Registered number: 09027498 Charity number: 1158727
NORFOLK MUSEUMS DEVELOPMENT FOUNDATION
(A company limited by guarantee) TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
NORFOLK MUSEUMS DEVELOPMENT FOUNDATION
(A company limited by guarantee)
CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the Foundation, its Trustees and advisers | 1 |
| Trustees' report | 2 - 5 |
| Independent auditors' report on the financial statements | 6 - 9 |
| Statement of financial activities | 10 |
| Balance sheet | 11 - 12 |
| Notes to the financial statements | 13 - 22 |
NORFOLK MUSEUMS DEVELOPMENT FOUNDATION
(A company limited by guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE FOUNDATION, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2023
| Trustees | Donna Chessum |
|---|---|
| Margaret Dewsbury | |
| Alexandra Hemen (appointed 22 April 2023) | |
| Brian Horner | |
| Mark Jeffries | |
| David Missen | |
| Sarah Steed | |
| Tim Sweeting | |
| Cllr John Ward, Chair | |
| Caroline Williams | |
| Helen Wilson | |
| Company registered number 09027498 Charity registered number 1158727 Registered office Shire Hall Market Avenue Norwich Norfolk NR1 3QX Independent auditors MA Partners Audit LLP Statutory Auditors Chartered Accountants 7 The Close Norwich Norfolk NR1 4DJ Bankers Barclays Bank PLC Leicester LE87 2BB |
Page 1
NORFOLK MUSEUMS DEVELOPMENT FOUNDATION
(A company limited by guarantee)
TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2023
The Trustees present their annual report together with the audited financial statements of the Foundation for the year 1 April 2022 to 31 March 2023. The Annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).
Since the Foundation qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.
Objectives and activities
a. Policies and objectives
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
b. Activities undertaken to achieve objectives
The Foundation has been established to help Norfolk Museums Service and its partners to secure funding to support the care and development of the outstanding collections and historic buildings cared for by the Service and to deliver a wide range of activities for public benefit, including extensive formal and informal learning programmes, skills development and volunteering opportunities, public exhibitions and events. The Trustees work closely with museum staff and provide support, guidance and partnership links to achieve the fundraising targets.
c. Main activities undertaken to further the Foundation's purposes for the public benefit
During the period under review Norfolk Museums Service was recovering from the impact of the Covid-19 pandemic. In common with museums across the UK, visitor numbers were slowly building back up and project delivery was underway again. The redevelopment of Norwich Castle Keep was the most significant project for the museum service and the construction work progressed well during this period. The Foundation provided support to the work of Norfolk Museums Service in a number of ways, by providing staff with:
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Advice and support to NMS staff in facilitating contacts with local businesses, networks and grant-making bodies in Norfolk.
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Advice and support towards NMS’ bid to retain its status as an Arts Council funded National Portfolio Organisation.
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Providing project management oversight for the Norwich Castle: Royal Palace Reborn project
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Consultation on developing new branding for Norwich Castle.
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Guidance on marketing and communications, and the development of briefs for PR consultants.
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Consultation on the planned redevelopment of Time and Tide Museum in Great Yarmouth.
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Support for the delivery of the Kick the Dust youth engagement programme funded by the National Lottery Heritage Fund and the development of a successor project.
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Providing a sounding board for NMS staff in developing and planning new programmes of public events and exhibitions.
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Support for the NMS led regional Museum Development programme SHARE Museums East.
Page 2
NORFOLK MUSEUMS DEVELOPMENT FOUNDATION
(A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
Achievements and performance
a. Main achievements of the Foundation
The income of the Foundation was low this year whilst NMS recovered from the pandemic and was focused on securing its ongoing regular funding from Arts Council England. The Trustees have focused on developing funding strategies to secure future income, with a particular focus on developing a strategy to secure a consistent, unrestricted income for the Foundation.
Income increased significantly in the year due to generous legacies from a brother and sister who left their residuary estates to Lynn Museum. For charitable purposes the executors resolved to vary the distribution of their estates to the Norfolk Museums Development Foundation for the sole benefit of Lynn Museum. In preparation for receiving the legacies the Trustees established an Investment Policy Statement and Investment Committee to provide oversight for the investment portfolio. The first instalment of funds was transferred to the Foundation in June 2023. The Trustees wish to express their deep gratitude for the generous support of Lynn Museum.
Financial review
a. Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the Foundation has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.
b. Reserves policy
Since the majority of funds held are restricted, the amount of free reserves is very modest, therefore there is no policy regarding reserves, but this will be addressed when it becomes appropriate. Free reserves at the year end were £346 ( 2022 - £2,050 ).
c. Summary
During the year to 31 March 2023 the Foundation received donations of £2,271 and was the beneficiary of £534,599 from legacies totalling £934,599. Expenditure totalled £201,704. As at the year end the Foundation had net current assets of £786,347 and net assets of £1,386,347 of which £600,346 were represented by unrestricted funds and £786,001 by restricted funds.
Structure, governance and management
a. Constitution
Norfolk Museums Development Foundation is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association.
b. Methods of appointment or election of Trustees
Appointments were made on the basis of selecting candidates with a range of professional expertise and experience to ensure that the Board has all the requisite skills to achieve the aims and objectives of the charity. One-third of the Board stands down on an annual basis. Trustees are eligible for re-election.
Page 3
NORFOLK MUSEUMS DEVELOPMENT FOUNDATION
(A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
Structure, governance and management (continued)
c. Organisational structure and decision-making policies
The Foundation is governed by a Board of Trustees who meet at least quarterly and who make the main strategic decisions. The day to day running of the Foundation is undertaken by Norfolk Museums Service’s Head of Development advised by the Foundation’s Company Secretary.
d. Policies adopted for the induction and training of Trustees
To facilitate the undertaking of their role the Trustees have made several site visits to familiarise themselves with the wide range of museum activities that are being delivered across Norfolk. They meet with museum staff and receive regular briefings on future plans.
e. Financial risk management
The Trustees have assessed the major risks to which the Foundation is exposed, in particular those related to the operations and finances of the Foundation and are satisfied that systems and procedures are in place to mitigate exposure to the major risks. These continue to be monitored on a regular basis.
Members' liability
The Members of the Foundation guarantee to contribute an amount not exceeding £10 to the assets of the Foundation in the event of winding up.
Statement of Trustees' responsibilities
The Trustees (who are also the directors of the Foundation for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Foundation and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles of the Charities SORP (FRS 102);
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make judgements and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Foundation will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Foundation's transactions and disclose with reasonable accuracy at any time the financial position of the Foundation and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Foundation and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Page 4
NORFOLK MUSEUMS DEVELOPMENT FOUNDATION
(A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
Disclosure of information to auditors
Each of the persons who are Trustees at the time when this Trustees' report is approved has confirmed that:
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so far as that Trustee is aware, there is no relevant audit information of which the charity's auditors are unaware, and
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that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charity's auditors are aware of that information.
Auditors
The auditors, MA Partners Audit LLP, have indicated their willingness to continue in office. A motion reappointing the auditors will be proposed at a meeting of the Trustees.
Approved by order of the members of the board of Trustees and signed on their behalf by:
Cllr John Ward
Date: 12 December 2023
Page 5
NORFOLK MUSEUMS DEVELOPMENT FOUNDATION
(A company limited by guarantee)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NORFOLK MUSEUMS DEVELOPMENT FOUNDATION
Opinion
We have audited the financial statements of Norfolk Museums Development Foundation (the 'charitable company') for the year ended 31 March 2023 which comprise the Statement of financial activities, the Balance sheet, the Statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
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give a true and fair view of the state of the charitable company's affairs as at 31 March 2023 and of its incoming resources and application of resources, including its income and expenditure for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.
Page 6
NORFOLK MUSEUMS DEVELOPMENT FOUNDATION
(A company limited by guarantee)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NORFOLK MUSEUMS DEVELOPMENT FOUNDATION (CONTINUED)
Other information
The other information comprises the information included in the Annual report other than the financial statements and our Auditors' report thereon. The Trustees are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
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the information given in the Trustees' report is inconsistent in any material respect with the financial statements; or
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sufficient accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records and returns; or
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we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the Trustees' responsibilities statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
Page 7
NORFOLK MUSEUMS DEVELOPMENT FOUNDATION
(A company limited by guarantee)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NORFOLK MUSEUMS DEVELOPMENT FOUNDATION (CONTINUED)
Auditors' responsibilities for the audit of the financial statements
We have been appointed as auditor under section 145 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud
The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the charitable company.
Our approach was as follows:
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We obtained an understanding of the legal and regulatory requirements applicable to the charitable company and considered that the most significant are the Companies Act 2006, the Charities Act 2011, the Charity SORP, and UK financial reporting standards as issued by the Financial Reporting Council.
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We obtained an understanding of how the charitable company complies with these requirements by discussions with those charged with governance.
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We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with those charged with governance.
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We inquired of those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
Page 8
NORFOLK MUSEUMS DEVELOPMENT FOUNDATION
(A company limited by guarantee)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NORFOLK MUSEUMS DEVELOPMENT FOUNDATION (CONTINUED)
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
Use of our report
This report is made solely to the charitable company's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's trustees those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.
MA Partners Audit LLP
Statutory Auditors Chartered Accountants 7 The Close Norwich Norfolk NR1 4DJ
Date: 21 December 2023
MA Partners Audit LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.
Page 9
NORFOLK MUSEUMS DEVELOPMENT FOUNDATION
(A company limited by guarantee)
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2023
| Note Income from: Donations and legacies 3 Total income Expenditure on: Raising funds Charitable activities 5 Total expenditure Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2023 £ - - 384 1,320 1,704 (1,704) 602,050 (1,704) 600,346 |
Restricted funds 2023 £ 536,870 536,870 - 200,000 200,000 336,870 449,131 336,870 786,001 |
Total funds 2023 £ 536,870 536,870 384 201,320 201,704 335,166 1,051,181 335,166 1,386,347 |
Total funds 2022 £ 1,416 1,416 1,026 502,450 503,476 (502,060) 1,553,241 (502,060) 1,051,181 |
|---|---|---|---|---|
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 13 to 22 form part of these financial statements.
Page 10
NORFOLK MUSEUMS DEVELOPMENT FOUNDATION
(A company limited by guarantee) REGISTERED NUMBER: 09027498
BALANCE SHEET AS AT 31 MARCH 2023
| Note Fixed assets Heritage assets 8 Current assets Debtors 9 Cash at bank and in hand Creditors: amounts falling due within one year 10 Net current assets Total assets less current liabilities Total net assets Charity funds Restricted funds 11 Unrestricted funds 11 Total funds |
534,599 253,086 787,685 (1,338) |
2023 £ 600,000 600,000 786,347 1,386,347 1,386,347 786,001 600,346 1,386,347 |
- 454,217 454,217 (3,036) |
2022 £ 600,000 |
|---|---|---|---|---|
| 600,000 451,181 |
||||
| 1,051,181 | ||||
| 1,051,181 | ||||
| 449,131 602,050 |
||||
| 1,051,181 |
The entity was entitled to exemption from audit under section 477 of the Companies Act 2006.
The members have not required the entity to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
However, an audit is required in accordance with section 145 of the Charities Act 2011.
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
Page 11
NORFOLK MUSEUMS DEVELOPMENT FOUNDATION
(A company limited by guarantee) REGISTERED NUMBER: 09027498
BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2023
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
Cllr John Ward
Date: 12 December 2023
The notes on pages 13 to 22 form part of these financial statements.
Page 12
NORFOLK MUSEUMS DEVELOPMENT FOUNDATION (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
1. General information
Norfolk Museums Development Foundation is a private company limited by guarantee incorporated in England and Wales. The registered office is Shire Hall, Market Avenue, Norwich, Norfolk, NR31 3JQ.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Norfolk Museums Development Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
2.2 Income
All income is recognised once the Foundation has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the Foundation has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the Foundation, can be reliably measured.
Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
2.3 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.
Expenditure on raising funds includes all expenditure incurred by the Foundation to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Foundation's objectives, as well as any associated support costs.
Page 13
NORFOLK MUSEUMS DEVELOPMENT FOUNDATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
2. Accounting policies (continued)
2.3 Expenditure (continued)
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
All expenditure is inclusive of irrecoverable VAT.
2.4 Heritage assets
Heritage assets are held and maintained principally for their contribution to knowledge and culture and are capitalised at cost or, in the case of donated assets, at expert valuation on receipt. Heritage assets are not depreciated since their long economic life and high residual value mean that any depreciation would not be material.
At each reporting date the Foundation assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined to be the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
2.5 Debtors
Other debtors are recognised at the settlement amount.
2.6 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
2.7 Liabilities
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Foundation anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
2.8 Financial instruments
The Foundation only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
Page 14
NORFOLK MUSEUMS DEVELOPMENT FOUNDATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
2. Accounting policies (continued)
2.9 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Foundation and which have not been designated for other purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Foundation for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
Page 15
NORFOLK MUSEUMS DEVELOPMENT FOUNDATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
3. Income from donations and legacies
| Donations Legacies Total 2023 Total 2022 |
Restricted funds 2023 £ 2,271 534,599 536,870 1,416 |
Total funds 2023 £ 2,271 534,599 536,870 1,416 |
Total funds 2022 £ 1,416 - |
|---|---|---|---|
| 1,416 | |||
4. Analysis of grants
| Grants, Norfolk Museum Service support Total 2022 |
Grants to Institutions 2023 £ 200,000 501,250 |
Total funds 2023 £ 200,000 501,250 |
Total funds 2022 £ 501,250 |
|---|---|---|---|
Page 16
NORFOLK MUSEUMS DEVELOPMENT FOUNDATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
5. Analysis of expenditure by activities
| Norfolk Museum Service support Total 2022 |
Activities undertaken directly 2023 £ 1,320 1,200 |
Grant funding of activities 2023 £ 200,000 501,250 |
Total funds 2023 £ 201,320 502,450 |
Total funds 2022 £ 502,450 |
|---|---|---|---|---|
Analysis of direct costs
| Governance costs Analysis of support costs |
Total funds 2023 £ 1,320 |
Total funds 2022 £ 1,200 |
|---|---|---|
| Total | Total |
|---|---|
| funds | funds |
| 2023 | 2022 |
| £ | £ |
6. Auditors' remuneration
The auditors' remuneration amounts to an auditor fee of £1,200 ( 2022 - £1,608 ).
7. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2022 - £NIL) .
During the year ended 31 March 2023, no Trustee expenses have been incurred (2022 - £NIL) .
Page 17
NORFOLK MUSEUMS DEVELOPMENT FOUNDATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
8. Heritage assets
Assets recognised at cost
| Carrying value at 1 April 2020 and 31 March 2021 | Total 2023 £ 600,000 |
|---|---|
| 600,000 |
9. Debtors
| Due within one year Other debtors |
2023 £ 534,599 534,599 |
2022 £ - |
|---|---|---|
| - |
10. Creditors: Amounts falling due within one year
| Trade creditors Accruals and deferred income |
2023 £ 18 1,320 1,338 |
2022 £ 1,818 1,218 |
|---|---|---|
| 3,036 |
Page 18
NORFOLK MUSEUMS DEVELOPMENT FOUNDATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
11. Statement of funds
Statement of funds - current year
| Unrestricted funds General Funds - all funds Restricted funds Castle Keep project Newstead Pietre Dure Turner Kick the Dust Lynn Museum Total of funds |
Balance at 1 April 2022 £ 602,050 446,591 1,240 300 1,000 - - 449,131 1,051,181 |
Income £ - 1,571 - - - 700 534,599 536,870 536,870 |
Expenditure £ (1,704) (200,000) - - - - - (200,000) (201,704) |
Balance at 31 March 2023 £ 600,346 |
|---|---|---|---|---|
| 248,162 1,240 300 1,000 700 534,599 |
||||
| 786,001 | ||||
| 1,386,347 |
The Castle Keep project fund is for the redevelopment of Norwich Castle Keep.
The Newstead fund relates to donations gathered in the name of John Newstead by his family and identified solely for the cause of the Museum of Norwich.
The Pietre Dure fund is made up of donations solely towards the purchase of the Pietre Dure tabletop, ca 1625.
The Turner fund is made up of donations solely towards support activities and events in connection to the Norfolk Museum Service's purchase of JMW Turner’s Walton Bridges.
Kick the Dust Norfolk is a Heritage Lottery-funded project focusing on youth development that started in 2018 and is now a very successful delivery model that has seen excellent levels of participation and engagement. The scheme is comprised of work experience, volunteering, training and workshops, providing young people aged 13-25 with the opportunity to get involved with museums and heritage. In collaboration with YMCA Norfolk, Creative Collisions and Norfolk Libraries, the project is focused on developing confidence and employability and supporting mental health and wellbeing.
The Foundation is to receive the residuary estates of a brother and sister for the benefit of Lynn Museum.
Page 19
NORFOLK MUSEUMS DEVELOPMENT FOUNDATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
11. Statement of funds (continued)
Statement of funds - prior year
| Unrestricted funds General Funds - all funds Restricted funds Castle Keep project Newstead Pietre Dure Turner Total of funds |
Balance at 1 April 2021 £ 604,276 945,175 1,240 1,550 1,000 948,965 1,553,241 |
Income £ - 1,416 - - - 1,416 1,416 |
Expenditure £ (2,226) (500,000) - (1,250) - (501,250) (503,476) |
Balance at 31 March 2022 £ 602,050 |
|---|---|---|---|---|
| 446,591 1,240 300 1,000 |
||||
| 449,131 | ||||
| 1,051,181 |
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NORFOLK MUSEUMS DEVELOPMENT FOUNDATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
12. Summary of funds
Summary of funds - current year
| General funds Restricted funds Summary of funds - prior year General funds Restricted funds |
Balance at 1 April 2022 £ 602,050 449,131 1,051,181 Balance at 1 April 2021 £ 604,276 948,965 1,553,241 |
Income £ - 536,870 536,870 Income £ - 1,416 1,416 |
Expenditure £ (1,704) (200,000) (201,704) Expenditure £ (2,226) (501,250) (503,476) |
Balance at 31 March 2023 £ 600,346 786,001 |
|---|---|---|---|---|
| 1,386,347 | ||||
| Balance at 31 March 2022 £ 602,050 449,131 |
||||
| 1,051,181 |
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NORFOLK MUSEUMS DEVELOPMENT FOUNDATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
13. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Unrestricted funds 2023 £ Heritage assets 600,000 Current assets 1,684 Creditors due within one year (1,338) Total 600,346 |
Restricted funds 2023 £ - 786,001 - 786,001 |
Total funds 2023 £ 600,000 787,685 (1,338) 1,386,347 |
|---|---|---|
Analysis of net assets between funds - prior year
| Heritage assets Current assets Creditors due within one year Total |
Unrestricted funds 2022 £ 600,000 5,086 (3,036) 602,050 |
Restricted funds 2022 £ - 449,131 - 449,131 |
Total funds 2022 £ 600,000 454,217 (3,036) 1,051,181 |
|---|---|---|---|
14. Related party transactions
The Foundation has not entered into any related party transaction during the year, nor are there any outstanding balances owing between related parties and the Foundation at 31 March 2023.
Page 22