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2024-03-31-accounts

THE FOOD MUSEUM

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

Registered Charity No: 293033 Registered Company No: 01819676 (England and Wales)

THE FOOD MUSEUM

CONTENTS

CONTENTS
Page No
Legal and Administrative Details 1
Chair's Foreword 2
Trustees' Report 3 - 7
Independent Auditors' Report 8 - 11
Consolidated Statement of Financial Activities 12 - 13
Balance Sheets 14 - 15
Consolidated Cashflow Statement 16
Notes to the Consolidated Accounts 17 - 35

THE FOOD MUSEUM

LEGAL AND ADMINISTRATIVE DETAILS

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Trustees Mr R Lister (Chair)
Ms V M Trevelyan (Vice-Chair)
Ms A C Harrison (Treasurer)
Dr C K Barlow
Mr J H Brighton
Mr A R T Butler-Zagni
Ms J H Cousins
Mr S K Hooton
Mr N C B Macpherson
Mr J M Pattle
Mr W Seaman
Ms M Strauss
Secretary Ms A C Harrison
Museum Director Ms J H Cousins
Key Management Personnel Ms J H Cousins
Ms S Prince (Deputy Director)
Charity Number 293033
Company Number 01819676
Registered office Museum Offices
Stowmarket
Suffolk
IP14 1DL
Independent Auditors Azets Audit Services
First Floor, River House
1 Maidstone Road
Sidcup
DA14 5RH
Bankers Barclays Bank Plc
Stowmarket
Suffolk
IP14 1DL
Starling Bank
5th Floor
London Fruit and Wool Exchange
1 Duval Square
London
E1 6PW
Solicitors Birketts LLP
Providence House
141-145 Princes Street
Ipswich
IP1 1QJ
----- End of picture text -----

THE FOOD MUSEUM

CHAIRMAN'S STATEMENT FOR THE YEAR ENDED 31 MARCH 2024

The Chairman presents their statement for the year.

. The year 2023-24 was simultaneously exciting, positive and very successful while occasionally slightly frustrating. The ambitious and transformational plans we have are on track and will help make the Food Museum one of the most innovative in the country and a major regional destination. At the same time some of the funding challenges, particularly to core funding through the county council, have the potential to slow our progress a little while we work with alternative partners to share this journey.

As well as the physical transformation which is underway we are sustaining and improving the quality of the work we do. Exciting, thought provoking exhibitions, outreach work with schools and young people, social prescribing and our continuing mission to inform and entertain is helping visitors of all generations evaluate and understand their relationship with food and the part it plays in all our lives.

The Museum is in safe hands. The Director and her team lead the Museum with skill and dedication, ably supported by our wonderful volunteers and an excellent Board of Trustees. I would like to thank them all for their support and single minded focus on the success of the Food Museum. I would also like to say the biggest thank you to all our funders; together we are creating something different and very special and your part in delivering the future Food Museum cannot be overestimated.

Mr R Lister Chair Date: 21 October 2024

THE FOOD MUSEUM

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2024

The Trustees present herewith their report and the consolidated financial statements for the year ended 31 March 2024. The Trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” (FRS 102) in preparing the annual report and financial statements of the charity.

. The consolidated financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity’s governing document, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published in October 2019.

Objectives and activities

As set out the Museum’s governing document, the principle charitable objective 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.

Activities, mission and values

The Food Museum is the largest independent museum in Suffolk, caring for over 40,000 objects, including 17 historic buildings set in 84 acres of countryside. The museum is a charity supporting the community and we undertake a wide range of projects and programmes. The Food Museum’s mission is to connect people with where their food comes from and the impact of our choices on the environment, health and wellbeing. We explore the social, cultural and industrial history, present and future of food.

We aim to enrich people’s lives, encouraging enjoyment, learning and participation through our public programme, training and volunteering schemes. We hold events throughout the year, family activities during the holidays, programmes for schools and community-focused initiatives. We are a space for people to be active, learn new things, look at the world differently, make friends and give something back.

Our values – we are:

2 Challenging:

3 Sustainable

Public benefit statement

In planning future activity and in reviewing the charity’s aims and objectives, the Charity Commission’s general guidance on public benefit is considered. The charity’s activities clearly relate to its legal objective of advancing the education of the public.

Strategic Report

Review of the year

2023-24 was our second year as the UK’s only Museum dedicated to food. The new brand has provided clarity which has helped us to communicate our offer and ambitions. It is a clear indicator of the direction of travel from a traditional rural museum to an organisation which looks forward as well as back. The brand’s traction resulted in growth of visitor numbers (+30%), a broadening of our visitor profile (more people travel further to see us and more first-time visitors) and increased press coverage and national reach which has introduced us to more people (this year, we have featured in The Telegraph, The Times, The Guardian, The Observer and The Independent , on the BBC’s The Kitchen Cabinet and The Food Programme).

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

THE FOOD MUSEUM

Strategic Report (continued)

Key achievements in 2023-24 include:

Financial review

The museum is independent. We have to generate our own income through grants, admissions, memberships and income generation (shop, café, rents and events). We receive financial support from Arts Council England (ACE) as a National Portfolio Organisation (NPO)to maintain and develop our work to engage audiences with high-quality culture and heritage. NPO status lasts for 4 years. The museum applies annually for local authority grants. We also work with trusts and foundations that share our ambition to deliver projects which reach people and communities effectively.

Cash balances and reserves remain acceptable, with core funding being paid in stages throughout the year. The main challenges that the organisation experienced in 2023-24 were as a result of rising prices due to high inflation, particularly affecting the scope of the capital works, and issues with the drawdown of a key grant due to a drawn-out technical legal process to vary a lease. Despite these challenges, we have been able to deliver a break-even budget.

Income for the year amounted to £1,739,192 (2023: £1,332,141). The surplus related to grants received for capital projects which are ongoing.

Expenditure for the year amounted to £1,245,389 (2023: £1,310,217)

THE FOOD MUSEUM

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

Investment policy

It is the policy of the 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.

Reserves policy

The Food Museum seeks to hold, as a minimum, the equivalent of two months of unrestricted expenditure in reserve. The Museum should seek to retain a minimum of £125,000 (2023: £100,000) in reserves. We will work towards six months of reserves. 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 aim to continue to build reserves to ensure sufficient funds to cover management, administration, support costs and to respond to emergencies. At 31 March 2024, unrestricted funds amounted to £182,980 (2023: £463,541)

Restricted funds at 31 March 2024 amounted to £153,887 (2023: £2,555,745). Further information can be found in note 20 to the financial statements.

Designated funds at 31 March 2024 amounted to £3,483,482 (2023: £344,756). Further information can be found in note 21 to the financial statements.

Going Concern

The Trustees are of the opinion that The Food Museum is a Going Concern as at 31 March 2024.

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.

Principal risks and uncertainties

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. 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 climate, that this will continue to be a challenging task, especially in the light of Suffolk County Council’s decision to end all strategic funding to arts and heritage organisations, ending a 60-year relationship with the museum.

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.

Plans for the future

We seek to grow the museum’s audiences and offer in order to deliver our educational mission. Beautiful and colourful, functional and creative, magical and informative: we want a visit to the Food Museum to be welcoming, memorable and inclusive. We will pioneer a high-quality, interactive, immersive and fun visitor experience which engages all the senses and challenges visitors to learn and think about food.

The outcomes we will achieve in the next seven years are:

THE FOOD MUSEUM

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

Plans for the future (continued)

To learn more about the future plans of the museum, please see our Vision 2023-2030 document. This is available on our website (https://foodmuseum.org.uk/wp-content/uploads/2023/11/2023-Food-Museum-Vision-digital-version.pdf).

The next phase of capital work in 2024-25 will include repairs to Grade II* Abbot’s Hall and the recladding and extension of our Collections Store and Estate Workshop – the back-of-house spaces need upgrading, expansion and repair. The project will increase our storage and work space (+250 sqm) and consolidate our collections and estate operations and give us capacity for future growth. We will also be undertaking significant improvements to the environmental management of our estate.

Structure, governance and management

The Food Museum Ltd is a Company Limited by Guarantee with charitable status. The company was established under a Memorandum of Association, which set out the objects and powers of the company, and is governed by its Articles of Association, filed with Companies House, and last revised in October 2023.

The museum has a wholly owned subsidiary, the Stowmarket Museum Trading Company Limited, known as the Trading Company, which manages the museum’s trading activities (retail, café, weddings).

The affairs of the museum are controlled by the Board of Trustees which meets quarterly. Observers from Suffolk County Council (SCC), Mid Suffolk District Council (MSDC), Stowmarket Town Council (STC) and invited members of the museum staff attend these meetings. An AGM is held in October each year.

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||| |---|---| |The Trustees, who are also the directors for the purpose of company law, and who served during the year were:| |Mr R Lister (Chair - appointed 21 July 2023)|Ms J H Cousins| |Ms V M Trevelyan (Vice-Chair)|Mr S K Hooton| |Ms A C Harrison (Treasurer and Secretary)|Mr N C B Macpherson| |Dr C K Barlow|Mr J M Pattle| |Mr J H Brighton|Mr W Seaman| |Mr A R T Butler-Zagni|Ms M Strauss|

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Committee structure, induction and training

Trustees receive an induction and can access training through sector support organisations, such as the Association for Independent Museums and the Association for Cultural Enterprises.

The Board of Trustees appoints committees to help it to discharge its responsibilities. The membership of these committees varies but each is chaired by a nominated trustee or officer. For example, a Health & Safety committee meets quarterly to review the museum’s operations and incidents, and a Finance committee, scrutinises the annual accounts.

There is also a Development Board with a membership of trustees and external advocates which exists to fundraise in support of the delivery of the vision. It has no governance responsibility.

The museum’s trustees provide strategic direction and support. The day-to-day running of the museum is the responsibility of the museum’s Director, supported by the Deputy Director and a Management Team.

Pay policy for key management personnel

The Trustees consider the senior management team comprise the key management personnel of the charity in charge of directing and controlling, running and operating the Trust on a day-to-day basis. All Trustees give of their time freely and no trustee received remuneration in the year for undertaking the Company duties. Appropriate annual pay increase for all staff, including the senior staff is decided by the Board of Trustees.

THE FOOD MUSEUM

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

Funds held as Custodian Trustees on behalf of others

The Museum holds and administers a small fund (<£5,000) on behalf of Women Cultural Leaders East, a professional development network for female leaders in the East of England.

Trustees responsibilities

The Trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and regulations. Company law requires the Trustees to prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards) and applicable law.

Under company law the 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 charitable company and of its net incoming or outgoing resources for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records that are sufficient to show and explain the charitable company’s transactions and disclose with reasonable accuracy at any time the financial position of the charitable 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 charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustees give strategic direction to the Trust and ensure that:

Disclosure of information to auditors

Insofar as each of the Trustees of the company at the date of approval of this report is aware, there is no relevant audit information (information needed by the company’s auditor in connection with preparing the audit report) of which the company’s auditor is unaware. Each Trustee has taken all of the steps that he/she should have taken as a Trustee in order to make himself/herself aware of any relevant audit information and to establish that the company’s auditor is aware of that information.

By Order of the Board of Trustees Date: 22 October 2024

Ms A C Harrison Company Secretary

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE FOOD MUSEUM

Qualified opinion

We have audited the financial statements of The Food Museum (the parent charitable company) and its subsidiary (the group) for the year ended 31 March 2024 which comprise the Consolidated Statement of Financial Activities, the Consolidated Balance Sheet, the Charitable Company Balance Sheet, the Consolidated Cash Flow Statement and the related notes. 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 (United Kingdom Generally Accepted Accounting Practice).

In our opinion, except for the possible effects of the matter described in the basis for qualified opinion section of our

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 Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group and charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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 qualified 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 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 Trustees Annual Report, other than the financial statements and our auditor’s 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 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.

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE FOOD MUSEUM

Opinions 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 group and charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report and the directors’ report.

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

Responsibilities of trustees

As explained more fully in the Trustees’ responsibilities statement set out on page 8, 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 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 charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s 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 auditor’s 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.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE FOOD MUSEUM

Extent to which the audit was considered capable of detecting irregularities, including fraud In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE FOOD MUSEUM

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Michelle Wilkes FCA (Senior Statutory Auditor) for and on behalf of Azets Audit Services Statutory Auditor Date: 7 November 2024

First Floor, River House 1 Maidstone Road Sidcup Kent DA14 5RH

THE FOOD MUSEUM

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2024

Note
Income from:
Donations
2
Admissions
Membership
Grants
3
Other trading activities
4
Investment income
Income from investments
5
Other
6
Total Income
Expenditure on:
Raising funds
7
Charitable activities
7
Total expenditure
7
Transfers between funds
20
Reconciliation of funds:
28
Fund balances at 31 March 2024
22
Fund balances at 1 April 2023 - as restated
Net movement in funds
Charitable activities
Net income/(expenditure) before transfers		 Unrestricted
Restricted
2024
Funds
Funds
Total
£
£
£
22,195
-
22,195
83,445
-
83,445
16,915
-
16,915
509,091
772,792
1,281,883
308,530
-
308,530
5,798
-
5,798
20,426
-
20,426
966,400
772,792
1,739,192
303,664
-
303,664
721,068
220,657
941,725
1,024,732
220,657
1,245,389
(58,332)
552,135
493,803
2,917,993
(2,917,993)
-
2,859,661
(2,365,858)
493,803
808,397
2,555,745
3,364,142
3,668,058
189,887
3,857,945		 2023
Total
£
as restated
24,883
57,102
11,985
952,565
219,938
3,972
61,696
1,332,141
139,615
1,170,602
1,310,217
21,924
-
21,924
3,342,218
3,364,142

All transactions are derived from continuing activities. All recognised gains and losses are included in the Statement of Financial Activities.

THE FOOD MUSEUM

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

Comparative information only

Note
Income from:
Donations
2
Admissions
Membership
Grants
3
Other trading activities
4
Investment income
Income from investments
5
Other
6
Total Income
Expenditure on:
Raising funds
7
Charitable activities
7
Total expenditure
7
Transfers between funds
20
Reconciliation of funds:
28
27
Net movement in funds
Fund balances at 1 April 2022 as restated
Charitable activities
Net income/(expenditure) before transfers
Fund balances at 31 March 2023		 Unrestricted
Restricted
2023
Funds
Funds
Total
£
£
£
as restated
24,883
-
24,883
57,102
-
57,102
11,985
-
11,985
308,866
643,699
952,565
219,938
-
219,938
3,972
-
3,972
61,696
-
61,696
688,442
643,699
1,332,141
139,615
-
139,615
318,184
852,418
1,170,602
457,799
852,418
1,310,217
230,643
(208,719)
21,924
178,854
(178,854)
-
409,497
(387,573)
21,924
398,900
2,943,318
3,342,218
808,397
2,555,745
3,364,142

All transactions are derived from continuing activities.

All recognised gains and losses are included in the Statement of Financial Activities.

The 2023 comparative figures have been restated in order to better reflect the split of income between the SORP headings and the Museum's activities. This is for disclosure purposes only.

THE FOOD MUSEUM

CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2024

Note
Fixed assets
Tangible assets
13
Heritage assets
14
Current assets
Stock
16
Debtors
17
Cash at bank and in hand
18
Net current assets
Net funds
Funds
Restricted funds
20
21
Other charitable funds
Non-charitable funds
15
22
Designated funds
Unrestricted funds:
Creditors: amounts falling due within
one year		 £
£
2,914,154
600,869
3,515,023
15,125
487,318
136,424
638,868
(295,946)
342,922
3,857,945
189,887
3,483,482
182,980
1,596
3,857,945
2024		 £
£
2,503,107
608,383
3,111,490
10,260
102,340
174,147
286,747
(34,095)
252,652
3,364,142
2,555,745
344,756
463,541
100
3,364,142
2023
as restated

The accounts were approved by the Board on 18 October 2024

Mr R Lister Ms A C Harrison Trustee Trustee Company Number: 01819676

THE FOOD MUSEUM

CHARITY BALANCE SHEET AS AT 31 MARCH 2024

Note
£
£
Fixed assets
Tangible assets
13
2,882,613
Heritage assets
14
600,869
Investments
15
100
3,483,582
Current assets
Debtors
17
548,958
Cash at bank and in hand
85,754
634,712
18
(261,845)
Net current assets
372,867
Net funds
3,856,449
Funds
Restricted funds
20
189,887
21
3,483,482
Other charitable funds
183,080
22
3,856,449
Mr R Lister
Ms A C Harrison
Trustee
Trustee
Company Number: 01819676
The accounts were approved by the Board on18 October 2024
2024
Creditors: amounts falling due within
one year
Unrestricted funds:
Designated funds:		 £
£
2,475,189
608,383
100
3,083,672
161,494
146,072
307,566
(27,096)
280,470
3,364,142
2,555,745
344,756
463,641
3,364,142
2023
as restated

THE FOOD MUSEUM

CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2024

----- Start of picture text -----
Note 2024 2023
£ £
Net cash flow from operating activities 23 527,014 (35,646)
Cash flow from investing activities
Payments to acquire tangible fixed assets (570,535) (398,134)
Interest and investment income received 5,798 140
Net cash flow from investing activities (564,737) (397,994)
Net decrease in cash and cash equivalents (37,723) (433,640)
Cash and cash equivalents at 1 April 2023 174,147 607,787
Cash and cash equivalents at 31 March 2024 136,424 174,147
Cash and cash equivalents consists of:
Cash at bank and in hand 136,424 174,147
Cash and cash equivalents at 31 March 2024 136,424 174,147
----- End of picture text -----

THE FOOD MUSEUM

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies

(a) Basis of accounting

The Food Museum is a registered charitable company in the United Kingdom. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. The address of the registered office is given in the charity information on page 1 of these financial statements. The Food Museum’s mission is to connect people with where their food comes from and the impact of our choices on the environment, health and wellbeing. We explore the social, cultural and industrial history, present and future of food.

The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with 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 issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Accounting Practice.

The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are prepared in sterling which is the functional currency of the charity.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

(b) Consolidation

In the opinion of the Board of Trustees, the charitable company and its subsidiary undertaking comprise a small group.

The consolidated financial statements incorporate the results of the charity and its trading subsidiary, Stowmarket Museum Trading Company Limited, for the year ended 31 March 2024. As a consolidated Statement of Financial Activities is published, a separate Statement of Financial Activities for the parent company is omitted from the group statements by virtue of Section 408 of the Companies Act 2006.

(c) Fund accounting

Unrestricted general funds are funds which can be used in accordance with the charitable objects at the discretion of the trustees.

Restricted funds are funds that can only be used for particular restricted purposes within the objects of the charitable company. Restriction arises when specified by the donor or when funds are raised for particular restricted purposes.

Designated funds represent funds invested in fixed assets. The designated fund balance has been represented to ensure that the fund balance accurately reflects the designation policy adopted by the trustees.

(d) Income recognition

All income is included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.

Voluntary income, including donations and gifts that provide core funding or are of a general nature, is recognised where there is entitlement, certainty of receipt and the amount can be measured with sufficient reliability.

THE FOOD MUSEUM

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies (continued)

(d) Income recognition

Grants are included in the Consolidated Statement of Financial Activities on a receivable basis. The balance of income recerived 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

Admissions income is recognised at the point of sale.

Membership income is recognised at the point of sale.

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

Investment income includes dividends, interest and rent. Interest income is recognised using the effective interest method and dividend and rent income is recognised as the charity’s right to receive payment is established.

Museum and Galleries Tax Relief is recognised in the year in which the claim relates.

(e) Expenditure recognition

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following headings:

• 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 comprises those costs incurred by the Museum in the delivery of its activities and services for beneficiaries. It includes both costs allocated directly to such activities and those costs of an indirect nature necessary to support them.

Irrecoverable VAT is charged as an expense against the activity for which expenditure arose.

(f) Support costs allocation

Support costs are those that assist the work of the charity but do not directly represent charitable activities and include office costs, governance costs, administrative payroll costs. They are incurred directly in support of expenditure on the objects of the charity and include project management. Where support costs cannot be directly attributed to particular headings they have been allocated to cost of raising funds and expenditure on charitable activities on a basis consistent with use of the resources. Other costs have been allocated on the basis of staff time spent.

The analysis of these costs is included in note 8.

(g) Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less accumulated depreciation and any recognised impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Assets costing £500 or more are capitalised as tangible fixed assets and are carried at cost, net of depreciation and any provision for impairment.

THE FOOD MUSEUM

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies (continued)

(g) Tangible fixed assets and depreciation (continued)

Depreciation is provided on all tangible assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life, as follows:

Leasehold land Not depreciated Long term leasehold property 2- 20% straight line Assets under construction Not depreciated Plant and machinery 7 - 15% straight line IT equipment 15 - 33% straight line

(h) 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 initial 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 valuation 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.

(h) Heritage assets

Heritage assets are recognised on the balance sheet and initially measured at cost when purchased or if donated, their valuation. Assets are subsequently stated at cost or valuation less accumulated depreciation and accumulated impairment losses. Fair values for donated assets are estimated by reference to market prices.

Where information on the cost or valuation of heritage assets is not available or the cost of providing such information significantly outweighs any benefit to the users of the accounts then heritage assets are not recognised on the balance sheet.

The Museum's collection comprises more than 40,000 items, almost all of which were obtained under donation. The care and preservation of these assets is managed by the Collections Manager 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. 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 depreciation is provided. The valuation is regarded as the deemed cost of the steam collection at initial recognition of these assets when they were donated.

Assets with a definite life are written off over a period of 3-25 years.

Loaned exhibits are depreciated over the term of the loan agreement, but are subject to impairment reviews should the condition of assets indicate that it is inappropriate to do so.

Other exhibits where they are determined to have an indefinite life are not depreciated but are subject to impairment reviews should the condition of assets indicate that it is inappropriate to do so.

THE FOOD MUSEUM

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies (continued)

(i) Fixed asset investments

Investment in the subsidiary are measured at cost less impairment.

(j) Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving stocks.

(k) Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.

(l) Employee benefits

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.

(m) Tax

The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes.

(n) Judgements and key sources of estimation uncertainty

Accounting estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The Foundation makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

Key estimates

Useful economic lives of tangible assets

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 11 for the carrying amount of the fixtures and fittings and motor vehicles, and note 1(g) for the useful economic lives for each class of assets.

Valuation of heritage assets

Heritage assets include the cost of artefacts 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 costs. The cost therefore, substantially relates to the reconstruction of buildings and structures on site and to their refurbishment. 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.

(o) 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.

THE FOOD MUSEUM

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024

2
DONATIONS AND GRANTS
funds
£
Donations		 2024
2023
£
£
22,195
24,883
22,195
24,883

3 CHARITABLE ACTIVITIES

GRANTS
Operation of the museum
Abbot's Hall Trust
Arts Council England (NPO)
Arts Council England (Hedgerow Grant)
Arts Council England (MEND)
Association for Suffolk Museums (Power of Stories)
DCMS/Wolfson Museums & Galleries Improvement Fund - paid via Historic Englan
DWP Kickstart
Esmee Fairbairn Collections Fund (Rethinking the Rural Life Museum)
Headley Trust and Esmee Fairbairn (Search for the Stars)
Headley Trust (Rethinking the Rural Life Museum)
LD Rope volunteering grant
Leeds Project
LEP
Linbury Trust
Mid Suffolk District Council
Mid Suffolk District Council (Changing Places)
Mid Suffolk District Council (Tractor grant)
Mid-Suffolk District Council (Fishing Lodge/Bridge to the Future)
National Lottery Heritage Fund (The Kitchen Project)
NHS Partnership
Scottish Power (River for all)
Stowmarket Town Council
Suffolk County Council
Suffolk County Council (Curious Minds)
Suffolk County Council (Skills Kitchen)
Suffolk County Council (The Kitchen Project)
Suffolk County Council & Mid Suffolk District Council (Jubilant!)
Suffolk Growth (Fishing Lodge/Bridge to the Future)
Suffolk Growth (MEND)
Watermill project
Other restricted donations and gifts
Mid Suffolk District Council / Association of Suffolk Museums
(HAF/Thrills and Grills)		 -
5,000
358,218
150,218
10,000
40,000
281,920
-
-
10,860
89,600
-
-
127,299
38,500
39,000
-
20,000
20,000
20,000
-
5,000
-
10,568
-
99,997
36,000
36,000
20,000
40,000
6,890
9,735
45,000
-
-
20,000
10,000
-
23,119
-
30,000
40,000
-
75,000
5,000
5,000
102,510
102,510
-
10,000
24,950
-
38,000
-
8,918
28,500
18,000
21,964
84,536
-
-
10,420
30,722
25,494
1,281,883
952,565

THE FOOD MUSEUM

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024

----- Start of picture text -----
4 OTHER TRADING ACTIVITIES 2024 2023
£ £
Learning income 14,622 8,685
Fundraising events 138,303 128,295
Collections income 2,026 600
Café, shop and catering income 153,579 82,358
308,530 219,938
5 INCOME FROM INVESTMENTS 2024 2023
£ £
Interest receivable 1 140
Property rental income 5,797 3,832
5,798 3,972
6 OTHER INCOME 2024 2023
£ £
Other income 5,226 19,345
MGETR tax relief 15,200 42,351
20,426 61,696
7 EXPENDITURE Staff Costs Direct costs Support costs Total Total
2024 2023
£ £ £ £ £
Costs of raising funds
Trading subsidiary 183,337 106,648 13,679 303,664 125,623
Charitable activities
Operation of the Museum 428,068 51,937 308,144 788,149 851,805
-
Projects 86,081 67,495 153,576 332,789
514,149 119,432 308,144 941,725 1,184,594
Total expenditure 697,486 226,080 321,823 1,245,389 1,310,217
----- End of picture text -----

THE FOOD MUSEUM

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024

8
SUPPORT COSTS
Staff training
Education
Repairs and maintenance
Cleaning
Rates and water
Light and heat
Insurance
Marketing, stationery, Web and IT costs
Travel and subsistence
Professional and consultancy fees
Bank charges
Deprecation
Impairment
Loss on disposal of fixed assets
General office expenses
Governance
9
GOVERNANCE COSTS
Auditors' remuneration
Accountancy services - subsidiaries
10
NET MOVEMENT IN FUNDS
This is stated after charging
Depreciation of tangible fixed assets
Impairment of heritage assets
Auditors' remuneration (including subsidiary)		 Museum
Trading
Total
2024
Total
2023
£
£
£
£
2,334
-
2,334
2,635
6,457
-
6,457
4,958
7,213
-
7,213
9,352
4,634
-
4,634
3,843
8,169
-
8,169
9,013
32,940
-
32,940
26,547
23,536
-
23,536
23,151
19,531
-
19,531
17,549
2,581
-
2,581
897
4,883
-
4,883
1,558
(322)
7,921
7,599
5,332
156,632
2,857
159,489
172,829
7,514
-
7,514
6,347
-
-
-
897
13,006
1,901
14,907
14,796
19,036
1,000
20,036
14,161
308,144
13,679
321,823
313,865
2024
2023
£
£
19,038
13,500
1,000
661
20,038
14,161
2024
2023
£
£
159,489
172,829
7,514
6,347
19,038
13,500

11 TRUSTEES' REMUNERATION AND REIMBURSED EXPENSES

The Board of Trustees appointed the Museum Director, Jenny Cousins, as a trustee and company director, in accordance with clause 13 (c) of the Food Museum’s Articles of Association. She received a salary of £54,767 (2023: £51,753).

None of the other Trustees (or any persons connected with them) received remuneration during the year. One trustee was reimbursed expenses totalling £1,086 (2023: £100 - 1).

THE FOOD MUSEUM

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024

12
EMPLOYEES
Employment costs
Wages and salary costs
Social Security costs
Pension costs - defined contribution
Number of employees
The number of employees, by headcount, during the year was:
Management and administration
Governance
Service and operation - Full time
Service and operation - Part time
Contract staff		 2024
2023
£
£
644,580
548,129
40,686
40,564
12,220
9,669
697,486
598,362
2024
2023
Number
Number
7
6
1
1
8
14
21
29
10
12
47
62

No employees earned more than £60,000 in the year (2023: None)

The senior management team comprise the key management personnel of the charity in charge of directing and controlling, running and operating the Museum on a day to day basis and are detailed on page 1. The aggregate remuneration paid to the key management personnel totalled £65,342 (2023: £51,379).

THE FOOD MUSEUM

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024

13
TANGIBLE ASSETS
Group
Cost / deemed cost
As at 1 April 2023
Additions
At 31 March 2024
Depreciation
As at 1 April 2023
Charge for year
At 31 March 2024
Net book values
At 31 March 2024
At 31 March 2023
Charity
Cost / deemed cost
As at 1 April 2023
Additions
At 31 March 2024
Depreciation
As at 1 April 2023
Charge for year
At 31 March 2024
Net book values
At 31 March 2024
At 31 March 2023
Included in land and buildings is		 Long-term
leasehold
property
Assets under
construction
Plant and
machinery
Computer
equipment
Total
£
£
£
£
£
2,452,776
-
688,930
101,220
3,242,926
-
535,549
26,084
8,902
570,535
2,452,776
535,549
715,014
110,122
3,813,461
477,231
-
203,512
59,075
739,818
26,561
-
107,720
25,208
159,489
503,792
-
311,232
84,283
899,307
1,948,984
535,549
403,782
25,839
2,914,154
1,975,545
-
485,418
42,145
2,503,108
Long-term
leasehold
property
Assets under
construction
Plant and
machinery
Computer
equipment
Total
£
£
£
£
£
2,452,776
-
658,409
100,260
3,211,445
-
535,549
19,604
8,902
564,055
2,452,776
535,549
678,013
109,162
3,775,500
477,231
-
200,188
58,836
736,255
26,561
-
105,023
25,048
156,632
503,792
-
305,211
83,884
892,887
1,948,984
535,549
372,802
25,278
2,882,613
1,975,545
-
458,221
41,424
2,475,190
freehold land at a value of £546,411.

Included in land and buildings is freehold land at a value of £546,411.

Taxation

Abbots Hall and adjoining land is secured by a legal charge in favour of The Trustees of the National Heritage Memorial Fund.

THE FOOD MUSEUM

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024

14
HERITAGE ASSETS
Group and Company
Cost / deemed cost
As at 1 April 2023
At 31 March 2024
Impairment
As at 1 April 2023 - as restated
Charge for year
At 31 March 2024
Net book values
At 31 March 2024
At 31 March 2023		 Steam Engines
Heritage
buildings
Exhibits
Artefacts
Total
£
£
£
£
176,000
397,415
217,979
791,394
176,000
397,415
217,979
791,394
-
14,382
168,629
183,011
-
1,147
6,367
7,514
-
15,529
174,996
190,525
176,000
381,886
42,983
600,869
176,000
383,033
49,350
608,383

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. 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 in earlier years.

Heritage buildings include the cost of historical buildings re-erected. The cost therefore, substantially relates to the reconstruction of buildings and structures on site and to their refurbishment.

Exhibits include the cost of artefacts as well as the estimated cost of assets on loan from their owners. 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 costs.

Loaned exhibits are depreciated over the term of the loan agreement, but are subject to impairment reviews should the condition of assets indicate that it is inappropriate to do so.

Other exhibits where they are determined to have an indefinite life are not depreciated but are subject to impairment reviews should the condition of assets indicate that it is inappropriate to do so.

A purpose built structure used to house the steam engine collection is depreciated, along with some sculptures, over their useful economic lives.

THE FOOD MUSEUM

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024

----- Start of picture text -----
|||| |---|---|---| |15|FIXED ASSET INVESTMENTS|Shares in| |subsidiary| |undertaking|Total| |Group|£|£| |-|-| |Market value at 1 April 2022 and at 31 March 2023| |Historical cost:| |At 31 March 2023|-|-| |At 31 March 2022|-|-| |Charity|£|£| |Market value at 1 April 2023 and at 31 March 2024|100|100| |Historical cost:| |At 31 March 2024|100|100| |At 31 March 2023|100|100|

----- End of picture text -----

Shares in subsidiary undertakings

100% of 100 share capital of £1 each in Stowmarket Museum Trading Company Limited

Holdings of more than 20%

The charity holds more than 20% of the share capital of the following company:

----- Start of picture text -----
||||| |---|---|---|---| |Proportion of voting rights| |Country of registration or|and ordinary share capital|Principal| |Subsidiary undertaking|incorporation|held|activity| |Stowmarket Museum Trading|England and Wales|100%|Operation of| |Company Limited|the shop, cafe| |and events at| |the Museum|

----- End of picture text -----

Taxation

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024

THE FOOD MUSEUM

15 FIXED ASSET INVESTMENTS

The principal activity of Stowmarket Museum Trading Company Limited is the operation of the shop, cafe and events at the Museum. The investment is measured at cost less impairment on the basis that they represent shares in entities that are not publicly traded and the fair value cannot otherwise be measured reliably.

The trading results of Stowmarket Museum Trading Company Limited for the year ended 31 March 2024 are as follows:

Turnover
Cost of sales
Administration costs
Other operating income
Operating surplus for the year
Distributions to parent charity under gift aid
Retained surplus/(deficit) for the year
The assets and liabilities of the subsidiary at 31 March 2024 were:
Fixed assets
Current assets
Current liabilities
Aggregate share capital and reserves
Share capital
Profit and loss reserve		 2024
2023
£
£
326,882
131,886
(149,531)
(59,309)
(191,633)
(67,552)
5,797
3,832
(8,485)
8,857
9,981
(9,981)
1,496
(1,124)
31,540
27,917
74,431
48,539
(104,375)
(76,356)
1,596
100
100
100
1,496
-
1,596
100

THE FOOD MUSEUM

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024

16
STOCKS
Finished goods
17
DEBTORS
Trade debtors
Other debtors
Amounts due from subsidiary undertaking
Prepayments and accrued income
18
Trade creditors
Taxes and social security costs
Other creditors
Accruals and deferred income
As at 1 April 2023
Amounts released from previous periods
Amounts deferred from this period
As at 31 March 2024
CREDITORS: AMOUNTS FALLING DUE
WITHIN ONE YEAR
DEFERRED INCOME		 2024
2023
2024
2023
£
£
£
£
15,125
10,260
-
-
2024
2023
2024
2023
£
£
£
£
405,740
37,688
409,280
32,085
81,578
63,835
80,122
59,235
-
-
59,556
69,357
-
817
-
817
487,318
102,340
548,958
161,494
2024
2023
2024
2023
£
£
£
£
33,742
2,733
29,907
2,443
13,498
11,479
10,326
11,153
31,679
2,755
5,584
-
217,027
17,128
216,027
13,500
295,946
34,095
261,845
27,096
2024
2023
2024
2023
£
£
£
£
-
119,997
-
119,997
-
(119,997)
-
(119,997)
142,510
-
142,510
-
142,510
-
142,510
-
Charity
Group
Group
Group
Charity
Charity
Charity
Group

19 COMPANY STATUS

The charity is a company limited by guarantee. In the event of a winding-up the liability of each member will not exceed £1.

THE FOOD MUSEUM

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024

20 RESTRICTED FUNDS

The income funds of the charity include restricted funds comprising the following unexpended balances held on trust for specific purposes:

CURRENT YEAR
Premises development fund
Heritage Farm project
Steam engine collection
Steam engine fund
Social Prescribing/Green Therapy
Bone Building/Hedgerow
Linbury Trust
Curious Minds
SHARE East large objects grant
Jubilant 2023
Rethinking the Rural Life Museum
The Kitchen Project
Net Zero grant
Jubilant 2024
Fishing Lodge bridge project
Skills Kitchen
MEND
Library fund		 Balance at 1
April 2023
Income
Expenditure
Transfers
between
funds
Balance at 31
March 2024
£
£
£
£
£
1,798,022
-
-
(1,798,022)
-
444,596
-
-
(444,596)
-
176,000
-
-
(176,000)
-
15,248
-
(326)
-
14,922
10,000
30,000
(40,000)
-
-
5,791
10,000
(15,791)
-
-
36,000
36,000
(36,000)
-
36,000
10,000
-
(10,000)
-
-
2,359
-
(2,359)
-
-
19,500
-
(19,500)
-
-
38,229
58,500
(54,058)
-
42,671
-
61,119
(26,286)
-
34,833
-
1,405
-
-
1,405
-
8,918
-
-
8,918
-
130,271
-
(126,485)
3,786
-
24,950
(16,184)
-
8,766
-
411,456
-
(373,078)
38,378
-
173
(153)
188
208
2,555,745
772,792
(220,657)
(2,917,993)
189,887

THE FOOD MUSEUM

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024

----- Start of picture text -----
20 RESTRICTED FUNDS
Transfers
Balance at 1 between Balance at 31
COMPARATIVE YEAR April 2022 Income Expenditure funds March 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 fund 15,633 - (385) - 15,248
Search for the Stars 20,300 20,000 (20,300) (20,000) -
Social Prescribing/Green Therapy 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 COVID funding 13,594 - - (13,594) -
Art Fund Respond & Reimagine 27,898 - (27,898) - -
River for All project 101,543 75,000 (153,015) (23,528) -
Bone Building/Hedgerow 48,057 139,997 (182,263) - 5,791
Welcome Back 1,853 - (1,853) - -
Jubilant! 2022 14,858 5,000 (19,858) - -
Skills Kitchen 7,554 400 (7,954) - -
Kickstart 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
Composting toilet (SCC) - - (6,825) 6,825 -
Living on the Land - 2,000 (6,852) 4,852 -
Curious Minds 20,000 10,000 (10,000) (10,000) 10,000
SHARE East large objects grant - 2,966 (607) - 2,359
LD Rope volunteering grant - 5,000 (5,000) - -
Tractor grant - 20,000 (20,000) - -
Jubilant! 2023 - 23,500 (4,000) - 19,500
Rethinking the Rural Life Museum - 59,000 (20,771) - 38,229
Power of Stories - 10,860 (10,860) - -
MEND - 21,964 (21,964) - -
HAF/Thrills and Grills - 9,735 (9,735) - -
Shop front signage - 2,490 - (2,490) -
Leeds project - 10,568 (10,568) - -
Donations - 11,500 (11,500) - -
2,943,318 643,699 (852,418) (178,854) 2,555,745
----- End of picture text -----

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024

THE FOOD MUSEUM

20 RESTRICTED FUNDS

Mortlock Building Windpump restoration fund Steam engine fund Search for the Stars Social Prescribing/Green Therapy Skills for the Future Watermill project Arts Council project funding Heritage Lottery COVID funding Art Fund Respond & Reimagine River for All project Bone Building/Hedgerow

Re-erection of a historic engine shed Restoration of a historic windpump Historic fund restricted to maintenance of the steam engines Collections digitisation and cataloguing NHS-supported social prescribing through outdoor volunteering Traineeships for young people Restoration of Alton Watermill Covid emergency support funding Covid emergency support funding Consultation and visioning Paths, allotments and improvements along the river Refurbishment of the William Bone Building and delivery of Hedgerow exhibition

Welcome Back Covid recovery funding Jubilant! 2022 Youth arts festival for Stowmarket schools, delivered by the Stowmarket Culture Group; Skills Kitchen Refugee and migrant support programme Kickstart Placements for NEETS Other working projects Samll projects under £5,000. Linbury Trust Supporting our learning and public programme Composting toilet (SCC) Composting toilet and other improvements Living on the Land Conservation of vehicles Curious Minds Mental health and collections project SHARE East large objects grant Large objects moving and packing equipment LD Rope Volunteering Tractor grant Purchase of John Deere tractor Jubilant! 2023 Youth arts festival for Stowmarket schools, delivered the Stowmarket Culture

Youth arts festival for Stowmarket schools, delivered by the Stowmarket Culture Group; Collections audit Marvel costumes exhibition Holiday food programme for children Improvements to the shop front Dialect and oral history project Donations towards projects Heritage Fund masterplan project Converting to electric estate maintenance tools

Rethinking the Rural Life Museum Power of Stories HAF/Thrills and Grills Shop front signage Leeds project Donations The Kitchen Project SHARE East Net Zero grant Jubilant! 2024

Youth arts festival for Stowmarket schools, delivered by the Stowmarket Culture Group;

Building a new bridge to open up the Grade II Fishing Lodge Refugee and migrant support programme Major repair and infrastructure improvements To support buying books for the museum library

Fishing Lodge bridge project Skills Kitchen MEND Library fund Transfers between funds

£2,418,168 relates to capital projects where the funds fully utilised in previous years, thereby meaning the restriction on the use of funds has been removed. They have now been moved to designated funds as they relate to fixed asset fund.

£499,563 relates to funds for capital costs incurred in year.

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024

THE FOOD MUSEUM

21 DESIGNATED FUNDS

The income funds of the group include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes:

GROUP - CURRENT YEAR
Designated
Tangible fixed assets fund
Heritage asset fund		 Balance at
1 April 2023
New
designations
Designations
released
Transfers/
Gains
Balance at 31
March 2024
£
£
£
£
£
344,756
-
(344,756)
-
-
-
-
2,882,613
2,882,613
-
-
600,869
600,869
344,756
-
-
3,138,726
3,483,482
GROUP - COMPARATIVE YEAR
Designated		 Balance at
1 April 2022
New
designations
Designations
released
Transfers/
Gains
Balance at 31
March 2023
£
£
£
£
£
130,645 -
-
214,111
344,756
130,645
-
-
214,111
344,756
CHARITY - CURRENT YEAR
Designated
Tangible fixed assets fund
Heritage asset fund		 Balance at 1
April 2023
New
designations
Designations
released
Transfers/
Gains
Balance at 31
March 2024
£
£
£
£
£
344,756
-
(344,756)
-
-
-
-
2,882,613
2,882,613
-
-
600,869
600,869
344,756
-
-
3,138,726
3,483,482
CHARITY - COMPARATIVE YEAR
Designated		 Balance at 1
April 2022
New
designations
Designations
released
Transfers/
Gains
Balance at 31
March 2023
£
£
£
£
£
130,645 -
-
214,111
344,756
130,645
-
-
214,111
344,756
Designated
Tangible fixed assets fund
Heritage asset fund
Transfers		 Capital asset reserve fund to match against depreciation
The fixed asset fund relates to assets held in fixed assets that are not
available for charitable expenditure.
The heritage asset fund relates to assets held in fixed assets that are not
available for charitable expenditure.
Transfers relate to a reappraisal of funds and the setting up of new fixed
asset fund.

THE FOOD MUSEUM

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024

22 ANALYSIS OF NET ASSETS BETWEEN FUNDS

GROUP
Tangible fixed assets
Heritage assets
Current assets
Tangible fixed assets
Heritage assets
Current assets
CHARITY
Tangible fixed assets
Heritage assets
Investments
Current assets
Tangible fixed assets
Heritage assets
Investments
Current assets
CURRENT YEAR
Fund balances at 31 March 2024 are represented by:
Creditors: amount falling due within one year
COMPARATIVE YEAR
Fund balances at 31 March 2023 are represented by:
Creditors: amount falling due within one year
COMPARATIVE YEAR
Fund balances at 31 March 2023 are represented by:
Creditors: amount falling due within one year
ANALYSIS OF NET ASSETS BETWEEN FUNDS
CURRENT YEAR
Fund balances at 31 March 2024 are represented by:
Creditors: amount falling due within one year		 Unrestricted
Designated
funds
funds
£
£
31,541 2,882,613
-
600,869
448,981 -
(295,946) -
184,576
3,483,482
Unrestricted
Designated
funds
funds
£
£
163,648
344,756
111,511
-
222,577
-
(34,095)
-
463,641
344,756
Unrestricted
Designated
funds
funds
£
£
- 2,882,613
- 600,869
100 -
444,825 -
(261,845) -
183,080
3,483,482
Unrestricted
Designated
funds
funds
£
£
135,730
344,756
111,511
-
100
-
243,396
-
(27,096)
-
463,641
344,756		 Restricted
Total
funds
£
£
- 2,914,154
- 600,869
189,887
638,868
- (295,946)
189,887
3,857,945
Restricted
Total
funds
£
£
1,994,703
2,503,107
496,872
608,383
64,170 286,747
- (34,095)
2,555,745
3,364,142
Restricted
Total
funds
£
£
- 2,882,613
- 600,869
- 100
189,887 634,712
- (261,845)
189,887
3,856,449
Restricted
Total
funds
£
£
1,994,703 2,475,189
496,872 608,383
- 100
64,170 307,566
- (27,096)
2,555,745
3,364,142

THE FOOD MUSEUM

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024

23 RECONCILIATION OF NET EXPENDITURE TO NET CASHFLOW FROM OPERATING ACTIVITIES

Net income for year
Interest and investment income receivable
Impairment of heritage assets
Loss on disposal of fixed assets
(increase)/decrease in stock
(Increase) in debtors
Increase/(decrease) in creditors
Net cash flow from operating activities
24
ANALYSIS OF CHANGES IN NET DEBT
Cash at bank and in hand
Depreciation of tangible fixed assets		 At 1 April 2023
Cash flow
£
£
174,148
(37,724)
174,148
(37,724)		 2024
2023
£
£
493,803
21,924
(5,798)
(140)
159,489
176,392
7,514
6,347
-
6,781
(4,865)
(2,399)
(384,978)
(79,864)
261,849
(164,687)
527,014
(35,646)
Non-cash
changes
At 31 March
2024
£
£
-
136,424
-
136,424

25 FUTURE COMMITMENTS

Operating leases

Total future minimum lease payments under
Group
Within one year
Between two and five years
In over five years		 non-cancellable operating leases are as follows:
2024
2023
£
£
20
20
40
40
1,980
2,000
Land and buildings		 2024
2023
£
£
2,280
2,280
4,466
6,753
-
-
Other
2,040
2,060		 6,746
9,033
Charity
Within one year
Between two and five years
In over five years		 2024
2023
£
£
20
20
40
40
1,980
2,000
Land and buildings		 2024
2023
£
£
2,280
2,280
4,466
6,753
-
-
Other
2,040
2,060		 6,746
9,033

26 RELATED PARTIES

No related parties transactions have been entered into during the year (2023: None).

27 CAPITAL COMMITMENTS

The charity had capital commitments at the year end as follows:
MEND project		 2024
2023
£
£
286,250
-
286,250
-

The MEND project is externally funded by Arts Council England.

THE FOOD MUSEUM

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024

28 PRIOR YEAR ADJUSTMENTS

Reconciliation of changes in equity
Adjustments to prior year
Primadonna Festival income incorrectly shown as income
Primadonna Festival income transferred to offset expenditure
Depreciation of loaned assets
Equity as previously reported
Equity as adjusted
Analysis of the effect upon equity
Reconciliation of chages in surplus/deficit for the previous financial period
Total adjustments
Surplus as previously reported
Surplus as adjusted		 01-Apr-22
31-Mar-23
£
£
-
(16,403)
-
16,403
(163,429)
(163,429)
3,505,647
3,527,571
3,342,218
3,364,142
2023
£
-
21,924
21,924

Notes to the reconciliation

Primadonna Festival

The Group collects ticket income on behalf of Primadonna and passes this directly to them, acting merely as agent. In the 2023 accounts this was shown as income of the Group and expenditure of the group when this income should not have been reflected in the accounts at all.

Depreciation of loaned assets

The Museum have a number of assets on loan from other Museums and owners. These are subject to a loan agreement which has expired so can be returned to the owner at minimal notice. These assets should have been depreciated over the life of the loan agreement.

Comparative figures

The 2023 comparative figures have been restated in order to better reflect the split of income between the SORP headings and the Museum's activities. This is for disclosure purposes only.