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← The Spode Museum Trust

2025-03-31-accounts

Charity registration number: 519597

The Spode Museum Trust

Annual Report and Financial Statements

for the Year Ended 31 March 2025

The Spode Museum Trust

Contents (continued)

Reference and Administrative Details 1
Trustee's Report 2 to 5
Independent Examiner's Report 6
Statement of Financial Activities 7
Balance Sheet 8
Notes to the Financial Statements 9 to 16

The Spode Museum Trust

Reference and Administrative Details

Trustee SMT Trustees Limited Charity Registration Number 519597 Principal Office Elenora Street Stoke-on-Trent ST4 1QD Independent Examiner Daryl Denson ACMA VAST The Dudson Centre Hope Street Hanley Stoke-on-Trent ST1 5DD

Page 1

SPODE MUSEUM TRUST

Report of the Trustee for the Period Ending 31[st] March 2025

SMT Trustees Limited (CRN 9784876) in its capacity as the trustee of the Spode Museum Trust (“the Trust”) presents the annual report of the Trust covering the year ending on 31[st] March 2025 along with the financial accounts for such period.

Structure and Charitable Objects

The Trust was established by Royal Worcester Spode Limited under a Trust Deed (“the Trust Deed”) dated 16[th] November 1987 (as amended on 30[th] March 1999 and 16[th] December 2015) to protect the Spode ceramic collection, artefacts and paper archive (“the Collection”) in perpetuity.

The Trust is registered as a charity under registration number 519597. The Trust Deed defines the Charity’s objects as being:

The Collection

Spode's uniqueness lies in its comprehensiveness. Product and Process. Design/Manufacturing/ Production. It covers design (archive) process (coppers, moulds) and product (ceramics) on the original factory site. Unlike other factories Spode made everything (tiles, tableware, industrial (mortuary slabs) and pioneered new products (printing, Parian statuary porcelain). It pioneered industrialised production of “high end” tableware. Spode was a global brand for over two hundred years, employed generations of people and was the premier UK ceramics factory in the early 19th century.

Archive (patern books, designs, photographs and documents) 250,000 Archive (patern books, designs, photographs and documents) 250,000
Copper plates 40,000
Moulds 70,000+
Ceramics 18,000
Ephemera (equipment, furniture, tools. unknown
Total estmate 500,000

The Former Spode Factory Site

SMT currently occupies spaces in one of the historic buildings on the former factory site, which is leased from Stoke on Trent City Council and formerly known as the Spode Museum Trust Heritage Centre but now simply known as the Spode Museum (‘the Museum’). The City Council is currently pursuing a long term programme to regenerate and redevelop the whole of the former factory site, promoting a mix of residential, cultural and business uses. The proposed restoration and development approach to the site makes best use of the £10m of Levelling Up resources being made available for the site by the Government and any additional funding that can be sourced. The Trust has, so far, been party to the Levelling-up discussions.

2

Mission Statement

As part of the organisational development of the Trust, in 2022 trustee members reviewed and developed its mission and vision statement, which now provides a sound and agreed basis for its operations, decision -making and strategic planning. The new Mission Statement reads:

Our Mission Statement

Protect

Preserve Promote

Our vision for the future:

To develop as a renowned, sustainable and accessible Accredited Museum, combining heritage and contemporary creativity.

To partner with the community, higher education and other creative and heritage organisations in Stokeon-Trent and beyond.

To offer display and hands-on practice, and be a valued resource for visitors, students, artists, designers and researchers alike.

Governance

The sole trustee of the Trust is a company limited by guarantee known as SMT Trustees Limited (CR No.9784876) and whose express purpose upon creation was and is to act as the trustee of the Trust. Constitutionally, therefore, the Trust is an unincorporated charitable trust governed by a sole corporate trustee, namely, SMT Trustees Limited (‘SMTT’). During the period of this report the membership of the company (‘Members’) increased by the appointment of five additional new members who it was believed would bring to the Trust the various skills needed for the management of the Museum and its Collection and to further its charitable purposes and plans into the future. Accordingly, there are now the following 11 members of the company all of whom have signed the written Code of Conduct which was introduced last year:

last year:
Richard Gray, Actng Chair Museum Consultant (ret.)
Paul William Holdway Former Spode Employee and author
Kath Holdway Project Manager (ret.)
Janis Lynne Rodwell Ceramics expert
Elizabeth Anne McBratney College Lecturer (ret.)
Neil Brownsword Artst and Professor of Ceramics
Kate Varley Regional Change Manager
Janet Miller CEO, Museum Archaeologist
Spencer Gavin Smith Contract Compliance Ofcer
David Laxton Chartered Accountant
Charlote Garbet Professional Solicitor

Sub Committees were set up in key areas comprising Trustees to manage Collections, Communications and Partnerships, Finance and Secretariat. These report to the Board which meets less frequently.

3

A new role of Associates was created for non-trustees to advise the board. These now include:

Frederick B. Booth - Former Trustee and Solicitor (ret.)

The Board have agreed a Donations Policy and Procedure for non-cash collection gifts

Management

Two ordinary meeting of Members were held including one via Zoom during the period of this report at which Members of the corporate trustee met in general meeting to transact, manage and control the affairs of the Trust and to ensure that the charitable objects of the Trust were carried out for the benefit of the public.

The Museum is run by a Museum Manager who attends the meetings of Members and reports on relevant matters affecting the day to day running of the Museum and its trading operation. A Learning and Engagement Officer and an Administrative and Finance Officer were appointed on part time fixed term contracts. The Manager works a small body of volunteers.

Tenure

The museum lease was considered further by Members and the Council. Further development plans for the site and the Trust’s plans for further NLHF grants are expected to determine the type of lease finally agreed whilst a further planning application to develop the site was considered in 2025 by the Council, who intended to include all stakeholders in their development plans.

Trading – SMT Enterprises Limited

The Trust has made it a central objective to develop sustainable income sources so that it can be independent of subsidies from governmental and other bodies for its day-to-day operating costs. To this end, on 25[th] March 2015, it formed a wholly owned limited liability company known as SMT Enterprises Limited (CR No. 9510002) (“SMTE”) to act as its trading arm. This has had the continuing benefit that trading risk is kept separate from the Trust and the company’s profits can be donated tax-efficiently to the Trust. SMTE’s trading operation, mainly in selling vintage Spode ceramics, prints taken from old hand engraved Spode copper plates, donated books; and products made by local artists in craft studios on the Spode site, has expanded considerably and is now an important source of the Trust’s income.

SMTE generated a trading profit for the year ended 31 March 2025 of £33,617 which will be donated to the Trust.

Financial Accounts

Financial accounts of the Trust have been prepared for the year ended 31 March 2025 and accompany this report.

The Income & Expenditure account shows a net surplus for the year of £30,555. The surplus on unrestricted funds for the year was £27,413 and the surplus on restricted funds was £3,142.

The Trust had total Funds of £97,721 as of 31st March 2025 and there is a reasonable expectation that the Trust has sufficient resources to carry it forward for the foreseeable future.

4

Summary of Main Activities at the Museum

A programme of changing exhibitions continued in the Museum. The former factory Old Museum was agreed by the Council to be renovated and included in any future lease by the Museum. Funding was secured from the Council led Accelerator scheme to landscape partly glaze the Secret Garden and upgrade areas outside the museum (£56,000). There were Learning and Engagement activities working with Dougie Mac, YMCA and the Museum of Muck.

Public Benefit

In the running of the Museum and its shop, the Trust always endeavours to advance the charitable objects of the Trust and in doing so, pursuant to Section 17 of the Charities Act 2011, always pays due regard to the Charity Commission’s guidance on public benefit when exercising any powers or duties to which the guidance is relevant. During the period of this report the Trust has continued to further the charitable purposes contained in its Trust Deed by activities.

The Museum displays were re-designed as part of a UK Prosperity Grant awarded by the City Council. Work was also supported by funds from the Friends of Spode Museum, F. B. Booth and Dog and Bone Properties. The Grant also funded the Museum café, with 64 covers and now operated under a contract for a fixed rent and a percentage of turnover. The Award (£280,000) meant the museum was subject to building works during the year with partial closures at all levels.

A Learning and Engagement Officer, Eve Lovatt, was recruited on a fixed term, part time basis, together with a post advertised for an Administrative and Finance Officer, fixed term and part time, initially funded by the UK Prosperity Grant.

A Safeguarding Policy was drafted and introduced for the museum.

The museum is claiming standard gift aid on small donations made by visitors to the Centre under the Gift Aid Small Donation Scheme.

Objectives in 2024/25

Looking ahead to the next 12 months, the Trust intends to continue the established objectives of 2024 but set out in a Development Timetable and Business Plan which was first introduced in 2022 will now be updated at sub-committee and board meetings throughout the year. The aim of this document is to provide a complete overview of all the key activities that will need to be planned and undertaken, in order to identify any gaps, to plan the sequence and dependencies of activities, to anticipate the likely timetable and deadlines, to identify the sub-committees and individuals responsible for each activity, as well as to monitor progress.

Following the SMT workshop in December 2024, the timetable presents a much simplified set of workstreams, reflecting SMT’s intention to focus the Board’s effort on a smaller number of key priorities identified in the annual workshop.

The timetable indicates SMT and key strategic development activities only. It does not include the day to day operations of staff and volunteers– including visitor and audience work, exhibitions etc - nor of the ongoing work of committees e.g. finance. However, all this work should be recognised (in board meetings) as important steps in realising the SMT’s broader mission.

Approved by the Trustee and signed on its behalf by its Chair.

Richard Gray, Acting Chair

December 2025

5

The Spode Museum Trust

Independent Examiner's Report to the trustee of The Spode Museum Trust

I report to the trustee on my examination of the accounts of The Spode Museum Trust for the year ended 31 March 2025.

Responsibilities and basis of report

As the charity trustee of The Spode Museum Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the The Spode Museum Trust's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner’s statement

Since The Spode Museum Trust'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 , which is one of the listed bodies.

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. accounting records were not kept in respect of The Spode Museum Trust as required by section 130 of the Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the accounting 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 accounts to be reached.

...................................... . Daryl Denson ACMA , VAST

The Dudson Centre Hope Street Hanley Stoke-on-Trent ST1 5DD

23/01/2026 Date:.............................

Page 6

The Spode Museum Trust

Statement of Financial Activities for the Year Ended 31 March 2025

Note
Income and Endowments from:
Donations and legacies
Charitable activities
Total income
Expenditure on:
Charitable activities
Total expenditure
Net income
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
11
Note
Income and Endowments from:
Donations and legacies
Total income
Expenditure on:
Charitable activities
Total expenditure
Net expenditure
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
11		 Unrestricted
funds
£
50,927
11,397
62,324
(33,636)
(33,636)
28,688
28,688
44,372
73,060
Unrestricted
funds
£
41,139
41,139
(45,818)
(45,818)
(4,679)
(4,679)
49,051
44,372		 Restricted
funds
£
314,486
-
314,486
(312,619)
(312,619)
1,867
1,867
22,794
24,661
Restricted
funds
£
16,627
16,627
(28,528)
(28,528)
(11,901)
(11,901)
34,695
22,794		 Total
31 March
2025
£
365,413
11,397
376,810
(346,255)
(346,255)
30,555
30,555
67,166
97,721
Total
31 March
2024
£
57,766
57,766
(74,346)
(74,346)
(16,580)
(16,580)
83,746
67,166

All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2024 is shown in note 11.

The notes on pages 9 to 16 form an integral part of these financial statements. Page 7

The Spode Museum Trust

(Registration number: 519597) Balance Sheet as at 31 March 2025

2025 2024
Note £ £
Current assets
Debtors 8 108,116 12,394
Cash at bank and in hand 9 6,330 63,790
114,446 76,184
Creditors: Amounts falling due within one year 10 (16,725) (9,018)
Net assets 97,721 67,166
Funds of the charity:
Restricted income funds
Restricted funds 11 24,661 22,794
Unrestricted income funds
Unrestricted funds 73,060 44,372
Total funds 11 97,721 67,166

The financial statements on pages 7 to 16 were approved by the , and authorised for issue on 21January 2025 andsigned on behalf by:

......................................... SMT Trustees Limited Trustee

The notes on pages 9 to 16 form an integral part of these financial statements. Page 8

The Spode Museum Trust

Notes to the Financial Statements for the Year Ended 31 March 2025

1 Accounting policies

Statement of compliance

The financial statements have been prepared in accordance with the second edition of the Charities Statement of Recommended Practice issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.

Basis of preparation

The Spode Museum Trust meets the definition of a public benefit entity under FRS 102. The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts.

Going concern

The trustee consider that there are no material uncertainties about the charity's ability to continue as a going concern.

Income and endowments

Voluntary income including donations, gifts, legacies and grants that provide core funding or are of a general nature is recognised when the charity has entitlement to the income, it is probable that the income will be received and the amount can be measured with sufficient reliability.

Donations and legacies

Donations and legacies are recognised on a receivable basis when receipt is probable and the amount can be reliably measured.

Grants receivable

Grants are recognised when the charity has an entitlement to the funds and any conditions linked to the grants have been met. Where performance conditions are attached to the grant and are yet to be met, the income is recognised as a liability and included on the balance sheet as deferred income to be released.

Donated services and facilities

Where services or facilities are provided to the charity as a donation that would normally be purchased from our suppliers, this benefit is included in the financial statements at it's fair value unless it's fair value cannot be realiably measured, then at the cost to the donor or the resale value of goods that are to be sold.

Expenditure

All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.

Charitable activities

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Page 9

The Spode Museum Trust

Notes to the Financial Statements for the Year Ended 31 March 2025 (continued)

Governance costs

These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including audit, strategic management and trustee meetings and reimbursed expenses.

Taxation

The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Fund structure

Unrestricted income funds are general funds that are available for use at the trustee discretion in furtherance of the objectives of the charity.

Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose.

Page 10

The Spode Museum Trust

Notes to the Financial Statements for the Year Ended 31 March 2025 (continued)

2 Income from donations and legacies

Donations and legacies;
Donations from companies, trusts and similar
proceeds
Donations from individuals
Grants, including capital grants;
Grants from other charities
Donated Product Sales
Donations and legacies;
Donations from companies, trusts and similar
proceeds
Donations from individuals
Grants, including capital grants;
Grants from other charities
Donated Product Sales		 Unrestricted
funds
General
£
40,352
3,248
-
7,327
50,927
Unrestricted
funds
General
£
26,717
4,553
-
9,869
41,139		 Restricted
funds
£
-
-
314,486
-
314,486
Restricted
funds
£
-
-
16,627
-
16,627		 Total
31 March
2025
£
40,352
3,248
314,486
7,327
365,413
Total
31 March
2024
£
26,717
4,553
16,627
9,869
57,766

Page 11

The Spode Museum Trust

Notes to the Financial Statements for the Year Ended 31 March 2025 (continued)

3 Expenditure on charitable activities

Note
Support Costs
Staff costs
Governance costs
Note
Support Costs
Staff costs
Governance costs
Telecoms
Site Services
Electricity
Gas
Bank Charges
Cleaning
Costs of moving the collection
Other Expenses
Insurance
Rates
UKSPF eneral expenditure
FOSM funded
Payroll administration
Subscriptions		 Unrestricted
funds
General
£
20,411
12,643
582
33,636
Unrestricted
funds
General
£
13,286
31,794
738
45,818		 Restricted
funds
£
250,237
62,382
-
312,619
Restricted
funds
£
23,901
4,627
-
28,528
Activity
undertaken
directly
£
594
108
8,681
5,479
62
2,646
1,029
2,734
2,029
412
237,272
8,747
632
223
270,648		 Total
31 March
2025
£
270,648
75,025
582
346,255
Total
31 March
2024
£
37,187
36,421
738
74,346
31 March
2025
£
594
108
8,681
5,479
62
2,646
1,029
2,734
2,029
412
237,272
8,747
632
223
270,648

Page 12

The Spode Museum Trust

Notes to the Financial Statements for the Year Ended 31 March 2025 (continued)

Telecoms
Site Services
Gas
Waste Collection
Security
Bank Charges
Cleaning
Consultants
Hi Stoke Costs
Costs of moving the collection
Other Expenses
Marketing
Insurance
Rates
4
Analysis of governance and support costs
Governance costs
Independent examiner fees
Preparation and examination of the financial statements
Independent examiner fees
Preparation and examination of the financial statements		 Activity
undertaken
directly
£
499
2,500
3,395
312
929
60
1,250
18,990
1,318
3,147
1,670
270
1,800
423
36,563
Unrestricted
funds
General
£
582
582
Unrestricted
funds
General
£
738
738		 31 March
2024
£
499
2,500
3,395
312
929
60
1,250
18,990
1,318
3,147
1,670
270
1,800
423
36,563
Total
31 March
2025
£
582
582
Total
31 March
2024
£
738
738

5 Trustee remuneration and expenses

No trustee, nor any persons connected with them, have received any remuneration from the charity during the year.

Page 13

The Spode Museum Trust

Notes to the Financial Statements for the Year Ended 31 March 2025 (continued)

6 Staff costs

The aggregate payroll costs were as follows:

Staff costs during the year were:
Wages and salaries		 2025
£
75,025		 2024
£
36,421

No employee received emoluments of more than £60,000 during the year

7 Taxation

The charity is a registered charity and is therefore exempt from taxation.

8 Debtors

8
Debtors
Trade debtors
9
Cash and cash equivalents
Cash at bank
10 Creditors: amounts falling due within one year
Trade creditors
Other creditors
Accruals		 2025
£
108,116
2025
£
6,330
2025
£
8,295
6,485
1,945
16,725		 2024
£
12,394
2024
£
63,790
2024
£
939
3,414
4,665
9,018

Page 14

The Spode Museum Trust

Notes to the Financial Statements for the Year Ended 31 March 2025 (continued)

11 Funds
Unrestricted funds
General
General Fund
Restricted funds
Headley Trust
Beaver Arts
HLF
SPF
Total restricted funds
Total funds
Unrestricted funds
General
General Fund
Restricted
Headley Trust
Beaver Arts
Aim
HLF
SPF
Total restricted funds
Total funds		 Balance at 1
April 2024
£
44,372
16,666
1,211
7,813
(2,896)
22,794
67,166
Balance at 1
April 2023
£
49,051
19,813
79
1,200
13,603
-
34,695
83,746		 Incoming
resources
£
55,746
-
-
-
314,486
314,486
370,232
Incoming
resources
£
41,139
-
2,450
300
9,250
4,627
16,627
57,766		 Resources
expended
£
(27,058)
(1,029)
-
-
(311,590)
(312,619)
(339,677)
Resources
expended
£
(45,818)
(3,147)
(1,318)
(1,500)
(15,040)
(7,523)
(28,528)
(74,346)		 Balance at 31
March 2025
£
73,060
15,637
1,211
7,813
-
24,661
97,721
Balance at 31
March 2024
£
44,372
16,666
1,211
-
7,813
(2,896)
22,794
67,166

Page 15

The Spode Museum Trust

Notes to the Financial Statements for the Year Ended 31 March 2025 (continued)

12 Analysis of net assets between funds

12 Analysis of net assets between funds
Current assets
Current liabilities
Total net assets
Current assets
Current liabilities
Total net assets		 Unrestricted
funds
General
£
89,785
(16,725)
73,060
Unrestricted
funds
General
£
53,390
(9,018)
44,372		 Restricted
funds
£
24,661
-
24,661
Restricted
funds
£
22,794
-
22,794		 Total funds at
31 March
2025
£
114,446
(16,725)
97,721
Total funds at
31 March
2024
£
76,184
(9,018)
67,166

13 Related party transactions

During the year the charity made the following related party transactions:

SMT Enterprises Limited

(SMT Enterprises Limited is a wholly owned subsidiary of the Spode Museum Trust)

During the year, Spode Museum Trust received a donation of £40,352 (2024: £26,717 ) from SMT Enterprises limited. At the balance sheet date the amount due to SMT Enterprises Limited was £8,295 (2024 - £939). and the amount due from SMT Enterprises Limited was £34,093 (2024: £12,394)

Page 16