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 aC￿SS 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 reSoUr￿S 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*
departu￿8 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 co￿Orate and financlal
infomation Included on the Char￿able 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 aC￿UnIS in acc￿danCe 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 fO￿ard 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 re￿gnised 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 eVIden￿S 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
& ent￿preneUrShiP 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
Cu￿ent 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