Company registratiun number: 04199994 Charity registration number.. 1087998 Ruddington Framework Knitters Museum Limited known as Frdmework Knitters Museum (A company limited by guarantee) Annual Report and Financial Statements forthe Year Ended 31 March 2024 RWB CA Limiied Northgp4te House North Gate New Basford Nottingham NG7 7BQ
Ruddington Framework Knitters Museum Limited known as Framework Knitters Museum Contents Referenee and Administrative Detsils Trustees, Report 2to5 Statemenl of Tru51ees' Responsibilities Independent Examiner's Report Statement of Financial Activities 8t09 Balance Sheet Ioto I Note5 10 the Financial Statements 121027
Ruddington Framework Knitters Museum Limited known as Framework Knitters Museum Reference and Administrative Details Charity Registration Number 1087998 c.ompany Registration Number 04199994 The Charity is incorpordied in England and 'a]es. Chap¢l Streel Ruddington Nottin¥ham NGII 6HE Registered Office Independent F.xaminer RWB C.A Limited Northgate House North Gate New Basford Nottingham NG7 7BQ Barclays Bank PIC POBOX 18 Higl) Street Nottingham Bankers NGI 6FF Page I
Ruddington FrameTrvork 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 Nvith the financial statemenls of the charitabl¢ company for the year ended 31 March 2024. Objeetives gnd 9Ctivities Objeels and The Framew'ork Knitters, Museum is an independent working museum esthblished by the efforrs of the local community and controlled by its Trustees. The museum site consisls of a Complex of frameshops. cottages outbuildings and gardens. The fomier chapel together with an adjoining fom)er framework knitter's cottage completes the buildings. The museum preserves evidence of the living and working conditions of the fram¢work knitters during the nin¢leenih century. Framework Knitting was responsible for the growth of Ruddington village. and also led to the developmenl of the East Midlands textile industrv. The museum'5 collection5 and displa)'s tell the story of rrdmework knirting from stsrt io obsolescence together with related soci81 histo, including the Luddite story. Public benefil During the last year, the museum has concentrated on developing its educational offering to schools, establishing partnerships with other local organisations and strcngthcning the museum's financial base. Tlie iruslees confinn that they have complied with the requirenients of 5ecrion 17 of the Charities Act 2011 to have due regard to ihe public benefit guidance published by the Charity Commission for England and Wales. AchievemeJ)ts and performance The cost of living crisis, but particularly high energy costs, higher interest rates and cost of essential maintenance works have continued to put pressure on the museum's finances throughout the reporting period. Over the same period, r¢v¢nues and cash at hand have decreased. While ihe pull effect of Parker's Yard brings a steady flow of people to the cafe, we Struggle to turn cafe visitors into museum visitors. This, along with efforts to build our schools offer, will need to be a focus ovcr thc cotning months. During ihe course of 23124, we welwmed Dr. Rebekah Pi¢kering-Wood as a new trustee. She has made some very valuable contributions to the museum, not leasi in her contribution to helping to wite funding applications, and she continues to cement our strong relationship with Nottingham Trent University. (NTU). In ternis of funding, we were the recipients of a £8,000 UKSPF grant from Rushcliffe Borough Council, which enabled us to build the gazebo lo provide shelter in the garden and make a fully ac¢essibl¢ paved area. This included a relaid wider path which incorporates an incline rather than steps. W'e have since received a erant of a further £ I 0,000 of UKSPF funding from Rushcliffe to.ardS other costs for improving aceessibility at the museum, which we are CUentlY underway. Page 2
Ruddington Framework Knitters Museum Limited known as Framework Knitters Museum Trustees, Report Despite some pretty aul weather. the garden project was Completed within budget and on lime for us lo deliver verv charniing Luna New Year event in Conjunction with new partners Anglo-sino Heritage. a group of Chinese exchange Siudents from Beijing studying at NTU. In doing so, we again demonstrated our abilii) io work with diverse groups to deliver a community event whi¢h received highly positive feedback. We continued to deliver many other Successful events over the course of the year and hosted a vari¢ty of great exhibitions in our chapel. Our greatest achievement over ihe reporting period was our succcssful application for The Kings Award for Voluntary Service. granted in November 2023. li was an honour to welcome the Lord Lieut¢nant of NottingJhamshire, Prof. Veronica Pickering, who made the presentation here at the museum. This award. which is th¢ organisa1ional equivalent of an OBE, recognises arkd celebrates the impact of the contribulions made b). all of our amaiin¥ volunteers, without whom ihe museum could not operd(e. In Summer ?023 we were again graced with & Trip Advisor Traveller's Choice Award. which means we retain our position ill the top l OU/0 fdted visitor altractions worldivide. l-his is a direct consequen¢e of the emphasis we place on ensuring thai all our visitors have an enjo)'able time. resulting in us consistently achieving 5-star ratings on Trip Advisor. As always. the museum remains coinplelely indebted to our generous funders and supporter5, in particular The National Lottery Heritage Fund, Arts Council England, The Jones 1986 Charitable Trust, Rushcliffe Borough Council and Museum Development Easl Midlands. These are iough times for a small charity entirely reliant on donations of time and money. and at limes il feels like we are a ¥'ery stnall boat on a very rough sea. Despite this, our capacily to deliver an amazing % isiior experience with Ininimal r¢sourc¢s con(inues lo surprise and delight all those who come to visit us. Fingn¢i¥l review The year saw a net decrease in resources of £51,477 Income reduced to £127,997 from £241,921 The accumulated funds of the charity at 31 March 2024 were £248,046 which includes £67.969 of restricted funds and £180,077 of unrestricted funds. Poliry on reserves The Trusiees ha¢ considered the reserves held b). the museum as at ) l March 2024. R¢serv¢s are needed to ensure that the museum ¢&n meet its responsibilities for current activities and lo meel lis long tem) aims. The Trustees have review'ed the risks faced both short and medium lerm to ensure that the museum can continue lo operate on a going concern basis. Funds designaied for specific purposes are sel out in the notes attached to the financial statements. The Trustees ¢vntinuc io monitur th¥ level of reserves and th¢ long ienn aspiration remains that there should be free reserves equal to one year's operating costs. Page 3
Ruddington Framework Knitters Museum Limited known Yds Framework Knitters Museum Tru5tees' Report Trustees And officers The trustees and olTi¢ers serving during the year and sin¢¢ the year end were as follows.. Trustees= Mr P F McGowan Mr l Row50n, Chair Mr G Shuttleworth Mr B Smith, Treasurer Dr Pi¢kering-Wood1.4ppoinled 4 October 2023) Professor J G Ellis OBE (Resigned on 31 March 2024) Mr J N stank.ley (R¢sign¢d on 26 O¢tober 2022) Mr J Grevatte (Resigned on 29 March 2023) Ms S Godfrey (Resigned on 20 May 2024) Ms S Lovett (Resigned on 20 May 2024) Mr D R Jones {Resigned on 10 October 20241 Ms A Smith (Resigned on 10 October 2024) Other Officers: Pmfessor S D Chapman, President Sir Neil Cossons OBE. Patron Duke of Devonshire KCVO CBE DL. Patron Structurey governanee and management Nature ofgow'erning document The museum is a ¢ompany limited by guarantee and a registered charity governed by the rules set out in the Memorandum and Anicles of Association. Page 4
Ruddington Framework Knitters Museum Limited known as Framework Knitters Museum Trustees, Report Orgunisulional &truclure A board of irusiees is responsible for ihe governance of the museum. There are thre¢ part time paid members of staff. Responsibility for the day to day management of the site is delegated lo the muscum manager. He is assisted by a techni¢ian,'denionslraior and a volunteer orgaiiiser. A subsiantial numb¢r of volunteers assist in many arcas.. demonstrating. greeting and assisting visitors, staffing the museum shop. looking after the collections. a5SiSting with maintenance. organiging events. etc. The independent Friends of the Ki luseum raise funds lo support the museum s a¢livities. Professional advice is provided from a number of sources.. by Museum Development E&st Midlands. East Midlands Museum Service and professional consultants. The an ual report was approved by the In151ees of ihe Charity on 20 November 2024 and signed on its behaifby.. Mr l Rowson Trustee Page 5
Ruddington Framework Knitters Museum Limited known as Framework Knitters Museum Statement of Truslees, 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, repon and (he financial statements in accordance with applicable law and United Kingdom Accounting Standards Iunited Kingdom Generall), Accepied Accounting Practice). incliiding FRS 102 "The Financial Reporting Standard applicable in the L K and Republic of Ireland" Company law requires the Irustees to prepare financial statements for ea¢h financial year. Under company law the trusiees must not approve the financial statements unless they are satisfied that they give a true and fair view of the siale of affairs of the chariiable company and of the incoming resources and applicaiion of resources. including its income and expenditure. of the charitable company for that period. In preparing these financial statements, the trustees are required to.. select suit&ble accounting policies and apply them consistently. observe the method5 and principles in ihe Charities SORP: n)ake judgements and estimates that are reasonable and prudent. state whdhcr applicable accounting standards, comprising FRS 102 have been followed, subject to any material dcparturcs disc105cd and explained in the financial statements.. and prepare the financial statements on the going concern basis unless it Is inappropriate to presume that the hariiable company will continu¢ in business. The Irusiees are responsible for keeping proper accounting records that can disclose with reasonable accuracy at any time the finaneial position of the charitable company and enable them to ensure that the financial statements comply wirh the Companies Act 2006. They ar¢ also responsible for safeguarding the asgets of the charitable Company and hence for tak'ing reasonable steps for the prevention and deiection of fraud and oiher irregularities. The irusiees are responsible for the maintenance and integrity of the corporate and financial inforniaiion included on Ihc chariiable COTnpany'5 website. Legislation governing The preparation and dissemination of financial ststements may differ from legislation in other jurisdiction5. App d by the trustees of the Charity on 20 NoN'ember 2024 and signed on lis behalf b).: Mr l Rowson Truslee Page 6
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 C.hariiy trustees on my examination of the accounls of the Compan). for the year ended 31 March 2024. Responsibilities and basi5 of report As the Charity's tn]stees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance wilh the requiremeiits of the Coinpaiiies Act 2006 {'the 2006 Aci,). Having satisfied m)'s¢lf that the accounts of the Company are nol required to be audited under Part 16 of the 2006 A¢t and are eligible for independent examination, I report in respeci of my examination of your Charity's accounts as carried out under section 145 of ihe Charilies Act 2011 ('the 201 l Act. l. In carrying out my examination I have followed the Directions giN'en by ihe Charity Commission under section 14515)(b) of the 2011 Act. Independent examiner's statement have compleied my examination. I confimi that no matters have come to my attention in conne¢tion with the examination giving me ¢ause to believe= accounting records were not kept iri respect of Ruddington Framework Knitters Muscum LiTnited 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 i¥ith the accounting requirements of section 396 of the 2006 Act other than any requireinent that the accounts give a 'true and f&ir view, which is not a Inatter considered as part of an independent examination,. or 4. the accounts have not been prepared in accordan¢¢ with the methods and principles of the Statement of Recommended Pra¢ti¢e for accounling and reporting bj. ¢hariti¢s lapplicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021]. I have no concern5 and have come across no other matters in connection with the examination lo which attention sl)ould b order to enable a proper understanding of the accounts to be reached. N Couplan A DChA Northgat¢ House North Gale New Basford Nottingham NG7 7BQ 20 November 2024 Page 7
Ruddington Framework Knitters Museum Limited known as Framework Knitters Museum Statement of Financial Activities for the Year Ended 31 March 2024 (Including Income and Expenditure Account and Staten)ent of Total Recognised Gains and Losses) Linreslricted funds Restricted funds Total 2024 Note Income and Endowments from: Donations and legacies Charitable activities Other trading activities Investment income Oiher income 30.603 20.565 26,807 456 27,916 21,650 52,?53 26,807 456 27,916 Total incotne 106,J47 21.650 127,997 Expenditure on: Raising funds Charitable activities {16,99J) 1108..115} {16.993) 1162.481} 154,166) Total expenditure Net expenditure (125.308) (54,166) (179.4741 {18,961) 132,516) 151.477) Net movement in funds {18.961) lJ2.5161 (51.477) Reeoncili¥tion of funds Total fiinds brought forward 199,038 100,485 299.523 Total funds carried fonvard 23 180,077 67.969 248.046 The notes on pages 12 to 27 fomi an integral part of these financial statements. Pag¢ 8
Ruddington Framework Knitters Museum Limited known as Framework Knitters Museum Statement of Financial Activities for the Year Ended 31 March 2024 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses) Unrestrieted funds Restricted funds Total 2023 'ote Income and Endowments from: Donalions and legacies Charitable activilies Other trading activities Investment income Other income 79,743 14,830 21,552 147 23,865 101,785 181,528 14,830 21,552 147 23,865 Total income 140,1.37 101,785 241.922 Expenditure on: Raising funds c.haritable activities {12,64J) {89,09il 1983) 1_39,469) (lJ.6261 1128.5641 Total expenditure (101,7381 (40.452) 114? 1901 Net income 38,399 61.3i3 99.732 Net movement in funds 38,399 99,732 Reconeiligtion of funds Total funds broughi fotward 160,6J9 39.152 199.791 Total funds carried forw'ard 23 199.038 100.485 299.5?3 All of th¢ Charity's activities derive from continuing operations during the above two periods. The notes on pages 12 to 27 fomi an ini¢gr841 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 2024 2024 2023 Note Fixed assets Tangible assets 16 483.797 473,733 Current assets Stocks Debiors Cash ai bank and in hond 1.613 18 19 7.941 20.518 69,457 28.459 89,194 Creditors: Amounts fglling due within one year 20 (17,202) (13,209) Net current assels 11,257 75.985 Total assets le55 current liabilities 495,054 549,718 Creditors: Amounts falling due ifter more than one year 21 1247.008) (250.195) Net assets 248,046 299.52.1 Funds of the Charity: Restricted income funds Restricted fijnds 23 67.969 100.485 Unrestricted income funds Unrestricted funds 180.077 199.038 Totsl funds 23 248,046 299,523 For ihe financial year ending 31 March 2024 the Chariiy was eniiiled 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 th¢ year in question in accordance with section 476; and The directors acknoM,ledge their responsibilities for complying with the requirements of the Acl with respect to accounting record5 and the preparation of accounts. The notes on pages 12 to 27 form an integral part of these financial statements. Page 10
Ruddington Framework Knitters Museum Limited known as Framework Knitters Museum (Registration number: 04199994) Balance Sheet as at 31 March 2024 ncial stalements on page5 8 to 27 were approved by ihe trustees, and auihorised for issue on 20 November signed on iheir behalf by: 2024 an Mr l Rowson Trustee The notes on page5 12 to 27 forni an integral part of these financial Statements. Page 11
Ruddington Framework Knitters Museum Limited known as Framework Knitters Museum Notes to the Financial Statements for the Year Ended 31 March 2024 I Chgrity stgtus The Charit), is limited by guarantee. incorpordted in England and Wales. and consequently does not have share capital. Each of the trustees is liable to contribule an amount not ex¢eedin8 £1 towards the assets of the Charity in Ihe event of liquidalion. The address of its registered office is.. Chapel Street Ruddington Nottingham NGII 6HE 2 Accounting policies Summary of signific*nt #ceountirtg policies key occounting 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 complianee The financial siatements have been prep&red in accordance with Accounting and Reporting by Charities.. Siatement of Recommended Practice (applicable to charities preparing their accoiints in accordance w'ith the Financial Reporting Staiidard applicable in the UK and Rcpublic of Ireland IFRS 1021) (issued li) O¢tob¢r 2019) - (Charities SORP IfRS 102)). Ihe Finan¢ial Reporting Standard applicable in Ihe UK and Republic of Ireland (FRS 1021 and the Companies .4¢t 2006. Basis of preparation Ruddington Frainework Knillers Museum Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognis¢d ai historical cost or transaclion valu¢ unless otherwise stated in the relevant accounting policy notes. Going concern The irusiees consider that there are no material uncertainties aboul the Charity's ability to continue as a going concern nor any significant areas of uncertainty that affect the carying value of assets held by the Charity. Exemption from preparing a cish flow statement The Charity Opted lo early adopt Bulletin I published on 2 February 2016 and have therefore not included a cash flow ststemenl in these financial statements. Page 12
Ruddington Framework Knitters Museum Limited known as Framework Knitters Museum Iyotes to the Financial Statements for the Year Ended 31 March 2024 Income and endowments All income is recognised once the Charity has entitlement to the income, it is probable that the tncome will be received and the amount of tl)e income receiable can be measured reliably. Donations and leRUCI Donations are recognised when the Charity has been notified in writing of both the amount and settlemeni date. In the event that a donation is subject to conditions that require a level of perfom)ance by the Charit). befor¢ th¢ Charity is entitled to the funds. the income is deferred and not re¢ogni5ed until either those conditions are full). mel. or the fvifilmeni of those conditions is wholly within ihe control of the Charity and it is probable that these conditlOn5 will be fulfilled in the reporting period. Legacy gifts are recognised on a case by case basis folloiving the grant of probate when the administratorlex¢¢utor for the estate has communicated in wriling both the amount and settlement date. In the event that the gift is in the form of an asset other than cash or a financial asset traded on a recognised stock exchange, recognition is subject to the value of the gift being reliably measurable with a degree of reasonable accuracy and ihe tille to the asset having been transferred to the Charity. Granls receivable Grants are recognised when the Charity has an entitlement to the funds and any conditions linked lo ihe grants have been met. Where performance conditions are attached to the grant and are yet to be met, tlie income is recognised as a liability and included on the balance sheet &$ deferred income to be released. Gift old Incoming resources from t&x ¢laims are recorded on a weivable basis. Charilable aclivities Income from chmritsble activities includes income recognised as earned (as the related goods or services are provided) under contract. Expenditure All cxpcnditure is recogni5ed once there is a legal or constructive obligation to that expenditure, it is probable settlement is r¢quir¢d and the amount can be measured reliably. All c051s are allocated to the applicable expenditure heading that aggregate similar costs to thal category. Where cosls cannot be directly attributed to particular hcadings the), have been allocated on a basis consistent with the use of resources, with central slaff 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. Raisingfunds Tliese are costs incurred in attrdcting voluntary income. the management of investmcnts and those incurred in trdding activities that rais¢ funds. Page 13
Ruddington Framework Knitters Museum Limited known as Framework Knitters Museum Notes to the Financial Statements for the Year Ended 31 March 2024 Chorilable dLtivities Charitable expenditure comprises those costs incutTed by the Charity in the delivery of its activities and services for its beneficiaries. It includes both costs that Lan be allocated directly to such activities and those costs of an indirect nature necessarv to support them. Governance costs These include ih¢ costs attributable to the Charity's compliance with constitutional and slaiuiory requirements. including audil. Strategic management and truslees meetings and reimbursed expenses. Government Erants Ciovemmenl grants are recognised based on Ihc accrual model and are Ineasured al the fair value of the as£et recei.ed or receivable. Grants ar¢ classified as relating either to revenue or to assets. Grants relating to reN'enue are recognised in in¢om¢ over Éh¢ period in which ihe related costs are recognised. Grants relating lo assets are recoonised oN'er the expected useful life of the asset. Where part of a grant relating to an assei is deferred, it is recognised as deferred income. Taxation The c.harity is considered to pass the tests set OLIt in Pardgraph I Schedule 6 of the Finance Act 201 O and therefore it meets the definition of a charitable company for UK corporation tax pury)oses. Accordingly. Ihe Charity is potentially cxcmpt from tation in respect of income or capital gains received within catcgorics covcrcd by Chapter i Part I l of the Corporation Tax Act 201 O or S¢cTion 256 of the Taxation of Chargeable Gains Act 1992. to the extent Ihat such income or gains are applied exclusivel}, to charitable purposes. Tangible fixed assets Iiidividual fixed assets costing £500.00 or more are initially recorded at cost. less any subsequent accumulated d¢pre¢iation and subsequent accumulaied impairnienl losses. DepreciAtion and amortisAtion Depreciation is provided on tangible fixed assels 50 as to WTiie off the cost or valuation, less any estimated residual value. 0.er their expected useful economic life as follows.. Asset class Freehold Property Equipmeni and fixiures HLF equipment Depreciation method and rate 2% oncost 15•/0 on reducing balance 20Q/o Straight line Stock Stock is 'alued at the lower of cost and estimated selling pric¢ l¢ss costs to complete and sell, after due regard for obsolete and slow moving siocks. Cosi is deterniined using the firsi-in, first-out (FIFO). Pag¢ 14
Ruddington Framework Knitters Museum Limited known as Framework Knitters Museum Notes to the Financial Statements for the Year Ended 31 March 2024 Trade debtors Trade debiors are amounis due from cuslomers for services perfornied in the ordinary course of business. Trade debtors are recognised initially at the trnnsaction price. A provision for the impairnient of trade debtors is established when there is objective evidence that the Charity. will not be t4ble lo collect all amounts du¢ a¢cording to the original temis of the receivables. Cash and cash equivalents Cash and cash equivalenis Comprise cash on hand and call deposits. and other short-iemi highly liquid inveslmenls thal are readily convertible lo a known amount of cash and are subject lo an insignificant risk of change in value. Trade creditors Trade creditors are obligation5 to pay for g(K)ds or services that have been acquired in th¢ ordinary course of business from suppliers. Accounts payabl¢ are classified as cuent liabilities if the Charity does not have an unconditional right, at ihe 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 io defer settlement for ai least twelve months after the reporting date, they are presented as n0n•cuent liabilities. Trade creditors are recognised at the tran$tIOn price. Borrowings Interest-bearing botTowings are initially recorded at fair value, net of transaclion costs. Interest-bearing borrowings are subsequentl )' carried at amorti5ed cost. with the difference between the proceeds, net of trdnsaction costs, and the amount due on redemp(ion being recognised as a charge lo the StateTnent of FinanLial Aciivities over the period of the relevant borrowing. Interest expense is re¢ognised on the basis of the effective interest method and is included in inlerest payable and similar charges. Borrowings are classified as current liabilitie5 unless the charity has an unconditional righi to defer settlement of ihe liability for at least livelve months after the repolling dale. Fund structure Unrestricted income funds are general funds that are available for use al the trustees discretion in fvrtherance of the objectives of ihe Chariry. 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 15
Ruddington Framework Knitters Museum Limited known as Framework Knitters Museum Notes to the Financial Statements for the Year Ended 31 March 2024 Pensions and other post retirement obligations The Chariry operaies a defined coniribution pension 5¢hem¢ w,hieh ig a pension plan under which fixed contributions are paid into a pension fund and the Charity has no legal or cunstructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees th¢ benefits relating to employee service in the current and prior periods. Contributions to defined contribution plans are recognised in the Siatement of Financial Activities when they are due. If contribution payments exceed the contribution due for service. the exc¢5s is recognised as a prepayment. Fingncial instruments Cl&f.sification The company only has financial assets and financial liabilities of a kind that qualify basic finan¢ial instnjments. Basic financial instrutnents are initially recognised at transaction value and subsequently measur¢d at their settlcmeni value with the exception of bank loans which are subsequently measured at amortised cosi using the effective interest method. 3 Ineome from donations and legaeies Unrestricted fund5 General Restricted funds Total 2024 Donations and legacies; Donations from companies, trusts and similar proceeds Donations from individuals Grants. including capital grants; Government grants Other grants 18.000 6,400 18,000 8,152 1,752 953 5.250 15.898 4,000 16,851 9,250 30,603 21,650 52,253 Page 16
Ruddington Framework Knitters Museum Limited known as Framework Knitters Museum Notes to the Financial Statements for the Year Ended 31 March 2024 Unrestricted funds General Restricted funds Total 2023 Donations and legacies: Donations from companies, trusts and similar proceeds Donations trom individuals Legacies Donations from friends of the museum Grants. iiicluding capital grants: Government grdnts Other grants 24,000 7,755 35,245 24,000 7,755 35,245 2.000 2.000 3.143 9.600 43,153 56,632 46,296 66,232 79,743 101,785 181,528 4 Income from eharitable activities Unrestricted funds General Total 2024 Admission in¢ome 20.565 20,565 Unrestricted funds General Total 2023 Admission income 14,830 14,830 5 Income from other trading aetivities Unrestrieted funds General Total 2024 Trading income.. Sales of goods and services Evenis income: Other events income 26,154 26,154 653 653 26.807 26,807 Page 17
Ruddington Framework Knitters Museum Limited known as Framework Knitters Museum Iyotes to the Financial Statements for the Year Ended 31 March 2024 Unrestrieted funds General Total 2023 Trading income- Sales of goods and services Events income; Other events income 20.696 20.696 856 856 21,552 6 Investment ineome Unrestricted funds General Total 2024 Interest receivable and similar in¢om¢: Inleresl receii'able on bank deposits 456 456 456 456 Unrestrieted funds General Total 21b23 Interest receivable and similar income; Interest receivable on bank deposits 147 147 147 147 7 Other ineome Unrestricted funds Gener)Il Total 2024 Rental income 27,916 27,916 Unreslricted funds General Total 2023 Rental income 23.865 23.865 Page18
Ruddington Frnmework Knitters Museum Limited knoTrvn as Framework Knitters Museum Notes to the Financial Statements for the Year Ended 31 March 2024 8 Expenditure on raising funds ) Costs of trading Activities Ilnre5tricted funds General Total 2024 Costs of goods sold 16,993 16.993 16,993 16,993 Unrestricted fund5 General Restricted funds Total 2023 Costs of goods sold 12,643 983 13.626 12,643 13.626 9 Expenditure on charitable activities Unrestrieted funds General Restrieted funds Total 2024 Wages and salaries Employer pension Rates and aler Light and heat Insuran¢e Repairs and maintenance Telephone and internet Office expenses Subscriptions Staff Training and recruitmenl Travel and subsistence Advertising Legal and professional Bank charges 39,607 672 1,615 13,645 5,056 5,844 1.602 4,479 15,631 258 55,238 930 1,615 13.645 5.056 35,411 1,602 5,669 i34 1,508 29.567 .190 739 310 762 ?.932 888 769 762 8.308 888 5.376 Page 19
Ruddington Framework Knitters Museum Limited known as Framework Knitters Museum Notes to the Financial Statements for the Year Ended 31 March 2024 Unrestricted funds General Restricted funds Total 2024 Deprecialion Loan interest payable 7,633 19.47? 1.375 9,008 19.472 l Oi.590 54.166 159.756 Unrestrieted funds General Restricted funds Total 2023 Wages and salaries Employer pension Rates and water Light and heat Insurance Repairs and maintenance Telephone and intcrncl Office expenses Subscripiions Staff Training and recruitment Travel and subsistence Advertising Legal and professional Bank charges Depreciation Loan interesl payable 39,099 558 1.484 6,017 4.978 5.518 884 1,967 499 10.520 37 49,619 595 1,484 6,017 4,978 13,826 884 5,867 499 242 479 3.902 17,UOO 698 7.739 12,585 8,308 i.900 117 125 479 2,349 1,974 698 7,739 12.585 1.553 15.026 86,945 19.469 126,414 In addilion to the expenditure analysed above. there are also governance costs of £2.725 12023 £2.150) which relale directly lo charitable activities. See note l O for further details. Page 20
Ruddington Framework Knitters Museum Limited knojvn as Framework Knitters Museum Notes to the Financial Statements for the Year Ended 31 March 2024 10 Analysis of governance gnd support eosts Governonce costs Unrestricted funds General Total 2024 Independent examiner fees Examination of the financial statements 2.725 2,725 2,725 2,725 Unrestricted funds General Total 2023 Independent examiner fees Examination of the financial statements 2.150 2.150 2,150 2,150 I l Net incomingloutgoing resources Net (ouigoingyincoming resour¢es for the year in¢lud¢'. 2024 2023 Depreciation of fixed assets 9,008 7.739 12 Trustees remunerAtion and expenses During the year the Charity made the following transactions with trust¢es'. Ms S Godfrey Ms S Godfrey received remuneration of £21,965 (2023: £19.071) during the >ear. Ms S Godfrey is the manager of the site and as such r¢ceive5 a salar),. Mr l Row50n Mr l Rowson received remunerdtion of £3,63012023: £Nil) during the year. MS S LoTrett Ms S Loveii received remuneration of £14,83912023.. £Nill during the year. No trustees hav¢ reccived any reimbursed expenses or any other benefits from the charity during the y¢ar. Page 21
Ruddington Framework Knitters Museum Limited known as Framework Knitters Museum Notes to the Financial Statements for the Year Ended 31 March 2024 13 Staff costs The aggregale payroll costs were as follows: 2024 2023 Stsff costs during ihe yeAr were: 'ages and salaries Pension costs 55,238 931 49,619 595 56.169 50.214 The monthly average number of persons lin¢luding senior management I leadership team) employed by the Charity during the 'ear expressed as full time equivalents was as follows= 2024 2023 Museum staff Management No employee received emoluments of more than £60,000 during th¢ year. 14 Independent examiner's remunerA¢ion 2024 2023 Examination of ihe financial slatem¢nts 2.725 2,150 15 Taxation The Charity is a registered ¢harity and is therefore exempt froin taxation. Page 22
Ruddington Framework Knitters Museum Limited known as Framework Knitters Museum Notes to the Financial Statements for the Year Ended 31 March 2024 16 T2ngible fixed assets Land and building5 Furniture and equipment Total Cost At l April 202.1 Additions 551.532 19.072 65,981 617.513 19,072 At 31 March 2024 570,604 65,981 6J6,585 Depreei#tion Al l April 2023 Charge for ihe '¢ar 81.774 8,412 62.006 596 143,780 9,008 At 31 March 2024 90,186 62,602 152.788 Net book value Al 31 March 2024 480,418 3,379 483,797 Al 31 March 202J 469,758 47J.713 17 Stock 2024 2023 Stocks 1.613 18 Debtors 2024 2023 Trade debtors Prepaymenis VAT recoyerable 2,497 4,951 493 2.883 4,863 10,378 7,941 18,124 Page 23
Ruddington Framework Knitters Museum Limited known as Framework Knitters Museum Notes to tbe Financial Statements for the Year Ended 31 March 2024 19 Cash and cash equivalents 2024 2023 Cash on hand Cash at bank 32 20.486 134 69,323 20.518 69.457 20 Creditors." amounts fglling due within one year 2024 2023 Bank loans Trade creditors Other taxation and social security Other creditors Accruals 4,382 6,130 5,324 2,561 1,358 156 3,810 632 5,047 17.202 13,209 Creditors due within one year includes the following liabiliii¢s, on which security has been given by the Charity.. 2024 2023 Bank loans and overdrafts 4.382 5,324 The bank loan is secured by way of a mortgag¢ over ihe freehold property of the Charity dated October 2017. 21 Creditors: amounts falling due After one year 2024 2023 Bank loans 247.008 ?50.195 Creditors amounts falling due after more ihan one year includes the following liabilities. on which s¢¢urity has been given by the Ch&ri¢y: 2024 2023 Bank loans and overdrafts 247.008 250,195 Included in the Creditors are the following amounts due t4fter tnore than five years: Page 24
Ruddington Framework Knitters Museum Limited known as Framework Knitters Museum Notes to the Financial Statements for the Year Ended 31 March 2024 2024 2023 After more than five years by instslments 229,478 229.932 Bank loans and overdrafts after five years Repayable over 25 years at an interest rate of J.50/o over base rdte. 22 Pension and other schemes Defined contribution peDsion scheme The Charitv 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 £930 (2023 - £5951. 23 Funds Balance *t I April 2023 Ineoming resources Resourees expended Balance 4t 31 March 2024 Unrestrieted funds General Unrestricted income fund 199.038 106,347 (125,308) 180,077 Reslrieted funds Museum Developmeni East Midlands Museum Development Fund Frameshop Fund Garden Fund HLF Bid Writing Fund Workforce Development 58.132 40,878 1.475 (1,374) (37,185) 1,000 1.252 12,838 3,060 3,500 4,693 2,7?7 (12,838) 3,060 731 {2,769) Total restricted funds 100.485 21.650 (54,166) 67.969 Total funds 299.523 127,997 (179.474) ?48.046 Page 25
Ruddington Framework Knitters Museum Limited knoTrvn as Framework Knitters Museum Notes to the Financial Statements for the Year Ended 31 March 2024 Balance at I April 2022 Incoming resources Resource5 expended Balante at 31 March 2023 Unrestricted funds General Unrestricted income fund 160,639 140,137 {101,738) 199.038 Restrieted Museum Development East Midlands Museum Development Fund Frameshop Fund Shop Refurishmenl Educaiion Fund 58,132 36,653 58,1.12 40.878 1.475 36.557 1.595 132.332) 1120) {7.000) { 1.000) 7,000 1.000 Total restricted fund5 101,785 (40.4.i2) 100.485 Total funds 199.791 241,92? {142,190) ?99.523 The specific purposes for which the funds are to be applied are as follows: 1.he 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 eic, and is paid in arrears. The ¢hariry intends io submii funding bids during Ihe forthcoming year wilh a view Èo implementing this developtnent project. The Frameshop Fund is restricted to the repair and maint¢nan¢¢ of the frames and the frameshop. The Education Fund is retricted to the purpose of educating the public about framework knitting and the life and conditions of the people employed in the industry. HLF Bid Wriling Fundis restricted to write a bid for new grant for museum resili¢n¢e. Page 26
Ruddington Framework Knitters Museum Limited known as Framework Knitters Museum Iyotes to the Financial Statements for the Year Ended 31 March 2024 Analysis of net assets between funds Unrestricted funds General TolAI funds 91 31 Illar¢h 2024 Restricted funds Tangible fixed assets Current assets CUent liabilitie5 Creditors over l year 387,888 39,197 95.909 110.738) (17,202) 483.797 28,459 (17,?02) (?47.008) {247,008) Total net assets 180,077 67.969 ?48.046 Ilnrestricted funds General TotAI funds at 31 March 2023 Restricted funds Tangible fixed assets Current assets Current liabilities c.reditors over l year 384,906 77,536 {13,209) (250,195} 88.827 11,658 473.733 89,194 (13,209) (?50.195) Total net assets 199.038 100,485 299,5?3 24 Related party transactions During the year the Charity made the following related party transactions= Mr G Shuttleworth (Trusiee) During the year, a £1,030 (2023.. £460) donation was received from the Trusiee. Ai the balance sheet date the amount due lolfrom Mr G Shuttleworth was £Nil (2023 - £Nil}. Mr P McGowan ((Trusteel} During the year. a £50012023.. £Nill donation was received from the Trustee. At the balance sheet date the amount due lolfrom Mr P McGowan was £Nil (2023 - £Nil). Page 27