## The Geffrye Museum Trust
Annual report and accounts 2021-2022 For the period 1 April to 31 March
Company Number: 2476642
Charity: 803052
HC 845
## The Geffrye Museum Trust
## Annual report and accounts 2021-2022
For the period 1 April to 31 March
Presented to Parliament pursuant to Article 6 (2) (b) of the Government Resources and Accounts Act 2000 (Audit of Non-profit making Companies) Order 2009 (SI 2009 No.476)
Ordered by the House of Commons to be printed on 19[th] December 2022
HC 845
- © Crown copyright 2022
This publication is licensed under the terms of the Open Government Licence v3.0 except where otherwise stated. To view this licence, visit nationalarchives.gov.uk/doc/open-government-licence/version/3.
Where we have identified any third party copyright information you will need to obtain permission from the copyright holders concerned.
This publication is available at www.gov.uk/official-documents.
Any enquiries regarding this publication should be sent to us at info@museumofthehome.org.uk .
ISBN 978-1-5286-3720-6
E02806766 12/22
Printed on paper containing 40% recycled fibre content minimum
Printed in the UK by HH Associates Ltd. on behalf of the Controller of His nery Office.
|CONTENTS||
|---|---|
|TRUSTEES AND PROFESSIONAL ADVISORS|1-2|
|STRATEGIC REPORT 2021-22|3-27|
||28-29|
|REMUNERATION REPORT|30-32|
|GOVERNANCE STATEMENT|33-40|
|RESPOSIBILITIES|41-42|
|THE CERTIFICATE AND REPORT OF THE COMPTROLER AND AUDITOR GENERAL|43-48|
|TO THE MEMBERS OF THE GEFFRYE MUSEUM TRUST AND HOUSES OF PARLIAMENT||
|STATEMENT OF FINANCIAL ACTIVITIES|49-50|
|BALANCE SHEET|51|
|STATEMENT OF CASH FLOWS|52|
|NOTES TO THE FINANACIAL STATEMENTS|53-73|
MUSEUM OF THE HOME (THE GEFFRYE MUSEUM TRUST) ANNUAL REPORT AND ACCOUNTS YEAR ENDED 31 MARCH 2022
Directors and Trustees: The directors of the charitable company (the charity) are its trustees for the purpose of charity law and throughout this report are collectively referred to as the trustees.
The trustees serving during the year were as follows:
Trustees appointed by the Secretary of State for Digital, Culture, Media and Sport:
Chair: Samir Shah CBE (to 15 June 2022) The Hon Caroline, Lady Dalmeny (from 1 October 2022) DCMS-appointed Trustees Alain Clapham (from 4 November 2021) Charles Colville (from 4 November 2021) Caroline Malone (from 4 November 2021) Elected Trustees: Janet Chapman John Forrester Christine Hanway Arthur Kay Robert Ketteridge Mercy Muroki Jonathan Newby Rania Nur John Shakeshaft (Chair: 16 June -30 September 2022) Professor Abigail Williams Director: Sonia Solicari Company Secretary: Graeme Silcocks Professional Advisors: Auditors The Comptroller and Auditor General National Audit Office 157-197 Buckingham Palace Road Victoria London SW1W 9SP Tel: 020 7798 7000 Solicitors Farrer & Co London WC2A 3LH Tel: 020 3375 7000 Bankers National Westminster Bank plc 180 Shoreditch High Street London E1 6HY Tel: 020 7729 2233
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The registered address of the charity is:
Museum of the Home (The Geffrye Museum Trust) 136 Kingsland Road London E2 8EA
Company registered in England, number 2476642.
Charity registered in England, number 803052.
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## STRATEGIC REPORT
## THE MUSEUM OF THE HOME
## Brief Description and History
The Museum of the Home is a specialist museum which explores the home over the past 400 years. It has outstanding collections and displays and is set in beautiful buildings and gardens and has a reputation for its high-quality learning and engagement programmes. It is known as one of
The museum is located in Hoxton, East London. It is set in grade 1 listed, eighteenth-century bequest from Sir Robert Geffrye, a City merchant and alderman whose wealth derived in part from trading with the East India Company, the Royal African Company and investment in the transportation of enslaved Africans. The Almshouses were sold in 1910 to the London County Council (LCC), and converted into the Geffrye Museum, which opened in 1914. Its collections of furniture and woodwork were intended to educate and inspire people working in the London furniture trade, then centred in nearby Shoreditch and Bethnal Green. In the late 1930s the museum was re-arranged into a series of period rooms and under the direction of the curator, Molly Harrison, the museum pioneered museum education services for schoolchildren in the postwar decades. In 1990, following the abolition of the Greater London Council (which had taken over from the LCC) the Geffrye Museum was transferred to an independent charitable company funded by central government. In recent years its purpose has been re-defined as the Museum of the Home, The Museum reopened to the public in 2021 after a major refurbishment.
## A New Museum
In June 2021 the reimagined Museum of the Home reopened with a doubling of public space including:
- New Home Galleries, taking
- Refreshed Rooms Through Time
- Improved Gardens Through Time open all year round and more accessible
- New Collections Library
- New informal Reading Lounge
- New Café with street access
- New entrance hub and visitor journey
- New interpretation of the almshouse story and the history of Robert Geffrye
- Revitalised shop offer, more commercially located
- New Studio space for hires and events
- New Learning Pavilion for groups and hires
- New families / school lunch room
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- Refurbished lecture room and kitchen
- New website
All new spaces are wheelchair accessible and throughout the building, care has been taken in detailing and provision to ensure ease of use for those with hearing and visual impairments.
The increased space and flexibility have boosted opportunities for both reengaging existing audiences and engaging new and different audiences. Since reopening, visitors have responded with enthusiasm - to the more diverse stories of home evident in our new displays and programmes, and to the warmth and passion shown by our dedicated Visitor Experience Team.
## Living Better Together
Crucially, the redevelopment has inspired a new vision, mission and brand which is more diverse, socially driven and eco-aware, with partnership working at its heart. Since reopening, the vision has had room to grow -
At the forefront of this new way of working is our Campaign for Change: Behind the Door . The Museum is working with the London Homeless Collective (LHC), a group of 25 homelessness charities, to raise awareness and shift perceptions of women and families experiencing homelessness. This is a unique partnership, representing a ground-breaking opportunity for the Museum to take an active stance on an important issue in the community and beyond and to bring about practical change. The theme of hidden homelessness has been woven into much of our past, present and future programming, from public talks, exhibitions and installations to our annual Festival of Home , and, crucially we donate 30% of our income raised and generated for the Campaign directly to our charity partners.
## Reflecting Modern London
Reopening has enabled our commitment to become a truly diverse organisation. With the new Artistic Strategy , we have rebooted our public programme to better reflect the diversity of modern London and better involve and serve our communities.
For example, Community Authors are engaging fellow visitors and leading the conversation on the future of our iconic Rooms Through Time with a focus on a wider representation of lived experience. This process places co-production at the heart of Museum practice and makes curatorial design making more open and transparent.
2021-22 has seen the Museum increase content across the site that addresses the origins of Robert the colonial practices that have contributed to the past and present identity of the UK home. Museum into the neighbourhood, building trust and engagement.
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We have overhauled our recruitment processes, including Board level recruitment, and are prioritising staff empowerment to drive change through active forums that focus on diversity, wellbeing, eco-awareness, pay and conditions.
## Post-Covid world
The impact of Covid-19 has necessitated a reassessment of the business plan and a greater focus than ever before on commercial income in line with our core values. More activities have been vid guidance and expanding our digital capabilities. We are working in a more agile way to monitor and adjust to visitor volume, Covid-19 safety measures for staff and visitors and changing income projections. With hope that the worst of the global pandemic i post-Covid world.
## OUR MISSION AND VISION
We exist to: Reveal and rethink the ways we live in order to live better together.
We are: A place to explore and debate the meaning of home past, present and future.
Using collections, content and programming to spark ideas and conversation. Working in partnership to be a force for change on issues affecting the ways we live.
## We work in ways which are:
Collaborative. We engage with many partners to make the Museum a welcoming and dynamic space for everyone .
Agile. We are flexible in the way we work, quick to adapt to change.
Risk-taking.
.
Eco-Active. Constantly looking for ways to be more environmentally sustainable and encouraging visitors to make eco-minded choices at home .
Diverse. We believe that a happy and diverse workforce encourages a happy and diverse audience.
## OUR OBJECTIVES
Our Vision in Action plan for 2021-22 laid out the following three objectives:
## **1.** Reopen and be known as the Museum of the Home
Building audiences and reach with spaces that welcome.
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## 2. Live Better Together
-focussed, story-led, cross-platform, in partnership and reflects the diversity of modern London.
## 3. Future Ready
Staff, money, buildings, the planet. Reflecting the diversity of modern London by 2025.
## REVIEW OF ACTIVITIES 2021-22
## 1. REOPEN AND BECOME KNOWN AS THE MUSEUM OF THE HOME
Building Audiences and Reach with spaces that welcome
## 1.1 Open our Doors
In June 2021 we reopened to the public following over three years of closure. Opening a new site with covid restrictions still in place was a huge challenge for both the existing teams and the new members of staff recruited for reopening.
In keeping with the sector, visitor figures were below pre-Covid levels by, on average 56%, and well below pre-covid predictions for reopening. Online donations however had exceeded expectations and visitor numbers are now beginning to rise steadily overall.
## Me dia coverage
Media coverage ran for several months ahead of the final June 2021 reopening date. This, combined with a burst of short lead activity, and a preview for more than 50 journalists, ensured many positive profile pieces and reviews in national, local, sector, design, art, architecture and lifestyle media in print, broadcast and online.
- Broadcast included BBC Radio 3, Monocle Radio and Hoxton Radio.
- Long-lead print coverage included pieces in ELLE Deco, Living Etc, The Simple Things and Tatler.
- Highlights of press coverage included:
- The Times
-
-
-
## Evening Standard
- Time Out
- Financial Times
- -openings in England in
- 2021
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- The new branding had its first major outing with a creative campaign that went live across our own channels from mid-May 2021 and advertising that ran in Hoxton station and the local neighbourhood.
The Statue of Robert Geffrye
2021-22 had continued to see much discussion, especially among visitors and local communities, on the future of the statue of Robert Geffrye. During this period, and in keeping with current government guidelines, the Museum has retained the statue in situ whilst acknowledging and exploring the Geffrye legacy in both on-site and online interpretation and programming - See Public Programme.
A Board statement reflecting the outcome of the exploration of the Geffrye legacy is available on
## 1.2 Audience First (More, different, deeper, wider)
2021-22 had been about connecting/re-connecting with our audiences and better understanding what they want and need from the Museum
- With Audience Agency we implemented post-visit email, face-to-face and website digital surveys. 75% of visitors agreed they could relate easily to the exhibitions they saw; 87%
- Data from these surveys form the starting point for Audience Development plans in 202223.
- We implemented our Visitor First initiative in Autumn 2021. Visitor First involves back of house staff regularly carrying out invigilation in the Museum galleries to gain first-hand knowledge of visitor needs and responses. In 2022-23 we will be reviewing how to make best use of shifts and training opportunities for staff to improve the visitor experience.
## 1.3 Think Digital
We have developed our digital capabilities in line with public demand for digital events and keeping pace with increased engagement on our digital channels
- There was an unsurprising spike in traffic to the Museum website around the opening. The most popular content was the Rooms Through Time and Home Galleries showing that visitors were keen to find out what they would see when visiting.
- We developed online streaming of talks and panel discussions as part of our Home Truths series. Much of this is now re-watchable content on our website.
- Year-on-year we closed 2021-22 with website traffic up by an average of more than 60%.
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- Our social media presence experienced strong growth, doubling in followers since we reopened and with greater reach. We closed the year with more than 66k social media followers in total. Our fastest growing and most engaged followers are on Instagram, with Twitter a close second and Facebook trailing in third place.
- Our charged digital audio guide was available from December 2021. Uptake is slower than we would like and we are addressing this in 2022-23 to ensure greater engagement.
## 2. LIVE BETTER TOGETHER
## 2.1 Public Programme
The reopening year saw a packed programme for different audiences, making full use of new spaces.
- Bearers of Home, BLKBRD Collective . Jun-Sep 2021. Banner installation on Kingsland Road Gardens. Celebrated the voiceless, people who experience homelessness, migrants and refugees. These were visible to all passers-by on the busy street as well as Museum visitors and were in dialogue with the Geffrye statue challenging who is venerated and why.
- Waiting for Myself to Appear, Michael McMillan . Jun 2021 Feb 2022. Film installation in the almshouse chapel. The three-screen work weaved together contemporary and historic stories through the voice of Alisha, a young British Caribbean woman growing up in a gentrified Hackney.
- Windrush Programme, 1970s Front Room, June 2021 onwards - Michael McMillan invited Zerritha Brown and Mia Morris to discuss their experiences of growing up with the 1970s front room, now a fil site.
- Holding the Baby, Polly Braden , June - August 2021. Photography, text and audio exhibition in the Room of Now. Focussed on the inequalities suffered by single mothers caused by Universal Credit. The show toured to the Arnolfini in Bristol from February to June 2022. Two of the images won a place in Taylor Wessing Portrait Prize exhibition run by the NPG in 2021.
- Stay Home , Public Collecting project. June 2021 onwards. Photography exhibition in entrance to Home Galleries. Images were taken by participants in our Covid-19 collecting project, with content also available online.
- Our Home Our Stories , Alaa Alsaraji, October 2021 January 2022. Interactive display in Annenberg Reading Lounge. opened up new ways of living and thinking, with content also online.
- Pet Life , Collaboration with Royal Holloway, University of London. Hands-on, familyfocused exhibition in lower Branson Coates. Inviting visitors to discover the joy, companionship and challenges our pets bring to the home.
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- 2050, UCL Institute of Healthcare Engineering and Liminal
- Space , Nov 2021 - Jan 2022. An immersive installation in Branson Coates where the home of the future became a reality. Drawing on leading research, it playfully imagined how our dwellings could be designed to help us live independently and well as we age, and support our changing planet.
- The Soft Prison , Artangel, Oct - Nov 2021. Exhibition in Temporary Exhibition Space bringing together the work of ten artists, exploring the contradictory nature of home.
- Home Truths, launched June, monthly online panel talk series. Why Women Why Now?, discussed the impact of homelessness on women and families and Who's holding the baby?, explored the benefits system in the UK and the ways in which single parents are affected by austerity.
## Collections management
Key collections management activity in 21-22 included the final relocation of the collection not on display to permanent storage in Lower Ground 05 (LG05), including large furniture, rolled textiles and framed works.
Another milestone from September 2021 included the opening of the Collections Research Library which became available in year together with our new collections access approach, making more of the collections available for visitors and research students.
## Festivals at the Museum
2021with the ambition to diversify -in and dive-in content. Good visitor numbers suggested the green shoots of post-covid recovery.
Festival of Belonging . Summer 2021. From panels and workshops, to drag and poetry, the whole Museum site came alive with an array of activities all exploring what belonging looks like at home, who's granted belonging and where people belong. Highlights included a key note from Shelter CEO, Polly Neate; and award-winning writer Onjali Q Rauf reading
a story of a friendship between a reformed bully and a homeless hero. We sold over 200 tickets for the talks.
Winter Festival , Oct 2021-Feb 2022. From Halloween to Hanukkah, Diwali to Lunar New Year, we hosted a range of celebrations for everyone. Hanukkah saw a display in the Rooms Through Time, co-curated by the Faith and Culture Forum and incorporating loans from the Jewish Historical Collection. Lighting up the Museum was a major installation by multi award winning designer Jessica Hung Han Yun, inspired by East Asian markets and the famous winter melon soup and part funded by Islington and Shoreditch Housing Association.
During the Festival the museum received 18,415 visitors with an average of 438 visitors a day. Yard Sale , March 2022. 50 makers, designers, stores magazine and partner charities gathered on the Museum lawns to sell stunning homewares from their studios, homes and shops with profits
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donated to the Campaign for Change. Over a thousand people bought tickets to shop and join in unique workshops throughout the day.
## 2.2 Homes Through Time (Rooms & Gardens)
We reopened the Museum with revitalised room displays and an ambition to rethink the role of the period room set for a twenty-first century Museum.
- Rhymes Through Time . With Poet Valerie Bloom MBE and illustrator Kremena Demitrova. Comprising four poems in response to each of the first four Rooms through Time. They address themes across gender roles and slavery for a family audience.
- 1970s Front Room . Curated by artist Michael McMillan, the popular West Indian Front Room from the 2005 exhibition at the Museum has returned as a permanent display in our Room Through Time, with associated programming.
- Community Authors . In Sep 2021 we recruited a team of eight Community Authors, who monthly research, plan, and collaborate in the Homes Through Time Redux project to rethink the period rooms displays. Their focus for early 2022 will be working with artist Kadir Karababa on an audio installation in the galleries. The project, One Song, is a community archive project engaging women from the diverse migrant communities of Shoreditch and Hoxton.
- Collecting . We were awarded an Art Fund Collecting grant to begin a collecting project for the Homes Through Times. Working with the Community Authors team the project aims to represent the diversity of London and tell stories of migration.
## 2.3 Charity Partner Project - Behind the Door
We launched Behind the Door in Winter 2020 with an appeal for Founding Sisters and held our first public engagement event, the online auction in March 2021.
With the London Homeless Collective we set joint objectives for the year 2021-22, all of which, have been achieved.
- We raised awareness to over 100 million people in person, through major events and online and in more in-depth ways at many intimate events, such as panel discussions and dinners.
- We told new stories to new audiences in new ways including coverage in Luxury London, House and Garden and the podcast Up with the Lark.
- We provided free event space for the LHC and its members.
- We hosted the launch of the first ever strategy to tackle female homelessness in London in February something which the partnership had supported and made possible.
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- We supported the opening of the first 24-hour drop-in centre for women in London, the Marylebone Project. We are delighted that our financial contributions supported women now having somewhere safe and welcoming to go at night.
- Our Creative Programmes supported the Campaign for Change with diverse content throughout the year.
## 2.4 Creative Learning
With our schools and young people returning to Museums post-pandemic our creative learning programmes are growing and expanding with an ambition to be issues-led addressing the topics that participants want to talk about.
- Associate Schools Programme . Working with children from three local primary schools, providing artist-led creative activities for children in year 4. Every child was awarded Arts Award Discover through this programme. The theme for 2021-22 year was Tomorrowland, sharing hopes for a better future in 2050 in Hackney, including discussion of housing, both in terms of city planning and equality.
- Families. We have been developing our family offer in response to the Room and Gardens Through Time and Home Galleries, with backpacks, activity sheets, handling collection and the Kremena Dimitrova/Valerie Bloom poetry commission.
## 2.5 Our Communities
With great new Museum spaces, we are hosting communities on-site and also getting out and about across London
- East and South East Asian Programme . With particular focus on working with the Vietnamese diaspora. The first public outcome was Roots: Home Grown, an intergenerational film about four gardeners from the Vietnamese community, and a pop-up exhibition around the significance of Vietnamese domestic gardens. The Museum has recruited a collective to help shape our first archive artist residency- to unlock and share archive material with the UK Vietnamese population and wider public.
- Tea Wagon by YARA + DAVINA. Launched in summer 2021, this project had been working with local communities to create a custom tea blend. The tea wagon had been activated around the Arden Estate, sharing tea, collecting flavour feedback and running workshops exploring stories of tea and the meaning it has in our home lives.
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- Hackney Food Bank . Since July 2021 we have been developing a partnership with Hackney Food Bank thinking about compassionate values and Happy Museum principles as a way of framing this work in 2022-23
## 2.6 Active Research/Public Showcase
We continued our productive partnership with Queen Mary, University of London through the Centre for Studies of Home, an international hub for research on home, past, present and future which exists to deepen and diversify understandings of home for academic and public audiences. We've also made our collections more accessible to anybody wanting to conduct their own research and find out more about home and home-life. Key initiatives included:
- Stay Home Stories rethinking the domestic in the Covid-19 pandemic, funded as part of the UKRI rapid response to Covid-19. AHRC In partnership with the Museum of the Home, National Museums Liverpool and the Royal Geographical Society (with IBG). `o` Artist-in-residence: Alaa Alsaraji
- Academic partners: Prof. Alison Blunt (PI) Prof. Alastair Owens (CI) and PDRAs Dr Miri Lawrence, Dr Eithne Nightingale and Dr Annabelle Wilkins, Queen Mary University of
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London.; Dr Kathy Burrell (CI), Prof. Georgina Endfield (CI) and Dr Jacqueline Waldock (PDRA), University of Liverpool. Dr Olivia Sheringham, Birkbeck University of London
- Home-making in Brexit Britain: Black women and the British grammar of race `o` Dr Azeezat Johnson, Leverhulme Trust Early Career Fellow, Queen Mary University of London
- In September 2021 the Collections Library opened to researchers and artists in residence. Callum Perrin ran a print workshop exploring the textures of home in March 2022 as one of the outcomes from his project.
- Unlimited Commissions partner Bobby Baker used the library to research content for their upcoming project
- The library was used by 16 researchers from September 2021 to March 2022.
## 3. FUTURE READY
Staff, money, buildings, the planet. Reflecting the diversity of modern London by 2025.
## 3.1 COVID Recovery
The museum reopened in June 2021 during on-going uncertainties posed by the Covid-19 pandemic but with signs of recovery towards the end of the period
- As experienced across the sector, visitor uptake was slower than anticipated through to 31 March.
- Reduced visitor numbers had a significant impact on our retail and particularly commercial operations, including the café which produced no return for the museum.
- We have had to take an agile response to business planning adjusting expectations and responses regularly.
- DCMS has continued to support the museum with additional Grant in Aid as a response to lost revenue.
- As we move through 2022, visitor numbers are gradually recovering along with retail and commercial activity.
## 3.2 Enterprising, Resilient, Sustainable
Maximising income across all that we do; maintaining and enhancing buildings, gardens and collections.
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## ACE
We are grateful for another year of Arts Council support of £244K, including the year long extension due to the pandemic. We have been advised by DCMS that they have advised ACE that -23 will be the final year that we enjoy this benefit.
## Fundraising
The Museum of the Home staff and Board of Trustees offer huge thanks to all our funders for their much valued support during a challenging but exciting year.
## Trusts
Income from trusts was lower this year as applications focused on emergency funding rather than project work. Key successful bids:
- . £14,313 from the Shoreditch and Hoxton Art Fund and
- £3,000 from the Robert Gavron Charitable Trust.
- Rooms Through Time Redux. Art Fund awarded £20,000 to Louis Platman through the New Collecting Awards.
- Windrush Day. £15,500 from the Windrush Day Grant Scheme towards a series of events to celebrate Windrush Day.
- Learning programme. £7,000 for our learning programme from the Lennox Hannay Charitable Trust and William Brake Foundation.
- Core Funding. £10,000 from the Headley Trust.
## Corporate partners
This year saw support for key change-making projects from our corporate partners.
- UBS pledged £45,000 over three years towards the creation of the Discovery Garden.
- Neptune signed up as corporate member and will be working with the Museum to produce digital content and events.
- Further in-kind gifts and loans were secured from Conran and Eataly.
## Friends/Patrons
- 27% of Friends are new memberships from this past year showing that there is ongoing interest in the scheme.
Online Direct Debits were introduced in the autumn offering a reduced rate on membership, this will ease the pressure on renewals in future years.
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## Individual giving
- Visitor Donations . Following the reopening of the Museum, small scale donations surged with more than £28,000 coming in through ticket donations. Donations through contactless points across the Museum exceeded target bringing in over £20,000, with a conversion rate of 7%. This was topped up with almost £2,000 in cash donations. These smaller donations resulted in a significant boost to the additional income secured through Gift Aid.
- Behind the Door . In total, the Yard Sale - see Creative Programmes - raised over £45,000 for the Campaign, The campaign has continued to be backed by the Founding Sisters each donating £3,000.
- An external events committee provided key support on organising events for the campaign to whom we are enormously grateful: Carolyn Asome; Christine Chang Hanway (also a Trustee of the Museum); Twig Hutchinson; Deborah Johnson; Ali Moss-Thomas.
- During the year the campaign raised nearly £64,000 with 30% of this being donated directly to the London Homeless Collective. In additions, the Museum has also provided free event space for LHC and its members worth nearly £3,000.
- Legacies . We received a small top up to the larger legacy accrued last year. No further legacy income has been received and development of this support remains part of the five-year plan.
## Statement on fundraising practice
Fundraising is undertaken by a small professional team, which works towards achieving best practice as defined by the Codes of Fundraising Practice. We continue to review the codes and take on new guidance, particularly in relation to data protection and the protection of vulnerable people and ensuring no undue pressure is experienced by members of the public. We have in place a process for recording complaints to support this activity. There were no complaints made in 202122 (2020-21: None)
## Retail
Our commercially successful ranges fulfil many of our strategic aims ethically and sustainably and celebrate craftsmanship in both form and function. We proudly collaborated with local suppliers to bring new designs and exclusive commissions.
- The Museum shop re-opened in June 2021 to critical acclaim and commercial success. It was reviewed in The Times as '...divine. It might be the best present-shopping spot in conversion of 17%, £14.30 transaction value and a 52% profit margin for the financial year.
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- 800 product lines were sourced, 20% of which were bespoke and exclusive. These included three designer-maker collaborations, five Museum archive-based ranges, and visit.
- A Vintage Textiles range
- S for our ceramic plate buttons, designed in collaboration with illustrator Christine Berrie for our Domestic Gamechangers inspired range.
- Launching with a capsule collection from our bespoke ranges, our online shop had an incredible first 9 months. With a conservative initial income budget of £1k, we ended the year with gross sales of 7.7k, which was 4% of the total retail sales for the Museum. We shipped out 218 orders to customers all around the world, with an average order value of £35.30.
- Artist Morag Myerscough and poet Lemn Sissay produced a limited edition print to raise money for our Behind the Door campaign. We have sold over 100 limited edition prints at our events, in our award-winning shop and online.
## Commercial Hires
The commercial hires were greatly impacted by the pandemic as clients delayed or postponed events but there have been many successes too:
- We obtained a licence from Hackney Council to host weddings and civil ceremonies inside the venue- attracting local residents and new audiences. We look forward to offering outdoor ceremonies and celebrations in 2022 under the licencing amendment of March 2022.
- Versatile new spaces were popular for a range of events including intimate weddings, in booking as covid-restrictions eased in early 2022.
- We expanded our list of preferred suppliers to include more varied price-points and sustainable or eco-friendly choices. We also included local social enterprises such as Munch
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London Homeless Collective.
- Our hire partnership with KIN London has continued. In 2021, KIN managed 21 events between March and September generating £67,921.25 of income for the Museum.
## Café
- opened to the public in May with the lease-holders, Natural Cafes Limited, running
- day to day operations. A warm review in the Evening Standard by critic Jimi Famurewa
- Ongoing and changing Covid-restrictions and recruitment of staff has been difficult as was common in the sector.
- By the end of the financial year Natural Cafes Limited had decided to give notice on their lease and an exit plan was October to ease opening issues, the Museum remaining liable for business rates, some utilities and legal costs.
## 3.3 Amazing Place to Work
2021-22 saw staff returning to the workplace following the pandemic and the recruitment of new staff to open the new Museum.
At the Museum of the Home we want to ensure our staff have a voice and feel listened to, especially through challenging times.
- High staff turnover has been a significant challenge for the Museum in 2021-22 a combination of completing a capital project, the pandemic, and the ongoing impact of the statue.
- Reopening under covid restrictions placed a huge burden on staff testing and embedding new processes across the site. Many systems began to bed in by the end of the financial year with clear plans for improvements in 2022-23, especially around rotas and ticketing.
- Staff forums with representation across all teams, are driving change at the Museum. Training for employee representatives was delivered in October 2021, which proved an essential tool to equip representatives of all employee groups at the Museum with consultation and communication skills.
- Voices for change - interrogating diversity and inclusion across the organisation, with reporting responsibilities for the Modern London Action Plan - EDI programme. The forum has produced an inclusive language document for staff
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MUSEUM OF THE HOME (THE GEFFRYE MUSEUM TRUST) ANNUAL REPORT AND ACCOUNTS YEAR ENDED 31 MARCH 2022
and planned training on inclusive communications and disability awareness to take place in 2022-2023.
- Wellbeing Group - The outcomes of a 2020 staff wellbeing survey initiated by the group has informed work this year including: changing time, frequency and format of staff meetings so that more staff are able to attend; return to work in the offices as covid restrictions eased; provision of Mental Health First Aiders; support of SharePoint rollout across the Museum.
- Staff Council - a formal mechanism where SMT listen to and act on employee voice. Since July 2021, the Staff Council has raised its profile and played a key role in consulting with staff about two key initiatives tabled by SMT the Visitor First programme, and the Staff Bonus and Recognition scheme.
- Sustainability Forum driving environmental initiatives at the Museum the forum begun to establish quantifiable benchmarks that can be reported against in future periods. During the year the forum promoted the idea of sustainable work practices across all museum departments and all activities including the use of sustainable materials and recycling wherever possible.
- Diversity and Inclusion Staff Questionnaire. A key activity for D&I and the Modern London Action Plan relates to staff data collection. In 2021-22 all employees were asked to complete our D&I questionnaire. This was the second time staff were asked to submit this information and provided the basis for our first Like For Like comparison February 2021 vs December 2021. Progress towards representing the diversity of Modern London by 2025 has been slower than hoped with plans for improvement in 2022-23 as new recruitment processes bed in.
- On 1 March we launched our new EAP (employee assistance programme) and benefits service with Spectrum Life. They replace our previous provider with a much improved offer such as nutrition and
- mindfulness. The aim is to help build and maintain staff wellbeing with a more holistic approach.
## 3.4 Eco-Active
Our Eco-manifesto sets out the process and procedures expected to deliver the aspirations of the Museum. The emphasis of the last quarter of the year was to establish sustainable and green work practices which will deliver on the manifesto ambitions including the drive to reduce energy
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MUSEUM OF THE HOME (THE GEFFRYE MUSEUM TRUST) ANNUAL REPORT AND ACCOUNTS YEAR ENDED 31 MARCH 2022
consumption wherever possible, manage waste effectively, procure sustainable materials and embed eco-awareness into programme development and content.
## 3.5. Modern London Action Plan
The aim of this plan is for the Museum of the Home to reflect the diversity of modern London through our staff, Board, programming, collections and commercial activities by March 2025, with demonstrable year-on-year progress.
All of the aims are reflected throughout the Annual Report but for ease of access and focus are web-site.
## PERFORMANCE INDICATORS
The key indicators in the following table are those reported to DCMS as part of the Management Agreement. These are the principal measures used by the museum in strategic forward planning. Visitor demographics are measured through Visitor Surveys conducted at regular intervals.
|||2021-22|2020-21|
|---|---|---|---|
||Access|||
|1|Number of visits|68,954|163|
|2|Number of unique website visits|201,561|276,695|
||Audienceprofile|||
|3|Number of visits bychildren under 16|9,507|38|
|4|Number of visits by UK adult visitors aged 18
and over from NS-SECgroups 5-8|3,567|8|
|5|Number of visits by UK adult visitors aged 18
and over from an ethnic minoritybackground|7,134|15|
|6|Number of visits by UK adult visitors aged 18
and over who consider themselves to have a
limitinglong-term illness,disability,or infirmity|2,972|6|
|7|Number of overseas visitors|n/a|n/a|
||Learning/outreach|||
|8.1|Number of facilitated and self-directed visits to
the museum by children under 18 in formal
education|1,189|0|
|8.2|Number of instances of children under 18
participatingin on-site organised activities|3,088|0|
|8.3|Number of instances of children under 18
participating in outreach activities outside the
museum|0|38|
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|9.1|Number of instances of adults aged 18 and over
participating in organised activities at the
museum|2,514|0|
|---|---|---|---|
|9.2|Number of instances of adults aged 18 and over
participating in outreach activities outside the
museum|1,342|125|
||Visitor satisfaction|||
|10|% of visitors who would recommend a visit|98%|98%|
||Self-generated income|||
|11.1|Admissions income|-|-|
|11.2|Tradingincome netprofit(loss)|£ 13,272|£(74,230)|
|11.3|Fundraisingincome|£322,531|£346,517|
||Regional impact|||
|12|Number of UK loan venues|1|1|
The Performance Indicators show visitor numbers during the year following the museum reopening in June 2021. The visitor numbers are based on events and other attractions which were held where possible. Trading activity instigated again as the museum reopened resulting in a small profit as indicated at 11.2. Fundraising continued to operate in a challenging environment but the team remained focused and positive and produced a strong return for the year under difficult circumstances. Visitor satisfaction remains consistently high year on year.
## FORWARD PLAN
strategic aims and objectives for the period 2020-21 to 2021-22 are summarised below. For further detail please refer to our Vision in Action (formally: Corporate Plan) 2022-23 to 2025-26.
## Aims and Objectives
The 2022-2026 strategic plan is informed by our vision that the Museum of the Home exists to reveal and rethink the ways we live, in order to live better together. We are a place to explore and debate the meaning of home past, present, and future. We use our collections, content, and programming to spark ideas and conversation, and work in partnership to be a force for change on issues affecting the way we live.
We will now be doing this in a context which has been significantly changed by the impact of Covid19 on commercial and self-generated income, and on the need to ensure we operate safely and within Covid-19 guidelines on social distancing
transformation, realise its vision, and deliver a first-class visitor experience.
Over the next four years we will realise our vision through the following three objectives:
**1.** Known as the Museum of the Home
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MUSEUM OF THE HOME (THE GEFFRYE MUSEUM TRUST) ANNUAL REPORT AND ACCOUNTS YEAR ENDED 31 MARCH 2022
Building audiences and reach with spaces that welcome. See Audience Development Plan and Reflecting Modern London Action Plan
Key strands:
- Build a strong identity. Review branding; focus on promoting flagship programmes; badging our existing offer with year of the Garden; progress plans to relocate the statue of Robert Geffrye.
- Audience first (more, different, deeper, wider) . Grow audiences with better audience data, analysis and evaluation. Deep understanding of visitor experience and expectations embedded across all Museum functions.
- Think digital. Stand-alone digital content reflecting on-site programming, be known for our unique online shop; review layers of engagement and interpretation on-site.
## **2.** Live Better Together
-focussed, story-led, cross-platform, in partnership and reflects the diversity of modern London. See Artistic Strategy and Reflecting Modern London Action Plan .
Key strands:
- Campaign for Change: Behind the Door . Working in partnership. Shifting perceptions of what homelessness means for women and families.
- Homes Through Time . Rethinking and co-curating the historic room sets, the garden displays and the collecting that supports them.
- Public Programme . Dip-in/diveincluding the flagship Festival of Home and Winter Festival.
- Creative Learning. Long term relationship building with associate schools and young people; bookable schools workshops; Discovery Garden project for schools and families.
- Our Communities. Working with local audiences to create content East and Southeast Asian programmes (Lien Viet); Communi.
- Active research / public showcase . Centre for Studies of Home 10th anniversary; grow engagement with the Collections Library especially through collaborations with artists and community leaders.
## 3. Future Ready
Staff, money, collections management, buildings, the planet. Reflecting the diversity of modern London by 2025. See Eco-manifesto and Reflecting Modern London Action Plan
Key strands:
- Covid-19 recovery . Rebuilding commercial income and reserves; be a covid-safe environment as we emerge from the pandemic.
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- Enterprising, resilient, sustainable. Better data across KPIs; explore matrix management; embed ACE principles for 2022-23 and transition to DCMS funding; grow venue hire revenue; support the café to grow; maintaining and enhancing our buildings, gardens and collections; Masterplanning for future growth.
- Amazing place to work. A diverse and engaged workforce for a diverse and engaged audience.
- Eco-active. Constantly looking for ways to be more environmentally sustainable and encouraging visitors to make eco-minded choices at home.
Detailed objectives derived from these strategic aims are set out in the Vision in Action Plan. Our overall ambition is to create a thriving museum which is popular, highly regarded, friendly and accessible. The Museum of the Home
for outstanding collections, exhibitions and programmes underpinned by active research and scholarship a thriving museum, engaged with and embedded in its community, alive to issues of the day relevant to its audience and subject matter, and with national and international reach and impact.
## FINANCIAL REVIEW 2021-22
Total income and endowments in 2021-22 amounted to £3,880,334 (2020-21: £6,450,957) of which £671,010 (2020-21: £3,830,744) came from National Lottery Heritage Fund (NLHF) as part of the Stage 2 capital grant for the Unlocking the Geffrye project. £2,105,996 (2020-21: £1,888,998) was in the form of grant in aid from DCMS, including £448,000 (2020-21: £300,000) in additional grantin-aid to compensate for lost commercial income through Covid 19. Arts Council England (ACE) provided £244,416 (2020-21: £244,416) as the penultimate year for NPO funding, and an additional £30,074 in capital funding towards Unlocking the Geffrye. The museum attracted donations and legacies of £ 304,188 (2020-21: £346,517).
Commercial activity was patchy during the year as the museum and wider world began to emerge from the Covid pandemic; the shop performed well under difficult conditions with less footfall then anticipated through the museum and income generated through trading activities was £265,512 (2020-21: £8,000). Net proceeds are donated by the trading subsidiary back to the museum via the gift aid scheme in order for it to pursue its charitable activities.
Expenditure amounted to £3,415,585 (2020-21: £2,357,765) leaving a surplus for the year of £464,749 (2020-21: £4,093,192); £457,993 (2020-21: £4,047,955) of this was restricted for the costs associated with the Unlocking the Geffrye capital project and has been capitalised. The remaining surplus of £6,756 (2020-21: £45,237 surplus) represents a small surplus on unrestricted income and expenditure.
An actuarial gain on the defined benefits pension scheme of £1,458,000 (2020-21: £1,489,000 loss), brings the total surplus for 2021-22 to £1,922,749 (2020-21: £2,604,192). After this actuarial gain the pension scheme deficit has decreased to £2,063,000 (2020-21: £3,240,000). Provision for this pension liability has been made in the accounts.
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MUSEUM OF THE HOME (THE GEFFRYE MUSEUM TRUST) ANNUAL REPORT AND ACCOUNTS YEAR ENDED 31 MARCH 2022
Overall, the museum balanced expenditure and income well during the period, and ended the year with funds in reserve due mainly from additional Grant in Aid funding from DCMS designed to assist with the longer term sustainability of the museum following the Covid-19 pandemic.
## RESERVES POLICY
The museum accumulates free reserves through self-generated or donated income. Free reserves are unrestricted but may be designated for a particular project or purpose. They are only to be be used are:
- to absorb setbacks, such as unplanned maintenance and changes to funding arrangements;
- to cope with short-term fluctuations and bridge cash-flow problems;
- to take advantage of currently unidentified opportunities; and
- to plan for future growth by allocating free reserves for specific future projects.
identified in the risk register, the museum will endeavour to maintain a sum of not less than £250,000, which is the equivalent of six
sum trustees will include a statement in the Annual Accounts to explain the purposes for which they are to be designated.
At the balance sheet date, free reserves comprised the following:
|||Restated|
|---|---|---|
||2022|2021|
|Total Assets less Current Liabilities:|£32,521,396|£31,775,647|
|Less:|||
|Restricted funds (note 14)|(£27,618,365)|(£27,153,164)|
|Fixed assets held for charity use|(£3,424,962)|(£3,454,458)|
|Designated Funds for Unlocking the Geffrye|(£678,310)|(£550,997)|
|Less: Exhibition and Programme|(£226,000)|(£90,000)|
|Unrestricted Free reserves at 31 March|£573,759|£527,028|
The two loans from DCMS of £1,240,000 (2020-21: £1,240,000) and the defined benefit pension scheme liability of £2,063,000 (2020-21: £3,240,000) have been excluded because these are longterm liabilities which are not expected to crystalise in the immediate future.
The Audit Committee continually challenges and monitors progress towards more sustainable activity. The Commercial Development Advisory Group set up in 2015-16 has been disbanded, but
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MUSEUM OF THE HOME (THE GEFFRYE MUSEUM TRUST) ANNUAL REPORT AND ACCOUNTS YEAR ENDED 31 MARCH 2022
its function has been taken over by the Board of the trading subsidiary Museum of the Home Enterprises Limited, which meets regularly and reports back to trustees. As a Group this will ensure that free reserves are maintained at the appropriate level ensuring the museum can weather future volatility in activity.
## Designation of free reserves approved by the Trustees in March 2022
In March 2022, Trustees decided to designate £136,000 received as Museum and Galleries tax relief for 2019-20 to increase the Exhibition and Programme to £226,000.
Current free reserves at 31 March 2022 were £573,759 (2020-21: £527,028). There is still work to be done to ensure reserves are managed for the long term.
## ASSESSMENT OF GOING CONCERN STATUS
The trustees are confident that for at least the twelve months following the date on which the 2021-22 annual accounts are signed, the museum remains a going concern despite the continuing uncertainties and financial impact created by the Covid-19 pandemic and other economic pressures including the rising cost of utilities. A deficit budget has been approved for 2022-23 reflecting the expected continued impact of Covid 19 and uncertainties on the economy and how this will impact on commercial income; this deficit can be funded from reserves which were supported by DCMS in 2021-22, and the DCMS has made a commitment to further support in 22-23 should commercial income fall short of the current forecast. Looking further ahead, the business plan has the museum returning to surplus by 2024-25, but the museum will plan to accelerate the return to a balanced budget sooner.
## PAYMENT POLICY
The Museum of the Home endeavours to observe the principles of the Better Payment Practice Code. Payment terms and procedures are explained to suppliers and agreed with them in advance. Accounts that are not contested are paid according to those terms and the average settlement time for this year has been 28 days (2020-21: 30 days) from invoice date. There has been a slight year-on-year improvement in settling invoices to 30 days during 2021-22, and the museum will continue to work hard on improving credit
## CORPORATE STRUCTURE AND MANAGEMENT
The Museum of the Home is a charitable company limited by guarantee, the Geffrye Museum Trust Limited, governed by its Memorandum and Articles of Association dated 13 February 1990 and as amended on 26 October 1999 and further in July 2019 to increase the number of trustees to 14. Trustees are members of the company and agree to contribute £1 in the event of it winding up. The Geffrye Museum Trust is registered as a charity with the Charity Commission. It is also a nondepartmental public body (NDPB) funded by the Department for Digital, Culture, Media and Sport, which is considered to be a related party.
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MUSEUM OF THE HOME (THE GEFFRYE MUSEUM TRUST) ANNUAL REPORT AND ACCOUNTS YEAR ENDED 31 MARCH 2022
## SENIOR OFFICERS
The Director is responsible to the Board of Trustees for the development of the museum and its day-to-
Sonia Solicari, Director and DCMS-designated Accounting Officer Andrew Macdonald, Director, Strategy & Finance (to 30[th] June 2022) Lucy Littlewood, Development Director Emma Dixon, Director of Communications & Commercial Development (to 31[st] July 2021) Lisa Moore, Director of Capital Projects and Operations (to 8[th] August 2021)
Danielle Patten, Head of Creative Programmes & Collections (from 1[st] November 2021) Graeme Silcocks, Head of Finance
Frank Penter, Director Operations and Finance (from 14 July 2022)
## ORGANISATIONAL STRUCTURE
The museum is organised under five departments as follows:
Finance and Administration
Development Collections Learning and Engagement Communications Operations
The objectives of these departments are to maintain, improve and extend the operation of the operation and development; to raise standards in the care, management, and interpretation of the collections; to develop the marketing and publicity of the museum and to manage and maximise the
## STAFF
As at 31 March 2022, there were 67 staff (FTE: 39), (2020-21: 41, FTE: 34), of whom 65 (2020-21: 30) are core, the remainder being project funded. Employees play an active role in the life of the organisation. All employees have clear job descriptions and areas of accountability and are expected to try rate aims. Opportunities for this include regular consultation in the form of staff meetings, team meetings, written briefing papers circulated to all staff, a staff newsletter and individual performance appraisals. These formal mechanisms ensure that all employees contribute at appropriate levels to the daily running and performance of the museum.
Included in the staff numbers are staff that support the subsidiary, Museum of the Home Enterprises Ltd, whose costs are recharged to it by the Museum. These include 7 staff (FTE: 5) (2020-21: 4 (FTE: 3)).
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MUSEUM OF THE HOME (THE GEFFRYE MUSEUM TRUST) ANNUAL REPORT AND ACCOUNTS YEAR ENDED 31 MARCH 2022
During the year Trustees who served on the board were split as follows: 8 male and 6 female (202021: 7M, 8F). Those who served on the senior management team included 1 male staff and 5 female (2020-21: 1M, 5F). Overall, the staff split was 16 male and 51 female and (2020-21: 8M, 33F).
A pool of over 100 volunteers, many of whom are members of Friends of the Museum of the Home, and garden maintenance. A special team has been given training by staff to enable them to supervise visitors and provide interpretation in the restored Almshouse. A Volunteer Handbook has been produced, along with policy documents setting out best practice.
## Furlough:
The museum accounted for just one employee in April as part of the government Job Retention Scheme (CJRS) during the year between April and March in order to safeguard those jobs that could not adequately be fulfilled during the pandemic lockdown periods. The CJRS had been applied on a month-by-month basis to meet the requirement that those staff who were furloughed were not able to perform their jobs because of the Covid-19 lockdowns and that there was no opportunity to deploy across the sector.
||Group|Museum|
|---|---|---|
||£000s|£000s|
|Total Value of|||
|grants:|1|-|
|Furloughed Staff:|1|-|
## EMPLOYEE POLICY
The Museum of the Home is committed to providing equal employment opportunities. All job applicants and employees receive equal treatment regardless of race, colour, ethnic or national origins, sex, pregnancy and maternity, marriage and civil partnerships, sexual orientation, disability, gender reassignment and age. All policies relating to employment are in the Employee Handbook, which is issued to every member of staff and regularly reviewed and updated.
## Spending on Consultancy and Contingent staff
There was a small amount of expenditure on contingent labour during 2021-22 of £15,075 (202021: £4,862). These are included in the figure in Note 8.
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MUSEUM OF THE HOME (THE GEFFRYE MUSEUM TRUST) ANNUAL REPORT AND ACCOUNTS YEAR ENDED 31 MARCH 2022
## Health and Safety
the Employee Handbook and adherence to good practice in this area is a condition of employment at the museum.
## ENVIRONMENTAL POLICY
The museum is committed to becoming an increasingly sustainable organisation and is working hard to improve its environmental performance and reduce the carbon footprint. Actions to achieve this include:
- recycling, reuse, and responsible disposal to minimise waste and reduce its effects on the environment;
- managing energy use through low energy environmental controls to reduce waste and ensure operational efficiency;
-
- establishing a cross-museum Sustainability working group to develop, monitor and manage environmental sustainability;
- and by providing a much needed and valued public green space in a busy urban environment, contributing to the air quality and providing a natural habitat for plants animals, birds, and insects.
The museum is a member of the Sustainable Exhibitions for Museums network and the Fit for the Future network, and we continue to work with the Hackney Zero Emissions Network (ZEN) to identify initiatives to improve our environmental sustainability. The Unlocking the Geffrye development will make a positive contribution to sustainability and low energy use. The Museum helps to share best practice across the sector.
## Sustainability Report
The Museum of the Home is exempt from producing a sustainability report on the basis that it has fewer than 50 FTE employees.
## Trustees
The trustees have agreed and approved the strategic report for 2021-22.
Director & Accounting Officer, Museum of the Home.
13th December 2022
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MUSEUM OF THE HOME (THE GEFFRYE MUSEUM TRUST) ANNUAL REPORT AND ACCOUNTS YEAR ENDED 31 MARCH 2022
## REPORT
## Museum of the Home Trustees
During the year the following served as Trustees of the Geffrye Museum Trust:
Chair: Samir Shah CBE (to 15[th] June 2022) The Hon Caroline, Lady Dalmeny (from 1[st] October 2022) DCMS-appointed Trustees Alain Clapham (from 4 November 2021) Charles Colville (from 4 November 2021) Caroline Malone (from 4 November 2021) Elected Trustees: Janet Chapman John Forrester Christine Hanway Arthur Kay Robert Ketteridge Mercy Muroki Jonathan Newby Rania Nur John Shakeshaft (Chair: 16th June 30th September 2022) Professor Abigail Williams
## Pension Liabilities
The Trust operates a pension scheme providing benefits based upon a career average pensionable salary. The assets of the scheme are held separately from those of the Trust, being administered by the London Pensions Fund Authority (LPFA). A qualified independent actuary updated the most recent formal valuation of the scheme to 31 March 2022 for the purposes of presenting figures required by Financial Reporting Standard No.102 Retirement Benefit Plans. This indicated a deficit for the scheme at 31 March 2022 of £2,063,000 (31 March 2021: £3,240,000) and provision for this liability has been made in the accounts. Further details can be found in note 16 to the accounts.
## Staff sickness
In 2021-22 there was an absence of 230 days or 3.4 days per employee (2020-21: 121 days or 3.2 days per employee). The figures are calculated using the number of days lost over headcount. Long term sickness accounted for 21 days from 1 staff member. Discounting the long-term sickness, the absence record for 2021-22 was 209 days or 3.11 days per employee (2020-21: 46 days or 1.2 days per employee)
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MUSEUM OF THE HOME (THE GEFFRYE MUSEUM TRUST) ANNUAL REPORT AND ACCOUNTS YEAR ENDED 31 MARCH 2022
## Significant Events
There were no significant events to report during the year to 31 March 2022; however, the Covid 19 pandemic continued to impact, and the implications can be assessed within this report and accounts.
## Personal Data Loss updated for 21-22
The Museum of the Home had no report to make to the Information Commission 2021-22 (2020-21: none).
In 2021-22, no material conflicts of interest have been noted by the Director or the Trustees in the Register of Interests. During the year Jonathan Newby served as Chief Commercial Officer of the ral Recovery Fund board and Heritage Advisory Board, but neither of these gave rise to any conflict. The Register of Interests is available on request from the museum. (2020-21: None)
## Auditors
The Comptroller and Auditor General was appointed as Statutory Auditor to the charitable company following the passing of the Government Resources and Accounts Act 2000 (audit of nonprofit making companies) Order 2009.
Those trustees who are trustees when the Directors report is approved and signed, confirm:
- so far as the trustees are aware, there is no relevant audit information of which the unaware, and
- they have taken all the steps that they ought to have taken as trustees in order to make auditors are aware of that information.
Director & Accounting Officer, Museum of the Home.
13th December 2022
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MUSEUM OF THE HOME (THE GEFFRYE MUSEUM TRUST) ANNUAL REPORT AND ACCOUNTS YEAR ENDED 31 MARCH 2022
## REMUNERATION REPORT
## Policy on remuneration of senior managers
The senior manager is the Director, Sonia Solicari. Her salary is set by the Remuneration Committee (see below). There is a bonus scheme and performance pay scheme as detailed in the following note.
## Methods used to measure performance
Staff are appraised annually by their line managers and performance is assessed against competencies and individually targeted objectives.
The levels of pay increase and bonuses are set within the parameter of Government directives and are agreed by the Trustees on the recommendation of the Remuneration Committee. Due to the economic uncertainties created by the pandemic there were no pay increases made to staff in year and, further, the Remuneration Committee decided that non-consolidated bonuses would also not be appropriate this year for the same reason. No consolidated bonus was paid in year (2020-21: None), and no bonus was paid to the director (2020-21: None).
## Policy on duration of contracts
For members of staff other than senior management staff, contracts may be terminated by either No termination payment is allowed for in any contract.
The Director is employed under a contract dated 9[th] January 2017. Either party may terminate the
## Awards to past managers
No award has been made to a past senior manager.
## Remuneration and pension benefits (audited information)
Trustees and the Director exercise ultimate responsibility and authority for controlling the major activities of the museum. The Trustees do not receive any remuneration.
Details of remuneration and pension benefits of the Director, Sonia Solicari, at 31 March 2022 are detailed below.
||Official|||Salary||Bonus payments|Bonus payments||Pension Benefits
(to nearest
£1,000)|Pension Benefits
(to nearest
£1,000)|||Total|
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|||||||||||||||
|||2021-
22||2020-
21||2021-
22|2020-
21|2021-22||2020-
21|2021-22|2020-21||
||Sonia
Solicari|75-80||75-80||0|0|80,000||63,000|155-160|135-140||
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MUSEUM OF THE HOME (THE GEFFRYE MUSEUM TRUST) ANNUAL REPORT AND ACCOUNTS YEAR ENDED 31 MARCH 2022
||Official|Accrued
pension at age
65 as at
31/3/22|Real
increase
(decrease)
in
pension at age
65|Cash
equivalent
transfer
value at
31/3/22|Cash
equivalent
transfer
value at
31/3/22|Real increase
in cash
equivalent
transfer
value|
|---|---|---|---|---|---|---|
||||||||
||Sonia
Solicari|5-10|0-3.0|80|63|17|
Remuneration includes gross salary and bonus only. No other payments or benefits in kind were received. Pension benefits are provided through the London Pensions Fund Authority scheme, of which the Director is a member on the same terms as other employees (see note 16).
## Non-cash elements of remuneration
There was no non-cash element of remuneration given to any employee during the year.
Compensation payable to former senior managers
No compensation was payable to a former senior manager.
## Amounts payable to third parties for senior manager services
No amount was paid during the year to third parties for senior manager services.
Highest paid Median pay ratio (audited information)
Reporting bodies are required to disclose the relationship between the remuneration of the highest
|||2021-22|2020-21|
% change|
|---|---|---|---|---|
||||||
|Highest paid director|Salary &
allowances|75-80|75-80|-|
|Highest paid director|Performance
pay and
bonuses|-|-|0%|
|Employees (average by full time
employment)|Salary and
allowances|39|34|15%|
|Employees (average by full time
employment)|Performance
pay and
bonuses|-|-|-|
The FTE banded remuneration of the highest-paid employee at the museum in the financial year 2021-22 was £75,000-80,000 (2020-21: £75,000-80,000 full year equivalent). This was 3.1 times (2020-21: 2.58 times) the median remuneration of the workforce which was £25,000 (2020-21: £30,000). The movement on the median and value against the highest paid employee is due to a
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MUSEUM OF THE HOME (THE GEFFRYE MUSEUM TRUST) ANNUAL REPORT AND ACCOUNTS YEAR ENDED 31 MARCH 2022
greater number of staff recruited on reopening most of whom are on lower salaries, therefore affecting the distribution.
Reporting bodies are required to disclose the relationship between the remuneration of the highest-paid director in their organisation and the lower quartile, median and upper quartile workforce.
This is laid out in the table below:
||2021-22|2021-22|2020-21|2020-21|
|---|---|---|---|---|
|||Ratio||Ratio|
|Banded mid-point
for highest paid
director|
77.5||77.5||
|UpperQuartile|32.3|2.4|52.4|1.5|
|Mid-point(median)|25.0|3.1|30.0|2.58|
|LowerQuartile|19.7|3.9|14.9|5.2|
In 2020-21 no other museum employee received remuneration in excess of the highest-paid director (2020-21, none). Remuneration in the organisation, not including the highest paid director, ranged from £6,000 - £80,000 (2020-21: £6,000 - £80,000)
|Salarycomponent|2021-|
|---|---|
|Banded mid-point for highestpaid director|77.5|
|Upperquartile|
32.3|
|Mid-point(median)|25.0|
|Lowerquartile|19.7|
Total remuneration includes salary, allowances, and non-consolidated performance-related pay. It does not include employer pension contributions or the cash equivalent transfer value of pensions.
Director & Accounting Officer, Museum of the Home.
13th December 2022
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MUSEUM OF THE HOME (THE GEFFRYE MUSEUM TRUST) ANNUAL REPORT AND ACCOUNTS YEAR ENDED 31 MARCH 2022
## GOVERNANCE STATEMENT
## ACCOUNTING OFFICER
As Accounting Officer of the Museum of the Home I am responsible to the government for the proper management and use of public funds. I ensure that the museum is managed in accordance a framework of controls and risk management described below. I am responsible for reporting on the museum's performance against the requirements, objectives and measures set out in the Management Agreement with DCMS. My role is one of balancing the achievement of the Museum of the Home's policies, aims and objectives, whilst safeguarding the public funds and museum assets for which I am personally responsible.
The Geffrye Museum Trust is committed to the highest standards of corporate governance and is guided by the Corporate Governance Code for central government departments (the Code) and the following principles laid down in that Code:
Parliamentary accountability The role of the Board Board composition Board effectiveness; and Risk management
## The Governance framework of the organisation
The museum has established a robust governance framework, appropriate for an organisation of its size. The key elements in place are:
## TRUSTEES
The Trustees have ultimate responsibility for policy, financial accountability, and the overall management of the Museum. Trustees monitor the quality and diversity of data received prior to Board and committee meetings; they challenge and suggest additional information in order for them to make effective judgements and decisions. During the 2021-22 year the Trustees maintained a close scrutiny of the Museum's performance, both challenging and supporting the Director and senior management team, and ensuring resources were allocated and used in the most efficient and effective way.
## Appointment of Trustees
The Chair and three Trustees are appointed by the Secretary of State for Digital, Culture, Media, and Sport (DCMS). The remainder are elected by the Board of Trustees. All elected Trustees serve for a three-year term and are eligible for re-election for a second term.
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MUSEUM OF THE HOME (THE GEFFRYE MUSEUM TRUST) ANNUAL REPORT AND ACCOUNTS YEAR ENDED 31 MARCH 2022
Trustees appointed by the Secretary of State for DCMS are subject to an appointment process conducted in accordance with the code of practice recommended by the Commissioner for Public Appointments. Following a period of recruitment during 2021, three new DCMS trustees were appointed in November.
The Board endeavors to maintain a balance of expertise appropriate to the governance of the Museum. Trustees regularly complete a Skills Audit, which helps to inform the recruitment process for new trustees by identifying where there may be gaps in skills, knowledge or experience that could be filled by a new member. The Board is committed to continuing to diversify its membership, n Action Plan. A Trustee
## Trustee Induction and Training
New Trustees attend an introductory meeting with the Director and senior staff, and are given a tour of the museum. They are given an induction Handbook, which informs them about the Trustees. Accompanying the Handbook are a series of appendices, which include the Memorandum and Articles of Association, the Vision in Action, the Annual Report, the Management (Framework) Agreement with the DCMS and various guidance publications relating to the responsibilities of a Trustee.
## Meetings of the Board of Trustees
Regular meetings of the Board were held approximately every two months throughout the year. Papers for each meeting include minutes of the previous meeting, minutes of any committee previous meeting and management accounts for the year to date. Since its successful re-opening to the public in June 2021, Trustees have received regular reports on the varied programme of events and exhibitions at the Museum.
Presentations by members of staff are given on occasion to provide Trustees with more detail on a particular aspect of the Museum's work. In 2021-22 this included a presentation on a co-curation project, where staff from the Curatorial and Learning teams had worked with volunteers on a display charting the history of the almshouses in which the Museum is housed. This display is now
In July 2021 Trustees took part in an Away Day with senior museum staff to begin the process of re-thinking the Rooms Through Time, considering how they could be developed to better reflect a over the coming years.
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MUSEUM OF THE HOME (THE GEFFRYE MUSEUM TRUST) ANNUAL REPORT AND ACCOUNTS YEAR ENDED 31 MARCH 2022
appointed as Champions, one for each of the Investment Principles. Each Champion will take
Throughout the year Trustees closely monitored the continuing impact of Covid19 on the Museum. This included the impact on staff and staffing-related issues, visitor numbers and income generation.
Trustees also monitored the ongoing impact on the Museum of their decision in 2020 to retain the statue of slave trader Robert Geffrye in its elevated position on the exterior of the almshouse building. Following evidence from the Museum of the impact on income generation and visitor numbers as a result of the ongoing boycott of the Museum by members of the public, some local schools and other stakeholders, alongside testimonies given by a number of key stakeholders at a roundtable discussion in September 2021, trustees revised their position in relation to the statue
At all meetings, trustees receive reports from each of the sub-committees which have met since the last meeting, and finance updates. They note all acquisitions to and disposals from the collection, approving these where required, and there is a programme of policy review. They also receive regular reports on work done in rel Register.
Trustees have undertaken their role and responsibilities by reviewing the aims and objectives proposed by the Director and senior managers for the next few years, as set out in the Vision in and circulated to all funders, stakeholders, and supporters. The Board approved the ViA 2021-22 2024-25.
## Annual General Meeting
The Board met at the AGM to receive the Annual Report for 21-22, and to approve and adopt the Annual Accounts. At the AGM the Board approved the appointment of new trustees and any extension to terms of office, and notes the retirement of outgoing trustees.
## Governance
The Geffrye Museum Trust is a charitable company, limited by guarantee, supported financially by grant-in-aid from the DCMS, and supplemented by earned income, donations, and sponsorship. The principal charitable purposes of the Trust are the advancement of education and other purposes beneficial to the community, including the care of its collections, Grade 1 listed buildings and gardens.
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MUSEUM OF THE HOME (THE GEFFRYE MUSEUM TRUST) ANNUAL REPORT AND ACCOUNTS YEAR ENDED 31 MARCH 2022
## Public Benefit
Trustees comply with the duty contained in the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission. The Charity provides public benefit by safeguarding the collections and buildings, making them accessible to the public and delivering museum and education services which are open to all sectors of society.
## Board of Trustees
Current Trustees offer a wealth of experience and have demonstrated energy and commitment in support of the Museum both prior to, and since, its re-opening to the public in June 2021.
-making and strategic planning, and this is reflected in the reports from Committees in the Governance Statement.
## Geffrye Museum Foundation Trust
The Geffrye Museum Foundation Trust was established in 2014 to provide a separate body to hold funds raised by and donated to the Museum. It is incorporated and is registered with the Charity Commission. The Chairman is Richard Hunting and there are two further trustees. Under charity law, the Foundation had to be set up as a clearly separate trust from the Geffrye Museum Trust, with its own independent trustees and defined objectives. The first meeting was held in September 2014. To date there has been no activity to report.
## Sanctions
The Museum had no exposure following Government sanctions imposed on Russia.
## GOVERNANCE and REMUNERATION COMMITTEE
The Governance and Remuneration Committee was formed in April 2021 (combining the former Governance Committee and Remuneration Committee). The Committee has a remit to support the Board of Trustees in its responsibilities for overall quality and effectiveness of governance. It advises the Board on its constitution and structure including its sub-committees - and the skill sets of Trustees. It takes a lead in the process for recruiting new Trustees who are elected members, as opposed to those appointed by the Secretary of State and it determines and agrees with the Board the remuneration strategy of all museum staff.
During the year the Com discussed the scope and purpose of the Governance Review; recommended to the Board the extension of terms of office of three trustees; noted the appointment of three new trustees and the appointment of a Vice Chair; discussed how a process of trustee and board self-review might be carried out; and reviewed the Reward and Recognition Scheme for Museum staff. Members of the Committee in 2021-22 were John Shakeshaft (Chair), Samir Shah, Jonathan Newby, Janet Chapman and Mercy Muroki.
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MUSEUM OF THE HOME (THE GEFFRYE MUSEUM TRUST) ANNUAL REPORT AND ACCOUNTS YEAR ENDED 31 MARCH 2022
## AUDIT COMMITTEE
arrangements and risk management. It recommends the appointment of internal auditors and oversees their work. It examines the annual accounts closely and recommends their approval by the Board. The Director, Director of Strategy and Finance, and Head of Finance report to the Committee and attend its meetings. In 2021-22 the Committee members were Janet Chapman (Chair), Samir Shah, Steve Lippitt (until December 2021) and Jennifer Hale (from January 2022).
During the year the Audit Committee supported the Director on matters relating to risk, internal controls, governance, staffing, GDPR and fraud. Four meetings were held in the year, and the minutes were submitted to the Board. During the year, areas discussed by the Committee included:
- The report of the internal audit (a Governance Review by BDO) and its recommendations, which included the appointment of a Vice Chair.
- The external audit both the process and the findings of the final report.
- Scrutiny of the Annual Report and Accounts prior to Board approval.
- The final cost of the Unlocking the Geffrye (UtG) project and the final settlement of account with the main contractors.
- statue.
- The financial impact on the Museum and museum café of Covid19.
- The approval of the Counter Fraud Strategy.
- The potential impact of proposed changes to the DCMS Framework Agreement.
- been identified.
## MUSEUM OF THE HOME ENTERPRISES LIMITED
Museum of the Home Enterprises Limited (referred to internally as the Enterprise Board) is a wholly owned trading and commercial subsidiary to the Geffrye Museum Trust. It commenced trading on 1 April 2019. In 2021-22 its directors were Jonathan Newby (Chair), Douglas Gilmour (until March 2022), Andrew Macdonald (until June 2022), Bernard Donoghue (until July 2021), Cindy
The company met three times during the year and discussed a range of matters, including: recruitment of new directors to the trading company; the management accounts and budget m shop; the ongoing impact of Covid19 on visitor numbers, income from commercial events and hires and the café; future options for the café; and the Risk Register.
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MUSEUM OF THE HOME (THE GEFFRYE MUSEUM TRUST) ANNUAL REPORT AND ACCOUNTS YEAR ENDED 31 MARCH 2022
## Museum of the Home Trustee Attendance Data 2021-2022
- Attendance is shown as actual attendance/possible attendance; ie 3/4 means 3 meetings attended out of 4 possible meetings.
- Where trustees retired or were appointed during the year, the total number of meetings may be less than for the full year.
- Jonathan Newby is the only Trustee member of MoH Enterprises Board. Samir Shah and Christine Hanway are invited to attend as observers, so their attendance at these meetings is noted, but apologies for absence are not required.
||Board Meetings
(incl AGM)|Audit Committee|MoH Enterprises
Board|Governance &
Remuneration
Committee|
|---|---|---|---|---|
|Number of
Meetings held
in 2021-22|8|4|3|2|
|Samir Shah|7/8|3/4|0/3 observer|2/2|
|Janet
Chapman|8/8|4/4|n/a|2/2|
|Alain Clapham
(appointed
04/11/2021)|2/3|n/a|n/a|n/a|
|Charles Colville
(appointed
04/11/2021)|3/3|n/a|n/a|n/a|
|John Forrester|5/8|n/a|n/a|n/a|
|Christine
Hanway|8/8|n/a|3/3 observer|n/a|
|Arthur Kay|8/8|n/a|n/a|n/a|
|Robert
Ketteridge|8/8|n/a|n/a|n/a|
|Caroline
Malone
(appointed
04/11/2021)|3/3|n/a|n/a|n/a|
|Mercy Muroki|6/8|n/a|n/a|2/2|
|Jonathan
Newby|8/8|n/a|3/3|1/2|
|Rania Nur|8/8|n/a|n/a|n/a|
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MUSEUM OF THE HOME (THE GEFFRYE MUSEUM TRUST) ANNUAL REPORT AND ACCOUNTS YEAR ENDED 31 MARCH 2022
|John
Shakeshaft|8/8|n/a|n/a|2/2|
|---|---|---|---|---|
|Abigail Williams|6/8|n/a|n/a|n/a|
## KEY CONTROLS
The principal means by which the Board of Trustees executes its governance responsibilities are:
- Management Agreement with the DCMS, dated 2017 (to be renewed and updated)
- Vision in Action (Corporate Plan) for 2021-22 to 2024-25
- Annual business plan and supporting budget for 2021-22
- Quarterly presentation of accounts to the Trustees
- Regular reporting of finances and performance against management agreement targets to funders (DCMS / ACE).
## RISK MANAGEMENT
The Director is the Accounting Officer for the purposes of reporting to the Department for Digital, framework. This has been in place at the Museum for the year ended 31 March 2022 and up to the date of approval of the annual report and accounts.
Risk management is inherent in the Museum procedures were established in 2011 after a full review. In 2022 a further review was undertaken resulting in a progression towards a more coherent and effective risk management process. The policy and risk register are focused on key risks, with each department reviewing them regularly and feeding into a central key risk report authored by the management team and reviewed by the Audit Committee regularly. Risk management is therefore devolved across the whole organisation.
The key strategic risks identified during the year and kept under close review related to the impact of the Covid 19 pandemic on the operation and commercial performance of the organisation and the broader risks associated with opening after a major capital project.
The impact of Covid 19 on projected commercial income continues be a key focus as the museum looks to manage its resources through this challenging time when the timing of full recovery from Covid 19 is still unknown. Trustees continue to be aware of the risks relating to the pension scheme and together with the Audit Committee the museum will work closely with the London Pensions Fund Authority.
## INTERNAL CONTROL
The Board appointed BDO in 2017 as internal auditors, to examine and assess, under an agreed work plan, key areas of the museum's operation and provide reports on their efficiency and effectiveness.
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MUSEUM OF THE HOME (THE GEFFRYE MUSEUM TRUST) ANNUAL REPORT AND ACCOUNTS YEAR ENDED 31 MARCH 2022
- The director submits an annual report on internal control and risk management to the Audit Committee and the Audit Committee presents it to the Board with their recommendations.
- The museum is working towards compliance with the Security Policy Framework and submits an annual assessment on compliance to DCMS. This includes arrangements for data security and ICT system security.
During 2021-22, there were no lapses in data security. (2020-21: None)
Internal control is designed to manage risk to a reasonable level rather than to eliminate all risk of failure to achieve policies, aims and objectives; it can only provide reasonable and not absolute assurance of effectiveness. Internal control is based on an ongoing process designed to identify and the likelihood of those risks being realised and the impact should they be realised, and to manage them efficiently, effectively, and economically. This has been in place at the Museum for the year ended 31 March 2022 and up to the date of approval of the annual report and accounts and accords with HM Treasury guidance. In addition, the Museum has a Whistleblowing Policy in place to enable staff to report concerns in complete confidence should they arise.
Taken together, these measures ensure that risk management and internal control are considered on a regular basis and there is an annual review at the end of each financial year. Risk management has thus been incorporated fully into the corporate-planning and decision-making processes of the Museum and forms a key part of the everyday operation and service delivery.
S
Chair, Museum of the Home
Th
13th December 2022
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MUSEUM OF THE HOME (THE GEFFRYE MUSEUM TRUST) ANNUAL REPORT AND ACCOUNTS YEAR ENDED 31 MARCH 2022
The Trustees are required by the Companies Act 2006 and the Secretary of State for Digital, Culture, Media and Sport, with the approval of HM Treasury, to prepare for each financial year a statement of accounts in the form and on the basis set out in the Accounts Direction. The accounts are prepared on an accruals basis and must give a true and fair view of the state of affairs of the Museum of the Home and of its net resource outturn, application of resources, changes in funds and cash flows for the financial year.
In addition, as Accounting Officer, I can confirm that I am aware there is no relevant audit to have been taken to make myself aware of any relevant audit information and to establish that
I can confirm that the annual report and accounts as a whole is fair, balanced, and understandable and that I take personal responsibility for the annual report and accounts and the judgements required for determining that they are fair, balanced and understandable.
In preparing the accounts, the Accounting Officer is required to comply with the requirements of the Government Financial Reporting Manual and in particular to:
- observe the requirements of the Accounts Direction and apply the relevant accounting and disclosure requirements and apply suitable accounting policies on a consistent basis which are relevant to the Museum of the Home. (a copy of these directions is available on application in writing to the Accounting Officer at the Museum of the Home);
- make judgements and estimates on a reasonable basis;
- state whether applicable accounting standards relevant to the museum have been followed and disclose and explain any material departures in the accounts;
- prepare the accounts on the going concern basis unless it is inappropriate to presume that the Museum of the Home will continue in operation.
The Accounting Officer for the Department for Digital, Culture, Media and Sport has designated the Director of the Museum of the Home as the Accounting Officer for the Museum of the Home. Her relevant responsibilities as Accounting Officer, including her responsibility for the propriety and regularity of the public finances for which she is answerable and for the keeping of proper records, are set out in Managing Public Money published by HM Treasury.
S. So
The Hon Caroline, Lady Dalmeny
13th December 2022
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MUSEUM OF THE HOME (THE GEFFRYE MUSEUM TRUST) ANNUAL REPORT AND ACCOUNTS YEAR ENDED 31 MARCH 2022
## AUTHORISED FOR ISSUE
The date of authorisation is the date of certification by the Comptroller and Auditor General.
By Order of the Board of Trustees
Secretary, Museum of the Home
## 13th December 2022
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MUSEUM OF THE HOME (THE GEFFRYE MUSEUM TRUST) ANNUAL REPORT AND ACCOUNTS YEAR ENDED 31 MARCH 2022
## THE CERTIFICATE AND REPORT OF THE COMPTROLLER AND AUDITOR GENERAL TO THE MEMBERS OF THE GEFFRYE MUSEUM TRUST AND HOUSES OF PARLIAMENT
## Opinion on financial statements
I certify that I have audited the financial statements of The Geffrye Museum Trust and its group for the year ended 31 March 2022 under the Government Resources and Accounts Act 2000. The
- Balance Sheet as at 31 March 2022;
- Consolidated Statement of Financial Activities, and Consolidated Statement of Cash Flows, for the year then ended; and
- the related notes including the significant accounting policies.
The financial reporting framework that has been applied in the preparation of the group financial statements is applicable law and the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
In my opinion the financial statements:
- s affairs as
- at 31 March 2022 and its net income for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006.
## Opinion on regularity
In my opinion, in all material respects, the income and expenditure recorded in the financial statements have been applied to the purposes intended by Parliament and the financial transactions recorded in the financial statements conform to the authorities which govern them.
## Basis for opinions
I conducted my audit in accordance with International Standards on Auditing (ISAs) (UK), applicable law and Practice Note 10 Audit of Financial Statements of Public Sector Entities in the United Kingdom. My responsibilities under those standards are further described in the responsibilities for the audit of the financial statements section of my certificate.
Those standards require me and my staff to comply with the Financial Rep Revised Ethical Standard 2019. I have also elected to apply the ethical standards relevant to listed entities. I am independent of The Geffrye Museum Trust and its group in accordance with the ethical
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MUSEUM OF THE HOME (THE GEFFRYE MUSEUM TRUST) ANNUAL REPORT AND ACCOUNTS YEAR ENDED 31 MARCH 2022
requirements that are relevant to my audit of the financial statements in the UK. My staff and I have fulfilled our other ethical responsibilities in accordance with these requirements.
I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my opinion.
## Conclusions relating to going concern
In auditing the financial statements, I have concluded that The Geffrye Museum Trust and its is appropriate.
Based on the work I have performed, I have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on The Geffrye concern for a period of at least twelve months from when the financial statements are authorised for issue.
My responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this certificate.
## Other Information
The other information comprises information included in the Annual Report, but does not include the other information.
My opinion on the financial statements does not cover the other information and except to the extent otherwise explicitly stated in my certificate, I do not express any form of assurance conclusion thereon.
In connection with my audit of the financial statements, my responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or my knowledge obtained in the audit or otherwise appears to be materially misstated.
If I identify such material inconsistencies or apparent material misstatements, I am required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work I have performed, I conclude that there is a material misstatement of this other information, I am required to report that fact.
I have nothing to report in this regard.
## Opinion on other matters
In my opinion, based on the work undertaken in the course of the audit:
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MUSEUM OF THE HOME (THE GEFFRYE MUSEUM TRUST) ANNUAL REPORT AND ACCOUNTS YEAR ENDED 31 MARCH 2022
- the Strategic Report and the Director applicable legal requirements; and
- year for which the financial statements are prepared is consistent with the financial statements.
## Matters on which I report by exception
In the light of the knowledge and understanding of The Geffrye Museum Trust and its group and its environment obtained in the course of the audit, I have not identified material misstatements in the Strateg
I have nothing to report in respect of the following matters which I report to you if, in my opinion:
- adequate accounting records have not been kept or returns adequate for my audit have not been received from branches not visited by my staff; or
- the financial statements and the parts of the Remuneration Report to be audited are not in agreement with the accounting records and returns;
-
- I have not received all of the information and explanations I require for my audit.
## Responsibilities of the directors for the financial statements
Trustees and Accounting Officer are responsible for:
- the preparation of the financial statements in accordance with the applicable financial reporting framework and for being satisfied that they give a true and fair view;
- internal controls as directors determine are necessary to enable the preparation of financial statement to be free from material misstatement, whether due to fraud or error.
- concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intends to liquidate the entity or to cease operations, or has no realistic alternative but to do so.
## ncial statements
My responsibility is to audit and report on the financial statements in accordance with the Government Resources and Accounts Act 2000.
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MUSEUM OF THE HOME (THE GEFFRYE MUSEUM TRUST) ANNUAL REPORT AND ACCOUNTS YEAR ENDED 31 MARCH 2022
My objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a certificate that includes my opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
## Extent to which the audit was considered capable of detecting non-compliance with laws and regulations including fraud
I design procedures in line with my responsibilities, outlined above, to detect material misstatements in respect of non-compliance with laws and regulations, including fraud. The extent to which my procedures are capable of detecting non-compliance with laws and regulations, including fraud is detailed below.
Identifying and assessing potential risks related to non-compliance with laws and regulations, including fraud
In identifying and assessing risks of material misstatement in respect of non-compliance with laws and regulations, including fraud, we considered the following:
- the nature of the sector, control environment and operational performance including the design of The accounting policies and performance incentives.
- Inquiring of management, The head of internal audit and those charged with governance, including obtaining and reviewing supporting documentation relating to The policies and procedures relating to:
- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;
- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; and
- the internal controls established to mitigate risks related to fraud or noncompliance with laws and regulations including The Geffrye Museum Trust and its Companies Act 2006, Government Resources and Accounts Act 2000, Managing Public Money and the Charities Act 2011;
- discussing among the engagement team and involving relevant internal and external specialists, including pensions experts regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.
As a result of these procedures, I considered the opportunities and incentives that may exist within The Geffrye Museum Trust and its group for fraud and identified the greatest potential for fraud in the following areas: revenue recognition, posting of unusual journals,
46
MUSEUM OF THE HOME (THE GEFFRYE MUSEUM TRUST) ANNUAL REPORT AND ACCOUNTS YEAR ENDED 31 MARCH 2022
complex transactions and bias in management estimates. In common with all audits under ISAs (UK), I am also required to perform specific procedures to respond to the risk of management override of controls.
I also obtained an understanding of The framework of authority as well as other legal and regulatory frameworks in which The Geffrye Museum Trust and its group operates, focusing on those laws and regulations that had a direct effect on material amounts and disclosures in the financial statements or that had a fundamental effect on the operations of The Geffrye Museum Trust and its group. The key laws and regulations I considered in this context included Companies Act 2006, Government Resources and Accounts Act 2000, Managing Public Money, employment law, pensions legislation and tax Legislation and the Charities Act 2011.
pension scheme and related balances.
Audit response to identified risk
As a result of performing the above, the procedures I implemented to respond to identified risks included the following:
- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described above as having direct effect on the financial statements;
- enquiring of management, the Audit Committee and legal counsel concerning actual and potential litigation and claims;
- reading and reviewing minutes of meetings of those charged with governance and the Board and internal audit reports;
- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business; and
- in addressing the valuation of the defined benefit pension scheme and associated balances, testing the completeness and accuracy of data inputs to calculate the liability; assessing the validity of actuarial assumptions and estimates to gain assurance over the liability; and testing the asset valuations.
I also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or noncompliance with laws and regulations throughout the audit.
A further description of my responsibilities for the audit of the financial statements is
www.frc.org.uk/auditorsresponsibilities. This description forms part of my certificate.
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MUSEUM OF THE HOME (THE GEFFRYE MUSEUM TRUST) ANNUAL REPORT AND ACCOUNTS YEAR ENDED 31 MARCH 2022
I am required to obtain evidence sufficient to give reasonable assurance that the income and expenditure reported in the financial statements have been applied to the purposes intended by Parliament and the financial transactions conform to the authorities which govern them.
I communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that I identify during my audit.
Report
I have no observations to make on these financial statements.
Gareth Davies
14th December 2022
Comptroller and Auditor General (Statutory Auditor)
National Audit Office
157-197 Buckingham Palace Road
Victoria
London
SW1W 9SP
48
The Museum of the Home - Annual Report and Accounts 21-22 (The Geffrye Museum Trust)
|Consolidated Statement of Financial Activities
for the year ended 31 March 2022
Notes
Income and endowment funds from:
Donations and legacies
2
Grant-in-Aid
2
Charitable activities
3
Other trading activities
4
Investments
5
Total
Expenditure on:
Raising funds
6
Charitable activities
6
Total
Net gains / (losses) on investments
Net income / (expenditure)
Transfer between funds
14
Other recognised gains / (losses):
Gains / (losses) on defined benefit scheme
14
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
14|Unrestricted
Restricted
Total
Funds
Funds
2021-22
£
£
£
374,259
115,936
490,195
1,974,996
131,000
2,105,996
310,604
701,702
1,012,306
271,605
-
271,605
232
-
232
2,931,696
948,638
3,880,334
655,386
-
655,386
2,269,554
490,645
2,760,199
2,924,940
490,645
3,415,585
-
-
-
6,756
457,993
464,749
(7,208)
7,208
-
(452)
465,201
464,749
1,458,000
-
1,458,000
1,457,548
465,201
1,922,749
142,483
27,153,164
27,295,647
1,600,031
27,618,365
29,218,396|Restated
Unrestricted
Restricted
Total
Funds
Funds
2020-21
£
£
£
184,782
161,735
346,517
1,821,998
67,000
1,888,998
271,492
3,935,052
4,206,544
8,000
-
8,000
898
-
898|
|---|---|---|
|||2,287,170
4,163,787
6,450,957|
|||496,947
-
496,947
1,744,986
115,832
1,860,818|
|||2,241,933
115,832
2,357,765|
|||-
-
-
45,237
4,047,955
4,093,192
(1,166,857)
1,166,857
-|
|||(1,121,620)
5,214,812
4,093,192
(1,489,000)
-
(1,489,000)|
|||(2,610,620)
5,214,812
2,604,192
2,753,103
21,938,352
24,691,455|
|||142,483
27,153,164
27,295,647|
The notes on pages 53 to 73 form part of these financial statements.
Details of the 2021 restatement can be found on Note 16: Pensions.
49
The Museum of the Home - Annual Report and Accounts 2021-22 (The Geffrye Museum Trust)
|Museum Statement of Financial Activities
for the year ended 31 March 2022
Income and endowment funds from:
Donations and legacies
Grant-in-Aid
Charitable activities
Other trading activities
Investments
Total
Expenditure on:
Raising funds
Charitable activities
Total
Net gains / (losses) on investments
Net income / (expenditure)
Transfer between funds
Other recognised gains / (losses):
Gains / (losses) on defined benefit scheme
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward|Unrestricted
Restricted
Total
Funds
Funds
2021-22
£
£
£
374,259
115,936
490,195
1,974,996
131,000
2,105,996
310,604
701,702
1,012,306
6,093
-
6,093
12,137
-
12,137
2,678,089
948,638
3,626,727
407,744
407,744
2,276,859
490,645
2,767,504
-
-
-
2,684,603
490,645
3,175,248
-
-
-
(6,514)
457,993
451,479
(7,208)
7,208
-
(13,722)
465,201
451,479
1,458,000
-
1,458,000
1,444,278
465,201
1,909,479
209,804
27,153,164
27,362,968
1,654,082
27,618,365
29,272,447|Restated
Unrestricted
Restricted
Total
Funds
Funds
2020-21
£
£
£
191,689
161,735
353,424
1,821,998
67,000
1,888,998
271,492
3,911,927
4,183,419
0
0
0
4,048
0
4,048|
|---|---|---|
|||2,289,227
4,140,662
6,429,889|
|||398,882
398,882
1,770,879
92,707
1,863,586
-
-
-|
|||2,169,761
92,707
2,262,468|
|||-
-
-
119,466
4,047,955
4,167,421
(1,166,857)
1,166,857
-|
|||(1,047,391)
5,214,812
4,167,421
(1,489,000)
-
(1,489,000)|
|||(2,536,391)
5,214,812
2,678,421
2,746,195
21,938,352
24,684,547|
|||209,804
27,153,164
27,362,968|
The notes on pages 53 to 73 form part of these financial statements.
Details of the 2021 restatement can be found on Note 16: Pensions.
50
The Museum of the Home - Annual Report and Accounts 2021-22 (The Geffrye Museum Trust)
## Balance Sheet
for the year ended 31 March 2022
|Notes
Fixed assets
Heritage assets
9
Heritage assets - Collection
9
Other Fixed assets
9
Current assets
Stock
Debtors
11
Cash at bank and in hand
13
Liabilities
Creditors
Amounts falling due within one year
12
Net current assets
Total assets less current liabilities
Creditors
Amounts falling due after more than one year
12
Provision for liabilities and charges
Net defined benefit pension liability
16
Net assets
Represented by:
Unrestricted funds
Designated funds
14
General funds
14
Restricted funds
Restricted income funds
14
Total Income funds
Total Funds|Restated
Group
Group
2022
2021
£
£
27,277,752
26,958,526
3,025,687
3,019,645
399,275
434,813
30,702,714
30,412,984
49,408
44,854
736,017
496,112
1,310,061
1,575,497
2,095,486
2,116,463
(276,804)
(753,800)
1,818,682
1,362,663
32,521,396
31,775,647
(1,240,000)
(1,240,000)
(2,063,000)
(3,240,000)
29,218,396
27,295,647
1,026,272
(384,545)
573,759
527,028
1,600,031
142,483
27,618,365
27,153,164
27,618,365
27,153,164
29,218,396
27,295,647
29,218,396
27,295,647|Restated
Museum
Museum
2022
2021
£
£
27,277,752
26,958,526
3,025,687
3,019,645
399,275
434,813|
|---|---|---|
|||30,702,714
30,412,984|
|||0
0
867,081
628,269
1,276,939
1,550,342|
|||2,144,020
2,178,611
(271,287)
(748,627)|
|||1,872,733
1,429,984|
|||32,575,447
31,842,968
(1,240,000)
(1,240,000)
(2,063,000)
(3,240,000)|
|||29,272,447
27,362,968|
|||1,026,272
(384,545)
627,810
594,349|
|||1,654,082
209,804|
|||27,618,365
27,153,164|
|||27,618,365
27,153,164|
|||29,272,447
27,362,968|
|||29,272,447
27,362,968|
These accounts have been audited under the Government Resources and Accounts Act 2000 and are therefore exempt from the requirements of section 475 of the Companies Act 2006.
The financial statements were approved by the Board of Trustees on 13th December 2022 and signed on their behalf by:
Sonia Solicari
## Director and Accounting Officer
The Hon Caroline, Lady Dalmeny
Chair
The notes on pages 53 to 73 form part of these financial statements.
Details of the 2021 restatements can be found on Note 9: Tangible Fixed Assets and Note 16: Pensions.
51
The Museum of the Home - Annual Report and Accounts 2021-22 (The Geffrye Museum Trust)
Consolidated Statement of Cash Flows for the year ended 31 March 2022
|Notes
Cashflows from operating activities
Net cash provided by (used in) operating activities
Cash flows from investing activities
13
Dividends, interest and rents from investments
5
Purchase of tangible fixed assets
9
Purchase of heritage assets
9
Net cash provided by / (used in) investing activities
Cash flows from financing activities
Cash flows from net borrowing
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year|Group
Group
2022
2021
£
£
153,143
4,915,968|
|---|---|
||153,143
4,915,968|
||232
898
(93,543)
(90,381)
(325,268)
(5,485,343)|
||(418,579)
(5,574,826)
-
500,000
(265,436)
(158,858)
1,575,497
1,734,355|
||1,310,061
1,575,497|
The notes on pages 53 to 73 form part of these financial statements.
52
**The Museum of the Home - Annual Report and Accounts 2021-22**
(The Geffrye Museum Trust)
## NOTES TO THE FINANCIAL STATEMENTS
- 1 ACCOUNTING POLICIES
- (a) Basis of accounting
The financial statements have been prepared under the historical cost convention and, on the basis of on-going grant in aid funding from the Department for Digital, Culture, Media and Sport, they have been prepared on a going concern basis. The Museum has been a sponsored body of the DCMS since 1991 and there are no circumstances that the trustees are aware of either now or up to twelve months following the date on which the financial statements are signed that would alter this view. The accounts follow the requirements of the Companies Act and the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective January 2015), FRS 102 and makes additional disclosures required by the Secretary of State for Digital, Culture, Media and Sport as required by the Accounts Direction.
The core financial and non financial targets and outturns against the Management Agreement between the Department for Digital, Culture, Media and Sport and the museum is summarised on page 19 of the Annual Report.
- (b) Going Concern
The accounts have been prepared on a going concern basis. The Trustees and the Accounting Officer do not consider that there are any material uncertainties impacting the group's ability to continue as a going concern for the 12 months following the date of the signing of these accounts.
As with the previous year, they are aware of continued uncertainties beyond this period around levels of self generated and commercial income as a result of the Covid-19 pandemic which will be managed as needed by a series of planned mitigations including the scaling back of planned activities and exhibitions.
The Trustees and the Accounting Officer have assumed in making this going concern assessment that sufficient government support through grant in aid will continue to be made available to support the museum's core functions. More information can be found in the Annual Report on page 22.
- (c) Grant in Aid
The museum is a Non- Departmental Public Body (NDPB) sponsored by the Department for Digital, Culture, Media and Sport. Grant in Aid is available for running costs, capital improvements and collections purchases. Grant in Aid from the Department for Digital, Culture, Media and Sport is taken to the income and expenditure account in the year it is received.
- (d) Income
Income from grants, donations and legacies is recognised in the SOFA when there is evidence of entitlement, receipt is probable and its amount can be measured reliably. Contractual and trading income is recognised as incoming resources to the extent that the Museum of the Home has provided the associated goods or services. Where income is received in advance and the Museum of the Home does not have entitlement to these resources until the goods or services have been provided, the income is deferred.
- (e) Volunteers
The value of services provided by volunteers is not incorporated into these financial statements, due to the absence of a reliable measurement basis. Details of services made by volunteers can be found in the trustees' annual report.
- (f) Expenditure
Expenditure is included on an accruals basis. Expenditure is classified under the principal categories of charitable and other expenditure rather than type of expense, in order to provide useful information to users of the financial statements.
As per the Charities SORP (FRS 102) where there exists a liability at year end so a provision will be made as long as there exists an obligation and the amount is both measurable and probable.
Trading costs relate to the operation of the museum shop and restaurant and the hire of museum facilities. Direct staff and other staff are included.
Charitable activity expenditure comprises direct expenditure and staff costs attributable to the activity. Where costs cannot be directly attributed, these have been allocated to activities on a basis consistent with the use of resources.
Support costs include central functions and have been allocated to activities on a basis consistent with the use of resources. Also included within the support costs are governance costs which are those incurred in the governance of the charity and its assets and are primarily associated with constitutional and statutory requirements.
Creditors are recognised when the goods or services have been supplied. Accrued expenditure is based on when the goods or services were supplied and an accrual is made if the good or service were received in the period. Provision for liabilities and charges are recognised if there is a likelihood of the liability crystallising.
- (g) Tangible fixed assets
## Heritage assets
The disclosure requirements of Financial Reporting Standard 102 have been adopted, as the historic buildings and grounds and museum exhibits are regarded as heritage assets. This is due to their historic importance and the fact they are held for purposes of preservation, conservation and public education.
Intangibles
Within fixed assets, it is the policy that where there are intangible assets these are included in fixed assets as long as the value is immaterial.
Furniture, Fittings & Equipment
Furniture, Fittings & Equipment will be capitalised if their value is in excess of £1,000 and the economic benefit to
the museum exceeds at least one year.
53
## **The Museum of the Home - Annual Report and Accounts 2021-22**
(The Geffrye Museum Trust)
## NOTES TO THE FINANCIAL STATEMENTS
Donated assets In accordance with the fixed asset capitalisation policy that has been adopted, donated assets are recognised at fair value when received, should their fair value be in excess of £1,000.
## Collections
**----- Start of picture text -----**
Since the implementation of SORP 2000 the cost of exhibits acquired on the inception of the Trust in 1990 and
subsequently has been capitalised at historic cost or valuation on the balance sheet.
All heritage assets, including collections and additions to collections are on the balance sheet.
Museum buildings
**----- End of picture text -----**
Since the implementation of SORP 2000 the cost of buildings transferred under the 1991 Transfer Order and the cost of subsequent additions to the museum have been capitalised on the balance sheet. Dealings in freehold property transferred to the Geffrye Museum Trust require the consent of the Charity Commission. Museum buildings are considered to form an intrinsic part of the collection.
The basis of valuation of museum buildings is at historic cost.
All assets regarded as tangible fixed assets acquired in the period, costing more than £1,000 are capitalised.
- (h) Depreciation of tangible fixed assets
Depreciation on assets is charged so as to write off their full cost or valuation less estimated residual value over the expected useful economic lives at the following rates:
- Office furniture and fixtures 33% of cost per annum
- IT & AV equipment 33%
- Small plant & equipment 33%
- Intangibles 33% - depreciation charge deemed not material and so included within FF&E
- Large plant & equipment, security and refurbishments 10%
No depreciation is provided in respect of the collections (including the museum buildings) as they are heritage assets. Tangible fixed assets that have been brought into use by the end of the financial year have not been depreciated. Assets which have not been depreciated have been reviewed for impairment. Assets that have been brought into use during the year are fully depreciated for the year and no charge is made in the year of disposal.
- (i) Impairment of fixed assets
Fixed assets are reviewed for impairment when the indications of impairment in accordance with FRS 102. Assets are impaired to the fair value to reflect the future economic events that are expected to be received.
(j) Stock Stocks comprise goods for resale held in the museum shop. Stocks are valued at the lower of cost and net realisable value.
## (k) Pension costs
The museum is member of the London Pensions Fund Authority (LPFA) superannuation scheme that provides benefits based on average salary. The cost of benefits accruing during the year is charged against staff costs in the Statement of Financial Activities. Actuarial gains and losses are recognised in the Statement of Financial Activities after total net resources for the year and charged to reserves. The balance sheet includes the actuarially calculated scheme liabilities, discounted at an appropriate rate to reflect expected long term returns. The museum commenced auto enrolment from October 2014 and set up a defined contributions scheme with Royal London as the default pension provision. Amounts paid by the museum during the year are included in Note 8 - Wages and Salaries and no assets or liabilities were held by the museum at 31 March 2022. Employees retain the option of joining either scheme.
54
**The Museum of the Home - Annual Report and Accounts 2021-22**
(The Geffrye Museum Trust)
## NOTES TO THE FINANCIAL STATEMENTS
- (l) Fund accounting
General funds are available to use at the discretion of the trustees in furtherance of the general objectives of the museum. Designated funds comprise funds which have been set aside at the discretion of the trustees for specific purposes. The purpose and use of the designated funds are set out in the notes to the financial statements. Restricted funds are funds subject to specific restrictions imposed by the donors of by the purpose of the appeal.
- (m) Financial instruments
## Financial assets:
As the cash requirements of the Charity are largely met through Grant in Aid received from the Department for Digital, Culture Media and Sport, financial instruments play a more limited role creating risk than would apply to a non-public body of a similar size.
The museum's financial assets include trade and other debtors which have fixed or determinable payments that are not quoted in an active market. The museum has no intention of trading these. Subsequent to recognition at fair value, these assets are carried at amortised cost, less impairment, using the effective interest method.
## Financial liabilities:
Trade, other creditors and accruals are recorded at their carrying value, in recognition that these liabilities fall due within one year.
The museum recognises the loans with DCMS as financial instruments details of which can be found on Note 12.
Voted loans from DCMS are accounted for on an amortised cost basis using the effective interest rate method.
- (n) Cash and cash equivalents
All cash and cash equivalents held throughout the year were held in commercial banks or cash in hand.
## (o) Significant accounting judgements
The accounts have a number of significant judgements including the pension liability, the basis of recognition of income and the basis of the depreciation policy.
- (p) Annual Report
The accounts have been prepared in accordance with the accounting policies set out in Note 1 to the accounts and comply with the charity's Memorandum and Articles of Association, applicable law, the requirements of the Financial Reporting Standard applicable to the UK - FRS 102 and follows the Charities Statement of Recommended Practice SORP (FRS102) and comply with the requirements of the Companies Act 2006.
## (q) Consolidated Accounts
The accounts presented form a consolidated group with the Museum of the Home being the main entity and Museum of the Home Enterprises Ltd being a wholly owned trading subsidiary.
55
The Museum of the Home - Annual Report and Accounts 2021-22 (The Geffrye Museum Trust)
## 2. Donations and legacies, and Grant in Aid
|Grant in Aid
Donations
Other Income|Unrestricted
Restricted
Total
£
£
2021-22
1,974,996
131,000
2,105,996
188,252
115,936
304,188
186,007
2,349,255
-
186,007
246,936
2,596,191|Unrestricted
Restricted
Total
£
£
2020-21
1,821,998
67,000
1,888,998
184,782
161,735
346,517
-
-
-|
|---|---|---|
|||2,006,780
228,735
2,235,515|
Grant in Aid of £2,105,996 (2020-21 £1,888,998) was received from the Department for Digital, Culture, Media and Sport of which £211,000 (2020-21 £142,000) was for capital purposes. Other income is derived from Gift Aid received: £26,044 and Museum and Galleries tax relief: £159,963.
## 3. Income from charitable activities
|3. Income from charitable activities|||
|---|---|---|
|National Heritage Lottery Fund
Arts Council England
School sessions
other charitable activities
4. Other trading activity
Museum hire and activities
Museum of the Home Enterprises Ltd
5. Investment income
Bank interest
Total|Total
Unrestricted
Restricted
2020-21
£
£
£
-
671,010
671,010
244,416
30,074
274,490
-
-
-
66,188
618
66,806
310,604
701,702
1,012,306
6,093
-
6,093
265,512
-
265,512
271,605
0
271,605
232
-
232
232
0
232
2,931,696
948,638
3,880,334|Total
Unrestricted
Restricted
2020-21
£
£
£
0
3,830,744
3,830,744
244,416
-
244,416
-
-
-
27,076
104,308
131,384|
|||271,492
3,935,052
4,206,544|
|||0
-
0
8,000
-
8,000|
|||8,000
0
8,000|
|||898
-
898|
|||898
0
898|
||||
|||2,287,170
4,163,787
6,450,957|
56
The Museum of the Home - Annual Report and Accounts 21-22 (The Geffrye Museum Trust)
|6. Expenditure
Raising Funds
Fundraising & trading
Charitable Activities
Public Access
Building, maintenance & security
Education & Outreach
Schools, learning, public programme
Curatorial & Exhibitions
Conservation, research & exhibition|Staff
Direct
Support
Total
costs
costs
costs
2021-22
£
£
£
£
438,685
158,513
58,188
655,386
700,003
398,920
130,324
1,229,247
355,927
247,973
72,615
676,515
454,965
326,857
72,615
854,437
1,949,580
1,132,263
333,742
3,415,585|Staff
Direct
Support
Total
costs
costs
costs
2020-21
£
£
£
£
402,387
50,715
43,845
496,947
399,738
158,622
98,349
656,709
457,909
127,079
54,745
639,733
368,526
141,105
54,745
564,376|
|---|---|---|
|||1,628,560
477,521
251,684
2,357,765|
|Analysis of support costs
Basis of apportionment
Raising Funds
Fundraising
Trading
Charitable Activities
Public Access
Education & Outreach
Curatorial & Exhibitions|Bank
Finance &
Comms &
Governance
Total
charges
Admin
equipment
2021-22
£
£
Expenditure
Headcount
Headcount
Headcount
480
37,659
17,006
3,043
58,188
0
480
84,733
38,263
6,848
130,324
480
47,074
21,256
3,805
72,615
480
47,074
21,256
3,805
72,615
1,920
216,540
97,781
17,501
333,742|Total
2020-21
43,845
0
98,349
54,745
54,745|
|---|---|---|
|||251,684|
57
The Museum of the Home - Annual Report and Accounts 2021-22 (The Geffrye Museum Trust)
|7. Net movement in funds
This is stated after charging:
Auditor's remuneration
External audit fee
Internal audit fee
8. Staff costs
Wages & salaries
Social security costs
Pension costs
Subcontractors & agency staff|2021-22
£
17,500
-
2021-22
£
Group
1,446,400
128,527
359,578
1,934,505
15,075
1,949,580|2020-21
£
12,500
-
2021-22
£
Museum
1,320,104
118,686
350,618
1,789,408
15,075
1,804,483|2020-21
£
Group
1,232,906
122,719
268,071
1,623,696
4,864
1,628,560|2020-21
£
Museum
1,156,023
115,771
259,986|
|---|---|---|---|---|
|||||1,531,780
4,864|
|||||1,536,644|
No staff costs were capitalised (2020-21: nil)
The amount of employee benefits received by the Museum's key management personnel (defined as the senior management team) for their services to the charity was: £476,416 (2020-21: £546,135)
Pension costs are paid from unrestricted income and are therefore shown as unrestricted expenditure.
The number of employees, including the Director, whose emoluments as defined for taxation purposes amounted to over £60,000 in the year was as follows:
|||2021-22|2020-21|
|---|---|---|---|
|£60,001|- £70,000|2|2|
|£70,001|- £80,000|2|2|
The employees who were paid in excess of £60,000 in 21-22 all participate in the LPFA pension scheme and the employer contribution in this scheme was £45,917 (2020-21: £36,173)
Staff costs include those funded by Arts Council England and the National Heritage Lottery Fund.
## Whistleblowing Policy:
The Public Interest Disclosure Act 1988 provides certain rights and protections for a member of staff who "blows the whistle" by raising concerns. The musuem's Whistleblowing policy describes the protection the Act gives and which disclosures qualify.
## Trade Union Facility time:
There was no trade union facility time to report in regard to staff time or costs for the year ended 31 March 2022: (2020-21: None)
## Furlough:
One staff member had a final furlough payment in April financed with grants received from the Government Job Retention Sche to the value of £618 (2020-21: £104,308).The museum share of this was one staff (2020-21: 24) furloughed receiving grants of £6 (2020-21: £81,183)
58
The Museum of the Home - Annual Report and Accounts 2021-22 (The Geffrye Museum Trust)
## 8a. Average number of employees
The average number of employees on a full time equivalent basis, analysed by function:
|Charitable activity:
Public access
Education & Outreach
Curatorial & exhibitions
Fundraising & trading
Management & administration|2021-22
Group
13
4
6
8
8
39|2020-21
Group
7
6
6
7
8|
|---|---|---|
|||34|
The average group headcount for the year was 67 and for the museum was 48 (2020-21: Group 41; Museum 37)
## 8b. Trustees
The Trustees neither received nor waived any emoluments during the year (2020-21: nil). No expenses were reimbursed to any Trustee (2020-21: nil)
59
The Museum of the Home - Annual Report and Accounts 2021-22 (The Geffrye Museum Trust)
|9. Tangible fixed assets
Cost
At 1st April 2021
Additions
At 31 March 2022
Depreciation
At 1st April 2021
Charge for the Year
At 31 March 2022
Net Book Value
At 31st March 2022
at 31st March 2021|Furniture
Fittings &
Equipment
£
1,062,254
93,543
1,155,797
627,441
129,081
756,522
399,275
434,813|Restated
Total
£
1,062,254
93,543|
|---|---|---|
|||1,155,797|
|||627,441
129,081|
|||756,522|
||||
|||399,275|
||||
|||434,813|
Within Furniture, Fittings and Equipment, there are capitalised costs relating to website development but the value is deemed to be immaterial and so the cost has not been split out as intangibles.
The Group & Museum balance sheet has been restated for 20-21. Previously, fixed assets amounting to £188,169 were classified as heritage assets. These have been reclassified as fixed assets in line with the requirement of the Charities SORP.
60
**The Museum of the Home - Annual Report and Accounts 2021-22 (The Geffrye Museum Trust)**
In accordance with FRS 102, a summary of the heritage assets acquired at cost and assets donated to the museum, for the current year and the previous four accounting periods and disclosed on the balance sheet comprise:
|Cost
1st April 2017
Additions:
31 March 2018
31 March 2019
31 March 2020
31 March 2021
31 March 2022|**Restated**
Land &
Buildings
additions
9,744,748
1,463,079
3,288,907
7,164,618
5,297,174
319,226
27,277,752|Collections
Acquistions
£
2,836,499
5,594
5,995
6,212
-
6,042
2,860,342|(Disposals)
£
-
(30,775)
-
-
(12,600)
0
(43,375)|Donations
£
208,720
-
-
-
-
208,720|**Restated**
Total
£
12,789,967
1,437,898
3,294,902
7,170,830
5,284,574
325,268|
|---|---|---|---|---|---|
||||||30,303,439|
All assets are considered to be used for charitable activities. Additions to the collections were funded by Grant in Aid and supplemented by additional grants and donations.There was £6,042 of additions for 21-22 (1991 - 2021 £1,354,300) and £1,360,342 has been spent on additions to the collection and has been stated at historic cost. The Audit Committee agreed that from April 2019 only those heritage assets with a cost or value of £1,000 or higher would be recorded within the heritage assets on the balance sheet.
Additions to land & buildings are in respect of the capital project Unlocking the Geffrye .
61
The Museum of the Home - Annual Report and Accounts 2021-22 (The Geffrye Museum Trust)
## 9. Heritage assets
|Heritage Assets
Land & buildings
Cost
At 1st April 2021
Additions
At 31 March 2022
Net Book Value
At 31st March 2022
at 31st March 2021|Land and
Buildings
Valued 1991
£
2,400,000
-
2,400,000
2,400,000
2,400,000|Restated
Land and
Buildings
Historic
cost since
1991
£
24,558,526
319,226
24,877,752
24,877,752
24,558,526|Restated
Total
£
26,958,526
319,226|
|---|---|---|---|
||||27,277,752|
|||||
||||27,277,752|
|||||
||||26,958,526|
Capitalised heritage assets are not depreciated because they are deemed to have indefinite lives, but are subject to impairment reviews where damage or deterioration is reported. The additions to land and buildings represent capitalised costs at the balance sheet date including costs associated with the Unlocking the Geffrye capital project. Land and buildings shown as Heritage assets are owned freehold by the Trust.
|Heritage Assets
Collections
Cost
At 1st April 2021
Additions
Disposal
At 31 March 2022
Net Book Value
At 31st March 2022
at 31st March 2021|Collection
Valued 1990
& 1996
£
1,500,000
1,500,000
1,500,000
1,500,000|Collection
Do
Historic
cost since
1991
£
1,310,925
6,042
-
1,316,967
1,316,967
1,310,925|nated Assets
£
208,720
208,720
208,720
208,720|Total
£
3,019,645
6,042
-|
|---|---|---|---|---|
|||||3,025,687|
||||||
|||||3,025,687|
||||||
|||||3,019,645|
The entire collection was valued by Christie's in 1990 and the pictures, watercolours and prints were re-valued by Christie's in 1996.
The museum reconciled the collection inventory with the accounting records at year end 31 March 2019. There was some unreconciled objects due to items either being grouped or insufficiently catalogued when the items were transferred to the museum in 1991. The value attributed at this time was £106,285. The museum took the view that this was not material when measured against the total value of the collection and to adjust the value by this amount would be misleading, as the museum was not intending to dispose any of these smaller items which made up this amount.
The museum's collection of objects, library and archive material has been built up since 1914. Acquisitions are made according to a Collections Development Policy, last agreed by Trustees in 2014 and normally reviewed every 5 years. A decision was taken by the trustees during the year to wait until the completion of the museum rebrand and capital project was completed before the Collections Development Policy was next reviewed. A policy of preventative conservation is in place, with careful monitoring of conditions, routine cleaning and checks for pest infestation. Active conservation is only undertaken when deemed necessary to prevent further deterioration, loss or damage.
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The Museum of the Home - Annual Report and Accounts 2021-22
(The Geffrye Museum Trust)
## 10. Financial Instruments
The museum's financial assets comprise of trade and other debtors which have fixed or determinable payments that are not quoted in an active market. The museum has no intention of trading these. Trade, other creditors and accruals are recorded at their carrying value.
|11. Debtors
Trade debtors
Other debtors
Prepayments & accrued income
Note: None of the above is expected to be
12. Creditors
Amounts falling due within one year:
Trade creditors
Taxation and social security costs
Other Creditors
Accruals
DCMS loan and interest
Amounts falling due after one year:
DCMS loan|Group
Group
Museum
Museum
2022
2021
2022
2021
£
£
£
£
20,060
10,750
6,147
10,750
688,279
454,310
833,255
586,467
27,678
31,052
27,679
31,052|
|---|---|
||736,017
496,112
867,081
628,269|
||received after more than one year.
Group
Group
Museum
Museum
2022
2021
2022
2021
£
£
£
£
107,675
494,151
102,158
488,978
32,148
38,257
32,148
38,257
81,233
53,256
81,233
53,256
46,748
159,554
46,748
159,554
9,000
8,582
9,000
8,582|
||276,804
753,800
271,287
748,627|
||1,240,000
1,240,000
1,240,000
1,240,000|
||1,240,000
1,240,000
1,240,000
1,240,000|
At 31 March two loans exist with DCMS with a total agreed value of £1,240,000.
The Museum balance includes £125,355 which represents the inter company balance with the trading subsidiary.
Interest on the principal is payable annually and is calculated at fixed rates. Interest is calculated
on each tranche of drawdown of the loan and ranged from 0.40% to 2.18% in the year. Interest charged for the year was £9,000 (2020-21: £8,582)
The revised repayment profile for both loans first agreed with DCMS in August 2020 continues. This allows for interest only repayments until 23-24 when capital repayments will restart over a revised period of 25 years.
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The Museum of the Home - Annual Report and Accounts 2021-22 (The Geffrye Museum Trust)
|13. Reconciliation of consolidated net income (expenditure) to net
cash inflow from operating activities
Net income / (expenditure) after other gains and losses for the reporting period
Adjustments for:
Depreciation for the year
Dividends, interest and rents from investments
(Increase) in stock
(Increase) / Decrease in debtors
(Decrease) in creditors
(Decrease) / Increase in net defined pension liability
(Profit) / Loss on disposal of heritage asset
Analysis of cash and cash equivalents
13.1. Statement of changes in net funds
Opening
balance
£
Cash and cash equivalents
1,575,497
DCMS loan due within one year
-
DCMS loan due after more than one year
(1,240,000)
Total net funds
335,497|2022
£
1,922,749
129,081
(232)
(4,553)
(239,906)
(476,996)
(1,177,000)
-
153,143
1,310,061
Cash
movements
£
(265,436)
-
-
(265,436)|Restated
2021
£
2,604,192
93,862
(898)
(32,812)
1,141,624
(580,600)
1,678,000
12,600|
|---|---|---|
|||4,915,968|
|||1,575,497
Closing
balance
£
1,310,061
-
(1,240,000)|
|||70,061|
Details of the 2021 restatement can be found on Note 16: Pensions.
64
The Museum of the Home - Annual Report and Accounts 2021-22 (The Geffrye Museum Trust)
## 14. Consolidated Statement of Funds
|Restricted Asset Funds
Fixed assets Land & Buildings
Almshouses
Branson Coates Wing
UtG development
Restricted Income Funds
UtG
DCMS Repair fund
Other Restricted Funds
Job Retention Scheme
Lien Viet
Total Restricted Funds
Unrestricted Funds
Fixed Assets held for charity use
Heritage Collection
Collections Fund
Donated assets
Other fixed assets
Designated Funds
Pension Fund
Exhibition & Programme
DCMS loan fund
UtG funds
UTG - DCMS Loan
General Funds
Total Unrestricted Funds
Total Funds|1 April
2021
£
Income
£
Expenditure
£
Pension
Revaluation
£
Transfer
Funds
£
31 March
2022
£
2,400,000
5,477,646
18,819,880
(118,460)
698,686
2,400,000
5,477,646
19,400,106
-
701,084
(9,606)
(691,478)
-
59,000
119,638
0
277,000
131,000
115,936
618
(142,426)
(148,074)
(618)
(71,461)
47,574
87,500
-
205,539|
|---|---|
||27,153,164
948,638
(490,645)
-
7,208
27,618,365|
||2,738,412
72,513
208,720
434,813
6,042
(6,042)
(129,081)
6,042
93,543
2,738,412
78,555
208,720
399,275
(3,240,000)
90,000
(1,240,000)
50,997
500,000
527,028
2,925,654
(281,000)
(2,508,817)
1,458,000
136,000
127,313
(370,106)
(2,063,000)
226,000
(1,240,000)
178,310
500,000
573,759|
||142,483
2,931,696
(2,924,940)
1,458,000
(7,208)
1,600,031|
|||
||27,295,647
3,880,334
(3,415,585)
1,458,000
-
29,218,396|
Transfers between funds include a movement to Exhibition & Programme designated funds of £136,000 as approved by the trustees to augment creative programming.
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The Museum of the Home - Annual Report and Accounts 2021-22 (The Geffrye Museum Trust)
|14. Statement of Funds
31 March 2021
Restricted Asset Funds
Fixed assets Land & Buildings
Almshouses
Branson Coates Wing
UtG development
Adjustment (Note 9)
Restricted Income Funds
UtG
DCMS Repair fund
Other Restricted Funds
Job Retention Scheme
Lien Viet
Total Restricted Funds
Unrestricted Funds
Fixed Assets held for charity use
Heritage Collection
Collections Fund
Donated assets
Other fixed assets
Prior year adjustment
Designated Funds
Pension Fund
Pension Fund Prior Year Adjustment
Exhibition & Programme
DCMS loan fund
UtG funds
UTG - DCMS Loan
General Funds
Total Unrestricted Funds
Total Funds|1 April
2020
£
Income
£
Expenditure
£
Pension
Revaluation
£
Transfer
Funds
£
Restated
31 March
2021
£
2,400,000
5,477,646
13,783,706
5,224,343
(188,169)
2,400,000
5,477,646
19,008,049
(188,169)
-
3,830,744
(3,524)
(3,827,220)
--
277,000
67,000
161,735
104,308
(8,000)
(104,308)
(42,097)
59,000
119,638
0
277,000|
|---|---|
||21,938,352
4,163,787
(115,832)
-
1,166,857
27,153,164|
||2,738,412
85,113
208,720
250,125
(1,562,000)
(740,000)
1,206,023
566,710
2,287,170
(12,600)
(93,862)
(189,000)
(1,946,471)
(1,381,000)
(108,000)
90,381
188,169
90,000
(500,000)
(1,155,026)
500,000
(380,381)
2,738,412
72,513
208,720
246,644
188,169
-
-
(3,132,000)
(108,000)
90,000
(1,240,000)
50,997
500,000
527,028|
||2,753,103
2,287,170
(2,241,933)
(1,489,000)
(1,166,857)
142,483|
|||
||24,691,455
6,450,957
(2,357,765)
(1,489,000)
-
27,295,647|
66
The Museum of the Home - Annual Report and Accounts 2021-22 (The Geffrye Museum Trust)
## Funds
The funds are represented by restricted, unrestricted and designated funds. Restricted funds are those where restrictions apply to the charity's use of the funds as a result of certain conditions or restrictions for their use.The restricted asset funds include the Almshouse buildings as valued in 1991 when they were transferred to the charity. The Branson Coates fund represents the historic cost of this extension to the museum in 1998, partly funded through donations. The UtG development fund represents the cost expended to date as at 31 March 2022, while the UtG restricted income funds represents funds raised towards the project.
The DCMS urgent repair fund was received in year to assist with emergency works in Branson Coates wing and for drainage works.
Other restricted funds include: £ Exhibitions: 19,923 Creative Programme: 67,577
Unrestricted funds are comprised of Fixed Assets held for charity use, Designated funds, whereby trustees have decided to designate them for a specific purpose, and General funds.
Fixed Assets held for charity use include the heritage collections, originally valued in 1991 and again in 1996. Donated assets are added at historic cost and include the Cotton collection of regional chairs.
The Collections fund represents some of the other additions or disposals to collections since 1996 at historic cost.
The Pension fund shows the long term liability on the London Pension Authority Fund (LPFA) defined pension scheme.
In March 2022 the trustees designated £136,000 to Exhibition & Programme to augment exhibition and programme in later periods.
The DCMS loan fund shows the long term liability regarding the outstanding loan for the year ended 31 March 2022.
The UtG fund follows the decision of the trustees to designate part of the proceeds of the Cremer Street sale made in 2017-18 to the UtG project. These funds are therefore designated to cover costs against the project and in 2021-22, the final £50,997 has been transferred to the restricted income fund for UtG as part of this. designation.
The transfers between reserves reflect where there has been expenditure from one reserve on capital assets that by their nature form part of a different reserve.
The General fund shows the movement in free funds during the year.
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The Museum of the Home - Annual Report and Accounts 2021-22 (The Geffrye Museum Trust)
## 15. Museum of the Home Enterprises Limited
The Museum of the Home owns the whole of the issued share capital of one share of £1 nominal value of Museum of the Home Enterprises Ltd, a company registered in England & Wales ( company number 11687292). The company's principal activities are corporate and private event hire and retail.
Statement of comprehensive income
|Turnover
Cost of sales
Gross profit
Administrative expenses
Operating profit
Other Income
Interest payable
Profit (Loss) on ordinary activities before gift aid payment
Gift Aid Distribution:
Profit (Loss) on ordinary activities after gift aid payment|2021-22
£
265,512
(72,856)
192,656
(167,484)
25,172
0
(4,900)
20,272
(7,000)
13,272|2020-21
£
8,000
(675)|
|---|---|---|
|||7,325
(101,530)|
|||(94,205)
23,125
(3,150)|
|||(74,230)
-|
|||(74,230)|
An interim distribution of £7,000 on the prior year profit of £20,272 was made in year (2020-21: None) and was distributed under Gift Aid to the Museum of the Home.
Reconciliation to the Consolidated Statement of Financial Activities
|
Cost of sales
Administrative expenses
Gross profit
Less: Intercompany sales
Per Consolidated Statement of Financial Activities|2021-22
£
72,856
167,484
240,340|2020-21
£
675
101,530|
|---|---|---|
|||102,205|
Balance Sheet
|Net Current Assets:
Stock
Current assets
Current liabilities
Liabilities due after one year
Net assets
Share capital
Reserves
Net assets|2021-22
£
49,408
47,036
(25,139)
(125,355)
(54,050)
1
(54,051)
(54,050)|2020-21
£
44,854
31,188
(5,174)
(138,190)|
|---|---|---|
|||(67,322)|
|||1
(67,323)|
|||(67,322)|
68
The Museum of the Home - Annual Report and Accounts 2021-22 (The Geffrye Museum Trust)
## 16. Pensions
The Trust operates a pension scheme providing benefits based upon career average pensionable salary. The assets of the scheme are held separately from those of the Trust, being administered as part of the London Pensions Fund Authority (LPFA) Fund.
Current rates during the year were employer's contribution of 16.30% of pensionable salary, employees' contributions ranged between 5.5% and 9.9% of pensionable salary.
The Trust participates in the LPFA Fund on a "pooled experience" basis. Contributions to the LPFA Fund are determined by Barnett Waddingham on the basis of triennial valuations using the projected unit funding method. The most recent valuation was March 2019. This showed the market valuation of the asset share in relation to the Museum of the Home's employees was £5,682,000 as at 31 March 2019. At the valuation date the fund's assets were insufficient to cover the value of members' accrued benefits. The assumptions which have the most significant effect on the results of the valuation include the movement on the discount rate; those relating to the rate of return on equities and 2.35% on cash per annum and that salary increases would average 3.85% per annum. A rate of 16.30% (previously 12.87%) of the total pensionable pay was recommended to meet the cost of accruing liabilities. In addition, additional cash contributions were recommended in years 2 and 3 as £2,428 and £ 2,517 respectively. The increase in the discount rate from 2.00% to 2.60% has given rise to the decrease in the pension liability this year in addition to the expectation of general salary increase from 3.85% to 4.20%. The FRS 102 analysis is intended to be a relatively objective market based measurement but can lead to considerable volatility. The LPFA pension Fund's assets are invested in a wide range of investments classes so they will move in a certain way depending on equity markets but the liabilities for FRS 102 purposes are based on corporate bonds and a small change in the discount rate can produce considerable increases in net liability.
The required pension contribution to the LPFA for the year was £117,767 (2020-21: £96,411) with contributions payable of £5,203 (2020-21: £4,779) included in creditors at the balance sheet date. This figure includes £2,428 additional contributions in year (2020-21: None)
During 2019, the LPFA carried out the triennial valuation which will impact contributions from April 2020. The museum has ensured these contributions remain fair and affordable but which also help to mitigate the long term pension deficit.
Barnett Waddingham updated the formal valuation of the scheme to 31 March 2022 for the purposes of presenting figures required by FRS 102 - Retirement Benefit Plans. The major assumptions used by the actuary were (in nominal terms):
||2022||2021||2020|
|---|---|---|---|---|---|
|Salary Increases|4.20%||3.85%||2.85%|
|Pension Increases|3.20%||2.85%||1.85%|
|Discount rate|2.60%||2.00%||2.35%|
|||Restated||||
||2022|2021|2020|2019|2018|
|Fair Value of Assets|7,470,000|6,443,000|5,514,000|5,682,000|5,231,000|
|Present value of liabilities|(9,533,000)|(9,683,000)|(7,076,000)|(7,001,000)|(6,720,000)|
|Deficit as at 31 March|(2,063,000)|(3,240,000)|(1,562,000)|(1,319,000)|(1,489,000)|
More information on these estimations can be found in the LPFA's 2021-22 annual report and accounts.
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The Museum of the Home - Annual Report and Accounts 2021-22
(The Geffrye Museum Trust)
## 16. Pensions (continued)
The approximate fair values of the assets and liabilities of the scheme as at 31 March 2022 attributable to the Museum of the Home are:
|Fair Value of scheme assets
Present value of defined benefit obligation
Amount on the balance sheet are as follows:
Liabilities
The amounts recognised in the SOFA are as follows:
Service cost
Net interest on defined liability (asset)
Administration costs
Total cost
Opening value of defined obligation
Current service cost
Interest cost
Change in financial assumption
Benefits paid
Contributions by scheme participants
Change in demographic assumptions
Experience loss(gain) on defined benefit obligation
Past service cost including curtailments
Closing defined benfit obligation
Opening value of Fund assets
Interest on Assets
Return on assets less interest
Contributions by employer
Contributions by scheme participants
Benefits paid
Other actuarial gains (losses)
Fair Value of Fund assets at the end of the period:|2022
£
7,470,000
(9,533,000)
(2,063,000)
(2,063,000)
329,000
64,000
8,000
401,000
9,683,000
329,000
193,000
(604,000)
(142,000)
53,000
-
21,000
-
9,533,000
6,443,000
129,000
875,000
120,000
53,000
(142,000)
(8,000)
7,470,000|Restated
2021
£
6,443,000
(9,683,000)|
|---|---|---|
|||(3,240,000)|
|||(3,240,000)
240,000
38,000
7,000|
|||285,000|
|||7,076,000
240,000
165,000
2,444,000
(132,000)
60,000
(76,000)
(94,000)
0|
|||9,683,000|
|||5,406,000
120,000
891,000
98,000
60,000
(132,000)
0|
|||6,443,000|
During the current year, management noted that the amount of "Fair Value of Assets" related to pensions had been incorrectly recorded in the prior year (2020-21) as £6,551,000 instead of £6,443,000. This restatement of
£108,000 has increased losses under "Gains (losses) on defined benefit scheme" on the SOFA from £1,381,000 to
£1,489,000 and the "net defined benefit pension liability" balance on the Statement of Funds by the same amount.
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The Museum of the Home - Annual Report and Accounts 2021-22 (The Geffrye Museum Trust)
16. Pensions (continued)
|History of experience gains and losses||||||
|---|---|---|---|---|---|
||2022|2021|2020|2019|2018|
|Difference between the expected and actual return||||||
|on scheme assets||||||
|Amount|n/a|n/a|n/a|n/a|n/a|
|Percentage of scheme assets||||||
|Experience gains and losses on scheme liabilities|21,000|(94,000)|510,000|0|0|
|Amount|-|-|-|-|-|
|Percentage of scheme liabilities|-|-|-|-|-|
|Total actuarial gain(loss)||||||
|Amount|1,460,000|(32,000)|(32,000)|355,000|327,000|
|Percentage of scheme assets(liabilities)|-15.32%|0.45%|0.45%|5.07%|4.86%|
|Pension Sensitivity Analysis|£000's|£000's|£000's|||
|Adjustment to discount rate|+0.1%|0.0%|-0.1%|||
|Present value of total obligation|9,323|9,533|9,748|||
|Projected service cost|285|295|305|||
|Adjustment to long term salary increase|+0.1%|0.0%|-0.1%|||
|Present value of total obligation|9,546|9,533|9,520|||
|Projected service cost|295|295|295|||
|Adjustment to pension increases and deferred revaluatio|+0.1%|0.0%|-0.1%|||
|Present value of total obligation|9,733|9,533|9,337|||
|Projected service cost|305|295|285|||
|Adjustment to life expectancy assumptions|+0.1%|0.0%|-0.1%|||
|Present value of total obligation|9,929|9,533|9,153|||
|Projected service cost|308|295|282|||
In addition to the LPFA pension scheme the Museum of the Home also offers staff a defined contributions scheme, administered by Royal London. Employees' contributions are 3% and employer's contributions are 6%. In 2021-22 employer's contributions were £30,744 (2020-21: £ 27,660) and this is included in the pension cost in Note 8. An amount of contributions payable of £1,066 (2020-21: £ 1,029) is included in creditors at the balance sheet date.
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The Museum of the Home - Annual Report and Accounts 2021-22 (The Geffrye Museum Trust)
## 17. Liability of Directors
The Directors of the charitable company are its Trustees for the purposes of charity law and are listed on page 1. The company is limited by guarantee, has no share capital, and is a registered charity. The liability of the Directors of the company is limited to £1 per Director. At 31 March 2022 their total potential liability amounted to £14 (2020-21: £11).
## 18. Tax Status
All the activities of the Geffrye Museum Trust, which is a registered charity, are undertaken in the pursuit of the museum's charitable purposes only. Each year the museum undertakes a review to establish whether the activities it undertakes have a financial result that might lead to a liability to corporation tax for the year. The current review shows that no liability to corporation tax is expected for the year ended 31 March 2022. In addition, commercial activities will pass through the museum's operating subsidiary, Museum of the Home Enterprises Limited and therefore the museum intends to submit a nil return. (2020-21: Nil)
## 19. Capital Commitments
The museum had £178,310 capital commitments as at 31 March 2022 (2020-21: £264,800) due to the Unlocking the Geffrye project.
## 20. Related party
The Department for Digital, Culture, Media and Sport (DCMS) is the parent department for the Museum of the Home and is regarded as a related party. During the year the museum had various transactions with other entities for which the DCMS is also regarded as the parent department and received grants and donations as:
|received grants and donations as:||||||||
|---|---|---|---|---|---|---|---|
|Heritage Lottery Fund
Arts Council England|In|come for the
ear ended 31
March 2022
£
671,010
274,490|Debtor
balances as at
31 March 2022
£
410,364
17,729|Exp|enditure|
bala|Creditor|
||||||||
nces as at|
||
y|||Mar|as at 31|||
|||||||
|
31 March|
||||||
ch 2022|||
||||||||
2022
£
-
-|
||||||
£
-
-|||
The related party transactions above include funding from the Heritage Lottery Fund as part of the Unlocking the Geffrye capital project and from Arts Council England as £244,416 National Portfolio funding and £30,074 as funding towards the Unlocking the Geffrye project. Details of these transactions are given within these accounts in Note 2. A total of £2,600 (2020-21:£ 8,000) was received from Trustees as donations towards Unlocking the Geffrye and other projects. None of the remaining Trustees or key managerial staff has undertaken any material transactions with the museum during the year.
## 21. Contingent Asset
There was no contingent asset at year end (20-21: £12,500)
## 22. Post Balance Sheet events
There were no significant post balance sheet events for the Museum to comment on.
The authorised for issue date is the date of certification by the Comptroller and Auditor General.
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The Museum of the Home - Annual Report and Accounts 2021-22
(The Geffrye Museum Trust)
## 23. Acknowledgements
The Museum of the Home would like to thank all of its supporters during the financial year 2021-22 for their generous support and to acknowledge the following:
Department for Digital, Culture, Media and Sport National Lottery Heritage Fund Arts Council England
Trust & Foundations Individuals Art Fund Penny Badowska William Brake Foundation Leigh Bataillon Headley Trust Geoffrey Bond Lennox Hannay Trust Naomi Clever Ministry of Housing, Communities and Local Government Penny Egan CBE Moynitrust John Forrester Robert Gavron Charitable Trust Fiona Geddes Hackney Council's Shoreditch and Hoxton Art Fund Paula Lent Harriet Matheson Edwina Sassoon Sarah Wood Corporates Patrons UBS Janet Chapmen and Mark Buckle Neptune Geoffrey Adams Zarir and Shelialla Cama Christine and Bill Hanway Graham and Margaret Millar Katharine Montague Alex and Elinor Sainsbury John and Anna Tomlins Viscount Colville of Culross Steven Larcombe John Shakeshaft
We also wish to thank members of the Museum of the Home Friends and all those who wish to remain anonymous.
73
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