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2023-02-28-accounts

THE SIDMOUTH TOY AND MODEL MUSEUM

Trustees Report and Financial Statements For the Year Ended 28 February 2023

Charity Registration Number: 1187808

THE SIDMOUTH TOY AND MODEL MUSEUM

FOR THE YEAR ENDED 28 FEBRUARY 2023

TABLE OF CONTENTS Page Number
Regulatory Information 1
Trustees Report 2-6
Accountant’s Report 7
Statement of Financial Activities 8
Balance Sheet 9
Notes to the Financial Statements 10-17

THE SIDMOUTH TOY AND MODEL MUSEUM

REFERENCE AND ADMINISTRATIVE DETAILS

FOR THE YEAR ENDED 28 FEBRUARY 2023

Charity Number Charity Number 1187808
Registered office and operational The Old Chapel
address Chapel Street
Sidmouth
EX10 8ND
Trustees Ian Gregory
Rebecca Gregory
Tony Pennison
Accountants Price Bailey LLP
Causeway House
1 Dane Street
Bishop’s Stortford
Hertfordshire
CM23 3BT

1

THE SIDMOUTH TOY AND MODEL MUSEUM

TRUSTEES REPORT

FOR THE YEAR ENDED 28 FEBRUARY 2023

The Board of Trustees present their report and accounts for the year ended 28 February 2023.

Accounts

The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity’s governing document, applicable law and the requirements of the Statement of Recommended Practice “SORP 2019 (FRS102)”, and the Charities Act 2011.

Structure

The Sidmouth Toy and Model Museum (The "Charity") was registered as a Charitable Incorporated Organisation (CIO) on the 7 February 2020 and is governed by its constitution.

Board of Trustees

The Board of Trustees which served during the period, and up to the date of signing the trustees' report, consists of the following individuals:

Ian Gregory Rebecca Gregory Tony Pennison

Registered Details

Registered address: The Old Chapel, Chapel Street, Sidmouth, EX10 8ND Registered charity number: 1187808 Bankers: CAF Bank Accountants: Price Bailey LLP, Causeway House, 1 Dane Street, Bishop’s Stortford, Hertfordshire, CM23 3BT

Website

The Trustees for The Sidmouth Toy and Model Museum are happy to present the following website: https://sidmouthtoymuseum.com/

Objects

The object of the charity is to advance the education of the general public in Sidmouth by the provision of a toy and model museum.

2

THE SIDMOUTH TOY AND MODEL MUSEUM

TRUSTEES REPORT (CONTINUED)

FOR THE YEAR ENDED 28 FEBRUARY 2023

Mission

The main objective of the charity is to provide information to educate visitors to the museum about historical toys and models. The charity also provides the opportunity for members of the public to donate or loan toys and models of historical interest to the museum for display.

Review of Activities

The museum was open for a total of 102 days (91 in 2021-22) and the average attendance per day was 35. In addition, several school visits were undertaken during the year and visits were also received from the local dementia society.

During the year various displays have been enhanced with additional background information provided.

Contact continues to be made with other museum groups, the town council and the local MP in order to raise the profile of the museum.

The car park income received by the trust remains stable and there is a long waiting list for places. The cottage attached to the museum was rented out on a short-term basis for part of the year resulting in an unbudgeted income of £3,600.

Plans for 2023-24

A new model of Sidmouth Station has been installed in the museum. The model was created by Richard Harper and was displayed on the model railway exhibition circuit for many years. Richard has now donated the model to the museum as a permanent display.

The museum plan to sponsor the children’s activities at the Sidmouth Folk Festival in July. A maximum contribution of £350 has been agreed and in exchange the museum will receive publicity in Folk Week material and participate in the parade at the end of the week. This will enhance the publicity of the museum as is considered to be a better use of funds than the advert which was placed in the Festival brochure last year at a cost of £250.

The museum also plans to participate in the local carnival later in the year to publicise the museum to local residents.

The trustees of the museum continue to be involved with local groups including the Vision Group for Sidmouth and the local Chamber of Commerce.

We continue to receive enquiries from local schools and several trips are in the planning state. We will focus on delivering more school trips during the year.

3

THE SIDMOUTH TOY AND MODEL MUSEUM

TRUSTEES REPORT (CONTINUED)

FOR THE YEAR ENDED 28 FEBRUARY 2023

Financial review

The Charity received donations, grants and other income worth £19,769 (£26,076 in 2022) in the year. As at 28 February 2023, the Charity carried forward a positive bank balance of £19,167 (£15,300 in 2022).

In accordance with SORP 2019, costs have been allocated between direct charitable activities and support costs. In summary, direct charitable activities totaled £55 (£2,572 in 2022) and support costs totaled £21,394 (£16,134 in 2022).

Public Benefit

As a charity, The Sidmouth Toy and Model Museum must be able to demonstrate that its objects and activities are for the public benefit as required by the Charities Act 2011. The Trustees have all reviewed the guidance issued by the Charity Commission on public benefit and have ensured that the Sidmouth Toy and Model Museum’s objects and activities comply with this statutory requirement. The Trustees confirm that they have complied with the duty in section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission in determining the activities undertaken by the charity.

This report explains our main activities and achievements in carrying out our aims.

We believe that a benefit can be provided to local schools in order to enhance pupils understanding of the historical toys included within the national curriculum. Also, the museum provides older visitors with a sense of nostalgia. This is particularly useful to those suffering from dementia and we plan to work with the local dementia societies to provide visits for their members to the museum.

Governance and internal control

The systems of internal control are designed to provide reasonable assurance against material misstatement or loss. They include:

Day-to-day decisions are taken by two of the three trustees. All items of expenditure require the approval of two trustees in the banking application. The bank account is reconciled on a monthly basis to internal records.

4

THE SIDMOUTH TOY AND MODEL MUSEUM

TRUSTEES REPORT (CONTINUED)

FOR THE YEAR ENDED 28 FEBRUARY 2023

Risk management

The Board of Trustees are fully aware of the need to assess the risks faced by the charity and to minimise those risks. These are events/outcomes that may have a severe impact on operational performance, achievement of aims and objectives or reputation. During the fiscal year the Trustees have discussed such Risks and continue to maintain and update the Risk Register.

The main risk facing the charity is physical damage to a member of the public while visiting the museum. This risk is mitigated by securing all exhibits appropriately, providing signage of uneven floor in places, yellow and black tape at the edge of steps and monitoring of visitor activity by the volunteers. The trustees undertake informal ad hoc reviews to confirm that mitigating controls remain in place. The trustees also have Public Liability insurance.

The trustees have considered whether the charity is exposed to financial loss and are satisfied that appropriate systems and procedures have been established.

Reserves policy

Trustees are committed to generating sufficient reserves to support current charitable activities to meet the following requirements:

Free Reserves (Unrestricted funds less fixed assets) amounted to £18,138 at the year-end (£14,818 in 2022). The charity’s Reserves Target is £5,000.

During the year the bank account balance had significantly increased due to higher than expected income and the rental of the attached cottage. We believe that the funds available to the trust are sufficient to meet all immediate and planned expenditure in the coming year. The budget for 2023-24 will see reserves further increase during the year.

Going Concern

The trustees have assessed whether the use of going concern is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the charity to continue as a going concern. The trustees have made this assessment for a period of at least one year from the date of approval of these financial statements. In particular, the trustees have considered the charities forecasts and projections and have taken account of pressures on income. After making enquiries, the trustees have concluded that there is a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. The charity therefore continues to adopt the going concern basis in preparing its financial statements.

5

THE srDMOUTh TOY AND MODEL MUSEUAI TRUSTEES REPORT (coNfiNUED) FOR THE YEAA ENDED 28 ￿BRuARy 2023 The TrustEes are responsible for preparing the Tn2s￿e$, ReFOrt and the finuncral statements In occordance with opplicable law (Hvj United Kingdom Att(￿1n9 StaThlords (United Krn9dom 6eneraliy Accepted Acco￿ting PrKtrce). The law applicable to charities in ￿￿10Nd & WI￿reqU￿S the tr￿e£S to prepore finonciol stratrements for each f itwicial year which gtve a true for View of the state of offqrrs of the L￿rIty ond of the incoming resourwg tyKI applitatith of resources of the for thot peri¢xi In preparin9 h¢s¢ f inancial statements. the truthes tT¢ reqir¢d to.. Select ￿ltable accounting policies ond then opply them consistently.. Observe the methods ond principles in the ChoritiES SORP FR5102 (2019 The tr￿feeS responsible for k¢epirnJ prop¢r acCo￿tr￿j record£ d￿CloSe with reasonoble accurncy at ony time the finthKial position of the ￿Tty and er￿1£ them to thrtt tht f imncial stotements comply wtth the Clwrties Act 2011. the a¥Yity (Accounts Rwrts) Rewkntions 2008 and the provisions of the corslrtution. Try we olso resp￿Ible f)r sofe9uordin9 the ossets of the Chority and hence for toking reosonable Sfeps for the (md detection of fr￿Jd (ffjd other irre9ulorit1￿. Tht trustees are responsibEe for the Maintern￿¢ and intwity of charity and fimncial informotton includ¢d on the charitys ¥Kbsit& LegislotM in the United Kirgdern 9overniThJ the preparatton ond diseeminotion of f inancral staten*￿S diffw frorn legislatron in other jurisdictions. Approved bythe trustees on 13 lo. ndswed on beholf by Ian 6re90ry

THE SIDMOUTH TOY AND MODEL MUSEUM

CHARTERED ACCOUNTANTS’ REPORT TO THE TRUSTEES

FOR THE YEAR ENDED 28 FEBRUARY 2023

In order to assist you to fulfil your duties under the Charities Act 2011, we have prepared for your approval the financial statements of The Sidmouth Toy and Model Museum for the year ended 28 February 2023 which comprise the Statement of Financial Activites, Balance Sheet and the related notes from the Charities accounting records and from information and explanations you have given to us.

As a member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/regulation.

This report is made solely to the Board of Trustees of The Sidmouth Toy and Model Museum, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of The Sidmouth Toy and Model Museum and state those matters that we have agreed to state to them in this report in accordance with the Statement of Recommended Practice applicable to charities. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Sidmouth Toy and Model Museum and its Board of Trustees, as a body, for our work or for this report.

It is your duty to ensure that The Sidmouth Toy and Model Museum has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the Charities assets, liabilities, financial position and profit. You consider that The Sidmouth Toy and Model Museum is exempt from an audit under section 144(2) of the Charities Act 2011 for the year.

We have not been instructed to carry out an independent examination or audit of the financial statements of The Sidmouth Toy and Model Museum. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Name of firm: Relevant professional qualification or body: Address:

Price Bailey LLP FCCA ACA Causeway House 1 Dane Street Bishop’s Stortford Hertfordshire CM23 3BT

Date: 02 Nov 2023

7

THE SIDMOUTH TOY AND MODEL MUSEUM

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 28 FEBRUARY 2023

Notes
INCOME
2
Other trading income
Charitable activities
Donations
Investment income
Grants
Interest
Total income
EXPENDITURE
Charitable activities
3
Total expenditure
Net (expenditure) / income
Net movement in funds
RECONCILIATION
OF
FUNDS
Total
funds
brought
forward
Total funds carried forward		 Unrestricted
Funds
£
5,759
9,962
433
3,600
-
15
19,769
(21,449)
(21,449)
(1,680)
(1,680)
398,818
397,138		 Restricted
Funds
£
-
-
-
-
-
-
-
-
-
-
-
-
-		 Total
2023
£
5,759
9,962
433
3,600
-
15
19,769
(21,449)
(21,449)
(1,680)
(1,680)
398,818
397,138		 Total
2022
£
5,218
6,161
12,026
-
2,667
4
26,076
(18,706)
(18,706)
7,370
7,370
391,448
398,818

The accompanying notes on pages 10 to 17 form an integral part of these financial statements. The statement of financial activities includes all gains and losses recognised in the year.

8

THE SIDIAOUTH TOY AND IAODEL MUSEUM BALAN￿ SHEET AS AT28 FEBWARY 2023 Tongible ¢Jssets Invgshnent Prop 235.(￿0 i44.(￿) 379.lYJO 384.ClXI 384.000 D¢btors Cosh ot bonk and rn Ix¥KI 1.441 19.167 1.498 15.300 16.798 REDITORS: tyno￿t$ falling due ithini one year (2,470) 1,980) 18J38 14A18 NEf ASSErs 397J38 398,818 FUNtsS Unrestricted ftyth. 6enerol R£tricted fund 397.138 398.818 TOTAL FUNf)s 9.10 397.138 398.818 These accounts were opprnved by tt of Tnk%tees (md thrthorised for Oh 13.1020 si9ned on their belb]If by. Ian Gre 30. 1? 2023 The occompor4ytng notes on pages 10 to 17 fom an integrnl of these finan￿[ stotements.

THE SIDMOUTH TOY AND MODEL MUSEUM

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2023

1. ACCOUNTING POLICIES

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

a) Basis of preparation

The financial statements have been prepared under the historical cost convention, and in accordance with the Companies Act 2006, the Charities Act 2011, and the Statement of Recommended Practice – Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accountings in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) – (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effect from 1 April 2005 which has since been withdrawn.

The charity has taken advantage of the exemption in Charities SORP FRS102 from the requirement to produce a cash flow statement on the grounds that it is a small charity.

The charity meets the definition of a public benefit entity as defined by FRS102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note.

b) Going concern

The trustees have assessed whether the use of going concern is appropriate and have considered possible events or conditions that might cash significant doubt on the ability of the charity to continue as a going concern. The trustees have made this assessment for a period of at least one years from the date of approval of these financial statements. In particular, the trustees have considered the charity’s forecasts and projections and have taken account of pressures on income. After making enquiries, the trustees have concluded that there is a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. The charity therefore continues to adopt the going concern basis in preparing its financial statements.

The charity starts the year with a healthy bank balance and has prepared a budget for the forthcoming year which clearly shows that income is forecast to exceed expenses. It is thought that the charity is well placed to achieve another successful year.

10

THE SIDMOUTH TOY AND MODEL MUSEUM

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 28 FEBRUARY 2023

c) Critical accounting judgements and estimates

No significant judgements, accounting policies or assumptions have been made by management in applying the Charity’s accounting policies.

d) Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

e) Debtors

Prepayments are valued at the amount prepaid net of any trade discounts due.

f) Creditors and provisions

Creditors are normally recognised at their settlement amount after allowing for any trade discounts due.

g) Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charitable company and which have not been designated for other purposes.

Designated funds are available for use at the discretion of the Trustees in furtherance of the general objective of the charitable company.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charitable company for particular purposes.

h) Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation has been provided on all tangible fixed assets at the following rates on the net book value of assets at the beginning of the financial year.

Freehold Property 2% straight-line

i) Investment Property

Investment property consists of the cottage and is valued on the Balance Sheet date using the Trustees’ best estimate of the fair value at the Balance Sheet date. No depreciation is provided. Changes in fair value are recognised in profit or loss.

11

THE SIDMOUTH TOY AND MODEL MUSEUM

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 28 FEBRUARY 2023

j) Income

Income is accounted for as unrestricted unless restrictions exist under the terms on which they are received or solicited. Voluntary income, Cottage rental income and donations are accounted for on an accruals basis. Car park income is accounted for on a receivables basis. income in the Statement of Financial Activities is shown gross of the associated costs and is accounted for where there is entitlement to the income, it is probable that the benefits associated with it will flow to the charity and it can be reliably measured.

Donations, including donations from individuals, corporate donations, and donations from trusts and foundations are recognised when the charity is entitled to the income, subject to any conditions attached to the donation.

There were no unfulfilled conditions or contingencies in respect of any of the above donations.

k) Expenditure

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with use of resources.

l) Financial Instruments

The charity only has financial assets and financial liabilities that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. Fixed assets are recorded at depreciated historical cost. All other assets and liabilities are recorded at cost which is their fair value.

12

THE SIDMOUTH TOY AND MODEL MUSEUM

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 28 FEBRUARY 2023

2. INCOME

Other trading income
Postcards
Books
Sale of second-hand items
Car park charges
Charitable activities
Museum admission fees
Annual memberships
School visits
Miscellaneous income
Investment income
Cottage rental income
Donations
Other donations
Gift aid tax reclaimed
Grants
Council grants
Interest
Interest
Total		 Unrestricted
funds
£
20
34
232
5,473
5,759
9,690
45
167
60
9,962
3,600
3,600
433
-
433
-
-
15
15
19,769		 Restricted
funds
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 Total
2023
£
20
34
232
5,473
5,759
9,690
45
167
60
9,962
3,600
3,600
433
-
433
-
-
15
15
19,769		 Total
2022
£
-
-
188
5,030
5,218
6,161
-
-
-
6,161
-
-
10,060
1,966
12,026
2,667
2,667
4
4
26,076

All income received during the year and the prior year was unrestricted.

13

THE SIDMOUTH TOY AND MODEL MUSEUM

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 28 FEBRUARY 2023

3. EXPENDITURE

Charitable activities
Direct charitable activities
Support costs
Total		 Unrestricted
funds
£
55
21,394
21,449		 Restricted
funds
£
-
-
-		 Total
2023
£
55
21,394
21,449		 Total
2022
£
2,572
16,134
18,706

Included in the above expenditure are direct charitable activities as follows:

Display materials
Volunteer payments
Total		 Unrestricted
funds
£
5
50
55		 Restricted
funds
£
-
-
-		 Total
2023
£
5
50
55		 Total
2022
£
2,412
160
2,572

Included in the above expenditure are support costs as follows:

Advertising costs
Associations
Bank charges
Communication costs
Depreciation
Electricity
Fire precautions
Gas
Governance costs (see below)
Insurance
Miscellaneous expenses
Music licence
Payment services
Repairs and renewals
Security costs
Website costs		 Unrestricted
funds
£
1,170
135
75
311
5,000
763
47
1,467
2,550
2,166
614
422
87
6,306
120
161
21,394		 Restricted
funds
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 Total
2023
£
1,170
135
75
311
5,000
763
47
1,467
2,550
2,166
614
422
87
6,306
120
161
21,394		 Total
2022
£
534
109
96
187
8,000
546
59
1,000
2,400
1,841
-
312
61
671
114
204
16,134

All expenditure incurred during the year and the prior year was unrestricted.

14

THE SIDMOUTH TOY AND MODEL MUSEUM

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 28 FEBRUARY 2023

3. EXPENDITURE (CONTINUED)

Governance costs include the following:

Accountancy fees
Independent examiners’ fees
Total
4.
TANGIBLE FIXED ASSETS
Cost
At 1 March 2022
Disposals in year
At 28 February 2023
Depreciation
At 1 March 2022
Charge for year
Depreciation on disposals
At 28 February 2023
Net book value
At 28 February 2023
At 28 February 2022		 Unrestricted
funds
Restricted
funds
£
£
2,550
-
-
-
2,550
-

Freehold Property
£
400,000
(150,000)
250,000
16,000
5,000
(6,000)
15,000
235,000
384,000		 Total
2023
Total
2022
£
£
2,550
-
-
2,400
2,550
2,400
Total
£
400,000
(150,000)
250,000
16,000
5,000
(6,000)
15,000
235,000
384,000

During the year, the cottage element of the Freehold Property was transferred to Investment Property at the Net Book Value. The Trustees consider the fair value of the Investment Property at the Balance Sheet date to be equivalent to the value transferred.

15

THE SIDMOUTH TOY AND MODEL MUSEUM

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 28 FEBRUARY 2023

5. INVESTMENT PROPERTY

Investment Property £

Valuation

At 1 March 2022
Additions in year
At 28 February 2023		 -
144,000
144,000

During the year, the cottage element of the Freehold Property was transferred to Investment Property at the Net Book Value. The Trustees consider the fair value of the Investment Property at the Balance Sheet date to be equivalent to the value transferred.

6. DEBTORS

Prepayments
Total debtors
7. CREDITORS
Accruals
Deposits
Total creditors		 2023
£
1,441
1,441
2023
£
2,220
250
2,470		 2022
£
1,498
1,498
2022
£
1,980
-
1,980

8. RELATED PARTIES

Included in income from donations are donations of £433 (2022: £10,000) from Ian Gregory, a Trustee of the Charity.

There are no other related party transactions.

16

THE SIDMOUTH TOY AND MODEL MUSEUM

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 28 FEBRUARY 2023

9. RESERVES

Unrestricted funds
Restricted funds
Total funds		 As at 1
March 2022
398,818
-
398,818		 Income
19,769
-
19,769		 Expenditure
(21,449)
-
(21,449)		 As at
28 February
2023
397,138
-
397,138

10. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Non-current assets
Current assets
Current liabilities
Total funds		 Unrestricted
funds
£
379,000
20,608
(2,470)
397,138		 Restricted
funds
£
-
-
-
-		 Total
2023
£
379,000
20,608
(2,470)
397,138		 Total 2022
£
384,000
16,798
(1,980)
398,818

17