Charity registration number: 1169969 The Ilfracombe Museum Trust CIO Annual Report and Financial Statements for the Year Ended 31 December 2024 WESTCOTTS CHAR TERED ACCQVWTANTS & pusINess ADVISERS
The Ilfracombe Museum Trust CIO Contents (contlnued) Reference and Administrative Details Trustees, Report 2to5 Independent Examinerfs Report Statement of Financial Activities Balance Sheet Note6 to the Financial Statements 9t018
The Ilfracombe Museum Trust CIO Reference and Admlnistratlve Details Trustees: J D Dendle J E Monger K Famdell N Mollart S Carpenter F J Down (appointed 17 January 2024) S Humphreyson DJWdch LEScott S Ferguson (appolnted 17 January 2024) Lucy Aldridge (appolnted 22 January 2025) Charity Registration Number 1169969 Principal Office Wilder Road Ilfracombe Devon EX34 8AF Westcotts (SW) LLP 47 8outport street Barnstaple Devon EX31 1SQ Independent Examiner Page 1
The Ilfracombe Museum Trust CIO Trustees. Report The trustees present the annual report together with the financial statements of the charity for the year ended 31 December 2024. Structure, governance and management Nature of governlng document The Museum was estsblished by Constitutlon dated 1 st November 2016, Recruitment and appolntment of trustees Trustees selection, appointment. retirement and removal of Trustees is determined by the 2019 Constitution and any subsequent amendments agreed by Trustees. Organisatlonal structure The museum is govemed by Trustees, and the daily running cared for by the Manager and Engagement Officer {both of whom are paid), Finance Committee, Duty Manager and front desk staff, plus a small group of loyal volunteers. Risk Management The Trustees have reviewed the major risks to whith the charlty is exposed, in particular those related to the operatSons and finances of the charlty and are satisfied that systems are in place to mitigate our exposure to those major risks. Objectives and activities Objects and aims 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 IlfraGombe's residents and visitors, in accordance with the Constitution dated 3 July 2019. Publlc benefft When planning our activitles 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 tske account of the necessity of the charity to provide a public benefit, in particular allowtng aCSS to the objects held at the museum to students, schools and other educational establishments for their educational benefit. Page 2
The Ilfracombe Museum Trust CIO Trustees. Report (contlnued) Achievements and perfomiance 2024 The early monlhs of 2024 were largely shaped by ongoing conversatlons regarding our potential relocation and the extension of our lease, involving North Devon Council, Ilfracombe Town Council, and key community stakeholders in Ilfracombe. Throughout the year, collaboration wlth our Museum Development Officer and the Association of Independent Museums has been central to our progress. These partnerships enabled us to engage a heritage consultant who is now actively supporting our relocation efforts and the pursuit of relevant grants. At the start of the year, our organisalion faced significantly higher energy costs than anticipated a challenge affecting many institutions nationwide. With the renewal dates for our gas and electricity contracts approaching in January and March respectively, it became essential to address these escalating expenses. During this process. we discovered that our energy supplier had not consistently applied the VAT exemption for charities, resulting In overcharges. To tackle these issues. the Trustees made the decision to joln the Energy Action Group. This collective bargainlng initiative offered guidance on negotiating new energy contracts and provided support for recovering overcharged fees. By joining the group, we aimed 'lo secure more reliable and cosl-effective energy suppliers. helping to safeguard the Museum's finances during a period of rising utility costs. During the early spring, Trustees undertook visits to several potential sites for the Museum's relocation, including The Emmanuel Church in Ilfracombe and Newton Abbot Museum. which operates in a repurposed church shared with Newion Abbot Council. While The Emmanuel Church offered some possibilities. Trustees noted that substantial adaptations would be required for museum use and thal the space would need to be shared with a Ihealre group. The Ilfracombe Culture Plan a150 identified alternative locations.. one on the Hlgh Street and another on the Seafront, both re¢ognised as candidates for a new museum site. As summer approached, tangible progress on the relocation plans remained Ilmited. and the imminent expiration of the lease with North Devon Council became increasingly concerning. In response, the Museum Development Officer for Devon recommended seeking support from the Association for Independent Museums (AIMI. Following consultations, AIM advised that the most urgent priorlty was to secure a temporary extension of the lease, allowing time to fully investigate the options outlined In the Ilfracombe Culture Plan. These efforts were complemented by the establishment of important discussions with North Devon Councilbrs, who had initially issued notice of the lease termination. The conclusion of the year brought renewed optimism for the Museum. Support from AIM came in the fom of two days of consultancy, which proved invaluable and erscouraglng. Building on the consultant's guidance and ongoing conversations with North Devon Council, the Museum successfully secured a lease extension-lnitially for a 0-year period. This extenslon is contingent upon the development of a robust business plan and an adive search for a new location. The original vision centred on the potential purchase of the Old Post Office building, with an estimated price of £550,000. This site offered not only the opportuniiy to expand the Museum's footprint for both exhibitions and community activities but also the promise of additional income streams. The four spacious. -bedrOOM flats located on the top Iwo floors could have generated between £3,000 and £3,800 per month in rentsl income, contributing to the Museum's financlal stability and future growth. Page 3
The Ilfracombe Museum Trust CIO Trustees. Report (continued) 2025 Eady this year, North Devon Council confirmed its successful bid for the Old Post Office and plans to develop eleven residential units on its upper floors. The Museum is considering relocation to the ground floor and basement. Meetings with relevant councils and officers have addressed the redevelopment's impact, available space, and how the Museum could best use these areas to support ts future objectives. We have now established a working group, induding representatives of the Trustees, Staff. the Area Counc. the Town Councll and the Development Officer for Devon, to explore an Expression of Interest to the National Lottery Heritage Fund. Finance Throughout 2024, the Museum faced a continued decline in income. despite a rise in visitor numbers. This trend highlighted the urgent need to establish new revenue streams, a challenge closely connected to our ongoing efforts to relocate. Presently, restricted space limits our capacity for growth, impedes strategic planning, and makes it difficult to satisfy contemporary museum standards or foster new communily partnerships. We remain vigilant in tracking our financial health and continue to explore opportunities to make the most of our reSoUrS and increase income wherever possible. Our largest expenditure remain5 Staff wages. At the time of writing. our Engagement Officer has stepped down from the role to attend COP 30 In Brazil. Subject lo a decision by the Board of Trustees, the responsibilities of Engagement officer may now be assigned to volunteers and reorganised among existing staff. resulting in notable cost savlngs. Financial review During the year ended 31 December 2023, Income totalled £39,332 (2023: £42,483). Expenditure decreased from £60.495 to £53.789. The decrease is partly as a result of the reduction in heat and light costs durlng the year. As at 31 December 2024, the charity held unrestricted reserves of £20,85012023: £35,362) which indudes fixed assets of £1,059 (2023: £1,415). Restricted funds totslling £44,242 (2023: £44,187) were held by the charity. Statement of Trustees. Responsibilities The trustees are responsible for preparfng the twstees, report 8nd the financial statements in accordance wth the United Klngdom Accounting Standards (United Kingdom Generally Accepted Accounting Practlce) and applicable law and regulations. The law applicable to charities requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparlng these financial statements, the trustees are required to., select suitable acwunting policies and then apply them consistently., observe the methods and principles in the Charities SORP: make judgements and estimates that are reasonable and prudent., Page 4
Ilfracombo Museum Trust CIO Truste•s' Report (contlnued) state whether applicable acGounllng standards have been followed, Bubiect to any mater1* departu8 disdosed and explained In Ihe financial statements; and prepare the financial stalornents on tha golng concarn basls unless k Is inappiapri8te to presume Ihat the charity will continue in busine88. The trustees are responsible for keeping proper accountlng records that disclose with reasonable accuracy at any time the Tinancial position of the charity and enable them to ensure thet the fin8nclal statements comply with Ihe Charities AGt 2011, the Charities (Accounts and Reports) Regulalions 2008. snd the Provislons of the constktution. The trustees are a150 responsible for saftguarding the 88sets of the charity and henr£ for taklng reasonable steps for the prevention and detectlon of fraud and other irregularities. The trustees are responsible for the maintenanc£ and integrity of the coOrate and financlal infomation Included on the Charable companvs website. Leglslation govemlng the preparallon and disseminatlon of firtancial stslements rnay differ from leglslat]on In other jurisdlctlons. 2211or1025 . and signed cn ts Tha annual reporl approved by the trustees of the charity on .. . behalf ty. Trustee Pa9è 5
The Ilfracombe Museum Trust CIO Independent Examiner's Report to the trustees of The Ilfracombe Museum Trust CIO I report to the trustees on my examination of the accounts of The Ilfracombe Museum Trust CIO for the year ended 31 December 2024. Responsibilities and basis of report As the charity trustees of The Ilfracombe Museum Tnjst CIO you are responsible for the preparation of the aCUnIS in accdanCe wlth the requirements of the Charities Act 2011 {'the Act,). I report In respect of my examination of the The IlfraGombe Museum Trust CIO'S accounts carried out under section 145 of the 2011 Act and In ¢arrying out my examination I have followed all the applicable Directions gNen by the Charty Commission under section 145{51{b) of the Act. Independent examinerfs statement I have completed my examination. I confimi that no material matters have come to my attention in connection with the examination giving me Cause t() believe that in any material respect: 1. accounting records were not kept in respect of The Ilfracombe Museum Twst CIO as required by section 130 of the Act; or 2. the accounts do not accord with those records. or 3. the accounts do not Gomply with the accounting requirements concerning the form and content of accounts set out in the Charfties (Accoijnls and Reports) Regulations 2Q08 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 o)ncerns and have come across no other matters in connection with the examination to ich attention shou5d be drawn in thls report in order to enable a proper understanding of the accounts to be reached. Catherine VVilliam5 FCA DChA Independent Examiner Westcotts (SW) LLP 47 Boutport Street Barnstsple Devon EX31 1SQ Date:.3.*........ Page 6
The Ilfracombe Museum Trust CIO Statement of Flnancial Activlties for the Year Ended 31 December 2024 Unrestrictsd Restricted Total funds funds 2024 Total 2023 Note Income and Endowments from: Donations and legacles Other trading activlties other income 25,056 8,704 3,902 1,670 26,726 8,704 3.902 28,659 8,902 4,922 Total income 37,662 1.670 39,332 42,483 Expenditure on: Raising funds Charitable activities (3,166) 49,008 (3,166) 50,623 (5,352) 55,143 1.615) Totsl expenditure Net (expenditureylncome Net movement in funds Reconciliation of funds Total funds brought forward Total funds rrIed fOard 17 52.174 1,615 53.789 60,495 (14,512) 55 (14,457) (18,012) (14.512) 55 {14,457) (18,012) 35,362 44,187 79,549 97,561 79,549 20.850 44.242 65,092 All of the charity's activitie5 derive from continuing operations during the above periods. The funds breakdown for 2023 is shown in note 17. The notes on pages 9 to 18 fom an integral part of these financial statements, Paije 7
Tho Ilfracombe Mu8eum Trust CIO (Roglstrdtlon number: 1169969) Balance Sheet as at 31 December 2024 2024 2023 Flxad assots Tangible assets 12 1,059 1.415 Currnnt ass•ts stocks 13 14 3.031 248 82,456 1.736 214 77.798 Cash al bank and In hand 65,735 1,702 79.748 Cradltors: Amounts falling duo withlTr one yaar current assots 15 (1.6141 64.033 78,134 79.549 Not assgts 65,092 Funds of the charlty: Restrfctod Income funds Restrlcted funds 44.242 44,187 Unr•striclod Income fund8 Unrestrlthd funds 20,850 35,362 79.549 Total lunds 17 e5,092 The finandal stat8ment8 on pages 7 to 18 were approved by the trustees, and authorised for issue on 2211012025 . and signed on their behalf by: N Mollari Truslee The note8 on pages 9 to 18 fomi an Inlegral part of these Ilnancial statements. Page 8
The Ilfracombe Museum Trust CIO Notes to the Financlal Statements for the Year Ended 31 December 2024 1 Accounting policies Statement of Compliance The financial statement5 have been prepared in accordance with the second edltion of the Charities statement of Recommended Practice issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 1021 and the Charities Act 2011. Basis of preparation The Ilfracombe Museum Trust CIO meets the definition of a publlc benefit entity under FRS 102. The acGounls (financial statements) have been prepared under the historlcal cost convention with items recognised at cost or transaction value unless othetwise stated in the relevant note(s} to these accounts. The accounts have been prepared in steding which is the functional currency of the charity. Going Concern The trustees consider that there are no material uncertainties about the charitls ability to continue as a going concern. Income and endowments Voluntsry Income including donations, gifts, legacies and grants that provide core funding or are of a general nature is recognised when the charity has entitlement to the income, it is probable that the incornewlll be received and the amount can be measured with sufficient reliability. Donations and legacles Donatlons and legacies are recognised on a receivable basis when receipt is probable and the amount can be reliably measured. Grants receivable Grants are regnised when the charity has an entitlement to the funds and any conditions linked to the grants have been met. Where performance conditions are attached to the grant and are yet to be met, the income is recognised as a liabillty and inGluded on the balance sheet as deferred income to be released. Expenditure Al expenditure is recognised once there 15 a legal or construdive obligatlon to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar ¢osts to that category. Where costs cannot be directly attributed to particular heading5 they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation Charges allocated on the portion of the assefs use. Other support Costs are allocated based on the spread of staff costs. Ralsing funds These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds. Page 9
The Ilfracombe Museum Trust CIO Notes to the Financlal Statements for the Year Ended 31 December 2024 (continued) Charltable activltles Charftable expendilure comprises those costs in¢urred by the charity in the delivery of its adivities and services for its beneficiaries. It includes both costs that can be allocated directly to such activlties and those costs of an Indirect nature necessary to support them. Taxation The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore It meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992. to the extent that such Income or gains are applied exclusively to charitable purposes. Tangible fixed assets Individual fixed assets are initially recorded at cost, less any subsequent accumulated depreciatlon and subsequent accumulated impalment losses. Depreciation and amortisation Depreiiation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economi¢ life as follows: Depreciation method and rate 25% straight line Evenly until end of existing lease. 6 years for Science at the Seaside Asset class Fixtures and fittings Cases, heat and light system Cash and sh equivalents Cash and cash equivalents comprise ¢ash on hand and call deposits, and other short-term hlghly liquid investments that are readily convertible to a known amount of cash and are subject to an insignlficant risk of change in value. Fund structure Unrestricted income funds are general funds that are avallable for use at the trustees disGretion in furtherance of the objectlves of the charity. Designated funds are unrestricted funds earmarked by the trustees for a particular future project or commitment. Restricted income funds are those donated for use in a particular area or for specific purposes. the use of which is restricted to that area or purpose. Page 10
The Ilfracombe Museum Trust CIO Notes to the Financlal Statements for the Year Ended 31 December 2024 (contlnued) Penslons and other post retirement obligations 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. 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. Financial instruments Classlficatlon Financial assets and financial liabllities are recognised when the ¢harity becomes a party to the contractual provisions of the instrument. Financlal liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instwment is any contract that eVIdenS a residual interest in the assets of the charity after deducting all of its liabilities. 2 Income from donations and legacies Unrestricted funds General Restricted funds Totsl 2024 Donations Admission fees Donations 21.245 3.811 21,245 3,811 Grants Grants receivable 1,670 1,670 1,670 26,726 25.056 Unrestricted funds General Total 2023 Donations Admlssion fees Donations 25,291 2,275 25,291 2,275 Grants Grants receivable 1,093 1.093 28,659 28,659 Page 11
The Ilfracombe Museum Trust CIO Notes to the Flnancial Statements for the Year Ended 31 December 2024 (continued) 3 Income from other trading activities Unrestricted funds General Total 2024 Shop income 8.704 8.704 Unrestricted funds General Total 2023 8,902 Shop Income 8.902 4 Other income Unrestricted funds General Total 2024 Friends subsuiptlons 1.545 1,545 Unrestricted funds General Total 2023 Other income - special activities Friends subscriptlons 970 1,271 970 1,271 2,241 2.241 5 Expenditure on raising funds a) Costs of trading activities Unrestricted funds General Total 2024 Shop costs 3,166 3,166 Unrestricted funds General Total 2023 Shop costs 5,352 5,352 Page 12
The Ilfracombe Museum Trust CIO Notes to the Flnanclal Statements for the Year Ended 31 December 2024 (continued) 6 Expenditure on charitable activities Unrestricted funds General Restricted funds Total 2024 Note 1,615 48.805 1.818 50,623 Museum Support Costs 47,190 1,818 49,008 1,615 Unrestricted funds General Total 2023 Note Museum Support Costs 53,631 1,512 53,631 1,512 55,143 55,143 7 Analysis of support costs Total 2024 Total 2023 Independent examination and accountancy fees 1,818 1,512 8 Net incomingloutgoing resources Net outgoing resources for the year include: 2024 2023 473 Dep.'eciation of fixed assets 356 9 Trustees remuneration and expenses No twstees, nor any persons connectèd with them, have received any remuneration from the charity during the year. No trustees have received any reimbursed expenses or any other benefits from the charity during the year. Page 13
The Ilfracombe Museum Trust CIO Notes to the Financial Statements for the Year Ended 31 December 2024 (contlnued) 10 Staff costs The aggregate payroll costs were as follows: 2024 2023 Staff costs during the year were: Wages and salaries Employer contributions to pension plans 31,908 522 33.863 415 32,430 34.278 The monthly average number of persons (including senior management I leadership team) employed by the charity during the year was as follows: 2024 2023 staff No employee received emoluments of more than £60,000 during the year 11 Taxation The charity is a registered charity and 5s therefore exempt from taxation. 12 Tangible fixed assets Furniture and equipment Cases, heat and light system Total Cost M 1 January 2024 At 31 December 2024 3,270 19,794 23.064 3.270 19,794 23,064 Depreciation At 1 January 2024 Charge for the year At 31 December 2024 1,855 356 19,794 21,649 356 2,211 19,794 22,005 Net book value 1.059 At 31 December 2024 1.059 At 31 December 2023 1,415 1,415 Page 14
The Ilfracombe Museum Trust CIO Notes to the Financlal Statements for the Year Ended 31 December 2024 (continued) 13 Stock 2024 2023 1,736 Finished goods 3,031 14 Debtors 2024 2023 248 214 Prepayments 15 Creditors: amounts falling due within one year 2024 2023 Other taxatlon and social security Accruals 102 1,600 1,702 102 1.512 1.614 16 Pension and other schemes Defined contribution pension scheme The Gharity operates a defined contribution penslon scheme. The pension c05t charge for the year represents contributions payable by the charity to the scheme and amounted to £522 (2023- £415). Page 15
The Ilfracombe Museum Trust CIO Notes to the Financial Statements for the Year Ended 31 December 2024 (contlnued) 17 Funds Balance at 1 January 2024 Balance at 31 December 2024 Incoming resources Resources expended Unrestricted funds General Funds 35,362 37.662 (52,174) 20.850 Restricted funds Bid Writing Cost Boards £10k Appeal Bookshop Mannequins Electricity Friends Bank Building stay Curious UKCRF promoting innovation & entrepreneurship project AONB grant NDDC for workshops AIM grant 2,000 334 3.408 74 7,893 1,942 28,387 123 2,000 334 3.408 74 7.893 1.942 28,387 123 26 26 490 980 200 14901 (980) 145 55 44,187 1,670 1,615) 44,242 Total funds 79,549 39,332 (53,789) 65,092 Balance at 1 January 2023 Balance at 31 December 2023 Incoming resources Resources expended Unrestricted funds General Funds Edna Baker legacy 52.374 1.000 53.374 42.483 (60,495) 34,362 1,000 35,362 42,483 (60,495) Page 16
The Ilfracombe Museum Trust CIO Notes to the Financial Statements for the Year Ended 31 December 2024 (continued) Balance at 1 January 2023 Balance at 31 December 2023 Incoming resource5 Resources expended Restricted funds Bid Writing Cost Boards £10k Appeal Bookshop Mannequins Electricity Friends Bank Building stay Curious UKCRF promoting innovation & entpreneUrShiP project 2,000 334 3.408 74 7,893 1,942 28,387 123 2,000 334 3,408 74 7.893 1,942 28.387 123 26 26 44,187 44,187 79,549 Total funds 97,561 42,483 (60,495) The specific purposes for which the funds are to be applied are as follows: 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. During 2021 the Edna Baker legacy was transferred to designated funds, there are not restrictions on its use. However, the Trustees have designated that the Edna Baker fund will be used towards the archive. The Ilfracombe Rotary Grant is to be used for interpretstion 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 [earch and educational facilities, to fund thi5 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 Slocum 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 digitsl programme of activity working with local creatives. Page 17
The Ilfracombe Museum Trust CIO Notes to the Flnancial Statements for the Year Ended 31 December 2024 (contlnued) 18 Analysis of net assets between funds Total funds at31 December 2024 Unrestricted funds General Restricted funds Tangible fixed assets Current assets Cuent liabilities 1,059 21,493 1.059 65,735 1,702 65,092 44,242 Total net assets 20,850 44,242 Totsl funds at31 December 2023 Unrestricted funds General Restricted funds Tangible fixed assets Current assets Current liabilities 1,415 35,561 1,614 35,362 1,415 79,748 (1.614) 79,549 44,187 Total net assets 44,187 19 Related party transactions There were no related party transactions in the year. Page 18