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2023-03-31-accounts

Registered number: 01819676 Charity number: 293033

THE FOOD MUSEUM

(A Company Limited by Guarantee)

TRUSTEES' REPORT AND CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

THE FOOD MUSEUM

(A Company Limited by Guarantee)

CONTENTS

Page
Reference and Administrative Details of the Company, its Trustees and Advisers 1
Chairman's Statement 2
Trustees' Report 3 - 17
Independent Auditors' Report on the Financial Statements 18 - 21
Consolidated Statement of Financial Activities 22
Consolidated Balance Sheet 23 - 24
Company Balance Sheet 25 - 26
Consolidated Statement of Cash Flows 27
Notes to the Financial Statements 28 - 54

(A Company Limited by Guarantee)

THE FOOD MUSEUM

REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2023

Trustees Dr S A Goddard (Resigned 21 July 2023)
Mrs V M Trevelyan
Mr S Dukes (Resigned 30 August 2022)
Councillor L Baxter (Resigned 21 April 2023)
Mr J M Pattle
Mr N C B Macpherson
Ms J H Cousins
Ms A C Harrison
Ms M J Appleby (Resigned 21 July 2023)
Dr C K Barlow
Mr J H Brighton
Mr A R T Butler-Zagni
Mr S K Hooton
Mr R Lister, Chair (appointed 21 October 2022)
Mr W Seaman (appointed 21 October 2022)
Ms M Strauss (appointed 21 October 2022)
Company registered
number 01819676
Charity registered
number 293033
Registered office The Food Museum
Stowmarket
Suffolk
IP14 1DL
Company secretary Ms A C Harrison
Website foodmuseum.org.uk
Independent auditors SB Audit LLP
Chartered Accountants
820 The Crescent
Colchester Business Park
Colchester
Essex
CO4 9YQ
Museum Director Ms J Cousins
Bankers Barclays Bank Plc
Stowmarket
Suffolk
IP 14 1DL

Page 1

THE FOOD MUSEUM (A Company Limited by Guarantee)

CHAIRMAN'S STATEMENT FOR THE YEAR ENDED 31 MARCH 2023

The chairman presents their statement for the year.

As the Chair it gives me great pleasure to present this introduction to the work of the Museum for 2022-23.

The museum continues to go from strength to strength, re-energised by our rebrand and renewed focus on connecting people to food, understanding where it comes from, how much effort goes into producing it, and the implications of individual food choices on health and wellbeing. This is ever more important in a time when the country is facing obesity and health crises partly arising from a lack of understanding of these matters. Our refreshed 10 year vision provides a clear course for the museum�s medium-term development and we are now delivering against this.

Our visitor numbers have grown, as have school visits and targeted work with special interest and specific community groups. Visitors tell us how much they enjoy the museum, particularly the tastings which are on offer every day in our fabulous Howden�s kitchen in the refurbished Bone Building. School teachers, children and family groups are learning through doing, for example seeing how flour is grown and then how it is ground in the restored Alton watermill, followed by making bread and of course eating it!

We have been increasingly aware of challenges in providing modern visitor facilities so I am delighted that, through the determination and hard work of staff, trustees and volunteers, the museum has been successful in securing a large grant from Arts Council England to repair and modernise more areas of our estate including a new Changing Places toilet, with work starting during 2023.

I always marvel at the diversity of achievements at the museum, for example during the year we have opened our Feast café, participated in the Festival of Suffolk torch relay, provided a �hack pen� release area for injured owls, installed swift boxes, delivered NHS green therapy, run a Skills Kitchen cooking and sharing programme with refugee groups, helped children learn cooking skills in the summer holidays, created new allotments, welcomed an additional Suffolk Punch called Faith, and enabled 13 couples to celebrate their weddings. And of course we also delivered traditional museum activities including collections care, documentation and some fascinating exhibitions featuring Marvel characters, knitted bumble bees, curious dialect words, fascinating local recipes, and tales of hedgerows old and new. We even took our Hedgerow exhibition to the Houses of Parliament to encourage MPs to sign up to pledge to safeguard our precious hedgerow assets. Director Jenny will provide more detail about the museum�s activities and partners in her report.

I would like to thank the staff and volunteers, who always go the extra mile in making things happen and providing a friendly and helpful visitor experience. Also thank you to the Trustees, our development Board and the Abbot�s Hall Trust who unfailingly give good counsel and support, and to our funders and partners who keep faith with our vision and provide invaluable support.

Mr R Lister Chairman Date:

Page 2

(A Company Limited by Guarantee)

THE FOOD MUSEUM

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2023

The Directors (who are also the Charity Trustees) present their annual report together with the audited financial statements of the Company for the year 1 April 2022 to 31 March 2023. The Annual Report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual Report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).

Since the group and the Company qualify as small under section 383 of the Companies Act 2006, the Group Strategic Report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.

History and purpose

The Museum was opened in 1967 by the Suffolk Local History Society and the then East Suffolk County Council. It was enhanced and developed jointly by the Abbot's Hall Trust and Suffolk County Council, each of which is responsible for part of the land and appoints a delegate to the Board of Trustees. The Museum now occupies 84 acres of arable land, water meadow, and woodland straddling the River Rattlesden and has 25 buildings, some of which are themselves historic artefacts, providing display, working space and storage areas for c.40,000 objects.

In 1985 the Museum was incorporated as a Company Limited by Guarantee and was given charitable status. The Company was formed under a Memorandum of Association which established the objects and powers of the Charitable Company and is governed by Articles of Association, which are available at Companies House. In April 2022, the Museum rebranded as the Food Museum.

The Museum�s charitable object is �to advance the education of the public in the area of East Anglia in its social, cultural, industrial and technological heritage, as well as on health and wellbeing and nature and the environment, by the provision of a Museum that connects the people with where food comes from and the impact of our food choices: past, present and future�.

The principal activities of the Museum are to preserve, research and display its collection of historic buildings and objects, and to provide particular displays and events to attracts a wide cross-section of visitors for amenity and educational purposes. The Museum makes a significant contribution to the cultural, social and economic wellbeing of Stowmarket and Suffolk.

Organisation

The affairs of the Museum are controlled by the Board of Trustees (who are also the Directors and Members of the Company). The Board has the power to appoint new Trustees as and when a vacancy exists. Trustees are then formally elected at the next general meeting. The Board meets a minimum of four times a year. The day-today management of the museum is undertaken by the Museum Director.

The Museum is a company limited by guarantee with no share capital, registered number 01819676. In the event of the company being wound up, each Member is liable to contribute a sum not exceeding £1 towards the company's debts and liabilities. The company is also a registered charity, number 293033.

The Directors consider the Museum's assets sufficient to fulfil the purposes of the charity. The Museum's revenue is derived from its own earnings and from the profits of a wholly-owned subsidiary trading company, the Stowmarket Museum Trading Company Limited, which delivers events, retails and catering on the museum site, and gift aids its taxable profit. It also receives financial support from Arts Council England, Suffolk County Council, Mid Suffolk District Council and Stowmarket Town Council, as well as the Abbot's Hall Trust. In addition, it benefits directly or indirectly from a number of other charitable trusts, commercial and industrial companies and the efforts of over 250 volunteers.

Page 3

(A Company Limited by Guarantee)

THE FOOD MUSEUM

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

The Directors and Trustees who served the charity during the year were:

The Museum had one paid trustee, Jenny Cousins, who was also employed as Museum Director.

During the year, one trustee was paid expenses of £100 for general reimbursed costs.

Page 4

(A Company Limited by Guarantee)

THE FOOD MUSEUM

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

(continued)

a. Our Mission and Values

Museum mission:

The Food Museum�s mission is to connect people with where food comes from and the impact of our choices: past, present and future.

We explore the impact of food production and consumption on:

Britain's diet has been altered over the centuries through interaction with other cultures. Our perspective is international, but weighted towards the UK and East Anglia because of our location and founding collection. We aim to explore themes connected by food. We focus on creating high-quality experiences on specific topics, e.g. bread, brewing. As we grow and opportunities to collaborate arise, we will broaden our range and scope.

Our values � we are:

  1. Relevant:

  2. ! We make our collections relatable to a 21st-century audience

  3. ! We cater for people at different levels of understanding and create layered interpretation appropriate to their needs

  4. ! Everyone should be able to see themselves reflected somewhere in what we display, collect and programme.

2. Challenging:

Page 5

(A Company Limited by Guarantee)

THE FOOD MUSEUM

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

(continued)

What we achieved in 2022-23

Our big news was that we changed from the Museum of East Anglian Life to the Food Museum in April 2022. This change was many years in the planning and we were pleased with how our first year as the Food Museum has gone.

Page 6

(A Company Limited by Guarantee)

THE FOOD MUSEUM

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

(continued)

authors John Wright and Richard Mabey.

Page 7

(A Company Limited by Guarantee)

THE FOOD MUSEUM

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

(continued)

participants through creative and mindful activities based around museum collections.

The Future

We are continuing to deliver against our 10-year masterplan for developing the museum, which will be refreshed in 2023, following a workshop with staff, volunteers and stakeholders in February 2023. Looking ahead, our priorities and opportunities include the following.

Page 8

(A Company Limited by Guarantee)

THE FOOD MUSEUM

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

(continued)

Thanks

The Museum�s Directors would like to thank all those who have supported us and partnered with us throughout the year, including:

Page 9

(A Company Limited by Guarantee)

THE FOOD MUSEUM

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

(continued)

Financial review

a. Going concern

After making appropriate enquiries, the Directors (who are also the Charity Trustees) have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

b. Reserves policy

It is the policy of the charity to hold the equivalent of eight weeks of expenditure in reserve. This currently equates to £90,000. The museum should seek to retain a minimum of £90,000 in reserves in a restricted account. Other reserves are maintained for specific restricted or designated projects of the charity and are set out in the notes to the financial statements. We are currently holding reserves at £20,000. We aim to continue to build reserves to ensure sufficient funds to cover management, administration, support costs and to respond to emergencies.

c. Investment policy

It is the policy of the Directors/Trustees to use any surplus funds for the advancement of the Charity's objectives. This has been achieved by the addition of land, buildings and exhibits which the Charity includes within fixed assets except for a number of exhibits for which it is not practical to obtain a valuation.

Page 10

(A Company Limited by Guarantee)

THE FOOD MUSEUM

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

d. Risk management

The Directors and Trustees continue to review the major strategic, business and operational risks which the charity faces using an established system for ongoing assessment which is reviewed at each board meeting. Identified risks are mitigated where possible.

Financial sustainability has been identified as an ongoing risk. A key element of managing this risk is the regular review of available liquid funds to enable the settlement of debts as they fall due, management of trade debtor and creditor balances and liaison with core funders. Non-financial risks arising from fire, health and safety of staff and volunteers, the public and visitors to the Museum are also considered. These risks are managed by ensuring accreditation is up-to-date, robust policies and procedures are in place and staff are offered appropriate training.

e. Results

The results for the year and the Charity's financial position at the end of the year is shown in the attached finanical statements.

The Board continues to monitor costs and look for innovative ways to increase its income in order to achieve a positive year-end position. The Board is aware in the present economic claimate, that this will be a challenging task.

Structure, governance and management

a. Constitution

The Food Museum is registered as a charitable company limited by guarantee and was set up by a Trust deed.

b. Methods of appointment or election of Trustees

The management of the Group and the Company is the responsibility of the Directors (who are also the Charity Trustees) who are elected and co-opted under the terms of the Trust deed. It is the policy of the Board to appoint individuals who have specialist knowledge relevant to the furtherance of the trust's mission. There is an induction process for new trustees and a handbook covering key information.In addition, training is available from time to time from the Association for Suffolk Museums, the Association of Independent Museums and SHARE East.

Page 11

THE FOOD MUSEUM (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Board of Directors/Trustees

Sharon Goddard (Chair)

Sharon's career encompasses teaching and senior leadership roles in further and higher education, and policy and funding roles nationally with the Department for Education. Between 2000 and 2006 she led education, skills and volunteering policy development at the Heritage Lottery Fund and set up the Young Roots and Skills Bursary funding schemes. She is a Director of Oakmere Solutions heritage consultancy, a Director of the Heritage Education Trust, a member of the Learning Advisory Panel of the Historic Houses Association, an advisor with the Heritage Lottery Fund and a trustee of both Suffolk Family Carers and the Suffolk Wildlife Trust.

Vanessa Trevelyan (Deputy Chair)

Vanessa Trevelyan has 37 years� experience in the museum sector, most recently as director of Norfolk Museums & Archaeology Service. Vanessa is a longstanding supporter of the Museums Association. She was Convener of the MA�s Ethics Committee from 2001-09, and President of the Museums Association 2010-13. Vanessa retired from NMAS in 2013 and now undertakes a range of advisory work, particularly helping small independent museums through organisational change. She is President of the Norfolk Costume & Textiles Society, a member of the SHARE Museums East Advisory Forum, and an active member of the Norwich Society leading on social media and event programming.

Anne Harrison (Company Secretary and Treasurer)

Originally from Kent, Anne has lived in Suffolk for nearly 40 years. She is a qualified accountant and has worked across all types of industries within East Anglia, developing a wide range of business skills. She part-owns and is a Director of Colour Marketing Services Ltd. She has a long-standing interest in local history and in the past has volunteered at both the Museum of East Anglian Life and Pakenham Watermill. She is a trustee of several local charities and is actively involved in her local church as treasurer and churchwarden.

Jon Pattle

Jon studied at the University of Bristol and qualified as an architect in 1980. Following private practices in London and Sheffield, and a period with Sheffield City Council, Jon returned to Suffolk in the late 1980s to become a partner in Poole & Pattle, a new architectural practice based in Ipswich. He has extensive experience in projects of a wide variety of types and scales, with particular enthusiasm for conservation-related work and innovative design. Jon has volunteered at the museum for many years, and was made a Life Member in 2007. He has been very active in many local organisations, including Stowmarket's Civic Society, Stowmarket Town Forum, the Pickerel Project, Red Gables, and as advisor to Mid Suffolk Access Group.

Councillor Linda Baxter

Linda was elected to Stowmarket Town Council in 2015, and is the town�s representative on the Board of Trustees. She was Mayor of Stowmarket from 2018-19. Linda has been a Community Mental Health Nurse for 28 years. She now works in the Phoenix Counselling Practice as the Practice Lead and as a counsellor. She also has a private practice in Ipswich. Linda has always had an interest and commitment to her local community and is involved in a variety of activities. She is passionate about environmental issues both locally and globally.

Nigel Macpherson

Nigel represents the Abbot�s Hall Trust which holds the freehold of the museum site. He is a director of Zynergy, which builds, owns and operates solar power farms in India, manufactures solar panels and provides solar power services to industrial clients. He studied at Durham University, served in the Life Guards and had a long career in investment banking including Swiss Bank Corp, Merrill Lynch and Banque Paribas.

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(A Company Limited by Guarantee)

THE FOOD MUSEUM

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Board of Directors/Trustees (continued)

Clare Barlow

Clare is Director of Programmes & Audiences at the Foundling Museum. Previous roles include Curator Team Lead, Exhibitions at the Science Museum, London, and curator of �Being Human�, a new permanent gallery that opened at Wellcome Collection in 2019, which explores trust, identity and health in a changing world. She was also curator of �Queer British Art, 1863-1967� at Tate Britain, 2017, the first show on this topic. She has worked for a range of cultural organisations and has a long-standing interest in how museums can work to welcome the widest possible range of people as staff and visitors.

Jon Brighton

Jon has lived most of his life in Norfolk and Suffolk, and for the last 30 years in Stowmarket. He is a retired senior police officer working across the county and region. He has recently carried out work for the Home Office nationally, chaired a local housing association, and has been involved in leadership roles in local schools. He is passionate in making Stowmarket a great place to live and work in, and believes the museum is a hidden gem for the town and county.

Simon Hooton

Simon�s association with Suffolk goes back to the mid 1970s and he has lived in the county for over 35 years. His countryside management career � from hands-on experience to strategic thinking � has covered most East Anglian landscapes including the Brecks, Broads and coast. He�s lectured and tutored for many bodies and his passion for environmental interpretation has included radio and TV. Very active in his community he has been town councillor, school governor, local wildlife group chair, fundraiser, project manager, pantomime dame and arts centre director.

Melinda Appleby

Melinda works as a writer/researcher specialising in creative connections to nature and place, following a career in sustainable land management. Melinda graduated in Rural Environmental Studies (Wye College) and became the first New Agricultural Landscapes Project Officer piloting farm conservation advisory work in Suffolk. She worked for both the NFU and RSPB and then as an independent consultant advising on Eat the View projects, Tastes of Beds and regional rural proofing policies. Melinda won Country Living's Best Writer Award and changed direction from environmental policy to focus on writing, exploring the nature and culture of land. She has served on the Boards of English Nature, Natural England, CPRE, the Consumer Council for Water and Waveney & Blyth Arts.

Alex Butler-Zagni

Alex was called to the bar (barrister) in 2002 and qualified as a solicitor in 2010. At that time, he was the NFU East Anglia Policy Adviser and, over his seven years at the NFU, he gained an excellent technical knowledge of agricultural policy, farming and the food chain.

Alex completed a master�s degree in Law (LL.M) in 2005 and was admitted as a Fellow of the Agricultural Law Association in 2016. He has lived in Ixworth, in West Suffolk for over 13 years and works in Ipswich for Gotelee Solicitors, advising on a broad range of commercial and rural property transactions.

Page 13

(A Company Limited by Guarantee)

THE FOOD MUSEUM

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Board of Directors/Trustees (continued)

Richard Lister OBE

Richard was previously Vice-Chancellor at the University of Suffolk, formerly University Campus Suffolk. Richard has a particular interest in relationships with the community and improving aspiration, achievement and social mobility in Suffolk. He previously worked at Brunel, Hull and Essex Universities. In addition to being on the Board of the Food Museum, Richard is also Chair of the Ipswich charity 4YP and Chair of the Ipswich Social Mobility Alliance.

Melissa Strauss

Melissa Strauss works in the policy team at the National Lottery Heritage Fund, where she has led on museums, libraries and archives, intangible cultural heritage, youth engagement and community participation. She has previously worked for Birmingham Museums, Arts Council England, and in universities, and has volunteered for community and refugee organisations. Melissa is a co-founder of Museum Space Invaders, and a Clore Fellow. She has recently completed research supported by the Arts and Humanities Research Council on community participation in strategic decision-making and governance in museums and heritage.

Bill Seaman

Bill grew up on a farm in South Norfolk which used traditional farming methods to complete the agricultural cycle for several seasons. He originally trained as a teacher of English and History and taught in the UK and abroad before embarking on a career in theatre and arts administration. Since moving to the museum sector, he has led projects in both national and regional museums including The Natural History Museum, Birmingham Museum & Art Gallery, Norfolk Museums and Colchester and Ipswich Museums. In his 30 years in museums he managed both temporary exhibitions and associated events and the major redevelopments of both Norwich and Colchester Castles. He is currently a museum consultant and trainer, musician and a member of the Regional Advisory Board of the National Trust.

Jenny Cousins (Museum Director)

Jenny became Director of the Museum in September 2016. She studied history at Balliol College and history of film at Birkbeck. She has worked for museum design firm Event Communications, English Heritage and the Imperial War Museum. Major exhibition projects included Charles Darwin�s home, Down House, Lullingstone Roman Villa and Dover Castle�s Secret Wartime Tunnels. At IWM, Jenny led the redevelopment of the American Air Museum at Duxford, and the creation of www.americanairmuseum.com, a website crowdsourcing information about the air war. Jenny served on the Heritage Lottery Fund�s London Committee from 2014�2019. She is chair of Stowmarket Culture Group and sits on the board of the Suffolk Chamber of Commerce.

Page 14

(A Company Limited by Guarantee)

THE FOOD MUSEUM

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Related Party

The Charitable Company is related to its wholly owned subsidiary company, Stowmarket Museum Trading Limited, which sells merchandise and services either directly or through franchises in order to enhance the financial position of the Museum. The results of the trading company are consolidated with those of the Museum in these finanical statements.

Fixed Assets

The changes in fixed assets are shown in notes 12 and 13 to the financial statements. In accordance with the requirements of Financial Reporting Standard (FRS) 102, the Museum has assumed a valuation as being the deemed cost of donated assets in relation to the heritage steam collections and the Justin Partyka collections of local prints.

Reliance on volunteers

The Charity has a significant number of unpaid volunteers who assist in the day to day running of the Museum in addition to paid staff.

Member of the Company

The Ordinary Members of the Company comprise the Directors. There are also life members and Honorary Members without voting rights.

Page 15

(A Company Limited by Guarantee)

THE FOOD MUSEUM

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Statement of Trustees' responsibilities

The Directors (who are also the Charity Trustees) (who are also the directors of the Company for the purposes of company law) are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Directors (who are also the Charity Trustees) to prepare financial statements for each financial year. Under company law, the Directors (who are also the Charity Trustees) must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and the Company and of their incoming resources and application of resources, including their income and expenditure, for that period. In preparing these financial statements, the Directors (who are also the Charity Trustees) are required to:

The Directors (who are also the Charity Trustees) are responsible for keeping adequate accounting records that are sufficient to show and explain the Group and the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Group and the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Group and the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Public Benefit

The Trustees, who are also Directors of the Charitable Company have complied with the duty in section 4 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charities Commission.

Disclosure of information to auditors

Each of the persons who are Directors (who are also the Charity Trustees) at the time when this Trustees' Report is approved has confirmed that:

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THE FOOD MUSEUM

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

In preparing the report, the Directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

Approved by order of the members of the board of Directors (who are also the Charity Trustees) on _______ and signed on their behalf by:

Ms A C Harrison Company Secretary

Page 17

(A Company Limited by Guarantee)

THE FOOD MUSEUM

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE FOOD MUSEUM

Opinion

We have audited the financial statements of The Food Museum (the 'parent charitable company') and its subsidiaries (the 'group') for the year ended 31 March 2023 which comprise the Consolidated Statement of Financial Activities, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the

Page 18

(A Company Limited by Guarantee)

THE FOOD MUSEUM

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE FOOD MUSEUM (CONTINUED)

audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Report.

We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Trustees' Responsibilities Statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the Group's and the parent charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

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THE FOOD MUSEUM (A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE FOOD MUSEUM (CONTINUED)

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial experience and through discussions and enquiries of Trustees and management. During the engagement team briefing, the outcomes of these discussions were shared with the team, as well as consideration as to where and how fraud may occur in the Group.

The following laws and regulations were identified as being of significance to the Group:

� Those laws and regulations considered to have a direct effect on the financial statements including UK financial reporting standards, taxation regulations and the Charities Act 2011;

� The Group is subject to many other laws and regulations where the consequences of noncompliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. We identified the following areas as those most likely to have such an effect: health and safety, human rights and employment law, food safety, safeguarding and GDPR compliance.

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: enquiries of management and those charged with governance as to whether the Group complies with such regulations; enquiries of management and those charged with governance concerning any actual or potential litigation or claims, inspection of relevant legal documentation, review of board minutes, testing the appropriateness of entries in the nominal ledger, including journal entries and the performance of analytical procedures to identify any unexpected movements in account balances which may be indicative of fraud.

However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the Group's controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISA's (UK).

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.

Page 20

THE FOOD MUSEUM IA Company Limited by Guarantee) INDEPENDENT AUOITORS. REPORT TO THE MEMBERS OF THE FOOD MUSEUM ICONTINUEDI U• of our r•port This report is mado %)lety to Ihe charitabl• ¢onw4nl$ m•mb•rs. ￿ • tojy. in accordance with Chapter 3 of Part 16 of the Companies Act 20(6, and lo th& ¢harrtable ¢ompanl5 Iruslees. as a body. Part 4 of the Charitie$ (Accounls and Reports) Regulath)ns 2008. Ouf audrt work has been undertaken so that we might slate to the charitable companys members Ihose matters we ale required to state to them in an Auditors, Report and lar no other purpo$?. To th• lulltrsl exlent permilted by do noi accapt or assume responsJilrty to anyontr other than th? charrtab wnpany and its members. as a bLxJy. for our auan Welk. lor ih15 repon, or for gpinion6 hav• ftym•d. Tlmothy O'connor IS•nlor st￿￿ory Audlior) for and on béhalf of S8 Audlt LLP Chartered A¢countnts &*tatutory Audrtor 820 The Crescent Colche51er Busi￿8$ Pa Colchest•r Essex C04 9YQ Page 21

(A Company Limited by Guarantee)

THE FOOD MUSEUM

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2023

Note
Income from:
Grants, donations and legacies
4
Other trading activities
5
Investments
6
Other income
7
Total income
Expenditure on:
Raising funds
Charitable activities
8
Total expenditure
Net income/(expenditure)
Transfers between funds
20
Net movement in funds
Reconciliation of funds:
Total funds brought forward as
previously stated
Prior year adjustment
Total funds brought forward as restated
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2023
£
313,406
328,259
140
46,637
688,442
139,615
318,184
457,799
230,643
178,854
409,497
277,280
285,050
562,330
409,497
971,827		 Restricted
funds
2023
£
643,699
-
-
-
643,699
-
852,418
852,418
(208,719)
(178,854)
(387,573)
2,871,318
72,000
2,943,318
(387,573)
2,555,745		 Total
funds
2023
£
957,105
328,259
140
46,637
1,332,141
139,615
1,170,602
1,310,217
21,924
-
21,924
3,148,598
357,050
3,505,648
21,924
3,527,572		 As restated
Total
funds
2022
£
1,415,322
241,439
1
44,075
1,700,837
92,607
1,304,855
1,397,462
303,375
-
303,375
3,064,520
137,753
3,202,273
303,375
3,505,648

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

The notes on pages 28 to 54 form part of these financial statements.

Page 22

THE FOOD MUSEUM (A Company Limited by Guarantee) REGISTERED NUMBER: 01819676

CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2023

Note
Fixed assets
Tangible assets
13
Heritage assets
14
Current assets
Stocks
16
Debtors
17
Cash at bank and in hand
Creditors: amounts falling due within one
year
18
Net current assets
Total assets less current liabilities
Total net assets
Charity funds
Restricted funds
20
Unrestricted funds
20
Total funds		 10,260
102,340
174,148
286,748
(34,095)		 2023
£
2,503,107
771,812
3,274,919
252,653
3,527,572
3,527,572
2,555,745
971,827
3,527,572		 7,861
22,476
607,787
638,124
(198,781)		 Restated
2022
£
2,299,976
766,329
3,066,305
439,343
3,505,648
3,505,648
2,943,318
562,330
3,505,648

Page 23

THE FOOD MUSEUM (A Company Limited by Guarantee) REGISTERED NUMBER: 01819676

CONSOLIDATED BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2023

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

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

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

Mr R Lister

Ms A C Harrison

The notes on pages 28 to 54 form part of these financial statements.

Page 24

THE FOOD MUSEUM (A Company Limited by Guarantee) REGISTERED NUMBER: 01819676

COMPANY BALANCE SHEET AS AT 31 MARCH 2023

Fixed assets
Tangible assets
13
Heritage assets
14
Investments
15
Current assets
Debtors
17
Cash at bank and in hand
Creditors: amounts falling due within one
year
18
Net current assets
Total assets less current liabilities
Total net assets
Charity funds
Restricted funds
20
Unrestricted funds
20
Total funds		 161,494
146,072
307,566
(27,096)		 2023
£
2,475,189
771,812
100
3,247,101
280,470
3,527,571
3,527,571
2,555,745
971,826
3,527,571		 119,214
498,071
617,285
(178,764)		 Restated
2022
£
2,299,573
766,329
100
3,066,002
438,521
3,504,523
3,504,523
2,943,318
561,205
3,504,523

Page 25

THE FOOD MUSEUM (A Company Limited by Guarantee) REGISTERED NUMBER: 01819676

COMPANY BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2023

The Company's net movement in funds for the year was £23,048 (2022 - £302,924).

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

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

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

Mr R Lister

Ms A C Harrison

The notes on pages 28 to 54 form part of these financial statements.

Page 26

(A Company Limited by Guarantee)

THE FOOD MUSEUM

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2023

Note
Cash flows from operating activities
Net cash used in operating activities
23
Cash flows from investing activities
Purchase of tangible fixed assets (including heritage assets)
Interest received
Net cash used in investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
24		 2023
£
(35,645)
(398,134)
140
(397,994)
(433,639)
607,787
174,148		 Restated
2022
£
509,775
(121,596)
1
(121,595)
388,180
219,607
607,787

The notes on pages 28 to 54 form part of these financial statements

Page 27

THE FOOD MUSEUM

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

1. General information

The Food Musuem is a public benefit entity and a company limited by guarantee, company number, 01819676 registered in England and Wales. The Food Museum is also a Charity registered with the Charity Commission (charity registration number 293033). The registered office and its principal place of business is Museum offices, Stowmarket, Suffolk, IP14 1DL.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The Food Museum meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The Consolidated Statement of Financial Activities (SOFA) and Consolidated Balance Sheet consolidate the financial statements of the Group and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis.

The Group has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Financial Activities in these financial statements.

The Charity has taken advantage of the exemption available to a qualifying entity in FRS102 from the requirement to present a charity only Cash Flow Statement within the consolidated financial statements.

2.2 Going concern

The financial statements have been drawn up on a going concern basis.

The Trustees confirm that at the time of approving the financial statements, there are no material uncertainties regarding the Group�s and the Charity�s ability to continue in operational existence for the foreseeable future, being at least 12 months from the date of approval of these financial statements.

In arriving at this conclusion, the Trustees have taken account of current and anticipated financial performance in the current economic conditions, its Corporate Plan, and its reserves position. For this reason, the going concern basis continues to be adopted in the preparation of these financial statements.

Page 28

THE FOOD MUSEUM (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

2. Accounting policies (continued)

2.3 Income

All income is recognised once the Company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Grants are included in the Consolidated Statement of Financial Activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance Sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

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.

2.4 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. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset�s use.

Expenditure on raising funds includes all expenditure incurred by the Group to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group's objectives, as well as any associated support costs.

All expenditure is inclusive of irrecoverable VAT.

2.5 Exhibits

Exhibits loaned to the museum are not capitalised nor have those donated in the past and they are excluded from the financial statements. The exception to this relates to the donation of the Steam Collection that is included in the balance sheet at insurers valuation that is regarded as the best estimate of intitial recognition of the deemed cost to the donor. The current policy however is to capitalise significant assets in the balance sheet at deemed cost except in rare situations where there is insufficient information to arrive at a reasonable valuatio of the cost of obtaining such information would exceed the benefit of obtaining the data. The amounts shown in the balance sheet for exhibits included in heritage assets represents the cost of items and artefacts purchased together with any restoration costs.

Page 29

THE FOOD MUSEUM (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

2. Accounting policies (continued)

2.6 Government grants

Government grants are credited to the Consolidated Statement of Financial Activities as the related expenditure is incurred.

2.7 Interest receivable

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

2.8 Taxation

The Company is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Company is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

2.9 Tangible fixed assets and depreciation

Tangible fixed assets costing £NIL or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using either a straight line or reducing balance basis, as noted below.

Depreciation is provided on the following bases:

No depreciation is charged on exhibits and artefacts or certain buildings as in the opinion of the Trustees, depreciation is not considered appropriate on such assets. The capitalised expenditure on Abbot's Hall and the Crowe Street Cottages together with the replacement of special displays will be funded from the Development Fund.

Page 30

THE FOOD MUSEUM (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

2. Accounting policies (continued)

2.10 Heritage assets

Where heritage assets have been purchased, they are initially recognised at cost. After recognition, under the cost model, heritage assets are measured at cost less any accumulated depreciation and any accumulated impairment losses.

Where heritage assets have been donated, the initial valuation at fair value has been treated at deemed cost. After recognition, in this situation, the assets are measured at deemed cost less accumulated depreciation and any accumulated impairment losses.

The museum's collection comprises more than 40,000 items, almost of all which were obtained under donation. The care and preservation of those assets is managed by the Curator under the supervision of the Museum Director and in accordance with the criteria governing the museum's accreditation. From time to time items are considered no longer suitable for retention. No item is disposed of without the prior sanction of the Board of Directors. Where appropriate, items will be transferred to another museum which is considered to be better able to use them. The nature and provenance of the majority of items in the collection renders it impractiable to obtain or make a reliable valuation, and in consequence these items are omitted from inclusion in the financial statements. The museum possesses a collection of steam engines which is of particular historic and scientific value. These are identified in the Balance Sheet as heritage assets and are stated at valuation. The valuation was made internally utilising data derived from the company insurer. As a consequence of the programmed maintenance of these assets it is considered that they have indefinite lives and no depreciaton is provided. The valuation is regarded as the deemed cost of the steam collection at initial recognition of these assets when they were donated.

2.11 Investments

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

Investments in subsidiaries are valued at cost less provision for impairment.

2.12 Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

2.13 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.

2.14 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.

Page 31

THE FOOD MUSEUM

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

2. Accounting policies (continued)

2.15 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Company 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 present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Consolidated Statement of Financial Activities as a finance cost.

2.16 Financial instruments

The Group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2.17 Pensions

The Group operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Group to the fund in respect of the year.

2.18 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 Group and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

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

Page 32

(A Company Limited by Guarantee)

THE FOOD MUSEUM

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

3. Judgements in applying accounting policies and key sources of estimation uncertainty

In the application of the Company's accounting policies, the Directors 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 items in the financial statements where estimates and underlying assumptions have been made include valuation of property and freehold heritage assets, useful economic lives and impairment of fixed assets.These 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.

Page 33

(A Company Limited by Guarantee)

THE FOOD MUSEUM

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

4. Income from donations and legacies

Unrestricted Unrestricted Restricted Total Total
funds funds funds funds
2023 2023 2023 2022
£ £ £ £
Donations
Other donations 7,617 11,500 19,117 13,743
Grants
Arts Council England (Culture recovery) - - - 93,160
Arts Council (Hedgerow Grant) - 40,000 40,000 50,000
Mid Suffolk District Council Covid 19 and
restart grants - - - 30,000
HMRC Corona virus job retention scheme - - - 6,049
Headley Trust and Esmee Fairbairn - 79,000 79,000 15,327
NHS Partnership - 40,000 40,000 14,067
Colchester and Ipswich Museum Services - - - 19,518
Safer Suffolk - - - 217
Watermill project - 10,420 10,420 133,304
Art fund - - - 25,506
LIFT project - - - 10,000
Scottish Power - River for all - 75,000 75,000 122,000
DWP Kickstart - 127,299 127,299 426,075
Suffolk County Council Youth Arts Festival - - - 15,860
Suffolk Community Fund Skills Kitchen project - 400 400 16,000
Arts Council England 150,218 - 150,218 150,218
Suffolk County Council 102,510 - 102,510 147,778
Mid Suffolk District Council 40,000 - 40,000 44,000
Stowmarket Town Council 5,000 - 5,000 5,500
Abbott's Hall Trust 5,000 - 5,000 5,000
Suffolk County Council & Mis Suffolk District
Council (Jubilant!) - 28,500 28,500 -
Linbury Trust - 36,000 36,000 52,000
Living on the Land - 2,000 2,000 -
Suffolk County Council Curious Minds - 10,000 10,000 -
SHARE project - 2,966 2,966 -
LD Rope volunteering grant - 5,000 5,000 -
Mid Suffolk District Council (Tractor grant) - 20,000 20,000 -
LEP - 99,997 99,997 -
Association for Suffolk Museums (Power of
Stories) - 10,860 10,860 -
MEND (SIGIF/ACE) - 21,964 21,964 -

Page 34

(A Company Limited by Guarantee)

THE FOOD MUSEUM

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

4. Income from donations and legacies (continued)

Unrestricted
funds
2023
Restricted
funds
2023
£
£
Mid Suffolk District Council (HAF/Thrills and
Grills)
-
9,735
Leeds project
-
10,568
SCC Mental Health
-
-
Mid Suffolk (Signage for Shop)
-
2,490
Rural Payments Agency
3,061
-
Total 2023
313,406
643,699
Total 2022
463,658
951,664
5.
Income from other trading activities
Income from fundraising events
Unrestricted
funds
2023
£
Fundraising income
147,856
Subsidiary trading income
135,718
283,574
Total 2022
179,858		 Total
funds
2023
£
9,735
10,568
-
2,490
3,061
957,105
1,415,322
Total
funds
2023
£
147,856
135,718
283,574
179,858		 Total
funds
2022
£
-
-
20,000
-
-
1,415,322
Total
funds
2022
£
91,653
88,205
179,858

Page 35

(A Company Limited by Guarantee)

THE FOOD MUSEUM

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

5. Income from other trading activities (continued)

Income from non charitable trading activities

Operation of the museum
Total 2022
6.
Investment income
Bank interest receivable
Total 2022
7.
Other incoming resources
Other income
Total 2022		 Unrestricted
funds
2023
£
44,685
61,581
Unrestricted
funds
2023
£
140
1
Unrestricted
funds
2023
£
46,637
44,075		 Total
funds
2023
£
44,685
61,581
Total
funds
2023
£
140
1
Total
funds
2023
£
46,637
44,075		 Total
funds
2022
£
61,581
Total
funds
2022
£
1
Total
funds
2022
£
44,075

Page 36

(A Company Limited by Guarantee)

THE FOOD MUSEUM

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

8. Analysis of expenditure on charitable activities

Summary by fund type

Operation of the Museum
Total 2022
Summary by expenditure type
Operation of the Museum
Total 2022		 Unrestricted
funds
2023
£
318,184
1,249,039
Staff costs
2023
Depreciation
2023
£
£
598,688
179,176
616,937
107,714		 Restricted
funds
2023
£
852,418
55,816
Other costs
2023
£
392,738
580,204		 Total
2023
£
1,170,602
1,304,855
Total
2023
£
1,170,602
1,304,855		 Total
2022
£
1,304,855
Total
2022
£
1,304,855

9. Analysis of expenditure by activities

Operation of the Museum
Total 2022		 Activities
undertaken
directly
2023
£
909,436
1,082,936		 Support
costs
2023
£
261,166
221,919		 Total
funds
2023
£
1,170,602
1,304,855		 Total
funds
2022
£
1,304,855

Page 37

THE FOOD MUSEUM (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

9. Analysis of expenditure by activities (continued)

Analysis of direct costs

Staff costs
Cost of Activities
Livestock Costs
Utilities
Light and Heat
Repairs and Maintenance
Care of Collections
Total 2022		 Activities
2023
£
598,688
235,168
22,166
26,548
9,013
14,619
3,234
909,436
1,082,936		 Total
funds
2023
£
598,688
235,168
22,166
26,548
9,013
14,619
3,234
909,436
1,082,936		 Total
funds
2022
£
616,937
394,556
13,170
5,327
25,200
21,300
6,446
1,082,936

Page 38

THE FOOD MUSEUM (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

9. Analysis of expenditure by activities (continued)

Analysis of support costs

Operation
of the
Museum
2023
£
Depreciation
179,176
Sundry Expenses
8,071
Cleaning
3,843
Insurance
23,151
Education
4,958
Marketing, Stationery,Web and IT Costs
17,549
Admin Cost
283
Other Staff Costs
2,635
Depreciation and loss on disposal of assets
897
Governance costs
20,603
261,166
Total 2022
221,919
10.
Auditors' remuneration
Fees payable to the Company's auditor for the audit of the Company's
annual accounts
Fees payable to the Company's auditor in respect of:
All taxation advisory services not included above		 Total
funds
2023
£
179,176
8,071
3,843
23,151
4,958
17,549
283
2,635
897
20,603
261,166
221,919
2023
£
11,000
2,500		 Total
funds
2022
£
107,714
23,696
3,825
22,036
8,458
45,607
-
-
-
10,583
221,919
2022
£
3,500
2,500

Page 39

(A Company Limited by Guarantee)

THE FOOD MUSEUM

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

11. Staff costs

Wages and salaries
Social security costs
Contribution to defined contribution pension
schemes		 Group
2023
£
548,129
40,890
9,669
598,688		 Group
2022
£
575,058
34,305
7,574
616,937		 Company
2023
£
488,668
40,564
9,669
538,901		 Company
2022
£
573,845
34,305
7,574
615,724

The average number of persons employed by the Company during the year was as follows:

Management and administration
Governance
Service and Operational- Full Time
Service and Operational- Part Time
Contract Staff		 Group
2023
No.
6
1
14
29
12
62		 Group
2022
No.
3
1
11
-
26
41		 Company
2023
No.
4
1
13
18
12
48		 Company
2022
No.
3
1
11
-
26
41

No employee received remuneration amounting to more than £60,000 in either year.

12. Trustees' remuneration and expenses

During the year remuneration was paid to one Trustee totalling £51,379 (2022: £45,000) in respect of their role as Museum Director.

The Trustees are the key management personnel.

During the year ended 31 March 2023, Trustee reimbursed expenses were incurred of £100 (2022 - £NIL).

Page 40

THE FOOD MUSEUM

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

13. Tangible fixed assets

Group

Cost or valuation
At 1 April 2022
Additions
Disposals
Transfers between classes
At 31 March 2023
Depreciation
At 1 April 2022
Charge for the year
On disposals
Transfers between classes
At 31 March 2023
Net book value
At 31 March 2023
At 31 March 2022		 Long-term
leasehold
property
£
2,492,265
2,019
-
(41,509)
2,452,775
441,105
48,495
-
(12,369)
477,231
1,975,544
2,051,160		 Plant and
machinery
£
447,692
366,812
(49,059)
(76,515)
688,930
198,876
100,648
(48,224)
(47,789)
203,511
485,419
248,816		 Office and
computer
equipment
£
-
12,203
(29,007)
118,024
101,220
-
27,249
(28,331)
60,158
59,076
42,144
-		 Total
£
2,939,957
381,034
(78,066)
-
3,242,925
639,981
176,392
(76,555)
-
739,818
2,503,107
2,299,976

At the start of this financial year, the Trustees reviewed the assets held by the Charity, and have reclassified certain assets, transferring between classes, to provide an accurate representation of their nature.

Page 41

(A Company Limited by Guarantee)

THE FOOD MUSEUM

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

13. Tangible fixed assets (continued)

Company

Cost or valuation
At 1 April 2022
Additions
Disposals
Transfers between classes
At 31 March 2023
Depreciation
At 1 April 2022
Charge for the year
On disposals
Transfers between classes
At 31 March 2023
Net book value
At 31 March 2023
At 31 March 2022		 Long-term
leasehold
property
£
2,492,265
2,019
-
(41,509)
2,452,775
441,105
48,495
-
(12,369)
477,231
1,975,544
2,051,160		 Plant and
machinery
£
443,812
336,291
(45,179)
(76,515)
658,409
195,399
97,324
(44,746)
(47,789)
200,188
458,221
248,413		 Computer
equipment
£
-
11,243
(29,007)
118,024
100,260
-
27,009
(28,331)
60,158
58,836
41,424
-		 Total
£
2,936,077
349,553
(74,186)
-
3,211,444
636,504
172,828
(73,077)
-
736,255
2,475,189
2,299,573

At the start of this financial year, the Trustees reviewed the assets held by the Charity, and have reclassified certain assets, transferring between classes, to provide an accurate representation of their nature.

Page 42

THE FOOD MUSEUM (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

14. Heritage assets

Group and Company

Assets recognised at cost

Carrying value at 1 April 2022
Additions
Disposals
Impairment charge for the year
Impairment brought forward		 Steam
Engines
2023
£
178,000
-
-
-
-
178,000		 Exhibits
Artefacts
2023
£
601,564
17,100
(5,270)
(6,347)
(13,235)
593,812		 Total
2023
£
779,564
17,100
(5,270)
(6,347)
(13,235)
771,812

Exhibits include the cost of artefacts purchased and historical buildings re-erected. Many of the exhibits have been donated over several decades and it is difficult to value at point of donation in order to establish deemed cost. The cost therefore, substantially relates to the reconstruction of the buildings and structures on site and to their refurbishment.

Exhibits are not depreciated but are subject to impairment reviews should the condition of assets indicate that it is inappropriate to do so. The exception to this is a purpose built display structure used to house the steam engine collection that is depreciated, along with some sculptures, over their useful economic lives.

The steam engine collection is valued at insurance valuation that is used as an estimate of deemed cost at the point of recognition of the assets when the donation was made. During the prior financial year, the ownership of a further steam engine that was on loan was transferred to the Museum by order of the Secretary of State at a value provided.

The donated print collection of Justin Partyka used the catalogue price of prints as deemed cost at point of donation.

Page 43

(A Company Limited by Guarantee)

THE FOOD MUSEUM

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

15. Fixed asset investments

Company
Cost or valuation
At 1 April 2022
At 31 March 2023
Net book value
At 31 March 2023
At 31 March 2022		 Investments
in
subsidiary
companies
£
100
100
100
100

Principal subsidiaries

The following was a subsidiary undertaking of the Charitable Company:

Name Company Class of Holding Included in
number shares consolidation
Stowmarket Museum Trading Company 02802185 Ordinary 100% Yes
Limited
The financial results of the subsidiary for the year were:
Name Income Expenditure Surplus for Net assets
£ £ the year £
£
Stowmarket Museum Trading 135,718 (126,861) 8,857 100
Company Limited

Page 44

(A Company Limited by Guarantee)

THE FOOD MUSEUM

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

16. Stocks

Group Group
2023 2022
£ £
Retail stock 10,260 7,861

17. Debtors

Due within one year
Trade debtors
Amounts owed by group undertakings
Other debtors
Prepayments and accrued income		 Group
2023
£
37,688
-
63,835
817
102,340		 Group
2022
£
13,408
-
7,579
1,489
22,476		 Company
2023
£
32,085
69,357
59,235
817
161,494		 Company
2022
£
11,764
98,090
7,871
1,489
119,214

18. Creditors: Amounts falling due within one year

Trade creditors
Other taxation and social security
Other creditors
Accruals and deferred income
Deferred income at 1 April 2022
Amounts released from previous periods		 Group
2023
£
2,733
11,479
2,755
17,128
34,095
Group
2023
£
119,997
(119,997)
-		 Group
2022
£
55,597
-
2
143,182
198,781
Group
2022
£
191,997
(72,000)
119,997		 Company
2023
£
2,443
11,153
-
13,500
27,096
Company
2023
£
119,997
(119,997)
-		 Company
2022
£
51,160
-
-
127,604
178,764
Company
2022
£
191,997
(72,000)
119,997

Page 45

THE FOOD MUSEUM

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

19. Prior year adjustment

During the year the Charity reviewed the classification of funds and determined that in prior years some funds had been incorrectly classified between unrestricted and restricted funds. Accordingly, the comparatives have been restated for this material error. The restatement has resulted in opening restricted reserves at 1 April 2021 increasing by £127,317 with a corresponding decrease in unrestricted reserves.

A capital grant reserve was noted to have been wrongly included in the 2022 accounts totalling £130,645. This amount has been reversed, resulting in an increase in opening reserves as at 1 April 2021. The trustees have made the decision to designate funds relating to assets financed through capital grants.

During the year it was noted that an amount of income had been incorrectly deferred in the prior year. The resulting entries to correct have increased income and reduced creditors by £72,000 in the figures for 2022.

It was noted during the year that a number of items included as additions on the fixed asset register in the current year, actually related to additions in the prior year, with the purchase payment being fully expensed through operating costs. As such, a prior year adjustment has been processed, to show the additions in the correct period which has resulted in an increase of £16,651 to opening reserves.

The previously reported capital grant reserve of £130,645 reflected in creditors due after one year in the 2022 accounts was found not to be compliant with applicable accounting standards. As such, a prior year adjustment has been made to remove the creditor and reflect the income accordinly in the previous period. The net book values of assets funded by such capital grants are now relfected as designated funds, as disclosed in note 20.

Page 46

(A Company Limited by Guarantee)

THE FOOD MUSEUM

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

20. Statement of funds

Statement of funds - current year

Unrestricted funds
Designated funds
Designated Funds - all funds
General funds
General Funds - all funds
Total Unrestricted funds
Restricted funds
Restricted Funds - all funds
Total of funds		 As restated
Balance at 1
April 2022
£
130,645
431,685
562,330
2,943,318
3,505,648		 Income
£
-
688,442
688,442
643,699
1,332,141		 Expenditure
£
-
(457,799)
(457,799)
(852,418)
(1,310,217)		 Transfers
in/out
£
214,111
(35,257)
178,854
(178,854)
-		 Balance at
31 March
2023
£
344,756
627,071
971,827
2,555,745
3,527,572

Designated funds

Where capital grants have been received to fund capital expenditure, amounts are designated to reflect the value of these assets after charging depreciation thereon.

Page 47

THE FOOD MUSEUM (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

20. Statement of funds (continued)

Statement of funds - prior year

Unrestricted funds
Designated funds
Designated Funds - all funds
General funds
General Funds - all funds
Total Unrestricted funds
Restricted funds
Restricted Funds - all funds
Total of funds		 As restated
Balance at
1 April 2021
£
130,645
312,728
443,373
2,759,998
3,203,371		 Income
£
-
879,818
879,818
886,772
1,766,590		 Expenditure
£
-
(719,520)
(719,520)
(670,833)
(1,390,353)		 As restated
Transfers
in/out
£
-
(41,341)
(41,341)
(32,619)
(73,960)		 As restated
Balance at
31 March
2022
£
130,645
431,685
562,330
2,943,318
3,505,648

Page 48

(A Company Limited by Guarantee)

THE FOOD MUSEUM

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

Restricted Funds Analysis

As restated Balance at
Balance at 1 Transfers 31 March
April 2022 **Income ** Expenditure in/out 2023
Premises development fund 1,846,517 - (48,495) - 1,798,022
Heritage Farm project 450,943 - (6,347) - 444,596
Steam engine collection 176,000 - - - 176,000
Mortlock Building 6,765 - - (6,765) -
Windpump restoration fund 2,534 - - (2,534) -
Steam engine restoration 15,633 - (385) - 15,248
Search for the Stars (Headley
Trust and Esmee Fairbairn) 20,300 20,000 (20,300) (20,000) -
NHS Partnership 32,943 40,000 (30,000) (32,943) 10,000
Colchester and Ipswich Museum
Service-Skills for the Future 4,131 - - (4,131) -
Watermill project 25,649 10,420 (36,069) - -
Arts Council project funding 22,691 - - (22,691) -
Heritage Lottery emergency
funding 13,594 - - (13,594) -
Art Fund 27,898 - (27,898) - -
River for All project (Scottish
Power/CIL) 101,543 75,000 (153,015) (23,528) -
Arts Council England Hedgerow
grant 48,057 40,000 (82,266) - 5,791
Mid Suffolk District Council
Welcome Bank and Restart 1,853 - (1,853) - -
Jubilant! 2022 (Suffolk County
Council and Mid Suffolk
District Council) 14,858 5,000 (19,858) - -
Suffolk County Council & Suffolk
Community Fund Skills
Kitchen project 7,554 400 (7,954) - -
DWP Kickstart Participant and
Consortium project 48,679 127,299 (127,299) (48,679) -
Other working projects 3,176 - - (3,176) -
Linbury Trust 52,000 36,000 (52,000) - 36,000
LEP - 99,997 (99,997) - -
Composting toilet (SCC) - - (6,825) 6,825 -
Living on the Land - 2,000 (6,852) 4,852 -
Suffolk County Council Curious
Minds project 20,000 10,000 (10,000) (10,000) 10,000
SHARE working with Large
Objects project - 2,966 (607) - 2,359
LD Rope volunteering grant - 5,000 (5,000) - -

Page 49

(A Company Limited by Guarantee)

THE FOOD MUSEUM

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

Tractor grant (Mid Suffolk
District Council)		 - 20,000 (20,000) - -
Jubilant 2023 (Suffolk County
Council and Mid Suffolk
District Council)		 - 23,500 (4,000) - 19,500
Rethinking the Rural Life
Museum (Esmee
Fairbairn/Headley Trust)		 - 59,000 (20,771) - 38,229
Power of Stories (Suffolk County
Council/AfSM)		 - 10,860 (10,860) - -
MEND (SIGIF/ACE) - 21,964 (21,964) - -
HAF/Thrills and Grills (Mid
Suffolk District Council)		 - 9,735 (9,735) - -
Shop front signage (Mid Suffolk
District Council)		 - 2,490 - (2,490) -
Leeds project - 10,568 (10,568) - -
Donations - 11,500 (11,500) - -
Total 2,943,318 643,699 (852,418) (178,854) 2,555,745

21. Summary of funds

Summary of funds - current year

Designated funds
General funds
Restricted funds		 As restated
Balance at 1
April 2022
£
130,645
431,685
2,943,318
3,505,648		 Income
£
-
688,442
643,699
1,332,141		 Expenditure
£
-
(457,799)
(852,418)
(1,310,217)		 Transfers
in/out
£
214,111
(35,257)
(178,854)
-		 Balance at
31 March
2023
£
344,756
627,071
2,555,745
3,527,572

Page 50

THE FOOD MUSEUM (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

21. Summary of funds (continued)

Summary of funds - prior year

Designated funds
General funds
Restricted funds		 As restated
Balance at
1 April 2021
£
130,645
312,728
2,759,998
3,203,371		 Income
£
-
879,818
886,772
1,766,590		 Expenditure
£
-
(719,520)
(670,833)
(1,390,353)		 As restated
Transfers
in/out
£
-
(41,341)
(32,619)
(73,960)		 As restated
Balance at
31 March
2022
£
130,645
431,685
2,943,318
3,505,648

22. Analysis of net assets between funds

Analysis of net assets between funds - current year

Unrestricted
funds
2023
£
Tangible fixed assets
508,404
Heritage assets
274,940
Current assets
222,578
Creditors due within one year
(34,095)
Total
971,827		 Restricted
funds
2023
£
1,994,703
496,872
64,170
-
2,555,745		 Total
funds
2023
£
2,503,107
771,812
286,748
(34,095)
3,527,572

Page 51

THE FOOD MUSEUM (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

22. Analysis of net assets between funds (continued)

Analysis of net assets between funds - prior year

Tangible fixed assets
Heritage assets
Current assets
Creditors due within one year
Total As restated		 As restated
Unrestricted
funds
2022
£
226,659
276,941
137,515
(78,784)
562,331		 As restated
Restricted
funds
2022
£
2,073,317
489,388
500,609
(119,997)
2,943,317		 As restated
Total
funds
2022
£
2,299,976
766,329
638,124
(198,781)
3,505,648

23. Reconciliation of net movement in funds to net cash flow from operating activities

Net income for the year (as per Statement of Financial Activities)
Adjustments for:
Depreciation charges
Loss on disposal of fixed assets
Interest received
(Increase)/decrease in stock
(Increase)/Decrease in debtors
Increase/(decrease) in creditors
Release of capital grant reserve
Net cash provided by/(used in) operating activities		 Group
2023
£
21,924
182,739
6,781
(140)
(2,399)
(79,864)
(164,686)
-
(35,645)		 Group
2022
£
303,375
107,401
383
(1)
(2,098)
25,583
(13,349)
73,960
495,254

Page 52

(A Company Limited by Guarantee)

THE FOOD MUSEUM

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

24.
Analysis of cash and cash equivalents
Cash in hand
Total cash and cash equivalents		 Group
2023
£
174,148
174,148		 Group
2022
£
607,787
607,787

25. Analysis of changes in net debt

Cash at bank and in hand At 1 April
2022
£
607,787
607,787		 Cash flows
£
(433,639)
(433,639)		 At 31 March
2023
£
174,148
174,148

Page 53

THE FOOD MUSEUM

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

26. Pension commitments

The Charitable company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Charitable company in an independently administered fund. The pension cost charge represents contributions payable by the Charitable company the fund and amounted to £9,669 (2022: £7,574). No contributions were outstanding at the balance sheet date (2022: none).

27. Related party transactions

All related party transactions and balance between the Charity and its wholly owned subsidiary company are eliminated on consolidation. Advantage has been taken of the exemption not to dislcose group related party transactions.

There were no other related party transactions requiring dislcosure.

There is no ultimate controlling party.

Page 54