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