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2022-03-31-accounts

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 2022

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 to 10
Notes to the Financial Statements 11 to 26

Ruddington Framework Knitters Museum Limited

known as Framework Knitters Museum

Reference and Administrative Details

Charity Registration Number 1087998 Company Registration Number 04199994 The Charity is incorporated in England and Wales. Registered Office Chapel Street Ruddington Nottingham NG11 6HE Independent Examiner RWB CA Limited Northgate House North Gate New Basford Nottingham NG7 7BQ Bankers Barclays Bank Plc PO Box 18 High Street Nottingham NG1 6FF

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 2022.

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 last 12 months has seen our ‘A right good yarn’ project brought to a successful conclusion, much to the satisfaction of the Trustees. We express our sincere gratitude to our funders, the Lottery Heritage Fund and the FCC Communities Foundation, and all staff, contractors and volunteers who have each played such a critical role in the delivery of that project.

We have been fortunate to secure MEND funding from the Arts council to carry out repairs to the fabric of our heritage buildings, which is urgently needed. While we continue to pursue a variety of smaller grants for a variety of development purposes, our focus now is on making the best use of our new facilities to drive the income needed to keep the museums finances on a secure footing. We have created a new brand, ‘Parker’s Yard’ under which our shop, café and room hire activities will operate.

The museum is seeing increased visitor numbers, and has recently been granted a Trip Advisor ‘Traveller’s Choice’ award that puts us in the top 10% of visitor attractions worldwide.

The museum has entered into a business partnership with the Split Screen Coffee Company, a Ruddington based catering business, to operate our café. This is proving highly popular and is leading to increased footfall to our site. Our next step is to further develop the museum reception and shop area to capitalise on ticketing and sales opportunities to this new audience. A grant application has been submitted to Museum Development East Midlands for this purpose, supported by a donation from the Friends of the Museum.

The last 12 months have seen a significant turnover of trustees and staff. The board would like to extend grateful thanks to all those who have made a valuable contribution to the success of the museum, and warmily welcomes new staff and trustees into our community.

Page 2

Ruddington Framework Knitters Museum Limited

known as Framework Knitters Museum

Trustees' Report

Financial review

The year saw a net decrease in resources of £97,271.

Income increased from £224,083 to £337,543.

The accumulated funds of the charity at 31 March 2022 were £199,791.

Policy on reserves

The Trustees have considered the reserves held by the museum as at 31 March 2022.

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.

Trustees and officers

The trustees and officers serving during the year and since the year end were as follows:

Trustees: Mr J G Ellis OBE
Mr J Grevatte
Mr D R Jones
Mr P F McGowan
Mr I Rowson, Chair
Mr G Shuttleworth
Mr B Smith, Treasurer
Mr J N Stankley
Miss D Bryan (resigned 30 June 2022)
Mr B R P Playle (resigned 20 September 2022)
Mrs F A Stenson (resigned 9 November 2021)
Ms N Tyler (resigned 31 July 2022)
Other Officers: Professor S D Chapman, President
Sir Neil Cossons OBE, Patron
Duke of Devonshire KCVO CBE DL, Patron

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 20 September 2022 and signed on its behalf by:

......................................... Mr I Rowson 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland". The report and accounts have been prepared in accordance with the provisions in the Companies Act 2006 relating to small companies.

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 the incoming resources and application of resources, including its income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records that can 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.

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Approved by the trustees of the Charity on 20 September 2022 and signed on its behalf by:

......................................... Mr I Rowson 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 ('the Company')

I report to the Charity trustees on my examination of the accounts of the Company for the year ended 31 March 2022.

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

Since the Company's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of , which is one of the listed bodies.

I have completed my examination. I confirm that no 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 Ruddington Framework Knitters Museum Limited 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.

...................................... N Coupland FCA DChA

Northgate House North Gate New Basford Nottingham NG7 7BQ

20 September 2022

Page 6

Ruddington Framework Knitters Museum Limited

known as Framework Knitters Museum

Statement of Financial Activities for the Year Ended 31 March 2022 (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
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
23		 Unrestricted
funds
£
178,122
3,736
9,703
37
9,040
200,638
(4,825)
(267,426)
(272,251)
(71,613)
(71,613)
232,252
160,639		 Restricted
funds
£
136,905
-
-
-
-
136,905
(280)
(162,283)
(162,563)
(25,658)
(25,658)
64,810
39,152		 Total
2022
£
315,027
3,736
9,703
37
9,040
337,543
(5,105)
(429,709)
(434,814)
(97,271)
(97,271)
297,062
199,791

The notes on pages 11 to 26 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 2022 (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

All of the Charity's activities derive from continuing operations during the above two periods.

The notes on pages 11 to 26 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 2022

Note
Fixed assets
Tangible assets
17
Current assets
Stocks
18
Debtors
19
Cash at bank and in hand
20
Creditors: Amounts falling due within one year
21
Net current assets
Total assets less current liabilities
Creditors: Amounts falling due after more than one year
22
Net assets
Funds of the Charity:
Restricted income funds
Restricted funds
23
Unrestricted income funds
Unrestricted funds
Total funds
23		 2022
£
431,798
563
11,698
43,761
56,022
(34,127)
21,895
453,693
(253,902)
199,791
39,152
160,639
199,791		 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

For the financial year ending 31 March 2022 the Charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

The notes on pages 11 to 26 form an integral part of these financial statements. Page 9

Ruddington Framework Knitters Museum Limited

known as Framework Knitters Museum

(Registration number: 04199994) Balance Sheet as at 31 March 2022

The financial statements on pages 7 to 26 were approved by the trustees, and authorised for issue on 20 September 2022 and signed on their behalf by:

......................................... Mr I Rowson Trustee

The notes on pages 11 to 26 form an integral part of these financial statements. Page 10

Ruddington Framework Knitters Museum Limited

known as Framework Knitters Museum

Notes to the Financial Statements for the Year Ended 31 March 2022

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 20 September 2022.

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)) (issued in October 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

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 11

Ruddington Framework Knitters Museum Limited

known as Framework Knitters Museum

Notes to the Financial Statements for the Year Ended 31 March 2022

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.

Deferred income

Deferred income represents amounts received for future periods and is released to incoming resources in the period for which, it has been received. Such income is only deferred when:

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 meetings and reimbursed expenses.

Page 12

Ruddington Framework Knitters Museum Limited

known as Framework Knitters Museum

Notes to the Financial Statements for the Year Ended 31 March 2022

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.

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

Stock

Stock is valued at the lower of cost and estimated selling price less costs to complete and sell, after due regard for obsolete and slow moving stocks. Cost is determined using the first-in, first-out (FIFO).

Trade debtors

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

Trade debtors are recognised initially at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the Charity will not be able to collect all amounts due according to the original terms of the receivables.

Cash and cash equivalents

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

Page 13

Ruddington Framework Knitters Museum Limited

known as Framework Knitters Museum

Notes to the Financial Statements for the Year Ended 31 March 2022

Trade creditors

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

Trade creditors are recognised at the transaction price.

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 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.

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.

Page 14

Ruddington Framework Knitters Museum Limited

known as Framework Knitters Museum

Notes to the Financial Statements for the Year Ended 31 March 2022

3 Income from donations and legacies

Unrestricted funds
Designated
£
General
£
Donations and legacies;
Donations from companies, trusts
and similar proceeds
-
28,500
Donations from individuals
-
16,743
Donations from community
groups
-
52
Grants, including capital grants;
Government grants
-
26,959
Other grants
87,952
17,916
87,952
90,170
Unrestricted funds
Designated
£
General
£
Donations and legacies;
Donations from companies, trusts
and similar proceeds
-
30,000
Donations from individuals
36,000
9,513
Donations from community
groups
-
1,000
Grants, including capital grants;
Government grants
-
57,254
Other grants
300
-
36,300
97,767
4
Income from charitable activities
Admission income
Admission income		 Restricted
funds
£
-
975
2,000
133,930
-
136,905
Restricted
funds
£
-
7,046
-
75,348
2,500
84,894
Unrestricted
funds
General
£
3,736
Unrestricted
funds
General
£
1,044		 Total
2022
£
28,500
17,718
2,052
160,889
105,868
315,027
Total
2021
£
30,000
52,559
1,000
132,602
2,800
218,961
Total
2022
£
3,736
Total
2021
£
1,044

Page 15

Ruddington Framework Knitters Museum Limited

known as Framework Knitters Museum

Notes to the Financial Statements for the Year Ended 31 March 2022

5 Income from other trading activities

Trading income;
Sales of goods and services
Events income;
Other events income
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		 Unrestricted
funds
General
£
8,827
876
9,703
Unrestricted
funds
General
£
394
29
423
Unrestricted
funds
General
£
37
37
Unrestricted
funds
General
£
19
19		 Total
2022
£
8,827
876
9,703
Total
2021
£
394
29
423
Total
2022
£
37
37
Total
2021
£
19
19

Page 16

Ruddington Framework Knitters Museum Limited

known as Framework Knitters Museum

Notes to the Financial Statements for the Year Ended 31 March 2022

7 Other income

Rental income
Rental income		 Unrestricted
funds
General
£
9,040
Unrestricted
funds
General
£
3,636		 Total
2022
£
9,040
Total
2021
£
3,636

8 Expenditure on raising funds

a) Costs of trading activities

Costs of goods sold
Costs of goods sold		 Unrestricted
funds
General
£
4,825
4,825		 Restricted
funds
£
280
280
Unrestricted
funds
General
£
266
266		 Total
2022
£
5,105
5,105
Total
2021
£
266
266

Page 17

Ruddington Framework Knitters Museum Limited

known as Framework Knitters Museum

Notes to the Financial Statements for the Year Ended 31 March 2022

9 Expenditure on charitable activities

Wages and salaries
Employers NI
Employer pension
Rates and water
Light and heat
Insurance
Repairs and maintenance
Telephone and internet
Office expenses
Subscriptions
Staff Training
Travel and subsistence
Advertising
Legal and professional
Bank charges
Depreciation
Loan interest payable		 Unrestricted funds
Designated
£
General
£
-
32,357
-
3,789
-
1,046
-
4,319
-
3,138
-
4,545
87,952
107,160
-
823
-
1,172
-
46
-
-
-
18
-
652
-
433
-
191
-
7,862
-
10,123
87,952
177,674		 Restricted
funds
£
32,058
-
-
-
-
-
55,562
-
5,859
-
660
1,139
14,257
52,498
-
-
-
162,033		 Total
2022
£
64,415
3,789
1,046
4,319
3,138
4,545
250,674
823
7,031
46
660
1,157
14,909
52,931
191
7,862
10,123
427,659

Page 18

Ruddington Framework Knitters Museum Limited

known as Framework Knitters Museum

Notes to the Financial Statements for the Year Ended 31 March 2022

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

In addition to the expenditure analysed above, there are also governance costs of £2,050 (2021 - £1,824) which relate directly to charitable activities. See note 10 for further details.

Page 19

Ruddington Framework Knitters Museum Limited

known as Framework Knitters Museum

Notes to the Financial Statements for the Year Ended 31 March 2022

10 Analysis of governance and support costs

Governance costs

Independent examiner fees
Examination of the financial statements
Other fees paid to examiners
Independent examiner fees
Examination of the financial statements
Legal fees		 Unrestricted
funds
General
£
1,800
-
1,800		 Restricted
funds
£
-
250
250
Unrestricted
funds
General
£
1,811
13
1,824		 Total
2022
£
1,800
250
2,050
Total
2021
£
1,811
13
1,824

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 £160,889 (2021 - £132,602).

12 Net incoming/outgoing resources

Net (outgoing)/incoming resources for the year include:

Depreciation of fixed assets 2022
£
7,862		 2021
£
7,704

Page 20

Ruddington Framework Knitters Museum Limited

known as Framework Knitters Museum

Notes to the Financial Statements for the Year Ended 31 March 2022

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 £27,200 (2021: £28,283) 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
Social security costs
Pension costs		 2022
£
64,415
3,789
1,046
69,250		 2021
£
53,576
-
861
54,437

The monthly average number of persons (including senior management / leadership team) employed by the Charity during the year expressed as full time equivalents was as follows:

Museum staff
Management		 2022
No
4
1
5		 2021
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
Other fees to examiners
All other services		 2022
£
1,800
250		 2021
£
1,811
-

16 Taxation

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

Page 21

Ruddington Framework Knitters Museum Limited

known as Framework Knitters Museum

Notes to the Financial Statements for the Year Ended 31 March 2022

17 Tangible fixed assets

Cost
At 1 April 2021
At 31 March 2022
Depreciation
At 1 April 2021
Charge for the year
At 31 March 2022
Net book value
At 31 March 2022
At 31 March 2021
18 Stock
Stocks
19 Debtors
Trade debtors
Prepayments
Accrued income
VAT recoverable
20 Cash and cash equivalents
Cash on hand
Cash at bank		 Land and
buildings
£
501,857		 Furniture and
equipment
£
65,981
65,981
60,479
825
61,304
4,677
5,502
2022
£
3,433
5,366
2,899
-
11,698
2022
£
84
43,677
43,761		 Furniture and
equipment
£
65,981
65,981
60,479
825
61,304
4,677
5,502
2022
£
3,433
5,366
2,899
-
11,698
2022
£
84
43,677
43,761		 Total
£
567,838
567,838
128,178
7,862
136,040
431,798
439,660
2022
£
563
501,857 65,981
67,699
7,037		 60,479
825
74,736 61,304
427,121 4,677
434,158 5,502
2022
£
3,433
5,366
2,899
-
11,698
2022
£
84
43,677
43,761
2021
£
-
4,447
20,163
12,435
37,045
2021
£
-
138,981
138,981

Page 22

Ruddington Framework Knitters Museum Limited

known as Framework Knitters Museum

Notes to the Financial Statements for the Year Ended 31 March 2022

21 Creditors: amounts falling due within one year

21 Creditors: amounts falling due within one year
Bank loans
Trade creditors
Other taxation and social security
Other creditors
Accruals
Deferred income		 2022
£
9,474
78
1,228
13,000
5,297
5,050
34,127		 2021
£
9,103
40,796
2,071
1
3,401
-
55,372

Creditors due within one year includes the following liabilities, on which security has been given by the Charity:

Bank loans and overdrafts
The bank loan is secured by way of a mortgage over the freehold property of
Resources deferred in the period
Income is deferred, and then released in the period in which it is attributable.		 2022
£
2021
£
9,474
9,103
the Charity dated October 2017.
2022
£
5,050		 2021
£
9,103

22 Creditors: amounts falling due after one year

Bank loans 2022
£
253,902		 2021
£
263,252

Creditors amounts falling due after more than one year includes the following liabilities, on which security has been given by the Charity:

2022
£
Bank loans and overdrafts
253,902
Included in the creditors are the following amounts due after more than five years:
2022
£
After more than five years by instalments
216,006		 2021
£
263,252
2021
£
225,565

Bank loans and overdrafts after five years

Repayable over 25 years at an interest rate of 3.5% over base rate.

Page 23

Ruddington Framework Knitters Museum Limited

known as Framework Knitters Museum

Notes to the Financial Statements for the Year Ended 31 March 2022

23 Funds

Unrestricted funds
General
Unrestricted income fund
Designated
Museum Development Fund
Total unrestricted funds
Restricted funds
Museum Development Fund
Frameshop Fund
Education Fund
Total restricted funds
Total funds
Unrestricted funds
General
Unrestricted income fund
Designated
Museum Development Fund
Total unrestricted funds
Restricted
Museum Development Fund
Frameshop Fund
Education Fund
Total restricted funds
Total funds		 Balance at 1
April 2021
£
232,252
-
232,252
63,001
809
1,000
64,810
297,062
Balance at 1
April 2020
£
218,162
-
218,162
59,055
809
1,000
60,864
279,026		 Incoming
resources
£
112,686
87,952
200,638
135,930
975
-
136,905
337,543
Incoming
resources
£
102,889
36,300
139,189
84,894
-
-
84,894
224,083		 Resources
expended
£
(184,299)
(87,952)
(272,251)
(162,374)
(189)
-
(162,563)
(434,814)
Resources
expended
£
(88,799)
(36,300)
(125,099)
(80,948)
-
-
(80,948)
(206,047)		 Balance at 31
March 2022
£
160,639
-
160,639
36,557
1,595
1,000
39,152
199,791
Balance at 31
March 2021
£
232,252
-
232,252
63,001
809
1,000
64,810
297,062

Page 24

Ruddington Framework Knitters Museum Limited

known as Framework Knitters Museum

Notes to the Financial Statements for the Year Ended 31 March 2022

The specific purposes for which the funds are to be applied are as follows:

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.

The Frameshop Fund is restricted to the repair and maintenance of the frames and the frameshop.

The Education Fund is retricted to the purpose of educating th public about framework knitting and the life and conditions of the people employed in the industry.

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
£
392,646
56,022
(34,127)
(253,902)
160,639
Unrestricted
funds
General
£
439,660
111,216
(55,372)
(263,252)
232,252		 Restricted
funds
£
39,152
-
-
-
39,152
Restricted
funds
£
-
64,810
-
-
64,810		 Total funds at
31 March
2022
£
431,798
56,022
(34,127)
(253,902)
199,791
Total funds at
31 March
2021
£
439,660
176,026
(55,372)
(263,252)
297,062

25 Related party transactions

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

Mr J G Ellis OBE

(Trustee)

During the year £10,000 was loaned to the Charity, interest free.

During the year, a £40 donation was received from the Trustee. At the balance sheet date the amount due to Mr J G Ellis OBE was £10,000 (2021 - £Nil).

Page 25

Ruddington Framework Knitters Museum Limited

known as Framework Knitters Museum

Notes to the Financial Statements for the Year Ended 31 March 2022

Mr B R P Playle

(Trustee)

During the year £3,000 was loaned to the Charity, interest free. At the balance sheet date the amount due to Mr B R P Playle was £3,000 (2021 - £Nil).

Mr G Shuttleworth

(Trustee)

During the year, a £10,040 donation was received from the Trustee. At the balance sheet date the amount due to/from Mr G Shuttleworth was £Nil (2021 - £Nil).

Mr P F McGowan

(Trustee)

During the year £7,500 was loaned to the Charity, interest free. This was repaid during the year. At the balance sheet date the amount due to/from Mr P F McGowan was £Nil (2021 - £Nil).

Mr D R Jones

(Trustee)

During the year, a £40 donation was received from the Trustee. At the balance sheet date the amount due to/from Mr D R Jones was £Nil (2021 - £Nil).

Page 26