REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
REPORT OF THE TRUSTEES AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
SCARBOROUGH MUSEUMS, CULTURE |
AND CREATIVE TRUST |
REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
REPORT OF THE TRUSTEES AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
SCARBOROUGH MUSEUMS, CULTURE |
AND CREATIVE TRUST |
SCARBOROUGH MUSEUMS, CULTURE |
AND CREATIVE TRUST |
CONTENTS OF THE FINANCIAL STATEMENTS |
For The Year Ended 31 March 2024 |
Page |
Report of the Trustees | 1 | to | 10 |
Report of the Independent Auditors | 11 | to | 14 |
Statement of Financial Activities | 15 |
Balance Sheet | 16 |
Cash Flow Statement | 17 |
Notes to the Cash Flow Statement | 18 |
Notes to the Financial Statements | 19 | to | 29 |
SCARBOROUGH MUSEUMS, CULTURE |
AND CREATIVE TRUST (REGISTERED NUMBER: 05114387) |
REPORT OF THE TRUSTEES |
For The Year Ended 31 March 2024 |
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2024. The trustees have adopted the provisions of 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). |
SCARBOROUGH MUSEUMS, CULTURE |
AND CREATIVE TRUST (REGISTERED NUMBER: 05114387) |
REPORT OF THE TRUSTEES |
For The Year Ended 31 March 2024 |
OBJECTIVES AND ACTIVITIES |
Objectives and aims |
The Trust's charitable objectives are "To advance the education of the public in archaeology, history, natural sciences, decorative and fine arts, antiquities and related disciplines by: |
- | the establishment and maintenance of a museum and an art gallery in the Borough of |
Scarborough. |
- | promoting and encouraging scientific research by the disseminating of information and |
knowledge. |
- | promoting the preservation, access to and display of the Items, groupings, displays and |
collections for the benefit of the public in the Borough of Scarborough and elsewhere. |
- | Such other charitable purposes beneficial to the community consistent with the objects as the |
Trustees in their absolute discretion determine. |
Scarborough Borough Council transferred responsibility for the delivery of the Museums and Gallery Service and the management of the council's collections to the Trust on 1st January 2008 for an initial period of 30 years. During its early years the Trust focused on consolidating the position since the reopening of the Rotunda Museum in 2008 and the transfer of all management responsibilities to the Trust. |
In May 2022, the merger of the Museum Trust with the Creative Industries Centre Trust Ltd resulted in the creation of the Scarborough Museums, Culture and Creative Trust Ltd. The Service Level Agreement (SLA) with Scarborough Borough Council which was renegotiated in 2022 transferred to North Yorkshire Council on the creation of the new Unitary Authority and from 1st April 2023, SMCCT’s SLA has been with that body. |
The Strategic Plan |
The draft Forward Plan represented in April 2023 covers the period 2023 - 2026 and includes: |
Vision: |
Shaping the world around you, means we will: |
- | Create warm, accessible and inclusive places where everyone feels welcomed and represented. |
- | Be a nationally and internationally recognised organisation with roots firmly within the community |
we serve. |
- | Develop exciting learning programmes, events and exhibitions, in our venues and externally, to |
engage and inspire our audiences. |
- | To inspire, engage with and invest in our team, stakeholders and partner organisations. |
- | Develop projects and curate exhibitions that explore the history of Scarborough and seaside |
heritage. |
- | Grow visitor numbers. |
- | Increase income from commercial activities to support culture in Scarborough. |
Values: |
- | We are warm welcomes and wow moments. |
- | We are a connected community. |
- | We challenge, change and evolve. |
- | We look beyond Scarborough, to impact our world. |
- | We are anti-racist. |
Strategic Priorities: |
- | Democratising the Collection. |
- | Access and Inclusion. |
- | Environmental Responsibility. |
- | De-colonising the Museum. |
- | Supporting the Creative Industries |
SCARBOROUGH MUSEUMS, CULTURE |
AND CREATIVE TRUST (REGISTERED NUMBER: 05114387) |
REPORT OF THE TRUSTEES |
For The Year Ended 31 March 2024 |
Governance |
The new Unitary Authority North Yorkshire Council (NYC) in effect from 1st April 2023 meant that the Service Level Agreement and leases on all the buildings transferred from Scarborough Borough Council to NYC from the beginning of this financial period. The Chief Executive Officer resigned and left at the start of the following year. |
During the financial year, a number of trustees stepped down from their positions, including the Chair, and an Interim Chair was appointed in February 2024. A new Local Authority representative was appointed to the board in November 2023, following the establishment of the unitary authority. |
Rotunda |
The Arts Council England funded MEND project at the Rotunda Museum was completed in this financial period. The award of £256,000 was specifically for the conservation of the central rotunda. Work concentrated on replacing damaged masonry. Architects, Purcell project managed the work. A successful Heritage Open Days event in September 2023 provided visitors with the opportunity to see the conservation work being undertaken. |
Continued issues with water ingress and damage to the ceilings in the West Wing of the Rotunda meant that it has remained closed during the financial year. Work was undertaken to remove more vulnerable collection items from the space. |
Art Gallery |
In the Art Gallery, the conversion of a small office into the Gallery Shop during this period resulted in an improvement in retail sales and enhanced the visitor offer. As a result retail income at the Art Gallery increased from £4,129 in 2022/23 to £8,970. |
Partnership projects |
During September 2023, a new project manager was appointed for the Arts Council Funded Connecting Coastal Cultures project which is a partnership project with Crescent Arts. This appointment resulted in a review of the scope of the project and reconnecting with artists and external partners who had formed part of the earlier bid. |
As a result of one external partner no longer being able to participate, the project was reprogrammed. An open call for artists to participate in the Norther Expressions artist development programme stream was put out in November 2023 and an open call for established artists to respond to the Coastal Ecologies exhibition brief was put out in November 2023. |
The external funding for the project totals £89,000 over financial year 2023/24 and 2024/25. |
Public benefit |
As a charity, and with regard to Charity Commission guidance, the trustees recognise the Trust's duty to carry out its operations for the benefit of the public. In particular the trustees consider that the work of the Trust in the last year has advanced the arts, culture and heritage of the Borough of Scarborough and its region for the benefit of a broad audience. |
SCARBOROUGH MUSEUMS, CULTURE |
AND CREATIVE TRUST (REGISTERED NUMBER: 05114387) |
REPORT OF THE TRUSTEES |
For The Year Ended 31 March 2024 |
ACHIEVEMENT AND PERFORMANCE |
Charitable activities |
Exhibition Programme - Scarborough Art Gallery |
Squaring the Circles |
4 March - 1 May 2023 |
An exhibition in association with the Royal Photographic Society, Squaring the Circles, featured new and previously unseen work in the UK by ten contemporary artists, taking inspiration from Pictorialism, the artform that dominated the mid-nineteenth century to the early twentieth century. |
Exhibiting photographers included Takashi Arai, Angela Chalmers, David Chalmers, Susan Derges HonFRPS, David George, Joy Gregory HonFRPS, Tom Hunter HonFRPS, Ian Phillips McLaren, Céline Bodin and Spencer Rowell. Curated by Zelda Cheatle HonFRPS. |
East Coast Open |
13 May - 3 September 2023 |
A favourite amongst both visitors and staff, the East Coast Open is a highlight in the exhibition calendar - a showcase of local artistic talent and creativity. This year the exhibition was made up of 100 works by artists from across North Yorkshire, including textile, painting, printing, mixed media and photography. |
Always Been Here |
16 September 2023 - 7 January 2024 |
Through a process of collaborative engagement with local queer people, this exhibition brought together unique perspectives on works from the Scarborough Museums and Galleries permanent collection, presenting them alongside objects of personal significance to the local queer community for the first time. This exhibition was created in partnership with Crescent Arts. |
Displayful |
20 January - 6 May 2024 |
Celebrating happy accidents and joyful mess, Displayful invited visitors to enjoy contemporary artistic responses to objects from the collection. Combining new work from five regional artists, Luke Beech, Kate Fox, Wendy Galloway, Liberty Hodes and Angela Knipe, alongside historical artefacts, Displayful explored new possibilities for the lives of objects. |
Exhibition programme - Woodend |
This year saw the launch of the Connecting Coastal Cultures (CCC) a partnership project with Crescent Arts funded by Arts Council England. |
Based in Woodend, Crescent Arts is a vibrant creative hub rooted in Scarborough. For the year 2023 – 2024, they were responsible for producing some of the exhibitions programme with Garth Gratrix: Cheeky Felicia being the first CCC produced exhibition. |
Woodend was also the venue for the Sounds Better exhibition (2 March to 13 April 2024) which was a celebration and showcase of a collaborative project between Scarborough Museums and Art Gallery, Crescent Arts and Crosslane Hospital. |
A micro-exhibition was installed in the foyer of Woodend to interpret the Sitwell family connection to the building. |
SCARBOROUGH MUSEUMS, CULTURE |
AND CREATIVE TRUST (REGISTERED NUMBER: 05114387) |
REPORT OF THE TRUSTEES |
For The Year Ended 31 March 2024 |
Collections |
Acquisitions |
There were 20 new acquisitions into the collection including: |
- | 8 leases for Sandsend, Scarborough |
- | The police archive newspapers and booklets and letters |
- | A collection of theatre programmes |
- | 3 Books of astronomical observations hand drawn illustrations by John Harper FRAS |
- | 3 boxes of fossils and books |
- | 3 ammonites |
- | 6 glass slides of Scarborough and Cayton Bay (1955) |
As a result of a social media appeal, we were able to identify the artist of a painting of The Grand Hotel, held in our stores and for which there was little information. The painting was by the architect of the Grand Hotel, Cuthbert Brodick. |
Inventory |
Work began on planning a collections inventory project, working with volunteers to review and cross-reference information held on the objects in store. There was volunteer training held in February 2024 to support this work. Inventory of the works on paper, costume and elements of the numismatics collection began in the period. Volunteers were recruited to support this work. |
Community |
Sounds Better |
This project, which began in 2022/23, was a collaborative approach to look at how the impact and potential of sound might support recovery and creativity. Scarborough Museums and Galleries, along with Crescent Arts, worked with a number of organisations to explore this. Project participants and partners include Cross Lane Hospital, Yorkshire Coast Sight Support, the Personalised Learning College, Mencap, volunteers from Blueberry Academy, volunteer participant advisors and two paid artists. The project resulted in an exhibition (held in Woodend) and the creation of a toolkit for the SMG venues and those of our partners. |
A Space to Be |
This space, developed in the previous financial year, continued to be used for community engagement and to support the learning programme. This included the Sounds Better project. |
Yorkshire Fossil Festival |
Changes to the Yorkshire Fossil Festival took it to an alternative venue in Whitby in this financial year. SMG took a stand at the event. |
Learning |
Our formal leaning provision continued to be funded by Arts Council’s Museums and Schools programme in this financial year. The number of pupils visiting the venues in organised groups was 2,199, and 686 students were reached through outreach to schools by the learning team. 59 primary schools were engaged through the formal learning activity. |
SCARBOROUGH MUSEUMS, CULTURE |
AND CREATIVE TRUST (REGISTERED NUMBER: 05114387) |
REPORT OF THE TRUSTEES |
For The Year Ended 31 March 2024 |
Visitor Figures (1st April 2023 to 31st March 2024) |
Rotunda |
Annual tickets (paid) | 11,060 |
Repeat (free) | 2,932 |
This represented an increase of 868 paid visitors compared to 2022/23 and a small increase of 352 repeat visitors compared to the previous financial year. |
Art Gallery |
Annual tickets (paid) | 4,588 |
Repeat (free) | 4,383 |
This represented an decrease of 908 paid visitors compared to 2022/23 but an increase of 1,427 repeat visitors compared to the previous financial year. |
Free to both venues |
Under 18's | 7,014 |
Other free | 2,581 |
Non-learning attendees e.g. Space 2 Be and informal activities | 1,777 |
Woodend |
Total (free) | 7,738 (an increase of 2,407 on the previous financial year) |
SCARBOROUGH MUSEUMS, CULTURE |
AND CREATIVE TRUST (REGISTERED NUMBER: 05114387) |
REPORT OF THE TRUSTEES |
For The Year Ended 31 March 2024 |
FINANCIAL REVIEW |
Reserves policy |
The trustees have examined the requirements for reserves in light of the main risks to the charity. Sufficient working capital is in place to ensure that the museum and gallery are able to trade. It is the policy of Scarborough Museums Trust to hold reserves equivalent to 3-6 months operating costs. Reserves are also held for the purpose of refurbishing displays and exhibitions, and for exceptional expenditure. The Trustees wish to invest surpluses, subject to compliance with the Trust's reserves policy, in order to enhance further the provision of its charitable objects. |
Financial review |
The Funding Agreement between North Yorkshire Council and the Trust sets out the Contract Price paid by the Council to the Trust to manage the Museums and Gallery service. This is linked to inflation through one of the government's economic indices. |
The Finance Committee has reviewed budgets, income and expenditure and reported back to the main Board. The Chief Executive and members of the Finance Committee meet quarterly to review performance. |
Financial performance in the year was poorer than expected, resulting in a deficit of £236,213 and total reserves at the year end standing at £143,723. The trustees consider that a number of factors were at play in this financial period contributing to the financial performance including: |
- | Ongoing challenges of post-Covid recovery and subsequent cost of living impacts which have |
affected visitor numbers, and therefore impacted on income from admissions and retail. |
- | Issues with building fabric, in particular at The Rotunda, impacting on the ability to operate the core |
business effectively. |
- | Lack of clarity in management’s financial reporting to the board, and the impact of quarterly |
reporting creating a delay in the identification of the financial risks and appropriate mitigation. |
The deficit also reflects the timing of the receipt and subsequent expenditure of the MEND project funding. |
During the financial period 2023/24, a decision was made by management and Board to pursue the opening of a higher interest account to enable investment of reserves. This focus on investment has masked the issues of cash flow within the organisation. In reviewing these accounts, and specifically the cash flow statement, trustees note also that cash flow at the end of financial period 2023/24 reflects a significantly reduced cash position. |
FUTURE PLANS |
As mentioned above, the charity faced a challenging year in 2023/24 which significantly reduced the cash position of the charity at the year-end and into 2024/25 and this forced the trustees to consider the future operation of the venues in the best interest of locals and visitors alike. |
North Yorkshire Council owns Scarborough Art Gallery, Rotunda Museum and Woodend Gallery and Studios, along with their collections and the trustees approached the local authority with a view to them bringing operations back 'in-house' and ending the current service level agreement. The North Yorkshire Council executive committee voted unanimously to approve the recommendation and request from SMCCT at a meeting on the 18th March 2025 and, as a result, the charity will cease to operate on a planned handover date of 30th June 2025. |
The trustees and leadership team are now committed to ensuring a smooth handover process in the best interests of all stakeholders. |
SCARBOROUGH MUSEUMS, CULTURE |
AND CREATIVE TRUST (REGISTERED NUMBER: 05114387) |
REPORT OF THE TRUSTEES |
For The Year Ended 31 March 2024 |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Governing document |
Scarborough Museums Trust is a charitable company limited by guarantee and which was incorporated on 28th April 2004. It is governed by its Memorandum and Articles of Association, as amended by special resolutions dated 14 January 2005, 4 March 2009, 19 May 2010, 29 July 2011 and 26 October 2012 and is registered with the Charity Commission. In the event of the company being wound up, members are required to contribute an amount not exceeding £1 each. |
As set out in the Articles of Association, the number of trustees shall be not less than three but no more than fifteen. |
One trustee is nominated by Scarborough Borough Council: all other trustees are appointed by the existing trustees or members of the company. Members are re-elected on retirement in accordance with the rotation system outlined in Articles 28 and 33 of the Articles of Association. |
Recruitment and appointment of new trustees |
The board of trustees are aware of the diverse range of skills, experience and knowledge needed and will seek to ensure that they are appropriately reflected on the trustee board. |
Induction and training of new trustees |
All new trustees are provided with sufficient information on the charity's activities and trustee responsibilities when being appointed to the board. Such information includes: |
- | the obligations of the board of trustees; |
- | the main documents that set out the operational framework for the charity including the |
Memorandum and Articles of Association; |
- | a copy of the latest annual report and audited accounts; |
- | a copy of the latest business plan and budget. |
Key management remuneration |
The trustees consider that the board along with the chief executive comprise the key management personnel of the charity and are in charge of directing and controlling, running and operating the Trust on a day to day basis. All the trustees give their time freely and none are remunerated. Details of expenses reimbursed during the year are shown in the notes to the accounts. |
The pay of senior staff is reviewed annually and normally increased in accordance with average earnings. In view of the nature of the charity, the trustees benchmark against pay levels in other similar organisations in the North of England to ensure that the remuneration is fair and not out of line with that generally paid for similar roles. |
Risk management |
A risk register covering all aspects of the Trust's operation and context is reviewed quarterly by a Risk Management Committee. Key risks and mitigation strategies are then reported by the Board. |
REFERENCE AND ADMINISTRATIVE DETAILS |
Registered Company number |
Registered Charity number |
Registered office |
SCARBOROUGH MUSEUMS, CULTURE |
AND CREATIVE TRUST (REGISTERED NUMBER: 05114387) |
REPORT OF THE TRUSTEES |
For The Year Ended 31 March 2024 |
Trustees |
Company Secretary |
Auditors |
Chartered Accountants & Statutory Auditors |
5&6 Manor Court |
Manor Garth |
Scarborough |
North Yorkshire |
YO11 3TU |
Chief executive officer |
Mr A W Clay (resigned 14.03.24, left post 26.04.24) |
STATEMENT OF TRUSTEES' RESPONSIBILITIES |
The trustees (who are also the directors of Scarborough Museums, Culture and Creative Trust for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). |
Company law 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 charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to |
- | select suitable accounting policies and then apply them consistently; |
- | observe the methods and principles in the Charity SORP; |
- | make judgements and estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. |
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
In so far as the trustees are aware: |
- | there is no relevant audit information of which the charitable company's auditors are unaware; and |
- | the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information. |
SCARBOROUGH MUSEUMS, CULTURE |
AND CREATIVE TRUST (REGISTERED NUMBER: 05114387) |
REPORT OF THE TRUSTEES |
For The Year Ended 31 March 2024 |
AUDITORS |
The auditors, Fortus Audit LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
Approved by order of the board of trustees on |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
SCARBOROUGH MUSEUMS, CULTURE |
AND CREATIVE TRUST |
Opinion |
We have audited the financial statements of Scarborough Museums, Culture and Creative Trust (the 'charitable company') for the year ended 31 March 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the charitable company's affairs as at 31 March 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Emphasis of matter - basis of preparation |
We draw your attention to Note 1 of the financial statements which explains that the charitable company will cease to operate on 30 June 2025 and therefore the Trustees do not consider it appropriate to adopt the going concern basis in preparing the financial statements. Accordingly the financial statements have been prepared on a basis other than going concern as described in Note 1. |
Our opinion is not modified in respect of this matter. |
Other information |
The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Report of the Trustees has been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
SCARBOROUGH MUSEUMS, CULTURE |
AND CREATIVE TRUST |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of trustees' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit; or |
- | the trustees were not entitled to take advantage of the small companies exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Trustees. |
Responsibilities of trustees |
As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
SCARBOROUGH MUSEUMS, CULTURE |
AND CREATIVE TRUST |
Our responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and determined that the most significant frameworks which are directly relevant to specific assertions in the financial statements are those that relate to the reporting framework (UK GAAP and the Companies Act 2006) and the relevant tax compliance regulations in the UK. |
We understood how the company is complying with those frameworks by making enquiries of management and those responsible for legal and compliance procedures. We corroborated our enquiries through review of board minutes and discussions with those charged with governance. |
We assessed the susceptibility of the company’s financial statements to material misstatement, including how fraud might occur, by discussion with management from various parts of the business to understand where they considered there was a susceptibility to fraud. We considered the procedures and controls that the company has established to prevent and detect fraud, and how these are monitored by management, and also any enhanced risk factors such as performance targets. |
Based on our understanding, we designed our audit procedures to identify any non-compliance with laws and regulations identified in the paragraphs above. |
We also performed audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditors responsibilities. This description forms part of our Report of the Independent Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
SCARBOROUGH MUSEUMS, CULTURE |
AND CREATIVE TRUST |
Use of our report |
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Accountants & Statutory Auditors |
Manor Garth |
Scarborough |
North Yorkshire |
YO11 3TU |
SCARBOROUGH MUSEUMS, CULTURE |
AND CREATIVE TRUST |
STATEMENT OF FINANCIAL ACTIVITIES |
(INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) |
For The Year Ended 31 March 2024 |
2024 | 2023 |
Unrestricted | Restricted | Total | Total |
funds | funds | funds | funds |
Notes | £ | £ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies | 2 |
Charitable activities | 4 |
Investment income | 3 |
Local authority - Service level agreement | 5 |
Total |
EXPENDITURE ON |
Raising funds | 6 |
Charitable activities | 7 |
Total |
Net gains/(losses) on investments | ( |
) |
NET INCOME/(EXPENDITURE) | ( |
) | ( |
) | ( |
) | ( |
) |
Transfers between funds | 20 | (35,147 | ) | 35,147 | - | - |
Net movement in funds | ( |
) | ( |
) | ( |
) | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 379,936 |
SCARBOROUGH MUSEUMS, CULTURE |
AND CREATIVE TRUST (REGISTERED NUMBER: 05114387) |
BALANCE SHEET |
31 March 2024 |
2024 | 2023 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 14 |
Investments | 15 |
CURRENT ASSETS |
Stocks | 16 |
Debtors | 17 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 18 | ( |
) | ( |
) |
NET CURRENT ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
NET ASSETS |
FUNDS | 20 |
Unrestricted funds | 252,580 |
Restricted funds | 127,356 |
TOTAL FUNDS | 379,936 |
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. |
The financial statements were approved by the Board of Trustees and authorised for issue on |
SCARBOROUGH MUSEUMS, CULTURE |
AND CREATIVE TRUST |
CASH FLOW STATEMENT |
For The Year Ended 31 March 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | (185,678 | ) | (77,341 | ) |
Net cash used in operating activities | (185,678 | ) | (77,341 | ) |
Cash flows from investing activities |
Purchase of tangible fixed assets | (8,770 | ) | (20,621 | ) |
Interest received | 898 | 1,099 |
Net cash used in investing activities | (7,872 | ) | (19,522 | ) |
Change in cash and cash equivalents in the reporting period |
(193,550 |
) |
(96,863 |
) |
Cash and cash equivalents at the beginning of the reporting period |
239,534 |
336,397 |
Cash and cash equivalents at the end of the reporting period |
45,984 |
239,534 |
SCARBOROUGH MUSEUMS, CULTURE |
AND CREATIVE TRUST |
NOTES TO THE CASH FLOW STATEMENT |
For The Year Ended 31 March 2024 |
1. | RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES |
2024 | 2023 |
£ | £ |
Net expenditure for the reporting period (as per the Statement of Financial Activities) |
(236,213 |
) |
(54,133 |
) |
Adjustments for: |
Depreciation charges | 12,459 | 11,850 |
(Gain)/losses on investments | (5,689 | ) | 949 |
Interest received | (898 | ) | (1,099 | ) |
Impairment of subsidiary investment | 10 | - |
Increase in stocks | (2,801 | ) | (3,151 | ) |
Decrease in debtors | 11,275 | 112,853 |
Increase/(decrease) in creditors | 36,179 | (144,610 | ) |
Net cash used in operations | (185,678 | ) | (77,341 | ) |
2. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.4.23 | Cash flow | At 31.3.24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 239,534 | (193,550 | ) | 45,984 |
239,534 | (193,550 | ) | 45,984 |
Total | 239,534 | (193,550 | ) | 45,984 |
SCARBOROUGH MUSEUMS, CULTURE |
AND CREATIVE TRUST |
NOTES TO THE FINANCIAL STATEMENTS |
For The Year Ended 31 March 2024 |
1. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value. |
Income |
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. |
For donations and grants to be recognised the charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation or grant and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled. |
Expenditure |
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Fixtures, fittings and equipment | - |
Computer equipment & website | - |
Tangible fixed assets are stated at cost or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Cost includes all costs of purchase and is calculated using the first-in, first-out basis. Provision is made for damaged, obsolete and slow-moving stock where appropriate. |
Taxation |
The charity is exempt from corporation tax on its charitable activities. |
SCARBOROUGH MUSEUMS, CULTURE |
AND CREATIVE TRUST |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 31 March 2024 |
1. | ACCOUNTING POLICIES - continued |
Fund accounting |
Unrestricted funds are available to spend on activities that further any of the purposes of the charity. Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are grants and donations which the donor has specified are to be solely used for particular areas of the Trust's work or for specific projects being undertaken by the Trust. |
Debtors and creditors receivable / payable within one year |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure. |
Pension costs and other post-retirement benefits |
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate. |
Going concern |
As mentioned in the Report of the Trustees, the charity faced a challenging year in 2023/24 which put significant pressure on the cashflow of the charity and this forced the trustees to consider the future operation of the venues in the best interest of locals and visitors alike. |
North Yorkshire Council owns Scarborough Art Gallery, Rotunda Museum and Woodend Gallery and Studios, along with their collections and the trustees approached the local authority with a view to them bringing operations back 'in-house' and ending the current service level agreement. |
The North Yorkshire Council executive committee voted unanimously to approve the recommendation and request from SMCCT at a meeting on the 18th March 2025 and, as a result, the charity will cease to operate on a planned handover date of 30th June 2025. The trustees have therefore chosen not to adopt the going concern basis and appropriate adjustments have been made in the financial statements. |
2. | DONATIONS AND LEGACIES |
2024 | 2023 |
£ | £ |
Donations |
Grants |
Grants received, included in the above, are as follows: |
2024 | 2023 |
£ | £ |
Arts Council England | 246,366 | 226,809 |
National Lottery Heritage Fund | 24,987 | 68,835 |
The Geological Society | - | 22,250 |
Museum Development Yorkshire | 150 | 1,350 |
North Yorkshire County Council (Now North Yorkshire Council) | 30,450 | - |
Climate 2025 Limited | 1,000 | - |
'Culture&' | 16,000 | - |
Anglo American Woodsmith Limited | 5,000 | - |
Crescent Arts | 1,000 | - |
324,953 | 319,244 |
SCARBOROUGH MUSEUMS, CULTURE |
AND CREATIVE TRUST |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 31 March 2024 |
2. | DONATIONS AND LEGACIES - continued |
Grants received include £309,846 (2023 - £286,542) related to restricted funds. |
3. | INVESTMENT INCOME |
2024 | 2023 |
£ | £ |
Deposit account interest |
4. | INCOME FROM CHARITABLE ACTIVITIES |
2024 | 2023 |
Activity | £ | £ |
Admissions | Rotunda museum and art gallery | 49,076 | 44,335 |
Retail and refreshment sales |
Rotunda museum and art gallery |
34,724 |
24,629 |
Miscellaneous income | Rotunda museum and art gallery | 35,111 | 22,912 |
5. | LOCAL AUTHORITY - SERVICE LEVEL AGREEMENT |
The charity receives income from the local council under the terms of a service level agreement for the operation of the museum and art gallery and this is shown separately on the face of the Statement of Financial Activities. |
6. | RAISING FUNDS |
Other trading activities |
2024 | 2023 |
£ | £ |
Purchases |
7. | CHARITABLE ACTIVITIES COSTS |
Direct | Support |
Costs (see | costs (see |
note 8) | note 9) | Totals |
£ | £ | £ |
Rotunda museum and art gallery | 1,110,105 | 29,406 | 1,139,511 |
SCARBOROUGH MUSEUMS, CULTURE |
AND CREATIVE TRUST |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 31 March 2024 |
8. | DIRECT COSTS OF CHARITABLE ACTIVITIES |
2024 | 2023 |
£ | £ |
Staff costs | 470,395 | 394,984 |
Other staff costs | 8,684 | 11,853 |
Premises | 66,335 | 65,183 |
Supplies and services | 179,521 | 200,256 |
Professional services | 2,300 | 2,130 |
Grant project expenditure | 370,423 | 164,957 |
Depreciation | 12,437 | 11,850 |
Impairment losses | 10 | - |
1,110,105 | 851,213 |
Included in the above costs are £414,960 (2023 - £205,944) relating to restricted funds. |
Staff costs include salaries and related costs incurred in relation to one-off projects and funding. |
9. | SUPPORT COSTS |
Governance |
costs |
£ |
Rotunda museum and art gallery | 29,406 |
Support costs, included in the above, are as follows: |
2024 | 2023 |
Rotunda |
museum |
and art | Total |
gallery | activities |
£ | £ |
Auditors' remuneration | 4,200 | 4,200 |
Legal and professional fees | 25,206 | 24,830 |
29,406 | 29,030 |
10. | NET INCOME/(EXPENDITURE) |
Net income/(expenditure) is stated after charging/(crediting): |
2024 | 2023 |
£ | £ |
Auditors' remuneration | 4,200 | 4,200 |
Depreciation - owned assets |
SCARBOROUGH MUSEUMS, CULTURE |
AND CREATIVE TRUST |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 31 March 2024 |
11. | TRUSTEES' REMUNERATION AND BENEFITS |
There were no trustees' remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023. |
Trustees' expenses |
There were no trustees' expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023. |
12. | STAFF COSTS |
2024 | 2023 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
470,395 | 394,984 |
The average monthly number of employees during the year was as follows: |
2024 | 2023 |
Charitable activities |
No employees received emoluments in excess of £60,000 during the current or prior year. |
13. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - PRIOR YEAR ONLY |
Unrestricted | Restricted | Total |
funds | funds | funds |
£ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
Charitable activities |
Investment income |
Local authority - Service level agreement |
Total |
EXPENDITURE ON |
Raising funds |
Charitable activities |
Total |
Net gains/(losses) on investments | ( |
) | ( |
) |
SCARBOROUGH MUSEUMS, CULTURE |
AND CREATIVE TRUST |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 31 March 2024 |
13. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - PRIOR YEAR ONLY - continued |
Unrestricted | Restricted | Total |
funds | funds | funds |
£ | £ | £ |
NET INCOME/(EXPENDITURE) | ( |
) | ( |
) |
Transfers between funds | (46,758 | ) | 46,758 | - |
Net movement in funds | ( |
) | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward | 434,069 | - |
TOTAL FUNDS CARRIED FORWARD | 252,580 | 127,356 | 379,936 |
14. | TANGIBLE FIXED ASSETS |
Fixtures, |
fittings | Computer |
and | equipment |
equipment | & website | Totals |
£ | £ | £ |
COST |
At 1 April 2023 |
Additions |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
15. | FIXED ASSET INVESTMENTS |
Shares in |
group | Unlisted |
undertakings | investments | Totals |
£ | £ | £ |
MARKET VALUE |
At 1 April 2023 | 132,328 |
Impairments | ( |
) | 5,679 |
At 31 March 2024 | 138,007 |
NET BOOK VALUE |
At 31 March 2024 | - | 138,007 | 138,007 |
At 31 March 2023 | 10 | 132,318 | 132,328 |
There were no investment assets outside the UK. |
SCARBOROUGH MUSEUMS, CULTURE |
AND CREATIVE TRUST |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 31 March 2024 |
15. | FIXED ASSET INVESTMENTS - continued |
The subsidiary company was dissolved shortly after the year-end. |
16. | STOCKS |
2024 | 2023 |
£ | £ |
Stocks |
17. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
Prepayments and accrued income |
18. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Social security and other taxes |
Other creditors |
Accrued expenses |
19. | ANALYSIS OF NET ASSETS BETWEEN FUNDS |
2024 | 2023 |
Unrestricted | Restricted | Total | Total |
funds | funds | funds | funds |
£ | £ | £ | £ |
Fixed assets | 52,262 | - | 52,262 | 55,951 |
Investments |
Current assets |
Current liabilities | ( |
) | ( |
) | ( |
) | ( |
) |
86,334 | 57,389 | 143,723 | 379,936 |
SCARBOROUGH MUSEUMS, CULTURE |
AND CREATIVE TRUST |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 31 March 2024 |
20. | MOVEMENT IN FUNDS |
Net | Transfers |
movement | between | At |
At 1.4.23 | in funds | funds | 31.3.24 |
£ | £ | £ | £ |
Unrestricted funds |
Unrestricted funds | 252,580 | (131,099 | ) | (35,147 | ) | 86,334 |
Restricted funds |
The Fossil Festival | - | (5,575 | ) | 5,575 | - |
Arts Council - School and Museum Partnership |
15,390 |
(6,091 |
) |
- |
9,299 |
The Wild Escape Scheme | 589 | (589 | ) | - | - |
Future Lab/What If | - | (63 | ) | 63 | - |
Museum Estate Development Fund | 111,377 | (138,877 | ) | 27,500 | - |
Connecting Coastal Culture | - | 25,195 | - | 25,195 |
YorEarth Project | - | 5,895 | - | 5,895 |
Sensing Creativity | - | (2,009 | ) | 2,009 | - |
Curatorial Fellowships | - | 16,000 | - | 16,000 |
Cuture Declares Emergency | - | 1,000 | - | 1,000 |
(105,114 | ) |
TOTAL FUNDS | (236,213 | ) | 143,723 |
Net movement in funds, included in the above are as follows: |
Incoming | Resources | Gains and | Movement |
resources | expended | losses | in funds |
£ | £ | £ | £ |
Unrestricted funds |
Unrestricted funds | 610,551 | (747,339 | ) | 5,689 | (131,099 | ) |
Restricted funds |
The Fossil Festival | 5,000 | (10,575 | ) | - | (5,575 | ) |
Arts Council - School and Museum Partnership |
68,400 |
(74,491 |
) |
- |
(6,091 |
) |
The Wild Escape Scheme | 150 | (739 | ) | - | (589 | ) |
Future Lab/What If | 4,983 | (5,046 | ) | - | (63 | ) |
Museum Estate Development Fund | 128,027 | (266,904 | ) | - | (138,877 | ) |
Connecting Coastal Culture | 44,956 | (19,761 | ) | - | 25,195 |
YorEarth Project | 9,880 | (3,985 | ) | - | 5,895 |
Research into Scarborough 400 history | 450 | (450 | ) | - | - |
Sensing Creativity | 31,000 | (33,009 | ) | - | (2,009 | ) |
Curatorial Fellowships | 16,000 | - | - | 16,000 |
Cuture Declares Emergency | 1,000 | - | - | 1,000 |
( |
) | (105,114 | ) |
TOTAL FUNDS | ( |
) | (236,213 | ) |
SCARBOROUGH MUSEUMS, CULTURE |
AND CREATIVE TRUST |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 31 March 2024 |
20. | MOVEMENT IN FUNDS - continued |
Comparatives for movement in funds |
Net | Transfers |
movement | between | At |
At 1.4.22 | in funds | funds | 31.3.23 |
£ | £ | £ | £ |
Unrestricted funds |
Unrestricted funds | 434,069 | (131,305 | ) | (50,184 | ) | 252,580 |
Fossil Festival | - | (3,426 | ) | 3,426 | - |
434,069 | (134,731 | ) | (46,758 | ) | 252,580 |
Restricted funds |
Arts Council - School and Museum Partnership |
- |
(11,293 |
) |
26,683 |
15,390 |
The Wild Escape Scheme | - | 589 | - | 589 |
From Local to Global | - | (11,929 | ) | 11,929 | - |
Future Lab/What If | - | (8,146 | ) | 8,146 | - |
Museum Estate Development Fund | - | 111,377 | - | 111,377 |
- | 80,598 | 46,758 | 127,356 |
TOTAL FUNDS | 434,069 | (54,133 | ) | - | 379,936 |
Comparative net movement in funds, included in the above are as follows: |
Incoming | Resources | Gains and | Movement |
resources | expended | losses | in funds |
£ | £ | £ | £ |
Unrestricted funds |
Unrestricted funds | 533,176 | (663,532 | ) | (949 | ) | (131,305 | ) |
Fossil Festival | 22,250 | (25,676 | ) | - | (3,426 | ) |
555,426 | (689,208 | ) | (949 | ) | (134,731 | ) |
Restricted funds |
Arts Council - School and Museum Partnership |
68,400 |
(79,693 |
) |
- |
(11,293 |
) |
The Wild Escape Scheme | 1,350 | (761 | ) | - | 589 |
From Local to Global | 68,835 | (80,764 | ) | - | (11,929 | ) |
Future Lab/What If | 19,930 | (28,076 | ) | - | (8,146 | ) |
Museum Estate Development Fund | 128,027 | (16,650 | ) | - | 111,377 |
286,542 | (205,944 | ) | - | 80,598 |
TOTAL FUNDS | 841,968 | (895,152 | ) | (949 | ) | (54,133 | ) |
SCARBOROUGH MUSEUMS, CULTURE |
AND CREATIVE TRUST |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 31 March 2024 |
20. | MOVEMENT IN FUNDS - continued |
A current year 12 months and prior year 12 months combined position is as follows: |
Net | Transfers |
movement | between | At |
At 1.4.22 | in funds | funds | 31.3.24 |
£ | £ | £ | £ |
Unrestricted funds |
Unrestricted funds | 434,069 | (262,404 | ) | (85,331 | ) | 86,334 |
Fossil Festival | - | (3,426 | ) | 3,426 | - |
434,069 | (265,830 | ) | (81,905 | ) | 86,334 |
Restricted funds |
The Fossil Festival | - | (5,575 | ) | 5,575 | - |
Arts Council - School and Museum Partnership |
- |
(17,384 |
) |
26,683 |
9,299 |
From Local to Global | - | (11,929 | ) | 11,929 | - |
Future Lab/What If | - | (8,209 | ) | 8,209 | - |
Museum Estate Development Fund | - | (27,500 | ) | 27,500 | - |
Connecting Coastal Culture | - | 25,195 | - | 25,195 |
YorEarth Project | - | 5,895 | - | 5,895 |
Sensing Creativity | - | (2,009 | ) | 2,009 | - |
Curatorial Fellowships | - | 16,000 | - | 16,000 |
Cuture Declares Emergency | - | 1,000 | - | 1,000 |
- | (24,516 | ) | 81,905 | 57,389 |
TOTAL FUNDS | 434,069 | (290,346 | ) | - | 143,723 |
SCARBOROUGH MUSEUMS, CULTURE |
AND CREATIVE TRUST |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 31 March 2024 |
20. | MOVEMENT IN FUNDS - continued |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: |
Incoming | Resources | Gains and | Movement |
resources | expended | losses | in funds |
£ | £ | £ | £ |
Unrestricted funds |
Unrestricted funds | 1,143,727 | (1,410,871 | ) | 4,740 | (262,404 | ) |
Fossil Festival | 22,250 | (25,676 | ) | - | (3,426 | ) |
1,165,977 | (1,436,547 | ) | 4,740 | (265,830 | ) |
Restricted funds |
The Fossil Festival | 5,000 | (10,575 | ) | - | (5,575 | ) |
Arts Council - School and Museum Partnership |
136,800 |
(154,184 |
) |
- |
(17,384 |
) |
The Wild Escape Scheme | 1,500 | (1,500 | ) | - | - |
From Local to Global | 68,835 | (80,764 | ) | - | (11,929 | ) |
Future Lab/What If | 24,913 | (33,122 | ) | - | (8,209 | ) |
Museum Estate Development Fund | 256,054 | (283,554 | ) | - | (27,500 | ) |
Connecting Coastal Culture | 44,956 | (19,761 | ) | - | 25,195 |
YorEarth Project | 9,880 | (3,985 | ) | - | 5,895 |
Research into Scarborough 400 history | 450 | (450 | ) | - | - |
Sensing Creativity | 31,000 | (33,009 | ) | - | (2,009 | ) |
Curatorial Fellowships | 16,000 | - | - | 16,000 |
Cuture Declares Emergency | 1,000 | - | - | 1,000 |
596,388 | (620,904 | ) | - | (24,516 | ) |
TOTAL FUNDS | 1,762,365 | (2,057,451 | ) | 4,740 | (290,346 | ) |
21. | RELATED PARTY DISCLOSURES |
There were no related party transactions for the years ended 31 March 2024 or 31 March 2023. |
22. | COMPANY LIMITED BY GUARANTEE |
The company is limited by guarantee and has no issued share capital. Every member of the company undertakes to contribute to the assets of the company in the event of the same being wound up while he/she is a member, such amount as may be required not exceeding £1 each. |