Charity number.. 1163401 Company number CE004599 CARPET MUSEUM TRUST UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31st DECEMBER 2023
CARPET MUSEUM TRUST TRUSTEES ANNUAL REPORT AND ACCOUNTS 2023 CONTENTS Page Reference and administrative details of the charlty, Sts trustees and adviser5 Tru5tees' report Independent examinerfs report Statement of financial actiwties Balance sheet Notes to the financial statements 8-15
CARPET MUSEUM TRUST TRUSTEES ANNVAL REPORT AND ACCOUNTS 2023 REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS Trusteès E A Pugh-cook l R Perrin D H Freeman G Cooper D V Adam (Chairl D Wheadon D H Bri885 G Gilbert J T Hopkins Charity Règistèrèd Number 1163401 Principal office Stour Vale Mill, Green Street, Kidderminster, WorcesteTshire. DYIO IAZ Independènt Examiners Ormerod RLrtter Chartered Accountants The Oaklev Kidderminster Road Droitwich Worcestershire WR9 9AY Bankers HSBC UK 31 Church Stree( Kidderminster DYIO 2AY Page I
CARPET MUSEUM TRUST TRUSTEES ANNUAL REPORT AND ACCOUNTS 2023 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31" DECEMBER 2023 The frustees present thetr annual report together with the financial statements of the charityfor the yearto 31st Oeeember 2023. The Trustees confirm that the Annual Report and financial Statements of the charity complv with the current statutory requirements, the requirements of the charity's governing document and the provisions of the Statement of Recommended Practice ISORPI, applicable to charltles preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102lleffective 1st January 20191. Oblects The objects of the CIO are To establish and maintain a museum andlor art gallery for the benefit of the public and to advance educatlon for the benefit of the public. Nothing in this constitution shall authorise an application of the property of the CIO for the Purposes which are not charftable in accordance with section 7 of the Charities and Trustee Investrnent (Scotlandl Act 2005 and Settion 2 of the Charities Act (Northern Irelandl 2008. Powers The CIO has power to do anythlng whleh Is calculated to further its objerts or is conducive or incidental to doing so. In particular, the CIO has power to.. 111 borrow money and to charge the whole or any part of its property as securityfor the repayment of the money borrowed. The CIO must comply as appropriate with sections 124 and 125 of the Charities Att 2011, if it W15hes to mortgage land.. 121 buy, take on lease or in exchange, hire or otherwise acquire any property and to maintain and equip it for use,. 1315ell. lease or othenlSe dispose of all or any part of the property belonging to the CIO. In exercising thi5 power. the CIO must comply as appropriate with sertions 117 and 119-123 of the Charlties Att 2011 and adherence must be 8iven to the Code of Ethic5 of the Museum's Association and its Disposal Kit 35 15sued from time to time. 141 employ and remunerate such staff as are necessary for carrying out the work of the CIO. The CIO may employ or remunerate a charity trustee only to the extent that it is permitted to do so by clause 6 IBenefits and payments to charity trustees and connected persons) and provided it complie5 Wlth the conditions of that clause,. 151 deposit or invest funds, ernploy a professional fund-manager, and arrange for the inve5trnents or other property of the CIO held in the name of a nominee, in the same manner and subject to the same conditions a5 the trustees of a trust are permitted to do by the Trustee Act 2000. 161 the Museum shall be a public museum for the exhibition of items of local, historical and educational interest and in partlcular in any way connected to the manLrfacture of carpet5 and simllar textiles. 171 to hold and acqulre collethons for the long temi public benefit. Objectivès and Aeilvltles l. Policie5 and objectives The purpose of the charity is to establish and maintain a museum andlor art gallery for the benefit of the public and to advance education for the benefit of the public. The Museum. its Archives and Library were opened to the publSc on 19 October 2012. The Museum explains the history If carpet weaving in Kldderminster with worksng hand and power 100rn5. demonstrations of spinning yarn and weaving, exhibitions and as515ted research facilities in its collections. It has running programme of family, school and adult group visits. Due consideration has been given to the published guldance on the Publlc benefit requirement under the Charities Act 2011. Page 2
CARPET MUSEUM TRUST TRUSTEES ANNUAL REPORT AND ACCOUNTS 2023 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31- DECEMBER 2023 2. Achievements al performance Key financial performance indicator5 The charity had income of £85.359 during the year, of which £17,998 was for restricted purposes. b. Activities Followng two turbulent year 2023 was to be to be a year of consolidation and the rebuilding and expansion of our activities, this has not been p055ible since the Manager and of the rest of the staff left in March and April. Whilst at the same time the four new members of stafF were appointed, two with Arts Fund finance, and the late spring was spent in training them. It was decided to delay re-appointing the Mana8er. It was decided to postpone the Exhibition for this year, to be funded by the Arts Fund until 2024. Our new Communlty Engagement and Vlsltors and Retail As51Stant were tasked with building Ilnks with the community and reorganizing the Shop and this has been successful with school visits. walks and talks and workshops and the Shop now having a greater range of homemade items, produced by volunteer5. Our new staff have also expanded the range of activities for chlldren. Sncluding Halloween and Christmas. Partnerships have also been forged with other organi2ation, including 8iminEham City University, Wolverhampton Embroiderers the Town Council, Kiddermin5ter Bid. ete. The Corporate Partners scheme continues to grow and we have been able to recrult new members. It has been a rollercoaster year, but thanks to the dedication of the team at the museurn we continue to offer enriching and rewarding opportunities to all ourvisitors. 3. Financial Revièw A larger budget deficit was expected, if we did not manage to raise new Sources of funding during the year. however due to a change in circumstances the actual deficit is £3,344. The Manager left at the end of April and it was decided not to replace her until additional funding was raise to cover the cost of this post. The Trustee Board decided that the Charity would be managed by them until it was financially posslble to appoint a new Manager, Geoff Gilbert. tsur trustee responsible for the Collection, agreed to take on this role. We were also able to obtaSn funding from the Arts Fund, under its Building a Resilient programrne of £65.000 over two years to create Fundraising and Volunteer coordinator posts, stage the exhibition and purchase equipment. etc. This is restricted fundin8 and cannot be used to cover nomial running cost. ¢. Going Concern We consider that with additional funding in 2024. and the use of some reserves, we will still be able to operate as a going concern but by the end of 2024 will have used all OUT reserves and so it 15 imperative we secure a stable and lasting additional income source. We have been allocated consultants hours. paid for by WMMD to help us with fundraisinE and we also have a member of staff, financed by the Art5 Fund. under its build a resilient future programrne. financed until April 2025 to do Page 3
CARPET MUSEUM TRUST TRUSTEES ANNUAL REPORT AND ACCOUNTS 2023 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 315T DECEMBER 2023 d. Reserves poliry Thè Trustees have established the Char6ty's Reserves Policy with reference to the Charity Comrni5sion guidance ICC 191 and accounting standards IFRS 1021. The intention is to have 3 months Unrestritted Reserves which would be £20,000 and cash flow is monitored carefully on a continuing b851S to meet this objettive. At thé end of 2023 there were free reserves of £25,532 and Designated Funds of £18,750 of which £17.500 is a Safety Net provision. 4. Struciure* governance and management . Constitution The nature of the governing document is a ChaTltable Incorporated Organi5ation entered on 3 September 2015. The Deed regulates the election and appointment of the first and subsequent trustee5. In 2018 the Charity Commission had recommended a new governance code for smaller charitie5. The trustees embrace the aspirations of that code and have implementing its principles and PTaCtice5. In 2019 the Conststution wa5 amended to include additional powers to be able to achieve accreditation during 2020. b. Method of appointment or election olTrustees The management of the charity is the re5pon5ibility cf the Trustees vtho are elected and co-opted under the tem)s of the Charitable Incorporated Organisation. c. Policies adopted for the induction and tralnlng of Trustees All the Trustees use the Charity Commission 8uidelines for trustees as a reference. d. Risk management The Trustees Fove assessed the major risks to which the charity 15 exposed, in particular those related to the operations and fInanS of the charity, and are satlsfied that SV5tems and procedures are in place to mitigate our exposufe to the major risks. 5. Future developments A summer Exhibition in 2024. is being planned. but the ernphasis will be on fundraising to meet potential deficit. Thls report was approved by the TrLJStees at its meeting on 27th February 2024 and signed on their behalf bv.. Trustee Page 4
CARPET MUSEUM TRUST TRUSTEES ANNUAL REPORT AND ACCOUNTS 2023 INDEPENDENT EXAMINERS REPORT FOR THE YEAR ENDED 31ST DECEMBER 2023 I report to the charity Trustee5 on my examination of financial statements of Carpet Museum Trust for the year ended 315t December 2023. ResponslbSlltles and Basls of Report As the Trustee5 of the charity wu are responslble for the preparation of the account5 n accordance with the re4uirement5 of the Charities Act 20111.the 2011 Act'l. I report in re5peet of my examination of the charity's accounts carried out under section 145 of the 2011 Art and in carying out my examination I have followed all the •plicable D1ctIonS given by the Charity Comrnis5ion under sectlon 14515llbl 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 that in any material respect.. Your attention 15 drawn to the fact that the charity has prepared the accounts in accordance with Accounting and Reporting by Charitie5'. Statement of Recotnmended Practice applicable to charitie5 preparing their accounts accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 in prefence to the Accounting and Reporting by Charities.. Statement of Recornmended Practice issued on l April 2005 which is referred to in the extant reEulations but ha5 been withdrawn. l understand that this has been done In order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effectNe for reporting periods beginning on or after l January 2015. accounting records were not kept in respect of the charity as required by section 130 ot the 2011 Act,. or the accounts do not accord with those records,. or the financial statements do not comply with the applicable requirernersts concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirements that the accounts give a true and fair view wh>ch 15 not a matter considered as part of an independent exarnination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in thi5 report in order to enable a proper understanding of the accounts to be reached. Signed Colm McGrory FCA Ormerod Rutter Ltmited, Chartered Accountants The Oakley. Kidderminster Road Droitwich, Worcestershire WR9 9AY Page 5
CARPET MUSEUM TRUST TRUSTEES ANNUAL REPORT AND ACCOUNTS 2023 STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31" DECEMBER 2023 Unrestricted Funds 2023 Restricted Funds 2023 Totsl Funds 2023 Totol Funds 2022 Notes Intome from: Donation5 and Legacies Activities for Generating funds 9,79) 9,790 25,671 43,005 141 43.146 42.659 Income Sources from Charitable ActlVLties 14,566 17,857 32.423 32.918 Totsl income 67,361 17.998 85,359 101,248 Expendlture on.. Fundratsln8 6.949 6,949 9,472 Charitable Artivltles Museum 617 617 617 617 51.035 51,035 53,849 Cornmunity- Including School Visits Collectlon 5.498 5,498 13,048 5.102 5.102 5.951 Bulldlng Conservation Bullding a Resilient Future Summer Exhibition 1,2 1.200 16.657 16.657 617 io,o(K) Oral History Project 5,130 Retail Shop 617 2,120 142 2,262 2,834 Totsl outgoing resources 617 70.704 17.999 88,703 100,284 Net movement in funds beforÈ Adjustments Redurtion in Creditors 13,3431 13,3441 10,799 964 10,799 Depreciation Char88 IncomellEXpendlrel for the year Retonclllation of Funds 131.1251 131.1251 131.125) 7,456 131.1261 123,6701 {30,161J Total funds brought forward 36,826 1,223,048 1,259,874 1,290,035 Total funds carried forward 44,282 1.191.922 1,236,204 1,259,874 Page 6
CARPET MUSEUM TRUST TRUSTEES ANNUAL REPORT AND Accoumfs 2023 BALANCE SHEET AS AT 31sr DECEMBER 2023 2023 2023 2022 Notes Fixèd Assets Tangible Fixed Assets 1,191.923 .1.223,048 Current Assets Stocks Debtors li 3.139 9.934 52,326 65,399 3,705 7,376 40,695 51,776 12 Cash at Bank and In Hand Creditors Amount5 falling due within one year Net Current Assets 13114 21,118 44,281 1,236,204 36,826 1,259.874 Net Assets Income Funds Restricted Funds Revenue 25,532 Revenue- Designated Restricted 44,282 36,826 Capital Revenue 1,191.923 1.223.048 1,191,922 1,236.204 Total Funds 1,259.874 The Financial Statements were approved by the Trustees and signed on their behalf. The notes on pages 8 to 15 form part of these Financial Statements Page 7
CARPET MUSEUM TRUST TRUSTEES ANNUAL REPORT AND ACCOUNTS 2023 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDING 31ST DECEMBER 2023 L Accounting Policies Legal status The Carpet Museum Trust is a CharStable Incorporated Organisation ICIOI. whose registered office is Stour Vale Mill. Green Street, Kidderminster, Worcestershire. DYIO I1. al Accounts Conventlon. The accounts have been prepared in accordance with the Chariws Constitution, and 'Accounting and Reporting bv Charities.. 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 IFR51021- (effective I" January 20191. The charity is a Public Benefit Entity as defined by FR5102. The accounts are prepared in Sterling, which 15 the fvnctional currency of the Charity. Monetary amounts in these firnancial statements are rounded to the nearest £. The accounts have been prepared under the historical c05t convention. Capital grants are recognised as de5ign3ted incorne when CeiVable and this departure from financial reporting standards is necessary in order to show a true and fair view, in accordance with SORP IFRS 1021 Three types of fund are held, stIled, general or designated safety net funds cannot be used wthout the approval of the Directorslrrustees. When posslble. expenditure is charged to the charitable acttvity to which it relates. Costs that cannot be dealt with in thls way are apportioned as a percentage overhead. Apportioned costs are premises and office costs. Going Cortern At the time tsf preparing the accounts. the trustees had a reasonable expertation that the charity has adequate resources to continue in operational existence for the foSeeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparin£ the account5. Governance Costs Any costs that can be identified are charged direct. Staff time is allocated according to the percentage spent directly on governance. together with a proportion of premises and office c95ts. In accordance wlth SORP IFRS 1021 governance costs are now treated as overheads and allocated over the other services. bl IwKoming resources Grants CeIvable Grant5 made to finance the artivitie5 of the Museum are cdIted to the income and expenditure account in the period to which they relate. other incorne Sale5 of servi5 are included in the income and expenditure account in the period to whlch they relate. orher income, including donations, gifts and covenants are included as they were received. Deferred income Grants received In advance of the perlod In which the funder requires the expenditure to be applled will be reflected in deferred income within the balance sheet. Page 8
CARPET MUSEUM TRUST TRUSTEES ANNUAL REPORT AND ACCOUNTS 2023 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDING 31ST DECEMBER 2023 Resour¢es expended All expenditure is accounted for on an accruals basis. All expenditure directly related to the provision of advice servlces Is Included within charitable expenditure. Other co5 incurred have been allocated between fundraising and publicity and management and administration as appropriate. whe such costs relate to more than one lunctional cost category they have been split on an estlmate of time or floor space basi5, a5 appropriate. dl Basic financial assets Basic financial as5et5. which include debtors and bank balance5, are initially measured at transartion price including costs and are subsequently carried at amortised cost using the effective interest method unle55 the arrangement constitutes 3 financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financ4al assets classified as receivable within one ar are not amort15ed. Impairnient of financial assets Financial assets, other than those held at fair value through income and expenditure. are assessed for indicator5 of impalrment at each reporting date. Financial assets are impaired where there is objective evidence that. a5 a result of one or more events that ocCUrd after the initial recognition of the financial asset, the estimated future cash flows have been affetted. If an asset is impaired. the impairrnent loss is the difference between the carrying amount and the present value of the estimated cash flow discounted at the a55eVs original effective interest rate. The impairment Ioss 15 recogni5ed in net income/ lexpenditurel for the year. If there is a decrease in the impairment105s arising from an event occurring after the impairrnent wa5 recogni5ed. the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been. had the impairment not previously been recognised. The impairment reversal is recogni5ed in net income lexpenditurel for the year. Derecognition of financial assets Financial assets are derecognised only when the contractual rights to the cash flows from the asset expires or are settled, or when the charity tran5fer5 the financial asset and substantially all the risks and reward of ownership to another entity. or If some significant risk and reward5 of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party. gl 8asi¢ finanazl liabilities Basic financial liabilitles. includlng creditors and bank loan5 are initially recognlsed at transaction price unless the arrangement constitutes a financing transaction. where ihe debt instrument is measured at the present value of the fLJture payments discounted at a market rate of interest. Finarhclal Ilabllitles classified as payable within one year are not amortised. Debt instruments are 5ub5equently carried at amortised cost, using the effective rate method. h) Derecognltlon of financial liabilitles Financial liabilities are derecognised when the thariws contractual obligations expire or are discharged. Page 9
CARPET MUSEUM TRUST TRUSTEES ANNUAL REPORT AND ACCOUNTS 2023 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDING 31ST DECEMBER 2023 Fimed assets and depreciation Flxed assets are included * cost less depreciation. Depreciation is charged on a straight line basis on the costs of the assets over their estimated usèful Ilves as follows.. Long-term leasehold property over the life of the lease FIKtures and fitting IO% straight line Office Equipment 33% Straight Une The depreciation policy has been reviewed in accordance with FRS 102 and no change has been made from the previous year. The provision for depreciation of fixed a5sels is Shown as part of notes to the Statement of Financial Activities. Fixed assets are eltherfinarnced from grants or by usin8 Reserves. When Reserves are used the cost is written as a charge to Revenue, but when financed from a grant then the income resgurce 15 Shown in the Staternent of Financial Activities and credited to a Desbgnated Capital Reserve. Restricted fund5 Income received for the restricted purposes is included in a separate restricted fund agalnst which appropriate expenditure is allocated. Restrirted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor that any unused funds may have to be refunded, if the objective of the funding is met and there is no obli8ation to refund any SUTplus then those fvnds are treated as unrestrirted. kl Designated funds Deslgnated funds are allocated out of unrestricted funds by the trustees for speclfic purposes. The use of such funds is at the trustees, discretlon. Fund Accounting Unrestricted funds can be used in accordance wsth the charitable objertives at the discretion of the trustees. Cash Flow The charity has taken advantage of the provisions in the SORP for charfties applying FRS102 Update Bulletin I not to prepare a Statement of Cash Flow. FurtheT emplanatlon of the nature and purpose of each fund is included in the notes to the financial statement Taxation The Carpet Museum Trust is registered with the Charity Cornmi55ion and under the provisions of the Income and Corporation Taxe5 Act 1988 and exefflpt from liability to taxation. Capltal Grants Capital grants are recognized 35 income in ihe designated fund when receivable and a departure from Financial Reporting Stsndards is necessary in order to Show a true and fair view in accordance with the Statement of Recommended Practice SORP IFRS1021. Page 10
CARPET MUSEUM TRUST TRUSTEES ANNUAL REPORT AND ACCOUNTS 2023 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDING 31ST DECEMBER 2023 pl Penslons All employee5 who qualrfy for a workplace pension have been enrolled in the Natlonal Employers Savings Trust INESTI pension scheme and the Statutory deductions are made or other such arrangement as agreed with employees. StLKk5 Stocks Je valued at the lower of cost and net realisable value after makin8 due allowance for obsolete and slow-moving 5toeks. Cost Includes all direct costs and an approprlate proportion of fSxed and variable overhead5. Rote of Volunteers The charjty has in the region of 40 volunteers. The value of these is not incorporated within these account5. Income donatlons Unrestricted Funds Restrfcted Total Totul Funds Funds Funds 2023 2023 2023 2022 Donations Total 9,790 9,790 9.790 9.790 25,671 25,671 A¢tlvltles for Generatin8 funds Unrestricted Fund5 2023 Restrirted Funds 2023 Total Funds 2023 Totul Funds 2022 Room Hire Rental Incorne Shop Sales Mrs A Pugh Cook Commission Corporate Sponsorship Fund Raing Other Income 10.792 20,792 2.438 10,792 20,792 2,438 141 11,856 14,317 2,891 818 141 138 138 7,000 749 641 1,845 L845 HMG- Retail Support Total 43,W5 141 43,146 42,659 Page 11
CARPET MUSEUM TRUST TRUSTEES ANNUAL REPORT AND ACCOUNTS 2023 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDING 31ST DECEMBER 2023 Charitable Income Unrestricted Funds Restricted Funds Total Funds Totol Funds 2023 2023 2023 2022 Admission5 Kidderminster Town Council Community Artivitie5 Arts Fund Roger & Douglas Turner Charitable Trust Edward Cadbury Trust Williarn Cadbury Charitable Trust Elmley Foundation Trust National Heritage Lottery Fund AIA Grant Other Income 10.370 10.370 9.692 8,160 2.138 2,196 2,196 16,657 16,657 2,0 5,130 1,2(K) 1,200 798 14.566 67.361 17.857 32.423 85,359 32,918 101.248 Total 17,998 6 Direct Costs Museum Commvn1ty Collection Retail Arts Fund Total Pay, Nl and Penslons Adv*rtiSin& Leafiets Admi$5ionsftsrkhools 27.213 1.795 449 449 898 15.245 46.049 46.952 218 218 1.395 2.511 AalSoftWare L.453 1,453 1.453 Building Conswv3tion Card Reader Charges ChildrRn's CraftMaterl&s 1,2CK) 89 88 177 161 COnseation 206 206 35D 4,010 6,751 Exhibitknn Costs Marketin8 Materialsftsr Loorn 151 20 70 Profes41 Servitts 1,659 332 ReIShents 361 14 375 Room Hlre 2(N) ststlonary, Equip & Fittin85 subscrip$ 92 1,3S7 1,454 68 2,229 75 16 95 55 241 Ti¥vÈl Coachschool Vlsfts 540 Tutots Fees 181 Volunteers Expenses Overheads 41 41 13 22.910 51.030 3,389 5,497 2,983 5,107 L628 2,265 5,956 6.947 36,866 88,703 31,663 100.284 Total 1,200 16,657 Page 12
CARPET MUSEUM TRUST TRUSTEES ANNUAL REPORT AND ACCOUNTS 2023 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDING 315T DECEMBER 2023 7. Support Costs mBum 4,2BS 283 71 71 141 4,851 96 9,516 98 Bankcharges Building MaintenanceCOntrdttS 34 14 2,221 1,202 343 328 134 65S 3,338 1,805 960 3.139 1,393 910 177 72 3S4 Examiners Fee 343 69 S9 136 Furnlture& Equlpment Gas 42 42 i? 119 1.051 429 2,102 981 10.713 5,001 Insurance 3,328 182 491 200 4,760 434 rvices. etc KidderminsterBID 181 3G 72 507 375 376 75 75 151 1,052 1,053 579 Payroll Proces&inB Pfoles5ional Services 298 298 119 835 L138 53 1,138 53 228 225 456 3,188 149 Rates on Revaluètion li li 21 Sènltèry& Cleanlng S*cuiity KeyHol¢Sin8 & Call Outs Stationary & Postage5 340 20 IOD sio 539 451 67 27 133 678 641 56 S6 li li 22 IS6 163 42 43 17 120 121 74 TdÈtoms 82 82 163 J,143 2,IOD 241 Trainin8 Travel& Expenses Wa5teOi5P05al Water 128 129 26 26 si 360 Is 81 233 34 14 69 350 297 614 90 37 180 921 523 12,910 3,389 2.983 1,628 5,956 36.U66 31.663 Tangible Fixed A55ets Long Term Leasehold Propertv Fixtures & Fittings Equiyrent Total 1st Janu?ry2023 1,556,255 346,904 36,742 1.939.901 31rt December2023 I,5,?55 346,904 36,742 1,939.901 DePCIatIOn lsilanuary 2023 Chargedyear 3151 0ernber 2023 333.207 31.125 364,332 346,904 3fj.742 716,8S3 31,115 747.978 346.904 a6,742 BLk Value Istlanuary2023 1.223.048 1,223,049 31stDecember 2023 1,191,923 1.191.923 Page 13
CARPET MUSEUM TRUST TRUSTEES ANNUAL REPORT AND ACCOUNTS 2023 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDING 31SF DECEMBER 2023 9. Net Income lexpendlture) Thls Is stated after charglng 2023 2022 Depreciation of tangible fixed assets owned by charity Independent examiner5 Temuneration. The Independent Examiner's remuneration amount5 to an Independent Examination fee of £96012022- £9101. 10. Net Movement of Funds Net Movement in Funds Transfers Between Funds At 1.1.2023 At 31.12.2023 Restrlrted Funds eneral Funds otal 36,826 36.826 13,3431 13,3431 10,799 10.799 44,282 44.282 estrirted Funds General Funds Capital Funds Totsl 1.223.048 1.223,048 1,259A74 131,1251 131,1261 134,4691 1,191.923 1,191,922 Total Both 10,799 1,236.204 The Capital Fund is the amount spent on renovation and fitting out of the bulldlng and is written down each year. 11. Stock 2023 2022 Merchandise 12. Debtors 2023 2022 Trade Debtors Other Debtors Prepayments and Accrued Incorne Total 1,2(K) 26 1,275 661 13. Creditor5 2023 2022 Trade Creditors Other Creditors Accruals and Deferred Income Total 4,172 14,768 233 182 Page 14
CARPET MUSEUM TRUST TRUSTEES ANNUAL REPORT AND ACCOUNTS 2023 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDING 315T DECEMBER 2023 14. Deferred Income 2023 2022 I" January 2023 Resources Oeferred during year Amounts Released from previous year Deferred Income 31" December 2023 182 15.634 10,480 182 15. Flnantsal Instrumènts 2023 2022 Financial assets measured at amort15ed c05t Financial liabilities measured at amortised cost Financial assets measured at amortised cost comprising cash at bank and in hand, and trade debtor. Financial liabilities measured at amort15ed c05t comprising trade creditors, VAT, PAYE and other creditors and accrual5. 16. staff Costs 2023 2022 50 Wa8es and salaries and pension contributions. No employee received remuneration arnounting to more than £60,000 in either year. The key rnanagement personnel of the charity consist of the Trustees and the Museum Manager. The total remuneration paid to the key management personnel during the year was £10.035 Imonthsl12022- £27,640). Average staff during the year. 4 No Trustees received anv remuneration12022 £NILI. During the year, no tiustees received any benefits in kind12 022- £NILI. During the year, no Irustees received any reimbursement of expenses 12022- £NILI. IY. Operating lease commitments At 31 December 2023 the total of the Charit¢s future minimum lease payments nder non-cancellable Operating leases was.. 2023 2022 Amount payable After mole than 5 years 18. Related party transactions There were rno related party transactions durlng the year. Page 15