**Registered number: 09027498 Charity number: 1158727** 

# Development Foundation **NORFOLK MUSEUMS DEVELOPMENT FOUNDATION** 

**(A Company Limited by Guarantee)** 

**TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025** 



## **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 - 23|





## **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 2025** 

|**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**<br>**number**<br>09027498<br>**Charity registered**<br>**number**<br>1158727<br>**Registered office**<br>Shirehall<br>Market Avenue<br>Norwich<br>Norfolk<br>NR1 3QX<br>**Independent auditors**<br>MA Partners Audit LLP<br>Chartered Accountants<br>7 The Close<br>Norwich<br>Norfolk<br>NR1 4DJ<br>**Bankers**<br>Barclays Bank PLC<br>Leicester<br>LE87 2BB||



Page 1 



## **NORFOLK MUSEUMS DEVELOPMENT FOUNDATION** 

## **(A Company Limited by Guarantee)** 

## **TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2025** 

The Trustees present their annual report together with the audited financial statements of the Foundation for the period 1 April 2024 to 31 March 2025. 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 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. 

## **c. Main activities undertaken to further the Foundation's purposes for the public benefit** 

During 2024-25 the Foundation continued to support the work of Norfolk Museums Service (NMS) across its ten sites. Key activities during the period included: 

- Ongoing financial and strategic support for the Norwich Castle: Royal Palace Reborn project, including representing the Foundation on the Project Board and supporting the preparations for the final completion of the redevelopment of the Keep and the public opening. 

- Supporting the delivery and development of major NMS projects including the proposed capital redevelopment of Time and Tide Museum in Great Yarmouth. 

- Supporting youth engagement activity and identifying funding for successor programmes following the conclusion of Kick The Dust programme funded by the National Lottery Heritage Fund. 

- Consultation of the development of a corporate sponsorship strategy and the development of bespoke sponsorship packages for Norwich Castle. 

- Oversight of the Newman Bequest, ensuring sustainable investment and responsible grant-making to Lynn Museum. 

- Consultation on the new NMS Five Year Strategy for 2025-30. 

- Providing a sounding board for NMS staff in developing new projects, public programmes and commercial activities. 

- Advice and input into the planning of major opening events and stakeholder engagement to celebrate the reopening of Norwich Castle Keep. 

- Regular attendance at private views and stakeholder events to support NMS staff with partnership brokerage. 

Page 2 



## **NORFOLK MUSEUMS DEVELOPMENT FOUNDATION (A Company Limited by Guarantee)** 

## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025** 

## **Objectives and activities (continued)** 

## **Achievements and performance** 

## **a. Main achievements of the Foundation** 

During the period under review the Foundation supported a number of milestones for Norfolk Museums Service including: 

- A major phase of the Norwich Castle: Royal Palace Reborn project was completed when the Percival Wing opened in July 2024, providing new retail, café and learning spaces. 

- The Foundation continued to actively fundraise for the Royal Palace Reborn project towards full project completion. 

- The Foundation received confirmation of a pledge of £250,000 from the Clore Duffield Foundation towards the new education space at Norwich Castle to be named the Clore Learning Centre. 50% of the grant was paid in December 2024 and the remaining funds will be received in December 2025. 

- The Trustees approved the transfer of £220,000 to Norfolk Museums Service. These were restricted funds committed to the Royal Palace Reborn project. 

- The development of corporate sponsorship and commercial income generation continued. 

- • Trustees reviewed the Adopt an Object scheme with a view to relaunching the public fundraising campaign focused on other funding needs across NMS’s ten museum sites. 

- At Lynn Museum the Newman Legacy was used to audit and enhance over 9,000 object records, review museum stores and support cataloguing as part of NMS’s commitment to collections care and management. The Legacy was also used to appoint a Newman Curator on a three-month contract and a trainee on a 12-month contract as part of NMS’ Teaching Museum programme. 

## **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. 

## **c. Summary** 

During the year to 31 March 2025 the Foundation received donations of £125,262, including £125,000 received from the Clore Duffield Foundation. Expenditure totalled £222,648. As at the year end the Foundation has net current assets of £760,203 and net assets of £1,715,796. The balance on the Castle Keep Project held by NMDF as of 31 March 2025 was £154,793. The Foundation’s financial position remains strong. 

Page 3 



## **NORFOLK MUSEUMS DEVELOPMENT FOUNDATION** 

## **(A Company Limited by Guarantee)** 

## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025** 

## **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 are 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. 

## **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 and Development Officer, advised by the Foundation’s Company Secretary. 

A Finance and Investment Subcommittee meets periodically to review investment performance and ensure appropriate oversight of the investment policy, particularly in relation to the Newman Legacy. 

## **d. Policies adopted for the induction and training of Trustees** 

To facilitate the undertaking of their role the Trustees site visits to familiarise themselves with the wide range of museum activities that are being delivered across Norfolk. They attend private views and other on sites events at NMS’ ten museums. 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. 

Page 4 



## **NORFOLK MUSEUMS DEVELOPMENT FOUNDATION (A Company Limited by Guarantee)** 

## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025** 

## **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: 

- select suitable accounting policies and then apply them consistently; 

- observe the methods and principles of the Charities SORP (FRS 102); 

- make judgments and accounting estimates that are reasonable and prudent; 

- state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements; 

- 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. 

## **Disclosure of information to auditors** 

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

- so far as that Trustee is aware, there is no relevant audit information of which the charity's auditors are unaware, and 

- 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. 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: 2 December 2025 

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 2025 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: 

- give a true and fair view of the state of the charitable company's affairs as at 31 March 2025 and of its incoming resources and application of resources, including its income and expenditure for the year then ended; 

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and 

- 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 Act 2011 requires us to report to you if, in our opinion: 

- the information given in the Trustees' Report is inconsistent in any material respect with the financial statements; or 

- sufficient accounting records have not been kept; or 

- the financial statements are not in agreement with the accounting records and returns; or 

- 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. 

## **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. 

Page 7 



## **NORFOLK MUSEUMS DEVELOPMENT FOUNDATION** 

## **(A Company Limited by Guarantee)** 

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

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: 

- We obtained an understanding of the legal and regulatory requirements applicable to the charity and considered that the most significant are the Charities Act 2011, the Charity SORP, and UK financial reporting standards as issued by the Financial Reporting Council. 

- We obtained an understanding of how the charitable company complies with these requirements by discussions with management and those charged with governance. 

- 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 management and those charged with governance. 

- We inquired of management and those charged with governance as to any known instances of noncompliance or suspected non-compliance with laws and regulations. 

- Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required. 

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. 

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. 

Page 8 



## **NORFOLK MUSEUMS DEVELOPMENT FOUNDATION** 

**(A Company Limited by Guarantee)** 

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

## **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 

4 December 2025 

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 2025** 

|**Note**<br>**Income from:**<br>Donations and legacies<br>3<br>Investments<br>4<br>**Total income**<br>**Expenditure on:**<br>Raising funds<br>Charitable activities<br>6<br>**Total expenditure**<br>**Net income/(expenditure) before net**<br>**losses on investments**<br>Net losses on investments<br>10<br>**Net income/(expenditure)**<br>Transfers between funds<br>14<br>**Net movement in funds**<br>**Reconciliation of funds:**<br>Total funds brought forward as<br>previously stated<br>Prior year adjustment<br>13<br>Total funds brought forward as restated<br>Net movement in funds<br>**Total funds carried forward**<br>14|**Unrestricted**<br>**funds**<br>**2025**<br>**£**<br>**86**<br>**4,080**<br>**4,166**<br>**-**<br>**2,648**<br>**2,648**<br>**1,518**<br>**-**<br>**1,518**<br>**4,789**<br>**6,307**<br>**602,988**<br>**-**<br>**602,988**<br>**6,307**<br>**609,295**|**Restricted**<br>**funds**<br>**2025**<br>**£**<br>**162,223**<br>**-**<br>**162,223**<br>**-**<br>**220,000**<br>**220,000**<br>**(57,777)**<br>**(24,123)**<br>**(81,900)**<br>**(4,789)**<br>**(86,689)**<br>**1,197,915**<br>**(4,725)**<br>**1,193,190**<br>**(86,689)**<br>**1,106,501**|**Total**<br>**funds**<br>**2025**<br>**£**<br>**162,309**<br>**4,080**<br>**166,389**<br>**-**<br>**222,648**<br>**222,648**<br>**(56,259)**<br>**(24,123)**<br>**(80,382)**<br>**-**<br>**(80,382)**<br>**1,800,903**<br>**(4,725)**<br>**1,796,178**<br>**(80,382)**<br>**1,715,796**|_As restated_<br>_Total_<br>_funds_<br>_2024_<br>_£_<br>_48,790_<br>_-_|
|---|---|---|---|---|
|||||_48,790_|
|||||_683_<br>_38,276_|
|||||_38,959_|
|||||_9,831_<br>_-_|
|||||_9,831_<br>_-_|
|||||_9,831_|
|||||_1,386,347_<br>_400,000_|
|||||_1,786,347_<br>_9,831_|
|||||_1,796,178_|



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

The notes on pages 13 to 23 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 2025** 

|**Note**<br>**Fixed assets**<br>Heritage assets<br>9<br>Investments<br>10<br>**Current assets**<br>Debtors<br>11<br>Cash at bank and in hand<br>**Current liabilities**<br>Creditors: amounts falling due within one<br>year<br>12<br>**Net current assets**<br>**Total net assets**<br>**Charity funds**<br>Restricted funds<br>14<br>Unrestricted funds<br>14<br>**Total funds**|**4,080**<br>**757,623**<br>**761,703**<br>**(1,500)**|**2025**<br>**£**<br>**600,000**<br>**355,593**<br>**955,593**<br>**760,203**<br>**1,715,796**<br>**1,106,501**<br>**609,295**<br>**1,715,796**|_729,507_<br>_468,089_<br>_1,197,596_<br>_(1,418)_|_As restated_<br>_2024_<br>_£_<br>_600,000_<br>_-_|
|---|---|---|---|---|
|||||_600,000_<br>_1,196,178_|
||||||
|||||_1,796,178_|
|||||_1,193,190_<br>_602,988_|
||||||
|||||_1,796,178_|



Page 11 



## **NORFOLK MUSEUMS DEVELOPMENT FOUNDATION** 

**(A Company Limited by Guarantee) REGISTERED NUMBER: 09027498** 

## **BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2025** 

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. 

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

## **Cllr John Ward** 

Date: 2 December 2025 

The notes on pages 13 to 23 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 2025** 

## **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. 

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. 

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. 

Page 13 



## **NORFOLK MUSEUMS DEVELOPMENT FOUNDATION** 

## **(A Company Limited by Guarantee)** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025** 

## **2. Accounting policies (continued)** 

## **2.3 Expenditure (continued)** 

All expenditure is inclusive of irrecoverable VAT. 

## **2.4 Interest receivable** 

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Foundation; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited. 

## **2.5 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. 

## **2.6 Investments** 

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of Financial Activities. 

## **2.7 Debtors** 

Other debtors are recognised at the settlement amount. 

## **2.8 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. 

## **2.9 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. 

Page 14 



## **NORFOLK MUSEUMS DEVELOPMENT FOUNDATION** 

## **(A Company Limited by Guarantee)** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025** 

## **2. Accounting policies (continued)** 

## **2.10 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. 

## **2.11 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. 

Investment income, gains and losses are allocated to the appropriate fund. 

## **3. Income from donations and legacies** 

|**Unrestricted**<br>**funds**<br>**2025**<br>**£**<br>Donations<br>86<br>Legacies<br>-<br>86<br>_Total 2024_<br>_-_|**Restricted**<br>**funds**<br>**2025**<br>**£**<br>125,176<br>37,047<br>162,223<br>_48,790_|**Total**<br>**funds**<br>**2025**<br>**£**<br>**125,262**<br>**37,047**<br>**162,309**<br>_48,790_|_Total_<br>_funds_<br>_2024_<br>_£_<br>_1,562_<br>_47,228_|
|---|---|---|---|
||||_48,790_|
|||||



Page 15 



## **NORFOLK MUSEUMS DEVELOPMENT FOUNDATION** 

## **(A Company Limited by Guarantee)** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025** 

## **4. Investment income** 

||||_As restated_|
|---|---|---|---|
||**Unrestricted**|**Total**|_Total_|
||**funds**|**funds**|_funds_|
||**2025**|**2025**|_2024_|
||**£**|**£**|_£_|
|Bank interest|4,080|**4,080**|_-_|



## **5. Analysis of grants** 

|Grants, Norfolk Museum Service support<br>_Total 2024_|**Grants to**<br>**Institutions**<br>**2025**<br>**£**<br>220,000<br>_36,876_|**Total**<br>**funds**<br>**2025**<br>**£**<br>**220,000**<br>_36,876_|_Total_<br>_funds_<br>_2024_<br>_£_<br>_36,876_|
|---|---|---|---|
|||||



## **6. Analysis of expenditure by activities** 

|Norfolk Museum Service<br>support<br>_Total 2024_|**Activities**<br>**undertaken**<br>**directly**<br>**2025**<br>**£**<br>1,960<br>_1,400_|**Grant**<br>**funding of**<br>**activities**<br>**2025**<br>**£**<br>220,000<br>_36,876_|**Support**<br>**costs**<br>**2025**<br>**£**<br>688<br>_-_|**Total**<br>**funds**<br>**2025**<br>**£**<br>**222,648**<br>_38,276_|_Total_<br>_funds_<br>_2024_<br>_£_<br>_38,276_|
|---|---|---|---|---|---|
|||||||



Page 16 



## **NORFOLK MUSEUMS DEVELOPMENT FOUNDATION** 

## **(A Company Limited by Guarantee)** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025** 

## **6. Analysis of expenditure by activities (continued)** 

## **Analysis of direct costs** 

|Governance costs<br>**Analysis of support costs**<br>Website and annual return|**Total**<br>**funds**<br>**2025**<br>**£**<br>**1,960**<br>**Total**<br>**funds**<br>**2025**<br>**£**<br>**688**|_Total_<br>_funds_<br>_2024_<br>_£_<br>_1,400_|
|---|---|---|
|||_Total_<br>_funds_<br>_2024_<br>_£_<br>_-_|



## **7. Auditors' remuneration** 

The auditors' remuneration amounts to an auditor fee of £1,960 ( _2024_ - _£1,400_ ). 

## **8. Trustees' remuneration and expenses** 

During the year, no Trustees received any remuneration or other benefits _(2024 - £NIL)_ . 

During the year ended 31 March 2025, no Trustee expenses have been incurred _(2024 - £NIL)_ . 

Page 17 



## **NORFOLK MUSEUMS DEVELOPMENT FOUNDATION** 

## **(A Company Limited by Guarantee)** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025** 

## **9. Heritage assets** 

## **Assets recognised at cost** 

|Carrying value at 1 April 2024 and 31 March 2025<br>**10.**<br>**Fixed asset investments**<br>**Cost or valuation**<br>Additions<br>Revaluations<br>At 31 March 2025|**Heritage**<br>**asset 1**<br>**2025**<br>**£**<br>600,000<br>**Listed**<br>**investments**<br>**£**<br>**379,716**<br>**(24,123)**<br>**355,593**|
|---|---|



Page 18 



## **NORFOLK MUSEUMS DEVELOPMENT FOUNDATION** 

## **(A Company Limited by Guarantee)** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025** 

## **11. Debtors** 

|||_As restated_|
|---|---|---|
||**2025**|_2024_|
||**£**|_£_|
|**Due within one year**|||
|Other debtors|**4,080**|_729,507_|



## **12. Creditors: Amounts falling due within one year** 

|Trade creditors<br>Accruals and deferred income|**2025**<br>**£**<br>**-**<br>**1,500**<br>**1,500**|_2024_<br>_£_<br>_18_<br>_1,400_|
|---|---|---|
||||
|||_1,418_|



## **13. Prior year adjustments** 

In the prior year, opening funds increased by £400,000 following a review of legacy income transactions. 

In the current year, opening funds reduced by £4,725 following the overstatement of income and debtors. 

Page 19 



**(A Company Limited by Guarantee)** 

## **NORFOLK MUSEUMS DEVELOPMENT FOUNDATION** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025** 

## **14. Statement of funds** 

## **Statement of funds - current year** 

|**Unrestricted**<br>**funds**<br>General Funds<br>**Restricted**<br>**funds**<br>Castle Keep<br>project<br>Newstead<br>Pietre Dure<br>Turner<br>Kick the Dust<br>Lynn Museum<br>**Total of funds**|**As restated**<br>**Balance at 1**<br>**April 2024**<br>**£**<br>**602,988**<br>**249,724**<br>**1,240**<br>**300**<br>**1,000**<br>**700**<br>**940,226**<br>**1,193,190**<br>**1,796,178**|**Income**<br>**£**<br>**4,166**<br>**125,069**<br>**-**<br>**-**<br>**-**<br>**-**<br>**37,154**<br>**162,223**<br>**166,389**|**Expenditure**<br>**£**<br>**(2,648)**<br>**(220,000)**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**(220,000)**<br>**(222,648)**|**Transfers**<br>**in/out**<br>**£**<br>**4,789**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**(4,789)**<br>**(4,789)**<br>**-**|**Gains/**<br>**(Losses)**<br>**£**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**(24,123)**<br>**(24,123)**<br>**(24,123)**|**Balance at**<br>**31 March**<br>**2025**<br>**£**<br>**609,295**|
|---|---|---|---|---|---|---|
|||||||**154,793**<br>**1,240**<br>**300**<br>**1,000**<br>**700**<br>**948,468**|
|||||||**1,106,501**|
|||||||**1,715,796**|



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 has received the residuary estates of a brother and sister for the benefit of Lynn Museum. 

Page 20 



## **NORFOLK MUSEUMS DEVELOPMENT FOUNDATION** 

## **(A Company Limited by Guarantee)** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025** 

## **14. Statement of funds (continued)** 

## **Statement of funds - prior year** 

|**Unrestricted funds**<br>General Funds<br>**Restricted funds**<br>Castle Keep project<br>Newstead<br>Pietre Dure<br>Turner<br>Kick the Dust<br>Lynn Museum<br>**Total of funds**|_Balance at_<br>_1 April 2023_<br>_£_<br>_600,346_<br>_248,162_<br>_1,240_<br>_300_<br>_1,000_<br>_700_<br>_934,599_<br>_1,186,001_<br>_1,786,347_|_As restated_<br>_Income_<br>_£_<br>_-_<br>_1,562_<br>_-_<br>_-_<br>_-_<br>_-_<br>_47,228_<br>_48,790_<br>_48,790_|_Expenditure_<br>_£_<br>_(2,083)_<br>_-_<br>_-_<br>_-_<br>_-_<br>_-_<br>_(36,876)_<br>_(36,876)_<br>_(38,959)_|_Transfers_<br>_in/out_<br>_£_<br>_4,725_<br>_-_<br>_-_<br>_-_<br>_-_<br>_-_<br>_(4,725)_<br>_(4,725)_<br>_-_|_As restated_<br>_Balance at_<br>_31 March_<br>_2024_<br>_£_<br>_602,988_|
|---|---|---|---|---|---|
||||||_249,724_<br>_1,240_<br>_300_<br>_1,000_<br>_700_<br>_940,226_|
||||||_1,193,190_|
||||||_1,796,178_|



Page 21 



## **NORFOLK MUSEUMS DEVELOPMENT FOUNDATION** 

## **(A Company Limited by Guarantee)** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025** 

## **15. Summary of funds** 

## **Summary of funds - current year** 

|General funds<br>Restricted funds|**As restated**<br>**Balance at 1**<br>**April 2024**<br>**£**<br>**602,988**<br>**1,193,190**<br>**1,796,178**|**Income**<br>**£**<br>**4,166**<br>**162,223**<br>**166,389**<br>_Balance at_<br>_1 April 2023_<br>_£_<br>_600,346_<br>_1,186,001_<br>_1,786,347_|**Expenditure**<br>**£**<br>**(2,648)**<br>**(220,000)**<br>**(222,648)**<br>_As restated_<br>_Income_<br>_£_<br>_-_<br>_48,790_<br>_48,790_|**Transfers**<br>**in/out**<br>**£**<br>**4,789**<br>**(4,789)**<br>**-**<br>_Expenditure_<br>_£_<br>_(2,083)_<br>_(36,876)_<br>_(38,959)_|**Gains/**<br>**(Losses)**<br>**£**<br>**-**<br>**(24,123)**<br>**(24,123)**<br>_Transfers_<br>_in/out_<br>_£_<br>_4,725_<br>_(4,725)_<br>_-_|**Balance at**<br>**31 March**<br>**2025**<br>**£**<br>**609,295**<br>**1,106,501**|
|---|---|---|---|---|---|---|
|||||||**1,715,796**|
|||||||_As restated_<br>_Balance at_<br>_31 March_<br>_2024_<br>_£_<br>_602,988_<br>_1,193,190_|
|**Summary of funds - prior year**|||||||
|General funds<br>Restricted funds|||||||
|||||||_1,796,178_|



## **16. Analysis of net assets between funds** 

## **Analysis of net assets between funds - current year** 

|**Unrestricted**<br>**funds**<br>**2025**<br>**£**<br>Fixed asset investments<br>355,593<br>Heritage assets<br>600,000<br>Current assets<br>(344,798)<br>Creditors due within one year<br>(1,500)<br>**Total**<br>609,295|**Restricted**<br>**funds**<br>**2025**<br>**£**<br>-<br>-<br>1,106,501<br>-<br>1,106,501|**Total**<br>**funds**<br>**2025**<br>**£**<br>**355,593**<br>**600,000**<br>**761,703**<br>**(1,500)**|
|---|---|---|
|||**1,715,796**|



Page 22 



**(A Company Limited by Guarantee)** 

## **NORFOLK MUSEUMS DEVELOPMENT FOUNDATION** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025** 

## **16. Analysis of net assets between funds (continued)** 

## **Analysis of net assets between funds - prior year** 

|Heritage assets<br>Current assets<br>Creditors due within one year<br>**Total As restated**|_Unrestricted_<br>_funds_<br>_2024_<br>_£_<br>_600,000_<br>_(319)_<br>_(1,418)_<br>_598,263_|_As restated_<br>_Restricted_<br>_funds_<br>_2024_<br>_£_<br>_-_<br>_1,197,915_<br>_-_<br>_1,197,915_|_As restated_<br>_Total_<br>_funds_<br>_2024_<br>_£_<br>_600,000_<br>_1,197,596_<br>_(1,418)_<br>_1,796,178_|
|---|---|---|---|



## **17. 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 2025. 

Page 23