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← Nottingham Industrial Museum

2021-07-31-accounts

Registered number: 09679802 Charity number: 1167388

Nottingham Industrial Museum

UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2021

Prepared By:

Martin Nye Limited

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Chartered Certified Accountants

186 High Street Winslow Buckinghamshire MK18 3DQ

Nottingham Industrial Museum

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 TRUSTEES Mr. A. O'Dell Mr. A. Osakwe Dr. D. Cheshire Ms. R. Smith Mr. P. Griffin Mr. J. Bowker ; Mr. C. Raynor Mrs M. Raynor ; Mr. G. Lamb Mr. C. Lilliman : Mr. C. Wheeler REGISTERED OFFICE The Courtyard Wollaton Hall and Deer Park Nottinghamshire NG8 2AE COMPANY NUMBER 09679802 CHARITY NUMBER 1167388 BANKERS CAF Bank SOLICITORS Nelsons Solicitors ACCOUNTANTS Martin Nye Limited Chartered Certified Accountants 186 High Street Winslow Buckinghamshire MK18 3DQ

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Nottingham Industrial Museum

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ACCOUNTS
FOR THE YEAR ENDED 31 JULY 2021
CONTENTS
Page
Report of the Trustees 3
Independent Examiner's Statement fi
Statement of Financial Activities 9
Balance Sheet : 10
Notes to the Accounts 11 to 15
Detailed Statement of Financial Activities 16
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Nottingham Industrial Museum

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FOR THE YEAR ENDED 31 JULY 2021
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TRUSTEES' REPORT

The trustees present their report and accounts for the year ended 31 July 2021

PRINCIPAL ACTIVITIES

The principal activity of the charity in the year under review was the operation of an industrial museum .

STRUCTURE GOVERNANCE AND MANAGEMENT

OBJECTIVES AND ACTIVITIES

The Charity's objectives are to advance the education of the public by the maintenance of a museum containing a unique collection of working steam and diesel engines as well as examples of textile and transport technologies and exhibits reflecting the local industries of Nottinghamshire such as mining, railways, bicycles, motorcycles, lace, telecommunications, pharmaceuticals, tobacco and printing. In shaping the objectives for the year and planning the activities, the Board has considered the Charity Commission's guidance on public benefit. The Museum provides public benefit through a range of activities. The board wishes to thank all our volunteers for their support, without their continued support, the museum would be unable to function as a resource available to the public. .

ACHIEVEMENTS AND PERFORMANCE

Nottingham Industrial Museum (NIM) is operated on an arm's length basis from Nottingham City Council by volunteers. The Charity NIM has operated as a company Limited by Guarantee since 31st May 2016 (Company number 09679802), registered in England and Wales. The Registered office of the Charity is The Courtyard, Wollaton Hall and Deer Park, Nottinghamshire, NG8 2AE. (Charity Number 1167388). The museum continues to be open to members of the public, in line with the Licence and Management agreement with Nottingham City Council. The museum has retained many existing volunteers and attracted new ones. Finances remain stable. The board implemented many changes to improve local awareness of the museum, through social media and websites. We have introduced a number of initiatives and events to engage with the public and enhance their experience. During the year, the Board continued to explore sponsorship from local business to support us with materials, printing, raffle/gifts/prizes and sundries with some success. Further achievements include:

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Nottingham Industrial Museum

FOR THE YEAR ENDED 31 JULY 2021

TRUSTEES’ REPORT

FINANCIAL REVIEW

As at 31st July 2021, the Charity had £22,531 (2020 - £31,462) in the unrestricted fund, this reduction arose due to a deficit being incurred during the year. £5,000 (2020 - £5,628) of unrestricited funds has been designated for future contingencies, see reserves policy. The charity's income from all sources amounted to £32,937 (2020 - £49,450), of this £2,409 was in the form of restricted grants. A deficit of £6,672 (2020 - £4,983) was incurred. £22,949 (2020 - £22,099) of the current year's donations are in respect of the fair value of facilities provided by Nottingham City Council, this is mirrored by a charge in the accounts.

Reserves policy and going concern

To maintain sufficient Reserves to cover the cost of winding up the Museum, Limited Company and Trust, £5,000 (2020 - £5,628) was provided for as at 31st July 2021. Estimate of current winding up costs to be reviewed annually, to maintain sufficient funds to cover likely contingencies.

The Trustees have examined the charity's requirement for reserves in light of the main risks to the charity. Trustees are , committed to generating sufficient funds to support the current activities to meet the requirements of the charity, which : include, providing a financial cushion against risk and future uncertainties. ; RISK MANAGEMENT . The Trustees Trustees carry out an annual review of both the financial and operational risks that the the charity may may face. : STRUCTURE GOVERNANCE AND MANAGEMENT GOVERNING DOCUMENT Nottingham Industrial Museum is a charity which operates through a company limited by guarantee, incorporated on 10th July 2015 and registered with the Charity Commission on 31st May 2016. The company's governing document is the Memorandum and Articles of Association. In the event of the company being wound up, members are required to contribute an amount not exceeding £1. :

The Trustees Trustees carry out an annual review of both the financial and operational risks that the the charity may may face.

Nottingham Industrial Museum is a charity which operates through a company limited by guarantee, incorporated on 10th July 2015 and registered with the Charity Commission on 31st May 2016. The company's governing document is the Memorandum and Articles of Association. In the event of the company being wound up, members are required to contribute an amount not exceeding £1.

RECRUITMENT AND APPOINTMENT OF TRUSTEES

The directors of the company are also charity trustees for the purpose of charity law. The Board of Trustees, currently numbering four, administers the charity. The charity is actively looking to recruit additional Trustees and volunteers. The board has overall responsibility for policy, finance and for the provision of facilities needed to enable the Museum to fulfil its objects. Under the requirements of the company's Articles of Association, at Annual General Meetings, one-third of the directors or, if their number is not three or a multiple of three, the number nearest to one-third, must retire from office by rotation. Retiring directors can offer themselves for re-election. New directors appointed by resolution of the other directors must retire at the next annual general meeting, and must not be considered in determining the directors who are to retire by rotation.

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Nottingham Industrial Museum

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FOR THE YEAR ENDED 31 JULY 2021
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TRUSTEES' REPORT

The Trustees who served during the year and also those in office at the date of signing the accounts were:

«Mr. A. O'Dell (resigned 11-06-2021)

STATEMENT OF TRUSTEES RESPONSIBILITIES

The Trustees (who are also directors of the Nottingham Industrial Museum for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (the United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the Charitable Company for that period. In preparing those financial statements the Trustees are required to:

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Nottingham Industrial Museum
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FOR THE YEAR ENDED 31 JULY 2021

TRUSTEES' REPORT

The report was prepared in accordance with the special provisions within Part 15 of the Companies Act 2006. This report was approved by the Board of Trustees on 21 December 2021 TrusteeMr. C. Wheeler Q Lat.

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Nottingham Industrial Museum

INDEPENDENT EXAMINER'S STATEMENT

FOR THE YEAR ENDED 31 JULY 2021

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF NOTTINGHAM INDUSTRIAL MUSEUM

| report on the accounts of the company for the year ended 31 July 2021 .

This report is made solely to the trustees as a body, in accordance with the Charities Act 2011. My examination has been undertaken so that | might state to the trustees those matters | am required to state to them in an independent examiner's report and for no other purpose. To the fullest extent permitted by law, | do not accept or assume responsibility to anyone other than the charity and the trustees as a body, for my examination, for this report, or for the opinions | have formed.

RESPECTIVE RESPONSIBILITIES OF TRUSTEES AND EXAMINER

The trustees (who are also the directors of the company for the purposes of company law) are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.

Having satisfied myself that the charity is not subject to an audit under company law and is eligible for independent examination, it is my responsibility to:

BASIS OF INDEPENDENT EXAMINERS STATEMENT

My examination was carried out in accordance with general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees conceming any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a "true and fair view" and the report is limited to those matters set out in the statement below.

INDEPENDENT EXAMINERS STATEMENT

In connection with my examination, no matter has come to my attention (other than that disclosed below):

(1) which gives me reasonable cause to believe that in any material respect the requirements:

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Nottingham Industrial Museum

INDEPENDENT EXAMINER'S STATEMENT

FOR THE YEAR ENDED 31 JULY 2021

have not been met; but

(2) in my opinion, for a proportion of the year, the maintance of accounting records was unsatisfactory in that the records were not maintained on the company's computerised accounting system, records of prime entry were incomplete and not maintained correctly. The lockdown required due to the Covid pandemic exacerbated the situation in that controls regarding the authorisation of expenditure were not always adhered to. The situation was addressed and more robust controls and procedures have been implimented.

Mrs. V. J. Bishop BA(Hons) FCCA

Date: 21 December 2021 ’ Martin Nye Limited <)BD nu Chartered Certified Accountants 186 High Sireet Winslow Buckinghamshire MK18 3DQ 01296 715000 =

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Nottingham Industrial Museum

Statement of Financial Activities for the year ended 31 July 2021

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|||||||||| |---|---|---|---|---|---|---|---|---| |2021|2020| |Unrestricted|Restricted| |fonds|hands|Total|Total| |£|£|£|£| |Income| |Income|from|generated|funds| |Donations|and|legacies|23,603|-|23,603|23,219| |Income|from|Investments|1|-|1|8| |Income|from|charitable|activities|6,924|2,409|9,333|26,223|-| |Total|Income|and|endowments|30,528|2,409|32,937|49,450| |Expenses| |Costs|of generating|funds| |Expenditure|on|Raised|funds|25,988|150|26,138|28,617| |Expenditure|on|Charitable|activities|13,471|-|13,471|25,8176| |Total|Expenses|39,459|150|39,609|54,433| |Net|gains|on|investments| |Net|Income|(8,931)|2,259|(6,672)|(4,983)| |Gains/(losses)|on|revaluation|of fixed|assests| |Net|movement|in|funds:| |Net|income|for the|year|(8,931)|2,259|(6,672)|(4,983)| |Total|funds|brought forward|31,462|1,160|32,622|37,605| |Net funds|carried|forward|22,531|3,419|25,950|32,622|

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This statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities

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Nottingham Industrial Museum

BALANCE SHEET AT 31 JULY 2021

2021 2020
Notes £ £
FIXED ASSETS
Tangible assets 2 6,456 5,384
CURRENT ASSETS
Stock 380 744
Debtors (amounts falling due within one year) 4 1,541 1,705
Cash at bank and in hand 19,500 26,959
21,421 29,408
CREDITORS: Amounts falling due within oneyear 5 1,927 2,170
NETCURRENTASSETS 19,494 "27,238
TOTALASSETS LESS CURRENT LIABILITIES 25,950 32,622
CAPITAL AND RESERVES
Unrestricted funds 7
General fund 17,531 25,834
Designated funds 5,000 : 5,628
Restricted funds 8 3,419 1,160
25,950 32,622

For the year ending 31 July 2021 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Approved by the board of trustees on 21 December 2021 and signed on their behalf by

Mr. C. Wheeler

Trustee

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Nottingham Industrial Museum

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NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2021

1. ACCOUNTING POLICIES

1a. Basis Of Accounting

The accounts have been prepared under the historical cost convention.

The accounts have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland (FRS102) and with the Charities Act 2011.

The presentation currency is £ Sterling.

1b. Company Information

Nottingham Industrial Museum Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is The Courtyard, Wollaton Hall and Deer Park, Nottinghamshire, NG8 2AE. The charity constitues a public benefit entity as defined by FRS102.

The principal activity of the charity is the operation of a museum.

1c. Going Concern

These financial statements have been prepared on the going concer basis. The trustees consider that there are no material uncertainties about Nottingham Industrial Museum's ability to continue as a going concern. There are no material uncertainties affecting the current year's accounts.

1d. Incoming Resources

All incoming resources are included in the Statement of Financial Activities when the charity is legally entitled to the income, it is probable that the charity will receive the income, and the value to the charity can be quantified with reasonable accuracy.

Donated goods are measured at fair value on initial recognition, which is the expected proceeds from sale less the expected costs of sale. Where it is not practical to measure the value of the resource with sufficient reliability, the income is included in the financial period when the resource is sold. Donated facilities and services that are consumed immediately are recognised as income with an equivalent amount recognised as an expense, when they can be measured reliably on the basis of the value of the gift to the charity. The value of the contribution made by volunteers is not included in the accounts.

Donated goods which are capitalised as tangible fixed assets are measured on their fair value where the fair value can be quantified with reasonable accuracy.

1e. Resources Expended

Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

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Nottingham Industrial Museum

1f. Allocation And Apportionment Of Costs

All costs relate to the single activity of the charitable company and are recognised accordingly.

1g. Fund Accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Designated funds are funds set aside by the trustees out of unrestricted general funds for the specific future purposes or projects.

th. Depreciation

Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.

Plant and Machinery

reducing balance 25%

1i. Stocks

2

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell (net realisable value).

1j. Corporation Tax

The Charity is exempt from Corporation Tax on its charitable activities.

1k. Government Grants ; Grants which relate to revenue are recognised in income on a systematic basis over the period in which the entity recognises the related costs for which the grant is intended to compensate. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset.

41. Cash At Bank And In Hand

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less.

1m. Financial Instruments

The company only has financial assets and financial liabilities of a kind that qualify as Basic Financial Instruments. Financia! instruments are recognised in the company's Balance Sheet when the company becomes party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at transaction value and subsequently measured at settlement value.

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Nottingham Industrial Museum

1n. Judgements And Key Sources Of Estimation Uncertainty

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both the current and future periods.

1o. Heritage Assets

1o. Heritage Assets 1o. Heritage Assets 1o. Heritage Assets 1o. Heritage Assets
Heritage assets are tangible or intangible assets which have historical, artisitc, scientific, technological, geological or.
environmental qualities that are held and maintained principally for their contribution to knowledge or culture. Heritage
assets are initally recognised attheir fairvalue where practicable. ;
Fair value can often be estimated by reference to recent market transactions in identical assets or in assets that are
substantially the same as the asset being measured. Fair value may be determined by the appraisal of market-based
evidence by trustees or staffwho have relevant skills, knowledge and experience or by a professionally qualified valuer.
Where no market-based evidence exists, depreciated replacement costmay be used toestimate the fair value of certain
properties held as heritage assets. Ifa reliable estimate cannot be made of the asset's fair value or the cost of valuation _
is likelytoexceed the benefits provided by the information, the asset is not recognised in the accounts.
2. TANGIBLE FIXEDASSETS
Plant and
Machinery
Etc.		 .
Total
£ e
Cost
At 1 August2020 10,823 10,823
Additions 2,695 2,695
At 31 July2021 13,518 13,518
Depreciation
At 1 August 2020 5,439 5,439
Forthe year 1,623 1,623
At 31 July2021 7,062 7,062
Net Book Amounts
At 31 July2021 6,456 6,456
At 31July2020 5,384 5,384

As per the Licence agreement between the charity and Nottingham City Council, the charity maintains a large collection of artifacts for display to the public on behalf of the Council. These include steam engines, radios, gramophones, printing presses, bicycles, motocycles and tractors. These artifacts are considered to be Heritage Assets. It is considered that ownership of these assets remain that of the Council and therefore a value has not been attributed to them and they have not been recognised in the accounts.

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Nottingham Industrial Museum

3. STOCK 2021 2020
£ £
Stock comprises:
Stock 380 744
380 744
4. DEBTORS 2021 2020
£ £
Amounts falling due within one year:
Trade debtors - ‘ 337
Otherdebtors 1,541 1,368
1,541 1,705

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021 2020
£ £E
Trade creditors 1,049 1,491
Other creditors 878 679
1,927 2,170

Included in other creditors is £nil (2020 - £35) in respect of monies received on account. During the year ended 31st July 2019 the charity received a Heritage Lottery Fund grant of £12,370. This has been treated as a revenue grant in these accounts. £nil of the grant has been recognised in this accounting period (2020 - £3,486, 2019 - £8,884) on the basis that it is to be matched to consultancy fees incurred in respect of Lucy Anstill and Toni Thorncraft-Smith.

6. LIMITED BY GUARANTEE

The company is limited by guarantee and does not have a share capital. Each member gives a guarantee to contribute a sum not exceeding £1, to the company should it be wound up. At 31 July 2021 there were 4 members.

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Nottingham Industrial Museum

7. UNRESTRICTED FUNDS

Brought
forward		 Incoming
resources		 Outgoing
resources		 Transfers Carried
forward
£ £ £ £ £
General fund 25,834 30,528 (39,459) 628 17,531
Contingency Fund 5,628 - - (628) 5,000
31,462 30,528 (39,459) =

8. RESTRICTED FUNDS

Brought
forward		 Incoming
resources		 Outgoing
resources		 Transfers Carried
forward
£ £ £ “£ £
Restricted grant fund 1,160 2,409 (150) . 3,419 .
1,160 2,409 (150) - 3,419
Restricted grantfund
Restricted grantfundsnotyetutilised

9. RELATED PARTY TRANSACTIONS

There were no related party transactions during the year (2020 - none).

A Trustee was reimbursed £781 (2020- £700) in respect of mileage. 7 (2020 - 13) trustees and volunteers were reimbursed for out of pocket expenses including, refreshments, volunteer welfare, purchases, stationery, postage, machine repairs, train fares and travel etc. amounting to £8,305 (2020 - £3,877). Reimbursed expenses are incurred in order for Trustees and volunteers to fulfil their duties and are not considered payment for goods and services or the remuneration of a Trustee, nor do they count as any kind of personal benefit.

10. PAYMENT TO EXAMINER

An accrual of £840 (£700 plus VAT) is included in the accounts in respect of payment to the examiner (2020 - £630) which includes a fee for the provision of software training.

11. TRUSTEES' REMUNERATION AND BENEFITS

No Trustees received remuneration or other benefits for the year ended 31st July 2021 (2020 - Nil). The company relies on volunteers and has no staff.

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Nottingham Industrial Museum

Incoming Resources for the year ended 31 July 2021

2021 2020
Ca £
Incoming resources
Incoming resources from generated funds
Voluntary Income
Donations 396 1,120
Donations - Facilities and services 22,949 22,099
Other income 258 -
23,603 23,219
23,603 23,219
1 8.
Charitable Activity ,
Admission fees 2,687 10,364
Bric-a-brac and retail 4,202 6,449
Activities - - 103
Venue hire 35 1,090
Other income - 3,181 :
Grants receivable 2,409 5,036
9,333 26,223
9,333 26,223
32,937 49,450

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Nottingham Industrial Museum

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Expenses
for the yearended 31 July2021
2021 2020
Expenses
Costs of generating funds
Costs OfGenerating Voluntary Income
Opening stock 744 756
Purchases 1,744 2,509
Repairs and renewals 1,112 2,952.
Volunteer welfare 602 7,045
Expenses- facilities and services 22,949 22,099
Closing stock (380) ___(744)
26,138 28.617.
Charitable Activities
Volunteer training 318 -
Printing, postage and stationery 355 329
Computer costs 1,987 766
Travel 825 801
Advertising 730 414
Subscriptions 270 144
Telephone and internet 1,096 549
Depreciation 1,623 1,726
Volunteer gifts and entertaining 413 -
Cleaning 528 -
Consultancy fees 1,100 18,088
Bank charges 341 244
9,586 23,061
Governance Costs
Accountancy 864 630
Sundry 39 -
Insurance 1,542 1,561
Legal fees 1,440 564
3,885 2,755
39,609 54,433

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