COLCHESTER MUSEUMS DEVELOPMENT FOUNDATION
F I N A N C I A L S T A T E M E N T S
YEAR ENDED 31 MARCH 2022
CHARITY NUMBER 1192018
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COLCHESTER MUSEUMS DEVELOPMENT FOUNDATION
I N D E X
Year ended 31 March 2022
General information Trustees' annual report Statement of financial activities Balance sheet
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COLCHESTER MUSEUMS DEVELOPMENT FOUNDATION
G E N E R A L I N F O R M A T I O N
Year ended 31 March 2022
Trustees
Sophie Penelope Weaver (Chair) Andrew Paul Lynn Denise Fiennes Dr Francis Edward Hargrave Elizabeth Katie Butcher Glynis Ann Barritt Lawrence Walker Mark Edward Cheeseman Nicholas Paul Wickenden Philip Antony Berners
Charity Registration Number
Address
1192018 Colchester Museums Development Foundation Rowan House 33 Sheepen Road Colchester Essex CO3 3WG
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COLCHESTER MUSEUMS DEVELOPMENT FOUNDATION
T R U S T E E S’ A N N U A L R E P O R T
Year ended 31 March 2022
Colchester Museums Development Foundation is a Charitable Incorporated Organisation (COI) and the organisation is governed by its Constitution.
Objectives and Activities
Colchester Museums Development Foundation exists to support Colchester Museums to inspire and enrich our local community, through the preservation, exploration, and sharing of the town’s heritage in its widest sense. The Foundation serves four key objectives, to:
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Increase Colchester Museums’ capacity to offer accessible events and programmes through targeted investment.
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Provide new opportunities for engaging with Colchester Museums' collections and research.
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Support and inform new initiatives across Colchester Museums aimed at involving and reflecting the diverse members of our community.
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Expand Colchester Museums’ reach and impact through strategic partnerships with community groups and businesses.
Performance
The Foundation launched publicly in August 2021. In its first year, the Foundation has raised nearly £13,000 in support of Colchester Museums, through a combination of small donations via new cash and contactless donation points, small grants, in-kind gifts, a newly established Guardian Membership scheme, and a new Adopt an Object programme. The Foundation has used a portion of this funding to support schools learning at Hollytrees Museum, new craft sessions at the Natural History Museum, and a new interactive installation at Colchester Castle.
Organisational Structure and Governance
Colchester Museums Development Foundation’s fundraising and activities are overseen by a board of trustees, with administrative and operational support from Colchester Museums’ Development Officer, Museum Manager, and Museum Service Director.
There must be at least five charity trustees and no more than 13. The elected Member of Colchester Borough Council who is primarily responsible for Cultural Services is automatically (“ex-officio”) a charity trustee, for as long as he or she holds that office. The Colchester + Ipswich Museums Manager is also automatically a charity trustee, for as long as he or she holds that office.
The Foundation currently has ten active trustees, listed on page 3. The trustees met with a quorum five times in 2021/22.
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Distributing Funds
Any CMDF trustee or employee of Colchester Museums Service may submit a proposal to distribute funds, proposals from community groups for projects with local impact will also be considered at the discretion of the trustees. Proposals are submitted to trustees along with meeting agendas in advance of trustee meetings and discussed at the next possible meeting. Providing a quorum is present, a vote is taken and noted in the minutes. Trustees who have submitted a proposal may not vote on their own project, or those who have a declared conflict of interest.
Reserves Policy
The trustees considered the overall risks faced by the Foundation including the extent to which each income source is at risk and the extent to which costs are fixed and unavoidable in the short term. The Trustees concluded that they would aim that unrestricted and undesignated (free) reserves, not backed by fixed assets, should cover six months of projected charitable costs. Because CMDF has no staffing or overhead costs beyond bank and transactional fees, this number has been set at £1,000. Surplus unrestricted funds are allocated to Colchester Museums projects that align with CMDF’s charitable objectives by the board of trustees, as above.
Signed on the trustees behalf by:-
DR FRANCIS HARGRAVE
Trustee 2022
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COLCHESTER MUSEUMS DEVELOPMENT FOUNDATION
S T A T E M E N T O F F I N A N C I A L A C T I V I T I E S
Year ended 31 March 2022
Income and Expenditure Accounts
| INCOME | Restricted | Unrestricted | Total |
|---|---|---|---|
| Individual | |||
| Giving | |||
| Cash | |||
| donations in | |||
| venue | £0.00 | £3,699.00 | £3,699.00 |
| Card | |||
| donations in | |||
| venue | £0.00 | £848.00 | £848.00 |
| Interactive | |||
| trail | |||
| donations | £0.00 | £1,427.00 | £1,427.00 |
| Online small | |||
| gifts | £200.00 | £2.00 | £202.00 |
| Annual | |||
| donors | £0.00 | £5.00 | £5.00 |
| Gift Aid | £0.00 | £51.25 | £51.25 |
| TOTAL | £200.00 | £6,032.25 | £6,232.25 |
| Corporate | |||
| Giving | |||
| CIMS start- | |||
| up | |||
| contribution | £0.00 | £1,000.00 | £1,000.00 |
| Gifts in kind | £202.00 | £0.00 | £202.00 |
| TOTAL | £202.00 | £1,000.00 | £1,202.00 |
| Trusts and Foundations | |||
| Arnold Clark | |||
| Community | |||
| Fund | £1,000.00 | £0.00 | £1,000.00 |
| Virgin | |||
| Media 02 | |||
| Together | |||
| Fund | £1,000.00 | £0.00 | £1,000.00 |
| TOTAL | £2,000.00 | £0.00 | £2,000.00 |
| Membership | |||
| Individual | |||
| Members | £0.00 | £77.50 | £77.50 |
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| Joint | ||||
|---|---|---|---|---|
| Members | £0.00 | £162.25 | £162.25 | |
| Family | ||||
| Members | £0.00 | £154.50 | £154.50 | |
| Life | ||||
| Members | £0.00 | £1,700.00 | £1,700.00 | |
| Adopt an | ||||
| Object | ||||
| Members | £0.00 | £1,165.00 | £1,165.00 | |
| Gift Aid | £0.00 | £223.75 | £223.75 | |
| TOTAL | £0.00 | £3,483.00 | £3,483.00 | |
| TOTAL | ||||
| INCOME | £2,402.00 | £10,515.25 | £12,917.25 |
EXPENDITURE
Admin
| Admin | |||
|---|---|---|---|
| Bank fees | £0.00 | £64.01 | £64.01 |
| AIBMS fees | 0 | £54.12 | £54.12 |
| Transaction | |||
| fees (Stripe) | £0.00 | £59.37 | £59.37 |
| Transaction | |||
| fees | |||
| (GoCardless) | £0.00 | £16.15 | £16.15 |
| TOTAL | £0.00 | £193.65 | £193.65 |
| Project Spend | |||
| Support for | |||
| Hollytrees | |||
| schools | |||
| sessions | £1,000.00 | £0.00 | £1,000.00 |
| Support for | |||
| NHM early | |||
| years | |||
| sessions | £1,000.00 | £0.00 | £1,000.00 |
| Interactive | |||
| trail tokens | |||
| (SHARE | |||
| grant) | £200.00 | £3.00 | £203.00 |
| TOTAL | £2,200.00 | £3.00 | £2,203.00 |
| In Kind | |||
| Gifts in kind | |||
| redeemed | £202.00 | £0.00 | £202.00 |
| TOTAL | £202.00 | £0.00 | £202.00 |
| TOTAL EXPENDITURE | £2,402.00 | £196.65 | £2,598.65 |
| SURPLUS/DEFICIT | £0.00 | £10,318.60 | £10,318.60 |
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COLCHESTER MUSEUMS DEVELOPMENT FOUNDATION
B A L A N C E S H E E T
Year ended 31 March 2022
Balance Sheet
Current Assets Cash at bank £ 10,318.60 Liabilities Creditors: amounts falling due within one year £ - Total net assets £ 10,318.60
The financial statements were approved by the trustees and were signed on their behalf by:-
DR FRANCIS HARGRAVE
Trustee
27/10/2022
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