Company Number: 05874265 (England and Wales) Charity Number: 1116204 Re ort f heT es Unaudrted Financial Statements for the Year Ended 31 October 2023 Tel nHèri Llmit Guarantee Greenwood Accountancy Ltd 5 Pellew Arcade Teignmouth Devon TQ14 8EB
Telgn Heritage Report ofthe Trustee5 for the Year Ended 31 October 2023 The trustees who are a150 directors of the charityforthe purposes of the Companies Act 2006, present their report with the financial statements of the tharity for the year ended 31 October 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparlnB their accounts in accordance with the Financial Reporting Standard appllcable in the UK and Republicof Ireland IFRS 1021 (effective I january 20191. CHAIR'S SUMMARY The Trustees are pleased to present their annual report for the year to 31 October 2023. Financlally speakinB. we are doin8 reasonably well, but we still need to plan for the future against ever rlslng costs and threats to our in¢ome so as not to deplete our Ilmited reserves. Do please read on. Rlchard Kln8* Chalr OBJECTIVIES AND ACTIVITIES ObJ•ctlves and aims The charity's vision is Telling the Stories and keeping the memories of Teignmouth and Shaldon alive, for the communities of Teignmouth and Shaldon. That is how we aim to carry out the formal oblett of our Charity, whlch is the advancement of educatfjon in particular by.. l. promotlng interest lft the hlstory and herlta8e of Tei8nmouth, Shaldon and the surroundln8 distrirt I'the Area'l,. maintaining and developlng the museum for the Arèa,. arid a programme of lectures, displays, discussions and visits to extend knowled8e of the Area and of history in a wide context. Telgn Herltsge is a local museum. run entirely by volunteers. We have an education team whlch offers lectures and themed visits for local schools. Our fully equipped Teign Room is available for school visits and for hire to community 8roups and businesses where possible. Other facilitles include accessible toilets, baby chan8ing facilihes. a lift and roof terrace and a retail offer. Our team of arthivists spondS to enqulrles. researches topics for articles to put online or in the Friendsjournal and also produces our temporary exhibitions. ACHIEVEMENT AND PERFORMANCE Ackn¢xvledgement and thanks The Trustees want to thank Lin Watson lour Curdtor {f0Mier Senior ArchTViStI and a trustee) and Malcolm Tipper lour Centre Manager) for the many hours they have given, unpaid, to the running of the Museum. This is in addition to their roles as joint Outy Managers with Theresa Killoran. Geoff Wood, Jo Hyde, JennyJame5 and ournewassistantcentre Manager. Karen Evans-a vital role forwhich we thank them all. Pagell
Telgn Herltage Report of the Trustees lor the Year Ended 31 October 2023 All the Trustees play their part but, as noted below. lan Mitchell has also given up a great deal of time to the buildings and compliance side, while Barrie Dennett has contributed on HR and other matters including early work on the accounts before handing them over to new TrLee Beverley Knowles who has been largely responsible for bringing these accourrts to public view. We now have a better understanding of how we are doing. both in our work as a charity and in the 'busines5' side that pays for that work. Early in the year Malcolm was confirmed as Centre Mana8er. He and the Trustees have continued to strengthen the management team, as will appear. The continued success of Telgn Heritage despite inevitable lunding challen8es Is due to the dedlcated work of our many volunteers including archivists. stewards and the education team. We are very grateful for the contributtons of the Museum Management Committee, now chaired by Malcolm. including Rachel Aucott and Rosemary Booth IArchNesl, Karen Evans (Assistant Centre Mana8erl, Theresa Killoran (Office Manager and membership se¢tary1,. Ruth Cole (former TaSurer), Jayne Adames (Volunteer Coordinator), Jenny James IRetaill, Christina Siviter Icompiler of SO years storlesl, Geoff Wood Iwebmasterl, Eileen Simpson IEducatr"onl and Rosle Walden lfront of house). Since the vear end we have had specialist advice from Dr Chris Davies who is now a trustee. We should also mention Geoffrey Davis who edits our twice-year Joumal, but there are many others who do important work in the background. 8uSldlnis management and eomplS•n<• With a bulldin8 that Is, Sn current forni, over 12 years old. it Is On to be expected that some renewal Is needed. The exterior of the newer parts needs cleaning If not repalnting a8ain and the old Georglan part needs to be tackled when funds allow. lan's considerable experience of buildin8s mana8ement and regulatory compllance remain5 Invaluable. He has overseen a lot of work or carried it out himself with others, particularly to try to resolve the leaks to the modern flat roof and stsir tower which have plagued us during heavy storms. Early in the financlal year, we abandoned the'coffee hub, that had not glven us the hoped-for benefi'ts and used the space to enhance our retail aa. We have a150 been upgrading our hardware and operattn8 Systems which were considered elderly and vulnerable. Member5hlp, footfall and charges At the end of the year, the number of members was 3 paid-up (with several others yel to pay in full owing to an increase from l.11.20231. and recruitment has continued. The very modest subscription for membership of the charity Inow increased to £181 entitles subscribersto visit the Museum as many tfimes as they wish during the year, saving them £5 per visit, and also to use the extensive arthive for rèsèarch_ They also receive the Frlends, Journal twice a year and eight free lectures. Before the lockdown took effect in March 2020. the Trustees had decided to open for longer durlng the winter months, and early 518ns were encouraging. The pandemi¢ severely affected the number of visiiofs that might have been expected when we finally reopened in June 2021. That number has increased significantly to 3449 12021122: 3.0211. but still less than before the pandèmic. Overall Page12
Teign Heritage Report of the Trustees for the Year Ended 31 October 2023 footfall including schoo15, classes and events is up on the previous year188831 but still much less than the I4.c-0dd numbers pre-pandemic. in part because Teign Room bookings have not yet fijlly recovered. School visits picked up desplte the ongoing effects of the pandemic and funding shortages, and there has been excellent feedback from those who have visited. In July 2023 we had the annual meetin8 of the Friends of Teignmouth & Shaldon Museum. to explain what the Trustees had achieved after things began to return to normal. Exhibltions, lertures, hlstory walks and other local events We held exhlbitions on Regency Tei8nmouth, the hlstory of Higher Brook Street (just along from the Museum) and Black History in Devon. We have enjoyed talks from.. Neil Howell on past local photographers.. Elleen Simpson on the Anglo-saxon language and on What was on the land where your house now stands?" Dr Chris Oavies on 'The sea, the sea", "Pitturesque Views of Devon and Cornwall" (JMW Turner) and "The Arts in Regency Tei8nmouth I790.183.. Dr Martin Read on "Sir Edward Pellew and the Wreck of the Dutton" Or an Williams on "Pandemics of the Past, Including the Black Death. Malk this way" about leylines. Jo Hyde on "A Hlstory of lace-makrng and Shaldon Lace School" Dr Todd Gray on Slavery and Emanclpation in Devon. We have also delivered varlous outreach talks to groups away from the Museum, including the Wl, U3A and RNLI. We hosted the SW Maritime Assoclatlon AGM and study day at the Museum as well as vlslts by historv roups from Tei8nmouth and beyond and from the Torbay Royal Yacht Club. We were glad to arrange another short season of hlstory walks with Bob Blewitt, and vlslts for volunteers to places of historical interest in Devon. We also gave tslks to the residents of local care homes. Owlng to a personnel change, we were not able to continue the serTres of 'Tei8ny finies. workshops for the very young, wlth their parents. We continue to work with local charities the Pavilion5. TAAG ITeignmouth Arts Action Group). The Allce Cross Community Centre and Teignmouth tibrary on the Teignmouth Together Project. We continue to run heritage open days at the Museum. In 2023, we again hosted part of the Telgn Shanty Festival to encourage a¢¢ess to the Museum and received a very welcome donadon as a result. Since the yearwend, we have been planning exhlblfjons for Teignmouth Ru8by Club 150 anniversary and Teignmouth RNLI 200, anniversary and giving assistsnce to Teignmouth Golf Club in connection with its Centenary. Gifts and developments at ihe Muum Some items from 3 legary from Mrs Brenda Baker (nee Seymour) could not be accommodated at the Museum leven if we had space). since they had no apparent connection with Teignmouth or Shaldon. As they were not part of our Collertlon. the Trustees agreed to sell the items at auetlon, raising a goodly sum towards the acquisition at authon - and conserwation - of some handmade 'Shaldon late,, over a century old, together wkth some slightly tetchy correspondente relating to the lace used in the Coronation robe o* Queen Mary when her husband King George V was crowned in 1911. We are grateful to our former MP Richard Younger-Ross lor alerting us to the sale and for his contribution PaEe13
Teign Herltage Report ofthe Tryee$ lor the Year Ended 31 Ortober 2023 towards the cost alongside contributions from Cllr David Cox from his Teignmouth Community Fund and from Shaldon Parish Council. The Shaldon lace has been on display in the Museum. We were a150 pleased to receive a small painting by Thomas Luny, entitled Island of ischia, painted In 1796 and the book by Jane Shaddick about her 8randfrdther. the ship builder Frank Mor8an Giles. Planning meetings are held with arehivists and other volunteers. some of whom continue to work motely. Every new steward ceIVeS The Volunteers, Handbook and a welcome pack 1$ Biven to new volunteers. Young Volunteers are 5tron8ly encournged. as are work experience students- in that context, safeguarding remaln5 a prloflty- Amng our efforts to recruit more volunteers we have also been very pleased to accept work experience applicatlons and a third Exeter Universlty Professional Pathways Intern in the summer and we continue to develop our contacts the. Publlc benefft The Trustees have had regard to the Charlty Commission's 8eneral guidance on public benefit, particularly when revlewlng our aims and object5ves and planning future events. They are satisfied that the charity's activities listed above do bring significant benefit to the public in terms of education and conservation, without detriment or untoward private benefit. Forward Plannln8 The Trustees revlewed thelr seven-point s.year Plan from 2017118, which covered the main areas of Educatfon, Communlty Partlclpatlon. Finance, Personnel, the Collection, the Building and Systems Mana8ement. They have now adopted new Objecrlves and Targets in its pla. Talk of a much-needed new secOnd-fl¢r gallery remalfts on hold whlle we lack suffi'cient resource5- both financial and personal- to build and manage IL We are a150 planning for the expected invitatSon to renew our accreditstion. posslbly late In 2024. FINANCIAL REVIEW Summary The finances have been Managed by a treasury team previously led by Barrte Dennett ITrusteel, with Ruth ITreasurerl Theresa {Office Manager) and Malcolm as Centre Manager. BaTrie was instrumental in simplifying our management accounts but half way through the year he handed over responsibility to new Trustee Bevèrlèy Knowles who has brou8ht herac¢ountin8 experttse to improvin8 our declslon- makin8. The accounts show that income for the year was £54.75512022.. £37,683) and expenditure £59,041 {2022.' £3S,4201, 8ivin8 3 deficit of just £4,28612022= £2.263 surplu51. This was not as good as we had forecast. The biggest change was in donation income which rose from £4,732 to £27,202. However this was mainly due to restricted gifts which haveto be, and were, spent forthe specified purpose. Hence there was a correspondinB increase in our expenditure. And we Suffered from a major fall in grant income as explained below. Shop sales and fund-raising inwme was down a little. but income from admissions, Page14
Telgn Herltaee Report of the Trustees for the Year Ended 31 October 2023 rentals and education was slightly higher than in the previous year. There was a welcome increase in subscription income and also in fees for research. It is clear that we need to find new rÈvenue streams if we are to avoid losses, let alone expand our operations. 2016-17 2017-18 2018-19 2019-20 2020-21 2021.22 2022.23 20Z3-24 Income £32536 E39Cfj4 E41860 £33722 £119164 £37683 £54755 £37085 Expenditure £30605 £37554 £49898 £49569 £93247 £35420 £59041 £36315 Surplusl (Deficit) £1931 £isio 1£80381 IE15847) £25917 £2263 (£42861 £770 The Trustees are satlsfied that, both at the year-end and at the date of writing thls report, the charity was and Is a goin8 coneem. The 2023-24 fi.gures are projected. Grnnts and fundlng We remain very grateful lor the ongoing though small support from Shaldon Par15h Council. For several year5 we enjoyed a valuable annual grant from Teignmouth Town Council. but this is no longer guaranteed and has not been forthcomin8 for two years. Tel8nbrid8e Distrlct Council no longer supports the SW Development Fund so we are no longer eli8ible to apply to that. But we have been very pleased to receive donations from 5everJl Councillors out of their communlty funds towards number of projects. Malcolm TSpper had partlcular success in securing a grant of £9000, under the New Audiences New Stories scheme. to work with Teignmouth Rugby Club as it prepared to celebrate its 150 anniversary in 2024. Lin Watson was also successful In securing a grant of £8,350 from Historic England for digttisin8 the Church Rocks Wreck research documents and photos. It has also funded the creation of a new video about the dlstovery of the wreck for a new interacttve display In the Sea Gallery. We contSnue to pursue other grants to carry OLrt improvements to the Museum. Investment Pollry Apart from retslning a prudent amount in reserves each year as explained below, most of the charitVs funds are to be spent in the short term so there are few funds available for long temi investment. We have a modest Amount invested in COIF Charits"es Investment Fund. run by CCLA. This investment is regularly reviewed, but the Trustees consider it to be a long-terni irwestment and are reluctant to be swayed by inevitable volatility in st¢)ck market perftjrmance. especialty in the current polits.cal and world situation. PaBelS
Telgn Herltage Report of the Trustees for the Year Ended 31 Ortober 2023 Reserves Pollcy A fomial policy on reseNe$ agreed by the Trustees aims to have the following fvnds held in reserve.. working capital112 monthg turnover) reserve for future matched funding in grdnt applications essential improvements to buildinB including'La Terrasse. (top floor g4lleryl redundancy and other costs in event of forced closure £30,1)C#) £io.000 £32.(X)O £io,())o Thanks to the broadly improved financial position in the last three year5, we are ahead of our reserves target, with total free lunrestrictedl investments and cash at £111,5C(J. But, although redundancy costs are not an issue, at least for the foreseeable future, a further review is likely to Show that thls tar8et is not 3mbits.ous enough, in the 148ht of expenditure alre?dy in the pipeline and further Inforniation rèceived In regard to the cost of buildin8 the top floor gallery. FLTfuRE PLANS Looklni ahead Work continues on uPdan$ our policies and procedures in line with the requirements for the Accreditation Standard from Arts Council England. But we a not expecting to have to appfy to renew our accreditation until late 2024 at the earliest. We have appointed èn Accreditation Mentor to a$515t wlth our application when the ts'me comes. The 'La Terrasse, projert, to develop out the top floor of the Museum to provide additional space, malns on hold unt515ufficient resources- in terms of both funds and sktlled personnel- can be found. Meantlme we hope to redecorate the exterior of the older parts of the Museum, followin8 the successful repaSndng of the modem 'Annexe' win8. We are looking to recruit more volunteers. including Trustees. with the necessary skills in education. fi'nance and 50clal media. We also hope to appoint three more Management Committee members to represent the Front of House Volunteers, the Education/Non-Assi8ned volunteers and the Archivists team. STRUCTURÉ, GOVERNANCE AND MANAGEMENT StNrtur• Teign Herltage is a charitable company limited by guarantee. incorporated on 12 July 2006 and registered as a charity on 25 September 2W6. As a charity. it was able to dispense with the word 'Limited' In its name. The company was established under a Memorandum and Arhcles of Association which set out the objects and powers of the charity and how it is governed. In the event of it5 being wound up, its members (who are also the Trustees) are required to contribute an amount not exceeding £10. Page16
Teign Heritage Report of the Trustee5 for the Year Ended 31 October 2023 The directors are also the charity trustee5 for the purpose of charity 13w, so under the company's Articles they are described as Trustees. They are elerted to serve for a period of three years, after which they can be re-elected (by the Trustees themselves, in their capacity as the company members) at the next AGM up to a maximum of three consecutive terms. The Articles adopted in December 2019 permit a trustee to continue in office for up to three further periods of one year if the other members unanimously consider it to be in the charity's interests for the trustee's maximum nine years, service to be extended. Govemance The Trustees- who include the Curator- are supported by a Management Committee which considers matters concerning the day-to-day management ofthe Museum, includin8 the education programme, events and retail sale5. The Management Committee also asslsts with recruitment and supervision of volunteer stewards and archivists who are essential to the fvnth"oning of the Museum. Trustees land indeed volunteers) have traditionally been reuulted by word of mouth among local people known to be Interested in herttage matters. Limited external advertising has been carried out but thi5 may need to be stepped up. Currently there is no ftsrmal Inductlon process for Trustees as the trustee inductlon pack Is sttll under review as we prepare for the expected re-attreditatr'on. Meantime their attention is drawn to our pollcles and procedures and to the Charity Commission's CC3 guidance 'the Essential Trustee.. what you need to know, and to available seminar5 and workshops. The Curator land occaslonally other Trusteesl attend Museum-1ated meetin8$ such as the Tel8nbrid8e and Devon Museums Groups and RPRP, the Rural Proofing Resilience programme developed by South West Museums Development. All Tnjstees give their time voluntarity and received no benefits from the charity- They may clalm expenses but in practice none of them does other than for necessary visits by our Curator. Trust••s and Pers¢nnel The responsibillty for mana8in8 the Museum and the wider charlty rests with the Trustees, supported by our Centre Manager, Treasurer, Office and Retail Mana8ers and other members of the MMC as we have explained above. We are very 8rateful to them and of course to all our steward5 and volunteer5 without whom the Museum could not fvnth"on. We still need more volunteer5 to carry out the many tasks that are needed to make the Museum work. Slnce the year.end Chr15 Davies. an art historian who has been involved in several talks and exhIblon$ at the Museum, has joined the trustee body. Risk Management In addition to ongoing risk assessments in regard to V151tors, hir5 and school visits, the Trustees annually assess the major risks to which the charity as a whole is exposed, in particular those relating to the operational areas of the charity and its finances, by •denfy1ngaThd ranking risks in term5 of their potential impact and likelihood. Thè Trustees have reviewed those risks and taken such steps to mitigate them as they are able. The Trustees have been careful to assess the consequences of the pandemic for our charity when planning ahead. Page17
Teign Heritsge Report of the Trustees for the Year Ended 31 October 2023 Related Parties There are none. REFERENCE AND ADMINISTRATIVE DEfAILS RegIsted Company Number 05874265 IEn8land and Wales) Reglstered Charlty Nurnr 1116204 Registered Offlce 29 French street Tei8nmouth Devon TQ14 85T Trustqes J A Evan5 {resigned 22 May 20231 Mr5 L C Watson (Curator) A R G Kin8 (Chair of Trustees) B Dennett Dr C A Davies lappolnted Iyh March 20241 l F Mitchell Mrs B Knowle5 (appointed 22 May 20231 Independent Examlner David Rudall FMAAT AFA Greenwood Accountancy Ltd 5 Pellew Arcade Teignmouth Devon TQ14 8EB Solicltors Tozers LLP Broadwalk House Southernhay West Exeter EXI IUA Page18
Telgn Heritage Report of the Trustees for the Year Ended 31 Ortober 2023 REFERENCE AND ADMINISTRAnVE DETAILS (continued) Bank Uoyds 8ank pl¢ 19-20 Wellin8ton Street Teignmouth Devon TQ14 8HW Trea5urer- R Cole Iresigned 17, November 20231 Curator- Lin Watson Centre Manager- M Tipper Management Committee Malcolm Tipper (Chairl Jayne Adames Rachel Aucott Rosemary Booth Ruth Cole Iresigned Nov 20231 Karen Évans Jenny James Theresa Killornn Eileen Simpson Christlna Siviter Rosie Walden Lin Watson Geoff Wood Richard King (Chalr of Trustees) also attends Approved by order of the board of trustees on IS July 2024 and 5i8ned on its behalf bv.. stee Page19
Teign Heritage Statement of Finandal Activittes for the Year Ended 31 October 2023 Indepèndent examlnerfs report to the trustees ofTelgn Herita8e I'the Compan¥'l I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 October 2023. Responslbllltles and ba$ls of report As the charlty's trustees of the Company land also its directors for the purposes of company lawl you are responsible for the preparation of the accounts In accordance wrth the requirements of the Companies Act 20061'the 2006 Act'l. Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Att 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 20111'the 2011 Act'l. In carryin8 Out my examinat6on I have followed the Directions given by the Charity Commission under Section 145151 Ibl of the 2011 Act. Independent Examlnerfs Ststement I have completed my examination. I confirm that no matters have come to my attention in connection wlth the examination Biving me cause to belleve: l. Accounting record5 were not kept In respert of the Compary as required by Sectlon 386 of the 2006 Act,. or 2. The accounts do not accord with those records; or 3. The a¢counts do not comply wlth the a¢nting requirements of seCOn 396 of the 2006 Art other than any requirement that the accounts 8ive a true and fair ew, which is not a matter considered a5 part of an independent examinaon' or 4. The accounts have not ben prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by CharleS (applicable to charities preparing their accounts in accordance with the Financia.. Reportin8 Standard applicable in the UK and Republic of Ireland IFRS 1021. I have no concerns and have come across no other matters In connectton with the examination to which attention Should be drawn In this report in order to enable a proper understanding of the actounts to be aChed. David Rudall FMAAT AFA Greenwoods Accountancy Ltd 5 Pellew Arcade Teignmouth Devon TQ14 8EB 15 July 2024 Page 110
Telgn Herltage Ststement of Flnancial Activlties for the Year Ended 31 Ort¢ber 2023 Total Funds 31.10.23 Total 31.10.Z2 Funds Funds Not•5 INCOME AND ENDOWMENTS FROM Donation$ and legacies 2556 26,C84 28,651 12,726 Charltablg a¢lfves General 20,740 20,740 19.1x18 Other trading artivrlies 5.159 5.159 S.949 Investment Incorne 207 207 Total IrKomÈ •nd end(ments 28.662 26.1)y 54,756 37.683 EXPENDITURE ON Raislng lund5 4.417 4.417 Chath•ble Ktl¥ltles - General 25.550 29.074 54,624 31,612 Tol•l •xpendlture 29,967 29.074 S9.041 35,420 Netgaln on Investments 1.034 1,034 5.259 Nrr INCOMEIIEXPENDfwREI 12721 12,9801 13,2521 7,522 Tr•rthrn between lundl N•t movem•nt Inlunds 12721 12,9801 13,2521 7,522 RECONCrUAfN OF FUNDS Total fvnds brou8htlorward 120.345 819,732 940,078 932,S55 TOTAL FUNDS C4RRIED FORWARD 120.073 816,753 936,826 940.077 The notes fomi part of these financial statements Poge | 11
Telgn HerltaEe Balan¢e Sheet As at 31 October 2023 Total Furtth 3LIO.23 Total Jnd$ 31.10.22 Funds Funds AXED ASSErs Tangible assets Investments 424 69.051 4.1 4.540 69,051 873.$91 813,856 68.017 881,873 69.475 4.116 CURRENT ASSETS Stocks Cash bank and in hand 3A197 42,409 3.097 60,138 3.097 55,107 17.729 45y 17.729 63.235 58.204 NET CURR£NfASSETS 114,981 821.845 936.826 940,077 TOTAL ASSETS LESSCURRENT UABILiriEs 114.981 821.845 936,826 940.077 NEfASSETS 114.981 821,84S 936.826 940,077 FUNDS Unrestrlded fund5'. - Generol fund - Desi8nated fund- Annex D•v•lopment and M4lntenance 88.073 88.345 32,m) 32,000 120,073 120.345 R•strltted lunds.. Restricted fund- Annex - Restrkt•d fund- Acqulsltltyis - Re5trKted fvJnd- Other5 Natl¢nal Lottery Herita8e FuThJ - Arts Counal Recovery Fund 804,116 811.631 12,069 7,533 816.753 819,732 TOTAL FUN)5 936.826 940.077 The charitable company is entitled to exemption from audit under Sectlon 477 of the Companles Act 2C(16 for the year ended 31 October 2023. The members have not required the company to obtain an audit of itsfinancial statements for the year ended 31 October 2023 in accordance with Section 476 of the Companies Act 2006. The notes form part of these financial statements Page | 12
Telgn Herftsge Balance Sheet- continued As at 31 October 2023 The trustees acknowledge their responsibiliDes for: lal ensurinE that the charitsble company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and Ibl preparingfin3nual statements which give a true and fair viewof the state of affairs of the charitsble company as at the end of each financial year and of rts surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Art 2006 relatr.ng to financial statements, so far as applicable to the charitable company. These financial statements have been prepared In accordance with the provlsions appllcable to charitable tompanies subjert to the small companies re8ime. The financlal statements were approved by the aoard of Trustees and authorlsed for Issue on 15, July 2024 and were signed on its behalf by.. A R G Kln8- Trustee Page | 13
Telgn Heritsge Notes to the Flnan¢lal Statements For the Year Ended 31 October 2023 l. AccouKllNG POUCIES Basis of preparlng the flnandal statements The financial statements of the charitsble company, which is a public tenefit entfty under FRS 102, have been prepared In aCCOTdance with the Charities SORP IFRS 1021'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charitie5 preparing their accounts in Ccordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective l January 2019),, Financial Reporting Standard 102 The Financlal Reporting Standard applicable in the UK and Republic of Ireland. and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of Investments which are included at market value, as modifted by the revaluation of certain assets. Infome All income is reco8nised in the SLitement of FSnancial Activifjes once the charlty ha5 entitlement to the funds, It is probable that the income wlll be received and the amount can be measured reliably. Expendlture Liabilities are reco8nised as expenditure as soon as the Is a legal or constrnctlve obligation commithng the charity to that expendlture, It 15 probable that a transfer ot economlc benefits wlll be required in settlement and the amount of the obligatson can be measured reliably. Expenditure Is accounted for on an accruals basi5 and has been classified under headings that aB8regate all cost related to the category. Where costs cannot be direttly attributed to particular headin85, they have been allocated to activities on a basis conslstent with the use of resources. Tan8lble 1Sx•d assets Depreciatr'on Is provided at the following annual rdtes In order to wrlte off each asset over It5 estimated useful Ilfe. Long leasehold- 2% on cost Equipment- 20% on cost Stocks Stocks are valued at the lower of cost and net realisable value. after making due allowance for obsolete and slow-movirF8 Items. Taxatlon The charity is exempt from corporation tax on its charitable activtiies. Fund ac¢ountlng Unrestricted funds ¢an be used In accordance wtth the charitsble objectives at the discretion of the trustees. Restritted funds can only be used for particular restricted purposes wlthln the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restritted pltrposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial Statements. Page114
Teign Herltaee Notes to the Financial Ststements- contlnued For the Year Ended 31 Oct*)ber 2023 2. OTHER TrADING AcnvmES 31.10.23 31.10.22 Fundraising events Sales of purchased 8oods 636 4,523 1,089 4,860 5,159 5,949 3. INVESTMENT INCOME 31.10.23 31.10.22 Deposit account Snterest 207 4. NeT INCOME IIEXPENDITUREI Net income I lexpenditurel 15 Stated after char8ing / Icredlt5n81.. 31.10.23 31.10.22 Depreciation- owned assets 9,764 8.257 5. TRUSTEES. REMUNERAnoN AND BENEFITS There were no trustees, remuneration or other benefits for the year ended 31 October 2023 nor for the year ended 31 October 2022. Trustee expenses There were no trustees, expenses paid for the yeaf ended 31 Ociober 2023 nor for the year ended 31 October 2022, except for two trustees who. as Curator and Archivist, have the main responsibility for the Museum. As such they are reimbursed expenses for travel and parking for attending Devonnei8nbridge Museum Group meengS and training days. Pa8e | 15
Telgn Herftage Notes to the Financial Statements- contlnued For the Year Ended 31 October 2023 6. TANGIBLE FIXED ASSETS leasehold Equlpment Total co At l November 2022 Additions At 31 October 2023 90L805 10,798 449 11.247 912,603 449 913,052 901,805 DEPRECIATION At l November 2022 Charge foryear At 31 Ortober 2023 90.174 7.515 97.689 8.573 2,249 10,822 98,747 9.764 108,511 NÈT BOOK VALUE At 31 Ottober 2023 8Cbl,116 424 804540 At 31 October 2022 811,631 2.225 813,856 7. FIXED ASSET INVESTMEKrs Listed Investments MARKETVALUE At l November 2022 Revaluations At 31 Ortober 2023 68,017 1,034 69,051 NEf BOOK VALUE At 31 October 2023 69,051 At 31 October 2022 68,017 There were no investment assets outside the UK. Cost or valuation at 31 October 2023 is represented by.. Listed investments Valuation in 2023 Cost- 306.87 units 1.034 68,017 69,051 Page | 16
TelEn Herltage Notes to the Flnandal Ststements- Contlnued For the Year Ended 31 (ktober 2023 8. STOCKS 31.10.23 31.10.22 Stocks 3,097 3.097 9. mOVEmEIN FUNDS Tfin5fqrs betwetn funds At 1.11.22 nwjvernent In lun At 31.10.23 VnreMrkt¢d lynd¥ General fund - Designated fvnd. Annex DeveloFffi• and Maint•nan¢• 88,345 12721 88,073 32,0 32.000 120.345 12721 120.073 Restrlrted funds: - RestrScted fund- Annex 811.631 17.5151 804,116 Restrlrted fund- Acqu6$10nS - Restrfcted fuThd- Others . NatioThal Lottery Heritage Fund - Arts Council Recovery Fund 568 12,069 7.533 4,535 819.732 12,9801 816,753 TOTAL FUND5 940,077 13.2521 936,826 Net mwem•nt In funds Net movemeni In lund5, Induded in thè above are as follows.. Incamin8 Galn$ and 105ses Movement In funds Unrestred funds - General fund 28,661 129.%71 1.034 12721 Rest(tedlUndS. Restritted fund- Annex Restricted fund- Others 17,5151 21.5591 129.0741 17,5151 4,535 26,094 26,094 12,9801 TOTAL FUNDS 54,755 159,0411 1.033.FA) 13.2521 Page117
Teign Herltsge Notes to the Flnandal Statements- continued For the Year Ended 31 Ortober 2023 MOVEMENT IN FUNDS- continued Comparaljves for mwement in funds: Net movement In lunds Transfers b•tw*e fvnds At 1.1121 At 31.10.22 Unrestrlcttd lund5 General fund - Oes18nated fund- Annex Development and Maintenance 59.365 IIS04 16.476 88,345 32,OC4) 32,(N)O 91J65 12.504 16.476 120,345 RUtr1¢t funds.. - Restricted fund- Annex 819.146 17.5151 811,631 - Restrlcted fund- Acquisitlons Restriffled fund- Othe - Natlonal Lottèry Herltw Fund - Arts Councll R0very Fund S.776 10,6C 5.IC(I 2.533 17761 110,6fy)1 15,1(X)I 116,4761 7,533 841.190 14,9821 819,732 TOTAL FUNOS 932,555 7,522 940.077 Net movernent In lunds. included in the abovt are as follows.. In¢omln8 Resour5 e¥pended Galns and Movement In funds Unrestrlcttd funds - General fund 34.176 (26,9311 5,259 12,504 Restrirted lunds: - Re5tritted fund- Annex - Restrirted fund- Others 17.5151 9741 18.4891 17,5151 2,533 3.507 3.507 14,9821 TOTAL FUNDS 37.683 135.4201 5.259 7.522 Pa8e118
Teign Heritage Notes to the Financlal Statements- continued For the Year Ended 31 October 2023 MOVEMENT IN FUNDS- contlnued Oetsils of year end restrirted fund balan$ and where they are held: TOTAL Assets Bank Annex Acqulsltlon5 Other.. Kin8 Family Trust Building Maintenance Teigny Tinies NSNA Rugby Grant Church Rocks Wreck Tram Trail Boards Summary 804,116 568 804.116 568 4,335 2.320 4,335 2.320 2,716 2,448 249 816,753 2,716 2,448 249 12,637 804.116 10. RELATED PARTY DISCLOSURES There were no related party trdnsactlons for the year ended 31 October 2023 nor for the year ended 31 October 2022. Page119
Teign Herltage Detailed Statement of Flnanclal Actlvittes For the Year Ended 31 October 2023 INCOME ANDtNDOWMENrs 31.10.23 31.10.22 DonatJohs4nd l•#•d•# Donatlons 27.202 1.374 4,732 1,494 Gtft ald Grants 28,650 12,n6 Chrh•bl• *CllTAtI•s Admlssltsns Educatlonal actmiles Rental IncomÈ- roorns Research other Incom• Subs¢rlptlons 7.634 1.038 6.879 495 76 4,618 7,224 926 6.759 3,759 20,740 19.ts)8 oih•r tr•arw•cll¥ltl•s Fundrgl$lng events S•1• of pur¢h•sed yiods 836 1,089 5,159 5,949 Deposlt account Int¢r•sl 207 Trf•l 54755 Y7.683 EXPENDffURE Ro151ry don•tlons •Thl l•yd•s Reta51 stock 4,417 Ch•rlt•bl• idlvltl•s Repairs and maintenan¢¢ Estobli5hment costs Offite expefis Other dSred costs Grant spend on •vents Lon8 leasehold Depreclallon of equlpment 6,281 6,W5 6.211 5,216 21,245 7.515 2,249 5,027 1,449 7,515 742 53,797 30,837 00MInt tosts Accountancy t$ 827 775 Tatsl rn5ourrw •xp•nd•d 59P41 35.420 N•t Ineom• I l•xpnrKturnl Thls page does notforni part of the slatirtoryfinandal statrmefits Pa8e120