2022-10-31-accounts

Charity registration number 517546

THE COOK MUSEUM TRUST

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022

THE COOK MUSEUM TRUST

CONTENTS

	Page
Legal and administrative information	1
Trustees' report	2 - 5
Statement of trustees' responsibilities	6
Independent examiner's report	7
Statement of financial activities	8 - 9
Statement of financial position	10
Statement of cash flows	11
Notes to the financial statements	12 - 26

THE COOK MUSEUM TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees	Lady Peronel Katherine Cruz
	Dr Anne Sophia Forgan - Chair	(Resigned 26 January 2023)
	Mr Richard Kornicki - Chair
	Mrs Barbara Woroncow
	Mrs Sarah Booth	(Resigned 27 February 2022)
	Mr John A G Latimer
	Dr Jeremy Coote	(Resigned 1 April 2023)
	Dr Marcella Sutcliffe
	Mrs Alison Roberts	(Appointed 27 February 2022)
Officers
Honorary President	The Marquis of Normanby
Honorary Treasurer of the Trust	Mr John A G Latimer
Honorary Treasurer of the Management	Mr Neil Slater
Committee
Chairman of the Management Committee	Mrs Clair Stones
Charity number	517546
Principal address	Grape Lane
	Whitby
	North Yorkshire
	YO22 4BA
Independent examiner	N Clemit ACA, FCCA
	JWPCreers LLP
	Chartered Accountants
	Genesis 5
	Church Lane
	York
	YO10 5DQ
Bankers	Barclays Bank Plc
	PO Box 13
	St Nicholas Street
	Scarborough
	YO11 2HS
	HSBC Bank Plc
	4 Baxtergate
	Whitby
	North Yorkshire
	YO21 1BD
Museum Mentor	Jane Glaister
Investment advisors	Cazenove Capital Management Limited
	20 Moorgate
	London
	EC2R 6DA

• 1 -

THE COOK MUSEUM TRUST

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 OCTOBER 2022

The trustees present their annual report and financial statements for the year ended 31 October 2022.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements 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 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:

• To maintain and develop the museum in Captain Walker’s House, where Cook lodged as an apprentice and learnt his marine skills

• Conserve and enhance the fabric of our Grade I listed building and the artefacts belonging to the museum

• Organise and present high quality exhibitions and displays

• Provide a venue for loans of significant material from other institutions, including national museums

• Promote a wide variety of educational activities and lifelong learning, ranging from academic catalogues to work with primary schools

• Organise activities and outreach programs to extend our audiences and promote interest internationally in Cook and his maritime achievements

• Strengthen the collection by acquiring relevant authentic items of high quality for interpretation and display

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

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.

Achievements and performance

For the first time in three years the Museum was able to open as planned in February and was able to run throughout the season to November without Covid closures. In our full fiscal year, numbers of visitors were 85% of the pre-Covid 2019 season although groups, schools and language schools were thinner on the ground, in part reflecting the financial climate. This compares reasonably with the context of a 25% drop in visitors to UK attractions.

An intriguing special exhibition was mounted: ‘Sea Peoples: Navigating the Pacific’ which provided an illuminating contrast between European systems based on celestial bodies and instrumentation, and Polynesian systems using stars, ocean swells, wind patterns and birds.

The Museum acquired a small sketch by John Webber, official artist on Cook’s third voyage, of A Man of Cracatoa. This was acquired with the help of a patron’s gift and a grant of £4,000 from the ACE/V&A Purchase Grant Fund.

Although fewer schools visits took place, the on-line Museum visits arranged during Covid have enabled us to maintain a much wider programme of outreach to schools providing on-line sessions to schools from Warrington to Wales.

• 2 -

THE COOK MUSEUM TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2022

An Epos retail point of sale system was installed to combine ticket sales, retail sales and stock control. This has also made it much easier to claim Gift Aid resulting in a 37% higher claim than in 2019 and for the system to have already more than covered its costs.

As with any historic building, maintenance is a never-ending task. On the positive side, repairs and redecoration of the east side of our Grade I Listed building have now been completed; however, other planned essential work has suffered serious delays and a new building company is being sought to complete the work. Expert help in overseeing repairs and advice from Conservation Architects is being drawn on.

Work is continuing with the change of the Charity’s structure to a Charitable Incorporated Organisation on which legal assistance has been sought.

The Management Committee has been joined by Stephen Upright, formerly responsible for managing the Merchant Adventurers Hall in York, whose experience in the maintenance of a Grade I Listed building which is also a scheduled ancient monument will be an invaluable asset.

Miriam Stone, Learning Officer, left after seven years and towards the end of this reporting period, Dr Melissa Stanley joined the paid staff as the new part-time Learning Officer. As a qualified Museums professional, Dr Stanley is already making an impact particularly in learning and accessibility and in exploring the possibilities of creating a children’s trail based on i-Pads to enable children to engage with the exhibits without compromising the Museum’s aesthetic.

The Museum continues to benefit from its enthusiastic and committed volunteers without whom it would be impossible to function, and the Trustees remain deeply grateful to them.

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 £14,430 to £203,528 (2021: £217,958). Revenue from admissions has increased with decreased Covid restrictions when compared with the previous year. Donations and grants have fallen by £48,224 to £56,497 (2021: £104,721).

Expenditure has increased by £28,436 to £190,313 (2021: £161,877).

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 £475,130 (see note 14).

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 £23,631 (2021: £22,132) for the depreciation of freehold property, fixtures and fittings, and equipment and for the amortisation of digital assets there was a surplus of £19,991 (2021: surplus of £105,536). After charging depreciation, there was a deficit of £3,640 (2021: surplus of £83,404) which has been taken from the balance of the accumulated fund to be carried forward. Of the accumulated fund, £1,499,000 has been carried forward in the restricted fund. £152,440 of this amount relates to the Building fund, £1,242,045 relates to the Display and Exhibition fund, £102,212 relates to the Learning Centre fund, £1,100 relates to the Botanical endeavours fund and £1,203 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 general fund showed a surplus of £4,772 for the year (2021: surplus of £59,427).

The balance of funds remaining at 31 October 2022 is £2,238,156 (2021: £2,241,796).

The management committee’s income was up £9,945. The closing cash and bank balances were £186,514 compared with £164,081 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.

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 2022 was £199,242 which represents unrestricted general 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.

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.

• 3 -

THE COOK MUSEUM TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2022

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.

Plans for future periods

For the 2023 season we will have a special exhibition ‘Ice! Exploring the Far South 250[th] anniversary of the first crossing of the Antarctic Circle’.

Further examination of the causes of floor undulations at the 1[st] floor level will be undertaken and remedial measures determined.

Newly appointed salaried staff, Management Committee members, volunteers, and changes among the trustees will be used as opportunities to develop individuals and their contribution to the Museum’s overall goals.

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.

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 and limitation

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.

• 4 -

THE COOK MUSEUM TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2022

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.

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, the Operations Manager and the Collections Outreach Officer attended training events, webinars, and virtual conference sessions on a variety of relevant topics from reopening regulations to collections care and digital skills provided by Museum Development Yorkshire, the Association of Independent Museums, and other bodies. We participated in ‘Celebrating Museums in Yorkshire & Humberside’ organised by Museum Development Yorkshire. The Museum participates in the regular forums provided by Museum Development Yorkshire.

Trustees regularly attend online conferences, lectures and training, including that provided by Wrigleys, the Trust’s lawyers, on various aspects of governance and management.

The trustees' report was approved by the Board of Trustees.

R. Kornicki

Signed on 04/05/23 @ 15:00

Mr Richard Kornicki - Chair

Trustee

27 April 2023

• 5 -

THE COOK MUSEUM TRUST

STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 31 OCTOBER 2022

The trustees are responsible for preparing the Trustees' 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 and 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 the incoming resources and application of resources of the charity for that year.

In preparing these financial statements, the trustees are required to:

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles in the Charities SORP;

• make judgements and estimates that are reasonable and prudent;

• state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.

The trustees are responsible for keeping sufficient 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.

• 6 -

THE COOK MUSEUM TRUST

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE COOK MUSEUM TRUST

I report to the trustees on my examination of the financial statements of The Cook Museum Trust (the charity) for the year ended 31 October 2022.

Responsibilities and basis of report

As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).

I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

I have completed my examination. I confirm that no 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 2011 Act; or

• 2 the financial statements do not accord with those records; or

• 3 the financial statements 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 financial statements to be reached.

N P Clemit

Signed on 08/05/23 @ 15:49

N Clemit ACA, FCCA

JWPCreers LLP Chartered Accountants Genesis 5 Church Lane York YO10 5DQ

Dated: 4 May 2023

• 7 -

THE COOK MUSEUM TRUST

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 OCTOBER 2022

CURRENT FINANCIAL YEAR

Unrestricted Unrestricted Restricted funds funds funds general designated 2022 2022 2022 Notes £ £ £ Income Donations and legacies 2 3,425 12,347 - Charitable activities 3 143,606 31,500 6,558 Investments 4 5,123 - - Other income 5 969 - - Total income 153,123 43,847 6,558 Expenditure Raising funds 6 8,869 1,485 - Charitable activities 7 139,451 21,522 18,986 Total expenditure 148,320 23,007 18,986 Net (expenditure)/income before investment gains/(losses) 4,803 20,840 (12,428) Net gains/(losses) on investments 11 (16,855) - - Net (expenditure)/income before transfers (12,052) 20,840 (12,428) Gross transfers between funds 16,824 (21,302) 4,478 Net movement in funds 4,772 (462) (7,950) Fund balances at 1 November 2021 386,936 347,910 1,506,950 Fund balances at 31 October 2022 391,708 347,448 1,499,000	Total 2022 £ 15,772 181,664 5,123 969 203,528 10,354 179,959 190,313 13,215 (16,855) (3,640) - (3,640) 2,241,796 2,238,156	Total 2021 £ 43,358 142,541 4,742 27,317
		217,958
		9,152 152,725
		161,877
		56,081 27,323
		83,404 -
		83,404 2,158,392
		2,241,796

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derives from continuing activities.

• 8 -

THE COOK MUSEUM TRUST

STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED)INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 OCTOBER 2022

PRIOR FINANCIAL YEAR

Unrestricted Unrestricted Restricted funds funds funds general designated 2021 2021 2021 Notes £ £ £ Income Donations and legacies 2 8,280 35,078 - Charitable activities 3 106,788 27,500 8,253 Investments 4 4,742 - - Other income 5 27,317 - - Total income 147,127 62,578 8,253 Expenditure Raising funds 6 5,777 495 2,880 Charitable activities 7 109,246 15,195 28,284 Total expenditure 115,023 15,690 31,164 Net (expenditure)/income before investment gains/(losses) 32,104 46,888 (22,911) Net gains/(losses) on investments 11 27,323 - - Net (expenditure)/income before transfers 59,427 46,888 (22,911) Gross transfers between funds - - - Net movement in funds 59,427 46,888 (22,911) Fund balances at 1 November 2020 327,509 301,022 1,529,861 Fund balances at 31 October 2021 386,936 347,910 1,506,950	Total 2021 £ 43,358 142,541 4,742 27,317
	217,958
	9,152 152,725
	161,877
	56,081 27,323
	83,404 -
	83,404 2,158,392
	2,241,796

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derives from continuing activities.

• 9 -

THE COOK MUSEUM TRUST

STATEMENT OF FINANCIAL POSITION AS AT 31 OCTOBER 2022

Notes Fixed assets Intangible assets 12 Tangible assets 13 Heritage assets 14 Investments 15 Current assets Stocks 16 Debtors 17 Cash at bank and in hand Creditors: amounts falling due within one year 19 Net current assets Total assets less current liabilities Income funds Restricted funds 20 Unrestricted funds Designated funds 21 General unrestricted funds 22	2022 £ 9,893 16,359 258,944 285,196 (3,737) 347,448 391,708	£ 1,100 360,330 1,434,511 160,756 1,956,697 281,459 2,238,156 1,499,000 739,156 2,238,156	2021 £ 11,628 13,106 245,154 269,888 (4,313) 347,910 386,936	£ 2,200 376,867 1,419,511 177,643
				1,976,221 265,575
				2,241,796
				1,506,950 734,846
				2,241,796

The financial statements were approved by the Trustees on 27 April 2023

R. Kornicki J A G Latimer Signed on 04/05/23 @ 15:00 Signed on 08/05/23 @ 13:02 Mr Richard Kornicki - Chair Mr John A G Latimer Trustee Trustee

• 10 -

THE COOK MUSEUM TRUST

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 OCTOBER 2022

Cash flows from operating activities Cash generated from operations Investing activities Purchase of intangible assets Purchase of tangible fixed assets Purchase of heritage assets Proceeds on disposal of investments Investment income received Net cash used in investing activities Net cash used in financing activities Net increase in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year NOTES TO THE STATEMENT OF CASH FLOWS Cash generated from operations (Deficit)/surplus for the year Adjustments for: Investment income recognised in statement of financial activities Gain on disposal of investments Fair value gains and losses on investments Amortisation and impairment of intangible assets Depreciation of tangible fixed assets Movements in working capital: Decrease in stocks (Increase) in debtors (Decrease)/increase in creditors Cash generated from operations Analysis of changes in net (debt)/funds The charity had no debt during the year.	2022 £ - (5,994) (15,000) 32 5,123	£ 29,629 (15,839) - 13,790 245,154 258,944 (3,640) (5,123) (32) 16,887 1,100 22,531 1,735 (3,253) (576) 29,629	2021 £ (3,300) - (7,850) - 4,742	£ 74,876 (6,408) - 68,468 176,686 245,154 83,404 (4,742) - (27,323) 1,100 21,032 1,467 (1,073) 1,011 74,876

• 11 -

THE COOK MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2022

1 Accounting policies

Charity information

The Cook Museum Trust is a charity registered in England and Wales.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's trust deed, 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 (FRS 102) (effective 1 January 2019)". The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements 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 Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The financial statements are prepared in sterling, which is the functional currency of the charity.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds 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 21.

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

1.4 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.

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.

• 12 -

THE COOK MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2022

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.

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

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.

1.6 Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Digital 33% straight line

1.7 Tangible fixed assets

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.

Equipment

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

• 13 -

THE COOK MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2022

1 Accounting policies

(Continued)

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 longterm 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 14). 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.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.8 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

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.

1.9 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.10 Stocks

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.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

1.11 Cash and cash equivalents

Cash and cash equivalents include cash in hand and deposits held at call with banks.

• 14 -

THE COOK MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2022

1 Accounting policies

(Continued)

1.12 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.13 Employee benefits

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

1.14 Redundancy

Redundancy costs are recognised as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2 Donations and legacies

Unrestricted Unrestricted funds funds general designated 2022 2022 £ £ Donations for Quarter Century Appeal - 12,347 Other 3,425 - 3,425 12,347	Total Unrestricted Unrestricted funds funds general designated 2022 2021 2021 £ £ £ 12,347 - 35,078 3,425 8,280 - 15,772 8,280 35,078	Total 2021 £ 35,078 8,280
		43,358

• 15 -

THE COOK MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2022

3 Charitable activities

	Charitable	Charitable
	Income	Income
	2022	2021
	£	£
Income from admissions, sales of books and souvenirs	140,939	81,178
Grants	40,725	61,363
	181,664	142,541
Analysis by fund
Unrestricted funds - general	143,606	106,788
Unrestricted funds - designated	31,500	27,500
Restricted funds	6,558	8,253
	181,664	142,541
Grants
Arts Council England	-	1,653
HMRC Job Retention Scheme	-	8,179
Museum Development Yorkshire	3,000	-
Normanby Charitable Trust	27,500	27,500
Scarborough Council Covid Related Grants	2,667	17,431
Botanical Endeavours	3,558	-
ACE/V&A Purchase Grant Fund	4,000	3,300
Friends of National Libraries Grants	-	3,300
	40,725	61,363
Investments
	Unrestricted	Unrestricted
	funds	funds
	general	general
	2022	2021
	£	£
Unit trust income	4,978	4,730
Interest receivable	145	12
	5,123	4,742

4 Investments

• 16 -

THE COOK MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2022

5 Other income

	Unrestricted	Unrestricted
	funds	funds
	general	general
	2022	2021
	£	£
Other income	969	700
Insurance claim for interruption of business	-	26,617
	969	27,317

6 Raising funds

Unrestricted Unrestricted Restricted funds funds funds general designated 2022 2022 2022 £ £ £ Fundraising and publicity Publicity and advertising 8,353 1,485 - Investment management 516 - - 8,869 1,485 - Unrestricted Unrestricted Restricted funds funds funds general designated 2021 2021 2021 £ £ £ Fundraising and publicity Publicity and advertising 5,163 495 2,880 Investment management 614 - - 5,777 495 2,880	Total 2022 £ 9,838
	516
	10,354
	Total 2021 £ 8,538
	614
	9,152

• 17 -

THE COOK MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2022

7 Charitable activities

	Charitable	Charitable
	Expenditure	Expenditure
	2022	2021
	£	£
Staff costs	73,886	67,017
Repairs	23,573	15,593
Exhibition and display costs	10,955	3,980
Shop purchases	11,575	9,116
Admin expenditure	9,538	3,826
Botanical endeavours expenditure	2,199	2,678
Energy costs	5,410	4,268
Premises costs	5,102	5,237
Sundry	997	2,408
Insurance	8,639	8,670
Subscriptions	444	889
	152,318	123,682
Share of support costs (see note 8)	25,251	26,403
Share of governance costs (see note 8)	2,390	2,640
	179,959	152,725
Analysis by fund
Unrestricted funds - general	139,451	109,246
Unrestricted funds - designated	21,522	15,195
Restricted funds	18,986	28,284
	179,959	152,725

8 Support costs

2022 Support costs Governance costs £ £ Amortisation of digital 1,100 - Legal and professional 1,620 - Depreciation of fixtures and fittings 5,697 - Depreciation of property 15,335 - Depreciation of equipment 1,499 - Independent examiners fee - 2,390 25,251 2,390 Analysed between Charitable activities 25,251 2,390	2021 2022 Support costs Governance costs £ £ £ 1,100 1,100 - 1,620 4,271 - 5,697 5,697 - 15,335 15,335 - 1,499 - - 2,390 - 2,640 27,641 26,403 2,640 27,641 26,403 2,640	2021 £ 1,100 4,271 5,697 15,335 - 2,640
		29,043
		29,043

• 18 -

THE COOK MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2022

9 Trustees

No trustees were reimbursed for expenses in the year (2021: £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.

10 Employees

The average monthly number of employees during the year was:

	2022	2021
	Number	Number
Average number of employees during the year	7	7
Full time equivalents	4	4
Employment costs	2022	2021
	£	£
Wages and salaries	70,261	65,548
Staff pension	1,082	1,469
Redundancy costs	2,543	-
	73,886	67,017

There were no employees whose annual remuneration was £60,000 or more.

11 Net gains/(losses) on investments

	Unrestricted	Unrestricted
	funds	funds
	general	general
	2022	2021
	£	£
Realised and unrealised (loss)/gain on investments	(16,887)	27,323
Gain/(loss) on sale of investments	32	-
	(16,855)	27,323

• 19 -

THE COOK MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2022

12 Intangible fixed assets

Cost At 1 November 2021 and 31 October 2022 Amortisation At 1 November 2021 Amortisation charged for the year At 31 October 2022 Carrying amount At 31 October 2022 At 31 October 2021	Digital £ 3,300
	1,100 1,100
	2,200
	1,100
	2,200

13 Tangible fixed assets

Freehold property Long leasehold property Fixtures and fittings Equipment £ £ £ £ Cost At 1 November 2021 580,753 99,837 207,593 6,348 Additions - - - 5,994 At 31 October 2022 580,753 99,837 207,593 12,342 Depreciation At 1 November 2021 321,542 15,233 174,541 6,348 Depreciation charged in the year 13,338 1,997 5,697 1,499 At 31 October 2022 334,880 17,230 180,238 7,847 Carrying amount At 31 October 2022 245,873 82,607 27,355 4,495 At 31 October 2021 259,211 84,604 33,052 -	Total £ 894,531 5,994
	900,525
	517,664 22,531
	540,195
	360,330
	376,867

The trust has been granted the majority of a 999 year lease to occupy 17 Grape Lane, Whitby, North Yorkshire, which now forms the learning centre next to the Museum.

• 20 -

THE COOK MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2022

14 Heritage assets

			£
	At 1 November 2021		1,419,511
	Additions		15,000
	At 31 October 2022		1,434,511
	Five year financial summary of heritage asset transactions
		Purchases	Donation in kind
	2022	15,000	-
	2021	7,850	-
	2020	7,000	-
	2019	-	105,000
	2018	-	-
	The value of these items written off is:		£
	At 1 November 2021		474,650
	Additions		480
	At 31 October 2022		475,130
15	Fixed asset investments
			UK Investment
			Funds
			£
	Valuation
	At 1 November 2021		177,643
	Sales		(32)
	Unrealised loss		(16,855)
	At 31 October 2022		160,756
	Carrying amount
	At 31 October 2022		160,756
	At 31 October 2021		177,643

Historical cost at 31 October 2022 was £147,370 (2021: £147,395).

16	Stocks
		2022	2021
		£	£
	Finished goods and goods for resale	9,893	11,628

• 21 -

THE COOK MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2022

17	Debtors
		2022	2021
	Amounts falling due within one year:	£	£
	Other debtors	10,211	6,930
	Prepayments	6,148	5,877
		16,359	12,807
		2022	2021
	Amounts falling due after more than one year:	£	£
	Prepayments	-	299
	Total debtors	16,359	13,106
18	Management Committee
		2022	2021
		£	£
	Income from admissions, sale of books and souvenirs	140,939	80,338
	Grants and donations	40,150	64,591
	Investment income	145	12
	Miscellaneous income	969	27,317
		182,203	172,258
	Expenditure incurred in the running of the
	Museum and cost of goods for resale	(126,359)	(106,603)
	Repairs	(23,573)	(16,106)
	Publicity and advertising	(9,838)	(8,599)
	Professional fees	-	(3,800)
		(159,770)	(135,108)
	Surplus/(Deficit) for the year	22,433	37,150
	Management committee cash and bank balances at 31 October 2022	186,514	164,081

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 2022 is included in the statement of financial activities of the trust.

The above is an extract from the management committee accounts for the year ended 31 October 2022.

• 22 -

THE COOK MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2022

19 Creditors: amounts falling due within one year Other creditors Accruals	2022 £ 1,397 2,340 3,737	2021 £ 2,113 2,200
		4,313

• 23 -

THE COOK MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2022

20 Restricted funds

The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:

Balance at 1 November 2021 £ Building fund 160,716 Display and exhibition fund 1,225,795 Learning centre fund 104,209 Botanical Endeavours fund 15,027 Arts Council England fund 1,203 Museum Development Yorkshire - 1,506,950 Balance at 1 November 2020 £ Building fund 168,992 Display and exhibition fund 1,219,195 Learning centre fund 106,206 Botanical Endeavours fund 29,622 Arts Council England fund 5,846 1,529,861	Movement in funds Income Expenditure £ £ - (8,276) - - - (1,997) 3,558 (8,713) - - 3,000 - 6,558 (18,986) Movement in funds Income Expenditure £ £ - (8,276) 6,600 - - (1,997) - (14,595) 1,653 (6,296) 8,253 (31,164)	Transfers Balance at 31 October 2022 £ £ - 152,440 16,250 1,242,045 - 102,212 (8,772) 1,100 - 1,203 (3,000) - 4,478 1,499,000 Transfers Balance at 31 October 2021 £ £ - 160,716 - 1,225,795 - 104,209 - 15,027 - 1,203 - 1,506,950	Transfers Balance at 31 October 2022 £ £ - 152,440 16,250 1,242,045 - 102,212 (8,772) 1,100 - 1,203 (3,000) - 4,478 1,499,000 Transfers Balance at 31 October 2021 £ £ - 160,716 - 1,225,795 - 104,209 - 15,027 - 1,203 - 1,506,950
			1,506,950

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 transfer represents the addition of new heritage assets and the reallocation of some existing 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.

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 transfer represents costs incurred in past years which haven't been accounted for.

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

Museum Development Yorkshire fund represents money received towards an EPOS system. This system was purchased in the year so the transfer represents the reallocation to the fixed asset designated fund.

• 24 -

THE COOK MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2022

21 Designated funds

The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes:

Balance at 1 November 2021 £ Fixed asset fund 132,798 Building reserve fund 39,112 Collections reserve fund 6,130 Library & research fund 7,473 Communications fund 10,000 Quarter century fund 126,606 Normanby Charitable Trust fund 25,791 347,910 Balance at 1 November 2020 £ Fixed asset fund 142,307 Building reserve fund 39,112 Collections reserve fund 6,130 Library & research fund 7,473 Communications fund 10,000 Quarter century fund 96,000 Normanby Charitable Trust fund - 301,022	Movement in funds Income Expenditure Transfers Revaluations, gains and losses Balance at 31 October 2022 £ £ £ £ £ - (12,258) 4,744 - 125,284 - - (8,052) - 31,060 - - - - 6,130 - - - - 7,473 - - - - 10,000 16,347 (2,752) (15,000) - 125,201 27,500 (7,997) (2,994) - 42,300 43,847 (23,007) (21,302) - 347,448 Movement in funds Income Expenditure Transfers Revaluations, gains and losses Balance at 31 October 2021 £ £ £ £ £ - (10,759) 1,250 - 132,798 - - - - 39,112 - - - - 6,130 - - - - 7,473 - - - - 10,000 35,078 (3,222) (1,250) - 126,606 27,500 (1,709) - - 25,791 62,578 (15,690) - - 347,910	Movement in funds Income Expenditure Transfers Revaluations, gains and losses Balance at 31 October 2022 £ £ £ £ £ - (12,258) 4,744 - 125,284 - - (8,052) - 31,060 - - - - 6,130 - - - - 7,473 - - - - 10,000 16,347 (2,752) (15,000) - 125,201 27,500 (7,997) (2,994) - 42,300 43,847 (23,007) (21,302) - 347,448 Movement in funds Income Expenditure Transfers Revaluations, gains and losses Balance at 31 October 2021 £ £ £ £ £ - (10,759) 1,250 - 132,798 - - - - 39,112 - - - - 6,130 - - - - 7,473 - - - - 10,000 35,078 (3,222) (1,250) - 126,606 27,500 (1,709) - - 25,791 62,578 (15,690) - - 347,910
		347,910

The fixed asset fund represents the remaining tangible fixed assets from those held in the Building fund and £82,608 of the learning centre fund. The transfer represents a fixed asset addition, and the removal of a heritage asset from the fund.

The building reserve fund is for major repairs and upgrades to the building, not regular maintenance and repair. The transfer represents cash transferred to unrestricted funds for exceptional repair expenditure.

Collections reserve fund is for minor acquisitions and conservation.

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. The transfer represents the purchase of heritage assets.

The Normanby Charitable Trust fund represents monies received from a five year annual programme grant. The transfer represents the contribution towards the purchase of fixed assets.

• 25 -

THE COOK MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2022

22 Analysis of net assets between funds

Unrestricted funds general Unrestricted funds designated Restricted funds 2022 2022 2022 £ £ £ Fund balances at 31 October 2022 are represented by: Intangible fixed assets - - 1,100 Tangible assets - 125,284 235,046 Heritage assets 192,466 - 1,242,045 Investments 80,807 79,949 - Current assets/(liabilities) 118,435 142,215 20,809 391,708 347,448 1,499,000 Unrestricted funds general Unrestricted funds designated Restricted funds 2021 2021 2021 £ £ £ Fund balances at 31 October 2021 are represented by: Intangible fixed assets - - 2,200 Tangible assets - 131,550 245,317 Heritage assets 192,466 1,250 1,225,795 Investments 89,642 88,001 - Current assets/(liabilities) 104,828 127,109 33,638 386,936 347,910 1,506,950	Total 2022 £ 1,100 360,330 1,434,511 160,756 281,459
	2,238,156
	Total 2021 £ 2,200 376,867 1,419,511 177,643 265,575
	2,241,796

23 Related party transactions

During the year £27,500 (2021: £27,500) was received from the Normanby Charitable Trust, of which the Marquis of Normanby and Lady Peronel Katherine Cruz are trustees.

There were no donations from trustees during the year (2021: £1,000).

• 26 -