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2025-03-31-accounts

Torbay Museums Trust

(A Company limited by guarantee)

Trustees’ Annual Report and Financial Statements

Year ended 31 March 2025

Registered number: 02764633 Charity number: 1025390

Torbay Museums Trust (A Company Limited by Guarantee)

Contents

Contents
Page
Trustees’ Report 1
Reference and administrative details of the charity, its trustees and advisers 6
Independent Examiner’s Report 9
Statement of Financial Activities 10
Balance Sheet 11
Notes to the financial statements 12

Torbay Museums Trust (A Company Limited by Guarantee)

Trustees’ Report for the year ended 31 March 2025

The Board of Trustees presents the report and financial statements for Torbay Museums Trust for the year ending 31 March 2025, 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 is a company limited by guarantee and a registered charity.

The Financial 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 (SORP) for charities preparing their Financial Statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102).

Objectives and Activities

Our mission statement

“Torquay Museum’s aim is to safeguard, collect and preserve those objects relating to Torbay’s 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 environments.”

The principal object of the charity is the advancement of education by promoting the 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.

Public Benefit Statement

The Trustees confirm that they have had due regard to the Charity 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 exhibiting and conserving, restoring and repairing objects and collections of an educational nature. This benefits the community in maintaining important heritage assets for the people of the area, the nation and visitors to enjoy. The Museum relies on grants and admissions to cover its operating costs, but endeavours to structure pricing to provide value for money and support those of lesser economic means who wish to visit including by agreeing to reduce admissions prices following the reopening of the museum on 29 March 2025.

1

Torbay Museums Trust (A Company Limited by Guarantee)

Trustees’ Report for the year ended 31 March 2025

Our delivery priorities are summarised under these Goals:

Goal 1: OUR MUSEUM IS A LEARNING ZONE:

Goal 2: OUR COLLECTIONS ARE CELEBRATED AND SHARED:

Goal 3: WE ARE A VALUED AND INTEGRAL SERVICE IN OUR COMMUNITY:

Goal 4: OUR ORGANISATION IS CONFIDENT, RESILIENT AND ENTERPRISING:

Goal 5: OUR WORK IS SUSTAINABLE AND RESOURCEFUL:

Our key objectives for 2024-25 were to:

2

Torbay Museums Trust (A Company Limited by Guarantee)

Trustees’ Report for the year ended 31 March 2025

Achievements and Performance

The NLHF grant to assess, support and grow the resilience of the Trust commenced at the beginning of April 2024. A Senior Executive was appointed to lead the organisational review programme and was in post by late-June. A Resilience steering group led by an AMA museum professional supported strategic direction and decision making.

The administrative structure remained for the first 6 months of the financial year whilst assessment of all museum activities took place, and advice was sought from our key stakeholders National Lottery Heritage Fund, Torbay Council, and Arts Council England. Consequently, a change programme was instigated, a new Interim Chair was appointed towards the end of this period in early September, and at the November AGM, the Board stepped down with new trustees appointed.

Following financial analysis, the Board approved a staff restructuring which was undertaken in November 2024. Trustees confirmed the decision to close the museum for the winter period from 15 December 2024 to the end of March 2025 in order to save funds, undertake critical boiler replacement works and consider future needs.

During the closure period, a number of important operational requirements were completed:

  1. Governance standards were improved and a dedicated Board Executive Assistant now ensures compliance

  2. New boilers and flues were fitted ensuring an adequate heating system

  3. A refurbishment programme was initiated with Phase 1 (ground floor hallway, central staircase, landing and toilets on ground and first floor) completed

The museum continued to welcome volunteer supporters who assisted with ongoing programmes of conservation, building maintenance, and supported social media activity, as well as new programmes of administrative audit, IT audit, groundworks and cleaning.

The Museum Society continued to use the museum lecture theatre twice a week to meet for their opento-all lecture series.

The education team undertook outreach workshops in primary schools with portable resources, offering a choice of eight different programmes. The team maintained commitment to the Science Museum Group project – initiated in March 2024 – which funds the Science Ninja series of workshops, by planning and diarising activities for the closure and re-opening period, and supported the administration of booking inmuseum education visits for the financial year to come.

The education offer continues to be well received and other than three schools which declined alternative booking opportunities whilst the museum was closed, bookings were maintained at a level comparable with the previous year.

Two team members engaged in outreach talks at aged living facilities.

3

Torbay Museums Trust (A Company Limited by Guarantee)

Trustees’ Report for the year ended 31 March 2025

Exhibitions

During assessment of museum activities, the Board elected to reduce the number of changing exhibitions in order to save expenditure on bought-in exhibitions, to save a proportion of marketing expenditure, to encourage the use of the museums’ own artefacts, and to encourage a more creative and sustainable approach to the use of our space. As a result, there were two temporary exhibitions:

I Grew Up 90’s (13[th] June – Nov 9[th] 2024 Pengelly Hall)

A ‘popular’ exhibition featuring a set of objects, advertising art and televisual footage bought-in from an external provider.

D Day 80 (19[th] March – December closure Perigal Room)

Drawing on our unique collection of objects, photographs, oral histories, and film footage, this exhibition focusing on the wartime experience of Torquay and the surrounding area.

Visitor Services

Part time front of house staff have been supplemented by volunteers, who are active and reliable. Several of whom have also been with the museum for a considerable period. The front of house work was rolled into the retail offering space prior to the closures initiated by the Covid pandemic. Whilst this reduced the need for separate retail and front of house staff/volunteers, the entry to the museum was not welcoming and the visitor ‘journey’ required improvement. As a result, front of house was returned to its former position in the hall with the retail function slimmed down in time for reopening in late March 2025.

Conservation

Artisans of the Torquay Marble Industry: Gallery Redevelopment Project

The redevelopment of the Bridge space was successfully achieved and opened in July 2024. The gallery now tells the story of one of the most important industries in the bay area (stone working), particularly in relation to ‘Torquay marble’ and its artisans including the family firm ‘Grants’ who still operate in the region.

Gallery Maintenance

During the winter closure period, the collections were closely monitored for the effect of cold and humidity. New dehumidifiers were purchased to sit in each gallery and office space and maintained the humidity between 55-60% the majority of the time.

4

Torbay Museums Trust (A Company Limited by Guarantee)

Trustees’ Report for the year ended 31 March 2025

Financial Review

Results for the year ended 31 March 2025 are shown in the Statement of Financial Activities on page 10. Total income was £484,139 (2024: £485,199).

After expenditure of £494,246 the accounts show a net reduction in resources for the year of £10,107 (2024: £141,225 increase).

There was an operating deficit in respect of unrestricted funds for the year of £127,363 (2024: £105,028 surplus).

Principal Funding

Reserves Policy and Going Concern

The reserves policy ensures that the Museum maintains sufficient financial reserves to safeguard its operations, manage risks, and fulfil its charitable objectives. The trustees take a risk based approach and therefore in setting the policy consider the following:

As at 31[st] March 2025, the charity had £76,000 in free reserves and £20,000 set aside in a designated fund for essential repairs and maintenance, the target for reserves to include emergency repairs is £86,000. Tangible fixed assets, including the Museum premises, amount to £1,184,436 excluding heritage assets (which are generally inalienable).

The ongoing support of the NLHF together with the savings that have been achieved by the restructuring have given the Board confidence that they will be able to meet their financial commitments over the next twelve months. The position is being closely monitored and discussions are ongoing with the NLHF and other partners to establish a sustainable financial future for the Trust beyond 2026.

5

Torbay Museums Trust (A Company Limited by Guarantee)

Trustees’ Report for the year ended 31 March 2025

Reference and administrative details

Trustees Mr Nicholas Powe
Mr David Norman
Mr Michael Brook (appointed November 2024, resigned 28 July 2025)
Mr James Hull (appointed November 2024)
Ms Alison Macmillan (appointed April 2025)
Prof Stephen Rippon (appointed November 2024)
Ms Nicole Amil (resigned December 2024)
Ms Caroline Skelton (resigned November 2024)
Ms Abigail Smith (resigned November 2024)
Mr Simon Crabtree (resigned November 2024)
Ms Clare Howe (resigned November 2024)
Secretary Mr Nicholas Powe
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 Lloyds PLC
51-52 Fleet Street
Torquay TQ2 5DW
Solicitors Wollens
At Harbourside
67 The Terrace
Torquay
TQ1 1DP

6

Torbay Museums Trust (A Company Limited by Guarantee)

Trustees’ Report for the year ended 31 March 2025

Structure, Governance and Management

Constitution

The company is constituted under a Trust Deed dated 29 May 1875 as Torquay Natural History Society (TNHS), is a registered charity number 1025390 and a company limited by guarantee, number 2764633. The Society was renamed Torquay Museum Society (TMS) in 2003 and as Torbay Museums Trust at the AGM on 18 November 2014. At the same AGM a new set of Articles of Association 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:-

(b) 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 Adopted for the Induction and Training 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’.

Organisation, Structure and Decision 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 meets monthly and the Senior Executive has delegated authority to make operational decisions and provides monthly reports to the Board, with detailed financial overview and forecasting.

7

Torbay Museums Trust (A Company Limited by Guarantee)

Trustees’ Report for the year ended 31 March 2025

Statement of Trustees’ Responsibilities

The trustees (who are also directors for the purposes of company law) are responsible for preparing the Trustees' Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires trustees to prepare financial 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 statements, the trustees are required to:

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 taking 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 (FRS102) 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 companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the Trustees on 28 August 2025 and signed on their behalf by:

Nicholas Powe Interim Chair of Trustees

8

Torbay Museums Trust (A Company Limited by Guarantee)

Independent Examiner’s Report to the Trustees of Torbay Museums Trust For the year ended 31 March 2025

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2025.

Responsibilities and basis of report

As the charity’s trustees of the 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 of the 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 section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.

Independent examiner’s statement

Since the company’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I 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:

  1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or

  2. the accounts do not accord with those records; or

  3. 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 with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Martin Hobbs Francis Clark LLP Sigma House Oak View Close Edginswell Park Torquay TQ2 7FF

5 September 2025

9

Torbay Museums Trust (A Company Limited by Guarantee)

Statement of Financial Activities (incorporating an Income and Expenditure Account) Year ended 31 March 2025

Note
Income from:
Donations and legacies
2
Charitable activities
3
Trading activities
4
Other income
5
Total income
Expenditure on:
Fundraising trading
4
Charitable activities
6, 7
Total expenditure
Net income / (expenditure)
Transfers between funds
17, 18
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward		 Unrestricted
Restricted
Total
Total
Funds
Funds
Funds
Funds
2025
2025
2025
2024
£
£
£
£
49,731
252,000
301,731
284,176
97,231
400
97,631
121,912
61,085
-
61,085
65,497
23,692
-
23,692
13,614
231,739
252,400
484,139
485,199
42,419
-
42,419
40,363
316,096
135,731
451,827
303,611
358,515
135,731
494,246
343,974
(126,776)
116,669
(10,107)
141,225
(587)
587
-
-
(127,363)
117,256
(10,107)
141,225
1,881,038
53,594
1,934,632
1,793,407
1,753,675
170,850
1,924,525
1,934,632

The notes on pages 12 to 24 form part of these financial statements. The deficit for the purposes of the Companies Act 2006 is £10,107 (2024 surplus: £141,225).

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

10

Torbay Museums Trust (A Company Limited by Guarantee)

Balance Sheet

31 March 2025

alance Sheet
1 March 2025
2025 2024
Note £ £
Fixed Assets
Tangible assets 12 1,184,436 1,227,689
Heritage assets 13 473,398 472,724
1,657,834 1,700,413
Current Assets
Stocks 8,445 7,529
Debtors 14 166,351 55,330
Cash at bank and in hand 131,820 222,716
306,616 285,575
Creditors:
Amounts falling due within one year 15 (16,777) (22,653)
Net Current Assets 289,839 262,922
Total assets less current liabilities 1,947,673 1,963,335
Creditors:
Amounts falling due after more than one year 16 (23,148) (28,703)
Net assets 1,924,525 1,934,632
Funds
General funds 17 602,858 668,537
Designated funds 17 1,150,817 1,212,501
Restricted funds 18 170,850 53,594
1,924,525 1,934,632

The notes on pages 12 to 24 form part of these financial statements.

For the financial year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors’ responsibilities:

These financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

Approved and authorised by the Trustees on 28 August 2025 and signed on their behalf by: Nicholas Powe (Interim Chair of Trustees)

11

Torbay Museums Trust (A Company Limited by Guarantee)

Notes to the Financial Statements for the year ended 31 March 2025

1 Accounting policies

1.1 Basis of preparation 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 Republic of Ireland (FRS102) (effective 1 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 FRS102.

The financial statements have been prepared on the going concern basis (see 1. 6 below). The functional and presentational currency is sterling.

1.2 Company Status

The company is a company limited by guarantee. The members of the company are the Trustees. In the event of the company being wound up, the liability 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.

12

Torbay Museums Trust (A Company Limited by Guarantee)

Notes to the Financial Statements for the year ended 31 March 2025

1 Accounting policies (continued)

1.4 Income

Income is recognised when the charity has entitlement to 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 services 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.

lncome tax recoverable in relation to donations received under Gift Aid is recognised at the time of the donation. Subscriptions entitle members to benefits during the year following their 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 as 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 particular activities they have been allocated on a basis consistent with the use of the resources.

Fundraising costs 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 Financial Review on page 5.

13

Torbay Museums Trust (A Company Limited by Guarantee)

Notes to the Financial Statements for the year ended 31 March 2025

1 Accounting policies (continued)

Based on these factors, the trustees have concluded that the charitable company has sufficient resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going 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 Heritage 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 Tangible Fixed Assets and Depreciation

Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:

Leasehold property 2% straight line Leasehold property improvements 2% straight line Displays 6.67% straight line Furniture and equipment 20% reducing balance Computer equipment 25% straight line

14

Torbay Museums Trust (A Company Limited by Guarantee)

Notes to the Financial Statements for the year ended 31 March 2025

1 Accounting policies (continued)

1.10 Revaluation of Tangible Fixed Assets

As permitted by the transitional provisions 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 fixed asset is carried out if events or changes in circumstances 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 3% of qualifying earnings into an approved auto enrolment pension scheme.

1.14 Operating leases

Rentals paid under operating leases are charged to the SoFA over the period in which the cost is incurred.

1.15 Financial 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 considered to be basic:

15

Torbay Museums Trust (A Company Limited by Guarantee)

Notes to the Financial Statements for the year ended 31 March 2025

2. Income from: Donations and legacies

Torbay Council
National Lottery Heritage Fund
Science Museum
Other Donations & Gift Aid
Legacies
Total voluntary income		 Unrestricted
funds
Restricted
2025
Total
2024
Total
£
£
£
£
37,000
-
37,000
64,500
-
250,000
250,000
-
-
-
-
30,000
10,731
2,000
12,731
16,917
2,000
-
2,000
172,759
49,731
252,000
301,731
284,176

Income from donations and legacies in 2024 comprised £244,169 unrestricted funds and £40,007 restricted funds

3. Income from: Charitable activities

Museum admissions & activities Unrestricted
funds
Restricted
2025
Total
2024
Total
£
£
£
£
97,231
400
97,631
121,912
97,231
400
97,631
121,912

Income from admissions and activities in 2024 comprised £121,912 unrestricted funds and £nil restricted funds

4. Income from: Trading activities

Charity Trading Income
Museum shop and other earned income
Fundraising Trading Expenses
Museum shop & café		 Unrestricted
funds
Restricted
202
Total
2024
Total
£
£
£
£
61,085
-
61,085
65,497

42,419
-
42,419
40,363
18,666
-
18,666
25,134

16

Torbay Museums Trust (A Company Limited by Guarantee)

Notes to the Financial Statements for the year ended 31 March 2025

5. Income from: Other Income

Fundraising
Museum exhibitions tax relief
Bank interest received
Other income		 Unrestricted
funds
Restricted
2025
Total
2024
Total
£
£
£
£
2,090
-
2,090
3,103
14,829
-
14,829
8,628
5,928
-
5,928
556
845
-
845
1,327
23,692
-
23,692
13,614

In 2024 other income comprised £13,237 unrestricted and £377 restricted funds.

6. Analysis of expenditure on charitable activities

Operation of museum Unrestricted
funds
Restricted
2025
Total
2024
Total
£
£
£
£
316,096
135,731
451,827
303,611
316,096
135,731
451,827
303,611

In 2024, expenditure on charitable activities was £303,611 of which £2,747 was restricted and £300,864 was unrestricted.

17

Torbay Museums Trust (A Company Limited by Guarantee)

Notes to the Financial Statements for the year ended 31 March 2025

7. Operation of Museum Activities

7. Operation of Museum Activities
Activities undertaken directly
Exhibitions and activities
Marketing costs
Outreach and education
Support costs
Salaries, NI and pension
Termination payments
Sub-contract and other staff costs
Rates and water
Light and heat
Maintenance, security & repairs
Insurance
General office costs
IT costs
Professional fees
Bank charges
Sundry expenses
Independent examination
Depreciation
Bad debt write off
Total		 2025
2024
Total
Total
£
£
18,870
16,106
6,657
8,015
11,025
8,093
36,552
32,214
200,564
137,852
17,224
-
17,129
14,910
1,723
1,806
23,518
21,268
51,524
15,369
19,554
15,997
1,945
2,805
8,478
6,243
17,624
760
4,335
4,717
668
-
2,976
2,868
48,013
46,787
15
415,275
271,397
451,827
303,611

8. Net income/expenditure

This is stated after charging:

2025 2024
£ £
Depreciation of tangible fixed assets
owned by the charity 48,013 46,787
Pension costs 3,578 1,965

18

Torbay Museums Trust (A Company Limited by Guarantee)

Notes to the Financial Statements for the year ended 31 March 2025

9. Taxation

The charitable company is exempt from corporation tax on its charitable activities

10. Analysis of staff costs, Trustees' remuneration and expenses, and the costs of key management personnel

Staff costs were as follows:

Wages and salaries
Social Security costs
Pension contributions
Redundancy and Termination payments
The number of employees during the year was as follows:
Average monthly
2025
2024
Curatorial & programme delivery
2
2
Management & administration
4
3
Attendants
4
3
Café
2
2
12
10		 Wages and salaries
Social Security costs
Pension contributions
Redundancy and Termination payments
The number of employees during the year was as follows:
Average monthly
2025
2024
Curatorial & programme delivery
2
2
Management & administration
4
3
Attendants
4
3
Café
2
2
12
10		 2025
2024
£
£
199,105
144,181
15,218
3,347
3,578
2,446
17,224
-
235,125
149,974
Full time equivalent
2025
2024
1.5
1.5
2
2.0
1
1
1
1
12
10		 5.5
5.5

No employee received remuneration amounting to more than £60,000 in either year.

The key management personnel comprises the Senior Executive (full Time), Museum Director, Curator and Visitor Services Manager (all part-time). The aggregate employee benefits payable to key management personnel for the year was £145,393 including £12,600 in redundancy costs (2024: £83,789).

No Trustee received remuneration for acting as a Trustee of the Charity (2024: Nil),

11. Related Party Transactions

During the year no Trustee received remuneration arising from a contract with the charity (2024: nil).

Expenses of £116 were reimbursed to one Trustee (2024: nil).

A salary of £2,000 was paid to the spouse of a Trustee (2024: nil).

19

Torbay Museums Trust (A Company Limited by Guarantee)

Notes to the Financial Statements for the year ended 31 March 2025

12. Tangible Fixed Assets

Cost or valuation
At 1 April 2024
Additions
At 31 March 2025
Depreciation
At 1 April 2024
Charge for year
At 31 March 2025
Net book value
At 31 March 2024
At 31 March 2025		 Leasehold
Property
Leasehold
Property
Improve'ts
Displays
Furniture
and
Equipment
Computer
Equipment
Total
£
£
£
£
£
800,000
1,299,310
237,021
119,474
37,872
2,493,677
-
-
-
732
4,028
4,760
800,000
1,299,310
237,021
120,206
41,900
2,498,437
384,000
505,698
236,797
108,695
30,798
1,265,988
16,000
25,986
56
2,302
3,669
48,013
400,000
531,684
236,853
110,997
34,467
1,314,001
416,000
793,612
224
10,779
7,074
1,227,689
400,000
767,626
168
9,209
7,433
1,184,436

The cost/valuation of property at 31 March 2025 represents the value of the Museum estimated by the Trustees in 1994/95. All assets are used entirely for charitable purposes. The Trustees decided to take advantage of the transitional provision of FRS 102 to treat this valuation as deemed cost.

13. Charity Heritage Assets

Museum collection (Note 1.9)
At 1 April 2024
Additions
At 31 March 2025		 Total
£
472,724
674
473,398

20

Torbay Museums Trust (A Company Limited by Guarantee)

Notes to the Financial Statements for the year ended 31 March 2025

14. Debtors: Due within one year

14. Debtors: Due within one year
Trade debtors
Accrued income
Other debtors
Prepayments		 2025
2024
£
£
1,537
3,026
160,226
46,639
-
761
4,588
4,904
166,351
55,330

15. Creditors: Amounts falling due within one year

15. Creditors: Amounts falling due within one year
Bounce Back Loan
Trade creditors
Other creditors
Accruals
16. Creditors: Amounts falling due after more than one year
Bounce Back Loan		 2024
£
5,555
5,556
2,662
4,966
2,231
2,983
6,329
9,148
16,777
22,653
23,148
28,703
23,148
28,703

21

Torbay Museums Trust (A Company Limited by Guarantee)

Notes to the Financial Statements for the year ended 31 March 2025

17. Unrestricted Funds
Designated Funds
Development
Heritage Assets
Essential maintenance costs
Emergency repairs or
replacements
General Fund
Property Revaluation
General - Charity
Total unrestricted funds		 Funds
brought
forward
Income
Expenditure
Transfers
Fund as at
31 March
2025
£
£
£
£
£
696,452
-
(25,986)
-
670,466
460,351
-
-
-
460,351
35,698
-
-
(35,698)
-
20,000
-
-
-
20,000
1,212,501
-
(25,986)
(35,698)
1,150,817
752,000
-
-
-
752,000
(83,463)
231,739
(332,529)
35,111
(149,142)
668,537
231,739
(332,529)
35,111
602,858
1,881,038
231,739
(358,515)
(587)
1,753,675

Designated funds represent the following:

The Development fund represents the capital 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, including the collection, which the Trustees consider 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. These funds have been released as the cost of the upgrade is to be met by a restricted fund.

A £20,000 designation was made in 2024 for minor emergency repairs A £20,000 designation was made in 2024 for minor emergency repairs A £20,000 designation was made in 2024 for minor emergency repairs and replacements. and replacements.
Unrestricted Funds Funds Fund as at
2024 - Comparative brought 31 March
forward Income Expenditure Transfers 2024
£ £ £ £ £
Designated Funds
Development 722,438 - (25,986) - 696,452
Heritage Assets 460,351 - - - 460,351
Essential maintenance costs 35,698 - - - 35,698
Emergency repairs or - - - 20,000 20,000
replacements
1,218,487 - (25,986) 20,000 1,212,501
General Fund
Property Revaluation 752,000 - - - 752,000
General - Charity (194,477) 444,815 (315,241) (18,560) (83,463)
557,523 444,815 (315,241) (18,560) 668,537
Total unrestricted funds 1,776,010 444,815 (341,227) 1,440 1,881,038

22

Torbay Museums Trust (A Company Limited by Guarantee)

Notes to the Financial Statements for the year ended 31 March 2025

18. Restricted Funds
Acquisitions fund
Heritage Assets (restricted)
Groundwork for Resilience
Torbay Marble Industry
Science Museum Group
Devon Farmhouse
Other small funds		 Funds
brought
forward
Income
Expenditure
Transfers
Fund as
at 31
March
2025
£
£
£
£
£
3,949
-
(2,076)
-
1,873
12,373
-
-
-
12,373
-
250,000
(112,878)
-
137,122
5,971
-
(6,558)
587
-
27,719
400
(13,850)
-
14,269
2,507
-
-
-
2,507
1,075
2,000
(369)
-
2,706
53,594
252,400
(135,731)
587
170,850

Transfers represent core match funding required to support the Torbay Marble Industry Exhibition.

The Acquisitions fund is restricted for new exhibits.

The Heritage Assets fund relates to the acquisition of heritage assets.

Groundwork for Resilience is an HLF supported fund to assist ensuring a sustainable future for the Trust. The Torbay Marble Industry fund has facilitated the creation of a new permanent exhibition. The Science Museum is funding a series of fun, educational workshops, designed to promote “science capital".

Restricted Funds
2024- Comparative
Acquisitions fund
Heritage Assets (restricted)
Torbay Marble Industry
Science Museum Group
Devon Farmhouse
Other small funds		 Funds
brought
forward
Income
Expenditure
Transfers
Fund as
at 31
March
2024
£
£
£
£
£
£
£
£
£
£
3,949
-
-
-
3,949
12,373
-
-
-
12,373
-
7,500
(89)
(1,440)
5,971
-
30,377
(2,658)
-
27,719
-
2,507
-
-
2,507
1,075
-
-
-
1,075
17,397
40,384
(2,747)
(1,440)
53,594

23

Torbay Museums Trust (A Company Limited by Guarantee)

Notes to the Financial Statements for the year ended 31 March 2025

19. Analysis of Funds

Tangible fixed assets
Heritage assets
Current assets
Current liabilities
Long term liabilities
2024- Comparative
Tangible fixed assets
Heritage assets
Current assets
Current liabilities
Long term liabilities		 General
fund
Restricted
Total
Total
£
£
2025
2024
£
£
1,184,436
-
1,184,436
1,227,689
473,398
-
473,398
472,724
135,208
171,408
306,616
285,575
(16,219)
(558)
(16,777)
(22,653)
(23,148)
-
(23,148)
(28,703)
1,753,675
170,850
1,924,525
1,934,632
General
fund
Restricted
Total
Total
£
£
2024
2023
£
£
1,227,689
-
1,227,689
1,268,429
460,351
12,373
472,724
472,724
242,937
42,638
285,575
111,205
(21,236)
(1,417)
(22,653)
(24,692)
(28,703)
-
(28,703)
(34,259)
1,881,038
53,594
1,934,632
1,793,407

20. Contingent Liabilities

The charity had a capital commitment of £38,762 for the new boilers to be funded by the Groundwork for Resilience restricted fund.

24