REGISTERED CHARITY NUMBBi'. 119744¥ Roport th• fnrnt8w •nd Flnan¢lal 8tat•m•nl• for th• Y•ar Ended 31•t D•c•mbw 2024 Worc•8tsff•hlr• Hwltall•• Art and Mu••um8 Tho sa Parfnership Thomeloe Ho 25 Barboum8 R¢Jad Worcéstsr WoTce5teT5hire WR1 IRU
Worcester¥hSr• HerJtag•. Art and lkneur Cont•nt• of tho Flnn¢lal Stat•rn•nts lor th• Y•r Exd•d 31st Dèeomb•r 2024 Paq• R•port th• TNst 2 to 4 Ind•pond•nt Examth•f8 R•port ststwngnt of FInClaI Adlvlllo• Bal•nc• Sho•t C&•h Ht)w St&tsm•nt Not4• tr• thè Cash Flow St#i•n•nt Not•4 to th• Flnanclal Staterne 10 to 15 16
Worc•stornhtr¢ HgrflagD Art afMI IAu••um• R•f•r•nG¢ and Admlnl8tytiv• Dbtslls Igr tho Y•ar Ended 318t Decernbgr 2024 TRUSTEES C J Nalsblti (Chair) V J Osbome F F Dorr81 l R Rutherford John60n Iroslgned 22.10.241 T O D¥nEI lappointsd 2110.241 PRINCIPAL ADDRESS worrtsr Cty Musoum & M G811 Wcfc4$ter WoTcester5hwe WR1 1DT REGISTERED CHARrrY NuER 1197448 INDEPENIMT EXAIANER The Ritards S•bYy Pattrh1p Tts)meloo House 25 Bathum8 Ro WcrfLSt&r WR11RU Th8 Collcfef8tibp Bank 11&120 Colmore Rv BKmirfjham B3 3BA MUSEUPA MAMAGER Pn9 INVESTMENT IAANAGERS Fl8gston• 1st Floor, Clawlo H(xo Lond SW1Y 4EL Page 1
Wx¢•stsrnhlr• H•rflag•. Art and Muwim• R•port ofth• Trust••s fortho Ygar Endod 31st D•ewnbor 2024 Tha trustees present their report wth the fin8nrial staf¢m8 of the charity for the year ended 31st D8eember 2024. The tru8tse5 have adopted the promsions of Accountrng and Rèporting by CharitseB.' Staternent Df Recommended Practice applicable to charitses prepar Iheir acc4)unts in aecordance vthh the Financ4al Reportiry Stsndard gpplicaNg In the UK and Republic of Iland IFRS 1021 {•ffedi% l January2019). OBJECTIVES AND ACTivrriES Ob1ecUV and alms The objeth'ves of Iha CIO are the wcffiotion of the apkY8rAth'on Ènd joyM9nl of art, cukure, heritage and BcKgn( public by anwuraging Ihe putle to particyte 8fk1 ertga90 Wtth museums and related services operatsd by Jseum$ WorcÈstèrnhlra. 81gnlflcant ictlvltl•# The trustèas ar0 tasked to erwjrage and prrynotè pAitidp8tion in the wrjrk of MuBeurn¥ Worcagtershlre's musèums through support, publicty, aokncacy and drwlons for the Pl1rp of PLrthasiThJ works of art and artof8cis that devdop eallacuong Ènd lurth6n.ro lh& and acb¥tso5 ofthg muwms. Publlt bènafft Thg tru8tsgs confimi that they haNp Cr4d with th¢ duty In geellon 171511rf th& chare¥ Ac 2011 tp hAv8 du• regard to guldancs published by the Charity Commissicffj on wtllc benofft mimng the th1ty8 alm$ and oblS and in plannlng hrturg 8dvltS8s. ACHIEENTs AND PERFORMANCE Charttable o¢tlvlU 2024 was WorcesteTrluTe Hgritagg, Art & Mu#tums third ye8r of Ivatic. 9)nOnug to SUkVJrt an(J advocate for thè work across thè museums the Chaiity sw)F)rtS. In 2023. Trustees adtrptèd four strategtc ajms and obl$ fortsw Chty. 1. developing the art co118¢ti0n, 2. supportin9 the Mder collgctivn¥. 3. Incluslon, education and SUWBion planning. 4. heslth and mental wdlboiro. Dewloplng tho Art Colle¢tk In 2023, tho charity r8C8i¥8¢J 8 majL¥ bequest frL¥n ow fThmder. Profèssor Roff Olw A stralagy to use this qu95t to purchase significant for Warrstèr Citls musoum ci4knts.on had been agrged wilh Ro. Trustee$ Kre able to continue thatwork in 2024, pur¢h881ng thè fdloiNJ Drks WorcesterfB collecty"on.' - Dawd Hocknèy'mywindow. iPad drawng'No. 610.. 23Td DeCemr 2010. 2019, - Ellzabtrth FDrbès'Portrait of Stsnhope Folbes atthe Ea$d drin Th88e rACttve8 wll be incl(hd (n th& new Shirt8y aThJ Rclf Oknn 1Y ofts Citys 8rt co1c1k)n, sChUled to op$n In 2026. The Iwo palntiws by Dame L#wa Kmioht wuir•d kn 2022 ith the support of the Charty Èxhlblt•J In th8 Spring 2024 Exhi"th"On 'Dame Laura Knight. I Paint T¢KI8I, vuch attractèd 7:() Sitors. 79% of viBilor¥ m from outsld8 W¢rts8tor, th•r lts briThJhvJ secondary spend and eoxomk Impad Into th8 city. Supportlno th• wld•r ¢ollecllon• Phllanthroplst Martin Cwk, who is originlly trom WLvc8stgr but ncN4 in the US. rnade a signfficant donation via th ArnaricAn Friends olthe Art Fund. This iwSred by Professcf Rolf Olsen's founding donation, bmlh Marun San9 'l' keèn te play a part in Worcasterts uJKural debelopment and Profesw Olsen's ambiti'ons stnJc a thord wlh mg. My sh is to 8UPPOrt tha d8V81opment of the Art Gallery WKI Mus9um. LbebratÈ the rich heritage ol th? ity 1 grsw up in And build on Professor Olsen's legacy." A slratsgy has boon agreed to this donation tD crBate a gdkny to d[laY WDre8star Cty Museum's national important glov& (X)lltIOn and showcase w¥¥ roia In the iniomattonal glovin9 trade. This proied lch will xlso indud& int8mships Thill nuthre rrvatib trIl In the dty and help young pecple enterfng the museum protsysion, 11 startwork in 2025. In DèeÈmt4r 2024, th• Trusleas laKhed a fu1raIsIng 1P4Jn to sabB an IMp)t Rornan o)In ho8fd In Wor(Èt&rshlre. This hoard, known aB thg Worrg¥tgrslur& CorqLbest 14oard. was by chant* in Léigh and Bransford in 2023, and conslsts of ce Iron Age gdd ststsr and 1.137 R(xn8ll ¥thr denaril burfed in AD 55. It is largèst $llv8r hoard of the reign of Nero IAD 54481 ever found irt R¢xn#n Britain. and 19 one of th& Largest Neronian sifvgr )818 recorded from th? enti Rtyn Empire.
W•r¢•st•Y¥hlrn H•rlt•g•. Artnd Mus•um• Roport of thè TN•t• forth• Y•ar End 313t tYg¢ernbgr 2024 It Is a discovery of national imFXKt3n (( a unique glimp58 of mlitary acfjmty and mI)VnentS In tho first deS ofthe Rnan Conquest- the dis¢yJvery ofthts hD8rf puts rurJ Worcst8rshir6 onto the miliiary frontier. Tho fvndr0in9 ¢wnp8ign aims lo frjnd at least 5% of the lotat acquisition costs. and the launch of the CrolIfvDdln9 campaSgn reached rnany d1, k>Jlh ¥ndl large. local and intwnatKJnal. The camp8p3n ¢ontinL>ad Into 2025 vAth an eXhIb.0n atwCestsr City Art Glbry. Inclu8lon, Educatlon and Succ•sak•n Plannlng Carrièd for%vard frem 2023, th• Charity frJnd8d the purchase ol Iwo audio guKlè pL4yers. dong wth tsctile stickers to rnake the controls easlèrto ftnd by touch. and thsFble eartJud4 forwisitorn lo Art Gallery exhiimuons. Th8 Charity undeThm)tp and rhampioned a Pay it For8rd 1icet sttme to supF)rt styd$nts to vwt th8 D•m8 Laura Knight I Painl Today exthibthon at the Art Gallery. StJents [The frorn Aston, Coventry, Bristol, Bath. Bim)ingham, Wafwck, DLwdè• and Keele universities. as wdl as Several Irtyn W¢r un1var atNI from Pershore and Chas¥ sixth lo$, and H8rgford Art College. Remainiro fiJnd5 from th¢ Pay11 FoN¥arf tkknt schem• [8 tTrn to supp¢xt stsjdent mgmbgrshlps for Worcester Art Gallery & Museum. lmwtsvams whl¢h Rolf had ad)Cated to Wwster Cty irnprowng Ihe tolSets and th8 Ifft at Wortestar Cty Art Gallery Its rJEatè a better SItOr experience-Ere undertaken by tho Council in 2024. H•¥lth #nd M•ntsl Wdlbolng The ctta appli8d tcs Worcestershire County Cwnryl put4ic ha8lth grant for the Make Tim& prclect at WOrsteh1rO County Museum, supporbng IcrAI peop at risk of 10ndir and 3ou81 isolation. The project evofvgd during 2024, to focus on SUFpong f8mllles SEND children in 2025. The charty was to cism ald on many of tho don81icns it rece, inrn8ir8 thp wnp8ci of w)pi8'9 geTherou5 gmng. The Trustees continup to Tewiew its prudant of fts 8vallabl8 n¢]& Th¢ Trustaas hav8 $tr8ngth8nod the Board of Tnntees, haiiNJ audited the th8rtLYs gObEMan. Frnal ond irWornal advocaw for museums co)nlnu6s. ith Tte88.T9$el ts Chwity to. ms.M members, sta(eholder¥ and VIP8 at ?nts. FINANCIAL REVIEW The charity'5 unrestricted iT1j wourc05 £14.005 (2023.. £4.%71 and the unrestsithl was £1,529 12023.. £1,100). giving a net surplus of £12.476121Y23.' £3,2671- The charitys re8trictgd incomirrfJ rasourL8 vAro £320.10812023." £2,127) aThl the restr911 &XFwllbJr8 was £31750 12023.. £5.7061, gmng a net iurplus of £287,35812023.' £244,4211 Total unr•stn'cted fijnds at 31 Decembgr 2024 pre £15.9831202&' £3.5071. of vthith £9,WN 12023.. £2,9151 rolated lo 4cuued income not y•t rec•ived. ang free reserve¥ of £6,07912023.. £5b21. T¢)tal re51rtcled fvndg were £533,399 12023.. £246,041), giviwJ total lunds of £S49,382(223.' £249.548). Rgty•ry•8 Pollty In Ilne wlth Charty Commission guidanc, Wor<¥stornhir¢ Hwrtagg Arts & Museums reseNes policy sets out hvw mu¢h tha eknaity needs to hold in resoThE and hcw and when the thar]Vs ieserves w be spent how often thtr 881•$ pollcy 441 bè r8Mth4d The charity does not emrAoy 6tsff OT man•2& ingS aThJ thus M doos not to re80rve funds for rèslfuciuring or maintanan¢• In rag8rve. 11 does llot yat have any othgr planngd ¢0Mmonts that cannot met by fiJhwe incomè alon$ (for example a proFect for whlch the charity has cornmittsd ID pmwda matd)ed fuThJing} and IhLL8 dces not neèd to rèsèN& funds for this PU)(>S$. Tho ¢h¥rity $hwld ka¢p in rèserve funds for Ihe cost of dis5dubon shAd ts tharrty bè unable to continue. This 18 only to be used in the event oflh• Trwtèè$' d•eKfiffJ th8 d)8rtty th)ukl $• to exisL Th15 will ide tho Cost ol final year gccountlng and any pallents wtstsndiwj IL tha op8b of th8 donation ststiC. Thé charfty hold a minknum of £8(Kl and a mayimun of £1.5W In rew¥* for tt)Is purF4)se. This reSve èxdudas Income reCvable INt not yet recaved. as the ch8Jity cannotwnd Ihe Income until it i¥ r8c8ntsd.
Worcot•rnhtr• Hortlag•. Artand Museurn Rgport of thè Truste•s forth?Yar Endvd 31$t D•¢•mb6r 2D24 Atthe yaar end the chartty had unTe8tii(#ed Fe58ThE5 of £15.983 {2¢Y23'. £3,507). of whith £9,90412023'. £2,915) Tdaled to aecruad incomè not y8t received, leawn9 Iree Teswv8s of £6,079 12023". £5921. Although thii is abtsvè the stated Tg8erv88 policy, thls Is SIdered to b8 due onty to a timirg drff¢rgn¢p bpiwn the cc4bci.on ol in9 and paymants ol grants to rknrity. The charity wll hokl th$ Rdf Ob¢n Iwuèst And thè Marbn Coc donation until they SFent as s8t out in fvM1 strategles, reccgniSiTWJ that ts Roif 018èn baqL&•St can b8 SFent on diBthub'on ts if those are r8quiTgd, This poliGy vall bs on annu81 basls to ensuTe Ihat I LYE the need for a reBeNo h8$ not changed. FUTURE PIANS ThÈ rharity has no signlfieant Flans to cange it OFwat05 goirwJ forward. STRUCTURE, GOVERNANCE AND MANAGEMEI Govarnlng document Th6 charity 18 ccth45gJ by its gthemlng do¢umrt a c0nsbbj1iL. and constilth ? thwitgble IncorpoTatsd Crf98nisÉlion. Ro¢rulkn•nt and •ppolntment of new tslee* art from th¢ first charity trustsas, avery trusto6 must aFVCffitgd for a tsm ol thre8 s, by a resolution pJ¥$od at a property convened m901ing ofth& charity trustses. A skllls anatysis ol the trusteeB was ertth¢n and a rBcnJNment plan adopted to bring eAlditionaJ sklllJ to th• trustses. Inductlon and tralnlng ol n•w trusts The charity truste9$ wll rnake to each n8w(knity tr. on w bgftyg his or 4wintrnent eopy of the current Nwsion of the eonstitubon". - a copy ol the C108 lats8t Trustaos, Annu81 Report and a statemént ofaccount8: and - a ¢opy ol the charitys pIcS tstratsgi¢ pl#n. mostr8cent m8bng mirxrte8. Conn•¢tèd Entitleg The CIO support¥ the wotk of eUmS Worcestsrshire and iryb tts snnvol FknnYwJ. MuseLmS WoTcesternhlrg 1$
jcinl mu8¢wns soN¢è ftjr WCeSter Cty Couwl and Worrmiwshiro Cwnty CJJnc41.
Approwj by order ofthe boarf oftrust8è8 on 21st 0¢*Ober225 and signed on behalf by. C J N8isbti- Trustee P8994
Ind•pgnd•nt Examln•rf$ R•portto thg Tw•1 of Wor¢•8t•rshir• Horltaq•. Art and Muyeurn Indop•ndènt •x4rnlng¢• roport to tntht••• olWore•st•rnhtr• H•rtlag•, Art and Mu•gum I report lo the th8rity Irusl?p5 gn my examinatw)n of Ihe a(a))unts of Worwtorshirg FntagO, Art and M8UMB Ilh? Trust) for the year ended 31st D¢etynbr 2Q Responslbllltles and ba81¥ of rnport A8 thg rhanty trustees of the Trust you are r85pon3itrAg for M>ar8t1 ol th8 acc4>unis in a¢xordance htrith tr quirnts ofth• Chwib"8s Act 2011 Adl. I r4)ort in respect of my exarnination of thè Trusfs 8ectsJnts carri out under Section 145 ofthg and in carrying c4Jl my •xamln8t'on I have follo%d all applicable DIorts giw by the Charlty Commvssion under Sgrtion 14515llbl ol thÈ ACL Ind•p•ndgnt •xamlMr statsment Sinco your charitys gro88 incorne exce&lèd £250,(K#J your must bo a mwnlT of • lthd bclty. I can confimi that l am qualified to undertake the 8Inati bj$e 18m a rnemtw of the hAStiatiOn ¢1 Chartéred Cortified Ac¢Qurts. whlch is ono ol the listed bodig I have mpl?d my exxminab"on. I confinn that Materi havè (x%ne to my att•ntion in connetlion byith tho examination gling m$ ¢ausè ts) bèliov& that in any Mala1 resFrt aCCntiTrg records V+pre not in ra¥ oftr Tnjst as rnqUiT&J by S8con 130 ufthe Art vr th8 accounts do not accord wilh records., or Ihs accounts do not comply wih the aWic8ble requi¢ts c¢JnLwirvJ fcffln and cc¥tsnt of 8c¢ounts se( out in thg Charft (Accounts and Reports) R&aulayS 2008 otlw than 8ny TEquiant that the accounts tJw and fair iew vthlGh Is not a matter Gr5ered as part of an indèpéndènt axamination. I have no concom8 and havè aUCaS M othw matt8rs in neth0n Aqth the examml&0 to filL sttenuon should bo drwn in thls report In order to enae a rKorw ofthè acfthbnts to bo raach•J, MÈll8sa Gott•An ACAACCA The Richards Sandy Partnership Thomeloa House 25 Barboume Ro1 Worcester Wor¢e8tsr8hir¢ WR1 1RU Dats,. ..L:Co. LS Pa90 5
Worcesternhlrn Art •nd statgm¢Dt of Flnanelal AetlvlU•6 forthe Year Ended 31¥st D0Mb 2024 2024 Total fundg 2023 Total nds fJnd INCOME AND ENDOWMENTS FROM Donation5 and legac$ 320.10 320,969 251,819 Inv&%bnenl income 13.144 13.144 2,675 Total 320.1 08 334,113 254,494 EXPENDITURE ON Ralsing f¢Jnds 218 216 Charltabl• actlvllle¥ Charit*49 actbt9 1.313 32,760 ¥063 8,806 1.629 32.76(1 34.279 6.806 NEf INClE 11476 247.888 RECONCILIATION OF FUKIS Totsl fund8 brought foThYar(I 1507 246.041 249 1.880 TOTAL FUNDS CARRIED FORWAIID 15.983 533,399 549.382 249,646 Pago 6
Wor¢g•twuhlrp HgTrlagg, Art •nd Pkn•um Balanc• Shl 3181 00mber 2024 2024 Total lunds 2023 Total ftJnd$ unrtrted Restricied funds CURRENT ASSET8 Dèbtors Cash at bank 11 17.818 515,581 2,815 247,653 7,147 522,728 17.061 560A 250,568 CREDITORS AM(nts fAlllng du8 ¥thin one year 12 11.lJ61 (1,0681 11,02CI) NEf CURRENT ASS3 15.983 533,399 549,382 249,548 TOTAL ASSETS LESS CURREpif UABILMES 15.983 399 549.382 249,548 NET A88ETS 14983 633.399 549,382 249,548 FUNDS Unrestrfcted funds Rastrfctod fjjnds 13 16.983 633.399 3.507 246,041 TOTAL FUNDS 549,382 249,548 The financial statements aN)[ed by the Bo8rd of Trust•ès allthc for S6 on 218t Octrl)er 2025 8TrJ were sJned on its thalf by. C J Nal¥bitt- Trustsg
Wor¢tanhI H•rliag•. Art and muuMB Cash Flow Stat•m•nt forth• Y•ar Endod 31¥t l)•e•mb•r 2024 2023 ¢a$h fvws Irom op•ratlng actlvlti Cash generatsd fTcYn op¢r8tic 261.931 243.118 Net cash pmided by opeTrting 261.931 243,118 Cash flo frvm InTMBtln9 actlvld Intere31 receNed 1&144 2,675 Net cash prowded by inv6sllng 4¢bvlb 13,144 2,675 Change In ca¥h and ¢ah •qulvahnts the reportlng perfod C8h and ca8h •qulval•nts at th• glnnlng of th• r•portlng porlod 276,076 245.793 247.663 1,860 Cash and ca8h •qul¥al•nts at thè ond of th• rvportlng porfod 622.728 247,653 The notes fo PArt finand81 stAt8mants Page 8
Worc•st•rnhlr• H•rliay. Art and *J•gum Not•s to th• Cash Flow Statement for the Year Ended 31#ttJ•¢•mb6r 2024 RECtX4CIUATION OF NEr IIKOME TO NET CASH FLOWFROM OPERATIIK ACTpirriES 2024 2023 Not Incom? forth• rèporllng lIOd (as p•rth• Stat•mwrtof Flnan¢lal Aetlvltl•sl Adlu8tments for. Intsrast récèivèd Increas¢ in deblors IrKre&8e in ¢rgdito 299.834 247,868 (111441 (218071 12,6751 12.9151 1.020 Not ¢ash y0v1d by ¢Jp•ratlon• 261.931 243,118 ANALYSIS OF GHANGES IN FUNDS At1.1.24 Cash fiow At 31.12.24 Net ¢a#h Cash at bank and li h8nd 247,663 27fj,076 62172B 247,663 275,075 522,728 Total 247.653 275,075 522.728 Pw9
Wor¢t•h1rn H•rftag•. Art and Iljuwims Notes to th• Finlnelal St•t•m•nts forthe Ygar Endod 31 De¢8mbor 2024 ACCOUNTING POLICIES BASIS OF PREPAING THE FINANCIAL STATEMEKrs The finanaal statements Df the oarity, bthich 15 a public bellgfft entity und•r FRS 12. have been prepared in acccrfdance the Charities SORP IFRS 1021 'Accwniing and Rgporting by Charmes.. Statement of R6cemmeThJed Pradce appllcable to charities PTeparirvJ Ihew accounts in 8c¢ord8n¢g wth th8 Finandal Reporting Skndard PFPtkablp in Ihe UK and Rep1 of IrelaThJ IFRS 1021 leflective 1 J8ntsary 20191,, Flnancial Reportiry Standard 102 Fin8n¢yal RgpJrting Stsndard in Ihe UK and Republic of Ireland, 0Th1 thè Charities Act2011. The ffinanaal pr•par hLstortC81 o)st ccffivendon. Thè accounts are prepared in stethrvJ. whiL is Ihe fvndJal oJrTenry of tho ch8rtiy, Mc&try amounts in the flnanti81 statwiènts Wa rounded to tha nearest£1. INCOME l income is recognised in Ihe Statemert of Flnanclal 01& ihe d)arity has ant1ment to th? fvnd¥, is probabl• that the Nicome Mqll be receiled and Ihe amount can be rneasur8d Tèliab. Incomg frDm don8bon5 Is Induded ¥¥hen the dmrity 15 enotled to the lunds,. for colkg(litin$ end planngd givlng this is when th? funda are rgE4Vgd. Income frcn grants aTrJ dona'on8 rer4)gniwl in thg PgTitxl in Mthld) 18 li0d to receipt and the omount can be measur&1 Teasonable certainty. Inu¥ne from grants iy only ¢Werrpd vth8n the charity has to lulfil condltions not yet met before becoming entiued to it cf dl¥ has 5p8clfied that the InMe Is lo be Ond&d In a futuw pwlc•J. Income from GiftAM 1$ induded in thg SOFA atthe swne twng asts thialic5 to they relate. Inec¥ne from legades15 IndLJal 7then Ihe arncunt rwxNable ha8 •wtsined and nOfjfd by the wcutors Inwno from Cash In4thn•nts fis rnci¥Jn188d on elfectiw int•r8st rat& EXPENDrruRE Liabl'ty.e8 are recogni8ed a3 wendiknre ag 8Cty as a I or construclw ObgOn cgmThlttlng the arity to that expenditure, It is I0be that £ transfer ol ec(MKMlliC Ipnaffts reAred In Settrnent and th8 amount of the gati ran measured rdiably. TrJitUre 18 aciLunted for on an acuwls basls and has been ctas&fierl undw headi that aggregale all cost Trlated to thg c81890ry. WhwB e95ts cawlnot be direcoy attributed tg parb"w18r h&adlrYJs they have been allocated to activiiies Dn a basis consI8t Iho of resourcAs. Grarts offered sutle( to condrtions whith have not been met at the Jpar dats 8ro not•d os a commitment but not aocrued as eypenditure. TAXATION The (arity Ss exernpt fmTn tax its thi14è athiuès. FUND ACCWNTING Unrestri¢t¢d fuNJs ¢8n be us&1 in accordance ilh the (ari&Jk cèieclThw atts disrrtion of th&tru$tO8S. Restri(knd fund3 can only be u8ed fttr p8rUoJlar mstslcled puws knithin lh• otycts of the cart¥. Re8tri¢tions arisg when speo'fied by the dOIr fvn(ts are ed ts p8rbcyJlar restrithd purwses. Furthor explanation ol the naiur& and purp ol each is ind1d in the notss tv the ffinan¢i81 sts18ments. FINANCIAL INSTrUMENTS The charity has elected to appty thg prow5ity)s of S*eb 11 'B8sk Fthandal Instrwments, and Sedion 12 '0ther FIn8nd InsknJm8nts Iss, of FRS 12 to dl of h finandal instrumen DeblDr¥ and edIto with stated Intet rate and TecAvable or payable ¥thITr (ne ar arè rardad 8t transaction wrx. Any10ssos ari$ing frn imp8imont ar• r8ccwJnis•d in the wofft and h)ss account P8g8 10 GOnned...
Wtxc•stgrnhlrn H•rftagg, Art arKI Mu••urn• Notss to thè Flnanclal Stat•ments • contlnu•d for th• Year Endod 31#t D•c•mbor 2024 DONATIONS AND LEGACIES 2024 2023 Donakn.S Glft gkj Legaci8s Grants 316.613 1,J156 1,185 250.IX)O 2,500 320.P69 251,619 Gr8Tts receId, indud8d In thè above. grè as fellS.. 2024 2023 Worce5ter5hire County Cwnc41 INVESTMENT INC(AIE 223 Bank intsr85t 13,144 2,67S IIAISING FUNDS RAIIANG DONATIONS AND LEGACIES 2024 2023 Card mathno c*a 216 CHARITA8LE AME$ COSTS Grant Ying of actiw.ties Ise8 note 61 Swort sts Isee notsn Tolals Charitatrle acb'mtsg 32.920 4.143 34.063 GRANTS PAYABLE 2W23 Chtable activibe 31920 5,761 Thelotal grants pakl to durirrfd y68rwas as folcmy: 2024 2023 Museums WorceBterslure 31920 5.761 Pagg11 ¢Mtinuad...
WweoSternhlr• H•rltsgè. Art and Mu8•um• Notss to the FinEnelal 5tat•rn•nts- eonllnued forthe Year Ended 31st Dernbr 2024 SUPPORT COSTS Govemanco Fln8nc8 Totsls Ch8dt8t4e a¢Jvib8s 1,143 Suppcrteogts, included in the atove. are as fr11. 2024 Charltab18 adMtie$ 2023 actimtses Bank charge8 Ind8p•nd•nt emInatiC 25 1,020 1.068 TRUSTEE8' REIAUNERATION AND BENEFrr3 There wpre llo tru8tsw' r£muna00Th or other tOfits th8 j¢d 3181 Dnber 2024 nor for the year end&J 3181 Decerntr 2023. TRU8TEES' EXPEIISES Thorp no trustees. &>¥ense5 paid for the >wr 31$t D8¢WIr 2024 nor for the >paT ¥nd¥d 31$t tjwiter 2023. STAFF COSTS Trre were emF4oy8es during the w)dgd 31 D•c4thr 2024 nor dng the year ended 31 Decemtr 2023. 11 COMPARATIVES FOR THE STATEPAEIIT OF FINANCIAL ACTivmES Unrestrhd Restrthd nd8 Total fuThJs INCOME AND ENDOWMEpifs FRO Don8titsn8 and lègaiws 250,127 251,819 Inve8tment Inccffle 2,675 2,675 Tot41 4,367 250.127 254,494 EXPENNfuRE ON Ch¥fkRble aEtlvlti•6 Chatle actMtse5 1.l¢Jl 5.706 6.8L hET INCOME 3.267 244.421 247,688 RECONCILIATION OF FLVIDS Total lund$ brought forward 240 1,620 1,860 TOTAL FUNDS CARRIED FORWARD 3.X)7 246.0¢1 249.548 Page 12 ntinued...
Wort•1h1r• Hothag?, Art and IJ•guMs Not•8 to th• Flnanelal Stat•mMrts- Contlnuod for th• Y••r End•d 318tD•¢omb•r 2024 11. LEBTORS: AMOUNT8 FALL14G DUE IH1N ONE YEAR 2024 2023 Other debtors Prepayments and acEn*d income 240 2,675 27,396 27,722 2,915 11 CREDITORS.. AMCAIP4TS FALLtrK4 fMJE VaTTrllN ONE YEAR 2Q24 2023 1,068 1.020 13. MOVEMENT IN FIJNDS movemgnl in A11.1.24 31.q2.24 un$trtsd fund¥ General nd 12A76 15,983 R•strlet•d fd$ R Olsen LegaGy F1 Worcèster Hoard Cook Dgvéltspmént Fund Make Tim¢ Ptga 246N41 132,260) 18.646 294463 213,791 18,646 298,463 151KI 246,041 287,358 533,399 TOTAL FUNDS 299.834 549.382 Not movement in fijnds, induded in thg ab 8ro ¥$ fr41¢)m.' Incorning Re$our¢ès Mov8m8nt In fvnds UnmtrS¢tsd fvnd General fvnd 11.5291 12A78 R•#trletad fund¥ R Olsèn Lagacy Fund Worc8st8r Hoard Coc4(1)evelopment Fund Banyard Art Gallery Make Tkne Project 1312fj01 132.2501 18.646 298.463 I8.5 1500 320.108 132.7601 287,3S6 TOTAL FUNDS 113 (34.2791 299,834 Pago 13 ntinued...
Wree#ternhlr• Herlt•g•. Artnd MuMum Not•• to the Flnanclal Statements- ¢ontlnued for tho Y•ar Ended 31$t Deegmbor 2024 13. MOVEMENT IN FUNDS- ¢onilnu•d Comparatlvg8 for movemènt In fund Net movemgril In fund8 At1.1.23 31.1123 UnMtrkt•d fund• General Mnd 3,267 3,507 Reitrlctsd fund8 Dame Laur8 Knight Fund Art G8116ry & Museum Fund R Ol¥en LegaBy Fund 1.425 195 11.425) 11951 246,041 246,041 1,620 244,421 246.ts11 TOTAL FUNDS 247,688 249,548 Crynpar81i nat mthmént In funda, rud•d in thè abo arn as follrM8.' InC(ing IOUrCeS Resources Movement Ignded in fvnd¥ UnroJtrfct•d fund• General fvnd 11.1C4J) 3,267 RMtrictsd fund Dama Laura Kntqht Fund Art G8118ry & Museum Fund Cglle¢tiws Cttntre FurKI R Ol¥en LggaGy Fund 25 (1.4501 11951 111Y21 {3.9591 (1,4251 11951 102 250,000 246.041 250,127 15,7C61 244.421 TOTAL FUNDS 254,494 16,8061 247.688 RELATED PARTY DISCLOSURES Duriro the ar ended 31 Dec&Trt 2024 unrestricted d(1rOn$ of £10 rg recei from key mna9èmént psOnnel12023". £101. th8 #r grants of £32,92012023.. t5,7611 re awarded to Museums Worcestershire. ofwhich P Tinsley is Mvseum Manager. These grants givon in accordano wilh th? chgrivs grant award Policy. awarded by the Trustees. 1& PUOSE OF FUNDS The unreslricled general fvnd can be used th8ritabk W[p 7hithin the 11ty objethj and gkwrowd by the Trustees. R•st ct•d Funds Damg Laura Knlght Fufftd - thL fund L8 restrlcted for th8 purpc6e of as81sting th8 Art GAllary vAth th8 purchase of p8intings by Dame Laura I(MJh( Art Galhry and Museum Fund- this fundls reslriLed for the ofassi5tiThJ the Art Gall a1 Mu$sum. Colecllonty C¢nts# Fund - fvnd is rnstrM#8d lol¢ying the rKglpt of thnth.o1 to t• put t(waS the Collthns Centre. R Olsen Legacy Fund - this fund is restrictsl frAl¢Mng Ihe rrfwpt of a legary R OIB¢n, wth il $tlpulgtsd that the bequeBI b8 Used solely fortr purthe ofworf(¥ of a Pag• 14 continu&J...
WoreMt•rnhlr• Horlt•g•. Art and Mugeurn• Nots5 to thè Flnanelal Statsm•nts- contlnu•d for th• Y•ar End¥d 31st D8c•mbBr 2024 15. PURPOSE OF FUNDS- ¢ontInl Worc••t•r Hoard - thL8 fvnd IB re8tricted foT the PUTpose of srj and thsF4ayng the Roman¢-Brfl¥sh ¢quest Hoard. C¢)ok Development Fund - thls is r•stri¢a8d for the purpose of mayimising the dBvelopment opportunlty abngsida tho R Olsen Legacy Fund. incTeasing th8 of gallwy, and increasing prido In Wjrwlerfs cultur81 history. Bamyard Art Gall•ry- this bJTrJ k8 restriclwj for the of asslsung Art GaIry & Museum. Make Tlmo Project - this fvnd Is r8strlct•d for tho purpw of supwtiTrJ actMti8s ttk81 lonellne5s aThJ 8W81 i$¢lth"¢n. Page15
Wom¥ternhlTr HwlWe, Artand Detailed Ststementof Flnanclal A¢tivltlg¥ lor the Year Ended 31st Dgcernbor 2024 2024 223 INCOME AND ENDOWMENTS Donatlon¥ 4nd lega¢la• Donations Glft aid LegacAes Grants 316.613 1.8S6 1,185 834 250,000 Isoo 320,969 251.819 Inv•stmontlncome Ba Interest 14144 2,675 Total Incomlng I•Ure•S 334.113 254,494 EXPENDrruRE Islrtg donatlons and l•g•cl•• C8rd machlno eh8rg8s 216 Ch•rtlabl• actl¥ltlgX Grants to initJJtions 32,20 5,761 support cost8 Flnanre Bank charye8 75 25 Governance cwts Indopendent examlnatton 1.068 1.020 T¢>tal r9¥Ou0 34.279 6,8C Net Incomo 299,834 247,688 Th13 page doe8 ncrt form ofts stattrtory fjnana81 statsrn Pago16