MUSEUM OF CAMBRIDGE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 ST MARCH 2024 CONTEKfs AND CHARITY tNFORMATION CONTENTS,. PAGE: Report of the Trustees Independent Exatlliners Report Statement of Financial Activities Balance Sheet io Staternent of Cash Flows Notes to the Financial Statements 12-19 These pages do not forni part of tbe Statutory Financial Statements Detailed Statement of Financial Activities 21 CURRENT TRUSTEES: L M Walker M Lowe MJHann R G Lilley (Chair) A Bastin (Treasurer) H Wilson A L Herron Dr M Nestor R Mcphee Dr C Allen-johnstone L Astill COMPANY REGISTRATION NUMBER: 412205 CHARITY REGISTRATION NUMBER: 311309 REGISTERED OFFICE., 213 Castle Street cnbridge CB3 OAQ INDEPENDENT EXAMINERS: lan W Shipley FCCA For and on behalf of,. Prentis & Co LLP Chartered Accountants and Independent Examiners 115c Milton Road Cambridge CB4 IXE BANKERS: Lloyds Bank 3 Sidney Street Catnbridge CB2 3HQ
MUSEUM OF CAMBRIDGE PAGE I FJNANCLIL STA TEIVIENTS FOR THE YEAR ENDED 31 MARCH 2024 TRUSTEES? REPORT The trustees, who are also directors of the Charity for the purposes of the Companies Act, present their amiual report together with the fmancial statements of tho Museujn of Cambridge for th¢ year ended 31st mch 2024, The fmallcial statements c(ymply with the Charities Act 2011, tbe Companies Act 2006, the Memorandum and Articles of Association and Accounting and Reporting by Charities: Statement of Recommended Practice appliGablo to charities preparing th¢ir a¢cowits in accordance with the Financial Reporting Standard appli¢abl¢ in the UK alld Republi¢ of Ir¢laDd (FRS 102) (effective 1st January 2019). CURRENT TRUSTEES Roger Lilley, Chair Adatn Bastin, Treasurer Lucy Walker Lucy Astill Matt Hallll Matt Lowe A L Herron HaDnah Wilson Dr M NvAtor Dr C Allen-johnstone R MrPh¢e The tru5te&8 who served the eompally during the period Aprll 2023 - Mareh 2024 and up to the date of approval of the aceounts are as follows: Lucy Walker, (reappointod 2022) Matt HaJ]n (reappointed 2023) Roger Lilloy ChaiT (reappointed 2023) Matt Lowe (reappointsd 2022) Hannah Wilson (apy)inted 2023) A L Herron (appointsd 2023) Other trustees who served during th15 period were: Liz Morgan (retired April 2024) Sally Page (retired September 2023) DT M Nestor (nominated 2024) Dr C Allen-Johnstone (nomillated 2024) R McPhee (rLominated 2024) Lu¢y Astill (reappointed 2023) OBJECTIVES AND ACTJVITIES: As per our Articles of Association (2016) th¢ charity's objects {'Objects') are specifically restricted to the following.. the advancemcLt of education by acquiring (within the Museum's Collection Management PoliGy), housing and Qxhibiting and conservillg) T¢Storing and repairing objects and collections of an educational nature and by establishing, acquiring? nanaging and maintaining Museums, gallerie5, libraTies alld other places where such purposes may be athteved) preserving local heritage and presenting this to the coullnunity and wider publi¢, ducational &Gtivities based upon local history and the Museum's artifa¢t3. For tbe Museum of Cambridge, the year 2023-24 delivered numerous achievements in the face of significant and impacthl challenges. Dwing this periocL the Museunl saw the delivery of some signiflcant progr&tnmes, frorn record-breaking exhibitions to impactful cornmunity eDgageD)ent. Tbis year saw the Museum's cargo-bike roving city-wide, introducing hundreds of families to the history of Cambridgeshire on their doorstep. We also continued to run 'Little Feet, Big Impressiolls,, our early-years programme for carers and their children under 5. ensurillg that a love of local history starts youngl Furthennore, significant illvestsnent in our w¢bsite, Capturing Cambridge, saw dramatic changes to the scope and impact of this vital local resource. This year we also welcomed a touring exhibition 'Agatha Cbristie: her life and ¢haract<rs' which welcomed a record-breaking number of visitors during its and resultsd in our highest am]ual visitation figures since 2019. Lastly, our care of the Museum's ollections intensified considerably in this period, with the recruitment of anew team of collections volunteers to deliver oxtensive cleaning and Gataloguing activity. This year was also beset by ext¢rnal challeng¢8, including the continuation of signifioant and largely unplanned interventions to th¢ site undertaken by our landlords, Cambridge City Council (CCC). These works undertook urgent repairs to the histOTiG Grade II listed portion of the Nfusgum premisgs, the White Horse Inn. In September 2022 a planned maintenance initiative was launched to caTry Out Ivutine upkeep of the Museum. However, during this process. CCC repTeseThtatives unearthed exten8ive structlll'al damage within the building. attributed to dry and wet rol as well as woodworm infestations. Urgent intervention was required. including the erection of scaffolding and a temporary roof acros8 the site from September 2022 until August 2023 8nd the planned- but later cancelled- closure of tbe Museum ill January and February 2023.
MUSEUM OF CAMBIUDG PAGE 2 FINANCIAL ST ATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 TRUSTEES, REPORT This significantly impacted day-to-day operations requiring numerous room closures, exhibits lo be covered or moved OT cancelled entirely, and collections storage relocated throughout this period. This commanded an enorrnous contribution from staff, volunteeT5, alld trustees to n]anage this process safely and in the best interests of the Museum and its collection. Furthennore, these works also prevented the planned roll-out of numerous comm¢rcial initiative8 including venue hire, tour5, and fundraising a¢tivity> resulting in significant delays to the delivery of the Museum's business plan. Vision, Mission and Value5 In April 2022, the Muyeum of Cambridge launched a iiew five-year Strategic pl for 2022-2027. This was developed in close consult&tion with staff, volunteers, trusted friends and supporters and local cominunities. In this Slrategic Plan the Museutn set out the following Vision, Mission, and Values.. Vision We wallt cnbrIdge- and the surrouttding area- to be a place where: Everyone is able to explore, enjoy and coiitribute to the local histories. Our shared heritage is accessible, open to investigation, and preserved for generations I'o come. A creative connection with heritage inspires communities and fosters a sense of belonging. Mission Connecting communities through objects, meinories ld conversation. Wtt take carg of a unique collection of objects, photos, dociiments and ieGordings and ensure it is available to everyone- The Museutll is a space for everyone to share their memories, to be inspired by other8,, and create their We are as commilted to conversal'ion as we are to conservation. v4lld we will welcoine the voices of all Cambridge's ciJmmunitie5. Valtles Inclusive: Wv want the Museum to be a place where people can connect with one another and create shared undersiatldillgs of local histories, identities, and a sense of place. M'indful that we are located wilhin a city that is culturally rich yet also Ihe most economically unequal in the Utc, we believe th&t the stories sharedby our MuseuJ]] should reflcd and en]power those who call Can]bridge8bire home. We are coinmitted to ensuring that everyone can iinlock their creative potenlial through access to our shared local heritage, wliaicver their ability> age, belief, cultural background, gender, race, sexualily, or wealth, by millimising or removing I'hc baiTiers that prevent people 'from engaging with our work. Courageou&: We are committed to innovating, taking rislcs, and questioning the status quo, We want to ask diffi¢ull' questions and listen to the answers. We aspirc to being bi7vo irL our work.. deliV]ng importallt, challenging, and iinpactful events, exhibitions and programrning. Ilesponsibl¢: We will hold ourselves to the highest standards of responsible Museum practice, from our fundraising act'ivity and fjnancial managemellt lo tbe care of our collections. We also take our responsibilities to the planet seriouslyg inakillg environmentally conscious choices to reduce our carbon footprint. Wben we mal<e mistakes, we will reflect on thern and implement meaningful change. Crcative; We see the Museum as a place for people and communities to be creative, Our visitors, Croativity is a cont5nual source of inspiration, whether they're exploring their great-grandparent's fen-skating exploits, cooking up recipes at home from a 100-y¢ar-old recipe book, or competiiig with one another to win the prestigious 'Liar's Medal, (by telling the most outrageous of lies, of coursel)-
MUSEUM ofi CAMBRIDGE
PAGE 3
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCF12024
TRUSI'EES, REPOR'r
The Strategic Plan 2022-2027 also set out four stratsgic objectives:
Grow and diversify our engagernenl.
Care for our collection and building,
Nurture our volunteers, staff, and trustees.
Achieve fancial sustainability.
The trustees confinn that they have ieferred to the Charity Commission's general guidance on public benefit when
ieviewing the charity, s aim8 and objectfives and in planning future activities for the year.
AC141EVEMEKfS AND PERFORMANCE
Siraieglc Objeclive.. Grow and dlverslfy our engagement
The year 2023-24 saw a Significant in¢iease in our visitation with just over 10,000 visitors coming through our
doors, a 58 % increase on the previous finv4ncial year's visitor figures.
We were also pl¢&8ed to see visitors reflecting very positively Oll their experience visiting the Museum, with an
average monthly satisfaction rdting of 700/0. This reflects the hard WOTIC Imd high standards of the Engagement
Team, led by the Engagement and Collections ManageT.
We were pleased to continue our development of the Capturing Cambridge website throughoui this yetw, having
received a sizable donation from a local individual to whom we are very grateful. Thi8 generous donation
facilitated the development of a new one-year role from November 2022 in the forni of our part-tffime Digital
Engagement otyicer.
The impact of this project was signifirant, the monthly number of vigitors to the website grew from 7,731 in April
2022 to 11,407 in March 2023 and an additional 1,049 entries were added throughout this year. 'fhrough this
project, numerous new initiatives were introduced to enhance the delivery of Capturing Cambridge and devglop
d closer relationship between the sit¢ and the Museum's collection. These included the recruitment of four
digitisation volunteers, who have spent 250 hours transcribing over 60,000 words o£Jo.giah Chaier's diaries to be
uploaded to Capturing Cambridge.
The Museum's prog[nmlng went from strength to strength during this fin&ucial Ye.. We welcomed over 3,000
people to our cvent5 across the year, from talks and tours to hands-on craft workshops and creative activities.
We were grateful for the opportunities afforded to us througj) the generosity of cabridge City Council's (CCC)
Community Grant Fund to run multiple progran]mes iiimed al improving access to culture, arts and learning for
people living in deprived areas of Cambridge, We contmued to run oiir oversubscribed 'Musellm On A Bike,
scheme, which saw our branded cargo bilce visiting all corners of the city fflled with local history aLtivilies and
handling objects. This year also saw thc oxt¢nsion of our popular programme Of Early Years engagement entitled
'Little Feet, Big Impres510llS' which saw hundred8 of families attonding throughout the year.
We also Tan a 5UCC¢S5ful series of evening lalks, exploring (i range ofthetnes fi'orn the importance of telling diverse
stories in museums, to Black history loctwos exploring Afric&n-Caribbean histories. FIugc Ihanl proudly displaying their
creations alongside the Museum's pcnnan¢nt collection.
Iliis year saw lis host touriiig exhibition, 'Agatha Christie: her lif¢ and characters, cuiated by private collector
Gale Godddl'd. Coinpri5ing a unique collection of books, clothing and cliaracter ephemera this exhibition proved
to be one of our 0st popular to datc, welcomffing aroulld 2,500 visitors throughout its run,
We finished the year wilh 'CaTS, calage and the Cam: Navigating Your Way In Cambridge, which gave visitors
the chance to see how Cambridge has wrestled with travel in the city, explore modern protests around transport
controvorsies, Victorian s(Itii'c and the coiitentious arrival of the Irain 8l&tion to Can]bridge city.
TrtUSEUM OF CAMBRIDCE PAGE 4 FINAI¥4CIAL STATEMENTS FOR TIIE YEAR ENDED 31 MARCH 2024 TRUSTEES? RPoRT Slraleglc Objectlve.. Cdrelor our collecllon t7nd bulldlng This year saw significant investment into our collection care courtesy of the Foyle Foundation and their funding for our Collections Officer throughout this year. The Colle¢tion8 Officer recruited tsn collections volunteers to complete an on-di5play audit of the Mu8eum's collections. Th¢ audit included cleaning, marking> and cataloguing. In totaL 1,308 objects were cared for by the team, with 1,122 ¢lealled to support preventativo conservation. One collection volunteer has been trained in regular prevellt&tivc Goll¢ctlQDS caTe and visited weekly, The volunteer supports with dust management and pest prevention which includ¢5 YacuumiDg edges of rooms, flat- dusL removing ¢obwebs, and deep-cleaning specific areas of the Mu8eum such as f¢plaCeS and window8ills. Anothervolunteerwas r¢cTUlted in cataloguing and has WOTked on aphotography digitising project, scanning over 60 photographs aDd updating th¢ir location and image r¢cords, making tben] more accessible. Volunteer& h&ve contributed 407.5 hours to ¢olle¢tÈons work with Several volunteers now voluntegrillg in other areas of the Museum. Further, the Collections Officer significantly contributed to the expansion of our collections work by ratlonalising spllce in the Museum's stores by re-packing objects, assessing lollg-tertn storage, and updating collections records on OUT ¢atslogue, MODES. This has in&sed acces5 to the Gollection by creating research and handling space, updating vitsl records and supporting our Museum Accreditation. The shared collections space has been transforned into a flexible working space for the Collections Officer and the research volunteers. From Soptsmber 2022 until August 2023 the Museum's Grnle It-listed 400-year-old building. the former White Horse IDD, was subjeGt to significant intervention from our lendlor4 CCC. This unforeseen depth of the works necessitated substantiak intervention rneasures, including the temporary closure and evacuation of the Museum's top-floor galleries. These 5tsps were taken to facilitate UT8endy needed retnedial work, which, ill tu entailed the ere¢tion of #Ktsnyive soaff'olding thiougbout the entire premises. The resulting interventions demanded considerable Operation oversight to ensure the safety of our collections well into FY2023.2024. Our Engagem¢nt alld Collections Manager ded]ted hundreds of hours to ensure the seamless operation of the Museum in conjunction with the ongoing works, in close collaboration with CCC representatives. Strategtc Objeclive.. Nurlure our volunleeTS, Iruslees VDlunteeTing continued to play a crncial role in sustaining the Musell throughout this fjnallcial year, and we aTe deeply ¥rateful to our dedicated and generous volunteeT8 for their time, effort alld expertise. The Museum has ttxperienced consistent gro in volunteer engagement with volunt¢er8 contributing ahnost 2.700 hours during 2023-24 &cross a range of essential roles. This year saw the creation of two new teams, the Collections team and the Family Engagement team, both of which made enormous contributions to the Museum's activities. This year continued to see a sigllificant investment in staffjng here at the Museum of Cambridge, embedding a professional staffjng structure to facilitate the implettLentation of the Museum's new strategic plan. The impact of this new staffing structure is evident in the strong perforniance across all areas of the Museum's activities, and we are hugety grateful for tho hard work of the staff team. Annie Davis took Maternity Leave from 30th January 2023, with Alex Smaridge acting up as Engagement Manager with Directorial Responsibilities. We thanked departing trustee Sally Page who did so much to support our volunteer corps, pecIallY durillg tbe difficult day5 of Cf)vid. Sally also worked with trustees 2nd the management team to put in place a scheme of delegation of Board authority. We continue to welcome new trustees drawn not only from the worlds ol museum management but from retail, marketing and financ& We have also created a new category of Museum of Cambridge Associates. Tbese are those with gpeeialist skills Ivho volllnteer them in support Ibf the Museum.
MUSEUM OF CAMBRIDG PAGE 5 FINANCIAL STATEIVIENTS FOR THE YEAR ENDED 31 MARCH 2024 TRUSTIES? REI)ORT Strategie Objective: Achieve financial sustainability LonE-t¢rtn susttLinability has MaIlled a priority for the Museum. l.ike all organi8ations in the arts, heritage and charity soctors, the Museum recognises that traditional thnding sources are increasingly 5oarce thereby compelling us to adopt a more creative and commercially focused business plan to secure the long-tenn future of the Museum. Adu]is5ion remains our most significant and established source of commercial income. Our income froin Admission in 2023024 was £43.409. Despite significant challenge from s¢affolthng and building works disruption, our visitor figui'es and admission perforined admirnbly welcoming 10,000 visitors for the first tirn¢ in many years. Figures wei-e significantly boosted by the "Agatha ChristL¢' her life and characters" ¢xhibit which welcojned 2,000 people to the Mu5euiM in August. There was, however, significant and unplanned disruption to our opening and consistency with noisy and disruptive building worlcs tLn Visitors away and closing pavements and access to the Museum. This year saw a dip in our income from Venue 14ire, at £5,180, This reflects the ongoing challenge of projnoting Ihis con]mercial offer amidst the llnmense physical and auditory disrnption of cnbridge City Council's building works. Thanlifully, significant investment from funders Fleritage Coinpass and The National Lottery Heritage rund in early 2024 and into 2025 will 5UPPOrt us to counteract the reputational damage caused by the buiLdillg works and promote tlie service widely Ihroughout the county. We also continued to see investment lli our retail a1Vity through The National Lottery Heritage Fund, s 'Steps to Sustainability, which supported the renovation of our retail space and introduction of new product lines. This resull'ed in increased revenue 680/0 compared to previous yeaTS. In consultation with retail experts the shop layouL merchalldising alld products have been updated, this inGludgd a new coat of paint giving the shop and Museum a new welcoming entry. This project led by our DevelopmgnL CommunicatlQDS and Retail Officer, has seell volunteers take Oll new roles to siipport the shop and increased &waTlesS and partiCiPELtion from all volunteers in the ghop and its perforniance. In this financial year, the Museutn ]Sed over £22,000 in donations froin generous local individuals. We are hugely thankful to our many regular donors for their continued generosity, including our dedicated Firiends of the Museum of Cambridge to whom we owe Consideble support throughout the year. Ibe Museum is supported generously by funders including The National LotteTy Herilage Fund, Cambridge City Coullcil, The Association of Independent Museums, The Foyle Foundation, Heritage Compass, Museums In Cambridgeshire, and Share Museums E&st. Nolletheless, this year Sdw a significant reduction in grant income received comp¢ired to projected budgets. I'his reflects nationwide trends, as grant finding for the arts bccomes increasingly competitive, In early 2024, the MuseiinL was grateful to receive po8ilive news of significant funding fron] Arts Couiicil E4ngland and The Nation741 Lolt¢ry Heritage Fund to invest in the Mu8eun]'s exhibition programmc and comTnerGial rgsilience rosp¢ctively. I INANCIAL REVIII W This financi&l year saw some strong perfonnance as well as some unexpected challeng¢s while we mailltain the trajectory of the business plan. The Musoum's commercial incon]e has developed significantly, with notable increases from 2022-2023 being seen in visitation ]d retail performance, despite Ihe challenges the Museum has faced rogarding building works. Thi8 is due to a strong proaMe of exhibitions, Ihat brought new audiences to the Mus¢wn. Exhibits included "Agatha ChTisti' ber like and cbaracters," Mini Museums," and "Cars, Carriages and the Cam." Retail perfomi&nce iinproved ill line with investment from the National Lottery and the Steps to Sustainability progrw]tne. The year ended with new ranges of stock, an eXplS1On of die shop, and a new look with new fi]rnishings &iid paint throughout. ThaDI(s to the inveslmont, a new retail plan has been put in place io highlight the Museums unique storieg, and the Cambridgeshire region with local suppliers and products. Through tkLe yearthe Museum offers both free. and paid for progratnmiiig lo fatnilies and adult8. Through the yLar programining numbers were affected by fftterruptions wlth building work, mal<ing it unappealing or difficult to access regular events for families. Becau8e of interruption we were delayed in developing iiew programining, such as tours, aiid missed taking advantage of the busy summcr season. This will be a point of developinent lll the coming year.
IIIUSEUM OF CAMBRIDGE PAGE 6 FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 TRUSTEES, REPORT While the growth in unrestricted income from commeTcial and thdraised sources is significant, funding in the forni of restricted grants re]nained vital to the financial h¢alth of the fvtuseum. Restricted income continued to provide 62Q/o of the Museum's overall income, and we are hugely grate1 to our fund¢rs for dieir g¢nerosity. Nonetheles5, we recognise that in the current fanCIal climate with funding for charities increasingly preclOus, we must continue to invest in diversifying our income streams beyond grant funding in ordei. to provlde a more sustainable future for the Museum. The museum was successful in ni¢r¢asing the level of unrestricted income when Gornparedto ihe prior year though restricted llicome was lower tbarj the prior ye2r, reflecting the lumpiness of grant awards and variability from one year to the next. Spending was in line with projected budgets (both for unrestricted and restricted budgets) however despite the lower l¢v¢l of restricted incoin¢, the trustees committed to maintaining the professional team with thnding coming fron) alternative sources. In the ¢utTent financial year (2024-2025) the Museum has b¢¢n successful in securing further temporary restricted fLmding to support the retention of the CULTent professional Staff. The flow of accurate financial information continues to improve with the support of OUT professional boold(eeper and accountant. The cash position at the end of the year was £141,641 (2023: £120,098) RESERVES POLICY Our reserves al'e sufficient to cover any costg associated with Wlliding up the charity, In addition, the trust'ees have designated som¢ workitlg Capital to cover delayed grant payments. RISK MANAGEMENT Financial risk is reviewed regularly at board meetings and finwice committee meetings. PAY POLICY The Museum regularly monitors stafl pay comparing sal1¢5 wid) sitnilar post's in other orglSatIOnS and taking into account the local tnarket and the CUellt C05t-of-living crisis. In April 2015 the trustees adopted the principle of paying thell Staff the Real Living Wage. this has been irnpl¢n]ented to datc, with ttLe Museum receiving officidl Living Wage accreditation in March 2023. STrUCTURE, GOVERNANCE AND MANAGEMENT The Museum of Cambridge, 213 Castle StreeL Cambridge was originally administered by the Cambridge and County Folk Museum Association, a cliatitable trust, whiclL was incorporated as a CoMpY limited by guaTantce in 1947 (charity no. 311309). The Memomdwn and Articles of Association were revised ill 2016 witli a minor arnendment in 2021 to allow online meetings. The legal body responsible for the Museum and its coll¢Ltions is now known as the Museuin of Cambridge haviiig adoi)ted the new name at an Extraordinary Gener Meeting b¢ld on F4ebruary 13, 2014. It is a ChaLltable Company liinited by guaralltee without share capital (company no, 412205). In tbe event of an insolvent dissolution, the membors will each contribute £1 O. GOVF4RNANCE 'rhe Museuin continued to b¢ Fortunate m attrauting and keeping trE5Stees with a wide range of experience and backgrounds. We have sub-committees that cover the discrete areas of finance, fundraising, people management, collections, and iinminently, marketing and retail. Many of our trustees are able lo actively support staff mcmbcrs in ad lioc advisory sessions, in person and online, liaise with outside organisations and experis, give tallcs, stand in as duty rnanager and volunteor for front-of-house duties when needed. We remain actively intercsted in the recruitmellt of new tsStees drawn fTom all soctions of tbe local population.
MUSFUM OF CANfBRIDr PAGK 7 FINANCIAL STATEMENTS FOR THF YKAK FI4IDID 31 MARCH 2024 TRUSTKCI S, REPORT TRIJSTEES. RESPONSIBILITIES IN RELATION TO FINANCIAL STATEMENTS The trustees (who ar¢ also directors of Museum of Cambridge for tht piirposes of r,ompany IMW) are Ltspongible for Preptg the Trustee$, Annual R¥port and finan¢ial statemenrs in a¢oordano¢ with applloable law and Unit¢d Kingdom A¢¢ounling Standmrds (Unit¢d Kingdom G¢rAerally Accepted Accouoting Practice). Conipany and Charity law requir#s the trustees to pr¢paTé flttjncial Ata¢ement5 for #a¢h finatt¢ial yr which give a ttue and fair view of the 8tEt¢ ol affakrs of the charÉtablv company and of the incomin& sOurceS and applicalion of r¢sourees, includin8 the iiicoin¢ aijd ¢xpenditure, of the ¢haritable company for thai pertud. In preparing the&'e financlal stsrem¢nt8, the tniste¢s are requir¢d lo., select sultable accountlng policies and then apply th¢m consisiÈntly', observe the methi8 and principlu in tbe applicable Charlties SOiLD. • make jvdg¢m¢nts e81imal¢s that arF rea8on&bl¢ and prudent, stste wheth¢r applicable IJK Acrowiting 8land4rds have b¢en fo)Ilow¢d, subj¢¢i to any mY414rlal d¢p&rtures that musl be disc103ed and cxplained in the fiiigncial 51atcm¢nts' prep¢ th¢ finan¢ial statements on the going concem basis unless it 1.5 inappropriit¢ to presume that thg charitsble cotnpany wlll contlnue In operntion. Th¢ Iru$te¢s Ar¢ r¢spo#sibl¢ for ke¢ping prop¢r accounting OrdS that disclose witii reasonable a¢cuTacy at Irky time the tinauctal position of the charitable compajy alld to tsnabl¢ th¢m to ttn8ur¢ that the financial slateinents omply with tEie Companies Act 2006, die Charities A¢L201 I, andthe applicabl¢Chdriti¢s (A¢¢ounES and R¥port$) Regulationg. Th¢ th18tets &re also respoiisible for 8afe8llarding th¢ asszL8 of the cluwitable company and taking reasonable steps for the prevention and deteclloii of fr&ud and other inYgul8rltla8. This ttport was approv¢d by th¢ truxtEes on and signed on th¢(r behalf, by: R G LILLEY CHAIR OF TIiUSTF,ES A BASTIN TREASURER
MUSEUM OF CAMBRIDGE PAGE 8 FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 ST MARCH 2024 INDEPENDENT BXAMINER'S REPORT TO THE TRUSTEES OF THE MUSEUM OF CAMBRIDGE report to tlie charity trustees on my examination of the accounts of the charitable cornpany for the year ended 3 1st March 2024. RESPONSIBILITIES AND BASIS OF REPORT As the charity's trustees of the charitable company (and also its directors for the pu4)oses of COmPV4lly law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act,). Having satisfied myself that the accounts of the charit&ble company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my eXMinatIon ofyour charity's accoullts as catTied out under section 145 of tbe Charities Act 201 l ('the 2011 Acty. Iii Carrying out my examination I have followed th¢ Directions given by the Charity Comn]is5ioll under section 145(S) (b) of the 201 l Act. INDEPENDEKf EXAmER's STATEMENT I have compl¢ted my examination, I confirm that no matters have come to my attention in cot)n¢ction with the examination giving me cause to believe.. l. accounting records were not Icept in respect of the charitable company as required by section 3 86 of the 2006 Act. or 2. the accounts do not accord with those records. or 3. the accounts do not cotnply with the accounting requirementg of section 396 of the 2006 Act other than any requirement that the accounts give a'true and fair view, which 15 not a matter considered as part of an independent exanLination; or 4. the accounts have not been prepared in accordance with the Methods and principles of the Statement of Recommonded Practic¢ for accuunting and reporting by charities [applicable to chitieS preparing their accounts in accordance with the l.'tnan¢ial Reporting Standard applicable in the UIC and Republic o'f Ire1kd (fRS 102)]. I have no concerns and have coine across no other matters ill connection with ihe examinal'ion to which att¢ntion sbould be drawn in thi5 report in order to enable a proper und¢rstanding of thc acroiints to be reached. IAN SI4IPLEY FCCA FOR AND ON BEHALf OF: PRENfis & CO LLP CHARTERED ACCOUNTANTS 115c Milton Road Cambridgc CB4 IXE lokkn 20"LL
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MUSBUM OF CAMBRIDGE (COMPANY NUMBER.. 412205) PAGE10 FINANCIAL STATFMLNTS TrOR THE YEAR ENDED 3 1ST MARCH 2024 BALANCE SHEET Notos 2024 2023 FIXED ASSETS Tangible Sets Herstag¢ assets 3.846 46,000 49,846 1,983 46,000 47,983 io CLQiRENT ASSBTS Stocks D¢btors Cash at bank 3,689 2.442 11,159 120,098 133,699 141,641 149,33 TOTAL CURRENT ASSETS CREDITORS: Amounts falling duè within on¢ y¢aT 12 62,292 11.931 NET CURREwf ASSETS 87,044 121,708 TOTAL ASSETS LESS CURREwr LIADILITIES 136,890 169,751 THE FUNDS OF THE CHAIUTY Vnr¢slrict¢d in¢om¢ liwds Restrl¢t¢d income fiILds 13 14 42.023 94,867 136,890 81J06 88245 169,751 TOTAL CTrIARITY FUNDS For Ihts year endinB.318t MaTLh 2024 the compaTIy K'AS CTltitl¢d io emptIn from Mudit undtsr s¥¢tlon 477 orth¢ CoinpHni¢$ Act 2006 relating t() small rompanies, - The member3 have not r¢quir2d th¢ coinparAy to obtain att audit of Its &roiitsts for the year in qu¢stlon in C'dOll w¥th se¢tion 476 of tb¢ Coinpani¢s Act 2006, - The directors &¢knowledge their responsibilities foT complying widi the requirements oFthe Act with r¢sp¢cl to occvunting J'e¢o¥ds tho priparntlon of aollnts, a¢counts h&v¢ be¢n prepar¢d in Hccoi'dallce with the provisions appli¢ablB to ¢ompanles subj¢cl to the ymall collipnies, r¢gim¢. Thtty¢ fin8n¢iY¢l stat¢tnvnts wer¥ approved by the Board of Trustees on 4jE,Kl,N£thl%r.,Ao.aw.., wor¢ sign¢d on ieir behalf by.. R G LILLEY CTrL41R OF TEiUSTEES A BASIIN TREASUKER The notcs on pmges 12 10 19 foym PHrt of thése finan¥Aal slatemonts.
MUSEUM OF CAMBR]DGE PAGEII FINANCIAL STATEhNTs FOR THE YEAR END£D 31 ST MARCH 2024 STA TEMENT OF CASH FLOWS Note 2024 2023 Cash (used inyprovided by operating activities 16 24,813 68,501 Cash flows from investing activities Interest income Net additions and disposal of tangible fixed assets Cash (used in)/provided by investing aGtivitieg Increasel(D¢creage) tn cash and Cash equivalents in the year Total cash and cash equivalents at the beginning of the year rotsl cash and cash equivalellts at the end of tlie year 440 (3,710) (3,270) 21,543 84 (77) 68,508 120,098 51,590 141,641 120,098
MUSEUM OF CAMBRIDGE PAGE 12 FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 s r MARCH 2024 NOTES TO THE FINANCLAL SrATBJNTS ACCOUNTING POLICIES The principle accounting policies aye summarised below. The accounting policies have been appli¥d onsistently throughout the current and previous years. (a) BASIS OF PREPARATION The fancIal statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of RecoJ)tnended Practice applicable to charities preparing their acGounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) second edition (eff¢ctive 1st January 2019) (Charities SORP (FRS 102)), the Financial Reporting Standards applicable in th¢ UIC and Republic of Ireland (FRS 102) and the Companies Act 2006. Museum of Cambridge ineets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised al historical cost or transaciion value unless othernvise stated in the relevanl accounting policy note(s). The presentational cutrency of the financial statements is the Pound Sterling (£). The accounts are prepared on a going concern basis, (b) FUND ACCOUNTING Unrestricted fuiids are available for use at the discretion of the trustees in fijrtherance of tbe gener objectives of the charity. Restricted funds are subjected to restrictions on their expenditure imposed by the donor. (c) INCOME RESOURCES All incoming resources are included in the statement of fall¢la1 activities when the charity is entided to th¢ illcotne alld the amoullt can be quantihed with reasonable accuraLy. The following spccifjc polici¢s are applied'to pwticular categories of income., Voluntary income is received by way of doiiations and gifts and is inGluded in full in the Statement of Financial Activities when re¢eKvable. Donated services and facilities are included at the value to the charity where this can be quantified. The value of services provided by volunteers has not been included in these accounts. Investment income is included when receivable. Incoming resources from trading through the Ch.1S museurn shop are accounted for when earned. Incoming Tesources from grants, where related to perfomance and specific deliverables are accounted for as the charity earns the righl lo consideration by its perfonnance. (d) RESOURCES EXPENDED Expenditure AS r¢¢ogniged on an accrual basis as a liability is incurred. ExpendiMre includes &ny VAT wbich Cannot be recovered, atLd is reported as part of the expenditure to which it relates,, Costs of generating funds comprise the costs asgociated with attracting voluntary income &nd costs of tradii for ]idraisIllg purposes including the charity's museum shop and café. CharittLble expenditure comprises tliose costs Rncuri'¢d by the chai'ity in the delivery of its activities and services for its beneficiaries. It includ¢s both ¢ost8 that can be allocal'ed direci'ly i'o such activities and those costs of an indirect nature necessary to support them.
MUSEUM OF CAMBRIDGB PAGE 13 FINANCIAL STAIEMEFrrs FOR TFIE YEAR ENDED 3 1ST MARCH 2024 NOTBS TO THB FINANCIAL STA TEMENTS Governance costs include those costs associated with meeting the constitutional and statutory requirements of the cbarity and illclude the independent examination fees and oosts linlced to the opeTation of the charity's management committee, These are now included within the Charitable expenditure on the Statement of Financial Activities in accordance with the new SORP and FRS 102. (e) FIXED ASSETS Fixed asset5 (excluding inveslments) are stated at cost less accumulated depreciation, The costs of minor additions, i.e, those costing less than £1,000 are not capitalised. D¢preciation is PTovided at rates calculated to write off the cost of each asset over its expected use1 life. Equipment is depreciated at a rate of 25Q/o straight line basis (fornlei'ly on a reducing balance basis). Heritage Assets are capitalised when specifically purchased. Each asset is reviewed yearly and value amended for any impairnient. Due to the nature of assets held as heritage assets the trustees feel it is not appropriate to depreciate tliese. DONATIONS AND LEGACIES Unrestn'cted Restricted Funds Funds 2024 2024 Total Unrestricted Restricted Funds Funds Funds 2024 2023 2023 Toial Fulld8 2023 Gifts 39,116 39,116 57,135 57,135 INCOME FROM CHARITABLf. ACTIVITIES Unrestricted Restiicted Funds Funds 2024 2024 Total Unrestricted Restricted Funds Fundg Funds 2024 2023 2023 Total Funds 2023 Income and Grants: Conn¢ding Cambridge (Cambridge City Council) Time Capsule Project (CambrÈdge City Council) Archiving Cainbridge (Cambridge City Coun¢AI) Cambridge Voic (Cambridge City Council) Rellt waived (Can]bridge City Council) AIM Pilgrim's Trust COlltiOnS Care Grant Legacies of Windrush in Carnbridgeshire (Arts Coiincil England) Capturiiig Cambridgeshire (individual donor) Loth Box Scheme (Co-op Local Lommiinity Fund) The Foyle Foundation - Colleclion Project GenerdtioTh CaTnbridgeshire (lo1 Coates Charitable Trust) Stcps to Siistainabilty (The Ndtional Lottery Heritage Fund) Museiirn Malang (The National Lottery Heritage Fund) SHARE Fundraising N¢twork Venue Hire DevelopnLent Fund (Ilerilage Cornpass Con]]llunity Grant) Clfwd to p¥ge 14 30,500 30,500 23,553 23,553 10,130 10,130 30,000 26,000 30,000 26,000 26,000 26,000 2,278 2,278 24,321 24,321 15,697 15,697 12,500 12,500 450 450 25,000 25,000 3,000 3,000 i 0,000 i 0,000 19,389 300 19,389 300 60,071 300 60,071 300 4,998 4,998 131,655 131,655 192,832 192,832
MUSEUM OF CAMBRIDGE PAGE 14 FINANCIAL STATEMEFrfs FOR THE YEAR ENDED 31 ST MARCH 2024 NOTFS TO THE FINANCIAL STATEMENTS INCOMB FROM CHARITABLE ACTIVITIES ......continued Unrestricted Restricted Funds Funds 2024 2024 TotP41 Unrestricted Restricted Funds Funds Funds 2024 2023 2023 Total Funds 2023 blhvd from page 13 Museum and Sho Shop and food sales Admissions Lectures. school trips and events Oth¢r illcome, including hire 131,655 31,655 192,832 192,832 15,799 43,409 2,797 5,180 15,799 43,409 2,797 5,180 3,378 26,093 1,689 3,870 3,378 26,093 1,689 3,870 227,862 67,185 131,655 198,840 35,030 192,832 INVESTMENT INCOME Totsl Unrestricted Funds 2024 Total Unrestricted 2023 Banlc interest 440 84 EXPENDITURE- CURRf,NT YEAR Costs of Raising Charitable Fund5 Activities Total 2024 Purchases Staff costs Premises cosls (including maAnl'eiianc¢) AdmAnistration Depreciation and profit on disposal 7.991 7,991 148,126 49,645 63,648 1,1147 271,257 148,126 49.645 63,648 1,847 263,266 7,991 Charfjtable activities are further analysed bel'ween direct charitable act'ivities, support and governance costs as follows.. Direct Charitable Costs Support Governance Costs Costs Total 2024 Slaff costs Premises costs (including maintenance) Administratioii Deprecialion and profit on disposal 148,126 49,645 61,170 148,126 49,645 63,648 1,847 2,478 1,847 258,941 1,847 2,478 263,266 5b. EXPFSNDITURE - PIUOR YEAR Costs of Raising Charit&ble Trunds Activities 'rotal 2023 Purchases Staff costs Premises costs (including mai1it¢Thance) Administrat(on Depreciat"ion and profil on disposal 11,485 11,485 140,643 69,314 63,673 1,036 286,151 140,643 69,314 63,673 1,036 11,485 274,666
IVIUSEUM OF CAMBRIDGE PAGE 15 FINANCLAL STATEMENTS FOR THE YEAR ENDED 31 ST MARCH 2024 NOTES TO TI4E FINANCIAL STA TEMENTS 5b. BXPENDITURE . PIUOR YEAR continued Charitable activities are further analysed between direot charitable activities, support and governall¢e costs as follows,, Direct Charitable Costs Support Governance Costs Costs 'Fotal 2023 Staff costs Pretnises costs (including JDaintenance) Administration Depreciation and loss on disposal 140,643 69,314 140,643 69,314 63,673 1,036 274,666 62,3 53 1,036 63,389 1,320 209,957 1,320 NET INCOME FOR THE YEAR This is stated after charging., 2024 2023 Depreciation and loss on disposal Independent examillers fees 1,847 2,478 1,036 1,320 STAF,F COSTS AND NUMBERS Total staff cosL% wLre as follows.. 2024 2023 Wages and salaries (including pensions) Social security costs 141,790 6,336 148,126 133,779 6,864 140,643 No ¢mployee received emoluments of more than £60,000. The average number of cmployees during the year, calculated on ihe basis of full-time equivalents was as follows.. 2024 Number 2023 NumbeT Adminibtrative and curatorial staff I'he Icey management personnel of th¢ Museum of Cambridge &re considered to be the Board of Trustees who receive no remuneration, TRUSTEE REMUNERATION AND RELATED PARTY TRANSACTIONS No members of thg Inanageinent comn]ittee r¢c¢ived any remuneration or ¢xp¢ns¢s during the currenl or previous ycar, No trustoe or other person related to th¢ charity had any personal interest in any contract or transaction entered into by the charity during the current or previoug ye.
MUSEUM OF CAMBRIDGE PAGE 16 FINANCIAL STATEMENTS foR THE YEAR ENDED 3 1ST MARCH 2024 NOTBS TO TFIE FINANCIAL STA TBMENTS TAXATION The Gompany is considered to pass the tests set out in Paragraph I Schedule 6 of the Finaiice Act 2010 and therefore it meets the definition of a charitable con]pany for UIl corporatiott tax purposes. Accordingly, the company is potentially exempt from taxation in respect of income or capital gains received within categories covered by chapt 3 Part I l of the Corporation Tax Act 2010 or Section 256 ofthe Taxation of Cbargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to ChIlable purposes. loa. TANGIBLE FIXED ASSETS - CURRENT YBAR Heritage Asset.. Equipment Painting Total COST At 1st April 2023 Additions 40,588 3,710 46.000 86,588 3,710 90,298 At 3 1st March 2024 44,298 46,000 DEPRECIATION At 1st April 2023 Charge for the year At 31st MaTch 2024 38,605 1,847 38,605 1,847 40,452 40,452 NET BOOK VALUE 31 ST MARCII 2024 3,846 46,000 49,846 lob. TANGIBLE FIXED ASSETS - PRIOR YEAR FIeritagg Asset.. Equipment Painting "rota] COST At 1st April 2022 Additions Disposal Al 31st March 2023 40,511 240 (163) 40,588 46,000 86,511 240 (163) 86,588 46,000 DEPRECIATION Ai 1st April 2022 Charge for the year Eliminated on disposal At 3 1st March 2023 37,569 1,199 (163) 38,605 37,569 1,199 (163) 38,605 TrIET BOOK VALUE 3 1ST MARCFI 2023 1,983 46,000 47,983 I I. DEBTORS 2024 2023 Trade debtors Otlier debtors Accrued income 828 3,178 727 2,732 7,700 4,006 11,159 12. CREDfFORS: AfvtOUNTS FALLINCJ DUE WITHIN ONE YEAR 2024 2023 Trade creditors Otlier cr¢ditoTs and accrna15 Deferred income 1,159 6,038 55,095 6,529 5,402 62292 11,931
MUSEUM OF CAMBRIDG PAGB 17 FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 ST MARCH 2024 NOTES TO THE FINANCIAL STATEMENTS 13a. Movf.MENT IN UNRESTRICTED FUNDS CURBENT YEAR Balance at I st April 2023 Balance at 3 1st March 2024 Incoine Expenditltre Transfer General fund 81,506 106.741 (156,662) 10,438 42,023 13b. MOVEMENT IN UNRESTRICTED FUNDS PRIOR YEAR Balance at 1st April 2022 Balance at 3 1st March 2023 Income Expenditure Transfer General fund 118,046 92,249 (132,771) 3,982 81,506 14a. MOVEMENT IN RESTRICTBD fuNDS . CURRENT YEAR Balance at 1st April 2023 Bdlance at 3 1st March 2024 Incorne Expenditure Transfer Rent waived (Canlbridge City Council) Painting Fund Generation CabrIdgeShlre (ALlan Brigham Pund) Cambridge Voice5 (Cambridge City Council) Capturing Cambridgeshire (individual donor) Collections Proj¢cts Tlie f4 oyle Fioundation Share Fundraising Network (various funders) GenetIOn Cambridgeshire (John Coates Charitable Trust) Conllecting Cambridge (Catnbridgc City Council) Legacies of Windrush in CambridgeshiiE (Arts Council England) LoiLn Box Scheme (Co-op Local Con]mimity riund) Steps to Sustainability (The National Lottcry 14eritage Fund) Mus¢um Making (The National Lottery Herilag¢ 26.000 (26,000) 46,000 3,000 3,872 6,699 25,000 674 46,000 3,000 (3,872) (2,43 8) (4,000) 15,697 (16,675) (15,245) (360) 3,283 5,755 614 300 3,000 (590) (29,271) 2,410 I,ioi 30,500 (128) 24,321 450 24,321 450 10,000 (9,198) 802 19,389 (17,227) 2,162 Venue l-Iire Developn]ent Fund GIeritage Compass Community Grant) 4,998 (29) (114,595) 4,969 88,245 131,655 (10,438) 94,1167
MUSEUM OF CAMBRIDGE PAGE 18 FINANCIAL s'fATEMENTS FOR THE YEAR ENDED 31 ST MARCH 2024 NOTES TO THE FINANCIAL STATEMENTS 14b. MOVEMENI IN RESTRICTED FUNDS - PRIOR YE,AR Balance at I st AprAI 2022 Balance at 3 1st March 2023 Income Expenditure Transfer Painting Fund Collections Care Grant (AIM Pilgrim's Trust) Generation Cambridgeshire (Allan BrIlaM Fund) Archiviiig Cnbridge (Carnbridge City Council) Rent waived (Cambridge City Council) Catllbridge Voices (Cambridge City Council) Capturing Cambridgeshire - Digital Engagement Project (individual donor) The Foyle Foundation Collections Projects Generation cnbridgeShir¢ (John Coates Charitiable Trust) Share Fundraising Networli (various fimders) Museum Mal(ing (The National Lottery Heritage Fund) TiÈne Capsule (Cambridg¢ City Council) 46,000 2,278 3,000 46,000 2,278 (4,574) 18 3,000 10,130 26,000 30,000 (10,130) (26,000) (22,128) (4,000) 3,872 12,500 25,000 (5,801) 6,699 25,000 3,000 3DO 3,000 674 970 (596) 527 60,071 23,553 (60,598) (23,553) (153,380) 52,775 192,832 (3,982) 88,245 Relit waived {CCC)'. Rent on the White Horse it)n at c.£26,000 per annum waived for a period of three years. Generation Cambridgeshire (Allan Brigham Fund ta Jolm Coats Charitable Trust) . a fvnd to explore the ways that Schools can engage with the history of Castle Hill and tbcir local areas, providing the launch pad for further anticipilted funding. Cambridge Voices (CCC).. a fund to support engagein¢nt and activities both ai the Museum ld offsite through the Muscwn on a Bike prograi]]me, and the Liitle Feet, Big Impressions. Connecting Cambridge (CCC): a Iwelve-month project to support engagemenl activities and programrning for famili¢s &nd older adults in Cambridg¢ city. Loan Box Scheme (Co-op Local Cojnmunity Fund)., a fund to support tlie Creation of handling boxes to b¢ used by omtnunity and school groups. Stcps to Sustainability (Nation¢il Lottery Fleritage fund): a guided project and business development fund to support the Museum to develop its retail offer throu expert guidance and investment. Venue FIire Development Fund (HeTltage Compass Community Grant): a fvnd to support the Museum to launGh its v¢nue hire r¢v¢nue stream, including capital llnprovements and inycstment iii marketing, Time Capsule (CCC).. a three month project aiined at supporting families, young people and wider comrnunities to process their exp¢riences of COVID-l9 through creative workshops. Digital Engagement Project (individual donor),. a project aimed at developing our Capturing Cambridge website, increased engagemcnt across the site and developing iiew resources. Tlie foyle Foulldation Collections Project.. A project aimed at developing tlie care of our collection and foslering more opportunities for the public to engage in our collection. Mus¢um Making (National Lottery Heritage Fund).. a two year, extendcd lo Ihree-year grant to explore the potential future audiences for the Museum, deliver extensive proyJamming and outreach across the regio and undertake all Oplions appraisal for futur redevelopinent, Share Fiindraising Network (Various Funders).. the Museum's Director is Chair of the regions Fundraising Network which oi'ganises training and support for i]]useum fundraisers. Aim Pilgrim's Trust Collections Care Grant (Association of Independenl Museums Pilgrims Trust)., a grant received to deliver improvod environtnental monitoring of the collection. Legacies of Windrush in Cambridggshlle (Arts Council England).. a 18 month project in partnership with the Aftican C&ribb¢&n Research Group to develop all exhibition and progranune around the stories ofWindru5h elders in Cambridgeshire.
MUSEUM OF CAMBRIDGE PACJE 19 FINANCIAL STATEMEKfs FOR TI4E YEAR ENDED 31 ST MARCII 2024 NOTES TO TIL FANCIAL STATEMENI'S 15a. ANALYSIS OF ASSETS BETWEEN FUNDS- CURRENT YEAR Total at 3 1st March 2024 Tangible Net cunrnt Fixed Assets assets Genernl fund Restricted funds 3,846 46,000 49,846 38,177 48,867 87,044 42,023 94,867 136,890 15b. ANALYSIS OF ASSETS BETWEEN FUNDS - PIUOR YEAR Total at 31sl March 2023 Tangible Net ellent Fixed Assets sets General nd Restricted funds 1,983 46,000 47,983 79,523 42,245 121,768 81,506 88,245 169,751 16. RECONCILIATION OF NET MOVEMENT IN F4UNDS TO NET CASH FLOW FROM OPERATING ACI"IVITIES 2024 2023 Net expenditure Add back depreciation Gharges ]d loss oil disposal Deduct interesl. shown as investing activities Decrease ill debtors (Increase)/decrgase in stock Increase in creditors (32,861) 1,847 (440) 7,153 (1,247) 50,361 24,813 (1,070) 1,036 (84) 62,544 1,952 4,123 NET CASH PROVIDED BY opfRATING ACI'IVITIES 68,501