## 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| Charity Accounts templates – Trustees’ annual report for the period October 2016 2 of 8 ## 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| Charity Accounts templates – Trustees’ annual report for the period October 2016 3 of 8 ## 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||| Charity Accounts templates – Trustees’ annual report for the period October 2016 4 of 8 ## 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||| Charity Accounts templates – Trustees’ annual report for the period October 2016 5 of 8 ## 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|||| ||||| ||||| ||||| ||||| ||||| ||||| ||||| ||||| ||||| ||||| ||||| ||||| ||||| ||||| Charity Accounts templates – Trustees’ annual report for the period October 2016 6 of 8 ## 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|| |---|---|---| |||| |||| |||| |||| |||| |||| Charity Accounts templates – Trustees’ annual report for the period October 2016 7 of 8 ## 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. Charity Accounts templates – Trustees’ annual report for the period October 2016 8 of 8 ## 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