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 2023
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 2023
| Trustees | Robert Paul, President and Chair |
|---|---|
| Jacqueline Griffyth, Treasurer | |
| Kelly Allison | |
| Ruth Briant | |
| Andrew Farrell | |
| David Hingley | |
| Christopher Tooth | |
| Piers Warner | |
| 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 Audit 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 2023
The Trustees present their annual report together with the financial statements of the The Museum of The Broads for the year 1 January 2023 to 31 December 2023. 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 2023
Achievements and performance
a. Main achievements of the Company
2023 saw the museum in full recovery mode after the 2020/1 pandemic, despite our electric trip boat, ‘Marsh Harrier’ starting operations slightly later than expected.
Due to the successful recruitment of volunteers, particularly Front of House, we were able to open more days in the week, up to 5 during the peak season. We also saw the introduction of outside caterers supplying hot food and drinks from a converted horse trailer on the forecourt.
The new ‘Annual Exhibition’ highlighted the work of Broadland artist, Phillipa Miller, and was curated by Nicola Hems with help from the Documentation Team. The films were shown in partnership with the University of East Anglia and East Anglian Film Archive. It proved to be a popular initiative and attracted additional visitors. It will continue for a further year.
Most of our popular annual events were successfully repeated. They included the Easter Trail, Boat and Fishing Jumble, Steam and Sail Days, a family craft event, and the Heritage Open Days. The last one of the season, the Halloween Trail, was particularly well attended despite poor weather.
Both trip boats and their volunteer crews worked hard all season, and most seats were regularly taken up. The importance of the ‘boats operation’ appears to be growing in popularity and makes a useful contribution to overall income.
Work to improve the ‘shop’ area in the Cookes Staithe building was completed in the Spring and sales were encouraging.
Visitor numbers for the season were around 7,000, an increase on the previous year. This was encouraging bearing in mind that in general, visitors to The Broads fell slightly in number in 2023. It is hoped to continue this upward trajectory in coming years.
The number of trustees currently stands at eight. It is intended to recruit a further two to fill some skills gaps identified. Board members were active in areas of finance and fundraising, recruitment, marketing, governance, internal communication etc. Work on a 10-year Business Plan is on-going.
We look forward to continued growth in 2024.
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 2023
b. Reserves policy
The charity's total cash and bank balances at 31 December 2023 were £97,862 of which £34,497 were restricted funds:
2016 Legacy fund £31,206 Changing Places project £500 Life jackets fund £1,127 Esox restoration fund £1,588 Wroxham fund £76
A further £30,800 was designated by the Board for the following purpose:
Operational reserve (5 months Opex) £30,800
This leaves free cash reserves at 31 December 2023 of £32,565.
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.
The Trustees have taken steps to sustain and improve the charity’s financial position including adopting a detailed budget and forecast for the year 2024. Control of costs and increased revenue are paramount to the continued viability of the charity.
This policy is reviewed annually by the Treasurer to ensure that the operational reserve keeps pace with 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 Memorandum of Association.
Page 4
THE MUSEUM OF THE BROADS
(A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
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: 28/03/2024
Page 5
THE MUSEUM OF THE BROADS (A company limited by guarantee)
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2023
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 2023.
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.
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:
Mr Frank Shippam BSc FCA DChA
MA Partners Audit 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 2023
| 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 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 2023 £ 3,012 - - - 3,012 - 1,918 1,918 1,094 (1,062) 32 318,905 32 318,937 |
Unrestricted funds 2023 £ 30,560 68,156 765 1,293 100,774 3,393 78,627 82,020 18,754 1,062 19,816 77,761 19,816 97,577 |
Total funds 2023 £ 33,572 68,156 765 1,293 103,786 3,393 80,545 83,938 19,848 - 19,848 396,666 19,848 416,514 |
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 |
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 2023
| 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 19 Total funds |
2,100 2,876 97,862 102,838 (9,049) |
2023 £ 347,725 347,725 93,789 441,514 (25,000) 416,514 416,514 318,937 97,577 416,514 |
2,600 3,060 82,655 88,315 (9,799) |
2022 £ 348,150 348,150 78,516 426,666 (30,000) 396,666 396,666 318,905 77,761 396,666 |
|---|---|---|---|---|
Page 8
THE MUSEUM OF THE BROADS (A company limited by guarantee) REGISTERED NUMBER: 2917725
BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2023
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
(Chair of Trustees) Date: 28/03/2024
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 2023
1. General information
The Museum of the Broads is a registered charitable company limited by guarantee, incorporated in England and Wales, registration number 2917725. The registered office is The Poor's Staithe, Stalham, Norwich, Norfolk, NR12 9DA.
2. Accounting policies
2.1 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.
2.2 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.
The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the Company has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the Company, can be reliably measured.
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.
Page 10
THE MUSEUM OF THE BROADS
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
2. Accounting policies (continued)
2.3 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.
2.4 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.
2.5 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, on a reducing balance basis.
Depreciation is provided on the following bases:
| Freehold property | - Not depreciated |
|---|---|
| Plant and machinery | - 20% reducing balance |
| Office equipment | - 20% reducing balance |
2.6 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.
2.7 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.
Page 11
THE MUSEUM OF THE BROADS
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
2. Accounting policies (continued)
2.8 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.
2.9 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.
2.10 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.
2.11 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.
2.12 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.
Page 12
THE MUSEUM OF THE BROADS
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
3. Income from donations and legacies
| Restricted funds 2023 £ Donations 1,588 Legacies - Grants 1,424 3,012 Total 2022 1,295 4. Income from charitable activities Income from charitable activities - Museum Visitors Income from charitable activities - Shop & Cafe 5. Income from other trading activities Income from fundraising events Events |
Unrestricted funds 2023 £ 8,310 22,250 - 30,560 22,737 Unrestricted funds 2023 £ 55,026 13,130 68,156 Unrestricted funds 2023 £ 765 |
Total funds 2023 £ 9,898 22,250 1,424 33,572 24,032 Total funds 2023 £ 55,026 13,130 68,156 Total funds 2023 £ 765 |
Total funds 2022 £ 10,266 - 13,766 |
|---|---|---|---|
| 24,032 | |||
| Total funds 2022 £ 48,365 9,881 |
|||
| 58,246 | |||
| Total funds 2022 £ 729 |
Page 13
THE MUSEUM OF THE BROADS
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
6. Investment income
| Unrestricted | Total | Total | |
|---|---|---|---|
| funds | funds | funds | |
| 2023 | 2023 | 2022 | |
| £ | £ | £ | |
| Investment income - local cash | 1,293 | 1,293 | 179 |
7. Expenditure on raising funds
Costs of raising voluntary income
| Unrestricted | Total | Total | |
|---|---|---|---|
| funds | funds | funds | |
| 2023 | 2023 | 2022 | |
| £ | £ | £ | |
| Advertising, Marketing and Leaflet distribution | 3,393 | 3,393 | 5,360 |
8. Analysis of expenditure on charitable activities
Summary by fund type
| Museum Visitors Shop & Cafe Site Maintenance Total 2022 |
Restricted funds 2023 £ 1,918 - - 1,918 1,212 |
Unrestricted funds 2023 £ 61,978 7,068 9,581 78,627 65,962 |
Total 2023 £ 63,896 7,068 9,581 80,545 67,174 |
Total 2022 £ 54,730 5,804 6,640 |
|---|---|---|---|---|
| 67,174 | ||||
Page 14
THE MUSEUM OF THE BROADS
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
9. Analysis of expenditure by activities
| Museum Visitors Shop & Cafe Site Maintenance Total 2022 |
Activities undertaken directly 2023 £ 36,254 7,068 9,581 52,903 48,133 |
Support costs 2023 £ 27,642 - - 27,642 19,041 |
Total funds 2023 £ 63,896 7,068 9,581 80,545 67,174 |
Total funds 2022 £ 54,730 5,804 6,640 |
|---|---|---|---|---|
| 67,174 | ||||
Analysis of direct costs
| Staff costs General running expenses Project costs Total 2022 |
Museum Visitors 2023 £ 21,900 14,354 - 36,254 35,689 |
Shop & Cafe 2023 £ - 7,068 - 7,068 5,804 |
Site Maintena'ce 2023 £ - 9,581 - 9,581 6,640 |
Total funds 2023 £ 21,900 31,003 - 52,903 48,133 |
Total funds 2022 £ 22,269 22,674 3,190 |
|---|---|---|---|---|---|
| 48,133 | |||||
Page 15
THE MUSEUM OF THE BROADS
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
9. Analysis of expenditure by activities (continued)
Analysis of support costs
| Depreciation Rent and rates Computer and stationery Insurance Other support costs Governance costs |
Museum Visitors 2023 £ 1,474 5,434 6,526 6,098 5,146 2,964 27,642 |
Total funds 2023 £ 1,474 5,434 6,526 6,098 5,146 2,964 27,642 |
Total funds 2022 £ 1,581 1,762 2,662 5,736 4,397 2,903 |
|---|---|---|---|
| 19,041 |
10. Independent examiner's remuneration
The independent examiner's remuneration amounts to an independent examiner fee of £1,680 ( 2022 - £1,560 ).
11. Staff costs
| Wages and salaries Contribution to defined contribution pension schemes |
2023 £ 21,499 401 21,900 |
2022 £ 22,001 268 |
|---|---|---|
| 22,269 |
The average number of persons employed by the Company during the year was as follows:
| 2023 | 2022 | |
|---|---|---|
| No. | No. | |
| Museum staff | 2 | 2 |
No employee received remuneration amounting to more than £60,000 in either year.
Page 16
THE MUSEUM OF THE BROADS
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
12. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2022 - £NIL) .
During the year ended 31 December 2023, no Trustee expenses have been incurred (2022 - £NIL) .
13. Tangible fixed assets
| Cost or valuation At 1 January 2023 Additions At 31 December 2023 Depreciation At 1 January 2023 Charge for the year At 31 December 2023 Net book value At 31 December 2023 At 31 December 2022 Stocks Goods for resale |
Freehold property £ 341,830 - 341,830 - - - 341,830 341,830 |
Plant and machinery £ 44,534 858 45,392 40,488 981 41,469 3,923 4,046 |
Office equipment £ 21,872 191 22,063 19,598 493 20,091 1,972 2,274 2023 £ 2,100 |
Total £ 408,236 1,049 409,285 60,086 1,474 61,560 347,725 348,150 2022 £ 2,600 |
|---|---|---|---|---|
14. Stocks
Page 17
(A company limited by guarantee)
THE MUSEUM OF THE BROADS
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
15. Debtors
| Due within one year Prepayments and accrued income Tax recoverable |
2023 £ 2,424 452 2,876 |
2022 £ - 3,060 |
|---|---|---|
| 3,060 |
16. Creditors: Amounts falling due within one year
| Other loans Other taxation and social security Other creditors Accruals and deferred income |
2023 £ 5,000 596 1,773 1,680 9,049 |
2022 £ 5,000 942 2,279 1,578 |
|---|---|---|
| 9,799 |
17. Creditors: Amounts falling due after more than one year
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Other loans | 25,000 | 30,000 |
18. Financial instruments
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Financial assets | ||
| Financial assets measured at fair value through income and expenditure | 97,862 | 82,655 |
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 2023
19. Statement of funds
Statement of funds - current year
| Unrestricted funds Designated funds Operational reserve General funds General Funds Total Unrestricted funds Restricted funds Property fund 2016 Legacy fund Life jackets fund Film fund Peat exhibition fund Other restricted funds Total of funds |
Balance at 1 January 2023 £ 29,800 47,961 77,761 284,934 31,206 1,360 205 - 1,200 318,905 396,666 |
Income £ - 100,774 100,774 - - - - 1,424 1,588 3,012 103,786 |
Expenditure £ - (82,020) (82,020) (494) - - - (1,424) - (1,918) (83,938) |
Transfers in/out £ 1,000 62 1,062 - - (233) (205) - (624) (1,062) - |
Balance at 31 December 2023 £ 30,800 |
|---|---|---|---|---|---|
| 66,777 | |||||
| 97,577 | |||||
| 284,440 31,206 1,127 - - 2,164 |
|||||
| 318,937 | |||||
| 416,514 |
Page 19
THE MUSEUM OF THE BROADS
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
19. Statement of funds (continued)
Operational reserve - This unrestricted designated fund is maintained by the trustees at a level which would aim to cover a minimum of six months operational expenditure.
Property fund - This restricted fund relates to the freehold premises of the charity.
2016 Legacy fund - This restricted fund relates to legacy income received by the charity for which the use was stipulated as being for 'special projects'. Permission has to be obtained from the estate in advance of these funds being spent.
Life jackets fund - This restricted fund is for the purchase of life jackets. The transfer out of the fund in the year to unrestricted funds is in respect of the purchase of life jackets by the charity for which the ongoing use is not restricted.
Peat exhibition fund - This restricted fund is in respect of grant funding by DEFRA for a peat exhibition to be run by the Museum.
Other restricted funds - This includes a number of immaterial resticted funds. The transfer out of the fund in the year to unrestricted funds is in respect of the purchase of assets by the charity for which the ongoing use is not restricted.
Page 20
THE MUSEUM OF THE BROADS (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
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 Total Unrestricted funds Restricted funds Property fund 2016 Legacy fund Other restricted funds Life jackets fund Film fund Total of funds |
Balance at 1 January 2022 £ - 1,221 18,200 19,421 47,771 67,192 285,551 31,206 500 1,360 205 318,822 386,014 |
Income £ 5,564 - - 5,564 76,327 81,891 - - 1,295 - - 1,295 83,186 |
Expenditure £ (1,969) (1,221) - (3,190) (68,132) (71,322) (617) - (595) - - (1,212) (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 |
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THE MUSEUM OF THE BROADS (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
20. Summary of funds
Summary of funds - current year
| Balance at | |||||
|---|---|---|---|---|---|
| Balance at 1 | 31 | ||||
| January | Transfers | December | |||
| 2023 | Income | Expenditure | in/out | 2023 | |
| £ | £ | £ | £ | £ | |
| Designated funds | 29,800 | - | - | 1,000 | 30,800 |
| General funds | 47,961 | 100,774 | (82,020) | 62 | 66,777 |
| Restricted funds | 318,905 | 3,012 | (1,918) | (1,062) | 318,937 |
| 396,666 | 103,786 | (83,938) | - | 416,514 | |
| Summary of funds - prior year | |||||
| Balance at | |||||
| Balance at | 31 | ||||
| 1 January | Transfers | December | |||
| 2022 | Income | Expenditure | in/out | 2022 | |
| £ | £ | £ | £ | £ | |
| Designated funds | 19,421 | 5,564 | (3,190) | 8,005 | 29,800 |
| General funds | 47,771 | 76,327 | (68,132) | (8,005) | 47,961 |
| Restricted funds | 318,822 | 1,295 | (1,212) | - | 318,905 |
| 386,014 | 83,186 | (72,534) | - | 396,666 |
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(A company limited by guarantee)
THE MUSEUM OF THE BROADS
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
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 2023 Unrestricted funds 2023 £ £ 284,440 63,285 34,497 68,341 - (9,049) - (25,000) 318,937 97,577 |
Total funds 2023 £ 347,725 102,838 (9,049) (25,000) 416,514 |
|---|---|---|
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 2022 £ 284,934 33,971 - - 318,905 |
Unrestricted funds 2022 £ 63,216 54,344 (9,799) (30,000) 77,761 |
Total funds 2022 £ 348,150 88,315 (9,799) (30,000) 396,666 |
|---|---|---|---|
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 £401 (2022 - £268).
Page 23