MIGRATION MUSEUM PROJECT
TRUSTEES’ REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
Registered Company No: 08544993 Registered Charity No: 1153774
MIGRATION MUSEUM PROJECT
YEAR ENDED 31 MARCH 2021
| CONTENTS | Page |
|---|---|
| Reference and administrative information | 1 |
| Trustees’ report | 2 – 8 |
| Independent Examiner’s report | 9 |
| Statement of financial activities | 10 |
| Balance sheet | 11 |
| Statement of cash flows | 12 |
| Notes to the financial statements | 13 - 19 |
MIGRATION MUSEUM PROJECT
(A company limited by guarantee)
REFERENCE AND ADMINISTRATIVE INFORMATION
FOR THE YEAR ENDED 31 MARCH 2021
| Trustees | Barbara Roche | (Chair – resigned 7 July 2021) |
|---|---|---|
| Charles Gurassa | (Chair – from 7 July 2021) | |
| Mohan Mansigani OBE OstJ | (Treasurer) | |
| George Alagiah OBE | (appointed 12 January 2021) | |
| Zelda Baveystock | (resigned 7 July 2021) | |
| Sarah Caplin | ||
| Margot Finn | (appointed 7 October 2021) | |
| Nilufar Fowler | (appointed 7 October 2021) | |
| Ayesha Hameed | (appointed 7 October 2021) | |
| Kuljit Kaur Jackson | (appointed 7 October 2021) | |
| Eric Langham | (appointed 7 October 2021) | |
| David Olusoga OBE | ||
| Robert Winder | ||
| Company Secretary and CEO | Sophie Henderson | |
| Charity Registration Number | 1153774 | |
| Company Registration Number | 08544993 | |
| Principal Address and Registered Office | 15 Larkhall Rise | |
| London | ||
| SW4 6JB | ||
| Independent Examiner | Olayinka Tomori ACA DChA | |
| Longmeade Consult Ltd | ||
| Regus House | ||
| Victory Way | ||
| Admirals Park | ||
| Dartford | ||
| DA2 6QD | ||
| Bankers | The Co-operative Bank | |
| P O Box 250 | ||
| Skelmersdale | ||
| WN8 6WT |
Page | 1
MIGRATION MUSEUM PROJECT
(A company limited by guarantee)
TRUSTEES’ REPORT (continued)
FOR THE YEAR ENDED 31 MARCH 2021
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 2021. 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) (second edition effective 1 January 2019).
The Migration Museum Project is a private charitable company limited by guarantee. The Directors of the charitable company are its Trustees for the purpose of charity law. None of the Trustees has any beneficial interest in the company.
Objectives and Activities
Our purpose
Our mission is to deliver Britain’s missing museum: a moving and inspiring cultural institution to put Britain’s migration story at centre stage, where it belongs. We aim to explore how migration has shaped who we are as individuals and as a nation and to provide context and backdrop for contemporary conversations about migration that can be heated and polarising. Our vision is of a society in which each of us feels personally connected to, and owns, our shared migration story as an essential part of British history. Our values, both within and beyond our organisation, are to promote tolerance, understanding, respect, representation and participation.
Specifically, we aim to:
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Increase knowledge, understanding and appreciation of Britain’s long, shared history of migration, including emigration, as an essential part of Britain’s national story
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Encourage understanding of our personal connections to Britain’s migration story
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Locate contemporary debates within a broader historical context
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Bring people together through meaningful interactions
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Deliver the Migration Museum in a permanent home that has national reach and relevance
The year ending 31 March 2021 was a year like no other, with repeated lockdowns and enforced closure of the museum due to Covid-19 meaning that we operated with skeleton staff for much of the year and were able to open to the public for just 15 days. Notwithstanding these adverse circumstances, our objectives remained to:
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Build our reputation as an innovative cultural producer
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Develop our public engagement and communications
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Grow our education programme
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Fundraise and build our case for support
We radically revised our planned activities for the year, and continued to adjust our plans responsively throughout in response to variable staffing and changing external circumstances, so as to achieve the charity’s aims and objectives.
We aimed to:
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Deliver a vibrant cultural programme but with a much increased emphasis on digital rather than in-person exhibitions and events combined with behind-the-scenes cataloguing and strategic planning
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Engage with audiences in accordance with our theory of change and to build profile and credibility, in particular responding sensitively to the pandemic and Black Lives Matter
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Support pupils and teachers by providing online learning opportunities as required whilst increasing the national reach and relevance of our education programme through building strategic partnerships with examination boards, teacher trainers and others
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Increase and diversify our funding, building strategic delivery partnerships where possible and establishing the museum’s value in promoting inclusion and belonging amongst our community of users
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MIGRATION MUSEUM PROJECT
(A company limited by guarantee)
TRUSTEES’ REPORT (continued)
FOR THE YEAR ENDED 31 MARCH 2021
Achievements and Performance
1 Introduction
During this unprecedented year, during which the museum operated with skeleton staff for the first half of the year, and was able to open to the public for just 15 days, we nevertheless achieved significant success in many areas: we diversified our funding and grew our income by 78%, pivoted to engage audiences online rather than in person, strengthened our education committee and placed ourselves at heart of debate about curriculum change, convened stimulating and popular Migration Network events linking hundreds of museums and heritage organisations across the country, and continued to nurture the partnerships and support necessary to deliver a permanent Migration Museum for Britain. Following the resignation of our Founder and Chair of Trustees, Barbara Roche, and extensive consultation, we appointed existing trustee, Charles Gurassa, Chairman of Channel 4 and Oxfam GB to succeed as Chair and instigated a wide-ranging recruitment process to create a skilled and diverse Board to take the Migration Museum to the next level. The Black Lives Matter movement, that emerged in the wake of the appalling killing of George Floyd in the US in May 2020, strengthened both our rationale and our resolve: we issued a statement of solidarity and sought to live that statement by raising awareness and learning within our organisation and beyond including through reviewing the diversity and recruitment processes for our committees, boards, teams and volunteers, and by educating ourselves and others with invited speakers and a large bank of resources collated on our website and widely shared.
2 Cultural Programme and public engagement
Immediately before the reporting period, in the month preceding the first lockdown of March 2020, the Migration Museum had completed a spectacularly successful move to Lewisham Shopping Centre. In our first four weeks of opening we welcomed more than 400 visitors each day, breaking down barriers to access by actually bringing our museum to where people were going about their daily business. We hosted a number of lively events including a buzzing opening and comedy night, we launched our education programme in Lewisham with an evening for teachers and several school visits, and we welcomed communities with participatory activities including a self-portrait painting workshop led by renowned artist , Angélica Dass, creator of our Humanae installation that explores skin colour through Pantone portraits. The museum’s Artistic Director, Aditi Anand, received the award of Radical Changemaker from the Museums Association in recognition of her work delivering a museum in a shopping centre.
In response to enforced closure of the museum and the government’s Coronavirus Job Retention scheme, we furloughed all members of staff save for our CEO and Head of Public Engagement so that we could continue with fundraising and development and maintain our connection with audiences to the best of our ability. In the early weeks of lockdown in particular, communicating with our audiences via social media proved invaluable. We ran Instagram campaigns inviting photographs and reflections on themes of #Resilience and #WindrushToMe, we shared exhibition content and education resources, and we created a series of posts focussing on the history of people who have sought refuge in the UK. All resulted in large spikes in engagement and increased followings by year’s end on Instagram (up 50% to 5.3k) and Twitter (up 15% to 13.1k).
During the year we unfurloughed further staff and sought and obtained funding from Arts Council England and other funders to create our first ever digital exhibition, Heart of the Nation: Migration and the Making of the NHS. The Covid19 pandemic threw into stark relief the importance of the NHS in all our lives and this exhibition aimed to highlight the story of how this cherished and quintessentially British institution has been built and shaped by people from all over the world, from porters to consultants, ever since its foundation in 1948. A quarter of NHS staff are not British nationals or come from a minority ethnic background, and this figure rises to a third of nurses and almost half of doctors. At a time when many of these workers were operating on the front line of the pandemic – and disproportionately losing their lives in so doing – it felt right to shine a light on this important story. This lively exhibition explored a range of themes through multimedia story-telling, art, photography, animation and archival material. Renowned artists including Rankin and the Singh Twins contributed, and Michael Rosen, a long-standing distinguished friend of the Migration Museum, voiced the introduction to the exhibition. Supported by Arts Council England-affiliated digital agency, The Space, the exhibition had a vibrant social media presence through Instagram Live conversations featuring celebrities and medical influencers, and posts containing infographics, history and spotlights on medical migrants. We secured a partnership with Spotify,
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MIGRATION MUSEUM PROJECT (A company limited by guarantee)
TRUSTEES’ REPORT (continued)
FOR THE YEAR ENDED 31 MARCH 2021
which launched a playlist to accompany the exhibition consisting of 72 songs, each representing one year of the existence of the NHS, which gained more than 3k followers during its first three months. By year’s end the exhibition had been visited online by nearly 13k unique visitors and, though new visits to the Migration Museum’s main website declined slightly over the year to 66k, visits to Heart of the Nation boosted annual website visits overall such that there was a net increase of 5% to 79k. Visitors to Heart of the Nation spent twice as long engaging with the exhibition as visitors to the museum’s main website, and this exhibition attracted also attracted a broader demographic (older and more male) than the Migration Museum’s core audience.
In December 2020 Heart of the Nation was featured for two consecutive weeks in the Piccadilly Circus Lights during the Thursday night slot that celebrated the work of the NHS, courtesy of our landlords, Landsec, who own the Lights. Heart of the Nation was critically well-received including by Claire Armistead in the Guardian , the Londonist , Eastern Eye , FAD and ID magazines and was also covered by BBC London and Metro.
Owing to government restrictions we were unable to open our major new exhibition, Departures , looking at the littleknown and under-explored story of 400 years of British emigration, in the summer of 2020 as planned. However, as soon as permitted, we installed this exhibition and were able to open briefly in October for just 4 days before the second lockdown and again for a further 6 days in December before the third lockdown prevented any in-person museum visits for the remainder of the reporting year. Notwithstanding, we held a lively online launch, hosted by George Alagiah, viewed more than 1.6k times, featuring an introduction to the exhibition from Artistic Director, Aditi Anand, and interviews with exhibition contributors from around the world. We launched a popular accompanying podcast downloaded nearly 1k times each month, and a series of guest blogs by curators and historians and focussing on family history in partnership with Find My Past. Departures was critically acclaimed in iNews, BBC Arts , The Voice and the London Review of Books .
As members of staff members progressively returned to full- or part-time work throughout the year we developed ideas for exhibitions and projects, grew our digital strategy and worked on archiving our collection of visitor contributions and stories. At year’s end we had conceived and begun fundraising for an ambitious campaign, #FootbalMovesPeople, to accompany the delayed Euro 2020 tournament, scheduled for summer 2021. This aimed to spotlight local South-East London football heroes nominated by the public in the museum itself and to run an ambitious out of home and social media campaign featuring arresting graphics showing the England line-up without first or second generation migration, player migration stories, football history, trivia and more.
3 Education
The nation’s schooling was severely disrupted by the pandemic, with most children unable to attend school in person until Autumn 2020 and school trips to museums an impossibility throughout the year. The museum’s education staff were furloughed for the first part of the year and clearly unable to deliver the museum’s trademark exhibition-based workshops. At the same time the Black Lives Matter movement provided a powerful reminder of the importance of the museum’s education programme, with vocal calls from teachers, pupils and the public for more and better teaching about Black migration history and Britain’s colonial past, and there is clear evidence that schools require support with teaching in these areas. Our Head of Learning and Partnerships, Emily Miller, gave evidence to the House of Commons Petitions Committee in relation to their survey findings that 70% history teachers believe that the curriculum does not reflect the diversity of modern Britain, 25% lack confidence in their ability to teach Black history and cultural diversity, and 85% want training to assist with this. At our online Migration Network event in October we convened a lively discussion group about how museums can better engage schools in teaching about migration.
Given the circumstances, our primary focus was on building our education programme behind the scenes and increasing our voice in curriculum development. Nevertheless we delivered online workshops responsive to need to more than 200 primary school children and nearly 300 university students, as well as building our teacher training offer, providing online training for Prince’s Training Institute, Harris Academy History teachers and others. We developed our education steering committee by welcoming new members Hannah Cusworth, former Head of History at Charter School, Dulwich, and Dr Sundeep Lidher, lecturer in Black and Asian British history at KCL and creator of Runnymede Trust’s acclaimed online education resource Our Migration Story . We developed our relationships with examination boards by consulting
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MIGRATION MUSEUM PROJECT (A company limited by guarantee)
TRUSTEES’ REPORT (continued)
FOR THE YEAR ENDED 31 MARCH 2021
on content for Edexcel Pearson’s forthcoming new migration history GCSE module, and we completed our biennial competition for schools, delivered in partnership with AQA and OCR, for pupils to design a museum exhibit based on their studies, in adapted form, issuing prize vouchers to short-listed teams in place of the planned finals event and winning trip to Paris. In response to Black Lives Matter we created a bank of educational, museum and workplace resources, books, articles, films and podcasts on our website and we also worked towards creation of downloadable education resources to accompany all our exhibitions.
4 Migration Network
The Migration Network, convened by the Migration Museum with national partners and supported by Art Fund and other funders, is a sector-supporting knowledge and skills-sharing network to bring out and share best practice in migration story-telling in museums and heritage organisations nationwide. Previously Network events have been held in person, but during this extraordinary year we completed a very successful transition to delivering these events online. Throughout the year, the Network’s founding partners (National Trust, Horniman Museum, National Museums Liverpool, Museums Association, Counterpoints Arts and Oxford University’s Centre on Migration Policy and Studies COMPAS) continued to meet virtually to steer the process. We delivered our first online event, to cover institutions in the North-West of England, in October 2020, co-hosted with National Museums Liverpool. There were 80 participants who took part in a varied programme, including presentations from the National Trust’s Colonial Countrysides Project and the People’s History Museum and discussions on digital public engagement, teaching about migration, Black Lives Matter and more. A second online event in January 2021, covering the North East and Yorkshire, was co-hosted with Tyne and Wear Archives and Museums and was attended by 100 people who heard presentations from Barnsley Museums, Migration Yorkshire, Harewood House and more and took part in discussions on topics including managing partnerships, increasing diversity, and working with academia. Feedback from these events has been excellent, underlining their value in brokering connections and building skills: 80% of attendees said that they would be likely to make use of information learned and 70% that they would be likely to make contact with other participants as a result of the event.
At year’s end a further Migration Network event to be co-hosted with Bristol Museums was in preparation and independent evaluation of the full series of six Network events was ongoing.
5 Trustees, staff, fundraising, development and partnerships
An important development during the year was that our Founder and Chair of trustees, former Immigration Minister Barbara Roche announced her intention to stand down after 10 years, and Zelda Baveystock also tendered her resignation as a trustee. The Migration Museum noted with appreciation and affection the incredible contribution and service that Barbara and Zelda had both given to the museum over the years and embarked upon the process of securing Barbara’s successor and building the Board. We convened a nominations committee that decided, after extensive consultation, to invite existing trustee, Charles Gurassa, to be our new Chair which invitation he happily accepted. Charles is Chair of Channel 4 and Oxfam GB and brings a wealth of experience from the heritage, business and voluntary sectors as well as having close working knowledge of the museum and is uniquely well placed to lead the museum to the next stage of its development. Charles’s appointment was accompanied by a broader process of Board renewal and diversification: in January 2021 we were delighted to welcome renowned broadcaster and BBC news anchor George Alagiah OBE to join the Board and at year’s end we had advertised widely to recruit for the diverse skills and inspiration required to deliver a permanent Migration Museum for Britain.
Members of staff progressively returned to part- or full-time work during the year according to the museum’s resources and need to sustain outputs and momentum and the Board of Trustees met more frequently than usual to discuss the ever-shifting landscape and furlough arrangements. Whilst furloughed, members of staff team volunteered with other organisations, including foodbanks, and maintained contact with each other virtually. We maintained engagement with our community of approximately 50 volunteers to the best of our ability, though the activities we were able to offer were inevitably adapted to supporting a museum that was not open to the public. We hosted three MA students from SOAS and eight students from Goldsmiths University who assisted with exhibition research and cataloguing, as well as two Civil Leadership Academy interns from King’s College London who researched opportunities for teaching about migration within the national curriculum. A PhD student from University College London supported with delivery of the
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MIGRATION MUSEUM PROJECT (A company limited by guarantee)
TRUSTEES’ REPORT (continued)
FOR THE YEAR ENDED 31 MARCH 2021
Migration Network. Towards the end of the year we recruited a new Digital Content Manager to reflect our increased digital outputs and emphasis, and successfully applied to the government’s Kick Start scheme to recruit two Creative Producers, young people not in work, employment or training, in anticipation of the museum’s re-opening in Summer 2021.
In the absence of an attractive showcase with which to engage funders and supporters, and a venue from which to generate income from shop and educational sales and venue hire, fundraising and development proved extremely challenging during the year. Private donations fell to just 3% of income (down from 20% in the previous year) and income from sales fell to virtually zero (down from 10%). Nonetheless we were fortunate in having a business model with limited overheads and not dependent upon admissions income. We were generously supported by Covid-support grants from some of our existing core funders, the Heritage Lottery’s Culture Recovery Fund, Lewisham business support grants and the government’s job-retention scheme. In addition, we successfully pivoted many of our activities from physical to online delivery, and in consequence attracted new funding for digital projects. Over the year we cultivated some new funding relationships including with the Dorfman Foundation and Rumi Foundation, and we secured a significant multiyear grant from the Oak Foundation.
Conversations with property developers, local authorities and others with a view to securing a permanent home for the Migration Museum virtually stalled owing to national and global uncertainty in all areas, though our landlords Landsec extended our lease to enable us to stay for the duration of the year. However, the positive role that museums might play in reimagining and rebuilding shopping centres and high streets was explored in a number of articles, citing the Migration Museum as an example, including in the Museums Association’s Journal and The Developer magazine. Many partnerships also flourished during the year, including with Spotify and Find My Past, all the major examination boards, the founding partners of the Migration Network as well as hundreds of Network event participants, digital developers and public engagement specialists, as well as with the artists, story-tellers and historians who contributed to our exhibitions. Towards the end of the year, Lewisham Council convened a steering group of local cultural and business partners, including the Migration Museum, to guide delivery of their Borough of Culture in 2022, one of its key themes being the diversity and migration history of the borough.
Financial Review
The Migration Museum’s income increased 78% to £749k compared with the previous year’s income of £421k. The increase in income was mainly as a result of the Government furlough grant of £102k, the Heritage Lottery Culture Recovery Fund of £65k, a number of other new grants and additional funding from Arts Council England.
In non-Covid times we would have expected expenditure to have increased signficantly compared with the previous year, owing to our move to larger premises, and increased staff, events and office costs. However the pandemic meant that whilst we saved on some of the costs of running a phyiscal museum, we nevertheless incurred costs of digital engagement and Departures installation. The net result was that our overall spend for the year of £468k was marginally lower than the previous year’s expenditure of £479k.
Funds held at the year-end amounted to £448k (2020: £175k) of which £254k (2020: £66k) was restricted.
The Trustees have considered the impact of the Covid-19 pandemic on the charity’s ability to continue as a going concern and have concluded that there are sufficient resources to meet its financial obligations for the foreseeable future.
Investment powers and policy
The Trustees have the powers to make investments on behalf of the charity as they deem fit. The charity’s current risk profile indicates that investments should be held in low-risk assets. Consequently, all investments are currently held in bank account balances.
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MIGRATION MUSEUM PROJECT (A company limited by guarantee)
TRUSTEES’ REPORT (continued)
FOR THE YEAR ENDED 31 MARCH 2021
Reserves policy
Our income to date has largely consisted in restricted, project-based funding. As we develop, we encourage our core funders to designate funding as unrestricted, so far as possible, to enable us to pursue development of the project overall, notably our wider ambition to establish a permanent Migration Museum for Britain in a physical site. In particular, we seek to establish free reserves (unrestricted funds that are not designated or tied into fixed assets) to provide us with flexibility in developing our case for support and capacity for fundraising. Once we embark on a capital fundraising campaign for the permanent museum we are likely to require 10-15% of the capital sum that we seek to raise in free reserves to meet our fundraising costs over three years.
Free reserves at the end of the year were £194k (2020: £109k). This is in line with our target of holding free reserves amounting to at least 3 months of expenditure (£120k) and setting aside funds for a capital fundraising campaign. The charity intends to continue generating funds to meet its objective of increasing public awareness of the significance of Britain’s migration story.
Structure, Governance and Management
Governing Document
The charitable company is governed by its Memorandum and Articles of Association dated 24 May 2013.
Recruitment and appointment of Board of Directors
One trustee was appointed during the financial year and five further trustees were appointed subsequently in October 2021. Two trustees resigned in July 2021.
Trustee Induction and Training
New trustees are recruited by widely advertising supported by a specialist recruitment agency. A new trustees’ information pack containing information about MMP’s company registration, MMP’s conflict of interest and other policies and The Essential Trustee published by the Charities Commission are provided to all new trustees.
Organisational structure
The board of trustees oversees the running of the charity and meets at least four times a year. The day to day running of the charity is carried out by the CEO, who has delegated authority for operational matters, assisted by the staff team, freelancers, and volunteers. Members of staff meet trustees from time to time. The work of the education team is guided by an advisory education committee. The CEO is managed by the Chair of Trustees, and the members of staff, who are each appraised annually, are managed by the CEO.
Related Parties
The trustees and staff constitute the main related parties. The trustees are not aware of the existence of any other related parties.
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MIGRATION MUSEUM PROJECT (A company limited by guarantee)
TRUSTEES’ REPORT (continued)
FOR THE YEAR ENDED 31 MARCH 2021
Plans for future periods
We aim to create a permanent Migration Museum for Britain and to that end we seek to continue delivering a vibrant cultural programme of exhibitions, events and public engagement campaigns with a wide-ranging education programme, based from our temporary homes, whilst at the same time developing the vision and business plan for the permanent museum supported by an expanded board of trustees and staff team incorporating diverse talent. We believe that a vibrant showcase combined with a compelling prospectus for the permanent museum will grow the profile, support, skills and partnerships that we require to bring this ambitious project to fruition.
Statement of Trustees' Responsibilities
The Trustees (who are also directors of Migration Museum Project for the purposes of company law) 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).
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 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 judgments and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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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 adequate accounting records that are sufficient to show and explain the charitable company’s transactions and 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.
Received and approved by the Board on 14[th] December 2021 and signed as authorised on their behalf by:
………………………………………. Charles Gurassa Director/Trustee
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF MIGRATION MUSEUM PROJECT
I report on the charity Trustees on my examination of the accounts of the charitable company for the year ended 31 March 2021.
This report is made solely to the charity's Trustees, as a body, in accordance with Section 144 of the Charities Act 2011 (“the Act”) and regulations made under section 154 of the Act. My work has been undertaken so that I might state to the charitable company's Trustees those matters I am required to state to them in an Independent Examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charitable company and the charitable company's Trustees as a body, for my work, for this report, or for the opinions I have formed .
Responsibilities and basis of report
As the charity’s Trustees of the charitable company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).
Having satisfied myself that the accounts of the charitable company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.
Independent examiner's statement
Since the charitable company’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
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accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements of section 396 of the 2006 Act 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; or
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].
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 accounts to be reached.
…………………………………..
Olayinka Tomori ACA DChA Longmeade Consult Ltd
Regus House Victory Way Admirals Park Dartford DA2 6QD
15[th] December 2021
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MIGRATION MUSEUM PROJECT
(A company limited by guarantee)
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 MARCH 2021
| INCOME AND EXPENDITURE | Unrestricted | Restricted | Total | Tota1 | |
|---|---|---|---|---|---|
| funds | funds | 2021 | 2020 | ||
| Notes | £ | £ | £ | £ | |
| Income and endowments from: | |||||
| Donations and legacies | 2 | 310,874 | 432,631 | 743,505 | 378,650 |
| Charitable activities | 3 | 5,826 | - | 5,826 | 31,368 |
| Other trading activities | 4 | - | - | - | 10,658 |
| ----------------- | ----------------- | ----------------- | ----------------- | ||
| Total Income | 316,700 | 432,631 | 749,331 | 420,676 | |
| ----------------- | ----------------- | ----------------- | ----------------- | ||
| Expenditure on: | 5 | ||||
| Raising funds | 12,099 | - | 12,099 | 31,545 | |
| Charitable activities | 219,430 | 244,418 | 463,848 | 447,254 | |
| ----------------- | ----------------- | ------------------ | ------------------ | ||
| Total Expenditure | 231,529 | 244,418 | 475,947 | 478,799 | |
| ----------------- | ---------------- | -------------------- | -------------------- | ||
| Net (expenditure)/income before transfers | 85,171 | 188,213 | 273,384 | (58,123) | |
| Gross transfers between funds | 12 | - | - | - | - |
| ----------------- | ---------------- | -------------------- | -------------------- | ||
| Net movement in funds | 85,171 | 188,213 | 273,384 | (58,123) | |
| Total funds brought forward | 109,011 | 66,102 | 175,113 | 233,236 | |
| ------------------- | ------------------- | ------------------- | --------------------- | ||
| Total funds carried forward | 194,182 | 254,315 | 448,497 | 175,113 | |
| ========== | ========== | ========== | ========== |
The comparative Statement of Financial Activities for the year ended 31 March 2020 is included in Note 13.
All recognised gains and losses are included in the Statement of Financial Activities.
All the charity’s activities are classified as continuing.
The accompanying notes form an integral part of these financial statements.
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Company number: 08544993
MIGRATION MUSEUM PROJECT
(A company limited by guarantee)
BALANCE SHEET
AS AT 31 MARCH 2021
| 2021 | 2020 | ||||
|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | |
| Current Assets | |||||
| Cash at bank and in hand | 483,759 | 210,629 | |||
| ------------------ | ------------------ | ||||
| 483,759 | 210,629 | ||||
| Creditors:amounts falling due | |||||
| within one year | 8 | (35,262) | (35,516) | ||
| ------------------ | ------------------ | ||||
| Net Current Assets | 448,497 | 175,113 | |||
| ------------------- | ------------------ | ||||
| Net Assets | 448,497 | 175,113 | |||
| ========== | ========= | ||||
| Funds: | |||||
| Restricted funds | 12 | 254,315 | 66,102 | ||
| Unrestricted funds | 194,182 | 109,011 | |||
| ------------------ | ----------------- | ||||
| TOTAL FUNDS | 448,497 | 175,113 | |||
| ========== | ========= |
The directors consider that the company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 ("the Act") and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Act. The directors acknowledge their responsibility for ensuring that the company keeps accounting records which comply with section 386 of the Act and for preparing financial statements which give a true and fair view of the state of affairs of the company as at 31 March 2021 and of its result for the year then ended in accordance with the requirements of sections 394 and 395 of the Act and which otherwise comply with the requirements of the Companies Act 2006 relating to the financial statements so far as applicable to the company.
The financial statements were approved by the board and authorised for issue on 14[th] December 2021 and signed on its behalf by:
………………………………. Charles Gurassa Director/Trustee
The accompanying notes form an integral part of these financial statements.
Page | 11
Company number: 08544993
MIGRATION MUSEUM PROJECT
(A company limited by guarantee)
STATEMENT OF CASH FLOWS
AS AT 31 MARCH 2021
| 31 March | 31 March | |||
|---|---|---|---|---|
| 2021 | 2020 | |||
| £ | £ | |||
| Cash provided by operating activities | 273,130 | (39,674) | ||
| ------------------- | ------------------- | |||
| Increase in cash and cash equivalents in the year | 273,130 | (39,674) | ||
| Cash and cash equivalents at the beginning of the year | 210,629 | 250,303 | ||
| ------------------ | ------------------ | |||
| Total cash and cash equivalents at year end | 483,759 | 210,629 | ||
| ========== | ========== | |||
| Analysis of Cash and Cash Equivalents | 2021 | 2020 | ||
| £ | £ | |||
| Cash at bank and in hand | 483,759 | 210,629 | ||
| ========= | ========== | |||
| Analysis of changes in net funds | At 1 April | Cash | Other non-cash |
At 31 March |
| 2020 | flows | changes | 2021 | |
| £ | £ | £ | £ | |
| Cash | 210,629 | 273,130 | - |
483,759 |
| ========== | ========== | ========== |
========== | |
| Reconciliation of net movement in funds to net cash | inflow from | Operating | Activities | |
| 2021 | 2020 | |||
| £ | £ | |||
| Net movement in funds | 273,384 | (58,123) | ||
| Decrease in debtors | - | 1,405 | ||
| (Decrease)/increase in creditors | (254) | 17,044 | ||
| -------------------- | -------------------- | |||
| Net cash provided by/(used in) operating activities | 273,130 | (39,674) | ||
| ========== | ========== |
Page | 12
MIGRATION MUSEUM PROJECT
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
1. ACCOUNTING POLICIES
1.1. Basis of accounting
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) (second edition effective 1 January 2019)', the Charities Act 2011 and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
The Trustees consider there are no material uncertainties about the Charity’s ability to continue as a going concern. In reaching this conclusion, the Trustees have given due consideration to the impact of the Covid-19 pandemic on the charity’s operations. The Trustees have made this assessment in respect of a period of one year from the date of approval of these accounts. The financial statements have therefore been prepared on a going concern basis.
1.2. Fund accounting
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity. Designated funds are unrestricted funds earmarked by the Trustees for particular purposes.
Restricted funds are subjected to restrictions on their expenditure imposed by the donor. The purposes and uses of the restricted funds are set out in the notes to the accounts.
1.3. Income
All income is included in the Statement of Financial Activities when the charity is legally entitled to the income, there is probability of receipt and the amount can be quantified with reasonable accuracy, except as follows:
-
When donors specify that income given to the charity must be used in future accounting periods, then the income is deferred to the specified period.
-
When donors impose conditions which have to be fulfilled before the charity becomes entitled to use such income, the income is deferred until the preconditions for use are met.
-
When donors specify that income is for a particular restricted purpose which does not amount to preconditions regarding entitlement, the income is recognised as income when receivable.
No amounts are included in the financial statements for services donated by volunteers.
Income from investments is included in the Statement of Financial Activities in the year in which it is received.
1.4. Expenditure
Expenditure is recognised on an accrual basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered and is reported as part of the expenditure to which it relates. Support costs which cannot be directly attributed to particular projects are apportioned in proportion to the direct staff cost allocated to the project. Governance costs, which form part of Support costs include expenditure on the governance of the charity and its assets and are primarily associated with constitutional and statutory requirements.
Charitable expenditure consists of all expenditure relating to the objects of the charity. All costs are directly attributable to the activities under which they have been analysed.
Rentals payable under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.
Page | 13
MIGRATION MUSEUM PROJECT
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS (continued)
FOR THE YEAR ENDED 31 MARCH 2021
1. ACCOUNTING POLICIES (continued)
1.5. Pension schemes
The charity operates a defined Contribution Pension Scheme for its employees. The pension costs charged in the financial statements represent the contribution payable by the charity during the year.
1.6. Creditors and provisions
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
2.
DONATIONS AND LEGACIES
| DONATIONS AND LEGACIES | ||||
|---|---|---|---|---|
| Unrestricted | Restricted | 2021 | 2020 | |
| £ | £ | £ | £ | |
| Donations and gifts | 208,672 | 252,146 | 460,818 | 378,650 |
| Government grants – Furlough Scheme | 102,202 | - | 102,202 | - |
| Government grants – Other | - | 180,485 | 180,485 | - |
| ---------------- | ---------------- | ---------------- | ---------------- | |
| 310,874 | 432,631 | 743,505 | 378,650 | |
| ======== | ========= | ======== | ========= | |
| Unrestricted | Restricted | 2020 | ||
| £ | £ | £ | ||
| Donations and gifts | 181,304 | 197,346 | 378,650 | |
| ======= | ========= | ======== |
Details of the movement in restricted funds are shown in note 12.
3. INCOME FROM CHARITABLE ACTIVITIES
| Unrestricted | Restricted | |||
|---|---|---|---|---|
| Funds | Funds | 2021 | 2020 | |
| £ | £ | £ | £ | |
| Sales and consultancy fees | 5,826 | - | 5,826 | 31,368 |
| ======== | ========= | ======== | ======== |
In 2020, total income from Sales and Consultancy fees were £31,368 all of which was unrestricted.
4. OTHER TRADING ACTIVITIES
| OTHER TRADING ACTIVITIES | |||
|---|---|---|---|
| 2021 | 2020 | ||
| £ | £ | ||
| Fundraising events | - | 10,658 | |
| ---------------- | ---------------- | ||
| - | 10,658 | ||
| ======== | ======== |
Fundraising events were not held in the year due to the Coivd-19 pandemic.
Page | 14
MIGRATION MUSEUM PROJECT
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS (continued)
FOR THE YEAR ENDED 31 MARCH 2021
| 5. | EXPENDITURE | ||||||
|---|---|---|---|---|---|---|---|
| Staff | Office | Other | Governance | 2021 | 2020 | ||
| costs | costs | costs | |||||
| £ | £ | £ | £ | £ | £ | ||
| Raising funds | |||||||
| Fundraising - general | 4,202 | 507 | 92 | - | 4,801 | 6,407 | |
| Fundraising - merchandise | - | - | 7,298 | - | 7,298 | 25,138 | |
| ----------------- | ----------------- | ----------------- | ---------------- | ----------------- | ----------------- | ||
| 4,202 | 507 | 7,390 | - | 12,099 | 31,545 | ||
| ----------------- | ----------------- | ----------------- | ---------------- | ----------------- | ----------------- | ||
| Charitable activities: | |||||||
| Exhibitions and events | 229,250 | 27,669 | 116,429 | - | 373,348 | 364,271 | |
| Support costs | 72,215 | 8,716 | 1,577 | 7,992 | 90,500 | 82,983 | |
| ----------------- | ----------------- | ----------------- | ---------------- | ----------------- | ----------------- | ||
| 301,465 | 36,385 | 118,006 | 7,992 | 463,848 | 447,254 | ||
| ----------------- | ----------------- | ----------------- | ---------------- | ----------------- | ----------------- | ||
| Total | 305,667 | 36,892 | 125,396 | 7,992 | 475,947 | 478,799 | |
| ========= | ========= | ========= | ========= | ========= | ========= | ||
| Net | income/(expenditure) is stated after charging: | ||||||
| Independent Examiner’s fees (excluding VAT) | 1,300 | 1,200 |
|||||
| ======== | ======= |
||||||
| Staff | Office | Other | Governance | 2020 | |||
| costs | costs | costs | |||||
| £ | £ | £ | £ | £ | |||
| Raising funds | |||||||
| Fundraising - general | 5,148 | 600 | 659 | - | 6,407 | ||
| Fundraising - merchandise | - | - | 25,138 | - | 25,138 | ||
| ----------------- | ----------------- | ----------------- | ---------------- | ----------------- | |||
| 5,148 | 600 | 25,797 | - | 31,545 | |||
| ----------------- | ----------------- | ----------------- | ---------------- | ----------------- | |||
| Charitable activities: | |||||||
| Exhibitions and events | 212,017 | 24,708 | 127,546 | - | 364,271 | ||
| Support costs | 65,524 | 7,636 | 8,383 | 1,440 | 82,983 | ||
| ----------------- | ----------------- | ----------------- | ---------------- | ----------------- | |||
| 277,541 | 32,344 | 135,929 | 1,440 | 447,254 | |||
| ----------------- | ----------------- | ----------------- | ---------------- | ----------------- | |||
| Total | 282,689 | 32,944 | 161,726 | 1,440 | 478,799 | ||
| ========= | ========= | ========= | ========= | ========= | |||
| 6. | STAFF COSTS | 2021 | 2020 | ||||
| £ | £ | ||||||
| Wages and salaries | 268,660 | 248,920 | |||||
| Social security costs | 22,746 | 21,521 | |||||
| Pension costs | 14,261 | 12,248 | |||||
| ---------------- ---------------- |
|||||||
| 305,667 | 282,689 | ||||||
| ======== | ======== |
No employee received emoluments of more than £60,000 in the year (2020: Nil)
Key management personnel received total employee benefits of £42,018 in the year (2020: £48,983).
Page | 15
(A company limited by guarantee)
MIGRATION MUSEUM PROJECT
NOTES TO THE FINANCIAL STATEMENTS (continued)
FOR THE YEAR ENDED 31 MARCH 2021
6. STAFF COSTS (continued)
The average monthly employee headcount during the year was as follows:
| 2021 | 2020 | |
|---|---|---|
| Number | Number | |
| Administration | 2 | 2 |
| Project management | 8 | 8 |
| ---------- | ---------- | |
| 10 | 10 | |
| ===== | ===== |
7. TRUSTEES
None of the Trustees (or any persons connected with them) received any reimbursement of expenses, remuneration or benefits from the charity during the year (2020: nil).
| 8. | CREDITORS: amounts falling due | 2021 | 2020 |
|---|---|---|---|
| Within one year | £ | £ | |
| Taxes and social security costs | 4,889 | 4,801 | |
| Other creditors and accruals | 30,373 | 30,715 | |
| -------------- | -------------- | ||
| 35,262 | 35,516 | ||
| ======= | ======= |
9. PENSIONS AND OTHER POST-RETIREMENT BENEFIT COMMITMENTS
The charity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the charity in an independently administered fund. The pension costs charge represents contributions payable by the charity to the fund and amounted to £14,261 (2020: £12,248). Contributions payable at the yearend was £1,246 (2020: £1,135).
10. SHARE CAPITAL AND CONTROL
The charity is a company limited by guarantee. In the event of the charity being wound up, the liability in respect of each member is limited to £10. The charity is controlled by the board of Trustees.
| 11. | ANALYSIS OF NET ASSETS BETWEEN FUNDS | Unrestricted | Restricted | Total |
|---|---|---|---|---|
| funds | funds | funds | ||
| £ | £ | £ | ||
| Fund balances at 31 March 2021 as represented by: | ||||
| Current assets | 229,444 | 254,315 | 483,759 | |
| Current liabilities | (35,262) | - | (35,262) | |
| ----------------- | ---------------- | ----------------- | ||
| 194,182 | 254,315 | 448,497 | ||
| ======== | ======== | ======== |
In the prior year, total funds amounted to £175,113. Total restricted funds of £66,102 were represented by current assets. Unrestricted funds of £109,011 were represented by current assets of £144,527 and current liabilities of £35,516.
Page | 16
MIGRATION MUSEUM PROJECT
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS (continued)
FOR THE YEAR ENDED 31 MARCH 2021
| 12. | RESTRICTED FUNDS | ||||||
|---|---|---|---|---|---|---|---|
| At | At | ||||||
| 1 April | Transfers | 31 March | |||||
| 2020 | Income | Expenditure | and gains | 2021 | |||
| £ | £ | £ | £ | £ | |||
| Unbound Philanthropy | 15,240 | 35,000 | (34,672) | - | 15,568 | ||
| Paul Hamlyn Foundation | (589) | 50,000 | (28,430) | - | 20,981 | ||
| The Funding Network | 5,000 | - | - | - | 5,000 | ||
| Arts Council England | 15,870 | 105,763 | (48,510) | - | 73,123 | ||
| Northwick Trust | 708 | - | - | - | 708 | ||
| Academic funding | 13,676 | 12,250 | (7,769) | - | 18,157 | ||
| Alan and Babette Sainsbury | 1,544 | 7,500 | (8,600) | - | 444 | ||
| Charitable Fund | |||||||
| Trust for London | 6,187 | 45,500 | (20,248) | - | 31,439 | ||
| The Art Fund | 777 | 9,000 | - | - | 9,777 | ||
| London Community | Fund/#I | ||||||
| Will Fund | 7,689 | 10,000 | (7,804) | - | 9,885 | ||
| Rayne Foundation | - | 10,000 | (8,182) | - | 1,818 | ||
| Dorfman Foundation | - | 15,000 | (6,326) | - | 8,674 | ||
| AB Charity | - | 10,000 | - | - | 10,000 | ||
| Rumi Foundation | - | 25,000 | (827) | - | 24,173 | ||
| Open Society Foundations | - | 15,046 | (1,300) | - | 13,746 | ||
| Heritage Lottery |
Culture | ||||||
| Recovery Fund | - | 64,722 | (64,722) | - | - | ||
| Lewisham Business Support | - | 10,000 | (7,028) | - | 2,972 | ||
| US Embassy | - | 7,850 | - | - | 7,850 | ||
| ----------------- | ---------------- | ------------------- | ---------------- | -------------------- | |||
| 66,102 | 432,631 | (244,418) | - | 254,315 | |||
| ========= | ======== | ========== | ======== | ========= |
The transfers between funds are to move expenditure over and above the restricted donation received and charging to unrestricted funds.
Restricted funds received/used during the year were for the following purposes:
Unbound Philanthropy - towards exhibitions, events and education.
Paul Hamlyn Foundation - towards interpretive design and master planning for the Migration Museum Project.
The Funding Network - towards education
Arts Council England - towards Departures and Heart of the Nation exhibitions
Northwick Trust - towards education
Academic funding - impact funding from Universities supporting exhibitions and Migration Network
Alan and Babette Sainsbury Charitable Fund - towards educational workshops for young people in Southwark
Trust for London - towards the salary of Head of Public Engagement and audience development strategy
Page | 17
(A company limited by guarantee)
MIGRATION MUSEUM PROJECT
NOTES TO THE FINANCIAL STATEMENTS (continued)
FOR THE YEAR ENDED 31 MARCH 2021
12. RESTRICTED FUNDS (CONTINUED)
Home Office - towards education and administration salaries
The Arts Fund – towards the Migration Network.
London Community Foundations/ #I will Fund – towards community engagement activities.
Rayne Foundation – towards Heart of the Nation exhibition
Dorfman Foundation – towards Heart of the Nation exhibition
AB Charity – towards education
Rumi Foundation – Lead sponsor for Heart of the Nation exhibition
Open Society Foundations – towards installation of sections of the Berlin Wall in Lewisham
Heritage Lottery Culture Recovery Fund – towards core staff salaries
Lewisham Business Support - towards non-core salary business support
US Embassy – towards Departures exhibition
Comparative Information for the preceding period - Year Ended 31 March 2020
| At | At | ||||
|---|---|---|---|---|---|
| 1 April | Transfers | 31 March | |||
| 2019 | Income | Expenditure | and gains | 2020 | |
| £ | £ | £ | £ | £ | |
| Unbound Philanthropy | 6,959 | 30,000 | (21,719) | - | 15,240 |
| Paul Hamlyn Foundation | 597 | - | (6,036) | 4,850 | (589) |
| City Funding Network | - | 5,000 | - | - | 5,000 |
| Arts Council England | 20,740 | 35,178 | (40,048) | - | 15,870 |
| Calais Private Donations | 1,007 | - | (1,007) | - | - |
| Pacey and Brynberg | 8,082 | - | (8,082) | - | - |
| Northwick Trust | 5,000 | 10,000 | (14,292) | - | 708 |
| Academic funding | 9,676 | 4,000 | - | - | 13,676 |
| Alan and Babette Sainsbury | 4,749 | 15,000 | (18,205) | - | 1,544 |
| Trust for London | (864) | 44,500 | (37,449) | - | 6,187 |
| Home Office | 214 | 32,479 | (32,610) | (83) | - |
| Aziz Foundation | 8,000 | - | (8,000) | - | - |
| The Arts Fund | - | 13,500 | (12,723) | - | 777 |
| London Community Fund/#I Will | |||||
| Fund | - | 7,689 | - | - | 7,689 |
| ----------------- | ---------------- | ---------------- | ---------------- | ---------------- | |
| 64,160 | 197,346 | (200,171) | 4,767 | 66,102 | |
| ========= | ======== | ========== | ======== | ========= |
Page | 18
(A company limited by guarantee)
MIGRATION MUSEUM PROJECT
NOTES TO THE FINANCIAL STATEMENTS (continued)
FOR THE YEAR ENDED 31 MARCH 2021
13. COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES (2020)
| INCOME AND EXPENDITURE | Unrestricted | Restricted | Total |
|---|---|---|---|
| funds | funds | 2020 | |
| £ | £ | £ | |
| Income and endowments from: | |||
| Donations and legacies | 181,304 | 197,346 | 378,650 |
| Charitable activities | 31,368 | - | 31,368 |
| Other trading activities | 10,658 | - | 10,658 |
| ----------------- | ----------------- | ----------------- | |
| Total Income | 223,330 | 197,346 | 420,676 |
| ----------------- | ----------------- | ----------------- | |
| Expenditure on: | |||
| Raising funds | 31,545 | - | 31,545 |
| Charitable activities | 247,083 | 200,171 | 447,254 |
| ----------------- | ----------------- | ------------------ | |
| Total Expenditure | 278,628 | 200,171 | 478,799 |
| ----------------- | ---------------- | -------------------- | |
| Net (expenditure)/income before transfers | (55,298) | (2,825) | (58,123) |
| Gross transfers between funds | (4,767) | 4,767 | - |
| ----------------- | ---------------- | -------------------- | |
| Net movement in funds | (60,065) | 1,942 | (58,123) |
| Total funds brought forward | 169,076 | 64,160 | 233,236 |
| --------------------- | --------------------- | --------------------- | |
| Total funds carried forward | 109,011 | 66,102 | 175,113 |
| ========== | ========== | ========== |
Page | 19