Registered number: 09679802 Charity number: 1167388 **Nottingham Industrial Museum UNAUDITED ACCOUNTS FOR THE YEAR ENDED 31 JULY 2023** ## **Prepared By:** Martin Nye Limited Chartered Certified Accountants Curzon House Victoria Avenue Borrowash Derbyshire DE72 3HE ## **Nottingham Industrial Museum** **FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023** ## **TRUSTEES** Mr. C. Lilliman Mr. C. Wheeler Mr. I. Rollinson Mr. I. Russell ## **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 Curzon House Victoria Avenue Borrowash Derbyshire DE72 3HE page 1 **Nottingham Industrial Museum** ## **ACCOUNTS FOR THE YEAR ENDED 31 JULY 2023** ## **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 2023** ## **TRUSTEES' REPORT** The trustees present their combined trustees report and directors report and accounts for the year ended 31 July 2023 ## **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 several initiatives and events to engage with the public and enhance their experience. The publication of a Museum Guidebook and Victorian Recipe book continues to be well received by Visitors. During the year the museum welcomed 10,557 visitors and our volunteers worked for 12,731 hours. The engineering team have continued to make good progress in repairing and maintaining the steam generator and pressure system. The Beam Engine has been overhauled and work has continued renovating the Barn Engine exhibits. Live Steaming days continue to attract significant numbers of visitors. Extensive effort has been made by the Volunteers running the bric-a-brac charity shop which has again 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 vibrant Facebook and Instagram pages. We continue to receive positive feedback from the public on TripAdvisor, placing Nottingham Industrial Museum 2nd in the TripAdvisor list of things to do in Nottingham. page 3 **Nottingham Industrial Museum** ## **FOR THE YEAR ENDED 31 JULY 2023** ## **TRUSTEES' REPORT** We are the Travellers Choice Winner for 2023 on TripAdviser. 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. ## FINANCIAL REVIEW As at 31st July 2023, the Charity had £51,365 (2022 - £32,190) in the unrestricted fund, this increase arose due to a surplus being made during the year. £5,000 (2022 - £5,000) of unrestricted funds has been designated for future contingencies, see reserves policy. The charity's income from all sources amounted to £55,679 (2022 - £47,848), of this £nil (2022 - £nil) was in the form of restricted grants. A surplus of £19,175 (2022 - £9,076) was achieved. £6,667 (2022 - £17,000) 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 (2022 - £5,000) was provided for as at 31st July 2023. 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. page 4 Nottlngham Industrial Mu88um FOR THE YEAR ENDED 31 JULY 2023 TRUSTEES. REPORT Th8 Trustees who s8rv8d during the year and also those in offlc8 at th8 d8le of signing the 8co)un15 were.. . Dr O. Cheshire (res￿ne￿ 1M9-20221 Mr. C. Lirniman . Mr. C. Wheelor lre5vJn￿ 28-07.20231 lapp)inled 01-0&20231 . Mr. l. Rollinson lappointed 19-0￿2022) . Mr. A. Bone lappointad 19-0&20221 Iresontd 014)2-20231 Mr. l. Russell lappoinled 2￿￿2023) STATEMENT OF TRUSTEES RESPONSIBILITIES The Tru5t8e$ (who are also directors of the Nottinoham Industrial Museum for the purp05e$ of coTnp8ny 18wI are spons1￿8 for preparing the Rewrt of the Trustees and the financaal Slalernents In accordance wrth appliG8ble law uThrt￿ King(Jom Accounting Standards Ith& United ￿ngdorn Generally Acc8pled Accountiro Practice). Company law require5 the Twstees lo wepare financial statements for egch financial year whi¢h give a true and fair view of the stale of affairs of the Charitable company and of the In(cmiTHJ r850urces and applicabon of resourTrs. ind￿dIng the income and 8Xpenditu￿. of Charitsble Company for that wrirKI. In preparing those financial stst&m8nts the Trustees are r8quir8d to". . Select 5utr2ble a￿OUnt1rrta Oicies and apply them Co￿51stent￿', . Observe the mothods 8nd pdn¢ip￿5 in thg Charty SORP Istalement of re¢omm8nd9d K¥actiC81 • Make ludgèrnents estwnates Ihat are reasonable and prLQent'. Stsle Nvhelher ap[Aicab￿ UK Accounting Sl8rfard5 IFRS1021 h&v8 been followed. subj'gct to any ma18ri81 dep8rtureg disdosed and explain&d in financi81 $iaiernents', Prepara the financigl st*ements on thè going conc8rn basis unle88 it is inappropriate to prosurna that the charllabla company will o)ntinue in bu$ine$5. The Trustees are respon5ib18 for keeping proper accounting r8cords that dis¢k)$0 th rvasonable accuracy 81 any th8 financial p081tion of the charrtable company and to enab18 them to ensure that the financial ststemenis compty wrth tha Companies Act 2006. They 8re also r8sponsIb￿ for safeguardiro the assets of Ihe Charitable Company 8n(J hence for laknng ￿aSOnable steps for the prevention and detection of fraud and other irregularities. The report was prepar8d in ¥COfdance with ￿e speci81 provisions wlhin Part 15 of Companies Act 2006. This report was approved by the Board of Trustees on 27 October 2023 Mr. C. Wheeler Trusttse P8ge S **Nottingham Industrial Museum** ## **INDEPENDENT EXAMINER'S STATEMENT** ## **FOR THE YEAR ENDED 31 JULY 2023** ## **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 2023 . 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: - examine the accounts under section 145 of the 2011 Act; - follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and - state whether particular matters have come to my attention. ## **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 : - (1) which gives me reasonable cause to believe that in any material respect the requirements: - to keep accounting records in accordance with section 386 of the Companies Act 2006; and - to prepare accounts which accord with the accounting records, comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the Statement of Recommended Practice: Accounting and Reporting by Charities page 6 Nottingham Industrlal Mus•um INDEPENDENT EXAMINER'S STATEMENT FOR THE YEAR ENDED 31 JULY 2023 hav8 not n*t,' or 121 to ¥%thich. in my wnion. att•nlion should b8 drawn in order to enable a proper underslanding of the accounts lo b8 reach8d. Mrs. V. J. BishLP BAIHonsl FCCA Date.. 27 October 2023 Martin Nye Lirniled Chartered Certrfied A￿jntanIS Cuuon House vtloria Avenue Borro¥vash Derbyshire DE72 3HE 01332 460910 page 7 **Nottingham Industrial Museum** ## **Statement of Financial Activities for the year ended 31 July 2023** |**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**
**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**
**£**
8,438
145
47,096
**55,679**
23,099
13,405
**36,504**
**19,175**
**19,175**
32,190
**51,365**|**Restricted**
**funds**
**£**
-
-
-
**-**
-
240
**240**
**(240)**
**(240)**
2,836
**2,596**|**2023**
**Total**
**£**
8,438
145
47,096
**55,679**
23,099
13,645
**36,744**
**18,935**
**18,935**
35,026
**53,961**|_2022_
_Total_
_£_
_17,086_
_7_
_30,755_| |---|---|---|---|---| |||||_47,848_| |||||_24,591_
_14,181_| |||||_38,772_| |||||_9,076_| |||||_9,076_
_25,950_| |||||_35,026_| 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 Industrfal Museum BALINCE SHEET AT 31 JULY 2023 2023 2022 Notes FIXED ASSETS Tangible assets 6,766 6.916 CURRENT ASSETS stock Debt(xs larrK)unts f8lliry wilhin one yearl C8sh 8t b8nk and in ha 250 2,053 47,556 49,859 2,664 1,379 29.345 30,724 2,614 CREDITORS.. Amounts falllng du• wtthln on8 yaar NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT UABILMES 47.195 53,961 28,170 35.026 CAPITAL AND RESERVES Unrestrictsd funds General fijnd D8sign8led funds Restricted fitnds 46,365 5,000 2.596 53,961 27.190 5.000 2.836 35,026 For the year eTrJirg 31 July 2023 company was ent￿ed to 8xemptlon und*r Se¢lion 477 of the Compani8s Act 200e labng lo srnall cornpanie5. The m@m￿r$ have noi r￿￿1￿￿ the company to obtain an audit in a£Eordanc8 %4Mh s8ction 476 of the Companies Act 2006. The directors ackno￿8￿9$ tl*'r raspon5ibilit￿s for ￿m￿Ying wth the requirements of th8 Act with respect lo a¢xounling and the preparation of accounts. Thes? accounts have been prepared in aG¢Ordan￿ wrth the provision5 apFIKable to companies subject to the small companies regima. Apprtsv•d by the bogrd of trustee8 on 27 October 2023 )nAt 1 August 2022
Additions
At 31 July 2023
**Depreciation**
At 1 August 2022
For the year
At 31 July 2023
**Net Book Amounts**
At 31 July 2023
At 31 July 2022|**Plant and**
**Machinery**
**Etc.**
**£**
15,948
1,694
17,642
9,032
1,844
10,876
6,766
6,916|**Total**
**£**
15,948
1,694| |---|---|---| |||17,642| |||9,032
1,844| |||10,876| |||6,766
6,916| 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. page 12 ## **Nottingham Industrial Museum** |**3. STOCK**
Stock comprises:
Stock
**4. DEBTORS**
Amounts falling due within one year:
Other debtors|**2023**
**£**
250
250
**2023**
**£**
2,053
2,053|_2022_
_£_
_-_| |---|---|---| |||_-_| |||_2022_
_£_
_1,379_| |||_1,379_| |**5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Trade creditors
Other creditors|**2023**
**£**
1,121
1,543
2,664|_2022_
_£_
_1,075_
_1,539_| |---|---|---| |||_2,614_| ## **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 2023 there were 2 members. page 13 **Nottingham Industrial Museum** ## **7. UNRESTRICTED FUNDS** |General fund
Contingency Fund|**Brought**
**forward**
**£**
27,190
5,000
32,190|**Incoming**
**resources**
**£**
55,679
-
55,679|**Outgoing**
**resources**
**£**
(36,504)
-
(36,504)|**Transfers**
**£**
-
-
-|**Carried**
**forward**
**£**
46,365
5,000| |---|---|---|---|---|---| ||||||51,365| ## **8. UNRESTRICTED FUNDS - PREVIOUS YEAR** General Fund - funds brought forward amounted to £17,531, incoming resources amounted to £47,848, outgoing resources amounted to £38,772, transfers in amounted to £583. The closing balance on the general fund amounted to £27,190. Contingency Fund - funds brought forward amounted to £5,000, there were no movements on this fund during the year to 31st July 2022. ## **9. RESTRICTED FUNDS** |Restricted grant fund|**Brought**
**forward**
**£**
2,836
2,836|**Incoming**
**resources**
**£**
-
-|**Outgoing**
**resources**
**£**
(240)
(240)|**Transfers**
**£**
-
-|**Carried**
**forward**
**£**
2,596| |---|---|---|---|---|---| ||||||2,596| **Restricted grant fund** Restricted grant funds not yet utilised ## **10. RESTRICTED FUNDS - PREVIOUS YEAR** Restricted Grant Fund - funds brought forward amounted to £3,419, incoming resources amounted to £nil, outgoing resources amounted to £583. The closing balance on the restricted grant fund amounted to £2,836. ## **11. RELATED PARTY TRANSACTIONS** There were no related party transactions during the year (2022 - none). One Trustee was reimbursed £nil (2022- £151) in respect of mileage. 16 (2022 - 14) trustees and volunteers were reimbursed for out of pocket expenses including, refreshments, volunteer welfare, purchases, stationery, postage, machine repairs, etc. amounting to £3,901 (2022 - £3,798). 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. page 14 **Nottingham Industrial Museum** ## **12. PAYMENT TO EXAMINER** An accrual of £1,050 (£875 plus VAT) is included in the accounts in respect of payment to the examiner (2022 - £960). ## **13. TRUSTEES' REMUNERATION AND BENEFITS** No Trustees received remuneration or other benefits for the year ended 31st July 2023 (2022 - Nil). The company relies on volunteers and has no staff. page 15 **Nottingham Industrial Museum** ## **Incoming Resources for the year ended 31 July 2023** |**Incoming resources**
**Incoming resources from generated funds**
**Voluntary Income**
Donations
Donations - Facilities and services
**Charitable Activity**
Admission fees
Bric-a-brac and retail
Grants receivable|1,771
6,667
25,189
21,557
350|**2023**
**£**
8,438
8,438
145
47,096
47,096
55,679|_86_
_17,000_
_13,796_
_16,959_
_-_|_2022_
_£_
_17,086_
_17,086_
_7_| |---|---|---|---|---| |||||_30,755_
_30,755_
_47,848_| page 16 **Nottingham Industrial Museum** ## **Expenses for the year ended 31 July 2023** |**Expenses**
**Costs of generating funds**
**Costs Of Generating Voluntary Income**
Opening stock
Purchases
Repairs and renewals
Volunteer welfare
Other direct costs
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
Protective clothing
Bank charges
**Governance Costs**
Accountancy
Sundry
Insurance
Legal fees|**2023**
**£**
-
6,809
8,092
930
851
6,667
(250)
23,099
23,099
360
439
532
10
240
274
428
1,844
-
5,040
125
799
10,091
1,082
13
1,979
480
3,554
36,744|_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_| page 17