**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 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 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.
- 1 -
## **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).
- 2 -
## **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.
- 3 -
## **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).
- 4 -
## **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.
- 5 -
## **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:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- 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 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: .............................................
- 6 -
## **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:
- 1 accounting records were not kept in respect of the charity as required by section 130 of the Charities Act 2011; or
- 2 the financial statements do not accord with those records; or
- 3 the financial statements do not comply with the applicable requirements concerning the form and content of financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financial statements 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 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: ............................
- 7 -
## **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.
- 8 -
## **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|
|---|---|
- 9 -
## **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**
- 10 -
## **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.
- 11 -
## **ELY MUSEUM CIO**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2025**_
- **1 Accounting policies**
## **(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.
- 12 -
## **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.
- 13 -
## **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.
- 14 -
## **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|
- 15 -
## **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|
- 16 -
## **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|
- 17 -
## **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.
- 18 -
## **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.
- 19 -
## **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|
- 20 -
## **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).
- 21 -
## **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|
- 22 -
## **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.
- _Torc appeal_
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.
- _Bronze Age bracelet appeal_
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.
- _Art Fund Re-imagine_
This fund wholly supports the salary costs and other expenses of the Communications Officer.
- _SHARE - Young Curators_
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.
- _MIC_
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.
- 23 -
## **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|
- 24 -
## **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**
- 25 -
## **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).
- 26 -