Charity number. 1163401 Company number CE004599 CARPET MUSEUM TRUST UNAUDITED TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31st DECEMBER 2024
CARPET MUSEUM TRUST TRUSTEES ANNUAL REPORT AND ACCOUNTS 2024 +A***+th*m•*••+*th CONTENTS Page Referen and administrative details of the charity. it5 trustees and advisers Trustees, report Independent examlner's port Statement of financial activities Balance sheet Note5 to the hnanaal statements 8-15
CARPET MUSEUM TRUST TRUSTEE REPORT AND ACCOUNTS 2024 REFERANCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. ITS TRUSTEES AND ADVISERS Trustees E A Pu8h-Cook l R Perrin D H Freeman G Cooper D V Adam (Chairl D Wheadon D H Briggs G Gilbert J T Hopkins J Preece- 21st November 2024 Charity RegFStered Number 1163401 Prin¢lpal office Stour Vale Mill. Green Street. Kidderminster. Woreestershire, DYIO IAZ Independent Examiners Ormerod Rutter Chartered Accountants The Oaklev Kidderminster Road Droitwich Worcestershire WR9 9AY Bankèrs HSBC UK 31 Church Street. Kiddemiinster DYIO 2AY Pagel
CARPET MUSEUM TRUST TRUSTEE REPORT AND ACCOUNTS 2024 NOTES TO FINANCIAL STATEMENTS **%tt***++A+1JA# The Trustee5 present their annual report together with the financial Statements of the charity for the year to 31st December 2024. The Trustees confirm that the Annual Report and financial statements of the charlty complv with the current statutory requirements. the requirements of the charity's Bovernin8 docurnent and the provisions of the Statement of Recommended Practice ISORPI, applicable to charities preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 102lleffective 1st january 20191. Objects The objects of the CIO are To establish and maintain a museum andlor art gallery for the benefit of the public and to advance education for thè benefit of the public. Nothing in this constitution shall auihorise an application of the property of the CIO for the Purposes which are not charitable in accordance with section 7 of the Charities and Trustee Investment Iscotlandl Act 2005 and Section 2 of the Charitie5 Act INorthern Ireland) 2008. Powers The CIO has power to do anythin8 which 15 calculated to further its objects or is conducive or incidental to doing so. In particular. the CIO has power to.. 111 borTOW money and to charge the whole or any part of lis property as security for ihe repayment of the money borrowed. The CIO must comply 35 3ppropriate vAth sections 124 and 125 of the Charits Act 2011. if it Wshes to mortgage land,. 121 buy, take lease or in exchange, hire or otherwise acquire ary property and to maintain and equip it lor use,. 131 sell, lease or otherwise dispose of all or arry p3rt of the property belonging to the CIO. In exercisirg this power, the CIO must iomply as appropriate with sections 117 and 119-123 of the Charities Act 2011 and adherence rnu5t bè given to the Code of Ethics of the Musewn's Association and its Disposal Kit as issued from time to time. 141 employ and remunerate such staff as are necessary for carrying Qut the work of the ao. The CIO may employ or rernunerate a charity trustee only 10 the extent that it 15 permitted to do so by clause 6 (Benefits and payrr*nts to charity trustee5 and connected persons) and provided it complies with the conditions of that clause; 151 deposit or Invest funds. employ a professlonal fund-mana8er. and arrange for the investments or other property of the CIO held In the name of a nominee. in the samè manner and subject to the same conditions as the trustees of a trust are permitted to do by the Trustee Act 20. 161 the Museum shall be a public museum for the exhibition of items of local. historic31 and educational interest and in particular in any way connected to the manufacture of carpet5 ènd simllar textiles. 171 to hold and acquire collections for the long term public benefit. Objectives and ActSvftles l. Pollcles and objectlves The purpose of the charity is to e5tabli5h and maintain a museum and/or art gallery for the benefit of the public and to advance education for the benefit of the public. The Museum, its Archives and Lbrary were opened to the public on 19 October 2012. The MuseLbm explains the history rf carpet weamng in ddermIn5ter wtth working hand and power looms, demonstrations of spinning yarn and weaving. exhibitions and assisted research facilities in its collection5. It has a running programme of family, school and adult group visits. Due consideration has been given to the published guldance on the Publle benefit requirement under the Charities Act 2011. Page 2
CARPET MUSEUM TRUST TRUSTEE REPORT AND ACCOUNTS 2024 NOTES TO FINANCIAL STATEMENTS **vrt*•*•*•l+A*rt 2. Achlevemonts and performancè a. Key financial perlormance Indkators The charity had income of £90,897 during the year, of which £32,376 was for restricted purposes. b. Activities Apart from admissions, which remain static, we have continued to place the ernphasi5 on fvndrai5ing athvities with walks and talks. school visit5 and iunninÈ courses on various craft activities in particular for children. Room hire continue5 to be one of our main means of producing a regular income and demand remains strong. We held a Summer exhibitton, funded from our grant from the Arts Council. We continued to promote the contact with our Corporate Partners. Our Retail sale5 01 both items made by volunteers and those brought in improved and exceeded the budget by40% with partiCLAar empha%s on items for the various special events, Easter, etc. We continued to work with consultants. funded by West Midland5 Museum Development, to look at ways of increasing ways that will lead to a more resilient future, which led to a review of our staffing and appointing a Museum Development Manager who started in January 2025. Our Archive is an important part of our activities and we contlnued to recelve donatlons. Ways that we can monetarise how Archlve are stlll belng explored. c. Nnanclal Revlew. We had budgeted for a deficit of £21,OIKJ and the outcome was £16.000 before depreciation. Two member5 of staff left in October and they were not replaced but this saving was offset by one of our tenants not Tenewing their lease after I" April and a new tenant has not yet been found, there wa5 a loss of income of £9,000 as result of this. Fundraising through the use of our facilities was disappointi with a budget of £40.000 but we only received £27,000, on the plu5 side. fundraisin8 though donations and grants was more promisin8 Wlth a budgeted amount of £5.500 and we received £15,800 with one of our volunteer fundraisers raising £6,400 during the year. Our staff rnembers, funded by the Arts Council until May 2025. have made a number of applications for larger grants. of which one for £20,(X)O has been recetved in 2025 and there are a number of othèrs awaitin8 a decision. d. Golng Concem. We conslder that with addition81 funding in 2025, and the use of some reserves, we will still be able to operate as a goin8 concern but by the end of 2025 will have used all our reserves and 50 It Is impeiative we secure a stable and lasting additional Income source. An operatlon manager was appointed, using an existing member of staff with additional hours. Trustees took on a more active role. In Dember 2024 a Museum Development Manager was appointed. An interim budget for 2025 has been agreed, to be under constant rewew, and if additional funding 15 not found them a further review of staffing and other costs will take place. e. Reservès polity. The Trustees have established the Charity's Reserves Polity with reference to the Charity Commission guidance ICC 191 and accounting standards IFRS 1021. The intention 15 to have 3 month5 Unrestiicted Reserves which would be £20,)0 and cash flow is monitored carefLtlly on a continuing basis to meet this objective but it was not Possible to do this in the year. At the end of 2024 there were free reserve5 of £10,059 and Designated Fun(ts of £18,750 of which £17,500 is a Safety Net prowsion. Structure. 8oveman¢e and management a. Constitution. The nature of the governing document is a Charitèble Incorporated Organisation entered on 3 September 2015. The Deed re8ulate5 the election and appointment of the first and subsequent trustees. In 2018 Charily Commission had recommènded a new governance code for aller charities. The trustee5 embrace the aspirations of that code and have implementing its principles and practices. In 2019 the Constitution was amended to include additional powers to be able to a¢hleve accredltatlon durlng 2020. Page 3
CARPET MUSEUM TRUST TRUSTEE REPORT AND ACCOUNTS 2024 NOTES TO FINANCIAL STATEMENTS AA+*****A+Irt*Lt**M** b. Method of appolntment or electlon ofTrustees The management of the charity the spOnsIbl11ty d the Trustees tho are elected and co-opied undei the terms of the charitale Incorporated Or8anisation. c. Pollcies adopt•d for the indurtion and training of Trnstees All the Trustee5 Use the Charity Commission 8uidelines for trustees a5 a reference. d. Rlsk management The Trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and frnances of the charity. and are sat15fied that systems and procedures are in pla to mitÉgate our exposure to the major risks. 5. Future developrnents. To continue to expand our range of artivities. with particular emphasis on the educations aspects with more school Msits. Fundraising will be important and with the appointment of a Museum Development Mana8er we will be looking for means of ensuring a more stable future with the expansion of involvement in creating partnerships. We will be looking at ways we can involve ourselves in projects, but the emphasis will be on fundraising to meet potential deficit This report was approved by the Trustees at its meeting on 19th February 2025 and signed on their behalf by.. Trustee Page 4
CARPET MUSEUM TRUST TRUSTEES ANNUAL REPORT AND ACCOUNTS 2023 INDEPENDE EXAMINERS REPORT ST FOR THE YEAR ENDED 31 DECEMBER 2024 *•*•••¢•I•lt•th*th+thAthAth** I report to the charity Trustees on my examination of linancial statements of Carpet Museum Trust for the year ended 31st December 2024. Responslbilitles and Basis of Report As the Trustee5 d the charity are responsible for the preparation of the aecounts n accordance with the requirements of the Ch3rities Act 20111'the 2011 Act'l. I report in respect tsf my examination of the charity's accounts carrled out under section 145 of the 2011 Act and in carrying out my examination I have followed all the ¥plicable Directions given by the Charity Commission undersection 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 ccmnection 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 Charltles.. Statement of Recommended Practice applicable to charities preparing their accounts accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 In preference to the Accounting and Reporting by Charities.. 5tstement of Recommended Practice issued on l April 2005 which is referred to in the extant regulations but ha5 been withdrawn. l understand thatthi5 has been done in ordeT for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginnirE on or after l January 2015. aetounting records were not kept in respert of the charity as requlred by sectlon 130 of the 2011 Act,. or the accounts do not accgrd with those records,. or the accounts do not comply wlth the applicable requirements cOerning the forni and content of accounts set out in the Charities (Accounts and Reports) Regulatlons 2008 other han any requirement th3t the accounts give a'true and fair. view which is not a matter considered as part of an Independent examinaJon. I have no concerns and have come across no other matters in connection with the examination to whlch attention should be drawn in this feport in order to enable a proper Understandi of the accounts to be reached. Si8ned Is jos/2025 Colm McGrory FCA Ormerod Rutter mIted, Chartered Accountants The Oaklev. Kidderrninster Road Droitwith. Worcestershire WR9 9AY Page 5
CARPET MUSEUM TRUST TRUSTEES ANNUAL REPORT AND ACCOUNTS 2024 STATEMENT OF FINANCIAL ACTIVITIES SY FOR THE YEAR ENDED 31 DECEMBER 2024 ¢#••*V•WkA*+ Unrestrtcted Funds 2024 Restricted Funds 2024 Total Funds 2024 Totul Funds 2023 Notes Income from: Donations and Legacies Activitie5 for Generatin8 fund5 9.920 299 10,219 31.772 9,790 31,772 43.146 Income Sources from Ch3ritable Activities 16,829 32,077 48,906 32.423 Total Incomè 58.521 32.376 90,897 85,359 Expenditure on: Fundraisin8 617 10,167 10,167 6.949 Charitsble Activitie5 Museum 617 617 6n 617 38,333 38.333 51,035 Community 13,659 13.659 5.498 Collection 6,015 375 6.390 5.102 Building Conservation Building a Resilient Future Retail Shop 3.269 3,269 1.200 29,295 29,295 16,657 6n 617 5,820 5,820 2.262 Total outgolng resources 73.994 32,939 106,933 88,703 Net movement in funds befo jLtstments 115,4731 15631 116,0361 13,344) Depreclatlon Charge IncomellExpendlturel for the year Redurtlon In Credltors 131.1251 131.1251 131,125) 115,4731 131,6881 147.1611 (34.469) 10.799 Totsl funds brrah1 forward 44,282 1,191.922 1.236.204 1.259.874 Totsl fvnd5 carried forward 28.809 1.160,234 1,189,043 1,236,204 Page 6
CARPET MUSEUM TRUST TRUSTEES ANNUAL REPORT AND ACCOUNTS 2024 BALANCE SHE 5T FOR THE YEAR ENDED 31 DECEMBER 2024 Notes 2024 2024 2.023 Fixed Assets Tangible Fixed Asseis I.1.798 L191,923 Currènt Asset5 Stock5 Sundry Debtors Cash at Bank and In Hand li 12 3,881 9.950 3.139 9,934 49,290 65,399 Creditor5 Amounts falling due within one year 13 Nèt Current Assets Net Assets 1189 043 1236 204 Funds Unrestrlcted Funds Free Re5eTves Designated- Loom Prolect Designated- Safety Net io 10.059 1.250 25,532 1.250 44.282 Restrteted Funds Capital Revenue Total Funds 1,160.798 565 1,191,923 1160 234 1189 043 The Flnancial Statements were approved by the Trustees and signed on their behalf. The notes on pages 8 to 15 form part of these Financial Statements yz Page 7
CARPET MUSEUM TRUST TRUSTEES ANNUAL REPORT AND ACCOUNTS 2024 NOTESTO THE FINANCIAL STATEMENTS *thA*A***fr#•**• l. Accounting Policies Legal stztus The Carpet Museum Trust Is a Charltable Incorporated Organisation ICIOI. whose registered office is Stourvale Mill, Green Street Kidderminster. Woreestershire, DYIO IAZ. al Accounts Conventlon. The accounts have been prepared in accordanee with the Chariws Constitution, and "Accountin8 and Reporting by 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 IFRS1021- leffective I" january 20191. The charity is a Public Benefit Entity as delined by F102. The accounts are prepared in Sterllng, which Is the functlonal currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £. The accounts have been prepared under the historital cost convention. Capital grants are recognised 35 designèted incorne when receivable and this departure from financial reporting standards IS necessary in order to show a true and fèir view, in accordante with SORP IFRS 1021 Three types of fund are held, restricted. general or designated Safety net funds cannot be used without the approval of the Directors/Trustees. When posslble. expenditure is char8ed to the charitsble artivity 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 Conrn At the time of preparin8 the accounts, the trustees had a reasonable expectstion that charity has adequate resource5 to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in prepaiing the accounts. Governance Co#$ Any costs that can be identified aTe Charged direct. Staff time is allocated according to the percentage spent directly on governance. together with a proportion of premises and office costs. In accordance wth SORP IFR5 1021 governance costs are now treated as overheads and allocated over the other services. bl Incomlng resources Grants receivable Grants made to finance the activities of the Museum are credited to the incorne and expenditure aetount in the period to which they relate. Other income Sales of servlces are Included In the Income and expendlture account in the period to which they relate. Other income. including donats'ons, gifts and covenants are included as they were recelved. Deferred income Grants received in advance of the period in which the funder requires the expenditure to be applied will reflected sn deferred income within the balance sheet. Page 8
CARPET MUSEUM TRUST TRUSTEES ANNUAL REPORT AND ACCOUNTS 2024 NOTESTO THE FINANCIAL STATEMENTS *•*%*•*tr+èA*Ath*k Re50urce5 eKpended All expenditure is accounted for on an accruals basis. All expenditure dIreCV related to the provision of advice services is included within charltable expenditure. Other c05ts incurred have been allocated between fundraisin8 and publicity and management and administration as appropriate. Where such costs relate to rnore than one functional cost category they have been split on an estimate of time or floor space basis. as appropriate. dl Basic financial assets Basic financial assets, which incIe debtors and bank balwces. are initially measured at transaction pri includin8 costs and are subsequently carried at amort15ed cost using the effective interest method unless the arranÈemernt onstitutes a financing transaction. where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets cla&sified as receivable within one year are not amortised. el Impairment of financial assets Financial assets. other than those held at fair value through income and expenditure, are assessed for indic3tors of impairment at each reporting date. Financial assets are impaired where there 15 objective eVIdee that, as a result of one or more events that occurred after the initial reeognit6on of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment105S IS the difference between the carrying amount and the present V8lue of the estimated cash flow discounted at the asset's original effectwe interest rate. The impairment loss is recognised in net incornel lexpenditurel for the year. If there is a decrease in the impairment10s5 arising from an event occurring after the impairment was recognised. the Impairment Is reversed. The reversal is such thal the current carrying arnount does not exceed what the carryin8 amount would have been. had the impairment not previously been recogni5ed. The impairment reversal is recogrnsed in net income lexpenditurel for the year. Dere¢o8nltlon 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 transfers the finanaal asset and 5ub5tantially all the risks and reward of ownership to another entity, or if some significant risk and rewards of ownership are retained but control of the asset has transferred to anotheT party that is able to sell the asset in its entirety to an unrelated thlrd party. gl Baslc flnan¢lal IlablE1tS Basic flnancial liabilles. Includlng credit5 and bank loans are Initlally recognlsed at transaction price unles5 the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payment5 dionted at a market rate of Interest. Financial liabilities classified as payable withln one year are not amortised. Debt Instruments are subsequently carrted at amortised c05L u5in8 the effective rate method. h) DereCOgn1O of financlal Ilabllltles Financial liabilities are derecognised when the charitls contractual obligations expire or are discharged. Flxed assets and depretlatlon Fixed assets are incl¢Jded at cost less depreciation. Depreciation is ¢h3rged on a stralght Ilne basis on the costs of the assets over their estimated useful lives as follows: Long-temi leasehold property over the life of the lease FixtUTes and fittinÈs IO% straight line Office Equipmet)t 33% Straight Line Page 9
CARPET MUSEUM TRUST TRUSTEES ANNUAL REPORT AND ACCOUNTS 2024 NOTES TO THE FINANCIAL sTATEMErs •*th*A+thth1*ththth+th+th+th*th*•I*l 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 35sets is shown as part of notes to the Statement of Financial Acti¥Mties. Fixed assets are either financed from grants or by uslrg Reserves. When Reserves are used the cost is written a5 charge to Revenue, but when financed from a grant then the income resource is shown in the Staternent of Financial Activities and credited to a Designated Capital Reserve. Restrirted funds Income received for the restr7Cted purposes is included in a separate restricted fund a8ain5t which appropriate expenditure is allocated. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restriction5 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 obligation to refund any surplu5 then those fund5 are tre3ted a5 unrestricted. kl Designated funds Designated funds are allocated out of unrestricted fund5 by the trustee5 for specific purp95es. The use of such funds is at the trustees, discretion. Unrestricted funds Unrestricted funds can be used in accordance with the charitable objectives at the dlscretion of thè trustee5. Cash Flow The ¢harity has taken advantage of the provisions in the SORP for charitie5 applwn8 FRS102 Update Bulletin I not to prepare a Statement of Cash Flow. Further explanation of the nature and purpose of Èach fund is included in the note5 to the financial statements. Taxation The Carpet Museum Trust is re8lStered with the Charity Commission and under the provision5 of the Income and Corporation Taxes Act 1988 and exempt from liability to taxation. Capltal Grants Capital grants are t0@nized as intorne in the designated fund when receivable and a departure from Financlal Reporting Standards is necessary in order to show a true and fair view in accordance with the Statement of Recommended Practice 50RP IFR51021. pl Penslons All employee5 who qualify for a workplace penslon have been enrolled in the Nationèl Employers Savings Trust INESTI pension 5theme and the statutory deductions are made or other such arrangernent as agreed with employees. ql Stocks Stocksa re valued at the lower of cost and net realisable value after maklng due allowance for ob501ete and slow-moving stocks. Cost includes all dirett costs and an appropriate proportion of fixed and variable overheads. Role of Volunteers The charity his in the region of 40 volunteer5. The value of these is not incorporated within these accounts. Pagelo
CARPET MUSEUM TRUST TRUSTEES ANNUAL REPORT AND ACCOUMTS 2024 NOTES TO THE FINANCIAL STATEMEMrs 3. Income donations Unrestricted Restricted Total Total Funds Funds Funds Funds 2024 2024 2024 2,023 Donations Totsl 9.920 9,920 299 299 10.219 10.219 9.790 9.790 4. Attivities for Generating fvnds Unrestricted Funds 2024 Restricted Funds 2024 Total Funds 2024 Total Funds 2.033 Room Hire Rental Income Shop Sales Mr5 A Pugh Cook Commission 10.856 11,916 3.523 10.856 11.916 3.523 10.792 20,792 2.438 141 147 4.283 500 547 147 138 Corporate Sponsorship Fund Rai51ng Other Income Total 4.283 500 547 1.845 43.145 31.772 31,772 5. Charitable Income Unrestricted Fund5 Restricted Funds Total Funds Total FunGIs 20Z4 2024 2024 2023 Admissions Community Actlvlties Arts Council Grant Roger & Douglas Tumer Charitable Trust AIA Grant Vosey Society The Grimmit Trust LCJohnson The Quayle Trust moges Trust Blakemore Foundatton Other Income 7,794 2,474 7,794 2,474 29,295 10,370 2,196 16.657 29.295 3,000 3,000 2.407 375 2.407 375 1,200 500 600 1,000 loo 161 1.200 1.2IKI 500 600 1,000 100 161 16,829 58.521 32,077 32,376 48,906 90,897 32.423 8S.359 Total Page 11
CARPET MUSEUM TRUST TRUSTEES ANNUAL REPORT AND ACCOUNTS 2024 NOTES TO THE FINANCIAL STATEMENTS Direct Costs Item K4useum Commurity Cdlectlon Fundraising Arts Fwd Total 2023 Staff - Pay. Nl and Perbsions Admission che& Ethibilion & Event Costs 10.578 8.608 3,511 970 26.654 50.321 46.049 143 1,423 1.666 Building Conservalion Card Reader Charles Con5ultsnts FEe5 3.269 3.269 204 1,2(M) 177 204 375 375 Subsc¢iptlons Consumablès 71 71 25 Marketing Advertising, LèaflÉts Travel Costs 116 116 151 3% 396 218 41 Craft Materla 83 193 Fees Refreshments 337 110 452 375 Volunteer5 Expen5e5 Conseivation 76 76 Statlonary. Equlpment ttin85 Axlal Software 41 59 1,454 1.725 1.725 1.758 1.453 Profe551Qt*lServ1¢e$ 650 1.108 241 Tutor5 Fees 181 Overheads 26.024 6.941 3.143 3.411 6,800 46.319 36.866 Total 37.394 16.120 5.324 6,9 8,$48 3,269 29.295 1(.938 8B.703 Page 12
CARPET MUSEUM TRUST TRUSTEES ANNUAL REPORT AND ACCOUNTS 2024 NOTES TO THE FINANCIAL sTATEmErs rtA•yA••*•+**•*#ts*+ts***+thtr 7. Support Costs Ite Museum Communily Cc41ection Retal FurKlrai6ing Total 2023 Stsff - Pay, Nl and Pen5K)n5 Bank Charges Bulding M8inlenance Conlracis 8ullding Repai Examiners Fee S.548 36 4,515 1.841 509 12.413 102 4.851 96 1.784 263 107 526 2,680 3,338 1.976 400 291 80 120 582 2.969 1.120 1.805 400 80 160 FLYnllure & Equpment Gas 7,988 4,472 232 1,177 659 481 2,354 1,318 12.000 6.718 10.713 5.(KlO 507 Insurance 269 IT str¥e$, elc. KdermIn$1er BID 232 46 46 372 371 74 74 149 1.040 Leiiing Agenis Expenses Rales 245 245 49 50 149 Payroll Processlng Professits)al SeMce8 295 295 59 58 118 825 835 3.186 510 Swttary & Cleanirg Securrty Key Holding & Call 490 72 30 144 736 469 28 138 704 678 SI•K)nary & PtK%iagé$ Subscription5 Sundrie$ 87 67 87 67 17 35 243 156 13 27 187 120 44 44 18 123 Tdecoms 649 649 130 128 1.616 1.143 360 Traininy Travel & Expertses Wasle Disp0$81 Wat 248 15 73 372 350 622 92 38 183 935 To 26.024 fj,941 3,143 3.411 6.800 46.319 3e,866 Tangible Fixed Assets Lon8Term Leasehold Property Fixtures& Off8 Equipment Fittlnss Total 1st January 2024 1.556.155 346,SX)4 36,742 1,939,901 31, Oerember2024 1.556.255 346.9)4 36,742 1,939,9DI DÉpr•clatkin 1° January 2014 Ch?rEedyear ai. December 2024 364,332 31.125 395,457 34S,9D4 36,742 747.978 31,125 779,103 346.SY)4 36.742 Bookvalue Istlanuary 2024 L19l.923 1.191.9Z3 31st DÈcember2024 1,160,798 1.160.798 Page 13
CARPET MUSEUM TRUST TRUSTEES ANNUAL REPORT AND ACCOUNTS 2024 NOTESTO THE FINANCIAL STATEMENTS *vAth****** 9. Net Income lexpenditurel This is stated after charging 2024 2023 Depreciation of tangible fixed assets -owned by charity 31.125 31.125 The Independent Examiner's fee is £1,12012023 - £9601. 10. Net Movement of Funds Net Movement in Funds Transfers Between Funds At 1.1.2024 At 31.12.2024 nrestricted Funds eneral Funds otal 44.282 44,282 115,4731 115,4731 28,809 28,809 estricted Funds General Funds Capital Funds Total 15631 15631 1,160.797 1.160.234 1,189.043 1,191,922 1,191,922 1,236,204 131.1251 131,1251 146,5981 15631 15631 Total Both The Capital Fund Is amount spent on rènovation and fitting out of the building and is written down each year. 11. Stock 2024 2023 Merthandi5e Ll 3139 12. Debtor5 2024 2023 Trade Debtors Other Debtors Prepayments and Accrued Income Total 3,196 1,200 26 950 9 934 13. Creditors 2024 2023 Trade Creditors Other Creditors Aecruals and Deferred Income Total 8,199 4,172 233 233 12 613 16 713 21045 21118 Page 14
CARPET MUSEUM TRUST TRUSTEES ANNUAL REPORT AND ACCOUNTS 2024 NOTES TO THE FINANCIAL STATEMETrirs 14. Deferred IOme 2024 2023 I" January 2024 Resources Deferred during year Amounts Released from previous year Deferred Income 31" December 2024 15.634 12.613 115 634 182 15,634 182 15. Flnanclal Instwmènts 2024 2023 Financial assets measured at amortised cost Financial liabilities measUd at amortised cost Financial assets measured at amortised cost comprising cash at bank and in hand, and trade debtor. rrnancial liabllities me3sured at amorty5ed cost comprising trade creditois. VAT. PAYE and othw creditor5 and accruals. 16. 5tsff Costs Staff cost5 were as follows 2024 2023 Wages and salaries and pension contributions. No employee received remuneration amounting to more than £60,0(M) in eItr year. The key management personnel of the charity consist of the Trustees and the Museum Mènager. The total remuneration paid to the key management personnel during the year was £21.79312023- £10,035). Average staff during the yearwas 4. No Trustees received any remuneration 12023 £NILI. Duriryg the year, no trustees received any benefits in kind12023- £NILI. During the year. no trustees received any reimbursement of expenses 12023- £NILI. 17. Operatlng lease commltrnents At 31 December 2024 the total of the Charily's future minimum lease payments under non-cancellable Operatin8 leases was.. 2024 2023 Amount payable After more than 5 years 18. Related party trzFtsactions There were no related partytransactions during the year. Page 15