Charity Number.. 1176495 MUSEUM OF TIMEKEEPING Unaudited Trustees, Report and Financial Statements For the Year Ended 31 December 2024
MUSEUM OF TIMEKEEPING CONTENTS Page Reference and administrative details of the charity, its trustees and advlsors Trustees report Independent examiner'5 report Statement of financial activities Balance sheet Notes to the financial statements 8-15
MUSEUM OF TIMEKEEPING Reference and administratlve details of the charity. Its trustees and advisors for the year ended 31 December 2024 TRUSTEES B Powell - Chairman (appointed Chairman 30 September 20241 J J Koullapis- Iresigned as Chaiman 30th September 20241 J Arnfield G M Williams- (appointed l January 20241 A J Wright R B Loomes- (resigned 11 March 20241 M Parr- (appointed 19 April 2023, resigned 21 June 20241 J Griffiths - lappointed 12 November 20241 MANAGER Dr. R Finnigan (appointed September 2023, resigned 29 November 20241 Charlty Registered Number 1176495 Prinapal office Upton Hall, Main Street, Upton, Newark, Notts, NG23 STE Independent Examiner Mithelle Allen FCA Access Account5 Services Ltd, Chartered Accountants, Office 11, Navigation Business Centre, Mill Gate, Newark, NG24 4TS Banker5 Natwest Bank Plc. Leicester Customer Service Centre, Bede House, 11 Western Boulevard Leicester, LE2 7EJ
MUSELIM OFTIMEKEEPING Tr&tte$, Rep)rt The TrLEStees present their annual repurt and fini101 5t8tementsof the charity fDrtheyearended 215t December 2024. The financial statements hève been prepared in accordance withthe accounting polloes set In notE I tg theBm)unts and tomply ¥vlth the thaThtrKs trwtdeed, the CharitiesAtt2011 and the Charitie5 SORP (FR$ 102). Obiecti¥e5aThl Actltit1 The Mu5EUm of TlmekeeplnÉ holds for public benefit a collecboD to In$W and promote public undEf5tarndin ènd appTeciatioD of horology ènd the history. science, art and trafioftlrnekeepiw. ItachiÈYès thi5 collecting, documentin& FKesetvin& exhibiting and interpretinga collection, library and arCVe CDllèction,and promotinÈ itbr puNit@njoyrnentand understanding of hOroJo indtlmekeepin& through eXhibOn5 and publK and educatior?I PToyJmmes and proyision oFresehrth faul1t1. Athievemerts aThd pertoymab The Museum welcomed an incre35ed numbervi5itfjts throu8h the ¥earand was abletD open forgEner41 admission forone days week IbÈtwen March 3ndOLoberl. The vi$rÈtrr numbers were enhanced byan Increased Dumbprof pt¥¥atewup )urS and 3 spEtial events which were openEd with thÈ3SSistsnce ol mÈmbÈrs of thè Brltlsh Horoloiical Institut£ WorkContinO cataloguingthe colleLtion andda&tisingthe extsnsive barand Archive CDllettiOn. financial ReviBw MuseL¥n VenueS were increased overall by approximately 17%. this largely due ta an incree retum a in¥estmÈnt year onyear. Supportcostswere rpduced by3%f the pre¥ious year osa direct resuli of rÈdutÈd stsff costs. OverhEa& eosts. winly relayTrgto properv¢ occupaOn u¥litles were reduced but diTeth attributable opeIng¢Sts resuk2d ir an overall inrn5& Follow+Dg a financlal and opeTrttorl rty In Ottober. thefru5tees were obUE£dto terniinate all staff cooiracts. leaving the operation of the mUsm to trust2e5 and volunteer5, It 15 expected that bytskingthis step and Wofkingwith thE British H¢rolo8ical Imtituteofi occupat¥Jn costs.the Museum wdl èchievefinancial stability in 2025.ThE longterm [YeStrnent Was 4ouidated in order to fund ordin•ry actwitiP5. Ouring 2025, the museum has retr05peclivÈlyre8tstered for VAT. The benefltrelaiin8 ¥p2Q24 15 tpfiectEd in the ècwuThts. SttyJÈbj, Gty4emancEand Ma8¢m8t The Board met 5 times during 2024 Eithervirtually or in persor. The 3CtivitiÈs of the Finance and Generèl Purposes Comtnlttee were5ub5urn to thefull board dueio the 518nffl(ance of thefin8ncial situatkln. Initlthves to recNit additionaSTwu5te2s cotrttinuÈd. RefeyertceaNIAdministrabkn Detan5 A pobEyforexpeTrditurÈ autlMJrisatlon is In placeand adherÈd to. CommunK*iuns between Trtsstees are held on a wetrfrba5ed cornmunl¢ations sy5te¢n. Museum recoTd$ 3r• hosted on the British Homlwtal Institu Urnd ff serwwand Tegularly backe&up. Exemptiunstmm dlsclosure Therels AD Rem exemptfrom dlsdowre. Funts held a5 custs)dwn tntee0r5 behalfof4thers. Therewts none. behalf of the board ofTru5tee5- Powell Chalrman Date..
MUSEUM OF TIMEKEEPING Independent Examiner's Report for the year ended 31 December 2024 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF MUSEUM OF TIMEKEEPING Ithe'Ch3rity'1 I report to the charity Trustee5 On my examination of the accounts of the Charity for the year ended 31 December 2024. This report is made solely to the Charity's Tru5tee5, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Règulations 2008. My work has been undertaken so that I might state to the Charity's Trustees thosè matter5 l am required to state to them in an Independent examiner's report and for no other purpose. To the fUllt extent permitted by law, I do not accept 01 assume responsibility to anytsnÈ other than thÈ Charity and thè Charity's Trustees as a body, for my work or for this report. RESPONSIBILITIES AND BASIS OF REPORT As the Truste of the Charity you are responsible for the preparation of the accounts in accordan with the requirements of the Charities Art 20111'the 2DII Act'l. I reptsrt in respect of my examlnatlon of the Charity's accounts carried out under sertion 145 of the 2011 Att and in carryin£ out my examination I have followed all thÈ 3pplicablé Dirèctions given by the Charity Commission under section 14515llbl of the 2011 Act. INDEPENDENT EXAMINER'S sfATEMENT 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 applitablÈ to chariiies preparing their accounts accordance with the Financial Reportins Standard applicab5e in the UK and Rèpublic of Irèland IFRS 1021 in preference to the Accountin8 and Reporting by Charities.. Statement of Recommended Practite ISSU on l April 2005 which is referred to Èn the extant regulations but has been withdrawn. l understand thèt this has been done in order for the accounts to provide a true and fair view in ac¢ordancè wlth thè Generally Accepted Accounting Practice effective for reporting periods be8inning on or after l January 2015. I have completed my exambnatlon. I can confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any matèrial respect: l accounting records were not kept in respect of the Charlty a5 required by section 130 of the 2011 Act,. or 2 the accounts do not accord with those records- or 3 the a¢counts do not comply with the applscable requirement5 concerning the form and contènt of accounts set out in the Charitie5 IAtwunts and Reports) Regulations 2008 other than any requirement that the accounts glve a 'true and fair, vlew whlch Is not a matter considered as part of an independent exarnination. I have no COnrnS and have come acrtr5s no other matters in ¢onnectlon with the examÈnatilln to whith drawn In this repllrt in order to enable a proper understanding of the atttsunts to be reached. Signed.. Name.. MICHELLE ALLEN Fr Dated.. 31 Ortober 2025
MUSEUM OFTIMEKEEPING STATEMENT OF FINANCIAL A1vlES FOR ThE YEAR ENDED 31 DECEMBER 2024 Unrestricted fund5 2024 Restricted funds Total funds Total funds 2024 2024 2023 Note INCOME FROM.. Charitable activities Investments 41.254 5,445 41,254 5.445 39,100 657 TOTAL INCOME 46,699 46,699 39,757 EXPENDITURE ON: Charitable activities 4,5&6 147,489 147,489 135,993 Totèl Expenditure 147,489 147,489 135,993 NET INCOMV IEXPENDITUREI BEFORE OTHER RECOGNISED GAINS & LOSSES 1100,7901 1100,7901 196.2361 UNREALISED GAINS ON INVESTMENT 6,056 NEf MOVEMENT IN FUNDS 1100,7901 1100,7901 190,1801 RECONCILIATION OF FUNDS: Total funds brought forward 127,127 127.127 217,307 TOTAL FUNDS CARRIED FORWARD 26,337 26,337 127.127 The note5 on page5 8 to IS form part of these financial statements
MUSEUM OFTIMEKÈEPJNG 8ALANCESHEEr AS AT31 PECEM8¢R1024 20?4 2023 Note FIXED AS5Ers TangiblE assets Investments 230 634 J12.099 112,733 io 230 CURRENT ASSETS Stock Debtor5 Cash at bank and In hand 1462 21.153 30,634 54,249 2,279 16,023 42.229 60.531 li CREDITORS.. Amc*unts fallln8 due within one ¥ear 12 128.1421 146.1371 NETCURRENfASSEf5 2G,107 14.394 NA$sErs 26,337 127.127 CHARITY FUNDS Restricted funds UnrestriLtsd fvnds 13 26.337 127.127 TOTALFUNDS 26.337 127.127 Thefin3ncial stzternents were approved by the Truttees onX-/"("DILSand signed on their behalf by. 8 Powell. Chairfflan
MUSEUM OF TIMEKEEPING NOTES TO THE FINIANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POLICIES Basis of preparation of financial 5tatement5 The finan¢i31 statements have been prepared to give B 'true and fair. vtew and have departed from the Charities IA¢counts and Reportsl Regulations 2008 only to the extent required to provide a 'true and fai view. This departure has involvèd following the Charities SORP IFRS 1021 published on 16 July 2014 rather than the Accounting and Reporting by Charitie5'. Statement of Recommènded Prartice effective from l April 2005 which ha5 since been withdrawn. The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unle5S OthenNrise stated in the relevant n¢)tes tr> these accounts. The financial statgments have been prepared in accordance with the Statement of Recommended Practice.. Accounting and Reportirg by Charities preparing their accounts in accordance with the Flnancial Reporting Standard 3pplicable in the UK and Republic of Ireland IFRS1021 issued on 16 July 2014 and Finandal Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021 and Charities Art 2011. Museum of Tlmekeeping constitute5 a public benefit entity as defined by FR$ 102. Income All income is recognised once the Charity has entitlement to the Income, it is probable that the income wlll 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 15 rècognised at the tirne the investment Income Is receivable. Other income is recognised in the perlod In which it is receivable and to the extent the good5 have been provided or on completion of the service. Expendlture Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit tol third party. It is probable that a transfer of economic benefits will be required in settlement and the amount of the obligatlon can be measured reliably. Expenditure is classified by activity. The Eo5ts of each activÉty ore made up of the total of direct costs and shared tosts, including 5UPPOrt cost5 involved in undertaking ea¢h activity. Dirett costs attributable to a single activlty are allocated dirèrtly to that activity. Shared c95ts which contribute to more than one 8ttivlty and support Costs whid) are not attributable to a Single activity are apportioned betweell those activities on a basls conslstent with thè use of resources. Central staff costs are allotated on the basis Lif time spent, and depreciation charges allocated on the portion of the asset's use. Support ¢Q5ts are th95e costs incurred directly in support of expenditure on the object5 of the Charity and inclutje proleci manaKement carried out at Meadquarters. Charitable activities and G¢vemance costs arè costs incurred on the Charity's educational operations. including support Costs and costs relating to the governance of the Ch81ily apportioned to charitable activities.
MUSEUM OFTIMEKEEPING NOTES TO THE FINIANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POUCIES CONTINUED.,. Tan8ible fixed a55ets and depreciation All asset5 C05ting m(Ire than £250 are capitalised. A review for impairment of a fixed asset is Carried out if évents or changes in circumstances indicate that the carrying value of any fixed asset may not be recoverable. Shortklls between the cafrwng value of fixed assets and their recoverable amounts are recognised as impairmènts. 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 rate5 calculated to write off thè cost of fixed assets, less their estimated residual value, over their expected usef4Jl lives on the following base5: Fixture5 and fittÉngs Office equipment 25% straight line 25% straight line Investments Fixed asset investment5 are a forrn of financial instrument and are initially recognised at their tr3nsattion cost and subsequently measured at falr value at the 8alance Sheet date, unles5 fair value ¢annot be measured reliably in which case it is measured at C05t le55 impairment. Investment gains and losses are shown in the headlng'Gainslllossesl on inve5tment5' in the Statement of financial activitie5. Listed investments are measured at fair value with changes in fair value being recogni5ed in the Statement of financial attivities. Interest receivable Interest on funds held on deposit is indudèd when receivable and the amount can be measured rÈliably by the Charity- thi5 is normally upon notification of the interest paid or payable by the Bank. Stocks stocks are valued at the lower of cost and net realisable value after maklng due allowance for obsolete 3nd slow-rnoving stocks. Cost includes all direct costs and if appropriate, a proportion f>f fiKed and variable overheads. Debtors Trade and other debtors are recognised at the 52tt1ement amount after any trade discount offered. Prepayments arÈ valued at the amount prepaid net of any trade discounts due. Cash at Bank and In han Cash at bank and In hand includes cash and short term highly liquid investments with a shgrt maturity of three months or less from thè date of acquisition or oponing of the deposit or similar account.
MUSEUM OF TIMEKEEPING NOTESTO THE FINIANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POLICIES CONTINUED... i.io Liabilities and provisions Liabilities are recognised when there 15 an obligation at the Balance sheet date as a result of a past event, it 15 probable that a trarfer of economic benefit will be required in settlement, and the amount of the settlement tan bÈ èstÉm3tèd reliably. Li3bilities are recognised at the amount that the Charity antlClP3tes it will pay to settle the debt of the amount it has received as advanced payments foTrr the goods or serwces it must provide. Provisions are measured at the best estirnate of the 3mounts required to settle the obli83tion. Where the effett of the time value tsf money is materlal. the provision is based on the present value of those amounts. discounted at the pre-tax dis¢ount rate that reflects the risks specific to the liability. The unwinding of the discount 15 recognised within interest payable and similar charges. i.ii Finanual Instruments The Charity only has financlal assets and flnanclal liabilltles of a kind that qualify as basic financial instrument5. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loan5 which are subsequently measured at amortised cost using the effective interest method. 1.12 Fund accounting General fund5 arè unlestrirted fvnds which are available for use at the discretion of the Trustee5 in furtherance of the general objective5 of the Charity and which have not been designated for other purp05es. Restricted funds arè funds whÉch are to be used in accordance with specific restrictions imposed by donors or which have been raisèd by the Charity for particular purposes. The costs of raising and administering such funds are tharged against the speclfic fund. The aim and use of each restricted fund is set out In the notes to the finarKial 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 fUre events that are believed to be reasonable under the circumstances. No critical judgements were required in order to apply the Charity's accounting polici, and there are no key Sources of estimation uncertalntv. 1.14 Heritage Sets It is the policy of the Trust not to capitslise heritage assets belonging to the Museum. These are in effect inalienable, held in perpetuity. and arè mostly irreplaceable. Any financially based v31u3tion would be misleading to the value and significance of the material culture involved. The trust has a clear duty of care fof these assets and to make them available for the enjoyment and education of the public as far as Is posslble, ¢tsmmensurate with thèir long term care and preservation. The highest P055ible standards of ¢ollertion management are applied, and the catalogues are made available as widely as ptsssible to facllltate all enquiries and requests for information, 5ubjett to appropriate security and data protèctitsn guidelines. io
MUSEUM OFTIMEKEEPING NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 INCOME FROM CHARITABLE AcfiviTIES Total funds 2024 Total funds 2023 Unrestrlcted fund5 Restrirted funds Total funds 41,254 39,100 41,254 39,100 INVESTMENT INCOME Unrestritted fvnd5 2024 Restricted funds 2024 Total funds 2024 Total funds 2023 Investment income Bank interest receivable Reallsed gain on investment 136 5,309 5,445 136 5,309 5,445 657 657 DIRECoSTs Charitable Activitie5 Total 2024 Total 2023 Museum costs Open day costs 39,353 24,640 63,993 39,353 24,640 63,993 44,472 351 44,823 SUPPORTCOSTS Charitable Actlvities Total 2024 Total 2023 BHI Support Costs Irentl Subscriptions Professional fees Con5ult8ncy fees Offe costs Governance costs Wages and salarie5 Training Depreciation 15,000 707 3,799 15,000 707 3,799 15,000 247 450 350 5.055 2.836 65,695 1,205 332 91,170 5,068 2,725 56,011 5,068 2,725 56,011 186 83,496 186 83,496 TOTAL DIRECtAND SUPPORT COST5 147,489 147,489 135,993 During the year ended 31 Decembér 2024, the Charity incurred the following Governance cost5.- £I,tK)012023- £1,0} included within the table above in respect of independent examtnatlons. li
MUSEUM OFTIMEKEEPING NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 ANALYSIS OF EXPENDITURE BYTYPE Staff costs 2024 Depreciation 2024 Other costs 2024 Total 2024 Charitable activities 56,011 186 91,292 147,489 Total 2023 65,695 332 69,966 135,993 NET INCOMEIIEXPENDITUREI This is stated after charging.. 2024 2023 Depreciation of tangible fixed assets.. Owned bythe Charity Independent exarnination cost 186 332 1,000 1,332 1,000 1,186 During the year no Trustee recelved any remuneration12023- £nlll or benefit in kind12023 £nill. During the year no Trustee received Feimbursement of expenses Sn the current year12023 £nill. STAFF COSTS Staff costs were as follows . 2024 2023 Wages and salaries 56,011 65,695 The average number of persons employed by the Charity durin8 the year was as follow5: 2024 No. 2023 Management Administrative staff No employee received renumeratlon amountlng to more th3n £60,000 in either year. No remuneration or benefit was received by key management personnel. 12
MUSEUM OFTIMEKEEPING NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 TANG18LE FIXED ASSETS Fixtures and fittings Office equipment Total Cost At l January 2024 Additions Disposals At 31 December 2024 3,403 12,779 16,182 12181 3,185 12181 15.964 12.779 Depreciation At l January 2024 Charge for the year At 31 December 2024 2,769 186 2,955 12.779 15.548 186 15,734 12,779 Net book value At 310ecember 2L)24 230 230 At 31 December 2023 634 634 10. FIXED ASSET INVESMENTS 2024 2023 Listed securities At l January 2024 Unrealised gain/llossl Realised 8ain/lloss1 Di5posa15 At 31 December 2024 112,099 106,043 6,056 5,309 1117,4081 112,099 Investments at market value, held in the UK, cornprise- 2024 2023 abrdn IAberdeen Standard) unit trust Investments 112,099 112,099 11. DEBTORS 2024 2023 Due within one year other debtors 21,153 21,153 16,023 16,023 Included in Other debtors ore amount5 owed by Ihe Britlsh Horological Institute Limited, a relate company. Seé Note IS for details of these tr3ns3Ctions. 12. CREDITORS.. Amounts falling due within one year 2024 2023 Trade creditors Other taxation and Social security Accruals Other credliors 11.144 1.570 15,280 148 33,686 I,ioi 15,280 13,9301 46,137 28,142 13
MUSEUMOFTIMEKEEPING NOTES TO THE FINANCIAL STATEMEKrs FOR THE YEAR ENDED 31 DECEMBER 2024 13. STATEMENTOF FUNDS sfATEM£NTOF FUNDS- CURRENTYEAR Balance at I january 2024 Other Balance at 31 In/Out December 2024 Income Expenditure Unrestricted funds.. General funds 127.127 46,699 1147,4891 26,337 Restricted fund5 Tot31 trf funds 127,127 46.699 1147,4891 26.337 STATEMENT OF FUNDS. PRIOR YEAR Balance at I january 2023 Transfers Bèlance at 31 Inlout December 2023 Income Expeftditure UrtrÈstricted Fund5 General funds 214,407 39,757 1127,0371 127,127 Restri¢ted fun 2.900 12,9001 217,307 39.757 1129,9371 127,127 14. ANALYSIS OF NET ASSEfs BtFWEEN FUNDS Unrtricted fund5 2024 Restricted funds 2024 Total fund5 2024 CURRENT YEAR Tangible fixed assets Fixed asset investments Current assets Creditors due within one year 230 230 54.249 128,1421 26,337 54.249 128.1421 26,337 Unre51ritted funds 2023 Re5tri¢ted funds 2023 Totsl funds 2023 PRIOR YEAR Tanglble flxed a55ets Fixed asset investments Current assets CredÈtor5 due wlthin one year 634 112,099 60,531 146,1371 127,127 634 112.099 60,531 146,1371 127,127 14
MUSEUM OFTIMEKEEPING NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEM8ER 2024 15. RELATED PARTY TRANSACTIONS The British Horological Institute Llmited by guarantee IBHI Limited) is a company related to the charlty. During the year the Charity incurred support costs Iwhich Includ use of BHI Limited's property to house the collection, and other recharBesl to BHI knmited totalling £51,33012023- £51,315). The charty received £15,00012023- £15,000) from BHI Limited for access to the museum for it's members and students, which was unpaid at the year end. Th15 is Included within other debtors. 15