TIVERTON MUSEUM of Mid Devon Life TIVERTON MUSEUM OF MID DEVON LIFE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 Charity Number 1181976 Heritage Fund FOYLE FOUNDATION 11 Page
TIVERTON MUSEUM OF MID DEVON LIFE YEAR ENDED 31 MARCH 2024 TIVERTON MUSEUM OF MID DEVON LIFE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 Charity Number 1181976 Contents Page Reference and administration details Trustees report Statement of trustees responsibilities Independent Examiners report Statement of financial activities Balance sheet io Notes to the financial statements 11-23
TIVERTON MUSEUM OF MID DEVON LIFE YEAR ENDED 31 MARCH 2024 REFERENCE AND ADMINISTRATION DETAILS Governing instrument Constitution approved by Charity Commission Charity name Tiverton Museum of Mid Devon Life Registered charity number 1181976 Charity's principal address Beck's Square riverton EX16 6PJ Trustee5 Stephen Ponder (Chair) Jose Kimber (Vice Chairl Jonathan Scott Colin Slade Susan Eddisford Alice Hodgson th Joanne Elizabeth Mildren (Appointed 24 July 20231 th Elizabeth Mary Payce (Appointed 24 July 20231 th Felicity Jane Colthorpe (Appointed 4 October 20231 Mary Godwin (resigned January 20241 Independent examiner Mandy French We5tcott5 {SWI LLP 30 St Peterst Tiverton Devon EX16 6NR Solicitors Hole & PugsSey 6 St Peter Street Tiverton Devon
TIVERTON MUSEUM OF MID DEVON LIFE YEAR ENDED 31 MARCH 2024 TRUSTEES REPORT Thè Trustees present their report and the financial statements of the charity for the year ended 31 March 2024. The trustees have adopted the provisions of the Statement of Recommended Practice {SORPI "Actounting and Reporting by Charitles" IFRS 1021 in preparing the annual report and financial statements of the charity. OBJECTIVES AND AcrivmES Summary of the obJe¢ts ofthe charfty set out in its governing document The Museum's Constitution states that its main Object is lil" to provide and mèintaln a museum and information service at the Museum" and to liil'advance education for the publlc benefit and to promote the history of Tiverton and Mid Devon as told through its heritage, land5cape5 and storles of the people in the area" Summary of the maln artl¥ltles In relation to these objectives The museum's main activltles during the year were the opening of the museum to the public and the provision of high-qualty learning for schools and diverse Community Participation activities. The Trustees belleve that both our purposes satisfy both elements of the publlc benefit requirement. The direct benefits that flow from objert lil include: lal Maintaining a collection and pemanent display of artefacts and objects to preserne Tlverton & Mid Devon history for public enloyment. (bl Supplying the public with information on Mld Devon including events, accommodation and maps. (c) Providing a Spa for public to research hlstory of fiverton and Mld Devon. The direct benefits that flow from objert lill include: {a} Promoting the history and information about Tiverton & Mid Devon, sharing storie5 about the people who lived there through artefacts and objects. This is done through permanent and temporary displays at the museum, occasional displays in the community. regular articles In local publication5, infomiation and blogs on the museum's website, sharing archive photographs through social media. special event days, talks on local history and guided walks around the town. Ibl Providing educational space for schools and children to learn about the history of Tiverton & Mid Devon. Our learnin8 programme includes workshops linklng to the natlonal curriculum on site at the museum. and off site in school. regular Science Technology, Engineering and Maths fairs at the museum, and the museum loan boxes containing resources to be used in school. Our programming for local families in school holidays also encourages visits to the musèum and shared informatlon about local history and people.
TIVERTON MUSEUM OF MID DEVON LIFE YEAR ENDED 31 MARCH 2024 ACHIEVEMENTS AND PERFORMANCE The museum and Tourist Information Centre contlnued to maintain full openlng hours throughout this financial year, Tuesday to Saturday 10:CKk4:00. The museum reached 7651 people through it5 n-site and outreach activities, as well as over 2568 school children accessed our workshops and at least 3420 children used our loan boxes in school in 2023. The Tourist Information Service welcomed over 10,323 people through the doors in 2023. Iln 2022 we reached 6689 people through on our on- site and outreach activities, as well as over 2150 school children accessing our workshops. and at least 2760 using our loan boxes in school. The Tourist Information SeNice dealt with over 35CK) people in person in 2023.1 The Museum continued to rely significantty on voluntsry help to deliver its general activities. Volunteer numbers increased slightly this year with new people joining our front of house and tollections teams. The museum benefitted from 6196 hours of volunteer time in 202314948 in 20221, a value of at least £63.2791£46,394 in 20231 based on National Livin8 Wage as a minimum value. Without our volunteers we would not be able to open the Museum to visitors on a daily basls or to provlde many of the services. The learning programme continue5 to run very Successfully an(1 we had our busiest academic year In 2022123. We continue to welcome families to the museum as one of our key audience groups. and have run popular activities in the school holldays. The Tiverton Tots toddler group has achieved some success with monthly se$5ions being run. and the addition of ride on vehicles for ouryoungest visitor5 ha5 proved popular. The Remini5ceDce SeNice for local care and residential homes ha5 ontinued, arthough the extent of the service we can offer has been limited due to available volunteers to deliver the sessions. The pro8ramme of walk5 and talks Increased signtficantly In 2023 and contlnued to be popular. The Museum secured a number of grants during the year which were critKal to enabling It to provide servlces to the publlc. The maln grants were secured from MDDC for the core work of the museum. and the ViscountAmoryTrustfor the museum's learnin8 programme. fNertonTown Council give5 a small grant towards the core work of the museum. The major achievement of this year was the successful application to the National Lottery Heritage Fund for our project'strengthening our foundation5; building our future,. Match funding for the project was also achieved from the Foyle Foundation and a Trust who wish to remain anonymous. The projert, started during the financial year. is designed to build our organi5ational resilience in the short to medium term, and detem)ine longer term redevelopment plans through several strands of work. One key element of this 8rant application will be the reduction of elettricity usage at the museum, and the generation of our own electricity through solar panels. Work undertaken this year included the instsllation of motion sen50rs on gallery lighting, the completion of conversion to LEDS. UP8rading the IT infrastructure, commissioning measured drawings of the building and the appointment of a Volunteer Development Co-ordinator. Future financial viability is contingent on keeping costs down, while increasing visitor numbers and earned income. Our h)nger temi plans for a major capital redevelopment are key to enabllng thi5 transformation.
TIVERTON MUSEUM OF MID DEVON LIFE YEAR ENDED 31 MARCH 2024 Grants were also recerved from Mid Devon District Councll's Love YourTown Centre for photographic trail in 2024. a second grant from Love Your Town Centre to commission a bid writer for a funding application. Support from the Devon County Councillors. Locality Budget enabled the commi55ioning of artwork to use on bespoke merchandise in the shop. The Norman Family Charitable Trust supported the development of a new school workshop on food and farming. The Glrdlerfs Company 5UPPOrted the purchase of learning sourceS to use alongside our Wool Trade Gallery. and to develop a new Crime and Punishment school loan box. A second Crime and Punishment loan box was funded through a donation trom a supporter. We continue to face significant challenges presented by recent, Sl8nificant. 11KaSed in running costs, especially our energy costs which means expenditure is soaring while income remains static due to the lingering effects of the pandemic. and the impact of the cost of living crisis on our audiences. FINANCIAL REVIEW Result for the year Tiverton Museum of Mld Devon Life generated an overall deficlt in 2023/24 of £15,55412022123- deficit of £37,7661, which resulted in an unrestricted deficit for the year of £86112022123- deficit of £17,609). Total funds at 31" March 2024 were £722,221, with £541,567 endowment funds £7,259 restricted fund, £2,763 Designated funds and £170,632 of unrestrirted reserves. Income in 2023124 was £195,022, 3 39% increase from 2022123. The majorty of this variance is due to an increase in grants received IIOO% increase from 20221231. There was also a 26% increase in admi55ion fees, however 3 11% decrease in trading sales. The year expenditure on operating the museum continued to increase by 21% from 2022123. Majority of thi5 wa5 due to increase in grant expenditure mainly relatin8 to our Buildlng our future grants. In addition, there was slzable increases in light & heating costs, along with small Increase in marketing spend. Endowmentfvnd5 held is thefixed 055et volue of the museum building t7nd not Cash Brlef summary of the charity's policy on reseryes The Museum's resee5 sltuation and pollcy is kept under constant review by the Board. The Trustees have agreed to maintain and designate a reserve fund to cover 6 months 'operating costs whlch is £84,ocKJ for 2024125, which is an increase of £5,ICQ from 2023124 of £78,900. All restricted funds have been used for their Specified purposes. Further Ilnancial re¥lew detslls The Museum is finantially aided by the Mid Devon Dlstrict Council and a grant from Tlverton Town Council and also by a membership scheme which is a dependable source of intome. The Board's policy is to invest any surplus funds in deposit a¢counts (Charities Aid Foundation Gold Account and the Charities Official Investment Fundl until such time as they are required.
TIVERTON MUSEUM OF MID DEVON LIFE YEAR ENDED 31 MARCH 2024 sTrucruRE. GOVERNANCE AND MANAGEMENT Type of governing document Constitution approved by Charity Commission How the charlty Is const1ted Charitable Incorporated Organisation ICIOI Governanee issues The CIO is mana8ed by a Board of Charity Trustees I'the Board") who meet 3t least every two months. Trnstee selection method The maxlmum number of Charity Trustees eligible to administer the CIO as the Board is 12. The trustees are elected at the Annual General Meeting,. in addition, two Council representatives, who are nominated by Mid Devon Distritt Council and Tiverton Town Council are invited to attend. The day to day running of the Museum is in the care of the Dirertor who is responsible to the Trustees. This post is a full-time. paid position. The Museum is supported by the Mid Devon District Council, the Tbverton Town Council and by manv local people. This report was approved bythe Board of Trustees on........ and signed on their behalf by
TIVERTON MUSEUM OF MID DEVON LIFE YEAR ENDED 31 MARCH 2024 STATEMENT OF TRUSTEES, RESPONSIBILITIES The trustees are responslble for preparing the Trustees, Report and the financial statements in accordance with applicable law and the Financial Reporting standard for Smaller Entlties leffertive April 20081 (United Kingdom Generally Accepted Accounting Practice applicable to Smaller Entities). The law applicable to charlties In England and Wales requires the trustees to prepare financial statement5 for each financial year which gwe a true and fair view of the state of the affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparlng these financlal statements the trustees are required to.. select Sultable accounting policies and then apply them consistently: observe the methods and principles in the charities SORP; mèke judgements and estimate5 that are reasonable and prudent: state whether applicable accountin8 Standards have been followed, subject to any material departures disclosed and explained in thé financial statements prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The trustees are responsible for keeping accounting records whlch disclose with reasonable accuracy at any time the financial position of the tharity and enable them to ensure that the financial statements comply with the Charities Act 2011. the Charity (Accounts Reports) Regulations 2008 and the constitution. They are also responsible for safeguarding the assets of the charty and hence for taking reasonable steps for the prevention and detection of fraud and other irregularitles.
TIVERTON MUSEUM OF MID DEVON LIFE YEAR ENDED 31 MARCH 2024 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES I report to the trustees on my examination of the financial statements of Tiverton Museum of Mid Devon Life {'the charity'l for the year ended 31 March 2024. which are set out on pages 10 to 24. Responslbllltles and basls of report A5 the charit(s trustees you are responsible for the preparatlon of the accounts In accordance with the requlrements of the Charities Art 20111'the ACVI Having satisfied myself that the accounts of the Charity are not required to be audited and are eligible for independent examination, I report in SpeCt of my examination of the charity's accounts carried out under section 145 of the Act. In carrying out my examination I have followed all the applicable directions given by the Charlty Commission under section 1451Sllbl of the Att. Independent examinerf5 ststement I have completed my examination. I confirm that no material matter5 have come to my attention in connection with the examination giving me cause to believe that In any material respect.. accounting records were not kept in respect of the charity as required by sertion 130 of the Act,. or 2. the accounts do not accord with those records I; or 3. the accounts do not comply with the applicable requirements concerning the form and tontent of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and frdir view, which is not a matter considered as part of an independent examlnationl. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. NAME: ADDRESS.. dlo tsJÈ£i Lo7fs 6+rE£e5 33 ST PE sr&L=_ TIVEer¢W SIGNED DATE.. 19
TIVERTON MUSEUM OF MID DEVON LIFE YEAR ENDED 31 MARCH 2024 STATEMENT OF FINANCIAL AcnviTIES Forthe yeareDdlng 31 Marth 2024 Unre5trKtsd Restrkted End0*mnt Funds Funds fvnds Total 2023124 Total 2022123 Notes Intomlng resoues. Activities to furtherthe charitslAe objectives Grarts bxriptio Donations and legacies £datIOn lrtome Museum Admlssion fees ArtNities to generate funds Fundralsln8 Shop Sales Tourlst InfOrntIon Centre Other incorne Interest erale Is0¢¢191 27,5Lkl 4,170 11,619 15,109 29.411 J293 43.929 3,584 12,683 14.890 23,327 4.170 11.619 29AII 1569 9.902 27.902 312 735 1,142 11,125 25,896 3,243 9.902 27.902 3,812 2,735 Totsl In¢omlng resoyrce$ 134,n9 60.293 195.022 140,699 Expendire on: Costs of generatingfunds Fundraisins Shop- Cost of sales Total ¢osts of 8eneTrtln6 furtds 79 5M65 206 7,096 7,302 Net Incomlng resourtesaval•ble for ch¥wItab appk#titsn 128.785 189.078 133,397 Resource5 eynded Charftable expeThJfture Cost of operatingthe m¢Jseum Managing and administedng the CIO Total resources expended 129.632 7,914 59,382 7,71M 19&718 7.914 162,640 8,522 137.546 59.382 7.704 204.632 171,162 Net Incomlng loutgoirEI resources before transfer5 18,7611 911 17,7041 1155541 137,7661 Transfers 7.900 17,9001 Net incoming loutgoirÉl rèsources after transfers 18611 169891 17,7041 115,5541 137.7661 Total funds at l April 2023 Totsllunds at 31 Mar¢h 2024 174,256 IrJ,395 14,248 7,259 549,271 541,567 737,775 722221 775540 n7,775 The notes on pages 11 to 24 form part of these accounts.
TIVERTON MUSEUM OF MID DEVON LIFE YEAR ENDED 31 MARCH 2024 BALANCE SHEEr At31st Marth 2024 Notes 2023124 2022123 Flxed assets: Tangible assets 574.681 582.385 Current a55ets: Stock 5,474 6,875 142,924 155,274 4,914 5,635 152,129 162,678 Debtors Cash at bank and in hand Liabilltles: Creditors.. Amounts falllng due wlthin one year Net current assets 17,7341 147.540 17.2881 155.389 Net Assets 722.221 737,775 Caphlfund5 Endowment io 541.567 549.271 Unrestrlcted funds UnrestrSrted 14 170.632 2,763 173,395 171,318 2,937 174.256 Designated li Restricted fund5 12 7,259 14.248 Total 722 221 737,775 The finantial statements were approved and authorised for issue bythe trustees on and signed on their behalf by The notes on pages 11 to 24 form part ofthese accounts.
TIVERTON MUSEUM OF MID DEVON LIFE YEAR ENDED 31 MARCH 2024 NOTES TO THE FINANCIAL STATEMENTS l. Summary of slgnlflcant accountlng pollcies (a) General Information and basls of preparati¢lfl Tiverton Museum of Mid Devon Life is a charitsble incorporated organisation In England within the United Kingdom. The charity constitutes a publlc benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accountin8 and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their account5 in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (issued in ortober 20191 (Charities SORP IFRS 10211 and UK Generally Accepted Accounting Prartice. The financial statements are prepared on a going concern basis under the historital cost convention, modifsed to include certain items at fair value. The financial stotements are presented in sterling which is the functional turrency of the charity and rounded to the nearest The significant accountin8 policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. Ibl Golng concern The trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going Concern basis of accounting in preparing the financial statements. Icl IncomÈ recognitiofft All incoming resources are included in the Statement of Flnancial Activities1SoFAI when the charity is legally entitled to the income after any performance conditions have been met, the amount Can be measured reliably and it is probable that the income will be recelved. For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is wlthin the control of the charity and it is probable that they will be fulfilled. No amount is included In the financial statements for volunteer time in line with the SORP IFRS 1021.
TIVERTON MUSEUM OF MID DEVON LIFE YEAR ENDED 31 MARCH 2024 NOTES TO THE FINANCIAL STATEMENTS Income from trading activities includes income earned from fundraisin8 events and trading activities to raise funds for the charity. Income is received in exchange for supplying goods and services in order to ralse funds and is recognised when entitlement has occurred. Income from grants is recognised at fair value when the charity has entitlement after any perfomiance conditions have been met, it is probable that the income will be received and the amount can be measured reliably. If entitlement is not met, then these amounts are deferred. Id) Expendlture roeognilion All expenditure is accounted for on on accruals basls and has been classrfied under headings that aggregate all costs related to the category. Expenditure is recognised where there is 3 legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following headin8S'. Costs of generating fund5: Expenditure on charitable actlvlties; and Mana8lng and administering the trust (el Tanglble flxed a$5et5 Tangible fixed a55ets are stated at cost (or deemed costl or valuation less accumulated depretiation and accumulated Impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value. of each asset on a systematic basis over Its expected useful life as follows- Buildings- 1% per year straight line Equipment and frttings are written off in thelr year of purchase The current value of the premises, exhibits and equipment has not been estimated. iv. ln Stocks Stock5 are stated at the lower of cost and estimated selling price less costs to complete and Sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost Is calculated using the first- in, first-out formula. Provision is made for damaged, obsolete and slow-moving Stock where appropriate. 13 |Page
TIVERTON MUSEUM OF MID DEVON LIFE YEAR ENDED 31 MARCH 2024 NOTES TO THE FINANCIAL STATEMENTS {8) Debtor5 and ¢redltors recelvable I payable within one year Debtor5 and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any1055es arising from impairment are recognised in expenditure. (hl Cash Cash and cash equivalents are basic financlal assets and include cash in hand, deposits held at call with banks. other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Cash Flow Statement The Trustees have taken advantage of the exemption under Charities SORP IFR51021 Bulletin I published on 2 February 2016 and have therefore not included a cash flow statement in these financial statements. li) Funds Unrestrlcted fvnds are available for use at thÈ discretion of the trustees in furtherance of the general objectNes of the charity and which have not been designated for other purposes. Designated funds comprise unrestrlcted funds that have been set aside by the trustees for particular purposes. The alm and use of each designated fund is set out in the notes to the financial statements. Restricted funds are funds whlch are to be used in o¢cordance with specific restrirtions imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and administering such fund5 are charged agalnst the specific fund. The aim and use of each restricted fund is set out In the notes to the financial statements. Endowmerrt fvnds represent those assets whlch must be held permanently by the charity. Income arising on the endowment funds can be used in accordance with the objects of the charity and is included as unrestricted income. Any capital gains or105ses arising on the investments form part of the fund. Investment management charges and legal advice relating to the fund are tharged against the fund. 141Page
TIVERTON MUSEUM OF MID DEVON LIFE YEAR ENDED 31 MARCH 2024 NOTES TO THE FINANCIAL STATEMENTS U) Tax The charity Is an exempt charity within the mÈaning of schedule 3 of the Charities Act 2011 and 15 considered to pass the tests set out in Paragraph I Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Ik) Government Grants Government grants are recognised at the fair value of the asset rÈceived or rèceivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. 2. Grants recelvable towards the Museum Unrestrlcted Restricted funds fu$ Totslfunds 202¥24 Totèlfund5 2022123 Mld Devon Di5trKtCourKII Serwice Level Aweerr*nt PhottsV8Kthi¢ Trail Grant Bld WriterGrant ertonTown Council- General Furnl erton Town CouncS1- Grant Viscount Amory's CharItae Tru5t- Education Girdlerfs Company- Learningresourees Tfust & FouNJation5- StrenEthenln8 our Foundations Fooe FourKlation- StrerythenlngourFoundatns Crime & Punlshmentschool Loan LK)x Natloml Lottery HeiitaEe FUrn- StreWhenln8our Foundatio Norman Famlly Charit•bleTrust Elmyant Trust DevonCountyCOur[I LocalityWet Tiverton War Memorial BrlsiolCouncil- TivertonTots GrOUnork- d$InTI¥rr0n BristolCouncil- On diWIv Colleaiorts raiionali5ation 27.500 27(} 27.5 12.rKo 1300 5.500 I8.1) 9,000 17,593 i.(xJo 17.593 1s(pJ L947 747 235 60,293 151Page
TIVERTON MUSEUM OF MID DEVON LIFE YEAR ENDED 31 MARCH 2024 NOTES TO THE FINANCIAL STATEMENTS 3. Tradlng income from shop sale 2023124 2022123 Sales 9,902 11.125 Opening Sto¢k Purchasès Ckn51 Stock 4,914 6.425 15,4741 4361 7,650 149141 Cost of Sales 5.865 7.096 Gross Profit 4X)37 4.029 4. Tourist Information Centre 2023124 2022123 Coath a8ew and job centre Fees and accommodation listi Theatre tickets and events 21.199 1.973 231 17.210 4,114 72 21396 23.402 4,500 Grant toward5 nmning costs Total Tourtst Infonnatlon Centre intome *• FurKllng from Mld Devon Di5trtt Council and Tiverton Town Council 27,2 25A96 161 Page
TIVERTON MUSEUM OF MID DEVON LIFE YEAR ENDED 31 MARCH 2024 NOTES TO THE FINANCIAL STATEMENTS 5. Resources expended Mana8ln8 and admin5ste Costs of operatingthe museum Endowment exFenditure Unrestdtted txppnditure Restricted UMestred expenditure expendtture Total 2023124 Total 2022n3 Water Insuian Light and heat Upkeep and maintenance Postage Telephone Stationery. printlng and copying Other costs Subscriptlons Accountancy and ExèmiTration fees Collection and displav Event Expenditure Advertislng and marketing Curator's Fund Education costs Salarfes rivvy BumpÈr appeal Tourist Information Centre Art Council Girdlers Companv Norman Family Charitable Trust Elmgrant Trust riverton War Memorlal Lo(ality Budget Evaw4tion Chair riverton Tots Groundwork d5 in Tiverton Bristol Council- On Disploy Mid Devon District Council - Love your town Crime and Punishment School loan box Foyle Foundation- Building ourfvture National Lottery Heritage Fund Depreoation TotalExpendknr• lo/14 596 4,110 12943 8,747 63 659 4396 I459 8.747 4m7 8591 9393 807 1.117 306 354 354 817 I30 512 2C 528 2,266 1563 6,652 638 2.190 505 3.76B 481 1205 231 1375 893 190 4%10 5.286 174 174 1.262 70,743 986 19,920 236 89.104 133 19,709 2,7ry) 22,274 2IZ74 283 114 3,558 445 2.037 3,142 747 781 24 12051 21A07 747 ni 12,851 21407 7.704 7.704 7,70¢ 119,632 59,382 7,914 Total expÈnthture 2022123 126,410 28,526 8.522 171,162 171Page
TIVERTON MUSEUM OF MID DEVON LIFE YEAR ENDED 31 MARCH 2024 NOTES TO THE FINANCIAL STATEMENTS 6. Fixed assets lusèd for direct charltable purposesl Freehokl Ctbst at l April 2023 and 31 March 2024 cumulated depreciation at l Aprll 2023 Charge for year at 31 March 2024 770,445 188,060 7,704 195,764 Net Book Value at 31 March 2024 574,681 at 31 March 2023 582,385 7. Stock 2023124 2022123 Shop 5,474 4,914 8. Debtors and prepayments 2023124 2022123 Debtors other Debtors 1.358 5.518 6.875 4,515 1.120 5,635 9. Credltors (Amounts due withln one year} 20Z3124 2022123 Sundry credltors Accruals 5.253 300 3,699 Other Creditors 2.181 3,289 7.734 7,288 181Page
TIVERTON MUSEUM OF MID DEVON LIFE YEAR ENDED 31 MARCH 2024 NOTES TO THE FINANCIAL STATEMENTS 10. Endowment funds This fund was established in 1968 following the purchase of the building in St Andrew Street. The fund has been increased by the subsequent expenditure on convertin8 the buildlng and developing new galleries. As at l April 2023 Depreclatlon Charge As at 31 March 2024 549,271 7.704 541,567 10. Endowment lunds (prloryeartomparotlvesj As at l April 2022 Depreciation Char8e A5 at 31 March 2023 556,976 7.704 549,271 11. Deslgnated funds Thè resources of the charity include the following designated funds which have been earmarked out of unrestrirted funds for specifi¢ purposes- Balance I Aprfl 2023 utlltse Deslgnatlons released Balance 31 March 2024 Curator's fund 2337 2.937 11741 174 2,763 2,763 The Curatorfs fund Is hdd to ffinan small projects Instated by the Olrectorlcurator 11. Deslgnated fvnds (prlor year comporntlvesj Balan I Aprl 2022 Urillsedl Oesenatknns released Balance 31 Marth 2023 Curatorfs fund 2y3 {Gl 161 2,937 2.937 The Curnto¢sfuThJ is held tOfir $fflall projects Itted by the CrettOrlratOf 191Page
TIVERTON MUSEUM OF MID DEVON LIFE YEAR ENDED 31 MARCH 2024 NOTES TO THE FINANCIAL STATEMENTS 12. Restricted funds Balancé I April 2023 nce JI Transfers m0h 2024 Recéyts Sir john Amory Fund Tivvy Bumper Appèal Collections ratlonalisation Vistount Amorfs Charltable Trust- Edu(tion Collections fund Icon & acql Groundwork- Kids in Tiverton 8ri5tol Council On display Devon County Counal Locality budget MDOC- Photographic Trail MDOC- Bid Wrlter Tiverton Town Council Grant Girdlers 8rant Crime and Punlshment School loan box Strengthening our Foundations Foyle Foundatitsn- Strengthening our Foundation5 NLHF-Stren8thenin8 our Foundations Norman Family Charitable Trust- Food & Farrnlng Norman Family Charitable Trust- Learnlng 18.ClJOI 2.710 1.791 (2361 2A74 1.791 12 sth) 1141 747 17471 LK> I,wo Ip)0 i?00 400 17811 12831 219 lJJ17 376 5,SOD 18,000 17.593 5,5LhJ 5,149 114.2741 112511 131*661 11141 114 Totsls 14.248 60.293 Transfers of £7.900 were transferred from restricted reseNes to unrestricted reserves followin8 correspondente wlth the funder in relation to the Sirjohn Amory Fund. Restricted funds The Sirjohn AmDry Fund was establlshed in 1965 to provide income to assist with the runnlng costs of the Museum. torrespondence with the funder has allowed us to transfer this fund into unrestricted. The Tivvy Bumper appeal garnered support from several local Trusts for essential maintenance to the Tivvy Bumper steam engine in 2019. The remaining funds will be used to benefit the engine and the Tran5POrt Gallery. Collertions Ration31isatlon Is an ongoing project of reviewin8 duplicate items in the museum's collection. These are being offered to other museums following our Collection5 Development Policy, and some are eventually beinB 501d. We will consult with Arts Council England over usin8 the proceeds from this towards collections care. Viscount Amory's Charitable Trust supports the running costs of the Education Department. Devon County Councillorfs Localtty Budget grant supports comrnissioning bespoke artwork to be used on shop merchandise. 201 Page
TIVERTON MUSEUM OF MID DEVON LIFE YEAR ENDED 31 MARCH 2024 NOTES TO THE FINANCIAL STATEMENTS Tesco Groundworks Community grant supported the purchase of resources for our school and family audiences. south West Museums Development Partnership awarded us an On Displayl Grant (paid through Bristol City Council) to conseNe and prepare a Sevènteenth Century wooden bowl for display in our Wool Trade Gallery. Love Your Town Centre photographi¢ trail to be installed around Tiverton in the summer of 2024. Love Your Town Centre enables us to commission a bid writer for a funding applicatlon. The Girdlerfs Company 5UPPOrted the purchase of learning resources to use alongside our Wool Trade Gallery, and to develop a new Crime and Punishment school loan box. A second Crime and Punishment loan box was funded through a donation from a supporter. The National Lottery Heritage Fund supported our project 'Strengthenlng our foundatlons,. building our future,. Match funding for the project was also achieved from the Foyle Foundation and a Trust who wish to remain anonymous. The Norman Family Charitsble Trust SUPPOrted the development of a new school workshop on food and farming. 12. Restrlcted Funds Prioi year comparative 8akn¢o 1 Aw11022 Balarrte 31 TTrn5fers March 1023 Rec*l)ts EXpwd11È Slrjohn Amory Fund T1 Bumper Appeal Collections ratlonalisation Art Council Viscount Amorfs Charltable Tru5t- Educatlon Collections fund Icon & acql Norrnan Family Charitable Trurt Elm8rant Trust Tiverton War MÈNK)iial DevoTh County Coyncil Locallty budget 8rfstol Councll - TNerton Tots Groundwork- Kids In Tiverton Brfstol Coundl- On display 8niX) 2,710 1,791 135 12.7WI 115.5431 6543 sc 13.5581 14451 1321 90 1247 12,0371 13,1421 142 SW 747 747 Totals 26.700 14.218 Transfers of £145 were transferred from unrestritted reserves to restricted reserves to cover a deficit on restrictéd funds. 211Page
TIVERTON MUSEUM OF MID DEVON LIFE YEAR ENDED 31 MARCH 2024 NOTES TO THE FINANCIAL STATEMENTS 13. Analysis of net assets beeen lunds Unr•5trfrtèd funds Restrtded Endowment funds funds Total Fund$ 2023124 Tangible fixed a55ets Net current assets Net Assets 33.114 140,281 173,395 541,567 574.681 147,540 722.221 7,259 7,259 541,567 13. Analy515 01 net asgets between funds (prior year ¢omparative51 Unyestrlcted Restricted Endowment funds funds funds Totsl Fund$ 2022123 Fund Baluntes Ot 31 Morch 2023 Tan8lble fixed assets Net cufnt assets Nèt Assets 33.114 141,141 174,255 549,271 582385 155,389 737,775 14,248 14,248 549,271 14. Movement In funds 8•knnee I 2023 Bakince 31 Tran514ts Marth 2024 Intome endkn In¢ome Fund5 Unrestrfcted Desi8nated Totsl Income funds 171,318 2.937 174,256 134,729 11433151 1174 1143,4891 17,7041 159,3821 J70,633 2,763 173,396 134,729 Endowment fund5 Restritttd funds Totsl funds 549,271 14.248 541,567 7,259 722,221 fA),293 17,9L¥)I 737.775 14. Movement In fvnds Iprlor year tomparatlves} 8alaDt• I APAI 2022 Babn¢¢ 31 Trnhsfers Mah 2023 Income Expendi Income Funds Unre5tritted Desl8nated Totsl Income funds Endowment funds Restrlrted fvnds 188,922 124,nO 11422291 11451 171,318 2,937 174.256 191*65 556,976 26,7(K> 124,710 11422341 17,7(Ml 128,5261 178,465 11451 549,271 14248 15.929 140,699 145 Total lunds 737.775 221Page
TIVERTON MUSEUM OF MID DEVON LIFE YEAR ENDED 31 MARCH 2024 NOTES TO THE FINANCIAL sfATEMENTS 15. Indèpendent examlnèrfs remuneration 2023124 2022123 Independent Examination 300 300 3C 3CQ 16. Employeès 2023124 2022123 Salaries & Wages Employers Natlonal Insurance Pensions 85.472 1.773 3.418 83,760 2,115 3,229 Net Employee costs 90,663 89,104 The charity had an average of 5 employees during the year12022123 - S) There are no Employees earning emoluments over £60,000 17. Trustees Remuneration and Èxpenses 2023124 2022123 Trustee5 remuneration Trustees expenses 18. Related Party Tran$4rtions There have been no related party transartions in the year. 231Page
TIVERTON MUSEUM OF MID DEVON LIFE YEAR ENDED 31 MARCH 2024 NOTES TO THE FINANCIAL STATEMENTS 19. Prlor Yèar Statement of Flnanclal Artlvltles Forthe yearendlng 31 Marth 2023 Vnyestricted Rèstrkted Funds Fund5 Endowment fvnds Total 20W23 Notes In¢omkn8 rnsources.. Activltles to furtherthe Charitale objectives Grants 28,LXKI 15.929 43,929 Subscriptions Donation5 and legacie5 Education Income Museum Admission fees tivities to generate funds Fundralsing Shop Sas Tourist Infom)ation Cent Other incomè Interest receivable 12,683 14A90 23327 12,683 14,890 23,327 1.142 11,125 25A96 3,243 1.142 li,llS 25,896 3.243 Total incomkng resour¢es 4,no 15.929 140,699 Expendlture on: Costs of generating funds Fundratslng Shop- Cost of sales Totsl costs of generatlng lunds 206 7.ryJ6 Net Inioming resources avallable for tharltable applkation 117,468 15,929 133.397 Resourtes expended Charitable expenditure Cost of operatingthe nwseum Managing and administering the CIO 126AIO 8,522 28.526 7,704 640 8,522 Total resoutte5 expended 134.932 28.526 7.704 171.162 Net incomlng loirtgoingl resources before transfers 117,4641 11451 112,5971 17,7041 137,7661 Transfers 145 Net incoming loutgolngl resources after transfers 117,6091 112A521 17,7041 137,7661 Total funds at l April 2022 Totsl lunds at 31 Mar¢h 2023 191,865 174,256 26,700 14.248 556,976 775,$40 737.775 $49.271 241 Page