# **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