Charity registration number 306338 Company registration number 00946307 (England and Wales) WEALD AND DOWNLAND OPEN AIR MUSEUM LIMITED CONSOLIDATED FINANCIAL STATEMENTS ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 WEALD AND DOWNLAND OPEN AIR MUSEUM LIMITED CONSOLIDATED FINANCIAL STATEMENTS LEGAL AND ADMINISTRATIVE INFORMATION Trustees M Lewis Mrs J C Pasrt¢ha {Chairman) S P Loosemore (Hon Secretsry} M Scott L Fttton ALee N Sutherland S Labedz (WI￿ Chairman) J Jones-wamer Secretary S Loosemore Charity number 306338 Company number 00946307 Principal address Singleton West Sussex Chichester P018 OEU Registered office Singleton West Sussex Chichester P018 OEU Auditor SumerAudit Piper House 4 Dukes Court Bognor Road Chithester West Sussex P019 8FX Bankers Barclays Bank plc 74175 East Street Chichester West Sussex P019 1HT Solicltors Irwin Mitchell Irwin Mrf(chell Solicitors Thomas Eggar House Friary Lane Chichester West Sussex P019 1UF WEALD AND DOWNLAND OPEN AIR MUSEUM LIMITED CONSOLIDATED FINANCIAL STATEMENTS CONTENTS Page Trustees, report statement of trustees. responsibilities Independent auditorfs report 8-11 Statement of financial activities 12 Balance sheet 13 Statement of cash flows 14 Notes to the financial statements 15-34 WEALD AND DOWNLAND OPEN AIR MUSEUM LIMITED CONSOLIDATED FINANCIAL STATEMENTS TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023 Chaimian's Annual Report 2023 The Chairman's Statement in this annual Report & A￿OUnts is my opportunity to say thank you, on behalf of the Board of Trustees. to everyone who Contributed to the success of the Weald & Downland Ltving Museum in 2023. Our mission is to preserve the vemacular architecture and traditional rural trades and ¢rafts of our region for fijture generations to leam from. Education and Conservation are at the heart of our ¢haritable objectives. our strategy is to conserve and activate our outstanding Buildings and Artefact Collections to inspi￿, educate and entertain our users. The Museum aims to tell the stories of the lives of the rural working poor of our region to promote interest in its architecture and crafts through the provision of a high standard of visitor experience. 2023 was a particularly challenging economic environment. the Museum had to contend wtth rising operational costs and remain attractive to visitors durtng the ongoing cost-of-living crisis. l am proud that the Museum has Completed another year of success. I would like to offer a sincere thank you to the Museum Director, Simon Wardell, his Senior Leadership Team, all staff, and all volunteers who worked extremely hard to deliver a good perf0rrnan￿ with some notable achievements. Highlights include: ritchfield Market Hall is an t¢oni¢ timber-framed building in the Collection, located in the heart of the Museum's Market Square. It was originally built c.1620 and is one of the last remaining of tts kind in the ￿giOn. The Market Hall reopened in 2023 following a year-long programme of conservation. The worf( was carried out in- situ, giving visitors a unique opportunity to see trained craftspeople in action. Significant preparatory research and the conservation process itself provided an opportunity to re-examine and record some of the features of the Structu￿ that had remained hidden or inaccessible. The Museum is grateful to, in particular. the Wolfson Foundation and Pilgrim Trust for Iheir support in helping to complete this important conservation work. Education was an area of significant strength in 2023. Bookings by school groups doubled and take-up rates on more than 1000+ lifelong learning course places reached the highest benchmark for the industry. Excellence in the provision of education was recognised with the Leaming Outside the Classroom Award from LOTC. We are proud to mntinue to be the home of York University's MSC Degree Programmes in Building Conservation and Timber Building Conservation. The Museum attracted more than 130,000 ViSFtors in 2023, this number represents a retum to pre- Pandemi¢ levels and was close to a record high for the Museum. Volunteer numbers and Membership 81so reached their highest levels. The qualty of experien￿ offered to visitors was reGognised by the Trip Advisor choi￿ Award and Sussex Family Attraclion of the Year. The Museum is resilient, delighting visitOTS and delivering soundly against our ¢haritsble objectives. Nevertheless, making money still proves to be extremely challenging. We are an Independent Museum and undertake a range of essential commercial activtty to geneFate the funds needed to maintsin our designated Collections. The Museum recetves no regular external funding and so we are extremely gratefijl lo our visitors. our Membership and, to the grant and award making bodies and generous donors who bequeathed a legacy to the Museum in 2023. I would like to offer my thanks to the Museum's Board of Trustees who gave generously all year to offer guidance and support to the Museum Director and his team. We would also like to thank the Chaimian and Trustees of the Museum's Endowment Trust for their work on behalf of the Museum. The challenge for 2024 is to build on the SUC￿SS of the last few years by fijrther enhancing visitor experience. whilst continuing to generate the income required to develop the Museum towards becoming a wodd class heritage attraction. Fundraising will be an important focus in the coming year. In addttion, the Museum aims lo complete the next stage of the Titchfield Market Hall project which involves the resurfacing around the building with the aim of improving visitor access. Also. in 2024. the Museum aims to seek planning permission to erect an additional building to add to the Collection. On behalf of the Board of Trustees, I would like to congratulate the Museum team for the success of 2023 8nd offer our grateful thanks to the many of you who contributed to those achievements. Thank you for taknng the time to read this Report. Jo Pasricha Chairman. on behalf of the Board of Trustees. The Weald & Downland Living Museum May 2024 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 2023 The trustees prèsent their report and financlal statements for the year ended 31 December 2023. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the ¢har7ty's governing document, the Companies Act 2006 and "Accounting and Reporting by Charitses.. Statement of Recommended Practi¢e applicable to charities preparing their accounts in accordance wtth the Financial Reporting Standard applicable in Ihe UK and Republic of Ireland (FRS 102) (effective 1 January 2019).. Objectives and activities The charitys main objects are: To stimulate publi¢ interest in and to promote and en¢ourage the preservation of buildings of architectural or historical interest and to stimulate public interest in ancient crafts. trades and manufactures. The trustees approved in 2011 the following long teTm Vision" as the over-arching theme for the priortties and objecttves for the Museum" "A centre of excellence for the enjoyment. learning and understanding of the built environment, landscape, rural life and communities of South East England and the South Downs" With that vision in mind the Museum's objectives have not thanged under each of the following key aims: 1. To run an open air museum which inspires and delights its users. 2. To provide lifelong learning based on the Museum's collections and other resources. 3. To ensure high standards of colledion's care. 4. To pursue research and scholarship. Strategies for achiewng aims and objectives In delivering these objectives Ihe Museum employed some 50 staff during the year. together with over 400 volunteers who contribute in excess of 45.000 hours in a normal year, in support of our charitable mission to operatè an open air museum. Staff worked across a wide range of activities including visitor services. interpretation, curating the collections, the schools service. adult educalion and special events. Public benefft The trustees have paid due regard to the guidan￿ on public benefft issued by the Charity Commission in deciding what aGtivities the charity should undertake. Our d)aritsble purposes are mainly in the category of the advancement of the arts, Gulture and heritage. Strategic report The description under Ihe headings 'Achievements and perfomiance- and "Financial review, meet the company law requirements for the trustees to present a strategic 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 2023 Achievements and perforniance Significant activities and schievements against objectives This third year of full opening post-Pandemic saw the Museum reach visitor numbers last achieved in 2019. This is testament to the hard work of the Museum staff. volunteers and Trustee body. Our Commercial operations demonstrated an 2bilty to adapt to changes in income strèams, and to build on our capacity to welcome visitors in our seasonal car parking as well as offering new additional ¢alering Outlets. The Retail operation continues to grow both in its offer and value. Wilh our gr¢Mh in visitor numbers l am delighted to see new members joining and we have widened our type of membership as well as changing our payment terms to a monthly basis. The Museum set out a Bursary award part way through the year which allowed some of our schools to apply for nding to offset some increases in costs - travel being often cited. Education remains at the heart of what we do as an organisation so I was equalty pleased to return to a pre-covid level of in-person courses. At the more fomial end of our offer we continue to work York Univer5ty who accredit our Msc programmes, which have successfully restarted Iheir in-person tutorials. With the Museum retuming to a more sustainable financial position following the Pandemic we have been confident to progress our Conservation work. The Conservation project on Titchfield Market Hall was Completed on time and within budget. We are very pleased wtth the work delivered by our third party contractor - Mccurdy & Co. Equally the MLEseum is thankful for the support received from the Wolfson Foundation. and the Pilgrim Trust. We w511 continue to develop the area immediately surrounding the Market Hall in 2024 to improve accessibility to the site. We have also increased our investment around the site with re-surfacing of pathways, management of our woodland spaces and essential eleGtrFcal wiring maintenance. The offer at the Museum remains a ￿mPetitive onè where we have responded to visitor feedback. have kept our general admission prices at an affordable level and we are currendy reviewing our opening hours. There has been a tremendous amount of effort delivered across the stle in 2023 and I would like to pass on my particular th2nks to our ever-present Volunteer communty at the Museum who have stood by us over the last three year5. Financial review In 2023 unrestricted income totalled £3,395,451 (2022 £3.451,510), the fall largely being due to the recognition of a significant legacy in the prior year. The net result for the year in unrestrided fvnds was a deficit of £284,818 {2022 £18,141) induding the grant of funds to The Weald & Downland Open Air Museum Endowment Trust of £300,000. Total expenditure on unrestricted funds was £3.677.269 (2022: £3,469,651) including the grant referred to above. The level of expenditure also reflects investment in the Museum through additional re¢ruÈtment of staff and higher maintenance costs. The cash inflow for the year from operalions was £406.303 (2022: £170,700) induding receipt of the legacy noted above which was recognised as income last year. Expendtture on tsngible fixed assets totalled £285,508 and on heritage assets - largely Titchfield Market Hall - £292.726. The net reduction in cash was £157.452. giving a year end cash balance of £538,478. The net deficÈt on restricted funds was £116.268. which primarily related to depreciation on fixed assets net of some specific grants in respect of Titchfield Market Hall. At the balance sheet date, assets held in unrestricted fijnds were £1.278,868 (2022: £1.563.686) and in ￿$tricted funds were £9,896,984 {2022: £10,013,252) to give total fvnds of £11.175,852 (2022: £11.576.938). WEALD AND DOWNLAND OPEN AIR MUSEUM LIMITED CONSOLIDATED FINANCIAL STATEMENTS TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Rese￿e$ policy Reserves policy The Museum sets an annual operating budget which indudes a detailed cash flow forecast. The forecast takes into account the seasonality of the Museum's operations. likely capital spend and any non-operational sources of funding. The cash flow is monitored on an On￿oing basis. and ref0￿CastS are made during the year when the￿ are material changes in ¢i￿umstances. Any surplus funds may, at the discretion of the Trustees. be transferred to the Weald & Downland Open Air Museum Endowment Trust to manage on its behatfr, the Endowm8nt Trust may also make grants or loans to the Museum to support tts activities. As a result of this, the Museum d￿S not have a fixed level of reserves which Èt seeks to maintain at any one time but aims to ensure that it has more than sufficient headroom, in particular, to manage seasonal variations, with allowance for any unexpected events. At 31 De￿rnber 2023, the cash balance held by the Museum was £538,478, and the level of unrestricted funds represented by net (Jjrrent assets was £498.807. Post balance sheet events There are no significant post balan￿ sheet events which require disdosure in these accounts. Going concern At 31 December 2023, the Museum had no borrowings and cash balances of £538,478. It has continued to manage its ¢a5h and costs carefully, and to reforecast the likely out-tum in results as circumstances ¢hange. As a result of this, and the on-going support of the Weald & Downland Open Air Museum Endowment Trust, the Trustees consider that the Museum has sufficient resour￿$ to continue as a going cOn￿M for Ihe foreseeable future. Major risks Risk review The major risk to which the Museum has been exposed in recent years has been the worldwide Covid-19 pandemic, although the impact was greatly reduced in 2023. Other risks which may impact the Museum and which are managed by the Trustees and management team as part of their on-going govemance and monitoring processes include.. - Risk that visitor numbers and income do not meet expectations Risk that the Museum fails to attract sufficient resources to adequately maintain its new and existing buildings Plans for future periods Plans for the Future In resetting priorities for the Museum post Gateway. we are now womng toward delivering the 5 strategic aims from the 5 year plan. To become the museum of choice by creating best-in-class experienGes. 2. To be a Centre of Excellen￿ for lrfelong leaming based on our Designated collections. 3. To be best practi￿ custodians for our Collections. 4. To be a voice of authorty in vernacular archÈtecture and rural social hlstory. 5. To be known as a good employer and a great place to work and volunteer. Structure* govemance and management The charity is a company limited by guarantee and is govemed by its Memorandum and Articles of Association. 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 2023 The trustees. who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were". M Lewis Mrs J C Pasrtcha {Chaimian) S P Loosemore (Hon Secretsry) M Scott L Fitton ALee N Sulhertand S Labedz (Vice Chairman) J Jones-wamer D Bailey (Resigned 7 July 2023) Recnjitment and appointment of trustees None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up. The trustees are appointed to the board in accordan￿ with the Memorandum and Articles of Association. New trustees are given essential documents including the Memorandum and Articles of Association. recent accounts, and guidan￿ as to their responsibiltties. The Chairman, Treasurer, Museum Director and senior stsff meet the new trustee indimdually for briefing. Organisational strudure The trustees appointed the Weald and Downland Open Air Museum Limited board to manage the group activity through and with the Museum director and his staff. The day to day management of the charity is delegated to the Museum director. Simon Wardell. The pay and remuneration of the ￿1￿CtOr and other key personnel is set by comparison with similar charitable organisations in the heritage sector. When recruiting to replace key stsff, or to fill a new position, Consultant support from the sector will be used. Relationship with related pathes Note 29 gives details of the subsidiary company of Weald and Downland Open Air Museum Limtted. Singleton Museum Services Limited is a trading subsidiary (company no. 1437695). The trustees ¢onsider the perfomwnce of the subsidiary to be satisfactory. The trustees have assessed the Museum's governan￿ against the Ccrfle of Good Govemance for the Voluntary and Community Sector (Second Edition, October 2010) and have confinned the Museum's material compliance with the code. This wll be reviewed periodically. Promotrng the success of the company Note 25 sets out an analysis of the assets attrÉbutabie to the variws funds and a description of the trusts. These assets are sufficient to meet the tharivs obligations on a fvnd by fund basis. Auditor The auditors, Sumer Audic are deemed to be reappointed under section 487(2) of the Companies Act 2006. 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 2023 DÈsclosure of inforniation to auditor Each of the trustees has confirmed that there is no irrformation of which they are 8ware which is relevant to the audit, but of which the audltor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to estsblish that the auditor is aware of such infonnation. This report has been prepared in accordan￿ with the special provisions relating to small companies within Part 15 of the Companies Act 2006. The trustees. report. including Ihe strategic report, was approved by the Board of Trustees. rs J C Pasricha (Chaimian) TrustÈe Date.. WEALD AND DOWNLAND OPEN AIR MUSEUM LIMITED CONSOLIDATED FINANCIAL STATEMENTS STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2023 The trustees, who are also the directors of Weald and Downland Open Air Museum Limited for the purpose of company law. are responsible for preparing the Trustees. Report and the financial ststements in accordance with applicable law and United Kingdom Accounting Stsndards (United Kingdom Generally Acceptsd Accounting Pra¢tice}. Company Law requires the trustees to prepare financial statements for each financial year whith give a Irue and fair view of the stste of affairs of the chartty and of the incorning resources and application of resources, including the income and expen(iiture. of the charttable company for that year. In preparing these financial statements, the trustees are required to: - select suitable accounting policies and then apply them consistenlly: observe the methods and principles in the Charities SORP. - make judgemenls and estimates that are reasonable and pwdenL state whelher applicable UK Accounting Stsndards have been followed, subject to any materi21 departurès disclosed and explained in the financial stslements" and prepare the financial statements on the going concem basis unless it is inappropriate to presLtme that the charity will continue in operation. The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financ4al statements comply wÉth the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularibes. WEALDAND DOWNLAND OPEN AIR MUSEUM LIMITED CONSOLIDATED FINANCIAL STATEMENTS INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WEALD AND DOWNLAND OPEN AIR MUSEUM LIMITED Opinion We have audtsd the consolidated financral ststements of Weald and Downland Open Air Museum Limited (the 'group') for the year ended 31 De￿rnber 2023 which comprise the statement of financtal activtbes, the bdance shee( the ststement of ￿$h tlows and the notes to the financaal statements, induding a summary of signfficant accounting policies. The financiJ reporting framework that has been applied in their preparation is applicabl& law and United bfjngdom AGrnunfing Stsndards. induding Financtal Reporting Standard 102 The Finan￿al Rep¢rb'ng Standard applicable in the UKand Republio of A￿land (United lfjngdom GenerallyAccepted Accounttng Practi*). In aur opinion, the consolidated finanual statements: give a true and fair Mew of the stats of the tharttable wmpanys and group's affairs as at 31 December 2023 and of its incoming resour￿ and application of resources, for the year then ended: have been properly prepared in aC￿rdan0 with Unit&d lfjngdom GeneR]ly A•d Acrxjunting Practie. and have been prepared in accordan￿ wtlh Ihe requirements of Ihe Comwdnies Act 20[￿. Basis for opinion We conducted our audit in accordan￿ with Intematlonal Standarts on Audiiing (UK) (ISAS (UK)) and applicable law. Our responsibilTties under those standards are fvrther d&suibed in the Auditoffs tssponpJbilities ft)r the audit of the ffnanaal statements section of our reporL We are independent of the charity in accordance with the ethica] requirements that are relevant to our audit of the financiaE st*iements in the UK induding the FRC'S Ethical Standard and the provisions available for audts of small enoties, in the c1rcurnstan￿ set out in n¢th 32 to the financia] statsments, and we have fuffilled our other ethical responsibilitses in acwrdano wtth these requirements. We believe that the audit eviden* we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concem In audttsng the consolidated financial statements, we have conduded that the trustees, use of the going concem basis OT accounting in the preparatton of the financial statements is appropriats. Based on the work we have performed, we have not identified any m*riat un￿rtaIntieS relating to events or o)nditions that, indiwdually or collectively. may (2st signfficant doubt on the charitys abilty to conlinue as a going concem for a period of at least twelve morrths from when the finanaa] ststernents are authorised for issue. Our responsibilities and the responsibilTties of the wilh respe(* to going conwn are described in the relevant sections of thts reporL Other inforniation The other infonrjation comprises the infornatton induded in the annual report other than the financial gotements and our auditoffs report thereon. The trustees are responsible for the other information corrtained within the annual reporL Our opinion on the financial statements does not cover the other information and, except to the extènt otherwise sÈted in our reporL we do not express any forn of assuran￿ condusion thereon. Our i• responsibil-ty is to read the other information and. in doing so. consider whether the other infomiation is matsrtally inconsistent with the financi81 statemerrts or our knowledge obtsined in the u)urse of th8 audi( or othemse appears to be materially misstated. K we identlfy suGh rnaterial inconsistencies or apparent material misststements, we are reqUI￿d to determine whether this gives rise to a material rnisstatement in the financial statemerrts themsefves. If, based on the work we have performed. conclude that there is a material misstatement of this other infomiation, w¢ are required to report that faGL We have nothing to report in this regard. WEALD AND DOWNLAND OPEN AIR MUSEUM LIMITED CONSOLIDATED FINANCIAL STATEMENTS INDEPENDENT AUDrroR'S REPORT (CONTINUED) TO THE MEMBERS OF WEALD AND DOWNLAND OPEN AIR MUSEUM LIMITED Opinions on other matters prescribed by the Companies Act 2006 In our opinion. based on the work undertaken in the course of our audit the information given in the trustees, report for the financial year ft)r whith the consolidated financial statements are prepared. which indudes the ￿[reCto￿, report and the strategic report prepared for the purposes of company law, is consistent Wtth the rA)nsoIidated financial statements" and the strategic report and the directors. report included within the trustees, report have been prepared in accordants applicable legat requirements. Matters on which we are required to rEPOrt by exception In the light of the knowledge and understsnding of the charity and rls environment obtained in the Lxjurse of the audit we have not identified matertal rnisstatemerts in the Strategic report or the directors, report included Mrithin the trustees, reporL We have nothing to report in respect of the following matters in relation to which the Cornpanies Act 2006 requires us to report to you rf. in our oEinion' adequate accounttng records have not been kepL or retrrns adequate for our audÈt have not been [￿5ved from branches not visff(ed by us", or the financial statements are not in agreernentwfh the ac￿Unting records and returns; or ertain discIosures of trustees, remuneration specified by law are not made: or we have not re¢eNed 2]1 the infomation and explanations we require for our audtL Responsibilities of trustees As explained more fully in the ststement of trustees, responsibli ittes, the trustees, who are also the directors of the charty for the purpose of company18w. are responsbi le forthe preparation of the financial statements and for being satisfied that they give a true and fair vlew. and for such internal control as the trust?es detsrmine is ne￿sSary to enable the preparation of financial statements that are free from material misstaternert whether due ts fraud or error. In preparing the finanoal statements. the trustee5 are responsible for assessing the chariVs ability to continue as a going ¢x)n￿M. disdosing, as applicable. matters related to going cDn￿rn and using the going concem basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realist5c artemative but to do so. Auditorfs responsibilities for the audit of the financial siatements Our Obje￿1ve$ are to obtain reasonable assuran￿ about whether the financtal statements as a whose are free from material rnisstatemen( whèther due to fraud or error. 8nd to issue an audttoffs report that includes our opinion. Reasonable assuran￿ is a high level of 8&8urance but is not a guarantee that an audit ¢>Jnducted in accordan with ISAS (UK) wlll always detect a material mtsstatement when it exists. Misststements can arise from fraud or error and are considered matertal rf. indivtduaIly or in the aggregate. they could reasonably be expected to influence the economic dectsions of user5 tsken on the basis of these finan¢3al statemen WEALDAND DOWNLAND OPEN AIR MUSEUM LIMITED CONSOLIDATED FINANCIAL STATEMENTS INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF WEALD AND DOVVNLAND OPEN AIR MUSEUM LIMrrED Identifjcation and assessment of irregutaritie5 including fraud Irwularittes. inctuding fraud. are Instan￿ of non-complian￿ wtth laws and regulations. We designed pro￿dUreS In line wtth our responsibilities. ouuined above, to detect mateTial rnisstaternertis in respect of irregularibes, including fraud. The extent to which our prO￿d￿re$ were Capable of detecttng irregulartties. inc]uding fraud is detailed below. we focused on specific laws and regulations whith we ctsnsidered may have a direct material effect on the financial statements or the operdtions of the company. induding The Companies Act 2006 and The Chartttes Act 2011. we obtaned an understsnding of the legal and regulatory framework applicable to the entity and how kne entity is complyng wtlh that framework by making appropriate enquiries of management as well as considering the intemal controls in pla￿ to mittgate rÉsks of fraud and non-complian￿ with laws and regulations. we made enquiries ofth05e tharged wth governan￿ and rwement (￿ncernIng. the risks of fraud" InStan￿S of non-complian￿ with laws and regulatiorts or kno￿edge of actual. suspected, or alleged fraud is documerrted during the pericé.- we allocated an engagement team that we considergd colletxively had the appropriate competence and ¢2pabilttses to identify or recognise non {86,639} Fund balances at 1 January 2023 1,563.686 10,013.252 11,576.938 1.581,827 10,081,750 11.663.577 Fund balances at 31 De¢ember 2023 1,278.868 9.8%,984 11,175,852 1,563,686 10,013,252 11.576.938 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The statement of financial activities also complies with the requirements for an income and expenditura account under the Companies Act 2006. 12- WEALD AND DOWNLAND OPEN AIR MUSEUM LIMITED CONSOLIDATED FINANCIAL STATEMENTS BALANCE SHEET ASAT31 DECEMBER 2023 2023 Consolidated 2023 2022 Charity Consolidated 2022 Charity Notes Fixed assets Intangible assets Tangible assets Heritsge assets Investments in subsidiaries 16 17 18 29 13.018 6.866.993 3,534,732 13.018 6,826.091 3,534,732 50.500 6,797,329 3.919.352 6.698.197 3.919,352 50,5¢XI 10,716,681 10.668.049 10,414,743 10,424,341 Current assets Stocks Debtors Cash at bank and in hand 19 20 87.334 364.164 538,478 11,801 427,425 447,659 77,465 799,442 695.930 10,931 906,098 544,404 989.976 886,885 1,572,837 1.461,433 Creditors: amounts falling due within one year 21 (506.022) (470,003) (410,642) (366,310) Net current assets 483,954 416.882 1,162,195 1.095,123 Total assets less current liabilities 11.200.635 11,084,931 11,576.938 11,519,464 Provisions for liabilities Deferred tax liability {24.783) Net assets 11,175,852 11.084.931 11.576,938 11.519,464 Income funds Restricted funds 24 9,896.984 9,896,984 10,013.252 10,013,252 Unrestricted funds General unrestricted funds Non-charitable trading fund 1,187.947 90.921 1,187,947 1.506,212 57,474 1.506,212 Unrestricted funds 1,278.868 1,187,947 1.563.686 1,506,212 11.175,852 11,084,931 11,576,938 11,519,464 These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The accounts w re approved by the Trustees on . M Lewi5 Trustee Company Registration No. 00946307 13- WEALD AND DOWNLAND OPEN AIR MUSEUM LIMITED CONSOLIDATED FINANCIAL STATEMENTS STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 Notes Cash flows from operating activities Cash generated from operations 30 406,303 170,700 Investing a¢￿vItieS Purchase of tangible fixed assets Proceeds on disposal oftsngible fixed assets Purchase of heritage assets Interest re￿iVed {285,508) (206.846) 150 (292,726) 14,329 (91,731) 4.705 Net cash used in investing activities (563.755) (293,872) Net cash used in financing activities Net de¢rease in cash and cash equivalents (157,452) {123,172} Cash and cash equivalents at beginning of year 695,930 819,102 Cash and cash equivalents at end of year 538,478 695,930 Relating to: Bank balan￿$ and short tem deposits 538,478 695,930 538,478 695,930 14- WEALD AND DOWNLAND OPEN AIR MUSEUM LIMITED CONSOLIDATED FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies Charity infomiation Weald and Downland Open Air Museum Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Singleton. West Sussex. Chichester. P018 OEU. 1.1 Accounting convention Th8 financial statements have been prepared in accordan￿ wilh the charivs goveming document, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to ¢harities preparing their accounts in accordance wth the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102}° (as amended for acwunting periods commencing from 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102. The finanaal ststements are prepared in stelling. which is the functtonal currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial slatements have been prepared under the historical c05t convention. The principal accounting policies adopted are set out below. 1.2 Going concem At 31 De￿rnber 2023, the Museum had no borrowing5 and cash balan￿$ of £538.478. It has continued to manage its cash and costs carefully. and to ref0￿caSt the likely out4um in results as circumstances change. As a result of this, and Ihe on-going SUPPOrt of the Weald & Downland Open Air Museum Endowment Trust, the Trustees consider that the Museum has sufficient resources to ￿Trtinue as a going COn￿M for the foreseeable fijture. 1.3 Charitable funds UnrestrÈcted funds are available for use at the discretion of the trustees in fvrthPran￿ of their charitable objectives. Restricted funds are subject to speclfic conditions by donors or grantors as to how they may be used. The purposes and usès of the restricted funds are set out in the notes to the financial ststements. 1.4 Income Income is recognised when the charity is legally entttled to it after any performance conditions have been met. the amounls can be measured reliably. and it is probable that income will be re￿Ived. Cash donations are recognised on receipt. Other donations are recognised once the Charity has bean notified of the donation. unless performance conditions require deferral of Ihe amount. Income tax recoverable in relation to donations received under GiftAid or deeds of covenant is recognised at the time of the donation. Legacies are recognised on receipt or otherwise rf the charity has been notified of an impending distribution. the amount is known, and receipt is expected. If the amount 15 not known, the legacy is treated as contingent asset. Grant income is recognised when the charity is legally entiued to it after any perfomiance condthons have been met, the amounts can be measured reliably, and it is probable that income will be received. Courses and weddings income is treated as deferred when it relates to a period or date after the balance sheet date. Membership subscriptions are recognised when r￿1ved. 15- WEALD AND DOWNLAND OPEN AIR MUSEUM LIMITED CONSOLIDATED FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies (Continued) In the case of a Gift aid payment made within a charitsble group, income is accruéd when the Gift aid payment is payable to the parent charity under a legal obligation. 1.5 Expenditure Resources expended are accounted for on an accruals basis. Expenditure is allocated between raising funds and charitable activtties. Token redemption, gift aid expenditure. fijndraising expenditure and venue hire expendtture have been allocated to raising funds. Bank charges and lease finantr charges. administTrtion salaries and depreciation of fixtures, fittings and equipment are included in support costs within charitable activities and accounlancy and audit fees are included in govemance costs within charitable 8ciivities. Legacies and donations received that have been transferred to Ihe Weald and Downland Open Air Museum Endowment Trust are includèd in grant funding of activities within charttable activities. 1.6 Research and development expenditure Rese8rch expenditure is writtèn off against proffts in the year in which tt is incurred. IdentÈfiable development expenditure is capitslised to the extent that the technical, commercial and financial feasibility can be demonstrated. 1.7 Intangible fixed assets other than goodwill Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Intangible assets acquired on business combinations are recognised separately from goodwill al the acquisition date where it is probable that the expected fvture economic benefits that are attrÉbutable to the assel ￿11 flow to the entFty and the fair value of the asset can be measured reliably,. the intsngible asset arises from contractual or other legal rights. and the intsngible asset is separable from the entty- Amortisation is recognised so as to WTite off the cost or valuation ot assets less their residual values over their useful lives on the following bases.. Promotional Film and Website Development Straight line over 3 years Costs Assets in the course of construction are nol amortised. 1.8 Tangible r￿ed a55ets Tangible fixed assets are In￿allY measured at cost and subsequenljy measured at cost or valuation. nel of depreciation and any impairment losses_ Depreciation is recognised so as to wrtte off the cost or valuation of assets less their residual values over their usefvl lives on the following bases: Short leasehold property Planl and machinery Fixtures, fitttngs & equipment Motor vehicles Trading company fixtures. fittings. plant & eqL5ipment Remaining lrfe of lease 33¥0 Straight line 1200A Reducing bafance 120/0 Straight line 250/0 Straight line 25 /0 Reducing balance 15 /0 Reducing balance 16- WEALD AND DOWNLAND OPEN AIR MUSEUM LIMITED CONSOLIDATED FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 A¢¢ounting policies {Continued) Assets in the course of construction are not depreciated. The gain or loss arising on the disposal of an asset is detennined as the differen￿ between the sale prO￿ed$ and the carrying value of the asseL and is recognised in the Statement Of Financial Activities. 1.9 Heritage assets Heritage assets are initially measured at cost and subsequently measured at cost or valualion, net of depreciation and any impairment losses. Depreciation is récognised so as to write off the cost or valuation of assets less their residual values over their useful lives. Heriiage assets are written off over the remainin9 life of the lease on the leasehold propety. Assets in the course of cx)nstruction are not depreciated. 1.10 Impaimient of fixed assets At each reporbng er)d date, the charity reviews the carying amounts of its tangible and intangible assels to d@lermine whether there is any indication that those assets have suffered an impainnent loss. If any such indication exists. the recoverable amount of the asset is estimated in order to determine the extent of the impaimient loss (rf any). 1.11 Stocks stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost ¢omprises direct materials and. where applicable. direct labour costs and those overheads that have been incurred in bringing the stocks to their presenl location and conditi.on. Items held lor distribution at no or nominal consideration a￿ measured the lower of replacement cost and cosL Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and dislribulion. 1.12 Cash and cash equivalents Cash and cash equivalents include cash in hand. deposits held at call with bank5, Other short-terrn liquid investments with original maturities of Ihree monlhs or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.13 Financtal instruments The charity has elected to apply the provisions of secb.on 11 'Basic Financial Instruments. and Section 12 'Other Financial Instruments Issues, of FRS 102 to all of its financial instnjments. Financial instruments are recognised in the charitys balance sheet when the charity becomes party to Ihe contractual provisions of the instrument. Financial assets and liabilities are offsel, wtlh the net amounts presented in the finanaal statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets. which include debtors and cash and bank balan￿$, are initially measured at transaction price includin9 transaction cost5 and are subsequenly carried at amortised cost using the effective interest method unless the arrangement conslitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounte(l at a market rate of int&rest. Financial assets classified as receivable within one year are not amortised. 17- WEALD AND DOWNLAND OPEN AIR MUSEUM LIMITED CONSOLIDATED FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies (Continued) Other )7nan¢ial assets Other financial assets, including investments in equity instruments which are not subsidiaries. associates or joint ventures. are inittally measured at fair value, which is nomially the transaction price. Such assets are subs8quendy carried at fair value and the changes in fair value are recognised in net incomel(expenditure}, eX￿pt that investments in equity instruments th81 are nol publidy traded and whose fair values tsnnot be measured reliably are measured at cost less impairment Impairn7ent ol financial assets Financial assets. other than those held at fair value through income and expendrf(ure. are assessed for indicators of impairment at each reporting date. Financial assets are impaired where there is objective evidence Ihat, as a result of one or more events that occurred after the init¢al recognition of the finanaal asset, the eslimated future cash flows have been affected. If an asset is impaired, the impairmenl toss is Ihe diffe￿nce between the ￿ryIng amount and the present value of the estimated cash flows discounted at the asset's origin21 effeclive interest rate. The impairment loss is reGognised in net incornel(expenditure) for the year. If there is a decrease in the impaimient loss arising from an event occurring after the impairment was recognised. the impaim)ent is reversed. The reversal is such that the current carrying amount does not exceed what the carying amount would have been. had the impainTtent not previously been recognisèd. The irnpaimient reversal is recognised in net incomel(expenditure) for the yèar. Derecognition of financial assets Financial assets are derecognised only when the contractual rights to the cash flows from Ihe asset expire or are settted, or when the charity translers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the assel has transferred to another party that is able to sell the asset in its entirety to an unrelated third party. Basic financial liabilities Basic financial liabilities. including creditors and bank loans are initially recognised at transaction pri￿ unless the arrangement constitutes a financing Iransactron. where the debt instrument is measured at the present value of the future payments discounted al a markel rate of interest. Financial liabilities classified as payable wilhin one year are not 8mortised. Debt instrumenls are subsequently carrted at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been aquired in the ordinary course of operations from suppliers. Amounts payable are classthed as Cu￿ent liabilities rf payment is due within one year or less. 11 not, they are presented as non-current liabilits'es. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Other financial liabilities Derivalives, including interest rate swaps and foThvard foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in or in finance costs or finance income as appropriate. untess hedge accounting is applied and the hedge is a cash fiow hedge. Derecognition of financial liabilities Financial liabilitiès are derecognised when the charity's contractual obligations expire or are discharged or cancelled. 18- WEALD AND DOWNLAND OPEN AIR MUSEUM LIMITED CONSOLIDATED FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies (Continued) 1.14 Provisions Provisions are recognised when the ¢harFty has a legal or constwctive present obligation as a result of a past evenl. it is probable that the charity will be required to settle that obligalion and a reliable estimate can be made of the amount of the obligation. The arllount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, tsking into account the risks and uncertainties surrounding Ihe obligation_ Where the effect of the time value of money is material, the amount expecled to be required to settle thè obligation is recognised at present value_ When a provision is measured at present valu&, the unwinding of the discount is recognised as a finance cost in net incomel(expenditure) in the period in which it arises. 1.15 Employoe benefits The cost of any unused holiday ents"tlement is recognised in the period in whfrch the employee's setvices are received. Terminalion benefits are recognised immediatety as an expense when the charity is demonstrably committed to tem)inate the employment of an employee or to provide tenxination benefits. 1.16 Retirement benefits Payments to defined contribulion retirement benefft schemes are charged as an expense as they fall due. 1.17 Irrecoverable VAT Irrecoverable VAT is written off to the Stslement Of Financial Activites in the year it arises. unless it relates to a fixed asset in which case it is added to the cost of the asset. 1.18 Consolidation These accounts have consolidated the results and balance sheet of the trading Subsidiary, Singleton Museum Services Limited, on a line by line basis. The charitabte CoMpan￿S own income and expenditure account is omitted as the exemption under S408 of the Companies Act" 2006 has been relied on. The deficit for the chartty for the year is £434.533 (2022 - dèficit of £114.816}. Crftical accountlng estimates and judgements In the application of the charity's accounting policies, the trustees are required to make judgements, estimales and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and undedwng assumptions a￿ reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of Ihe revision and future periods where the revision affects both current and future periods. 19- WEALDAND DOWNLAND OPEN AIR MUSEUM LIMITED CONSOLIDATED FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Donations and legacies Unrestricted Restricted funds fund5 Total Unrestricted funds Restricted fijnds Totsl 2023 2023 2023 2022 2022 2022 Donations and gifts Legacies receivable Grants receivable for core activit'es Members, subscriptions 481.454 226,805 9.704 491,158 226,805 561.658 462,050 33.003 5.000 594,661 467,050 86.000 86,884 268. 500 217,931 105,000 105,500 217.931 268,964 978,107 95,704 1.073.811 1.242,139 143.003 1,385,142 Included in donations and gtfts is £338,086 (2022 - £428.506) relating to museum entrance fees received under gift aid. Grants receivable for Core activities Garfield Weston Pilgrim Trust Department for Culture, Media and Sport Wolfson Foundation Others 50.000 30,000 50,000 30,000 25,000 25,000 86.000 86.000 500 500 86.000 86,884 500 105,000 105,500 Charitable activities Charitsble activitie5 Charitable activitles 2023 2022 Museum admission fees Education {s¢h¢)ols) Courses Special events 738,620 60,873 215,030 43.300 579,322 42,069 185,830 79,105 1.057,823 886.326 Total Museum admission fees are £1.076,706 (2022 - £1,007,828) of which £338,086 (2022 - £428,506) are included in donations and gifts. -20- WEALD AND DOWNLAND OPEN AIR MUSEUM LIMITED CONSOLIDATED FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Income from other trading activities Unrestricted Unrestricted funds funds 2023 2022 Venue hire Shop, cafe and catering income Miscellaneous income 217,021 1.105,581 458 332,849 963,440 51 Other trading activities 1,323.060 1,296,340 Income from investments Unrestricted Unrestricted funds funds 2023 2022 Interest receivable 14.329 4.705 Other income Unrestricted unrestn.cted funds tunds 2023 2022 Net gain on disposal of tangible fixed assets Rent received 132 22,000 22.000 22,132 22,000 21 WEALD AND DOWNLAND OPEN AIR MUSEUM LIMITED CONSOLIDATED FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Expenditure on raising funds Unrestricted Unrestricted funds funds 2023 2022 Costs of generating donations and legacies Membership expenses Fundraising expenditure 72 3,651 843 3.723 Tradrng costs Operating trading company undertaking non-charitsble trading activity Other trading activities - Venue hire Staff costs Depreciation and impairment Deferred Tax 507,229 100,051 447,250 12.629 24,783 450,274 83,548 373,633 5,037 1.091,942 912,492 Totsl costs 1.092.785 916,215 WEALD AND DOWNLAND OPEN AIR MUSEUM LIMITED CONSOLIDATED FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Expenditure on Charitable activities Costs of ¢harttable activities Costs of charitable activities 2022 2023 Direct costs Staff costs Depreciation and imp3imient Premises costs Rèpairs, maintenance and site development Collections management and conservation Courses and education Publicity Spécial events offi￿ and administation Travel and volunteers Legal and professional Other costs 835,898 259,277 187,315 832.379 243,846 205,190 li 208.966 7,092 184,224 80,064 74,118 61.591 17,755 72,755 227,176 158,318 7,348 149,869 87,420 61,237 58,751 24,880 45,224 176,397 2,216,231 2.050.859 Grant funding of activities (see note 10) 303.000 503,000 Share of support and governance costs (see note 11} Support Governance 269.779 10,446 201.094 9,984 2,799,456 2,764,937 Analysis by fund Unrestricted funds Restnded fijnds 2,584,484 214,972 2,553,436 211,501 2.799.456 2,764.937 10 Grants payable Costs of charitable activities Costs of charitsble activities 2023 2023 Grants to institutions (2 grants}= Grant to Endowment Trust Leeds University 300,000 3,000 500,000 3,000 303,000 503,000 -23- WEALD AND DOWNLAND OPEN AIR MUSEUM LIMITED CONSOLIDATED FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 10 Grants payable (Continued) Legacies which are left to the Weald & Downland Open Air Museum, are, at the discretion of the trustees of the Museum. transferred by grant to the Endowment Trust for investment. Other unrestricted donations may, at the discretion of the Museum's trustees, be transferred to the Endowment Trust and invested in 8 separate fund for designated developmenl projects. This development fijnd, plus all interest re￿ived, wll be made available to the Museum on an unrestricted basis, and on reasonable request by the trustees of the Museum, for the Museum's use towards project activty. The grant paid to Leeds University was a ￿Search grant t¢)wards the Dialect and Heritage Project. 11 Support costs allocat￿ to activities 2023 2022 Staff costs Depreciation Othér costs Govemance costs 209,133 4.372 56.274 10,446 139.562 5.266 56,266 9,984 280.225 211,078 Analysed between: Costs of charitable aclivities 280,225 211,078 2023 2022 Goveman¢e costs comprise: Audil fees 10,446 9,984 10.446 9.984 Govemance costs includes payments to the audrtors of £5.223 {2022 £4,992} for audit fees and £5,223 {2022 - £4,992) for other services. There are also payments to the auditors of £3,600 (2022 - £3,150) for audit fees and other Ser￿￿S for the subsidiary company which are included in Trading costs. 12 Trustees None of the trustees (or any persons connected wtth them) recetved any remuneration or reimbursed expenses from Ihe 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 2023 13 Employees The average monthly number of employees during the year was- 2023 Number 2022 Number Museum buildings and operations Administration Museum shop and cafe 36 32 11 Total 52 49 Employment costs 2023 2022 Wages and salartes Soual security cost5 Other pension costs 1.374,239 98,500 19,542 1,237,171 90,644 17,759 1,492.281 1,345,574 Included above are redundancy costs of £0 {2022 - £20,000). The number of full time equivalent staff is 39 (2022 - 40). The number of employees whose annual remuneration was MO￿ than £60,O¢X) is as follows= 2023 Number 2022 Number £70,000 - £80,000 £80,000- £90,000 Contributions totalling £1.321 (2022: £1,321) were made to defifjed contribution pension schemes on behalf of employees whose emoluments ex￿ed £60,000. Remuneration of key management personnel The remuneration of key management personnel is as follow5. 2023 2022 Aggregate compensation 253.101 298,693 14 Taxation The charity is exempt from taxation on its act¢vities because all its income is applied for charitsble purposes. -25- WEALD AND DOWNLAND OPEN AIR MUSEUM LIMITED CONSOLIDATED FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 15 Transfers The transfer betNeen funds from unrestrtcted to restricted funds of £3.000 is due to an unrestrlcted fvnd grant paid last year incorrectly allocated against restricted funds. 16 Intangible fixed assets Promotional Film and Website Development Costs Cost Al 1 January 2023 and 31 De￿rnber 2023 39,054 Amortisation and impairment Al 1 January 2023 Amortisation charged for the year 26,036 13.018 At 31 December 2023 39.054 Carytng amount At 31 December 2023 At 31 De￿mber 2022 13,018 -26- o 0> rkl J ozc ¢D O ¢Q ¢X> ) rNJ ¥ 4%0(D CD Ln OOCX At 31 December 2023 3,919,352 Heritage assets consist of Museum Exhibits. the Gridshell building and the Collections of tools and artifa¢ts from rural life. The Museum Exhibtts are a collection of neady 50 historic buildings dating from the 13th to the 20th century. Rescued from destruclion, the buildings have been carefully dismantled. conserved and rebuilt to their original form and bring to life the homes. farnsteads and rural industries of the last 500 years. Many ol the interiors have been fumished, recreating the way the buildings were used by their owners centuries ago. They include historical cottages. houses, shops, halls. bams, sheds. stable, sthool, granary, workshops, tudor kf(chen, treadwheel. watemiill and a timber crane. The Downland Gridshell, completed in 2002, is 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 carpentry skill went into its fabri¢ation. emulating but not imilating the tradttional framed buildings al the Museum. It is used for storing the Museum's collections of tools and artefacts from rural life and also provides a workshop where histori timber framed buildings can be laid out for conservation and repair. At 31 De￿mber 2023 Museum Exhibits were included at cost of £3,412,546. The Gridshell building was includ6d at cost of £2,092,073 making a total CA)St of £5,504,619. The Museum Exhibits depreciation to 31 December 2023 is £938.817 and the Gridshell building depreciation is £646.452. making total depreciation of £1,585,269. The collections of tools and artefacls have been, in the majority. donated to the Museum. Whilst the collection of over 10,000 items is fully catslogued. no values have been attn'buled, as it would be un&conomic and impractical to do so. During the past five years there have been addrtions of heritage assets of £415.73812019 - £26,181. 2020 - £5.100. 2021 - £0. 2022 - £91,731. 2023 - £292.726}. No assets have been disposed of during the past fve years. In 2023 there has been a Iransfer from leasehold properties lo heritage assets due to the reallocation of the unrestricted museum exhibits that were previously induded in exhibits and landscaping within leasehold properties. -28- WEALD AND DOWNLAND OPEN AIR MUSEUM LIMITED CONSOLIDATED FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 19 Stocks 2023 Consolldated 2023 2022 Charity Consolrdated 2022 Charity Hatvest Animals Shop and cafe slock 1,161 10,640 75.533 1,161 10,640 1,841 9,090 66.534 1,841 9,090 87.334 11,801 77.465 10,931 20 Debtors 2023 Consolidated 2023 2022 Charity Consolidated 2022 Charity Amounts falling due within one year- Trade debtors Amounts due from subsidiary urKJertakings Other debtors Prepayments and accrued income 88,279 86,921 68,827 218,149 53.528 83,217 81,064 108,810 672.073 44.151 219,477 56.408 672,074 44.151 364,164 427,425 799,442 906,098 21 Creditors: amounts falling due within one year 2023 Consolidated 2023 2022 ChaTity Consolidated 2022 Charity Other taxation and soGial security Trade credttors Other creditors Accruals and defetTed income 41.878 163,260 28,520 272,364 41,278 136,918 28.520 263,287 31,107 182,370 29,467 167.698 31.107 147,757 29,467 157,979 506,022 470,003 410,642 366,310 22 Provisions for liabilities 2023 2022 Deferred Tax liability re at￿lerated capital allOwa￿eS in the trading subsidiary 24,783 -29- WEALD AND DOWNLAND OPEN AIR MUSEUM LIMITED CONSOLIDATED FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 23 Retirement benefrt schemes Defined contribution schemes The company operates a defined contrtbution retirement benefit scheme for all qualifying employees. The assets of the scheme are held separately from those of the company. The company contributes a specified percentage of payroll costs to the retirement benefft scheme to fund the beneffts. The only obligation of the Company with respect to the scheme is to make the specified contributions. The charge to profft and loss in respect of defined contribution schemes was £19,542 (2022 - £17,759). Included in creditors is £4,390 (2022 - £4.9831 relating to pension scheme liabilitses. 24 Restricted funds The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used. At 1 January 2023 Incoming sources Resources expended Transfers At31 December 2023 Museum Exhibits Longport and Extension Leasehold Properties Gridshell Rural Teaching Facility Gateway Project Stage 2 Bottom Road Improvements Building Crafts Gallery Workshop {Iggleden) Eff P refurbishment Other Herttage Lottery Fund Heritsge Endowrnents Fund Design and installation of dedicated 1 Gbps conneclion 2.148,967 211,407 115,003 1.477.047 15.088 5.640,190 87,600 130.573 114.720 18,199 26,093 95.479 {45.769) (4,498) (2.449) (31.427) (321) {120,004) (1.864) (2,778) {2,441} (387) (2.510) 2,198,677 206,909 112.554 1,445,620 14,767 5,520,186 85,736 127,795 112,279 17,812 26,808 225 3.000 3,756 3,756 24.609 1524} 24,085 10.013,252 95.704 (214.972) 3,000 9,896,984 WEALD AND DOWNLAND OPEN AIR MUSEUM LIMITED CONSOLIDATED FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 24 Restricted funds (Continued) Previous year: At 1 January 2022 Incoming resources Resources expended Transfers At31 December 2022 Museum Exhibils Longport and Extension Leasehold Properties Gridshell Rural Teaching Facility Gateway Project Stage 2 Bottom Road Improvements Building Crafts Gallery Workshop {Iggleden) KTP refurbishment Other Herttage Lottery Fund Herilage Endowments Fund Design and installation of dedicated 1 Gbps connection 2,071,375 215.905 117,449 1.508,474 15,409 5,760.194 89.464 133,351 117.161 18.586 30.626 107.753 {41,640) (4.498) (2,446) (31,427) (321) (120,004) (1,864) (2,778) (2.441) (387) (3.304) 11,479 2,148.967 211,407 115,003 1,477.047 15,088 5,640,190 87,600 130,573 114,720 18,199 26,093 10,250 (11,479) 3,756 3.756 25,01)O 1391) 24,609 10,081,750 143.003 {211,501) 10,013,252 The transfer from Other restricted funds to Museum exhibits restrided fund of £11,479 in the comparative year is due to fundraising for the Soth AnnNersary which has been spent on the fitchfield Market project. 25 Analysis of net assets between funds Unrestrrcted Restricted funds funds 2023 2023 Total Unrestricted funds 2022 Restricted funds 2022 Total 2023 2022 Fund balances at 31 December 2023 are represented by.. Intangible fixed assets Tangible assets Heritsge assets Current assets/{liabilities) Provisions 13,018 509,601 13.018 6,866,993 3,534,732 1,162,195 575,202 6,222,127 6,797.329 229,642 3.689,710 3,919,352 498,807 (14,853) 483.954 (24,783) (24.783) 6,357,392 3,534,732 121,128 1.041.067 1,278.868 9.896.984 11.175.852 1,563,686 10,013,252 11,576,938 31 WEALD AND DOWNLAND OPEN AIR MUSEUM LIMITED CONSOLIDATED FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 26 Capital commitments 2023 2022 Amounts contracted for but not provided in the financial statements: 2023 2022 A¢quisition of property, plant and equipment 102,405 134,012 In addilion to the above capital commibnent there is also a repair expenditure commitment of £5,478 (2022 - £20,813) at the balance sheet date. 27 Operating lease commitments At the reporting end date the chartty had outstanding commitments for fijture minimum lease payments under non-ozncellable operating leases of £115,210 {2022 - £126,265)- This excludes the propety leases that have expired and the fomal commitment has not yet been enacted. The total payments made in the year relating to operating leases, including property leases, is £27,855 {2022 - £27,355). 28 Related party transactions Transactions with related parties Durtng the year the charity entered into the following transactions with related parties: Weald and Downland Open ￿r Mtjseum Limited charged Singleton Museum SerVi￿s Limited a management charge of £17.120 {2022 - £8,500} and rent of £9,53612022 - £9.080). There was also gift aid receivable from them of £54,193 (2022 - £89.107). Purchases were made from Singleton Museum Services Limited of £8,173 (2022 - £5,423). This company is a 100Yo subsidiary of Weald and Downland Open Air Museum Limited. At the balan￿ sheet date, the amount owed by Singleton Museum Services Limited was £68.827 {2022 - £108,810). -32- WEALD AND DOWNLAND OPEN AIR MUSEUM LIMITED CONSOLIDATED FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 29 Subsidiaries These financial statements are consolidated financial ststements for Weald and Downland Open Air Museum Limited Group. Details of the charity's subsidiaries at 31 December 2023 are as follows: Name of undertaking Registered office Nature of bustness Class of shares held /• Held Direct Indlrect Singleton Museum Services England Limited- Company no. 01437695 Museum shop and cafe Ordinary 100.00 The aggregate capilal and reserves and the result for the year of subsidiaries was as follows". Name of undertaking ProfiU{Loss) Capital and Reserves Singleton Museum Servtces Limited- Company no. 01437695 87,640 141,421 Al 31 De￿rnber 2023. Singleton Museum SeNices ￿m[ted'S assets tolal £271.050, ils liabilities £104,846, provisions £24,783 and its total fvnds £141.421. For the year, its total income is £1,106,187, expenditure £993,764 and profit before tax £112.423. This company is included in Ihese consolidated accounts at cost and the share capital held by the parent of £50,500 is inciuded in Investments for the individual Charity. It has the same reglstered Offi￿ as the parent. 30 Cash generated from operations 2023 2022 Deficit for the year (401,086) {86,639) Adjustments for: Investment income recognised in statement of financial activities Gain on disposal of langible fixed assets Amortisation and impaimient of intangible assets Depreciation and impairment of tsngible fixed assets (14,329) (132) 13,018 263,260 (4.705) 13,018 241.131 Movements in working capilal". (Increase) in stocks Decreasel(increase) in debtors Increase in credilors Increase in provisions 19.8691 435.278 95,380 24,783 {19,611) (65,249) 92.755 Cash generated from operations 406,303 170,700 31 Analysis of changes in net funds The charity had no material debt during Ihe year. -33- WEALDAND DOWNLAND OPEN AIR MUSEUM LIMITED CONSOLIDATED FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 32 Auditors. Ethical Standards The relevant orcumstances requiring discjosure in accordance wth the requirements of FRC Ethical Standard 2024- Provisions Available forAudtts of Small Entities are that, in ¢ommon wth many charTties of our size and nature we use our auditors to assist with Ihe preparation of the accounts.