Charity Registration No. 306338 Cixnpany Rtgistr•tion No. 00946307 (England and IIValos1 WEALD AND DOWNLAND OPEN AIR MUSEUM LIMITED CONSOLIDATED FINANCIAL STATEMENTS ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 ¢M6FC8NN' 111[￿2021 COMPANIES HOUSE WEALD AND DOWNLAND OPEN AIR MUSEUM LIMITED CONSOLIDATED FINANCIAL STATEMENTS LEGAL AND ADMINISTRATIVE INFORMATION Tru$tg•S S F Knight DL {￿e chaiM￿n) M Lewis Mr5 J C Pa$ri¢ha {ChaTrmian) S P Loosemofe {Hon Secretsryl M S¢ott L Fitton ALee N SutherfaTrJ S Labedz J Jones-wamer (Appointed 15 May 20201 . (Appointed 15 May 20201 (Appointed 1 S May 20201 (Appointed 75 May 20201 Secretary Ch•rlty n￿rn￿r 3(*338 Company nUM￿r 00946307 Prlncipal addr•$$ Singleton Chichester West Sussex P018 OEU R•giSt•r•d office Singleton Chichester West Sussex P018 OEU Auditor JonesA¥ens Lwnited Piper House 4 Duke5 Court Bognor Rood Chichester West Sussex P019 8FX 8ank•rs Barclays Bank pk 74t75 Easl Street Chi¢he$ter West Sussex P019 1HT Solicitors I￿1n Mitchell I￿n Mitchell Solicitors Thomas Eggar House Friary Lane Chichester West Sussex P019 1UF WEALD AND DOWNLAND OPEN AIR MUSEUM LIMITED CONSOLIDATED FINANCIAL STATEMENTS CONTENTS Trustees. report Statement of trustees. responsiblth.es Independent auditorfs 8-11 Statement of financAI activitres 12 Balance Sheet 13 Statement of cash IIov•S 14 Notes to the financial statements 15-33 WEALD AND DOWNLAND OPEN AIR MUSEUM LIMITED CONSOLIDATED FINANCIAL STATEMENTS TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 DECEMBER 2020 Chairman's Annual R•port 2020 2020 has been a challenging year for us all and ha$ adversety affectsd cultural attra¢tion$ natiormide. At the Stsrt of 2020, the Weald & Downland Living Museurn team was lots￿"n9 forward lo kicking off the implementation of its freshly agreed S Year Strategic Plan, along V*?th celebTations planned to mark its Golden Anniver5ary,' 50 Years since first opening lo the putAic in 1970. Instead, the Museum was fa¢ed wlh the need to close for an extended period to comply Governmenl imposed restn"¢b"ons amKI Ihe Covid-19 pandemi¢ and to reduce costs where possible in the la￿ of likety loss of income through the nationwide dosure and 'stay al home. restn"¢tions. In 1970, the Weald & DO￿land Liwng Museum's founder, Or Roy Amstrong could Th)t have foreseen the ¢hallenges the Museum would be faced wth in rts Golden AnnNersary year. In some %Yays, the Museum has undergone huge traftsformat￿n over the past 50 yèars. at rts heart ho%*ver rt remabns un¢hanged, fvlly committed to conserving the past for the fLrture. Educating. inspriTrJ arbJ delighting rt3 visitor5 are at the core of Museum efforts despite the constraints wesented by Covid-19. The Board of Tru$tee$ congr*ul*e the Museum tearn on their ￿m?￿le a¢hievemenl otr The huge amount of b%t*rk done M maintaining the Museum &te and woodland during dosure Re-opening safdy and su¢¢essfrJlly in the summer, deligh*"ng Vi￿10rS with activities and demonstrations across the $rte and stsying courses. talks and events su¢h as the Hisloft¢ Life Weekends and the adaptab.on of Wonderful ￿￿nesday'S Marking the Golden AnnNersary a 1970's Ihèmed cetebration picnic for Museum Member$ and volunteers The launch of a new P￿storiCal fictth wriling eomwtitin & devek)pment of the Museum's 50th badge Continuation of socialty distanced open air theatre evenings R&design and ie-opening ofthe Museum's grft shop Rounding oul the year vthh the muclploved Tree Dressing and the opportunity to visit Green Father Christmas. The Museum Founders would be Proud of the resofve of the Museum community in the face of Covid-19 and the re*lierKe it has demonstrated lo posrtion the Museum well. ready to thrive. and survive. the next SO years. The Museum is grateful for the support provK1ed by the Govemmenys furtough s¢heme. and to the Museum Endowment Trust.. this support combined wth generous donations and Membership SLfybscription renewals has been essential lo the Museum's abihty to ￿tather the storm of2020. The Board of Trustees is immensety pro[￿ of. and grateful for, the pats"en¢e. resofve and sheer hard work of the Museum Director, the dedi¢ated 51aff ComM￿ed vc4unteer5 for that the Museum has achieved in 2020, a year like no other. We are Confident that wth the ¢￿tInued comrnilmenl of our many supporters. will continue to thrive and delight, in 2021 and well beyond. Jo Pasricha Chairman ofthe Board of Trustees WEALD AND DOWNLAND OPEN AIR MUSEUM LIMITED CONSOLIDATED FINANCIAL STATEMENTS TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT AND STRATEGIC REPORT (CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2020 The Iwstees present their report and financial statements for the year ended 31 Dec*￿er 2020. The financial ytstements have been yep¥ed in ac¢ordarw ￿ the. ac¢ounting P￿$￿e$ set out in note 1 to the financial statements and coryty the charity's governing document, the Companies Act 20C6 and 'Accounting and Repotting by Charities.. Statement of Recommended Practice ap￿Icable to charities preparing their a¢¢oun15 in accordan¢e vthh the Finar￿131 Reporting Stsndaid applicable in the UK and Republic of Ireland {FRS 1021 (effective 1 January 20191". C4)j¢¢tives and aclivill¢s The ¢harity's main objects are: To stimulate publle interest in and to prom¢>te and en¢¢)urage the pr￿NatIon of buildinp of architec￿ra5 or historical interest and to stimul#ie wbli¢ intevest in •n¢lent crafts. trade$ and manufacturns. The trustees approved in 2011 the I¢410v￿n9 long temi Vision" as the over-*chin9 Iheme for the priorities and obj'ectives for the Museum- "A ¢•ntro of •xc•ll•n¢¢ for th• •nJoym•nl l¢•rning and undwstsndiny of th• built environm•nl, land$¢ape. rurnl Ilf• and ¢ommunities of S(Kth East England and the South Dovdns". th Ihat Vision in mind the Museum's obiectrves have not tharyd under each of the followng key aims.. 1. To run an O￿n air mu$oum whi¢h insplres and delights its users. 2. To provid¢ lifelong learning based on the Museum's collections and other ves¢uTC•S. 3. To ensur• high slandards of collection's car•. To pursu• rnsearch and scholarship. In delivering these objectwes the Museum employed 45 staff during the year, togelher wth over 400 volunlÈers who contribute in excess of 45.000 h¢xArs in a normal ytar, in supwt tsf our charitable mission to operate an open air museum. Staff worked across a V*ide range of activities induding vi$fÉor services, tnteipretation. curating the collections. the schools service. adult educal]on and special events. The trustees have paid due ward to the guidance on public benefit issued by the Charity Commission in deo'Lling vthal activities the charty should undertake. Our ¢harrtable purposes are mainty in the cate90ry of the advancement ofthe arts. C￿re and heriiage. Strateg1¢ r•port The description under the headings -Achievements and perfonnarh¢e" and "Finanrial revievl, meet the company law requirements for the trustees to presenl a stratwc report. WEALD AND DOWNLAND OPEN AIR MUSEUM LIMITED CONSOLIDATED FINANCIAL STATEMENTS TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT AND STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020 A¢hlov•m•nts and perforniance 2020 will certainly go down as a memorable year in the frfe of the museum. We ¢k•sed not on¢e but fv4i¢e in March and November. Fortunately due to the 5easonJ nature of the museum we were able to caprtalise on reopening be￿&en July and October and then briefly for December. Parbcularty after the first lockdown was lifted we were well placed to take advantsge of vist0￿ seeking b.me out families an¢J al the end of the period we recorded in excess of 45.000 visitor5 to the site. At the same b.me as ¢aprtali5ing on reopening income we had to take some difficull decisions around reducing costs. T￿S resulted in a number of posts being made re(Jundanl, mostly kn our commèroal and administratNe areas. In'bets¥een Lockdov*ns were able to stage a celebratory ￿Eekend lo mark Museum's 50th anniversary. In spite of festri¢tion$ we wekomed a number of members, guests and fomer trustees and team members. The message relayed lo the gathering w85 that the museum had demonstrated its ￿$111ence during the first tockdown and is well placed to weather any fvture challenges. The collective team at the museum have demonstrated an alHlty to pivot our offef Without undermining the cofe purpose of the charity. We have again been fortunale lo have received a subslanb.al lega¢y from the Crawshaw estate. Followng on from the support receNed from members this legacy demonstrates the fondness indiwduals have for the. ald and Downland Museum. This legacy has enabled us to successfvlty appty for a further round of match funding fr¢xn the Herilage Lottery fund which takes u$ nearer to the goaj of a £1m Heritage Lottery matched endo%￿nent fund. The site has benefitted from closure in that we have been able to carry out essenlial repairs to items in the building ¢olleth"on as well as dealing wth remval of Ash from our vLK*Jland to prevent the spread of the diè back disease. the cancellation of large everrts for the ￿th01e of 2020 the Commercial area has had to adapt swiftty. We have tsken the opportunty to reorganisè the Grfl Shop a fresh look at the assortment and a foeus on locally sourced items. The cafe has extended its offer lo a Shepherd5 Hul on site and both have operated an almost exdusive tske away seryice for the year. We also renewed our contract wth the production company for The Repair Shop arKI despite a in flming they conts'nue to altract visrtors to our srte. As 2020 ¢ame lo a dose there vrds a few weeks of 5rte Te-opening and again we adopted the offer to fit wrth restrictions. In writing this year end report the ￿ershiP team at the museum would like to thank all our supporters and 9ettiThJ through 2020 demonslrated the organisation has levels of resllie￿e r￿t often seen in organisab.ons of our sile and natyre. WEALD AND DOWNLAND OPEN AIR MUSEUM LIMITED CONSOLIDATED FINANCIAL STATEMENTS TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020 Flnancial f•vI The financial performance of the Museum *d$ signifi¢anlty affected by the impa¢1 of the Covi&19 pandemic. which led to the closure of the Museum for much of the late Spring and Summer, and again in December, to comply wrth Govemment guidelines. This led lo a $ub$tants"al shortfall in in￿rne, and despite the support of the Govemmenl's Job Retention SCheTh￿. the Trustees had lo Im￿ement a cost reducts.on exercise which unfortunatety led to a small number of redundanaes. The undertying tradiThJ lo$$ of the Museum in 2020 was £231,627. In add￿on. there were one-off ¢osls relatiftg to redundarkcy of £27,960 and a svrite-off of irrecoveobk VAT relating to prior year$ of £31,060. The Museum received generous support from Ihe ￿aId & Downkind Open ￿'r Museum Endowment Trust %thi¢h ¢ontributed a grant of £250,000 in wew of the difficull trading condibons. In addition, the Museum received a legacy from the Estate of the Late Mrs MJ Crawshaw of £567.511. The overall net inMme for Ihe year on unrestricted funds, befwe transfers, was therefore £526.86412019 .' £209.282>. In 2020 Unrestri¢Xed income totaHed £2.623,52612019 ". £3.012.182). Total expenditure on ￿n￿51￿cted furthjs was £2,096.662 (2019 ". £2.802,900}. During the year. the MuseLsm received a grant of £21JO.000 from the Heritage Lottery Fund in respect of the Heritage Lottery Fund Heritage Endov•n)ents Fund. The grant provides matthfunding for similar amounts raised by the Museum during a set peri¢d and subject to an upper limrt. The Fund 1$ intended to support the long term object$ of the Museum. An amount of £403.756 was wd to the Weakl & Dovmland Open Air Museum Endowment Trust vtho wll manage the Heritage Lottery Fund Hentage Endowments Fund for the benefit of the Museum. The cash inllow for the year from operab.ons was £173.837 (2019 '. £598.41BI. Expenditu￿ on fixed assets lotslled £138.189" the net in¢rease in ¢ash was £36.228, giving a year end cash balance of £593,581. The net defiul Ibefore trpmfer5) on restricted funds was £405,439. vthich Incl￿ the payment to the Weald & Dovmland Open Air Museum Endovrnl Twst of £403.756 Th￿nt￿ned ¥tove. A transfer was made unrestricted and restrirted funds of £21JO.000. This represents the Museum's contribution to the Hentage Lottery Fund Heritage Endolwnents Fund. At the balan￿ sheet date. assets hel¢J in unrestrthd funds *ve £1.016.438 (2019 £689,574) and in restricted funds were £10,150.825 12019 . £10.356.2641 to gNe total fijnds of £11.167.263 12019 £11,045,838}. R•serves policy The Mu$eum $el$ an annual operating budget wthich indudes a detailed cash ffow forecast. The forecast tskes into account the seasonalrty of the Museum's operations. likety caprtal spend and any nonwoperational gour¢es of fiJnding. The cash Ilow is monitored on an oiwing basis. and refore¢asls ale made during the year when there are material changes in cir¢urnstsn¢e', in 2020, for examp￿, the Museum updated its forecasts several times to take account of the impact of Govemment anti-cowd mea$ures. Any surplus fund$ may, at the discretron of the Trustees, be transferred to the Weald & D¢)wnland Open Air Museum Endowment Twst to manage on rts behaN". the Endovrnent Trust may a150 make grants or loans to the Museurn lo support its activities. Details of receipts frcrfn. aTrJ payments to. the Endowment Trust durirKJ the year are Set OLrt in the financial rewew above. As a result of tths. the mUse￿n does not have a fixed level of ￿selVeS vthith rt seeks lo maintaln al any ¢)ne time but aims to ensure that it has more than suffirAent headroom, in particular, to manage seasonal variations. wth allowance for any unexpectsd evenls. Al 31 December 2020, the cash balance held by the Museum *as £593,561, and the level of unfestricted reseNes represerrted by net current assets wa$ £681.055 (note 231. WEALD AND DOWNLAND OPEN AIR MUSEUM LIMITED CONSOLIDATED FINANCIAL STATEMENTS TRUSTEES, REPORT {INCLUDING DIRECTORS. REPORT AND STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020 Post balance sheel O￿nts At the year end, the Museum wa5 dosed due to restri¢bon$ imtM)sed by the Govemmenl in response lo the Covid-19 pandemic. 11 rtropened to members on 29 March and to the put4ic on 12 April. The leveb of ￿cOrne for the year is likely to be below Ihat Wgeted as a consequence. Going conc•m At 31 December 2020. the Museum had Th) borrowings and cash balances of £593.581. It has continued to manage ts eash and costs carelulty. and to reforecasl the lik* out-tum in results as arcumstances ehange. As a resuft of this. the cost reduction exercise camed OLrt la51 year. the Fe-opening of the Museum in May 2021 and the on-going support of The Weald & Downland Open Air Museum Endowment Trust, the Trustees consider that the Museum ha$ suffiuenl resources to continue as a going concem for the foreseeable future. Rlsk rovSèw The major risk to whith the Museum has been exposed relates to the wOrl￿1de Covid-19 VINS. the impact of v*hi¢h 1$ summaiised at>ove. Other risks vthich may impact the Museum and %thich are managed by the Trusttes and management team a$ part oftheir owoing gmman¢e aTrJ monitoring wo¢esse$ in¢lude'. - Risk that wsitor nurthrs ar￿ incorrt do not meet expectat￿nS Risk that the Museum fals to altract sufficient reS￿￿S to adequately maintain its new and existing buildings Plan$ for the Futur• In resettsng priorities for the Museum post G*e*ay. are n¢rw workry tmrd delivering the 5 strategTr¢ awns from the 5 year plan. To become the museum of choice by creating ljeslwin￿asS experience$. To be a Centre of EXCeNer￿ for lifelong leaming based on our Designated colleth'ons. To be best practice cust¢)dians for our colleCt￿n$. To be a Vol￿ ol aLrthority in vemacular archrtecture and rural K￿la1 history. To be knobvn as a good employer and a great place to *fjrk aThJ volunteer. StnKturn, govornanc• and manJggm•nl The charity is a company limrted by guarantee and is 9ovemed by its Memorandum and Articles of A$soaabon. The Iruslees, who are also the directors for the purpose of company1•4¥. and vtho seNed during the year and LV to the date of signature of kne finanual *atements were." D A Chiverton (Resigned 13 November 2020) A Howes (Reswjned 6 Juty 20201 S F Knight DL Vice Chaimwi) M Lewis Mrs J C Pasricha (Chaiman) J Peel S P Loosemore (Hon Seuetsry) M Scott L Fitton ALee N ￿therf8nd S Labedz J Jones-warner {Resigr￿d 24 January 20201 (Apptynted 15 May 2020) (Appointed 15 May 2020) (Appointed 15 May 2020) (Apwnted 15 May 2020) WEALD AND DOWNLAND OPEN AIR MUSEUM LIMITED CONSOLIDATED FINANCIAL STATEMENTS TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT AND STRATEGIC REPORT {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020 None of the trustees has any beneficial interest in the company. All ofthe Irustees are members of the company and gl￿rantee to contribLrte £1 in the event of a winding up. The trustees are appointed to the board in a¢cordan¢e the MemNandum and Articles of Association. New tnjslees are given essentlal documents including the Memorandum and Articles of Association. recent accounts, and guidance as lo their ￿sponSIbbIrties. The Chairman. T￿0$u￿r. Museum Director and senior staff meet the new trustee 1rKli¥idu￿lY for briefing. The trustees appointed the ￿￿aId and Downland Open ￿r Museum Limrted board to manage the group a¢tivity through and wth the Museum director and Iws stsff. The day to day management of Ihe charity is delegated lo the Museum directOT. Simn Wardem. The pay and remuneration of the drector and other key petsonnel is set by comparison with similar charitable org8ni$atsons in the hentage sector. IAthen recruiting to replace key staff. ry to fill a pogti¢)n, consultant support from the 5ectOT wll be used. Note 28 gwes details of the subsidiary company of Weald and Downiand Open Air Museum Limited. Singleton Museum Services knmited is a tradin9 subsidiary (company no. 1437695). The INstees consider the perftyman¢e of the $ubw"diary lo be satisfactory. The trustees have assessed the Museum's governar￿ against the Code of Good Govemance for the Voluntary and Community Sector (Second Edition, October 2010) and have ¢onfiTmed the Museum'$ COM￿lanCe the Code. Th"s will be revrefftd annualy. Asset cov•r for funds Note 23 sets out an anatysis of the assets attributable to the various lunds and a description of the trusts. These assets are sufficient to meet the charity'5 obligab.ons on a fund by fund basis. Audltor The auditors. Jones Aven5 Limrted. are deemed to be reappointed ￿der section 487121 of the ConN)anies Acl 2006. Dl$¢losuro of inlomiati¢)n to audltor Each of the trustees has confimied that there is no infomiation ol thi¢h they are #Wa￿ vthi¢h 1$ relevant lo the audit, but of whi¢h the audrtor is unaware. They have further conffirmed that they have taken appropriate steps lo Rlentsfy such relevant information and to establish that the audrtor Fs a¥ware of such inforniatson. This report has been prepa￿d in a¢¢ordan¢e 7Mth the specyal provisions relating to small com￿leS within Part 15 of the Companies Act 2006. The trustees, rewt. inthding the strategtc rem was approved by the 8oard ofTruslees. rs J C Pa$ri¢ha {Chalrmanl Trustee Dated. ........ /..*..o£ WEALD AND DOWNLAND OPEN AIR MUSEUM LIMITED CONSOLIDATED FINANCIAL STATEMENTS STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2020 The trustee5. vkno a￿ also the directors of Vkald arKI CMY¥￿and Open Air Museum Lxnited for the purpose of company law, are responsiNe fof preparing the Twstees. Report and the financial statements in accordance th applicable law and United Ktngdom Accounting Stsndards (Unrted ￿.￿gdoM Generauy Accepted Accounlw)g Pra¢li¢el. Company Law requires the trustee5 to prepare financial statemerts each financial year vthich give a true and tsir view of the stste of affairs of the charity and of the incoming resources and application of tesources. including the income and expendifvre. of the tharitsble company for that year. In preparing I￿Se financial statements, the trustees ¥e required to.. - select sulta￿e ac¢ounts"rtg pol￿e$ and then appty them con*$tenlty', - obsefve the methods and pnrriples in th.e Charibes SORP., - make judgements arxl eslimales Ihat are reasonat)le and pnmlent: - Stale whether applicable UK A￿oUnting Standards have been fdlo*pd. subject lo any maten.al departures disclosed and explaine(l in the finanual statements.. and prepare the ffinancial slatements on the going concern basis unless it is inappropriate to pre$ume that the harity w411 Gontinue in opef*KJn. The trustees a￿ responsitAe for keeping adequate accounting records that disclose Y+rth reasonable accuracy at any time the financial posits'on of the charity ant1 enable them to ensure that the finan¢ial statements ￿mplY v￿th the Companies Act 2006. They are ￿50 responsible for safeguarding the asset5 of the tharty ¥n¢J hence for t8￿ng reasonable steps for the prevention and detecb.on of fraud and other irregularTbes. WEALD AND DOWNLAND OPEN AIR MUSEUM LIMITED CONSOLIDATED FINANCIAL STATEMENTS INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF WEALD AND DOWNLAND OPEN AIR MUSEUM LIMITED Opinion We have audited the financial Statements of ￿al¢j and Dovmland Open Air Museum Limite(1 (the '¢harity'l for the year en¢Jed of at least months from Sthen the financial slatements are authorised for issue. Oui respon$ibililte5 an¢J the re5pxsibilities of the Iwstees with respect to going concem awe described in Ihe relevant sections of this report. Oth•r infomiation The other info¢mab"on compnses the infomiation 4ndude(l in the anThJal report other than the financBI slaternents and our auditor's report thereon. The trustses are responsible for the other inf(￿matIon contained within Ihe annual report. Our opinion on the financial statements does not cover the other inf%)mab"on and, except lo Ihe extent otherwise expliady $tate(l in our report, ¥￿ do not express any fomi of assurance conclusion thereon. OLtr responsibility is to read the olher infomiation ar￿. in doing so. ¢M$ider vthelher the other infomalion is mateftally in¢onsislenl with the finan¢r41 statements or our knovAedge obtained in the course of the audit. or otherwse appears to be materially misstaled. If we Klentify such material inconsistencies or apparent material misstatements. we are wuire(I lo fjetemiine whether Ihis give5 rise to a material misstalemenl in the financial $tslement5 themselves. If. based on the work we have perfornied, ¢ondude th* there 1$ a m*erial misstatement of this other infomiation. are required to report that fact. È have nothing to report in this reg*d. WEALD AND DOWNLAND OPEN AIR MUSEUM LIMITED CONSOLIDATED FINANCIAL STATEMENTS INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF WEALD AND DOWNLAND OPEN AIR MUSEUM LIMITED Oplnlons on other matters prescribod by the C*ynpanies Act 2006 In ¢)ur opynion, based on Ihe vL)rk undertaken in the course of our audrt." the information given in the trustees. ￿pOrt, %thich indudes the directors. report and the strategic report prepared fof the purposes of company law. for the finanrAal year for sthi¢h the ffinancial stslements are prepared 1$ consistent with the financial statements.. and the strategic report and the directors. report induded *ithin the trustees. report have tjeen prepared in accordance with applicable legal requirements. Mattws on T￿thIch ￿ arn requiv•d to report by ox¢•pt•on In the light of the kno￿edge and underslanding of Ihe ehanty and rts environment obtained in the course of the audrt, we have not identified material misstatements the strategsc reW or the ￿'TeCtOrS, report included within the Iruste¢s' report. We have nothing to report in respe￿ of the lollow.ng rn*ters in relation to vthich the Companie5 Act 20C6 requires us lo report to you rf. in our opinion.. adequate accounb.ng records have not been kept, OT retsns adequate for our audrt have r￿t been re¢ewed from branches not VlSlted by us., or the financial stslements are not in agreement V•ith ihe accountirrfJ records and relums., or certain disclosures of trustees. ￿Munerat￿?n spectfied by law are not m•de," or we have not received all the infomiation and ex￿ana￿.0n5 ￿ require for our audit. R•sponsibilitio9 of trust••s A8 explained more fully in the slalemenl of tnJstees' responsibilities. the trustees. vtho are also the directors of the charity for the purpose of company law, are responsible for the prepatation of the financial statements and for being satisfied that they give a trLte and fair view, and for such intemal control as Ihe trustee$ detem)ine is necessary to enable the p￿paratIon of ffinancial statements that are free from material misstslemenl, vthether due lo fraud or error. In preparing Ihe finawal $t*ements. the trustees are responsible for assessing the charity's ability to conkn.nue as a going concern. disclosing, as applicable. mattels related to going concern and using the going concern basis of accounb.ng unless the trustees erther intend lo liquid*e the Charitable ¢ompany or lo ¢ease operations. or have no realisb"¢ altemath"¥e but to do so. Auditorfs r•sporvJibiliti•g forth• audit of th• financial ststements Our objectives are to oblain reasonable assurance about wthether the ffinanual statemènts as a ￿Ole are free from material misstatement. thether due to fraud or error, and to issue an audilorfs report that in¢lude5 C&ur opinign. Reasonable assurance is a high level of assurance bLbt is not a guarantee that an audit conducted in accordance wrth ISA5 IUKI will a￿ayS delect a material misststemenl vh)en it exists. Misststements can arise from fraud or error and are eon$idered material rf, individually ¢x in the aggregate, they could reasonably be expe¢ted to infiuen¢e the economK de￿5￿n$ of users taken on the bags of these financial statements. WEALD AND DOWNLAND OPEN AIR MUSEUM LIMITED CONSOLIDATED FINANCIAL STATEMENTS INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF WEALD AND DOWNLAND OPEN AIR MUSEUM LIMITED Id•ntsfication and •$$e$$m•nt ol iyregularities In¢lyding fraud Irregularities, including traud, are instsnces of norKomplian¢e V*ith and rylations. INe deS￿￿d proce(fures in line vthh our resp)nsits"lth"es. oullined above, to delect material misstatements in respe¢t of irregularitses, induding fraud. The extent to ¢)UT procedures were capable of detecting irregularities, including fraud is detailed below.. we focusetj on $pecrf*c laws and regulation$ we conside￿d may have a direGt material effect on the finanrial statements or the operatsons of the association, induding The Compantes Act 2006. we obtained an understanding of the legal and ￿ulatory framework applicable to the entity and how the entity 1$ complying Wth that framework by makn.ng appropn.ate enquiries ol management as well a$ considenng the intemal controls in place to n￿gate risks of fraud nonvcompk'ance with lavts and re9ulations', made enqu￿e5 ofthose charged with govemanee and rn￿rr￿t conceming". the risks of fraud: instart¢e$ of non-compliance Iwws and regulations or knowledge of actual. suspected, OT al￿ged fraud is documented during the perh)d'. we allocated an engagement team that we con&deW colleth.vely had the appropriate ¢ompeten¢e and capabilitses to identify or remgnise non-compliance wth laws and regulation$. Audit response to the rlsk of irregularities including fraud 8ased on the results of rmjr risk assessment. our procedures induded, but were not ￿mrtQd to." performing analytical procedu￿5 to identify any unusual ¢y unexpected relationships. evJuating whether the selecb.on and apph"¢ation of accoLtnb"ng pJlTrcies by the entity that may be indicative of fraudulent ffinancial ieporting resulting from management's effort to manage eamings. assessing whether jLKlgements and aSsuMpt￿n$ made in detemiining the accowting estimates sel out in note 2 were indiealive of potenb"* bias. agreeirKJ financial $tstement disd05ures to undertying supporting documentation. reading the minutes of meetings of those charged wth govemance. re￿e￿n9 the corresporthn¢e ¥￿th relevant ￿gUlatOry bodies. tests.ng of joumal entrie5 to address the risk offraud through management override. incorporating an element of unF￿ed￿tsbl1ity in Ihe sele¢tsM of the nalure, b"mThJ. arHI extent of Our audit procedures. corToborating the business ration* for traI￿lonS OLthde the norn￿1 course of bu$iness. 10- WEALD AND DOWNLAND OPEN AIR MUSEUM LIMITED CONSOLIDATED FINANCIAL STATEMENTS INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF WEALD AND DOWNLAND OPEN AIR MUSEUM LIMITED Con¢lu$ion$ rn9ardlng th* rlsks of Inegul•rilies InCI￿lIng fraud There are inherent limrtations in our audit pr￿edu￿5 de￿bed al)ove. The more ￿MOVed that laws and regulations are from financial Iransactions. the less likely it is that we V•Y)ukl become aware of non-compliance. Material mis51atements that ari$e due lo fral￿ ¢an be harder to detect than Ihose that arise from error as they may involve ddiberale concealment Or collusion. We considered our audit was capable of deteth'ng iwregularities due to". the effediveness of Ihe entity's inlemal controb. the nature, b'ming and extent of aL￿rt procedures performed." Wwj lh8 absence of contradictory evit1ence. A fvrther des¢riplion of our resw)sibilities is a¥a￿¥ble on the Finan¢ial Reporting Council's website at.. http$..11 vAvw.frc.org.Uklauditorsre5pon￿h1Irtie5. This description fomis part of our audrtorfs report. Use of our report This report is made SO￿lY to the charitsble ¢ompanls members, as a bcwty. in a￿lIance wth Chapter 3 of Part 16 of the Companies A¢t 2006. Our audit wort< has been undertaken $0 that VR might stale lo the charrtable company's members those matters we are required to state lo them in an auditors, report and for no other purpose. To Ihe fullest extent pennrtted by law, we do not accept or assume responsibiltty to anyone other than the Charitsble company and the charitable ¢ompany's members as a body. for our audil work. for thi$ ￿port, or for Ihe ownion$ we have fomie Chartered A¢¢¢wntsnts Statulory Audltor Piper House 4 Dukes Court Bognor Road Chichester INest Sussex P0198FX 11 WEALD AND DOWNLAND OPEN AIR MUSEUM LIMITED CONSOLIDATED FINANCIAL STATEMENTS STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2020 Unrnstrict•d ftestricl•d fvn(ts funds 2020 2020 Totsl unresth.cted Re5trided fvnds funds 2019 2019 Totsl 2020 2019 Notes com• and e Donations and legac*s Charitable activities Other trading activilies Investments Other income 1,594.754 344,665 478.228 780 205.099 227.490 1.822.244 994.124 344,665 987.976 478.228 1,012,145 780 1.437 205.099 16,500 323,425 1,317,549 987,976 1,012,145 1,437 16,500 Totsl In¢omo 2.623,526 227.490 2.851,016 3.012.182 323,42S 3,335,607 Raising fvnds 477,061 7.910 484.971 802.938 10.442 813,380 Charitable ath'vrties 1.619.601 625.019 2.244.620 1,999.982 735.012 2.734,974 Total re$our¢ •xp•nd•d 2.096,662 632.929 2.729.591 2.802.900 745.454 3.548,354 Not incomingl {outgolngi ￿S0￿re$S b•fore transfers 526,864 {405,4391 121,425 209.282 (422,0291 1212,747) Gross transfers tsveen fvnds 14 1200,000) 200.000 (711,4771 711.477 N•t incomel(txpenditur*l for th• y•arl Net movem•nt in lunds 326.864 (205.439) 121.425 1502.195) 289.448 {212.7471 Fund balances at 1 January 2020 689.574 10.356.264 11.04S.838 1.191,769 10,066.818 11.258,585 Fund balances at 31 December 2020 1.016.438 10.150.825 11.167.263 689.574 10.356.264 11.045,838 The stslement of ffinanci￿ acb.wbes indudes all gains and losses recognised in the year. AM incthne and expenditure derive from contiriuing aclivities. The statement of finanoal a¢tMiie$ also ¢oW'es with the requirements for an income and expenditure account under the Companies Act 2006. 12- WEALD AND DOWNLAND OPEN AIR MUSEUM LIMITED CONSOLIDATED FINANCIAL STATEMENTS BALANCE SHEET AS AT31 DECEMBER 2020 2020 Consolidated 2020 2019 Ch•iity Ct)ntsolidated 2019 Charity Fixed assets Intangible as5els Tangible assets Heritsge assets Investments in su￿.diarr8s 15 16 17 38.254 6,892.191 3.589.133 38,254 6,881,615 3.589,133 50.500 18.354 6,940.986 3.657,101 18,354 6,928,376 3.657,101 50,500 10.519.578 10.5$9,502 10.616.441 10,654.331 Currant ass•ts Stocks Debtors Cash at bank and in hand 18 19 60.613 205.656 593.581 15.700 252.281 556.516 60,722 201,452 557,353 15.456 229.272 496.599 859.850 824.497 819.527 741.327 Creditor5: am¢)unts falling due ￿thIn one year 20 1212.1651 1201.7301 1390.1301 1367,7151 Net ¢urrent asset$ 647.685 622,767 429.397 373,612 Total ass•ts less current liabillties 11,167.263 11.182,269 11,045,836 11,027.943 In¢om• fvnd$ Restricted funds 10.150.825 10.1S0,825 10,356,264 10,356.264 nr General unrestn"¢led fvrmts Non-tharrtable trading fund 1.031.444 115.006) 1.031.444 671.679 17,895 671,679 Unrestricted funds 1.016.438 1,031.444 689.574 671,679 11.167.263 11.182.269 11.045,838 11,027,943 These financial ststemenls have been prepared in accord￿ with the provisions applicable to conwnies subject to the small companies regime. The aCC￿nts were apwoved by the Trustees on ................. M Lev￿9 Trust0• CIMnpany Ro9iStration No. 00946307 13- WEALD AND DOWNLAND OPEN AIR MUSEUM LIMITED CONSOLIDATED FINANCIAL STATEMENTS STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2020 2020 2019 Cash flo￿ from owr¥ting xtivityes Cash generated from operations 29 173,637 598.418 Inv•sting •ctiviti•s Purchase of intangible assets Purchase of tangible fixed assets Purchase of heritage assets Interèst received (79.9001 1113,1891 (5.100) 780 {18.354) 1208,166) 126.181) 1,437 Net cash used In InYe$tlng •cllvities {137.409) (251,2841 Not Cash used In finonclng acll¥ltl¢s Het increase in Cash and ctsh equlvahnts 36.228 347,134 Cash 8ThJ cash equivalents al beginnirvj of year 557.353 210.219 Cash and cash •quivalents at end of y•ar 593.581 557,353 R•lating to- Restricted ca$h funds Bank balances and short temi deposit$ 593.581 557.353 593.581 557,353 14- WEALD AND DOWNLAND OPEN AIR MUSEUM LIMITED CONSOLIDATED FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 Ac¢ounllrwJ policies Charity inforrnation Weald and Dovmland Open Air Museum Linmted is a private wnpany litThted by guarantee Wicorpofated in England and W￿e$. The registered office is Singlett￿. ChKhester. Wesl Sussex, P018 OEU. 1.1 Accounting convention The financial statements have been prepared in accordance with the charity's goveming document, the Companies A¢t 2006 and °Accounb"ng and Repo￿"D9 by Charib"es". Ststement of Recommended Pra¢ti¢e applicable to chanties preparing theii accounts in accordance ￿￿th the Ftnancial Reporting Standard appIl￿ble in the UK an¢J Republi¢ of Ireland {FRS 102}° {as aftiended for accounting periods ¢ommencin9 from 1 January 20191. The charrty is a Public Benefil Entty as defined by FRS 102. The finart¢￿ ststements are prepartd Ni $terting, 1$ the fun¢tsonal ¢Ul￿nCy of the charrty. Monetary amounts in these financial statements are rOur￿ed to the nearest £. The financial statements have been prepwed urmler Ihe historical cost convention. The principal accounting poliaes adopted are set out below. 12 Golng Co￿&M At 31 December 2020, the Mu$eum had borrowngs and ¢ash balances of £593.581. It has ¢ontsnued lo manage it$ cash and costs ¢arefvlly, and to reforecast the likety out-tum in resutts as circumstances change. As a result of this, the cost reduction exerase carried OLrt last year, the re-opening of the Museum in May 2021 arKI the on4Joing suppNt of The Weald & D¢ywnland Open Air Museum Enaowment Trust. the Trustees consider that, at the th.me of approving the finanaal statements. the Museum has $ufficient resources to ¢ontinue as a going ¢on¢em for the foreseeable fijture. Thus the trLtstees continue to adopt the going ¢on¢em basis of accounty.ng in preparing the financial statements. 1.3 Charitabl• funds Unrestricted funds are available for use at the disuetion of the trustees in furtheRnce of their ¢harilable objectives. Restri¢ted funds are subject to specffic conditions by donors as to how they may be used. The purposes and uses of the restricted funds a￿ set in the notes to the financial statements. 1.4 Incoffle In¢ome 1$ re¢ogntsed wthen the ¢harity is Eegalty entitled to it after any perfomiance conditions have been met, the amount5 can be measured refiably, and it is probable that rn¢ome wll be received. Cash donations are recognised on receipt. Other donations are recognised on¢e th8 Charity has been I￿tIr1ed of the donation, Un￿$5 perfomance conditions require deferral of the amount. In¢ome tax re¢overable in ￿tatiOn lo donats.ons received under Gift or deeds of covenant 1$ recognised at the tsme ofthe donkn"on. LegarAe5 are recognised on receipt or othepmse rf the chanty has been notified of an impending dislribubon. the amount is knobvn. and re¢eipt 1$ eX￿Cted. If the arnount is not known. the legacy is treated as a contingent asset. Grant Income 15 re¢ognised Nthen the charity Is *alty entitkd to tt after any perfoman¢e ¢ondilion$ have been meL the amounts ¢an be measured ￿￿.abty, and rt is probable that M)¢ome wll be received. Courses and weddings irKoN* is treated as deferred when rt ffjlates to a Per￿ or date after the balan¢e sheet dale. 15- WEALD AND DOWNLAND OPEN AIR MUSEUM LIMITED CONSOLIDATED FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020 Aecouniing poli¢l•s (Contlnued MefflbeT5hip subwpb'ons we re¢ogr¥sed vthen re¢ei¥ed. In the case of a Gift aid payment made wthin a ¢haritable group. income is awue(I vkten th• Gift aid payment is payable io Ihe parent chanty under a kgal obb"galth. 1.$ Exp•ndituve Resources expended are ac¢ounted fr)r on an accruals basis. Expenthture is allocate(1 befvfftn raising furKls and tharitatle acliwtie& Token redemptron, gfft expend1iu￿. fundraising expenditwe venue hire expeTrJilure have been allocated to raising funds. Bank charges and lease finance charges, adrninistrth'on salaries and depreciation of fixture$. ffttings and equipment are induded in support costs within charitsble activities and accountancy and audit fee$ are inclLKled in govemance cost$ ￿thin charitable aclivrb"es. LegaGie5 and donation5 receryed that have been tran5ferre(I to the Weald and Dovmland Open Air Museum Endowrnent Trust are included in grant funding of acts'vitie5 Wthin charitable activibes. 1.6 Resea￿h and d•v•lown•nl Research expenditu￿ is written off against pTofrts in the year in ￿lch it is incurred. Identifiable development expenditure is caprtalised to the extent that the technical. ￿mmerCIal and financial fea5ibilty Can be ¢Jemonstrated. 1.7 kntang5ble fixed assets oth•r than good*ill Intangible assets acquired separatety from a business are recognised at cost and ale subsequent measured at C03t less accumulated arrth'satron and ￿UmUlated impainnerrt losses. Intsn9ible assets acquired on bugness combinations are re¢ognised separately from goodwill at the acquisrtion dale bbthere rt is probable that the expected futsjre economK benefits that are attributable to the asset will Ilow to the enty and the fair value of the asset can be meaSU￿d reliably" the intangible asset arises from contractual or other legal rights,. and the intary-ble asset is separable from the enlily. Amortisalion is recognised so as to write off the cost or ¥a￿ation of assets less their re*dual values over their useful lives on the following bases.. Promolional Film arKI ￿b$bte Development straiyht ￿ne ovei 3 years Costs Assets in the Course of C[￿trUCtion we all￿Sed. 16- WEALD AND DOWNLAND OPEN AIR MUSEUM LIMITED CONSOLIDATED FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020 Accountlng polici•s {Continu•dl 1.6 Tanglble fix•d assets Tangible fixed assets are initially measure(l at ¢ost and subsequenljy measured at cost or valuation, net of depfecialion and any impairrf*nl losses. Depreciation 1$ recognised $0 as to write off the cost or ¥aluats)n of assels les$ their residual valL*S over their usefvl lives on the followng base Long lea$ehokl propety Plant and machinery Remaining lrfe of lease 33% Straight th'ne 120% Reducing balance 120% str?￿ht h.ne 25% Straight line 25% Reduong balance 15% Reduang baLance Fixtures. ffttsngs & equipment Motor vehides Tradfng company fixtures, fthing5, plant & equipment Assets in the course of ¢onstru¢br)n are not dekYe¢i*ed. The 9ain or loss arising on the thsposal of an asset is determined a5 the drffererrR beknveen the sale proceeds and the carrying value of Ihe asset, and is recognised in the Slatement Of Financial A¢tivities. 1.9 H•ritag• as$•ts Heritage assets are initsalty measured at cosl ￿ Subsequendy measured at ¢o$t or vahJatitsn, net of depreciation and any impaim*nt losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives. Heritage assets are vKitten off over the remaining lrfe of the lease on the leasehold property. Assets in the course of construction are not dewecoled. 1.10 Impalmient of fixed assets At each reporting end date, the charity reviews Ihe ¢arying amclunls of ils tangible and intsngible assets to determine whether there is any indiration that those assets have suffered an impaimient loss. If any such indicatson exists. the recoverable amount of the asset is estwnated in order IL) determine the extent ol the impwmienl loss lif any). 1.11 stocks Stocks are staled at the lo1￿ of cost and eslimated selirMJ price less costs to complete and sell. Cosl comprises direct materials and. where applicable, labour costs and Ihose overheads that have been incurred in bn"nging the stocks to their present location and condition. Ilems held for distn"buts'on at no or nominal consideration are measured the lovRr of repla¢emenl cost and ¢o$l. Net reaisable value 15 the estimated sdling price less al eslimated costs of completion and ￿$15 to be incJJrred in marketing, selling and distribut￿n. 1.12 Cash and ¢ash equival•nts Cash and cash equivalents in¢lu¢Je cash in hand. deposits held at call vthh banks, other short-frm liquid investments wrth original maturibes of three monlhs or less, and bank overthafts. Bank overdrafts are shown wthin borrowngs in current liabilrties. 17- WEALD AND DOWNLAND OPEN AIR MUSEUM LIMITED CONSOLIDATED FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2020 Accounting policies (ContIn￿dI 1.13 Financial instruments The chanty has elected lo appty the provi*ons of Section 11 'Basic Financial Instruments. and Section 12 'Oihef Financial Instruments Issues. of FRS 102 to al of its firwtyal instruments. Finan¢ial instruments a￿ fe¢ogni5ed in the ¢harbty'$ balance sheet ￿eft the ¢h*ty becomes paty to thg contractual provisions of Ihe instnjment. Financial assets and 1sabilyts.es ao oftsel. WTlh the net amounts presented in the finan¢ial statements, %then there is a legalty enforceable right to sel off the re¢ognised amounts and there 15 an intents.on lo setue on a net ba￿S or to realise the asset and setue the liablty Simultaneou￿Y. 8asl¢ finan¢ial assets Basic financial assets. which indude debtors and ¢a5h and bank balance5, are initially measuod at transaction price induding transath'on costs and are subsequenlly carried at amortised cost using the effective Inte￿st method unless the arrangement constitutes a financing transaction, vkneie the transaction is rnea$ured at the present value of the frJtLbre recwpts discounted al a market rate of irhtere$t. Finantial assets dassrfied as receivable vitiin one year are not amorb"5ed. Otherllnanclal •s5ets Other financial assets. including irwestrnents in equity instruments which a￿ not $ubsidiarie$, asso¢iales or joint ventures, are inthally measured at tsir value. which is nomalty the transactton price. Such assets are subsequently carried at fair value and the changes in fair valLtre ale recognised in net incomel lexpenditurel. except that investments in equity Instruments that are not wblicly traded and Vdhose lair values cannot be measured reliably a￿ Measu￿ at cost less impairment. Impainn¢nt oifinan¢ial assets Financial assets, other than those held at fair ¥a￿e throu￿ irthme and expenditure. are assessed for indicators of impaimient at each ￿pOrt•n9 date. Finanoal assets are impaire¢J where there is objective evidence that, as a re$ull of one or more events that Occur￿ after the initk71 recognition of the financial asset. the estimated fijlure cash fiovts have been affected. If an asset 1$ impaired. the impairment loss is the dfftwence bets%*en Ihe carrying arnO￿t and the present value of the estimated Cash llows discounted at the asset's original eftective interest rate. The impaimient loss is recognised in net incomellexpent1rturel for the year. If there is a decreèse in the impainnenl k>s5 arIS￿g from an event occurring after Ihe impaimient was recognised. the impaimRnt is reversed. The reversal is such that the c￿rrent carrying amounl does not ex¢eed what the carrying amount WtsLJld have been, had the impairment ￿t previously been recognised. The impaimient reversal 15 recognised in net incomel(expenditurel for the year. Dere¢ognttlon of financial assets Financial assets are derecognised only wthen the contractual rights to the ¢ash flows from the asset expire ¢r are seltled, or when the charity transfers tr*e financial asset and substantially all the risks and rewards of ownership to another entty, or rf some signfficant risks and rewards of ownership are retained but control of the awl has transfe￿ed to ¥other paty trot is able to sen tre asset in its entirety to an unrelated Ihwd 18- WEALD AND DOWNLAND OPEN AIR MUSEUM LIMITED CONSOLIDATED FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020 A¢¢ountlng polici•s (Contin Baslc financial liabllhles Ba%¢ finan¢ial liabil￿.e3. inckmlirrfj credrtors ￿ bank loans are initially recognised at transaction price unless the afrangernent constitutes a finan￿n9 transaction. vthere the debl in$tnJment is measured al the present value of the fvture payrrents discounted at a market rate of interest. Finanaal liabilits'es dassified as payable vthin one year are not amorb"sed. Debt instruments are subsequenty wied at a￿￿)rtised cosL using the effective interest rate method. Trade creditors are obligations to pay for goods w serbices that have been a¢quired in the ordinary course of operats'ons from suppliers. Amounts payable are dassthed a5 current habilities rf payment is duè %Mthin one year or less. If not. they are presented a$ non-¢urrent liabil￿es. Trade creditors are re¢ognised inilialty at Iran$a¢b"on pri¢e and subsequentty measured al amorb.sed ¢tsst u$irwJ the effeth.ve Interest melhtsd. Other fin•n¢lal liabilities Derivab'ves, including intere$l rate swaps and forvArd foreign exchange contracts. are nol basic financial instruments. Derivatives are inib.alty re¢ognised at frair value on the date a derivative ￿ntract 1$ entereil into and are subsequenty r￿eaSured at their fair value. Changes in the fair value of derivatives are recognised in or in finance costs or fin*)ce income as approwiate. unbe5s hedge accounting 1$ apphed and the hedge is a cash flow hedge. Dere¢ognillon of Ilnancialliabllitles Finan¢ial liabilitse$ are derecognised v*hen the ch￿1.5 contracbjal obligation$ trxpire or are discharged or cancelled. 1.14 Employé• b•nefits The cost of any unused holKlay entitlement is recognised in Ihe period in ￿ttICh the employee's seThice$ are received. Terminath"tsn benefts are reco9nised immedialdy as an expense vthen the chanty is demonsttably committed to terminate the employment of an ern￿oYee or to provKte tem)ination benefi1$. 1.15 R¢tlr•m•nt b•n•fits Payments to defined witribution retirement bwfft %heme$ are dwrged as an expense as they fall due. 1.16 Irrecoverable VAT Irrecoverable VAT is wrrtten off to the Slatement or Finan¢ial Acti¥rt*s in the year il arises. unless il ￿lateS to a fbxed assel in v*hich case st is added lo Ihe cost of the asset. 1.17 Consolldatlon These accounts have consolidated the resulis and balat)ce sheet of the tradmg su￿"d￿ry, Singleton Museum se￿Ices Limrted, on a line by line basis. The ¢harrtable ¢tsmpany's own income and expenditwe account is omitted as the exemption under S408 of the Companies Act 2006 has been relied on. The Surplus for the charity frjr the year is £154,32612019- deficit of £214.4091. 19- WEALD AND DOWNLAND OPEN AIR MUSEUM LIMITED CONSOLIDATED FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020 Crftlcal accounting •stimates and judg•m•nts In the application of the ¢harity's 3¢￿untirtg poltcies. the truslees a￿ required lo make judgements, estimates and assumpb.ons about the carrying amount of assets and liabilit￿5 that are not readily apparent from other sources. The eslimates and asSO￿ated assumptions are based on historical experience and other factofs that a￿ cons￿e￿d to be ￿leVant. Adual ￿$utt$ may differ from these e5timale$. The estimates and undertybng assumption$ a￿ reviewed on an onw"ThJ basis. Rwsions to accounting estimates are recognise(l in the ￿riod in V*tti¢h the ests.male is ￿￿sed the revision affects only that period. or in the period of Ihe rem￿On and future periods v*here the revision affects ￿th current and future penod$. Oonations and l•gaci•s Unrestricted R¢stri¢tsd fund$ Totsl Unrestn"¢ted Restn"cted funds Totsl 2020 2020 2020 2019 2019 2019 Donations and gift5 Legacies receivable Grants receivable for core activilies Member$, subsen"ptsons 508,152 651,665 12.734 520.886 651.665 477,353 55.185 53.675 10.000 531,028 65.185 250.000 184.937 214.756 464,756 184.937 209,264 252,322 259.750 489,014 252,322 1.594,754 227,4W 1.822,244 994.124 323.425 1,317.549 In¢luded in donations and gffts is £356,207 {2019 - £339,351) relab.ng to ML￿uM entrance fees received under gift aid and also £1.000 donab.on from Sunnybrook Project Seryices Ltd. Grants receivable for cor• activiti•$ Heritagè Lottery FLfftd Weald and Downland EndoWn￿t Trust Others 211.756 211,756 4.957 259.750 264.707 250.000 250.000 3,000 204,307 204.307 3,000 250,000 214.756 464,756 209,264 259,750 469,014 Further details of the grant from Ihe Heritsge Lottery Fund in resped of the Herrta9e Lottw Fund Hentage Endowments Fund are set OLrt in note 10. WEALD AND DOWNLAND OPEN AIR MUSEUM LIMITED CONSOLIDATED FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020 Charltaljlg activities Charitabl• Ch•r6t•bl• 2020 2019 Museurn admission fees Education {5¢hools) Courses Spetial events 218.194 11.167 113,296 2,008 604,068 63,541 210,729 109,638 344,665 987,976 Total Museurn admission fee5 are £574.401 {2019- £943.419) of vthich £356,20712019 - £339,351) are included in donations and gifts. Other tradlng actlviti•s UnreBtrictsd Unrestricted fund$ nds 2020 2019 Venue hire Enhanced VI￿1$ Shop, cafe and ¢alering in¢ome HaThe$t income Miscellaneous income 147.644 273 329.285 177.259 235 825,380 4.825 4,446 1,026 Other trading activthes 478,228 1.012,145 Inv¢$tmonts Unrnstri¢t•d Unrestricted funds fvnds 2020 2019 Interest re¢wable 780 1,437 21 WEALD AND DOWNLAND OPEN AIR MUSEUM LIMITED CONSOLIDATED FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2020 Other income Unrostrletsd Unrestricted funds fund5 2020 2019 Rent received Coronavirus Job Retention Scheme grants Other Coronav4ru$ grants 21,000 177,127 6.972 16.500 205.099 16,500 Raising funds Unr•stricted Restricted Totsl UnTesthcted Restn'cted fvn*Js fijnds Total 2020 2020 2020 2019 2019 2019 Membership expenses Fundraising expenditu Staff costs 20,000 8.750 32.772 20,000 8.660 40.772 (90) 8.000 8.923 32.813 2,442 .000 11,365 40,813 Cost$ of geAeraty"ng donations and legacies 61.522 7.910 69,432 41.736. 10,442 52,178 Operating trading company uThJertaking non•Èmient Premises costs Repairs, maintenance and site development Collections management and conservation Cournes and educatK Publicity Spe¢ial events Office and administstion Travel and volunteers Legal and profe55ional Othei cost$ 832,771 216.032 117.084 102.364 12.474 63.093 62.383 6,867 70.110 10,491 22,724 127,389 871.733 220,303 149,060 90,926 9,019 128,.823 93,858 173,040 89.566 30.462 23.769 159,708 1.643,782 2,040.269 Grant funding of acbvibes Isee note 101 403.756 504,957 s￿re of support costs {5ee note 111 Share of govtrffian¢e ¢osts (see note 11) 189.037 8,045 183.952 5,796 2.244,620 2.734.974 Analysis by fund Unreslri¢led funds Restricted funds 7.619,601 1.999.962 625,019 735,012 2.244,620 2,734,974 10 Grants payab 2020 2019 Grants to institutions.. Grant to EntJo%¥ment Trust 403.756 504.957 -23- WEALD AND DOWNLAND OPEN AIR MUSEUM LIMITED CONSOLIDATED FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020 10 Grants payabl• IContinu•d} During the year. the Museum received a grant of £200.000 from the Heritage Loltery Fund in re$pect of the Heriiage Lottery Fund Heritage EndcY•vrnents Fund. The grant provide5 match-funding for similar amounts raisetl by the Museum during a set period and subiecl to an upper limit. The Fund is intended lo support the long term o*"e¢ts of the Museum. amount of £403,75612019. £504.9571 was paKI to the Weald & Downland Open Air Museum EndowTnent Trust vtho Vthill manage the Heritage Lottery Fund Heritage Endowments Fund for the benefit of the Museum. Thi5 amount is made up of unrestricted lega¢ies re¢eived of £200.000 (2019 - £250.332). restricted matched funding grant from the Heritage Lottery Fund of £200,000 {2019 - £250.0001. restncted don8bon$ received of £3,756 12019 - £0) and unrestricted donats'ons received of £O12019- £4,625). Legacies vthich a￿ left to the & Dowmland Open Air Museum. a￿, at the dis¢retitin of the Iruslees of the Museum, transfe￿ed by grant to Ihe Endovrnenl Trust for investment. Other unrestricted donations may, at the discretion of the Museum's trustees. be transferred to the Endowment Trust and invested in separate fund for designated develok%nenl proje¢ts. This development fvnd. plus all Intwest ￿Ceived. *yll be made available to the Museum on an unrestn.cted basi5. and ffi reasonable iequest by Ihe trustees of the Museurn, for the Museum's use tcmards project activTrty. 11 . Support costs Support Gov•man Costs ¢osts 2020 Support Govemance ¢osls 2019 Stsff Costs Depieciation Other costs 125,144 16.986 46.907 125.144 16.986 46,907 117,204 33,813 32,935 117,204 33,813 32,935 Audit fees 8,045 8.045 5.796 5,796 189,037 8.045 197.082 103,952 5,796 189,746 Analy3ed behveen Chantsble a¢b"¥its"es 189,037 8,045 197.082 183.952 5,796 189,748 Governance costs inclLKle5 payrrents to the auditors of £4.023 (2019- £2.898) for audrt fee$ and £4,022 12019- £2.898) for other seNces. Thefe we also payments to the auditors of £2,750 (2019- £2.917) for audit fees and other services for the subsidiary company. 12 Tru5te•s None of the trustees lor any persons connected wth them) received any remuneration or reimbursed expenses from the charity during the year. -24- WEALD AND DOWNLAND OPEN AIR MUSEUM LIMITED CONSOLIDATED FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020 13 Employ• The average monthly number. of e￿OyeeS during the yearwas: 2020 Nwnb•r 2019 Number Museum buildings and operations Administrabon Museum shop and cafe 39 44 10 Total 53 58 Employment costs 2020 2019 Wage$ and salaries Social security costs Other pension cost$ 1.134,944 87,099 19,276 1,229.949 90,476 25.787 1,241,319 1,346,212 In¢luded above are redundancy ¢05ts of Q7.96012019- £0). The number of full time equivalent staff 1$ 40 {2019- 43). At the year end the number of staff is 45 and the Nmber of fijl time ewiv0￿nt $tsff 1$ 25.6. The number of employees Nthose annLAt reMLwwatI￿ was £60.000 or more were.. 2020 Numb•r 2019 Num￿1 £60,000- £70,000 £70.000- £80.000 Conlr*bLrtions totalling £1.314 12019.. £1.188} were made to defined ¢ontribLttion pensrm $¢heme$ on behalf of ¢M￿OyeeS Nthose emoluments ex¢eed £60.000. 14 Tran5f*rs The transfer between funds 15 made up of the follcming:" £200,000 12019 - £250,000) transferred from Un￿$1{1¢ted fimd$ to fe5tn.cted frJnd5 representing fijnds allocated to the Herrtage Lottery Fund Hentage Endovrnents Fund from the Museum's own Tesources. - £012019 - £461,477) transfefred from unrestrrcted funds to restn'cted fvnd$ representing payments made for capital expendrture from unrestricted funds. -25- WEALD AND DOWNLAND OPEN AIR MUSEUM LIMITED CONSOLIDATED FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020 15 Intangible fixed a$$ets ProIr￿on￿ Flkn •nd Website DO¥o￿Prr•nI CoBI8 Cost Al 1 January 2020 Addition5- separately acquired 18,354 19,900 At 31 Oecember 2020 38,254 Amortisation and impairni•nt At 1 January 2020 and 31 De¢ember 2020 Carrylng amount At 31 December 2020 38,254 At 31 December 2019 18.354 WEALD AND DOWNLAND OPEN AIR MUSEUM LIMITED CONSOLIDATED FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YFAR ENDED 31 DECEMBER 2020 ie T4ngth flx•d a**•ts At 1 jan￿ 2020 Addit￿￿* 7,628.421 101.823 1e6.458 23S232 2.¥1 43.375 8.Cfj3. 113.189 1g.e43 8.113,329 113,188 12,3841 r2.ts41 At 31 De￿t￿r2020 7.733.244 192.263 237.793 43.375 8.2rA.675 17,459 8,224,134 At 1 Jawary2020 74S.818 136.3OB 207. 16.985 40.301 1.16S.110 1$9,950 7233 1.8S7 122171 1.172.313 imin*ed (2.21n At31 Dewnber2QZO 88Z.124 171.013 224. 41.073 1,325.t 6.883 1.331,943 At31 [k￿Mber2D2 6.851.720 IS.2$0 72.943 2,WL 6.181.e15 10.$7 6.892,191 At31 Dewnbw2019 6.￿.8(5 15.333 27.367 1071 6,928.376 12.eio 6.940,9e6 WEALD AND DOWNLAND OPEN AIR MUSEUM LIMITED CONSOLIDATED FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020 16 Tangib￿ fixed assets IContinu•d) A Charge exists over the Gateway buildings {included in Long leasehold propety above) in favour of the National Heritage Memorial Fund. The charge Wds estsblishe(J as a condition of the grant aw81ded by the Heritage Lottery Fund to support the conslnjclion of the bU1￿.￿￿S in 2015. No amounts are owed by the Museum to the National Heritage Memorial FurKI. 17 Herltage assets At 1 January 2020 PLtrchases 0epreciab.on 3.657.101 5.100 (73.0681 At 31 DK•MI￿r 2020 3,589.133 Herilage assets consist of Museum Exhibits. the GridsPdl buAding and the ¢olections of tools antj artrfacls from rural life. The Museum Exhibits are a Collec￿ of nearty SO historic buAdirys daling from the 13th to the 20th ¢entLEry. Rescued from destruth"on. the buildings have been ¢aTrfvlly dismantled, conserved and rebuilt to their 0ri9inal fom and bring lo Itfe the hty￿s, fam5teads and wral industrie5 of the last 500 years. Many of the Interiors hav* been fvmished, recreab.ng the way the buiklings were used by their owners centuries ago. They include historical cottages. houses. Shops, halls. bams. sheds. stable. s¢hool. granary, workshops, tudor kit¢hen. tread￿eel, ￿￿termIll and a b.mber ¢rane. The Downland Gndshell, completed in 2002. 1$ one of a very small number of gridshell structures in the United Kingdom, and its design and method of construction are unique. A very high degree of ¢arpentry skill went into its fabri¢alion. emulahng bjt not imitating the tradrtional fran*d buildings at the Museum. 11 1$ L5sed for storing the Museurn's ¢oNecth?ns of tools and artetsct5 from rural Irfe and also provides a workshop w*ere historic Iwnber framed buildirvjs can be labd out for conservation and repoir. Al 31 December 2020 Museum Exhibiis We￿ induded al cost of £2.797,316. The Gridshell building was in¢ludeecember 2020 is £748,086 and the Gridshell building deFKeoation is £552,171, making total depreciatts)n of £1,300,257. The collections of tools and artefacis have been. Mi the majorty. donated to the Museum. Whilst the olle¢tion of over 10,000 items is fvlty catslogued. no values have been attributed, as rt would be Uneconom￿ and impractical to do so. During the past five year5 there have been addits.ons of heritage assets of £655.16012016- £6.879, 2017 - £434.259, 2018 - £182.741. 2019 - £26.181. 2020 - £5.1fy)). No assets have been di5POsed of during the past five years. -28- WEALD AND DOWNLAND OPEN AIR MUSEUM LIMITED CONSOLIDATED FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020 18 Stocks 2020 Cons¢lid•t•d 2020 2019 Charfty Consolidated 2019 Charity Harvest Animals Shop and cafe 51c¢k 3.880 11.820 44,913 3,880 11.820 3,636 11,820 45.266 3.636 11,820 60,613 15,700 60,722 15.456 19 Debtors 2020 Consolidatrd 2020 2019 Chartty C¢)nsolldated 2019 Chaiity Amounts falling du• ￿*thin on• year: Trade debtors Amounts due from subsidiary undertaking$ Other debtors Prepayments and accrued Inco￿ 7,404 6.470 48.204 163,585 34,022 76.784 69,535 62,255 60.272 37.210 164.230 34.022 87,458 37.210 205,656 252.281 201,452 229.272 20 Credltorn: amounts falling due *ithin om y•ar 2020 Consolidatod 2020 2019 Charlty Consolldatsd 2019 Charity Other l•x•tJ"on and so¢ial secunty Trade C￿dItorS Other creditors Accruals and deferred income 41.255 45,675 33.253 91.982 41.255 42.005 33,253 85,217 24,937 132,735 52,734 179.724 24,937 118,871 52,734 171,173 212.165 201,730 390.130 367.715 21 R•llvem•nt $ch•m8s D•finéd cantributlon schem8S The ￿rnpanY operates a defined contsibution relirement benefit scheme for all gualfying emF4oyees. The assets of the scheme a￿ hd 585.470 6.IW.202 93,19Z 13e,907 55.817 19.360 22.011 (31.4271 13211 1.539,901 15,730 193 {120.rMMI 11.864) (2.778) 5.880,198 91.328 136.129 $5.e47 18.973 16.545 11.8641 12.7781 Jilthng Crafis Gallery ￿%￿P KTP iefvth$hff￿n¢ Olhei H*ik9eLotttry FufKI FuThY ISCpJ) 15.817 76.1 54.420 1307) (*.3591 (*.316) PO.6761 {38n P3.80n 24.$83 18.341 2g).CthI ISOO.OW} 2￿.[￿>) 207.512 1403,7561 2W.UOQ 3.756 10.LM6.816 323.42$ I74$.4￿) 711.4n lo.￿.284 227.49J 1832.9291 2(WJ.CIM 10,150.825 WEALD AND DOWNLAND OPEN AIR MUSEUM LIMITED CONSOLIDATED FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020 23 AMlysis of net as¥ets bet*••n fw Unrestrl¢tsd Restricted T¢)tal Unrestricted Restrscted fvnds funds 2019 2019 Total 2020 2020 2020 2019 Fund balances at 31 De¢ember 2020 are represented by.. Intangible fixed assets Tangible assets Hefitage a55ets Current asset {liatiilities} 38.254 38,254 297.129 6,595,062 6,892,191 3.589.133 3.589.133 18.354 18,354 222.298 6,718.688 6,940,986 3,657.101 3.657,101 681,055 {33.370} 647.685 448,922 (19.525) 429,397 1,016.438 10,150.825 11.167.263 689.574 10,356.264 11.045,838 24 Capital c¢)mmilJMnts 2020 2019 At 31 December 2020 the tharty had capital commilments a5 folbws: . contracted for but not provided in the financial statements: Acquisition of property, plant and equipment 30.235 25 Op•fating l•as• c¢)mmitments Al the ￿p0￿"n9 end date the chanty had outstanding ¢ommthnts lor futt￿ minimum lease payment5 der non-cancellable operats.ng kase3 of £161,933 {2019 - £180.4441. This excjudes the property kases that have expiied and the fonnal commitment has nol yel been enacted. The lotsl payments made in the year relab"ThJ lo opefab.ng lease$. induding propety leases. is £30.269 (2019- £27,312). 26 Events aftor tho rgportln9 dat• ' At the year end, the Museum was closed due lo restrictions imposed by the Government in re5pon5e to the Covi&19 pandemic. It re￿pened to members on 29 March and to the publtc on 12 April. The level of income for the year 1$ likety to be beltyw th* budgeted as a ¢onSequer￿￿. 31 WEALD AND DOWNLAND OPEN AIR MUSEUM LIMITED CONSOLIDATED FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020 27 Rolatsd party trnnsactions Ramuneration of key managem•nl petst)nnel The remuneration of key management personnel 13 as foll(rAE. 2020 2019 Aggregate ¢ompen$ation 235,935 260,928 TraT￿Cti*)n$ tA4th r•lated partl•$ Ouring the year the chanty entered into the followry transactions with related parties.. Weald arbj Downland ¢))en Air Museum Limrte(l ¢harged Singleton Museum SeNces Limited a managernent Charge of £8.500 {2019- £8.500) and rent of £9,080 {2019- £9.080). There was also glft aid receivable from them of £0 12019 - £96.504). Purchases were made from Singleton Museum Services Limrte¢J of £6,164 12019 - £14,882). This company is a 100% subsidiary of Weald and Downland Open Air Museum ￿"M￿e0. At the balance sheet date. the a￿)Unt U4¥ed by Singleton Museum Services LirT¥ted was £48,204 (2019 - £62,255). 28 SubBidiarie These financial statements are consolidated financial statements for ￿￿aId and Dovfflland Open Museum L*mited &oup. Details of the charity's subsidiaries at 31 Decerrter 2020 ore as follows: Name of undtrrtaking Registernd offi Naknr• of IM￿1￿*$$ Class of % Held sharos h•ld Direct Indirect Sin9leton ￿l￿eUm SeThices England mited- Company no. 01437695 Museum shop and cafe Ordinary 100.00 The aggregate wrtal and reserve$ and the ￿SuIt for the year of subsidiaries was as follows: Name of undertaklng PTofiV{Loss) Capital and R•s•rves Singleton Museum Seryices Limsted- Company no. 01437695 (32.901) 35,494 At 31 0oc&mber 2020, Sin9leton Museum Se￿￿¢$ Limitéd's assets lots1 £94.133, its liabilities £58,639 and ts totsl funds £35.494. For the year. 115 total income is £390.218. expenditure £423,119 and loss £32.901. This company is included in Ihese consolidale(1 ac¢ounls al ￿$1 and the share capital held by the parent of £50.500 15 in¢￿￿ed in Investrnents for the iThJividLbal chty. It ha5 the same ie9iStered office as Ihe parent. WEALD AND DOWNLAND OPEN AIR MUSEUM LIMITED CONSOLIDATED FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020 29 Cash generated fri>m 0￿rations 2020 2019 SuWusl(defi¢itl for the year 121,425 1212,7471 Adjustments for". Investment income recognised in ststement of financiai acb"vilies (Gainlnoss on disposal of tangible fixed assets Depre¢iation and Invim￿nI oftangible fixed assets (780) 11,437) 7,560 248,781 235.052 Movements in working capital.. Decrease in stocks Iln¢Teasellde¢rease in debtors (Dec￿ase) in wditors 21,092 621,273 186,104) 14,204) 11n,96S) Cash generated from operation5 173,637 598,418 30 Analysis of Char￿¢5 in net funds The charity had no debt during the year. 31 Audltors. Ethical Standanls The relevant Circumstsnces requiring di$do$uTe in accordance V•ilh the requirernents of FRC Ethical SlandaTd 2016 - Prowsions Available forAudrt5 of Small Entities are thal, in common many charities of ow ￿ze and nature we use our auditors to a￿st vthh the preparation af Ihe a¢counts.