**REGISTERED CHARITY NUMBER: 1188138**
## **REPORT OF THE TRUSTEES AND**
## **UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2021**
## **FOR**
## **INSURANCE MUSEUM**
Clemence Hoar Cummings Chartered Accountants Riverside House 1-5 Como Street Romford Essex RM7 7DN
**INSURANCE MUSEUM**
**CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2021**
||**Page**|**Page**|**Page**|
|---|---|---|---|
|**Reference and Administrative Details**||1||
|**Report of the Trustees**|2|to|4|
|**Independent Examiner's Report**||5||
|**Statement of Financial Activities**||6||
|**Balance Sheet**||7||
|**Notes to the Financial Statements**|8|to|10|
|**Detailed Statement of Financial Activities**||11||
**INSURANCE MUSEUM**
**REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31ST DECEMBER 2021**
## **TRUSTEES**
R Brown Chairman (appointed 24.2.20) J Bissell Treasurer (appointed 24.2.20) J Pleasance (appointed 24.2.20) R Sanders (appointed 18.1.21) M Baez Bano (appointed 17.2.21) S Wilkinson (appointed 12.10.21) P Miller (appointed 10.3.22)
**PRINCIPAL ADDRESS** C/o Chartered Insurance Institute 3rd Floor, 20 Fenchurch Street London EC3M 3BY
**REGISTERED CHARITY** 1188138 **NUMBER INDEPENDENT EXAMINER** Clemence Hoar Cummings Chartered Accountants Riverside House 1-5 Como Street Romford Essex RM7 7DN **CONSULTANTS** OB Brand Consulting Howard Benge **OBSERVERS/ ADVISERS** Terry Hayday, Board Observer Terry Renouf, E ducation and Training Trust of the Chartered Insurance Institute Representative Veronica Wilkinson, Board Observer
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**INSURANCE MUSEUM**
**REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2021**
The trustees present their report with the financial statements of the charity for the year ended 31st December 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) (effective 1 January 2019).
## **OBJECTIVES AND ACTIVITIES**
## **Objectives and aims**
The Insurance Museum (IM) was established as a Charitable Incorporated Organisation in February 2020, with initially three trustees and a grant of £25,000 from the Chartered Insurance Institute. A plan to set up a physical museum in EC3 London, was underway, but the Covid Pandemic resulted in all work and funding streams being brought to a close. 2021 was a period of re-establishing the business planning, fundraising and strategy for the IM to achieve its long-term goals.
The overall objectives of the I M are:
1. Advance the education of the public in the heritage story (past, present and future) of the national and global insurance market and related services and industries.
2. Create, establish and maintain museums and/or collections and/or archives for the benefit of the public.
During 2021, the IM progressed with meeting these objectives and achieved the beginnings of public programmes and income generation. The business planning, resilience and risk management was improved by:
- Increasing the number of trustees from three to seven.
- Appointing OB Brand Consulting (OB) and a freelance consultant to carry out specific work streams and projects.
- Implementing a short-term fundraising plan, focused on corporate and individual donations.
To meet the first objective, "advance the education of the public in the heritage story (past, present and future) of the national and global insurance market and related services and industries", and advance public benefit, a number of projects and work streams were initiated:
- A grant from the Education and Training Trust of the Chartered Insurance Institute (E&TT), was awarded for a virtual gallery. These are a series of online exhibitions aimed at the public, insurance professionals and the education sector, on the story of Fire Insurance that developed after the Great Fire of London. The project was initiated with the appointment of OB to carry out scoping ideas for the online platform.
- OB was appointed to re-design the existing website which was out of date.
- The I M Newsletter was relaunched In October 2021, with a new aim to increasing the frequency of publication, produce articles on insurance history, highlighting objects relating to the development of collections, and fundraising. The Newsletter had a focus on the educational value to the public and insurance professionals. The Newsletter is free to sign up to and is regularly advertised through social media.
- The existing social media channels were used to start reflecting the IM' s objectives by looking at and sharing stories, historical events and museum objects. In particular, historic postcards have been invaluable in telling company and individual histories.
To create, establish and maintain museums and archive collections, th e IM started identifying partners to work with and existing collections that could be absorbed by the Museum. Some individuals donated items, which have gone into storage. It was identified that collections and acquisitions policies would need to be established and scoping for policies was initiated.
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**INSURANCE MUSEUM**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2021**
## **ACHIEVEMENT AND PERFORMANCE**
## **Charitable activities**
The focus of 2021 was fundraising, planning and initiating projects. The project outcomes, achievements and performance will be realised in 2022. After the re-launch of the Newsletter in October 2021, there was a steady growth in Newsletter sign-ups. The statistics showed that there were more "click-throughs" on articles and features on insurance history, showing the popularity and engagement with these themes.
Followers, interactions and comments on the social media platforms also increased, especially with content about insurance history. This new model for the Newsletter and social media was continued into 2022.
## **Fundraising activities**
2021 saw the beginning of the "post-Covid" fundraising campaign. The Insurance Museum received a total of £112,632 in 2021, which consisted of:
- A grant of £50,000 from the E&TT to produce an educational online exhibition aimed at the public, insurance professionals and education providers .
- A legacy donation of £40,000 .
- Corporate donations of £16,000 .
- Individual donations of £6,632 .
Many financial pledges that were made by individuals prior to the Covid Pandemic were followed up and contact was personally made by the Chairman, Reg Brown. Online fundraising platforms were established, such as JustGiving, and were used regularly for individual donations.
The promotions for fundraising were achieved through existing communication channels, such as the Newsletter and social media.
## **FINANCIAL REVIEW**
## **Financial position**
At the end of 2021, the financial position was:
- Income to 31/12/21 was £112,632 .
- Expenditure to 31/12/21 was £47,160 .
- Closing fund balance £90,472 .
## **Investments, other funds and reserves**
The principle risk for the Insurance Museum in 2021, was not raising the required funds to carry out the IM's ambitions. This stands as a medium to long term risk and for 2021, was classed as low. Along with no investments or assets being held by the IM, funds were not held as custodian by the IM or an IM Trustee on behalf of others, it was decided that reserves were not needed to be held.
## **Reserves policy**
Reserves are not held in 2021 for the work of the IM , the second year of business, was mainly planning and gaining momentum after a gap of 18 months, caused by the Covid Pandemic. The expenditure was far below the income, no assets were owned by the IM , and no investments held.
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**INSURANCE MUSEUM**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2021**
## **PLANS FOR 2022**
During 2021, the IM trustees made plans for 2022 that would promote the Museum, its aims and work, and further engage the public and insurance professionals. These include:
- Develop and launch the online exhibitions. Funding towards this had been gained from the E&TT. A new IM website. The existing website dated back to 2019 was beginning to look dated. The ambitions of the IM meant that the website needed to be more flexible to cater for a variety of functions including payments, Newsletter articles, and an IM membership area. It needed to be an attractive website to engage the public and attract new donors.
- An IM Membership scheme. This scheme would create a group where supporters and anyone who was interested in the history of insurance can gain extra benefits, in particular, content on history, such as articles. It would also be another income stream that will support the IM.
- Insurance Sector Conferences. It was agreed that the IM would attend the British Insurance Broker's Association (BIBA) and the Managing General Agents' Association (MGAA) conferences. The aim will be to engage insurance professionals with the history of insurance and to promote the I M .
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Governing document**
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
The IM is a Charitable Incorporated Organisation (CIO) and is governed by a board of 7 Trustees, with a Chairman and Treasurer. The board is the decision-making body, which works to the Insurance Museum Constitution, it's governing document. It employs consultants to carry out specific work and secretariat work is supported by the Chartered Insurance Institute. There are three volunteers who advise the board. In the reporting year 2021, the I M did not employ staff.
Four Trustees were recruited in 2021, increasing the board to seven. The new Trustees were identified by with their skills, knowledge and experience that strongly relates to the I M' s future needs:
- the curation of history and collections,
- representing future audiences, in particular young people,
- regional representation and linking with local institutions .
The new Trustees were selected in accordance with the Insurance Museum C onstitution procedures.
All Trustees have read Commission G uidance documents and the Insurance Museum Co nstitution and completed a Trustee Eligibility Declaration form which was submitted to the Charity Commission. In 2021, there were no exemptions from disclosure of the names of trustees.
The IM nor the IM trustees held funds and/or acted as custodian trustees on behalf of others .
24th October 2022 Approved by order of the board of trustees on ............................................. and signed on its behalf by:
....................................................... R Brown - Trustee
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**INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF INSURANCE MUSEUM**
## **Independent examiner's report to the trustees of Insurance Museum**
I report to the charity trustees on my examination of the accounts of Insurance Museum (the Trust) for the year ended 31st December 2021.
## **Responsibilities and basis of report**
As the charity trustees of the Trust 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.
Lee Blunden FCCA CTA Clemence Hoar Cummings Chartered Accountants Riverside House 1-5 Como Street Romford Essex RM7 7DN 18th October 2022 Date: .............................................
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**INSURANCE MUSEUM**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST DECEMBER 2021**
|Unrestricted
fund
Notes
£
**INCOME AND ENDOWMENTS FROM**
Charitable activities
**62,632**
**Charitable activities**
Advancing education
**-**
**Total**
**62,632**
**EXPENDITURE ON**
**Charitable activities**
Advancing education
**11,160**
**NET INCOME**
**51,472**
**RECONCILIATION OF FUNDS**
**Total funds brought forward**
**25,000**
**TOTAL FUNDS CARRIED FORWARD**
**76,472**|**Year Ended**
**31.12.21**
Restricted
**Total**
fund
**funds**
£
**£**
**-**
**62,632**
**50,000**
**50,000**
**50,000**
**112,632**
**36,000**
**47,160**
**14,000**
**65,472**
**-**
**25,000**
**14,000**
**90,472**|Period
24.2.20
to
31.12.20
Total
funds
£
25,000
-|
|---|---|---|
|||25,000|
|||-
25,000
-|
|||25,000|
The notes form part of these financial statements
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**INSURANCE MUSEUM**
## **BALANCE SHEET 31ST DECEMBER 2021**
|Unrestricted
Restricted
fund
fund
Notes
£
£
**CURRENT ASSETS**
Cash at bank
**78,202**
**17,000**
**CREDITORS**
Amounts falling due within one year
4
**(1,730)**
**(3,000)**
**NET CURRENT ASSETS**
**76,472**
**14,000**
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
**76,472**
**14,000**
**NET ASSETS**
**76,472**
**14,000**
**FUNDS**
5
Unrestricted funds
Restricted funds
**TOTAL FUNDS**|**2021**
**Total**
**funds**
**£**
**95,202**
**(4,730)**
**90,472**
**90,472**
**90,472**
**76,472**
**14,000**
**90,472**|2020
Total
funds
£
25,000
-|
|---|---|---|
|||25,000|
|||25,000|
|||25,000|
|||25,000
-|
|||25,000|
The financial statements were approved by the Board of Trustees and authorised for issue on **Wednesday 19th October 2022** and were signed on its behalf by:
R Brown - Trustee
The notes form part of these financial statements
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**INSURANCE MUSEUM**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 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) (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.
## **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. The following specific policies are applied to particular categories of income:
Voluntary income is received by way of grants, donations and gifts and is included in full in the statement of financial activities when receivable. Grants, where entitlement is not conditional on the delivery of a specific performance by the charity, are recognised when the charity becomes unconditionally entitled to the grant.
Donated services and facilities are included at the value to the charity where this can be quantified. The value of services provided by volunteers has not been included in these accounts.
Investment income and fundraising proceeds are included when receivable.
Incoming resources from grants, where related to performance and specific deliverables, are accounted for as the charity earns the right to consideration by its performance.
Fees are included when the charity has a right to income by way of performance of services.
## **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.
## **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.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
continued...
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**INSURANCE MUSEUM**
**NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2021**
## **2. TRUSTEES' REMUNERATION AND BENEFITS**
Trustees' remuneration or other benefits for the year ended 31st December 2021 were £344, which was paid to 1 trustee (2020: £nil)
## **Trustees' expenses**
There were no trustees' expenses paid for the year ended 31st December 2021 nor for the period ended 31st December 2020.
## **3. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**
|||Unrestricted|Unrestricted|Restricted|Restricted||Total|
|---|---|---|---|---|---|---|---|
||||fund|fund|||funds|
||||£|£|||£|
||**INCOME AND ENDOWMENTS FROM**|||||||
||Charitable activities||25,000||-||25,000|
||**NET INCOME**||25,000||-||25,000|
||**TOTAL FUNDS CARRIED FORWARD**||25,000||-||25,000|
|**4.**|**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**|||||||
|||||**2021**|||2020|
|||||**£**|||£|
||Other creditors|||**4,730**|||-|
|**5.**|**MOVEMENT IN FUNDS**|||||||
|||||Net||||
|||||movement|||At|
|||At|1.1.21|in funds||31.12.21||
||||£|£|||£|
||**Unrestricted funds**|||||||
||General fund|**25,000**||**51,472**||**76,472**||
||**Restricted funds**|||||||
||Online Exhibitions||**-**|**14,000**||**14,000**||
||**TOTAL FUNDS**|**25,000**||**65,472**||**90,472**||
||Net movement in funds, included in the above are as follows:|||||||
|||Incoming||Resources||Movement||
|||resources||expended||in funds||
||||£|£|||£|
||**Unrestricted funds**|||||||
||General fund|**62,632**||**(11,160)**||**51,472**||
||**Restricted funds**|||||||
||Online Exhibitions|**50,000**||**(36,000)**||**14,000**||
||**TOTAL FUNDS**|**112,632**||**(47,160)**||**65,472**||
continued...
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**INSURANCE MUSEUM**
**NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2021**
## **5. MOVEMENT IN FUNDS - continued**
## **Comparatives for movement in funds**
||Net||
|---|---|---|
||movement|At|
||in funds|31.12.20|
||£|£|
|**Unrestricted funds**|||
|General fund|25,000|25,000|
|**TOTAL FUNDS**|25,000|25,000|
Comparative net movement in funds, included in the above are as follows:
||Incoming|Resources|Movement|
|---|---|---|---|
||resources|expended|in funds|
||£|£|£|
|**Unrestricted funds**||||
|General fund|25,000|-|25,000|
|**TOTAL FUNDS**|25,000|-|25,000|
## **Online Exhibitions**
During the year the charity received grant income totalling £50,000, which was restricted for the purpose of creating an online based exhibition platform. Expenditure of £36,000 was incurred during the year in relation to this and the remaining balance of £14,000 has been carried forward to the next financial period.
## **6. RELATED PARTY DISCLOSURES**
There were no related party transactions for the year ended 31st December 2021.
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**INSURANCE MUSEUM**
## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST DECEMBER 2021**
|||Period|
|---|---|---|
|||24.2.20|
||Year Ended|to|
||31.12.21|31.12.20|
||£|£|
|**INCOME AND ENDOWMENTS**|||
|**Charitable activities**|||
|Donations|**22,632**|25,000|
|Legacies|**40,000**|-|
||**62,632**|25,000|
|**Charitable activities**|||
|Grants|**50,000**|-|
|**Total incoming resources**|**112,632**|25,000|
|**EXPENDITURE**|||
|**Charitable activities**|||
|Consulting|**9,344**|-|
|Developing online exhibition|**36,000**|-|
|Sundries|**65**|-|
||**45,409**|-|
|**Support costs**|||
|**Finance**|||
|Bank charges|**71**|-|
|**Governance costs**|||
|Accountancy and legal fees|**1,680**|-|
|Total resources expended|**47,160**|-|
|**Net income**|**65,472**|25,000|
This page does not form part of the statutory financial statements
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