Charity registration number: 1160419 

## The Tudor House Museum Trust 

Annual Report and Financial Statements 

for the Year Ended 31 March 2026 

Devereux & Hunt Ltd Certified Accountant 38 Basepoint Business Centre Oakfield Close Tewkesbury Glos GL20 8SD 



## **The Tudor House Museum Trust** 

## **Contents** 

|Reference and Administrative Details|1|
|---|---|
|Trustees' Report|2 to 8|
|Independent Examiner's Report|9|
|Statement of Financial Activities|10|
|Balance Sheet|11 to 12|
|Notes to the Financial Statements|13 to 21|





## **The Tudor House Museum Trust** 

## **Reference and Administrative Details** 

**Chairman** Mr M Mynard **Trustees :** Mr R Chambers Mrs S Mynard Mrs D Scott Miss A Wilkins Mr M Mynard Mr M Follett Mrs J Taylor **Charity Registration Number** 1160419 The charity is incorporated in England and Wales. **Principal and registered Office** The Tudor House 16 Church Street Upton-upon-Severn Worcester WR8 0HT **Independent Examiner** Devereux & Hunt Ltd Certified Accountant 38 Basepoint Business Centre Oakfield Close Tewkesbury Glos GL20 8SD 

Page 1 



## **The Tudor House Museum Trust** 

## **Trustees' Report** 

The Trustees present their Report and Accounts for the year ended 31 March 2026 

## **Reference and administrative details** . 

## _**The charity name.**_ 

The legal name of the charity is: - **The Tudor House Museum Trust,** this is also its operating name. 

## _**The charity's areas of operation and UK charitable registration.**_ 

The charity is registered in England & Wales with the Charity Commission in England & Wales (CCEW) with charity number 1160419. 

## _**Legal structure of the charity**_ 

The charity is constituted as a Charitable Incorporated Organisation (CIO) in England & Wales. The governing document of the charity is the constitution of the CIO as approved by the Charity Commission in England & Wales (CCEW). 

There are no restrictions in the governing documents on the operation of the Charity or on its investment powers other than those imposed by Charity Law. 

The trustees are all individuals. 

## **The principal operating address, telephone number, email and web addresses of the charity are:** 

The Tudor House Museum 

16 Church Street, Upton upon Severn Worcester, WR8 0HT Telephone: 01684 437070 

E mail: tudorhouse.upton@gmail.com 

Website:www.thetudorhousemuseumupton.org 

## **The Trustees in office on the date the report was approved were: -** 

Mr R Chambers 

Mr M Follett 

Mrs S McDermott Mr M Mynard Mrs S Mynard Miss A Wilkins Mrs J Taylor 

## **The following persons served as Trustees during the year ended 31 March 2026 :-** 

The trustees who each served as a trustee in the reporting period were as shown above. 

Page 2 



## **The Tudor House Museum Trust** 

## **Trustees' Report** 

All the trustees are also members of the charity. 

Mrs Sarah McDermott joined the Trustees in February 2026 and Mr Colin Biggs resigned as a trustee in May 2025. 

## **Objects and activities of the charity** 

## _**The purposes of the charity as set out in its governing document.**_ 

To provide for the advancement of public education by gathering a collection of items and artefacts (whether by gift, loan or purchase) reflecting the history principally of Upton-upon-Severn and the River Severn for display in a museum for the interest and education of local people, their children and visitors to the town of Upton-upon-Severn. 

## _**The main activities undertaken in relation to those purposes during the year.**_ 

The Trust continued to augment the Museum's collection during the year, through the generosity of the public. The window displays continued to interest and educate residents and visitors. We received organised visits by schools, including the reception class from Hanley Swan Primary school, Upton Upon Severn Primary school , U3A, UCC, the Scouting Association, Brownies and coach tours. 

## _**The main activities undertaken during the year to further the charity's purpose for the public benefit.**_ 

The Trust opened the Museum on Thursday (pm) Friday (pm), Saturdays (all day), Sundays (pm) and Bank Holidays together with some ad hoc days for specific visitors eg a party from Upton Massachusetts. 

The Museum now hosts the 6 times per annum Upton Upon Severn Trade and Tourism Associated chaired by councillor Martin Allen 

## _**Some “good news”**_ 

The museum opened over the Easter holidays and was a significant success, with a special display of our founder, Lavender Beard’s pottery products and the updating of some very interesting displays eg local Railway display. 

The volunteers help clean, fix and update a number of displays around the Museum and the garden is looking splendid with a raft of colours starting to show. 

- **April** – opening of the Museum for the new season, with an exciting Easter event with a design competition involving local schools, which were then displayed in local shops. Easter eggs were 

- • decorated and then displayed in a tree in the TIC, all of which was funded by MHDC in partnership with the Museum. Hosting of the Upton Trade and Tourism Association every 2 months. Appointed a new social media “guru” for 2/3 postings per month 

- **May** – Hosted The Folk festival , a visit from the Malvern Solo’s U3A, and we reintroduced the “Oak 

- • Apple” Day commemorating the restoration of the Monarchy following the end of the English Civil War, This was supported by Worcestershire Re-enactors who camped out in the Pepperport and Museum garden, wholly funded by MHDC. 

- **June** – We hosted a number of musicians in the Museum and garden in support of the Upton Jazz Festival, with visitor numbers in excess of 940 this month, one of our highest attendance numbers ever **July** – A visit from the reception class at Hanley Swan Primary School. We also hosted the 50th 

- • anniversary AGM of Upton Community Care, a charitable trust, together with hosting of musicians supporting the Upton Blues Festival 

Page 3 



## **The Tudor House Museum Trust** 

## **Trustees' Report** 

- **August** – the Museum hosted a VJ commemorative event, with local dignitaries, including the roll call 

- • of local people who lost their lives in service of their country. We also supported the Sunshine Festival and hosted a stall at the Upton “It’s a Knockout” event held by the local church 

- **September** – The Museum hosted the Heritage Open Days – a week of celebrating English Heritage, where we provide guided town walks over both weekend of the event 

- **October** – We held a “Halloween” themed event at the end of October/beginning of November. 

- **November** – The Museum hosted the Remembrance Service event, again with local dignitaries invited. The volunteers created a marvellous cascade of crocheted poppies which hung down from the roof of 

- • the front elevation, creating a wonderful display. We also hosted a railway themed talk held at the Memorial Hall organised by one of our Trustees. The event was attended by more than 160 people raising a significant amount for the Museum. 

- **December** – a fabulous Christmas event, with a visit from Father Christmas on his sleigh, local “elf” 

- • helpers and a wonderful “singing” musical event held late afternoon, with lots of participants joining in the musical fun. Children received a gift from Father Christmas, which was all funded by MHDC, and the sleigh ride provided by SARA 

- 

   - **January** – a cleaning and resetting the Museum month whilst the Museum is closed for the winter 

- **February** – the Museum hosted 2 “Snowdrop” day events showcasing the amazing different snowdrops on show in the garden. More than 100 visitors these days. 

- **March** – Another fabulous fundraiser at the Railway Inn in Ripple – supported by John and Roger (hosts). The quiz raised £535 for the Museum. We also now have a cabinet in the Pepperpot showcasing items from the Museum and pointing visitors across the road to the Museum. The final 

- • event of the financial year was a volunteer recruitment day, at which we invited all of the local community groups/charities to help with their own recruitment. We were extremely happy with the results – a further 10 volunteers signing up to support the Museum – what a tremendous result. We also hosted a cheese and wine event for the volunteers as a big “Thank You” for their help and support throughout the year 

- Throughout the year, the Museum was also in receipt of specific grant funding, which is highlighted below. 

- 

- 

- 

- 

   - Upton Town Council – Edward Hall Trust £1150 for barn plans 

   - Upton Town Council – Edward Hall Trust joint bid with Jazz Festival £250 

   - Malvern Hills District Council - £4993 for new Information Boards 

   - Malvern Hills District Council – £2900 Upton refresh 

- Malvern Hills District Council - £2500 towards cost of repainting the Museum frontage (and Cromwell Cottage) 

- 

   - Malvern Hills District Council – £600 towards Christmas presents 

- Worcestershire County Council - £1500 grant to commemorate 375 anniversary of the end of Battle of Worcester 

- 

   - Staffordshire Blue – expert visit to determine financial and social value of the Museum’s collection 

- Glass expert – Andy McConnell identified glass designer/manufacturer, year made and value of the glass collection housed on the first floor 

- 

- 

- 

- Replaced 2 rotten windows at the rear of No14 Church Street 

- Installed new window blinds and timed lighting on the front windows 

- Homage to Derek Jarman’s shingle beach garden in Dungeness – Museum garden 

Page 4 



## **The Tudor House Museum Trust** 

## **Trustees' Report** 

Overall, the Museum has performed extremely well this year, both in terms of visitor numbers (4500 plus) and in terms of revenue. 

All remedial and refurbishment work in the 2 rental properties is totally up to date so thare is no further catching up work to be completed 

## _**Some “not so good news”**_ 

- The glass roof on the first floor of the Museum continues to require extensive repairs, so the Trustees have requested potential cost of replacement 

- The side elevation of the building requires significant repair/repointing, so an investigation into potential repair costs will be discussed at the next AGM 

- The Fire and Intruder Alarm is getting to the stage where it is too expensive to maintain eg replacement 

- • battery costs alone equate to circa £700 per annum. Alternative options will be discussed at the next AGM 

- The previous tenant at Cromwell Cottage (18 Church Street) left the property at the beginning of 

- • November. The new tenants did not move in until March, so we had a 4 month gap in rental revenue of circa £3400. 

## _**The contribution of volunteers during the year.**_ 

The Trustees continue to receive significant support from the volunteers who continued to be willing to work with us on many tasks, both internally within the Museum, and externally within the garden. The Trustees would like to place on record their thanks to all of the volunteers for their contribution and help, which is reflected in the comments received from visitors. A selection of comments from visitors can be found as an appendix to this report. 

The Trustees will continue to undertake a recruitment campaign in March of each year in order to continue the growth in Museum support. 

## _**The main achievements and performance of the charity during the year**_ . 

Mark Mynard was elected of Chair of Trustees at the AGM in May 2025 

The Trustees have maintained the high standards of presentation of exhibits in a historic building. They and volunteers have contributed historical articles about Upton and about the Museum’s collection to local and national publications. The Museum continues to be a member of the Association of Independent Museums and is seeking formal accreditation as an independent museum in order to bid for heritage and lottery funding. The building museum itself is well maintained: repairs to the roof, to brickwork and replacement of a glass structure have been completed and new reception lighting has been updated. 

Significant contribution to positive visitor experience with increased engagement between the Museum and Malvern Hills District Councils tourism team. This collaboration is working extremely well and will be built upon over the coming years, especially in terms of tourism and visitor footfall. 

Page 5 



## **The Tudor House Museum Trust** 

## **Trustees' Report** 

## _**The difference the charity's performance during the year has made to the beneficiaries of the charity and wider society.**_ 

The Trust is working to increase its contribution in its aim of educating both local residents and visitors alike to the riverside town about the history of Upton-upon-Severn and its region as well as displaying exhibits, especially pottery and the lace collection, which is attracting expert attention, of wider national significance. The positive comments of visitors in the Visitors Book, on the internet and on social media have continued to encourage the Trustees in their work. All of this whilst maintaining the charitable objectives of the charity established by the Museum’s founder Lavender Beard in 1993, guiding Trustees to be true to the original objectives. 

## **Structure, governance and management of the charity** 

## _**The methods used to recruit and appoint new charity trustees.**_ 

New trustees are chosen by the existing trustees who wish to ensure that the skills and/or experience which a potential trustee offers will benefit the trust especially in the areas of history, accountancy, investment, property and education. The Trustees also regard it as important that some of the trustees have firm roots in the local community. The museum's volunteers and those who have shown their expert interest in the museum are sources of potential trustees. 

Bankers: Lloyds Bank plc, Malvern 

Solicitors: Star Legal (incorporating Moore Brown & Dixon LLP), Tewkesbury 

Investment advisors: Charles Stanley & Co. Limited, London 

Accountancy: Devereux and Hunt, Tewkesbury 

**The Trustees continue to operate in accordance with the Founding principles aligned to the Constitution of Charitable incorporated organisations adopted in February 2015** 

## **Financial review** 

## **The charity's financial position at the end of the year ended 31 March 2026** 

The financial position of the charity on 31 March 2026 and comparatives for the prior period, as more fully detailed in the accounts, can be summarised as follows: - 

Page 6 



## **The Tudor House Museum Trust** 

## **Trustees' Report** 

## **Financial review of the position at the reporting date, 31 March 2026.** 

The trustees consider the financial performance by the charity during the year to have been satisfactory. 

Specific changes in fixed assets are detailed in the notes to the accounts. 

The charity's listed investments are managed by Charles Stanley & Co. Ltd, members of the London Stock Exchange, on behalf of the trustees. 

The trustees do not foresee an immediate need to call for funds from the capital in its investment portfolio, although they remain aware of the risks inherent in caring for very old buildings. However, under the items referred to in the "not so good news item" there might be a requirement to utilise a small percentage of the capital to undertake costed remedial work to the roof, the alarm and the side elevation. 

The Trustees regard these investments as an asset which they will wish to see grow with a view to expenditure on the development of the museum in the future, taking into account the wishes of its founders, and as a cushion against anyunforeseen events. They rely on the income from this portfolio and their investment properties to allow the museum to open to the public free by resolution of the 2020 A.G.M. 

## _**Statement of Trustees' Responsibilities**_ 

The charity's trustees are responsible for the preparation of the accounts in accordance with the terms of the Charities Act 2011 and the Charities (Accounts and Reports) Regulations 2008. Notwithstanding the explicit requirement in the extant statutory regulations, the Charities (Accounts and Reports) Regulations 2008, to prepare the financial statements in accordance with the SORP 2005, in view of the fact that the SORP 2005 has been withdrawn, the Trustees determined to interpret this responsibility as requiring them to follow current best practice and prepare the accounts according to the FRS 102 SORP (Statement of Recommended Practice for Accounting and Reporting by Charities) 2015, (as amended by the Bulletin issued in February 2016), (The SORP). 

In particular, charity law requires the Trustees, if they prepare accounts on an accruals basis, to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity as at the end of the financial year and of the surplus or deficit of the charity. In preparing those financial statements the Trustees are required to :- 

- to prepare the accounts in accordance with United Kingdom Generally Accepted 

Accounting Practice (United Kingdom Accounting Standards and applicable law). 

- select suitable accounting policies and apply them consistently; 

- make judgements and estimates that are reasonable and prudent; 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business; 

- state whether applicable accounting standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements; 

The law requires that the trustees must not approve the accounts unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of the surplus or deficit of the charity for the year. 

Page 7 



## **The Tudor House Museum Trust** 

## **Trustees' Report** 

The Trustees are also responsible for maintaining adequate accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which are sufficient to show and explain the charity's transactions and enable them to ensure that the financial statements comply with regulations made under the Charities Act 2011. They are 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. 

The Trustees are also responsible for the contents of the Trustees' report, and the statutory responsibility of the Independent Examiner in relation to the Trustees' report is limited to examining the report and ensuring that, on the face of the report, there are no material inconsistencies with the figures disclosed in the financial statements 

Approved by the trustees of the charity on 24 June 2026 and signed on its behalf by: 

......................................... Mr M Mynard Chairman and trustee 

Page 8 



## **The Tudor House Museum Trust** 

## **Independent Examiner's Report to the trustees of The Tudor House Museum Trust ('the Company')** 

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2026. 

## **Responsibilities and basis of report** 

As the charity’s trustees of The Tudor House Museum 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 Tudor House Museum Trust's accounts as carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed all the applicable 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 The Tudor House Museum Trust as required by section 130 of the Act; or 

2. the accounts do not accord with those records; or 

3. the accounts do not comply with the accounting requirements concerning the form or content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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. 

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. 

...................................... M Devereux Certified Accountant 38 Basepoint Business Centre Oakfield Close Tewkesbury Glos GL20 8SD 

24 June 2026 

Page 9 



## **The Tudor House Museum Trust** 

## **Statement of Financial Activities for the Year Ended 31 March 2026 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)** 

|**Note**<br>**Income and Endowments from:**<br>Donations and legacies<br>2<br>Other trading activities<br>3<br>Investment income<br>4<br>Total income<br>**Expenditure on:**<br>Raising funds<br>5<br>Charitable activities<br>6<br>Total expenditure<br>Net expenditure<br>**Other recognised gains and losses**<br>Other gains/losses<br>8<br>Net movement in funds<br>**Reconciliation of funds**<br>Total funds brought forward<br>Total funds carried forward<br>16|**Unrestricted**<br>**£**<br>24,196<br>10,785<br>15,845<br>50,826<br>(6,365)<br>(53,652)<br>(60,017)<br>(9,191)<br>93,205<br>84,014<br>955,453<br>1,039,467|**Total**<br>**2026**<br>**£**<br>24,196<br>10,785<br>15,845<br>50,826<br>(6,365)<br>(53,652)<br>(60,017)<br>(9,191)<br>93,205<br>84,014<br>955,453<br>1,039,467|**Total**<br>**2025**<br>**£**<br>10,440<br>10,271<br>18,632|
|---|---|---|---|
||||39,343|
||||(7,690)<br>(52,108)|
||||(59,798)|
||||(20,455)<br>(2,173)|
||||(22,628)<br>978,081|
||||955,453|



All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2025 is shown in note 16. 

The notes on pages 13 to 21 form an integral part of these financial statements. Page 10 



## **The Tudor House Museum Trust** 

## **Charity registration number: 1160419** 

## **Balance sheet as at 31 March 2026** 

|**Note**<br>**Fixed assets**<br>Tangible assets<br>11<br>Heritage assets<br>12<br>Investments<br>13<br>**Current assets**<br>Debtors<br>14<br>Cash at bank and in hand<br>**Creditors: Amounts falling due within one year**<br>15<br>**Net current assets**<br>**Net assets**<br>**Funds of the charity:**<br>**Unrestricted income funds**<br>Unrestricted funds<br>**Total funds**<br>16|**2026**<br>**£**<br>368,609<br>3,299<br>636,978<br>1,008,886<br>10,501<br>21,306<br>31,807<br>(1,226)<br>30,581<br>1,039,467<br>1,039,467<br>1,039,467|**2025**<br>**£**<br>376,005<br>3,631<br>556,344|
|---|---|---|
|||935,980|
|||2,017<br>18,682|
|||20,699<br>(1,226)|
|||19,473|
|||955,453|
|||955,453|
|||955,453|



The Trustees consider that the audit requirement of Section 144(1) of the Charities Act 2011 does not apply, and that there is no requirement in the Governing Document for the conducting of an audit. As a consequence, the Trustees have elected that the financial statements be subject to an independent examination. 

The Trustees acknowledge their responsibilities for complying with the requirements of charity legislation wth respect to accounting records and the preparation of accounts. 

The Trustees are satisfied that, althouth the charity is not registered under the Companies Acts, if it were so registered, it would be eligible to prepare accounts in accordance with the provisions of Part 15 of the Companies Act 2006, applicable to companies subject to the small companies regime. 

The notes on pages 13 to 21 form an integral part of these financial statements. Page 11 



## **The Tudor House Museum Trust** 

## **Charity registration number: 1160419** 

## **Balance sheet as at 31 March 2026** 

The financial statements on pages 10 to 21 were approved by the trustees, and authorised for issue on 24 June 2026 and signed on their behalf by: 

......................................... Mr R Chambers Trustee 

......................................... Mrs S Mynard Trustee 

The notes on pages 13 to 21 form an integral part of these financial statements. Page 12 



## **The Tudor House Museum Trust** 

## **Notes to the Financial Statements for the Year Ended 31 March 2026** 

## **1 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 on the accruals basis 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) (effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). 

## **Basis of preparation** 

The Tudor House Museum Trust 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. The Trustees consider that there are no material risks and future assumptions to be disclosed. 

## **Exemption from preparing a cash flow statement** 

## **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. 

## _**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. 

## _**Grants receivable**_ 

Grants are recognised when the charity has an entitlement to the funds and any conditions linked to the grants have been met. Where performance conditions are attached to the grant and are yet to be met, the income is recognised as a liability and included on the balance sheet as deferred income to be released. 

## **Expenditure** 

All expenditure and liabilities are recognised once there is a legal or constructive obligation to that expenditure or liabiity and it is probable settlement is required and the amount can be measured reliably. 

Liabilities arising from future funding commitments and constructive obligations, including performance related grants, where the timing or the amount of the future expenditure required to settle the obligation are uncertain, give rise to a provision in the accounts, which is reviewed at the accounting year end. The provision is increased to reflect any increases in liabilities, and is decreased by the utilisation of any provision within the period, and reversed if any provision is no longer required. These movements are charged or credited to the respective funds and activities to which the provision relates. 

Page 13 



## **The Tudor House Museum Trust** 

## **Notes to the Financial Statements for the Year Ended 31 March 2026** 

## _**Raising funds**_ 

These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds. 

## _**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. 

## **Government grants** 

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income. 

## **Volunteers** 

In accordance with the SORP, and in recognition of the difficulties in placing a monetary value on the contribution from volunteers, the contribution of volunteers is not included within the income of the charity. 

However, the trustees value the significant contribution made to the activities of the charity by unpaid volunteers and this is described more fully in Note 7. 

## **Taxation** 

The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 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. Value Added Tax is not recoverable by the charity and is therefore included in the relevant costs in the Statement of Financial Activities. 

## **Winding up or disolution of the charity** 

If upon winding up or dissolution of the charity there remain any assets, after the satisfaction of all debts and liabilities, the assets represented by the accumulated fund shall be transferred to some other charitable body or bodies having similar objects to the charity. 

## **Tangible fixed assets** 

Tangible fixed assets are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. 

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## **The Tudor House Museum Trust** 

## **Notes to the Financial Statements for the Year Ended 31 March 2026** 

## **Heritage assets** 

The trustees consider that the vast majority of items in the museum collection would be difficult, if not impossible, to value. Even if valuations could be obtained, the costs would be onerous compared with the benefit derived by the museum and users of the financial statements. As a result, no value is reported for these assets in the museum's balance sheet. 

The exceptions are for heritage assets capitalised by the predecessor trust and included in the transfer of undertaking and for heritage assets purchased by this charity, which are capitalised if the cost is greater than £1,000. 

Items in the collection that are capitalised are depreciated at 5% straight line. 

## **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** Freehold buildings 2% straight line Fixtures and fittings 10% straight line 

## **Investment properties** 

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss. 

## **Fixed asset investments** 

Fixed asset 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. 

## **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. 

## **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. 

Page 15 



## **The Tudor House Museum Trust** 

## **Notes to the Financial Statements for the Year Ended 31 March 2026** 

## **2 Income from donations and legacies** 

|**2**<br>**Income from donations and legacies**|||
|---|---|---|
|Donations and legacies;<br>Donations from individuals<br>Grants, including capital grants;<br>Government grants<br>**3**<br>**Income from other trading activities**<br>Museum income;<br>Museum events<br>Income from rents (No 14 Church St)<br>**4**<br>**Investment income**<br>Income from investments portfolio<br>Income from rents (No 18 Church St)<br>**5**<br>**Expenditure on raising funds**<br>Purchases<br>Costs of refurbishment of No 18 Church St<br>Investment management fees<br>Rental management fees|**Total**<br>**2026**<br>**£**<br>7,786<br>16,410<br>24,196<br>**Total**<br>**2026**<br>**£**<br>885<br>9,900<br>10,785<br>**Total**<br>**2026**<br>**£**<br>8,952<br>6,893<br>15,845<br>**Total**<br>**2026**<br>**£**<br>454<br>296<br>4,830<br>785<br>6,365|**Total**<br>**2025**<br>**£**<br>5,440<br>5,000|
|||10,440|
|||**Total**<br>**2025**<br>**£**<br>1,060<br>9,211|
|||10,271|
|||**Total**<br>**2025**<br>**£**<br>9,382<br>9,250|
|||18,632|
|||**Total**<br>**2025**<br>**£**<br>-<br>291<br>5,737<br>1,662|
|||7,690|



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## **The Tudor House Museum Trust** 

## **Notes to the Financial Statements for the Year Ended 31 March 2026** 

## **6 Expenditure on charitable activities** 

|Rates and water<br>Light, heat and power<br>Cleaning and waste management<br>Premises repairs, renewals and maintenance<br>Property insurance<br>Telephone and internet<br>Postage, stationery and printing<br>Software licences and expenses<br>Notice boards and advertising<br>Sundry expenses<br>Depreciation<br>Cost of charitable letting on non investment property<br>Independent examination<br>Bank charges<br>**7**<br>**Net incoming/outgoing resources**<br>Net outgoing resources for the year include:<br>Depreciation of fixed assets<br>**8**<br>**Other gains/(losses)**<br>Realised gains/losses on investment assets<br>Unrealised gains/losses on investment assets|**Total**<br>**2026**<br>**£**<br>1,377<br>2,488<br>2,384<br>13,448<br>6,055<br>495<br>1,318<br>585<br>12,352<br>2,300<br>7,728<br>1,613<br>960<br>549<br>53,652<br>**2026**<br>**£**<br>7,728<br>**2026**<br>**£**<br>7,313<br>85,892<br>93,205|**Total**<br>**2025**<br>**£**<br>1,181<br>3,515<br>2,136<br>20,922<br>5,921<br>210<br>1,053<br>760<br>-<br>4,785<br>7,728<br>2,424<br>1,104<br>369|
|---|---|---|
|||52,108|
|||**2025**<br>**£**<br>7,728|
|||**2025**<br>**£**<br>39,008<br>(41,181)|
|||(2,173)|



## **9 Trustees remuneration and expenses** 

No trustees, nor any persons connected with them, have received any remuneration from the charity during the year. 

## **10 The contribution of volunteers** 

The charity relies on volunteers to run the museum on a day to day basis during opening hours by looking after the reception of visitors. In addition they help with the cleaning of exhibits, the arrangement of new displays, the enhancement of the experience of visitors, especially children, and in maintaining and improving the garden. 

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## **The Tudor House Museum Trust** 

## **Notes to the Financial Statements for the Year Ended 31 March 2026** 

## **11 Tangible fixed assets** 

|**Cost**<br>At 1 April 2025<br>At 31 March 2026<br>**Depreciation**<br>At 1 April 2025<br>Charge for the year<br>At 31 March 2026<br>**Net book value**<br>At 31 March 2026<br>At 31 March 2025<br>**12 Heritage assets**<br>**Cost**<br>At 1 April 2025<br>At 31 March 2026<br>**Depreciation**<br>At 1 April 2025<br>Charge for the year<br>At 31 March 2026<br>**Net book value**<br>At 31 March 2026|**Land and**<br>**buildings**<br>**£**<br>438,050<br>438,050<br>63,592<br>7,001<br>70,593<br>367,457<br>374,458|**Furniture and**<br>**equipment**<br>**£**<br>3,947<br>3,947<br>2,400<br>395<br>2,795<br>1,152<br>1,547<br>**Exhibits**<br>**£**<br>6,647<br>6,647<br>3,016<br>332<br>3,348<br>3,299||**Total**<br>**£**<br>441,997|
|---|---|---|---|---|
|||||441,997|
|||||65,992<br>7,396|
|||||73,388|
|||||368,609|
|||||376,005|
|||||**Total**<br>**£**<br>6,647|
|||||6,647|
|||||3,016<br>332|
|||||3,348|
|||||3,299|



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## **The Tudor House Museum Trust** 

## **Notes to the Financial Statements for the Year Ended 31 March 2026** 

## **13 Fixed asset investments** 

|**13 Fixed asset investments**|||
|---|---|---|
|Investment properties<br>Other investments<br>**Investment properties**<br>**Cost or Valuation**<br>At 1 April 2025<br>**Provision**<br>At 31 March 2026<br>**Net book value**<br>At 31 March 2026<br>At 31 March 2025|**2026**<br>**£**<br>127,000<br>509,978<br>636,978|**2025**<br>**£**<br>127,000<br>429,344|
|||556,344|
|||**No 18 Church**<br>**St**<br>**£**<br>127,000|
|||-|
|||127,000|
|||127,000|



The freehold investment property, 18 Church Street, Upton-upon-Severn, has been valued by the Trustees. They believe the current value of the property is a fair value. 

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## **The Tudor House Museum Trust** 

## **Notes to the Financial Statements for the Year Ended 31 March 2026** 

## **Other investments** 

|**Cost or Valuation**<br>At 1 April 2025<br>Revaluation<br>Additions<br>Disposals<br>At 31 March 2026<br>**Net book value**<br>At 31 March 2026<br>At 31 March 2025|**Listed**<br>**investments**<br>**£**<br>429,343<br>85,959<br>62,775<br>(68,099)<br>509,978<br>509,978<br>429,343|**Total**<br>**£**<br>429,343<br>85,959<br>62,775<br>(68,099)|
|---|---|---|
|||509,978|
|||509,978|
|||429,343|



The listed investments have been valued by Charles Stanley & Co Limited, members of the London Stock Exchange. 

## **14 Debtors** 

|Prepayments<br>Other debtors<br>**15 Creditors: amounts falling due within one year**<br>Accruals|**2026**<br>**£**<br>2,018<br>8,483<br>10,501<br>**2026**<br>**£**<br>1,226|**2025**<br>**£**<br>2,017<br>-|
|---|---|---|
|||2,017|
|||**2025**<br>**£**<br>1,226|



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## **The Tudor House Museum Trust** 

## **Notes to the Financial Statements for the Year Ended 31 March 2026** 

## **16 Funds** 

|**16 Funds**||||||
|---|---|---|---|---|---|
|**Unrestricted funds**<br>**_General_**<br>Unrestricted revenue fund<br>**Unrestricted funds**<br>**_General_**<br>Unrestricted revenue fund|**Balance at 1**<br>**April 2025**<br>**£**<br>955,453<br>**Balance at 1**<br>**April 2024**<br>**£**<br>978,081|**Incoming**<br>**resources**<br>**£**<br>50,826<br>**Incoming**<br>**resources**<br>**£**<br>39,343|**Resources**<br>**expended**<br>**£**<br>(60,017)<br>**Resources**<br>**expended**<br>**£**<br>(59,798)|**Other**<br>**recognised**<br>**gains/(losses)**<br>**£**<br>93,205<br>**Other**<br>**recognised**<br>**gains/(losses)**<br>**£**<br>(2,173)|**Balance at**<br>**31 March**<br>**2026**<br>**£**<br>1,039,467|
||||||**Balance at**<br>**31 March**<br>**2025**<br>**£**<br>955,453|



Unrestricted funds represents the funds arising from past operating results. These are available to be used for any purpose so long as it meets the aims and objectives of the charity as outlined in the governing document. 

## **17 Ultimate controlling party** 

The charity is under the control of its legal members which are the trustees. 

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