Company registration number: 5365585
Charity registration number: 1113818
Axminster Heritage Limited
(A company limited by guarantee)
Annual Report and Financial Ststements
for the Year Ended 29 February 2024
WESTCOTTS
CHARTERED ACCOVNTANTS
I BUSINESS ADVISERS

Axminster Heritage Limlted
Contents
Referen￿ and Administrative Details
Trustees, Report
2to3
Independent Examinerfs Report
Statement of Financial Activities
Balance Sheet
6t07
Notes to the Financial Statements
8t019

Axminster Heritage Llmited
Reference and Administrative Details
Chairnian
Mr L Hitchcock
Trustees
Mr A T Moulding
Ms R Green
Mr S Holt
Mr D Knapman
Mr S Courtman
Secretary
Mrs J Richardson
Charity Reglstration Number
1113818
Company Reglstration Number 5365585
Reglstsred Offlce
Thomas Whity House
Silver Street
Axminster
Devc
EX13 SAH
Independent Examiner
Westcotts (SW) LLP
Timberfy
South Street
Axminster
Devon
EX13 SAD
Accountants
Westcotts
Timberly
South Str88t
Axminster
Devon
EX13 SAD
Page 1

Axminster Heritage Limited
Trustees, Report
The trustees, ￿0 are directors for the purposes of company law, present the annual report together
with the financial statements of the charitable company for the year ended 29 February 2024.
Objectives and activitles
Objects and ain
The objective of the charity is the provision of a community building and museum of national
Importan￿ in Axminster.
The company commenced its activity on 7 September 2006 followng the gaining of charitable status.
Public benefft
The trustees confirm that they have complied with the requirements of section 17 of the Charities Act
2011 to have due regard to the public benefit guidance published by the Charity Commission for
England and Wales.
Financial review
The charity received total income of £34.116 (2023.. £34,393) during the year, of which £- (2023: £-)
was restricted income. Expenditure and unrealised lo&ses on investments for the year totall8J
£134,514 (2023: £112,384), of ￿lch £80,638 (2023: £81,996) was restricted, resulting in a deficit of
£91,078 (2023 deficit £80,145) for the year.
At the year*nd the charity held £994,990 in reserves, of ￿lch £101,210 was held in general reserve
and £893,780 in the restricted reserve.
Policy on reseftves
The Trustees have considered the scale, complexity and risk to Axminster Heritage Centre.
Considering the Heritage Centre's high level of self-generated income, it has decided that the
company should aim to hold unrestricted current assets reserves of an amount, allowng it to operate
v4tthnirt Any inrnmp from its charitable activities for up to one year.
Structure, governance and management
Axminster Heritage Limited is a company limited by guarantee governed by its Memorandum and
Articles of Association. It is a registered charity (registration number 1113818).
The directors of the charitable company and throughout this report are collectively referred to as
trustees, have the power to co-opt further directors to serve as trustees during the accounting year.
Such appointment(s) are subsequently ratified by the members at the Annual General M&ting.
Risk management
Risk is minim1￿1 by (inter alia) prudent budgeting based on an assessment of likely income, and
putting in place procedures and associated Volunteer training to reduce adverse operational
outcomes. Axminster Heritage is in the prO￿sS of transitioning to Charitable IncorForated
Organisation (CIO) status, and our Risk Register and associated procedures are under review, and
being consolidated, as part of that pr¢xess.
Page 2

Axminster Heritage Limited
Trustses. Report
Statement of trustees. responsibillties
The trustees {￿0 are also the directors of Axminster Heritage Limited for the purposes of company
law) are responsible for preparing the trustees, report and the financial statements in accordance wth
applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted
Accounting Practice), including FRS 102 The Financial Reporting Standard applicable in the UK and
Republic of Ireland" The report and accounts have been prepared in accordan￿ with the provisions
in the Companies Act 2006 relating to small companies.
Company law requires the trustees to prepare financial statements for each financial year. Under
company law the trustees must not approve the financial statements unless they are satisfied that
they 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 its income and expenditure, of the charitable
company for that period. In preparing these financial statements. the trustees are required to:
select suitable accounting policies and apply them consistently"
observe the methods and principles in the Charities SORP"
make judgements and estimates that are reasonable and prudent.
stste whether applicable accounting standards, comprising FRS 102 have been followed, subject
to any material departures disclosed and explained in the financial statements,. and
prepare the financial statements on the going concern basis unless it is inappropriate to presume
that the charitable company will continue in business.
The trustees are responsible for keeping proper accounting records that can disclose with reasonable
accuracy at any time the financial position of the charitsble company and enable them to ensure that
the financia 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.
The trustees are responsible for the Maintenan￿ and integrity of the corporate and financial
information included on the charitAhlf.a r.r)mpany's wp.hsite. Legislation governing the preparation and
dissemination of financial statements may differ from legislation in otherjurisdictions.
Small companies provision statement
This report has been prepared in accordance with the small companies regime under the Companies
Act 2006.
The annual report was approved by the trustees of the charity on
beha￿ by:
and signed on its
Mr L Hitchcock
Chairman
T Moulding
Trustee
Page 3

Axminster Heritage Limited
Independent Examinerfs Report to the trustees of Axminster Heritage Limited
('the Company.)
I report to the charity trustees on my examination of the accounts of the Company for the year ended
29 February 2024.
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 20C6 {'the 20C6 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 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 carying out my examination I have followed the Directions given by the Charity Commission under
section 145(5)(b) of the 2011 Act.
Independent examinerfs statement
I have completed my examination. I confimi 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 Axminster Heritage Limited 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 accordan￿ wth the methc(Js and principles of the
Statement of Recommended practi￿ for accounting and reporting by charities [applicable to
charities preparing their accounts in accordance with the Financial Reporting Standard
applitsaLJlg iii Iliè UK dl Id RgyubliL uf Iielo411LI (FRS 102)].
I have no concerns and have come across no other matters in connection V￿th the examination to
which attention should be drawn in this report in order to enable a proper understanding of the
accounts to be reached.
Robyn Gifford-England ACA
Timberly
South Street
Axminster
Dev¢Jn
EX13 SAD
Date:
Page 4

Axminster Heritsge Limited
Statement of Financial Activities for the Year Ended 29 February 2024
(Including Income and Expenditure Account and Statement of Total
Recognised Gains and Losses)
Unrestricted
funds
Restricted
funds
Totsl
2024
Total
2023
Note
Income and Endowments from:
Donations and legacies
Charitable activities
Investment income
2.543
17.348
14,225
2,543
17,348
14,225
2.180
12.884
19,329
Total income
34,116
34,116
34,393
Expenditure on:
Charitable activities
(53,876)
(80.638)
(134.514)
(112,384)
Total expenditure
GaIn￿(lO$ses) on
investment assets
(53,876)
(80.638)
(134,514)
(112.384)
9,319
9,319
2.154
Net expenditure
Net movement in funds
10,441
180,638
91,079
80,145
(10,441)
(80,638)
(91,079)
{80,145)
Reconciliatlon of funds
Total funds brought forward
Total funds carried forward 20
111,651
974,418
1,086,069
1,166,214
101,210
893,780
994,990
1,086,CE9
All of the charitys activities dertve from continuing operations during the above two periojs.
The funds breakdown frjr ?n?2 18 qhnvm in note 20.
The notes on pages 8 to 19 fonn an integral part of these financial statements.
Page 5

Axminster Heritage Limited
(Registration number: 5365585)
Balance Sheet as at 29 February 2024
2024
2023
Note
Flxed assets
Tangible assets
Investments
13
14
903,977
79,517
951,623
115,198
1.066,821
983,494
Current assets
Stccks
Debtors
Cash at bank and in hand
15
16
17
1,000
2,675
11,543
1,000
3,442
14,806
19,248
15,218
Creditors: Amounts falling due within one year
Not current assets
18
(3,722
11,496
19,248
Net assets
994,990
1,086,069
Funds of the charlty:
Restricted income funds
Restricted funds
893.780
974,418
Unrestricted income funds
Unrestricted funds
101.210
111,651
Totsl funds
20
994,990
1,086,069
For the financia year ending 29 February 2024 the charity was entitled to exemption from audit under
section 477 of the Companies Act 2006 relating to small companies.
Directors, responsibilities..
The members have not required the charity to obtain an audit of its accounts for the year in
question in accordance with section 476" and
The directors ackn￿edge their responsibilities for complyir@ wth the requirements of the Act with
respect to accounting records and the preparation of accounts.
These financial statements have been prepared in accordance with the special provisions relating to
companies subject to the small companies regime within Part 15 of the Companies Act 20c￿.
The notes on pages 8 to 19 form an integral part of these financial statements.
Page 6

Axminster Heritage Limited
(Registration number: 5365585)
Balance Sheet as at 29 February 2024
The
Inancia statements on pages 5 to 19 V4Ere approved by the trustees, and authorised for issue on
rtt
signed on their behalf by:
Mr L Hitchcock
Chair
an
MrA T Mould.
Trustee
The notes on pages 8 to 19 fomi an integral part of these financial statements.
Page 7

Axminster Heritsge Limited
Notes to the Financial Ststements for the Year Ended 29 February 2024
I Charlty status
The charity is limited by guarantee, incorporated in . and consequently does not have share capital.
Each of the trustees is liable to contribute an amount not ex￿edIng £10 towards the assets of the
charity in the event of liquidation.
The address of its registered Offi￿ is..
Thomas Whitty Hou
Silver Street
Axminster
Devc
EX13 SAH
2 Accounting policies
Summary of significant accountlng policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out
below. These policies have been consistently applied to all the years presented, unless othem
stated.
Statement of compliance
The financial statements have been prepared in accordance with Accounting and Reporting by
Charities.. Statement of Recommended Practi￿ (applicable to charities preparing their accounts in
accordan￿ with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS
102)) (issued in October 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard
applicable in the UK and Republic of Ireland {FRS 102) and the Companies Act 2006.
Basis of preparation
Axminster Heritage Limited meets the definition of a public benefit entity under FRS 102. Assets and
liabilities are initially recognised at historical cost or transaction value unless othe￿iSe stated in the
levant accounting policy notes.
Going concern
The trustees consider that there are no material Un￿rtaIntieS about the charity's ability to continue as
a going concern nor any significant areas of uncertainty that aff￿t the carrying value of assets held by
the charity.
Exemption from preparing a cash flow ststement
The charity opted to early adopt Bulletin 1 published on 2 February 2016 and have therefore not
included a cash flow statement in these financial statements.
Income and endowments
All income is recognised once the charity has entitlement to the income. it is probable that the income
will be received and the amount of the income receivable can be measured reliably.
Page 8

Axminster Heritage Limited
Notes to the Financial Statements for the Year Ended 29 February 2024
Donatlons and legacies
Donations are recognised when the charity has been notified in writing of both the amount and
settlement date. In the event that a donation is subject to conditions that require a level of
performan￿ by the charity before the charity is entitled to the funds, the income is deferred and not
recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly
within the control of the charity and it is probable that these Conditions wll be fulfilled in the reporting
Investment income
Dividends are recognised On￿ the dividend has been declared and notification has been re￿iVed of
the dividend due.
Expendlture
All expenditure is recognised On￿ there is a legal or constructive obligation to that expenditure, it is
probable settlement is required and the amount can be measured reliably. All costs are allocated to
the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot
be directly attributed to particular headings they have been allocated on a basis consistent with the
use of resources, with ￿ntral staff costs allocated on the basis of time spent, and depreciation
charges allocated on the portion of the asset's use. Other support costs are allocated based on the
spread of staff costs.
Charitable activities
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activib'es
and services for its beneficiaries. It includes both costs that can be allocated directly to such activikn'es
and those costs of an indirect nature ne￿SSary to support them.
Taxation
Tl'i¥ Llidiily is wnsidered to pass the tests set out in Paragraph 1 Schedule o of the Pinan￿ Act 2010
and therefore it meets the definition of a charitable company for UK corporation tax purposes.
Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains
received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section
256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are
applied exclusively to charitable purposes.
Tangible flxed a&sets
Individual fixed assets costing £100.00 or more are initially recorded at cost, less any subsequent
accumulat&J depreciation and subsequent accumulated impainnent losses.
Depreciation and amortlsation
Depreciation is provided on tangible fix￿ assets so as to write off the cost or valuation, less any
estimated residual value, over their expected useful economic life as follows:
Asset class
Building Renovations
Fixtures and Fittings
Website
Depreciation method and rate
40/0 Straight line
10 % straight line
20°/o Straight line
Page 9

Axminster Heritage Limited
Notss to the Financial Ststements forthe Year Ended 29 February 2024
Fixed asset investments
Fixed asset investments, other than programme related investments, are included at market value at
the balance sheet date. Realised gains and losses on investments are calculated as the differen
betr￿n sales pr￿*dS and their market value at the start of the year, or their subsequent cost, and
are charged or credited to the Statement of Financia Activities in the period of disposal.
Unrealised gains and losses represent the movement in market values during the year and are
credited or charged to the Statement of Financial Activities based on the market value at the year end.
Stock
Stock is valued at the lower of cost and estimated selling pri￿ less costs to complete and sell, after
due regard for obsolete and slow moving stocks. Cost is determined using the first-in, first-out (FIFO).
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly
liquid investments that are readily convertible to a known amount of cash and are subject to an
insignificant risk of change in value.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs.
Interest-bearing b)rrowrngs are subsequently carried at amortised cost, with the difference belAv￿n
the pro￿edS, net of transaction costs, and the amount due on redemption being recognised as a
charge to the Statement of Financial Activities over the period of the relevant borrowing.
Interest expense is re¢ognised on the basis of the eff￿lIve interest method and is induded in interest
payable and similar charges.
Borrowings are classified as current liabilities unless the charity has an unconditional right to defer
settlement of the liability for at least twelve months after the reporting date.
Fund structure
Unrestricted income funds are general funds that are available for use at the trustees discretion in
furtheran￿ of the objectives of the charity.
Restricted income funds are those donated for use in a particular area or for specific purposes, the
use of which is restricted to that area or purpo￿.
Financial instruments
Classification
Financial assets and financial liabilities are reCogni￿d when the charity becomes a party to the
contractual provisions of the instrument
Financial liabilities and equity instruments are classified according to the substance of the contractual
arrangements entered into. An equity instrument is any contract that evidences a residual interest in
the assets of the charity after deducting all of its liabilities.
Page 10

Axminster Heritage Limited
Notes to the Financial Statements for the Year Ended 29 February 2024
Racognltion and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction
costs), except for those financial assets classified as at fair value through profit or loss, which are
initially measured at fair value (which is nomially the transaction price excluding transaction costs),
unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing
transaction. the financial asset or financial liability is measured at the present value of the future
payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measur￿1 at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective eviden￿ of
impairment at the end of each reporting date. If there is eviden￿ of impairmen( an impairment loss is
recognised in the statement of financial activities immediately.
3 Income from donations and legacies
Unrestricted
funds
General
Total
2024
Grants and donations
Membership subscriptions
1.414
1,129
2,543
Unrestrlcted
funds
General
1,414
1,129
2,543
Total
2023
Grants and donations
Membership sUb￿riptIOnS
1,157
1,023
2,180
1,157
1,023
2,180
4 Income from charitable activitles
Unrestricted
funds
General
Totsl
2024
Events
Visitor income
Merchandise
other activities
9,461
4,922
2,919
9.461
4,922
2,919
46
17,348
17.348
Page11

Axminster Heritage Limited
Notes to the Financial Statements for the Year Ended 29 February 2024
Unrestricted
funds
General
Total
2023
Events
Visitor income
Merchandise
Other activities
7,129
3,648
1,987
120
7.129
3,648
1.987
120
12,884
12,884
5 Investment income
Unrestricted
funds
General
Total
2024
Interest re￿iVed
Income frcKn ￿nts
1.710
12,515
14,225
1,710
12,515
14,225
Unrestricted
funds
General
Total
2023
Interest received
Income from rents
2.159
17.170
19.329
2,159
17,170
19,329
6 Expenditure on charitable activities
Unrestricted
charitable activities
Total
2024
Total
2023
Raising
Funds
Property
Costs
General
Expenses
1,579
335
complian￿ costs
Insurance
Printing, postage and
stationery
Marketing and
promotional materia
Merchandise for rvsale
Event running costs
Training and volunteer
expenses
Museum and collection
costs
1,579
3,245
1,472
4,640
2,910
15
15
143
3.685
5,223
3.820
3,685
5,223
3,820
2,597
1,014
3,639
100
3,897
3,897
909
Page 12

Axminster Heritage Limited
Notes to the Financial Statements for the Year Ended 29 February 2024
Unrestricted
charitable activltles
Total
2024
Total
2023
Raislng
Funds
Property
Costs
25,112
General
Expenses
Property running costs
Website costs
Other expenses
25,112
1,445
4,121
11,968
1,637
2,269
1,445
4,121
12,743
28,022
52,142
30,388
Restrfcted charitable
actlvlties
Total
2024
Total
2023
Raising
Funds
Property
Costs
General
Expenses
17,383
Staffing
Building renovation
depreciation
Fixtures, fittings
depreciation
Website depreciation
17,383
17,119
36,536
36,536
36,536
26,719
26.719
28,089
252
36,536
44,102
80,638
81.996
7 Analysis of support costs
Support costs allocatsd to charltable activities
Other
iippnrt
Costs
Governance
costs
Finance
Total
funds
Charitable activities
1,579
1,000
3,121
5,700
8 Net Incomingloutgolng resources
Net outgoing reSoUr￿S for the year include:
2024
2023
Depreciation of fixed assets
63,255
64,877
9 Trustees remuneration and expenses
No trustees. nor any persons connected with them, have received any remuneration from the charity
during the year (2023: Nil).
No trustees have received any reimbursed expenses or any other benefits from the charity during the
year (2023: Nil).
Page 13

Axminster Heritage Limited
Notes to the Financial Statements for the Year Ended 29 February 2024
10 Staff costs
The aggregate payroll costs were as follows:
2024
2023
Staff costs durlng the year wer6:
Wages and salaries
17.383
17,119
The monthly average number of persons (including senior management I leadership team) employed
by the charity during the year was as follows..
2024
No
2023
No
The average headcount of employ*s during the year
No employee received emoluments of more than £60,000 during the year (2023.. Nil).
11 Independent examinerfs remuneration
2024
2023
Fees payable to the independent examiner for.
Independent examination of the financial statements
647
602
12 Taxation
The charity is a registered charity and is therefore exempt from corporation tax on its charitable
activities.
Page 14

Axminster Heritsge Limited
Notss to the Financial Statements forthe Year Ended 29 February 2024
13 Tangible fixed assets
Furniture
and
equipment
Building
renovation
works
Land and
buildings
Website
Total
Cost
At 1 March 2023
Additions
200,000
280,924
17,343
5.760
913,390 1,400,074
17,343
At 29 February
2024
200.000
298,267
5,760
913,390 1,417.417
Depreciation
At 1 March 2023
Charge for the
year
158,041
5,760
284,650
448,451
28,453
36,536
64,989
At 29 February
2024
186,494
5,760
321,186
513,440
Net book value
At 29 February
2024
200,000
111,773
592,204
903,977
At 28 February
2023
200,000
122,883
628,740
951,623
The freehold property is shown at its cost.
It is subject to restrictions of use and sale and its subject to a legal charge in favour of the National
Heritage Memorial Fund.
Page 15

Axminster Heritsge Limited
Notes to the Financial Statements forthe Year Ended 29 February 2024
14 Flxed asset investments
COIF
Investments
Total
Cost or Valuation
At 1 March 2023
Revaluation
Disposals
120,000
4,517
{45,000)
120.000
4,517
45,000
At 29 February 2024
79,517
79,517
Net book value
At 29 February 2024
79,517
79,517
At 28 February 2023
115,198
115,198
All investments are held at valuation.
Investments are revalueA to their fair value at each year end date. The fair value has been determined
by 3rd party valuations as provided by asset managers.
15 Stock
2024
2023
Stocks
1,000
1,000
16 Debtors
2024
2023
Trade debtors
2,675
3,442
17 Cash and cash equivalents
2024
2023
Cash on hand
Cash at bank
50
11,493
50
14,756
11,543
14,806
Bank overdrafts
(23)
11,520
Cash and cash equivalents in statement of cash flowE
14,806
Page 16

Axminster Heritage Limited
Notes to the Financial Statements forthe Year Ended 29 February 2024
18 Creditors: amounts falling duo wlthin oneyear
2024
Bank overdrafts
Other creditors
Accruals
23
3.698
3.722
Page 17

Axminster Heritage Limited
Notes to the Financial Statements for the Year Ended 29 February 2024
19 Contingent liabilities
A legal charge is held by the National Heritage Memorial Fund on the freehold property of the charity,
exercisable only if the charity fails to carry out its obligations under the Grant Contract undertaken.
Trustees do not anticipate ceasing activity or selling the property in the fores￿able future.
20 Funds
Other
gains
l(losses)
29
February
2024
1 March
2023
Incoming Resources
resources
expended
Unrestricted funds
General
General Funds
111,651
34,116
(53,876)
9,319
101,210
Restrlcted funds
Restricted Funds
974,418
{80,638)
893,780
Total funds
1,086,069
34,116
134,514
9,319
994,990
Other
gains
l{lossos)
28
February
2023
1 March
Incoming Resources
2022 resources
expended
Unrestrfcted funds
General
General Funds
107,646
34,393
(30,388)
111,651
Restricted funds
Restricted Funds
1,058,568
81,996
2,154
974,418
Total funds
1,166,214
34,393
112,384
(2,154) 1.086,069
The restricted reserve is specifically provided for the acquisition and refurbishment and fitting out of
the building and associated matters.
21 Analysis of net assets between funds
Page 18

Axminster Heritage Limited
Notes to the Financial Statements for the Year Ended 29 February 2024
Totsl funds
at29
February
2024
Unrestrfcted
funds
General
Restrlcted
funds
Tangible fixed assets
Fixed asset investments
Current assets
Current liabilities
15.609
79.517
9.806
(3,722)
888,368
903.977
79,517
15,218
(3.722)
5.412
Total net assets
101,210
893,780
994,990
Total funds
at28
February
2023
Unrestricted
funds
General
Restricted
funds
Tangible fixed a&sets
Fix&l asset investments
Current assets
951.623
22.795
951,623
115,198
19,248
92,403
19.248
Total net assets
111,651
974,418
1,086,C69
22 Related party transactions
There were no related party transactions in the year (2023.. Nil).
Page 19