Company registration number. 07671098 Charty registratK)n numter.. 1169131 Under The Clock Bradford IA company limited by guaranleel Annual ReF(rft and FinarKial Stslements for the Year Ended 30 June 2023 Under The Clock Bradford Contents Reference and Administrative Details Trustees, Report 2103 Statement of ResFrt)nsitMIrt Accountants, Rep)rt Statemènt of Financial Aclivilies 6t07 Balance Sheet Notes lo the Financial Slatements 91015 Under The Clock Bradford Reference and Administrative Details Chaimian Mr Philip Wats(m Read Trustees Dr Martin Richard Baines Mr DavKI Clegg MT Philip Watson Re&J 1169131 Charfty R•glstrntlon Numb Company Ro918trntlon Numbor 07671098 The chanty is incorp)rated in EngLand and Wales. City Hall Centenery Squa Bradford West yO￿shIre B01 1HY Principal Offlc• Pagtr 1 Undor Th• Clock Bradford Trustees. Report The tnjslees, who are directors for the Pufwses of company law, present the annual report together with the financial statements and audrtors. rep)rt of the Charitab￿ company for the year ended 30 June 2023 Objectlves and actlvllles Publ1¢ benefit For the benefft ol the publ￿ lo maintain a museum of pOl￿1n9, crime and punishment, the cnminal justicè system and uvil enforcement in Bradford from the eaty 19th century to the present day. The trustees confinn that they have coMpl￿d with Ihe wu1￿Ments of section 17 of the Charitfes Act 2011 to have due regard lo the public benefit guidance published by thè Chanty Commission for England and Wales. Structure, gov•rnanca and m•n¥gom•nt Financial instrumonts ObJo¢tlves and pollcl The charity's aclivil*s exrthe rt to a numtr*r of financral risks including credit nsk, ￿$h flow risk ané I￿UldIty risk. The use of financial derivatives is govemed by Ihe chanty's policies approved by the board of Iruslee5. wh￿h provide written principles on the use of financial derivatsves lo manage these risks. The chanty does not use derivative financial instruments for $￿Cu￿.¥e purposes. Ca8h Ilow rl*k The charity's activili8s exFQSè it pnmarity to the financial risks of changes in foreign currency exchange rates and interest rates. The charty uses fO￿K￿n exchange forward contracts and Inte￿$1 rate swap contracts to hedge these exposures Interest bearing assets and lia￿"1￿$ are held at fixed rate to ensure certainty of ¢a$h ftows. Crodit risk The charity's principal finanaal assets are b8nk b8Lqnces and cash. tr*Je and other re¢eNables, and investments The charitys credit risk is wmanly attributsble to rts trade receivables. The amounts presented in the balance sheet are net of allowances for doubrful recewabks. An albwance for impaimenl is made where there is an identified loss event I￿1¢h, bas¢d ￿ pre¥p)us experience, is evKJence of reduction in the recoverability of the ￿¥h fl¢)ws The credit nsk on IN4U￿ fvnds and deriv*"ve financrdl instruments is limited because the counlerpartEs are banks with high credrt-rab.ngs assKJned by internat￿nal credrt-raling agencies The charty has no signthcant concentrab.on of cre(lrt nsk, wrth exposure spread over a large number of counterparb.es and customers. Uquldlty rlsk In order to maintsin liquidity lo ensure that suffi￿ent funds are availab￿ for on90ing operations and future developments. the charity uses a Mixtu￿ of bng-temi and short-temi debt finance. Further details regarding IM]uidity risk can be found in the Ststement of accounting FolIC￿ in the financial statemenis. Page 2 Accountants. Report to th• Trustees on the Préparation of th• Unaudlt Statutory Accounts of Under The Clock Bradford for the Year Ended 30 June 2023 In order to as51sI you lo fuifil your duts.es under the Companies Act 2¢X6. we have prepared for your approval the accounts of Under The Clock Bra¢Jford for the year ended 30 June 2023 as sel out on pages 6 to 15 from the company's ￿Untsng retords and from infomation and explanations you have given us. As a praclising member firm of the AsSCxRt￿n of Chartered Ce￿"fied Accountants, we are subjecl to ethical and other professional requirements which are detailed at ht￿S..1/y￿V.accagI0tsal.C0MlgbIenIrnemberIsIandardlrUIe5- and-Standard￿ruleb0Ok.htm. This rep)rt is made solety to the Board of Directors of Under The Ckxk Bradford, as a body, in accordance with the terms of our engagement ￿tter. Our work has been undertaken solely lo prepare for your approval the accounts of Under The Clock Bradford and stste those matters that we have agreed to slate lo the Board of Directors of Under The Clock Bradford, as a body, in this report in accordance wth the requirements of the AssocRtson of Chartered Ce￿.ffied Accountants. To the fullest extent permitted by law. we do not accept or assume responsibilty to anyone other than Under The Clock Bradlord and ils Board of Directors as a body for our work or for this report. It is your duty to ensure that Under The Clock Bradford has kept adequate accounkn.ng records end to prepare statutory accounts that give a true and fair ¥￿4 of the assets, l￿bIlItIes, financial positio-.. of Under The Clcck Bradford. You consider that Under The CIL￿k Bradford is exempt from the statutory audit requirement for the year. We have not been inslructed lo carry out an audrt or a revw of the accounts of Under The Clock Bradfofd. For this reason, we have not verrf*d the accuracy or complelengss of thg accounting records or Informatson and eXplanat￿S you have gNen to us and do therefore, express any opinion on the slatulory accounts. Smith 8utler Ltd 25 March 2024 Page 5 Under The Clock Bradford Stslement of Financial Activities for the Year Ended 30 June 2023 (Including Incomo and ExpendituTr Account and Statement of Totsl Recognised Gains and Losses) Llnrestricted nds Totsl 2023 Income and Endowments from: Don¢?lions and legacies Other trading aclivib'es Investment income 15,228 16,527 441 15,228 16,527 441 Total income 32,196 32,196 Expendlturo on: Raising funds charitab￿ activities 130,4691 5,755 130,4691 5,755 Totsl expenditure 36,224 36,224 Nel expenditure 4,028 4,028 Net movement in lunds 14,0281 14,0281 Reconclllatlon of fund8 Total funds brought forward Total funds carried forward 26,729 26.729 22.701 22.701 The noles on pages 9 to 15 fom an inlegral part of these finanual ststements. Page 6 Under The Clock Bradford Statement of Financial Activities for the Year Ended 30 June 2023 (Including Income and Expenditur• Account and Statement of Total Recognised Gains and Losses) Unrestricted funds Total 2022 Income and Endowments from: Donations and iegacies other trading actiV￿.eS Investment incorne 23.338 10,670 29 23,338 10,670 29 Total income 34,037 34,037 Expondituro on: Raising funds Charitable activibes 113.2471 2.349 113,?.471 2,349 Total expenditure 115,596 115,5961 Nel income 18,441 1e,441 Net movement in funds 18,441 18,441 R•conclllatlon of lund¥ Total funds brought forward Totsl fvnds camed forward 8,288 8.288 26,729 26,729 All of the charity's acts'vilies derive from continuin9 operatjons dumg the al)ove periods. The funds breakdown for 2022 is shown in nole 8. The notes on pages 9 to 15 fcffii an integral part of these financial statements. Page 7 Under The Clock Bradford (Registrallon number: 07671098) Balance Sheet as at 30 Jung 2023 2023 2022 rixéd assets 'ra..1￿,bl￿ assets 7,W2 3,763 Curront assets Stocks Cash al bank and in hand 1,035 14,732 1,600 22,266 15,767 23.866 Credltorn: Amounts falllng du• withln one y•ar Nel ¢urrgnt assets 68 900 15.699 22,966 Nel a88•ts 22,701 26,729 Fund8 ofthe ch•rlty: Unr•strl¢ted Incom• fvnds Unreslricled fijnds 22,701 26.729 Total lunds 22,701 26,729 For the finanaal year ending 30 June 2023 the chanty vras enblled to exemptK)n from audit under section 477 01 the Compan*s Act 2006 relaknng lo small compan￿. Diri4Glors' responsibilits'es.. Tt,,e members have not required the charity to obtain an audit of rts accounts for the year in question in accordance wth sectH)n 476.. and The directors acknt)wledge their responsibilities for CoMp￿.ng the requirements of the Act with respect to accounts.ng records and the preparation of xcounls. The financial statements on pages 6 to 15 were approved by the trustees, and authorised for issue on 25 March 2024 and Signed on their behall by. Mr DavN4 Clegg Trustee The notes on pages 9 lo 15 fo￿ an integral part of these financial statements. Page 8 Under Th• Clock Bradford Notss to the Financial Statements for the Year Ended 30 June 2023 1 Charity 8tstu¥ The charity is limrted by guarantee, incorporated in Eng￿nd and Wales, and consequently does not have share capit81. Each of the trustees is liable to contn.bute an amount not exceeding £Nil towards the assets of the chanty in the event Of1￿UVJati0n. The address of ils regislered off￿e is.. 52 Hospital Road Riddlesden Keighley BD20 SEU These financAI ststements were authonsed for issue by the trustees on 25 March 2024. 2 Accountlng polici Summary of slgnificanl Kcounting polklo8 and kny accountlng e•tlmate• The pnncipal accounting poI￿leS applKd in the p￿parat￿)n of these financral statements are se+ tr¥b', below. These poliaes have teen ¢4￿$1518ndY appl*d to all Ihe years p￿Sented, unless olheipiise ststed. Statement of ¢ompllance The financial slatemenls have been prepared in accordance with Accounting and Reporting ty Charitss.. Statement of Recommended pract￿ (applicable to charitEs preparing their accounts in accordance with the Financial Reporb'ng Standard applrable in the UK and Republi¢ of I￿land IFRS 10211 (issued in October 20191 {Charitses SORP {FRS 10211, the Financial Reporting Standard applicable in the UK and Republr of IrelarKi IFRS 102) and the Companies Act 2006. 8a818 ol proparntlon Under The Clock Bradford meets the deffinttK)n of a publ￿ benefft enlity under FRS 102. Assets and liabilities are initially recognised at histoital cost or transaction value unless othe￿iSe stated in the relevant accounts.ng poI￿Y notes. Golng conc•m The trustees consider that there are no malerk41 uncertainbes about the ¢hanty's abilty to continue as a going concern nor any signtficanl areas of uncertainty that affecl the carying value of assets hekl by the charity. Exemption from preparfng a cash flow statement The charity opted to eady adopt Bulletin 1 published on 2 Febnjary 2016 and have therefopA not included a cash fl¢)w statement in these financial ststements. Income and endowmonts All income Is recognised once the charity has entstlement to the income, rt is probable that the income will be received and the amount of the income receivable can be measured reliably. Page 9 Under Thé Clock Bradford Notes to the Financial Statements for the Year Ended 30 June 2023 ,.)L¥.'v'*tions and lega¢i•s Jciltilions are reccsnised vthen the charity has been notified in writing of both the amount and +.,>menl dale. In the event that a donab.on is subject lo conditions that require a level of performan￿ by the charity before the charity is entrtled lo the funds. the income is deferred and not ecognised until either those condits'ons are fully me( or the fulfilment of Ih05e conditions is wholly ttrFin the control of the charity and it is probable that these condrtit)ns TrMII be fulfilled in the reporting peric¥J. Grants rec•lvablo Grants are rewnised ￿en the charity has an ents"tlement to the funds and any conditions linked to the grants have been met. Where perfomian¢e condit￿nS are attached to the grant and are yel to be met, the income is recognised as a Iwbility and included on the balance sheet as deferred income to be released. Investment incom• DivKiends are recognised once the drvKlend has been declared and notificabon has been received of the diV￿end due. EX￿ndItur• All expenditure is recognised once theo is a wi or ¢onstructive obligation to Ihal expenditure, it is probable settlement is required and the amount can te measured reliably. All costs a￿ allocated to the applicable expenditure heading that aggregate ￿mI￿r costs to that category. whe￿ ￿sts cannot bè directly attnbuled to particular headings they have been alIc￿ted on a basis consistent wlh the use" ol resources. wlh central staff costs allocated on the basis of tsme spent, and dep￿claI10n lies allocated on the pjrtion of the asset's use. (Xher $UpF￿ costs are allc¢aled based on the spierjd of staff costs. Ral$lng ffunds These are costs incurred In attracting voluntsry income. the management of investments and those incu￿ed in trading activit￿ that raise lunds. Support ¢o•ts Support costs include central funCt￿n$ and have been allc¢*ed lo a¢livity cost categories on a basis consistent with the use of resources, for example. alkxats'ng property oxls by areas, or per capita, stsff costs by the b.me spent and other costs by their usage. Governance costs These include the ci)sts attnbutatle to the charity's compliance wth conslrtutThtal and ststulory requirements, including audit. strategic management and trustees meetings and ￿1mbur$ed expenses. Govemment grants Government grants are recognised based on the accrual mojel and are measured 8t the fair value of the a55et received or receivable. Grants a￿ cLissifth as reLaling either lo revenue or lo assets. Grants relats'ng to revenue ale recognised In income over the peri¢)J in which the related costs are recognised. Grants relabng to a55ets are recojnised over the expected usefvl life of the asset. Where pan of a grant relabng lo an asset is deferred. rt is recogfttsed as deferred income. Page 10 Under The Clock Bradford Notss to the Financial Statements for the Year Ended 30 June 2023 Taxatlon The charity is considered lo pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definIt￿n of a CharIta￿e cLsmpany for UK corporatson tax purposes. Accordingly, the ehanty Is potenlialty exempt from ta¥at￿n in fespect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 01 the Taxatson of Chargeable Gains Act 1992. to the exienl that such income or gains are applied exclusively to chantsble purposes Tanglble flxed a88•ts IndivKlual fixed assets costsng £O.CQ or more are initialty recorded al cost, less any subsequent a¢cumulaled depreeiats'on and subsequent accumulated impairment losses. Depreciatlon and amortlsatlon Depreciation is provideil on tsngible fixed assets so as to ￿lte off the cost or valuation. 18ss any estimated res￿Ual value, over their expected usefijl economic lrfe as follows.. As•et elass Fixtu￿ and Fith'ngs DoprKl•tlon m•th¢)d and rate 10% Reducirvj balance Stock Stock ts valued at the lower ol cost and estsmabj selling pru less costs to complete aThl sell. due regard for obsow and slow moving stc¢ks. Cosl determined u*ng the first4n, first-out IFII-"JI. Ca•h •nd c••h oqulvalont• Cash and cash equivalents comprise cash on hand and call deposrts, and other short-temi highly liquid investments that are readily convertible to a known amount of cash and ara subjacl to an insignificant risk of chan9e in value. Borrowlng$ Inlerest-tearing borrowings are initially recorded at fair value, net of transaction costs. Inlerest-bearing borrowings are subsequenlly Car￿ at amorb'sed cost wrth the difference betsveen the pro¢eed$, net of Iransa¢b"on costs, and the amount due on redempb'on being recognised as a charge to the Statement of Finanaal A¢b"Wt￿ over the peTKxI of the ￿leVant t￿)rrO￿ng. Interest expense is recognised on the basis of the ellecbve interest metht)J and is indu¢Jed in interesl payable and similar charges. Borrowings a￿ classified as current liabilrt￿s unless the chanty has an uncondrtional right to defer settlement of the liability for al least ￿e1Ve months after the reporting date. Page-11 Under The Clock Bradford Notes to the Financial Statsments for th• Yoar Ended 30 Juno 2023 Forelgn exchang• Transactions in fOre￿n currencies are recordèJ at the rate of exchary at the date of the transactson. Yonetsry assets and liatilities denominated in fOre￿n currencEs at ts balance sheet date are reported at the rates of exchange prevailing * that date. The results of overseas Operat￿nS are translated * the average rates of exchange during the period and their balance sheets al the rates ruling al the balance sheet dale. Exchange differences arising on translat￿In of the opening net assets and results of overseas OFeral￿n$ are reported in other comprehensive income and accumulated in equity {attn'buted to non-controlling Milerests as appropriatel. Other exchange differences a￿ re¢ognised in the Ststement of Financial Activrties in the period in which they arise except for". 11 exchange diffe￿n¢t$ on transactions entered into to hedge certain forwgn currency risks (see above)., 2} exchange differences ansing on gains or losses on non-monetary items which are recognised in other comFyehensive income.. and 31 in the case of the conSol￿ated ffinancial ststements. excharvJe differences on monetsry it8ms receivable from or payab￿ to a forelqn OFeratson for whth settbemenl is neithef planned nor likely to occ:Ir (therefore fomiing part of the nel investment in the foreign operabon), which are recognise