## **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