I. (HARITY tMIfjION Trustees. Annual Report for the period Period start dale Period end date | Year From Section A Reference and administration details Charity name Internal Fire Museum of Power Ltd Other names charity is known by Registered charity number lif any) 05016566 Charity's principal address Castell Pridd Tanygroes Ceredigion Postcode SA43 2JS Names of the charity trustees who manage the charity Dates acted if not for whole ear Tru¥tge name Office lif any} Nam• of person lor body) entitled toa int trustee if an Paul Evans Chairman Hazel Evans Raymond Hancox Sandra Aldworth Peter Norman Keith Farley 10 12 13 14 15 16 17 18 19 20 Names of the trustees for the charity, if any, (for example, any custodian trustees) Name Dates acted if not for whole ear TAR March 2012
Names and addresses of advisers (Optional information) e of adviser Name Address Name of chief executive or names of senior stsff members (Optional information) Section B Structure, governance and management Description of the charity's trusts Memorandum and Articles of Association Type of governing document How the charity is constituted Company Limited by Guarantee Trustee selection methods Trustee meeting Additional governance issues (Optional information) You may choose to include additional informalion, where relevant, about.. policies and procedures adopted for the induction and training of trustees., the charity's organisalional structure and any wider network with which the charity works., relationship wilh any related parties., trustees, consideralion of major risks and the syslem and procedures to manage them. Section C Ob'ectives and activities To educate the public in the development and use of internal combustion and steam engines illustrating their significance to our daily lives. Summary of the objects of the charity set out in its governing document TAR March 2012
The year was difficult with no volunteers present on sile but the charity has the advantage of two pemianent staff living on site. This meant essential maintenance was carried on as usual and some improvements done to display. The website continued to support through the online archive system. Late summer work was performed for Severn-Trent Water as key workers on removal and preservation of equipment from Peckforton Pumping Station. Summary of the main activities undertaken for the public benefit in relation to these objects (include within this section the statulory declaration that trustees have had regard to the guidance Issued by the Charity Commission on public benefit) Additional details of objectives and actlvltles Ioptlonal Information) You may choose to include further statements, where relevant, about.. policy on grantmaking- policy programme related investment., contribulion made by volunteers. TAR March 2012
Section D Achievements and performance The museum survived the year well but with the assistance of grants from The Federation of Museums for Wales, Ceredigion Council and the Cultural Relief Fund. Summary of the main achievements of the charity during the year Fed grants enabled the replacement of the museum servers, these were essential during the lockdown period and allowed continued access online. During the summer work continued on Steam Hall 1 and by Christmas all the tiling and finishing work on the displays was complete. Before lockdown the components for the replica paddle wheel on the Penn engine had been ordered. this work was completed in June. Two weeks were spent on site at Peckforton and a suite of electrical switchgear along wilh a 6T47 Allen generating set was removed and brought back to the museum for installation in 2022. The enforced break with no public opening allowed a large number of outstanding mainlenance issues to be sorted out. Funds from the Cultural Relief Fund covered the monthly outgoings and without doubt helped keep the museum afloat. TAR Maich 2012
Section E Financial review Brief statement of the harity's policy on reserves Details of any funds materially in deficit Further financial review details (Optional information) You may choose lo include additional information, where relevant about.. the charity's principal sources of funds {including any fundraising)., how expenditure has supported the key objectives of the charity., investment policy and objectives including any elhical investment policy adopted. Section F Other optional information Section G Declaration The trustees declare that they have approved the trustees, report above. Signed on behalf of the charity's trustees Signaturels) Full namels) Position {eg Secretary, Chair, etcl Paul Evans Hazel Evans Director Director Date TAR March 2012
Financial Statements
for the Year Ended 31 January 2021
for
Internal Fire Museum of Power Limited
Reg. No. 05016566
Internal Fire Museum of Power Limited
Contents of the Financial Statements for the Year Ended 31 January 2021
| Page | |
|---|---|
| Director’s Report | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| Profit and Loss Account | 4 |
Internal Fire Museum of Power Limited
Directors Report For the Year Ended 31 January 2021
The Directors have pleasure in submitting their annual report, with the unaudited financial statements of the Company, for the year ended 31[st] January 2021.
Principal Activity
The principal activity of the Company is that of a museum.
Review of Business and Future Development
The results for the year are shown in the attached financial statements. The Directors consider the state of affairs to be satisfactory.
Fixed Assets
The changes in fixed assets during the year are summarised in note 2 to the accounts.
Directors Responsibilities
In compliance with legal requirements the directors have prepared financial statements for the year ended 31[st] January 2021 which give a true and fair view of the state of affairs of the Company as at the end of the year and of the profit or loss for the year ended on that date.
The financial statements have been prepared in accordance with the applicable accounting standards.
The directors report that the business is a going concern.
The directors have adopted suitable accounting policies which have been consistently applied in the preparation of the financial statements for the year ended 31[st] January 2021 and these have been supported by reasonable and prudent judgments and estimates.
The directors are responsible for the maintenance of adequate accounting records for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities.
By Order of the Board
H Evans
H Evans
Date 23 October 2021
Page 1
Internal Fire Museum of Power Limited
Balance Sheet
31 January 2021
| 2021 2020 _ _ __ __ Notes £ £ £ FIXED ASSETS: Tangible Fixed Assets 2 170,919 CURRENT ASSETS: Debtors 2,357 263 Cash at bank and in hand 79,841 22,013 _ __ 82,198 22,276 CREDITORS:Amounts falling due within one year 23,827 1,037 _ NET CURRENT ASSETS: 58,371 TOTAL ASSETS LESS CURRENT LIABILITES: 229,290 CREDITORS:Amounts falling due in More than one year 97,596 £131,694 £ CAPITAL AND RESERVES: Profit and loss account 131,694 ___ TOTAL SHAREHOLDERS’ FUNDS £131,694 £ |
2021 2020 _ _ __ __ Notes £ £ £ FIXED ASSETS: Tangible Fixed Assets 2 170,919 CURRENT ASSETS: Debtors 2,357 263 Cash at bank and in hand 79,841 22,013 _ __ 82,198 22,276 CREDITORS:Amounts falling due within one year 23,827 1,037 _ NET CURRENT ASSETS: 58,371 TOTAL ASSETS LESS CURRENT LIABILITES: 229,290 CREDITORS:Amounts falling due in More than one year 97,596 £131,694 £ CAPITAL AND RESERVES: Profit and loss account 131,694 ___ TOTAL SHAREHOLDERS’ FUNDS £131,694 £ |
_ £ 172,920 21,239 _ 194,159 93,917 100,242 100,242 ____ 100,242 |
|---|---|---|
£ |
For the financial year ended 31[st] January 2021 the company was entitled to exemption from audit under section 477(2) of the Companies Act 2006; and no notice has been deposited under section 476. The directors acknowledge their responsibilities for ensuring that the company keeps accounting records which comply with the Section 386 of the Act and preparing accounts which give a true and fair view of the state of affairs of the company as at the year end and of its profit for the financial year in accordance with the requirements of the section 393 and which otherwise comply with the requirements of the Companies Act 2006, so far as applicable to the company.
The abbreviated accounts have been prepared in accordance with the special provisions of the Companies Act 2006 relating to small companies.
These accounts were approved by the board of directors on 23[rd] October 2021 and were signed on its behalf by:
H Evans
H Evans Director
Page 2
Internal Fire Museum of Power Limited
Notes to the Financial Statements
for the Year Ended 31 January 2021
1. ACCOUNTING POLICIES
Accounting convention
The financial statements have been prepared under the historical cost convention and in accordance with applicable accounting standards.
Turnover
Turnover represents admission fees and donations.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Exhibits -Straight line over 50 years, Leasehold Building Improvements -Straight line over 25 years. Equipment - Straight line over 4 years.
Going concern
The financial statements have been prepared on a going concern basis which assumes the continued support of the company’s directors.
2. TANGIBLE FIXED ASSETS
| Equipment £ COST: At 1 February 2020 34,557 Additions 5,710 As at 31 January 2021 40,267 DEPRECIATION: At 1 February 2020 31,554 Charge for the year 3,316 At 31 January 2021 34,870 NET BOOK VALUE At 31 January 2021 5,397 At 31 January 2020 3,003 |
Exhibits Leasehold Building Improvements £ £ 109,392 107,292 - 2,170 109,392 109,462 18,208 28,559 2,187 4,378 20,395 32,937 88,997 76,525 91,184 78,733 |
Total £ 251,241 7,880 259,121 78,321 9,881 88,202 170,919 172,920 |
|---|---|---|
3. TRANSACTIONS WITH DIRECTORS
Premises rent of £ 9,600 (2020 – 9,600) was paid to the directors during the year.
Page 3
This page does not form part of the statutory accounts
Internal Fire Museum of Power Limited
Trading and Profit and Loss Account for the Year ended 31[st] January 2021
| 2021 Income Admission Fees Grants and Donations 111,021 Cost of Sales Engine Repairs, Goods for resale & Maintenance 28,280 Gross Profit 82,741 Less: Expenses Rent and Rates 9,934 10,025 Premises Costs 11,176 5,356 Equipment Hire 320 684 Travel 2,859 3,665 PR and Marketing 191 1,229 Heat and Light 1,323 1,685 Office Expenses 8,591 5,185 Insurance 1,288 1,890 Telephone 757 1,150 Professional Fees 225 822 Haulage 625 1,560 Bank and Paypal Charges 320 347 Interest 1,002 859 Sundries 2,796 496 Depreciation 9,881 10,245 _ 51,288 _ _ Net Profit for the Year £ 31,453 £ _ |
2020 75,286 9,362 65,924 45,198 _____ 20,726 _____ |
|---|---|
No examination of the accounts was performed