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← The Long Shop Museum

2024-03-31-accounts

Charity registration number 1167945 (England and Wales)

THE LONG SHOP MUSEUM

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

THE LONG SHOP MUSEUM

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees A Leonard
A Cardy
T Cooper
J Fenoulhet
R Rainger
S Brooks
R Ashton (Appointed 10 July 2023)
Museum Director F Hale
Patron Lord Cranbrook
Charity number 1167945
Principal address 17 King Edward Road
Leiston
IP16 4HQ
Independent examiner Helen Rumsey FCA
Ensors Accountants LLP
Connexions
159 Princes Street
Ipswich
IP1 1QJ
Bankers Barclays Bank plc
Leicester
LE87 2BB

THE LONG SHOP MUSEUM

CONTENTS

Page
Trustees report 1 - 14
Independent examiner's report 15
Statement of financial activities 16
Balance sheet 17
Statement of cash flows 18
Notes to the financial statements 19 - 33

THE LONG SHOP MUSEUM

TRUSTEES REPORT

FOR THE YEAR ENDED 31 MARCH 2024

The trustees present their annual report and financial statements for the year ended 31 March 2024.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the CIO's governing document, the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019).

Objectives and activities

The purpose of the CIO, as stated in its constitution, is to preserve, restore and maintain the heritage buildings of the former Richard Garrett town works. These Grade II* listed buildings are held in freehold by the CIO and are of special architectural and historical interest. Within the buildings the CIO runs a museum that preserves and showcases Leiston's unique engineering and social history, for the education and benefit of the public.

In practice the museum serves this purpose by:

To inform and guide the continuous development of these objectives the CIO espouses the following aims in its strategic forward plans:

To Ensure Resilience and Sustainability

THE LONG SHOP MUSEUM

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

More specifically, the museum strives:

To Deliver Audience Development and Improve Visitors Experience

To Manage Its Collections

To Provide Education/Outreach

To Manage Partnerships

To Espouse and Promote Diversity and Inclusivity

To Espouse and Promote Environmentally Benign Sustainability

The trustees have paid due regard to guidance issued by the Charity Commission's guidance on public benefits, in deciding what activities the CIO should undertake.

The CIO continuously develops its offering to museum audiences and stakeholders by developing, implementing, and regularly reviewing, forward plans. Forward plans are strategic in nature, have a three-year horizon, and include a thorough status review of risks and opportunities, a tactical Action Plan with SMART quantitative and qualitative targets, and a three-year budgetary forecast.

THE LONG SHOP MUSEUM

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

Achievements and performance

During the period the CIO dealt with the news that all local government funding for culture and heritage was being withdrawn. It also had to respond to the impact upon museum-goers (particularly its core audiences of families, and senior citizens) of rising food and energy prices. Despite this the museum welcomed 6233 paying visitors, 485 children under five years old, and admitted 840 visitors on free to enter days. Not only was footfall slightly up on last year, dwell time, too increased. Income from admissions was £24,425. The museum hosted 900 hours of supported volunteer hours (social prescription clients, and NEETs) and 2485 other volunteer hours. 170 school children enjoyed our immersive learning days, and 90 local children took part in our holiday craft camps. The museum attended three outreach learning events, including the Education Day at the Great Henham Steam Rally, where we were visited, collectively by over two hundred children. In readiness for the loss of its local government funding, the museum succeeded in finding new sources of project and revenue funding to diversify its income into 2027.

The first phase of a twin phase repair and refurbishment programme was successfully delivered in the period, funded by a MEND grant and £100,000 of match funding.

Financial review

There is a surplus for the year of £274,289 (2023: £15,326 deficit).

The income for the year was £779,306 (2023: £136,402 ), with the majority of this being generated from grants, being £736,066 (2023: £92,537) of which £709,505 (2023: £77,966) is restricted income.

Whilst income has increased, the expenditure has also increased by £365,140 to £511,383 (2023:£146,241). The key expenditure in the year was refurbishment costs of £268,800 due to the MEND project, a building project that commenced during the year.

The CIO has reported a gain on the investment value of £6,366 (2023: Loss £5,485).

The period included a significant event in the commencement of the MEND funded repair and refurbishment project. 18 months of planning, preparation and fundraising allowed the contract phase of the project to begin in November 2023. The museum had raised £100,000 of match funding to complement the MEND funding that will be granted in four tranches across FY23/24 and FY 24/25. The MEND funding is restricted project funding and only a small proportion of the value will be capitalised.

The trustees are aware of the likely impact upon visitor numbers due to the activity associated with the construction of Sizewell C nuclear power station. Sizewell C has a deed of obligation, and significant funding available to work with local communities to mitigate this impact, The museum trustees are working with Sizewell C and local government to ensure that the commercial and reputational health of Leiston as a visitor destination is maintained. The SWOT analysis and Key Challenges facing the museum are extracted from the current Forward Plan as Appendices A and B, respectively. As noted above, the current Action Plan, that outlines the strategic responses to the challenges and opportunities that lie before the museum, is attached as Appendix C.

The museum is operating in a dynamic and unpredictable commercial and social landscape. Still emerging from the fallout of a global pandemic, and dealing with financial and cultural uncertainties that are unprecedented within the tenure of the current governance and management teams. Thankfully the museum is a relatively small and responsive system, with strong and effective communication channels, a willingness and ability to learn equally from both successes and failures, and the will to act to change in the pursuit of its core goals to remain an engaging and rewarding centre for civic identity, wellbeing, learning and enjoyment by preserving and interpreting the past.

The museum holds its primary reserves in two investment funds. These products are specialised Charity Investment Funds with a balanced risk profile, and ethical principles. The Reserves Policy is reviewed annually and is adjusted as necessary to maintain reserves that are adequate to fulfil our continuing obligations and meet creditor and payroll obligations if the museum had to undergo unplanned closure.

THE LONG SHOP MUSEUM

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

Going concern

The Trustees monitor the CIO's financial position closely and continuously. The CIO has healthy reserves, in line with its policy, and has secured grants that assist with significant elements of its core costs and project plans for the forthcoming 24 months. Looking forward, the trustees remain confident that the CIO is a going concern.

Reserves

The trustees consider the level of reserves and are happy with these as they currently stand, with total funds of £609,099 (2023: £312,720).

The unrestricted funds amount to £137,422 (2023:£175,057) and are made up of the general fund of £66,793 (2023: £104,430) and the revaluation reserve of £76,366 (2023:£70,629).

The restricted funds total £471,677 (2023: £137,663) at the year-end. A full analysis of the breakdown of the restricted funds is shown in note 20, but the largest balance relates to the PIOTS Refurbishment / Are Council England at £350,215 (2023: £52,928). £214,617 (2023:£72,310) of the restricted funds relates to fixed assets.

The CIO does not have any funds in deficit at the year end (2021: None).

Structure, governance and management

The Long Shop Museum is a Foundation Charitable Incorporated Organisation (CIO). The Charity was established under a Memorandum of Association which established the objectives and powers of the charitable company and is governed by its Articles of Association. The museum was constituted as a CIO in June 2016 and is registered with the Charity Commission as No: 1167945 and with Companies House as No: CE007698.

There are currently seven (7) trustees, including the Chair and Vice-chair. The trustees meet every second month to discuss with the Museum Director (MD) operational issues, activities, performance against KPI’s, and future development plans, and to review policy documents as required. In the absence of the MD the trustees also discuss and agree trustee recruitment and development matters, and the remuneration of the museum staff. Staff pay is reviewed at least annually. Pay awards consider the current Standard Living Wage, are based on the Museums Association’s Salary Research & Recommendations document and are agreed by a quorate trustee meeting.

The CIO employs a small management team, led by the Museum Director. The day-to-day management of the museum is undertaken by the Museum Director. The MD can make financial commitments in line with the museum’s regularly reviewed Spending Authority Policy without reference to the trustees, otherwise financial commitments require quorate approval by trustees. The MD also has a Limited Authority Mandate to act for the museum in matters of fundraising and in financial reporting. This Mandate is reviewed annually. All material spending, investment and fundraising activities are discussed at trustee meetings and are subject to the museum’s Risk Management and Procurement, or Ethical Fundraising Policies.

The staff are supported by (and manage) a team of around sixty volunteers who bring with them a range of skills and experience. The volunteers assist with the front of house, stewarding and guiding, office administration, cleaning, general maintenance and small repairs. There are volunteer teams that give their time to undertake specialized tasks, such as, maintaining and driving steam engines, cataloguing the collections, researching and updating displays, photographing events, and helping organise and stage events. The Museum relies on the ongoing generous support of these volunteers to operate, and the Trustees would like to express sincere thanks for all their help.

THE LONG SHOP MUSEUM

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

The trustees who served during the year and up to the date of signature of the financial statements were: A Leonard

A Cardy T Cooper J Fenoulhet R Rainger S Brooks R Ashton (Appointed 10 July 2023)

All trustees are appointed by the board. Appointments are based on any skill gaps within the board, to ensure the board has a suitably broad range of skills and experience.

The board meets six times per year with the senior management team.

Appendix A – SWOT Analysis

Strengths Weaknesses Opportunities Threats
Resilience
Vigorous and growing
Board of Trustees
Core group of loyal and
enthusiastic volunteers
Ideological and financial
support from all tiers of
local government		 Diminished numbers of
volunteers
outside
of
core group.
Reliance
on
revenue
grant funding
Serious deterioration of
fabric of buildings that
house the Collections		 Workforce recruitment &
training plans
Cross-institution
collaborations.
Re-invention
of
the
museum experience for
a
virtual/hybrid
audience.
Monetized virtual access
portals
Subscription
memberships		 Age profile of local
volunteer/supporter
pools.
Emigration of local
audiences,
as
employment
opportunities
fluctuate.
Sustainability
Listed Building Status
Carbon Net Zero status
Majority of Collections
do not require close
environmental control.
Majority of site does not
require
comfort-control
of visitor environment.		 Heritage
buildings
require
regular
maintenance/repair
using materials that are
not
always
environmentally friendly.
Grade II* listing makes
on-site
renewable
energy
options
(e.g.
solar) problematic.
Age and structure of
heritage
buildings
means
poor
energy
efficiency.
Live
steam
exhibits
employ
an
environmentally
challenging
and
increasingly scarce fuel
source.		 Refurbishment
of
the
museum
will
improve
insulation and energy
efficiency of many of the
spaces in the museum.
New coal alternatives		 Rising
cost
of
energy

THE LONG SHOP MUSEUM

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

Strengths Lack
of
awareness
 Increased number and

 Leiston is not a
Visitors ~~amongst~~
~~potential~~
 ~~variety~~
~~of~~
~~temporary~~
 ~~major tourist draw –~~
Iconic built heritage.
Operational
steam
engines and machinery
Unique story – nationally
significant
site
and
Collections		 ~~visitors.~~
Restricted
access
to
upper floors.
Lack
of
local
Car
Parking.
Shortage of volunteers
Many exhibits are dated
in presentation
Museum is not yet a
‘day-out’ destination		 ~~displays.~~
Cross-institution
collaboration.
New
virtual/hybrid
visitor experiences.
Remote/virtual
audio-
visual
access
to
restricted access areas
Café facilities in new
Community Hub
Extended opening.
Sizewell C
~~other~~
~~nearby~~
destinations
seem
more attractive.
Local
holiday
accommodation
is
scarce.
Sizewell C
The Collection
Diverse
and
rich
in
social history.
Operational
steam
vehicles.
Majority is catalogued.
Few
fragile/vulnerable
objects – day to day
conservation
not
complex or costly.
Safe,
secure,
‘off-
display’ storage.		 Interpretation
can
be
greatly
improved
in
some cases.
Interpretation
not
sufficiently
accessible/
inclusive/ engaging
Narrow
thematic
presentation.
Limited archive storage.		 Digitization will improve
interpretation
options
and offer virtual access.
Refresh
staff
and
volunteer
training
&
develop
best
practice
procedures.
Develop items that offer
interaction and output.		 Environmental
threats to condition
of
vulnerable
objects
(temperature
variation, ingress of
rain/wind/dust,
potential
flooding,
etc.)

THE LONG SHOP MUSEUM

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

Appendix B - Key challenges facing the Museum

The Museum faces a variety of challenges in the next three years and these will impact on the ability to deliver the outcomes of this Forward Plan.

3.1.1 Resilience

Closely linked to the Museum’s need to increase visitor numbers, the dwell time, and the spend per visitor, is the urgent requirement for major repairs and restoration. If the Museum is to exploit the opportunities outlined in the SWOT analysis (above) the museum buildings must be safe, secure, accessible and attractive. Now that funding for this work has been secured, we must deliver the agreed programme of repair and restoration. In parallel we have developed a strategic plan to exploit the opportunities that the restoration will proffer. The Long Shop buildings are a venerable Collection in themselves. Once the restoration project is complete, every care must be taken to maintain the structures to ensure long-term survival. This requires a detailed and budgeted maintenance plan with horizons of five, ten, and twenty years. As well as more visitors, the Museum needs a more diverse and resilient workforce. New ways to recruit, and retain, volunteers, ‘Friends’, and benefactors, are being explored, and succession plans developed or reviewed.

3.2.2 Sustainability

If the museum is resilient, it must also be sustainable. In addition to the resilience measures highlighted above, the Museum has already achieved net carbon neutrality and a Gold Carbon Charter award. The museum continues to monitor, manage and reduce its environmental impact. It uses this position to better differentiate itself in the heritage market-place, and to champion the beneficial impact of ‘green’ museums upon cultural and environmental wellbeing.

3.2.3 Visitors

If we are to attract new visitors, and for existing visitors to return (and spend) we need to ensure that our museum experience is perceived as being stimulating, relevant, value for money. To do this we must broaden our appeal, improve accessibility, and use a combination of traditional physical resources, and new technologies to offer dynamic visitor experiences with multiple access routes and manifold engagement points. Designing displays and interpretation that satisfy these needs requires research, care, and resources. The Museum needs to work with experts, other museums, its visitors and volunteers, and funding resources to create a rewarding and valuable experience for everyone. The development of new physical exhibits is constrained by the areas available to us to safely display valuable and vulnerable objects in the museum. This ability will be greatly improved by the delivery of the repair and restoration programme (referenced above).

3.2.4 The Collections

As part of our commitment to visitor access the Museum is in the process of digitizing its entire Collection. For this, a new digital, cloud-based cataloguing system has been employed. New policies and procedures for recording and managing the Collections have been produced and implemented. The Museum’s Collection Development Policy has been revised to include the acquisition of objects related to the broader social history of Leiston, and associated topics, to allow a more inclusive and eclectic visitor experience. The Museum needs to make its physical spaces and objects as accessible as possible, this is one of the outcomes of our restoration programme – other existing restrictions, such as the stairway to the upper gallery of the Long Shop, we intend to overcome with the use of digital/virtual technology and innovative display design.

3.2.5 Education & Outreach

An important means of introducing the Museum to younger people has always been via school visits. The Museum will continuously review and develop its Education Plan to ensure that the teaching themes and resources are relevant, and to make it as easy as possible for teachers to plan rewarding visits. Development of virtual material will be aimed at extending the learning opportunities by creating both pre-visit and post-visit resources.

To reach and engage a greater pool of potential visitors, the museum intends to develop a greater number of new permanent and temporary exhibitions and events (based both on and off-site). These will be both of general interest and themed. Collaboration with other local institutions will increase the reach and impact, and benefit all parties.

THE LONG SHOP MUSEUM

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

3.2.6 Partnerships

To address many of the challenges detailed above the Museum will need to collaborate with other institutions in imaginative and disruptive ways. Closer links with schools, partnerships with other museums, historical societies, other local institutions and businesses, and training and support resources will all help to enrich our visitor’s experience, and consolidate the Museum’s future. At the heart of the museum’s success as a community support provider is our involvement with Social Prescription actors, such as the NHS, and Suffolk Inspire. We will continue to extend our range of flexible opportunities to volunteers who benefit from physical, emotional or intellectual support while at the museum.

3.3 Summary

The key challenges facing the Museum over the next five years can be grouped as follows:

THE LONG SHOP MUSEUM

TRUSTEES REPORT

FOR THE YEAR ENDED 31 MARCH 2024

Appendix C – Action Plan

Objective Actions Measure Responsibility Timescale Progress
Aim 1: Resilience
Develophuman,infrastructure,and financial resources to ensure the longevityof the museum
To
develop
&
implement
procedures & plans
with on-going training
for
trustees
&
volunteers
To secure the fabric
of the museum so
that it can effectively,
securely,
and
sustainably
protect
and
display
the
Collections
To
continuously
review & develop our
offer
to
increase
visitor income.
To maintain healthy
governance
of
the
museum














Recruit & appoint a Community & Learning Officer
Develop a new, sector targeted, Volunteer
recruitment & training programme.
Review and revise the 5 & 10 year Planned
Maintenance Schedule.
Deliver the MEND funded programme of work to
address the repairs and restoration, and ensure
the Museum’s longevity,
Review and revise marketing policy and plan
Develop Merchandise Offering – own brand/
exclusive, event themed, local sources
Develop new interactive and hybrid experiences
to extend and enhance the visitor experience
Review & revise audience feedback collection and
analysis
Further develop the Community Hub café as a
source of income, to increase dwell time and to
diversify use of the Hub
Recruit, appoint, induct & train new trustees as
required to maintain a robust, diverse and
effective board









Appointment
Document
Document
review/revision
Capital Project
Document review/
revision
Supply
Chain
Agreements
Complementary
Digital Material
New Procedures
Policy
and
Procedures

Trustees
+
Museum
Director
CLO + MD
Trustees + MD
MD + Trustees
& professional
team
MD + Trustees
MD
+
Bookkeeper
MD,
CLO
+
Volunteer
Teams
MD + AEO
Denise
R
+
MD
Trustees + MD





01.10.2023
31.01.2024
30.03.2025
31.03.2026
03.02.2026
30.01.2023
01.06.2023
–
31.10.2026
30.09.2025
30.09.2023
31.03.2026		 Recruitment to begin in September 2023
Scheduled to commence in October 2023
Annual Review - Ongoing
Project commenced in May 2023
Ongoing
Annual Review - Ongoing
Ongoing
Ongoing
Ongoing
Ongoing
Ongoing – Safer Recruitment Policy adopted
August 2024

THE LONG SHOP MUSEUM

TRUSTEES REPORT

FOR THE YEAR ENDED 31 MARCH 2024

Objective Actions Measure Responsibility Timescale Progress
Aim 2: Sustainability
Manage natural resources to ensure the long-term survival of the Museum and its surroundings
Monitor and minimise
the Museum’s Carbon
Footprint
Champion
the
museum’s
green
credentials



Continue to replace low efficiency heating and
lighting
equipment
with
higher
efficiency
technology as is practicable and commercially
viable.
Review sources of supply for utilities, packaging,
consumables, waste handling, etc. to ensure best
Triple Bottom Line outcome.
Encourage low carbon modes of transport to the
museum in marketing and social media material,
and by providing suitable facilities on site (e.g.
bike park)
Build
environmental
sensitivity,
and
green
technologies, into the Museum’s education and
Outreach programme
Continue to liaise with Leiston Town Council, East
Suffolk Council, The Environment Agency, EDF,
and
local
community
groups
to
maximise
opportunities to educate and inform.












Purchasing
Guidelines/
Decisions/
Funding
Routine review
Marketing
Strategy/Media
Documents/Media
Communications		 MD + Trustees
Staff
+
Volunteer
Team
MD
MD + CLO
MD + CLO
Ongoing
Ongoing
Ongoing
Ongoing
Ongoing		 Ongoing the museum became Carbon Net Zero
March 2022
Ongoing
Ongoing
Ongoing
Ongoing

THE LONG SHOP MUSEUM

TRUSTEES REPORT

FOR THE YEAR ENDED 31 MARCH 2024

Objective Actions Measure Responsibility Timescale Progress
Aim 3: Visitors
Understand our audience and offer a valuable rewardingexperience.
Capture, analyse and
evaluate the needs
and interests of our
audience and
continually improve
the visitor experience
we provide.
Ensure the museum
displays and
interpretation are
maintained, improved
and developed to a
high standard.
Improve access to the
museum so more
people can enjoy all
that it has to offer.






















 Implement an Audience Finder hybrid Survey Plan
Collect, analyse and interpret data from Survey
Plan.
Disseminate findings and plan developments
Perform daily checks to ensure that all displays,
models and interactives are working correctly.
Continuously improve the presentation of the
Collection by reviewing the layout and structure of
elements of the displays.
Develop annual plans for improvements and
temporary displays linked to local and national
initiatives and in partnership with others.
Increase the number of Temporary, and Offsite
displays and events tailored to specific audience
interests and topical issues to encourage repeat
visits.
Based on the findings of the independent access
audit, produce, and deliver an access plan to
improve visitor experience.
Introduce CCTV, tactile tours, audio/virtual tours
via smart phones, quiet times, individual guided
tours for hearing/sight impaired visitors., sensory
maps and visitor packs.
Plan confirmed
and in use
Data, and
analysis based
proposals
Procedures &
Training
Routine
inspections and
responses to
feedback
Policy and Plan
Calendar
Document
Proposals, risk
assessments &
Plan		 MD
MD
Staff and FoH
Team
Display &
Collections
Teams + MD
Display &
Collection
Teams + MD
MD + CLO +
AEO
MD
MD		 Ongoing
03.02.2023
19.03.2023
Ongoing
Ongoing
Ongoing
28.02.2022
26.02.2022
–
31.10.2026
Ongoing
To be used to inform new Marketing Strategy
Commences with Open Season 2023
Ongoing
Plan complete, implementation ongoing and
linked to repair and refurbishment project
Ongoing

THE LONG SHOP MUSEUM

TRUSTEES REPORT

FOR THE YEAR ENDED 31 MARCH 2024

Objective Actions Measure Responsibility Timescale Progress
Aim 4: The Collection
Develop, preserve and interpret artefacts to enrich audience engagement.
Document, manage and
use information about the
Collections.
Develop the scope of the
Collections responsibly in
accordance with ethical
guidelines.
Ensure that the museum
Collections and buildings
are
managed
and
interpreted
to
a
high
standard.








Revise Collection Documentation Procedures in
line with Spectrum 5.1, and new Catalogue
Management System.
Manage the transfer of Collection data to the
new CMS.
Digitize the Collection & Archive
Publish Catalogue Online.
Revise, approve and implement a Collections
Development Policy to reflect a broader range of
themes.
Continue to liaise with other local museums
regarding their Collections Development Plans
and Acquisitions Policies.
Prepare for the review of, and retain, the
Museum’s Accredited status.
Use the decant related to the Repair and
Refurbishment project as a Conservation,
Object Handling, and Object Location Training
opportunity
Review Emergency Plan and deliver training on
implementation.
Conduct Security Review
Follow,
and
regularly
review
museum’s
Maintenance Plan.












Catalogue Update
Procedures
Documents,
training
Communications
Review
Policies,
Procedures
and
Evidence.
Follow
ACE’s
application
process
Appoint
Accredited
Conservator
to
assist
with
planning
and
delivery
of
decant.
Review Plan
Asset and policy
review








MD
+Collection
Team
MD + Collection
Team
MD + Collection
Team
MD, Trustees +
Collection Team
MD
+
Decant
Team
MD + Trustees
MD
MD
+
MA
+
Volunteer Teams




Ongoing
Ongoing
Ongoing
30.09.2023
30.03.2024
19.03.2023
30.06.2024
Ongoing		 CMS operational, Catalogue Update on Schedule
Policy complete, implementation ongoing
Ongoing
Policy review complete; Scheduled to submit return in September
2023. Reaccreditation confirmed November 2023
Complete
After 1stPhase of Repair & Refurb
Plan reviewed after first phase of MEND project next review
scheduled for April 2025

THE LONG SHOP MUSEUM

TRUSTEES REPORT

FOR THE YEAR ENDED 31 MARCH 2024

Objective Actions Measure Responsibility Timescale Progress
Aim 5: Education and Outreach
Developresources and strategies that encourage learningby groups of all ages,interests and abilities
Expand and improve
our
education
&
outreach programme.

Continually review, revise and deliver the
museum’s outreach programme and activity plan;
liaising with the Learning, Collections and Display
Teams to ensure that exhibitions & displays serve
the programme.
Produce
annual
plans
for
interpretation
improvements and temporary displays linked to
local and national initiatives and in partnership
with others.
Review and respond to event feedback and
modify future event programmes accordingly.







Regular Reviews,
revised
documents
Post
Event
Reviews

MD
MD + CLO +
Volunteer
Teams
Ongoing
Ongoing

THE LONG SHOP MUSEUM

TRUSTEES REPORT

FOR THE YEAR ENDED 31 MARCH 2024

Objective Actions Measure Responsibility Timescale Progress
Aim 6: Partnerships
To leverage collaborations with local and thematicallyrelated institutions to serve the aims above.
Develop and manage
contact with heritage
sector institutions that
might impact on, or be
impacted
by,
the
museum’s activities.
Develop
involvement
in the Museum Sector.





Liaise with other local museums regarding their
Collections Development Plans and Acquisitions
Policies.
Liaise with local and national heritage sector
groups and thematically linked museums to keep
up to date with sector legislation, guidelines and
trends and to share ideas and best practice
procedures.
Attend AfSM, SHARE, and AIM training courses
and conferences.






Communications,
policy
Network
with
other Curators
Museum/Event/
Course
attendance
MD
MD
+
Collection
Team
MD,
CLO,
AEO,
Volunteers

Ongoing
Ongoing
Ongoing

The trustees report was approved by the Board of Trustees.

A Leonard Trustee

R Rainger Trustee

31 January 2025

THE LONG SHOP MUSEUM

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE LONG SHOP MUSEUM

I report to the trustees on my examination of the financial statements of The Long Shop Museum (the CIO) for the year ended 31 March 2024.

Responsibilities and basis of report

As the trustees of the CIO you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011.

I report in respect of my examination of the CIO’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.

Independent examiner's statement

Since the CIO’s gross income exceeded £250,000, the independent examiner must be a member of a body listed in section 145 of the Charities Act 2011. I confirm that I am qualified to undertake the examination because I am a member of ICAEW, which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

Helen Rumsey FCA Ensors Accountants LLP

Connexions 159 Princes Street Ipswich IP1 1QJ

Dated: 31 January 2025

THE LONG SHOP MUSEUM

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2024

Unrestricted
Restricted
funds
funds
2024
2024
Notes
£
£
Income and endowments from:
Donations and legacies
3
31,511
709,561
Charitable activities
4
24,425
-
Other trading activities
5
7,593
-
Investments
6
6,216
-
Other income
7
-
-
Total income
69,745
709,561
Expenditure on:
Raising funds
8
16,304
-
Charitable activities
9
97,442
397,637
Total expenditure
113,746
397,637
Net gains/(losses) on
investments
13
6,366
-
Net income/(expenditure)
(37,635)
311,924
Transfers between
funds
-
-
Net movement in
funds
(37,635)
311,924
Reconciliation of funds:
Fund balances at 1 April 2023
175,057
137,663
Fund balances at 31 March
2024
137,422
449,587		 Total
Unrestricted
Restricted
funds
funds
2024
2023
2023
£
£
£
741,072
15,279
80,015
24,425
25,457
-
7,593
10,940
-
6,216
4,619
-
-
92
-
779,306
56,387
80,015
16,304
19,443
-
495,079
70,016
56,784
511,383
89,459
56,784
6,366
(5,485)
-
274,289
(38,557)
23,231
-
78,456
(78,456)
274,289
39,899
(55,225)
312,720
135,158
192,888
587,009
175,057
137,663		 Total
2023
£
95,294
25,457
10,940
4,619
92
136,402
19,443
126,800
146,243
(5,485)
(15,326)
-
(15,326)
328,046
312,720

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

THE LONG SHOP MUSEUM

BALANCE SHEET

AS AT 31 MARCH 2024

2024
Notes
£
Fixed assets
Tangible assets
15
Investments
17
Current assets
Stocks
18
2,973
Debtors
19
73,953
Cash at bank and in hand
308,274
385,200
Creditors: amounts falling due within
one year
20
(132,412)
Net current assets
Total assets less current liabilities
The funds of the CIO
Restricted income funds
22
Unrestricted funds
23		 £
212,697
121,524
334,221
252,788
587,009
449,587
137,422
587,009		 2023
£
3,000
4,028
130,052
137,080
(11,982)		 £
72,463
115,159
187,622
125,098
312,720
137,663
175,057
312,720

The financial statements were approved by the trustees on 31 January 2025

A Leonard Trustee

R Rainger Trustee

THE LONG SHOP MUSEUM

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024

2024
Notes
£
£
Cash flows from operating activities
Cash generated from/(absorbed by)
operations
28
317,819
Investing activities
Purchase of tangible fixed assets
(145,813)
Investment income received
6,216
Net cash used in investing activities
(139,597)
Net cash generated from financing activities
-
Net increase/(decrease) in cash and cash
equivalents
178,222
Cash and cash equivalents at beginning of year
130,052
Cash and cash equivalents at end of year
308,274		 2023
£
(11,691)
4,620		 £
(7,891)
(7,071)
-
(14,962)
145,014
130,052

THE LONG SHOP MUSEUM

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

1 Accounting policies

Charity information

The Long Shop Museum is a charitable incorporated organisation, registered with the Charity Commission in England and Wales. The CIO's registered office is: 17 King Edward Road, Leiston, Suffolk, IP16 4HQ.

1.1 Accounting convention

The financial statements have been prepared in accordance with the CIO's governing document, the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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 CIO is a Public Benefit Entity as defined by FRS 102.

The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The financial statements are prepared in sterling, which is the functional currency of the CIO. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of the listed investments. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the CIO has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives. The unrestricted funds, include the revaluation fund.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.4 Income

Income is recognised when the CIO is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. This includes grants received from local authorities.

Cash donations are recognised on receipt. Other donations are recognised once the CIO has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the CIO has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

Other income is recognised at the point of sale or receipt.

THE LONG SHOP MUSEUM

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies

(Continued)

1.5 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 is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Where restoration work has been carried out in restoring a heritage asset this has been included within museum exhibits.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives as follows:

Freehold land and buildings Striaght line over 25 years Plant and equipment Striaght line over 10 years Museum exhibits Not being depreciated

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7 Heritage assets

The heritage assets held are historic in nature and have no cost basis. Given the unique nature of many of the items in the collection a reliable valuation is impracticable and due to this they are excluded from the financial statements.

1.8 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

1.9 Impairment of fixed assets

At each reporting end date, the CIO reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.10 Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

THE LONG SHOP MUSEUM

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies

(Continued)

1.11 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.12 Financial instruments

The CIO has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the CIO's balance sheet when the CIO becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Derecognition of financial liabilities

Financial liabilities are derecognised when the CIO’s contractual obligations expire or are discharged or cancelled.

1.13 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the CIO is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.14 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.15 Leases

Rentals payable under operating leases, including any lease incentives received, are charged as an expense on a straight line basis over the term of the relevant lease.

THE LONG SHOP MUSEUM

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

2 Critical accounting estimates and judgements

In the application of the CIO’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Heritage assets

The heritage assets are excluded from the financial statements due to their unique nature and the difficulties this presents in order to get a reliable valuation. If these were valued the asset base of the CIO would likely be significantly higher than shown in these financial statements.

3 Donations and legacies

Unrestricted
Restricted
funds
funds
2024
2024
£
£
Donations and gifts
4,950
56
Grant income
26,561
709,505
31,511
709,561
Grants receivable
Magnox
-
31,400
Norfolk County Council
-
3,000
Suffolk County Council
14,821
-
East Suffolk Council
-
3,136
Arts Council England
-
653,969
Leiston town council
10,000
-
EDF
1,000
-
The Headley Trust
-
18,000
Other
740
-
26,561
709,505		 Total
Unrestricted
Restricted
funds
funds
2024
2023
2023
£
£
£
5,006
708
2,049
736,066
14,571
77,966
741,072
15,279
80,015
31,400
-
46,600
3,000
-
3,187
14,821
13,821
-
3,136
750
3,550
653,969
-
23,250
10,000
-
-
1,000
-
-
18,000
-
-
740
-
1,379
736,066
14,571
77,966		 Total
2023
£
2,757
92,537
95,294
46,600
3,187
13,821
4,300
23,250
-
-
-
1,379
92,537

THE LONG SHOP MUSEUM

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

4 Charitable activities

Unrestricted Unrestricted
funds funds
2024 2023
£ £
Museum and event admission 24,425 25,457

5 Income from other trading activities

Unrestricted Unrestricted
funds funds
2024 2023
£ £
Fundraising events - 43
Shop income 5,586 8,597
Letting and licensing arrangements 79 317
Sponsorships and social lotteries 1,928 1,983
Other trading activities 7,593 10,940
Income from investments
Unrestricted Unrestricted
funds funds
2024 2023
£ £
Income from listed investments 4,748 4,619
Interest receivable 1,468 -
6,216 4,619
Other income
Unrestricted Unrestricted
funds funds
2024 2023
£ £
Other income - 92

6 Income from investments

7 Other income

THE LONG SHOP MUSEUM

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

8 Expenditure on raising funds

Unrestricted Unrestricted
funds funds
2024 2023
£ £
Fundraising and publicity
Staging fundraising events 3,101 6,567
Advertising 11,129 10,373
Other fundraising costs 782 912
15,012 17,852
Trading costs
Operating charity shops 1,292 1,591
Total costs 16,304 19,443

9 Expenditure on charitable activities

Direct costs
Staff costs
Curatorial activities
Learning and outreach
Engine operation and restoration
Museum expenses
Share of support and governance costs (see note 10)
Support
Governance
Analysis by fund
Unrestricted funds
Restricted funds		 2024
£
61,037
938
948
1,507
3,029
67,459
422,220
5,400
495,079
97,442
397,637
495,079		 2023
£
81,545
1,569
453
881
1,376
85,824
33,646
7,330
126,800
70,016
56,784
126,800

THE LONG SHOP MUSEUM

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

10
Support costs
Depreciation
Refurbishment costs
Property expenses
Insurance
iZettle fees
Printing, postage and
stationery
IT software and
consumables
Legal, professional,
consultancy and health
and safety fees.
Telephone and internet
Travel and subsistence
General expenses
Accountancy
Analysed between
Charitable activities		 Support
costs
Governance
costs
£
£
5,580
-
268,800
-
9,917
-
13,625
-
499
-
2,766
-
1,224
-
113,375
-
801
-
143
-
5,490
-
-
5,400
422,220
5,400
422,220
5,400		 2024
£
5,580
268,800
9,917
13,625
499
2,766
1,224
113,375
801
143
5,490
5,400
427,620
427,620		 Support
costs
Governance
costs
£
£
2,220
-
-
-
8,520
-
8,474
-
885
-
2,296
-
909
-
5,412
-
771
-
8
-
4,151
-
-
7,330
33,646
7,330
33,646
7,330		 2023
£
2,220
-
8,520
8,474
885
2,296
909
5,412
771
8
4,151
7,330
40,976
40,976

Included within accountancy fees are £3,000 (2023: £2,860 ) relating to the independent examination fees.

11 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the CIO during the year.

12 Employees

The average monthly number of employees during the year was:

Employment costs
Wages and salaries
Social security costs
Other pension costs		 2024
Number
3
2024
£
59,237
23
1,777
61,037		 2023
Number
4
2023
£
78,479
1,050
2,016
81,545

THE LONG SHOP MUSEUM

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

12 Employees

(Continued)

There were no employees whose annual remuneration was more than £60,000.

Remuneration of key management personnel

The remuneration of key management personnel was as follows:

2024 2023
£ £
Aggregate compensation 38,315 34,123

13 Gains and losses on investments

Unrestricted Unrestricted
funds funds
2024 2023
Gains/(losses) arising on: £ £
Revaluation of investments 6,366 (5,485)

14 Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

15 Tangible fixed assets

Freehold land
and buildings
Plant and
equipment
£
£
Cost
At 1 April 2023
103,317
17,740
Additions
145,813
-
At 31 March 2024
249,130
17,740
Depreciation and impairment
At 1 April 2023
51,417
5,637
Depreciation charged in the year
4,133
1,447
At 31 March 2024
55,550
7,084
Carrying amount
At 31 March 2024
193,580
10,656
At 31 March 2023
51,900
12,101		 Museum
exhibits
£
29,909
-
29,909
21,447
-
21,447
8,462
8,462		 Total
£
150,965
145,813
296,778
78,501
5,580
84,081
212,697
72,463

Included in museum exhibits is £8,462 relating to heritage assets being restored.

Included in freehold land and buildings is £145,813 relating to assets under construction, therefore not depreciated in the year.

THE LONG SHOP MUSEUM

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

16 Heritage assets

The CIO owns over 8,000 heritage assets which are housed at The Long Shop and are preserved to a high standard.

The nature, range and provenance of many of the items in the collection renders it impracticable to obtain reliable valuations in a cost effective manner. The assets range from steam engines to thimbles and include a large number of documents and images.

As the heritage assets have not been able to be valued and have no historic cost, they are excluded from these financial statements.

The cost of restoration of heritage assets is included in fixed assets under museum exhibits.

THE LONG SHOP MUSEUM

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

17 Fixed asset investments

Cost or valuation
At 1 April 2023
Valuation changes
At 31 March 2024
Carrying amount
At 31 March 2024
At 31 March 2023
Investments at fair value comprise:
M&G Charifund units
CoIF Charity fund units		 Listed
investments
£
115,159
6,366
121,525
121,525
115,159
2024
2023
£
£
37,552
38,251
83,972
76,908
121,524
115,159		 Listed
investments
£
115,159
6,366
121,525
121,525
115,159
2024
2023
£
£
37,552
38,251
83,972
76,908
121,524
115,159
121,525
121,525
115,159
2023
£
38,251
76,908
115,159

Fixed asset investments revalued

Investments are in listed units and therefore are valued at their listed market value as at 31 March 2024. The revaluation movements are posted to the revaluation fund within unrestricted funds, which at 31 March 2024 amounted to £76,995 (2023: £70,629). The historic cost of the investments is £44,529.

18 Stocks

18
Stocks
Finished goods and goods for resale
19
Debtors
Amounts falling due within one year:
Other debtors
Prepayments and accrued income		 2024
£
2,973
2024
£
73,073
880
73,953		 2023
£
3,000
2023
£
3,127
901
4,028

THE LONG SHOP MUSEUM

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

20 Creditors: amounts falling due within one year

Other taxation and social security
Trade creditors
Other creditors
Accruals and deferred income
21
Retirement benefit schemes
Defined contribution schemes
Charge to profit or loss in respect of defined contribution schemes		 2024
£
1,868
102,842
403
27,299
132,412
2024
£
1,777		 2023
£
3,129
2,375
1,338
5,140
11,982
2023
£
2,016

The CIO operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the CIO in an independently administered fund.

22 Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

At 1 April Incoming Resources Transfers At 31 March
2023 resources expended 2024
£ £ £ £ £
- - (22,090) - (22,090)
Arts Council England 55,928 653,969 (359,682) - 350,215
Buick Project 5,513 - (506) - 5,007
Trolley Bus 10,100 56 (1,429) - 8,727
Magnox 19,608 31,400 (6,691) - 44,317
Foyle Community Hub 46,314 - (1,853) - 44,461
NCC - Recovery grant SME for
low energy heating - 3,000 - - 3,000
Display manikans 200 - (200) - -
East Suffolk - 3,136 (3,136) - -
The Headley Trust - 18,000 (2,050) - 15,950
137,663 709,561 (397,637) - 449,587

THE LONG SHOP MUSEUM

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

22 Restricted funds (Continued)
Previous year: At 1 April Incoming Resources Transfers At 31 March
2022 resources expended 2023
£ £ £ £ £
PIOTS Refurbishment 38,372 23,250 (5,694) - 55,928
Buick Project 3,918 1,949 (354) - 5,513
Trolley Bus 5,181 100 4,819 - 10,100
Magnox 95,417 46,600 (43,953) (78,456) 19,608
Foyle Community Hub 50,000 - (3,686) - 46,314
NCC Projects - 3,187 (3,187) - -
Display manikans - 1,000 (800) - 200
Warm Room - 2,590 (2,590) - -
Other projects fully expended - 1,339 (1,339) - -
192,888 80,015 (56,784) (78,456) 137,663

Descriptions of restricted funds below:

THE LONG SHOP MUSEUM

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

23 Unrestricted funds

The unrestricted fund is made up as follows:

At 1 April Incoming Incoming Resources Transfers Gains and At 31 March
2023 resources expended losses 2024
£ £ £ £ £ £
General funds 104,428 69,745 (113,746) - - 60,427
Revaluation
reserve 70,629 - - - 6,366 76,995
Previous year: At 1 April Incoming Resources Transfers Gains and At 31 March
2022 resources expended losses 2023
£ £ £ £ £ £
General funds 64,529 56,387 (89,459) 78,456 (5,485) 104,428
Revaluation
reserve 70,629 - - - - 70,629
Analysis of net assets between funds
Unrestricted Restricted Total
funds funds
2024 2024 2024
£ £ £
At 31 March 2024:
Tangible assets 137 212,560 212,697
Investments 121,524 - 121,524
Current assets/(liabilities) 15,761 237,027 252,788
137,422 449,587 587,009
Unrestricted Restricted Total
funds funds
2023 2023 2023
£ £ £
At 31 March 2023:
Tangible assets 153 72,310 72,463
Investments 115,159 - 115,159
Current assets/(liabilities) 59,745 65,353 125,098
175,057 137,663 312,720

24 Analysis of net assets between funds

THE LONG SHOP MUSEUM

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

25 Operating lease commitments

Lessee

At the reporting end date the CIO had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Within one year
Between two and five years		 2024
£
924
462
1,386		 2023
£
924
1,617
2,541

26 Capital commitments

The charity had capital and refurbishment expenditure commitments at the year end as follows:

Acquisition of property
Refurbishment expenditure		 2024
£
25,555
596,438
621,993		 2023
£
-
-
-

The commitment above relates to the MEND project and is externally funded by Arts Council England.

27 Related party transactions

Related party donation made by a trustee of £1,000 during the year (2023 - £625) .

THE LONG SHOP MUSEUM

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

28
Cash generated from/(absorbed by) operations
Surplus/(deficit) for the year
Adjustments for:
Investment income recognised in statement of financial activities
Fair value gains and losses on investments
Depreciation and impairment of tangible fixed assets
Movements in working capital:
Decrease/(increase) in stocks
(Increase)/decrease in debtors
Increase/(decrease) in creditors
Cash generated from/(absorbed by) operations		 2024
£
274,289
(6,216)
(6,366)
5,580
27
(69,925)
120,430
317,819		 2023
£
(15,326)
(4,619)
5,485
2,220
(987)
12,318
(6,982)
(7,891)