2021-04-04-accounts

Trustees’ Annual Report 5[th] April 2020 to 4[th] April 2021

Registered charity number 1180612

Norfolk Tank Museum Station Road Forncett St Peter Norwich Norfolk NR16 1HZ

Tel [phone]

Trustees of The Norfolk Tank Museum

Stephen MacHaye

Graham Minshull Keith Kiddie David Hardy Stephen Greenwood

(appointed 8th November 2018) (Appointed 17th July 2020) (Appointed 17th July 2020) (appointed 8th November 2018) (appointed 8th November 2018)

Senior Leadership Team

Stephen MacHaye, Arran MacHaye, Kieran Caley, Norma MacHaye, John Smith, Tom Powell, Guy Langham-Hill.

Type of governing document Type of Charity Trustee selection methods

Constitution Charitable Incorporated Organisation

Elected

Objectives and Activities

The CIO’s objective is to advance the education of the public by establishing and maintaining a museum for the exhibition and preservation of armoured vehicles, weaponry and military artefacts. The policies adopted in furtherance of the objects are detailed below.

CIO Policies

Safeguarding Policy Privacy Policy Health & Safety Policy Diversity & Inclusion Policy Access Policy Lone Working Policy Volunteer Conduct Policy

Summary of the main activities

Establishing and maintaining a museum for the exhibition, conservation and preservation of armoured vehicles, weaponry and military artefacts. To inform and educate the public about the military heritage of the UK and selected other countries. To show something of the life and history of the fighting soldier and to examine the impact of conflict upon civilian life. To make the visitor experience hands-on and immersive.

Summary of the main achievements of the charity: 5th April 2020 4th April 2021

2020 has been an extremely challenging year for the Museum as well as the rest of the sector. The Covid-19 Pandemic began in the UK in the month prior to our annual opening at Easter. Although initially it was assumed that the lockdown would only be a matter of weeks, it soon transpired that the statutory closure, particular for Museums and the arts sector, would last considerably longer.

The Annual Easter Egg Hunt event was postponed until 2021.

During April the Government announced a financial rescue plan was being put in place to support Museums and the sector and we were very fortunate to be awarded an initial payment of £10,000 by Norfolk County Council followed by three more small payments totalling £20,708.00. The Museum is run almost entirely by volunteers and the £20.708.00 was sufficient to cover core costs for the rest of the year.

During the lockdown the Chairman and his immediate family, who were isolated together, were able to continue some of the restoration work that was started over the winter and engage in new projects and also general clearing and improvements to the site.

The Museum was finally able to open to the public again in July 2020. Given the personnel constraints, a number of the volunteers are older or have underlying health conditions, the decision was taken to open the Museum on a more restricted basis, opening on Tuesdays and Sundays only. The Senior Leadership Team also made the very hard decision to cancel Armourfest and reschedule for 2021. We publicised the fact on social media and were quite overwhelmed by the amount of positive support that we received.

The Museum closed at the end of October as in previous years but, very sadly, due to a further national lockdown from Christmas 2020 to May 17[th] 2021 was unable to open again until well into the following financial year. Nevertheless, the management team and the volunteers were incredibly resilient and persevered where possible to continue the maintenance and improvement of the museum estate and exhibits. The Museum received several more smaller grants from the government, but I don’t think the Trustee Board can be too effusive in their thanks to everyone who went above and beyond in the last year to see the Museum through and to enable it to reopen, even better, in 2021.

Governance:

The SLT team met regularly throughout the pandemic though online meetings to organise the reopening and update the risk assessments etc in line with Covid-19 Regulations. Signage and a one-way systems were put in place as well as health and safety guidance, hand sanitiser and masks.

Tank Club:

A limited version of Tank Club was also restarted at the end of the first national lockdown when Norfolk was in Tier 3 and small groups were again allowed. The local volunteers were very happy to be back. The volunteers worked in team ‘bubbles’ to comply with health and safety requirements.

Restoration:

During the year restoration work was begun on the Harrimar, the ARV and our second Saladin. These are long term projects, but it was felt important for us to keep volunteer morale up at a very difficult time and also to keep them happy and engaged. We continued maintenance on our Armourfest display vehicles such as the Chieftain and Saladin, and we also undertook work on the following:

AEC Militant

We continued with the ongoing work to Millie, concentrating on the cab.

FV434

Overhaul of the K60 engine wiring loom after it had suffered previous water damaged .

Hagglund BV 206 .

The BV had its tracks, suspension, and running gear overhauled. Both the front and rear bodies were removed from the chassis to enable the removal of the 40 road wheels for servicing. This included the fitting of new wear shims and bearing to each road wheel and the resealing of the steering ram.

New Exhibits:

Several new exhibits are now on display at the Museum. Three new exhibits are on loan: a Standard Ferret, and a Big-Wheeled ferret which has been restored by the Museum volunteers, and a ZPU4 which is on long-term loan to us from RAF Marham.

We were incredibly fortunate to have had donated to us a 1927 experimental Crossley 20/30 CWT Half Track from the RLC Museum which was immediately integrated into our main hangar display. Also a Snowtrac ST4, which was donated from the Norfolk and Suffolk

Aviation Museum which will become part of the main exhibit during the year. Both vehicles will be fully restored in the future.

Visitor Numbers:

Upon reopening in July 2020 we were inundated with visitors and needed to purchase new outdoor seating to accommodate the numbers. In fact, during the school summer holidays 2020 we had more visitors than the same period in 2019.

The workplan for 2020 had included enhancing our educational offer to the public in the form of summer talks, guided tours and displays on the Sundays throughout the Summer holidays, these plans had to be postponed until Summer 2021.

Museum Estate

As stated earlier we have made improvements to the grounds, increasing outdoor seating and adding flower beds and displays and again more trees. The volunteers have spent a lot of time making the museum entrance and forecourt more aesthetically pleasing by moving the storage containers and vehicle spares to the field to the rear of the museum making yet more additional space for seating at the front of the museum. The Nissen hut has been repainted and the radio display rationalised and improved. We have applied for and received a grant from South Norfolk Council for additional seating around the tearoom.

S B MacHaye (Chairman)

Date: 11[th] December 2021

Charity Registration No. 1180612

Company Registration No. CE015571 (England and Wales)

THE NORFOLK TANK MUSEUM CIO

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

THE NORFOLK TANK MUSEUM CIO

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees	Mr S Machaye
	Mr David Hardy
	Mr Stephen Greenwood
	Mr Graham Minshull	(Appointed 17 July 2020)
	Mr Keith Kiddie	(Appointed 17 July 2020)
Charity number	1180612
Company number	CE015571
Principal address	Station Road
	Forncett St Peter
	Norwich
	Norfolk
	NR16 1HZ
Registered office	Station Road
	Forncett St Peter
	Norwich
	Norfolk
	NR16 1HZ
Independent examiner	Waveney Accountants Limited
	T/as Newman & Co
	Chartered Accountants
	4b Church Street
	Diss
	Norfolk
	IP22 4DD

THE NORFOLK TANK MUSEUM CIO

CONTENTS

	Page
Trustees' report	1 - 2
Independent examiner's report	3
Statement of financial activities	4
Balance sheet	5
Notes to the financial statements	6 - 12

THE NORFOLK TANK MUSEUM CIO

TRUSTEES' REPORT (INCLUDING DIRECTOR'S REPORT)

FOR THE YEAR ENDED 31 MARCH 2021

The Trustees present their annual report and financial statements for the year ended 31 March 2021.

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 Companies Act 2006 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)” (as amended for accounting periods commencing from 1 January 2016)

Objectives and activities

The CIO's objects are to advance the education of the public by establishing and maintaining a museum for the exhibition and preservation of armoured vehicles, weaponry and tanks . The policies adopted in furtherance of these objects are detailed below and there has been no change in these during the year.

The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the CIO should undertake.

35 volunteers worked for the charity during the year.

Achievements and performance

Financial review

It is the policy of the CIO that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The Trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the CIO ’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.

The Trustees have assessed the major risks to which the CIO is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

Structure, governance and management

The CIO is a Charitable Incorporated Organisation (CIO) and was established on 8th November 2018.

The Trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Mr S Machaye Mr David Hardy Mr Stephen Greenwood Mr Graham Minshull (Appointed 17 July 2020) Mr Keith Kiddie (Appointed 17 July 2020)

None of the Trustees has any beneficial interest in the company. All of the Trustees are members of the company and guarantee to contribute £1 0 in the event of a winding up.

Supplier payment policy

The company's current policy concerning the payment of trade creditors is to follow the CBI's Prompt Payers Code (copies are available from the CBI, Centre Point, 103 New Oxford Street, London WC1A 1DU).

The company's current policy concerning the payment of trade creditors is to:

• settle the terms of payment with suppliers when agreeing the terms of each transaction;

• ensure that suppliers are made aware of the terms of payment by inclusion of the relevant terms in contracts; and

• pay in accordance with the company's contractual and other legal obligations.

Trade creditors of the company at the year end were equivalent to XX day's purchases, based on the average daily amount invoiced by suppliers during the year.

• 1 -

THE NORFOLK TANK MUSEUM CIO

TRUSTEES' REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

The trustees' r eport was approved by the Board of Trustees.

.............................. Mr S Machaye Trustee Date: .............................................

• 2 -

THE NORFOLK TANK MUSEUM CIO

To The Trustees Of The Norfolk Tank Museum Cio

INDEPENDENT EXAMINER'S REPORT

I report to the Trustees on my examination of the financial statements of The Norfolk Tank Museum CIO (the CIO) for the year ended 31 March 2021.

Responsibilities and basis of report

As the Trustees of the CIO (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).

Having satisfied myself that the financial statements of the CIO are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the CIO’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act) . In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

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:

• 1 accounting records were not kept in respect of the CIO as required by section 386 of the 2006 Act; or

• 2 the financial statements do not accord with those records; or

• 3 the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or

• 4 the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

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.

Waveney Accountants Limited

T/as Newman & Co Chartered Accountants 4b Church Street Diss Norfolk IP22 4DD

Dated: .........................

• 3 -

THE NORFOLK TANK MUSEUM CIO

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2021

		Unrestricted	Unrestricted
		funds	funds
		2021	2020
	Notes	£	£
Income from:
Donations and legacies	3	20,708	14,297
Charitable activities	4	11,395	47,636
Total income		32,103	61,933
Expenditure on:
Raising funds	5	-	7,301
Charitable activities	6	30,164	55,496
Total resources expended		30,164	62,797
Net income/(expenditure) for the year/
Net movement in funds		1,939	(864)
Fund balances at 1 April 2020		4,969	5,833
Fund balances at 31 March 2021		6,908	4,969

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

• 4 -

THE NORFOLK TANK MUSEUM CIO

BALANCE SHEET

AS AT 31 MARCH 2021

Notes Fixed assets Tangible assets 10 Current assets Stocks 11 Debtors 12 Cash at bank and in hand Creditors: amounts falling due within one year 13 Net current assets Total assets less current liabilities Income funds Unrestricted funds	2021 £ 550 1,428 1,772 3,750 (570)	£ 3,728 3,180 6,908 6,908 6,908	2020 £ 550 1,428 289 2,267 (570)	£ 3,272 1,697
				4,969
				4,969
				4,969

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2021.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Trustees on .........................

..............................

Mr S Machaye Trustee

Company Registration No. CE015571

• 5 -

THE NORFOLK TANK MUSEUM CIO

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

1 Accounting policies

Charity information

The Norfolk Tank Museum CIO is a charitable incorporated organisation incorporated in England and Wales. The registered office is Station Road, Forncett St Peter, Norwich, Norfolk, NR16 1HZ.

1.1 Accounting convention

The financial statements have been prepared in accordance with the CIO's governing document, the Companies Act 2006 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)” (as amended for accounting periods commencing from 1 January 2016). The CIO is a Public Benefit Entity as defined by FRS 102.

The CIO has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

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

The financial statements have been prepared under the historical cost convention. 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. The charity has been affected by Covid-19 during the 2020 calendar year. The museum has been forced to close for most of the year with a material effect on income. Overhead costs have been supported by grants made available and the trustees remain confident of continuing to operate in 2021.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors 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.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the CIO.

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.

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.

1.5 Expenditure

Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where cost can not be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

• 6 -

THE NORFOLK TANK MUSEUM CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

1 Accounting policies

(Continued)

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.

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

Plant and equipment

25% reducing balance

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 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 ) .

1.8 Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell . Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost.

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

1.9 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.

1.10 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 debtors and 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.

• 7 -

THE NORFOLK TANK MUSEUM CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

1 Accounting policies

(Continued)

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans 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 p aymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

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

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.

3 Donations and legacies

	Unrestricted	Unrestricted
	funds	funds
	2021	2020
	£	£
Donations and gifts	-	12,562
Grants receivable	20,708	1,735
	20,708	14,297

• 8 -

THE NORFOLK TANK MUSEUM CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

4 5	Charitable activities Museum 2021 £ Cafe and admissions 11,395 Raising funds Fundraising and publicity Advertising Other fundraising costs Fundraising and publicity	Museum 2020 £ 47,636 Total Unrestricted funds 2021 2020 £ £ - 2,569 - 4,732 - 7,301 - 7,301	Museum 2020 £ 47,636 Total Unrestricted funds 2021 2020 £ £ - 2,569 - 4,732 - 7,301 - 7,301
			7,301
			7,301

• 9 -

THE NORFOLK TANK MUSEUM CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

6				Charitable	activities
				Museum	Museum
				2021	2020
				£	£
	Depreciation and impairment			1,243	1,091
	Machinery running costs			1,123	7,337
	Machinery repairs and maintenance			2,661	8,117
	Museum expenditure			11,114	24,348
	Rent and other establishment costs			6,000	5,820
	Cleaning and waste removal			11	1,919
	Light and heat			3,069	1,237
	Insurance			2,462	2,535
	Credit card charges			312	313
	Postage, printing and stationery			40	230
	Telephone			629	667
	Entertainment			-	392
				28,664	54,006
	Share of governance costs (see note 7)			1,500	1,490
				30,164	55,496
7	Support costs
		Support costs	Governance	2021	2020
			costs
		£	£	£	£
	Accountancy	-	1,500	1,500	590
	Legal and professional	-	-	-	900
		-	1,500	1,500	1,490
	Analysed between
	Charitable activities	-	1,500	1,500	1,490

8 Trustees

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

• 10 -

THE NORFOLK TANK MUSEUM CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

9 Employees

The average monthly number of employees during the year was:
	2021	2020
	Number	Number
Total	-	-
There were no employees whose annual remuneration was more than £60,000.
Tangible fixed assets
	Plant and equipment
		£
Cost
At 1 April 2020		5,817
Additions		1,699
At 31 March 2021		7,516
Depreciation and impairment
At 1 April 2020		2,545
Depreciation charged in the year		1,243
At 31 March 2021		3,788
Carrying amount
At 31 March 2021		3,728
At 31 March 2020		3,272

10 Tangible fixed assets

The assets on show at the museum are on loan from Mr S Machaye, one of the trustees. No charge has been made in respect of the loan and it is ongoing, subject to the assets being on show to the public.

11 Stocks Consumable stock 12 Debtors Amounts falling due within one year: Prepayments and accrued income	2021 £ 550 2021 £ 1,428	2020 £ 550
		2020 £ 1,428

• 11 -

THE NORFOLK TANK MUSEUM CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

13 Creditors: amounts falling due within one year

13	Creditors: amounts falling due within one year
		2021	2020
		£	£
	Accruals and deferred income	570	570
14	Analysis of net assets between funds
		Unrestricted	Unrestricted
		funds	funds
		2021	2020
		£	£
	Fund balances at 31 March 2021 are represented by:
	Tangible assets	3,728	3,272
	Current assets/(liabilities)	3,180	1,697
		6,908	4,969

15 Operating lease commitments

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

	2021	2020
	£	£
Within one year	3,000	3,000

16 Related party transactions

Transactions with related parties

During the year the CIO entered into the following transactions with related parties:

A ten year lease agreement for the land was entered into on 8 November 2018 with Mrs N Machaye. Rent payable under the agreement is £3,000 per annum.

• 12 -

I report to the Tr￿%1¢¢8 on my exami￿00 of the fiwncial sthtemthts of The Norfojk Tank CIO (the CIO) for the year ¢nd¢d 31 March 2021. R¢sponslblli¢ies and b￿ts of report As the Trust¢¢s of the CIO (and aiso its directors for the of Company law) you are res￿n￿1b1e for the preparation of the flnancial statements with the Tequi￿Dents of the cothp￿A￿ 2(￿ (the 21XKfj Aei). Having satisfied myself that the fin8Dcial statem¢nts of the CIO are required to audited uoder Part 16 of the 2(M)6 Act a[￿ are eligible for in(deni examinatioo I re￿rt in res￿ of my examtnation of the CIO'S fin8n¢ial ststements carried out under section 145 of the Charities Act 2011 (thc 2011 Act). In c4Thying oul my examination I have followed all the applicable Directions gtv¢n by the Ch￿lty Commi&ston sethion 145(5Mb) ofthe 2011 Aci. Independent examkner's ttt¢tnenl I have completed my examinaiiort. l ¢onfirrn that no matter5 have c(Mne to my attelltion iti connecti¢m with the examination giving me cause ￿ believe that in any material respect: accounting records were not kept in respect of the CIO ￿ rquired by 5￿tion 386 of the Act" or the financial ststements do not accord with r￿ordS. or the financial statements do not c(Trmply with the acco￿lIng ¥equirnnents of section 396 of the 2006 Act other than any requirement that the accounts ￿Ve a tsNe and fair view which is not a mailer considered part of 80 independent examination- or the financial stat¢ments have noi been prpared Tn accordance with the methods artd principle5 of the Ststement of Recommetbled Practice for accounting and re￿nIng by chan.ties applicable to ¢lwities PTepanng their accounts in a¢cordaDce with the Ftnanciai Repottitig Standard aFylicabk in the UK and Re￿bIle of Ire]a4d (FRS 102). I have no CO￿ernS and have come ams5 no other matters in cotinection with the examination to which attethtion should be n this report to enabl¢ a prw undu￿B of the finaticiat stst¢rn￿ts to be teache WaveneyAccouDtaDts Llmlted Tlas Newman & Co Chartered Accountants 4b Church Street Diss Norfolk IP22 4DD Dated..