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← The Cook Museum Trust

2024-10-31-accounts

Charity registration number 517546

THE COOK MUSEUM TRUST

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024

THE COOK MUSEUM TRUST

CONTENTS

Page
Legal and administrative information 1
Trustees' report 2 - 6
Statement of trustees' responsibilities 7
Independent examiner's report 8
Statement of financial activities 9 - 10
Statement of financial position 11
Statement of cash flows 12
Notes to the financial statements 13 - 29

THE COOK MUSEUM TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Lady Peronel Katherine Cruz
Mr Richard Kornicki - Chair
Mrs Barbara Woroncow
Mr John A G Latimer
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
33 St Nicholas Street
Scarborough
North Yorkshire
YO11 2HN
Museum Mentor Jane Glaister
Investment advisors Cazenove Capital Management Limited
20 Moorgate
London
EC2R 6DA

THE COOK MUSEUM TRUST

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 OCTOBER 2024

The trustees present their annual report and financial statements for the year ended 31 October 2024.

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:

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.

THE COOK MUSEUM TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024

Achievements and performance

During the Museum’s closed period, extensive works were undertaken to remedy the structural problems in the flooring on the upper floors. Specialist contractors were employed for the Grade 1 listed building and all works were carried out in accordance with the consents of the relevant heritage bodies. It was not possible to complete the works in time for our normal opening which had to be delayed until Easter with some impact on visitor numbers (a loss of c. 1,500) and associated revenue. The lack of a dedicated marketing officer remains a problem and visitor numbers are down on pre-Covid figures. A recent study carried out for us confirmed that other local visitor attractions with a more active marketing policy have now returned to pre-Covid levels and set out a number of recommendations; these are now being pursued by the Management Committee which, along with the Trustees, is monitoring progress closely.

The Museum has made a major acquisition, securing a pen, ink and watercolour sketch by John Webber of People of Prince William Sound in their Canoe (1778) which was made during Cook’s third voyage. Unsold at auction in New York, a post-sale offer was made and the picture purchased with generous support from the Art Fund and the Arts Council England / Victoria and Albert Museum Purchase grant fund. This adds to our significant holdings of Webber pictures, of which we have the second best collection nationally.

A very different sort of acquisition was a bronze statue of King Kaumuali’i (c.1778-1824) the last independent monarch of the Hawaiian island of Kaua’i.

The statue was generously presented by the sculptor Saim Caglayan, and the model for the statue was Dr Keao NeSmith, the sixthgeneration grandson of King Kaumuali’i, who helped unveil his forebear’s image.

The island is particularly significant as it was here, on 20th January 1778, that Captain James Cook first stepped on the Hawaiian Islands at Waimea; and on the 8th September 1987 a ‘Sister City’ relationship was established between Waimea and Whitby. This statue not only honours a great leader but also serves as a reminder of the rich history and enduring spirit of Kaua’i and its links with Whitby.

The statue was offered to us as an unsolicited gift with the intention of renewing the relationship of friendship between Whitby and Waimea: identical statues of King Kaumuali’i and of Captain Cook now stand in both places.

The 2024 Special Exhibition was ‘Cook’s Quest for the North-West Passage’ where the arctic imagery was an important counter-balance to the tropical islands that the public mind has of Cook’s voyages. The Exhibition included contemporary material on the geo-politics of the Arctic region and the changing climate, now that navigation of the North-West passage is increasingly possible and the potential exploitation of the region’s natural resources is under the spotlight.

Schools visits brought over 1,000 children into the Museum this year for guided visits and tailored workshops. International student participation has evolved, with increased numbers from Czechia, Finland, Italy and Spain, replacing previous attendance from France.

Educational outreach expanded under the leadership of Trish Phillips, our Learning Officer, who delivered a wide-ranging programme of lectures, talks, and workshops for all ages and abilities.

Claudia Quayle, Master of Fine Arts and Fellow of the Royal Society of Arts, further enhanced our creative engagement through her role as artist in residence, running workshops on ‘Painting like a Georgian’ and demonstrating her skills and engaging with visitors. The museum also benefitted from volunteer guides who have given talks on Captain Cook, Special Exhibitions, and the Museum itself to various groups in Whitby and the surrounding area, as well as presentations on museum activities to village hubs. In some cases, this has led to new volunteers joining the museum.

The museum has also strengthened its ties with the local community through initiatives such as free entry for local postcodes, dedicated community days, and a series of lessons for home educated pupils, hosted both in the museum and in the Endeavour Education Room. Additional tailored programmes – including story time sessions for younger visitors, dedicated events for dementia groups, and workshops for hearing impaired and SEND pupils - have fostered a greater sense of inclusion. These programmes have led to repeat visits, demonstrating their lasting impact. These ongoing efforts have reinforced the museum’s role as an integral part of the local community, ensuring that it remains both a cultural and educational hub, accessible and engaging for all.

THE COOK MUSEUM TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024

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 £94,907 to £317,689 (2023: £222,782). Donations and grants have risen by £112,095 to £154,183 (2023: £42,088).

Expenditure has increased by £86,425 to £305,723 (2023: £219,298).

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 £477,503 (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 £26,927 (2023: £26,516) for the depreciation of freehold property, fixtures and fittings, and equipment and for the amortisation of digital assets there was a surplus of £60,584 (2023: surplus of £25,365). After charging depreciation, there was a surplus of £33,657 (2023: deficit of £1,151) which has been added to the balance of the accumulated fund to be carried forward. Of the accumulated fund, £1,550,574 has been carried forward in the restricted fund. £135,888 of this amount relates to the Building fund, £1,315,264 relates to the Display and Exhibition fund, £98,219 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 deficit of £21,391 for the year (2023: surplus of £9,068).

The balance of funds remaining at 31 October 2024 is £2,270,662 (2023: £2,237,005).

The management committee’s income was up £92,182. The closing cash and bank balances were £186,023 compared with £198,379 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 2024 was £186,919 (2023: £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

The 2025 Special Exhibition is ‘Uncharted Dangers – Health at Sea and in Space’. The bulk of this focuses on the medical and surgical challenges of voyages of exploration in Cook’s time, typically taking over three years without access to any medical expertise other than what was carried on board. However, there is a striking analogy to be drawn with the medical problems faced by space travel, with a projected return journey to Mars taking three years, and the same need for self-sufficiency.

2028 will mark the Tercentenary of Cook’s birth and initial plans are being drawn up for this, including the return of the Parry triple portrait of Omai, Banks and Solander of which we share ownership with the National Portrait Gallery and the National Museum of Wales. The Captain Cook Memorial Museum is leading collaborations with museums, businesses, Whitby Town Council and North Yorkshire Council to deliver a dynamic series of events to mark the anniversary, ensuring a lasting cultural and economic impact for Whitby and the surrounding area. It is hoped that this will expand to links in the North East (Cook birthplace museum near Middlesborough and Marton); with Australia (Endeavour replica berthed at Sea Museum, Sydney); and Newport Rhode Island (Endeavour renamed as Lord Sandwich was scuttled there and the wreck only discovered in 2019).

THE COOK MUSEUM TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024

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.

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 COOK MUSEUM TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024

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

Mr Richard Kornicki - Chair Trustee

27 May 2025

THE COOK MUSEUM TRUST

STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 31 OCTOBER 2024

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:

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.

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 2024.

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

Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.

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

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: 2 June 2025

THE COOK MUSEUM TRUST

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 OCTOBER 2024

CURRENT FINANCIAL YEAR

Unrestricted
Unrestricted
Restricted
Endowment
funds
funds
funds
funds
general
designated
2024
2024
2024
2024
Notes
£
£
£
£
Income
Donations and legacies
2
5,179
3,137
-
-
Charitable activities
3
155,223
27,500
118,367
-
Investments
4
8,283
-
-
-
Other income
5
-
-
-
-
Total income
168,685
30,637
118,367
-
Expenditure
Raising funds
6
7,248
408
-
-
Charitable activities
7
209,445
37,564
46,123
4,935
Total expenditure
216,693
37,972
46,123
4,935
Net (expenditure)/income
before investment
gains/(losses)
(48,008)
(7,335)
72,244
(4,935)
Net gains/(losses) on
investments
11
21,691
-
-
-
Net (expenditure)/income
before transfers
(26,317)
(7,335)
72,244
(4,935)
Gross transfers between
funds
4,926
4,372
(9,298)
-
Net movement in funds
(21,391)
(2,963)
62,946
(4,935)
Fund balances at 1
November 2023
400,776
262,249
1,487,628
86,352
Fund balances at 31
October 2024
379,385
259,286
1,550,574
81,417		 Total
2024
£
8,316
301,090
8,283
-
317,689
7,656
298,067
305,723
11,966
21,691
33,657
-
33,657
2,237,005
2,270,662		 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

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

All income and expenditure derives from continuing activities.

THE COOK MUSEUM TRUST

STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED)INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 OCTOBER 2024

PRIOR 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 (expenditure)/income before
investment gains/(losses)
18,451
169
(10,201)
(4,935)
Net gains/(losses) on investments
11
(4,635)
-
-
-
Net (expenditure)/income 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

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

All income and expenditure derives from continuing activities.

THE COOK MUSEUM TRUST

STATEMENT OF FINANCIAL POSITION AS AT 31 OCTOBER 2024

2024 2023
Notes £ £ £ £
Fixed assets
Intangible assets 13 1,666 3,333
Tangible assets 14 333,369 343,514
Heritage assets 15 1,507,730 1,434,511
Investments 16 147,812 156,121
1,990,577 1,937,479
Current assets
Stocks 17 12,747 13,168
Debtors 18 44,100 17,120
Cash at bank and in hand 230,258 277,070
287,105 307,358
Creditors: amounts falling due within one year 20 (7,020) (7,832)
Net current assets 280,085 299,526
Total assets less current liabilities 2,270,662 2,237,005
Capital funds
Endowment funds 21 81,417 86,352
Income funds
Restricted funds 22 1,550,574 1,487,628
Unrestricted funds
Designated funds 23 259,286 262,249
General unrestricted funds 379,385 400,776
638,671 663,025
24 2,270,662 2,237,005

The financial statements were approved by the Trustees on 27 May 2025

Mr Richard Kornicki - Chair Trustee

Mr John A G Latimer Trustee

THE COOK MUSEUM TRUST

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 OCTOBER 2024

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 (decrease)/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
Surplus/(deficit) for the year
Adjustments for:
Investment income recognised in statement of
financial activities
Fair value gains and losses on investments
Amortisation and impairment of intangible assets
Depreciation of tangible fixed assets
Movements in working capital:
Decrease/(increase) 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.		 2024
£
-
(15,115)
(73,219)
30,000
8,283		 £
3,239
(50,051)
-
(46,812)
277,070
230,258
33,657
(8,283)
(21,691)
1,667
25,260
421
(26,980)
(812)
3,239		 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

THE COOK MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2024

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.

THE COOK MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024

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.

THE COOK MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024

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.

THE COOK MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024

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
2024
2024
£
£
Donations for Quarter Century
Appeal
-
3,137
Other
5,179
-
5,179
3,137		 Total
Unrestricted
Unrestricted
funds
funds
general
designated
2024
2023
2023
£
£
£
3,137
-
7,205
5,179
6,212
-
8,316
6,212
7,205		 Total
2023
£
7,205
6,212
13,417

THE COOK MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024

3 Charitable activities

Charitable Charitable
Income Income
2024 2023
£ £
Income from admissions, sales of books and souvenirs 155,223 173,021
Grants 145,867 28,671
301,090 201,692
Analysis by fund
Unrestricted funds - general 155,223 173,021
Unrestricted funds - designated 27,500 27,500
Restricted funds 118,367 1,171
301,090 201,692
Grants
Art Fund 20,452 -
Museum Development Yorkshire - 1,171
Normanby Charitable Trust 89,100 27,500
Victoria & Albert Museum 36,315 -
145,867 28,671
4 Investments
Unrestricted Unrestricted
funds funds
general general
2024 2023
£ £
Unit trust income 5,209 5,122
Interest receivable 3,074 2,349
8,283 7,471
5 Other income

Other income

Total Unrestricted
funds
general
2024 2023
£ £
- 202

THE COOK MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024

6 Raising funds

Unrestricted
Unrestricted
funds
funds
general
designated
2024
2024
£
£
Fundraising and publicity
Publicity and advertising
6,746
408
Investment management
502
-
7,248
408
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		 Total
2024
£
7,154
502
7,656
Total
2023
£
8,679
498
9,177

THE COOK MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024

7 Charitable activities

Charitable Charitable
Expenditure Expenditure
2024 2023
£ £
Staff costs 90,023 82,460
Repairs 63,272 5,315
Exhibition and display costs 28,106 12,147
Shop purchases 11,848 13,786
Admin expenditure 11,012 12,258
Energy costs 11,755 13,192
Premises costs 19,647 27,584
Sundry 4 655
Insurance 11,342 9,218
Subscriptions 386 344
247,395 176,959
Share of support costs (see note 8) 30,529 27,275
Share of governance costs (see note 8) 20,143 5,887
298,067 210,121
Analysis by fund
Unrestricted funds - general 209,445 160,378
Unrestricted funds - designated 37,564 33,436
Restricted funds 46,123 11,372
Endowment funds 4,935 4,935
298,067 210,121

THE COOK MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024

8 Support costs

2024
Support costs
Governance
costs
£
£
Amortisation of digital
1,667
-
Legal and professional
3,602
-
Depreciation of fixtures and
fittings
7,552
-
Depreciation of property
15,335
-
Depreciation of equipment
2,373
-
Independent examiners fee
-
2,418
Legal and professional
-
17,725
30,529
20,143
Analysed between
Charitable activities
30,529
20,143		 2023
2024
Support costs
Governance
costs
£
£
£
1,667
2,767
-
3,602
759
-
7,552
6,041
-
15,335
15,335
-
2,373
2,373
-
2,418
-
2,527
17,725
-
3,360
50,672
27,275
5,887
50,672
27,275
5,887		 2023
£
2,767
759
6,041
15,335
2,373
2,527
3,360
33,162
33,162

9 Trustees

No trustees were reimbursed for expenses in the year (2023: £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 (2023 £nil).

10 Employees

The average monthly number of employees during the year was:

2024 2023
Number Number
Average number of employees during the year 7 7
Full time equivalents 4 4
Employment costs 2024 2023
£ £
Wages and salaries 88,488 81,221
Staff pension 1,535 1,239
90,023 82,460

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

THE COOK MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024

Unrestricted Unrestricted
funds funds
general general
2024 2023
£ £
Realised and unrealised (loss)/gain on investments 21,691 (4,635)

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 2023 and 31 October 2024
Amortisation
At 1 November 2023
Amortisation charged for the year
At 31 October 2024
Carrying amount
At 31 October 2024
At 31 October 2023		 Digital
£
8,300
4,967
1,667
6,634
1,666
3,333

THE COOK MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024

14 Tangible fixed assets

Cost
At 1 November 2023
Additions
At 31 October 2024
Depreciation
At 1 November 2023
Depreciation charged in the year
At 31 October 2024
Carrying amount
At 31 October 2024
At 31 October 2023		 Freehold
property
£
580,753
-
580,753
348,218
13,338
361,556
219,197
232,535		 Long
leasehold
property
Fixtures and
fittings
Equipment
£
£
£
99,837
211,027
15,841
-
15,115
-
99,837
226,142
15,841
19,226
186,280
10,220
1,997
7,552
2,373
21,223
193,832
12,593
78,614
32,310
3,248
80,611
24,747
5,621		 Total
£
907,458
15,115
922,573
563,944
25,260
589,204
333,369
343,514

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 2023
Additions
At 31 October 2024		 £
1,434,511
73,219
1,507,730

Five year financial summary of heritage asset transactions

Purchases Donation in kind
2024 73,219 -
2023 - -
2022 15,000 -
2021 7,850 -
2020 7,000 -
The value of these items written off is: £
At 1 November 2023 476,236
Additions 1,267
At 31 October 2024 477,503

THE COOK MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024

16
Fixed asset investments
Valuation
At 1 November 2023
Gains on investments
Sales
At 31 October 2024
Carrying amount
At 31 October 2024
At 31 October 2023
The historical cost at 31 October 2024 was £128,856 (2023: 147,370).
17
Stocks
Finished goods and goods for resale
18
Debtors
Amounts falling due within one year:
Other debtors
Prepayments		 UK Investment
Funds
£
156,121
21,691
(30,000)
147,812
147,812
156,121
2024
2023
£
£
12,747
13,168
2024
2023
£
£
37,511
9,519
6,589
7,601
44,100
17,120

THE COOK MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024

19 Management Committee

2024 2023
£ £
Income from admissions, sale of books and souvenirs 156,551 173,021
Grants and donations 143,433 34,883
Investment income 3,583 2,349
Miscellaneous income (930) 202
302,637 210,455
Expenditure incurred in the running of the
Museum and cost of goods for resale (244,175) (184,596)
Repairs (63,272) (5,315)
Publicity and advertising (6,704) (8,679)
Professional fees (842) -
(314,993) (198,590)
Surplus/(Deficit) for the year (12,356) 11,865
Management committee cash and bank balances at 31 October 2024 186,023 198,379

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 2024 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 2024.

20 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
Other creditors
Accruals		 2024
£
4,410
2,610
7,020		 2023
£
5,372
2,460
7,832

THE COOK MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024

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
2022 2023 2024
£ £ £ £ £
Permanent endowments
Property fund 91,287 (4,935) 86,352 (4,935) 81,417
91,287 (4,935) 86,352 (4,935) 81,417

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.

THE COOK MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024

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
2023
£
Building fund
144,164
Display and exhibition fund
1,242,045
Learning centre fund
100,216
Arts Council England fund
1,203
Normanby Trust Fund
-
Art Fund grant
-
V&A grant
-
1,487,628
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		 Movement in funds
Income
Expenditure
£
£
-
(8,276)
-
-
-
(1,997)
-
-
61,600
(35,850)
20,452
-
36,315
-
118,367
(46,123)
Movement in funds
Income
Expenditure
£
£
-
(8,276)
-
-
-
(1,996)
-
(1,100)
-
-
1,171
-
1,171
(11,372)		 Transfers
Balance at
31 October
2024
£
£
-
135,888
73,219
1,315,264
-
98,219
-
1,203
(25,750)
-
(20,452)
-
(36,315)
-
(9,298)
1,550,574
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
2024
£
£
-
135,888
73,219
1,315,264
-
98,219
-
1,203
(25,750)
-
(20,452)
-
(36,315)
-
(9,298)
1,550,574
Transfers
Balance at
31 October
2023
£
£
-
144,164
-
1,242,045
-
100,216
-
-
-
1,203
(1,171)
-
(1,171)
1,487,628
1,487,628

THE COOK MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024

22 Restricted funds

(Continued)

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

The Normanby Trust Fund represents monies received for specific repairs and building works. The transfer represents the purchase of tangible fixed assets £15,000 and heritage assets £10,750.

The Art Fund grant fund represents grants received for the purchase of heritage assets. The transfer represents the purchase of heritage assets.

The V&A grant fund represents grants received for the purchase of heritage assets. The transfer represents the purchase of heritage assets.

The Botanical Endeavours fund (2023 only) 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.

Museum Development Yorkshire fund (2023 only) 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.

THE COOK MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024

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
2023
£
Fixed asset fund
35,722
Building reserve fund
31,060
Collections reserve fund
6,130
Library & research fund
7,473
Communications fund
10,000
Quarter century fund
129,110
Normanby Charitable Trust fund
42,754
262,249
Balance at
1 November
2022
£
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		 Movement in funds
Income
Expenditure
Transfers
Balance at
31 October
2024
£
£
£
£
-
(11,719)
15,115
39,118
-
-
(5,041)
26,019
-
-
-
6,130
-
-
-
7,473
-
-
-
10,000
3,137
(17,060)
(5,702)
109,485
27,500
(9,193)
-
61,061
30,637
(37,972)
4,372
259,286
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
2024
£
£
£
£
-
(11,719)
15,115
39,118
-
-
(5,041)
26,019
-
-
-
6,130
-
-
-
7,473
-
-
-
10,000
3,137
(17,060)
(5,702)
109,485
27,500
(9,193)
-
61,061
30,637
(37,972)
4,372
259,286
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
262,249

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 fixed asset additions.

The building reserve fund is for major repairs and upgrades to the building, not regular maintenance and repair. The transfer represents major repairs after grant contributions.

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 assts.

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.

THE COOK MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024

24 Analysis of net assets between funds

Unrestricted
funds
general
Unrestricted
funds
designated
Restricted
funds
Endowment
funds
2024
2024
2024
2024
£
£
£
£
Fund balances at 31 October 2024 are
represented by:
Intangible fixed assets
-
1,666
-
-
Tangible assets
-
37,452
214,500
81,417
Heritage assets
192,466
-
1,315,264
-
Investments
72,905
74,907
-
-
Current assets/(liabilities)
114,014
145,261
20,810
-
379,385
259,286
1,550,574
81,417
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		 Total
2024
£
1,666
333,369
1,507,730
147,812
280,085
2,270,662
Total
2023
£
3,333
343,514
1,434,511
156,121
299,526
2,237,005

25 Related party transactions

During the year £79,934 (2023: £27,500) was received from the Normanby Charitable Trust, of which the Marquis of Normanby and Lady Peronel Katherine Cruz are trustees. There was a further £9,166 outstanding from the Normanby Charitable Trust at the year end (2023: £nil).

There were no donations from trustees during the year (2023: £nil).