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 2025 RWB CA Limited Northgate House North Gate New Basford Nottingham NG7 7BQ
Ruddington Framework Knitters Museum Limited known as Framework Knitters Museum Contents Ref¢ren¢e and Administrative Details Trustees, Report 2to8 Statement of Ttees, Responsibilitie5 Independent Examinees Report Ioto 11 Statement of Financial Activities 12to 13 Balance Sheet 14to 15 Notes to the Financial Statements 16to32
Ruddington Framework Knitters Museum Limited known as FrameTrvork Knitters Museum Reference and Administrative Details Charity ReEiStr8tion Number 1087998 Company Regislr8tion Number 04199994 The Charity is incorporated in England and Wales. Chapel Street Ruddington Nottingham NGII 6HE Registered Office Independent ExAmiDer RWB CA Limited Northgate House North Gate New Basford Nottingham NG7 7BQ Barclays Bank Pl POBOX 18 High Street Notiingham NGI 6FF Banker5 Page I
Ruddington Framework Knitters Museum Limited known as Framework Knitters Museum Trustees, Report The tntee5, who are directors for the purposes of company law, present th¢ annual report together with the fmancial statement5 of the charitable company for the year ended 31 March 2025. Objectives And activities Objects and ainL The Framework KThitters' Museum is an independent. community-establi5hed working museum governed by its Trustees. Located on a historically Significant site comprising frameshops, cottages, oulbuildings, gardens. and a fornier chapel, the museum is dedicated to preserving and interpreting the heritage of framework knitting and its impact on the East Midlands textile industry. Our core aim is to Safeguard the eviden¢e of the living and working conditions of nineleenth-century framework knitter5, whose craft shaped the growth of Ruddington village and contributed to broader industrial developments. Through our collections, exhibition5. and educational programmes-including the Luddite story-we explore the social, economic, and cultural dimensions of this history. In 741ignment with contemporary values, the museum is committed to emb¢dding su51ainability across its operations. Thi5 includes promoting enviromnental responsibility through slow craft practices, enhancing accessibility and digital engagement. and ensuring financial and organisational resilience. We Strive to be a model of how heritage institutions can honow the past while actively contributing to a more sustsinable future. Public benefil Over the past year, the Framework Knitters Museum has placed increasing emphasis on expanding public engagement and embedding 5U5tainable practices across its operations. Through interactive workshop5. inclusive events. and strategic partnerships with educational institutions and local organisations, the museum has fostered deeper connections with diverse audience5. Sustainability ha5 become a guiding principle, reflected in our PrOamming, infrastructure improvements, and commitment to slow craft and environmentally consciou5 practices. These efforts not only enhance the visitor experience but also ensure that the museum continues to serve as a resilient and relevant cultural resource for the community. The trustees confirni that they have complied with the requirements of section 17 of the Charities Act 2011 to have due reg8rd to the public benefit guidance published by the Charity Commission for England and Wales. Achievements and performance The reporting period began with seriou5 con¢erns regarding escalating expenditure aThd c05t5, which were not being offset by income. Although income from shop. café, and admissions increased, costs rose at a faster rate. Trustees have continued to monitor and control expenditure closely. PlanThing commenced for the Resilience Bid to the National Heritage Lottery Fund (NHLF), aimed at ensuring the museum's sustainability. The bid focused on in¢ome generation and reducing running costs. including converting the Me7nine level in the Chapel to create a more acc¢s5ible and comfortable space for staff. thereby freeing up herita8e buildings for futtwe interpretation. Page 2
Ruddington Framework Knitters Museum Limited known as Frameivork Knitters Museum Trustees, Report Training and development efforts continued, with Stuart. our technical expert, providing training to staff and volunteers both on-site and at external locations in Leicester and Halifax. Volunteer recruttment remains a priority, with ongoing efforts to grow the team to 60 members, particularly to support activities on Friday5 and Saturdays. The museum received significant media attention. including a documentary by Arte TV on the Luddites. Visits from New York playwrights, and a feature in Susan Calman'5 'Grand Day Oul, serie5. showcasing our dedicated staff and volunl¢¢rs. Volunteers parti¢ipated in a resCah trip to the National TTUSt's Back to Backs in Birniingham, sparking valu&ble discussions on interpreting working people's lives and the similarities to our ON1 historic site. From May to July, the museum hosted the 'lnvisible Threads, exhibition by the Second Turning Textile Group, featuring detailed and thoughtful textile work. Visitors engaged with the artists and participated in a 'wrapping and weaving, workshop held in the museum gardens. Mary Hawkins and Barbara Harrington-Tucker represented the museum at the Buckingham Palace Garden Paty, receiving the King's Award for Volunteering. The museum received a generous donation of £3.000 from The Friends of the Museum. The museum was shortlisted for the Pride of Ruddington awards in th¢ Hospitality, category for Parker's Yard and the 'Sport & Culture, Gategory for the Framework Knitters Museum. Parker's Yard was named nner-Up. and the mus¢um received a 'Highly Commended, recognition. By June, mid-year financial concern5 persisted. with shop sales lower than expected and grant fimding falling short of applications. Trustees continue to explore sustainable practices and alternative fijnding sources. The mu5¢um hosted a Zero W&8te Applique Workshop with textile artist Rebekah Johnston. promoting Slow craft practices and environmental awareness. A Special event was held to celebrate the presentation of the King's Award for Voluntary Service to the museum. volunteers and tnlstees. The aw8rd was fornially presented by Nottingham's Lord Lieutenant, Profe550r Veronica Pickering. who praised the museum's outstanding ¢ommunity impa. Support from Rushcliffe Borough Council enabled $ignificani digital and acce55ibility improvements. including a £5.000 grant for web51t¢ updates, £2,500 for enhanced Wi-Fi infrastructure, and £2.550 for the cr¢ation of 360-degree access video. The museum hosted a 'Sustainabl¢ Mu$eums' event led by MA Museum and Heritage Development students and Dr. Rebekah Pirkering Wood, offering interactive workshops on sustainability in the mus¢um sector. Nfu Medi student5 also ¢ontributed to the museum's outreach efforts through making short film5. Ive also bid farewell to our Creative and Commercial Manager. Sarah Godfrey. whose contributions to commercial growth and Social media engagement were invaluable. Page 3
Ruddington Framework Knitters Museum Limited known as Framework Knitters Museum Trustees, Report The museum received two grants totalling £18.000 from the UK Shared Prosperity Fund and Rural England Prosperity Fund to enhan¢¢ the visitor experience. This funding enabled the museum to complete its garden shelter and fully accessible pathway which have 5in¢e been used for a wide range of events. workshops and activities. Thanks to Nottinghamshire County Council. the museum participated in the Nottinghamshire Day event. Sculptor Rachel Carther visited to discuss her project 'Standing In This Place,, aligning with the museum's themes of labour and exploilation. We welcomed international visitors. many of whom discovered ancestral ties to framework knitting. The museum w&$ honoured with the TripAdvi50r Traveller's Choice Award for the third consecutive year. Additionally, we h05ted MP James Naish. who engaged with Trustees on the museum's achievementy and fvtur¢ plans. The Ruddington Arts and Craft Society Summer Exhibition was displayed in the Chapel Gallery throughout September and October. A free Cyanotype workshop held during Heritage Open Days attracted over 40 participants of all ages, emphasising the importance of accessible progr4mnllng. Interdisciplinary Artist Monica C. Locascio explored the museum's Griswold machines. drawing connections to her work with repurposed materials and black holes. In October, the museum received the first instalmentt of the £244,168 National Lottery Heritage Fund Resilience Grant for the 'A Stitch in Time, project. This funding supports sustainability initiatives including replacing the gas boiler, upgrading electrical systems and insulation, hiring a project manager, and engaging external expert5. Volunteers were r¢cognized with the Marsh Volunteers in Learning Award for the East Midlands, presented at the British Mu5¢um. At the AGM in November. Trustees Dennis Jones. Anastasia Smith. and Julian Ellis stepped down after year5 of dedicated service. We wel¢omed new Trustees Martha jaskO-Lacn¢e, with over 25 years of museum experience, and Sayali Goyal, a culturdl project leader and editor of Cocoa and Jasmine magazine. The museum concluded the year with festive events in December including HTeath-making, tinsel workshops, and a Victorian Christmas celebration. Th¢ Ruddington Yarn Ninj&8 contributed knitted mince pies, and Father Christmas Vi51ted the museum cottage. Special recognition goes to Mary Hawkins, who completed her l.OOOth pair of handwamiers. an outstanding contribution to the museum shop's success. During the museum'5 annual winter closure in January and February, maintenance work was undertaken. including the installation of new central heating in the frameshop. A major floor repair required the carefiil relocation of a knitting frame, 5howca5ing the dedication and teamwork of our volunteers (and collective strength!). The start of 2025 saw the board of trustees face challenges and development opportunities. Whilst we received £1,632 from the Museurn Development Midlands Strategic Grant S¢heme (Trustee Network Grants), sUPPOrting gov¢rnan¢e and trustee developmenL we also saw Chair of Trustees Ian Rowson step dowi unexpectedly due to ill health. We thank him for hi5 service and leadership and dedication to seeing ihe constant development of the museum. This created concern5 for the board, who put emergency measures in place to ensure the governance of the museum remained stable in uncertsin times. Tntee Graham Shuttleworth stepped in as Interim Chair from February. Page 4
Ruddington Framework Knitters Museum Limited known as Framework Knitters Museum Trusteesl Report By the end of this reporting period. the board sucGe55fully recruited David Longford into the role of Museum Manager. Coming from roles at the Theatre Royal Nottingham and National Trust Children's County House at Sudbury. his enthusiasm for community engagem¢nt and staff development will be of at importance a5 we begin thc d¢livery of the 'Stitch in Time. Proje¢L fimded by NHLF. David's began his role in April 2025, and therefore th¢ impact of his presence throughout the year will be discussed in the report at the ne AGM in 2026. Parker's Yard continues to be a popular destination within Ruddington, supported by a strong and ¢ollaborative relationship with Split S¢re¢n Coffee Co. Together, we have developed a vibrant café offering, including catering for events and the introduction of evening supper clubs. which enhance the site's tsppeal and community engagement. However, a key challenge remains in clearly distinguishing the Gafé's commercial operations from the museum's haritable activities. Many visltors are unaware that purchases mad¢ at the café do not directly support the museum's charitable objective5. To address this, we plan to implement dedicated charitable giving stations and improve on-site and digital communi¢ations to raise awarenes5 of how visitors can contribute to the museum's sustainability and long-tem) development. Space hire at the museum has remained steady over the past year, with regular bookings contributing to site activity and community engagement. However, there ts significant potential for growth in this area. To maximi5e the mu5eum'5 ¢omrnercial viabiltty, we aim to expand opportunities for both public and private hire, including hosting even15, workshops. and corporate functions. Enhancing the visibility and appeal of OUT spares for external use will be a key focus in the coming year. supporting our broader strategy to embed 5UStainable income generation rosS the museum's operations. Framework knitting remains ¢l&ssified as Critically Endangered on the Heritsge Crafts Association's Red List, indicating that the craft is at seriou5 risk of no longer being practised in the UK due to limited training opportunities and financial viability. The Framework Knitters Museum is currently the only 51te in the UK where these traditional skills are actively taught and demonstrat¢d. Our dedicated staff and volunteers continue to play a vilal role in preserving and passing on the knowledge of framework knittin& ensuring its survival for futrjre generation5 and embedding 5ustsinable craft practices at the heart of our mission. The Trustee5 wish to express their sincere gratitrjde to the museum's generous funders and supporters. whose contributions have been vital to our continued success. In particular. we acknowledge the support of The National Lottery Heritage Fund. Arts Council England. The Jones 1986 Charitable Trust, Museum D¢v¢lopment Midland5. and Rushcliffe Borough Council. Their investment has enabled us to deliver impactful programmes, improve iDfra5tructUTe. and strengthen our long-t¢rn) sustainability. We remaiD deeply appreciative of their ¢ommilment to OUT mission and heritage. The Board of Trustee5 remains fully committed to upholding strong governance practices and ensuring that every pound raised or ¢ontributed is used effectively and responsibly. We continue to prioritise transparency, accountability. and value for money in all a5pe¢ts of the museum's operdtions and development. Page 5
Ruddington FrameTrvork Knitters Museum Limited known as Framework Knitters Museum Trusteesl Report The Tnte¢S extend their sincere thanks to all staff, volunteers, funder5, and supporters who ¢ontributed to the museum's 5u¢¢¢ss during this period. Despite ongoing fuwicial challenges, the museum continue5 to thrive through community eng&gement, public recognition, and strategic planning. The Trustees remain committed to ensuring the fman¢ial sustainability and community relevance of the Framework KThitter5 Museum and will continue to guide it5 operation5 with careful oversight and a shared commilm¢nt to preserving and interpreting the heritage of framework knitting. FinADcial review This year saw an increase in r¢sources of £95.148 Income increased to £258.212 from £127.997 The accumulated fiuids of the charity at 31 March 2025 were £343,194 which includes £153,766 of restricted funds and £189,428 of unrestricted fuThds. Policy on erVeS The Tru5tee5 have considered the reserves held by the museum as At 31 March 2025. Reseryes are needed to ensure that the museum can meet its responsibilities for current a¢tivities and to meet it5 long tem aims. The Trustees have reviewed the risks faced both short and medium tetm to ensure that the museum can continue to operate on a going concern basis. Fund5 designated for specific pu05¢5 are set out in the Thote5 attached to the financial ststements. The Trustees ontinue to monitor the level of re5erYes and the long tern] aspiration remains - that th¢r¢ should be free reserves ¢qual to one year's operating c05t5. Page 6
Ruddington Framework Knitters Museum Limited known as FrameTrYork Knitters Museum Trustees, Report Trustees and officers The trustees and officers serving during the year and since the y¢ar end were a5 follows.. Trustees.. Mr P F McGowan Mr B Smith. Treasurer Ms S Goyal (Appointed 20 August 2025) Mr l Rowson (Resigned on 25 July 2025) Mr G Shuttlworth (Resigned on 31 August 2025) Ms A Smith (Re5ign¢d on 10 October 2024) Ms S Godfrey (Resigned on 20 May 2024) Ms S Lovett (Resigned on 20 May 2024) Mr D R Jones (Resigned on io October 2024) Ms M l Jasko-Lawrence (Appointed 01 October 2025) Dr R E Pickering Wood Professor S D Chapman, President Sir N C0550ns OBE. Patron Duke of Devonshire KCVO CBE DL, Patron Chair: Other Officers: Structur¢> governance and m9nagemeDt Ivalure ofgoverning 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. Oryanisational s¢ructure The Framework Knitters Museum is governed by a Board of Trustee5, who provide strategic oversight and ensure the museum's long-tern] sustainability and public benefit. Operational management of the museum is delegated to the Museum Manager, supported by a dedicated team of four additional part-time staff: the People and Culture Manager. Fram¢5hop Technician Demonstrator. Museum Administrator, and Textil¢ Artist/DemonstratOT. substantial and valued team of volunteers play5 a vitsl role in the museum's day-to-day operations. Their contributions span a wide range of activities including visitor engagement, demonstrations. retail operations. collections care. site maintenance. and the planning and delivery of events, Workshops. and interactive experiences. Pag¢ 7
Ruddington Framework Knitters Museum Limited knojvn as Framework Knitters Museum Trustees, Report The museum a150 benefits from the support of the independent Friend5 of the Museum group. who actively raise funds to support its programmes and development. Professional guidance is sought from sector bodies such as Museum Development Midlands, the Heritage Trust Network. and external consultants. ensuring that the MleUM continues to operate in line with best practice and sector standards. The annual report proved by the trustee5 of the Charity on 12 November 2025 and signed on its behalf by: Dr R E Pickering Wood Chair Page 8
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 PUTposes of company law) are responsible for preparing the ttustee5' report and the financial statements in accordance with applicable law and United Kingdom Accountin8 Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republi¢ of Ireland Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must nol approve the financial statements unle55 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 ¢xp¢nditure, of the charitable company for that period. In preparing these financial ststements. the tru5t¢¢s are required to: sel¢rt suitable accounting policies and apply them consistently. observe the methods and principles in the Charities SORP. mak¢ judgements and estimate5 that are re&80nable and prudent: State whether applicable accounting standards, comprising FRS 102 have been followed, subject to any material departures disclosed and explained in the financial statement5. and prepare the financial slatements on the going concern basis unless it Is inappropriate to presume that the charitable company will continue in business. The trustees are responsible for keeping proper accounting record5 that can disc105e with reasonable accuracy at any ttme the financial position of the charitable company and enable them to ensure that the fmancial statement5 comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Gharitable company and hence for taking reasonable steps for the prevenlion and detection of fraud and other irregularities. The tTU5tees are responsible for the maintenance and integrity of the corporate and financial inforniation included on the charitable cornpany's website. Legislation governing the preparation and di55emination of financial statements may differ from legislation in other jurisdictions. Approved by the tSte¢S of the Charity on 12 November 2025 and signed on its behalf by: kering Chair Page 9
Ruddington Framework Knitters Museum Limited known as Framework Knitters Museum Independent Examiner's Report to the trustee5 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 2025. Responsibilit1¢5 4nd bAsis of report As the Charity's trustees of the Company (and a150 its directors for the purposes of company law) you are responsible for the preparation of the a¢¢ounts 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 account5 as carried out under section 145 of the Charitie5 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 201 l Act. Independent exAminer'5 Statement Since the Company's gross income exceeded £250,000 your examiner must be a member of a body lisled in section 145 of the 2011 Act. I confirn] that l am qualified to undertake the examination because l am a member of . which is one of the listed bodies. I have completed my examination. l ¢onfArn] that no matters have come to my attention in connection with the examinatlOA giving me cause to believe.. accountirAg 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 Tecords. 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 whiGh is not a matter con5id¢red as part of an independent examination; or 4. the accounts have not been prepared in accordance with the methods and principle5 of the Statemenl of Recommended Practice for accounting and reporting by charities lapplicable to charitie5 prep3ring their accounts in a¢cordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)]. Page 10
Ruddington Framework Knitters Museum Limited known ay Framework Knitters Museum Independent Examiner's Report to the trustees of Ruddington Framework Knitters Museum Limited ('th¢ Company,) I have no concerns and have come across no other matters in connection with the examination to which attention should be dra in thi5 report in order to enable a proper understanding of the accounts to be reached. Mr N Bonnello FCA Northgate House North Gate New Basford Nottingham NG7 7BQ 12 November 2025 Page 11
Ruddington Framework Knitters Museum Limited known as Framework Knitters Museum Statement of Financial Activities for the Year Ended 31 March 2025 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses) Unrestricted funds Regtricted fuDdg TotAI 2025 Note Ineome and Endowments from: Donations and legacies Charitable activities Other trading activities Investment income Other income 38.232 18,570 24.126 633 29,528 147,123 185,355 18,570 24.126 633 29.528 Total income 111,089 147.123 258.212 Expenditure on: Raising funds Charitsble activities (13.836) 87,562 (13,836) 149,228) 61.666) Total expenditure 101,398) (61.666) 163,064) Net income Tr4n5fers between funds 9,691 (340) 85,457 340 95.148 Net movement in fimds 9.351 85,797 95,148 Reconeiliation of fuods Total fimds brought fonvard 180,077 67,969 248,046 Total fimds carried forward 21 189,428 153,766 343,194 The notes on pages 16 to 32 fonn an integral part of these fmancial statements. Page 12
Ruddington Framework Knitters Museum Limited known as Framework Knitters Museum Statement of Financial Activities for the Year Ended 31 March 2025 ncluding Income and Expenditure Account and Statement of Total Recognised Gains and Losses) Unrestricted funds Restri¢ted funds Tot81 2024 Note Income And Endowments from: Donations and legacies Charitable activities Other trading activiti¢5 Investment in¢ome Other income 30,603 20.565 26,807 456 27,916 21.650 52,253 20,565 26,807 456 27,916 Total income 106,347 21.650 127,997 Expenditure on: Raising funds Charitable activities (16,993) (108,315 (16,993) (162,481) (54.166 Total expenditure Nel expenditure (125.308) 54.166 (179,474 18,961 (32,516 51,477) Net movement in funds (18,961) (32,516) (51.477) Reconciligtion of funds Total funds brought forward 199.038 100,485 299.523 Total fimds carried forward 21 180,077 67.969 248,046 All of the chIty'S activitie5 derive from continuing operations during the above two periods. The notes on pages 16 to 32 forni an integral part of these financial statements. Page 13
Ruddington Framework Knitters Museum Limited known as Framework Knitters Museum (Registration number: 04199994) Balance Sheet as at 31 March 2025 2025 2024 Note Fixed 45sets Tangible &ssets 16 474,878 483,797 Current assets Debtors Cash ai bank and in hand 17 18 12,009 110,995 7,941 20,518 123.004 28,459 Creditors: Amounts falling due within one year 19 19,130 17.202) Net current Aysets 103,874 11,257 TotAI assets less current liabilities 578,752 495,054 Creditors: Amounts falling due after more than one year 20 (235,558) 343,194 (247,008) 248,046 Net A55¢ts Funds of the Charity: Restricted income funds Restricted funds 21 153,766 67,969 Unrestricted iticome funds Unrestri¢ted funds 189,428 180.077 Tot41 funds 21 343,194 248,046 For the fmancial year ending 31 March 2025 the Charity was entitled to exemption from audit under section 477 of the Companies Ath 2006 relating to small companies. Directors, responsibilities.. The members have not required the Charity to obtain an V4udit of its accounts for the year in question in accordance with section 476. and The directors acknowledge their responsibilities for complying with the requirement5 of the Act with respect to accounting records and the preparation of accounts. The Thotes on pages 16 to 32 forn] an integral part of these financial statements. Page 14
Ruddington Framework KDitters Museum Limited known as Frameivork Knitters Museum (Registration number: 04199994) Balance Sheet as at 31 March 2025 The financial statement5 on pages 12 to 32 were approved by the trustees. and authorised for issue on 12 November 2025 and signed on their behalf by.. DrR Chair Pickering Th¢ notes on pages 16 to 32 fonn an integrnl part of these fmancial stat¢m¢nt5. Page 15
RuddingtoD Framework Knitters Museum Limited known as Framework Knitters Museum Notes to the Financial Statements for the Year Ended 31 March 2025 I 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 as5et$ of the Charity in the event of liquidation. The address of its registered office is: Chapel Street Ruddington Nottingham NGII 6HE 2 Aeeounting policies Summary of significant Accounting policles and key accounting estimates The principal flccounting poliGies applied in the preparation of these financial statements are set out below. These policies have been con515tently applied to all the year5 presented, unless otherwise stated. Statement of compliance The fmanciai statements have been prepared in accordance with Accounting and Reporting by Charities: Stalem¢nt of Recommended Pra¢tic¢ (applicable to charitie5 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 prep*rstitsn 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 CODcern The trustees consider that there are no material uncertaintie5 about the Charity's ability to continue as a going oncern nor any significant areas of un¢¢rtainty that affect the carying value of assets held by the Charity. Exemption from preparing a casb now Statement The Charity opt¢d to early adopt Bulletin I published on 2 February 2016 and have therefore not in¢luded a cash flow statement in these financial statements. Page 16
Ruddington Framework Knitters Museum Limited known as Framework Knitters Museum Notes to the Financial Statements for the Year Ended 31 March 2025 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 ¢aD b¢ me&4ured reliably. Dondftons and legoci Donation5 ar¢ re¢o8ni5¢d 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 fvnds, 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 condition5 will be fulfill¢d in the reporting period. Legacy gifts are recognised on a case by case basis following the grant of probate when the administrator/executOT for the estate has communicated in lting both the amount and settlement date. In the event that the gift is in the fom) of an asset other than cash or a fmancial &8set traded on a recognised stock exchange. recognition is subject to the value of the gift being reliably measurable with a d¢gr¢¢ of reasonable accuracy and the title to the asset having been transferred to the Charity. Grants receivable Gr&nts are recognised when the Charity has an entillement to the fLmds and any condition5 linked to the grants have been met. Where perforniance conditions are attsched to the grant and are yet to be mel, the income is recognised as a liability and included on the balance sheet as deferred in¢orn¢ to be released. Gift aid Incoming resources from tax claims are recorded on a reGeivabl¢ basis. Charitable acliviftes Income from chaTitsble activities includes income recognised as eam¢d (as the related goods or service5 arc provided) under contract. Expenditure All expenditure is recognised once there is a legal or wnstructive obligation to that expenditure, it 15 probable settlement 15 required and the amount can be measured reliably. All c05t5 are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly atiributed to particular headings they have been allocated on a basis con5iStent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charge5 allocated on the portion of the asset's use. Other support costs are allocated based on the spread of staff costs. Raisingfundg These arc costs fftn¢urred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds. Page 17
Ruddington Framework Knitters Museum Limited known as Framework Knitters Museum Notes to the Financial Statements for the Year Ended 31 March 2025 Choritoble activities Charitable expenditure comprises those costs incurred by the Charity in the delivery of its activities and Services for its benefi¢iarie5. It includes both costs that can be allocated directly to such activities and those costs of an indirect natur¢ necessary to support them. Governance costs These include the costs attributable to the chIty'S compliance with constitutional and statutory requirements. including audiL strategic management and trustees meetings and reimbursed expenses. Government grants Government grants are rewgnised based on th¢ aCcnl model and are measured at the fair value of the Set 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 &85ets are recognised over the expected useful life of the asset. Where part of & grant relating to an asset is deferred. it is recognised as deferred income. Taxxtion The Charity is considered to pass th¢ tests Set out in Paragraph I Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation puOSeS. A¢¢ordingly, the Charity is potentially exempi from taxation in respect of income or capitsl gains received within Categories covered by Chapter 3 Part I l of the Corporation Tax Act 2010 or Section 256 of the Tation of Chargeable Gains Act 1992. to the extent that such income or gains are applied exclusively to charitable purposes. Tangible rued a8setS Individual fed assets ¢osting £500.00 or more are initially rerded at cost, less any 5ub5¢quent accumulated depreciation and subsequent accumulated impairnient losses. DepreciAtion and amortisation Depreciation 15 provided on tangible fLxed assets so as to lte off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows: A55et clas5 Freehold Property Equipment and f8 HLF equipment DepreciatlOD method and rJt¢ 20/0 on cost 15 /0 on r¢ducing balance 20 % straight line Stock Sto¢k is valued at the lower of cost and estimated selling price less ¢osts to complete and 5¢11, aft¢r due regard for obsolete and Slow moving stocks. Cost is determined using the fst-In. fst-oUt (FIFO). Page 18
Ruddington FrameTrYork Knitter8 Museum Limited knoiyn as Framework Knitters Museum Notes to the FinaDcial Statements for the Year Ended 31 March 2025 Trade debtors Trade debtors are amounts due from cu5tom¢rs for services perfonncd in the ordinary COUTSC of business. Trade debtors are recognised initially at the transaction price. A provision for th¢ impairnient of trade d¢btors is established when there is objective evidence thai the Charity will Dot be able to collert all amounts due according to the original ternis of the receivables. Cash and ¢¥sh equivalents Cash and cash equivalents COrnPri5e cash on hand and call deposits. and other short-tenn highly liquid investments that are readily convertible to a knowTr amount of cash and are Subject to an insignificant risk of change in value. Trade creditors Trade ¢reditors are obligations to pay for good5 or services thai have been acquired in th¢ ordinary course of busines5 from suppliers. Accounts payable are Glassified as currenl liabilities if the Charity does not have an unconditional right. at ihe end of the reporting p¢riod. to defer settl¢m¢nt of the creditor for at least twelve months after the reporting date. If there is an unconditional righi to defer settlement for at least twelve months after the reporting date. they are presented as non-¢urrent liabilitie5. Trade creditors are recognised at the transaction price. Borrowings Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Intere5t-bearing borrowings are subsequently Caled at wnortised cost. wtth the difference between the proceeds. net of transartion costs, and the amount due on redemption being recognised as a charge to the Statement of Financial Activitie5 over the period of the relevant borrowing. Interest expense is recognised on the basis of the effective interest method and 15 included in interest payable and similar charges. Borrowings are classified as cuent liabilities unles5 the charity has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date. FuDd Structure Unrestricted iD¢ome fjjnds are general funds that are available for use at the trustees discretion in furtherance of the objectives of the Charity. Designated funds are unr¢stricted funds Set aside for specific purposes at the discretion of the trustees. Restricted income fund$ are those donated for use in a particular area or for spccific purp05e5, the use of which is restricted to that area QT purpose. PY4ge 19
Ruddington Framework Knitters Museum LAmited knoivn as Framework Knitters Museum Notes to the Financial Statements for the Year Ended 31 March 2025 PeDSiOnS and other post retirement obligations The Clwity operate5 a defined contribution pension scheme which is a pension plan uThder 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 cunent and prior period5. ContrTbutions to defined contribution plans are recognised in the Ststement of Financial Activities when they are due. If contribution pa)Tnents exceed the contribution due for service, the excess 15 recognised as a prepayment. FiDaDeial iostruments ClÈusification The company only has fmancial assets and financial liabilities of a kind that qualify &8 basic financial instruments. Basic fmancial instruments are initially recogThised at transaction value and subsequently measured at their 5¢tt1em¢nt value with the exception of bank loans which are subsequently measured at amortised cost using the effethiv¢ interest method. 3 Income from donations and legaeies UDre5trieted funds DesigDAted General Restricted funds Tot81 2025 Donations and legacie5; Donations from ¢ompani¢5. trusts and similar proceeds Donations from individuals Legacies Grants, including capital grdnts. Govemmertt grants Other grants Regular giving and ¢apitai donations 18.000 6,782 500 18,000 8,304 10.500 1,522 10,000 132.134 10.467 3,000 147.123 132,134 13.417 3,000 2,950 10,000 28,232 185,355 Page 20
Ruddington Framework Knitters Museum Limited known as Framework Knitters Museum Notes to the Financial Statements for the Year Ended 31 March 2025 Unrestrided ruDd5 General Restricted funds Total 2024 Donations and legacies. Donations from companies, tsusts and similar proceeds Donations from individuals Grants. including capital grants; Government grants Other grants 18,000 6.400 18,000 ,152 1,752 953 5.250 15,898 4,000 16,851 9.250 30.603 21.650 52,253 4 Income from cbarit4ble activities Unrestricted funds General Total 2025 Admission in¢ome 18,572 18.572 Unrestrieted fuods GeDer•l Tot41 2024 Admi55ion income 20,565 20.565 S Ineome from other trading activiti Unrestricted fund5 GenerAI TotAI 2025 Trading income. Sales of goods and services Events income. Other events in¢ome 22.657 22.657 1.469 1.469 24,126 24.126 Pag¢ 21
Ruddington Framework Knitter5 Museum Limited known a5 Framework Knitters Museum Iyotes to the Financial Statements for the Year Ended 31 March 2025 Unrestrieted runds GenerAI Total 2024 Trading income" Sales of goods and services Events income. Other events income 26.154 26,154 653 653 26.807 26,807 6 Investment income Unrestricted funds General Total 2025 Interest receivable and similar income; Interest r¢c¢ivable on bank deposits 633 633 633 633 Unrestricted funds General Total 2024 Interest receivable and similar income. Int¢r¢5t re¢eivable on bank deposits 456 456 456 456 7 Other income Unrestricted funds General Total 2025 Rental income 29.528 29,528 Unregtricted fuDd5 Gener*1 TotAI 2024 Rental income 27.916 27,916 Page 22
Ruddington Framework Knitters Museum Limited known as Frameivork Knitters Museum Notes to the Financial Statements for the Year Ended 31 March 2025 8 Expenditure on r4isin2 funds ) Cosls of trading activities UDre5tricted fund5 Gener1 Total 2025 Costs of goods sold 13.836 13.836 13.836 13,836 Unrtstricted funds General Total 2024 Costs of goods sold 16,993 16,993 16,993 16,993 9 Expenditure on chAritable 4ctivitle8 Unrestricted funds General Re5trieted funds Total 2025 Wages and salaries Employers NI Rates and water Light and heat Insurance Repairs and maintenan¢e Telephone and internel otTice expenses Subscriptions Staff Training and recruitment Travel and subsistence Advertising L¢sAI and professional Bank charges 29,577 603 2,788 7.294 4.076 8,905 540 1.476 322 71 417 861 2,103 778 14,164 70 334 2,795 1,036 21.387 3,019 4.403 43,741 673 3,122 10.089 5,112 30.292 3,559 5.879 322 1.073 483 5,986 ,232 778 E.002 66 5.125 6.129 Pase 23
Ruddington Framework Knitters Museum Limited known as Framework Knitters Museum Notes to the Financial Statements for the Year Ended 31 March 2025 UDre5tricted funds General Restricted funds Total 2025 Depreciation Loan interest payable 7.544 18,608 1,375 8,919 18.608 85,963 60,905 146,868 Unrestricted funds Genergl Restricted funds Total 2024 Wages and Salaries Employer pension Rates and water Light and heat Insurance Repairs and maintenance Telephone and internet Office expenses Subscriptions Staff Training and recruitment Travel and sub5i5tence Advertising Legal and professional Bank charges Depreciation Loan intsrest payable 39,607 672 1,615 13.645 5.056 5,844 1.602 4.479 334 739 310 762 2,932 888 7.633 19,472 15.631 258 55.238 930 1.615 13.645 5.056 35.411 1.602 5,669 334 1.508 310 762 8.308 888 9,008 19.472 29,567 1,190 769 5,376 1.375 105,590 54,166 159.756 In addition to the expenditure 8nalysed above, there are also governance costs of £2,360 (2024 £2.725) which relate directly to charitsble a¢tivities. See note 10 for further details. Page 24
Ruddington Framework Knitters Museum Limited known as Framework Knitters Museum Notes to the Financial Statements for the Year Ended 31 March 2025 10 Analysis of governance 4nd support costs Governance costs Unrestrieted funds Geller41 Restricted funds Total 2025 Independent examiner fees Examination of the financial statements 1.822 538 2,360 1,822 538 2.360 Unrestricted funds General TotAI 2024 Independent examiner fee5 Examination of the financial statements 2.725 2.725 2.725 2.725 I l Nel incominWoutgoing resources Net incomingl(ouigoing) resources for the year include.. 2025 2024 Depreciation of fixed a5$ets 7,544 9.008 12 Trustees remuneration Ind expenses During the year the Charity made the following transaGtions with trustees: M5 S Godfrey Ms S Godfr¢y received remuneration of £7.398 (2024: £21,965) during the year. Ms S Godfrey is the manager of the site and as such receives a salary. Mr I Rowson Mr l Rowson received remuneration of £Nil {2024'. £3.630) during the year. Ms S Lovett Ms S Lovett re¢¢ived remuneration of £15.558 {2024'. £14,839) during the year. No trustees have received aTJy reimbursed expenses or any other benefits from the charity during th¢ year. Page 25
RuddingtOD Framework Knitters Museum Limited known as Framework Knitters Museum Notes to the FAnancial Statements for the Year Ended 31 March 2025 13 St*ff Costs The aggregate payroll costs were as follows: 2025 2024 Staff costs during the yearwere: Wages and Salaries Pcn5ion costs 43.741 673 55.238 931 44,414 56,169 The monthly average number of persons (including senior management I leadership team) employed by the Charity during the year expressed as full time equivalents was as follow5: 2025 No 2024 Museum staff Management No employee received emoluments of more than £60.000 during the year. 14 Independent examiner's remuneration 2025 2024 Examination of the fmancial statements 2,360 2,725 IS Taxation The Charity 15 & registered ¢harity and 15 therefore exempt from ttiOn. Page 26
Ruddington Frameivork Knitters Museum Limited known as Framework Knitters Museum Notes to the Financial Statements for the Year Ended 31 March 2025 16 T4Dgible fixed assets L4nd and buildings Furniture and equipmeDt Total Cost At l April 2024 570.604 65,981 636.585 At 31 March 2025 570.604 65,981 636.585 DepreciAtion Ai l April 2024 Charge for the year 90,186 8.412 62,602 507 152.788 8,919 At 31 March 2025 98,598 63.109 161,707 Net book value At 31 March 2025 472.006 2,872 474,878 At 31 March 2024 480,4 I8 3,379 483.797 17 Debtors 2025 2024 Trade debtors Prepayments VAT recoverabl¢ 2,465 5.314 4,230 2,497 4,951 493 12.009 7,941 Page 27
Ruddington Framework Knitters Museum Limited known as Framework Knitters Museum Notes to the Financial Statements for the Year Ended 31 March 2025 18 Cash and cash equivAlents 2025 2024 Cash on hand Cash at bank 81 110.914 32 20.486 110,995 20,518 19 Creditors: amounts falling due within one year 2025 2024 Bank loan5 Trade Creditors Other taxation and social s¢¢urity Other creditors AccnlS 8,020 5,784 395 4,382 6,130 i.oii 632 5,047 4,931 19.130 17,202 Creditors due within one year includes the following liabilities, on which 5e¢urity has been given by the Charity: 2025 2024 Bank108ns and overdrafts 5,125 4,3 82 The bank loan is secured by w?y of a mortgage over the freehold property of the Charity dated October 2017. 20 Creditors: #mounts f*lling due after one year 2025 2024 Bank loans 235,558 247,008 Creditors amounts falling due after more than one year includes the following liabilities. on which security has been given by the Charity: 2025 2024 Bank loans and overdrafts 235,558 247.008 Included in the creditors are the following amounts due after more than five years: P¢ 28
Ruddington Framework Knitters Museum Limited known as Framework Knitters Museum Notes to the Financial Statements for the Year Ended 31 March 2025 2025 2024 After more than five years by instalments 203.480 229.478 Bank loans and overdrafts after five years Repayable over 25 years at an interest rate of 3.5 % over base rate. 21 Funds BAlanee at 31 MArch 2025 Balance It I April 2024 Incoming resour¢¢s Resources expended Transfers Unrestricted funds General Unrestricted income fimd 180,077 101.089 (101,398) (340) 179,428 Designated A Stitch In Time 10,000 10.000 Total unrestricled funds 180,077 111.089 (101,398) (340) 189,428 Restrirted funds Museum Development East Midlands Museum Development Fund Frameshop Fund HLF Bid Writing Fund Workforce Development A Stitch In Time Access & Mobility 56.758 4,693 2,727 3.060 731 10,815 (1.375) (4.339) (2,275) (3,400) (597) (46.851) (2.829) 66.198 354 452 340 134 85,283 1.345 132.134 4,174 Total restricted fuDds 67,969 147.123 (61.666 340 153,766 Total funds 248.046 258.212 163.064 343,194 P8ge 29
Ruddington Framework Knitters Museum Limited knojvn as Framework Knitters Museum Not&8 to the Financial Statements for the Year Ended 31 March 2025 BAlance at I April 2023 Incoming resources Resources expended Bal4nee At 31 March 2024 Unrestrieted fund5 General Unrestricted income fund 199,038 106,347 (125,308) 180,077 Restricted Museum Development 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) 56,758 4.693 2.727 1,000 1.252 12.838 3.060 3,500 (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) 248,046 The specific purposes for which the funds are to be applied are as follows: A Stitch in Time following: •lnstall 5e¢urity and energy efficiency improvements. including fire system upgrade, alarnl system. new insultstion. boiler replacement, improved Wi-Fi. and electrical wiring improvements. .Ensure high visibility a¢knowledgement of The National Lottery Heritage Fund and National Lottery players on site, online and in all activities. •Hire the consultants as outlined in the application fonn and budget to undertake resilience works in line with the Heritage Fund'5 procurement approach. •Hire an external evaluation consultant to undertake a project evaluation. •Implement findings from recent accessibility audit for under-served communities, including a collections review. community consultation, BSL training, website improvements and 360 tours of inaccessible upper floors •Update the business plan and review fundraising approach. including commercial and retail offer to generate new income strearns .Upgrade to a people management software for employee and volunteer dat4 and provide training opportunitie5 .Recruit a Museums Manager (28 months at 0.8 FTE) to oversee the project and deliver the programme 4Undertake capithl work5 to the Chapel mezzanine to install a fully accessible office space NHLF Bid WritiThg - To commission a consultant to prepare a NLHF funding bid (focus on organi5ational sustaiThability) and create a plan of other potential funders to approach. Securing the Sustsinability of the Framework Knitters Museum. The scope includes the Page 30
Ruddington Framework Knitters Museum Linlited knoivn as Framework Knitters Museum Notes to the Financial Statements for the Year Ended 31 March 2025 Access & Mobility - Improve or Create tourism. Culture or heritage assets to better include socially excluded people a¢¢essing support. Support mean5 provision to re-integrate with society and better their life chances. Socially cxcIu5ions m¢ans being excluded from society, or parts of Society, as a result of unemploymenL financial hardship, youth or old-age, ill-health, substance abuse or dependency. discrimination on the grounds of se& race, disability, ethnic origin. religion. belief. creed, sexual orientation or gender reassignment, poor educational or skills attainment, relationship and family breakdow poor housing and crime. Workforce Development Funding towards irnproving the recruitment, skills and development of volunteer5 and staff with a view to making the visitor experience safer and more accessible. The Frame Shop - Funds provided through donation5 by individuals for the expres5 purpose of supporting the Frame shop, to provide repairs and enhance the visitor experience through supporting th¢ Frame Shop Technician. including staff costs and training. The Museum Development Fund represents fimding for the Purpose of the development of the ground floor of Gunn Cottage into a visitors, centre, Shop and cafe. Developments were capitslised and included with freehold building. Analysis of net assets between funds Total funds 4t 31 March 2025 UDre5tricted funds General Design4ted Restricted runds Tangible fixed assets Current assets Current liabilitie5 Credilor5 over l year 408,881 25.235 (19,130) (235.558) 65.997 87.769 474,878 123,004 (19,130) 235.558) 10,000 Total nel assets 179,428 10,000 153,766 343,194 UDre5tricted funds General Total funds at 31 MaTch 2024 Restricted funds Tangible fixed assets Current assets Current liabilitie$ Creditors over l year 387,888 39,197 95.909 {10.738) (17.202) 483,797 28,459 (17,202) 247,008) (247.008 Total net assets 180,077 67,969 248.046 Page31
Ruddington Framework Knitters Museum Limited known as Framework Knitters Museum Notes to the Financial Statements for the Year Ended 31 March 2025 22 Related party transactions During the year the Charity rn¢ the following related paty transactions: Mr G Sbuttleworth (Fomer trustee) During the year, a £Nil (2024: £1.030) donation was received from the Trustee. At the balance sheet date the amount due tolfrom Mr G Shuttleworth was £Nil (2024 - £Nil). Mr P MeGowan (Trustee) During the year, a £Nil (2024.. £500) donation was received from the Trustee. At the balance sheet date the amount due tolfrom Mr P McGowan £Nil (2024 - £Nil). Professor J G Ellis (Forn]er Tnte¢) During the year, a £150 (2024.. £Nil) donation was received from the Trustee. At the balance sheet date the amount due tolfrom Professor J G Ellis was £Nil (2024 - £Nil). Page 32