OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

← Ely Museum CIO

2025-03-31-accounts

Charity registration number 1156024 (England and Wales)

ELY MUSEUM CIO

TRUSTEES' REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

ELY MUSEUM CIO

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Ms J V Greaves
Ms H C Burke, Chair of Trustees
Ms E J Ponton-Hewitt
Dr L Gilpin-Davies
Mr J D Bull
Dr P Gardner, Vice Chair
Ms V J T Jameson
Miss K E Childs
Mrs P A Birch
Cllr C Ni Dhonaill (Appointed 23 July 2024)
Mr R J Taylor, Treasurer (Appointed 21 May 2025)
Ms S H Bjorkegren (Appointed 19 May 2025)
Ms J Jolley (Appointed 23 September 2025)
Curator Mrs E Hughes
Charity number (England and 1156024
Wales)
Principal address The Old Gaol
Market Street
Ely
Cambridgeshire
CB7 4LS
Independent examiner Whitings LLP
Greenwood House
Greenwood Court
Skyliner Way
Bury St Edmunds
Suffolk
IP32 7GY
Bankers HSBC
5 Buttermarket
Ely
Cambridgeshire
CB7 4PA

ELY MUSEUM CIO

CONTENTS

Page
Trustees' report 1 - 6
Independent examiner's report 7
Statement of financial activities 8 - 9
Balance sheet 10
Notes to the financial statements 11 - 26

ELY MUSEUM CIO

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 MARCH 2025

The trustees present their annual report and financial statements for the year ended 31 March 2025.

The financial statements have been prepared in accordance with the accounting policies set out in the notes to the financial statements and comply with the charity's governing document, the Charities Act 2011, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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 in October 2019".

Objectives and activities

a. Policies and objectives

The objects of the Charity are:

The trustees have considered the guidance on public benefit issued by the Charity Commission, and they consider that Ely Museum CIO is fulfilling its obligations in this respect by achieving the above objectives.

ELY MUSEUM CIO

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Achievements and performance

a. Main achievements of the Charity

In May 2024 Ely Museum was broken in to by thieves and two items of great value were stolen. These two items have not been recovered. This has been a very difficult year for staff, volunteers, Trustees, visitors and supporters of the museum.

On the positive side, with our grant from the National Lottery Heritage Fund, we have been able to employ new staff, commission work by consultants and try out new events, exhibitions and marketing techniques. The project aims to develop a sustainable business model, with our collections at its heart.

Over the past year Ely Museum has welcomed over 10,000 visitors, including local families, visitors to the area and school groups. Exhibitions this year have included Nature Friendly Farming and Cabinet of Curiosities. The museum also acquired several new items for their collection, some through the Treasure Scheme.

We have welcomed many schools into the museum for hands-on, curriculum linked workshops. We have also provided outreach visits and loans boxes to schools. Local care homes have welcomed visits from museum staff and volunteers, bringing objects to handle. We have put on a wide variety of events and activities to meet the needs of our community, including sessions for under 5s, teenagers, adult craft workshops, talks and a Christmas event.

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 Arts Council Accreditation, fundraising, policy writing, documentation and collections care.

The economic climate has continued to create challenges for the museum, and we expect this to continue over the coming years.

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, The National Heritage Memorial Fund, The Headley Trust, V&A Purchase Grant Fund, East Cambridgeshire District Council and City of Ely Council for their continued support throughout the past twelve months.

Elie Hughes (Curator).

ELY MUSEUM CIO

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Financial review

a. Results for the year

The result for the year was a net loss in unrestricted funds, before depreciation and transfers, of £33,276 (2024 - net loss of £11,604). The income from charitable activities decreased slightly this year, but trading activities and donations increased compared to last year. However, most costs increased considerably from those of the previous year, particularly payroll costs. The Museum has had the resources to cover the year's deficit, while continuing to benefit from restricted grants for some salary costs.

The Museum's investment portfolio increased in value to £126,078 (2024 - £126,043) at the balance sheet date.

b. Reserves policy

The reserves policy of the charity is to maintain three months' worth of general expenditure (calculated to be £36,000) 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. The trustees have reviewed this and are satisfied that the charity holds sufficient funds to meet the reserves policy and is expected to do so for at least 12 months following the approval of these accounts.

c. Investment 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. Two investment models have been adopted: a general model with no restrictions on assets, sectors, geography or ethical considerations, and a socially responsible model restricted by ethical considerations.

The charity is exempt from income tax and capital gains tax.

ELY MUSEUM CIO

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

Structure, governance and management

a. Constitution

The charity is registered with the Charity Commission registration 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 15 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. Recruitment and appointment 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.

The trustees who served during the year and up to the date of signature of the financial statements were: Ms J V Greaves

Ms H C Burke, Chair of Trustees Ms E J Ponton-Hewitt Dr L Gilpin-Davies Mr J D Bull Dr P Gardner, Vice Chair Ms V J T Jameson Miss K E Childs Mrs P A Birch Mrs M Cesca (Resigned 31 October 2024) Cllr E Every (Resigned 31 October 2024) Dr I Lindsay (Resigned 23 July 2024) Cllr C Ni Dhonaill (Appointed 23 July 2024) Mr R J Taylor, Treasurer (Appointed 21 May 2025) Ms S H Bjorkegren (Appointed 19 May 2025) Ms J Jolley (Appointed 23 September 2025)

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 2,031 hours (2024 - 1,188 hours).

ELY MUSEUM CIO

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

d. Relationship with related parties

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 9. There are no related parties under common control, or under the control of the trust, nor is the trust under the control or any other party.

e. 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.

ELY MUSEUM CIO

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

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 and 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 the incoming resources and application of resources of the charity for that year.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping sufficient 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.

The trustees' report was approved by the Board of Trustees and signed on their behalf by:

.............................. Ms H C Burke Chair of Trustees Date: .............................................

ELY MUSEUM CIO

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF ELY MUSEUM CIO

I report to the trustees on my examination of the financial statements of Ely Museum CIO (the charity) for the year ended 31 March 2025.

Responsibilities and basis of report

As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011.

I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.

Independent examiner's statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

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 financial statements 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 on this report.

............................ Jaimie King ACA DChA Whitings LLP Greenwood House Greenwood Court Skyliner Way Bury St Edmunds Suffolk IP32 7GY Date: ............................

ELY MUSEUM CIO

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 MARCH 2025

Current financial year
Unrestricted
Restricted
Endowment
funds
funds
funds
2025
2025
2025
Notes
£
£
£
Income from:
Donations and grants
2
47,622
104,594
-
Charitable activities
3
54,791
-
-
Trading activities
4
25,269
-
-
Investments
5
290
-
3,175
Total income and
endowments
127,972
104,594
3,175
Expenditure on:
Raising funds
6
8,009
-
1,647
Charitable activities
7
238,715
310,498
-
Total expenditure
246,724
310,498
1,647
Net gains/(losses) on
investments
11
-
-
118
Net income/(expenditure)
(118,752)
(205,904)
1,646
Transfers between funds
4,668
2,937
(7,605)
Net movement in funds
(114,084)
(202,967)
(5,959)
Reconciliation of funds:
Fund balances at 1 April 2024
2,123,396
271,332
157,830
Fund balances at 31 March 2025
2,009,312
68,365
151,871		 Total
2025
£
152,216
54,791
25,269
3,465
235,741
9,656
549,213
558,869
118
(323,010)
-
(323,010)
2,552,558
2,229,548		 Total
2024
£
81,362
55,332
23,378
3,351
163,423
8,509
256,419
264,928
9,982
(91,523)
-
(91,523)
2,644,081
2,552,558

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The notes on pages 11 to 26 form part of these financial statements.

ELY MUSEUM CIO

STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

Prior financial year
Unrestricted
Restricted
Endowment
funds
funds
funds
2024
2024
2024
Notes
£
£
£
Income from:
Donations and grants
2
42,444
38,918
-
Charitable activities
3
55,332
-
-
Trading activities
4
23,378
-
-
Investments
5
251
-
3,100
Total income and endowments
121,405
38,918
3,100
Expenditure on:
Raising funds
6
6,999
-
1,510
Charitable activities
7
211,486
44,933
-
Total expenditure
218,485
44,933
1,510
Net gains/(losses) on investments
11
-
-
9,982
Net income/(expenditure)
(97,080)
(6,015)
11,572
Transfers between funds
(361)
361
-
Net movement in funds
(97,441)
(5,654)
11,572
Reconciliation of funds:
Fund balances at 1 April 2023
2,220,837
276,986
146,258
Fund balances at 31 March 2024
2,123,396
271,332
157,830		 Total
2024
£
81,362
55,332
23,378
3,351
163,423
8,509
256,419
264,928
9,982
(91,523)
-
(91,523)
2,644,081
2,552,558

ELY MUSEUM CIO

BALANCE SHEET

AS AT 31 MARCH 2025

Notes
Fixed assets
Tangible assets
13
Heritage assets
14
Investments
16
Current assets
Stocks
18
Debtors
19
Cash at bank and in hand
Creditors: amounts falling due within one
year
20
Net current assets
Total assets less current liabilities
The funds of the charity
Endowment funds
22
Restricted funds
23
Unrestricted funds
24		 2025
£
£
1,880,483
172,488
126,078
2,179,049
4,891
33,499
24,298
62,688
(12,189)
50,499
2,229,548
151,871
68,365
2,009,312
2,229,548		 2024
£
£
1,965,959
412,308
126,043
2,504,310
4,649
19,215
32,155
56,019
(7,771)
48,248
2,552,558
157,830
271,332
2,123,396
2,552,558		 2024
£
£
1,965,959
412,308
126,043
2,504,310
4,649
19,215
32,155
56,019
(7,771)
48,248
2,552,558
157,830
271,332
2,123,396
2,552,558
2,504,310
48,248
2,552,558
157,830
271,332
2,123,396
2,552,558

The notes on pages 11 to 26 form part of these financial statements.

The financial statements were approved by the trustees on .........................

.............................. .............................. Ms H C Burke Mr R J Taylor Chair of Trustees Treasurer

ELY MUSEUM CIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

1 Accounting policies

Charity information

Ely Museum CIO is constituted as a Charitable Incorporated Organisation within the UK and is registered with the Charity Commission, charity number 1156024. The registered address is The Old Gaol, Market Street, Ely, Cambridgeshire, CB7 4LS.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's governing document, the Charities Act 2011, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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 in October 2019". The charity is a Public Benefit Entity as defined by FRS 102.

The charity has taken advantage of the provisions in the SORP for charities not to prepare a statement of cash flows.

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 Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, unless otherwise stated in the relevant accounting policy. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Designated funds are unrestricted funds earmarked by the trustees for particular purposes.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.

1.4 Income

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.

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.

ELY MUSEUM CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

(Continued)

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 Balance Sheet and will be released to the Statement of Financial Activities against the fund when depreciated.

Investment income

Investment income is recorded when receivable.

1.5 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.

1.6 Tangible fixed assets

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 measured at cost. After recognition, under the cost model, Tangible fixed assets are measured at cost less accumulated depreciation and any impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

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.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Long-term leasehold improvements

Straight line over the term of the lease

Assets in the course of construction are included at cost incurred to date. These assets are not depreciated until they are brought into use.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7 Heritage assets

Heritage assets, represented by exhibits in the Museum, are stated at their insured value.

Depreciation is not charged on these assets as they are deemed to have a long useful life and any depreciation would therefore be immaterial to the accounts.

ELY MUSEUM CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

1 Accounting policies

(Continued)

1.8 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date using the closing quoted market price. Changes in fair value, and gains and losses arising on disposal, are recognised in the Statement of Financial Activities for the year. Transaction costs are expensed as incurred.

1.9 Stocks

Stocks consist of goods purchased for re-sale.

Stocks are stated at the lower of cost and net realisable value.

1.10 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.11 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

ELY MUSEUM CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

1 Accounting policies

(Continued)

1.12 Retirement benefits

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.

1.13 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.

ELY MUSEUM CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

2 Income from donations and grants

Unrestricted
Restricted
funds
funds
2025
2025
£
£
Donations and gifts
2,356
-
Grants
45,266
104,594
47,622
104,594
Donations and gifts
General donations
1,240
-
Donations to acquisition
fund
-
-
MGETR Claim
1,116
-
2,356
-
Grants
City of Ely Council
44,266
-
Thomas Parsons' Trust
-
7,000
Other Education grants
-
4,369
Art Fund
-
-
CHFHS
1,000
-
Museums in Cambridge
-
750
Babylon Arts
-
44
Cambridgeshire CC
-
-
NLHF grant
-
92,431
45,266
104,594		 Total
Unrestricted
Restricted
funds
funds
2025
2024
2024
£
£
£
2,356
3,647
200
149,860
38,797
38,718
152,216
42,444
38,918
1,240
3,647
-
-
-
200
1,116
-
-
2,356
3,647
200
44,266
38,797
-
7,000
-
6,500
4,369
-
12,120
-
-
3,955
1,000
-
-
750
-
-
44
-
-
-
-
750
92,431
-
15,393
149,860
38,797
38,718		 Total
2024
£
3,847
77,515
81,362
3,647
200
-
3,847
38,797
6,500
12,120
3,955
-
-
-
750
15,393
77,515

ELY MUSEUM CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

3 Income from charitable activities

Unrestricted Unrestricted
funds funds
2025 2024
£ £
Charitable activities
Admissions 39,135 38,836
School visits 8,956 8,178
Events and other 6,700 8,318
54,791 55,332

4 Income from trading activities

Unrestricted Unrestricted
funds funds
2025 2024
£ £
Shop sales 13,614 12,954
Room lettings 11,655 10,424
25,269 23,378

5 Income from investments

Unrestricted Endowment
funds
funds
2025
2025
£
£
Dividends and interest
from invested funds
-
3,175
Bank interest
290
-
290
3,175		 Total
Unrestricted Endowment
funds
funds
2025
2024
2024
£
£
£
3,175
-
3,100
290
251
-
3,465
251
3,100		 Total
2024
£
3,100
251
3,351

ELY MUSEUM CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

6 Expenditure on raising funds

Unrestricted Endowment
funds
funds
2025
2025
£
£
Trading costs
Shop purchases
8,009
-
Investment management
-
1,647
Total costs
8,009
1,647		 Total
Unrestricted Endowment
funds
funds
2025
2024
2024
£
£
£
8,009
6,999
-
1,647
-
1,510
9,656
6,999
1,510		 Total
2024
£
6,999
1,510
8,509

Investment management fees and commissions include £1,647 (2024 - £1,510) payable to Whitings Wealth Management Ltd, a company in which the partners of Whitings LLP have a financial interest.

7 Expenditure on charitable activities

Direct costs
Staff costs
Depreciation and impairment
Expenditure for which specific grants and donations were received
Premises costs
Administration expenses
Costs of events for school and visitors
Furniture and equipment
Share of support and governance costs (see note 8)
Governance
Analysis by fund
Unrestricted funds
Restricted funds		 2025
£
145,483
325,476
31,823
28,463
8,307
4,275
86
543,913
5,300
549,213
238,715
310,498
549,213		 2024
£
116,928
85,476
13,981
26,919
6,457
2,863
325
252,949
3,470
256,419
211,486
44,933
256,419

ELY MUSEUM CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

8 Support costs allocated to activities

Support costs allocated to activities
Governance costs
Analysed between:
Independent examiner's fees		 2025
£
5,300
5,300		 2024
£
3,470
3,470

9 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

10 Employees

The average monthly number of employees during the year was:

Charitable activities
Employment costs
Wages and salaries
Social security costs
Contribution to defined contribution pension scheme		 2025
Number
10
2025
£
135,211
4,759
5,513
145,483		 2024
Number
8
2024
£
113,216
743
2,969
116,928

There were no employees whose annual remuneration was more than £60,000.

11 Gains and losses on investments

Endowment Endowment
funds funds
2025 2024
Gains/(losses) arising on: £ £
Revaluation of investments 118 9,982

12 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.

ELY MUSEUM CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

13 Tangible fixed assets

Tangible fixed assets
Long-term
leasehold
improvements
£
Cost
At 1 April 2024 2,222,387
At 31 March 2025 2,222,387
Depreciation and impairment
At 1 April 2024 256,428
Depreciation charged in the year 85,476
At 31 March 2025 341,904
Carrying amount
At 31 March 2025 1,880,483
At 31 March 2024 1,965,959

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 the National Lottery Heritage Fund, other organisations 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.

14 Heritage assets

At 1 April 2024
Purchases
Impairments - note 27
At 31 March 2025		 £
412,308
180
(240,000)
172,488

The Museum's heritage assets comprise artefacts, 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 it 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.

ELY MUSEUM CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

15 Five year financial summary of heritage asset transactions

**Movement ** Carrying value
£ £
2021 Treasure find additions 135 388,953
2022 No movements - 388,953
2023 Treasure find additions 23,355 412,308
2024 No movements - 412,308
2025 Treasure find additions 180 412,488
2025 Impairment (240,000) 172,488

16 Fixed asset investments

Listed
investments
£
Cost or valuation
At 1 April 2024 126,043
Additions 4,166
Valuation changes 118
Disposals (4,249)
At 31 March 2025 126,078
Carrying amount
At 31 March 2025 126,078
At 31 March 2024 126,043
Financial instruments
2025 2024
£ £
Carrying amount of financial assets
Instruments measured at fair value through profit or loss 126,078 126,043

17 Financial instruments

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

18 Stocks

Stocks
2025 2024
£ £
Finished goods and goods for resale 4,891 4,649

ELY MUSEUM CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

19
Debtors
Amounts falling due within one year:
Due for school visits, room hire and others
Due for gift aid, tax credits and grants
Prepayments and accrued income
20
Creditors: amounts falling due within one year
Other taxation and social security
Trade creditors
Other creditors
Accruals and deferred income
21
Retirement benefit schemes
Defined contribution schemes
Charge to profit or loss in respect of defined contribution schemes		 2025
£
235
27,244
6,020
33,499
2025
£
949
1,589
4,074
5,577
12,189
2025
£
5,513		 2024
£
246
15,271
3,698
19,215
2024
£
169
708
1,291
5,603
7,771
2024
£
2,969

The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.

There are unpaid contributions at the end of the current year of £774 (2024 - £Nil).

ELY MUSEUM CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

22 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 fulfils the requirements of the original bequest from that donor. The income is reflected as a transfer to Unrestricted Funds in the Statement of Financial Activities.

At 1 April At 1 April Incoming Resources Transfers Gains and At 31 March At 31 March
2024 resources expended losses 2025
£ £ £ £ £ £
Endowments
Endowment
Funds 157,830 3,175 (1,647) (7,605) 118 151,871
Previous year: At 1 April Incoming Resources Transfers Gains and At 31 March
2023 resources expended losses 2024
£ £ £ £ £ £
Endowments
Endowment
Funds 146,258 3,100 (1,510) - 9,982 157,830

ELY MUSEUM CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

23 Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

· 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 organisations during the year, and sufficient funds remain for the project to continue.

This fund is comprised of those grants and donations which were made to enable the Museum to purchase the gold torc. The artefact 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.

This fund is comprised of those grants and donations which were made to enable the Museum to purchase the gold bracelet. The artefact 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 restricted reserve.

· Museums in Cambridgeshire Grant

This fund represents a grant received to be spent on the Museum's general charitable purposes.

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

This fund meets the costs of monthly engagements with teenagers to promote their interest in history and museums.

· Acquisition Fund

This fund was established to encourage donations to pay for potential acquisitions and conservation.

· Norfolk CC Wild Escape

This fund is used to engage with children and families interested in the natural environment through schools and events.

· Norfolk CC Shared Development

This fund pays the costs of professional expertise given to trustees and staff toward forward planning.

The fund has paid for the creation of two 'Reminiscence boxes' for use in care homes. In 2025 the MIC grant was used for re-stocking the Explorers Chest.

· NLHF

This fund is being used to carry out a project focusing on improving organisation sustainability and resilience, whilst ensuring our collections are at the centre of everything we do.

· Ely City Council Loan Boxes

This fund is being used to create two new loans boxes for schools that each contain the (replica) belongings on an individual from a different historical period. Each box can be loaned out to many different schools.

ELY MUSEUM CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

23 Restricted funds (Continued)
At 1 April Incoming Resources Transfers At 31 March
2024 resources expended 2025
£ £ £ £ £
Education Project 3,702 11,413 (110) - 15,005
Torc appeal 219,736 - (220,000) 264 -
Bronze Age bracelet appeal 18,000 - (20,000) 2,000 -
Art Fund Re-imagine 636 - (67) (569) -
Acquisition and Conservation
Fund 22,200 - - 574 22,774
MIC 216 750 (734) (232) -
NLHF 6,842 92,431 (69,471) - 29,802
Ely City Council loan boxes - - (116) 900 784
271,332 104,594 (310,498) 2,937 68,365
Previous year: At 1 April Incoming Resources Transfers At 31 March
2023 resources expended 2024
£ £ £ £ £
Education Project - 18,820 (15,372) 254 3,702
Torc appeal 219,736 - - - 219,736
Bronze Age bracelet appeal 18,000 - - - 18,000
Museums in Cambridgeshire
Grant 146 750 (937) 41 -
Art Fund Re-imagine 13,512 3,955 (16,831) - 636
Acquisition and Conservation
Fund 22,000 200 - - 22,200
Norfolk CC Wild Escape Fund 2,776 - (2,842) 66 -
Norfolk CC Shared
Development Fund 600 - (600) - -
MIC 216 - - - 216
NLHF - 15,193 (8,351) - 6,842
276,986 38,918 (44,933) 361 271,332

ELY MUSEUM CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

24 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

· Redevelopment Fund

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

· CHFHS

This fund is being used to deal with the aftermath of the theft of the Gold Torc and Bracelet. It is being used for a new interpretation panel and to improve the courtyard garden.

· W Bebbington

This fund is being used to support our work with schools.

At 1 April At 1 April Incoming Resources Transfers At 31 March
2024 resources expended 2025
£ £ £ £ £
Redevelopment fund 1,965,959 - (85,476) - 1,880,483
CHFHS - 1,000 (586) - 414
W Bebbington - - - 508 508
General funds 157,437 126,972 (160,662) 4,160 127,907
2,123,396 127,972 (246,724) 4,668 2,009,312
Previous year: At 1 April Incoming Resources Transfers At 31 March
2023 resources expended 2024
£ £ £ £ £
Redevelopment Fund 2,051,435 - (85,476) - 1,965,959
General funds 169,402 121,405 (133,009) (361) 157,437
2,220,837 121,405 (218,485) (361) 2,123,396
Analysis of net assets between funds
Unrestricted Restricted Endowment Total
funds funds funds
2025 2025 2025 2025
£ £ £ £
At 31 March 2025:
Tangible assets 1,880,483 - - 1,880,483
Heritage assets 149,714 22,774 - 172,488
Investments - - 126,078 126,078
Current assets/(liabilities) (20,885) 45,591 25,793 50,499
2,009,312 68,365 151,871 2,229,548

25 Analysis of net assets between funds

ELY MUSEUM CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

25 Analysis of net assets between funds

Analysis of net assets between funds (Continued)
Unrestricted Restricted Endowment Total
funds funds funds
2024 2024 2024 2024
£ £ £ £
At 31 March 2024:
Tangible assets 1,965,959 - - 1,965,959
Heritage assets 152,697 259,611 - 412,308
Investments - - 126,043 126,043
Current assets/(liabilities) 4,740 11,721 31,787 48,248
2,123,396 271,332 157,830 2,552,558

26 Operating lease commitments

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.

27 Event in the reporting period

In May 2024, Ely Museum was broken into and the East Cambridgeshire gold torc and a gold bracelet were stolen. Insurance claims have been initiated to recover some of the cost of the stolen items. At today's date, the insurance company have declined the claim, however Ely Museum's brokers have disputed this.

In the financial statements this year, an impairment adjustment of £240k has been made to Heritage Assets to account for the stolen items. The charity does not think the gold torc or gold bracelet will be recovered, so they have been removed from assets. The two items were valued by the Treasure Registrar at the British Museum when originally acquired. These values have been used for the impairment.

28 Related party transactions

There were no disclosable related party transactions during the year (2024 - none).