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2022-01-31-accounts

Company Registration Number 01279396

Charity Number 272381

CHILTERN OPEN AIR MUSEUM LIMITED

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 JANUARY 2022

CANSDALES AUDIT LLP

Chartered Accountants & Statutory Auditor St Mary’s Court The Broadway Old Amersham Bucks HP7 0UT

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CHILTERN OPEN AIR MUSEUM LIMITED

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2022

CONTENTS Page
Company Information 3
Chairman’s Report 4
Report of the Board of Management 8
Independent Auditor’s Report 14
Consolidated Statement of Financial Activities 17
Consolidated Balance Sheet 18
Company Balance Sheet 19
Consolidated Cash Flow Statement 20
Notes to the Consolidated Financial Statements 21

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CHILTERN OPEN AIR MUSEUM LIMITED PATRONS, MEMBERS, STAFF AND ADVISERS (Continued) FOR THE YEAR ENDED 31 JANUARY 2022

Registered Charity No: 272381 Company No: 01279396

Patrons

Lionel Anthony Esq. The Rt. Hon. Cheryl Gillan MP (Died April 2021) Countess Howe Eric Knowles Esq.

Trustees and Board of Management Members

Miss V K S Clark (Company Secretary and Chairman) Mrs S Fitzpatrick (Treasurer) Mr C Claxton Stevens Mr R Levine Mr A Marsh (retired from the Board in February 2021) Mrs A Martin Mrs J Mulholland Mrs P Phillips Mrs CV Walsh Mr N Goulder (Appointed May 2021) Mr C Whipp (Appointed November 2021)

Secretary

Miss V K S Clark

Museum Director

Mr S Hatfield

Registered Office and Principal Address

Newland Park Gorelands Lane Chalfont St Giles Buckinghamshire HP8 4AB

Bankers Barclays Bank plc CAF Bank COIF Charity Fund

Auditors

Cansdales Audit LLP St Mary’s Court The Broadway Old Amersham Bucks HP7 0UT

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CHILTERN OPEN AIR MUSEUM LIMITED

CHAIRMAN’S STATEMENT FOR THE YEAR ENDED 31 JANUARY 2022

Overview

This report is to provide a summary of the museum’s activities and achievements for the 12 months up to 31st January 2022. The report also reports on important events after the year end and outlines future plans.

The museum continued to be adversely impacted by COVID 19 pandemic and a national lockdown throughout much of the period of reporting in terms of its operational activities, but was fortunate to be able to make partial use of the furlough scheme and received some funding to assist with rebuilding the business.

The enterprises subsidiary company made an overall surplus allowing £40,000 to be gifted to the museum in the period, benefiting from increased use of volunteers to provide the catering service and reopening and expansion of the catering provision on a takeaway basis from the Snack barn. The decision was taken not to reopen the tearoom for the season. The retail shop (Blythe Road) was classified as only selling non-essential items and therefore had to delay reopening until 7th April 2021.

Income for the period was made up of visitor admissions, continued Government support, support from local trusts, personal donations, filming related income and legacies. Visitor numbers are reported as 25,291 for the 2021 open season, during which the visitors were charged a reduced entrance fee. With the advent of the Covid vaccination programme it was interesting to note the increasing confidence of visitors in returning and meeting their families again in an outside space.

Personnel

Part furlough of some staff continued as late as June 2021 in line with Government support. Staff were encouraged to work from home where they could, but outbreaks of Covid 19 directly impacted on working patterns and the Museum’s day to day running.

Some staff have left the organisation and we wish them all well in their future careers, whatever path they have chosen to follow and sincerely thank them for their contribution through a difficult 2 years.

I need to single out the Buildings Manager, John Hyde Trutch, who after more than 40 years of association with the museum hung up his hammer and screwdriver in April 2022. His depth of knowledge of all parts of the museum is, and was, unparalleled and his personal commitment to the place will not be matched. He is missed and we wish him well in his retirement. Lucius Ford has taken over as Acting Buildings Manager.

Buildings/ Estate

The volunteers were off site for part of the first quarter of 2021, with a national lockdown imposed. Reopening of the buildings was gradual, as initially the museum was opened as a ‘park’ in late March. The buildings were initially opened up with social distancing rules imposed with the same modus operandi as 2020 and these restrictions were gradually relaxed.

Leavesden Apple Store’s extensive woodwork was restored during 2020 by an outside contractor and the brick plinth was rebuilt in the summer of 2021.

During the 2021 season the site below the Toll House was reopened to visitors, but only parts of the furniture factory were open to visitors as repairs and repainting continued. Some windows still need replacing.

A staircase was installed to the loft of the Mid Site loos, to replace much less convenient access.

The Kingswood privy has been rebuilt virtually from scratch and has been installed by the completed wall of Haddenham’s rear garden. The building of the wychert wall occupied the volunteers’ time during the summer of 2021, which was of great interest to the visitors.

The Bledlow Cattle shelter has been a long rebuild and re-erection project for the Sunday volunteer team and as I write it is nearing completion. Its concrete pad was installed in 2021.

In 2021 plans were made for a more robust shelter for outdoor learning for school children in the Upper Meso area and this has been erected during summer 2022, funded by the Rothschild Foundation.

For the Estate team, lambing did not take place in 2021 and no hay crop was taken for 2 years (2021 and 2022) from

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CHILTERN OPEN AIR MUSEUM LIMITED

CHAIRMAN’S STATEMENT

FOR THE YEAR ENDED 31 JANUARY 2022

Grays field. The field has been used by a film company, who have provided financial compensation. However, much hedgelaying, strimming, path clearance, tree felling and fencing has taken place all around the site, alongside the installation of new standpipes around the site assisting with animal feeding.

The museum’s livestock have remained largely unchanged, with improved housing for the hens and ducks to protect them against Avian bird flu, but also giving them a large covered open run. The lambing fold needs to be replaced and rebuilt for which a grant was obtained.

A new workshop for the large Farm artefact team was erected in early 2022 and supplied with electricity, which has facilitated the repair and maintenance of the large pieces of machinery.

Owing to extensive cabling there have been improvements to the IT provision and connectivity infrastructure at the museum has taken place which will allow substantial improvements to the telephones and use of IT systems around the site.

The museum has not escaped unscathed from the national and well reported concern about ash dieback and the estate team have been undertaking a lot of work in the woodland areas of the site and education areas to make trees safe or felling them. We expect this work to continue for some years. With the Queen’s platinum jubilee in June 2022 funding has been available to purchase sapling native trees and an arboretum has been planted near the Toll House.

The playground (near the Tollhouse) was deemed to be not fit for purpose and unsafe in parts, which created an opportunity to fundraise for, and commission, a new playground for summer 2022. The location of this is near the Mid site loos and was officially opened with much acclaim and social media interest in late August 2022 by Alex Horne from Taskmaster.

Visitor Services

The 2021 season started from late March on a restricted basis, 4 days a week after the 2021 lockdown with the precautions in place from 2020 such as one-way systems through gardens, all buildings were closed to visitors except for the toilet facilities and lots of contact cleaning taking place throughout the day.

In the summer events were limited to Bucks Music Trust day of music in July, socially distanced open air theatre, outdoor opera, a museum gardens day, a low key harvest event, maypole dancing, small re-enactment groups, wild about wool weekend, multi-national campfire stories and a traditional Christmas event culminating with a multi-faith lighting of the menorah relating to Chanukah. The continued emphasis was being outdoors, where people felt safer, and involving local communities.

The houses inhabited project, involving volunteers making costumes to be worn in the respective period buildings had its deadline extended in view of the restrictions in 2020. New and existing volunteers have been involved and as a group, with their sewing machines, they met during museum opening hours in a building where they were another source of interest to the public. The group is led by a paid costume maker.

Social prescribing and the reopening of the site allowed us to continue with the accompanied walks programme for the vulnerable and elderly who may have felt reluctant to go out during the pandemic. The escorts are an expanding number of volunteers from varied backgrounds within the museum (including education, buildings team and front of house), which gives the visitor a unique insight into the museum during their 90-120 minutes on site. The programme has been supported financially by various local trusts over 2 years and, building on that experience, has now been expanded to include young adults with autism, which has been funded into 2023. This will involve schools and other community groups.

The museum was delighted to be recognised for its efforts and was awarded the national award for Best Local Social Prescribing Project in early 2022.

In 2021 the Museum received a Gold Award as a Dog friendly business by Beautiful South Awards.

Filming and weddings

A handful of weddings took place in the 2021 season, when guest number restrictions were lifted as from July 21st, with the remainder being deferred until 2022 or cancelled. The very large wedding originally scheduled for March 2020 was finally held over a weekend in October 2021.

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CHILTERN OPEN AIR MUSEUM LIMITED

CHAIRMAN’S STATEMENT

FOR THE YEAR ENDED 31 JANUARY 2022

The film crew who hired Grays Field from our landlords for more than 12 months negotiated to hire 2 bays of the museum’s car park. As part of that contract the car park was repaired before and after the hire. This car park hire has continued until February 2022 when the final temporary buildings were removed from Grays Field. Some filming also took place on the museum site in Summer 2021, associated with the same film production.

Education

Whilst only 5700 school children visited in 2021 (compared to 2,000 in 2020 and 20,000 in 2019), there has been a gradual return of numbers in the summer and autumn terms and that trend has continued into 2022.

Terrific Tuesdays were held in the summer holidays in a low key and socially distanced way, to ensure that volunteers felt safe. The parents were just delighted with take home activity packs.

We have also welcomed the Dacorum Potters Guild which has been establishing an outdoor kiln on site and they have been most supportive with activities for the children on Tuesdays.

Adult Education continued to be restricted to an outdoors Willow Weaving course and blacksmithing courses (for 2 people in the same household group).

Fundraising

The museum fundraiser has continued to work very hard to support the museum through this difficult period.

£ 5,000 for learning outreach Horn Hill Trust

Various local trusts for overheads £15,500

Many individual private donations and support of varying amounts.

The Friends of the Museum have continued to support the museum financially with the focus being on raising funds for the new playground and for general funds.

Legacies received in 2021 included Jean Wright £110,000 and Brenda Mothersole £20,000, with a further £70,000 from Jean Wright in 2022. These have been especially valuable at this time when visitor numbers and school children have not returned to pre pandemic levels

Marketing

Helen Light continues to work tirelessly and imaginatively to attract different audiences through the use of social media.

Visitor numbers in 2021 were good, based on 4 days a week opening in Buckinghamshire term times and with no large events to attract large audiences. More than 400 dogs visited in 2022.

Communication with the volunteers and museum community was undertaken through Instagram, twitter, face book and regular emails giving updates to engage people’s interest.

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CHILTERN OPEN AIR MUSEUM LIMITED

CHAIRMAN’S STATEMENT FOR THE YEAR ENDED 31 JANUARY 2022 Future Plans and Aims

Chairman’s summary

The Board has met over zoom throughout the pandemic and initially at least once a month, and it has been pleasant in 2022 to revert to face to face meetings on a bi-monthly basis.

The transfer of the freehold of the museum site by our landlords Comer Homes Group is still awaited. This has not yet been finalised and the comments in the 2020 report remain unchanged. We await developments, but with the obvious signs of active construction and social media launch of the proposed dwellings, negotiations, we hope will be concluded soon. Whilst the uncertainty over the transfer of freehold of the site and surrounding negotiations continues, compiling an overarching definitive longer term business strategy for the museum remains a challenge. We continue to focus on social prescribing, community projects, education across all age groups and retaining the loyalty of our supporters, visitors, volunteers and staff.

I would like to extend the thanks of the Board of Trustees to all the staff, volunteers, friends, education interpreters and other supporters of the museum who have all contributed so much to the museum throughout the last 30 months to ensure its survival through an ever-changing landscape of government restrictions and guidelines.

On the matter of trustee retirements this year:

Cris Claxton Stevens will retire at this AGM after 42 years along with Jenny Mulholland who has served 26 years. I take this opportunity to thank them both for their singular help and dedication in helping to steer a place that they both love through a difficult period. Also, Claire Walsh after 3 years will leave us; thanks to her for her wise counsel and museum related expertise. Lastly, to Sarah Fitzpatrick, the Treasurer, who has served the museum for more than 13 years for which I extend our heartfelt thanks for her hard work, prudence and pragmatism over that time.

I am pleased to confirm that the museum has had its Museum Accreditation reconfirmed in May 2022 and I take this opportunity to thank all the staff and trustees involved ensuring that success.

I look forward to 2023 when the focus must be to continue to find and refine a sustainable operating model for the museum and looking to the strategic future of the museum to provide it with the financial resilience to survive another 20 years and beyond..

Miss V K S Clark

Chairman

Dated: _____

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CHILTERN OPEN AIR MUSEUM LIMITED

REPORT OF THE BOARD OF MANAGEMENT (Continued) FOR THE YEAR ENDED 31 JANUARY 2022

The Trustees present their report and the audited financial statements of the charity for the period ended 31[st] January 2022. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” (FRS 102) in preparing the annual report and financial statements of the charity.

Board of Management

The members of the Board of Management, who served during the period ended 31 January 2022 and to date, were:

Miss V K S Clark (Company Secretary and Chairman) Mrs S Fitzpatrick (Treasurer) Mr C Claxton Stevens Mr R Levine Mr A Marsh (Retired from the Board in February 2021) Mrs A Martin Mrs J Mulholland Mrs P Phillips Mrs CV Walsh Mr N Goulder (Appointed May 2021) Mr C Whipp (Appointed November 2021)

In accordance with the Articles of Association, Adrian Marsh retired from the Board in February 2021 after 12 years’ service behind the scenes. Mr N Goulder was elected in May 2021 and Mr C Whipp was elected in November 2021.

The following Trustees will be stepping down at the 2022 Annual General Meeting: Mrs S Fitzpatrick Mr C Claxton Stevens Mrs J Mulholland Mrs CV Walsh Mr C Whipp will be appointed Treasurer.

Company Status

Chiltern Open Air Museum Limited is a company limited by guarantee, No. 01279396, and a registered charity, No. 272381. It is governed by its Memorandum and Articles of Association.

Objects of the Charitable Company

The Chiltern Open Air Museum’s vision, mission and strategic objectives reflect the full significance of the museum and its collections, which are rooted in its Chiltern identity. The museum grew out of pressure in the 1970s within the Chiltern Society to ensure that the culture, traditions and heritage of the Chilterns might be preserved. Over forty years on, the museum has accumulated a wide range of material – buildings and artefacts - which hold stories, that attest to the national and international significance of the Chilterns both historically and today.

The objects of the charitable company, which have recently been revised, are:

CHILTERN OPEN AIR MUSEUM LIMITED REPORT OF THE BOARD OF MANAGEMENT (Continued) FOR THE YEAR ENDED 31 JANUARY 2022

The Museum’s mission statement is:

To tell the story of the unique heritage of the Chilterns through buildings, landscapes and culture for the enjoyment, inspiration and learning of present and future communities.

And the Museum operates with the following values: Learning, Preservation and Inspiration.

To deliver these objectives, mission and values, the Chiltern Open Air Museum employed staff and volunteers during the year in support of the charitable mission to operate an open air museum and tell the story of the heritage of the Chilterns. Staff worked across a wide range of activities including visitor services, interpretation, curating the collections, the schools service, adult education and special events.

Public benefit

The trustees have paid due regard to the Charity Commission guidance on public benefit, and our charitable objects and aims in deciding what activities the Museum should undertake. In line with Charity Commission’s guidance, the Chairman's Statement outlines details of publicity and general access to the collection of 37 vernacular historic buildings that have been saved for the public and future generations. In addition, the Chairman's Statement also outlines the wide ranging and inclusive educational activities carried out by the Museum and through our volunteer schemes. A number of volunteers work with us on various government initiatives regarding access to employment or returning to work. The Trustees of the Museum have given careful consideration to the accessibility of the Museum, to serve all members of the community including those on low incomes or for whom access to our site may be problematic. The Museum seeks funding on a regular basis to subsidise admission fees for groups who would otherwise find it difficult to visit e.g.funding from the ANO Trust allowed schools who would otherwise not be able to afford to visit the museum to attend education workshops. The Museum runs by-donation days at the beginning of the season and offers voucher and 2-for-1 admission on most days of the season.

Constitution and Governance

The voluntary Board of Management manages the activities of the charitable company. Its members (who are directors for the purposes of company law and trustees for the purposes of charity law) receive no remuneration. They must be members of the charitable company and can be appointed by the Board until the next Annual General Meeting when they are eligible for election. The number of members of the Board shall not be less than five nor more than fifteen. The Board of Management normally meets bi- monthly to consider all aspects of the management of the charitable company. The finance sub- committee comprises a Chairman, the Treasurer, two Trustees, the Director of the Museum and the Finance Officer. The finance sub-committee usually meets every other month. The committee reports back to the Board of Trustees and its minutes are circulated to all trustees.

All new/prospective Trustees are interviewed by the Chairman and references are taken up before election. New Trustees are recruited through word-of-mouth and advertising on the museum’s website. The Trustees also ask for referrals from other museum connections. References are taken as necessary, the disqualified directors list is checked for conflicts of interest, and their ID and address are verified. On completion of these checks, the current Trustees vote to appoint any new Trustee.

There is an induction programme for new Trustees/Directors. Companies House and the Charity Commission provide useful documents on the responsibilities of a Company Director and/or Trustee and these are provided to all new trustees. They meet with the Chairman and Museum Director for an introduction to the company and a site visit, observe a Board meeting prior to appointment, receive a copy of the accounts and recent Board papers. If existing trustees require additional training, a programme is developed to meet their specific needs.

The Museum Director controls the day-to-day operations of the Museum with staff, both full and part time as well as 200 active volunteers. Planning and organisation of the Museum operations is discussed with the staff at regular meetings held at least monthly throughout the year, which are usually attended by a board member. The Museum management strategy group meets monthly to discuss the development of income streams. Staff are encouraged to

undergo training either by attending courses being run at the Museum or delivered externally for the purposes of Continued Professional Development (CPD).

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CHILTERN OPEN AIR MUSEUM LIMITED

REPORT OF THE BOARD OF MANAGEMENT (Continued) FOR THE YEAR ENDED 31 JANUARY 2022

All volunteers operate under the direction of the Museum, usually working for a member of staff. All new volunteers receive induction training following an initial interview. There is also an ongoing training programme for all volunteers, delivered by the Museum staff, as well as by volunteer external consultants.

Friends of the Chiltern Open Air Museum

The Friends of the Chiltern Open Air Museum is a separate charity that supports the Museum by fundraising and in other ways. The Museum remains very grateful to the Friends of the Chiltern Open Air Museum for their unstinting efforts to support and promote the Museum.

Financial Review of the Year

A detailed review of the Museum activities has been given in the Chairman’s Statement on pages 4 to 7.

During the year, our total consolidated unrestricted income amounted to £682,562 (2021: £532,503) and our unrestricted expenditure was £506,904 (2021: £466,134), giving an unrestricted surplus of £175,658 (2021: £66,369), and a surplus of £175,658 (surplus in 2021: £2,077,139) after transfers and other recognized gains of £nil (2021: £2,010,770).

Total restricted income was £89,713 (2021: £431,035) and restricted fund expenditure was £176,643 (2021: £257,927), giving a deficit of £86,930 (surplus in 2021: £173,108). This left a balance of restricted funds at the end of the year, remaining to be spent on specific projects of £238,764 (2021: £325,694).

Income from Donations and Legacies (including income tax recovered) amounted in total to £337,036 (2021: £642,682) of which £91,873 (2021: £431,421) were for restricted funds. Income from Charitable activities amounted to £214,446 (2021: £162,530) also includes income tax recovered on gift-aid donations.

Income from other trading activities includes income from the Enterprises trading part of the group amounting to £123,754 (2021: £50,596), with costs of £82,590 (2021: £45,143), before contributing through donations to the charitable company's unrestricted funds of £40,000 (2021: £16,520). Income from site access and events staged by third parties at the Museum amounted to £96,826 (2021: £106,875).

The above figures can be found on the Statement of Financial Activities on page 17 and the related notes on pages 21 to 33.

Plans for Future Periods

The Chairman’s report on pages 4 to 7 and the Reserves statement on pages 12 include details of plans for the charity in future periods.

Risk Management

The Board is aware of its responsibilities in this area. With the assistance of the Museum Director, the paid staff and professional advisers, the Board continues to monitor the major risks to which the Museum is, or may be, exposed. Any current matters are brought to the notice of the Board of Management at their bi-monthly meetings, unless it is deemed of such importance that all Trustees should be alerted by electronic means in a more-timely manner. The Museum Director with the Trustees has constructed a Risk Matrix for the Museum’s operations.

To adequately identify and manage the full range of risks, the Museum has separately defined operational and external risk:

Operational risk is defined as risk arising within the organisation from:

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CHILTERN OPEN AIR MUSEUM LIMITED REPORT OF THE BOARD OF MANAGEMENT (Continued) FOR THE YEAR ENDED 31 JANUARY 2022

External risk is defined as the risk arising out with the Museum in three main areas:

Risks also include the potential or actual impact on the Museum’s reputation arising from its activities or conduct of staff and volunteers.

Risk management is achieved through monitoring the company’s exposure in all these areas using a diverse range of qualitative and quantitative techniques. These are reported to the Board as detailed above to allow the Trustees and Management team to take any action required in a timely manner.

At the year-end, the top risk is the economic uncertainty facing the UK and the global economy. Higher inflation will impact the Museum's cost base while eroding the disposable income of visitors (whether institutional or individual). This may, in turn, cause the museum's income levels to fall. Continued conflict with Russia in the Ukraine is driving higher energy prices, and the structural economic impact of the Covid pandemic and Brexit will continue to be felt in future financial periods.

Our risk management strategy is respect of these macro-economic uncertainties is:

  1. To continue to invest in our Education, Events and Publicity departments in order to ensure we continue to attract high levels of visitors;

  2. To manage our cashflow carefully by monitoring the timing of supplier payments and smoothing out cash spend as much as practicable;

  3. To explore investing activities that would safeguard the value of the museum's liquid assets without compromising on its principles and values;

  4. To continue to deliver the Museum's growth strategy while ensuring that the Museum is as accessible as possible in order to attract varied audiences.

At year end, the other risks facing the organisation remained broadly the same as in previous years and the risk management strategies pertaining to them have been extracted from the Risk Matrix and are detailed in the table below:

COAM Nature of Risk Category COAM Risk Management Strategy
Poor weather affecting events
and holiday visiting - loss of
income		 External Budgeting takes account of peaks and troughs in
income generation due to weather changes
Landlord building programme
adjacent to museum disrupts the
visitor experience.		 External Maintain good relationship with landlord and
good communication channels plus Insurance for
some disruption risks
Increased UK Inflation and the risk
of a recession reduce the amount
of money Visitors have to spend on
Museum visits		 External, Internal -
Assets		 Review our strategy and marketing plans to ensure
we offer good value for money to Visitors
Prolonged Freehold site transfer
negotiations with our Landlord
provides uncertainty to future
activities		 Operational
-
Financial		 Work with all parties to reach an agreement on the
transfer of the Freehold to COAM.

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CHILTERN OPEN AIR MUSEUM LIMITED

REPORT OF THE BOARD OF MANAGEMENT (Continued) FOR THE YEAR ENDED 31 JANUARY 2022

Reserves

Reserves are held in both designated funds for specific Appeals and an undesignated fund. The Trustees regularly review the reserves to ensure they are appropriate to allow the charity to meet current and long-term objectives.

This year the Trustees have agreed to set up two additional funds: a Sustainability Fund, to support the operating costs of the charity should the need arise for a period of four months ensuring overhead costs and commitments could be met, and an IT Development Fund to improve IT infrastructure including online presence. Monies will be allocated to these funds once the transfer of land from Comer has been completed.

The charitable company and group's total funds increased by £88,728 overall during the financial year to 31[st] January 2022 (2021: £2,250,247). The general unrestricted funds of the group increased by £167,237 from £108,760 to £275,997, excluding the revaluation reserve and designated funds. The revaluation reserve stayed the same in the year and designated funds increased by £8,421. The unrestricted funds of the group are represented by £3,483,275 of tangible fixed assets, leaving a balance of £584,185 in the group's net current assets. Restricted funds decreased by £86,930 to £238,764. The Board will continue to follow a practice that all major new projects must be pre-financed by grants, awards and/or specific donations.

The charitable company seeks to achieve a level of free reserves which would cover all liabilities, including the potential cost of winding up the company if such circumstances were applicable. The Trustees believe that an adequate level of free reserves is between £40,000 and £60,000. The Trustees continue to work with the staff and funding bodies to build free reserves by improving the profitability of the site with resilient and profitable income streams.

Plans for the use of designated funds are largely governed by the plans for the site, in particular the possible need to purchase the freehold of the land depending on current negotiations with Comer Homes. Other factors such as the volume of work and limitations imposed by the resources available at the time will influence any schedule of expenditure being incurred on particular projects. Restricted Funds are employed on specific projects as outlined in note 18.

Investment strategy

It is the policy of the Trustees to use any surplus funds for the advancement of the charity's objectives. Our investment strategy is very conservative and surplus monies are placed in easily accessible high interest deposit accounts with COIF and CAF. No stock exchange investments are maintained. The Board review the Museum’s investment policy on a periodic basis.

Statement of responsibilities of the Board of Management

The members of the Board of Management are directors for the purposes of company law and trustees for the purposes of charity law. They are responsible for preparing the Board of Management’s Report and the consolidated financial statements in accordance with applicable law and regulations.

The Board of Management’s members have no financial interest in the charitable company.

Company law requires the Board of Management to prepare financial statements for each financial year. Under that law the Board of Management have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the Board of Management must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company at the end of the year and of the incoming resources and application of resources, including the income and expenditure, for that period. In preparing those financial statements, the Board of Management is required to:

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CHILTERN OPEN AIR MUSEUM LIMITED

REPORT OF THE BOARD OF MANAGEMENT (Continued) FOR THE YEAR ENDED 31 JANUARY 2022

charitable company will continue in operation.

The Board of Management is responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company’s transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. The Board of Management is also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the Board of Management are aware:

Auditors

A resolution to re-appoint Cansdales Audit LLP as auditors for the ensuing year will be proposed at the Annual General Meeting.

The Board of Management confirms that to the best of their knowledge and belief these financial statements comply with the requirements of the Statement of Recommended Practice “Financial Reporting Standard”, issued July 2014, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Practice as it applies from 1 January 2019.

In so far as the trustees are aware:

There is no relevant audit information of which the Council's auditor is unaware; and the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.

Registered Office: Newlands Park, Gorelands Lane, Chalfont St Giles HP8 4AB

BY ORDER OF THE BOARD: V K S Clark Chairman

Date: _____

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CHILTERN OPEN AIR MUSEUM LIMITED

INDEPENDENT AUDITORS’ REPORT FOR THE YEAR ENDED 31 JANUARY 2022

Opinion

We have audited the financial statements of Chiltern Open Air Museum Limited (the ‘parent charitable company’) and its subsidiaries (the ‘group’) for the year ended 31 January 2022 which comprise the Group Statement of Financial Activities, incorporating and income and expenditure account, the Group and the Charitable Company Balance Sheets, a Group Consolidated Cashflow and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

Other information

The members of the board of management are responsible for the other information. The other information comprises the information included in the members of board of managements’ annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

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CHILTERN OPEN AIR MUSEUM LIMITED

INDEPENDENT AUDITOR’S REPORT (Continued) FOR THE YEAR ENDED 31 JANUARY 2022

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the group and parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report and the directors’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of members of the board of management

As explained more fully in the members of board of managements’ responsibilities statement (set out on page 12 and 13), the members of board of management (who are the trustees for the purpose of charity law and the directors of the charitable company for the purposes of company 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 as the members of board of management determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the members of board of management are responsible for assessing the group’s and parent charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the members of board of management either intend to liquidate the group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed auditor under the Companies Act 2006 and report in accordance with this Act.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in

accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

15

CHILTERN OPEN AIR MUSEUM LIMITED INDEPENDENT AUDITOR’S REPORT (Continued) FOR THE YEAR ENDED 31 JANUARY 2022

As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Use of our report

This report is made solely to the charitable company’s members of the board of management, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members of the board of management those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members of the board of management as a body, for our audit work, for this report, or for the opinions we have formed.

Dated: _____ James Foskett Senior Statutory Auditor For and on behalf of CANSDALES AUDIT LLP Chartered Accountants & Statutory Auditors St Mary’s Court, The Broadway, Old Amersham, Bucks HP7 0UT

16

CHILTERN OPEN AIR MUSEUM LIMITED

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (including Income and Expenditure Account)

Note
Income from:
Donations and legacies
2
Charitable activities
3
Other trading activities
4
Investments
5
Total Income and Endowments
Expenditure
Raising funds
6
Charitable expenditure
6
Total Expenditure
Net income / (expenditure)
Transfers between funds
Other recognized gains/(losses):
Gains / (losses) on revaluation
on fixed assets
Net movement in funds
18
Reconciliation of funds:
Total funds bought forward
18
Total funds carried forward:18		 For the year ended on 31.01.2022
For the Year ended on 31.01.2021
Unrestricted
Funds
Restricted
Funds
Total
Funds
2022
Unrestricted
Funds
Restricted
Funds
Total
Funds
2021
£
£
£
£
£
£
245,163
91,873
337,036
211,261
431,421
642,682
218,547
(4,101)
214,446
163,166
(636)
162,530
218,639
1,941
220,580
157,221
250
157,471
213
-
213
855
-
855
682,562
89,713
772,275
532,503
431,035
963,538
46,179
-
46,179
51,675
-
51,675
460,725
176,643
637,368
414,459
257,927
672,386
506,904
176,643
683,547
466,134
257,927
724,061
175,658
(86,930)
88,728
66,369
173,108
239,477
-
-
-
-
-
-
-
-
-
2,010,770
-
2,010,770
175,658
(86,930)
88,728
2,077,139
173,108
2,250,247
3,903,785
325,694
4,229,479
1,826,646
152,586
1,979,232
4,079,443
238,764
4,318,207
3,903,785
325,694
4,229,479

All income and expenditure derive from continuing activities.

All gains and losses recognized in the year are included above.

The notes on pages 21 to 33 form part of these financial statements.

17

CHILTERN OPEN AIR MUSEUM LIMITED

CONSOLIDATED BALANCE SHEET


Note
Fixed Assets
Tangible Assets
9
Heritage Assets
10
Biological Assets
11
Investments
Current Assets
Stock
13
Debtors and prepayments
14
Cash at bank and in hand
Creditors: Amounts falling due within
one year
15
Net Current Assets
Net Assets
Charity funds
Restricted funds
18
Designated Funds
18
General unrestricted funds
18
Revaluation reserve
18
Total Charity funds		 For the Year Ended For the Year Ended
2022
2021
£
£
£
£
1,227,071 1,214,163
2,255,739
2,235,439
2,390
3,220
-
-
8,660
13,293
104,446
2,972
834,395
837,691
947,501
853,956
(114,494)
(77,299)
833,007
776,657		 For the Year Ended For the Year Ended
2022
2021
£
£
£
£
1,227,071 1,214,163
2,255,739
2,235,439
2,390
3,220
-
-
8,660
13,293
104,446
2,972
834,395
837,691
947,501
853,956
(114,494)
(77,299)
833,007
776,657
4,318,207 4,229,479
238,764
480,955
275,997
3,322,491		 325,694
472,534
108,760
3,322,491
4,318,207 4,229,479

The consolidated financial statements were approved by the Board of Management on _____ and are signed on its behalf by:

Mrs S Fitzpatrick, Trustee

Date: __

The notes on pages 21 to 33 form part of these financial statements.

Company registration number: 01279396

18

CHILTERN OPEN AIR MUSEUM LIMITED

BALANCE SHEET


Note
Fixed Assets
Tangible Assets
9
Heritage Assets
10
Biological Assets
11
Investments
12
Current Assets
Stock
13
Debtors and prepayments
14
Cash at bank and in hand
Creditors: Amounts falling due within
one year
15
Net Current Assets
Net Assets
Charity funds
Restricted funds
18
Designated Funds
18
General unrestricted funds
18
Revaluation reserve
18
Total Charity funds		 For the Year Ended For the Year Ended
2022
2021
£
£
£
£
1,225,145
1,211,189
2,255,739
2,235,439
2,390
3,220
2
2
-
-
104,003
1,648
824,905
834,361
928,908
836,009
(105,959)
(67,198)
822,949
768,811
4,306,225
4,218,661
238,764
325,694
480,955
472,534
264,015
97,942
3,322,491
3,322,491
4,306,225
4,218,661
4,306,225
238,764
480,955
264,015
3,322,491
4,306,225

The financial statements were approved by the Board of Management on _____ and are signed on its behalf by:

Mrs S Fitzpatrick, Trustee

Date: _____

The notes on pages 21 to 33 form part of these financial statements.

Company registration number: 01279396

19

CHILTERN OPEN AIR MUSEUM LIMITED

GROUP CONSOLIDATED CASHFLOW STATEMENT

For the Year Ended For
2022
Note
£
£
Operating activities
Net cash (Outflow)/Inflow from operating activities
24
21,080
Investing activities
Purchase of fixed assets
(24,589)
Disposals of fixed assets
-
Interest received

213
Cash flow from investing activities
(24,376)
Net change in cash and cash equivalents
(3,296)
Cash and cash equivalents at start of year
837,691
Cash and cash equivalents at the end of the year
834,395		 the Year Ended
2021
£
£
287,533
(7,923)
920

855

(6,148)
281,385

556,306

837,691		 the Year Ended
2021
£
£
287,533
(7,923)
920

855

(6,148)
281,385

556,306

837,691


837,691

The notes on pages 21 to 33 form part of these financial statements

20

CHILTERN OPEN AIR MUSEUM LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2022

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

a) General Information and basis of preparation

The Chiltern Open Air Museum is a charitable company in the United Kingdom. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. The address of the registered office is given in the charity information on page 3 of these financial statements. The nature of the charity’s operations and principal activities are to rescue historic buildings under threat in the Chilterns and re-erect them within a 45-acre traditional landscape with interpretation for visitors.

The charity constitutes a public benefit entity as defined by FRS 102. The consolidated financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (as amended for accounting periods commencing from 1 January 2019), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, the Companies Act 2006. The financial statements are prepared in sterling which is the functional currency of the charity.

These consolidated financial statements include the results of the subsidiary company, Chiltern Open Air Museum Enterprises Limited. As permitted by section 408 of the Companies Act 2006 the Statement of Financial Activities of the charitable company alone is not presented as part of these consolidated financial statements. The result of the charitable company alone for the year was a surplus of £87,564 (2021: £2,261,314).

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

b) Funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds that are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in note 19 to the financial statements.

The nature and purpose of each fund is explained further in the notes to the financial statements.

c) Income and Expenditure

Income includes grants, donations, legacies, museum entrance fees, gift aid on donations, schools’ education, special events, gift aid from the trading subsidiary, income from filming and bank interest receivable, excluding value added tax. Donations, grants and other forms of voluntary income or benefit are recognised when the charity has entitlement to the income, when it is more likely than not to be received and the amount can be measured reliably. All other income is recognised on a receivable basis.

Expenditure is accounted for on an accrual basis, inclusive of VAT where this cannot be recovered. Certain expenditure is directly attributable to specific activities and has been allocated to those cost categories. Other expenditure is allocated between raising funds and charitable activities. Time spent managing Museum projects and raising costs for new projects is included as a cost relating to charitable activities. Certain other costs and some staff costs are attributable to more than one activity.

21

CHILTERN OPEN AIR MUSEUM LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2022

In these cases, the costs have been apportioned to the individual activities on the basis of the time spent by staff on matters relating to those activities.

Costs have been allocated on the basis of resources used. The charitable company is grateful for the input of all its volunteers who are involved in the general activities of the charitable company as well as assisting with the administration of Museum activities and undertaking all the accounting and other administrative duties. No amount is included in the financial statements for volunteer time in line with the SORP (FRS 102). Costs have been allocated to the cost centres of raising funds, and charitable activities in accordance with the requirements of the Statement of Recommended Practice. Governance costs relating to the public accountability of the charitable company and its compliance with regulation and good practice are included in other costs. These costs include those relating to the statutory audit.

d) Fixed Assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Items costing less than £1,500 and gifts in kind of assets valued by the Board of Management at less than £1,500 are not capitalized. Gifts in kind of fixed assets are capitalized at their estimated market value and depreciated in accordance with the policy for that particular class of asset.

Depreciation of fixed assets is provided at rates to write off the cost or revalued amount, less any estimated residual value, of each asset over its expected useful life, as follows:

Plant and equipment

20% per annum on a reducing balance

The computer equipment is depreciated at the rate of 50% per annum on straight line method.

Heritage assets are professionally revalued every five years for insurance purposes and their value for these accounts are based on this valuation adjusted where appropriate for impairment losses. Gains and losses on revaluation are recognised in the statement of total recognised gains and losses. Heritage assets acquired or constructed between professional valuations are included in the accounts at cost. The trustees do not consider it appropriate to charge depreciation in respect of Heritage Assets since these are deemed to have indeterminate lives.

Assets in the course of construction are not depreciated or revalued.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset and is recognized in the Statement of Financial Activities.

e) Impairment of fixed assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. The impairment loss is recognized in the Statement of Financial Activities. Minor maintenance works are not considered to impair the value of the asset.

f) Biological Assets

Biological assets (farm animals) are measured on initial recognition and at each balance sheet date at their market value, except in limited circumstances. This takes into account animal births and deaths in the year and is recognized as other gains/losses in the Statement of Financial Activities

22

CHILTERN OPEN AIR MUSEUM LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2022

Fixed asset investments are initially measured at transaction price excluding transaction costs and are subsequently measured at fair value at each reporting date. Changes in fair value are recognized in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

A subsidiary is an entity controlled by the charitable company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

h) Stock

Stock represents shop stocks at the lower of cost and net realizable value after making due allowances for obsolete and slow-moving stocks.

i) Debtors and creditors receivable / payable within one year Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognized in expenditure.

j) Pensions

The charitable company offers a stakeholder pension scheme to all employees. To date no members of staff have joined the scheme. The charitable company does not offer contributions to the scheme.

The charitable company also operates a defined contribution pension scheme on behalf of its employees. The assets of the schemes are held separately from those of the Charity in independently administered funds. The annual contributions paid to both schemes are charged against income in the year to which they relate.

k) Operating lease agreements

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against income on a straight-line basis over the period of the lease.

The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes.

m) Going concern

The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.

2. INCOME FROM DONATIONS AND LEGACIES

Donations & Gifts
Other Grants		 Unrestricted
Funds
Restricted
Funds
Total Funds
2022
Unrestricted
Funds
Restricted
Funds
Total Funds
2021
£
£
£
£
£
£
179,483
62,826
242,309
73,448
55,704
129,152
65,680
29,047
94,727
137,813
375,717
513,530
245,163
91,873
337,036
211,261
431,421
642,682

The donations shown as restricted funds above are for the purposes set out in note 19.

23

CHILTERN OPEN AIR MUSEUM LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2022

3. INCOME FROM CHARITABLE ACTIVITIES

Public admissions
Educational services		 Unrestricted
Restricted
Total Funds
Unrestricted
Restricted
Total Funds
Funds
Funds
2022
Funds
Funds
2021
£
£
£
£
£
£
158,723
-
158,723
75,307
(786)
74,521
59,824
(4101)
55,723
87,859
150
88,009
218,547
(4,101)
214,446
163,166
(636)
162,530

For Chiltern Open Air Museum Limited (COAM):

4310 - Special Event Income Transferred from "Educational services" to "Public admissions" by restating 2021: £286.

4. INCOME FROM OTHER TRADING ACTIVITIES

Income of trading subsidiary
Site access and other income		 Unrestricted
Restricted
Total
Funds
Unrestricted
Restricted
Total
Funds
Funds
Funds
2022
Funds
Funds
2021
£
£
£
£
£
£
123,754
-
123,754
50,596
-
50,596
94,885
1,941
96,826
106,625
250
106,875
218,639
1,941
220,580
157,221
250
157,471

5. INCOME FROM INVESTMENTS

Interest receivable Unrestricted
Restricted
Total Funds
Unrestricted
Restricted
Total Funds
Funds
Funds
2022
Funds
Funds
2021
£
£
£
£
£
£
213
-
213
855
-
855
213
-
213
855
-
855

6. EXPENDITURE

Costs of trading subsidiary
Building preservation & interpretation
Educational service
Publicity		 Staff
Site & Exhibit
Marketing
Other
Total
Total
costs
Costs
costs
2022
2021
£
£
£
£
£
£
32,588
-
-
50,002 82,590
45,143
261,317
176,626
-
88,425
526,368
603,863
21,324
45,437
-
- 66,761
69,673
-
-
7,828
- 7,828
5,382
315,229
222,063
7,828
138,427
683,547
724,061

In 2022 £506,904 (2021: £466,134) of the above costs were attributable to unrestricted funds and £176,643 (2021: £257,927) of the above costs were attributable to restricted funds.

24

CHILTERN OPEN AIR MUSEUM LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2022

7. NET MOVEMENT IN FUNDS

The excess of income over expenditure for the charitable company is stated after charging:

Depreciation
Impairment charge
Trustees' expenses
Auditors' fees: Audit
Other Services
8.
STAFF REMUNERATION
Wages and salaries
Sub-contracted staff
Social Security costs
Pension costs
 2022
£
12,511
(20,300)
-
8,578
3,023		 2021
£
10,820
11,450
-
8,428
2,190
2022
£
282,836

3,810
21,831
6,752

315,229		 2021
£
266,196
2,505
24,449
7,593
300,743

No employee including the Director was paid at a rate in excess of £60,000 per annum. The average monthly number of employees for the Museum during the year was 24 and 13.5 full time equivalent (2021: 19 and 16).

There is a pool of around 30 casual staff on zero hours contracts who are not included in employee numbers. In the year ended 31 January 2022 expenses were reimbursed to none (2021: None) for costs incurred on behalf of the charity totalling £0 (2021: £0).

The key management personnel of the charitable company comprise the Board of Management and the Museum Director. The key management personnel of the trading subsidiary company comprise its Board of Management and the Museum Director. The Trustees do not consider it appropriate to disclose any individual’s salary for the purposes of these accounts.

9. TANGIBLE FIXED ASSETS – GROUP AND CHARITABLE COMPANY

Cost or valuation
At 1 February 2021
Additions
Disposals
Revaluations
At 31 January 2022
Depreciation
At 1 February 2021
Charge for the year
Disposals
At 31 January 2022
Net Book Value
At 31 January 2022
At 31 January 2021		 Administrative
Buildings &
Museum Exhibits
Plant and
Equipment
Catering
Equipment
Total
£
£
£
£
1,176,300
105,485
21,587
1,303,372
-
24,589
-
24,589
-
-
-
-
-
1,176,300
130,074
21,587
1,327,961
-
70,596
18,613
89,209
-
10,633
1,048
11,681
-
-
-
-
-
81,229
19,661
100,890
1,176,300
48,845
1,926
1,227,071
1,176,300
34,889
2,974
1,214,163

25

CHILTERN OPEN AIR MUSEUM LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2022

Administrative buildings include the following:

Stores
Two general purpose huts
Administrative Office Building (Astleham)
Mid-site Toilets
Blythe Road pavilion
Toilet facilities (Caversham & Haversham)
Dutch Barn		 2022
2021
31,500
31,500
-
-
598,500
598,500
189,000
189,000
148,500
148,500
182,700
182,700
26,100
26,100
1,176,300
1,176,300

The Astleham Manor Cottages and the Blythe Road Pavilion, which are both Museum exhibits, are also used as administrative buildings. The Astleham Manor Cottages serve as the charitable company’s administrative centre and house the centralised security system. The Blythe Road Pavilion has been converted to serve as the Museum’s main entrance facility and house the shop.

In previous accounts the value of the administrative and exhibit buildings were based on a valuation carried out many years ago, depreciated annually. In March 2021, a new valuation was prepared by Sedgwick International UK in accordance with the guidance set by the Royal Institution of Chartered Surveyors for insurance purposes and reinstatement costs were provided as part of this assessment. The revised value of administrative and exhibit buildings for these accounts, therefore, substantially relates to the reconstruction of buildings and structures on site and to their refurbishment based on this valuation. These asset valuations will be reviewed in line with insurance valuations, which are due to be carried out at 5-year intervals.

Additionally administrative and exhibit buildings will no longer be depreciated but will be subject to impairment reviews should the condition of assets indicate that it is appropriate to do so.

The Board of Management reviewed the useful economic life and the expected residual value of the buildings included in fixed assets, some of which are exhibit buildings as well as being used for administrative purposes. The Board decided that the buildings which are also exhibits should not be depreciated as the policy of regular repair and maintenance means that any charge for depreciation on these buildings would not be material.

10. HERITAGE ASSETS – GROUP AND CHARITABLE COMPANY

Cost or valuation
At 1 February 2021
Additions
Disposals
Revaluations
At 31 January 2022
Depreciation
At 1 February 2021
Charge for the year
Disposals
At 31 January 2022
Net Book Value
At 31 January 2022
At 31 January 2021		 Heritage
Buildings
Heritage
Artefacts
Total
£
£
£
2,226,538
45,701
2,272,239
-
-
-
-
-
-
-
-
-
2,226,538
45,701
2,272,239
36,800
-
36,800
(20,300)
-
(20,300)
-
-
-
16,500
-
16,500
2,210,038
45,701
2,255,739
2,189,738
45,701
2,235,439

26

CHILTERN OPEN AIR MUSEUM LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2022

In previous accounts the values of the exhibit buildings and artefacts were based on a valuation carried out by a Fellow of the Institute of Civil Engineers many years ago, amended annually to reflect adjustments for inflation and the cost of any additions and improvements. In March 2021, a new valuation was prepared by Sedgwick International UK in accordance with the guidance set by the Royal Institution of Chartered Surveyors for insurance purposes and reinstatement costs were provided as part of this assessment. The revised value of heritage buildings and assets for these accounts, therefore, substantially relates to the reconstruction of buildings and structures on site and to their refurbishment based on this valuation. These asset valuations will be reviewed in line with insurance valuations, which are due to be carried out at 5-year intervals.

Heritage Buildings and Artefacts are not depreciated but are subject to impairment reviews should the condition of assets indicate that it is appropriate to do so.

Buildings
Amersham Prefab
Arborfield Barn
Borehamwood
Buildings in Store
Didcot Cart Shed
Elliott's Furniture Factory
Garston Forge
Glory Mill Storage Building
Gorhambury Cartshed
Haddenham Cottage
Henley Garage
Henton Chapel
Hill Farm Barn
Iron Age House
Jackson's Studio
Jenners Pavilion
Leagrave Cottages
Marsworth Buildings
Northolt Barn
Other Miscellaneous Buildings
Rossway Granary
Shepherds Hut
Skippings Farm Barn
Thame Vicarage Room
Toll House
Well Head Gear
Wing Granary
ARTEFACTS
Henton
Rack Saw
Furniture and artefacts in Toll House
Vicarage Room Artefacts
Prefab artefacts
Leagrave artefacts
The Chesham Collection
Other items		 2022
2021
£
£
71,100
71,100
81,000
81,000
41,400
41,400
72,130
72,130
58,500
58,500
164,700
164,700
39,600
39,600
98,100
98,100
27,000
27,000
112,500
112,500
4,500
4,500
26,100
26,100
184,500
184,500
90,000
90,000
25,008
25,008
19,800
19,800
144,000
144,000
108,000
108,000
135,000
135,000
298,201 279,700
6,600
6,600
9,000
9,000
158,400
158,400
113,400
112,400
102,600
101,800
7,200
7,200
11,700
11,700
1,352
1,352
437
437
5,248
5,248
1,431
1,431
2,382
2,382
7,462
7,462
6,937
6,937
20,452
20,452
2,255,739
2,235,439

27

CHILTERN OPEN AIR MUSEUM LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2022

11. BIOLOGICAL ASSETS – GROUP AND CHARITABLE COMPANY

Cost or valuation
At 01 February 2021
Additions
Disposals
Revaluation
At 31 January 2022
Impairment
At 01 February 2021
Charge for the year
Disposals
At 31 January 2022
Net Book Value
At 31 January 2022
At 31 January 2021		 Biological Assets
Total
£
£
3,220
3,220
-
-
-
-
(830)
(830)
2,390
2,390
-
-
-
-
-
-
-
-
2,390
2,390
3,220
3,220

Additions/disposals/revaluations reflect changes in animal numbers due to births and deaths and changes in value to reflect current market values and this is shown as other expenditure on the Statement of Financial Activities.

12. FIXED ASSET INVESTMENTS

The investment represents the cost of a 100% holding in Chiltern Open Air Museum Enterprises Limited, an unlisted company which operates the catering and gift sales facilities at the Museum. The turnover of the company during the year ended 31 January 2022 was £123,754 (2021: £50,596), generating a profit of £41,164 (2021: £5,453) before gift aid donations to Chiltern Open Air Museum of £40,000 (2021: £16,520). The total capital and reserves of the subsidiary company at 31 January 2022 were £11,102 (2021: £9,938).

13. STOCKS

Stock represents shop stocks held in the subsidiary company. These are held at the lower of cost and net realizable value after making due allowances for obsolete and slow-moving stocks. Stock values were £8,660 in 2022 and £13,293 in 2021.

14. DEBTORS AND PREPAYMENTS: AMOUNTS DUE WITHIN ONE YEAR

Trade debtors
Other taxes and social security
Prepayments and other debtors		 Group
Company
Group
Company
2022
2022
2021
2021
£
£
£
£
443
-
600
600
1,511
1,511
1,324
-
102,492
102,492
1,048
1,048
104,446
104,003
2,972
1,648

28

CHILTERN OPEN AIR MUSEUM LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2022

15. CREDITORS: Amounts falling due within one year

Trade creditors
Advance from customers
Other creditors
Amount due to group undertakings
Accrual and deferred income
Other taxes and social security		 Group
Company
Group
Company
2022
2022
2021
2021
£
£
£
£
22,236
20,762
41,688
38,158
4,930
4,930
48,250
-
6,139
2,104
-
47,092
-
11,465
31,611
27,203
20,642
6,641
7,467
5,972
8,830
8,830
114,494
105,959
77,299
67,198

16. SHARE CAPITAL

The charitable company is a company limited by guarantee and therefore has no share capital. Each member’s guarantee is limited to £1 whilst they are a member and for one year after ceasing to be a member. At 31 January 2022 there were 25 members (2021: 34).

17. UNRESTRICTED FUNDS

Designated Funds – Funds set aside by the Museum Board of Trustees for the security of the Museum including the possible need to purchase the freehold of the land depending on the outcome of the current negotiations with the landlord Comer Homes.

29

CHILTERN OPEN AIR MUSEUM LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2022

18. MOVEMENT IN FUNDS
Group
Restricted Funds
Astleham Manor Garden
Buildings Mainteanance fund
Farm equipment
Glory Mill Roof
Heritage Lottery funds
Kop Hill Climb fund
Leagrave Re-Thatching
Marwood Yard
Other Restricted funds
FCOAM
Support for Fundraising
Education Digital Transformation
ACE Inhabited Houses
ACE Cultural Recovery Funding
HLF Emergency Fund
Accompanied Walks and Social Prescribing
Designated Funds
Designated funds - company and group
Unrestricted General Funds
General - Charitable Company
Profit & Loss Account - Subsidiary
Revaluation reserve - Charitable Company
General Funds
Total Funds		 Balance at 31
Income
Expenditure
Transfers
Balance at 31
Jan-21
Jan-22
£
£
£
£
£
2,309
-
-
-
2,309
38,102
-
(8,198)
-
29,904
28,705
546
(2,380)
-
26,871
8,638
-
(8,638)
-
-
2,372
-
(2,372)
-
-
6,569
-
(6,569)
-
-
5,449
-
-
-
5,449
12,138
-
-
-
12,138
63,776
70,342
(5,546)
-
128,572
9,873
2,628
(3,842)
-
8,659
3,670
-
(3,670)
-
-
12,682
-
(5,141)
-
7,541
9,250
750
-
-
10,000
110,735
6,447
(117,182)
-
-
-
-
-
-
-
11,427
9,000
(13,105)
-
7,322
325,694
89,713
(176,643)
-
238,764





472,534
13,448
(5,027)
-
480,955
472,534
13,448
(5,027)
-
480,955





98,822
545,360
(419,287)
40,000
264,895
9,938
123,754
(82,590)
(40,000)
11,102
3,322,491
-
-
-
3,322,491
3,431,251
669,114
(501,877)
-
3,598,488
4,229,479
772,275
(683,547)
-
4,318,207

30

CHILTERN OPEN AIR MUSEUM LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2022

Company
Restricted Funds
Astleham Manor Garden
Buildings Mainteanance fund
Farm equipment
Glory Mill Roof
Heritage Lottery funds
Kop Hill Climb fund
Leagrave Re-Thatching
Marwood Yard
Other Restricted funds
FCOAM
Support for Fundraising
Education Digital Transformation
ACE Inhabited Houses
ACE Cultural Recovery Funding
HLF Emergency Fund
Accompanied Walks and Social Prescribing
Designated Funds
Designated Funds
Unrestricted General Funds
General - Charitable Company
Revaluation reserve - Charitable Company
General Funds
Total Funds		 Balance at
31
Income
Expenditure
Transfers
Balance at
31
Jan-21
Jan-22
£
£
£
£
£
2,309
-
-
-
2,309
38,102
-
(8,198)
-
29,904
28,705
546
(2,380)
-
26,871
8,638
-
(8,638)
-
-
2,372
-
(2,372)
-
-
6,569
-
(6,569)
-
-
5,449
-
-
-
5,449
12,138
-
-
-
12,138
63,776
70,342
(5,546)
-
128,572
9,873
2,628
(3,842)
-
8,659
3,670
(3,670)
-
-
12,682
(5,141)
-
7,541
9,250
750
-
-
10,000
110,735
6,447
(117,182)
-
-
-
-
-
-
-
11,427
9,000
(13,105)
-
7,322
325,694
89,713
(176,643)
-
238,764
472,534
13,448
(5,027)
-
480,955
472,534
13,448
(5,027)
-
480,955
97,942 585,360
(419,287)
-
264,015
3,322,491
-
-
3,322,491
3,420,433 585,360
(419,287)
-
3,586,506
4,218,661 688,521
(600,957)
-
4,306,225

Astleham Manor Garden – Creation of an early 20th Century style garden around Astleham Manor Cottage.

Building Maintenance Fund - Fund for maintenance of Building premises.

Farm Equipment– Fund for vehicles and other equipment required by the farm.

Glory Mill Roof – Funds to support repairs to roof of Glory Mill.

Heritage Lottery Funds include funding for:

Heritage Lottery Fund ‘Heritage Baton’ – funding the training and development of interns to aid their future employability in the Heritage sector. This fund is in deficit reflecting the museum’s contribution to the project.

Heritage funding for WWI Nissen Hut – funding to erect and interpret WWI Nissen hut Kop Hill Climb Fund – fund for developing outdoor learning activities.

Kop Hill Climb Fund - Fund for developing outdoor learning activities.

Thatching Repair – Fund to support rethatching of Leagrave Cottages.

Marwood Yard – Victorian light industrial yard project re-erecting dismantled industrial buildings and a wychert cottage from Haddenham.

31

CHILTERN OPEN AIR MUSEUM LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2022

FCOAM - Funds for Farm Workshop Repair and telephone system upgrade from Friends of Chiltern Open Air Museum.

Support for Fundraising - COVID Recovery Funding from private family Trust: Salary for Fundraiser

Education Digital Transformation - Education digital transformation project funded by Heart of Bucks and Horn Hill Trust

ACE Inhabited Houses - ACE funding to help provide costumed interpretation in Museum Buildings

ACE Cultural Recovery Funding - Government COVID Recovery Funding

HLF Emergency Fund - Government COVID Recovery Funding

Accompanied Walks and Social Prescribing - Funding to provide Accompanied Walks around the museum and Social prescribing

Other Restricted Funds include – various funds to improve the museum’s site, interpretation and education.

19. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Group
Restricted funds
Designated reserves
General & unrestricted funds
Revaluation reserve
Tangible
Fixed assets
£
Restricted funds
-
Designated reserves
-
General & unrestricted funds
160,784
Revaluation reserve
3,322,491
3,483,275		 Tangible
Fixed assets
Net Current
assets
Total
£
£
£
-
238,764
238,764
-
480,955
480,955
162,709
113,288
275,997
3,322,491
-
3,322,491
3,485,200
833,007
4,318,207

Current
assets/ (liabilities)
Investments
Total

£
£
£

238,764
-
238,764

480,955
-
480,955

103,228
2
264,014

-
-
3,322,491

822,947
2
4,306,224

20. RELATED PARTIES

In the year ended 31 January 2022 Chiltern Open Air Museum Enterprises Limited, the trading subsidiary of the Charity, made Gift Aid donations of £40,000 (2021: £16,520). This amount has been eliminated in these financial statements on the basis they are a consolidation of the 2 entities.

As at 31 January 2022, a net balance of £47,092 was due to Chiltern Open Air Museum Enterprises Limited (2021: £11,465 due from Chiltern Open Air Museum Enterprises Limited).

In the year ended 31 January 2022 3 Trustees (2021: 3 Trustees) made donations totalling £3,800 (2021: £5,670).

32

CHILTERN OPEN AIR MUSEUM LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2022

21. OPERATING LEASE COMMITMENTS

At 31 January 2022 the charitable company had commitments under non-cancellable operating leases of:

2022 2021
£ £
Commitment on leases expiring within
1 year 4,776 3,312
2-5 years 3,136 3,520
7,912 6,832

The Trustees are aware that the Landlord is committed to transferring the freehold of the site to the Charity as part of their planning obligations for the redevelopment of Newland Park under section 106 of the Town and Country Planning Act 1990. No rent is currently being paid but an accrual for rent owed is included in the operating lease commitments above.

22. CAPITAL COMMITMENTS AND CONTINGENT LIABILITIES

There were no capital commitments or contingent liabilities at 31 January 2022 (2021: £Nil).

23. PENSIONS

The Charity offers a stakeholder pension scheme to all employees. To date no members of staff have joined the scheme.

The Charity also operates a defined contribution pension scheme on behalf of its employees. The assets of the scheme are held separately from those of the Charity. At 31 January 2022 there were outstanding contributions of £1,287 (2021: £1,421).

24. RECONCILIATION OF NET MOVEMENT IN FUNDS

Net movement in funds
Adjustments for:
Depreciation
Impairment
Investment income
Gain/(loss) on investments
Profit / (loss) on disposal of tangible fixed assets
Movement in stock
Decrease/(increase) in trade and other receivables
Increase/(decrease) in trade and other payables
Net cash from operating activities		 2022
£
88,728
12,511
(20,300)
(213)
-
4,633
(101,474)
37,195
21,080		 2021
£
2,250,247
10,820
11,450
(855)
(2,010,770)
-
(2,726)
76,345
(46,978)
287,533

33