2022-03-31-accounts

Charity number: 1156024

ELY MUSEUM CIO

UNAUDITED

TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

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 - 28

ELY MUSEUM CIO

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2022

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 (deceased 19 May 2022)
	Cllr R Denness (resigned 21 June 2022)
	Ms V Jameson
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 2022

The Trustees present their annual report together with the financial statements of the Ely Museum CIO for the year 1 April 2021 to 31 March 2022.

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 2022

Achievements and performance

a. Main achievements of the Charity

The past year has seen the refurbished Ely Museum finally open to the public. It has been wonderful to see visitors enjoying the new galleries, spaces and facilities. Comments have been positive and appreciative of the changes. The museum is now an amazing place to visit and a source of pride for local communities.

The Museum was shortlisted for the RIBA Awards in February 2022 and won two awards in May 2022.

The economic climate has created new challenges for the museum, which we will continue to face over the coming years.

Our project Community Engagement Officer worked hard to put on many events and activities to increase engagement with local communities. Her post is now funded by the Art Fund, since the NLHF funded project came to an end. This year has seen the start of our new sessions for under 5s, a Young Curators Club, Hands on Saturdays and a project with the local Polish School.

Our Learning Officer has been busy welcoming schools back into the museum and showing them all the new displays and resources. We have also provided outreach visits and loans boxes to those schools that did not feel ready to come to us.

We have been delighted to welcome back many of our volunteers and this year we have had over 30 volunteers giving nearly 800 hours of their time.

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, The Art 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 2022

Financial review

a. Results for the year

Income, this year, covered an eleven-month period as the museum did not re-open until May 2021. Nevertheless, both income from admissions and the footfall were greater than those of the years before the redevelopment. Expenditure also increased, with the new larger premises accounting for some of the extra costs. The result was a deficit, but affordable within the museum’s resources. The expanded and improved premises and displays have clearly attracted a larger audience and the improved income stream is to be welcomed.

The museum’s investment portfolio dropped in value to £104,101 (£145,918 in 2021) at the balance sheet date. However, £50,000 was withdrawn during the year to pay the final costs of the redevelopment project prior to receiving the grants available for that purpose. Those grants were received post balance sheet date, and £50,000 has been allocated for re-investment in the portfolio.

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 has been reduced while the redevelopment project is in process and at the balance sheet date there was sufficient in liquid unrestricted reserves.

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 2022

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 784 hours (3,169 hours in 2021).

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 2022

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: 19 January 2023

Page 6

ELY MUSEUM CIO

INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2022

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 2022.

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.

Jonathan Moore FCCA

Whitings LLP Greenwood House Greenwood Court Skyliner Way Bury St Edmunds Suffolk IP32 7GY

Date : 19 January 2023

Page 7

ELY MUSEUM CIO

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2022

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 (expenditure)/income 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 2022 £ 47,043 46,598 2 13,612 107,255 5,863 196,709 202,572 - (95,317) 2,219,512 2,124,195 255,663 2,124,195 2,379,858	Restricted funds 2022 £ 47,825 - - - 47,825 - 119,348 119,348 - (71,523) (2,167,651) (2,239,174) 2,508,838 (2,239,174) 269,664	Endowment funds 2022 £ - - 1,861 - 1,861 - 1,898 1,898 9,633 9,596 (51,861) (42,265) 146,083 (42,265) 103,818	Total funds 2022 £ 94,868 46,598 1,863 13,612 156,941 5,863 317,955 323,818 9,633 (157,244) - (157,244) 2,910,584 (157,244) 2,753,340	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

The notes on pages 10 to 28 form part of these financial statements.

Page 8

ELY MUSEUM CIO

BALANCE SHEET AS AT 31 MARCH 2022

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	3,058 146,015 20,706 169,779 (46,404)	2022 £ 2,136,911 388,953 104,101 2,629,965 123,375 2,753,340 103,818 269,664 2,379,858 2,753,340	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

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

Cllr E Every Chair Date: 19 January 2023

Mr J Beart Treasurer

The notes on pages 10 to 28 form part of these financial statements.

Page 9

ELY MUSEUM CIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

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 2022

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.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.

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 2022

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 2022

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 2022

3. Donations and grants

Unrestricted funds 2022 £ Donations General donations 2,346 Donations to Redevelopment fund - Grants East Cambridgeshire District Council 6,800 City of Ely Council 37,897 Thomas Parsons' Trust - Other Education grants - National Lottery Heritage Fund - Association of Independent Museums - Cambridgeshire & Huntingdonshire Family History Society - Arts Council Culture Recovery Fund - Government Restart Grant - Groundwork UK - Art Fund - Museums grant - 47,043 Total 2021 65,622	Restricted funds 2022 £ - - - - 5,000 5,500 - - - - - 1,000 35,593 732 47,825 86,469	Total funds 2022 £ 2,346 - 6,800 37,897 5,000 5,500 - - - - - 1,000 35,593 732 94,868 152,091	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

Page 14

ELY MUSEUM CIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

4. Charitable activities

Unrestricted funds 2022 £ Admissions 34,515 School visits 3,871 Events and other 1,797 Museums tax credit 6,415 Total 46,598	Total funds 2022 £ 34,515 3,871 1,797 6,415 46,598	Total funds 2021 £ - 1,853 - 79,446
		81,299

In 2021, 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
	2022	2022	2022	2021
	£	£	£	£
Shop sales	10,905	-	10,905	-
Room lettings	2,707	-	2,707	-
Total	13,612	-	13,612	-

In 2021, there was no income from trading activities due to the building being closed to the public for the redevelopment project.

Page 15

ELY MUSEUM CIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

6. Investments

Unrestricted funds 2022 £ Dividends and interest from invested funds - Bank interest 2 Total 2	Endowment funds 2022 £ 1,861 - 1,861	Total funds 2022 £ 1,861 2 1,863	Total funds 2021 £ 1,859 311
			2,170

In 2021, of the total income from investments, £311 was to unrestricted funds and £1,859 to endowment funds.

7. Raising funds

Costs of raising voluntary income

	Unrestricted	Total	Total
	funds	funds	funds
	2022	2022	2021
	£	£	£
Shop purchases	5,863	5,863	-

In 2021, there was no expenditure on raising funds due to the ongoing redevelopment project.

Page 16

ELY MUSEUM CIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

8. Charitable activities

Summary by fund type

Unrestricted funds 2022 £ Wages and salaries - note 9 77,216 Expenditure for which specific grants and donations were received - Premises costs 23,731 Leasehold improvements depreciation 85,476 Administration expenses 5,228 Costs of events for school and visitors 137 Furniture and equipment 772 Governance costs: Independent examiner's fees 3,120 Other professional fees 1,029 Investment management fees and commission - Total 196,709	Restricted funds 2022 £ 38,117 81,231 - - - - - - - - 119,348	Endowment funds 2022 £ - - - - - - - - - 1,898 1,898	Total funds 2022 £ 115,333 81,231 23,731 85,476 5,228 137 772 3,120 1,029 1,898 317,955	Total funds 2021 £ 105,892 77,773 12,424 - 3,531 29 793 4,320 - 1,887
				206,649

Investment management fees and commissions include £1,493 (2021 - £1,473) payable to Whitings Wealth Management Ltd, a company in which the examiner has a financial interest.

In 2021, of the total expenditure on charitable activities, £33,393 was expenditure from unrestricted funds, £171,369 was from restricted funds, and £1,887 was from endowment funds.

Page 17

ELY MUSEUM CIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

9. Staff costs

2022 £ Wages and salaries 111,560 Social security costs 1,410 Contribution to defined contribution pension schemes 2,363 115,333 The average number of persons employed by the Charity during the year was as follows: 2022 No. Charitable activities 5	2021 £ 100,010 2,927 2,955
	105,892
	2021 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.

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ELY MUSEUM CIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

12. Tangible fixed assets

Cost or valuation At 1 April 2021 At 31 March 2022 Depreciation Charge for the year At 31 March 2022 Net book value At 31 March 2022 At 31 March 2021	Long-term leasehold improvements £ 2,222,387
	2,222,387
	85,476
	85,476
	2,136,911
	2,222,387

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 is being depreciated against the corresponding fund on a straight line basis over the remaining original lease term.

The lease of the Ely Museum Old Gaol building including the redevelopment asset included in long-term leasehold improvements, is secured by a charge in favour of the National Lottery Heritage Fund for a period of 20 years, following the completion of the redevelopment project.

Page 19

ELY MUSEUM CIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

13. Heritage assets

Value at beginning of year Additions Value at end of year	2022 £ 388,953 - 388,953	2021 £ 388,818 135 388,953

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 2021 Additions Disposals Revaluations At 31 March 2022	Listed investments £ 145,918 7,915 (63,008) 13,276
	104,101

15.	Stocks
		2022	2021
		£	£
	Finished goods and goods for resale	3,058	4,621

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ELY MUSEUM CIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

16. Debtors

Prepayments Due for grants Due for school visits, room hire and others Due for gift aid and tax credits	2022 £ 2,575 60,233 1,971 81,236 146,015	2021 £ 2,415 136,649 210 79,846
		219,120

17. Creditors: Amounts falling due within one year

Bank overdrafts Accruals and deferred income	2022 £ 2,440 43,964 46,404	2021 £ 619 120,561
		121,180

18. Financial instruments

	2022	2021
	£	£
Financial assets
Financial assets measured at fair value through income and expenditure	104,101	145,918

Financial assets measured at fair value through income and expenditure comprise fixed asset investments.

Page 21

ELY MUSEUM CIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

19. Statement of funds

Statement of funds - current year

Unrestricted funds Designated funds Redevelopment Fund General Funds Total Unrestricted funds Endowment funds Endowment fund Restricted funds Education project 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	Balance at 1 April 2021 £ - 255,663 255,663 146,083 669 204,547 2,029,584 200 503 1,025 295 219,736 18,000	Income £ - 107,255 107,255 1,861 11,500 - - - - - - - -	Expenditure £ (85,476) (117,096) (202,572) (1,898) (15,088) - (91,405) - - - - - -	Transfers in/out £ 2,222,387 (2,875) 2,219,512 (51,861) 4,188 (204,547) (1,938,179) (200) (503) (1,025) (295) - -	Gains/ (Losses) £ - - - 9,633 - - - - - - - - -	Balance at 31 March 2022 £ 2,136,911
						242,947
						2,379,858
						103,818
						1,269 - - - - - - 219,736 18,000

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ELY MUSEUM CIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

19. Statement of funds (continued)

Statement of funds - current year (continued)

NLHF Emergency Fund Cambridgeshire & Huntingdonshire Family History Society Arts Council Culture Recovery Fund Museums Fund Art Fund Re- imagine Fund Total Restricted Total of funds	Balance at 1 April 2021 £ 6,166 469 27,644 - - 2,508,838 2,910,584	Income £ - - - 732 35,593 47,825 156,941	Expenditure £ - (469) (6,720) (674) (4,992) (119,348) (323,818)	Transfers in/out £ (6,166) - (20,924) - - (2,167,651) -	Gains/ (Losses) £ - - - - - - 9,633	Balance at 31 March 2022 £ - - - 58 30,601
						269,664
						2,753,340

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

19. Statement of funds (continued)

Purpose of designated funds:

• Redevelopment Fund

This fund holds the total cost of the redevelopment project of the Old Gaol, less depreciation of the asset over the remaining lease term. It is represented by the net book value of the leasehold asset.

• Manning Legacy

The Manning Legacy was set aside for the current and any future redevelopments and improvements. It has been used during the previous 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.

• 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. The fund has been transferred to the designated Redevelopment Fund on completion of the project.

• 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. The fund has been transferred to the designated Redevelopment Fund on completion of the project.

• Marsh Prize for Volunteers

This prize was awarded in recognition of the excellent support provided by the museum’s team of volunteers. The balance has been transferred to the general fund and expended in line with the terms of the grant.

• Cambridgeshire CC Small Museums

This fund is intended for the museum’s charitable purposes. The balance has been transferred to the general fund and expended in line with the terms of the grant.

• Real World Science

This fund supports the project highlighting applied science. The balance has been transferred to the general fund and expended in line with the terms of the grant.

• 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. The balance has been transferred to the general fund and expended in line with the terms of the grant.

• 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,

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

19. Statement of funds (continued)

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.

• 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.

• Museums Grant

This fund is intended for the museum's charitable purposes.

• Art Fund Re-imagine

This fund wholly supports the salary costs and other expenses of the Communications Officer.

Purpose of endowment funds:

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. During the year, capital of £50,000 was liquidated for cash flow purposes to assist with the final stages of the redevelopment project. Post balance sheet date these funds have been received from grants and have been ringfenced to be reinvested into the capital funds.

Statement of funds - prior year

Unrestricted funds Designated funds Manning legacy General Funds Total Unrestricted funds	Balance at 1 April 2020 £ 10,389 164,045 174,434	Income £ - 147,232 147,232	Expenditure £ - (33,393) (33,393)	Transfers in/out £ (10,389) (22,221) (32,610)	Gains/ (Losses) £ - - -	Balance at 31 March 2021 £ -
						255,663
						255,663

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

19. Statement of funds (continued)

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 NLHF Emergency Fund Cambridgeshire & Huntingdonshire Family History Society Arts Council Culture Recovery Fund Total Restricted Total of funds	152,765 1,850 - 204,547 2,076,813 500 503 1,025 295 219,736 18,000 - - - - 2,523,269 2,850,468	1,859 9,000 13,264 - 5,416 - - - - - - 3,073 27,072 1,000 27,644 86,469 235,560	(1,887) (11,934) (33,091) - (101,534) (300) - - - - - (3,073) (20,906) (531) - (171,369) (206,649)	(37,859) 1,753 19,827 - 48,889 - - - - - - - - - - 70,469 -	31,205 - - - - - - - - - - - - - - - 31,205	146,083
						669 - 204,547 2,029,584 200 503 1,025 295 219,736 18,000 - 6,166 469 27,644
						2,508,838
						2,910,584

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

20. Summary of funds

Summary of funds - current year

Designated funds General funds Endowment funds Restricted funds	Balance at 1 April 2021 £ - 255,663 146,083 2,508,838 2,910,584	Income £ - 107,255 1,861 47,825 156,941 Income £ - 147,232 1,859 86,469 235,560	Expenditure £ (85,476) (117,096) (1,898) (119,348) (323,818) Expenditure £ - (33,393) (1,887) (171,369) (206,649)	Transfers in/out £ 2,222,387 (2,875) (51,861) (2,167,651) - Transfers in/out £ (10,389) (22,221) (37,859) 70,469 -	Gains/ (Losses) £ - - 9,633 - 9,633 Gains/ (Losses) £ - - 31,205 - 31,205	Balance at 31 March 2022 £ 2,136,911 242,947 103,818 269,664
						2,753,340
						Balance at 31 March 2021 £ - 255,663 146,083 2,508,838
Summary of funds - prior 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
						2,910,584

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

21. Analysis of net assets between funds

Analysis of net assets between funds - current year

Unrestricted funds 2022 £ Tangible fixed assets 2,136,911 Fixed asset investments - Heritage assets 151,217 Current assets 137,851 Creditors due within one year (46,121) Total 2,379,858	Restricted funds 2022 £ - - 237,736 31,928 - 269,664	Endowment funds 2022 £ - 104,101 - - (283) 103,818	Total funds 2022 £ 2,136,911 104,101 388,953 169,779 (46,404) 2,753,340

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 2021 £ - - 151,217 104,446 - 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

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 £2,363 (2021 - £2,955).

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