Charity registration number 1159058 Company reglstration number 09069349 {England and Wales) GILBERT WHITE & THE OATES COLLECTIONS ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 GILBERT WHITE & THE OATES COLLECTIONS LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mrc Carter Mi P Cluelt Mr P Geddes Mr M Patteison Prof. P Rodhou88 Prof. K knz LVO DL FRSA Mr P De Quincey Ms E Mooicroft Mr P Curnow Ford Mis E Wallace Mr R Nabarro Mr D E Jones (Appointed 27 September 20221 Secretsry Mr5 J A Bowles Charlty number 1159058 Company number 09069349 Reglstered offl¢• Gilbert White's House High Street Sglborne Hampshire GU34 3JH Audltor Azets Audrt Servlces Ashcombe Court Woolsack Way Godalming Surrey GU7 1LQ GILBERT WHITE & THE OATES COLLECTIONS CONTENTS Page Trustses. report statement of trustees, responsibiltties 10 Independent auditors report ststemenl of financial activities 14-15 Balance sheet 16 statemènt of cash flows 17 Notes to the financial stat8tllents 18-32 GILBERT WHITE & THE OATES COLLECTIONS TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 MARCH 2023 The trustees present Ihelr report and finan¢ial statements lor thè year ended 31 March 2023. The financial stat8m&nts have been prepared in accordance with the accounting policias set out in note 1 to the financial slalementg and comply with the charitable cotnpany's Memorandutn and ArtIGles dated 3rd June 2014 as amended by special resolution on 8th Maich 2016, the Companies Act 2006 and 'Accounting and Reporting by Charities." Statement of Recommènded Practice applicable to charlties preparing their accoLJnts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20191" Objedives and activitles Our Wjsffon The principal objectives ol the Charity are to maintain a sustainable visitor attradion a library, museum and garden at Gilbert While's House in Selborne and an associated Field Studies Centr8. This includgs caring lor the co11eclions of artefacts, documents and specimens in accordance with agreed professional standards and eveloping educational, outreach and access poliaes. Accreditation status was achieved in 2008 and was last renewed in October 2018 for a period of live years. Explorers of the Natural Worl Our visitor attraction is a unique centre of international significanc8. Inspired by the writings, hwse and gardens ol the Revd. Gilbert White of Selborne. complemented by the Oates family collections of early Antarotic and African exploratlDn, Gilbert White & The Oate5 Collections promotes engagemgnt with and enjoyment of the natural world. Mission Our mission is.. Insplring journeys ol discovery in thè natural world to make better lives. Purposè In furtherance ol this mission, we have identified the following purpose.. To Creatè a stimulating environment where people Can discover and learn about the natural world., offering a wide range of 8divities lo appeal to all kinds ol visltors- from sgeing our exhibitions, garden and estate and inspirational museutll displays, and actéssing important original art8fact5 and books, to informative lectures. talks, and leaining activities aimed at students of all ages. We will inspire visitors to becotn8 explorers ol the natural 8nvironment to help them lead better lives. Wè achieve this and provide public benefit by.. Opening the house and garden to the PLtblic and providing an outstsnding visitor experience Caring ft)r the land, buildings and co11ectlons in accordBnce with pioper professional standards Providing educational courses for schools, colleges and the general public Delivering a programme of 8vents and activities Facilitating courses ft>r special interest groups Working with like-minded organisalions to emphasi5e the importance of the study of the natural world, both in terms of heritage and the present day The cost of 8ntry to the house and garden. and charges for education visits. events and aotivities are s&t at a level which compares well with other local museums. The trustees have paid due regard to guidance issued by the Charty Commission in dèciding what activities the charitable company should undertake. GILBERT WHITE & THE OATES COLLECTIONS TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Achievements and performane¢ Opèrational Review The year began well with strong visitor numbers and income during the Spring and Summer months. However, this changed in September when the impacts of the cost of living crisis and inflation, plus the declining catering offer Idue to recruitment issuesl16d to a poor close season, Income￿1$&. An ongoing p18Trning delay has led to a postponement of our plans lo open an adult leaming centre in the brmerly disused Qu8en5 Hotel. We were, however, able to develop and open the Jubil8e Tap Room under existing pLinning consent. We continued to strengthen the board and the staff team dLJring the year with the addition of eXperIen￿d Events and Wgddings Managers and more visitor attraction and oommercial experbse tsn the board. Museum A programme of temporary exhibitions ran in the museum, including.. From the Margins lJune-August 20221- work by graphic artist Rachel Hudson inspirèd by the conservation work of thè Selbome Landscape Partnership Drawn to Nature ISeptember-Decatnber 20221- Expk)ring artists through the ages who were inspired by Gilbert While including Nash prints from our own collection and loans from Pallant House Frank Oates & King Lobengula." Encounter at the Frontier of Empire lJanuary-M8rch 20231- an exhibition curatèd by Southampton University following their work exploring Frank Oates and de¢olonisation within our collections and education departments Vve a¢quired the Holt-whrte collection at auction. This included a $i￿er salver which bekjnged to Rebecca White Gilb8rt White's grandmother, and Rashleigh Holt-white's own copy of his book 'The Life and Letters of Gilbert White of Selborne,. The salvar is now Dn display in the museum and achièved national press ￿verage (Telegraph) following its purchase. Garden Our management of hedgerows for thè Brown Hairstreak butterfiy continues to be successful with in(y&asing numbers of eggs ¢ounted in our winter surveys and our knowlèdge of the site continues to incrèase through surveys lamphibians and reptilèsl and the commissioning of a new botsnical survey. Other davebpments include a programme of planting native plant specles mentioned by White in his FIoTa Selbornien5is, in the Naturalists. Garden, rèplacement of box h8dges suffering from box blight, in an extension ol the Herb Garden. and the relaying of most of the hedge betsveen the Great Mead and the Ewell Field. 2022123 saw a high level of tre& rnanagèmenl following the latèst, quinquennial tree survey. A nun*er of ash trees, suffering from ash dieback, have been removed. The Great Oak. planted by Gilbert While in 1730 was identified as dangerous in need of high PriOTty attention. A plan lo fell the tree was revised following a second opinion from an Brboricullurist. The tree has been sav8d by removing the top 30°/o of growlh and is being closgly monitored. In January 2023 we left the Higher Level Stewardship schem8. The man8gement prescriptitsn under this scheme for the grassland has not significanly improved the condition ol the flora as hoped. The topograpty means that we have not able to redu￿ soil nutrient lèvels and so management has had a limitèd &ffecl in the flora. We are preparing a new conservation management plan for our estsle and have now begun to implernent elements of it. GILBERT WHITE & THE OATES COLLECTIONS TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) {CONTINUED} FOR THE YEAR ENDED 31 MARCH 2023 Field Sludi8s Centre School visit nurnbers continuèd to grow in the yèar. as did the number ol over-18 learnars. To manage the growth in education visits we have recruited and trained three casual Education Assistants. The increase in capacity has enabled us to develop and deliver several fundtsd programme5, including.. Reaching Out we continue to use this Departrnent for Education programrne to support visits to our stte by schools from disadvantaged areas including Test Valley and Reading as well as delivèring Arts Award days and training for teachers. Making ConnectlDns- This Soulh-East Museums Development project has funded the develtspmènt of loan boxes, jointly with s¢hDols with whom w8 have not worked before and training teachers in their use. During the year, the National Tiusl imposed time and pupi1 nLsmber reslriolions on our use of thelr knd (Selborne Common and Church Meadowl and introduced an annual fee. This has caus&d us to increase our pupil charges for modules Ih8t us¢ National Trust land and lo focus our marketing and education development efforts on learning on our own estate. 12 months to 31st March 2023 4.812 296 339 12 months to 31st March 2D22 12 months to 31st March 2021 435 35 117 12 month5 to 31st March 2020 4,490 69 34 12 months to 31st March 2019 4,665 813" 837 Students under 18 Post 18 Out activitiès Outreach sessions 50 Total 5,497 5,167 'In¢ludes adults accompanying schoo1 gioup vislts 4,500 226 441 of school 120 4,713 480 6.795 587 Events andActiwties Historically, weddings and events were covered by the general staff until a new events and weddings team was recrurted in the run up to the beginning of June. This team is now properly established and performing well. Fo51owing a year ol mixed sales performance in 2021-22 the new wedding$ manager has sèt a new pricing policy and whilst weddings profit for the current year was disappointing due to histtsrical underprice. sales for 2023124 have been strong and at an improved margin. A programme of 35 &vents, activities and workshops attracted 4,322 visits, including 1,595 to the Unusual Plants Fair in June the busiest to date., 1,000 people attended on the first day - the museum's busiest day ever. Approximately 2SO people attended the lamily-oiiEntated NalLJre Day event in May, almost 500 attended an Abba tributè concert in August 2D22 and the December 2D22 Eco-Fair attracted over 400. A new events strategy was developed during the year with events targeted gt supporting our tlli5sion and generating income. Some new events were piloted. Ca18rNng Activity ift White's was d8pi6ssed throughout 2022123 due to staffing ch8llenges, in particular the failure to appoint a Chef. This limit8d menu ￿$￿Iled in lower than anticipated income_ Whilst the ¢atering offer was suffici8nt to satisfy demand from museum visitors 2nd people wsiting Selborne for other reasons, il did not attract higher spending customers seeking lunches and dinners out In the continued absence of a village shop, as a service to the local commuriity of Selborne, we continued lo sell a basic range of shop items and frozen ready meals IrDm one bay in White's and directly from the kitchen. In March we distributed a questionnaire in Selborne and used the results to ensure we foeussed on goods thal people wanted to buy locally. GILBERT WHITE & THE OATES COLLECTIONS TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 R&tail Museum retail sales continued the strong growth that began Èt the end of the previous yaar. New Ines have been introduced and the retail manager has SOUTced new ranges of branded merchandise - one 'Be More Gilberf aimed at aduts, and a children's Young Explorerf range. These will bé stocked from Summer 2023 Brewery The brewery attracted several new volunteers and the b￿WIng tèam worked hard Dn achieving consistency of taste and quality. In January 2023 we opened the Jubilee Tap Room in the newly refurbished fomier Queens Hotel OPP05ite the museum. We are greauy assistèd by our arrangernent with the landlord to operate on a tEppercorn rent. The landlord also coverÈd significant costs ot fitting out our Tap Roorn for which we thank t￿￿. The Tap Room represènts a new income stream which enables us to sell our beers on draught, significantty increasing the profit margin. The opèning of the Tapioom has en2bl8d us to attract a new audiènce of local and visiting real ale enthusiasts. It has provided us with an 8dditional lètting space and il has enabled us to begin lo professionalise the brewing team through the appointmènt of a fvll time Tap Room ManagerlBr8wer. As a ie5uII, by the 8nd of the financial year the brewery was opèrating at full ¢8pacity and is gxpected on an annualised basis to add several tgns of thousands of pounds to our tumover, providing 8 significant operating surplus. M8rkebng Our marketing team was slrengthoned by the appointment of a part time marketing assistant. This has enabled us to delw&r nature and environment related messaging at the sarne scalg of our conventional messaging and has rèsulted in a growth in users of our website and social media channels. We alsD joined the EctkAttractiDns Group which has opened joint tnarkeling opportunities with other membeTr including the Eden Project, Kew Gardens, the Living Rainforest, The Earth Trust and the National Botanical Garden of Wales. We have al80 developed strategic partnerships with the British Beeke8ping Association Ibecoming the first institutional member for 100 years). HolidayAcoommodafiDn Our three-room holiday apartment contiThu8s to provida income from vrsiling tourists and our wedding guèsts. GILBERT WHITE & THE OATES COLLECTIONS TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED FOR THE YEAR ENDED 31 MARCH 2023 FSnan¢ial review Eamed income Continued to grow in 2022123, with tnost income sources with the eXTrpI￿n tsf catering, for reasons described above - now back on their piem April to August, but began to fall In September, probably because of the impacts of the cost ol living crisis. This resulted in a poorAutumn, Winter and Spring. Against this, higher costs resulting from high price and wage inflation, plus the wedding cost Issues outlined above. led to an oper8ting loss for the year. 12 Mgnths to 31st March 2023 12 months to 31st March 2022 12 months to 315t March 2021 12 months to 31st March 2020 12 months to 31st March 2019 dmissions museum to the 124,274 102.952 47,735 106,434 88,712 Shop Takings Catering Takings Events Brew8ry lincl Tap room) OTAL Field Studies Ctrntre non￿rant inGome Total lakings and Garden 75,187 64,451 27,709 43,094 42,036 231,835 194.119 32,702 658,117 61,413 298,487 91,403 20,952 578,245 51,524 244.357 17,770 8,880 346,451 3,256 112.909 115,354 89.629 108,211 377,791 46,735 328.588 56,395 719,530 629,769 349.707 424,526 384,983 otal Visitoi Numbers Èxcluding Field Studies Centre labovel # Including Gift Aid Includes 4,322 visitors who attended an event or activity Includ8S takings ol GWOC (Trading) Ltd which are not recDgnisèd In these fin8n¢ial stslemen&. 20,953- 15,602 7,187 16,344 16,986 GILBERT WHITE & THE OATES COLLECTIONS TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Reserves Pollcy 11 is our policy lo endeavour to maintain Unrestrieted General Fund5 al a level which represents at least thrèè month5, operational èxpènditure. Taking into account the experience of reeènt years, expenditure, thi% amounts tts approximately £150.000-£200,000,. this level was maintained throughout the reporting period. In deciding on holding thr* months. Unrestricted General Fund Reserves, we have ￿gard to the costs that would be involved in closing the Museum and Field Studies Cèntre, should the financial position bècome untenable. Totsl reserves held are £2,019,674, of which £54,761 are restricted and £1,954,851 are designated as tangible assets and heritage assets, resulting in free rgserves lotalling £10.062. The board recognises that unrestricted funds have fallen below the reserves ptslicy as a result of weaker tiading and higher eosts over a sustained period. During 2023, the board look stèp$ to address this situation. and rebuild rèsgrves to the target policy level ov81 a period of 4 years by.. Short term measures Making three posts redundant in Novernber 2023 to ￿duce payroll by £6,000 per month Reducing SxpenditU￿ acrDSS the organisah.on Considerin9 the sale of a 5rnall parcel of land which is currenlty a liabilty lo the tnJst bul has value for neighbour Restructuring to creat8 8 fundraising manager post to increase our non-commèr¢ial income and create the capacity for devèlopment fundraising Estsblishing a membership seherne to replacè the disbanded Friends Charity, gwing us bètter contrd of the developments and use of this income Establishing strategic partnerships with 2 membershlp organisations (The Royal Horbcultural SoGiety and the British Beekeepers Association) which will increase visits and secondary spend from January 2024 Mediurnllong tem m&asures Preparing a nèw strategy and establishing two Sub-groups tl) drive it forwards Formulating a new development plan that will include.. A new education facility that will frèè the 16thc bam for more wèddings, functions, meetin9s and adutt leaming Nature themed children's play trail that will incrèase family visits A new collection5 store in the fomier Queens Hotel which will enable us to rèconfigure our reception, ¢realing more retail display sp8¢e Solar panels lo reduce en8rgy costs Preparing an application lo the NLHF for resilien¢& funding Ilncluding full cost recovery) to improve our marketing lo the environmentsl interest audi8nce, our use of volunt8prs and our non-commerci31 fundraising strategy We have secured a grdnl of £43.000 to buy aquipment to run the UKS first eco-lighl festival which will generate £20,000 profit in next and subsequent Decembèrs Investment Policy and Perfomiance The current investment policy is to hold all fvnds on bank depos￿ so as to be available to meet needs a$ they arisè. Risk ltsnagemÈrtt The trustees have assessed the major risks to which the charitable Compony is exposed. and artt satisfied that systems ar8 in place to mitigate exposure to the major risks. GILBERT WHITE & THE OATES COLLECTIONS TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 The Charity maintains 8 Risk Register. This is reviewèd raguLarly by the Tru5t88s at board meetings. Thè principal risks and uncertaintie5 facing thè trust are.. If the cost of living crisis continues to deprèss Income generation to covar running costs Failure to secure th8 support of external funding bodies for major projects Difficulty in appointing staff to key positions Loss ol organisational kntswledge through high staff turnover Loss ol museum accreditation through inadequate storage GOING CONCERN Following a disappointing financial performan¢9 in 2022-23, the trustegs have reviewed their strategy, management and developrnenl priorities foi the coming 12 months and 5-year cycle. A number ol current aclivili8s a￿ combining to strengthen our financial position, Including.. Strengthening retail sales by introducing branded merchandise ranges Forging strategic partnerships to raise awarenèss and increase vi51tor numbers Implementing a renewBd events strategy Introducing a membership scheme Rèviéwing White's menu. operating systems, staffing and purchasing Improvemenlg to sales and financial managèment of weddings Increasing winter income by developing a premium Christmas offer this year and a winter festival in 2024 Furthèr details of the charitys plans to rebuild reserves to the target policy level can bè found above in thè 'R8serves Policy, section. Plans for futLtre pariods Our plans for the lulure will b8 guided by a new 5-yeai strategy and action plan which will b8 dèveloped during the sumrner and autumn of 2023. Tris will be delivered through 4 pillars ol activity.. Telling our stories Education Generating Income Sustainability Our plans lo develop an adult learning centre Ihe disused Queens Hotel have been delayed by the continuing planning dispute. To ensure that this does not itnpact adversely on the health ol the organisation, tru5188s have adopted a new strategy Ithg mission, purpose and strategic pillar5 S8t OLkt above) and are preparing a new development pLan lo address our current challenges. We will renew our status as an accredittrd museum al our n8Xt renewal in 2024 and we will conlinLJe tr) develop axlstlng and new strat8gic partnerships, including-. More joint working with our colleague5 in the Eco-Attraction5 Group (marketing. training, Customer behawiour on climate chang?} Closer alignment with hertsge siles in East Hampshire Building on gur success in b8CQtning a Royal HortiGultural Society Partr)er Garden from January 2024. Work began to repl8c8 th8 discontinuing Friends of Gilbert White's House and Gardens with a new tnembership scheme. This will be launched in the Summer of 2023. In the Autumn of 2023, 8 re-structure will see our Senior Events Manager promoted to Fundraising Manager giving us greater Gapacity and control over non-commer¢ial fundraising, including: Grants to support our forthcoming capital devèlopm6nt programme Philanthropic giving Developing the mèmbership scheme GILBERT WHITE & THE OATES COLLECTIONS TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Structure, governancè and managemènt Constitution Gilbert White & The Oates Collections (the Charity or Museum) is registered as a Company limited by guarantee (No. 90693491,. il was sel up by a Memorandum and Articles datecl 3rd June 2014 as 3mended by special resolLrtion on 8th March 2016. Grlbert White & The Oates Collections is ako 8 registered Charity INO. 11590581. Gilbert While & The Oates ColleGtions is the sole trustee of The Oates Memorial Library and Museum and the Gilbert White Museum and thè sole member gf GWOC (Trading) Limited. The trustee5, who are also the directors for the purpose of company law, who s8rved during the year and up to the date of signature of the financial statements weTe'. Mr C Carter Mr P Cluett Mr P Geddes Ms H Lane Mr M Pattèrson Prof. P Rodhouse Prol. K Azvz LVO DL FRSA Mr P Dè QUin￿Y Mr G Seabright Ms E Moor¢roft Mr P Cumow Ford Mrs E Wallacè Mr R Nabarro Mr D E Jones (Resignéd 4 May 20231 (Resignèd 1 January 20231 (Appointed 27 September 20221 Recruitment and Training of Trustees The Charity has a policy to replace tru51ees which are recruited generally through existing Truste& and organisational professional contacts. New Trustees are invited to meet with current members of the Board to explore skill area5 and ar& then invited lo attend a meeting before making a firm decision. An initial induction is grven to new Trustees and frjrther training is given if required. None of the trustees has any ben&ffcial interest in the company. All of the trustèes are members of the ¢ompany and guarantee to contribute £10 in the event of a winding up. Organisational Strncture and Deciston-making The Trustses of Gilbert White & The Oates Collections (Trusleesl are responsib￿ for agr8eing the policies and strategic direction of the organisalion. Operabonal matters are delegated to the Museum Co-Directors undei the immediate oversight of the Board. An Acquisitions and Disposals Committee (two Trustees and staffj Dversees management of the museum collections,. a Queens Project Group Ilwo Trustees, staff and volunteers) rlleets to oversee thè Queens development project, and-, an Incomè Generation and Fundraising Group14 Tru5t8es and stsff) meets to guide developwenl and fundraising. From time to lime, task and finish sub-groups a￿ convened to deal with specific matters. One trustee joined (Oominic Edward Jonès 27th September 20221 and one trustee resigned Gordon Seabrighl13rd January 20231, so the total number of trustees remained at 13. Judith Ann Bowlès replaced Stephen A(W￿d Greèn as Company Se¢r8tary. One Trustee and a Musèum Co-Diractor make up the board of GWOC ITradingl Lirniled. The Trustees mel on srx occasions during tha year and th& average attendan￿ was 10 Trustees. GILBERT WHITE & THE OATES COLLECTIONS TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Audltor The auditors, Azets, were app)inled lo carry out the 2022123 flnancial year audit. They have indicaled their willingness lo conlinue in office. Statement of dlselosure to auditor Each of the trustees has CDnfirmed that there is nD information of which they are aware which is relevant to the audit, but ol which the auditor is unaware. They have further confirmed that they have taken appropriate slgps to id8ntrfy such ￿levant information and to establish that the auditor is awar9 of such information. Thanks The Tiuslees are grateful to èveryone who has supported our work durin9 the year, the staff, volurteers and Friends, whose commitment, enthusiasm and many skills have been indispensable. The Iruslees, report was approved by the Board ol Trustees. Prol. KALIZ LVO DL FRSA Trustee 20 December 2023 GILBERT WHITE & THE OATES COLLECTIONS STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2023 The trust8ès, who are also the directors of Gilbert White & The Oates Coll&ctions for the purpose of company law. are responsible for preparing the Trustèes. Report and the financial stat&tnents in a¢¢ordance with applicable law and United Kingdom Accounting Standards (United Kingdom G&nèrdlly Accepted Accounting practi￿). Comp8ny Law requires the trusteès to prepare financial statemènts for each financial yearwhich gwe a true and fair vi8w ol the stalè of affairs of thè ¢h8rilable company and of the incoming resources and application of resources. Including the ineorne and expendI￿re, of the ch¥rrfable company for that year. In preparing these finanaal statements, the trustees are required to.. select suitablo accounting policies and then apply them consistently., observe the methods and principles in the Charitie5 SORP-, moke jULlgernents and estimatès that are reasonable and prudent., state whether applicable UK Accounting Standards have been followed. subj8ct lo any material departures disdosed and explained in the financial stat8ments,' and P￿pare the financial statements on the going concem basrs unless it is inappropriate to prèsume that the charitable company will continue in operation. The tNstees are responsibJ8 for keeping adequate aeeounting records that disclose with r8asonable accuracy at any time the financial postlion of the eharitable company and enable them to ensure that the financial statements comply with the Cotnp8nies Act 2006. They are also responsible for safeguarding the assets of the charitsble company hence for tsking reasonable stèps for the prevention and detection of fraud and other irregularities. The trustees are responsible for the maintenance and intÈgThty of the Charity and financial infomation Included on the ch¥ritable compansrfs website. Legislation in the United Kingdom goveming the preparation and diss8minalion of financial statements may dlffor from legislation in otherjurisdictions. 10 GILBERT WHITE & THE OATES COLLECTIONS INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GILBERT WHITE & THE OATES COLLECTIONS Opinion We have audited the financial statements of Gilbert While & The Oates Collections Ilhe 'charitsble company'l for the year ended 31 M8rch 2023 which cotnprise the statement of financial activities, the balance sheet, the statement ol cash flows and notes to the financial statements, including significant aGGounting pOI￿leS. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting standards, including Financial Reporting Slandaid 102 The Financial Reporting Slandèrd applicable in the UK and Republic of Ireland (United Kingdom GenerallyAccepled Accounting Practice). In our opinion. the financial stst&menls'. give a true and fair view ol the slate of the charitable companys affairs as at 31 March 2023 and of its incorning r850urTrs and application tsf ￿sOurCes. including ils incom0 and expendilurg, for the year th8n ended., have been properly prepared in accordance with United ￿ngdoM Generalty Accepted Accounting Practi￿-, and have been prepared in accordance with the requirements of Ihfy Companies Act 2006. Basls for opinion We conduGled our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and appllcable law. Our responsibilities under Ihc>se standards are further described in thè Auditorfs r&spDnsibilities for the audil ol the financi81 statgments section ol our report. W8 are independent of the charitable company in accordancè with the ethical requirements Ihal are relevant to our aLJdil of the financial slalemenls in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accord8ncè with these requirements. We believe that the audit eviden￿ we have obtain8d is sufficient and appropriale to provide a basis for our opinion. Conelusions relating to golng concern In auditing the financial slalemenls. we have concluded that the Irusle¢s' use ol the going concern basis ol accountlng In the preparation ol the financial statements 15 appropriate. Based on the work we have performed. we h8vtr not ideTrtifigd any material uncertainties rel8ting to events or conditions that, individually or collectively, may cast Slgnilicanl doubt on the charitsbl8 CoMpan￿S ability to continue as a going concern for a period of al least twelve rnonlhs Irorn when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Iruslees with respect lo going con¢ern are described in the relevant sections of this report. other information Th8 other information eomprises the infomation included in the annual r9POrt other than the financial slatements and our audilorfs report thereon. The tiustees are responsible ftsr the other information contained within the annual report. Our opinion on the financial slalernents does not cover the olher information and. excepl to the ext8nt otherwise explicitly stated in our report. we do not express any fom of assurance conclusion thereon. Our responsibility is lo read the olhtrr information and, in doing so, consider whether the other infortllats.on is materially inconsistgnt with the financial statements or our knowledge obtained in the course ol the audit, or othepNi5e appears to be materlally misstated. If we identify such material inconsistencies or apparent material mi5Statemenls. we ar8 required lo deleirnine whelher this gives rise lo a matèiial misslalement in the financial statements themselves. If, based on the work WÈ have performed, we conclude that there is a malerial mlsstatement of this other infomation, we are required to report Ihal fact. Ve have nothing to report In this regard. 11 GILBERT WHITE & THE OATES COLLECTIONS INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF GILBERT WHITE & THE OATES COLLECTIONS Oplnlons on other matters prescrÉbed by the Companies Act 2006 In our opinion, b85ed on th8 work undertaken in the cr)ursè of our aud￿." the inft)rFHation given In the trustees, report for the fir)ancial year lor which the finanaal statements are prepared, which includes the directors, report prepared for the purposes of company law, is consistent the financial statements,. and the directors, report induded within the trustees, report has been prepared in a￿ordan￿ wth applicable legal requiremenls. Matters ctn whlch we are requlred to report by exceptio In the light of the knowledge and understanding of the charitable company and its eTr￿rOnMeDt obtained in the course of the audit, we have not identified material misstatèments in th8 directors, report included within the trustees, report. We have nothing lo report in respeci of the following matters in relation lo which th8 Companifrs Act 2006 requires us to report lo you rf, in our opinion.. adequatè accounting reGords havè not been kept, or returns adequate for our audit havè not been r&¢&ived from branohes not visited by us,. or the financial statements are not in agrèernent with the accounting records and returns., or certain disclosures of trustees. remuneration specified by law are not made-, or we have not rec8ived all the information and explanations we require for our audit., or the trustee5 were ntst enlilled to prepare the financial statements in accordance with the small cotnpanies regime and take Èdvantage ol the small companies. exemptions in preparing the trustees, report and from th8 requirement to preparè a strategic report. Responsibilities of trustees As explained more fully in the statement tsf tru5tees' responsibilities. the trustees, who are also the directors of the harItab￿ company for thè purpose of ¢tsmpany law. are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control a5 the trustees determine Is necessary to enable thè preparation of financial statements that are free from material misstat&mÈnt, whether du to fraud or error. In preparing the financial statements, the trustees ar8 responslble for assessing the charitable companls ability to continue as a going concern, disclDsing, as appliesble, mattÈrs related to going concem and using the going coneem basis of accounting unless the trustees either intend to liquidate the ¢haritable company or to cease operations, or have no realistic alt8mative but to do so. Auditorfs responsibllltlès for thè audTt of the fjnancial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a Who￿ are free from material misstatement, whether due to fraud or èrror. and to issue an auditorfs report that includ85 our Dpinion. Reasonable assurance is a high 18vel of assurance but is not 8 guarantee that an audit conducted in accordanL with ISAS IUKI will always detect a material misstslement when il exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could r8asonably be expected to infiuen the economic decisv)ns of users tsken on the basis gf these financial statements. A further description of our responsibilities is available on the Financial Reporting Council's webstte al.. https'.11 www.fr¢.org.uklaudilorsresponsibililies. This description forms part of our audilorfs report. Extent to which thè audit was considered capable of detÈeting irrègularities, includlng fraud The extent to which our prO￿dureS are capable of detecting irregularities, including fraud, is detsiled below. 12 GILBERT WHITE & THE OATES COLLECTIONS INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF GILBERT WHITE & THE OATES COLLECTIONS enquiring of m2nagement and thosé charged with govem8nc6 around actual and potential litigation and claims as well as actual, suspected and alleged fraud,. Reviewing minutes of meetings ol those ¢h2rged with governance., Assesing the extent of Compliance with th8 laws and regulations considered lo have a direct material effeet on the rinancial slatement5 or the op&rations of the company through enquiry and inspection.. Reviewing financial statement disclc>5ures and t8Sting to supports.ng documentstion tg assess compliance with applicablg18ws and regulations., Perfomiing audit work over the risk of management bias and override of controls, including lesling journal entries and other adjuslmenls lor appropriateness. evaluating the business rationale significant transactions outside the norm81 Goursè of business and reviewing accounting estirnates for indicators of potential bias. 8ecause ol the inherent limitations ol an audit, there is a risk that we will not detect a11 irregularities, including those leading lo a material misstatement in the financial statement5 or non-compliance with regulation. This risk increase5 the more that compliance wrtm a law or regulation is removed from the events and Iransactsons r8flected in the financial statements, as we will be less lik6ly to become aware of instances of norFcomplianGe. The risk 15 also greater regarding irregularities oc¢urrin9 due to fraud r8th¢r than error. as fraud involves intantional concoaltnent, forgery, colSusion, omission or misrgpresenlation. Usè of our report This rpport is made solely to the charitable company's members, as a body, iri accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken 50 that we might state to the Gharitable company's rnetnbers Ihose matters we ale required to state to them in an auditor's report and lor no other purpose. To the fullest exlenl permitted by law, we do not accept or assume responsibility to anyone Dther than the ¢haritable company and the oharitable company s tnetnbers as a body, for our audit work, for Ihis report, or for the opinions we have formed. Atsls Debra Saundèrs FCA (Senior Statutory Auditor) for and on behalf of Azets Audlt Services 21 DeceM￿r 2023 Chartered Accountants statutory Audltor Ashcombe Court WoolsBck Way Godalming Surrey GU71LQ 13. GILBERT WHITE & THE OATES COLLECTIONS STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2023 Current rinancial yèar Unrestrlctèd Restricted funds funds 2023 2023 Total Total 2023 2022 Notes tanden Donations and l&g8cies Charitsble actpvities Other tradrng activities Investments Other incomè ts from: 247,975 185,687 37,559 1,462 1,255 58.495 306,470 185,687 37,559 1,462 1,255 347,286 154,476 14,095 1,602 Tolal income 473,938 58,495 532.433 517,459 Raising funds 12,473 12,473 2,290 Charitable activibes 671,733 8,701 680,434 634,522 Total resources èxpended 684,206 8,701 692,907 636,812 Not movement In fund$ 1210,2681 49,794 1160,4741 1119,3531 Fund balan¢e8 al 1 April 2022 2.175,181 4.967 2,180,148 2,299,501 Fund balances at 31 March 2023 1,964,913 54,761 2,019,674 2,180,148 Th8 ststement of financial activititss includes all gains and10sses recognised in the year. All incomè and expenditure derive from continuing activities. The ststement of financial actNities also complies with thé requirements for an income and èxpenditure account under the Companies Act 2006. 14- GILBERT WHITE & THE OATES COLLECTIONS STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 IkqARCH 2023 Prior financial year Unrestrictsd Restricted funds funds 2022 2022 Total 2022 Notes ncome an Donations and legaues Charltable activities Other trading aetivltles Investtnents 269.912 154,476 14,095 1,602 77.374 347,286 154.476 14.095 1,602 Total incomg 440,085 77,374 517,459 8nd¥tur Raising funds 2,290 2,290 Charitablè Èctlvities 625,789 8,733 634,522 Total r•$ources expended 628,079 8,733 636,812 Gross transfèrs beh￿een funds Nel lexpenditurellincome for the yearl Net movement In funds 63,674 163.674} 1124,3201 4,967 1119,3531 Fund balanc8s at 1 April 2021 2,299,501 2,299,501 Fund balances at 31 March 2022 2,175,181 4,967 2,180,148 The statement ol financial activities includes all gains and losses reco9nised in the year. All income and expenditure deriv@ from continuing activitigs. The statement ol financial activities also complies with the requirements for an in¢omè and expenditure account under thè Companies Act 2006. 15- GILBERT WHITE & THE OATES COLLECTIONS BALANCE SHEET AS AT 31 MARCH 2023 2023 2022 Notes Fixed assets Tangible assets Heritage assets 14 15 1,945,930 8,921 2.005,456 8,921 1,954,851 2,014.377 Currènt assets Debtors Cash al bank and in hand 16 141,341 43,801 186,403 10,596 185,142 196,999 Creditors= amounts falling due wlthin one year 17 1103,8221 131,2281 Net Current assets 81,320 165,771 Total assets Jess current liabilities 2,036,171 2,180,148 Provisions for liabilities 116,4971 N•t assets 2.019,674 2,180,148 Income funds Restrictpd funds Unrestricted funds 20 54,761 1,964.913 4,967 2.175,181 2,019,674 2,180.148 The financial statements W￿￿ approved by the T staes on 20 December 2023 Mr P Cluett Trustpe Prof. K Aziz LVO DL Trust&e Company Registration No. 09069349 16- GILBERT WHITE & THE OATES COLLECTIONS STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2023 2023 2022 Notes Cash flows from operatlng a¢tivitie5 Cash generated Iromllabsorb8d by) operations 25 35,963 1133,6411 Investing a¢tivities Purchase of tangible fixed assets Proceèds from disposal of tangibl& ff￿ed ss8ts Purchase of heritage as5els Investment income receivèd 15,2701 176,9711 1,050 11,7291 1,602 1,462 Net cash used In Investlng activltles 12,7581 177,0981 Net cash used In financing aetivltles Net Increaselld•crèas8} In cash and eash equivalents 33,205 1210,7391 Cash and cash equwalenls al bgginning of year 10,596 221.335 Cash and cash equlvalents at end of year 43,801 10,596 17- GILBERT WHITE & THE OATES COLLECTIONS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Accounting pollciès Charlty information Gilbert White & The Oates Collections is a private company limited by guarantee incorporated in Engjand and Vvales. The règistered office is Gilbert White's House, High Street, Selborn&, Harnpshire, GU34 3JH. 1.1 Accountin9 Convention The financial statements havè been prapared in accorclan¢e with the charitable cotnpany's governing dooument, the Gompanies Act 2006 and "Accounting and Reporting by Charities.. Statement ol Recommendèd Practice applloable lo charitigs preparing their accounts in accordan￿ with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20191. The charitable company is a Public Benefit Entity as defined by FRS 102. The financial statements are prepared in sterting. which is the functional currency of the charitable Ixjrnpany. Monetsry amounts in these financial ststemenls are rounded to the nearest £. The finanual statements have been Prepared under the historical cost convention. The principal accounting policies adopted are set out below. 12 Going concèm At the time of approving the financial statements, the trustees have a reasonable expectation that the h8ritsble company has adequate resources to continue in operational existenGe for the forèseeable future. Thus the trustees continue lo adopt the going concern basis of accounb.ng in preparing the financial statements. Total r9serves held are £2,019,674, of which £54.761 are restricted and £1.954,851 are designated as tangible assets and heritsge assets, resulting in free res&rves totslling £10,062. The LK)ard recognses that unrestrictèd funds have fallen bèlow the reserves policy as a result of weaker trading and higher costs over a sustained period. Thè board has taken steps to address this situation and rebuild reserves lo the target policy level ov&r a period of 4 years. Further detaiLs of the short term measures and m&diumllong t&m Mea￿￿S can be found in the Trusteès Report under the Reserves Policy heading. 1.3 Charitable tsnds Unrestricted funds are available for use al the discretion of th8 trustees In furtherance of their charttable objectives. Reslricled funds are subject lo spedfic conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statemènts. 1.4 Income Income is r8cognised when the charitabje cornpany is legally entiued to rfi aftèr any p&rfornance conditions have been met, the amctrunts can be me8sured rÈli8bly. and it 15 probable that incoma will be receivèd. C8sh donations are recognised on receipt. Othèr donations are recognised once the charitsble eompany has been notified of the donation, unléss performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Ghfi Aid or deeds of covenant is recognised at thè lime ol the don8lion. Assets for distribution are reeognised only when distributed. Assets given for use by th8 charilabk company ar& recognised when receivable. Stocks of undistribuled donated goods are not valued for balance sh￿1 purposes. 18 GILBERT WHITE & THE OATES COLLECTIONS NOTES TO THE FINANCIAL STATEMENTS {CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2023 Accounting poll¢les IContinu*dl Grants ar8 16cognised when the charity has an entitlement lo the funds and any conditions linked to tha grants have been met. Where perforThanc6 conditions are attached to the grant 3nd arè yel to be rnet, the income is rg¢ognisad as a liability and included on the balance sheet as deferred in¢ome to be released. Government grants are recognised based on the awrual model and are measured al the fair value ol the asset r8ceived or recgivable. Grants are classified as relaling either to revenu& or to assets. Gran15 relatlng to revenue 8r8 recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected usèful life of the assèt. Whgrè part ol a grant relating to an asset is deferred, it is recognisBd 2s deferred income. Deferred income represents amounts received foi future periods and is released to incotning resources in th8 period for which, it has be8n ré¢eived. Such incom9 Is only deferred when.. The donor spe¢ifles that the grant or donation must onSy be usad in future acGounting periods., or - The donor has imposed condition5 which must k met before the charity has unctsndkional entitlemenL 1.5 Expenditure All expenditure is recognised once the￿ Is a legal or consltuctive obligation lo that expenditure, it is probable Settlèment is required 8nd the amount can be m6asured reliably. All costs are allocated lo the applicable expenditure heading that aggregate similar costs to that ¢at8gory. Where costs Cannot be directly attributed to particular headings they have been allocated on a basis consist¢nt with the use ol resour￿$, with Trntral staff costs allocated on Ihg basis of time spent, and depreciation Gharges allocated on the portion of the assets use. Other support COSts ale allocated based on the spread of staff cosis. These are costs incurred In attracting voluntary income, the nanagement of investments and those incurred in trading activities that raise funds. Charitable expendituie comprises Ihosp costs incurred by the charity in Ihe deSivery of its activities and services for its beneficiaries. It includes both costs that can be allocated dir8GUy lo such activ￿8S and those costs of an indirect r181ure necessary to support them. These include thtr costs 8llributable to the charity's compliance with conslilutional and slalutory requirements, including audit, slr8tegic management and trustees, meetings and reimbursed expenses. 1.6 Tanglble fixed as$¢ts Tangible fixed assets are initially measur8d at cost and subs&quently measurèd at cost or valuation, net of depreciation 8nd any impairment losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residu81 v8lu6s over their useful lives on the following bases.. Freehold buildings Plant and equipment Fixtures and fittings 2010 Straight line 20°h Straight line 20Yo Straight linè The gain or loss arising on the disposal of an assel is determined as the differen￿ belween the sale proeeeds and the carrying value of the asset, and Is recognised in the statement ol finaneial activities. 19 GILBERT WHITE & THE OATES COLLECTIONS NOTES TO THE FINANCIAL STATEMENTS (CQNTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Aecounting policies Icontlnuadl 1.7 HÈrrtage assets All Heritage assets acquired prior to 1st April 2016, Iwhich were purchased in the Oates Memorial Library and Gilbert While Museum prior to 1st January 20131, are excluded from the balance sheet on the basis that significant costs would be incurrèd in obtaining 8 valuation of the items acquired in previous periods as a collection, compared with the benefit that would be derived from including them. This cost would also have to be incurred following a subsequent addition lo the collection on th8 b85iS that e8¢h addition bècomes part of the Who￿ collection and cannot be seen as a standalone item. With effect frDm the 1st April 2016, Fbritage assets acquired are in¢luded in thè balanTr sh8et where the Gost or valuation ol the assets are readily available. 1.8 Impairment of fixed assets At each reptsrting end date, the charitable ¢ompany reviews the carrying amounts of its tangible assets to determine whether there 8ny indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estlmated in order to delemine the ext&nt of the impairment loss (il any). 1.9 Cash and cash equivalents Cash and cash equivalents indude Cash in hand, deposits hèld at call wtth banks, other short-term liquid investments with original mattjrities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in ¢urrenl liabiliti8S. 1.10 Financlal iftstruments The charitable company has elected to 8pply the provisions of Section 11 'Basic Financial Instrumènts, and Section 12 '01her Financial Instruments Issues, of FRS 102 to all of its )7nan¢ial instruments. Finand81 instruments are recogni5ed in the ¢haritsble company's balance sheet when the charitsble company bècones party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts prèsented in the financial statements, when therè is a legally &nforceable right to set off the recognisèd amounts and therè is an intention lo settle on a net basis or lo realise the asset and sewe tha liability simultaneousty. Basic linancial ass•ts Basic financial a55ets, which includè debtors and cash and bank balan￿s, are initially measured 8t transaction price including transaction costs and are subs8quenlly carrièd al amorttsed cost using the effectiv interest method unlèss the arrangement constitutes a financing transaction, where the transaction is measured at the prèsent value of the futurè reTripts discounted at 8 market rate of interesL Financial assets cfassrfied as receivable within one year arè not amortised. BasiTe financialliabilities Basic financial liabilities, including credtttsrs and bank loans are initially rectyJnised at transaction pri￿ unless the arrangernent constitutes a financing transaction, where the debt instrument is mèasured at the present valuè of the future payments discounted at a markat rale of intèrest. Finan¢i81 liabilities classified as payable within one yèar are not amortised. Debt instrumènts are stsbsequendy carried at amortised ctsst, using thè effectNe interest rate method. Trade creditors ale obligations to pay for goods or services that have been aCqUi￿d in the ordinary course of operations from suppliers. Amounts payable are Classified as current liabilities if payrnent is due within one year or less. If not, they are presentèd as non-ourrent Ilabilities. Trade creditors are recognised initially at transaction pri¢e and subsequenlly measured at amortised oosl using the effective interest method. -20- GILBERT WHITE & THE OATES COLLECTIONS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 A¢¢tsuntlng pollcles Icontlnuedl Derewgnition of financial liabilities Financial liabilities are derecognised when the charitablè mmpany 5 contraetual Dbligalions &xpire or are discharged or cancelled. 1.11 Taxation The charity is conside￿d to pass the lests set out in Paragraph 1 Schedule 6 of the Finance Ael 2010 and therefore il meets the definilion of 8 charitable company lor UK corporation lax purposes. Accordingly, the Charity is potentially oxempt from taxation in respect ol income or capital gains ro¢eived within categories covered by Chapter 3 Part 11 01 the CorpDr8tion Tax Act 2010 or Saetion 256 of the Taxation of Chargeable Gains Aet 1992, to the extent that such income or gains are applied exclusively to charitablè purposes. 1.12 Provlslons Provisions are recognised when the charitable Company has a legal or constructive present obligatlon as a result ol a past event, it is probable that the chaiitablè compariy will bg required to settle that obligation and reliable gstimate can be rnad9 of the amount of Ihg obligation. The amount iecognised as a prov15ion is the best e5timata ol the consideration required to settle the present obligation at the rèporting end date, taking into account the risks and uncert8inlies surrounding the obligation. Where the effect of the time value of money is maleri81, the amount expected lo be required to seltle the obligation is recognised at present value. When 8 piovision is me8surèd at present value, the unwinding ol the discount is recognised as a finance GOSt in net incomellexpenditure} in the period in which it arises. 1.13 Employee benefits The cost DI any unused holiday enlillement is recognised in the period in which the employee's services are receiv$d. Temiination benefits arg recognised irnrllpdiately as an expense when the charitabl& Company is demonstrably GDmmitted lo t8rtninate the employment of an employeè or to provide termination benplits. 1.14 Retirement bènefits Payments to defined contribution retirement benefit schemes are charged as an expense a5 they fall due. 1.15 Creditors and provisions Creditors and provisions are recognised where the ch8rity has a presènt obligation resulting from a past event that will probably result in the Iranslèr of funds to a third party and Ihg amount due to Settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recogni5ed at their settlemnt atnount after allowing lor any trade discounts due. ritical accounting estimates and judgements In the application of the ¢haritable company's accounting policies, the trustees are required to mak judgements, estimates and assurnptions about the carrying amount ol assets and liabililitrs that are not rgadily apparent from other sources. The estitnates and associated assumptions are based on historical experi8nce and other factors that ale considered to be relbvanl. Actual resutts may difter from these es1itnaloS. The estimates and underlyin9 assumptions are reviewed on an ongoing basis. R&visions to accounting eslimales are recognised in the period in which the estimate is revised where the revision affecis {￿lY that period, cir in the period ol the revision and fvture pgriods where the rtrwision affects both current and future periods. 21 ODJ ¢0 (F) Ln I r co 00 p) (v) cg p) (n o Orir LLLrywn costs 398,597 20,133 5,818 370,853 18,46S 5.695 424,548 395,013 There were no employees whose annual remuneration vas more than £60,000. 13 Taxation Thfr charity is exèmpt from tax on income and gains falling within sèction 505 01 the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objÈ¢ts. -26- GILBERT WHITE & THE OATES COLLECTIONS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 14 Tanglble flxed assèts Fre¢hold t+uildlngs Plani and Flxture5 and oqulpment littlng5 Total Cost At 1 April 2022 Additions Disposals 2,081,749 37,516 3,451 167.748 1,819 11,8031 2,287,013 5.270 11,8031 At 31 March 2023 2,081.749 40,967 167.764 2,290,480 Depreeiatlon and impairment At l April 2022 Depreciation charged in tho year Elitniriated in respect Df disposals 151,833 41,678 25,302 5,745 104,422 17,373 11,8031 281,557 64,796 11,8031 Al 31 March 2023 193,511 31,04T 119.992 344,550 Carrylng amount At 31 March 2023 1,888.238 9,920 47,772 1.945,930 Al 31 March 2022 1,929,916 12.214 63,326 2,005,456 15 Heritage assets Artetscts At 1 April 2022 and at 31 March 2023 8,921 16 Debtors 2023 2022 Amounts falling dug wÉthln one year: Trade dpbtois Other debtors Prepayments and accrued incorne 18,382 122,366 593 8,011 178,392 141,341 186,403 -27- GILBERT WHITE & THE OATES COLLECTIONS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 17 Credttors= amounts Palling due within one year 2023 2022 Other taxation and soclal security Trade credrtors Other credTtors Accruats and deferred income 10,481 22,602 45,436 25,303 5,083 3,038 4S8 22,649 103,822 31,228 Provisions for liabilities 2023 2022 16,497 Movements on provisions.. Addrts'onal provisions in the ye8r 16,497 19 Retirement benefit schemès Deflned ¢orrtribution Schemes The charitable company operates a defined contrfbution pensfon scheme for all qUaIrf￿n9 employees. The assets of the scheme are held separatsly from those of the charitable company in an independently administer2d fttnd. The Charity contribut&s up to 3% of the employee's salary to the scheme, with thè &rnployee ¢onlributing at least 5¢1D. The charge to profit or loss in respect of defined contribution schernes was £5,81812022- £5,695). At the end ofthe year the Charity had outstanding contributions of £ 012022- £01. -28- GILBERT WHITE & THE OATES COLLECTIONS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 20 Restrlcted funds The incorne funds ol the charity include restricted funds ctsmprising the follDwing unexpended balan￿8 of donations and grants held on trust for specific purposes.. Movement In lunds Ineomlng Resources TP50urce5 expended Movgment Sn funds Incomlng Re8ourc05 Balance at sources expended 31 March 2023 Transler5 Balance at 1 April 2022 Coffee Machine Fund Reaching Out Grant AIM Biffa Award.. History Makers Gallery Renovation deLaszlo Live Llnk Hampshire County Counci1 3,625 13,6251 13.700 18,7331 4,967 10,000 18,7011 6.266 60,049 160,0491 895 895 39.000 39,000 7,000 7,000 1.600 1,600 77,374 18,7331 163.6741 4,967 59,495 18,7011 54,761 The Charity often r8C8ives donation5 and giants of a restricted nature, usually rèlatin9 to the development of the buildings and property. These are de&mèd to be restricted until expenditure in rslation lo the spècific purpos6 lakes pla￿. Transfers from restricted funds are mÈd6 when funds recèived for reslrict8d purposes are dèemed unrestricted. ke The AIM Biffa Award History Makers Scheme gives grants to museums. gallerles and cultural facilities so that they can tell the storie5 of some of our lesser known historical figures. Tho scheme supports projects that use the lrfe 8GhiÈvements of extr80rdinary historical figures to inspire and educate visitors. -29- GILBERT WHITE & THE OATES COLLECTIONS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 21 Anaty5is of ngt a55ets behveèn funds Unrestricted Restricted funds funds 2023 2023 Total Unrestricted RestrScted fLrnds funds 2022 2022 Totsl 2023 2022 Fund balances al 31 March 2023 are represènted by.. T8ngible assets Heritage assets Current assetsllliabilitiesl Provisions 1,945,930 8,921 26,559 116.4971 1,945.930 2,005,456 8,927 8,921 81,320 160,804 116,4971 2,005,456 8,921 165,771 54,761 4.967 1,964,913 54,761 2,019.674 2,175,181 4,967 2.180,148 Operating lease Commitments At the repoTling end datè the charitable company had outstanding commitrnents for future minimum lease payments under non-cancell8ble operating leases, which fall due as follows.. 2023 2022 Wjthin one year Between 8nd fNe years 1,145 3,714 866 3,462 4,859 4,328 23 Capital comrnitments The charity has contracted for work règarding redesigning of the Gilbert White displays of thè following rnounts.. The total amount contracted for but not provid8d in the financial statements was £Nil12022- £53,745). 30- GILBERT WHITE & THE OATES COLLECTIONS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 24 RÈlated party transactions Remunèration of key management personnel The remuneration of k8y management personnel is as follows. 2023 2022 Aggregate compensation 43,259 42,339 During the year the charity madè the following rèlated party transactions.. Trustees During the year the chaiity received donztions from the Trustees of £27012022 £3751. Ai the balance sheet date the amount due lolfrom Trnstees was £nil12022- £nill. GWOC ITr3dingl Ltd (Related by common control.) During the year the company recharged costs totalling £48,924 12022- £44.1121 to GWOC (Trading) Ltd, and GWOC (Trading) Ltd. made a donation of £211,42012022 £215,960) lo the eompany. Al the balance sheet date the amount due to GWOC ITrÈdingl Ltd. was £44,80812022 - £56,163 due from GWOC ITradingl Ltd). Oates Mernorial Llbrary and The Gllbert Whlte Musèum IA charity related by common rontrol.) Durir)g the year thè Oates Mernorial Library and The Gilbert Whfte Mustsum made a donation lo the company of £nil12022 £nill. At the balance sheet date the amount dug from the Oates M8tllorial Library and The Gilbert White Museurll was £96,31412022- £96,574). Bowles Green Ltd (Co-directors are also directors of this company.) During the year the Charity purchased seNic&s from Bowles Gre¥n Ltd for £2,750 12022 £Nill. At the balance sheet date the amount due tullrom Bowles Green Ltd was £nil12022- £nill. 31 GILBERT WHITE & THE OATES COLLECTIONS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 25 Cash yenerated from operatlons 2023 2022 Deficrt fc)r the year 1160.4741 1119.3531 Adjustments for.. Investment income recognised in statement of finanaal activth.es Gain on disposal of tangible fixéd assets Depreciation and impairment of tangible fixed assets 11,4621 11,0501 64,796 11,6021 72.170 Movements in working capital.. DecreasèllrnGreasel in debtors Increaselldecrease} in creditors Increaselldecreaso) in provisions 45,062 72,594 16,497 140,6471 144.2091 Cash g•nerated fromllabsorb*d by) operations 35,963 1133,6411 26 Analy515 of changes in net funds The charitable company had rio debt during the year. .32-