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
Barnsts￿e
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 Constitut￿n dated 1 st November 2016.
Recrullmenl and appolnlmenl of tru$tee$
Trustees selection. appointment. retirement and re￿￿Ve1 of Trustees is determined by the 2019
Constitut￿n 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 d￿k 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 a￿1 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 lIfra￿Mbe'S resldents and
visitors, in a￿OrdanCe 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 finan￿3 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 a￿nd 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 fO￿ard 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 unreStr￿ed 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$' Rgsponsibilities
The trustees are responsible for preparing the trustees, rewrt and the finawal statements in
a¢¢ordance with the Uniled lfjngdom Accounting Standards (United I￿n￿j0M Generally Accepted
A¢counling Practice) and applicable law and regulations.
The law applicable to Charit￿8 requires the trustees lo prepare ffinan￿aI ststements for each ffinancial
year which give a true and fair view of the stale of affairs of the charity and of the incoming resources
and appli¢alion of resources of the charity for that period. In preparing these financial statements. the
trustees are required lo..
select sullable accounting policies and then apply them consistently-
observe the melhcxls and principles in the Charities SORP:
make judgements and estimates that are re?$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 a￿u￿ting 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 preven￿On 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 CoMpan￿S 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 seCt￿n 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
a￿o￿nIS 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 expendi￿re
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
am￿j￿t 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 incu￿ed 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 aCtI￿lieS
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$ts are
recognised. Grants relallng lo assets are recognised over the expected useful life of the asset. Where
part of a grant relating lo an asset is deferred, it is recognised as deferred income.
Taxation
The charity is consldered to pass the tests sel out in Paragraph 1 Schedule 6 of the Finance Act 2010
and therefore ￿ meets the definition ol a charitable company foi UK wrporation tax puiposes.
Ac¢ordingly, the charity is potentially exempt from taxatlon in respecl of income or capital gains
received within categories covered by Chapter 3 Part 11 of the Corporation Tax Ad 2010 or Section
256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are
applied exclusively to charitable pU￿ose8.
Tangible fixed assets
Individual fixed assets are inib'ally recorded at cost. less any subsequent a￿uMUlated depreaalh)n
and subsequent accumulated impairment losses.
Depreciation and arnortisation
Depreciation is provided on tangible fixed assets so a5 to write off the cost or valuation. less any
estimated residual value, over their expected useful economic lrfe as follows..
As$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 T8P￿n9
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 accc*ding lo the substance of the contractual
arrangemen15 entered into. An equity instrument is any contract that evidenL*8 a residu81 Interest in
the assets of the charity after deducting all of its liabil￿es.
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 - Spe￿81 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 re￿Ned 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 ￿n￿bUtionS 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 pen￿On 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
Frie￿S 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$:
General funds represent the funds ol the museum that are not subject to any reslriclions regarding
their use and are available for application to the general purpose of the running costs of the museum
etc.
ring 2021 the Edna Baker legacy was transferred to designated funds, there 81e not restrictK)ns on
its use. However, the Trustees have desvJnatsd that the Edna Baker bJnd wlll be used towards Ihe
archlve.
The Ilfracombe Rotary Grant Is to be used for inte￿relation boards an(1 ¢ost$ 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 electri￿ty
The Stay Curlous fund wa8 received the aim to develop a digital prcgramme of activity wo￿ng
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