REGISTERED COMPANY NUMBER: 03099322 (England and Wales) REGISTERED CHARITY NUMBER: 1061693 REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024 FOR HOLLYCOMBE WORKING STEAM MUSEUM TravASS & Co Ltd Chartered Certified ArKountants Newtown House 38 Newtown Road Liphook Hampshire GU30 7DX
HOLLYCOMBE WORKING STEAM MUSEUM CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 February 2024 Page Report of the Trustees Independent Examiller's Report io Statement of Finaneial Activities Balance Sheet 12 to 13 Note$ to the Financial Statements 14 to 22
HOLLYCOMBE WORKING STEAM MUSEUM {REGISTERED NUMBER: 03099322) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 29 Februy4ry 2024 The Énlstees who are also directors of the charity for th¢ pUOSeS of the Companies Act 2006, present their report with th¢ financial statements of the charity for the year ended 29 Febnry 2024. Th¢ trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Reconunended Practi¢¢ appli¢able to charlties preparing th¢ir accounts in accordance with the Financial Reportiiig Standard applicable in the UK and Republic of Ir¢land (FRS 102) (effective l January 2019). OBJECTIVES AND ACTIVITIES Objectlves and alms The main objectives of the Hollycombe Working Steam Museum, as s¢t out in their governing document and memorandiim of association are to preserve a collection of steam driven engines aiid associated equipment, relating to life in rural areas in particular, and to provide education and enjoyment to visitors of the museum and to the volunteers and others who play an ongoing part in the life of the collection. The motto of the Museum is "It is our hope that enjoyment of past engineering triumphs will inspire in a new generation the will to excel again." Page I
HOLLYCOMBE WORKING STEAM MUSEUM (REGISTERED NUMBER: 03099322) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 29 February 2024 OBJECTIVES AND ACTfvITIES Slgnlfi¢ant Actlvltles Hollycombe is a working st¢am museum run mainly by volunt¢¢rs. Th¢r¢ is a ycar-round programtne of nmintenance and restoration of items in th¢ collection, which is open to visitors in th¢ summ¢r s¢ason, usually continuing into mid O¢tob¢r. The collection is op¢n primarily at weekends and during the school holidays with a progran)me of early evening openings on Saturdays in the closing weeks of the season. Traditionally, school visits have been arranged from time to time during the week as well. All the operations of the Museun were affected severely by the covid epidemic, especially in the initial period. This resulted in only limited access to the sit¢ for volunteers, rediiced restoration work and initially complete closure followed by a much more limited progryanune of opening to the public. Significant alterations to our facilities wer¢ required as w¢ll. The impact of covid was still f¢lt in the 2023 season but it was possible to hav¢ a longer period of public opening than in th¢ previous year, beginning to approach the Thorn1 practice pre pandemic and to increase site access for volunteers and conlraclors so that work on the museum collection and site could be taken forward more readily. A considerable programme of work to improve the infrastructure of the site to align with new requirements took place during the y¢ar. This included investment in visitor facilities, eltrICity and water infrastructur¢, th¢ cornmissioning of additional lavatories, the improvement of some buildings and upgrades to paths and the entran¢¢ to th¢ site. The improvements to the visitor ¢¢ntre and refurbish¢d café, now decorat¢d with striking fairground art, wcre llY utilised during th¢ y¢ar and appreciat¢d by visitors. The number of restored working fairground rides in operation increased compared to the previous year and work continued on some of the larger rides requiring restoration, including the Big Wheel and the RazzLe-Dazzle. Extensive restoration work on the gallopers continued and painstaking repair and restoration of the old signal box from Liphook neared completion. Th¢ quarry railway and much improved miniatur¢ railway were also in operation throughout the year as was the bioscope. with visitors appreciating the n¢w building. As in the previous year, we w¢r¢ able to take th¢ opportunity to invest mor¢ than usually possible in neccssary conservation and maintenance work, made easier by the slightly shorter opening season and lack of public access to the collection for a longer period than usual. We were also able to complete the upgrade of several elements of critical infrastructur¢, including the main power supply into the site, which had insufficient capacity to meet our growing needs. W¢ undertook a revi¢w of electricity and other energy consumption on the site. This led to an extensive programme of action to conserve ¢n¢rgy wherever possible. IneI¢lent b¢aters were replaced, hours of h¢ating in building5 kept to th¢ minimum period required, low level heating operated in th¢ paint shop, which is heavily used, older bulbs replaced with LEDS wherever practical and cost-effective, and various improvements mad¢ in the kitchen. This led to a significant reduction in electricity consumption and costs, also ¢ontribiiting significantly to the longer-term resilience and viability of th¢ museum. We continued to impl¢ment a programme of measures to improve storage conditions for equipment in th¢ museum, including increased ¢ov¢r and bringing n]or¢ of the collection inside or under more robust temporary cover during the wint¢r. With relativ¢ly few contemporary storage buildings on th¢ site this remains one of our longstanding challenges. Trustees met regularly and planned the programme for the year and the next steps in maintaining the collection, strengthening our resilience and adapting to rapidly changing circumstances. We aim to continue to incr¢as¢ the longer-t¢rni strength of the Collection and the cbarity that is responsible for it and respond to the ever evolving needs and interests of visitors. Page 2
HOLLYCOMBE WORKING STEAM MUSEUM (REGISTERED NUMBER: 03099322) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 29 February 2024 OBJECTIVES AND ACTIVITIES Public benefit Th¢ Trust¢¢s of Hollycomb¢ Working St¢am Museum review the aims, objectives and activities of the charity every year. The revicw proc¢ss looks at what has been achievcd and th¢ outcomes of their work over thc previous 12 months. The review considers the success of our key activities and the benefits thcy have brought to people which the Chlty was fonncd to help. Thc r¢vi¢w also helps the Trustees to ensure that th¢ aims, objectives and activities of the charity r¢main focused on the stated purposes. The Trustees bave referred to guidance contained in thc Charity Commission's general guidance on public benefit when reviewing the aims and objectives, and in planning futuro activitics. In particular, the Trustees have considered how planned activities will contribute to the ain and objectives they have set. Page 3
HOLLYCOMBE WORKING STEAM MUSEUM (REGISTERED NUMBER: 03099322) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 29 February 2024 OBJECTIVES AND ACTIVITIES Volunteers Manag¢m¢nt of th¢ coll¢ction is overseen by the museum manager with tremendous support from the voluntc¢rs as well as Trusl¢¢s. W¢ are lucky to have a wealth of skilled voluntecrs who provide support with the maint¢nance and opcration of th¢ ¢oll¢ction and undertake nwiy projects entirely thcTh¢lv¢s without the need to bring in ¢xternal professionals. In addition to the satisfaction that this brings volunt¢ers it has allowed us to colltinu¢ to keep stsffing costs to a n]inIM which has been ¢ss¢ntial giv¢n limitations on our income. Voluntccrs provid¢ n¢arly all thc staffing ¢fforts r¢quir¢d to open the collection and rlm cxhibits as a working stea mus¢um. They also are the backbone of many restoration and maintenance projects and w¢ have been able to improve our workshop facilities and equipment to increase our capacity to utilise the many skills that they bring. They also contributed significantly to infrastructure projects over the year, including for examplc the renovated and improved engine shed on the quany railway. We continued to tackle a larger proportion of skilled catpcntry work with volunteers rather than contractors as prime movers. In-house carpentry has become a volunteer focus. Volunteers also play a major role in managing the grounds, stalg the entrance gate, managing th¢ car park and v¢hicl¢ movements and many oth¢r tasks ccnlral to running a working museum on a rural sitc. The Health and Safcty of all voluntecrs is a rn2jor concern and appropriate training and supervision are central to our good record in this area. We conllnue to invest in new equipment and to look for ways to improv¢ PTo¢¢dures and to address any activities of potentially more hazardous nature, for example the erection and dismantlement of fairground rides Community outreach effoits have seen volunteering ¢ncompas8 Duke of Edinburgh students undertaking Bronze and Silver level awards with gr¢at success. Local colleges and universities have used the site for specialis¢d student training both boosting our winter incom¢ and supporting our educational aims. ir corps of regular volunteers now numbers about 60 and our goal continues to be to increase the number and diversity of volunteers and to find n¢w ways of developing and passing on key skills and invaluable knowl¢dg¢ in all areas of activity from engineering work to decorative sign writing alld the very specialist restoration and car¢ of mechanical fairground organs. Health and safety Safety conlinu¢s to be a primary concern and procedures are in place to avert accidents aiid to respoiid to them shoiild they occur. Management of the site and the collection and the movement of visitors through the different buildings was changed significantly with th¢ special covid regime introduced during lockdown. This has yi¢ld¢d long¢r t¢nD b¢nefits in tern)s of health and safety, including an ¢nhan¢¢d awar¢n¢ss of kcy issues and improved facilities. Some elements of the regime at the h¢ight of covid havc bcen replaced now that Tnore nornial conditions havc r¢ttlln¢d and government guidanc¢ changed. Our own practices have evolved as well. However, many lessons have been learned and practices r¢tain¢d. Limitations on numbers of volunteers on site and in particular indoors in buildings for example have been maintained. along with monitoring of staff and volunteer health and welfare. The new hand washing and lavatory facilitics continuc to bo invaluable for visitors and staff. Training of volulltocrs in safety procedures receives particular attention both in conservation and morc routinc maintenance activities. which may involv¢ th¢ usc of heavy machin¢ry. It is key to operational roles. especially on the fairground 2nd the Tailways. We are progressively adapting our working methods and upgrading equipment to improve safety, particularly on the fairground where large rides need to be assembled and taken down every season and some working from heights is unavoidable. Th¢ r¢lativ¢ly n¢w t¢l¢handler, purchased with the help of grant aid, is particularly valuable in this respect. Health and safety continued Page 4
HOLLYCOMBE WORKING STEAM MUSEUM (RECISTERED NUMBER: 03099322) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 29 February 2024 OBJECTIVES AND ACTIVITIES Following a review of potential health and safety issues for volunteers and contractors working at the museum the issue of lon¢ working was id¢ntifi¢d as a pot¢ntial saf¢ty conc¢rn. In r¢sponse a Lone Working Policy was d¢v¢lop¢d, tabled at a Trustees meeting and subsequently signed off. The safety of visitors is a very high priority and a programme of improvem¢nts includes both physical barriers and other installations, such as the doors on th¢ quarry railway coaches and also the use of safety conscious procedures, such as the ways that visitors are guided in moiinting and dismounting from fairground rides. Attending rapidly to any mishaps is essential aiid volunteers are given guidance and training over the steps that they will need to take if this occurs. Pag¢ 5
HOLLYCOMBE WORKING STEAM MUSEUM (REGISTERED NUMBER: 03099322) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 29 February 2024 ACHIEVEMENT AND PERFORMANCE Charltable activltles Welcoming visitors We were able to open to the public for a longer season than in 2022, after a slightly later start and attracted around 15,000 visitors. moving closer to th¢ niimbcrs in the years prior to covid. Th¢rc was a programme of special events, including the steam rally in June and the Fairground wcckcnd in early September. We ran a programme of evening openings in the last few weeks of the season. "Fairground at night". which was very well attended. The new entrance system and pay-booths allowcd us to improve the system of welcoming visitors at the entrance and to operate a system of pr¢-booking in advance which was utilised by a large segment of our visitors. Facilities for visitors clscwhere on the slte were improved, including acccss paths and signage. The programme of work on the cafe and main visitor building was ¢omplctcd. The community of new and rcgular visitors continued to provid¢ us with g¢ncrally good feedback and understanding of thc constraints that we woi-k undor. There continues to be raiher morc opportunity than usual to see restoration proj¢¢ts in progr¢ss and this creatsd ¢onsid¢rable interest and lots of qu¢stions. Cons¢rvation and maintenanc¢ work Several long-temi restoration proj¢cts were taken fonvard as w¢ll as more immediate Maintenance and day to day improvement of the fairground and railway equipm¢nt in most regular use by the public. These wer¢ accompanied by the continuing infrastructure improvement programme, including extensive re-wiring of th¢ sit¢. Notable projects included.. -significant repairs to our venerable ghost house, the "haunted ¢ottage" built by Orton and Spooner in 1915. w]Jich had repairs to its vibrating floor as wcll as extensive paintwork. -a compreliensive Testoration project transforming our very attractive Gavioli barrel organ undertaken by a dedi¢at¢d volunt¢¢r offsite in his own workshop. -some of the final stages of our long-tenn project to restore the 98 key Mar¢nghi organ to its fornier glory. ontinued rcstoration work on the Big Wheel, including both mechanical parts and the wooden passenger cars which are being thoroughly overhauled and partially rebuilt in some cases. -further r¢pair, restoration and extensive new paintwork benefitting other fairground rides, including the steps of the gallop¢rs. -near finalisation of restoration of the ex-Liphook signal box, including a set of new period entrance steps. -continued restoration of oui. two-foot gaiig¢ Barclay locomotive. "Caledonia completing boiler work on sitc and extensive work on the motioii aiid parts of the frame. Thc aim is to return her to service in 2025. -further improvetnents to the popular miniature railway, including the engine shcd and ancillary buildings. There was ongoing manag¢mcnt of lineside tre¢s and replanting of shrubs and trees. -thc ongoing restoration of Leiston Town" with fiuther work on the boiler. ¢ylind¢r block and other parts. Compl¢ting the restoration, including the paintinE phase, will require additional fvnds. -painting and restoring several of the piec¢s of antiqu¢ and mostly shaft driven agricultural machinery on display at our r¢vamped "steam fam] and improvemcnt of ancillary displays in adjacent parts of the main building. -completion of th¢ construction of a permanent ioof adjacent to the beam ¢ngin¢ to cover the waterwheel a5 well and protect it from the ¢lem¢nts. Page 6
HOLLYCOMBE WORKING STEAM MUSEUM (REGISTERED NUMBER: 03099322) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 29 February 2024 -extensive work on the quarry railway track, re-laying sections of lin¢* greatly improving th¢ ballast on key sections of the route, improving associated drainage, replacing older and damaged sleepers and also trimming back trees along the track where this was required. W¢ were able to augment the collection with a 1912 Marshall self-feeding Threshing Box in exc¢llent condition. This was one of the key items of agriculra1 machin¢ry driven by steam prior to the introduction of the combine harvester. It was donated to the museum by the Hampshire Culture Twst to which we are grateful. Fundraising aetivities and Grants recelved In¢om¢ from visitors was the largest source of fdS during the year and is on a pathway to recovery to earlier levels post ¢ovid. With more visitors over a longer season this reached £220,997, n¢arly double the total in 202J2023 which amounted to around £143,000. This was supplemented by income and work in kind from other sources, including the occasional use of the site and facilities by special groups and companies providin8 training. The volunteer fLdraIsing team led by Rob Gambrill coiitinued to b¢ active and we were grateful to r¢c¢ive donations of £23,180 during the year, including contributions from Certain Trustees towards the cost of acquiring some original wooden caiwings which had be¢n part of our set of gallopers in an earlicr pcriod, A number of potential grant possibilities werc explored but ther¢ was no new income in this category during the y¢ar. We benefited from a government relief scheme for Museum electricity costs. During the open season the charity raised £ 41,818 in gift aid, a significant advance on the pr¢vious year when it was £16,268), the increase being accounted for by the longer p¢riod of opening and increased visitor numbers. FINANCIAL REVIEW Principal funding sources Generally, the charity needs to raise sufficient funds from admission to the public, through the gate, associated gift aid, school visits and other events to meet most of the costs of operating and maintaining th¢ collection. However, it is also ess¢nlial to rais¢ furth¢r funds for laTgcr r¢storation and improvement projects, better buildings and infrastructure and occasional acquisitions. During the pandemic years when visitors were present in small numbers or absent entirely, their contribution to the museum's ndS shrank dramatically and we became very dep¢nd¢nt on grant aid for survival. Support from the HLF was particularly critical in allowing us to adapt the site for new conditions as well as to m¢¢t ongoing costs during a period of intense financial pressure. In 2023124, the days we could open and the number of visitors increased substantially and revenue from this source was the prime fonn of income once again, with valuable additional donations but an end to the series of grants asso¢iat¢d with support during the pandemic. Special events in the summ¢r and authmn to supplement daily opening increased income from visitors. We were gratethl to have a number of donations, including valued small sums from supporteTS. We were also grateful for generous support from Octavius, a company which undcrtook work at th¢ museum site without charge over a large part of the year as parl of its charitable Contribution. Amongst other things staff of the company planned and built a compact, good quality children's playground next to the café which was comrnissioned in the 2024 season For all of these contributions TSteeS express their thanks. Reserves pollcy Th¢ Trust¢¢s hav¢ consid¢red the charity's r¢quirem¢nts for reserves in light of the main risks to th¢ organisation. The charity has established a policy whereby the unrestricted ndS not conllnitted or invested in tangible fixed assets held by the charity should be at around £75,000. This will cover minimum fixed overheads for a six month period including payroll, rent, utility and insurances. Page 7
HOLLYCOMBE WORKING STEAM MUSEUM OiEGISTERED NUMBER: 03099322) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 29 February 2024 PLANS FOR FUTURE PERIODS The charity plans to continu¢ the activities outlined above in th¢ forthcoming years subj¢ct lo continuing ndIng atrangements and the continucd support of volunteers. STRUCTURE, GOVERNANCE AND MANAGEMENT Governlng document Th¢ charity is controlled by its governing do¢umenL a de¢d of tnt, and constitut¢s a limited company* limited by 8uarant¢e, as defined by the Companies Act 2006. The organisation is a charitable company limited by guarantee, incorporated on 7 September 1995 and registered as a charity on 7 April 1997. The company was established und¢r a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association. In the event of the company being wound up members are required to contribute an amount not exceeding £1 O. Recruitment and appolntment of new trustees The existing tnteeS are actively considering ih¢ r¢¢ruitm¢nt of new trnstees who have exp¢ri¢n¢e in the operation of other charitable organisations or museums and businesses r¢lat¢d to our engineering heritage and the application of steam or who have specific skills in other relevant areas. Initial Contacts with potentially interested and qualified Candidates have been made. Organisational structure The charity is organised so that the trustees meet regularly to manage its affairs, A management conJnittee meets between trustees, meetings to address operatiottal issues. Induction and tralnlng of new trustees New tSteeS are provided with inforn]ation on the charity covering the governing document and explanations of the charitable objectives. REFERENCE AND ADMINISTRATIVE DETAILS RegRStered Company number 03099322 (England and Wales) Registered Charity number 1061693 Registered office Newtown House 38 Newtown Road Liphook Hampshire GU30 7DX Trustee$ P W Corb¢tt Solicitor Sir Jatnes Scott Farmer D M Baldock Environmental manag¢r J D Le1-pebertOll Estate nlanager B M Gooding Editor R J S Gambrill Tnt manager A P R Howes (appoillted 22.4.24) Page 8
HOLLYCOMBE WORIaNG STEAM MUSEIFM IiEPORT OF THETRUSTEF FOR THE YEAR ENDED 19 Febnwy 2024 Thi$tee8 P W Cotbgtt Sollcltor Sirlt8 S¢ott F&Ymtr D M Baldock EThvlroum¢ntsl moooger J D Lei8h-P¢mberton F4tst¢ nwaBer B M Goodin8 Editor R J S G8mbrill TTh4t raattsg¢r A P RHowes (appoltstod 22,4.24) Independent Exanthier N Robert8 FCCA TraviK & Ce Ltd Charted Certified Ac¢ountants NeM¢owfj Hou5 38 N¢wtowll Rèad HampshiTO GU30 7DX ?_a,, I JL(. Approved by order orth# board of on..,..............,.......,................... Jlld si8u¢d ouits b¢]J£ by: . Tru6t¢e
tNDEPENDENT EXALER's REPORT TO THE TRUSTEES OF HOLLYCOMBE WOIIKING STEAM MUSEUM llldependent examlner's report to the truste of Hollyeombe Working Stsam Museum ('the Company,) I report to the Charity tn]St on my vLgmin&tion of the accounts of the Company foT the year ended 29 February 2024. Re8ponslbllllles and basis of report As the ¢Eutriiy's trustees of the Company (and also its director& for the pury>oses of Company law) you are responsible for the preparation of the accounts in ac¢oTdance with the requtrements of the Companies Act 2006 Cthe 2006 Act,). Ilavin8 satisfied myself t] the accounls ol the Company aTe tt required to be audited under Part 16 of the 2006 Act and aro elig1¢ for independent examination, I report iti respect of my examination of your tharitys accounts as caTTied out undLY.8ection 145 of the Chariti&8 Act 20 I I Cthe 2011 Act). In out my &xamination I have follOd th¢ Dire#ious given by the Charity Commission under SBCtion 145(5) (b) of the 2011 ACL Indepcnd¢nt examEner's statement Since your chRritys Eross income exceeded £250.000 your exiner must be a member of a listed body. I can confinn that I attl qualified to undert8ke the examination becawe l am a member of th¢ A8soGiation of Chartered Certifi¢d Aocoulllants, which is one of the listed bodies. I have completed rny examtnation. I confirm that no matters have come to my attention in wnll¢rtion WAth the exan]ItOll giving me Cause to beli¢v¢: accounting records were not kept in respect of the Con4)any ag r&wired by Section 386 of th¢ 2006 Act. or the a¢¢ount8 do not ac¢ord with those records; or the accounts do not comply with th¢ accounting requirements of Section 396 of th¢ 2006 Act other than any requirement that the accounts give a true and fair view which is not a llMtt¢r Considered as part of an independent exaD)illation; or th¢ accounts have not been ppared in aordaThce with the methods and principles of the Statsment of R¢wn)mended Pra¢ti¢e for accountmg and reporting by charities (applicable to charities preparing their accounts in a¢coTdancc Mth the Fi[Wla1 Reporting StaDdard applicable in the UK and Republic of tr¢land {FRS 102)). I have llo Concerns and have wme across no other rnatte in cornection with the examination to which attention should be drawn in this report in order to enable a proper ullderstanding of the accounts to be reache N Roberts FCCA The Association of Charteted Certified Acco)mtants Travi&8 & Co Ltd Chartered Qrtified Accountants Newtown Jlouse 38 Newtown Road Liphook HampshiIe (rU30 7DX 20 November 2024 Page 10
HOLLYCOMBE WORKING STEAM MUSEUM STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 29 February 2024 2024 Total funds 2023 Total funds Unrestricted fid Restricted funds Notes INCOME AND ENDOWMENTS FROM Donations and legacies 285,994 285,995 336.925 Charitable aetivities Maintenance of collection 27,066 27,066 27,183 Other trading activities lllvestment income Other income 3,240 iio 38,621 244 244 Total 313,304 313.305 406,079 EXPEIYDrruRE ON Charitable activities Maintenance of collection 272,559 435 272,994 400,360 Other 2,471 42,008 44,479 45,431 Total 275,030 42,443 317,473 445,791 NET INCOMEI(EXPENDITURE) Transfers behveen funds 38,274 (12,101) (42,442) 12,101 (4,168) (39,712) 13 Net movement An funds 26,173 (30,341) (4,168) (39,712) RECONCILIATION OF FUNDS Total fidS brought fonvard 199,199 2,688,568 2,887,767 2,927,479 TOTAL FUNDS CAIIRIED FORWARD 225J72 2,658,227 2,883,599 2.887,767 The notes forni part of these financial statements Pag¢ll
HOLLYCOMBE WORKING STEAM MUSEUM {REGISTERED NUMBER: 03099322) BALANCE SHEET 29 February 2024 2024 Total funds 2023 Total nds Unrestricted fund Restricted nds Notes FIXED ASSETS Tangible assets Inveslmcnts 227,462 2,523.600 2,751,062 2,857.717 227,463 2523.600 2.751,063 2,857,718 CURRENf ASSETS Debtors Cash at bank and in hand 10 78,161 3,518 16,453 141,924 94.614 145,442 60,467 115.036 81,679 158,377 240,056 175,503 CREDITORS AnLounÉs falling duc within one year li (83,770) (11,250) {95,020) (121,704) NET CURRENT ASSETS (2,091) 147,127 145,036 53,799 TOTAL ASSETS LESS CURRENT LIABILITIES 225,372 2,670,727 2,896,099 2,911,517 CREDITORS Amounts falling due after more than one year 12 (12,500) (12,500) (23,750) NET ASSETS 225,372 2,658,227 2,883599 2,887,767 FUNDS Unrestricted funds Restricted fimds 13 225,372 2,658,227 199,199 2,688,568 TOTAL FUNDS 2,883,599 2,887,767 The charitabl¢ company is entitled to ex¢mption from audit under Section 477 of th¢ Companics Act 2006 for the year ended 29 February 2024. Th¢ members have not requir¢d tho. company to obtain an audit of its financial statcments for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006. The trnstecs acknowledge their responsibiliti¢s for {a) ensuring that the charitsblc company keeps accounting r¢cords that comply with Sections 386 and 387 of th¢ Companics Act 2006 and preparing financial statcm¢nts which give a true and fair view of the statc of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial y¢ar in accordance with the requirements of Sections 394 and 395 and which otherwise comply with th¢ requir¢m¢nts of the Companies Act 2006 lating to financial statements, so far as applicabl¢ to th¢ charitabE¢ company. (b) The notes forni part of these financial statements Page 12 continued...
HOLLYCOMBE WORKING STEAM MUSEiIM BALANCE SHEFT..•eOII 29 Febru2024 Tbe tsuste¢s ackaowl¢dÈ¢tb¢irrespoDslbilitl¢s for (o) ¢nsurin8 that tbe Gknitoble ¢omp8ny keeps ttcrDutttin8 r¢¢oxds th81 ¢omply with Se¢tlons 386 8nd 387 of th¢ Companies A¢t2fKIfj ¥And (b) pyeparillg fiDanclal' st8t¢nwnls whi¢h give a alld fatr vlew of the 8tste of Affairs 0£ the eharitsbl¢ •y 4$ at tho ettd of ¢a¢k yeat and of its SUEplus or dcfieit for ¢a¢h finan¢i&l y¢Arlo ae¢ord8nce the req1rMe#ts ofse¢tiotyy 394 395 d.WhIch othetwts¢ k*mply with thtr xequlr0nts of the CothpJni¢8 Act 2006 r¢latti)g to rEowioI ststalleuts, strf•ras•ppli¢able.to.tho ch3ritsble compajy. These f811¢101 statements have ell prepared in a¢cotdatt¢e with tho P¥DViSiQDS appli¢rybl¢ to ¢h4rit8bl¢ ¢ompani¢s subJ¢ct th&sDwII ¢ompani¢$ rv8imo. The fiD3naial statements were yved.by the Board 0fTNSt w)"d authoris¢d for issu¢ on ....,.... and wexg St¢d onlts bebalf by. sie¢ Th6 notes fornipjrtof fjxats¢lal 6f¥t¢mvnts
HOLLYCOMBE WORKING STEAM MUSEUM NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 February 2024 ACCOUNTING POLICIES Basis of preparing the fillancial statements The financial statements of the charitable company, which is a public benefit ¢ntlty under FRS 102, have been prepared in accordance with the Charities SORTr (FRS 102) 'Accounting and Reporting by Charities: Stat¢m¢nt of Recommended Practice applicable to charities pr¢paring their accounts in a¢cordance with the Financial Reporting Standard applicabl¢ in lh¢ UK and Republic of Ireland (FRS 102) (effectiv¢ l January 2019),, Financial Reporting Standard 102 The Financial R¢porting Standard applicable in the UK and Republi¢ of Ireland, and th¢ 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. Preparation of consolidated finAncial statements The financial statements contain inforniation about Hollycombe Working Steam Museum as an individual company and do not contain consolidated financial information as the parent of a group. The Charity is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial slatem¢nts. 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 arnount can be tneasured reliably. Any receiv¢d in the year that r¢lat¢ to a period aft¢r th¢ y¢ar ¢nd ar¢ treated as defetted income at the year end. Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation ¢on)mitting the charity to that Cxpenditure, it is probable that a transfer of economic bcnefits will be r¢quir¢d in s¢ttlement and th¢ amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has b¢¢n classified under headings that aggregat¢ 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 tlie use of resources. Depreciation Depreciation is provided at the following annual rat¢s in order to write off ¢ach asset over its estimated useful lif¢. Buildings & improv¢ments Plant and equipment Steam collection Fixtures & Fittings IOO/D on Cosl, 50/0 on cost and not provided IOO/D on cost not provided 150/0 on reducing balance No provision for depreciation has been mad¢ in r¢gards to th¢ steam collection or the buildings as in the trustees opinion th¢ value has not depreciated in the period from acquisition. The value of the collection will be reviewed in each accounting period but th¢ cost of repairs and maint¢nan¢¢ to b¢ ¢harg¢d against income is expected to cov¢r any r¢duction in value. Taxation No provision for taxation has been made as the coinpany is a registered charity and is therefore exempt from taxation, Fund accounting Unrestricted llds can be iised 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 chaTity. Restrictions aris¢ wh¢n sp¢cified by the donor or when llds are raised for particular r¢strict¢d purpos¢s. Page 14 continued...
HOLLYCOMBE WORKING STEAM MUSEUM NOTES TO THE FINANCIAL STATEMENTS - Continued FOR THE YEAR ENDED 29 February 2024 ACCOUNTING POLICIES - continued Fund accounting Further explanation of the nature and purpose of each fund is included in the notes to the financial ststements. Hire purchase and leasing commitments Rentals paid under op¢rating leases are charged to thc Statement of Financihl Activities on a straight line basis over the period of the lease. Going concern The Trustees assess whethcr the use of going concern is appropriate, i.e. whether there are any material uncertainties related to events or conditions that may cast signiflcant doubt on tlie ability of the company to continuc as a going concem. The Trustees make this assessment in respect of a period of at least one year from the date of authorisation for i8sue of the financial statements and have concluded that The Hollycombe Working Steam Museum has adequate resourc¢s to continue in operational ¢xistence for the foTesccable future and there ar¢ no material uncertainties about the Charity's ability to continue as a going concern. thus they continue to adopt the going concern basi5 of accounting in preparing the financial stat¢in¢llts. OTHER TRADING ACTIVITIES 2024 2023 Covenanted proflts fronL trading subsidiary 3,240 INVESTMENT INCOME 2024 2023 Deposit account interest 244 iio NET LYCOMEI{EXPENDITURE) Net income/{expenditur¢) is stated after chargingl(crediting).' 2024 2023 Depreciation - owned assets Rent of land 44,480 22,414 45,168 20,621 TRUSTEES, REMUNERATION AND BENEFITS There were no trnstees, remuneration or other benefits for the year ended 29 F¢bruary 2024 nor for the year cnded 28 February 2023. Trustees, expenses There w¢r¢ no trustees, expenses paid for the year ¢nded 29 February 2024 nor for the year ended 28 Febnwy 2023. Page 15 continued...
HOLLYCOMBE WORKING STEAM MUSEUM NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 29 February 2024 STAFF COSTS The average monthly number of employees during the year was as follows: 2024 2023 Museum staff No employees received emoluments ID excess of £60,000. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestrictod fund Restricted filljds Total nds INCOME AND ENDOMqIIENTS FROM Donations and legacies 228,297 108,628 336,925 Charltable activities Maintenance of collection 27,183 27,183 Other trdding activities Inv¢stm¢nt income Other income 3,240 iio 38,621 3,240 iio 38,621 Total 297.451 108,628 406,079 EXPEIIDITURE ON Chgritable activities Maintenance of collection 297,341 103.019 400.360 Other 2,004 43,427 45,431 Total 299,345 146.446 445.791 NET INCOMEI(EXPENDITURE) Transfers between funds (1,894) (15.203) (37,818) 15,203 (39,712) Net movement in funds (17,097) (22,615) (39,712) RECONCILIATION OF FUNDS Total funds biought forward 216,295 2,711,184 2,927,479 TOTAL FUNDS CARRIED FORWARD 199,198 2,688,569 2,887.767 Page 16 continued...
HOLLYCOMBE WORKING STEAM MUSEUM NOTES TO THE FINANCIAL STATEMEiYfs - Continued FOR THE YEAR ENDED 29 February 2024 TANGIBLE FIXED ASSETS Buildings Planl and & improvements equipment Steam collection COST At l March 2023 Additions Disposals 1,720,577 65,098 4,825 1,148,185 3,000 (70,000) At 29 F¢bruary 2024 1,720,577 69,923 1,081,185 DEPRECIATION At l March 2023 Charge for year 74,754 35,746 14,167 6,993 27988 252 At 29 FebrLWy 2024 110,500 21,160 28,240 NET BOOK VALUE At 29 February 2024 1,610,077 48,763 1,052,945 At 28 FebrLWy 2023 1,645,823 50,931 1,120,197 Fixttw¢s & Fittings Motor vehicles Historical attractions Totals COST At l March 2023 Additions Disposals 59,571 4,050 31,250 3,028,731 7,825 (70,000) At 29 F¢bruary 2024 59,571 4,050 31,250 2,966,556 DEPRECIATION At l March 2023 Charge for year 48,280 1,489 4,050 1,775 171,014 44,480 At 29 February 2024 49,769 4,050 1,775 215,494 NET BOOK VALUE At 29 February 2024 9,802 29,475 2,751,062 At 28 February 2023 11,291 29.475 2,857,717 Page 17 continued...
HOLLYCOMBE WORKING STEAM MUSEUM NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 29 February 2024 FIXED ASSET INVESTMENTS Shar¢s in group undertakings MARKET VALUE At l March 2023 and 29 February 2024 NET BOOK VALUE At 29 Februaiy 2024 At 28 February 2023 There were no inv¢stm¢nt assets oulsid¢ th¢ UK. The ¢ompanYs inv¢stm¢nts at th¢ balance sheet date in the sharc capital of companies include th¢ following.. Hollyeombe Retailing Ltd Registered office: Nature of business: Sale of museum merchandise and café Class of share.. Ordinary holding loo 29.2.24 28.2.23 Aggregate capital and reserves Loss for the year (22,274) (22,677) 403 io. DEBTORS: AMOUNTS FALLING DUE wrrHIN ONE YEAR 2024 2023 Amounts owed by group undertakings Other debtors VAT Prepayments 50,711 26,970 18,898 25.283 764 15,522 16,933 94,614 60,467 Page 18 continued...
HOLLYCOMBE WORKING STEAM MUSEUM NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 29 February 2024 ii. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Trade creditors Social s¢curity and other taxes VAT Other credÈtors Accrued expenses 36,840 788 5,599 49,219 2,574 66,276 725 49.870 4,833 95,020 121,704 12. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 2024 2023 Other cr¢ditors 12,500 23,750 13. MOVEMENT IN FUNDS Net movernent in fijnds Transfers betw¢¢n funds At 29.2,24 At 1,3,23 Unrestricted funds General fund 199,199 38,274 {12,101) 225,372 Restrlcted funds Restricted Sawmill projwt Emperor project DCMS Grant New bioscope building 2,081,681 50,289 17,702 525,960 12,936 2,081,681 50,289 17,702 486,497 22,058 (39,463) (2,979) 12,101 2,688,568 (42,442) 12,101 2,658,227 TOTAL FUNDS 2,887,767 (4,168) 2,883,599 Net mov¢ment in funds, included in the above ate as follows.. Incoming rcsources Resources ¢xpcnd¢d Movement in funds Unrestricted fund5 G¢neral fund 313,304 (275,030) 38,274 Restricted fund5 DCMS Grant New bioscope building (39,463) (2,980) (39,463) (2,979) (42,443) (42,442) TOTAL FUNDS 313,305 (317,473) (4,168) Page 19 continued..-
HOLLYCOMBE WORKING STEAM MUSEUM NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 29 February 2024 13. MOVEMENT IN FUNDS - continued Comparatives for movement in funds Net movement in funds Transfers b¢tween fidS At 28.2.23 At 1.3.22 Unrestricted funds G¢n¢ral fund 216,295 (1,893) (15,203) 199,199 Restrieted funds Restricted Sawmill project Emperor project HLF Resilience Mann Tractor Fund DCMS Grant Coutts Grant New bioscope building Culture R¢cov¢ry Fund for Heritage.. Em¢rgen¢y Resource Support 2,083,213 55,642 34,607 7,906 1,100 565,048 3,315 898 (1,532) (5,353) (16,905) (7,906) (I,ioo} (39.088) (3,315) (3.143) 2,081,681 50.289 17,702 525,960 15,181 12,936 (40,545) 40,523 22 2,711,184 (37,819) 15,203 2,688,568 TOTAL FUNDS 2,927,479 (39,712) 2,887,767 Comparative net movement in nds, included in the above are as follows,. Incoming resources Resources expended Movement in fimds Unrestrictsd funds General nd 297,451 (299,344) (1,893) Restricted funds Restricted Sawmill project Emp¢ror project HLF Resilience Mann Tractor Fund DCMS Grant Coutts Grant New bioscope building Cultur¢ Recovery Fund for Heritage: Emergency Resource Support (1,532) (5,353) (16,906) (16.033) (I,ioo) (39,088) (3,315) (3,143) (1,532) (5,353) {16,905) (7,906) (I,ioo) (39,088) (3,315) (3,143) 8,127 100,500 (59,977) 40,523 108.628 (146,447) (37,819) TOTAL FUNDS 406,079 {445,791) (39,712) Page 20 continued...
HOLLYCOMBE WORKING STEAM MUSEUM NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 29 February 2024 13. MOVEMENT IN FUNDS - eontlnued A curr¢nt year 12 months and prior year 12 months combined position is as follows.. Net movement in funds Transfers bettv¢en funds At 29.2.24 At 1.3.22 Unrestricted funds General fund 216.295 36.381 (27,304) 225.372 Restricted fund5 Restricted Sawmill project Emperor project HLF R¢silience Mann Tra¢tor Fund DCMS Grant Coutts Grant New bioscope building Culture Recovery Fund for H¢ritag¢.' Emergency Resource Support 2,083,213 55,642 34.607 7,906 I,ioo 565.048 3,315 898 (1,532) (5,353) (16,905) (7,906) (I,ioo) (78,551) (3,315) (6,122) 2,081,681 50289 17,702 486,497 27,282 22,058 (40,545) 40,523 22 2.711,184 (80,261} 27,304 2,658.227 TOTAL FUNDS 2.927,479 (43,880) 2,883.599 A current year 12 months and prior year 12 months combined net movement in fimds, included in the above are as follows.. Incoming resources Resourc¢s expended Movem¢nt in llds Unrestrieted funds G¢n¢ral lld 610.755 (574,374) 36,381 Restricted funds Rcstrictcd Sawmill project Emperor project HLF Resilience Mann Tractor Fund DCMS Grant Coutts Grant New bioscope building Culture Recovery Fund for Heritagc.. Emergency Rcsourcc Support (1,532) {5,353) (16,906) (16,033) (I,ioo) (78,551) (3.315) (6.123) (1,532) (5,353) (16.905) (7,906) (I,ioo) (78,551) (3,315) (6,122) 8.127 100.500 (59,977) 40.523 108,629 (188,890) (80.2611 TOTAL FUNDS 719,384 {763,264) (43,880) Page 21 ontinued...
HOLLYCOMBE WORKING STEAM MUSEUM NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 29 February 2024 13. MOVEMENT IN FUNDS - continued Restricted funds - nature and purpose of the funds as shown above fin the movements: Restricted Funds The restricted fid5 represent the buildings and steam collcction all held at the Museum Sawmill Project The fimds were received to financ¢ the costs of an ongoing project to recreate a working First World Wat sawmill using the muscum's Robcy semi portable steam en&Fine and associated macbincs. Emperor Project The ndS are held for the repair and restoration of the Emperor engine HLF Resilience Funds are received from th¢ Heritage tA)ttery Fund to contribute towards the employment of two full time employees. The final tranche of £8.126 was received in the year. DCMS Grant Grant received from the Departinent for Digital, Culture, Media and Sport to help nd the recovery of the museum post COVID and to help the museum contlnue An its ongoing efforts to fulfill their charitable objectives. Coutts Grant A grant was r¢¢eived from Coutts to nd Ihe completion of the Dutch Bam r¢novations which was vital in helpiiig us keep volunteers and staff working safely togetlier. NHMF Lottery Grant Nattonal Heritage Memorial Flind (generally known as HLF) aTht received to meet unavoidable costs of heritsge sites that were unable to open. Culture Recovery Fund For Heritage: Emergency Support A grant of £100,500 was awarded in two tranches in April and July 2022 based on an application made in January 2022. £40,545 of the covered expendittwe was incutred prior to 28 February 2022 and the remaining £59,455 was incurred iti March 2022. 14. RELATED PARTY DISCLOSURES D M Baldock r¢¢¢ivcd part of the total r¢nt as joint landlord in the y¢ar of £22,414 (2023 £20,620). Th¢ woodland garden is jointly owned by Mr Baldock and his brother to which visitors hav¢ acccss at no cost to tbe harity. Page 22