Charity registration nnber. 1160419 The Tudor House Museum Trust Amiual iieport and Financial stateMt5 for tbe Year Ended 31 M8rch 2025 D¢vereux & Hunt Ltd Certified Accountsnt 51 BascpVil B]nesY Cen Oakfield Clo Tewkesbwy Glos GL20 8SD
The Tudor Huuse museu Trusl Contents Lieference and Ailministr&tive Detstls Trustees, Report 2to6 Independent Examinevs Report Statem¢nt of FinanoiaE Activities Balallce Sheet 9tolO Notes lo the Financial Statements Ilto20
The Tudor House Musellm Trust Reference and Administrative Details Ch8irma Mr M Myn2rd Trustees . Mr C L Biggs Mr R Chambers Mrs S Mynard Mrs D Scott Miss A WiJkyJ8 MT M MyngJd Mr M Follett (apw)iiited 20 May 2024) Mrs J"I'aylor (appointcd 20 May 2024) Cbarity Reglstration Number 1160419 The clwity is incotyorated in Engl&[ and Wales. The Tudor Howe 16 Chvwh Sireet Upton-upon-severn Worce.8ter Principal and regigtered oftfice WR8 OHT Independellt Examiner Devereux & Hunt Ltd Certitled Accountant 51 B8s¢point Business Centre Oakfield Close Tewkesbury Glos GL20 SSD Page I
The Tudor House Museum Tt Trnstees, Report The Trustees present their Report and AeLounts for the year ¢ll(kd 31 M8r¢h 2025 Reference and administrative detsils. The charity The legal name of the charity is: . The Tudor House Museujn Trll this is also its opcrdtillg llatll& The chapity's areas ofoperaliott and UKehorRfable regislratio The charity is registernl in En81gnd & Wales with the Charity Commwion in En818nd & W4les (CCEW) with charity nurnber 1160419. Legalstruelure ofihe charity Th¢ ¢harÉty is constituted as & Charitable Incorporated Organisation (CIO) in England & Wales. The 8overoin8 document of thc is the constitution of the CIO as approved by tbe Chority Conimission in England & Wales (CCEW). There are no restrictions in the governing documents i)n the oper&tiotL ofthe Charily or on its inves1ellI powers other than those imposed by Charity Law. The knistee5 are all individuals. The priDclpal operatlng addreys, telephone number, emall and web addresses ofthe charity are: . The Tu(br House 16 Church StreeL Upton upon sev Worcesier, WR8 OHT Telephone: 01684 437070 E mail.. Tudorhovse.upton@gmatl.com Website:www.thetudorhousemiiseumupton.org The Trustees In offlee oll the date the report wa8 approved were: . MIC L Biggs Mr R CbAmber5 Mr M Myjard Mrs S Mynard Mrs D Scirtt (retired November 2024) Miss A Wilkins Mr M Follett Mrs J Taylor Page 2
The Tudor Hou¥e Museum Trust Trusteesl Report The followlng persolls Served as Tru8tses during the year ended 31 Maych 2025 :. The trustees who each served &8 a tNstee iu th¢ reportiog puiod &s Slwn above. AU the trteeS 8Te also eberS of tbe ¢harity. Objects and actlvities of the charity Thepurposes ofthe eharity as set oul in its governing docupnenL To provide for tbe adVceMent of public educalion by glthering a collection of items and artefacts (whethcr by gi(L loan OT purchase) retiecting the history principally 0£ Upton-upon-severn and the River Severn for display in 8 musewll for the interest and education of local people, their cbildren 8nd visilors to the town of Upton-upon-severn. The main aetivities undertaken IR rgltthon io lhosepurp0,f during Iheyear. The Trust continued to augnent the mSeuM,S collection duriDg the year. through the generosity of the public. The willdow displays continued to interest and cdu¢ate residents and visitors. We Te¢eived organised visits by suhvu15'. llicluding thG rcccption class fr(yu Hanley Sw Prim8ry scbooL U3A. UCC and coach tours. The muin ad1viti underlakex during th¢year lofurther the charity'spuryosefor thépublic benefiL The TNst opened the MscUM initially on Friday pm.. Saturdays (all day), Sundays (pm) 8JJd Bank Holiday5 togethcr witb soLDe Thursday openins. Sume "good n¢ws" The opelling of the Museum on Good Friday 2024, was attendcd by more th8n 250 people during the Easter weekend. This was an enoTmous 9uc¢ess, helped by repair and refirbishment works ulldert&kell during Glosure over the winter. including leaking glass roof on th¢ first floor, new garden bellch timber and a new garden roarquee. The Museum now 8n 01011 "Gift Aid" pr¢sence with IIMRC, followitig the introductioa of the "Tap & Go" mad]iue paid for by ourreiir5llg Tn2Stc¢- Henry Stevely-HiIl Significant support to tbe Fo]K Jazz and Blucs Trestivals ill tenns of eveni$ in the M Fiim crew froEll DragonFly Productions produring gn artiLle oll tbe "Green 5ton&' and Dirk" A successfid fi]ndraising quiz night at the Railway at Ripple A ot £1 000 from the Blues FestivyL organisers tntroduction of new guided ti)wll wa]ks, sponsored by MEIDC WCC fidea Accessibility grai)t tor replacement accessibility ranLPS both inside and outside Sp)nsored wreath frorn the museu at the Memorial Day seTViCC Introduction of thejned reminiscence events Wonderful CbTiStnw event on tbe 8th Decembcr wher¢ more tlvall 220 8ue5ts met Fatbcr Chrisimas, Iverc enteitain¢d by a matvellous magi¢l8DIju8gl. face paintin& hair braiding and a fabulous Town CrieT- fided by MFLDC Complcte returbislllnent of the whole rcLrptioii area, ixcludiy)g new ligbtin& stripped floDrin& paiDting, new radiators to rq)lace the 1¢8king old ones, reccption desk, piGturcs, alld sales area. The amount of tree alld volunteer time con)mitted to tbis project is tnassivcly sigtLificant, 8lld would not have been Completed in time for rc-opelliD8 Wit}1}t the dedicatioll of a small Dumber of volteerS. Both rental properties are fully occupied witb tbe tcnallts now paying an apwopri<ite market rate Pa8e 3
The Tudor Itouse Museum Trnst Trustees, Report The Museum is now working Closely witb Malvcrn Hills District Council on a numbeT ofprojects, with the Museum now the venue for the Towns TourAsm alld Trade meeting. The new Museutrl website is cumtly being completed with impleKnelltstion scheduled for imm¢diateEy after the 2025 AQWM in May. Son* gtsodnews" A replacement boiler was required for No 14 Chiuch Strcct, due to its age, and in January 2025, furtljer remedial work was required to f]x a leak in the fftst floor batbroom plaImg. New kitcllen worktops were installed at No 18 Church Street, together with a garden fen¢e to help with privacy for the tenant The glass roof on thee first floor of the mSell1 required extensive repairs to fioally seal it8 l¢aking structure Plans for the external pailliing of th¢ musemn Are in place which will tak¢ place in MalJllne 2025, supp¢med by a Town Centre grallt application fllnded by MHDC Aclion Plan Obieetives- Year 2 As p8rt of the fornially agreed and adopted Strategic plan, I would advise tb&t all the stated objectives for Year 2 have heen completed (see P15 of the Strategic Plan), apart from ttLe installation of an appropriale cctv system. Thts IS SOtrLething that tbe Tntee5 working on af present, due to excessive project costs. The contribution of volunteers during theyear. The Truslccs have received absolllte SUPPOTI from the volunteers wbo ¢ontinucd to b¢ willin8 to work widi us un many tasks. cspeci&lly in tenns of ntsking the Museum operatioD&l ts all of the refurbishment work. The TTUStees would like to thaDk ail the voluntccts for their contribution and helpy which is reflected in the ¢0]nnnts received from visitors. The Tn]stees iDtend to hold 8 volunteer recruitment drive in thc carly summer in preparation for the remaining part of the year, Th¢ main achievements ¢7ndperformtTnce ofthe charity durlng the.year. Markmynard w&$ elected of Chair of Trustees at the AGM in MAY 2024 'lTrte TnteeS have maintained the higb standards of presentation of exlLibits in a historic building. They and volunteers have contributed historical articles about Uptoll 8nd about the Museum's collection to local and national publications. 'Ihe Musewn continues to be a tuember of the Association of tndependent Museums and is seekin8 fonnal accreditation as gll Independent Museum ill order to bid fnr heritage alld lottery fiJTrding. The buildt8 tnuseum itself is well muintained: repairs to the n)of. to brickwork rylaccment of a glass structure have been completed and the reception ligbtin8 h2$ been updatcd. Signifi¢ont contribution to positivr visitor expIence with xncttased engagement between the Mus¢um and Ma]vem IIills Distiict Councils tourism teazu. This collaboration is working extremely well and will be built upou ovej. the comyng years, especiauy itt tern of tourism 8nd visitor footfall. Page 4
The Tudor House Museum Trust Truste¢s' Report The differen¢e the charity'& performancé during thé year h4U made lo the benefiei•yrles bf thg charity ond wider so¢idy. The Tn]st is working to incrcasc its contribution in it5 aim of educating both lo1 residents and visitors alike to the riverside lown about the history of Uplon-upon-sevcm alld its Tcgioll as well as dtsplayitig exhibits. especklllly pottery alld the lace collectiofy which is attraotiJJg expert &ttentioo of wider national significance. The positive comments of vi5ltor5 in the Vi51tors Book, on the intern¢t and on so¢ial m¢dia havc Gontiuued to ¢ncournge the Trnstees itL their Work. All of this whilst m8illtaining the charitable objective5 of th¢ charity established by the Mus¢um's founder Lavender Beard in 1993, guidillg Trustees to be lo the original objectives. Stru¢tUTeTr goverllanee #nd mauagement of the eharity The mgthods rgeruil and appoinl new charfty truslees. New ttust¢es are chosen by the existing trustees who wislL to eDsuTe thai the skills anivor expcTien¢e which a potential trustee offers will benefit the trllst especially in the areas of ljistory, accountancy, investment. propEty nd education. The Trustees also regard it as iportAnt that some of the trSt¢eS havc finn roots in thc local con)munity. The museum's volunteers and those who have their expert interest in the mus¢utll aTC sources of potential tswstces. Bankers: Lloyds Bamk plc, Malvern Soliritors". Stsr Le8al (incorporntillg Moore Brown & Dixon ILP), Tewkesbury Illveslment advisors.. CILarles Stanley & Co. Limite¢ London A¢countaacy: D¢vereux and Hunt, Tewkesbury Thc Trllstees eontlllU¢ to operatc in accordance with the Founding principles aligned to tbe Constitution of Charitable incorporated organlsotfions adopted in V¢bruary 2015 Finaneial review Th£ charity'&finaneiatposilion at the 8nd of¢hey44r ended 31 March 2025 Ibe fjnatlcial position of the c]wity on 31 March 2025 alld comparative5 for the Prior perio a5 JlloTe fully detailed in the accounts. can be summarised as follows: . Financial review ofthe position at the peporting date, 31 MarGh 2025. The tNstee5 consider the fmancial perfomwc by the Charity duTiDg the year to have been satisfactory, Specific changes in fjxed assers ore d¢Tailed in tbe notes to the accoullis. Thc charity's list¢d investments are managed by Charles Stanley & Co. Lt4 membeTh of the London Stock Ex¢ballge, on behalf of the trustees. The trnste&8 do not foresee an in)mediate need to call for fimds trom the capital in its investment portfolio althougb they rLmain aware of the risks inherent AU caring for very old builditigs. The Trn%tee8 therefore ttgard these investments as an asset whirh tb¢y will wish to See grow with a view to expenditure on the development ot'the museutll itt the ture, taking into account th¢ wishes of ils founders, and as a cushioD ag&iDSt any Unf'e5een events. They rely on the income from thi.s portfolio and their investment properties to allow the mus¢urrk to opell to the public free by resolution of the 2020 A.GM. P8ge 5
The Tudur House Museum Trust Trustees, Report Srfttsement of TrMstee&'Responslbllltl The charity's thtee8 are responsible for the preparation of the accounts iti Accordance with the ternis of the Chariti¢8 Act 2011 artd the chltiES (Accounts and Reports) Rcgu]ations 2008. Notwithstanding the explicit requirement in the extant statutory regulations. the Charities (Accounts alld Repoits) Regulations 2008, to prep8re the fmanctai state2nents in ac¢ordance with the SORP 2005, in view of the fact tbat the SORP 2005 been withdrawn, the Trustees determined to intcrpTet this responsibility as requiring th¢m to follow curmit be.81 practice and prepare the a¢coutLts according to th¢ FRS 102 SORP (Siatetuellt of Reiotllmended Practice for Accounting and Reporting by ChItIeS} 2015, {as otnended by the Bulletin issued in Februgry 20I6), (The SORP), lu particular, charity law requires the TThtees, rfthey Prepa accounts on an accruals basis, to prepare funCIal siaiements for each fmancial ye8r which give & true and fair view of thc statc ot affair8 Ot. the charity as at the cnd of the fclaI year and of the .Sllrplus or defi¢Ét of the charity. In preparing those r]llAllLiyI stateetts the Trustce5 are required tsi :. - to prepare the accounts in accordauce with United Ktngdom Generally A¢¢¢pted Accounting Practice (UJ)it¢d KingdollL Accounting Standar&8 and applicable law). - select suitsblc accounting policies and lpply them consistently. - make judgements la estim&tes tbat are reasoEEable alld pwdent. - prepare the fm2ncial statements on the going concern basis unle88 It is inappropri8te to presume that the charity will continue in business. - stste wbetha. applicable accounting standards and statunetLts of recommendcd practice have been followed, subject to any material dyartures discloscd atLd explained ia the fmancial statements,. The law Tequires that the trStee8 musl nol approve the accounts unless they are satisfied that they give a ttve and fair view of the state of affairs of the ¢knrity and of the sllrplus or defioit of the charity for the year. The Trtle¢S are also respoDsible for alItta1nill8 adequate accouttting re¢ords wbich disclose with I'easonablc accuracy at any tme the fmanciAI position of the charity and whiLh ure suificielll to show and explain the charity's transa¢tion8 and enable tbem to ensure that the fjnancial statements ¢on]ply with regulations made Lmder the Charities Act 2011. They are also responsible for safeguarding the assets of the ch8rity and hence for taking reasonable steps for the prevention and deteotion of fraud and otber irregularities. The Trustees are also responsible for the Lontents of the Trustees, report, and the StatOry regponsibility of the Indepelldent Examiner in relation to the Trllstees. report is limited to examining the report and ensuring that, on the fa¢¢ of the r¢port, thC no matcrial inconsistcncics with the figures disclosed ill the fjnancial statemejits. The allnual re Is s approved by the tnistees of the charity on ..... . alld signed on its behalf by.. Mr M Myllurd Chainnan and trustee Page 6
The Tudor House Museum Trust Independent Examiner's Report to the trustees of Th¢ Tudor House Museum Trust ('the Company,) I report to the charlty trustees on my examination of the accounts of the Company for the year ended 31 March 2025. Responslblllties and basis of report As th¢ ¢haTity's trtee5 of The Tudor House Museum Trust you are respollsible for the PTep&ratiOn of the accounts in accordance witb the requii'ements of the chltieS Act 2011 ('tho Act,). I Teport in respcct of cxamination of The Tudor Hous¢ Museum Trust's a¢¢ountS &5 CWTied out under section 145 of the Charities Act 2011. In canying out my examiDa130n I have followed all the appli¢abl¢ DitiOnS given by the Ckwity Commission under section 145(5)0)) ofthe 2011 Act. Independent eXa0ller s statement I have cnmpleted my examination. I confirm that no Matt3 have comc to my attention in connection with the examination giving me cause Éo believe: acci)unting Tecords were not kept in respect of The Tudor House Museum Trust as required by section 130 of the ACL. or 2. the accounts do not accord wkth those records. or 3. the accounts do oot con]ply wtth the accounting requirements concerning the forni or ¢¢)ntcnt of accounts set out iti the CharitLes (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'lnLe aud fair view which is not a matter ¢onsider¢d as part of an independent 4. the accounts have not been prepared in accoTdallcc with the rneth0( alld winciplc5 of the Statcment of Rccollun¢nded Tractice for accountin8 and reportiug by charities [applicablc to charities prtparing their 8¢¢0unts in accordance with the Finattcial Reporting Stand&rd applicable in the UK and Republic or Ircland (FRS 102)]. I have no concerns and have COllLe acTOSS no other matters in c(Yllllection with the eXnInatiOn which atteDtion should be draiwn in this Teport in order lo ellable a proper undeTStandill8 of tkne 2CCOimts to be tEached. Devereux Certified Accountsnt 51 Basepoint BleSS Centre Oakfield Close Tewkesbun, Glos GL20 8SD Date.. i J/gzs Page 7
The Thdor House Mu5euLU Trust Statement of Financial Aetivities for the Year Ended 31 March 2025 (Including Illcome and Expenditure Account and Statement of Total Recognised Gains and Losses) Total 2025 Total 2024 Unrestrlcted Note Income and Endowments from: Donations and legacies Other trading activitie Investment income Other illcome 10,440 10,271 18,632 10,440 10,271 18,632 3,707 4,230 19,682 12,006 Total income 39.343 39,343 39,625 xpendlture on: Raising fullds Charitsble activities (7,690) (52,108) (7,690) (52,108) (5,732} {53,558) Total expenditllre Net expenditure other reeogni5ed gydins and loss&s Other 88insnosses 59290 {20,455) (20,455) (19,665) 2,173 (2,173) 62.432 Net moveu]ent in fiuk(L8 122,628) (22,628) 42,767 ReeoneiliatioD of fullds Total funds brought forward 978,081 978,081 935.314 Total filnds carried fonvard 17 955,453 955.453 978,081 All of the charitv's activiti&s derive from continiiing operations during the above two periods. The fiu)ds breakdowrL for 2024 is shown in note 17. The note5 on pages I I to 20 follu an integral part of these fmancial slatutLents. Page 8
The Tudor House Museum Trust 'Charity registration number: 1160419 Balance sheet as at 31 March 2025 2023 2024 Note Flxed assets Tangible &8Sets Heritage assets Itkvestments 12 13 14 376,005 3,631 556,344 383,401 3,963 566.634 935.980 953,998 Current assets Debtors Cash at bank and in hond 15 2.017 18,682 1,888 23.421 20,699 25.309 Creditors; Amounts falling due withill one year 16 (1.226 (I,226) Net eurrent assets 19,473 24,083 Net assets 955,453 978,081 Funds of the charlty: Unrestricted illcome UnsIcted 955,453 978,081 Tot81 funds 17 955,453 978,081 The TnLStee.< ¢f)ngider tbHt t.he Aiidit reqiiiJTment of Stetion 144(1) of tbe c.bRrlti Act 2011 does not apply? and tbat there Is no requiretnent in the Goverlling Document for the conductm8 of an audit. As a COllsequ¢n¢e, the Trustees ILave elected that the fjnauciai statemejjts be subject to an independent ex8mination. The Tnistees acknowledge tILetr responsibilities for compl)ryn8 with the requirements of charity legislation wth respect 10 accoiinting records and tbe preparation of accounts. The Trustees sre satisfied that. <huuth Ihe Lhurily is uul Te8islered under Ihe CoTrpdnies Act4 if it were so registerel it would be e]igible to prepose accounts in aceord8n¢e witb the provisiolls of Part 15 of the Cornpanies Act 2006. app]icable to companies subject to the small ¢ompanI gime. The notes on pages I I to 20 form an integral pRrt of these fk¢Ial st&tetnents. Page 9
The Tudor House Museum Trust Cbarity registration number: 1160419 Balance sheet as at 31 March 2025 I'be fjnancial statements on pagc5 8 to 20 wcrc approved by the tru5te¢s. ] authoriscd for issue on . a]]d signed on theii betlf by: MT R Chambet8 Trustee Mr8 S Myn8rd Trnstee The notes on pages I I to 20 f( an integral part of these fiuancial statemcEkts. Page 10
The Tudor House Musellm Trust Notes to the Flnancial Statements for the Year Ended 31 March 2025 l Aceounting polleieg Summary of 8ignific8llt a¢¢ounting policies and key ac¢ounting estimate8 The principal accDullting policies applied the prepar81ion of these f]ciaL statements are set out below. These poli¢ies have been consistently appliedto all the years presente(L unless oth¢rwi5e s18ted. Statement of eompli8nee The fmancial statements have been prepared on the accTh2als b15 in accoTdaTLce with Accounting and Rer)ortin8 by Charities.. St21ement of Recomroend¢d Practice applicable to charities preparing their accoiults in accordance wittL the Finanoial Reporting Stand8rd app]ic8ble in the UK 2nd Republic of IrelAnd (FRS 102) (effective I sllary 2019) - {Chariti&% SORP (r,R8 lQ2)), the Financi81 Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). Ba$ls of preparation The TudoT House Museutn Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities ? initially recognised at historical cost or transaction value unless othcrwisc 5tatcd in the Telev&]t accoulltill8 policy notss. The Trnstees consider that that are no terIal risks and future assumptions to be disclosed. Exemption from preparlng a eash flow stalemellt ID¢ome #bd endowments All income is re¢ogllised once the charity has entitlement to the income, it is probable th8t the incotne will be received and the amount of thc imcomc Teccivablc can 7)¢ measured reliably. Donalionj and legaci Doll*tlOllS Are reco8uised wben the charity has been llotified in writiwd of botb tbe amoullt 2nd settlement dAte. In the eveni that a donatii)n is subject to ¢oaditions tl]at require a level of perforn]ance by the charAty before the charity is entitled to the tunds. the in¢i)tnc is dcterred and not recognised until cither thosc Conditions are ti]Ily ei or the fulfthnent of those conditions is wholly witbin the cojttrol of the charity and Èt is probable that these conditions will b¢ fuifffled in the reporting period. Grants receivable Grallts are recogDi8ed when tbe c]lty has an entiueffjt to the fjjnds and any Conditions linked to tbe grants have been rnct. Wbert perforniance Conditions are attached to tbc grt and are yet to be met, the income is recognised as a liability 2nd included on the balance sheet as defTed iELconLe to be released. Expenditure All expenditure alld IiEtbilities are recognised onoe there is a legttl or ¢onstn]ctive obligation to that expendittre or li&biity and it is probable settlellLent is required and the amount can bc measured reliably. Littbilities arising from firtUTe fundiog COD)milments and constructive obligations, including perfornLatLce related grants, where the timing or thc amovnt of the Iliture expenditure rcquired to settle the obligation are uncertai sive rise to a provision in ihe a¢¢ounls. whiLh is reviewed &t the arcountia8 year end. The provision is increased tQ Teflect any increases in liabilities, and is decreased by the utilisation of any provision within the period, atld reversed if any provision is no longer require& These movcmcnts are chllrged or credited to thc respective funds alld &ctivities to which the provision relates. Page 11
The Tudor House Museum Trust Notes to the Financial Statements for the Year Ended 31 March 2025 Raifingfunds These are costs incurred in artracring volunthry income, the managemeni of iuveslmenis and those incurred in trading activities that raise fvnds. Chanluble octiviftes Charitable expendire ¢omprises those costs itiCUTred by the ¢hority io the delivery of its a¢tivilies and services for its beneficiaries. It iu¢li)des both cosls that ¢8ll be ailwated dircctly to such activities and thosc costs of 8n indirect nature necess8ry to support them. Government grants Goverrnient grants are r¢cognised based thc accrual modcl and are mcasui'ed at the fair value ot. the as.set received or receivable. Grantg are classified as relating either 10 Teventte or to assets. GTants relating to revenue are recogwsed in illcome over tb¢ period in which the related costs ar¢ recognised. Gmts relating to assets Are recoguised over the expected uscful life of the asset. Where part of & grdllt relatll to 8n asset is deferrel it is Teeogllised as deferred 2Dcome. Volunteers Jn accordance with the SORP. and in recoguition of the difficulties in placing a monetary value on the oontribution from volunteer& the contribution of volunteers is not included within the income of the Gharity. H¢)wever. the iste¢S value the sigtiificant eontribution made to the activities of the charity by unpaid volunteers and thi5 is described more fully in Note 7. Taxation The ohartty is cotLsidered to pass the tests set out ill Paragraph I Schedule 6 of the Finance Act 2010 for UK orporatiou tBx purposes. AccoTdinglyJ the ckLarity is potetktially exernpt from t8XatioD in respect of income or apital gaiDs rcceived within c&tcgorics covered by Chapter 3 Part i l of the Corporation Tax Act 2010 or Section 256 of tbe Taxation of Chargeable Gains Act 1992. to the exlent that such income or gaills are applied exclusively to ¢haLitoble purposes. Value Added Tax is not recoi'¢rnble by the oharity ond is therefore ittcluded in the relevant costs in the Statemenl of Financial ArfivÉti¢s. Winding up or disolutfion of the ¢barity If upon willdiag up or dissolution of the charity there remaiEL anv assets, after tbe satisfaction of all debts and liabilities. the assets represented by the accumulated ftmd sha]1 be tr8nsferr¢d to some other ch2ritable body or bodic5 having similar objects to the cbarity. Tangible fixed asscts Tallgible fLxed assets are initially recorded at cosL less any subsequent accumulated d¢preciation and subsequent accumulated impaimi¢nt losses. Page 12
The Tudor House Museum Trust Notes to the Fillancial Statements for the Year Ended 31 March 2025 Heritsge assets The trustees consider that the vsst majority of items in tbe musewll collection would be difficult, if not impossi17le, to value. Even if ValtiOnS could be obtained, the sts would be onerous compared with the benefit derived by the nluseum al users of the fllwicial statements. As a rcsult, no valu¢ is reported for these assets in the museum's balance sheeL The cxccptions are for ILeritage assets capitalised by the prdecessor trust 8nd included in the transfer of undertaking and for heritage assets purchased by this charity, which gr¢ capitalised if the cost j5 greater than £1,000. IteEnS ill the collection thot are capitalised are depreciat at 5¥0 slraigbt linL. DepreciHtiun and amortisation Ikmrciation is provided on tangible fr<cd assets so as to write off the cost or valuation, Icss any estimated residual Yalue, over dietr expected us¢1 economic Eife 8s follows.. knet class rreehold builditigs Fixtures and fittings DepreclatloD method and rate 2Q/o straight lille Iolyo straight line Investment properti¢s Investmeni property is carried ai fair vaIue, derived from th¢ current market prices for comp2r&bl¢ real estste detenllined allnually by external valuers. The valuers use obscrvable market prices. adjusted if nec&8sary for any difference io the nattwe. location or conditioll of the specific asset. Changes in fair value are xeeoguiscd in profit or loss. Fixed asset Investments Fixed asset investmcllts arc includ¢d at market value at the balaace sheet date. Rea]iscd gains and losses 011 investments art ¢alculat¢d as thc diffeLEnce between sales proceeds and their llvdrkei value at the Start of the year, or their subsequent cosl, and are chorged OT credited to the Statement of Financial Activities iu the period of disposal. Uurealised gains and losses represent the movement in market values during the year and are credited or charged to t]]¢ Statemenl of Financia] Activities based on the niw'ket value at the year eniL Cash and cush equivalents C&slt and cash equivalellts coJnpTis¥ oll dwsi15. attd otFker short-ienn bigbly liquid 2nvestment5 that are readily convertible to a known amount of cash and are subject to an insi]( risk of change in value. Fund strueture Unrestricted incoine funds arc general fun(Ls that av8il&ble £oT use at the t'tees, discretion in furtberan¢e of Lhe objeciives of the chariry. Page 13
The Tudor House Museum Trust Notes to the Flnancial Statements for the Year Ended 31 March 2025 2 Income from donation$ and legaelex Total 2025 Total 2024 Donaiions and le8acies- Donations from individuals Gratjts, iucludiug capital grdnis. Gov¢nmient grants 5,440 3,707 5,000 10,440 3,707 3 Incotlle frorn other trading actlyities Total 2025 Total 2024 Museum income; Museum cvcllts Jncome from rents (No 14 Church St) 1,060 9,211 205 4,025 10,271 4,230 4 Investment Income Total 2025 Total 2024 tncome from invesiments portfolio Income from rents (No 18 Church St) 9,382 9,250 9,741 9,941 18,632 19.682 Page 14
The Tudor House Museum Trust Notes to the Financial Statements for the Year Ended 31 March 2025 5 Other income Totsl 2025 Total 2024 ]nsETrauc¢ proceeds 12,006 12,006 6 Expenditure on raising funds Total 2025 Total 2024 Costs of refwbishmetEt of No 18 ChuT¢h St Lnvesljnent managenlellt fees Rental nllagenIent f 291 5,737 1,602 3.886 1,846 7.690 5,732 Page 15
The Tudor House Museum Trust Notes to the Fillancial Statements for the Year Ended 31 iTrIarch 2025 7 Expejjdlture on charltable aetlvltle8 Total 2025 Total 2024 Rates alld water Ligh¢ heat And power Cleaning and waste mEwement Premises rep8ir4 renewals and maintenance Propety insurance Telephone atLd internet Postsge, statlQDery alld printing Software licences alld expenses Sundry exp¢nses Depreciatii)n C05t of clwit&ble lettillg on non invcstmcnt property Independent examination Bank charges 1,181 3.515 2,136 20,922 5,921 210 1,053 760 4,785 7,728 2,001 2,787 1,949 29,073 5,271 610 593 476 1,789 j i 7,728 553 728 2,424 1,104 369 52,108 53,558 8 Net In¢orniDg/outgoillg Mour¢es Net ouigoiug resources for the ye8T include: 2025 2024 Depreciation of fixed assets 7,728 7,728 9 Other galnsl(losseg) 2025 2024 Realised gainsllosses on investment &85ets Unre&lised gains11(se$ on investttLent assets 39.008 (41,181 6.243 56,189 (2,173 62,432 10 Trustees remunerotlon and expenses No lrnslets, nor ally persons LoDnected with them, have received any remuneralion from the charity during the Il The coutributlon ofvolunteer8 ]]Je chlty relies on voluoteers to tbc mu$eum on a day to day basis during opening hours by lookillg after the reception of visit053. tn addition ttley help with the Cleaning ofexhibits, the amgetuent of new displ&ys. the enhancejnent of the experience of visitors, espe¢ially chtldren. alld in Djaintaining and impmvin8 tbc garden. Page 16
The Tudor House Museum Trust Notes to the Financial Statements for the Year Ended 31 March 2025 12 Tallglble fixed a8sets Land and buildings Furniture and equipment Totsl Cost At l April 2024 438.050 3,947 441.997 At 31 March 2025 438,050 3,947 441,997 Depreciation At I April 2024 Charge for the ycar 56,591 7.001 2.005 395 58,596 7.396 At 3 l March 2025 63,592 2.400 65.992 Net book value At 31 March 2025 374,458 1.547 376,005 At 31 March 2024 381,459 1.942 383.401 13 Herltsge assets Exhibits Total Cost At l April 2024 At 31 Ma 2025 6,647 6,647 6,647 6,647 D¢pre¢Ratlon At l Ap11 2024 Charge for the year At 31 Mah 2025 2,684 332 2.684 332 3.016 3.016 Net book value At 31 March 2025 3.63 I 3,631 Pllge 17
The Tudor House Museum Trnst Notes to the FinallCiAI Statements for tbe Year Ended 31 March 2025 14 Fixed #sset knvestm¢nts 2025 2024 InvGStmthit properties Other invcsttnent5 127,000 429.344 127,000 439,634 556,344 566.634 Investment propertRes No 18 Chureh St Cost or Valuatlon At l April 2Q24 Vrovislo 127,000 At 31 M2rch 2025 Net book value At 31 mYb 2025 127,000 Ar 3 1 March 2024 127,000 The freehold investmcllt property, 18 CburLh Streei, Upton-upon-severn, has been valued by thc Tnee5. They belieyc the cuirent value of the propety is a fair value. Page 18
The Tudor House Museum Trust Notes to the Finallcial Statements for the Year Ended 31 March 2025 12 Tanglble flx¢d a$$¢ts Land and buildings Furni¢vre and equipment Total Cost At l Apiil 2024 438.050 3,947 441.997 Ai 31 March 2025 438,050 3,947 441,997 Depreciatlon At l April 2024 Charge for the year 56,591 7,001 2,005 395 58,596 7,396 At 31 March 2025 63,592 2,400 65,992 Net book value At 31 March 2025 374.458 1,547 376,005 At 31 Marnh 2024 381.459 1,942 383,401 13 Heritage assets Exhibits Total Cost At l Aprit 2024 6,647 At 31 March 2025 6,fv17 6,647 Depreeiation At l April 2024 Charge fnT the year At 31 Mah 2025 2,684 332 2,684 332 3.016 3,016 Net book value At 31 March 2025 3.631 3,631 Page 17
The Tudor House museu Trust Notes to the Financial Statements for the Year Ended 31 March 2025 14 Fixed asset illvestm¢nts 2025 2024 IEkve$tm¢nt piY)perties Other investments 127,000 429,344 127,000 439,634 556,344 566 634 Illve5tment propertie8 No 18 Church St Cost or Valuatlon Ai i April 2024 Provtslon 127,000 At 31 March 2025 Net book value At 3 l March 2025 127,000 At 31 March 2024 127.000 The freehold investjnent property, 18 Cburch Street, Upton-upon-severn, Jw beell valued by tbe Trustees. They believe the currellt value of the propety is a fair value. Page 18
The Tudor House Museum Trust Notes to the Financial Statements for tbe Year Ended 31 March 2025 Other Investments Listed investments Total Ct orvaluatlon At l Api'il 2024 Revaliiatioa AdditLOJIS Dispo.8&ls 439,634 439.634 (41,231) (41,231) 164.043 164,043 (133,102) (133,102) At 31 March 2025 429.344 429,344 et book valuo At 31 March 2025 429,344 429,344 At 3 1 M 2024 439.634 439,634 Thc listed inveslments have been valued by Ch8rles Stanley & Co Limtfe& members of the London Stock Exchange. IS Debtors 2025 2024 Prepaymellts 2,017 1.888 16 Creditsbrs: amouDts falllllg due within one year 2025 2024 ACGnlS 1.226 1,226 Page 19
Tbe Tudor House Museum Trust Notes to the Financial Statements for the Year Ended 31 March 2025 17 Fund8 Other recogni$ed gains1(losses) Balance at 31 March 2025 Bglanctt at I April 2024 IncomlDg resources Re8ollrces expended Unrestrleted funds General UEurstricted revenue fund 978,081 59,798} (2.173 955,453 Other recognl$ed gainslOos5es) Balance at 31 Mxrch 2024 Balance at I April 2023 IncomSng resourees Resour¢es espended Unrestrleted funds General UDfcslricled revenue fid 935.314 39,625 (59,290 62,432 978,081 Unrestiicted fimds represents the fl$ arising from PBSI operating results. These are available to be used for uy purpose so Iollg as it ULeets the airlls and objectives of the charity as outlined in the governiug doCuent. 18 iQtlmale controlllng party The charity is under the Colltrol of its legal members which the tntecs. Page 20