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 c￿nbridge 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 m￿ch 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 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 c￿nbrIdge- 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 l￿d 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 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, ca￿lage 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? R￿PoRT 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 2023￿024 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 c￿nbridge 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 a￿1Vity 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 &waT￿lesS 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 Conside￿ble 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 pro￿a￿Me 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 eXp￿lS1On 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