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|CONTENTS|||PAGE|
|---|---|---|---|
|Report ofthe Board ofTrustees||||
|Legal and Administrative
Information||||
|Independent
Auditor's
Report|||13|
|Group Statement of Financial Activities|||17|
|Group Income and Expenditure|Account||18|
|Group Balance Sheet|||19|
|Company Balance Sheet||||
|Group Cash Flow Statement|||20|
|Notes tothe Financial
Statements|||21|
|Prior year Group SOFA for comparative||purposes|38|
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|accumulat|ed
surpluses
upon Designat|ed
fu|nd|special pr|ojects.|||
|---|---|---|---|---|---|---|---|
|||||||2023|2022|
|||||||g||
|Operating|(Deficit)/Surplus
before Designated|||fund projects spending||(484,133)|(171,306)|
|Less Designated
fund projects expenditure|||(not capitalised)|||~49 132|~80 849|
|(Deficit)
Transfer|before transfers
ofincome fiom Endowment|Fund|4restricted||fund|(533,265)
343 240|(252,155)
133685|
|Unrestricted
(Deficit) retained||||||(~190025|~118470|
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||||||Unrestricted|Restricted|Endowment|2023|2022|
|---|---|---|---|---|---|---|---|---|---|
||||||Funds|Funds|Funds|||
|||||Note||||||
|Income and Endowments|from:|||||||||
|Donations
and Legacies||||2|439,408|280,437||719,845|1,829,807|
|Other Trading Activities||||2|574,153|10,000||584,153|335,735|
|Investment
Income|||||369||172,640|173,009|155,319|
|Charitable
activities||||||||||
|Day Membership
(including||gift aid)|||2,212,865|||2,212,865|1,363,062|
|Members
covenants
and subscriptions|||||16,831|||16,831|16,788|
|Total|||||3,243,626|290,437|172,640|3,706,703|3,700,711|
|Expenditure
on:||||||||||
|Cost ofraising funds||||||||||
|SSGreat Britain Trading|Limited|||3|782,392|||782,392|598,996|
|Fundraising
and communications||||4|166,720|150||166,870|163,930|
|Investment
management|fees||||||33,536|33,536|26,481|
|Charitable
activities||||5|2,827,779|903,252||3,731,031|3,651,082|
|Total|||||3,776,891|903,402|33,536|4,713,829|4,440,489|
|Net
(expenditure)/income
investment
(losses)/gains|||before||533,265|612965|139,104|(1,007,126)|739,778|
|(Losses)/Gains
on investment||assets||||||||
|—realised|||||||(27,016)|(27,016)|89,734|
|—unrealised|||||||(186,202)|(186,202)|342,682|
|Net incoming/(outgoing)|resources|||||||||
|before transfers||||10|(533,265)|(612,965)|(74,114)|(1,220,344)|(307,362)|
|Transfers between
funds||||21|343,240|(170,600)|(172,640)|||
|Net movement
in funds|for|the|year||(190,025)|(783,565)|(246,754)|(1,220,344)|(307,362)|
|Total funds brought
forward|||||2,689,253|10,710,543|7,317,609|20,717,405|21,024,767|
|Total funds carried forward|||||2,499,228|9,926,978|7,070,855|19,497,061|20,717,405|
##
|||Unrestricted|Restricted|||
|---|---|---|---|---|---|
|||Funds|Funds|2023|2022|
|Gross income||3,243,626|290,437|3,534,063|3,545,545|
|Total||||||
|expenditure||3,776,891|903,402|4,680,293|4,414,008|
|Net (expenditure)/income|for the|||||
|year||533,265|612965|I 146230|868,463|
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|||Group||Company||
|---|---|---|---|---|---|
|||2023|2022|2023|2022|
||Note|||f,||
|FIXEDASSETS||||||
|Tangible fixed assets|12|11,811,204|12,513,635|11,799,136|12,501,685|
|Investments|13|7070954|7317708|200|200|
|||18,882,158|19,831,343|11,799,336|12,501,885|
|CURRENT ASSETS||||||
|Stocks|14|170,012|156,133|||
|Debtors|15|359,675|592,219|887,536|1,101,576|
|Cash at bank and in hand|16|657731|796558|594944|743239|
|||1,187,418|1,544,910|1,482,480|1,844,815|
|CREDITORS: Amounts||||||
|faBing due in one year|17|~572 516|658 847|523 405|566 285|
|NET CURRENT ASSETS||614902|886063|959073|1 278 530|
|TOTAL ASSETSLESS||||||
|CURRENT LIABILITIES|20|1%~060|21h217~4||1378
41|
|FUNDS||||||
|Endowment
funds|22|7,070,855|7,317,609|||
|Restricted funds||9,926,978|10,710,543|9,926,978|10,710,543|
|Unrestricted
funds:||||||
|Designated
funds|24|182,648|66,832|182,648|66,832|
|Reserve fund||400,000|400,000|400,000|400,000|
|General funds||I 916579|2222 422|2248 785|2 603040|
|||2,499,227|2,689,254|2,831,433|3,069,872|
|TOTALFUNDS|||2071~76|~12 5tu4II.|133804&1|
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||||2023|2022I|
|---|---|---|---|---|
|Cash used in operating
activities|||(294,824)|(333,180)|
|Investment
income|||173,009|155,319|
|Purchase oftangible fixed assets|||(17,012)||
|Endowment
charges
(Decrease) in cash and cash equivalents||in the year|(~138|9,432
(~|
|Cash and cash equivalents
at beginning ofthe year|||796,558|974,419|
|Total cash and cash equivalents|at the end ofthe year (note 16)||657 731||
|RECONCILIATION
OFNET INCOME TO NET|||||
|CASH INFLOW FROM OPERATING||ACTIVITIES|||
||||2023|2022|
|Net income for the year|||(1,007,126)|(739,778)|
|Investment
income|||(173,009)|(155,319)|
|Endowment
charges charged to capital|||33,536||
|Depreciation
and loss on disposal|||719,443|727,603|
|(Increase)/Decrease
in stocks|||(13,879)|34,601|
|Decrease/(Increase)
in debtors|||232,544|(341,735)|
|(Decrease)/Increase
in creditors|||(86,333)|141,448|
|Cash used in operating
activities|||4
24|33318|
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|2022:f105,090),8705,838|grant,|donation
and legacy|income (20|22:F551,578).||
|---|---|---|---|---|---|
|Activities for generating|funds|Gmup||Company||
|||2023|2022|2023|2022|
|Unrestricted||||||
|Income from fundraising||34,325|43,752|34,325|43,752|
|Income from SSGreat Britain||||||
|Trading Limited (see note|3)|436,828|182,983|||
|Facility Fee from SSGreat||||||
|Britain Trading Limited||103000|103000|118000|118000|
|||574,153|329,735|152,325|161,752|
|Restricted||||||
|Income from fundraising||10,000|6,000|10,000|6,000|
|||~MI|335735|~1623|167752|
##
|NET INCOME FRO|NET INCOME FRO|M TRADING A|CTIVITIES OF SUBSIDIARY|CTIVITIES OF SUBSIDIARY|CTIVITIES OF SUBSIDIARY||
|---|---|---|---|---|---|---|
|The principal
activities
were those ofproviding||ofthe subsidiary
a retail, catering|SSGreat Britain Trading Limited (company
and function business at the SSGreat Britain.|||number 00999528)
A summary ofthe|
|results and|balance sheet ofSS Great Britain Trading Limited is set out below.||||||
|||||2023|2022||
|Turnover||||436,829|203,642||
|Expenditure||||(802,734)|(625,280)||
|Intra-group|recharges,|income and expenses||352,545|324,480||
|Retained profit for the||year||(13,360)|(97,158)||
|Prior year|distribution||||||
|Balance brought
forward||||(318,741)|(221,583)||
|Balance carried forward||||(332,101)|(318,741)||
|Assets||||275,876|259,254||
|Liabilities||||(607,977)|(577,995)||
|Net assets||||(332,101)|(318,741)||
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|HARITABLE EXPENDITU|RE|||||
|---|---|---|---|---|---|
|||Group||Company||
|||2023|2022|2023|2022|
|Conservation
and Maintenance|(see note 6)|1,311,029|1,092,330|1,309,472|1,090,690|
|Curatorial
and Education (see
Brunel Institute Project|note 7)|1,553,573
51,334|932,968
44,286|1,551,793
51,112|931,093
44,052|
|Day Membership
and Advertising||815,095|674,145|831,685|672,270|
|Management
charge by SSGreat Britain
Trading Limited||||334,175|339,480|
|||3,731,031|2,743,729|4,078,237|3,077,585|
##
|ONSERVATI|ON
AND MAINTEN|ANCE
COSTS||||
|---|---|---|---|---|---|
|Group||Unrestricted|Restricted|2023 Total|2022 Total|
|Conservation|and Dehumidification|182,480|922|183,402|271,634|
|Maintenance||522,493||522,493|528,182|
|Depreciation
Support Costs|(see note 8)|340,192
1,045,165|245,796
19,146
265,864|245,796
359,338
1,311,029|247,140
329,150
1,376,106|
##
|URATORIAL
AND EDUCATI|ON COSTS||||
|---|---|---|---|---|
|Group and Company|Unrestricted|Restricted|2023 Total|2022 Total
I|
|Curatorial|425,126|209,397|634,523|694,551|
|Education|145,807|74,951|220,758|173,530|
|Depreciation
Support Costs (see note 8)|388,791
959,724|287,620
21,881
593,849|287,620
410672
1,553,573|287,675
376,172
1,531,928|
##
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|Group and Company||Unrestricted|Restricted|2023 Total|2022 Total|
|---|---|---|---|---|---|
|Wages and Salaries||558,654||558,654|512,230|
|Establishment
Costs||188,525||188,525|154,303|
|Legal and Professional|fees|||||
|Finance Costs||28,571||28,571|20,192|
|Depreciation||116,739|65,644|182,383|189,345|
|Marketing
and PR||71,126||71,126|77,477|
|Governance||33,629||33,629|38,914|
|Other overheads||169,129||169,129|136,054|
|||1,166,373|65,644|1,232,017|1,128,515|
|ased on the proportion ofcore staff|attributable
to each|activity.|||
|---|---|---|---|---|
|Group and Company|Unrestricted|Restricted|2023 Total|2022 Total|
|Conservation
and Maintenance|340,192|19,146|359,338|329,150|
|Curatorial
and Education|388,791|21,881|410,672|376,172|
|Brunel Institute Project|48,599|2,735|51,334|47,021|
|Day membership|388,791|21,882|410673|376,172|
||1,166373|65,644|1,232,017|1,128,515|
##
##
|he net income is stated afte|r|charging:|||||
|---|---|---|---|---|---|---|
||||Group||Company||
||||2023|2022|2023|2022|
|Depreciation|||719,443|727,603|715,799|724,160|
|Operating
lease costs —plant||and machinery|21,452|20,892|21,452|20,892|
|Expenditure
on Designated|projects||||||
|from prior year surpluses|||49,132|80,849|49,132|80,849|
|Audit related services|||19,500|18,000|19,500|14,000|
|Non audit related accountancy||services|5,710|4,210|3,200|1,700|
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||Group||Company||
|---|---|---|---|---|
||2023|2022|2023|2022|
|Wages and salaries|1,860,546|1,761,319|1,385,939|1,263,960|
|Social security costs|173,510|153,880|139,376|119,389|
|Other pension costs|95,285|92,436|73,441|67,230|
|Other staff benefits|9,431|9,391|5,334|5,122|
|Redundancy
and termination|||||
|payments|||||
||2,138,772|2,017,026|1 604090|1,455,70t|
##
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##
##
|Group||||||
|---|---|---|---|---|---|
|||National|Listed|||
|||Savings|Investment|||
||||Portfoliof|Cash|Total
f|
|Market value at 1 February 2023||100|7,026,440|291,169|7,317,609|
|Additions|||637,802||637,802|
|Dispo sais|||(849,690)||(849,690)|
|Investment|gains||(186,203)||(186,203)|
|Cash movement||||151,337|151,337|
|Market value at 31 January 2023||100|6,628,350|442,506|7,070,857|
|Historical|cost|100|5,209,769|440,411|5,650,180|
##
|Company|||
|---|---|---|
|COST AND NET BOOKVALUE|2023|2022|
|At
1 February 2022 and 31 January 2023:|||
|Shares in SSGreat Britain Trading Limited|100|100|
|National
Savings|100|100|
||200|200|
|14.|TRADING INVENTORIES|||
|---|---|---|---|
||Group|2023
f|2022|
||Opening
Stocks|156,133|190,734|
||Purchases|160,114|56,165|
||Less COS
Closing Stocks|(~146235
~170
12|(~90 766
~13|
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|15.|DEBTORS||||||
|---|---|---|---|---|---|---|
||||Group||Company||
||||2023|2022|2023|2022|
||Trade Debtors||19,318|23,966|||
||Amounts
owed by group
VAT recoverable|undertakings||1,071|556,897|545,237
1,071|
||Prepayments
and accrued|income|340,357
359,675|567,182
592,219|330,639
887,536|555,268
1,101,576|
|16.|CASH AT BANK AND IN HAND||||||
||(Being cash and cash equivalents)||Group||Company||
||||2023|2022|2023|2022|
||||8|E|||
||Rcstrictcd funds||186,278|370,783|186278|370783|
||Unrestricted
funds:||||||
||Reserve fund||400,000|400,000|400,000|400,000|
||Designated
funds
General
funds||182,648
/1 1 i 195|66,832
41 n5'ii|182,648
173,982i|66,832
94,376)|
||||657,731|796,558|594 944|743239|
||Ofthe 8657,731 cash held,|the free cash balance isf352,761||(see Reserves on page 6)|||
|17.|CREDITORSi Amounts|falling due within one year|||||
||||Gmup||Company||
||||2023|2022|2023|2022|
||Trade Creditors||92,513|155,285|86,311|106,763|
||Retention s||7,007|7,007|7,007|7,007|
||PAYE and social security||44,763|42,409|36,726|34,748|
||VAT owing
Accruals and deferred
income||7,962
420,269|454,146|7,962
385,401|417,766|
||||572,516|658,847|523,407|566,284|
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|||Assets other than land|and buildin|
|---|---|---|---|
|Group|aud Company|||
|||2023|2022|
|Within|1 year|21,542|23,297|
|Within|2 —5 years|26,805|19,406|
##
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|Group||||||||
|---|---|---|---|---|---|---|---|
|||Unrestricted||||||
||||Designated|||||
|||General|and|reserve|Restricted|Endowment||
|||Funds||Funds|Funds|Fund|Total|
|||||||8||
|Tangible|fixed assets|2,063,497|||9,747,707||11,811,204|
|Investments||100||||7,070,855|7,070,955|
|Cash||(111,195)||582,648|186,278||657,731|
|Current|assets|529,687|||||529,687|
|Current|liabilities|(565,509)|||(7,007)||(572,516)|
|||1916580||582,648|9,926,978|7,070,855|19497,060|
|||Unrestricted|Unrestricted||||
|---|---|---|---|---|---|---|
||||Designated||||
|||General|and|reserve|Restricted||
|||Funds||funds|Funds|Total|
|||||8|||
|Tangible|fixed assets|2,051,429|||9,747,707|11,799,136|
|Investments||200||||200|
|Cash||(173,982)||582,648|186,278|594,944|
|Current|assets|887,536||||887,536|
|Current|liabilities|(516,398)|||(7,007)|(523,405)|
|||2,248,785||582,648|9,926,978|12,758,411|
##
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||Balance||Movement|in funds||Balance|
|---|---|---|---|---|---|---|
||I February|Incoming||||31 January|
|GROUP|2022|Resources|Expenditure|Losses|Transfers
f|2023
f|
|Endowment
Fund
Restricted funds|7,317,609
10,710,543|172,640
290,437|(33,536)
(903,402)|(213,218)|(172,640)
(170,600)|7,070,855
9,926,978|
|Unrestricted
funds:|||||||
|Designated
funds
Reserve funds|66,832
400,000||(49,132)||164,948|182,648
400,000|
|General
funds|2,222,422|3,243,626|3,727,759||178,292|1,916,580|
||2,689,254|3,243,626|(3,776,891)||343,240|2,499,228|
||20,717,406|3,706,703|4,713,829|(213,218||19,497,060|
|COMPANY|||||||
|Resbd t d fu ds|10 71o &4Q|290437|(Q03 402)||(170,600)|9,926,978|
|Unrestricted
funds:|||||||
|Designated
funds
Reserve funds|66,832
400,000||(49,132)||164,948|182,648
400,000|
|General funds|2,541,273|2,994,438|3,292,578||5,652|2,248,785|
||3,008,105|2,994,438|(3,341,710)||170,600|2,831,433|
||13,718,648|3,284,875|4,245,112|||12,758,411|
##
##
##
|||Balance|Movement
in funds:|Movement
in funds:||Balance|
|---|---|---|---|---|---|---|
|||1 February|Incoming|||31 January|
|||2022|Resources|Expenditure|Transfers|2023|
|Fixed asset funds|||||||
|Being Brunel||5,392,761||(244,543)||5,148,218|
|Brunel Institute||2,560,212||(65,644)||2,494,568|
|Dry Dock
Engine||18,105
121,010||(1,344)
(43,077)||16,761
77,933|
|Ship interpretation|and||||||
|dockyard assets||2,254,679||(244,452||2,010,227|
|||10346767||599,060||9,747,707|
|Revenue funds|||||||
|50"Anniversary||1,000||(1,000)||0|
|Acquisitions||25||(25)||0|
|Albion Dock Project|||119,906|(61,707)||58,199|
|Being Brunel||167,412||(91,374)||76,038|
|Brunel Institute|||51,106|(51,106)||0|
|Education|||15,000|(15,000)||0|
|Endowment
Fund||170,600|||(170,600)|0|
|Exchange Project
Help the Hull||15,332|29,702|(15,592)
(922)||14,110
14,410|
|IGKT|||6,000|(4,185)||1,815|
|Mast Appeal
Museums
and Schools||9,407|6,460
50,544|(59,951)||6,460
0|
|Other small grants|||1,410|(1,410)||0|
|Selling immigration|||10309|2070||8239|
|||363,776|290,437|304,342|170,600|179,271|
|||10,710,543|290,437|(903,402)|(170,600)|9,926,978|
##
##
##
|||Balance|Movement
in funds:|Movement
in funds:||Balance|
|---|---|---|---|---|---|---|
|||1 February|Incoming|||31January|
|||2021|Resources|Expenditure|Transfers|2022|
|||E|||8||
|Fixed asset funds|||||||
|Being Brunel
Brunel Institute||5,637,359
2,625,856||(244,598)
(65,644)||5,392,761
2,560,212|
|Dry Dock
Engine||19,449
164,087||(1,344)
(43,077)||18,105
121,010|
|Ship interpretation
and
dockyard assets||2500475
10,947,226||245 796
(600,459)||2,254,679
10,346,767|
|Rcvcnuc funds|||||||
|50e Anniversary
Acquisitions||43,138|38,876
21,166|(81,014)
(21,141)||1,000
25|
|Albatross
conservation|||1,362|(1,362)|||
|Being Brunel||202,464|56,766
39467|(91,818)
(39 467t||167,412|
|Education|||5,000||(5,000)|0|
|Endowment
Fund||116,506|54,094|||170,600|
|Help the Hull
Museums
and Schools
WECA Green Grant||9,052
13,465|10,000
50,544
13770|(3,720)
(54,602)
(13,770||15,332
9,407
0|
|||384,625|291,045|(306,894|5,000)|363,776|
|||11,331,851|291,045|(907,353)|(5,000)|10,710,543|
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|ESIGNATED FUNDS|||
|---|---|---|
||2023|2022|
|Opening Balance|66,832|147,681|
|Utilised|(49,132)|(80,849)|
|New designations|164,948||
|ClosinBalance|182648|66832|
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|Year Ended 31Jan|u|a|20|22|||||||
|---|---|---|---|---|---|---|---|---|---|---|
|||||||Unrestricted|Restricted|Endowment|2022|2021|
|||||||Funds|Funds|Funds|||
||||||Note|8|||||
|Income and Endowments||from:|||||||||
|Donations
and Legacies|||||2|1,544,762|285,045||1,829,807|2,276,041|
|Other Trading Activities|||||2|329,735|6,000||335,735|243,145|
|Investment
Income||||||153||155,166|155,319|144,568|
|Charitable
activities|||||||||||
|Day Membership
(including|||gift|aid)||1,363,062|||1,363,062|624,736|
|Members
covenants
and|subscriptions|||||16,788|||16,788|21,275|
|Total||||||3,254,500|291,045|155,166|3,700,711|3,309,765|
|Expenditure
on:|||||||||||
|Cost ofraising funds|||||||||||
|SSGreat Britain Trading||Limited|||3|598,996|||598,996|601,394|
|Fundraising
and communications|||||4|163,930|||163,930|167,782|
|Investment
management|fees|||||||26,481|26,481|30,929|
|Charitable
activities|||||5|2,743,729|907,353||3,651,082|3,310,457|
|Total||||||3,506,655|907,353|26,481|4,440,489|4,110,562|
|Net
(expenditure)/income||||before|||||||
|investment
(losses)/gains||||||(252,155)|616,308)|128,685|739,778|(800,797)|
|(Losses)/Gains
on investment|||assets||||||||
|—realised||||||||89,734|89,734|(142,622)|
|—unrealised||||||||342,682|342,682|(89,166)|
|Net incoming/(outgoing)||resources|||||||||
|before transfers|||||10|(252,155)|(616,308)|561,101|(307,362)|(1,032,585)|
|Transfers between
funds|||||21|133,685|(5,000)|(128,685)|||
|Net movement
in funds|for||the|year||(118,470)|(621,308)|432,416|(307,362)|(1,032,585)|
|Total funds brought
forward||||||2,807,723|11,331,851|6,885,193|21,024,767|22,055,274|
|Total funds carried forward||||||2,689,253|10,710,543|7,317,609|20,717,405|21,022,689|