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← Norfolk Museums Development Foundation

2024-03-31-accounts

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 2024

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 - 6
Independent Auditors' Report on the Financial Statements 7 - 9
Statement of Financial Activities 10
Balance Sheet 11 - 12
Notes to the Financial Statements 13 - 21

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 2024

Trustees Donna Chessum
Margaret Dewsbury
Alexandra Hemen
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
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 2024

The Trustees present their annual report together with the audited financial statements of the Foundation for the year 1 April 2023 to 31 March 2024. 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) as amended by Update Bulletins 1 and 2.

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 was established to help Norfolk Museums Service (NMS) 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.

Page 2

NORFOLK MUSEUMS DEVELOPMENT FOUNDATION

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Objectives and activities (continued)

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 Royal Palace Reborn project to redevelop Norwich Castle Keep continued to be the most significant project for the museum service with the construction work advancing throughout 2023-24. The Foundation provided support to the work of Norfolk Museums Service in a number of ways, by providing staff with:

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.

During 2023 Lynn Museum was the recipient of a generous legacy valued at £934,598 from a brother and sister who lived locally in King’s Lynn. They left their residuary estates to the museum designated for the museum's ‘general purposes absolutely’. The legacy comprised an investment portfolio worth £295,000, managed by Brewin Dolphin, and cash totalling £639,598. The solicitors representing the estate requested that the legacy be transferred to the Foundation to be managed for charitable purposes. Part of this fund will go towards the costs of a newly appointed Newman Curator, a role with a minimum term of three years. The Newman Curator will focus on fulfilling the aspirations of the bequest, including enhancing collections awareness and access. In addition, the museum recruited a Collections Assistant and a Trainee to support documentation, photography, and management, aiming to improve access and engagement with the collections. Future ambitions for meeting the aims of the bequest will involve expanding access, both on-site and digitally, as well as developing new permanent displays. The remaining funds in the legacy will be invested by the Foundation. To manage the legacy an investment policy was established and approved by the Board. An investment committee was also established to ensure appropriate oversight of the investment policy.

Page 3

NORFOLK MUSEUMS DEVELOPMENT FOUNDATION

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

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. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

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 as and when it becomes appropriate. Free reserves at the year end were £2,988 (2023 - £346).

c. Summary

During the year to 31 March 2024 the Foundation received donations of £1,562, management charges of £4,725 and was the beneficiary of £47,228 from legacies. Expenditure totalled £38,959. As at the year end the Foundation has net current assets of £1,200,903 and net assets of £1,800,903 of which £602,988 were represented by unrestricted funds and £1,197,915 by restricted funds. The balance on the Castle Keep Project held by the Foundation as of 31 March 2024 was £249,724.

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

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

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.

Page 4

NORFOLK MUSEUMS DEVELOPMENT FOUNDATION (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Structure, governance and management (continued)

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:

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.

Disclosure of information to auditors

Each of the persons who are Trustees at the time when this Trustees' Report is approved has confirmed that:

Page 5

NORFOLK MUSEUMS DEVELOPMENT FOUNDATION (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Auditors

The auditors, MA Partners Audit LLP, have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors 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: 20 December 2024

Page 6

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 2024 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:

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

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

Page 7

NORFOLK MUSEUMS DEVELOPMENT FOUNDATION (A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NORFOLK MUSEUMS DEVELOPMENT FOUNDATION (CONTINUED)

Other information

The Trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Auditors' Report thereon. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

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:

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 8

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 144 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.

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

Chartered Accountants 7 The Close Norwich Norfolk NR1 4DJ 20 December 2024

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 2024

Note
Income from:
Donations and legacies
3
Charitable activities
4
Total income
Expenditure on:
Raising funds
Charitable activities
6
Total expenditure
Net movement in funds
Reconciliation of funds:
Total funds brought forward as
previously stated
Prior year adjustment
12
Total funds brought forward as restated
Net movement in funds
Total funds carried forward		 Restricted
funds
2024
£
48,790
-
48,790
-
36,876
36,876
11,914
786,001
400,000
1,186,001
11,914
1,197,915		 Unrestricted
funds
2024
£
-
4,725
4,725
683
1,400
2,083
2,642
600,346
-
600,346
2,642
602,988		 Total
funds
2024
£
48,790
4,725
53,515
683
38,276
38,959
14,556
1,386,347
400,000
1,786,347
14,556
1,800,903		 As restated
Total
funds
2023
£
936,870
-
936,870
384
201,320
201,704
735,166
1,051,181
-
1,051,181
735,166
1,786,347

The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 13 to 21 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 2024

Fixed assets
Heritage assets
9
Current assets
Debtors
10
Cash at bank and in hand
Creditors: amounts falling due within one
year
11
Net current assets
Total net assets
Charity funds
Restricted funds
13
Unrestricted funds
13
Total funds		 734,232
468,089
1,202,321
(1,418)		 2024
£
600,000
600,000
1,200,903
1,800,903
1,197,915
602,988
1,800,903		 934,599
253,086
1,187,685
(1,338)		 As restated
2023
£
600,000
600,000
1,186,347
1,786,347
1,186,001
600,346
1,786,347

Page 11

NORFOLK MUSEUMS DEVELOPMENT FOUNDATION

(A Company Limited by Guarantee) REGISTERED NUMBER: 09027498

BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2024

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 144 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.

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

Cllr John Ward

Date: 20 December 2024

The notes on pages 13 to 21 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 2024

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 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The Foundation has elected to apply all amendments to FRS 102, as set out in the Financial Reporting Council's triennial review published in December 2017, and included in Update Bulletin 2 to the Charities SORP (FRS 102), prior to mandatory adoption for accounting periods beginning on or after 1 January 2019.

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 2024

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 and provisions

Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the 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 with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

Page 14

NORFOLK MUSEUMS DEVELOPMENT FOUNDATION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

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.

3. Income from donations and legacies

Donations
Legacies		 Restricted
funds
2024
£
1,562
47,228
48,790		 Total
funds
2024
£
1,562
47,228
48,790		 As restated
Total
funds
2023
£
2,271
934,599
936,870

4. Income from charitable activities

Unrestricted Total
funds funds
2024 2024
£ £
Management charges 4,725 4,725

Page 15

NORFOLK MUSEUMS DEVELOPMENT FOUNDATION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

5. Analysis of grants

Grants, Norfolk Museum Service support
Total 2023		 Grants to
Institutions
2024
£
36,876
200,000		 Total
funds
2024
£
36,876
200,000		 Total
funds
2023
£
200,000

6. Analysis of expenditure by activities

Norfolk Museum Service support
Total 2023		 Activities
undertaken
directly
2024
£
1,400
1,320		 Grant
funding of
activities
2024
£
36,876
200,000		 Total
funds
2024
£
38,276
201,320		 Total
funds
2023
£
201,320

Analysis of direct costs

Governance costs
Total 2023		 Norfolk
Museum
Service
support
2024
£
1,400
1,320		 Total
funds
2024
£
1,400
1,320		 Total
funds
2023
£
1,320

7. Auditors' remuneration

The auditors' remuneration amounts to an auditor fee of £1,400 ( 2023 - £1,320 ).

Page 16

NORFOLK MUSEUMS DEVELOPMENT FOUNDATION (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

8. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2023 - £NIL) .

During the year ended 31 March 2024, no Trustee expenses have been incurred (2023 - £NIL) .

9. Heritage assets

Assets recognised at cost

Carrying value at 1 April 2023 and 31 March 2024 Heritage
asset 1
2024
£
600,000
600,000		 Total
2024
£
600,000
600,000

10. Debtors

Due within one year
Other debtors
Creditors: Amounts falling due within one year
Trade creditors
Accruals and deferred income		 2024
£
734,232
734,232
2024
£
18
1,400
1,418		 As restated
2023
£
934,599
934,599
2023
£
18
1,320
1,338

11. Creditors: Amounts falling due within one year

12. Prior year adjustments

Opening funds have been increased by £400,000 following a review of legacy income transactions. The comparative period income is increased by the same amount.

Page 17

(A Company Limited by Guarantee)

NORFOLK MUSEUMS DEVELOPMENT FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

13. 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		 As restated
Balance at 1
April 2023
£
600,346
248,162
1,240
300
1,000
700
934,599
1,186,001
1,786,347		 Income
£
4,725
1,562
-
-
-
-
47,228
48,790
53,515		 Expenditure
£
(2,083)
-
-
-
-
-
(36,876)
(36,876)
(38,959)		 Balance at
31 March
2024
£
602,988
249,724
1,240
300
1,000
700
944,951
1,197,915
1,800,903

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 18

NORFOLK MUSEUMS DEVELOPMENT FOUNDATION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

13. Statement of funds (continued)

Statement of funds - prior 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		 As restated
Income
£
-
1,571
-
-
-
700
934,599
936,870
936,870		 Expenditure
£
(1,704)
(200,000)
-
-
-
-
-
(200,000)
(201,704)		 As restated
Balance at
31 March
2023
£
600,346
248,162
1,240
300
1,000
700
934,599
1,186,001
1,786,347

Page 19

NORFOLK MUSEUMS DEVELOPMENT FOUNDATION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

14. Summary of funds

Summary of funds - current year

General funds
Restricted funds
Summary of funds - prior year
General funds
Restricted funds		 As restated
Balance at 1
April 2023
£
600,346
1,186,001
1,786,347
Balance at
1 April 2022
£
602,050
449,131
1,051,181		 Income
£
4,725
48,790
53,515
As restated
Income
£
-
936,870
936,870		 Expenditure
£
(2,083)
(36,876)
(38,959)
Expenditure
£
(1,704)
(200,000)
(201,704)		 Balance at
31 March
2024
£
602,988
1,197,915
1,800,903
As restated
Balance at
31 March
2023
£
600,346
1,186,001
1,786,347

Page 20

NORFOLK MUSEUMS DEVELOPMENT FOUNDATION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

15. Analysis of net assets between funds

Analysis of net assets between funds - current period

Heritage assets
Current assets
Creditors due within one year
Total		 Restricted
funds
2024
Unrestricted
funds
2024
£
£
-
600,000
1,197,915
4,406
-
(1,418)
1,197,915
602,988		 Total
funds
2024
£
600,000
1,202,321
(1,418)
1,800,903

Analysis of net assets between funds - prior period

Heritage assets
Current assets
Creditors due within one year
Total As restated		 As restated
Restricted
funds
2023
£
-
1,186,001
-
1,186,001		 Unrestricted
funds
2023
£
600,000
1,684
(1,338)
600,346		 As restated
Total
funds
2023
£
600,000
1,187,685
(1,338)
1,786,347

16. 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 2024.

Page 21