Company registration number.. 09679802 Charity registration number.. 1167388 NOTTINGHAM INDUSTRIAL MUSEUM NOThINGHAM INDUSTRIAL MUSEUM TRUSTEES, REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 mar.in Nye Ltd Chartered Certified Accountants 186 High Street Winslow Buckinghamshire MK18 3DQ
Nottingham Industrial Museum Contents Page Trustees, Report Independent Examiner's Report Statement of Financial Activities (including Income and Expenditure Account) Comparative Statement of Financial Activities (including Income and Expenditure Account) Balance Sheet Notes to the Financial Statements 8-14
Nottingham Industrial Museum Company No. 09679802 Trustees, Report For The Year Ended 31 July 2025 The trustees present their report and the financial statements for the year ended 31 July 2025. Objectives and Activitles Aims and Objectlves The principal activity of the tharity in the year under review was the operation of an industrial museurn. The Charity's objectives are to advance the education of the public by the maintenance of a museum containing a unique collertion of working steam and diesel engines as well as examples of texb.le and transport technologies and exhibits flecting the local industries of Nottinghamshire such as railways, bicycles, motorcycles, lace, telecommunications, pharmaceuticals, tobacco and printing. Public Beneflt In shaping the objectives for the year and anning the artivities, the Board has considered the Charity Commission's guidance on public benefit. The Museum provides public benefit through a range of artivities. The board wishes to thank all our volunteers for their 5UPPOrt, without their continued support, the museum would be unable to funrtion as a resource available to the public. The trustees confirm that they have complied with the requirements of Section 17 of the Charities Act 2011 to have due regard to the Charity Commission'5 guidance on public benefit. Achievements and Performance Main Achlevements Nottingham Industrial Museum INIM) is operdted on an arni's length basis from Nottingham City Council by volunteers. The Charity NIM has operated as 3 company Limited by Guarantee since 3 1st May 2016 (Company number 09679802), registered in England and Wales. The Registered office of the Charity ts 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 Nottingharn City Council. The museum hès retained many existing volunteers and attracted new ones. Finances m01n stable. The board continues to impliment changes to improve local awareness of the museum, through social me(fia and websites. The board actively promotes initiatives and events to engage bvrth the public and enhance visitor experience. During the year the museum welcomed 10,695 visitors. The engineering team have continued to make good progress in repairing and rnaintaining the steam generator and pressure system. An Increased number of working exhibits are now on display at the monthly steaming days. In addition. the working exhibit5 in the Lace Gallery continue to educate visltor5. The efforts of Volunteers running the bric-a-brac charity shop has again resulted in a very significant contribution to the museums income. The result of these endeavours is shown in the positive feedback the museum received on social media and on Trip Advisor. when the museum continues to feature in the list of things to do in Nottingham. Financial Revlew Finan¢lal Position As at 31st July 2025, the Charity hèd £91.683 {2024 - £72,600) in the unrestricted fund, this increase arose due to a surplus being made during the year. £5,000 (2024 - £5,000) of unrestricted funds has been designated for future contingencies, see reserves policy. The charity's Income from all sources amounted to £69,553 12024 - £71,29 1 I, of this Énil 12024 - £nill was in the fomi of restricted grants. A surplus of £19,083 (2024 - £21.2351 was achieved. £ 15,000 (2024 £20.000) of the cUrnt year's donations are in respect of the fair value of facilitÈes provided by Notttngham City Council, this is mirrored by a charge in the accounts. Reserves Pollcy To rnaintain sufficient reserves to cover the cost of winding up the Museum. rnited Company and Trust. £5.000 (2024 £5.000) was provided for es at 31st July 2025. 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 rnain risks to the charity. Trustees are cornmitted to generating sufficient funds to SUPkX)rt the current activitbes to meet the requirements of the charity, which indude, providing a financial cushion agaÈnst risk and future uncertainties. The Trustees carry out an annual review of both the financial and operational risks that the charity may fèee. Page I
Nottingham Industrial Museum Trustees. Report (continued) For The Year Ended 31 July 2025 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 A550ciation. In the event of the company being wound up, members are required to contnbute an amount not exceeding £ l. Trustee Selection Methods The directors of the company are also charity trustees for the purpose of charity law. The Board of Trustees, currently nurnbering five, administers the charity. The charity Is aLtively IDoking to recruit additional Trustees and volunteers. The board has overall responsibility for policvt finance and for the provision of facilities needed to enable the Museum to fulfil its objects. Under the requirernents of the company'5 Articles of Associatson, 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 rotatiDn. Retiring directors can offer themselves for -elertIon. New dirertors appointed by resolution of the other directors tnust retire at the next annual general meeting, and must not be considered in detemiining the directors who are to retire by rotation. Reference and Administrative Details Trustees Mr Christopher Lilliman Mr Iohn Martin Mr lan Rollinson Mr lan Russell Dr Dovid Cheshire (appointed 2710312025) Charity Number 1167368 Company Number 09679802 Registered Office The Courtyard Wollaton Hall And Deer Park Nottingham Nottinghamshire NG8 2AE Independent Examlner Vicki Bishop BA (Hons) FCCA Martin Nye Ltd Chartered Certified Accountants Curzon House Victoria Avenue Borrowash Derbyshire DE72 3HE Page 2
Nottingham Industrial Museum Trustees, Report (continued) For The Year Ended 31 July 2025 statement of Trustees, Responsibilities The trustees (who are also the directors of Nottingham Industrial Museum for the purposes of company law) are responsible for pparing the Trustees, Report and the financial statements in accordance with applicable law and Unfced Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Pract*cel. Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statement unless they are satisfied that they 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 prepang the finanaal statements the trustees are required to.. • select suitable accounting policies and then apply them consisterttly: • observe the methods and principles in the Charity SORP; • make judgments and accounting estimates that are reasonable and prudent; and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company wlll continue in bLtsiness. The trustees a sponsible for keeping adequate accounting records which disclose with aSOnable accuracy at anytime the financial position of the charitable company and to enable them to ensure that the accounts comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking asonable steps for the prevention and detection of fraud and other irregularities. Small Company Rul•s This report has been prepad In accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Cornpanies Act 2006. The trustees. report was approved by the board of trustees and signed on its behalf by.. Mr John Martin Trustee 12th September 2025 Pa9e 3
Nottingham Industrial Museum Independent Examiner's Report to the Trustees of Nottingham Industrial Museum For The Year Ended 31 July 2025 J report to the charity trustees on my examination of the accounts of the Company for the year ended 31 July 2025. This report is made solely to the trustees as a bodyi in accordance with the Charities Art 2011. My examination has been undertaken so that I might state to the trustees those rnatters l am required to state to them in an independent examiner's report and fc>r 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 or the directors as a board, for my examination. for this report, or for the opinions I have formed. Responsibilities and Basis of Report As the charity trustees of the Company (and also its directors for the purposes of company lawl. you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 I-the 2006 Act-l. Having satisfled myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's account5 as carried out under sertion 145 of the Charities Act 2011 I'the 2011 Act')- In carrying out my examination I have followed the Directions given by the Charity Commission under section 14515) (b} of the 2011 Act. Independent Examiner's Statement My examination was carried out in accordan with general Direttions given by the Charity Commission. An eyamination Includes a review of the accounting records kept by the charity ènd è comparison of the accounts presented with those records. Tt also includes consideration of any unusual items or disdosures in the accounts, and seeking explènations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evi¢Jence 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. I have completed my examination. I confirm that no matters have come to my attention in connertion with the examination giving rne cause to believe- l. accounting records were not kept in speCt of the Company as required by section 386 of the 2006 Act,. or 2. the accounts do not accord with those records- or 3. the accounts do not cornply with the accounting reqUIrnents of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair view. which is not a matter considered as part of an independent examination- or 4. the accounts have not been prepared in accordance with the methods and principles of the Statement OF Recommended Practice for accounting and reporting by charities applicable to charttles preparing their account5 in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102). I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in thi5 report In order to enable a proper understanding of the accounts to be reached. Vicki Bishop 8A (Hons) FCCA 12th September 2025 Martin Nye Limited Chartered Certified Accountants CurzDn House Victoria Avenue Borrowash Derbyshire DE72 3HE Page 4
Nottingham Industrial Museum Statement of Financial Activities (includin9 Income and Expenditure Account) For The Year Ended 31 july 2025 2025 2024 unrestricted Restrlcted funds funds Total fund5 Total funds Notes INCOME AND ENDOWMENTS FROM: Donations and legacies other trading activities Investments 43,705 24,646 1,202 43,705 24,646 1,202 51,564 19,260 467 69.553 69,553 71,291 EXPENDITURE ON: Raising funds 150,470) 150,470) 150,056) NET INCOME 19,083 19,083 21,235 NEf MOVEMENT IN FUNDS RECONCILIATION OF FUNDS: Total funos brought forward 19.083 19,083 21,235 72,600 2,596 75,196 53,961 TOTAL FUNDS CARRIED FORWARD 16 91,683 2,596 94,279 75, 196 The notes on geS 8 to 14 forrn part of these financial statements. Page 5
Nottingham Industrial Museum Comparative Statement of Financial Activities (induding Income and Expenditure Account) For The Year Ended 31 July 2025 2024 Unrestricted Restricted nd5 fund5 Total funds Notes INCOME AND ENDOWMENTS FROM: Donations and legacies Other trading activities Investmènts 51.564 19.260 467 51,564 19,260 467 71.291 7l,291 EXPE14DITURE ON: Raising funds {50,056) (50,056) NET INCOME 21,235 21,235 MOVEMENT IN FUNDS RECONCILIATION OF FUNDS: Total funds brought forward 21,235 21,235 51,365 2.596 53,961 TOTAL FUNDS CARRIED FORWARD 16 72,600 2,S96 75, 196 The notes on pages 8 to 14 form part of these financial statements. Page 6
Nottingham Industrial Museum Balance Sheet As At 31 July 2025 2025 Unrestrlrted R•strlrted Total funds funds funds 2024 Total funds Notes FIXED ASSETS Tangible Assets 12 8.319 8,319 8,106 8.319 8,319 8,106 CURRENT ASSETS Stocks Debtors Cash at bank and in hand 13 14 815 3.228 83,816 815 3,228 86,412 560 2,652 67,009 2.596 87,859 2,S96 90,455 70,221 Credltoys: Amounts Falling Due Wlthln One Year Is (4,4951 14,495) 13,1311 NEf CURRENT ASSETS (LIABILMES) 83.364 2,596 85,96D 67,090 TOTAL ASSETS LESS CURRENT UABILtrIES 91.683 2,596 94,279 75,196 NET ASSETS 91,683 2,596 94,279 75, 196 FUNDS OF THE CHARITY Restritted Funds Unrestrirted Funds 2,596 91,683 2,596 72,600 TOTAL FUNDS 16 94,279 75,196 For the year ending 31 July 2025 the charitable company was entiued to exemption from audit under section 477 of the Companies Art 2006 relating to small companies. The members have not requi the charitable company to obtain an audlt in èccordance with section 476 of the Companies Act 2006. The trustees acknowledge their responsibilitles for cornplylng with the reqU1ments of the Act with respett to accounting records and the pparatIOn of accounts. These accounts have been prepared in accordance with the provislons appllcable to companies subjett to the small companie5 regime. On behalf of the board Mr John Martin Trustee 12th September 2025 The notss on pages 8 to 14 form part of these finanoal statements. Page 7
Nottingham Industrial Museum Notes to the Financial Statements For The Year Ended 31 July 2025 l. General Information Nottingham Industrial Museum is a company limited by guarantee, incorporated England & Wales, registered number 09679802 and registered charity number 1167388. The registered office is The Courtyard, Wollaton Hall And Deer Park, Nottingham, Nottinghamshire, NG8 2AE. The charity cofistitues a public benefit entity as defined by FRS102. The prinopal activity of the charity is the operation of a museum. 2. Accounting Policies 2.1. Basls of Preparation of Financial Ststements The accounts have been ppared under the historical cost convention. The financial statements have been prepared in accordance with the Charities SORP (FRS 1021 Accounting and Reporting by Charities.. Statement of Recomrnended Prartice applicable to charities preparin9 their account5 in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) leffertive I January 20191. Financial Reporting Standard 102 Yhe Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Att 2006. The charitable company is a Publit Benefit Entity as defined by FRS 102. The presentation currency is £ Sterling rounded to the nearest £1. 2.2. Golng Concern Dlsdosure The trustees have not identified any material uncertainties lated to events or conditions that may cast significant doubt about the charitable company's ability to continue as a going concern. 2.3. Significant judgements and estimations In the application of the company's accounting polictes, the dirertors ère required to make judgements. estimates and assumptions about the carrying amount of assets and liabilities that are not readily app?nt from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be evant. Actual results may differ from these estimates. The estimates and underlylng assumptions are reviewed on an ongoing basis. Revlsions to accountSng estimates are recognised In the period in which the estimate is revised Whe 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. 2.4. Fund Accounting Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Designated funds comprise unrestritted funds that have been set aside by the trustees for a specific purpose. Restricted funds are to be used for specific purposes as laid dovdn by the donor. 2.5. Incomlng 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. 2.6. Donated Goods and Services Donated goods a 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 501d. 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 chaTrty. The value of the contribution made by volLJnteers Is not Included in the accounts. Donated goods which are capitsli5ed as tsngible fixed a$5et5 are measured on their fair value where the fair value can be quantified with asOnable accuracy. Page 8
Nottingham Industrial Museum Notes to the Financial Statements (continued) For The Year Ended 31 July 2025 2.7. Resources Expended Expenditure is accounted for on an accruals basis and ha5 been dassified under headings that aggregate all cost related to the category. Where costs cannot be dirertly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. All costs relate to the single artivity of the charitable company and are e0gnised accordingly. 2.8. Tangible Fixed Assets and Depreciation Tangible fixed assets are measured at COSt less accumulated depreciation and any accumulated impairment10sses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases.. Plant & Machinery 25% reduang balance 2.9. Herlta9e Assets Heritage assets are tangible or intangible a55ets which have historical, artisitc, scienbfic, technological, geological or environmental qualities that are held and rnaintained principally for their contribution to knowledge or culture. Heritage assets 6re initally recognised at their fair value where prdcticable. Fair value can often be ests. mated by reference to recent market transactions in identical assets or in as5etS that are substantially the same as thè asset being measured. Fair value may be determin by the appraisal of rnarket-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 rep1arnent cost may be used to estimate the fair value of certain properties hell as heritage assets. If a reliable estimate cannot be made of the asset's fair valLJe or the cost of valuation Is likely to exceed the benefits provided by the information, the asset Is not recognised in the accounts. 2. 10. stocks and Work in Progress Stocks and work in progress are valued at the lower of cost and net aliSable value after making due allowance for obsolete and slow-movirtg stocks. 2.IL. Cash and Cash Equivalents Cash and cash equivalents are basic financial assets and indude cash in hand and deposits held at call with banks, other short-temi highly liouid investment5 that mature in no rn0 than the months from the date of acquisition and are readily convertible to a knov4n amount of cash with insignificar)t risk of Change In value, and bank overdrafts. 2.12. Flnanclal Instruments The company only has financial assets and financial liabilities of a kind that qualify as Basic Financial Instrurnents. Financial instrument5 are recognised in the company's Balance Sheet when the company becornes party to the contractual prov15ions of the instrument. Basic financial instrurnents are initially recognised at transaction value and subsequently measured at setuement value. 2.13. Taxation The charity is exempt from tax as all its income is charitable and applied for charitable purposes. 2.14. Government Grant Government grants are recognised in the statement of financial artivities in an appropriate manner that matches them with the expenditure towards which they are intended to contribute. Grants for Immediate financial support or to cover costs already incutTed are recognised immediately in the statement of financial activilies. Grant5 towards general èctivities of the entity over a specific period ère recognised in the statement of financial artivities over that period. Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the statement of financial activities over the useful life of the asset concerned. All grants in the statement of financial activities are recognised when all conditions for receFPt have been complied wbth. 3. fncome from Donatlons and Legacles Page 9
Nottingham Industrial Museum Notes to the Financial Statements (continued) For The Year Ended 31 July 2025 2025 2024 Unrestricted Unrestrlcted funds funds Donations and gifts Donated goods. facilities and services 28.705 15.000 31,564 20,000 43,705 5L,564 4. Income from Other Trading Actlvltles 2025 2024 Unrestricted Unrestricted fund5 funds Sale of donated and bought in goods 24,646 19,260 5. Investment Income 2025 2024 Vnrestrlcted Unrestrlcted funds funds Bank interest receivable 1.202 467 6. Net Income/{Expendtture) The net income is stated after charging/(crediting)- 2025 2024 Depreciation of tangible fixed assets - owned 2,400 2,147 7. Analysis of Expenditure 2025 Activities undertaken Support directly costs (see note 8) (see riote 9) Total Raising funds 38,225 12,245 50,470 2024 Activities undertaken Support directlv costs (see note 8) (see note 9) Total Raising funds 38.761 11,295 50,056 Page 10
Nottingham Industrial Museum Notes to the Financial Statements (continued) For The Year Ended 31 July 2025 8. Dlrect Costs 2025 Raising funds Cost of goods sold.. Opening stock finisheLI goods Purchases Volunteer welfare E8ay postage and packaging EBay charges Expenses - facilities and services Closing Stock - finished goods General administration= Repairs, renewals and maintenan Marketing and advertising costs 560 5,846 2,286 895 170 15,000 {8151 13,305 978 38,225 2024 Raising funds Cost of goods sold.. Opening stock finished goods Purchases Volunteer welfare EBay postage and packaging EBay charges Expenses - facilities and services aosing stock - finished goods General èdministration.. Repairs, renewals and maintenan 250 7,986 421 751 97 20,000 (560) 9,816 38,761 9. Support Costs 2025 Raising funds Employee costs Prernises expenses General administration Depreciation Governance costs 608 446 7,243 2,4CIO L,548 12,245 Page 11
Nottingham Industrial Museum Notes to the Financial Statements (continued) For The Year Ended 31 july 2025 2024 Raising funds Employee costs Premises expenses General administration Depreciation Governance costs 40 78 7,494 2,147 1,536 11,295 10. Independent Examlner'5 Remuneration 2025 2024 Independent examination of the financial statements Other assurance services Tax advisory services Other financial services 1,068 L,056 1.068 1,056 11. Average Number of Employees No Trustees received remuneration or other benefits for the year ended 31st July 2025 (2024 - Nil). The company relies on volunteers and has no staff. NIL {2024.. NIL) 12. Tanglble Assets Plant & Machinery As at l August 2024 Additions 21,129 2,613 As at 31 July 2025 23,742 Depreclation As at l August 2024 Provided during the period As at 31 July 2025 13,023 2,400 15,423 Net Book Value As at 31 July 2025 8,319 As at l August 2024 8,106 As per the Licence agreement between the charity and Nottingham City Counal. the charity maintains a large collection of artifarts For display to the public on behalf of the Council. These indude steam engines, radios, gramophone5, printing presses. bicydes, motocycles and tractors. These artifarts are considered to be Heritage Assets. It 15 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 reco9nised in the accounts. Page 12
Nottingham Industrial Museum Notes to the Financial Statements (continued) For The Year Ended 31 July 2025 13. Stocks 2025 2024 Stock 815 560 14. Debtors 2025 2024 Due wlthln one year Trade debtors other debtors 3,224 2,652 3,228 2,652 15. Creditors: Amounts Fallin9 Due Within One Year 2025 2024 Trade creditors Other creditors Accruals and deferred income 1,180 50 1,901 4.495 4,495 3,131 16. Movement in Funds Asati August 2024 As at 31 July 2025 Income Expenditure Unrestrirted funds General.. General unrestrirted fund Designated.. Contingency Fund 67.600 69,553 (50,470) 86,683 5.000 5,000 Totsl unrestrirted funds 72,600 69,553 (50.470) 91,683 Restricted funds Restricted Grant Fund 2,596 2,596 Total funds 75,196 69,553 (50,4701 94,279 Asati Au9USt 2023 As at 31 July 2024 Income Expenditure Unrestricted fund$ General.. General unrestritted fund 46,365 71.291 (50.056) 67,600 ..CONTINUED Page 13
Nottingham Industrial Museum Notes to the Financial Statements (continued) For The Year Ended 31 July 2025 Designated.. Contingency Fund 5,000 5,000 Total unrestricted funds 51.365 71.291 (50,056) 72,600 Restricted funds Restricted Grant Fund 2,596 2,596 Total funds 53.961 71,291 (50,056) 75, 196 17. Transactions with Trustees None of the tWStees received any remuneration or any other benefits from an employment with the charity or a related entity during the current or previous year. There were no related party transactions during the year {2024 - none). Trustees and volunteers were reimbursed for out of pocket expenses induoing, refreshments, volunteer welfare, purchases, stationery, postage, machine repairs, etc. Reimbursed expenses are incurred in order for Trustees and volunteers to fulfil their dutles 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. During the year the expenses reimbursed to the trustees and volunteers were as follows: 2025 2024 Other Expenses 8,704 7,581 Number of trustees reimbursed for expenses during the year was 13 (2024.. 181 18. Related Party Disclosures There have been no related party transactions in the reporting period that require disclosure, except for those disclosed in the Transactions with TrLtStees note. 19. Company limited by guarantee The company is limited by guarantee and has no share capital. Every member of the company undertakes to contribute to the assets of the company, in the event of a winding up. such an amourit as may be required not exceeding £1. Page 14