Charity number.. 1163401 Company number CE004599 CARPET MUSEUM TRUST UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31st DECEMBER 2025
CARPET MUSEUM TRUST TRUSTEES ANNUAL REPORT AND ACCOUNTS 2025 *•*****I•*••*I** CONTENTS Page Reference and admlnlstratlve details of the charlty. its tnjstees and advisers Trustees, report Independent examinels report Statement of financial activities Balance sheet Notes to the financial statements 8-15
CARPET MUSEUM TRUST TRUSTEE REPORT AND ACCOUNTS 2025 REFERENCE AND ADMINISTR4TIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS +•*l•1tt**$*lX1I**AI•*P•t**+ Trustèe5 G Gilbert Ichairl E A Pugh-cook J R Perrin G Cooper DVAdam J Talbot D Wheadon S L V Hollands-appointed 21"January 2026 S Shaw- appointed 24" February 2026 M Lotus-appointed I" May 2026 D Laverty-appointed I" May 2026 J Preece- Signed 20, August 2025 H Freeman- resigned 21, August 2025 D H Brlggs- resigned 24, February 2026 l T Hopkins- deceased I" February 2026 Charity Registered Number 1163401 Princip31 office Stour Vale Mill, Green street. Kidderrnin5ter. Worcestershtre. OYIO IAZ Independent Examlners Ormerod Rutter Chartered Accountants The Oaklev Kidderminster Road Droitwich Worcestershire WR9 9AY Bankers HSBC UK 31 Church Street. Kidderminster DYIO 2AY Page I
CARPET MUSEUM TRUST TRUSTEES ANNUAL REPORT AND ACCOUNTS 2025 A&**ll4l*th*l*a4A4***I The Trustees present their annual report together with the financial statements of the charity for the year to 31st December 2025. The Trustees confirm that the Annual Report and financial ttatements of the charlty comply with the current statutory requirement5, the requirement5 of the charity's 8overnin8 document and the provisions of the Statement of Recommended Practice ISORPI. applicable to charities preparing thelr accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102lleffecttve 1st January 20191. Objects The objects of the CJO are To establish and rnaintain a museum andlor art gallery for the berefit of the PblIC and to advance education for the benefit of the public. Nothin8 in this constitution shall authorise an application of the property of the CIO for the Purposes which are not charitable in accordance with section 7 of the Charitie5 and Trustee Investment (Scotlandl Act 2(M)5 and Section 2 of the Charities Act (Northern Ireland) 2008. Powers The CIO ha5 power to do anythlng whlch Is calculated to further Its objects or Is conducive Of incidental to doing 50. In particular, the CIO has power to.. 111 borrow money and to charge the whole or any part of its property as securityf()r the repayrnent of the money borrowed. The CIO must comply as appropriate with sections 124 and 125 of the Charitles Act 2011. If it wishes 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,. 131 sell, lease or otherwise disp05e gf all or any part of the property belonging to the CIO. In exercising thi5 power. the CIO must comply as appropriate with sections 117 and 119-123 of the Charities Act 2011 and adherence must be given to the Code of Ethics of the Museum's Association and its Dispos31 Kit 35 Issued from time to time. 141 employ and remunerate such Staff as are nece55ary 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 complies with the condition5 of that c13use.' 151 deposit or invest funds, employ a professional fund-mana8er, and arran8e for the inve5trnents or other woperty of the CIO held in the name of a nominee, In the same manner and subject to the Same conditions as 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 particulai in any way connected to rhe manufacture of carpets and similar textiles. 171 to hold and acquire collections for the long term public benefit. Objectlves and Activrties l. Policies and objertlves The purpose of the charity is to establish and maintain a museum and/or art galleryfor the benefit of the puljic and to advance education for the benefit of the public. The Museum, its Archives and Library were opened to the public on 19 October 2012. The Museum explains the history d carpet weawng in Kidderminster with working hand and power loorns. deMonsttIOnS of spinning yarn and weaving, exhibitions and assisted research facilities in its collections. It ha5 a running programme of family. school and adult group visits. Due consideration has been given to the published 8LO1dan on the Public berlefit reqltirement under the Charltles Aet 2011. Page 2
CARPET MUSEUM TRUST TRUSTEES ANNUAL REPORT AND AccourS 202S 2. Achlevements and performance a. Key financial performance indicators The charity had income of £97.528 during the year. tsf which £10,605 wa5 for restricted purposes. b. Activitres Apart from admission5. which Temain static. we have continued to place the emphasi5 on lundraising 3ctivities with walks and talks, school visits and running courses on various craft activities in particular for children. Room hire continued to be one of our main means of producing a regular income and dem3nd remains strong. Our Retail sales of both item5 made bv volunteers and those brought in irnproved and exceeded the budget by 300% with particular emphasis on items for the various special events, Easter, etc. The decision to close in December resulted in a very large number of visitors and so income from admissions and shop sales exceeded the bud8et by £7.000. Our Archive is an irnportant part of our activities and we continued to receive donations. Ways that we can monetarise the archive arè still being explored. We continued to work with consultants, funded by Museum Development Midlands, to look at ways of increasing revenue that will lead to a more resilient future. This led to a review of our staffing and the appointment of a Museum Oevelopment Manager who started in January 2025 and left at the end of July 2025 having completed his task of making recommendations on a viable buslness model for the Trust. c. Financial Revièw. We had budgeted for a deficit of £21,(X)O and the outcome was a surplus of £8,826 befoTe depreciation. We had three grants tot311in8 £37.000 which were for one year only. The donations of £10,838, included £5.IQK) from the Friend5 of Museum. The unexpected surplus w35 due the reaction to our closing which also resulted in exceptional visitor numbers in December. The office suite that we let, which produced £12,000 a year became vacant at the end of March and by the end of Decerrber we had not found a new tenant and with the current availability of a surplus of office space in Kidderminster we were advised that we were unlikely to dts so. The 2 mernbers of staff that we funded untll May from the Arts Council did not have thelr contracts renewed. The member of staff responslble for sehool visits and other customer facing events left and wa5 not replaced. Our long term future relie5 on regular funding through our activities ar)d thi5 was not realistic. A Consultantlmanager was appointed to produce a report on our long term viability. Consequently, the decision was made to reduce staff costs to one member of staff plus cleaner and to close the Museum to the publlc from the end of December 2025. not to renew the Contract for the Manager or Cleaner and to run it. in the short term, with just trustees and volunteer5 whilst we discussed our future with the District, Town and County Councils. The decision was made to relaunch the Museum with a wider remit as a Town Museum talks are ongoing to achieve this. d. Going Concern. We consider that at present with our estimated income and expenditure in 2026 that we could not continue and the steps outlined in the financial review are being taken to remedy this. The trustees have 3sses5ed the charity'5 ability to continue as going concern and consider it appropriate to prepare the financial statements on this basis. However, rhere remains a materi31 uncertainty in relation to the Success of the proposed relaunch and the charity's ability to generate Sufficient income and public support in the future. e. Resejves policy. The Trustees have estsblished the Charity's Reserves Pollcy with reference to the Charity Commission guidance ICC 191 and accounting standards IFRS 1021. The intentior is to have 3 rnonths Unrestricted Reserves and at 31, December we had Set aside £17.500 out of the Unrestricted fund balance of £37.000. Page 3
CARPET MUSEUM TRUST TRUSTEES ANNUAL REPORT AND ACCOUNTS 2025 •****a****a•*+*A**A 3. Structurei governance and management . Q>nstitution. The nature of the 8overning document is a Charitable Incorporated Organisation entered on 3 SeptembeT 2015. The Deed regulates the election and appointment of the first and subsequent trustees. In 2018 the Charity Comrni55ion had recommended 3 new governance code for 5rnaller charities. The trustees embrace the aspirations of that code and have implementing its principle5 and praetices. In 2019 the Constitution was amended to include additional powers to be able to achieve accreditation during 2020. b. Method of appointmentor electlon ofTrustees The management of the charity the responsibility Lf the Trustees are elected and co-opted under the terms of the Charitable Incorporated Organlsadon. C. Policies adopted for the induction and trainlngof Trustees All the Trustee5 use the Charlty Commlssion guldellnes for trustees as a reference. d. Risk management The Trustees have assessed the major risks to which the charity is exposed. in particular those related to the operation5 and finances of the charity, and are satisfied that systems and procedures are in plate to mitigate our exposure to the rnajor risks. 4. Futurè dèvÈlopments. To open again for two days a week using only tTUStees and volunteers and continue talks with partners, including Worcestershire County Council, Wyre Forest District Council (who have agreed to provide some short term funding) and Kidderrnin5ter Town Council to move towards a different operating model to become a Kid(krminster Museum, with emph35is on all aspects of the towns history. Expand our range of activities, with particular emphasis on the educations aspects with more school visit5. Fundraising will be irnportant and with the appointment of a Museum Developrnent Mana8er we will be lookingfor means of ensurbn8 a more stable future with the expansion of involvement in creating partnerships. We will be lookin8 at ways we can involve ourselve5 in project5. but the emphasis will be on fundraising to meet potential deficiL Page 4
CARPET MUSEUM TRUST TRUSTEES ANNUAL REPORT AND ACCOUNTS 2025 5. Statement of Trustees. ResFY)nsibilities. The Trustees are responsible foT preparing theTrustees' Report and Financial statemenls in accordance with applicable law and United Kingdom Accoullting Standard5 Iunited Kingdom Generally Accepted Accounting Practice). The law in 3pplicable to Charities in England and Wales requires the Trustees to prepare lin3ncial Statements lor each rinancial year which give a true and fair view of the State o13ffairs of the Charity and the incoming resource5 and application of resources ol the Charity for that year. In preparing these financial 5tatementS, the Trustees are required tts.. select suitable accounting policie5 and then apply them consistently observe the methods and principles in the Charities SORP. make jud8ments and estimates that are rÈ3s0nable and prudent state whether applicable accounting Standards hève been followed, subject to any material departure5 di5c105ed 3nd explained in the fin3ncial statements.. and prepare the financial statements on the ongoing concern basi5 It is unle55 5t is in3ppropriate to presume that the charity will continue in operation. The Charity Trustees must comply with the requirement5 of the Charities Aci 2011 with regards to the keeping 01 accounting records, to the preparation and scrutiny ol ststements ol account. and to the preparation ol annual reports and returns. The statements ol accounts and returns must be sent to the Charity Commission. regardless ol the income of the CIO within 10 month5 of the financial year end. The tharity trustees must comply with their obligation to inform the commission within 28 days of any particular5 of the CIO entered on thè Central ReBiStei of Charities. The Trustees at their meeting on I" May 2026 approved these accounts Signed G Gllbert Ichairl Page 5
CARPET MUSEUM TRUST TRUSTEES ANNUAL REPORT AND ACCOUNTS 2025 INDEPENDENT EXMINERS REPORT I report to the charityTrustees on my examination of finanaal statements of Carpet Museum Trust for the year ended 31st December 2025. Responslbllitles and Basis of Report A5 the Trustees ct the charity are responsible for the preparation of the accounts li accordance with the requlrements of the Charities Act 20111.the 2011 Act'l. I report in respect of my examination of the charity's attounts c3rrSed out under sectlon 145 of the 2011 Act and in carryine out my examination I have followed all the 4)pli(able Dirertions given by the th8rity Commisslon under section 14515llbl of the 2011 Act. Indepdent Examinerfs Statement-matterofconcem identified Your attention is drawn to the fact that the charity has prepared the financial statements in accordanee with the relevant verOn of the Statement of Recornmended Practice applicable to charities preparing their fin3ncial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 in preference to the Reportin8 and Accountin8 by Charities Statement of Recommended Practice issued on I, April 2005 which 15 referred to in the extant gUlationS but have now been withdrawn. l understand that this ha5 been done in order for the financial statements to promde a true and fair vtew in accordance with UK Generally Accepted Accounting Practice. I have completed my examination. I have identified a matter of concern being that we draw attention to the trustees, report which explains that the Charity has concerns over long term viability. A decision was maje not to renew contracts of employment for the two members of staff, and the Charity is currently operating on a reduced using trustees and volunteers. Additionally, discussions tontinue with the local council, and Ian5 are developing to relaunch the Museum wtrh a wider remit. These events Indlcate the existence of a material uncertainty which rnay cast significant doubt on the charity's ability to continue as a going concern. Our report Is not modified in respect of this mattèr. I confirm that apart from the matter of concern set out above. no matters have come to my attention In connection with the examination gimng me cause to believe that is in any material respect.. Accounting records were not kept in respect of the trust as required by section 130 of the Charities Act 2011 2 The financial Statements do not 3ccord with those recoTds, or The financial statements do not compqy with the applicable requirements concerning the form and content of rinancial statements set out in the Charity IAccounts and Reports) Regulations 2008 other than any requirernents that the finanual statements give a true aThJ fair view, which is not a matter considered as part of the independent examination. 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 understandin8 of the financial 5tatement5 to be reached. Colm McGrory FCA Ormerod Rutter Limited, Chartered Accountants The Oakley, Kidderminster Road Droitwich, Worcestershire WR9 9AY Page 6
CARPET MUSEUM TRUST TRUSTEES ANNUAL REPORT AND ACCOUNTS 2025 STATEMENT OF FINANCIAL AFFAIRS *th*II* Unrestricted Funds 2025 Restrlcted Funds 2025 Total Funds 2025 Total Funds 2024 Note5 Income from.. Donatlons and Legacies Actimties for Generatin8 funds 10,838 10,838 10.219 28,104 28.104 31772 Income Sources from Charitable Activities 47,981 10,605 58.586 48,906 Total income 86.923 10.605 97,528 90,897 Expendlture on.. Fundralsln8 617 11,789 15681 11,221 10,167 Charitsble Artivltles Museum 617 617 617 40.497 40,497 38,333 Communlty Collectlon 13.044 65 13,109 13.659 8,,228 8,228 6.390 Building Conservation Building a Resilient Future Retail Shop 617 3,269 10,540 10,540 29,295 617 5,107 5,107 5,820 Total oirtgolng resource5 617 78,665 10,037 88,702 106.933 Net movement In fvnds bèforè Adjustmènts 8,258 8,826 (16,036) Depreciation Char8e 131,1251 131,1251 131,125J IncornellExpÈnditurel for theyear 8.258 130.5571 122,2991 147,161) Total funds brought forward 28,809 1,160,234 1,189,043 1,236,2L Total funds carried forward 37.067 1.129.677 1.166.744 1.189.043 Page 7
CARPET MUSEUM TRUST TRUSTEES ANNUAL REPORT AND ACCOUNTS 2025 BALANCE SHEET AS AT 31ST DECECEMBER 2025 Notes 2025 2025 2.024 Flxed Assets Tangible Fixed Asset5 1.129.677 1,160,798 Currènt Assets Stocks Sundry Debtor5 Debtors Prepaid Cash at Bank and In Hand li 12 3.112 8,480 13,5261 3.881 9,950 47.116 49,290 Creditors Amounts klling due within one year Net Current Assets 28.245 Net Assets 1166 744 1189 043 Funds Unrestrlcted Funds Fe Reserves Desi8nated- Loom Project Designated- Safety Net io 19,567 10,059 1,250 28.809 Restrlcted Funds Capital Revenue Total Funds 1.129,677 1.160.798 15641 1 189 043 1129 677 1166 744 The Financial Statement5 were approved by the Trustees and signed on thsr behalf at the meeting held on I" May 2026. G Gilbert Chalr The notes on pa@es 8 to 16 form part of these Financial Statements Page 7
CARPET MUSEUM TRUST TRUSTEES ANNUAL REPORT AND ACCOUNTS 2025 NOTES TO THE FINANCIAL STATEMENTS l. Accountin8 Policres Legal status The Carpet Museum Trust is a Charitable Inc¢xporated Organisation ICIOI, whose registered office Is Stour V81e Mill, Green Street, Kidderminster, Worcestershire, DYIO IAZ. al Accounts Convention. The accounts have been prepared in accordance with the Charity's Constitution. and "Accounting and Reporting by Charities." Statement of Recommended Practice applicae to charitie5 preparing their accounts in accordance with the Financial Reporting Standard appliCae in the UK and Republic of Ireland IFRS1021" (effective I" January 20191. The charity 15 a Public Benefit Entity as defined by FRSIO2. The accounts are prepared in Sterling, which 15 the fijnctional currency of the Chèrity. Monetary amounts in these financial staternents are rounded to the nearest £. The accounts have en prepared under the historical c95t convention. C8Pltal grants are recognised as designated income when receivable and this departure from finandal reportlng standards Is necessary In order to show a true and fair wew, in accordance 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 Directorsnru5tees. When possible, expenditure is charged to the charitable actsvity to which it relate5. Costs that cannot be dealt with in this way are apportioned as a pertentsge overhead. Apportloned costs are premlses and office costs. Going Concem At the time of preparing the accounts. the trknstees had a reasonable expectation that the charity has 3dequ3te resources to contlnue in operational existence for the foreseeable futvre. Thus the trustees contlnue to adopt the going concern basis of accounting in preparing the accounts. Governance Cost5 Any costs that can be identified are charged direct. Staff time is allocated ateording to the percentage spent directly on governance. together with a proportion of premises and office costs. In accordance with SORP IFRS 10218overnance costs are now treated as overhead5 and allocated over the other services. bl Incomlng resourtÈs Grants receivable Grants made to finance the activities ol the Museum are credited to the income and expenditure accwnt in the period to whith they relate. Other income Sales of services are included in the incc¥ne and expenditure account in the period to which they relate. Other incorne, including donations, gifts and covenants are included as they were ceIved. Deferred income Grants received in advance of the period 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 2025 NOTES TO THE FINANCIAL STATEMENTS *AA****A****** Resourcè5 expended l expenditure is accounted for on an accruals basis. All expenditure directly related to the provtsion of advice services is included within charitable expenditure. Other costs incurred have been allocated between fundraislng and publicity and management and administration as appropriate. Where such costs relate to more than one functioral cost category they have been split on an estimate of time or floor space basis, as appropriate. dl Basic financial assets Basic financial assets. whlch Include debtors and bank balances. are Initially measured at transaction pr) includlng cost5 and are subsequently carried at amortlsed cost uslng the effective interest merhod unless the arrangement constituies a financing tran53Ction. where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. el Impairrnent ot financial assets Flnaneial assets, other than those held at fair [e throu8h income and expenditure, are assessed for indicators of impairment at each reporting date. Financial 355et5 are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the fin3nual a55et. the estlrn8ted future cash flows have been affected. If an asset is imp3ired, the impairment1055 IS the difference between the carrying amount and the present value of the estimated cash flow discounted at the asset's original effective interest rate. The impairment loss is reco8nised in net income/ lexpenditurel for the year. If there is a decrease in the irnpairment loss arising from an event occuthng after the impalrment was recognlsed. the impairment Is reversed. The reversal is such that the current carryin8 amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in net income lexpenditurel for the year. Dorecognition of financial assets Financial assets are derecognised only when the contractual right5 to the ¢ash flows from the asset expires or are settled, or when the charity transfers the financial asset and substantially all the risks and reward of ownership to another entity, or if some 518nificant risk and rewards 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. 81 Basic flnanual liabilities Basic finanaal liabilities, includin8 creditors and bank loans are inttially recognised at transaction price unles5 the arrangement constitutes a financing transaction, where the debt instrumert is measured at the present value of the future payments discounted at a market rate of interest. Financlal liabilities classified as payable within one year are not amortised. Debt instrument5 are subsequently carried at amortised cost. using the effeetive te method. hl Dèreco8nition of financial liabilities Financial Ilabillties are dere¢ognised when the charity's ¢ontra¢tual obligations expire or are discharged. FIMed assets and depreciatlon Fixed assets are included at cost less depreciation. Depreciation 15 charged on a straeht line basis on the cost5 of the 3s5ets over their estimated useful lives as follows.. Lon@-tem leasehold property over the life of the lease Fixtures and fittir IO% straight line Office Equipment 33% Straight Line Page 9
CARPET MUSEUM TRUST TRUSTEES ANNUAL REPORT AND ACCOUNTS 2025 NOTES TO THE FINANCIAL STATEMENTS *A*•********** The depreciation policy has been reviewed in accordan with FRS 102 atTrd no change has been Made from the previous year. The provlsion for deprectation of fimed assets is shown as part of notes to the Statement of Financial Activities. Fixed assets are either financed from gr3llts or by using Reserves. When Reserves are used the cost is written as charge to Revenue, but when financed from a grant then the income resource 15 shown in the Ststement of Financial Activities and credited to a Designated Capital Reserve. Restrided funds Ineorne received for the restricted purposes is included in a separate restricted fund 3gain5t which appropriate expenditure is allocated. Restrlcted 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 objeclive of the fundlng is met and there is no obligation to refund any surplu5 then those fund5 are treated as unrestricted. kl Deslenated funds Designated funds are allocated out of unrestricted funds by the trustees for specilic purposes. The use of such fund5 is at the tru51ees' discretion. UnrestrKte(I funds Unrestricted funds can be used In accordarnce with the charltable oblectsves at the dlscretion of the trustees. Cash Flow The charity has taken advantage of the provisions in the SORP for charities applying FRS102 Update aulletin I not to prepare a Statement of Cash Flow. Further explanation of the nature and purpose of each fund is included in the note5 to the finantial statements. Taxatlon The Carpet Museum Trust is registered with the Charity Commission and under the provisions of the Income and Corporation Taxes Act 1988 and exempt from liability to taxation. Czpital Grants Capital grants are recognized as income in the designated fund when receivable and a departure from Financial Reporting Standards 15 necessary in order to show a true and fail view in accordance with the Statement of Recommended Pr3Ctice SORP IFR51021. Pensions All employees who qualify for a Workpla Fension have been enrolled in the Nationèl Employers Savrngs Trust INESTI pension scheme and the statlrtory deductions are made or other such arrangement 35 agreed with employees. ql Stocks Stock5 valued at ihe lower of cost and net realSsable value after making due allowance for obsolete and slow-moving stock5. Cost includes all direct Costs and an appropriate proportion of fixed and variable overhead5. Page 10
CARPET MUSEUM TRUST TRUSTEES ANNUAL REPORT AND ACCOUNTS 2025 NOTES TO THE FINANCIAL STATEMENTS Role of Volunteers The charity Fos in the region of 40 volunteers. The value of these is not incorporated within these accounts. Unrestricted Restricted Total rotol 3. lrtcomè donations Funds 2025 Funds Fund5 2025 Funds 2025 2.024 Donatlons Total 10,838 10.838 10,838 10,838 10219 9,790 4. Artlvltles for Generatin8 funds Unrestricted Funds 2025 Restricted Funds 2025 Total Funds 2025 Totul Funds 2,024 Room Hire Rental Income Shop Sales Commission Corporate Sponsotshlp Fund RaisSng Other Income Total 14.717 6.745 5,838 106 14.717 6.745 5,838 106 10,856 11,916 3.523 147 4,283 500 547 119 579 119 579 28.104 28,104 31,772 5. Charltable Income Unrestritted Funds 2025 Restricted Funds Total Fund5 Totol Funds 2025 2025 2024 Admission5 Cornmunity Activltles Arts Council Grant Roger & Douglas Turner Charitable Trust AIA Grant V05ey Society The Grimmit Trust LC Johnson The Quayle Trust Limoges Trust Blakemore Foundation William Cadbury Trust Edgar L3wley Foundatio Garfield Weston other Income 8,005 2,976 8,005 2,976 10,540 7,894 2,474 29,295 10,540 2,407 375 1.2 500 65 65 20.000 2,000 15,0(X) 20,(KIO 2,000 15.CNJO 161 47.981 86.923 10.605 10.605 58,866 97,528 48,006 90.897 Total Page 11
CARPET MUSEUM TRUST TRUSTEES ANNUAL REPORT AND ACCOUNTS 2025 NOTES TO THE FINANCIAL STATEMENTS *AA*a********* 6. Direct Costs Item Museum Community Collection Collection Retail Fundraising iiiiii Arts Fund Total 2.024 UR Funds UR Funds UR Funds R Funds UR Funds UR Funds R Fund5 Staff - Pay, Nl and Pensions Activitie5 Advertisin& Leaflets Axial Software Building Conservation Card Reader Charges Consumables Con5ultant5 Fees Conservation Craft Materials Exhibition Costs Marketing Professional Semces Refre5hrnents Station3ry.Equip & 10.487 4.206 1.655 2,00) 1.481 10,540 30.369 50,321 125 125 396 1,725 1.716 1,716 3,269 254 254 204 25 375 76 193 1,566 116 1,758 452 49 65 114 245 69 176 318 322 19 19 59 5ubscripUons Travel Costs Tutors Fees Volunteers Expenses Overhead5 120 120 71 295 295 25,190 35.931 14,615 19,628 4,344 7,764 4,508 6.703 6,466 8,071 55,123 88,702 46,319 106,933 Total 65 10,540 Page 12
CARPET MUSEUM TRUST TRUSTEES ANNUAL REPORT AND ACCOUNTS 2025 NOTES TO THE FINANCIAL STATEMENTS 7. Support C08ts Item Museum Community Collectio Retail Fundraising Total 2024 Staff - Pay, Nl and Pensions Bank Charges/Card Charges Building Mainlenance Contracts Building Repairs Examiners Fee Furniture & Equipment Gas Insurance IT servi5, etc Kidderminster BID Payroll Processing Professional Services Sanitary & Cleaning Security Key Holding & Call Outs Statiorsary & Postages Subscriptions Sundrie5 Telecorns Redundanty Pay Waste Dlsposal Water 12,107 4,854 1,910 2.309 1,710 22,890 12,413 54 22 io 102 102 599 240 95 114 85 1,133 2.680 2.930 411 424 432 82 85 176 82 85 609 428 864 164 170 1,219 857 ioi 89 126 4,402 1,150 1.188 8,532 5,999 705 625 884 2.969 1120 411 424 3.047 2.143 252 223 316 3.048 2,143 252 223 609 428 12.000 6,718 649 1040 825 687 736 45 45 316 233 233 47 47 93 653 296 296 59 59 118 828 704 45 25 66 754 720 179 365 45 25 66 754 720 179 365 18 126 70 184 2,112 2,016 502 1,022 55,123 243 187 123 1,816 io 26 302 288 72 146 13 151 144 36 73 151 144 36 73 372 935 Total 25,190 14,615 4,344 4,508 6.466 46.319 Tanglble Flxed A%5etS Leasehold Property Fixtures & Fittings Offiee Equipment Total 1st January 2025 Disp05als 31" December 202S 1,556,255 346.904 36,742 1.939.901 1.556,255 346.904 36,742 1,939,901 Depreciation I" january 2025 Charged year 31" December 2025 395,453 31,125 426,578 346,904 36,742 779.099 31,125 810,224 346.904 36,742 Book Value 1st January 2025 1.160.798 1.160,798 31st December 2025 1,129,677 1,129,677 Page 13
CARPET MUSEUM TRUST TRUSTEES ANNUAL REPORT AND AccourS 2025 NOTES TO THE FINANCIAL STATEMENTS *AAA**AA***a**** 9. Net Income (gxpenditurel Thls is stated after charging 2025 2024 Depreaation of tangible fixed assets -owned by charitv 31,125 31.125 The Independent Examlnels fee is £1.15012024-£1,1201. 10. Net Movement of Funds Net Movement in Funds Transfers Between Funds At 1.1.2025 At 31.12.2025 nreslri¢ted Funds enerèl Fund5 28,809 28,808 8,258 8,258 37,067 37,066 otal estrkted Funds General Funds Capitsl Funds Total 15641 1,160,798 1,160,234 1,189,043 564 131.1251 130.5621 122.3041 1.129,677 1,129.677 1.166.743 Totsl Both The Capital Fund is the amount spent on renovation and fitting out of the building and is written down each year. 11. Stock 2025 2024 Merchandise 12. Debtc 2025 2024 Trade Debtors Other Debttsrs Prepayment5 and Accrued Income Total 934 3,196 7346 6754 8480 9950 13. Credito 2025 2024 Trade Credltors Other Creditors Accruals and Deferred Income Total 3,401 8.199 3,122 233 3 524 12 613 10 047 21 Page 14
CARPET MUSEUM TRUST TRUSTEES ANNUAL REPORT AND ACCOUNTS 2025 NOTES TO THE FINANCIAL STATEMENTS *Aath**a*a**I 14. Deferred Income 2025 2024 I'january 2025 Resources Deferred during year Amounts Released from prewous year Deferred Income 31" December 2025 12,613 2,000 15.634 12,613 15. Financizl Instrum•nts 2025 2024 Financial assets measured at amortised cost Financial liabilities measured at amortised c05t Financial assets measured at amortised cost comprising cash at bank and in hand, and trade debtor. Flnancial liabillties measured at amortised cost comprising trade creditors. VAT, PAYE and other creditors and accruals. 16. Staff Costs Staff costs were as follows 2025 2024 Wages and salaries and pension contributions. No employee reoived remuneration amounting to more than £60,000 in either year. The key management personnel of the harity consist of the Trustees and the Museum Manager. The total remuneration paid to the key management personnel during the year was £26,32012024- £21,793). Avefage staff durine the year was 2. No Trustees received any remuneratlon 12024 £NILI. During the year. no Iru5tees received any benefits in kind12024- £NILI. During the yeaf, no trustees received any reimbursement of expenses 12024- £NILI. 17. Operating lease commitments At 31 December 2025 the total of the Charl$ future minimum lease payment5 under non-cancellable Operating lèases was.. 2025 2024 Amount payable After more than 5 years 18. Relatèd party transactlons There were no related party transartions during the year. Page 15