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