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$, Rep)rt
The TrLEStees present their annual repurt and fini￿101 5t8tementsof the charity fDrtheyearended 215t
December 2024. The financial statements hève been prepared in accordance withthe accounting polloes set
In notE I tg theBm)unts and tomply ¥vlth the thaThtrKs trwtdeed, the CharitiesAtt2011 and the Charitie5
SORP (FR$ 102).
Obiecti¥e5aThl Act￿ltit1
The Mu5EUm of TlmekeeplnÉ holds for public benefit a collecboD to In$W￿ and promote public undEf5tarndin
ènd appTeciatioD of horology ènd the history. science, art and trafioftlrnekeepiw. ItachiÈYès thi5
collecting, documentin& FKesetvin& exhibiting and interpretinga collection, library and arC￿Ve CDllèction,and
promotinÈ itbr puNit@njoyrnentand understanding of hOroJo￿ indtlmekeepin& through eXhib￿On5 and
publK and educatior*?I PToyJmmes and proyision oFresehrth faul1t1￿.
Athievemerts aThd pertoymab
The Museum welcomed an incre35ed numbervi5itfjts throu8h the ¥earand was abletD open forgEner41
admission forone days week IbÈtw*en March 3ndOL*oberl. The vi$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£ WorkContin￿O cataloguingthe colleLtion andda&tisingthe
extsnsive ￿b￿ar￿and Archive CDllettiOn.
financial ReviBw
MuseL¥n ￿VenueS were increased overall by approximately 17%. this largely due ta an incre￿e￿ 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¢ occupa￿On u¥litles were reduced but
diTeth attributable ope￿Ing¢￿Sts resuk2d ir an overall inrn5& Follow+Dg a financlal and opeTrttor￿l rty
In Ottober. thefru5tees were obUE£dto terniinate all staff cooiracts. leaving the operation of the mUs￿m 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 Ma￿8¢m8￿t
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
Urn￿d ff serwwand Tegularly backe&up.
Exemptiunstmm dlsclosure
Therels AD Rem exemptfrom dlsdowre.
Funts held a5 custs)dwn tn￿tee0r5 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 fUll￿t 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 COn￿rnS 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 A￿1v￿lES
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
N￿A$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 trar￿fer 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 f￿Ure 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
DIRE￿CoSTs
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
Off￿e 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
Unr￿tricted
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