COMPANY REGISTRATION NUMBER: 07889200 CHARITY REGISTRATION NUMBER: 1145218
Ryedale Folk Museum Company Limited by Guarantee Unaudited Financial Statements
31 October 2022
Ryedale Folk Museum
Company Limited by Guarantee
Financial Statements
Year ended 31 October 2022
| Page | |
|---|---|
| Trustees' annual report (incorporating the director's report) | 1 |
| Independent examiner's report to the trustees | 11 |
| Statement of financial activities (including income and expenditure account) | 12 |
| Statement of financial position | 13 |
| Notes to the financial statements | 14 |
Ryedale Folk Museum
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 31 October 2022
The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the Charity for the year ended 31 October 2022.
The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity's governing document, the Charities Act 2011 and 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 published in October 2019.
Reference and administrative details
Registered charity name Ryedale Folk Museum Charity registration number 1145218 Company registration number 07889200 Principal office and registered Ryedale Folk Museum office Hutton-le-Hole York YO62 6UA The trustees Mr P J H Holt FCA, FCIE Ms J S Smith Ms J L Boutflower (Appointed 7 November 2022) Mr J W T Cundall MBE Mr J D Fudge Mrs A M L Hare (Retired 27 February 2023) Mr I F Kelly (Retired 7 June 2023) Ms C A Lloyd Brown Mrs E J Rohan (Retired 26 February 2023) Ms Y N Turnbull (Retired 12 May 2023) Ms K Tyerman Museum director Ms J S Smith Bankers HSBC Bank plc 13 Parliament Street York YO1 8RS Metro Bank plc 1 Southampton Row London WC1B 5HA Independent examiner Matthew Cleghorn FCA The Barn, Meadow Court Faygate Lane Faygate Horsham West Sussex RH12 4SJ
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Ryedale Folk Museum
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 31 October 2022
Structure, governance and management
LEGAL STATUS
Nature of the Governing Document and Constitution of the Charity
Ryedale Folk Museum ("the Museum"), a company limited by guarantee (company number 07889200), was incorporated on 21 December 2011 and registered with the Charity Commission (charity number 1145218) on 22 December 2011.
The Museum is incorporated and governed by the Memorandum and Articles of Association. There are no restrictions in the governing documents on the operation of the charity on its investment powers other than those imposed by charity law.
The methods adopted for the recruitment and appointment of new trustees
The Museum is governed by the Board of Trustees. Board vacancies are dealt with on a skills-need basis and the Board votes on new appointments. The Articles of Association provide that the first trustees have a term of three years. Trustees may be appointed for a second term of three years. In exceptional cases, a third term of a further three years may be agreed. The trustees have the power to appoint any person who is willing and able to do so as a new trustee. Appointments may be terminated by trustees at any time during an individual's term.
The policies and procedures adopted for the induction and training of trustees
An information pack is given to all new trustees which includes information about the Museum, its vision and purpose and copies of policies and any current business plan. It explains the Memorandum and Articles of Association and principles of good governance. A chapter is dedicated to explaining the trustee's role, the skills and qualities required and the role of trustees in strategic planning. A further chapter gives guidance from the Charities Commission to trustees on their responsibilities.
The organisational structure of the Museum and how decisions are made
The trustees meet regularly to manage the Museum's affairs. Meetings are minuted and records kept indefinitely.
The day to day management of the Museum is the responsibility of a full time Museum Director who has been appointed by the trustees. The Museum Director is assisted by the staff and volunteer teams.
The major risks to which the Museum is exposed and reviews and systems to mitigate them.
The trustees have a risk management strategy which comprises;
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(a) An annual review of the risks the charity may face;
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(b) The establishment of systems and procedures to mitigate those risks; and
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(c) The implementation of procedures designed to minimise any potential impact on the charity should those risks materialise.
It is acknowledged that operational and financial risks exist and the trustees take appropriate steps to mitigate these within the financial constraints imposed by available funds.
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Ryedale Folk Museum
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 31 October 2022
Objectives and activities
The original trust deed for the Crosland Foundation sets out the objects of the charity and these were restated following the transfer of the charitable activities to Ryedale Folk Museum and set out in Article 5 of the Articles of Association as follows:
The only objects for which the Company is established are the education of the public by the promotion or maintenance of collections and a museum of bygone chattels, books, manuscripts, coins, buildings or other erections, furnishings (whether indoor or outdoor), implements and other objects of antiquarian interest as a reminder of British culture and history ("the Objects").
Charitable Purpose and Vision
The Museum's purpose is to:
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Make a positive difference to people's lives in Ryedale and across the North York Moors.
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Contribute to the sense of place and identity for the area, its communities and its visitors.
We do this by:
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Putting people at the heart of what we do.
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Creatively using our collections and buildings to support the needs and wellbeing of the community.
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Working collaboratively with local people, so that their stories are gathered, represented and shared in a way that truly reflects them.
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Being a place where people arrive curious and leave inspired.
Public Benefit
The trustees confirm that they have paid due regard to the Charities Commission guidance on public benefit when reviewing the Museum's purpose and vision and in deciding which activities the Charity should undertake.
The Museum holds a long-term collection of objects and archival material which reflects the lives of Ryedale's people through history. The Museum provides public benefit by actively promoting and creating opportunities for people to access and understand the collection, for learning and for enjoyment.
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Ryedale Folk Museum
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 31 October 2022
Objectives and activities (continued)
Notable Activities
Strategic Plan 2022-2032
The Museum's new Strategic Plan 2022 - 2023 was launched in January 2022, laying out the trustees' aims and aspirations for the following ten years. The Plan was circulated to a range of stakeholders and partners to provide information on the Museum's general trajectory.
Harrison Collection loan
Following the decision not to extend the loan of the Harrison Collection, the Highlights of the Harrison Collection exhibition closed to visitors for the final time on 31 August 2022. The Harrison Collection included objects spanning five centuries of British social history, from cooking pots to brain surgery tools. It had been on loan to the Museum since 2012. In October 2022, all items were returned to the care of the Harrison Collection Trust and Edward and Richard Harrison. The Museum trustees wish to reiterate their grateful thanks to the trustees of the Harrison Collection Trust and Edward and Richard Harrison and wish them every success with their future plans.
Future of the High Barn
The Museum trustees have decided that the High Barn building (which previously housed the Harrison Collection) will continue to be used as a dedicated exhibition space, reflecting on themes inspired by the Museum's permanent collection and local life. The Museum team are now planning a programme of annual exhibitions, therefore providing a refreshed visitor offer each season. Exhibitions will primarily showcase the Museum's permanent collection and the team have planned to include exhibitions co-curated with partners and the community in future years. The first exhibition in 2023, will showcase the stories of local people through the outfits they wore on their wedding days. The display will include items from the Museum's own collection alongside items borrowed from the local community.
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Ryedale Folk Museum
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 31 October 2022
Objectives and activities (continued)
Governance
The trustees continue to meet on an approximately quarterly basis to discuss ongoing issues and strategy. Work on Governance actions, established in late 2021 to cover the next 2-3 years, is underway, with a number of smaller sub-groups set-up to focus on specific matters.
One new trustee has been appointed during the year. With the impending retirement of three further trustees by February 2023, the board agreed to begin a recruitment campaign to seek new trustees, to include a new Chair of trustees. Philip Holt, the current Chair of trustees will retire after seven years in the role and over ten years on the board.
Museum Operations
The Museum opened for 212 during the financial year. This was an increase of 41 days on the previous year, owing to national lockdown restrictions that impacted 2021's opening. The Museum moved to a six-day week opening during the 2022 season for the first time. Friday was selected as the closed day.
The visitor numbers reached almost 25,000, which was an increase of 21% on 2021. The period from March to July was relatively stable by comparison to pre-pandemic years. However, from August onwards, until the end of the season, there was a downturn in numbers. This may have been attributable to the re-balance of the positive effect of the 'staycation' during 2020 and 2021, and because of the increased concern among the visiting public of the cost of living crisis and its impending impact through the upcoming winter. The trustees are concerned that the implications of cost of living combined with the Museum's own growing core costs - could have a serious impact on the Museum's trading income and short-term financial health.
Although the Museum attempted to recruit a new Learning Manager (to restart our educational programmes) during the year, the process was unsuccessful. It was decided to have a more extensive review of the requirements and aspirations of the education service, given the ongoing concerns about a successful appointment. As such, the schools' programme was paused for the year and will be reviewed again by the staff and trustees in autumn 2022, with a new short- and medium-term plan established for the upcoming year.
Finance and Income Generation
Admissions income was up 8% on the previous year, although this accounted for by the increased number of days that the Museum was open to visitors. Income from the gift shop sales grew by 15% across the year, which was primarily from very strong sales in March and April.
The Museum held 17 wedding ceremonies during the year, which are generating a reasonable turnover and profit for the Museum. The Museum team hope to grow the number of weddings by a further 15% in the next three years and are investigating opportunities for upselling and add-ons to generate a greater profit.
Two Museum buildings and outdoor areas were used for scenes in a major feature film, shot in May over three days. This generated useful unrestricted income.
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Ryedale Folk Museum
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 31 October 2022
Objectives and activities (continued)
Collections Management and Development
A number of new items have been acquired throughout the year including a collection of men's razors, a watercolour painting by William Hayes and a 1970's electric kitchen mixer and processor.
There were no collection disposals through the year.
The transfer from the server-based Axiell collection database to the updated and cloud-based system was completed in late 2021. This was a substantial piece of work. Staff and volunteers undertook a number of Axiell-led training sessions on the new system between January and September 2022. Other volunteers were introduced to the new system by the Collections Team Leader and Site Project Officer. The new system is a substantial improvement on the previous database.
The Museum retains the services and advice of a Museum Mentor to help specifically on issues related to collections.
Following changes to the museum accreditation system and delays due to Covid-19, the Museum has not yet been provided with a date for its next accreditation return. The earliest anticipated date for a return is July 2024.
Fundraising Activities
During 2022, the Museum received grant funding totalling £20,778 (2021 - £165,692) with Government Covid grants through Ryedale District Council, North York Moors National Park Authority and Arts Council England.
Achievements and performance
A review of charitable activities undertaken by the charity
Gallery Programme
The 2021 art gallery programme concluded with In the Open - the final aspect of the Arts Council England funded Northern Eutierria project, concluding the work of this project which was aimed at supporting artists after the pandemic.
There were four art gallery exhibitions in 2022:
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Andrew Dalton: Abstraction Reflections ;
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Anna Matyus, Iain Scott Massie and Stephen Guyon-Bird: Reimagining Sacred Spaces ;
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Local artists participating in a group show, to tie-in with the Ryedale Open Studios event;
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Peter Hicks and Peter Hough: Together and Apart .
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Ryedale Folk Museum
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 31 October 2022
Achievements and performance (continued)
In Your Words: Dialect and Heritage Project
This project, in partnership with the University of Leeds has continued and has brought positive benefits to the Museum through the creation of new partnerships with various community groups including North Yorkshire Libraries, Ryedale Carers Support and others. The Engagement Officer, along with volunteers has made a significant and sustained effort to collect oral histories and engage with the public in interesting and innovative ways. The project is likely to continue throughout 2023 (pending an application extension), although the Officer will conclude their contract in November 2022.
Visitor Information Point
Each year the Museum receives a small grant from the North York Moors National Park Authority to operate as a Visitor Information Point. Museum staff and volunteers provide general information for visitors to the National Park including through the distribution of paid for and free publications.
Geoffrey Willey Legacy
In 2015, Geoffrey Willey a long-time supporter of the Museum died. The trustees have designated the 'Geoffrey Willey Memorial Fund' in which the funds left to the Museum in his will have been placed. A number of works have been agreed to be undertaken with these funds, in line with Mr Willey's wishes and that of his executors via an agreement made in 2016. Some of these works are planned for the period of 2024, to coincide with the Museum's 60th anniversary year. Some works have been delayed due to Covid and other projects requiring attention in that time.
Restricted Income Funds
The Restricted Fixed Asset Fund represents gifts of tangible fixed assets or grants of a capital nature given for specific purposes and fully utilised in the furtherance of the objects of the Charity.
The Harrison Collection Fund represents all funds received for the housing the Harrison Collection. The final balance of £2,790 represents the final funds to acquire online access to the Harrison Collection.
Phase II Fund relates to incoming resources to develop Phase II of the longstanding project agreed between the Museum and Ryedale District Council. These funds are yet to be disbursed in line with the agreement of both organisations and revised in 2021.
The Collections Apprentice Fund represents funding to provide an apprentice with suitable experience a museum environment.
The Geoffrey Willey Memorial Fund represents the incoming resources from the legacy of Mr G Willey specifically attributed to projects set out in his Will less the net outflows and transfers in relation to clearing his property and cataloguing his bequest.
The funds for the Museum's Northern Eutierria project (see the Achievements and Performance section) were awarded from Arts Council England's Project Grants programme in February 2021. The project was completed in December 2021.
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Ryedale Folk Museum
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 31 October 2022
Financial review
Transactions and Financial position
Voluntary income, including Gift Aid where appropriate, for the year amounted to £47,414 (2021 - £206,957) and the Museum earned £142,020 (2021 - £128,838) from ticket admissions, education and groups. Retail performance increased on the results for the previous year, with shop and gallery takings at £76,316 (2021 - £67,295). In addition, venue hire and fundraising events contributed £28,442 (2021 - £14,143) to a total income of £294,192 (2021 - £417,233).
Trading and fundraising costs amounted to £56,900 (2021 - £56,895) and the net contribution from trading and fund-raising amounted to £47,858 (2021 - £24,543).
The total expenditure on charitable activities amounted to £253,505 (2021 - £242,773) and included governance costs which totalled £5,565 (2021 - £6,435) during the year.
The net assets at the year end stand at £2,097,792 (2021 - £2,114,005). The total fixed assets of the charity amounted to £1,800,436 (2021 - £1,800,784) which were represented by the Restricted Fixed Asset Fund of £1,541,909 and the Designated Fixed Asset Fund of £258,875.
The Geoffrey Willey Memorial Fund, a Designated Reserve Fund, stands at £105,140 (2021 - £105,140).
The total unrestricted and undesignated reserves of the Charity show a small deficit of £5,830 (2021 surplus - £12,526) although £71,469 (2021 - £86,288) of this was represented by a long-term liability due for repayment over a long period. Accordingly, the short-term free unrestricted undesignated surplus amounts to £65,639 (2021 surplus - £98,814).
Specific changes in fixed assets
The historical collection held by the Museum is primarily from gifts, bequests and donations. The collection is considered by the Trustees to be irreplaceable and an accurate valuation would be impossible. The collection is not therefore included as an asset in the accounts.
Likewise, in 2012, the Museum opened the Harrison Collection exhibition, which is protected under the terms of a subsidiary trust, called the Harrison Collection Trust, and is not therefore included as an asset in the accounts.
The land and building accommodating the office, entrance, reception and shop, have been placed under the care of the Official Custodian for Charities.
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Ryedale Folk Museum
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 31 October 2022
Financial review (continued)
Policy on reserves
The Trust Deed authorises the Trustees to make any investments they consider appropriate and to raise money with or without the security of the Trust Property. It is the policy of the Trustees to maintain unrestricted funds at a level to ensure that all management and administrative costs can be met throughout the next financial year.
The Trustees have an aspiration to hold a reserve fund of between £100,000 and £200,000, representing between three months and six months of charitable expenditure, to cover any eventuality. This would be created by apportioning surplus income to a deposit account on an annual basis.
At present, the total unrestricted and undesignated reserves of the Charity show a small deficit of £5,830 (2021 surplus - £12,526) although £71,469 (2021 - £86,288) of this was represented by a long-term liability due for repayment over a long period. Accordingly, the short-term free unrestricted undesignated surplus amounts to £65,639 (2021 surplus - £98,814).
The Trustees are exploring ways of increasing this surplus, and reversing the history of deficits, and building additional positive reserves for the future. This includes a number of specific fundraising events and targeted appeals to grant-giving foundations and philanthropic individuals.
Plans for future periods
In autumn 2021, the Museum trustees agreed a new purpose statement for the Museum and a set of strategic aims, documented in a new ten-year Strategic Plan (2022-2032).
The agreed aims are to:
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Respond to the needs of the local community and reflect changing demographics and livelihoods in what we do.
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Create meaningful and enjoyable audience-led visitor experiences.
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Secure the future of our collections and buildings and use what we have more effectively.
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Move the Museum from simply being known about to being loved, cherished and absolutely intrinsic to the identity of Ryedale and the North York Moors.
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To improve our organisational resilience, financial sustainability and reduce our adverse environmental impact.
The trustees intend to fulfil these aims with new work and projects, planned in three-year cycles.
Mr Philip Holt, Chair of the Charity since February 2012, has indicated that he will retire as a trustee in the summer 2023. A new Chair is being sought and there have been a number of exciting applications for this post in response to an advertising campaign which will be considered, with a view to appoint in Autumn 2023.
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Ryedale Folk Museum
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 31 October 2022
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
The trustees' annual report was approved on 25 May 2023 and signed on behalf of the board of trustees by:
Mr P J H Holt FCA, FCIE Trustee
Ms J S Smith Trustee
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Ryedale Folk Museum
Company Limited by Guarantee
Independent Examiner's Report to the Trustees of Ryedale Folk Museum
Year ended 31 October 2022
I report to the trustees on my examination of the financial statements of Ryedale Folk Museum ('the Charity') for the year ended 31 October 2022.
Responsibilities and basis of report
As the trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 ('the 2006 Act’).
Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the Charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
Since the Charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales (ICAEW), which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
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accounting records were not kept in respect of the Charity as required by section 386 of the 2006 Act; or
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the financial statements do not accord with those records; or
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the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair' view which is not a matter considered as part of an independent examination; or
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the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Matthew Cleghorn FCA Independent Examiner
Anova Chartered Accountants The Barn, Meadow Court Faygate Lane Faygate Horsham West Sussex RH12 4SJ
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Ryedale Folk Museum
Company Limited by Guarantee
Statement of Financial Activities (including income and expenditure account)
Year ended 31 October 2022
| 2022 | 2021 | ||||
|---|---|---|---|---|---|
| Unrestricted | Restricted | ||||
| funds | funds | Total funds | Total funds | ||
| Note | £ | £ | £ | £ | |
| Income and endowments | |||||
| Donations and legacies | 5 | 32,136 | 15,278 | 47,414 | 206,957 |
| Charitable activities | 6 | 142,020 | – | 142,020 | 128,838 |
| Other trading activities | 7 | 104,758 | – | 104,758 | 81,438 |
| -------------------------------- | --------------------------- | -------------------------------- | -------------------------------- | ||
| Total income | 278,914 | 15,278 | 294,192 | 417,233 | |
| ================================ | =========================== | ================================ | ================================ | ||
| Expenditure | |||||
| Expenditure on raising funds: | |||||
| Costs of other trading activities | 8 | (56,065) | (835) | (56,900) | (56,895) |
| Expenditure on charitable activities | 9,10 | (236,687) | (16,818) | (253,505) | (242,773) |
| -------------------------------- | --------------------------- | -------------------------------- | -------------------------------- | ||
| Total expenditure | (292,752) | (17,653) | (310,405) | (299,668) | |
| ================================ | =========================== | ================================ | ================================ | ||
| -------------------------------- | --------------------------- | -------------------------------- | -------------------------------- | ||
| Net (expenditure)/income | (13,838) | (2,375) | (16,213) | 117,565 | |
| ================================ | =========================== | ================================ | ================================ | ||
| Transfers between funds | (4,518) | 4,518 | – | – | |
| -------------------------------- | --------------------------- | -------------------------------- | -------------------------------- | ||
| Net movement in funds | (18,356) | 2,143 | (16,213) | 117,565 | |
| Reconciliation of funds | |||||
| Total funds brought forward | 376,541 | 1,737,464 | 2,114,005 | 1,996,440 | |
| -------------------------------- | ----------------------------------------- | ----------------------------------------- | ----------------------------------------- | ||
| Total funds carried forward | 358,185 | 1,739,607 | 2,097,792 | 2,114,005 | |
| ================================ | ========================================= | ========================================= | ========================================= |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 14 to 32 form part of these financial statements.
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Ryedale Folk Museum
Company Limited by Guarantee
Statement of Financial Position
31 October 2022
| 2022 | 2021 | |||
|---|---|---|---|---|
| Note | £ | £ | £ | |
| Fixed assets | ||||
| Tangible fixed assets | 16 | 1,800,436 | 1,800,784 | |
| Current assets | ||||
| Stocks | 17 | 19,309 | 24,401 | |
| Debtors | 18 | 5,871 | 3,214 | |
| Cash at bank and in hand | 390,790 | 408,578 | ||
| -------------------------------- | -------------------------------- | |||
| 415,970 | 436,193 | |||
| Creditors: amounts falling due within one year | 19 | (47,145) | (36,684) | |
| -------------------------------- | -------------------------------- | |||
| Net current assets | 368,825 | 399,509 | ||
| ----------------------------------------- | ----------------------------------------- | |||
| Total assets less current liabilities | 2,169,261 | 2,200,293 | ||
| Creditors: amounts falling due after more than | ||||
| one year | 20 | (71,469) | (86,288) | |
| ----------------------------------------- | ----------------------------------------- | |||
| Net assets | 2,097,792 | 2,114,005 | ||
| ========================================= | ========================================= | |||
| Funds of the charity | ||||
| Restricted funds | 1,739,607 | 1,737,464 | ||
| Unrestricted funds | 358,185 | 376,541 | ||
| ----------------------------------------- | ----------------------------------------- | |||
| Total charity funds | 23 | 2,097,792 ========================================= |
2,114,005 ========================================= |
For the year ending 31 October 2022 the Charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
These financial statements were approved by the board of trustees and authorised for issue on 25 May 2023, and are signed on behalf of the board by:
Mr P J H Holt FCA, FCIE Ms J S Smith Trustee Trustee
The notes on pages 14 to 32 form part of these financial statements.
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Ryedale Folk Museum
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 31 October 2022
1. General information
The Charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is Ryedale Folk Museum, Hutton-le-Hole, York, YO62 6UA.
2. Statement of compliance
The charity constitutes a public benefit entity as defined by FRS 102. 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 issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Accounting Practice.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
3. Accounting policies
Basis of preparation
The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain financial assets and liabilities measured at fair value through income or expenditure.
The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £1.
Going concern
The charitable activities are entirely dependent on continuing grant aid and voluntary donations as well as museum entrance fees and shop revenues. As a consequence, the going concern basis is dependent on the future flow of these uncertain funding streams. Accordingly, the trustees have obtained forecasts and, after reviewing the financial forecasts for future periods to 31 December 2021, the trustees are satisfied that, at the time of approving the financial statements, it is appropriate to adopt the going concern basis in preparing the financial statements.
Disclosure exemptions
The charity does not include a cash flow statement on the grounds that it is applying the Charities SORP (FRS 102) for smaller charities.
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Ryedale Folk Museum
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 October 2022
3. Accounting policies (continued)
Judgements and key sources of estimation uncertainty
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The Charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities, within the next financial year, are the levels of future funding and expenditure on charitable activities.
Income and corporation tax
The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes.
Fund accounting
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Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity.
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Designated funds are unrestricted funds earmarked by the Trustees for particular purposes.
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Restricted funds are subjected to restrictions on their expenditure imposed by the donor or through the terms of an appeal.
Capital grants
Gifts of tangible fixed assets or grants of a capital nature given for specific purposes and fully utilised in the furtherance of the objects of the Charity should be credited to the restricted fixed asset fund after the sums have been properly expended on the restricted purpose. As the related assets are depreciated, then a transfer is made from restricted fixed asset funds to unrestricted revenue reserves to reflect the diminution in the asset subject to the restriction.
If the related assets are not subject to restrictions by the grant making organisation on their use and disposal, or are purchased out of general unrestricted funds, then the fixed asset fund created is treated as a designated fixed asset fund. As the related assets are depreciated, then a transfer is made from designated fixed asset funds to unrestricted revenue reserves to reflect the diminution in the asset.
Any residual liability to the donor arising from, for example, the asset's future sale, is disclosed as a contingent liability unless the event that would trigger repayment of the grant becomes probable in which case a liability for repayment is recognised.
Insofar as this policy relates to Government grants and to the extent that it may be a departure from the Statement of Standard Accounting Practice Number 4, such departure is justified on the basis that it is in order to comply with SORP.
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Ryedale Folk Museum
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 October 2022
3. Accounting policies (continued)
Incoming resources
All income is included in the statement of financial activities when entitlement has passed to the charity, it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:
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income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
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Grants, where entitlement is not conditional on the delivery of a specific performance by the charity, are recognised when the charity becomes unconditionally entitled to the grant.
-
Income from grants, which are related to specified performance and specific deliverables, are accounted for as the charity earns the right to consideration by its performance and are classified as restricted funds.
-
Donated services and facilities are included at the value to the charity where this can be quantified. The value of services provided by volunteers has not been included in these accounts.
-
Legacies are included as incoming resources when: probate has been granted; the executors have established that there are sufficient assets in the estate, after settling any liabilities, to pay the legacy; and when any conditions attached to the legacy are either within the control of the charity or have been satisfied.
-
income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
-
Investment income is included when receivable.
-
Income from charitable trading activity is accounted for when earned.
Deferred income
Income received in advance and specified by the donor as relating to specific accounting periods or alternatively which are subject to conditions which are still to be met, and which are outside the control of the Charity or where it is uncertain whether the conditions can or will be met, are deferred on an accruals basis to the period to which they relate. Such deferrals are shown in the notes to the accounts and the sums involved are shown as creditors in the accounts.
- 16 -
Ryedale Folk Museum
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 October 2022
3. Accounting policies (continued)
Resources expended
Expenditure and liabilities are recognised on an accrual basis as a liability is incurred or a contractual or constructive obligation is made. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates:
-
Costs of generating funds comprise the costs associated with attracting voluntary income and the costs of trading for fundraising purposes including the charity's shop.
-
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
-
Support costs include those costs in relation to indirect costs incurred to support the direct charitable activities of the charity and are allocated to each activity on an estimated percentage of time and effort spent on each activity.
-
Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include the audit fees and costs linked to the strategic management of the charity.
-
All costs are allocated between the expenditure categories of the SoFA on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly, others are apportioned on an appropriate basis e.g. floor areas, per capita or estimated usage as determined by the Trustees.
Support costs allocation
Support costs are those that assist the work of the charity but do not directly represent charitable activities and include office costs, governance costs, administrative payroll costs. They are incurred directly in support of expenditure on the objects of the charity and include project management carried out at headquarters. Where support costs cannot be directly attributed to particular headings they have been allocated to cost of raising funds and expenditure on charitable activities on a basis consistent with use of the resources. Premises overheads and other overheads have been allocated on proportionate use basis. Fundraising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities.
Operating leases
Rentals payable in respect of operating leases where substantially all the benefits and risks of ownership remain with the lessor are charged to the Statement of Financial Activities as incurred.
- 17 -
Ryedale Folk Museum
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 October 2022
3. Accounting policies (continued)
Tangible assets
Tangible fixed assets are stated at cost less depreciation. Items of less than £100 are not capitalised.
No depreciation is provided on freehold property and improvements because it is the practice to maintain the property in a continual state of sound repair. Accordingly, the life is so long and the residual value so high that the Trustees consider that depreciation calculated in accordance with accepted accounting standards would be immaterial.
A regular annual review of the likelihood of asset impairment is undertaken.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant, Machinery and Vehicles - 15% to 25% straight line Fixtures and fittings - 15% to 25% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the Charity are assigned to those units.
Stocks
Stocks and work in progress are valued at the lower of cost or net realisable value, after making due allowance for obsolete and slow moving items.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the Charity will comply with the conditions attaching to them and the grants will be received.
- 18 -
Ryedale Folk Museum
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 October 2022
3. Accounting policies (continued)
Government grants (continued)
Where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
A financial asset or a financial liability is recognised only when the Charity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs.
Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.
Debt instruments are subsequently measured at amortised cost.
Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment.
Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised.
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
- 19 -
Ryedale Folk Museum
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 October 2022
3. Accounting policies (continued)
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises.
4. Limited by guarantee
Ryedale Folk Museum is a charitable company limited by guarantee and accordingly does not have a share capital.
Every member of the company undertakes to contribute such amount as may be required not exceeding £10 to the assets of the company in the event of its being wound up while he or she is a member, or within one year after he or she ceases to be a member.
5. Donations and legacies
| Donations and legacies | |||
|---|---|---|---|
| Unrestricted | Restricted | Total Funds | |
| Funds | Funds | 2022 | |
| £ | £ | £ | |
| Donations | |||
| Sundry Donations under £1,000 | 7,680 | – | 7,680 |
| Sir James Reckitt Charity Trust | – | – | – |
| Anonymous Donation | 7,000 | – | 7,000 |
| Legacies | |||
| Legacy from Freda Beachell (dec'd) | – | – | – |
| Legacy from Peter Smith (dec'd) | 5,000 | – | 5,000 |
| Legacy from Peter Wilde (dec'd) | 1,000 | – | 1,000 |
| Grants | |||
| North York Moors National Park Authority | 1,500 | – | 1,500 |
| Ryedale District Council | – | 2,000 | 2,000 |
| Arts Council England | – | 13,278 | 13,278 |
| Government grant income | 4,000 | – | 4,000 |
| Other donations and legacies | |||
| Gift Aid Tax Returns | 5,956 | – | 5,956 |
| --------------------------- | --------------------------- | --------------------------- | |
| 32,136 | 15,278 | 47,414 | |
| =========================== | =========================== | =========================== |
- 20 -
Ryedale Folk Museum
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 October 2022
5. Donations and legacies (continued)
| Donations and legacies (continued) | ||||
|---|---|---|---|---|
| Unrestricted | Restricted | Total Funds | ||
| Funds | Funds | 2021 | ||
| £ | £ | £ | ||
| Donations | ||||
| Sundry Donations under £1,000 | 5,846 | – | 5,846 | |
| Sir James Reckitt Charity Trust | 12,000 | – | 12,000 | |
| Anonymous Donation | – | – | – | |
| Legacies | ||||
| Legacy from Freda Beachell (dec'd) | 1,000 | – | 1,000 | |
| Legacy from Peter Smith (dec'd) | – | – | – | |
| Legacy from Peter Wilde (dec'd) | – | – | – | |
| Grants | ||||
| North York Moors National Park Authority | 1,500 | – | 1,500 | |
| Ryedale District Council | – | – | – | |
| Arts Council England | – | 119,497 | 119,497 | |
| Government grant income | 44,695 | – | 44,695 | |
| Other donations and legacies | ||||
| Gift Aid Tax Returns | 22,419 | – | 22,419 | |
| --------------------------- | -------------------------------- | -------------------------------- | ||
| 87,460 | 119,497 | 206,957 | ||
| =========================== | ================================ | ================================ | ||
| Charitable activities | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
| Funds | 2022 | Funds | 2021 | |
| £ | £ | £ | £ | |
| Admissions | 139,046 | 139,046 | 126,965 | 126,965 |
| Education | 2,974 | 2,974 | 1,873 | 1,873 |
| -------------------------------- | -------------------------------- | -------------------------------- | -------------------------------- | |
| 142,020 | 142,020 | 128,838 | 128,838 | |
| ================================ | ================================ | ================================ | ================================ | |
| Other trading activities | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
| Funds | 2022 | Funds | 2021 | |
| £ | £ | £ | £ | |
| Shop and gallery income | 76,316 | 76,316 | 67,295 | 67,295 |
| Venue hire | 14,797 | 14,797 | 2,893 | 2,893 |
| Fundraising events | 13,645 | 13,645 | 11,250 | 11,250 |
| -------------------------------- | -------------------------------- | --------------------------- | --------------------------- | |
| 104,758 | 104,758 | 81,438 | 81,438 | |
| ================================ | ================================ | =========================== | =========================== |
6. Charitable activities
7. Other trading activities
- 21 -
Ryedale Folk Museum
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 October 2022
8. Costs of other trading activities
| Unrestricted | Restricted | Total Funds | ||
|---|---|---|---|---|
| Funds | Funds | 2022 | ||
| £ | £ | £ | ||
| Shop costs | 53,493 | 750 | 54,243 | |
| Staging events | 2,572 | 85 | 2,657 | |
| --------------------------- | -------------- | --------------------------- | ||
| 56,065 | 835 | 56,900 | ||
| =========================== | ============== | =========================== | ||
| Unrestricted | Restricted | Total Funds | ||
| Funds | Funds | 2021 | ||
| £ | £ | £ | ||
| Shop costs | 51,853 | 3,482 | 55,335 | |
| Staging events | 1,560 | – | 1,560 | |
| --------------------------- | ----------------------- | --------------------------- | ||
| 53,413 | 3,482 | 56,895 | ||
| =========================== | ======================= | =========================== | ||
| Expenditure on charitable activities by fund type | ||||
| Unrestricted | Restricted | Total Funds | ||
| Funds | Funds | 2022 | ||
| £ | £ | £ | ||
| Museum | 69,105 | 14,913 | 84,018 | |
| Education | 28,640 | 168 | 28,807 | |
| Support costs | 138,942 | 1,737 | 140,680 | |
| -------------------------------- | --------------------------- | -------------------------------- | ||
| 236,687 | 16,818 | 253,505 | ||
| ================================ | =========================== | ================================ | ||
| Unrestricted | Restricted | Total Funds | ||
| Funds | Funds | 2021 | ||
| £ | £ | £ | ||
| Museum | 18,985 | 64,425 | 83,411 | |
| Education | 27,051 | 943 | 27,994 | |
| Support costs | 74,106 | 57,263 | 131,368 | |
| -------------------------------- | -------------------------------- | -------------------------------- | ||
| 120,142 | 122,631 | 242,773 | ||
| ================================ | ================================ | ================================ | ||
| Expenditure on charitable activities by activity type | ||||
| Activities | ||||
| undertaken | Support | Total funds | Total fund | |
| directly | costs | 2022 | 2021 | |
| £ | £ | £ | £ | |
| Museum | 84,018 | 126,782 | 210,800 | 199,961 |
| Education | 28,807 | 8,333 | 37,140 | 36,377 |
| Governance costs | – | 5,565 | 5,565 | 6,435 |
| -------------------------------- | -------------------------------- | -------------------------------- | -------------------------------- | |
| 112,825 | 140,680 | 253,505 | 242,773 | |
| ================================ | ================================ | ================================ | ================================ |
9. Expenditure on charitable activities by fund type
10. Expenditure on charitable activities by activity type
- 22 -
Ryedale Folk Museum
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 October 2022
11. Analysis of support costs
| Museum | Education | Governance | Total 2022 | Total 2021 | |
|---|---|---|---|---|---|
| £ | £ | £ | £ | £ | |
| Staff costs | 54,250 | 2,855 | – | 57,105 | 57,129 |
| Premises | 44,435 | 3,107 | – | 47,542 | 32,788 |
| Communications and IT | 7,786 | 714 | – | 8,500 | 12,661 |
| General office | 2,440 | 271 | – | 2,711 | 2,594 |
| Finance costs | 5,378 | 283 | – | 5,661 | 3,756 |
| Governance costs | – | – | 5,565 | 5,565 | 6,435 |
| Legal and professional | 605 | 67 | – | 672 | 654 |
| Depreciation | 332 | 17 | – | 349 | 597 |
| Training and welfare - | |||||
| Staff | 1,684 | 89 | – | 1,773 | 158 |
| Travel and subsistence | 1,257 | 66 | – | 1,323 | 479 |
| Marketing charitable | |||||
| services | 7,631 | 848 | – | 8,479 | 13,686 |
| Subscriptions | 950 | 50 | – | 1,000 | 431 |
| -------------------------------- | ----------------------- | ----------------------- | -------------------------------- | -------------------------------- | |
| 126,748 | 8,367 | 5,565 | 140,680 | 131,368 | |
| ================================ | ======================= | ======================= | ================================ | ================================ |
Included within governance costs were:
| Included within governance costs were: | ||
|---|---|---|
| 2022 | 2021 | |
| £ | £ | |
| Trustees Indemnity insurance premium | 398 | 240 |
| Independent Examiner's Fees | 1,567 | 1,445 |
| Legal and other professional fees | – | 1,250 |
| Accounts preparation fees | 3,600 | 3,500 |
| ----------------------- | ----------------------- | |
| 5,565 | 6,435 | |
| ======================= | ======================= |
During the year, the charity purchased insurance to protect it from loss arising from the neglect or defaults of its trustees, employees or agents, or to indemnify its trustees, employees or agents, against the consequences of any neglect or default on their part. The premium paid was £398 (2021 - £240). It is not possible to identify the part of this payment specifically attributable to Trustees.
12. Net (expenditure)/income
Net (expenditure)/income is stated after charging/(crediting):
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Depreciation of tangible fixed assets | 348 | 597 |
| Operating lease rentals | 1,276 | 1,250 |
| Operating leases - land | 8,930 ======================= |
8,350 ======================= |
- 23 -
Ryedale Folk Museum
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 October 2022
13. Staff costs
The total staff costs and employee benefits for the reporting period are analysed as follows:
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Wages and salaries | 150,236 | 138,303 |
| Social security costs | 5,639 | 6,339 |
| Employer contributions to pension plans | 2,309 | 2,567 |
| -------------------------------- | -------------------------------- | |
| 158,184 | 147,209 | |
| ================================ | ================================ |
The average head count of employees during the year was 11 (2021: 11). The average number of full-time equivalent employees during the year is analysed as follows:
| 2022 | 2021 | |
|---|---|---|
| No. | No. | |
| Number of staff engaged on charitable activities | 5 | 4 |
| Number of staff engaged on management and administration | 1 | 1 |
| -------------- | -------------- | |
| 6 | 5 | |
| ============== | ============== |
No employee received employee benefits of more than £60,000 during the year (2021: Nil).
Apart from the Museum Director, none of the Trustees received any remuneration in the current or previous year.
Key Management Personnel
Key management personnel include all persons that have authority and responsibility for planning, directing and controlling the activities of the Charity. The total compensation paid to key management personnel for services provided to the Charity was £39,120 (2021: £37,634).
14. Trustee remuneration and expenses
Included within staff costs were salary costs for the Museum Director who is a paid trustee in accordance with the Articles of the charitable company and as permitted by the Charity Commission.
The salary amounted to £38,162 (2021 - £36,720), social security costs amounted to £4,243 (2021 - £3,851) and pensions amounted to £958 (2021 - £914). There were no other benefits in kind.
One trustee (2021 - one trustees) was reimbursed for expenses in relation to charitable trading, direct charitable activities, support costs and the acquisition of fixed assets amounting to £723 (2021 - £1,021).
During the year, the charity purchased insurance to protect it from loss arising from the neglect or defaults of its trustees, employees or agents, or to indemnify its trustees, employees or agents, against the consequences of any neglect or default on their part. The premium paid was £398 (2021 - £240).
15. Transfers between funds
A sum of £4,518 was transferred from the General Unrestricted Funds to the Northern Eutierra Fund to clear the excess costs.
- 24 -
Ryedale Folk Museum
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 October 2022
16. Tangible fixed assets
| Tangible fixed assets | ||||
|---|---|---|---|---|
| Freehold | ||||
| property and | Plant, | |||
| improvement | Machinery & | |||
| s | Vehicles | Equipment | Total | |
| £ | £ | £ | £ | |
| Cost | ||||
| At 1 November 2021 and | ||||
| 31 October 2022 | 1,800,053 | 90,797 | 3,784 | 1,894,634 |
| ========================================= | =========================== | ======================= | ========================================= | |
| Depreciation | ||||
| At 1 November 2021 | – | 90,797 | 3,053 | 93,850 |
| Charge for the year | – | – | 348 | 348 |
| ----------------------------------------- | --------------------------- | ----------------------- | ----------------------------------------- | |
| At 31 October 2022 | – | 90,797 | 3,401 | 94,198 |
| ========================================= | =========================== | ======================= | ========================================= | |
| Carrying amount | ||||
| At 31 October 2022 | 1,800,053 | – | 383 | 1,800,436 |
| ========================================= | =========================== | ======================= | ========================================= | |
| At 31 October 2021 | 1,800,053 | – | 731 | 1,800,784 |
| ========================================= | =========================== | ======================= | ========================================= |
A significant part of the assets were acquired with the aid of grant aid and there are restrictions upon the manner in which the assets can be dealt with imposed by the grant making authorities.
All assets are used for direct charitable purposes and there are no inalienable or heritage assets, except for the collection of historical artefacts which the charity maintains and safeguards, and which is considered to have little cost value, while being of significant cultural importance, and would be costly to replace.
An impairment review of the freehold property was conducted by the Trustees who assessed the value of the freehold properties at £1.8 million, and the trustees have resolved to continue to include the value of the premises in the accounts on a cost basis.
17. Stocks
| 2022 | 2021 | ||
|---|---|---|---|
| £ | £ | ||
| Raw materials and consumables | 19,309 | 24,401 | |
| =========================== | =========================== | ||
| 18. | Debtors | ||
| 2022 | 2021 | ||
| £ | £ | ||
| Trade debtors | – | 250 | |
| Prepayments and accrued income | 5,871 | 2,964 | |
| ----------------------- | ----------------------- | ||
| 5,871 | 3,214 | ||
| ======================= | ======================= |
- 25 -
Ryedale Folk Museum
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 October 2022
19. Creditors: amounts falling due within one year
| Creditors: amounts falling due within one year | ||
|---|---|---|
| 2022 | 2021 | |
| £ | £ | |
| Trade creditors | 8,619 | 3,467 |
| Accruals and deferred income | 9,317 | 8,511 |
| Social security and other taxes | 13,736 | 8,250 |
| Ryedale District Council loan - amounts due within one year | 5,000 | 5,000 |
| HSBC BBLS loan - amounts due within one year | 9,857 | 9,545 |
| Other creditors | 616 | 1,911 |
| --------------------------- | --------------------------- | |
| 47,145 | 36,684 | |
| =========================== | =========================== |
The Ryedale District Council loans are secured by a fixed charge over all the tangible and intangible property assets of the charity.
20. Creditors: amounts falling due after more than one year
| Creditors: amounts falling due after more than one year | ||
|---|---|---|
| 2022 | 2021 | |
| £ | £ | |
| Ryedale District Council loan - amounts due after one year | 40,833 | 45,833 |
| HSBC Bounce Back Loan Scheme | 30,636 | 40,455 |
| --------------------------- | --------------------------- | |
| 71,469 | 86,288 | |
| =========================== | =========================== |
The Ryedale District Council loans are secured by a fixed charge over all the tangible and intangible property assets of the charity.
Included within creditors: amounts falling due after more than one year is an amount of £12,041 (2021: £25,833) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
The above liabilities comprise:
Loans from Ryedale District Council, which are repayable by quarterly instalments commencing January 2017. Interest is payable at 0.5% and the loan has been secured by a legal charge over the land and buildings of the Museum; and
An HSBC Bounce Back Loan of £50,000 is unsecured and interest free until October 2021. Thereafter, interest is payable at 2.5% and the loan is repayable by monthly instalments.
21. Pensions and other post retirement benefits
Defined contribution plans
The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £2,309 (2021: £2,567).
The Trustees have enrolled with NOW:Pensions to provide the charity auto-enrolment pension scheme as required by statute. The unpaid contributions at the balance sheet date amounted to £616 (2021: £805).
- 26 -
Ryedale Folk Museum
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 October 2022
22. Government grants
The amounts recognised in the financial statements for government grants are as follows:
2022 2021 £ £ Recognised in income from donations and legacies: Government grants income 4,000 44,695 ======================= ===========================
23. Analysis of charitable funds
Unrestricted funds
| Unrestricted funds | |||||
|---|---|---|---|---|---|
| At | At | ||||
| 1 November | 31 October | ||||
| 2021 | Income | Expenditure | Transfers | 2022 | |
| £ | £ | £ | £ | £ | |
| General funds | 12,526 | 278,914 | (292,752) | (4,518) | (5,830) |
| Fixed Assets Fund | 258,875 | – | – | – | 258,875 |
| Geoffrey Willey | |||||
| Memorial Fund | 105,140 | – | – | – | 105,140 |
| -------------------------------- | -------------------------------- | -------------------------------- | ----------------------- | -------------------------------- | |
| 376,541 | 278,914 | (292,752) | (4,518) | 358,185 | |
| ================================ | ================================ | ================================ | ======================= | ================================ | |
| At | At | ||||
| 1 November | 31 October | ||||
| 2020 | Income | Expenditure | Transfers | 2021 | |
| £ | £ | £ | £ | £ | |
| General funds | (111,655) | 297,736 | (173,555) | – | 12,526 |
| Fixed Assets Fund | 258,875 | – | – | – | 258,875 |
| Geoffrey Willey | |||||
| Memorial Fund | 105,140 | – | – | – | 105,140 |
| -------------------------------- | -------------------------------- | -------------------------------- | -------------- | -------------------------------- | |
| 252,360 | 297,736 | (173,555) | – | 376,541 | |
| ================================ | ================================ | ================================ | ============== | ================================ |
The small surplus on unrestricted reserves, brought forward from the previous year, has reduced in the year and the Trustees have included plans to continue reversing this deficit in the Business Transformation Plan as set out in the Trustees Annual Report.
The Designated Fixed Assets Fund represents the gifts of tangible fixed assets or grants of a capital nature that not subject to restrictions on their use or disposal, and tangible fixed assets purchased out of general unrestricted funds.
The Geoffrey Willey Memorial Fund was set up in memory of Mr G Willey (Dec'd) for future use by the Charity in memory of the long-term support given by him.
- 27 -
Ryedale Folk Museum
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 October 2022
23. Analysis of charitable funds (continued)
Restricted funds
| Restricted funds | |||||
|---|---|---|---|---|---|
| At | At | ||||
| 1 November | 31 October | ||||
| 2021 | Income | Expenditure | Transfers | 2022 | |
| £ | £ | £ | £ | £ | |
| Restricted Fixed Asset | |||||
| Fund | 1,541,909 | – | (348) | – | 1,541,561 |
| Harrison Collection | 2,790 | – | – | – | 2,790 |
| Harrison Collection - | |||||
| Phase II Fund | 36,000 | – | – | – | 36,000 |
| Collections Apprentice | |||||
| Fund | 2,806 | – | – | – | 2,806 |
| Geoffrey Willey | |||||
| Memorial Fund | 160,547 | – | – | – | 160,547 |
| AED Project | 676 | – | – | – | 676 |
| GEM Interpretation | |||||
| Fund | 274 | – | – | – | 274 |
| MDY Family Fund | (2,733) | – | – | – | (2,733) |
| COVID Recovery Fund | – | 11,985 | (11,985) | – | – |
| Dialect Project Fund | (93) | – | (4,221) | – | (4,314) |
| Northern Eutierra Fund | (4,712) | 1,293 | (1,099) | 4,518 | – |
| Here and There - | |||||
| Education | – | 1,000 | – | – | 1,000 |
| The Access Fund | – | 1,000 | – | – | 1,000 |
| ----------------------------------------- | --------------------------- | --------------------------- | ----------------------- | ----------------------------------------- | |
| 1,737,464 | 15,278 | (17,653) | 4,518 | 1,739,607 | |
| ========================================= | =========================== | =========================== | ======================= | ========================================= | |
| At | At | ||||
| 1 November | 31 October | ||||
| 2020 | Income | Expenditure | Transfers | 2021 | |
| £ | £ | £ | £ | £ | |
| Restricted Fixed Asset | |||||
| Fund | 1,542,506 | – | (597) | – | 1,541,909 |
| Harrison Collection | 2,790 | – | – | – | 2,790 |
| Harrison Collection - | |||||
| Phase II Fund | 36,000 | – | – | – | 36,000 |
| Collections Apprentice | |||||
| Fund | 2,806 | – | – | – | 2,806 |
| Geoffrey Willey | |||||
| Memorial Fund | 160,547 | – | – | – | 160,547 |
| AED Project | 676 | – | – | – | 676 |
| GEM Interpretation | |||||
| Fund | 274 | – | – | – | 274 |
| MDY Family Fund | (1,519) | – | (1,214) | – | (2,733) |
| COVID Recovery Fund | – | 107,865 | (107,865) | – | – |
| Dialect Project Fund | – | – | (93) | – | (93) |
| Northern Eutierra Fund | – | 11,632 | (16,344) | – | (4,712) |
| Here and There - | |||||
| Education | – | – | – | – | – |
| The Access Fund | – | – | – | – | – |
| ----------------------------------------- | -------------------------------- | -------------------------------- | -------------- | ----------------------------------------- | |
| 1,744,080 | 119,497 | (126,113) | – | 1,737,464 | |
| ========================================= | ================================ | ================================ | ============== | ========================================= |
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Ryedale Folk Museum
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 October 2022
23. Analysis of charitable funds (continued)
The Restricted Fixed Asset Fund represents gifts of tangible fixed assets or grants of a capital nature given for specific purposes and fully utilised in the furtherance of the objects of the Charity.
The Harrison Collection Fund represents all funds received for the housing the Harrison Collection. The final balance of £2,790 represents the final funds to acquire online access to the Harrison Collection.
The Harrison Collection - Phase II Fund relates to incoming resources to develop Phase II of the project, which primarily relates to the improvement of educational facilities on site.
The Collections Apprentice Fund represents funding to provide an apprentice with suitable experience a museum environment.
The Geoffrey Willey Memorial Fund represents the incoming resources from the legacy of Mr G Willey specifically attributed to projects set out in his will less the net outflows and transfers in relation to clearing his property and cataloguing his bequest.
The AED fund exists to update and maintain the community defibrillator and to provide training to village residents.
GEM (Group for Educators in Museums) Interpretation Fund - a small grant was awarded to explore the interpretation of witches within Museums and to provide a sharing experience day for other museums and heritage organisations.
MDY Family Fund - a small grant was awarded by Museum Development Yorkshire to improve activities for families around the Museum's site. The deficit on this fund is awaiting release of the restricted grant from MDY which is expected in the next year.
The COVID Recovery Fund - In May 2020, the National Lottery Heritage Fund Emergency Grants were announced to support museums and heritage organisations who had been impacted by the pandemic. The Museum applied for and was awarded £46,500. This was to support a range of items including core and fixed-property costs. A further £10,000 was granted in July, providing funds to support the Museum's safe re-opening, to increase its online and digital presence and to revisit the Museum's business and longer-term plans.
Dialect Project Fund - represents expenditure on this project, the deficit on this fund will be rebalanced in future years by the Project's lead partner, the University of Leeds. The origin of most of the project's funding is the National Lottery Heritage Fund, although the Museum will not be a direct recipient.
Northern Eutierra Fund - A restricted fund established by Arts Council England for supporting the artistic community after the lockdowns through experience sharing and exhibitions. The deficit on this fund was cleared by transfer from unrestricted general funds.
Here and There - Education Fund - A restricted fund administered by Museum Development Yorkshire (with source funds from Arts Council England) with a grant awarded to the Museum to develop remote learning resources in light of the changing demand from schools. An additional grant of £1,000 was given by Ryedale District Council to support the project.
The Access Fun - A restricted fund administered by the North York Moors National Park Authority, providing grants to improve access for visitors at the Museum.
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Ryedale Folk Museum
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 October 2022
24. Analysis of net assets between funds
| Analysis of net assets between funds | |||
|---|---|---|---|
| Unrestricted | Restricted | Total Funds | |
| Funds | Funds | 2022 | |
| £ | £ | £ | |
| Tangible fixed assets | 258,875 | 1,541,561 | 1,800,436 |
| Current assets | 221,442 | 194,528 | 415,970 |
| Creditors less than 1 year | (47,145) | – | (47,145) |
| Creditors greater than 1 year | (71,469) | – | (71,469) |
| -------------------------------- | ----------------------------------------- | ----------------------------------------- | |
| Net assets | 361,703 | 1,736,089 | 2,097,792 |
| ================================ | ========================================= | ========================================= | |
| Unrestricted | Restricted | Total Funds | |
| Funds | Funds | 2021 | |
| £ | £ | £ | |
| Tangible fixed assets | 258,875 | 1,541,909 | 1,800,784 |
| Current assets | 240,638 | 195,555 | 436,193 |
| Creditors less than 1 year | (36,684) | – | (36,684) |
| Creditors greater than 1 year | (86,288) | – | (86,288) |
| -------------------------------- | ----------------------------------------- | ----------------------------------------- | |
| Net assets | 376,541 | 1,737,464 | 2,114,005 |
| ================================ | ========================================= | ========================================= |
25. Operating lease commitments
The total future minimum lease payments under non-cancellable operating leases are as follows:
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Not later than 1 year | 11,047 | 9,579 |
| Later than 1 year and not later than 5 years | 38,564 | 34,340 |
| Later than 5 years | 54,861 | 57,437 |
| -------------------------------- | -------------------------------- | |
| 104,472 | 101,356 | |
| ================================ | ================================ |
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Ryedale Folk Museum
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 October 2022
26. Related parties
During the year, the Charity reimbursed expenses for mileage, office costs, assets and charitable expenses to the following trustee: Ms J S Smith £120 (2021 - £1,021). The balances due to her at 31 October 2022 was £nil (2021 - £48).
During the year, the Charity paid £nil (2021 - £1,050) to Mrs A M L Hare in respect of her supply as a teacher to the Charity. The balances due to her at 31 October 2022 was £nil (2021 - £nil).
At the year end, an accrual in respect of professional accountancy and taxation fees was made in favour of Harrison Holt Chartered Accountants, amounting to £3,500 (2021 - £3,500). Harrison Holt is a firm of Chartered Accountants in which Mr P J H Holt FCA, FCIE, Trustee and Chairman, is the principal. Harrison Holt charged the Charity £3,500 (2021 - £3,500) for the preparation of statutory financial statements, attending to Companies House matters and filing corporation tax returns. The balances due to Harrison Holt and outstanding at 31 October 2022 amounted to £nil (2021 - £4,200).
During the previous year, The Sir James Reckitt Charity Trust donated £12,000 to support the Charity during the Covid pandemic. Mr P J H Holt, Chairman and Trustee of the Charity, is the Vice-Chairman of The Sir James Reckitt Charity Trust.
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Ryedale Folk Museum
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 October 2022
27. Comparative disclosures for the statement of financial activity
| 2021 | |||
|---|---|---|---|
| Unrestricted | Restricted | ||
| funds | funds | Total funds | |
| £ | £ | £ | |
| Income and endowments | |||
| Donations and legacies | 87,460 | 119,497 | 206,957 |
| Charitable activities | 128,838 | – | 128,838 |
| Other trading activities | 81,438 | – | 81,438 |
| -------------------------------- | -------------------------------- | -------------------------------- | |
| Total income | 297,736 | 119,497 | 417,233 |
| ================================ | ================================ | ================================ | |
| Expenditure | |||
| Expenditure on raising funds: | |||
| Costs of other trading activities | (53,413) | (3,482) | (56,895) |
| Expenditure on charitable activities | (120,142) | (122,631) | (242,773) |
| -------------------------------- | -------------------------------- | -------------------------------- | |
| Total expenditure | (173,555) | (126,113) | (299,668) |
| ================================ | ================================ | ================================ | |
| -------------------------------- | -------------------------------- | -------------------------------- | |
| Net income and net movement in funds | 124,181 | (6,616) | 117,565 |
| ================================ | ================================ | ================================ | |
| Reconciliation of funds | |||
| Total funds brought forward | 252,360 | 1,744,080 | 1,996,440 |
| -------------------------------- | ----------------------------------------- | ----------------------------------------- | |
| Total funds carried forward | 376,541 | 1,737,464 | 2,114,005 |
| ================================ | ========================================= | ========================================= |
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