Registered number: 2917725 Charity number: 1036734
THE MUSEUM OF THE BROADS
(A company limited by guarantee)
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
THE MUSEUM OF THE BROADS
(A company limited by guarantee)
| CONTENTS | |
|---|---|
| Page | |
| Reference and administrative details of the company, its Trustees and advisers | 1 |
| Trustees' report | 2 - 4 |
| Independent examiner's report | 5 |
| Statement of financial activities | 6 |
| Balance sheet | 7 - 8 |
| Notes to the financial statements | 9 - 21 |
THE MUSEUM OF THE BROADS
(A company limited by guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2020
| Patron: Henry Cator OBE, FRICS, DL Trustees Robert Paul, President and Chair |
Patron: Henry Cator OBE, FRICS, DL Trustees Robert Paul, President and Chair |
|---|---|
| David Talbot, Treasurer (resigned 14 June 2021) | |
| Trevor Bone (resigned 7 May 2021) | |
| Pamela Masters | |
| Jacqueline Griffyth | |
| Lakshan Saldin (appointed 23 October 2020) | |
| Andrew Farrell (appointed 16 July 2021) | |
| Ruth Briant (appointed 16 July 2021) | |
| Christopher Tooth (appointed 16 July 2021) | |
| Company registered number 2917725 Charity registered number 1036734 Registered office The Poor's Staithe Stalham Norwich Norfolk NR12 9DA Company secretary David Talbot |
Page 1
THE MUSEUM OF THE BROADS
(A company limited by guarantee)
TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2020
The Trustees present their Annual Report together with the financial statements of the The Museum of The Broads for the 1 January 2020 to 31 December 2020. The Annual Report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual Report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2015) as amended by Update Bulletin 1 (effective January 2015).
Since the company qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.
Objectives and activities
a. Policies and objectives
The principal object of the company is to collect, preserve and interpret the heritage of the Broads past and present for the public's benefit, education and enjoyment.
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
b. Strategies for achieving objectives
The majority of the collection of exhibits is housed at Stalham, where visitors may view the items on display. Because of space limitations, some items are stored offsite. Income is derived from admission charges and shop sales as well as a variety of fundraising events. Grants and donations are sought wherever possible to assist with funding.
c. Activities undertaken to achieve objectives
Our charitable activites around the running of a museum are all undertaken to further our charitable purposes for the public benefit.
d. Main activities undertaken to further the company's purposes for the public benefit
The collection is accessible to the public over the summer months and there is much involvement with local schools and the local community, as well as providing a source of interest for visitors.
Page 2
(A company limited by guarantee)
THE MUSEUM OF THE BROADS
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
Achievements and performance
a. Main achievements of the company
The year ending December 2020 was not surprisingly, a difficult one. Dominated by the coronavirus pandemic and with the first Government ordered lockdown beginning on March 23rd, the museum was unable to continue its normal activities.
Attendance at the museum was largely restricted to addressing essential maintenance and security checks. Volunteers were not permitted to visit the museum during the lockdowns and full covid rules were established. Nevertheless, the curator’s special exhibition on the history of Broads holidays ‘Wish You Were Here’ was completed and some essential maintenance on ‘Falcon’ and ‘Marsh Harrier’ was progressed to some extent.
The first lockdown came to an end on June 23rd but strict rules still existed and needed to be followed. No events were possible during the summer months, however in the Autumn we were once again able to take part in the very popular ‘Heritage Open Days’ scheme and our annual ‘Halloween Trail’ was able to go ahead in late October.
The museum did manage to open its doors to the public on August 2nd in a very limited way and with reduced hours. However it was successful, with the museum quite busy once again with visitors happy to visit and appreciating our efforts to provide a covid secure environment.. It was challenging as at least five volunteers were required to attend in order to abide by the rules Visitor numbers by the end of October totalled around 2000.
The second lockdown started on November 5th. So winter projects and maintenance had to be put on hold. Thanks to ‘Emergency Funding’ from Government and Arts Council England the museum’s finances held up. Also the museum staff members were placed on flexible furlough, helping to reduce overall expenditure. We were also successful in project funding from the Arts Council, the Geoffrey Watling Trust, together with North Norfolk District Council and SHARE Museums East. A major project funded by ACE was the ‘Virtual Museum’ allowing us to choose a variety of exciting objects from the collection and have images and interpretation of them available to all via our website during the lockdowns.
The hard work of the curator, administrator and volunteers made all of the above possible - thank you! And so I am happy to say by December our finances were looking healthy and that we had learnt a great deal from our experiences throughout the year. It was becoming clear that to move the reception, shop and café, possibly into Cookes Staithe would be beneficial not only in providing much more space for visitors, avoiding ‘jams’ in the Barton Building, and improving the ‘flow’ but also establishing a more attractive shop, café and sitting area. So we ended the year financially more secure and with exciting plans and projects for 2021.
Financial review
a. Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
Page 3
THE MUSEUM OF THE BROADS (A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
b. Reserves policy
Reserves are currently required to ensure that the museum can meet its day to day financial commitments and also to provide adequate premises to operate from. In the event that surplus reserves are built up, the intention is to apply these towards the acquisition and preservation of exhibits and items of relevance to the heritage of the Broads.
Structure, governance and management
a. Constitution
The Museum of The Broads is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association.
b. Methods of appointment or election of Trustees
The management of the company is the responsibility of the Trustees who are elected and co-opted under the terms of the Articles of Association.
Statement of Trustees' responsibilities
The Trustees (who are also the directors of the company for the purposes 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 . Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles of the Charities SORP (FRS 102);
-
make judgments and accounting estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the members of the board of Trustees on 17 September 2021 and signed on their behalf by:
................................................ Robert Paul
Page 4
THE MUSEUM OF THE BROADS (A company limited by guarantee)
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2020
Independent examiner's report to the Trustees of The Museum of The Broads ('the company')
I report to the charity Trustees on my examination of the accounts of the company for the year ended 31 December 2020.
Responsibilities and basis of report
As the Trustees of the company (and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the company's accounts carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
-
accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the accounting requirements of section 396 of the 2006 Act 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; or
-
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].
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.
This report is made solely to the company's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the company's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the company and the company's Trustees as a body, for my work or for this report.
Signed: Dated: 23 September 2021 Katherine Sellex ACA, CTA Norwich, Norfolk
Page 5
THE MUSEUM OF THE BROADS
(A company limited by guarantee)
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2020
| Note Income from: Donations and legacies 3 Charitable activities 4 Other trading activities 5 Investments 6 Total income Expenditure on: Raising funds 7 Charitable activities 8 Total expenditure Net (expenditure)/income Transfers between funds 19 Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Restricted funds 2020 £ 12,505 - - 24 12,529 - 15,897 15,897 (3,368) 2,928 (440) 318,468 (440) 318,028 |
Unrestricted funds 2020 £ 32,560 21,437 - 5 54,002 7,118 36,033 43,151 10,851 (2,928) 7,923 63,851 7,923 71,774 |
Total funds 2020 £ 45,065 21,437 - 29 66,531 7,118 51,930 59,048 7,483 - 7,483 382,318 7,483 389,802 |
Total funds 2019 £ 195,998 52,065 3,331 280 |
|---|---|---|---|---|
| 251,674 | ||||
| 9,519 142,198 |
||||
| 151,717 | ||||
| 99,957 - |
||||
| 99,957 | ||||
| 282,361 99,957 |
||||
| 382,318 |
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 9 to 21 form part of these financial statements.
Page 6
THE MUSEUM OF THE BROADS (A company limited by guarantee) REGISTERED NUMBER: 2917725
BALANCE SHEET AS AT 31 DECEMBER 2020
| Note Fixed assets Tangible assets 13 Current assets Stocks 14 Debtors 15 Cash at bank and in hand Creditors: amounts falling due within one year 16 Net current assets Total assets less current liabilities Creditors: amounts falling due after more than one year 17 Net assets excluding pension asset Total net assets Charity funds Restricted funds 19 Unrestricted funds Designated funds 19 General funds 19 Total unrestricted funds 19 Total funds |
2,600 1,904 73,093 77,597 (13,479) 5,002 66,770 |
2020 £ 365,682 365,682 64,118 429,800 (40,000) 389,800 389,800 318,028 71,772 389,800 |
1,600 11,436 52,907 65,943 (1,522) 1,111 62,737 |
2019 £ 367,895 367,895 64,421 432,316 (50,000) 382,316 382,316 318,468 63,848 382,316 |
|---|---|---|---|---|
The company was entitled to exemption from audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.
Page 7
THE MUSEUM OF THE BROADS
(A company limited by guarantee) REGISTERED NUMBER: 2917725
BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2020
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
The financial statements were approved and authorised for issue by the Trustees on 17 September 2021 and signed on their behalf by:
Robert Paul
The notes on pages 9 to 21 form part of these financial statements.
Page 8
THE MUSEUM OF THE BROADS
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
1. Accounting policies
1.1 Basis of preparation of financial statements
The financial statements 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 2015), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
The Museum of The Broads meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
1.2 Income
All income is recognised once the company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Grants are included in the Statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
1.3 Expenditure
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. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Expenditure on raising funds includes all expenditure incurred by the company to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the company's objectives, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
1.4 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the company; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
Page 9
THE MUSEUM OF THE BROADS
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
1. Accounting policies (continued)
1.5 Tangible fixed assets and depreciation
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, .
Depreciation is provided on the following bases:
- Freehold property Not depreciated - Plant and machinery 20% reducing balance - Office equipment 20% reducing balance
1.6 Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
1.7 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
1.8 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
1.9 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.
Page 10
THE MUSEUM OF THE BROADS (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
1. Accounting policies (continued)
1.10 Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
1.11 Pensions
The company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in respect of the year.
1.12 Fund accounting
General funds are unrestricted funds which 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 is set out in the notes to the financial statements.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the company for particular purposes. The costs 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.
Investment income, gains and losses are allocated to the appropriate fund.
2. General information
The principal object of the company is to collect, preserve and interpret the heritage of the Broads past andpresent for the public's benefit, education and enjoyment. The majority of the collection of exhibits is housed at Stalham, where visitors may view the items on display. Because of space limitations, some items are stored offsite. Income is derived from admission charges, boat trips and shop sales as well as a variety of fundraising events. Grants and donations are sought wherever possible to assist with funding.
Page 11
(A company limited by guarantee)
THE MUSEUM OF THE BROADS
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
3. Income from donations and legacies
| Donations Grants Donations Grants |
Restricted funds 2020 £ 500 12,005 12,505 Restricted funds 2019 £ 186,689 - 186,689 |
Unrestricted funds 2020 £ 5,875 26,685 32,560 Unrestricted funds 2019 £ 7,978 1,330 9,308 |
Total funds 2020 £ 6,375 38,690 |
|---|---|---|---|
| 45,065 | |||
| Total funds 2019 £ 194,667 1,330 |
|||
| 195,997 |
4. Income from charitable activities
| Income from charitable activities - Museum Visitors Income from charitable activities - Shop & Cafe Total 2020 |
Unrestricted funds 2020 £ 18,810 2,627 21,437 |
Total funds 2020 £ 18,810 2,627 |
|---|---|---|
| 21,437 |
Page 12
(A company limited by guarantee)
THE MUSEUM OF THE BROADS
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
4. Income from charitable activities (continued)
| Income from charitable activities - Museum Visitors Income from charitable activities - Shop & Cafe Total 2019 |
Unrestricted funds 2019 £ 39,078 12,987 52,065 |
Total funds 2019 £ 39,078 12,987 |
|---|---|---|
| 52,065 |
| 5. | Income from other trading activities |
|---|---|
| Income from fundraising events |
Total funds 2020 £
| Unrestricted | Total | |
|---|---|---|
| funds | funds | |
| 2019 | 2019 | |
| £ | £ | |
| Events | 3,331 | 3,331 |
6. Investment income
| Restricted | Unrestricted | Total | |
|---|---|---|---|
| funds | funds | funds | |
| 2020 | 2020 | 2020 | |
| £ | £ | £ | |
| Investment income - local cash | 24 | 5 | 29 |
Page 13
THE MUSEUM OF THE BROADS
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
6. Investment income (continued)
| Investment income - local cash 7. Expenditure on raising funds Costs of raising voluntary income |
Restricted funds 2019 £ 217 |
Unrestricted funds 2019 £ 63 |
Total funds 2019 £ 280 |
|---|---|---|---|
| Unrestricted funds 2020 £ Advertising, Marketing and Leaflet distribution 7,118 Unrestricted funds 2019 £ Advertising, Marketing and Leaflet distribution 9,519 |
Total funds 2020 £ 7,118 |
|---|---|
| Total funds 2019 £ 9,519 |
Page 14
(A company limited by guarantee)
THE MUSEUM OF THE BROADS
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
8. Analysis of expenditure on charitable activities
Summary by fund type
| Museum Visitors Shop & Cafe Site Maintenance Museum Visitors Shop & Cafe Site Maintenance |
Restricted funds 2020 £ 15,897 - - 15,897 Restricted funds 2019 £ 72,301 - - 72,301 |
Unrestricted funds 2020 £ 28,400 1,981 5,652 36,033 Unrestricted funds 2019 £ 55,928 7,240 6,729 69,897 |
Total funds 2020 £ 44,297 1,981 5,652 |
|---|---|---|---|
| 51,930 | |||
| Total funds 2019 £ 128,229 7,240 6,729 |
|||
| 142,198 |
9. Analysis of expenditure by activities
| Museum Visitors Shop & Cafe Site Maintenance |
Activities undertaken directly 2020 £ 23,981 1,981 5,652 31,614 |
Support costs 2020 £ 20,316 - 1 20,317 |
Total funds 2020 £ 44,297 1,981 5,653 |
|---|---|---|---|
| 51,930 |
Page 15
(A company limited by guarantee)
THE MUSEUM OF THE BROADS
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
9. Analysis of expenditure by activities (continued)
| Museum Visitors Shop & Cafe Site Maintenance |
Activities undertaken directly 2019 £ 108,764 7,240 6,729 122,733 |
Support costs 2019 £ 19,466 - - 19,466 |
Total funds 2019 £ 128,230 7,240 6,729 |
|---|---|---|---|
| 142,198 |
10. Independent examiner's remuneration
The independent examiner's remuneration amounts to an independent examiner fee of £ - ( 2019 - £ - ).
11. Staff costs
| Wages and salaries Contribution to defined contribution pension schemes |
2020 £ 13,064 199 13,263 |
2019 £ 24,982 207 |
|---|---|---|
| 25,189 |
The average number of persons employed by the company during the year was as follows:
| 2020 | 2019 | |
|---|---|---|
| No. | No. | |
| Museum Staff | 4 | 5 |
No employee received remuneration amounting to more than £60,000 in either year.
12. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2019 - £NIL) .
During the year ended 31 December 2020, expenses totalling £ 232 were reimbursed or paid directly to 1 Trustee (2019 - £1,318 to 3 Trustees) .
Page 16
(A company limited by guarantee)
THE MUSEUM OF THE BROADS
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
13. Tangible fixed assets
| Cost or valuation At 1 January 2020 At 31 December 2020 Depreciation At 1 January 2020 Charge for the year At 31 December 2020 Net book value At 31 December 2020 At 31 December 2019 14. Stocks Finished goods and goods for resale 15. Debtors Due within one year Other debtors Prepayments and accrued income Tax recoverable |
Freehold property £ 356,830 356,830 - - - 356,830 356,830 |
Plant and machinery £ 44,534 44,534 36,631 1,581 38,212 6,322 7,903 |
Office equipment £ 20,848 20,848 17,686 632 18,318 2,530 3,162 2020 £ 2,600 |
Total £ 422,212 422,212 54,317 2,213 56,530 365,682 367,895 2019 £ 1,600 |
||
|---|---|---|---|---|---|---|
| 2020 £ - - 1,904 |
2019 £ 200 1,236 10,000 |
|||||
| 1,904 | 11,436 |
Page 17
THE MUSEUM OF THE BROADS
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
16. Creditors: Amounts falling due within one year
| Bank overdrafts Other loans Other taxation and social security Other creditors Accruals and deferred income |
2020 £ 1,411 10,000 484 1,512 72 13,479 |
2019 £ 75 - - 1,447 - |
|---|---|---|
| 1,522 |
17. Creditors: Amounts falling due after more than one year
| 2020 | 2019 | |
|---|---|---|
| £ | £ | |
| Other loans | 40,000 | 50,000 |
18. Financial instruments
| 2020 | 2019 | |
|---|---|---|
| £ | £ | |
| Financial assets | ||
| Financial assets measured at fair value through income and expenditure | 73,093 | 52,907 |
Financial assets measured at fair value through income and expenditure comprise cash balances held at banks.
Page 18
(A company limited by guarantee)
THE MUSEUM OF THE BROADS
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
19. Statement of funds
Statement of funds - current year
| Unrestricted funds Designated funds Cooke's Staithe General funds General Funds - all funds Total Unrestricted funds Restricted funds Property fund 2016 Legacy fund Boat / engine fund Other restricted funds Business Development Arts Council - COVID Total of funds |
Balance at 1 January 2020 £ 1,111 62,737 63,848 287,286 31,182 - - - - 318,468 382,316 |
Income £ 4,641 49,361 54,002 - 24 - 1,800 - 10,705 12,529 66,531 |
Expenditure £ (750) (42,400) (43,150) (964) - (1,200) (1,303) (1,725) (10,705) (15,897) (59,047) |
Transfers in/out £ - (2,928) (2,928) - - 1,200 3 1,725 - 2,928 - |
Balance at 31 December 2020 £ 5,002 |
|---|---|---|---|---|---|
| 66,770 | |||||
| 71,772 | |||||
| 286,322 31,206 - 500 - - |
|||||
| 318,028 | |||||
| 389,800 |
Page 19
THE MUSEUM OF THE BROADS (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
20. Summary of funds
Summary of funds - current year
| Designated funds General funds Restricted funds |
Balance at 1 January 2020 £ 1,111 62,737 318,468 382,316 |
Income £ 4,641 49,361 12,529 66,531 |
Expenditure £ (750) (42,400) (15,897) (59,047) |
Transfers in/out £ - (2,928) 2,928 - |
Balance at 31 December 2020 £ 5,002 66,770 318,028 |
|---|---|---|---|---|---|
| 389,800 |
21. Analysis of net assets between funds
Analysis of net assets between funds - current period
| Tangible fixed assets Current assets Creditors due within one year Creditors due in more than one year Total |
Restricted funds 2020 Unrestricted funds 2020 £ £ 286,321 79,361 31,707 45,890 - (13,479) - (40,000) 318,028 71,772 |
Total funds 2020 £ 365,682 77,597 (13,479) (40,000) 389,800 |
|---|---|---|
Page 20
(A company limited by guarantee)
THE MUSEUM OF THE BROADS
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
21. Analysis of net assets between funds (continued)
Analysis of net assets between funds - prior period
| Tangible fixed assets Current assets Creditors due within one year Creditors due in more than one year Total |
Restricted funds 2019 £ 318,467 - - - 318,467 |
Unrestricted funds 2019 £ 49,428 65,944 (1,522) (50,000) 63,850 |
Total funds 2019 £ 367,895 65,944 (1,522) (50,000) 382,317 |
|---|---|---|---|
22. Pension commitments
The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £199 (2019 - £207)
Page 21