Charity registration number 517546
THE COOK MUSEUM TRUST
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
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 Mr Richard Kornicki - Chair Mrs Barbara Woroncow Mr John A G Latimer Dr David Rodwell-Cox Prof Simon Ditchfield (Appointed 7 October 2025) Mr Matthew Holland (Appointed 17 February 2026) Mr John Cone (Appointed 7 October 2025 and deceased 22 March 2026) 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 Andrew Northern 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
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THE COOK MUSEUM TRUST
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 OCTOBER 2025
The trustees present their annual report and financial statements for the year ended 31 October 2025.
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.
Achievements and performance
Trustees were delighted that the Museum won the Trip Advisor’s Travellers’ Choice Award placing it in the top 10% of world rankings for visitor attractions. As this is entirely determined by reviews posted on the Trip Advisor web-site it is a real recognition of the quality of the Museum’s offering, the extent to which it is appreciated by visitors, and the welcome provided by our dedicated staff and volunteers.
Although visitor numbers have not yet returned to pre-Covid levels (and indeed fell in the year in common with museums generally), our admissions revenue has increased by 21% reflecting a new pricing policy and our shop revenue has increased by 27.5% returning the Museum an operating surplus.
This year’s Special Exhibition was Uncharted Dangers: Health at Sea and in Space. Each of Cook’s voyages was of around three years duration, during which time the ship had to be completely self-sufficient medically. The scientific and navigational achievements would have been impossible had not Cook solved the problem of scurvy which, over a long voyage, would severely reduce the size and capacity of ships’ crews. At the same time, accidents at sea and disease had to be treated with the resources available, and children visiting the Exhibition were thrilled to see a full set of sea-going 18th century surgical instruments alongside a contemporary text book diagram showing how to use them to amputate a leg in under three minutes.
The significance of these medical problems was particularly brought out by including exhibits relating to current research undertaken by the University of Birmingham on the medical problems that would be faced in a projected trip to Mars, which would also involve a threeyear round trip with no external assistance. Experiments on growing tissue are currently underway a mile underground at the nearby Boulby Mine, giving a surprisingly local aspect to the work. Dr Ioardachescu, who is undertaking the experiment, collaborated on curating the exhibition and also gave the annual Captain Cook Lecture where she talked about her work on health in extreme environments.
The Museum has developed its outreach programmes considerably, launching programmes for the home-schooled young people in Whitby, providing dementia-friendly visits from groups across North Yorkshire, and initiating popular Storytime sessions for the under-7 age group.
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THE COOK MUSEUM TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2025
Financial review
The financial activities of the museum in the year are summarised below.
The statement of financial activities includes the income and expenditure of the trustees and the management committee.
Income fell in total by £105,263 to £212,426 (2024: £317,689). Donations and grants have fallen by £124,441 to £29,742 (2024: £154,183).
Expenditure has decreased by £68,966 to £236,757 (2024: £305,723).
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 14).
Significant acquisitions of items for display acquired after 31 October 2002 have been shown as heritage assets on the balance sheet in accordance with the requirements of Charities SORP FRS 102. The trustees consider items with a value of over £5,000, before deducting grants receivable to be significant.
Before charging £27,323 (2024: £26,927) for the depreciation of freehold property, long leasehold property, fixtures and fittings, and equipment and for the amortisation of digital assets there was a surplus of £17,848 (2024: surplus of £60,584). After charging depreciation, there was a deficit of £9,475 (2024: surplus of £33,657) which has been added to the balance of the accumulated fund to be carried forward. Of the accumulated fund, £1,539,098 has been carried forward in the restricted fund. £127,612 of this amount relates to the Building fund, £1,315,264 relates to the Display and Exhibition fund, and £96,222 relates to the Learning Centre 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 £47,232 for the year (2024: deficit of £21,391).
The balance of funds remaining at 31 October 2025 is £2,261,187 (2024: £2,270,662).
The management committee’s income was down £83,281. The closing cash and bank balances were £194,898 compared with £186,023 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 2025 was £234,151 (2024: £186,919) 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
Maintenance of historic buildings is a never-ending task and the painted rendered frontage of the Museum is now in need of serious attention. Conservation architects have been involved in establishing options for either replacing and repainting the rendered finish, or leaving the original 17th century brick façade exposed; the necessary decisions, planning permissions and actual works all lie ahead.
The 2026 Special Exhibition is Imagined Geographies and First Encounters. While Cook’s voyages were undertaken primarily for scientific purposes, they also involved cultural exchanges with indigenous peoples, language studies, and comparative investigation of the sophisticated navigational methods and marine designs of non-literate peoples.
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THE COOK MUSEUM TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2025
Structure, governance and management Governing document
The charity was formed by a Deed of Trust dated 16 April 1986, amended 27 May 2025; Founder, the Dowager Marchioness of Normanby. The charity is also a fully accredited museum (RO1339).
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 twelve.
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 Learning Officer attended training events, webinars, and virtual conference sessions on a variety of relevant topics including 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.
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THE COOK MUSEUM TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2025
The trustees' report was approved by the Board of Trustees.
Mr Richard Kornicki - Chair Trustee
16 June 2026
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THE COOK MUSEUM TRUST
STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 31 OCTOBER 2025
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 2025.
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.
Andrew Northern FCA
Fortus Limited Business Advisors and Accountants Equinox House Clifton Park Shipton Road YO30 5PA York
Dated: 22 June 2026
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THE COOK MUSEUM TRUST
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 OCTOBER 2025
| CURRENT FINANCIAL YEAR Unrestricted Unrestricted Restricted Endowment funds funds funds funds general designated 2025 2025 2025 2025 Notes £ £ £ £ Income Donations and legacies 2 882 1,360 - - Charitable activities 3 176,053 27,500 - - Investments 4 6,631 - - - Total income 183,566 28,860 - - Expenditure Raising funds 5 13,721 - - - Charitable activities 6 175,551 32,277 10,273 4,935 Total expenditure 189,272 32,277 10,273 4,935 Net income/(expenditure) before investment gains/(losses) (5,706) (3,417) (10,273) (4,935) Net gains/(losses) on investments 10 14,856 - - - Net income/(expenditure) before transfers 9,150 (3,417) (10,273) (4,935) Gross transfers between funds 38,082 (36,879) (1,203) - Net movement in funds 47,232 (40,296) (11,476) (4,935) Fund balances at 1 November 2024 379,385 259,286 1,550,574 81,417 Fund balances at 31 October 2025 426,617 218,990 1,539,098 76,482 |
Total 2025 £ 2,242 203,553 6,631 212,426 13,721 223,036 236,757 (24,331) 14,856 (9,475) - (9,475) 2,270,662 2,261,187 |
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 |
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 2025
| PRIOR 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 - - - Total income 168,685 30,637 118,367 - Expenditure Raising funds 5 7,248 408 - - Charitable activities 6 209,445 37,564 46,123 4,935 Total expenditure 216,693 37,972 46,123 4,935 Net income/(expenditure) before investment gains/(losses) (48,008) (7,335) 72,244 (4,935) Net gains/(losses) on investments 10 21,691 - - - Net income/(expenditure) 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 |
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 2025
| 2025 Notes £ Fixed assets Intangible assets 12 Tangible assets 13 Heritage assets 14 Investments 15 Current assets Stocks 16 21,904 Debtors 17 18,021 Cash at bank and in hand 245,186 285,111 Creditors: amounts falling due within one year 19 (5,994) Net current assets Total assets less current liabilities Capital funds Endowment funds 20 Income funds Restricted funds 21 Unrestricted funds Designated funds 22 218,990 General unrestricted funds 426,617 23 The financial statements were approved by the Trustees on 16 June 2026 Mr Richard Kornicki - Chair Mr John A G Latimer Trustee Trustee |
£ - 311,672 1,507,730 162,668 1,982,070 279,117 2,261,187 76,482 1,539,098 645,607 2,261,187 |
2024 £ 12,747 44,100 230,258 287,105 (7,020) 259,286 379,385 |
£ 1,666 333,369 1,507,730 147,812 |
|
|---|---|---|---|---|
| 1,990,577 280,085 |
||||
| 2,270,662 | ||||
| 81,417 1,550,574 638,671 |
||||
| 2,270,662 | ||||
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THE COOK MUSEUM TRUST
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 OCTOBER 2025
| Cash flows from operating activities Cash generated from operations Investing activities Purchase of tangible fixed assets Purchase of heritage assets Proceeds on disposal of investments Investment income received Net cash generated from/(used in) investing activities Net cash used in financing activities Net increase/(decrease) in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year NOTES TO THE STATEMENT OF CASH FLOWS Cash generated from operations (Deficit)/surplus for the year Adjustments for: Investment income recognised in statement of financial activities 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 Decrease/(increase) in debtors (Decrease) in creditors Cash generated from operations Analysis of changes in net (debt)/funds The charity had no debt during the year. |
2025 £ (3,960) - - 6,631 |
£ 12,257 2,671 - 14,928 230,258 245,186 (9,475) (6,631) (14,856) 1,666 25,657 (9,157) 26,079 (1,026) 12,257 |
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 |
|---|---|---|---|---|
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THE COOK MUSEUM TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
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 22.
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 2025
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 2025
1 Accounting policies
(Continued)
Heritage assets
Heritage assets purchased by the museum have been included in the financial statements at the cost of acquisition. Heritage assets gifted to the museum have been included at the trustees’ best estimate of their value at the time of donation or at a valuation provided by an independent professional valuer.
The incidental costs of purchasing heritage assets, including but not restricted to, auction commission, legal fees, and other costs of purchase are treated as expenditure incurred in the running of the museum.
Criteria for collecting relate to the authenticity, importance and relevance of the item, as well as space for display. Subject areas such as Captain Cook’s life, family and voyages are the focus for collecting.
The museum is committed to the conservation and management of its collection of heritage assets to the highest standards as set out in the accreditation standard.
Should disposal be considered necessary, it will be carefully considered, curatorially-motivated and take place as part of the longterm consideration of the collection.
The museum aims to improve accountability for the collection by maintaining at least minimum professional standards in documentation procedures and collection information.
Depreciation is not charged on heritage assets which have an indefinite useful life.
Items acquired for display
The cost of items acquired for display up to 31 October 2002, together with small value items acquired since that date have been written off as incurred (see note 14). Significant acquisitions of items for display (heritage assets) acquired after 31 October 2002 have been shown as heritage assets on the balance sheet. The trustees consider items with a value of £5,000 or above, before deducting grants receivable to be significant. All other items acquired with a value less than £5,000 have been written off as incurred.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
1.8 Fixed asset investments
Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.
Fixed asset investments are included in the accounts at fair value. Realised and unrealised gains and losses on investments are disclosed separately in the appropriate section of the statement of financial activities.
1.9 Impairment of fixed assets
At each reporting end date, the charity reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.10 Stocks
Purchased stocks are stated at the lower of cost and net realisable value. Items donated for resale are included as income when sold and no value is placed on such stock at the year end.
Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.
1.11 Cash and cash equivalents
Cash and cash equivalents include cash in hand and deposits held at call with banks.
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THE COOK MUSEUM TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2025
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 2025 2025 £ £ Donations for Quarter Century Appeal - 1,360 Other 882 - 882 1,360 |
Total Unrestricted Unrestricted funds funds general designated 2025 2024 2024 £ £ £ 1,360 - 3,137 882 5,179 - 2,242 5,179 3,137 |
Total 2024 £ 3,137 5,179 |
|---|---|---|
| 8,316 |
- 15 -
THE COOK MUSEUM TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2025
3 Charitable activities
| Charitable | Charitable | |
|---|---|---|
| Income | Income | |
| 2025 | 2024 | |
| £ | £ | |
| Income from admissions, sales of books and souvenirs | 176,053 | 155,223 |
| Grants | 27,500 | 145,867 |
| 203,553 | 301,090 | |
| Analysis by fund | ||
| Unrestricted funds - general | 176,053 | 155,223 |
| Unrestricted funds - designated | 27,500 | 27,500 |
| Restricted funds | - | 118,367 |
| 203,553 | 301,090 | |
| Grants | ||
| Art Fund | - | 20,452 |
| Normanby Charitable Trust | 27,500 | 89,100 |
| Victoria & Albert Museum | - | 36,315 |
| 27,500 | 145,867 |
4 Investments
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| general | general | |
| 2025 | 2024 | |
| £ | £ | |
| Unit trust income | 3,965 | 5,209 |
| Interest receivable | 2,666 | 3,074 |
| 6,631 | 8,283 |
- 16 -
THE COOK MUSEUM TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2025
5 Raising funds
| Unrestricted Unrestricted funds funds general designated 2025 2025 £ £ Fundraising and publicity Publicity and advertising 13,270 - Investment management 451 - 13,721 - Unrestricted Unrestricted funds funds general designated 2024 2024 £ £ Fundraising and publicity Publicity and advertising 6,746 408 Investment management 502 - 7,248 408 |
Total 2025 £ 13,270 |
|---|---|
| 451 | |
| 13,721 | |
| Total 2024 £ 7,154 |
|
| 502 | |
| 7,656 |
- 17 -
THE COOK MUSEUM TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2025
6 Charitable activities
| Charitable | Charitable | |
|---|---|---|
| Expenditure | Expenditure | |
| 2025 | 2024 | |
| £ | £ | |
| Staff costs | 99,295 | 90,023 |
| Repairs | 20,448 | 63,272 |
| Exhibition and display costs | 16,094 | 28,106 |
| Shop purchases | 11,542 | 11,848 |
| Admin expenditure | 14,319 | 11,012 |
| Energy costs | 8,147 | 11,755 |
| Premises costs | 7,663 | 19,647 |
| Sundry | 212 | 4 |
| Insurance | 10,189 | 11,342 |
| Subscriptions | 225 | 386 |
| 188,134 | 247,395 | |
| Share of support costs (see note 7) | 27,590 | 30,529 |
| Share of governance costs (see note 7) | 7,312 | 20,143 |
| 223,036 | 298,067 | |
| Analysis by fund | ||
| Unrestricted funds - general | 175,551 | 209,445 |
| Unrestricted funds - designated | 32,277 | 37,564 |
| Restricted funds | 10,273 | 46,123 |
| Endowment funds | 4,935 | 4,935 |
| 223,036 | 298,067 |
- 18 -
THE COOK MUSEUM TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2025
7 Support costs
| 2025 Support costs Governance costs £ £ Amortisation of digital 1,666 - Legal and professional 267 - Depreciation of fixtures and fittings 7,949 - Depreciation of property 15,335 - Depreciation of equipment 2,373 - Independent examiners fee - 2,765 Legal and professional - 4,547 27,590 7,312 Analysed between Charitable activities 27,590 7,312 |
2024 2025 Support costs Governance costs £ £ £ 1,666 1,667 - 267 3,602 - 7,949 7,552 - 15,335 15,335 - 2,373 2,373 - 2,765 - 2,418 4,547 - 17,725 34,902 30,529 20,143 34,902 30,529 20,143 |
2024 £ 1,667 3,602 7,552 15,335 2,373 2,418 17,725 |
|---|---|---|
| 50,672 | ||
| 50,672 |
8 Trustees
No trustees were reimbursed for expenses in the year (2024: £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 (2024: £nil).
9 Employees
The average monthly number of employees during the year was:
| 2025 | 2024 | |
|---|---|---|
| Number | Number | |
| Average number of employees during the year | 7 | 7 |
| Full time equivalents | 4 | 4 |
| Employment costs | 2025 | 2024 |
| £ | £ | |
| Wages and salaries | 97,434 | 88,488 |
| Social security costs | 279 | - |
| Staff pension | 1,582 | 1,535 |
| 99,295 | 90,023 |
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 2025
- 10 Net gains/(losses) on investments
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| general | general | |
| 2025 | 2024 | |
| £ | £ | |
| Realised and unrealised (loss)/gain on investments | 14,856 | 21,691 |
11 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.
12 Intangible fixed assets
| Cost At 1 November 2024 and 31 October 2025 Amortisation At 1 November 2024 Amortisation charged for the year At 31 October 2025 Carrying amount At 31 October 2025 At 31 October 2024 |
Digital £ 8,300 |
|---|---|
| 6,634 1,666 |
|
| 8,300 | |
| - | |
| 1,666 |
- 20 -
THE COOK MUSEUM TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2025
13 Tangible fixed assets
| Cost At 1 November 2024 Additions At 31 October 2025 Depreciation At 1 November 2024 Depreciation charged in the year At 31 October 2025 Carrying amount At 31 October 2025 At 31 October 2024 |
Freehold property £ 580,753 - 580,753 361,556 13,338 374,894 205,859 219,197 |
Long leasehold property Fixtures and fittings Equipment £ £ £ 99,837 226,142 15,841 - 3,960 - 99,837 230,102 15,841 21,223 193,832 12,593 1,997 7,949 2,373 23,220 201,781 14,966 76,617 28,321 875 78,614 32,310 3,248 |
Total £ 922,573 3,960 |
|---|---|---|---|
| 926,533 | |||
| 589,204 25,657 |
|||
| 614,861 | |||
| 311,672 | |||
| 333,369 |
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.
14 Heritage assets
| £ | |||
|---|---|---|---|
| At 1 November 2024 and at 31 October 2025 | 1,507,730 | ||
| Five year financial summary of heritage asset transactions | |||
| Purchases | Donation in kind | ||
| 2025 | - | - | |
| 2024 | 73,219 | - | |
| 2023 | - | - | |
| 2022 | 15,000 | - | |
| 2021 | 7,850 | - | |
| The value of these items written off is: | £ | ||
| At 1 November 2024 | 477,503 | ||
| At 31 October 2025 | 477,503 |
- 21 -
THE COOK MUSEUM TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2025
| 15 | Fixed asset investments | |
|---|---|---|
| UK Investment | ||
| Funds | ||
| £ | ||
| Valuation | ||
| At 1 November 2024 | 147,812 | |
| Gains on investments | 14,856 | |
| At 31 October 2025 | 162,668 | |
| Carrying amount | ||
| At 31 October 2025 | 162,668 | |
| At 31 October 2024 | 147,812 | |
| The historical cost at 31 October 2025 was £128,856 (2024: £128,856) |
| 16 Stocks Finished goods and goods for resale 17 Debtors Amounts falling due within one year: Other debtors Prepayments |
2025 £ 21,904 2025 £ 10,439 7,582 18,021 |
2024 £ 12,747 |
|---|---|---|
| 2024 £ 37,511 6,589 |
||
| 44,100 |
- 22 -
THE COOK MUSEUM TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2025
18 Management Committee
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Income from admissions, sale of books and souvenirs | 176,053 | 156,551 |
| Grants and donations | 40,637 | 143,433 |
| Investment income | 2,666 | 3,583 |
| Miscellaneous income | - | (930) |
| 219,356 | 302,637 | |
| Expenditure incurred in the running of the | ||
| Museum and cost of goods for resale | (171,606) | (244,175) |
| Repairs | (24,408) | (63,272) |
| Publicity and advertising | (14,200) | (6,704) |
| Professional fees | (267) | (842) |
| (210,481) | (314,993) | |
| Surplus/(Deficit) for the year | 8,875 | (12,356) |
| Management committee cash and bank balances at 31 October 2025 | 194,898 | 186,023 |
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 2025 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 2025.
19 Creditors: amounts falling due within one year
| Creditors: amounts falling due within one year | ||
|---|---|---|
| Other creditors Accruals |
2025 £ 3,229 2,765 5,994 |
2024 £ 4,410 2,610 |
| 7,020 |
- 23 -
THE COOK MUSEUM TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2025
20 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 | |||
| 2023 | 2024 | 2025 | |||
| £ | £ | £ | £ | £ | |
| Permanent endowments | |||||
| Property fund | 86,352 | (4,935) | 81,417 | (4,935) | 76,482 |
| 86,352 | (4,935) | 81,417 | (4,935) | 76,482 |
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 2025
21 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 2024 £ Building fund 135,888 Display and exhibition fund 1,315,264 Learning centre fund 98,219 Arts Council England fund 1,203 1,550,574 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 |
Movement in funds Income Expenditure £ £ - (8,276) - - - (1,997) - - - (10,273) Movement in funds Income Expenditure £ £ - (8,276) - - - (1,997) - - 61,600 (35,850) 20,452 - 36,315 - 118,367 (46,123) |
Transfers Balance at 31 October 2025 £ £ - 127,612 - 1,315,264 - 96,222 (1,203) - (1,203) 1,539,098 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 2025 £ £ - 127,612 - 1,315,264 - 96,222 (1,203) - (1,203) 1,539,098 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 |
|---|---|---|---|
| 1,550,574 |
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 Arts Council fund represents an emergency response grant from the Arts Council to cover specific expenditure during the Coronavirus pandemic. The transfer represents historic expenditure not allocated to the fund in error.
The Normanby Trust Fund (2024 only) 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 (2024 only) represents grants received for the purchase of heritage assets. The transfer represents the purchase of heritage assets.
The V&A grant fund (2024 only) represents grants received for the purchase of heritage assets.
- 25 -
THE COOK MUSEUM TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2025
22 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 2024 £ Fixed asset fund 39,118 Building reserve fund 26,019 Collections reserve fund 6,130 Library & research fund 7,473 Communications fund 10,000 Quarter century fund 109,485 Normanby Charitable Trust fund 61,061 259,286 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 |
Movement in funds Income Expenditure Transfers Balance at 31 October 2025 £ £ £ £ - (12,115) 3,960 30,963 - - (19,048) 6,971 - - - 6,130 - - - 7,473 - - - 10,000 1,360 (5,092) - 105,753 27,500 (15,070) (21,791) 51,700 28,860 (32,277) (36,879) 218,990 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 2025 £ £ £ £ - (12,115) 3,960 30,963 - - (19,048) 6,971 - - - 6,130 - - - 7,473 - - - 10,000 1,360 (5,092) - 105,753 27,500 (15,070) (21,791) 51,700 28,860 (32,277) (36,879) 218,990 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 |
|---|---|---|
| 259,286 |
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.
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 historic staff costs not allocated to the fund in error.
- 26 -
THE COOK MUSEUM TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2025
23 Analysis of net assets between funds
| Unrestricted funds general Unrestricted funds designated Restricted funds Endowment funds 2025 2025 2025 2025 £ £ £ £ Fund balances at 31 October 2025 are represented by: Tangible assets - 30,962 204,228 76,482 Heritage assets 192,466 - 1,315,264 - Investments 106,808 55,860 - - Current assets/(liabilities) 127,343 132,168 19,606 - 426,617 218,990 1,539,098 76,482 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 |
Total 2025 £ 311,672 1,507,730 162,668 279,117 |
|---|---|
| 2,261,187 | |
| Total 2024 £ 1,666 333,369 1,507,730 147,812 280,085 |
|
| 2,270,662 |
24 Related party transactions
During the year £27,500 (2024: £79,934) 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 (2024: £9,166).
There were no donations from trustees during the year (2024: £nil).
- 27 -