Company Number: 05407952 THE NATIONAL MUSEUM OF COMPUTING COMPANY LIMITED BY GUARANTEE FINANCIAL STATEMENTS 31 MARCH 2024 I :1111111111 *A0109SS3• 2011212024 COMPANIES HOUSE A19
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Charlty Number: 01109874
THE NATIONAL MUSEIIM OF COMPUTING FINANCIAL STATEMENTS Conten1$ Page Legal and odministrolive details TnJste•s' Annual Report 2to7 Independent exominers report to the members Consoli¢Joted statement of finoncial activities Consolidoled summary income and expenditure account 10 Consolidated ond charity balance sheet Notes to the Consolidoted finoncial statements 12to 18
THE NATIONAL MUSEUM OF COMPUTING LEGAL AND ADMINISTRATIVE DETAILS YEAR ENDED 31 MARCH 2024 fteglstered charlty name The National Museum of Computing Chority number .1109874 Company reg15tratlon number Pilnclpol offlce 05407952 Block H Bletchley Po Sherwood Drive Milton Keynes MK3 6EB R•glsler•d offlc• Block H Blelchley Po Sherwood Drive Milton Keynes MK3 6EB Truslees Dr A J Herbert Ichairmanl Mr K R Murrell Prof A J Clork Mrs R H A Bvrnett MrSKoy Ms S-J Lennord Mfs R Holls Mr B Trethowon S•crelary Mrs R H A Burnett Museum dlfeclor Ms Jocqui Garrad Gilbert Holbovrn FCA. FCCA. DChA l Upper Bridge Street Wye Kent TN25 SAF Indep•nd•nl examlner
THE NATIONAL MUSEUM OF COMPUTING TRUSTEES, ANNUAL REPORT YEAR ENDED 31 MARCH 2024 The trustees. who are also directors for Ihe purpose5 of company law. present their report and the consolidoted unoudited flnanciol stotemenls of the group lor the year ended 31 March 2024. LEGAL AND ADMINISTRATIVE DETAILS Legal ond odministrative details of members of the boord ondpr0fessionoladvisers*Thnon page l of the financiol stotements. THE TRUSTEES The trustees who served the company during the period were os follows: Dr A J Herbert (Chairman) Mr K R Murrell Prof A J Clork Mrs R H A Burnett MrSKay Ms S-J Lennord Mfs R Holls Mr B Trethowan lappointed on I l Jonuory 20241 STRUCTURE. GOVERNANCE AND MANAGEMENT Govern5ng do¢um•nl The Notionol Museum of Compvtlng wos Incorporated on 30 Morch 2005 and registered os a Charity on 6 June 2005. Itecrultmenl and oppolntm•nl ol Irusl••s The charity Irustees shall consist of ot least three ond not more than Iwelve individuals ond one voluntary charity Trustee. In exercising their powers to nominote. appoint. elect. re-elect. approve. ond dismiss truslees, the trustees shall hove regard to the skills, knowledge and experience needed for the effeclive admlnSslralion of the charity. Charity trustees are oppointed for o term ol three years which moy be renewed. The volvntory charity Trustee is appointed for a term of one year. which may be renewed. The boord Mr Benjamin Jon Trethowon was oppoinled as a Trustee on I l January 2024. Rlsk management The trustees octively review the mojor risks which the charlty faces on o regular basis ond hove internal control policies ond procedures in place to provide reo50nable a5suronce against moteriol misstatement or10s5.
THE NATIONAL MUSEUM OF COMPUTING. TRUSTEES, ANNUAL REPORT YEAR ENDED 31 MARCH 2024 OBJECTIVES, ACTIVITIES. ACHIEVEMENTS AND PERFORMANCE The Museum The museum continues with its stated obiective to estobli5h and mointain a museum in England ond Woles for computing ond its history for the benefit of the public: Ihereby lo collect. hold, preserve. mointain, orrange. restore, conserve. inlerpret. protect, presenl and develop artelocls ond olhef moleriol relating to computing.. to promote the stvdy ond proctice of computing ond its history. ond lo odvonce knowledge ond education ol computing lor the benefit of the public.. to develop ond sustain activities to stimulate interest in computin9 and ils hi510ry.' Such other choritable purposes beneficiol lo the pvblic consistent with the objective as Ihe Tru5tee5 shall delermine. 'Computing' includes all motters concerned with the his10ry and furtherance of computer science ond technology ond the design and developmenl of computing systems ond opplicotions-, and embfoces ony form ol Computing syslem. We give particulor emphosls to British contributions to the field. We open to the public weekdoy5. weekend5 ond selecled bank holidoys. The musevm 15 Stafled ond open every weekdoy lo support leorning visits ond for privote corporote visits and speciol evenls. With schools now operoting os normal oller Covid-19 we see a high demand and lor learning visits. and with mony ofgonizations conlinving to ollow staff to work remotely. we See o steady level of bookings for corporate events. In November 2023 Bletchley Pofk hosted o globol Al Svmmil. This wos porticularly disruptive to TNMOC os we were forced lo close for 10 days ond the dislvfbonce lo our sloll was significant in the prepoiolions beforehond. We were compensated lor lost revenue during the closure, bul not generously. nor beyond providing o lew smoll exhibits. were we included in the evenl or communicolions oround il which was a disoppointment given relevance to the subject of the svmmil and the history ol compvling on 81etchley Pork. We continued to support our virtual presence online including 3D virtuol guided tours and online presentolions. and sociol media. with great support from volunteers. Thi5 has allowed us to develop o more geogrophically dispersed audience. including virtuol visilor5 from overseos. In lotal we welcomed 12,770 vi51tor5 to the museum, a smoll lo1115%1 compared to the prevlov5 year. We hosted corporate evenls lor groups os diverse as Virgin Medio, Olcom. NeOrk Rail. Foreign Commonweollh ond Development Office Services, Coochmakers City ol London Livery Company. EasyJet olongside oui supporters Lighlning Tool and Issured. The leoming progiomme welcomed 8.738 sludents from 241 schools to the museum, a 12% increase on the previous year. The learning progromme continues lo include "Digitol Future Doys" These ore Ihemed events to which smaller groups of students ore welcomed to moke the progromme more occe5sible to o wider ronge of schools. colleges ond commvnity groups. Themes included Ada Loveloce Doy. Intefnationol Intemet Doy. Intefftotionol Doy ol Girls and Women in Science and Engineering Week. Flnon¢eJ The formal occounts rellect the oclivities in Ihis diiector's report. Turnover lor the year rose Irom £473.07312022-231 to £547.275. Operoting Costs rose trom £399.65212022- 20231 to £519.501. Overall. the mu5evm produced o net income of £27.774 12022-2023 £73.4211 ond a consequent rise in resetves from £416.72312022-231 to £444.497. We are graleful to our Museum Directof and her teom lor their corelul management of operoling expenses, fund-roising octivities ond for developing new revenue streoms to maintain o slrong linoncial position de5Plte difficult tinoncial headwinds.
THE NATIONAL MUSEUM OF COMPUTING TRUSTEES, ANNUAL REPORT YEAR ENDED 31 MARCH 2024 Finances (contlnued) We also gratelvlly ocknowledge the essential and generous support from our sponsors ond from donors. Amongst other things. this has enabled us to fund new projecls ond exhibitions, develop army sustain our Leaming Programme. and to offer events for disadvanloged ond under-represenled groups. 51afflng Our Museum Difector. Ms Jacqui Garrad. has brood responsibility lor Ihe opeialions ond lund-raising ospecls of the museum. The Learning Program is run by Ms Stom Roe. 80th are supported by o team ol port-time stoff ond volvnteer5. In 2022 we recruited Ms Aneesa Riffol os Senior Curator ond Collections Manoger. Ms Rilfott wos primarily focused on the collections monagemenl ospects ol her iole as port of the preparation towords the museum applying lor Arts Council Englond Accreditation. Her experience ol toking her previous employer through Ihis process. her professionol cuialoriol quolilicctions ond her personal curotorial nelwofk were voluoble additions lo the musevm's copobilities. Sodly. ond unexpectedly Ms Riflol dled in March 2024. Replacing her role will be an urgent motter for the coming yeor. There ore other staffing vocancie5, of which the Event ond Communication offcer post is the most pressing. It hos been dillicull to lind suiloble condidates and we plon to revisil the role specification ond solory in Ihe hope of altrocling stronger candidotes. Volunt••fS and Support•rs The Volunteers, Associolion ond Supporters, Club each support the Chority. Volunteer5 help with all ospects of exhibit curation, operolions, including guiding and stewording, seNing in the shop. mointenance ond administrolion. The associotion has approximotely 80 active members. The museum wovld nol be oble to operale without the sUPPOrt of the Volunteer5 and the Trvstees gralefully acknowledge their conlribullon. Importantly. the charity Irustee5 moy appoint o Volvnleer Trustee to the Boord of Trustees and we are pleosed Ihol Mr Steven Koy, one-time choirmon ol the Volunteers, A5$0ciolion, contlnves lo fulfil Ihot role. The Supporters, Club contribvtes to the museum through both o membership fee and odditionol support during fund-roising campaigns. Supporters enjoy discounted occess to museum events and ore welcomed to club events ot which we keep them informed obout museum developmen15 and project>. Exhlbltlons The museum lounched o new exhibition. "From Flowers to Fibre" in portnership with the Communications Trust Museum celebroling Ihe onniversory of Ihe stort ol the journey lo modernise Britain's telephone neork under the engineering genius of Tommy Flowers, the mon behind Blelchley Pork'5 Co10$5U5 code- breaking machine. Storling in 1947 Flower5 ond his successor5 at the General Posl Office IGPOI and British Telecom IBTI worked for half o century storting in 1947 to make Ihe exisling copper voice network a f051er ond more reliable vehicle lor the digital seNices we enjoy loday. The exhibition tokes visitors on a journey through Ihis otlen-overlooked story.. from the first pilots of prolotype digilal exchonges to the planned notional switch from copper lo libre ofter 2025. Collecllons With o professional Senior Curator ond Collection5 Monoger having joined in March 2022, we hove mode signilicont improvements to our approoch to collections manogement. A complete review of the colleclions has been toking place lo ensure thal we ore collecting healthily and in line wilh our Collecting Policy. This in lurn will fesult in on ongoing rotionolisotion project and ollow us to gap fill in oreos we ore under-represented. ond which are pertinent to British Compuling. There hos been signilicanl work done in invenlorying ond conducting o lull location oudit lor ilems in stole and on display. We are following Ihe UK museums SPECTRUM collection slandord procedures in Ihis work.
THE NATIONAL MUSEUM OF COMPUTING TRUSTEES, ANNUAL REPORT YEAR ENDED 31 MARCH 2024 Colleettons {contlnved) We hove rationalised our journol and mogozine collection 05 most ol their ovailobility is online and oddilionolly. we have streamlined our acquisition process as we move fotword. Volunteer support ond commitment lo collection5 management continued to be exceplional. including the previous reported woth on mony re51orotion and development projects. We continue cataloguing importont colleclons ol orchive material Ihatwe hove acquired: papers of the late Mr Tony Sale and Mrs Margoret Sole, both founders of Ihe museum ond criticol to its eorly survNal ond development and those of the Peter Hilton collection. Hilton was o WelknoWn Bfilish malhemalicion who worked at Bletchley Park during World Wor 2, including on the "Tunny" ciphers associated with the Colossu5 mochlne. of which the museum mointoins o working'replica. Ev•nts Amongsl the many successful open evenls held ot Ihe Museum were: Lectures on Soviel Computing. Kolhleen Booth. "Five Unu5uoI Inventions That Failed", Alan TLiring's Monches*er Pop-up exhibitions on Origins of Al. Colossus PA)Ih Anniversory Opening of Flowen lo Fibre exhibition Leamlng We conlinve to operole o very highly regorded ond popvlor leoming progomme. regulorly relreshiro our onsile offerings. Computing hos been port ol the Notional Education Cuiricvlum since 2013, and our lèorning Pfogromme provides o unique way through which teochers con enrich Iheir slvdents, experience5 ol Ihe subject and complement the teochers, own knowledge and understonding. ProJecl$ The highest priority project throughout the yeor lor the Trustees and sloft wos Ihe linalisatlon of our opplicolion lor Arts Council England Accreditolion. The opplicolion wos submilted al Ihe end ol the year ond in Moy 2024 we were granled full accreditotion os a "nationolly styled" musevm iecognlzing our slanding in the UK museum world. Working lowoids occreditolion helped the museum to bring ils slandards of governonce. and its curatorial ond operoting policies, plons and procedures to the level expected of o nationol musevm. With ovei 76,OW objects in our colleclion, the cvrotoriol challenge is o Hercvleon task.. the Trustèes are groteful to the sloll ond volunleers who have worked to improve the colologving ol our objecls ond Ihe ongoing rotionalizolion ol the olfsile slore of our reserye collection. Our conservation, restorotlon and reconstnJction projects depend on the skill and enthusiosm of the museum's dedicaled and highly skilled group of lechnicol Volunteers. Working exhibils ore iegulorly njn and mainlained by the Volunleers. A restoration W0shoP spoce is avoiloble in our offsile storage facility to enable lorger conservolion and reslorolion projects to be undertoken by our Volunteers. The EDSAC Replico Projecl continues to be our lorgest visible ongoing recon5trvction project. ond the public enjoy engaging wth the EDSAC team when they ore present in the mv5eum. Completion remoins some woy off. but forward progress is being mointoined. Significant projects hove been underlokèn within the galleries of the museum reloling lo improvements in displaying exhibils wilhin the PC Gollery, the opening ol the Flowers to Fibre" exhibition ond preparolion lor an exhibition opened in July 2024 celebrating the 601h onniversory of the Digital Eqvipment Compony's lirsl UK office working in conjvnclion wilh Reoding Museum. Wort on olher exhibits such os EDSAC. Scrapbook ond Marconi TAC are ongoing with good progie5s being mode. The project lo cotologue oll joufnols in the archive hos compleled ond it is hoped lo now progre55 work on catologuing sottware item5. Severol smaller projects Ihot impiove the museum experience ond edvcotional provisions hove olso completed e.g. ocquisifion of MetoQuest VR heodsets, moving online ticketing to Evenlbrile Pro. pvrch05ing of new TNMOC branded gozebos ond Ihe installation of new TNMOC signoge wilhin Bletchley Pork.
THE NATIONAL MUSEUM OF COMPUTING TRUSTEES, ANNUAL REPORT YEAR ENDED 31 MARCH 2024 Awards The TNMOC Honorary Fellowship tor 2023 was oworded to Dr Mike Woodger. With o coreer sponning decades, Mike- who celebrated his I CK)th birthday in April 2023- was o key contributor lo Ihe development of londmork compvtei programming languages. Algol 00 ond Ado. He ond his fellow contributors creoled concept5 to enable the construction of safe ond reliable Sof08 sy5tem5 Qnd lo moke il easier for one programmer lo build on the wo(k ol another, composing complex Sofare syslems ovl ol reusoble modules. At the slort ol his coreer he worked closety with Alon Turing on the Pilot ACE ond wrote a sulte ol sophislicoted mathemolical routines fof matrix manipulation. Subsequently he was port ol the leom thot created Algol 60. This was Ihe fIt progromming language lo introdvce the concepls ol structured programming ond recursion found in populor longuages lodoy like Jovo ond Python. Later he led the design of a new language called "Green" Ihot became Ada an advanced progromming longuage deployed widely in mission-criticol, embedded sy51em5 and odopled 05 Q stondoid by the US Department of Delense. Ada added concepts that included building lorge systems out ol reusable sofale modules ond the ability to execute ond coordinote multiple losks concurrently. These ideas ore present in oll todoy's major programming languag6S. Dr Mafft Priestley conlinues as ovr Senior Research Fellow. Olhw Museums We conlinue to develop links wilh other museums and reloted orgonizotions. We hove o good w01n9 relolionship with the Centre for Computing Hislory in Combridge. UK. We are represented by a Injstee. Mrs Bumell on Ihe committee ol The British Computer Society's Computer Conservo*ion Society bronch lor which she is secretory. A5 noted cbove we opened a new exhibition in July 2024 celebrating Ihe 60th onniversory of the Digital Equipment Compony opening it5 fir51 office in the UK. in conjunclion with Reoding Museum. Futvr• Plons We conlinue lo build ¢)ur linonciol reserves ond improve our generolion of income. lo update the management ol our collection5 ond archive. support our programmes ond create new exhibition5, vnderloke projects that require inveslmenl in parts or equipment or specioli5t expertise and seNices, ond invest further in employing protessionol stall. Space remoins o signtltcont issve - all our gollèries are tull and storoge likewise. We ore rolionalislng what we hold in our reserve colleclion ond considering how we rotate items beeen disploy ond storoge to keep ovr offering fresh. We ore improving our signoge. dispkjys and visitor norrolive to make oui exhibils more occ8ssible to o non- lechnicol audience. Succession plonning is becoming an increosing priority. We continue to recrvit odditionol trustees. looking for candidotes who con both broaden and deepen the expertlse ol Ihe currenl truslees. and bring o wider diversity of backgrounds lo the museum. We were pleased to hove Mr Ben Trethowan on experienced cybersecurity leader ond compuler history advocote Join us in Jonuory 2024. We also see an opportunity to make more use of external advisors to help Ihe trustees in moking 5trotegic decisions obout the museum ond ils fulvre direction. There is o growing need lo coplure the experience and knowledge ol key volunteers, mony of whom hove been involved since the eodiest doys ol the Museum. They Shore this knowledge with our visitors. 05 guides. in demonstiotions of our working objects ond in mointenonce of the objects. Alongside this we need to broaden the conservation and engineering capobilitie5 of our Volunleers.
THE NATIONAL MUSEUM OF COMPUTING TRUSTEES, ANNUAL REPORT YEAR ENDED 31 MARCH 2024 Iteserves Polky The polrcy ol the dlrectors $5 to mointoin a level of reseThes Ihol will provid8 a stoble bose from which to fund its fulure activily whllsl ensurlng thot excessive lunds ar8 not accumvloted. Ihe Iruslees ara solisfied with the cuffent surplus in unreslricled funds. reF)Orted on poges 16 and 17 of these accounts. The inlroducllon of new exhbils and evenls as menlloned obove is expected lo encouro9e on In¢F805e In donalions and th8 trustees feel Ihat the chorily is now in a sound financiol stata. Investment Polky The trvslees are responslblo for Ihe satekeaplng of oll the 0$5et$ of the chorlty and may Invasl funds QS they see fit. INDEPENDENT EXAMINER Gllbert Holboum has beon appoinl8d as independent exominer for the ensving yeor. Signed by order of the trustees TIu5tee .2024
THE NATIONAL MUSEUM OF COMPUTING INDEPENDENT EXAMINERS, REPORT TO THE MEMBERS YEAR ENDED 31 MARCH 2024 I report on Ihe occounls of the company ond the group lor Ihe yeor ended 31 March 2024. which ore set out on poges 9 10 18. Respectlve responsibilitles of Trustees and examlner The Truslees (who are also the directors ol the company for the purpose5 01 company lowl ore responsible for the preoorotion ol the occounts. The Trustees consider Ihot on oudit is nol fequired lor this yeoi under seclion 14412) ol the Chorilie5 ACI 2011 Ilhe 2011 Acll ond Ihot on independenl exominolion is needed. l om quolified lo undertoke Ihe exorninolion by being o qualified member of Ihe Inslilule ol Chorlered Accounlants in Englond ond Woles. Hoving sotislied myselt that the chority is nol subject to oudil under compony law ond is eligible lor independent exominotion. il is my responsibility lo-. exomine the accoun15 under section 145 of Ihe 2011 Act.. lo lollow the procedures laid down in the generol Oireclions given by the Chority Commission under seclion 145151 Ibl ol the 201 l Act.. on¢y 10 Stole whelher porticulcr matlers have come lo my allention. Bosis ol independenl exominer's ieport My examinalion was carried ovl in accordonce wilh the generol Directions given by the Charity Commission. An exominotion includes o review ol the accounting records kept by Ihe chorily and o compori50n ol the occounts presented wilh those records. It olso includes consideration of any unusuol items or disc105ures in the occounls. and seeking explonolions from you os trustees concefning ony such n)olters. The procedures undertoken do nol provide oll the evidence thol would l)e required in on audil ond consequenlly no opinion is given os lo whelher the occounls present o 'lrue ond loir view. ond the ieporl +5 limiled lo those molters sel out in the stolemenl below. Independenl examlner's slalernenl In conneclion wilh my exominolion, no moller hos come to my altentlon: 111 which gives me re050noble couse to belleve thol in ony moteriol respect the requirements: lo keep occounling records in occordance with section 386 01 the Companies Acl 2006.. ond lo prepore occounls which occord with the occounling records. comply witli Ihe occovnling requirements ol section 396 01 Ihe Componies Act 2006 ond with the methods ond principles ol Accounting ond Reporting by Chofilies.. Slolemenl ol Recommended Proclice ISORPI opplicoble lo chorities preporing their occounts in occordonce wilh the Finonciol Reporling Stondord opplicoble to the Uniled Kingdom and Republic of Ireland IFRS 1021 hove not been mel.. 01 12110 which. in my opinion. ottei)lion should be drown in order to enoble o proper underslonding of the occount5 to be reoched. Gilbert Holbourn FCA. FCCA. DChA l Upper Bridge Street Wye Kent TN25 SAF ..*.,. I.Z: .2024
THE NATIONAL MUSEUM OF COMPUTING CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 MARCH 2024 Unreslrlct•d Funds Reslrlcled Total Fundi Total Funds Funds 2024 2023 Nole INCOME Donations 772,566 361,280 1.920 535.706 11,509 184,075 361,280 1.920 75,924 396,802 347 Trading activities Income from Investments TOTAL INCOME 11.509 547.275 473.073 IteSOURCES EXPENDED Expenditure on raising funds Expenditure on Choritable cctivities 13,564 13,564 44.642 SOl.137 4,800 505.937 355.010 TOTAI RESOURCES EXPENDED 514,701 21.065 4.800 519,501 27.774 399,652 73.421 NET INCOME FOR THe YEAR RECONCILIATION OF FUNDS Total funds brought foiwoid TOTAL FUNDS CARRIED FORWARD 6,709 397,606 19.117 416.723 343.302 1511é 418,671 25,826 444,497 416,723 The Consolidoled slatemenl of Financial Aclivities includes oll gains ond losses in the yeor. All of the above amount5 relote to continuing activities, The notes on pages 12 to 18 form part of these occounts.
THE NATIONAL MUSEUM OF COMPUTING CONSOLIDATED SUMMARY INCOME AND EXPENDITURE ACCOUNT YEAR ENDED 31 MARCH 2024 2024 2023 GROUP Gross income 526.715 433,233 20,560 39,840 547.275 473.073 (519.501) (399.652) 27,774 73.421 Non-charilable trading Activities: net income Tolol expenditure Totol income comprises £11.50912023: £7,200) ol restricted funds ond £535,76612023: £465,873101 vnrestricted funds. A delailed analysis of income by 50vrces is provided in the consolidated statemen* of finonciol activities. Turnover of non-choritoble troding octivities amounted to £108,811 12023: £117,041). A detoiled analysis of the troding results is shown in note 7. A detailed analysi5 of the net expenditure above 15 provided in the statement of financial octivities ond in notes 4.5 and 6. The charilable compony's and group's income and expenses oll relate lo continuing operolions. The charitoble compony ond group hod no recognised goins or losses other than the surplus for th8 period. The net income for the period hos been calculoted on the hisloricol cost bosis. 10
THE NATIONAL IAUSEUM OF COMPUTING CONSOLIDATED AND CHARITY BALANCE SHEET YEAR ENDED 31 MARCH 2024 Group Group Charltable Company 2024 Choritable Componv 2023 2024 2023 Nole FIXED ASSETS Tangible fixed assets Investmanls io 1 ?,520 21.382 18.1?7 19.728 19,520 21,382 18,199 19,730 CURRENT ASSETS 51o¢ks Deblors Cash al bonk ond in hond 12 13 J,629 10.459 300,747 464.835 6.270 45.074 363.642 414,58 105,747 347,123 452.870 93.248 315.104 408.352 Craditors: omounls falllng due wllhln one y&ar N•t ¢uN•nl as••li 14 (39.858) (19.245) (20.5n) (11,359) 424.977 315.341 426.298 444,497 396,993 416,723 NET ASSETS 444,497 416,723 FUNDS Unrestricted Reslrlcled 15 418,a71 25,826 397,406 19,117 416,723 418.071 25,826 444,497 J?7,606 19.117 416.723 TOTAL FUNDS 444.497 For the financial yeor in qUestn the company was enlilled lo exemplion vnder seclion 477 of the Companles Act 2006 relaling to small componles. No members have reqvlrecl tho company to oblain an oudit of 115 occounls for the year in questlon In accordonce with secllon 476 of the Componios Act 2006. The dlrectors ocknowledge their responsibillly for complying wilh Ihe requlr8ments ol the Act wllh respec* lo occovnling records oncl for the preparotion of the account5. These occount5 have been prepared in accordance wllh lh6 provisions opplicoblè lo companies subject lo the smoll companles. regime. The notes on poges 1210 18 form port of these accounls. These finon lol st tements were opproved by the trustee5 of the Chorily and authorised for issue .2024 and are signed on Iheir beholf by: DRAJH Chairman Company Ragistrolion Numbar: 05407952 11
THE NATIONAL MUSEUM OF COMPUTING NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 I. ACCOUNTING POLICIES la51s ol preparatlon of group Ilnon¢lul stolernenls The group's financial statements consolidote the finonciol stotements of the charitoble company ond its subsidiary undertoking made up to 31 Morch 2024. The financial statements hove been prepared under Ihe hisloricol cost convention with items recognised al cost or transaction volue Unless Otherwise stoted in the relevant accounting policiés below or the notes to these accoun15. The accounts hove been prepored in occordonce with Accounting ond Reporting by Charities: Stotemenl of Recommended Practice applicoble to charities preporing their accounts in occorclance with the Finonciol Reporting Slondard applicable in Ihe United Kingdom and Republic of Ireland IFRS 1021 (Charities SORP FRS 1021. Ihe Financial Reporting Stondord opplicoble in the United Kingdom and Republic of Ireland IFRS 1021 and the Charlties Act 2011. The Charity constitutes o public benefit enlity os defined by FRS 102. The accounts ore presented in sterling ond are rounded to the neorest pound. Incom• Income comprises donolions. sponsorship. and vorious governmènt grants together with the net troding income of the subsidiary. Fund accounllng The charitable company's unrestricled funds consist of fund5 which the choritable company may use for its purposes at its discretion. The charitable compony's restricted funds are those where Ihe donor requires the svm to be expended for o specific pvrpose. Exp•ndltur• All expenditvre is accounted for on on accruals bosis ond hos been clossified under heodings that oggregole oll costs relatéd to each category. Expenditvre on ralsing tunds is detailed in note 4, and comprise the costs associalad with ottrocting voluntary Income and any fundrolslng events. Expendlture on choritable octivities is detailed in notes 5 and 6. and comprises those costs incurred by the charity in the delivery of its activities. It includes both costs that con be ollocoted directly Io svch aclivilies and those costs of an indirect nature to support them. Golng Concern The Trustees hove assessed whether the use ol the going concern ossumption is appropriale in preparing these finonciol stotemenls. The Trustee5 hove made this assessment in respect of a period of one year from the dote of approvol of these financiol stolements. The Trustees have concluded that there are no material uncertainties related to evenls or conditions that may cast significont doubt on the obilily ot the charity to continue as a going concern. 12
THE NATIONAL MUSEUM OF COMPUTING NOTES TO THE CONSOUDATED FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 I. ACCOUNTING POLICIES (conlinued) Flxed a$$ets and depfeclotlon Fixed 055ets ore included in the occovnt5 Ot their hi5toricol cost and ore written off over their useful lives by depreciotion on a slroight line basis through Ihe consolidated stotement of finonciol aclivities. Equipment Fixture & Fittings Short le05ehold improvements Over 3 years Over 5 years Over Ihe lerm ol the lease H•rflag• Ass•ts The Charity owns o considerable number of artelacts ond other materiols relating to computing. many of which Ofe unique. These assets ore moinloined ond reslored mainly by museum volunteers ond any expenditure thereon Is reported in the consolidoted stotemenl ol finoncial activities. In the Trustee's opinion. conventionol voluolion approoches lack suflicient reliobilily, ond ony valuolion is likely lo involve costs Ihot ore likely to be onerovs. For this re050n the artelact5 are nol recognised as os5ets in the Chority's bolance sheet. Slocks stock5 are stated ot the lower of cost and net reali5able value, ofter making due allowonce for obsolete and slow moving Items. Taxallon The National Museum of Computing is a charity and therefore 15 nol liable to income tax or corporotion tax on income derived from its charilable octivilies, os it folls wilhin Ihe exemptions ovoilable lo registered charities. Forelgn curr•n¢y translatlon Foreign currency tronsoctlons ore translated Into the functionol currency uslng the spot exchonge roles al Ihe dates of the transactions. At eoch period end, foreign currency monetory ilems are translated using the closing rale. Non-monetary items ore meosured at historical cost ond tronsloted using the èxchonge role at the date of the transaclion ond non- monetary items meosvred ot loir value are meosvred vsing the exchonge rote when fair value was determined. 2. TRADING ACTIVITIES Unrestrlcted Fvnds Restrleled Funds Total Funds 2024 Total Fund5 2023 Sponsorships Ticket sales and group tours Education visits 42,350 126,039 128,305 5,238 40,899 18,449 361,280 42.350 126.039 128,305 5,238 40,899 18,449 361,280 89,710 127,208 118.056 8.115 42,890 10.823 396.802 Membership fees Shop soles Museum Tox relief 13
THE NATIONAL MUSEUM OF COMPUTING NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 3. INCOME FROM INVESTMENTS Unrestricted Funds Total Funds 2024 Totol Funds 2023 Bonk interest receivable 1.920 1.920 1.920 1.920 347 347 4. EXPENDITURE ON RAISING FUNDS Unfeslrlcled Funds Reslrfcted Funds Total 2024 Total 2023 Fundralslng 13.564 13.564 13.564 44,642 44.642 13.564 S. EXPENDITURE ON CHARITABLE ACTIVITIES BY FUND Unrestrlcted Funds Restrlcted Funds Total 2024 Totol 2023 Estoblishment ond operotion of the museum Support costs Governonce costs Inote 61 431,973 431.913 327.007 58.722 10.502 501,137 4.800 63.522 10.502 505,937 17.837 10.166 4,800 355.010 6. GOVERNANCE COSTS Unreslrlcled Funds Resmcled Funds Tolal 2024 Total 2023 Independent exominotion fees Legal and profe55ionol fees 5,000 5,502 10.502 4.250 5.916 5.502 10,502 10.166 14
THE NATIONAL MUSEUM OF COMPUTING NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 ' 7. NET INCOME FROM ACTIVITIES OF THE TRADING SUBSIDIARY 2024 2023 PROFIT AND LOSS ACCOUNT TURNOVER Cost of sales 108.811 (51,705) 57.106 (35.748) (20.560) 798 117,041 (47.751) 69.290 (28.721) (39.840) 729 GROSS PROFIT Administrotion expenses Payments under gif old Non-choritable trading profit for Ihe year Loan interest (798) (729) TRADING RESULT ON ORDINARY ACTIVITIES BEFORE TAXATION Toxotion on profit/llossl on ordinory activities TRADING RESULT FOR THE FINANCIAL YEAR 8, STAFF COSTS Chorltoble Company 2024 Choritable Company 2023 Group 2024 Group 2023 Wages & salaries Soclal security costs 196,012 18,749 214,761 148,275 8,335 156.610 174.318 16,874 i?1.192 131.800 7.409 139.209 The averoge number of persons, including trustee5. employed by the charitable compony ond group during the period wa5.. Group Group Chaillabl• Company 2024 Number Charitoble Cornpony 2023 Number 2024 Number 2023 Number Number of trustee Directors . Number ol employees 13 13 21 24 21 24 9. TRUSTEES One employee received remunerolion of more than £60.00012023: None) dvring the year. None of the trustees lor ony person connected with them) received any remvneration during the yeor or Ihe previous year. None of the Irustee5 were reimbvrsed for any expenses during the year or the previous year. Expenses paid lor by the trusees on beholf of the museum are not recloimed. 15
THE NATIONAL MUSEUM OF COMPUTING NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 10. TANGIBLE FIXED ASSETS Short Flxlvres & leasehold Fillings Improvements GROUP Eqvlpmenl Tolal Cos1 At l April 2023 Additions 29,836 1.089 30.925 360,155 41.213 431,204 1.089 432.293 As ot 31 Morch 2024 360,155 41.213 Accumulaled Deprecloffon At l April 2023 Charge for the yeor As 0131 March 2024 27,683 649 360,150 21,989 2,299 24.288 409,822 2.951 412.773 28,332 3ao.153 Nel book value As ot 31 March 2024 2,593 2,153 16.925 19,520 As ot 31 Morch 2023 19,224 21,382 Short Flxtures & Leasehold Flttlngs Impiovemenls CHARITABLE COMPANY Equlpmenl Tolal Co$1 At l April 2023 Additions 23.135 1,089 24,224 360.155 41,213 424,503 1,089 425.592 As ot 31 March 2024 360.155 41,213 Accumulaled Depieclatlon At l April 2023 Charge for the year As ot 31 Morch 2024 N•1 book valu• As at 31 March 2024 22.636 318 360,150 21,989 2.299 24,288 404,775 2,620 407.395 22,954 360,153 1.270 16,925 18,197 As ot 31 March 2023 499 19.224 19.728 I I. INVESTMENTS Group Group Chailtobl• compony 2024 Choriloble compony 2023 2024 2023 Cost ot l April 2023 and at 31 March 2024 16
THE NATIONAL MUSEUM OF COMPUTING NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 12. STOCKS Group Group Charltable company 2024 Choritoble compony 2023 2024 2023 Finished goods 3,629 5,270 3.629 5.270 13. DEBTORS Group Grovp Charllable company 2024 Choritoble compony 2023 2024 2023 Dve wllhln one y•ar Trode debtors Amount5 due from group vndertokings 80,459 45,674 70.030 47.206 35.717 46,042 93,248 80,459 45.674 105.747 Included in the debtots ore omounts dve from the svbsidiary. TNMOC Troding Limited. The Chorty continues lo support the subsidiary and the bolonce is recoverablé. 14. CREDITORS: amounts falllng due wllhln one year Grovp Group Chorllobl• company 2024 Choriloble compony 2023 2024 2023 Trade creditors Accru015 Taxation and sociol security 18.309 5.850 6,010 5,250 12.234 4,51XI 2,660 15.699 7,985 9.838 4,699 39,858 19.245 26.5n 11,359 15. GROUP UNRESTRICTED FUNDS Balance al l Aprll 23 Income Expendllvr• Balance ol 31 Morch 24 General Fund 397.600 535.766 (514.701) (514.701} 418,671 418.671 397.600 535.766 17
THE NATIONAL MUSEIIM OF COMPUTING NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 16. GROUP AND CHARITY RESTRICTED FUNDS Bolonce al l Aprll 23 8alanc• at Income Expendllure 31 March 24 WITCH Project History of softwore Women in computlng 1.003 3,600 14,514 19,117 1,003 1,200 10,309 11,509 (4,800) 24.823 25.826 (4,800) The following explains the noture of octivities within each fund. WITCH ProJ•ct Transportation. restoralion, and development of a display area for the WITCH computer. Hlslory of software Funding for the History of Software gollery. Wom•n In Computlng Fvnding for the development of the Women in Computing Gallery. 17. ANALYSIS OF NET ASSETS BETWEEN FUNDS Tanglble flxed .a$sel$ Nel cvrrenl ossels Total R•slrlcl•d Incom• Funds Restricted funds 25.826 25.826 25.826 25,82 Unreslrlcled Income Funds General Funds 19,520 19,520 19.520 399.151 399.151 424.977 418.671 418.671 444,497 Total Funds 18. COMPANY LIMITED BY GUARANTEE The chority 15 0 company limited by guoronlee. The members of the company ore the trustees named on poge one. In *he event of the chority being wound up, the liability in respect ol the guarontee is limited to £1 per member of the charity. At 31 March 2023 the total of such guarontees omounted to £6. 18