. For this reason. they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going Conrn basis can be found in the accounting policies c. Resetves policy As a precaution against unforeseen adverse events, the Trustees wish to maintain unrestricted reserves sufficient to fund the core operation of the Museum for a period of 81 least six calendar months. Under the Museum's new operating model, the funding required for six months of its core operations is curiently estimated to be of the order 01 £30.000, and the Trustees thus aim to maintain unrestricted reserves ol at least £30.000. This aim has been met. d. Finanrial risk rnanagement The Trustees have a duty to identify, assess and regularly review the risks lo which the Charity 15 exposed. in particular those related to the operations and finances of the Charity. The Trustees need to ensure that appropriate controls are in place to provide reasonable assurancè against fraud and error. During the year ended 31 March 2022. the Trustees have identified and assessed the major risks lo which the Charity is exposed. They are satisfied that, in the introduction of robust systems and procedures, they have taken appropriate steps to mitig8ie exposure to major risks. The principal risk facing the ChartY is a r15k of fall1re lo secure sufficient external funding to cover the deficit on its core operations. The Charity mitigates this risk through financial managernent systems and reporting. through active fundraising, and through ils policy ol maintaining sufficient unrestricted reserves to fund its core operations lor a minimum period of six months. The Charity 15 responsible lor the care and maintenance of the French Hospital's collections of records an artefacts.. these are ol both historical interest and intrinsic value. The risk ol a failure to adequately care for and maintain these collections Is mitigated by ensuring they are held and displayed securely in a stable and controlled environment, by cataloguing the collections. and by maintaining adequate specialist insurance cover. Plans for future periods The Museum has the following strategic aims.. to make museutn operations 5UStainable and increase our resilience foi the future to become the home of knowledge for Huguenot Collections nationwide and develop a representative collection of our own. lo develop a national and international profile in Huguenot history. culture and heritage by offering varied and engaging programme ol displays, activities and events on site and online. to lead the sector In providing learning opportunities for Èudiencès which connect the Huguenot Legacy with contemporary Issues In the present day The objectives for the current 2022-23 year are, first. to establish for the Museum the lower-cost operating model. based on an Operations Manager supported by a team of volunteers, and, second, to ensure that the additional funding necessary 10 5UPPOrt thi5 wre a¢tivily Is seGured. Once the core operation of the Museurn is established on a financially sound basi5. funding will be sought for proiecls designed to develop visitation and widen the Museum's profile and impact, both Ioc8lly and nationally Pago 6
Huguenot Heritage Cent IA company limitèd by guarant8•1 Trustees. rèport IcontÉnuadl For the year ended 31 March 2022 Statèmènt of Tru$toès' r•sponsibiliti•s The Trustees (who are also the Director5 of the Company for the purposes of Company lawl are ie5ponsible 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). Cornpany law require5 the Trustees to prepare financial staternents for each financial year. Under cornpany law the Trustees must not approve the financial staternents unless they are satisfied that they give 3 true and fair view of the state of affairs of the Charity and ol its incorne and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to.. select suit8ble accounting policies and thèn apply them ¢onsistenlly, observe the method5 and principles of the Charities SORP IFRS 1021., make judgrnents and accounting estimates that are reasonable and prudent., stale whether applicable UK Accounting Standards IFRS 1021 have been followed, subject to any material dep3rture5 disclosed and explained in the financial statements". prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business. The Trustees arè responsible for keeping adequate a¢¢ounling re¢ords that are sufficient to show and explain the Chaiity'5 transactions and di5c105e with re8sonable accuracy at any tirne the financial position ol the Charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are 31so responsible for safeguarding the assets of the Charity and hence for taking reasonable steps lor the prevention and detection of fraud and other irregularities. This report wa d by the Trustees on 11 October 2022 and signed on their behalf by.. P J Duval, Chaimian Page 7
Huguenot Heritage Centre IA company limited by guarantael Ind¥pendent examinerf$ rèport For the year ended 31 March 2022 Indèpèndènt èxaminèrfs rèport to thè Trustèès of Huguènot Hèritage Centre I'the Charity'l I report lo the Charity Trustees on my examination of the accounts of the Charty for the year ended 31 March 2022, which are sel out on pages 9 10 19. Responsibilitiès and basis of report As the Trustees of the Charity18nd ils Directors ft)r the purposes of company lawl you are responsible for the preparation of the accounts in accordance with the requirements of the Companie5 Act 20061'the 2008 Acl'l. Having satisfied rny5elf that the a¢¢ounts of the Charity are not required to be audited under Part 16 of the 2006 Aot and are eligible for independent examination, I report in respect of tny exatnination of the Charity's accounts carried out under section 145 01 the Charities Act 20111'the 2011 AGt'I. In carrying out my examination I have followed the Directions given by the Charity Commission under section 14515llbl of the 2011 Act. Indèpèndent examiner's statemènt I have completed my examination. I confirrn that no rnatters have come to my attention in connecb.on with 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 2006 Act,. or 2 the accounts do not accord with those records". or 3. the accounts do not comply with the accounting requirernents of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and lair, view which is not a matter considered as part of an independent examination, or 4 the accounts have not been prepared in 3¢coidance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charitie5 lapplicable to charities preparing their accounts in accordance wilh the Financial Reporting Standard applicable In the UK and the Republic of Ireland IFRS 10211. I have no concerns and have come a¢ross no other matters in connection with the examination 1¢ 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 to the Charity's Trustees. as a body, in a¢¢ordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work ha5 been undertaken so that I might state to the Charity's Trustees those matters l am required lo stale to them In an Independent examiner's report and for no other purpose. To the lullesl extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body. ftsr my work or for this report. Signed.. Dated. 31 Ocl.U 20 1 BA FCA FCIE DChA MCMI S Robinson K$t0 Reeves LLP Chartered Accountants Chatham Maritime P8gÈ 8
Huguenot Heritage Centre IA company limitèd by guarantee . registered number.. 087162501 Statement of financial activitias incorporating incomo and axpenditure a¢¢ount For the year ended 31 March 2022 Unrestricted R8Striet•d funds funds 2022 2022 Total funds 2022 Totsl funds 2021 Note Income from: Donations and leg8cies Other trading activities Total income 32,628 26,909 59.537 32,628 26,909 59,537 150,153 26,880 177,033 Expenditure on.. Raising funds Charitable actlV1ties Total expenditure 142 159.687 159,829 79,319 79.319 79,319 79,319 Net movèment in funds 119,7821 119.7821 17.204 Reconciliation of funds: Total funds brought forward Total funds carried forward 111,163 252 252 111.415 91.633 94,211 111,415 All activities relate to continuing operations. The notes on pages 1110 19 forrn part of these financial statements. Page 9
Huguènot Hèritagè C8ntra IA company limited by guarantee - r99istered nurnber.. 087162501 Balance sh99t As at 31 March 2022 2022 2021 Not& Fixèd assèts Heritage as5e15 11.950 11,950 Current assets Debtors Cash at bank and in hand 10 2,721 79,512 82,233 3,320 106,842 110.162 Creditor5-. amounts falling due within one year 10,697 Net current asset5 79,683 99,465 Net assets 111,415 Charity funds Restricted funds Designated funds Unreslricted funds 12 12 252 11.950 79,431 252 34,755 76,408 Total funds 91,633 111 415 The Charity was entitled to exemption from audit under section 477 of the Companies Act 2006. The members have not required the Charity to obtain an audit for the year in question in accordance wf(h section 476 ofthe Companies Act 2006. The Trustee5 acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation ol financial statements. The financial statements have been prepared in accordance with the provisions appli¢able to entities subject to the small companies regime. The financial statements were approved by the Trustees on 11 October 2022 and signed on their behalf, by.. L J Du Can•. Trèasurgr The notes on pages 11 to 19 form part ol these financial statements. Page 10
Huguanot Haritage C•ntro IA company limited by guaranteel Notes to the financial statements For tho year ondèd 31 March 2022 General infomiation Huguenot Heritage Centre is a company limited by guarantee with the charity registr8tion number 1158304 and the company registration number 08716250. The address of the registered office is 95 High Street, Rochester, Kent, ME1 1 LX. The rmain objectives of the Charity are.. to advanTr education of the public by establishing, developing and operating a Huguenot Heritage Centre li.e. the Huguenot Museum) at 95 High Street, Rochester, Kent. ME1 ILX.. to advance education of the public by promoting interest in and knoledge of Huguenot heritage.. to advance education ol the public by holding, managing and conserving Huguenot and Huguenot- related collections and archives and making such collections and archive5 publi¢ly available for the purpose of viewing and research and the publication ol the results of that rese3roh. Accounting policies 2.1 Basi5 of preparation of financial ac¢ounts The financial statements have been prepared in accordance with the Charities SORP IFRS 1021 Accounting 2nd Reporting by Charities. Statement of Recommended Practice applicable to charities prep8ring their accounts in accordan¢e with the Financial Reporting St8ndard applicable in the UK and Republic of Ireland IFRS 1021 leffective 1 January 20191 and the Companies Act 2006. Huguenot Heritage Centre meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at histori¢al ¢osl or transaction value unless otherwise stsled In the relevant accounting policy. The financial statements have been prepared in Pounds Sterling and are rounded to the nearest Pound. 2.2 Company statu5 The Gharity is a company limited by guarantee. In the event of the Charity being wound up, the liability in respect of the guarantee is limited lo £10 per member of the Charity. 2.3 Going concèrn The Trustees assess whether the use ol going concern is appropriate, i.e. whether there are any material uncertainties related to events or conditions that may Cast signifi¢ant doubl on the ability of the Charity to continue as a going concern The Trustees make this assessment in respect of a period ol at least orne year frorn the date of authorisation for issue of the financial statements. 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 ability to continue as a going concem, thus they continue to adopt the going Concern basis of accounting In preparing thè fin8n¢ial statemènts Page 11
Huguenot Heritage Centre IA company limit by guarantee) Notès to thè financial stat&mants For the year ended 31 March 2022 Accounting polici&s Icontlnu•dl 2.4 Income All incorne is recognised once the company has entillernent to the incorne, and Il is probable that the Income will be received. and the amount ol income receivable can be measured reliably. Gran15 are included in the Statement of financial activitie5 on a receivable basis. The balance of incorne received lor specific purposes. but not expended during the period, is shown In the relevant funds on the Balance sheet. When income is received in advance of entitlement of receipt. its recognition 15 deferred. and It is included In creditors as deferred income. Where entitlement occurs before income is reived, the income Is acorued Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time ol the donation. 2.5 Expènditure Expenditure is recognised once there is 3 legal or constructive obligation lo transfer economic benefit to a third party. and it is probable that a transfer ol econornic benefits will be required in settlement, and the amount of the obligation can be measured reliably. Expenditure on charitable activitie5 is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs. All expenditure is inclusive of Irrecoverable VAT 2.6 Heritage assets Where heritage assets have been purchased. they are initially recognised at cost. After recognition, under the cost model, heritage assets are measured al cost less any a¢¢umulated impairment losses At each reporting date the Charity assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is deterrnined to be the higher of Its fair value less costs lo se11 and Its value In use An Impairrnent loss Is recogn15ed where the carrying amount exceeds the recoveiable amount. 2.7 Debtors Trade and other debtors are re¢ogni5ed at the settlement arnount after any trade dis¢ounl offered Prepayments are valued at the amount prepaid net of any trade discounts due. 2.8 Cash at bank and in hand Cash at bank 2nd in hand Includes ¢ash and short-term highly liquid Investments with a short maturity of three rmonths or less from the date of acquisition or opening of the deposit or similar account. Page 12
Huguenot Hèritagè C•ntre IA company limited by guarantèe) Notès to the financial statements For th• y•ar •nd•d 31 March 2022 Accounting policies Icontinuedl 2.9 Liabilities and provisions Liabilities are recognised when there Is an oblig8lion at the 8alance sheet dale as a sUIt ol a P85t event, and it Is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the arnounl that the Charity anticipates il wi11 pay to settle the debt or the amount It has reiVed as advance payments for the goods or services it rnust provide. Provisions are Measured at the best estimate ol the amounts required to settle the obligation. Where the effect ol the time value of money is material, the provision is based on the present value ol those amounts. discounted al the pre-tax discount rate that reflects the iisks specific to the Iiabilily. The unwinding of the discount is recognised in the Statement ol financia1 activities as a finance c05t. 2.10 Financial instruments The Gharity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments Basic financial instruments are initially recognised at transaction value and subsequently measured al their settlement value. 2.11 Pansions The Ch8rity operates a defined contribution pension scheme. and the pension charge represents the amoun15 payable by the Charity to the fund in respect ol the year. 2.12 Fund accounting General funds are unrestricted funds which are available for use at the disGrelion ol the Trustees in furtherance of the general obie¢tives ol the Charity and which have not been designated for other purposes. Restricted funds are funds which are to be used in accordance with specifio restrictions imposed by donors or which have been raised by the Charity lor particular purpose5. The costs ol raising and administering such funds are charged against the specific fund. The aim and use of ea¢h restricted fund is set out in the notes to the financial statèments. Page 13
Huguenot Heritage Centre IA company limited by guarantee) Notgs to the financial statom&nts For the year ended 31 March 2022 3. Income from donations and legacies Unrèstrlcted funds 2022 Total funds 2022 Total funds 2021 Donations Grants 2.740 29.888 2.740 29.888 8,601 141.552 32.268 150.153 32.628 150.153 150.153 Total 2021 4. Income from charitable activities Unrestrictad Funds 2022 Total funds 2022 Total Funds 2021 Income from museum operations Total 2021 26.909 26.880 26,909 26.880 26,880 S. Costs of raising funds Unrestricted Funds 2022 Totsl funds 2022 Total Funds 2021 Fundraising expenditure Tol312021 142 142 142 6. Analysis of èxpènditurè by aetivitiès Direct Costs 2022 Support Costs 2022 Total funds 2022 Total funds 2021 Charitable activitie$ Total 2021 82,213 157,047 2,894 2,640 79,319 159,887 159,687 Page 14
Huguenol Heritage Centre IA company limited by guarantee) Notas to tha financial statements For the year ended 31 March 2022 6. Analysis of expenditure by activities Icontinuedl Analysi5 of direct costs Unrestricted Funds 2022 Total Funds 2022 Total Funds 2021 Wages 8nd salarie5 National insurance Pension costs Other slaff-related costs Rent Insurance Other premises costs Maintenance and development of exhibitions Activitie5 3nd resources Website and IT Office expenses Publicity and promotion Consultancy 35.368 35,368 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 2.014 496 22,000 3,386 8,971 2,484 300 2,931 3,234 429 6DO 2,014 496 22,000 3,386 8,971 2.484 300 2,931 3,234 429 600 82,213 157.047 82.213 157.047 157,047 Total 2021 Analysis of support ¢05t5 Unre$tri¢tgd fund5 2022 Total funds 2022 Total funds 2021 Independent examiner's lee Accountancy lees 1,200 14,0941 1.200 14,0941 1,176 1.464 2,894 2.640 2,894 2,640 2,640 Total 2021 Page 15
Hugu*not Hèritagè Cèntr• IA company limited by guarantee) Notes to the financial statements For the year ended 31 March 2022 7. Staff costs 2022 2021 Wages and salaries Social security costs Otrei pen510n Costs 35,368 59.195 1,845 2.994 2,014 37,382 The average number of persons employed by the Company during the year was as follows.. 2022 No. 2021 No. No employee received remuneration amounting to more than £60,000 in either year. The total remuneration and benefits received by the key management personnel of the charity during the 2021-22 financial year am¢unts lo £35.10912021 £44,424). 8. Trustees, remuneration and expenses During the year, no Trustees received any remuneration or other benefi'ts12021 £Nill. During the year ended 31 March 2022. no Trustee expenses have been Incurred12021 £Nill. Heritag& ass8ts Assets recognised at cost Tanqueray sauce boat 2022 Total 2021 Carrying value at 31 March 2022 11,950 11.950 10. Debtors Total 2022 Total 2021 Other debtors Prepayments and accrued nOrne 2,897 423 2.721 3.320 Page 16
Huguenot Heritage Centre IA company limitèd by guarantee) Notès to thè financial stat•mènts For the year ended 31 March 2022 11. Creditors: Amounts falling due thin one year Totsl 2022 Total 2021 Other creditors Accruals and deferred Income 2,073 8,624 2.550 2,550 10.697 12. Statèmènt of funds Statement of funds - current ygar Balance at1 April 2021 Income Exp¢ndltura Transfers Balance at31 Mar¢h 2022 Unrestricted funds Designated fund - Heritage assets Designated fund - Staff Oesignaièd fund - Mothballin9 General fund5 Total unrestricted funds 11.950 12.805 10.000 76,408 111,163 11,950 112,8051 110,0001 22,805 59,537 59,537 -(79.319 79,431 91,381 Restrictèd funds Refugee projects 252 252 Total of funds 111,415 S9,537 79,319 91,633 Thè purpose of thè Rèfugee projects fund Is to advan¢e education of the public by promoting interest in, and knowledge of. Huguenot refugees and thèir èxperieneè of pèrsècution. This purpose is in accordance with the Museum s charitable objects. Page 17
Huguanot Heritage Cent IA company limited by guaranta•l Notes to the financial stat•mènt$ For the year ended 31 March 2022 13. Statement of funds Icontlnu&dl Statement of funds . prior year Balance at1 April 2020 Income Exp&ndlture Transfers Balance at31 March 2021 Unrèstricted 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 76.408 111 163 177.033 177 063 159,829 159.829 Rastrlctèd funds Refugee projects 252 2S2 Total of funds 94.211 177.033 159,829 111 415 14. Analysi¥ of net as$èts bètwaèn funds Analysis of net assets befvdeén funds - current year Unrostricted funds 2022 Restricted funds 2022 Total funds 2022 Heritage assets Current assets Creditors due wrthin tsne year 11,950 81,981 12,5501 11,950 82.233 12,5501 252 Total 91,381 252 91.633 Analysis Of net assets between funds- prior year Unrestricted funds 2021 Restricted funds 2021 Total funds 2021 Heritage assets Current assets Creditor5 due wthin one year 11,950 109,910 110,6971 11.950 110,162 110,6971 252 Total 111.163 111,415 Page 18
Huguanot Hèritage Centre IA company limited by guarantee) Notes to the financial statements For thè yèar èndod 31 March 2022 15. Pènsion commitments The Charity operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Charity In an independently administèred fund. The pension cost charge represents contribution5 payable by the Charity to the fund and arrounted to £2.01412021 £2,994). Contributions totalling £Nil12021 £5671 were payable lo the fund at the Balance Sheet date and are Included In creditors. 16. Relat*d party trart$a¢tions At the Balance sheet date, two of the Huguenot Museum's Trustees, namely P J Duval and L J Du Cane. were also Trustee Dire¢tors of the French Hospital. One ol the Huguenot Museum's Directors, namely Dr T V Murdoch. was a Non-trustee Dirèctor of thè French Hospital. During the year the Charity reiVed income of £22.00012021.. £22.0001 from The Frènch Hospital in respect ol lees due under a contract for the conservation and management of ils collections. During the year the Charity paid The French Hospital rent of £22.00012021". £22.0001 lor its 95 High Street premises. Al the Balance sheet date Ihere are no amounts owed. During the year. the charity received a donation of £5012021.. £Nill from Huguenots of Spitslfields. a charity ol which Mrs K J Michael is a trustee. The Trustees made aggregate donations to the Charity during the year amounting to £1.00012021" £1.0001. 17. Contingent liability On 19 March 2014 the Charity was narned as a grantee of the Heritage Lottery Fund's grant for the Huguenot Heritage Centre project. Under the Heritage Lottery Fund's then Standard Terrns ol Grant there exists a p0551bilily of a financial obligation by the Charity to the National Lottery Heritage Fund I'NLHF l in circumstances In which either the Charity chooses to relocate without NLHF permission, or in which it ceasès to operate. With the approval of the NLHF, the Charity has adopted a new operating model, dependent upon fewer salaried staff and with a greater contribution from volunteers. The Charrty. with an operations Manager In charge of 8 team of volunteers. ré-opéned to the public on 9 August 2022 Vthilst its income 15 not expected immediately to match its expenditure. with iudicioLJS application of its brought forward reserve51£91.633 as al Isl April 20221, with current financial support from the French Hospital, and with prudent financial management. the Charity now has a reasonable expectation of achieving a financially sustainable mode of operation. It Is Impracticable to quantify the extent of this possible fin3n¢ia1 obligation to NLHF. and thu5 no liability pertaining lo thi5 Matter is recognized In these financial statements. Page 19