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← Verwood Museum Trust

2025-08-31-accounts

Charity Registration No. 1067952

VERWOOD MUSEUM TRUST

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

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BUSINESS
ADVISORS
& ACCOUNTANTS
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10 Bridge Street Christchurch Dorset BH23 1EF

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FOR THE YEAR ENDED 31 AUGUST 2025

VERWOOD MUSEUM TRUST

TRUSTEES' REPORT

The trustees present their annual report and financial statements for the year ended 31 August 2025.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's [governing document], the Charities Act 2011 and "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 (FRS 102)" (effective 1 January 2019).

Objectives and activities

Objectives and aims

The charity was created by a Deed of Trust dated 9*" September 1997. Its primary objects are "to encourage and promote knowledge of archaeology, ethnology, history, natural history and kindred sciences and painting and arts and crafts especially in relation to the Parish of Verwood, The District of East Dorset and the County of Dorset”. This it does for the benefit of the residents of Verwood, the surrounding area and visitors to the town.

We have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing our aims and objectives and in planning our future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives set.

During the course of the year the charity has continued to run it’s museum at the Verwood Heritage Centre, staging a series of displays informing local residents and visitors of a variety of aspects of the past life of a village which became a town. As ever there is a focus on the unique status of the pottery cottage industry in Verwood, it being of national importance. The Heritage Centre was the site of the last pottery of its type in the country when it closed in the early 1950s after almost 800 years of production in the area by the same traditional means.

In addition the Centre provides historical resources from its archive for the benefit of the community and community facilities utilised by many local organisations and individuals.

See below for strategy and aims:

Modest local grants have been sought to supplement fundraising but major grant applications will follow a restructure.

The organisation is well supported by volunteers at all levels, including management, archiving, catering, cleaning and repairs.

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VERWOOD MUSEUM TRUST

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2025

Achievements and performance

Significant activities and achievements against objectives

The charity has succeeded in continuing to promote knowledge of the history of Verwood, providing community facilities related to the objects and pursued fundraising opportunities.

The charity remains in a period of transition due to the impact of covid and the fact that the founding Trustees have either passed away or reached an age at which they can no longer drive the charity forward. Steps are being taken to improve performance. The collection and archive is being reviewed and rationalised following advice from the Museum of East Dorset, the displays have been updated, engagement with schools and other youth groups has been renewed.

Despite past difficulties activities have continued, directed at improving future performance as well as day to day running, including the following:

See strategy and aims.

Risks which might prevent achievement and inhibit performance include any recurrence of Covid or a Covid type pandemic, significant structural failings in the historic premises or a loss of support from the community, all of which would appear to be relatively low risk at present.

Financial review

The charity held £100,014 in cash funds at year end. This comprises a reserve equivalent to 6 months trading to cover the cost of closure in the event of catastrophic failure. Liabilities in respect of staff redundancy and long term contract termination are negligible and the reserve is more than adequate for the purpose.

The balance of the cash reserve is intended to provide a major maintenance and refurbishment fund. The Heritage Centre has undergone significant repair to the roof and cob walls and is well maintained but it is an historic building of no little age, primarily of cob construction and long term renewal and renovation will prove a costly exercise. Thus a large cash reserve is maintained to cover this eventuality.

Going concern

The Trustees are satisfied that the charity is a going concern and will remain so for the next 12 months. There are sufficient cash reserves to meet any liabilities during that period even were the charity to receive no further income. In reality cash receipts are running at approximately £5,000 per month and rising, with no indication of any likely reversal of that trend. Cafeteria income alone would thus exceed normal outgoings in the absence of reserves and additional fundraising.

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VERWOOD MUSEUM TRUST

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2025

Plans for future periods

As indicated above, charity has been in a period of transition due to the impact of covid and the fact that the founding Trustees have either passed away or reached an age at which they can no longer drive the charity forward. That transition period is reaching an end as renewed stability is now being achieved. Steps taken to address the situation include:

Structure, governance and management

The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.

The trustees who served during the year and up to the date of signature of the financial statements were: B A Page

Mr GJ Thorne

Mr C Thorne

Mr J E Thorne

Recruitment and appointment of trustees

Trustees’ are recruited during trustee meetings throughout the year

Other matters

The Trustees are well advanced in the process of converting the organisation from a Trust to a CIO, for the better protection and management of the organisation, to refresh the Trustee body and to improve access to a greater range and value of grant funding. That process will formally conclude as at 1t September 2025 when the assets of the Trust will pass to the ClO. The Trust will then be closed and removed from the register of charities on conclusion of submission of these accounts.

Currently the charity is controlled and managed by the Trustees, supported by key volunteers and one part time paid staff. The part time paid staff member manages the cafeteria on site, which is the charity's prime means of raising funds. They report to the Treasurer of the Friends of the Verwood Museum Trust (FVMT), the voluntary body which supports the Trustees. The Treasurer reports to the Trustees. Management Committee meetings are held on a quarterly basis, attended by two Trustees, the Treasurer and the Secretary of FVMT and the volunteer Archivist, which deal with the day to day business of the charity.

Two of the Trustees have significant prior and current experience of running charitable organisations, one as a current CEO of a major national charity and the other as a long term former Trustee and Chair of Trustees of a mid sized county wide charity.

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Dated: .......eeeeeeeeseeeees 25 March 2026

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02/03/2026

VERWOOD MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

1 Accounting policies

The financial statements have been prepared in accordance with the charity's [governing document], the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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 (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.

The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

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VERWOOD MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2025

1 Accounting policies

(Continued)

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

1.6 Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

1.7. Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of Operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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VERWOOD MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2025

13 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At1 Incoming Resources At 31 August
September resources expended 2025
2024
£ £ £ £
Shop Fund 60,002 58,407 (64,906) 53,503
Museum Fund 46,357 1,190 (920) 46,627
106,359 59,597 (65,826) 100,130
Previous year: Ati Incoming Resources At 31 August
September resources expended 2024
2023
£ £ £ £
Shop Fund 63,828 53,410 (57,236) 60,002
Museum Fund 45,831 545 (19) 46,357
109,659 53,955 57,255 106,359

14 Operating lease commitments

Lessee

At the reporting end date the charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2025 2024
£ £
Within one year 811 -
Between two and five years 7,301 -
8,112 -

15 Related party transactions

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