Charity registration number 1154120
Company registration number 07930803 (England and Wales)
MUSEUM OF ARCHITECTURE
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
MUSEUM OF ARCHITECTURE
LEGAL AND ADMINISTRATIVE INFORMATION
| Trustees | Ms C Pease | |
|---|---|---|
| Mr J Hargrave | ||
| Ms M F Woolford | ||
| Mr G Woolford | ||
| Mr T Masten | ||
| Mr R C Fiehn | ||
| Mr J Harvey | ||
| Ms M Leung | ||
| Mr S Adams | (Appointed 11 November 2020) | |
| Mr C Hildrey | ||
| Ms S Tabassum | (Appointed 31 January 2022) | |
| Secretary | Ms M F Woolford | |
| Charity number | 1154120 | |
| Company number | 07930803 | |
| Registered office | Flat 5 | |
| 11 Rutland Gate | ||
| London | ||
| SW7 1BH | ||
| Independent examiner | F J Wilde FCCA MBA DChA | |
| Warner Wilde | ||
| 4 Marigold Drive | ||
| Bisley | ||
| Surrey | ||
| GU24 9SF | ||
| Bankers | HSBC - Oxford Street | |
| 431 Oxford Street | ||
| London | ||
| W1C 2DA |
MUSEUM OF ARCHITECTURE
CONTENTS
| Page | |
|---|---|
| Trustees report | 1 - 2 |
| Independent examiner's report | 3 |
| Statement of financial activities | 4 |
| Balance sheet | 5 |
| Notes to the financial statements | 6 - 12 |
MUSEUM OF ARCHITECTURE
TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 30 SEPTEMBER 2021
The Trustees present their annual report and financial statements for the year ended 30 September 2021.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing documen t , the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)".
Objectives and activities
The charity's objects are :
a) to advance education and research on the subjects of architecture, building, town planning, construction and development and the inter-relationship between the natural and built environment and related disciplines.
b) to establish and maintain, or to support the establishment and maintenance of, a museum or gallery, or museums or galleries, or spaces or other resources that provide the infrastructure and environment to encourage and assist such education and research.
The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
Achievements and performance
This year continued to be difficult for MoA in recovering from the Covid downturn. We were not able to run The Gingerbread City in December 2020-January 2021, but we created an online advent calendar version to the delight of our audience.
This year we were able to start some projects that have lifted us out of the Covid haze. We partnered with RBG Kew in Spring 2021 on the Treehouses project that we have been working on for six years to get off the ground. This project will be worked on through 2022 and launch in Spring 2023.
We launched the successful Colour Memories online exhibition with Axalta in the Summer of 2021 for London Festival of Architecture that was shortlisted for an Archiboo Award. We then started preparing for The Gingerbread City 2021/2022 throughout the late summer and September 2021.
School for Creative Thinkers was shortlisted for a Thornton Education Trust Award. We continued to support the British Pavilion team, Maddie and Manijeh, by hosting a walking tour and bringing their exhibition back to the UK.
We began to look at taking The Gingerbread City and other projects abroad. We continued to address the spin off of The Gingerbread City and School for Creative Thinkers, which is still ongoing.
Financial review
Total income for the year has decreased to £69,813 (2020: £299,901). Total expenditure for the year was £75,921 (2020: £299,833).
The overall result is a deficit for the year of £6,108.
Total reserves now stand at £308 (2020: £6,416).
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MUSEUM OF ARCHITECTURE
TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2021
Reserves Policy
It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The Trustees considers that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. The reserves have been affected by a significant decrease in income as a result of Covid. The charity is planning to build the reserves back up over the next year or two.
The Trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
Structure, governance and management
The charity is a company limited by guarantee.
The Trustees who served during the year were: Mr C Turner (Resigned 19 December 2020) Ms C Pease Mr J Hargrave Ms M F Woolford Mr G Woolford Mr T Masten Mr R C Fiehn Mr J Harvey Ms M Leung Mr S Adams (Appointed 11 November 2020) Ms N Dove-Edwin (Appointed 11 November 2020 and resigned 5 December 2021)
Mr C Hildrey Ms S Tabassum (Appointed 31 January 2022)
Trustee recruitment
Trustees are recruited depending on what talent and expertise is needed on the board. The Director reaches out to individuals after consultation with the other board members.
None of the Trustees has any beneficial interest in the company. All of the Trustees are members of the company and guarantee to contribute £1 in the event of a winding up.
Organisational structure
Day to day running is led by Director, Melissa Woolford with help from Linda Lu and Morvi Koochak. Rob Fiehn, as chair, is a very active member of the board and organisation.
The trustees r eport was approved by the Board of Trustees.
.............................. Ms M F Woolford
26 June 2022 Date: .............................................
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MUSEUM OF ARCHITECTURE INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF MUSEUM OF ARCHrrECTURE I report to Trustees on my MInation of thg fin8ndal slalements of Museum ofAr¢hMe¢tur• (the tharftyl f lh8 year ended 30 Septsmber 2021. R•8ponslbllltl•s and ba•1• of roport As the Trustee5 of the charity land abo fils dlre(aors for puryjoses of rnnY Lqwl you are r85Frf)nSIb lor tho prop8ratIC of the financiol $tAt8monts In acty)rd8nc8 wlth tho rwuw•mMts of the Companies Act 2006 Ilh8 2006 Act). Havlng 88Jthd my8011thal th& Ilnandal statements ofth• tharity are not rnquhd to be wdmod L¢nd•r Part 16 of the 20C Act and are eli8)1& for independenl examinakn. l T8POrt in resp8d of my examlnatlon of the ch8rity'8 financAal Statementg ¢arrf8d out under 5ectw 145 of the Charils Acl 2011 (th9 2011 Act). In carylng out my examlnalion I hav¢ folly•Md all the applieabk DIr8d0r gfv•n by the Charity Commlssk)n uThJ8r 8e¢UrJ1 145151 Iblofthe2011 A Ind•p•nd•nt •xamln•f¥ stat•m•nt I havo CA)mpleted my examlnatsc. I conllm Ihat no mattern c¢m• to my attenti( kn nn0Ction vAth lh• examlnatSon glvlng me Cau to t1{ In any matsrial r6specL accounllng rgcords were not kept In r•sp8ct of the charity •$ requirwj by 386 of th8 2006. or the financlal 8ts1gmenls do not accord 1h those recoth.. or Ihg flnanclal stalemAts do not compty wlth lh• acLounting requirements of Section 396 of the 2006 Act other than any roquiremenl that the aw)unls gfve a Iwa 8TrJ f vlew Ythkh Is r¢ 8 maiter nsIdered as part of an lThJependent e¥amlnaJon: or the finand#l ststèment8 have not on prnpared In a¢¢trfdance with the mgthods and prfndplos of th• Statement of R8comrnended Prnclk* for occounllro aNJ r8porUng by appllcablo lo th8riI08 praparfng th•lr accounts In acurdarrfx wlth tm Flnwdal Rwting Sl•ndard appliceblo In tha UK and Republlc of Irdand IFRS 102). I h0 no ¢one8m8 and havè com• aeross Tr) othor matt¢rs In cOnneOn wlth th? ox8rn1naOn to vthkh attontlon $ho(Id bo drawn In Ihls r&port In ord8r to onablo a prop•r understandlng of the flnancial ¥tat•m8nts to be F J Wlld• FCCA MBA DChA Warn•rWllde 4 M8rlgold Drfve BIBley Surrey GU24 9SF z1 2oEI
MUSEUM OF ARCHITECTURE
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 SEPTEMBER 2021
| Unrestricted Unrestricted | Unrestricted Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2021 | 2020 | ||
| Notes | £ |
£ | |
| Income from: | |||
| Donations and legacies | 3 | 16,685 | 52,019 |
| Charitable activities | 4 | 53,128 | 247,882 |
| Total income | 69,813 | 299,901 | |
| Expenditure on: | |||
| Raising funds | 5 | 1,196 | 852 |
| Charitable activities | 6 | 74,725 | 298,966 |
| Other | 11 | - | 15 |
| Total expenditure | 75,921 | 299,833 | |
| Net (expenditure)/income for the year/ | |||
| Net movement in funds | (6,108) | 68 | |
| Fund balances at 1 October 2020 | 6,416 | 6,348 | |
| Fund balances at 30 September 2021 | 308 | 6,416 |
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
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MUSEUM OF ARCHITECTURE
BALANCE SHEET
AS AT 30 SEPTEMBER 2021
| Notes Fixed assets Investments 12 Current assets Debtors 13 Cash at bank and in hand Creditors: amounts falling due within one year 14 Net current assets Total assets less current liabilities Income funds Unrestricted funds |
2021 £ 50 2,536 2,586 (2,281) |
2020 £ £ 3 2,453 28,496 30,949 (24,536) 305 308 308 308 |
£ 3 6,413 6,416 6,416 6,416 |
|---|---|---|---|
The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 30 September 2021.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the Trustees on ......................... 26 June 2022
..............................
Ms M F Woolford Trustee
Company registration number 07930803
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MUSEUM OF ARCHITECTURE
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021
1 Accounting policies
Charity information
Museum of Architecture is a private company limited by guarantee incorporated in England and Wales. The registered office is Flat 5, 11 Rutland Gate, London, SW7 1BH.
1.1 Accounting convention
The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)". The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling , which is the functional currency of the charity . Monetary a mounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the accounts, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. The Charity has generated a surplus up to the date of signing the accounts which will assist in achieving the reserves target. Thus the trustees continue to adopt the going concern basis of accounting in preparing the accounts.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
1.4 Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
Income is deferred to the extent that it relates to future periods.
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MUSEUM OF ARCHITECTURE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2021
1 Accounting policies
(Continued)
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business, net of discounts, VAT and other sales related taxes.
1.5 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
1.6 Fixed asset investments
Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year . Transaction costs are expensed as incurred.
A subsidiary is an entity controlled by the charity. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.7 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8 Financial instruments
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity 's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at the recoverable amount.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price and subsequently carried at amount payable.
Derecognition of financial liabilities
Financial liabilities are derecognised when the charity ’s contractual obligations expire or are discharged or cancelled.
1.9 Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
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MUSEUM OF ARCHITECTURE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2021
1 Accounting policies
(Continued)
1.10 Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2 Critical accounting estimates and judgements
In the application of the charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3 Donations and legacies
| 4 5 |
UnrestrictedUnrestricted funds funds 2021 2020 £ £ Donations and gifts 552 1,522 Grants receivable 16,133 15,497 Donated goods and services - 35,000 16,685 52,019 Charitable activities 2021 2020 £ £ Sales within charitable activities 53,128 247,882 Raising funds Unrestricted Total funds 2021 2020 £ £ Fundraising and publicity Advertising 1,196 852 1,196 852 |
|---|---|
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MUSEUM OF ARCHITECTURE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2021
6 Charitable activities
| Staff costs Cost of sales Subcontractor costs Rent Computer software Insurance Travel Irrecoverable VAT Grant funding of activities (see note 7) Share of support costs (see note 8) Share of governance costs (see note 8) Grants payable Grants to institutions: Hildrey Studio Other |
2021 £ 17,941 20,075 26,085 345 3,494 723 1,160 922 70,745 28 - 3,952 74,725 2021 £ - 28 |
2020 £ 44,572 141,006 88,973 3,555 3,197 1,460 1,387 - 284,150 5,000 1,980 7,836 298,966 2020 £ 5,000 - |
|---|---|---|
7 Grants payable
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MUSEUM OF ARCHITECTURE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2021
| 8 Support costs Support costs Governance costs £ £ Office costs - - Printing, postage and stationery - - Legal and professional - 1,500 Accountancy fees - 2,276 Bank charges - 176 - 3,952 Analysed between Charitable activities - 3,952 |
2021 Support costs Governance costs £ £ £ - 1,813 - - 167 - 1,500 - 5,528 2,276 - 2,051 176 - 257 3,952 1,980 7,836 3,952 1,980 7,836 |
2020 £ 1,813 167 5,528 2,051 257 9,816 9,816 |
|---|---|---|
Governance costs includes the Independent Examiners fees of £ 1,284 (2020- £1,236).
9 Trustees
None of the Trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year , except as disclosed in note 16.
10 Employees
Number of employees
The average monthly number of employees during the year was:
| 2021 | 2020 | |
|---|---|---|
| Number | Number | |
| 1 | 2 | |
| Employment costs | 2021 | 2020 |
| £ | £ | |
| Wages and salaries | 17,600 | 43,604 |
| Social security costs | - | 37 |
| Other pension costs | 341 | 931 |
| 17,941 | 44,572 |
There were no employees whose annual remuneration was £60,000 or more.
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MUSEUM OF ARCHITECTURE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2021
11 Other
| Interest charges Fixed asset investments Cost or valuation At 1 October 2019 & 30 September 2020 Carrying amount At 30 September 2021 At 30 September 2020 Other investments comprise: Notes Investments in subsidiaries 16 Debtors Amounts falling due within one year: Trade debtors Other debtors |
TotalUnrestricted funds £ 2021 2020 - 15 - 15 Other investments 3 3 3 2021 2020 £ £ 3 3 2021 2020 £ £ - 1,120 50 1,333 50 2,453 |
|---|---|
12 Fixed asset investments
13 Debtors
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MUSEUM OF ARCHITECTURE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2021
14 Creditors: amounts falling due within one year
| Other taxation and social security Trade creditors Other creditors Accruals and deferred income |
2021 £ (1,578) - 2,247 1,612 2,281 |
2020 £ 20,350 989 947 2,250 24,536 |
|---|---|---|
15 Related party transactions
Transactions with related parties
During the year the charity entered into the following transactions with related parties:
| Key management personnel | 2021 £ 15,167 15,167 |
2020 £ 50,667 50,667 |
|---|---|---|
During the year the charity paid Nous Collaborative Ltd, a company wholly owned by the director, M Woolford, fees for management services.
16 Subsidiaries
These financial statements are separate charity financial statements for the Museum of architecture.
Separate company financial statements are required to be prepared by law. Consolidated financial statements are not required as the group constitutes a small group.
Details of the charity's subsidiaries at 30 September 2021 are as follows:
| Name of undertaking | Registered | Nature of business | Class of | % Held |
|---|---|---|---|---|
| office | shares held | Direct Indirect | ||
| MOA Collaborative | England and | Dormant Company | Ordinary | 100.00 |
| Wales | shares |
17 Contingent Liability
Whilst the charity is getting established, management staff have not received their full fees. The trustees will pay this at some time in the future, funds permitting. The amount owed at 30 September 2021 is £145,959 (2020: £97,725).
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