**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 2021**
## **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 - 5|
|**Independent examiner's report**|6|
|**Statement of financial activities**|7|
|**Balance sheet**|8 - 9|
|**Notes to the financial statements**|10 - 23|
## **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 2021**
|**Trustees**|Robert Paul, President and Chair|
|---|---|
||David Talbot, Treasurer (resigned 14 June 2021)|
||Trevor Bone (resigned 7 May 2021)|
||Pamela Masters|
||Jacqueline Griffyth, Treasurer|
||Lakshan Saldin (resigned 11 March 2022)|
||Andrew Farrell (appointed 16 July 2021)|
||Ruth Briant (appointed 16 July 2021)|
||Christopher Tooth (appointed 16 July 2021)|
||Piers Warner (appointed 11 March 2022)|
||David Hingley (appointed 11 March 2022)|
|**Company registered**
**number**
2917725
**Charity registered**
**number**
1036734
**Registered office**
The Poor's Staithe
Stalham
Norwich
Norfolk
NR12 9DA
**Company secretary**
Jacqueline Griffyth
**Patron**
Henry Cator OBE, FRICS, DL
**Accountants**
MA Partners LLP
Chartered Accountants
7 The Close
Norwich
Norfolk
NR1 4DJ||
Page 1
## **THE MUSEUM OF THE BROADS (A company limited by guarantee)**
## **TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2021**
The Trustees present their Annual Report together with the financial statements of the The Museum of The Broads for the year 1 January 2021 to 31 December 2021. 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 2019).
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, boat trips 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 activities 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
## **THE MUSEUM OF THE BROADS**
## **(A company limited by guarantee)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021**
## **Achievements and performance**
## **a. Main achievements of the company**
The Covid pandemic unfortunately continued to make its presence felt throughout the first half of 2021. For the Museum, it meant that volunteers were unable to attend in the early part of the year resulting in the late opening date of July 27th, on Norfolk Day.
We again had to restrict opening to just three days each week, Sunday, Tuesday and Thursday. This was due to our still needing more volunteers on site to clean touch points and assist visitors. However, we saw good numbers of visitors coming through the door and taking advantage of our popular boat trips.
The decision was made to continue the annual exhibition of 2020, ‘Wish You Were Here,’ about the history of Broads holidays. In addition, we hosted the ‘Broadland Futures Initiative’ with support from the Broads Authority and the Environment Agency.
For the second year in a row, we were unable to hold many of our usual events but the ‘Steam and Sail Days’ and ‘Heritage Open Days’ were a great success as was the ‘Halloween Trail’ in October. The Thursday of that week saw the best results in a single day the Museum has ever seen.
Further grants were applied for, with some success, boosting Museum finances through these challenging times. Grants were received from the Government’s Job Retention and Covid Restrictions schemes, Arts Council England’s Cultural Recovery Grant, Love the Broads, and SHARE. The last was a major success as it allowed us to commission some promotional videos and a ‘contactless donation point’.
By the closing date at the end of October, our total admissions stood at around 2,500 with an overall income of around £25,000. This was a satisfactory result under the circumstances. We hope 2022 will see the Museum able to return to pre-pandemic levels.
## **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 2021**
## **b. Reserves policy**
The charity's total cash and bank balances at 31 December 2021 were £77,472 of which £33,271 were restricted funds:
|2016 Legacy fund|£31,206|
|---|---|
|Changing Places project|£500|
|Life jackets fund|£1,360|
|Archant film fund|£205|
A further £19,421 was designated by the Board for the following purposes:
Maintenance reserve (for essential winter repairs) £1,221 Operational reserve £18,200
This leaves free cash reserves at 31 December 2021 of £24,780.
It is the charity's aim to increase and maintain the Operational reserve to always retain 6 months of operational expenditure, given the negligible income received during the closed season and the uncertain trading conditions arising from the Covid pandemic.
The Trustees have taken steps to sustain and improve the charity’s financial position including adopting a detailed budget and forecast for the year 2022. Control of costs and increased revenue are paramount to the continued viability of the charity.
This policy will be reviewed annually by the Treasurer to ensure that the amount matches the targeted average monthly expenditure.
## **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.
Page 4
## **THE MUSEUM OF THE BROADS**
## **(A company limited by guarantee)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021**
## **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 year. 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 and signed on their behalf by:
................................................ **Robert Paul**
Date: 28 April 2022
Page 5
## **THE MUSEUM OF THE BROADS**
## **(A company limited by guarantee)**
## **INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2021**
## **Independent examiner's report to the Trustees of The Museum of The Broads ('the company')**
We report to the charity Trustees on our examination of the accounts of the company for the year ended 31 December 2021.
## **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 ourselves 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, we report in respect of our examination of the company's accounts carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out our examination we have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
## **Independent examiner's statement**
We have completed our examination. We confirm that no matters have come to our attention in connection with the examination giving us cause to believe:
1. accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or
2. the accounts do not accord with those records; or
3. 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
4. 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.
We 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. Our work has been undertaken so that we might state to the company's Trustees those matters we are required to state to them in an Independent examiner'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 company and the company's Trustees as a body, for our work or for this report.
Signed: **Mr Frank Shippam BSc FCA DChA**
Dated:
## **MA Partners LLP**
Chartered Accountants 7 The Close Norwich Norfolk NR1 4DJ
Page 6
## **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 2021**
|**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 movement in funds**
**Reconciliation of funds:**
Total funds brought forward
Net movement in funds
**Total funds carried forward**|**Restricted**
**funds**
**2021**
**£**
**8,246**
**-**
**-**
**-**
**8,246**
**-**
**7,452**
**7,452**
**794**
**318,028**
**794**
**318,822**|**Unrestricted**
**funds**
**2021**
**£**
**35,985**
**30,992**
**730**
**7**
**67,714**
**3,443**
**68,851**
**72,294**
**(4,580)**
**71,772**
**(4,580)**
**67,192**|**Total**
**funds**
**2021**
**£**
**44,231**
**30,992**
**730**
**7**
**75,960**
**3,443**
**76,303**
**79,746**
**(3,786)**
**389,800**
**(3,786)**
**386,014**|_Total_
_funds_
_2020_
_£_
_45,065_
_21,437_
_-_
_29_|
|---|---|---|---|---|
|||||_66,531_|
|||||_7,117_
_51,929_|
|||||_59,046_|
|||||_7,485_|
|||||_382,315_
_7,485_|
|||||_389,800_|
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 10 to 23 form part of these financial statements.
Page 7
## **THE MUSEUM OF THE BROADS (A company limited by guarantee) REGISTERED NUMBER: 2917725**
## **BALANCE SHEET AS AT 31 DECEMBER 2021**
|**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
**Total net assets**
**Charity funds**
Restricted funds
19
Unrestricted funds
Designated funds
19
General funds
19
Total unrestricted funds
19
**Total funds**|**2,600**
**3,425**
**77,472**
**83,497**
**(12,214)**
**19,421**
**47,771**|**2021**
**£**
**349,731**
**349,731**
**71,283**
**421,014**
**(35,000)**
**386,014**
**318,822**
**67,192**
**386,014**|_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_
_318,028_
_71,772_
_389,800_|
|---|---|---|---|---|
Page 8
## **THE MUSEUM OF THE BROADS**
**(A company limited by guarantee) REGISTERED NUMBER: 2917725**
# **BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2021**
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.
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 and signed on their behalf by:
................................................
**Robert Paul**
Date: 28 April 2022
The notes on pages 10 to 23 form part of these financial statements.
Page 9
**THE MUSEUM OF THE BROADS**
**(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021**
## **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 2019), 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 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 10
**THE MUSEUM OF THE BROADS**
**(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021**
## **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 11
**(A company limited by guarantee)**
## **THE MUSEUM OF THE BROADS**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021**
## **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 and present 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 12
## **THE MUSEUM OF THE BROADS**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021**
## **3. Income from donations and legacies**
|Donations
Grants
_Total 2020_|**Restricted**
**funds**
**2021**
**Unrestricted**
**funds**
**2021**
**£**
**£**
-
5,531
8,246
30,454
8,246
35,985
_12,505_
_32,560_|**Total**
**funds**
**2021**
**£**
**5,531**
**38,700**
**44,231**
_45,065_|_Total_
_funds_
_2020_
_£_
_6,375_
_38,690_|
|---|---|---|---|
||||_45,065_|
|||||
## **4. Income from charitable activities**
|**Unrestricted**
**funds**
**2021**
**£**
Income from charitable activities - Museum Visitors
25,748
Income from charitable activities - Shop & Cafe
5,244
30,992|**Total**
**funds**
**2021**
**£**
**25,748**
**5,244**
**30,992**|_Total_
_funds_
_2020_
_£_
_18,810_
_2,627_|
|---|---|---|
|||_21,437_|
## **5. Income from other trading activities Income from fundraising events**
||**Unrestricted**|**Total**|_Total_|
|---|---|---|---|
||**funds**|**funds**|_funds_|
||**2021**|**2021**|_2020_|
||**£**|**£**|_£_|
|Events|730|**730**|_-_|
Page 13
## **THE MUSEUM OF THE BROADS**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021**
## **6. Investment income**
|Investment income - local cash
_Total 2020_|**Restricted**
**funds**
**2021**
**Unrestricted**
**funds**
**2021**
**£**
**£**
-
7
_24_
_5_|**Total**
**funds**
**2021**
**£**
**7**
_29_|_Total_
_funds_
_2020_
_£_
_29_|
|---|---|---|---|
|||||
## **7. Expenditure on raising funds Costs of raising voluntary income**
||**Unrestricted**|**Total**|_Total_|
|---|---|---|---|
||**funds**|**funds**|_funds_|
||**2021**|**2021**|_2020_|
||**£**|**£**|_£_|
|Advertising, Marketing and Leaflet distribution|3,443|**3,443**|_7,117_|
Page 14
**THE MUSEUM OF THE BROADS (A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021**
## **8. Analysis of expenditure on charitable activities**
## **Summary by fund type**
|Museum Visitors
Shop & Cafe
Site Maintenance
_Total 2020_|**Restricted**
**funds**
**2021**
**Unrestricted**
**funds**
**2021**
**£**
**£**
7,452
58,824
-
3,487
-
6,540
7,452
68,851
_15,897_
_36,032_|**Total**
**funds**
**2021**
**£**
**66,276**
**3,487**
**6,540**
**76,303**
_51,929_|_Total_
_funds_
_2020_
_£_
_44,297_
_1,981_
_5,651_|
|---|---|---|---|
||||_51,929_|
|||||
## **9. Analysis of expenditure by activities**
|Museum Visitors
Shop & Cafe
Site Maintenance
_Total 2020_|**Activities**
**undertaken**
**directly**
**2021**
**£**
43,002
3,487
6,540
53,029
_31,613_|**Support**
**costs**
**2021**
**£**
23,274
-
-
23,274
_20,316_|**Total**
**funds**
**2021**
**£**
**66,276**
**3,487**
**6,540**
**76,303**
_51,929_|_Total_
_funds_
_2020_
_£_
_44,297_
_1,981_
_5,651_|
|---|---|---|---|---|
|||||_51,929_|
||||||
Page 15
## **THE MUSEUM OF THE BROADS**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021**
## **9. Analysis of expenditure by activities (continued)**
## **Analysis of direct costs**
|Staff costs
General running expenses
Project costs
_Total 2020_|**Museum**
**Visitors**
**2021**
**£**
21,439
21,563
-
43,002
_23,981_|**Shop &**
**Cafe**
**2021**
**£**
-
3,487
-
3,487
_1,981_|**Site**
**Maintenance**
**2021**
**£**
-
6,540
-
6,540
_5,651_|**Total**
**funds**
**2021**
**£**
**21,439**
**31,590**
**-**
**53,029**
_31,613_|_Total_
_funds_
_2020_
_£_
_13,263_
_17,600_
_750_
_31,613_|
|---|---|---|---|---|---|
## **Analysis of support costs**
|Depreciation
Rent and rates
Computer and stationery
Insurance
Other support costs
Governance costs|**Museum**
**Visitors**
**2021**
**£**
1,975
4,602
5,317
5,701
3,213
2,466
23,274|**Total**
**funds**
**2021**
**£**
**1,975**
**4,602**
**5,317**
**5,701**
**3,213**
**2,466**
**23,274**|_Total_
_funds_
_2020_
_£_
_2,213_
_3,786_
_11,546_
_31_
_1,722_
_1,018_|
|---|---|---|---|
||||_20,316_|
## **10. Independent examiner's remuneration**
The independent examiner's remuneration amounts to an independent examiner fee of £1,440 ( _2020_ - _£ -_ ).
Page 16
**(A company limited by guarantee)**
## **THE MUSEUM OF THE BROADS**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021**
## **11. Staff costs**
|Wages and salaries
Contribution to defined contribution pension schemes|**2021**
**£**
**21,194**
**245**
**21,439**|_2020_
_£_
_13,064_
_199_|
|---|---|---|
||||
|||_13,263_|
The average number of persons employed by the company during the year was as follows:
||**2021**|_2020_|
|---|---|---|
||**No.**|_No._|
|Museum Staff|**2**|_4_|
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 _(2020 - £NIL)_ .
During the year ended 31 December 2021, expenses totalling _£_ 147 were reimbursed or paid directly to 1 Trustee _(2020 - £232 to 1 Trustee)_ .
Page 17
**(A company limited by guarantee)**
## **THE MUSEUM OF THE BROADS**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021**
## **13. Tangible fixed assets**
|**Cost or valuation**
At 1 January 2021
Additions
Disposals
At 31 December 2021
**Depreciation**
At 1 January 2021
Charge for the year
At 31 December 2021
**Net book value**
At 31 December 2021
_At 31 December 2020_
**14.**
**Stocks**
Finished goods and goods for resale
**15.**
**Debtors**
Tax recoverable|**Freehold**
**property**
**£**
**356,830**
**-**
**(15,000)**
**341,830**
**-**
**-**
**-**
**341,830**
_356,830_|**Plant and**
**machinery**
**£**
**44,534**
**-**
**-**
**44,534**
**38,212**
**1,264**
**39,476**
**5,058**
_6,322_||**Office**
**equipment**
**£**
**20,848**
**1,025**
**-**
**21,873**
**18,318**
**711**
**19,029**
**2,844**
_2,530_
**2021**
**£**
**2,600**
**2021**
**£**
**3,425**
**3,425**|**Total**
**£**
**422,212**
**1,025**
**(15,000)**
**408,237**
**56,530**
**1,975**
**58,505**
**349,732**
_365,682_
_2020_
_£_
_2,600_
_2020_
_£_
_1,904_
_1,904_|
|---|---|---|---|---|---|
|||||||
|||||||
|||||||
|||||||
|||||||
|||||||
Page 18
## **THE MUSEUM OF THE BROADS**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021**
## **16. Creditors: Amounts falling due within one year**
|Bank overdrafts
Other loans
Other taxation and social security
Other creditors
Accruals and deferred income|**2021**
**£**
**-**
**5,000**
**190**
**5,020**
**2,004**
**12,214**|_2020_
_£_
_128_
_10,000_
_484_
_2,795_
_72_|
|---|---|---|
||||
|||_13,479_|
## **17. Creditors: Amounts falling due after more than one year**
||**2021**|_2020_|
|---|---|---|
||**£**|_£_|
|Other loans|**35,000**|_40,000_|
## **18. Financial instruments**
||**2021**|_2020_|
|---|---|---|
||**£**|_£_|
|**Financial assets**|||
|Financial assets measured at fair value through income and expenditure|**77,472**|_73,093_|
Financial assets measured at fair value through income and expenditure comprise cash balances held at banks.
Page 19
**(A company limited by guarantee)**
## **THE MUSEUM OF THE BROADS**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021**
## **19. Statement of funds**
**Statement of funds - current year**
|**Balance at 1**
**January**
**2021**
**£**
**Unrestricted funds**
**Designated funds**
Cooke's Staithe
**5,002**
Maintenance reserve
**-**
Operational reserve
**-**
**5,002**
**General funds**
General Funds - all funds
**66,770**
**Total Unrestricted funds**
**71,772**
**Restricted funds**
Property fund
**286,322**
2016 Legacy fund
**31,206**
Other restricted funds
**500**
Life jackets fund
**-**
Film fund
**-**
Archive fund
**-**
**318,028**
**Total of funds**
**389,800**|**Income**
**£**
**Expenditure**
**£**
**5,856**
**(6,224)**
**-**
**-**
**-**
**-**
**5,856**
**(6,224)**
**61,858**
**(66,070)**
**67,714**
**(72,294)**
**-**
**(771)**
**-**
**-**
**1,581**
**(1,581)**
**1,360**
**-**
**2,305**
**(2,100)**
**3,000**
**(3,000)**
**8,246**
**(7,452)**
**75,960**
**(79,746)**|**Transfers**
**in/out**
**£**
**(4,634)**
**1,221**
**18,200**
**14,787**
**(14,787)**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**|**Balance at**
**31**
**December**
**2021**
**£**
**-**
**1,221**
**18,200**|
|---|---|---|---|
||||**19,421**|
||||**47,771**|
||||**67,192**|
||||**285,551**
**31,206**
**500**
**1,360**
**205**
**-**|
||||**318,822**|
||||**386,014**|
Page 20
**(A company limited by guarantee)**
## **THE MUSEUM OF THE BROADS**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021**
## **19. Statement of funds (continued)**
## **Statement of funds - prior 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 21
## **THE MUSEUM OF THE BROADS**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021**
## **20. Summary of funds**
## **Summary of funds - current year**
|**Balance at 1**
**January**
**2021**
**£**
Designated funds
**5,002**
General funds
**66,770**
Restricted funds
**318,028**
**389,800**
**Summary of funds - prior year**
_Balance at_
_1 January_
_2020_
_£_
Designated funds
_1,111_
General funds
_62,737_
Restricted funds
_318,468_
_382,316_|**Income**
**£**
**Expenditure**
**£**
**5,856**
**(6,224)**
**61,858**
**(66,070)**
**8,246**
**(7,452)**
**75,960**
**(79,746)**
_Income_
_£_
_Expenditure_
_£_
_4,641_
_(750)_
_49,361_
_(42,400)_
_12,529_
_(15,897)_
_66,531_
_(59,047)_|**Transfers**
**in/out**
**£**
**14,787**
**(14,787)**
**-**
**-**
_Transfers_
_in/out_
_£_
_-_
_(2,928)_
_2,928_
_-_|**Balance at**
**31**
**December**
**2021**
**£**
**19,421**
**47,771**
**318,822**|
|---|---|---|---|
||||**386,014**|
||||_Balance at_
_31_
_December_
_2020_
_£_
_5,002_
_66,770_
_318,028_|
|**Summary of funds - prior year**||||
|Designated funds
General funds
Restricted funds||||
||||_389,800_|
## **21. Analysis of net assets between funds**
## **Analysis of net assets between funds - current year**
|Tangible fixed assets
Current assets
Creditors due within one year
Creditors due in more than one year
**Total**|**Restricted**
**funds**
**2021**
**Unrestricted**
**funds**
**2021**
**£**
**£**
285,551
64,180
33,271
50,226
-
(12,214)
-
(35,000)
318,822
67,192|**Total**
**funds**
**2021**
**£**
**349,731**
**83,497**
**(12,214)**
**(35,000)**|
|---|---|---|
|||**386,014**|
Page 22
**(A company limited by guarantee)**
## **THE MUSEUM OF THE BROADS**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021**
## **21. Analysis of net assets between funds (continued)**
## **Analysis of net assets between funds - prior year**
|Tangible fixed assets
Current assets
Creditors due within one year
Creditors due in more than one year
**Total**|_Restricted_
_funds_
_2020_
_£_
_286,321_
_31,707_
_-_
_-_
_318,028_|_Unrestricted_
_funds_
_2020_
_£_
_79,361_
_45,890_
_(13,479)_
_(40,000)_
_71,772_|_Total_
_funds_
_2020_
_£_
_365,682_
_77,597_
_(13,479)_
_(40,000)_
_389,800_|
|---|---|---|---|
## **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 £245 (2020 - £199).
Page 23