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


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**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 

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**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: 

- 1 Relevant: 

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

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

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

## 2 Challenging: 

- We encourage people to debate and give them the tools and information to make up their own minds. 

- We affirm people in the things they care about and help with the things that challenge them. 

- • We help people appreciate their own power to effect change. 

- We raise awareness of uncomfortable or challenging stories and reflect multiple points of view 

## 3 Sustainable 

- We explore human impact on the natural world. 

- We work towards a sustainable world in our management of resources and people. 

## **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). 

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

## **THE FOOD MUSEUM** 

## **Strategic Report (continued)** 

Key achievements in 2023-24 include: 

- Securing a renewal of our Arts Council England’s National Portfolio Organisation status, including an uplift in our core funding in recognition of the quality of the work we are delivering. We are one of 77 museums which will receive core funding from ACE for the lifetime of the portfolio up until March 2027. 

- Securing MEND funding from Arts Council England for a programme of improvements to historic buildings and visitor facilities. We appointed an architectural team to deliver the first of these programmes in early 2023 and work to two buildings was underway by winter – repairs to the Grade II Victorian Stables and construction of new toilets in Home Close. This includes a Changing Places toilet to improve the experience of the museum and the town centre for disabled people, supported by Mid Suffolk District Council and Suffolk Growth. 

- With funding from DCMS/Wolfson Museums and Galleries Fund, Mid Suffolk District Council, The Belstead and Ganzoni Charitable Settlement, The Geoffrey Burton Charitable Trust and The Alfred Williams Charitable Trust and private donors, we commissioned a new bridge to provide access to the Grade II Fishing Lodge for the first time in its history. 

- We received a development stage pass from The National Lottery Heritage Fund towards a £3m project to develop the centre of the museum site. We appointed a design team to develop this work. 

- Our annual exhibition in the main William Bone Gallery was ‘Meat the Future’, an exhibition which explored the environmental impact of livestock farming in partnership with the University of Oxford’s LEAP project (livestock, environment and people) and the Oxford University Museum of Natural History. We had a good level of visitor engagement and the exhibition provoked debate, meeting our values of being challenging and addressing sustainability issues. 

- In partnership with others, we also staged two smaller exhibitions in our community galleries. ‘Digging Deeper’ with the Scouts Heritage Service explored the history of the Scouts’ connection to food and farming and ‘Stowmarket Stories’ worked with Footprints Theatre Company to showcase local histories. 

- We delivered a daily public programme and learning activities, supported by the Linbury Trust. Many of our programmes were delivered in collaboration with others, including a new partnership with EA Sustain on the Food for Thought talks programme. Other flagship programmes include Thrills & Grills, our holiday food programme which provides free places to children from lower income families, the Skills Kitchen, which supports refugees and migrants and Green Therapy, our social prescribing partnership with the NHS. Our popular schools programme was fully booked in the summer term. 

- We delivered and hosted a series of large events ranging from community-focused Bonfire Night to the Suffolk Horse Spectacular and the Primadonna Festival. 

- We chaired the Stowmarket Culture Group, collaborating on several town-wide events and projects including the second Jubilant! youth arts festival. 

- The Collections Store redevelopment project has provided an opportunity to assess the condition and status of the collection, as we need to decant it from the store to enable building works to take place. This is a significant undertaking for our team as many thousands of large, heavy and bulky objects have needed to be repacked and moved. Our collections work this year has therefore focused on auditing and on photographing as many objects as possible as they are packed. This project, a traineeship and our collections work are supported by the Esmée Fairbairn Collections Fund and the Headley Trust. We have published information about the collections audit on our website and have run a series of workshops to engage the public with this important piece of museum work. 

## **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) 

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**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: 

- Audience growth: We want to grow both onsite and digital audiences. Our medium-term aspiration is to grow onsite visitor numbers to over 100,000 by 2030. 

- Profile growth: The museum will have a national profile. Stowmarket will be known as the home of the Food Museum; local people will be proud of the museum and consider it part of their lives. 

- A partnership delivery model: We will build and maintain positive relationships with others and work collaboratively to mutually amplify our impact. 

- Enhancement: We will improve the condition of our estate, collections and landscape, and deliver projects that enrich the visitor experience and align with our mission. 

- Resilience: We will secure greater financial freedom through enterprise and innovation. 

- Community: We will deliver programmes that support learning, build community, and enhance health and wellbeing. 

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**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|

**----- End of picture text -----**<br>


## **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. 

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## **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: 

- select suitable accounting policies and then apply them consistently; 

- make judgements and estimates that are reasonable and prudent; 

- state whether applicable accounting standards have been followed, subject to any material departures disclosed and 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume the charitable company will continue in business. 

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: 

- the management team runs the Trust professionally and in accordance with its rules and objectives. 

- it meets its statutory, financial and legal responsibilities. 

## **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 

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## **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 

- give a true and fair view of the state of the group and parent charitable company’s affairs as at 31 March 2024, and of the group's incoming resources and application of resources, including its income and expenditure, for the year then ended; 

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and 

- have been prepared in accordance with the requirements of the Companies Act 2006. 

## **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. 

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## **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: 

- the information given in the Trustees’ report (incorporating the strategic report and the directors’ report) for the financial year for which the financial statements are prepared is consistent with the financial statements; and 

- the strategic report and the directors’ report have been prepared in accordance with applicable legal requirements. 

## **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: 

- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or 

- the financial statements are not in agreement with the accounting records and returns; or 

- certain disclosures of directors’ remuneration specified by law are not made; or 

- • we have not received all the information and explanations we require for our audit. 

## **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. 

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## **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: 

- Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud; 

- Reviewing minutes of meetings of those charged with governance; 

- • Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection; 

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; 

- Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias. 

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: 

- 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. 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. 

- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the charitable company’s internal control. 

- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees. 

- Conclude on the appropriateness of the trustees’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charitable company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the charitable company to cease to continue as a going concern. 

- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation (ie. gives a true and fair view). 

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. 

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## **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 

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## **THE FOOD MUSEUM** 

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

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



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

- 12 - 



## **THE FOOD MUSEUM** 

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

## **Comparative information only** 

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

- 13 - 



## **THE FOOD MUSEUM** 

## **CONSOLIDATED BALANCE SHEET** _**AS AT 31 MARCH 2024**_ 

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

- 14  - 



## **THE FOOD MUSEUM** 

## **CHARITY BALANCE SHEET** _**AS AT 31 MARCH 2024**_ 

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



- 15  - 



## **THE FOOD MUSEUM** 

## **CONSOLIDATED CASH FLOW STATEMENT** _**FOR THE YEAR ENDED 31 MARCH 2024**_ 


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


- 16  - 



## **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. 

- 17 - 



## **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. 

- 18 - 



## **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. 

- 19 - 



## **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. 

- 20 - 



## **THE FOOD MUSEUM** 

## **NOTES TO THE ACCOUNTS** _**FOR THE YEAR ENDED 31 MARCH 2024**_ 

|**2**<br>**DONATIONS AND GRANTS**<br>**funds**<br>**£**<br>Donations|**2024**<br>**2023**<br>**£**<br>**£**<br>22,195<br>24,883|
|---|---|
||22,195<br>24,883|



## **3 CHARITABLE ACTIVITIES** 

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



- 21 - 



## **THE FOOD MUSEUM** 

## **NOTES TO THE ACCOUNTS** _**FOR THE YEAR ENDED 31 MARCH 2024**_ 


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


- 21 - 



## **THE FOOD MUSEUM** 

## **NOTES TO THE ACCOUNTS** _**FOR THE YEAR ENDED 31 MARCH 2024**_ 

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

- 22 - 



## **THE FOOD MUSEUM** 

## **NOTES TO THE ACCOUNTS** _**FOR THE YEAR ENDED 31 MARCH 2024**_ 

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

- 23 - 



## **THE FOOD MUSEUM** 

## **NOTES TO THE ACCOUNTS** _**FOR THE YEAR ENDED 31 MARCH 2024**_ 

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

- 24 - 



## **THE FOOD MUSEUM** 

## **NOTES TO THE ACCOUNTS** _**FOR THE YEAR ENDED 31 MARCH 2024**_ 

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

- 25 - 



## **THE FOOD MUSEUM** 

## **NOTES TO THE ACCOUNTS** _**FOR THE YEAR ENDED 31 MARCH 2024**_ 


**----- Start of picture text -----**<br>
||||
|---|---|---|
|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 -----**<br>


## **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 -----**<br>
|||||
|---|---|---|---|
|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 -----**<br>


Taxation 

- 26 - 



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



- 27 - 



## **THE FOOD MUSEUM** 

## **NOTES TO THE ACCOUNTS** _**FOR THE YEAR ENDED 31 MARCH 2024**_ 

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

- 28 - 



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



- 29 - 



## **THE FOOD MUSEUM** 

## **NOTES TO THE ACCOUNTS** _**FOR THE YEAR ENDED 31 MARCH 2024**_ 


**----- Start of picture text -----**<br>
20 RESTRICTED FUNDS<br>Transfers<br>Balance at 1  between  Balance at 31<br>COMPARATIVE YEAR April 2022 Income Expenditure funds March 2023<br>£ £ £ £ £<br>Premises development fund 1,846,517 - (48,495) - 1,798,022<br>Heritage Farm project 450,943 - (6,347) - 444,596<br>Steam engine collection 176,000 - - - 176,000<br>Mortlock Building 6,765 - - (6,765) -<br>Windpump restoration fund 2,534 - - (2,534) -<br>Steam engine fund 15,633 - (385) - 15,248<br>Search for the Stars 20,300 20,000 (20,300) (20,000) -<br>Social Prescribing/Green Therapy 32,943 40,000 (30,000) (32,943) 10,000<br>Colchester and Ipswich Museum<br>Service - Skills for the Future 4,131 - - (4,131) -<br>Watermill project 25,649 10,420 (36,069) -<br>Arts Council project funding 22,691 - - (22,691) -<br>Heritage Lottery COVID funding 13,594 - - (13,594) -<br>Art Fund Respond & Reimagine 27,898 - (27,898) - -<br>River for All project 101,543 75,000 (153,015) (23,528) -<br>Bone Building/Hedgerow  48,057 139,997 (182,263) - 5,791<br>Welcome Back 1,853 - (1,853) - -<br>Jubilant! 2022 14,858 5,000 (19,858) - -<br>Skills Kitchen 7,554 400 (7,954) - -<br>Kickstart 48,679 127,299 (127,299) (48,679) -<br>Other working projects 3,176 - - (3,176) -<br>Linbury Trust 52,000 36,000 (52,000) - 36,000<br>Composting toilet (SCC) - - (6,825) 6,825 -<br>Living on the Land - 2,000 (6,852) 4,852 -<br>Curious Minds 20,000 10,000 (10,000) (10,000) 10,000<br>SHARE East large objects grant - 2,966 (607) - 2,359<br>LD Rope volunteering grant - 5,000 (5,000) - -<br>Tractor grant - 20,000 (20,000) - -<br>Jubilant! 2023 - 23,500 (4,000) - 19,500<br>Rethinking the Rural Life Museum - 59,000 (20,771) - 38,229<br>Power of Stories - 10,860 (10,860) - -<br>MEND - 21,964 (21,964) - -<br>HAF/Thrills and Grills - 9,735 (9,735) - -<br>Shop front signage - 2,490 - (2,490) -<br>Leeds project - 10,568 (10,568) - -<br>Donations - 11,500 (11,500) - -<br>2,943,318 643,699 (852,418) (178,854) 2,555,745<br>**----- End of picture text -----**<br>


- 30 - 



**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. 

- 31 - 



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



- 32 - 



## **THE FOOD MUSEUM** 

## **NOTES TO THE ACCOUNTS** _**FOR THE YEAR ENDED 31 MARCH 2024**_ 

## **22 ANALYSIS OF NET ASSETS BETWEEN FUNDS** 

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



- 33 - 



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



## **25 FUTURE COMMITMENTS** 

## **Operating leases** 

|Total future minimum lease payments under<br>**Group**<br>Within one year<br>Between two and five years<br>In over five years|non-cancellable operating leases are as follows:<br>**2024**<br>**2023**<br>**£**<br>**£**<br>20<br>20<br>40<br>40<br>1,980<br>2,000<br>**Land and buildings**|**2024**<br>**2023**<br>**£**<br>**£**<br>2,280<br>2,280<br>4,466<br>6,753<br>-<br>-<br>**Other**|
|---|---|---|
||2,040<br>2,060|6,746<br>9,033|
|**Charity**<br>Within one year<br>Between two and five years<br>In over five years|**2024**<br>**2023**<br>**£**<br>**£**<br>20<br>20<br>40<br>40<br>1,980<br>2,000<br>**Land and buildings**|**2024**<br>**2023**<br>**£**<br>**£**<br>2,280<br>2,280<br>4,466<br>6,753<br>-<br>-<br>**Other**|
||2,040<br>2,060|6,746<br>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:<br>MEND project|**2024**<br>**2023**<br>**£**<br>**£**<br>286,250<br>-<br>286,250<br>-|
|---|---|



The MEND project is externally funded by Arts Council England. 

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## **THE FOOD MUSEUM** 

## **NOTES TO THE ACCOUNTS** _**FOR THE YEAR ENDED 31 MARCH 2024**_ 

## **28 PRIOR YEAR ADJUSTMENTS** 

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

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