**CHARITY REGISTRATION NUMBER: 1169969**
## **The Ilfracombe Museum Trust CIO Unaudited Financial Statements 31 December 2022**
**WESTCOTTS**
Chartered Accountants 47 Boutport Street Barnstaple Devon EX31 1SQ
## **The Ilfracombe Museum Trust CIO**
## **Financial Statements**
## **Year ended 31 December 2022**
||**Pages**|
|---|---|
|Trustees' annual report|**1 to 4**|
|Independent examiner's report to the trustees|**5**|
|Statement of financial activities|**6**|
|Statement of financial position|**7**|
|Notes to the financial statements|**8 to 18**|
## **The Ilfracombe Museum Trust CIO**
## **Trustees' Annual Report**
## **Year ended 31 December 2022**
The trustees present their report and the unaudited financial statements of the company for the year ended 31 December 2022.
## **Reference and administrative details**
|**Registered charity name**|The Ilfracombe Museum Trust|CIO|
|---|---|---|
|**Charity registration number**|1169969||
|**Principal office**|The Ilfracombe Museum||
||Wilder Road||
||Ilfracombe||
||EX34 8AF||
||Devon||
|**The trustees**|J Dendle||
||J Monger||
||K Farndell||
||N Mollart||
||P Carpenter||
||S Carpenter||
||S Humphreyson||
||D Welch|(Appointed 28 September 2022)|
||V Jephcote|(Resigned 12 September 2022)|
||L Scott|(Appointed 26 April 2023)|
|**Independent examiner**|Catherine Williams FCA DChA||
||Westcotts (SW) LLP||
||47 Boutport Street||
||Barnstaple||
||Devon||
||EX31 1SQ||
**1**
## **The Ilfracombe Museum Trust CIO**
## **Trustees' Annual Report** _**(continued)**_
## **Year ended 31 December 2022**
## **Structure, governance and management**
## Governing Document
The Museum was established by Constitution dated 1st November 2016.
## Organisational structure
The museum is governed by Trustees, and the daily running cared for by the Manager and Front of House (both of whom are paid), Finance Committee, Duty Manager and front desk staff, plus a small group of loyal volunteers.
## Trustee selection method
Trustee selection, appointment, retirement and removal of Trustees is determined by the 2019 Constitution and any subsequent amendments agreed by Trustees.
## Risk Management
The Trustees have reviewed the major risks to which the charity is exposed, in particular those related to the operations and finances of the charity and are satisfied that systems are in place to mitigate our exposure to those major risks.
## **Objectives and activities**
The aims of Ilfracombe Museum are to hold in trust, display and conserve objects and records acquired since establishment on 1932, for the educational benefit of Ilfracombe's residents and visitors, in accordance with the Constitution dated 3 July 2019.
## Public Benefit
When planning our activities for the year the Trustees have considered the Charity Commission's guidance on public benefit and in particular the specific guidance on charities providing knowledge and education.
Planned activities take account of the necessity of the charity to provide a public benefit, in particular allowing access to the objects held at the museum to students, schools and other educational establishments for their educational benefit.
## **Achievements and performance**
## 2022
The first half of the new year centred around a staff changeover. At the end of January, 2022, Lindsay Armstrong was appointed to the post of Front of House. Lindsay had formerly been a voluntary Archivist with us and we welcomed her many heritage-based talents re-joining our Staff team. This was followed by our Museum Manager, Sara Wilson, leaving us to take up employment at the Pickwell Foundation supporting displaced people. Sara had been involved in this work as a volunteer and we wish her well in this new and important venture. The handover process was clearly defined and vital financial roles were passed over to Lindsay and the Trustees’ Finance Committee.
The Trustees viewed the staff changes as an opportunity to redefine and adjust some of our accepted practice. For a long time, we had wished to open on Sundays with the intention of seeking to attract a greater involvement of local families, and hopefully encouraging repeat visits and long-term engagement. For some, Sunday is the only time when a young family can actively be involved in our museum, and in a tourist town, it is imperative that we provide a valuable wet weather facility. Currently, 85% of our admissions are from day trippers and tourists.
**2**
## **The Ilfracombe Museum Trust CIO**
## **Trustees' Annual Report** _**(continued)**_
## **Year ended 31 December 2022**
To facilitate our vision of opening for 7 days a week, we increased the number of staff days to 9 per week, and introduced salaried payments to reduce extra holiday pay. The nine days were allocated to: - F.O.H / Administrator – 4 days, Collections Officer – 3 days, and Engagement Officer 2 days. The staffing strategy included staff holiday absences to be covered by other staff members, giving a considerable saving.
An Autumn review of the year to date, showed that sales were up on 2021 where a fair comparison could be drawn. Sunday opening had been a success after a slow start, and with more local awareness, might go some way to achieving our aims of increased footfall, increased income and greater engagement with local families
October is the only month where sales figures are down, by 10%. June was up by 32% overall sales (£25,015 compared to £18,928)
When comparing with our own figures for same period 2020, 2021, 2022. There were some losses, as to be expected, but figures are improving and our reserves are still in line with our revised policy.
An overall comparison with other UK independent museums were favourable.
## **Financial review**
During the year ended 31[st] December 2022, income totalled £40,076 (2021: £42,649).
Expenditure decreased from £66,673 to £50,702. The increase is mainly as a result of the additional costs incurred for the Stay Curious restricted fund incurred in 2021.
As at 31[st] December 2022, the charity held unrestricted reserves of £53,374 (2021: £58,827) which includes fixed assets of £1,888 (2021: £1,874). Restricted funds totalling £44,187 (2021: £49,360) were held by the charity.
## **2023**
In early 2023 it was reported that our finances were down over the last 12 months, probably due to extra power prices, inflation, increased staff costs and general cost-of-living costs. April 25[th] , 2023 - £88,500 in our bank account April 25[th] , 2022 £97,000, so £8,500 down. Our reserves are approximately £38,000. If we assume £65,000 annual operational costs, then our reserves are about 58% of annual costs.
A new idea discussed by Trustees, Staff and Volunteers was to make a serious effort to increase legacies gifted to the Museum, and although it is a long-term strategy, our Museum is well-respected within the community. It is hoped that a sensitive reminder to those making a will might encourage some extra funding.
At the time of writing, our major financial concern is electricity costs. When our smart meter was eventually fitted after many delays, the estimated bills for the previous months did not cover revised amounts and we found this a major drain on our funds. We have been on two year fixed-term contracts for gas (February 2022) and electricity (April 2022) but the costs are well in excess of the predicted billing. We successfully applied for the Government’s ‘Energy and Trade Intensive Industries’ grant scheme but this does not appear to have made any difference to our bills. This will need further investigations.
**3**
## **The Ilfracombe Museum Trust CIO**
## **Trustees' Annual Report** _**(continued)**_
## **Year ended 31 December 2022**
25/10/2023 The trustees' annual report was approved on .............................. and signed on behalf of the board of trustees by:
Nick Mollart Trustee
**4**
## **The Ilfracombe Museum Trust CIO**
## **Independent Examiner's Report to the Trustees of The Ilfracombe Museum Trust CIO**
## **Year ended 31 December 2022**
I report to the trustees on my examination of the financial statements of The Ilfracombe Museum Trust CIO ('the company') for the year ended 31 December 2022.
## **Responsibilities and basis of report**
As the trustees of the company you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the company's financial statements carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
## **Independent examiner's statement**
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
1. accounting records were not kept in respect of the company as required by section 130 of the Act; or
2. the financial statements do not accord with those records; or
3. the financial statements do not comply with the applicable requirements concerning the form and 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.
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.
Catherine Williams FCA DChA Westcotts (SW) LLP Independent Examiner 47 Boutport Street Barnstaple Devon EX31 1SQ
**5**
## **The Ilfracombe Museum Trust CIO**
## **Statement of Financial Activities**
## **Year ended 31 December 2022**
||||**2022**||2021|
|---|---|---|---|---|---|
|||Unrestricted|Restricted|||
|||funds|funds|**Total funds**|Total funds|
||**Note**|**£**|**£**|**£**|£|
|**Income and endowments**||||||
|Donations and legacies|**4**|28,724|909|29,633|34,290|
|Charitable activities|**5**|7,750|–|7,750|5,934|
|Other trading activities|**6**|–|–|–|325|
|Other income|**7**|2,693|–|2,693|2,100|
|||────────|───────|────────|────────|
|**Total income**||39,167|909|40,076|42,649|
|||════════|═══════|════════|════════|
|**Expenditure**||||||
|Expenditure on raising funds:||||||
|Costs of raising donations and||||||
|legacies|**8**|2,585|–|2,585|3,640|
|Expenditure on charitable activities|**9,10**|42,518|5,599|48,117|63,033|
|||────────|───────|────────|────────|
|**Total expenditure**||45,103|5,599|50,702|66,673|
|||════════|═══════|════════|════════|
|||────────|───────|────────|────────|
|**Net expenditure**||(5,936)|(4,690)|(10,626)|(24,024)|
|||════════|═══════|════════|════════|
|Transfers between funds||483|(483)|–|–|
|||────────|───────|────────|────────|
|**Net movement in funds**||(5,453)|(5,173)|(10,626)|(24,024)|
|**Reconciliation of funds**||||||
|Total funds brought forward||58,827|49,360|108,187|132,211|
|||────────|────────|─────────|─────────|
|**Total funds carried forward**||53,374|44,187|97,561|108,187|
|||════════|════════|═════════|═════════|
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
**The notes on pages 8 to 18 form part of these financial statements.**
**6**
## **The Ilfracombe Museum Trust CIO**
## **Statement of Financial Position**
## **31 December 2022**
|||**2022**|2021|
|---|---|---|---|
||**Note**|**£**|£|
|**Fixed assets**||||
|Tangible fixed assets|**16**|1,888|1,874|
|**Current assets**||||
|Stocks|**17**|1,998|1,109|
|Debtors|**18**|210|353|
|Cash at bank and in hand||95,098|105,551|
|||────────|─────────|
|||97,306|107,013|
|**Creditors: amounts falling due within one year**|**19**|1,633|700|
|||────────|─────────|
|**Net current assets**||95,673|106,313|
|||────────|─────────|
|**Total assets less current liabilities**||97,561|108,187|
|||────────|─────────|
|**Net assets**||97,561|108,187|
|||════════|═════════|
|**Funds of the charity**||||
|Restricted funds||44,187|49,360|
|Unrestricted funds||53,374|58,827|
|||────────|─────────|
|**Total charity funds**|**22**|97,561
════════|108,187
═════════|
These financial statements were approved by the board of trustees and authorised for issue on ........................, and are signed on behalf of the board by: 25/10/2023
Nick Mollart Trustee
**The notes on pages 8 to 18 form part of these financial statements.**
**7**
## **The Ilfracombe Museum Trust CIO**
## **Notes to the Financial Statements**
## **Year ended 31 December 2022**
## **1. General information**
The company is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is The Ilfracombe Museum, Wilder Road, Ilfracombe, EX34 8AF, Devon.
## **2. Statement of compliance**
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Charities Act 2011.
## **3. Accounting policies**
## **Basis of preparation**
The financial statements have been prepared on the historical cost basis.
The financial statements are prepared in sterling, which is the functional currency of the entity.
## **Going concern**
There are no material uncertainties about the charity's ability to continue.
## **Disclosure exemptions**
Under the Charities SORP (FRS 102), the charity is classed as a small charity and has therefore taken the exemption from the requirement to prepare a cashflow statement.
**8**
## **The Ilfracombe Museum Trust CIO**
## **Notes to the Financial Statements** _**(continued)**_
## **Year ended 31 December 2022**
## **3. Accounting policies** _**(continued)**_
## **Fund accounting**
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.
Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.
Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
## **Incoming resources**
All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:
- income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
- legacy income is recognised when receipt is probable and entitlement is established.
- income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers.
- income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
**9**
## **The Ilfracombe Museum Trust CIO**
## **Notes to the Financial Statements** _**(continued)**_
## **Year ended 31 December 2022**
## **3. Accounting policies** _**(continued)**_
## **Resources expended**
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
- expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods.
- expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
- other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
## **Tangible assets**
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
## **Depreciation**
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|Fixtures and fittings|-|25% straight line|
|---|---|---|
|Cases, heat and light system|-|Evenly until end of existing lease, 6 years for Science at the|
|||Seaside|
## **Impairment of fixed assets**
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
**10**
## **The Ilfracombe Museum Trust CIO**
## **Notes to the Financial Statements** _**(continued)**_
## **Year ended 31 December 2022**
## **3. Accounting policies** _**(continued)**_
## **Impairment of fixed assets** _**(continued)**_
For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
## **Stocks**
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
## **Government grants**
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.
Where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
## **Financial instruments**
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.
Debt instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised.
## **Defined contribution plans**
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
**11**
## **The Ilfracombe Museum Trust CIO**
## **Notes to the Financial Statements** _**(continued)**_
## **Year ended 31 December 2022**
## **3. Accounting policies** _**(continued)**_
## **Defined contribution plans** _**(continued)**_
When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises.
## **4. Donations and legacies**
||Unrestricted|Restricted|**Total Funds**|
|---|---|---|---|
||Funds|Funds|**2022**|
||£|£|**£**|
|**Donations**||||
|Admission fees|24,519|–|24,519|
|Donations|2,584|–|2,584|
|**Grants**||||
|Grants receivable|150|909|1,059|
|Government grant income|1,471|–|1,471|
||────────|───────|────────|
||28,724|909|29,633|
||════════|═══════|════════|
||Unrestricted|Restricted|Total Funds|
||Funds|Funds|2021|
||£|£|£|
|**Donations**||||
|Admission fees|17,223|–|17,223|
|Donations|3,775|–|3,775|
|**Grants**||||
|Grants receivable|9,200|2,823|12,023|
|Government grant income|1,269|–|1,269|
||────────|───────|────────|
||31,467|2,823|34,290|
||════════|═══════|════════|
## **5. Charitable activities**
|||Unrestricted|**Total Funds**|Unrestricted|Total Funds|
|---|---|---|---|---|---|
|||Funds|**2022**|Funds|2021|
|||£|**£**|£|£|
||Shop income|7,750|7,750|5,934|5,934|
|||═══════|═══════|═══════|═══════|
|**6.**|**Other trading activities**|||||
|||Unrestricted|**Total Funds**|Unrestricted|Total Funds|
|||Funds|**2022**|Funds|2021|
|||£|**£**|£|£|
||Fundraising events|–|–|325|325|
|||════|════|════|════|
**12**
## **The Ilfracombe Museum Trust CIO**
## **Notes to the Financial Statements** _**(continued)**_
## **Year ended 31 December 2022**
## **7. Other income**
||Unrestricted|**Total Funds**|Unrestricted|Total Funds|
|---|---|---|---|---|
||Funds|**2022**|Funds|2021|
||£|**£**|£|£|
|Other income - special activities|1,235|1,235|624|624|
|Friends subscriptions|1,458|1,458|1,476|1,476|
||───────|───────|───────|───────|
||2,693|2,693|2,100|2,100|
||═══════|═══════|═══════|═══════|
|**Costs of raising donations and legacies**|||||
||Unrestricted|**Total Funds**|Unrestricted|Total Funds|
||Funds|**2022**|Funds|2021|
||£|**£**|£|£|
|Shop costs|2,585|2,585|3,640|3,640|
||═══════|═══════|═══════|═══════|
|**Expenditure on charitable activities by fund type**|||||
|||Unrestricted|Restricted|**Total Funds**|
|||Funds|Funds|**2022**|
|||£|£|**£**|
|Museum||40,646|5,599|46,245|
|Designated fund - Lundy room||–|–|–|
|Support costs||1,872|–|1,872|
|||────────|───────|────────|
|||42,518|5,599|48,117|
|||════════|═══════|════════|
|||Unrestricted|Restricted|Total Funds|
|||Funds|Funds|2021|
|||£|£|£|
|Museum||29,885|28,826|58,711|
|Designated fund - Lundy room||3,622|–|3,622|
|Support costs||700|–|700|
|||────────|────────|────────|
|||34,207|28,826|63,033|
|||════════|════════|════════|
## **8. Costs of raising donations and legacies**
## **9. Expenditure on charitable activities by fund type**
## **10. Expenditure on charitable activities by activity type**
||Activities||||
|---|---|---|---|---|
||undertaken||**Total funds**|Total fund|
||directly Support costs||**2022**|2021|
||£|£|**£**|£|
|Museum|46,245|–|46,245|58,711|
|Designated fund - Lundy room|–|–|–|3,622|
|Governance costs|–|1,872|1,872|700|
||────────|───────|────────|────────|
||46,245|1,872|48,117|63,033|
||════════|═══════|════════|════════|
**13**
## **The Ilfracombe Museum Trust CIO**
## **Notes to the Financial Statements** _**(continued)**_
## **Year ended 31 December 2022**
|**11.**|**Analysis of support costs**||||
|---|---|---|---|---|
|||**Total 2022**|Total|2021|
|||**£**||£|
||Independent examination and accountancy fees|1,872||700|
|||════||════|
|**12.**|**Net expenditure**||||
||Net expenditure is stated after charging/(crediting):||||
|||**2022**|2021||
|||**£**||£|
||Depreciation of tangible fixed assets|469|5,148||
|||════|═══════||
|**13.**|**Independent examination fees**||||
|||**2022**|2021||
|||**£**||£|
||Fees payable to the independent examiner for:||||
||Independent examination of the financial statements|1,872||700|
|||═══════||════|
|**14.**|**Particulars of employees**||||
||The total staff costs and employee benefits for the reporting period are analysed as||follows:||
|||**2022**|2021||
|||**£**||£|
||Wages and salaries|25,953|24,044||
||Employer contributions to pension plans|260||–|
|||────────|────────||
|||26,213|24,044||
|||════════|════════||
The average head count of employees during the year was 3 (2021: 2).
No employee received employee benefits of more than £60,000 during the year (2021: Nil).
## **15. Trustee remuneration and expenses**
No remuneration or expenses was paid to the Trustees (2021: £Nil)
**14**
## **The Ilfracombe Museum Trust CIO**
## **Notes to the Financial Statements** _**(continued)**_
## **Year ended 31 December 2022**
## **16. Tangible fixed assets**
||||Cases, heat||
|---|---|---|---|---|
|||Fixtures and|and light||
|||fittings|system|**Total**|
|||£|£|**£**|
||**Cost**||||
||At 1 January 2022|2,787|19,794|22,581|
||Additions|483|–|483|
|||───────|────────|────────|
||**At 31 December 2022**|3,270|19,794|23,064|
|||═══════|════════|════════|
||**Depreciation**||||
||At 1 January 2022|913|19,794|20,707|
||Charge for the year|469|–|469|
|||───────|────────|────────|
||**At 31 December 2022**|1,382|19,794|21,176|
|||═══════|════════|════════|
||**Carrying amount**||||
||**At 31 December 2022**|1,888|–|1,888|
|||═══════|════════|════════|
||At 31 December 2021|1,874|–|1,874|
|||═══════|════════|════════|
|**17.**|**Stocks**||||
||||**2022**|2021|
||||**£**|£|
||Finished goods||1,998|1,109|
||||═══════|═══════|
|**18.**|**Debtors**||||
||||**2022**|2021|
||||**£**|£|
||Prepayments and accrued income||210|353|
||||════|════|
|**19.**|**Creditors:** **amounts falling due within one year**||||
||||**2022**|2021|
||||**£**|£|
||Accruals and deferred income||1,440|700|
||Social security and other taxes||193|–|
||||───────|────|
||||1,633|700|
||||═══════|════|
|**20.**|**Pensions and other post retirement benefits**||||
## **Defined contribution plans**
The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £260 (2021: £Nil).
**15**
## **The Ilfracombe Museum Trust CIO**
## **Notes to the Financial Statements** _**(continued)**_
## **Year ended 31 December 2022**
## **21. Government grants**
The amounts recognised in the financial statements for government grants are as follows:
||**2022**|2021|
|---|---|---|
||**£**|£|
|Recognised in income from donations and legacies:|||
|Government grants income|1,471
═══════|1,269
═══════|
## **22. Analysis of charitable funds**
## **Unrestricted funds**
|**Unrestricted funds**||||||
|---|---|---|---|---|---|
||At||||**At**|
||1 January||||**31 December**|
||2022|Income|Expenditure|Transfers|**2022**|
||£|£|£|£|£|
|General funds|57,827|39,167|(45,103)|483|52,374|
|Lundy Room and||||||
|Specific Projects|–|–|–|–|–|
|Edna Baker legacy|1,000|–|–|–|1,000|
||────────|────────|────────|────|────────|
||58,827|39,167|(45,103)|483|53,374|
||════════|════════|════════|════|════════|
||At||||At|
||1 January||||31 December|
||2021|Income|Expenditure|Transfers|2021|
||£|£|£|£|£|
|General funds|54,255|38,826|(36,186)|932|57,827|
|Lundy Room and||||||
|Specific Projects|1,661|–|(1,661)|–|–|
|Edna Baker legacy|–|1,000|–|–|1,000|
||────────|────────|────────|────|────────|
||55,916
════════|39,826
════════|(37,847)
════════|932
════|58,827
════════|
General funds represent the funds of the museum that are not subject to any restrictions regarding their use and are available for application to the general purpose of the running costs of the museum etc.
The designated fund was established in 1998 when £80,000 was received from the National Lottery. This unrestricted money was spent on a Lundy exhibition, and equipment for the whole museum. The fund represents the net book value of the equipment after charging depreciation in the period since the assets were acquired.
During 2021 the Edna Baker legacy was transferred to designated funds, there are no restrictions on its use. However the Trustees have designated that the Edna Baker fund will be used towards the archive.
**16**
## **The Ilfracombe Museum Trust CIO**
## **Notes to the Financial Statements** _**(continued)**_
## **Year ended 31 December 2022**
## **22. Analysis of charitable funds** _**(continued)**_
## **Restricted funds**
|**Restricted funds**||||||
|---|---|---|---|---|---|
||At||||**At**|
||1 January|||**31**|**December**|
||2022|Income|Expenditure|Transfers|**2022**|
||£|£|£|£|£|
|Bid Writing Cost|2,000|–|–|–|2,000|
|Rotary Interpretation||||||
|Boards|334|–|–|–|334|
|£10k Appeal|3,408|–|–|–|3,408|
|Bookshop Mannequins|500|–|(426)|–|74|
|Electricity|12,666|–|(4,773)|–|7,893|
|Friends Bank|1,942|–|–|–|1,942|
|Building|28,387|–|–|–|28,387|
|Stay Curious|123|–|–|–|123|
|UKCRF Promoting||||||
|innovation &||||||
|entrepreneurship project|–|909|(400)|(483)|26|
||────────|───────|───────|────|────────|
||49,360|909|(5,599)|(483)|44,187|
||════════|═══════|═══════|════|════════|
||At||||At|
||1 January|||31|December|
||2021|Income|Expenditure|Transfers|2021|
||£|£|£|£|£|
|Bid Writing Cost|2,000|–|–|–|2,000|
|Rotary Interpretation||||||
|Boards|334|–|–|–|334|
|£10k Appeal|3,408|–|–|–|3,408|
|Bookshop Mannequins|500|–|–|–|500|
|Electricity|13,546|–|(880)|–|12,666|
|Friends Bank|1,942|–|–|–|1,942|
|Building|30,664|–|(2,277)|–|28,387|
|Stay Curious|23,901|2,823|(25,669)|(932)|123|
|UKCRF Promoting||||||
|innovation &||||||
|entrepreneurship project|–|–|–|–|–|
||────────|───────|────────|────|────────|
||76,295
════════|2,823
═══════|(28,826)
════════|(932)
════|49,360
════════|
**17**
## **The Ilfracombe Museum Trust CIO**
## **Notes to the Financial Statements** _**(continued)**_
## **Year ended 31 December 2022**
## **22. Analysis of charitable funds** _**(continued)**_
The Ilfracombe Rotary Grant is to be used for Interpretation boards and costs for Bid Writing.
The museum has plans to enlarge the building so they can display more of their collection and provide more research and educational facilities, to fund this in 2017 they launched their £10k appeal.
The museum previously received a legacy of £40,000 in the year ending December 2017 from Mr John Slocombe for the maintenance of the building.
The electricity compensation received from North Devon Council is to be used for future electricity costs.
The Stay Curious fund was received with the aim to develop a digital programme of activity working with local creatives.
## **23. Analysis of net assets between funds**
||Unrestricted|Restricted|**Total Funds**|
|---|---|---|---|
||Funds|Funds|**2022**|
||£|£|**£**|
|Tangible fixed assets|1,888|–|1,888|
|Current Assets|53,119|44,187|97,306|
|Creditors less than 1 year|(1,633)|–|(1,633)|
||────────|────────|────────|
|**Net assets**|53,283|44,278|97,561|
||════════|════════|════════|
||Unrestricted|Restricted|Total Funds|
||Funds|Funds|2021|
||£|£|£|
|Tangible fixed assets|1,874|–|1,874|
|Current Assets|57,653|49,360|107,013|
|Creditors less than 1 year|(700)|–|(700)|
||────────|────────|─────────|
|**Net assets**|58,827|49,360|108,187|
||════════|════════|═════════|
## **24. Transfers between funds**
During the year £483 was transferred from restricted funds to unrestricted as the restrictions placed upon the funds were lifted by the purchase of the fixed assets.
## **25. Related parties**
During the year ended 31 December 2022, the charity did not enter into any related party transactions (2021: £Nil).
**18**