COMPANY REGISTRATION NUMBER: 07332233
CHARITY REGISTRATION NUMBER: 1143128
NARTM
Company Limited by Guarantee UNAUDITED FINANCIAL STATEMENTS
31 JULY 2023
T C GROUP
Chartered Accountants Baird House Seebeck Place Knowlhill MILTON KEYNES Buckinghamshire MK5 8FR
NARTM
COMPANY LIMITED BY GUARANTEE
TRUSTEES' ANNUAL REPORT (INCORPORATING THE DIRECTOR'S REPORT)
YEAR ENDED 31 JULY 2023
The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 31 July 2023.
Reference and Administrative Details
Registered charity name NARTM Charity registration number 1143128 Company registration number 07332233 Principal office and registered Museum of Transport office Boyle Street Cheetham MANCHESTER M8 8UW
The Trustees
Mr R W Bignell Dr C J Billington Mr S A Gill Mrs K J Jefford Mr L J Powell Mr D R Stubbins Mr D J Talbot Mr G Tormey Mr I J Wiggett Company Secretary Mr D R Stubbins Independent Examiner Russell Nigel Syson Baird House Seebeck Place Knowlhill MILTON KEYNES Buckinghamshire MK5 8FR
Structure, Governance and Management
Governing Document
The organisation is a charitable company limited by guarantee, incorporated on 2 August 2010 and registered as a charity on 27 July 2011. The company was established under a Memorandum and Articles of Association on incorporation.
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NARTM
COMPANY LIMITED BY GUARANTEE
TRUSTEES' ANNUAL REPORT (INCORPORATING THE DIRECTOR'S REPORT) (continued)
YEAR ENDED 31 JULY 2023
Structure, Governance and Management (continued)
Organisation
The NARTM board of directors, who are all trustees, is elected by its members, and consists of persons from member organisations who have many years' experience and give their time, advice and resources freely.
Officers appointed by the board include Chairman, Deputy Chairman, Secretary and Treasurer. Other officers look after Membership, Database, Policies & Procedures, Public Affairs, "Newslink," Museums Liaison and Website. The Board meets periodically between the members' meetings to progress new initiatives and respond to consultations on proposed legislation changes.
Objectives and Activities
Purpose
For the benefit of the public:-
To improve the efficient and effective fulfilment by road transport heritage charities of their objects; To promote the efficient application of resources for charitable purposes by non-charitable institutions, organisations and individuals especially those connected with the protection, preservation, restoration, enhancement and historic study and research of road transport heritage;
The advancement of education of the public:-
In relation to the historic development of road transport in the United Kingdom; By promoting and encouraging public access to, study and appreciation of historic road transport vehicles and associated relics and archives;
History
NARTM was formed over 40 years ago, bringing together folk who had as individuals or as a small group taken the initiative to care for examples of their local public transport heritage. A key role of NARTM is to support the continuity of care of this heritage as society changes and the pioneers are no longer as active as they were.
For a number of years NARTM was an informal organisation with the primary role of a forum to enable members to share ideas, experience and know-how through its meetings and quarterly newsletter. During more recent years there have been many changes in the heritage sector, not least the advent of the Museum Accreditation Scheme, now administered by Arts Council England, and the National Lottery Heritage Fund ("NLHF"), both of which organisations have had a very positive impact on transport heritage as a a whole. In order to be able to take advantage of this opportunity NARTM member organisations, many of which are run on a voluntary basis, have sought to become more professional and formal in the way they are constituted and managed.
NARTM has been instrumental in this change, representing members' interests to the NLHF and Government Departments, sharing information on management skills, policies and procedures leading in some cases to formal museum accreditation and helping new members to develop their own organisations.
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NARTM
COMPANY LIMITED BY GUARANTEE
TRUSTEES' ANNUAL REPORT (INCORPORATING THE DIRECTOR'S REPORT) (continued)
YEAR ENDED 31 JULY 2023
Objectives and Activities (continued)
History (continued)
NARTM membership has risen very rapidly from around 20 a few years ago to almost 100 currently and represents the full spectrum from large public sector museums with full time staff such as the London Transport Museum to smaller volunteer run charities and museums, as well as individuals' private collections. Between them they hold over 3,000 historic vehicles.
NARTM has compiled a database of known buses, coaches, trolleybuses and trams in preservation in the four countries of the UK. It gives an indication as to their condition and, where agreed with the owner, their location. This is updated regularly from information from its member organisations and other private owners.
Ensuring our work delivers our aims
We review our aims, objectives and activities each year. This review looks at what we achieved and the outcomes of our work in the previous 12 months. The review looks at the success of each key activity and the benefits they have brought to those groups of people we are set up to help. The review also helps us ensure our aims, objectives and activities remain focused on our stated purposes.
We have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing our aims and objectives and in planning our future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives they have set
Achievements and Performance
With the pandemic behind us all and life almost back to normal, NARTM tried to return to face to face meetings during the year, but the autumn was thwarted by rail strikes and a third AGM was held using Zoom. However, the spring 2023 Conference was held very successfully at London Transport Museum's Acton Depot, and it was good to see members face to face again.
The receipt of the very generous Neil Millington legacy has allowed NARTM to move up a gear or two and to raise its aspirations. As we come to terms with this change, it has become clear that if we are to make effective use of the legacy for the benefit of the national road passenger transport heritage sector, we need to buy some time and expertise. ,The first step in that direction has been to engage David Sheppard as a consultant with his first two briefs - to refresh NARTM's public image and to to support the long-term Scoring and Grading Project. This only happened towards the end of the financial year, but we are already seeing the benefits. Work behind the scenes on heritage skills and apprenticeships continues, but this is a 'slow burn' project, where there are lots of practical issues to resolve, but one which will be very worthwhile in the long term.
The legacy funds were placed with Evelyn Partners in medium risk funds, aiming for capital growth while keeping funds available to use in the medium term. The very volatile international situation following the pandemic and the Ukraine war have affected returns on our investments, but useful progress has been seen more recently.
NARTM Newslink magazine continued to be published each quarter and an updated leaflet was printed and circulated in June. Increases in printing and distribution costs are evident, but these publications are still important to NARTM's core business, and no contribution was requested from the members. The total of NARTM members is still almost one hundred. The directors of NARTM remain satisfied with the level of operation of the company.
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NARTM
COMPANY LIMITED BY GUARANTEE
TRUSTEES' ANNUAL REPORT (INCORPORATING THE DIRECTOR'S REPORT)
(continued)
YEAR ENDED 31 JULY 2023
Financial Review
In 2022/23, subscription income was reduced to 50% of the previous rate, in order to help museums and individuals following difficult times during the Covid epidemic, so the subscription income is lower than usual. Donations mainly reflect payments by officers of the company to help with travel costs.
A further and final payment of the generous legacy from Neil Millington, amounting to £67926, was received and this is shown together with the dividends and income received from the investments now held by NARTM as a result of the legacy. Following a decrease in the value of the investments last year, resulting from the war in Ukraine, there was an increase in their overall value during this last year. Management fees relate to payments made to Evelyn Partners, the firm that manages the NARTM portfolio, and the £600 credit relates to an accrual made last year for expected legal fees which never occurred, so the accrual has been reversed.
Operating expenditure has been both modest and fairly constant, though the leaflet printing and distribution costs were higher due to substantially increased costs for this work. Apart from the donation of £50000 to The Bus Archive in the previous year, expenditure on special projects has been low so far this year, with just £600 spent on consultancy relating to the proposed Guide to the National Collection.
Turning to the Balance Sheet, there has been an increase in the value of the investments which are shown at market value on 31st July 2023. There are also healthy balances at the bank and a low level of amounts owing to us, shown as debtors. Creditors include subscriptions paid in advance for next year and accruals for expenses incurred but paid after year end.
Accumulated Funds now stand at £2,420,877 and so far, no further funds have yet been set aside for the preparation of a Guide to the National Collection. This activity had already been started but had been seriously held up by restrictions on travel due to the Covid-19 shutdowns; it is now being resumed.
The trustees have examined the requirement for free reserves which are those unrestricted funds not invested in fixed assets, or otherwise committed. The trustees consider that this should be at a level which would cover the administration and management, including six-monthly conferences for the year, in the event of no income being received. The expenditure on such items (pre Covid-19) was approximately £5,000 per annum.
Small Company Provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
The trustees' annual report was approved on 27 October 2023 and signed on behalf of the board of trustees by:
D J Talbot
Mr D J Talbot Trustee
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NARTM
COMPANY LIMITED BY GUARANTEE
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF NARTM
YEAR ENDED 31 JULY 2023
I report to the trustees on my examination of the financial statements of NARTM ('the charity') for the year ended 31 July 2023.
Responsibilities and Basis of Report
As the trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 ('the 2006 Act’).
Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent Examiner's Statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
-
accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or
-
the financial statements do not accord with those records; or
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the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair' view which is not a matter considered as part of an independent examination; or
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the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
RN Syson
Russell Nigel Syson Independent Examiner
Baird House Seebeck Place Knowlhill MILTON KEYNES Buckinghamshire MK5 8FR
27 Nov 2023
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NARTM
COMPANY LIMITED BY GUARANTEE
STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT)
YEAR ENDED 31 JULY 2023
| 2023 | 2023 | 2022 | ||
|---|---|---|---|---|
| Unrestricted | ||||
| funds | Total funds | Total funds | ||
| Note | £ | £ | £ | |
| Income and endowments | ||||
| Donations and legacies | 5 | 69,958 | 69,958 | 2,452,720 |
| Investment income | 6 | 57,353 | 57,353 | 16,702 |
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄৄৄ | ||
| Total income | 127,311 | 127,311 | 2,469,422 | |
| ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶৶৶ | ||
| Expenditure | ||||
| Expenditure on charitable activities | 7,8 | 23,341 | 23,341 | 72,588 |
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄৄৄ | ||
| Total expenditure | 23,341 | 23,341 | 72,588 | |
| ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶৶৶ | ||
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄৄৄ | ||
| Net income | 103,970 | 103,970 | 2,396,834 | |
| ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶৶৶ | ||
| Other recognised gains and losses | ||||
| Net gains/(losses) on investments | 18,439 | 18,439 | (93,519) | |
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄৄৄ | ||
| Net movement in funds | 122,409 | 122,409 | 2,303,315 | |
| Reconciliation of funds | ||||
| Total funds brought forward | 2,324,468 | 2,324,468 | 21,153 | |
| ৄৄৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄৄৄ | ||
| Total funds carried forward | 2,446,877 | 2,446,877 | 2,324,468 | |
| ৶৶৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶৶৶ |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 9 to 16 form part of these financial statements.
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NARTM
COMPANY LIMITED BY GUARANTEE
STATEMENT OF FINANCIAL POSITION
31 JULY 2023
| 2023 | 2022 | ||||
|---|---|---|---|---|---|
| Note | £ | £ | £ | £ | |
| Fixed Assets | |||||
| Investments | 14 | 2,342,669 | 2,217,930 | ||
| Current Assets | |||||
| Debtors | 15 | 502 | 25 | ||
| Cash at bank and in hand | 108,882 | 113,233 | |||
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ||||
| 109,384 | 113,258 | ||||
| Creditors: Amounts Falling due | |||||
| Within One Year | 16 | 5,176 | 6,720 | ||
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ||||
| Net Current Assets | 104,208 | 106,538 | |||
| ৄৄৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄৄৄ | ||||
| Total Assets Less Current Liabilities | 2,446,877 | 2,324,468 | |||
| ৄৄৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄৄৄ | ||||
| Net Assets | 2,446,877 | 2,324,468 | |||
| ৶৶৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶৶৶ | ||||
| Funds of the Charity | |||||
| Unrestricted funds | 2,446,877 | 2,324,468 | |||
| ৄৄৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄৄৄ | ||||
| Total charity funds | 17 | 2,446,877 ৶৶৶৶৶৶৶৶৶৶৶৶ |
2,324,468 ৶৶৶৶৶৶৶৶৶৶৶৶ |
For the year ending 31 July 2023 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
These financial statements were approved by the board of trustees and authorised for issue on 27 October 2023, and are signed on behalf of the board by:
D J Talbot
Mr D J Talbot Trustee
The notes on pages 9 to 16 form part of these financial statements.
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NARTM
COMPANY LIMITED BY GUARANTEE
STATEMENT OF CASH FLOWS
YEAR ENDED 31 JULY 2023
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Cash Flows from Operating Activities | ||
| Net income | 103,970 | 2,396,834 |
| Adjustments for: | ||
| Dividends, interest and rents from investments | (57,012) | (16,644) |
| Other interest receivable and similar income | (341) | (58) |
| Accrued (income)/expenses | (4,540) | 5,440 |
| Changes in: | ||
| Trade and other debtors | (477) | (25) |
| Trade and other creditors | 2,996 | 25 |
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄৄৄ | |
| Cash generated from operations | 44,596 | 2,385,572 |
| Interest received | 341 | 58 |
| ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄৄৄ | |
| Net cash from operating activities | 44,937 | 2,385,630 |
| ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶৶৶ | |
| Cash Flows from Investing Activities | ||
| Dividends, interest and rents from investments | 57,012 | 16,644 |
| Purchases of other investments | (1,162,771) | (2,320,059) |
| Proceeds from sale of other investments | 1,056,471 | 8,610 |
| ৄৄৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄৄৄ | |
| Net cash used in investing activities | (49,288) | (2,294,805) |
| ৶৶৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶৶৶ | |
| Net (Decrease)/Increase in Cash and Cash Equivalents | (4,351) | 90,825 |
| Cash and Cash Equivalents at Beginning of Year | 113,233 | 22,408 |
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | |
| Cash and Cash Equivalents at End of Year | 108,882 ৶৶৶৶৶৶৶৶৶ |
113,233 ৶৶৶৶৶৶৶৶৶ |
The notes on pages 9 to 16 form part of these financial statements.
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NARTM
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 JULY 2023
1. General Information
The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is Museum of Transport, Boyle Street, Cheetham, MANCHESTER, M8 8UW.
2. Statement of Compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Companies Act 2006.
3. Accounting Policies
(a) Basis of Preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
(b) Going Concern
There are no material uncertainties about the charity's ability to continue.
(c) Judgements and Key Sources of Estimation Uncertainty
Significant judgements
There were no judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements.
Key sources of estimation uncertainty
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. There were no key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
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NARTM
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31 JULY 2023
3. Accounting Policies (continued)
(d) Fund Accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.
Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.
Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
(e) Incoming Resources
All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:
-
income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
-
legacy income is recognised when receipt is probable and entitlement is established.
-
income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers.
-
income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
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NARTM
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31 JULY 2023
3. Accounting Policies (continued)
(f) Resources Expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
-
expenditure on raising funds includes the costs of all fundraising activities, events, noncharitable trading activities, and the sale of donated goods.
-
expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
-
other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
(g) Investments
Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impairment.
Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure.
(h) Financial Instruments
A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs.
Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.
Debt instruments are subsequently measured at amortised cost.
Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment.
Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
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NARTM
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31 JULY 2023
3. Accounting Policies (continued)
Financial Instruments (continued)
Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised.
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Limited by Guarantee
The company is limited by guarantee, the liability of each member being £1.
5. Donations and Legacies
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2023 | Funds | 2022 | |
| £ | £ | £ | £ | |
| Donations | ||||
| General Donations | 126 | 126 | 120 | 120 |
| Trustee's Donations | 502 | 502 | – | – |
| Legacies | ||||
| Neil Millington Legacy | 67,926 | 67,926 | 2,450,000 | 2,450,000 |
| Subscriptions | ||||
| Membership Subscriptions | 1,404 | 1,404 | 2,600 | 2,600 |
| ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄৄৄ | |
| 69,958 | 69,958 | 2,452,720 | 2,452,720 | |
| ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶৶৶ | |
| Investment Income | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
| Funds | 2023 | Funds | 2022 | |
| £ | £ | £ | £ | |
| Income from listed investments | 49,186 | 49,186 | 16,310 | 16,310 |
| Income from cash investments | 7,826 | 7,826 | 334 | 334 |
| Bank Interest Receivable | 341 | 341 | 58 | 58 |
| ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | |
| 57,353 | 57,353 | 16,702 | 16,702 | |
| ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ |
6. Investment Income
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NARTM
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31 JULY 2023
7. Expenditure on Charitable Activities by Fund Type
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2023 | Funds | 2022 | |
| £ | £ | £ | £ | |
| NARTM Newslink | 1,240 | 1,240 | 1,132 | 1,132 |
| NARTM Leaflet | 1,860 | 1,860 | 1,329 | 1,329 |
| Neil Millington Legacy | – | – | 50,000 | 50,000 |
| Guide to the National Collection | 600 | 600 | – | – |
| Support costs | 19,641 | 19,641 | 20,127 | 20,127 |
| ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | |
| 23,341 | 23,341 | 72,588 | 72,588 | |
| ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ |
8. Expenditure on Charitable Activities by Activity Type
| Activities | ||||
|---|---|---|---|---|
| undertaken | Total funds | Total fund | ||
| directly | Support costs | 2023 | 2022 | |
| £ | £ | £ | £ | |
| Membership Services | – | 730 | 730 | 446 |
| NARTM Newslink | 1,240 | – | 1,240 | 1,132 |
| NARTM Leaflet | 1,860 | – | 1,860 | 1,329 |
| Neil Millington Legacy | – | (600) | (600) | 58,454 |
| Legacy Investment Fund | – | 19,018 | 19,018 | 6,414 |
| Guide to the National Collection | 600 | – | 600 | – |
| Governance costs | – | 493 | 493 | 4,813 |
| ৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | |
| 3,700 | 19,641 | 23,341 | 72,588 | |
| ৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ |
9. Analysis of Support Costs
| Legacy | ||||||
|---|---|---|---|---|---|---|
| Membership | Neil Millington | Investment | ||||
| Services | Legacy | Fund | Total 2023 | Total 2022 | ||
| £ | £ | £ | £ | £ | ||
| Communications and IT | 162 | – | – | 162 | 68 | |
| General office | 568 | – | – | 568 | 378 | |
| Governance costs | 493 | – | – | 493 | 4,813 | |
| Investment Manager Fee | – | – | 19,018 | 19,018 | 6,414 | |
| Legal Fees | – | (600) | – | (600) | 8,454 | |
| ৄৄৄৄৄৄৄ | ৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ||
| 1,223 | (600) | 19,018 | 19,641 | 20,127 | ||
| ৶৶৶৶৶৶৶ | ৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ||
| 10. | Auditors Remuneration | |||||
| 2023 | 2022 | |||||
| £ | £ | |||||
| Fees payable for the audit | of the financial statements | – ৶৶৶৶ |
4,800 ৶৶৶৶৶৶৶ |
- 13 -
NARTM
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31 JULY 2023
11. Independent Examination Fees
----- Start of picture text -----
2023 2022
£ £
Fees payable to the independent examiner for:
Independent examination of the financial statements 480 –
৶৶৶৶ ৶৶৶৶
----- End of picture text -----
12. Staff Costs
There were no employees in either year.
13. Trustee Remuneration and Expenses
No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.
Company officers have generously made donations exceeding 100% of the cost of travel of £502 (2022 - £ Nil) to attend meetings, with the net cost to NARTM being nil
14. Investments
| Cash or cash | Listed | ||
|---|---|---|---|
| equivalents | investments | Total | |
| £ | £ | £ | |
| Cost or valuation | |||
| At 1 August 2022 | 353,368 | 1,864,562 | 2,217,930 |
| Additions | 124,938 | 1,037,833 | 1,162,771 |
| Disposals | (460,645) | (595,826) | (1,056,471) |
| Fair value movements | – | 18,439 | 18,439 |
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄৄৄ | |
| At 31 July 2023 | 17,661 | 2,325,008 | 2,342,669 |
| ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶৶৶ | |
| Impairment | |||
| At 1 August 2022 and 31 July 2023 | – | ||
| ৶৶৶৶৶৶৶৶৶৶৶৶ | |||
| Carrying amount | |||
| At 31 July 2023 | 17,661 | 2,325,008 | 2,342,669 |
| ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶৶৶ | |
| At 31 July 2022 | 353,368 | 1,864,562 | 2,217,930 |
| ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶৶৶ |
All investments shown above are held at valuation.
Financial assets held at fair value
The investments were valued by the Investment Managers
- 14 -
NARTM
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31 JULY 2023
15. Debtors
| 2023 | 2022 | ||
|---|---|---|---|
| £ | £ | ||
| Trade debtors | – | 25 | |
| Other debtors | 502 | – | |
| ৄৄৄৄ | ৄৄৄৄ | ||
| 502 | 25 | ||
| ৶৶৶৶ | ৶৶৶৶ | ||
| 16. | Creditors: Amounts Falling due Within One Year | ||
| 2023 | 2022 | ||
| £ | £ | ||
| Accruals and deferred income | 2,080 | 6,620 | |
| Membership Subscriptions | 25 | 100 | |
| Other creditors | 3,071 | – | |
| ৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄ | ||
| 5,176 | 6,720 | ||
| ৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶ |
17. Analysis of Charitable Funds
Unrestricted funds
| At | Gains and | At | ||||
|---|---|---|---|---|---|---|
| 1 Aug 2022 | Income | Expenditure | Transfers | losses | 31 Jul 2023 | |
| £ | £ | £ | £ | £ | £ | |
| General funds | 8,843 | 2,373 | (4,323) | – | 21 | 6,914 |
| Guide to the | ||||||
| National | ||||||
| Collection | 26,000 | – | (600) | – | – | 25,400 |
| Neil Millington | ||||||
| Legacy | 2,289,395 | 67,926 | 600 | – | 18,418 | 2,376,339 |
| Legacy | ||||||
| Investment Fund | 230 | 57,012 | (19,018) | – | – | 38,224 |
| ৄৄৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄৄৄ | |
| 2,324,468 | 127,311 | (23,341) | – | 18,439 | 2,446,877 | |
| ৶৶৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶৶৶ | |
| At | Gains and | At | ||||
| 1 Aug 2021 | Income | Expenditure | Transfers | losses | 31 Jul 2022 | |
| £ | £ | £ | £ | £ | £ | |
| General funds | 5,153 | 2,778 | (2,920) | 3,832 | – | 8,843 |
| Guide to the | ||||||
| National | ||||||
| Collection | 16,000 | – | – | 10,000 | – | 26,000 |
| Neil Millington | ||||||
| Legacy | – | 2,450,000 | (63,254) | (3,832) | (93,519) | 2,289,395 |
| Legacy | ||||||
| Investment Fund | – | 16,644 | (6,414) | (10,000) | – | 230 |
| ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄৄৄ | |
| 21,153 ৶৶৶৶৶৶৶৶ |
2,469,422 ৶৶৶৶৶৶৶৶৶৶৶৶ |
(72,588) ৶৶৶৶৶৶৶৶ |
– ৶৶৶৶৶৶৶৶ |
(93,519) ৶৶৶৶৶৶৶৶ |
2,324,468 ৶৶৶৶৶৶৶৶৶৶৶৶ |
- 15 -
NARTM
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31 JULY 2023
18. Analysis of Net Assets Between Funds
| Unrestricted | Total Funds | ||||
|---|---|---|---|---|---|
| Funds | 2023 | ||||
| £ | £ | ||||
| Investments | 2,342,669 | 2,342,669 | |||
| Current assets | 109,384 | 109,384 | |||
| Creditors less than 1 year | (5,176) | (5,176) | |||
| ৄৄৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄৄৄ | ||||
| Net assets | 2,446,877 | 2,446,877 | |||
| ৶৶৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶৶৶ | ||||
| Unrestricted | Total Funds | ||||
| Funds | 2022 | ||||
| £ | £ | ||||
| Investments | 2,217,930 | 2,217,930 | |||
| Current assets | 113,258 | 113,258 | |||
| Creditors less than 1 year | (6,720) | (6,720) | |||
| ৄৄৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄৄৄ | ||||
| Net assets | 2,324,468 | 2,324,468 | |||
| ৶৶৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶৶৶ | ||||
| 19. | Analysis of Changes in Net Debt | ||||
| At | |||||
| At | 1 Aug 2022 | Cash flows | 31 Jul 2023 | ||
| £ | £ | £ | |||
| Cash at bank and in hand | 113,233 | (4,351) | 108,882 | ||
| ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ |
- 16 -
Issuer
Powdin & Co Limited / LP RMC Accounts Limited
Document generated Mon, 27th Nov 2023 12:06:58 UTC
Document fingerprint d36754ac8def7bc78f040100638b1fb1
Parties involved with this document
Document processed
Party + Fingerprint
Mon, 27th Nov 2023 12:53:14 UTC Wed, 29th Nov 2023 17:37:42 UTC Wed, 29th Nov 2023 17:37:42 UTC Wed, 29th Nov 2023 17:37:43 UTC
Dennis John Talbot - Signer (f80d0b07e0139cb7b0ffd02f113998da) Mr Russell Nigel Syson - Signer (e672bb61d09fce3a916184749695ba90) Mr David Riley Stubbins - Copied In (51beb36c11213c61c81b09a6e3541a33) Mr Michael Anthony Sutcliffe - Copied In (5c44f85b0f8b5dd22722a1f3d7aa29a6)
Wed, 29th Nov 2023 17:37:43 UTC Wed, 29th Nov 2023 17:37:43 UTC
Mr Lloyd Horton - Copied In (3e6dc3ddacf388fb2ce5f3d984c3d19c) Laurie Powell - Copied In (90644deeeeef144702306b530735f013)
Audit history log
Date
Action
Wed, 29th Nov 2023 17:37:44 UTC Wed, 29th Nov 2023 17:37:44 UTC Wed, 29th Nov 2023 17:37:44 UTC Wed, 29th Nov 2023 17:37:44 UTC Wed, 29th Nov 2023 17:37:43 UTC Wed, 29th Nov 2023 17:37:43 UTC Wed, 29th Nov 2023 17:37:43 UTC Wed, 29th Nov 2023 17:37:43 UTC Wed, 29th Nov 2023 17:37:43 UTC
Wed, 29th Nov 2023 17:37:42 UTC Wed, 29th Nov 2023 17:37:42 UTC Wed, 29th Nov 2023 17:36:07 UTC Mon, 27th Nov 2023 13:05:01 UTC Mon, 27th Nov 2023 12:53:15 UTC
Document emailed to party email (18.130.110.28) Document emailed to party email (13.40.146.20) Document emailed to party email (35.176.65.1) Document emailed to party email (35.177.141.43) Mr Russell Nigel Syson viewed the envelope (185.175.38.143) This envelope has been signed by all parties (185.175.38.143) Sent the envelope to Laurie Powell for signing (185.175.38.143) Sent the envelope to Mr Lloyd Horton for signing (185.175.38.143) Sent the envelope to Mr Michael Anthony Sutcliffe for signing (185.175.38.143)
Sent the envelope to Mr David Riley Stubbins for signing (185.175.38.143) Mr Russell Nigel Syson signed the envelope (185.175.38.143) Mr Russell Nigel Syson viewed the envelope (185.175.38.143) Dennis John Talbot viewed the envelope (86.5.220.80) Dennis John Talbot viewed the envelope (86.5.220.80)
Mon, 27th Nov 2023 12:53:15 UTC Mon, 27th Nov 2023 12:53:15 UTC Mon, 27th Nov 2023 12:53:14 UTC Mon, 27th Nov 2023 12:48:21 UTC Mon, 27th Nov 2023 12:07:10 UTC Mon, 27th Nov 2023 12:06:59 UTC Mon, 27th Nov 2023 12:06:59 UTC
Mon, 27th Nov 2023 12:06:59 UTC Mon, 27th Nov 2023 12:06:59 UTC Mon, 27th Nov 2023 12:06:59 UTC
Mon, 27th Nov 2023 12:06:59 UTC
Mon, 27th Nov 2023 12:06:59 UTC
Mon, 27th Nov 2023 12:06:59 UTC Mon, 27th Nov 2023 12:06:59 UTC Mon, 27th Nov 2023 12:06:59 UTC
Mon, 27th Nov 2023 12:06:58 UTC
Document emailed to party email (13.40.170.180) Sent the envelope to Mr Russell Nigel Syson for signing (86.5.220.80) Dennis John Talbot signed the envelope (86.5.220.80) Dennis John Talbot viewed the envelope (86.5.220.80) Document emailed to party email (18.169.239.123)
Sent the envelope to Dennis John Talbot for signing. (35.176.181.211) Envelope has been set to automatically remind the active signer every 7 day(s). (35.176.181.211)
Laurie Powell has been assigned to this envelope. (35.176.181.211) Mr Lloyd Horton has been assigned to this envelope. (35.176.181.211) Mr Michael Anthony Sutcliffe has been assigned to this envelope.
(35.176.181.211) Mr David Riley Stubbins has been assigned to this envelope. (35.176.181.211)
Mr Russell Nigel Syson has been assigned to this envelope. (35.176.181.211)
Dennis John Talbot has been assigned to this envelope. (35.176.181.211) Envelope generated. (35.176.181.211)
Document generated with fingerprint
d36754ac8def7bc78f040100638b1fb1. (35.176.181.211) Envelope generated with fingerprint 9587e5fe370e9f3a29007695b55422c7 (18.133.63.166)