Company registration number: 04199994 Charity registration number: 1087998
Ruddington Framework Knitters Museum Limited
known as
Framework Knitters Museum (A company limited by guarantee) Annual Report and Financial Statements
for the Year Ended 31 March 2021
RWB CA Limited Northgate House North Gate New Basford Nottingham NG7 7BQ
Ruddington Framework Knitters Museum Limited
known as Framework Knitters Museum
Contents
| Reference and Administrative Details | 1 |
|---|---|
| Trustees' Report | 2 to 4 |
| Statement of Trustees' Responsibilities | 5 |
| Independent Examiner's Report | 6 |
| Statement of Financial Activities | 7 to 8 |
| Balance Sheet | 9 |
| Notes to the Financial Statements | 10 to 23 |
Ruddington Framework Knitters Museum Limited
known as Framework Knitters Museum
Reference and Administrative Details
Trustees Miss D Bryan Mr J G Ellis OBE, Chair Mr J Grevatte Mr D R Jones Mr P F McGowan Mr B R P Playle Mr I Rowson Mr G Shuttleworth Mr B Smith, Treasurer Mr J N Stankley Mrs F A Stenson Ms N Tyler Patrons and Presidents Professor S D Chapman - President Sir Neil Cossons OBE Duke of Devonshire KCVO CBE DL Principal Office Chapel Street Ruddington Nottingham NG11 6HE The charity is incorporated in England and Wales. Company Registration Number 04199994 Charity Registration Number 1087998 Bankers Barclays Bank Plc PO Box 18 High Street Nottingham NG1 6FF Independent Examiner RWB CA Limited Northgate House North Gate New Basford Nottingham NG7 7BQ
Page 1
Ruddington Framework Knitters Museum Limited
known as Framework Knitters Museum
Trustees' Report
The trustees, who are directors for the purposes of company law, present the annual report together with the financial statements of the charitable company for the year ended 31 March 2021.
Objectives and activities
Objects and aims
The Framework Knitters’ Museum is an independent working museum established by the efforts of the local community and controlled by its Trustees. The museum site consists of a complex of frameshops, cottages outbuildings and gardens. The former chapel together with an adjoining former framework knitter’s cottage completes the buildings.
The museum preserves evidence of the living and working conditions of the framework knitters during the nineteenth century. Framework Knitting was responsible for the growth of Ruddington village, and also led to the development of the East Midlands textile industry. The museum’s collections and displays tell the story of framework knitting from start to obsolescence together with related social history, including the Luddite story.
Public benefit
During the last year, the museum has concentrated on developing its educational offering to schools, establishing partnerships with other local organisations and strengthening the museum’s financial base.
The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.
Achievements and performance
The Trustees are pleased to present their annual report together with the financial statements for the charity for the year ending 31 March 2021.
This year has been one of the most interesting and exciting years in the history of the museum as it celebrates its 50th anniversary. Most of the year has been taken up by the redevelopment of the museum.
Builders moved into the cottage which was stripped out and repaired and refurbished. Unfortunately with a 200 year old building many problems were found which were not expected as were hidden from surveys. For example, the roof was in much poorer condition than was realised, so had to be re-slated, and the gable ends were insecure, so needed extra supports put in place. This led to serious cost over-runs on an already tight budget. Fortunately by careful management these costs were kept as low as possible.
Because the museum was also forced to close because of the pandemic, the opportunity was taken to repair and refurbish the heritage cottages which included redecoration of the rooms and update of the displays in them to provide a new visitor experience.
At the time of writing, September 2021, the redevelopment work is nearing completion, the two apartments on the upper floor of Gunn Cottage ready for letting, the new entrance lobby, shop and cafeteria are in preparation, and the garden of Gunn Cottage ready for autumn planting. This will soon be ready for reopening towards the end of October.
Financially, the year has been one that has been full of great concern to the trustees, as the cost overrun figures climbed and climbed. A promised legacy has taken far longer to arrive than ever expected, which would assist greatly, but even now has not materialised. Loans and gifts are meanwhile assisting with cash flow worries.
Page 2
Ruddington Framework Knitters Museum Limited
known as Framework Knitters Museum
Trustees' Report
Registration for Value Added Tax has been a help with enabling reclaims for tax on contractors invoices being possible, and despite having to be VAT registered for a minimum of ten years, there are still expected to be significant overall financial benefits. Specialist advice was taken before registration was applied for.
The trustees wish to express special thanks to the manager of the project, Lucy Godfrey, who has far exceeded her brief by putting in many more hours of work than she has charged, and has carried the project forward with enthusiasm and sheer hard work, helping overcome the many problems encountered.
We are also grateful to James Boon, our architect, whose imagination, foresight and flexibility has helped produce a first class new museum building. The builders, heritage specialists H. A. Bridden Ltd have helped in providing advice on the best way forward when problems have been uncovered, while keeping in mind costs. The workmanship of their team has been very satisfactory indeed. All the contractors have played their part in completing the building work to a first class conclusion.
Most importantly of all, the Trustees must pay tribute to our Museum Director, Jim Grevatte, who has worked tirelessly and enthusiastically on the project, and we cannot thank him enough for all the work he had put in, not only to guide the redevelopment, but continuing to lead the museum’s community work helping those working to return to employment, and health problems, organising student projects, and a myriad of other things.
All our staff have worked with enthusiasm, performing tasks well outside their normal jobs, and are excitedly looking forward to the reopening.
Because of the pandemic, we have not seen most of our volunteers for many months, but are looking forward with enthusiasm to rejoining the team.
Financial review
The year saw a net increase in resources of £18,036.
Income decreased from £234,371 to £224,083.
The accumulated funds of the charity at 31 March 2021 were £297,062.
Policy on reserves
The Trustees have considered the reserves held by the museum as at 31 March 2021.
Reserves are needed to ensure that the museum can meet its responsibilities for current activities and to meet its long term aims. The Trustees have reviewed the risks faced both short and medium term to ensure that the museum can continue to operate on a going concern basis.
Funds designated for specific purposes are set out in the notes attached to the financial statements. The Trustees continue to monitor the level of reserves and the long term aspiration remains – that there should be free reserves equal to one year’s operating costs.
Structure, governance and management
Nature of governing document
The museum is a company limited by guarantee and a registered charity governed by the rules set out in the Memorandum and Articles of Association.
Page 3
Ruddington Framework Knitters Museum Limited
known as Framework Knitters Museum
Trustees' Report
Organisational structure
A board of trustees is responsible for the governance of the museum. There are three part time paid members of staff. Responsibility for the day to day management of the site is delegated to the museum manager. He is assisted by a technician/demonstrator and a volunteer organiser. A substantial number of volunteers assist in many areas: demonstrating, greeting and assisting visitors, staffing the museum shop, looking after the collections, assisting with maintenance, organising events, etc. The independent Friends of the Museum raise funds to support the museum’s activities. Professional advice is provided from a number of sources: by Museum Development East Midlands, East Midlands Museum Service and professional consultants.
Small companies provision statement
This report has been prepared in accordance with the small companies regime under the Companies Act 2006.
The annual report was approved by the trustees of the charity on 26 October 2021 and signed on its behalf by:
......................................... Mr J G Ellis OBE Trustee
Page 4
Ruddington Framework Knitters Museum Limited
known as Framework Knitters Museum
Statement of Trustees' Responsibilities
The trustees (who are also the directors of Ruddington Framework Knitters Museum Limited for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.
Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the trustees are required to:
-
select suitable accounting policies and apply them consistently;
-
observe the methods and principles in the Charities SORP;
-
make judgements and estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by the trustees of the charity on 26 October 2021 and signed on its behalf by:
......................................... Mr J G Ellis OBE Trustee
Page 5
Ruddington Framework Knitters Museum Limited
known as Framework Knitters Museum
Independent Examiner's Report to the trustees of Ruddington Framework Knitters Museum Limited
I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 March 2021 which are set out on pages 7 to 23.
Respective responsibilities of trustees and examiner
As the charity’s trustees of Ruddington Framework Knitters Museum Limited (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 Ruddington Framework Knitters Museum Limited 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:
-
accounting records were not kept in respect of Ruddington Framework Knitters Museum Limited as required by section 386 of the 2006 Act; or
-
the accounts do not accord with those records; or
-
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
-
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.
...................................... N Coupland FCA DChA
Northgate House North Gate New Basford Nottingham NG7 7BQ
26 October 2021
Page 6
Ruddington Framework Knitters Museum Limited
known as Framework Knitters Museum
Statement of Financial Activities for the Year Ended 31 March 2021 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)
| Note Income and Endowments from: Donations and legacies 3 Charitable activities 4 Other trading activities 5 Investment income 6 Other income 7 Total income Expenditure on: Raising funds 8 Charitable activities 9 Total expenditure Net income Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward 23 |
Unrestricted funds £ 134,067 1,044 423 19 3,636 139,189 (266) (124,833) (125,099) 14,090 14,090 218,162 232,252 |
Restricted funds £ 84,894 - - - - 84,894 - (80,948) (80,948) 3,946 3,946 60,864 64,810 |
Total 2021 £ 218,961 1,044 423 19 3,636 |
|---|---|---|---|
| 224,083 | |||
| (266) (205,781) |
|||
| (206,047) | |||
| 18,036 | |||
| 18,036 279,026 |
|||
| 297,062 |
The notes on pages 10 to 23 form an integral part of these financial statements. Page 7
Ruddington Framework Knitters Museum Limited
known as Framework Knitters Museum
Statement of Financial Activities for the Year Ended 31 March 2021 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)
| Note Income and Endowments from: Donations and legacies 3 Charitable activities 4 Other trading activities 5 Investment income 6 Other income 7 Total income Expenditure on: Raising funds 8 Charitable activities 9 Total expenditure Net (expenditure)/income Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward 23 |
Unrestricted funds £ 31,092 10,586 10,825 36 18,208 70,747 (6,531) (82,406) (88,937) (18,190) (18,190) 236,352 218,162 |
Restricted funds £ 163,624 - - - - 163,624 - (108,830) (108,830) 54,794 54,794 6,070 60,864 |
Total 2020 £ (As restated) 194,716 10,586 10,825 36 18,208 |
|---|---|---|---|
| 234,371 | |||
| (6,531) (191,236) |
|||
| (197,767) | |||
| 36,604 | |||
| 36,604 242,422 |
|||
| 279,026 |
All of the charity's activities derive from continuing operations during the above two periods.
The notes on pages 10 to 23 form an integral part of these financial statements. Page 8
Ruddington Framework Knitters Museum Limited
known as Framework Knitters Museum
(Registration number: 04199994) Balance Sheet as at 31 March 2021
| Note Fixed assets Tangible assets 17 Current assets Debtors 18 Cash at bank and in hand 19 Creditors: Amounts falling due within one year 20 Net current assets Total assets less current liabilities Creditors: Amounts falling due after more than one year 21 Net assets Funds of the charity: Restricted income funds Restricted funds 23 Unrestricted income funds Unrestricted funds Total funds 23 |
2021 £ 439,660 37,045 138,981 176,026 (55,372) 120,654 560,314 (263,252) 297,062 64,810 232,252 297,062 |
2020 £ 445,062 3,858 66,849 |
|---|---|---|
| 70,707 (19,148) |
||
| 51,559 | ||
| 496,621 (217,595) |
||
| 279,026 | ||
| 60,864 218,162 |
||
| 279,026 |
For the financial year ending 31 March 2021 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the charity to obtain an audit of its accounts for the year in question in accordance with section 476; and
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements on pages 7 to 23 were approved by the trustees, and authorised for issue on 26 October 2021 and signed on their behalf by:
......................................... Mr J G Ellis OBE Trustee
The notes on pages 10 to 23 form an integral part of these financial statements. Page 9
Ruddington Framework Knitters Museum Limited
known as Framework Knitters Museum
Notes to the Financial Statements for the Year Ended 31 March 2021
1 Charity status
The charity is limited by guarantee, incorporated in England and Wales, and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £1 towards the assets of the charity in the event of liquidation.
The address of its registered office is: Chapel Street Ruddington Nottingham NG11 6HE
These financial statements were authorised for issue by the trustees on 26 October 2021.
2 Accounting policies
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
The financial statements have been prepared in accordance with 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) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). They also comply with the Companies Act 2006 and Charities Act 2011.
Basis of preparation
Ruddington Framework Knitters Museum Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.
Going concern
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the charity.
Exemption from preparing a cash flow statement
The charity opted to early adopt Bulletin 1 published on 2 February 2016 and have therefore not included a cash flow statement in these financial statements.
Income and endowments
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of the income receivable can be measured reliably.
Page 10
Ruddington Framework Knitters Museum Limited
known as Framework Knitters Museum
Notes to the Financial Statements for the Year Ended 31 March 2021
Donations and legacies
Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the charity before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that these conditions will be fulfilled in the reporting period.
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.
Gift aid
Incoming resources from tax claims are recorded on a receivable basis.
Charitable activities
Income from charitable activities includes income recognised as earned (as the related goods or services are provided) under contract.
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.
Raising funds
These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds.
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.
Governance costs
These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including audit, strategic management and trustees’s meetings and reimbursed expenses.
Government grants
Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.
Page 11
Ruddington Framework Knitters Museum Limited
known as Framework Knitters Museum
Notes to the Financial Statements for the Year Ended 31 March 2021
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.
Tangible fixed assets
Individual fixed assets costing £500.00 or more are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation and amortisation
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:
| Asset class | Depreciation method and rate |
|---|---|
| Freehold Property | 2% on cost |
| Equipment and fixtures | 15% on reducing balance |
| HLF equipment | 20% straight line |
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.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Statement of Financial Activities over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the charity has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Fund structure
Unrestricted income funds are general funds that are available for use at the trustees's 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 12
Ruddington Framework Knitters Museum Limited
known as Framework Knitters Museum
Notes to the Financial Statements for the Year Ended 31 March 2021
Pensions and other post retirement obligations
The charity operates a defined contribution pension scheme which is a pension plan under which fixed contributions are paid into a pension fund and the charity has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised in the Statement of Financial Activities when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Financial instruments
Classification
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
3 Income from donations and legacies
| Donations and legacies; Donations from companies, trusts and similar proceeds Donations from individuals Donations from community groups Grants, including capital grants; Government grants Other grants |
Unrestricted funds Designated £ General £ - 30,000 36,000 9,513 - 1,000 - 57,254 300 - 36,300 97,767 |
Restricted funds £ - 7,046 - 75,348 2,500 84,894 |
Total 2021 £ 30,000 52,559 1,000 132,602 2,800 |
|---|---|---|---|
| 218,961 |
Page 13
Ruddington Framework Knitters Museum Limited
known as Framework Knitters Museum
Notes to the Financial Statements for the Year Ended 31 March 2021
| Unrestricted funds Designated £ General £ Donations and legacies; Donations from companies, trusts and similar proceeds - 22,500 Donations from individuals - 5,342 Donations from community groups - 364 Grants, including capital grants; Government grants - - Other grants 1,000 1,886 1,000 30,092 4 Income from charitable activities Admission income Admission income 5 Income from other trading activities Trading income; Sales of goods and services Events income; Other events income |
Restricted funds £ - 45,586 - 98,912 19,126 163,624 Unrestricted funds General £ 1,044 Unrestricted funds General £ 10,586 Unrestricted funds General £ 394 29 423 |
Total 2020 £ 22,500 50,928 364 98,912 22,012 |
|---|---|---|
| 194,716 | ||
| Total 2021 £ 1,044 |
||
| Total 2020 £ 10,586 |
||
| Total 2021 £ 394 29 |
||
| 423 |
Page 14
Ruddington Framework Knitters Museum Limited
known as Framework Knitters Museum
Notes to the Financial Statements for the Year Ended 31 March 2021
| Trading income; Sales of goods and services Events income; Other events income 6 Investment income Interest receivable and similar income; Interest receivable on bank deposits Interest receivable and similar income; Interest receivable on bank deposits 7 Other income Rental income Rental income |
Unrestricted funds General £ 7,995 2,830 10,825 Unrestricted funds General £ 19 19 Unrestricted funds General £ 36 36 Unrestricted funds General £ 3,636 Unrestricted funds General £ 18,208 |
Total 2020 £ 7,995 2,830 |
|---|---|---|
| 10,825 | ||
| Total 2021 £ 19 |
||
| 19 | ||
| Total 2020 £ 36 |
||
| 36 | ||
| Total 2021 £ 3,636 |
||
| Total 2020 £ 18,208 |
Page 15
Ruddington Framework Knitters Museum Limited
known as Framework Knitters Museum
Notes to the Financial Statements for the Year Ended 31 March 2021
8 Expenditure on raising funds
a) Costs of trading activities
| Costs of goods sold Costs of goods sold |
Unrestricted funds General £ 266 266 Unrestricted funds General £ 6,531 6,531 |
Total 2021 £ 266 |
|---|---|---|
| 266 | ||
| Total 2020 £ 6,531 |
||
| 6,531 |
9 Expenditure on charitable activities
| Wages and salaries Employer pension Rates and water Light and heat Insurance Repairs and maintenance Telephone and internet Office expenses Subscriptions Travel and subsistence Advertising Legal and professional Bank charges Depreciation Loan interest payable |
Unrestricted funds Designated £ General £ - 35,963 - 861 - 3,737 - 3,788 - 4,304 36,300 16,063 - 890 - 2,645 - 244 - 16 - 1,113 - 803 - 25 - 7,704 - 8,553 36,300 86,709 |
Restricted funds £ 17,613 - - - - 8,668 - 56 82 - 82 54,447 - - - 80,948 |
Total 2021 £ 53,576 861 3,737 3,788 4,304 61,031 890 2,701 326 16 1,195 55,250 25 7,704 8,553 |
|---|---|---|---|
| 203,957 |
Page 16
Ruddington Framework Knitters Museum Limited
known as Framework Knitters Museum
Notes to the Financial Statements for the Year Ended 31 March 2021
| Wages and salaries Employer pension Rates and water Light and heat Insurance Repairs and maintenance Telephone and internet Office expenses Subscriptions Training Travel and subsistence Advertising Legal and professional Bank charges Depreciation Loan interest payable |
Unrestricted funds Designated £ General £ - 38,696 - 566 - 1,451 - 4,163 - 4,006 - 7,950 - 1,326 - 1,079 - 276 - - - 75 - 930 1,000 2,346 - 74 - 7,630 - 8,791 1,000 79,359 |
Restricted funds £ 8,786 191 - - - 3,514 400 417 116 324 - 714 94,368 - - - 108,830 |
Total 2020 £ 47,482 757 1,451 4,163 4,006 11,464 1,726 1,496 392 324 75 1,644 97,714 74 7,630 8,791 |
|---|---|---|---|
| 189,189 |
In addition to the expenditure analysed above, there are also governance costs of £1,824 (2020 - £2,047) which relate directly to charitable activities. See note 10 for further details.
10 Analysis of governance and support costs
Governance costs
| Independent examiner fees Examination of the financial statements Legal fees |
Unrestricted funds General £ 1,811 13 1,824 |
Total 2021 £ 1,811 13 |
|---|---|---|
| 1,824 |
Page 17
Ruddington Framework Knitters Museum Limited
known as Framework Knitters Museum
Notes to the Financial Statements for the Year Ended 31 March 2021
| Independent examiner fees Examination of the financial statements Legal fees |
Unrestricted funds General £ 2,034 13 2,047 |
Total 2020 £ 2,034 13 |
|---|---|---|
| 2,047 |
11 Government grants
The charity has received support grants from local authorities and has benefited from the Coronavirus Job Support Scheme (CJRS) from central government.
The amount of grants recognised in the financial statements was £132,601 (2020 - £98,913).
12 Net incoming/outgoing resources
Net incoming resources for the year include:
| Depreciation of fixed assets | 2021 £ 7,704 |
2020 £ 7,630 |
|---|---|---|
Page 18
Ruddington Framework Knitters Museum Limited
known as Framework Knitters Museum
Notes to the Financial Statements for the Year Ended 31 March 2021
13 Trustees remuneration and expenses
During the year the charity made the following transactions with trustees:
Mr J Grevatte
Mr J Grevatte received remuneration of £28,283 (2020: £26,200) during the year.
Mr J Grevatte is the manager of the site and as such receives a salary.
No trustees have received any reimbursed expenses or any other benefits from the charity during the year.
14 Staff costs
The aggregate payroll costs were as follows:
| Staff costs during the year were: Wages and salaries Pension costs |
2021 £ 53,576 861 54,437 |
2020 £ 47,483 757 |
|---|---|---|
| 48,240 |
The monthly average number of persons (including senior management team) employed by the charity during the year expressed as full time equivalents was as follows:
| Museum staff Management |
2021 No 3 1 4 |
2020 No 3 1 |
|---|---|---|
| 4 |
No employee received emoluments of more than £60,000 during the year.
15 Independent examiner's remuneration
| Examination of the financial statements | 2021 £ 1,811 |
2020 £ 2,034 |
|---|---|---|
16 Taxation
The charity is a registered charity and is therefore exempt from taxation.
Page 19
Ruddington Framework Knitters Museum Limited
known as Framework Knitters Museum
Notes to the Financial Statements for the Year Ended 31 March 2021
17 Tangible fixed assets
| Cost At 1 April 2020 Additions At 31 March 2021 Depreciation At 1 April 2020 Charge for the year At 31 March 2021 Net book value At 31 March 2021 At 31 March 2020 18 Debtors Prepayments Accrued income VAT recoverable 19 Cash and cash equivalents Cash on hand Cash at bank |
Land and buildings £ 501,857 - |
Furniture and equipment £ 63,679 2,302 65,981 59,812 667 60,479 5,502 3,867 2021 £ 4,447 20,163 12,435 37,045 2021 £ - 138,981 138,981 |
Furniture and equipment £ 63,679 2,302 65,981 59,812 667 60,479 5,502 3,867 2021 £ 4,447 20,163 12,435 37,045 2021 £ - 138,981 138,981 |
Total £ 565,536 2,302 567,838 120,474 7,704 128,178 439,660 445,062 2020 £ 3,858 - - |
|
|---|---|---|---|---|---|
| 501,857 | 65,981 | ||||
| 60,662 7,037 |
59,812 667 |
||||
| 67,699 | 60,479 | ||||
| 434,158 | 5,502 | ||||
| 441,195 | 3,867 | ||||
| 2021 £ 4,447 20,163 12,435 37,045 2021 £ - 138,981 138,981 |
|||||
| 3,858 | |||||
| 2020 £ 183 66,666 |
|||||
| 66,849 |
Page 20
Ruddington Framework Knitters Museum Limited
known as Framework Knitters Museum
Notes to the Financial Statements for the Year Ended 31 March 2021
20 Creditors: amounts falling due within one year
| Bank loans Trade creditors Other taxation and social security Other creditors Accruals |
2021 £ 9,103 40,796 2,071 1 3,401 55,372 |
2020 £ 6,090 9,469 949 92 2,548 |
|---|---|---|
| 19,148 |
Creditors due within one year includes the following liabilities, on which security has been given by the charity:
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Bank loans and overdrafts | 9,103 | 6,090 |
The bank loan is secured by way of a mortgage over the freehold property of the Charity dated October 2017.
21 Creditors: amounts falling due after one year
| Bank loans | 2021 £ 263,252 |
2020 £ 217,595 |
|---|---|---|
Creditors amounts falling due after more than one year includes the following liabilities, on which security has been given by the charity:
| 2021 £ Bank loans and overdrafts 263,252 Included in the creditors are the following amounts due after more than five years: 2021 £ After more than five years by instalments 225,565 Bank loans and overdrafts after five years |
2020 £ 217,595 |
|---|---|
| 2020 £ 193,235 |
|
Repayable over 25 years at an interest rate of 3.5% over base rate.
22 Pension and other schemes
Defined contribution pension scheme
The charity operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the charity to the scheme and amounted to £861 (2020 - £756).
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Ruddington Framework Knitters Museum Limited
known as Framework Knitters Museum
Notes to the Financial Statements for the Year Ended 31 March 2021
23 Funds
| Unrestricted General Unrestricted income fund Designated Museum Development Fund Total Unrestricted Restricted Museum Development Fund Frameshop Fund Education Fund Total restricted Total funds Unrestricted funds General Unrestricted income fund Designated Museum Development Fund Total unrestricted funds Restricted Drapers' Company Museum Development Fund Frameshop Fund Education Fund Total restricted funds Total funds |
Balance at 1 April 2020 £ Incoming resources £ Resources expended £ Balance at 31 March 2021 £ 218,162 102,889 (88,799) 232,252 - 36,300 (36,300) - 218,162 139,189 (125,099) 232,252 59,055 84,894 (80,948) 63,001 809 - - 809 1,000 - - 1,000 60,864 84,894 (80,948) 64,810 279,026 224,083 (206,047) 297,062 Balance at 1 April 2019 £ Incoming resources £ Resources expended £ Transfers £ Balance at 31 March 2020 £ 236,352 69,747 (87,937) - 218,162 - 1,000 (1,000) - - 236,352 70,747 (88,937) - 218,162 7,500 - - (7,500) - (1,430) 161,815 (108,830) 7,500 59,055 - 809 - - 809 - 1,000 - - 1,000 6,070 163,624 (108,830) - 60,864 242,422 234,371 (197,767) - 279,026 |
Balance at 31 March 2021 £ 232,252 - |
Balance at 31 March 2021 £ 232,252 - |
|---|---|---|---|
| 232,252 | |||
| 63,001 809 1,000 |
|||
| 64,810 | |||
| 297,062 | |||
| Balance at 31 March 2020 £ 218,162 - |
|||
| 218,162 | |||
| - 59,055 809 1,000 |
|||
| 60,864 | |||
| 279,026 |
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Ruddington Framework Knitters Museum Limited
known as Framework Knitters Museum
Notes to the Financial Statements for the Year Ended 31 March 2021
The specific purposes for which the funds are to be applied are as follows:
The Drapers' Company Fund represents funding for the development of the museum and therefore the funds have been merged.
The Museum Development Fund represents funding for the purpose of the development of the ground floor of Gunn Cottage into a visitors' centre, shop and cafe. The current funding for this covers the initial development of plans etc, and is paid in arrears. The charity intends to submit funding bids during the forthcoming year with a view to implementing this development project.
24 Analysis of net assets between funds
| Tangible fixed assets Current assets Current liabilities Creditors over 1 year Total net assets Tangible fixed assets Current assets Current liabilities Creditors over 1 year Total net assets |
Unrestricted funds General £ 439,660 111,216 (55,372) (263,252) 232,252 Unrestricted funds General £ 445,062 9,843 (19,148) (217,595) 218,162 |
Restricted funds £ - 64,810 - - 64,810 Restricted funds £ - 60,864 - - 60,864 |
Total funds at 31 March 2021 £ 439,660 176,026 (55,372) (263,252) |
|---|---|---|---|
| 297,062 | |||
| Total funds at 31 March 2020 £ 445,062 70,707 (19,148) (217,595) |
|||
| 279,026 |
25 Related party transactions
During the year the charity made the following related party transactions:
Mrs F A Stenson
(Trustee)
£Nil (2020: £1,500) was paid to Black & Write during the year for her services. At the balance sheet date the amount due to/from Mrs F A Stenson was £Nil (2020 - £Nil).
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