Diss Museum CIO Trustees Annual Report year ended 31 March 2024 Trustees Miranda MooreAppointed 2. March 2015 Daniel French Appointed 1st April 2017 Rlchard Peaty Appolnted 19th May 2023 Anthony Hulse Appolnted 27 November 2023 Ann Kent Appolnted 27 November 2023 Eve Coates Appointed 31° May 2024 Stephanle Dennls Appolnted 31. May 2024 Janet Smith Appointed 31° May 2024 John Robertson Appolnted 3 September 2021 Dlss Town Councll Corporate Trustee UK Charlty Relstered Number 1168112 Prlnclpal Offlce 11 Market Hill, Diss, Norfolk, IP224JZ Accountants Newman & Co, 4b Church Street, Diss, Norfolk Bankers Lloyds 8ank, Victorla Branch, P O Box IOLK), Andover, 8x1 ILT Insurers Ansvar Insurance Museum Manager 8asll Abbott RECEIVED 111 2J24 NEWMAN & CO
Diss Museum CIO Trustees report for the ye¥ ended 31° Marth 2024 The trustees present theSr report wlth the financial ststements of the charity for the year ended 31" March 2024. The trustees have adopted the provisions of Accounting and Reportlng by Charities: Ststement of Recommended Practice applicable to charities preparing their account in accordance with the Financial Reportin8 Standard applicable in the UK and Republlc of Ireland (FRS 102) (effective istjanuary 2019) Objectlves and Artlvltles Polkles and objectlves The objectives of the charity are establlshlng and maintslning in Dlss a public museum for the collection and display of all types of artefacts usually collected for study and display In a public museump particularly those of local interest and Importance. The charity is a public benefit entity. In settlng objectives and planning for actlvltie5, the trustees have given due conslderation to general guidance published bythe Charlty Commission relatlng to publlc benefit. After payment of expenses, any net Income must be applied to the museum. Actlvltles for a¢hlevln8 objectlves The charlty was organlsed as an Independent local museum run by a part-tlme manager appoSnted by the trustees and assisted by volunteers. All assets, liabi1Stles and activltles were transferred to a new charity. DISS Museum (no. 11681121, a UK charltable incorporated organlsatlon, on I" April 2017. Over many years the museum was supported by an assoclatlon of frlends. At a meetlng on 3 May 2024 membership of the Friends of Diss Museum voted to comblne wlth the trustees under an assoclation model constltution which the Museum adopted on 8 March 2024. This 8ranted the pald-up Frlends votlng rlghts as members of the museum. The merger was completed on 3 May 2024. Chalr's Annual Report 2024 As I prepare to hand over the relns to my worthy successor, Tony Hulse. l am heartened by the changes that have occurred In the past year whlch herald a brlghter future for the museum. The past few years have been dlfflcult, not least for a dearth of volunteers, be they stewards or trustees or supportlve Friends. Happily, thls situatlon has Improved, wlth three new trustees, Includlng the all-lmportant treasurer, Rlchard Peaty, coming on board before the end of last year. Wlthout hls tlreless dealings wlth the bank and HMRC throughout 2023, our finances would be in a much more parlous state. Whlle the current climate means that small enterprises such as ourselves constantly live on the edge, we are at least solvent (for the time being at any rate) and our resepies are earning more than they have In recent years. So, our board expanded and new ideas emerged, One such- that of merging the Friends with the Museum to effect a more cohesive organization - seemed to be a no brainer. Once the decislon was made, unanimously by the Friends committee and the Board of Trustees, the merger took place remarkably quickly. This was facilitated by Tony Hulse, a new trustee, who was able to employ hls considerable business experience to make it all happen. And as a result, the board swelled even further with three more trustees Jolnin8 us from the erstwhile Frlends. The board now boasts a very healthy mix of skills. expertise and enthusiasm which will greatly benefit the museum in the next few years. All of which w511 be necessary to steer usthrou8h the immediate future, one in whlch the very fabric of The Shambles once agaln requlres propplng up. In thls case literally, as one of the plllars Is beyond repair and major work is to be undertaken durin8 our closed season. As ever, funding is crucial and we must look to all and any avenue5. It would be particularly 8ratifylng to find the necessary finance not only from 8rants that May be
Diss Museum CIO available but also from local businesses who might- should- regard the Museum as a local asset to be supported. Now we have a team full of vltality in place there should be no stopping us wlth the various plan5 afoot. A new webslte is in the offing; we have jumped into the 21st century at last by acquiring a card reader; Basil Abbott continued to provlde funds with his Ghost Walk, talks to local groups and Flrst Fridays and commissloning special edltlon ale for sale at the Burston Strike School rally. This year's opening, on the theme of politlcs, began with a parade through the town. With Basil Abbott, every opening is a Grand Opening. The museum shop and our First Friday meetings also increased our revenues and we also successfully replaced some of our"lost° Friends who had ceased to subscribe. A lot remains to be done. The Museum requires refurbishment and repainting, Inslde and out; there Is a shortage of stewards to keep Ft open and we trustees need to make better use of online resources. Footfall needs to increase. Desplte everythlng, the future is lookin8 a lot more rosythan of late. The Museum's well-beln8 Is and always has been Sntimately bound up wlth the people who care for It. Lon8 maythat continue. Flnandal Revlew Dlss Town Councll, who recelved delegated fundSng powers from South Norfolk DlstrSct Councll In September 1997 under Sect5on 14 of the Publlc Librarles and Museums Act 1964, were committed to malntaln the museum, and are the owners of 4 Market Place, leased to the museum on a peppercorn rent. Mr. J Robertson Is the appolnted Dlss Town Councll Corporate Trustee. Day to day banklng has been transferred from Barclays to Lloyds, to tske advantsge of easler change of mandate and access to preferable terms for charltles. Deposit banking has been transferred from Vir8in Money to Charity Bank to achleve hlgher rates of 5nterest and online as opposed to postal access to funds. Core fundlngfor day to day runnln8 expenses has not been forthcomSn8 for a number of years, consequently the museum has to generate funds from a number of activitles, shop sales, donatlons, revenue from talks and tours etc. Slnce the lon8 closure resulting from the COVID pandemlc, the museum has been in deficit. DespSte sales and donations, including a grant of £1,000 from Eastern Reglon Medla CIC, of £15,384, up from £11,635 In 2023, Increased costs of £16,408, also up from £13,480 in 2023, the museum has a deficit for the year ending 2024 of £1,024, a significant reduction on the 2023 deficit of £1,845. Wlth the approval of a major donor, the restrictlon on funds for the payment of rent for the storage and management of the collection has been removed. A new Financial Resep4e Pollcy has been developed, In line with Charity Commission guidance, to sustain the financial viability and security of the charity. It demonstrates the charity's resilience and capaclty to manage unforeseen financial difficulties; provide a context for the charlty's Strategic plannlng and risk management; manage the risk to the charity from holding unspent funds at the year end without explanation, and meet the charity's financial obligations in the event of dissolution. The policy is to maintain a sufficlent level of reserves to enable normal operating artivities to continue over a period of 12 months, should a shortfall in income occur. In order to demonstrate transparency, accountability and sound financial management, the Reserves Policy also justifies the amount of reserves kept back each year for future contingencies.
Diss Museum CIO In calculatlng this year's reserves, the charlty has assumed the following: redundancy payment to staff; rent for premises so far as committed and other fixed costs: scheduled and unscheduled decoration and PaIrS to owned and leased premises. The amount of reserves so calculated is £20,470, which compares with unrestrictsd funds of £36,101 at 31 March 2024. The reserves determlned under this policy are largely represented by the museum's Charity Bank deposits. If it is necessary to draw on these funds. the Trustees will take that as an Indicator that a plan of retrenchment and reduced commltments Must be implemented until fundln8 returns to a level that approximately balances expenditures, or the charty is run off on an orderEy basls. Trustees are aware of the need to mltlgate agalnst the rlsk of a sudden and signlflcant fall In Income by diversifying the museum's funding base and wlll contlnue to revlew fundraising strategy. Trustees The Trustee board appolnted the trustees for renewable terms of three years, except that one trustee should be appolnted annually by Dlss Town Council. At the AGM, all trustees are standing for re-electlon In order that the charltles, members have an opportunity to endorse the board followln8 the merger wlth the Frlends. The trustees meet at least four tlmes each year to declde pollcy and to recelve reports on the strategy, finances and day-to-day operations of the museum. Rlsk mana8ement The trustees have a duty to Identlfy and revlew the risks to whlch the charlty Is exposed and to ensure approprlate controls are Sn place to provide reasonable assurance against fraud and error. The Trustees have examined possible major rlsks that the charlty faces and followlng consultatlon wlth the pollce, fire and securlty offlcia15, confirm that systems have been estsbllshed, partlcularly insurance, to mlti8ate those rlsks. Thls report was approved by the Trustees and signed on thelr behalf by: Ms Miranda Moore, Chair Date: ao
Diss Museum CIO STATEMENT OF FINANCIAL ACTivrriES AND INCOME AND EXPENDrruRE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Unreslrlcted R8strlct8d funds funds Total 2024 Total 2023 Nots Income from: Donatior6 & grants DonatiorB - Gift aided iflLKI1ry tax DonatiOrn8 - Ott*r Grants Charitabl8 act[ltieS Other tradiro actiltieS hterest 10,604 730 1 ,000 10,604 730 1.000 10,073 2,703 347 2,703 347 1,470 92 Totsl Income 15,384 15,384 11,635 Expondlture on: RaisiThJ fuTrds Charitable actiltieS Event experEes Other e>penses 738 738 172 15,670 15,670 13,308 Total expendllure 16,408 16,408 13,480 Net Incomel(exp8ndllure) before transfern Transfer between furnls 17 (1,024) 9,733 (1,024) (IW) (9,733} Net movemenl In funds 8,709 (9,733) (1.024) (1A45) Total furKls broLoht foMard 17 27,392 9,900 37,292 39,737 Totsl funds carrled forward 36,101 167 36,268 37R92
Diss Museum CIO BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Flxed assets Taroible assets 12 99 234 Currenl assets Stock Bank a1 Cash Debtors 13 15 34,249 3,399 34,497 2,8801 38,269 38,172 Credltors: amounts falllng due , wlthln one year 2,100 1,114 Net current assets 36,169 37,058 Net assets 136,268 37,292 Charlty Funds , Restricted fur¥Js Unrestrlcted furKIs 167 -r36,101 36268 9,900 27,392 37,292 The finarcial statements were approved by the Trustees on J ts JLJLY za24 arLI sigrEd on their beham by,.--....._-,-...-- ..-. ....-....-- mirala Moore I1/ Richard Peaty Date:
Dlss Museum CIO DISS MUSEUM NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 1. Accounting pollcles a. Basls of preparation of financlal statements The financial statements have been prepared under the hlstorical cost convention with items recognised at cost or transaction value unless otheNise stated in the relevant notes to these accounts. The financial ststements have been prepared in accordance with the Ststement of Recommended Practise: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable to the UK and Republic of Ireland (FRS 102) published in October 2019 and Ihe Charities Act 2011. b. 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 charity and which have not been designated for other purposes. Restricted funds are funds which are to b8 used in accordance with specific restrictions imposed by donors or which have been raised by the charity 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 notes to the financial statements. c, Income All income is recognised once the charity has entitlement lo the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Donated services or facilities are recognised when the charity has control over the item, any conditions associated with the donation have been met, the receipt of economic benefit from the use of the item is probable and that economic benefit can be measured reliably, In accordance with the Charities SORP (FRS 1021. The general volunleer time of the Friends is not recognised and refer to the Trustees, report for more infomiation about their contribution. On receipt. donated professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market,. corresponding amount is then recognised in expenditure In the period of receipt. Income lax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.
Diss Museum CIO DISS MUSEUM NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 1. Accountlng pollcles (contlnued) d. Expendlture 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 settlernent 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 single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributsble to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spenl and depreciation charges allocated on the portion of the asset's use. Support costs are those costs incurred directly in support of expenditure on the objects of the charity and include project management Carried out at the Museum. Charitable activities and Governance costs are costs incurred on the charitys educational operations. including support costs and costs relating to the governance of the charity apportioned to charitable activit18S. All expenditure is inclusive of irrecoverable VAT. e, Going concern These accounts are drawn up on a going concern basis. f. Tanglbla flx8d assats and depreclatlon. Tangible fixed assets are carried at COSI, net of depreciation and any provision for impalrment. Depreciation is provided at rates calculated to write off the cost of fixed asset, less their estimated residual value, over their expected useful lives on the following basis.. Fixtures, fittings and equipment 250/0 straight line. g. Interest recelvable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the Bank. h. Stocks Stocks are valued ai the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Costs include all direct costs and an appropriate proportion of fixed and variable overheads.
Diss Museum CIO DISS MUSEUM NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 1. Accounting pollcies {contlnued) l. Debtors Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 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. k. Liabilities and provlslons. 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 Ihe settlement can be estimated reliably. Liabilities are recognised at the amount that the charity 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. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the presenl value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific lo the liability. The unwinding of the discount is recognised within interest payable and similar charges. l. Financial instruments The charity 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.
Diss Museum CIO DISS MUSEUM NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 2. Income from donatlons and grants Total funds 2024 Total funds 2023 Unrestrlcted Restricted funds funds Donations - gift alded including tsx Donations - Other 10.604 730 10,604 10,073 730 Total donations 11.334 11,334 10,073 Grants 1.000 1,000 Total donations and grants 12,334 12,334 10,073 Total funds 2024 Total funds 2023 Unr•strlcted Restrlcted funds funds Diss Town Council South Norfolk Council Eastern Region Media CIC 1,000 1.000 1,000 1,000 3. Income from charitable actlvities Total funds 2024 Total funds 2023 Unrestricted Restrlcted funds funds Events Income 4. Trading income Total funds 2024 Total funds 2023 Unrestricted Restricted funds funds Charity trading income Museum shop and book sales 2,703 2,703 1,470 Cost of sales Museum shop expenses 738 738 172 Net income from trading activities 1.965 1,965 1,298 10
Diss Museum CIO DISS MUSEUM NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 5. Investment Incoma Total funds 2024 Total funds 2023 Unrostricted Restrl¢ted funds funds Gross interest 347 347 92 6. Direct Costs Total 2024 Total 2023 Event Expenses 7. Other Expenses Total 2024 Total 2023 Honorariums Repairs, maintenance and cleaning Administration expenses Insurance Light and heat Subscriptions Display Costsl Website Rent and property costs Independent examinerfs fee Depreciation 2,964 1,151 1,384 1,216 629 269 422 7,200 300 135 3, 129 342 993 1,051 (293) 98 353 7,200 300 135 15,670 13,308 Property costs consists of an inclusive fee for gas, electricity, water, cleaning. buildings insurance, repairs, maintenance, and rates.
Diss Museum CIO DISS MUSEUM NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 8. Analysls of Expendlturo by expendlture type Staff Costs Depreclatlon Other Costs 2024 2024 2024 Total 2024 Total 2023 Expenditure on fund raising trading 738 738 172 Costs of generating funds 738 738 172 Charitable activities 2,964 135 12.571 15,670 13.308 Total costs 2,964 135 13,309 16,408 13,480 2023 3, 129 135 10,078 13,342 9. Net Incomol(expenditure) During the year, no trustees received any remuneration12022 -£ Nil> During the year, no trustees received any benefits in kind {2022 £Nill During the year, no trustees received any reimbursement of expenses (2022 - £Nill 10.Staff Costs Staff costs were as follows. 2024 2023 Wages and salaries 2,964 3,129 The av8rage number of persons 8mployed by the charity during the year was as follows: 2024 No. 2023 No. 11. Inalienable and hlstoric assets The museum has a collection of historic artefacts for display within the museum for which there is no reliable cost information available and they are therefore not included in the balance sheet. 12
Dlss Museum CIO DISS MUSEUM NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 12. Tangible fixed assets Fixtures, rittlngs & equipmenl Cost At 1 April 2022 Additions 27,558 At 31 March 2023 27.558 Depreclatlon At 1 April 2023 Charge for the year 27,324 135 At 31 March 2024 27,459 Net book value at 31 March 2024 99 Net book value at 31 March 2023 234 13. Bank and cash Total 2024 Total 2023 Bank current account Bank deposit account Virgin charity account Lloyds Treasurers account Charity Bank account Cash in hand 5,620 4,347 2.831 666 13 29,454 5,656 20,099 30 30 34,249 34,497 14. Stocks 2024 2023 Goods for resale 621 795 15. Debtors 2024 2023 Scottish Power HMRC Gift Aid A & T Insurance 847 2. 033 2,182 1,217 3.399 2.880 13
Diss Museum CIO DISS MUSEUM NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 16. Credltors: amounts falllng due within ono year 2024 2023 Copydiss L Hulse Rent H M Revenue & Customs- PAYE Newman & Co 37 1.800 477 600 300 2, 100 1.114 17. Statement of funds Statement of funds - current year Balance at 1 Aprll Transfers Balance al Inlout 31 March Income Expendlturo Unrestrlcted funds General Funds- all funds 27,392 15.384 16,408 9,733 36,101 R•strlcted funds Extemal storage fund Norfolk County Council Diss Corn Hall 9,733 (9,733) 167 167 9,900 19,733) 167 Total of funds 37,292 15,384 16,408 36,268 Statement of funds- prior year Balance al 1 Aprll Transfers Balance at Inlout 31 March Income Expenditure Unrestricted funds General Funds - all funds 36,437 4,435 13,480 27,392 Restrlcted funds External slorage fund Norfolk County Council Diss Corn Hall 2,533 7,200 9,733 167 167 2,700 7,200 9,900 Total of funds 39,137 11,635 13,480 37,292 14
Dlss Museum CIO DISS MUSEUM NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 17. Statement of funds (continued) Funds held in the External Storage Fund are for the purpose of storage facilities. If funds are no longer required for a particular purpose and the donors have indicated that they do not require repayment, excess funds are transferred to general funds at the discretion of the trustees. 18. Taxation The trust is a registered charity and does not trade for tax purposes. It is not liable to corporation tax on its surplus. 19, Related party transactions A related party of Tony Hulse, Dr Lynn Hulse, received rent and service charges of £7,200 per annum for the Museum store and facilities which are located in property at their house. Mr Hulse donated the amount received back to the Museum. Richard Peaty and John Robertson are Councillors of Diss Town Council from which the charity rents part of the Museum building. They play no part in the determination of the rent payable. 15
DISS MUSEUM
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF THE DISS MUSEUM
report to the Irnstees on my examinatton of the financial slalements of Diss Museum Iihe charity) for the year ended 31
Mar¢h 20?4.
Responslbilities and bi$l$ of report
As the Irusiees of the charity you are responsible for the preparation of the financial statements in accordance wilh the
requirements of the Charities Act 2011 (the 2011 Act).
I report in respect of my examination of the Charity's financial statements carried out under section 145 of Ihe 2011 Act.
In carrying otsi my examination I have followed all the applicable Directions given by the Charity Cotnmission under section
14515)Ib) of the 2011 Act.
Independent eximiner'$ $t8t¢ment
Your attention is drawn lo the fact that the charity has prepared financial staleinenis in accordance with Accounting and
Reporting by Chariiies pr¢paring their accounts in accordance with the Financial Reporting Siandard applicable in the UK
and Republic ot Ireland IFRS 102) in preterence to th¢ Accounting ai)d Reporting by Charities.. Sialeinent nt Recoinmended
PraLlice issued on l April 2005 which is referred io in the exlanl regulation5 bul lias now been withdrawn.
l und¢r%land Ihal this l)as been dnn¢ in order tor the firtaiiLi8151aleinenls to provide a INe aiid lair view in accordaiice with
UK Generally AL¥¢pILd Accouiilingi Pi'aLlice elTeLlive tor reporti11 periods begyiiiiiing on or after l January 2019.
I have Loinplet¢d my examinalioii. l Lontiiin that no matters liav¢ Loine to my aiienii()n in LoniieLli()n with the examination
piviiigi iii¢ Lause lo hLliLve that iii any iiialrIal resp¢ct'.
aL¥(iuiiliiigT rLLI)rds were ni)I kept itt rL'%peLt ()l- tl)L Lliai'ily re4uiI'¢d by sLLlii)n 130 01111¢ 2011 ALI., or
IIIL liiianLial .%lJlL'iii¥iils do nor aLLI)rd willi Ilii)se rLL()I'di.' Ul.
tl)L' tiiiaiiii