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2021-06-30-accounts

REGISTERED CHARITY NUMBER: 1182022

REPORT OF THE TRUSTEES AND

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

FOR

VAGINA MUSEUM

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

VAGINA MUSEUM

Page
Report of the Trustees 1 to 4
Independent Examiner's Report 5
Statement of Financial Activities 6
Balance Sheet 7
Notes to the Financial Statements 8 to 12
Detailed Statement of Financial Activities 13 to 14

VAGINA MUSEUM

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2021

The trustees present their report with the financial statements of the charity for the year ended 30 June 2021. The trustees have adopted the provisions of 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).

OBJECTIVES AND ACTIVITIES

Objectives and aims

A summary of the purposes of the charity as set out in its governing document and the main activities undertaken in relation to those purposes are as follows:

Charitable activities:

To establish and maintain a museum dedicated to the gynaecological anatomy and its place in science, culture, society and history.

Charitable objectives:

  1. The advancement of education and the promotion of equality and diversity for the public benefit by establishing and maintaining a museum and collections focused on gynaecological anatomy and its place in science, culture, society and history.

  2. Such other charitable purposes consistent with the above as the trustees in their absolute discretion shall determine.

Our values:

Our mission:

Significant activities

Due to the pandemic, the Vagina Museum spent much of the 2020-2021 period operating with its physical premises closed. During this time, the Museum operated virtually with a programme of digital events, educational digital content, and making exhibition content accessible online.

Page 1

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2021

VAGINA MUSEUM

ACHIEVEMENT AND PERFORMANCE Exhibition visitors:

The Vagina Museum's physical premises at Camden Market was able to open twice during the 2020 - 2021 period. In both instances, full COVID-safety precautions were taken.

A test opening was held on 5th September 2020 to see if opening to the public was feasible with appropriate Covid precautions and protocols. Staff and volunteer feedback determined that it was. Precautions included strict capacity limits, mask requirements, timed ticketing, and sanitation protocols.

Between 3rd October 2020 to 13th December 2020, the Vagina Museum received a total of 3,160 visitors. The Museum was open Fridays and weekends only with capacity limits to Muff Busters: Vagina Myths and How to Fight Them. Based on feedback from comment cards, feedback was 85% positive.

Periods: A Brief History opened on 22nd May 2021 with capacity limits and Friday and weekend openings only. In the period covered by this report (22nd May 2021 - 30th Jun 2021), it received 5,693 visitors. Based on a post-visit evaluation form, 89.6% of visitors said they knew more about the history of menstruation following their visit, and 83.4% rated their satisfaction as 7 out of 10 or higher. 82.2% rated 7 or higher when asked the question "How likely are you to recommend this exhibition to friends or family?".

Of the form respondents to the Periods: A Brief History evaluation form, 84.7% of respondents were women, 12.4% were men, and 2.4% were non-binary. 83.3% identified as White, 9.1% identified as Asian, 4.3% identified as Black and 6.3% identified as mixed race. 74.3% were aged 18-34. 51.5% identified as heterosexual, 20.9% as bisexual, 10.7% as queer, 7.8% as pansexual, 6.8% as lesbian, 1.9% as gay and 1% as asexual. 18.2% identified as having a disability or health condition.

Events:

A total of 24 events were held during the period covered by this report; all were virtual and held through Zoom. In total, 2,154 people attended at least one event. About 20% of attendees to the six book club events were repeat attendees, indicating a community was being created.Many events were organised with external collaborators. Selected highlights include:

A series of four virtual tours of the exhibition Muff Busters: Vagina Myths and How to Fight Them, hosted by our director and founder, Florence Schechter. Each tour took a particular focus on elements of the exhibition such as anatomy, or myths about menstruation and cleanliness.

This event hosted by Hana Ayoob explored the history of mandalas in traditional Indian art, coaching guests in designing their own mandala to celebrate the vulva.

Digital activities:

In the period covered by this report, the Vagina Museum had three social media channels: Twitter, Facebook and Instagram. During this period, the Museum grew its social following by over 50% on all channels. Particular highlights include:

Page 2

VAGINA MUSEUM

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2021

Social media feedback is highly positive, with a frequent comment being "I never knew this, thank you."

In the period covered by this report, the Vagina Museum's website received 190,000 visitors. 69% of visitors were UK-based. A total of 2,000 visitors looked at the online version of the Muff Busters exhibition.

Podcast episodes released during the period of this report have received a combined total of 15,000 downloads. Podcast audience is predominantly based in the UK (approximately 65%), with further listeners from the USA and Canada.

Fundraising and membership:

In the period covered, the Vagina Museum has held one individual giving appeal. This was a three-day campaign to celebrate the Museum's 4th birthday. The appeal raised £1,413, and 75 individuals donated during the course of the campaign.

The Vagina Museum's membership scheme is priced at £50 a year, or £6 a month. Members receive a discount on events and in the gift shop, exclusive members' events and frequent communications from the team. During the period covered by this report, the Vagina Museum acquired 194 new members.

Press:

During the period covered by this report, the Vagina Museum received press attention from domestic and international press. This included an article on IFLScience reporting on normal vaginal pH; domestic reports on reopening in October 2020 and May 2021; and comments on social media censorship picked up in The Independent and Dazed.

FINANCIAL REVIEW

Financial position

During the charity's second period of operation, the total income was £148,667 compared to £242,985 last year. This was largely due to the closure during the year due to covid. Outgoings for the same period were £159,336 compared to £192,420 and this reduction is in line with the reduced operations during the year for the shop and bar. The total funds carried forward into the new financial year are £39,896.

Reserves policy

The Vagina Museum trustees decided in March 2020 to hold combined reserves at £50,000 split amongst the Vagina Museum and Vertical Smile Project Ltd. These reserves would be used if during the pandemic, there was not enough income to cover essential overheads including staffing, rent, taxes and bills.

At the year end, the charity held unrestricted reserves of £39,896 which is in line with the reserves policy.

FUTURE PLANS

We are looking to expand into bigger premises within the next 2 years which will enable us to facilitate more school visits and events and if we are able to get a second gallery, this would allow us to hold more exhibitions.

Page 3

VAGINA MUSEUM

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2021

STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document

constitution.

Recruitment and appointment of new trustees

Trustees are recruited through an open application process by advertising on our website and relevant volunteering job boards. Applications are reviewed by the trustee board and suitable candidates invited to interview with at least two existing trustees. No one outside the trustee board participates in the selection process.

Related parties

The Vagina Museum has a trading subsidiary - Vertical Smile Project Ltd. Company number 10812443. Vertical Smile Project Ltd is a company limited by shares and all shares are owned by the Vagina Museum. Its registered office address during this period was c/o Sedulo Group Limited 62-66 Deansgate, Manchester, M3 2EN. It is now 18 Victoria Park Square, London, E2 9PF as of March 2022.

REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number

1182022

Principal address ENTER 18 Victoria Park Square London E2 9PF

Trustees

Florence Schechter Sarah Harman Jo Joyce Mae Kayukwa Niharika Jain Jennifer Simmons Kristina Johansson

Independent Examiner

Sedulo Accountants Limited Chartered Certified Accountants 62-66 Deansgate Manchester M3 2EN 29th April 2022 Approved by order of the board of trustees on ............................................. and signed on its behalf by:

.......................................................................... Ms F Schechter - Trustee

Page 4

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF VAGINA MUSEUM

Independent examiner's report to the trustees of Vagina Museum

I report to the charity trustees on my examination of the accounts of Vagina Museum (the Charity) for the year ended 30 June 2021.

Responsibilities and basis of report

As the charity trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').

I report in respect of my examination of the Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

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 Trust as required by section 130 of the 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.

Daniel Wilson FCCA Sedulo Accountants Limited Chartered Certified Accountants 62-66 Deansgate Manchester M3 2EN

Date: .............................................

Page 5

VAGINA MUSEUM

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2021

Year Ended
30.6.21
Unrestricted
fund
Notes
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
102,177
Charitable activities
Exhibitions and events
14,955
Other trading activities
2
31,535
Total
148,667
EXPENDITURE ON
Raising funds
20,031
Charitable activities
Exhibitions and events
135,787
Other
3,518
Total
159,336
NET INCOME/(EXPENDITURE)
(10,669)
RECONCILIATION OF FUNDS
Total funds brought forward
50,565
TOTAL FUNDS CARRIED FORWARD
39,896		 Period
13.2.19
to
30.6.20
Total
funds
£
71,133
14,611
157,241
242,985
16,188
127,740
48,492
192,420
50,565
-
50,565

The notes form part of these financial statements

Page 6

VAGINA MUSEUM

BALANCE SHEET 30 JUNE 2021

30.6.21 30.6.20
Unrestricted Total
fund funds
Notes £ £
FIXED ASSETS
Tangible assets 5 7,085 9,722
CURRENT ASSETS
Debtors 6 19,518 15,638
Cash at bank 20,078 39,239
39,596 54,877
CREDITORS
Amounts falling due within one year 7 (6,785) (14,034)
NET CURRENT ASSETS 32,811 40,843
TOTAL ASSETS LESS CURRENT
LIABILITIES 39,896 50,565
NET ASSETS 39,896 50,565
FUNDS 8
Unrestricted funds 39,896 50,565
TOTAL FUNDS 39,896 50,565

The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. 29th April 2022 and were signed on its behalf by:

............................................. F Schechter - Trustee

The notes form part of these financial statements

Page 7

VAGINA MUSEUM NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charity, which is a public benefit entity under FRS 102, 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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention.

Going concern

In common with virtually every organisation in the country, the charity has been experiencing the effects of the Coronavirus pandemic. Whilst the full impact of this exceptional situation cannot be assessed with complete certainty, the Trustees believe they have taken all possible steps to protect the charity during this time.

The Trustees have considered the impact of this issue on the charity's current and future financial position and consider that the charity has enough cash reserves to continue as a going concern for a period of at least 12 months from the date on which these financial statements are approved.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received, and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings - 20% straight line
Computer and equipment - 25% straight line

Related party exemption

The charity has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Taxation

The charity is exempt from tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

continued...

Page 8

VAGINA MUSEUM NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2021

1. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits

The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

2. OTHER TRADING ACTIVITIES

Year Ended
30.6.21
£
Fundraising events
200
Shop income
18,701
Venue hire
-
Memberships
12,634
31,535		 Period
13.2.19
to
30.6.20
£
73,324
64,266
9,078
10,573
157,241

3. TRUSTEES' REMUNERATION AND BENEFITS

During the period, Florence Schechter was paid £25,383 in remuneration for the position of CEO during the early stages of the charity's development. This was agreed by all Trustees and documented in the board minutes. Written confirmation was also obtained from the Charities Commission who confirmed that this was in the best interests of the Vagina Museum. This proposal is under constant review by the Trustees.

Trustees' expenses

There were no trustees' expenses paid for the year ended 30 June 2021 nor for the period ended 30 June 2020.

4. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted
fund
£
INCOME AND ENDOWMENTS FROM
Donations and legacies 71,133
Charitable activities
Exhibitions and events 14,611
Other trading activities 157,241
Total 242,985
EXPENDITURE ON
Raising funds 16,188
Charitable activities
Exhibitions and events 127,740

continued...

Page 9

VAGINA MUSEUM

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2021

4. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
Unrestricted
fund
£
Other 48,492
Total 192,420
NET INCOME 50,565
TOTAL FUNDS CARRIED FORWARD 50,565
5. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£ £ £
COST
At 1 July 2020 and 30 June 2021 9,041 3,319 12,360
DEPRECIATION
At 1 July 2020 1,808 830 2,638
Charge for year 1,808 829 2,637
At 30 June 2021 3,616 1,659 5,275
NET BOOK VALUE
At 30 June 2021 5,425 1,660 7,085
At 30 June 2020 7,233 2,489 9,722
6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.21 30.6.20
£ £
Other debtors 19,518 15,638

continued...

Page 10

VAGINA MUSEUM

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2021

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.21 30.6.20
£ £
Taxation and social security 4,683 12,284
Other creditors 2,102 1,750
6,785 14,034
8. MOVEMENT IN FUNDS
Unrestricted funds
General fund
TOTAL FUNDS
Net movement in funds, included in the above are as follows:
Unrestricted funds
General fund
TOTAL FUNDS
Comparatives for movement in funds
Unrestricted funds
General fund
TOTAL FUNDS		 At 1.7.20
£
50,565
50,565
Incoming
resources
£
148,667
148,667		 Net
movement
At
in funds
30.6.21
£
£
(10,669)
39,896
(10,669)
39,896
Resources
Movement
expended
in funds
£
£
(159,336)
(10,669)
(159,336)
(10,669)
Net
movement
At
in funds
30.6.20
£
£
50,565
50,565
50,565
50,565		 Net
movement
At
in funds
30.6.21
£
£
(10,669)
39,896
(10,669)
39,896
Resources
Movement
expended
in funds
£
£
(159,336)
(10,669)
(159,336)
(10,669)
Net
movement
At
in funds
30.6.20
£
£
50,565
50,565
50,565
50,565		 Net
movement
At
in funds
30.6.21
£
£
(10,669)
39,896
(10,669)
39,896
Resources
Movement
expended
in funds
£
£
(159,336)
(10,669)
(159,336)
(10,669)
Net
movement
At
in funds
30.6.20
£
£
50,565
50,565
50,565
50,565
(10,669)
At
30.6.20
£
50,565
50,565
50,565

continued...

Page 11

VAGINA MUSEUM

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2021

8. MOVEMENT IN FUNDS - continued

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
TOTAL FUNDS		 Incoming
resources
£
242,985
242,985		 Resources
Movement
expended
in funds
£
£
(192,420)
50,565
(192,420)
50,565

9. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 30 June 2021.

Page 12