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2022-07-31-accounts

Registered number: 09679802 Charity number: 1167388

Nottingham Industrial Museum UNAUDITED ACCOUNTS FOR THE YEAR ENDED 31 JULY 2022

Prepared By:

Martin Nye Limited Chartered Certified Accountants 186 High Street Winslow Buckinghamshire MK18 3DQ

Nottingham Industrial Museum

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022

TRUSTEES

Mr. C. Lilliman Mr. C. Wheeler Mr. I. Rollinson Mr. A. Bone

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

page 1

Nottingham Industrial Museum

ACCOUNTS FOR THE YEAR ENDED 31 JULY 2022

CONTENTS

Page
Report of the Trustees 3
Independent Examiner's Statement 6
Statement of Financial Activities 8
Balance Sheet 9
Notes to the Accounts 10 to 15
Detailed Statement of Financial Activities 16

page 2

Nottingham Industrial Museum

FOR THE YEAR ENDED 31 JULY 2022

TRUSTEES' REPORT

The trustees present their combined trustees report and directors report and accounts for the year ended 31 July 2022

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. The publication of a Museum Guidebook has been particularly well received by Visitors.

Following the Covid closures, the engineering team have made good progress in repairing and maintaining the steam generator and pressure system. The exhibits have also been serviced, allowing the resumption of live steaming days.

Extensive effort has been made by the Volunteers running the BRIC a Brac charity shop which has resulted in a significant increase in income.

• The marketing team has worked extremely hard to increase the profile of the Industrial Museum through social media. We have a vibrant Facebook page. We contine to receive positive feedback from the public on TripAdvisor, placing Nottingham Industrial Museum 4th in the TripAdvisor list of things to do in Nottingham.

• We have had good coverage on radio, newspapers and magazines

• We have held STEM events enabling us to interact with a significant number of younger visitors.

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Nottingham Industrial Museum

FOR THE YEAR ENDED 31 JULY 2022

TRUSTEES' REPORT

• Following closures due to COVID the Directors concentrated this year in getting the Museum back open, secure the financial position, and maintain a viable number of volunteers. These three objectives were all met.

FINANCIAL REVIEW

As at 31st July 2022, the Charity had £32,190 (2021 - £22,531) in the unrestricted fund, this increase arose due to a surplus being made during the year. £5,000 (2021 - £5,000) of unrestricited funds has been designated for future contingencies, see reserves policy. The charity's income from all sources amounted to £47,848 (2021 - £32,937), of this £nil (2021 - £2,409) was in the form of restricted grants. A surplus of £9,076 (2021 - deficit £6,672) was incurred. £17,000 (2021 - £22,949) 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.

A transfer of £583 was made from the restricted grant fund to the general fund during the year to reflect the purchase of a tangible fixed asset using restricted funds, the asset is held for general use and not for a restricted purpose.

Reserves policy and going concern

To maintain sufficient Reserves to cover the cost of winding up the Museum, Limited Company and Trust, £5,000 (2021 - £5,000) was provided for as at 31st July 2022. 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 carry out an annual review of both the financial and operational risks that the charity 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.

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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Nottlngham Ind￿ts￿al Musoum FOR THE YEAR ENDED 31 JULY 2022 TRiISTEES' REPORT The Trustees who served during the year and aL80 those in office at thé date of sYJning the accx)unts werg.. . Mr. C. R8yrn)r IresKJneO 1fTr0&20211 . Mrs. M. Rffjor (￿igned 1FA)&20211 . Dr. D. Cheshire laFpointed 02-Cfr20211 (resi￿ 1W>20221 . Mr. G. Lamb (resigned 0907-20221 . Mr. C. Lilliman lappinted 02-C&2021) . Mr. C. Wheeler (appointed 02-0&20211 . Mr. l. Rdlinson lakwnted 1￿2022) . Mr. A. Bone lappointed 1￿0￿2022) STATEMENT OF TRUSTEES RESPONSIBIUMES The Trustees Iwho are aso dI￿¢t￿S of the Notbngham Indusirid Museum for the purposes of company lawl af respon￿￿e for preparing the ReF()rt of the Trustees and the fin8nii81 statem8nts in WIr¢a￿a W(th applicable law and Unilwl lQngdixn AoxxJnts"ng Standards Ilh& Untsd Ktngdom Gen￿￿lY knepted Acc￿n￿r0 Practice). Corypany l&v requires the Trustetrs to wep8re finanaal statements for gach finarxk41 year which give a tnje and fair vièw of the st818 of affairs of Ihè charita￿0 cc¥mpany aThJ of the ino)ming res￿reeS and aFplication of re50ur(5, induding the In(￿me ond expendibJre. of the Charitable Company for that periol. In pffjpariNJ those financial ststements the Trustees are required to.. . Se4￿ suitable a￿nting Fdityes aNJ appty thgm w)si$lw)tly. • Obsèrvg the methods and pri￿pIeS in the Charrty SORP Istatem8nt of recxknmonded wath"¢el • Makg judgemfjnts and estimates that are reaSona￿e and pr￿￿enL . Prepare lh6 financial stater￿ts on the goirvJ concern basis unless it 15 thapprwio to prwma that thé charitable c(Mnpany will tt>ntinue in business. The Trustees a￿ reSFonSib￿ for keeping ac£ounting records that di$dosg th reasonable accuracy at any time the finanoal posil¥)n of the charitable (xjmpany and to ènable them to ensure that the financial slatements comply vAth thè C(xnpani8s Act 20(￿. They are also responsible for safeguardiro the assets of the Charitabla Cth7wany and hanco for taknng reasonthl8 Steps for the wevention and deteth.on of fraud and othèr irregularitses. The report was pre￿red in with the speual wrthin Part 15 of the Companies Act 2006. This roport wa$ 3 Vgdbyt Board of Trust88s 14 Cthb8r ￿)22 Mr. C. Whedgr Trustee

Nottingham Industrial Museum

INDEPENDENT EXAMINER'S STATEMENT

FOR THE YEAR ENDED 31 JULY 2022

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

I report on the accounts of the company for the year ended 31 July 2022 .

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 I might state to the trustees those matters I am required to state to them in an independent examiner's report and for no other purpose. To the fullest extent permitted by law, I 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 I 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 concerning 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 :

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Nottlnghom Indu5twlal Iluseum IMDEPENDENT EXAMINERE STATEMENT FOR THE YEAR ENDED 31 JULY 2022 hbve rrL" or 121 lo ¥thich. in my oK•Tr￿n. attenkn t order to 8n#)le a rwiyr urJerslandirvJ Df tho aLuJLfflt to be reathed. Mrs. V. J. Bi$W BA(Hor61 FCCA Date.. 14 Cktthr3)22 Martin Ny8 ￿mrted Charfwed Certifd A¢a¥Jnl￿ts 186 High Street wins1￿¥ BUckir#Jhamsh￿È MK18 3Da 01296 715000 YG6k

Nottingham Industrial Museum

Statement of Financial Activities for the year ended 31 July 2022

Income
Income from generated funds
Donations and legacies
Income from Investments
Income from charitable activities
Total Income and endowments
Expenses
Costs of generating funds
Expenditure on Raised funds
Expenditure on Charitable activities
Total Expenses
Net gains on investments
Net Income
Transfers between funds
Gains/(losses) on revaluation of fixed assests
Net movement in funds:
Net income for the year
Total funds brought forward
Net funds carried forward
Unrestricted
funds
£
17,086
7
30,755
47,848
24,591
14,181
38,772
9,076
583
9,659
22,531
32,190
Restricted
funds
£
-
-
-
-
-
-
-
-
(583)
(583)
3,419
2,836
2022
Total
£
17,086
7
30,755
47,848
24,591
14,181
38,772
9,076
-
9,076
25,950
35,026
2021
Total
£
23,603
1
9,333
32,937
26,138
13,471
39,609
(6,672)
-
(6,672)
32,622
25,950

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

page 8

Nottlngham Industrlal Museum BALANCE SHEET AT 31 JULY 2022 2022 2021 Notss FIXED ASSETS Tangible assets 6.916 6.456 CURRENT ASSETS Stock Debloys (am￿nts falling du8 vthn Ot￿ ywl Cash al bank and in haThJ 1.379 29.345 30.724 2.614 7.541 19.500 21,421 1.927 CREDITORS: Amount8 falllng duo wlthln on8 year NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILMES 28.110 35,026 19.494 25,950 CAPITAL AND RESERVES Unrgstrlcted funds General fvnd Design8ted fvnds Rastrktod fvnds 27,1SK) 17,531 5,000 3.419 25.950 35.026 For the year eThJirrfJ 31 Juty 2022 Ihe company was entitl￿ to oxenwthjn under $8cti￿ 4TT of Ihe C¢)Nynies Act 2( Telating to small companies. Thtr mombars have not required tr* company to obtain an audit in acoJrdane6 ￿th soction 476 of thè CLJnpanias Act 20(￿. The directors acknowledge their respon&bilib"es for comFlyiw ¥￿h th8 rewiramonts of the with ro$pact to 8ccountirrfJ reC￿rdS and the ￿epara1•on of ac£ounts. These accounts havè been Prepared in a(£ordance WFth the p￿v￿lOn$ applThb18 to companlfys subject to the Small companias regime. Approv•d by thè board of tru8ts¢s on 14 October 2022 and slgned on their behalf by Mr. C. Wheèler Trustee

Nottingham Industrial Museum

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2022

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 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 concern 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.

1h. 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

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.

1l. 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. Financial 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

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 at their fair value 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 staff who have relevant skills, knowledge and experience or by a professionally qualified valuer. Where no market-based evidence exists, depreciated replacement cost may be used to estimate the fair value of certain properties held as heritage assets. If a reliable estimate cannot be made of the asset's fair value or the cost of valuation is likely to exceed the benefits provided by the information, the asset is not recognised in the accounts.

2. TANGIBLE FIXED ASSETS

Cost
At 1 August 2021
Additions
At 31 July 2022
Depreciation
At 1 August 2021
Disposals
At 31 July 2022
Net Book Amounts
At 31 July 2022
At 31 July 2021
Plant and
Machinery
Etc.
£
13,518
2,430
15,948
7,062
1,970
9,032
6,916
6,456
Total
£
13,518
2,430
15,948
7,062
1,970
9,032
6,916
6,456

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
Stock comprises:
Stock
4. DEBTORS
Amounts falling due within one year:
Other debtors
2022
£
-
-
2022
£
1,379
1,379
2021
£
380
380
2021
£
1,541
1,541
5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade creditors
Other creditors
2022
£
1,075
1,539
2,614
2021
£
1,049
878
1,927

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 2022 there were 3 members.

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Nottingham Industrial Museum

7. UNRESTRICTED FUNDS

General fund
Contingency Fund
Brought
forward
£
17,531
5,000
22,531
Incoming
resources
£
47,848
-
47,848
Outgoing
resources
£
(38,772)
-
(38,772)
Transfers
£
583
-
583
Carried
forward
£
27,190
5,000
32,190

8. UNRESTRICTED FUNDS - PREVIOUS YEAR

General Fund - funds brought forward amounted to £25,834, incoming resources amounted to £30,528, outgoing resources amounted to £39,459, transfers in amounted to £628. The closing balance on the general fund amounted to £17,531.

Contingency Fund - funds brought forward amounted to £5,628, transfers out amounted to £628. The closing balance on the contingency fund amounted to £5,000.

9. RESTRICTED FUNDS

Restricted grant fund Brought
forward
£
3,419
3,419
Incoming
resources
£
-
-
Outgoing
resources
£
-
-
Transfers
£
(583)
(583)
Carried
forward
£
2,836
2,836

Restricted grant fund Restricted grant funds not yet utilised

10. RESTRICTED FUNDS - PREVIOUS YEAR

Restricted Grant Fund - funds brought forward amounted to £1,160, incoming resources amounted to £2,409, outgoing resources amounted to £150. The closing balance on the restricted grant fund amounted to £3,419.

11. RELATED PARTY TRANSACTIONS

There were no related party transactions during the year (2021 - none).

One Trustee was reimbursed £151 (2021- £781) in respect of mileage. 14 (2021 - 7) 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 £3,798 (2021 - £8,305). 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.

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Nottingham Industrial Museum

12. PAYMENT TO EXAMINER

An accrual of £960 (£800 plus VAT) is included in the accounts in respect of payment to the examiner (2021 - £840).

13. TRUSTEES' REMUNERATION AND BENEFITS

No Trustees received remuneration or other benefits for the year ended 31st July 2022 (2021 - 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 2022

Incoming resources
Incoming resources from generated funds
Voluntary Income
Donations
Donations - Facilities and services
Other income
Charitable Activity
Admission fees
Bric-a-brac and retail
Venue hire
Grants receivable
86
17,000
-
13,796
16,959
-
-
2022
£
17,086
17,086
7
30,755
30,755
47,848
396
22,949
258
2,687
4,202
35
2,409
2021
£
23,603
23,603
1
9,333
9,333
32,937

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Nottingham Industrial Museum

Expenses for the year ended 31 July 2022

Expenses
Costs of generating funds
Costs Of Generating Voluntary Income
Opening stock
Purchases
Repairs and renewals
Volunteer welfare
Expenses - facilities and services
Closing stock
Charitable Activities
Volunteer training
Printing, postage and stationery
Computer costs
Travel
Advertising
Subscriptions
Telephone and internet
Depreciation
Volunteer gifts and entertaining
Cleaning
Consultancy fees
Bank charges
Governance Costs
Accountancy
Sundry
Insurance
Legal fees
2022
£
380
581
6,290
340
17,000
-
24,591
24,591
-
606
316
169
-
371
465
1,970
56
6,540
-
626
11,119
970
26
1,586
480
3,062
38,772
2021
£
744
1,111
1,112
602
22,949
(380)
26,138
26,138
318
355
1,987
825
730
270
1,096
1,623
413
528
1,100
341
9,586
864
39
1,542
1,440
3,885
39,609

page 17