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2020-10-31-accounts

THE COOK MUSEUM TRUST

ACCOUNTS

FOR THE YEAR ENDED 31 OCTOBER 2020

Charity number 517546

THE COOK MUSEUM TRUST

I N D E X P A G E
_______________
TRUSTEES’ REPORT 1 - 7
INDEPENDENT EXAMINER’S REPORT 8
STATEMENT OF FINANCIAL ACTIVITIES 9
BALANCE SHEET 10
NOTES TO THE ACCOUNTS 11 - 21
MANAGEMENT INFORMATION 23

1

THE COOK MUSEUM TRUST

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 OCTOBER 2020

The Trustees present their report and financial statements of the charity for the year ended 31 October 2020. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” in preparing the annual report and financial statements of the charity.

The 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

Charitable objectives

The trust was formed by the Deed of Trust dated 16 April 1986 with the object of establishing and maintaining a museum in Whitby displaying items relating to the life and achievements of Captain James Cook.

In pursuit of that overall objective, we undertake the following specific objectives and activities:

Activities

The museum is situated on Grape Lane, Whitby and continues to attract visitors from all parts of the United Kingdom and overseas. It is staffed by a small team supplemented by volunteers.

The trustees confirm that they have complied with their duty to have due regard to the guidance on public benefit published by The Charity Commission in exercising their powers or duties.

2

THE COOK MUSEUM TRUST

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 OCTOBER 2020 (Cont)

ACHIEVEMENTS AND PERFORMANCE

2020 was a year of two halves. The season ended at the end of October, repairs were undertaken over the closed season, a new exhibition was installed in February and we opened at half-term as usual. Covid-19 then struck, we closed on 19[th] March and did not reopen until 13[th] July. Opening meant a switch to online ticketing, social distancing and severe restrictions on numbers and the implementation of a raft of safety measures. We closed again at the end of October following renewed lockdown, despite hoping to extend the opening season.

Four months’ closure and social distancing measures meant that capacity and income was reduced by just over 80%. All foreign visitors disappeared, always a notable number, as did group and school visits. The impact on our finances may be seen in the accounts. We took advantage of the Government Coronavirus Job Retention Scheme, a one-off grant from Scarborough Borough Council and were pleased to obtain a grant of £25,000 from the Arts Council. Nevertheless, in common with most museums, the pandemic imposed severe strains and financial loss.

Opening during the second half of the year was made possible through the immensely hard work of our Operations Manager, together with Management Committee and Volunteers, to implement all the necessary Covid safety measures. We achieved the ‘Good to Go’ kitemark which signalled that these were in place. The Trustees are enormously grateful to all those who contributed to this effort and for their continuing support of the Museum.

On a more positive note, it should be noted that the new special exhibition, ‘The Celebrated Mr. Banks: Reputation and Legacy’ was well received by visitors, who by contrast appreciated the extra space imposed by social distancing as well as more opportunities to talk to volunteer attendants. The exhibition will be maintained for a further year thanks to the cooperation of all lenders. A linked exhibition, ‘First Flowers: Joseph Banks’ Florilegium’ was installed in October at the Pannett Art Gallery in September. This showed 25 botanical prints from the Florilegium collection together with work by a modern botanical artist, Jean Harlow, which emphasized the continuing relevance of botanical art. The exhibition also included a community embroidery artwork, the ‘Flora and Thread’ tent inspired by Sydney Parkinson’s illustrations for the Florilegium. The Pannett Art Gallery likewise had to close at the end of October. We planned to extend the exhibition, but do not yet know whether this will be possible.

An immediate result of the pandemic was to force a rapid turn to the digital. We had already put in place a system for online booking, but it had not been heavily used. The switch to online booking only also entailed a revision of the pricing structure, simplifying the admission categories and allowing children in free. Meetings were switched online and staff were either furloughed or, in the case of the Collections Outreach Officer, worked from home. Volunteers were kept in touch with regular newsletters and updates. In place of many of the usual activities and outreach efforts, effort was put into connecting with audiences online through social media and the creation of short films available on the website.

We continued to add to the Collection. In March we acquired a hitherto unknown drawing by William Ellis, assistant surgeon on Cook’s third voyage, of ‘Mangianooa’, 1779, a coastal profile of an island in the Cook Islands group. This was funded by grants from the Normanby Trust, The Art Fund and the ACE/V&A Purchase Grant Fund.

The year saw changes in Management Committee. The Chairman, Peter Brown, retired and the Trustees are very grateful for his contribution over the preceding decade. He was replaced by Clair Stones, the Education Officer. The Secretary, David Wall, also departed and was replaced by Chris Needham. There were new Volunteers as well as the loss of several former stalwarts. The year of the pandemic has certainly been a year of extraordinary ups and downs, but we were fortunate to have built up some reserves and be able to weather this period of very difficult conditions.

3

THE COOK MUSEUM TRUST

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 OCTOBER 2020 (Cont)

FINANCIAL REVIEW

The financial activities of the museum in the year are summarised below.

The statement of financial activities includes the income and expenditure of the trustees and the management committee.

Income fell in total by £129,636 to £138,099 (2019: £267,735). Revenue from admissions has decreased with Covid restrictions when compared with the previous year. Donations and grants have fallen by £21,452 to £104,755 (2019: £126,207).

Expenditure has reduced by £14,157 to £170,108 (2019: £184,265).

The cost of items acquired for display up to 31 October 2002, together with small value items acquired since then, have been written off as incurred and cumulatively amounts to £471,428 (see note 9).

Significant acquisitions of items for display acquired after 31 October 2002 have been shown as heritage assets on the balance sheet in accordance with the requirements of Charities SORP FRS 102. The trustees consider items with a value of over £5,000, before deducting grants receivable to be significant.

Before charging £23,329 (2019: £21,154) for the depreciation of freehold property, fixtures and fittings, and equipment there was a deficit of £35,837 (2019: surplus of £106,266). After charging depreciation, there was a deficit of £59,166 (2019: £85,112) which has been added to the balance of the accumulated fund to be carried forward. Of the accumulated fund, £1,529,861 has been carried forward in the restricted fund. £168,992 of this amount relates to the Building fund, £1,219,195 relates to the Display and Exhibition fund, £106,206 relates to the Learning Centre fund, £29,622 relates to the Botanical endeavours fund and £5,846 relates to the Art council fund. The balance on the Building fund will be released over the unexpired lives of the assets for which the grants were received. The unrestricted fund showed a deficit of £65,112 for the year (2019: surplus of £152,543).

The balance of funds remaining at 31 October 2020 is £2,158,392 (2019: £2,217,558).

The management committee’s income was down £23,702 due to reduced admission income although grants have helped reduce this loss, and expenditure down £10,429. The closing cash and bank balances were £126,931 compared with £154,509 a year ago. Healthy year-end balances are available to meet ongoing costs during the winter months when the museum is closed and no revenue derived.

Reserves policy

It is the policy of the trust to maintain free reserves at a level which equates to not less than approximately six months unrestricted expenditure (excluding the cost of items for display). This provides sufficient funds to cover management, administration and support costs. The level of free reserves at 31 October 2020 was £135,042 which represents unrestricted funds less unrestricted fund fixed assets, calculated according to current SORP FRS 102 accounting practices. The trustees keep the reserves policy under constant review having regard to the changing financial, regulatory, and economic environment in which we operate.

Investment policy

There are no restrictions on the charity’s power to invest. The investment strategy is set by the trustees as the need arises. The trustees consider the income requirements, risk profile and investment managers view of the market prospects when investment decisions are to be made. Investments are made with a view to providing income to finance certain costs associated with the trust, which are not covered by the management committee.

4

THE COOK MUSEUM TRUST

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 OCTOBER 2020 (Cont)

PLANS FOR FUTURE PERIODS

Our future plans depend on the course of the pandemic, the lifting of lockdown and, eventually, the removal of social distancing restrictions. All planning has to be responsive to this. Our first priority is to focus on the immediate two years ahead and on rebuilding our audiences to pre-Covid levels. We envisage doing that by rebuilding our Volunteer corps to full strength, by finding new ways to market the Museum following the loss of suppliers and leaflet distributors, and by being responsive to new developments, particularly in the digital world, which will shape future visitor expectations and experience. We shall reassess our reserves policy.

By keeping the 2020 exhibition for a further year, an immediate economy is made. We shall revisit our Forward Plan, looking to rebuild the resources of the Museum over the next five years. We shall pursue grants, launch a revised Supporters Scheme, and develop a digital plan that extends the reach and impact of our collections and exhibitions. We shall develop plans for refreshing interpretation throughout the Museum to reflect new multi-faceted historical perspectives on Cook’s voyages and their legacy, taking into consideration at the same time the need to conserve some material which has been on display for an extended period.

Above all, we will monitor developments as they occur and ensure that we respond swiftly to needs and changes in the general museum visiting environment.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity was formed by a Deed of Trust dated 16 April 1986; Founder, the Dowager Marchioness of Normanby.

Summary of trusts

The trustees are directed to hold the trust fund and income thereof to advance the education of the general public by establishing, maintaining and preserving a museum in John Walker’s house, Grape Lane, Whitby, North Yorkshire.

Should the trustees decide that they cannot carry out the purpose of the trust, they are required to offer transfer of the trust fund to the trustees of The Normanby Charitable Trust or some other trustees or body who are willing to carry out the purpose of the trust.

Summary of powers

Management

The trustees may appoint and constitute a committee for the purpose of better management of the trust.

Power to charge for admission to the museum.

Power to employ and pay for a secretary and such other officers or staff as may be determined.

Banking account

The trustees may delegate, as appropriate, the operation of any banking account connected with the trust.

Costs and expenses

The trustees may determine whether such costs and expenses shall be paid from capital or income or partially from both sources.

5

THE COOK MUSEUM TRUST

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 OCTOBER 2020 (Cont)

STRUCTURE, GOVERNANCE AND MANAGEMENT (Continued)

Nominees

Investments, real and personal property may be held in the name of at least two of the trustees, or any person, persons or corporation acting as a nominee.

Trustees

The number of trustees shall not be less than four and not more than eight.

Charging clause

Professional trustees are entitled to usual charges.

The above notes include a summary of the main terms and conditions of the trust deed currently applicable. The notes should be used only as an aide-memoire and not as a substitute for the deed itself, the detailed provisions of which should always be reviewed prior to any decision being taken by the trustees.

Method of election of Trustees

The statutory powers of appointing new or additional trustees vests in the body of existing trustees.

Training

The trustees remain aware of the importance of training and take advantage of opportunities as they occur. During the past year members of the Management Committee, Operations Manager and Collections Outreach Officer attended training events, workshops and then webinars on a variety of relevant topics provided by Museum Development Yorkshire, Welcome to Yorkshire, and other bodies. Trustees regularly attend online conferences and training, including that provided by Wrigleys, the Trust’s lawyers, and the Small Charities Coalition. Since the pandemic began most training has taken the form of online events. One of the Trustees is a qualified museum professional.

The staff have participated in the museum cohorts organised by Museum Development Yorkshire on ‘front of house’ and collections documentation. The museum participates in the regular forums provided by Museum Development Yorkshire.

Organisational management

In accordance with their powers, the trustees have appointed a management committee who are responsible for the day to day running and management of the museum.

Risk management

The trustees have assessed the major risks to which the trust is exposed, in particular those related to the assets and finances of the museum, as well as the safety and security of those who visit and work in the premises, and are satisfied that systems are in place to mitigate exposure to major risks.

COVID-19 has meant that new risk assessments about the security and safety of all who visit or work in the building have been undertaken to ensure compliance with all regulations. These will continue to be monitored and updated as necessary.

6

THE COOK MUSEUM TRUST

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 OCTOBER 2020 (Cont)

REFERENCE AND ADMINISTRATIVE INFORMATION

Charity name The Cook Museum Trust Charity number 517546 Principal Address Grape Lane Whitby North Yorkshire YO22 4BA

TRUSTEES (AND KEY MANAGEMENT PERSONNEL)

The trustees who served during the year and since the year end were:

Lady Peronel Katharine Cruz Dr Anne Sophia Forgan (Chairman) Mr Paul Duncan Taylor (resigned March 2020) Mr Richard Kornicki Mrs Barbara Woroncow Mrs Sarah Booth Mr John A G Latimer (appointed March 2020)

OFFICERS

Hon. President Hon. Treasurer of the Trust

Hon. Treasurer of the Management Committee Chairman of the Management Committee

The Marquis of Normanby Mr Paul Taylor (until March 2020) Mr John A G Latimer (from March 2020)

Mr Neil Slater

Mrs Clair Stones (appointed August 2020) Mr Peter Brown (resigned August 2020)

ADVISERS

MUSEUM MENTOR

Jane Glaister

BANKERS

HSBC Bank Plc 4 Baxtergate Whitby YO21 1BD Barclays Bank plc Whitby Branch PO Box 13 Scarborough YO11 2HS

INVESTMENT MANAGERS Cazenove Capital Management Limited 20 Moorgate London EC2R 6DA INDEPENDENT EXAMINER N Clemit ACA, FCCA JWPCreers LLP Chartered Accountants Genesis 5 Church Lane Heslington York YO10 5DQ

7

THE COOK MUSEUM TRUST

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 OCTOBER 2020 (Cont)

Trustees’ responsibilities in relation to the financial statements

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 law applicable to charities in England & Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of income and expenditure of the charity for that period. In preparing these financial statements, the trustees are required to:

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 Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. 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. The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

MANAGEMENT COMMITTEE

The trustees have pleasure in once again placing on record their thanks and appreciation of the commitment and hard work of the management committee, and of Mr. Peter Brown, and his successor as Chairman, Mrs. Clair Stones. The continuing success of the museum depends upon the dedication and enthusiasm of the committee, the hard work and organisation of Maria Aparicio (Operations Manager) and the commitment of staff and volunteers. The trustees express their immense appreciation and gratitude.

Approved by the trustees on 20 April 2021 and signed on their behalf by:

Dr Anne Sophia Forgan Chairman

8

THE COOK MUSEUM TRUST

INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES

I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 October 2020 which comprise the statement of financial activities, balance sheet and relevant notes.

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.

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 did 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.

N Clemit ACA, FCCA JWPCreers LLP Chartered Accountants Genesis 5 Church Lane Heslington York YO10 5DQ

26 April 2021

9

THE COOK MUSEUM TRUST

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 OCTOBER 2020

Unrestricted
Notes
Funds
INCOME
£
Donations and legacies
2
14,016
Charitable activities
Income from admissions, sales of books
and souvenirs
26,665
Grants
4
28,373
Investment income
3
6,146
Other income
533
_
Total income
75,733
_
EXPENDITURE
Raising funds
Publicity and advertising
10,538
Investment management fees
522
Charitable activities
Museum activities
Expenditure incurred in the running of
the museum and cost of goods for sale
5
82,631
Repairs
6,911
Legal and professional
30
Depreciation of fixtures and fittings
8
5,681
Depreciation of property
8
5,062
Depreciation of equipment
8
2,313
_
Total expenditure
113,688
_
Net (expenditure)/income before
(37,955)
investment gains/(losses)
Realised and unrealised (loss)/gain
on investments
10
(27,157)
_
Net (expenditure)/income
(65,112)
Transfer between funds
-

Net movement in funds
(65,112)
_
Funds brought forward at 1 November 2019
693,643
_
Funds carried forward at 31 October 2020
628,531
All activities derive from continuing operations.		 Restricted
Funds
£
-
-
62,366
-
-
_
62,366

4,010
-
42,137
-
-
-
10,273
-

56,420

5,946
-

5,946
-
5,946
_
1,523,915
______
1,529,861		 Total

Funds
2020
£
14,016
26,665
90,739
6,146
533
_
138,099
_
14,548
522
124,768
6,911
30
5,681
15,335
2,313
_
170,108
_
(32,009)
(27,157)
__
(59,166)
-
(59,166)
_
2,217,558
_
2,158,392
 Total
Funds
2019
£
119,583
129,546
6,624
9,406
2,576
_
267,735
_
9,291
691
137,216
15,163
750
5,714
15,335
105
_
184,265
_
83,470
1,642
__
85,112
-
85,112
__
2,132,446
______
2,217,558

10

THE COOK MUSEUM TRUST

BALANCE SHEET AT 31 OCTOBER 2020

Notes
31 October 2020
£
£
FIXED ASSETS
Tangible assets
8
397,899
Heritage assets
9
1,411,661
Investment assets
10
150,320
___

1,959,880
CURRENT ASSETS
Stock of goods for resale
13,095
Debtors and prepayments
11
12,033
Bank current account
25,309
Management committee cash and bank
12
126,931
Cazenove capital account
943
Quarter Century fund account
23,403
Cash in hand
100
_
201,814
CREDITORS: amounts falling
due within one year
13
(3,302)
__
NET CURRENT ASSETS
198,512
__

TOTAL ASSETS
2,158,392

THE FUNDS OF THE CHARITY
Restricted funds
14
1,529,861
Unrestricted funds
15
327,509
Designated funds
15
301,022
_
628,531
____
TOTAL CHARITY FUNDS
16
2,158,392
 2019
£
421,389
1,404,661
177,864
___
2,003,914
15,355
12,417
20,278
154,509
110
22,693
100
_
225,462
(11,818)
__
213,644
_
2,217,558
1,523,915
380,114
313,529
__
693,643
_____
2,217,558

The financial statements were approved by the trustees on 20 April 2021 and signed on their behalf by:

………………………………………………… …………………………………………………… Dr Anne Sophia Forgan John A G Latimer Trustee Trustee

11

THE COOK MUSEUM TRUST

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 OCTOBER 2020

1. ACCOUNTING POLICIES

Basis of accounting

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, and UK Generally Accepted Accounting Practice.

The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following the 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 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

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.

Fund accounting

The trust maintains a general unrestricted fund which is expendable at the discretion of the trustees in furtherance of the objects of the charity. Such funds may be held in order to finance both working capital and capital investment.

Designated funds are set up by the trustees for a variety of purposes and are detailed in note 15.

Restricted funds represent grants and donations received which are allocated by the donor for specific purposes, as detailed in the notes.

Income

All income is recognised in the statement of financial activities when receivable. The following policies are applied to income:

Donations

Donations are included as income in the period in which they are received. Donations subject to tax relief are shown inclusive of associated tax claim. Unclaimed taxation in respect of gift aid at the balance sheet date is shown in debtors.

12

THE COOK MUSEUM TRUST

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 OCTOBER 2020

1. ACCOUNTING POLICIES (Continued)

Grants receivable

Revenue grants are shown as income in the period when the charity has been informed by the donor that a grant is receivable and the conditions for receipt have been met, such income has been accrued in the accounts.

Capital grants for the purchase of fixed assets are shown as restricted income on the same basis as revenue grants. The annual depreciation on the assets so purchased is treated as restricted expenditure and charged against the relevant restricted fund.

Investment income

Investment income is accounted for when receivable. Tax recoverable relating to investment income is accounted for in the same period as the related income.

Legacies

Legacies are accounted for in the period in which they are received or when the charity is informed that a payment will be made and the amount involved can be quantified.

Gifts in kind

Gifts in kind are included at the trustees’ estimate of their value at the time of donation, or at a valuation provided by an independent professional valuer.

Charitable activities

Charitable activity includes all expenditure directly related to the objects of the charity and other costs incurred in the management of the charity’s assets, organisational administration and compliance with constitutional and statutory requirements.

Fixed assets and depreciation

Freehold property

Freehold property was continuously subject to alteration and improvement since acquisition and as such was not subject to depreciation until 6 April 1991. The policy, with effect from 6 April 1991, is to depreciate the value attributable to the freehold property over a period of 50 years by equal annual instalments.

Additions to freehold property are being written off over the unexpired period of 50 years, over which the existing property is being depreciated.

Leasehold Property

Additions to leasehold property are depreciated on a straight line basis over a period of 50 years.

Fixtures and fittings

Items costing more than £1,000 are capitalised and depreciation is charged at the rate of 10% on a straight line basis.

13

THE COOK MUSEUM TRUST

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 OCTOBER 2020

1. ACCOUNTING POLICIES (Continued)

Equipment

Items costing more than £1,000 are capitalised and depreciation is charged at the rate of 25% on a straight line basis.

Heritage assets

Heritage assets purchased by the museum have been included in the financial statements at the cost of acquisition. Heritage assets gifted to the museum have been included at the trustees’ best estimate of their value at the time of donation or at a valuation provided by an independent professional valuer.

The incidental costs of purchasing heritage assets, including but not restricted to, auction commission, legal fees, and other costs of purchase are treated as expenditure incurred in the running of the museum.

Criteria for collecting relate to the authenticity, importance and relevance of the item, as well as space for display. Subject areas such as Captain Cook’s life, family and voyages are the focus for collecting.

The museum is committed to the conservation and management of its collection of heritage assets to the highest standards as set out in the accreditation standard.

Should disposal be considered necessary, it will be carefully considered, curatorially-motivated and take place as part of the long-term consideration of the collection.

The museum aims to improve accountability for the collection by maintaining at least minimum professional standards in documentation procedures and collection information.

Depreciation is not charged on heritage assets which have an indefinite useful life.

Items acquired for display

The cost of items acquired for display up to 31 October 2002, together with small value items acquired since that date have been written off as incurred (see note 9). Significant acquisitions of items for display (heritage assets) acquired after 31 October 2002 have been shown as heritage assets on the balance sheet. The trustees consider items with a value of £5,000 or above, before deducting grants receivable to be significant. All other items acquired with a value less than £5,000 have been written off as incurred.

Investments

Fixed asset investments are included in the accounts at fair value. Realised and unrealised gains and losses on investments are disclosed separately in the appropriate section of the statement of financial activities.

Stock

Purchased stocks are stated at the lower of cost and net realisable value. Items donated for resale are included as income when sold and no value is placed on such stock at the year end.

Pension

The charity makes contributions into NEST dependent on employees’ contributions. Contributions are charged as expenditure in the year in which they are incurred.

14

THE COOK MUSEUM TRUST

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 OCTOBER 2020

2. DONATIONS AND LEGACIES

Unrestricted
Fund
2020
£
Donations for Quarter Century Appeal
3,885
Miscellaneous donations
10,131
Gifts in kind
-
_
14,016
3.
INVESTMENT INCOME
Bank interest
Unit trust income
4.
GRANTS
Unrestricted
2020
£
Arts Council England
-
National Heritage Lottery Fund
-
HMRC Job Retention Scheme
18,373
Learning Centre Fund
-
Museum Development Yorkshire
-
Normanby Charitable Trust
-
Scarborough Council RHL Grant
10,000
The Art Fund
-
ACE/V&A Purchase Grant Fund
-
_____
Total
28,373		 Restricted
Fund
2020
£
-
-
-
__
-
Restricted
2020
£
22,666
27,600
-
-
3,000
3,500
-
2,800
2,800
_____
62,366		 __
 Total
Funds
2020
£
3,885
10,131
-
__
14,016

Total
2020
£
146
6,000

6,146

Total
2020
£
22,666
27,600
18,373
-
3,000
3,500
10,000
2,800
2,800
___
90,739
 Unrestricted
& Total
Funds
2019
£
7,258
6,975
105,350
__
119,583
Total
2019
£
370
9,036

9,406
Restricted
& Total
2019
£
-
-
-
3,009
-
2,115
-
-
1,500
_____
6,624

15

THE COOK MUSEUM TRUST

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 OCTOBER 2020

5. EXPENDITURE INCURRED IN THE RUNNING OF THE MUSEUM AND COSTS OF GOODS FOR SALE

SALE
2020 2020 2020 2019 2019 2019
Unrestricted Restricted
Total		 Unrestricted Restricted Total
£ £ £ £ £ £
Exhibition and display costs 3,661 2,100 5,761 6,091 - 6,091
Shop purchases 7,642 - 7,642 20,639 - 20,639
Grape lane expenditure - - - - 1,579 1,579
Ready to borrow expenditure - - - - 357 357
Botanical endeavours expenditure
-		 13,733 13,733 - 8,446 8,446
La Perouse expenditure - - - - 4,228 4,228
Admin expenditure 4,063 260 4,323 6,979 - 6,979
Energy costs 5,031 - 5,031 6,149 - 6,149
Premises costs 5,065 2,867 7,932 5,287 - 5,287
Staff costs 42,426 23,177 65,603 50,149 10,182 60,331
Sundry 3,227 - 3,227 2,813 - 2,813
Education and training - - - 1,713 - 1,713
Insurance 8,604 - 8,604 9,031 - 9,031
Subscriptions 752 - 752 1,165 - 1,165
Hospitality - - - 284 - 284
Independent examination and
accountancy 2,160 - 2,160 2,124 - 2,124
______ ______ ______ ______ ______ ______
82,631 42,137 124,768 112,424 24,792 137,216

6.

NET INCOME

Net income stated after charging:

7.

Independent examiners remuneration (including VAT)
Depreciation
INFORMATION REGARDING EMPLOYEES AND TRUSTEES
Average number of employees during the year
Full time equivalents
Staff costs during the year :
Wages and salaries
Staff pension
 2020
£
2,160
23,329

2020
No
9
4

2020
£
64,016
1,587
______

65,603
 2019
£
2,124
21,154
2019
No
9
4
2019
£
59,178
1,153
______
60,331

No trustees were reimbursed for expenses in the year (2019: £nil).

No remuneration directly or indirectly has been paid or is payable, for the year to any trustee or to any person or persons known to be connected with any of them.

There are no employees who received total employee benefits of more than £60,000 (2019: none).

16

THE COOK MUSEUM TRUST

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 OCTOBER 2020

8. TANGIBLE FIXED ASSETS

TANGIBLE FIXED ASSETS
Freehold Leasehold Fixtures and
property property fittings Equipment Total
£ £ £ £ £
Cost
At 1 November 2019, as defrayed by
The Normanby Charitable Trust 233,445 - 18,465 - 251,910
At 1 November 2019, expenditure
incurred by the trustees 347,308 99,837 189,289 6,348 642,782
Additions - - (161) - (161)
______ _ _ _ _
At 31 October 2020 580,753 99,837 207,593 6,348 894,531
______ _ _ _ _
Accumulated depreciation
At 1 November 2019 294,866 11,239 163,163 4,035 473,303
Charge for the year 13,338 1,997 5,681 2,313 23,329
______ _ ______ _ _
At 31 October 2020 308,204 13,236 168,844 6,348 496,632
______ _ ______ _ _
Net book value
At 31 October 2020 272,549 86,601 38,749
 - 397,899
At 31 October 2019 285,887 88,598 44,591
 2,418 421,389

The leasehold property has a 999 year lease with the majority of years left.

17

THE COOK MUSEUM TRUST

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 OCTOBER 2020

9. HERITAGE ASSETS

£ Cost or valuation At 1 November 2019 1,404,661 Additions 7,000 __ At 31 October 2020 1,411,661

Heritage assets only include significant collection items acquired after 31 October 2002. Heritage assets acquired before this date and items with a value of less than £5,000, before deducting grants receivable, acquired after 31 October 2002 have been written off in the year of acquisition.

The incidental costs of purchasing heritage assets, including but not restricted to, auction commission, legal fees, and other costs of purchase are treated as expenditure incurred in the running of the museum.

Five year financial summary of heritage asset transactions: -

2020
2019
£
£
Additions:
Purchases
7,000
-
Donation in kind
-
105,000
The value of these items written off is: -
At 1 November 2019
Additions
At 31 October 2020
10.
UK INVESTMENT FUNDS
Market value at 1 November 2019
Additions
Sales
Realised (loss)
Net unrealised investment gain
Market value at 31 October 2020
Historical cost at 31 October 2020		 2018
2017
2016
£
£
£
-
-
35,000
-
-
50,000

2020
2019
£
£
470,768
463,334
660
7,434
_
__
471,428
470,768

2020
2019
£
£
177,864
174,078
147,395
2,244
(147,782)
(100)
(30,082)
-
2,925
1,642
_
___
150,320
177,864

147,395
174,864

18

THE COOK MUSEUM TRUST

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 OCTOBER 2020

11.

DEBTORS 2020 2019
£ £
Prepayments 6,365 6,474
Other debtors 5,668 5,943
_____ _____
12,033 12,417

12. MANAGEMENT COMMITTEE

The responsibility for the day to day running of the museum has been delegated to The Cook Museum Management Committee who account separately to the trustees for the income and running costs of the museum.

The income and expenditure of the management committee for the year ended 31 October 2020 is included in the statement of financial activities of the trust.

The following is an extract from the management committee accounts for the year ended 31 October 2020.

2020.
2020 2019
£ £
Income from admissions, sale of books and souvenirs 27,226 129,616
Grants and donations 89,913 8,946
Investment income 146 370
Miscellaneous income 293 2,348
______ ______
117,578 141,280
Expenditure incurred in the running of the
Museum and cost of goods for resale (124,027) (138,563)
Repairs (6,847) (7,726)
Publicity and advertising (14,282) (9,296)
______
 _
(145,156) (155,585)
(Deficit)/Surplus for the year (27,578)
 (14,305)
Management committee cash and bank
balances at 31 October 2020 126,931
 154,509
13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2020 2019
£ £
Other creditors 630 2,232
Accruals 2,672 9,586
_____ _____
3,302
 11,818

19

THE COOK MUSEUM TRUST

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 OCTOBER 2020

14. RESTRICTED FUNDS

Balance
1 November
2019
Income
Expenditure
£
£
£
Building fund
177,268
-
(8,276)
Display and exhibition fund
1,212,195
-
-
Learning centre fund
108,203
-
(1,997)
Botanical Endeavours fund
26,249
27,600
(24,227)
William Ellis - Mangianooa
-
9,100
(2,100)
Arts Council England fund
-
22,666
(16,820)
Museum Development Yorkshire
-
3,000
(3,000)
__
_
_
1,523,915
62,366
(56,420)
Balance
1 November
2018
Income
Expenditure
£
£
£
Building fund
185,544
-
(8,276)
Display and exhibition fund
1,212,195
-
-
Learning centre fund
108,770
3,009
(3,576)
Ready to borrow grant
39,960
-
(6,071)
Botanical Endeavours fund
44,877
-
(18,628)
La Perouse volumes
-
3,615
(4,228)
_

___
1,591,346
6,624
(40,779)		 Transfer
£
-
7,000
-
-
(7,000)
-
-
__
-

Transfer
£
-
-
-
(33,889)
-
613
____
(33,276)
 Balance
31 October
2020
£
168,992
1,219,195
106,206
29,622
-
5,846
-
_
1,529,861
Balance
31 October
2019
£
177,268
1,212,195
108,203
-
26,249
-
_
1,523,915

The building fund is represented by fixed assets and will reduce as the appropriate depreciation is charged under the accounting policies.

The display and exhibition fund is for the funding of items for display in the museum. The majority of this fund is represented by the heritage assets.

The learning centre fund is funds received for the purchase of the lease of 17 Grape Lane and creating it into a learning centre.

Ready to borrow grant (2019 only) is monies received for the purchase of two display cases, upgrades to the CCTV and repairs to the harbour wall beneath the staff room.

The Botanical Endeavours fund is monies received from National Lottery Heritage Fund to create storage facilities for the Alecto botanical prints, employ a part-time collections outreach officer for 3 years and deliver a programme of activities relating to the art and science of plants from Captain Cook’s first voyage.

The La Perouse volumes fund (2019 only) represents monies received for the purchase of an edition of A Voyage round the world by La Perouse.

The William Ellis – Mangianooa fund represents three donations received from The Normanby Charitable trust, ACE/V&A purchase grant fund used to purchase a watercolour of Mangianooa by William Ellis. The transfer above represents the movement to the heritage asset fund.

The Art Council fund represents an emergency response grant from the Art Council to cover specific expenditure during the Coronavirus pandemic.

20

THE COOK MUSEUM TRUST

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 OCTOBER 2020

14. RESTRICTED FUNDS (Continued)

The Museum Development Yorkshire fund represents monies received for upgrades to the charity website.

15.

UNRESTRICTED FUNDS

1
General funds
Designated funds
Fixed asset fund
Building reserve fund
Collections reserve fund
Library & research fund
Communications fund
Quarter century fund
1
General funds
Designated funds
Fixed asset fund
Building reserve fund
Collections reserve fund
Library & research fund
Communications fund
Quarter century fund		 Balance
November
2019
£
380,114
155,524
39,112
6,130
7,473
10,000
95,290
_
313,529
_
693,643
Balance
November
2018
£
264,891
116,098
39,112
6,130
7,473
10,000
97,396
_
276,209
_
541,100		 Gains/
(Losses) on
Income
Expenditure investments
£
£
£
71,848
(97,457)
(27,157)
-
(13,056)
-
-
-
-
-
-
-
-
-
-
-
-
-
3,885
(3,175)
-
_
_
_
3,885
(16,231)
-
_
_

75,733
(113,688)
(27,157)
Gains/
(Losses) on
Income
Expenditure investments
£
£
£
253,626
(128,728)
1,642
-
(5,167)
-
-
-
-
-
-
-
-
-
-
-
-
-
7,485
(9,591)
-
_
_
__
7,485
(14,758)
-
_
_
_____
261,111
(143,486)
1,642		 Balance
31 October
Transfer
2020
£
£
161
327,509
(161)
142,307
-
39,112
-
6,130
-
7,473
-
10,000
-
96,000
__
_
(161)
301,022
_
_
-
628,531

Balance
31 October
Transfer
2019
£
£
(11,317)
380,114
44,593
155,524
-
39,112
-
6,130
-
7,473
-
10,000
-
95,290

_
44,593
313,529

____
33,276
693,643

The fixed asset fund represents the remaining fixed assets from those held in the Building fund and £88,598 of the learning centre fund. The 2019 transfer represents assets previously held in the Ready to borrow fund.

The building reserve fund is for major repairs and upgrades to the building, not for normal maintenance and repairs.

Collections reserve fund is for minor acquisitions and conservation.

21

THE COOK MUSEUM TRUST

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 OCTOBER 2020

15. UNRESTRICTED FUNDS (Continued)

Library and research fund for improving the library and research collection.

Communications fund is for publications and communications.

Quarter century fund is to make the most of new developments, as they emerge while preserving the core mission.

16. ANALYSIS OF ASSETS AND LIABILITIES BETWEEN FUNDS

Designated
Unrestricted
£
£
Fixed assets
Tangible assets
142,307
-
Heritage assets
-
192,467
Investment assets
88,001
62,319
Current assets
Stock
-
13,095
Debtors
-
12,033
Cash at bank and in hand
70,714
50,425
Current liabilities
-
(2,830)
_
_
301,022
327,509
2019
Designated
Unrestricted
£
£
Fixed assets
Tangible assets
155,523
-
Heritage assets
-
192,465
Investment assets
88,001
89,863
Current assets
Stock
-
15,355
Debtors
-
12,417
Cash at bank and in hand
70,005
81,832
Current liabilities
-
(11,818)
_
_
313,529 380,114		 Restricted
£
255,592
1,219,194
-
-
-
55,547
(472)
_
1,529,861

Restricted
£
265,866
1,212,196
-
-
-
45,853
-
_
1,523,915
 Total
£
397,899
1,411,661
150,320
13,095
12,033
176,686
(3,302)
_
2,158,392
Total
£
421,389
1,404,661
177,864
15,355
12,417
197,690
(11,818)
_
2,217,558

17. RELATED PARTY DISCLOSURES

The aggregated donations received from trustees amounted to £1,325 (2019: £150). £3,500 (2019: £2,115) was received from the Normanby Charitable Trust, of which the Marquis of Normanby and Lady Peronel Katherine Cruz are trustees.

18. FUNDS RECEIVED AS AGENT

The charity has administered funds on behalf the Normanby Charitable Trust, of which the Marquis of Normanby and Lady Peronel Katherine Cruz are trustees. The funds collected and passed on during the year amounted to £nil (2019: £1,970). The balance of monies held at 31 October 2020 was nil (2019: nil).

22

The following pages do not form part of the statutory accounts

23

THE COOK MUSEUM TRUST

STATEMENT OF CASH FLOW FOR THE YEAR ENDED 31 OCTOBER 2020

2020 2019
£ £ £ £
Cash flows from operating activities
Net cash (used in)/provided by operating activities (20,698) 99,564
Cash flows from investing activities
Dividends and interest from investments 6,146 9,406
Purchase/gift of fixed assets (6,839) (119,772)
Purchase of investments (147,395) (2,244)
Sale of investments 147,782 100
__ _
Net cash (used in) investing activities (306) (112,510)
_ _
(Decrease)/increase in cash in the year (21,004) (12,946)
Cash at the beginning of the year 197,690 210,636
_ _
Cash at the end of the year 176,686 197,690

RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES

2020 2019
£ £
Net income for the year (59,166) 85,112
Adjustments for:
Depreciation charges 23,329 21,154
Losses/(gains) on investments 27,157 (1,642)
Dividends and interest from investments (6,146) (9,406)
Decrease/(increase) in stock 2,260 2
Decrease/increase) in debtors 384 (5,042)
(Decrease)/increase in creditors (8,516) 9,386
_ _
Net cash provided by operating activities (20,698) 99,564