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 2024
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 - 24 |
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 2024
| Trustees | Peter Dixon, Chair-Incoming (appointed 24 April 2025) |
|---|---|
| Paul Chipperfield, Treasurer-Incoming (appointed 24 April 2025) | |
| Robert Paul, President and Chair-Outgoing (resigned 24 April 2025) | |
| Jacqueline Griffyth, Treasurer-Outgoing (resigned 31 March 2025) | |
| Kelly Allison (resigned 22 August 2024) | |
| Ruth Briant | |
| Andrew Farrell (resigned 20 February 2025) | |
| David Hingley | |
| Christopher Tooth (resigned 24 April 2025) | |
| Piers Warner | |
| Peter Goodrum (appointed 27 February 2024, resigned 14 November 2024) | |
| Kathryn Dixon (appointed 11 April 2024) | |
| Michael Barnes (appointed 20 February 2025) | |
| Company registered number 2917725 Charity registered number 1036734 Registered office The Poor's Staithe Stalham Norwich Norfolk NR12 9DA Company secretary Kathryn Dixon 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 2024
The Trustees present their annual report together with the financial statements of the Company for the year 1 January 2024 to 31 December 2024. 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 2024
Achievements and performance
a. Main achievements of the Company
The Museum continued the recovery seen in the previous year since the covid pandemic. Due to increased recruitment of volunteers, the museum was able to open for more days and for more hours resulting in higher income. In addition, higher admission prices helped the overall results for the year.
It was decided to continue the special exhibition featuring Broadland artist Phillipa Miller for an additional year. The greatest achievement in displays by the Museum, this year was the introduction of the exhibition on ‘peat’ – ‘Digging, Draining and Drenching’. With grants from the Broads Authority through their ‘Farming in Protected Landscapes’ initiative and assistance with design, a film was also commissioned to accompany the exhibition. Spearheaded by curator Nicola Hems aided by chair of trustees, Robert Paul, the finished result was impressive. The official opening ceremony was attended by museum patron, Henry Cator OBE DL, author, journalist and TV presenter Nicholas Crane, and the Right Reverend Graham Usher, Bishop of Norwich. Invited guests also attended.
Due to operational difficulties, the steamboat ‘Falcon’ was unable to undertake any passenger trips this year which affected income. However, the electric boat ‘Marsh Harrier’ again, not without its own operational difficulties, achieved good passenger numbers thanks to additional volunteers stepping up as helms and crew.
There were several well-attended events including the Boat and Fishing Jumble, the Jazz Evening and the regular ‘Steam and Sail’ days – renamed to ‘Museum and Sail Days’ to accommodate the use of ‘Marsh Harrier’ as opposed to the usual steamboat, ‘Falcon’. Heritage Open Days were also well attended. The season concluded with the ever-popular ‘Halloween Week’.
Curator, Nicola Hems, took the decision to retire this year but to continue as a volunteer with the Collections Team. A new operations manager, Tanya Burrage was appointed to oversee day to day operations but also to assume some curatorial tasks. In addition, Susie Lay was appointed as ‘Volunteers Manager’.
The ‘end of season’ visitor numbers stood at around 8,000, slightly up on 2023 and end of year financial results were encouraging.
The Board of Trustees at the end of the year stood at seven members, active in areas of finance, recruitment, communication, marketing and governance. Progress on the 10-year Business Plan continued. It is anticipated that further recruitment will continue into 2025.
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 2024
b. Reserves policy
The charity's total cash and bank balances at 31 December 2024 were £115,469 of which £33,500 were restricted funds:
2016 Legacy fund £31,206 Changing Places project £481 Life jackets fund £1,127 Esox restoration fund £610 Wroxham fund £76
A further £28,287 was designated by the Board for the following purpose:
Operational reserve (5 months Opex) £28,287
This leaves free cash reserves at 31 December 2024 of £53,682.
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 2025. 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 2024
Statement of Trustees' responsibilities
The Trustees (who are also the directors of the Company for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the Trustees to prepare financial statements for each financial . Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles of the Charities SORP (FRS 102);
-
make judgments and accounting estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the members of the board of Trustees and signed on their behalf by:
Peter Dixon
(Chair of Trustees) Date:
Page 5
(A company limited by guarantee)
THE MUSEUM OF THE BROADS
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2024
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 2024.
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: 1 Dated: 18 July 2025
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 2024
| 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 2024 £ 9,553 - - - 9,553 - 10,945 10,945 (1,392) 318,937 (1,392) 317,545 |
Unrestricted funds 2024 £ 12,124 95,410 7,648 1,958 117,140 6,111 93,321 99,432 17,708 97,577 17,708 115,285 |
Total funds 2024 £ 21,677 95,410 7,648 1,958 126,693 6,111 104,266 110,377 16,316 416,514 16,316 432,830 |
Total funds 2023 £ 33,572 68,156 765 1,293 |
|---|---|---|---|---|
| 103,786 | ||||
| 3,393 80,545 |
||||
| 83,938 | ||||
| 19,848 | ||||
| 396,666 19,848 |
||||
| 416,514 |
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 10 to 24 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 2024
| 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 19 Total funds |
2,475 33 115,469 117,977 (11,908) |
2024 £ 346,761 346,761 106,069 452,830 (20,000) 432,830 317,545 115,285 432,830 |
2,100 2,876 97,862 102,838 (9,049) |
2023 £ 347,725 347,725 93,789 441,514 (25,000) 416,514 318,937 97,577 416,514 |
|---|---|---|---|---|
Page 8
THE MUSEUM OF THE BROADS (A company limited by guarantee) REGISTERED NUMBER: 2917725
BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2024
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:
Peter Dixon
(Chair of Trustees) Date:
The notes on pages 10 to 24 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 2024
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.
Gifts in kind donated for distribution are included at valuation and recognised as income when they are distributed to the projects. Gifts donated for resale are included as income when they are sold.
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 2024
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.
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.
Page 11
THE MUSEUM OF THE BROADS
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
2. Accounting policies (continued)
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.
3. Income from donations and legacies
| Restricted | Unrestricted | Total | Total |
|---|---|---|---|
| funds | funds | funds | funds |
| 2024 | 2024 | 2024 | 2023 |
| £ | £ | £ | £ |
Page 12
THE MUSEUM OF THE BROADS
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
3. Income from donations and legacies (continued)
| Donations Legacies Grants Total 2023 |
Restricted funds 2024 Unrestricted funds 2024 £ £ - 12,124 - - 9,553 - 9,553 12,124 3,012 30,560 |
Total funds 2024 £ 12,124 - 9,553 21,677 33,572 |
Total funds 2023 £ 9,898 22,250 1,424 |
|---|---|---|---|
| 33,572 | |||
4. Income from charitable activities
| Unrestricted funds 2024 £ Income from charitable activities - Museum Visitors 76,809 Income from charitable activities - Shop & Cafe 18,601 95,410 |
Total funds 2024 £ 76,809 18,601 95,410 |
Total funds 2023 £ 55,026 13,130 |
|---|---|---|
| 68,156 |
Page 13
THE MUSEUM OF THE BROADS
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
5. Income from other trading activities
Income from fundraising events
| Unrestricted funds 2024 £ Events 2,648 Sale of gifts donated for resale 5,000 7,648 |
Total funds 2024 £ 2,648 5,000 7,648 |
Total funds 2023 £ 765 - |
|---|---|---|
| 765 |
The company received a donation of a boat for resale during the year, the boat was sold during the year for £5,000 (2023 - £Nil).
6. Investment income
| Unrestricted | Total | Total | |
|---|---|---|---|
| funds | funds | funds | |
| 2024 | 2024 | 2023 | |
| £ | £ | £ | |
| Investment income - local cash | 1,958 | 1,958 | 1,293 |
7. Expenditure on raising funds
Costs of raising voluntary income
| Unrestricted | Total | Total | |
|---|---|---|---|
| funds | funds | funds | |
| 2024 | 2024 | 2023 | |
| £ | £ | £ | |
| Advertising, Marketing and Leaflet distribution | 6,111 | 6,111 | 3,393 |
Page 14
THE MUSEUM OF THE BROADS (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
8. Analysis of expenditure on charitable activities
Summary by fund type
| Museum Visitors Shop & Cafe Site Maintenance Total 2023 |
Restricted funds 2024 Unrestricted funds 2024 £ £ 10,945 75,264 - 9,407 - 8,650 10,945 93,321 1,918 78,627 |
Total 2024 £ 86,209 9,407 8,650 104,266 80,545 |
Total 2023 £ 63,896 7,068 9,581 |
|---|---|---|---|
| 80,545 | |||
9. Analysis of expenditure by activities
| Museum Visitors Shop & Cafe Site Maintenance Total 2023 |
Activities undertaken directly 2024 £ 58,386 9,407 8,650 76,443 52,903 |
Support costs 2024 £ 27,823 - - 27,823 27,642 |
Total funds 2024 £ 86,209 9,407 8,650 104,266 80,545 |
Total funds 2023 £ 63,896 7,068 9,581 |
|---|---|---|---|---|
| 80,545 | ||||
Page 15
(A company limited by guarantee)
THE MUSEUM OF THE BROADS
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
9. Analysis of expenditure by activities (continued)
Analysis of direct costs
| Staff costs General running expenses Project costs Total 2023 |
Museum Visitors 2024 £ 22,167 33,706 2,513 58,386 36,254 |
Shop & Cafe 2024 £ 810 8,597 - 9,407 7,068 |
Site Maintena'ce 2024 £ - 8,650 - 8,650 9,581 |
Total funds 2024 £ 22,977 50,953 2,513 76,443 52,903 |
Total funds 2023 £ 21,900 31,003 - |
|---|---|---|---|---|---|
| 52,903 | |||||
Analysis of support costs
| Depreciation Rent and rates Computer and stationery Insurance Other support costs Governance costs |
Museum Visitors 2024 £ 1,233 7,067 4,086 6,158 5,018 4,261 27,823 |
Total funds 2024 £ 1,233 7,067 4,086 6,158 5,018 4,261 27,823 |
Total funds 2023 £ 1,474 5,434 6,526 6,098 5,146 2,964 |
|---|---|---|---|
| 27,642 |
10. Independent examiner's remuneration
The independent examiner's remuneration amounts to an independent examiner fee of £3,600 ( 2023 - £1,680 ).
Page 16
(A company limited by guarantee)
THE MUSEUM OF THE BROADS
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
11. Staff costs
| Wages and salaries Social security costs Contribution to defined contribution pension schemes |
2024 £ 22,008 810 159 22,977 |
2023 £ 21,499 - 401 |
|---|---|---|
| 21,900 |
The average number of persons employed by the Company during the year was as follows:
| 2024 | 2023 | |
|---|---|---|
| No. | No. | |
| Museum staff | 2 | 2 |
No employee received remuneration amounting to more than £60,000 in either year.
Page 17
(A company limited by guarantee)
THE MUSEUM OF THE BROADS
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
12. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2023 - £NIL) .
During the year ended 31 December 2024, expenses totalling £ 10 were reimbursed or paid directly to 1 Trustee (2023 - £364 to 2 Trustees) .
13. Tangible fixed assets
| Cost or valuation At 1 January 2024 Additions At 31 December 2024 Depreciation At 1 January 2024 Charge for the year At 31 December 2024 Net book value At 31 December 2024 At 31 December 2023 Stocks Goods for resale |
Freehold property £ 341,830 - 341,830 - - - 341,830 341,830 |
Plant and machinery £ 45,392 - 45,392 41,469 785 42,254 3,138 3,923 |
Office equipment £ 22,063 269 22,332 20,091 448 20,539 1,793 1,972 2024 £ 2,475 |
Total £ 409,285 269 |
|---|---|---|---|---|
| 409,554 | ||||
| 61,560 1,233 |
||||
| 62,793 | ||||
| 346,761 | ||||
| 347,725 | ||||
| 2023 £ 2,100 |
14. Stocks
Page 18
(A company limited by guarantee)
THE MUSEUM OF THE BROADS
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
15. Debtors
| Due within one year Prepayments and accrued income Tax recoverable |
2024 £ - 33 33 |
2023 £ 2,424 452 |
|---|---|---|
| 2,876 |
16. Creditors: Amounts falling due within one year
| Other loans Other taxation and social security Other creditors Accruals and deferred income |
2024 £ 5,000 617 2,691 3,600 11,908 |
2023 £ 5,000 596 1,773 1,680 |
|---|---|---|
| 9,049 |
17. Creditors: Amounts falling due after more than one year
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Other loans | 20,000 | 25,000 |
18. Financial instruments
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Financial assets | ||
| Financial assets measured at fair value through income and expenditure | 115,469 | 97,862 |
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 2024
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 Other restricted funds Life jackets fund Peat exhibition fund Total of funds |
Balance at 1 January 2024 £ 30,800 66,777 97,577 284,440 31,206 2,164 1,127 - 318,937 416,514 |
Income £ - 117,140 117,140 - - - - 9,553 9,553 126,693 |
Expenditure £ (2,513) (96,919) (99,432) (395) - (997) - (9,553) (10,945) (110,377) |
Balance at 31 December 2024 £ 28,287 |
|---|---|---|---|---|
| 86,998 | ||||
| 115,285 | ||||
| 284,045 31,206 1,167 1,127 - |
||||
| 317,545 | ||||
| 432,830 |
Page 20
THE MUSEUM OF THE BROADS
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
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 restricted 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 21
(A company limited by guarantee)
THE MUSEUM OF THE BROADS
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
19. Statement of funds (continued)
Statement of funds - prior 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 22
(A company limited by guarantee)
THE MUSEUM OF THE BROADS
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
20. Summary of funds
Summary of funds - current year
| Designated funds General funds Restricted funds |
Balance at 1 January 2023 £ 29,800 47,961 318,905 396,666 |
Balance at 1 January 2024 £ 30,800 66,777 318,937 416,514 Income £ - 100,774 3,012 103,786 |
Income £ - 117,140 9,553 126,693 Expenditure £ - (82,020) (1,918) (83,938) |
Expenditure £ (2,513) (96,919) (10,945) (110,377) Transfers in/out £ 1,000 62 (1,062) - |
Balance at 31 December 2024 £ 28,287 86,998 317,545 |
|---|---|---|---|---|---|
| 432,830 | |||||
| Balance at 31 December 2023 £ 30,800 66,777 318,937 |
|||||
| Summary of funds - prior year | |||||
| Designated funds General funds Restricted funds |
|||||
| 416,514 |
Page 23
(A company limited by guarantee)
THE MUSEUM OF THE BROADS
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
21. Analysis of net assets between funds
Analysis of net assets between funds - current period
| Tangible fixed assets Current assets Creditors due within one year Creditors due in more than one year Total |
Restricted funds 2024 Unrestricted funds 2024 £ £ 284,045 62,716 33,500 84,477 - (11,908) - (20,000) 317,545 115,285 |
Total funds 2024 £ 346,761 117,977 (11,908) (20,000) 432,830 |
|---|---|---|
Analysis of net assets between funds - prior period
| Tangible fixed assets Current assets Creditors due within one year Creditors due in more than one year Total |
Restricted funds 2023 £ 284,440 34,497 - - 318,937 |
Unrestricted funds 2023 £ 63,285 68,341 (9,049) (25,000) 97,577 |
Total funds 2023 £ 347,725 102,838 (9,049) (25,000) 416,514 |
|---|---|---|---|
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 £159 ( 2023 - £401 ).
23. Related party transactions
The Company has not entered into any related party transaction during the year, nor are there any outstanding balances owing between related parties and the Company at 31 December 2024.
Page 24