**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.
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## **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).
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