Charity number. 298295 THE HERSCHEL HOUSE TRUST TRUSTEE'S REPORT AND FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024 HERSCHEL MUSELM OF ASTRONOIM.Y THE HERSCHEL HOUSE TRUST coKrEKrs Page Referen￿ and administrative delalls of the charlty, fts trustee and advtsers Trustee's report Independent auditors, report Statement of flnanclal actlvltles Balance Sheet 10 Motes to the flnandal statements THE HERSCHEL HOUSE TRUST REFERENCE AND ADIAINISTRATIVE D￿AlLs OF THE CHARrrY. rrs TRUSTEE AND ADVISERS FOR THE YEAR ENDED 31 JANUARY 2024 The Trustee of the charity at 31 January 2024, which has been the sole Trustee for the whole year ended on that dale and since the year-end, was The Bath Preservation Tnjst Limited Icharity number 2030481. The directors of The Bath Preservation Trust Limited during the year and slnce the year end were: Trustees Dlane Aderyn OBE 3,5 Douglas Creed 1,2 Robert Dunton (resigned 11 July 202311,2 Julian Gooding lappolnted 11 July 20231 Peta Hall 2,4 Bruce Halnes 3,4,5 Colin Johnston 3,4,5 Annabei MacGre#or lappointed 11 July 202314 Tom Marshall (resigned 13 November 202312.3.4 SimiM Morray-jones 2 Eve Salomon CBE, Chair (co-opted 1 November 20231 Thoma5 Sheppard DL, Chair Iresigned 31 October 202313,4,5 Donna Speed lappointed 11 July 202314,5 Vlctoria Thornton OBE 1,2,3,4 denotes members of the A(fvocacy and Campalgns Committee denotes members of the Architecture. Plannins and Plw Commlttee denote5 members of the Finance Committee denotes members of the MuseLJms and Education Committee derbOte5 members of the Recruitment Committee Charlty regfstered number 298295 R￿lstered offlce 1 Royal c￿sCent Bath BA12LR Independent audltors Bishop Fleming LLP Chartered Accountants 10 Temple Back Bristol BS1 6FL Bankers CAF Bank Limited 25 Kings Hill Avenue West Itlallinq Kent ME19 4JQ Solicitors Stone King 13 Queen Square Bath BA1 2HJ Page 1 THE HERSCHEL HOUSE TKusr TR￿EE.5 REPORT FOR THE YEAR ENDED 31 JANUARY 2024 The Trustee presents its annual report together with the audited finanaal statements for the year 1 February 2023 to 31 January 2024. OBjE￿￿￿Es AND AcfNITIES The Herschel Museum of Astronomy is the slte of the discovery of the planet Uranus in 1781 and is the only Surviving residence of the astronomers William Herschel and his sister Caroline. The prinapal objectlves of The Herschel House Trust are to.. lal preserve for publlc benefi.t the house at 19 New King Street and Its garden as close as POS5ible to the style of the period when it was occupied by William Herschel and hi5 Slster Carollne; {bl malntain a cdlection of artefact5 relating to the achIevemL￿t5 of the Herschel Family bwth 5pecSal emphasis on William and Caroline Herschel. {cl provide an international referen￿ source of the collection in relation to muslc, astronomy and 50entific research; and Idl make available to the public special publications a￿ut the Herschel family in C[￿J￿(tion with the William Herschel Society. ACTivmES FOR THE YEAR Achlevements, Perfonnance and Public Benefft The Herschel Museum of Astr￿0MY retained its Accredlted status under the Arts Council England Scheme followlng the pr￿e$S to reapply led by Bath Preseryation Trust. The museun was operational throughout the year and visitor numbers were in line with expectations, demonstrating that the museum continues to be a popular visitor attrartion. It 15 evident that dwell time in the museum is con515tently high and wsitors typically spend between 1.5 and 2 hwrs at the museum. The garden creates a particular focus a5 the evttative place from which Uranus was discoveied. The endurfn8 appeal of the museum is important but It has l¢)ng be￿ recognised that the building is compromised. It is separate(J, with the museL*)) occupylng the ground floor, first floor and basement, with the top 2 floors set aside as Indep￿dent flats. It is an aspiration to reunite the building to present it as a whole house museum, celebratlng and describlng the life and achievements of ￿'111aM and Caroline Herschel. To Improve understan(Jing a feasibility study was commissioned early in the year to explore opportunities, which may be realised through a future redevelopment project. Connolly Wellinghatn were commissioned to undertake the feasibility study and reported finding5 towards the end of 2023. The brief provide11 to initiate the work Included a list of aspirations for what a scheme might achieve, which irKluded: Retrofit and energy efficiency A new learning Space for Schools Potential spaces (or research A new temporary exhibitions gallery The aim to make the whole building accesslble by all The findings of the feasibility study will be interpreted by Trustees and staff and are expetted to fomi the basis of a public consultation process to be hosted in the ttinporary exhibition gallery in 2024. Our long-standing relatlonshlp with the Herschel ScLiety c￿tinUed and staff supported votunteers from the Society to provide events and activities, InCIL￿ng star8azing and talks. For the last 2 year5, BPT ha5 borrowed a mobile planetarium fr£￿ the University of Bath to provide learning experiences for children about the night'5 sky. Following the success and populartty of these sesslons. BPT successfully fundraised to purchase its planetarfum, so these sessions can continue. The newly Page 2 THE HERSCHEL HOUSE TRU TRUSTEE'S REPORT Icontinued} FOR THE YEAR ENDED 31 JANUARY 2024 commissioned unit is experted to be recelved and cperarional in 2024. The learning sessTons operated at the Herschel Museum receive the highest take up by schools, wth those provided at No. l Royal Crescent coming a c105e second. In 2023. 26 Indlvldual sesslons were provided. The Herschels are a Well-k￿Wn family* partiwlariy by astrLwmer5 and there are frequent requests for filming at the musewn. This continued in 2023 when Channel 5 filme(l in the museum and garden to shlne a Ilght on lesser.known attractlons In a varlety of different towns and cities in the UK. Fknanclal Revlew Performance wa5 broadly consistent with expectations throughout the year. There was a small reduction of Income agalnst budget due to the delayed opening of the museum in February after its routine January closure. The closure allowed SL¥ne required maintenance to be undertaken but the w¢J1(s overran by a fortnight. The operations generated a net unrestrictefj surplu5 of £7,020. although thi5 included a negat7ve adjustment of £3,669 for a lega¢y accrued in the prevlous year. Investment gains of £1,557 resulted in a net unrestricted surplus of £8,577. In the prior year there was a net unrestritted surplus before investment gains of 83,639 and investment losses of £4,87B leading to a net ¢mrestricted surplus of £78,761. Museum income was £95,914 for the year, an increase of £22,112 compared to the previl￿5 year. Total funds of HHT at 31 January 2024 were £479,736, whKh is an increase of £15.154 frorn the pre￿(￿5 year. The Trustee Is of the oplnlon that the financTal positTon of the charity is satTsfattory and antTcipate5 no difficLJlty in meetTrng the immediate obligations of the chartty. New ways of Increasing sources of unrestrirted Income are belng considered and leveloped by the Trustee. STRUCTURE. GOVERNANCE AND htANAGEMENT Govemlng Document The HerKhel House Trust 75 an unincorporated charity (no. 2982951 governed by a Dedaration ol Trust dated 10 March 1987, together with deeds of appointment of tru5tee5 dated 1994 and 1997. Following the deed of Yariation signed in July 2015 by the then Trustees, the sole Trustee of the charity at year end 15 The Bath Preservat?on Trust Limite(S (Charity No. 2030481. In the event It ceases to be sole trustee, the appointment and election of future trustees is in accordance with the governlnq documents. Organ15atlcffl of Commlttee5 The Board of Trustees of Bath PreseNation Tntst administers the Trust. Board meets ￿ a quarterly ba515' the principal sub.comrniftees cover Finance, Museums & Education, Advocacy & Campaigns and Architerture, Planning & Place, and meet on a regular cycle to make poliLy> financial and management de(i5ions. In addition, an En￿rOn$ of Bath Sub-committee reports to the Architerture, Planning & Place Committee on matters affecting tbe ftyjrteen parlshes amjnd the Clty.. An ad hoc Recruitment Committee wa5 convened in the year tt> coordinate and oversee the selection of a new Chair. The Chief Executive manages the day-to-day operations of the Trust assisted by paid staff. Key Man4ernent Personnel and staffing matters The key management personnel of The Bath Preservatlon Trust were deemed in-year to be the Senior MaTra8ement Team, which comprises the Chief ExecLrtive, Bvf ￿rector of Museums and the BPT htanagement Accountant. In 2023, the Director of Museums resigned from her position and the post was left vacant for number of months before being reappointed in October. Total employee costs for key management personnel Page 3 THE HERSCHEL HOUSE TRU TRUSTEE'S REPORT Icontlnued) FOR THE YEAR ENDED 31 JANUARY 2024 are disclosed within The Bath preSe￿atIon Ttust Ltd's consoli(dated finanoal statements. The Chief Executive of The Bath Presetvation Trijst manages the day-to-day operations of The Herschel Hwse Trust throkjgh the BPT Director of Museums and the BPT Senior Ctjrator. The museum also benefits from belng part of the wider BPT museL#nS 'family' which SLJPPOrts the charity through education. marketing and linan staff support and the secondrnent of Museum Assistants for specific ev￿ts. External adwce is provided by the members of the Herschel Muxvm Advi50ry C￿nMIttee whlch indudes various Interested partie5. Volunteers The museum has a small team of volunteers to support staff to prtsvlde the vlsltor welcome. We are immensely grateful to our volunteers. and those of our partner organisations, for their rmqoing commltment to Herschel House Tnjgt and BPT. Related Partles The sole trustee, The Bath Preservation Trust Limited, and its subsidiaries, No 1 Royal Crescent (Bath) Ltd and the Beckford Tower Trust, are considered to be the only ￿lated parties. Rlsk Alanagement The Trustee ha5 carried out a full risk asse55ment of all the activities of The Herschel House Trust covering the major strategic. bu5ine5s and operational risks. The main risk relate5 to the perennial potentTal for operatlonal deflcit. The museum is home to an internationally important scientific and cultur81 story but is challensed by locatlon and slze. As well as finding new ways to engage with audiences. the Senior Management Tearn continues to identify rwi income sources to improve the financial viability of the museum and related activities. A risk management fraMeW￿k for the whole BPT group, whlch also Identifies specific risks relating to the Herschel Museum of Astronomy ha5 been produced and adopted by the Trustee. The risks are monitored regularly and the Trustee is therefore Satisfied that appropriate $￿emS are in place to mitlgate the risks to the charity. In April 2022, the Trustee adopted a new, fotward strategy for the BPT group* to lead Its recovery and erowth. The strategy has provided confidence and the BPT group 15 well placed for the future. Investments Powers and Pollcy The Trustee has a wide range of investment powers and has appointed Sarasin Endowment Fund to manage its portfolio. Heritage Assets Donated heritage assets are recorded at deemed cost at the date of acquisition. which may be established by a probate value or a fomial valuation, where applicable and reasonably Liitainable. Heritage assets costing £1,OCN) or above purchased by the Trust after 1 March 2(￿5 are recorded at C￿t. These assets are not depreciated as they are deelned to have indefinite lives and are rewewed annually for any irnpairnient. They are intended to be held as pernianent additions to the collections. It Is the Trust'5 policy not to revalue heritage assets once capitalised as unilertaking valuations at a suffiaent freqU￿cY for them to remaln current would incur disprLportionate cost. The Trust has a clear duty to care for and wnake available these a$5ets for the enjoyment and edUCatic￿ of the public as far a5 15 P055ible. ccmmensurate with the long term care of these items. The highest P055ible standards of collertion marbaqement are applied, and the catalogue5 are made available as wdely as possible to faalitate all enquiries and requests for information, subjett to appropriate security and data protertion guidelines. The Herschel Museum of AStror￿mY ha5 Accredited status. Page 4 THE HERSCHEL HOUSE TRUST TRusfEE'S REPORT (contlnuedl FOR THE YEAR ENDED 31 JANUARY 2024 Reserve5 Policy The Trustee's reseryes policy is that as an organisation not in recelpt of statutory funding and currently éependent on admi5si¢Jns and rental Income, the optlmum level of reserve5 should be sufficient to cover the impact of a loss of fifty percent of annual income, plus a designated fund to cover future maintenance costs. Given the financial obli8ation5 arising from the responsibilities of maintainirbg a listed building. together wlth the unprediciable nature of vi51tor income upon which the Trust is dependent, the Trustee believes that bLlllding up a fund 15 appropriate in ortjer to secure the long-term future of the Trust. As dlsclosed fully In note 16 the current level of unrestricted funds totalling £318.319 may not be sufficiffit to meet all future malntenance req￿rements. Therefore. the Trustee aims to Set surplus budgets If possible and to earmark such surpluses for future designated reSe￿eS. In this flnancial year, £8,577 was transferred to the Medium to Long Tenn maintenance reserve reflectin8 the balance of the unrestricted surplu5 for the year. TRUSTEE'S RESPONSIBILITIES STATEAIEirr The Trustee Is responsible for preparing the Trustees report and the financial statements in accordance with applicable law and United Kln8dom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities In England & Wales requires the Trustee to prepare flnancial statements for each financial year which give a true and fair view of the state of affairs of the charlty and of the incowning resources and application of resources of the charity for that period. In preparing these financial statements, the Trustee is required to: select sultable accountlne policies and then apply them conslstently. obser¥e the methods and prindples In the Charltles SORP. make Judgments and accountlng estimates that are reasonable and prudent. prepare the financial statement5 on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The Trustee is re5ptsnslble for keeping proper accounting records that are sufficient to show and explaln the charitys transactions and di5c105e wlth reasonable accuracy at any time the financial po51t1￿ of the chadty and enable them to ensure that the financial Statements comply wlth the Charities Act 2011. the Charity (Account5 and Reports) Regulatlons 2￿8 and the provisions of the trust deed. It is a150 responsible for safeguardinq the asset5 Of the charity and hence for taking reasonable steps for the prevention and detection of fraLKI and other irregularities. This report was approved by the Trustee on 18 July 2024 and signed on it5 behalf by: Eve Salomon, Chair- The Bath Preservatlon Trust Ltd Page 5 THE HERSCHEL HOUSE TRusr INDEPENDEKf AUDrroRS' REPORT TO THE TRUSTEE OF THE HERSCHEL HOUSE TRUST AUDrroRS OPINION We have audited the flnancial statements of The Herschel House Trust {the 'Charity'l for the year ended 31 January 2024 which cc4nprise the Statement of Financial Actlvltles, the Balance Sheet and the related r￿te5, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reportlng Standard 102 The Financial Reportlng Standard appllcable in the UK and Republic of Ireland. (United Kingdorn Generally Accepted AccoLmting Practice). In our oplnion the financlal statements: give a true and falr view of the state of the Charlty's affalrs as at 31 January 2024 and of the Charity'5 incoming res(MJrces and application of resource5, including Tts income and expenditure for the year then ended,. have been property prepared in accordance vlth Unlted King(k)m Generally Accepted Accounting Practice: and have been prepared in accordance wlth the requlrements of the Charitie5 Act 2011. BASIS FOR OPINION We conducted our audit in accordance with International Standard5 orb Audifing IUK} (ISA5 IUKII and applicable law. Our responsibilities under those standards are further described in the Audltors, responslbllities for the audit of the flnandal statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the flnanclal statements in the United Kingdom, including the Financial ReFKsrting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirement5. We belleve that the audit evidents we have obtaine Is sufflaent and appropriate to provide a basis for our oplnlon. CONCLUSIONS RELATING TO GOING CONCERN In a￿ltIng the financial statements, we have cond￿Je for and on behalf of. Blshop Flemins LLP Chartered AccoLmtants Statutory Auditors 10 Temple Back Bristol BS1 6FL Date. Dl(Tr12(t B75hop Flemlng LLP are eligible to act as auditor5 in temis of secticffj 1212 of the Companies Act 2006 Page 8 THE HERSCHEL HOUSE TRUST STATEMENT OF FINANCIAL AcfNrriES FOR THE YEAR ENDED 31 JANUARY 2024 Unrestrlcted funds 2024 Restrlcted funds 2024 Total funds T¢>tal funds 2024 2023 Note INCOME AND ENDOWMEMTS FROM: Donations, legacies aNJ grants Charitable activities Other trading activities Investments (1,1241 95,914 9,308 23.618 19,137 18.013 198,950 95,914 73.802 9,308 8,518 23,618 22,037 TOTAL INCOME 127,716 19,137 146.853 303,307 EXPENDITURE ON.. Raising fund5 Charitable attivities 9,287 111.409 9,287 8,818 123,969 125,319 12,560 TOTAL EXPENDITURE 120.696 12,560 133,256 134,137 MEf INCOME BEFORE INVESTMENT GAINS 7,020 6,577 13,597 169,170 Net gains/l1055e51 on inve5tmenL. 12 NEf INcOME1{￿PENDlTuRE) BEFORE OTHER RECOGNISED GAINS AND LOSSES 1,557 1,557 14,8781 8,577 6,577 15,154 164,292 TRANSFERS BEfwEEN FUNDS 16 NEf MOVEMENT IN FUNDS 8.577 6,577 15,154 164,292 RECONCILIATION OF FUMDS: Total funds brought f(*ward 309,742 154,840 464,582 300,290 TOTAL FUNDS CARRIED FORWARD 318,319 161,417 479.736 464,582 The notes on pages 11 to 23 form part of these flnancial statements. Page 9 THE HERSCHEL HOUSE TRUST BALANCE SHE AS AT 31 JANUARY 2024 2024 2023 Note FIXED A55Ers Tangible Assets 158.634 158,634 Investments 97.771 96.214 256,405 254,848 CURRENT ASSErs Stocks 13 4.215 2,881 Debtors 14 52,757 56,595 Cash at bank and in hand 177,101 160,298 234,073 219,774 CREDITORS: amounts fauing due within one year (10.7421 110,0401 NET CURRENT ASSErs 223.331 209,734 NEf AssErs 479,736 464,582 CHARITY FUNDS Restrirted l￿dS 16 161,417 154,840 Unrestrbcted fun(ts 16 318.319 309.742 TOTAL FUNDS 479,736 464,582 The financlal statements were approved and authorised for i55ue by the Trustee on 18 July 2024 signed Its behalf. by: Eve Salomon, Chair - The Bath Preservation Trust Ltd D Aderyn. Chalr - FInan￿ Commlttee The note5 on pages 11 to 22 fomi part of these financial statements. Page 10 THE HERSCHEL HOUSE TRUST NOTES TO THE FINANCIAL STATEAIENTS FOR THE YEAR ENDED 31 JANUARY 2024 ACCOUNTING POLICIES 1.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS The financial statements have been prepared to give a Irue and fairf view and have departed from the Charttles IAtcounts and Reports) Regulations 2008 only to the extent required to provide a 'tnJe and fairf vlew. This departure has involved following the Charities SORP IFRS 10212019 published in Ottober 2019. The financlal statements have been prepared under the historical cost convention with item5 recognised at C05t or transaction value unle55 Othewse stated in the relevant notes to these account5. The financial statements have been prepared in accordance wth the Statement of Recommended Practice: Accounting and RepM)rting by Charities preparing their accounts in accordance wlth the Flnandal Reportlng Standard appllcable In the UK and Republlc of Irelané IFRS 102) and Flnancial Reporting Standard appllcable In the Unite(J Kingdom and Republic of Ireland IFRS 1021 and Charities Act 2011. The Hersthel Howse Tru5l con5tltutes a publlc benefit entity as defined by FRS 102. 1.2 INCOME All income is recognised once the charity has entitlement to the income, it 15 probable that the Income 11 be received and the amount of income receivable can be meawred reliably. For legacies. entltlement Is taken as the earlier of the date on which eirher= the charity is awa￿ that probate has been granted, the estate has been finalised and notification has been made by the executorlsl to the Trust that a distribution ￿11 be made, or when a distrfbutlon is received from the estate. Receipt of a legacy, in whole or in part, Is ￿[Y considered probable whefi the amount can be measured reliably and the charfty has been notlfied of the executorfs intenlion to make a distribLrtion. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition haye not been met. then the legacy is treated as a cont7ngent asset and di5c105ed if material. Donated seThices or facilities are recognised when the charity has control over the item. any conditions assoaated with the donated item have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP IFRS 1021, the general volunt*r time of the guides is not recogr)ised; please refer to the Trustee's rew)rt for more informatlon about thelr contribution. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant Is recognised at the time of the donation. Grants are included in the Statement of Financial Activities on a receivable basis. The balance of income recelved for specific purposes but not expended durin8 the period is shown in the relevant funds on the Balance Sheet. Where income 15 received irb advance of meeting any performance related conditions, there is not unconditional entitlement to the income and its recognition is deferred an(i Included in creiiitors as deferred income until the performance-related conditions are met. Where entitlement otcurs before Income 15 recelved, the Income Is accrued. 1.3 EXPENDITURE Expenditure 15 rffognised once there is a legal or constructive obligation to transfer economic benefit to a third party. it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Governance costs are those incurred In connectlon wlth adminlstration of the charlty and compliance wlth constitutional and statutory requirements. Costs of raTsing funds are costs incurred In raising funds for the Trust's d)aritable pwposes. Page11 THE HERSCHEL HOUSE TRU NOTES TO THE FINANCIAL ¥fATEMEp¥rs FOR THE YEAR ENDED 31 JANUARY 2024 ACCOUNTING POUCIES (continued) Charitable activities and Governance costs are costs Incurred on the charfty'5 0peratiOn5, including S￿pOrt costs and costs relating to the governance of the charity apwrtioned to chatitable actlvltles. 1.4 HERrrAGE ASSErs Donated heritage assets are recorded at deem￿ cost at the date of acquisition, whSch may be established by a probate value or a formal valuation, where applicable and reasc#)ably obtainable. Heritage assets costlng É1,(NJJ or above purchased by the Trust since 2013 are recorded at cost. These assets are not depredated as they are deemed to have indefinite live5 and are reviewed annually for any impairment. They are intended to be held as permanent additions to the collertTons. It 15 the TTUSt's policy not to revalue heritage assets once capitalised as undertaklng valuations at a sufficient frequency for them to remain current would incur d7sproportionate cost. It ls very Important for a museum to account to the public for the management and care of the collections entrusted to it. High standards of Collections Management are applied to the collection in order to preseThe and manage it on behalf of, and to make it available to, the public. A Register and full records are kept on the collection. its provenance, and it5 donors. These are made available for all enquiries and requests. subject to appropNate 5ecurlty and data protection guidelines. Conservatlon expenditure incurred on heritage assets, has been written off to the Statement of Flnandal Actlvities. 1.5 TANGIBLE FIXED ASSEfs AND DEPRECIATION All assets costing £1,000 or above are capitalised. A review for impaimient of a fixed asset is carried out 7f events or change5 in circLThStances indicate that the car￿.n9 value of any fixed asset may not be recoverable. Shortfalls between the carying value of fixed a$5ets and their recoverable amounts are recognised as impairment5. Impairment losses are recogni￿ in the Statement of Financial Actlvities. Tanglble flxed assets are carrled at cost, net of depreciation and any priwision for impairnient. Depreciation 15 provided at rates calculated to write off the cost of fixed assets. less their estlmated resléual value, over their experted useful lives on the followlng bases: Freehold Property not depreciated Heritage assets not depreciated Fixtures and fittlngs- 20% straight line 1.6 INVESTMENTS Fixed asset investments are a form of financial instrument and are Tnftlally ￿OgnIsed at their transaction cost and subsequently measured at falr value at the Balance sheet date. unless fair value cannot be measurd reliably in which case it is measured at cost less impalrment. Investment gains and 10s5es, whether realised or unrealised. are combined and shown in the heading 'Net gair)sll1055e51 on Investments, in the Stalement of Financial Activitie5. 1.7 INTEREST RECEIVABLE Interest on funds held on deposlt Is Included when receivable and the amount Can be measured reliably ty the Trust. this is nomally upon notification of the interest paid or payable by the Bank. 1.8 STOCKS Stocks are Yalued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving 5tock5. Page12 THE HERSCHEL HOUSE TRU NOTES TO THE FINANCIAL STATEMEk FOR THE YEAR ENDED 31 JANUARY 2024 AccouKfiNG POLICIES Icontinuedl 1.9 DEBTORS Trade and other debtors are recognlsed at the settlement amount after any trade discount offered. Prepayment5 are Yalued at the amount prepaid net of any trade di5count5 dLFe. 1.10 CASH AT BANK AND IN HAND Cash at bank and in hand include5 cash and short tern) hlghly ITquid investments with a short maturity of three month5 or less from the date of acquisition or openlng of the deposlt or similar account. 1.11 CREDrroRS Creditors are recognised when there Is an obligation at the Balance Sheet date as a result of a past event, it 15 probable that a transfer of economTC benefit will be required in settlement, and the amwnt of the settlement can be estimated reliably. Liabilities are recognised at the amoLmt that the charity anticipate5 it wll pay to settle the éebt or the amount it has received as advanced payments for the goods or services it must provide. 1.12 FINANCIAL INSTRUhlEMTS The Trust only has financial asset5 and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instrument5 are initially recoqnlsed at transacti￿ value and subsequently measureé at thejr settlement value. 1.13 FUND AccouKllNG General funds are unrestricted funds which are available for use at the discretion of the Trust￿ in furtherance of the general objectives of the charity and whlch have not been designated for other purposes. Designated fund5 comprise unrestrfcted funds that have been set aslde by the Trustee for particular purpose5. The aim and use of each designated fund are set out in the notes to the financial statements. Restricted fund5 are funds which are to be used in accordance wth specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The costs of ralslng and administering 5Uth funds are charged against the specific fund. The aim and use of each restricted fund are set out in the notes to the financial statements. 1.14 TAXATION The Herschel House Trust is a registered charity and as such tax exemption applies to the income arising from and expended on charitable activities and to its investment income and gains. 1.15 GOING CONCERN The Trustee as5e5ses whether the use of golng concern is appropriate, i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the abllity of the charity to continue as a qoin8 concern. The Trustee make5 this assessment in respect of a period of one year from the date of approval of the financial statements. Under all the Scenarios reviewed, the charity has sufficient reseNes to enable It to continue as a going concem for the foreseeable future. For this reason, it continue5 to adopt the going concem bas15 in preparing the financial statements. Page13 THE HERSCHEL HOUSE TRUST NOTES TO THE FINANCtAL STATEMEKrs FOR THE YEAR ENDED 31 JANUARY 2024 INCOME FROAI DONATIONS, LEGACIES AND GRA1￿$ Unrestrlcted Restrlcted funds funds 2024 2024 Total funds 2024 Total funds 2023 Legacies Donations Grants Grants - coronavirus related (3,669) 545 2,000 13,669) 50,000 545 6,101 14,250 16,250 142,355 4,887 4,887 494 19,137 18.013 198,950 144,864 198,950 (1,124) 54,086 Total 2023 INCOME FROM CHARITABLE AcfNmES Unrestrlcted Restrlcted fvnds funds 2024 2024 Total funds 2024 Total funds 2023 Museum admissions income Other museum income 88,677 7.237 95,914 73,802 88.677 7,237 95,914 73,802 71.207 2,595 73,802 Total 20Z3 OThER TrADING ACTIVITIES Unrestricted Restrlcted funds funds 2024 Z024 Total funds 2024 Total funds 2023 Shop Tncome 9,308 9,308 9.308 9.308 8,518 8.518 Total 2023 8,518 8,518 INVESTAIENT INCOME Unre5tr1cted Re5trl¢t¢d funds funds 2024 Z024 Total funds 2024 Total funds ZO23 Investment income - rent Listed investments and bank interest 20,524 3.094 20.524 3.094 19.170 2.867 23,618 23,613 22.037 Total 2023 22.037 22,037 Page 14 THE HERSCHEL HOUSE TRusr NOTES TO THE FINANCIAL STATEMEKrs FOR THE YE4R ENDED 31 JANUARY 2024 ANALYSIS OF DIRECT EXPENDITURE ON CHAR￿A￿LE AcrivrriES unrestrict￿ Restricted 2024 2023 Wages and salarles Premlses costs: Insurances Repairs, maintenarKe projects Heat and light Other premises costs Openlng costs: lnterpretstion1conse￿atr0n Leaflets and advertising Guides an¢J other opening cost5 Adminlstratlon: Offitr and other costs Accountar Auditors. remuneratiry) Depredatlon 58,801 58.801 38,558 2,162 16.362 9.270 6.395 2.162 22,405 9.270 6,395 2,036 5,488 3,279 5,405 6,043 3.333 2,810 5.695 2.924 6,257 27.040 2.810 2,037 9,288 31,346 3,593 2.501 1,200 2.880 2,501 1.200 2,880 3.456 1.21JO 2,640 2,834 111,409 12.560 123.969 125,319 ANALYSIS OF EXPENDITURE BY LXPENDrruRE TYPE Staff costs Depreciation Other costs 2024 2024 2024 Total 2024 Total 2023 Expendlture on raisin8 funds Shop expenditure Rentsl property costs 4,763 4.524 9.287 4.763 4,524 9.287 6,082 2,736 8,818 Expendlture on charitable actlvltles Expendlture on 8overnance 58.801 62.288 2,880 121.089 122,679 2,880 2,640 58.801 74.455 133.256 134,137 Total 2023 38,558 2.834 92,745 134,137 INCOMEI(EXPENDrruRE} During the year, no Trust￿ received any remuneration12023: £NILI. During the year, no Trustee received any benefit5 in kind12023." £NILI. During the year, the Trustee. The Bath Preseryation Trust, was relmbu￿ed rEt expenses of £62.235 12023: £31.3911. AUDITORS. REMUNERATION The Auditorfs remuneration amounts to an Audit fee of [2,88012023 - £2,640). Page15 THE HERSCHEL HOUSE TRUST NOTES TO THE FINANCIAL sfATEIAEKrs FOR THE YEAR ENDED 31 JANUARY 2024 10. STAFF COSTS No persons were dTrettly employed by the charity but recharges for Staff costs of £58.801 (2023: £38,558) were made by The Bath Preservation Trust Limited. 11. TANGIBLE FIXED ASSErs Heritaie Fixtures and assets flttln85 Total COST At 1 February 2023 Additions 158.634 20.841 179.475 At 31 January 2024 158.634 20,841 179,475 DEPRECIATION At 1 Febrnary 2023 Charge for the year 20.841 20.841 At 31 January 2024 20.841 20.841 NEf BOOK VALUE At 31 January 2024 158.634 158.634 At 1 February 2023 158,634 158,634 Freehold land and Bulldlnys (Herltaie assets) - 19 New King Street, Bath, was donated to The Herschel House Trust in 1987. This comprised an historic asset wh?ch is integral to the purpose5 of the Trust. No value was pLaced on the gift, and there have been no subsequent formal valuations. 50 rio c05t or value for 19 New Kin8 Street is included in the financial state¥nents. Museum èxhiblts (Herltage assets) Museum exhibits purchased prior to 2013 were wrltten off as historic assets on the date of purchase. since th1s date purchases over £1,000 are capitalised. HERrrAGE ASSETS Bas15 of capltallsatlon Cosl Valuatl¢xh TrtAI Herltage assets aCquIr￿ pr1<* to l February Z023 Items acqulred for d15pLiy at 19 King Street prior to 2015 Letters fr￿ Sir Joseph B3nk5 and ￿lIM2$ke￿Ie udi¢y Adarns globes 18th Century 8ulltsr Caroline Her5chei rnanu5thpt Caroline Hersthel visitor book 18.526 4.608 1•,000 2.500 108,000 6,000 18,526 4,608 19,000 2.500 108,000 6,000 158.634 158,634 H8rftago assets at 31 janu￿ 20Z4 158.634 158,634 Page 16 ThE HERSCHEL HOUSE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024 FIXED Assrr INVESTMEKrs Llsted securities IAARKEf VALUE At 1 February 2023 Withdrah?lsladditicffls Revaluations 96.214 1.557 At 31 January 2024 97,771 INVESTMENTS AT MARKEf VALUE COMPRISE: 2024 2023 Listed investments 97,771 96.214 All investments are held in units in the Sara5in Endowment Fund. 13. STOCKS 2024 2023 Goods for resale 4,215 2,881 14. DEBTORS 2024 2023 Amolmts D￿Ed by group undertakings Prepayments and acuued Incorne 5.648 47.109 56,595 52.757 56,595 15. CREDrroRS: Ahioui¥fs FALUNG DUE wrrHIN OME YEAR 2024 2023 Trade creditor5 Amounts 0￿d to group undertakings Other Creditors Accruals and deferred income 4.802 7,340 48 295 5,645 2.652 10,742 10,040 Page 17 ThE HERSCHEL HOUSE TRusr NOTES TO THE FINANCIAL STATEIAEKrs FOR THE YEAR ENDED 31 JANUARY 2024 16. STATEMENT OF FUNDS STATEMENT OF FUNDS- CURRENT YEAR 8alance at 1 February 2023 Balance at G4ln51 31 January (Losse5) 2024 Tra￿fer5 Inlout Incom? ExpendI￿r• DESIGNATED FUNDS Short term malntenance Medlwn to long tem malntenance Loss of income 72.530 72.530 185,212 52.000 8,577 193.789 52,000 309.742 8,577 318.319 GENEUL FUNDS 127.716 1120,6961 {8.577} 1.557 TOTAL UNRESTRicfED FUNDS 309,742 127.716 1120,6901 1.557 318.319 RESTRICTED FUNDS HHT Assets: Museum Exhibits HHT Funds: B&NES School vtslts Ernest Cook Roydl A5tronomlcal Sodety Spark grant NLHF CRF grants NLHF Herschel 2CKJ IOP grant WOE Small mLtseum grdnt 137.825 137,825 2,000 700 ¥64 8.954 98 14001 12601 1.600 440 864 8,954 4.887 14.887) 13.680) 13,333) 4.399 719 1.667 9.250 5.000 9.250 154.840 19.137 {12.560} 161,417 TOTAL OF FUNDS 464.582 146.853 1133,256) 1,557 479.736 Page 18 ThE HERSCHEL HOUSE TRUST NOTES TO THE FINANCIAL STATEMEKrs FOR THE YEAR ENDED 31 JANUARY 2024 16. STATEMENT OF FUNDS Icontlnued) sTATE￿￿T OF FUNDS - PRIOR YEAR at i Febru 2022 Transfers inlout Galrfjl Balan￿ at 31 (Lossesl JanLWry 2023 Income Expenditure DESIGNATED FUNDS Shurt terrn rnaintena Me(h'um to lon4 lerm maIntenar￿e Loss of Income 72,530 72,530 108,556 52,0 76.656 185,212 52,000 233,086 76,656 309,741 GENERAL FUNDS 158,443 174.8041 17B,7611 14,8781 TufAL UNRESTRICTED FUNDS 233,086 158,443 174,8041 12.1051 14,8781 309,742 RESTRICTED FUND5 HHT Assets: Museum Exhiblts Olstlay cases HHT Fltnds: B&NES School vlsits Einest Cook Royal Astronomical Society Wilb"arn Herschel Society Spart( grant NLHF CRF grants NLHF Hersthel 2 23,825 112,015 11201 11,1641 2,105 137.825 2,￿0 11,OCX)I 700 864 8,954 244 98 7Tr) 864 8.954 12441 98 494 30,355 14941 156,3111 30,355 4.399 67,204 144,864 159,3331 Z,105 154,840 TOTAL OF FUNDS 3(M),290 303,307 1134,1371 14,8781 464,582 Page 19 ThE HERSCHEL HOUSE TRusr NOTES TO THE FINANCIAL STATEAIENTS FOR THE YEAR ENDED 31 JANUARY 2024 16. fATEAIENT OF FUNDS Icontlnued) DESIGNATED FUNDS The Tru5tee'5 reserves kx)licy is that as an organisation not in receipt of statutory funding and currently dependent on admi55ions and rental income, the optlmum level of reserves should be sufficient to cover the Impact of a Loss of fifty percent of annual Income, plus a desl8nated fund to cover future malntenance costs. In 2024, the unrestrlcted surplu5 of £8,577 wa5 transferred to the Medium to Long Temi Maintenance Fund. current level of unrestricted funds may not be SLrfficient to meet all future malntenance requirements. refore, the Trustee aims to set ￿rplUS budgets if possible and to earmark such 5urpl¥Jses for further designated reserves. In addition, any unrestricted wndfa115 Ilegathes, glfts etc.) should pass to reserve5 if appropriate. RESTRicfED FUNDS IAuseum exhibit5 - relate to heritage assets purchased for display in the museum. In the year 2022-23, the Trust acquired 57 page5 in Caroline Herschel's manuscript of a draft for her memoirs at a cost of C108,000, funded by grants from the National Heritage Memorial Fund, Arts Council EnglandlV&A Purchase Grant Fund, and the Friends of the National Libraries, together with private donations and a Small amount from the Trust'5 reserve5. The pages cover her childhood in Hanover and her early years in Bath. In addition, the Trust was able to purchase Caroline's visitor book, which had been on loan to the museum slnce 1996. This acquisition, which cost £6,000, wa5 funded by a grant from the Friend5 of the National Libraries and a small amount from tke Trust's reserves. Bath & North East Somerset {B&N£S) Coundl - the grant was a contribution to the cost of exhibitions at the museum. School vlsfts - thls ￿preSentS grants and ￿(￿ationS glven to support the costs of Khool vlslt5. Ernest Cook- this grant supported the cost of edLbcation equlpma)t for stargazing and related actlYltle5. Roy41 Astronomical Society- this relates to a grant towards the running costs of the museum. Wllllam Herschel 5oclety - this 15 the balance of funding provided by the William Herschel Society to support specific activity and purchases by the Tn￿t. Spark grant - this grant from the Science and Technology Facilities Council is a contribution to the cost of upgrading the planetarium and related visitor events. NLHF CRF grants- this represents costs that were met from the National Lottery Heritage Fund INLHFI Culture Recovery Fund for Herltage grants held by The Bath PreSe￿atIOn Trust. NLHF Herschel 200- this is a E60,710 grant from the National Lottery Heritage Fund to SUPPOrt activities celebrating the life and works of William Herschel 200 years after hls death In 1822. IOP grant- this 15 a £5,000 grant from the Institute of Physics to support educational activities. WOE small museum grant- this is a [9,250 grant fr¢yn the West of E￿Land Combined Authority to fLmd exhibitions, learning resources and IT equipment. Page ZO THE HERSCHEL HOUSE TRUST NOTES TO THE FINANCIAL STAT&MENTS FOR THE YEAR ENDED 31 JANUARY 2024 16. STATEAIENT OF FUNDS (continu•d) SUMMARY OF FUNDS- CURRENT YEAR Balance at Balanre at GlIn￿ 31 J•nuary IL05se51 2024 1 February 2023 Transfers Inlout Income EXP￿dItUre Designated fund5 General fu￿$ 309.742 8,577 {120.6961 {8.577} {120,6961 318.319 127.716 127.716 1,557 1.557 309.742 318.319 Restricted fund5 154.840 19.137 112.5601 161.417 464,582 146.853 1133,2561 1.557 479,736 SUlkMARY OF FUNDS- PRIOR YEAR Balan￿ at i February 2022 Transfers inloLrt Gainsl BaL8nce at 31 IL05sesl JaNary 2023 IrKome EXper￿ltUre Dèsignated lunds General funds 233,086 76.656 174,8041 178.7611 174,8041 12,1051 309,742 158.443 158.443 14,8781 14,8781 233,086 309,742 Restricted fwd5 67,204 144,864 159.3331 2,105 154.84) 300,290 303,307 1134.1371 14,8781 464,582 17. ANALYSIS OF Nrf ASSETS BEfwEEN FUNDS ANALYSIS OF NEf Assrrs BETWEEN FUNDS - CURREKf YEAR Unrestricted fund5 2024 Restrirte(I fund5 Total fund5 2024 2024 Tangible fixed assets Flxed asset investments Current assets Credltors due w)thln one year 20,809 97.771 210.481 110.7421 137.825 158.634 97.771 Z34.073 110.7421 23.592 318,319 161.417 479.736 Page 21 ThE HERSCHEL HOUSE TRUST NOTES TO THE FINANCIAL STATEMEKrs FOR THE YEAR ENDED 31 JANUARY 2024 17. ANALYSIS OF ASSEfs BEfwEEN FUNDS (continued} ANALYSIS OF NEf ASSEfs BEfwEEN FUNDS - PRIOR YEAR Lknre5tficted Restrleted fwds funds Total funds 2023 2023 2023 Tanglbkl fixed a55ets Fixed asset investments Current assets Creditors thje within one Star 20,809 96.214 202.759 110,0401 137,825 158.634 96,214 219,774 110,040 17,015 309,742 154.840 464.58Z 18. CAPITAL COMMrrMEKfs AND coKnNGEtrff LIABILrriES There were no capital commltments or contingent liabilities at 31 January 202412023- none). 19. RELATED PARTY TrANSACTIONS At the year-end The Bath Preservation Tr￿t Limited owed Herschel House Trust £5.64812023.' Herschel House Trust owed The Bath Preservation Trust Limited £481. 20. ULTlhK4TE PARENT UNDERTAKING The Bath Presetvation Trust Limited is the immediate and ultimate parent. The Trust prepares consolidated financial statements, including the results of The Herschel House Trust, whlch can be obta5ned from the Trust's offices at 1 Royal Crescent, Bath, BA12UI. Page 22