Company registration number. 09808860 Charity registration number. 1165520 The Burton at Bideford (A company linited by guarantee) Annual Report and Financial Slaiements for the Year Ended 31 Mar¢h 2024 WESTCOTTS CHARTRREO ACCOiIMTAMTS a 8USIMESS ADVISERS
The Burton at Bideford Contants Reference and Administr*ive Detsils Trustees, Report 2to6 Independent Examinerfs Report Statement of Financial Adivrbgs Balance Sheet 9t010 Notes to the Financial Statements 11to24
The Burton at Bideford Reference and Administrative Detalls Chalmian Robert Millwanl Trustses Samuel Astill {appoinled 28 September 2023) Nicholas Beer lan Huggett Timothy Ireson (resigned S May 2023) Sarah Lawrence Benjamin Liddell Kali Russell {appoinled 28 September 2023) Jeremy Sharpe Robert Woolley (appointed 28 September 2023) Secretary Pauline Hartree Charlty Registration Numbor 1165520 Company Reglstratlon Number 09808860 Registered Office Burton Art Gallery And Museum Kingsley Road Bideford Devon EX39 2QQ Independent Examinar Westcots ISW) LLP Timbety South Street Axminstsr Devon EX13 SAD Page 1
The Burton at Bideford Trustees. Report The trustees, who are directors for the purposes of company law, present the annual report together with thè financial statements of the charitable company for the year ended 31 March 2024. Objectives and activltles The objectives of the charty are to advanGe education and the arts, in particular by the establishment of a museum and art gallery which promotes public knowledge. enjoyrnent and appreciation of the arts, local heritage and leaming. This report covers the period from 1 st April 2023 to 31st Mareh 2024, the eighth year of operatlon. During the period three new trustees were recrurted and one trustee resigned to give a current Board membership of nine Trustees. Our Director resigned for personal reasons at the end of September 2023 and for the balan of the peri¢xl under review the charity was managed by interim co-Directors. A thorough recruitment campaign post period end has resuhed in the appointrnent of a new, permanent Director stsrting in Septembèr 2024. The Board has continued to maintain, conserve and display thè art and heritage assets of Torridge District Council (fDC} while building on its own modest collection. This was the sixth year of the Burton's recognition as an Arts Council England National Portfolio Organisation IACEINPOI wrth funding in place at £83,000 per annum until 2026. TDC was the other main source of funds wi(h the receipt of £140,000. Operational eosts, particularly energy, conlinugd to rise as we have a responsibility to look after paintings and other artefacts by operating a climate control sy51ern in the galleries. We have ifflplernented a strategy to reduce energy consumption and are moving towards nel zero. To this end we have a¢higved significant capital fvnding from ACE t¢ install solar panels by earty 2025. The Board is also diversifying funding stream5 though legacies, sponsorship and applications lo other funding bodies including art ini(ial award of £20,000 from The Garfield Weston Foundation atthough in the current climate there is stiff competf(ion for a¢ssing such funds. Small grant support has continued to facilitate the innovative engagement of vulnerable groups wthich included Women First Iwomen's refiJge}. The Gallery exhibition programme featured both Ial, notne1 and intemalional artists, showing 2D and 3D work of a traditional and contemporary nature. The Westward Hol And Bideford Art Society (WHOBIDI Annual Open Exhibition is an opportunity for some of the best established and emerging local artists lo showcase their work. An exhibi(ion of our Pefmanenl Collection was curated by three local community groups and the Annual Schools Exhibition demonstrated how their teachers have nurtured and celebrated the talents of local 5-18 year old students. "40 Years of Warhorse" was a celebration of local author fvlichael Morpurgo's best-known novel and included Original illustrations from the stage play and book plus a tslk from Michael Morpurgo himself. The Burton was also delighted to take up the opportunty to curate 'Revealing the Humn Fom, whh brought together intemation81ty renowned sculptures from the Arts Council and Brits"sh Council Collections including works by key British sculptors such as Barbara Hepworth. Henry Moore, Jacob Epstein, EIEabeth Frink and Antony Gormley as well as more contemporary works by Rachel Whiteread, Solaki Douglas Camp and Mandy Simpson. lan Davenport.. 'Works on Paperf was an exelusive exhibth'on charting the artistic joumey of this leading abstract British artist from hi$ days at GoldsnTriths Universty alongside Damian Hirsl. to his eye catching, colourful works which inspire installations all over the worfd. For the third time in rent years The Burton was selected to be part of the prestigKJus Tale Artists Roorns programme with an exhibition of late works by FrenchlAmÈrican artist Louise Bourgeois who is widety regarded as one of the most important women artists of all time and attracted 17.000 visitor5, some of whom travelled long di$tsn¢es. Page 2
The Burton at Bideford Trustses. Report Upstairs in the Ceramics Gallery we hosted fvKJ exhibitions by contemporary cerami¢i5ts, 'Don'l Look at my Jugs, by Jam We$00d and 'Matterf by Rebecca Appleby. Rebecca is one of the most innovative artists working in ceramics in the UK who brings a painleily an(J sculptural ernent lo her work. One of our Environmentsl Commissions, 'Water Vessels - Sampling the Torridge, by Rupert Johnstone responded to the geology. environment and ecology of the RNer Torridge from its source In North Wesl Devon to its estuarine mouth in Bideford. The story is told through a Collectn of ceramic vessels made from and glazed with materials which have In carried by the river. Our Engagement Programme brought high quality arts adwities to communities facing rural isolation and socit>economie barriers including groups supporting those w(th ill montsl health, young people and women who have been victims of domestic abuse. We also establishad the Burton Youth Collective IBYCI which, for its in8ugural year, has been funded by the Tale as part of the Louise Bourgeois llabOratiOn (see above). The BYC has given participants ae$S to regular art workshops, increasing their knowledge and craft skills. Funding also facilitated the opportunty for participants to visit Tate Modem. The work with the BYC has begun lo prototypè how The Burton can engage wf(h young people on a strategie level lo weave their thoughts and voices into our programming, events and operations into the future. Importantly, it has also planted the seeds for the growth of a vibrant. peer-led, creative youth community. The Burton Teacher Network provides nerkIng opportunilios and CPD to local teachers and helps us understand how we can help schools engage with exhibi(ion5 and the ¢olleclion. Crafly Kids provides art fun for pre-school children during term lime and for all children up lo age 11 during the holidays. Creative workshops for aduts have engaged 244 participants and include several which took place at Northam Burrows as part of our commitment to SUPPOrting the local environment. The Burton's converted horse box, known as the Art Box, visited both nearby and more remote communitie$ including Ilfracombe Maritime Festival and Hartland Family Day. A collaboration beteen The Burton Museum and The Ackland and Edwards Trust has faciltsled public access to the archive for these prolif artists, poets, authors and letter writers. We have also welcomed a PhD sludenl who is researching what Mary Stella Edwards, poetry and painting in Bucks Mills in the last century Can teach us about climate change today. Post period end the Friends of The Burton have launched an appeal for funds to improve wobsf(e naMg8tion, online booking and the online shop and gallery. "Meet the Mak&rf' sessions in our Craft Gallery, the high quality of merchandise (often linkgd to the exhibition programmel within the Burton's gift shop and our highly skIld stsff have ensured that trading income remains strong. Occasional surveys of our 160,000 visitors during the year have confimied the eonlinuing popularity of our Museum and Gallery wlh both the local communty and visitors from far and wide. The Board remains grateful to our principal funder, Torridge Distr1 Council and we arè mindful of our obligations to it. The Trustees have ensured that the requirernenls as set out in the five year 'SeNice & Funding Agreement, with TDC have been fulty mel. The organisalions continue to meet regulaty on a formal and informal basis. Public benefit The Iruslees confirm that they have complied wlh the requirements of section 17 of the Charities Act 2011 lo have due regard to the public benefit guidance publtshed by the Ch8nty Commission for England and Wales. The Gallery and Museum have a fre8 entry polty and are open 7 days a week to allow the Mamrn opportunity for all lo visit. Page 3
The Burton at Bidoford Trustees. Report Financial review 2024 ropresenl$ the oighth fvll year of operation for the Burton at Bideford as an independent chaiity. The Board continues to appreciate the generous support of the Friends of The Burton. The Chairs of each charity continue lo meet both infomialty and in committee to discuss the sustsinabilty of funding. potential sponsorship. fund r8i8ing actwities and legacies. Overall we have made a surplus ofjust over £16,000 for the year. We have continued to maintain a fimi control of our cost base and increases in expenditure, other than for energy, have been in line wrth budgets. Control of costs is a key lo us building our UnreStrted funds reserve lo a level whh will provide ongoing stability. The Trustee's Reserves Poltcy is lo accrue reserves of al a$1 six months expenditure to help us meet contingencies and develop additional services to the community. Our unrestrieted fund balance, after allowing for our herrtage assets, currently stands at £239,573. This is close to our six month of expendrture target. The reseives will also be used to replace assets 8s they become wom out or become obsolete as technology changes. The Charitys activities expose r( to a nufflber of financial risks including ¢redrt risk and cash flow risk. The principal fin8ncial assets are bank balances and cash, trade and other receivables. Credit risk is primarily attfibulable to its trade receivables. There is no signfficanl concentration of credf( risk, with exposure spread over a number of counterparties and customers. The risks 8ffecting the ch8rity are kept under constant review by the Trustees and we have formulated a review matrix to as81sI with evaluation and mitigation of risk. Structure. governance and managgment The Burton at Bideford 1$ a Company limited by guarantee and was incorporated on 4th October 2015. It took over responsibilty for running the Burton Art Gallery and Museum from, and under an agreement with. TDC on 1 April 2016. The charity is govemed by a Board of Trustees (the Board) i)f not less than four individuals who give their time voluntsrily and receive no remuneration. The Trustees have a broad and balanced skill set and all of them have individual responsibili(ies, mostly undertaken through su&wmmittees (Education Leaming and Participation, Finan, Audit and Compliance and Buildings and EnMTonment) alongside overall governance of the chartty in order lo aehieve ils objectives. The Board held bi-monthly full Board meetings during the period 1 April 2023 to 31 March 2024 supplemented by regular sub-committee and Burton Enterprises {our trading am)) meetings. The Charty hekl an Annual General Meeting mid period which includgd invf(atiorss for other partles to attend. Page 4
The Burton at Bideford Trustees. Report Recruitment and appolntment of trustees Trustees are recruited on an open advert basis, giving anyone the opportunity to apply to become a Trustee and receive a Trustee eruTiment pack of infomiation. Job profiles have been developed for Trustee. Chair, WI Chair and Tieasurer. The Board has a skills matrix which it reviews every other year. This idgntifies the mix of skills, governance experience and attributes that il aims to harness from amongst ils existing Trustees and nSiderS any areas that are lacking when seeking new Trustees. Induction and tralnlng of trustees The charty has t1eveloped a formal induction programme for new Trustees to give thern a grounding on corg govemance matters such as service and funding agreemen15, tems of lease, and current strategy. This is supported by meetings %Mth an established Trustee. Company Se¢tary, the Chair and the Gallery Director. Those new to Trusteeship are offered extemal training and development such as that offered by National Council for Voluntary Of9anisalions {NCVOI. The Board has a number of sub<ommittees which rep)rt to the Board on matters covered by their Temis of Referen. Statement of trustees. responsibilities The Iruslees (who are also the direetors of The Burton al Bideford for the purposes of company law) are responsible for preparing the Iruslees, report and the financial statèments in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Fin¢ancial Reporting Standard applicable in the UK and Republic of Ireland" The report and accounts have been ppared in accordance wrth the provisions in the Companies Ad 2006 relating lo small companies. Company law requires the tmstees to prepare financial statements for each financial year. Under company law the trustees musl not approve the financial ststements unless they are satisfKgd that they give 8 true and fair view of the state ol affairs of the charitable company and of the incoming resources and application of resources, including its income and expenditure, of the charttable company for that period. In preparing these financial slalemenls, the Iruslees are required to.. se10 suitable accounting policies and apply them consistentty. observe the methods and principles in the Charities SORP,. make judgements and estimates that are reasonable and prudent., slate whether applicable accounting standards, comprising FRS 102 have been followed, subject to any material departures disclosed and explained in the financial statements.. and prepare the finaneial slalemenls on the going concern basis unless it is inappropriate to presume that the charitable company will wntinue in business. Thg trustees are responsible for keeping proper accounting records that can disdose with roasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the finaneial statements comply WTih the Companies Act 2006. They are also responsible for safeguarding the assets of the eharilable company and hence for taking reasonable $leps for the prevention and dectIOn of fraud and other irregularities. The trustees are responsible for the maintenance and integrty of the corporate and financial information included on the charitable compan$ website. Legislath?n governing the preparation and dissemination of fin8nck81 statements may differ from kgislation in otherjurisdictions. Page 5
Tho Burton at Bideford Trustees. Report Small companie$ provision statsmént This report has been prepared in accordance the small companies regime under the Crynies Act 2006. 4[91 The annual r8POrt was approved by the truste of the ¢harity on .. behalf by. and signed on its lan Huggett ru8tee Robert Millward Chairman Page 6
The Burton at Bid8ford Independent Examiner's Report to the trustees of The Burton at Bideford {'the Company,) I report to the charity twslees on my examination of the accounts of the Company for the year ended 31 Mah 2024. Responslbilitles and basls of report As the charity's Iruslees of the Company land also its d1CtorS for the purposes of company law) you are responsible for the preparation of the aoUnts in accordance with the requirements of the Companies Act 20061'lhe 2006 Act'i. Having satisf*d myself that the 8CCOUTrts of the Company are not required to be audited under Part 16 of the 2006 Aet and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 ('Ihe 2011 Act'l. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5){bl of the 2011 Act. Independent examlnerfs statement Since the Companls gross income exceeded £250,000 your examiner musl be a member of a body listed in section 145 of the 2011 Act. I confirm that l am qualified to undertake the examination because l am a member of The Institute of Chartered Accountants in England and Wales IICAEW), which is one of the listed bodies. I have compkled my examination. I confinn that no matters havo come lo my attention in conneCtn with the examination gimng me cause to believe.. 1. accounting re¢ords were not kept in respect of The Burton at Bideford as requlred by section 386 of the 2006 Act,. or 2. the accounts do not accord wth those records.. or 3_ the aCunts do not comply wth the accounting requirements of section 396 of the 20Ck8 Act other than any requirement that the accounts give a 'lrue and fair Mew, which is not a matter considered as part of an independent examination., or 4. the accounts have not been prepaied in accordance with the methods and principles of the Slalemenl of Recommended Practice for SeuntIng and reporting by chgrilies lapplicable lo charities preparing their accounts in accordanee with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102)]. I have no concgms and have come across no other matters in connection wrth the examination lo whiGh attention should be diawn in this report in order to enable a propgr understanding of the to be reached. Mr S J Carrington (FCA) For and on behalf of Westcotts (SW) LLP Timberly South Street Axminster Devon EX13 SAD Date.. IJ. Z 4 Page 7
The Burton at Bideford Statement of Financial Activities for tha Year Ended 31 March 2024 {Includlng Income and Expenditure Account and Statement of Total Recognised Galns and Losses) Unrestrlctsd funds Restricted funds Total 2024 Total 2023 Nole Income and Endowments from: Donations and legacigs Chariiable activities Other Irading actiwlies Investment income other income 121.044 163,084 77,243 3,271 70,857 121,044 163.084 77,243 3,271 70.857 121.880 159,052 57.788 1,332 82,993 Totsl income 435,499 435,499 423,045 Expendlture on: Charitable actiwlies 1419,1401 1419,140 (409.725 Total expenditure 1419,1401 419,140 409.725 Net income 16,359 16,359 13,320 Net movement in ffijnds 16,359 16.359 13,320 Reconclllatlon of funds Total funds brought forward 266,776 5,000 271,776 288.135 258,4S6 Total funds carried forward 20 283,135 5,000 271,776 All of the charity'8 actNi(i88 derive from continuing OperatnS during the above 0 pers. The funds breakdown for 2023 is shown in note 20. The notes on pages 11 to 24 fomi an integral part of these financial statements. Page 8
The Burton at Bideford (Reglstratlon number: 09808860) Balance Sheet as at 31 March 2024 2024 2023 Fixed assets Tangible assets Herf(age assets Investments 14 15 15.245 43,562 1,225 60,032 19.023 43,562 1,225 63.810 Current a$sets Debtors Cash at bank and in hand 17 61,364 188,892 250,256 221,161 285,629 Cr•ditors: Amounts falllng due within one year Net ¢urrent assets 18 57,526 142,290 228,103 288,135 207,966 Net assets 271,776 Funds of the chaiity: Restrlctod Income funds Restricted fvnds 5,000 5,1)00 UnreStrIod In¢ome funds Unrestricted funds 283.135 266,776 Total fund8 20 288.135 271,776 For the financial year ending 31 Mah 2024 the charity was entitled lo exemption from audit under section 477 of the Comp8nies Act 2006 relats'ng to small companies. Directors, responsibilities.. The membery6 have not required the ¢harty lo obtain an audit of ts a¢¢ount8 for the year in question in aeeordance with section 476. and The directors acknowkdge their responsibilities frjr complwng with the requirements of the Act wrth respeel lo aceounling records and the preparation of accounts. These financial statements have been prepared in accordance with the special provisions lating to companies subject lo the sm811 companies regime within Part 1S of the Companies Act 2006. The notes on pages 11 to 24 form an integral part of these financial stalemenls. Page 9
Tho Burton at Bideford (Registration numbor: 09808860) Balance Sheet as at 31 March 2024 eial sLgtements on pages 8 to 24 were approved by the trustees, and authorised for issue on . and signed on their behalf by. lan Huggett rustee Robert mil18rd Chairman The notes on pages 11 to 24 form on integral part of these financlal statements. Page 10
The Burton at Bideford Notes to the Financial Statsments for the Year Ended 31 March 2024 1 Charity status The charjty is limited by guarantee, incorporated in England and Wales, and Consequently does not have Sha capital. Eath of the Iruslees is liable lo contribute an amount not exding £10 towards the assets of the charity in the event of liqution. The address of tis registered office is: Burton Art Gallery And Museum Kingsley Road Bideford Devon EX39 2QQ 2 Accounting pollclès Summary of Significant accountlng pollcie5 and key aGcountlng ostimatss The principal accounting policies applied in the preparation of these financial ststements are sel out below. These policies have been consislenlly applied to all the years presented, unless otherwise slated. Statement of compllance The financial statements have been prepared in accordance wlh Ac£ountin9 and Reporting by Charities.. Statement of Recommended Practice (applicab to charities preparing their aecounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 10211 (issued in October 20191- (Charities SORP IFRS 10211, the Financial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 10218nd the Companies Act 2006. Basis of preparation The Burton at Bideford meets the definition of a public benefrt entity under FRS 102. Assets and liabilities are initially recognised al historical cost or transaction value unless Otherwise staled in the relevant accounting policy notes. Going concorn The Iruslees consider that there are no material uncertaints'es about the charity's abilty to continue as 8 going concern nor any signifunt areas of Ltncertainly that affect the Carrying value of 8ssel$ held by the charity. Exemption from preparing a cash flow statement The charity opted to earfy adopt Bulletin 1 published on 2 February 2016 and have therofore not included a cash flow stslement in these financial statements. Income and endowments All inrne is recognised once the charity has enlttlemenl to the income, it is probable that the income wll be rerRived and the amount of the income CeiVable c8n be measured reliabty. Page 11
The Burton at Bideford Notes to the Financial Statements for the Year Ended 31 March 2024 Donations and legacies Donations are recognised when the charity ha8 been nolrfied in writing of both the amount and settlement dale. In the event that a donatK)n is subject to conditions thal require a level of perfonrance by the charty before the Charity is enlilled to the funds. the income is deferred and not recognised until efther those condf(ions are fulty met. or the fulfilmenl of those eondilions is wholly within the control of the eharty and rt is probable that these conditions will be fulfilled in the reporting period. Grants re¢¢ivab Grants are reeognised when the chanty has an enlillement to the funds and any conditions linked to the grants have been met. Where perforniance conditions are attached lo the grant and are yet lo be mel, the income is recognised as 8 liabilty and included on the balance sheet a5 deferred income to be released. Expendltufe All expenditure is recognised once there 1$ a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliabty. All costs are allocated lo the applicable expenditLtre heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent wth the use of resources, with central staff costs allocated on the basis of time spent, and depciall0n Charges allocated on the portion of the asset's use. Other support costs are altocated based on the spread of staff costs. Charltable actlvltles 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 ne¢e55ary lo support them. Stspport eosts Support costs include central functions and have been allocated to acliwty cost categories on a basis consistent wtth the use of resources, for example, allocating propety ¢osts by floor areas. or per capi(a, staff costs by the lime spent and other costs by their usage. Taxatlon The charity is considered to pass the tests Sel out in Paragraph 1 Sthedule 6 of the Finance Act 2010 and therefore it meets the definition of a charTtable company for UK eorporalion tax purposes. AordinglY, the charity is potentially exempt from taxation in respect of income or caprtal gains received within categones 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 charrtable purposes. Tanglble fixed assets Individual fixed assets costing £0.00 or more are Initial recorded at cost. less arby subsequent accumulated dep1eelan and subsequent accumulated impairmenl losses. Page 12
Tho Burton at Bideford Notes to the Flnanclal Statements for the Year Ended 31 March 2024 Heritsge assets Heritage assets measured under the cost model a rntsed initsalty recorded at acquisition cost and subsequently 5ts1ed al co$1 less any accumulated depreCiatn and impairment losses. Heritage assets measured undgr the alUatIOn model a recorded al fair value less any accumulated impairment losses. Whore Infoli0n on the cost or value of an asset is not available and cannot be obtained at a cost which is commensurate with the benefrts to users of the financial statements, the asset shall not be recognised in the statement of financial position. Depreciatlon and amortlsatlon Depreaalion is provided on tangible fixed assets so 0$ to wirte off the cost or valuation. Igss any estimatod residual value, over their expected useful economic life as bllows.. Asset Class Land and buildings Fre$ and frttings Deprgciatlon method and rate 5% Straht line 33.% straight lino Fixed asset investments Fixed asset investments, oth& than programme related investments. ale included at market value at the baLgnce sheet date. Reali8ed gains and losses on investments are calculated as the dtfferencg beeen Sales proceed5 and their market value al the start of the year, or their subsequent cost, and are charged or er8dited to the Ststement of Financial Activrties in the period of disposal. Unrealised gains and losses represent the movement in mathet values during the year and are credrted or charged lo the Statement of Financial Actiwties based on the market value at the year end. Cash and cash equivalents Cash and cash equivalents comprise cash on hand and ¢811 deposls, and other short-term hb3hly liquid investments that are readily ¢onvertble to a known amount of ea$h and are subjeel to an insignificant risk of change in value. Fund structure Unrestricted income funds are general funds that are available for use at the trustees discretion in furtherance of the objectives of the charity. Designated funds are unrestricted funds sel aside for specific purposes al the discretion of the trustees. Restricted income funds are those donated for use in a particular area or for specifK purFose$, the use of 4thich 18 reslricled lo that area or purpose. Page 13
The Burton at Bideford Notes to the Financial Statements for the Year Ended 31 March 2024 Pensions and other post retlrement obllgatlons The Charity operates a defined contribution pension scheme whieh is a pension plan under which fixed contributions are paid into a pension fund and the charity has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets lo pay all employees the benefrts relating lo employee service in the current and prior perths. contributn$ lo defined contribution plans are recognised in the Stalgmont of Financial Activities when they are due. If eontribulion payments exceed the contribution due for service, the excess is recognised as a prepayment. Financial Instrumgnts Classification Financial assets and financial liabilib'es are recognised when the charity becomes a paty to the ttinlractual prowsions of the instrument. Financial liabilities and equty instruments are cl8ssrfied accor(ling to thg substance of the contractual arrangements entered into. An equty instrument is any contracl that evhlences a residual interest in the assets of the charity after deducting all of rts liabilities. Recognition and measurement All financial assets and liabilities are Initial measured at transaction prKe (including transaction costs), except for those financial assets elassrfied 88 at fair value through profrt or loss, which are ini(ially measured al fair value (which is normally the transactn price exduding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes 8 financing transadion, the financial asset or financial liabilty is measured at the present value of the future pay7nents discounted al a market rate of Inte$1 for a similar debt instrument. Financial assets and liabilities are only offset in the statement of financial position when, and only when there exists a legally enforceable right to sel off the recognised amounts and the charity intends either to settlo on a net basis. or lo realise the asset and settle the liability simuttaneously. Financial assets are derecognised when and only %then a} the conlraclual rights to the cash flo from the financial asset expire or are settled, bl the charty transfers to another party substan11811y all of the risks and rewards of ownership of the financial asset, or cl the charity, desprte having retained some, but not all, significant risks and rewards of ownefship, has transferred control of the asset to another party. Finaneial liabilities are d&rgcognised only whgn the obligation specified in the contract i¥ discharged, Canlled or expires. Page 14
The Burton at Bideford Notes to the Flnancial Statem•nts for the Year Ended 31 March 2024 Debt instruments Debt instruments which meet the followng conditions are subsequently measured al amort15ed cost usin9 the effective interest method.. (al The contractual retum to the holder is {1) a fixod amount." (ill a positive fixed rate or a poSite variable rate., or (iiil a Combination of a positNe or a negative fixed Tate and a positive variable rate. (bl The contract may provhje for repayments of the principal or tho return to the holder (but not both) to be linked lo a singlg relevant observable index of general price inflation of the currency in which the debt instrument is denominated, promded suth links are not leveraged. Icl The eontract may provide for a detemiinable variation of the relum to the holder during the life of the instrument. promded that {il the new rate satisfies condttion lal and the variation is not contingent on futu events other than 111 a change of a contractual variable rate,. 121 lo protect the holder against credit delerioralion of the issuer.. 131 changes in levies applied by a central bank or arising from changes in relevant taxation or18w', or li1} the new rate is a market rale of interest and satisfies condition lal. Idl There is no contractual provish?n that could, by its lems, result in the holder losing the principal amount or any interest attributsble to the current period or prior periods. le) Contractual provisions that permf( the issuer to prepay a debt instrument or permit the holder to pul it back to the issuer before Maturity are not contingent on ftjlure event$, other than lo protect the holder against the credrt deleriorab'on of the issuer or a change in control of the issuer, or lo protect the holder or issuer against changes in levtes applied by a central bank or 8rising from changes in relevant taxation or law. (Q Contractual provisions may pemiit the exlension of the temi of the debt instrument, provided that the relum to the holder and any other contractual provisions applicable during the extended temi satisfy the conditions of paragraphs (a) to Icl. Dgbt instruments that are classrfied as payable or r1Vable within one year on initial recognf(ion and which meet the above conditions are rneasured '* the undi5counled amount of the cash or other onsideralion expected to be paid or reived, net of impaiment. With the exception of some hedging instrunEnls. other debt instruments not megting these conditions are measured at fair value through profrt or loss. Commitments to make and receive loans which meet the condition$ menlroned above are measud at cost Iwhieh may be nil) less impainnent. Investments Investrnenls in non<onvertible preference shares and non-puttable ordinary or preference shares (where shares are publicty traded or their fair value is liablY measurable) are measured at fair value through profft or loss. whe fair value cannot be measured reliably, investments aro measured at cost less impainnent. Investments in subsidiaries and associates are measured at cost less impairment. For investments in subsidiaries acquired for consideration including the issue of shaS qualifying for merger relief. eost is measured by reference lo the nominal value of the shares issued plus fair value of other consideration. Any premium is ignored. Page 15
The Burton at Bideford Notes to the Financial Statements for the Year Ended 31 March 2024 3 Income from donatlons andlggacles Unrestricted funds General Total 2024 Total 2023 Donations and legacies: Donations from companies. trusts and similar proceeds Donations from individu81s Grants, including capital grants- Grants from other charities Regular giving and caprtal donations 15,000 7,423 15.000 7,423 20,000 5,282 96,288 2,333 121,044 96.288 2,333 121,044 90,138 6,460 121,880 4 Incomo from charitsble activities Unrestricted fund$ General Total 2024 Total 2023 Running of the gallery and museum Tax relief 140,430 22,654 140,430 22,654 163,084 143,672 15,380 159,052 163.084 5 Income from other trading activities Unrestrfeted funds General Total funds Total 2023 Trading income.. Workshops and room hire Events income., Fundraising Cafe fental and services 31.275 31.275 17,473 20,000 25,968 20.000 25.968 15,159 25,156 57,788 77,243 77.243 6 Investment Income Unrestricted funds Ggneral Total 2024 Total 2023 Other investment incorne 3,271 3,271 1,332 Page 16
The Burton at Bldeford Notes to the Financlal Statements for the Year Ended 31 March 2024 7 othor Income Unrestrlcted funds General Totsl 2024 Totsl 2023 Income from tr&ling subsidiary Profil donated lo parent eharily by Grfl Aid Advertising income 32,847 38,010 32,847 38,010 29,167 53,526 300 70,857 70,857 82,993 8 EXpendIre OTr charitable actlvltiès Unrestrrctgd funds Ggneral Total 2024 Total 2023 Not• Running of the gallery and museum Stsff costs Allocated support costs 127.029 225.224 66,887 419,140 127,029 225,224 66,887 111.150 227,823 70.752 419,140 409.725 Page 17
The Burton at Bideford Notes to the Financial Statements for the Year Ended 31 March 2024 9 Analysls of 8UPPOrt costs Support costs alloutgd to charitable activitios 2024 2023 Stsff costs Premises Communications and IT General off Govemance costs 2,606 19,991 7,153 32,395 4,742 5,675 14,907 7,460 36.056 6,654 Total for 2024 66,887 70,752 10 Net Incomlngloutgolng resources Net incoming resources lor the year include= 2024 2023 Depreciation of fixed assets 7.720 7,400 11 Trusteos remuneration and expenses No trustees, nor any persons connected wlh them, have reiVed any remuneration from the charty during the year. Travel expenses lotalling £012023 - £0) were reimbursed to trustees during thg year. No twstees have received any other benefits from the charity during the year. 12 Staff costs The aggregate payroll cost8 were as follows: 2024 2023 Staff costs durlng the year were: Wag8s and salaries Social security costs Pension costs Other staff costs 195,678 7.362 18,435 3,549 199,470 8,259 17,351 2.743 225,224 227,823 Page 18
The Burton at Bideford Notes to the Flnanclal Statements for the Year Ended 31 March 2024 The monthly average number of persons lincluding $enior management I leadership team) employed by the charity during the year vrds as follows.. 2024 No 11 2023 No 11 Number of staff The average nUMr of full-time equivalent employees during the year was 7 {2023- n. No employee received emoluments ol more than £60,000 during the year. 13 Taxatlon The charty is a registered charity and is therefo exempt from taxation. 14 Tanglblg flxed 885ets Furniturg and equipment Land and bulldings Total At 1 April 2023 Addttions 6,685 69,435 3,942 76,120 3.942 At 31 March 2024 6,685 73,377 80,062 Depreciatlon At 1 April 2023 Charge for the year At 31 Mah 2024 2,108 574 54,989 7.146 57,097 7.720 2,682 62.135 64,817 Net book valua At 31 March 2024 4,003 11.242 15,245 At 31 March 2023 4.577 14,446 19,023 Page 19
The Burton at Bideford Notss to the Financial Statements for the Year Ended 31 March 2024 15 HerStagg assets Art Total Cost At 1 April 2023 At 31 March 2024 43,562 43,562 43,S62 43.562 Deprecialion At 31 Mar¢h 2024 Net book value At 31 March 2024 43,562 43,562 In compliance with the Charity SORP {FRS1021, newly purchased or restored heritage assets are inf(ially capitslised and included at cost induding any incidental expenses of aul$Ll10n and are subsequently revlewed annually for impairment. Summary of transactions 2023 2022 2021 2018 Purcha585 and additions Wilhelmina Bams-Graham Trust Prints Rawlv)us Photo Collection Paul Lewin Artsyotk Connor Coulston Ceramics Michelie Shields Ceramics 2,050 39.100 1,200 702 510 Total additions 1,212 1,200 39.100 2,050 16 Fixed asset Investments 2024 2023 Shares in group undertakings and partlClP8ting interests Other investments 100 1,125 100 1,125 1,225 1,225 Page 20
The Burton at Bldeford Notes to the Financlal Statements for the Year Ended 31 March 2024 Shares in group undertaklngs and partlclpatlng Intergsts Subsldlary undertaklngs Total At 1 April 2023 At 31 March 2024 100 100 100 100 Ngt book value At 31 March 2024 100 100 At 31 March 2023 100 100 Other investments Unllsted Investmènts Totsl Cost or Valuatlon At 1 April 2023 At 31 March 2024 1.125 1,125 1,125 1.125 Not book value At 31 March 2024 1,125 1.125 At 31 March 2023 1.125 1.125 Dotalls of tsndgrtaklngs Details of the investments in which the charity holds 200h or more of the norninal value of any class of share capital are as follows.. Country of incorporation Undertaking Proportion of vt)tlng rlghts and 8hare$ held 2024 2023 Holdlng Prlncipal activty The Burton Enterprises Limrted Retail sales England and Wales Ordinary shares 100% 100% commercial art galleries Page 21
The Burton at Bideford Notes to the Financial Statements for the Year Ended 31 March 2024 17 Debtors 2024 2023 Trade debtors Due from group undertakings PfepayTnenls Other debtors 7,620 26.805 5,807 24.236 5,190 34,325 6,469 15,380 64.468 61,364 18 Credltors: amounts falling due withln one year 2024 2023 Trade creditors Other tsxation and social security Other creditors Accruals 17.852 4,591 28,812 6.271 21,487 4,120 12,199 4,484 57.526 42,290 19 Penslon and other s¢hernes Dgflnod contrlbutlon penslon scheme The charity operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the charty to the scheme and amounted to £18,435 12023 £17,351). Page 22
The Burton at Bldeford Notes to the Financial Ststements for the Yoar Ended 31 March 2024 20 Funds 8alanc8 at 31 March 2024 Balance at 1 Aprll 2023 Incoming resources Resources expended UnrtrICted funds Genéral General Funds 223,214 435.499 1419,140) 239,573 Deslgnatad Designated Funds Total unrestri¢tod funds 43,562 43,562 266.776 435,499 (419,1401 283,135 Restricted funds BrKlge Trust 5,000 5.000 Totsl funds 271.776 435,499 (419,140 288,135 Balance at 1 April 2022 Balance at 31 March 2023 Incoming Resources resourc8S expended Transfers Unrgstricted funds General General Funds 258.456 418.045 1409.725) (43.562 223,214 Deslgnated Designated Funds Totsl unrestrlcted funds 43,562 43,562 258,456 418,045 (409,725) 266,776 Restri¢tod lunds Bridge Trust 5,000 s.000 Totsl funds 258,456 423,045 409,725 271,776 The specific purposes for which the fvnds are to b8 applied are as follows- The designated funds represent the value of the charivs Heritage Assets and are specifically identtFied by the Trustees to show that that part of the reserves is held for the ongoing benefft of the eharjty and its audiences and so is not availabl8 to be spent on the daily operations of the eharity. The grant from The Bridge Trust is to be spent on proj9Ct costs concernin9 the historic Bef0rd Wftches. Page 23
The Burton at Bideford Notes to the Financial Statements for the Year Ended 31 March 2024 21 Analysis of net assets betwèen funds Unrestrictsd funds General Totsl funds at 31 March 2024 Rostricted fundg Tangible fixed a88et8 Heritage assets Fixed asset investments Current assets Current liabilities 15,245 43.562 1,225 280,629 157,526} 283,135 15,245 43,562 1,225 285,629 157,5261 288,135 5,000 Totsl net assets 5,000 Unrestricted funds General Total funds at31 March 2023 Restrlcted funds Tangible fixed assets Heritsge assets Fixed asset investments Current assets Current liabilities 19,023 43,562 1,225 245.256 142,290 266,776 19,Q23 43,562 1,225 250,256 142,290 271.776 5,000 Tolal nel assets 5,000 22 Relatad party iransactions During the year the charity made the following related paty transactions.. The Burton Enterprlses Ltd During the year, costs of £32.847 12023 £29,167) were recharged to the charity's subsidiary, The Burton Enterprises Limited. At the balance sheet dale the amount due from The Burton Enterprises Ltd was £26,805 12023 £34.3251. Page 24