THE SIDMOUTH TOY AND MODEL MUSEUM
Trustees Report and Financial Statements For the Year Ended 29 February 2024
Charity Registration Number: 1187808
THE SIDMOUTH TOY AND MODEL MUSEUM
FOR THE YEAR ENDED 29 FEBRUARY 2024
| TABLE OF CONTENTS | Page Number |
|---|---|
| Regulatory Information | 1 |
| Trustees Report | 2-7 |
| Accountant’s Report | 8 |
| Statement of Financial Activities | 9 |
| Balance Sheet | 10 |
| Notes to the Financial Statements | 11-20 |
THE SIDMOUTH TOY AND MODEL MUSEUM
REFERENCE AND ADMINISTRATIVE DETAILS
FOR THE YEAR ENDED 29 FEBRUARY 2024
| 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 29 FEBRUARY 2024
The Board of Trustees present their report and accounts for the year ended 29 February 2024.
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 29 FEBRUARY 2024
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 117 days (102 days in 2022-23) and the average attendance per day was 39 (35 in 2022-23). As the museum becomes established, numbers are expected to further increase. In addition, there was an increase in school visits and visits by various clubs and societies which increased the overall visitor numbers for the year to just under 5,000.
In 2023-24 we offered to undertake visits to schools with a selection of exhibits from the museum and this has been well received with three such visits being made. A total of 9 school visits were made to the museum, although 5 of these were not charged as it was part of the collaboration with Sidmouth Folk Week.
We continue to receive donations of old toys and models and consequently the arrangement of exhibits varies during the year, making the displays of interest to returning visitors.
The number of volunteers has increased with a core group of 10. The use of volunteers continues to be key in the running of the museum and their time and effort is very much appreciated.
In September 2023 the museum sponsored the Sidmouth Chamber of Commerce Classic Car Show and in return was given a pitch to market the museum. This was very successful as two pedal cars were also displayed, which attracted a lot of attention and generated further interest in the museum.
The car park income remains stable and there continues to be a long waiting list for spaces. In addition, the cottage attached to the museum was rented out for part of the year thus achieving an unbudgeted income of £2,840.
3
THE SIDMOUTH TOY AND MODEL MUSEUM
TRUSTEES REPORT (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
Plans for 2024-25
The budget for museum income has been slightly increased for 2024-25 reflecting the expected increase in visitor numbers. As noted above, we will continue to focus on school visits and seek to engage with local clubs and societies to make visits to the museum.
The trustees agreed not to increase the admission fee this year, for the third year in a row and will rely instead on increased visitor numbers to meet rising costs.
We plan to repeat the sponsorship of the Sidmouth Classic Car Show and plan to open the museum on the same day as there are likely to be visitors to the town who would like to visit both events.
We do not expect the cottage to be rented this year and consequently no budget has been set for this. Car parking spaces have been increased by one, so the budget has been increased to reflect this. We do not plan to increase the costs per parking space this year.
No major change to the museum is planned for the year, however we are looking to increase the number of trustees to provide a viable succession plan.
Financial review
The Charity received donations, grants and other income worth £24,659 (£19,769 in 2023) in the year. As at 29 February 2024, the Charity carried forward a positive bank balance of £30,017 (£19,167 in 2023).
In accordance with SORP 2019, costs have been allocated between direct charitable activities and support costs. In summary, direct charitable activities totaled £540 (£55 in 2023) and support costs totaled £12,966 (£21,394 in 2023).
4
THE SIDMOUTH TOY AND MODEL MUSEUM
TRUSTEES REPORT (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
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.
Governance and internal control
The systems of internal control are designed to provide reasonable assurance against material misstatement or loss. They include:
-
The trustees being responsible for the strategic direction of the Charity and, subject to any prudent delegation to advisers, and agents, make all substantive decisions in relation to the Charity. The trustees are not remunerated;
-
Regular consideration by the Board of Trustees of financial results and non-financial indicator reviews;
-
Prudent delegation of authority and segregation of duties;
-
� Identification and management of risks.
Day-to-day decisions continue to be taken by two trustees. All items of expenditure required the approval of two trustees before payment is made. The bank account is reconciled monthly and management accounts are reviewed by the trustees on a regular basis.
5
THE SIDMOUTH TOY AND MODEL MUSEUM
TRUSTEES REPORT (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
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 when visiting the museum. This risk continues to be mitigated by securing all exhibits appropriately, providing signage about the uneven floor, 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 the mitigating controls remain in place. The trustees also have Public Liability Insurance.
The trustees have reviewed and confirmed that controls that exist to mitigate against possible financial loss.
Reserves policy
Trustees are committed to generating sufficient reserves to support current charitable activities to meet the following requirements:
Safeguard the charity’s service commitment in the event of delays in receipt of grants or other income. Providing a financial cushion against risk and future uncertainties. Resourcing the research and development of services and initiatives.
Free Reserves (Unrestricted funds less fixed assets) amounted to £29,291 at the year-end (£18,138 in 2023). The charity’s Reserves Target continues to be set at £5,000.
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.
6
THE SZDMOUTH TOY AND MODEL MVSEUM TrUSTEES REPORT (CONTIMEt)) FOR THE YEAR 29 FEBRUARY 24 The Tntstees <we responsible far preF¥]riTrJ the Truiees' Report ¢th4 the financral statenntS in dccordance with (yplicable law <¥KI United Accotyrtiry St¥jar(b (Vi¥ted Kirydom fxnerGI Accepted AccowrtiTrJ Pro¢ticel The law applicable to cl¥rities in Erykv¥l & Wales requires the frwstees to prepore financial stotements lor each finoncial ye¢r whith 9• a true fotr view of the state of affairs of the Charity ijnd of the ittomiw r¢sowces mlicotion of resowces of the awity for thot period. In prepqriTr3 these Select suitable (tt(MmtiThJ policies ¢vxl tlwi opply them consistrenttr. Observe the tthodS and W11P1 in the ChaDities SORP FRS102 (20191. The tntstees we responsible fv keepiNJ Fyoper accowrtiry records thot disclose with reosomble accurary at ony time the fin(vKial position of the Ckrity o¥J eT#Jble them to enswe thot the firMThcid statements comply wtth the altIeS Act 2011. the clty (Accounts Reports) Re9ufotions 2(M)8 and the wjvisions gf the conslituti¢A Tly olso reSpIble for safe9wdiry the a%sets of the irregularlties. The trtthees ffe re4por8ible for 1he nlter and iTrte9rity of the clxwity and firnV1l iTrfornthion iKluded on the clMwity'S ¥Kb$r Le9isknion in the Ur¥ted Kirydm 9tsvernir+J the prepan and diseemir2tion of fi¢101 srotemthts w drffer frvm Iwsltition in other jwisdictions. Date¢t. i ? I rli¥
THE SIDMOUTH TOY AND MODEL MUSEUM
CHARTERED ACCOUNTANTS’ REPORT TO THE TRUSTEES
FOR THE YEAR ENDED 29 FEBRUARY 2024
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 29 February 2024 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: Price Bailey LLP Relevant professional qualification or body: FCCA ACA Address: Causeway House 1 Dane Street Bishop’s Stortford Hertfordshire CM23 3BT
Date: 14 Aug 2024
8
THE SIDMOUTH TOY AND MODEL MUSEUM
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 29 FEBRUARY 2024
| Notes INCOME 2 Other trading income Charitable activities Donations Investment income Interest Total income EXPENDITURE Charitable activities 3 Total expenditure Revaluation 5 Net (expenditure) / income Net movement in funds RECONCILIATION OF FUNDS Total funds brought forward Prior year adjustments 9 Net movement in funds Total funds carried forward |
Unrestricted Funds £ 5,877 13,163 2,732 2,840 47 24,659 (13,506) (13,506) 10,000 21,153 21,153 544,138 24,000 21,153 589,291 |
Restricted Funds £ - - - - - - - - - - - - - - |
Total 2024 £ 5,877 13,163 2,732 2,840 47 24,659 (13,506) (13,506) 10,000 21,153 21,153 544,138 24,000 21,153 589,291 |
Total 2023 (restated) £ 5,759 9,962 433 3,600 15 |
|---|---|---|---|---|
| 19,769 (21,449) |
||||
| (21,449) - |
||||
| (1,680) | ||||
| (1,680) | ||||
| 398,818 147,000 (1,680) |
||||
| 544,138 |
The accompanying notes on pages 11 to 20 form an integral part of these financial statements. The statement of financial activities includes all gains and losses recognised in the year.
9
THE SIDMOUTH TOY AND MODEL AIV5EUM BALA SHEEr AS AT 29 FEBRUARY 2024 2024 2023 Tawible asset$ 376,LXKI 150.0 526.000 160.fy)) Debtors Cosh at bank QKI in IKYMI 30.017 31.701 19,167 20,608 CAEDrroRS: fallin9 due within ore ye4r 2.410 .470 29291 18.138 589291 544.138 Unrestricted funds: General Restricted fund 589.291 544.138 T¢yfAL FI11 Ji 589291 5H.138 (vid SId on ttir behalf by. Dated: 1318124 io
THE SIDMOUTH TOY AND MODEL MUSEUM
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
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 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 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.
11
THE SIDMOUTH TOY AND MODEL MUSEUM
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
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
Tangible fixed assets are valued on the Balance Sheet date using the Trustees’ best estimate of the fair value at the Balance Sheet date. No depreciation is provided due to immateriality. Changes in fair value are recognised in the Statement of Financial Activities.
There has been a change of accounting policy to the Revaluation model during the year ended 29 February 2024. This will provide a more reliable and appropriate valuation of the freehold property, with regular valuations completed.
The impact of the above in the accounts for the year ended 29 February 2024 is that the Freehold Property has been uplifted to its current valuation of £400,000 in line with the Trustees’ best estimate of the current fair value. Please see Note 4 for further details.
An adjustment has been carried out in the year ended 29 February 2024 to reflect the fact that the £24,000 of depreciation previously accounted for should not have been posted as a result of using the Revaluation model. Please see Note 9 for further details.
12
THE SIDMOUTH TOY AND MODEL MUSEUM
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
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 the Statement of Financial Activities.
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) Heritage Assets
The Museum consist of a collection of vintage toys and models. The items from the collection are on display to the public in the museum. The charity manages these assets by way of an internal register and regularly reviews them to ensure they are adequately safeguarded and preserved.
The items are managed and inspected regularly by staff. New acquisitions take place only if the Trustees deem the item of significant value to the collection.
Heritage assets are not included on the Balance Sheet as information on their cost or valuation is not readily available and such information cannot be obtained at a cost commensurate with the benefit to the users of the accounts and to the charity.
m) 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.
13
THE SIDMOUTH TOY AND MODEL MUSEUM
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
___________
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 Group Visit Investment income Cottage rental income Donations Other donations Gift aid tax reclaimed Interest Interest Total |
Unrestricted funds £ 40 46 241 5,550 5,877 12,616 43 316 - 188 13,163 2,840 2,840 83 2,649 2,732 47 47 24,659 |
Restricted funds £ - - - - - - - - - - - - - - - - - - - |
Total 2024 £ 40 46 241 5,550 5,877 12,616 43 316 - 188 13,163 2,840 2,840 83 2,649 2,732 47 47 24,659 |
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 |
All income received 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 29 FEBRUARY 2024
___________
3. EXPENDITURE
| PENDITURE | ||||
|---|---|---|---|---|
| Charitable activities Direct charitable activities Support costs Total |
Unrestricted funds £ 540 12,966 13,506 |
Restricted funds £ - - - |
Total 2024 £ 540 12,966 13,506 |
Total 2023 £ 55 21,394 |
| 21,449 |
Included in the above expenditure are direct charitable activities as follows:
| Unrestricted | Restricted | Total | Total | |
|---|---|---|---|---|
| funds | funds | 2023 | 2022 | |
| £ | £ | £ | £ | |
| Display materials | 380 | - | 380 | 5 |
| Volunteer payments | 160 | - | 160 | 50 |
| Total | 540 | - | 540 | 55 |
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 Trustees Costs Website costs Purchase of Exhibits Sponsorship |
Unrestricted funds £ 612 65 60 339 - 859 52 1,896 3,216 2,355 54 624 170 1,299 173 50 292 350 500 12,966 |
Restricted funds £ - - - - - - - - - - - - - - - - - - - - |
Total 2024 £ 612 65 60 339 - 859 52 1,896 3,216 2,355 54 624 170 1,299 173 50 292 350 500 12,966 |
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 |
All expenditure incurred during the year and the prior year was unrestricted.
15
THE SIDMOUTH TOY AND MODEL MUSEUM
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
3. EXPENDITURE (CONTINUED)
Governance costs include the following:
| Unrestricted funds £ Accountancy fees 3,216 Total 3,216 TANGIBLE FIXED ASSETS Freehold Property Cost At 1 March 2023 At 29 February 2024 Depreciation At 1 March 2023 Charge for the year Depreciation adjustment for change in Accounting Policy (See Note 9) At 29 February 2024 Net book value At 29 February 2024 At 28 February 2023 |
Unrestricted funds £ Accountancy fees 3,216 Total 3,216 TANGIBLE FIXED ASSETS Freehold Property Cost At 1 March 2023 At 29 February 2024 Depreciation At 1 March 2023 Charge for the year Depreciation adjustment for change in Accounting Policy (See Note 9) At 29 February 2024 Net book value At 29 February 2024 At 28 February 2023 |
Restricted funds £ - - 2024 £ 400,000 |
Total 2024 Total 2023 £ £ 3,216 2,550 3,216 2,400 2023 (Restated) £ 400,000 400,000 (16,000) (8,000) - (24,000) 376,000 384,000 |
Total 2024 Total 2023 £ £ 3,216 2,550 3,216 2,400 2023 (Restated) £ 400,000 400,000 (16,000) (8,000) - (24,000) 376,000 384,000 |
|---|---|---|---|---|
| 400,000 (24,000) - 24,000 |
400,000 (16,000) (8,000) - |
|||
| - 400,000 |
(24,000) 376,000 |
|||
| 376,000 | 384,000 |
- TANGIBLE FIXED ASSETS
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THE SIDMOUTH TOY AND MODEL MUSEUM
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
5. INVESTMENT PROPERTY
| Valuation At 1 March 2023 (Restated) Revaluation in year At 29 February 2024 |
Investment Property £ 150,000 10,000 |
|---|---|
| 160,000 |
6. DEBTORS
| Prepayments Total debtors 7. CREDITORS Accruals Deposits Total creditors |
2024 £ 1,684 1,684 2024 £ 2,160 250 2,410 |
2023 £ 1,441 |
|---|---|---|
| 1,441 | ||
| 2023 £ 2,220 250 |
||
| 2,470 |
8. RELATED PARTIES
Included in income from donations are donations of £83 (2023: £433) from Ian Gregory, a Trustee of the Charity.
Expenses totalling £50 were reimbursed to Ian Gregory for travel & subsistence on behalf of the charity.
There are no other related party transactions.
17
THE SIDMOUTH TOY AND MODEL MUSEUM
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
___________
9. PRIOR YEAR ADJUSTMENT
A prior year adjustment has been made to reflect the Invesment Property correctly within the accounts. It was previously understood that the Investment Property was included within the original Freehold Property valuation of £400,000. When it was transferred from Freehold Property to Investment Property in the 2023 accounts, the Net Book Value of the Cottage was £144,000. Therefore, in the original 2023 accounts, an amount of £144,000 was removed from Freehold Property and put into Investment Property. This resulted in a figure of £144,000 being shown on the Balance Sheet for Investment Property and £235,000 for Freehold Property (being the cost carried forward of £250,000 less the depreciation carried forward of £15,000).
However, as the cottage did not form part of the initial £400,000 valuation of Freehold Property, this should not have been removed from Tangible Fixed Assets in the 2023 accounts but rather it should have been introduced separately as a donation at its valuation of £150,000 when it was donated to the charity in 2021.
Therefore, a prior year adjustment has been carried out to correct the position. The impact of this on the Balance Sheet is that the restated 2023 figures show a Tangible Assets amount of £376,000 and an Investment Property amount of £150,000 being its original valuation when it was donated to the charity. The impact of this is that the Funds Carried Forward amount as at 28 February 2023 has increased by £147,000 as reflected on the Prior Year Adjustment line of the Statement of Financial Activities. The £3,000 difference between the figures above relates to the additional depreciation that should have been charged on the Freehold Property in the 2023 accounts had the cost been carried forward at its correct value of £400,000. The funds carried forward as at 28 February 2023 should therefore have been £544,138. This is also outlined in the table below.
| Opening reserves as at 1 March 2023 Prior Year Adjustments - Adjustment to tangible assets Opening reserves as at 1 March 2023 (restated) |
Unrestricted funds £ 397,138 147,000 544,138 |
Restricted funds £ - - - |
Total £ 397,138 147,000 |
|---|---|---|---|
| 544,138 |
Furthermore, a further adjustment of £24,000 has been made in the current year to reflect the change in accounting policy of Freehold Property from a Cost Model to a Revaluation Model. This reflects the fact that depreciation should not have been provided for on Freehold Property in prior years. This is also reflected on the Prior Year Adjustment line of the Statement of Financial Activities and increases the total funds carried forward as at 29 February 2024 by £24,000. Please see Accounting Policy h) for further information.
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THE SIDMOUTH TOY AND MODEL MUSEUM
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
___________
10a. RESERVES
| 10b. RESERVES Unrestricted funds Restricted funds Total funds Unrestricted funds Restricted funds Total funds |
10b. RESERVES Unrestricted funds Restricted funds Total funds Unrestricted funds Restricted funds Total funds |
COMPARATIVE (RESTATED) As at 1 March 2022 Income Expenditure Freehold Property Adjustment 398,818 19,769 (21,449) 147,000 - - - - 398,818 19,769 (21,449) 147,000 As at 1 March 2023 Income Expenditure Revaluation Depreciation £ £ £ £ £ 544,138 24,659 (13,506) 10,000 24,000 - - - - - 544,138 24,659 (13,506) 10,000 24,000 |
Depreciation £ 24,000 - |
As at 28 February 2023 544,138 - As at 29 Feb 2024 £ 589,291 - 589,291 |
As at 29 Feb 2024 £ 589,291 - |
|---|---|---|---|---|---|
| 24,000 | 589,291 | ||||
| 544,138 |
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THE SIDMOUTH TOY AND MODEL MUSEUM
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
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11a. ANALYSIS OF NET ASSETS BETWEEN FUNDS
| Non-current assets Current assets Current liabilities Total funds |
Unrestricted funds £ 560,000 31,701 (2,410) 589,291 |
Restricted funds £ - - - - |
Total 2024 £ 560,000 31,701 (2,410) 589,291 |
Total 2023 £ 526,000 20,608 (2,470) |
|---|---|---|---|---|
| 544,138 |
11b. ANALYSIS OF NET ASSETS BETWEEN FUNDS COMPARATIVE (RESTATED)
| Non-current assets Current assets Current liabilities Total funds |
Unrestricted funds £ 526,000 20,608 (2,470) 544,138 |
Restricted funds £ - - - - |
Total 2023 £ 526,000 20,608 (2,470) 544,138 |
Total 2022 £ 384,000 16,798 (1,980) |
|---|---|---|---|---|
| 398,818 |
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