# **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)**
**______**
**_____**|
|---|---|