2024-01-31-accounts - Internal Fire Museum Of Power

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Financial Statements

for the Year Ended 31 January 2024

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 2024

	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 2024

The Directors have pleasure in submitting their annual report, with the unaudited financial statements of the Company, for the year ended 31[st] January 2024.

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 2024 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 2024 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 31 October 2024

Page 1

Internal Fire Museum of Power Limited

Balance Sheet

31 January 2024

2024 2023 _ _ __ __ Notes £ £ £ FIXED ASSETS: Tangible Fixed Assets 2 168,864 CURRENT ASSETS: Debtors 5,713 1,017 Cash at bank and in hand 2,417 8,781 _ __ 8,130 9,798 CREDITORS:Amounts falling due within one year 5,695 12,091 _ NET CURRENT LIABILITIES: 2,435 TOTAL ASSETS LESS CURRENT LIABILITES: 171,299 CREDITORS:Amounts falling due in More than one year 85,599 £ 85,700 £ CAPITAL AND RESERVES: Profit and loss account 85,700 ___ TOTAL SHAREHOLDERS’ FUNDS £ 85,700 £	2024 2023 _ _ __ __ Notes £ £ £ FIXED ASSETS: Tangible Fixed Assets 2 168,864 CURRENT ASSETS: Debtors 5,713 1,017 Cash at bank and in hand 2,417 8,781 _ __ 8,130 9,798 CREDITORS:Amounts falling due within one year 5,695 12,091 _ NET CURRENT LIABILITIES: 2,435 TOTAL ASSETS LESS CURRENT LIABILITES: 171,299 CREDITORS:Amounts falling due in More than one year 85,599 £ 85,700 £ CAPITAL AND RESERVES: Profit and loss account 85,700 ___ TOTAL SHAREHOLDERS’ FUNDS £ 85,700 £	_ £ 180,809 (2,293) _ 178,516 60,943 117,573 117,573 ____ 117,573
	£

For the financial year ended 31[st] January 2024 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 2024 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 2024

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 2023 57,594 Additions 1,250 As at 31 January 2024 58,844 DEPRECIATION: At 1 February 2023 47,366 Charge for the year 6,071 At 31 January 2024 53,437 NET BOOK VALUE At 31 January 2024 5,407 At 31 January 2023 10,228	Exhibits Leasehold Building Improvements £ £ 119,525 118,353 - - 119,525 118,353 25,176 42,121 2,390 4,734 27,566 46,855 91,959 71,498 94,349 76,232	Total £ 295,472 1,250 296,722 114,663 13,195 127,858 168,864 180,809

3. TRANSACTIONS WITH DIRECTORS

Premises rent of £ 9,600 (2023 – 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 2024

Income Admission Fees Grants and Donations Cost of Sales Engine Repairs, Goods for resale & Maintenance Gross Profit Less: Expenses Labour Costs - Rent and Rates 10,067 Premises Costs 19,846 Equipment Hire - Travel 2,114 PR and Marketing 2,225 Heat and Light 4,477 Office Expenses 6,940 Insurance 2,198 Telephone 520 Professional Fees 130 Haulage 682 Bank and Paypal Charges 130 Interest 298 Sundries – including PPE 218 Depreciation 13,195 ____ _ Net Loss for the Year £ _	2024 55,640 24,473 31,167 - 9,942 15,603 220 3,774 1,662 2,442 9,005 1,540 944 18 1,226 167 710 2,742 12,883 63,040 _ ___ (31,873) £ ______	2023 75,329 22,520 52,809 62,878 _____ (10,069) _____

INTERNAL FIRE MUSEUM OF POWER

Nov 2024

Trustees Annual Report 2024

Aims and Objectives

Our charity’s purposes as set out in the objects contained in the company’s memorandum of association are to:

Preserve and display internal combustion and steam engines, where possible restoring them to operating condition for the public to view.
Preserve information relating to construction of i/c and steam engines in the form of an archive.
Preserve and display objects related i/c and steam engines

Meeting Our Objectives

We review our collections procedures on a regular basis and take advice/recommendations from the public and volunteers as well as guidance from the MALD/ACE.

Visitor Feedback

Visitor feedback is the main way we measure success of the museum and our ongoing changes.

For 2024 the feedback has been above what we expected with online reviews/visitors book excellent and unsolicited comments from visitors also exceeding expectations.

2023/24 Season

2024 has been a difficult year in some ways with visitors to Wales generally down according to most local attractions. We have not seen too large a drop in numbers but our reduced opening hours since COVID have resulted in income dropping.

A lack of online donations has also affected the income this year.

Registered Office: Castell Pridd, Tanygroes, Ceredigion, SA43 2JS. Accredited Museum 2272 Company Number: 05016566, Charity No: 1134971, Vat No 274 1440 17

INTERNAL FIRE MUSEUM OF POWER

However, we the museum has managed to sort new exhibits which have been well received and is working towards a number of large projects for 2025.

The most significant of these is a tandem gas engine which is being moved from Canada to the UK as part of a twinning project with the Manitoba Agricultural Museum.

The engine will arrive in the UK late November and be installed during 2025.

80% of the funding for this project has been covered by two of the museum trustees to reduce burden on museum finances.

The biggest issue for 2024 has been the failure to replace the museum roof over the café and Hall 5. All materials have now been on site for well over a year but there has been no big enough break in the weather to perform the work.

If not done before the museum opens again Easter 25 we will have to choose a suitable slot in the summer and shut the museum for that period.

The motorcycle display on the Hall 2 mezzanine has attracted many positive comments and is due to grow winter 2024 with the addition of 5 motorcycles being transferred from The Science Museum.

P Evans Chairman of the Trustees

Registered Office: Castell Pridd, Tanygroes, Ceredigion, SA43 2JS. Accredited Museum 2272 Company Number: 05016566, Charity No: 1134971, Vat No 274 1440 17