TIVERTON MUSEUM of Mid Devon Life TIVERTON MUSEUM OF MID DEVON LIFE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2025 Charity Number 1181976 possit¥ Heritage Fund , FOI'LE FOUNDATION Mid Devon Funded by UK Government OISTftICT COUNCIL
TIVERTON MUSEUM OF MID DEVON LIFE YEAR ENDED 31 MARCH 2025 FINANCIAL STATEMENTS Charity Number 1181976 Contents Page Reference and administration detalls 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 2025 REFERENCE AND ADMINISTRATION DETAILS Governing instrument Constitution approved by Charity Commission Charity name riverton Museum of Mid Devon Life Registered charity number 1181976 Charity's principal address Beck's Square Tiverton EX16 6PJ Trustees Stephen Ponder {Chair} Jose Kimber Ivice Chairl Jonathan Scott Colin Slade Susan Eddisford Alice Hodgson Joanne Elizabeth Mildren Iresigned September 2024) Elizabeth Mary Payce Felicity Jane Colthorpe Independent examiner Mandy French Westcotts ISW) LLP 30 St Peter St Tiverton Devon EX16 6NR Solicitors Hole & Pugsley 6 St Peter Street Tiverton Devon
TIVERTON MUSEUM OF MID DEVON LIFE YEAR ENDED 31 MARCH 2025 TRUSTEES REPORT The Trustees present their report and the financial ststements of the charlty for the year ended 31 March 2025. The trustees have adopted the provisions of the Statement of Recommended Practice ISORPI "Accountlng ond Reporting by Charities" {FRS 1021 in preparing the annual report and financial statements of the charity. OBJEcfivE5 AND AcfiviTIES Summary of thé obje¢ts of the tharfty set out In Its g(weTnlng document The Mu5eum'5 Constitution states that it5 main Object is lil" to provide and maintain a museum and information service at the Museum" and to liil'advance education for the public benefit and to promote the history of Tiverton and Mid Devon as told through its heritage. landscapes and stories of the people in the area" Summary of the maln adlvltles In rolation to these objertives The museum's main adivities during the year were the opening of the museum to the public and the provision of high-quality learning for schools and diverse community participation activities. The Trustees belleve that both our purposes satisfy both elements of the public benefit requirement. The direct benefrts that flow from object {1) include: lal Maintaining a collertion and permanent display of artefacts and objects to preserve Tiverton & Mid Devon history for public enjoyment. Ibl Supplying the public with information on Mid Devon including events. accommodation and maps. {cl Providing a space for public to research history of Tiverton and Mid Devon. The direct benefits that flow from object li1} include.. lal Promoting the history and informatton about Ttverton & Mid Devon, sharing stories about the people who Itved there through artefacts and objects. This is done through permanent and temporary dlsplays at the museum. occasional displays In the communlty, regular articles in local publlcatlons, Information and blogs on the museum's website. sharing archive photographs through soclal medla. special event days, talks on local hlstory and guided walks around the town. {bl Providing educational space for schools and chlldren to learn about the history of Tiverton & Mid Devon. Our learnlng programme Includes workshops linking to the national 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 olso encourages visits to the museum and shared infomiation about local history and people.
TIVERTON MUSEUM OF MID DEVON LIFE YEAR ENDED 31 MARCH 2025 ACHIEVEMENTS AND PERFORMANCE The museum and Tourist Information Centre contlnued to maintain full openinB hours throughout this financial year, Tuesday to Saturday 10.00-4.00. The museum reached 7027 people through its on-site and outreach activities. as well as over 2757 school children accessed our workshops and at least 3540children used our loan boxes in school in 2024. The Tourist Information Service welcomed over 10,851 people through the doors in 2024. Iln 2023 we reached 7651 people through on our on-site and oirtreach activities, as well as over 2568 school children accessing our workshops, and at least 3420 using our loan boxe5 in school. The Tourist Information Service dealt with over 10,323 people in person in 2024.1 Volunteers remain the museum'5 lifeblood a5 they are involved in the delivery of all of the activitie5. The Museum continued to rety slgnificantly on voluntary help to deliver its general activities. Volunteer numbers increased this year as part of the National Lottery Heritage Fund project's focus on developing the volunteer team. The museum benefrtted from 7466 hours of volunteertime in 2024 16196 in 20231, a value of at least £85,411 [£63,279 in 2023] based on National Living Wage a5 a minimum value. Without our volunteers we would not be able to open the Museum to vlsitors on a daily basis or to provide many of the services. The learning programme contlnues to run very successfully: yet again we beat previous records and had our busiest academic year in 2023124. We contlnue to welcome familie5 to the museum as one of our key audience groups, and have run popular activities in the school holidays. The Tiverton Tots toddler group continues with monthly sessions being run. The RemininCe Service for local care and residential homes has continued, and has benefitted from a review of the themes and contents, as well as new storage facilities. The programme of walks and talk5 remained popular with a group of very engaged follower5. although numbers were down over the summer months. The Museum secured a number of grants during the year which were critical to enabling it to provide services to the publlc. The main grants were secuTed from MDDC for the core work of the museum, and we are grateful to the Vlscount Amory Trust for their ongoing support of the museum's learning programme. Tiverton Town Council gave a Small grant towards the core work of the museum land have now stopped givin8 Out any grants). The major achievement of this year was the delivery of the National Lottery Heritage Fund and Foyle Foundation project 'StrenBthenin8 our foundations; building our future,. The project is designed to build our organisational resilience in the short to medium tem. and determlne longer term redevelopment plans through several strands of work. Work undertaken this year included ommi55ioning a number of reports to help us prepare for a capital redevelopment project, and some investment in the museum shop, event equipment. A fixed term Volunteer Development Co-ordinator undertook work to develop the volunteer team. Elements of this work are being continued by a fixed term Administrator. Other prolert work enabled through grant funding included a photographic trail in busines5 windows over the summer of 2024 funded by Mid Devon District Council's Love Your Town Centre. Support from the Devon County Councillors, Locality Budget enabled the improved storage of the reminiscente resources. Mid Devon Distrlrt Council's Shared Prosperity Fund grant provided equipment to improve the visitor experience lincluding basic refreshment offer, events equipment,
TIVERTON MUSEUM OF MID DEVON LIFE YEAR ENDED 31 MARCH 2025 new floor in education room. new till. WiFi throughout the building, contribution to solar panel and roofing work overspend, fundralsln8 consultancy). Whilsi we are taking measures to reduce our electricity costs, we continue to face ongoing challenges to meet ever increasing running costs, whilst income remains somewhat Static due to the ongoing impact of the cost of living crisi5 on our audiences. FINANCIAL REVIEW Result for the year Tiverton Museum of Mid Devon Life generated an overall surplus in 2024125 of £3,70312023124 - deficit of £15,554), which resulted in an unrestricted surplus for the year of £4.60512023/24- deficit of £8611. Total funds at 31" March 2025 was £725.923 with £533,863 endowment funds• £14,060 restrided fund, £2,572 Designated funds and £175,428 of UnreStrted reserves. Income in 2024125 was £301,752, 3 SS% increase from 2023124. The majority of this variance is due to a increase in grants received 1130% increase from 20231241. There was also a IO% increase in admission. plus a 13% increase in trading sales. However the museum saw a decrease in donations, down 14% from 2023124. The year expendlture on operating the museum continued to increase by 45% from 2023124. Majority of this was due to increase in grant expenditure mainly relatlng to our Buildin8 our future & Enhancing our organisation resilience 8rants. Spend on managing the museum and other unrestricted costs had small inflation increases. The most notable was Il% inciease in staffin8 costs & increase in IT costs as the organisation invests ID equipment for the future. *Endowfnentfvnd5 held 15 thefixed 1755et V¢71ue of the museum building and not C05h Brief summary of the ¢har5ty'S poll¢y on reserves The Museum's reserves situation and policy is kept under constant vIeW by the Board. The Trustees have agreed to maintain and designate a reserye f und to cover 6 months 'operating costs which is £84,IMJO for 2025126, which is Consisten with 2024/25 wlicy. All restricted funds have been used for their specified purposes. Further flnanclal revlew detalls The Museum is financially aided by the Mid Devon District Council and a grant from Tiverton Town Council and also by a membership scheme which is a dependable source of income. The Board's policy is to invest any surplus funds in deposit accounts Icharities Aid Foundation Gold Account and the Charities Official Investment Fund) until such time as they are required.
TIVERTON MUSEUM OF MID DEVON LIFE YEAR ENDED 31 MARCH 2025 STRucfuRE, GOVERNANCE AND MANAGEMENT Type of governlng document Constitution approved by Charity Commission How the charity is constltuted Charitable Incorporated Organisation ICIOI Governance issues The CIO is managed by a Board Df CharityTrustees I'the Board"} who meet at least every two months. Trustee selectlon method The maximum 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, IAVO Council representatwes, who are nominated by Mid Devon Di5trirt Council and Tiverton Town Council are invited to attend. The day to day running of the Museum is in the care of the Director who is responsible to the Trustee5. This post is a full-time, paid position. The Museum Is supported by the Mid Devon District Council. the Tiverton Town Council and by many local people. This report was approved by the 8oard of Trustees on ............ and signed on their behalf by
TIVERTON MUSEUM OF MID DEVON LIFE YEAR ENDED 31 MARCH 2025 STATEMENT OF TRUSTEES, RESPONSIBILITIES The trustees are responsible for preparing the Trustees, Report and the financial statements in atcordance with applicable law and the Financial Reporting Standard for Smaller Entities leffective April 20081 Iunited Kingdom Generally Accepted Accounting Prartice applicable to Smaller Entitie51. The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true ènd 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 preparing these financial ststements the trustees are required to: select suitable accounting policies and then apply them consistently: observe the methods and principles in the charities SORP- make judgements and estimates that are reasonable and prudent,. state whether applicable accounting Standards have been followed, SLFbjert to any material departures disc105ed and explained in the 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 which disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial Statements comply with the Charities Act 2011, the Charity (Accounts Reports) Regulations 2IYJ8 and the constitution. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 81Pège
TIVERTON MUSEUM OF MID DEVON LIFE YEAR ENDED 31 MARCH 2025 INDEPENDENT EXAMINER'S REPORTTO THE TRUSTEES I report to the trustees on my examination of the financial statements ot Tiverton Museum of Mid Devon Life I'the charity) for the year ended 31 March 2025. which are set out on pages 10 to 24. RÈsponslbllltles and basls of report As the charity's trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 20111.the Act'} Havin8 satisfied myself that the accounts of the charity are not requlred to be audited and are eligible for independent examination, I report in respect of my examination of the charity's accounts carried out under section 145 of the Act. In ¢arryinE Out my examination I have followed all the applicable directions given by the Charity Commission under section 14515llbl of the Act. Independent examinerfs statement I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respett.. accounting retords were not kept in respect of the charity as required by section 130 of the Act: or 2. the accounts do not accord with those records L. or 3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair view, which is not a matter considered as part of an independent examinationl. I have no concerns and have come acros5 no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understsnding of the account5 to be reathed. Mrs Mandy French FCCA Westcotts (SWI LLP 30 St Peter St Tiverton Devon EX16 6NR Dated: 20 a025
TIVERTON MUSEUM OF MID DEVON LIFE YEAR ENDED 31 MARCH 2025 STATEMENT OF FINANCIAL AcfiviTIES Ftsrt yearndity 31M•tth 2Q5 Unrestrlded ReSLe EndiyThnt Funds Fund5 lunds rotal Totsl X)Z4fv 2023124 Notes In(ornln¥ resourre5: Artlvitiestofvrtherthe tharitsNe objeLXives ote191 23,875 177,684 87,793 4,170 IL619 SubscrtptSons l)onatlonsand legacle$ Educatlon Income seum Admission fees Activities togenerdte funds Fundraisin8 Shop Sales TourlStlnfort1OTr Centre other income Inte$1 receivable 8.719 14,810 32.349 1.274 ¥349 29.411 5,C62 11,167 18.887 495 2.881 2,569 IL167 27,902 3,812 1735 Total in¢omin8 resour$ 179.038 1752 195,022 Expenditure ¢)n: Costs tsf generntingfunds Fundrnising 5hop- Costof sèles Total tostsof generatIlndS 26 3,039 5.865 NetInmIa 50¥1$¥v&F•bIef0r Lharltsble appllcion iJ9,649 179.038 687 .078 I1851¢e$ e¥•ended Charfit•ble expenditure Cost of operatlngthe museum Ana8ln8 and zdmlnlsterfng the 00 ILS.875 ,461 170.946 7.704 284.525 61 &n8 7,914 T•tsl resourtésexpended ll4336 7,704 294, 204.632 Net incomin8 loutgoin8i $oUrceS betore tran5fer5 3.315 8.($2 17.7Ckll 115.5541 Transfers 11,2Y)I Net Incomin8 lotstgoln81 resource5 after transfers 6.&12 17.7041 1703 115.5541 Total fund5 at l April 2024 Totsl funds *t31M•rth 2025 173.395 17&( 54L567 T37,775 .CfjJ 533.863 n5.923 722,221 The notes on pages 12 to 24 form part of these accounts. 10 |Page
TIVERTON MUSEUM OF MID DEVON LIFE YEAR ENDED 31 MARCH 2025 BALANCE SHEET At 3tst March 2025 Notes 2023124 Fixed a55ets: Tan8ible assets 571LKB 574,681 Currentassets: Stock Debtors Cash at bank and in hand 9,Tr12 S,186 142,872 157,ICXI 5,474 6,875 142.924 155,274 Uabilities: Creditors: Amounts falllng due within one year Net currentassets 13,1801 17,734} 147.540 Net Assets Capitsl fund5 Endowment io 541,567 Unrestricted funds Unrestrirted Designated 14 li 175,428 170,632 178,1)X) 173,395 Restrlcted funds 12 14.C 7,259 Totsl 725,923 722,221 The financial statements were approved and authorised for issue bythe trustees on and signed on their behalf by The notes on pages 12 to 24 form part of these accounts. 11 IPaEe
TIVERTON MUSEUM OF MID DEVON LIFE YEAR ENDED 31 MARCH 2025 NOTES TO THE FINANCIAL TATEMENTS l. Summary of significant accounting policies la) General inf(Yrnation and basis of preparatlon Tiverton Museum of Mid Devon Life is a charitable incorporated organisation in England within the United Kingdom. The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared In accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable ir¢ the UK and Republic of Ireland {FRS 1021 Ilssued In October 20191 Icharities SORP IFRS 10211 and UK Generally Accepted Accounting Practice. The financial statements ère prepared on a going concem basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currenry of the charity and rounded to the nearest The significant accountin8 policies applied in the preparation of these financial statement5 are set out below. These policies have been consistently applied to all years presented unless otherwise stated. (b) Golng concern The trustees have a reasonable expectation that the charlty has adequate resources to continue in operational existence forthe foreseeable future. Thus the trustees continue to adoptthe going concern basls of accounting In preparlng the finèncial statements. Icl Income recognltlon All incoming resources are included in the Statement of Financial Artivities ISOFAI when the charity is legally entitled to the income after any perfomance conditions have been met, the amount can be measured reliably and It Is probable that the Income wlll be received. For donations to be recognised the charlty will have been notifled of the amounts and the settlement date in writing. If there are conditions attached to the donatlon and this requires a 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 within 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. 12 | Page
TIVERTON MUSEUM OF MID DEVON LIFE YEAR ENDED 31 MARCH 2025 NOTES TO THE FINANCIAL STATEMENTS Income from trading activities includes income earned from fundraising events and trading activities to raise funds for the charity. Income is received in exchange for supplyinE goods and services in order to raise funds and is reco8nised when entitlement has octurred. Incomè from grants is recognised at fair value when the charity has entitlement after any performance conditions have been met, it is probable that the income will be reteived and the amount can be measured reliably. If entitlement is not met, then these amounts are deferred. Idl ExpendSture recognltlon All expenditure is accounted for on an accruals basis and has been cla55ified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or construttive obligation to make payments to third parties. it 15 probable that the settlement will be required and the amount of the obllgatlon can be measured reliably. It is categorised under the following headings.. Cost5 of generating funds; Expenditure on charitsble activities- and Managing and administering the trust le) Tangible fixed assets Tangible fixed assets are stated at cost (or deemed costl or valuation less accumulated depreciation 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.. Buildin8s- 1% per year straight line Equipment and fittings are written off in their year of purchase The current value of the premises. exhibits and equipment has not been estimated. Iv. Ifj Stocks Stocks 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 fir5t- in. first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate, 131Page
TIVERTON MUSEUM OF MID DEVON LIFE YEAR ENDED 31 MARCH 2025 NOTES TO THE FINANCIAL STATEMENT 181 Debtors and credltors recelvable I payable wlihln one year Debtors ènd creditors Wlth no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impalrment are recognised in expenditure. {h) Cash Cash and cash equivalents are basic fin3ncial assets and include cash in hand, deposits held at call with banks, other short-term liquid investment5 With original maturities of three months or less, and bank overdrafts. Cash Flow Statemeni The Trustees have tsken advantage of the exemptlon under Charities 50RP IFR51021 Bulletin I published on 2 February 2016 and have therefore not included a cash flow statement in these financial statements. 111 Fund5 Unrestricted fund5 are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other FrPoses. De5i8nated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. Restrlrted funds are funds which are to be used in accordance with spetifit restrictions imposed by donors or which have been raised by the charity for particular purposes. The cost of raisin8 and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the f inancial statements. Endowment ndS represent those assets which must be held permanently by the charity. Income arising on the endowment funds can be used in attordance with the objerts of the charity and is included as unrestricted income. Any capital gains or losses arising on the investments forni part of the fund. Investment management charges and legal advice relating to the fund are charged against the fund. U) Tax The charity is an exempt charity within the meaning of schedule 3 of the Charltles Act 2011 and is considered to pass the tests set out in Paragraph I Schedule 6 Finznce Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. 14 IPège
TIVERTON MUSEUM OF MID DEVON LIFE YEAR ENDED 31 MARCH 2025 NOTES TO THE FINANCIAL STATEMENTS Ik) Government Grants Government grants are recognised at the fairvalue of the asset received or receivable when there 15 reasonable assurance that the grant conditions will be met and the grants will be received. 2. Grants receSvable t¢>wards the Museum Unrestrittèd Restritted funds funds Totsl funds 2024125 Total fund5 2023124 Mid Devon Distrlct Council Senplc level Agreement Enhant5ngDrganlsatlDn resiiien£fund Bld WriterGrant Photographlf T¥all GTant T>vertonTown Countil-. @ant Nation&1 Lthttery Heritage Fund- Stren8thenlngour Foundf Vistount Amory's CharitablTrus1.- Eduotion Devon County Council LOCBlity bud8et Inwtslv voluntAryAct?on In Mid Devoft Girdl•f'S Comp&ny- Le¥nin4t50urs Foylè FiJiindatiDn- Sllèn8lhening oui Foundions Crimt & PuTrishmnt <¢hotsl L¢&n bo¥ Trus1 & Foundoiitsn£-sirèngthènin£ ourFoundatiDns NormaTh Family ChofitableTNst 23,375 23.375 31W5 27.5 31895 SL 130.929 130.929 Izo 1,505 ¥355 17,593 I,S05 1855 1,3 13,875 J77.684 201.559 87.793 3. Trading income from shop sale 2023124 Sales IL167 Opening Stock Purthases Closin8 Stock Cost of Sale5 5.474 6,fQ7 19,ts12 4,914 6,425 Gr05s Proflt 4.037 4. Tourist Information Centre 2024125 2023124 Coach agency and job centre Fos and accommodatiort lastings Theatretickets and events 11811 59 117 J2,987 21,199 1,973 231 ?3,402 4,500 Grant towards njnnlng cost5 Totsl Tourist Infornation CeniTe income ** JB,887 27.902 Funding frtsm Mid DÈvon District Council and Tiverton Tt)wv Cvufful 15 |Page
TIVERTON MUSEUM OF MID DEVON LIFE YEAR ENDED 31 MARCH 2025 NOTES TO THE FINANCIAL STATEMENTS S. Resources expended Anagireand adrnini5tering Costsofopetstingthe museum Endowrnent xppnditurE UnTestricted expenditure Restricted expenditure UTrrestrlrted expetsdituro T4)ts1 Total JJ2W24 Water Insurance Light and IEat Upkeep and maintenarKe Postage Teleone ststhcery, pThntire ènd c¢)pying Other costs Subscilptlons Accountsw and EXa[na0fee5 Collecuon arn1 tlisplay Event EXIndItre AdvertislnK mrketlng Curatorfs Fu Educatlon costs Salarie5 Tivwy Bumper apal Tourfst InfortIOn CErtre InvDlve Voluntary AC0Th In Mld Devon Girdlers Company NOrnn Family Charitsble Trust Mid Devon Distritt cou11- EnharKlng Mid Devon Dlstrict CourKil- Photographlc Tr, Devon County Councll Locallty budget Devon County Council Locality budget-$hr4) Varley Appeal CriTr and PUnIshEntschl loan box Foyle Foundatron- Bullding ouifviwe National Lottery Heritage Fund fjrcKJrnlwork KiLrfs In Tiverton Bristol Cwncll - (kn 01spIoy Mid Devon Dlstrfct cOu11- Love yourtown Depreclation Totsl E¥pendttyr 20W2S 673 4354 1222 1132 1911 14,059 747 612 816 12f6 511 511 ¥m 6,026 ¢m Lll9 415 174 L2Q 663 216 274 L026 35.361 11815 J1815 1139 1.017 918 1.765 1017 114 765 15C6 ISQ) 733 375 8149 818YJ 2L407 747 781 1,692 I76 461 7X Totsl expenditure X12¥24 .631 161Page
TIVERTON MUSEUM OF MID DEVON LIFE YEAR ENDED 31 MARCH 2025 NOTES TO THE FINANCIAL STATEMENTS 6. Flxed assets (used for dirert charitable purposes) Freehold IT0ffI & Equipment TOTAL Cost Aat l April 2024 Additions At 31 March 2025 770,445 770,445 11,025 IL025 11,025 781,470 770,445 Acojmulated depreciation at l April 2024 Charge for year at 31 March 2025 195,764 7,704 203,468 4.8 2Th),072 1,691 9,395 5,999 209.467 Net Bookvalue at 31 March 2025 566,977 5,026 572,lJ)3 at 31 March 2024 574,681 574,681 7. Stock 2024125 2023124 Shop 9,042 5,474 8. Debtors and prepayments 202412S 2023124 Debtors Other Debtors L377 1,358 5,518 6,875 5,186 17 IPage
TIVERTON MUSEUM OF MID DEVON LIFE YEAR ENDED 31 MARCH 2025 NOTES TO THE FINANCIAL STATEMENTS 9. Creditors (Amounts due within one year) 2024125 2023124 Sundry creditors Accruals 1,3C 350 5,253 3(J) Other Creditors 1.531 2.181 7,734 10. Endowment fund5 This fund was established in 1968 following the purchase of the buildlng In St Andrew Street. The fund has been increased by the subsequent expenditure on converting the building and developing new galleries. As at IApril 2024 Depreaation Charge As at 31 Mard) 2025 541,567 17.7041 533,863 10. Endowment funds (prfor yeor comparativesj As at IApril 2023 Depredation Charge As at 31 Marth 2024 549,271 17,7041 541,%7 11. De51gnated funds The resources of the charity include the following designated funds which have been earmarked out of UDre5tritted funds for specific purposes- Balance I April 2024 utllised/ Designations released Balance 31 March 2025 Curator's fund 2,763 2,763 2,572 15n 1911 Thecurator's fund Is held to finance small proj&ts rnstigat&l by the Director/curator 181Pa8e
TIVERTON MUSEUM OF MID DEVON LIFE YEAR ENDED 31 MARCH 2025 NOTES TO THE FINANCIAL STATEMENTS 11. Designated funds (prior year comporntives) Balance I April 2023 utilisedl Deslgnations released Balance 31 March 2024 Curator's fun(S 2,937 2,937 11741 174 2,763 2,763 The Curatorfs fund ts held to finance small wtsjects I[ligated by the Dirertorlcurator 12. Re5trirted fund5 Bdance I 41rf1 XQ4 Bal¢¢ 31 TM$fe Marth 2015 Recelpts Expendltuwe Tlwy BLMnper Appeal Collections rationallsatl Viscount Amorfs Charitable Trust- Education Collectlons fund Iccn & acql GroundwoTk- Kid5 in Tiverton MDDC - Enhanclng Organisational reslllence Devon County Council Li)cality budget Devon County Council Locality bud8et-sknp art wc MDDC - Photograplic Trail MDDC- 81d Writer Tiverton Town Councll Grant Girdlers grant Crime and Punishment School loan box Foyle Foundati¢- Strengthenlng our Foundatior NLHF-StrenBthening our Foundations Norman Family Charitable Trust- Food & Famiin8 Varfey Appeal lrniolve VoluntaryAction In Mid Devon 2,474 1,791 1474 L791 112,LYKII 1161 3L895 132,457) IL5051 I1,5[} 19951 1851 11,cwi 12191 219 1,017 376 IL0171 13751 15,1491 1113,1421 19181 17331 11,1391 5,149 18,7741 0,929 9.013 L274 1,355 IS411 216 Totals Transfers of £1,290 were transferred from restricted reserves to unrestricted reserves following the completion of grants to cover or8anisational overheads. 19 |Page
TIVERTON MUSEUM OF MID DEVON LIFE YEAR ENDED 31 MARCH 2025 NOTES TO THE FINANCIAL STATEMENTS Restrltted funds The fiwy 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 Transport Gallery. Collections Rationalisation is an ongoing project of reviewing dupllcate items in the museum'5 collection. These are being offered to other museums following our Collections Development Policy, and some are eventually being sold. We will consult with Arts Councll England over using the proceeds from this towards collections care. Viscount Amor5 Charitable Trust supports the running costs of the Education Department. Devon County Councillorfs Locality 8ud8et grant 2023124 supports cornmissioning bespoke artwork to be used on shop merchand•se. Devon County Counclllorfs Locality Budget grant 2024125 supports our reministence work by purchasing shelving to store our resources safely. Love Your Town Centre photographic trail was installed around Terton in the summer of 2024. M¢d Devon Dlstri¢t Council Love YourTown Centre enables us to commission a bid writer for a funding application. The Girdler's Company supported 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 3 5UPPOrter. The National Lottery Heritage Fund supported our project 'Strengthenin8 our foundations: building our future,. Match funding for the project was also achleved from the Foyle Foundation and a Trust who wish to remain anonymous. The Norman Family Charitable Trust supported the development of a new school workshop on food and farming. Mid Devon District Counc51 provlded a grant through the Shared Prosperity Fund for a projert called Enhanclng organlsational resilience to enable the museum to invest in equipment to improve the vlsitor experience (including basic refreshment offer. events equipment, new floor in education room, new till, WiFi throughout the building. ontribution lo solar panel and roofing work overspend. fundraising consultancy). We ran a donation5 appeal name(1 the Varley appeal to generate funds to purchase a sketch of St Peterfs Church by Cornelius Varley lany extra funds to be used for collections care}. Involve voluntary action in Mid Devon provided funds from the fomier Devon Senior Volce organisation to enable us to review and refresh OUT reminiscence boxes. 20IPage
TIVERTON MUSEUM OF MID DEVON LIFE YEAR ENDED 31 MARCH 2025 NOTES TO THE FINANCIAL STATEMENTS 12. Restricted Funds Prlor year comparative B*lJnte 31 Trnttsfets March 1024 April 2023 Re£elpts Expehdltur• rjohn Amory Fund Tiwy Bumper Appeal Collertion5 rationalisatioo Viscount Amorfs Charitable Tru5t- Edutation Colle¢tion5 fund (ton & acql Groundwork- Kid5 in Ti¥ertDn ristol Counol. displav evon County Council Locallty budget MDDC- Photographic Trail MDDC- Bid Writer Tiverton Town Council Grant Girdlers artt Crime and Punlshment School loan box Strengthening our Foundatlons Foyle Foundation - StrÈn8thenln8 our Foundations NLHF-Strengthenin¢ our Foundations Norman Family Charitable Trust- Food & Farming Norman Family Charitable Trusl- Leainin8 8.(QO 1710 L791 18.C(Ql 361 2.474 1.791 12,OCI) 112ml 500 500 500 14801 17471 747 1,50) 1.5 1.0 i.ofy) 219 17811 12B31 1,30) 4DJ 1.017 376 5,SQJ I1251) I3166) 5.149 114.2741 Lo 17.593 11141 11 Totals Transfers of £7,900 were transferred from restricted reserves to unrestricted reserves following correspondence with the funder in relation to the Sir John Amory Fund. 13. Analysis of net a$$ets between funds Vnrestrlcted funds Restricted Endowmpnt funds funds Totsl Funds Tangible fixed assets Net current a55ets Net Assets 38,140 139,860 178,1 533,863 572,(M)2 153,920 725,9 14,C60 533,863 13. Analysls of net assets between fund5 (prior year comparativesl Umeslrkted funds Re5trfrted Endowment funds lunds Totsl Fund5 2023n4 Tangble fixed assets Net current assets Net Assets 33,114 140,281 173.395 541fj7 574.681 147,540 722,221 7.259 7,259 541,567 21 | Page
TIVERTON MUSEUM OF MID DEVON LIFE YEAR EN DED 31 MARCH 2025 NOTES TO THE FINANCIAL STATEMENTS 14. Movement in funds Balance I Aprtl 202A Ba18n YI Th3rfjter5 Mahrh >)Z5 Inc4Jrne &pendture lThcome Funds Unrestritted DeslKnated Total Incomè funds Endowmènt funds Restrirted funds 170,632 2,763 IT3,395 121715 1119.2C81 1.29) 175.428 2,572 178,( 122.715 li.4(0) 17,7C41 1170,9161 129&OSO 54L567 179,038 30L752 11,2901 14,CfQ 725,923 Total funds 721221 14. Movement in funds (prior year comparatives) BalaneÈ I April 2023 Balance 31 Transfers Marth 2024 In(gsme Expenditure Intomè Funds Unrestricted Deslgnated Total Income funds 17L318 2.937 I74.6 134,729 1143.3151 174 1144.0491 17.7041 159,3821 170,632 1763 173,395 54L567 7,259 134.729 Endowm•nt funds Re5*rirted funds 549.271 14,248 1,293 17,9riJi Total funds 195.022 210,575 722,221 15. Independent examinerfs remuneration 23124 Independent Examination 350 350 16. Employees 2024125 2023124 Salaries & Wages Employers National Insuran Pensions 94,527 2,028 3,781 85,472 1,773 3.418 Net Employee costs I),336 The charity had an average of 6 employees during the year12023124- 51 There are no Employees earning emoluments over£EO,(J)O 22 |Page
TIVERTON MUSEUM OF MID DEVON LIFE YEAR ENDED 31 MARCH 2025 NOTES TO THE FINANCIAL STATEMENTS 17. Trustees Remuneratlon and expenses Trustees received a total of £82 in expenses in relatlon to attending and carry out their duties. No other remuneration was received. 2024125 2023124 Trustees remuneration Trustees expenses 82 18. Related Party Transactlons There have been no related party transactions in the year. 23 IPage
TIVERTON MUSEUM OF MID DEVON LIFE YEAR ENDED 31 MARCH 2025 NOTES TO THE FINANCIAL STATEMENTS 19. Prior Year Ststement of Financial Activities Forthe y•arendn8 31 March Unre5trirted Restrfcted Endowment Funds Funds lunds Total otes Incom5n8 resources". Activities to further the charitable objertives Grants Subscriptions Donations and le8aae5 Education Income Museum Admission fees ArtlvSties to generate funds Fundraising shop Sales Tourist Infomlation Centre Other income Intsrest re1vable 27.9)) 4,170 11,619 15,IC8 29,411 6Q293 87.PJ3 4170 11619 Ism 2$411 9,2 27,2 3,812 2,TJ5 27.902 1735 Total Incomlng resources 5022 EKpendlture on: Costs of generatlngfunds Fundraising Shop- Cost of sales Totsl costs of 8eneratln8 funds Net Incomlng resources ayallable for tharlt•A>le appllcatlon 785 61293 Re50111re5 expended Charitable expenditure Cost of operatingthe musèum Managing and admlnlstefingthe CIO 129.632 7,914 59.382 7,7LII 196.718 7,914 Total resouros •xynd¢d 137,546 59.382 7.704 204632 Net in¢omin8 loutgolngl reSOurS betore transfers 18.7611 911 17.7041 115.5541 Transfers 17.9JOI Net incoming loutgoingl 50rS after transfers 18611 I6,9) 17.7041 115,5541 Total fund5 at l April 2023 Totsl lunds at31 March h124 174,256 171395 14,248 549,271 737,775 $41.S67 7U221 24 |Page