Chailty reglslration number l 192875 (Englond and Wales) THE CLOCKWORKS CHARITABLE INCORPORATED ORGANISATION ANNUAL REPORT AND INDEPENDENTLY EXAMINED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
THE CLOCKWORKS CHARITABLE INCORPORATED ORGANISATION LEGAL AND ADMINISTRATIVE INFORMATION Trustees DrJNye Ms L Collings Mr C Fleming Dr J Noylor Dr D Rooney Charity number {England and Wales) 1192875 Principal address The Clockworks 6 Nelllelold Place London SE27 OJW Independent exominei Simon Hayden ACA FCCA Perrys Audit Limited 4th Floor 399-401 strar)d London United Kingdom WC2R OLT
THE CLOCKWORKS CHARITABLE INCORPORATED ORGANISATION CONTENTS Page Trustees. report Independent examinerfs report Statement of financial activities Bolonce sheet Notes lo the finonciol slolemenls 6- 13
THE CLOCKWORKS CHARITABLE INCORPORATED ORGANISATION TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The trustees pr&senl their annual report and linanciol stolemenls for the year ended 31 December 2024. The financial slalemenls hove been prepored in accordance with the accounting policies sel ovl in note I lo the finoncial slolemenls and comply with the chorily'5 constitution. the Charities Act 2011 ond "Accounting and Reporting by Chorilies.. Slolemenl ol Recommended Practice opplicable lo chorilies preparing their occounls in occordonce with the Finoncial Reporting Slandard applicable in the UK and Republic ol Ireland IFRS 1021" (effective l Jonuory 20191. Objectives and aclivlties The charity's objects ore lo odvonce public education in oll aspects ol proclical ond theorelico1 eleclricol limekeepirng and horology in general by.. The establishment and mainlenance of o collection of timepieces avoilable lor public display and leoching purposes Promoting and studying the htOry. preseNalion and conservolion ol relevonl objects ond lo encourage the publication ol books or)d papers ar)é reseofch ornd Iroining purposes Maintaining a repoir ond conservolion copobility aimed al preserving the originolily ond integrity of the in-house collection and other clocks There has been no chonge in these objects during the period. The Iruslees hove poid due regard lo guidance issued by the Charity Commission in deciding whol aclivilies the charity should undertake. Achievements and perfoimance nilicant activities and achievemen15 a oin51 ob'eclives The charity hod nel income lor the year of £183,508. 5ncluded within this figure ore increoses in the morkel value ol irnvestmenls lolallino £182.334. Inv stm The inveslmenls held by the charity realised dividends ot £24,713 and interest of £3,134 during the year. Investments sold during the year were 501d lor a net profil of £98.576 and inveslmenls held ol the yeor end had increased in volue by £83,758. Finonciol review rv During the year. reserves were held lo cover between al least three and six months, expenditure al on one lime. The Iruslees consider Ihol reserves ol this level ensure that, in the event of a signiliconl drop in funding. they will oble lo continue the charity's current activities while considerolion is given lo woys in which addilionol funds may be roised. The Irvslees hove assessed the mojor risks lo which the chorily is exposed, and are satisfied that systems are in place lo mitigate exposure lo the major risk5. Slruclvre. governance and monagemenl rnin The charity is a Charitable Incorpofaled Organisolion ICIOI ond is operated in occordance with ils onslilution.
THE CLOCKWORKS CHARITABLE INCORPORATED ORGANISATION TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Tr The trustees who served during the yeor ond up lo the dale ol signature ol the linanciol slolemenls were: DrJNye Ms L Collings Mr C Fleming Dr J Naylor Dr D Rooney nl Apart from the first charity Iruslees. every trvslee musl be oppoinled lor a term ol three years by a resolution possed ol a properly convened meeting ol the chority Iruslees. In selecting individuals lor oppoinlmenl as charity Iruslees. the charity Iru51ees must have regard lo the skills. knowledge ond experience needed lor the effective odminislrolion ol the CIO. None ol Ihe trustees has any beneliciol interest in the charily. All of the Iruslees are members of the charity and guaronlee lo conlribvte £nil in the event ol o winding up. ni The members ol the CIO are its trustee5. The or)ly persons eligible to be members of Ihe CIO ore ils chorily Iruslees. Membership cannot be transferred to anyone else. The trustee5 of the chorily. and therefore its members, must be nalurol persons. ni ollr te The chorily Iruslees will make avoiloble lo each new charity Iruslee, on or before his or her first oppoinlmenl, o copy ol the current VelOn ol the chorily conslilulion and a copy ol the lalesl Iru#ees' annual report and linonciol stalemenls. The Irv51ees. or ony connected person of the Iruslees. may not receive any remunerolion from the chorily. The Iru51ees' report wa5 approved by the Board of Truslees. DrJNye Trustee 8 August 2025
THE CLOCKWORKS CHARITABLE INCORPORATED ORGANISATION INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE CLOCKWORKS CHARITABLE INCORPORATED ORGANISATION I rÈporl lo the Iruslees on my exominalion of the linanciol stotements ol The Clockworks Chorilob Incorporoled Orgonisotion Ilhe charilyl for the year ended 31 December 2024. Responslbllltles and basls of report As the Iruslees ol Ihe charity you are responsible lor Ihe preparation of the financial slalemenls in occordance with the requirements ol the Chorilies Act 2011. I report in respect of my examination of the chority's linanciol slolemenls carried out under section 145 01 the Chorilies Act 2011. In corrying out my exominolion I have followed the Directions given by the Chorily Commission under section 145151 Ibl ol the Chorities Act 2011. Independenl exuminerfs slatemenl Yovr ollenlion is drawn lo the fact that the charity hos prepared the finonciol slolemenls in occordonce with the relevanl version ol the Stolemenl ol Recommended Proclice applicable lo chorilies preporing their finonciol slolemenls in occordonce with the Finonciol Reporting Standard applicable in the UK and Republic ol Irelond IFRS 1021 in preference to the Accounting ond Reporting by Charities.. 51olemenl of Recommended Practice issued on l April 25 which is referred lo in Ihe extont regulations bul has now been withdrawn. l understand that this has been done in order for the financial slalements to provide a true ond loir view in occordonce wilh UK Generolly Accepted Accounting Proclice. I have completed my examination. I confirm Ihol no mallers have come lo my attention in connection wilh the exominolion giving me cause lo believe that in any moteriol respect.. accounting records were not kept in respect ol the charity as required by section 130 01 the Chorities Act2011. the financial slalemenls do not occord wilh those records.. or the financial slalements do not comply with the applicable requirements concerning the form ond content of finoncial slolemenls sel out in the Charities (Accounts and Reports) Regulations 2C08 other than any requirement Ihat the financial slatemenls give o true ond loir view. which is not a mallei con51dered as part ol an independent examination. I have no concerns and have come ocr05s no other matters in connection with the exominolion lo which ollenlion should be drown in this report in order lo enoble o proper understanding ol the finoncial slalemenls lo be reoched. Simon Hayden ACA FCCA Perrys Audit Limited 4th Floor 399-401 Slrond London WC2R OLT United Kingdom Date..
THE CLOCKWORKS CHARITABLE INCORPORATED ORGANISATION STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 Unrestricted funds 2024 Uniesliicled funds 2023 Notes Income from- Donalions and legacies Investments 210 27.847 799.743 19.011 Total income 28.057 818,754 Expendlluie on: Choriloble oclivities Other expenditure 17,902 8.981 19.705 7,894 Tolol expendllure 26.883 27.599 Nel goinslllossesl or) ir)veslmenls io 182.334 82,618 Net income and movement in lunds 183.508 873,773 Reconcilialion ol fund5- Fund balances al l January 2024 1.894.988 1,021,215 Fund balances ul 31 December 2024 2,078,496 1,894.988 The slolement ol financial activities includes oll goins ond losses recognised in the yeor. All income and expenditure derive from continuing activitie5.
THE CLOCKWORKS CHARITABLE INCORPORATED ORGANISATION BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2023 Notes Fixed ossets Tangible assets Herita9e asse15 2.994 796.5(K) 2.997 796.500 799,494 799,497 CuThenl os$ets Debtors Investments Cosh al bank ond in hand 74 15 1,677 1,233.030 47.485 2,475 1.062,874 33,294 1,282,192 1.098.643 Creditors.. amounts falllng due wlthln one yeaF 16 13,1901 13,1521 Nel CUent assets I,279.2 1,095.491 Tolal assels less cvThenl Ilabllllles 2,078,496 1.894.988 The lunds of the charlty UnreslrFcled funds 2.078.496 1,894.988 2.078.496 1.894.988 The financial slalemenls were opproved by the Iruslees on 8 August 2025 rJNy Trustee
THE CLOCKWORKS CHARITABLE INCORPORATED ORGANISATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng pollcles Choity InformaOn The Clockwork5 Chorilable Incorporated Organisolion is a Choriloble Incorporated Organisalion Icioi. l.l Accountlng convenllon The finoncial slolements have been prepored in accordonce with the charity's conslilijlion, the Charities Act 201 I. FRS 102 "The Finoncial Reporting Standard applicable in the UK and Republic ol Irelond" I'FRS 102,1 and the Chorilies SORP "Accounting ond Reporting by Charities.. Statement ol Recommended Practice applicable lo charities preparing their accounls in occordonce with the Financial Reporting Standard applicable in the UK and Republic ol Ireland IFRS 1021 lefleclive I January 20191. The chority is a Public Benefit Enlily os defined by FRS 102. The charity has token odvanloge of the provisions in the SORP lor charities not lo prepare a Slolemenl ol Cosh Flows. The financiol slalements have deported from the Charities IAccounls ond Reportsl Regvlalions 2008 only lo the exlenl required to provide o true ond loir view. This departure has involved following the Slolemenl ol Recommended Proclice lor charities applying FRS 102 rather thon the version ol the Stolemenl of Recommended Practice which is referred to in the Regulolions bvl which hos Since been withdrawn. The linoncial stolemenls are prepored in slerfing. which is the functionol currency of the chorily. Monetory amounts these financial stolemenls are rounded lo the neoresl £1. The linonciol slolemenls hove been prepared under the hisloricol cost convention. modified lo include the revaluation ol heritage asse15 and certain financial instruments ol loir volue. The principal occo(Jnling policies odopled ore sel out below. 1.2 Going ¢on¢em Al the lime ol approving Ihe linonciol slalemenls. the Iruslees hove a reasonable expeclolion that the chorily hos adequole resources lo continue in operational existence lor the loreseeoble lulure. Thus the Iruslees continue lo adopt the going concern basis ol occovnling in preparir)g the financial slolemenls. 1.3 Chaiilable funds Unreslricled lund5 are avoiloble lor use at the discretion ol the Iruslees in lurtheronce ol their choriloble objectives. Reslricled Ivnd5 ore svbjecl lo specific condition5 by donors or grantors as lo how they moy be sed. The purposes ond uses ol the reslricled funds are sel out in the notes lo the finoncial slalemenls. Endowment funds are subject to specific conditions by donors Ihot the copilol mu51 be mainloined by the charity. 1.4 Income Income is recognised when the chorily is legally entitled lo il after ony performance conditions hove been mel. the omovnts con be me05vred reliobly. on¢Y il is proboble that income will be received.
THE CLOCKWORKS CHARITABLE INCORPORATED ORGANISATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting poficies (Continued) Cash donolion5 are recognised on receipt. Other donolions are recognised once the chorily has been nolilied ol the donolion. unless pertormance corndilions require deferrol ol the amount. Income lax recoveroble in relolion to donolion5 received under Gift Aid or deeds ol covenant is recognised ol the lime ol the donotion. Legacies are recogni5ed on receipt or otherwise il the charity hos been nolilied of an impending distribution, the omount is known, ond receipt is expected.11 the omounl is not known, the legocy is Iretsled as a contingent ossel. 1.5 Expenditure Expenditure is recognised once there is a legal or conslruclive obligolion lo Iransler economic benefit to a third party. it is proboble that o transfer of economic benefits will be required in selllemenl, and the omounl ol the obligation con be measured reliobly. Expenditure is classified by activity. The costs ol eoch activity are made up of Ihe total of direct costs ond shored costs, including support costs involved in undertaking each aclivily. Direct costs oltribuloble lo a single aclivily ore ollocaled direclw lo thol aclivily. Shored c051s which conlribule lo more than one activity and 5UPPOrt costs which are not atlributoble lo o single activity ore apportioned between those activities on o basis consislenl with the use of resources. Cenlrol sloll costs ore ollocoled on the bosis of lime spent. and depreciolion chorge5 are allocated on the portion ol the asset's use. 1.6 Tangible fixed assets Tongible fixed assets ore initially meosured at cost and Subsequently measured ol cost or voluolion. net of depreciation and any impairmenl losses. Depreciation is recognised so as to write off the cost or voluolion of assets le5S their residuol values over their useful lives on the following base5'. Leasehold land and buildings straight line over period of lease The gain or loss orising on the disposol of an ossel is determined as Ihe difference between the le oceeds ond the carrying value of the assel, and is recognised in the 51alement ol financial aclivilies. 1.7 Herftoge assels Heritage assets are initially measured at cosl. Assets whose loir value can be meosured reliobly ore held under the revaluation model and ore carried ol o revolued amount. being their fair value al the dale ol valuation less any subsequent accumulated impairment losses. Revaluolion goins ond losses are recognised in other recognised gains and losses ond occumulaled in equity. except lo the exlenl Ihal o revoluolion goin reverses a revalualior) loss previously recognised in nel income/lexpendilvrel or a revaluation loss exceeds the occum(Jlaled revaluation goins recognised in equity.. such gains and loss ore recognised in nel income/lexpendilvrel lor the year.
THE CLOCKWORKS CHARITABLE INCORPORATED ORGANISATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies {Conlinved) 1.8 Impairmenl of fflxed assets Al eoch reporting end dote, Ihe chority reviews the corrying omounls ol ils longible assets to determine whether there is any indication that Ih05e assets have suffered on impoirment loss.11 ony such indicolion exists. the recoverable omounl ol the ossel is estimated in order lo determine the exlent ol the impaimenl105s lif any). Income frorn donations and legacies Unreslrlcled funds 2024 Unrestrlcted funds 2023 Donations and gifts 210 799.743 Income from investments Unreslrfcled Unveslricted funds funds 2024 2023 Income from li51ed inve51menls Interest receivoble 24,713 3,134 15.646 3.365 27.847 19.011 Expenditure on Chorilable aclivilies Public education 2024 Pvblic education 2023 Direct costs Share of support and govemonce cosls (see nole 5) Support Governonce 15,160 2,742 17.095 2.610 17,902 19.705 Analysi5 by lund Unrestricted funds 17.902 19.705
THE CLOCKWORKS CHARITABLE INCORPORATED ORGANISATION NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2024 Support costs ollocated to actSvltle$ 2024 2023 Depreciolion Bank charge5 Rales Light ond heal Insuronce ond security Secretarial lees Subscriptions Rent Governonce costs 149 3.400 5.154 4.449 1,700 65 240 2,742 155 3.181 7.526 2.821 3.145 65 199 2.610 17.902 19.705 Anatysed between: Pub5ic education 17,902 19.705 2024 2023 Govemance c05t5 comprlse.. Accountancy 2,742 2,610 2,742 2.610 Net movement In funds 2024 2023 The nel movement in funds 15 slated after chorging/lcredilingl: Fees payable for the independent examination of the chorily 5 linoncial statements Depreciolion ol owned tangible fixed assets 2,742 2.610 Trvstees None ol the Iruslees lor any persons connected with Iheml received any remunerolion or benefits from the chorily during Ihe year.
THE CLOCKWORKS CHARITABLE INCORPORATED ORGANISATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Employees The overage monthly number ol employees during the yeor wos.. 2024 Number 2023 Number Totol There were no employees whose annuol remuneration was more than £60.C()O. othei expendlture Unrestilcled Unreslrfcled funds funds 2024 2023 Inve51menl Ivnd monogemenl fees 8,981 7.894 10 Gains and losses on investments Unreslyicled Unrestricled funds funds 2024 2023 Goins/llo55e51 orising on= Revoluolion of inveslmenls Sale ol investments 83,758 98,576 117.996 135.3781 182,334 82.618 I l Toxotlon The charity is exempl from loxalion on ils oclivities because all ils income is opplied foi charitoble purposes. 10
THE CLOCKWORKS CHARITABLE INCORPORATED ORGANISATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 12 Tonglble Ilxed assets Leasehold land and buildings Cosl Al l Jonuory 2024 3.000 Al 31 December 2024 3.000 Depreciatlon and Impolrment Al l January 2024 Depreciation charged in the year Al 31 December 2024 Corrying amount At 31 Oecember 2024 2.994 Al 31 December 2023 2.997 The carrying volue ol lond included in lond and buildings comprises= 2024 2023 Long leosehold 2,994 2.997 13 Heriloge assets rimepiece5 At l January 2024 and al 31 December 2024 796.500 Heritage assets are timepieces held by the charity which are avoiloble lor public display and/or teaching purposes. The collection consists ol over 90 English and European electrical timepieces, moinly doling between 1840 and 1940. Given the specific scope of the museum. the colleclion is viewed by the Iruslees as represenlolive and comprehensive. and as o result there 15 no large-scole collections development policy in ploce. Additions lo the collection ore very rore, and no disposals ore foreseen. The collection is on dispkny ocross two principal galleries. and is available for view by the general public, by oppoinlment. No meoninglul reserve collection is moinloined off disploy. An inventory ot the collection is mointoined. and lulure plons for inlerprelolion ol the collection moy involve the creation of o calologue, though the form this might lake has not yel been agreed.
THE CLOCKWORKS CHARITABLE INCORPORATED ORGANISATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 13 Her5tage a$sels (Continued) The collection ol timepieces w05 valued on 30 December 2024 by Charles Frodsham & Co Ltd, on external ond independent valuer. me collection wos ossessed for ils morkel volue which the Iruslees regords os ils loir value for accounting purposes. The Iruslees ore solisfied Ihol this volualion remoins oppropriale at 31 December 2024. Prior lo the year lo 31 December 2023, the charity did not hold ony heritage ossels. 14 Debtois 2024 2023 Amounts lolllng due wllhln one year.. Prepayments and occrued income 1,677 2,475 15 Current asset investments 2024 2023 Lislecj investments 1.233.030 1.062.874 16 Cieditors: omounts falling due wllhln one yeai 2024 2023 Trode creditors Accruals and deferred income 2.742 3.152 3.190 3,152 17 Unieslrlcted funds The unreslricled funds of the charily comprise the unexpended bolonces ol donations and grants which are not subject to specific conditions by donors and grontors os lo how they may be used. These include designated funds which have been sel aside out of unreslricled funds L>y the Iruslees for specific purposes. At l Jonuary 2024 Incomlng resources Resovrces expended Gains and losses At31 December 2024 General funds 1.894,988 28,057 126.8831 182,334 2.078,496
THE CLOCKWORKS CHARITABLE INCORPORATED ORGANISATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 17 Unrestricted funds (Continued) Prevlous year At l January 2023 Incomlng ie50vrces Resources expended Galns and losses At31 December 2023 General funds 1.021.215 818.754 127.5991 82.618 1.8?4,988 18 Related porty transactlons There were no disclosoble reloled porty transactions during the year. 13