Charfty regi81ralion number. 1169969 The Ilfracombe Museum Trust CIO Annual Report and Financkgl Statements for the Yeai Ended 31 Decernber 2023 WESTCOTTS CH*PT£ftED ACCOIIMTANTS & BUSIIIESS ADVISIRS
The Ilfracombe Museum Trust cio Contents (contlnued) Reference and Adminlstrdve Detslls Tnjslees. Report 2to5 Irvjependent Examln*s Report Statement of Flnanclal ActsvitSe8 Balance Sheet 18S to the Financial Statements 9t019
The Ilfracombe Museum Trust CIO Reference and Admlnlstratlve Detalls Truste•s: J D Dendle J E Monger K Famdell N Mdlart P Carpenter IresKJned 11 October 20231 S Carpenter F J Down (appointed 17 January 20241 S Humphreyson DJWd¢h L E Scotl lappolnted 26 April 2023 S Ferguson (appointed 17 January 20241 Charity Registration Number 1169969 PrSn¢lpal Office Wilder Road Ilfracombe Devon EX34 8AF Independent Examlner Weslcotts ISWI LLP 47 Boulport Street Barnstse Devon EX31 1SQ Pag¥ 1
The Ilfracombe Museum Trust CIO Trustees. Report The Iruslees present the annual report together wlh the ffinanaal statements of the charity for the year ended 31 December 2023. Structur•. goveman¢e and management N•ture of governlng document The Museum was established by Constitutn dated 1 st November 2016. Recrullmenl and appolnlmenl of tru$tee$ Trustees selection. appointment. retirement and reVe1 of Trustees is determined by the 2019 Constitutn and any subsequent amendments agreed by Trustees. Oryani5ational structu The museum is govemed 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 dk Staff. plus a small group of loyal voluntews. Rlsk Management The Trustees have reviewed the mapr risks to which the charity is exposed, in particular those related to Ihe operations a1 finanoes of the oharty and are satisfied that SyBlems are in place to mitigate our exposure lo those major rfsks. Objectives and activitie5 Objects and aims The aims of Ilfracombe Museum are to hokl in trust, display and nserve objects and records acquired since establishment on 1932. for the educational benefit of lIfraMbe'S resldents and visitors, in aOrdanCe with the Constitulk)n 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 irb particular the specific gukJan(* on charities providing knowledge and educallon. Planned activities take account of the necessity of the ¢h8rty to provide a public benefit, In particular allowing access to the objects held al the museum to $tsJdents, schools and other educational eslablishmenls for Iheir educational benefit. Page 2
The Ilfracombe Museum Trust CIO Trustees. Report (continued) Achlevements and perfornian¢è 2023 In eady 2023 it was reported that our finan3 were down over the last 12 monlhs, probably due to extra power prices, inflation, in(xeased staff costs and general cost-of-lwing costs. April 25th, 2023 - £88,500 in our bank acc(wnt April 25th, 2022 £97,QCQ, so £8,500 down. Our reserves are approximatsly £38,000. If we assume £65,000 annual operational costs, then our reserves are aboul 58% of annual costs. A new idea discussed by Trustee$, Stsff and Volunteers was to make a serious effort to increase legacies gified to the Museum, and although it is a long-lem) strategy, our Museum well-respecled within the community. It is hoped that a sensitive reminder lo those making a will mighl encourage some extra funding. One major financial con¢em is eleclricty costs. When our smart meter was eventually fitted after many delays, the estimated bllls for the previous months did not cover revL8ed amounts and we found this a major drain on our lunds. We have beerb on 0-year fixed-term contracts for gas (February 20221 and electricity {April 20221 but the costs are well in ex¢es8 of the predicied billing. We successfulty applied for the Government's 'Energy an(1 Trade Intensive Induslries. grant scheme but this does not appear to have made any difference to our bills. We continued to monitor the sllltalion with a vlew to the contracts ending in earty 2024. Wrfh the need lo finalise our business plan, there was much discussion during 2023 as lo the expected inrxjme streams. With the support of our ac(X)unts, the Trustees have prepared a detailed five year financial projection. It was also deuded to involve Stsff and Volunteers as well as Tnjstees in the formation of a business plan. We have a depth and range of talent among our 'Mu$eum Famil which wll enhance our business proposals. By the middle of the year, we were able lo reopen much of our entomology collection, housed in numerous small drawers. There had been some safety concems regarding some of the drawers and thanks to the Men's Shed. this imp)rtant part of our collection was once again open to the public. Autumn brought promise of a new Initia've for Illracombe in the fomi of a Cultural Plan for the town. with Ilfracombe Museum being an important p8rt of the proposals. Unfortunately, a bid for furHYlng the Initial plan had been rejected. However. the Town Plan suggested three possible relo¢alion 8lte3 for Qui museum. a building in the High Street. a new-build on the seafront and a recently empty church dose to the present museum location. All three have pros and cons, and each is likely lo be cosdy to buildlconvert lo provide adequate and appropriate space and ensure a sustainable future for Ilfrac£Jmbe Museum. With many declsions yet to be finalised, we are in dis¢u$sions with North Devon CouncAI to temporarily extend our lease beyond Deoember 2025 to allow for a sensible time scale lo secure OUT future. 2024 The first half of 2024 w88 dominated by discussions and our relocation and possible lease exlenslon invofvSng North Devon Counal, Ilfracombe Town Council, and Ilfracombe community stskeholders. Al present, we are worklng dosely with our Museum Devekjpment Officer and the Association of Independent Museums to engage some heritage consultancy lo assist relocation and seeking grants. Page 3
The Ilfracombe Museum Trust CIO Trustees. Report Icontlnued) Financè Generally, during 2023, our income has continued a downward trend, despite an increase in our visitor numbers. This highlights the need for increasing OUT income streams that would be possible th our relocatlon plans. Our lack of space restricts any slgnificant growth in fOard planning and in meeting the needs of today's expected museum standards and community partnershlps. We Continue lo closely monttor our financial situatwJn lo make the best use of our current Sltuation and seek new Vfdys to increase income. Financial revigw During the year ended 31 December 2023, inwne totalled £42,483 (2022.. £40,076). Expenditure increased from £50.702 to £60,495. The increBse is mainty as a result of the addlllonal costs incurred during the year, specifically around heal and Ilght. A5 at 31 December 2023, the Charity hebJ unreStred reserves of £35.362 {2022'. £53,374) whi¢h indudes fixed assets of £1.415 {2022: £1,888). Reslriclgd funds totalling £44,187 12022: £44,187) weTe hekj by the charity. Slatemenl of Trust99$' Rgsponsibilities The trustees are responsible for preparing the trustees, rewrt and the finawal statements in a¢¢ordance with the Uniled lfjngdom Accounting Standards (United Inj0M Generally Accepted A¢counling Practice) and applicable law and regulations. The law applicable to Charit8 requires the trustees lo prepare ffinanaI ststements for each ffinancial year which give a true and fair view of the stale of affairs of the charity and of the incoming resources and appli¢alion of resources of the charity for that period. In preparing these financial statements. the trustees are required lo.. select sullable accounting policies and then apply them consistently- observe the melhcxls and principles in the Charities SORP: make judgements and estimates that are re?$onable and prudent., stste whether applicable accounting standards have been followed. sublect to any material departures discbsed and explained in the finanaal ststements- and prepare the financial slalements on the going concern basis unless it is inappropriate lo presume that the charity will continue in business. The trustees are responsible for keeping proper auting records that disdose wlh reasonable accuracy al any lime the financial p05tbon of the charity and enable them to ensure that the financial statements comply wf(h the Charities Act 2011. the Charf(ies (Attounts and Reports) Regulallons 2008, and the provisions of the constitution. The trustees are also responsible for safeguarding the assets of the charity and hence for tsking reasonable steps for the prevenOn and detection of fraud and other irregularities. The trustees are responsible for Ihe maintenance and Integrity of the corporate and financAal Infom)alion induded on the charitable CoMpanS website. Legislation governing the preparation and dissemination of financkgl slalemen18 may differ from legislation in other jurisdictions. Page 4
The Ilfracombe Museum Trust CIO Trustees. Report (contlnued) 2811012024 The annual report was approved by the trustees of the charity on .................... and signed on its behalf by. N Mollart Trustee Page 5
The Ilfracombe Museum Trust CIO Independent Examlnerfs Report to the trustees of The Iifracombe Museum Trust CIO I report lo the trustees on my examination of the accounts of The IKracombe Museum Trust CIO for the year ended 31 D¢¢ember 2023. Responsibilities and basls of report As the charity trustees of The Ilfracombe Museum Trust CIO you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Acl'l. I report In respect of my examination of the Thellfracombe Museum Trust CIO'S accounts carried out under section 145 of the 2011 Act and in Carrying out my examination I have followed all the applicable Direolions gNen by the Charity Commission under seCtn 14515}Ibl of the Act. Independent examiner's statement I have completed my examination. I confim that no material matters have come to my attention in nnection wlh the examination giving me cause to believe that in any material fespecl.. 1. accounting recorrls were not kept in respect of The Ilfracombe Museum Trust CIO as required by secl¢on 130 of the Act., or 2. the accounts do not a¢wrd with those recor(Is; or 3. the accounts do not comply whh the accounting requirements concerning the form and content of aonIS sel out in the Charities IA¢wunls and Reports) Regulations 2008 other than any requirement that the accounts give a 'lrue and fair which is not a matter consideied as part of an independent &%amination. I have no concerns and have come aeross no other matters in connection wilh the examination to which attention should be drawn in this report in order to enable a proper understandlng of the accounts to be reached. Catherine Williams FCA DChA Independent Examiner Weslcolts ISWI LLP 47 Boulport Street Barnslaple Devon EX31 1SQ Page 6
The Ilfracombe Museum Trust cio Statement of Flnanclal Actlvltles for the Year Ended 31 December 2023 Unrestricted fund5 Restricted funds Total 2023 Total 2022 Note Income and Endowments from: th)natk)ns and legacies Other trading activities Other income 28,659 8,2 4.922 28,659 8.902 4,922 29,633 7,750 2,693 Total ino)me 42,483 42,483 40,076 Expenditure on: Raising fvnds Charitable activitie5 15,352) 55.143) (5,3521 155.143 {2,585} 48,117 Total expendire 60,495 160.4951 150,7021 Net expendiiure Net movement in funds 118,012 118,0121 {10.626} 118,012) 118.012} 110,626} Reconclllatlon of funds Total funds brought forward Total funds carried forward 17 53,374 44,187 97,561 108,187 97,561 35.362 44.187 79,549 JI of the charity's acliwlies derive from continuing operations during the above periods.. The funds breakdovm for 2022 Is Shown in note 17. The notes on pages 9 to 19 fomi an integral part of these financkil stslements. Page 7
The Ilfracombe Museum Trust CIO (Reglstratlon number: 1169969 Balance Sheèt as at 31 December 2023 2023 2022 Note Fixed assets Tangible assets Current asstts Stocks Debtors Cash al bank and in hand 12 1.415 1.888 13 14 1,736 214 77.798 79,748 1,614 1,998 210 95,098 97,306 1.633 Creditor5.' Amounts falling due within one year Net current assets 15 78.134 95,673 Net assets 79.549 97,561 Funds of the charity: Restricted income funds Restricted funds 44,187 44,187 Unrestrl¢ted income funds Unrestrided funds 35.362 53,374 Total funds 17 79,549 97,561 The finanaal statements on page5 7 to 19 were approved by the trustees. and aulhorised for issue on 2811012024 and signed on their behalf by. N Mollart Trustee The notes on pages 9 10 19 form an integral part of these financial statements. Page 8
The Ilfracombe Museum Trust CIO Notes to the Financial Statements for the Year Ended 31 December 2023 1 Accounting policies statement of compliance The financlal slalements have been prepared in a¢o)rdance with the second edithon of the chan&5 Statement of Recommended Practice issued in October 2019, the FinancAal Reporting Standard applicable in the United Ktyigdom and Republic of Ireland IFRS 102} and the Charities Act 2011. Basls of preparalion The Itfracombe Museum Tru81 CIO meets the definition of a public benefit entity under FRS 102. The ac£ounls (financial statements) have been prepared under the historical ¢ost convention with items recognised at cost or trar)sa¢tion value unless othepmse stated in the relevant notels} lo these aeLounts. The accounts have been prepared In 8terllnu lch is the lunctional currency of the ¢harity. Going concern The trustees consider that there are no material ut)certainties aboLrt the charivs ablllty lo contlnue as a going concem. Income and endowments Voluntary income induding donations, gifts, legacies and grants that provide core funding or are of 8 general nature 15 recognised when the charity has enlitlemenl to the income, it is probable that the income will be received and the amount CAn be measured with sufficient reliability. Donations and legacies Donations and legacies a recognSsed on a receivable basis when receipt is probable and the amjt can be reliably measured. Granls rnceivable Grants are recognlsed vthen the charity has an enliuemenl to the funds and any LL)ndilions linked to the grants have been met. Where performance wnditions are attached lo the grant and are yel lo be mel, the income is recognised as a liability and Included on the balance sheet as defer income to be released. Expenditure l expenditure is rewJnised onoe there is a legal or nstruCtive obligation lo that expenditure. it is probable settlement is required and the amount can be measured reliably. All costs are allo(ated to the applicable expenditure heading that aggregate similar costs to that category. Where ¢osls cannot be directly attributed to particular headings they have been allocated on a basis consislenl wth the use of resources, wtth central staff costs allocated on the basis of time spent. and depreciation charges allocated on the portion of the asset's use. Other support costs are allocated based on the spread of staff costs. Raising funds These are costs incued in attracting voluntary income, the management of investrnents and IIM)se incurred in trading acts'vilies that raise funds. Paw9
The Ilfracombe Museum Trust CIO Notes to the Financial Statements for the Year Ended 31 December 2023 (contlnued) Ch•rltable actlvltles Charitable expenditure comprises those costs incurred by the charty in the delivery of Its aCtIlieS and services for its beneficiaries. It includes both costs that can be allocated directly lo such activities and those costs of an indirect nature necessary lo support them. Government grants Govemment grants are recognised based on the accrual model and are measured al the fair value of the asset received or receivable. Grants are classified as relating either to revenue or lo assets. Grants relating lo revenue are recognlsed in income over the period in which the related ¢o$ts are recognised. Grants relallng lo assets are recognised over the expected useful life of the asset. Where part of a grant relating lo an asset is deferred, it is recognised as deferred income. Taxation The charity is consldered to pass the tests sel out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore meets the definition ol a charitable company foi UK wrporation tax puiposes. Ac¢ordingly, the charity is potentially exempt from taxatlon in respecl of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Ad 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable pUose8. Tangible fixed assets Individual fixed assets are inib'ally recorded at cost. less any subsequent auMUlated depreaalh)n and subsequent accumulated impairment losses. Depreciation and arnortisation Depreciation is provided on tangible fixed assets so a5 to write off the cost or valuation. less any estimated residual value, over their expected useful economic lrfe as follows.. As$et class Fixiures and fillings Depreciation method and rate 25% straight line Evenly until end of existing lease, 6 years for scien al the Seaslde Cases, heal and IKJht system Cash an(1 cash equivalents Cash and cash equivalents comprise cash on hand and call deposits, and other short-lerm highly liquid investments that are readi convertlble to a known amount of cash and are subject to an insignfficant risk of change in value. Fund structure Unrestricted income funds are general funds that are available for use at the trustees discretion in fvrtherance of the objectives of the charity. Designated funds are unrestricted funds earmarked by the twslees for a partlcular future project or commitment. Restricted incorTbe funds a those donated for use in a particular area or for specSfic purpo$e$, the use of which is restricted lo that area or purpose. Page 10
The Ilfracombe Museum Trust CIO Notes to the Flnancial Statements for the Year Ended 31 December 2023 (continued) Penslons and other p05t retirèmont obligatlons Contributions to defined contribution plans are recognised a8 an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayynent will lead to a reduction in future payments or a cash refijnd. When contributions are not expected lo be settled wholly within 12 months of the end of the T8Pn9 dale in which the employees render the related service. the liability is measured on a discounted piesenl value basis. The unwnding of the discount 1$ recognised as an expense in the perkjd in lch it arws. Flnancial instruments Classmlcation Financial assets and finanryal liabilities are recognised vthen the charity become$ a party lo the contractual provisions of the instwmenl. Financial liabllities and equity inslrurnent8 are classified acccding lo the substance of the contractual arrangemen15 entered into. An equity instrument is any contract that evidenL8 a residu81 Interest in the assets of the charity after deducting all of its liabiles. Page 11
The Ilfracombe Museum Trust CIO Notes to the Financial Ststements for the Year Ended 31 December 2023 (continued) 2 Income from donations and legacies Unrestrlcted funds Ggneral Total 2023 Donation5 Admission fees Donat$ Grants Grants receivable 25,291 2.275 25,291 2.275 1.093 1,093 28.659 28,659 Unrestricted funds General Restricted funds Total 2022 Donations Admission fee8 Donations Grants Government grants Grants receSvable 24.519 2,584 24,519 2,584 1,471 150 1,471 1,059 29,633 28,724 SYJ9 3 Income from other trading actlvltlos Unrestrict•d funds General Total 2023 Shop income 8.902 8,902 8.902 8,902 Unrestri¢t¢d funds General Total 2022 Shop income 7,750 7,750 7,750 7.750 Page 12
The Ilfracombe Museum Trust cio Notes to the Flnanclal Statements for the Year Ended 31 December 2023 (contlnued) 4 Other income Unrestricted funds General Total 2023 Other inwme- special athitie5 Friends Subscriptions 970 1,271 2.241 970 1.271 2.241 Unrestricted fund$ General Total 2022 Other income - Spe81 aclNlties FrieThJs subscriptlons 1,235 1,458 2.693 1,235 1,458 2.693 S Expendlture on raising fund$ a) Costs of tradin9 acliviti8s Unrestrlcted funds General Total 2023 Shop ¢*8ts 5,352 5,352 5,352 5.352 Unrestricted funds General Tolal 2022 Shop c081s 2,585 2,585 2,585 2,585 Page 13
The Ilfracombe Museum Trust CIO Notes to the Flnanclal Ststements for the Year Ended 31 December 2023 Icontlnued) 6 Expenditure on charitable activities Unrestricted funds General Total 2023 Note Museum Support Costs 53,631 1.512 55,143 53,631 1,512 55,143 Unrestricted funds General Restricted funds Totsl 2022 Note Museum Support Costs 40.646 1,872 42.518 5,599 46.245 1,872 5,599 48.117 7 Analysis of support costs Total 2023 Total 2022 In(lependent èxamination and a(xountsncy fees 1.512 1,872 8 Net incomingloutgoing resources Net outgoing resources for the year Indude.. 2023 2022 Depreciation of ffixed assets 473 469 9 Trustees remuneration and expenses No trustees. nor any per$ons connected ¥Mth them, have received any remuneration from the ¢harity duiing the year. No trustees have reNed any reimbursed expenses or any other benefits from the tharity during the year. Page 14
The Ilfracombe Museum Trust CIO Notes to the Financial Statements for the Year Ended 31 December 2023 (continued) 10 Staff costs The aggregate payroll costs were as follows.. 2023 2022 Stsff costs during the year were: Wages and salaries Employer nbUtionS to pension plan5 33,863 415 25.953 260 34,278 26,213 The monthly average number of persons linduding senior management I leadership team} employèd by the charity during the year was a8 follows.. 2022 No 2023 Staff No employee receNed emoluments of more than £60,000 during the year 11 Taxation The charity is a registered charity end is therefore exempt from taxatKJn. 12 Tangible fixed assets Fumiture and equipment Cases, heat and light system Total Cost Al 1 January 2023 3.270 19.794 23.064 At 31 December 2023 3,270 19.794 23,064 Depreciation Al 1 January 2023 Charge for the year At 31 December 2023 1,382 473 19.794 21.176 473 1,855 19,794 21.649 Net book value Al 31 December 2023 1.415 1.415 Al 31 December 2022 1,888 1,888 Page 15
The Ilfracombe Museum Trust CIO Notes to the Financial Statements for the Year Ended 31 December 2023 (continued) 13 Stock 2023 2022 Finished goc¥Js 1,736 1,998 14 D•btors 2023 2022 Prepayments 214 210 15 Creditors: amounts falling due within one year 2023 2022 other taxation and socSal security A¢cruals 102 1.512 193 1,440 1,633 1,614 16 Pension and other schemas Defined contrlbutlon pension $cheme The charity operates a defined contribution pension eMe. The penOn cost charge for the year represents contributions payable by the charity lo Ihe scheme and amounted to £41512022- £260}. Page 16
The Ilfracombe Museum Trust CIO Notes to the Financial Statements for the Year Ended 31 December 2023 {continued) 17 Funds Balance at 1 January 2023 Balance at 31 December 2023 Incoming resource5 Resources expended Unwe5tri¢tod funds General General Funds Edna Baker legacy 52,374 1.000 42,483 160,4951 34,362 1,000 35,362 53.374 42.483 60.495 Restricted funds Bid Writing Cost Boards £10k Appeal Bookshop Mannequins ectriaty Friends Bank Building Slay Curious UKCRF promoting inrKJvalion & entrepreneurshlp project 2,000 334 3,408 74 7,893 1.942 28,387 123 2,OC 334 3.408 74 7,893 1,942 28,387 123 26 26 44,187 44.187 Total funds 97,561 42.483 60,4951 79.549 Balance at 31 DeGember 2022 Balance at 1 January 2022 Incoming Resources resources expended Transfers Unre$trictÈd funds General General Funds Edn8 Baker legacy 57,827 1,000 58,827 39,167 145.103) 483 S2,374 1,000 53,374 39,167 45,103 483 Page 17
The Ilfracombe Museum Trust CIO Notes to the Flnanclal Statements for the Year Ended 31 December 2023 (continued) BalanGe at 31 Decembèr 2022 Balance at 1 January 2022 Incoming Resources resources expended Transfèrs Restrlcted funds Bid Writing Cost Boards £10k Appeal Bookshop Mannequins Eleclrfcity FrieS Bank Building Slay Curious UKCRF promollng inrw)valion & entrepreneurship project 2,000 334 3,408 500 12,666 1,942 28,387 123 2,000 334 3,408 74 7,893 1,942 28,387 123 (426) {4.773) 9)9 {400) 5,599 (483) 483 26 49.360 Total funds 108.187 40,076 50.702 The 8pecific purposes for which the funds are lo be applEd are as fc4low$: General funds represent the funds ol the museum that are not subject to any reslriclions regarding their use and are available for application to the general purpose of the running costs of the museum etc. ring 2021 the Edna Baker legacy was transferred to designated funds, there 81e not restrictK)ns on its use. However, the Trustees have desvJnatsd that the Edna Baker bJnd wlll be used towards Ihe archlve. The Ilfracombe Rotary Grant Is to be used for interelation boards an(1 ¢ost$ for Bid Writing. The museum has plans to enlarge the building so they can dlsplay more of their collection and provide more research and educational facilities. to fund this in 2017 they launch8d their £10k appeal. The museum previously recewed a legacy of £40.000 In the year ending December 2017 from Mr John Slocum for the maIntenar of the buildhg. The electri¢ity compensation received from North Devon Council is to be used for fvture electrity The Stay Curlous fund wa8 received the aim to develop a digital prcgramme of activity wong with local creatives. Page 18
The Ilfracombe Museum Trust CIO Notes to the Flnancial Statements for the Year Ended 31 December 2023 (contlnued) 18 Analysls of net assets between funds Total funds 4131 December 2023 Unrestricted funds General Restricted funds Tangible fixed assets Current assets Current liabilities 1,415 35.561 1.614 1,415 79,748 1,614 44,187 Total rbel asset8 35.362 44,187 79,549 Total funds at31 December 2022 Unrestrlcled funds General Restricted funds Tangible fixed assets Current as8et8 Current liabilf(ies 1.888 53,119 11.633 53,374 1,888 97,306 11,633) 97,561 44,187 Total net a88ets 44.187 19 Relatad party transactions The were related party transactions in the year. Page 19