| REGISTERED COMPANY NUMBER: |
| REGISTERED CHARITY NUMBER: |
| Report of the Trustees and |
| Unaudited Financial Statements |
| for the Year Ended 31 March 2025 |
| for |
| The Hearsum Collection |
| REGISTERED COMPANY NUMBER: |
| REGISTERED CHARITY NUMBER: |
| Report of the Trustees and |
| Unaudited Financial Statements |
| for the Year Ended 31 March 2025 |
| for |
| The Hearsum Collection |
| The Hearsum Collection |
| Contents of the Financial Statements |
| for the year ended 31 March 2025 |
| Page |
| Reference and Administrative Details | 1 |
| Report of the Trustees | 2 | to | 3 |
| Statement of Financial Activities | 4 |
| Balance Sheet | 5 |
| Notes to the Financial Statements | 6 | to | 10 |
| The Hearsum Collection |
| Reference and Administrative Details |
| for the year ended 31 March 2025 |
| TRUSTEES |
| REGISTERED OFFICE |
| REGISTERED COMPANY NUMBER |
| REGISTERED CHARITY NUMBER |
| The Hearsum Collection (Registered number: 07848368) |
| Report of the Trustees |
| for the year ended 31 March 2025 |
| The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2025. 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). |
| OBJECTIVES AND ACTIVITIES |
| Objectives and Activities for Public Benefit |
| The objects of the charitable company as set out in its Articles of Association are to advance the education of the public in the history and heritage of Richmond Park and other Royal Parks by collecting, curating and making available The Hearsum Collection of historical material and by other such means as the trustees may from time to time determine. |
| Volunteers |
| The charity activities currently do not involve any volunteers due to the modest scale of operations and the fact that the Collection is housed by the sponsoring company, The Hearsum Family Ltd and does not currently have a permanent display base. The Trustees continue to explore potential ways of protecting and making the Collection available. |
| ACHIEVEMENTS AND PERFORMANCE |
| Review of activities and reserves |
| The sources of income during the year were from net donations amounting to £10,941 (2024: £10,846) and grants of £nil (2024: £nil). Expenses incurred in the operation of the charity amounted to £8,753 (2024: £10,211). The Hearsum Family Limited, the sponsoring company, provided administrative resources and met office overhead costs in the period. |
| During the period the Heritage Pavilion Project was closed, having been dormant for some years after the planned Pavilion build adjacent to Pembroke Lodge in Richmond Park was prevented from taking place. |
| At 31 March 2025 the value of the general fund was £129,179 (2024: £63,871) and the restricted fund was £nil (2024: £62,272). The restricted fund was transferred to the general fund in the year. |
| The main functions of the Trustees are currently to safeguard the heritage items and following completion of most of the recording and referencing of the collection pieces, to continue exploring opportunities for making the Collection available to the public by way of displays and other exhibits. On-line access to the Collection is being researched. Information sessions at Pembroke Lodge and exhibitions conducted in Autumn and Winter at Pembroke Lodge are continuing and have been warmly received by the public. |
| FINANCIAL REVIEW |
| Investment policy and objectives |
| The trustees have the authority to invest the funds of the charitable company in a wide range of investments as they think fit for the furtherance of the objects of the charitable company. Surplus cash funds are currently invested in interest bearing term deposit. |
| Reserves policy |
| The Hearsum Collection is historically funded by the sponsoring company. During the year donations were also received from local charities within Richmond Park and small public donations. The Collection maintains suitable operating reserves for its current activities and future activities are planned to include appropriate reserves to meet planned expenditure. |
| A summary of the results for the year and the resources deployed at 31 March 2025 can be found on pages 5 & 6. |
| FUTURE PLANS |
| The future objects of the charitable Company remain unchanged as set out in the Articles of Association. At the date of this report the Trustees are researching and considering ongoing options for making the Collection available to the public in various ways whilst preserving the artefacts and maintaining curation of the Collection. |
| STRUCTURE, GOVERNANCE AND MANAGEMENT |
| Governing document |
| The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. |
| The Hearsum Collection (Registered number: 07848368) |
| Report of the Trustees |
| for the year ended 31 March 2025 |
| The Hearsum Collection is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association on 15 November 2011 and granted charitable status on 23 July 2013. |
| Recruitment and appointment of new trustees |
| The trustees regularly review membership and identify skills shortages and are currently seeking candidates with knowledge and ideas for making the Collection more readily available to the public alongside the fundraising needed to bring these plans to fruition. |
| Organisational structure |
| The Board of Trustees is responsible for overall control of The Hearsum Collection operations and meets regularly to review the performance of the charity and to plan and authorise strategic decisions. |
| As part of their statutory duties Trustees maintain an overview of The Hearsum Collection affairs, ensure viability and develop the strategy for the growth of the organisation. Trustees: |
| - Ensure that The Hearsum Collection complies with its governing document, charity law, company law and any other relevant legislation or regulation including the Charity Commission's Guidance on public benefit. |
| - Ensure that The Hearsum Collection pursues its objects as defined in its governing document. |
| All directors of the company are also trustees of the charity and there are no other trustees. |
| Approved by order of the board of trustees on |
| The Hearsum Collection |
| Statement of Financial Activities |
| (Incorporating an Income and Expenditure Account) |
| for the year ended 31 March 2025 |
| 31.3.25 | 31.3.24 |
| Unrestricted | Restricted | Total | Total |
| fund | funds | funds | funds |
| Notes | £ | £ | £ | £ |
| INCOME AND ENDOWMENTS FROM |
| Donations and legacies |
| Investment income | 2 |
| Total |
| EXPENDITURE ON |
| Raising funds | 3 |
| Charitable activities |
| Heritage Preservation |
| Total |
| NET INCOME |
| Transfers between funds | 10 | 62,272 | (62,272 | ) | - | - |
| Net movement in funds | ( |
) |
| RECONCILIATION OF FUNDS |
| Total funds brought forward |
| TOTAL FUNDS CARRIED FORWARD | 126,143 |
| The Hearsum Collection (Registered number: 07848368) |
| Balance Sheet |
| 31 March 2025 |
| 31.3.25 | 31.3.24 |
| Unrestricted | Restricted | Total | Total |
| fund | funds | funds | funds |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Heritage assets | 8 |
| CURRENT ASSETS |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 9 | ( |
) | ( |
) | ( |
) |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| NET ASSETS |
| FUNDS | 10 |
| Unrestricted funds | 63,871 |
| Restricted funds | 62,272 |
| TOTAL FUNDS | 126,143 |
| The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025. |
| The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006. |
| The trustees acknowledge their responsibilities for |
| (a) | ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. |
| These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. |
| The financial statements were approved by the Board of Trustees and authorised for issue on |
| The Hearsum Collection |
| Notes to the Financial Statements |
| for the year ended 31 March 2025 |
| 1. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The financial statements of the charitable company, 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 Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
| 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. |
| 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. |
| Heritage assets |
| Heritage assets are stated at cost and are not depreciated. Heritage assets comprise artefacts and documents that have a historical relationship to Richmond Park and the Royal Parks. |
| Taxation |
| The charity is exempt from corporation tax on its charitable activities. |
| Fund accounting |
| Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the Company and which have not been designated for other purposes. |
| Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. The aim and use of each designated fund established is set out in the notes to the financial statements. |
| Restricted funds are funds that are to be used in accordance with specific restrictions imposed by donors that have been raised by the Company for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. |
| 2. | INVESTMENT INCOME |
| 31.3.25 | 31.3.24 |
| £ | £ |
| Deposit account interest |
| The Hearsum Collection |
| Notes to the Financial Statements - continued |
| for the year ended 31 March 2025 |
| 3. | RAISING FUNDS |
| Raising donations and legacies |
| 31.3.25 | 31.3.24 |
| £ | £ |
| Support costs |
| 4. | SUPPORT COSTS |
| Governance |
| Finance | costs | Totals |
| £ | £ | £ |
| Raising donations and legacies | 359 | - | 359 |
| Other trading activities | 7 | - | 7 |
| Curation & exhibition of Collection | - | 750 | 750 |
| 366 | 750 | 1,116 |
| 5. | TRUSTEES' REMUNERATION AND BENEFITS |
| There were no trustees' remuneration or other benefits for the year ended 31 March 2025 nor for the year ended 31 March 2024. |
| Trustees' expenses |
| There were no trustees' expenses paid for the year ended 31 March 2025 nor for the year ended 31 March 2024. |
| 6. | STAFF COSTS |
| The average monthly number of employees during the year was as follows: |
| 31.3.25 | 31.3.24 |
| Collection curator |
| 7. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
| Unrestricted | Restricted | Total |
| fund | funds | funds |
| £ | £ | £ |
| INCOME AND ENDOWMENTS FROM |
| Donations and legacies |
| EXPENDITURE ON |
| Charitable activities |
| Heritage Preservation |
| NET INCOME |
| RECONCILIATION OF FUNDS |
| Total funds brought forward | 63,236 | 62,272 |
| The Hearsum Collection |
| Notes to the Financial Statements - continued |
| for the year ended 31 March 2025 |
| 7. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued |
| Unrestricted | Restricted | Total |
| fund | funds | funds |
| £ | £ | £ |
| TOTAL FUNDS CARRIED FORWARD | 63,871 | 62,272 | 126,143 |
| 8. | HERITAGE ASSETS |
| Total |
| £ |
| MARKET VALUE |
| At 1 April 2024 | 55,489 |
| Additions |
| Disposals | ( |
) |
| At 31 March 2025 | 55,489 |
| NET BOOK VALUE |
| At 31 March 2025 |
| At 31 March 2024 |
| Heritage assets comprise historical documents and artefacts relating to Richmond Park and the Royal Parks. |
| 9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.3.25 | 31.3.24 |
| £ | £ |
| Accrued expenses |
| 10. | MOVEMENT IN FUNDS |
| Net | Transfers |
| movement | between | At |
| At 1.4.24 | in funds | funds | 31.3.25 |
| £ | £ | £ | £ |
| Unrestricted funds |
| General fund | 63,871 | 3,036 | 62,272 | 129,179 |
| Restricted funds |
| Heritage Pavilion | 62,272 | - | (62,272 | ) | - |
| TOTAL FUNDS | 3,036 | 129,179 |
| Net movement in funds, included in the above are as follows: |
| Incoming | Resources | Movement |
| resources | expended | in funds |
| £ | £ | £ |
| Unrestricted funds |
| General fund | 11,789 | (8,753 | ) | 3,036 |
| TOTAL FUNDS | ( |
) | 3,036 |
| The Hearsum Collection |
| Notes to the Financial Statements - continued |
| for the year ended 31 March 2025 |
| 10. | MOVEMENT IN FUNDS - continued |
| Comparatives for movement in funds |
| Net |
| movement | At |
| At 1.4.23 | in funds | 31.3.24 |
| £ | £ | £ |
| Unrestricted funds |
| General fund | 63,236 | 635 | 63,871 |
| Restricted funds |
| Heritage Pavilion | 62,272 | - | 62,272 |
| TOTAL FUNDS | 125,508 | 635 | 126,143 |
| Comparative net movement in funds, included in the above are as follows: |
| Incoming | Resources | Movement |
| resources | expended | in funds |
| £ | £ | £ |
| Unrestricted funds |
| General fund | 10,846 | (10,211 | ) | 635 |
| TOTAL FUNDS | 10,846 | (10,211 | ) | 635 |
| A current year 12 months and prior year 12 months combined position is as follows: |
| Net | Transfers |
| movement | between | At |
| At 1.4.23 | in funds | funds | 31.3.25 |
| £ | £ | £ | £ |
| Unrestricted funds |
| General fund | 63,236 | 3,671 | 62,272 | 129,179 |
| Restricted funds |
| Heritage Pavilion | 62,272 | - | (62,272 | ) | - |
| TOTAL FUNDS | 125,508 | 3,671 | - | 129,179 |
| A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: |
| Incoming | Resources | Movement |
| resources | expended | in funds |
| £ | £ | £ |
| Unrestricted funds |
| General fund | 22,635 | (18,964 | ) | 3,671 |
| TOTAL FUNDS | 22,635 | (18,964 | ) | 3,671 |
| The Hearsum Collection |
| Notes to the Financial Statements - continued |
| for the year ended 31 March 2025 |
| 11. | RELATED PARTY DISCLOSURES |
| The Hearsum Collection received donations of £750 (2024: £750) from The Hearsum Family Limited in the year. Mrs J.T Hearsum and Mr S.J Price are directors of The Hearsum Family Limited and Trustees of The Hearsum Collection Limited. The Hearsum Family Limited also provided administrative resources and office overhead payments in support of the charity during the period. |
| 12. | ULTIMATE CONTROLLING PARTY |
| The charitable company is controlled jointly by the trustees. There is no ultimate controlling party. |