**Charity number: 1156024**
## **ELY MUSEUM CIO**
## **UNAUDITED**
**TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021**
## **ELY MUSEUM CIO**
## **CONTENTS**
||Page|
|---|---|
|**Reference and administrative details of the Charity, its Trustees and advisers**|1|
|**Trustees' report**|2 - 6|
|**Independent examiner's report**|7|
|**Statement of financial activities**|8|
|**Balance sheet**|9|
|**Notes to the financial statements**|10 - 29|
**ELY MUSEUM CIO**
## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2021**
|**Trustees**|Mr J Beart, Treasurer|
|---|---|
||Mrs P Birch|
||Mrs M Cesca|
||Miss K Childs|
||Cllr E Every, Chair|
||Dr R Harding|
||Dr I Lindsay|
||Ms T Randall|
||Cllr M Rouse|
||Cllr R Denness|
||Ms V Jameson (appointed 21 December 2020)|
|**Charity registered**
**number**
1156024
**Principal office**
The Old Gaol
Market Street
Ely
Cambridge
CB7 4LS
**Curator**
Mrs E Hughes
**Accountants**
Whitings LLP
Greenwood House
Greenwood Court
Skyliner Way
Bury St Edmunds
Suffolk
IP32 7GY
**Bankers**
HSBC
5 Buttermarket
Ely
Cambridge
CB7 4PA||
Page 1
**ELY MUSEUM CIO**
## **TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2021**
The Trustees present their annual report together with the financial statements of the Ely Museum CIO for the year 1 April 2020 to 31 March 2021.
The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity’s governing document, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published October 2019.
## **Objectives and activities**
## **a. Policies and objectives**
The objects of the Charity are:
• The provision and maintenance of a museum in or near the City of Ely for the exhibition to the public of articles illustrative of the history of Ely and the fenland, and specimens of the fine and useful arts ethnology, archaeology, geology, botany and natural history;
- The extension, enhancement, conservation, maintenance and storage of the collections of the Museum;
- The provision of lectures and other facilities of education; and
- The promotion of research relating to the collection of the Museum and the publication of the results thereof.
The trustees have considered the Charity Commission’s guidance on public benefit, and they consider that Ely Museum CIO is fulfilling its obligations in this respect by achieving the above objectives.
Page 2
**ELY MUSEUM CIO**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021**
## **Achievements and performance**
## **a. Main achievements of the Charity**
The past year has seen a great deal of change both globally and specifically at Ely Museum. Staff and Trustees have ensured continued progress throughout the period and the wonderful new Ely Museum is now in a strong position to move forward. The new galleries, facilities and resources have transformed the museum and it is now an amazing place to visit and a source of pride for local communities.
Despite initial delays caused by the pandemic, the building work was soon up and running again. Fewer workers on site and a delay in some supplies meant that the building work was not completed until November 2020, instead of June. The fantastic new displays and facilities could then be assembled. Unfortunately, government restrictions meant that the museum could not open until May 2021.
Many of the events and activities that were planned to increase engagement with local communities could not take place due to restrictions. Staff therefore came up with creative ways to engage online. Our project Community Engagement Officer worked tirelessly to engage through social media, posting craft activities, stories and films about local history. These were very popular with families, particularly when children were learning at home. She also made craft packs which were distributed through our local food bank in the summer of 2020.
Learning staff offered a series of Virtual Visits and loan boxes, which were very popular with schools. They also produced short clips for schools to use with children during home-schooling. The Trustees are very grateful to all the organisations that help to support the museum’s education service for schools. The post of Learning Officer brings vitality and income to the museum and many local schools have come to rely on the services provided by the museum. Ely Museum has been glad to offer resources and support to schools during this difficult year.
Although restrictions meant fewer volunteers were able to participate in museum activities, a number of volunteers did support the project in various roles such as filming video clips, researching topics, proof reading and gardening.
As part of the Museum Mentor work with Burwell Museum, Prickwillow Museum and the Stained Glass Museum, Ely Museum’s Curator has helped the museums with staffing, fundraising, future planning, policy writing and Accreditation.
The Trustees would like to take this opportunity to thank our many funders and supporters and in particular the National Lottery Heritage Fund, East Cambridgeshire District Council and City of Ely Council for their continued support throughout the past twelve months.
Elie Hughes (Curator)
Page 3
**ELY MUSEUM CIO**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021**
## **Financial review**
## **a. Results for the year**
This year has been notable for the successful continuation of the redevelopment project. After a pause in construction work of three weeks at the beginning of the year, the building and fitting-out continued according to plan and according to budget. Extra costs incurred by Covid restrictions were funded seperately, by local authority grants and other donations. The museum was closed to visitors during the whole year so there was no income from normal activities; grants and donations were used to pay for the continuing administrative and premises costs.
The result for the year in unrestricted funds was a net surplus after transfers of £81,229 (£8,717 loss in 2020). This is mostly due to an accrual of expected unrestricted income that will be used in the final stages of the redevelopment project. Without it, unrestricted funds would be showing a surplus of £1,783.
The museum’s investment portfolio fell in value to £145,918 (£151,956 in 2020) at the balance sheet date, a net drop of £6,038. During the year, £36,000 was withdrawn from the portfolio to put towards the re-design and building of the front porch, as part of the museum’s redevelopment project. The value of the investments increased considerably over the year, rising by five-sixths of the withdrawn amount, to leave the net reduction of £6,038 at the end of the year.
The financial position at the end of the year was in line with expectation. Budgets intended for activities in the first year after re-opening, and for contingencies still have funds available. The redevelopment has been managed financially according to plan and the great improvement in the museum's fabric and displays bodes well for an increased revenue stream in the future.
## **b. Reserves policy**
The reserves policy of the charity is to maintain six months’ worth of general expenditure in liquid unrestricted reserves at any one time, affording the trustees time to source new funding should current sources either decrease or come to an end. General expenditure was reduced while the redevelopment project was in progress. At the balance sheet date, liquid unrestricted reserves were lower than is desirable, but were notably increased during the first quarter of the following year.
## **c. Investments policy**
As income is likely to be needed over the longer term, the trustees have sought to achieve a balance between providing short term income and maintaining the real value of the income and capital over the longer term from the effects of inflation. Given this, the trustees have adopted a moderate to speculative approach to try and meet their objectives. This has been met by the construction of a multi-asset portfolio.
Special preferences and restraints:
The trustees have aimed for the portfolio to generate a yield of about 3%. Flexibility for the portfolio has been desired should the objectives or income requirements of the charity change.
The charity is exempt from income tax and capital gains tax, and there are no restrictions on assets, sectors, geography or ethical considerations.
Page 4
**ELY MUSEUM CIO**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021**
## **Structure, governance and management**
## **a. Constitution**
The Charity is registered with the Charity Commission number 1156024 and is constituted as a Charitable Incorporated Organisation.
The constitution states that the Charity should be governed by a body of no less than 6 and no more than 10 appointed trustees and no more than 2 nominated trustees. The City of Ely Council may appoint the 2 nominated trustees. Apart from the first trustees, every appointed trustee must be appointed for a term of 3 years.
## **b. Methods of appointment or election of Trustees**
New trustees are selected from people who have the appropriate skills and resources to contribute to the affairs of the charity. Upon appointment, each trustee receives an in-house induction training programme to acquaint them with the museum and its activities.
## **c. Organisational structure and decision-making policies**
The trustees meet on a regular basis as required during the year. The day to day management of the museum is delegated to the curator.
The museum also relies heavily on the time and effort of several volunteers. The total time spent by such volunteers was 3,169 hours (2,177 hours in 2020).
## **d. Related party relationships**
None of the Trustees received remuneration or other benefits from their work with the charity. Details of transactions with Trustees are fully disclosed in note 10. There are no related parties under common control, or under the control of the Trust, nor is the Trust under the control of any other party.
## **Plans for future periods**
The museum plans to continue with a range of activities to meet its principal objectives. With the successful completion of the extension and refurbishment of the museum, new facilities will give greater scope for the museum to fulfil its charitable aims and serve the community.
Page 5
**ELY MUSEUM CIO**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021**
## **Statement of Trustees' responsibilities**
The Trustees are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles of the Charities SORP 2019 (FRS 102);
- make judgments and accounting estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in operation.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the members of the board of Trustees and signed on their behalf by:
**Cllr E Every** Chair
Date: 24 January 2022
Page 6
**ELY MUSEUM CIO**
## **INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2021**
## **Independent examiner's report to the Trustees of Ely Museum CIO ('the Charity')**
I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 March 2021.
## **Responsibilities and basis of report**
As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').
I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
## **Independent examiner's statement**
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
1. accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charity'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 Charity and the Charity's Trustees as a body, for my work or for this report.
Signed: J P Moore Jonathan Moore ACCA
Dated: 24th January 2022
## **Whitings LLP**
Greenwood House Greenwood Court Skyliner Way Bury St Edmunds Suffolk IP32 7GY
Page 7
**ELY MUSEUM CIO**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2021**
|**Note**
**Income and**
**endowments from:**
Donations and grants
3
Charitable activities
4
Investments
6
Trading activities
5
**Total income and**
**endowments**
**Expenditure on:**
Raising funds
7
Charitable activities
8
**Total expenditure**
Net gains/(losses) on
investments
**Net**
**income/(expenditure)**
Transfers between
funds
19
**Net movement in**
**funds**
**Reconciliation of**
**funds:**
Total funds brought
forward
Net movement in funds
**Total funds carried**
**forward**
19|**Unrestricted**
**funds**
**2021**
**£**
**65,622**
**81,299**
**311**
**-**
**147,232**
**-**
**33,393**
**33,393**
**-**
**113,839**
**(32,610)**
**81,229**
**174,434**
**81,229**
**255,663**|**Restricted**
**funds**
**2021**
**£**
**86,469**
**-**
**-**
**-**
**86,469**
**-**
**171,369**
**171,369**
**-**
**(84,900)**
**70,469**
**(14,431)**
**2,523,269**
**(14,431)**
**2,508,838**|**Endowment**
**funds**
**2021**
**£**
**-**
**-**
**1,859**
**-**
**1,859**
**-**
**1,887**
**1,887**
**31,205**
**31,177**
**(37,859)**
**(6,682)**
**152,765**
**(6,682)**
**146,083**|**Total**
**funds**
**2021**
**£**
**152,091**
**81,299**
**2,170**
**-**
**235,560**
**-**
**206,649**
**206,649**
**31,205**
**60,116**
**-**
**60,116**
**2,850,468**
**60,116**
**2,910,584**|_Total_
_funds_
_2020_
_£_
_2,199,457_
_20,674_
_3,065_
_5,383_
_2,228,579_
_9,611_
_155,265_
_164,876_
_(16,576)_
_2,047,127_
_-_
_2,047,127_
_803,341_
_2,047,127_
_2,850,468_|
|---|---|---|---|---|---|
The notes on pages 10 to 29 form part of these financial statements.
Page 8
## **ELY MUSEUM CIO**
## **BALANCE SHEET AS AT 31 MARCH 2021**
|**Note**
**Fixed assets**
Tangible assets
12
Heritage assets
Investments
14
**Current assets**
Stocks
15
Debtors
16
Cash at bank and in hand
Creditors: amounts falling due within one
year
17
**Net current assets**
**Total net assets**
**Charity funds**
Endowment funds
19
Restricted funds
19
Unrestricted funds
19
**Total funds**|**4,621**
**219,120**
**50,765**
**274,506**
**(121,180)**|**2021**
**£**
**2,222,387**
**388,953**
**145,918**
**2,757,258**
**153,326**
**2,910,584**
**146,083**
**2,508,838**
**255,663**
**2,910,584**|_-_
_1,398,540_
_295,316_
_1,693,856_
_(123,944)_|_2020_
_£_
_739,782_
_388,818_
_151,956_|
|---|---|---|---|---|
|||||_1,280,556_
_1,569,912_|
||||||
|||||_2,850,468_|
|||||_152,765_
_2,523,269_
_174,434_|
||||||
|||||_2,850,468_|
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
**Cllr E Every** Chair Date: 24 January 2022
**Mr J Beart** Treasurer
The notes on pages 10 to 29 form part of these financial statements.
Page 9
**ELY MUSEUM CIO**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021**
## **1. General information**
Ely Museum CIO is registered with the Charity Commission number 1156024 and is constituted as a Charitable Incorporated Organisation within the UK. The registered address is The Old Gaol, Market Street, Ely, Cambridgeshire CB7 4LS.
## **2. Accounting policies**
## **2.1 Basis of preparation of financial statements**
The financial statements 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) (published October 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
Ely Museum CIO meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
## **2.2 Income**
Voluntary income -
Donations and gifts in kind are recorded when receivable. Revenue grants are recognised as income when all conditions attached to their receipt have been met, usually when receivable.
Investment income -
Investment income is recorded when receivable.
Incoming resources from charitable activities -
Donations for specific purposes are recorded when receivable as part of either a restricted or designated fund, depending on the nature of the donation and any restrictions made by the donor.
Grants specifically for the provision of services to be provided as part of charitable activities are recognised as income when all conditions attached to their receipt have been met, usually when receivable.
Grants specifically for capital projects are recognised as restricted income through the Statement of Financial Activities. Related expenditure is capitalised in the Statement of Financial Position and will be released to the Statement of Financial Activities against the fund when depreciated.
Page 10
**ELY MUSEUM CIO**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021**
## **2. Accounting policies (continued)**
## **2.3 Expenditure**
Expenditure -
Expenditure is included in the accounts on an accruals basis. Irrecoverable VAT is charged to the Statement of Financial Activities as incurred.
Resources expended on charitable activities -
Given the nature and size of the entity there are deemed to be no “support costs” and all charitable costs relate to the one activity of providing and maintaining a museum in Ely. “Governance costs” include those costs associated with meeting constitutional and statutory requirements, including the cost of an independent examination.
All expenditure is inclusive of irrecoverable VAT.
## **2.4 Investments**
Investments are a form of basic financial instrument and are initially recognized at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The Statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.
## **2.5 Interest receivable**
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
## **2.6 Tangible fixed assets and depreciation**
Tangible fixed assets are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
Assets in the course of construction are included at costs incurred to date. Depreciation on these assets is not charged until they are brought into use.
Equipment, fixtures and fittings are written off in their period of acquisition unless it is considered that their carrying value would be significant to the accounts.
Page 11
**ELY MUSEUM CIO**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021**
## **2. Accounting policies (continued)**
## **2.7 Heritage assets**
Heritage assets, represented by exhibits in the museum, are stated at their insured value.
Depreciation is not charged on these as they are deemed to have a long useful life and any depreciation would therefore be immaterial to the accounts.
## **2.8 Fund accounting**
Unrestricted funds are incoming resources receivable or generated for the objects of the charity and are available as general funds.
Designated funds are unrestricted funds earmarked by the trustees for particular purposes.
Restricted funds are donations and grants receivable which are subject to restrictions imposed by the donor.
## **2.9 Stocks**
Stock consists of purchased goods for re-sale. Stocks are valued at the lower of cost and net realisable value.
## **2.10 Debtors**
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
## **2.11 Cash at bank and in hand**
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
## **2.12 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.
## **2.13 Financial instruments**
The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
Page 12
**ELY MUSEUM CIO**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021**
## **2. Accounting policies (continued)**
## **2.14 Going concern**
The financial statements have been prepared on a going concern basis. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.
## **2.15 Pensions**
The Charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Charity to the fund in respect of the year.
Page 13
**ELY MUSEUM CIO**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021**
## **3. Donations and grants**
|**Unrestricted**
**funds**
**2021**
**£**
**Donations**
General donations
846
Donations to Redevelopment fund
-
**Grants**
East Cambridgeshire District Council
28,143
City of Ely Council
24,633
Thomas Parsons' Trust
-
Other Education grants
-
Ely History Publications
-
National Lottery Heritage Fund
-
Garfield Weston Foundation
-
The Pilgrim Trust
-
Foyle Foundation
-
Amey Cespa
-
Ely Community Unit Trust
-
Association of Independent Museums
-
Cambridgeshire & Huntingdonshire Family
History Society
-
Arts Council Culture Recovery Fund
-
Government Restart Grant
12,000
**Total**
65,622|**Restricted**
**funds**
**2021**
**£**
-
5,416
-
13,264
5,000
4,000
-
27,072
-
-
-
-
-
3,073
1,000
27,644
-
86,469|**Total**
**funds**
**2021**
**£**
**846**
**5,416**
**28,143**
**37,897**
**5,000**
**4,000**
**-**
**27,072**
**-**
**-**
**-**
**-**
**-**
**3,073**
**1,000**
**27,644**
**12,000**
**152,091**|_Total_
_funds_
_2020_
_£_
_1,452_
_62,008_
_165,000_
_39,897_
_100,000_
_5,500_
_3,000_
_1,663,100_
_50,000_
_10,000_
_35,000_
_59,500_
_5,000_
_-_
_-_
_-_
_-_|
|---|---|---|---|
||||_2,199,457_|
In 2020, of the total income from donations and grants, £26,085 was income to unrestricted funds and £2,173,372 to restricted funds.
Page 14
**ELY MUSEUM CIO**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021**
## **4. Charitable activities**
|**Unrestricted**
**funds**
**2021**
**£**
Admissions
-
School visits
1,853
Events and other
-
Museums tax credit
79,446
**Total**
81,299|**Total**
**funds**
**2021**
**£**
**-**
**1,853**
**-**
**79,446**
**81,299**|_Total_
_funds_
_2020_
_£_
_9,949_
_9,733_
_992_
_-_|
|---|---|---|
|||_20,674_|
In 2020, the whole of the income from charitable activities was income to unrestricted funds.
## **5. Trading activities**
|**Unrestricted**
**funds**|**Unrestricted**
**funds**|**Restricted**
**funds**|**Total**
**funds**|_Total_
_funds_|
|---|---|---|---|---|
||**2021**|**2021**|**2021**|_2020_|
||**£**|**£**|**£**|_£_|
|Shop sales|-|-|**-**|_3,725_|
|Room lettings|-|-|**-**|_1,658_|
||||||
|**Total**|-|-|**-**|_5,383_|
In 2020, the whole of the income from trading acitvities was income to unrestricted funds.
Page 15
**ELY MUSEUM CIO**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021**
## **6. Investments**
|**Unrestricted**
**funds**
**2021**
**£**
Dividends and interest from invested funds
-
Bank interest
311
**Total**
311|**Endowment**
**funds**
**2021**
**£**
1,859
-
1,859|**Total**
**funds**
**2021**
**£**
**1,859**
**311**
**2,170**|_Total_
_funds_
_2020_
_£_
_2,422_
_643_|
|---|---|---|---|
||||_3,065_|
In 2020, of the total income from investments, £643 was to unrestricted funds and £2,422 to endowment funds.
## **7. Raising funds**
## **Costs of raising voluntary income**
|**Unrestricted**
**funds**
**2021**
**£**
Shop purchases
-
Donations
-
**Total**
-|**Restricted**
**funds**
**2021**
**£**
-
-
-|**Total**
**funds**
**2021**
**£**
**-**
**-**
**-**|_Total_
_funds_
_2020_
_£_
_3,066_
_6,545_|
|---|---|---|---|
||||_9,611_|
In 2020, of the total expenditure on raising funds £3,066 was expenditure from unrestricted funds and £6,545 from restricted funds.
Page 16
**ELY MUSEUM CIO**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021**
## **8. Charitable activities**
## **Summary by fund type**
|**Unrestricted**
**funds**
**2021**
**£**
Wages and salaries - note 9
12,296
Expenditure for which specific
grants and donations were
received
-
Premises costs
12,424
Administration expenses
3,531
Costs of events for school and
visitors
29
Furniture and equipment
793
Governance costs:
Independent examiner's/audit
fees
4,320
Investment management fees
and commission
-
**Total**
33,393|**Restricted**
**funds**
**2021**
**£**
93,596
77,773
-
-
-
-
-
-
171,369|**Endowment**
**funds**
**2021**
**£**
-
-
-
-
-
-
-
1,887
1,887|**Total**
**funds**
**2021**
**£**
**105,892**
**77,773**
**12,424**
**3,531**
**29**
**793**
**4,320**
**1,887**
**206,649**|_Total_
_funds_
_2020_
_£_
_102,463_
_34,983_
_5,071_
_4,384_
_2,445_
_6_
_3,600_
_2,313_|
|---|---|---|---|---|
|||||_155,265_|
Investment management fees and commissions include £1,473 (2020 - £1,793) payable to Whitings Wealth Management Ltd, a company in which the examiner has a financial interest.
In 2020, of the total expenditure on charitable activities, £41,225 was expenditure from unrestricted funds, £111,728 was from restricted funds, and £2,313 was from endowment funds.
Page 17
**ELY MUSEUM CIO**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021**
## **9. Staff costs**
|**2021**
**£**
Wages and salaries
**100,010**
Social security costs
**2,927**
Contribution to defined contribution pension schemes
**2,955**
**105,892**
The average number of persons employed by the Charity during the year was as follows:
**2021**
**No.**
Charitable activities
**5**|_2020_
_£_
_99,820_
_814_
_1,829_|
|---|---|
|||
||_102,463_|
||_2020_
_No._
_5_|
No employee received remuneration amounting to more than £60,000 in either year.
## **10. Trustee remuneration and related party expenses**
No trustee or other person related to the charity received any remuneration or had any personal interest in a contract or transaction entered into by the Charity.
The land and buildings in which the museum is situated are owned by East Cambridgeshire District Council. A peppercorn rent is being charged on a 50 year lease which began in 1997.
## **11. Taxation**
As a charity, Ely Museum CIO is exempt from tax on income and gains falling within part 10 of the Income Taxes Act 2007 or section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. No tax charges have arisen in the Charity.
Page 18
**ELY MUSEUM CIO**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021**
## **12. Tangible fixed assets**
|**Cost or valuation**
At 1 April 2020
Additions
Transfers between classes
At 31 March 2021
**Net book value**
At 31 March 2021
_At 31 March 2020_|**Long-term**
**leasehold**
**property**
**Assets**
**under**
**construction**
**£**
**£**
**-**
**739,782**
**-**
**1,482,605**
**2,222,387**
**(2,222,387)**
**2,222,387**
**-**
**2,222,387**
**-**
_-_
_739,782_|**Total**
**£**
**739,782**
**1,482,605**
**-**|
|---|---|---|
|||**2,222,387**|
|||**2,222,387**|
|||_739,782_|
The redevelopment of the Old Gaol building and its 1997 extension as well as the interior layout and displays has been undertaken using grants and donations received from National Lottery Heritage Fund, other organizations and individuals. Expenditure of those funds comprises the value shown in the Balance Sheet. On completion and opening of the redevelopment, the accumulated total expenditure will be depreciated against the corresponding fund over a reasonable period.
Page 19
**ELY MUSEUM CIO**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021**
## **13. Heritage assets**
|Value at beginning of year
Additions
**Value at end of year**|**2021**
**£**
**388,818**
**135**
**388,953**|_2020_
_£_
_387,020_
_1,798_
_388,818_|
|---|---|---|
The museum’s heritage assets comprise artifacts, memorabilia and suchlike items (as typically found in museums) for display to the public. The museum maintains a record of its collection on a computer database. The insured value was reviewed during the year by the curator using her skills, knowledge and experience. The value of the assets donated in the year was not determined and is not known.
The trustees have considered in detail the acquisition and disposal policy of the museum and this has been documented. The basic criteria of collecting shall be articles illustrative of the history of the Isle of Ely and the southern fenland, and specimens of fine art, useful arts, ethnology, archaeology, geology, botany, natural history and social history. Disposals are carried out openly and with transparency and the trustees accept the principle that sound curatorial reasons for disposal must be established before disposal.
## **14. Fixed asset investments**
|**Cost or valuation**
At 1 April 2020
Additions
Disposals
Revaluations
At 31 March 2021
**Net book value**
At 31 March 2021
_At 31 March 2020_|**Listed**
**investments**
**£**
**151,956**
**33,394**
**(70,637)**
**31,205**|
|---|---|
||**145,918**|
||**145,918**|
||_151,956_|
Page 20
**ELY MUSEUM CIO**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021**
## **15. Stocks**
||**2021**|_2020_|
|---|---|---|
||**£**|_£_|
|Finished goods and goods for resale|**4,621**|_-_|
## **16. Debtors**
|Prepayments
Due for grants
Due for school visits, room hire and others
Due for gift aid and tax credits|**2021**
**£**
**2,415**
**136,649**
**210**
**79,846**
**219,120**|_2020_
_£_
_1,380_
_1,392,621_
_143_
_4,396_|
|---|---|---|
||||
|||_1,398,540_|
Page 21
**ELY MUSEUM CIO**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021**
## **17. Creditors: Amounts falling due within one year**
|Bank overdrafts
Accruals and deferred income|**2021**
**£**
**619**
**120,561**
**121,180**|_2020_
_£_
_54_
_123,890_|
|---|---|---|
||||
|||_123,944_|
## **18. Financial instruments**
||**2021**|_2020_|
|---|---|---|
||**£**|_£_|
|**Financial assets**|||
|Financial assets measured at fair value through income and expenditure|**145,918**|_151,956_|
Financial assets measured at fair value through income and expenditure comprise fixed asset investments.
Page 22
**ELY MUSEUM CIO**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021**
## **19. Statement of funds**
## **Statement of funds - current year**
|
**Unrestricted**
**funds**
**Designated funds**
Manning legacy
General funds
**Total Unrestricted**
**funds**
**Endowment funds**
Endowment fund
**Restricted funds**
Education project
Curator's salary
Redevelopment
Phase 1
Redevelopment
Phase 2
Marsh Volunteers
Prize
Cambs CC Small
Museums
Real World
Science
Focus on
Fundraising
Torc appeal fund
Bronze Age
Bracelet appeal
Association of
Independent
Museums|**Balance at 1**
**April 2020**
**£**
**10,389**
**164,045**
**174,434**
**152,765**
**1,850**
**-**
**204,547**
**2,076,813**
**500**
**503**
**1,025**
**295**
**219,736**
**18,000**
**-**|**Income**
**£**
**-**
**147,232**
**147,232**
**1,859**
**9,000**
**13,264**
**-**
**5,416**
**-**
**-**
**-**
**-**
**-**
**-**
**3,073**|**Expenditure**
**£**
**-**
**(33,393)**
**(33,393)**
**(1,887)**
**(11,934)**
**(33,091)**
**-**
**(101,534)**
**(300)**
**-**
**-**
**-**
**-**
**-**
**(3,073)**|**Transfers**
**in/out**
**£**
**(10,389)**
**(22,221)**
**(32,610)**
**(37,859)**
**1,753**
**19,827**
**-**
**48,889**
**-**
**-**
**-**
**-**
**-**
**-**
**-**|**Gains/**
**(Losses)**
**£**
**-**
**-**
**-**
**31,205**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**|**Balance at**
**31 March**
**2021**
**£**
**-**|
|---|---|---|---|---|---|---|
|||||||**255,663**|
|||||||**255,663**|
|||||||**146,083**|
|||||||**669**
**-**
**204,547**
**2,029,584**
**200**
**503**
**1,025**
**295**
**219,736**
**18,000**
**-**|
Page 23
**ELY MUSEUM CIO**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021**
## **19. Statement of funds (continued)**
## **Statement of funds - current year (continued)**
|**Balance at 1**
**April 2020**
**£**
NLHF Emergency
Fund
**-**
Cambridgeshire &
Huntingdonshire
Family History
Society
**-**
Arts Council
Culture Recovery
Fund
**-**
**Total Restricted**
**2,523,269**
**Total of funds**
**2,850,468**|**Income**
**£**
**Expenditure**
**£**
**27,072**
**(20,906)**
**1,000**
**(531)**
**27,644**
**-**
**86,469**
**(171,369)**
**235,560**
**(206,649)**|**Transfers**
**in/out**
**£**
**-**
**-**
**-**
**70,469**
**-**|**Gains/**
**(Losses)**
**£**
**Balance at**
**31 March**
**2021**
**£**
**-**
**6,166**
**-**
**469**
**-**
**27,644**
**-**
**2,508,838**
**31,205**
**2,910,584**|**Gains/**
**(Losses)**
**£**
**Balance at**
**31 March**
**2021**
**£**
**-**
**6,166**
**-**
**469**
**-**
**27,644**
**-**
**2,508,838**
**31,205**
**2,910,584**|
|---|---|---|---|---|
|||||**2,508,838**|
|||||**2,910,584**|
Page 24
**ELY MUSEUM CIO**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021**
## **19. Statement of funds (continued)**
## Purpose of designated fund:
•The Manning Legacy was set aside for the current and any future redevelopments and improvements. It has been used during the year in further support of Phase 2 of the Redevelopment project.
## Purposes of restricted funds:
## •Education project
This project is aimed at schools, particularly primary schools, with visits to the Museum and reenactments. Grants and donations were received from a number of organizations during the year, and sufficient funds remain for the project to continue.
## •Curator’s salary
City of Ely Council provide grants each year towards the Curator’s salary. The deficit on this fund is covered by unrestricted funds.
## •Redevelopment Phase 1
This fund has been established to receive donations and grants towards the Project Development Phase of the redevelopment of the museum building and displays.
## •Redevelopment Phase 2
This fund has been established to receive donations and grants towards the Project Delivery Phase of the redevelopment of the museum building and displays.
## •Marsh Prize for Volunteers
This prize was awarded in recognition of the excellent support provided by the museum’s team of volunteers.
## • Cambridgeshire CC Small Museums
This fund is intended for the museum’s charitable purposes.
## • Real World Science
This fund supports the project highlighting applied science.
## •Focus on Fundraising
This grant was made for the purpose of enhancing trustees’ skills in fundraising, with a view to acquiring grants and donations for the development of the museum premises.
## • Torc appeal
This fund is comprised of those grants and donations which were made to enable the museum to purchase the gold torc. The artifact was acquired in 2017 and the fund spent accordingly. The terms of those grants require that they be refunded if the torc ceases to be in the museum’s ownership, therefore the torc is regarded as a restricted asset and is represented by this restricted reserve.
## • Bronze Age bracelet
This fund is comprised of those grants and donations which were made to enable the museum to purchase the gold bracelet. The artifact was acquired in 2013 and the fund spent accordingly. The terms of those grants require that they be refunded if the bracelet ceases to be in the museum’s ownership, therefore the bracelet is regarded as a restricted asset and is represented by this reserve.
## • Association of Independent Museums
This was a grant to fund the conservation of the sedan chair held in the museum's collection.
## • NLHF Emergency Fund
This fund was made available to pay for extra costs caused by Covid restrictions.
Page 25
**ELY MUSEUM CIO**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021**
## **19. Statement of funds (continued)**
• Cambridgeshire & Huntingdonshire Family History Society This grant was to be used for expenses caused by Covid restrictions.
## • Arts Council Culture Recovery Fund
This is a Government grant made to cultural establishments to facilitate their recovery from losses caused by Covid restrictions. Specifically, it is to meet costs incurred over three months from 1 April 2021, and to contribute to the replenishment of reduced reserves.
## Purpose of Endowment:
The endowment fund is comprised of capital invested in securities for the purpose of receiving a sustainable return to be used in support of the museum. The fund was formed from the capital received from the charity of Frederick Vernon Cross when it amalgamated with Ely Museum CIO in 2015 and fulfills the requirements of the original bequest from that donor. The income is reflected as a transfer to the Unrestricted Funds in the Statement of Financial Activities.
Page 26
**ELY MUSEUM CIO**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021**
## **19. Statement of funds (continued)**
## **Statement of funds - prior year**
|**Unrestricted funds**
**Designated funds**
Manning legacy
General Funds
**Total Unrestricted**
**funds**
**Endowment funds**
Endowment fund
**Restricted funds**
Education project
Curator's salary
Redevelopment
Phase 1
Redevelopment
Phase 2
Marsh Volunteers
Prize
Cambs CC Small
Museums
Real World Science
Focus on
Fundraising
Torc appeal fund
Bronze Age
Bracelet appeal
**Total Restricted**|_Balance at_
_1 April 2019_
_£_
_10,389_
_172,762_
_183,151_
_171,654_
_3,865_
_-_
_204,547_
_65_
_500_
_503_
_1,025_
_295_
_219,736_
_18,000_
_448,536_|_Income_
_£_
_-_
_52,784_
_-_
_2,422_
_10,500_
_13,264_
_-_
_2,149,608_
_-_
_-_
_-_
_-_
_-_
_-_
_2,173,372_|_Expenditure_
_£_
_-_
_(44,289)_
_(44,289)_
_(2,313)_
_(12,515)_
_(32,898)_
_-_
_(72,860)_
_-_
_-_
_-_
_-_
_-_
_-_
_(118,273)_|_Transfers_
_in/out_
_£_
_-_
_(17,212)_
_(17,212)_
_(2,422)_
_-_
_19,634_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_19,634_|_Gains/_
_(Losses)_
_£_
_-_
_-_
_-_
_(16,576)_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_-_|_Balance at_
_31 March_
_2020_
_£_
_10,389_
_164,045_
_174,434_
_152,765_
_1,850_
_-_
_204,547_
_2,076,813_
_500_
_503_
_1,025_
_295_
_219,736_
_18,000_
_2,523,269_|
|---|---|---|---|---|---|---|
Page 27
**ELY MUSEUM CIO**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021**
## **19. Statement of funds (continued)**
|**Total of funds**|_803,341_|_2,175,794_|_(164,875)_|_-_|_(16,576)_|_2,850,468_|
|---|---|---|---|---|---|---|
## **20. Summary of funds**
**Summary of funds - current year**
|Designated
funds
General funds
Endowment
funds
Restricted funds|**Balance at 1**
**April 2020**
**£**
**10,389**
**164,045**
**152,765**
**2,523,269**
**2,850,468**|**Income**
**£**
**-**
**147,232**
**1,859**
**86,469**
**235,560**
_Income_
_£_
_-_
_52,784_
_2,422_
_2,173,372_
_2,228,578_|**Expenditure**
**£**
**-**
**(33,393)**
**(1,887)**
**(171,369)**
**(206,649)**
_Expenditure_
_£_
_-_
_(44,289)_
_(2,313)_
_(118,273)_
_(164,875)_|**Transfers**
**in/out**
**£**
**(10,389)**
**(22,221)**
**(37,859)**
**70,469**
**-**
_Transfers_
_in/out_
_£_
_-_
_(17,212)_
_(2,422)_
_19,634_
_-_|**Gains/**
**(Losses)**
**£**
**-**
**-**
**31,205**
**-**
**31,205**
_Gains/_
_(Losses)_
_£_
_-_
_-_
_(16,576)_
_-_
_(16,576)_|**Balance at**
**31 March**
**2021**
**£**
**-**
**255,663**
**146,083**
**2,508,838**|
|---|---|---|---|---|---|---|
|||||||**2,910,584**|
|||||||_Balance at_
_31 March_
_2020_
_£_
_10,389_
_164,045_
_152,765_
_2,523,269_|
|**Summary of funds - prior year**|||||||
|Designated
funds
General funds
Endowment
funds
Restricted funds|_Balance at_
_1 April 2019_
_£_
_10,389_
_172,762_
_171,654_
_448,536_
_803,341_||||||
|||||||_2,850,468_|
Page 28
**ELY MUSEUM CIO**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021**
## **21. Analysis of net assets between funds**
## **Analysis of net assets between funds - current year**
|**Unrestricted**
**funds**
**2021**
**£**
Tangible fixed assets
-
Fixed asset investments
-
Heritage assets
151,217
Current assets
104,446
Creditors due within one year
-
**Total**
255,663|**Restricted**
**funds**
**2021**
**£**
2,222,387
-
237,736
169,895
(121,180)
2,508,838|**Endowment**
**funds**
**2021**
**£**
-
145,918
-
165
-
146,083|**Total**
**funds**
**2021**
**£**
**2,222,387**
**145,918**
**388,953**
**274,506**
**(121,180)**
**2,910,584**|
|---|---|---|---|
## **Analysis of net assets between funds - prior year**
|Tangible fixed assets
Fixed asset investments
Heritage assets
Current assets
Creditors due within one year
**Total**|_Unrestricted_
_funds_
_2020_
_£_
_-_
_-_
_151,082_
_27,006_
_(3,654)_
_174,434_|_Restricted_
_funds_
_2020_
_£_
_739,782_
_-_
_237,736_
_1,666,041_
_(120,290)_
_2,523,269_|_Endowment_
_funds_
_2020_
_£_
_-_
_151,956_
_-_
_809_
_-_
_152,765_|_Total_
_funds_
_2020_
_£_
_739,782_
_151,956_
_388,818_
_1,693,856_
_(123,944)_
_2,850,468_|
|---|---|---|---|---|
## **22. Pension commitments**
The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £1,879 (2020 - £1,829).
Page 29