DoGuSvJn Envelope ID". EF9FB02A.ECDA.4AB&B9AE.9B9290D176CF Collections Trust Annual report and financial statements 31 March 2022 Company limrted by guarantee Registration number 01300565 (England and Waksl Charity registration nurnber 0273984
DoGuSvJn Envelope ID". EF9FB02A.ECDA.4AB&B9AE.9B9290D176CF Contents Reports Reference and adminislralive information Trustees, annual report Independent auditor's report 15 Financial statements Statement of financial activities 20 Balan sheet 21 Statement of cash flows 22 Principal accounting policies 23 Notes to the financial statements 27 Collections Trust
DoGuSvJn Envelope ID". EF9FB02A.ECDA.4AB&B9AE.9B9290D176CF Reference and administrative detsils about the charity. its board and its advisers Charity name Collections Trust Charlty number 0273984 Company number 01300565 Registered office Rulland House 23-25 Friar Lane Leicester LE15QQ Trustees and dlrectors Ms C Hampshire Ichairl Mr R Avann Dr A Bhaugeerutty (appointed 30 May 20221 Ms K Childs Ms S Ellioll Ms N Golding (appointed 30 May 20221 Ms S Johnson (appointed 30 May 20221 Ms A Karla Ms S Longmuir (appointed 30 May 20221 Dr C Michaels Ms T Simpson Ms R Sloss (appointed 30 May 20221 Mr P Stevenson Ms L Turner Company Socretsry and Chief ExecutlVO Mr K Gosling Bankers CAF Bank Ltd 25 Kings Hill Avenue West Malling ME19 4JQ Auditor Buzzacott LLP 130 Wood Street London EC2V 6DL Collections Trust
DoGuSvJn Envelope ID". EF9FB02A.ECDA.4AB&B9AE.9B9290D176CF Trustees, annual report 31 March 2022 The trustees, who are also directors under company law, present their report and financial statements for the year ended 31 March 2022. The trustees confirm that the financial statements comply with current statutory requirements, the memorandum and articles of association and the Statement of Recommended Practice - Accounting and Reporting by Charities.. applicable lo charities preparing their financial statements in accordance with Ilhe Charities SORP IFRS 10211. Collections Trust does not fall within the definition of a 'larger charity,. STRUCTURE. GOVERNANCE AND MANAGEMENT Collections Trust is a charitable company limited by guarantee 1013005651, originally incorporated las the Museum Documentation Association) on 28 February 1977. 11 Is registered as a charity with the Charity Commission102739841. The governing document of Collections Trust is its memorandum and articles of association, last updated in 2008. A review of the articles is planned in 2022-23, since they describe a long-disconlinued membership model. Vvhile not a problem in practice, the opportunity will be taken to update the articles and also formalise recent norms into written rules. Governance Collections Trust is governed by the board, whose members are directors under company law and also trustees under charity law. Trustees give their lime voluntarily, and re1ve no benefits except for the offer of a free copy of Spectrum and discounted conference lickels in order lo further their understanding of our work. Any expenses reclaimed are set out in note 6 to the financial statements. The board is collegial, effective and diverse, taking an active role in steering the strategic direction of the organisation and ensuring its accountability - both in the legal sense, but also as the keeper of community-owned standards that must meet the needs of all museums and their audiences. The articles stale that the minimum number of trustees shall be three bul set no maximum number. Rent pracliTr has been for them to serve three years, after which they may be re-elected once for a further three years. There are currently fourteen trustees, slighuy higher than the recent average of e1Ve. This includes five new board members who joined in May 2022 in response lo an open call. Although the call was for three new Iruslees, such was the eXptIOnal calibre of candidates Ishortlisled from 32 applicalionsl il was decided lo appoint five, boosting the existing board ahead of a time of significant organisational transformation. Collections Trust
DoGuSvJn Envelope ID". EF9FB02A.ECDA.4AB&B9AE.9B9290D176CF Trustees, annual report 31 March 2022 STRUCTURE, GOVERNANCE AND MANAGEMENT lcontinuedl Governanee Icontinuedl The Iruslees who served throughout the year ended 31 March 2022 and up to the date these financial statements were approved, except where indicated, were.. Trustees Appointed l Resigned Ms C Harnpshire (Chairl Mr R Avann Dr A Bhaugeerutty Ms K Childs Ms S Elliott Ms N Golding Ms S Johnson Ms A Karla Ms S Longmuir Dr C Michae15 Ms T Simpson Ms R Sloss Mr P Stevenson Ms L Turner (Appointed 30 May 20221 IAppoinled 30 May 20221 (Appointed 30 May 20221 (Appointed 30 May 20221 (Appointed 30 May 20221 The board meets quarterly, with interim meetings as required lo deal with specific matters such as the sign-off of major grant applications. In addition, an audit committee comprising a sub-group of trustees with an extemal chair, meets lce a year lo monitor and review all aspects of the organisalion's financial management. A further sub-group (the commitments committee) reviews the budget, contractual terms and risks of any proposed project with a value over £10,000, as and when required. Management The Chief Executive is responsible for the overall management of the organisation and also acts as company secretary. The Finance Manager takes the lead in day-lo-day fin8n¢ial management. Both prepare reports for the board and audit committee, including regular updates lo the risk register, and attend their meetings. In April 2022, responding lo longstanding risks identified around tight capacity and business continuity, the Outreach Manager was promoted lo Deputy Director, bringing the size of the management team to 2.6 FTE. She also attends board and audit committee meetings, and leads the planning and delivering of core activity funded by Arts Council England IACEI. The key management personnel, being the Chief Executive, Deputy Director and Finance Manager, are all paid employees of the organisation, as are other members of staff. Remuneration of the Chief Executive, and other members of the management team, is set by the board and, if deemed appropriate, increased annually by a percentage in line with all employees. Collections Trust
DoGuSvJn Envelope ID". EF9FB02A.ECDA.4AB&B9AE.9B9290D176CF Trustees, annual report 31 March 2022 OBJECTIVES Charitable purpose Our charitable object, set out in our memorandum and articles of association, is to.. Promote the education of the public by the development of museums and similar organisations by all appropriate methods. Our charitable purpose therefore falls within the scope of the 'advancement of the arts, culture, heritage or science, purpose specified in the Charities Act 2011. Mission and aims During the course of 2021-22 the board and management team spent much lime in strategic reflection, prompted by significant progress towards our long-held ambitions for digital infraslruclure, and the need lo rise lo the challenges laid down by ACE'S len-year strategy, Lets Create. Museums engage with their audiences through physical collections, but more so through information about those collections, as the lockdown recently reminded us. In May 2022, we updated our mission to emphasise this. Our revised mission is lo.. Help museums work with the infom7ation that connects collections and aUdienS. During the year we also took the opportunity lo review and simplify our aims. They are.. * Conlinug to build Collections Trust into a dynamic, ambitious sector support org8nis8tion, valuedamund the worfd 8S 8 le8derin collections m8n8gementst8nd8rds and advi. + In partnership wNth other sector bodies, to help UK n7useums meet the accreditation standards for managing collections. • Help UK museums make their collections information inclusive 8nd relevant, enriching il with knowledge drawn a wide range ofpeople. + InfluenGe the development of a sustainable, futureproof infraslruGlure for sharing and storing the UKS digital collections, linked to the wider online cultural hgritage ecosystem. + Use that infraslruclure to develop tools and ServIS that support smarter working with collections across the sector. PUBLIC BENEFIT Having given due regard to Charity Commission guidance, the trustees reaffirm that Collections Trust's ¢harilable purpose is for the public benefit. This contribution is indirect.. not engaging directly with audiences ourselves, but helping museums achieve their own audience4riven missions. Collections Trust
DoGuSvJn Envelope ID". EF9FB02A.ECDA.4AB&B9AE.9B9290D176CF Trustees, annual report 31 March 2022 PUBLIC BENEFIT Icontinued) In particular, our activity indirectly benefits the audiences of the UK'S 1,700 museums that are part of the museum accredilalion scheme administered by ACE and its counterparts in Scotland, Wales and Northern Ireland. Our collections management standard, Spectrum, is embedded in the scheme's requirements, with the aim of ensuring that aceredilèd museums are accountable for the collections they hold on behalf of the public, and have the informational 'raw material, to create exhibitions, online resources and other audience- facing outputs. ACTIVITIES AND ACHIEVEMENTS Though still lived in the shadow of COVID-19, 2021-22 proved to be a watershed year for Collections Trust, for all the right reasons. Three developments in particular stood out.. Having honed our remole-working practice well before the pandemic, in January 2022 we gave up our London office a few months sooner than planned, and now operate with all staff working from home, with just a registered address for legal compliance. This development brings a significant, ongoing reduction in overheads, adding lo the positive financial position described in later sections of this report. Having reached our reserves target in February 2021, and anticipating the overheads saving from the office closure, for the first time in many years we were able to increase our capacity lo support museums. In June 2021 we look on a new 0.6 FTE Outreach Officer, allowing the then Outreach Manager Inow Deputy Director) lo take on a more strategic role. Most significantly, in 2021-22 we took a decisive slep fotward, working in partnership, to plan a transformative, nab'onal museum data service that is on track to secure funding in autumn 2022. Recent annual reports have charted slow progress over many years towards our goal of a 'sustainable, fulureproof infraslruclure for sharing and storing the UK'S digital collections,, so this development is particularly noteworthy. Museum data seNice The need for a museum data service was put beyond doubt by another of the year's achievements.. a landmark audit of digitised collections in the UK'S leading cultural heritage organisalions. This was commissioned from Collections Trust by Towards a National Collection ITaNCI, a £19m research progmmme funded by the Arts and Humanities Research Council IAHRCI.l Of the 264 institutions invited lo lake part, responses were received from 230 187 /01. No previous attempt to survey the stale of the nation's digital collections has given such a comprehensive picture. The audit included 153 leading museums, who reported 40 million object records befvleen them, of which 25 million were available on their own websites. While this sounds encouraging, most were published in a way that risks millions of broken links in future. Moreover, anyone wanting to search across all these records would have to consult over a hundred websites one-by-one. 1 https'.Ilzenodo.orglrecord16379581#.YoZkN1 RBw2w Collections Trust
DoGuSvJn Envelope ID". EF9FB02A.ECDA.4AB&B9AE.9B9290D176CF Trustees, annual report 31 March 2022 ACTIVITIES AND ACHIEVEMENTS Icontinuedl Museum data service Icontinuedl The fundamental problem is how lo make these and other object records, currently siloed, accessible in a joined-up way. Until that happens, no-one can make good use of all that information. For several years, Collections Trust has been working on this problem with the national online platform Art UK, which needs to speed up, and scale up, the way it reiVeS and processes data from hundreds of contributing museums. In December 2021 a third partner joined our initiative, when the University of Leicester announced a new Institute of Digital Culture lo complement its worfd-leading School of Museum Studies. vwth 0-year start-up funding for the museum data service secured In principle from a philanthropic donor, we and the other I0 founding organisalions are working up detailed plans, including proposals for a new joint venture vehicle to formalise our partnership and manage the resulting infrastructure. If the funding Is indeed confirmed by autumn 2022, the core enabling tools should be operational by summer 2023. The core service will offer a free and easy way for any UK museum lo hold a copy of its collections records in a cloud-based data repository, and to share as much or as little of this dats as the museum is comfortable with. A web interface will allow users lo browse and search across all the dats they are allowed to see. Though open to anyone, this interface will be a working tool, giving access to the ow material needed to create engaging content elsewhere, rather than being a destination sile in its own right. The initial build will include a suite of tools for Art UK to process and enhance the raw source records into the consislenl house style presented on ils website. These tools will be adaptable, to support many other use seenarios, which we and others will broker. This will transform not only the sector's capacity for joined-up digital collaboration, but also our own business model, as we generate new streams of income by putting the servi'S infrastructure and tools to work. Supporting good collections management practice in UK museums As in previous years, our core activity was as a grant-funded sector support organisalion ISSO) within ACE'S national portfolio. As noted already, the standard for which we are best known, Spectrum, is embedded within the museum accreditation scheme.. 'the UK industy standard for museums and galleries., Spectrum gives Iried-and-lested advice on the procedural side of working with collections, whether using them with audiences or carrying out the back-office tasks essential for sound governance. 11 is not a prescriptive, lop-down sel of rules, bul flexible guidance rooted in the accumulated wisdom of hundreds of staff and volunteers from museums large and small. All accredited museums must meet the minimum requirements of Spectrum's nine primary procedures, and we help museums do this through our website (around 128,600 users in 2021-221, comms activity laround 11,500 Twitter followers and 13,300 Linkedlnl, and our much-valued outreach programme. Collections Trust
DoGuSvJn Envelope ID". EF9FB02A.ECDA.4AB&B9AE.9B9290D176CF Trustees, annual report 31 March 2022 ACTIVITIES AND ACHIEVEMENTS Icontinuedl Supporting good collections management practice in UK museums Icontinuedl The outreach programme has been building and evolving since 2016, yel there is still a steady ongoing demand for entry-level training as new staff and volunteers join the workforce, and for refresher training and confidence-boosting for those trying to tackle longstanding problems within their museums. The programme is run in partnership with the museum development IMDI agencies across England. They are offered ACE-funded days of training or other outreach activity, broadly in proportion lo the number of acerediled museums within each region. The MD teams identify the topics based on their own local knowledge and training needs analysis, promote the events as part of their own programmes, handle the bookings and venues for in-person events, and carry out the evaluations. For obvious reasons, most of the outreach sessions in 2021-22 were delivered online, a trend we expect to continue even as in-person events resume after the pandemic. Both the number of sessions and the number of participants were lower than in the lockdown year 2020-21 (when there was a jump in numbers), returning to levels slightly higher than pr COVID-19. Over the year 97 sessions were delivered to a lotsl of 1,178 participants. Formal evaluations using the MD framework were completed for 66 of these sessions, and the average reported perception of'skills gained, was 4.5 out of a possible 5. The comments from those attending were equally positive, as this selection leslifies.. The training progran7me... is a lifeline for oursmall organisalion and I know that volunteers without any curatorial background really appreciate a) the chance to participate and b) the learning and nehvorking opportunities these sessions pmvide. 11 was very interesting talking with other museum staff, and I found it enjoyable to be a position Whe I could share helpful practi As an untrained staff member, l usually find I m a bit at Sga al training sgssions, this time, I was able to relate to everything discussed. I could not hop& to tackle a rewrite of our Accreditation procedures without these sessions to support me and spur me on every fortnight. Spectrum has stayed relevant over the years through regular review and revision based on open consultation. The most recent major update was published in 2017, bul we continue to evolve the standard in response to changing needs, often identified via our outreach activity. For example, we realised that museums otherwise keen to work more collaboratively wlh their audiences often have a 'galekeeper' mentality when it comes lo information about 'theirf collections. In response, we have been consulting on potential revisions lo Spectrum's advice on catal(4uing and the use of collections, with the aim of eneouraging a more inclusive approach. The results of this initiative will be published in 2022. Collections Trust
DoGuSvJn Envelope ID". EF9FB02A.ECDA.4AB&B9AE.9B9290D176CF Trustees, annual report 31 March 2022 ACTIVITIES AND ACHIEVEMENTS Icontinuedl Supporting good collections management practice in UK museums Icontinuedl Our 2021 conference also explored how museums can work more effectively with Complex layers of data about their collections. Over the course of half-day events on 14-15 October 2021, an international line-up of speakers considered how to deal with the multi- layered, multi-perspective knowledge that Comes with 'cataloguing outside the box,. This, our second online conference, went smoothly from a technical point of view, included some excellent presentations and panel discussions, allracted some 480 attendees and was more profitable than anticipated. Special thanks are due to our Spectrum Partner, Axiell, who sponsored 65 free places for students and other unwaged participants. Spectrum- the UK standard used around the world There can be few Museum sector organisalions of our size with such an international reach and influence. Under licence from us, our Spectrum standard has been adopted by many other countries and is being used from the Andes to the Arctic Circle. The most rent version of Spectrum has now been translated into Polish by our colleagues al NIMOZ, Poland's National Institute for Museums and Public Collecb'ons. This is the latest translation added to our website. joining versions in Dutch, (Canadian) French, Norwegian, and Swedish. Work continues on translations into Portuguese and German. To support ils own museum development work in the Middle EasVNorth Africa and South America, the British Council has funded further translations into Arabic and Spanish. In 2021-22, the British Council also commissioned online workshops from us that have resulted in Spectrum-based guidance oplimised for Peruvian museums and endorsed by Peru's Ministry of Culture. To help museums choose software that will support Spectrum-based ways of working, we license the standard for commercial use through our Spectrum partners scheme. As well as being a significant source of income, the scheme helps to embed Spectrum as the de facto international standard for collections management. Such is the international demand for Spectrum-compliant software that more than haw the companies licensed to use Spectrum commercially operate Most or entirely outside the UK. We are hugely grateful to all our Spectrum partners for their ongoing support for the standard. FINANCIAL REVIEW During the year, Collections Trust had income, excluding bank interest, of £379,63512021 - £359,803). Of this, £204,23212021- £234,232) was restricted funding with £234,23212021 - £234,232) reiVed from the Arts Council England. Unrestricted income of £175,403 12021 £125,5711 was made up from retail sales of publications and forms £34,842 12021 £20,793)., Spectrum partnership membership fees £56,14712021- £47,270)., consultancy projects £70,75012021- £45,579),. conference ticket sales £7,06412021 £nill', fudough grant income £nil 12021 £11,294),. and donations £nil 12021 £4251, plus other income of £nil12021 £2101. Collections Trust
DoGuSvJn Envelope ID". EF9FB02A.ECDA.4AB&B9AE.9B9290D176CF Trustees, annual report 31 March 2022 FINANCIAL REVIEW Icontinuedl Collections Trust spent £234,232 12021 £234,232) directly on Arts Council England projects, including staff lime. £128,721 12021 £106,578) was spent on other charitable activities Irelail, Spectrum partnerships, and consultancy). The year finished with an overall surplus of £1 $,68912021 £19,0151. Total funds carried forward lexcluding the pension liability) were £143,61012021- £127,921) of which £123,610 12021 £97,921) was unrestricted, £20,000 designated 12021 £nill and £nil 12021 £30,000) restricted, giving free reserves (unrestricted funds excluding fixed assets, pension liability, and designated funds) of £122,81112021- £97,814). The balanTr sheet shows total funds lo be in deficit by £135,390, once the defined benefit pension deficit, calculated by the actuary as £279,000, is taken into account. Reserves policy and position The organisation's strategic plan for the coming three years, and the risk register, establish that alongside the need for a general reserves fund, there are also both risks and opportunities that require the designation of funds. The reserves policy therefore sets out the following targets and designations.. 1. General fvnd Three lo six months operational expenditure in free reserves to accommodate variations in income levels, mitigate against any cashflow shortfalls, and meet any unbudgeled expenditure such as parental or sick pay. This figure equates to beeen £90,000 and £180,000. AI 31 March 2022 the organisalion held £122,811 in free reserves lunrestricled, undesignaled reserves excluding fixed assets and pensionsl. This equates to four months, operating costs, falling within the tsrget range ofthe policy. 2. Strategic fund A designated fund of £10.000 to allow for the opportunity and flexibility lo invest in strategic initiatives related to the museum data service, and other potential opportunities. 3. Defined benefit pension fund A designated fund of £10,000 to cover the legal and adminislralive costs of entering into a deferred debt arrangement IDDAI with the pension fund upon retirement of the last active member. This is deemed to be a likely event in the near to mid-term future, and a DDA would avoid the need for Collections Trust to pay the full balance of the pension liability in full al that point. since this has been calculated to be unaffordable. Before this exil occurs, the charity and pension fund have agreed a repayment schedule of £15,000 per year in additional contributions for the len years from 2020- 2030 to work towards eliminating the funding shortfall. The Iruslees are satisfied that this is a reasonable level that can be afforded annually from budgeted expenditure without impacting reserves. Collections Trust
DoGuSvJn Envelope ID". EF9FB02A.ECDA.4AB&B9AE.9B9290D176CF Trustees, annual report 31 March 2022 FINANCIAL REVIEW Icontinuedl Reserves policy and position Icontinuedl The organisation aims lo provide for these reserves through unrestricted surplus funds carried forward at the end of each fi'nancial year. This money shall be invested in bank savings accounts on the most advantageous overall terms, in respect of interest and charges and access, and will be regularly reviewed. Fundraising The charity does not raise or actively seek lo raise funds from the public. The trustees therefore do not consider that they are obliged lo make any further disclosures in relation to this area. Going concern The Iruslees have assessed whether the use ofthe going concern assumption is appropriate in preparing these financial stalemenls. The trustees have made this assessment in respect to a period of al least one year from the date of approval of these financial stslements, and in light of the implications of the current economic downturn, with eonsideralion given lo budget forecasts, eashflow, confirmed and pipeline projects. The Iruslees have given particular Consideration to the defined benefit pension liability, recognising that this puls the balance sheet into deficit. Whilst this is a large liability, il is not an immediate one, and a manageable repayment plan has been agreed with the pension fund over len years to 2030. In addition, funds have been designated lo provide for the scenario of a large debt being payable upon retirement of the last active member of the scheme. The organisation performed well over the year, exceeding income targets and returning to pre-pandemic levels in most cases. Retail sales, which dropped 500/0 the previous year, returned to 85Q/o of usual levels, and consultancy comfortably exeded largels. The result meant that the organisalion finished the year in a strong position and was able lo grow ils unreslricled reserves. Looking forward, funding secured in principle for the museum data service for 2023 onwards will allow the strategic development of our business model, with the generation of new income streams through the use of the servi'S infrastructure and tools. This will further cement Collections Trust's role as critical lo the sector, and make more powerful the case for continued ACE funding from 2023 onwards when the next round of grants will be announced. The trustees have therefore concluded that there are no material uncertainties related to events or conditions that may east significant doubt on the ability of the charity lo continue as a going concern. Collections Trust 10
DoGuSvJn Envelope ID". EF9FB02A.ECDA.4AB&B9AE.9B9290D176CF Trustees, annual report 31 March 2022 PRINCIPAL RISKS AND UNCERTAINTIES The Iruslees have considered the strategic risks facing Collections Trust and the measures needed lo mitigate them. They consider the following lo be the key risks and mitigation strategies. Economic downtum The combined effects of the current economic crisis bring the risk of reduced incom4enerating possibilities, and fewer granl-funding opportunities. Alongside this inflation will push up costs and reduce the forecast surplus for the year. Rlsk Tolerance Medium the risk is unavoidable, bul the organisation has healthy reserves to help absorb any short-term shocks. Mitigation Prudent budgeting and forecasting, along with regular financial monitoring, aims lo ensure the organisalion returns a surplus at year end. Risk Impact of new museum data service The scale and pa of change over coming years as the planned museum data service is set up, risks overwhelming the capacity of the organisation to adapt ils business model accordingly. Tolerance L()w- the organisation has been working towards this for many years and needs to maximise the current opportunity to deliver on ils strategic aims. Mitigation The board has agreed a strategy for managing the transition within Ils investment principles action plan. Risk Loss of key member of staff Employee turnover is inevitable, and in a small organisation a lot of inslitulional knowledge rests with a few key individuals. Tolerance Medium- the appointment of a deputy director in April 2022 has helped to address issues of capacity and continuity. The deputy director works alongside the CEO and finance manager as part of the key management personnel, with knowledge shared between the team. The board of Iruslees also lakes an active role in strategic inilialives. Mitigation Collections Trust 11
DoGuSvJn Envelope ID". EF9FB02A.ECDA.4AB&B9AE.9B9290D176CF Trustees, annual report 31 March 2022 PRINCIPAL RISKS AND UNCERTAINTIES continued Risk LGPS pension fund liability The pension scheme has only one remaining active member, who is approaching retirement. Once this member exits the scheme, Collections Trust will need to enter negotiations with the pension fund to agree a deferred debt arrangement IDDAI, allowing the organisalion to continue paying as if they still had an active member, and therefore avoid cryslalising an unaffordable liability. Ihthilsl the fund have agreed in principle that they would consider a DDA, nothing has been confimied, and there is a risk in the current economic climate that proposed rates of payment would be unaffordable. Tolerance Low- the requirement for immediate repayment of the liability would push the organisalion into insolvency. The organisalion has agreed a ten-year repayment plan up lo 2030 which works towards eliminating the deficit. It has designated £10,000 of reserves for the legal, actuarial and administrative costs of entering into a DDA, and il maintains regular open dialogue with the pension fund regarding its funding position. Mitigation Cyber security Research published in January 2022 found that increasing numbers of charities suffered cyber-breaches in the previous year. Rlsk CT is reliant on IT and the internel for all its operations. A cyber-allack could compromise ils ability to deliver ils services and generate income. A data breach could risk liligalion and damage lo our reputation. Medium to low- whilst a cyber-attack is unlikely to threaten the existence of Collections Trust, it could tske considerable time and resources to resolve an allack and may lead to costly legal fees and fines. Tolerancg The organisalion holds Cyber Essentials accreditation, which includes cyber insurance. 11 also has a regular focus on staff training and review of systems to ensure compliance with the relevant legislation and guidance. Mitigation STATEMENT OF REPONSIBILITIES OF THE TRUSTEES The trustees (who are also directors of the charitable company for the purposes of company lawl are responsible for preparing the trustees, annual report and the financial statements in accordance with applicable law and accounting standards (United Kingdom Generally A¢pted Accounting Practi). Collections Trust 12
DoGuSvJn Envelope ID". EF9FB02A.ECDA.4AB&B9AE.9B9290D176CF Trustees, annual report 31 March 2022 STATEMENT OF REPONSIBILITIES OF THE TRUSTEES Iconlinuedl Company law requires the trustees lo prepare financial statements for each financial year which give a true and fair view of the stale of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that pèriod. In preparing these financial statements, the trustees are required lo.. Select suitable accounting policies and then apply them consislenlly., Observe the methods and principles in the Charities SORP IFRS1021 Make judgements and estimates that are reasonable and prudent., Slate whether applicable UK accounting standards and statements of recommended practice have been followed, subject lo any material departures disclosed and explained in the financial slalemenls., and Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The Iruslees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them lo ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the Iruslees are aware.. There is no relevant audit information of which the charitable company's auditors are unaware., and The trLJStees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information. This confirmation is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006. The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Collections Trust 13
DoGuSvJn Envelope ID". EF9FB02A.ECDA.4AB&B9AE.9B9290D176CF Trustees, annual report 31 March 2022 Members of the charity guarantee lo contribute an amount not exceeding £1 to the assets of the charity in the event of winding up. The total number of such guarantees a131 March 2022 was 912021.. 91. The trustees are members of the charity bul this enlilles them only lo voting rights. The trustees have no beneficial interest in the charity. The Iruslees, annual report has been approved by the Iruslees and signed on their behalf by Docu8b3Mdty'. 2D17E48A82E4452. C Hampshire Chair Date.. 2/9/2022 Collections Trust 14
DoGuSvJn Envelope ID". EF9FB02A.ECDA.4AB&B9AE.9B9290D176CF Independent auditor's report 31 March 2022 Independent auditor's report to the members of Collections Trust Opinion We have audited the financial ststements of Collections Trust Ithe'charitable company'l for the year ended 31 March 2022 which comprise the statement of financial activities, the balance sheet, statement of cash flows, the principal accounting policies and the notes lo the financial statements. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom aceounling standards, including Financial Reporting Standard 102 'The Financial Reporting Stsndard applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial stalemenls.. give a true and fair view of the slate of the charitable company's affairs as al 31 March 2022 and of ils income and expenditure for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practi., and • have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant lo our audit of the financial statements in the UK, Including the FRC'S Ethical Stsndard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the Iruslees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not Identified any material uncertainties relating lo events or conditions that, individually or collectively, may cast significant doubt on the charitsble company s ability to continue as a going concern for a period of al least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect lo going concern are described in the relevant sections of this report. Other Infomiation The other information comprises the information included in the annual report and financial statements, other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report and financial statements. Our opinion on the fi'nancial statements does not cover the other information and, except lo the exlenl otherwise explicitly staled in our report, we do not express any form of assurance conclusion thereon. Collections Trust 15
DoGuSvJn Envelope ID". EF9FB02A.ECDA.4AB&B9AE.9B9290D176CF Independent auditor's report 31 March 2022 Other infomiation Icontinuedl Our responsibility is lo read theolher information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstalemenl in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required lo report that fact. We have nothing to report in this regard. Opinions on other matters prescribod by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit.. • the information given in the Iruslees, report, which is also the directors, report for the purposes of company law for the financial year for which the financial statements are prepared is consistent with the financial slatemenls., and • the trustees, report, which is also the directors, report for the purposes of company law, has been prepared in accordance with applicable legal requirements. Matters on whlch we are requlred to report by ex¢eptlon In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees, report. We have nothing to report in respect of the following matters In relabon lo which the Companies Act 2006 requires us to report lo you if, in our opinion.. adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us", or + the financial statements are not in agreement with the accounting records and returns., or rtain disclosures of trustees, remuneration specified by law are not made., or we have not received all the information and explanations we require for our audit,. or * the Iruslees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies, exemptions in preparing the trustees, report and trom the requirement lo prepare a strategic report. Responsibilities of trustees As explained more fully in the slalement of responsibilities of trustees, the Iruslees Iwho are also the directors of the ¢harilable Company for the purposes of company lawl are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due lo fraud or error. Collections Trust 16
DoGuSvJn Envelope ID". EF9FB02A.ECDA.4AB&B9AE.9B9290D176CF Independent auditor's report 31 March 2022 Responsibilities of trustees Icontinuedl In preparing the financial stalemenls, the trLJStees are responsible for assessing the charitable company's ability lo continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Iruslees either intend lo liquidate the charitable company or to cease operations, or have no realistic alternative but lo do so. Auditor's responsibilities for the audit of the financial statements Our objectives are lo obtain reasonable assurance about whether the financial statements as a whole are free from material misstalemenl, whether due lo fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assuran is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misslatementwhen il exists. Misstatements can arise from fraLJd or error and are considered material if, individually or in the aggregate, they could reasonably be expected lo influence the economic decisions of users taken on the basis of these finaneialslatements. Irregularities, including fraud, are instances of non-complianTr with laws and regulations. We design procedures in line with our responsibilities, outlined above, to delecl material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.. Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows.. • the engagement director ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations., • we identified the laws and regulations applicable to the charitable company through discussions with management, and from our commercial knowledge and experience of the sector", the identified laws and regulations were communicated within the audit team regular and the team remained alert to instances of non-compliance throughout the audit., we focused on specific laws and regulations which we considered may have a direct material effect on the accounts or the activities of the charity. These included bul were not limited to the Charities Act 2011, Companies Act 2006 and data protection legislation. we assessed the exlenl of compliance with the laws and regulations identified above through making enquiries of management, inspecting legal correspondence and reviewing trustee meeting minutes. Collections Trust 17
DoGuSvJn Envelope ID". EF9FB02A.ECDA.4AB&B9AE.9B9290D176CF Independent auditor's report 31 March 2022 Auditor's responsibilities for the audit of the financial statements Icontinuedl We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by.. making enquiries of management and those charged with govemance as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud,. and considering the internal controls in place lo mitigate risks of fraud and non-complian with laws and regulations. To address the risk of fraud through management bias and override of controls, we". performed analytical procedures to identify any unusual or unexpected relationships", tested journal entries to identify unusual transactions., tested the aulhorisalion of expenditure as part of our substsntive testing thereon., assessed whether judgements and assumptions made in determining the accounting estimates sel out in the accounting policies were indicative of potential bias," and used data analytics to identify any significant or unusual transactions and identify the rationale for them. In response to the risk of irregularities and non-compliance with laws and regulations, we designed prOdureS which included, but were not limited to.. agreeing financial statement disclosures to underlying supporting documentation., reading the minutes of Iruslee meetings", enquiring of management and those charged with governance as lo actual and potential litigation and claims., and There are inherent limitations in our audit prOdureS deribed above. The more removed that laws and regulations are from financial transactions, the less likely il is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the Iruslees and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate conTralment or collusion. A further description of our responsibilities is available on the Financial Reporting Council's website al www.frc.org.uklaudilorsresponsibililies. This description forms part of our auditor's report. Collections Trust 18
DoGuSvJn Envelope ID". EF9FB02A.ECDA.4AB&B9AE.9B9290D176CF Independent auditor's report 31 March 2022 Use of our report This report is made solely lo the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might slate to the charitable company's members those matters we are required to state lo them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not a¢pt or assume responsibility lo anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. Gumayel Miah Isenior Statutory Audilorl For and on behalf of Buzzacott LLP, Slatulory Auditor 130 Wood Street London EC2V 6DL Date 19 October 2022 Collections Trust 19
DoGuSvJn Envelope ID". EF9FB02A.ECDA.4AB&B9AE.9B9290D176CF Statement of flnanclal actlvltles Ilncorporatlng an Income and expendlture account) 31 March 2022 2022 Total funds 2021 Total funds Unrestricted Restricted fund¥ fvnd8 Notes Income from.. Charitable activities Investments Total income 175,403 204,232 379,635 359,803 22 359,825 175,410 204,232 379.642 Expènditurè on.. Charitable activities.. . Projects and programmes Other tharitable activities Total expenditure 234,232 234.232 128,721 362.953 234,232 106.578 340,810 128,721 128,721 234,232 Net incom8 lexpenditurel for th• year 46,689 130,0001 16,689 19.015 Other reeognised gains IlosB•sl Actuarial gain Ilossl in respect lo defined benefit pension scheme 19 165,000 165,000 1229.CM)01 Net movement in funds 211,689 130,0001 181,689 1209,9851 Reconciliation of funds.. Total funds brought fotward 1347,0791 30.000 1317,0791 1107,0941 Totsl fund5 carried forward 1135,3901 1135,3901 1317.0791 All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those slated above. The attached notes form part of these financial statements. A full comparative statement of financial activities is included al Note 1. Collections Trust 20
DoGuSvJn Envelope ID". EF9FB02A.ECDA.4AB&B9AE.9B9290D176CF Balance sheet 31 March 2022 2022 2022 2021 2027 Notes Fixed assets Tangible assets 799 107 Current assets Stock Debtors Cash at bank and in hand 1,336 1S,889 161,947 179,172 1.062 13,391 142,494 156,947 10 Liabilitie¥= Creditors.. amounts falling due within one year 136,3611 129,1331 Net current assets 142,811 127,814 Total assèts less currènt 143,610 127,921 Pension liability 19 1279,0001 1445,000} Total net liabilities 1135,3901 1317,0791 The funds of the eharity= Restricted funds Unrestricted funds". Designated funds . Pension reserve General funds Total unrestricted funds 13 30,000 20,000 13 1279,0001 13 123,610 13 1445,0001 97.921 1135.3901 1347,0791 Totsl fund¥ 1135,3901 1317.0791 The financial statements have been prepared in accordance with the special provisions for small companies under Parl 15 of the Companies Act 2006. Approved by the trustees and signed on their behalf by.. Trustee Camilla Hampshire Company registration number.. 01300565 (England and Wales) Dale: 2 /9/2022 The attached notes form part of the financial stalemenls. Collections Trust 21
DoGuSvJn Envelope ID". EF9FB02A.ECDA.4AB&B9AE.9B9290D176CF Statement of cash flows 31 March 2022 2022 2022 2021 2021 Note Cash flows from operating activities.. Net cash provided by operating activth85 14 20.453 34,e39 Cash flows from Investlng activities.. Interest received Purchase of fNed assets 22 11,0071 Cash provlded by Investlng activities 11.0001 22 Change in cash and Cash èquivalents in the year 19.453 34,661 Cash and cash equivalents at the beginning ol the year 142,494 107,833 Cash and cash 8quivalents at the end of the year 15 161,947 142,494 Collections Trust 22
DoGuSvJn Envelope ID". EF9FB02A.ECDA.4AB&B9AE.9B9290D176CF Principal accounting policies 31 March 2022 Basis of preparation The financial statements have been prepared In accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021- (Charities SORP FRS 1021 and the Companies Act 2006. The charitable company meets the definition of a public benefit entity under FRS 102. The financial statements have been prepared under the historical cost convention with items initially recognised at cost or transaction value unless otherwise stated in the relevant accounting policy notelsl. The financial statements are presented in sterling and are rounded to the nearest pound. Going concem The trustees have assessed whether the use of the going concern assumption is appropriate in preparing these financial slalemenls. The Iruslees have made this assessment in respect to a period of at least one year from the date of approval of these financial statements, and in light of the implications of the economic downturn, with considemtion given lo budget forecasts, cashflow, confirmed and pipeline projects. The Iruslees have given particular consideration to the defined benefit pension liability, recognising that this puls the balance sheet into deficit. Vvhilst this is a large liability, it is not an immediate one, and a manageable repayment plan has been agreed with the pension fund over len year lo 2030. In addition, funds have been designated lo provide for the scenario of a large debt being payable upon retirement of the last active member of the scheme. The organisalion performed well over the year, exedIng income targets and retuming to pre-pandemic levels in most cases. Retail sales, which dropped 50.10 the previous year, retumed to 850/0 of usual levels, and consultancy comfortably exceeded targets. The result of this meant that the organisalion finished the year in a strong position and was able lo grow its unrestricted reserves. Looking forward, funding secured in principle for the museum data service for 2023 onwards will allow the strategic development of our business model, with the geneotion of new income streams through the use of the MDS infrastructure and tools. This will further cement Collections Trust's role as critical to the sector, and make more powerful the case for continued ACE funding from 2023 onwards when the next round of grants will be announced. The trustees have therefore concluded that there are no material uncertainties related lo events or conditions that may cast significant doubl on the ability of the charity lo continue as a going concern. Critical accounting estimates and areas of judgement The most significant area ofadjuslment and key assumption that affects items in the financial statements is the anticipated pension liability which the charity will have to pay, and which is detailed in note 19. Colleetions Trust 23
DoGuSvJn Envelope ID". EF9FB02A.ECDA.4AB&B9AE.9B9290D176CF Principal accounting policies 31 March 2022 Income Income is recognised when the charity has entitlement to the funds, any performance conditions allached lo the income have been met, it is probable that the income will be received and that the amount can be measured reliably. Income from government and other grants, whether 'capilal' gonts or 'revenue' grants, is recognised when the charity has entidement to the funds, any performance conditions attached to the grants have been mel, il is probable that the income will be reived, and the amount can be measured reliably and is not deferred. Income received in advance for the provision of specified service is deferred until the criteria for income recognition are mel. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have been transferred to the customer, il is probable that the income will be reTrived, and the revenue and associated costs can be reliably measured. Revenue from the provision of services is recognised when it is probable that Collections Trust will receive the economic benefit and the revenue and associated costs can be reliably measured. For continuing services, revenue is recognised when the stage of completion can be reliably measured. 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 bank. Fund accounting Unrestricted funds are available lo spend on activities that further any of the purposes of charity. Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used for particular areas of the charity's work or for specific projects being undertaken by the charity. Expenditure and irrecoverable VA T Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third paty, Il is probable that settlemenlwill be required, and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis. Expenditure is comprised of direct and support costs. Direct costs are allocated to a specific activity. The lassification between activities is as follows.. Expenditure on charitable activities includes costs of delivering services, exhibitions and other activities undertaken lo further the purposes of the charity and their associated support costs", and Other expenditure represents those items not falling into any other heading. Irrecoverable VAT is charged as a cost against the artivity for which the expenditure was incurred and is calculated using the ratio that business income bears lo total income. Colleetions Trust
DoGuSvJn Envelope ID". EF9FB02A.ECDA.4AB&B9AE.9B9290D176CF Principal accounting policies 31 March 2022 Allocation of support costs Support costs are those functions that assist the work of the charity but do not directly undertake charitable aclivilies. Support costs include back-office costs, finance, payroll and governance costs which support the charitable activities. These costs have been allocated between the various charitable aclivilies. They are allocated based on staff bme. Operating leases Rental charges are charged on a straighl-line basis over the term of the lease. Tangible fixed assets Items of equipment are capilalised where the assets are expected to have a useful life of more than four years. The capilalisalion threshold Is £1,000. Depreciation is provided at rates calculated to write down the cost of each asset lo ils estimated residual value over ils expected useful life. The depreciation rates in use are as follows.. Fixtures and fittings 200/0 per annum based on cost Computer equipment 25'/o per annum based on cost Stock Stock is included al the lower of cost or net realisable value. Debtors Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Cash at bank and In hand Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. Creditors and provisions Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. Financial instruments The charity only has financial assets and fi'nancial liabilities of a kind that qualify as basic financial inslrumenls. Basic financial instruments are initialty recognised al transaction value and subsequently measured al amortised cost using the effective interest method Colleetions Trust 25
DoGuSvJn Envelope ID". EF9FB02A.ECDA.4AB&B9AE.9B9290D176CF Principal accounting policies 31 March 2022 Pensions The Charity contributes lo a defined benefit scheme operated by Cambridgeshire County Council, which provides benefit based on average pensionable salary. The assets of the scheme are held and managed separately from those of the eharity. Pension scheme assets are measured using market values. Pension scheme liabilities are measured using the projected unil actuarial method and are discounted al the current rale of return on a high-quality corporate bond of equivalent term and currency lo the liability. Any increases in the present value of the liabilities within the charity's defined benefit scheme expected to arise from employee service in the period is allocated lo the respective expense category within the statement of financial activities. Actuarial gains and losses are recognised in the statement of financial activities as part of other recognised gains and losses for the period. The charity also offers an auto-enrolmenl pension scheme into which all new employees are enrolled. Contributions in respect to the personal pension schemes and defined contribution schemes are recognised in the statement of financial activities in the year in which they are payable to the relevant scheme. Colleetions Trust 26
DoGuSvJn Envelope ID". EF9FB02A.ECDA.4AB&B9AE.9B9290D176CF Notes to the financial statements 31 March 2022 1 Detailed comparatives for the statement of financial activities 2021 Total funds Unrestricted funds Restricted funds Notes Ineomè from.. Charitable activities Investments Total income 125,571 22 125,593 234,232 359,803 22 359,825 234,232 Expendlture on.. Charitable a¢livilies'. . Projects and programmes Other tharitable activities Total expenditure 234,232 234,232 106,578 340,810 106.578 106,578 234,232 Net income for the year 19,015 19,015 Othèr r•cognisèd loss•s Actuarial loss in respect lo defined benefit pension scheme 19 1229,0001 1229,0001 Net movement in funds 1209,9851 1209,9851 Reconciliation of funds.. Total funds brought forward 1137,0941 30,0 1107,0941 Total funds carried forward 1347,0791 30,0(K) 1317,0791 2 Incomg from charitablo activities 2022 Total Unr8sfrict8d R8stricfed funds funds fvnds 2021 To181 funds Unrestrlcted R8strlctsd funds funds Projects and programmes Arts Council England 204,232 204,232 234,232 234.232 Other charltsble actlvltles Retail and publishing Sp8Ctrum partn8rship IancIng Scheme Consuttancy 34.842 34,842 20.793 20.793 56.147 70,750 6.600 7.064 56,147 70,750 6,600 7,064 47,270 45.579 47,2TO 45.579 Confèrence Donations Furbugh grant income Other incoTne Totsl inGorne from Gharitrble activities 425 11.294 21Q 425 71.294 210 175.403 204,232 379,635 125.571 234.232 359.803 Collections Trust 27
DoGuSvJn Envelope ID". EF9FB02A.ECDA.4AB&B9AE.9B9290D176CF Notes to the financial statements 31 March 2022 Income from investments 2022 Totsl unrestle Restricted fund5 fun(ts funds 2021 Total fund5 UnrestriGted Restricted funds fund5 Bank interest 22 22 Analysis of expenditure REstricted Unrestricted 2022 Total ACE Rall Spectrum Consuttan¢y Training Cteren¢8 CT Awar Exwndlture DtecicostS 14.026 9.610 23.6 452 siaff c061S 142,433 158.854 1.249 1.683 31,629 44.760 187.582 231.84$ 2.661 452 Ovorh•ad5 Adminir0in OverheèJs Staff ove[heJ5 54,145 21.433 4,2 9.903 25 606 69.831 61,476 2.493 75,578 15,35 1,204 35,509 Totsl expendliure 2022 234,232 38,994 2,887 80,269 6,119 452 362,953 2021 ACE Retthl SI[M Con$tanty Confferen¢e CT Awè Eypsnthtu f4rectGosis 14014 126.620
,917 4,799 351 40.893 IS5.SY4 tirectsiaff c08ts 679 23,235 14.697 1.030 37.846 f96.207 Ov8th8&ds 58.313 2.7Q5 251 1&681 T6.950 Staff overheads 54.285 8,493 787 24,089 67.653 92.598 39.766 144.603 Toièlexoenthtuts2021 234.232 25.695 2Q66 17.615 340.610 Overheads are allocated based on staff time per activity. 5 Net income for the year This Is slated after charging.. 2022 2021 Operating lease rentals Property Depreciation Auditorfs remuneration Audit fees 19.241 315 25,277 421 6,728 7.680 Collections Trust 28
DoGuSvJn Envelope ID". EF9FB02A.ECDA.4AB&B9AE.9B9290D176CF Notes to the financial statements 31 March 2022 6 Analysis of staff costs, trustee remuneration and expenses, and the cost of key management personnel Staff costs were as follows.. 2022 2021 Salaries and w8ges Social security costs Pension costs Redundancy costs 222,751 18,908 13,116 4,283 259,058 110,0001 249,058 206.074 17,165 72. 728 235.967 {13,000) 222,967 FRS 102 defined benefit pension adjustment The following number of employees received employee benefits (salary and employers Nl contributions, excluding employer pension) during the year between.. 2022 2021 £60,000- £69,999 The total employee benefits (being salary, employer's Nl conlribulions, and pension) of the key management personnel were £100,62912021- £98,839). The charity Iruslees expenses reimbursed during the year were £nil12021- £nill. The charity trustees were not paid and did not re1ve any other benefits from employment with the charity in the year12021- £nill. No charity Iruslee received paymentfor professional or other services supplied to the charity12021 £nill. Staff numbers The average number of employees (head count based on number of staff employed) during the year was as follows. 2022 No. 2021 No. ACE Retail Specttutn Consultancy Training Support 7 Taxation Collections Trust is a registered charity and therefore not liable lo income lax or corporation tax on Income derived from its charitable activities, as it falls within the various exemptions available to registered charities. Collections Trust 29
DoGuSvJn Envelope ID". EF9FB02A.ECDA.4AB&B9AE.9B9290D176CF Notes to the financial statements 31 March 2022 8 Tangible fixed assets Fixtures and fittings Computer equipment 2022 Total Cost Al 1 April 2021 Additions Dispos81s At 31 Mareh 2022 1.215 1,686 1,007 11,6861 1,007 2,901 1,007 12,9011 1,007 11,2151 Depreciation At 1 April 2021 Charge for the year Dispos81s At 31 March 2022 1,215 1,579 315 11,6861 208 2,794 315 12,9011 208 11,2151 Nèt book valuès At 1 April 2021 At 31 March 2022 107 107 799 799 All of the above assets are used for charitable purposes. 9 Stock 2022 2021 Forms and c818logue o8ids 1.336 1,336 7,062 7,062 10 Debtors 2022 2021 Amounts falling due in more than one year.. Rental deposit 5,550 Amounts 18lling due in less than one ye8r'. Trade debtors Sundry debtors Prepayments Rental deposit 4,201 161 5,977 5,550 15,889 6,319 153 1,369 13,397 Collections Trust 30
DoGuSvJn Envelope ID". EF9FB02A.ECDA.4AB&B9AE.9B9290D176CF Notes to the financial statements 31 March 2022 11 Creditors- amounts falling due within one year 2022 2021 Trade creditors Taxation and social security Pension contributions Redundancy payment Deferred income Acctuals VAT payable Royalties 4,B94 5,154 956 4,283 308 15.367 5,358 41 36,361 2,089 5, 710 17,294 3,999 41 29, 133 12 Analysis of net assets between funds 2022 Total funds Unfftstrricted Reslnrt8d 2021 Tofal Unrestricted Restricted TaThg1b fixed assets Net Gurrent assels 799 142,811 1279,0001 1135,3901 199 107 142,811 97.814 1279,0001 (445,0001 1135,3901 (347,0791 107 127.8?4 (445.0001 3Q.000 (317.0791 30.000 Net assets at the end of the year 13 Movement in funds At1 Gains I Ilossesl and transfers At31 March 2022 2021 Income Expenditure Restricted funds Arts Council England Core fvnding Total restricted funds 30.000 30,000 204.232 204,232 1234.2321 1234,2321 Unrestricted funds Designated fLJnds Strategic development Defined benefit pension schem& m8nag8ment 10.000 10.000 10.000 20.000 165.000 120.0001 165,000 10,000 20,000 1279,0001 123,810 1135,3901 FRS102 pension liability G&neral funds Total unrestrictsd funds 1445.0001 97.921 1347,0791 1.000 129.7211 1128,7211 175.410 175,410 Total ftJnd$ 1317,0791 379,642 1362,9531 165,000 1135.3901 Collections Trust 31
DoGuSvJn Envelope ID". EF9FB02A.ECDA.4AB&B9AE.9B9290D176CF Notes to the financial statements 31 March 2022 13 Movement in funds Icontinuedl At1 Gains I Ilossesl and transfers At31 March 2020 Income Extenditure 2021 Re51ricted funds Arts Council England Cor6 funding rotal rest*¥cted funds 30.000 30,000 234.232 234,232 (234.2321 (234,2321 30.000 30,000 Unreslri¢ted funds Pension fund G8n6r&l ftsnds Total unrestrtcted funds (224.0001 86.906 (137,0941 8,000 (114,5181 (106,5781 (229.OOQI 1445,000) 97.921 134T,OT91 125.593 725,593 (229,0001 Tot•1 funds (707.0941 359.825 (340.8101 (229.0001 131T.0791 Restricted funds represent grants for specific purposes, being the ACE grant for delivery of the ACE activity plan 2018-23. Designated funds comprise £10,000 lo allow for strategic development opportunities related to the museum data service or other opportunities that may arise, and £10,000 for the management of the defined benefit pension scheme liability. This second fund is intended as provision for the legal and administrative costs of entering into a deferred debt agreement with the pension fund al the point when the last remaining member of the scheme leaves. Transfers beeen funds relates lo £20,000 from general reserves moved to the designated funds. 14 Reconclllatlon of net Income to net cash flow from operatlng actlvltles 2022 2021 Net income for the reporting period las per the statement of financial activities) Depreuation Interest Ilncreaselldeciease in stock Ilncreaselldecrease in debtors Increase in creditors Defined benefit pension scheme cost less contributions payable Nèt eash providad by opèrating activities 16,689 315 19,015 421 {22J 61 22,211 953 18,000) 34,639 12741 12,4971 7,227 11.0001 20.453 Collections Trust 32
DoGuSvJn Envelope ID". EF9FB02A.ECDA.4AB&B9AE.9B9290D176CF Notes to the financial statements 31 March 2022 15 Analysis of cash and cash equivalents At1 April 2021 Cash flows At31 March 2022 Cash at bank and in hand 142,494 142,494 19,453 19,453 161,947 161,947 Atl April 2020 Cash flows At31 Alarch 2021 Cash at bank and in hand 107,833 107,833 34,661 34,661 142,494 142,494 No separate reconciliation of nel debt has been prepared as there is no difference beeen the net cashlldebtl of the charity and the above cash and cash equivalents. 16 Opgrating Igase commitmonts Total future minimum lease payments under non-cancellable operating leases are as follows". Property 2022 2021 Leases which expire.. Within one year Within tr40 to five years 20,350 2, 779 23. 129 17 Legal status of the charlty The charity is a company limited by guarantee and has no share capital. Each member is liable to contribute a sum not exceeding £1 in the event of the charity being wound up. 18 Related party transactions Other than as disclosed in note S, there were no related paty transactions for 202212021 There are no donations from related parties which are outside the normal course of business and no restricted donations from related parties. 19 Defined benefit pension Commitments The charity participates in the Cambridgeshire County Council Pension Scheme, a career average revalued earnings ICAREI, multi-employer pension scheme. Participation in the scheme is by virtue of the organisation's status as an admilled body to the fund. In 2007 the charity was enrolled in a 'small bodies pool, within the pension scheme, and whilst in this pool it was not possible lo obtain SLJfficient information to enable it to account for the scheme as a defined benefit scheme. Therefore defined contribution accounting was applied during this period. Collections Trust 33
DoGuSvJn Envelope ID". EF9FB02A.ECDA.4AB&B9AE.9B9290D176CF Notes to the financial statements 31 March 2022 19 Defined benefit pension commitments Icontinuedl A full triennial actuarial valuation of the scheme was carried out at 31 March 2019. At the same time the fund look the decision to disband the small bodies pool, and as such Collections Trust was able to identify its individual funding position. The valuation showed the charity had assets of £1,005,000, liabilities of £1,638,000 and a deficit of £633,000. To work towards eliminating the funding shortfall, the scheme trustees and charity agreed a repayment schedule of £15,000 per year in additional contributions for len years to 2030. FRS 102 Financial Reporting Standard 102 IFRS 1021 requires the surplus or deficit on the scheme as al 31 March 2022, calculated in accordance with the requirements of FRS 102, to be included on the balance sheet. For the purpose of FRS 102, the assets of the scheme have been taken at Market value and the liabilities have been calculated by a qualified independent actuary. In order lo assess the actuarial value of the charity's assets and liabilities as at 31 March 2022, the actuaries have rolled forward the actuarial value of the assets and liabilities of the scheme at 31 March 2020. The major assumptions used by the actuary in preparing the FRS 102 figures were.. 2022 2021 pèr annum P8rannum Rate of increase in salaries Rate of increase in pension payments Discount rate Rale of inflation- CPI 3.15 3.15 2.75 3.15 2.70 2.70 2.05 2.70 The mortality assumptions used were as follows.. 2022 ears 2021 ars Longevty at age 65 for current pensioners Men . Women Longevity at age 65 for future pensioners -men . Women 22.2 22.1 24.2 23.0 25.7 22.9 25.6 The net movement in the FRS 102 liability during the year was.. 2022 £'OOOs 2021 £'OOQs Net d8ficit in schem8 at 1 April Service cost Net interest Adminislralion expenses Employer contributions Re-Tneasuiement of the defined li8bility Net deficit in scheme at 31 March 14451 1141 191 1224) (11) 24 165 12791 24 1230} 1445) Collections Trust 34
DoGuSvJn Envelope ID". EF9FB02A.ECDA.4AB&B9AE.9B9290D176CF Notes to the financial statements 31 March 2022 19 Pension commitments Icontinuedl Total expenditure recognised in the statement of financial activities ISOFAI was.. 2022 £0008 2021 £OOOs Service cost Total expenditure recognised in SOFA Ernployer wnlributions FRS 102 eharge IcredStl 14 14 1241 1101 1241 113J The nel gain recognised in the re-measurements in other recognised gains and losses was.. 2022 £OOOs 2021 £OOOs ActU8ri81 losse5 on scheme liabilities Actuarial gains on scheme assets Remeasurement of the defined benefit liability 1971 68 165 1431) 2Ql (230} Asset and benefit obligation reconciliation. 2022 £OOOB 2021 £OOOs Defined benefit obligation a11 April Current service cost Interest cost Contributions by scheme participants Benefits paid Actuarial losses Defined benefit obligation at 31 Mah 11,6241 1141 1331 (1. 168) (Ifj 1261 15 97 11,5611 14 (431) 11.624) Reconciliation of opening and closing balances of the fair value of the charity's share of the scheme assets". 2022 £OOOs 2021 £OOQs Fair value of scheme assets al 1 April Actuarial gains Interest on pension liabilities Contributions by employer Contribution5 by fund parti¢iP8nls Benefits paid Fair valuè of sehèmè ass•ts at 31 March 1,179 68 24 24 944 201 22 24 1151 1,282 (14J 1,779 Collections Trust 35
DoGuSvJn Envelope ID". EF9FB02A.ECDA.4AB&B9AE.9B9290D176CF Notes to the financial statements 31 March 2022 19 Pension Commitments Icontinuedl The charity's share of the assets in the scheme were.. Value at 31 March 2022 £'ooo Value a 31 Mèreh 2027 £000 Equities Government bonds Othei bonds Property Other managed funds Total market value of assets 58.3 747 64 118 114 239 1,282 60.2 710 56 117 103 193 1,179 18.6 16.4 Contributions The total contributions payable by the employer in the yearwere £24,000. At 31 March 2022, there no outstanding contributions due to the scheme. The best estimate of contributions to be paid by the charity lo the scheme forthe year ending 31 March 2023 is £24,000. Collections Trust 36