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2022-12-31-accounts

Charity Registration No. 1093538 Company Registration No. 04402961 (England and Wales)

MUSEUM OF BRANDS LIMITED TRUSTEES' REPORT AND ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2022

MUSEUM OF BRANDS LIMITED

FOR THE YEAR ENDED 31 DECEMBER 2022

Index

Page
Trustees' report 1 – 16
Independent auditors’ report 17 – 20
Statement of financial activities 21
Balance Sheet 22
Statement of cash flows 23
Notes to the accounts 24 – 35

MUSEUM OF BRANDS LIMITED

LEGAL AND ADMINISTRATIVE INFORMATION

FOR THE YEAR ENDED 31 DECEMBER 2022

Trustees Toby Hoare (Chair) John Noble Kenneth Hawkins Amber Rowe Wendy Neville Duncan Sanders J Lawrence (resigned April 2022) Chris Griffin Secretary M Saunders Charity number 1093538 Company number 04402961 Principal address 111 – 117 Lancaster Road London W11 1QT Registered office 111 – 117 Lancaster Road London W11 1QT Auditors Goldwins Chartered Accountants 75 Maygrove Road London NW6 2EG Bank HSBC plc P.O. Box 160, 12A North Street Guildford Surrey GU1 4AF

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MUSEUM OF BRANDS LIMITED

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2022

The trustees are pleased to present their annual report together with the financial statements of the charity for the year ending 31st December 2022 which are also prepared to meet the requirements for a directors’ report and accounts for Companies Act purposes.

The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, Statement of Recommended Practice-Accounting and Reporting by Charities: SORP applicable to charities preparing their accounts in accordance with FRS 102. The Trustees confirm that they have paid due regard to the Charity Commission’s public benefit guidance when deciding what activities the charity should undertake.

Our purposes

The objectives of the charity are to educate the public on design and to the subjects of advertising and packaging and their history by establishing and maintaining a museum to be open to the public for displaying exhibitions.

The purposes of the charity are:

The main objectives of the charity for the year ending 31st December 2022 were to:

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TRUSTEES' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2022

The strategies employed to achieve the charity’s aims and objectives were to:

Visitor overview

Objectives and activities

All the Museum’s activities relate to the advancement of learning from the collection. The Museum considers all interactions with the exhibition to be learning experiences and encourages a broad range of visitors to enjoy this resource. Building the level of general public visitors increases the number of individuals who benefit from access to the collection. Some audiences are encouraged to visit through the provision of educational products, this also includes outreach provision. Publicity and marketing campaigns aim to increase regional, national and international audiences of all ages and backgrounds. Community activities including an established volunteering programme to engage local people, some of whom may need encouragement or support to access the collection or get involved.

Achievements and performance

We were delighted to be open the full 52 weeks of the year, as compared to 31 weeks in 2021. Across the year 35,926 people visited the Museum (15,042), an increase of 139%. 54% (96%) of visitors were from the UK, with 36% of visitors from London (85%). International visitors accounted for 46% (4%) of visitors. Prior to the Covid-19 pandemic around 36% of visitors were from overseas.

Personal recommendation generated 11% (11%) of visitors, with a further 52% (38%) finding the Museum online (including social media, google maps and Trip Advisor). 10% (13%) of

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FOR THE YEAR ENDED 31 DECEMBER 2022

visitors gave their reason for hearing about the Museum as local awareness. 11% (13%) of visitors had visited before.

Leading travel website TripAdvisor contains 1,430 independent reviews of the Museum, rating our position at 35 out of 2,569 London attractions as of December 2022 (32 of 2,422), ranking us 15 of 466 museums in London (14 of 466). 94% of reviewers rate the Museum excellent or very good (94%). We are delighted that the significant increase in position that we saw during the pandemic (predominantly due to reopening when some other attractions did not) has been largely maintained, despite all attractions now being open again.

Permanent collection and temporary exhibitions

Objectives and activities

The Museum of Brands takes visitors on a nostalgic journey through 200 years of social change, culture and lifestyle. The permanent collection currently displays over 15,000 items of daily life from Victorian times to the present day. Through these everyday objects, visitors relive memories and learn how branding and packaging affect our lives. Learning opportunities are targeted to related subjects, including areas such as social history, marketing, branding, business studies, design, intellectual property and communications. Each exhibit contributes to the appreciation of the story of consumer culture as well as graphic art and commercial design.

The Museum houses a selection of objects, on loan from the Robert Opie Collection, collated over sixty years by founder Robert Opie. His collection has focused on the history of consumer brands and extends to other aspects of our consumer story: toys and games, travel and transport, leisure and entertainment, along with magazines and newspapers, technology and fashion, as well as the evidence of historic events, major exhibitions and royal occasions. Robert has written over twenty books and has made numerous TV appearances.

The objective of temporary exhibitions is to contextualize the collection with contemporary topics and specific case studies. Temporary exhibitions aim to increase the awareness of the Museum, attract new audiences and generate debate. They act as a vehicle to bring more visitors to the core collection.

Achievements and performance

2022 was a busy year for new exhibits and displays. First was Easter @ the Museum of Brands for the month of April, including an Easter Egg display, brand-themed rabbit hunt and family craft activities, all supported by a kids-go-free admissions offer.

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TRUSTEES' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2022

Jubilation: 200 Years of Royal Souvenirs ran from May to July. Launched to coincide with the Queen’s Platinum Jubilee, this temporary display looked at how the Royal Family have influenced household brands such as Cadbury, Colman’s and Hovis. Featuring Royalthemed products and packaging from the past 200 years, the display focused on past Jubilees and celebratory events such as Queen Elizabeth’s Coronation, as well as a new display on contemporary limited-edition packaging to celebrate her Platinum Jubilee. The displays were accompanied by discovery trails and family activities such as make-and-take paper crowns and bunting, plus a handling collection.

Top 100 Brands opened in May and ran for twelve months. This display case, in collaboration with The Grocer and Nielsen IQ, featured the top 100 grocery brands by value sales as published in The Grocer’s annual report for 2022. The various changes in rank of everyday household brands reflected consumer shopping habits as compared to the previous year.

Aide-mémoire: Shopping Lists opened in October and continued into 2023. This new display shows the collection of over 200 shopping lists compiled since 2016 by guest curator Lucy Ireland Gray. Each shopping list gives an insight into trends, tastes, and the continuing popularity of favourite brands. From the spelling and handwriting to the paper they are written on and the order they are written, the lists expose people’s tastes, their habits, their celebrations, and the things they find important, showing a snapshot of everyday domesticity in 21st-century England. Alongside the exhibition, we hosted activities suitable for children of all ages including a new interactive shopping activities for preschool children.

From November into 2023, we partnered with Holland-based designers 75B to launch Woven Cities, an installation of three large-scale ‘City Crest’ tapestries including the unveiling of the brand-new London crest, exhibited alongside the crests of Amsterdam and Rome. 75B designed their ‘City Crest’ to celebrate London, the people who occupy it, and the brands that have a presence within the city. Woven at the internationally renowned Textile Museum in Tilburg, the tapestries portray popular brands and icons that are ingrained in daily life. Shown for the first time, the London tapestry includes the Sex Pistols, Unilever, Bowie, and Paddington Bear.

In October 2022 we welcomed families to Halloween @ Museum of Brands, with a spooky scavenger hunt, spiderweb crafts and take-home activity sheets, supported by a kids-go-free admissions offer.

In October 2022 we also launched our first audio installation in the Museum’s permanent collection Time Tunnel. Featuring soundscapes in ten different eras, the movement-activated audio enhances the visitor experience through sounds of cities, radio and TV announcements, and music from the Victorian era to the 1990s. Further interactives allow visitors to hear more about four iconic heritage brands from the museum’s founder, Robert

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FOR THE YEAR ENDED 31 DECEMBER 2022

Opie.

Pro Carton, the European Association of Carton and Cartonboard Manufacturers, returned to the Museum in October with a display that celebrates innovation in environmentally friendly carton packaging showing the winning entries from the year’s European Carton Excellence Awards.

Toys, Tech & Tamagotchis ran during the month of December. The display showed the most exciting new toys to come to the market throughout the 20th Century – those at the top of every child’s Christmas list. It also commented on returning trends and popularities such as the Furby, Barbie, Lego and Rubik’s, which have ranked high on the top-selling toys lists on many occasions throughout the last few decades. Children were invited to explore our Time Tunnel to help fill a pretend Christmas Stocking, before creating their own Christmas tree decoration out of recycled packaging.

Two exhibits closed during the year: our Build-a-Brand interactive exhibit and When Brands Take a Stand, an exhibition exploring brand activism.

Across 2022, a team including staff, volunteers and board members completed a two-year project to install a new racking system at the offsite store which holds an estimated 500,000 objects. This major project significantly improves the collection care in our main store and is the first step towards unlocking this extensive collection.

Learning

Objectives and activities

In 2022 the Museum’s learning offer ranged from structured workshops to self-led activities for students, families, and lifelong learners. We continue to add to our online and digital offer. When designing new activities, the Museum considers both learning for general public visitors such as families, and formal provision, such as for schools, colleges and universities. The programme is linked to the latest curriculum syllabus and the Museum’s temporary and permanent exhibitions, with a focus on subjects that have less provision overall from London’s other museums, such as Business Studies and Marketing.

The Museum has continued to offer activities to all school groups ranging from Early Years (Nursery) to Key Stage 4 (A-level), Further and Higher Education groups up to lifelong learners such as U3A. All taught activities gave pupils the opportunity to experience objects from our handling collection: a distinct benefit of museum visits.

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TRUSTEES' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2022

The Professional Development Programme, in its fifth year, comprised ten workshops, masterclasses and talks during 2022, with all of these held in live format and recorded to be shared via our online archive. We are grateful for the continued support of this programme by The Marketors’ Trust.

2022 was our first full year of Living Brands, a three-year project to take the learning and new ideas emerging from earlier project Brand Memories to a national audience of people living with dementia and those that support them. This new project is the Museum’s first national outreach initiative and will connect with 63,000 participants across the UK. Living Brands is supported by the National Lottery Community Fund, Garfield Weston Foundation, Linbury Trust and City Bridge Trust.

Achievements and performance

During the year 5,964 (1,900) schoolchildren and students attended in-person sessions at the Museum with a further 6,708 (3,416) engaging with digital learning experiences. Our total in-person learning audience reached 11,147 compared to 17,000 per year pre-pandemic, a level we hope to return to as overseas student visits return.

We hosted 108 self-guided groups and 132 taught workshops. The most popular student workshop was Brand Evolution, followed by Customer Profiling and Gender in Advertising. Taught workshops contributed £34,976 (£10,891) income for the Museum in 2022. Group bookings, ranging from self-guided student groups to lifelong learners such as U3A, generated a further £22,133 (£7,117).

All of the 26 learning volunteers in 2022 said they had gained transferable skills. 100% of teachers and tutors agreed or strongly agreed students had increased their knowledge of brands and had enjoyed their visit, and that they would rebook or recommend our sessions.

Accessibility to the collection is increased with the steady expansion of the learning programme through new resources. Worksheets add value to self-guided visits, as a more affordable option for school or university groups with limited budgets or time. Visiting tutors and students from primary to higher education continue to have access to free printed resources covering 40 different subjects to support self-led learning during group visits.

In 2022 the Museum’s professional development programme attracted a total of 732 participants, including 150 in-person attendees. Highlights included Andy Nairn from Lucky Generals on the topic of brands and luck, Prof Cui and Dr. Mrad on Brand Addiction, ‘Face Whisperer’ Adrienne Carter on reading the Royals, Dr Balsters from Neilsen IQ on advertising and attention, and Tomasz Dyl from GottaBe! Marketing on diverse audiences.

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TRUSTEES' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2022

Six new talks were added to our archive of podcasts of past talks, which has to date attracted 15,950 users. The contribution generated from talks totalled £941 (£1,362).

The Museum built on its year-round family learning offer by creating new activities including downloadable games and at-home crafts related to the collection. Families were motivated to visit through children’s craft tables and new scavenger hunts, aligned with school holidays and other seasonal events. 241 families (158) visited the Museum in 2022, with peak months of February and August.

A new project team completed the first full year of our grant-funded project Living Brands. In 2022 the project exceeded its target with a total of 33,643 beneficiaries. We were unable to deliver sessions at care homes and similar settings during 2021, so in 2022 we were delighted to do 68 in-person reminiscence sessions. 150 activity providers were trained to deliver sessions designed by us to the people they support across the UK, resourced with our new memory boxes. 20 volunteers gave 1060 hours to this project in 2022.

Volunteers

Objectives and Activities

The Museum continues to recognise the high value of its thriving volunteer programme and relies on on-going support from individuals in the local and London-wide community. Museum volunteers and interns are supported by in-house training, CV and job application advice, and references. Pastoral support is offered to volunteers if circumstances arise while they are volunteering at the Museum.

Achievement and Performance

In 2022 the Museum was supported by a total of 128 volunteers (96). These volunteers consisted of 60 supporting front of house, 20 learning, 20 wellbeing (Living Brands dementia programme), 7 collections and 6 gardening. 15 university interns supported all departments with projects ranging from marketing, evaluation, session leading, visitor welcome, and assisting with collections care and exhibitions.

Our volunteering programme is a useful way for those who are looking for work to gain skills. Students were our biggest group at 41% (37%), with job seekers at 27% (27%) and those already employed 32% (28%). We had no retired volunteers, compared to 8% the previous year.

57% of volunteers are aged 18-25 (42%), 16% 26-35 (32%), and 16% aged 45+. The volunteering program has an ethnic diversity comparable to that of the RBKC area, however,

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TRUSTEES' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2022

those who are Asian, Black and other ethnically diverse people are underrepresented at 17% (16%). The gender profile of our volunteers remains consistent with previous years, with a female majority at 87% while 13% are male and 0% are non-binary. 8% (7%) of our volunteers consider themselves to have a disability.

The Museum offers practical support to job-seekers by providing mentoring about careers in museums and heritage and signposting employment opportunities. Exit feedback shows that experience gained has a very positive effect on volunteer employability. Programmes have high levels of retention. A quarterly survey shows that 71% of volunteers feel that they learned new skills and that their involvement had helped them in their careers.

Volunteers contributed a total of 6,962 hours in 2022 (5,544). The continued positive uptake on volunteering is due to allocating dedicated resources for volunteer management, embedding volunteering into all new and existing programmes, and creating appealing roles to encourage commitment. Based on the London Living Wage of £11.95, the in-kind value of the volunteer contribution in 2022 was £83,196 (£61,261).

The Museum would like to thank all volunteers for their ongoing support. Many people generously give their time for free, including the Museum’s board members, advisors and the five voluntary teams. This support is essential to the Museum’s continued growth and success.

Marketing and PR

Objectives and Activities

The Museum sets out to attract a wide range of audiences from adults, seniors and families to industry professionals and learning audiences of all ages. The Museum’s marketing objective is to promote the permanent offer; the Museum’s core displays, in combination with a programme of temporary exhibitions, events and family-focused activities.

Achievements and Performance

The highest portion of the Museum’s visitors, 52% (29%) found out about the Museum online. Our website attracted 266,658 (115,507) unique visitors in 2022. The most visited pages were What’s On, Visit and Time Tunnel. Third party partners helped extend the Museum’s reach during 2022. These included London Pass, Viator, Art Fund, Wowcher, Tiqets, Get Your Guide and Days Out Guide.

The Museum continues to use social media channels to showcase activities across all departments including exhibitions, learning, venue hire, retail, volunteering, family activities,

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TRUSTEES' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2022

talks, outreach, reminiscence and more. In 2022 the Museum has seen an increase in following on Facebook, Twitter, LinkedIn and Instagram. Total followers reached 33,871 by end of 2022, an increase of 13% (29,992). In 2022 we used the equivalent of £54,000 via our Google advertising grant and delivered 52 paid social campaigns on Facebook.

The Museum has four newsletters: main (general followers of the Museum’s work and past visitors), venue hire, learning and professional development. The main newsletter is sent each month whilst all others are sent 4-5 times per year. Total database size at the end of the year was 16,312.

Fundraising

Objectives and Activities

The 2022 fundraising plan reflected an end to emergency funding related to the pandemic and a move towards new projects and opportunities. The team continued with stewardship of existing grant-funded projects and in July we employed our first dedicated fundraiser to develop new income streams with corporates and individuals.

Achievements and Performance

In 2022 a total of £199,232 (£576,648) of development income was raised. This included funding from the government’s Kickstarter scheme, Kusuma Trust, Golden Bottle Trust, The Marketors’ Trust, Royal Borough of Kensington & Chelsea, Culture Recovery Fund for Heritage (DMCS), National Lottery Community Fund, Garfield Weston Foundation, Linbury Trust, City Bridge Trust and World Branding Forum, with additional support from the DS Smith Charity Foundation. The Museum’s board, team and volunteers are hugely grateful for all the funding received during 2022 which has ensured the charity’s survival after an exceptionally challenging period.

Grateful thanks are given to the National Lottery Community Fund, Garfield Weston Foundation, Linbury Trust and City Bridge Trust who are funding our 3-year, £450,000 project Living Brands. The Museum is pleased to have worked closely with The Marketors’ Trust during the fifth year of their support for our professional development programme, which consisted of talks and masterclasses from industry leaders on topical subjects. The Kusuma Trust have generously supported the Museum’s learning programme, helping us to reconnect with young learners through our schools and family programmes. Through Charities Aid Foundation, the Museum’s memorial garden continues to be supported by legacy donations from individuals with ties to the building’s former role as the London Lighthouse. In late 2022, founding sponsor easyGroup confirmed their support for a refresh

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FOR THE YEAR ENDED 31 DECEMBER 2022

of a co-curated display showcasing the history of the easy brand.

Income generation

Objectives and Activities

Income is generated through a wide range of activities that fall within the Museum’s charitable aims. These include learning activities, which are funded by grants or sale of services (such as taught workshops or group visit tickets) and a publishing arm of ten titles in the Robert Opie Scrapbook series, each containing thousands of images from the collection, bringing the resource to a national audience and raising awareness of the Museum.

The charity relies on income from admissions. Visitors are charged £9 for an adult ticket, £5 child, £7 concession and £24 per family. Commercial activities such as our shop and café contribute to visitor experience and the charity’s income.

Associations with the branding, marketing and retail sectors, other charities and educational bodies are strengthened through hiring of spaces for meetings, seminars, training, product launches and workshops. Organisations using the conference space visit the Museum as a learning activity during their programme for the day, and evening events include tours of the collection in the Time Tunnel and Brand Hall. Most events in 2022 had a direct relevance to the collection, for example creative sessions for branding or marketing departments, agencies working with brand owners, or training in a relevant field. Discounts are offered for educational bodies, charities, and local organisations to ensure the venue is affordable for a wide range of users. In a competitive corporate hire market the venue hire team have continued to focus on marketing and high service standards throughout the year. From late 2021 and continuing across 2022, two of the Museum’s spaces were sub-let as short-term office rentals.

Achievements and Performance

Income from admissions totalled £191,287 (£90,663), an increase from the previous year that reflected the museum being open throughout the year and our returning audiences.

Gift Aid signatures are gathered by the volunteer front of house team and through our online ticketing system. During 2022 19% (28%) of tickets purchased online included a Gift Aid sign-up. In 2022 we generated 12p per visitor in Gift Aid income (24p).

Shop income for 2022 was £27,859 (£19,359). Shop spend per visitor dropped significantly to £0.78 (£1.30), a reflection of increasing concerns over cost-of-living. Income from the Museum’s publishing arm, which produces the Scrapbook series, was £25,117 (£25,666).

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MUSEUM OF BRANDS LIMITED

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2022

Venue hire is one of the Museum’s biggest sources of income. Hires generated a total of £209,477 in 2022 (£64,586), making great progress towards pre-pandemic levels of £325,000 per year. Our hire business has changed, with a larger proportion of private parties.

The venue hire team lead the Museum’s efforts to be more sustainable. In 2022 the Museum’s Environmental Sustainability policy was reviewed and updated. This included asking key suppliers to share their own policies, appointing new suppliers, and on-going review of the brands, products and services we use during events and generally.

All commercial activities such as hiring of spaces, publishing and sponsorship of exhibitions and programmes help to deliver the Museum’s learning objectives.

Staffing

During 2022, we gradually filled some of the vacant posts related to our recruitment freeze over 2020-21, in line with recovering business. The year started with 11 employees (7 full time equivalent) and ended with 13, 6 full-time and 7 part-time (9.5 FTE). As of end 2022, 25% of payroll was funded by learning project grants and donations related to the memorial garden. We continue to operate on a smaller team to our 2019 (pre-pandemic) total of 17 people (12 FTE).

Financial review and pricing policy

The Museum’s core financial aim is to run a financially sustainable museum through building activity and diversifying income streams. 2022 shows a similar turnover than the previous year. With the end of emergency and government support, 2022 turnover relied on rebuilding of earned income sources instead of reliance on grants. Total income of £793,009 (£800,790), which includes Museum Gallery Exhibition Tax Rebate (MGETR), shows a slight decrease of 1%. Pre-pandemic annual turnover averaged £1m.

Principle funding sources were:- grants and corporate membership £199,232 (£576,648); admission fees, education and gift aid £225,763 (£101,554); venue hire £209,477 (£65,948); retail, publishing and exhibitions £53,542 (£45,229). Staff costs of £308,091 (£265,949), an increase of 16%. We budgeted for a loss of £95,872 in 2022 and closed with a loss of £108,349, in what was arguably the toughest year for the organisation financially as related to the pandemic, with emergency support over, business and visitor numbers still recovering, and prices rising significantly.

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MUSEUM OF BRANDS LIMITED

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2022

In the year reserves decreased by £108,349 and the year closed with total reserves of £189,676 (£298,025). A CBILS loan, secured in 2020, helped support the charity during a period of low reserves and unpredictable cashflow.

2022 was the Museum’s sixth year of operating with a trading subsidiary Museum of Brands Trading Limited, which covers commercial activities i.e. retail and venue hire. All profits generated by the trading arm are donated to the Museum charity.

The charity relies on income from admissions and other sources to cover its operating costs. In setting admission prices, accessibility to young people and those on lower incomes is a priority. Concessionary tickets are 78% of full price tickets and are not restricted to particular times or days. An additional 10% discount is offered for groups. There was no change to individual or group admission prices during the year. The team considers the Museum excellent value for money as an opportunity to experience high quality learning, particularly when considering the cost of access to cultural experiences across London as a whole. Changes to retail pricing in 2022 were in line with supplier charges, with the occasional adjustment to stay in line with the market.

Reserves policy

Reserves are needed to bridge the gap between spending and receiving of resources, to cover unplanned expenditure or downturn in business, and to help fund capital projects. The Trustees consider the minimum level of reserves target to be covering six months of operational costs, approximately £290,000. The unrestricted reserves as at 31 December 2022 was £174,244 (£242,821). To bridge the lack of reserves and to ease cashflow during the pandemic, in 2020 the Museum secured a CBILS loan from HSBC for £200,000. This loan is considered a buffer rather than an income source, to prevent crippling recovery over the next few years. While this loan is a balance sheet item and does not replace reserves, it mirrors the role of a cash reserve, allowing time for the business and funds to recover.

Plans for future periods

The Museum aims to continue growth in public and online audiences, widening the visitor base and reach, and increasing turnover. The thriving education programme will continue to accommodate more school and higher education topic areas, as well as developing the offer for adults, seniors and families, along with outreach work and an increased focus on digital. Temporary exhibitions, talks and new activities will target broader audiences, with a focus on quality of experience and relevance to the collection. Links with communities, local borough and the cultural sector will be strengthened through participation in relevant events and the Museum’s volunteering programme.

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MUSEUM OF BRANDS LIMITED

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2022

Directors and Trustees

The directors of the charitable company (the charity) are its Trustees for the purpose of charity law. The Trustees and officers serving during the year and since the year end were as follows:

T Hoare

J Noble

K Hawkins

A Rowe

D Sanders

J Lawrence (resigned April 2022)

W Neville

C Griffin

The Museum Director is A Terry

None of the Trustees has any beneficial interest in the company. All the Trustees are members of the company and guarantee to contribute £1 in the event of a winding up.

Structure, governance, and management

Governing document

The Charity is a company limited by guarantee, governed by its Memorandum and Articles of Association dated 25th March 2002.

Appointment of Trustees

Following a review by the Trustees of the skill base of the Board it was decided to recruit additional Trustees. When required, a broad approach is used to recruit new Trustees rather than relying on personal recommendations. The trustee role is outlined in a job description. Appointment of new Trustees is a decision for the current Board. One third (or the number nearest one third) of the Trustees must retire at each AGM with those longest in office retiring first and the choice between any of equal service being made by drawing lots.

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FOR THE YEAR ENDED 31 DECEMBER 2022

Organisation

A Board of Trustees (comprising no fewer than two and no more than ten) administers the charity. The Board meets bi-annually with additional virtual meetings as required. During 2022, the board met virtually every month. To facilitate effective operations the Museum Director has delegated authority for operational matters including finance. The organisational structure of the Charity is the Board of Trustees, Museum Director from May, Museum staff and around 30 volunteers at any time during the year. The Trustee responsibilities are set out in the Statement of Trustees Responsibilities on page 16. All other decisions are made by the Museum Director and Museum staff. The Museum Founder’s advice is sought as appropriate.

Related parties

Any contractual relationship or connection between a Trustee or manager of the charity and a related party must be disclosed to the Board of Trustees, see note 23.

Risk management

A risk register is maintained for the Charity. This is updated on an ongoing basis by the Museum Director, Museum Manager and one advisor with input from other Museum staff. All changes to the risk register are reviewed by the Board at the AGM. This includes reviewing the systems and procedures that have been put in place to manage major risks. Risks are assessed on the basis of the probability and the impact of an outcome and rated as Low, Medium or High and a target date is set for acting upon the risk.

Current key area of risks being addressed include:

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FOR THE YEAR ENDED 31 DECEMBER 202 2

Statement of Trustees Responsibilities

Company and charity law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the surplus or deficit of the charitable company for that period. In preparing those financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006 and the Charities Act 2011. 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.

As far as the directors are aware at the time the report is approved

Auditors

The Auditors, Goldwins Chartered Accountants, offer themselves for appointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the Board on 11 May 2023 and signed on their behalf.

…………………. T Hoare On Behalf of Trustees

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MUSEUM OF BRANDS LIMITED

INDEPENDENT AUDITORS REPORT TO THE MEMBERS OF MUSEUM OF BRANDS LIMITED

FOR THE YEAR ENDED 31 DECEMBER 2022

Opinion

We have audited the financial statements of Museum of Brands Limited (the ‘Charity’) for the year ended 31 December 2022 which comprise the consolidated Statement of Financial Activities, the group and parent Charity’s Balance Sheet, group’s statement of cash flows and notes to the financial statements, 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 Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRCʼs 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 directors' 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 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.

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MUSEUM OF BRANDS LIMITED

INDEPENDENT AUDITORS REPORT TO THE MEMBERS OF MUSEUM OF BRANDS LIMITED

FOR THE YEAR ENDED 31 DECEMBER 2022

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

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. 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.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Opinions 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 the knowledge and understanding of the Charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Annual Report.

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

Page | 18

MUSEUM OF BRANDS LIMITED

INDEPENDENT AUDITORS REPORT TO THE MEMBERS OF MUSEUM OF BRANDS LIMITED

FOR THE YEAR ENDED 31 DECEMBER 2022

Responsibilities of the trustees

As explained more fully in the trustees’ responsibilities statement, the trustees 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 they 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 Charity’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 Charity or to cease operations, or have no realistic alternative but to do so.

Our 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 auditor’s 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.

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 auditor’s report.

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.

Page | 19

MUSEUM OF BRANDS LIMITED

INDEPENDENT AUDITORS REPORT TO THE MEMBERS OF MUSEUM OF BRANDS LIMITED

FOR THE YEAR ENDED 31 DECEMBER 2022

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

This report is made solely to the Charity’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 Charity’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Anthony Epton (Senior Statutory Auditor) for and on behalf of Goldwins Limited Statutory Auditor Chartered Accountants 75 Maygrove Road West Hampstead London NW6 2EG

17 May 2023

Page | 20

Museum of Brands Limited Consolidated Statement of Financial Activities

(incorporating an income and expenditure account)

For the year ended 31 December 2022

2022
Unrestricted
Note
£
Income from:
Grants and donations
3
22,883
Charitable activities
4
225,763
Trading activities
5
310,804
Investment income
6
240
Total income
559,690
Expenditure on:
Raising funds
33,829
Trading costs
335,414
Charitable activities
315,994
Total expenditure
7
685,237
Corporation tax
56,970
8
(68,577)
Transfers between funds
-
(68,577)
Other gains / (losses)
-
Net movement in funds
(68,577)
Reconciliation of funds:
Total funds brought forward
242,821
Total funds carried forward
174,244
(125,547)
Net income / (expenditure) for the
year
Net income / (expenditure) before
corporation tax
Net income / (expenditure) before
other recognised gains and losses		 2022
Unrestricted
Note
£
Income from:
Grants and donations
3
22,883
Charitable activities
4
225,763
Trading activities
5
310,804
Investment income
6
240
Total income
559,690
Expenditure on:
Raising funds
33,829
Trading costs
335,414
Charitable activities
315,994
Total expenditure
7
685,237
Corporation tax
56,970
8
(68,577)
Transfers between funds
-
(68,577)
Other gains / (losses)
-
Net movement in funds
(68,577)
Reconciliation of funds:
Total funds brought forward
242,821
Total funds carried forward
174,244
(125,547)
Net income / (expenditure) for the
year
Net income / (expenditure) before
corporation tax
Net income / (expenditure) before
other recognised gains and losses		 2022
Restricted
£
176,349
-
-
-		 2022
Endowment
£
-
-
-
-		 2022
Total
£
199,232
225,763
310,804
240		 2021
Total
£
576,648
101,554
122,588
-
559,690 176,349 - 736,039 800,790
33,829
335,414
315,994		 -
-
216,121		 -
-
-		 33,829
335,414
532,115		 41,584
268,063
218,452
685,237 216,121 - 901,358 528,099
56,970
(125,547)		 -
(39,772)		 -
-		 56,970
(165,319)		 -
272,691
(68,577)
-		 (39,772)
-		 -
-		 (108,349)
-		 272,691
-
(68,577)
-		 (39,772)
-		 -
-		 (108,349)
-		 272,691
-
(68,577)
242,821		 (39,772)
55,204		 -
-		 (108,349)
298,025		 272,691
25,334
174,244 15,432 - 189,676 298,025

All of the above results are derived from continuing activities.

There were no other recognised gains or losses other than those stated above. The attached notes form part of these financial statements.

Page | 21

Museum of Brands Limited Balance sheet As at 31 December 2022 Group 2022 Group 2021 Charity 2022 Charity 2021 Note as restated as restated Fixed assets= Intangible assets Tangible as5els Heritage assets Investments 2B4.451 315,378 284.450 315,378 100 284,550 100 315,478 284,451 315,378 Current assèts: Stock Debtors Cash at bank and in hand 13 14 58.684 319,781 303.626 40.765 276.996 392.520 43.840 1,060,166 301.883 27,510 939,087 392,058 682.091 710,281 1,405.889 1.358,655 Llabllltles.. Creditors.. amounts falling due wthin one year 15 395,A49 3QK.217 374,737 291,113 Net current assets 286.642 404,064 1.031.152 1,067,542 Liabilities= Cr6ditors". amounts lalling duè morè than ong y8ar 16 381,417 421,417 381.417 421,417 Total net assets 189,676 298.025 934,285 961,603 Funds Endowment fund5 Restricted funds Unrestricted funds.. Desiynated funds General funds TDtal unrestncted fund5 17 15,432 55.204 15,432 55,204 174,244 174,244 242,821 242,821 918,853 918,853 906,399 906.399 Total funds 189,676 298,025 934,285 961.603 The financial stat8ments hav8 b88n prepared in gccord2nc& with tho sp9cial provisions for sm811 companies und&r Part15 of thè Companies Act 2006. Approved by the Iruslees on 11 May 2023 and signed Dn their behalf by.. T Hoare Trustee J Noble Trustee Company registration no. 04402961 The attached notes fom) part ol the finanaal staternents. P8gè | 22

Museum of Brands Limited Consolidated Statement of cash flows

For the year ended 31 December 2022

Note
2022
£
19
Cash flows from investing activities:
Interest/ rent/ dividends from investments
240
Sale/ (purchase) of fixed assets
(1,902)
Sale/ (purchase) of investments
-
Cash provided by / (used in) investing activities
Cash flows from financing activities:
Repayment of Borrowing
(40,000)
Cash used in 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
20
Net cash provided by / (used in) operating activities
Change in cash and cash equivalents due to exchange
rate movements		 Note
2022
£
19
Cash flows from investing activities:
Interest/ rent/ dividends from investments
240
Sale/ (purchase) of fixed assets
(1,902)
Sale/ (purchase) of investments
-
Cash provided by / (used in) investing activities
Cash flows from financing activities:
Repayment of Borrowing
(40,000)
Cash used in 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
20
Net cash provided by / (used in) operating activities
Change in cash and cash equivalents due to exchange
rate movements		 2022
£
(47,232)
(1,662)
(40,000)		 2021
£
-
(11,041)
-		 2021
£
200,319
(11,041)
(28,333)
(40,000) (28,333)
(88,894)
392,520
-		 160,945
231,575
-
303,626 392,520

Page | 23

Museum of Brands Limited Notes to the financial statements For the year ended 31 December 2022

1 Accounting policies

a) Basis of preparation

The financial statements have been prepared in accordance with 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) - (Charities SORP FRS 102) and the Companies Act 2006.

The charitable company meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.

b) Reconciliation with previously Generally Accepted Accounting Practice (GAAP)

In preparing the accounts, the trustees have considered whether in applying the accounting policies required by FRS 102 and the Charities SORP FRS 102 a restatement of comparative items was required. No restatement was required.

c) Going concern

d) Basis of consolidation

These financial statements consolidate the results of the charity and its wholly-owned subsidiary Museum of Brands Trading Limited on a line by line basis. Transactions and balances between the charity and its subsidiaries have been eliminated from the consolidated financial statements. Balances between the companies are disclosed in the notes of the charity's balance sheet. A separate statement of financial activities, or income and expenditure account, for the charity itself is not presented because the charity has taken advantage of the exemptions afforded by section 408 of the Companies Act 2006.

e) Income

Income is recognised in the period in which the group is entitled to receive them and the amount can be measured with reasonable certainty and it is probable that income will be received. Income is deferred only when the group has to fulfil conditions before becoming entitled to it or where the donor or funder has specified that the income is to be expended in a future accounting period.

Grants from government and other agencies have been included as income from activities in furtherance of the group's objectives where these amount to a contract for services, but as donations where the money is given in response to an appeal or with greater freedom of use, for example monies for core funding.

The value placed on donated services (gifts in kind) is the estimated value to the group of the service or facility received which is the price the group estimates it would pay in the open market for a service or facility of equivalent utility to the group.

f) Expenditure

Expenditure is included in the statement of financial activities when incurred and includes attributable VAT which cannot be recovered.

Page | 24

Museum of Brands Limited Notes to the financial statements For the year ended 31 December 2022

Accounting policies (continued)

g) Tangible fixed assets

Assets costing in excess of £1,000 and with an expected useful life exceeding one year are capitalised.

Depreciation is charged on these assets at the following annual rates in order to write them off over their estimated useful lives:

Leasehold Property

Fixtures, Fittings & Equipment

straight line over the lease term straight line over 3 or 4 years

h) Investments

Investments in subsidiary companies are stated in the charity at cost.

i) Stocks

Stock items are valued at the lower of cost and net realisable value.

j) Publishing rights

Publishing rights are valued at cost less accumulated amortisation. Amortisation is calculated to write off the cost in equal annual instalments over 10 years.

k) Leased assets

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the statement of financial activities on a straight line basis over the life of the lease.

Assets purchased under hire purchase agreements are capitalised as fixed assets. Obligations under such agreements are included in creditors. Charges are written off to the SOFA over the period of the agreement so as to produce a constant periodic rate of charge.

l) Fund accounting

The general fund comprises those monies which may be used towards meeting the charitable objectives of the group and which may be applied at the discretion of the directors.

The restricted funds are monies raised for, and their use restricted to, a specific purpose, or donations subject to donor-imposed conditions.

Page | 25

Museum of Brands Limited Notes to the financial statements For the year ended 31 December 2022

2
Detailed comparatives for the consolidated statement of financial activities
2021
2021
funds
funds
£
£
Income from:
Donations
322,167
254,481
101,554
-
Other trading activities
122,588
-
Investments
-
-
Total income
546,309
254,481
Expenditure on:
Raising funds
41,584
-
267,563
500
(16,839)
235,291
Total expenditure
292,308
235,791
254,001
18,690
Corporation tax
-
-
Net income / (expenditure) for the year
254,001
18,690
Transfers between funds
-
-
254,001
18,690
Other gains / (losses)
-
-
Net movement in funds
254,001
18,690
Total funds brought forward
(11,180)
36,514
Total funds carried forward
242,821
55,204
Charitable activities
Unrestricted
Restricted
Charitable activities
Trading costs
Net income / (expenditure) before
corporation tax
Net income / (expenditure) before
other recognised gains and losses		 2
Detailed comparatives for the consolidated statement of financial activities
2021
2021
funds
funds
£
£
Income from:
Donations
322,167
254,481
101,554
-
Other trading activities
122,588
-
Investments
-
-
Total income
546,309
254,481
Expenditure on:
Raising funds
41,584
-
267,563
500
(16,839)
235,291
Total expenditure
292,308
235,791
254,001
18,690
Corporation tax
-
-
Net income / (expenditure) for the year
254,001
18,690
Transfers between funds
-
-
254,001
18,690
Other gains / (losses)
-
-
Net movement in funds
254,001
18,690
Total funds brought forward
(11,180)
36,514
Total funds carried forward
242,821
55,204
Charitable activities
Unrestricted
Restricted
Charitable activities
Trading costs
Net income / (expenditure) before
corporation tax
Net income / (expenditure) before
other recognised gains and losses		 2
Detailed comparatives for the consolidated statement of financial activities
2021
2021
funds
funds
£
£
Income from:
Donations
322,167
254,481
101,554
-
Other trading activities
122,588
-
Investments
-
-
Total income
546,309
254,481
Expenditure on:
Raising funds
41,584
-
267,563
500
(16,839)
235,291
Total expenditure
292,308
235,791
254,001
18,690
Corporation tax
-
-
Net income / (expenditure) for the year
254,001
18,690
Transfers between funds
-
-
254,001
18,690
Other gains / (losses)
-
-
Net movement in funds
254,001
18,690
Total funds brought forward
(11,180)
36,514
Total funds carried forward
242,821
55,204
Charitable activities
Unrestricted
Restricted
Charitable activities
Trading costs
Net income / (expenditure) before
corporation tax
Net income / (expenditure) before
other recognised gains and losses		 2021
Endowment
funds
£
-
-
-
-		 2021
Total
funds
£
576,648
101,554
122,588
-
546,309 254,481 - 800,790
41,584
267,563
(16,839)		 -
500
235,291		 -
-
-		 41,584
268,063
218,452
292,308 235,791 - 528,099
254,001
-		 18,690
-		 -
-		 272,691
-
254,001
-		 18,690
-		 -
-		 272,691
-
254,001
-		 18,690
-		 -
-		 272,691
-
254,001
(11,180)		 18,690
36,514		 -
-		 272,691
25,334
242,821 55,204 - 298,025

Page | 26

Museum of Brands Limited Notes to the financial statements For the year ended 31 December 2022

3 Income from donations and legacies

Government Furlough Scheme
Access Media CIC, Kickstarter
Kusuma Trust
The Golden Bottle Trust
The Marketors' Trust
National Lottery Heritage Fund
National Lottery Community Fund
Hollick Family
Garfield Weston Foundation
Linbury Trust
City Bridge Trust
DS Smith Charitable Foundation
World Branding Forum
Corporate Donations / Membership
Other General donations
4
Income from charitable activities
Admissions
Learning sessions
5
Income from trading activities
Retail income
Scrapbook income
Exhibitions, Talks and Lates
Property income
Admissions
Learning sessions
Retail income
Scrapbook income
Exhibitions, Talks and Lates
Venue hire
Trading Company
Group
6
Income from investments
Bank interest
Charity
Royal Borough of Kensington &
Chelsea
Culture Recovery Fund for
Heritage (DCMS)
Coronavirus Business Interruption
Loan Scheme
Students' Union UCL Volunteering
Service		 £
-
-
-
-
1,000
-
6,000
10,000
-
-
-
-
-
-
3,918
-
-
-
1,965
Unrestricted		 £
-
-
4,043
10,000
-
5,000
-
-
-
47,446
-
-
40,000
24,000
40,000
3,610
2,250
-
-
Restricted		 Endowment
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 2022
Total
£
-
-
4,043
10,000
1,000
5,000
6,000
10,000
-
47,446
-
-
40,000
24,000
43,918
3,610
2,250
-
1,965		 2021
Total
£
109,018
7,082
2,772
-
-
11,250
94,001
195,587
-
24,859
500
5,000
40,000
54,000
-
-
-
32,000
579
22,883 176,349 - 199,232 576,648
Unrestricted
£
191,287
34,476		 £
-
-
Restricted		 Endowment
£
-
-		 2022
Total
£
191,287
34,476		 2021
Total
£
90,663
10,891
225,763 - - 225,763 101,554
Unrestricted
£
-
24,683
2,816
51,887		 £
-
-
-
-
Restricted		 Endowment
£
-
-
-
-		 2022
Total
£
-
24,683
2,816
51,887		 2021
Total
£
204
25,666
1,362
10,959
79,386 - - 79,386 38,191
806
500
27,859
646
125
201,482		 -
-
-
-
-
-		 -
-
-
-
-
-		 806
500
27,859
646
125
201,482		 452
-
19,359
-
-
64,586
231,418 - - 231,418 84,397
310,804 - - 310,804 122,588
Unrestricted
£		 £
Restricted		 Endowment
£		 2022
Total
£		 2021
Total
£
240 - - 240 -

Page | 27

Museum of Brands Limited Notes to the financial statements For the year ended 31 December 2022

7 Analysis of expenditure

Basis of
allocation
Staff costs
Direct
Other costs
Direct
Depreciation
Direct
Governance costs
Total expenditure 2022
Total expenditure 2021		 £
33,829
-
-
33,829
-
33,829
41,584
Cost of
raising
funds		 Trading
costs
£
116,692
217,318
-
334,010
1,404
335,414
268,063		 Charitable
activities
£
157,570
339,412
32,829
529,811
2,304
532,115
218,452		 Governance
costs
£
-
3,708
-
3,708
(3,708)
-
-		 2022 Total
£
308,091
560,438
32,829
901,358
-
901,358
-		 2021 Total
£
265,949
218,565
43,585
528,099
-
528,099
528,099

Of the total expenditure, £685,237 was unrestricted (2021: £292,308), £216,121 was restricted (2021: £253,791) and £0 was endowment (2021: £0)

Page | 28

Museum of Brands Limited Notes to the financial statements For the year ended 31 December 2022

8 Net income / (expenditure) for the year

This is stated after charging / (crediting):
Operating lease rentals:
- Property
Depreciation
Auditor's remuneration		 2022
£
178,500
32,829
3,708		 2021
£
191,250
43,585
3,700

9 Analysis of staff costs, trustee remuneration and expenses, and the cost of key management personnel

Staff costs were as follows:
Salaries and wages
Social security costs		 2022
£
288,270
19,821		 2021
£
244,593
21,356
308,091 265,949

There were no employees whose annual emoluments were £60,000 or more.

The total employee benefits including pension contributions of key management personnel were £126,737 (2021: £142,419).

The charity trustees were not paid or received any other benefits from employment with the Trust or its subsidiary in the year (2021: £nil) neither were they reimbursed expenses during the year (2021: £nil).

Staff numbers

The average number of employees (head count based on number of staff employed) during the year was 13 (9.5 full time equivalent) as follows:

Charitable activities
Raising funds		 2022
No.
11
2		 2021
No.
11
1
13 12

10 Taxation

The charitable company is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

Page | 29

Museum of Brands Limited Notes to the financial statements For the year ended 31 December 2022

11 Group intangible fixed assets

Group intangible fixed assets
Publishing rights
£
Cost
At the start of the year 80,000
Additions in year -
Disposals in year -
At the end of the year 80,000
Depreciation
At the start of the year 80,000
Charge for the year -
Eliminated on disposal -
At the end of the year 80,000
Net book value
At the end of the year -
At the start of the year -

Group and charity tangible fixed assets

Cost
At the start of the year
Additions in year
Disposals in year
At the end of the year
Depreciation
At the start of the year
Charge for the year
Eliminated on disposal
At the end of the year
Net book value
At the end of the year
At the start of the year		 Leaseholds
improvemen
ts
£
436,939
-
-
Fixtures
fittings &
equipment
£
141,792
1,902
-

Total
£
578,731
1,902
-
436,939 143,694 580,633
140,066
22,836
-		 123,287
9,993
-		 263,353
32,829
-
162,902 133,280 296,182
274,037 10,414 284,451
296,873 18,505 315,378

Group Heritage assets

To start the process of protecting, storing and building the collection into the future a 35-year loan agreement was agreed in October 2020 between Robert Opie the collection owner, the Robert Opie Collection Trust as Robert’s successor and the Museum of Brands.

The agreement had the effect of returning the 8,000 items that Robert had gifted to the Museum, and all items in the collection became loaned items. The returned items were at a nominal value in the balance sheet of £100 that is now £0.

Page | 30

Museum of Brands Limited Notes to the financial statements For the year ended 31 December 2022

12 Investments

Museum of Brands Trading Limited

At 31 December 2022 Museum of Brands Limited owned the entire called up share capital of 100 ordinary £1 shares in Museum of Brands Trading Limited, a company incorporated in the United Kingdom.

Museum of Brands Trading Limited operates a retail shop and provides room or hall hire service for events. The subsidiary company donates its taxable profit to Museum of Brands Ltd. A summary of the subsidiary company's trading results is shown below. Audited accounts will be filed with the Registrar of Companies.

Turnover
Cost of sales
Gross profit
Other income
Administration expenses
Net profit
Gift aid to Museum of Brands Limited
Tax on (loss)/profit
Retained in subsidiary		 2022
£
231,418
(64,818)		 2021
£
84,397
(26,887)
166,600
-
(247,631)		 57,510
-
(223,216)
(81,031)
-		 (165,706)
-
- -
(81,031) (165,706)

At 31 December 2022, the aggregate of the share capital and reserves of Museum of Brands Trading Limited amounted to -£744,510 (2021 as restated: -£663,479).

13
Stock
Stock Retail
Scrapbook Stock
Stock Events		 Group
2022
£
13,438
43,840
1,406		 Group
2021
£
12,331
27,510
924		 Charity
2022
£
-
43,840
-		 Charity
2021
£
-
27,510
-
58,684 40,765 43,840 27,510
14
Debtors
Trade debtors
Other debtors
Due from subsidiary
Prepayments
Accrued income		 Group
2022
£
60,318
233,949
-
24,014
1,500		 Group
2021
£
as restated
40,483
133,549
-
27,864
75,100		 Charity
2022
£
15,280
63,511
957,031
22,844
1,500		 Charity
2021
£
as restated
20,031
2,655
814,198
27,103
75,100
319,781 276,996 1,060,166 939,087

Page | 31

Museum of Brands Limited Notes to the financial statements For the year ended 31 December 2022

15
Creditors: amounts falling due within one year
Trade creditors
Taxation and social security
Other creditors
Bank loans
Accruals and deferred income
16
Creditors: amounts falling due more than one year
Packaging Innovation Retirement Benefit Scheme Ltd
Bank loans
17
Analysis of net assets between funds
General
£
Intangible fixed assets
-
Tangible fixed assets
284,451
Net current assets / (liabilities)
271,210
Long term Liabilities
(381,417)
Net assets at the end of the year
174,244
Analysis of net assets between funds 2021
General
£
Intangible fixed assets
-
Tangible fixed assets
315,378
Net current assets / (liabilities)
348,860
Long term Liabilities
(421,417)
Net assets at the end of the year
242,821		 15
Creditors: amounts falling due within one year
Trade creditors
Taxation and social security
Other creditors
Bank loans
Accruals and deferred income
16
Creditors: amounts falling due more than one year
Packaging Innovation Retirement Benefit Scheme Ltd
Bank loans
17
Analysis of net assets between funds
General
£
Intangible fixed assets
-
Tangible fixed assets
284,451
Net current assets / (liabilities)
271,210
Long term Liabilities
(381,417)
Net assets at the end of the year
174,244
Analysis of net assets between funds 2021
General
£
Intangible fixed assets
-
Tangible fixed assets
315,378
Net current assets / (liabilities)
348,860
Long term Liabilities
(421,417)
Net assets at the end of the year
242,821		 Group
2022
£
176,358
166,576
1,894
40,000
10,621		 Group
2021
£
as restated
95,066
150,222
1,239
40,000
19,690		 Charity
2022
£
157,050
166,576
1,894
40,000
9,217		 Charity
2021
£
as restated
82,966
150,222
1,239
40,000
16,686
395,449 306,217 374,737 291,113
Group
2022
£
264,750
116,667		 Group
2021
£
264,750
156,667		 Charity
2022
£
264,750
116,667		 Charity
2021
£
264,750
156,667
381,417 421,417 381,417 421,417
Designated
£
-
-
-
-		 Endowment
£
-
-
-
-		 Restricted
£
-
-
15,432
-		 Total
£
-
284,451
286,642
(381,417)
174,244 - - 15,432 189,676
Designated
£
-
-
-
-		 Endowment
£
-
-
-
-		 Restricted
£
-
-
55,204
-		 Total
£
-
315,378
404,064
(421,417)
242,821 - - 55,204 298,025

Page | 32

Museum of Brands Limited Notes to the financial statements For the year ended 31 December 2022

18
Movements in funds
Endowment funds:
Heritage assets
Total endowment funds
Restricted funds:
Living Brands
DS Smith Charitable Foundation
Access Media CIC, Kickstarter
Kusuma Trust
Memorial Garden
World Branding Forum
The Marketors' Trust
Total restricted funds
Unrestricted funds:
Designated funds: Publishing rights
General funds
Total unrestricted funds
Total funds
Movements in funds 2021
Endowment funds:
Heritage assets
Total endowment funds
Restricted funds:
Brand Memories
Government Furlough Scheme
Living Brands
Access Media CIC, Kickstarter
Kusuma Trust
Memorial Garden
The Marketors' Trust
Total restricted funds
Unrestricted funds:
Designated funds: Publishing rights
General funds
Total unrestricted funds
Total funds
Coronavirus Business Interruption Loan
Students' Union UCL Volunteering Service		 £
-
At the start of
the year		 £
-

Income		 £
-
Expenditure		 Transfers
£
-		 £
-
At the end
of the year
- - - - -
50,806
-
-
-
4,398
-
-		 151,446
3,610
4,043
10,000
-
2,250
5,000		 186,820
3,610
4,043
10,000
4,398
2,250
5,000		 -
-
-
-
-
-
-		 15,432
-
-
-
-
-
-
55,204 176,349 216,121 - 15,432
-
242,821		 -
616,660		 -
685,237		 -
-		 -
174,244
242,821 616,660 685,237 - 174,244
-
298,025 793,009 901,358 - 189,676
£
-
At 1 Jan
2021		 £
-

Income		 £
-
Expenditure		 Transfers
£
-		 £
-
At 31 Dec
2021
- - - - -
21,916
-
-
-
-
10,000
4,598
-
-		 30,000
109,018
88,859
7,082
2,772
-
5,000
500
11,250		 51,916
109,018
38,053
7,082
2,772
10,000
5,200
500
11,250		 -
-
-
-
-
-
-
-		 -
-
50,806
-
-
-
4,398
-
-
36,514 254,481 235,791 - 55,204
8,000
(19,180)		 -
546,309		 8,000
284,308		 -
-		 -
242,821
(11,180) 546,309 292,308 - 242,821
-
25,334 800,790 528,099 - 298,025

Page | 33

Museum of Brands Limited Notes to the financial statements For the year ended 31 December 2022

Purposes of restricted funds

Brand Memories

In 2018 we established a Wellbeing department with the first major project focused on supporting people living with dementia.

Government Furlough Scheme

In the prior year grants were received and utilised towards employee salaries placed on furlough.

Living Brands

In 2021 we established a new Living Brands Fund focusing on supporting people living with dementia.

Kusuma Trust

In the year a grant was received towards supporting our Education Department's activities.

Memorial Garden

In the prior year we received a bequeathment towards the upkeep of our memorial garden.

The Marketors' Trust

In the year a grant was received and utilised towards supporting our Education Department's activities.

19 Reconciliation of net income / (expenditure) to net cash flow from operating activities

Net income / (expenditure) for the reporting period
(as per the consolidated statement of financial activities)
Depreciation
Interest, rent and dividends from investments
Gains/ (losses) on investments
(Loss)/ profit on the sale of fixed assets
(Increase)/ decrease in stock
(Increase)/ decrease in debtors
Increase/ (decrease) in creditors
Net cash provided by / (used in) operating activities
20
Analysis of cash and cash equivalents
£
Cash at bank and in hand
392,520
Total cash and cash equivalents
392,520
At 1
January
2022		 Net income / (expenditure) for the reporting period
(as per the consolidated statement of financial activities)
Depreciation
Interest, rent and dividends from investments
Gains/ (losses) on investments
(Loss)/ profit on the sale of fixed assets
(Increase)/ decrease in stock
(Increase)/ decrease in debtors
Increase/ (decrease) in creditors
Net cash provided by / (used in) operating activities
20
Analysis of cash and cash equivalents
£
Cash at bank and in hand
392,520
Total cash and cash equivalents
392,520
At 1
January
2022		 Cash flows
£
(88,894)		 2022
£
(108,349)
32,829
(240)
-
-
(17,919)
(42,785)
89,232		 2021
£
272,691
43,585
-
-
-
(6,651)
(43,218)
(66,088)
(47,232) 200,319
£
-
Other
changes		 £
303,626

At 31
December
2022
392,520 (88,894) - 303,626

Page | 34

Museum of Brands Limited Notes to the financial statements For the year ended 31 December 2022

21 Operating lease commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2 - 5 years 2022
2021
£
£
306,000
484,500
Property
Group		 2022
2021
£
£
306,000
484,500
Property
Group		 2022
2021
£
£
306,000
484,500
Property
Charity		 2022
2021
£
£
306,000
484,500
Property
Charity
306,000 484,500 306,000 484,500

22 Legal status of the charity

The charity is a company limited by guarantee and has no share capital. Each member is liable to contribute a sum not exceeding £1 in the event of the charity being wound up.

23 Related party transactions

J Noble, a trustee is also Company Secretary of the British Brands Group. The British Brands Group has hired the Museum for events during the year on an arms length basis paying full rates. The total received by the Museum in this respect during the year was £2,066 (2021: £240).

C Griffin, a trustee, is a beneficiary of the Packaging Innovation Retirement Benefit Scheme Limited that owns 111-117 Lancaster Road and let part of the building to the Museum at £178,500 (ex VAT) per annum (2021: £191,250). As at the year end the charity owed a sum of £364,256 to Packaging Innovation Retirement Benefit Scheme Limited (2021: £315,750)

C Griffin, a trustee, is a director of PI Global Limited that rents offices from the Museum generating income of £30,000 (ex VAT) in the year (2021: £2,500).

24 Prior Year Adjustment

The accounts have been restated to incorporate the impact of a management recharge of operating and salary costs from the charity to the trading company for the years 2019 and 2020.

Group Charity
2021 2021
£ £
The impact of this adjustment was as follows:
- Increase in Other Debtors (VAT) 99,575 -
- Increase in debtor due from subsidiary - 597,448
- (Increase) in Taxation and social security creditor (VAT) (99,575) (99,575)
- (Increase) in Unrestricted Funds - (497,873)

Page | 35