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2024-03-31-accounts

BUSHEY MUSEUM TRUST

As from 11 April 2023 A Charitable Incorporated Organisation (CIO) CIO CRM: 0172913

A registered charity Charity number: 294261

TRUSTEES' ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

Page 2

BUSHEY MUSEUM TRUST

REPORT OF THE TRUSTEES

The Trustees present their report on the affairs of the Trust together with the financial statements of the Trust for the year to 31 March 2024

The financial statements have been prepared in accordance with the accounting policies set out in 11.1 below and comply with the Charities Act, the Trust's Memorandum and Articles of Association and 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 (FRS102) effective from 1 January 2019.

Bushey Museum was officially opened on 22 October 1993. The Museum was accorded full registration with the Museums and Galleries Commission on 28 October 1993. The Commission's successor body, the Museum, Libraries and Archives Council, awarded the Museum full accredited status in July 2008. This was further renewed by the Arts Council in December 2013. The Museum also merits the accreditation of "Quality Assured Visitor Attraction" under the Visitor Attraction Quality Assurance Scheme (VAQAS).

1. LEGAL AND ADMINISTRATIVE INFORMATION

Charity name: Bushey Museum Trust Charity registration number: 294261 Registered office and operational address: Rudolph Road, Bushey, Herts WD23 3HW Registered Museum number: RD1048

1,1 DIRECTORS AND TRUSTEES

The directors of the charitable company are its Trustees for the purposes of charity law. The Trustees serving during the year were as follows:

Audrey Adams (Chairman) Rita Castle Catherine Earle Carey Keates (died 27 February 2024) Anthony Woollard Patricia Woollard

Brenda Batten Margaret Craig Gray Barry Hyman Adele Taylor Valerie Penketh (appointed 5 June 2023) David Johal (appointed 5 June 2023)

1.2 PROFESSIONAL ADVISERS

Solicitors:

Penman Sedgwick 5 George Street Watford WD18 0SQ

Bankers:

Charities Aid Foundation Bank

Independent Examiner

Richard A Kessel FCA 8 Athol Gardens Pinner HA5 3XQ

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BUSHEY MUSEUM TRUST

REPORT OF THE TRUSTEES - continued

2. CONSTITUTION AND PRINCIPAL OBJECT

The Trust is constituted as a Charitable Incorporated Organisation. It is a registered charity and operates as a registered museum

The object of the Trust as set out in its Memorandum of Association is to advance the education of the public in Bushey by the provision of a museum and local studies centre with material of archaeological, historic, artistic and social interest.

2.1 PURPOSES AND ACTIVITIES

The principal purpose of the charity is as stated above. The charity also has the general aims of:

2.2 STRATEGIES TO DELIVER OUR AIMS

The strategies employed to achieve the charity's aims and objectives are:

2.3 COVID-19 PANDEMIC

The international COVID-19 pandemic of 2020 is no longer a factor in the day-to-day operation of the Museum. The Museum resumed Sunday opening from 3 April 2022 restoring the opening time to 20 hours per week and this arrangement has continued. Most of the associated activities at the Museum including Friends' meetings, Educational services, Community meetings and Art classes are fully operational once again.

2.4 Volunteers

Apart from one paid part-time employee, all aspects of the running of Bushey Museum are carried out by volunteers, many of whom are members of the Friends of Bushey Museum. Volunteers are involved in all office functions cataloguing, labelling, research, curating, mounting exhibitions, data input and all the other activities of a museum. The volunteers also provide stewarding for the 20 hours a week when the Museum is open to the public (Thursdays to Sundays). Without the material and human support of our volunteers the museum could not function.

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BUSHEY MUSEUM TRUST

REPORT OF THE TRUSTEES - continued

2.5 RELATED PARTIES

2.5.1 BUSHEY MUSEUM SERVICES LIMITED

Bushey Museum Services Limited (company number 02238032) is controlled by the Museum and is reponsible for the trading conducted on behalf of the Museum. All profits are covenented to the Museum. The shop is entirely run by volunteers and there is also an on-line facility. This operation has now been incorporated into the Museum.

2.5.2 REVELEY LODGE TRUST

In 2003 Bushey Museum Trust (BMT) received a bequest in accordance with the will of Mrs Eila Chewett comprising land and property at Reveley Lodge, 88 Elstree Road, Bushey Heath together with eight neighbouring cottages. Under the terms of the will, these assets were bequeathed absolutely for the general charitable purposes of BMT. At the time of the bequest the Trustees took the view that because:

(1) the consolidation of the bequeathed assets with those of BMT might put at risk the continuation of financial support for Bushey Museum from Hertsmere Borough Council; and, (2) the administration and management of land and property would require different skills from those required for the management of a museum and art gallery,

it was expedient to:

(1) form a separate incorporated charitable trust called the Bushey Museum Property Trust (BMPT), renamed during 2018/2019 as The Reveley Lodge Trust (RLT) to avoid confusion between the names of the two separate trusts; and,

(2) to assign the bequeathed assets to the new trust.

To ensure legal separation of the two trusts under company law a majority of the trustees of RLT are not also trustees of BMT. In other respects the continuing mutually supportive inter-relationship of BMT and RMT is evidenced by contingency provisions in the constitution of RLT and by the fact that BMT supplies management and staffing for the educational activities provided for children and adults which take place at Reveley Lodge. The Chairman of the Reveley Lodge Trust is Granville Taylor.

2.5.3 FRIENDS OF BUSHEY MUSEUM

The Friends of Bushey Museum is a registered charity (number 1039713 - registered 20 November 1986). Its charitable aims are:

The education of the public by promotion, support, assistance and improvement of Bushey Museum through the activities of its members

It is a membership organisation separate from the Museum and is chaired by Rita Castle. It offers its members four newsletters a year and a programme of social events, outings and an annual holiday. These events contribute greatly to the Museum's aim of furthering the social and cultural welfare of the local community, with the Museum seen as a focus for positive social interaction. The Friends of Bushey Museum had a membership of 521 on 31 March 2024 (2023: 549).

BUSHEY MUSEUM TRUST

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REPORT OF THE TRUSTEES - continued

3. CHARITABLE ACTIVITIES

3.1 STATUTORY DECLARATION

The Trustees declare that they have had due regard for the Public Benefit in determining the activities of the charity in line with the provisions of the Charity Commission.

3.2 VISITORS TO BUSHEY MUSEUM

During the year to 31 March 2024, the Museum was open to the public for 208 days and attracted a total of 6,533 visitors. This includes users of the Meeting Room and Art Studio and visiting educational groups. In the year to 31 March 2023 the Museum attracted a total of 5,973 visitors.

3.3 BUSHEY MUSEUM WEBSITE

The website has continued to evolve since being re-launched in 2019. It provides a comprehensive guide for prospective visitors and includes special features and further information to complement exhibitions and events at the Museum. Other items include the ever-popular on-line jigsaws featuring paintings owned by the Museum. The website links to other relevant bodies and local organisations.

3.4 SOCIAL MEDIA

The Museum has a very active Facebook page which is updated daily and attracts about 1,300 followers, many of them members of the lively local Facebook community who like to share their news and photographs. Like the website it is designed to complement and enhance exhibitions and events at the Museum and Reveley Lodge. Regular features include artists' birthdays, and extensive use is made of the Museum's photographic archive. There is also news from Herkomer's birthplace in Landsburg supplied by the local museum there. The Facebook page links to various websites of local organisations including the Museum's and helps to publicise community events in Bushey.

3.5

EDUCATIONAL SERVICE

The Museum provides educational "experiences" which are linked to the National Curriculum. They are held at the Museum, at Reveley Lodge and as outreach sessions at individual schools and are organised by Adele Taylor assisted by an experienced team of volunteers. The most popular session in the year to 31 March 2024 was "the Victorian experience" (10 sessions) followed by "history through toys" (8 sessions) and "meet Lucy Kemp-Welsh" (4 sessions). Other sessions offered were "local history", "plants and seeds" and GCSE art preparation. A total of 27 sessions were organised, involving 673 pupils and 122 school staff. In the year to 31 March 2023 a total of 32 sessions were held, involving 757 pupils and 138 school staff.

3.6 FROBISHER STUDIO AND MEETING ROOM

The Frobisher Studio was re-erected on the Museum site in 2007 after a century standing in nearby Glencoe Road. It was refurbished with the aid of a Heritage Lottery Grant and generous support from its former owner. After a hiatus caused by the pandemic local art classes and a printing group gradually returned and the Studio was occupied five days a week. In the year to 31 March 2024 a total of 1,473 students used the Frobisher Studio facilities compared with 1,316 students in the year to 31 March 2023.

The Meeting Room is an important asset being used for meetings of Museum bodies such as the Trustees, the Management Committee, the Education Service, the Friends of Bushey Museum, the newsletter collators and the Museum's embroidery group. It is also available to community groups and other local organisations. There were 148 Meeting Room users in the year to 31 March 2024 compared with 347 users in the year to 31 March 2023.

BUSHEY MUSEUM TRUST

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REPORT OF THE TRUSTEES - continued

3.7 EXHIBITIONS

3.7.1 PERMANENT EXHIBITIONS

THE LUCY KEMP-WELCH MEMORIAL GALLERY

This is a permanent display of paintings and drawings by Lucy Kemp-Welch. Most of the paintings on show are owned by the Lucy Kemp-Welch Trust and some are kindly on loan from the Kemp-Welch family. In March 2023 at the request of the Kemp-Welch Trust, eight of their choicest paintings were loaned to the Russell Cotes Museum in Bournemouth and then the National Horse Racing Museum in Newmarket where they were received very enthusiastically by a whole new public. The Museum took advantage of their absence to redecorate the Gallery and then filled the space with an exhibition entitled 100 years of costume along with some local history items. The Kemp-Welch paintings returned to Bushey in March 2024.

THE HERKOMER ROOM

This celebrates the towering contribution to Bushey's art heritage of Professor Sir Hubert von Herkomer, his school of art and his many artistic activities. Although this room is a permanent exhibition, occasionally some changes of items and displays are made. In June 2023 the Museum acquired six silver spoons and some enamels designed by Herkomer, which enhanced the collection.

3.7.2 TEMPORARY EXHIBITIONS IN THE MAIN GALLERIES

THE COUNCIL CHAMBER GALLERY

In July 2023 Kate Cowdery and the Bushey Art Colony gave way to Your Favourite Painting chosen by volunteers and visitors as a way of celebrating the Museum's 30th anniversary. A wide variety of paintings were nominated and displayed. In January 2024 this was replaced by a new exhibition of works by Monro Circle featuring local watercolour artists active before Herkomer's time.

THE ANNE BLESSLEY GALLERY

The Gallery, named in honour of the Museum's founding art curator, offers an ideal space for smaller displays. After Colonising Cornwall - Bushey artists in the West Country, A History of Bushey in Embroidery was installed in June 2023. Bushey is fortunate to be home to a number of talented needlewomen (and men) and the Museum was delighted to be able to showcase their work. In October 2023 an exhibition of paintings and artefacts connected to St James' Church was mounted in support of the Church Tower appeal.

THE JUBILEE ROOM

This small gallery provides an ideal setting for photographic exhibitions. 2023 started with an exhibition of photographs by William Hoather Master Photographer who depicted the lives of people in Bushey Heath before the second World War. In September 2023 this was replaced by Albert Chewett and Gaetano Valvona, a transfer from Reveley Lodge. Valvona, an Italian, was a male model who sat for many prominent Victorian artists including Chewett.

LOCAL HISTORY GALLERIES

The local history displays have been frequently altered with several new minor exhibitions of local collections in the Jubilee case and the Reveley case. The Platinum Jubilee and the Coronation of King Charles III provided the chance to display examples from the Museum's collection of commemorative china and other artefacts.

3.8 DEALING WITH ENQUIRIES

The Museum continued to respond to queries from all over the world on a variety of topics. Following the pandemic these were mainly dealt with by email. The Museum also continued to advise Hertsmere Borough Council on such matters as street naming.

BUSHEY MUSEUM TRUST

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REPORT OF THE TRUSTEES - continued

4. ORGANISATION

The Trustees who served during the year to 31 March 2024 are listed on page 2. They normally meet six times per year and at other times as required. The museum receives most welcome advice from Hertsmere Borough Council's Heritage and Museums Officer Ruth Stratton, who supports all museums and heritage organisations within the Borough. During the year the Trust had one part-time paid employee, Buildings Manager David Berry.

4.1 JOINT MEETINGS

Bushey Museum Trust and the Reveley Lodge Trust formerly held bi-annual joint meetings at which matters of mutual interest were discussed. These were suspended during the pandemic and have yet to be reinstated though informal contact continues.

4.2 COUNCIL LIAISON

The long-established six-monthly management meetings involving representatives of Hertsmere BC and Museum officials continued. Their purpose is to inform the Council representatives of the activities and plans of the Museum and to discuss matters of mutual interest. The Council nominated two representatives to this meeting, Cllr Seamus Quilty and Cllr Shailain Shah. The Museum's regular representatives were Audrey Adams, Brenda Batten, Catherine Earle and Carey Keates.

4.3 RISK MANAGEMENT

All activities are risk assessed. The Trustees have reviewed the risks which they consider to be relevant and have concluded that adequate measures exist or are in the course of implementation in order to minimise most of those risks which are within their control. However, succession planning continues to be problematic.

5. FINANCIAL RESULTS AND REVIEW

5.1 OVERVIEW

Hertsmere Borough Council continues to provide support for the Museum with a Service Level Agreement between the Council and the Bushey Museum Trust under which Hertsmere BC provides the building and a grant towards the Museum's core funding. In addition, Hertsmere BC provides the services of a part-time Museums Officer. Bushey Museum is very grateful for this support.

In the year to 31 March 2024 the Museum received income of £88,964 (2023: £449,638). This was reduced from the previous year due to the fact that we received last year a legacy of £393,292 which had restrictions attached to it. This year we received a grant of £499 to purchase some safety steps and £13,070 to acquire some Herkomer enamels.

Unrestricted grants of £34,000 were received during the year (2023: £34,000). The remainder of funds received came from charges for services provided by the Museum and from donations.

The total designated fund at 31 March 2024 amounted to £175,061 (2023: £160,061)

The Museum had total net income resource of £26,772 (2023: £410,962) of which £26,800 (2023: £17,642) was unrestricted and non-designated. We transferred £15,000 from reserves to the refurbishment designated fund.

As a registered charity and a company without share capital the Trust does not pay any dividends.

BUSHEY MUSEUM TRUST

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REPORT OF THE TRUSTEES - continued

5.2 RESERVES POLICY

It is important to note that, despite the scale and quality of its operations, the bulk of the Museum's day-to-day operations are run by volunteers with the assistance of just one part-time Buildings Manager. The Museum's running costs are, therefore, disproportionately low relative to the scale of its operations. But, by corollary, the Museum's long-term maintenance and refurbishment costs are disporportionately high relative to its costs and therefore its annual turnover. In the unlikely event of a deep cut in its regular income such that the Museum could no longer operate in its present manner, the Trustees would have to decide whether to either:

a) find another suitable organisation or individual willing to take over the running of the Museum as a charity in its entirety; or,

b) distribute the items in the Museum's collection to other museums or dispose of the items by sale or auction, disperse any residual funds in accordance with the provisions of the governing document and hand back the premises to Hertsmere Borough Council.

Therefore, the Trustees' reserve policy is to maintain reserves of approximately 75% of current expenditure. Given that general expenditure in the year to 31 March 2024 amounted to £26,800 excluding expenditure from restricted and designated funds, the Museum's reserves at 31 March 2024 should be not less than £20,100 and the Museum's unrestricted reserves at 31 March 2024 amounted to £64,044, a transfer of £15,000 was made to the refurbishment designated fund. At 31 March 2024 designated funds totalled £175,061 (2023: £52,272 and £160,089 respectively).

5.3 FINANCIAL OUTLOOK

As reviewed in Section 11.4 designated funds and particularly section 11.4.2 refurbishment and redevelopment, the long-term sustainability of Bushey Museum is dependent on being able to maintain and develop its physical environment in order to:

a) ensure that its facilities meet such evolving best practice standards for museums as necessary to maintain its accredited status; and,

b) enable it to introduce new and better ways to present its collection for the public benefit and to promote community engagement in its collection and the historical cultures it represents.

While major refurbishment and redevelopment projects will require significant external funding, it is necessary that the Museum develops its own resources to provide the necessary seed-funding required for such undertakings.

5.4 FUTURE PLANS

Frustratingly, the Trustees find it difficult to plan for the future of the Museum because of various factors over which they have no control. The lease for the present Museum building, which is owned by Hertsmere Borough Council, expires in 2028. This matter has already been raised with the Council. The adjoining Bushey Fire Station closed in 2014. The Museum had hoped to be able to take over this site and incorporate it in a major rebuilding project including the provision of a new gallery and extra storage space. After nearly ten years of indecision Hertfordshire County Council, who are responsible for the Fire Station, offered the premises for commercial rent at the beginning of 2023. Agreement was reached with a local engineering company, who moved into the premises at the beginning of 2024.

Meanwhile, Bushey Country Club, which is owned by Hertsmere Borough Council, became vacant in early 2018. This is a large-scale site in the centre of Bushey and there was an extensive consultation with Bushey residents regarding its future use. One of the suggestions made was to build a community "hub" incorporating a purpose-built museum on this site and this was subsequently included in the Hertsmere draft local plan offered for public consultation in April 2024. Clearly it would be unwise to rule out this possibility but without definite and detailed plans the Trustees are unable to commit themselves to any option at this time. The wheels of local government turn very slowly and at the moment the future of the Museum is suffering as a result.

BUSHEY MUSEUM TRUST

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REPORT OF THE TRUSTEES - continued

5.5 TRUSTEES' RESPONSIBILITY IN RELATION TO THE FINANCIAL STATEMENTS

Law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the Charity's financial activities during the year and of its financial position at the end of the year, In preparing these statements the Trustees are required to:

The Trustees are responsible for keeping accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by the Trustees on 13th December 2024

Signed on their behalf by

Audrey Adams

Audrey Adams Chairman of the Bushey Museum Trust

BUSHEY MUSEUM TRUST

Page 10

A Charitable Incorporated Organisation

Independent examiner's report to the Trustees of Bushey Museum Trust

("the CIO")

I report on the accounts of the Bushey Museum Trust for the year ended 31 March 2024, which are set out on pages 12 to 19,

Respective responsibilities of the Trustees and examiner

The charity's Trustees are responsible for the preparation of the accounts. The charity's Trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 ("the 2011 Act") and that an independent examination is needed. It is my responsibility to:

Basis of independent examiner's report

My examination was carried out in accordance with the general directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from you as Trustees concerning such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a "true and fair view" and the report is limited to those matters set out in the statement below.

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A Charitable Incorporated Organisation

BUSHEY MUSEUM TRUST

Independent examiner's statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. Accounting records were not kept in respect of the charity as required by section 130 of the Act; or

  2. The accounts do not accord with those records; or,

  3. The accounts do not comply with the appropriate requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Richard Kessell

Richard A Kessel FCA 8 Athol Gardens Pinner HA5 3XQ

13th December 2024

Page 12

BUSHEY MUSEUM TRUST

A Charitable Incorporated Organisation

Statement of financial activities for the year ended 31 March 2024

INCOMING RESOURCES
Voluntary income
Donations
Legacies
Grants
Income generated
Museum shop
Lettings and sundries
Investment income
Bank interest received
Charitable income
Exhibitions
Education
Local history
Other income
Total incoming resources
RESOURCES EXPENDED
Costs of generating funds
Fundraising
Charitable activities - coll.
Acquisitions
Conservation and cat.
Exhibitions
Other charitable activities
Education
Local history
Miscellaneous
Establishment
Maintenance
Services
Administration
Human resources
Office services
Professional fees
Shop amalgamation
O/bal adjustment
Total resources expended
Net incoming resources
RECONCILIATION
Balance brought forward
Net incoming resources
Transfers between funds
Balance carried forward		 Unrestricted
Designated
Restricted
funds
funds
funds
Total
£
£
£
£
4,632
-
-
4,632
-
-
-
34,000
499
13,070
47,569
16,252
-
-
16,252
17,533
-
-
17,533
1,107
-
-
1,107
-
-
-
-
1,871
-
-
1,871
-
-
-
-
-
-
-
-
75,395
499
13,070
88,964
441
-
-
441
409
-
13,070
13,479
655
-
-
655
1,722
-
-
1,722
559
-
-
559
-
-
-
-
-
-
-
-
3,028
-
-
3,028
7,400
-
-
7,400
-
-
21,951
-
-
21,951
3,047
499
-
3,546
144
-
-
144
9,267
-
-
9,267
(28)
28
-
-
48,595
527
13,070
62,192
26,800
(28)
-
26,772
52,244
160,089
398,042
610,375
26,800
(28)
-
26,772
(15,000)
15,000
-
Year ended 31 March 2024		 2023
£
1,662
393,292
34,800
2,491
14,944
318
-
2,131
-
-
449,638
-
-
662
1,419
80
-
-
2,944
5,729
20,842
4,540
2,460
-
-
38,676
410,962
199,413
410,962
-
64,044
175,061
398,042
637,147		 610,375

BUSHEY MUSEUM TRUST

A Charitable Incorporated Organisation

Movement in funds for the year ended 31 March 2024

CASH ASSETS
Petty cash
Bank current a/c
O/s debtors
O/s creditors
Asset purchases
Inv in shop
Total cash assets
COMPRISING
General unrestricted
Reserves
Designated unrestricted
Collection
Refurbishment and dev.
Lighting and security
Restricted
Collection
Exhibitions
Grants
Total funds		 B/fwd
1 April 2023
Receipts
Payments
Transfers
£
£
£
£
60
40
(189)
200
531,278
84,394
(66,712)
(200)
-
14,267
-
-
(12,383)
1,892
-
-
84,500
-
-
-
6,920
-
(6,920)
-
610,375
100,593
(73,821)
-
52,272
87,024
(60,252)
(15,000)
89,561
499
(499)
-
70,000
-
-
15,000
500
-
-
-
600
13,070
(13,070)
-
4,030
-
-
-
393,412
-
-
-
610,375
100,593
(73,821)
-

Page 13

C/fwd 31 March 2024 £

111 548,760 14,267 (10,491) 84,500 - 637,147

64,044 89,561 85,000 500 600 4,030 393,412 637,147

BUSHEY MUSEUM TRUST

A Charitable Incorporated Organisation Balance sheet as at 31 March 2024

Notes
Fixed assets
Tangible fixed assets
11.7
Heritage assets
11.8
Investment in subsidiary
11.9
Current assets
Petty cash
Bank current account
Sundry debtors
11.5
Current liabilities
Creditors due within one year
11.6
Net current assets
NET ASSETS
Comprising:
General unrestricted funds
Reserves
Designated unrestricted funds
Collection
11.4.1
Refurbishment and development
11.4.2
Lighting and security
11.4.3
Total unrestricted funds
Restricted funds
Collection
11.3.1
Exhibitions
11.3.2
Grants
11.3.3
Total restricted funds
TOTAL FUNDS		 31 March 2024
-
84,500
-
84,500
111
548,760
14,267
563,138
(10,491)
552,647
637,147
64,044
89,561
85,000
500
239,105
600
4,030
393,412
398,042
637,147

Page 14

31 March 2023

91,420

60 531,278 - 531,338

(12,383)

518,955

610,375

52,272

89,561 70,000 500

212,333

600 4,030 393,412 398,042 610,375

BUSHEY MUSEUM TRUST

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A Charitable Incorporated Organisation

The notes on pages 16 to 19 form part of these financial statements.

For the year ended 31 March 2024 the company was entitled to exemption under section 477 of the Companies Act 2006 ("the Act") relating to small companies. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476 of the Act.

The directors acknowledge their responsibility for complying with the requirements of the Act with respect to provisions applicable to companies subject to the small companies' regime.

On 11 April 2023 the Trust ceased to operate as a Limited Company and became a Charitable Incorporated Organisation.

Approved by the Trustees and signed on their behalf by Audrey Adams, Chairman of Trustees

Audrey Adams

Audrey Adams

BUSHEY MUSEUM TRUST

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A Charitable Incorporated Organisation

Notes to the financial statements for the year ended 31 March 2024

11.1 Accounting policies

11.1.1 Basis of preparation

The accounts have been prepared in accordance with the Statement of Recommended Practice, Accounting and Reporting by Charities SORP (FRS102), applicable accounting standards and the historical cost convention. The presentation of the balance sheet and statement of financial activities includes a general fund and a restricted fund. This is necessitated by the conditions of various grants and donations. Details of the grants, donations and legacies received are included in the Trustees' report.

11.1.2 Fixed assets

The Trustees' accounting policy is to write off all fixed assets in the year in which they are acquired. Details can be found in Note 11.7.

11.1.3 Cash flow statement

The Trust has taken advantage of the exemption provided by the Financial Reporting Standard 1 for small charities and has not prepared a cash flow statement for the year. The requirement for cash flow statements was dropped for accounting periods commencing on or after 1 January 2016 if the income of the charity is less than £500,000.

11.1.4 Collection

Items shown under the Collection heading are only those purchased by the Trust out of income or through specific grants. Further details of the Collection are set out in the Trustees' report

In accordance with previously recommended practice, the items in the Collection acquired prior to 1 April 2021 have not been shown as an asset of the Trust but were treated as part of routine expenditure. The SORP (FRS102) requires the information on Heritage and Inalienable Assets which would cover the Collection should be given in Notes to the Accounts whether or not they have been capitalised. The Trustees have considered this carefully and have decided that it is not practical on the grounds of difficulty and cost and so are taking advantage of the exception to this reporting requirement provided in the SORP (FRS102). Furthermore, the Trustees consider that publication would prejudice the efficient working of the Charity by increasing the risk of theft and/or vandalism.

As communicated in the Trustees' report and in the notes to the financial statements, the year ended 31 March 2022 represented the first year in which such items have been acquired with reliable cost information. Such items have duly been capitalised as explained further in notes 11.1.5 and 11.8.

11.1.5 Heritage assets

A heritage asset is a tangible or intangible asset with historical, artistic, scientific, technological, geophysical or environmental qualities that is held and maintained principally for its contribution to knowledge and culture.

Heritage assets are initially recognised at cost or valuation if donated. Subsequently they are held at cost less depreciation and impairment.

Where the cost or valuation of heritage assets are not avaialble and such information cannot be easily obtained, the Charity considers if the cost of obtaining a valuation is justified by the usefulness of the information to the users of the accounts for its own stewardship purposes.

BUSHEY MUSEUM TRUST

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A Charitable Incorporated Organisation

Notes to the financial statements for the year ended 31 March 2024 - continued

11.2 Grants and donations

The Museum received grants from Hertsmere Borough Council which this year totalled £34,000. During the year money was also received from Hertsmere Borough Council amounting to £499 which related to the purchasing of safety steps. £13,070 was also received during the year to purchase some Herkomer enamels. Private donations and donations from Museum visitors amounted to £4,632 (2023: £1,662). Some grants and donations received in the year to 31 March 2024 were unrestricted and for the general fund of the Museum.

The Friends of the Museum were again generous in their purchases of new acquisitions and other capital items although the Museum's temporary brake on acquisitions (due to a lack of storage space) meant that fewer requests were made.

11.3 Restricted funds

Restricted funds are funds which have been donated to support a specific purpose within the Museum's overall charitable purposes.

At 31 March 2024 the Museum had three restricted funds:

11.3.1 Grants for specific items

These grants are given to the Museum to support the purchase of specific items such as items for the Collection, equipment to enhance the activities and environment or particular consumables. Such grants are normally entirely disbursed shortly after receipt in accordance with the trust on which they were given or, in some cases, may be a reimbursement for items already purchased by the Museum. The Collections Restricted Fund stood at £600 at 31 March 2024.

11.3.2 Exhibition fund

This fund is intended for paying costs related to the mounting of exhibitions including the hiring in of exhibitions from elsewhere. The fund stood at £4,030 at 31 March 2024.

11.3.3 Grants

This fund is intended to pay costs related to the work needed for the building. The fund stood at £393,412 at 31 March 2024.

11.4 Designated funds

Designated funds are funds which are part of the general fund (ie: available for application to any of the Museum's charitable objects at the discretion of the Trustees) but which have been put to one side by the Trustees in anticipation of future expenditure which are significantly in excess of the normal day-to-day costs of running the Museum.

At 31 March 2024 the Museum had three designated funds:

11.4.1 Collection

From time-to-time items become available which it would be in the public interest for the Museum to be able to add to its Collection.

The open market value of such items (eg: at public auction) can be considerable, reflecting their general level of interest and value to the public.

Whilst the generosity of the Museum's donors is also considerable, the time that it takes to arrange for sufficient funds for the Museum to enable it to purchase an important item can be such that the item has already been sold before the Museum has arranged sufficient funds to make the purchase.

BUSHEY MUSEUM TRUST

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A Charitable Incorporated Organisation

Notes to the financial statements for the year ended 31 March 2024 - continued

The Trustees therefore believe that it is in the best interests of the public and the charitable purposes of the Museum to create and hold a designated fund to enable it to respond quickly when items of relevant interest become available for purchase.

Because of the impossibility of predicting when important artefacts will become available it is not possible to indicate the time-scale in which monies held in the Collection designated fund will be needed.

The Trustees have set the current target value for the Collection designated fund at £20,000. The fund stood at £89,561 at 31 March 2024.

11.4.2 Refurbishment and development

As previously indicated in the Trustees' report sections 2.4 and 5.2, because of the extensive contributions of volunteers, the day-to-day running costs of the Museum are disproportionately low relative to the Museum's annual turnover.

The Trustees believe, therefore, that it is in the best interests of the public and the charitable purposes of the Museum to create and hold a designated fund to cover the occasional costs of major refurbishments or extensions to the Museum's premises.

In respect of refurbishments of the existing Museum premises, the Trustees have set the current target value for the refurbishment designated fund at £100,000 to £150,000. The fund stood at £85,000 at 31 March 2024.

Wherever possible (and subject to the requirement for appropriate liquidity) the monies in the combined refurbishment and redevelopment designated fund will be held in suitable income-generating investments.

11.4.3 Lighting and security

In common with most museums, The Bushey Museum requires special lighting to both display the exhibits in the best way for the public benefit and protect delicate artefacts from damage by daylight or inappropriate artificial lighting. Inevitably such special lighting can be expensive both to purchase when required for new exhibits and to repair when malfunctioning.

The Trustees have, therefore, created and hold a designated lighting and security fund to cover expenditure on special lighting which is over and above that covered by the normal maintenance budget. The Trustees have set the current target value for the lighting and security fund at £2,000. The fund stood at £500 at 31 March 2024.

11.5 Sundry debtors

Arising on pending shop transfer
s due within one year
Professional fees (independent examiner)
Stock held in shop pending transfer
Other sundry creditors		 2024
£
14,267
2024
£
1,044
9,267
180
10,491

11.6 Creditors due within one year

2023 2023 1.800 10,583 12,383

BUSHEY MUSEUM TRUST

A Charitable Incorporated Organisation

Notes to the financial statements for the year ended 31 March 2024 - continued

11.7 Tangible fixed assets

As set out in notes 11.1.2 (accounting policies) the Trustees' accounting policy in respect of tangible fixed assets is to write off all fixed assets in the year of acquisition. The reason for this is that the Museum's tangible fixed assets are principally acquired using grants or donations and this leads to distortions in reporting where the income used to acquire the asset is all in one year but the asset may be written off over a longer period. Therefore, this expenditure does not adhere to the matching principle directly as set out above or indirectly since the Museum does not levy admission charges or raise any other income against which the expenditure could be matched in the future.

11.8 Heritage assets

Carrying value at 1 April 2023
Additions during the year
Disposals during the year
Carrying value at 31 March 2024		 £
84,500
-
-
84,500

The Museum received a grant to purchase a Herkomer portrait in 2022 which is shown here. The Museum holds other donated assets which have not been recognised on the balance sheet due to the difficulty in valuing these assets. This is due to the fact that these assets are generally not traded in an open maket and are generally of low individual value. The inclusion of these assets in the balance sheet is not considered significant to the users of these financial statements.

11.9 Investment in subsidiary

Bushey Museum Services Limited is a wholly owned subsidiary of Bushey Museum Trust. The principal activity of the company is to run the Bushey Museum shop selling a range of greetings cards, publications and a large variety of other items both in the shop and on-line. All the profits of the company are donated to Bushey Museum Trust. The company's accounting reference date is 30 September.

Since the year end and due to the Museum becoming a CIO, the activities and results of the company have been incorporated into the Museum's results.

11.10 Staff costs and numbers

The average number of employees during the year calculated on the basis of full-time equivalent was 0.66 (2023: 0.66).

No employee received emoluments in excess of £60,000pa.

The Museum does not operate any pension scheme for its employees as they have opted out of this benefit.

11.11 Trustee remuneration and related party transactions

No Trustee received any remuneration or reimbursement of out-of-pocket expenses during the year.

There have been no related party transactions during the year except as disclosed herein.

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