REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
Report of the Trustees and |
Unaudited Financial Statements for the Year Ended 31 October 2023 |
for |
Teign Heritage |
(A Company Limited by Guarantee) |
REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
Report of the Trustees and |
Unaudited Financial Statements for the Year Ended 31 October 2023 |
for |
Teign Heritage |
(A Company Limited by Guarantee) |
Teign Heritage |
Contents of the Financial Statements |
for the Year Ended 31 October 2023 |
Page |
Report of the Trustees | 1 | to | 8 |
Independent Examiner's Report | 9 |
Statement of Financial Activities | 10 |
Balance Sheet | 11 | to | 12 |
Notes to the Financial Statements | 13 | to | 17 |
Teign Heritage (Registered number: 05874265) |
Report of the Trustees |
for the Year Ended 31 October 2023 |
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 October 2023. The trustees have adopted the provisions of 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) (effective 1 January 2019). |
CHAIR'S SUMMARY |
The Trustees are pleased to present their annual report for the year to 31 October 2023. |
Financially speaking, we are doing reasonably well, but we still need to plan for the future against ever rising costs and threats to our income so as not to deplete our limited reserves. Do please read on. |
Richard King, Chair |
OBJECTIVES AND ACTIVITIES |
Objectives and aims |
The charity's vision is 'Telling the stories and keeping the memories of Teignmouth and Shaldon alive' for the communities of Teignmouth and Shaldon. That is how we aim to carry out the formal object of our Charity, which is the advancement of education in particular by: |
1. promoting interest in the history and heritage of Teignmouth, Shaldon and the surrounding district ('the Area'); |
2. maintaining and developing the museum for the Area; and |
3. a programme of lectures, displays, discussions and visits to extend knowledge of the Area and of history in a wide context. |
Teign Heritage is a local museum, run entirely by volunteers. We have an education team which offers lectures and themed visits for local schools.. Our fully equipped Teign Room is again available for school visits and for hire to community groups and businesses where possible. Other facilities include accessible toilets, baby changing facilities, a lift and roof terrace and a revamped retail offer. Our team of archivists responds to enquiries, researches topics for articles to put online or in the Friends journal and also produces our temporary exhibitions. |
Teign Heritage (Registered number: 05874265) |
Report of the Trustees |
for the Year Ended 31 October 2023 |
ACHIEVEMENT AND PERFORMANCE |
Acknowledgements and thanks |
The Trustees want to thank Lin Watson (our Curator (formerly Senior Archivist) and a trustee) and Malcolm Tipper (our Centre Manager) for the many hours they have given, unpaid, to the running of the Museum. This is in addition to their roles as joint Duty Managers with Theresa Killoran, Geoff Wood, Jo Hyde, Jenny James and our new assistant Centre Manager, Karen Evans - a vital role for which we thank them all. |
All the Trustees play their part but, as noted below, Ian Mitchell has also given up a great deal of time to the buildings and compliance side, while Barrie Dennett has contributed on HR and other matters including early work on the accounts before handing them over to new Trustee Beverley Knowles who has been largely responsible for bringing these accounts to public view. We now have a better understanding of how we are doing, both in our work as a charity and in the 'business' side that pays for that work. |
Early in the year Malcolm was confirmed as Centre Manager. He and the Trustees have continued to strengthen the management team, as will appear. |
The continued success of Teign Heritage - despite inevitable funding challenges - is due to the dedicated work of our many volunteers including archivists, stewards and the education team. We are very grateful for the contributions of the Museum Management Committee, now chaired by Malcolm, including Rachel Aucott and Rosemary Booth (Archives), Karen Evans (Assistant Centre Manager), Theresa Killoran (Office Manager and membership secretary); Ruth Cole (former Treasurer), Jayne Adames (Volunteer Coordinator), Jenny James (Retail), Christina Siviter (compiler of 50 years stories), Geoff Wood (Webmaster), Eileen Simpson (Education) and Rosie Walden (front of house). Since the year end we have had specialist advice from Dr Chris Davies who is now a trustee. We should also mention Geoffrey Davis who edits our twice-yearly Journal, but there are many others who do important work in the background. |
Buildings management and compliance |
With a building that is, in its current form, over 12 years old, it is only to be expected that some renewal is needed. The exterior of the newer parts needs cleaning if not repainting again and the old Georgian part needs to be tackled when funds allow. |
Ian's considerable experience of buildings management and regulatory compliance remains invaluable. He has overseen a lot of work or carried it out himself with others, particularly to try to resolve the leaks to the modern flat roof and stair tower which have plagued us during heavy storms. |
Early in the financial year, we abandoned the 'coffee hub' that had not given us the hoped-for benefits and used the space to enhance our retail area. We have also been upgrading our hardware and operating systems which were considered elderly and vulnerable. |
Membership, footfall and charges |
At the end of the year, the number of members was 300 paid-up (with several others yet to pay in full owing to an increase from 1.11.2023), and recruitment has continued. The very modest subscription for membership of the charity (now increased to £18) entitles subscribers to visit the Museum as many times as they wish during the year, saving them £5 per visit, and also to use the extensive archive for research. They also receive the Friends' Journal twice a year and eight free lectures. |
Before the lockdown took effect in March 2020, the Trustees had decided to open for longer during the winter months, and early signs were encouraging. The pandemic severely affected the number of visitors that might have been expected when we finally reopened in June 2021. That number has increased significantly to 3449 (2021/22: 3,021), but still less than before the pandemic. Overall footfall including schools, classes and events is up on the previous year (8883) but still much less than the 14,000-odd numbers pre-pandemic, in part because Teign Room bookings have not yet fully recovered. School visits picked up despite the ongoing effects of the pandemic and funding shortages, and there has been excellent feedback from those who have visited. |
In July 2023 we had the annual meeting of the Friends of Teignmouth & Shaldon Museum, to explain what the Trustees had achieved after things began to return to normal. |
Exhibitions, lectures, history walks and other local events |
Teign Heritage (Registered number: 05874265) |
Report of the Trustees |
for the Year Ended 31 October 2023 |
We held exhibitions on Regency Teignmouth, the history of Higher Brook Street (just along from the Museum) and Black History in Devon. We have enjoyed talks from: Neil Howell on past local photographers; Eileen Simpson on the Anglo-Saxon language and on "What was on the land where your house now stands?"; Dr Chris Davies on "The sea, the sea", "Picturesque Views of Devon and Cornwall" (JMW Turner) and "The Arts in Regency Teignmouth 1790-1830"; Dr Martin Read on "Sir Edward Pellew and the Wreck of the Dutton"; Dr Alan Williams on "Pandemics of the Past, including the Black Death"; "Walk this way" about leylines; Jo Hyde on "A History of lace-making and Shaldon Lace School"; Dr Todd Gray on Slavery and Emancipation in Devon. We have also delivered various outreach talks to groups away from the Museum, including the WI, U3A and RNLI. |
We hosted the SW Maritime Association AGM and study day at the Museum as well as visits by history groups from Teignmouth and beyond and from the Torbay Royal Yacht Club. We were glad to arrange another short season of history walks with Bob Blewitt, and visits for volunteers to places of historical interest in Devon. We also gave talks to the residents of local care homes. Owing to a personnel change, we were not able to continue the series of 'Teigny Tinies' workshops for the very young, with their parents. |
We continue to work with local charities the Pavilions, TAAG (Teignmouth Arts Action Group), The Alice Cross Community Centre and Teignmouth Library on the Teignmouth Together Project. |
We continue to run heritage open days at the Museum. In 2023, we again hosted part of the Teign Shanty Festival to encourage access to the Museum and received a very welcome donation as a result. Since the year-end, we have been planning exhibitions for Teignmouth Rugby Club 150th anniversary and Teignmouth RNLI 200th anniversary and giving assistance to Teignmouth Golf Club in connection with its Centenary. |
Gifts and developments at the Museum |
Some items from a legacy from Mrs Brenda Baker (née Seymour) could not be accommodated at the Museum (even if we had space), since they had no apparent connection with Teignmouth or Shaldon. As they were not part of our Collection, the Trustees agreed to sell the items at auction, raising a goodly sum towards the acquisition at auction - and conservation - of some handmade 'Shaldon lace', over a century old, together with some slightly tetchy correspondence relating to the lace used in the coronation robe of Queen Mary when her husband King |
George V was crowned in 1911. We are grateful to our former MP Richard Younger-Ross for alerting us to the sale and for his contribution towards the cost alongside contributions from Cllr David Cox from his Teignmouth Community Fund and from Shaldon Parish Council. The Shaldon lace has been on display in the Museum. |
We were also pleased to receive a small painting by Thomas Luny, entitled Island of ischia, painted in 1796 and the book by Jane Shaddick about her grandfather, the ship builder Frank Morgan Giles. |
Planning meetings are held with archivists and other volunteers, some of whom continue to work remotely. Every new steward receives The Volunteers' Handbook and a welcome pack is given to new volunteers. Young Volunteers are strongly encouraged, as are work experience students; in that context, safeguarding remains a priority. Among our efforts to recruit more volunteers we have also been very pleased to accept work experience applications and a third Exeter University Professional Pathways Intern in the summer and we continue to develop our contacts there. |
Public benefit |
The Trustees have had regard to the Charity Commission's general guidance on public benefit, particularly when reviewing our aims and objectives and planning future events. They are satisfied that the charity's activities listed above do bring significant benefit to the public in terms of education and conservation, without detriment or untoward private benefit. |
Forward Planning |
The Trustees reviewed their seven-point 5-Year Plan from 2017/18, which covered the main areas of Education, Community Participation, Finance, Personnel, the Collection, the Building and Systems Management. They have now adopted new Objectives and Targets in its place. |
Talk of a much-needed new second-floor gallery remains on hold while we lack sufficient resources - both financial and personal - to build and manage it. |
We are also planning for the expected invitation to renew our accreditation, possibly late in 2024. |
Teign Heritage (Registered number: 05874265) |
Report of the Trustees |
for the Year Ended 31 October 2023 |
FINANCIAL REVIEW |
Summary |
The finances have been managed by a treasury team previously led by Barrie Dennett (Trustee), with Ruth (Treasurer) Theresa (Office Manager) and Malcolm as Centre Manager. Barrie was instrumental in simplifying our management accounts but half way through the year he handed over responsibility to new Trustee Beverley Knowles who has brought her accounting expertise to improving our decision-making. |
The accounts show that income for the year was £54,755 (2022: £37,683) and expenditure £59,041 (2022: £35,420), giving a deficit of just £4,286 (2022: £2,263 surplus). This was not as good as we had forecast. |
The biggest change was in donation income which rose from £4,732 to £27,202. However this was mainly due to restricted gifts which have to be, and were, spent for the specified purpose. Hence there was a corresponding increase in our expenditure. And we suffered from a major fall in grant income as explained below. Shop sales and fund-raising income was down a little, but income from admissions, rentals and education was slightly higher than in the previous year. There was a welcome increase in subscription income and also in fees for research. |
It is clear that we need to find new revenue streams if we are to avoid losses, let alone expand our operations. |
2016-17 |
2017-18 |
2018-19 |
2019-20 |
2020-2 1 |
2021-22 |
2022-23 |
2023-24 |
Income |
£32536 |
£39,064 |
£41860 |
£33722 |
£1116 4 |
£37683 |
£54755 |
£37085 |
Expenditur e |
£30605 |
£37554 |
£49898 |
£49569 |
£9324 7 |
£35420 |
£59041 |
£36315 |
Surplus/(de ficit) |
£1931 |
£,1510 |
(£8038) |
(£15847) |
£2591 7 |
£2263 |
(£4286) |
£770 |
The Trustees are satisfied that, both at the year-end and at the date of writing this report, the charity was and is a going concern. The 2023-24 figures are projected. |
Grants and funding |
We remain very grateful for the ongoing though small support from Shaldon Parish Council. For several years we enjoyed a valuable annual grant from Teignmouth Town Council, but this is no longer guaranteed and has not been forthcoming for two years. Teignbridge District Council no longer supports the SW Development Fund so we are no longer eligible to apply to that. But we have been very pleased to receive donations from several Councillors out of their community funds towards a number of projects. |
Malcolm Tipper had particular success in securing a grant of £9000, under the New Audiences New Stories scheme, to work with Teignmouth Rugby Club as it prepared to celebrate its 150th anniversary in 2024. Lin Watson was also successful in securing a grant of £8,350 from Historic England for digitising the Church Rocks Wreck research documents and photos. It has also funded the creation of a new video about the discovery of the wreck for a new interactive display in the Sea Gallery. We continue to pursue other grants to carry out improvements to the Museum. |
Investment Policy |
Apart from retaining a prudent amount in reserves each year as explained below, most of the charity's funds are to be spent in the short term so there are few funds available for long term investment. We have a modest amount invested in COIF Charities Investment Fund, run by CCLA. This investment is regularly reviewed, but the Trustees consider it to be a long-term investment and are reluctant to be swayed by inevitable volatility in stock market performance, especially in the current political and world situation. |
Reserves Policy |
A formal policy on reserves agreed by the Trustees aims to have the following funds held in reserve: |
working capital (12 months' turnover) | £30,000 |
Teign Heritage (Registered number: 05874265) |
Report of the Trustees |
for the Year Ended 31 October 2023 |
reserve for future matched funding in grant applications | £10,000 |
essential improvements to building including 'La Terrasse' (top floor gallery) | £32,000 |
redundancy and other costs in event of forced closure | £10,000 |
Thanks to the improved financial position over the last two years, we are ahead of our reserves target, with total free (unrestricted) investments and cash at over £111,500. But, although redundancy costs are not an issue for the foreseeable future, a further review is likely to show that this target is not ambitious enough, in the light of expenditure already in the pipeline and further information received in regard to the cost of building the top floor gallery. |
FUTURE PLANS |
Looking ahead |
Work continues on updating our policies and procedures in line with the requirements for the Accreditation Standard from Arts Council England. But we are not expecting to have to apply to renew our accreditation until late 2024 at the earliest. We have appointed an Accreditation Mentor to assist with our application when the time comes. |
The 'La Terrasse' project, to develop out the top floor of the Museum to provide additional space, remains on hold until sufficient resources - in terms of both funds and skilled personnel - can be found. Meantime we hope to redecorate the exterior of the older parts of the Museum, following the successful repainting of the modern 'Annexe' wing. |
We are looking to recruit more volunteers, including Trustees, with the necessary skills in education, finance and social media. We also hope to appoint three more Management Committee members to represent the Front of House Volunteers, the Education/Non-Assigned volunteers and the Archivists team. |
Teign Heritage (Registered number: 05874265) |
Report of the Trustees |
for the Year Ended 31 October 2023 |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Structure, governance and management |
Structure |
Teign Heritage is a charitable company limited by guarantee, incorporated on 12 July 2006 and registered as a charity on 25 September 2006. As a charity, it was able to dispense with the word 'Limited' in its name. |
The company was established under a Memorandum and Articles of Association which set out the objects and powers of the charity and how it is governed. In the event of its being wound up, its members (who are also the Trustees) are required to contribute an amount not exceeding £10. |
The directors are also the charity trustees for the purpose of charity law, so under the company's Articles they are described as Trustees. They are elected to serve for a period of three years, after which they can be re-elected (by the Trustees themselves, in their capacity as the company members) at the next AGM up to a maximum of three consecutive terms. The Articles adopted in December 2019 permit a trustee to continue in office for up to three further periods of one year if the other members unanimously consider it to be in the charity's interests for the trustee's maximum nine years' service to be extended. |
Governance |
The Trustees - who include the Curator - are supported by a Management Committee which considers matters concerning the day-to-day management of the Museum, including the education programme, events and retail sales. The Management Committee also assists with recruitment and supervision of volunteer stewards and archivists who are essential to the functioning of the Museum. |
Trustees (and indeed volunteers) have traditionally been recruited by word of mouth among local people known to be interested in heritage matters. Limited external advertising has been carried out but this may need to be stepped up. |
Currently there is no formal induction process for Trustees as the trustee induction pack is still under review as we prepare for the expected re-accreditation. Meantime their attention is drawn to our policies and procedures and to the Charity Commission's CC3 guidance 'the Essential Trustee: what you need to know' and to available seminars and workshops. The Curator (and occasionally other Trustees) attend museum-related meetings such as the Teignbridge and Devon Museums Groups and RPRP, the Rural Proofing Resilience programme developed by South West Museums Development. |
All Trustees give their time voluntarily and received no benefits from the charity. They may claim expenses but in practice none of them does other than for necessary visits by our Curator. |
Trustees and Personnel |
The responsibility for managing the Museum and the wider charity rests with the Trustees, supported by our Centre Manager, Treasurer, Office and Retail Managers and other members of the MMC as we have explained above. We are very grateful to them and of course to all our stewards and volunteers without whom the Museum could not function. We still need more volunteers to carry out the many tasks that are needed to make the Museum work. |
Since the year-end Chris Davies, an art historian who has been involved in several talks and exhibitions at the Museum, has joined the trustee body. |
Risk Management |
In addition to ongoing risk assessments in regard to visitors, hirers and school visits, the Trustees annually assess the major risks to which the charity as a whole is exposed, in particular those relating to the operational areas of the charity and its finances, by identifying and ranking risks in terms of their potential impact and likelihood. The Trustees have reviewed those risks and taken such steps to mitigate them as they are able. The Trustees have been careful to assess the consequences of the pandemic for our charity when planning ahead. |
Related parties |
There are none. |
Teign Heritage (Registered number: 05874265) |
Report of the Trustees |
for the Year Ended 31 October 2023 |
REFERENCE AND ADMINISTRATIVE DETAILS |
Registered Company number |
Registered Charity number |
Registered office |
Trustees |
Independent Examiner |
David Rudall FMAAT AFA |
Greenwood Accountancy Ltd |
5 Pellew Arcade |
Teignmouth |
Devon |
TQ14 8EB |
Solicitors |
Tozers LLP |
Broadwalk House |
Southernhay West |
Exeter |
EX1 1UA |
Bank |
Lloyds Bank PLC |
19-20 Wellington Street |
Teignmouth, Devon |
TQ14 8HW |
Teign Heritage (Registered number: 05874265) |
Report of the Trustees |
for the Year Ended 31 October 2023 |
REFERENCE AND ADMINISTRATIVE DETAILS |
Treasurer - R Cole (resigned 17 November 2023) |
Curator - Lin Watson |
Centre Manager - M Tipper |
Management Committee |
Malcolm Tipper (Chair) |
Jayne Adames |
Rachel Aucott |
Rosemary Booth |
Ruth Cole (resigned Nov 2023) |
Karen Evans |
Jenny James |
Theresa Killoran |
Eileen Simpson |
Christina Siviter |
Rosie Waldon |
Lin Watson |
Geoff Wood |
Richard King (Chair of Trustees) also attends |
Approved by order of the board of trustees on |
Independent Examiner's Report to the Trustees of |
Teign Heritage |
Independent examiner's report to the trustees of Teign Heritage ('the Company') |
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 October 2023. |
Responsibilities and basis of report |
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act'). |
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act. |
Independent examiner's statement |
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: |
1. | accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or |
2. | the accounts do not accord with those records; or |
3. | the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act 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; or |
4. | the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)). |
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. |
David Rudall FMAAT AFA |
Greenwood Accountancy Ltd |
5 Pellew Arcade |
Teignmouth |
Devon |
TQ14 8EB |
15 July 2024 |
Teign Heritage |
Statement of Financial Activities |
for the Year Ended 31 October 2023 |
31.10.23 | 31.10.22 |
Unrestricted | Restricted | Total | Total |
funds | funds | funds | funds |
Notes | £ | £ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
Charitable activities |
Other trading activities | 2 |
Investment income | 3 |
Total |
EXPENDITURE ON |
Raising funds |
Charitable activities |
Total |
Net gains on investments |
NET INCOME/(EXPENDITURE) | ( |
) | ( |
) | ( |
) |
Transfers between funds | 9 | (5,092 | ) | 5,092 | - | - |
Net movement in funds | ( |
) | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 940,077 |
Teign Heritage (Registered number: 05874265) |
Balance Sheet |
31 October 2023 |
31.10.23 | 31.10.22 |
Unrestricted | Restricted | Total | Total |
funds | funds | funds | funds |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 6 |
Investments | 7 |
CURRENT ASSETS |
Stocks | 8 |
Cash at bank and in hand |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
NET ASSETS |
FUNDS | 9 |
Unrestricted funds: |
General fund | 82,981 | 88,345 |
Designated Fund - Annex Development and Maintenance |
32,000 | 32,000 |
120,345 |
Restricted funds: |
Restricted Fund - Annex | 804,116 | 811,631 |
Restricted Fund - Acquisitions | 568 | 568 |
Restricted Fund - Others | 17,161 | 7,533 |
819,732 |
TOTAL FUNDS | 940,077 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2023. |
The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2023 in accordance with Section 476 of the Companies Act 2006. |
Teign Heritage (Registered number: 05874265) |
Balance Sheet - continued |
31 October 2023 |
The trustees acknowledge their responsibilities for |
(a) | ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. |
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. |
The financial statements were approved by the Board of Trustees and authorised for issue on |
Teign Heritage |
Notes to the Financial Statements |
for the Year Ended 31 October 2023 |
1. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets. |
Income |
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. |
Expenditure |
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Long leasehold | - |
Equipment | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
The charity is exempt from corporation tax on its charitable activities. |
Fund accounting |
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. |
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. |
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. |
Teign Heritage |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2023 |
2. | OTHER TRADING ACTIVITIES |
31.10.23 | 31.10.22 |
£ | £ |
Fundraising events |
Sales of purchased goods |
3. | INVESTMENT INCOME |
31.10.23 | 31.10.22 |
£ | £ |
Deposit account interest |
4. | NET INCOME/(EXPENDITURE) |
Net income/(expenditure) is stated after charging/(crediting): |
31.10.23 | 31.10.22 |
£ | £ |
Depreciation - owned assets |
5. | TRUSTEES' REMUNERATION AND BENEFITS |
There were no trustees' remuneration or other benefits for the year ended 31 October 2023 nor for the year ended 31 October 2022. |
Trustees' expenses |
There were no trustees' expenses paid for the year ended 31 October 2023 nor for the year ended 31 October 2022, except for two trustees who as Curator and Archivist have the main responsibility for the Museum. As such they are reimbursed expenses for travel and parking for attending Devon/Teignbridge Museum Group meetings and training days. |
6. | TANGIBLE FIXED ASSETS |
Long |
leasehold | Equipment | Totals |
£ | £ | £ |
COST |
At 1 November 2022 |
Additions |
At 31 October 2023 |
DEPRECIATION |
At 1 November 2022 |
Charge for year |
At 31 October 2023 |
NET BOOK VALUE |
At 31 October 2023 |
At 31 October 2022 |
Teign Heritage |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2023 |
7. | FIXED ASSET INVESTMENTS |
Listed |
investments |
£ |
MARKET VALUE |
At 1 November 2022 |
Revaluations |
At 31 October 2023 |
NET BOOK VALUE |
At 31 October 2023 | 69,051 |
At 31 October 2022 | 68,017 |
There were no investment assets outside the UK. |
Cost or valuation at 31 October 2023 is represented by: |
Listed |
investments |
£ |
Valuation in 2023 | 1,034 |
Cost | 68,017 |
69,051 |
8. | STOCKS |
31.10.23 | 31.10.22 |
£ | £ |
Stocks |
9. | MOVEMENT IN FUNDS |
Net | Transfers |
At | movement | between | At |
1.11.22 | in funds | funds | 31.10.23 |
£ | £ | £ | £ |
Unrestricted funds |
General fund | 88,345 | (272 | ) | (5,092 | ) | 82,981 |
Designated Fund - Annex Development and Maintenance |
32,000 |
- |
- |
32,000 |
(272 | ) | ( |
) |
Restricted funds |
Restricted Fund - Annex | 811,631 | (7,515 | ) | - | 804,116 |
Restricted Fund - Acquisitions | 568 | - | - | 568 |
Restricted Fund - Others | 7,533 | 4,536 | 5,092 | 17,161 |
(2,979 | ) |
TOTAL FUNDS | (3,251 | ) | 936,826 |
Teign Heritage |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2023 |
9. | MOVEMENT IN FUNDS - continued |
Net movement in funds, included in the above are as follows: |
Incoming | Resources | Gains and | Movement |
resources | expended | losses | in funds |
£ | £ | £ | £ |
Unrestricted funds |
General fund | 28,659 | (29,965 | ) | 1,034 | (272 | ) |
Restricted funds |
Restricted Fund - Annex | - | (7,515 | ) | - | (7,515 | ) |
Restricted Fund - Others | 26,095 | (21,559 | ) | - | 4,536 |
( |
) | (2,979 | ) |
TOTAL FUNDS | ( |
) | (3,251 | ) |
Comparatives for movement in funds |
Net | Transfers |
At | movement | between | At |
1.11.21 | in funds | funds | 31.10.22 |
£ | £ | £ | £ |
Unrestricted funds |
General fund | 59,365 | 12,504 | 16,476 | 88,345 |
Designated Fund - Annex Development and Maintenance |
32,000 |
- |
- |
32,000 |
91,365 | 12,504 | 16,476 | 120,345 |
Restricted funds |
Restricted Fund - Annex | 819,146 | (7,515 | ) | - | 811,631 |
Restricted Fund - Acquisitions | 568 | - | - | 568 |
Restricted Fund - Others | 5,776 | 2,533 | (776 | ) | 7,533 |
National Lottery Heritage Fund | 10,600 | - | (10,600 | ) | - |
Arts Council Recovery Fund | 5,100 | - | (5,100 | ) | - |
841,190 | (4,982 | ) | (16,476 | ) | 819,732 |
TOTAL FUNDS | 932,555 | 7,522 | - | 940,077 |
Teign Heritage |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2023 |
9. | MOVEMENT IN FUNDS - continued |
Comparative net movement in funds, included in the above are as follows: |
Incoming | Resources | Gains and | Movement |
resources | expended | losses | in funds |
£ | £ | £ | £ |
Unrestricted funds |
General fund | 34,176 | (26,931 | ) | 5,259 | 12,504 |
Restricted funds |
Restricted Fund - Annex | - | (7,515 | ) | - | (7,515 | ) |
Restricted Fund - Others | 3,507 | (974 | ) | - | 2,533 |
3,507 | (8,489 | ) | - | (4,982 | ) |
TOTAL FUNDS | 37,683 | (35,420 | ) | 5,259 | 7,522 |
Details of year end restricted fund balances and where they are held: |
TOTAL | Assets | Bank |
Annex | £804,116 | £804,116 | - |
Acquisitions | £568 | - | £568 |
Other: |
King Family Trust | £4,335 | - | £4,335 |
Building maintenance | £2,320 | £2,320 |
Teigny Tinies | £0 | £0 |
NSNA Rugby Grant | £2,716 | £2716 |
Church Rocks Wreck | £2,448 | £2,448 |
Tram Trail Boards | £249 | £249 |
Other | £5,092 | £5,092 |
Summary | £821,844 | £804,116 | £17,728 |
10. | RELATED PARTY DISCLOSURES |