OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2023-12-31-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 2023

MUSEUM OF BRANDS LIMITED

FOR THE YEAR ENDED 31 DECEMBER 2023

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 – 36

MUSEUM OF BRANDS LIMITED

LEGAL AND ADMINISTRATIVE INFORMATION

FOR THE YEAR ENDED 31 DECEMBER 2023

Trustees Toby Hoare (Chair) John Noble Kenneth Hawkins Amber Rowe Wendy Neville Duncan Sanders Chris Griffin Secretary A Terry 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

Page | 1

MUSEUM OF BRANDS LIMITED

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2023

The trustees are pleased to present their annual report together with the financial statements of the charity for the year ending 31st December 2023 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 2023 were to:

Page | 2

MUSEUM OF BRANDS LIMITED

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2023

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

From January to December 2023, 45,311 people visited the Museum (35,926 in 2022), an increase of 26% from the previous year. 44% (54%) of visitors were from the UK, with 24% of visitors from London (36%). International visitors accounted for 56% (46%) of visitors.

Personal recommendation generated 12% (11%) of visitors, with a further 57% (52%) finding the Museum online (including social media, google maps and Trip Advisor). 9% (10%) of visitors gave their reason for hearing about the Museum as local awareness. 10% (11%) of visitors had visited before.

Page | 3

MUSEUM OF BRANDS LIMITED

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2023

Leading travel website TripAdvisor contains 1,494 independent reviews of the Museum, rating our position at 39 out of 2,716 London attractions as of December 2023 (35 of 2,569), ranking us 18 of 490 museums in London (15 of 466), and we remain the highest rated independent museum in London (e.g. all those with higher ratings are national museums). 94% of reviewers rate the Museum excellent or very good (94%).

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

2023 was another busy year for new exhibits and displays. First was Britain’s Top 100 Grocery Brands which opened in March 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.

Brushstrokes to Brands ran from August to November and featured ten pieces by British artist Steven Phillip Smith. The artworks depict heritage brands found in the Museum’s core collection through still-life oil paintings. Brushstrokes to Brands offers an opportunity to

Page | 4

MUSEUM OF BRANDS LIMITED

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2023

connect with the collection through a new medium, as well as a contemporary artistic lens. Titles included 75th Anniversary Smarties, Jack Daniel’s Bottle, and 1980s Fruit Gums & Fruit Pastilles.

Reuse, Refill, Rethink is a new display that uses the past as a guide for informing the future of sustainability in packaging. Launched in November and running for six months, the display was developed and supported by the University of Sheffield Grantham Centre for Sustainable Future’s ‘Many Happy Returns' project. Recycling has become the norm for addressing our problem with plastic waste, but recycling is often challenging and encourages a throwaway culture. Reuse is (re-) emerging as an alternative, to help us transition to a circular economy.

Alongside new exhibitions, the Museum runs a thriving programme of seasonal activities. 2023 opened with Love & Hate for February half term, a family challenge to find and debate disputed brands on display in the Time Tunnel, along with a craft activity to make Victorian Valentine’s Day cards. Across the Easter school holidays, families were welcomed by kids-go-free tickets, an Easter Egg brand hunt and chocolate packaging design workshops. Blooming Brands in May half term encouraged children to spot brands with botanical themes across the decade, before joining make-and-take flower crafts using recycled materials. Two Hundred Years of Royal Souvenirs ran over the coronation weekend in June, encouraging audiences of all ages to enjoy the many royal items on display from decades past to present. Activities included a ‘please touch’ handling collection and Royal scrapbooking craft session. For October half term, Twisted Tales hide and seek guided families to the creepiest exhibits and a craft table offered take-home spider webs.

Additionally, we were delighted to work with several brand supporters on public displays during 2023. We partnered with towelling and linen brand Christy to celebrate their 175th anniversary in an exhibition running from September to January. Items from the archive of this British heritage brand included commemorative towels for five generations of the Royal family and examples from Christie’s famous partnership with Wimbledon tennis. Founding sponsor easyGroup collaborated on a new display, launched in May, showcasing the history of this original challenger brand. Pro Carton, the European Association of Carton and Cartonboard Manufacturers, opened a joint display in March that celebrates innovation in environmentally friendly carton packaging by showing the winning entries from the year’s European Carton Excellence Awards.

Learning

Objectives and activities

In 2023 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

Page | 5

MUSEUM OF BRANDS LIMITED

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2023

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.

The Professional Development Programme, in its sixth year, comprised workshops, masterclasses and talks during 2023, with all of these held in live format and recorded. We are grateful for the continued support of this programme in 2023 by The Marketors’ Trust.

2023 was our second full year of Living Brands, a three-year project to share our evocative brand heritage collection with a national audience of people living with dementia and those that support them. This new project is the Museum’s first national outreach initiative that will connect with 63,000 participants across the UK. Living Brands is generously supported by The National Lottery Community Fund, Garfield Weston Foundation, Linbury Trust and City Bridge Foundation.

The learning programme was supported by two other funded partnerships in 2023. The Kusuma Trust renewed their annual support for our schools and families programme through our project Widening Reach. Local brand owner innocent drinks are supporting a new product development workshops Smoothie Lab aimed at schools and higher education.

Achievements and performance

During the year 6,984 (5,964) schoolchildren and students attended in-person sessions at the Museum with a further 33,436 (6,708) engaging with digital learning experiences. Our total inperson learning audience reached 12,400 (11,147) compared to 17,000 per year prepandemic, a level we hope to return to as overseas student visits return.

We hosted 200 taught workshops and talks (132) and a further 122 self-guided groups (108). The most popular student workshop was Brand Evolution, followed by Customer Profiling and Gender in Advertising. Taught workshops contributed £45,493 (£34,976) income for the Museum in 2023. Group bookings, ranging from self-guided student groups to lifelong learners such as U3A, generated a further £23,845 (£22,133).

18 learning volunteers in 2023 completed a minimum of 12 weeks placement, including delivering workshops and supporting marketing and evaluation. 100% of teachers and tutors

Page | 6

MUSEUM OF BRANDS LIMITED

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2023

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 subjects to support self-led learning during group visits. 2023 saw the Museum’s professional development programme returning to its original live format, which attracted a total of 380 (150) in-person attendees. Talks included a mix of trending topics such as ED&I Marketing and regular sessions like Neuroscience and Design. New formats were tested, including a live talk & taste session (delivered by young gin-brand Audemus) and longer workshops on Gamification (our most significant earner of 2023, bringing in £1,560 and 83 live attendees). Some speakers were new to our networks, while others were linked to existing Museum partners, like Easy and ProCarton. The contribution generated from talks totalled £3,904 (£941).

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. 244 families (241) visited the Museum in 2023, with peak months of February and August.

A new project team completed the second year of our grant-funded dementia project Living Brands. In 2023 the project exceeded its target with a total of 66,620 beneficiaries (33,643). 5905 people living with dementia and their carers participated in reminiscence sessions across the UK, delivered by our team in London and by activity providers trained by the museum to use our memory packs in care homes or similar settings. In February 2023, Living Brands launched the Brand Box initiative, which aims to combat social isolation in people living with dementia through posting reminiscence resources, and had sent out 355 Brand Boxes by end December. 28 volunteers gave 1,745 hours to this project in 2023.

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.

Page | 7

MUSEUM OF BRANDS LIMITED

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2023

Achievement and Performance

In 2023 the Museum was supported by a total of 97 volunteers (128). These volunteers consisted of 41 supporting front of house, 18 learning, 20 wellbeing (Living Brands dementia programme), 8 collections, 4 venue and 6 gardening. This included 13 university placement interns who supported all departments with projects ranging from marketing, evaluation, session leading, visitor welcome, and assisting with collections care and exhibitions. We partnered with internship organisers AIFS, Aradia, Global Experience, UCL, Birbeck, Durham University, City University, FIT and Anglo Education. These relationships are extremely valuable to running our visitor reception desk as they provide full-time volunteers for 6-8 weeks at a time.

Our volunteering programme is a useful way for those who are looking for work to gain skills. Students were our biggest group at 45% (41%), with job seekers at 33% (27%). We had no retired volunteers in 2023. The largest age group within our volunteers is 20-25 years old 50%. The gender profile of our volunteers remains consistent with previous years, with a female majority at 85% (87%) while 11% are male (13%) and 0% (0%) are non-binary). 9% (8%) 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, for example, 13 of 47 volunteers on the Living Brands project to date have progressed to paid employment (28%). Programmes have high levels of retention. A quarterly survey showed 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 7,324 hours in 2023 (6,962). 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 £13.15, the in-kind value of the volunteer contribution in 2023 was £96,310 (£83,196).

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

Page | 8

MUSEUM OF BRANDS LIMITED

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2023

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, 57% (52%) found out about the Museum online. Our website attracted 137,854 unique visitors in 2023 (266,658). The most visited pages were What’s On, Visit, About Us and Time Tunnel. Third party partners helped extend the Museum’s reach during 2023. These included London Pass, Buy a Gift, Viator, Art Fund, Tiqets, Get Your Guide and Days Out Guide, Golden Tours and Visit Britain.

The Museum continues to use social media channels to showcase activities across all departments including exhibitions, learning, venue hire, retail, volunteering, family activities, talks, outreach, reminiscence and more. In 2023 the Museum has seen an increase in following on Facebook, Twitter, LinkedIn and Instagram. Total followers reached 42,185 by end of 2023, an increase of 25% (33,871). In 2023 we used the equivalent of £38,863 via our Google advertising grant and delivered 76 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 16,039.

Fundraising

Objectives and Activities

The 2023 fundraising plan focused on supporting core costs and developing new projects and opportunities. The team continued to share stewardship of existing grant-funded projects. 2023 was our first full year with a dedicated fundraiser to develop new income streams with corporates and individuals.

Achievements and Performance

In 2023 a total of £263,705 (£199,232) of development income was raised. This included grant funding from Kusuma Trust, The Marketors’ Trust, The National Lottery Community Fund, Garfield Weston Foundation, Linbury Trust, City Bridge Foundation, CMF Charitable Trust, and the University of Sheffield, with additional support from the DS Smith Charitable Foundation. It also included corporate funding from easyGroup, innocent drinks, Christy and Pro-Carton. The Museum’s board, team and volunteers are hugely grateful for all the funding

Page | 9

MUSEUM OF BRANDS LIMITED

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2023

received during 2023 which has ensured the charity’s survival after an exceptionally challenging few years.

Grateful thanks are given to the National Lottery Community Fund, Garfield Weston Foundation, Linbury Trust and City Bridge Foundation 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 sixth 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 widen our reach 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 2023, founding sponsor easyGroup confirmed their support for a refresh of a co-curated display showcasing the history of the easy brand. Local brand owner innocent drinks supported a new learning initiative for schools and higher education. Heritage brand Christy worked with the museum curator to celebrate their 175[th] anniversary through a sponsored exhibition.

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 2023 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 hire market the venue hire team have continued to focus on marketing

Page | 10

MUSEUM OF BRANDS LIMITED

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2023

and high service standards throughout the year. Two of the Museum’s spaces continued to be sub-let as office rentals across 2023.

Achievements and Performance

Income from admissions totalled £246,081 (£191,287), a significant increase from the previous year.

Gift Aid signatures are gathered by the volunteer front of house team and through our online ticketing system. During 2023 we generated an average of 17p per visitor in Gift Aid income (12p).

Shop income for 2023 was £42,324 (£27,859). Shop spend per visitor increased to £0.90 (£0.78), showing recovery following a decrease due to cost of living crisis. Income from the Museum’s publishing arm, which produces the Scrapbook series, was £24,746 (£25,117).

Venue hire is one of the Museum’s biggest sources of income. Hires generated a total of £265,141 in 2023 (£209,477), making great progress towards pre-pandemic levels of £325,000 per year. Our hire business has changed continues to diversify, across brand owners and creative industries, charities, educational institutions and private parties.

The venue hire team lead the Museum’s efforts to be more sustainable. In 2023 the Museum’s Environmental Sustainability policy was reviewed and updated. This included asking key suppliers to share their own policies, appointing new local 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

We started 2023 with a paid team of 13, which comprised 6 full-time and 7 part-time (9.5 FTE). The team remained stable over the year, in December our team of 12 were 6 full-time and 6 part-time (9 FTE).

As of end 2023, 27% of payroll (25%) was funded by learning project grants and donations related to the memorial garden. We continue to operate on a smaller team to our 2019 (prepandemic) total of 17 people (12 FTE).

Page | 11

MUSEUM OF BRANDS LIMITED

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2023

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. In 2023, turnover increased significantly compared to the previous year. Total income of £984,899 (£793,009), which includes Museum Gallery Exhibition Tax Rebate (MGETR), shows an increase of 24%. Annual turnover has recovered to pre-pandemic levels (average £1m).

Principle funding sources were:- grants and corporate membership £263,705 (£199,232); admission fees, education and gift aid £291,449 (£225,763); venue hire £265,141 (£209,477); retail & publishing £65,570 (£53,542), sub-letting of office space £44,018 (£51,887) and MGETR £40,465 (£56,970). Total expenditure for the year was £983,208 (£901,358). Within that, staff costs increased by 8% to £333,968 (£308,091).

We achieved break-even in 2023, generating a small surplus of £1,691 against a budgeted loss of £6,457: a result we are pleased to report in a continuingly difficult economic climate for all cultural organisations.

In the year reserves increased by £1,691 and the year closed with total reserves of £191,367 (£189,676). A CBILS loan, secured in 2020, helped support the charity during a period of low reserves and unpredictable cashflow and is being repaid monthly.

2023 was the Museum’s seventh 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 2023 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

Page | 12

MUSEUM OF BRANDS LIMITED

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2023

2023 was £169,427 (£174,244). Like many similar organisations, we continue to operate with low reserves and do not expect to build significant cash reserves within the next three years.

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 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.

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

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.

Page | 13

MUSEUM OF BRANDS LIMITED

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2023

Appointment of 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.

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 2023, the board met 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, 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 15. 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, Head of Commercial, 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:

Page | 14

MUSEUM OF BRANDS LIMITED

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2023

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:

Page | 15

MUSEUM OF BRANDS LIMITED

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2023

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 23 May 2024 and signed on their behalf. (ga,thez_¢ \

On Behalf of Trustees

Page | 16

MUSEUM OF BRANDS LIMITED

INDEPENDENT AUDITORS REPORT TO THE MEMBERS OF MUSEUM OF BRANDS LIMITED

FOR THE YEAR ENDED 31 DECEMBER 2023

Opinion

We have audited the financial statements of Museum of Brands Limited (the ‘Charity’) for the year ended 31 December 2023 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.

Page | 17

MUSEUM OF BRANDS LIMITED

INDEPENDENT AUDITORS REPORT TO THE MEMBERS OF MUSEUM OF BRANDS LIMITED

FOR THE YEAR ENDED 31 DECEMBER 2023

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.

Page | 18

MUSEUM OF BRANDS LIMITED

INDEPENDENT AUDITORS REPORT TO THE MEMBERS OF MUSEUM OF BRANDS LIMITED

FOR THE YEAR ENDED 31 DECEMBER 2023

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:

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.

Page | 19

MUSEUM OF BRANDS LIMITED

INDEPENDENT AUDITORS REPORT TO THE MEMBERS OF MUSEUM OF BRANDS LIMITED

FOR THE YEAR ENDED 31 DECEMBER 2023

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.

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 regulations. 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.

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

4 June 2024

Page | 20

Museum of Brands Limited Consolidated Statement of Financial Activities

(incorporating an income and expenditure account)

For the year ended 31 December 2023

2023
Unrestricted
Note
£
Income from:
Grants and donations
3
41,892
Charitable activities
4
291,449
Trading activities
5
386,506
Investment income
6
2,774
Total income
722,621
Expenditure on:
Raising funds
31,829
Trading costs
332,833
Charitable activities
403,241
Total expenditure
7
767,903
Corporation tax
40,465
8
(4,817)
Transfers between funds
-
(4,817)
Other gains / (losses)
-
Net movement in funds
(4,817)
Reconciliation of funds:
Total funds brought forward
174,244
Total funds carried forward
169,427
(45,282)
Net income / (expenditure) for the
year
Net income / (expenditure) before
corporation tax
Net income / (expenditure) before
other recognised gains and losses		 2023
Unrestricted
Note
£
Income from:
Grants and donations
3
41,892
Charitable activities
4
291,449
Trading activities
5
386,506
Investment income
6
2,774
Total income
722,621
Expenditure on:
Raising funds
31,829
Trading costs
332,833
Charitable activities
403,241
Total expenditure
7
767,903
Corporation tax
40,465
8
(4,817)
Transfers between funds
-
(4,817)
Other gains / (losses)
-
Net movement in funds
(4,817)
Reconciliation of funds:
Total funds brought forward
174,244
Total funds carried forward
169,427
(45,282)
Net income / (expenditure) for the
year
Net income / (expenditure) before
corporation tax
Net income / (expenditure) before
other recognised gains and losses		 2023
Restricted
£
221,813
-
-
-		 2023
Endowment
£
-
-
-
-		 2023
Total
£
263,705
291,449
386,506
2,774		 2022
Total
£
199,232
225,763
310,804
240
722,621 221,813 - 944,434 736,039
31,829
332,833
403,241		 -
-
215,305		 -
-
-		 31,829
332,833
618,546		 33,829
335,414
532,115
767,903 215,305 - 983,208 901,358
40,465
(45,282)		 -
6,508		 -
-		 40,465
(38,774)		 56,970
(165,319)
(4,817)
-		 6,508
-		 -
-		 1,691
-		 (108,349)
-
(4,817)
-		 6,508
-		 -
-		 1,691
-		 (108,349)
-
(4,817)
174,244		 6,508
15,432		 -
-		 1,691
189,676		 (108,349)
298,025
169,427 21,940 - 191,367 189,676

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

Approved Approved[by] by[the] the[trustees] trustees on on .................... 23/05/2024

Museum of Brands Limited Consolidated Statement of cash flows

For the year ended 31 December 2023

Note
2023
£
19
Cash flows from investing activities:
Interest/ rent/ dividends from investments
2,774
Sale/ (purchase) of fixed assets
(11,730)
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
2023
£
19
Cash flows from investing activities:
Interest/ rent/ dividends from investments
2,774
Sale/ (purchase) of fixed assets
(11,730)
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		 2023
£
(13,031)
(8,956)
(40,000)		 2022
£
240
(1,902)
-		 2022
£
(47,232)
(1,662)
(40,000)
(40,000) (40,000)
(61,987)
303,626
-		 (88,894)
392,520
-
241,639 303,626

Page | 23

Museum of Brands Limited Notes to the financial statements For the year ended 31 December 2023

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.

The trustees consider that there are no material uncertainties about the group's ability to continue as a going concern. The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.

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 2023

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 2023

2
Detailed comparatives for the consolidated statement of financial activities
2022
2022
funds
funds
£
£
Income from:
Donations
22,883
176,349
225,763
-
Other trading activities
310,804
-
Investments
240
-
Total income
559,690
176,349
Expenditure on:
Raising funds
33,829
335,414
315,994
216,121
Total expenditure
685,237
216,121
(125,547)
(39,772)
Corporation tax
56,970
-
Net income / (expenditure) for the year
(68,577)
(39,772)
Transfers between funds
-
-
(68,577)
(39,772)
Other gains / (losses)
-
Net movement in funds
(68,577)
(39,772)
Total funds brought forward
242,821
55,204
Total funds carried forward
174,244
15,432
Restricted
Charitable activities
Trading costs
Net income / (expenditure) before
corporation tax
Net income / (expenditure) before
other recognised gains and losses
Charitable activities
Unrestricted		 2
Detailed comparatives for the consolidated statement of financial activities
2022
2022
funds
funds
£
£
Income from:
Donations
22,883
176,349
225,763
-
Other trading activities
310,804
-
Investments
240
-
Total income
559,690
176,349
Expenditure on:
Raising funds
33,829
335,414
315,994
216,121
Total expenditure
685,237
216,121
(125,547)
(39,772)
Corporation tax
56,970
-
Net income / (expenditure) for the year
(68,577)
(39,772)
Transfers between funds
-
-
(68,577)
(39,772)
Other gains / (losses)
-
Net movement in funds
(68,577)
(39,772)
Total funds brought forward
242,821
55,204
Total funds carried forward
174,244
15,432
Restricted
Charitable activities
Trading costs
Net income / (expenditure) before
corporation tax
Net income / (expenditure) before
other recognised gains and losses
Charitable activities
Unrestricted		 2
Detailed comparatives for the consolidated statement of financial activities
2022
2022
funds
funds
£
£
Income from:
Donations
22,883
176,349
225,763
-
Other trading activities
310,804
-
Investments
240
-
Total income
559,690
176,349
Expenditure on:
Raising funds
33,829
335,414
315,994
216,121
Total expenditure
685,237
216,121
(125,547)
(39,772)
Corporation tax
56,970
-
Net income / (expenditure) for the year
(68,577)
(39,772)
Transfers between funds
-
-
(68,577)
(39,772)
Other gains / (losses)
-
Net movement in funds
(68,577)
(39,772)
Total funds brought forward
242,821
55,204
Total funds carried forward
174,244
15,432
Restricted
Charitable activities
Trading costs
Net income / (expenditure) before
corporation tax
Net income / (expenditure) before
other recognised gains and losses
Charitable activities
Unrestricted		 2022
Endowment
funds
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 2022
Total
funds
£
199,232
225,763
310,804
240
559,690 176,349 736,039
33,829
335,414
315,994		 216,121 33,829
335,414
532,115
685,237 216,121 901,358
(125,547)
56,970		 (39,772)
-		 (165,319)
56,970
(68,577)
-		 (39,772)
-		 (108,349)
-
(68,577) (39,772)
-		 (108,349)
-
(68,577)
242,821		 (39,772)
55,204		 (108,349)
298,025
174,244 15,432 189,676

Page | 26

Museum of Brands Limited Notes to the financial statements For the year ended 31 December 2023

3
Income from donations and legacies
Access Media CIC, Kickstarter
Kusuma Trust
The Golden Bottle Trust
The Marketors' Trust
National Lottery Community Fund
Garfield Weston Foundation
Linbury Trust
City Bridge Trust
DS Smith Charitable Foundation
World Branding Forum
The University of Sheffield
EasyGroup Ltd
Welspun UK Limited
Innocent - Donation
CMF Charitable Trust
Changex
City of London Grant 2023
Black Country
Pro Carton
Other General donations
4
Income from charitable activities
Admissions
Learning sessions
Royal Borough of Kensington &
Chelsea
Culture Recovery Fund for
Heritage (DCMS)		 funds
£
-
-
-
-
-
-
-
-
-
-
-
-
10,000
15,000
15,000
-
-
-
-
1,000
892
Unrestricted		 Endowment
funds
funds
£
£
15,000
-
-
-
5,000
-
-
-
-
-
78,643
-
40,000
-
24,000
-
40,000
-
1,100
-
2,250
-
10,000
-
-
-
-
-
-
-
2,000
-
1,120
-
2,400
-
300
-
-
-
-
-
Restricted		 Endowment
funds
funds
£
£
15,000
-
-
-
5,000
-
-
-
-
-
78,643
-
40,000
-
24,000
-
40,000
-
1,100
-
2,250
-
10,000
-
-
-
-
-
-
-
2,000
-
1,120
-
2,400
-
300
-
-
-
-
-
Restricted		 2023
Total
£
-
15,000
-
5,000
-
-
78,643
40,000
24,000
40,000
1,100
2,250
10,000
10,000
15,000
15,000
2,000
1,120
2,400
300
1,000
892
263,705
2023
Total
£
246,081
45,368
291,449		 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
41,892 221,813 - 199,232
funds
£
246,081
45,368
Unrestricted		 Endowment
funds
funds
£
£
-
-
-
-
Restricted		 2022
Total
£
191,287
34,476
291,449 - - 225,763

Page | 27

Museum of Brands Limited Notes to the financial statements For the year ended 31 December 2023

5 Income from trading activities

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		 funds
£
-
24,895
3,566
44,018
Unrestricted		 Endowment
funds
funds
£
£
-
-
-
-
-
-
-
-
Restricted		 2023
Total
£
-
24,895
3,566
44,018
72,479
6,099
125
42,324
-
338
265,141
314,027
386,506
2023
Total
£
2,774		 2022
Total
£
-
24,683
2,816
51,887
72,479 - - 79,386
6,099
125
42,324
-
338
265,141		 -
-
-
-
-
-		 -
-
-
-
-
-		 806
500
27,859
646
125
201,482
314,027 - - 231,418
386,506 - - 310,804
funds
£
Unrestricted		 Endowment
funds
funds
£
£
Restricted		 2022
Total
£
2,774 - - 240

Page | 28

Museum of Brands Limited Notes to the financial statements For the year ended 31 December 2023

7 Analysis of expenditure

Basis of
allocation
Staff costs
Direct
Other costs
Direct
Depreciation
Direct
Governance costs
Total expenditure 2023
Total expenditure 2022		 £
31,829
-
-
31,829
-
31,829
33,829
Cost of
raising
funds		 Trading
costs
£
116,692
214,541
-
331,233
1,600
332,833
335,414		 Charitable
activities
£
185,447
396,962
32,992
615,401
3,145
618,546
532,115		 Governance
costs
£
-
4,745
-
4,745
(4,745)
-
-		 2023 Total
£
333,968
616,248
32,992
983,208
-
983,208
-		 2022 Total
£
308,091
560,438
32,829
901,358
-
901,358
901,358

Of the total expenditure, £767,903 was unrestricted (2022: £685,237), £215,305 was restricted (2022: £216,121) and £0 was endowment (2022: £0)

Page | 29

Museum of Brands Limited Notes to the financial statements For the year ended 31 December 2023

8 Net income / (expenditure) for the year

This is stated after charging / (crediting):
Operating lease rentals:
- Property
Depreciation
Auditor's remuneration		 2023
£
178,500
32,992
4,745		 2022
£
178,500
32,829
3,708

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		 2023
£
312,972
20,996		 2022
£
288,270
19,821
333,968 308,091

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

The total employee benefits including pension contributions of key management personnel were £133,376 (2022: £126,737).

The charity trustees were not paid or received any other benefits from employment with the Trust or its subsidiary in the year (2022: £nil) neither were they reimbursed expenses during the year (2022: £nil).

Staff numbers

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

Charitable activities
Raising funds		 2023
No.
11
2		 2022
No.
11
2
13 13

10 Taxation

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

Page | 30

Museum of Brands Limited Notes to the financial statements For the year ended 31 December 2023

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

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
improvements
£
436,939
-
-
Fixtures
fittings &
equipment
£
143,694
11,730
-

Total
£
580,633
11,730
-
436,939 155,424 592,363
162,902
22,836
-		 133,280
10,156
-		 296,182
32,992
-
185,738 143,436 329,174
251,201 11,988 263,189
274,037 10,414 284,451

Page | 31

Museum of Brands Limited Notes to the financial statements For the year ended 31 December 2023

12 Investments

Museum of Brands Trading Limited

At 31 December 2023 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 loss
Gift aid to Museum of Brands Limited
Tax on (loss)/profit
Retained in subsidiary		 2023
£
314,027
(77,487)		 2022
£
231,418
(64,818)
236,540
-
(255,346)		 166,600
-
(247,631)
(18,806)
-		 (81,031)
-
- -
(18,806) (81,031)

At 31 December 2023, the aggregate of the share capital and reserves of Museum of Brands Trading Limited amounted to -£763,316 (2022: -£744,510).

13
Stock
Stock Retail
Scrapbook Stock
Stock Events
14
Debtors
Trade debtors
Other debtors
Due from subsidiary
Prepayments
Accrued income		 Group
2023
£
15,200
32,479
1,406		 Group
2022
£
13,438
43,840
1,406		 Charity
2023
£
-
32,479
-		 Charity
2022
£
-
43,840
-
49,085 58,684 32,479 43,840
Group
2023
£
91,765
46,654
-
7,335
24,000		 Group
2022
£
60,318
233,949
-
24,014
1,500		 Charity
2023
£
29,943
46,654
936,084
6,106
24,000		 Charity
2022
£
15,280
63,511
957,031
22,844
1,500
169,754 319,781 1,042,787 1,060,166

Page | 32

Museum of Brands Limited

Notes to the financial statements For the year ended 31 December 2023

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
263,189
Net current assets / (liabilities)
247,655
Long term Liabilities
(341,417)
Net assets at the end of the year
169,427
Analysis of net assets between funds 2022
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		 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
263,189
Net current assets / (liabilities)
247,655
Long term Liabilities
(341,417)
Net assets at the end of the year
169,427
Analysis of net assets between funds 2022
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		 Group
2023
£
42,915
78,328
3,158
40,000
26,482		 Group
2022
£
176,358
166,576
1,894
40,000
10,621		 Charity
2023
£
34,591
176,661
3,158
40,000
25,078		 Charity
2022
£
157,051
166,576
1,894
40,000
9,217
190,883 395,449 279,488 374,738
Group
2023
£
264,750
76,667		 Group
2022
£
264,750
116,667		 Charity
2023
£
264,750
76,667		 Charity
2022
£
264,750
116,667
341,417 381,417 341,417 381,417

Designated
£
-
-
-
-		 Endowment
£
-
-
-
-		 Restricted
£
-
-
21,940
-		 Total funds
£
-
263,189
269,595
(341,417)
169,427 - - 21,940 191,367

Designated
£
-
-
-
-		 Endowment
£
-
-
-
-		 Restricted
£
-
-
15,432
-		 Total funds
£
-
284,451
286,642
(381,417)
174,244 - - 15,432 189,676

Page | 33

Museum of Brands Limited Notes to the financial statements For the year ended 31 December 2023

18 Movements in funds

Movements in funds
Restricted funds:
Living Brands
DS Smith Charitable Foundation
Access Media CIC, Kickstarter
Kusuma Trust
City Bridge Trust
World Branding Forum
The Marketors' Trust
The University of Sheffield
Linbury Trust
ChangeX
Total restricted funds
Unrestricted funds:
General funds
Total unrestricted funds
Total funds
Movements in funds 2022
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:
General funds
Total unrestricted funds
Total funds		 £
15,432
-
-
-
-
-
At the start
of the year		 £
124,443
-
-
15,000
40,000
2,250
5,000
10,000
24,000
1,120

Income		 £
117,935
-
-
15,000
40,000
2,250
5,000
10,000
24,000
1,120
Expenditure		 Transfers
£
-
-
-
-
-
-
-
-
-		 £
21,940
-
-
-
-
-
-
-
-
At the end of
the year
15,432 221,813 215,305 - 21,940
174,244 763,086 767,903 - 169,427
174,244 763,086 767,903 - 169,427
-
189,676 984,899 983,208 - 191,367
£
50,806
-
-
-
4,398
-
-
At 1 Jan
2022		 £
151,446
3,610
4,043
10,000
-
2,250
5,000
Income
 £
186,820
3,610
4,043
10,000
4,398
2,250
5,000
Expenditure		 Transfers
£
-
-
-
-
-
-
-		 £
15,432
-
-
-
-
-
-
At 31 Dec
2022
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

Page | 34

Museum of Brands Limited Notes to the financial statements For the year ended 31 December 2023

Purposes of restricted funds

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.

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		 2023
£
1,691
32,992
(2,774)
-
-
9,599
150,028
(204,566)		 2022
£
(108,349)
32,829
(240)
-
-
(17,919)
(42,785)
89,232
(13,030) (47,232)

20 Analysis of cash and cash equivalents

Analysis of cash and cash equivalents
Cash at bank and in hand
Total cash and cash equivalents		 £
303,626
At 1 January
2023		 Cash flows
£
(61,987)		 £
-
Other
changes		 £
241,639

At 31
December
2023
303,626 (61,987) - 241,639

Page | 35

Museum of Brands Limited Notes to the financial statements For the year ended 31 December 2023

21 Operating lease commitments

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

2 - 5 years 2023
2022
£
£
127,500
306,000
Property
Group		 2023
2022
£
£
127,500
306,000
Property
Group		 2023
2022
£
£
127,500
306,000
Property
Charity		 2023
2022
£
£
127,500
306,000
Property
Charity
127,500 306,000 127,500 306,000

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 £4,400 (2022: £2,066).

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 (2022: £178,500). As at the year end the charity owed a sum of £246,900 to Packaging Innovation Retirement Benefit Scheme Limited for rent arrears (2022: £364,256).

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 (2022: £30,000).

Page | 36