Colne Valley Museum Registered Charity Number 1179231
Trustees' Annual Report and Unaudited Accounts for the period ended 31 December 2023
Colne Valley Museum Trustees' Annual Report and Unaudited Accounts for the period ended 31 December 2023
Contents
| Trustees' Annual Report | 1 to 4 |
|---|---|
| Independent Examiner's Report | 5 |
| Statement of Financial Activities | 6 |
| Balance Sheet | 7 |
| Notes to the Accounts | 8 to 14 |
Colne Valley Museum Trustees' Annual Report for the period ended 31 December 2023
Reference and administration details
Charity name Colne Valley Museum Registered charity number 1179231 Charity's principal address 22-28 Cliffe Ash Golcar Huddersfield West Yorkshire HD7 4PY Names of the charity trustees who manage the charity Trustee name Office (if any) Mark Ager Chair Janet Jobber Secretary Melanie Williams Jane Bickerton Raymond Ellis Jonathan Thornton E Roger Fielding
Treasurer
Stephen Cowell served as treasurer but is not a trustee.
Structure, governance and management
Description of the charity's trusts:
Type of governing document Association (registered 17 July 2018) How the charity is constituted Charitable Incorporated Organisaation Trustee selection methods Election by members at the Annual General Meeting.
Page 1
Objectives and activities
Summary of the objects of the charity set out in its governing document
Summary of the main activities undertaken for the public benefit in relation to the objects
To advance education, in particular but not exclusively the education of children, in the history and way of life in the Colne Valley (between 1800 and 1920); to promote the arts; and to conserve and preserve the items of historical importance by the provision and maintenance of a museum for the benefit of the public.
The museum is open to the public on Saturday, Sunday and Bank Holiday afternoons throughout the year and is open to individuals and groups by prior arrangement at other times. In addition to the permanent displays, a programme of temporary exhibitions takes place during the year on topics relevant to the work of the museum. Many of these are arranged by individuals and groups from the surrounding area.
Demonstrations of working skills connected with textiles, clog making and domestic tasks also take place.
School visits, mainly Key Stage 1 and 2 children, form a major part of our core work and continue to thrive with children spending their time with us living as Victorian children.
The trustees have had due regard to the guidance on public benefit published by the Charity Commission in exercising their powers or duties.
Contribution made by volunteers
The charity is entirely run and managed by unpaid volunteers, from trustees to fire-lighters and maintenance. The education programme with schools is also run by volunteers.
Page 2
Achievement and performance
Summary of the main achievements of the charity during the year
We are very pleased that 2023 brought a steady return to normal life following the upheaval of the preceding two years. Our volunteers continued to give over and above in every way and the museum became a vibrant space at weekends and Bank Holidays once again.
Alongside our regular openings and expert demonstrations on Saturday and Sunday afternoons, we had a variety of external exhibitions from artists whose work added to our appreciation of the building. These exhibitions were alongside those from our own extraordinary collection. We will be continuing to focus on our own collection for a number of exhibitions in 2024 as well as inviting local artists and exhibitors to use spaces around the museum.
Trustees continued to support the development of the website, and work continues to towards completion of the digitisation of our collection. As an Accredited Museum, this is a vital resource to ensure we are accessible to anyone interested in researching our collection.
Like very many other charities and community organisations, we are vulnerable to a shortage of willing volunteers and we would be delighted to have new members of some of our key teams. Our demonstrators in the weaving, spinning and clogging rooms possess unique skills and would be delighted to pass their skills on to new volunteers. The Schools Team and Tearoom rota would welcome some additional staff and are always enjoyable ways to get involved.
Most of all, the Trustees would like to thank you, our members, for your continuing support as Colne Valley Museum would not be able to exist without you. In 2023, a commitment by each of you to encourage at least one new member to join would be a huge benefit.
Page 3
Financial review
Charity's policy on reserves
It is the charity's policy to maintain a balance on Unrestricted Funds of £20,000 if possible, to cover the charity's anticipated future requirements. The balance of the Unrestricted Fund at 31 December 2023 was £30,997 is represented by net current assets of £30,997.
The balance of £Nil in the General Restricted fund represents money from Arts & Heritage to be used in the commissiong of artwork. As at 31 December 2023, the fund was represented by net current assets of £Nil.
The balance of £192,591 in the Building Development restricted fund represents accumulated grants and donations for the acquisition and long-term cyclical repairs and improvements of the charity's land and buildings. At 31 December 2023, the fund was represented by tangible fixed assets with a net book value of £192,591.
The balance of £451,670 in the Museum Development restricted fund represents accumulated grants and matched funding from the museum for the restoration and reconfiguration of the buildings and the extension of activities undertaken thus safeguarding the future of the museum. At 31 December 2023, the fund was represented by tangible fixed assets with a net book value of £450,107 and net current assets of £1,563.
Preparation of the accounts
The accounts 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 (FRS 102) issued on 16 July 2014 and the Financial Reporting Standard applicable in (FRS 102) and the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2015.
The trustees declare that they have approved the trustees' report above. Signed on behalf of the charity's trustees:
M Ager (Chair) Date:
Page 4
Colne Valley Museum
Independent examiner's report to the trustees of Colne Valley Museum for the period ended 31 December 2023
I report to the trustees on my examination of the accounts of Colne Valley Museum for the period ended 31 December 2023, which are set out on pages 6 to 14.
Responsibilities and basis of report
As the charity trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the accounts carried out under section 145 of the 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 Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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1 accounting records were not kept as required by section 130 of the Act; or
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2 the accounts do not accord with those records; or
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3 the accounts do not comply with the applicable requirements concerning the form and content of the 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 attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Edward Russell ACA CTA Simpson Wood Limited Chartered Accountants Bank Chambers Market Street Huddersfield HD1 2EW
Date:
Page 5
Colne Valley Museum Annual Accounts
Statement of Financial Activities for the period ended 31 December 2023
| Note Income and endowments from: Membership subscriptions Museum 3 Shop and coffee bar sales Donations and legacies 3 Grants 3 Bank interest Gift aid Total income of the charity Expenditure on: Shop and coffee bar costs Building running costs 4 Depreciation 4 Finance costs General expenses 4 Total expenditure of the charity Net income/(expenditure) Total funds brought forward Total funds carried forward |
Unrestricted Funds Building Museum General General Development Development Fund Fund Fund Fund 2023 2022 £ £ £ £ £ 1,801 - - 1,801 2,330 11,861 - - 11,861 10,674 10,480 - - 10,480 10,251 2,750 - - 2,750 8,076 - - - - - - - - - 200 - - 200 300 27,092 - - - 27,092 31,631 4,432 - - - 4,432 3,976 19,078 - - - 19,078 19,010 - - 3,644 10,674 14,318 14,325 - - - - - - 7,896 - - - 7,896 15,964 31,406 - 3,644 10,674 45,724 53,275 (4,314) - (3,644) (10,674) (18,632) (21,644) 35,311 - 196,235 462,344 693,890 715,534 30,997 - 192,591 451,670 675,258 693,890 Restricted Funds |
|---|---|
Page 6
Colne Valley Museum Annual Accounts Balance Sheet As at 31 December 2023
| Note Tangible fixed assets - Heritage assets 6 Current assets Stock Debtors 7 Cash at bank and in hand Total current assets Liabilities: Creditors: amounts falling due within one year 8 Net current assets Total assets less current liabilities The funds of the charity: Unrestricted funds General Fund 10 Restricted funds General restricted fund 10 Building Development Fund 10 Museum Development Fund 10 Total charity funds |
2023 £ 642,698 2,742 2,050 34,390 39,182 6,622 32,560 675,258 30,997 - 192,591 451,670 675,258 |
2022 £ 657,016 3,166 1,850 39,055 44,071 7,197 36,874 693,890 35,311 - 196,235 462,344 693,890 |
|---|---|---|
Approved by the trustees on _______ and signed on their behalf by the following:
M Ager (Chair)
J H Thornton (Trustee)
Page 7
Colne Valley Museum Annual Accounts Notes to the Annual Accounts for the year ended 31 December 2023
Note 1 Basis of preparation
1.1 Basis of accounting
These accounts have been prepared on the basis of historical cost in accordance with:
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The Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and the Republic of Ireland (FRS 102) issued on 16 July 2014 (the Charities SORP (FRS 102));
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the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland (FRS 102); - and the Charities Act 2011.
These accounts have been prepared for the period 1 January 2023 to 31 December 2023.
Note 2 Accounting policies
Incoming resources Recognition of incoming resources These are included in the Statement of Financial Activities (SoFA) when: - the charity becomes entitled to the resources; - it is probable that the resources will be received; and - the monetary value can be measured with sufficient reliability. Incoming resources with related Where incoming resources have related expenditure the expenditure incoming resources and related expenditure are reported gross in the SoFA. Grants, donations and legacies Grants and donations are only included in the SoFA when the charity has unconditional entitlement to the resources. Grants imposing performance -related conditions are recognised as income only when the performance-related conditions are met. Tax reclaims on donations and gifts Incoming resources from tax reclaims are included in the SoFA at the time that the tax reclaims are received. Volunteer help The value of any voluntary help received is not included in the accounts but is described in the trustees' annual report.
Page 8
Colne Valley Museum Annual Accounts Notes to the Annual Accounts for the year ended 31 December 2023
Note 2 Accounting policies (continued)
Expenditure and liabilities
Liability recognition and expenditure
Financial instruments
Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to pay out resources. Expenditure includes VAT which cannot be recovered and is reported as part of the expenditure to which it relates.
Financial instruments are recognised in the balance sheet when the charity becomes party to the contractual provisions of an instrument.
Basic financial assets
These, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Financial liabilities are classified according to the substance of the contractual arrangements entered into.
These, including creditors and loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Page 9
Colne Valley Museum Annual Accounts Notes to the Annual Accounts for the year ended 31 December 2023
Note 2 Accounting policies (continued)
Assets
| Tangible assets for use by charity | These are capitalised if they have a useful life of more than one year. |
|---|---|
| (Including Heritage Assets) | |
| Tangible fixed assets are initially measured at cost and subsequently | |
| measured at cost net of depreciation and any impairment losses. | |
| Tangible assets for use by charity | Depreciation is recognised so as to write off the cost of assets less |
| (Including Heritage Assets) (continued) | their residual values over their useful lives on the following bases: |
| Freehold buildings 2% straight line |
|
| Fixtures, fittings & equipment 25% straight line |
|
| Freehold land is not depreciated. | |
| Stocks | These are valued at the lower of cost or market value. |
| Current asset investments | These comprise bank deposit accounts. |
| Funds | |
| Unrestricted and restricted | Unrestricted funds consist of the general fund. |
| Restricted funds are funds subject to specific restrictions imposed | |
| by donors or by the purpose of an appeal. The purpose and use of | |
| restricted funds is set out in the notes to the annual accounts. | |
| Going concern | At the time of approving the financial statements, the trustees have |
| a reasonable expectation that the charity has adequate resources to | |
| continue in operational existence for the foreseeable future. Thus | |
| the trustees continue to adopt the going concern basis of accounting | |
| in preparing the financial statements. | |
| Public benefit entity | The charity is a public benefit entity. |
Page 10
Colne Valley Museum
Annual Accounts
Notes to the Annual Accounts
for the year ended 31 December 2023
| Note 3 Analysis of incoming resources Unrestricted Funds Income General admissions Special events School parties & visits Donations and legacies Restricted Funds - General Fund Grants Museum Development Yorkshire Arts & Heritage Note 4 Analysis of resources expended Unrestricted Funds Building running costs Water Electricity Gas Coal Insurance Cleaning Repairs and maintenance |
2023 £ 4,669 5,291 1,901 11,861 2,750 2023 £ - - - 2023 £ 351 2,100 7,106 878 2,065 3,909 2,669 19,078 |
2022 £ 3,485 3,831 3,358 10,674 8,076 2022 £ - - - 2022 £ 282 1,312 7,106 448 2,121 3,460 4,281 19,010 |
|---|---|---|
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Colne Valley Museum Annual Accounts
Notes to the Annual Accounts
for the year ended 31 December 2023
Note 4 Analysis of resources expended (continued)
| Unrestricted Funds General expenses Administration Telecommunications Restricted Funds - General Fund General expenses Artists awards Restricted Funds - Building Development Fund Depreciation Restricted Funds - Museum Development Fund Depreciation |
2023 £ 6,438 1,458 7,896 2023 £ - 2023 £ 3,644 2023 £ 10,674 |
2022 £ 10,927 2,537 13,464 2022 £ 2,500 2022 £ 3,645 2022 £ 10,680 |
|---|---|---|
Note 5 Detail of certain items of expenditure
5.1 Employee benefits
The trustees and key management personnel received no remuneration, benefits or expenses in the year.
5.2 Independent examiner's fees
Fees of £900 (2022: £900) were paid to the Independent Examiner for the examination of the accounts.
5.3 Employees
There were no employees during the year.
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Colne Valley Museum Annual Accounts Notes to the Annual Accounts for the year ended 31 December 2023
Note 6 Tangible fixed assets - Heritage Assets
| Cost Balance brought forward Additions Balance carried forward Accumulated depreciation Balance brought forward Charge for the period Balance carried forward Net book value Balance brought forward Carried forward |
Freehold Fixtures land & fittings & buildings equipment Total £ £ £ 770,870 215,027 985,897 - - - 770,870 215,027 985,897 £ £ £ 113,854 215,027 328,881 14,318 - 14,318 128,172 215,027 343,199 657,016 - 657,016 642,698 - 642,698 |
|---|---|
Property with a carrying value of £642,698 is pledged as security under the terms of the grant awarded by the Heritage Lottery Fund and under the terms of a loan from Key Fund Investments Limited.
Contractual commitments at 31 December 2023 for the acquisition of property, plant and equipment amounted to £nil. These commitments relate to the Museum Development and are partly funded by the grant from the Heritage Lottery Fund subject to satisfying the grant's terms and conditions.
The museum's tangible fixed assets comprise Heritage Assets. These assets are open to the public during museum opening times.
The museum is accredited by the Arts Council accreditation scheme and has a collection development policy that meets the standard. There is also a conservation management plan for both the property and the collection.
Certain property at Cliffe Ash was gifted to the museum in the 1970s. As a result, this property does not form part of the cost and depreciation summary provided above. It is not thought that the cost of obtaining a valuation is justified by the usefulness of the information to the users of the accounts or to the charity for its own stewardship purposes.
| Note 7 Debtors Other debtors |
2023 2022 £ £ 2,050 1,850 2,050 1,850 |
|---|---|
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Colne Valley Museum
Annual Accounts
Notes to the Annual Accounts
for the year ended 31 December 2023
| Note 8 Creditors: amounts falling due within one year Accruals Note 9 Financial instruments Carrying amount of basic financial assets Carrying amount of basic financial liabilities |
2023 £ 6,622 2023 £ 36,440 6,622 |
2022 £ 7,197 2022 £ 40,905 7,197 |
|---|---|---|
Note 10 Analysis of assets between funds
| Fixed assets Net current assets Total net assets |
Building Museum Unrestricted General Development Development Fund Fund Fund Fund Total £ £ £ £ - - 192,591 450,107 642,698 30,997 - - 1,563 32,560 30,997 - 192,591 451,670 675,258 Restricted income funds |
|---|---|
General Fund
The purpose of the fund depends on the donors restirctions imposed.
Building Development Fund
The purpose of the fund is the purchase and long-term cyclical repair and improvement of the museum buildings.
Museum Development Fund ('Sustaining the Dream')
The purpose of the fund is to enable the restoration and reconfiguration of the buildings, the extension of activities undertaken and thus safeguard the future of the museum. The museum has been awarded a grant of up to £683,100 by the Heritage Lottery Fund which will cover 95% of the expected project cost. The grant imposes performance-related conditions and is payable subject to the museum meeting those conditions. No income has been recognised during the period. Further information on this topic can be found at the 'Achievement and Performance' section of the Trustees' Report attached to these accounts.
Such funds are subject to restrictions imposed by the donors concerning their use.
Note 11 Transactions with related parties
There were no such transactions.
Note 12 Post balance sheet events
There were no such events.
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