Helena Thompson Museum Trustee’s report and financial statements For the year ended 31 March 2025 Charity Number: 1119567
Helena Thompson Museum
Contents
| Contents | |
|---|---|
| Page | |
| Legal and administrative information | 1 |
| Trustee’s Report | 2-3 |
| Independent Examiner’s Report | 4 |
| Statement of financial activities | 5 |
| Balance Sheet | 6 |
| Notes to the financial statements | 7-10 |
Helena Thompson Museum
Legal and administrative information
| Charity number | 1119567 |
|---|---|
| Business Address | Helena Thompson Museum |
| Park End Road | |
| Workington | |
| Cumbria | |
| CA14 4DE | |
| Registered office | Allerdale House |
| Workington | |
| Cumbria | |
| CA14 3YJ | |
| Trustee | Cumberland Council |
| Allerdale House | |
| Workington | |
| Cumbria | |
| CA14 3YJ | |
| Independent Examiners | Robinson & Co |
| Oxford Chambers | |
| New Oxford Street | |
| Workington | |
| Cumbria | |
| CA14 2LR |
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Helena Thompson Museum
Report of the Trustee for the year ended 31 March 2025
The Trustee presents its report and the financial statements for the year ended 31 March 2025. The financial statements have been prepared in accordance with the accounting policies set out in note 2 to the accounts and comply with the Charity’s trust deed, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland.
Structure, governance and managements
Operational management
The Charity is administered by Cumberland Council. The Museum is managed and operated on behalf of the Council by Workington Heritage Group Ltd (registered Charity number 1127084), under a management agreement between the two parties.
Workington Heritage Group Ltd also occupy the Museum building under a licence to occupy.
Trustee:
Cumberland Council is the sole trustee of the Charity.
Objectives and activities
The Charity objectives are to provide and maintain a public museum.
Achievements and performance
The Charity continued to provide support and administrative services.
Expenditure incurred on charitable activity during year of £91,674 (2023-24 £94,297) includes a subsidy payment of £30,000 to the museum operator to support the running costs of the Museum. The remaining expenditure comprises:
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premises related expenditure of £48,344 (2023-24: £50,967) and
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support, administrative and other costs of £13,330 (2023-24: £13,330).
Financial review
At the balance sheet date, the Charity held total funds of £1,125,412 (2024: £1,144,720).
The net assets of the Charity at the balance sheet date comprise:
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Tangible Assets of £547,076 (2024: £566,384)
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Heritage Assets of £565,975 (2024: £565,975) and
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Investments of £12,361 (2024: £12,361).
The accounts and their supporting notes give further details.
Reserves:
Each year Cumberland Council subsidises the Charity to the extent of the excess of its expenditure over its income and accordingly the Charity holds no general unrestricted funds.
Risk managements:
The Trustee has assessed the major strategic, business and operational risks to which the organisation is exposed. The Trustee is satisfied that arrangements are in place to mitigate the exposure to these risks.
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Helena Thompson Museum
Statement as to disclosure of information to independent examiners
In so far as the Trustee is aware:
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there is no relevant information which the charity's independent examiners are unaware: and
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the trustee has taken all steps that it ought to have taken to make itself aware of any relevant information and to establish that the independent examiners are aware of that information
Statement of Trustee's responsibilities
The Trustee is responsible for preparing the Trustee's Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Law applicable to charities in England and Wales requires the Trustee to prepare financial statements for each financial year which give a true and fair view of the Charity and of the incoming resources and application of resources of the Charity for that year. In preparing these financial statements the Trustee is required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in operation.
The Trustee is responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Charity and enable it to ensure that the financial statements comply with the Charity Act 2011. It is also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
For and on behalf of the Trustee
Jo Atkinson Acting Head of Paid Services Cumberland Council
Date: 01 May 2026
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Helena Thompson Museum Independent examinerfs report to the Trustee of Helena Thompson Museum I report to the Trustee5 on my examination of the financial statements for the year ended 31st March 2025. which are set out on pages 5 to 10. Responslbllitles and basls of report As the Charity Trustees of the Trust. you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act.) I report in respect of my examination of the Trust's accounts. carried out under section 145 of the 2011 ACL and in carying out my examirkgtion I have followed all the applicable direGlions given by the Charity Commission under s8ction 14451(b} of the ACL Independent examinerfs sLement I have completed my examinatKJn. I can o)nfimi that no matter5 have come to rny attention in connection wilh the examinatson. giwng me cause to believe that in any material respect: Accounting records were not kept in resFCt of the Trust as required by section 130 of the Act", or th8 accounts do not aLxord with those records: or the acccrfjnts do not tompty with the applicable requirements concerning the forrn and content of accounts set out in the Chariiies (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a Yrue and fair view. which is not a matter considered as part of an independent examination. I have no concems and have come across no other matters in conneclion wth the examination to which attention should be drawn in this report in ord8r to enable a proper understandirKJ of the accounts to be r&Yhed. Jason Splres FCA DChA Independt Examiner robinson+co, Chartered Accwrrtants Oxford Chambers New Oxford Street Workington Cumbria CA14 2LR Dated: (
Helena Thompson Museum
Statement of Financial Activities for the year ended 31 March 2025
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Restricted Restricted Restricted
Funds Funds Funds
Unrestricted (Tangible (Heritage (Endowment Total Funds Total Funds
Funds Assets) Assets) Fund) Prior Year Note
£ £ £ £ £ £
Incoming Resources
Income & endowments from:
Donations & legacies 0 0 0 0
Charitable activities (Cumberland C.) 91,674 91,674 94,297 5
Investments 0 0 0
Total incoming resources 91,674 0 0 0 91,674 94,297
Expenditure on:
Charitable activities (91,674) (91,674) (94,297) 5
Depreciation (19,308) (19,308) (19,308) 5
Revaluation and Impairment of Fixed
Assets 0 0 0 0
Total resources expended (91,674) (19,308) 0 (110,982) (113,605)
Net (income)/expenditure 0 (19,308) 0 0 (19,308) (19,308)
Other recognised gains/(losses):
Gains/(losses) on revaluation of fixed
assets 0 0 0 0 0 0
Net movement in funds 0 (19,308) 0 0 (19,308) (19,308)
Reconciliation of funds:
Total funds brought forward 566,384 565,975 12,361 1,144,720 1,164,028
Net Movement in Funds 0 (19,308) 0 0 (19,308) (19,308)
Total funds carried forward 0 547,076 565,975 12,361 1,125,412 1,144,720
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Helena Thompson Museum
Balance Sheet as at 31 March 2025
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Prior Year
Total Funds Funds Note
£ £
Fixed assets:
Tangible assets – Freehold Land & Buildings 547,076 566,384 6
Heritage assets – Museum Collection 565,975 565,975 7
Investments 12,361 12,361
Total net assets 1,125,412 1,144,720
The funds of the Charity:
Restricted fund - Tangible assets 415,182 434,490
Revaluation reserve - Tangible assets 131,894 131,894
Restricted fund - Heritage assets 1,000 1,000
Revaluation reserve - Heritage assets 564,975 564,975
Restricted fund - Permanent endowment 12,361 12,361
Revaluation reserve - Permanent endowment 0
Total 1,125,412 1,144,720
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For and on behalf of the Trustee
Jo Atkinson Acting Head of Paid Services Cumberland Council
Date: 01 May 2026
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Helena Thompson Museum
Notes to the accounts
1 Statement of compliance
These financial statements have been prepared in compliance with FRS 102 'The Financial Reporting Standards applicable in the UK and Republic of Ireland', the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in UK and Republic of Ireland (FRS102) (Charities SORP (FRS 102)) and the Charities Act 2011.
2 Accounting policies
Basis of preparation
These accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The financial statements have been prepared on the going concern basis. The Trustee considers that there are no material uncertainties about the Charity’s ability to continue as a going concern.
Fund accounting
Unrestricted funds are available for use at the discretion of the Trustee to further any of the Charity’s purposes.
Designated funds are unrestricted funds earmarked by the Trustee for particular future project or commitment.
Restricted funds are subject to restrictions on their expenditure declared by the donor or through the terms of an appeal and fall into one of the two sub-classes: restricted income funds and endowment funds.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Heritage Assets
Heritage Assets comprise the museum collection held by the Charity principally for their cultural, environmental or historical associations. Museum collections are reported in the Balance Sheet at an insurance valuation based on open market replacement cost for items of comparable nature, age and condition.
3 Cashflow
The Charity is not required to prepare a Statement of Cash Flows.
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Helena Thompson Museum
4 Related party - Cumberland Council
During 2024-25 the Charity was administered by Cumberland Council in its capacity as sole trustee. The Charity does not maintain its own bank account and all transactions of the Charity are recorded in the Council's accounting records.
Each year the Council subsidises the Charity to the extent of the excess of its expenses over its income.
5 Charitable activities
The expenditure recorded in the Council’s accounting records in relation to the Museum for £91,674 (2023-24 £94,297). This comprises
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2024/25 2023/24
£ £
Management fee 30,000 30,000
Premises related expenditure 48,344 50,967
Support, administrative and other costs 13,330 13,330
91,674 94,297
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During the year depreciation of £19,308 (2023-24: £19,308) was charged to the Statement of Financial Activities in respect of the museum building. Collection assets (heritage assets) which have indefinite lives are not depreciated.
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Helena Thompson Museum
6 Tangible fixed assets – Freehold Land and Buildings
The Charity's tangible fixed assets comprise the freehold interest in the land and museum building at Park End Road, Workington.
Freehold land and buildings were revalued as at 31 March 2022 by Wilks, Head and Eve, Chartered Surveyors, in accordance with guidance provided by the Royal Institution of Chartered Surveyors valuation – professional standards (the ‘Red Book’). The valuation uses depreciated replaced cost as an estimate of market value of the property (in existing use).
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2024/25 2023/24
Freehold land Freehold land
& buildings & buildings
£ £
Cost or valuation
At the beginning of the year 605,000 605,000
Additions 0 0
Revaluation 0 0
At the end of the year 605,000 605,000
Depreciation and impairments
At the beginning of the year 38,616 19,308
Depreciation charge for the year 19,308 19,308
Revaluation 0 0
At the end of the year 57,924 38,616
Net book value at the beginning of the year 566,384 585,692
Net book value at the end of the year 547,076 566,384
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Helena Thompson Museum
7 Heritage assets – museum collection
Heritage Assets are those assets that are held by the Helena Thompson Museum principally for their cultural, environmental or historical associations.
Museum collections are reported in the Balance Sheet at an insurance valuation based on open market replacement cost for items of a comparable nature, age and condition. The latest full valuation was undertaken in March 2017 by external valuers - Mitchells Antiques & Fine Art Auctioneers and Valuers. Values were assigned to all individual items with a replacement cost in excess of £1,000 that were on display, or accessible in store at the time of the re-valuation. Items with an expected replacement cost of less than £1,000 were reappraised by reference to previous inventories and valuations, accession books, MODES records and information provided by museum staff. These items are categorised by the valuer as 'unspecified Accessions'. Valuations are reviewed and updated annually to ensure that they remain current.
All museum items have been grouped and reported together in the balance sheet.
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2024/25 2023/24
Museum Museum
Collection Collection
£ £
Cost or valuation
At the beginning of the year 565,975 565,975
Additions 0 0
Revaluation 0 0
At the end of the year 565,975 565,975
Depreciation and impairments
At the beginning of the year 0 0
Depreciation 0 0
At the end of the year 0 0
Net book value at the beginning of the year 565,975 565,975
Net book value at the end of the year 565,975 565,975
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