2021-03-31-accounts - Torbay Museums Trust

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Contents
					Page
Trustees' Report
Reference and administrative details ofthe charity,			its trustees	and advisers
Independent Examiner's		Report
Statement ofFinancial		Activities
Balance Sheet					13
Notes to the financial	statements				14

Trustees				Mr Andrew Cooper	Mr Andrew Cooper
				Ms Nicole Amil
				Mr Edgar Halton	(resigned September	2021)
				Ms Kate Richards
				Ms Caroline Skelton
				Ms Abigail smith
				Mr David Wills
Secretary				Ms C Skelton
Company	registered		number	02764633
Charity registered		number		1025390
Registered	office			529 Babbacombe	Road
				Torquay TQ1 1HG
Accountants				Francis Clark LLP
				Sigma House
				Oak View Close
				Edginswell Park
				Torquay TQ2 7FF
Bankers				Lloyd s PLC
				S1-62Fleet Street
				Torquay TQ2 SDW
Solicitors				Wollens
				At Harbourside
				67The Terrace
				Torquay
				TQ1 1DP

			Unrestricted	Restricted	Total	Total
			Funds	Funds	Funds	Funds
			2021	2021	2021	2020
		Nate	E	E	f	6
Income from:
Donations and legacies			140,896	215,0$8	355,984	127,865
Charitable activities			23,396		23,396	82,906
Trading activities			9,185		9,185	59,606
Otherincome			13,733		23,733	23,348
Total income			187,210	215,088	402,298	293,725
Expenditure on:
Fundraising trading		4	3,387		3,387	32,231
Charitable activities		6, 7	301,970	68,207	370,177	344,081
Generating voluntary	income	8	2,264		2,264	5,200
Total expenditure			307I621	6$,207	375,828	381,512
Net income f (expenditure)			(120,411)	146,$$1	26,470	(87,787)
Transfers between	funds	18,19	104,805	('104,805)
Net movement in funds			(15,606)	42,076	26/I70	(87,787)
Reconciliation of(uncls
Total funds brought	forward		1,854,468	19,038	1,873,506	1,961,293
Total funds carried	forward		1,838,&62	61&214	ig&99J976	1873506

1March 2021
				2021	2020
			Nate
Fixed Assets
Tangible assets			13	1,354,370	1,396,945
Heritage assets			14	472,724	472,724
				1,827,094	1,869,669
Current Assets
Stocks				8,119	9,488
Debtors			15	29,450	26,981
Cash at bank and	in hand			108,281	538
				145,850	37,007
Creditors:
Amounts falling due within		one year	16	(27,598)	(24,262)
Bank overdraft					(8,908)
				(27,598)	33,170
Net Current Assets				118,252	3,837
Total assets less	current liabilities			1,945,346	1,873,506
Creditors:
Amounts falling due after		more than one year	17	45,370
Net assets				1,899,976	1,873,506
Funds
General funds			18	604,101	593,721
Designated funds			18	1,234,761	1,260,747
Restricted funds			19	61,114	19,038
				1,899,976	1,873,506

								Unrestricted	Restricted			2021	2020
								funds					Total
								f				f	f
Torbay Council								85,764				85,764	37,000
National Lottery Heritage			Fund						68,160			68,160	22,700
Arts Council England									131,928			131,928
Exeter University									15,000			15,000
Government CJR5Grant								46,960				46,960	4,611
Other Donations								8,172				8,172	11,146
Legacies													52,408
Total voluntary income								I.40,896	215,088			355,984	127,865
Income from donations and legacies in							2020 comprised f104,136unrestricted			funds and f23,729 restricted
funds. Unrestricted	Donations			in 2021			include f132,724government		funding,	including		furlough	grant (2020:
f41,611),Restricted	donations				include		f168,636government funding		distributed		via Arts Council		England
and the National Lottery		Heritage				Fund	(2020:nil).
3.Income from: Charitable			activities
								Llnrestricted	Restricted			2021	2020
								funds				Total	Tota I
								f				f	f
Ivluseum admissions	IL activities							23,396				23,396	82,906
								23,396				23,396	82,906
Income from admissions		and activities					in 2020 comprised f82,663 unrestricted			funds and f243 restricted
funds
4.Income from: Trading		activities
								Unrestricted	Restricted			2021	2020
								funds				Total	Total
Charity Trading income								f				f
ivluseum shop and	other	earned			income			9,185				9,185	59,606
Fundraising Trading	Expenses
Museum shop a cafg								3,387				3,387	32,231
								5,798				5,798	27,375

		Unrestricted	2021	2020
		funds	Tote I	Total
		E	E	E
Eundraising		12,269	12,269	8,973
Museum	exhibitions tax relief	1,18D	1,180	14,370
Other income		284	284	5
		13,733	13,733	23,348

			Unrestricted	Restricted	2021	2020
			funds		Total	Total
			E	E	E	E
Operation	of	museum	301,970	68,207	370,177	344,081
			301,970	68,207	370,177	344,081

7.Operation	o	fMuseu	m	Activities
								2021	2020
								Total	Total
								f
Activities undertaken			directly
Exhibrtions and activities								14I056	28,720
IVlarketing costs								7,103	9,984
Outreach and		education						449	2,315
								21,608	41,019
Support costs
Salaries, Nl and pension								198,012	178,512
Sub-contract	and other			staff costs				11,504	9,769
Rates and water								1,214	3,800
Light and heat								12,566	13,999
Maintenance,		security		Ik repairs				37,948	13,596
insurance								12,317	10,323
General office		costs						2,823	2,373
ITcosts								5,816	5,627
Professional	fees							13317	949
Bank charges								1,882	2,560
Sundry expenses								43	641
Independent	examination							2,260	2,160
Depreciation								48,808	58,732
Bad debt write		off						59	21
								348,569	303,062
Tota I								370,177	344,081
8.Resources	Expended: Cost ofGenerating				Voluntary	Income
								2021	2020
					Unrestricted		Restricted	Tote I	Total
						funds
						f		f
Fundraising	activity costs					2,264		2,264	5,200
						2,264	0	2,264	5,200

This is	stated	after charging:
			2021	2020
			E	E
Depreciation		oftangible fixed assets
owned	by the	charity	48,808	58,372

Staff costs were as follows:
	2021	2020
	E	E
Wages and salaries	185,745	178,058
Social Security costs	9,674	8,950
Pension contributions	4,689	4,615
	200,108	191,623

The numbe	r	ofemployees	during the year w	as as follows:
				Average	monthly		Full time equivalent
				2021		2020	2021	2020
Curatorial	&	programme	delivery	4		3	2.5	1.5
Management				2		2	1.5	1.5
Administration		&facilities		2		2	1.5	1
Attendants				4			1,5	2
Cafe				0		2	0	1
				12		13	7	7

13.Tangible	Fixed Assets
		Leasehold	Leasehold	oisplays	Furniture	Computer	Total
		Property	Property		and	Equipment
			improve'ts		Equipment
		f	f	f
Cost or valuation
At 1April 2D20		800,000	1,299,310	237,021	109,991	48,170	2,494,492
Additions					5,604	629	6,233
At31March	2021	800,000	1,299,310	237,021	115,595	48,799	2,500,725
Depreciation
At 1April 2020		320,000	401,754	236,573	96,672	42,548	1,097,547
Charge for year		16,000	25,986	56	4,640	2,126	48,808
At 31March	2021	336,000	427,740	236,629	101,312	44,674	1,146,355
Net book value
At31March	2020	480,000	897,556	448	13,319	5,622	1,396,945
At 31March	2021	464,000	871,570	392	14,283	4,125	1,354,370

		2021	2020
		5	E
Trade debtors		1,014	1,840
Accrued income		21,505	17,646
Other debtors		515	518
Prepayments		6,416	6,977
		29,450	26,981
16.Creditors: Amounts	falling due within one year
		2021	2020
		6
Bounce Back Loan		4,630
Trade creditors		12,362	11,506
Other creditors		5,212	7,404
Accruals		5,394	5,352
		27,598	24,262
17.Creditors: Amounts	falling due after more than one year
		2021	2020
		6	6
Bounce Back Loan		45,370
		45,370

18.Unrestricted	18.Unrestricted	Funds					Fund as
			Funds				at31
			brought				March
			forward f	Income E	Expenditure f	Transfers F	2021 E
Designated Funds
Development			800,396		(25,986)		774/410
Heritage	Assets		460,351				460,351
			1,260,747		(25,986)		1,234,761
General	Fund
Property	Revaluation		752,000				752,000
General	- Charity		(158,279)	187,210	(281,635)	104,805	(147,899)
			593,721	187,210	(281,635)	104,805	604,101
Total unrestricted		funds	1,854,468	187,210	(307,621)	104,805	1,838,862

Unrestricted Funds						Fund as
2020 - Compa rative		Funds				at 31
		brought				March
		forward E	Income f	Expenditure f	Transfers E	2020 E
Designated Funds
Development Heritage Assets		826,383 460,351		(25,987)		800,396 460,351
		1,286,734		(25,987)		1,260,747
General Fund
Property Revaluation		752,000				752,000
General - Charity		(99,037)	269,753	(332,077)	3082	(158279)
		652,963	269,753	(332,077)	3,082	593,721
Totalunrestricted	funds	1,939,697	269,753	(358,064)	3,082	1,854,468

19.Restricted Funds																			Fund as
							Funds												at 31
						brought													March
						forward					Income	Expenditure			Transfers				2021
							f				f			f				F.	f
Acquisitions fund							3,949												3,949
Heritage Assets (restricted)							12,373												12/373
NLHF Emergency Fund											50,000		(48,831)			(1,169)
Culture Recovery Fund											118,636				(118,636)
Torquay Museum 175							1,990				18,160		(16,847)			15,000			18,303
Pageant											13,292		(1,706)						11,586
Exeter University Fund											15,000			(823)					14,177
Other small funds							726												726
							19,038			215,088			(68,207)		(104,805)				61,114
Transfers represent the	use of			covid		emergency	grants	provided in order					to fund general				running		costs
which had already been	incurred				and core match funding				required to			support		the Torquay				Museum 175
Secret Museum project
The NLHF Emergency Fund			and	Arts		Council England Culture					Recovery	Fund are part			ofthe			government's
covid support program	for		cultural		organisations.
The Acquisitions fund is restricted					for new exhibits.
The Heritage Assets fund		relates tothe acquisition of h						eritage assets.
The Torquay Museum 175			project		-	celebrating	175years ofthe Iviuseum						with a community					curated 'Secr
Museum' exhibition alongside				an	exhibition showcasing				the photographic				collection		on	the		streets ofTorb
The Pageant fund enabled			a carnival			event (Covid adapted)					to celebrate		the	Museum,	its		collections and it
place in the community.
Exeter University funded		a	series		of	three educational and				interactive		digital		performances
The ipplepen Romans fund			(previous year) supported a					temporary exhibition						of Roman		items on			loan
from the British Museum		and items				from a local	collection.
Restricted Funds																			Fund as
2020 - Comparative							Funds												at 31
						brought													March
						forward					Income	Expenditure			Transfers				2020
							f				f			f				f	f
Acquisitions fund							3,949												3,949
Heritage Assets (restricted)							12,373												12,373
Ipplepen Romans							3,331						(3,957)					626
Torquay Museum 175											22,700		(18,847)			(1,863)			1,990
Other small funds							1,943				1,273			(645)		(1.,845)			726
							21,596				23,973		(23,449)			(3,082)			19,038

		General fund	Restricted	Tota I	Total
			6	2021	2020
				6	6
Tangible	fixed assets	1,354,370		1,354,370	1,396,945
Hentage	assets	460,351	12,373	472,724	472,724
Current	assets	89,635	56,215	145,850	37,007
Current	liabilities	(20,124)	(7,474)	(27,598)	(33,17D)
Long term liabilities		(45,370)		(45,370)
		1,838,862	61,114	1,$99,976	1,873,506
		General fund	Restricted	Tata I	Total
2020 - Comparative
				2D20	2019
				6	6
Tangible	fixed assets	L396,945		1,396,945	1,447,181
Heritage assets		460,351	12,373	472,724	472,724
Current	assets	29,615	7,392	37,007	67,377
Current	liabilities	(32,443)	(727)	(33,170)	(25,989)
		1,854,468	19,038	1,873,506	1,961,293