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. 11K￿aSed 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 rese￿e5 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 const1￿ted
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*m￿nt
Funds
Funds
fvnds
Total
2023124
Total
2022123
Notes
Intomlng resou￿es.
Activities to furtherthe charitslAe objectives
Grarts
bxriptio
Donations and legacies
£d￿atIOn lrtome
Museum Admlssion fees
ArtNities to generate funds
Fundralsln8
Shop Sales
Tourlst InfOrn￿tIon Centre
Other incorne
Interest ￿er￿al￿e
Is￿0¢￿¢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
3￿12
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
Expendi￿re 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 CharIta￿e Tru5t- Education
Girdlerfs Company- Learningresourees
Tfust & FouNJation5- StrenEthenln8 our Foundations
Fooe FourKlation- StrerythenlngourFoundat￿ns
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
GrOUn￿ork- ￿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
UMestr￿ed
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
I4￿59
8.747
4m7
8591
9393
807
1.117
306
354
354
817
I￿30
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 Inst*ated 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 tOfi￿r￿ $fflall projects I￿t￿ted by the C*rettOrl￿ratOf
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 m0￿h 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
112*511
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 EXpwd1￿1È
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 be￿een 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 cuf￿nt 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 Ma￿h 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 Charital￿e objectives
Grants
28,LXKI
15.929
43,929
Subscriptions
Donation5 and legacie5
Education Income
Museum Admission fees
tivities to generate funds
Fundralsing
Shop Sa￿s
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