Internal Fire Museum of Power Report for Year Ending 31[st] Jan 2023
Registered Office:
Castell Pridd, Tanygroes, Ceredigion, SA43 2JS.
Accredited Museum 2272
Company Number: 05016566,
Charity No : 1134971
Trustees : Paul Evans (Chairman)
Hazel Evans Keith Farley Sandra Aldworth Raymond Hancox Robert Chivers
Registered Office: Castell Pridd, Tanygroes, Ceredigion, SA43 2JS. Accredited Museum 2272 Company Number: 05016566, Charity No: 1134971, Vat No 274 1440 17
Aims & Objectives
As set down in the Memorandum of Association the museum works showcase the development of steam and internal combustion engines by presenting suitable examples in working condition for the public.
The museum also maintains an archive of related documentation indexed and available with an emphasis on the conversion of that documentation to an electronic format to provide secure copies.
Summary 2022 Season
2022 was the first full year open since COVID and although some maintenance had been performed during 20/21 most of the year was spent overhauling engines and sorting building maintenance issues. Opening was Saturday & Sunday only plus Bank Holidays.
The Steam Hall performed well over the year with no issues and attracting an increasing number of visitors.
The Turbine Shed and Hall7 were still out of use as a result of the subsidence at the rear so were used as temporary storage.
Registered Office: Castell Pridd, Tanygroes, Ceredigion, SA43 2JS. Accredited Museum 2272 Company Number: 05016566, Charity No: 1134971, Vat No 274 1440 17
Improvements
.A number of factors meant work on the Trinity House and laboratory displays did not start until January, well behind schedule and will continue into the 23 and 24 seasons.
Online Shop
After 11 years of hard work by Andy M the online shop closed down which has resulted in a drop in income until we can find someone else to take it on.
Visitors
Visitor numbers were below the 2019 by around 20% but with positive reviews for the season the trustees were happy with the results.
Facebook once again seemed to make the difference on PR for steaming days.
Registered Office: Castell Pridd, Tanygroes, Ceredigion, SA43 2JS. Accredited Museum 2272 Company Number: 05016566, Charity No: 1134971, Vat No 274 1440 17
Financial Statements
for the Year Ended 31 January 2023
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 2023
| 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 2023
The Directors have pleasure in submitting their annual report, with the unaudited financial statements of the Company, for the year ended 31[st] January 2023.
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 2023 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 2023 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
Date 25 October 2023
Page 1
Internal Fire Museum of Power Limited
Balance Sheet
31 January 2023
| 2023 2022 _ _ __ __ Notes £ £ £ FIXED ASSETS: Tangible Fixed Assets 2 180,809 CURRENT ASSETS: Debtors 1,017 1,857 Cash at bank and in hand 8,781 23,881 _ __ 9,798 25,738 CREDITORS:Amounts falling due within one year 12,091 17,819 _ NET CURRENT ASSETS: (2,293) TOTAL ASSETS LESS CURRENT LIABILITES: 178,516 CREDITORS:Amounts falling due in More than one year 60,943 £117,573 £ CAPITAL AND RESERVES: Profit and loss account 117,573 ___ TOTAL SHAREHOLDERS’ FUNDS £117,573 £ |
2023 2022 _ _ __ __ Notes £ £ £ FIXED ASSETS: Tangible Fixed Assets 2 180,809 CURRENT ASSETS: Debtors 1,017 1,857 Cash at bank and in hand 8,781 23,881 _ __ 9,798 25,738 CREDITORS:Amounts falling due within one year 12,091 17,819 _ NET CURRENT ASSETS: (2,293) TOTAL ASSETS LESS CURRENT LIABILITES: 178,516 CREDITORS:Amounts falling due in More than one year 60,943 £117,573 £ CAPITAL AND RESERVES: Profit and loss account 117,573 ___ TOTAL SHAREHOLDERS’ FUNDS £117,573 £ |
_ £ 186,039 7,919 _ 193,958 66,316 127,642 127,642 ____ 127,642 |
|---|---|---|
£ |
For the financial year ended 31[st] January 2023 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 31[st] October 2023 and were signed on its behalf by:
H Evans Director
Page 2
Internal Fire Museum of Power Limited
Notes to the Financial Statements
for the Year Ended 31 January 2023
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 2022 57,046 Additions 548 As at 31 January 2023 57,594 DEPRECIATION: At 1 February 2022 41,607 Charge for the year 5,759 At 31 January 2023 47,366 NET BOOK VALUE At 31 January 2023 10,228 At 31 January 2022 15,439 |
Exhibits Leasehold Building Improvements £ £ 119,525 111,248 - 7,105 119,525 118,353 22,786 37,387 2,390 4,734 25,176 42,121 94,349 76,232 96,739 73,861 |
Total £ 287,819 7,653 295,472 101,780 12,883 114,663 180,809 186,039 |
|---|---|---|
3. TRANSACTIONS WITH DIRECTORS
Premises rent of £ 9,600 (2022 – 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 2023
| Income Admission Fees Grants and Donations Cost of Sales Engine Repairs, Goods for resale & Maintenance Gross Profit Less: Expenses Labour Costs - Rent and Rates 9,942 Premises Costs 15,603 Equipment Hire 220 Travel 3,774 PR and Marketing 1,662 Heat and Light 2,442 Office Expenses 9,005 Insurance 1,540 Telephone 944 Professional Fees 18 Haulage 1,226 Bank and Paypal Charges 167 Interest 710 Sundries – including PPE 2,742 Depreciation 12,883 ____ _ Net Profit for the Year £ _ |
2023 2022 75,329 108,776 22,520 12,907 52,809 95,869 5,707 10,024 32,146 80 7,662 2,686 3,774 9,451 2,181 578 3,250 1,758 270 - 6,776 13,578 62,878 _ 99,921 __ (10,069) £ (4,052) ______ _____ |
|---|---|