2021-12-31-accounts

Friends of the Norwich Museums Registered charity number 311114

Financial Statements year ended 31 December 2021

Trustees Annual Report for the period 1 January to 31 December 2021

Charity’s principal address c/o Norfolk Museums & Archaeology Service Shirehall Market Avenue Norwich NR1 3JQ

Bankers Barclays Bank plc 5/7 Red Lion Street Norwich NR1 3QH Investments Barratt & Cooke 5 Opie Street Norwich NR1 3DW

Status and Governing Document

Friends of the Norwich Museums is a registered charity (No. 311114), and is under the patronage of the Marquess of Cholmondeley (Lord Cholmondeley). The charity is governed by its constitution adopted on 26 April 2011.

Management Council Members of the Management Council of the Friends of the Norwich Museums (Trustees) are elected by the existing Friends at the Annual General Meeting.

Mr C Bingham-Newland (Chairman) Mr R Quinn (Vice Chair) Ms K Anetts (Hon. Treasurer) Mrs J Cogman Mrs F Devonshire Mr P King Mrs N Trick

Governance and Management The day to day affairs of the charity are overseen by the Management Council of Trustees. The Trustees meet on a regular basis to review the charity’s activities. Where there is a need for new Trustees, these are identified and appointed by the existing Trustees.

Risk Management The charity monitors its risk on an ongoing basis and is constantly reviewing policies in order to mitigate those risks. Internal risks are minimised by the implementation of procedures for authorization of all projects and to ensure consistent and quality delivery for all operational aspects of the charity. The Trustees are satisfied that systems are in place or arrangements are in hand to manage the risks that have been identified. In particular, insurance cover is in place and the finances are kept under regular review.

Objectives The Friends of the Norwich Museums have been set up to help and support the Norwich museums to acquire, via purchasing or gifting, for their collections, objects of intrinsic historic or artistic value, and improve the display of such exhibits. In order to achieve these aims, the charity arranges various fund raising events throughout the year and also encourages donations.

Public Benefit Statement The trustees confirm that they have complied with section 17 of the Charities Act 2011 to have due regards to the Charity Commission’s general guidance on public benefit, ‘Charities and Public Benefit’. Careful consideration has been given to the accessibility of the Society to as wide a community as possible. Reduced membership rates are offered to Family and Senior members.

Statement of Trustees’ responsibilities The trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the [Charities (Accounts and Reports) Regulations and the provisions of the constitution. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Funds structure

i) Unrestricted (General) Funds are funds which the Trustees are free to use for any purpose in furtherance of the charity’s objects. Such funds may include Designated Funds which the Trustees have created for a specific purpose.

ii) Designated Funds are set aside by the Trustees out of Unrestricted (General) funds for specific future purposes or projects.

iii) Restricted Funds are set aside to be used fin accordance with specific restrictions imposed by the donor or trust deed and normally relate to funds provided in order to purchase a particular item.

iv) Permanent Endowment this includes a fund known as the Thistlethwaite Bursary, which was set up with an anonymous donation of £10,000 and a further donation of £5,000 in 1996. The income from this Fund constitutes a Bursary to be used primarily for travel expenses by individuals with a serious interest in museum or gallery work.

Summary of Main Achievements during the year

The previously-agreed donation of £30,000 for the major sponsorship of the Crome exhibition was completed.

Principal Activities & Review of the Financial Position The charity has continued to raise funds and accept donations throughout the year for both its general funds and funds for specific projects. The charity has agreed to make grants of £9,000 towards the purchase of a Ruisdael landscape and £5,000 towards the Singh Twins artwork purchase. Designated and Restricted funds are detailed in note 2 to these financial statements.

We are pleased to acknowledge a generous legacy of £6,224 during the year.

Investment Policy To aim for continuing capital growth and income to fund the charitable activities. We have been pleased to successfully follow the advice from our advisors Barratt & Cooke.

Grants Policy To invite Norwich Museums to approach us with requests for grants to fund the aims mentioned above. Grants exceeding £2,000 are not made without whole Council approval.

Reserves Policy The Trustees have established a policy whereby the unrestricted funds held by the charity are maintained at such a level that the Trustees feel they would be able to continue the current activities of the charity in the event of a significant drop in funding. At the end of the financial year on 31 December the unrestricted reserves amounted to £129,908 which the Trustees consider to be satisfactory. The Trustees are satisfied with the financial position of the charity as shown in these financial statements.

Declaration The Trustees declare that they have approved the Trustees’ report above Signed on behalf of the Charity’s Trustees

C Bingham-Newland (Chairman) date

Friends of the \Norwich Museums year ended 31 December 2021 Independent Examiner’s Report

I report on the accounts of the Friends of the Norwich Museums for the year ended 31 December 2019 which are set out on the preceding pages.

Responsibilities and basis of report

As the charity’s trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the charity’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Basis of the Independent Examiner’s report

My examination was carried out in accordance with general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a true and fair view and the report is limited to those matters set out in the statement below.

Independent examiner's statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or

2. the accounts do not accord with those records; or

3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached

Crispin de Boos The White House Sandfield Lane Eccles Norwich NR16 2PB

date:

RECEIPTS AND PAYMENTS for year ended 31 December 2021 Receipts Unrestricted Designated £ £ Donations & legacies 8,183 Collecting boxes & Well 77 Subscriptions 16,756 Gift Aid - Membership activities 379 Investment income 2,205 Previous year Total receipts 27,600 - Payments Unrestricted Designated £ £ Grants & purchases of exhibits Grants agreed previous year 30,000 Membership activities 120 Secretarial services 4,575 General admin expenses 2,472 Membership services 1,930 BAFM insurance & membership 417 Legal fees Independent examination - Sundry 217 Admin previous year 165 - Total payments 9,895 30,000 Net receipts 17,705 (30,000) Transfers between funds (14,000) 14,000 3,705 (16,000) Cash at bank 1/1/21 32,831 60,000 Cash at bank 31/12/21 36,536 44,000 ASSETS AND LIABILITIES as at 31 December 2021 Unrestricted Designated Cash Funds £ £ COIF deposit account 37,000 - cash at bank (464) 44,000 36,536 44,000 Investment assets investments at market value (1) 93,588 0 Other monetary assets Gift Aid receivable - Liabilities admin (217) grants (2) -44,000 SUMMARY total assets less liabilities 129,908 0 Historic cost of investments 85,480		Restricted £ -	Endowment £ 744 744 Endowment £ - 744 0 745 10,120 10,865 Endowment £ 2,617 8,247	Total £ 8,183 77 16,756 - 379 2,949 28,345 Total £ - 30,000 120 4,575 2,472 1,930 417 - 217 165 - 39,895 (11,550) 0 (11,550) 104,101 92,551 Total £ 39,617 52,933 92,551 128,382 - (217) (45,150) 175,566 117,225	2020 595 234 15,459 3,557 518 3,294
	-	-			23,657
	Designated £ 30,000	Restricted £ -			2020 15,000 58 4,484 2,049 3,016 417 85 45 735
	30,000	-			25,888
	(30,000) 14,000	- -			(2,231) -
	(16,000)	-			(2,231)
	60,000 44,000 Designated £ - 44,000	1,150 1,150 Restricted £ - 1,150			106,332 104,101 2020 39,617 64,484
	44,000	1,150	10,865		104,101
	0 -44,000 0	0 -1,150 0	34,794 45,658 31,745		118,589 (165) (61,150)
					161,375 100,441

NOTES £ (1)investments Unrestricted Market value at 1 January 2021 86,636 Additions 69,643 Disposal proceeds (61,630) Net profit (loss) on disposal (245) Net profit (loss) on market value 7,197 increase in bank account capital (8,013) Market value 31 December 2021 93,588 Historic cost of quoted investments 85,480 Holdings of more than 5% of market value Treasury 0.125% Stock 2024 8,599 Treasury 0.125% Stock 2026 9,037 TB Opie Street Balanced Fund 75,952 Blackrock Charities UK Equity Fund A 0 M&G Charifund Income Units 0 Baillie Gifford Japanese Inc 0 Perpetual Income Ord 10p Shares 0 Schroder UK mid cap Ord 25p Shares 0 Henderson IntTrust Ord 1p Shares 0 Bankers Investment Trust 0 93,588 FUNDS ANALYSIS B/FWD Cash funds £ unrestricted 32,831 (2)designated Norwich Keep tapestry 30,000 Singh Twins - Ruisdael landscape - Crome exhibition 30,000 60,000 (2)restricted Winfarthing II 150 Gemmell bequest 1,000 Talbot private donation 1,150 permanent endowment Thistlethwaite Bursary 10,120 total cash funds 104,101 Investment funds £ unrestricted 86,636 permanent endowment Thistlethwaite Bursary 31,953 total investment funds 118,589	receipts £	movements £	£ Endowment 31,953 26,782 (26,576) 166 2,674 (206) 34,794 31,745 0 7,174 27,620 0 0 0 0 0 0 0 34,794 paid £ (9,895) (30,000) (30,000) - (39,895) £ - - -	£ Total 118,589 96,425 (88,206) (78) 9,871 (8,219) 128,382 117,225 8,599 16,211 103,572 - - - - - - - 128,382 C/FWD 36,536 30,000 5,000 9,000 - 44,000 150 1,000 - 1,150 10,864 92,551 93,588 34,794 128,382	2020 126,477 10,997 (18,824) (1,242) (6,410) 7,592
					118,589
					100,441 13,281 13,943 8,470 15,647 8,804 6,897 6,321 8,412 7,342
					53,423
					2020
	27,600	(14,000)			32,831
		5,000 9,000			30,000 30,000
	-	14,000			60,000
					150 1,000
	-	-			1,150
	744				10,120
	28,345	-			104,101
	£ - -	£ 6,952 2,840			86,636 31,953
	-	9,793			118,589

The financial statements were approved by the Management Council on and were signed on their behalf by

C Bingham-Newland - Chairman

K Anetts - Treasurer