Charity registration number 272381 Company reglstration num1 01279396 IEngland and Wales) CHILTERN OPEN-AIR MUSEUM LIMITED ANNUAL REPORT AND GROUP FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023
CHILTERN OPEN-AIR MUSEUM LIMITED LEGAL AND ADMINISTRATIVE INFORMATION Trnstees V K S Clark (Chairman) N R Goulder R J Levine A L Martin P Phillip$ C Whipp L V CannoTTr SJESalem C Claxton-slevens J Mulholland S Fitzpatrick C Walsh (Appointed 20 March 20231 (Appointed 20 March 20231 {Resigned 31 O¢tober 20221 {Resigned 31 October 20221 (Resigned 31 October 20221 (Resigned 31 October 20221 Secretary VKSClark Charity number 272381 Company numbgr 01279396 Patron$ LionelAnthony Esq. Countess Howe Erits Knowlc- Registered office Newland Park Gorelands Lane Chalfonl Sl Giles Buckinghamshire HP8 4AB Auditor Azets Audit Services Suite5 B & D Bumham Yard Beaconsfield Buckinohamshire HP9 2JH Bankers Barclays Bank plc CAF Bank COIF Chaiity Fund
CHILTERN OPEN-AIR MUSEUM LIMITED CONTENTS Pag* Chairman's statement Trustees. report Slalement of trustee5' responsibilEties Indepenrlent audilorfs ieport 10-12 Slalemenl of financial activities 13 Balance sheet 14 Slalemenl of c8sh flows 15 Noles to th$ finan¢ial statements 16-30
CHILTERN OPEN-AIR MUSEUM LIMITED CHAIRMAN'S STATEMENT FOR THE YEAR ENDED 31 JANUARY 2023 Ov•NIow This report is lo prode a summary of the Museum's acliwlies and achievements for the twelve morrths up to 31$1 January 2023. The report also reports on irnportant events after the year end 2nd outlines plans ahead. Tho Mu6¢vm s¢)von in 2022 wa- 't- firt lull op¢rating p¢riod after thtr pafidcmio with thc r¢introdu¢tion cf rcgular events combined with the return of school visits in greater numbers, with 8,147 children, compared 5,730 in 202112. Museum visitor numbers are reported as 32,688 compared to 25,291 in 202112, an excellent 29ty10 9rowth despite the hottest summer on record for some years whi¢h we believe impa¢ted adversely on Vsitor number5. The pattèrn of tspèning ol only four days a week outside Buckinghamshire School holidays and seven days a week duiing the Easter and summer holidays and summer and aL*tumn half terms ha5 continued, since the pandemic. The Museum reported a defiat before depreciation of £45,775 la deficit of £80,489 aftèr Depreciation), whilst OUT Enterprises ietail subsidiary m8de an overall loss of £3.041. This was attbuted rn0511y lo the higher staff costs of ¢alering with both the lea room and the snack bam open In the school holidays. A review of sile catering to improve quality and perfomiance was successfully implemented in time lor the 2023124 Season. The Museum retail shop (Blythe Road) had a change of manager, who slarted in March 2022. Museum in¢ome w88 3$ vsual made up of uisilor inwme, personal donations, gian15. 5UPPOrt from the Friends of the Museum, education, filming contracts and legacAes. Buildingsl Site The Buildings team was le(1 by John Hydè Trutch until he rètirèd in April 2022 after more than forty years woikn'ng al the Museum and Luciu5 Ford has ni)w stepped up to take that position. I want to thank John for the enormous Gonlribution he made to ltte Mu5eutn. MuGh of the last year was 5peni cleailng the rear of the srte beyond Ihe PUDIIC areas, but work also continued on building maintenance and the completion ol a building. The Bledlow C8ttle Shelter has been a long rebuild and re-erection project foi Ihe Suriday volunteer team during the pandemic and was completed in earfy 2023 and is now in operational use by the fami volunteers. The new robust outdoor learning structure was erected in summer 2022 in the Upper Meso area. bul awaits thatching which will take place in 2 years, time once the thatching rnalerial has been soijrcèd 8nd the Ihalcher is available. This was funded by the Rothschild Foundation. Meanwhile the slrueture is usable, however with a tarpaulin as 8 roof covering. It has been identffied that significant work lincluding repairs to the brickwork and mortar) n8eds to be carried out on the Toll House, which has been Closed lo the public for the 2023 summer season lo allow volunteers to tackle it. For the E5tale team lambing took place in spring 2022 with a fine crop of larnbs which were 501d lo a local farmèr. The lambing fold has had to be rebuilt Wbth grant funding and has been relocated in the arable field ready for 2023. There was a continuation of hedgelaying along the boLJndary between Skippings and Grays fields and the rtrplacement of fèncing continuès unabated, as wèll as mowing and hedge Cutting arTrd keepin9 P8lhs open. We have also been assisted by outside volunteer groups who h8ve come lo hedgelay and clear the hidden meadow. Avian Bird Flu has continued to be a Iirlliting lactor for much of the year. The Museum has not escaped unscathed from the national and welkreported concern about ash dieback and the estate team has been undertaking a lol ol work in the woodland areas of the site and education areas lo make trees safe or felling them. We expect this work to continue for a number of years. The Museum gardens continue to be well-tended and enjoyed by visitors and volunteers alike.
CHILTERN OPEN-AIR MUSEUM LIMITED CHAIRMAN'S STATEMENT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY2023 Wi8ltor S*rvi¢e$ The season opened with a Living History Festival in April and the retuming reonactment groups were pleased lo be back in costume. Gladiators came at the end of May and the subseqL5ent celebrations lor the Queen's Platinum Jubilcc wcrc 1950 In pCDO with VIlting Toyalty look£Jlikc- & tc& pthrty for TCTh¥idcnt- from two local carc homca and dancing and singing outside in the sunshine. In the summer we had an evening of opera and were Èntertained by the various musical contribulions by the Bucks Music Tiusl in July and a vèry successful two-day ¢lassic vehicle show. August weekends weie full of wartike Vikings. Wellingtons Army. VVW1 Re-enaclots and jousting all in the baking Sun. Autumn brought Rural LifelHarvesl and Wild aboLJt Wool followed by a very well supported tradition81 Christmas event in èarfy December. Thère was again an evening ol carnpfire stories from a nijmber ol cultural and minority comrnunilies in Buckingh8rnshife. The planned Halloween evening event was withdrawn owing lo external issues which impacted on the anlicipaled visitor income. The staff redesigned il as a daytime only event and the Museum ran it for three days over the weekend. The social prescribing 8nd awmpanied walks prograrnrne has continued lo develop with 290 visrtors in this season (up frorn 116 in 2021121. The e5COrts are an ever expanding nurnber of volunteers frorn varied backgrounds within Ihe Museum, which gives (he visitor a unique insight into the Museum during their visrt. The programme has boen supported financially by various local trusts over 3 years. It is being expanded to indude young adUS with autism involving schools and other community groups. The Museum was very proud lo receive the NalionalAward for Best Local Social Precribing P¥oiecl in eady 2022. The new playground, buill in the early summer and opened in August 2022, has engendered very good leedback. The Houses Inhabited project coTrlinues with costume making by a number of volunteers on site during opening hours and other volunteers wearing the costumes in the houses. Filming and Weddrngs A lew weddings took place in the 2022 summer. It has been decided going forward that smaller daytme gatherings are more suited to the site. Horiiblè Historie5 retumed in the summèr and filming of a historical dram8 took place over seven day5 in November, both of which provided some much needed revenue. The lattei a150 alloweLt a huge maiquee to be Ltsed for the Christrnas weekend. Edu¢ation More schools have relurried lo the site. However. we have suffered occasional Short notice cancellations in the afterrnalh of Coirid. Rising fuel and coach costs and the cost of living squeeze on schools and parenls are having an adverse impact on visits. There have also been a number of personnel changes in the Education team ¥thi¢h has led to a restriction on the number of workshops being delivered concurrenuy. Once there is a full-time permaneDI member of stsff leading the team the programme Can be expanded. Terrifie Tuesdays contlnue lo entertain chlldren, grandparents and parents throughout the hollday pèriods. They cleady attract higher visitor numbers than ordinary weekdays. These have been splendidly supported all year by the Dactsrum Pott$rs Guild, who hava regulady proviised an adivity lor th¢ childrèn. Adult Edu¢ation was back in the diary and induded willow weaving, baking, bla¢ksmilhing and straw plaiting. Fundraising The Museum Fundraiser has continued to source grants and funds to continue the social prescribing work and Msils lo the Museum, as well as for capital items. We are very grateful to the following trusts for their support this financial year." the King I Cullitnvre Chaiilable Trust. Horn Hill Village Trust, National Lottery Community Foundation, Heart ot Buck5 and DEFRA. Many indivadual private donations and support of varying amounts were recewed duTin9 the year. LegacAes received in the year were £121,50012022 - £111,000).
CHILTERN OPEN-AIR MUSEUM LIMITED CHAIRMAN'S STATEMENT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY2023 Marketing We continue to use social media and other fom)s of advertising to attract audiences. Vi*itnr niimhg.rg wg.rp. rp.A.4nnahlA hA.rt nn thp niimhp.r nf npgning Althniioh rJp.Arfy il h9.rm9 trkl hnt in thp. summer months lor people lo visit. More than four hundred dogs visited in 2022. Communication with the volunteers at)d Museum community was undertaken Ihrough Instsgram. Twitter, Facebook and regular emails giving updates lo engage people's interest. Interprelalion around that sile has been receiving attention and it has been improved lo provide a more cOrdinated presentation style. Future Plans and Aims A Strategic review of the Museum for the next ten years ha5 been launched aimed al.. Improving financi31 resilience,. Developing visitor offer., Learning Programme recovèry and development", New Site development plan., and. Improve environmental suslainabilty. Chairman's summary The Board has mel bi-monthly in person and on zoom over the last year. Four Iruslee5 have Stepped down in the last e1ve months and a recruitment drive is underway to attract new people. To date, tsyo have been appointed to the Board, and we hope that another two will have been coopted and join al Ihe AGM. l arn pleased to say that the transfer of the freehold of the sile has tsken pla in April 2023 wi¢h the gifting of a further tr40 acres of land, alongside the grant ol a 10 year lease on the laiger part of Greys Field. The unparalleled support from many local people and entities to finalise the transfer of the freehold ha5 been hugely appreciated. We are now unde¥going 8 stialegic consullanty period to look at defining the course of the Museum for thtr next ten yeais and beyond. in conjundioll with some consultants. Financial slabilily 1$ key to the ongoing security of the Museurn, now that the sile is secure. This consultation is involwng stskeholders. Staff. Iruslees, volunteers. Vlsltors and non-visilor5. 1 am sure this will lead to a very exciting future ahead and many new opportunities, The Museum had its Museum ACcdatiOn reconfimed in May 2022, which was a lot of hard work for many staff. May I lake this opportunity lo thank very Sincerely my fellow ttuslèes. Museum staff, volunteers, education interpreters and 5UPPOrters who remain loyal through difficult and uncertain lirnes and have contributed so much over the last few years. We certainly would not be where we are bul for you all. l am looking forward lo 2023124 and beyond and a deffined strategic direction with Ihe focus on a sustainable operating model. VKSClark Chairnian Date..
CHILTERN OPEN-AIR MUSEUM LIMITED TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 JANUARY 2023 The Injstees present thèir arinual ieport and grtrup financial slalemenls for the year ended 31 J8nu8ry 2023. The financial statements have been prepared in accordance with the accounting policies set oui in note 1 to the financial statements and comply with the charity's Memorandum and Articles of Association, the Companies Act 2006 and "Accounting and Reporting fly Gttarities.. btatement of Recommended Practice applicable to charities preparing their accounts in accordan with the Finanaal Reporting Standard applicable in the UK and RpbE1C of Ireland IFRS 1021" (effective 7 January 2019}. Objectlves and activities The Chillern Open Air Museurn's vision, mission and strategic objectives reflect the full 5ignrficance of the Museum and it5 collection5. which are rooted in its Chillern identity. The Museurn grew out of pressure in the 1970s within the Chiltern Society to ensure that the culture. traditions and heritage of the Chilterns were preserved. Over forty yeaTS on, the Musèum has accumulated a wide range ol material buildings and artel8¢ts - that hold stories attesting lo the national and intemalional significance of the Chillein5 both historically and today. The objecls of Ihe charitable company, are.. 1. to establish and maintain museumlsl andlor archivelsl lor the benefit of the public, and in pursuit ol that object." collect and pSerVe artefacts and archives including historic buildings, structures and parts thereof that are of architectural and historic interest, relating to the ChiKems and surrounding afea to a pvblished poli¢y". manage, document. conserve and safeguard the Museum collections and holdings 10 appropriate professional standards", È%hilJil. inlprprèl and prtswd& atcÈ8s to thp Mijspum colloction8 and holding8, research, promote and publish studies of the Chiherns and $urrounding area, including rts vemacular buildings and building lechnique5'. rese8r¢h, manage and prestrrve the skills. crafts, traditions and social history of the Chillern5', 2. to advance education by pioviding engaging expenences and learning gPPOrtunilies lor the public, telling the history of the Ghillem5 Ihiough the historic buildings. Chillems landscape5 and the people of the area. The Museurn's rnis5ion statement IS.. To tell the story of the unique heritage of the Chilterns through buildings, landscapes and culture for the enjoymernl, inspiration and learnin9 of piesent and future communities. And the Museum operates Wbth the following values.. Learning. Preservation and InspiratK)n. To deliver these objecb'ves, mission and values, the Chillern Open Air Museum employed staff and volunteers during the year in support of the charitable mission to operate an open air museum and tell the story of the heritage of the Chillerns. Staff worked aCfOS$ 3 wid6 r8nge of a¢tivilies indudtng visitor seNices, Interptation. curating the gllections, 5¢hool vis118, adult education and special events. Frlènds of the Chlltèm Open Alr Musoum The Friends of the Chiltern Open Air Museum is a separate charity which supports the Museum by fundraisin9 and in other ways. The Museum remains very grateftil lo the Friends of the Chillern Open Air Museum for its unstinting efforts lo support and promote the Museum. Public benefit The trustees have paid due regard lo 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 guidance, the Chairman's Statement outlines details of visitor numbers, publicity and general access lo the collection of thirty- seven vernacular historic buildings that have been saved for the public and future generations. In addrtion, the Chairman's Statement also outlines the wide ranging activities carried out by the Museum and through our volunteer schemes. The Trustees ol the Museum have given careful consideration to the accessibility of the Museum. lo serve all members ol the community including those on low incomes or fr)r whom access to our site may be problernalic. The Museum seèks funding on a regular basis to subsidise admission lees for groups who would otherwise find it diffi¢ull lo visiL
CHILTERN OPEN-AIR MUSEUM LIMITED TRUSTEES, REPORT {INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JANUARY2023 Achlèvèm•nts and pèrformancè Financial review A detailed review for the year can be found on the Sialernenl of Financial Activities and the related notes, as the Charity re-opened from the Covkd pandemic. The Group's total funds decreased by £83,530 during the year ended 3151 January 2023, compared with an increase of £88.728 the previous year. Year-on-year income growth of £130,478 was offset by increased expenditure of £302,736 rnainly duè lo inGièased slaff costs las a result ol statutory and non-statutory pay increasesl, irrectsverable VAT and professional fees. The general unrestricted funds of the group decreased from £275,116 to £187,920. a decrease of £87,196, exdursing the revaluation reserve and the designated funds. The revaluation reserve remains at £3,322,491. Designated funds increasèd by £3,866 to £484,821. The unrestricted funds of the group (including the revaluation reSee 8nd designaled fundsl are represented by £1,216.319 of fixed assets. £2,238,739 of heritage assets and £540.174 of net current a55ets. Restricted funds decreased by £200 to £238,586. The Board will continue to follow a praclice Ihal all major new projects must be pre-financed by grants, awards andlor speafic donations. The group seeks to achieve a level of flee ie5erves which would ¢ovei 811 liabilities. induding the potential cost of winding up the group il such circumstances were applicable. The trustees believe that an adequate level of free reserves is beeen £100.000 and £150.(X)O. The trustees continue to work with the staff and funding bodies to build free resetves by imDrowng the Drofitabilitv of the srte with resilient and Profitable income streams. Plans for the use of designated funds are govemed by the plans for the Museum. Other factor5 such as the volume of work and limitations imposed by the resources available al the lime will influence the schedule of expenditure being incurred on particular projects. Restricted funds are employed on speafic projects. Please refer to note 15 for details of the various restricted funds. Investmènt Strategy 11 is the policy of the trustees to use any surplus funds for the advancement ol the group's objectwes. Our investment strategy Is very ¢onservative and surplus monies are placed in easily accessible high interest deposit accounts with COIF Charities Investment Fund and thé Charititrs Aid Foundation bank ICAF Bank). No stock exchange investments are maintained. The Board meW$ the Museum's investment policy on a periodic basis. Rlsk Managemènt The Board is awarè of ils responsibilities. With the assistance of the Museum Director, the paid staff and Pfofessional adwsers, the Boaid continues to monitor the major risks to which the Museum is, or may be. exposed. Any current matters are bToughl lo the notice of the Board of Management at its bi-monthly meetings, unless it is deerned of such irnportance that all Iru51ees should be alerted by elèctronic means in a mtsre timely npnnÈr. The Museum Director 2nd th8 Trustees have constructed a Risk Matrix for thè Museum's operations. Our Peoplè managed.. Processe5- inadequate or failed interrial proces89S", Systems- inadequalely designed or m8intaFned systèms., and. Assets- risks of darnage, misappropriation or theft of the Museum's tangible and intsngible assets. risks arisiny from an inappropriate level of stafflvolunteers inadequately skilled, trained or External risk is defined as the risks affecting the Museum in the following four m8in areas". Economic-risk of recession or adverse economic policy affecting the Mu3eum'5 income or operations., Business -competitor activity, supplier unreliability., Environment 4isks arising due lo demographic, cultural or environmental change., and, Political -nsks caused by political unresl or uncertainty.. extremists, and non-compliance withlchanges to Crnt regulation.
CHILTERN OPEN-AIR MUSEUM LIMITED TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2023 Risks also include the potential or actual impact on the Museum's reputation arising from ils acthlities or condu¢t of $taff and volunteers. Risk management is achieved through monitoring the group s exposure in all these areas using a diverse range of qualitative and quantytslive techniquès. These are reported to the Board as detailed above lo allow the Trustees and Managernenl team lo lake 8ny adion required in a timely manner. Al the year-end, the lop risk is that the current business plan is not fit for the CLtrrenl marketplace. Other risks are the continued impact of higher inflation, which erodes visitor income and increases the Museum's cost b8se', ¢ontinued conffii¢l in the Ukraine putting prèssure on energy and fotsd prices,. and. the ¢onl&nued impact of structura5 ch8ngè$ ansing from Brexit and the Covid pandernic and their eflecl on supply chains 8nd prws. Our risk management strategy in respect ol these macrokneconomic L¢ncertainlies is.. 1. To continue to invèst our facilities and in our Education, Events and Publicity departmènts in order to ensure we continue lo attract high numbers of wsilois". 2. To tn3na9e our cash-flow carefully by monitoring the liming of supplier paymerils and smoothin9 Outcash spend as much as practicable., 3. To explore investing aclivilies thal would safeguard the value of the Museum's liquid assets without compromising its principles and values., 4. To continue lo develop and renew the Museum's growth strategy while ensunng that the Museum is a8 aSSIble 85 P05sible in order lo attract and glow Ils audiences. At yFar end, the main risk6 faGin9 the organifyation (noted abo) are detailed in thp lable below. COAM Nature of Risk Pool weather affecting events and holiday VISting- loss ol income Landlord building programme adIanI lo Museum disrupts the visitor experience. IntaSed UK Inflation and the risk of a recession reducing the amount of mone visitors have lo s end Prolonged freehold sile transfe negotiations with our Landlord provides uncertainty to future Catego External COAM Risk Management Strateyy Budgeting takes account of peaks and Irou9hs in income generation due to weather changes. Maintain good relationship with landlord and good communication channels plus Insurance for some disruption risks. Review our strategy and marketing plans lo ensur e offer good value for money lo visitors. Extemal Extemal, Intemal Ssels Operational Finanaal e transfer of the freehold was successfully negotiated in April 2023. Lack of fil between Ihe Museum's business plan and the current marketplace External. Inlemal Bu51ness. Strategic A Museum-wide Slr8legi¢ Review wrnmenced i May 2023. Plans for future periods The Chairman's report and the Reserves statement include details of plans for the charity in lulure periods. Structure, governance and management Chiltern OpeD-Air Museum Limited is a company limited by guarantee. No. 01279396, and a rgJislered charity, No. 272381. 11 is govemed by rts Memorandum and Article5 ofA550ci31ion.
CHILTERN OPEN-AIR MUSEUM LIMITED TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) {CONTINUED FOR THE YEAR ENDED 31 JANUARY2023 The trustees, who are also the direetors for the purpose of ¢ompany law, and who served during the year and up to the dale of signature of tho financial slalemenls were". V K S Clark Ichaimianl N R Goulder R J Levine A L Martin P Phillips C Wthipp L V Cannon SJESalem J Mulholland C C18Xton-Stevens S Fitzpalti¢k C Walsh (Appointed 20 March 20231 (Appointed 20 March 20231 (Resigned 31 October 20221 IRe51gned 31 October 20221 IRe5igNed 31 October 20221 (Resigned 31 October 20221 The voluntary Board of Management rnanages the activities of the group. Its members (who are directors lor the purposes of company law and trustees for the purposes of charity lawl receive no remuneration. Coopted members can be appointed by the Board until the nexl Annual General Meeting when they are eligible for election. At every Annual Gèneral Me&ting one third of the members of the Board of Managemènt retiré by rotation and are eligible foi re-election. The number ol members of the Board shall not be less than five noi more than fifteen. The Board ol Managetnenl notrn311y tneet5 bl-tnonlhly to con510er all a5pecis of the rnanagement of the charltable cofflpany. A finance sub-committee, which comprises the Treasurer, two Trustees, the Director of the mUsem and the Fin8nce Officei usually meets every other month. The committèè feports back to thè Board ol Trustéès and its minutes are circulaled lo all ITuslees. All newlprospeclive trustees are interwewed by the Chaimian and other Trustees. and references are taken up before eledion. Current Trustees vote to appoint a new trustee. There is an induction progiamme for new Iru$lees/dire¢tors. Companiès House and the Charily Commission provide usèful documents orn the responsibilitie5 of a Company Director andlor Trustee and thése 8re provided lo all new Iruslees. They meet with the ChairTllan and Museum Director for an introduction to the group and a site visit, observe a Board meeting prior lo appoinlmenl, and receive a copy of the accounts and recent Board papers. 11 existing trustees require additional training, a programme is developed lo meet their specific needs. The Museum Dire¢tor controls the day-lts-day operations ol the Museum with 8 $18ff roll as al 31 sl January 2023 of 11.1 full-lime equivalenls12022, 13,51. There is a pool of around 34 ca$ual slaff12022. 26 ca5U81 slaffj on zero hour contracts, who are not included in these numbers. Planning and organi58tion of the Museum operations is discussed with the senior management team at regular meetings held monthly throughout the year. The Museum has fv40 Board SUcOmmittee groups.. Finance and Marketing & Fundraising, which meets regularty to discuss thè development of income streams. Staff are encouraged to undergo tiaining eilher by attending LI[Se being run al the Museum oi delivered exteinally for the purposes of Continued Professional Development ICPDI. All volunteers operate under the direction of the Museur>7, usually woiking for a member of staff. AJI new volunteers receive induction training following an initial interview. There is also an ongoing training programm& for all volunteers, delivered by the Museum staff, as well as by volunteer extemal consultants.
CHILTERN OPEN-AIR MUSEUM LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED} FOR THE YEAR ENDED 31 JANUARY2023 Disclosure of infom7ation to auditor Each of the trustees has confirmed that there is no inlorrnation of which they are aware which is ielevanl lo the audit. but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to idenb'ty such relevant information and to establish thal the auditor is aware of such informalion. The trustees. report was approved by the Board of Trustees. V K S Clark (Chairman) Trustee Dale".
CHILTERN OPEN-AIR MUSEUM LIMITED STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 31 JANUARY2023 The trustees, who are also the director5 of Chillern OpeTrAir Museum Limited for the purpose ol cornpany law, are iesponsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United lfjngdom Generally Ac¢epled A¢¢ounting Pra¢li¢el. Company Law requires the trustees lo prepare financial statements for each financial year which give a true and fair view of the slate ol affairs of the group and of the incoming resources and appli¢alion of iesources, including the income and expenditure, of the charitable wmpany for that year. In preparing these frnancial stslements, the Iruslees are required to.. select suitable accounting polictes and then apply them consistently". tsbserve the melh¢d$ and prineiplè$ in the Charities SORP., rnake judgemen15 and eslirnales that are reasonable and prudent., and prepare the financial statements on the going ¢on¢em basis unless it is inappropriate to presume that the group will continue in operation. The trustees 8re responsible for keeping adequate accounting records that disclose with reasonable aVracY al any time the finanaal posrtion of the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and hence for laking reasonable steps for the prevention and deteetion of fraud and other iriegularilies.
CHILTERN OPEN-AIR MUSEUM LIMITED INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF CHILTERN OPEN-AIR MUSEUM LIMITED Oplnion We have audited the finan¢ial stalemènls of ChieM Qpen-Air Museum Limited and irs subsidiary Ithe 'group'l for the year ended 31 January 2023 which ¢ompri5e the group staternenl ol finanaal statements. the group and charity balan sheets. the group cashflow staterrent, and notes, including significanl accounting policies. The financial i¥yuiliiiy Iidiii¥wuik Ilidl lidb bts¥ii dpyli¥d iii Ili¥ii Pi¥V<4ldlivii its 44pplibdtsltt Idw diid Uiiil¥U KillyU[TI ALwunling Standards, including Financial Reporting Standard 102 The Fin&nGi81 Reporting Sl&ndard applicable in the UK and Republic of Ireland (United Kingdom GeneraltyAccepted Accounting Practi). In our opinn. the financial statements". give a true and fair vièw of the slate of thè group and charity'5 affairs a5 at 31 January 2023 and of it5 incoming iesour¢es and application of resources. for the year then ended.. have been properly prepared in accordance with Untted Kingdom Generally Accepted A¢counting Practi.. and have been prepared in a¢¢ord8n¢e with the requirements of the CornpaniesAd 2006. Basis for oplnion We Conducteil our audit in accordance with International Standalds on Auditing IUKI IISA5 IUK)) and applicable law. Our respon5ibililies under those standards are further described in the Auditorfs SponsIbl1111eS for th6 audit ol the financial sfatemenls section of our report. We are independent of the group in accordance wrth the ethical requiremenls 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 iesponsibilities in accordance wrth these rèquirèments. We believe that the audit ewd&n¢e we have obtsined is SuffIent and appropriate lo piovide a basis for our opinion. Contluslons rèlating to golng ¢oncern In audiling the financial statements, we have concluded that the trustees. use of the goin9 concem basis of accounting in the preparation of the finan¢ial $18lements is appropriate. B8sed on the work we h8ve performed. we have not identthed any rvalerial uncertainties relating lo events or conditions that, Individually or collectively, rnay cast significant doubl on the group's abilrty to continue as a going concem for a period of al least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to goin9 concern a descrtbed in the r¢levanl sections of this report. other information The other information comprises the SnfoTmalion indudtsd in the annual report other than the finala1 statements and our auditor's report Ihereon. The Iru51ees are responsible for the other information contained within the annual report. OLtr opinion on the financial stalernents does not Gover the other infomialion and. except to the extent otherwise explicitfy staled in our report. we do not express any form ol assurance condusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is material inconsistent with the financial statements or our knowledge obtained in the course of Ihe audit, or othèrwise appears to be materially misstated. 11 we Identify such rnalerial inconsistencies or apparent material misstatements. we are required lo determine whether this gives rise to a material rnisstatement in the financial statements themselves. If, based on the work we have performed, we condude that there is a material missialernent of this other information, we are requirecS to report that fact. We have nothing to report in this iegard. Oplnlons on other mattèrs prè$¢ribÈd by the Compani•$ A¢t 2006 In our opinion, based on the work undertaken in the Course of our audit.. the information given in the trustees, report for the financial year for which the financjal statements are prepared. which includes the directors, report prepared for the purposes of company law, is consistent with the financial statements., and the directors, report included within the Iru51ee5' report bas been prepared in accordance with applicable legal requiiernenls. 10-
CHILTERN OPEN-AIR MUSEUM LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF CHILTERN OPEN-AIR MUSEUM LIMITED Matt8rs on whkh we arn r•qu5rèd to rèport by èxception In the light of the knowledge and understanding of the group and ils environment obtained in the course of the audit, we have not identrfed material misstatements in the directors, report included within the trustees, report. In the light of the knowledge and understanding of the company and its environment obtained in the course of Ihe audit. we have not identified material misstatements in the trustees, report. We have nothing to report in respect ol the following matters in rel?Iion lo which the Companies A¢t 2006 rèquiies us lo report to you if, in our opinion". adequate a¢¢ovnling lerS have not been kept, or returns adequate for our audit have not been received from branche5 not wsiled by us., or thè financial statèments are not in ayreement with the accounting records and returns,. or certain disclosures of trusteès, remuneration specified by law are not made,. or we have not received all Ihe infomialion and explanations we require for our audit; or the trustees were not entitled to prepare the financial stslemenls in accordance with the 5tDall companies regime and take advantage of the small companies. exemptions in preparing the trustees, report and from the requirement to prepare a strategic report. Responsibllities of trustees As explained more lully in the slalemenl of trustees, responsibilities. the Iwstees. who a also the directors of the group for the purpose of company law, are responsible for the preparation of the finan¢ial statements and loi being satisfied that they give a true and fair view, and for such Internal control as the Iiuslees deletmine is necessary to enable the preparation of financial statements that are free from material mi55latement, whether due lo fraud or Érr(Jr In preparino Ihp finAncial slatomÈnls. the trtsslees are responsible for assessing the group's ability to continije as a going cOnrn. disclosing. as applicable, matters related lo going corlcem 8n¢J using the going ¢oncem basis of accounting unless the trustees either intend to liqtsidate the charitable company or lo cease opeialions, or have no realislic alternative but to do so. A further description of our responsibilities is available on the Financial Reporting Council's website al.. https'.11 .Iro.org.uklaudrtorsresponsibililies. This description forms part of our auditorfs report.
CHILTERN OPEN-AIR MUSEUM LIMITED INDEPENDENT AUDITOR'S REPORT {CONTINUED) TO THE TRUSTEES OF CHILTERN OPEN-AIR MUSEUM LIMITED Extent to whlch the audit was consld¢md capablè of dtè¢tin9 ITr¢gulJritle$. including fraud Irregularities. Including fraud. are instan¢e5 of non-cornpliance with law5 and regulation5. We design procedures in line with our ie8ponsibililies, outlined above and on the Financial Reporting Council's website, to delect material mis51alemenls in respect ol irregularities, including fraud. We obtsin and update our understanding of the group, its activities, its control environment, and like¢y future developments, including in relatnn to the legal and regulatory framework applicable and how the entity is complying with Ihat tramework. Based on this understanding, we identify and assess thg risks ol material misslalement of the finanaal statements. whether dJe to fraud or error. design and perfoirn audit pro¢edure5 responsive lo those risks, aJ)d obtain audit evidènce that 1$ sufficient and appiopriale lo provide a basis for our opinion. This includes c0115ideralion of the risk of 8c15 by the group that were contrary lo applicable laws and regulalions, induding fraud. In response to the risk of irregularities and non-complian¢e with law$ and regulations. including fraud, we designed procedure$ whieh included". Enquiry ol rnan3gemenl arid those charged with govemance around actual and polenlial litlgation and dairns as well as actual, suspected and alleged fraud., Reviewing minutes of meelings of those charged with govemance", Assessing the extent ol compliance with the laws and regulations considttd lo have a direct malerwl effed on the financial statements 01 the operalions of the group through enquiry and inspection., Reviewing financial stalernenl disclosures and lesling to supporting documentation lo assess compliance with applicable laws 8nd regulations., Performino audit work over the risk of management bias and override of controls, induding lesling ol journal gntrig$ and othgr adjustmonts for approprial•ngÈ8, ovalualing thè buGinoGs rationalo of significant transactions outside the nomial Course of business and Teviewing accounting estimates for indicators ol potential bia5. Because of the inherent limitations of an audiL, there is a risk that we will not detect all irregularities. including those leading to a material misstatement in the financial slalements or nDn-complian¢e wrth regulation. This risk increases the more that compliance with a law 01 regulation 15 removed frorn the events and Iran5aclions reflected in the fin8ncial slalemenls, as we will be less likely lo become aware of instances of nortrcompliance. The risk ol not deleoting a material mi5slatemenl resulting from fraud is higher than for one resulting trom error. as fraud may involve collusion, forgery. intentional omissions, misrepresentations, or the override of internal control. Use of our rèport This report is made solely to the charilable company's members, as a body, in accordance with Chapter 3 01 Part 16 ol the Companies Act 2006. Our audit work has been undertaken $0 that we might slate to the oharrt3ile cornpanls mÉmbèis those rnatters we arè required to slate to them tn an auditors, report 8nd for no other purpc6e. To the fullest extent permitted by law, we do not accept 01 assume respon51bility lo anyone other than the charitable company and the charitable company's rnembers as a body, for our audit work, for this report, or for the opinions we have formed. ¢hrlstoph¢r Ni$b¢t BAIHonsl FCA IS*nlor Statutory Auditor) For and on behalf of Azets Audlt SeNlces 0810812023 Chartèrèd Aetountsnts ststutory Auditor Suite5 B & D Buinhatll Yard Beaconsfield Bucks United Kingdon HP9 2JH 12_
CHILTERN OPEN-AIR MUSEUM LIMITED GROUP STATEMENT OF FINANCIALACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 JANUARY2023 Unre$tri¢ted Re$tri¢t¢d funds funds 2023 2023 Totsl Unr$trictsd Re$tri¢tsd funds funds 2022 2022 Total 2022 2022 Notès Donations and legacies Charitable activities Other Ir8ding activilies Investments 195,829 338,835 256.893 5,779 99,976 {1,8431 7,284 295,805 336,992 264.177 5.779 245,163 218,547 218.639 213 91.873 {4,1011 1.941 337,036 214,446 220.580 213 Total income 797,336 105,417 902,753 682,562 89,713 772,275 Charitable acts"vilies 884.598 101,685 98fj,283 506,904 176,643 683,547 Net loutgoing)lincoming resources before transfers 187,2621 3.732 {83.5301 175.658 186,9301 88.728 rirnqq trAnsfgT4 hptwppn funds 3,932 {3,932} Net lexpenditurellincome for the yearl Net movement in funds {83.330} 12001 183.5301 175,658 {86.9301 88,728 Fund balances at l February 2022 4,078,562 238,766 4,317,328 3.902,904 325,696 4,228,600 Fund balances at 31 January 2023 3,995,232 238.566 4.233,798 4,078.582 238,766 4,317,328 The slatement of financial activities inclLdes all gains and losses recognised in the year. All income and expenditu derive from ¢ontinuin9 actville$. The statement of financial activities also mplIeS with the requirements for an income and expenditure a¢¢ovnl undei tho Compani$$ A¢1 2006. 13
CHILTERN OPEN-AIR MUSEUM LIMITED GROUP AND CHARITY BALANCE SHEETS AS Af31 JANUARY2023 2023 2022 Group Charity Group Charity Note¥ Fixèd assets Tangible assets Heritage assels Investsnents 1.349,223 2.238,739 1,348.699 2,238,739 1,228,582 2,255,739 1,227.536 2.255.739 10 11 3,587,962 3,587.440 3.484,321 3.483,277 Current assets Stocks Debtors Cash al b8nk and in hand 12 13 8,857 71,568 659,924 8,660 104,446 834.395 74,886 650,155 104,003 824,905 740.349 725,041 947.501 928,908 Creditors.. amounts falllng due within one year 14 194,5131 186.7441 1114,494} 1105,9591 Nel current assets 645,836 838,297 833,007 822,949 Total assets less current liabilities 4,233,798 4,225,737 4,317,328 4,306,226 Income funds Restricted funds nr 15 238.566 238,566 238,766 238,766 Designated funds General unrestricted ftinds Revaluation reserve 16 484.821 187,920 3.322,491 484.821 179,859 3,322.491 480.955 275,116 3.322,491 480,955 264,014 3,322,491 3,995,232 3,987,171 4.078,562 4,067,460 4,233,798 4,225,737 4,317,328 4,306.226 The financial statements were approved by the Trustees on V K S Clark Ichairmanl Trustee Company registration number 01279396 14-
CHILTERN OPEN-AIR MUSEUM LIMITED GROUP STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JANUARY2023 2023 2022 Notes Ilows fmm Dppratino activities Cash labsorbed byllgeneTated from operations 22 {41,3741 21,080 Investing activities Purchase of tsngible fixed a$5els Investment income received 1138,8761 5,779 124,5891 213 Net cash used in Investing activities 1133,0971 124.378} Net cash used in finan¢ing a¢tivitlès Net decrease in cash and cash equivalents {174.471} 13,2961 Cash and r¥sh equivalents al beginning of year 834,395 837,691 Cash and cash •quSvalènts at ènd of yèar 659,924 834,395 15-
CHILTERN OPEN-AIR MUSEUM LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUAR Y 2023 A¢¢ountlny polS¢lt$ Gharity inforniation Chiltern Open-Air Museurn Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Newland Park. Goielands Lane, ChaKonl St Giles, Buckinghamshire, HP8 4AB. United Kingdom. 1.1 Accounting conventlon The financial staternents have been prepared in accordance with the ¢harills Memor8ndum and Articles of Association, the Companies Act 2006, FRS 102 "The Finan¢ial Rèporting Standard applioable In the UK and Republic of Ireland. I"FRS 102.1 and the Charities SORP 'Accounling 3nd Reporting by Charities.. Slatement ¢1 Recommended Practice applicable lo charities preparing their accounts in accordance with the Finan¢i81 Reportsng Standard applicable in the UK and Republic of Ireland IFRS 102}" (effective 1 January 20191. The charity is a Public Benefit Entity as defined by FRS 102. The finanaal stslemenls are Pfep8red m sleiling. which is the functional c¢Jrrency of the group. Monetary amounts in these financial Statements are rounded lo the nearest £. The financial statèments have been prepared under the historical Cost nVention. modified lo include the revaluation of ¢ertain fixed assets al fair value. The princip31 accounting policie5 adopted are sel out below. 1.2 Going concern At the time of approving the financial siatements, the Lrusteès have a rÉasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the trLBlees continue lo adopt the going wncein basis of accounting in preparing the financial slalements. 1.3 Charftsbl6 fund$ Unrestricted funds are available for use at the discretion of the trustees in further8n¢e of their charitable objectives. Designated funds comprise funds which have beon sel aside at the dis¢r?l*on of the Iiuslees for specific Purposes. The purposes and uses of the designated funds are sel out in the note5 to the fir)ancial ststements. Restricted funds are subject lo specth¢ ndItiOnS by donors as to how they may be used. The purposes and uses ol the restricted funds are sel out in the notes lo the financial slatemenls. 1.4 Ineomè Income is recognised when the group is legally entitled to it aftai any pèrfoman¢& condition5 have been met, the amounts can be measured reliabty, and il is probable that in¢ome wll be received. Cash dtsnations are ¥ecogni5ed on receipt. Other donations are recognised once the group has been notified of the donation. ynless performance conditions require deferral of the arnount. Income tax recoverablè in relation lo donations received under Gift Aid or deeds of covenant is recognised at the time ol the donation. Le98&S are recognised on receipt or otherwise It the group h88 been notrf¢ed of an impending distribution, the arnount is known, and receipt is expected. If the amount is not known. the legacy is treated as a contingent asset. 1.5 Expèndtturè Expenditure is recognised On there is a legal or constructive obligation lo Iransler economi¢ benerrt to a third party, il is probable that a transfer ol economic benefits will be iequiied in settlément, and the amounl of the obligation can be measured reliably. 16-
CHILTERN OPEN-AIR MUSEUM LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY2023 Accounting policies (Contlnuèdl 1.6 Tangible fixed a$sets Tèn9ible fixed assets are initially measured at Gotst and tsubsequently measured at cost or valuation. net of depreciation and any impairment losses. Items costing less than £1,500 and gifts in kind of assets valued by the Board at less than £1,500 are not capitalised. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over thr useful liv$s on the following bases". Administr81ive Buildings & Museum Plant and equipment Bio109ical assets Not depiecialed 20-25 /0 reducing balance & 10QA straight line Not depreciated The gain or loss arising on the disposal of an asset is detemiined as the drfference between the sale pro¢eeds and the carrying value of the asset. and is recognised in the statement ol financial activities. 1.7 H•rits9• assèts Heritage assets are professionally revalued every five years for insurance purposes and their value lor these accounts are based on this valuation adjusted where appropriate for impairment losses. Gains and lo&%es on revaluation ale recognisÈd in the statemènt of total rÈco9nisÈd gains and ltsssès. Heritage assets ai4uiied or constructed between professional valuations are induded in the accounts at cost. The trustees do not consider il appropriate lo charge depreciation in respect of Heritage Assets since these are deemed to have indeterminate INes. 1.8 ImpaSmi•nt of fixèd assets At each reporting end dale, the group reviews the carrying amounts of ils tangible assets to determine whether there is any indication that those assets have suffered an impaim)ent loss. 11 any such indtalion exists, the re(x)verable amount of the asset is estimated in order lo delerrnine the exlenl of the impairment 1055 lif 8nyl. 1.9 Sto¢k$ Slo¢ks are stsled at the lowor ol cost and estimated sellin9 price lè$s costs lo complgte and sell. Nel realisable value is the estimated sèlling pri¢& less all gslimatgd $ts of mpletIon and costs lo be incurred in marketing, selling and distribution. 1.10 cash and cash equivalents Cash and cash equivalents indudè cash In hand. dèpts51ts held at call with banks. othei shtsrt-temi liquid investments with original maturities of three months or less. and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.11 Flnancial instrumènts The group has elected lo apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 'Other Financial InstrLimenls Issues. ol FRS 102 to all of its financial instruments. Financial instruments are reeognised in the group's balance sheet when the group becomes party lo the contractual provisions ol the instrument. Financial assets and liabilMie$ are offset. with the net amounts presented in the financial stalemenls. when Iheie is a legally enforceable iighl lo sel off the ieco9nised arrounls and there Is an intention lo settle on a net basts or to realise the 8ssel and settle the liability simultaneousty. 17
CHILTERN OPEN-AIR MUSEUM LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUAR Y 2023 Accounting policies (Continued) Basic financial assets Basic finantial assets. which include debtc>rs and cash and bank balances. are initially mèA%urÈd at transaction pri including transaction costs and are subsequently carried al 8mortised cost using the effective interest rnethod. Financial assets classified as receivable within one year are not amortised. 8asi¢ finan¢i•l liabilitie$ Basic finanu31 liabilities. incltjding crèditors. are initially recognised at transaction.Finanaal liabilities dassified as payable within one year are not amortised. Derecognition of financial liabilities Financial liabilities are deTecognised when the group's contractual obligations expire or are discharged or cancelled. 1.12 Employee benefits The cost ol any unused holiday enb'tlèm&nl is ra¢ognised in the pèriod in which the employ8e's services are receiveLI. Termination benefrts are recognised immediately as an expense when the group 15 dernonslrably committed to terminate the employment of an employee or to provide termination benefits. 1.13 Retirement benefits Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. Donations and lègacSÈs Unrestricted Restricted funds fund$ Total Vnreslricted funds Re5trKted funds Total 2023 2023 2023 2022 2022 2022 Donations and gifts Grants 191.579 4,250 73,385 26,591 264,964 30,841 179,483 65,680 62,826 29,047 242,309 94,727 195.829 99.976 295,805 245.163 91,873 337,036 18
CHILTERN OPEN-AIR MUSEUM LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY2023 Charitable activrties Charitable Charitable Income Income 2023 2022 Public admissitsns Educational services 243.900 93.092 158,723 55,723 336,992 214,446 An8lysSs by fun¢J unstriCted funds Restricted funds 338,83S {1,843} 218,547 14,1011 336,992 214.446 othor tradln9 actlvltye$ Unrestricted Restricted funds funds Totsl Unreslricled Restricted fund$ funds Total 2023 2023 2023 2022 2022 2022 Catering, shop, and wedding Income Site access and other in¢ome 162.187 162,187 123,754 123.754 94.706 7,284 101,990 94,885 1,941 96.826 Other trading activr(ies 256,893 7.284 264,177 218.639 1,941 220,580 Invesknents Unre$trletsd UrLfeslrJcted funds funds 2023 2022 Inte1 feceiwable 5,779 213 19-
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CHILTERN OPEN-AIR MUSEUM LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY2023 TNsts•$ Norie of the trustees {or any persons connected with them) received any remuneration or benefits from the group during the year. Employees The average monthly number of ernployees during the year was.. 2023 Number 2022 Number 37 27 Employm•nt tosts 2023 2022 Wages and salaries So¢i81 se¢urty costs Other pension costs 461,098 26,700 7,796 383.806 21.831 6.752 495,594 412,389 These numbers indude permanent staff and casual staff who work seasonally. The Museum has a pool of casual staff, who work predorninanljy in Education or Catering. The staff costs pertaining to catering are re-tharged to COAME on a monthly basis. The key management personnel of the charitable company comprise the 8oard and the Museum Director. The trustees do not consider il appropriate lo disclose any individual's salary for the purposes of the financial slalernents. There were no employees whose annual remuneration was more than £60,000. 21
CHILTERN OPEN-AIR MUSEUM LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 JANUARY2023 Tan9ible fix¢l a¥s¢ts Group and charity Admlnistrativfr Bulldlng8 & Mu$urn Plantond ooulpment Biotogical &S8&ts Total Cost At 1 February 2022 Additions Revaluation 1,176,31 150,782 138.876 2,390 f,329,472 138,876 15001 15001 Al 31 January 2023 1,176,300 289,658 1,890 1,467.848 Depre¢iatlon and Impalmient Al 1 February 2022 Depreciation charged in the year 100,890 17,735 100,890 17,735 At 31 January 2023 118.625 118,625 Carying amount Al 31 January 2023 1,176,300 171.033 1.890 1.349,223 Al 31 Jaiiuary 2022 1, 170.300 49.892 2.390 1,220.Ja2 Administrative buildings include the following: 2023 2022 Administrative office building Mid-site loilets Toilet lacililies Icaversham & Haveisham} Blythe Rtsad p8vilio Slores Dutch barn 598,500 189,000 182,700 148,500 31,500 26,100 598.500 189,000 182.700 148.500 31.500 26.100 1.176.300 1,176,300 Induded within plant and equipment are assets of the parent charity with a nel book value if £170,509 and assets of the subsidiary Wlth a net book value of £524. The A511eh8m Manor Cottage5 and the Blythe Road P8vilion. which 8re both Museum exhibits, are also used as adrninistrative buildings. The Asueham Manoi Cottages serve as the group s adminislralive Cent and house the cenlrali5ed security system. The Blythe Road Pavilion serves as the Museum's main entrance facility and house the shop. Administrative Buildings and Museum Exhibits were valued in March 2021, by Sedgwick International UK in accordance with guidance set oirt by the Royal Institution of Chartered Surveyors for Insuranee purposes. Th$se assèt valuab'on$ will bg rgvigwgd in line wrth insuran¢$ valu*'ons, which ale due lo be ¢airied out al 5 year Intervals. -22-
CHILTERN OPEN-AIR MUSEUM LIMITED NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 JANUARY 2023 10 Heritage assets Group and charity Bulldiny$ Art•facts Total Al 1 Febwary 2022 Impaiments 2.210,038 117,000) 45,701 2,255,739 117,0001 At 31 January 2023 2,193,038 45,701 2,238,739 Heritage assets were valued in Marth 2021, by Sedgwick International UK in accordance with thè guidance sel by the Royal Institution ol Chartered Surveyors for insur8nce purposes. These asset valuations will be reviewed in line with insurance valuations, which are due to be carried out al 5-yeai intervals. 2023 2022 Buildings Ame15hatn Prefab Arborfield Barn Borehamwood Buildings in Store Didcol Cart Shed Elliott's Furniture Factory Gar51on Forge Glory Mill Storage Building Gorhambury Cartshed Haddenham Coltage Henley Garage Henlon Chapel Hill Farm Bam 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 71.100 81,000 41,400 72.130 58,SOQ 160,700 39,600 96,600 25,500 111,500 4,500 26,100 184,500 90.000 25,008 19,800 142.000 106.000 135.000 298.200 6,600 9.000 158,400 113,400 97,600 7.200 11.700 71,100 81,000 41,400 72,130 58,500 164,700 39.600 98,100 27,000 112,500 4.500 26.100 184,500 90,000 25,008 19,800 144,000 108,000 135,000 298.200 6,600 9.000 158,400 113,400 102.600 7,200 11,700 2.193,038 2.210,038 -23-
CHILTERN OPEN-AIR MUSEUM LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY2023 10 Htrltsge assets {conned) Artefacts H@nton 1.352 437 5,248 1.431 2,382 7,462 6,937 20,452 1.952 437 5,248 1,431 2,382 7,462 6,937 20.452 Fiack Saw Fumiture and artefacls in Toll House Vicarage Roorn artef8¢ts Prefab artefacts Leagrave artefacts The Chesham Collection Other items 45,701 45,701 2,238,739 2,255,739 11 Fixed asset investments Fixed asset investments amounting to £212022.. £21 represents the histori¢ ctssl of the charty's investment in Chimem Open Air Museum Enterprises Limited, the charity's subsidiary undertaking. Chittern Open Air Museum Enterprises Limrfied oper8les the ¢8lering. gift sales, and wedding faulrties 81 the Museum. The turnover of the company for the ye8r was £162.188 12022". £123.754}, generating a loss ol £3,041 12022". profit of £41,164) before distributions under g aid lo Chiltem Open-Air Museum of £nil12022'. £40.0001. Thè capital and resetv¢s of the company at the balance sheet date were £8,06312022.' £11.1041. 12 Stocks 2023 Group 2023 Charity 2022 Group 2022 Charity Items for resale 8,857 8,660 13 Debtors 2023 Group 2023 Charity 2022 Group 2022 Charity Amounts fallSn9 due within one year: Trade debtors Amounts owed by subsidiary undertakin9S Other debtors Prepayments and accrued income 22,006 22,006 3,318 36.764 12,798 443 36,764 32,798 1.511 1 Q2,492 1.511 102.492 71,568 74.886 104,446 104.003 -24-
CHILTERN OPEN-AIR MUSEUM LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2023 14 CrtditorJ- amounts falling due withln one year 2023 Group 2023 Charfty 2022 Group 2022 Charjty Other taxation and social security Payments received on account Trade credrtors Amounts owed lo Subssdiary undertakings Ac¢ruals and deferred income 20,5QI 23,984 20,563 19,089 23,713 20,488 7,467 9.338 22,236 5,972 4,930 20,762 47.092 27.203 29.465 23,454 75,453 94,513 86,744 114,494 105,959 -25-
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CHILTERN OPEN-AIR MUSEUM LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY2023 17 Analysis of net assets between funds Group Unrèstricted Rèstrietèd funds funds 2023 2023 Totsl Unrestrieted funds 2022 Restricted funds 2022 Total 2023 2022 Fund balances al 31 January 2023 are represented by.. Tangible assets Heiilage assets Currtrnl asselsllliabililiesl 1,216,319 2,238.739 540.174 132,904 1,349,223 1,228,582 2,238.739 2,255,739 645,836 594,241 1,228,582 2.255.739 833.007 105.682 238,766 3,995,232 238,566 4,233,798 4,078,562 238,766 4.317,328 18 Operating lease commitments Al the reporting end dale the group had ovlslanding ¢omrnilmen13 for fijlurè minimum lease payments under non-cancellable opelating leases, which fall due as foll¢)ws'. 2023 2022 Within one year Between and five years 2,576 1.941 4,776 3,136 4.517 7.912 19 Ev•nts aft•r the rèportlng dot• On April 6th 2023 Chiltern Open Air Museum ICOAMI reached agreement ill principle with Asino Ltd, a subsidiary of Comer Homes Ltd, to acqL*ire the freehold of COAM'S site from Asino Ltd for £1. The transfer was subsequently completed on 26 April 2023. This transfer was one of the planning conditions Asino Ltd agreed lo il in ils planning approval for development of Newland Park and included in its section 106 Agreèment with Buckinghamshire County Council dated 4 July 2016. The $106 agreement also Included a condition that the fieehold Ir8nsfer lo GOAM should includ& a giant lo Asino Ltd Itrènsleiablè for £1 if a trigger event has occurred) Broadty speaking the triouer events aTe il COAM Is subject to an Insolvency orthe site is no longer used for the pemitted use as an open air museum. 20 Rèlatsd party transactions There were no disclosable related party transactions during the year12022- none). 21 Share capltal Thè chèrty is a eompany limitèd by guarantee and therefore has no share capital. Each member's guarantee is limited lo £1 whilst they are a member and for ono year after ¢easing to be a member. -29-
CHILTERN OPEN-AIR MUSEUM LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY2023 22 Ca$h generatsd from opgratlon$ 2023 2022 (DefiotVsurplu5 for the vear 183,5301 88,728 Adjustments for.. Investment income regnISed in $18lemenl of finantyal 8¢tiwlies Depreciation and imp3irmenl ol tangible fixed assets 15,7791 35,235 {213} 17,7911 Movements in working capilal.. Ilncreaselldecrease in stocks Decreasellincreasel in debtors IDecreasellinciease in creditors {1971 32,878 (19.981} 4,633 1101,4741 37.197 Cash labsorbed byllgenerated from operations 141,374) 21.080 23 AnJty$i$ of ¢h•ngé$ In nèt fund$ The gTOUP had no debt during the year. -30-