KING JOHN'S HOUSE AND TUDOR corrAGE TRUST LIMITED {A company limited by guarantee) Company Number 1441318 Charity Number 276961 Directors. Report and Flnancial Statements for the year ended 31 March 2024
KING JOHN'S HOUSE AND TUDOR COThAGE TRUST LIMITED ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2024 CONTENTS Company informalton Trustees report Independent Examinerfs Report Statement of Financlal AclivilÈs lindudlng profit arKJ Ioss 8ccounl} Balance Sheet Notes to the Financial Slalements 9-11 The following p89as do not fomi part of th8 8tatutcry Detaled Profit and Loss Account 12-13
KING JOHN'S HOUSE AND TUDOR corrAGE TRUST LIMITED COMPANY INFORMATION MrK A BBTh41L Mr F J Grogn Mrn J D Haryrim Mr S R HaMtY M M MDll8V Msv J Munday MrJSP8tsr Mr N R Pullo(aE MTrKVW&th RwbJn•d 15 Nbv•mb•r 2023 C(¥np•ny8•ty•1•ry At N R Puix C¢)mpany Nurnb 1441318 Rtyl•t•ryd Chwrfty NLMnb•r 276951 Addrartd R•wl•l•¥•d CIfflG• Church Street RémÈ•y HampBhlr• SO51 88T T & S AcctyJnt8nts & BUrvio Ltd t Ash H:'II CDmmon Sherfekj Engllsh Romsfjy Hamp•hk• S051 8FU
KING JOHN'S HOUSE AND TUDOR COThAGE TRUST LTD REPORT OF THE TRusfEES AND DIREORs FOR THE YEAR ENDED 31 MARCH 2024 Organ15*1on and Governance The Trust was fomied in 1979 undèr its Memorandum and Artlcles of Assoclation, whlch establishes the objects and powers of the charitable company. These were amended twice in 2014 to actommodate the running of number 13 Church Street, and to include the care of the Trust's museum collections as a primary responslbility. The Trust is a company limited by guarantee, and In the event of the company being wound up. members would be required to contribute an amount of £1 each. The dlrèctors of the company are also the trustee5 of the charity. The trustees, a5 listeo on page I, are elected by the memDer5 at the annual general meeting. The trustees are responsible for the policies adopted by the charity. The charity is a public benefit entity. Since 2022 the governance structure supporting the Board of Tru5tee5 includes an Operatlon5 Commtttee, Buildings Committee. Collections Commiiiee and Gardens Committee whith deals specifically with the garden5 on site. Each committee comprises of trustees supported by staff and volunteers. Oblectlves and Artlvltles The charity's object5 and principle activities are to advance the education of thE public by the preservation for the people of Romsey and of the nation at lar8e, those buildings and premlses of historical, cultural and archltectural Interest known as Xing John's House, and Tudor Cottage, Romsey and to operate as a museum and maintain and develop it5 museum collections and to offÈr the widest Possible public access to King John's House and Tudor Cottage and its collections and the garden5 that surround the buildin8s- known a5 King John'5 Giidell, which the trust rnaintain5. Achievements, Perfomiance and Financial Review The trust operated at a deficit of £760, being an operation31 surplus of £10,240 prior to the inter-company provision of £ll,(XKI, referred to below in the ye3r to 31st March 2024 Icompared with a deficit of £31,437 after inter-company provision of £24,IMI in the year to March 20231. The year to 31 March 2024 Is the second in which the trust has been able to offer a full, year long, program of events and activities Since the end ot the pandemic. There has continued to be a signih'cant level ot enFaRement with the medieval house and museum throuBh event5. With income generated from the Open Art Exhibition, monthly talks and exhibitions. In term5 of visits to the House and Museum, as 3 heritage destination, numbers have remained level. despite increases in marketing and the continued focus on guided tour5 and costumed interpreters. Interest in tours that are or8anised on behalf of hlstorical grovps and bran¢hes of U3A has continued during the year under review. With free of charge access to the Moody Museuin and reliaiiie uii guided tours to ¥eiierate incoiTie. fundraising opportunilies have been limited. rhe subsidiary company has now suffered cumulative105ses in ihe past three accountinE periods of L37,133 (£13,153 in the year to 31 March 20241£13,679 In the year to 31 March 2023 and 6 month period to 31 March 202211 with accumulated negative SerVeS of £37,132. The inter-company loan due to its parent company stands at £35,292. The company has provided a letter of sUPPOrt to its subsidiary. An increase of £ll,CW in the provision, to £35,000, has been made in these account5 for the potential non-recovery of the amount duè from the 5ubsldlary, Pa90 2
KING JOHN'S HOUSE AND TUDQR COThAGE TRUST LTD REPORT OF THE TRUSTEES AND DIREcfoRS FOR THE YEAR ENOED 31 MARCH 2024 Continued The trust ha5 benefitted from a generous legacy of f 8,375 in the year ended 31 March 2024, from an estate in recognition of a long connection with King John's House12023 £nill. Further 5igna8e project costs were incurred in the year to 31 March 2024 of £14,40012023- £7,558) and are tapitalised on the balance Sheet with the equivalent funding trom Test Valley Borough Council reflected in restrirted grant income in the Statement of Financial Actwities. The signage project will be completed wlihin the ext few weeks after which the total costs will be amortised over the remaining lease period. The operational activity of the House, Museum and Gardens is only possible with the valucd support of its volunteers. The range of activity 15 ertensive including the delivery of guided tour5, maintaining the prerni5es, enhènciiig exlilbitivn displays and maintaining thè historic gardens. The Trustees take this opporrunity to Eive thanks to all those who have helped during the year. From records maintained the volunteer time in the year to 31 March 2024 for House, Museum and Chapel Storage Facility wa5 482 hours1396 hours October 2022 to 31 March 20231 and Gardens 83312023 888 hour51. It should be noted that time devoted by trustees as volunteers is included in the records above but not the additional time necessary in perfDrming their responsibilities as officers of the trust. Future Direction As rep)rted last year, the long4elayed signage projert commenced at the end of 2022 supported by a Community Infrastructure Levy Grant from Test Valley Borough Council. De5iglled to significantly improve the external orientation and interpretation boards better to advertise the House and Museum to the pasglng pijhlie Ag all but the final few elements of the project were completed last month, a formal launch of the new si8nage was celebrated at an event. raising good media coverage, where tb,c Mayors of Test Volley and Romsey unveiled the new hanging signage above the entrance. The trustees have previously reported on process behind developing the Spring 2023 Strategic Plan. Formal approval ot the plan and communicatlon to stakeholders was deferred pendin8 clarification of certain funding considerations, an interim announcement was presented to staff and volunteers in January 2024 an(i further work is in hand to launch this in the next few months. The General Manager resigned just after the year end after 7 years, service and was thanked by the trustees. Following a robust and successful recruitment proce55 Jade Poultoi) was appoii)ted as Llie Museum Monager on 31 July 2024. With her fresh approach, working with trustees, voltjnteers, stakeholders and vi51tors we are excited at the prospects open to the company through identifying and embracing new opportunities including new si8na8e and the Strategic Plan. Golngconcem The trustees remain focused on cash flows and whilst noting that reserves have declined. the company operated well within its 2024 deficit budget and on track against the current year budget. An updated business plan together with the bu(Iget for year to 31 March 2026 will be presented for trustee approval by 30 September 2024. The trustees remain confident that the trust can meet its112bilitiÈs as they fall due for 3 pcriod of 12 months from the date of approval of these accounts. Policle$ The Irustees currently operaie thelr invesimenis them5elve5 pursue a low-ri5k policyj investing wlth CAF, Santander and Scottish Widows. The trustees have complied with their duty under the CharitiÈs Act 2011 to have due reRard to the Ruidance on public benefit published bv the Commisslon In exercisinR their powers or duties. Page 3
KING JOHN'S HOUSE AND TUDQR CoAGE TRUST LTD REPORT OF THETRUSTEES AND DIREOR$ FOR THE YEAR ENDED 31 MARCH 2024 Continued Respon51bIlftS of the Board of Trustees Company law requires the trustees to prepare financial statements for each financial year which give a true and falr view of the state of affairs of the chori4able company 4$ at the balance sheet date and of its incomiTr8 resources and application of resources, intluding intome and eypendlture, for the financial year. In preparing those financial statement5 the tfL¢Stees should follow best practice and: select sultable accountlng pollcies and then apply them consistently make judgements and @stimates that are reasonable and prudent prepare the financial statements on the going concem basls unless It is inappropriate to assume that the companv will continue on that basis. The finaniial statemellts have been prepared in accordance with the accounting policies set out in the notes to the accounts and comply with the charity's governing document, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Flnancial ReportinE Standard for Smaller Entltles publlshed on 16 july 2014. The trustees a responsible for maintaining accounting records which disclosè wrth reasonable accuracy at any time, the financial position of the charitable company aryd to enable them to ensure that the financial statements Comp wtth the Companies Act 2CK)6. The trustees are also responsible for safeguarding the asset5 of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other iriegularities. Members of the Board of Trustee5 The Tru5tee5, who are a150 directors for the purpose of company law and trustees for the purpose of charity law, who served during the year and up to the date of this report are set out on the company information page. The trustees have expressed their thanks to Frank Green for his valued contribution durlng his long tenure as a trustee ending 15 November 2023. The mcmbers of the company are the trustees and from time-to-time other5 upon application and duly recognised by the trustees. HovRver, for some years no other Individuals have sought membership by written application. This report has been prepared in accordance with the Statement of Recommended Practice.. Accounting and Reporting by Charities IFRS 1021 and in accordance with the special provision5 relatlng to companies subjert to the Small companles reglme. Approved by the Board of Trustee5lDlrectOfs on 12 Ausu5t 2024 and 5isned on Its behalf by.. John Parker Ichair of Trustees) Pap4
KING JOHN'S HOUSE AND TUDOR COThAGE TRUST LIMITED (A company limited by guarant991 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF KING JOHN'S HOUSE AND TUDOR COThAGE TRUST LIMITED We rqpJrt on thB scwjnts of th8 ctfflP8nyfor year Emttad 31 March 2024 are set out cffj pag•$ 6 to 11. Rw¢tive rn•poMibillts"M ol tru•t•• and •X1•T Thp aty Ih? Dreth of Ihtr PJrxnpanyforthe PUfPOS of Company Lawl are responslble for the preparaugn of thÈacrxJunts. The $tee$ Mnsider that an 8uthI is rKtl rwuired for thks yepr und¥ S0 144121 Df Ihg ChEritiBY Act2011 Ilhe 2011 Acii and Ihai an Indean1 8xamlnaUm Is needed. Hal¥j 5aUsfl•# owsdve5 that the Company Is Tr)t subi8Gt to aU[loIrnpany kwaTrJ Is ellg4blefoi In0eperwJt mittin, It is 0Urrww)rbIlity to:. ' 8¥AmiTh8 lh8 acoxhits uTrJer Sth 145 ollh8 2011 Act ' follow the pro¢ureS ld In yeral (liredpons by Ihe Charity Secfjon 145151 Ibl of the 2011 Ati. arnl 10 81ot¢ &iar paffjrJJkqr mattws have rm0 to ourott•)Ibn. 8a•l¥ of indoporylent •X4vnIn, r•port Our Minal)n was r4thed out In attordancg Ihe 9gner41 'teOn¥ 9Nn by Charfty Commlsslon. An ex8rfiination a rgwiew of the aL¥xurfry record5 kept by ihe chartty and a ¢omparIn ofthe Pfesented wiu) those records. It In¢Juog5 of any unusual Ilwlls or ¢1sdoswes In tho acrAJunts, an¢J seeking explanatlons frcm you as trustoes o)rteming any suth Tnattets. The procedures do not lde all th8 ewdence thatwruld be Nuir in an audit and oJnsequ•nlly no oplOn Is ¢Ven as to whelhef Ihe 8ecothTrts preSt 8 Irue end fair and the repgrt is limited to those malters sel oul in statement bek)w. Indppend¢nt EXIn• St•t•m•nt In nn¢cl50n with our ckrniTration. rn matter la5 come to oJr attentiijn.. 1. gives us reasoThable Gqust lo bd18ve that in any matwial r85PeCt Ihe requiTements.' - to keep acnIng record8 in accixdance 4%ilh Section 396 of the Cornpanles Act 2LK16. and.. - to prepa 8c<4unts &cwr¢ th ifre accounliw re(xyS wmply th the accountirvJ requwements of S8clon 396 of the Cornpanie5 Act 2006 aTrJ tme metts and princityes of (he Slaternentot ftwnrned Pr8d¢8'. Accouniing and Reporti9 by Charib, ha met. vr 2. to tiiL. in owopinkn. attenibn sthjld be order to uble a proper ¢JKler¥tsn¢Jlng of thB to bè re8d. T & S A6UntantS atwj B1n- Lt Unbl 7 Ash Hlll Common Shtrfidd ErYJlish Romsey Hampshiro S0516FU
KING JOHN'S HOUSE AND TUDOR COThAGE TRUST LIMITED Acom an Ilmited b uarantee tatsment f Flnanclal Actlvllles For thè r 8ndod 31 March 2024 r•strictod R05trict•d Funds Total Funds 2024 Fund$ 023 Inwnlng resourcfjs 024 G•n•rat•d ty Voluntary Incom•: Gran15, donations and legaues Other Iradin activities Shop incorne and sales Invèstment Snc%)mè 56.896 16,051 71,947 59.419 14,277 2,234 25 16,511 409 8,981 193 Total Incoming rn8ourees 71.557 17.310 88,867 68,593 Resources expend Costs of 98nerating funds Cosl of goods 301d and oth8r wsts Chantable activiug$ Governan r)Jsts Other- provision against amount due Irom subsidiary Less.. service charge lo subsidlary Tptal resources •xpended 6,413 74,J58 1,860 11.0 5.700 87,931 763 933 7,176 75,291 1,860 11,0(K) 5,700 89,627 75,292 4,072 5,700 1,696 N•t Incominglloutg¢ing) r•wur$ Transf•rs babween funds Total funds brought forward 116,374) 1.060 3g.786 15,614 (1,0601 20.422 {7601 1 {31,437} 60.208 91,645 Totsl fund8 ¢orrled forniard 10 24,472 34,976 59,448 60.208 The slalemenl of Fin8nci81 Acilvities includes all gains and IrJ58es in the r. All in(x>ming resources deriv from continuing acts'vilies. Page 8
KINQ JOHWS HOUSE AIID TUOQR COTTAGE TRUST UMITED (Acompany Ilrnltgd by guaranto•) BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 IntMent Shwe in subsidiary Flx•d A•#ets Tangitle ¥sets 21.95B Curr•nl siock Debtors Cosh al bank and in )d 885 1.281 42.155 44.321 56.435 .043 Creditor6'. Arnounts Wling due vthhln ygar {6.8321 {7.3951 Ne¢ Current Assets 37,489 52,648 Not Asgets 60.208 Th• Fund• of the Charlty.. M1)8, guarft Restrfct& funts Clesign*wI (unrestri¢t1 furl Unrestricterj funO5 10 10 10 34,976 10.000 14.472 20,422 54.048 14.2621 59.448 60.208 PWT
KING JOHN'S HOUSE AND TUDOR COThAGE TRUST LIMITED (A company Ilmbted by guarantee) Balance Sheet as at 31 March 2024 In approving Ihese finanual stratements as Truslee Dirr5 of th& Companywe hereby nf1M the follLlWing.- For tha flnandal y8ar 8nd8d 31 March 2023, the eompany w? gnlillAd lo pxemplbn from audit Iindw 5ectinn 4T1 ol the Cornpanie5 A(X 2000 relall to small companie5. Trust88 DrarS responsibilili85.' 11 Th8 M8rnbèts have not reqLl1 the cxjrnpany to obtain 8n auditfor rts accounts for th& year in quesl.on in a(rA)rdance with s10n 476 oflho Companles Act 2. 21 The Trust885 ackn£dg@ th&r responsibilrties for (x)rnplWng tha wulrenwLts ofthe Companlès 2006 wlth reSpt to acfrluntlng re(x)rd$ and tha pr8paraUon ol 3)Unts. These arxounts have been prepared in ardan wffh the provtsh)rns applicabb lo companies subject ihg small La)mpJnie8 T8girne. These acnts were approv&J by the board on 12 August 2024 and svJned rjn ts beham. Mr K A Barwi( Troasuror The note8 on pages g to 11 forrn part ol these accounts.
KING JOHN'S HOUSE AND TUDOR COTTAGE TRUST LTD Acom an limited b uarantee Not•s to th• flnancial •tat•nwnt8 for th• ar •nd•d 31 March 1.1 A¢¢ountlng Convgntlon The accounts hav8 bogn prepar1 undèr the historical cost convention ag modified for valuations, in accordance wlh the Statement of Rgcommendeé Pracli¢g'. Accountsng and Reporting by Charities. Th6 accounts have bo8n prapar8d In accNd8nce FRS 102 and In accordance wltrt applSc8ble charlty ¢panY IJW. 1.2 Fix•d a880ts and d8prKlatlon The Trust own 'ng John'g House and thè interfirthed Tudty Cotte. %thith was sold to the Trust by Hampshire Courty Counc..l in 1979 for Ihe nobonal purchase price of £1. The asset is a "heritage asset. ich. in the ¢)pinion of the trust$ cannot be sensibly valued for the foll(Miing r6asons'. 1. The property 13 iflalienable. having been gifted to the t0rn of Romsey by Miss M.A.M. Moody, +he last of her branch of the farnily vthich had own8d the prop8rty Sir 1918. shj1(1 the pr888nt Tfust fall than th8 property would defaull lo Romsey Town Council. 2. Tha propoty is Grad8 1 list8d and cannot b8 ad8pt8d for aY nlemr)orary use, oven minor changes are subject to scnjpulous consKl8r8b"on by Historic England. 3. The property is landlL*ked with no right of way exept by vrav nf th6J main ftwer. Th8r8 is 8Iso 8 hi.%tnrir right of way lo the south side via the entranc8 way to the Abbey Hotel. Equiprnenl costing more ttron £1,1))O is caixlalised and dewlate£l over 5 years on a slraighl lina basis. 1.3 Incomo Incnrne relates 6nbr8ty lo the principal continuing activities. Donafjons and Legaaes represent donations and grants, Ihey are recognised when the don8ts.on is given or grant becomes unconditional. Other trading inCMe ropresent gift stw s8las, f888 for hiring, events and tours, the inccme of Mthich is recognised Nthen the sale is made, or th8 avenl occurs. Investment income relates entirdy lo bank interest received on b8nk dep08il8. 1.4 Fund accountlng lil Unrestricted funds are available for use al Ihe dIsCreOn of th8J trustse8 in lurthwance of the general objeGIIveb of the Gharty. lill Restricted funds are SubjIed lo restrictions on their expenditure, imposed by the donor or thrgh Ihe tetms of an appeal_ {iiil Designated funds arFJ Unrestrict fund3 earmarked by the Board of TTU3tee5 for a particular purpose. 1.5 Stock Slocks of rètail itèms are valued at the tower of cost and net realisable value. after making due allowance for obsolete and slow moviro items. 1.6 Debtors D8btors ale measured al cost and tgnised when a right to receive economic ben8fit, goods or serwcgs arises. 1.7 Ca•h al bank and In hand C&4h al bank and in hand represents monies heid in bank accounts or hand including cash In transit. 1.8 Creditors Creditors are recogni88d 81 cost when a preat Obligati( arises 88 a result of past events. 2 Employees The Trust has IM) permanent members of staff. ¢)ne fuu-llme one fractional. The Trustees do not éraw salaries.. they are entitled to relmbursgmenl of the costs of attending Board meetings. During the year undgr rgwgw no trustees were pald a salw or exwnsès. No Èmployegs r1ved ernploy99 b9ngfits of more than L60,IM)O. 3 Taxatton As a registered charity the Trust is rK>I liable lo Corporat¢on Tax on ils wofils, as long as these we directed to 118 cli8rilatAe obiects. P¥ge 9
KING JOHN'S HOUSE AND TUDOR corrAGE TRUST LIMITEO Acom an limited b uarantee Notes to the flnanclal staternents for the (conlinuedl ear ended 31 March 2024 4 Golng Con¢ern The accounts hav9 begn prepared on th8 basis that the Trust is a wing (x)ncern. The trustee8 must maKe thelr own assessment of the Trust's ability to conllnue as a golng concern to assure themselves of this assumption. The trustees have revWed all information aVailae to them for a period of at least 12 month5 from the date of the approval of these accovnls and are ¢onfidenl that the Trust can continuè, méeting ils liabilities as they fall due. 2024 2023 15 Inv•strnonts One Ordinary share ift Miss Moodls Tudor T88 Room Ltd repr6senling 100% of the issuèd share capital £1 £1 2024 202 6 Tangible fixed alsets Kin John's House uested 1979 Tudor Colltsgg Igi¢led by Hampshire County Counul) Cost Signage projecl costs incurred 21,958 21,959 7,558 7,559 The above properties are dassed as"Herltage Assets" as they are of at historical significance and are mainlined to advance the preservation ané edlatn objectives of the cnarw. These assets cannot be reasonably valued, in the opinion of the trustees. The buildings are listed properties which 8re situated in Rornsey Town c8ntre opposite Romsey Atsbey, antj afe Important In Ime lown's history and character. {See also note 1.21 7 Debtor8'. amount8 recAvable thin ono year: Amount due from sub8i4iary wmpany Less.. Provision agairtsl amcAJnt due OlheT Debtor 35,292 {35,0001 989 1,281 2024 26,652 124,000) 2,652 2023 8 Croditots: amounts falling dLe within one year.. Taxes due Trade creditors Accnjals Other creditors 1,419 1.843 4.072 61 7,395 5.332 1,500 6,832 9 M•rnb•rn' guarant•es and rnlated party transactlons The Tnjsl is a company limited by guarantee and not hamng an issued share capital. The members, liability is limited to £18ach. As at the balance sheet dale there Vere 8 (2023.. gi Members. On 1 Octob8r 2019 the subsidiary (x)mpany, Miss Mo(bd¥s Tu(Jor Tea Room Limited look over Ihe trade of Ihe tea rwms from the Trust, acquiring the equiprnent and stock at nel book value. The Tnjsl has charged il's subsKliary company £47512023 £4751 per month for sorvice charges lo include wages, telephone. credit charges ote. paid for by the Trust. P¥go 10
KING JOHN'S HOUSE AND TUDOR corrAGE TRUST LIMITED Acom an limited b rantee Notes to the financial statemènts for the Iconlinued) ear endod 31 March 2024 10 R•conGiliatlon of fund• At31 March 202 A8$0ts Current N¢t Transfers At 31 Llablllties Surplusi balwn March funds 2024 Freehcdd fund Accurnulaled g8n8ral fund Garden fund King John's House resetve fvnd - unTeslrirted Restricted incom8 funds 114.2621 14,472 12,863 13,017 54,048 10.¢X)o {1fj.3141 1.214 45,108 11.0601 144,048) 14,472 13.017 10,000 7,558 21.958 60.208 59,448 14.400 21,958 17601 50,448 Page11