Company registration number: 5365585 Charity registration number: 1113818
## Axminster Heritage Limited
(A company limited by guarantee)
Annual Report and Financial Statements
for the Year Ended 28 February 2025
## **Axminster Heritage Limited**
## **Contents**
|Reference and Administrative Details|1|
|---|---|
|Trustees' Report|2 to 4|
|Independent Examiner's Report|5|
|Statement of Financial Activities|6|
|Balance Sheet|7 to 8|
|Notes to the Financial Statements|9 to 21|
## **Axminster Heritage Limited**
## **Reference and Administrative Details**
**Chairman** 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 Registration Number** 1113818 **Company Registration Number** 5365585 **Registered Office** Thomas Whitty House Silver Street Axminster Devon EX13 5AH **Independent Examiner** Westcotts (SW) LLP Timberly South Street Axminster Devon EX13 5AD
Page 1
## **Axminster Heritage Limited**
## **Trustees' Report**
The trustees, who are directors for the purposes of company law, present the annual report together with the financial statements and auditors' report of the charitable company for the year ended 28 February 2025.
## **Objectives and activities**
## _**Objects and aims**_
The Charity's object, as set out in the existing Memorandum of Association and published on the Charity Commission's website is "The advancement of public education in the heritage of the town of Axminster by the provision of a museum with particular reference to the world renowned quality of its carpet production".
The company commenced its activity on 7 September 2006 following the gaining of charitable status. In order to achieve this, Axminster Heritage:
• collects and cares for objects, images and documents which help to explain the local heritage and history;
• organises exhibitions, talks and other events to foster a wider interest in the local heritage and history by informing, educating and entertaining members and visitors alike; and
• manages and cares for Thomas Whitty House.
## _**Public benefit**_
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.
## **Achievements and performance**
During the year the number of adult visitors paying to go round the museum increased by 10% (to 1,362). This was on top of a 33% rise the year before.
A more regular programme of monthly talks on a range of local history topics was launched in 2024 (from April to November inclusive). Attendance was very satisfactory, and when demand for one of the talks out-stripped the capacity of the Bradshaw room (50 persons). the talk was repeated 2 weeks later to a second capacity audience.
A very successful outbound coach trip was organised to Bath Christmas Market, and demand was so strong that a second coach was added, and both were filled.
## **Financial review**
The charity received total income of £34,658 (2024: £34,116) during the year, of which £471 (2024: £Nil) was restricted income. Expenditure and unrealised losses on investments for the year totalled £127,351 (2024: £134,514), of which £63,255 (2024: £80,638) was restricted, resulting in a deficit of £90,591 (2024 deficit £91,078) for the year.
At the year-end the charity held £904,400 in reserves, of which £73,404 was held in general reserve and £830,996 in the restricted reserve.
Page 2
## **Axminster Heritage Limited**
## **Trustees' Report**
## _**Policy on reserves**_
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, allowing it to operate without any income 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 Meeting.
## **Proposed conversion to Charitable Incorporated Organisation**
Following a vote of members at the last Annual General Meeting of Axminster Heritage Ltd (held on 24 October 2024), trustees have been progressing the proposal to convert Axminster Heritage Limited from a dual structure (Limited Company and Registered Charity) to that of a Charitable Incorporated Organisation (CIO). A further resolution to this effect will be put to the 2025 AGM with a view to making a full submission to the Charity Commission to enable the CIO conversion process to be completed in early 2026.
## **Risk management**
Risk is minimised 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 process of transitioning to Charitable Incorporated Organisation (CIO) status, and our Risk Register and associated procedures are under review, and being consolidated, as part of that process.
Page 3
## **Axminster Heritage Limited**
## **Trustees' Report**
## **Statement of trustees' responsibilities**
The trustees (who 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 with 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".
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;
- state 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 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.
The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
## **Disclosure of information to auditor**
Each trustee has taken steps that they ought to have taken as a trustee in order to make themselves aware of any relevant audit information and to establish that the charity's auditor is aware of that information. The trustees confirm that there is no relevant information that they know of and of which they know the auditor is unaware.
The annual report was approved by the trustees of the charity on .................... and signed on its behalf by:
......................................... Mr L Hitchcock Chairman
......................................... Mr A T Moulding Trustee
Page 4
## **Axminster Heritage Limited**
## **Independent Examiner's 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 28 February 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 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**
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 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 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.
...................................... Robyn Gifford-England ACA
Timberly South Street Axminster Devon EX13 5AD
Date:.............................
Page 5
## **Axminster Heritage Limited**
## **Statement of Financial Activities for the Year Ended 28 February 2025 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)**
|**Note**
**Income and Endowments from:**
Donations and legacies
3
Charitable activities
4
Investment income
5
Total income
**Expenditure on:**
Charitable activities
6
Total expenditure
Gains/(losses) on
investment assets
Net expenditure
Net movement in funds
**Reconciliation of funds**
Total funds brought forward
Total funds carried forward
20|**Unrestricted**
**funds**
**£**
1,892
20,735
11,560
34,187
(64,096)
(64,096)
2,103
(27,806)
(27,806)
101,210
73,404|**Restricted**
**funds**
**£**
471
-
-
471
(63,255)
(63,255)
-
(62,784)
(62,784)
893,780
830,996|**Total**
**2025**
**£**
2,363
20,735
11,560
34,658
(127,351)
(127,351)
2,103
(90,590)
(90,590)
994,990
904,400|**Total**
**2024**
**£**
2,543
17,348
14,225|
|---|---|---|---|---|
|||||34,116|
|||||(134,514)|
|||||(134,514)
9,319|
|||||(91,079)|
|||||(91,079)
1,086,069|
|||||994,990|
All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2024 is shown in note 20.
The notes on pages 9 to 21 form an integral part of these financial statements. Page 6
## **Axminster Heritage Limited**
## **(Registration number: 5365585) Balance Sheet as at 28 February 2025**
|**Note**
**Fixed assets**
Tangible assets
13
Investments
14
**Current assets**
Stocks
15
Debtors
16
Cash at bank and in hand
17
**Creditors: Amounts falling due within one year**
18
**Net current assets**
**Net assets**
**Funds of the charity:**
**Restricted income funds**
Restricted funds
**Unrestricted income funds**
Unrestricted funds
**Total funds**
20|**2025**
**£**
838,988
60,669
899,657
1,000
-
6,677
7,677
(2,934)
4,743
904,400
830,996
73,404
904,400|**2024**
**£**
903,977
79,517|
|---|---|---|
|||983,494|
|||1,000
2,675
11,543|
|||15,218
(3,722)|
|||11,496|
|||994,990|
|||893,780
101,210|
|||994,990|
For the financial year ending 28 February 2025 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 acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
The notes on pages 9 to 21 form an integral part of these financial statements. Page 7
## **Axminster Heritage Limited**
## **(Registration number: 5365585) Balance Sheet as at 28 February 2025**
The financial statements on pages 6 to 21 were approved by the trustees, and authorised for issue on .................... and signed on their behalf by:
......................................... Mr L Hitchcock Chairman
......................................... Mr A T Moulding Trustee
The notes on pages 9 to 21 form an integral part of these financial statements. Page 8
## **Axminster Heritage Limited**
## **Notes to the Financial Statements for the Year Ended 28 February 2025**
## **1 Charity 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 exceeding £10 towards the assets of the charity in the event of liquidation.
The address of its registered office is: Thomas Whitty House Silver Street Axminster Devon EX13 5AH
## **2 Accounting policies**
## **Summary of significant accounting 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 otherwise stated.
## **Statement of compliance**
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 (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 otherwise stated in the relevant accounting policy notes.
## **Going concern**
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the charity.
## **Exemption from preparing a cash flow statement**
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 9
## **Axminster Heritage Limited**
## **Notes to the Financial Statements for the Year Ended 28 February 2025**
## _**Donations 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 performance 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 will be fulfilled in the reporting period.
## _**Investment income**_
Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.
## **Expenditure**
All expenditure is recognised once 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 central 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 activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
## **Taxation**
The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance 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 fixed assets**
Individual fixed assets costing £100.00 or more are initially recorded at cost.
## **Depreciation and amortisation**
Depreciation is provided on tangible fixed 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 Depreciation method and rate** Building Renovations 4% straight line Fixtures and Fittings 10% straight line Website 20% straight line
Page 10
## **Axminster Heritage Limited**
## **Notes to the Financial Statements for the Year Ended 28 February 2025**
## **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 difference between sales proceeds and their market value at the start of the year, or their subsequent cost, and are charged or credited to the Statement of Financial 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 price 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 borrowings are subsequently carried at amortised cost, with the difference between the proceeds, 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 recognised on the basis of the effective interest method and is included 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 furtherance 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 purpose.
## **Financial instruments**
## _**Classification**_
Financial assets and financial liabilities are recognised 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 11
## **Axminster Heritage Limited**
## **Notes to the Financial Statements for the Year Ended 28 February 2025**
## _**Recognition 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 normally 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 measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is evidence of impairment, an impairment loss is recognised in the statement of financial activities immediately.
## **3 Income from donations and legacies**
|Grants and donations
Membership subscriptions
Grants and donations
Membership subscriptions|**Unrestricted**
**funds**
**General**
**£**
1,017
875
1,892|**Restricted**
**funds**
**£**
471
-
471
**Unrestricted**
**funds**
**General**
**£**
1,414
1,129
2,543|**Total**
**2025**
**£**
1,488
875|
|---|---|---|---|
||||2,363|
||||**Total**
**2024**
**£**
1,414
1,129|
||||2,543|
## **4 Income from charitable activities**
|Events
Visitor income
Merchandise|**Unrestricted**
**funds**
**General**
**£**
4,306
10,990
5,439
20,735|**Total**
**2025**
**£**
4,306
10,990
5,439|
|---|---|---|
|||20,735|
Page 12
## **Axminster Heritage Limited**
## **Notes to the Financial Statements for the Year Ended 28 February 2025**
|Events
Visitor income
Merchandise
Other activities|**Unrestricted**
**funds**
**General**
**£**
9,461
4,922
2,919
46
17,348|**Total**
**2024**
**£**
9,461
4,922
2,919
46|
|---|---|---|
|||17,348|
## **5 Investment income**
|Interest received
Income from rents
Interest received
Income from rents|**Unrestricted**
**funds**
**General**
**£**
1,428
10,132
11,560
**Unrestricted**
**funds**
**General**
**£**
1,710
12,515
14,225|**Total**
**2025**
**£**
1,428
10,132|
|---|---|---|
|||11,560|
|||**Total**
**2024**
**£**
1,710
12,515|
|||14,225|
Page 13
## **Axminster Heritage Limited**
## **Notes to the Financial Statements for the Year Ended 28 February 2025**
## **6 Expenditure on charitable activities**
|**Unrestricted**
**charitable activities**
Wages and salaries
Compliance costs
Insurance
Printing, postage and
stationery
Marketing and
promotional material
Merchandise for resale
Event running costs
Museum and collection
costs
Property running costs
Website costs
Bad debts written off
Sundry expenses
Depreciation of fixtures
and fittings
**Restricted charitable**
**activities**
Staffing
Building renovation
depreciation
Fixtures, fittings
depreciation|**Raising**
**Funds**
-
-
-
-
2,881
3,978
1,823
-
-
-
-
-
-
8,682
**Raising**
**Funds**
-
-
-
-|**Property**
**Costs**
-
-
4,968
-
-
-
-
-
21,737
-
-
-
-
26,705
**Property**
**Costs**
-
36,536
-
36,536|**General**
**Expenses**
17,166
1,871
-
-
-
-
-
614
-
1,511
2,675
3,138
1,734
28,709
**General**
**Expenses**
-
-
26,719
26,719|**Total**
**2025**
**£**
17,166
1,871
4,968
-
2,881
3,978
1,823
614
21,737
1,511
2,675
3,138
1,734
64,096
**Total**
**2025**
**£**
-
36,536
26,719
63,255|**Total**
**2024**
**£**
-
1,579
3,245
15
3,685
5,223
3,820
3,897
25,112
1,445
-
4,121
1,734|
|---|---|---|---|---|---|
||||||53,876|
||||||**Total**
**2024**
**£**
17,383
36,536
26,719|
||||||80,638|
Page 14
## **Axminster Heritage Limited**
## **Notes to the Financial Statements for the Year Ended 28 February 2025**
## **7 Analysis of support costs**
## **Support costs allocated to charitable activities**
|**Support costs allocated to charitable activities**||||
|---|---|---|---|
|**Basis of**
**allocation**
**Governance**
**costs**
**£**
Charitable activities
1,871
**Basis of**
**allocation**
**Governance**
**costs**
**£**
Charitable activities
1,579|**Finance**
**costs**
**£**
931
**Finance**
**costs**
**£**
1,000|**Other**
**support**
**costs**
**£**
2,207
**Other**
**support**
**costs**
**£**
3,121|**Total**
**2025**
**£**
5,009|
||||**Total**
**2024**
**£**
5,700|
## **8 Net incoming/outgoing resources**
Net outgoing resources for the year include:
|Depreciation of fixed assets|**2025**
**£**
63,255|**2024**
**£**
63,255|
|---|---|---|
## **9 Trustees remuneration and expenses**
No trustees, nor any persons connected with them, have received any remuneration from the charity during the year (2024: Nil).
No trustees have received any reimbursed expenses or any other benefits from the charity during the year (2024: Nil).
## **10 Staff costs**
The aggregate payroll costs were as follows:
|**Staff costs during the year were:**
Wages and salaries|**2025**
**£**
17,166|**2024**
**£**
17,383|
|---|---|---|
The monthly average number of persons (including senior management / leadership team) employed by the charity during the year was as follows:
|The average headcount of employees during the year|**2025**
**No**
1|**2024**
**No**
1|
|---|---|---|
No employee received emoluments of more than £60,000 during the year (2024: Nil).
Page 15
## **Axminster Heritage Limited**
## **Notes to the Financial Statements for the Year Ended 28 February 2025**
## **11 Independent examiner's remuneration**
|Fees payable to the independent examiner for:
Independent examination of the financial statements|**2025**
**£**
696|**2024**
**£**
647|
|---|---|---|
## **12 Taxation**
The charity is a registered charity and is therefore exempt from corporation tax on its charitable activities.
Page 16
## **Axminster Heritage Limited**
## **Notes to the Financial Statements for the Year Ended 28 February 2025**
## **13 Tangible fixed assets**
|**Cost**
At 1 March 2024
At 28 February
2025
**Depreciation**
At 1 March 2024
Charge for the
year
At 28 February
2025
**Net book value**
At 28 February
2025
At 29 February
2024|**Land and**
**buildings**
**£**
200,000
200,000
-
-
-
200,000
200,000|**Furniture**
**and**
**equipment**
**£**
298,267
298,267
186,494
28,453
214,947
83,320
111,773|**Website**
**£**
5,760
5,760
5,760
-
5,760
-
-|**Building**
**renovation**
**works**
**£**
913,390
913,390
321,186
36,536
357,722
555,668
592,204|**Total**
**£**
1,417,417|
|---|---|---|---|---|---|
||||||1,417,417|
||||||513,440
64,989|
||||||578,429|
||||||838,988|
||||||903,977|
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 17
## **Axminster Heritage Limited**
## **Notes to the Financial Statements for the Year Ended 28 February 2025**
## **14 Fixed asset investments**
|**Cost or Valuation**
At 1 March 2024
Revaluation
Disposals
At 28 February 2025
**Net book value**
At 28 February 2025
At 29 February 2024|**COIF**
**Investments**
**£**
79,517
2,103
(20,951)
60,669
60,669
79,517|**Total**
**£**
79,517
2,103
(20,951)|
|---|---|---|
|||60,669|
|||60,669|
|||79,517|
All investments are held at valuation.
Investments are revalued 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**
|Stocks
**16 Debtors**
Trade debtors
**17 Cash and cash equivalents**
Cash on hand
Cash at bank
Bank overdrafts
Cash and cash equivalents in statement of cash flows|**2025**
**£**
1,000
**2025**
**£**
-
**2025**
**£**
50
6,627
6,677
(478)
6,199|**2024**
**£**
1,000|
|---|---|---|
|||**2024**
**£**
2,675|
|||**2024**
**£**
50
11,493|
|||11,543
(23)|
|||11,520|
Page 18
## **Axminster Heritage Limited**
## **Notes to the Financial Statements for the Year Ended 28 February 2025**
## **18 Creditors: amounts falling due within one year**
|**18 Creditors: amounts falling due within one year**|||
|---|---|---|
|Bank overdrafts
Other creditors
Accruals|**2025**
**£**
478
-
2,456
2,934|**2024**
**£**
23
1
3,698|
|||3,722|
Page 19
## **Axminster Heritage Limited**
## **Notes to the Financial Statements for the Year Ended 28 February 2025**
## **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 foreseeable future.
## **20 Funds**
|**20 Funds**||||||
|---|---|---|---|---|---|
|**Unrestricted funds**
**_General_**
General Funds
**Restricted funds**
Restricted Funds
**Total funds**
**Unrestricted funds**
**_General_**
General Funds
**Restricted funds**
Restricted Funds
**Total funds**|**1 March**
**2024**
**£**
101,210
893,780
994,990
**1 March**
**2023**
**£**
111,651
974,418
1,086,069|**Incoming**
**resources**
**£**
34,187
471
34,658
**Incoming**
**resources**
**£**
34,116
-
34,116|**Resources**
**expended**
**£**
(64,096)
(63,255)
(127,351)
**Resources**
**expended**
**£**
(53,876)
(80,638)
(134,514)|**Other**
**gains**
**/(losses)**
**£**
2,103
-
2,103
**Other**
**gains**
**/(losses)**
**£**
9,319
-
9,319|**28**
**February**
**2025**
**£**
73,404
830,996|
||||||904,400|
||||||**29**
**February**
**2024**
**£**
101,210
893,780|
||||||994,990|
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 20
## **Axminster Heritage Limited**
## **Notes to the Financial Statements for the Year Ended 28 February 2025**
|Tangible fixed assets
Fixed asset investments
Current assets
Current liabilities
Total net assets
Tangible fixed assets
Fixed asset investments
Current assets
Current liabilities
Total net assets|**Unrestricted**
**funds**
**General**
**£**
13,875
60,669
1,794
(2,934)
73,404
**Unrestricted**
**funds**
**General**
**£**
15,609
79,517
9,806
(3,722)
101,210|**Restricted**
**funds**
**£**
825,113
-
5,883
-
830,996
**Restricted**
**funds**
**£**
888,368
-
5,412
-
893,780|**Total funds**
**at 28**
**February**
**2025**
**£**
838,988
60,669
7,677
(2,934)|
|---|---|---|---|
||||904,400|
||||**Total funds**
**at 29**
**February**
**2024**
**£**
903,977
79,517
15,218
(3,722)|
||||994,990|
## **22 Related party transactions**
There were no related party transactions in the year (2024: Nil).
Page 21