2021-12-31-accounts

Charity Number: 1176495

MUSEUM OF TIMEKEEPING

Unaudited

Trustees' Report and Financial Statements

For the Year Ended 31 December 2021

MUSEUM OF TIMEKEEPING

CONTENTS

	Page
Reference and administrative details of the charity, its trustees and advisors	3
Trustees report	4
Independent examiner's report	5
Statement of financial activities	6
Balance sheet	7
Notes to the financial statements	8-15

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MUSEUM OF TIMEKEEPING

Reference and administrative details of the charity, its trustees and advisors for the year ended 31 December 2021

TRUSTEES

J J Koullapis - Chairman (appointed 27th January 2022) Viscount A Midleton - (Chairman until 27th January 2022) A M Gayler - Vice Chairman N R Williams - Treasurer J Arnfield K Lawrey R B Loomes C H Barnes A J Wright R Struthers D Peach (appointed 27th January 2022)

MANAGER

A C Bond

Charity Registered Number

1176495

Principal office

Upton Hall, Main Street, Upton, Newark, Notts, NG23 5TE

Independent Examiner

Michelle Allen FCA Access Accounts Services Ltd, Chartered Accountants, Office 11, Navigation Business Centre, Mill Gate, Newark, NG24 4TS

Bankers

Natwest Bank Plc, Leicester Customer Service Centre, Bede House, 11 Western Boulevard Leicester, LE2 7EJ

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MUSEUM OF TIMEKEEPING Trustees' Report

The Trustees present their annual report and financial statements of the charity for the year ended 31st December 2021. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity’s trust deed, the Charities Act 2011 and the Charities SORP (FRS 102).

Objectives and Activities

The Museum of Timekeeping holds for public benefit a collection to inspire and promote public understanding and appreciation of horology and the history, science, art and craft of timekeeping. It achieves this by collecting, documenting, preserving, exhibiting and interpreting a collection, and library, and promoting it for public enjoyment and understanding of horology and timekeeping, through exhibitions and public and educational programmes.

Achievements and performance

The Museum was able to re-open in May 2020 and visitors were welcomed back but Covid19 and furlough restrictions continued to impact. Two major projects were started. Firstly to digitise the historic and extensive library, and secondly the Museum’s speaking clocks were successfully moved to better display this unique collection to the public. A shop facility has also been started.

Financial Review

Income was bolstered by furlough grants and charitable grants assisting with the two major projects mentioned above while expenditure increased through opening to the public. Trustees continue to look at ways to support the future of the Museum.

Designated Reserves

Designated reserves were set up for three years in 2019 to see through projects encouraging public attendance but the plans were stalled by the Covid19 epidemic and the designated reserves have now been released.

Structure, Governance and Management

The Board met twice during the year virtually and the Finance and General purposes committee four times to discuss activities and advise the Board with matters of governance.

Reference and Administrative Details

A policy for expenditure authorisation is in place and adhered to. Communications between Trustees are held on a web-based communications system. Museum records are hosted on the British Horological Institute Limited IT server and regularly backed-up.

Exemptions from disclosure

There are no items exempt from disclosure.

Funds held as custodian trustee on behalf of others. There were none.

Signed on behalf of the board of Trustees:

J J Koullapis Chairman Date:

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MUSEUM OF TIMEKEEPING Independent Examiner's Report for the year ended 31 December 2021

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF MUSEUM OF TIMEKEEPING (the ’Charity')

I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 December 2021.

This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charity’s 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 Charity's Trustees as a body, for my work or for this report.

RESPONSIBILITIES AND BASIS OF REPORT

As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').

I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

INDEPENDENT EXAMINER’S STATEMENT

Your attention is drawn to the fact that the Charity has prepared the accounts in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.

I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

I have completed my examination. I can confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

• 1 accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act ; or

• 2 the accounts do not accord with those records; or

• 3 the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.

I have no concerns and have come across no other matters in connection with the examination to which drawn in this report in order to enable a proper understanding of the accounts to be reached.

Signed: Dated: Name: MICHELLE ALLEN FCA

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MUSEUM OF TIMEKEEPING STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2021

Unrestricted funds 2021 Note £ INCOME FROM: Charitable activities 2 28,841 Investments 3 1,999 TOTAL INCOME 30,840 EXPENDITURE ON: Charitable activities 4, 5 & 6 87,709 Total Expenditure 87,709 NET INCOME/ (EXPENDITURE) BEFORE (56,869) OTHER RECOGNISED GAINS & LOSSES UNREALISED GAINS ON INVESTMENT 5,873 NET MOVEMENT IN FUNDS (50,996) RECONCILIATION OF FUNDS: Total funds brought forward 256,574 Restricted grant transferred to capital expenditure - TOTAL FUNDS CARRIED FORWARD 205,578	Restricted funds 2021 £ 13,557 - 13,557 6,678 6,678 6,879 - 6,879 107,551 (4,026) 110,404	Total funds 2021 £ 42,398 1,999 44,397 94,387 94,387 (49,990) 5,873 (44,117) 364,125 (4,026) 315,982	Total funds 2020 £ 16,178 3,316 19,494 87,644 87,644 (68,150) 538 (67,612) 431,737 - 364,125

The notes on pages 8 to 15 form part of these financial statements

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MUSEUM OF TIMEKEEPING BALANCE SHEET AS AT 31 DECEMBER 2021

2021 Note £ £ FIXED ASSETS Tangible assets 9 2,523 Investments 10 117,581 120,104 CURRENT ASSETS Stock 1,882 Debtors 11 17,706 Cash at bank and in hand 219,170 238,758 CREDITORS: Amounts falling due 12 (42,880) within one year NET CURRENT ASSETS 195,878 NET ASSETS 315,982 CHARITY FUNDS Restricted funds 13 110,404 Unrestricted funds 13 205,578 TOTAL FUNDS 315,982	2020 £ £ 4,892 111,114 116,006 - 46,517 255,466 301,983 (53,864) 248,119 364,125 107,551 256,574 364,125

The financial statements were approved by the Trustees on , and signed on their behalf by:

J J Koullapis, Chairman

N R Williams, Treasurer

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MUSEUM OF TIMEKEEPING NOTES TO THE FINIANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

ACCOUNTING POLICIES

1.1 Basis of preparation of financial statements The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair’ view. This departure has involved following the Charities SORP (FRS 102) published on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts. The financial statements 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 (FRS102) issued on 16 July 2014 and Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and Charities Act 2011.

Museum of Timekeeping constitutes a public benefit entity as defined by FRS 102.

1.2 Income

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.

1.3 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use.

Support costs are those costs incurred directly in support of expenditure on the objects of the Charity and include project management carried out at Headquarters.

Charitable activities and Governance costs are costs incurred on the Charity's educational operations, including support costs and costs relating to the governance of the Charity apportioned to charitable activities.

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MUSEUM OF TIMEKEEPING NOTES TO THE FINIANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

ACCOUNTING POLICIES CONTINUED…

1.4 Tangible fixed assets and depreciation All assets costing more than £250 are capitalised.

A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate that the carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying value of fixed assets and their recoverable amounts are recognised as impairments. Impairment losses are recognised in the Statement of financial activities.

Tangible fixed assets are carried at cost, net of depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Fixtures and fittings 25% straight line Office equipment 25% straight line

1.5 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless fair value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses are shown in the heading ’Gains/(losses) on investments' in the Statement of financial activities.

Listed investments are measured at fair value with changes in fair value being recognised in the Statement of financial activities.

1.6 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the Bank.

1.7 Stocks Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and if appropriate, a proportion of fixed and variable overheads.

1.8 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

1.9 Cash at Bank and in hand

Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

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MUSEUM OF TIMEKEEPING NOTES TO THE FINIANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

ACCOUNTING POLICIES CONTINUED…

1.10 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised within interest payable and similar charges.

1.11 Financial instruments

The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

1.12 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

1.13 Critical accounting estimates and areas of judgment

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

No critical judgements were required in order to apply the Charity's accounting policies, and there are no key sources of estimation uncertainty.

1.14 Heritage assets

It is the policy of the Trust not to capitalise heritage assets belonging to the Museum. These are in effect inalienable, held in perpetuity, and are mostly irreplaceable. Any financially based valuation would be misleading to the value and significance of the material culture involved. The trust has a clear duty of care for these assets and to make them available for the enjoyment and education of the public as far as is possible, commensurate with their long term care and preservation. The highest possible standards of collection management are applied, and the catalogues are made available as widely as possible to facilitate all enquiries and requests for information, subject to appropriate security and data protection guidelines.

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MUSEUM OF TIMEKEEPING NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

2. INCOME FROM CHARITABLE ACTIVITIES

Unrestricted funds Restricted funds Total funds 3. INVESTMENT INCOME Investment income Bank interest receivable Other interest receivable 4. DIRECT COSTS Museum costs Open day costs 5. SUPPORT COSTS BHI Support costs (rent) Subscriptions Contract Staff Professional fees Consultancy fees Office costs Governance costs Wages and salaries Training Depreciation	Unrestricted funds 2021 £ 594 237 1,168 1,999	Restricted funds 2021 £ - - - - Charitable Activities £ 25,306 727 26,033 Charitable Activities £ 15,000 198 237 1,500 - 1,859 2,043 43,933 500 3,084 68,354	Total funds 2021 £ 28,841 13,557 42,398 Total funds 2021 £ 594 237 1,168 1,999 Total 2021 £ 25,306 727 26,033 Total 2021 £ 15,000 198 237 1,500 - 1,859 2,043 43,933 500 3,084 68,354	Total funds 2020 £ 16,178 - 16,178 Total funds 2020 £ 924 498 1,894 3,316 Total 2020 £ 24,217 2,452 26,669 Total 2020 £ 15,000 - 1,097 2,500 3,000 1,804 1,447 33,159 - 2,968 60,975

During the year ended 31 December 2021, the Charity incurred the following Governance costs: £720 (2020 - £720) included within the table above in respect of independent examinations.

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MUSEUM OF TIMEKEEPING NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

6. ANALYSIS OF EXPENDITURE BY TYPE

Staff costs 2021 £ Charitable activities 43,933 Total 2020 33,159 7. NET INCOME/(EXPENDITURE) This is stated after charging: Depreciation of tangible fixed assets: Owned by the Charity Independent examination cost	Depreciation 2021 £ 3,084 2,968	Other costs 2021 £ 47,370 51,517 2021 £ 3,084 720 3,804	Total 2021 £ 94,387 87,644 2020 £ 2,968 720 3,688

During the year no Trustee received any remuneration (2020 - £nil) or benefit in kind (2020 - £nil).

During the year no Trustee received reimbursement of expenses in the current year (2020 - 3 Trustees - £261).

8. STAFF COSTS

Staff costs were as follows : 2021 £ Wages and salaries 43,933 The average number of persons employed by the Charity during the year was as follows: 2021 No. Management 1 Administrative staff 2 3	2020 £ 33,159 2020 No. 1 - 1

No employee received renumeration amounting to more than £60,000 in either year. No remuneration or benefit was received by key management personnel.

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MUSEUM OF TIMEKEEPING NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

9. TANGIBLE FIXED ASSETS Fixtures and fittings Cost £ At 1 January 2021 2,078 Additions 3,583 Capital grant (2,868) At 31 December 2021 2,793 Depreciation At 1 January 2021 1,494 Charge for the year 699 At 31 December 2021 2,193 Net book value At 31 December 2021 600 At 31 December 2020 584 10. FIXED ASSET INVESMENTS Listed securities At 1 January 2021 Unrealised gain Income reinvested At 31 December 2021 Investments at market value, held in the UK, comprise: abrdn (Aberdeen Standard) unit trust Investments 11. DEBTORS Due within one year Other debtors	Office equipment £ 12,779 - - 12,779 8,471 2,385 10,856 1,923 4,308 2021 £ 111,114 5,873 594 117,581 2021 £ 117,581 117,581 2021 £ 17,706 17,706	Total £ 14,857 3,583 (2,868) 15,572 9,965 3,084 13,049 2,523 4,892 2020 £ 109,652 538 924 111,114 2020 £ 111,114 111,114 2020 £ 46,517 46,517

Included in Other debtors are amounts owed by the British Horological Institute Limited, a related company. See Note 15 for details of these transactions.

12. CREDITORS: Amounts falling due within one year Trade creditors Other taxation and social security Accruals Other creditors 13	2021 £ 36,224 1,896 4,720 40 42,880	2020 £ 21,010 1,094 31,720 40 53,864

MUSEUM OF TIMEKEEPING NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

13. STATEMENT OF FUNDS

STATEMENT OF FUNDS - CURRENT YEAR Balance at 1 January 2021 £ Unrestricted funds: General funds 256,574 Restricted funds 107,551 Total of funds 364,125 STATEMENT OF FUNDS - PRIOR YEAR Balance at 1 January 2020 £ Unrestricted Funds General funds 324,186 Restricted funds 107,551 431,737 SUMMARY OF FUNDS - CURRENT YEAR Balance at 1 January 2021 £ Designated funds 198,000 General funds 58,574 256,574 Restricted funds 107,551 364,125 SUMMARY OF FUNDS - PRIOR YEAR Balance at 1 January 2020 £ Designated funds 198,000 General funds 126,186 324,186 Restricted funds 107,551 431,737	Income £ 36,713 13,557 50,270 Income £ 20,032 - 20,032 Income £ - 36,713 36,713 13,557 50,270 Income £ - 20,032 20,032 - 20,032	Expenditure £ (87,709) (6,678) (94,387) Expenditure £ (87,644) - (87,644) Expenditure £ - (87,709) (87,709) (6,678) (94,387) Expenditure £ - (87,644) (87,644) - (87,644)	Other In/Out £ - (4,026) (4,026) Transfers In/Out £ - - - Transfers In/Out £ (198,000) 198,000 - (4,026) (4,026) Transfers In/Out £ - - - - -	Balance at 31 December 2021 £ 205,578 110,404 315,982 Balance at 31 December 2020 £ 256,574 107,551 364,125 Balance at 31 December 2021 £ - 205,578 205,578 110,404 315,982 Balance at 31 December 2020 £ 198,000 58,574 256,574 107,551 364,125

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MUSEUM OF TIMEKEEPING NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

14. ANALYSIS OF NET ASSETS BETWEEN FUNDS

CURRENT YEAR Tangible fixed assets Fixed asset investments Current assets Creditors due within one year PRIOR YEAR Tangible fixed assets Fixed asset investments Current assets Creditors due within one year	Unrestricted funds 2021 £ 2,523 117,581 128,354 (42,880) 205,578 Unrestricted funds 2020 £ 4,892 111,114 194,432 (53,864) 256,574	Restricted funds 2021 £ - - 110,404 - 110,404 Restricted funds 2020 £ - - 107,551 - 107,551	Total funds 2021 £ 2,523 117,581 238,758 (42,880) 315,982 Total funds 2020 £ 4,892 111,114 301,983 (53,864) 364,125

15. RELATED PARTY TRANSACTIONS

The Horological Institute Limited by guarantee (BHI Limited) is a company related to the charity.

During the year the Charity incurred support costs (which includes use of BHI Limited's property to house the collection, and other recharges) to BHI Limited totalling £34,461 (2020 - £34,691).

The charity received £15,000 (2020 - £12,000) from the BHI Limited for access to the museum for it's members and students.

The Charity has previously formally loaned BHI Limited £107,000 which is being repaid in monthly instalments over a period of 60 months at an interest rate of 2% per annum. Capital repayments totalling £18,190 (2020 - £21,828) were made during the year, and interest of £357 (2020 - £428) was charged. The amount owing to the Charity at the year end was £1,683 (2020 - £19,517) and is included in Other debtors.