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REGISTERED CHARITY NUMBER: 312142
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 31 March 2024
for
The Hertford Museum Charity
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The Hertford Museum Charity
Contents of the Financial Statements for the Year Ended 31 March 2024
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|Page|
|Report of the Trustees|1|to|5|
|Independent Examiner's|Report|6|
|Statement|of Financial|Activities|7|
|Balance|Sheet|8|
|Notes|to|the|Financial|Statements|9|to|19|
|Detailed|Statement|of Financial|Activities|20|to|21|
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The Hertford Museum Charity
Report of the Trustees
for the Year Ended 31 March 2024
The trustees present their report with the financial statements of the charity for the year ended 31 March 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
Hertford Museum is a registered charity, registration number 312142. It was formed by a deed of gift on 25 September 1915. The Trust is managed by a Board of Trustees and organised in accordance with its Trust Deed dated 30 January 1990 as amended by the schedule of 13 January 2003.
The running of the Museum is delegated to the Curator, Sara Taylor, who operates within guidelines set down by the Trustees, Powers are also delegated to a Finance and Investment Panel of Trustees to manage the accounting run by the Finance and Administration Manager and investments through financial advisers in accordance with an agreed investment policy.
The financial statements have been prepared in accordance with the Trust Deed and relevant statutory requirements. The net assets of the Museum are available and adequate to fulfil its obligations,
The Museum Property and land are vested in Hertford Town Council, which holds them in Trust for the Charity.
The Trustees are aware of the requirements under Charities SORP (FRS 102) to identify and mitigate risks faced by the organisation and are adopting appropriate policies to reduce exposure to those risks.
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Page 1
The Hertford Museum Charity
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Report of the Trustees
for the Year Ended 31 March 2024
OBJECTIVES AND ACTIVITIES
Objectives and aims
Hertford Museum is committed to ensuring the heritage of East Hertfordshire is preserved, interpreted and enjoyed and that we continue to deliver a range of engaging programmes that are valued by our community.
With this in mind, the Trustees of Hertford Museum reviews its Aims and Objectives on a regular basis.
- To preserve, interpret and display the heritage of Hertford and surrounding villages:
o Maintain the quality of collections and seek to improve storage and conservation arrangements o Present a minimum of four exhibitions per annum
o Seek funding to enhance acquisitions and collections
o Develop relationships with surrounding parishes
o Prioritise active collecting of material that reflects increasing diversity and social change within our collecting area.
- To provide a quality service that engages with a full cross-section of the local and wider community
o Deliver a learning programme that responds to the needs of different ages and learning styles
o Engage with under-represented and diverse audiences
o Consult with our stakeholders and make effective use of social media and marketing tools available to us in order to reach across the community
o Find new ways to engage volunteer support
o Respond to the changing needs of our community by diversifying how we deliver our services
- To be fully involved in the on-going development of Hertford, its growth as a cultural centre, and of the wider Museum collecting area
o Work with external partners to deliver community events that promote Hertford's cultural life o Seek ways to ensure the Museum benefits from Town Centre development
o Attend local meetings that promote Hertford's cultural life
- To ensure governance is of the highest standard and reflects the interests of all stakeholders
o Identify and recruit trustees according to the future needs of the board
o Establish clear policies and documentation that support effective management
o Maintain Arts Council accredited status
5. To work towards greater financial sustainability
o Implement our fundraising strategy and continue to seek out opportunities for income gencration o Demonstrate value for money to all stakeholders
o Manage property and maintenance issues in a planned and pro-active way
Public benefit
Hertford Museum aims to collect, preserve and interpret evidence of the history of the county town and surrounding parishes in the District of East Hertfordshire for the interest, enjoyment and understanding of the local community and other visitors.
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The Hertford Museum Charity
Report of the Trustees
for the Year Ended 31 March 2024
ACHIEVEMENT AND PERFORMANCE
Charitable activities This has been a financially challenging year for the museum given that the previous year ended with a significant deficit. This, combined with a vacancy in the learning officer post for three months, made planning of programmes difficult.
Despite this the museum continued to deliver core programmes such as temporary exhibitions, events and services for schools. Exhibition highlights included the Sunshine on Sele exhibition, working with residents old and new of the Sele Farm housing estate, A is for Armadillo, showcasing natural history collections as well as beautiful objects depicting animals, and John Godden: The WayI See It, which included LGBTQ+ works by the late artist which had never before been displayed.
Our events programme was impacted by a drop in volunteer hours, meaning a reduction in hours of schoo! holiday family crafts, and with staffing issues, the first two thirds of the year reflected restricted event delivery. However, once full staffing was achieved, we rounded off the year with a full complement of varied events, including collage workshops for adults, local history walks and talks and a much anticipated (and capacity attended) live music event in conjunction with the Rochester Social Club.
Projects this year have included a fundraising poetry and flash fiction book, supported by Cariad Marketing, and a celebration of Town Twinning, working with the Friends of Evron and the Friends of Wildeshausen. Our largest project this year was the fruition of the Hertfordshire Regiment website - www.hertfordshireregimentmuseum.org. This project has taken several years to complete, raising funds for the website design and ongoing maintenance, and creating content. The website charts the history of the Regiment and contains individual soldiers’ stories as well as collection highlights. In July 2023, the Herts branch of the Royal British Legion supported us in a fundraising event, which also generated additional publicity and awareness. The website launched in Remembrance week 2023.
FINANCIAL REVIEW
Financial position
As noted in the financial review last year, the museum continues to move out of the effect of the pandemic, but without the support grants it received during that period. This has resulted in quite slow income growth, and a more difficult and expensive operating environment. Running alongside this, local businesses have struggled to return to profitability, and this has had a knock-on effect on their willingness to contribute funds to the museum.
This was anticipated at the outset of the year, and a small deficit was budgeted. The outturn of both income and costs were reasonably in line with budget, albeit the operating deficit was mitigated by a small gain on investments.
Looking forward, the museum has undertaken a 3-year review, aimed at increasing awareness and participation, and that should attract additional income. In addition, the museum has received increased funding from Hertford Town Council and is budgeting in its year ending 31st March 2025 to eliminate its deficit.
At the start of the reporting period the amount of funds in the museum's bank accounts totalled £130,433.
During the year the museum received total income of £233,934 (2023 - £229,415).
The museum received grants from Hertford Town Council totalling £149,807 (2023 - £142,673) and other grants totalling £2,867 (2023 - £13,575). Additionally, the museum received income for museum and shop sales totalling £28,378 (2023 - £26,889), income from donations totalling £22,258 (2023 - £16,733), income from investments totalling £21,453 (2023 - £17,406), income from school work and activities totalling £8,661 (2023 - £11,786) and income from room rental totalling £510 (2023 - £353).
During the period, the museum expenditure totalled £249,743 (2023 - £245,843). The largest outlays were for wages costs of £138,442 (2023 - £133,790), repairs of £24,596 (2023 - £24,830), rates and water of £24,549 (2023 - £28,531), rental costs of £11,355 (2023 - £11,103) and shop costs of £8,322 (2023 - £7,113).
At the end of the accounting period, the amount of funds in the museum's bank accounts totalled £73,029.
Page 3
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The Hertford Museum Charity
Report of the Trustees for the Year Ended 31 March 2024
FINANCIAL REVIEW
Reserves policy
At the year end the charity has unrestricted freely available current reserves of £41,778 (2023 - £78,396) which excludes fixed assets of £1,156,344 (2023 - £1,157,403) and a share portfolio of £427,346 (2023 - 395,431). Given the charity's current levels of expenditure this would allow for approximately two months (2023 - four months) of trading without further freely available reserves becoming available.
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
Recruitment and appointment of new trustees Two trustees are nominated by Hertford Town Council and one trustee is nominated by each of East Herts District Council and Hertfordshire County Council. Other trustees are co-opted.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number 312142
Principal address
18 Bull Plain
HERTFORD $G14 1DT
Trustees
C Pease (Chair from 15.2.24) C Seward (Chair to 15.2.24) J Perry (Vice Chair from 15.2.24) C Geall S Hackshall (resigned 18.4.24) P Crane S Bell (resigned 1.5.23)
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G Sexton (resigned 18.4.24)
C St Quentin Gittings
P Wisbey J Sartin
M Elder
D Chichester-Miles J Playfair M Connolly (appointed 20.7.23) A Woodward (appointed 23.7.24) A Daar (appointed 23.7.24)
Independent Examiner Adam Burt ACA FCCA HSA & Co Chartered Accountants Lewis House Great Chesterford Court Great Chesterford Essex CB10 1PF
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The Hertford Museum Charity
Report of the Trustees
for the Year Ended 31 March 2024
TRUSTEES' RESPONSIBILITY STATEMENT
The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charity SORP;
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make judgements and estimates that are reasonable and prudent;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. 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 irregularities. Approved by order of the board of trustees on so Dafeelef 2b and signed on its behalf by:
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C Pease - Trustee
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Independent Examiner's Report to the Trustees of The Hertford Museum Charity
Independent examiner's report to the trustees of The Hertford Museum Charity
I report to the charity trustees on my examination of the accounts of The Hertford Museum Charity (the Trust) for the year ended 31 March 2024.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’),
I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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1; accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or 2 the accounts do not accord with those records; or
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3: the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
T have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Adam Burt ACA FCCA
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ICAEW and ACCA HSA & Co Chartered Accountants Lewis House Great Chesterford Court Great Chesterford Essex CB10 1PF Date:CL ae
Page 6
The Hertford Museum Charity
Statement of Financial Activities for the Year Ended 31 March 2024
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|---|---|---|---|---|---|---|---|
|2024|2023|
|Unrestricted|Restricted|Total|Total|
|fund|funds|funds|funds|
|Notes|£|£|£,|£|
|INCOME AND|ENDOWMENTS|FROM|
|Donations|and|legacies|3|171,348|3,584|174,932|172,981|
|Charitable|activities|
|General|37,039|-|37,039|38,675|
|Investment income|4|21,453|-|21,453|17,406|
|Other|income|510|-|$10|353|
|Total|230,350|3,584|233,934|229,415|
|EXPENDITURE ON|
|Raising|funds|
|Investment management|costs|5|3,077|-|3,077|3,045|
|3,077|-|3,077|3,045|
|Charitable|activities|
|General|239,341|7,325|246,666|222,421|
|Other|-|-|-|20,377|
|Total|242,418|7,325|249,743|245,843|
|Net gains/(losses)|on|investments|6,306|:|6,306|(29,895)|
|NET INCOME/(EXPENDITURE)|(5,762)|(3,741)|(9,503)|(46,323)|
|RECONCILIATION OF FUNDS|
|Total|funds|brought|forward|1,631,230|26,550|1,657,780|1,704,103|
|TOTAL FUNDS CARRIED FORWARD|1,625,468|22,809|1,648,277|1,657,780|
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The notes form part of these financial statements
Page 7
The Hertford Museum Charity
Balance Sheet 31 March 2024
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|---|---|---|---|---|---|---|---|---|---|
|2024|2023|
|Unrestricted|Restricted|Total|Total|
|fund|funds|funds|funds|
|Notes|£|£|£|£|
|FIXED ASSETS|
|Tangible|assets|9|1,156,344|-|1,156,344|1,157,403|
|Investments|10|427,346|-|427,346|395,431|
|1,583,690|-|1,583,690|1,552,834|
|CURRENT ASSETS|
|Debtors|11|10,053|-|10,053|1,263|
|Cash|at bank and in hand|50,220|22,809|73,029|130,433|
|60,273|22,809|83,082|131,696|
|CREDITORS|
|Amounts|falling|due|within|one year|12|(18,495)|-|(18,495)|(26,750)|
|NET CURRENT ASSETS|41,778|22,809|64,587|104,946|
|TOTAL ASSETS|LESS|CURRENT|
|LIABILITIES|1,625,468|22,809|1,648,277|1,657,780|
|NET ASSETS|1,625,468|22,809|1,648,277|1,657,780|
|FUNDS|14|
|Unrestricted|funds|1,625,468|1,631,230|
|Restricted funds|22,809|26,550|
|TOTAL FUNDS|1,648,277|1,657,780|
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Theff_fingncial, PEstatementsvoces andwere were signedapproved on itsby behalfthe by:Board of Trustees and authorised for issue on
C Pease - Trustee
The notes form part of these financial statements
Page 8
The Hertford Museum Charity
Notes to the Financial Statements for the Year Ended 31 March 2024
- PRESENTATION CURRENCY
The presentation currency of the financial statements is the Pound Sterling (£).
- ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) ‘Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)’, Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ and the Charitics Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Donations, legacies and other forms of unrestricted income are recognised as incoming resources when receivable, such as exhibits and collections donated to the trust. Grants are accounted for in full on a receivable basis. Income tax recoverable in relation to donations received under gift aid or deeds of covenant is recognised at the time of the donation.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:
Fixtures and fittings - 5% on cost
No depreciation has been provided on freehold property as the charity's policy is to maintain its property to a high standard through a continual programme of refurbishment and maintenance. In the opinion of the trustees the residual value of the property is such that any depreciation charge would be immaterial.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Hire purchase and leasing commitments
Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.
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The Hertford Museum Charity
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
2. ACCOUNTING POLICIES- continued
Pension costs and other post-retirement benefits
The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
| 3. | DONATIONSANDLEGACIES | ||
|---|---|---|---|
| 2024 | 2023 | ||
| £ | £ | ||
| Donations Grants |
22,258 152,674 |
16,733 156,248 |
|
| 174,932 | 172,981 |
Grants received, included in the above, are as follows:
|
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| HertfordTown Council | 149,807 | 142,673 |
| HertfordRegimentMuseum | 2,467 | 4,757 |
| Hertfordshire Association ofMuseums | 400 | - |
| Community Toilet Scheme | - | 2,000 |
| Friends IT support | - | 6,218 |
| Preview Support | - | 500 |
| Jubilee Fund | - | 100 |
| 152,674 | 156,248 |
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continued...
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
The Hertford Museum Charity
4, INVESTMENT INCOME
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||||||
|---|---|---|---|---|
|2024|2023|
|£|£|
|Investment Income|20,286|17,021|
|Deposit|account|interest|1,167|385|
|21,453|17,406|
|5.|INVESTMENT MANAGEMENT|COSTS|
|2024|2023|
|E|£|
|Investment management|fees|3,077|3,045|
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- TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees’ remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023.
Trustees' expenses
There were no trustees’ expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023.
- STAFF COSTS
The average monthly number of employees during the year was 9 (2023 - 10).
No employees received emoluments in excess of £60,000 (2023 - no employees).
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|---|---|---|---|---|---|
|8.|COMPARATIVES FOR THE STATEMENT OF FINANCIAL|ACTIVITIES|
|Unrestricted|Restricted|Total|
|fund|funds|funds|
|£|£|=|
|INCOME AND|ENDOWMENTS|FROM|
|Donations|and|legacies|159,176|13,805|172,981|
|Charitable|activities|
|General|38,675|-|38,675|
|Investment|income|17,406|-|17,406|
|Other|income|353|-|353|
|Total|215,610|13,805|229,415|
|EXPENDITURE ON|
|Raising funds|
|Investment management|costs|3,045|>|3,045|
|3,045|-|3,045|
|Charitable|activities|
|General|210,840|11,581|222,421|
|Other|20,077|300|20,377|
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continued...
Page 11
The Hertford Museum Charity
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
| 8. | COMPARATIVES FORTHESTATEMENT OFFINANCIAL ACTIVITIES | COMPARATIVES FORTHESTATEMENT OFFINANCIAL ACTIVITIES | - continued | |
|---|---|---|---|---|
| Unrestricted | Restricted | Total | ||
| fund | funds | funds | ||
| a | ee | ee | ||
| Total | 233,962 | 11,881 | 245,843 | |
| Net gains/(losses) on investments | (29,895) | - | (29,895) | |
| NETINCOME/(EXPENDITURE) | (48,247) | 1,924 | (46,323) | |
| Transfersbetween funds | (6,393) | 6,393 | - | |
| Netmovement in funds | (54,640) | 8,317 | (46,323) | |
| RECONCILIATION OFFUNDS | ||||
| Total fundsbroughtforward | 1,685,870 | 18,233 | 1,704,103 | |
| TOTALFUNDS CARRIEDFORWARD | 1,631,230 | 26,550 | 1,657,780 | |
| 9. | TANGIBLE FIXED ASSETS | |||
| Fixtures | ||||
| Freehold | and | |||
| property | fittings | Totals | ||
| £ | £ | £ | ||
| COST | ||||
| At 1 April2023 and 31 March2024 | 1,144,411 | 21,180 | 1,165,591 | |
| DEPRECIATION | ||||
| At 1 April 2023 | - | 8,188 | 8,188 | |
| Charge foryear | - | 1,059 | 1,059 | |
| At 31 March 2024 | - | 9,247 | 9,247 | |
| NET BOOKVALUE | ||||
| At31 March 2024 | 1,144,411 | 11,933 | 1,156,344 | |
| At31March2023 | 1,144,411 | 12,992 | 1,157,403 |
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The Hertford Museum Charity
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
- FIXED ASSET INVESTMENTS
|
| 10. | FIXED ASSET INVESTMENTSASSET INVESTMENTSINVESTMENTS | |||
|---|---|---|---|---|
| Listed | ||||
| investments | ||||
| £ | ||||
| MARKETVALUE | ||||
| At 1 April 2023 | 395,431 | |||
| Additions | 44,039 | |||
| Disposals Revaluations |
(19,427) 7,303 |
|||
| At 31 March 2024 | 427,346 | |||
| NETBOOKVALUE | ||||
| At 31 March 2024 | 427,346 | |||
| At 31 March 2023 | 395,431 | |||
| There were no investment assets outside the UK. | ||||
| Costorvaluation at 31 March 2024 is represented by: | ||||
| Listed | ||||
| investments | ||||
| £ | ||||
| Valuation in 2017 | 80,877 | |||
| Valuation in 2018 | (14,479) | |||
| Valuation in 2019 | . | 4,645 | ||
| Valuation in 2020 | (68,051) | |||
| Valuation in 2021 | 54,602 | |||
| Valuation in 2022 | 11,499 | |||
| Valuation in 2023 | (28,854) | |||
| Valuation in 2024 | 7,303 | |||
| Cost | 379,804 | |||
| 427,346 | ||||
| 11. | DEBTORS: AMOUNTS FALLING DUE WITHINONEYEAR | |||
| 2024 | 2023 | |||
| £ | £ | |||
| Trade debtors | 5,465 | 1,140 | ||
| Other debtors | 4,588 | - | ||
| Prepayments | - | 123 | ||
| 10,053 | 1,263 |
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The Hertford Museum Charity
Notes to the Financia] Statements - continued for the Year Ended 31 March 2024
12, CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
|
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|||||||
|---|---|---|---|---|---|
|2024|2023|
|£|ie|
|Trade|creditors|11,468|10,319|
|Taxation|and|social|security|2,319|1,746|
|Other|creditors|4,708|14,685|
|18,495|26,750|
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Other creditors include accruals of £4,708 (2023 - £14,614) and other creditors of £Nil (2023 - £71).
- LEASING AGREEMENTS
Minimum lease payments under non-cancellable operating leases fall due as follows:
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||||||||
|---|---|---|---|---|---|---|
|2024|2023|
|£|£|
|Within|onc|year|8,516|11,355|
|Between|one|and|five|years|-|8,516|
|8,516|19,871|
|14.|MOVEMENT|IN FUNDS|
|Net|
|movement|At|
|At|1/4/23|in|funds|31/3/24|
|£|£|£|
|Unrestricted|funds|.|
|General|fund|1,631,230|(5,762)|1,625,468|
|Restricted|funds|a|
|Ann|Kirby|Fund|931|(95)|836|
|Community|Toilet Scheme Income|2,404|(108)|2,296|
|Early|Years|Programme|252|(227)|25|
|FoHM-|proceeds|of the Lutyens Lecture|465|-|465|
|Free family|activity|places|389|(138)|251|
|Reminiscence|Project|901|-|901|
|Restricted|conservation|fund|418|619|1,037|
|Roller rack|project|9,042|-|9,042|
|The Orrey|Fund|558|-|558|
|Western Loan|Programme|1,166|(774)|392|
|Hertford|is my home|432|(298)|134|
|Friends|IT|Support Fund|4,335|(608)|3,727|
|Hertfordshire|Regiment Museum|Website|
|Fund|4,757|(2,418)|2,339|
|Preview|Support Fund|500|(94)|406|
|Hertfordshire|Association|of Museums|
|consultancy|fees|fund|-|400|400|
|26,550|(3,741)|22,809|
|TOTAL FUNDS|1,657,780|(9,503)|1,648,277|
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The Hertford Museum Charity
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
14. MOVEMENT IN FUNDS- continued
Net movement in funds, included in the above are as follows:
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|||||||||
|---|---|---|---|---|---|---|---|
|Incoming|Resources|Gains|and|Movement|
|resources|expended|losses|in|funds|
|£|£|£|£|
|Unrestricted|funds|
|General|fund|230,350|(242,418)|6,306|(5,762)|
|Restricted|funds|
|Ann|Kirby Fund|-|(95)|-|(95)|
|Community|Toilet|Scheme Income|-|(108)|-|(108)|
|Early|Years|Programme|-|(227)|-|(227)|
|FoHM-|proceeds|of the Lutyens|Lecture|98|(98)|-|-|
|Free|family|activity|places|-|(138)|-|(138)|
|Restricted|conservation|fund|619|-|-|619|
|Western|Loan|Programme|-|(774)|-|(774)|
|Hertford|is my home|-|(298)|-|(298)|
|Friends|IT Support|Fund|~|(608)|-|(608)|
|Hertfordshire|Regiment Museum|Website|
|Fund|2,467|(4,885)|-|(2,418)|
|Preview|Support|Fund|-|(94)|-|(94)|
|Hertfordshire|Association|of Museums|
|consultancy|fees|fund|400|-|-|400|
|3,584|(7,325)|-|(3,741)|
|TOTAL FUNDS|233,934|(249,743)|6,306|(9,503)|
----- End of picture text -----
Page 15
continued...
The Hertford Museum Charity
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
14. MOVEMENT IN FUNDS- continued
Comparatives for movement in funds
----- Start of picture text -----
|||||||||
|---|---|---|---|---|---|---|---|
|Net|Transfers|
|movement|between|At|
|At|1/4/22|in|funds|funds|31/3/23|
|£|£|£|£|
|Unrestricted|funds|
|General|fund|1,685,870|(48,247)|(6,393)|1,631,230|
|Restricted|funds|
|Ann|Kirby|Fund|1,224|(293)|-|931|
|Community|Toilet|Scheme|Income|704|1,700|-|2,404|
|Early|Years|Programme|252|-|-|252|
|FoHM-|proceeds|of the Lutyens Lecture|907|(442)|-|465|
|Free family|activity|places|341|48|-|389|
|Museums|Take|Over Day|811|(811)|-|-|
|Reminiscence|Project|901|-|-|901|
|Restricted|conservation|fund|1,099|(681)|-|418|
|Roller rack|project|5,009|(2,260)|6,293|9,042|
|The|Orrey|Fund|537|21|-|558|
|Freelance|Education|Officer|grant|132|(232)|100|-|
|Western|Loan|Programme|1,166|-|-|1,166|
|Hertford|is my|home|5,150|(4,718)|-|432|
|Friends|IT|Support Fund|-|4,335|-|4,335|
|Hertfordshire|Regiment Museum|Website|
|Fund|-|4,757|-|4,757|
|Preview|Support Fund|-|500|-|500|
|18,233|1,924|6,393|26,550|
|TOTAL FUNDS|1,704,103|(46,323)|-|1,657,780|
----- End of picture text -----
Page 16
continued...
z
The Hertford Museum Charity
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
14. MOVEMENT IN FUNDS- continued
Comparative net movement in funds, included in the above are as follows:
----- Start of picture text -----
|||||||||
|---|---|---|---|---|---|---|---|
|Incoming|Resources|Gains|and|Movement|
|resources|expended|losses|in|funds|
|£|=u|£|£|
|Unrestricted|funds|
|General|fund|215,610|(233,962)|(29,895)|(48,247)|
|Restricted|funds|
|Ann|Kirby|Fund|-|(293)|-|(293)|
|Community|Toilet Scheme Income|2,000|(300)|-|1,700|
|FoHM-|proceeds|of the Lutyens Lecture|-|(442)|-|(442)|
|Free|family|activity|places|90|(42)|-|48|
|Museums|Take|Over Day|-|(811)|-|(811)|
|Restricted|conservation|fund|119|(800)|-|(681)|
|Roller rack|project|-|(2,260)|-|(2,260)|
|The|Orrey|Fund|21|-|-|21|
|Freelance|Education|Officer|grant|-|(232)|-|(232)|
|Hertford|is my home|-|(4,718)|-|(4,718)|
|Jubilee Fund|100|(100)|-|-|
|Friends|IT Support Fund|6,218|(1,883)|-|4,335|
|Hertfordshire|Regiment Museum|Website|
|Fund|4,757|-|-|4,757|
|Preview|Support Fund|500|-|:|500|
|13,805|(11,881)|-|1,924|
|TOTAL FUNDS|229,415|(245,843)|(29,895)|(46,323)|
----- End of picture text -----
General fund
The General Fund consists of operating assets, liabilities, investments and fixed assets including the museum building which the trust operates.
Ann Kirby Fund
Donations made in memory of Ann Kirby for improvements to and maintenance of the Andrews Room. This has included the new projector and cupboards but will also help us replace activity toys etc as and when required.
Community Toilet Scheme Income
Funding from EHDC which means anyone is welcome to come in and use our toilet facilities. We use this fund for maintenance to the toilets and plumbing eg drain rodding. We can apply each year - we first engineered this in December 2019 - it was a scheme just for Ware and started in 2012 and we asked EHDC if we could join as people were using our facilities after the bus station toilets closed. We will reapply for another £1,000 this December. Drain rodding aside, it does give us an opportunity to build upa little pot to help if we require any major plumbing maintenance.
Early Years Programme
Funding specifically for activities for under Ss. We have used some to market toddler Tuesdays.
Page 17
continued...
| The Hertford Museum Charity
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
- MOVEMENT IN FUNDS- continued
FoHM- proceeds of the Lutyens Lecture Specifically for the support of museum events. This fund helps us to take some risks in our event provision and cover unbudgeted costs like replacing our PA speakers.
Free family activity places
Donations made to fund free family activity places for families on low incomes. Take up was low as people don't always feel comfortable presenting a benefits award letter so we began working in partnership with Hertford Food Bank. We give them vouchers to distribute and take the cost of the activity place off this fund when one is presented at the till.
Museums Take Over Day
Funding awarded some time ago for annual takeover day. We work with secondary school students who take over some aspect of the museum. This has included guided tours, delivering workshops to schools and reminiscence sessions with older people. We have used some of the money towards a new leaflet, informed by the marketing feedback from the students.
Picture This! Fund
Income and expenditure relating to the development on an online resource of the Museum's image catalogue,
Reminiscence Project
Funding from EHDC and Herts Association of Museums to deliver pay what you can reminiscence workshops to groups for whom our £95 fee would be a barrier. The difference between what the group can afford and £95 comes out of this pot if we book a workshop as income.
Restricted conservation fund
Money generated from the sale of donated books, to be specifically used for conserving the collection.
Roller rack project
Funds to cover the cost of installing roller racking in our archaeology stores.
The Orrey Fund
Funds generated to conserve a mechanical celestial globe and orrery made by Jeremiah Cleeve of Welwyn in around 1810. It was given to us by the Science Museum in 1933.
Freelance Education Officer grant
HCC locality budget grant towards the cost of a freelancer reviewing our learning provision in light of Covid. The total cost will be £1,050.
Online Shop HCC Grant
Post pandemic, a grant from Hertford County Council to develop an online shop on our website.
Signage Income
Income specifically to repair the Museum's sign hanging over the front door.
Western Loan Programme
Towards specific aspects of the Danad exhibition project, including transport, learning workshops - again we pay ourselves from this pot for these - installation costs etc.
Hertford is my Home
Exhibition Hertford is my home funded by the lottery heritage fund.
Jubilee Grant/Fund
A district council grant in 2022 for Queens Jubilee activities which was spent that year.
Friends IT Support Fund
Funding from the Friends of Hertford Museum to replace IT equipment as and when required.
Page 18
continued...
«
9
The Hertford Museum Charity
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
14. MOVEMENT IN FUNDS- continued
Hertfordshire Regiment Museum Website Fund
An ongoing restricted fund, initially to raise money to build the website, accruing and spending further funds for the ongoing hosting and maintenance of the website.
Preview Support
A donation made to support the costs of refreshments for exhibition previews.
Hertfordshire Association of Museums Small Grant
A small grant received from Hertfordshire Association of Museums to be used to pay consultancy fees.
- CHANGE IN ACCOUNTING ESTIMATE
During the period, the depreciation policy for fixtures and fittings was changed from 20% on cost to 5% on cost. This change in accounting estimate has resulted in a decrease to the charity's deficit of £3,177 and an increase in the charity's net assets of £3,177.
RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 March 2024, nor for the year ended 31 March 2023.
Page 19
&
The Hertford Museum Charity
Detailed Statement of Financial Activities for the Year Ended 31 March 2024
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| INCOMEAND ENDOWMENTS | ||
| Donationsand legacies | ||
| Donations | 22,258 | 16,733 |
| Grants | 152,674 | 156,248 |
| 174,932 | 172,981 | |
| Investment income | ||
| Investment Income | 20,286 | 17,021 |
| Deposit account interest | 1,167 | 385 |
| 21,453 | 17,406 | |
| Charitable activities | ||
| Museum sales | 5,218 | §,225 |
| Shop sales | 23,160 | 21,664 |
| School work | 7,183 | 10,384 |
| Super 100 Club | 1,132 | 1,402 |
| Children Activities | 346 | - |
| 37,039 | 38,675 | |
| Other income | ||
| Room rental | 510 | 353 |
| Total incoming resources | 233,934 | 229,415 |
| EXPENDITURE | ||
| Investmentmanagement costs | ||
| Investmentmanagement fees | 3,077 | 3,045 |
| Charitable activities | ||
| Shop costs | 8,322 | 7,113 |
| Museum costs | 5,559 | 3,954 |
| School costs | 80 | 144 |
| Super 100 club | 76 | 92 |
| Travelling | 292 | 308 |
| Wages | 127,222 | 123,735 |
| Social security | 3,811 | 2,926 |
| Pensions | 7,409 | 7,129 |
| Family activity expenses | 138 | 42 |
| Freelance education officer | - | 232 |
| Hertford ismyhome | 298 | 4,718 |
| Museums Take OverDay | - | 811 |
| Jubilee costs | - | 100 |
| Carriedforward | 153,207 | 151,304 |
This page does not form part of the statutory financial statements
Page 20
®
The Hertford Museum Charity
Detailed Statement of Financial Activities for the Year Ended 31 March 2024
----- Start of picture text -----
|||||||||
|---|---|---|---|---|---|---|---|
|2024|2023|
|£|£|
|Charitable|activities|
|Brought|forward|153,207|151,304|
|Friends|IT|Support costs|608|1,883|
|Conservation|costs|-|800|
|FoHM-|Lutyens Lecture|costs|98|442|
|Hertfordshire|Regiment Museum|4,885|-|
|Preview|Support|Expenditure|94|-|
|Early|Years Programme|costs|227|-|
|Fixtures|and|fittings|1,059|4,236|
|160,178|158,665|
|Support|costs|
|Other|
|Rental|costs|11,355|11,103|
|Rates|and|water|24,549|28,531|
|Insurance|4,038|3,625|
|Telephone|2,142|2,844|
|Marketing|6,983|1,019|
|Repairs|24,596|24,830|
|Photocopier|4,978|4,535|
|Office|costs|1,273|1,329|
|Postage|55|143|
|Bank|charges|989|1,263|
|Subscriptions|2,521|1,675|
|Training|57|34|
|Computer|costs|186|762|
|Cleaning|267|213|
|83,989|81,906|
|Governance|costs|
|Auditors'|remuneration|for non|audit|work|2,499|2,237|
|Total|resources|expended|249,743|245,843|
|Net|expenditure|before|gains and|losses|(15,809)|(16,428)|
|Realised|recognised|gains and|losses|
|Gains/(losses)|on|sale|of fixed|asset|investments|(1,614)|(1,507)|
|Gains/(losses)|on|revaluation|of fixed|asset|
|investments|7,920|(28,388)|
|Net expenditure|(9,503)|(46,323)|
----- End of picture text -----
This page does not form part of the statutory financial statements
Page 21
es
REGISTERED CHARITY NUMBER: 312142
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 31 March 2024
for
The Hertford Museum Charity
The Hertford Museum Charity
Contents of the Financial Statements for the Year Ended 31 March 2024
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Page
Report of the Trustees 1 to 5
Independent Examiner's Report 6
Statement of Financial Activities 7
Balance Sheet 8
Notes to the Financial Statements 9 to 19
----- End of picture text -----
The Hertford Museum Charity
Report of the Trustees
for the Year Ended 31 March 2024
The trustees present their report with the financial statements of the charity for the year ended 31 March 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
Hertford Museum is a registered charity, registration number 312142. It was formed by a deed of gift on 25 September 1915. The Trust is managed by a Board of Trustees and organised in accordance with its Trust Deed dated 30 January 1990 as amended by the schedule of 13 January 2003.
The running of the Museum is delegated to the Curator, Sara Taylor, who operates within guidelines set down by the Trustees. Powers are also delegated to a Finance and Investment Panel of Trustees to manage the accounting run by the Finance and Administration Manager and investments through financial advisers in accordance with an agreed investment policy.
The financial statements have been prepared in accordance with the Trust Deed and relevant statutory requirements. The net assets of the Museum are available and adequate to fulfil its obligations.
The Museum Property and land are vested in Hertford Town Council, which holds them in Trust for the Charity.
The Trustees are aware of the requirements under Charities SORP (FRS 102) to identify and mitigate risks faced by the organisation and are adopting appropriate policies to reduce exposure to those risks.
Page 1
The Hertford Museum Charity
Report of the Trustees
for the Year Ended 31 March 2024
OBJECTIVES AND ACTIVITIES
Objectives and aims
Hertford Museum is committed to ensuring the heritage of East Hertfordshire is preserved, interpreted and enjoyed and that we continue to deliver a range of engaging programmes that are valued by our community.
With this in mind, the Trustees of Hertford Museum reviews its Aims and Objectives on a regular basis.
- To preserve, interpret and display the heritage of Hertford and surrounding villages:
o Maintain the quality of collections and seek to improve storage and conservation arrangements
o Present a minimum of four exhibitions per annum
o Seek funding to enhance acquisitions and collections
o Develop relationships with surrounding parishes
o Prioritise active collecting of material that reflects increasing diversity and social change within our collecting area.
- To provide a quality service that engages with a full cross-section of the local and wider community
o Deliver a learning programme that responds to the needs of different ages and learning styles
o Engage with under-represented and diverse audiences
o Consult with our stakeholders and make effective use of social media and marketing tools available to us in order to reach across the community
o Find new ways to engage volunteer support
o Respond to the changing needs of our community by diversifying how we deliver our services
- To be fully involved in the on-going development of Hertford, its growth as a cultural centre, and of the wider
Museum collecting area
o Work with external partners to deliver community events that promote Hertford's cultural life o Seek ways to ensure the Museum benefits from Town Centre development
o Attend local meetings that promote Hertford’s cultural life
4, To ensure governance is of the highest standard and reflects the interests of all stakeholders
o Identify and recruit trustees according to the future needs of the board
o Establish clear policies and documentation that support effective management o Maintain Arts Council accredited status
5. To work towards greater financial sustainability
o Implement our fundraising strategy and continue to seek out opportunities for income generation o Demonstrate value for money to all stakeholders
o Manage property and maintenance issues in a planned and pro-active way
Public benefit
Hertford Museum aims to collect, preserve and interpret evidence of the history of the county town and surrounding parishes in the District of East Hertfordshire for the interest, enjoyment and understanding of the local community and other visitors.
Page 2
The Hertford Museum Charity
||
Report of the Trustees
for the Year Ended 31 March 2024
ACHIEVEMENT AND PERFORMANCE
Charitable activities
This has been a financially challenging year for the museum given that the previous year ended with a significant deficit. This, combined with a vacancy in the learning officer post for three months, made planning of programmes difficult.
Despite this the museum continued to deliver core programmes such as temporary exhibitions, events and services for schools. Exhibition highlights included the Sunshine on Sele exhibition, working with residents old and new of the Sele Farm housing estate, A is for Armadillo, showcasing natural history collections as well as beautiful objects depicting animals, and John Godden: The WayI See It, which included LGBTQ+ works by the late artist which had never before been displayed.
Our events programme was impacted by a drop in volunteer hours, meaning a reduction in hours of school holiday family crafts, and with staffing issues, the first two thirds of the year reflected restricted event delivery. However, once full staffing was achieved, we rounded off the year with a full complement of varied events, including collage workshops for adults, local history walks and talks and a much anticipated (and capacity attended) live music event in conjunction with the Rochester Social Club.
Projects this year have included a fundraising poetry and flash fiction book, supported by Cariad Marketing, and a celebration of Town Twinning, working with the Friends of Evron and the Friends of Wildeshausen. Our largest project this year was the fruition of the Hertfordshire Regiment website - www.hertfordshireregimentmuseum.org. This project has taken several years to complete, raising funds for the website design and ongoing maintenance, and creating content. The website charts the history of the Regiment and contains individual soldiers’ stories as well as collection highlights. In July 2023, the Herts branch of the Royal British Legion supported us in a fundraising event, which also generated additional publicity and awareness, The website launched in Remembrance week 2023.
FINANCIAL REVIEW
Financial position
As noted in the financial review last year, the museum continues to move out of the effect of the pandemic, but without the support grants it received during that period. This has resulted in quite slow income growth, and a more difficult and expensive operating environment. Running alongside this, local businesses have struggled to return to profitability, and this has had a knock-on effect on their willingness to contribute funds to the museum.
This was anticipated at the outset of the year, and a small deficit was budgeted. The outturn of both income and costs were reasonably in line with budget, albeit the operating deficit was mitigated by a small gain on investments.
Looking forward, the museum has undertaken a 3-year review, aimed at increasing awareness and participation, and that should attract additional income. In addition, the museum has received increased funding from Hertford Town Council and is budgeting in its year ending 31st March 2025 to eliminate its deficit.
At the start of the reporting period the amount of funds in the museum's bank accounts totalled £130,433.
During the year the museum received total income of £233,934 (2023 - £229,415).
The museum received grants from Hertford Town Council totalling £149,807 (2023 - £142,673) and other grants totalling £2,867 (2023 - £13,575). Additionally, the museum received income for museum and shop sales totalling £28,378 (2023 - £26,889), income from donations totalling £22,258 (2023 - £16,733), income from investments totalling £21,453 (2023 - £17,406), income from school work and activities totalling £8,661 (2023 - £11,786) and income from room rental totalling £510 (2023 - £353).
During the period, the museum expenditure totalled £249,743 (2023 - £245,843). The largest outlays were for wages costs of £138,442 (2023 - £133,790), repairs of £24,596 (2023 - £24,830), rates and water of £24,549 (2023 - £28,531), rental costs of £11,355 (2023 - £11,103) and shop costs of £8,322 (2023 - £7,113).
At the end of the accounting period, the amount of funds in the museum's bank accounts totalled £73,029.
,
Page 3
The Hertford Museum Charity
Report of the Trustees
for the Year Ended 31 March 2024
FINANCIAL REVIEW
Reserves policy
At the year end the charity has unrestricted freely available current reserves of £41,778 (2023 - £78,396) which excludes fixed assets of £1,156,344 (2023 - £1,157,403) and a share portfolio of £427,346 (2023 - 395,431). Given the charity's current levels of expenditure this would allow for approximately two months (2023 - four months) of trading without further freely available reserves becoming available.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
Recruitment and appointment of new trustees
Two trustees are nominated by Hertford Town Council and one trustee is nominated by each of East Herts District Council and Hertfordshire County Council. Other trustees are co-opted.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number 312142
Principal address
18 Bull Plain
HERTFORD SG14 1DT
Trustees
C Pease (Chair from 15.2.24)
C Seward (Chair to 15.2.24)
J Perry (Vice Chair from 15.2.24) C Geall
S Hackshall (resigned 18.4.24) P Crane
S Bell (resigned 1.5.23)
G Sexton (resigned 18.4.24)
C St Quentin Gittings
P Wisbey J Sartin M Elder D Chichester-Miles
J Playfair
M Connolly (appointed 20.7.23)
A Woodward (appointed 23.7.24) A Daar (appointed 23.7.24)
Independent Examiner Adam Burt ACA FCCA HSA & Co Chartered Accountants Lewis House Great Chesterford Court Great Chesterford Essex CB10 IPF
Page 4
The Hertford Museum Charity
Report of the Trustees
for the Year Ended 31 March 2024
TRUSTEES’ RESPONSIBILITY STATEMENT
The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Treland".
The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to
-
select suitable accounting policies and then apply them consistently;
-
- observe the methods and principles in the Charity SORP; - make judgements and estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. 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 irregularities. Approved by order of the board of trustees on SOL A... and signed on its behalf by:
----- Start of picture text -----
- genie
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a
C Pease - Trustee
Page 5
Independent Examiner's Report to the Trustees of The Hertford Museum Charity
Independent examiner's report to the trustees of The Hertford Museum Charity
I report to the charity trustees on my examination of the accounts of The Hertford Museum Charity (the Trust) for the year ended 31 March 2024.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
-
the accounts do not accord with those records; or 33 the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Adam Burt ACA FCCA
ICAEW and ACCA HSA & Co
Chartered Accountants Lewis House Great Chesterford Court Great Chesterford Essex CB10 IPF[EA] Date:[HbA] | 2
Page 6
The Hertford Museum Charity
Statement of Financial Activities for the Year Ended 31 March 2024
----- Start of picture text -----
|||||||||
|---|---|---|---|---|---|---|---|
|2024|2023|
|Unrestricted|Restricted|Total|Total|
|fund|funds|funds|funds|
|Notes|£|£|£|£|
|INCOME AND|ENDOWMENTS FROM|
|Donations|and|legacies|3|171,348|3,584|174,932|172,981|
|Charitable|activities|
|General|37,039|-|37,039|38,675|
|Investment|income|4|21,453|-|21,453|17,406|
|Other|income|$10|-|510|353|
|Total|230,350|3,584|233,934|229,415|
|EXPENDITURE|ON|
|Raising|funds|
|Investment|management|costs|5|3,077|-|3,077|3,045|
|3,077|-|3,077|3,045|
|Charitable|activities|
|General|239,341|7,325|246,666|222,421|
|Other|-|-|-|20,377|
|Total|242,418|7,325|249,743|245,843|
|Net|gains/(losses)|on|investments|6,306|-|6,306|(29,895)|
|NET INCOME/(EXPENDITURE)|(5,762)|(3,741)|(9,503)|(46,323)|
|RECONCILIATION|OF FUNDS|
|Total|funds|brought forward|1,631,230|26,550|1,657,780|1,704,103|
|TOTAL FUNDS CARRIED FORWARD|1,625,468|22,809|1,648,277|1,657,780|
----- End of picture text -----
The notes form part of these financial statements
Page 7
The Hertford Museum Charity
Balance Sheet 31 March 2024
----- Start of picture text -----
||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
|2024|2023|
|Unrestricted|Restricted|Total|Total|
|fund|funds|funds|funds|
|Notes|£|£|£|£|
|FIXED ASSETS|
|Tangible|assets|9|1,156,344|-|1,156,344|1,157,403|
|Investments|10|427,346|-|427,346|395,431|
|1,583,690|-|1,583,690|1,552,834|
|CURRENT ASSETS|
|Debtors|1]|10,053|-|10,053|1,263|
|Cash|at bank and|in hand|50,220|22,809|73,029|130,433|
|60,273|22,809|83,082|131,696|
|CREDITORS|
|Amounts|falling|due|within|one|year|12|(18,495)|-|(18,495)|(26,750)|
|NET CURRENT ASSETS|41,778|22,809|64,587|104,946|
|TOTAL|ASSETS|LESS|CURRENT|
|LIABILITIES|1,625,468|22,809|1,648,277|1,657,780|
|NET ASSETS|1,625,468|22,809|1,648,277|1,657,780|
|FUNDS|14|
|Unrestricted|funds|1,625,468|1,631,230|
|Restricted|funds|22,809|26,550|
|TOTAL FUNDS|1,648,277|1,657,780|
----- End of picture text -----
i.weedfiryancial yeAE oe andwere were signedapproved on itsby behalfthe by:Board of Trustees and authorised for issue on
C Pease - Trustee
The notes form part of these financial statements
Page 8
Notes to the Financial Statements for the Year Ended 31 March 2024
|
The Hertford Museum Charity
- PRESENTATION CURRENCY
The presentation currency of the financial statements is the Pound Sterling (£).
- ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) ‘Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)’, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland’ and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets,
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Donations, legacies and other forms of unrestricted income are recognised as incoming resources when receivable, such as exhibits and collections donated to the trust. Grants are accounted for in full on a receivable basis. Income tax recoverable in relation to donations received under gift aid or deeds of covenant is recognised at the time of the donation.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:
Fixtures and fittings - 5% on cost
No depreciation has been provided on freehold property as the charity's policy is to maintain its property to a high standard through a continual programme of refurbishment and maintenance. In the opinion of the trustees the residual value of the property is such that any depreciation charge would be immaterial.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Hire purchase and leasing commitments
Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.
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The Hertford Museum Charity
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
2. ACCOUNTING POLICIES- continued
Pension costs and other post-retirement benefits
The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
|
| 3 | DONATIONSAND LEGACIES | ||
|---|---|---|---|
| 2024 | 2023 | ||
| £ | £ | ||
| Donations | 22,258 | 16,733 | |
| Grants | 152,674 | 156,248 | |
| 174,932 | 172,981 | ||
| Grants received, included in the above, are as follows: | |||
| 2024 | 2023 | ||
| £ | £ | ||
| HertfordTown Council | 149,807 | 142,673 | |
| HertfordRegimentMuseum | 2,467 | 4,757 | |
| Hertfordshire Association ofMuseums | 400 | - | |
| Community Toilet Scheme | - | 2,000 | |
| Friends IT support | - | 6,218 | |
| Preview Support | - | 500 | |
| Jubilee Fund | - | 100 | |
| 152,674 | 156,248 |
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The Hertford Museum Charity
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
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||||||
|---|---|---|---|---|
|4.|INVESTMENT INCOME|
|2024|2023|
|£|£|
|Investment Income|20,286|17,021|
|Deposit account|interest|1,167|385|
|21,453|17,406|
|5.|INVESTMENT|MANAGEMENT|COSTS|
|2024|2023|
|£|£|
|Investment management|fees|3,077|3,045|
|6.|TRUSTEES'|REMUNERATION AND|BENEFITS|:|
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There were no trustees’ remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023, ~
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023.
qs STAFF COSTS
The average monthly number of employees during the year was 9 (2023 - 10).
No employees received emoluments in excess of £60,000 (2023 - no employees).
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|---|---|---|---|---|---|
|8.|COMPARATIVES|FOR THE STATEMENT OF FINANCIAL|ACTIVITIES|
|Unrestricted|Restricted|Total|
|fund|funds|funds|
|£|£|£|
|INCOME AND ENDOWMENTS FROM|
|Donations|and|legacies|159,176|13,805|172,981|
|Charitable|activities|
|General|38,675|-|38,675|
|Investment income|17,406|-|17,406|
|Other|income|353|-|353|
|Total|215,610|13,805|229,415|
|EXPENDITURE ON|
|Raising|funds|
|Investment management|costs|3,045|-|3,045|
|3,045|-|3,045|
|Charitable|activities|
|General|210,840|11,581|222,421|
|Other|20,077|300|20,377|
|Page|11|continued...|
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The Hertford Museum Charity
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
| 8. | COMPARATIVESFORTHESTATEMENT OFFINANCIALACTIVITIES- | COMPARATIVESFORTHESTATEMENT OFFINANCIALACTIVITIES- | continued | |
|---|---|---|---|---|
| Unrestricted | Restricted | Total | ||
| fund | funds | funds | ||
| £ | £ | £ | ||
| Total | 233,962 | 11,881 | 245,843 | |
| Net gains/(losses) on investments | (29,895) | - | (29,895) | |
| NETINCOME/(EXPENDITURE) | (48,247) | 1,924 | (46,323) | |
| Transfers between funds | (6,393) | 6,393 | - | |
| Netmovementinfunds | (54,640) | 8,317 | (46,323) | |
| RECONCILIATION OFFUNDS | ||||
| Total fundsbroughtforward | 1,685,870 | 18,233 | 1,704,103 | |
| TOTALFUNDS CARRIEDFORWARD | 1,631,230 | 26,550 | 1,657,780 | |
| 9. | TANGIBLEFIXED ASSETS | |||
| Fixtures | ||||
| Freehold | and | |||
| property | fittings | Totals | ||
| £ | £ | £ | ||
| COST | ||||
| At] April 2023 and 31 March 2024 | 1,144,411 | 21,180 | 1,165,591 | |
| DEPRECIATION | ||||
| At 1 April 2023 | - | 8,188 | 8,188 | |
| Charge foryear | - | 1,059 | 1,059 | |
| At 31 March 2024 | - | 9,247 | 9,247 | |
| NETBOOKVALUE | ||||
| At 31 March2024 | 1,144,411 | 11,933 | 1,156,344 | |
| At31March2023 | 1,144,411 | 12,992 | 1,157,403 |
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The Hertford Museum Charity
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Notes to the Financial Statements - continued for the Year Ended 31 March 2024
10. FIXED ASSET INVESTMENTS
| 10. | FIXED ASSET INVESTMENTSINVESTMENTS | ||
|---|---|---|---|
| Listed | |||
| investments | |||
| £ | |||
| MARKETVALUE | |||
| At 1 April 2023 | 395,431 | ||
| Additions | 44,039 | ||
| Disposals Revaluations |
(19,427) 7,303 |
||
| At 31 March 2024 | 427,346 | ||
| NETBOOKVALUE | |||
| At 31 March 2024 | 427,346 | ||
| At 31 March 2023 | 395,431 | ||
| There were no investment assets outside the UK. | |||
| Cost orvaluation at 31 March 2024 is represented by: | |||
| Listed | |||
| investments | |||
| £ | |||
| Valuation in 2017 | 80,877 | ||
| Valuation in 2018 | (14,479) | ||
| Valuation in 2019 | 4,645 | ||
| Valuation in 2020 | (68,051) | ||
| Valuation in 2021 | 54,602 | ||
| Valuation in 2022 | 11,499 | ||
| Valuation in 2023 | (28,854) | ||
| Valuation in 2024 | 7,303 | ||
| Cost | 379,804 | ||
| 427,346 | |||
| 1. | DEBTORS: AMOUNTSFALLINGDUE WITHIN ONEYEAR | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Trade debtors | 5,465 | 1,140 | |
| Other debtors | 4,588 | - | |
| Prepayments | - | 123 | |
| 10,053 | 1,263 |
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The Hertford Museum Charity
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Notes to the Financial Statements - continued for the Year Ended 31 March 2024
12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
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|---|---|---|---|---|---|
|2024|2023|
|£|£|
|Trade|creditors|11,468|10,319|
|Taxation|and|social|security|2,319|1,746|
|Other|creditors|4,708|14,685|
|18,495|26,750|
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Other creditors include accruals of £4,708 (2023 - £14,614) and other creditors of £Nil (2023 - £71).
- LEASING AGREEMENTS
Minimum lease payments under non-cancellable operating leases fall due as follows:
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|---|---|---|---|---|---|---|
|2024|2023|
|£|£|
|Within|one|year|8,516|11,355|
|Between one|and|five|years|-|8,516|
|8,516|19,871|
|14.|MOVEMENT|IN FUNDS|
|Net|
|movement|At|
|At|1/4/23|in|funds|31/3/24|
|£|£|£|
|Unrestricted|funds|
|General|fund|1,631,230|(5,762)|1,625,468|
|Restricted|funds|
|Ann|Kirby Fund|931|(95)|836|
|Community|Toilet Scheme Income|2,404|(108)|2,296|
|Early|Years|Programme|252|(227)|25|
|FoHM-|proceeds|of the Lutyens|Lecture|465|-|465|
|Free|family|activity|places|389|(138)|251|
|Reminiscence|Project|901|-|901|
|Restricted|conservation|fund|418|619|1,037|
|Roller rack|project|9,042|-|9,042|
|The|Orrey Fund|558|-|558|
|Western|Loan|Programme|1,166|(774)|392|
|Hertford|is my home|432|(298)|134|
|Friends IT Support Fund|4,335|(608)|3,727|
|Hertfordshire|Regiment Museum|Website|
|Fund|4,757|(2,418)|2,339|
|Preview|Support Fund|500|(94)|406|
|Hertfordshire|Association|of Museums|
|consultancy|fees|fund|-|400|400|
|26,550|(3,741)|22,809|
|TOTAL FUNDS|1,657,780|(9,503)|1,648,277|
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The Hertford Museum Charity
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
14. MOVEMENT IN FUNDS- continued
Net movement in funds, included in the above are as follows:
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|---|---|---|---|---|---|---|---|
|Incoming|Resources|Gains|and|Movement|
|resources|expended|losses|in|funds|
|£|£|£|£|
|Unrestricted|funds|
|General|fund|230,350|(242,418)|6,306|(5,762)|
|Restricted|funds|
|Ann|Kirby|Fund|-|(95)|-|(95)|
|Community|Toilet Scheme Income|-|(108)|-|(108)|
|Early|Years|Programme|-|(227)|-|(227)|
|FoHM-|proceeds of the Lutyens Lecture|98|(98)|-|-|
|Free|family|activity|places|-|(138)|-|(138)|
|Restricted|conservation|fund|619|-|-|619|
|Western Loan Programme|-|(774)|-|(774)|
|Hertford|is my home|-|(298)|-|(298)|
|Friends|IT Support Fund|-|(608)|-|(608)|
|Hertfordshire|Regiment Museum|Website|
|Fund|2,467|(4,885)|-|(2,418)|
|Preview|Support Fund|-|(94)|=|(94)|
|Hertfordshire|Association|of Museums|
|consultancy|fees|fund|400|-|-|400|
|3,584|(7,325)|-|(3,741)|
|TOTAL FUNDS|233,934|(249,743)|6,306|(9,503)|
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The Hertford Museum Charity
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
- MOVEMENT IN FUNDS- continued
Comparatives for movement in funds
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|---|---|---|---|---|---|---|---|
|Net|Transfers|
|movement|between|At|
|At|1/4/22|in|funds|funds|31/3/23|
|£|£|£|£|
|Unrestricted|funds|
|General|fund|1,685,870|(48,247)|(6,393)|1,631,230|
|Restricted|funds|
|Ann|Kirby Fund|1,224|(293)|-|931|
|Community|Toilet Scheme|Income|704|1,700|-|2,404|
|Early|Years|Programme|252|-|-|252|
|FoHM-|proceeds|of the Lutyens Lecture|907|(442)|-|465|
|Free|family|activity|places|341|48|-|389|
|Museums Take|Over Day|811|(811)|-|-|
|Reminiscence|Project|901|-|-|901|
|Restricted|conservation|fund|1,099|(681)|-|418|
|Roller rack project|5,009|(2,260)|6,293|9,042|
|The|Orrey|Fund|537|21|-|558|
|Freelance|Education|Officer|grant|132|(232)|100|-|
|Western Loan Programme|1,166|-|-|1,166|
|Hertford|is my home|5,150|(4,718)|-|432|
|Friends|IT Support Fund|-|4,335|-|4,335|
|Hertfordshire|Regiment Museum|Website|
|Fund|-|4,757|-|4,757|
|Preview|Support Fund|-|500|-|500|
|18,233|1,924|6,393|26,550|
|TOTAL FUNDS|1,704,103|(46,323)|-|1,657,780|
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The Hertford Museum Charity
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
14. MOVEMENT IN FUNDS- continued
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|||||||||||
|---|---|---|---|---|---|---|---|---|---|
|Comparative|net movement|in funds,|included|in|the|above|are|as|follows:|
|Incoming|Resources|Gains|and|Movement|
|resources|expended|losses|in|funds|
|£|£|-|£|
|Unrestricted|funds|
|General|fund|215,610|(233,962)|(29,895)|(48,247)|
|Restricted|funds|
|Ann|Kirby Fund|-|(293)|-|(293)|
|Community|Toilet Scheme Income|2,000|(300)|-|1,700|
|FoHM-|proceeds|of the Lutyens|Lecture|-|(442)|-|(442)|
|Free|family|activity|places|90|(42)|-|48|
|Museums Take|Over Day|-|(811)|-|(811)|
|Restricted conservation|fund|119|(800)|-|(681)|
|Roller|rack|project|-|(2,260)|-|(2,260)|
|The|Orrey|Fund|21|-|-|21|
|Freelance|Education|Officer|grant|-|(232)|-|(232)|
|Hertford|is my home|-|(4,718)|-|(4,718)|
|Jubilee Fund|100|(100)|-|-|
|Friends|IT|Support Fund|6,218|(1,883)|-|4,335|
|Hertfordshire|Regiment Museum|Website|
|Fund|4,757|-|-|4,757|
|Preview|Support|Fund|500|-|-|500|
|13,805|(11,881)|-|1,924|
|TOTAL FUNDS|229,415|(245,843)|(29,895)|(46,323)|
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General fund The General Fund consists of operating assets, liabilities, investments and fixed assets including the museum building which the trust operates.
Ann Kirby Fund
Donations made in memory of Ann Kirby for improvements to and maintenance of the Andrews Room. This has included the new projector and cupboards but will also help us replace activity toys etc as and when required.
Community Toilet Scheme Income
Funding from EHDC which means anyone is welcome to come in and use our toilet facilities. We use this fund for maintenance to the toilets and plumbing eg drain rodding. We can apply each year - we first engineered this in December 2019 - it was a scheme just for Ware and started in 2012 and we asked EHDC if we could join as people were using our facilities after the bus station toilets closed. We will reapply for another £1,000 this December. Drain rodding aside, it does give us an opportunity to build up a little pot to help if we require any major plumbing maintenance.
Early Years Programme
Funding specifically for activities for under Ss. We have used some to market toddler Tuesdays.
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The Hertford Museum Charity
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
14. MOVEMENT IN FUNDS - continued
FoHM- proceeds of the Lutyens Lecture
Specifically for the support of museum events. This fund helps us to take some risks in our event provision and cover unbudgeted costs like replacing our PA speakers.
Free family activity places
Donations made to fund free family activity places for families on low incomes. Take up was low as people don't always feel comfortable presenting a benefits award letter so we began working in partnership with Hertford Food Bank. We give them vouchers to distribute and take the cost of the activity place off this fund when one is presented at the till.
Museums Take Over Day
Funding awarded some time ago for annual takeover day. We work with secondary school students who take over some aspect of the museum. This has included guided tours, delivering workshops to schools and reminiscence sessions with older people. We have used some of the money towards a new leaflet, informed by the marketing feedback from the students.
Picture This! Fund
Income and expenditure relating to the development on an online resource of the Museum's image catalogue.
Reminiscence Project
Funding from EHDC and Herts Association of Museums to deliver pay what you can reminiscence workshops to groups for whom our £95 fee would be a barrier. The difference between what the group can afford and £95 comes out of this pot if we book a workshop as income.
Restricted conservation fund
Money generated from the sale of donated books, to be specifically used for conserving the collection.
Roller rack project
Funds to cover the cost of installing roller racking in our archaeology stores.
The Orrey Fund Funds generated to conserve a mechanical celestial globe and orrery made by Jeremiah Cleeve of Welwyn in around 1810. It was given to us by the Science Museum in 1933.
Freelance Education Officer grant
HCC locality budget grant towards the cost of a freelancer reviewing our learning provision in light of Covid. The total cost will be £1,050.
Online Shop HCC Grant
Post pandemic, a grant from Hertford County Council to develop an online shop on our website.
Signage Income
Income specifically to repair the Museum's sign hanging over the front door.
Western Loan Programme
Towards specific aspects of the Danad exhibition project, including transport, learning workshops - again we pay ourselves from this pot for these - installation costs etc.
Hertford is my Home
Exhibition Hertford is my home funded by the lottery heritage fund.
Jubilee Gr und A district council grant in 2022 for Queens Jubilee activities which was spent that year.
Friends IT Support Fund
Funding from the Friends of Hertford Museum to replace IT equipment as and when required,
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The Hertford Museum Charity
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
14. MOVEMENT IN FUNDS- continued
Hertfordshire Regiment Museum Website Fund
An ongoing restricted fund, initially to raise money to build the website, accruing and spending further funds for the ongoing hosting and maintenance of the website.
Preview Support
A donation made to support the costs of refreshments for exhibition previews.
Hertfordshire Association of Museums Small Grant
A small grant received from Hertfordshire Association of Museums to be used to pay consultancy fees.
- CHANGE IN ACCOUNTING ESTIMATE
During the period, the depreciation policy for fixtures and fittings was changed from 20% on cost to 5% on cost. This change in accounting estimate has resulted in a decrease to the charity's deficit of £3,177 and an increase in the charity's net assets of £3,177.
RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 March 2024, nor for the year ended 31 March 2023.
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