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 CU￿entlY underway.
Page 2

Ruddington Framework Knitters Museum Limited
known as Framework Knitters Museum
Trustees, Report
Despite some pretty a￿ul 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 recei￿able 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 t￿ation 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 cu￿ent 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•cu￿ent 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
CU￿ent 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