**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 2022**
## **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 - 22|
## **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 2022**
|**Trustees**|Robert Paul, President and Chair|
|---|---|
||Jacqueline Griffyth, Treasurer|
||Kelly Allison (appointed 25 November 2022)|
||Ruth Briant|
||Andrew Farrell|
||David Hingley|
||Pamela Masters (resigned 28 April 2022)|
||Lakshan Saldin (resigned 11 March 2022)|
||Christopher Tooth|
||Piers Warner (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 2022**
The Trustees present their Annual Report together with the financial statements of the The Museum of The Broads ("the museum", "the charitable company") for the year 1 January 2022 to 31 December 2022. 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 charitable 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 2022**
## **Achievements and performance**
## **a. Main achievements of the company**
The year saw the museum continuing its slow recovery from the effects of the pandemic with covid still occasionally rearing its ugly head.
The museum opened in early April. We saw good numbers of visitors returning with both boats providing trips.
It was pleasing to see some of our regular events reintroduced during the year, starting with the Easter Trail, followed by the Boat and Fishing Jumble, Family Craft Days, Heritage Open Days, Steam and Sail Days, the Hallowe’en Trail, and of course, the Jubilee Celebrations in June which provided a boost. An event was held to mark this special day in conjunction with Stalham Town Council, which included themed boat trips, cream teas and a local ukelele band. It was very well attended. Our thanks go to Lathams of Potter Heigham who sponsored the event.
The annual exhibition organised by curator, Nicola Hems, ‘From Sails to Blades – how wind power changed the Broads’ was also very successful. Our thanks go to the Broads Authority for their help and sponsorship.
We welcomed new trustees, David Hingley and Piers Warner, who were co-opted to the Board in March, bringing new skills and experience in a wide range of fields. Founder member and long-standing trustee, Pamela Masters, stood down after many years of service. She remains as vice president and passionate member of the museum, continuing her volunteer role in reception.
At the close of the season in October, visitor numbers stood at just over 5,000 which was double the numbers achieved in 2021.
With a strong new Board, the museum will continue to grow, develop and flourish.
## **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 2022**
## **b. Reserves policy**
The museum's total cash and bank balances at 31 December 2022 were £82,655 of which £33,971 were restricted funds:
|2016 Legacy fund|£31,206|
|---|---|
|Changing Places project|£500|
|Life jackets fund|£1,360|
|Archant film fund|£205|
|Wroxham fund|£700|
A further £29,800 was designated by the Board for the following purposes:
Operational reserve £29,800
This leaves free cash reserves at 31 December 2022 of £18,884.
It is the Trustee's aim to increase and maintain this fund to always retain 6 months of operational expenditure, given the negligible income received during the closed season and the uncertain trading conditions that still prevail following the Covid pandemic.
The Trustees have taken steps to sustain and improve the charitable company’s financial position including adopting a detailed budget and forecast for the year 2023. Control of costs and increased revenue are paramount to the continued viability of the museum.
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 charitable 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 2022**
## **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** Chair of Trustees
Date: 27 April 2023
Page 5
## **THE MUSEUM OF THE BROADS**
## **(A company limited by guarantee)**
## **INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2022**
## **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 2022.
## **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: 27 April 2023
## **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 2022**
|**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 income/(expenditure)**
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**
**2022**
**£**
**1,295**
**-**
**-**
**-**
**1,295**
**-**
**1,212**
**1,212**
**83**
**-**
**83**
**318,822**
**83**
**318,905**|**Unrestricted**
**funds**
**2022**
**£**
**22,737**
**58,246**
**729**
**179**
**81,891**
**5,360**
**65,962**
**71,322**
**10,569**
**-**
**10,569**
**67,192**
**10,569**
**77,761**|**Total**
**funds**
**2022**
**£**
**24,032**
**58,246**
**729**
**179**
**83,186**
**5,360**
**67,174**
**72,534**
**10,652**
**-**
**10,652**
**386,014**
**10,652**
**396,666**|_Total_
_funds_
_2021_
_£_
_44,231_
_30,992_
_730_
_7_
_75,960_
_3,443_
_76,303_
_79,746_
_(3,786)_
_(19,421)_
_(23,207)_
_409,221_
_(23,207)_
_386,014_|
|---|---|---|---|---|
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 10 to 22 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 2022**
|**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**
**3,060**
**82,655**
**88,315**
**(9,799)**
**29,800**
**47,961**|**2022**
**£**
**348,150**
**348,150**
**78,516**
**426,666**
**(30,000)**
**396,666**
**318,905**
**77,761**
**396,666**|_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_|
|---|---|---|---|---|
Page 8
# **THE MUSEUM OF THE BROADS**
**(A company limited by guarantee) REGISTERED NUMBER: 2917725**
# **BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2022**
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: 27 April 2023
The notes on pages 10 to 22 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 2022**
## **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 ("the company") 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 2022**
## **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 2022**
## **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 2022**
## **3. Income from donations and legacies**
|Donations
Grants
_Total 2021_|**Restricted**
**funds**
**2022**
**Unrestricted**
**funds**
**2022**
**£**
**£**
-
10,266
1,295
12,471
1,295
22,737
_8,246_
_35,985_|**Total**
**funds**
**2022**
**£**
**10,266**
**13,766**
**24,032**
_44,231_|_Total_
_funds_
_2021_
_£_
_5,531_
_38,700_|
|---|---|---|---|
||||_44,231_|
|||||
## **4. Income from charitable activities**
|**Unrestricted**
**funds**
**2022**
**£**
Income from charitable activities - Museum Visitors
48,365
Income from charitable activities - Shop & Cafe
9,881
58,246|**Total**
**funds**
**2022**
**£**
**48,365**
**9,881**
**58,246**|_Total_
_funds_
_2021_
_£_
_25,748_
_5,244_|
|---|---|---|
|||_30,992_|
## **5. Income from other trading activities Income from fundraising events**
||**Unrestricted**|**Total**|_Total_|
|---|---|---|---|
||**funds**|**funds**|_funds_|
||**2022**|**2022**|_2021_|
||**£**|**£**|_£_|
|Events|729|**729**|_730_|
Page 13
## **THE MUSEUM OF THE BROADS**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022**
## **6. Investment income**
||**Unrestricted**|**Total**|_Total_|
|---|---|---|---|
||**funds**|**funds**|_funds_|
||**2022**|**2022**|_2021_|
||**£**|**£**|_£_|
|Investment income - local cash|179|**179**|_7_|
## **7. Expenditure on raising funds**
## **Costs of raising voluntary income**
||**Unrestricted**|**Total**|_Total_|
|---|---|---|---|
||**funds**|**funds**|_funds_|
||**2022**|**2022**|_2021_|
||**£**|**£**|_£_|
|Advertising, Marketing and Leaflet distribution|5,360|**5,360**|_3,443_|
## **8. Analysis of expenditure on charitable activities**
## **Summary by fund type**
|Museum Visitors
Shop & Cafe
Site Maintenance
_Total 2021_|**Restricted**
**funds**
**2022**
**Unrestricted**
**funds**
**2022**
**£**
**£**
1,212
53,226
-
6,096
-
6,640
1,212
65,962
_7,452_
_68,851_|**Total**
**2022**
**£**
**54,438**
**6,096**
**6,640**
**67,174**
_76,303_|_Total_
_2021_
_£_
_66,276_
_3,487_
_6,540_|
|---|---|---|---|
||||_76,303_|
|||||
Page 14
## **THE MUSEUM OF THE BROADS**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022**
## **9. Analysis of expenditure by activities**
|Museum Visitors
Shop & Cafe
Site Maintenance
_Total 2021_|**Activities**
**undertaken**
**directly**
**2022**
**£**
35,397
6,096
6,640
48,133
_53,029_|**Support**
**costs**
**2022**
**£**
19,041
-
-
19,041
_23,274_|**Total**
**funds**
**2022**
**£**
**54,438**
**6,096**
**6,640**
**67,174**
_76,303_|_Total_
_funds_
_2021_
_£_
_66,276_
_3,487_
_6,540_|
|---|---|---|---|---|
|||||_76,303_|
||||||
## **Analysis of direct costs**
|Staff costs
General running expenses
Project costs
_Total 2021_|**Museum**
**Visitors**
**2022**
**£**
21,977
10,230
3,190
35,397
_43,002_|**Shop &**
**Cafe**
**2022**
**£**
292
5,804
-
6,096
_3,487_|**Site**
**Maintena'ce**
**2022**
**£**
-
6,640
-
6,640
_6,540_|**Total**
**funds**
**2022**
**£**
**22,269**
**22,674**
**3,190**
**48,133**
_53,029_|_Total_
_funds_
_2021_
_£_
_21,439_
_31,590_
_-_|
|---|---|---|---|---|---|
||||||_53,029_|
|||||||
## **Analysis of support costs**
Page 15
**THE MUSEUM OF THE BROADS**
**(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022**
## **9. Analysis of expenditure by activities (continued)**
## **Analysis of support costs (continued)**
|Depreciation
Rent and rates
Computer and stationery
Insurance
Other support costs
Governance costs|**Total**
**funds**
**2022**
**£**
**1,581**
**1,762**
**2,662**
**5,736**
**4,397**
**2,903**
**19,041**|_Total_
_funds_
_2021_
_£_
_1,975_
_4,602_
_5,317_
_5,701_
_3,213_
_2,466_|
|---|---|---|
|||_23,274_|
## **10. Independent examiner's remuneration**
The independent examiner's remuneration amounts to an independent examiner fee of £1,515 ( _2021_ - _£1,440_ ).
## **11. Staff costs**
|Wages and salaries
Social security costs
Contribution to defined contribution pension schemes|**2022**
**£**
**21,709**
**292**
**268**
**22,269**|_2021_
_£_
_21,194_
_-_
_245_|
|---|---|---|
||||
|||_21,439_|
The average number of persons employed by the company during the year was as follows:
||**2022**|_2021_|
|---|---|---|
||**No.**|_No._|
|Museum Staff|**2**|_2_|
No employee received remuneration amounting to more than £60,000 in either year.
Page 16
**(A company limited by guarantee)**
## **THE MUSEUM OF THE BROADS**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022**
## **12. Trustees' remuneration and expenses**
During the year, no Trustees received any remuneration or other benefits _(2021 - £NIL)_ .
During the year ended 31 December 2022, expenses totalling _£_ 672 were reimbursed or paid directly to 1 Trustee _(2021 - £147 to 1 Trustee)_ .
## **13. Tangible fixed assets**
|**Cost or valuation**
At 1 January 2022
At 31 December 2022
**Depreciation**
At 1 January 2022
Charge for the year
At 31 December 2022
**Net book value**
At 31 December 2022
_At 31 December 2021_|**Freehold**
**property**
**£**
**341,830**
**341,830**
**-**
**-**
**-**
**341,830**
_341,830_|**Plant and**
**machinery**
**£**
**44,534**
**44,534**
**39,476**
**1,012**
**40,488**
**4,046**
_5,058_|**Office**
**equipment**
**£**
**21,872**
**21,872**
**19,029**
**569**
**19,598**
**2,274**
_2,843_|**Total**
**£**
**408,236**|
|---|---|---|---|---|
|||||**408,236**|
|||||**58,505**
**1,581**|
|||||**60,086**|
|||||**348,150**|
|||||_349,731_|
## **14. Stocks**
||**2022**|_2021_|
|---|---|---|
||**£**|_£_|
|Goods for resale|**2,600**|_2,600_|
Page 17
## **THE MUSEUM OF THE BROADS**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022**
## **15. Debtors**
|Tax recoverable
**Creditors: Amounts falling due within one year**
Other loans
Other taxation and social security
Other creditors
Accruals and deferred income|**2022**
**£**
**3,060**
**3,060**
**2022**
**£**
**5,000**
**942**
**2,279**
**1,578**
**9,799**|_2021_
_£_
_3,425_|
|---|---|---|
||||
|||_3,425_|
|||_2021_
_£_
_5,000_
_190_
_5,020_
_2,004_|
||||
|||_12,214_|
## **16. Creditors: Amounts falling due within one year**
## **17. Creditors: Amounts falling due after more than one year**
||**2022**|_2021_|
|---|---|---|
||**£**|_£_|
|Other loans|**30,000**|_35,000_|
## **18. Financial instruments**
||**2022**|_2021_|
|---|---|---|
||**£**|_£_|
|**Financial assets**|||
|Financial assets measured at fair value through income and expenditure|**82,655**|_77,472_|
Financial assets measured at fair value through income and expenditure comprise cash balances held at banks.
Page 18
## **THE MUSEUM OF THE BROADS**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022**
## **19. Statement of funds**
**Statement of funds - current year**
|**Balance at 1**
**January**
**2022**
**£**
**Unrestricted funds**
**Designated funds**
Cooke's Staithe
**-**
Maintenance reserve
**1,221**
Operational reserve
**18,200**
**19,421**
**General funds**
General Funds - all funds
**47,771**
**Total Unrestricted funds**
**67,192**
**Restricted funds**
Property fund
**285,551**
2016 Legacy fund
**31,206**
Other restricted funds
**500**
Life jackets fund
**1,360**
Film fund
**205**
Archive fund
**-**
**318,822**
**Total of funds**
**386,014**|**Income**
**£**
**Expenditure**
**£**
**5,564**
**(1,969)**
**-**
**(1,221)**
**-**
**-**
**5,564**
**(3,190)**
**76,327**
**(68,132)**
**81,891**
**(71,322)**
**-**
**(617)**
**-**
**-**
**1,295**
**(595)**
**-**
**-**
**-**
**-**
**-**
**-**
**1,295**
**(1,212)**
**83,186**
**(72,534)**|**Transfers**
**in/out**
**£**
**(3,595)**
**-**
**11,600**
**8,005**
**(8,005)**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**|**Balance at**
**31**
**December**
**2022**
**£**
**-**
**-**
**29,800**|
|---|---|---|---|
||||**29,800**|
||||**47,961**|
||||**77,761**|
||||**284,934**
**31,206**
**1,200**
**1,360**
**205**
**-**|
||||**318,905**|
||||**396,666**|
Page 19
## **THE MUSEUM OF THE BROADS**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022**
## **19. Statement of funds (continued)**
## **Statement of funds - prior year**
|**Unrestricted funds**
**Designated funds**
Cooke's Staithe
Maintenance reserve
Operational reserve
**General funds**
General Funds - all funds
**Total Unrestricted funds**
**Restricted funds**
Property fund
2016 Legacy fund
Other restricted funds
Life jackets fund
Film fund
Archive fund
**Total of funds**|_Balance at_
_1 January_
_2021_
_£_
_5,002_
_-_
_-_
_5,002_
_66,770_
_71,772_
_286,322_
_31,206_
_500_
_-_
_-_
_-_
_318,028_
_389,800_|_Income_
_£_
_5,856_
_-_
_-_
_5,856_
_61,858_
_67,714_
_-_
_-_
_1,581_
_1,360_
_2,305_
_3,000_
_8,246_
_75,960_|_Expenditure_
_£_
_(6,224)_
_-_
_-_
_(6,224)_
_(66,070)_
_(72,294)_
_(771)_
_-_
_(1,581)_
_-_
_(2,100)_
_(3,000)_
_(7,452)_
_(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
## **THE MUSEUM OF THE BROADS**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022**
## **20. Summary of funds**
## **Summary of funds - current year**
|**Balance at 1**
**January**
**2022**
**£**
Designated funds
**19,421**
General funds
**47,771**
Restricted funds
**318,822**
**386,014**
**Summary of funds - prior year**
_Balance at_
_1 January_
_2021_
_£_
Designated funds
_5,002_
General funds
_66,770_
Restricted funds
_318,028_
_389,800_|**Income**
**£**
**Expenditure**
**£**
**5,564**
**(3,190)**
**76,327**
**(68,132)**
**1,295**
**(1,212)**
**83,186**
**(72,534)**
_Income_
_£_
_Expenditure_
_£_
_5,856_
_(6,224)_
_61,858_
_(66,070)_
_8,246_
_(7,452)_
_75,960_
_(79,746)_|**Transfers**
**in/out**
**£**
**8,005**
**(8,005)**
**-**
**-**
_Transfers_
_in/out_
_£_
_14,787_
_(14,787)_
_-_
_-_|**Balance at**
**31**
**December**
**2022**
**£**
**29,800**
**47,961**
**318,905**|
|---|---|---|---|
||||**396,666**|
||||_Balance at_
_31_
_December_
_2021_
_£_
_19,421_
_47,771_
_318,822_|
|**Summary of funds - prior year**||||
|Designated funds
General funds
Restricted funds||||
||||_386,014_|
## **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**
**2022**
**Unrestricted**
**funds**
**2022**
**£**
**£**
284,934
63,216
33,971
54,344
-
(9,799)
-
(30,000)
318,905
77,761|**Total**
**funds**
**2022**
**£**
**348,150**
**88,315**
**(9,799)**
**(30,000)**|
|---|---|---|
|||**396,666**|
Page 21
**(A company limited by guarantee)**
## **THE MUSEUM OF THE BROADS**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022**
## **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_
_2021_
_£_
_285,551_
_33,271_
_-_
_-_
_318,822_|_Unrestricted_
_funds_
_2021_
_£_
_64,180_
_50,226_
_(12,214)_
_(35,000)_
_67,192_|_Total_
_funds_
_2021_
_£_
_349,731_
_83,497_
_(12,214)_
_(35,000)_
_386,014_|
|---|---|---|---|
## **22. Pension commitments**
The company 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 company to the fund and amounted to £268 ( _2021 - £245_ ).
Page 22