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2023-03-31-accounts

The Geffrye Museum Trust

Annual report and accounts 2022-2023 For the period 1 April to 31 March

Company Number: 2476642

Charity Number: 803052

HC 430

The Geffrye Museum Trust

Annual report and accounts 2022-2023 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 19th December 2023

HC 430

© Crown copyright 2023

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visit nationalarchives.gov.uk/doc/open-government-licence/version/3.

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Any enquiries regarding this publication should be sent to us at press@museumofthehome.org.uk.

ISBN 978-1-5286-4524-9 E03008658 12/23

Printed on paper containing 40% recycled fibre content minimum

Printed in the UK by HH Associates Ltd. on behalf of the Controller of His Majesty’s Stationery Office.

Museum of the Home

(The Geffrye Museum Trust) Annual Report and Accounts Year ended 31 March 2023

Contents

Trustees and Professional Advisors ................................................................................................... 2 Strategic Report ..................................................................................................................................... 4 Director’s Report .................................................................................................................................. 22 Remuneration Report ......................................................................................................................... 24 Governance Statement....................................................................................................................... 28 Statement of Trustee’s and Accounting Officer’s Responsibilities .............................................. 36 The Certificate and Report of the Comptroller and Auditor General To The Members of the Geffrye Museum Trust and Houses of Parliament ......................................................................... 38 Statement of Financial Activities ....................................................................................................... 44 Balance Sheet ...................................................................................................................................... 46 Statement of Cashflows ..................................................................................................................... 47 Notes to the Financial Statements .................................................................................................... 48

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Museum of the Home (The Geffrye Museum Trust) Annual Report and Accounts Year ended 31 March 2023

Trustees and Professional Advisors

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 Culture, Media and Sport:

Chair: Samir Shah CBE (to 15 June 2022)
John Shakeshaft (Interim Chair, 16 June – 30 September 2022)
The Honourable Lady Caroline Dalmeny (from 1 October 2022)
DCMS-appointed Trustees: Alain Clapham
Charles Colville
Caroline Malone
Elected Trustees: Janet Chapman
John Forrester (Resigned 13thJuly 2023)
Christine Chang Hanway
Arthur Kay
Robert Ketteridge
Mercy Muroki
Jonathan Newby (Resigned 13thJuly 2023)
Rania Nur
Professor Abigail Williams (Resigned 13thJuly 2023)
Director: Sonia Solicari
Company Secretary: Graeme Silcocks
Professional Advisors:
Auditors: The Comptroller and Auditor General
National Audit Office
157-197 Buckingham Palace Road
London SW1W 9SP
Tel: 020 7798 7000
Solicitors: Farrer & Co LLP
66 Lincoln Inn Fields
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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Museum of the Home (The Geffrye Museum Trust) Annual Report and Accounts Year ended 31 March 2023

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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Museum of the Home (The Geffrye Museum Trust) Annual Report and Accounts Year ended 31 March 2023

Strategic Report

Brief Description and History

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 with a reputation for highquality learning and engagement programmes. It is known as one of London’s most friendly and enjoyable museums.

The museum is located in Hoxton, East London. It is set in grade 1 listed, eighteenth-century buildings which were formerly the Ironmonger’s Company Almshouses, founded in 1714 with 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), thereby ending the association with Geffrye’s bequest, and converted into the Geffrye Museum, which opened in 1914. The Museum’s 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 rearranged 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 post- war 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.

Significant additions to the museum buildings were made in 1999 with a new wing housing period rooms from 1870 to the 1990s and in 2021 with a major capital project which created new Home Galleries in the lower ground floor of the eighteenth-century building, new research and storage facilities for collections, creating a fully accessible site and a new visitor journey. Additionally new learning and event spaces were added.

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Museum of the Home (The Geffrye Museum Trust) Annual Report and Accounts Year ended 31 March 2023

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.

Visitors experience the Museum as:

Vital: Useful; important; actively challenging Universal: Welcoming; human; resonant; storytelling Surprising: Fun; risk-taking; sparking ideas Conversation: Collaborative; accessible; platforming opinion

We work in ways which are:

Bold: Be brave in trying new things, taking action and fighting for change on issues affecting the ways we live Kind: Be friendly, generous and considerate in our actions Eco-Active : Embed climate action in all decision-making and encourage visitors to make ecominded choices at home Equitable : Act transparently, ethically, inclusively – and to allocate resources, time and care equitably to meet needs

Our Objectives

The objects stated in the Articles of Association for which the museum is registered is for the advancement of education for the public benefit and for the acquisition, provision, establishment and management of public parks.

Our Vision in Action plan for 2022-23 laid out the following three objectives:

  1. Known as the Museum of the Home – building audiences and reach, with spaces that welcome

  2. Live Better Together – content that’s issues-focussed, story-led, cross-platform, in partnership, and which reflects the diversity of modern London

  3. Future Ready – staff, money and collections management, buildings, the planet.

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Museum of the Home (The Geffrye Museum Trust) Annual Report and Accounts Year ended 31 March 2023

Review of Activities 2022-23

The Museum had a successful year – emerging from the Covid pandemic’s many challenges, seeing significant visitor-number growth and achieving a better understanding of the ‘new’ museum delivered by the Unlocking the Geffrye (UtG) project in the previous year.

1. Known as the Museum of the Home

Build a Strong Identity

Museum of the Home rebranded in 2019-2020. During closure the Museum developed its website and social media presence to create its new identity. A digital-first position in 2022-23 led towards an image and video led approach to social media.

During the year we launched the Museum on Bloomberg Connects. This new presence leverages the app’s wide international reach to present the Museum to new and international audiences.

Throughout the year, the Museum’s Comms team have developed a strong presence on social media in addition to creating a strong presence on TikTok from a standing start at the end of 2022. To date, the Museum’s social media followers total 73k and are highly engaged despite changes to critical platforms such as X (formerly Twitter).

Website traffic remains broadly stable. However, it is increasingly clear to us that dwell times could be better and deeper engagement can be achieved with stronger image, video, audio, collections and community engagement focused content.

During the year the Museum featured on Antiques Roadshow and various figures from the Museum staff appeared on radio, raising the profile of the Museum and positively impacting visitor numbers.

Audience First (more, different, deeper, wider)

The year saw a significant increase in our visitor numbers, finishing a little over 158k, a huge success for the Museum with a clear exit-velocity meaning that we are set to see our post-Covid and post-capital project benchmark.

During the year our Audience Development Plan was refreshed utilizing data from audience surveys to inform our future approach. This has seen renewed consideration of local and diverse audiences – something that demonstrated its impact on the success of the Great Pyjama Party and subsequent events at the Museum. Concentrating on localism has also seen new relations with local venues and community groups in terms of reciprocal-marketing. Other audiences which have been identified for greater focus are GenZ and early Millennials.

Alongside the activity above, we have commenced engagement with publishers and literary influencers to begin developing the Museum as a location for literary events, and we are also actively presenting the Museum as a location for radio programmes (Gardener’s Question Time and the Radio 4 Food Programme Awards). This will help maintain the Museum’s connection with high net worth audiences with interests which intersect with the Museum’s philosophy and collections.

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Museum of the Home (The Geffrye Museum Trust) Annual Report and Accounts Year ended 31 March 2023

The Museum actively encourages feedback from visitors and analyses this feedback to inform future provision. During the year the feedback we received was 21% more positive than the previous year – with 76% of feedback being positive about experiences at the Museum. Our visitors were particularly positive about the new spaces, the Home Galleries and our welcoming visitor experience staff. One visitor said that the Museum was ‘one of the most interesting and inclusive museums I have visited’.

The presence of the statue of Robert Geffrye has continued to be mentioned in feedback received by the Museum, sometimes eliciting strong views.

Think Digital

Museum IT systems were reviewed during the year with a new Financial Accounting system procedures (to be launched in 2023-2024) and upgrades made or planned around room and resource bookings, ticketing, and collections management. With the help of the National Centre for Cyber Security, a large number of security upgrades were made to internet access and email systems.

Our free digital guide on Bloomberg Connects allows us to put digital accessibility first. The app provides a glimpse into more than 200 world-class institutions including museums, galleries, gardens, public art and festivals, expanding access to arts and culture around the world. Museum of the Home's guide offers access to content for digital-only visitors regardless of their location, and enhances the on-site experience as a free audio or visual guide. Visitor engagement and audience development are at the core of Bloomberg Connects: since launching in early 2023 - and thanks to the integration of Google Translate - our application has seen hundreds of guide starts in various languages including English, German, and Japanese.

Social media follows in aggregate are at 72,510 (2022: 68,100).

This breaks down as follows:

This breaks down as follows:
Platform 2022-2023
Instagram 31,659
Facebook 11,951
Twitter 25,700
TikTok 3,200

Growth across Twitter and Facebook has slowed down but is greater across Instagram and TikTok where video-led posts achieve greater engagement.

We created a video series which runs across TikTok and Instagram taking a look behind the doors of our collection’s storage. Other series being developed include our Gardens Through Time, Museum Shop Staff Picks, an occasional look at our Visitor Experience Host led tours, and a ‘Museum in the News’ series highlighting press coverage and reviews of exhibitions at the Museum.

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Museum of the Home (The Geffrye Museum Trust) Annual Report and Accounts Year ended 31 March 2023

2. Live Better Together

Campaign for Change: Behind the Door

This was the final year of our campaign concentrating on homelessness. This saw a number of successful activities including a series of events celebrating the resilience of women facing homelessness. Activities linked to the campaign happened throughout the year including screenings of films, exhibitions, workshops, author talks/Q&A and an auction.

During the year it was agreed that the next campaign would focus on food equality.

Homes Through Time

Across 2022-23 a team of community authors conducted research to inform the content and interpretation methods in the galleries. This work has informed the ‘Real Rooms’ project which aims to redisplay the period rooms which (currently) cover 1870 to 1998 and generally improve the visitor experience in this gallery.

Funding has been awarded from the Heritage Lottery Fund and the DCMS-Wolfson Fund (among others) to fund this project which will deliver in June 2024. Working with communities, the Museum has developed plans that enable these rooms to tell a broader selection of stories including migrant experiences.

As part of the Festival of Sleep we transformed the period rooms into the multi-sensory ‘Sleep Through Time’. Alongside changes to the period rooms, we presented ‘My Beautiful Georgian Twisted Fantasy’ – an installation curated by the Black British designer Kemi Lawson. This created the bedroom of dreams for 18th century heiress Dido Belle, who was born into slavery in the West Indies and went on to live in the lavish surroundings of Kenwood House. Elsewhere in the galleries, ‘The Bed’ was displayed – this was a piece by Sophia Weisstub which replaced the crisp clean linen of the archetypal bed with battered and bruised skin, signs of abuse and trauma.

‘My Home My Bari’ was a collective showcase commissioned by the Museum and curated by artist Rahemur Rahman, working with seven young British Bangladeshi Muslim artists. As part of the process, the artists were trained in interviewing family members in order to seek honest narratives from the women in their lives.

Public Programme

The Festival of Sleep offered talks, walks, workshops and creative sessions during the summer considering all aspects of sleep and its intersection with rest, mental health, domestic violence, being Black and female, homelessness, migration and more.

The Winter Festival was a thoughtful and fun celebration of the many events that punctuate the cold winter months. From Diwali to Hannukah, Christmas to Lunar New Year, from major light installations to our much-loved Winter Past exhibition in the Rooms Through Time, the Museum invited its visitors to join in and celebrate festivals that span a multitude of cultures, religions and backgrounds. The festival saw three light installations at the museum.

During the year the Museum began to host semi-regular ‘Lates’ events. These are fun-filled evenings in the museum with tours, workshops, and conversations alongside a DJ and bar.

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Museum of the Home (The Geffrye Museum Trust) Annual Report and Accounts Year ended 31 March 2023

During the year a small number of themed tours of Almshouse 14 were carried out. Plans were also developed to reinstate the regular tours of this recreated Almshouse as an option for all visitors.

Re:Collect was an innovative display which demystified curatorial practice decision-making around objects. Visitors and community groups were invited to have their say about objects in our collection which have fallen out of focus in recent years.

Creative Learning

The Discovery Garden project went from strength to strength during the year with a large number of workshops held with local schools.

Family activities continued to be a major part of the Museum’s output with trails, workshops and classes delivered throughout the year.

Throughout the year we collaborated with Voyage Youth on developing sensitive proposals for the redisplay of the statue of Robert Geffrye. This work received funding from the British Museum via the Paul Hamlyn Foundation. The work was further developed by the appointment of POoR Collective to develop plans for how the relocated statue could be displayed and interpreted. In August a preapplication was submitted to London Borough of Hackney to begin the process of understanding the full legal and regulatory requirements of moving the statue.

The volunteering scheme continued to develop and deliver significant success during the year. This included a review of policies and processes relating to volunteering.

The Museum’s Young Poets project took place in July, allowing a group of local 16-25 year olds work with Anthony Anaxagorou to develop their poetry skills in response to the statue of Robert Geffrye.

Our Communities

Continuing the success of the previous year, our ‘What’s your cup of tea’ Tea Wagon visited the Arden Estate weekly at the beginning of their year, as well as the New City College and Hoxton Garden, asking residents which tea blend they preferred. A final decision was taken by a panel (including residents) resulting in the Museum’s own-blend Tea – which is now on sale in our shop. This project has now developed into ‘Free Tea Fridays’ which offers a welcoming space for members of the local community to meet and explore the Museum and take part in free activities.

The Museum’s Faith and Culture Forum started to meet again during the year and heard about the Museum’s plans and discussed ideas for events linked to religious and cultural festivals.

Hackney Foodbank – the Museum engaged actively with the Hackney Foodbank throughout the year hosting a number of activities including a half-term lunch club and from the Autumn hosting the foodbank weekly.

The Museum’s East and South East Asian Programme hosted a number of events and activities including engaging a Vietnamese artist in residence, book clubs, concerts and a highly successful weekend of activities around Green Lunar New Year.

The One Song project was an archive project that explored the power of songs that connect people to their roots – this culminated in a video installation made in collaboration with women from the diverse migrant communities of East London.

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Museum of the Home (The Geffrye Museum Trust) Annual Report and Accounts Year ended 31 March 2023

Active Research/Public Showcase

Centre for Studies of Home – the 10[th] anniversary lecture of this joint research centre with Queen Mary, University of London was given by Dr Michael McMillan on ‘The Front Room: diaspora migrant aesthetics in the home’. The centre also hosted a book-launch for the second edition of the book ‘Home’ authored by Alison Blunt, the CSH co-Director.

During the year the Museum welcomed in-person research visits to the (newly created) Collections Library. An online booking system was established to create an open and accessible service. Over 100 people have visited the library, including artists, academics, and writers.

The Museum was granted an Arts and Humanities Research Council Collaborative Doctoral Partnership Award. The project, Hidden histories of home: domestic stories and displays, 1600 to the present, will work with UK universities to supervise 9 studentships over 6 years to critically engage with the Museum’s collections and displays and align with our aim to deepen and diversify understandings of home for academic and public audiences. This is the largest research project undertaken by the Museum and it will change our research scope for years to come.

3. Future Ready

Covid Recovery

The Museum transitioned well into post-Covid operation. By the end of the year all activities returned to ‘normal’ operation with good recovery of visitor numbers and reduced Covid sickness reported among staff. In hindsight it is apparent that Covid deferred the development of a full understanding of the costs and challenges of operating the ‘new’ museum. The financial realities of this understanding are a challenge the Museum is now considering.

Enterprising, resilient, sustainable

Many of the final snags of the Unlocking the Geffrye’ project were resolved during the year, with a small number held over to 2023-2024 which are on track for resolution.

The Department for Culture, Media and Sport (DCMS) Public Bodies infrastructure Fund work commenced on the Kingsland Road Lawns, inflationary pressures affected this project and additional funds were received from DCMS allowing for the full scope to be delivered – the lawns now have new, permeable and wheel-chair friendly paths, a new accessible ramp onto the lawns from the street and renewed lighting.

DCMS were able to increase their previously notified £150k of Covid funding for the year providing muchneeded support for the Museum.

ACE – We are grateful for the final year of Arts Council support of £244k. DCMS had previously advised that ALBs will no longer be eligible for NPO status.

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Museum of the Home (The Geffrye Museum Trust) Annual Report and Accounts Year ended 31 March 2023

Fundraising

Museum of the Home staff and Board of Trustees offer huge thanks to all our funders for their much valued support over the last year.

Trusts

Income from trusts supported a range of restricted programming from exhibitions to the gardens and our family programme. Key successful bids included:

Towards the end of the year focus shifted towards securing income for the upcoming Real Rooms project. We were delighted to receive significant support from:

Individual Giving and Corporate

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 2022- 23 (2021-22: None).

Commercial Income

The Museum’s hire business (operated through Museum of the Home Enterprises Ltd.) had a highly successful year, generating income well above the original forecast and developing new areas of business. Use of the large Kingsland Road Lawns was through our event partner KIN London. The company has agreed a 4 year contract with KIN going forward from summer 2024. Additionally, new areas of hire are being developed including Christmas parties and additional wedding business.

The Museum shop (operated through Museum of the Home Enterprises Ltd.) had a year of stabilisation which enabled a deeper understanding of the potential for visit-based income, more accurate forecasting and business planning. The range continues to generate praise in the sector.

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Museum of the Home (The Geffrye Museum Trust) Annual Report and Accounts Year ended 31 March 2023

Molly’s Café – the previous leaseholder surrendered the café space in May 2022 and a local operator was able to provide a pop-up service from the next day. The Museum went through a selection process for a new leaseholder and were delighted when the same local operator was successful. Unfortunately, financial pressures resulted in the lease negotiation ending and the pop-up closed in November. Although challenging, the Museum benefitted from being situated near a number of high quality outlets who were able to provide cafe services to our visitors. The closure allowed the superior landlord to make some repairs to the space – it went back on the market towards year-end.

Amazing Place to Work

Above normal levels of staff churn continued during the first part of the year with stabilisation towards the end. As ever it is good to see colleagues move on to more senior roles, often in the larger national and university museums.

In December we ran a staff survey. Senior managers reviewed the feedback and subsequently an allstaff meeting considered opportunities to improve those areas which scored less well.

The staff Wellbeing Forum met regularly and delivered a number initiatives during the year including a Communications Charter for all staff.

The Museum’s Voices for Change group met throughout the year, with a focus on accessibility.

Eco-active

Our board had an away day dedicated to environmental sustainability in July 2022; it was agreed that the Museum would commit to being carbon neutral by 2040.

Our staff Sustainability Forum reviewed its progress this year and renamed itself the Climate Action Group. The group have driven a number of small-scale improvements. Enormous success has been made in the gardens where we generated 40 tonnes of compost and used this exclusively in the mulching process during Spring 2023.

Other initiatives include consideration of exhibition materials to allow for recycling or re-use.

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.

2022-23 2021-22
Access
1 Number of visits 158,672 68,954
2 Number of unique website visits 158,372 201,561
Audienceprofile
3 Number of visits bychildren under 16 21,877 9,507

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Museum of the Home

(The Geffrye Museum Trust) Annual Report and Accounts Year ended 31 March 2023

4 Number of visits by UK adult visitors aged 18 and
over from NS-SEC groups 5-8		 8,208 3,567
5 Number of visits by UK adult visitors aged 18 and
over from an ethnic minority background		 16,415 7,134
6 Number of visits by UK adult visitors aged 18 and
over who consider themselves to have a limiting
long-term illness, disability, or infirmity		 6,840 2,972
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
4,647		 1,189
8.2 Number of instances of children under 18
participating in on-site organised activities		 6,805 3,088
8.3 Number of instances of children under 18
participating in outreach activities outside the
museum		 680 0
9.1 Number of instances of adults aged 18 and over
participating in organised activities at the museum
4,205		 2,514
9.2 Number of instances of adults aged 18 and over
participating in outreach activities outside the
museum		 432 1,342
Visitor satisfaction
10 % of visitors who would recommend a visit 98% 98%
Self-generated income
11.1 Admissions income - -
11.2 Tradingincome netprofit £ 24,202 £13,272
11.3 Fundraisingincome £211,145 £322,531
Regional impact
12 Number of UK loan venues 1 1

The visitor numbers are based on museum visitors and for events and other attractions which were held in year. Trading activity (11.2) produced a more positive return than prior year buoyed by commercial events and activities. Fundraising continued to operate in a challenging environment and the team remained focused and positive, primarily concentrating on campaigns for capital projects, and produced a strong return for the year under difficult circumstances. Visitor satisfaction remains consistently high year on year.

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Museum of the Home

(The Geffrye Museum Trust) Annual Report and Accounts Year ended 31 March 2023

Forward Plan

The Museum’s strategic aims and objectives for the period 2023-24 to 2027-28 are summarised below. For further detail please refer to our Vision in Action (formally: Corporate Plan - www.museumofthehome.org.uk/what-we-do/who-we-are/)

Aims and Objectives

Over the next four years we will realise our vision through the following three objectives:

1. Build audiences and reach

Understand our audiences and better reflect the diversity of modern London. Build the local to power the global.

Key strands:

2. Live Better Together

Content that’s issues-focussed, story-led and in partnership.

Key strands:

3. Take Climate Action

Carbon neutral by 2040: Supporting Audiences to make sustainable choices at home

Key strands:

4. Be Future Ready

Business planning for the next 5-10 years and responding to the needs of our staff.

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Museum of the Home (The Geffrye Museum Trust) Annual Report and Accounts Year ended 31 March 2023

Key strands:

Detailed objectives derived from these strategic aims are set out in the Vision in Action Plan.

Financial Review 2022-23

Total income and endowments in 2022-23 amounted to £3,841,426 (2021-22: £3,880,334). Of this, £10,000 (2021-22: £671,010) came from National Lottery Heritage Fund (NLHF) as part of the Real Rooms capital project. £2,907,800 (2021-22: £2,105,996) was in the form of grant in aid from DCMS, including £282,000 (2021-22: £448,000) in additional grant-in-aid to compensate for lost commercial income through Covid 19 and to assist with inflationary pressures. Arts Council England (ACE) provided £244,416 (2021-22: £244,416) as the final year for NPO funding. The museum attracted donations and legacies of £168,821 (2021-22: £304,188).

Commercial hires performed very well during the year exceeding budgetary expectations; while the shop, after a hesitant start, put in a strong performance over the final six months of the year. Together, trading activities accounted for £383,142 (2021-22: £265,512). 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 £3,762,520 (2021-22: £3,415,585) leaving a surplus for the year of £78,906 (2021-22: £464,749); within this surplus is a net cost against restricted funds of £110,261(2021-22: £457,993 surplus). The surplus of £189,167 (2021-22: £6,756) represents the surplus on unrestricted income and expenditure.

An actuarial gain on the defined benefits pension scheme of £3,770,000 (2021-22: £1,458,000 gain), brings the total surplus for 2022-23 to £3,848,906 (2021-22: £1,922,749). After this actuarial gain the pension scheme has moved into surplus to £1,418,000 (2021-22: £2,063,000: deficit).

DCMS were able to provide additional support in-year related to inflationary costs and the ongoing impact of Covid. This enabled the Museum to end the year with a reserve figure just above the policy, although the challenge in coming years is acknowledged.

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 used to further the museum’s charitable objectives. Typical instances where free reserves might be used are:

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Museum of the Home

(The Geffrye Museum Trust) Annual Report and Accounts Year ended 31 March 2023

In order to provide a level of free reserves appropriate to the museum’s needs and risks, as 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 week’s operating expenses. Where free reserves exceed this 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:

Total Assets less Current Liabilities:
Less:
Restricted funds (note 14)
Fixed assets held for charity use
Designated Funds for_Unlocking the Geffrye_
Less: Exhibition and Programme
Unrestricted Free reserves at 31 March		 2023
£32,889,302
(£27,626,002)
(£3,705,007)
(£589,310)
(£687,019)
£281,964		 2022
£32,521,396
(£27,618,365)
(£3,424,962)
(£678,310)
(£226,000)
£573,759

The loan from DCMS of £1,240,000 (2021-22: £1,240,000) and the defined benefit pension scheme surplus of £1,418,000 (2021-22: £2,063,000: deficit) have been excluded because these are long-term balances which are not expected to crystallise in the immediate future.

The Audit and Risk Committee monitors progress towards a more sustainable financial position. The Commercial Development Advisory Group set up in 2015-16 has been disbanded, but its function has been taken over by the Board of the trading subsidiary Museum of the Home Enterprises Limited which also operates as the Commercial Development Committee of the Trust. The Committee meets regularly and reports back to trustees. The Board supported by the Audit and Risk Committee and the Commercial Development Committee continue to monitor the reserve position and ensure that appropriate action is taken to manage the level of free reserve.

Designation of free reserves approved by the Trustees in March 2023 – On receipt of additional Grant in Aid from DCMS in March 2023, and confirmation that this was in lieu of ACE NPO for 2023-24 and 202425, the trustees designated the funds received in two designated fund to be drawn down during the years in question.

Current free reserves at 31 March 2023 were £281,964 (2021-22: £573,759). Actions to ensure the management of free reserves within policy and to build the overall reserves position are in development for progression early in 2023-24.

Assessment of Going Concern Status

The trustees are confident that for at least the twelve months following the date on which the 2022-23 annual accounts are signed, the museum remains a going concern despite the continuing uncertainties and financial impact created by ongoing economic pressures and uncertainties including the cost of utilities. A deficit budget has been approved for 2023-24 reflecting expected economic impact and challenges on commercial income. The forecast deficit will be funded from reserves in the short term. The business plan

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Museum of the Home (The Geffrye Museum Trust) Annual Report and Accounts Year ended 31 March 2023

for the museum is being strengthened for a more ambitious commercial income strategy with a more proactive reach for donations based on increases in forecast visitor numbers. Taken together, and with economic prudence on all costs, the museum will manage the short term imbalance between income and expenditure to return the museum to a balanced budget.

Payment Policy

The Museum of the Home observes 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 32 days (2021-22: 28 days) from invoice date. There has been a slight year-on-year worsening in settling invoices to 30 days during 2022-23. The new finance system introduced from 1[st] April 2023 will ensure better creditor management and a return to paying creditors to term.

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 DCMS which is considered to be a related party.

Senior Officers

The Director/CEO is responsible to the Board of Trustees for the development of the museum and its dayto-day operation. Those who served in the Senior Leadership Team during the year are:

Sonia Solicari, Director and DCMS-designated Accounting Officer

Andrew Macdonald, Director, Strategy & Finance (to 30 June 2022)

Frank Penter, Director: Operations & Finance (from 14 July 2022)

Lucy Littlewood, Development Director (to 31 January 2023)

Sanjit Chudha, Director: Audiences

Danielle Patten, Director: Creative Programmes & Collections

Alice Painting, Head of Development (from 1 April 2023)

Graeme Silcocks, Head of Finance

Nadine Swaffield, Head of HR (from 1 April 2023)

Organisational Structure

The museum is organised under five departments as follows:

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Museum of the Home (The Geffrye Museum Trust) Annual Report and Accounts Year ended 31 March 2023

Audiences

Creative Programmes and Collections

Development

Finance and People

Operations

The objectives of these departments are to maintain, improve and extend the operation of the museum and the provision of services to the public; to raise funds to support the museum’s 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 museum’s human, physical and financial resources.

Staff

As at 31 March 2023, there were 75 staff (FTE: 49), (2021-22: 67, FTE: 39), of whom 73 (2021-22: 65) 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 to remain informed and aware of the museum’s corporate aim. 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) (2021-22: 7 (FTE: 5)).

During the year Trustees who served on the board were split as follows: 8 male and 7 female (2021- 22: 8M, 6F). Those who served on the senior management team included 4 male staff and 5 female (202122: 3M, 5F). Overall, the staff split was 18 male and 57 female and (2021-22: 16M, 51F).

A pool of over 100 volunteers assist in all areas of the museum’s operation, with special projects and events, publicity mailings 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.

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.

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 museum’s Whistleblowing policy describes the protection the Act gives and which disclosures qualify.

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Museum of the Home (The Geffrye Museum Trust) Annual Report and Accounts Year ended 31 March 2023

Trade Union Facility Time

There was 37 hours committed to trade union facility time in regard to staff time or costs for the year ended 31 March 2023: (2021-22: None)

Spending on Consultancy and Contingent staff

There was a small amount of expenditure on contingent labour during 2022-23 of £17,394 (2021- 22: £15,075). These are included in the figure in Note 8.

Health and Safety

All staff follow the museum’s Health and Safety Policy. This document forms a part of the Employee Handbook and adherence to good practice in this area is a condition of employment at the museum.

Sustainability Report

The Museum continues to be committed to becoming a more sustainable organisation and reducing its impact on the planet. During 2022-23 our staff sustainability forum, which is led by a member of the Senior Team, became the Climate Action Group. It has representatives from all teams and drives actions large and small. At a Strategic level, the Board agreed to a target of becoming carbon-neutral by 2040.

We continue to review our waste streams and have maintained our landfill/recycling split at around 50:50. Furthermore, during the year a significant amount of garden and food waste was composted on site and then used in our gardens – generating 40 tonnes of compost.

We plan to deliver a Carbon Audit in 23-24 as well as reviewing how our building heating systems operate in order to reduce the use of natural gas. Future work also includes research into planting in our gardens and how this should develop as the climate changes.

The Museum is a member of the cycle-to-work scheme and no car parking is provided for staff with a ‘no-drive’ policy in place.

Museum of the Home 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 Museum is proud to provide a much needed, and heavily used, green space in a busy urban environment, contributing to local air quality and providing a natural habitat for plants, animals, birds, and insects.

Waste minimisation and management:

The Museum’s waste partner continued to have systems in place to sort general waste and recycle all that can be, with the remainder sent for incineration and energy recovery.

Sustainable Procurement and Construction:

The Museum has worked, and will continue to work, with our heating controls contractor to reduce the use of natural gas to the minimum required for the care of our collections. Our electricity supply remains

19

Museum of the Home (The Geffrye Museum Trust) Annual Report and Accounts Year ended 31 March 2023

on a ‘green’ tariff. Recent capital works have continued to utilise electric ‘eater-heaters’ rather than expand our use of natural gas.

Consumption figures below are (in some cases) based on estimates from suppliers, this has been hampered by the identification of errors by some utility suppliers which are now being resolved. The figures have been represented as accurately as possible from the available information. Information for years prior to 2021-22 is not readily available, due to changes in reporting requirements and the capital project which closed the Museum between 2018 and 2021. The emission/consumption figures held on record for 21-22 are estimated.

Energy Consumption and CO2 emissions

Area 2021-22 2022-23
Greenhouse Gas
Emissions (t CO2e)		 Scope 1 - Gas 80.0 72.76
Scope 2 - Electric 61.91 50.54
Scope 3 - Travel 0 0
Estate Energy Electricity
Consumption kWh		 267,878 239,462
Expenditure £65,469 £100,092
Gas Consumption kWh 436,800 398,577
Expenditure £14,063 £46,783
Estate Waste Total Amount - tonnes 46.5 66
Total Expenditure £20,098 £20,102
Waste to Landfill –
tonnes		 0 0
Waste Recycled -
tonnes		 20 13
Waste incinerated with
energy recovery –
tonnes		 20 13
Waste - composted 7 40
ICT Waste 0 0
Estate Water Consumption m3 2568 1844
Expenditure £3,532 £5,533

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Museum of the Home

(The Geffrye Museum Trust) Annual Report and Accounts Year ended 31 March 2023

The trustees have agreed and approved the strategic report for 2022-23.

13[th] December 2023

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Museum of the Home (The Geffrye Museum Trust) Annual Report and Accounts Year ended 31 March 2023

Director’s Report

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 2023 for the purposes of presenting figures required by Financial Reporting Standard No.102 - Retirement Benefit Plans. This indicated a surplus for the scheme at 31 March 2023 of £1,418,000 (31 March 2022: £2,063,000: deficit) and provision for this surplus has been made in the accounts. Further details can be found in note 16 to the accounts.

Staff sickness

In 2022-23 there was an absence of 735 days or 9.8 days per employee (2021-22: 230 days or 3.4 days per employee). The figures are calculated using the number of days lost over headcount. Long term sickness accounted for 294 days from 4 staff members. Discounting the long-term sickness, the absence record for 2022-23 was 441 days or 5.88 days per employee (2021-22: 209 days or 3.11 days per employee)

Significant Events

There were no significant events to report during the year to 31 March 2023.

Personal Data Loss updated for 22-23

The Museum of the Home had no report to make to the Information Commissioner’s office during 202223 (2021-22: none).

Director’s Conflict of Interest

In 2022-23, no material conflicts of interest have been noted by the Director or the Trustees in the Register of Interests. Samir Shah served on the government’s Cultural Recovery Fund board and Heritage Advisory Board, but did not give rise to any conflict. The Register of Interests is available on request from the museum. (2021-22: 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 non- profit making companies) Order 2009.

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Museum of the Home

(The Geffrye Museum Trust) Annual Report and Accounts Year ended 31 March 2023

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 museum’s auditors are unaware, and they have taken all the steps that they ought to have taken as trustees in order to make themselves aware of any relevant audit information and to establish that the museum’s auditors are aware of that information.

13[th] December 2023

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Museum of the Home (The Geffrye Museum Trust) Annual Report and Accounts Year ended 31 March 2023

Remuneration Report

Policy on remuneration of senior managers

The senior manager is the Director, Sonia Solicari. Her salary is set by the Governance and Remuneration Committee (see below).

Methods used to measure performance

Staff performance is reviewed annually by line managers and performance is assessed against competencies and individually targeted objectives.

The levels of pay increase are set within the parameters of Government directives and are agreed by the Trustees on the recommendation of the Governance and Remuneration Committee. A pay increase of 4% was made to all eligible staff during the year. A number of staff are paid at the London Living Wage, these staff benefitted from a greater increase. No non-consolidated or consolidated bonuses were paid during the year (2021-22: None), and no bonus was paid to the director (2021-21: None).

Policy on duration of contracts

For members of staff other than senior management staff, contracts may be terminated by either party by giving one month’s notice. For senior management staff the notice period is two months or more. No termination payment is allowed for in any contract.

The Director is employed under a contract dated 9th January 2017. Either party may terminate the contract by giving three months’ notice. No termination payment is allowed for in the contract.

Awards to past managers (audited information)

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 2023 are detailed below.

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Museum of the Home

(The Geffrye Museum Trust) Annual Report and Accounts Year ended 31 March 2023

Official Salary
(£000’s)		 Bonus payments
(£000’s)


 Bonus payments
(£000’s)


 Bonus payments
(£000’s)


 Pension Benefits
(to nearest
£1,000)		 Pension Benefits
(to nearest
£1,000)		 Pension Benefits
(to nearest
£1,000)		 Total
(£000’s)

(£000’s)
2022-23 2021-22 2022-23 2021-22 2022-23 2021-22 2022-23 2021-22
Sonia
Solicari		 75-80 75-80 0 0
 80,000 80,000 155-160 155-160
Official Accrued pension
at age 65 as at
31/3/23		 Real increase
(decrease) in
pension at age 65		 Cash
equivalent
transfer value
at 31/3/23		 Cash
equivalent
transfer value
at 31/3/22		 Real increase in
cash equivalent
transfer value
£’000 £’000 £’000 £’000 £’000
Sonia Solicari 5-10 0-2.5 123 80 34

CETV figures are calculated using the guidance on discount rates for calculating unfunded public service pension contribution rates that was extant at 31 March 2023. HM Treasury published updated guidance on 27 April 2023; this guidance will be used in the calculation of 2023-24 CETV figures.

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

(audited information)

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.

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Museum of the Home (The Geffrye Museum Trust) Annual Report and Accounts Year ended 31 March 2023

Highest paid Median pay ratio (audited information)

Reporting bodies are required to disclose the relationship between the remuneration of the highestpaid director in their organisation and the lower quartile, median and upper quartile remuneration of the organisation’s workforce.

rganisation’s workforce.
2022-23 2021-22 % change
£000’s £000’s
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		 22.9 25 (8.4%)
Employees (average by full time
employment)		 Performance
pay and
bonuses		 - - 0%

The FYE banded remuneration of the highest-paid director at the museum in the financial year 202223 was £75,000-80,000 (2021-22: £75,000-80,000 full year equivalent). This was 3.4 times (2021-22: 3.1 times) the median remuneration of the workforce which was £22,875 (2021-22: £25,000). The movement on the median and value against the highest paid director is due to a higher proportion of staff closer to the median than in prior years therefore affecting the distribution.

This is laid out in the table below:

2022-23 2022-23 2021-22 2021-22
Value £000’s Ratio Value £000’s Ratio
Banded mid-point for
highest paid director		 77.5 77.5
Upper Quartile 35.6 2.2 32.3 2.4
Mid-point (median) 22.9 3.4 25.0 3.1
Lower Quartile 21.7 3.6 19.7 3.9

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Museum of the Home

(The Geffrye Museum Trust) Annual Report and Accounts Year ended 31 March 2023

In 2022-23 no other museum employee received remuneration in excess of the highest-paid director (2021-22: none). Remuneration in the organisation, not including the highest paid director, ranged from £10,000 - £80,000 (2021-22: £6,000 - £80,000)

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.

Staff turnover for the year (unaudited) was 34% (2021-22: 35%)

S. Solicari…………………………………… Director & Accounting Officer, Museum of the Home

13[th] December 2023.

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Museum of the Home (The Geffrye Museum Trust) Annual Report and Accounts Year ended 31 March 2023

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 with the rules set out in “Managing Public Money” and in the DCMS Financial Memorandum, within 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:

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 2022-23 year the trustees maintained a close scrutiny of the Museum's performance, both challenging and supporting the Director and senior leadership 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 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.

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. Samir Shah retired as Chair of the Board in July 2022 having served for 8 years. John Shakeshaft was appointed interim Chair for the period 14 July – 30 September 2022 and Caroline, Lady Dalmeny was appointed by DCMS as the new Chair with effect from 1 October 2022, to serve for a term of 4 years.

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Museum of the Home (The Geffrye Museum Trust) Annual Report and Accounts Year ended 31 March 2023

The Board endeavours to maintain a balance of expertise appropriate to the governance of the Museum. Trustees 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, in accordance with the aims set out in the Museum’s Vision in Action. A trustee (Christine Hanway) sits on the Museum’s Voices for Change forum.

Trustee Induction and Training

New trustees are given a tour of the Museum and attend introductory meetings with the Director and members of the Museum’s Leadership Team. They receive an induction Handbook, which informs them about the Museum’s constitution, the objectives, powers and responsibilities of the Trust, and the role of trustees. Accompanying the Handbook are a series of appendices, which include the Articles of Association, the Vision in Action, the Annual Report, the Framework Agreement with DCMS and various guidance publications relating to the responsibilities of a trustee.

Meetings of the Board of Trustees

The Board met 5 times during the 2022/23 year. Papers for each meeting included minutes of the previous meeting, minutes of any committee meetings, agenda item reports and recommendations, the Director’s Report on activities since the previous meeting and budgetary information. Trustees also receive regular reports on the varied programme of events and exhibitions at the Museum.

Trustees also receive presentations from members of staff on specific aspects of the Museum's work. In 2022-23 presentation topics included:

Throughout the year trustees discussed the Museum’s work and plans, and closely monitored the impact of actions taken. In 2022-23 key areas of focus were:

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Museum of the Home (The Geffrye Museum Trust) Annual Report and Accounts Year ended 31 March 2023

future years; the need to secure donors and sponsors in order to realise the Museum’s aims and ambitions.

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 relation to ACE objectives, review the Museum’s Risk Register and receive a Safeguarding Report from the designated safeguarding leads.

Trustees reviewed the Museum’s aims and objectives for future years as set out by the Director and senior leaders in the Vision in Action (ViA). The ViA is the Museum’s main statement of purpose and intent, approved by the Board and circulated to funders, stakeholders, and supporters. The Board approved the ViA 2023-24 to 2025-26.

Annual General Meeting

The Board met at the AGM to receive the Annual Report for 2021-22, 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 noted the retirement of outgoing trustees.

Governance

The Geffrye Museum Trust is a charitable company, limited by guarantee, supported financially by grantin-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.

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.

Trustees are closely engaged with aspects of the Museum’s policy-making and strategic planning, and this is reflected in the reports from Committees in the Governance Statement.

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Museum of the Home (The Geffrye Museum Trust) Annual Report and Accounts Year ended 31 March 2023

Geffrye Museum Foundation

The Geffrye Museum Foundation 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 (GRC) 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 skills set of trustees. It takes a lead in the process for recruiting new trustees who are elected members, as opposed to those appointed by the DCMS, and it determines and agrees with the Board the remuneration strategy of all museum staff.

During the year the Committee met twice. The main items discussed were:

Members of the Committee in 2022-23 were: John Shakeshaft (Chair); Samir Shah (until July 2022); Jonathan Newby; Janet Chapman; Mercy Muroki and Caroline Dalmeny (from October 2022).

Audit and Risk Committee (formerly the Audit Committee)

A decision was made in-year to rename the Committee the Audit and Risk Committee as it was felt this better reflected the Committee’s remit and brought it into line with other ALBs. The Committee’s Terms of Reference were updated to reflect the name change.

The Audit and Risk Committee (ARC) oversees the Museum’s accounts, financial procedures, pension 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: Operations and Finance, and Head of Finance report to the Committee and attend its meetings. In 2022-23 the Committee members were: Janet Chapman (Chair); Samir Shah (until July 2022); Caroline Dalmeny (from October 2022); Robert Ketteridge and Jennifer Hale.

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Museum of the Home

(The Geffrye Museum Trust) Annual Report and Accounts Year ended 31 March 2023

During the year the ARC 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. Areas discussed by the Committee in 2022-23 included:

Commercial Development Committee (incorporating Museum of the Home Enterprises Limited)

Museum of the Home Enterprises Limited is a wholly owned trading and commercial subsidiary of the Geffrye Museum Trust. It commenced trading on 1 April 2019. In November 2022 a decision was made to create a new sub-committee of the main Board, to be called the Commercial Development Committee (CDC). The CDC incorporates the board of the subsidiary and CDC members are directors of the company. The decision to create the CDC was made to better reflect the shift in focus since the Museum re-opened in 2021 and to facilitate its ability to advise the main Board on commercial matters. The main Board approved Terms of Reference for the CDC; the Articles of Association for the Enterprises Board remain unchanged.

In 2022-23 CDC members and directors of the Enterprises Board were: Jonathan Newby (Chair): Andrew Macdonald (until June 2022); Cindy Polemis (until November 2022); Jon O’Donoghue; Frank Penter (from July 2022); Christine Hanway (from February 2023) and Caroline Dalmeny (from March 2023).

The company met five times during the year and discussed a range of matters, including:

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Museum of the Home (The Geffrye Museum Trust) Annual Report and Accounts Year ended 31 March 2023

Heritage and Communities Committee

The Heritage and Communities Committee (HCC) was created in December 2022. Its purpose is to support the Board of Trustees in:

Trustee members of the HCC are: Alain Clapham (Chair); Caroline Dalmeny; Christine Hanway and Rania Nur. Other regular attendees are: 2 representatives from Voyage Youth; Sonia Solicari (Director); Danielle Patten (Director: Creative Programmes and Collections) and Sanjit Chudha (Director: Audiences).

The Committee met twice in 2022-23. Areas discussed by the HCC included:

Museum of the Home Trustee Attendance Data 2022-2023

Board
Meetings (incl
AGM)		 Audit
Committee		 Commercial
Development
Committee
(incorporating
MoH
Enterprises
Board		 Governance &
Remuneration
Committee		 Heritage &
Communities
Committee
Number of Meetings held
in 2022-23		 5 4 5 2 2
Samir Shah (Chair)
retired 14/06/2022		 1/1 1/1 n/a 1/1 n/a

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Museum of the Home

(The Geffrye Museum Trust) Annual Report and Accounts Year ended 31 March 2023

Caroline, Lady Dalmeny
(Chair)
appointed 01/10/2022		 2/2 1/2 n/a 1/1 1/2
Janet Chapman 5/5 4/4 n/a 2/2 n/a
Alain Clapham 5/5 n/a n/a n/a 2/2
Charles Colville 4/5 n/a n/a n/a n/a
John Forrester 1/5 n/a n/a n/a n/a
Christine Hanway 5/5 n/a 1/1 n/a 2/2
Arthur Kay 4/5 n/a n/a n/a n/a
Robert Ketteridge 5/5 2/4 n/a n/a n/a
Caroline Malone 5/5 n/a n/a n/a n/a
Mercy Muroki 5/5 n/a n/a 2/2 n/a
Jonathan Newby 4/5 n/a 5/5 0/2 n/a
Rania Nur 5/5 n/a n/a n/a 2/2
John Shakeshaft 5/5 1/1 n/a 1/2 n/a
Abigail Williams 4/5 n/a n/a n/a n/a

Key Controls

The principal means by which the Board of Trustees executes its governance responsibilities are:

Risk Management

The Director is the Accounting Officer for the purposes of reporting to the Department for Culture, Media and Sport, and has overall responsibility for the museum’s risk management framework. This has been in

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Museum of the Home

(The Geffrye Museum Trust) Annual Report and Accounts Year ended 31 March 2023

place at the Museum for the year ended 31 March 2023 and up to the date of approval of the annual report and accounts.

Risk management is inherent in the Museum’s systems and procedures. The museum’s policy and 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 and Risk 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 staff recruitment (in a period of heavy churn), growth of income sources, the Museum’s content and the presence of the Geffrye Statue.

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.

During 2022-23, there were no lapses in data security. (2021-22: 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 prioritise the risks to the achievement of the museums’ policies, aims and objectives, to evaluate 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 2023 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. Solicari……………………………… Accounting Officer, Museum of the Home

The Hon Caroline, Lady Dalmeny…………………………………… Chair Museum of the Home 13[th] December 2023

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Museum of the Home (The Geffrye Museum Trust) Annual Report and Accounts Year ended 31 March 2023

Statement of Trustee’s and Accounting Officer’s Responsibilities

The Trustees are required by the Companies Act 2006 and the Secretary of State for 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 information of which the museum’s auditors are unaware and I have taken steps that ought to have been taken to make myself aware of any relevant audit information and to establish that the museum’s auditors are aware of that information.

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 SORP and Government Financial Reporting Manual and in particular to:

The Accounting Officer for the Department for 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. Solicari……………………………………………. Accounting Officer, Museum of the Home

The Hon Caroline, Lady Dalmeny………………………………………. Chair, Museum of the Home

13[th] December 2023

36

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

Signed………………………………………. G. Silcocks, Company Secretary, Museum of the Home

13[th] December 2023

37

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 2023 under the Government Resources and Accounts Act 2000.

The financial statements which comprise The Geffrye Museum Trust and its group’s:

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:

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 opinion

I conducted my audit in accordance with International Standards on Auditing (ISAs) (UK), applicable law and Practice Note 10 Audit of Financial Statements and Regularity of Public Sector Bodies in the United Kingdom . My responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of my certificate.

38

Those standards require me and my staff to comply with the Financial Reporting Council’s Revised Ethical Standard 2019 . I am independent of The Geffrye Museum Trust and its group in accordance with the ethical 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 group’s use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

My evaluation of the director’s assessment of the entity’s ability to continue to adopt the going concern basis of accounting included reviewing of board minutes, review of the Museum’s performance post year end, review of forecasts covering the period to December 2024 and enquiries of management and trustees.

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 Museum Trust and its group’s ability to continue as a going 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 financial statements and my auditor’s certificate and report. The directors are responsible for 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 prescribed by the Companies Act 2006

In my opinion, based on the work undertaken in the course of the audit:

39

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 Strategic Report or the Directors’ Report.

I have nothing to report in respect of the following matters which I report to you if, in my opinion:

Responsibilities of the Trustees and Accounting Officer for the financial statements

As explained more fully in the Statement of Trustees’ and Accounting Officer’s Responsibilities, the Trustees and Accounting Officer are responsible for:

40

Auditor’s responsibilities for the audit of the financial statements

My responsibility is to certify, audit and report on the financial statements in accordance with applicable law and the Government Resources and Accounts Act 2000.

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, I considered the following:

41

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, 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 obtained an understanding of The Geffrye Museum Trust and its group’s 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.

I considered The Geffrye Museum Trust’s valuation of the defined benefit pension scheme and related balances.

Audit response to identified risk

To respond to the identified risks resulting from the above procedures:

I communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

A further description of my responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of my certificate.

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Other auditor’s responsibilities

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 recorded in the financial statements 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

Date 15 December 2023

Comptroller and Auditor General

National Audit Office

157-197 Buckingham Palace Road

Victoria

London

SW1W 9SP

43

The Museum of the Home - Annual Report and Acco
(The Geffrye Museum Trust)
Consolidated Statement of Financial Activities
for the year ended 31 March 2023
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 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
14
Total funds carried forward		 unts 22-23
Unrestricted
Restricted
Total
Funds
Funds
2022-23
£
£
£
126,595
75,572
202,167
2,340,800
567,000
2,907,800
245,145
57,440
302,585
422,493
-
422,493
6,381
-
6,381
3,141,414
700,012
3,841,426
704,465
-
704,465
2,247,782
810,273
3,058,055
2,952,247
810,273
3,762,520
189,167
(110,261)
78,906
(117,898)
117,898
-
71,269
7,637
78,906
3,770,000
-
3,770,000
3,841,269
7,637
3,848,906
1,600,031
27,618,365
29,218,396
5,441,300
27,626,002
33,067,302		 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
0
271,605
232
0
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

The notes on pages 48 to 68 form part of these financial statements.

44

The Museum of the Home - Annual Report and Acc
(The Geffrye Museum Trust)
Museum Statement of Financial Activities
for the year ended 31 March 2023
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		 ounts 2022-23
Unrestricted
Restricted
Total
Funds
Funds
2022-23
£
£
£
131,496
75,572
207,067
2,340,800
567,000
2,907,800
245,145
57,440
302,585
94,079
-
94,079
6,381
-
6,381
2,817,901
700,012
3,517,912
391,462
391,462
2,261,477
810,273
3,071,750
2,652,939
810,273
3,463,212
-
-
-
164,962
(110,261)
54,700
(117,898)
117,898
-
47,064
7,637
54,700
3,770,000
-
3,770,000
3,817,064
7,637
3,824,700
1,654,082
27,618,365
29,272,447
5,471,146
27,626,002
33,097,147		 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
0
6,093
12,137
0
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

The notes on pages 48 to 68 form part of these financial statements.

45

The Museum of the Home - Annual Report and Accounts 2022-23
(The Geffrye Museum Trust)
Balance Sheet
for the year ended 31 March 2023
Group
Group
Notes
2023
2022
£
£
Fixed assets
Heritage assets
9
27,381,201
27,277,752
Heritage assets - Collection
9
2,927,075
3,025,687
Other Fixed assets
9
777,932
399,275
31,086,208
30,702,714
Current assets
Stock
45,733
49,408
Debtors
11
356,415
736,017
Cash at bank and in hand
13
1,805,364
1,310,061
2,207,512
2,095,486
Liabilities
Creditors
Amounts falling due within one year
12
(404,418)
(276,804)
Net current assets
1,803,094
1,818,682
Total assets less current liabilities
32,889,302
32,521,396
Creditors
Amounts falling due after more than one year
12
(1,240,000)
(1,240,000)
Provision for liabilities and charges
Net defined benefit pension surplus / (liability)
16
1,418,000
(2,063,000)
Net assets
33,067,302
29,218,396
Represented by:
Unrestricted funds
Designated funds
14
5,159,336
1,026,272
General funds
14
281,964
573,759
5,441,300
1,600,031
Restricted funds
Restricted income funds
14
27,626,002
27,618,365
27,626,002
27,618,365
Total Income funds
33,067,302
29,218,396
Total Funds
33,067,302
29,218,396		 Museum
Museum
2023
2022
£
£
27,381,201
27,277,752
2,927,075
3,025,687
777,932
399,275
31,086,208
30,702,714
-
-
551,229
867,081
1,677,989
1,276,939
2,229,218
2,144,020
(396,279)
(271,287)
1,832,939
1,872,733
32,919,147
32,575,447
(1,240,000)
(1,240,000)
1,418,000
(2,063,000)
33,097,147
29,272,447
5,159,336
1,026,272
311,810
627,810
5,471,146
1,654,082
27,626,002
27,618,365
27,626,002
27,618,365
33,097,147
29,272,447
33,097,147
29,272,447

These accounts have been audited under the Government Resources and Accounts Act 2000 and are therefore exempt from the requirements of part 16 of the Companies Act 2006 under section 482 (non-profit-making companies subject to public sector audit) of the same act.

The financial statements were approved by the Board of Trustees on 13th December 2023 and signed on their behalf by:

Sonia Solicari

Director and Accounting Officer

The Hon Caroline, Lady Dalmeny

Chair

The notes on pages 48 to 68 form part of these financial statements.

46

The Museum of the Home - Annual Report and Accounts 2022-23 (The Geffrye Museum Trust)

Consolidated Statement of Cash Flows for the year ended 31 March 2023

Notes
Cashflows from operating activities
Net cash provided by / (used in) operating activities
13
Cash flows from investing activities
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
increase / (decrease) 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
2023
2022
£
£
1,129,090
153,143
1,129,090
153,143
6,381
232
(529,731)
(93,543)
(110,437)
(325,268)
(633,787)
(418,579)
-
-
495,303
(265,436)
1,310,061
1,575,497
1,805,364
1,310,061

The notes on pages 48 to 68 form part of these financial statements.

47

The Museum of the Home - Annual Report and Accounts 2022-23

(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 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 2006 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 2019), FRS 102 and makes additional disclosures required by the Secretary of State for 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 Culture, Media and Sport and the museum is summarised on page 15 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 challenging trading conditions 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 16.

(c) Grant in Aid

The museum is a Non- Departmental Public Body (NDPB) sponsored by the Department for Culture, Media and Sport. Grant in Aid is available for running costs, capital improvements and collections purchases. Grant in Aid from the Department for 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. Legacies are recognised as income when there has been a grant of probate and suffcient assets in the estate and evidence of entitlement has been received. 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.

48

The Museum of the Home - Annual Report and Accounts 2022-23 (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. Subsequent inpairment reviews may be undertaken were damage or deterioration occurs.

Collections

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. Subsequent impairment reviews may be undertaken were damage or deterioration occurs.

All heritage assets, including collections and additions to collections are on the balance sheet.

Museum buildings

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:

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 2023.

Employees retain the option of joining either scheme.

49

The Museum of the Home - Annual Report and Accounts 2022-23 (The Geffrye Museum Trust)

NOTES TO THE FINANCIAL STATEMENTS

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.

Financial assets:

As the cash requirements of the Charity are largely met through Grant in Aid received from the Department for 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.

All cash and cash equivalents held throughout the year were held in commercial banks or cash in hand.

In the application of the accounting policies,which are described in note 1, the trustees are required to make judgements (other than those involving estimations) that have a significant impact on the amounts recognised and to make estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an on going basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

a) Critcal judgements in applying the accounting policies

There were no critical judgements which have a significant effect on amounts recognised.

b) Key source of estimation uncertainty

The key assumptions concerning the future, and other key sources of estimation uncertainty at the balance sheet date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are discussed below;

Defined benefit pension scheme (note 16)

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. The cost of these benefits and the present value of the obligation depend on a number of factors, including; life expectancy, salary increases, assets valuations, and the discount rate on corporate bonds. Management estimates these factors in determining the net pension obligation in the balance sheet. The assumptions reflect historical experience and current trends. For details of assumptions adpted, see note 16.

(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.

5�

The Museum of the Home - Annual Report and Accounts 2022-23 (The Geffrye Museum Trust)

2. Donations and legacies, and Grant in Aid
Grant in Aid
Donations
Other Income		 Unrestricted
Restricted
Total
£
£
2022-23
2,340,800
567,000
2,907,800
93,249
75,572
168,821
33,346
-
33,346
2,467,395
642,572
3,109,967		 Unrestricted
Restricted
Total
£
£
2021-22
1,974,996
131,000
2,105,996
188,252
115,936
304,188
186,007
-
186,007
2,349,255
246,936
2,596,191

Grant in Aid of £2,907,800 (2021-22 £2,105,996) was received from the Department for Digital, Culture, Media and Sport of which £649,000 (2021-22 £211,000) was for capital purposes.

3. Income from charitable activities

National Heritage Lottery Fund
Arts Council England
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
2022-23
£
£
£
-
10,000
10,000
244,416
-
244,416
729
47,440
48,169
245,145
57,440
302,585
39,351
-
39,351
383,142
-
383,142
422,493
-
422,493
6,381
-
6,381
6,381
-
6,381
3,141,414
700,012
3,841,426		 Total
Unrestricted
Restricted
2021-22
£
£
£
-
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
-
271,605
232
-
232
232
-
232
2,931,696
948,638
3,880,334

51

The Museum of the Home - Annual Report and Accounts 22-23 (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
Analysis of support costs
Basis of apportionment
Raising Funds
Fundraising
Trading
Charitable Activities
Public Access
Education & Outreach
Curatorial & Exhibitions		 Staff
Direct
Support
Total
costs
costs
costs
2022-23
£
£
£
£
464,511
178,210
61,744
704,465
945,340
506,479
246,978
1,698,797
406,933
204,446
57,333
668,712
306,846
348,418
35,282
690,546
2,123,630
1,237,553
401,337
3,762,520
Bank
Finance &
Comms &
Governance
charges
Admin
equipment
£
Expenditure
Headcount
Headcount
Headcount
311
45,475
11,266
4,692
1,246
181,900
45,063
18,769
289
42,227
10,460
4,357
178
25,986
6,437
2,681		 Staff
Direc
costs
costs
£
£
438,685
158,513
700,003
398,920
355,927
247,973
454,965
326,857		 t
Support
Total

costs
2021-22

£
£

58,188
655,386

130,324
1,229,247

72,615
676,515

72,615
854,437
1,949,580
1,132,263		 333,742
3,415,585
Total
2022-23
£
61,744
246,978
57,333
35,282
401,337		 Total
2021-22
58,188
130,324
72,615
72,615
333,742
2,024
295,588
73,226
30,499

52

The Museum of the Home - Annual Report and Accounts 2022-23 (The Geffrye Museum Trust)

2022-23 2021-22
£ £
7. Net movement in funds
This is stated after charging:
Auditor's remuneration
External audit fee 23,750 17,500
Internal audit fee - -
2022-23 2022-23 2021-22 2021-22
£ £ £ £
8. Staff costs Group Museum Group Museum
Wages & salaries 1,587,080 1,435,211 1,446,400 1,320,104
Social security costs 115,908 103,250 128,527 118,686
Pension costs 403,248 388,639 359,578 350,618
2,106,236 1,927,100 1,934,505 1,789,408
Subcontractors & agency staff 17,394 17,394 15,075 15,075
2,123,630 1,944,494 1,949,580 1,804,483
No staff costs were capitalised (2021-22: nil)
The amount of employee benefits received by the Museum's key management personnel (defined as the se
management team) for their services to the charity was: £546,362 (2021-22: £476,416)
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 amou
over £60,000 in the year was as follows:
2022-23 2021-22
£60,001 - £70,000 2 2
£70,001 - £80,000 1 2

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: £546,362 (2021-22: £476,416) 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:

The employees who were paid in excess of £60,000 in 22-23 all participate in the LPFA pension scheme and the employer contribution in this scheme was £33,474 (2021-22: £45,917)

53

The Museum of the Home - Annual Report and Accounts 2022-23 (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		 2022-23
Group
19
7
6
9
8
49		 2021-22
Group
13
4
6
8
8
39

The average group headcount for the year was 71 and for the museum was 64 (2021-22: Group 67; Museum 48)

8b. Trustees

The Trustees neither received nor waived any emoluments during the year (2021-22: nil). No expenses were reimbursed to any Trustee (2021-22: nil)

54

The Museum of the Home - Annual Report and Accounts 2022-23 (The Geffrye Museum Trust)

9. Tangible fixed assets - other fixed assets

Cost
At 1st April 2022
Additions
At 31 March 2023
Depreciation
At 1st April 2022
Charge for the Year
At 31 March 2023
Net Book Value
At 31st March 2023
at 31st March 2022		 Furniture
Fittings &
Equipment
£
1,155,797
529,731
1,685,528
756,522
151,074
907,596
777,932
399,275		 Total
£
1,155,797
529,731
1,685,528
756,522
151,074
907,596
777,932
399,275

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.

55

The Museum of the Home - Annual Report and Accounts 2022-23 (The Geffrye Museum Trust)

9. Heritage Assets (continued)

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 2018
Additions:
31 March 2019
31 March 2020
31 March 2021
31 March 2022
31 March 2023		 Land &
Buildings
additions
11,207,827
3,288,907
7,164,618
5,297,174
319,226
103,449
27,381,201		 Collections
Acquistions
£
2,842,093
5,995
6,212
-
6,042
6,988
2,867,330		 (Disposals)
£
(30,775)
-
-
(12,600)
0
(105,600)
(148,975)		 Donations
£
208,720
-
-
-
-
208,720		 Total
£
14,227,865
3,294,902
7,170,830
5,284,574
325,268
4,837
30,308,276

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 £6,988 of additions for 22-23 (1991 - 2022 £1,360,342) and £1,367,330 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.

56

The Museum of the Home - Annual Report and Accounts 2022-23 (The Geffrye Museum Trust)

9. Heritage assets (continued)
Heritage Assets
Land and Land and
Buildings Buildings
Valued 1991
Historic cost
Land & buildings since 1991 Total
£ £ £
Cost
At 1st April 2022 2,400,000 24,877,752 27,277,752
Additions - 103,449 103,449
At 31 March 2023 2,400,000 24,981,201 27,381,201
Net Book Value
At 31st March 2023 2,400,000 24,981,201 27,381,201
at 31st March 2022 2,400,000 24,877,752 27,277,752
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
Collection Collection Donated Assets
Valued 1990 Historic cost
Collections & 1996 since 1991 Total
£ £ £ £
Cost
At 1st April 2022 1,500,000 1,316,967 208,720 3,025,687
Additions 6,988 6,988
Disposal (105,600) (105,600)
At 31 March 2023 1,500,000 1,218,355 208,720 2,927,075
Net Book Value
At 31st March 2023 1,500,000 1,218,355 208,720 2,927,075
at 31st March 2022 1,500,000 1,316,967 208,720 3,025,687

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 £105,600. The museum and trustees have taken the view that this sum should be written down against the collection valuation in order to present consistency between the accounts and collection records.

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. The update to the Collections Development Policy has been delayed as it was due to coincide with the Arts Council England accreditation application process, which itself has been delayed due to Covid. These are both scheduled to complete during 23-24.

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.

57

The Museum of the Home - Annual Report and Accounts 2022-23

(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
Amount due from subsidiary more than one year
Note: Included in debtors are amounts due from
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
2023
2022
2023
2022
£
£
£
£
41,377
20,060
21,928
6,147
216,536
688,279
370,799
833,255
98,502
27,678
98,502
27,679
-
-
60,000
-
356,415
736,017
551,229
867,081
the subsidiary, part of which will be received in greater than one year.
Group
Group
Museum
Museum
2023
2022
2023
2022
£
£
£
£
254,315
107,675
252,926
102,158
30,873
32,148
30,873
32,148
58,041
81,233
51,291
81,233
52,189
46,748
52,189
46,748
9,000
9,000
9,000
9,000
404,418
276,804
396,279
271,287
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.

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 (2021-22: £9,000)

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.

58

The Museum of the Home - Annual Report and Accounts 2022-23

(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
Decrease / (Increase) in stock
Decrease / (Increase) in debtors
Increase / (Decrease) in creditors
(Decrease) in net defined pension liability
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
1,310,061
DCMS loan due within one year
-
DCMS loan due after more than one year
(1,240,000)
Total net funds
70,061		 2023
£
3,848,906
151,074
(6,381)
3,675
379,602
127,614
(3,481,000)
105,600
1,129,090
1,805,364
Cash
movements
£
495,303
-
-
495,303		 2022
£
1,922,749
129,081
(232)
(4,553)
(239,906)
(476,996)
(1,177,000)
-
153,143
1,310,061
Closing
balance
£
1,805,364
-
(1,240,000)
565,364

59

The Museum of the Home - Annual Report and Accounts 2022-23
(The Geffrye Museum Trust)
14. Consolidated Statement of Funds
1 April Income Expenditure Pension Transfer 31 March
2022 Revaluation Funds 2023
£ £ £ £ £ £
Restricted Asset Funds
Fixed assets Land & Buildings - - - -
Almshouses 2,400,000 - - - - 2,400,000
Branson Coates Wing 5,477,646 - - - - 5,477,646
UtG development 19,400,106 - - - 103,449 19,503,555
Restricted Income Funds
UtG - 10,000 (14,449) - 14,449 10,000
DCMS Repair fund 47,574 - (47,574) - - -
Other Restricted Funds 87,500 123,012 (96,149) - - 114,363
Lien Viet 205,539 - (85,101) - - 120,438
Total Restricted Funds 27,618,365 133,012 (243,273) - 117,898 27,626,002
Unrestricted Funds
Fixed Assets held for charity use
Heritage Collection 2,738,412 - (105,600) - - 2,632,812
Collections Fund 78,555 6,988 - - - 85,543
Donated assets 208,720 - - - - 208,720
Other fixed assets 399,275 567,000 (718,074) - 529,731 777,932
Designated Funds
Pension Fund (2,063,000) - (289,000) 3,770,000 - 1,418,000
Exhibition & Programme 226,000 - (26,981) - 488,000 687,019
DCMS loan fund (1,240,000) - - - - (1,240,000)
UtG funds 178,310 - - - (89,000) 89,310
UTG - DCMS Loan 500,000 - - - - 500,000
General Funds 573,759 3,134,426 (2,379,592) - (1,046,629) 281,964
Total Unrestricted Funds 1,600,031 3,708,414 (3,519,247) 3,770,000 (117,898) 5,441,300
Total Funds 29,218,396 3,841,426 (3,762,520) 3,770,000 - 33,067,302

Transfers between funds include a movement to Exhibition & Programme designated funds of £488,000 as approved by the trustees to augment creative programming.

60

The Museum of the Home - Annual Report and Accounts 2022-23 (The Geffrye Museum Trust)

----- Start of picture text -----
14. Consolidated Statement of Funds
31 March 2022
1 April Income Expenditure Pension Transfer 31 March
2021 Revaluation Funds 2022
£ £ £ £ £ £
Restricted Asset Funds
Fixed assets Land & Buildings
Almshouses 2,400,000 - - - - 2,400,000
Branson Coates Wing 5,477,646 - - - - 5,477,646
UtG development 18,819,880 - (118,460) - 698,686 19,400,106
Restricted Income Funds
UtG - 701,084 (9,606) - (691,478) -
DCMS Repair fund 59,000 131,000 (142,426) - - -
Other Restricted Funds 119,638 115,936 (148,074) - - 87,500
Job Retention Scheme 0 618 (618) - - 0
Lien Viet 277,000 - (71,461) - - 205,539
Total Restricted Funds 27,153,164 948,638 (490,645) - 7,208 27,618,365
Unrestricted Funds
Fixed Assets held for charity use
Heritage Collection 2,738,412 - - - - 2,738,412
Collections Fund 72,513 6,042 (6,042) - 6,042 78,555
Donated assets 208,720 - - - - 208,720
Other fixed assets 434,813 - (129,081) - 93,543 399,275
Designated Funds
Pension Fund (3,240,000) - (281,000) 1,458,000 - (2,063,000)
Exhibition & Programme 90,000 - - - 136,000 226,000
DCMS loan fund (1,240,000) - - - - (1,240,000)
UtG funds 50,997 - - - 127,313 178,310
UTG - DCMS Loan 500,000 - - - - 500,000
General Funds 527,028 2,925,654 (2,508,817) - (370,106) 573,759
Total Unrestricted Funds 142,483 2,931,696 (2,924,940) 1,458,000 (7,208) 1,600,031
Total Funds 27,295,647 3,880,334 (3,415,585) 1,458,000 - 29,218,396
----- End of picture text -----

61

The Museum of the Home - Annual Report and Accounts 2022-23 (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 2023.

Other restricted funds include: £ Real rooms Project: 80,348 Discovery Garden: 44,015

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.

The DCMS loan fund shows the long term liability regarding the outstanding loan for the year ended 31 March 2023.

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.

62

The Museum of the Home - Annual Report and Accounts 2022-23

(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 on ordinary activities before gift aid payment
Gift Aid Distribution:
Profit on ordinary activities after gift aid payment		 2022-23
£
383,428
(88,115)
295,313
(266,211)
29,102
-
(4,900)
24,202
-
24,202		 2021-22
£
265,512
(72,856)
192,656
(167,484)
25,172
-
(4,900)
20,272
(7,000)
13,272

No interim distribution was made in year (2021-22: £7,000).

Reconciliation to the Consolidated Statement of Financial Activities

Cost of sales
Administrative expenses
Gross profit
Less: Intercompany sales
Per Consolidated Statement of Financial Activities
Balance Sheet
Net Current Assets:
Stock
Current assets
Current liabilities
Liabilities due after one year
Net assets
Share capital
Reserves
Net assets		 2022-23
£
88,115
266,211
354,326
2022-23
£
45,733
146,821
(17,334)
(205,070)
(29,849)
1
(29,850)
(29,849)		 2021-22
£
72,856
167,484
240,340
2021-22
£
49,408
47,036
(25,139)
(125,355)
(54,050)
1
(54,051)
(54,050)

63

The Museum of the Home - Annual Report and Accounts 2022-23 (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 2022. This showed the market valuation of the asset share in relation to the Museum of the Home's employees was £7.2m as at 31 March 2022. At the valuation date there was a funding surplus of £1.87m.

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 2.90% on cash per annum and that salary increases would average 3.90% per annum. A rate of 6.90% (previously 16.30%) of the total pensionable pay was recommended to meet the cost of accruing liabilities. No additional cash contributions were recommended in years 2 and 3 ( PY 2021-22: £2,428 and £ 2,517 respectively). The increase in the discount rate from 2.60% to 4.80% has given rise to the decrease in the pension liability this year in addition to the expectation of general salary decrease from 4.20% to 3.85%. 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 £135,119 (2021-22: £117,797) with contributions payable of £6,239 (2021-22: £5,203) included in creditors at the balance sheet date. This figure includes £2,517 additional contributions in year (2021-22: £2,428)

During 2022, the LPFA carried out the triennial valuation which resulted in employer contributions reducing from 16.30% to 6.90% from April 2023. The museum continues to ensure 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 2023 for the purposes of presenting figures required by FRS 102 - Retirement Benefit Plans. The major assumptions used by the actuary were (in nominal terms):

2023 2022 2021
Salary Increases 3.85% 4.20% 3.85%
Pension Increases 2.85% 3.20% 2.85%
Discount rate 4.80% 2.60% 2.00%
Restated
2023 2022 2021 2020 2019
Fair Value of Assets 7,573,000 7,470,000 6,443,000 5,514,000 5,682,000
Present value of liabilities (6,155,000) (9,533,000) (9,683,000) (7,076,000) (7,001,000)
Surplus / (Deficit) as at 31 March 1,418,000 (2,063,000) (3,240,000) (1,562,000) (1,319,000)

More information on these estimations can be found in the LPFA's 2022-23 annual report and accounts.

64

The Museum of the Home - Annual Report and Accounts 2022-23

(The Geffrye Museum Trust)

16. Pensions (continued)

The approximate fair values of the assets and liabilities of the scheme as at 31 March 2023 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:
Assets / (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 benefit obligation
Opening value of Fund assets
Interest on Assets
Return on assets less interest
Contributions by employer
Contributions by scheme participants
Benefits paid
Administration expenses
Other actuarial (losses)
Fair Value of Fund assets at the end of the period:		 2023
£
7,573,000
(6,155,000)
1,418,000
1,418,000
370,000
52,000
2,000
424,000
9,533,000
370,000
247,000
(4,150,000)
(129,000)
60,000
(282,000)
506,000
-
6,155,000
7,470,000
195,000
(97,000)
135,000
60,000
(129,000)
(2,000)
(59,000)
7,573,000		 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

65

The Museum of the Home - Annual Report and Accounts 2022-23

(The Geffrye Museum Trust)

16. Pensions (continued)

History of experience gains and losses
2023 2022 2021 2020 2019
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 506,000 21,000 (94,000) 510,000 -
Amount - - - - -
Percentage of scheme liabilities - - - - -
Total actuarial gain(loss)
Amount 2,312,000 1,460,000 (32,000) (32,000) 355,000
Percentage of scheme assets(liabilities) -37.56% -15.32% 0.45% 0.45% 5.07%
Pension Sensitivity Analysis £000's £000's £000's
Adjustment to discount rate +0.1% 0.0% -0.1%
Present value of total obligation 6,052 6,155 6,260
Projected service cost 140 145 151
Adjustment to long term salary increase +0.1% 0.0% -0.1%
Present value of total obligation 6,156 6,155 6,154
Projected service cost 145 145 145
Adjustment to pension increases and deferred revaluation +0.1% 0.0% -0.1%
Present value of total obligation 6,261 6,155 6,052
Projected service cost 150 145 140
Adjustment to life expectancy assumptions +0.1% 0.0% -0.1%
Present value of total obligation 6,365 6,155 5,952
Projected service cost 151 145 140

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 2022-23 employer's contributions were £33,130 (2021-22: £ 30,744) and this is included in the pension cost in Note 8. An amount of contributions payable of £963 (2021-22: £ 1,066) is included in creditors at the balance sheet date.

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The Museum of the Home - Annual Report and Accounts 2022-23 (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 2. 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 2023 their total potential liability amounted to £14 (2021-22: £14).

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 2023. 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. (2021-22: Nil)

19. Capital Commitments

The museum had £89,310 capital commitments as at 31 March 2023 (2021-22: £178,310) due to the Unlocking the Geffrye project.

20. Related party

The Department for 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:

Heritage Lottery Fund
Arts Council England		 In come for the
ar ended 31
March 2023
Debtor
balances as at
31 March 2023
Expenditure
as at 31
March 2023
Creditor
balances as
at 31 March
2023
£
£
£
£
10,000
-
-
-
244,416
-
-
-
ye

The related party transactions above include funding from the Heritage Lottery Fund for a collections rationalisation project and from Arts Council England for National Portfolio funding.

Details of these transactions are given within these accounts in Note 2. A total of £13,285 (2021-22:£ 2,600) was received from Trustees as donations towards various projects. None of the remaining Trustees or key managerial staff had undertaken any material transactions with the museum during the year.

21. Contingent Asset

There was no contingent asset at year end (2021-22: None)

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 2022-23 (The Geffrye Museum Trust)

23. Acknowledgements

The Museum of the Home would like to thank all of its supporters during the financial year 2022-23 for their generous support and to acknowledge the following:

Department for Culture, Media and Sport
National Lottery Heritage Fund
Arts Council England
Trust & Foundations Individuals
Art Fund
William Brake Foundation
British Museum: Where we are Geoffrey Bond
Harold Hyam Wingate Foundation Penny Egan CBE
Loveday Charitable Trust John Forrester
Lennox Hannay Trust Edwina Sassoon
Metropolitan Public Gardens Association Sarah Wood
Moynitrust
Paul Mellon Centre for Studies in British Art
Hackney Council's Shoreditch and Hoxton Art Fund
Shoresh Charitable Trust
Patrons
Corporates Janet Chapmen and Mark Buckle
Geoffrey Adams
Bloomsbury Revisited Zarir and Shelialla Cama
Shelia Bridges Design Christine and Bill Hanway
Cath Kidston Katharine Montague
The Futon Company Alex and Elinor Sainsbury
KIN London John and Anna Tomlins
Pretty Bird Viscount Colville of Culross
Projektityyny Steven Larcombe
SHM Group John Shakeshaft
UBS
Weruzo

We also wish to thank members of Young Futures and all those who wish to remain anonymous.

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