(Company Number 018956841 THE FITZWILLIAM MUSEUM DEVELOPMENT TRUST la company Ilmlted by guarantee) ACCOUNTS Forthe year ended 31 July 2021 THE FrrzwJLUAM MUSEUM DEVELOPMEprr TRUST FOR THE YEAR ENDED 31 JULY 2021 C¢nt•nts Pag Company information Trustee5' report Report ofthe independ9nt examiner statement of finanoal acbwtres Balance sheet Notes to the finanual stslements &11 THE FrrzwiLUAM MUSEUM DP4ELOPMENT TRUST TRUSTEES Mr lan Barby (Treasurer) Mrs Louise Cooke Sir Hugh Duberfy KCVO, CBE Mrs Penny Elliot Isecretsry) Mr Mark Flsher Lady Prtjby (Chairman) Mr Alexander Scott-Barrett Mr Luke Sy$on (Director of Museum) L8dy Juliet Tadgell PTof&ssor Geoff Ward Ichoimian of the Syndicate) REGISTERED OFFICE Grove Lodge, Grove Lane Trumpington Street Cambridge CB21RB BANKERS CAF Bank 25 Kngs Hill Avenue lQngs Hill West Malllng Kent ME19 4JQ INDEPENDEbif EXAMINER Chaler Allan LLP Beech House 48 Nswmarket Road Cambrid9e CB5 8DT REGISTERED NUMBER 01895684 CHARITY NUMBER 291460 THE FtTZthLLIAM MUSEUM DEVELOPMENT TRUST REPORT OF THE TRUSTEES The Tnjstees are ptgasad to pres&rt their annual report tegether with the i￿pOndenlY examined finarrial Statements of the tharltyforthg y•ar en(Sed 31st July 2021. THE CHARITY. ITS TRUSTEES AND ADVISERS The Board of Trustsgs Tho Dire¢tOTS of charit8tAè LX)mpany lthe Tnjstl are its Tru5Eees forlhe PLWPO8e3 of chaiitylow Bnd throughoLrt Ihis ￿P)rt are collectively referred to as the Board of Tru5tee3 vr the Trustees. The Trustoes s•rviThJ duriro th8 year aThJ SiFr* year-gnd were Os follo￿. Mr lan &rby Mrs LoLsise Cod£e Slr Hugh Duberly KCVO, CBE Mrs Penny Elliot Mr Mark Fisher Lady Proby Mr Ajexander Scott-Bgrrètt Mr Luke Syson Lady Juliet Tadgell Professor Geoff Ward ITreasur8rl Isecretsryl ICharnian} lex officio as Director ofthe Museum) lex offiao 8$ Chairnian ofthe Syndkate} STRUCTURE, GOVERNANCE AND M*JIAGEMEKr Govemlng do¢urn•nl The Fltzwllllam Museum Developrnenl Tw5t is a compony Ilmitgd ty guarantee and not hthng a share cap￿al. intrjrporèted Ir England, governed by Fts Mernorandum and ArU¢lès ofAssodaOon dated 17 January 2019. In rrformity with the proVis￿n$ of Ihe CompanSes Act 2006. 11 is regi¥ter#d as a charfty ￿th Ihe Charity Commi￿lon. Th¢re Jwrentty 10 rnembers, each of whom agree8 to gJntribut• not more thaTr £5 in the ev¢nt of the ch8rty winding up. Appolntment of Trustees Trustees are by the membets ofthE Trust for rene¥wa￿e temis of three year3. Th¢ curr￿tt Trustees were Tfrelected Dr appointed on the 17th January 2019. The Chaim7an ofts Syndi¢8te ofthg Fikn411iam Museum and the Director ofthe mL￿￿￿m arè èx officio Trustees. trustees are made famlllarvlth the Museum's operauon, Ihg gov*manca context in lenn5 of the Universty of Cambrfdgè and other Issues rdevant tothe triistses. duties. R•fèrèneè & Arlministratlon Details ThB trustee3 are restxJnwbf8 95 a LK>dy fc* the dayto ¢lay menagarnant of tho ctiarity. with admini8tTative ¥upwrt from Museum staff under ts supervision ofthe OfficeTS, and have not delegated their opgraJonal duues to any Ihir(I party. Organlsatlon The Board of Tru3tees must have not le85 than six and not more than knnty merntrws. It nomialty maats Lvka THE FITZWILUAM MUSUEM DEVELOPMENf TRUST REPORT OF THE fRUSTEES Princlpal risks Th? major risks to whith the charity arè éxposed have baan miewed ond appropriats rnanaging pmcedures have been identified. OBJECTEVES MD ACTIVITIES The primary objec* of the Trust is to encouage, promots ond edu¢9te the public In the fine arts. In furth8rar￿* of thk8, it ￿pPOrtS thè FIt￿lI1#M Museum in all or 8Ay of ts charitable objects and activitie8 aF¥J may rna￿ glfts of rnoney or lo the Museurn or to any other charitable institultcn wh¢ch womotes thefine arts. Gr•nt.mak7nq Tha Twstees have regular discussions with the D1￿ctOr ofthe MLtseum lan ax offi¢lo Trusts81 lo dedde on their prtoribes for fundlrg. The Trustees are assisted by haviro the Ch¥irof the Museum Syndirate Ilhe Museum's Trustaa Board) among their number, ax offiuo, so that Ihey are appraised ofts wSder educational aims of the Unwersity of Cambrfdge as they relate to ihe Museum's cpwauon. Publk bonèfft The Trust dischargès its thairlablè Kwo8a8 for￿ public benefit wirnarily through tts support ofth& Museum. to which dl rnemters of the Pul￿1¢ cvrrenlly have free access duriro opening hours. subject to Covid ￿1& r¢stridions. In setbng its objedves, the TnJst has had due regard lo the Chartty Commission's guidance on wblic benefrt. ACHIEVEMENTS AND PERFORMANCE Since 2003 the Tw¥t'¥ in¢ome fram ltygari￿, gifts donalb)ns has been augmented by annual subwpuon fees. donations 8ThJ Profit W events ofthe Marfay Group. a drcle of wvate gjpwrtws of the FftLNllllam Museum. During 2019 ¢t was agreed by the Martay Commltto8 and by thè Trustees oftha Fitswilli£¥n MuseLm Development TnJsL that all future 5ubscription5 and other attributsbfe In￿rne ofthe ma￿aY Group shguld te paid direct lo the MuseLm ratherthan thrO￿)h the Fiknlilliarn Mu¥?um Developmert Tru¥L Ovèr the finanual year a total of £84.500 was glven to the Muswm as a contr1Ex￿on trp•Mrits th8 costs of a major recabliTrg project. Forthe forthcoming year, £90,000 ha5 been ￿ed9e0t￿ffi￿s the C￿$1 of mounJng a David Hockney exNlitlon in MLtsevm In 2022. FINANCIAL REVIEW Income forthe 2020121 f nancld year way £18.030 while expendthre was £86,874 ofthlch £84',500 represented grants to the Museum. Th¢ r¢5ulbng 8hortrall lor Ihe financial yearvrds £68,844 anrj during the period reserves decreased from £537,933 to £469,149. 1)f vhtich £125 is restricted. Reserves pollcy At the end of the finandal ￿rthe Trusfs unre3tricted funds stood at £489.024 and restri*d reserves at £125. A poll¢y ol utaisabon of tr*se Teserves in the furthoranc• Of Tmsvs tharitabl? aims 15 kept undgr GontinLf￿J5 revw. PLUJS FOR THE FUTURE The TNst ￿11 contsnue io apply its Incom& prfmarily lo th$ Support of the ml￿eum in its chwt•ble obj'gcts and act[¥￿￿$. THE FITzwfLLIAM MUSUEM DEVELOPMETr¥f TRUST REPORT OF THE TRUSTEES THE FITZWILLIAM PItUSEUM DEVELOPME>IT TRusf STATEMENT OF TRUSTEES. RESPONSIBILrriES Cornpany law Fgquires TnJstees to yepar8 finandal stat¥rnents fOre￿h flnanu81 Years￿￿￿ glve a true aThJ far view of thè State ot aff¥ir3 of the t￿MpanY and of the surplus or deflcK ofthe company for Ihat pwod. In PTeparing those finanoal s18tements. the Trustees ar8 r8quired to.. (il seleci suttsble accounting poliryes and then apply tFTern ¢onsistentJy. lill make soundiudy$ments and esbmales that are ￿aSOna￿¢ and pnjdent Illil state whethgrthe ad(wted are in &cordanca with the Companl&s Act 2006 and ￿th applioable GOUnti￿ stsndards and statements of racomm8nded pradce, subj8¢t to any material dopertures disclosed and *xJalned In the flnanc481 ststemants. livl prepare th8 financial statement$ on the going concem bpw3 un￿8 it 15 Inappropriats to presume that the company will continue in bjsiness. Trustees are respcKJslble for mantainlng pYop8r WiuntirvJ records whith disclosewth reas￿ble accuracy at any tlma, the finanrAal posillon of the Twst and enable$ them lo enwre that the finarrial statements e1)m￿Y %4thh the Cornpanles Act 2000. The Trustees are also rèsponsible for safeguarding the assets of the Tr[&* and he￿ fortaking ra8sonob stèps for the preventk)n and d8t8ction of frayd and other irreguLertliès. Trds rewrt, whl¢h h88 been prepared In a¢xortsnce ￿th the specid provisions of Part 15 ofthè Crynpanies Act 2006 apPl￿tAt to xnall companS8s ￿ appTDved by Ihe Trustee8 on 10ecember2021 and &gned bohalf. Lady Proby Chairman Date: 1 0¢￿mber 2 21 THE FITaVILLIAM MUSEUM DEVELOPMENT TRUST INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 JULY 2021 I report to thè ¢harity trustees on Tny exaFnination of the accounts of the companyforthe ￿reAded 31 J 2021 which are Bet out on pages 6 to 11. RESPONSIBIUTI&8 AND BASIS OF REPORT AS tre charity trustees ofthe co￿Pa￿ you are re8pcnsible lorthe pryjarathon ofthe accounts in aoxrdan with the requirèmènts ofthe Companies Act 2006 Ilhe 2006 Act'l. Ha￿￿9 ￿tisfied mysdf Ihal the actt￿nts of the company a￿ not r•quTred to be audited under Part 16 ofthe 2006 Act and are eligible for indep¢ndent examination, I report in respect of my examirnation of your company's accounts as c8rried out under sects.on 145 ofthe CharÈtyes Act 2011 Cthe 2011 Act). In rarryifig out my examinotion I have followed the Dlr8ction5 given by the Chanty Commisslon und8r section 145ISMbl of the 2011 Act INDEPENDENT EXAMINER'S STATEMENT I have complew my examin8t4on. I conffnn that no matters have come to my att￿tic￿ In connedon the examlnatitin givlng me causo to ttHt In any n7aterfal respect.. {a) ac¢ountirg re¢))rds were T￿t kept in rp5￿ct of the company os r8qulrèd by se¢kn 386 of the 20L16 Acl. Of {b) the accourrts do not wlth those records., or Ic} the acc¢LW)ts do not com￿yw1￿} thè accounting requirernents of section 396 of ts 2006 Actthan any requirement that the accounts g￿e a and fair￿ew. 13 not a matter considarad part ofan independ￿t examlnation: or Idl lh8 accounts have not been prepared In accordanc& vAth the methods and prinaples of the Statement of R8comrnand8d Practi￿ for accounting and reporting by chanties lapplicable to Char￿e$ prepaJrrfJ th¥ir ac0￿nts In 8(Lordance wlth Finanoal Repcxling Stsndard appllcabl• In thè UK and Republic of 1relaT￿ IFRS 10211. I have no cuncems and have come ocro83 no other matters in connection with the examInau￿ to whlch att8ntion should be drawn In thls rerx)rt in 0￿ert0 enzbb a proper ￿derStandIng of the accounts lo be thed. Stuart Graham Berriman FCC& FCA (Independent Exa￿￿ner> Chater Allan LLP Chartered A￿OUr￿&nts Beech Hou 4a Newmark6t Road Carnbrfdg8 CBS 8DT 7 December 2021 THE FITZV4ryLUAM MUSEUM DÉVELOPMENT TRUST STATEMENT OF FINANCIAL ACTMTIES FOR THE YEAR ENDED 31 JVLY 2021 Iln¢orporatiTrg the Income and Exp$ndftur¢ A¢¢ount} Note Unrestrlcted Réstrict￿ Total Funds Totsl Funds Funds Funds 2021 2020 In¢om• From.. Donations and legades Investrnents 1.833 47 16,150 17.983 47 253.834 2.410 Total 1,880 16.15CI 18,030 256,244 Expfjnditur• on: Events 8.961 Charitable acliwties.. 86,874 86.874 714.060 Total 86,874 86,874 723.021 Ngt In¢vmel{Expenditure} 184,9941 16.150 168,8441 {466,7771 Transfer befvI￿n funds: Tr8nsf8r Itovfrom reslrict¢d fvnds 16,562 16,562 Ngt ￿0￿Ment In Funds 168.4321 (412) 168.844} 1466,7771 Rgcon¢illation of Funds: Totsl fl￿d5 broughtforw8rrJ S37,456 S37 537,993 1,004,770 Tot81 funds carrled forward 469,024 125 469.149 537.993 All operations of the Trust condnu$d throughout both pe270ds and no operations ￿Ere a¢quired or dlscontinued in either period. accompanying notes fom part of these finanaal stat8m•nts. TrIE FnZbVILLJAY MUSEUM DEVELOPIIEXTTRLIST {voErpary nuTrwr. 01895B84 8ALUGE SHEET AS AT $1 JULY 292q C85h st Ètnk 1.081.￿7 1.08f.863 47",,221 c￿¥t￿ls. ￿m￿faI￿r@ duè wra*"ft ¢tt 1072 54Y7D ,149 &37.943 The Punds Ot¥￿ c￿1￿￿. 537 460.024 537.456 Tolal Charifv F4UK15 The th¥irablg Lxnpar,y ir6 en*ded to audiiurfl£w Se￿ffl dyl otthe Ao2(k)6 eyew endeo 51 JLdy ZJ21. , w4irv¢ wTr.ynyto an auOtt or iiftan¢ial trthèyearen 31 Jurfy 2Lr21 Th aCECr￿D8 SgthGn 415 of ¢orTwni&%Act 2006 Thè tr￿lee$ thwrB5fftbilPi85 tr la) thuurlng m*mè rer•Jts*fvth thf*￿tlJI >wrth] IG55 TDr6ath v4or lft vxrrdarKe 7Kh•J>e ofsEd1￿ 354 395 and 2emply rwuFrr*rffs otme c￿￿Par￿AGI 2C¥J6 YrAtiio* io finanrial far•$ OPP￿￿* lo Ihr tharit3bk AFF¥oved TI￿e$ on i 2Q21 L¥Jy Ptvty IArlCSBÈtyZ ThÈ *•nSfiOi¢s fomi wt4JTthDEQ thanaBI THE FITZMLUAM MUSEUM DEVELOPMENT TRUST NOTES TO The ACCOUNTS FOR ThE YEAR ENDEO 31 JULY 2021 I) ACCOUNTING POUCIE5 Th8 finall￿81 statements hav8 b8en prepared und8r th8 historfeal wst wnv6ntlon and In accordanc*vAlh the StalemeFIt of RecOMm￿￿d Practicè applicabla to charitiès preparing their aC￿unts in awydanr£ wth the Finznual Reporting St¥ndar¢ appliobl¢ in th8 UK and RepUbl￿Of Irdand IFRS 1021. the Charltles Act 2011 and CoMpan￿S Act 2￿6. The Tr￿ meets the definltkjn of a publlc benefit enlty under FFiS 102. Thefinanaal ststemenls are Prepa￿ In sterflng, Wh￿ Ls the f￿￿tIonal ojrrency of the entity. Income and Expendlturn ac¢ount A statutory Incrjmo and Expenditure Ac£ount L% not Induded as the wulred infomiation 1$ Fwentsd h Iké St8tam8nt of Fnandal ActIv￿&S. Fun¢ accountlng The unrestdcled funds can be spent ¢x any purpose ￿1th1n Ihe trusts objects at the discretw of t￿stea%. Income lThxme is recryn1s￿ when tharity has wtitlement to tha funds. ary performance cDndib"or6 sttathed to the ttèm of iTrnme have been met, it probable that the In0)Me￿Il be and the amount rAn be rneasuRd reliabty. Intwast Ls fulty at th8 baL8nct *)èet 48tè. Expgndlture Expenditure is rwnised On￿ there is B legal or o)nstructive obligation to make a payment to 8 thiré p8riy. it. probable thal setuement wll be Nulred and tre amount of the oblig*ion G8n b& rneasured rdiabty. Grants and don*ions pgy8ble are accJJunted for Wh￿ a l&Jal or wnStr￿Ve obligation arts88. AfA*StructNé obligation arises wh8r8 th8 other pariy has a rea8onabl8 8yperl8tK)n of re(xipt. Dobiors Trade and other debtors are rewgnIsed al the sa￿eMent am￿nt due after ￿trade disco￿tt￿tered. Prepayments are value19. In tho opinion of tho trustees iher&will be no material advÈrsa 8fféci on the charitable o)mpanYs abl￿ty to continue. The trustees bdieve the d)arilable (8mpany is well placed to manage it5 b{￿ineSS rfsks succossfuly despite the ￿rrent uncert8Sn e(tsiomic outbok. PrAxJrdln@ty, they )tinue to aéopt the gong concem ba￿S in prepariry th8 annu81 r8PCrt and arwunts. 21 RELATED PARTY TRANSACTIONS AND TRUSTEES. REMUNERATION No trustee re￿IVed eitt*rgxwse$ ￿ remunwation in the year (21Y20.' £nill During year a number of TDJst885 Pgld Martay Group Memb￿shIp fees to Ihe Museum. Al transaCtiOr￿ wer8 oJndu¢t* at 2m)'$ lÈNJth. THE FITZWELUAM MUSEUM DEVELOPMENT TRUST NOTES TO THE ACCOUNTS FOR TrIE YEAR ENDED 31 JULY2021 3) INVESTMENT INCOME 2021 2020 Int8roston cash deposits 47 2,410 41 EXPENDITURE Dire¢t and Support costs (Note 4a) Grants Total 2021 T•Jtsl 2020 Events 8.￿1 charltable acdvltles Suppjrt of Ftshilliam Musetxn 84,500 714.060 723.021 4a) ANALYSIS OF DIRECT AND SUPPORT COSTS Events Govemane• Total 20 Total 2020 Cost of werts Direct(￿$ dinner cDsts other administralve ¢Thts Other 8eNc85 8,961 240 3,125 1.2 1,344 12,326 5) NET MOVEMENT IN FUNDS FOR ThE YEAR This is ststed after tharging.. 1rndepend￿rt examinaticfi for year 8nd￿ 31 Juty 2021 F88Sfor0t￿sOYVIc￿S 2021 2020 1.750 1,375 3,125 61 DEBTORS 2021 GfftAd Ac(nE(I Incayne 1,843 113 7) CRED￿oRs 2021 2020 FEtzMlliam Museum Other creilitors Acxruak and deferre(S Int￿M9 547.620 1,250 2,072 ThE FITZWILLIAM MUSEUM DEVELOPMENT TRUST NOTES TO THE ACCOUNTS FOR THE YEPA ENDED 31 JULY 2021 81 RESTRICTED FUNDS bert Reckltt Dona￿1￿5 Trust Fund Marlay Group Total Ba8nrA 8s at 1 A￿￿￿t 2020 412 125 537 Ir¥J)m$ 16,150 16,150 412 125 76,150 16.687 Less.. Expendtture Transfarr•d from getval ftmds Trar￿ferr&I to fLsnds (4121 (16.150} 118,562) BaLBnc& as at 31 Juty2021 125 125 Th8 £16,150 01 Marfey Gnyjp Funds together Nwth the £412 residu￿ balamt In the Abert Reckitt Trust 8CCOLFnt repr&ents the balan￿ ol sums p￿VIOuslY pald over by FMDT to the Musèum amd We￿ transferr￿1 to FMDT General Fund5. The Donatiorts FU￿ rdAt8s tOSp￿fiC donations in swwrt of the F￿a￿lI11aM MLLseum. 91 ANALYSIS OF NET ASSETS BETWEEN FUNDS Re5th"caed Funds Unrestficted Fund8 125 469,024 101 UMITED LIABILITY The trust is a company limtted by guarantee frc#n the M￿berS f¢x not rnore than £5 esth. 10 THE FITZMLLIAM MUSUEM DEVELOPMENTTRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2021 111 STATEfyIENT OF FINANC￿LAcT￿mEs DETAIL FOR YEAR ENDED 31stJULY 2020 UnTestri¢t•d Restrt¢tsd Fund Fund Totsl 2020 Incomè From: D￿a￿On$ and leoacies Inv8strnents 210,380 756 2.41D Total 211,136 45.108 256,244 Exp8ndlture On: funds Charitable ac11v￿e$ 8.961 136.894 8.￿1 714,oeo 577,166 Total 145,855 723.021 Net In¢oma IExp8ndltura) 65,281 1532,0581 14e6.77n Tr8ftsfer bthY•on F￿d$. Not Movement In Fund8 65.281 1532,0581 1466.7771 Reconciliation of Funds.. Totd funds broughtlgmard 472.175 532.595 1,004,m Total funds ¢arri￿f0￿￿rd 537.456 537 11