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2024-12-31-accounts

ANNUAL REPORT, 2024

MISSION and PUBLIC BENEFIT

Topsham Museum is a Charitable Incorporated Organisation (CIO) established in 2020 to succeed the Topsham Museum Society (TMS). Assets and members were transferred to the CIO and the mission remained the same: to advance the education of the public by providing and managing a public museum and collecting, recording and displaying objects and information pertaining to the local history, flora and fauna of Topsham and the Exe Estuary.

We believe this report demonstrates that the Trustees are delivering on their mission as resources allow, benefiting the local community and the wider public with:

REVIEW OF 2024

Patron

We were delighted when the Earl of Devon agreed to become our patron. His appointment helps to reinforce our focus on the wider Exe Estuary, of which Topsham plays an important part.

Visitors

The Museum remains a well-regarded and much-loved part of Topsham’s community, and part of the town’s offer to visitors. It was open from late March until late October 2024 and attracted 9656 visitors. Organised group visits outside of normal opening hours, and special events such as activities for children and families attracted an additional 354 adults and 421 children, a total of 10,431 visitors.

Building and lease Insurance and lease

The building and land occupied by the Museum were left to ECC by the late Dorothy Holman and the CIO occupies the premises under a lease from ECC, due to terminate in 2026. For the first time in 2022, the Museum paid rent and reimbursed ECC for the building insurance. In 2024 the rental payment was £3,200.

Last year we said that we hoped to resolve the terms of a new lease with Exeter City Council (ECC) including addressing a significant backlog in maintenance of the building. Unfortunately, this has not yet proven possible. We were making good progress in discussions with the City Surveyor, but restructuring of departments within the Council led to considerable difficulty in establishing the right person with whom to engage. This situation had not been resolved at the end of the year and was further complicated by issues with the building itself. Major maintenance of 25 Strand continued to be the responsibility of ECC, while the volunteer maintenance team ably handled other repairs and maintenance. ECC agreed to fund a project to partially replace the render on the Lower Shapter Street side of the building, where water damage was creating potential health and safety issues. Work started in September, although the museum was able to remain open until the end of the season. Removal of the render exposed serious issues with rotting timbers, and it became clear that much more extensive work than originally envisaged would be needed and that the period house would have to be completely cleared. Most of the furniture is now in secure storage and other items have been moved into the Sail Loft and Tea Room. We are extremely grateful to Rachel Nichols for masterminding this major exercise. Listed building consent is being sought to undertake the repairs, and we await a detailed work schedule.

Collections

Care for our collections - those on display and in storage - falls to volunteer teams and dedicated training was delivered in 2024. Most items are in good condition with additional protection or vital repairs conducted where necessary and as resources permit. All picture frames are being systematically checked and backing boards replaced with conservation grade materials. Towards the end of the year, painting of The Swan of the Exe was sent for conservation. Two further pictures are awaiting conservation.

We have two handling boxes - ‘The Romans’ and ‘World War II Evacuees’ and others will be created during 2025. We have encouraged room stewards to become more familiar with objects on display. Guides and folders were extensively updated at the beginning of 2024 to help stewards interact more confidently with our visitors.

We are very grateful to Greg Towning, who has photographed hundreds of items in the collection, and these have been added to the database.

We were successful in obtaining a grant from the Arts Council Museum Development South-West to help review and re-organise the Reserve Store. We were delighted to have a strong team of 27 enthusiastic volunteers willing to undertake formal training and then tackle this work. They jointly spent over 630 hours to complete the project and have now curated, cleaned, catalogued and photographed the items into 203 boxes. These volunteers are continuing to help in the Reserve Store.

We have accepted several pictures by Topsham artists this year, as well as a piece made by the Desmond Sawyer cane workshop. Loans from RAMM following recent archaeological excavations in Topsham are awaited. We continue to turn down many more items than we accept however, and Trustees have authorised the disposal of certain unaccessioned items that will either never be displayed or are not relevant to our collections policy.

Exhibitions and telephone box

Our special exhibition marked the 80[th] anniversary of D-Day and reflected on the considerable preparations that took place in this area. Many visitors were surprised to learn that the bridges over the river and canal at Countess Wear were used to help train soldiers who successfully liberated Pegasus bridge. We were very grateful for the loan of some items from the Powderham Estate. We hosted three temporary exhibitions in the Tea Room: paintings by local artist Ray Balkwill, wartime cartoons by George ‘Stil’ Stillings, and contemporary works by amateur embroiderers in Lympstone. The repurposed telephone kiosk in central Topsham advertised our activities and town history and was decorated for events such as Halloween and Christmas.

Research and queries

The Research team provided invaluable help with the D-Day exhibition, leading research into World War Two evacuees and the US SeaBee base at Countess Wear. The team responded to around 30 research queries covering a variety of subjects during the year. A research project is investigating the detailed history of St Margaret’s Church, for publication in 2027. Other researchers have been looking at local industries and maritime history.

Museum garden

A dedicated team worked hard to maintain and develop the garden adjoining the museum with its Victorian greenhouse and the Riverside Garden on the other side of Strand. Both gardens are very popular with visitors and residents. The erection of scaffolding in October curtailed autumn tidying, and the Christmas display for children had to be moved into the Riverside Garden. The main garden and toolshed were still inaccessible at year end and are likely to remain so through much of 2025.

Publications

The free ‘Topsham Trails’ leaflet is available from pick-up points in Topsham: 21,750 copies have been provided since first publication in 2019, and in 2024 we were grateful to Councillor Andrew Leadbetter (Devon County Council) for providing a grant to fund a reprint. The annual members’ journal, Topsham Times, was not published in 2024 but an edition is in preparation to be published in summer 2025.

Romans Day

In March 2024 we held a study day on the Romans in Topsham, and recent archaeological investigations. We were fortunate to have expert contributions from Val Maxfield (Emeritus Professor of Roman Archaeology), John Salvatore (consultant archaeologist), Bill Horner (County Archaeologist), and Tom Cadbury (RAMM).

Other events, lectures and markets

Monthly public lectures (April to October) in Matthews Hall covered subjects including Churchill’s Secret Army, Thomas the Tank Engine, the archaeology of Dartmoor and the work of the Exeter harbour-master. Three winter evening lectures, timed to appeal to a younger, employed audience, were delivered on The Afterlife of Books, the Story of Indigo and Clocks of Devon.

Children’s activities

The team of volunteers increased in number during the year. The monthly Story, Song and Snack sessions for under-fives continued to develop and attract a growing audience, while for older children there were paper-based trails around the Museum collection and special trails for Easter and for Charter Day. Three activity days were organized, with two full-to-capacity sessions each day. The team decorated a tree for the St Nicholas Church Christmas Tree festival using handicrafts created at children’s events, and again worked with community organisation Love Topsham on a Christmas Trail, hosting the finale in the Riverside Garden.

Community outreach

Museum volunteers gave talks at Powderham, Bow and Exmouth. We welcomed Years 3 and 4 from The Topsham School, looking at the Roman collection and Years 5 and 6 from Marpool School, Exmouth, studying World War 2 evacuations.

A relationship with the Watermeadow Grange care home is developing. Mobile residents were able to visit the Museum and garden during the summer, and items from the D-Day exhibition were shared with residents during a handling session within the care home.

Free walking tours of Topsham were conducted twice weekly by volunteer guides between May and September.

Maps and information boards

During 2023, the Museum started work with Love Topsham to develop maps and heritage information boards for key locations in the town. This has made slow progress, not least because additional funding was required, but we hope the boards will be installed during 2025.

Volunteers

Volunteers are our life-blood, and we serve as a magnet for local people ‘giving something back’. Pre-season training is offered to all. Head stewards meet for an annual lunch and discussion of their specific roles and responsibilities and other teams are offered planning meetings and get-togethers. The Tea Room runs an end-of-season ‘thank you’ lunch as well as out-of-season coffee mornings for all volunteers. We are very grateful to Beth Daw who has stepped down as official scone maker - she has made over 20,000 scones for the Tea Room.

Membership

At the end of 2024 we had 324 members.

Towards a virtual museum

Our new website was launched with improved visuals and navigation, and enhanced information on visiting, research and supporting the museum financially. We are very grateful to Andy Graham-Cumming for masterminding this work. A link to Collections Online displays artefacts, art, photographs, and documents, many of which are not on physical display. A new administration database, developed by Mark Reynolds, has enhanced understanding of ‘people’ data, simplified group communication and improved our ability to draw out statistics. Work by Chris Owen using an existing on-line tool, has enabled more efficient and flexible rostering of room stewards and Tea Room volunteers.

We were also pleased to participate in the GLAM-E Lab project run by the University of Exeter in collaboration with RAMM. The aim of the project is to make museum-owned images available to the public on the Wikipedia Commons platform. A small number of images that are unique, belong to the museum, are representative of the collection and of interest to the public have been selected and uploaded.

Strategy

We held a presentation on our Five-Year Strategy with trustees and our Management group in Spring 2024. Despite uncertainty over our future lease and relationship with ECC, and latterly the temporary closure of the Museum, we are continuing to evolve our strategy for the future. This will involve greater emphasis on the quality of our Period House and our collection, along with additional fundraising, the creation of an endowment fund, and a legacy campaign. Discussions are continuing into 2025.

Trustees

The Museum Annual General Meeting on 30 April 2024 saw the following elected or confirmed: Jenny Ellis (Chair), Graham Norwood (Vice-Chair), Gill McLean (Secretary), John Claxton (Treasurer), Jan Lawson, Emma Laws, Roger Ascough, Heather Kay, Will Atkinson and Jeff Nicholls. In 2021, Rachel Nichols BEM became President of the Museum and has continued to make a major contribution, for which we are very grateful.

Management

Trustees set the strategic direction for the Museum and monitor its delivery, while day-to-day operations remain overseen by a Management Team of volunteers. The Management Team was chaired successively by Julie Rashbrooke, Jan Betteridge and Simon Briscoe.

Topsham Museum Trading Ltd (TMT), formed in 2007 to administer trading activities, is now a wholly owned subsidiary of Topsham Museum. Its activities include the Tea Room, Museum shop, fundraising, group visits and special events. In 2024, TMT donated profits of £33,376 to the museum. The 2024 directors of TMT were Stevie Barrett, Alan Caig (until August 2024), Fi Douglas, Graham Norwood (from August 2024) and Jenny Ellis.

The museum has no paid staff but engages a self-employed cleaner, while the Royal Albert Memorial Museum (RAMM) provides invaluable professional assistance: RAMM’s Tom Cadbury is our Curatorial Advisor.

Financial

The accounts for 2024 form part of this Report. The accounts have been examined independently by Veronica Mathieson and approved by the Trustees, who particularly wish to thank the Treasurer and those supporting him for their invaluable and dedicated work maintaining the Museum accounts.

Reserves

The Trustees maintain financial reserves for unforeseen circumstances such as dips in income or significant unscheduled expenditure. The approach also reflects annual expenditure, most of which is incurred during the first quarter when pre-opening maintenance is undertaken and the shop restocked: significant income does not start until April when the Museum re-opens. Including these factors, the Trustees maintain minimum year-end reserves of £30,000 to £35,000. This policy was reviewed and confirmed during 2024.

On 31 December 2024, cash in the General Fund stood at £206,833 (£187,121 in 2023), and in the Designated Fund £87,116 (£88,748 in 2023). The Designated Fund, also known as the ‘Legacies and Gifts Fund’ was created in 2011 from legacies and gifts received by the Society with the intention that these funds should not be used for day-to-day expenditure but should be reserved for special projects.

OUTLOOK FOR 2025

Work on the building

At the time of writing this report, we are not clear about the timetable for repairs to timbers and render. We do know it will not be possible to open as usual at the beginning of April. Whilst this is very disappointing, we will take advantage of the enforced closure to review and rationalise our systems and storage. We have also commissioned Richard Parker to study and report on the history of the building.

We are organising events and opportunities to experience some of the Museum’s collection, for example through tabletop displays in community settings. We are grateful to the Market House Trust for allowing us to use the shop window in Central Garage. Alongside these community activities we are arranging a series of coffee mornings and events for volunteers and members to retain their interest and support.

Lease

We hoped 2024 would be the year we reached an agreed position with ECC on lease renewal and to complete the process well before the expiry date in March 2026, chiefly to improve our ability to apply for grants but also to avoid diminution of the Museum’s standing, significance and community benefit. Changes of key staff followed by a reorganization at ECC have rendered this impossible. We have recently identified and had an initial meeting with a newly appointed ECC officer who will take the lead on lease negotiations.

.

Exhibition

The exhibition for 2025, Waterscapes, Exe Estuary Views 1780-1880 has been prepared in association with The Arts Society Topsham and Topsham Art Group. It is hoped the exhibition will be shown at the Exeter Custom House from June 2025 and relocated to Topsham when the Museum re-opens.

Research

Research training is planned, to encourage greater knowledge both of our collections and Topsham history.

Lectures

A full series of six summer and three winter lectures is planned for 2025.

Strategy

Our work on the Five-Year Strategy will be shaped by the lease agreement. Substantial fundraising will be needed, through a professional fundraiser, grants, legacies and encouragement of donations. We will refine our long-term offer to visitors through enhancing the displays in the Merchant’s House, refreshing other displays of our collection, and by further outreach to take our collection to the growing populations of Topsham and Exeter.

Jenny Ellis CB Chair of Trustees

Topsham Museum

25 Strand, Topsham, Exeter, Devon EX3 0AX Telephone: 01392 873244 email: info@topshammuseum.org.uk www.topshammuseum.org.uk

Financial Statements

For Year Ending 31[st] December 2024

Page 1 Consolidated Income & Expenditure Account

Page 2 Balance Sheet

Pages 3-5 Notes to the Accounts

Registered Charity No: 1185943

Page 1

TOPSHAM MUSEUM (Registered Charity No. 1185943) CONSOLIDATED STATEMENT OF INCOME & EXPENDITURE FOR THE YEAR ENDED 31 DECEMBER 2024

Notes
Income and endowments from:
Donations and legacies
Gifts and donations
Legacies
Gift aid relief
Trading activities
Town Maps & Information Board Project
Shop sales
3
Tea room sales
Fund Raising Events
Other charitable activities
Membership subscriptions
2
Visitors' donations
MDSW Small Open Grant
Anonymous Grant
Investments
Bank interest and other interest
Total
Expenditure on:
Raising funds
Cost of Shop sales
3
Cost of tearoom sales
Bank, card & DonR charges
Support costs
4
Expenditure on:
Charitable activities
Depreciation of fixed assets
Spare
Topsham Trail Brochure and Promotion
Town Map & Information Boards Project
MSW Small Open Grants Expenses
Legal and Professional
Education
Lectures - Fees & Donations
Paid from Designated Donations
Exhibits
Collections Management System
Gardening
Publications
Newsletter
Publicity
Rent payable to Exeter City Council
Repairs & maintenance
Training
Support costs
4
Total Expenditure
Net income
Transfers between funds
11
Net movement of funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward		 Restricted
General
Designated
funds
Heritage
Lottery
project fund
Total
£
£
£
£
11,160
0
0
11,160
0
0
0
0
1,851
0
0
1,851
13,011
0
0
13,011
6,500
0
6,500
19,097
0
0
19,097
27,729
0
0
27,729
6,155
0
0
6,155
52,981
6,500
0
59,481
3,662
0
0
3,662
4,248
0
0
4,248
2,250
0
2,250
2,000
0
0
2,000
9,910
2,250
0
12,160
2,866
0
0
2,866
78,768
8,750
0
87,518
7,468
0
0
7,468
8,711
0
0
8,711
3,431
0
0
3,431
5,415
0
0
5,415
25,025
0
0
25,025
5,635
3,588
7,535
16,758
0
0
0
0
1,356
0
0
1,356
0
4,948
0
4,948
0
1,788
0
1,788
1,472
0
0
1,472
520
0
0
520
0
0
0
0
58
0
58
2,622
0
0
2,622
2,640
0
0
2,640
354
0
0
354
261
0
0
261
0
0
0
0
214
0
0
214
3,200
0
0
3,200
3,058
0
0
3,058
64
0
0
64
12,635
0
0
12,635
34,031
10,382
7,535
51,948
59,056
10,382
7,535
76,973
19,712
-1,632
-7,535
10,545
0
0
0
0
19,712
-1,632
-7,535
10,545
187,121
88,748
7,535
283,404
206,833
87,116
0
293,949
Unrestricted funds		 2023
£
3,164
0
3,765
6,929
16,080
26,781
18,423
0
61,284
4,740
3,653
350
0
8,743
1,938
78,894
6,799
8,837
1,746
6,227
23,609
28,870
0
-350
0
0
700
367
0
7,963
983
2,100
398
0
0
271
3,200
3,070
0
14,529
62,101
85,710
-6,816
0
-6,816
290,221
283,405

Page 2

TOPSHAM MUSEUM (Registered Charity No. 1185943) CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2024

Notes
Tangible fixed assets
Leasehold improvements
6
Furniture & equipment
6
Display & flooring
6
Information technology
6
Current assets
Stocks at lower of cost and net realisable value
Debtors & prepayments
8
Bank accounts
9
Cash in Hand
Current liabilities
Creditors
10
Reserves
Unrestricted funds - General fund
Designated funds
11
5
Restricted fund - Lottery heritage project
5,11		 £
£
£
£
22,896
31,143
14,691
16,323
14,078
14,805
7,316
5,255
58,981
67,526
2,405
1,490
9,809
6
221,950
214,057
804
330
234,968
215,883
-
(5)
234,968
215,878
293,949
283,404
206,833
187,121
87,116
88,748
293,949
275,869
-
7,535
293,949
283,404
2023
2024

Adopted by the Council at its meeting on 18th March 2025

Jenny Ellis, Chairman

TOPSHAM MUSEUM (Registered Charity No. 1185943) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

Page 3

1. Accounting policies

The financial statements have been prepared under the historic cost convention, in accordance with the applicable accounting standards, the Charities Act 2011, the Statement of Recommended Practice: Accounting and Reporting of Charities (SORP) issued in 2016 and the The Charities (Accounts and Reports) Regulations 2008.

Tangible fixed assets

The Museum leases the Building from Exeter City Council. The lease expires in 2026. Leasehold improvements are amortised over the remaining period of the lease.

Depreciation is charged on furniture and equipment and displays and flooring at 10% of the written down value. Depreciation is charged on information technology at 25% of the written down value.

Heritage assets

The exhibits owned by the Museum have been generally donated and are not included as tangible assets in the balance sheet. The exceptions are the four boats which were restored as part of the Heritage Lottery Project; £35,000 was spent on their restoration and is being depreciated as part of that project.

The Trustees fully appreciate the value to the Museum of all the heritage assets and appropriate insurance is in place.

Investment in subsidiary company

The Museum set up a wholly owned subsidiary company, Topsham Museum Trading Limited in 2007. The issued share capital of Topsham Museum Trading Limited is £2, comprising two £1 shares.

The Museum makes an interest free perpetual floating loan to the subsidiary company to cover the stock of the charity shop. At December 31st 2024 stock stood at £2405 (2023 - £1490)

The financial statements include the consolidation of the subsidiary company.

Funds

The General fund and the Designated funds represent the funds of the Museum that the Trustees have earmarked for their respective purposes (see Note 11). The Heritage Lottery Fund represents the funds committed for the building of an extension of the Museum to house certain exhibits. This fund is now fully depreciated.

Incoming resources

Donations are recognised when they are received

Interest entitlements are accounted for as they accrue

Grants receivable are accounted for when they are due and receivable

Gift aid relief is accounted for and accrued when it is determined for the previous year's claim

Outgoing resources

Expenditures are accounted for as they accrue.

2. Membership subscriptions
Prior year life memberships (inc. honorary)
New life memberships
Annual memberships		 Number
£
Number
£
43
-
40
-
1
225
4
750
262
3,437
277
3,990
306
3,662
321
3,199
2024
2023

Page 4

TOPSHAM MUSEUM (Registered Charity No. 1185943) NOTES TO THE FINANCIAL STATEMENTS CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024

3. Trading sales and cost of sales 2024 2023
£ £ £ £ £ £
Shop Tearoom Total Shop Tearoom Total
Sales 19,097 27,729 46,826 20,685 23,893 44,578
Cost of sales (7,468) (8,711) (16,179) (6,431) (7,040) (13,471)
Gross profit 11,629 19,018 30,647 13,736 16,284 30,020
4. Support costs
Cleaning & sundries
Computer running expenses
General expenses
Insurance-contents and liability
Insurance-buildings
Light & heat
Office, stationery etc.
Telephone
Water rates		 61% 69% 65% 66%
68%
2024
2023
£
£
3,841
3,743
1,731
271
1,049
1,871
5,408
4,983
-
3,484
3,776
4,159
563
752
909
883
773
610
Group and Museum		 67%
18,050 20,756
Allocated to:
Fund raising trading
Charitable activities		 5,415
12,635		 6,227
14,529
18,050 20,756
5. Movement of funds
Balance b/fwd at 1 Jan 2024
Net movement of funds in the year
Gross transfers between funds		 General
fund
£
187,121
19,712		 Design-
ated
funds
Heritage
Lottery
Fund
£
88,748
7,535
(1,632)
(7,535)
-
Group		 Total
£
283,404
10,545
-		 General
fund
£
187,121
19,712
-		 Design-
ated
funds
88,748
(1,632)
-
Museum		 Heritage
Lottery
Fund
£
7,535
(7,535)
-		 Total
£
283,404
10,545
-
Balance c/fwd at 31 Dec 2024 206,833 87,116 - 293,949 206,833 87,116 - 293,949
Represented by:
Fixed assets
Investment and loan to subsidiary
Cash at bank
Net current assets (other)		 58,981
9,514
-
134,834
3,504		 -
-
87,116		 0 58,981
9,514
-
221,949
3,504		 58,981
9,514
-
134,834
3,504		 -
-
87,116
-		 0
-
-		 58,981
9,514
-
221,950
3,504
206,833 87,116 0 293,949 206,833 87,116 0 293,949

Page 5

TOPSHAM MUSEUM (Registered Charity No. 1185943) NOTES TO THE FINANCIAL STATEMENTS CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024

----- Start of picture text -----
||||||||| |---|---|---|---|---|---|---|---| |6. Tangible fixed assets|Leasehold Improvements|Furniture|Display|Informa-|Total| |Heritage|"Ruby"|and|and|tion| |Lottery|Boat|Equip-|Flooring|Technol-| |Project|Shed|Other|ment|ogy| |Cost|£|£|£|£|£|£|£| |At1 January 2024|311,924|13,629|34,650|34,465|40,650|27,826|463,144| |Additions|2,876|-|837|4,500|8,213| |-| |Disposals| |At 31 December 2024|311,924|13,629|37,526|34,465|41,487|32,326|471,357| |Depreciation| |At1 January 2024|304,389|10,908|13,763|18,142|25,845|22,571|395,618| |Charge for the year|7,535|909|2,679|1,632|1,564|2,439|16,758| |-| |Eliminated on disposals| |At 31 December 2024|311,924|11,817|16,442|19,774|27,409|25,010|412,376| |Net Book Value| |At 31 December 2023|7,535|2,721|20,887|16,323|14,805|5,255|67,526| |At 31 December 2024|0|1,812|21,084|14,691|14,078|7,316|58,981| |7. Investment in subsidiary company|2024|2023| |£|£| |Topsham Museum Trading Limited-shares|2|2| |Topsham Museum Trading Limited-interest free loan|9,512|5,842| |2024|2023| |Group|Museum|Group|Museum| |8. Debtors and prepayments|£|£|£|£| |Bank interest|-|-|-|-| |-|-| |Support costs & Projects in Progress|9,809|9,809| |-|-| |9,809|9,809| |9. Bank accounts| |Current accounts|93,284|86,174|120,076|115,075| |Deposit accounts|128,666|128,666|89,305|89,305| |221,950|214,840|209,381|204,380| |10. Creditors| |-|-|-|-| |Support costs| |-|-|-|-| |11. Designated and restricted funds| |Transfer| |At|1|Jan|Expend-|from/(to)|At|31|Dec| |2024|Income|iture|General|2024| |-| |Designated Fund - Legacies and Gifts|88,748|8,750|(10,382)|87,116| |-| |Restricted Fund - Heritage Lottery Project|7,535|(7,535)| |Total|96,283|8,750|(17,917)|-|87,116|

----- End of picture text -----

Topsham Museum

25 Strand, Topsham, Exeter, Devon EX3 0AX Telephone: 01392 873244 email: info@topshammuseum.org.uk www.topshammuseum.org.uk

Financial Statements

For Year Ending 31[st] December 2024

Independent Examiner’s Report

Accounts

Page 1 Consolidated Income & Expenditure Account

Page 2 Balance Sheet

Pages 3-5 Notes to the Accounts

Registered Charity No: 1185943

Independent examiner's report on the accounts

Section A Independent Examiner’s Report

Report to the trustees/ Topsham Museum members of

On accounts for the year December 2024 Charity no 1185943 ended (if any) Set out on pages

1

It is my responsibility to: 

  - examine the accounts under section 145 of the Charities Act,

  - to follow the procedures laid down in the general Directions given by the Charity Commission (under section 145(5)(b) of the Charities Act, and

  - to state whether particular matters have come to my attention.

Date: 2 April 2025 Signed: Name: Veronica Mathieson

Relevant professional Exeter Community Accounting qualification(s) or body (if any):

Address: Exeter Community Accounting, 48 Willeys Avenue, Exeter EX2 8EP

1

Page 1

TOPSHAM MUSEUM (Registered Charity No. 1185943) CONSOLIDATED STATEMENT OF INCOME & EXPENDITURE FOR THE YEAR ENDED 31 DECEMBER 2024

Notes
Income and endowments from:
Donations and legacies
Gifts and donations
Legacies
Gift aid relief
Trading activities
Town Maps & Information Board Project
Shop sales
3
Tea room sales
Fund Raising Events
Other charitable activities
Membership subscriptions
2
Visitors' donations
MDSW Small Open Grant
Anonymous Grant
Investments
Bank interest and other interest
Total
Expenditure on:
Raising funds
Cost of Shop sales
3
Cost of tearoom sales
Bank, card & DonR charges
Support costs
4
Expenditure on:
Charitable activities
Depreciation of fixed assets
Spare
Topsham Trail Brochure and Promotion
Town Map & Information Boards Project
MSW Small Open Grants Expenses
Legal and Professional
Education
Lectures - Fees & Donations
Paid from Designated Donations
Exhibits
Collections Management System
Gardening
Publications
Newsletter
Publicity
Rent payable to Exeter City Council
Repairs & maintenance
Training
Support costs
4
Total Expenditure
Net income
Transfers between funds
11
Net movement of funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward		 Restricted
General
Designated
funds
Heritage
Lottery
project fund
Total
£
£
£
£
11,160
0
0
11,160
0
0
0
0
1,851
0
0
1,851
13,011
0
0
13,011
6,500
0
6,500
19,097
0
0
19,097
27,729
0
0
27,729
6,155
0
0
6,155
52,981
6,500
0
59,481
3,662
0
0
3,662
4,248
0
0
4,248
2,250
0
2,250
2,000
0
0
2,000
9,910
2,250
0
12,160
2,866
0
0
2,866
78,768
8,750
0
87,518
7,468
0
0
7,468
8,711
0
0
8,711
3,431
0
0
3,431
5,415
0
0
5,415
25,025
0
0
25,025
5,635
3,588
7,535
16,758
0
0
0
0
1,356
0
0
1,356
0
4,948
0
4,948
0
1,788
0
1,788
1,472
0
0
1,472
520
0
0
520
0
0
0
0
58
0
58
2,622
0
0
2,622
2,640
0
0
2,640
354
0
0
354
261
0
0
261
0
0
0
0
214
0
0
214
3,200
0
0
3,200
3,058
0
0
3,058
64
0
0
64
12,635
0
0
12,635
34,031
10,382
7,535
51,948
59,056
10,382
7,535
76,973
19,712
-1,632
-7,535
10,545
0
0
0
0
19,712
-1,632
-7,535
10,545
187,121
88,748
7,535
283,404
206,833
87,116
0
293,949
Unrestricted funds		 2023
£
3,164
0
3,765
6,929
16,080
26,781
18,423
0
61,284
4,740
3,653
350
0
8,743
1,938
78,894
6,799
8,837
1,746
6,227
23,609
28,870
0
-350
0
0
700
367
0
7,963
983
2,100
398
0
0
271
3,200
3,070
0
14,529
62,101
85,710
-6,816
0
-6,816
290,221
283,405

Page 2

TOPSHAM MUSEUM (Registered Charity No. 1185943) CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2024

Notes
Tangible fixed assets
Leasehold improvements
6
Furniture & equipment
6
Display & flooring
6
Information technology
6
Current assets
Stocks at lower of cost and net realisable value
Debtors & prepayments
8
Bank accounts
9
Cash in Hand
Current liabilities
Creditors
10
Reserves
Unrestricted funds - General fund
Designated funds
11
5
Restricted fund - Lottery heritage project
5,11		 £
£
£
£
22,896
31,143
14,691
16,323
14,078
14,805
7,316
5,255
58,981
67,526
2,405
1,490
9,809
6
221,950
214,057
804
330
234,968
215,883
-
(5)
234,968
215,878
293,949
283,404
206,833
187,121
87,116
88,748
293,949
275,869
-
7,535
293,949
283,404
2023
2024

Adopted by the Council at its meeting on 18th March 2025

Jenny Ellis, Chairman

TOPSHAM MUSEUM (Registered Charity No. 1185943) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

Page 3

1. Accounting policies

The financial statements have been prepared under the historic cost convention, in accordance with the applicable accounting standards, the Charities Act 2011, the Statement of Recommended Practice: Accounting and Reporting of Charities (SORP) issued in 2016 and the The Charities (Accounts and Reports) Regulations 2008.

Tangible fixed assets

The Museum leases the Building from Exeter City Council. The lease expires in 2026. Leasehold improvements are amortised over the remaining period of the lease.

Depreciation is charged on furniture and equipment and displays and flooring at 10% of the written down value. Depreciation is charged on information technology at 25% of the written down value.

Heritage assets

The exhibits owned by the Museum have been generally donated and are not included as tangible assets in the balance sheet. The exceptions are the four boats which were restored as part of the Heritage Lottery Project; £35,000 was spent on their restoration and is being depreciated as part of that project.

The Trustees fully appreciate the value to the Museum of all the heritage assets and appropriate insurance is in place.

Investment in subsidiary company

The Museum set up a wholly owned subsidiary company, Topsham Museum Trading Limited in 2007. The issued share capital of Topsham Museum Trading Limited is £2, comprising two £1 shares.

The Museum makes an interest free perpetual floating loan to the subsidiary company to cover the stock of the charity shop. At December 31st 2024 stock stood at £2405 (2023 - £1490)

The financial statements include the consolidation of the subsidiary company.

Funds

The General fund and the Designated funds represent the funds of the Museum that the Trustees have earmarked for their respective purposes (see Note 11). The Heritage Lottery Fund represents the funds committed for the building of an extension of the Museum to house certain exhibits. This fund is now fully depreciated.

Incoming resources

Donations are recognised when they are received

Interest entitlements are accounted for as they accrue

Grants receivable are accounted for when they are due and receivable

Gift aid relief is accounted for and accrued when it is determined for the previous year's claim

Outgoing resources

Expenditures are accounted for as they accrue.

2. Membership subscriptions
Prior year life memberships (inc. honorary)
New life memberships
Annual memberships		 Number
£
Number
£
43
-
40
-
1
225
4
750
262
3,437
277
3,990
306
3,662
321
3,199
2024
2023

Page 4

TOPSHAM MUSEUM (Registered Charity No. 1185943) NOTES TO THE FINANCIAL STATEMENTS CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024

3. Trading sales and cost of sales 2024 2023
£ £ £ £ £ £
Shop Tearoom Total Shop Tearoom Total
Sales 19,097 27,729 46,826 20,685 23,893 44,578
Cost of sales (7,468) (8,711) (16,179) (6,431) (7,040) (13,471)
Gross profit 11,629 19,018 30,647 13,736 16,284 30,020
4. Support costs
Cleaning & sundries
Computer running expenses
General expenses
Insurance-contents and liability
Insurance-buildings
Light & heat
Office, stationery etc.
Telephone
Water rates		 61% 69% 65% 66%
68%
2024
2023
£
£
3,841
3,743
1,731
271
1,049
1,871
5,408
4,983
-
3,484
3,776
4,159
563
752
909
883
773
610
Group and Museum		 67%
18,050 20,756
Allocated to:
Fund raising trading
Charitable activities		 5,415
12,635		 6,227
14,529
18,050 20,756
5. Movement of funds
Balance b/fwd at 1 Jan 2024
Net movement of funds in the year
Gross transfers between funds		 General
fund
£
187,121
19,712		 Design-
ated
funds
Heritage
Lottery
Fund
£
88,748
7,535
(1,632)
(7,535)
-
Group		 Total
£
283,404
10,545
-		 General
fund
£
187,121
19,712
-		 Design-
ated
funds
88,748
(1,632)
-
Museum		 Heritage
Lottery
Fund
£
7,535
(7,535)
-		 Total
£
283,404
10,545
-
Balance c/fwd at 31 Dec 2024 206,833 87,116 - 293,949 206,833 87,116 - 293,949
Represented by:
Fixed assets
Investment and loan to subsidiary
Cash at bank
Net current assets (other)		 58,981
9,514
-
134,834
3,504		 -
-
87,116		 0 58,981
9,514
-
221,949
3,504		 58,981
9,514
-
134,834
3,504		 -
-
87,116
-		 0
-
-		 58,981
9,514
-
221,950
3,504
206,833 87,116 0 293,949 206,833 87,116 0 293,949

Page 5

TOPSHAM MUSEUM (Registered Charity No. 1185943) NOTES TO THE FINANCIAL STATEMENTS CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024

----- Start of picture text -----
||||||||| |---|---|---|---|---|---|---|---| |6. Tangible fixed assets|Leasehold Improvements|Furniture|Display|Informa-|Total| |Heritage|"Ruby"|and|and|tion| |Lottery|Boat|Equip-|Flooring|Technol-| |Project|Shed|Other|ment|ogy| |Cost|£|£|£|£|£|£|£| |At1 January 2024|311,924|13,629|34,650|34,465|40,650|27,826|463,144| |Additions|2,876|-|837|4,500|8,213| |-| |Disposals| |At 31 December 2024|311,924|13,629|37,526|34,465|41,487|32,326|471,357| |Depreciation| |At1 January 2024|304,389|10,908|13,763|18,142|25,845|22,571|395,618| |Charge for the year|7,535|909|2,679|1,632|1,564|2,439|16,758| |-| |Eliminated on disposals| |At 31 December 2024|311,924|11,817|16,442|19,774|27,409|25,010|412,376| |Net Book Value| |At 31 December 2023|7,535|2,721|20,887|16,323|14,805|5,255|67,526| |At 31 December 2024|0|1,812|21,084|14,691|14,078|7,316|58,981| |7. Investment in subsidiary company|2024|2023| |£|£| |Topsham Museum Trading Limited-shares|2|2| |Topsham Museum Trading Limited-interest free loan|9,512|5,842| |2024|2023| |Group|Museum|Group|Museum| |8. Debtors and prepayments|£|£|£|£| |Bank interest|-|-|-|-| |-|-| |Support costs & Projects in Progress|9,809|9,809| |-|-| |9,809|9,809| |9. Bank accounts| |Current accounts|93,284|86,174|120,076|115,075| |Deposit accounts|128,666|128,666|89,305|89,305| |221,950|214,840|209,381|204,380| |10. Creditors| |-|-|-|-| |Support costs| |-|-|-|-| |11. Designated and restricted funds| |Transfer| |At|1|Jan|Expend-|from/(to)|At|31|Dec| |2024|Income|iture|General|2024| |-| |Designated Fund - Legacies and Gifts|88,748|8,750|(10,382)|87,116| |-| |Restricted Fund - Heritage Lottery Project|7,535|(7,535)| |Total|96,283|8,750|(17,917)|-|87,116|

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