Charity Number: 1176495 ## **MUSEUM OF TIMEKEEPING** ## **Unaudited** **Trustees' Report and Financial Statements** **For the Year Ended 31 December 2023** ## **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| 2 ## **MUSEUM OF TIMEKEEPING Reference and administrative details of the charity, its trustees and advisors for the year ended 31 December 2023** ## **TRUSTEES** B Powell - Chairman (appointed 1 November 2023, appointed Chairman 30 September 2024) J J Koullapis - (resigned as Chaiman 30th September 2024) J Arnfield G M Williams - (appointed 1 January 2024) A J Wright A M Gayler - Vice Chairman (resigned 22 September 2023) K Lawrey - (resigned 12 July 2023) R B Loomes - (resigned 11 March 2024) M Parr - (appointed 19 April 2023, resigned 21 June 2024) D Peach - (resigned 31 December 2023) A Shaha - (resigned 22 September 2023) R Struthers - (resigned 22 September 2023) N R Williams - Treasurer (resigned 22 September 2023) ## **MANAGER** I Froston (resigned August 2023) Dr. R Finnigan (appointed September 2023) ## **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 3 MLISEUM OF TIMEKEEPING Th* Tntsiees pre￿1 thdr •nnu•l fQPOrt Ind stthementsol the th•rrty foi the ye•r ernlod 31 December 2023. Thefin•ntlbl sl•temtnt5 have been wep•red In Kcord•nce wtth the xccthlry polkles out ITh note i to the xcouThts Ind wnwy wlthihe ch•rltVs Iwst deed. the Ch•rltle5Att 2011 Ind the Ch•rttles SORP IFRS 1021. Ihe Museum ot nmekeeplw h(￿¢5 IN publk befièt￿ • co1￿￿jn io lfiwre Ind W￿11￿4 appreCi￿th ol •ndlnè hlSIOry* scient¢. orr Ind cr•ft oyllme*eeww. n •chthS INS ty I1•Xtir￿ d¢rUMent￿ preSeN￿ exhIb￿lf4 Ind InterpretSw • collectk)n, •nd libf•ry, •nd Pron￿th¥ it ftf publk enj￿rne￿t and under5t•ndlneof horokn and tImekeepl￿ thmwah *¥h￿tt￿$ •rKI •nd The Mu*wn wekomed m•n¥¥hhtysihrou8htheVtarahho￿h d1ffftutyfmdkn8¥durteusn￿t Ih•tthe M￿tUrn was restrktedto open for0n￿Oned￿ a weeK txctpt forspetlal ￿entsWIth wefe opemd • *sslrta￿Q of mèmbwsolth• Bdtlsh Horolo*al Insthtsth. Work on c3taWlth8tho eolLgCtlon d dL8ttts6w thè ￿eTh5fve Ubrary aThJ Archfve collertlm. Intreasln8 fur¥lrals1n8w￿a key actlvltyand a of InltiatNe5 were a8reed.150bel Froston (nee 0￿6$onl reS18n￿ InAw512023 twlth a ￿￿th.$ and the Board were aNe toappolTht Dr. Robprt Fimbn as Museum Manwr Sn Seoember2023. The Museurn benefrtted from fundrai5ini and tnfttswhkh 3ifowedtorthecreationof a nvw e%hlblth)n ?r•J the ieinttwpretatlon of ￿eral afeas ofthe Museum. Salary costs were hJ8herthan the prewJ5 yeèr lyjt were re￿￿ed slt%htly dueto ￿alf redwtion and replètement Inthe S￿Ond halrofiheyear. (knheadcosts, f￿at1￿ to propertyoccwttortcostsand ￿￿ltieS(¢￿tIrtUed to increase. Structure. 6overn•rtt and man•￿Ment 7he Board met 5 times durtN% 2023 ehher vlrtualpyor lfi per9)n andthe Hnante and General Purposes Committee sweral nvw members dueto r&nation50fpfewous member5 towardsthe endof20231 met twiceth discussfinanclal xtfv6ties and a55i5tthe Boardtwlth matttrsol8ovttMnct In1thth5to recruft addrtional Trwtees were cornmerKed. eftten¢e and Admlni5ts•thti Det•1 A Oicy fof expenditure ?￿h0￿5*￿tin Is In plKe and adhtred to. CThnmuntcatkJns between Tnffjteesare hehj o we￿$¢d£Onl￿￿Trk8tl0n5 Wem. Museum iecords are h)sted on the HorokBkal If￿16t￿t Umited tT5mrand regutsrty backe&u re Is no exempt from Illxjosure. Funos held as cu#odi•ntruyeeon behalf olother5. Thwe was Njne. Si8ned OA b@hallof I￿￿￿￿1T1￿$t￿s.' B Powell Chalm)an Date.. l 7 zY/YL+ Scanned wlth CamScanner-: C5 MUSEUM OFTIMEKEEPING Independent Examlner's Report lor the year ended 31 December 20Z3 INDEPENDENT EXAMINEA'S REPORTTOTHE TRUSTEES OF.MUSEUM OF TIMEKEEPING Ithe'charity'l I reportto the charityTruste25 on my examination ofthe accounts of.the ch"arity for the year ended 31 December 2023. Thls reportls made solely tothe Charlly's Trusiees. as a body, in accordan￿ with Part.4 of the Charlties (Accounts and Report51 ReEulation5 2008. W work has beeD undertrdken 50 that I might state to the Charit￿5 Trustees those matters l arn required tostate to them in an Independent ex3miner's rÈport3nd for no Dther purpose. To the lulle5t extent pe￿￿ed by law, I do not accept or assume responsibility to anyone other.than the chantw3nd the Charlty'sTnJstees as a body, for my WOTk or forthi5 report. RESPONSIBIUTIES AND BASIS'OF REPOAr A5 the Trustees of the Charlty you are responsible forthe preparation'of the accounts in accordance wSth the requirements of the Charities Att 2011 (Yhe 2011 ACVI. I report in respect af rny examination of the Charity's accDunts.carried out under section 145 of the 2011 Act and in CarrY￿n@ oui my examimatlon I have followed all thÈ applicablè DltectiOh& giVÈh b.y thè Charity Commisston under sect(on 14515llbl of the 2011 Act. INPEPENDENT EXAP411NER'$ 5TATEMEl+lT. Your attention is drawn to the factthat the Charity ha5 prepared the account5 in accordance with Accounting aod Reportlng by Charlilès.. 51aternent ot rfunds
2023
Note
£
**INCOME FROM:**
Charitable activities
2
39,100
Investments
3
657
**TOTAL INCOME**
39,757
**EXPENDITURE ON:**
Charitable activities
4, 5 & 6
133,093
**Total Expenditure**
133,093
**NET INCOME/ (EXPENDITURE) BEFORE**
(93,336)
**OTHER RECOGNISED GAINS & LOSSES**
UNREALISED GAINS ON INVESTMENT
6,056
**NET MOVEMENT IN FUNDS**
(87,280)
**RECONCILIATION OF FUNDS:**
Total funds brought forward
214,407
**TOTAL FUNDS CARRIED FORWARD**
**127,127**|Restricted
funds
2023
£
-
-
-
2,900
2,900
(2,900)
-
(2,900)
2,900
**-**|Total
funds
2023
£
39,100
657
39,757
135,993
135,993
(96,236)
6,056
(90,180)
217,307
**127,127**|Total
funds
2022
£
37,959
2,305| |---|---|---|---| ||||40,264| ||||126,447| ||||126,447| ||||(86,183)
(12,492)| ||||(98,675)| ||||315,982| ||||**217,307**| The notes on pages 8 to 15 form part of these financial statements 6 MV5EVM OF IIMEKEEPIN6 iA14Cf SHttT AS AT >1 DÈCtNlbER IOIJ 1013 Note AXEO ASSEYS T•n8lble is$￿￿ I￿￿t￿￿ntS 634 355 Jo 112,733 106.>) RREPIT ASSETS 2,279 16.013 1.5 16.073 145.142 162.693 Debtors C4sh •t ￿n* and kn h•nd 60,531 CftELxfcw'. Amountsf•lllw due wlihln oneye•r Iz 116,1371 151.7041 NEfciiARENT ASSEIS 14?94 110.9 127.127 217J07 CHARnYFUP Re￿rictedfvThds Unresirkled fvnds 13 13 127,127 214M07 TOTAL FUNDS 127,127 217.>)7 B Po￿11. Ch31rn￿￿ Scanned wlth CamScanner-: C5 ## **MUSEUM OF TIMEKEEPING NOTES TO THE FINIANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023** ## **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. 8 **MUSEUM OF TIMEKEEPING NOTES TO THE FINIANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023** ## **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. 9 ## **MUSEUM OF TIMEKEEPING NOTES TO THE FINIANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023** ## **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. 10 ## **MUSEUM OF TIMEKEEPING NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023** ## 2. INCOME FROM CHARITABLE ACTIVITIES |2.
INCOME FROM CHARITABLE ACTIVITIES|||| |---|---|---|---| |Unrestricted funds
Restricted funds
Total funds
3.
INVESTMENT INCOME
Unrestricted
funds
2023
£
Investment income
-
Bank interest receivable
657
Other interest receivable
-
657
4.
DIRECT COSTS
Museum costs
Open day costs
5.
SUPPORT COSTS
BHI Support costs (rent)
BHI Support costs provision released
Subscriptions
Contract Staff
Professional fees
Consultancy fees
Office costs
Governance costs
Wages and salaries
Training
Depreciation
TOTAL DIRECT AND SUPPORT COSTS|Restricted
funds
2023
£
-
-
-
-
Charitable
Activities
£
44,472
351
44,823
Charitable
Activities
£
15,000
-
247
-
450
350
5,055
2,836
65,695
1,205
332
91,170
135,993|Total
funds
2023
£
39,100
-
39,100
Total
funds
2023
£
-
657
-
657
Total
2023
£
44,472
351
44,823
Total
2023
£
15,000
-
247
-
450
350
5,055
2,836
65,695
1,205
332
91,170
135,993|Total
funds
2022
£
32,959
5,000| ||||37,959| ||||Total
funds
2022
£
954
386
965| ||||2,305| ||||Total
2022
£
41,650
777| ||||42,427| ||||Total
2022
£
15,000
(3,000)
65
1,342
-
1,600
2,996
2,722
59,069
2,058
2,168| ||||84,020| ||||| ||||126,447| During the year ended 31 December 2023, the Charity incurred the following Governance costs: £1,000 (2022 - £1,000) included within the table above in respect of independent examinations. 11 ## **MUSEUM OF TIMEKEEPING NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023** |6.
ANALYSIS OF EXPENDITURE BY TYPE
Staff costs
2023
£
Charitable activities
65,695
Total 2022
59,069
7.
NET INCOME/(EXPENDITURE)
This is stated after charging:
Depreciation of tangible fixed assets:
Owned by the Charity
Independent examination cost|Depreciation
2023
£
332
2,168|Other costs
2023
£
69,966
65,210
2023
£
332
1,000
1,332|Total
2023
£
135,993| |---|---|---|---| ||||126,447| ||||2022
£
2,168
1,000| ||||3,168| During the year no Trustee received any remuneration (2022 - £nil) or benefit in kind (2022 - £nil). During the year no Trustee received reimbursement of expenses in the current year (2022 - £nil). ## 8. STAFF COSTS |Staff costs were as follows :|2023|2022| |---|---|---| ||£|£| |Wages and salaries|65,695|59,069| |The average number of persons employed by the Charity during the year was as follows:||| ||2023|2022| ||No.|No.| |Management|1|1| |Administrative staff|3|2| ||4|3| No employee received renumeration amounting to more than £60,000 in either year. No remuneration or benefit was received by key management personnel. 12 ## **MUSEUM OF TIMEKEEPING NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023** |9.
TANGIBLE FIXED ASSETS
Fixtures and
fittings
Cost
£
At 1 January 2023
2,793
Additions
610
Capital grant
-
At 31 December 2023
3,403
Depreciation
At 1 January 2023
2,438
Charge for the year
331
At 31 December 2023
2,769
Net book value
At 31 December 2023
634
At 31 December 2022
355
10. FIXED ASSET INVESMENTS
Listed securities
At 1 January 2023
Unrealised gain/(loss)
Income reinvested
At 31 December 2023
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
12,779
-
12,779
-
-
2023
£
106,043
6,056
-
112,099
2023
£
112,099
112,099
2023
£
16,023
16,023|Total
£
15,572
610
-| |---|---|---| |||16,182| |||15,217
331| |||15,548| |||| |||634| |||| |||355| |||2022
£
117,581
(12,492)
954| |||106,043| |||2022
£
106,043| |||106,043| |||2022
£
16,023| |||16,023| 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|2023
£
33,686
1,101
15,280
(3,930)
46,137|2022
£
47,610
2,812
1,000
362| |---|---|---| |||51,784| |||| ## **MUSEUM OF TIMEKEEPING NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023** ## 13. STATEMENT OF FUNDS ## STATEMENT OF FUNDS - CURRENT YEAR |Unrestricted funds:
General funds
Restricted funds
Total of funds
STATEMENT OF FUNDS
Unrestricted Funds
General funds
Restricted funds|Balance at
1 January 2023
£
214,407
2,900
217,307
- PRIOR YEAR
Balance at
1 January 2022
£
205,578
110,404
315,982|Income
£
39,757
-
39,757
Income
£
35,264
5,000
40,264|Expenditure
£
(127,037)
(2,900)
(129,937)
Expenditure
£
(136,839)
(2,100)
(138,939)|Other
In/Out
£
-
-
-
Transfers
In/Out
£
110,404
(110,404)
-|Balance at 31
December 2023
£
127,127| |---|---|---|---|---|---| ||||||-| ||||||127,127| ||||||Balance at 31
December 2022
£
214,407
2,900| ||||||217,307| ## 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 2023
£
634
112,099
60,531
(46,137)
127,127
Unrestricted
funds 2022
£
355
106,043
159,793
(51,784)
214,407|Restricted
funds 2023
£
-
-
-
-
-
Restricted
funds 2022
£
-
-
2,900
-
2,900|Total
funds 2023
£
634
112,099
60,531
(46,137)| |---|---|---|---| ||||127,127| ||||Total
funds 2022
£
355
106,043
162,693
(51,784)| ||||217,307| 14 ## **MUSEUM OF TIMEKEEPING NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023** 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 £47,276 (2022 - £46,954). The charity received £15,000 (2022 - £12,000) from BHI Limited for access to the museum for it's members and students, which was unpaid at the year end. This is included within other debtors. 15