Charity Registration No. 1198566
DYSON PERRINS MUSEUM TRUST CIO
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
DYSON PERRINS MUSEUM TRUST CIO
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees J Sandon P M Serrell (Chair) P Tinsley The Mayor of Worcester (ex officio) Managing Director of Worcester City Council (ex officio) D Jagla Mr G W Ballard (Appointed 5 November 2024) P Crane Charity number 1198566 Principal address Severn Street Worcester WR1 2ND Independent examiner S. J. Morley Kendall Wadley LLP Merevale House 27 Sansome Walk Worcester WR1 1NU Bankers National Westminster Bank Plc 1 The Cross Worcester WR1 3PR Solicitors Stallard March and Edwards 8 Sansome Walk Worcester Worcestershire WR1 1LW Investment advisors Schroder Unit Trusts Limited 31 Gresham Street London EC2V 7QA
DYSON PERRINS MUSEUM TRUST CIO
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 5 |
| Independent examiner's report | 6 |
| Statement of financial activities | 7 - 8 |
| Balance sheet | 9 |
| Notes to the accounts | 10 - 27 |
DYSON PERRINS MUSEUM TRUST CIO
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The Trustees present their annual report and financial statements for the year ended 31 December 2024.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's Trust deed, the Charities Act 2011 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2019).
On 31 December 2023, the undertaking, liabilities, staff and assets of Dyson Perrins Museum Trust were transferred to Dyson Perrins Museum Trust CIO, a Charitable Incorporated Organisation.
At the direction of the Charity Commission the accounts consolidate the activities, assets and liabilities of Dyson Perrins Museum Trust CIO (the 'reporting charity') and Dyson Perrins Museum Trust (the 'linked charity').
Objectives and activities
The objects of the Trust as set out in the Trust deed are to make available, as an exhibition to the public, a collection of China and porcelain manufactured by the Royal Worcester Porcelain Company Limited and its predecessors in business.
The Dyson Perrins Museum Trust CIO is registered with the Charity Commission with the following objects, updating the language but retaining the spirit of the founding charitable purposes: to establish and maintain an exhibition of China, porcelain and other articles, in particular, but not exclusively, those manufactured by The Royal Worcester Porcelain Company Limited and its predecessors for the benefit of the public.
This is the first year in which the Trust is reporting within its CIO status.
Public Benefit
The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
Achievements and performance
In 2024 the Museum achieved 12,323 visitors, compared with 10,283 visitors in 2023, exceeding the target growth of 10%. In addition, the Museum reached a further 1,165 people through outreach activities during the year. Entrance Income saw an 16% increase, £52,874 in 2024 compared to £45,498 achieved in 2023. £29,205 was achieved in Hire and Events income representing a significantly improved performance versus £22,315 in 2023.
Fundraised income from donations, gifts and grant was £206,147. Although 27% lower than in 2023 (£282,036) this was achieved. Donations received from individuals (not including major donors) were £4,288 in 2024 compared to £5,213 in 2023. In addition £5,650 was raised in renewed sponsorship by companies and individuals for objects on the Museum’s Showstopper Trail display to support the charity’s work.
Unrestricted fundraising activities during the year generated grants and donations (including gift-aided income) in the sum of £56,757 which included donations from the following:
The Hawthorne Charitable Trust - £2,000 Sir Michael Perry GBE - £10,000 The Charles Wolfson Foundation - £5,000
The Museum was awarded £223,000 October 2021, from the National Lottery Heritage Fund for three years of outreach and engagement activity increasing knowledge of the heritage of Worcester porcelain, in particular its food and drink history, amongst audiences experiencing barriers to visiting the Museum. A sustained creative heritage programme has been delivered to a wide range of adult and youth groups by two Community Outreach and Engagement Officers. This project has been transformational in widening access to our heritage and external evaluation shows a range of wellbeing outcomes.
- 1 -
DYSON PERRINS MUSEUM TRUST CIO
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
The Museum continued with the £49,805 through the Arts Council England Unlocking Collections project completing in November 2024. This funding was supported by National Lottery Project Grants and enabled a consultant food historian to work with the team to develop new displays and workshops with school and college students highlighting the food history of the collection. The project supported an emerging curator post until November 2024. A partnership with Worcestershire LitFest and Fringe involved poets in the interpretation of collections and engaged the public in food inspired poetry and word play workshops. We also involved catering and hospitality students at Heart of Worcestershire College in developing skills inspired by 18[th] century recipes.
The Museum operated seasonal hours to balance opening with costs: 5 days a week, Wednesday – Sunday, during January – March and November-December; and 6 days a week Tuesday – Sunday, April – October.
A monthly e-newsletter has been issued during the year with readership growing to 2,000 subscribers. Regular social media content across Instagram, Facebook, X and YouTube has been achieved with the support of student placements. The Museum leaflet was refreshed and media coverage in the local press and on local radio was achieved.
The Museum’s ‘Paint-Your-Own-Pottery’ experience in the Ceramic Studio in the 20[th] century gallery once more grew strongly in popularity during 2024. 1931 people participated in the activity including 597 children, versus 1709 in 2023. The studio achieved over £29,000 income across seat and bisque sales compared with £23,000 in 2023.
The Museum continued to worked in partnership with Worcestershire Chinese Association, educational charity Engage with China, and Royal Porcelain Works to host the city’s Chinese New Year Celebrations, involving 1,600 participants in a range of themed creative heritage activities. It is the Museum’s single largest event. The S106 Public Art project continued artists Musson+Retallick working with local communities and commencing with design and making of the work.
Learning and Community Engagement: 2024 saw a continued established programme of activities with communities, resulting in first time visits made onsite. Supported by NLHF the project reached diverse communities across social housing, migrant groups, children and families.
Learning opportunities were expanded to Home Education session, resulting in 100% attendance. The continuation of the evening clay courses has seen growth and continued interest in participation with fully booked courses. A new six week courses adult education clay evening course saw 90%+ attendance.
The Museum Accreditation status was awarded in March 2024 (the museum sector standard for best practice). It was previously part of the scheme but following the closure of the factory, when many challenges faced the organisation, this status lapsed and following the transition of the trust into a CIO funding requirements resulted in a further extended timescale for consideration.
The Trustees continue to acquire important and rare pieces for the collection, either through donations or through their own resources.
The Trustees gratefully acknowledge the help of volunteers who assist with events, visitor welcome, collections research and documentation, and cleaning and conservation of archive materials. 22 individuals including three university student placements provided over 1878 hours (approximately 250 days) of support during the year through a mix of remote and on-site working.
The income and expenditure of the Trust are detailed in the statement of financial activities and the accompanying notes.
The fixed assets of the Trust consist mainly of buildings and interior furnishings which are held by the Trustees to allow the exhibition to the public of the Museum's collections of Worcester porcelain.
The investments are held to provide income to support the costs of running the Museum and to provide funds for major capital work on the Museum. The investments held by the Trustees have been acquired in accordance with the powers available to the Trustees.
- 2 -
DYSON PERRINS MUSEUM TRUST CIO
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
Worcester Porcelain Museum Enterprises Limited, a company wholly owned by The Dyson Perrins Museum Trust continues to trade through the Museum Shop, retailing a range of items linked to and inspired by the collections including books, stationery, textiles, tea-gifts, jewellery, modern Royal Worcester, and vintage Worcester china made at the Severn Street Factory Site. Dyson Perrins Museum Trust continues to levy a monthly management fee for the rental of the premises, overhead costs and shop staffing costs amounting to £28,557 in total for the year.
Sales grew by 15% to £57,831. The end-of-year position for WPME Ltd was a profit of £873 (2023: £10,270). This positive performance continues on from 2023 when there was the introduction of new chargeable activities and new product development initiatives to diversify the retail offer. An ongoing Retail Action Plan incorporates the recommendations of a 2022 assessment report undertaken by heritage retail experts Retail Thinking.
When Royal Worcester was in operation the Museum benefited from the donation of many services from them in relation to the administration and running of the Museum. The operation of the Museum Shop contributes towards making up that gap.
The Trustees and Museum team have worked hard to meet the financial challenge presented by the ongoing impact of the pandemic and the energy and cost-of-living crisis and have sustained the Trust through a combination of cost savings, diversifying and developing trading activity, and fundraising from trusts, sector grant-making bodies and individuals.
In a continued challenging climate for fundraising the 0.8FTE Development Manager role led with the Museum Director on 7 successful funding applications totaling £224,055 to support the Museum's work and new projects. The fundraising strategy was updated in March 2023 and continues with a focus on applications to a range of trusts, foundations and grant-making bodies, major donor cultivation and and regular giving campaigns.
Financial review
This year total outgoing resources exceeded incoming resources by £64,529 (2023 incoming exceeded outgoing by £31,866).
The total funds held by the charity at the year end amounted to £346,747 (2023 £411,276), this included restricted funds of £37,676 (2023 £57,987) and designated funds of £308,434 (2023 £315,238) which principally amounts to the charity's non liquid tangible assets.
Free reserves which includes the amount of unrestricted funds at the year end excluding tangible fixed assets amounted to £637 (2023 £38,051).
Reserves policy
It is the policy of the charity to maintain unrestricted funds which are the free reserves of the charity at a level that provides sufficient funds to cover the Museum running costs and the management and administration costs of the Trust for approximately 6 months. At 31 December 2024 the unrestricted funds (excluding designated funds) of the Trust stood at £637 (2023 £38,051), falling well short of the policy level. At year end the Trustees were acutely aware of the end of year financial position and the impact this has had on the reserves. Since the year end Trustees and Management have applied for and confirmed grant funding including an Arts Council England Grant which will help us to build up our reserves and develop the operational sustainability.
Major risks
The Trustees have assessed the major risks of which the charity is exposed, and are satisfied that systems are in place to mitigate exposures to the major risks.
All policies are regularly reviewed by the Trustees and staff on a annual basis.
- 3 -
DYSON PERRINS MUSEUM TRUST CIO
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
Plans for future
As the ongoing unrestricted funds available to the Trust continue to be below the level considered appropriate the Trustees continue to focus on close financial management and ongoing development and improved income generation. A Finance sub-committee of two Trustees with the Museum Director and Development Manager meets before Trust meetings to review and monitor financial reports and present key management information and recommendations to the wider Board.
The Museum continues to embed and build Fundraising and development activity through the 0.8 FTE Development Manager. The Development Committee established from within the Trustee body in March has met approximately quarterly to support the setting of strategic goals and monitor fundraising performance.
New sources of income will continue to be developed during the year including marketing and developing the Paint-Your-Own-Pottery studio facility and offer, new experiences piloted and delivering the retail strategy and Adopt a Pot sponsorship and regular giving scheme.
The Trustees have considered issues in relation to cashflow, which has been closely monitored following forecasts prepared for the year ahead and they are content that facilities have been put in place to manage this for the year to come.
The investments held by the Trustees have been acquired in accordance with the powers available to the Trustees.
The Trustees have considered the most appropriate policy for investing funds and have found that the Charity Fixed Interest and Charity Equity Income Funds meet their principal requirement to generate income which increases over time. They consider the return on investments to be satisfactory.
Structure, governance and management
The charity is a Charitable Incorporated Organisation (CIO) governed by its Constitution registered with the Charity Commission on 8 April 2022.
The accounts incorporate Dyson Perrins Museum Trust, a linked charity, which is an unincorporated registered charity registration number 223753, constituted by a Trust deed adopted 20 March 1946 (amended by deeds of appointment dated 18 April 1950 and 31 December 1962, order of commissioners dated 25 June 1999 and deed of variation dated 14 November 2005).
On 31 December 2023, the undertaking, liabilities, staff and assets of Dyson Perrins Museum Trust were transferred to Dyson Perrins Museum Trust CIO.
The Trustees who served during the year were: Sir Michael Perry GBE (Resigned 31 December 2024) S J Boffy (Resigned 31 December 2024) D A Birch (Resigned 31 December 2024) J Sandon P M Serrell (Chair) P Tinsley The Mayor of Worcester (ex officio) Managing Director of Worcester City Council (ex officio) D Jagla D B Dale (Resigned 31 August 2024) Mr G W Ballard (Appointed 5 November 2024) A E Davies (Resigned 31 December 2024) P Crane A S Potze (Resigned 31 December 2024)
- 4 -
DYSON PERRINS MUSEUM TRUST CIO
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
Recruitment and appointment of trustees
As required, new Trustees are selected whose skills and experience best match the needs of the Trust. The appointment of Trustees is by approval of the whole board of Trustees. Suitable training is provided by briefing from Museum staff and other Trustees and by the use of relevant material from the Charity Commission.
Liability insurance has been taken out by the charity for its Trustees.
Organisational structure
The charity is managed by its Museum Director, who is responsible for the staff, volunteers, premises and other assets. The Museum Director is overseen by the Board, who are Trustees of the charity, and they are also responsible for setting the remuneration of key management personnel. The board meet quarterly to review the charity's affairs.
Paid staff responsible for the day-to-day running of the Museum were the FT Director, a 0.8 FTE Development Manager, a 0.6 FTE Museum and Events Assistant supporting for group visits/hires, the Frontof-House team (5 x PT staff), a zero hours Collections Officer providing flexible collections support and expertise and a zero hours contracted book-keeper providing flexible financial administrative support, a 0.8 FTE Heritage Engagement Officer 50:50 job share between two postholders to deliver the NLHF activity. A 0.4 FTE fixed term Assistant Curator supporting the ACE NPLG Unlocking Collections project.
The trustees' report was approved by the Board of Trustees.
P M Serrell (Chair)
Trustee Dated: 23 September 2025
- 5 -
DYSON PERRINS MUSEUM TRUST CIO
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF DYSON PERRINS MUSEUM TRUST CIO
I report to the Trustees on my examination of the financial statements of Dyson Perrins Museum Trust CIO (the charity) for the year ended 31 December 2024 which are set out on pages 5 to 25.
Responsibilities and basis of report
As the Trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).
I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of The Institute of Chartered Accountants in England and Wales (ICAEW), which is one of the listed bodies.
Your attention is drawn to the fact that the charity has prepared financial statements in accordance with 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) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.
I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
1 accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
-
2 the financial statements do not accord with those records; or
-
3 the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
S. J. Morley BA (Hons) ACA
Kendall Wadley LLP
Merevale House 27 Sansome Walk Worcester WR1 1NU
Dated: 23 September 2025
- 6 -
DYSON PERRINS MUSEUM TRUST CIO
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024
Current financial year
| Unrestricted Unrestricted Restricted funds funds funds general Designated 2024 2024 2024 Notes £ £ £ Income and endowments from: Voluntary income 3 42,233 - 163,914 Other trading activities 4 83,639 - - Investments 5 1,810 - - Other income 6 6,653 - - Total income 134,335 - 163,914 Expenditure on: Raising funds 7 20,059 - 115 Charitable activities 8 154,405 6,849 182,805 Total resources expended 174,464 6,849 182,920 Net gains/(losses) on investments 12 1,455 - - Net (outgoing)/incoming resources before transfers (38,674) (6,849) (19,006) Gross transfers between funds 13 1,260 45 (1,305) Net movement in funds (37,414) (6,804) (20,311) Fund balances at 1 January 2024 38,051 315,238 57,987 Fund balances at 31 December 2024 637 308,434 37,676 |
Total 2024 £ 206,147 83,639 1,810 6,653 298,249 20,174 344,059 364,233 1,455 (64,529) - (64,529) 411,276 346,747 |
Total 2023 £ 282,036 83,383 1,884 6,596 |
|---|---|---|
| 373,899 | ||
| 33,836 | ||
| 309,405 | ||
| 343,241 | ||
| 1,208 | ||
| 31,866 - |
||
| 31,866 379,410 |
||
| 411,276 |
The statement of financial activities includes all gains and losses recognised in the year.
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
- 7 -
DYSON PERRINS MUSEUM TRUST CIO
STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
Prior financial year
| Unrestricted Unrestricted Restricted funds funds funds general Designated 2023 2023 2023 Notes £ £ £ Income and endowments from: Voluntary income 3 56,757 - 225,279 Other trading activities 4 83,383 - - Investments 5 1,884 - - Other income 6 6,596 - - Total income 148,620 - 225,279 Expenditure on: Raising funds 7 33,787 - 49 Charitable activities 8 123,508 6,111 179,786 Total resources expended 157,295 6,111 179,835 Net gains/(losses) on investments 12 1,208 - - Net (outgoing)/incoming resources before transfers (7,467) (6,111) 45,444 Gross transfers between funds 13 7,415 (2,805) (4,610) Net movement in funds (52) (8,916) 40,834 Fund balances at 1 January 2023 38,103 324,154 17,153 Fund balances at 31 December 2023 38,051 315,238 57,987 |
Total 2023 £ 282,036 83,383 1,884 6,596 |
|---|---|
| 373,899 | |
| 33,836 | |
| 309,405 | |
| 343,241 | |
| 1,208 | |
| 31,866 - |
|
| 31,866 379,410 |
|
| 411,276 |
The statement of financial activities includes all gains and losses recognised in the year.
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
- 8 -
DYSON PERRINS MUSEUM TRUST CIO
BALANCE SHEET
AS AT 31 DECEMBER 2024
| Notes Fixed assets Tangible assets 14 Investments Current assets Debtors 17 Cash at bank and in hand Creditors: amounts falling due within one year 18 Net current assets Total assets less current liabilities Income funds Restricted funds 20 Designated fund 21 General unrestricted funds |
2024 £ 68,228 17,847 86,075 (68,133) |
£ 308,434 20,371 328,805 17,942 346,747 37,676 308,434 637 346,747 |
2023 £ 77,359 44,140 121,499 (44,377) |
£ 315,238 18,916 |
|---|---|---|---|---|
| 334,154 77,122 |
||||
| 411,276 | ||||
| 57,987 315,238 38,051 |
||||
| 411,276 |
The financial statements were approved by the board of trustees and authorised for issue on 23 September 2025 and are signed on its behalf by:
P M Serrell (Chair) Trustee
- 9 -
DYSON PERRINS MUSEUM TRUST CIO
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1 Accounting policies
Company information
Dyson Perrins Museum Trust CIO is a Charitable Incorporated Organisation established by its constitution dated 8 April 2022. The registered address is Severn Street, Worcester, WR1 2ND.
1.1 Accounting convention
The financial statements have been prepared in accordance with the charity's trust deed, the Charities Act 2011 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.
The financial statements 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 the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The accounts have been prepared on the historical cost convention, modified to include the revaluation of certain financial instruments at fair value. The principal accounting policies adopted are set out below.
On 31 December 2023, the undertaking, liabilities, staff and assets of Dyson Perrins Museum Trust were transferred to Dyson Perrins Museum Trust CIO, a Charitable Incorporated Organisation.
At the direction of the Charity Commission the accounts consolidate the activities, assets and liabilities of Dyson Perrins Museum Trust CIO (the 'reporting charity') and Dyson Perrins Museum Trust (the 'linked charity').
1.2 Going concern
At the time of approving the financial statements, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
1.4 Incoming resources
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
- 10 -
DYSON PERRINS MUSEUM TRUST CIO
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
1 Accounting policies
(Continued)
1.5 Resources expended
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.
Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
Costs of generating funds comprise of those costs directly attributable to raising funds through activities. Expenditure relating to charitable activities is attributed to the activity which it directly relates to on an accruals basis.
Governance costs include direct and related support costs relating to the governance infrastructure allowing the charity to generate information required for public accountability,
1.6 Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings no depreciation Fixtures, fittings & equipment 5% - 20% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
The Charities Act and Financial Reporting Standard 102 (FRS102) require that a provision be made for depreciation of fixed assets having a finite useful life, However, the Trustees are of the opinion that the residual value at the end of the estimated useful life of the freehold buildings is not likely to materially differ from its cost. Therefore, any element of depreciation is considered to be immaterial and no provision has been made.
1.7 Fixed asset investments
Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.
A subsidiary is an entity controlled by the charity. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.8 Impairment of fixed assets
At each reporting end date, the charity reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
- 11 -
DYSON PERRINS MUSEUM TRUST CIO
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
1 Accounting policies
(Continued)
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in income/ (expenditure for the year, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately, unless the relevant asset is carried in at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.9 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less.
1.10 Financial instruments
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.
Derecognition of financial liabilities
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
1.11 Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12 Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
- 12 -
DYSON PERRINS MUSEUM TRUST CIO
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
1 Accounting policies
(Continued)
1.13 Museum Collection
It is the policy of the trust not to capitalise heritage assets belonging to the Museum. These are in effect inalienable, held in perpetuity, and are mostly irreplaceable. Any financially based valuation would be misleading to the value and significance of the material culture involved. The trust has a clear duty of care for these assets and to make them available for the enjoyment and education of the public as far as is possible, commensurate with their long term care and preservation. The highest possible standards of collection management are applied, and the catalogues are made available as widely as possible to facilitate all enquiries and requests for information, subject to appropriate security and data protection guidelines.
2 Critical accounting estimates and judgements
In the application of the charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3 Voluntary income
| Unrestricted Restricted funds funds £ £ Donations and gifts 32,233 22,584 Grants receivable 10,000 141,330 42,233 163,914 For the year ended 31 December 2023 56,757 225,279 Grants receivable for core activities National Heritage Lottery Fund - 90,666 ACE Lottery Grant - 31,107 Street Foundation / Hobson Grants - 6,647 AIM - 615 Other 10,000 12,295 10,000 141,330 |
Total 2024 £ 54,817 151,330 206,147 90,666 31,107 6,647 615 22,295 151,330 |
Total 2023 £ 84,515 197,521 |
|---|---|---|
| 282,036 | ||
| 282,036 | ||
| 75,803 24,903 50,000 15,135 31,680 |
||
| 197,521 |
- 13 -
DYSON PERRINS MUSEUM TRUST CIO
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
4 Other trading activities
| **Unrestricted ** | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2024 | 2023 | |
| £ | £ | |
| Entrance charges | 52,874 | 45,498 |
| Special events and hall hire | 29,205 | 22,315 |
| Other charitable income | - | 15,000 |
| Sundry income | 1,560 | 570 |
| 83,639 | 83,383 |
5 Income from investments
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2024 | 2023 | |
| £ | £ | |
| Income from listed investments | 874 | 772 |
| Interest receivable | 936 | 1,112 |
| 1,810 | 1,884 | |
| Other income | ||
| Unrestricted | Unrestricted | |
| funds | funds | |
| 2024 | 2023 | |
| £ | £ | |
| Other income | 6,653 | 6,596 |
6 Other income
7 Expenditure on raising funds
| Unrestricted Restricted funds funds 2024 2024 £ £ Fundraising and publicity Staging fundraising events 4,878 115 Staff costs 10,688 - Support costs 4,493 - 20,059 115 |
Total Unrestricted Restricted funds funds 2024 2023 2023 £ £ £ 4,993 9,739 49 10,688 20,191 - 4,493 3,857 - 20,174 33,787 49 |
Total 2023 £ 9,788 20,191 3,857 |
|---|---|---|
| 33,836 |
- 14 -
DYSON PERRINS MUSEUM TRUST CIO
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
8 Charitable activities
| Museum running costs Depreciation and impairment Heating, lighting and water Insurance Subscriptions and licences Cleaning Repairs and renewals Sundry expenses Volunteers expenses Printing and stationary Security costs Telephone Bank charges Project costs Bad debt provision Share of support costs (see note 9) Share of governance costs (see note 9) Analysis by fund Unrestricted funds Designated funds Restricted funds For the year ended 31 December 2023 Unrestricted funds Designated funds Restricted funds |
2024 £ 9,512 28,758 14,550 1,668 9,949 19,285 297 311 315 4,110 2,079 147 71,578 1,475 164,034 144,940 35,085 344,059 154,405 6,849 182,805 344,059 |
2023 £ 8,916 29,313 10,661 1,996 9,341 8,233 25 710 1,222 5,438 1,632 128 83,698 1,405 |
|---|---|---|
| 162,718 122,921 23,766 |
||
| 309,405 | ||
| 123,508 6,111 179,786 |
||
| 309,405 |
- 15 -
DYSON PERRINS MUSEUM TRUST CIO
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
9 Support costs
| Staff costs Fundraising and publicity Accountancy Legal and professional Analysed between Fundraising Charitable activities |
Support costs Governance costs £ £ 157,424 14,164 2,697 - - 6,049 - 14,872 160,121 35,085 15,181 - 144,940 35,085 160,121 35,085 |
2024 £ 171,588 2,697 6,049 14,872 195,206 15,181 180,025 195,206 |
2023 Basis of allocation £ 159,193 Time spent 1,998 By activity 6,092 Governance 3,452 Governance 170,735 24,048 146,687 170,735 |
|---|---|---|---|
Included in governance costs is £1,160 (2023 £1,160) in respect of independent examination fees, and £4,889 (2023 £4,932) in respect of other services provided by Kendall Wadley LLP.
10 Trustees
None of the Trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
- 16 -
DYSON PERRINS MUSEUM TRUST CIO
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
11 Employees
Number of employees
The average monthly number of employees during the year was:
| Employment costs Wages and salaries Social security costs Other pension costs |
2024 Number 16 2024 £ 163,410 5,632 2,546 171,588 |
2023 Number 16 |
|---|---|---|
| 2023 £ 151,045 4,895 3,253 |
||
| 159,193 |
The remuneration of key management personnel is £48,189 (2023 - £52,584).
The above salary figures are stated after re-charges to the trading subsidiary of £21,904 (2023 - £19,548).
There were no employees whose annual emoluments were £60,000 or more.
12 Net gains/(losses) on investments
| Revaluation of investments | 2024 £ 1,455 1,455 |
2023 £ 1,208 |
|---|---|---|
| 1,208 |
13 Transfers
Transfers between funds were made as shown in the statement of financial activities to reflect the movements in, and utilisation of restricted funds to acquire, tangible fixed assets and also to cover any project overspends.
- 17 -
DYSON PERRINS MUSEUM TRUST CIO
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
14 Tangible fixed assets
| Freehold land and buildings Fixtures, fittings & equipment £ £ Cost At 1 January 2024 285,228 223,852 Additions - 2,708 Disposals - (1,265) At 31 December 2024 285,228 225,295 Depreciation and impairment At 1 January 2024 - 193,842 Depreciation charged in the year - 9,512 Eliminated in respect of disposals - (1,265) At 31 December 2024 - 202,089 Carrying amount At 31 December 2024 285,228 23,206 At 31 December 2023 285,228 30,010 |
Total £ 509,080 2,708 (1,265) 510,523 193,842 9,512 (1,265) 202,089 308,434 315,238 |
|---|---|
In the opinion of the Trustees the current market value of the Freehold land and buildings is in the region of £1.5 million.
In 2018 a Legal charge on the Museum building was agreed between the Heritage Lottery Fund and the Museum Trust for a twenty-year duration.
- 18 -
DYSON PERRINS MUSEUM TRUST CIO
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
15 Fixed asset investments
| Listed investments Other investments £ Cost or valuation At 1 January 2024 18,912 4 Revaluations 1,455 - At 31 December 2024 20,367 4 Carrying amount At 31 December 2024 20,367 4 At 31 December 2023 18,912 4 2024 Other investments comprise: Notes £ Investments in subsidiaries 27 4 16 Financial instruments 2024 £ Carrying amount of financial assets Equity instruments measured at fair value 20,367 17 Debtors 2024 Amounts falling due within one year: £ Trade debtors 1,463 Amounts due from subsidiary undertakings 11,480 Other debtors 6,674 Prepayments and accrued income 48,611 68,228 |
Total £ 18,916 1,455 |
|---|---|
| 20,371 | |
| 20,371 | |
| 18,916 | |
| 2023 £ 4 |
|
| 2023 £ 18,912 |
|
| 2023 £ 2,930 34,223 5,129 35,077 |
|
| 77,359 |
- 19 -
DYSON PERRINS MUSEUM TRUST CIO
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
| 18 Creditors: amounts falling due within one year Other taxation and social security Trade creditors Other creditors Accruals and deferred income 19 Retirement benefit schemes Defined contribution schemes Charge to profit or loss in respect of defined contribution schemes |
2024 £ 2,369 35,779 1,765 28,220 68,133 2024 £ 2,546 |
2023 £ 2,337 11,984 2,663 27,393 |
|---|---|---|
| 44,377 | ||
| 2023 £ 3,253 |
The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.
- 20 -
DYSON PERRINS MUSEUM TRUST CIO
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
20 Restricted funds
The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.
| be used. | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Movement in funds | Movement in funds | ||||||||
| Balance at | Incoming | Resources | Transfers | Balance at | Incoming | Resources | Transfers | Balance at | |
| 1 January 2023 | resources | expended | 1 | January 2024 | resources | expended | 31 December | ||
| 2024 | |||||||||
| £ | £ | £ | £ | £ | £ | £ | £ | £ | |
| Art Fund/Archive Appeal | 927 | - | (344) | - | 583 | - | - | - | 583 |
| Audio Equipment | 3,600 | - | - | - | 3,600 | - | - | - | 3,600 |
| Development Manager Fund | - | 23,750 | (18,750) | - | 5,000 | 20,000 | (20,000) | - | 5,000 |
| Worcester City Council Covid-19 | 1,441 | - | (1,441) | - | - | - | - | - | - |
| Collections Environmental Monitoring | |||||||||
| Equipment | 1,004 | - | (398) | - | 606 | - | - | - | 606 |
| Covid 19 Response Digitalisation | 247 | - | (248) | - | - | - | - | - | - |
| Museum in a Box | 1,911 | - | (913) | - | 998 | - | - | - | 998 |
| Public Art Project (Kildare) | 3,371 | 2,000 | (4,397) | - | 974 | - | (974) | - | - |
| E & D Cadbury Trust | - | 5,000 | - | - | 5,000 | - | - | - | 5,000 |
| NHLF | (2,650) | 75,803 | (73,153) | - | - | 90,666 | (84,575) | (690) | 5,401 |
| Educational Engagement | |||||||||
| Rowlands/Sixmasters | 5,325 | 2,500 | (3,210) | (4,610) | 5 | - | - | - | 5 |
| WMMD reset grant | 1,978 | - | (1,978) | - | - | - | - | - | - |
| Grimley | - | 500 | (500) | - | - | - | - | - | - |
| Worcester City Council - Pop up Museum | - | 6,000 | (1,870) | (4,130) | - | - | - | - | - |
| AIM 2023 | - | 15,135 | (15,135) | - | - | 615 | (326) | - | 289 |
| Section 106 Public Art Project | - | - | (2,419) | - | (2,419) | 2,379 | - | - | (40) |
| Ironbridge Gorge Museum | - | 5,000 | - | - | 5,000 | - | (4,413) | - | 587 |
| ACE Lottery Grant | - | 24,903 | (13,296) | 4,130 | 15,737 | 31,107 | (48,209) | 1,365 | - |
| Street Foundation / Hobson Grants | - | 50,000 | (41,782) | - | 8,218 | 6,647 | (10,799) | - | 4,066 |
| Rowlands Trust | - | 2,000 | - | - | 2,000 | - | (249) | (615) | 1,136 |
| Headley Trust | - | 9,930 | - | - | 9,930 | - | (3,963) | - | 5,967 |
| Sixmasters | - | 2,500 | - | - | 2,500 | 2,500 | (2,500) | (1,365) | 1,135 |
| Collections | - | 258 | - | - | 258 | - | - | - | 258 |
- 21 -
DYSON PERRINS MUSEUM TRUST CIO
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
20 Restricted funds
| Restricted funds Lasletts The Royal Society Platform |
- - - 17,153 |
- - - - - - 225,279 (179,834) |
- - - (4,610) |
- - - 57,987 |
3,000 (3,000) 3,500 (414) 3,500 (3,500) 163,914 (182,920) |
(Continued) - - - 3,086 - - (1,305) 37,676 |
(Continued) - - - 3,086 - - (1,305) 37,676 |
|---|---|---|---|---|---|---|---|
| 37,676 |
The Art Fund previously donated £55,675 for the outright purchase of a series of pattern books and archives from the Worcester Royal Porcelain Company. The remainder of the funds are restricted to the display of the acquisition and conservation of the Museum archive.
Catalogue Appeal - represents donations towards the cost of photographing over 10,000 pots in the museum collection.
Audio equipment fund - is to revise the order and edit the audio tour stops in line with the re-organised displays. It was also to cover the cost of new handsets. The remainder of the funds are restricted to cover the ongoing maintenance and repair costs for this equipment.
Development Manager Fund - In 2020 the Elmley Foundation have part-supported the new Development Manager post (c50%).
AIM Ceramic Creative Cafe - The Association of Independent Museums awarded £5k towards a new hands-on ceramic activity space at the Museum including the purchase of a kiln, £1k on completion of work and report.
- 22 -
DYSON PERRINS MUSEUM TRUST CIO
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
20 Restricted funds
(Continued)
Worcester City Council - Covid 19 - awarded £10k to support the Museum’s Covid-response and recovery supporting the City’s visitor economy.
Collections Environmental Monitoring Equipment - Grimley CT donated £500 for collections environmental monitoring equipment.
Covid 19 Response Digitalisation - funds gifted to support remote access to and online engagement with the collections.
The Postcode Community Lottery donated £19,999 to enable a Pop-up Museum gazebo to take the Museum beyond the threshold and a fixed-term parttime engagement post to delivery outreach through this facility.
Arts Council Funding Cultural Recovery Fund 3: Continuity Support - to cover loss of income in covid-19 and support strong income generation recovery.
Museum in a Box - funds to enable loan boxes for school children to engage with Worcester’s porcelain heritage.
Public Art Project (Kildare) - funds to enable a Museum courtyard public art commission that reflects the site’s porcelain heritage.
Kickstart - funds received via HWCC to cover the costs of employees engaged under the government’s Kickstart scheme.
Arts Society Creative Workshops - grant for project with former Royal Worcester workers providing creative sessions for the public at low or no cost and capturing knowledge.
Museum Doors - funds to replace Museum Front Doors with energy efficient auto-opening disability friendly units.
Edward and Dorothy Cadbury Trust - donated towards initiatives to increase collections access during covid-19 restrictions and in 2023 towards collections management system project.
WMMD - funds for access audit of Museum and remote engagement kits for local audiences experiencing disadvantage.
NLHF 2022-25 – Sharing Worcester’s Porcelain Heritage – food and drink history-inspired outreach heritage engagement and events/programmes broadening engagement
Educational Engagement (Rwlnds/Sixmasters) – funds to support educational engagement programmes
- 23 -
DYSON PERRINS MUSEUM TRUST CIO
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
20 Restricted funds
(Continued)
WCF ACE Jubilee Let’s Create Fund – for Queen’s Platinum Jubilee temporary display, community event and programme
Kildare Shopfit – funds towards shopfit renewal scheme
WMMD Reset Grant – China UK tea cultures project – enhanced gallery interpretation, school session development and pilot
Grimley – towards kiln room fire safety partition costs
Worcester City Council – Popup Museum – 2022-23 local audience engagement at city events, public programmes and visitor destination offer
AIM 2023 (NSNA) – Taste Touch Smell sensory trail interactive development and delivery with community involvement, launch event and legacy film
Ironbridge Gorge Museum – WMMD Resilience – consultancy support for development of strategic fundraising activity including adopt a pot and legacy giving ACE Lottery Grant – Unlocking Collections project working with food historian to develop new display and workshops celebrating food history of collection Street Foundation / Hobsons Grants- - funds to contribute towards replacement boilers at the Museum and associated installation Rowlands Trust – funds towards educational engagement and outreach
Headley Trust – to support an emerging curator post over two years to enable development and delivery of collections programmes
Sixmasters – funds towards educational engagement and outreach
Collections – funds from sale of Art Fund legacy items not appropriate to accession, restricted to purchasing items for collection or their care and conservation
- 24 -
DYSON PERRINS MUSEUM TRUST CIO
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
21 Designated funds
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
| Balance at 1 January 2023 Resources expended £ £ Property Fund 285,228 - Fixtures, Fittings And Equipment 38,926 (6,111) 324,154 (6,111) |
Transfers Balance at 1 January 2024 Resources expended £ £ £ - 285,228 - (2,805) 30,010 (6,849) (2,805) 315,238 (6,849) |
Transfers Balance at 31 December 2024 £ £ - 285,228 45 23,206 45 308,434 |
Transfers Balance at 31 December 2024 £ £ - 285,228 45 23,206 45 308,434 |
|---|---|---|---|
| 308,434 |
The Trustees designate funds to match tangible fixed assets held. Where restricted funding is received to acquire assets once the purchase is complete the terms of funding have been met and a transfer is made between funds to reflect the asset is in general use by the charity.
The community event programme show funds designated by the trustees to support community engagement.
22 Analysis of net assets between funds
| Unrestricted funds 2024 £ At 31 December 2024: Tangible assets - Investments 20,371 Current assets/(liabilities) (19,734) 637 Unrestricted funds 2023 £ At 31 December 2023: Tangible assets - Investments 18,916 Current assets/(liabilities) 19,135 38,051 |
Material Restricted funds funds 2024 2024 £ £ 308,434 - - - - 37,676 308,434 37,676 Material Restricted funds funds 2023 2023 £ £ 315,238 - - - - 57,987 315,238 57,987 |
Total 2024 £ 308,434 20,371 17,942 |
|---|---|---|
| 346,747 | ||
| Total 2023 £ 315,238 18,916 77,122 |
||
| 411,276 |
At the reporting end date the charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
23 Operating lease commitments
- 25 -
DYSON PERRINS MUSEUM TRUST CIO
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
23 Operating lease commitments
(Continued)
| Within one year Museum Collection (Memorandum) Valuation As at 1 January 2024 Additions As at 31 December 2024 |
2024 £ - 2024 £ 5,117,913 1,750 5,119,663 |
2023 £ 480 |
|---|---|---|
| 2023 £ 5,110,282 7,631 |
||
| 5,117,913 |
24 Museum Collection (Memorandum)
The Museum Collection remains removed from the balance sheet, having been so taken off as at 31 December 1992.
The collection was valued by Phillips Son and Neale (Valuers and Auctioneers) of Blenstock House, New Bond Street, London for insurance purposes on 26 July 1991 at £4,168,205. This valuation has been adjusted where applicable for subsequent acquisitions and disposals.
25 Related party transactions
During the year Dyson Perrins Museum Trust charged its wholly owned subsidiary Worcester Porcelain Museum Enterprises Limited an overhead contribution amounting to £28,557 (2023 £26,144) for the use and support of the charity's operating facilities. As at the year end, Worcester Porcelain Museum Enterprises Ltd owed £11,480 (2023 £34,223).
26 Volunteers
During 2024, 23 (2023 - 38) individuals worked a total of 2050 (2023 - 2050) hours assisting in the supervision of the galleries, demonstrating ceramic skills in the galleries, archive research, preparation of documentation and interpretation for new displays, cleaning and packing collections during the reinstallation of the redisplayed galleries, and supporting events and activities.
27 Subsidiaries
These financial statements are the unconsolidated financial statements for Dyson Perrins Museum Trust.
Details of the charity's subsidiary at 31 December 2024 are as follows:
| Name of undertaking and country of | Name of undertaking and country of | Nature of business | Class of | % Held |
|---|---|---|---|---|
| incorporation or residency | shareholding | Direct Indirect | ||
| Worcester Porcelain Museum | England & |
Sale of Royal Worcester | Ordinary | |
| Enterprises Limited | Wales | goods | Shares | 100.00 |
- 26 -
DYSON PERRINS MUSEUM TRUST CIO
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
27 Subsidiaries
(Continued)
The aggregate capital and reserves and the result for the year of the subsidiary excluded from consolidation was as follows:
| Name of undertaking | Profit | Capital and |
|---|---|---|
| Reserves | ||
| £ | £ | |
| Worcester Porcelain Museum | ||
| Enterprises Limited | 873 | 11,636 |
- 27 -