**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.
Page 18
**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_|
Page 20
**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**|
Page 22
**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**|
Page 23
**ELY MUSEUM CIO**
## **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,
Page 24
**ELY MUSEUM CIO**
## **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_|
Page 25
**ELY MUSEUM CIO**
## **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_|
Page 26
**ELY MUSEUM CIO**
## **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_|
Page 27
**ELY MUSEUM CIO**
## **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).
Page 28