2022-12-31-accounts

Friends of the Norwich Museums Registered charity number 311114

Financial Statements year ended 31 December 2022

Trustees Annual Report for the period 1 January to 31 December 2022

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) Mrs J Cogman Mr P King Mr R Quinn Mrs F Devonshire (Vice Chair) Mr P Hornor Dr A Lyons Mrs N Trick Ms K Anetts (Hon. Treasurer) Dr N Hutcheson

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 FNM Centenary lunch, held at Houghton Hall by kind invitation of Lord Cholmondeley was well-supported and sponsored and produced a surplus of £6,500 which has been allocated to a designated fund,

Principal Activities & Review of the Financial Position Designated funds include £44,000 for -agreed grants, which are ready to be paid when invoiced. A further £25,000 in designated funds awaits specific allocation when future grant requests are received. Designated and Restricted funds are detailed in note 2 to these financial statements. We are pleased to acknowledge two generous legacies during the year totalling £11,931..

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 £110,482 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

C Bingham-Newland (Chairman) date 25 February 2023

Friends of the \Norwich Museums year ended 31 December 2022 Independent Examiner’s Report

I report on the accounts of the Friends of the Norwich Museums for the year ended 31 December 2022 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: 27 February 2023

RECEIPTS AND PAYMENTS for year ended 31 December 2022 Receipts Unrestricted Designated £ £ Donations & legacies 125 Houghton lunch 14,780 Collecting boxes & Well 725 Subscriptions 16,354 Gift Aid - Membership activities 531 Investment income 2,136 Previous year Total receipts 19,872 14,780 Payments Unrestricted Designated £ £ Grants & purchases of exhibits Grants agreed previous year - Membership activities 200 Secretarial services 3,783 General admin expenses 2,564 Membership services 3,538 BAFM insurance & membership 443 Houghton costs 8,207 Independent examination 65 Sundry 320 Admin previous year 217 Ind Examination previous year - Total payments 11,130 8,207 Net receipts 8,742 6,573 Transfers between funds (18,664) 18,664 (9,922) 25,237 Cash & Savings 1/1/22 36,536 44,000 Cash & Savings 31/12/22 26,613 69,237 ASSETS AND LIABILITIES as at 31 December 2022 Unrestricted Designated Cash Funds £ £ COIF deposit account 37,000 - cash at bank (10,387) 69,237 26,613 69,237 Investment assets investments at market value (1) 83,869 Other monetary assets Gift Aid receivable - Liabilities admin - grants (2) -69,237 SUMMARY total assets less liabilities 110,482 0 Historic cost of investments 85,480		Restricted £ 11,931	Endowment £ 672 672 Endowment £ - 672 (0) 672 10,865 11,537 Endowment £ 2,643 8,894	Total £ 12,056 14,780 725 16,354 - 531 2,808 47,255 Total £ - - 200 3,783 2,564 3,538 443 8,207 65 320 217 - 19,337 27,918 0 27,918 92,551 120,469 Total £ 39,643 80,826 120,469 114,914 - - (82,318) 153,064 117,225	2021 8,183 77 16,756 - 379 2,949
	14,780	11,931			28,345
	Designated £ - 8,207	Restricted £ -			2021 30,000 120 4,575 2,472 1,930 417 217 165
	8,207	-			39,895
	6,573 18,664	11,931 0			(11,550) -
	25,237	11,931			(11,550)
	44,000 69,237 Designated £ - 69,237	1,150 13,081 Restricted £ - 13,081			104,101 92,550 2021 39,617 52,933
	69,237	13,081	11,537		92,550
	-69,237 0	0 -13,081 0	31,045 42,582 31,745		128,382 (217) 45,150
					175,566 117,225

NOTES £ (1) investments Unrestricted Market value at 1 January 2022 93,588 Additions - Disposal proceeds - Net profit (loss) on disposal - Net profit (loss) on market value (9,719) increase in bank account capital - Market value 31 December 2022 83,869 Historic cost of quoted investments 85,480 Holdings of more than 5% of market value Treasury 0.125% Stock 2024 9,119 Treasury 0.125% Stock 2026 8,978 TB Opie Street Balanced Fund 65,772 83,869 FUNDS ANALYSIS B/FWD Cash funds (bank and savings) £ (1) unrestricted 36,536 (2) designated Norwich Keep tapestry 30,000 Singh Twins 5,000 Ruisdael landscape 9,000 Houghton 100 - Baxter bequest Heine china Rogers bequest 44,000 (3) restricted Winfarthing II 150 Gemmell & Day & Antony bequests 1,000 1,150 (4) permanent endowment Thistlethwaite Bursary 10,864 total cash funds 92,550 Investment funds £ unrestricted 93,588 permanent endowment Thistlethwaite Bursary 34,794 total investment funds 128,382 TOTAL RESOURCES Unrestricted cash - bank 26,613 cash - savings investments 83,869 TOTAL RESOURCES	Designated receipts £	Restricted movements £	£ Endowment 34,794 - - - (3,749) - 31,045 31,745 0 7,127 23,918 31,045 paid £ (11,130) (8,207) (8,207) - (19,337) £ - - - Endowment 8,894 2,643 31,045	£ Total 128,382 - - - (13,467) - 114,914 117,225 9,119 16,105 89,690 114,914 C/FWD 26,614 30,000 5,000 9,000 6,573 11,076 1,363 6,225 69,237 150 12,931 13,081 11,536 120,468 83,869 31,045 114,914 Total 80,826 39,643 114,914 235,383	2021 118,589 96,425 (88,206) (78) 9,871 (8,219)
					128,382
					117,225 8,599 16,211 103,572
					128,382
					2021
	19,872	(18,664)			36,536
	14,780	11,076 1,363 6,225			30,000 5,000 9,000 -
	14,780	18,664			44,000
	11,931				150 1,000
	11,931	-			1,150
	672				10,864
	47,255	-			92,550
	£ - -	£ (9,719) (3,749)			93,588 34,794
	-	(13,467)			128,382
	Designated 45,318 23,919	Restricted 13,081

The financial statements were approved by the Management Council on 25 February 2023 and were signed on their behalf by

K B Anetts

K Anetts - Treasurer