Chair’s summary
This past year proved to be an important step in getting the Museum’s finances back to a breakeven position (as budgeted for in 2026-27).
During the course of the year, the Board decided to move from bi-monthly to quarterly meetings, all in person with some online attendees. The Trustee sub-committees (‘Finance, Audit & Risk’ and ‘Fundraising & Marketing’) also met regularly, in advance of the Board meetings.
I would like to extend thanks from the Board of Trustees to all the staff, volunteers, friends, re-enactors and interpreters and other supporters of the Museum, who have all contributed so much over so many years. You are all extremely valuable.
On the matter of trustee appointments this year:
Alice Biggins was co-opted to the Board of Trustees in the summer of 2025 and the appointment was ratified at the charity’s AGM in October 2025.
Fundraising
We had a strong year for unrestricted fundraising, achieving more than double the amount budgeted to raise. This allowed the Charity to make certain investments during the year to support operations and future fundraising. A condition survey was conducted on a number of key buildings so that the data could be used to inform capital fundraising applications.
Restricted grants were also ahead of budget. The largest impact came from a successful application to the National Lottery Heritage Fund. Our resulting ‘Pathways to Heritage’ programme includes two museum trainee roles being created to support the Museum from 2025 to 2029. The first pair of trainees were recruited for the summer of 2025. Their traineeship runs through to December 2026. The second cohort will be recruited in 2027.
Further restricted funds helped us cover, among other things, the re-building of the Finsbury Circus bandstand, restoration work on the High Wycombe Toll House, the installation of a Changing Places facility along with ongoing support for school bursaries and community engagement programmes. We were fortunate to receive some V80 project funding from Museum’s Development South East, which supported additional activity in the summer school holiday, relating to the commemoration of the end of the Second World War.
Sales & Marketing
The Museum continues to use social media, both paid and unpaid to advertise and attract more visitors, as well as traditional press and leafleting.
Communication with volunteers is by a regular newsletter. Communication with visitors and other supporters is through social media (Facebook, Instagram, LinkedIn, BlueSky) as well as regular emails giving updates to engage recipients’ interest.
We achieved growth in visitor numbers compared to 2024. This was due particularly to the success of the Longest Yarn touring exhibition, which was on site at the Museum throughout August 2025, coupled with the V80 funding, mentioned above, which increased the marketing budget and activity we could provide. Our collections and interpretation team added interpretative information to the Longest Yarn exhibition. Our volunteers made an extra effort to steward the exhibition space and support all the visitors in their appreciation of the displays.
Filming and Weddings
Weddings and Location Hire fees were stable in 2025. As per 2024, there were a few small, independent or student-led film productions.
Learning Programme
Our engagement with schools continued to grow from 2024 to 2025, both in terms of the revenue this activity generated as well as the number of schools that attended (£158k compared to £146k in 2024). We benefitted from funding from Adventures Away from Home from DCMS, administered through UK Youth, as well as the generous support from some key funders that provide bursary support for schools with high levels of children in receipt of Pupil Premium, or who serve children with special educational needs and disabilities.
Buildings & Estate
We received funding to undertake the restoration of the roof and exterior brickwork on the High Wycombe Toll House, as well as support for completing the re-build of the Finsbury Circus Bandstand and improvements to the Amersham Prefab.
Work continues on the Toll House, with most of the effort coming from our small team of staff and volunteers.
In the Estate team, funding to support our Farm Assistant role meant we were able to re-grow the flock of Oxford Down sheep. By the end of the year, we had bought a new breeding ram to continue the growth of the flock in 2026.
Hedge-laying continued on the track between the Victorian farm and the Toll House. We completed funded works on fencing and drainage in Gray’s Field, thanks to further support from Chilterns National Landscape.
In the woodland, having put in place a management plan and obtained a felling licence, we were able to remove most of the diseased ash and undertook a concerted programme of re-planting in the winter. This allowed us to reopen the woodland paths in 2026.
The Museum gardens continue to bring joy to visitors, staff and volunteers alike. We sell the produce from the allotment in the Museum shop or use it in the cafe. The soft fruit is made into jam/ jelly. Along with the rest of the UK, we had a bumper apple harvest, meaning that we bottled more juice than ever before.
Wellbeing
The Museum has continued to support the local community and individuals with a summer Wellbeing programme and Accompanied Walks. This programme is funded by generous donors and has grown in popularity and numbers since it was established after the pandemic. Visitors are fully funded and can be either self-referred or referred by their GP or other local social services.
The Museum continues to develop this visitor interaction and is looking to reach out to other parts of the community with similar needs, beyond the elderly and lonely.
Conclusion
I have had the privilege to serve on the Board of Trustees for 23 years and the time has come to pass on the baton of Chair, which will be taken by Linda Cannon who brings a wealth of experience to the role, particularly in the education and charity sectors.
I wish to take this opportunity to thank my fellow Trustees who give their time and expertise regularly to the professional compliance and care of the Museum. Tricia Phillips (another long-term Trustee) also will be standing down, having been associated with the Museum since the 1970s. She has served us efficiently and professionally as minutes secretary for ten years.
We leave the Museum’s future direction and strategy in good hands.
The trustees present their annual report and group financial statements for the year ended 31 January 2026.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's Memorandum and Articles of Association, the Companies Act 2006 and "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).
Chiltern Open Air Museum’s vision, mission and strategic objectives reflect the full significance of the Museum and its collections, which are rooted in its Chiltern identity. The Museum grew out of pressure in the 1970s to ensure that the culture, traditions and heritage of the Chilterns were preserved. A group of volunteers from the Chiltern Society led the founding of the Museum and the setting up of the independent charity that runs it today. Nearly fifty years on, the Museum has accumulated a wide range of material – buildings and artefacts – and a 45 acre site. This rural location combined with rescued buildings and artefacts are what inspires the Museum to tell the stories of the people who have lived and worked here for thousands of years.
The objects of the group, are:
1. to establish and maintain museum(s) and/or archive(s) for the benefit of the public, and in pursuit of that object:
| a. | collect and preserve artefacts and archives including historic buildings, structures and parts thereof that are of architectural and historic interest, relating to the Chilterns and surrounding area to a published policy; |
| b. | manage, document, conserve and safeguard the Museum collections and holdings to appropriate professional standards; |
| c. | exhibit, interpret and provide access to the Museum collections and holdings; |
| d. | research, promote and publish studies of the Chilterns and surrounding area, including its vernacular buildings and building techniques; |
| e. | research, manage and preserve the skills, crafts, traditions and social history of the Chilterns; |
2. to advance education by providing engaging experiences and learning opportunities for the public, telling the
history of the Chilterns through the historic buildings, Chilterns landscapes and the people of the area.
The Museum’s mission statement is:
We welcome everyone to explore, discover and enjoy this special place, rich in Chiltern heritage and accessible to all.
And the Museum operates with the following values:
Explore, Discover and Enjoy.
To deliver these objects, mission and values, Chiltern Open-Air Museum employs staff alongside a large team of volunteers, in support of the charitable mission to operate an open-air museum and tell the story of the heritage of the Chilterns. Staff worked across a wide range of activities including visitor services, interpretation, curating the collections, running educational visits for schools, adult education and special events.
Friends of the Chiltern Open Air Museum
The Friends of Chiltern Open Air Museum is a separate charity, which supports the Museum in a number of ways, including fundraising. The Museum remains very grateful to the Friends for their unstinting efforts to support and promote the Museum.
The Trustees have paid due regard to the Charity Commission guidance on public benefit and our charitable objects and aims in deciding what activities the Museum should undertake. In line with Charity Commission guidance, the Chairman's Statement outlines details of visitor numbers, publicity and general access to the collection of thirty- eight vernacular historic buildings, which have been saved for the public and for future generations. In addition, the Chairman's Statement also outlines the wide-ranging activities carried out by the Museum and through our volunteer schemes. The Trustees of the Museum have given careful consideration to the accessibility of the Museum, to serve all members of the community including those on low incomes or for whom access to our site may be problematic. The Museum seeks funding on a regular basis to subsidise admission fees for groups who would otherwise find it difficult to visit.
A detailed review for the year can be found on the Statement of Financial Activities and the related notes for the year ended 31st January 2026.
The group's total funds increased by £1,484,812 during the year ended 31st January 2026 to £5,308,493. The increase was mainly due to the revaluation of the Charity’s Heritage and Administrative buildings in accordance with the Charity’s stated policy of revaluation every five years, which increased the revaluation reserve by £1,171,862.
The general unrestricted funds of the group decreased from £227,678 to £198,142, a decrease of £29,536, excluding the revaluation reserve and the designated funds, due to the operating deficit for the period. Designated funds decreased by £319, The unrestricted funds of the group (including the revaluation reserve and designated funds) are represented by £1,588,534 of fixed assets, £2,996,151 of heritage assets and £114,254 of net current assets,
Restricted funds increased by £342,175 to £609,554, The Board will continue to follow the practice that all major new projects must be pre-financed by grants, awards and/or specific donations.The charitable company seeks to achieve a level of free unrestricted reserves of between £140,000 and £170,000. This range has been calculated using four different scenarios in which the Charity might need to use free reserves: to cover 100% of the total costs of the closed season (December, January and February); to cover two months’ of total costs (in order to wind up the operations if applicable); to cover three months’ total staff costs; and a risk-based assessment of 2026-7 budgeted unrestricted income. The Trustees continue to work with the staff and funding bodies to build free reserves by improving the profitability of the site with resilient and profitable income streams. This reserves policy is updated regularly and discussed at the quarterly Finance & Risk meetings and the quarterly Board meetings.
Plans for the use of designated funds are governed by the plans for the Museum. Please see note 23 for further details of designated funds. Other factors, such as the volume of work and limitations imposed by the resources available at the time, will influence the schedule of expenditure being incurred on particular projects. Restricted funds are employed on specific projects. Please refer to note 22 for details of the various restricted funds.
Investment Strategy
It is the policy of the Trustees to use any surplus fund for the advancement of the group's objectives. Our investment strategy is very conservative and surplus monies are placed in easily accessible high-interest deposit accounts with COIF Charities Investment Fund and the Charities Aid Foundation bank (CAF Bank). No direct stock exchange investments are maintained. The Board reviews the Museum’s investment policy on a periodic basis.
Risk Management
The Board is aware of its responsibilities with respect to risk management. With the assistance of the Chief Executive Officer (CEO), the paid staff and professional advisers, the Board continues to monitor the major risks to which the Museum is, or may be exposed, Any current matters are brought to the notice of the Board of Management at their quarterly meetings, unless it is deemed of such importance that all Trustees should be alerted by electronic means in a more-timely manner. The CEO, with the Trustees, has constructed a Risk Matrix for the Museum’s operations.
In order to adequately identify and manage the full range of risks, the Museum has separately defined operational and external risk. The operational risks related to:
Our People – risks arising from an inappropriate level of staff/volunteers inadequately skilled, trained or managed;
Processes – inadequate or failed internal processes;
Systems – inadequately designed or maintained systems; and,
Assets – risks of damage, misappropriation or theft of the Museum’s tangible and intangible assets.
External risk is defined as the risks affecting the Museum in the following four main areas:
Economic – risk of recession or adverse economic policy affecting the Museum’s income or operations;
Business – competitor activity, supplier unreliability;
Environment – risks arising due to demographic, cultural or environmental change; and,
Political – risks caused by political unrest or uncertainty; extremists, and non-compliance with/changes to current regulation.
Risks also include the potential or actual impact on the Museum’s reputation arising from its activities or conduct of staff and volunteers.
Risk management is achieved through monitoring the group’s exposure in all these areas using a diverse range of qualitative and quantitative techniques. These are reported to the Board as detailed above to allow the Trustees and Management team to take any action required in a timely manner.
At the year-end, the key risk is the ability to build back unrestricted reserves to a sustainable level because the Charity is operating below the level of its stated unrestricted reserves policy due to year-on-year operating deficits. These have been caused by cost increases as a result of rising National Living Wage levels, the National Insurance increase in April 2025 and inflationary increases on all other costs. The biggest challenge is to grow income at the same pace as cost increases without damaging service provision or employee retention. Unrestricted grants, legacies and filming income represent important income streams in smoothing out the seasonality of the Museum and Learning operations. Catering income has shown strong growth this year and the CEO and Trustees have invested in better equipment and a more sustainable supervisory structure for the 2026 season. Furthermore, the CEO and Trustees are active in seeking further restricted grants to fund a proportion of overheads and staff costs. As 2026 is the 50th anniversary of the Museum, the Trustees and CEO will be undertaking a specific fundraising campaign for unrestricted funds.
Other key risks include: the impact of adverse and unseasonable weather on visitors and the site; recruiting and retaining skilled permanent and casual staff; and wider economic forces impacting visitor numbers and / or visitor spend-per-head.
Our risk management strategy in respect of these operational uncertainties is:
To explore ways to attract new income and to increase existing sources of income, including a review of pricing structure and a focus on unrestricted donations and grants;
To continue to develop and renew the Museum's growth strategy, while ensuring that the Museum is as accessible as possible, in order to attract and grow its audiences;
To increase investment in our Education, Events and Publicity departments in order to ensure that we continue to attract high numbers of visitors and deliver high-quality experiences to all visitors;
To continue to monitor unrestricted spending carefully to ensure that any cost rises create value within the organization and drive additional income.
At year end, the main risks facing the organisation (noted above) are detailed in the table below:
COAM Nature of Risk | Category | COAM Risk Management Strategy |
Poor weather affecting events and holiday visiting and concomitant loss of income | External – Business, Environment | Budgeting takes account of peaks and troughs in income generation due to weather changes. We must not assume that every event has perfect weather. Build resilience by creating shade for increasingly hot summer weather. |
Lack of fit between the Museum’s business plan and the current marketplace | External, Internal – Business, Strategic | Board meetings, Finance & Risk Committee, and Fundraising & Marketing committee provide challenge to business plan on a regular basis; budget process accounts for changes to market conditions. |
Insufficient return on investments | External, Internal – Business, Strategic | To seek out the best available, ethical investments that will generate the most amount of income for future financial periods in line with the Charity’s long-term strategy. |
Cost increases due to wider economic factors, like Iran War and Ukraine War or trade policy | External, Internal – Business, Economic | Monitor costs through close attention to monthly management accounts sent to departmental managers and CEO as well as quarterly Board reports and out-turn analysis as required. |
Recruitment and retention of skilled staff | Internal - Operational and Strategic | Use informal networks and external recruitment websites to encourage applications; offer support and training to ensure there are no barriers to recruitment / retention. |
Being unable to build back reserves | Internal – Operational and Strategic | Price increases, pricing model review, target unrestricted grants and donations, grow visitor numbers, grow additional income streams e.g. filming. |
Landlord building programme adjacent to museum disrupts the visitor experience | External - Operational | Maintain good relationship with landlord and good communication channels plus insurance for some disruption risks. |
Plans for future periods
The Chairman’s report and the Reserves statement include details of plans for the group in future periods.
Chiltern Open-Air Museum Limited is a company limited by guarantee, No. 01279396, and a registered charity, No. 272381. It is governed by its Memorandum and Articles of Association.
The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
The voluntary Board of Management manages the activities of the group. Its members (who are directors for the purposes of company law and Trustees for the purposes of charity law) receive no remuneration. They must be members of the group and can be appointed by the Board until the next Annual General Meeting, when they are eligible for election. The term of office for directors shall be three years and a director who has served for three consecutive terms may not be reappointed for a fourth consecutive term but may be reappointed after an interval of at least one year. The number of members of the Board shall not be less than five nor more than fifteen. The Board of Management normally meets quarterly to consider all aspects of the management of the charitable company.
All new/prospective Trustees are interviewed by the Chairman and other Trustees, and references are taken up before election. Current Trustees vote to appoint a new Trustee.
There is an induction programme for new Trustees / directors. Companies House and the Charity Commission provides useful documents on the responsibilities of a Company Director and / or Trustee and these are provided to all new Trustees. They meet with the Chairman and CEO for an introduction to the company and a site visit, observe a Board meeting prior to appointment, and receive a copy of the accounts and recent Board papers. If existing Trustees require additional training, a programme is developed to meet their specific needs.
The CEO controls the day-to-day operations of the Museum with a staff roll as at 31 January 2026 of 15.4 full-time equivalents (202, 16). There is a pool of around 42 casual staff (2025, 39 casual staff) on zero-hour contracts, who are not included in these numbers. The slight decrease in FTE staff numbers was due to a redundancy and cost saving exercise in November 2024 to January 2025. However, after being awarded three separate grants to support staff costs, we have been able to bolster the permanent staff numbers to support growth in this financial year and beyond.
Planning and organisation of the Museum operations is discussed with the senior management team at meetings held regularly throughout the year. The Museum has two Board sub-committee groups (Finance & Risk Management and Marketing & Fundraising) that meet regularly to discuss the financial performance of the Group and the development of income streams, respectively. Staff are encouraged to undergo training either by attending courses being run at the Museum or delivered externally for the purposes of Continued Professional Development (CPD).
All volunteers operate under the direction of the Museum, usually working for a member of staff. All new volunteers receive induction training following an initial interview. There is also ongoing training available for volunteers, delivered by the Museum staff, as well as by volunteer external consultants.
In accordance with the company's articles, a resolution proposing that Azets Audit Services be reappointed as auditor of the company will be put at a General Meeting.
The trustees' report was approved by the Board of Trustees.
The Trustees, who are also the directors of Chiltern Open-Air Museum Limited for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law 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 charitable company for that year.
In preparing these financial statements, the Trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in operation.
The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Opinion
We have audited the financial statements of Chiltern Open-Air Museum Limited and its subsidiary (the 'group') for the year ended 31 January 2026 which comprise the group statement of financial activities, the group and charity balance sheets, the group cashflow statement,, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The Trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the trustees' report for the financial year for which the financial statements are prepared, which includes the directors' report prepared for the purposes of company law, is consistent with the financial statements; and
the directors' report included within the trustees' report has been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the group and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report included within the trustees' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of trustees' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the Trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the trustees' report and from the requirement to prepare a strategic report.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Extent to which the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.
We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.
In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:
Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;
Reviewing minutes of meetings of those charged with governance;
Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the entity through enquiry and inspection;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Use of our report
This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Investments
Raising funds
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 16 to 36 form part of these financial statements.
Investments
Raising funds
The notes on pages 16 to 36 form part of these financial statements.
The notes on pages 16 to 36 form part of these financial statements.
Chiltern Open-Air Museum Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Newland Park, Gorelands Lane, Chalfont St. Giles, Buckinghamshire, HP8 4AB, United Kingdom.
The financial statements have been prepared in accordance with the Charity's Memorandum and Articles of Association, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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). The Charity is a Public Benefit Entity as defined by FRS 102.
The financial statements are prepared in sterling, which is the functional currency of the group. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of certain fixed assets at fair value. The principal accounting policies adopted are set out below.
At the time of approving the financial statements, the Trustees have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.
Designated funds comprise funds which have been set aside at the discretion of the Trustees for specific purposes. The purposes and uses of the designated funds are set out in the notes to the financial statements.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Income is recognised when the group is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the Charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Items costing less than £1,500 and gifts in kind of assets valued by the Board at less than £1,500 are not capitalised.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
Heritage assets are professionally revalued every five years for insurance purposes and their value for these accounts are based on this valuation adjusted where appropriate for impairment losses. Gains and losses on revaluation are recognised in the statement of total recognised gains and losses. Heritage assets acquired or constructed between professional valuations are included in the accounts at cost. The trustees do not consider it appropriate to charge depreciation in respect of Heritage Assets since these are deemed to have indeterminate lives.
Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.
A subsidiary is an entity controlled by the Charity. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
At each reporting end date, the Charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the balance sheet when the entity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities, including creditors, are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.
Financial liabilities are derecognised when the Charity’s contractual obligations expire or are discharged or cancelled.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the group is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Grants
Public admissions
Educational services
Catering, shop, and wedding income
Site access and other income
Investments
Raising funds
Building preservation & interpretation
Educational services
Publicity
Building preservation & interpretation
Educational services
Publicity
Site and exhibit costs
Marketing
Administrative and other costs
None of the Trustees (or any persons connected with them) received any remuneration or benefits from the group during the year.
The average monthly number of employees during the year was:
These numbers include permanent staff and casual staff who work seasonally.
The Museum has a pool of casual staff, who work predominantly in Education or Catering. The staff costs pertaining to catering are re-charged to COAME on a monthly basis.
Key Management Personnel remuneration in the year totalled £58,010 (2025 - £58,177).
The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.
Impairment tests have been carried out where appropriate and the following impairment (gains)/losses have been recognised in the Statement of Financial Activities:
More information on the impairment arising in the year is given in note 15.
The Astleham Manor Cottages and the Blythe Road Pavilion, which are both Museum exhibits, are also used as administrative buildings. The Astleham Manor Cottages serve as the group's administrative centre and house the centralised security system. The Blythe Road Pavilion serves as the Museum's main entrance facility and houses the shop.
Administrative Buildings and Museum Exhibits were valued in April 2026, by Sedgwick International UK in accordance with guidance set out by the Royal Institution of Chartered Surveyors for insurance purposes. These asset valuations will be reviewed in line with insurance valuations, which are due to be carried out at 5 year intervals.
Included in Administrative Buildings & Museum Exhibits is £1 which relates to the freehold of COAM's site. Chiltern Open Air Museum (COAM) reached agreement in principle with Asino Ltd, a subsidiary of Comer Homes Ltd, to acquire the freehold of COAM's site from Asino Ltd for £1. The transfer was subsequently completed on 26 April 2023. This transfer was one of the planning conditions Asino Ltd agreed to it in its planning approval for development of Newland Park and included in its section 106 Agreement with Buckinghamshire County Council dated 4 July 2016. The s106 agreement also included a condition that the freehold transfer to COAM should include a grant to Asino Ltd (transferable for £1 if a trigger event has occurred). Broadly speaking the trigger events are if COAM is subject to an insolvency or the site is no longer used for the permitted use as an open air museum.
Heritage assets were valued on a reinstatement basis in April 2026, by Sedgwick International UK in accordance with the guidance set by the Royal Institution of Chartered Surveyors for insurance purposes. These asset valuations will be reviewed in line with insurance valuations, which are due to be carried out at 5-year intervals. Heritage assets that have not been reconstructed on site are excluded from the current valuation noted below on the basis that the value is only relevant once complete.
The Charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the Charity in an independently administered fund.
The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.
Within the closing balances shown above are fixed assets with a NBV subject to depreciation. Of the closing balance of £609,554, the NBV of such assets is £162,670 (2025 - £106,326) leaving unspent funds of £446,884.
Astleham Manor Garden - Creation of an early 20th Century style garden around Astleham Manor Cottage.
Buildings Maintenance - Fund for maintenance of building premises.
Farm Equipment - Fund for vehicles and other equipment required by the farm.
Thatching Repair - Fund to support re-thatching of Leagrave Cottages.
Marwood Yard - Victorian light industrial yard project re-erecting dismantled industrial buildings.
National Lottery Heritage Fund Traineeships - four 18-month traineeships funded by NLHF to broaden access to the museum and heritage sector.
Groundworks Marquee Grant - a grant to erect a semi-permanent marquee to provide additional dry space for schools visits and Museum visitors.
Accompanied Walks and Social Prescribing - Funding to provide accompanied walks around the Museum and Social Prescribing.
Education - Rothschild Foundation - Grants for schools visits from Rothschild fund.
Finsbury Park Bandstand - Fund created to pay for the relocation of a bandstand from Finsbury Park.
Farm Workshop - Funds raised to build a new workshop for the estate team.
New Playground - Funds raised to install new playground near the village green.
Rothschild Farming Grant - funds to continue employing a site & farm assistant on a full-time basis.
Disabled Toilet Facility - Fund to provided new disabled toilet facility at the museum.
Accessible Path - funds for groundworks to continue improving the accessibility of the Museum’s building collection.
Swire Charitable Trust grant for Hill Farm Barn - funds to renovate parts of Hill Farm Barn, particularly the roof structure.
Align Grant - Grant given by HS2 / Align to further the work of the Museum by purchasing additional equipment.
Engineering Fund - Fund to enable the purchase of equipment for the Buildings team.
Chiltern Conservation Board Changing Places - Grant to purchase and install a second disabled toilet facility on site.
VE Day grant - funds to provide events and school visits celebrating the 80th anniversary of VE Day.
Other Restricted Funds - Various funds to improve the museum's site, interpretation and education.
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
The designated funds comprise amounts set aside from unrestricted funds by the Board of Trustees for various small projects that are deemed to be strategically or operationally important. For example, the carried forward funds includes an amount for Outreach work to improve the accessibility and inclusiveness of the Museum.
At the reporting end date the Charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
There were no disclosable related party transactions during the year (2025 - none).
The charity is a company limited by guarantee and therefore has no share capital. Each member's guarantee is limited to £1 whilst they are a member and for one year after ceasing to be a member.
The Charity had no material debt during the year.