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2022-06-30-accounts

REGISTERED CHARITY NUMBER: 1182022

REPORT OF THE TRUSTEES AND

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022

FOR

VAGINA MUSEUM

VAGINA MUSEUM

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022

Page
Report of the Trustees 1 to 5
Independent Examiner's Report 6
Statement of Financial Activities 7
Balance Sheet 8
Notes to the Financial Statements 9 to 13
Detailed Statement of Financial Activities 14 to 15

VAGINA MUSEUM

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2022

The trustees present their report with the financial statements of the charity for the year ended 30 June 2022. 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:

Purposes of charity

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

The Vagina Museum operated in Camden Market between July 2021 and September 2021. On 23rd September 2021, the Museum's lease on this premises ended. The Vagina Museum provided virtual events and digital engagement between 23rd September 2021 and March 2022, when it reopened in new premises based in Bethnal Green on 19th March 2022. The new premises were based inside a creative hub called ENTER which took an unused commercial building as a property guardianship and rented it out for performance space and artistic projects.

Page 1

VAGINA MUSEUM

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2022

ACHIEVEMENT AND PERFORMANCE

Exhibitions:

The Vagina Museum's Camden Market premises was open and displaying the exhibition Periods: A Brief History until 23rd September 2021. Full COVID-safety precautions were taken with a weekend-only opening. This exhibition explored menstrual taboos and beliefs through the ages, as well as examining practicalities of menstruating, displaying replica historical menstrual products, 20th century menstrual products, and audio-visual content from the 20th and 21st century. Admission to the exhibition was free of charge.

Upon opening in the new, larger premises in March 2022, the Periods exhibition was expanded to include further objects and further narratives. This was in response to feedback from the exhibition's time in Camden Market, which had requested more narratives from around the world. The expanded exhibition included stories from China and India, as well as Jewish traditions.

The Periods exhibition toured to the Thackray Museum of Medicine in Leeds from 8th January 2022 to 10th April 2022. It expanded on the Vagina Museum's exhibition by including objects from its own collection and partnered on an art commission with Leeds-based charity Freedom4Girls.

In addition, a new exhibition was created. From A to V is intended to be a permanent display. It covers activism, anatomy, health and vulva diversity. The Vagina Museum created this exhibition in response to feedback and consultation with the membership base to identify what information they wanted to have on display and shared with the public.

The Vagina Museum has decided to retain Covid precautions and protocol based on staff, volunteer and visitor consultation. Precaution included strict capacity limits, mask requirements, advice to book timed tickets and sanitation protocols.

Events:

The Vagina Museum held 21 events between 1st July 2021 and 30th June 2022. Of these, 20 events were virtual and hosted over Zoom. A "Bajingo Bingo" night, an educational and social bingo evening, was held in person at the Vagina Museum on 22nd June 2022. Many events were organised with external collaborators. Selected highlights include:

Page 2

VAGINA MUSEUM

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2022

Digital activities:

During this period, the Museum continued to increase its digital activities as a result of the restrictions during the period of temporary closure between September 2021 and March 2022.

The Museum produced frequent content on social media. Selected topics included:

Exhibition visitors:

Between July 2021 and closure of the Camden Market premises in September 2021, the Vagina Museum was visited by 15,698 people, averaging about 6,025 per month. Between March 2022 and 30th June 2022, the Vagina Museum received an average of 3,600 visitors per month at the Bethnal Green premises. The Museum was open Wednesday-Sunday, 10am-6pm with a late opening until 8pm on Wednesdays.

At ENTER, 95% of visitors were visiting the Museum for the first time. Our visitors were more likely to be female, LGBT+ or disabled than the general population. Visitor feedback was highly positive. 93% rated the Vagina Museum as 7 out of 10 or higher in terms of their overall experience at the Museum, with 10 being a perfect experience. 95.8% said they knew more about the history of menstruation after visiting the Periods: A Brief History exhibition. 73% said they knew more about vaginas and vulvas after visiting the From A to V exhibition.

Events:

A total of 21 events were held during the period covered by this report; all but one was virtual and held through Zoom; the remaining event took place in the Museum. In total, 373 people attended at least one event. About 40% of attendees to book club events were repeat attendees, indicating a community was being created. Compared to the same period last year, 20% were repeat attendees.

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. 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 260,000 visitors. Our virtual learning resources and virtual Muff Busters exhibition was viewed almost 148,000 times.

Volunteers:

During this period, our volunteer base fluctuated in number as a result of the coronavirus pandemic (some volunteers moved cities, changed jobs and had less time, etc). We had an average of 70 volunteers on our books during this period.

Page 3

VAGINA MUSEUM

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2022

Fundraising and membership:

In the period covered, the Vagina Museum has held one individual giving appeal. This was a Christmas fundraiser. The first £1,150 of donations were matched by a group of Vagina Museum members in the "Cliterati Furry Cup". The goal was to raise £3,000. In total, the appeal raised £4,311.

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 welcomed 179 new members for a total membership of 396 members.

Press:

The March 2022 opening of the Vagina Museum was accompanied by a billboard campaign donated by advertising agency The Or. This "neighbours" campaign established the Vagina Museum as a new entity in the Bethnal Green area. The campaign has been nominated for a PR-sector award.

During the period covered by this report, the Vagina Museum received press attention from domestic and international press. The March 2022 opening and "neighbours" campaign were reported in publications such as Pink News and the Evening Standard. Other press includes a Museums and Heritage Advisor article about social media censorship; a Guardian article regarding vulva anxiety; and a Lancet article on menstruation in culture.

FINANCIAL REVIEW

Financial position

In the period covered, the charity's total income was £117,286 (2021: £148,667). This year-on-year reduction in income reflects the period the museum was without a physical space (between 23rd September 2021 and 18th March 2022) and the consequent lack of on-site shop and bar sales. A similar reduction in outgoings for the period – with expenditure totalling £121,264 (2021: £159,336) - was also due to this change in operations and the switch to virtual events and digital engagement. The total funds carried forward into the 2022-23 financial year are £35,918.

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. The trustees consider that this policy remains sufficient to the needs of the charity.

At the year end, the charity held unrestricted reserves of £35,918 which, in combination with the £14,510 of reserves held by Vertical Smile Project Ltd at 30[th] June 2022, is in line with the reserves policy.

Going concern

The Vagina Museum’s property guardianship at ENTER came to an end in January 2023. The lack of premises has adversely impacted the charity’s financial position due to the lack of on-site shop sales and donations. If a suitable premises for the Vagina Museum cannot be secured in the near future, there is a risk that the charity will have to severely limit its activity or have to cease its operations.

However, as detailed in our future plans (see below), our main focus is to secure premises and therefore, the trustees are of the opinion that at the date of the signing this report, the charity will continue as a going concern.

FUTURE PLANS

As we head into 22-23 financial year, the main focus will be looking for new premises as we vacated ENTER in January 2023. We are also in the process of developing a 5-year strategy for the museum.

Page 4

VAGINA MUSEUM

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2022

STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document

The Vagina Museum is a charitable incorporated organisation (CIO). Its governing document is the foundation model constitution.

Recruitment and appointment of new trustees

Trustees are recruited either through an open application process by advertising on our website and relevant volunteering job boards, or by headhunting in order to fill skill gaps in the board. Applications are reviewed by the trustee board and charity staff and suitable candidates invited to interview with existing trustees. No one outside the trustee board or staff group 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 current registered office address is c/o Sedulo 605 Albert House, 256-260 Old Street, London, EC1V 9DD.

REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number

1182022

Principal address

C/O Sedulo, 605 Albert House 256-260 Old Street London EC1V 9DD

Trustees

The charity’s trustees on the date the report was approved or who served as a trustee in the reporting period are as follows:

Sarah Harman

Mae Kayukwa (resigned on 23 September 2022) Niharika Jain (resigned 31 December 2022) Florence Schechter (resigned 4 April 2022) Kristina Johansson (resigned 30 March 2023) Jo Joyce Jennifer Simmons Sarah Dowd (appointed 4 April 2022)

Independent Examiner

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

Approved by order of the board of trustees on 28 April 2023 and signed on its behalf by:

Jennifer Simmons - Trustee

Page 5

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 2022.

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 Charity'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 Charity 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

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

Date: 29 April 2023.

Page 6

VAGINA MUSEUM

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2022

30.6.22
Unrestricted
fund
Notes
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
98,242
Charitable activities
Exhibitions and events
3,096
Other trading activities
2
15,948
Total
117,286
EXPENDITURE ON
Raising funds
20,698
Charitable activities
Exhibitions and events
100,566
Other
-
Total
121,264
NET INCOME/(EXPENDITURE)
(3,978)
RECONCILIATION OF FUNDS
Total funds brought forward
39,896
TOTAL FUNDS CARRIED FORWARD
35,918		 30.6.21
Total
funds
£
102,177
14,955
31,535
148,667
20,031
135,787
3,518
159,336
(10,669)
50,565
39,896

The notes form part of these financial statements

Page 7

VAGINA MUSEUM

BALANCE SHEET 30 JUNE 2022

30.6.22
Unrestricted
fund
Notes
£
FIXED ASSETS
Tangible assets
6
4,820
CURRENT ASSETS
Debtors
7
19,518
Cash at bank
16,968
36,486
CREDITORS
Amounts falling due within one year
8
(5,388)
NET CURRENT ASSETS
31,098
TOTAL ASSETS LESS CURRENT
LIABILITIES
35,918
NET ASSETS
35,918
FUNDS
9
Unrestricted funds
35,918
TOTAL FUNDS
35,918		 30.6.21
Total
funds
£
7,085
19,518
20,078
39,596
(6,785)
32,811
39,896
39,896
39,896
39,896

The financial statements were approved by the Board of Trustees and authorised for issue on 28 April 2023 and were signed on its behalf by:

Jennifer Simmons - Trustee

The notes form part of these financial statements

Page 8

VAGINA MUSEUM NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022

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) (effective 1 January 2019)', 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

The Vagina Museum’s property guardianship at ENTER came to an end in January 2023. The lack of premises has adversely impacted the charity’s financial position due to the lack of on-site shop sales and donations. If a suitable premises for the Vagina Museum cannot be secured in the near future, there is a risk that the charity will have to severely limit its activity or have to cease its operations.

However, our main focus is to secure premises and therefore, the trustees are of the opinion that at the date of the signing this report, the trustees will continue to adopt the Going Concern basis of accounting in preparing the financial statements.

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.

Page 9

continued...

VAGINA MUSEUM NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2022

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

Fundraising events
Shop income
Memberships		 30.6.22
£
-
-
15,948
15,948		 30.6.21
£
200
18,701
12,634
31,535

3. TRUSTEES' REMUNERATION AND BENEFITS

During the period, Florence Schechter was paid £28,702 in remuneration for the position of CEO. It had previously been agreed by all Trustees and documented in the board minutes that it was in the best interests of the charity that she take on this role in the early stages of the charity's development. Written confirmation was also obtained from the Charities Commission who confirmed that this was in the best interests of the Vagina Museum.

During the period, the Trustees reviewed this arrangement, and it was decided that it was most beneficial to the charity's interests and pursuit of its charitable objectives if Florence Schechter remained as CEO and resigned from her position as a trustee. This was affected on 4[th] April 2022 with her resignation from the board.

Trustees' expenses

There were no trustees' expenses paid for the year ended 30 June 2022 nor for the year ended 30 June 2021.

4. STAFF COSTS

Wages and salaries
Social security costs
Other pension costs		 30.6.22
£
100,311
6,234
2,338
108,883		 30.6.21
£
124,077
7,010
2,723
133,810

The average monthly number of employees during the year was as follows:

30.6.22 30.6.21
11 14

No employees received emoluments in excess of £60,000.

Page 10

continued...

VAGINA MUSEUM

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2022

5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted
fund
£
INCOME AND ENDOWMENTS FROM
Donations and legacies 102,177
Charitable activities
Exhibitions and events 14,955
Other trading activities 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
6. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£ £ £
COST
At 1 July 2021 9,041 3,319 12,360
Additions 400 - 400
At 30 June 2022 9,441 3,319 12,760
DEPRECIATION
At 1 July 2021 3,616 1,659 5,275
Charge for year 1,835 830 2,665
At 30 June 2022 5,451 2,489 7,940
NET BOOK VALUE
At 30 June 2022 3,990 830 4,820
At 30 June 2021 5,425 1,660 7,085

Page 11

continued...

VAGINA MUSEUM

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2022

7.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Other debtors
8.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade creditors
Taxation and social security
Other creditors
9.
MOVEMENT IN FUNDS
At 1.7.21
£
Unrestricted funds
General fund
39,896
TOTAL FUNDS
39,896
Net movement in funds, included in the above are as follows:
Incoming
resources
£
Unrestricted funds
General fund
117,286
TOTAL FUNDS
117,286
Comparatives for movement in funds
At 1.7.20
£
Unrestricted funds
General fund
50,565
TOTAL FUNDS
50,565		 30.6.22
30.6.21
£
£
19,518
19,518
30.6.22
30.6.21
£
£
30
-
3,257
4,683
2,101
2,102
5,358
6,785
Net
movement
At
in funds
30.6.22
£
£
(3,978)
35,918
(3,978)
35,918
Resources
Movement
expended
in funds
£
£
(121,264)
(3,978)
(121,264)
(3,978)
Net
movement
At
in funds
30.6.21
£
£
(10,669)
39,896
(10,669)
39,896

Page 12

continued...

VAGINA MUSEUM

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2022

9. MOVEMENT IN FUNDS - continued

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

Unrestricted funds
General fund
TOTAL FUNDS		 Incoming
resources
£
148,667
148,667		 Resources
Movement
expended
in funds
£
£
(159,336)
(10,669)
(159,336)
(10,669)

10. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 30 June 2022.

Page 13

VAGINA MUSEUM

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2022

30.6.22
£
INCOME AND ENDOWMENTS
Donations and legacies
Corporate donations
25,881
Individual donations
38,257
Gift aid
3,876
Grants
30,228
98,242
Other trading activities
Fundraising events
-
Shop income
-
Memberships
15,948
15,948
Charitable activities
Museum
3,096
Total incoming resources
117,286
EXPENDITURE
Raising donations and legacies
Wages
18,210
Social security
1,942
Pensions
546
20,698
Charitable activities
Freelance costs
360
Speaker and performer fees
-
Exhibition costs
317
Volunteer costs
338
Event costs
300
Wages
82,101
Social security
4,292
Pensions
1,792
Allocation of support costs
11,066
100,566
Other activities
Shop and bar purchases
-
Postage and packaging
-
-		 30.6.21
£
11,177
16,623
1,706
72,671
102,177
200
18,701
12,634
31,535
14,955
148,667
17,670
1,831
530
20,031
178
6,014
1,299
-
-
106,407
5,179
2,193
14,517
135,787
1,518
2,000
3,518

This page does not form part of the statutory financial statements

Page 14

VAGINA MUSEUM

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2022

30.6.22
£
Support Costs
Finance
Bank charges
2,341
Bank interest
-
Other interest paid
2
Allocation of support costs
(2,343)
-
Other
Insurance
2,157
Telephone
54
Computer costs
952
Travel and subsistence
245
Office costs
69
Subscriptions
483
Advertising and marketing
-
Repairs & maintenance
-
Fixtures and fittings
1,835
Computer equipment
830
Allocation of support costs
(6,625)
-
Governance costs
Accountancy and legal fees
2,100
Allocation of support costs
(2,100)
-
Total resources expended
121,264
Net expenditure
(3,978)		 30.6.21
£
2,357
87
-
(2,444)
-
2,137
216
3,051
404
75
363
417
281
1,808
830
(9,582)
-
2,491
(2,491)
-
159,336
(10,669)

This page does not form part of the statutory financial statements

Page 15