MUSEUM OF CAMBRIDGE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2025 CONTENfs AND CHARITY INFORMATION CONTEwrs.' PAGE.. Report of the Trustees Independent Exarlliners Report Statement of Financial Activities Balance Sheet 10 Statement of Cash Flows li Notes to the Financial Statements 12-19 These pages do not forni part of the SÉatutory Financial Ststement8 Detailed Statement of FiJwi¢ial Activitie8 21 CURRENT TRUSTEES.. L M Walker M Lowe MJHann R G Lilley {Chair) A Bastin H Wilson A L Herron Dr M Nestor (appointed 2510412024) R McPhee (appointed 2510412024) Dr C Allen-Johnstone (appointsd 2510712024) L Astlll (resigned 0711112024) COMPANY REGISTRATION NUMBER: 412205 CHARITY REGISTRATION NUMBER.. 311309 REGISTERED ofFICE: 213 Castle Street Catnbridge CB3 OAQ INDEPENDEN[ EXAMINERS., Ian W Shipley FCCA For and on behalf ot., Prentis & Co LLP Chartered Accountants and Independent Examiners 115c Milton Road Catnbridge CB4 IXE BANKERS.. Lloyds Bank 3 Sidney Street Cambridge CB2 3HQ
MUSEUM OF CAMBRIDCE PAGE I FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 TRUSTEES, REPORT The knstees, who are also directors of the charity for the PUTposes of the Companies ACL present their annual report tDgether with the finallcial statements of the Museum of Catnbridge for the year ended 31st March 2025. The financial ststements comply with the Charities Act 2011, the Companies Act 2006, the Memorandutn and Articles of Associatton and Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts ill accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective I st January 2019). CUBIiE TRUSTEES Roger Lilley, Chair Adam Bastin Lucy Walker Matt Hanrn Matt Lowe A L HeOn Hannab Wilson Dr M Nestor Dr C Allen-John8tone R McPhee The trustees Trvho served the company during the period April 2024 - March 2025 and Up to the date of approvr41 of the aceounts are as foUoTrv8: Lucy Walker, (Teappointed 2022) Matt Hann (reappointed 2023) Roger Lilley Chair {r¢appointed 2023) Matt Lowe (reappointed 2022) Hannah Wi18on (appoittted 2023) A L Herron (appointed 2023) Dr M Nestor (appointed 2024) Dr C Allen-John8tOlle (appointed 2024) R McPhee (appointed 2024) Lucy Astill (rgsigned 2024) Adatn Bastill (appointed 2023) OBJECTIVES AND ACTIVITIES.. 8 per our Articles of Association (2016) the charity's objects ('Objects') specifically restricted to the following,. the advancement of education by acquiring (withm th¢ Museum'8 Collection Managernent. Policy), housing and exhibiting and coThs¢rving> re8toring and repairing objects and collections of all educational nature and by e8tabli8hillg> acquiTingJ managing and maintaining Museums, galleTie8, libraries and other pla¢es where such purpos¢s may be a¢hieved, preserving local heritag¢ and presenting this to the community and wider publi¢, educational a¢tiviti¢s based upon lo¢aJ history and the Museum's artefa¢ts, For thc Museum of Cambridge, the year 2024-2025 delivered numerous challenge8 and improvements ill our work in the face of seGtor wide clMllenges. This year the Museum was supported with funding from the National Lottery Heritage Fund, enabling vital work to support commercial development, fundraising strategy and Tecovering from the significant building works which ended in 2023-2024. We Spent time re-engaging with the Miiseum's vksitOTS through new monthly talks, raising funds to support our car¢ and collection of CarnbTidge'8 history, Our work with ¢ollections included two temportry exhibitions, a cataloguing project, and the Te-opening of the Museum's quisitIOns. We worked more closely with our commulllty this year. In August 2024 we welcomed a community display in the Dining Room from the Cambrldge Szeged Twinned City Society, and hosted a oommunity made film and soulldscape. We also embarked on our largest community co-curation project ever. funded by the Arts Council England, working with the Caribbean comtnunity to ¢o-curate the Legacies of Ivindrush in Cambridge exhibition whicb opened in April 2025. Our outreach activities continued in full swing, bringing record numbers of famili¢s to the Mugeum for crafts and activity days. We reached a record nutnber of people through our Museutn on a Bike programtn¢, linking up with cotllmunity partners to bring history to lif¢, outside of the Museum. 2024-2025 was also a year of challenges for the Museutn atld the wider charity and heritage sectors. The Cost-of- Living Crisis contioue8 to affect the Museum's income generation through the shop and ticket sales. In addition,
MUSEUM OF CAMBRIDGE PAGE 2 4 INANCIAL ST ATEMENTS FOR THE YEAR ELYDED 31 MARCH 2025 TRUSTKES? REPORT much of 2024-2025 wa8 spent rolling out tb¢ planned commercial activity fronL 2023-2024 which was originally disrupted by the significant building works, With the Museum's DectOr on parental leave in 2024-2025, and the r¢8ignation of the DireGtor in January 2025, the Museum's leadership was SUPPOrted by the Board of Trustees and the Engagement and Collections Manager who took on additional Directorial Responsibilitie8 this year. In March 2025, the Museum was unable to appoint a new Director and following advice from regional pthners paused recrnitment until June 2025. This had a contributing delay to delivering planned fundraising and progTan]tlling activitie8, a8 well as continued additional re8pon8ibilities for the Engagemeiit tmd Collectiolls Manager. Vislon, Mlsslon and Values In April 2022, the Museum of Cambridge lauoched a new five-year Strategic Plan for 2022-2027. This was dev¢loped in GIo8e consultation with staff, volunteers, trnsted frienas and supporters and local communities. In thi8 Strategic Platt tbe Mu8eutn sct out the following Vision, Mission, and Valu¢s.' Vlsion We want Cambridge- and the surroundirtg area- to be a place where,. Everyone is able to exploTe, enjoy and contribute to their Eocal histories. Our shared heritage is accessible, open to investigation, and preserved for generations to com¢. A creative connectioll with heritagg inspires communities and fosters a sense of belonging. Missiopz Connecting communities through objects, memoTie8 and conversation. We take ¢are of a unique collection of objects, photos. documents and recordings and ensure it is available lo everyone. The Museum is a space for everyone to share their memories, to be inspired by others,, and ¢reat¢ their We are as conllnitted to conversation as we are to ¢otLs¢rvation, and we will welcome the voices of all Carnbridge's cornmunities. Values Inclusive: We want the Museuin to be a pl&Ge where people can cotm¢¢t with one another and create slwed understanding8 of local historie8, identitie8, and a sense of place. Mindful that we are located wAthin a city that is culturally rich yet al80 the most ¢¢onomiGallyunequal in the UK, we believe thatthe stories 8har¢d by ourMu8eum should retl¢¢t and empower those who call Cambridgeshire home. We are committed to ensiiring that everyone ¢an wiloclc their ¢reative potential tbrougEL access to our shared local heritage, whatever their ability, age, belief, ¢ultural background> gender, race, sexuality, or wealth, by minimxsing or removing the ba1¢[5 that prevent people from engaging with our work. Courageous: We are committed to innovating, thking risks. tmd questioning the Sta8 quo. We want to ask difficult questions and listen to the answers. We aspire to being brave in our work: delivering important, challenging, and impactfvl events, ¢xhibitsons and programming. Responsible: We will hold ouiBelves to the highest standards of responsible Museum practice, from our ndraising activity and f]nancial management to the care of our collections, We also take our responsibilitie8 to the planet seriously, making environmentally conscious choices to reduc¢ our ¢arbon footprint. When we make mistakes, we will retlect on thein and implemellt rneaningful change. Creative: We see the MUSell as a place for people and communities to be Greative. Our visitors, Creativity is a continual source of inspiratio whether they're exploring their Ereat-grandparent's Feii-slcating exploits, Gooking up recipes at home from a 100-year-old recipe book. or competing with one another to win the pre5tiEious 'Liar's Medal, (by lelling the most outrageous of lies, of coursel).
MUSEUM OF CAIIIBRtDGE PAGE 3 FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 IVIARCH 2025 TRUSTEES? REPORT The Strategic Plan 2022-2027 also Set out four 8trateEiC obje¢tives', Grow and diversify our engagemenL Care for our collection and building. Nurture our volunteers, staff, and trnstees. Achieve financidl sustainability. The tru8ttts confm that theyhave referred to the Charity Comtnission's general Euidance on public benefit when reviewing the charity'8 aims and objectives and in planning future activities for the year. ACHIEVEMENfs AND PEBSORMANCE Styoteglc Objeetlvé.. Grow and diversify our Éngagement In 2024-2025 the Museutn produced two temporary exhil)ition8 and welcomed a new series of comLnunity displays. In total we Welcom 9,897 Visito to the museun] to explore our pennanent and ten]porary exhibitions, This is a slight decrease on the pVIouS year of 10,042. Despite increased marketing and outreach activity the Museum received feedback from visitors who thought that due to previous years, buÈlding worlc, the Museum had permanently closed. Which could explain the decline ill visitor numbers. Schools: tn 2U24-2025, thanl(s to funding fro the Allan Briglwn Fujjd and Jolm Coates Charitable Trnst, the Museum worked to develop a pilot education project. This is the first educational visit project we have been able to offer Slllce before the COVID-19 pandemic. This project enabled us to make contact with a variety of schools, develop the resources and planning required to rLm a 8chool8 programme. The retum of school visits has been a significant goal of the Museum, as part of our 2022-2027 strategy. The pilothas enabled us to receive funding from the Cambridgeghlre Community Foundation to recruit a Learning Officer for one day a week, for one year in 2025-2026. We're eKClted to see this fantastic opportunity return to the Museum of Cambridg¢ In 2024 led by tbe Collections Officer and Engagement and Collections Manager, the Museum displayed two major exhibitions. Stories Behind the Stitches and Educating Cambridge. The latter was generously supported by MuSeUn Development Soiith Et and PEM, enabling us worlc with local students from Sawston Village College and Hills Road to create llew artworks to display in the ¢xhibition. Throughout 2024 the Museum worked closely with local partller, the African Caribbean Research Group (ACRG) and local students and youiig people, to curate the Legacies of Wijdrush exhibition which went on display in April 2025. Alongside OUT teinporary displays in th¢ attic gallery? the fvIuseiun has opened its doors to conm]imity groups and organisations, hostillg temporary displays in the Dining Room, This has drawn new commullities and visitors to the museum who have not previously engaged with us, Major xhibitions: Educating Cajnbridge: 24th October 2024- 21st April 2025 featuring stones of educatioii in ragged schools, workhouses, and the Vicl'orian classroom. Stories Behind the Stitches.. 27th March- 30th September 2024 featuring examples of disability? health and w¢llbeing through textiles and making. Community Exbibitions: Oui Hungarian Twin City SzeBed and its Cultural Riches: 4th September-4th Novthnber 2024 CAM: A Short FilEn: 4th Tr-ebnw- 31st March 2025.
MUSEUM OF CAIIIBRtDGE PAGE 4 FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 TRUSTEES, REPORT In addition to exhibitions, the Museum hosted a series of talks and tours in 2024-2025. With special thanl(s to the National Lottery Heritage Futld, the Museun] was able to host a series of talks and events that brought new topios and research infrrest to the museum. We welcomed 320 people to 13 differellt talks on wide ranging topics, including"Ghosts of Cambrldge and Beyond" Her cÈnbrIdge'. Reframing women's hidden histories", and"The Spinning House" The National Lottery Heritage Funded project, Fir Foundations, Flourishing Futtires also enabled the Museum to develop events, tours and activities that are ainLed and building our operational and financial sustainability, In 2024 we launched a guided tour"cabridge in Context" which explores 2,000 years of Cambridge history, ending in the Museutn with tbe history of the White Horse Irni. With the Carnbridge City Council ComullItY Grant, with both onsite worl(shops and outreach through the Museum on a Bike we reached 2,122 members of the public across 79 events. Of the event attendees at Ollslte workshops surveyed, 66Q/o had not visited the Museutn of Cambridge before. demonstrating a growth in our family audiellce as we continue to develop a relationship with the families of the region. All events provided under this grant were free to access, which helped reduce barriers to accessing cultut21 heritage. Participant feedback particularly reflected this, with one saying they'wouldn't norn]ally be able to do this" if it were paiQ praising the opportunity to "corniect with other local people through arts." Strategic Objective.. Carefor our collection and bullding The woAc begun in the previous year, with thanks to the Foyle Foundation, was cotnpleted. Art on-display audit of the Museum'8 collection was colnpleted, with 1,100 objects reviewed, cleaned, located, and cared for. This was a monutnental effort and resulted in 408 volunteer hours. During this process 193 objects were re-located having been previously "lost" wAthin the MuseunL'S database. Following this project, with tIMnks to the Association of Independent Museums, Art8 Scholars Brighter Day Grant Scheme we completed a framed object catalogue of the museum's store. Ltft unattended and inaccessible since th¢ COVID-19 pandemic closure, 390 objects were akqessed, catalogued, packed and stored. Thiq was supported by 127 hours of vokLmteer tijne over four month8. In 2024-2025 our Collections alld building were better cared for that]ks to funding froJJ the National Lottery Heritage Fund and the Firm Foundations, Flourishing Futures project. Thanlis also to support forni the Fiiends, and fill18 frotn Heritage Compass, the museum was able to redevelop the historic Courtyard. After the unplamied bullding work8 in 2023-2024 the Museum courtyard was left in a state of disuse. With this support we have been able to relocate objects insid¢ the Museum, add seating, bio-diverse planting8 and add new intsrpretation foi our outdoor objects. The Museun continues lo worlc to care for the Grade It listed Ivhite Horse Inn. In sujmer 2024, etnergency plumbing work was recruited to keep the Museutrl services open to the public. We continu¢ to worlc with our landlord, the Cambridge City Council on herltage building work and surveys. Tllls included structural siwvey of the heritage building. and InVtigationS of a window leak from the 2022-2023 building worl. The Engagement &nd Collectioiis Manager with Directorial Re8pon8ibiliti¢8 Spend ¢onsiderable time working with Cambridge City Council contractor8 and surveyors. She also worked to en8ur¢ the Safe and smooth operation and maintenance of the White Hot7e Inn and Enid Porter buildings. SlrategiL, Obj*c¢ive.. Nurture our volunteers, staff and Trustees Working with volunteers is at the bearl of our worlc at the Museum. This year we continued to rely on voLunte¢r support, who play a cnlcial role in sustaining the Museum. We are very gratem for their support, time, expertise and positivity. The Museum volunteer team grew in 2024-2025, with volunteers supporting a¢ros8 Front of House, Farnily Events, Collections Digitising, Shop, Marl<eting, Fundrnising, Collections Care, Facilities Support and Tour Guiding. VolunteeTS contributed 3,966 hoiirs ofvolunteenng. We are so dseply grateful to our volwiteers. Thi8 year saw no changes in the Museum's structure. Alex Smaridge acled up as Engagement and ColleGtioiis Manager with Directorial Responsibilities while Annie Davis was on Parental Leave from the 30th of January- 301h of June, and the 1st of October- 5th of January 2025. Alex continlied to actup with additional responsibilitie8 after Annie's deparLure in March 2025.
IUSEUM OF CAMBRtDGE FINANCIAL STATEI MENTS FOR THE YEAR ENDED 31 MARCH 2025 TRUSTEES, REPORT The Museum team and Board of Trnstees would like to tlTrnk Atmie Davis for tbe many years of dedication to the Museum of Cambridge. Annie joined the Museum in 2018 and has had a significant tenure at the Mus¢uM of Carnbridge. We wish Annie all the best. Strategic Objeetlve.. A¢hievefmoncial sllskainability Building long-terni 8UStaitLqbility continues to be a top priority for the Museu. We are still reliant on grant fimding to support our Core tntssion and nctions. This places us in a similar position to nLany heritage organisations who face rAsing Costs and uncertain funding future8. As such we have continued to build OUT charitable revenue streams and commernial focused bu8in¢8S to support our long-terni ture. Adn]is8ion remain8 the highest established source of income. Income from athni10Th in 2024-2025 was £45,000. Despite a small reduction m numbers, we increased our income by welcoming more paying adults. Special exhibitions continue to play a significant role in attracting visitors. We hosted two major temporary exhibitions, Stories behind the Stitches (March 2024-Septetllber 2024) and Educating Cambridge (October 2024-April 2025). These exhibitions were accompanied by tall(8 and events for tbe public. Though in]proving year on year, this reroain8 a volatile 8troam of income tbat 18 heavily reliant on local weather, tourism and local competition. Illcon frotll other oommercial areas., Venue Hire: £7,050. This was supported by fldIllg from Heritage Compass, and has resulted in an increase in revenue. We will continue to work to gain new clients from across Cambridge. Now that the coutyard has beeo renovated, there is a more welcoming atmosphere to the space. Retail.. £19,700. Retail continues to grow thattk8 to the prior year investment frotn National Lottery Heritage Fund Steps to Sustainability funding. We continue to expand rallges in the shop and welcomed a se¢ond-hand book s¢¢tion. W¢ Continued to welcome donations, raising £10,800 from generous local individuals. We are grateful to all our regu donors for their ¢oJtitwed support of the museum. This includes our dedicated Friends of the Museum of Cambridge. As part of our re8i]ien¢e fimding, this y&qr we launch a new giving initiative, Adopt an Object, which enables regular tnontbly giving to the Museutn. This year the Museum was generously supported by funders, including the National Lottery Heritage Furtd, Arts Coun¢il England, Cambridge City Council, Foyle Foulldation, Associatson of Independent Museums, Art Scholars, Museum8 Development South East (fornierly Share Museums East), Peters Elworthy & Moore, Univ¢r8ity of Cambridge Department of Public Engagement. This year saw a r¢duction in grant income and donations for the Museum compared to projeotsd budgets. This reflects a nationwide reduction of available funding and the wider cost of living ls18. FINANCIAL RLI VIEI W As with previous years, the Museum has continued to focus on growing uttttstricted income with a view to iEnproving the sustainability and financial stability of th¢ Museum. In this regard, whilst growth in admission and retail income wasn't to the level hoped, it did show an incr¢ase on the previous year thanlis to further investment in the offering and a Tenewed strategy and planning. Significant time and energy from the Development, Communications and Retail Officer, supported by Trustees, has gone into sourcing new ranges, and suppliers among iticreased stock prices and availability. During the year the Museutn offered free fatnily events and free or'Y)onate as you Feel" programmes for adults. Monthly talks s&w an increase in audience and engagement though, whilst popular, the income generated from them doe8 llot provide a sustsinable income 8tream. While the growtb in wwestricted income from commela1 and is positive, funding fronL restrx¢t¢d grants remain¢d vital to the finaucial health and continued viabllity of the Musaim in the forni which it operates today. Thi8 reliance on grant income in order to be able to operate is unlikely to change for the foreseeable future ld is fih¢r challenged by reduced numbers of potential fLU]ders and more Competitive funding land8¢ape. This fmancial year saw a welcome investment from the National Lotty Heritage Fund with the project Firni Foundal'ions, Flourishing Futures. This project enabled signifiGant investsnent in mai"keting* audi¢nc¢, and conllnercial development of our venue hire.
SEUM OF CAMBRIDCE PAGE 6 FINANCIAL STATEMENTS FOR THEI YEAR ENDED 31 IRCH 2025 TRUSTEES? REPORT In 2024-2025, restricted income provided 63 /0 of the Mu8eum's overall Inc0e, and we ate bugely gratefijl to our funders for their generosity. NonetlLele88, we reoognise that fimding for charitie8 is increasingly precariou8 and difficult to predicL meaning we tllust continue to inve8t in div¢rsifying our inoon]e streams beyond grant funding in order Éo provide a more sustainable future for the Museum, As an independent ¢haTity, we rely on the fLmd8 generated from our conuneroial activity and the uncertain nature of grant funding to sustain our activities throughout the year. The Museurn's income statement was also very negatively impacted compared to the prior year by a 8ignifi¢ant drop in donations and legacies. Income from this line item fell by over three-quarters, We are thank1 to those who supported the Mus¢um in this regard during the year. Nevertheless, this source of income is very bard to pirdi¢t, thereby putting pre8sure on other income sourGe8. Despite this drop, and lower than planned commercial income, the Museun]'8 team pereorned cotllmendably to restrict the deficit from unrestricted fiwd8 to just over £6,000, On the expendittre side, staff c08ts were slightly down on the prior year whilst the increase in other / administratloll costs largely resulted from programn]ing? growing the Tetail offering, marlceting and other spend tied to grant income, The Museum is thankf1 to Cambridge City Coun¢il for its support via waiving rgnt in the 2024-2025 financial year. Tbe Museum's teall remain focussed on reducing non-income generating spend wherever possible. The Museum ended the fmancial year with £75,726 cash balance. The cash balances at a 8pe¢ifi¢ balan¢¢ sheet date can be impact by timing of lumpy itenLS, in particular timing of receipt of grant paynlents, Looliing forward, as refeiTed to above the Mus¢uLn of Cambridge remains hIlY reliant on grant fLmding given that increasing unrestricted income 18 naturally a long-tem] and gradual proce85. delicate financial position and reliance on an income stream which is increa81ng Ghallenged 18 uneasy for all concerned however is unlikely to chanEe for some time. We therefore continue to look for ways to reduce overheads and after the fuwi¢ial ye end, have secured meaningful reductions in spend in various areas SUGh as bookkeeping Gosts, indepcndent exan]iner costs and bills and utilities. The cash position at the end of the year wa8 £75,726 (2024.. £141,641) RESERVES POLICY The Museum has a reserves policy which is designed to cover any cosLs associated with winding up the C1ty. These prirnaLily relate lo stg4ff redundancies. RISK iWANAGEMENr The financial position is reviewed regularly at board meetings )d finance committee meetings as well as at ad- hoc meetings in between. PAY POLICY The Museuin regularly rnonitors staff pay comparing salaries with similar posts in Cpthei. or82lS[LtL0ll8 and taking into a¢¢ount the local marlcet and the current cogt-of-living crisis. In April 2015 the trustees adopted tlie principle of paying tlieir staff the Real Living Wage. this has be&] implemented to date, with the Museum receiving official Living Wage accreditation in March 2023. STRucfuiiE, GOVERNANCE AND MANAGEMENT The Museum of Cambridge, 213 Castl¢ Street, Canibridg¢ was originally adminiSted by the Cambridge and County Folk Museutn Association, a charitable trust, which was incoryorated as a ¢otnpany limited by guarantee in 1947 (¢harity no, 311309). The MernortdU and Articles of Association were revised in 2016 with a millor amendment in 2021 to allow online meeting8. The legal body responsible foi" the Museum alld its colleclions is now known as the Museum of Cambridge havitig adopted the new name at an Extraordinary G¢neral Meeling held Oll February 13, 2014. It is a CharitfAble Company limited by 1Ttee without share capital (compally no. 412205), In the ev¢nt of aj irsolv¢nt dissolution, the tn¢mbers will each Gontribute £10. GOVERNANCE Tlie Museum ¢ontinu¢s to be successful in the retention and recrn1tent of Trnstees of high calibre offering a wid¢ range of professional experience as well as time to support the Mugeum and its slaff. Added to exi8ting ¢ommi(tees for finance, fundraising, collectians, and personiiel, we now have a iiew Trnstee lsd teain giving suppoit on Jllarketing and retail. Trnstees al80 support tbe Museum with their time, for instance, as duty nwiagers
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MUSEUM OF CAMBIUDGE PAGE 8 FINANCIAL STA TEMENTS FOR THE YEAR ENDED 3 1ST MARCH 2025 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE MUSEUM OF CAMBRIDGE I report to the clwity trustees on my exaynination of the accounts of the charitable company for the year ended 31 st March 2025. RESPONSIBILrrIES AND BASIS OF REPORT As the ChIty'S trustees of the charitable company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in awordanGe with the requirement5 of tho Companies Act 2006 ('tbe 2006 Act,). Having satisfied myself that th¢ accounts of the charitable company are not required to be audited under Part 16 of the 2006 Act and aTe eligible for independent examination, I report in respect of my exarnination of your Gharity's accounts as GaTYied out under section 145 of the ChItIeS Ath 2011 Cthe 2011 Act,). In Carrying out my examination I have followed the Directions given by the Charity COnniS810n under section 145(5) (b) of the 2011 Act. DEPENDENT EXAMINER'S STATEMBNT Since the coD]pany's gr055 incorng exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 201 l Act. I confjrm that l am qualified to undertake the examination because l atn a member of The Association of Chartored Certified Accountants which is one of the listed bodies. I have completed my examination, I confmn that no matters have corne to my attention in ronnection with the examination giving me cause to believg: l. accounting records were not kept in respect of the ¢haTitable company as required by section 386 of the 2006 Act. or 2. the accounts do not accord with those record5" or 3. the accounts do Dot comply with the accounting requirements of section 396 of the 2006 Act other than any requirement tljat the accounts give a 'true and fair view, which is not a matter considered &8 part of an independent examination. OT 4. the aexounts have not been prepared ill accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to ¢haritie5 preparing their accounts in ac¢ordanGe with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)]. I have no concerns have corne across no other matters in connection with the examination to which att¢ntion should be drawn in this report in order to enable a proper tu)derstsnding of the accounts to be reached. SHIPLEY FCCA FOR AND ON BEHALF OF: PRENTIS & CO LLP CHARTERED ACCOUNTANTS 115c Milton Road Cambridge CB4 IXE
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MUSEUM OF CAMBRIDGE PAGE 11 FINANCIAL STATEMENfs FOR TFIE YEAR ENDED 31ST MARCH 2025 STATEMENf OF CASH FLOWS Note 2025 2024 Cash (used in)Iprovided by operating activities 16 (65,842) 24,813 C&8h flow8 from investing &ctivities Interest income Net additions and disposal of tan£ible fixed assets Cash (used iti)IprovAded by investing aotivities Increase/(Decrease) in cash and cash equivalents in the year Total cesh and cash equivalents at the beginni of the year Total cash and cash equivalents at the end of the ye 327 (400) (73) 440 (3,710) (3,270) 21,543 120,098 (65,915) 141,641 75,726 141,641
MUSEUM OF CAMBRIDGE PAGE 12 FINANCIAL STATEMENTS FOR THE YEAR ENDED 3 1ST MARCH 2025 NOTES TO THE FINANCIAL STATEMENTS ACCOUNTING POLICIES The principle accounting policies are summarised below. Tho accounting policie5 have been applied consistendy throughout the current and previous years. (a) BASIS OF PRPARATION Th¢ fmancial statements have been prepared in accordance with Accounting and Reporting by Charitie5,' Statement of Re¢ommended Practice applicable to charities preparing their accounts in accordance with the Financial R¢portiDg Standard appli¢abl¢ IT) thc UK and Republic of Ireland (FRS 102) second edition (¢ff¢ctive 1st January 2019) (chltieS SORP (FRS 102)), the Financial Reporting Standards applicable in the UK and Republic of Ireland {FRS 102) and the Cojnpanies Act 2006. Museum of Cambridge meets the defRnition of a public benefit entity under FRS 102. Assets and liabilities are initially rec4Jgnised at historical cost or transaction value unless otherwise stated in the relevant accounting policy nots(s), The Presentational currency of the fmancial statements is the Pound Sterling (£), The accounts are Prepared on a going concern b&sis. (b) FUND ACCOUNTING UnresiTiCted fund8 arc available for use at th¢ discretion of the trustees in furtherance of the general objectives of the charity. Restricted funds are subjected to restrictions on their expenditure imposed by the donor. (c) INCOME RESOURCES All incorning resources are included in the statement of financial activities when the clwity is entitled to the income and the alnount can be quantified with reasonable accuTacy. The following specific policies are applied to particular categories of income.. Voluntary incomc is received by way of donations and gifts and is included in full in the Staternellt of Financial Activities when receivable. Donatsd services and facilities are included at the value to the charity where tbis can be quantified, The value of s¢rviccs provid¢d by volunt¢crs has not been included in these accounts. Investment income is included when receivable. Incoming resources from trading through thc chaTity's museum shop are accounted for when earned. Incoming resources ftom grants, whgre related to peTfoLinan¢e and specific deliverables are aCcOLted for as the Charity earns the right to consideration by its perfom)ance. (d) RESOURCES EXPENDED Expenditure is recognised on accrual basis as a liability is incurred. Expenditure includes any VAT which annot be recovered, and is reported as part of the expenditure to which it relates: Costs of generating funds Comprise the costs associated with attracting volunw income and costs of trading for timdraising puryoses including the charity's museum shop and café. Charitable expenditure comprises those costs infju by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirgct nature necessary to support them.
MUSEUM OF CAMBRIDGB PAGE 13 FINANCIAL STATEMENTS FOR THE YEAR ENDED 3 1ST MARCH 2025 NOTES TO THE FINANCIAL STATEMENTS Governpncc Gosts include those costs assoGiatcd with m¢¢tillg the constitutional and statutory requirernents of the charity and include the independent exarninatioll fees and costs linked to the operation of the charty's management committee. These L*re now included within the Charitable expenditure on the Statement of Finan¢ial Artivitics in accordance with th¢ new SORP and FRS 102. {e) FIXED ASSETS Fixed assets (excluding investments) are stated at cost less accumulated depreciation. The ¢05ts of minor additions, i.e. those rosting less than £1,000 are not capitalised. Depreciation is provided at rates calculated to write off the cost of each asset over its expect¢d useful life. Equipment is depreciatsd at a rate of 250/0 straight line basis. Hltage Assets are Gapitalised when sp¢cifical]y purchased. Each asset is reviewed yearly and value amended for any impairment. Due to the nature of assets held as heritage assets the trustees feel it is not appropriate to depreciate thesc. DONATIONS AND LEGACIES Unrestricted Restricted Funds Funds 2025 2025 Total Unrestricted Restricted Funds Funds Funds 2025 2024 2024 Total Funds 2024 12,176 351 12,527 39,116 39,116 ]NCOME FROM CHARITABLE ACTIVITIES Unrestricted Restricted Funds Funds 2025 2025 Total Unrestricted Restricted Funds Fund5 Fund8 2025 2024 2024 Total Funds 2024 Income alld Grallts.. Canridge Together (Cambridge City Council) Comie¢ting Cambridge (Cambridge City Council) Rellt waived (Cambridge City Council) L£gacies of Windrush in Cambridgeshire (Arts Council England) Capturing CaD]bridgeshirc (individual donor) Firm Foundations, Flourishing Futures (NLHF) Head Start (MDSE & PEM) Loan Box SGh¢me (Co-op Local Community Fund) Steps to Sustainability (The National Lottery Heritage Fund) Museum Making (The National Lottery Heritage Fund) SHARE Fundraising Network Restoring Cambridgeshire's Artistic Heritage (AIM Arts Scholars Brighter DS ) Small Grants Schcme (CambrAdg¢shire City Council) Untold Stories (University of Cambridg¢ Publir Engag¢rnent) Venue Hire Development Fund (Heritage Compass Comrllunity Grant) Clfwd lo pAge 14 32,979 32,979 30,500 26,000 30,500 26,000 26,000 26,000 19,457 19,457 24,321 24,321 15,697 15,697 89,811 5,381 89,811 5,381 450 450 10.000 10,000 19,389 300 19,389 300 6,500 6,500 750 750 4,000 4,000 4,998 4,998 184,878 184,878 131.655 131,655
MUSEUM OF CAMBRIDGE PAGE 14 FINIINCTAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2025 NOTES TO THE FINANCIAL STATEMENrs Unrestricted Restricted Funds Funds 2025 2025 Total Ujjrestncted Restricted Funds Funds Funds 2025 2024 2024 Total Funds 2024 Blfwd froln page 13 Mu8euM and Sho Slw and food sales Admission8 Lectur¢s, school trips alld events Other income, including hire 184,878 184,878 131,655 131,655 19,775 45,053 6,841 7,052 19,775 45,053 6,841 7,052 15,799 43,409 2.797 5,180 15,799 43,409 2,797 5,180 78,721 184,878 263,599 67,185 131,655 198,840 INVESTMENT INCOME Total Unrestrkcted Funds 2025 Total Unrestricted Fund8 2024 Bank interest 327 440 Costs of Raising Charitable Funds Activities Total 2025 Purcha8e8 Staff costs Premises Gosts (including maintenance) Administration Depreciation 10,730 10,730 144.381 74,653 68,827 1,512 144,381 74,653 68,827 1,512 10,730 289,373 300,103 CbaTitable activities are further analysed between direct cknitable a¢tivitie8, SUPPOrt' and governance costs a8 follows.. Direct Cbaritable Costs Support Governance Costs C08ts Total 2025 Staff costs Premises costs (including maintenance) Administration Depreciation and profil on disposal 144,381 74,653 66,578 144,381 74,653 68,827 1,512 2,249 1.512 285,612 1,512 2,249 2S9,373 5b. EXPENDITURE. PRIOR YEAR Costs of R&ising Charitable Funds Activities Total 2024 PureleS Staff co8ts Premises costs (including n]aintenance) Administration Depreciation and profit on disposal 7,991 7,991 148,126 49,645 63,648 1,847 148,126 49,645 63,648 1,847 7,991 263,266 271,257
MUSEtJM OF CAMBRIDGE PAGE 15 FTNANCIAL STATETs FOR THE YEAR ENDED 31ST MARCH 2025 NOTES TO THE FINANCIAL STATEMENTS 5b. EXPENDTFURE . PRIOR YEAR continued Charitable a¢tiviti¢8 are further analysed between direct charitable activities, Support and governance costs as follows.. Direct Charitable Costs Support Governance C08ts Cost8 Total 2024 Staff costs Premise8 Costs (including maintsnance) Administration Depreciation 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 NET tNCOME FOR THE YEAR Thi8 IS stated after Charging: 2025 2024 Depreciation and loss on disposal Independent examiners fees 1,512 2,249 1,847 2,478 STAFF COSTS AND NLfMBERS Total staff costs were as follow8.. 2025 2024 Wages and salaries (including pension8} Social security costs 138,081 6,300 141,790 6,336 144,381 148,126 No employee rec¢ived eolUments of nwre than £60,000. The average number of employees during the year, Calculated on the basis of fi-tIrne equivalents was as follows.. 2025 Number 2024 Number Administrative and curatorial staff The key management personnel of the Museun] of Cambridge are considered to be the Board of Truste¢s who receive no rernuneration. TRUSTEE REMUNEIL4TIONAND RELATED PARTY TRANSACTIONS No membcrs 0£ the management con)mitt¢¢ received any remuneration or expenses during the current or previous year. No trustee or other person related to the charity had any personal tnterest in any contract or tran8a¢tion entered into by the charity during the eurrent or previous year.
MUSEUM OF CAMBRIDGE PAGE 16 FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 ST MARCH 2025 NOTES TO THE FINANCIAL STATEMENTS TAXATION The company is considered to pass the tests set out iti Paragraph I Schedule 6 of the Finance Act 2010 and therefore it meets the defmition of a charitable company for UK COryOTation tax puryoses, Accordingly, the company is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part I l of th¢ Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or g&in8 are applied exclusively to charitable purposes. IO& TANGIBLE FIXED ASSETS - CURRENT YEAR Heritage Asset., Equipment Painting Total COST At 1st April 2024 Additions 44,298 400 46,000 90,298 400 At 3 1st March 2025 44,698 46,000 90,698 DEPRECIATION At 1st April 2024 Clwge for the y¢ar At 3 1st March 2025 40,452 1,512 41,964 40,452 1,512 41,964 NET BOOK VALUE 31 ST MARCH 2025 2,734 46,000 48,734 lob. TANGIBLE FIXED ASSETS - PIUOR YEAR Heritage Asset,. Equipment Painting Total COST At IstApril 2023 Additions 40,588 3,710 46,000 86,588 3,710 At 3 1st March 2024 44,298 46,000 90,298 DEPRbCIATION At 1st AprRI 2023 Charge for the year At 3 1st March 2024 38,605 1,847 38,605 1,847 40,452 40,452 NET BOOK VALUE 31 ST MARCH 2024 3,846 46,000 49,846 I I. DEBTORS 2025 2024 Trade debtors Other debtors 1,468 2,083 828 3,178 3,551 4,006 12. CREDITORS: AMOUNTS b"ALLING DUE WITHIN ONE YEAR 2025 2024 Tradg creditors Other creditors and accruals Deferred income 2,363 9,401 5,800 1,159 6,038 55,095 17,564 62,292
MUSEUM OF CAMBIUDGE PAGE 17 FINANCIAL STATEMENTS FOR THE YEAR ENDED 31s'r MARCH 2025 NOTES TO THE FINANCLAL STATEMENrs 13a. MOVEMENT IN LfNRESTRICTED FUNDS Balance at 1st April 2024 Balance at 31st March 2025 Income Expenditure Transfer Goneral lld 42,023 91,224 (118,041) 20,737 35,943 13b. MOVEMENF ]N UIqRESTRICTED FLTNDS PRtOR YEAR Balance at 1st Ilpril 2023 Balance at 31st March 2024 Income Expenthture Transfer General fimd 81,506 106,741 (156,662) 10,438 42,023 14a. MOVEMENf IN RESTpJcfED FUNDS . CURRENf YEAR Balance at 1st April 2024 BF41ance at 31 st March 2025 Income Expenditure Transfer Rent waived (Cambridge City Council) Painting Fund Generation Cambridgesht (Allan Brigharn Fund) Capturing Cabridgeshire (individual donor) Collections Proj¢cts The Foyle Foundation Share Fun(traising Network (various thnders) Generation Cambridgeshire (Jolm Coates Charitable Trn8t} Conllecting Cambridge & Cambridge Together (CambrAdge City Council) Legacies ot Windrush in Cambridgeshire (Arts CounGil England) Loan Box Scherne (Co-op Local Community Fund) sops to Stainab111tY (Th¢ National Lottery Heritage Fund) Museum Makmg (The National LA)ttery Heritage Fund) Venue Hire Development Fund (Heritage Cornpas8 Community GranÉ) Firni Foundations, Flouri8hing FutleS INLHF) Generation Cambridgeshire (various fi]nders) Head StarL (MDSE & PEM) Restoring Cambridg¢shire's Artistic Heritage (AIM Arts Scholats Brighter Days) Small Grants Scheme (Cambridg¢shire County Council) Untold Stories (University of Cambridge Public Engagement) 26,000 (26,000) 46,000 3,000 3,283 5,755 614 46,000 (3,000) 3,283 (4,995) (760) 614 2,410 (2,410) I,ioi 32,979 (29,417) (4,663) 24,321 450 19,457 (24,031) (266) 19.747 (184} 802 (802) 2.162 (2,162) 4.969 (4,969) (73,358) (183) (5,381) 89,811 351 5.381 (12,800) (168) 3,653 6,500 (6,500) 750 (750) 4,000 4,000 94,867 185,229 (182,062) (20,737) 77,297
MUSEUM OF CAMBRIDGE PAGE 18 FINANCIAL STATEMENfs FOR THE YEAR ENDED 31ST MARCH 2025 NOTES TO THE FINANCIAL STATEMENrs 14b, MOVEMENT fN RESTRICTED FUNDS . PRIOR YEAR Balance at 1st April 2023 Balance at 318t March 2024 Ineorne Expenditure Transfer Rent waived (Cambridge City Councll) Painttng Fund Generation Cambridgeshire (Allan Bngham Fund) Canridge Voices (Cathbridge City Council) Capturing Cambridgeshire (individual donor) Collections Projects The Foyle Foundation Share Fundraising Network (various fulerS} Generation Cambridge8hire (Jolm Coates CharAtable Trust) Connecting Cambridge (Cambrictge City Council) LeEacie8 of Windn]sh in Cambiidgeshire (Arts Couttcil England) Loan Box Scheme (Co-op LoGal ComEnunity Fund) Step8 to Su8taitiabilxty (The National Lottery Heritage Fund) Museum Malung (The Nation31 Lottsry Heritage 26,000 (26,000) 46,000 3,000 3,872 6,699 25,000 674 46,000 3,000 (3,872) (2,438) (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 Hire DeVelOpent Fund (Heritage Compass Community Grant) 4,998 {29) (114,595) (10,438) 4,969 88,245 131,655 94,867 Rent waived (CCC).. Rent on th¢ Whit¢ Horse inn at c.£26,000 per atmum waived for an additional year. Generation Cambridgeshtre (Allan Biigham Fund and Joljn Coats Clwitable Trust) . a project to explore the ways that 5chool8 can ¢ngag¢ with the history of Castle Hill and their local areas, providing the launch pad for further &llli¢ipated fLmding. Cambridge Together (CCC): a thnd lo suppoil ellgageent and activities both at the Museum and offsite through the Museum on a BC programrlle, and Little Feet, Big Lmpres810ns. Loan Box Scheme (Co-op Local Community Fund).. a fund to support the creation of handling boxes to be used by COnnunIty and school groups. Steps to Su8tainabiJity (National Lottery Heritage Fund).. a guided project and bugitiess developnlent fund to support tbe Museurn to develop its retail offer through expert guidance and investm¢nt, Untold 5torie8 (University of Cambridge Public Engagement),. tbe Museum of Cambridge acted as the cultural parit on a mulli-charity co-production research project to support and enable communiLy led research topics facilitafrd by the Department of Public Engagem¢n¢. The charity partners were Romsey Mill, CathrAdge Etbni¢ Community Forlml, Abbey Peopl¢, Creative Fenland (Catnbridge cotnU1tY Arts), HeadStArt (Mu8eunts Development Soiith East and PEM): a project to work with local secondary School students who learned skills in museum curation. r.unding from Gorporafr sponsor PEM enabled student8 to produce original artworlc to go on display during the Educating Camknidge exhibition. Small Grants Scheme (Cambridgeshire County Council): a small grant to rnn a D]arketing photoshoot for the mu8eum's n]arketing and audience developinent. Venue Hire Developrnent Fund (Heritage Compass Con)munity Granl): a fund lo gupport the MugeuftL to launch its venue hire revenue stream, including capilal improvemellts and investment in nwketing. Firm Foundations Flourishing Futures (National Lottery Heritage Fund)". a project focused on building resilience in the organisatioJ through conmiercial and ndraIs1Thg activity. Supported the prograullne of talks and ev¢nt8 in 2024-2025. The Foyle Foundatiott Collections Project: A project ain]ed at d¢veloping the care of collection and fostering more opportunities for the public to engage in our collection. Sbare FundTai8ing Nstwork (Various funders): the Museum's Director is Chair of the regions Fundraising Network which orgliSeS training and 8UPPOrt for llBeIL ndialser8. Restoring C&tnbridgeshire's Artistic Heritage (Association of Independent Museums Arts ScholaTs).' a grant re¢eived to deliver improved environmeiital monitoring of the colleGtLOn.
tUSEUM OF CAMBRIDGE PAGE 19 FINANCIAL STATETs FOR THE YEAR ENDED 31ST MARCH 2025 NOTES TO THE FINANCIAL STATEME'NTS 14b. MOVEMBNT IN RESTBJcfED FUNDS . coNfiNUED Legacies of Windrush in Canthridgeshire (ArL8 Council England): a 18 month project in partnership with the African Caribbeall Research Group to d¢v¢lop an ¢xhibilion and progranllne around tILe stories of Windrush elders in Cambridgeshire. 15a. ANALYSIS OF ASSETS BETWEEN FUNDS . CURRENT YEAR Total at 31st March 2025 Tangible Net current Fixed Assets assets General fund Restricted fimds 2,734 46,000 33,209 31,297 35,943 77,297 48,734 64,506 113,240 15b. ANALYSIS OF ASSETS BETWEEN FUNDS - PRIOR YEAR Total at 3 1st March 2024 Tangible Net Current Fixed As,8¢ts assets General fulld Restricted fillS 3,846 46,000 38,177 48,867 87,044 42,023 94,867 49,846 136,890 16. RECONCILIATTON OF NET MOVEMENT IN FUNDS TO NET CASII FLOW FROM OPERATING ACTIVITIES 2025 2024 Net expenditure Add back depr¢¢iation Deduct interest shown as investing activities Decrease in d¢btors (In¢rease}Idecrease iti stoc1< (Decrease)Ilncrea8e in crsditors NET CASH PROVIDED B Y OPERATING ACTIVtriES (23.650) 1,512 (327) 455 896 (44,728) {65,842) (32,861) 1,847 (440) 7,153 (1,247) 50,361 24,813