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 h￿tOry. 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 Ve￿lOn 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 2￿5 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 CU￿ent 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 Informa￿On
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