Torbay Museums Trust IA Company Ilmited by guarantee) Trustees, Annual Report and Financial Statements Year ended 31 March 2024 Registered number: 02764633 Charity number: 1025390
Torbay Museums Trust (A Company Limited by Guarantee) Contents Page Trustees, Report Reference and administrative details of the charity, its trustees and advisers Independent Examinerfs Report io Statement of Financial Activities li Balance Sheet 12 Notes to the financial statements 13
Torbay Museums Trust (A Company Limited by Guarantee) Trustees, Report for the year ended 31 March 2024 The Board of Trustees presents the report and financial statements for Torbay Museums Trust for the year ending 31 March 2024, which are also prepared to meet the requirements for a Director's Report and Financial Statements for the purposes of the Companies Act. Torbay Museums Trust 15 a company limited by guarantee and a registered charity. The Financlal Statements comply with the Charities Act 2011 {and any subsequent amendments), with the Companies Act 2006, with the Memorandum and Articles of Association of the charitable company, and with the Statement of Recommended Practice ISORP} for charitles preparing their Financial Statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021. Objectives and Activities Our mission stotement "Torquay Museum's aim is to safeguard, collect and preserve those objects relating to Torbaws cultural and natural heritage and to present them in an accessible and relevant form as a source of inspiration, enjoyment and learning for everyone. Torquay Museum aims to enhance the lives of people and lead to a greater understanding of human cultures and natural envlronments." The principal object of the charity is the advancement of education by promotingthe study of the Natural Sciences and Human History, by acquiring, housing and exhibiting and conserving, restoring and repairing objects and collections of an educational nature with particular emphasis on Natural History, Archaeology, Anthropology, Ethnography, Social and Local History, and the Industrial and Decorative Arts, as defined by the Museum's acquisition and disposal policies, with further emphasis being given to subjects relating to the county of Devon and by establishing, acquiring, managing and maintaining museums, galleries, libraries and others places where such purposes may be achieved and where education and educational research and enquiry and the exchange and dissemination of relevant views and information may happen. Publlc Benefit Statement The Trustees confirm that they have had due regard to the Charlty Commission's guidance on public benefit when reviewing the charity's aims and objectives, In planning future activities and in setting policy for the year. The Trustees are satisfied that the Museum's activities are for the public benefit, relating as they do to promoting the study of the Natural Sciences and Human History, by acquiring, housing and exhibitlng and conserving, restoring and repairing objects and collections of an educational nature. This benefits the community In maintaining important herltage assets forthe people of and visitors to the area to enjoy. The Museum relies on grants and income from admissions to cover its operating cost5 but ensures that admissions pricing achieves value for money and supports low-income visitors. Alongside this, the Museum delivers a number of free admission days across the year to encourage new audiences, in particular those on low incomes. We are also increasing free access to our collections online.
Torbay Museums Trust (A Company Llmlted by Guarantee) Trustees, Report for the year ended 31 March 2024 Our delivery priority action5 are summarised under each of these Goals., Goal l.. OUR MUSEUM IS A LEARNING ZONE: providing innovative, inspiring, opportunities for people of all ages and abilities to engage with our collections, exhibitions and areas of specialism; and generating new digltal learning, access and interpretation resources for our collection5, exhibitions and galleries. Goal 2: OUR COLLECTIONS ARE CELEBRATED AND SHARED: through our interpretation & research programmes, to be explored by experts and non-experts alike; providing changing exhibitions programme to support broader engagement; and maintaining Museum accreditation and working towards the highest standards Goal 3: WE ARE A VALUED AND INTEGRAL SERVICE IN OUR COMMUNITY: creating community led exhibitions and undertaking outreach actlvitles; working with others to break down barriers to engagement. and providing volunteerlng and internships opportunities for a broad range of young people and adults including those with learning difficulties. Goal 4: OUR ORGANISATION IS CONFIDENT, RESILIENT AND ENTERPRISING: ensuring a consistently excellent customer experience, monitoring and responding to on-line feedback and research developing staff through effective personal performance agreements and providing training opportunities Goal 5: OUR WORK IS SUSTAINABLE AND RESOURCEFUL: interpreting our collections to provide excellent learning opportunities about the environment, with a focus on climate and environmental change through the quaternaryi collaborating with Geopark members to improve understanding of the Geopark and support the regular revalidation process; and working toward5 more energy efficient installations and reducing waste. Our key objectives for 2023 - 24 were to: deliver three new temporary exhibitions including a large Summer exhibition; create and maintain a financially stable business- continue to rebuild after Covid; improve marketing particularly through increased use of social media; enhance income generation,, improve the organisation and build its Capacity; develop the cafe offer; and improve education delivery to primary schools.
Torbay Museums Trust (A Company Llmlted by Guarantee) Trustees. Report for the year ended 31 March 2024 Achievements and Performance This was the second full year of implementingand embeddingthe changes to operations begun In January 2022. Embedding the new structure 4 Day per week opening - this was continued through the year with opening 6 days per week during school holidays. Numbers of visitors have contlnued to Increase and by year end income from admissions and activities had exceeded 2022-23 by almost 15%. Admissions pricing increased from April 2023, and this has had a positive impact on income received. Temporary exhibitions- Despite the reduced staffing levels the Museum continues to host and develop exhibitions as detailed below. This continues to assist with driving footfall into the Museum and establlshing the value for money nature of our'pay once get in free for a yearf ticket. Events - a number of new events were trialled and the beginnings of a programme of regular annual events is being established as we learn what works well at the Museum. Education delivery- continues to increase post Covid with numbers of pupils IO% up on 2022-23. The freelance education service we offer is working well as coordinated by our 'events and engagement officerf. Retail sales- up 34% on 2022-23 Marketlng- wlth a much-reduced marketing budget the focus has continued to focus on utilising social media with more limited leaflets/fliers and posters. Using volunteers continues to be an important part of delivering this works. Front of House and café - supported by reduced staffing and an increasingly active volunteer base Is working well though pressurised at times as all staff play a part in filling in gaps as required. Coordinated and managed effectively by 'Visitor Welcome Managerf. J,. JLY Exhlbitlons th Ih May the Toys be wlth You- Star Wars125 Mar¢h-June 17 2023 Pengelly Hall) Successfully negotiated the hire of this much in demand exhibition for an early start to ensure in place for the Easter period. 51x Legged Superheroes: Insects Saving the Planet 27th May or 3rd June - 7th October 2023 Perigal Room Created in-house using highly complex graphic design to create a comic book style exhibition. The results told an important ecologlcal story In a fun and accessible style. There were no loans in the exhlbition
Torbay Museums Trust (A Company Limited by Guarantee) Trustees, Report for the year ended 31 March 2024 meaning it could be hired out or restaged by the Museum at a future date. We reused some old insect displays made in the 1990s but also created new ones on extinct species and beneficial insects. The exhibltion ha5 been well received. Hollywood Rome: Reel Life in the Anclent World 8th July- 23rd September 2023 Pengelly Hall Pop-up Exhlbltlons Ltd Hollywood Rome was delivered on Tuesday 4th July and opened on Saturday 8th July following 6 days of preparatlon of Pengelly Hall. Hollywood Rome was well received by the public and contrlbuted to good admissions figures in September also. Unlocking Ancient Egypt: Brltlsh Museum Touring Exhibitlon Perlgal Room 21 October 2024 - 18 February 2025. Egyptlan hleroglyphs and how thelr declpherment revealed three thousand years of human hlstory. The fascinating story of how hieroglyphs were decoded was celebrated in a national touring exhibition with Torquay Museum being the last stop on the tour. This followed the major show at the British Museum, marking the bicentenary of this breakthrough. Objects on display included an extract from the Book of the Dead, belonging to the priestess Nestanebetisheru, and a large limestone lintel revealing the name of Pharoah Ramses111. th Conservatlon Artisans of the Torquay Marble Industry: Gallery Redevelopment Project After a successful grant application to Torbay Councll's Local Heritage Small Grants Scheme, the Museum is implementing a small capital redevelopment of the Bridge Gallery space. The re-development aims to substantially increase the number of items on display, reinterpret the industry and the local firms and craftsmen involved and acquire the Nick Crawford Collection of marble jewellery. The new gallery will aim to promote the links between the industry and the Geopark, as well as record the last business still operating {Grant5) and create online content on our website and produce a film. Opening is scheduled for July 2024. Tralls & Dlsplays In addition to exhibitions, the Museum stages a number of trails and small themed displays, which change throughout the year. Visltor surveys indicate that trails at school holiday tlme do encourage repeat visiting and families will visit just to do trails. This year trai15 were produced for Chinese New Year (Zodiac Trail) Easter, Find Grogu, Six Legged Superheroes, Hollywood Rome, Halloween, and Christmas. There was also a trail of Egyptian themed Hieroglyph interactives with the BM touring exhibition which will remain with the Museum. Gallery Maintenance During November and December 2023 Museum staff worked through a program of cleaning and repair of the permanent galleries. They have suffered quite badly this year and the increased numbers of school children visiting adds additional wear and tear to the galleries alongside general visitors. Amongst deep cleaning many of the galleries repairs have taken place as follows: Damage to the Ramesses statue in the
Torbay Museums Trust (A Company Limlted by Guarantee) Trustees, Report for the year ended 31 March 2024 entrance hall, replaced labels in the entrance, damage to the gold painted doors, damage to the Darwin bust in Time Ark, damage to the crawl tunnel the safe cracking game and labels in Explorers Gallerv, damage to the walls, the floor, the pack horse and the wooden children's toys in the Farmhouse Gallery, and repairs to the poisons case in the Agatha Christie Gallery and the Jaw bone display in Ancestors. We have also been working with the volunteers on replacing many dimming LED bulbs and restoring all the Time Ark fluorescent lights back to working order. Financial Review Result5 for the year ended 31 March 2024 are shown in the Statement of Financial Activities on page 12 lincorporating the income and expenditure account). Total incoming resources were £485,199 {2023: £258,675), After total expenditure of £343,974, the accounts show a net increase in funds of £141,225 {2023 deficit: £82,948), There was an operating surplus in respect of unrestricted funds for the year of £105,02812023 deficit.. £71,129). Prlnclpol Funding Grant Income - £64,50012023: £37,000) from Torbay Council (including £7,500 through the Torbay Local Places Small Grants Scheme made possible by the National Lottery Heritage Fund) and £30,00012023: Nil) from the Science Museum. Museums & Galleries Exhibitions Tax Relief income of £8,62812023: £5,903) Legacies of £172,75912023', £50,000) Charitable activities ticket sales, retail and other income amounted to £187,409 12023.. £155,089) Reserve5 Pollcy Reserves are needed to cover any period when income falls short of expenditure, when cash flow is negative as for instance during a capital development project, and to provide for emergencies such as unforeseen major repairs. The Trustees consider that the ideal level of reserves as at 31 March 2024 would be the equivalent of approximately six months. planned core expenditure, excluding depreciation, being £132,000. As at 31 March 2024, the charity had £137,300 in free reserves and £55,698 set aside in a designated fund for essential property maintenance and boiler replacement. Tangible fixed assets, including the Museum premises, amount to £1,227,689, excluding heritage assets (whlch are generally inalienablel, Golng Concern In August 2023 the Board of Trustees raised significant concerns with Torbay Council, National Lotterv Heritage Fund and Arts Council England with regard to the future financial sustainability of the organisation. The three organisations stated they were committed to helping the Museum onto
Torbay Museums Trust (A Company Limited by Guarantee) Trustees, Report for the year ended 31 March 2024 sustainable path. Over the following months up to December 2023 the Museum worked closely with National Lottery Heritage Fund sharing information about Museum operations and supporting visits and advice from a NLHF Busine55 and Finance advisor. At a December 2023 meeting held at Torbay Council a summary of issues was presented by NLHF on behalf of partners and the Museum agreed to work 'constructively and in good faith, with partners to seek a solution and as a first step would work on developing a Resilience Grant application with NLHF. A Resilience Grant application was developed by the Museum in close discussion with NLHF and th submitted on 19th February 2024. The Museum was notified of its successful application on 8 April 2024. A Trustee led Resilience Steering Group was set-up and has met regularly since February 2024 to guide project delivery. A Senior Executive role was advertised and recruited to and started at the Museum th on 25 June 2024 and has been working on an organisational review and report alongside holding senior level discussions with partners. A new Interim Chair of the Museum Board was appointed in September 2024. The Board met on 24 October to consider the financial position of the Museum. A decision has been made to begin a restructuring and change programme during a temporary closure period from 15 December 2024 to 29 March 2025. The Board believes this plan will secure a sustainable path for the Museum and ensure unrestricted reserves are sufflcient to meet financial commitments into the future.
Torbay Museums Trust (A Company Limlted by Guarantee) Trustees, Report for the year ended 31 March 2024 Reference and administrative details Trustees Mr Andrew Cooper {resigned August 20241 Mr Nicholas Powe {appointed September 2024) Ms Kate Rlchards (Linden) (resigned June 20231 Ms Nlcole Amil Ms Caroline Skelton Ms Abigail Smith Mr Simon Crabtree Ms Clare Howe Mr David Norman Secretary Ms Caroline Skelton Company registered number 02764633 Charity registered number 1025390 Registered office 529 Babbacombe Road Torquay TQI IHG Accountants Francis Clark LLP Sigma House Oak View Close Edginswell Park Torquay TQ2 7FF Bankers Lloyd5 PLC 51-52 Fleet Street Torquay TQ2 5DW Solicitors Wollens At Harbourside 67 The Terrace Torquav TQI IDP
Torbay Museums Trust (A Company Limited by Guarantee) Trustees, Report for the year ended 31 March 2024 Structure, Governance and Management Constltutlon The company is constituted under a Trust Deed dated 29 May 1875 as Torquay Natural History Societv (TNHSI, is a registered charity number 1025390 and a company limited by guarantee, number 2764633. The Society was renamed Torquay Museum Society ITMSI in 2003 and as Torbay Museums Trust at the AGM on 18 November 2014. At the same AGM a new set of Articles of Assoclation were adopted. Method of Appointment or Election of Trustees The management of the company is the responsibility of the Trustees who are elected and co-opted under the terms of the Articles of the charity. The Trustees consist of at least three and not more than 12 individuals who are over the age of 18, all of whom must support the Objects. A Trustee may not act as a Trustee unless he/she:_ lal is a Member; and {bl has signed a written declaration of willingness to act as a charity trustee of the Charity. The trustees of the Torquay Museum Society shall have the right to nominate at least two of its members for appointment as Trustees in accordance with Article 3.5. of the new Articles adopted at the AGM in November 2014 Policies Adoptedfor the Induction and Trainlng of Trustees Newly appointed trustees undertake an induction and are provided with copies of the Memorandum and Articles of Association, annual reports and accounts and minutes of previous meetings. Each new trustee receives the Charity Commission's publication 'The Essential Trustee,. Orgonisatlon, Structure and Declsion Making Decision making is undertaken initially by the Board of Trustees. The Board considers strategic matters and major practical issues affecting the work of the Charity, agrees budgets and key initiatives and sets priorities and timetables for future developments. The Board of Trustees met four times per annum until September 2024 and a Finance Sub-committee also met four times per annum until September. The Board now meets monthly and the Senior Executive providing reports on key matters and supporting discussions. The Senior Executive has delegated authorlty to make operatlonal decisions.
Torbay Museums Trust IA Company Limited by Guarantee) Trustees. Report for the year ended 31 March 2024 Statement of Trustees, Responsibilities The trustee5 (who are also directors for the purposes of company lawl are responsible for preparing the Trustees, Annual Report and the f inancial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), Company law requires trustees to prepare financlal statements for each financial year which give a true and fair view of the state of affairs of the charitable company, and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statement5, the trustees are required to.. select suitable accounting policies and then apply them consistentlv; observe the methods and prlnciples in the Charities SORP; make judgements and estimates that are reasonable and prudent; state whether applicable UK Accounting Standard5 have been followed, subject to any material departures disclosed and explained in the financial statements; prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation. The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taklng reasonable steps for the prevention and detection of fraud and other irregularities. This report has been prepared in accordance with the Charity Commission's Statement of Recommended Practice.. SORP (FRS1021 and in accordance with the special provisions of Part 16 of the Companies Act 2006 relating to smaller entities. In preparing this report, the Trustees have taken advantage of the small companles exemptlons provided section 415A of the Companies Act 2006. s report was approved by the Trustees on 28 November 2024 and signed on their behalf by: Nicholas Powe Interim Chair of Trustees
Torbay Museums Trust (A Company Llmited by Guarantee) Independent Examlnerfs Report to the Trustees of Torbay Museums Trust For the year ended 31 March 2024 I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2024. Responsibilltles and basls of report As the charity's trustees ofthe Company {and also Its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ("the 2006 Act"). Having satisfied myself that the accounts ofthe Company are not required to be audited under Part 16 of the 2006 Act and are eligible for the independent examination, I report in respect of my examination of your charity's accounts as carried out under settion 145 of the Charities Act 20111'the 2011 ACV). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5} Ibl of the 2011 Act. Independent examlnerfs statement Since the company'5 gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 ofthe 2011 Act. I confirm that l am qualified to undertake the examination because l am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies. I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe: accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act: or the accounts do not accord with those records; or the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair view which is not a matter considered as part of an independent examination; or 4. the accounts have not been prepared in accordance wlth the methods and principles ofthe Statement of Recommended Practice for accounting and reporting by charities lapplicable to charities preparin8 their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. I have no concerns and have come across no other matters In connection with the examinatlon to which attention should be drawn in this report in order to enable a proper understandlng of the accounts to be re hed. Martin Hobbs Francis Clark LLP Sigma House Oak View Close Edginswell Park Torquay TQ2 7FF io
Torbay Museums Trust (A Company Llmlted by Guarantee) Statement of Financlal Actlvltles (incorporating an Income and Expenditure Account) Year ended 31 March 2024 Unrestrlcted Funds 2024 Re5trlcted Fund5 2024 Total Funds 2024 Total Funds 2023 Note Income from: Donations and legacies Charitable activities Trading activities Other income 244,169 121,912 65,497 13,237 40,007 284,176 121,912 65,497 13,614 96,721 106,292 48,797 6,865 377 Total income 444.815 40,384 485,199 258,675 Expendlture on: Fundraising trading Charitable activities 40,363 300,864 40,363 303,611 26,877 314,746 2,747 Total expendlture 341,227 2,747 343,974 341,623 Net Income / {expenditurel 103,588 37,637 141,225 182,9481 Transfers between funds 17, 18 1,440 11,4401 Net movement In funds 105,028 36,197 141,225 182,9481 Reconclllatlon of funds Total funds brought forward 1,776,010 17,397 1,793,407 1,876,355 Total funds carrled forward 1,881,038 53,594 1,934,632 1,793,407 The notes on pages 13 to 25 form part of these financial statements. The surplus for the purposes of the Companies Act 2006 is £141,22512023 deficit: £82,948) The statement of financial activities includes all gains and losses recogni5ed in the year. All income and expenditure derive from continuing activities. li
Torbay Museums Trust (A Company Limited by Guarantee) Balance Sheet 31 March 2024 2024 2023 Note Fixed Assets Tangible assets Heritage assets 12 13 1,227,689 472,724 1,700,413 1,268,429 472.724 1,741,153 Current Assets Stocks Debtor5 Cash at bank and in hand 7,529 55,330 222,716 285,575 8,646 25.508 77,051 111,205 14 Creditors: Amounts falling due within one year 15 (22,6531 124,6921 Net Current Assets 262,922 86,513 Total a5set5 les5 current Ilabilitie5 1,963,335 1,827,666 Creditors: Amounts falling due after more than one year 16 128,703) 134,2591 Net assets 1,934,632 1,793,407 Funds General funds Designated funds Restricted funds 17 17 18 668,537 1,212,501 53,594 557,523 1,218.487 17,397 1,934,632 1,793,407 The notes on pages 13 to 25 form part of these financial statements. For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companles. Directors, responsibilities: The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. e financlal statements have been prepared in accordance with the special provisions of Part 15 of ompanies Act 2006 relating to small companies. oved and authorised by the Trustees on 28 November 2024 and signed on their behalf by.. Nic las Powe Interim Chair of Trustees 12
Torbay Museums Trust (A Company Llmited by Guarantee) Notes to the Flnanclal Statements for the year ended 31 March 2024 Accounting policies 1.1 Basis of preparatlon of financial statements The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republlc of Ireland IFRS1021 {effective l January 2015} - (Charities SORP {FRS102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS102) and the Companies Act 2006. The charity constitutes a public benefit entity as defined by FRSIO2. The financial statements have been prepared on the going concern basis (see 1. 6 below). The functional and presentatlonal currency is sterling. 1.2 Company Status The company is a company limited by guarantee. The members of the company are the paid-up members of the Society. In the event of the company being wound up, the liabllity in respect of the guarantee is limited to £1 per member of the company. The charitable company was incorporated in England and Wales. 1.3 Fund Accounting General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the company and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. Investment income, gains and losses are allocated to the appropriate fund. 13
Torbay Museums Trust (A Company Llmlted by Guarantee) Notes to the Financial Statements for the year ended 31 March 2024 Accountlng pollcles (contlnued) Income Income is recognised when the charity has entitlementto the funds, any performance conditions attached to the income have been met, it is probable that income will be received, and the amount can be measured reliably. For legacies, entitlement is the earlier of the company being notified of an impending distribution or the legacy being received. Donated seNices are included in income at a valuation which is an estimate of the financial cost borne by the donor where such a cost is quantifiable and measurable. No income is recognised where there is no financial cost borne by a third party. Income tax recoverable in relation to donations received under Gift Aid is recognised at the time of the donation. Subscrlptlons entitle members to benefits during the year following thelr subscription and are recognised in the statement of financial activities so that the income Included is pro-rata to the period of time covered by the subscriptions. Any part of subscriptions not recognised in the current year is carried forward a5 deferred income, 1.5 Expenditure Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that a settlement will be required and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis and has been included under expense categories that aggregate all costs for allocation to activities. Where costs cannot be directly attributed to partlcular activities they have been allocated on a basis consistent with the use of the resources. Fundraising cost5 are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities. Support costs are those costs incurred directly in support of expenditure on the objects of the company and include project management carried out at Headquarters. All resources expended are inclusive of irrecoverable VAT. 1.6 Going Concern The financial statements have been prepared on a going concern basis and the Trustees are not aware of any material uncertainties that would cast doubt on the charity's ability to continue as a going concern. More details are provided in the Financlal Review on page 5. 14
Torbay Museums Trust (A Company Limited by Guarantee) Notes to the Financial Statements for the year ended 31 March 2024 Accounting policles (continued) Based on these factors, the trustees have concluded that the charitable company has 5ufficlent resources to continue in operational existence for the foreseeable future. For this rea50n they continue to adopt the golng concern basis in preparing the financial statements. 1.7 Turnover Turnover comprises revenue recognised by the company in respect of goods and services supplied during the year. The museum is not registered for VAT, therefore all amounts are shown inclusive of VAT where applicable. 1.8 Herltage Assets In accordance with the SORP heritage assets are only valued where it is cost effective to do so. Assets that are acquired by the Museum by way of purchase, donation or legacy are included in the balance sheet as are any assets for which a valuation is readily available. The Trustees do not consider it cost effective to value other parts of the collection unless valuation happens to be required for other purposes. 1.9 Tanglble Flxed Assets and Depreclatlon Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation 15 provided at rates calculated to write off the cost or valuation of fixed asset5, less their estimated residual value, over their expected useful lives on the following basis: Leasehold propertv Leasehold property improvements Displays Furniture and equipment Computer equipment 2Yo Straight line 2°A straight line 6,67Yo Straight line 20Yo reducing balance 250A straight line 15
Torbay Museums Trust (A Company Limited by Guarantee) Notes to the Flnancial Statements for the year ended 31 March 2024 LI.1. 1.1 Accountlng policl8s (contlnued) 1.10 Revaluation of Tangible Fixed Assets As permitted by the transitional provlsions of FRS102, the company has elected not to adopt a policy of revaluation of tangible fixed assets. The company will retain the book value of land and buildings, previously revalued at 31 March 1995 and will not update that valuation. A review for impairment of a f ixed asset is carried out if events or changes In clrcumstances indicate that the carrying value of any fixed asset may not be recoverable, Shortfalls between the carrying value of fixed assets and their recoverable amounts are recognised as impairments. Impairment losses are recognised in the Statement of Financial Activities. 1.11 Investments Investments are stated at market value at the balance sheet date. The SOFA includes the net gains and losses arising on revaluations and disposals throughout the year. 1.12 stocks Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs of acquisition. 1.13 Pensions The Charity pays contributions equivalent to 30A of qualifying earnings into an approved auto enrolment pension scheme. 1.14 Operatlng leases Rentals paid under operating leases are charged to the SOFA over the period in which the cost is incurred. 1.15 Flnanclal Instruments Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. The company holds the following financial instruments, all of which are consldered to be basic., Short term debtors and creditors Other loans 16
Torbay Museums Trust {A Company Limlted by Guarantee) Notes to the Financlal Statements for the year ended 31 March 2024 2. Income from: Donations and legacles Unrestrlcted funds Restrlcted 2024 Total 2023 Total Torbay Council National Lottery Heritage Fund Arts Council England Science Museum Other Donations & Gift Ald Legacies Total voluntary income 57,000 7,500 64,500 37,000 12,3281 1,434 30,000 2,507 30,000 16,917 172,759 284,176 14,410 172.759 244,169 10,615 50,000 96,721 40,007 Income from donations and legacies in 2023 comprised £94,937 unrestricted funds and £1,784 restricted funds 3. Income from: Charltable artlvlties Unrestricted funds Restricted 2024 Total 2023 Total Museum admissions & actlvlties 121,912 121,912 121,912 121,912 106,292 106,292 Income from admissions and activities in 2023 comprised £104,660 unrestricted fund5 and £1,632 restricted funds 4. Income from: Tradlng actlvities Unrestricted funds Restrlcted 2024 Total 2023 Total Chartty Tradlng Income Museum shop and other earned income 65.497 65,497 48,797 Fundraising Tradlng Expenses Museum shop & café 40,363 40,363 26,877 25,134 25,134 21,920 17
Torbay Museums Trust (A Company Limlted by Guarantee) Notes to the Flnancial Statements for the year ended 31 March 2024 5. Income from: Other Income Unrestricted funds Restricted 2024 Total 2023 Total Fundralslng Museum exhibitions tax relief Bank interest received Other income 3,103 8,628 556 950 3,103 8,628 556 1,327 662 5,903 377 300 13,237 377 13,614 6,865 In 2023 other Income comprised £6,865 unrestricted and £0 restricted fund5. 6. Analysls of expendlture on charltable a¢tivStles Unrestricted funds Restricted 2024 Total 2023 Total Operation of museum 300,864 2.747 303,611 314,746 300,864 2,747 303,611 314,746 In 2023, expenditure on charltable activlties wa5 £314,746 of which £15,675 was restrlcted and £299,071 was unrestricted. 18
Torbay Museums Trust {A Company Llmited by Guarantee) Notes to the Flnanclal Statements for the year ended 31 March 2024 7. Operatlon of Museum Actlvlties 2024 Total 2023 Total Actlvltles undertaken directlv Exhlbitlons and activities Marketing costs Outreach and educatlon 16,106 8,015 8,093 28,942 7,416 7,870 32,214 44,228 Support costs Salaries. Nl and penslon Sub-contract and other staff cost5 Rates and water Llght and heat Maintenance, security & repairs Insurance General office costs IT costs Professional fees Bank charge5 Sundry expense5 Independent examlnation Depreciation Bad debt write off 137,852 14,910 1,806 21,268 15,369 15,997 Z,805 6,243 760 4,717 131,763 13.890 1,697 19,145 11,359 13,405 2,589 6,943 14,364 4,479 35 2,700 48,061 88 270,518 2,868 46,787 15 271,397 Total 303,611 314,746 8. Net incomelexpendlture This is stated after charglng: 2024 2023 Depreciatlon of tangible fixed assets owned by the charity Pension costs 46,787 2,446 48,061 1,965 19
Torbay Museums Trust (A Company Llmited by Guarantee) Notes to the Financial Statements for the year ended 31 March 2024 9. Taxatlon The charitable company is exempt from corporation tax on its charitable activities 10. Analys15 of staff costs. Trustees, remuneratlon and expenses, and the costs of kev management personnel Staff costs were as follows.. 2024 2023 Wages and salaries Social Security costs Pension contributions 144,181 3,347 2,446 149,974 134,318 3,496 1,964 139,778 The number of employees during the year was as follows: Average monthly 2024 Full time equlvalent 2024 2023 2023 Curatorial & programme delivery Management & adminlstration Attendants Café io No employee recelved remuneration amounting to more than £60,000 in esther year. The key management personnel comprises the Museum Dlrector, Curator and Visitor Services Manager (all part- tlmel. The aggregate employee benefits payable to key management personnel for the year was £83,789 {2023: £83,2641. No Trustee received remuneration for actin8 as a Trustee of the Charity12023: Nill, nor did any Trustee receive expen5e5 or other benefits12023'. Nill 11. Related Party Transactlons During the year no Trustee received remuneration ar15ing from a contract wSth the charlty12023'. nlll and there we no other related party transactions12023.' none) 20
Torbay Museums Trust IA Company Limited by Guarantee) Notes to the Flnanclal Statements for the year ended 31 March 2024 12. Tanglble Fixed Assets Leasehold leasehold Property Propertv Improve'ts Dlsplays Furniture Computer and Equlpment Equlpment Total Cost or valuation At l April 2023 Additions At 31 March 2024 800.000 1,299,310 237,021 117.291 2.183 119,474 34,008 2,487,630 3,864 6,047 37,872 2,493,677 800,000 1,299,310 237,021 Depreciation At l April 2023 Charge for year At 31 March 2024 368,000 16,000 384,000 479,712 25,986 505,698 236,741 56 106,486 2.209 108,695 28,262 1,219,201 2,536 46,787 30,798 1,265,988 236,797 Net book value At 31 March 2023 432.000 819,598 280 10,805 5,746 1,268,429 At 31 March 2024 416,000 793,612 224 10,779 7,074 1,227,689 The costlvaluation of property at 31 March 2024 represents the value of the Museum estimated by the Trustees in 1994195. All assets are used entirely for charltable purposes. The Trustees decided to take advantage of the transitlonal provision of FRS 102 to treat thls valuation as deemed cost. 13. Charlty Herltage Assets Total Museum collectlon (Note 1.81 At l April 2023 472,724 At 31 March 2024 472,724 21
Torbay Museums Trust (A Company Limited by Guarantee) Notes to the Flnancial Statements for the year ended 31 March 2024 14. Debtors: Due within one year 2024 2023 Trade debtors Accrued income Other debtors Prepayments 3,026 46,639 761 4,904 890 12,706 717 11,195 55,330 25,508 IS. Credltors: Amounts falling due wlthln one year 2024 2023 Bounce Back Loan Trade creditors Other credStors Accruals 5.556 4,966 2,983 9,148 5.556 7,059 2,478 9,599 22,653 24,692 16. Credltors". Amounts falllng due after more than one year Bounce Back Loan 28,703 28,703 34,259 34,259 22
Torbay Museums Trust {A Company Limited by Guarantee) Notes to the Financlal Statements for the year ended 31 March 2024 17. Unrestricted Funds Funds brought foiward Fund as at 31 March 2024 Income Expenditure Transfers Desl8nated Funds Development Heritage Assets Essential maintenance costs Emergency repairs or replacements 722,438 460.351 35.698 125,9861 696,452 460,351 35,698 20,000 20,000 1,218,487 125,9861 20,000 1,212,501 General Fund Property Revaluatlon General - Charity 752,000 1194,4771 557,523 752,000 1315,2411 118,5601 183,4631 1315,2411 118.5601 668,537 444,815 444.815 Total unrestricted funds 1,776,010 444,815 1341,2271 1,440 1,881,038 Designated funds represent the following.. The Development fund represents the capltal cost of the two phases of the development of the Museum and is set aside to absorb the depreciation cost in future years. The Heritage Assets fund represents the value of heritage assets, illcluding the collectlon, which the Trustees conslder inalienable and therefore not available for sale to support the general operations of the Museum. In 2022, the trustees set aside £40,000 towards the cost of replacing and upgrading the heating system and other essential premises costs. A further £20,000 designation was made Sn 2024 for minor emergency repairs and replacements. Unrestricted Funds 2023- Comparative Funds brought forward Fund as at 31 March 2023 Income Expendlture Transfers Designated FLFnds Development Heritage Asset5 Essential maSntenance costs 748,424 460,351 40,000 1.248,775 125,9861 722,438 460,351 35,698 1,218,487 14.3021 130,2881 General Fund Propertv Revaluation General - Charity 752,000 1153,6361 598,364 752,000 14401 1194,477) 14401 557,523 255,259 255,259 1295,6601 1295,6601 Total unrestricted funds 1,847,139 255,259 1325,9481 {4401 1,776,010 23
Torbay Museums Trust (A Company Limited by Guarantee) Notes to the Flnancial Statements for the year ended 31 March 2024 18. Restrl¢ted Funds Fund as at31 March 2024 Funds brought forward Income Expendlture Transfers Acquisitions fund Heritage Assets Irestrictedl Torbay Marble Industry Science Museum Group Devon Farmhouse Other small funds 3,949 12,373 3,949 12,373 5,971 27,719 2,507 1,075 53,594 7,500 30.377 2,507 1891 12.6581 11,4401 1,075 17,397 40.384 12,7471 11,4401 Transfers represent core match funding requlred to support the Secret Museum and Pageant projects The Acquisitions fund is restricted for new exhibits. The Heritage Assets fund relates to the acquisition of herltage assets. The Science Museum is fundSng a series of fun, educational workshops, desSgned to promote science capital The Torbay Marble Industry fund has facilitated the creation of a new permanent exhibition. Made to Be Played.. A Festival of Musical Instruments, whlch showcases and celebrate5 muslc-maklng around the world and through time. Restricted Funds 2023- Comparatlve Fund a5 at31 March 2023 Funds brought forward Income Expenditure Transfers Acqui51tion5 fund Heritage Assets Irestrictedl Made to be Played Other small funds 3,949 12,373 12,241 653 29.216 3,949 12,373 2,994 422 115,675) 440 1,075 17,397 3,416 115,6751 440 24
Torbay Museums Trust (A Company Limited by Guarantee) Notes to the Flnanclal Statements for the year ended 31 March 2024 19. Analysi5 of Funds General Restricted fund Total Total 2024 2023 Tangible fixed assets Heritage assets Current asset5 Current liabilitie5 Long term liabilities 1,227,689 460,351 242,937 121,236} 128,7031 1,227,689 12.373 472,724 42,638 285,575 11,417} {22,6531 128,703) 1,268,429 472,724 111,205 124,6921 134,2591 1,881,038 53,594 1,934,632 1,793,407 General Restricted fund Total Total 2023- Comparative 2023 2022 Tangible fixed assets Heritage a55ets Current assets Current liabilities Long term liabilities 1,268,429 460.351 104,063 122,5741 134,2591 1,268,429 12,373 472,724 7,142 111,205 12,1181 124,692) 134,259) 1,307,343 472,724 174,091 137,9891 139,8141 1.776.010 17,397 1,793,407 1,876,355 20. Contlngent Llabllltles The charity had no contingent liabilities at 31 March 2024. 25