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2023-03-31-accounts

Registered number: 03446298 Charity number: 1067884

NATIONAL MARITIME MUSEUM CORNWALL TRUST (A COMPANY LIMITED BY GUARANTEE)

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

NATIONAL MARITIME MUSEUM CORNWALL TRUST (A COMPANY LIMITED BY GUARANTEE)

CONTENTS

Page
Reference and administrative details of the Charity, its Trustees and advisers 1
Trustees' report 2
Trustees' responsibilities statement 8
Independent auditors' report on the financial statements 9 - 12
Consolidated statement of financial activities 13
Consolidated balance sheet 14
Charity balance sheet 15
Consolidated statement of cash flows 16
Charity statement of cash flows 17
Notes to the financial statements 18 - 45

NATIONAL MARITIME MUSEUM CORNWALL TRUST (A COMPANY LIMITED BY GUARANTEE)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2023

President
Trustees		 Mrs A L Bolitho
The Rt Hon. Viscount Falmouth DL
Mr R M Holmes
Mr S H d'A Hunt
Mr A J Pawlyn
Ms S V Pugh (resigned 23 September 2022)
Mr S P Sherrard DL, Chairman
Mrs H A T Stembridge
Mr B D Steward (resigned 23 June 2022)
Mr S C Tregoning
Mr D Williams
Mr M J R Griffiths
Mrs C D Green
Dame Shan Morgan (appointed 6 December 2022)
Mr B L Statham-Wilkins (appointed 23 March 2023)
Company registered
number
03446298
Charity registered
number
1067884
Registered office
Discovery Quay
Falmouth
Cornwall
TR11 3QY
Company secretary
Mr R M Doughty
Director of the museum
Mr R M Doughty
Independent auditors
Bishop Fleming LLP
Chartered Accountants
Statutory Auditors
Chy Nyverow
Newham Road
Truro
Cornwall
TR1 2DP
Bankers
National Westminster plc
2-4 St Nicholas St
Truro
Cornwall
TR1 2RN
Solicitors
Wolferstans Solicitors
Deptford Chambers
60-66 North Hill
Plymouth
Devon
PL4 8EP

Page 1

NATIONAL MARITIME MUSEUM CORNWALL TRUST (A COMPANY LIMITED BY GUARANTEE)

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2023

The Trustees present their annual report together with the audited financial statements of the National Maritime Museum Cornwall Trust for the year 1 April 2022 to 31 March 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).

OBJECTIVES AND ACTIVITIES

Policies and objectives

To promote the education of the public in maritime history and current maritime developments for the benefit of the inhabitants of Cornwall and elsewhere and in particular (but without prejudice to the generality of the foregoing) the charity shall seek to:

Strategies for achieving objectives

Key strategic projects included meeting the needs and motivations of visitors through:

Principal activities of the year

The principal activities of the charity in the year under review were those of the running of the National Maritime Museum Cornwall in Falmouth, together with trading operations carried on by its subsidiary companies, Discovery Quay Enterprises Limited (DQE), Discovery Quay Enterprises (Trading) Limited (DQET) and Discovery Quay Square Limited (DQS). These trading operations with the exception of DQS are to assist in fund raising and income generation through retail, catering and other services for the National Maritime Museum Cornwall Trust.

During the year DQE provided management services at the Museum's satellite site at Ponsharden, DQET provided management, trading and fund-raising services at the main site and DQS owned and operated a public amenity open square for events adjoining the Museum. During the year the companies (excluding DQS) made gift aid payments of £375,013. Further details regarding these subsidiaries can be found in the notes to the Financial Statements.

The main visible public benefit of the charity's work is the opening of the Museum to the public for 362 days a year, providing an informative and educational experience for the general public, formal and informal learning groups and our diverse communities of interest. Through this work, the charity seeks to widen knowledge and appreciation of the maritime heritage in line with its stated aims.

Staff and volunteers

The Museum is run by a team of staff and volunteers led by a Director. The staff are responsible for planning and all business aspects of the charity. The volunteers provide essential support in seven key areas: front of house, galleries, education, boat management, collections, library and office.

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NATIONAL MARITIME MUSEUM CORNWALL TRUST (A COMPANY LIMITED BY GUARANTEE)

TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

As a direct consequence of the Coronavirus the number of volunteers at the Museum dropped considerably but thanks to a concerted effort and a focussed recruitment drive, we have started to rebuild our volunteer base and we currently have 143 active volunteers as at the year-end. We remain indebted to all our volunteers who have been helping us to build on our success as the most visited museum in Cornwall. Quite simply we would struggle to operate without their magnificent contribution.

ACHIEVEMENTS AND PERFORMANCE

Fundraising activities

Everything we undertake, we do without revenue support from central or local government. Despite having ‘national’ in our title and being charged to look after the national collection of small boats, we are an independent, regional Museum, relying solely on earned income, project grants and donations.

2022 finished on a positive note when we learnt our application to DCMS and the Wolfson Foundation for an improvement fund grant had been successful. The Museum was awarded £237,000 to help us revitalise the Boat Hall, another ambitious project we will be undertaking during 2023/24.

Under the payment schedule agreed with Royal Museums Greenwich for the coproduction of ‘ Pirates ’, we received the sum of £17,000 for completing the exhibition concept design in Q4.

We are very grateful for a generous gift-aided donation of £125,000 from an anonymous donor towards the end of the financial year.

Review of achievements and performance during the year

2022 was overshadowed by the sad death of Her Majesty Queen Elizabeth II. Her Majesty was a constant in our lives, and everyone associated with the Museum shares the deep sense of loss at her passing.

Although the formal, royal opening of the Museum was on Monday 14 March 2003, the soft opening took place 100 days earlier on Wednesday, 4[th] December 2002. Admission charges to the Museum were introduced on 16 February 2003. During the previous 51 days of free entry, we welcomed an astonishing 108,657 people. This equates to an average of 2,130 visitors a day, attendance numbers we now only surpass on wet days during school holidays. Despite this unprecedented level of interest, many local people doubted whether the Museum would bring the cultural and economic regeneration benefits promised. Some even dismissed the Museum as a white elephant, parachuted into Cornwall from London, which would fail to address economic issues facing Falmouth at the time. Consequently, in June 2008, Roger Tym and Partners (RTP) were commissioned by the Southwest Regional Development Agency (SWRDA) to conduct an economic impact assessment (SWRDA had purchased our waterfront site in 1994 and secured planning permission to build the Museum in 1998). RTP calculated the Museum was contributing £6.4m in gross value added (GVA) output to Falmouth’s economy and £1.4m to Cornwall’s economy. Today, the scale of our contribution is considerably greater. Independent visitor research carried out during the summer and autumn of 2022, by Exeter based research agency Power Marketing, found 42% of our audience travelled to Falmouth specifically to visit National Maritime Museum Cornwall.

We therefore began our anniversary celebrations in December 2022 with the opening of a new temporary exhibition, entitled ‘ The Museum at 20 ’ in the Balcony Gallery. This exhibition looked back at some of the highlights and challenges we have faced over the last two decades. For many of our staff and volunteers it seems like only yesterday the Museum was celebrating its tenth anniversary. In 2013, when the then Director, Jonathan Griffin, rightly praised staff, volunteers, and supporters for how much they had achieved with so few resources.

Exhibitions and Museum Activities

In January 2022 we opened an exhibition to mark the 200[th] birthday of HM Coastguard. This temporary exhibition, funded by the Maritime and Coastguard Agency (MCA) as part of its wider 200th birthday celebrations, told the story of the Coastguard and explored its role as one of the UK’s emergency services. Through original objects, evocative images, inspiring stories and interactive touchscreens, the exhibition celebrated the people who have dedicated themselves to saving lives at sea. It also explored the changing technology of the last two centuries and highlighted the continuing contribution of the Coastguard at sea and on land.

This exhibition, developed and co-produced with the National Emergency Services Museum, Sheffield, is a further example of our commitment to work collaboratively with community groups and regional and national partners. The ‘Coastguard 200’ anniversary presented an exciting opportunity for both museums to work together, sharing skills and

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NATIONAL MARITIME MUSEUM CORNWALL TRUST (A COMPANY LIMITED BY GUARANTEE)

TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

expertise, objects and making cost-effective use of resources, in this case in producing a duplicate or ‘clone’ set of exhibition panels to display concurrently at both venues, for audiences at either end of the country.

In late February the Museum hosted a visit from Alok Sharma, COP26 President. He attended presentations on the G7 Legacy and the UK City of Culture bid.

As part of our commitment to developing deeper connections, understanding and exchange of cultural and creative expression and collaboration, we were delighted to sign a Memorandum of Understanding (MoU) with Exeter University in May. This initiative will help to create a framework for engagement across education, research, and representation, addressing individual and shared priorities, and extending the reach of culture to those previously not engaged. It is intended this academic partnership will give the Museum access to the latest academic research and support for the content development of future exhibitions. In return the University benefits from reaching a wider and more diverse range of new audiences.

The Trustees of the Weston Culture Fund awarded the Museum a grant in 2020 to improve the Museum’s digital capacity and capability. Part of this funding was set aside to upgrade our lecture theatre, to enable us to deliver a variety of talks, performances, and presentations as well as blended lectures to an onsite and online audience. The refurbishment was completed during 2022 and our first blended adult lecture was launched on 15[th] June. It undoubtedly proved to be one of the highlights of our year. The talk was given by Douglas Robertson to mark the 50th anniversary of his family’s incredible survival in a dinghy called Ednamair , after their schooner, Lucette , had been sunk by three killer whales. Working in partnership with BBC news presenter Jemma Woodman and Storylines, Douglas’s talk in our lecture theatre was also made available live online and included a panel discussion and the opportunity to see objects from our Ednamair collection.

The Museum communicates information about its work and collections to different audiences in several ways. This includes our popular programme of exhibitions, lectures, public engagement events, as well as the ‘behind the scenes’ research and enquiry service of The Bartlett Maritime Research Centre and Library. We also disseminate knowledge through social media and a growing range of popular, academic and specialist publications, both in print and online.

Our main publication during 2022/23 was a richly illustrated report designed to capture the extraordinary impacts and lessons learnt from touring our, ground-breaking exhibition ‘Tattoo: British Tattoo Art Revealed’ , and its subsequent threeyear national tour. Entitled, ‘ Tattoo: A Catalyst for Change’ , the report was authored by Mary-Anne Edwards. She has interviewed a truly diverse range of people including academics, collectors, tattoo artists, museum staff, and people from different communities and locations. In doing so Mary-Anne Edwards has demonstrated the considerable cultural achievement of the tour, which grew in response to a genuine need from communities long marginalised by mainstream museums and art galleries.

In total the exhibition was hosted by seven museums over a three-year period, mostly based in coastal communities facing similar challenges. All were ranked in the top percentile of the most deprived areas in the country. As Mary Anne argues, ‘ all institutions took the opportunity to use Tattoo to attract diverse visitors and to help challenge public perceptions of them as a cultural organisation with host venues using the exhibition as a springboard to create extraordinary artistic and community work, all shaped by their capacity, collections and communities.’

During 2022, the Museum has continued to consider how we can best implement climate positive measures to address sustainability in our operations, programming, and facilities management. Following an invitation to join a bootcamp, we have begun to use the B Corp framework to help us review our environmental and social actions in all that we do, including our public programming. For example, over the summer we commissioned the Cornwall based theatre company, Illyria, to produce a fun, family show called, ‘ I SAW A MONSTER’ to complement our ‘ Monsters of the Deep’ exhibition. The show followed a ‘lecture-gone-wrong’ format, in which the viewpoints of Cryptozoology and Science were presented. The production ended by highlighting pollution in our oceans and delivered a strong environmental message about the danger of marine plastics. There were four daily, 20-minute performances, seven days a week, throughout the school summer holidays.

In the face of growing economic and energy volatility caused by geopolitical and economic factors NMMCT found itself having to absorb a £100,000 increase in its utility costs for the Museum alone during 2023/24. This was far greater than our budgeted provision and has contributed to our budget deficit. We therefore commissioned Touchstone Integrated Energy Management Solutions to carry out an audit of the Museum’s energy profile and provide recommendations. This audit has given the Museum a framework to develop a comprehensive understanding of energy related elements and system inter-relationships and will help us tackle potentially conflicting objectives of reducing energy consumption without degrading environmental conditions at site or the visitor experience.

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NATIONAL MARITIME MUSEUM CORNWALL TRUST (A COMPANY LIMITED BY GUARANTEE)

TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

The Touchstone report identified numerous areas where energy efficiency could be increased. The targets we have set are deliberately aspirational and challenging but our approach seeks to blend the varied needs of visitors, exhibits, building, equipment, plant, and energy efficiency.

We also invested in a condition survey of the Museum, and this has resulted in our implementing a raft of remedial works to both the Museum and the Museum store at Ponsharden. For example, we have replaced the controls, cabling and rails in the tower lift and the rails in the foyer lift. We also carried out fire stopping measures across the Museum and Museum store and serviced all fire doors.

Over the course of the financial year, we have also revised and updated all our health and safety policies and procedures and rolled out an extensive training programme for all staff and volunteers.

In January 2023 we closed the ‘ Monsters of the Deep’ temporary exhibition. Market research showed, even in its third year, this temporary exhibition remained the main driver for footfall during 2022. This exhibition involved many innovative delivery models which were, by their nature, extremely complex and time-consuming to manage. For example, there were literally hundreds of individual loans, including potentially flammable and explosive spirit-preserved specimens, and huge but fragile hanging skeletons. We were therefore conscious that taking down “ Monsters of the Deep” would be logistically challenging. Following Chatham Historic Dockyard Trust’s decision to hire the substantive part of this exhibition, we were grateful to them for their assistance in dismantling and packing the exhibition, prior to its relocation to Kent, where the exhibition reopened to the public on 31[st] March.

Over the course of 2022 much of our exhibition and curatorial work was focused on the detailed design of ‘ Pirates’ , in partnership with Royal Museums Greenwich. Our temporary exhibitions represent a considerable investment of our time and resources and ‘ Pirates ’ was no exception. We worked with a team of highly qualified, external guest curators, consulted a wide circle of academics in the UK, America and the Caribbean and went to considerable expense to bring key national exhibits to Cornwall, borrowing loans from several major institutions, notably the British Museum, the National Archives and Royal Museums Greenwich.

Inevitably the ‘ Pirates ’ exhibition represented a major financial outlay for the Museum. We will recover some of this investment from RMG, who have committed to meet a one third share of the core costs. However, they are making deferred payments, with their final contribution falling due when the exhibition is delivered to Greenwich in January 2025.

FINANCIAL REVIEW

Financial performance and position

The results for the year and financial position of the Trust are presented in the annexed financial statements. The level of group reserves at 31 March 2023 was £23,717,763 (2022: £24,969,683). The movement on restricted funds is dominated by the depreciation charge on the Museum’s building and as such we consider the unrestricted funds position to give a better indicator of our underlying financial position.

In the year, our unrestricted funds decreased by £850,076. £137,632 of this related to unrealised losses from our listed investments. The unrestricted deficit before these sums was £712,444.

Reserves and investment policy

It is the intention of the Trustees to ensure that there are sufficient free reserves to:

At 31 March 2023 the charity’s consolidated unrestricted reserves stood at £2,660,667 (2022: £3,510,743), whilst free reserves (calculated as unrestricted funds held in the form of current assets less creditors due within one year) stood at - £73,379 (2022: £605,634). The Trustees intend to rebuild free reserves to represent six months’ expenditure.

During 2022/23 the Museum withdrew £200,000 from the investment portfolio to replace the pontoon and improve safety in the Museum workshop. £25,000 was spent on feasibility works and the Museum workshop and the Trustees agreed to retain the balance in the bank account rather than reinvest it in the investment fund. The year-end balance on listed investments stood at £1,533,843 (2022: £1,864,002), including a downward revaluation during the year of £137,632 and a disposal of investments at a cost of £192,527 .

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NATIONAL MARITIME MUSEUM CORNWALL TRUST (A COMPANY LIMITED BY GUARANTEE)

TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Plans for future periods

Our key priority is to ensure the sustainability of the Museum through a programme of lively and appealing exhibitions, carefully targeted marketing and the maximisation of benefit from the trading activities and estate. Our approach will therefore continue to be based on making efforts to secure and strengthen existing income streams and by engendering a culture of experimentation to maximise new income generating opportunities.

Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity 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.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is registered as a charity company limited by guarantee and was incorporated on 8 October 1997. It is governed by its memorandum and articles of association.

The charity and the group are constituted under a Memorandum of Association dated 8 October 1997 and as amended by Special Resolution dated 20 September 2018 and the Museum is a registered charity number 1067884.

Method of appointment or election of Trustees

The management of the Group and the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Memorandum of Association.

The members of the Board of Directors of the charitable company ("the charity") are its Trustees for the purposes of charity law and throughout the report are collectively referred to as the Trustees. The Trustees are elected by the Board. A Trustee retiring by rotation is eligible for re-election. The Trustees during the year under review were those listed on page 1. New Trustees are given appropriate guidance about their obligations by the chairman and existing Trustees and by reference to the Charity Commission notes.

Organisational structure and decision making

The Board of Trustees, which must have a minimum of three members but has no maximum and normally meets four times a year. There are three sub-committees to the board:

Audit, Finance & Investments Mr R Holmes (c), Mr P Davies MBE, Mr S Sherrard, Mrs E Winser Nominations Mr S Sherrard (c), Mrs H. Stembridge Acquisitions Dr H Doe (c), Mr A Pawlyn, Mr G English, Mr R Doughty, Mrs, S. Riddle, Mr A.Wyke

Pay policy for senior staff

The Trustees are responsible for setting Museum policy and the Senior Management Team are responsible for implementing policy and directing, controlling, and running the operation of the Museum. All Trustees give of their time freely and no Trustee received remuneration in the year. Details of Trustees’ expenses and related party transactions are disclosed in the notes to the accounts.

The pay of the senior staff is reviewed annually and normally increased in accordance with average earnings. In view of the nature of the charity, the Trustees benchmark against pay levels in other comparable institutions of a similar size run on a voluntary basis. The remuneration benchmark is the mid-point of the range paid for similar roles adjusted for a weighting of up to a reasonable percentage for any additional responsibilities. If recruitment has proven difficult in the recent past a market addition is also paid with the pay maximum no greater than the highest benchmarked salary for a comparable role.

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NATIONAL MARITIME MUSEUM CORNWALL TRUST (A COMPANY LIMITED BY GUARANTEE)

TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Risk management

The Trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the charity and are satisfied that systems and procedures are in place to mitigate our exposure to the major risks. The process of review is ongoing and risk management is considered as part of the decision-making process.

Information on fundraising practices

The Museum Director leads the Trust’s fundraising efforts supported by other members of the staff team. Our fundraising activities are primarily directed towards trusts and foundations, not individuals. Where we do receive donations from individuals, it will typically be of their own initiative.

FUNDS HELD AS CUSTODIAN

There are no funds held by the Charity on behalf of another charity, other than the funds collected by its subsidiary company Discovery Quay Square (DQS), from its local residents towards the maintenance of the sea wall surrounding Discovery Quay Square. The funds are held by DQS in a separate deposit account.

The Trustees’ Report, incorporating a strategic report, was approved by order of the Trustees, as the company directors, on ____ and signed on its behalf by:

Mr S P Sherrard DL Chair of Trustees

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NATIONAL MARITIME MUSEUM CORNWALL TRUST (A COMPANY LIMITED BY GUARANTEE)

STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2023

The Trustees (who are also the directors of the Charity 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 Group and the Charity and of their incoming resources and application of resources, including their income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Group and the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Group and the Charity 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 Group and the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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NATIONAL MARITIME MUSEUM CORNWALL TRUST (A COMPANY LIMITED BY GUARANTEE)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NATIONAL MARITIME MUSEUM CORNWALL TRUST

OPINION

We have audited the financial statements of National Maritime Museum Cornwall Trust (the 'parent charitable company') and its subsidiaries (the 'group') for the year ended 31 March 2023 which comprise the Consolidated statement of financial activities, the Consolidated balance sheet, the Charity balance sheet, the Consolidated statement of cash flows, the Charity Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

BASIS FOR OPINION

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

CONCLUSIONS RELATING TO GOING CONCERN

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

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NATIONAL MARITIME MUSEUM CORNWALL TRUST (A COMPANY LIMITED BY GUARANTEE)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NATIONAL MARITIME MUSEUM CORNWALL TRUST (CONTINUED)

OTHER INFORMATION

The other information comprises the information included in the Annual report other than the financial statements and our Auditors' report thereon. The Trustees are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

OPINION ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006

In our opinion, based on the work undertaken in the course of the audit:

MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION

In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' report.

We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion:

RESPONSIBILITIES OF TRUSTEES

As explained more fully in the Trustees' responsibilities statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the Group's and the parent charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

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NATIONAL MARITIME MUSEUM CORNWALL TRUST (A COMPANY LIMITED BY GUARANTEE)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NATIONAL MARITIME MUSEUM CORNWALL TRUST (CONTINUED)

AUDITORS' RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

As a result of these procedures, we have considered the opportunities and incentives that may exist within the organisation for fraud and identified the highest area of risk to be in relation to income recognition, with a particular risk in relation to year-end cut off. In common with all audits under ISAs (UK) we are also required to perform specific procedures to respond to the risk of management override.

We have also obtained an understanding of the legal and regulatory frameworks that the Charity operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the Charities Act 2011, Charity SORP 2019, FRS 102 and the terms and conditions attaching to material grants received by the Charity.

In addition, we considered the provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Charity’s ability to operate or avoid a material penalty. These included maritime Law, Environmental Law and compliance with the Food Safety standards, the Landlord and Tennant Act and Trading Standards.

Our procedures to respond to risks identified included the following:

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NATIONAL MARITIME MUSEUM CORNWALL TRUST (A COMPANY LIMITED BY GUARANTEE)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NATIONAL MARITIME MUSEUM CORNWALL TRUST (CONTINUED)

We also communicated identified laws and regulations and potential fraud risks to all members of the engagement team and remained alert to possible indicators of fraud or non-compliance with laws and regulations throughout the audit.

As a result of the inherent limitations of an audit, there is a risk that not all irregularities, including a material misstatement in financial statements or non-compliance with regulation, will be detected by us. The risk increases the further removed compliance with a law and regulation is from the events and transactions reflected in the financial statements, given we will be less likely to be aware of it, or should the irregularity occur as a result of fraud rather than a one-off error, as this may involve intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.

USE OF OUR REPORT

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditors' 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 charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.

Alison Oliver FCA (Senior statutory auditor)

for and on behalf of

Bishop Fleming LLP Chartered Accountants Statutory Auditors Chy Nyverow Newham Road Truro Cornwall TR1 2DP

Date:

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NATIONAL MARITIME MUSEUM CORNWALL TRUST (A COMPANY LIMITED BY GUARANTEE)

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2023

Note
Income from:
Donations and legacies
4
Charitable activities
5
Other trading activities
7
Investments
8
Other income
9
Total income
Expenditure on:
Raising funds
Charitable activities
Total expenditure
Net (expenditure)/income before net
(losses)/gains on investments
Net (losses)/gains on investments
Net (expenditure)/income
Transfers between funds
22
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Restricted
funds
2023
£
-
17,000
-
-
-
17,000
-
431,539
431,539
(414,539)
-
(414,539)
32,695
(381,844)
21,438,940
(381,844)
21,057,096		 Unrestricted
funds
2023
£
140,788
920,466
986,660
78,445
-
2,126,359
309,145
2,496,963
2,806,108
(679,749)
(137,632)
(817,381)
(32,695)
(850,076)
3,510,743
(850,076)
2,660,667		 Total
funds
2023
£
140,788
937,466
986,660
78,445
-
2,143,359
309,145
2,928,502
3,237,647
(1,094,288)
(137,632)
(1,231,920)
-
(1,231,920)
24,949,683
(1,231,920)
23,717,763		 Total
funds
2022
£
154,749
1,325,813
1,192,409
71,339
4,476
2,748,786
330,919
2,022,089
2,353,008
395,778
112,856
508,634
-
508,634
24,441,049
508,634
24,949,683

The Consolidated statement of financial activities includes all gains and losses recognised in the year.

The notes on pages 18 to 45 form part of these financial statements.

Page 13

NATIONAL MARITIME MUSEUM CORNWALL TRUST (A COMPANY LIMITED BY GUARANTEE) REGISTERED NUMBER:03446298

CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2023

Note
Fixed assets
Tangible assets
15
Investments
17
Investment property
16
Current assets
Stocks
18
Debtors
19
Cash at bank and in hand
Creditors: amounts falling due within one
year
20
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after more
than one year
21
Total net assets
Charity funds
Restricted funds
22
Unrestricted funds
22
Total funds		 82,067
337,669
771,194
1,190,930
(1,139,297)		 2023
£
21,036,478
1,533,843
2,813,362
25,383,683
51,633
25,435,316
(1,717,553)
23,717,763
21,057,096
2,660,667
23,717,763		 62,868
299,571
1,458,996
1,821,435
(1,050,138)		 2022
£
21,251,659
1,864,002
2,813,362
25,929,023
771,297
26,700,320
(1,750,637)
24,949,683
21,438,940
3,510,743
24,949,683

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 were approved and authorised for issue by the Trustees and signed on their behalf by:

Mr S P Sherrard DL

Date:

The notes on pages 18 to 45 form part of these financial statements.

Page 14

NATIONAL MARITIME MUSEUM CORNWALL TRUST (A COMPANY LIMITED BY GUARANTEE) REGISTERED NUMBER:03446298

CHARITY STATEMENT OF FINANCIAL POSITION FOR THE YEAR ENDED 31 MARCH 2023

Note
Fixed assets
Tangible assets
15
Investments
17
Investment property
16
Current assets
Debtors
19
Cash at bank and in hand
Creditors: amounts falling due within one
year
20
Net current (liabilities) / assets
Total assets less current liabilities
Creditors: amounts falling due after more
than one year
21
Net assets excluding pension asset
Total net assets
Charity funds
Restricted funds
22
Unrestricted funds
22
Total funds		 610,183
102,137
712,320
(720,339)		 2023
£
19,110,131
1,535,843
2,813,362
23,459,336
(8,019)
23,451,317
(1,717,553)
21,733,764
21,733,764
21,044,055
689,709
21,733,764		 857,201
395,558
1,252,759
(540,664)		 2022
£
19,261,788
1,866,002
2,813,362
23,941,152
712,095
24,653,247
(1,750,637)
22,902,610
22,902,610
21,358,685
1,543,925
22,902,610

The Charity's net movement in funds for the year was £(1,168,846) (2022 - £562,294).

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 were approved and authorised for issue by the Trustees and signed on their behalf by:

Mr S P Sherrard DL

Date:

The notes on pages 18 to 45 form part of these financial statements.

Page 15

NATIONAL MARITIME MUSEUM CORNWALL TRUST (A COMPANY LIMITED BY GUARANTEE)

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2023

Cash flows from operating activities
Net cash provided by/(used in) operating activities
Cash flows from investing activities
Dividends, interests and rents from investments
Purchase of tangible fixed assets
Net cash (used in)/provided by investing activities
Cash flows from financing activities
Net cash provided by financing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
The notes on pages 18 to 45 form part of these financial statements		 2023
£
(568,540)
78,445
(197,707)
(119,262)
-
(687,802)
1,458,996
771,194		 2022
£
729,367
71,339
(61,559)
9,780
-
739,147
719,849
1,458,996

Page 16

NATIONAL MARITIME MUSEUM CORNWALL TRUST (A COMPANY LIMITED BY GUARANTEE) CHARITY STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2023

Cash flows from operating activities
Net cash used in operating activities
Cash flows from investing activities
Dividends, interests and rents from investments
Purchase of tangible fixed assets
(Gains) / Losses on investments
Net cash provided by/(used in) investing activities
Cash flows from financing activities
Grants received
Net cash provided by financing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
The notes on pages 18 to 45 form part of these financial statements		 2023
£
(328,791)
78,445
(197,707)
137,632
18,370
17,000
17,000
(293,421)
395,558
102,137		 2022
£
(79,695)
71,339
(61,559)
(112,856)
(103,076)
395,427
395,427
212,656
182,902
395,558

Page 17

NATIONAL MARITIME MUSEUM CORNWALL TRUST (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

1. GENERAL INFORMATION

The Charity is a company limited by guarantee (Company no: 03446298). The registered office Discovery Quay, Falmouth, Cornwall, TR11 3QY. The members of the company are the Trustees named on page 1. In the event of the Charity being wound up, the liability in respect of the guarantee is limited to £10 per member of the Charity.

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 2015), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

National Maritime Museum Cornwall Trust 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.

The Consolidated statement of financial activities (SOFA) and Consolidated balance sheet consolidate the financial statements of the Charity and its subsidiary undertakings. The results of the subsidiaries are consolidated on a line by line basis.

The Charity has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of financial activities in these financial statements.

The financial statements use British Pounds Sterling as the presentation currency and are rounded to the nearest £1 throughout.

2.2 BASIS OF CONSOLIDATION

The financial statements consolidate the accounts of National Maritime Museum Cornwall Trust and all of its subsidiary undertakings ('subsidiaries').

The Charity has taken advantage of the exemption contained within section 408 of the Companies Act 2006 not to present its own Income and expenditure account.

2.3 GOING CONCERN

The trustees anticipate that the charity will continue to operate within its available resources, and be able to tolerate a reasonable level of unforeseen circumstance for a period of at least 12 months from the date of these financial statements. The financial statements have therefore been prepared on a going concern basis.

Page 18

NATIONAL MARITIME MUSEUM CORNWALL TRUST (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

2. ACCOUNTING POLICIES (continued)

2.4 INCOME

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the Trust that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor's intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material.

Donated services or facilities are recognised when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use of the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), the general volunteer time is not recognised and refer to the Trustees' report for more information about their contribution.

On receipt, donated professional services and facilities are recognised on the basis of the value of the gift to the Charity which is the amount it would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.

2.5 EXPENDITURE

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Fundraising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities. Support costs are those costs incurred directly in support of expenditure on the objects of the charity and include project management carried out by the Trust. Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements.

Costs of generating funds are costs incurred in attracting voluntary income, and those incurred in trading activities that raise funds.

Page 19

NATIONAL MARITIME MUSEUM CORNWALL TRUST (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

2. ACCOUNTING POLICIES (continued)

2.5 EXPENDITURE (CONTINUED)

Charitable activities and governance costs are costs incurred on the charity's operations, including support costs and costs relating to the governance of the charity apportioned to charitable activities.

All expenditure is inclusive of irrecoverable VAT.

2.6 GOVERNMENT GRANTS

Government grants relating to tangible fixed assets are treated as deferred income and released to the Consolidated statement of financial activities over the expected useful lives of the assets concerned. Other grants are credited to the Consolidated statement of financial activities as the related expenditure is incurred.

2.7 INTEREST RECEIVABLE

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Group; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

2.8 TAXATION

The Charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

2.9 TANGIBLE FIXED ASSETS AND DEPRECIATION

A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate that the carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying value of fixed assets and their recoverable amounts are recognised as impairments. Impairment losses are recognised in the Statement of financial activities.

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, using the straight-line method.

Depreciation is provided on the following bases:

Page 20

NATIONAL MARITIME MUSEUM CORNWALL TRUST (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

2. ACCOUNTING POLICIES (continued)

2.10 HERITAGE ASSETS

It is the policy of the Board not to capitalise heritage assets in the Museum collection. The Museum's collection consists of a range of objects, boats, art, books and archives.

These items are held in support of the Museum's primary objective of increasing knowledge, understanding and appreciation of the maritime heritage.

The Board considers that financial valuations of heritage assets would be misleading to the value and significance of the material culture involved. In many cases reliable cost information is not available or there are significant costs involved in obtaining a valuation that would outweigh any benefits. Other than a few items that have been purchased, the Museum does not recognise these assets on its balance sheet.

However, it is very important for a Museum to account to the public for the management and care for the collections entrusted to it. High standards of Collections Management are applied to the collections held by the Museum in order to preserve and manage collections on behalf of, and to make it available to, the public. An Accession Register and records are kept on collections, its provenance, and its donors. These are made available for all enquiries and requests, subject to appropriate security and data protection guidelines.

Conservation expenditure incurred on heritage assets is recognised in the Statement of financial activities as incurred.

2.11 INVESTMENTS

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Consolidated statement of financial activities.

Investments in subsidiaries are valued at cost less provision for impairment.

Investments held as fixed assets are shown at cost less provision for impairment.

2.12 INVESTMENT PROPERTY

Investment properties are carried at fair value determined annually by the Trustees and derived from the current market rents and investment property yields for comparable real estates, adjusted if necessary for the difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of financial activities.

2.13 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.

2.14 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 21

NATIONAL MARITIME MUSEUM CORNWALL TRUST (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

2. ACCOUNTING POLICIES (continued)

2.15 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.

2.16 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 Charity 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 Consolidated statement of financial activities as a finance cost.

2.17 FINANCIAL INSTRUMENTS

The Group 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.

The Group's financial assets and liabilities consists of cash and cash equivalents, short term investments, trade and other debtors, trade and other creditors, and accrued expenses. The fair value of these items approximates to their carrying value due to their short term value. Unless otherwise stated, the Group is not exposed to significant interest, foreign or credit risks arising from these instruments.

2.18 OPERATING LEASES

Rentals paid under operating leases are charged to the Consolidated statement of financial activities on a straight line basis over the lease term.

2.19 PENSIONS

The Group operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Group to the fund in respect of the year.

2.20 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 Group and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Group 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 22

NATIONAL MARITIME MUSEUM CORNWALL TRUST (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

3. CRITICAL ACCOUNTING ESTIMATES AND AREAS OF JUDGEMENT

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical accounting estimates and assumptions:

The Charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

Critical areas of judgement:

The liability and contingent liability disclosed in respect of the sea wall include an element of estimation uncertainty due to their nature.

Page 23

NATIONAL MARITIME MUSEUM CORNWALL TRUST (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

4. INCOME FROM DONATIONS AND LEGACIES

DONATIONS
Donations and sponsorship
Members subscriptions
Founder memberships
TOTAL 2023
DONATIONS
Donations and sponsorship
Members subscriptions
Founder memberships
TOTAL 2022		 Restricted
funds
2023
Unrestricted
funds
2023
£
£
-
130,501
-
4,120
-
6,167
-
140,788
Restricted
funds
2022
Unrestricted
funds
2022
£
£
120,000
26,394
-
3,565
-
4,790
120,000
34,749		 Total
funds
2023
£
130,501
4,120
6,167
140,788
Total
funds
2022
£
146,394
3,565
4,790
154,749

Page 24

NATIONAL MARITIME MUSEUM CORNWALL TRUST (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

5. INCOME FROM CHARITABLE ACTIVITIES

Charity incoming resources
Charity incoming resources
GRANTS RECEIVED
ACE Funding
Arts Council - Tattoo Commission
Covid Support Grants
Arts Council - Culture Recovery Fund
Other Grants		 Restricted
funds
2023
Unrestricted
funds
2023
£
£
17,000
920,466
Restricted
funds
2022
Unrestricted
funds
2022
£
£
135,451
1,190,362
2023
£
-
-
-
-
17,000
17,000		 Total
funds
2023
£
937,466
Total
funds
2022
£
1,325,813
2022
£
65,375
13,050
28,476
270,000
18,526
395,427

6. GRANTS RECEIVED

Page 25

NATIONAL MARITIME MUSEUM CORNWALL TRUST (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

7. INCOME FROM OTHER TRADING ACTIVITIES

Income from non charitable trading activities

Unrestricted
funds
2023
£
Trading income
986,660
Unrestricted
funds
2022
£
Trading income
1,192,409
8.
INVESTMENT INCOME
Unrestricted
funds
2023
£
Investment income
78,445
Unrestricted
funds
2022
£
Investment income
71,339		 Total
funds
2023
£
986,660
Total
funds
2022
£
1,192,409
Total
funds
2023
£
78,445
Total
funds
2022
£
71,339

Page 26

NATIONAL MARITIME MUSEUM CORNWALL TRUST (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

9. OTHER INCOMING RESOURCES

CJRS Income
CJRS Income
ANALYSIS OF EXPENDITURE BY ACTIVITIES
Charitable activities
Charitable activities		 Activities
undertaken
directly
2023
£
2,252,482
Activities
undertaken
directly
2022
£
1,798,194		 Unrestricted
funds
2022
£
4,476
Support
costs
2023
£
676,020
Support
costs
2022
£
223,895		 Total
funds
2023
£
-
Total
funds
2022
£
4,476
Total
funds
2023
£
2,928,502
Total
funds
2022
£
2,022,089

10. ANALYSIS OF EXPENDITURE BY ACTIVITIES

Page 27

NATIONAL MARITIME MUSEUM CORNWALL TRUST (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

10. ANALYSIS OF EXPENDITURE BY ACTIVITIES (CONTINUED)

ANALYSIS OF SUPPORT COSTS

Curatorial
Auditors remuneration
Accountancy fees
TOTAL 2023
Curatorial
Auditors remuneration
Accountancy fees
TOTAL 2022
11.
AUDITORS' REMUNERATION
Fees payable to the Charity's auditor for the audit of the Charity's annual
accounts
Fees payable to the Charity's auditor in respect of:
All non-audit services not included above		 Museum
2023
£
617,469
26,600
31,951
676,020
Museum
2022
£
161,332
24,239
38,324
223,895
2023
£
24,750
1,850		 Total
funds
2023
£
617,469
26,600
31,951
676,020
Total
funds
2022
£
161,332
24,239
38,324
223,895
2022
£
19,375
4,864

Page 28

NATIONAL MARITIME MUSEUM CORNWALL TRUST (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

12. STAFF COSTS

Wages and salaries
Social security costs
Contribution to defined contribution pension
schemes		 Group
2023
£
636,033
56,674
33,532
726,239		 Group
2022
£
635,801
47,574
30,536
713,911		 Charity
2023
£
586,629
50,708
28,803
666,140		 Charity
2022
£
545,754
44,123
26,512
616,389

The average number of persons employed by the Charity during the year was as follows:

Group Group Charity Charity
2023 2022 2023 2022
No. No. No. No.
Management and administration 39 37 21 21

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

Group Group
2023 2022
No. No.
In the band £70,001 - £80,000 1 1

All Trustees and certain senior employees who have authority and responsibility for planning, directing and controlling the activities of the Charity are considered to be key management personnel. Total remuneration in respect of these individuals is £79,285 for 1 personnel member (2022: £75,785 for 1 personnel member).

13. TRUSTEES' REMUNERATION AND EXPENSES

During the year, no Trustees received any remuneration or other benefits (2022: £Nil).

During the year ended 31 March 2023, expenses totaling £177 were reimbursed or paid directly to 2 Trustees (2022 - £214 to 2 trustees.).

14. CORPORATION TAXATION

The Charity is exempt from tax on income and gains falling within section 478, 486 and 488 CTA 2010 and s256 TCGA 1992 to the extent that these are applied to its charitable objects. There was no UK Corporation Tax payable by National Maritime Museum Cornwall Trust in 2023.

Page 29

NATIONAL MARITIME MUSEUM CORNWALL TRUST (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

15. TANGIBLE FIXED ASSETS

GROUP

COST OR VALUATION
At 1 April 2022
Additions
At 31 March 2023
DEPRECIATION
At 1 April 2022
Charge for the year
At 31 March 2023
NET BOOK VALUE
At 31 March 2023
At 31 March 2022		 Freehold
property
£
23,466,015
39,225
23,505,240
4,508,875
234,903
4,743,778
18,761,462
18,957,140		 Long-term
leasehold
property
£
3,176,193
-
3,176,193
1,196,322
63,524
1,259,846
1,916,347
1,979,871		 Fixtures,
fittings and
equipment
£
1,168,452
31,579
1,200,031
948,695
40,719
989,414
210,617
219,757		 Museum
model
exhibitions
£
1,769,926
126,903
1,896,829
1,675,035
73,742
1,748,777
148,052
94,891		 Total
£
29,580,586
197,707
29,778,293
8,328,927
412,888
8,741,815
21,036,478
21,251,659

Included in freehold property is freehold land at cost of £5,000 (2022: £5,000), which is not depreciated.

A debenture has been given to the Heritage Lottery Fund to secure the repayment of grants if they should become repayable.

BEIS (formerly: South West of England Regional Development Agency) have a fixed charge over an element of the leasehold land and property.

HSBC UK Bank plc hold a fixed charge over some of the land included within freehold property.

Page 30

NATIONAL MARITIME MUSEUM CORNWALL TRUST (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

15. TANGIBLE FIXED ASSETS (CONTINUED)

CHARITY

COST OR VALUATION
At 1 April 2022
Additions
At 31 March 2023
DEPRECIATION
At 1 April 2022
Charge for the year
At 31 March 2023
NET BOOK VALUE
At 31 March 2023
At 31 March 2022		 Freehold
property
£
23,456,015
39,225
23,495,240
4,508,875
234,903
4,743,778
18,751,462
18,947,140		 Fixtures,
fittings and
equipment
£
1,085,497
31,579
1,117,076
865,740
40,719
906,459
210,617
219,757		 Museum
model
exhibits
£
1,769,926
126,903
1,896,829
1,675,035
73,742
1,748,777
148,052
94,891		 Total
£
26,311,438
197,707
26,509,145
7,049,650
349,364
7,399,014
19,110,131
19,261,788

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NATIONAL MARITIME MUSEUM CORNWALL TRUST (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

16.
INVESTMENT PROPERTY
GROUP
VALUATION
At 1 April 2022
At 31 March 2023
CHARITY
VALUATION
At 1 April 2022
At 31 March 2023		 Freehold
investment
property
£
2,813,362
2,813,362
Freehold
investment
property
£
2,813,362
2,813,362

The 2023 valuations were made by the trustees, on an open market value for existing use basis.

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NATIONAL MARITIME MUSEUM CORNWALL TRUST (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

17. FIXED ASSET INVESTMENTS

GROUP
COST OR VALUATION
At 1 April 2022
Disposals
Revaluations
AT 31 MARCH 2023
NET BOOK VALUE
AT 31 MARCH 2023
AT 31 MARCH 2022
CHARITY
COST OR VALUATION
At 1 April 2022
Disposals
Revaluations
AT 31 MARCH 2023
NET BOOK VALUE
AT 31 MARCH 2023
AT 31 MARCH 2022		 Investments
in
subsidiary
companies
£
2,000
-
-
2,000
2,000
2,000		 Listed
investments
£
1,864,002
(192,527)
(137,632)
1,533,843
1,533,843
1,864,002		 Listed
investments
£
1,864,002
(192,527)
(137,632)
1,533,843
1,533,843
1,864,002
Total
£
1,866,002
(192,527)
(137,632)
1,535,843
1,535,843
1,866,002

Page 33

NATIONAL MARITIME MUSEUM CORNWALL TRUST (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

17. FIXED ASSET INVESTMENTS (CONTINUED)

PRINCIPAL SUBSIDIARIES

The following were subsidiary undertakings of the Charity:

Names Company Registered office or principal Principal activity Class of Holding Included in
number place of business shares consolidation
Discovery Quay Enterprises (Trading) 03714613 Discovery Quay, Falmouth, Running commercial Ordinary 100% Yes
Limited Cornwall, TR11 3QY trading operations at
the Museum
Discovery Quay Enterprises Limited 04519567 Discovery Quay, Falmouth, To provide boat Ordinary 100% Yes
Cornwall, TR11 3QY storage and other
facilities for the
Museum
Discovery Quay Square Limited 05856283 Discovery Quay, Falmouth, Ownership and Limited by -% Yes
Cornwall, TR11 3QY operation of a public guarantee
amenity open
square for events
adjoining the
Museum
Discovery Quay Property Limited 05867009 Discovery Quay, Falmouth, Dormant company Ordinary 100% No
Cornwall, TR11 3QY
The financial results of the subsidiaries for the year were:
Names Income Expenditure Profit/(Loss) Net assets
£ £ for the year £
£
Discovery Quay Enterprises (Trading) Limited 798,146 (798,146) - 11,775
Discovery Quay Enterprises Limited 133,200 (133,200) - 231,783
Discovery Quay Square Limited 46,713 52,498 (5,785) 98

The financial results of the subsidiaries for the year were:

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NATIONAL MARITIME MUSEUM CORNWALL TRUST (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

18. STOCKS

Goods for resale
DEBTORS
DUE WITHIN ONE YEAR
Trade debtors
Amounts owed by group undertakings
Other debtors
Prepayments and accrued income		 Group
2023
£
126,552
-
15,503
195,614
337,669		 Group
2022
£
95,654
-
14,216
189,701
299,571		 Group
2023
£
82,067
Charity
2023
£
59,829
371,519
14,942
163,893
610,183		 Group
2022
£
62,868
Charity
2022
£
51,377
635,282
10,400
160,142
857,201

19. DEBTORS

20. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Bank loan
Trade creditors
Other taxation and social security
Other creditors
Accruals and deferred income		 Group
2023
£
65,209
324,473
35,453
485,376
228,786
1,139,297		 Group
2022
£
65,209
155,743
28,750
595,253
205,183
1,050,138		 Charity
2023
£
65,209
264,750
14,091
239,828
136,461
720,339		 Charity
2022
£
65,209
116,122
12,225
234,089
113,019
540,664

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NATIONAL MARITIME MUSEUM CORNWALL TRUST (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

21. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Bank loan
Other creditors		 Group
2023
£
917,553
800,000
1,717,553		 Group
2022
£
950,637
800,000
1,750,637		 Charity
2023
£
917,553
800,000
1,717,553		 Charity
2022
£
950,637
800,000
1,750,637

The aggregate amount of liabilities payable or repayable wholly or in part more than five years after the reporting date is:

Repayable by installments
Payable or repayable other than by
installments		 Group
2023
£
656,717
800,000
1,456,717		 Group
2022
£
689,801
800,000
1,489,801		 Charity
2023
£
656,717
800,000
1,456,717		 Charity
2022
£
689,801
800,000
1,489,801

Included within the above bank loans balance, is one loan repayable over 25 years. For the initial 10 year period interest will be charged on the outstanding balance at a rate of 3.46%. The applicable interest rate after this initial fixed period will be 2.07% per annum above base rate, subject to a review.

The bank loan is secured against the freehold land for which the loan was used to purchase.

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NATIONAL MARITIME MUSEUM CORNWALL TRUST (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

22. STATEMENT OF FUNDS

STATEMENT OF FUNDS - CURRENT YEAR

Balance at 1
April 2022
£
124,236
1,613,362
1,521,704
251,441
3,510,743		 Income
£
-
-
1,142,036
984,323
2,126,359		 Expenditure
£
(32,150)
-
(1,783,550)
(990,408)
(2,806,108)		 Transfers
in/out
£
412,308
-
(445,003)
-
(32,695)		 Gains/
(Losses)
£
-
-
(137,632)
-
(137,632)		 Balance at
31 March
2023
£
504,394
1,613,362
297,555
245,356
2,660,667
UNRESTRICTED
FUNDS
Net Book Value
of unrestricted
funded assets
Net Book Value
of Car Park
General Funds
Trading
Subsidiaries'
reserves

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NATIONAL MARITIME MUSEUM CORNWALL TRUST (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

22. STATEMENT OF FUNDS (CONTINUED)

RESTRICTED
FUNDS
Project
Development
Fund
Museum
Development
Fund - Fixed
assets
Museum
Development
Fund - revenue
expenditure
Garfield Weston
Foundation
Sir Thomas Oats
Fund
Garfield Weston
- Digitisation
Education
Programme
Other Restricted
Grants
TOTAL OF
FUNDS		 Balance at 1
April 2022
£
1,797,283
18,886,163
713,353
8,876
3,265
30,000
-
21,438,940
24,949,683		 Income
£
-
-
-
-
-
-
17,000
17,000
2,143,359		 Expenditure
£
(77,603)
(296,285)
-
(8,876)
(1,775)
(30,000)
(17,000)
(431,539)
(3,237,647)		 Transfers
in/out
£
-
342,526
(309,831)
-
-
-
-
32,695
-		 Gains/
(Losses)
£
-
-
-
-
-
-
-
-
(137,632)		 Balance at
31 March
2023
£
1,719,680
18,932,404
403,522
-
1,490
-
-
21,057,096
23,717,763

Page 38

NATIONAL MARITIME MUSEUM CORNWALL TRUST (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

22. STATEMENT OF FUNDS (CONTINUED)

Unrestricted funds

Included in the unrestricted funds are two separate funds to recognise the net book value of fixed assets held by the charity funded by unrestricted funds or from funds whose restriction end upon the acquisition of the asset, and that consequently cannot be easily converted into cash.

A transfer between general funds to net book value of unrestricted funded assets has been made of £412,308 to represent the unrestricted element of fixed assets.

Also included in unrestricted funds is the Charity's trading subsidiaries' reserves.

Restricted funds

The Project development fund represents grants received in relation to the Charity's trading subsidiaries and have been included in those companies' accounts as deferred income. This has been treated as restricted fund grants received for consolidation purposes.

The Museum development fund represents grants received from various sources, including grants received in connection with the construction of the museum and is released to the Statement of Financial Activities on an annual basis in line with depreciation; as well as grants received in the year as detailed in note 6.

A transfer between general funds and the Museum development fund of £32,695 has been made to represent prior year additions which were classified as restricted.

Additionally, a transfer between the Museum development fixed asset fund and the revenue expenditure fund of £309,831 has been made to show the impairment recognised on the investment property in the financial year ending 2021.

Sir Thomas Oates fund represents legacy funding received to fund the purchase of local items for the Cornish Galleries.

Garfield Weston Foundation fund represents funding of the Digitisation Education Programme.

Other restricted funds include a grant received of £17,000 to work together with the National Maritime Museum to create the Pirates exhibition.

The total of restricted funds balance of £21,057,096 as at the year end reflects the high capital cost of constructing and fitting out of the museum building, as noted above under the headings of the Project development fund and the Museum development fund.

Page 39

NATIONAL MARITIME MUSEUM CORNWALL TRUST (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

22. STATEMENT OF FUNDS (CONTINUED) STATEMENT OF FUNDS - PRIOR YEAR

Balance at
1 April 2021
£
147,268
1,613,362
576,674
262,758
-
2,600,062		 Income
£
-
-
1,083,711
1,154,124
255,500
2,493,335		 Expenditure
£
(23,032)
-
(836,149)
(580,829)
(255,500)
(1,695,510)		 Transfers
in/out
£
-
-
584,612
(584,612)
-
-		 Gains/
(Losses)
£
-
-
112,856
-
-
112,856		 Balance at
31 March
2022
£
124,236
1,613,362
1,521,704
251,441
-
3,510,743
UNRESTRICTED
FUNDS
Net Book Value
of unrestricted
funded assets
Net Book Value
of Car Park
General Funds
Trading
Subsidiaries'
reserves
Other
Unrestricted
Grants

Page 40

NATIONAL MARITIME MUSEUM CORNWALL TRUST (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

22. STATEMENT OF FUNDS (CONTINUED)

RESTRICTED
FUNDS
Project
Development
Fund
Museum
Development
Fund - Fixed
assets
Museum
Development
Fund - revenue
expenditure
Garfield Weston
Foundation
Sir Thomas Oats
Fund
Arts Council
CRF
Garfield Weston
- Digitisation
Education
Programme
Exhibition
Funding
ACE Funding
Other Restricted
Grants
CJRS
TOTAL OF
FUNDS		 Balance at
1 April 2021
£
1,853,957
19,082,762
713,353
40,000
3,265
-
117,650
30,000
-
-
-
21,840,987
24,441,049		 Income
£
-
120,000
-
-
-
48,500
-
-
65,375
17,100
4,476
255,451
2,748,786		 Expenditure
£
(56,674)
(316,599)
-
(31,124)
-
(48,500)
(117,650)
-
(65,375)
(17,100)
(4,476)
(657,498)
(2,353,008)		 Transfers
in/out
£
-
-
-
-
-
-
-
-
-
-
-
-
-		 Gains/
(Losses)
£
-
-
-
-
-
-
-
-
-
-
-
-
112,856		 Balance at
31 March
2022
£
1,797,283
18,886,163
713,353
8,876
3,265
-
-
30,000
-
-
-
21,438,940
24,949,683

Page 41

NATIONAL MARITIME MUSEUM CORNWALL TRUST (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

23. SUMMARY OF FUNDS

SUMMARY OF FUNDS - CURRENT YEAR

Balance at
Balance at 1 Transfers Gains/ 31 March
April 2022 Income Expenditure in/out (Losses) 2023
£ £ £ £ £ £
General funds 3,510,743 2,126,359 (2,806,108) (32,695) (137,632) 2,660,667
Restricted funds 21,438,940 17,000 (431,539) 32,695 - 21,057,096
24,949,683 2,143,359 (3,237,647) - (137,632) 23,717,763
SUMMARY OF FUNDS - PRIOR YEAR
Balance at
Balance at Transfers Gains/ 31 March
1 April 2021 Income Expenditure in/out (Losses) 2022
£ £ £ £ £ £
General funds 2,600,062 2,493,335 (1,695,510) - 112,856 3,510,743
Restricted funds 21,840,987 255,451 (657,498) - - 21,438,940
24,441,049 2,748,786 (2,353,008) - 112,856 24,949,683

Page 42

NATIONAL MARITIME MUSEUM CORNWALL TRUST (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

24. ANALYSIS OF NET ASSETS BETWEEN FUNDS

ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT YEAR

Restricted Unrestricted
Total
funds funds
funds
2023 2023
2023
£ £
£
Tangible fixed assets 20,532,084 504,394
21,036,478
Fixed asset investments - 1,533,843
1,533,843
Investment property 1,200,000 1,613,362
2,813,362
Current assets 125,012 1,065,918
1,190,930
Creditors due within one year - (1,139,297)
(1,139,297)
Creditors due in more than one year (800,000) (917,553)
(1,717,553)
TOTAL 21,057,096 2,660,667
23,717,763
ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR YEAR
Restricted Unrestricted
Total
funds funds
funds
2022 2022
2022
£ £
£
Tangible fixed assets 20,563,446 688,213
21,251,659
Fixed asset investments - 1,864,002
1,864,002
Investment property 1,509,831 1,303,531
2,813,362
Current assets 165,663 1,655,772
1,821,435
Creditors due within one year - (1,050,138)
(1,050,138)
Creditors due in more than one year (800,000) (950,637)
(1,750,637)
TOTAL 21,438,940 3,510,743
24,949,683

Page 43

NATIONAL MARITIME MUSEUM CORNWALL TRUST (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

25.
RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW
ACTIVITIES
Group
Group
2023
2022
£
£
Net income/expenditure for the year (as per
Statement of Financial Activities)
(1,231,920)
508,634
ADJUSTMENTS FOR:
Depreciation charges
412,888
403,156
(Gains)/Losses on investments
137,632
(112,856)
Dividends, interests and rents from
investments
(78,445)
(71,339)
Disposal proceeds from sale of investments
192,527
-
Increase in stocks
(19,199)
(6,440)
Decrease/(increase) in debtors
(34,535)
74,372
Increase/ (decrease) in creditors
52,512
(66,160)
Grants received
-
-
NET CASH PROVIDED BY/(USED IN)
OPERATING ACTIVITIES
(568,540)
729,367
26.
ANALYSIS OF CASH AND CASH EQUIVALENTS
Group
Group
2023
2022
£
£
Cash in hand
771,194
1,458,996
TOTAL CASH AND CASH EQUIVALENTS
771,194
1,458,996
27.
ANALYSIS OF CHANGES IN NET DEBT
At 1 April
2022
£
Cash at bank and in hand
1,458,996
Debt due within 1 year
(65,209)
Debt due after 1 year
(950,637)
443,150		 FROM OPERATING
Charity
Charity
2023
2022
£
£
(1,168,846)
562,294
349,364
339,632
-
-
(78,445)
(71,339)
192,527
-
-
-
247,018
(491,176)
146,591
(28,155)
(17,000)
(390,951)
(328,791)
(79,695)
Charity
Charity
2023
2022
£
£
102,137
395,558
102,137
395,558
Cash flows
At 31 March
2023
£
£
(687,802)
771,194
-
(65,209)
33,084
(917,553)
(654,718)
(211,568)

Page 44

NATIONAL MARITIME MUSEUM CORNWALL TRUST (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

28. CONTINGENT LIABILITIES

Discovery Quay Square Limited, a trading subsidiary of the Charity, is legally responsible for the ongoing maintenance of the sea wall at Discovery Quay. A survey undertaken in 2016 provided a draft estimate for remedial works required in the short- to medium-term future. An accurate estimate of the cost of meeting this obligation cannot be ascertained at present, and further surveys will be required in order to obtain a more accurate estimate.

A fund has been created to cover these costs. At the year end, a total of £243,159 (2022: £358,950) had been accrued through a Deed of Covenant from entities and residents in the area who benefit from the sea wall. This amount is included within other creditors.

Following the trial maintenance work on the sea wall in Spring 2022, a full survey of the sea wall for both Discovery Quay Square Limited and National Maritime Museum Cornwall was carried out in February 2023. The results were encouraging, with nothing requiring immediate attention and no further work recommended for the next 5 to 10 years. We are now able to strategically plan funding for future programmes of work.

A claim for unspecified damages was lodged in 2022/2023 in respect of the damage caused and associated issues as a result of a fire that took place in a head-leased property. The museum has disclaimed liability and continues to defend the action. Legal advice obtained indicates that any liability is uncertain at this time and, as a result, cannot be quantified.

29. PENSION COMMITMENTS

The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £33,532 (2022: £30,535). Contributions totaling £4,074 (2022: £3,537) were payable to the fund at the balance sheet date and are included in creditors.

30. RELATED PARTY TRANSACTIONS

The consolidated financial statements of National Maritime Museum Cornwall Trust have taken advantage of the exemption in Financial Reporting Standard 102 Section 33.1A in not disclosing intra group transactions with 100% owned subsidiaries.

There are no further related party transactions or balances to disclose.

31. CONTROLLING PARTY

The Charity is controlled by the Board of Trustees.

Page 45