Section C: Notes to the accounts Trustees’ annual report for the period
Period start date 01 0 2 2 1 Period end date 3 1 0 1 2 2 Charity name Internal Fire Museum of Power Limited Charity No 1 1 3 4 9 7 1 (if any)
Objectives and Activities
| SORP reference |
||
|---|---|---|
| Summary of the purposes of the charity as set out in its governing document |
Para 1.17 | To educate the public in the development and of the internal combustion and steam engines illustrating their significance to our daily lives |
| Summary of the main activities in relation to those purposes for the public beneft, in particular, the activities, projects or services identifed in the accounts. |
Para 1.17 and 1.19 |
Provision, maintenance and development of a Museum open to the public |
| Statement confrming whether the trustees have had regard to the guidance issued by the Charity Commission onpublic beneft |
Para 1.18 | The Trustees have had regard to the Charity Commission's guidance on public benefit |
Additional information (optional)
You may choose to include further statements where relevant about:
| SORP reference |
||
|---|---|---|
| Policy on grant making | Para 1.38 | N/A |
| Policy on social investment including program related investment |
Para 1.38 | N/A |
| Contribution made by volunteers | Para 1.38 | 20 Volunteers give their time and expertise to running, development and maintenance of the museum, 2 live on site |
| Other | The Trustees made the decision not to open to the public during this year, as the risk to volunt- eers was considered too high |
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October 2016
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Achievements and Performance
| SORP reference |
||
|---|---|---|
| Summary of the main achievements of the charity, identifying the difference the charity’s work has made to the circumstances of its benefciaries and any wider benefts to society as a whole. |
Para 1.20 | The Museum has continued to maintain the exhibits during the period of lockdown, make improvements to existing exhibits and maintain the premises. New exhibits of motorcycles and telephone systems have extended the scope for education of visitors. Preparation for the reopening, following Covid to make the visitor experience more rewarding. |
Additional information (optional)
You may choose to include further statements where relevant about:
| SORP reference |
||
|---|---|---|
| Achievements against objectives set | Para 1.41 | Installation of new septic tank system partly funded by grants and volunteer labour |
| Performance of fundraising activities against objectives set |
Para 1.41 | Fundraising to cover non-recurring costs continued successfully |
| Investment performance against objectives |
Para 1.41 | N/A |
| Other | Acquistion of new exhibits pertinent to Wales |
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Financial Review
| SORP reference |
||
|---|---|---|
| Review of the charity’s fnancial position at the end of the period |
Para 1.21 | The Charity's financial position is considered to be satisfactory |
| Statement explaining the policy for holding reserves stating why they are held |
Para 1.22 | Reserves held consist of exhibits that are held for public benefit |
| Amount of reserves held | Para 1.22 | £127,642 |
| Reasons for holding zero reserves | Para 1.22 | |
| Details of fund materially in defcit | Para 1.24 | |
| Explanation of any uncertainties about the charity continuing as a goingconcern |
Para 1.23 | None |
Additional information (optional)
You may choose to include further statements where relevant about:
| SORP reference |
||
|---|---|---|
| The charity’s principal sources of funds (including any fundraising) |
Para 1.47 | For this year the principal source of funding has been grants, in addition there have been dona- tion and trading income. |
| Investment policy and objectives including any social investment policy adopted |
Para 1.46 | N/A |
| A description of the principal risks facing the charity |
Para 1.46 | |
| Other |
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October 2016
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Structure, Governance and Management
| Description of charity’s trusts: | SORP reference |
|
|---|---|---|
| Type of governing document (trust deed,royal charter) |
Para 1.25 | Memorandum and Articles of Association |
| How is the charity constituted? (e.gunincorporated association,CIO) |
Para 1.25 | Company Limited by Guarantee |
| Trustee selection methods including details of any constitutional provisions e.g. election to post or name of any person or body entitled to appoint one or more trustees |
Para 1.25 | Annually elected at the AGM |
Additional information (optional)
You may choose to include further statements where relevant about:
| SORP reference |
||
|---|---|---|
| Policies and procedures adopted for the induction and training of trustees |
Para 1.51 | Trustee induction pack |
| The charity’s organisational structure and any wider network with which the charityworks |
Para 1.51 | Two Directors who are also trustees, 4 additional Trustees and 20 volunteers |
| Relationship with any related parties | Para 1.51 | The premises are rented from the two Directors |
| Other |
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October 2016
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Reference and Administrative details
| Charity name | Internal Fire Museum of Power |
|---|---|
| Other name the charity uses | |
| Registered charity number | 1134971 |
| Charity’s principal address | Castell Pridd Tan y Groes Ceredigion SA42 2JS |
Names of the charity trustees who manage the charity
| Trustee name | Office (if any) | Dates acted if not for whole year |
Name of person (or body) entitled to appoint trustee(if any) |
|---|---|---|---|
| Paul Evans | Director | ||
| Hazel Evans | Director | ||
| Raymond Hancox | |||
| Sandra Aldworth | |||
| Peter Norman | |||
| Keith Farley | |||
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October 2016
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Reference and Administrative details (cont)
Corporate trustees – names of the directors at the date the report was approved
Director name
Name of trustees holding title to property belonging to the charity
| Trustee name | Dates acted if not for whole year |
|
|---|---|---|
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Funds held as custodian trustees on behalf of others
| Description of the assets held in this capacity |
Various exhibits on loan from other museums |
|---|---|
| Name and objects of the charity on whose behalf the assets are held and how this falls within the custodian charity’s objects |
Various museums with the same objective of education |
| Details of arrangements for safe custody and segregation of such assets from the charity’s own assets |
Kept under same conditions as the museums' assets, a register is kept in accordance with Museum Accreditation rules |
Additional information (optional)
Names and addresses of advisers (Optional information)
Type of adviser Name Address
Name of chief executive or names of senior staff members (Optional information)
Paul Evans
Exemptions from disclosure
Reason for non-disclosure of key personnel details
Other optional information
A review of the Museums' policies, procedures and operations was undertaken during the year by Roberts and Madge Limited.
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October 2016
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Declarations
The trustees declare that they have approved the trustees’ report above.
Signed on behalf of the charity’s trustees
Signature(s) S Aldworth Full name(s) Sandra Aldworth
Position (eg Secretary, Finance Chair, etc)
28/11/2022 Date
Charity Accounts templates – Trustees’ annual report for the period
October 2016
Flnancial Statements for the Year Ended 31 Januar 2022 for Intern#1 Fire Museum of Power Limited Re No. 05016566
Inl¢rn21 Fire Museum of PoTrver Limited Contents of the Financial Statements for the Year Endtd 31 Janiiar 2022 Page Director's Report Balance Sheet Notes to the Financial Statements Profit and Loss Account
Interiial Fire Museum of Power Limited Direetors Re ort For the Year Ended 31 Januar 2022 The Directors have pleasure in submitting their annual report, with the unaudited financial 5tatement5 of the Company. for the year ended 3 1st January 2022. Priii¢i al A¢tivtt The principal activity of the Company is that of a museum. Review of Business aiid Future Develo ment The results for the year are shown in the attached financial statements. The Directors consider the State of affairs to be satl5factory. Fixeil Assets The Changes in fixed assets during the year are summarised in note 2 to the accounts. Directors Res onsibilities In compliance with legal requirenients the direct015 have prepared financial statements for Ihe year ended 3151 january 2022 whicli give a and fair view of the State of affairs of the Company as at the end of the year and of the profit or loss foi. the year ended on that date. The financial statements haye been prepared in ac¢ordanc¢ with the applicable actounting standards. The directors report that the business is a going concern. The directors have adopted sultable accounting policies which have been consistently applied in the pi"epai'aiion of the financial statements for the year ended 3151 January 2022 and these have been supported by reasonable and prudent judgments and estimate5. The directors are responsible for the maintenance of adequbte accounting records for safeguarding the assets of the Company and for preyenting and detecting fraud and other irregularities. By Order of the Board H Evans Date 30 October 2022 Page I
Internal Fire Museum of Power Limited Balance Slieet 31 Janullr 2022 2022 2021 Notes FIXED ASSETS: Tangible Fixed Assets 186,039 170.919 CURRENT ASSETS: Debtors Cash at bank and in hand 1,857 23,881 2,357 79,841 25,738 82,198 CREDITORS: Amounts falling due within one year 17,819 23,827 NET CURRENT ASSETS: 7,919 58,371 TOTAL ASSETS LESS CURRENT LIABILITES.. 193,958 229.290 CREDITORS: Amounts falling due in More than one year CAPITAL AND RESERVES: Profit and loss account 127.642 131,694 TOTAL SHAREHOLDERS, FUNDS For the financial year ended 315t January 2022 the company was entitled to exemption from audit under section 47712) of the Companies A¢t 2006,. and no notlLe has been deposited under section 476. The directors acknowledge their responsibilitTres for ensuring that the company keeps accounting records which comply with the Section 386 of the Act and preparing accounls which give a irue and fair view of the slate of affairs of the company as at the yeai. end and of its profjt for the financial year in accordance with the requirements of the section 393 and which otherwise comply with the requirements of the Compaiiies Act 2006, 50 far as applicable to the coinpany. The abbreviated accounts have been prepared in accordance with the special provisions of the Companies Act 2006 relaiing to small companies. These accounts were approved by the board of directors on 30, October 2022 and were signed on its behalf by.. H Evans Director Page 2
Internal Fire Miiseiim of Power Limited Notes to the FinaneiAI Statements for the Year E4 nded 31 Jaiiuar 2022 I. ACCOUNTING POLICIES Accounting Convention The financial statements have been prepaitd under the historical cost convention and in a¢cordan¢e with applicable accounting standards. Turnovtr Turnover represents admission fees and donations. T8ngible fixed 4ssets Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Exhibits Leasehold Building Improvements Equipment -Straight line over 50 years, -Straight line over 25 years. 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 directois. 2. TANGIBLE FIXED ASSETS Equipment Exhibits Leasehold Building Improvements Total COST: At l Febrllary 2021 Additions As at 31 January 2022 40,267 109,392 09,462 259,121 DEPRECIATION: At l February 2021 Charge for the year At 31 Jonuary 2022 34,870 20,395 32,937 88,202 NEIT BOOK VALUE At 31 January 2022 At 3 I January 2021 3. TRANSACTIONS WITH DIRECTORS Premises rent of £ 9,600 (2021- 9,600) was paid to the directors during the year. Page 3
This page does not form part of the siatuiory accounts Interjial Fire Museum of Poiver Limited Tradin and Prufit Loss Aceouiit for the Ye8r ended 31, Januar 2022 2022 2021 Ineorne Admission Fees Grants and Donations 108,776 111.021 Cost of Sales Engine Repaii's, Goods for irsale & Maintenance Gross Profit 95,869 82,741 Les5: Expen$e5 Labour Costs Rent and Rates Premises Cost5 Equipment Hire Travel PR and M3rketing Heat and Light Office Expenses Insurance Telephone Professional Fees Haulage Bank and Paypal Charges Interest Sundrie5- including PPE Depreciation 5,707 10,024 32,146 80 7,662 2,686 3,774 9,451 9,934 11,176 320 2,859 1,323 8,591 1,288 757 225 625 320 1,002 2,796 9,881 578 3,250 1,758 270 6,776 13,578 99,921 51,288 Net Profit for the Year £ (4,052) £ 31,453
No examination of the accounts was performed