Charity registration number 517546
THE COOK MUSEUM TRUST
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023
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 - 27 |
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 | ||
| Mr John A G Latimer | ||
| Dr Jeremy Coote | (Resigned 1 April 2023) | |
| Dr Marcella Sutcliffe | (Resigned 15 February 2024) | |
| Mrs Alison Roberts | (Resigned 13 April 2024) | |
| Dr David Rodwell-Cox | (Appointed 13 April 2024) | |
| 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 | Frances Howard FCA | |
| Fortus Limited | ||
| Business Advisors and Accountants | ||
| Equinox House | ||
| Clifton Park | ||
| Shipton Road | ||
| York | ||
| YO30 5PA | ||
| 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 2023
The trustees present their annual report and financial statements for the year ended 31 October 2023.
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:
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To maintain and develop the museum in Captain Walker’s House, where Cook lodged as an apprentice and learnt his marine skills
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Conserve and enhance the fabric of our Grade I listed building and the artefacts belonging to the museum
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Organise and present high quality exhibitions and displays
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Provide a venue for loans of significant material from other institutions, including national museums
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Promote a wide variety of educational activities and lifelong learning, ranging from academic catalogues to work with primary schools
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Organise activities and outreach programs to extend our audiences and promote interest internationally in Cook and his maritime achievements
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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.
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THE COOK MUSEUM TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2023
Achievements and performance
After many years of exemplary work, Dr Sophie Forgan stepped down as Chairman of Trustees. We are deeply grateful for her remarkable contribution to the quality and standards of the museum. She has been succeeded by Richard Kornicki, a long-standing Trustee.
Visitor numbers are clearly still being affected by the financial pressures affecting businesses and individuals equally. However, the most pressing concern has been with the structure of the Grade I listed 17th Century building. Increasing signs of movement and unevenness in the upper floors led to an examination by specialist structural consultants as a result of which a significant programme of remedial work has been identified. Extensive consultations with planning authorities and historic bodies have been initiated with a view to securing consent later in the year and carrying out the work during the Museum’s closed period. A contractor has been selected and consideration of possible sources of funding, including from grant-giving bodies is underway.
Although the structural concerns necessitated the closing of one room to visitors, the business of the Museum has continued in all other respects, including adding to our range of permanent collections. We bought at auction a manuscript navigation workbook and journal (1812) by T. Hugill and a manuscript navigation workbook by W.P. Shuckburgh (1811). Although the two manuscripts are half a century later than Cook’s apprentice days, they are indicative of the levels of sophisticated study expected of those who aspired to command at sea and reflect Whitby’s reputation as a ‘nursery of seamen’. They contain the theoretical basis of trigonometry and navigation, as well as complex worked examples of problems such as determining latitude by the meridian altitude of the moon, a star, or a planet; navigation by plain, traverse, or parallel sailing; and dealing with variation of the compass or watch.
The Museum has no other marine educational materials and intends to use these as examples of the levels of astronomy, trigonometry and navigational science that underpinned the daily life of mariners at this period.
A further generous donation of books from the collection of the late Sir Robert Clarke has increased the scope of our library for both scholarly and working purposes.
A major success of the 2023 season was the special exhibition ‘Ice! Exploring the Far South 250th anniversary of the first crossing of the Antarctic Circle’. Cook’s circumnavigation of Antarctica, proving that there is no great southern continent waiting to be discovered is among his most significant navigational achievements and deserves to be at least as well-known and understood as his tropical explorations. The exhibition included some modern material, linking the historic accounts with today’s concerns about climate change and ecology, enabling visitors to come away with a greater understanding of the links between historical events and contemporary issues. Based on the success of this, future special exhibitions will routinely feature a final display connecting them to current affairs.
The Museum continues its outreach to the local community and took part in the Whitby Fish ‘n’ Ships Festival. While we were sorry to lose Dr Stanley, our newly appointed education officer, she was swiftly replaced with Trish Phillips who has continued running and developing the programme of group visits, workshops, and lectures. In the current year 35 group visits were arranged (22 for schools, 13 for adults); planning for 2024 envisages 31 talks, workshops and demonstrations which will be supported by an Artist in Residence.
The benefits of technology have not been overlooked. 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.
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 rose in total by £19,254 to £222,782 (2022: £203,528). Donations and grants have fallen by £14,409 to £42,088 (2022: £56,497).
Expenditure has increased by £28,985 to £219,298 (2022: £190,313).
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 £476,236 (see note 15).
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 £26,516 (2022: £23,631) for the depreciation of freehold property, fixtures and fittings, and equipment and for the amortisation of digital assets there was a surplus of £25,365 (2022: surplus of £19,991). After charging depreciation, there was a deficit of £1,151 (2022: deficit of £3,640) which has been taken from the balance of the accumulated fund to be carried forward. Of the accumulated fund, £1,487,628 has been carried forward in the restricted fund. £144,164 of this amount relates to the Building fund, £1,242,045 relates to the Display and Exhibition fund, £100,215 relates to the Learning Centre 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 £9,068 for the year (2022: surplus of £4,772).
The balance of funds remaining at 31 October 2023 is £2,237,005 (2022: £2,238,156).
The management committee’s income was up £28,252. The closing cash and bank balances were £198,379 compared with £186,514 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.
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THE COOK MUSEUM TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2023
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 2023 was £208,310 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.
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
During the closed winter season we hope to complete the necessary repairs to the structure (principally strengthening floor beams) and have delayed our re-opening until Easter to allow time for the work to be completed.
For 2024 the special exhibition will cover Cook’s Quest for the North-West Passage, probing for a route linking the Pacific and the Atlantic via the Bering Straits and north of the American continent.
A major re-display of material in the Scientists’ Room will take place in view of the return of long-term loans to the National Museum of Ireland, whose support has been much appreciated. The new exhibits will give particular focus to the mathematical and astronomical basis of western navigation with the use of filmed material to explain the complex processes and, in parallel, descriptions of Polynesian methods of navigation which achieved remarkable results by observations of natural phenomena rather than calculation.
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.
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THE COOK MUSEUM TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2023
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.
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.
Mr Richard Kornicki - Chair Trustee
12 July 2024
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THE COOK MUSEUM TRUST
STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 31 OCTOBER 2023
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:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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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.
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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 2023.
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:
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1 accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
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2 the financial statements do not accord with those records; or
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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.
Frances Howard FCA
Fortus Limited Business Advisors and Accountants Equinox House Clifton Park Shipton Road YO30 5PA York
Dated: 17 July 2024
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THE COOK MUSEUM TRUST
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 OCTOBER 2023
CURRENT FINANCIAL YEAR
| Unrestricted Unrestricted Restricted Endowment funds funds funds funds general designated 2023 2023 2023 2023 Notes £ £ £ £ Income Donations and legacies 2 6,212 7,205 - - Charitable activities 3 173,021 27,500 1,171 - Investments 4 7,471 - - - Other income 5 202 - - - Total income 186,906 34,705 1,171 - Expenditure Raising funds 6 8,077 1,100 - - Charitable activities 7 160,378 33,436 11,372 4,935 Total expenditure 168,455 34,536 11,372 4,935 Net income/(expenditure) before investment gains/(losses) 18,451 169 (10,201) (4,935) Net gains/(losses) on investments 11 (4,635) - - - Net income/(expenditure) before transfers 13,816 169 (10,201) (4,935) Gross transfers between funds (4,748) 5,919 (1,171) - Net movement in funds 9,068 6,088 (11,372) (4,935) Fund balances at 1 November 2022 391,708 256,161 1,499,000 91,287 Fund balances at 31 October 2023 400,776 262,249 1,487,628 86,352 |
Total 2023 £ 13,417 201,692 7,471 202 222,782 9,177 210,121 219,298 3,484 (4,635) (1,151) - (1,151) 2,238,156 2,237,005 |
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 |
|---|---|---|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derives from continuing activities.
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THE COOK MUSEUM TRUST
STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED)INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 OCTOBER 2023
| PRIOR FINANCIAL YEAR Unrestricted Unrestricted Restricted Endowment funds funds funds funds general designated 2022 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 16,587 18,986 4,935 Total expenditure 148,320 18,072 18,986 4,935 Net income/(expenditure) before investment gains/(losses) 4,803 25,775 (12,428) (4,935) Net gains/(losses) on investments 11 (16,855) - - - Net income/(expenditure) before transfers (12,052) 25,775 (12,428) (4,935) Gross transfers between funds 16,824 (21,302) 4,478 - Net movement in funds 4,772 4,473 (7,950) (4,935) Fund balances at 1 November 2021 386,936 251,688 1,506,950 96,222 Fund balances at 31 October 2022 391,708 256,161 1,499,000 91,287 |
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 |
|---|---|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derives from continuing activities.
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THE COOK MUSEUM TRUST
STATEMENT OF FINANCIAL POSITION AS AT 31 OCTOBER 2023
| 2023 Notes £ Fixed assets Intangible assets 13 Tangible assets 14 Heritage assets 15 Investments 16 Current assets Stocks 17 13,168 Debtors 18 17,120 Cash at bank and in hand 277,070 307,358 Creditors: amounts falling due within one year 20 (7,832) Net current assets Total assets less current liabilities Capital funds Endowment funds 21 Income funds Restricted funds 22 Unrestricted funds Designated funds 23 262,249 General unrestricted funds 400,776 24 The financial statements were approved by the Trustees on 12 July 2024 Mr Richard Kornicki - Chair Mr John A G Latimer Trustee Trustee |
£ 3,333 343,514 1,434,511 156,121 1,937,479 299,526 2,237,005 86,352 1,487,628 663,025 2,237,005 |
2022 as restated £ 9,893 16,359 258,944 285,196 (3,737) 256,161 391,708 |
£ 1,100 360,330 1,434,511 160,756 |
|---|---|---|---|
| 1,956,697 281,459 |
|||
| 2,238,156 | |||
| 91,287 1,499,000 647,869 |
|||
| 2,238,156 | |||
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THE COOK MUSEUM TRUST
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 OCTOBER 2023
| 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 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: (Increase)/decrease in stocks (Increase) in debtors Increase/(decrease) in creditors Cash generated from operations Analysis of changes in net (debt)/funds The charity had no debt during the year. |
2023 £ (5,000) (6,933) - - 7,471 |
£ 22,588 (4,462) - 18,126 258,944 277,070 (1,151) (7,471) - 4,635 2,767 23,749 (3,275) (761) 4,095 22,588 |
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 |
|---|---|---|---|---|
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THE COOK MUSEUM TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
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 23.
Restricted funds represent grants and donations received which are allocated by the donor for specific purposes, as detailed in the notes.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
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.
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THE COOK MUSEUM TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2023
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.
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THE COOK MUSEUM TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2023
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 15). 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 2023
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 2023 2023 £ £ Donations for Quarter Century Appeal - 7,205 Other 6,212 - 6,212 7,205 |
Total Unrestricted Unrestricted funds funds general designated 2023 2022 2022 £ £ £ 7,205 - 12,347 6,212 3,425 - 13,417 3,425 12,347 |
Total 2022 £ 12,347 3,425 |
|---|---|---|
| 15,772 |
- 15 -
THE COOK MUSEUM TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2023
3 Charitable activities
| Charitable | Charitable | ||
|---|---|---|---|
| Income | Income | ||
| 2023 | 2022 | ||
| £ | £ | ||
| Income from admissions, sales of books and souvenirs | 173,021 | 140,939 | |
| Grants | 28,671 | 40,725 | |
| 201,692 | 181,664 | ||
| Analysis by fund | |||
| Unrestricted funds - general | 173,021 | 143,606 | |
| Unrestricted funds - designated | 27,500 | 31,500 | |
| Restricted funds | 1,171 | 6,558 | |
| 201,692 | 181,664 | ||
| Grants | |||
| Museum Development Yorkshire | 1,171 | 3,000 | |
| Normanby Charitable Trust | 27,500 | 27,500 | |
| Scarborough Council Covid Related Grants | - | 2,667 | |
| Botanical Endeavours | - | 3,558 | |
| ACE/V&A Purchase Grant Fund | - | 4,000 | |
| 28,671 | 40,725 | ||
| 4 | Investments | ||
| Unrestricted | Unrestricted | ||
| funds | funds | ||
| general | general | ||
| 2023 | 2022 | ||
| £ | £ | ||
| Unit trust income | 5,122 | 4,978 | |
| Interest receivable | 2,349 | 145 | |
| 7,471 | 5,123 |
5 Other income
Other income
| Unrestricted | Unrestricted |
|---|---|
| funds | funds |
| general | general |
| 2023 | 2022 |
| £ | £ |
| 202 | 969 |
- 16 -
THE COOK MUSEUM TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2023
6 Raising funds
| Unrestricted Unrestricted funds funds general designated 2023 2023 £ £ Fundraising and publicity Publicity and advertising 7,579 1,100 Investment management 498 - 8,077 1,100 Unrestricted Unrestricted funds funds general designated 2022 2022 £ £ Fundraising and publicity Publicity and advertising 8,353 1,485 Investment management 516 - 8,869 1,485 |
Total 2023 £ 8,679 |
|---|---|
| 498 | |
| 9,177 | |
| Total 2022 £ 9,838 |
|
| 516 | |
| 10,354 |
- 17 -
THE COOK MUSEUM TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2023
7 Charitable activities
| Charitable | Charitable | |
|---|---|---|
| Expenditure | Expenditure | |
| 2023 | 2022 | |
| £ | £ | |
| Staff costs | 82,460 | 73,886 |
| Repairs | 5,315 | 23,573 |
| Exhibition and display costs | 12,147 | 10,955 |
| Shop purchases | 13,786 | 11,575 |
| Admin expenditure | 12,258 | 9,538 |
| Botanical endeavours expenditure | - | 2,199 |
| Energy costs | 13,192 | 5,410 |
| Premises costs | 27,584 | 5,102 |
| Sundry | 655 | 997 |
| Insurance | 9,218 | 8,639 |
| Subscriptions | 344 | 444 |
| 176,959 | 152,318 | |
| Share of support costs (see note 8) | 27,275 | 25,251 |
| Share of governance costs (see note 8) | 5,887 | 2,390 |
| 210,121 | 179,959 | |
| Analysis by fund | ||
| Unrestricted funds - general | 160,378 | 139,451 |
| Unrestricted funds - designated | 33,436 | 16,587 |
| Restricted funds | 11,372 | 18,986 |
| Endowment funds | 4,935 | 4,935 |
| 210,121 | 179,959 |
- 18 -
THE COOK MUSEUM TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2023
8 Support costs
| 2023 Support costs Governance costs £ £ Amortisation of digital 2,767 - Legal and professional 759 - Depreciation of fixtures and fittings 6,041 - Depreciation of property 15,335 - Depreciation of equipment 2,373 - Independent examiners fee - 2,527 Legal and professional - 3,360 27,275 5,887 Analysed between Charitable activities 27,275 5,887 |
2022 2023 Support costs Governance costs £ £ £ 2,767 1,100 - 759 1,620 - 6,041 5,697 - 15,335 15,335 - 2,373 1,499 - 2,527 - 2,390 3,360 - - 33,162 25,251 2,390 33,162 25,251 2,390 |
2022 £ 1,100 1,620 5,697 15,335 1,499 2,390 - |
|---|---|---|
| 27,641 | ||
| 27,641 |
9 Trustees
No trustees were reimbursed for expenses in the year (2022: £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 (2022 £nil).
10 Employees
The average monthly number of employees during the year was:
| 2023 | 2022 | |
|---|---|---|
| Number | Number | |
| Average number of employees during the year | 7 | 7 |
| Full time equivalents | 4 | 4 |
| Employment costs | 2023 | 2022 |
| £ | £ | |
| Wages and salaries | 81,221 | 70,261 |
| Staff pension | 1,239 | 1,082 |
| Redundancy costs | - | 2,543 |
| 82,460 | 73,886 |
There were no employees whose annual remuneration was £60,000 or more in either year.
- 19 -
THE COOK MUSEUM TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2023
11 Net gains/(losses) on investments
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| general | general | |
| 2023 | 2022 | |
| £ | £ | |
| Realised and unrealised (loss)/gain on investments | (4,635) | (16,887) |
| Gain/(loss) on sale of investments | - | 32 |
| (4,635) | (16,855) |
12 Taxation
The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.
13 Intangible fixed assets
| Cost At 1 November 2022 Additions At 31 October 2023 Amortisation At 1 November 2022 Amortisation charged for the year At 31 October 2023 Carrying amount At 31 October 2023 At 31 October 2022 |
Digital £ 3,300 5,000 |
|---|---|
| 8,300 | |
| 2,200 2,767 |
|
| 4,967 | |
| 3,333 | |
| 1,100 |
- 20 -
THE COOK MUSEUM TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2023
14 Tangible fixed assets
| Cost At 1 November 2022 Additions At 31 October 2023 Depreciation At 1 November 2022 Depreciation charged in the year At 31 October 2023 Carrying amount At 31 October 2023 At 31 October 2022 |
Freehold property £ 580,753 - 580,753 334,880 13,338 348,218 232,535 245,873 |
Long leasehold property Fixtures and fittings Equipment £ £ £ 99,837 207,593 12,342 - 3,434 3,499 99,837 211,027 15,841 17,229 180,239 7,847 1,997 6,041 2,373 19,226 186,280 10,220 80,611 24,747 5,621 82,607 27,355 4,495 |
Total £ 900,525 6,933 |
|---|---|---|---|
| 907,458 | |||
| 540,195 23,749 |
|||
| 563,944 | |||
| 343,514 | |||
| 360,330 |
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.
15 Heritage assets
| £ | ||
|---|---|---|
| At 1 November 2022 and at 31 October 2023 | 1,434,511 | |
| Five year financial summary of heritage asset transactions | ||
| Purchases | Donation in kind | |
| 2023 | - | - |
| 2022 | 15,000 | - |
| 2021 | 7,850 | - |
| 2020 | 7,000 | - |
| 2019 | - | 105,000 |
| The value of these items written off is: | £ | |
| At 1 November 2022 | 475,630 | |
| Additions | 606 | |
| At 31 October 2023 | 476,236 |
- 21 -
THE COOK MUSEUM TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2023
| 16 | Fixed asset investments | |
|---|---|---|
| UK Investment | ||
| Funds | ||
| £ | ||
| Valuation | ||
| At 1 November 2022 | 160,756 | |
| Unrealised gain | (4,635) | |
| At 31 October 2023 | 156,121 | |
| Carrying amount | ||
| At 31 October 2023 | 156,121 | |
| At 31 October 2022 | 160,756 | |
| The historical cost at 31 October 2023 was £147,370 (2022: £147,370). |
| 17 Stocks Finished goods and goods for resale 18 Debtors Amounts falling due within one year: Other debtors Prepayments |
2023 £ 13,168 2023 £ 9,519 7,601 17,120 |
2022 £ 9,893 |
|---|---|---|
| 2022 £ 10,211 6,148 |
||
| 16,359 |
- 22 -
THE COOK MUSEUM TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2023
19 Management Committee
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Income from admissions, sale of books and souvenirs | 173,021 | 140,939 |
| Grants and donations | 34,883 | 40,150 |
| Investment income | 2,349 | 145 |
| Miscellaneous income | 202 | 969 |
| 210,455 | 182,203 | |
| Expenditure incurred in the running of the | ||
| Museum and cost of goods for resale | (184,596) | (126,359) |
| Repairs | (5,315) | (23,573) |
| Publicity and advertising | (8,679) | (9,838) |
| (198,590) | (159,770) | |
| Surplus/(Deficit) for the year | 11,865 | 22,433 |
| Management committee cash and bank balances at 31 October 2023 | 198,379 | 186,514 |
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 2023 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 2023.
20 Creditors: amounts falling due within one year
| Creditors: amounts falling due within one year | ||
|---|---|---|
| Other creditors Accruals |
2023 £ 5,372 2,460 7,832 |
2022 £ 1,397 2,340 |
| 3,737 |
- 23 -
THE COOK MUSEUM TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2023
21 Endowment funds
Endowment funds represent assets which must be held permanently by the charity. Income arising on the endowment funds can be used in accordance with the objects of the charity and is included as unrestricted income. Any capital gains or losses arising on the assets form part of the fund.
| Balance at | Expenditure | Balance at | Expenditure | Balance at | |
|---|---|---|---|---|---|
| 1 November | 1 November | 31 October | |||
| 2021 | 2022 | 2023 | |||
| £ | £ | £ | £ | £ | |
| As restated | As restated | ||||
| Permanent endowments | |||||
| Property fund | 96,222 | (4,935) | 91,287 | (4,935) | 86,352 |
| 96,222 | (4,935) | 91,287 | (4,935) | 86,352 |
Property fund: This fund represents the permanent endowment of a property to the charity. Depreciation of the property is charged as expenditure to the fund.
- 24 -
THE COOK MUSEUM TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2023
22 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 2022 £ Building fund 152,440 Display and exhibition fund 1,242,045 Learning centre fund 102,212 Botanical Endeavours fund 1,100 Arts Council England fund 1,203 Museum Development Yorkshire - 1,499,000 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 |
Movement in funds Income Expenditure £ £ - (8,276) - - - (1,996) - (1,100) - - 1,171 - 1,171 (11,372) Movement in funds Income Expenditure £ £ - (8,276) - - - (1,997) 3,558 (8,713) - - 3,000 - 6,558 (18,986) |
Transfers Balance at 31 October 2023 £ £ - 144,164 - 1,242,045 - 100,216 - - - 1,203 (1,171) - (1,171) 1,487,628 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 2023 £ £ - 144,164 - 1,242,045 - 100,216 - - - 1,203 (1,171) - (1,171) 1,487,628 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 |
|---|---|---|---|
| 1,499,000 |
The Building fund is represented by fixed assets and will reduce as the appropriate depreciation is charged under the accounting policies.
The Display and exhibition fund is for the funding of items for display in the museum. The majority of this fund is represented by the heritage assets.
The Learning centre fund is funds received for the purchase of the lease of 17 Grape Lane and creating it into a learning centre.
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 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 exhibition display screen This item was purchased in the year so the transfer represents the reallocation to the fixed asset designated fund.
- 25 -
THE COOK MUSEUM TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2023
23 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 2022 £ As restated Fixed asset fund 33,997 Building reserve fund 31,060 Collections reserve fund 6,130 Library & research fund 7,473 Communications fund 10,000 Quarter century fund 125,201 Normanby Charitable Trust fund 42,300 256,161 Balance at 1 November 2021 £ As restated Fixed asset fund 36,576 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 25,791 251,688 |
Movement in funds Income Expenditure Transfers Balance at 31 October 2023 £ £ £ £ - (10,208) 11,933 35,722 - - - 31,060 - - - 6,130 - - - 7,473 - - - 10,000 7,205 (3,296) - 129,110 27,500 (21,032) (6,014) 42,754 34,705 (34,536) 5,919 262,249 Movement in funds Income Expenditure Transfers Balance at 31 October 2022 £ £ £ £ As restated - (7,323) 4,744 33,997 - - (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 (18,072) (21,302) 256,161 |
Movement in funds Income Expenditure Transfers Balance at 31 October 2023 £ £ £ £ - (10,208) 11,933 35,722 - - - 31,060 - - - 6,130 - - - 7,473 - - - 10,000 7,205 (3,296) - 129,110 27,500 (21,032) (6,014) 42,754 34,705 (34,536) 5,919 262,249 Movement in funds Income Expenditure Transfers Balance at 31 October 2022 £ £ £ £ As restated - (7,323) 4,744 33,997 - - (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 (18,072) (21,302) 256,161 |
|---|---|---|
| 256,161 |
The fixed asset fund represents the remaining tangible fixed assets from those held in the Building fund and £80,611 of the learning centre fund. The transfer represents a fixed asset addition.
The building reserve fund is for major repairs and upgrades to the building, not regular maintenance and repair.
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 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.
- 26 -
THE COOK MUSEUM TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2023
24 Analysis of net assets between funds
| Unrestricted funds general Unrestricted funds designated Restricted funds Endowment funds 2023 2023 2023 2023 £ £ £ £ Fund balances at 31 October 2023 are represented by: Intangible fixed assets - 3,333 - - Tangible assets - 32,387 224,775 86,352 Heritage assets 192,466 - 1,242,045 - Investments 76,172 79,949 - - Current assets/(liabilities) 132,138 146,580 20,808 - 400,776 262,249 1,487,628 86,352 Unrestricted funds general Unrestricted funds designated Restricted funds Endowment funds 2022 2022 2022 2022 £ £ £ £ Fund balances at 31 October 2022 are represented by: Intangible fixed assets - - 1,100 - Tangible assets - 33,997 235,046 91,287 Heritage assets 192,466 - 1,242,045 - Investments 80,807 79,949 - - Current assets/(liabilities) 118,435 142,215 20,809 - 391,708 256,161 1,499,000 91,287 |
Total 2023 £ 3,333 343,514 1,434,511 156,121 299,526 |
|---|---|
| 2,237,005 | |
| Total 2022 £ 1,100 360,330 1,434,511 160,756 281,459 |
|
| 2,238,156 |
25 Related party transactions
During the year £27,500 (2022: £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 (2022: £nil).
26 Prior year adjustment
After the year end it was found the Grape Lane freehold property is endowed. So, the property has been transferred from the designated fixed asset fund to an endowment fund to represent the true position. The reclassification is shown as a prior year adjustment, and the comparatives have been restated.
- 27 -