Chartty r•glstradon numbor 27662B Company rnglslratlon nUM￿r CE030248 (England * Wales) IPSWICH TRANSPORT MUSEUM CIO ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024 IPSWICH TRANSPORT MUSEUM CIO LEGAL AND ADMINISTRATIVE INFORMATION TNstO08 B Simpson A H CoDper S Z M8r52al MA Smith E Mouser R M MÈllor EGKlng S Cobb D J Frost R Han￿Y {Appointed 9 M8y 20231 (ApKK)Intèd 9 May 2023) I￿pOinted 8 August 2023) {Popc¥nted 8August 2023) Mr S Z Marszal Charlty numb•r 276626 Cr oxample reth5. photographs, books plans and costumes. - The tnjstees accept the th$t there k8 a strong pr88umplion 8gainst Ihe diswsal of any items in the museums collection. - DetA$ions tr) dispose of it￿S will nom7011y be rnade wrth the Princip￿ aim of generdting funds. If a deasion to dlswse of an item is taken, the procedures in Ihe mtyyel a(4uisititsns and dksposab Folity Issugd by Council Engknd, Mll be folbwed. - Any monles receive¢J by tha trustees from the dispDsal of items will be appll8d for the benefit ol the collections. This Mm)ally means the pvrchase of furthgr acquisl1￿ns. A copy of tha fuR acqulsilion5 and disposals policy can be obtained frorn th8 mu58um. The trustees hav8 pai¢J the regard to guKlance issued by the Charity Commlsskn In ￿￿￿11n9 vthat ￿tI¥l￿$ the Charoty should Undertake. The Museum moved from a Company knmit*l by Guardnte& to a Charitable Inojrporated Organisation In 20221 2023 financial year. The current fin8rKi81 year therefore represents the first full year ol CIO tr8dlng. Th8 Ch81iVs is to consull and dlscuss with employegs. through Lbnlons, staff rouncJL8 and at mèetir8¥, matters likety to 8ff8Ct gmployees, intsr8515. Informatlon of mattors of (a￿cOM to gmp4oysos is givon Ihrough tnformation bulletin8 aNI ￿portS which $9gk to aehieve a c4)mmon awar8nÈss (ffi the part of all amployaos of the financkql 8NI grJ)nomlc factors 8ffoCtirg the group's perfom)anr*. Applications for employmenl by disab18d parsons are always fvlty Conside￿d. bearing in mSnd the aptilude6 of the applicant O)TKemed. In the event of rnernbgrs of staff b6coming dLsabled. 9￿ry effort Is made to ensure that Ihgir employment within the Charity conttnues and that the appropri8tÈ training is arranged. It is the pclicy of lh8 Charity that the trainirEg. career develownent Pro[T￿￿tion of dIsabl￿1 p9r50ns should. a$ far 85 possibl8. be idonli¢81 to that ￿other wnployèas. IPSWICH TRANSPORT MUSEUM CIO TRUSTEES REPORT (CONTINUED)(INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 29 FEBRUARY 2024 Thè mLbseum ￿ntInueS to te arLtiTety stsffed by voluwtsers with no pald staff. Vo￿nte￿r recruknient'mnager, 18 currenuy È vacant F¥)St covered by tha chaim)an. Chris Walkor and Inese Pomanarenko cgrry out Iha vtsl 8dministr81ion awc4aled wilh bringing in new 'staif Bnd we have su¢cksstulty Ixw9ht In rw vdunteers dunng the year. wf¥) cmer a y8￿￿ty Lrfrol8s, so tho fjJtur8 is 8ncour8gSng in thi8 regard. The museum malnl#in8d the number of opan days In 2023 following Ihe pattèm set In 2022. Ths refjo¢t tho dfficulty In n￿IntainIng a staffed rots. There remains an urgent naod to increase the number of dtjty officers who are preparod to Cover SuThJays In Parti￿￿ar. Stewardin9 and Iront of house numters are less Grill¢al. Out 'thè rota, ￿ty'nueS to be 8 challenge. We have made im[￿eMentS to the museum's admin15trotion of &)¢kql Modla and Gargth Perknns Is 8s5isling with publicty. We do not currentty e￿S*Je empty)￿r9 paid Staff a8 we do not ￿n$￿￿er this sustsin#b]e w) ow cuffenl business modtl. Th museurn 8it•(81 The museum sile cthinues ts) operate wedomin8nlly frtyn the Prtory Heath wth Iwo cther storag8 Ioc8b"ors. Work continugs to develop proposals to Increase 8tor89è hccommc4Jatiors at Priory Hèath. Thero Is nf insuffioent spar* to store all tnu5eum objects und8T lJ)ver. witM)ut s1gnff￿￿tIY rBduang Spa￿ around exhibits at PrkJry Heath. and oui abllty to collect fijrther objects is geverety limited. Some space hos been gainwl by ratlonalisin9 Storage of a few existing objects. but the museum rgmains pretty much Yull.. W• completed the purp059*u1￿ oll Sto￿ and cornm8nced work externèlly to prepare for an 8dditlonal store buildin9. A deal was slyuc* with G￿nSca￿ EnepJy so Solar Panels on the rr*Jf now supply the main5 grid r8tum for below market rats tsriff Eleclitity forthè Museum, giving improved security on energy costs. Stskghold•rn The museum c¢y)tinues to m8nlaii positwe links wilh our ￿l￿rd, Ipswtch Brxough CL￿nd1. hxal polikn'(*ns and varKJus 5tskeholders who support ar￿ asslsl the mLBeum. We also continue to wrk wlh othar mus8ums and volunlary org8nisatrons the As8oei8tK)n for Suffolk Museums, Ipswlch Herrtage Group. Na￿onal Assoryation of Road Transport Musèums and others. We ar8 fortvnate to o)unt on the support of local polillcaans and coun(al officats, and continue have a relalNety free hand to Shape the future of the museum in any way wè desirg. The ITM ChaI￿n￿n was ekncled to the b)ard rA dir￿rS of the A8sory#llon of Suffo* Museums durfng tho year. A¢hle¥*m•nts and porfornlanee The museum continue8 to coffect new objects in a m8a3ured and Objec￿Ve way In ￿￿rdance with our collections monagement $tratggy. The Gal$ndar year of 2023 saw th8 8cqulsfiUon ol a 1986 Bedford TK lire appliance. We are wi)rking wlh the Food Museurn In StoWma￿et lo potentlally house it8rns made availabl& a revw ol their coll￿tiOns. We are also knoking at potentl81 dlsposals from our cx)Ilection - the RAF Runway ROl￿r belng $ublecl of particular work in th15 r8g8rd. Restoration of Ihe Ci)mmer TS3 LoTry and Cxèska bAotOT Sc4y)tsr wgre eomp10ted. The DAF D825D Optsrè Sp8ctr8 bua was successfulty MOTd and used ts thg rst time sine£ ao]ulshiffi. thanks mainly to Ihe efforts of Androw Cook, who continues to support museum ovents wlth f45 ￿en40P bug on a rogular baws. IPSWICH TRANSPORT MUSEUM CIO TRUSTEES REPORT (CONTINUED)(INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 29 FEBRUARY2024 Work in wogro3s cnmmenced on the ROn￿m•S Trolleybus. Cranfiohjs Trailer Pump and Park and Rkje stgn from Lonth)n Road. Work continues wlth tha Bedford WLB bu3 and Daimkr Hearse. We have secur8d signffi¢ant financial don8￿0￿ enabling commencement of the filling Stevens 19205 i￿5 project, and work commenced in eamest over tho winter 23124 périod. Further restorations wil be o)nsMlered on ¥ eAsfrby•casa basis, prowded they have a proper r8Stor8Uon and funding plan to suprM)rt them. V8riCU8 'restored' vghlcles ha￿ recefved malntenan(x and repalr during the cijurse of the year, enwring 8 variety could b8 dernonstrated to the publle at special event5 and off slte at Vari￿5 local events, rallies and shows. AEC Regent ADX 1. thè Karrlor Banlam and Commer TS 3 brrF8s, AEC Tower Wagon And Renault Ambulanc8 have all beèn made drhvablè agaSn in tho last 12 months. Slmllar work Commenced on thg Ch8vrolet LQ bus and B6dford OB co3th. A slgnincanl re4)rgani$atlort of exhlbits took place over the winter of 23￿4 masteminded by Stephen Cobb, and this has (xeatèd space for n8vAy a¢qulr8d objects. Steph&n Blso C￿ated a temporary trolleybus gxhibition room n 2023, to be Teplae¥d in 2024 by a revised 'hlstory of the lawnrTK)war' dlsplay. Mentttsn 8180 needs to bo mad of our h8roic team of florK palnt8rs. who tran8fom) the museurn envlronrnent befor6 we rwpen to the public every year, and kèèp the museum looking fresh. Th8 archlvès tèam hav8 continued to make Inroads into fonnally accessk)nlng photographs. pjans and ephamera. Each obje¢t 1$ now catalogued Ind￿IdUal￿ rather than as a comectron. This meart5 our'object ¢ount' is now 1hous8nds more than at our last attredltation submissionl The Vemon CMS 8olhvare used to cwtalogu• our aecessloned objects hos b¢en in use for a hAI yoar and has bèddad in SUC￿$$fv1ty, a great credit to Did( Hanley, Sue Cooper and the rest of th• implementation tèam. The musoum plac*d trolleybus 105 to the East Anglta Transport Museum on loan un￿) th8 e￿j of 2023. and this W88 extended for a 12 nX￿Ih$. We ￿11 again soek to extend thls rf EATM is agreèable. The nwseum (￿￿tinUeS to malntaln two add￿onal 8118$ wharo objects arg stor8d. These wriuolly full, so I￿rG Is now littL8 SCQPa to expand the ￿lleCtIOn ftsrther unless 8ddstional cOVe￿d a¢commodatlon Is created, PTeferably at Priory Heath. The olhgr alteralNe is to dispos8 of existing obiects whlch are no longer deemed appropriate to the collecuons. Flnanclal review Th8 museum COn￿n[be$ to perforn satisfaetNlly financialty, maintBinlng arca 10,000 vlsltors a year. Generatlng £4&£50k Sncome. Thi$ con￿n￿O$ to eThwh8sisè Ihat visitor inwme eovers our basic running eosts. It also demonstrates that not opening on Mondays or Fridays In Ihè school ￿lI￿lay$ has again not siqnthcanlly affeded opgrations. We contlnue to ts¢W¢ the resouT¢È (th8llange of staffing the museum. Wè oparated a progr8mme of speclal events ovér tha course ofthe year, as well as group vlylts and sthool vlsts, which continue to contribute our v•rfed Income streams. We are In(lebfgd to Bemard Slmpson and Sleve Marszal for thelr wntinued dilgence in managlng mus8￿￿ finances. and wtsuring ￿r investmenls aré rgalising th8 test posstsle rates of interest. The IpSW￿h to Fe￿X$t0Wty Hiqtorfc veNdg was a suce4ss as usual. and gènorntes SI￿lfIl￿￿ goo(Iwill and publldty for the rnu58um as well as som8 flnancial gain. The 'neW team who organised and managed th8 event in 2023 Bre diAy thanked h$re lor their conlribution. Th8 museurn wntinu•s to dTl¥e significant income from trading in the shop and vla the t8aroom. both managed by Eddle Kino. E(kYig has handed the rglgns of the shop to Jtssh Steward in 2024-25. , Frtends of IpsV￿Ch TranspK*rt Museum cgntinue to contribute donations and again I am p￿Sed to rgcord thanks to the FOITM committee for thelr efforts. The r959rve pokcy of the charity Is to maintsin ftjnds to n￿et one yearfs flx81J costs to accumu18te other funds to develop th8 museum premlses and facilth"es. acquire new 8rt8facts and impro¥e thè Interpretsbon of the exhibits. The investment pollcy is to IKJkl in a risk free liquid form funds to meet onè y*s costs and to hold other fund5 in h)w risk invostments designed to prov(de growth over th8 slY)rt terni. At W9$8llt all funds are on short te￿ depo5￿. IPSWICH TRANSPORT MUSEUM CIO TRUSTEES REPORT (CONTINUED)(INCLUDING DIRECTORS, REPORD FOR THE YEAR ENDED 29 FEBRUARY2024 The tru8tees caryy (Krt on Annu81 reviow of the company's financial posilion and othèr risks thal may affect the OP8rab'ons ofthe frnseum. Amongs¢ olher thiNJs this revigws tha chanvs re88rye policy. Th8 rnain risks faced by the ￿rnpanY are a fall in ￿Sit￿r numb•rs and a fall in the numbèr of volunteers or Sup￿rterS. To mitigatg such rksks. Councl of Management monitors dosely vlsitor, volvnt8er and 5UPWrter numb￿5, Th8 WllUS8um Is wdely r*omoted. The charity is totslly (18pendent on its volLLnteers and tt)e trustees are con5aous of th6 to take their views into account. This is faulitated through Ihe Frie￿$ of Ipswich Tra*w￿ Museum whlch elects trustees and is consulted in vatitiU5 ways. The museum prgrntS85 are Mon1￿ for$￿Ul￿ and flre. Variws H8aMh and Safety policies havo been prepared and thèsè am miewed as apprLyriale. Con¢lu¥ion The museum tt8s traded positively and conthnues to attract pcAitie818t)d pU￿1C support. I'd like to thank everyone who has contributed to th8 many and varie(l athiev8menls durtng the course of Ihe year. and Iwk forward to the conltnued devglopment ol the organisation in 2024 and beyond. The museum is firmly 8Stablished and widgly recognised as an essential and embedd8d ujitural attraction, and lorvJ may this remaln the GqS8. To Ix)neluda we I￿k10r￿¥rd challer¥Jes for th8 fOrthL￿mIl9 year. The59 indudtr the folk)wing: Operational Covèring the rota ImprovirvJ (x)mmun*ation at 411gvds Volunt88r recruttmènt and U)4Ndin0￿on . AccA)mmc*Jating r*w 8cqu151ts.ons Malnlaining a tidy and work(ng environrngnt Strat•gl Site dèvdopment and in¢xeasing ouraccomrnodation ￿ site at prtory H8alh Improving rwseum re$d1¢￿-anrt wc¢èssth planning for polential management vacanci95 In the fu￿re lrnprov8fflents to aid vehide rnaintena)￿ and repair Developiry fulure pro5￿ts and forw8rd plan beyond 2025 Adm1nlstratfv￿cUra¢Qrf￿l Mus8um accreditation Re¢rult n8w museum rnentor Communications Improwng generally... . Ht)w w6 gel the mossage across HelpiThJ evwyone see Ihe blg ￿cbJre, Keeping pgop48 up to date . Worklng as a cKJh8¥iV8 group across the vallous speuolisms in thg mwm IPSWICH TRANSPORT MUSEUM CIO TRUSTEES REPORT (CONTINUED){INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 29 FEBRUARY 2024 The Charity is a wmpany Ilmltod by guarantee, a wlslered charity and a fiN￿e￿m Museums, Libraries and AsthNes Cound Scheme {No RD8901. The trustees, are 818otht direcloTr lorthe wrpc6e of ¢oNparty law, V&tho seThpd durlng the year up to the date of ￿gna￿ra oftha firk1r￿l8I statements wets". e Simpson A H Cooper S Z Marszal MASmlth E Mouser R M Klgllor EGKing S Cobb A J Burke D J Frost R Hanl&y (Appointèd 9 May 2023) [Ap￿in1Èd g May 20231 (Appolnted 11 Juty 2023 and wsign&J 9 May 2024) IAprw)Inted 8August 20231 (App)inknY 8Awl 20231 TnJs*e¥ ar8 dected by the members. th thlrd 8r& nO￿nated by Ihg sl￿p￿tIng OTganisatK)n Frfends of Ipswkh Transport MU86￿￿ by bomot al Ihetr annu￿ gèneral megthng. Nonè of the trust885 has any bonofidal intar¥st In the ¢I>m￿nY. of the trustees are ffletnbors of th8 company and guaranteo lo contn'bLrte £1 in the event of a %*iThJirKJ up. The trustaes fo￿ 8 eounol of Managementvthtch admlnlsiers tho Comp8rry. It ￿￿e1$ mcAthty. There at¥ no staff. all marw and worfcers b8tThJ Unpa￿ volunteers. The dty to day man¥gement of the museum is rried out bythe trustees kl by thè chaknian. Chaknm￿ 5e¢retsry. The charl￿$ wholly 0￿ed subsidiary IF6wth Tfw)swt Mvseurn seryl￿ ￿fflited was established to OP8rate th• musoum $fw ond tea room and ID cary on olher 0￿rat￿)nal tr•Jlng opportun￿•8. It donates all rts profits to the ch811ty. The direclnrs of Ihis u)mpany ar8 appointed by the charfty. Applications for employmgnt by disabled perso￿ ar• alvmys conSIde￿d. bearing in rrrfnd the aptitudes of tha appllcant crmc8meiJ. In lh8 Èvenl of members of stBIt becoming disablad, every effort is made to ensure Ihal thelr employment wthin the Charity con¢Énues and that the appropri*e training 1$ arranged. It Es tha policy of the Charrty that the trdinFno, ￿Te&r developmgnt and prOrno￿n ol ijsabted persons shoukl. as far as posslbl8. b8 identical to ihat of othw 8mpioyee& The Charivs p)Ilcy Is to ￿)ngjI1 dkwss Ythh ampioyees. ttwh $laf¢ ex)￿clI8 and at me8b"ngs. matter5 lik&ty io aff8ct emptyes. Interest& Irrforrnation of rnattèrs of wncAm to emkloy88s Is 91￿￿ Ihrough Information bulletins and reports which to athleve a ¢ommon awaIFn￿S on thè part of all 8mpknyees of the financial and 8conomlc factiys aff8ct#ig the groups perforn￿￿. Th8 thjstees re was approwj by thg 808rd ofTru6teg& MASmtth Tw8tee Dalèd.. IPSWICH TRANSPORT MUSEUM CIO STATEMENT OF TRUSTEES RESPONSIBILITIES FOR THE YEAR ENDED 29 FEBRUARY2024 The tustee4 who arè also the directors of Ipthch Tran5wI Museum CIO for the pwpose of o)mp8ny law, are responsible for preparing Ihg Truste85 Report and th8 financial statements in attordance wth applic8bl& law and United Kwwdom Acix)unUng Standards (Unfted Sfjngdom Ggn8fdllyAcc8Pted A(x￿nI1ng P￿tI￿). Comp8ny Law requires the trusteès to prapar8 financ￿1 sl8tements for fjnancial y8ar which 9Sve a true and fair ew of the state of aff8irs Df the Chafity and ol th8 incoming resources and applcatlon of resources, including the incomè and expendthre. of the charttable ￿rnpanY for that year. In pwparing Ihe8e finanu81 statements. the tnJsloe8 are required to.. - sèlect suitabb accounting rrt)It¢ies and Ihen appty th8m conslstenty: - obsatve the methods and princ6￿eS in the Charibgs SORP., - make 1￿198M8nts èslmat8s that are rg8son8ble and prudent.. state wheiher applieable UK ACCOUn￿ng StaThJards have b88n folbjwed, subject to 8ny material dèparturgs disc105ed and exFlained in th8 financial ststements: and . prepare the finanrial statements on the goiru con￿rn basis unl98$ il is Inappmpdats to wesume ihe Charity will contSnue In (4)erab"on. The Irustees are responsible for k88￿rng ad8qualg awjunling rocords that dis¢los8 With reason8bl8 accurdcy at any t*me the fin8n(ial position ol the Chartty and enab￿ them to ensu￿ that the finanrial Btataments comply with the Companies Act 2006. They 8re also responsible for safeguarding the asset$ gf ihe Charity and hence for laklng reasonable sleps forlhe prevention and d8tectbn of fraud and othèr irregularflle& IPSWICH TRANSPORT MUSEUM CIO INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF IPSWICH TRANSPORT MUSEUM CIO I roport to the truth85 on my examination of the fin￿tial ststsm6nts of Ipswich Tran$kYJrt Museum CIO (the Charitylfor the year eThJed 29 Fobruary 2024. R•¥ponslbilitlgs and ba$1$ of r•port As the trustees of the Chwity land also Its dir8Ctors for the purpos85 of eompany lawl you are responslble for the preparatitin of 1he finBnGial statements in accordance with thè requirements ol Ihe Companles Act 2006 Ithe 2006 Havlng satisfied rny59lf Ihat the finan¢ial stataments ol the Charity are not required lo b8 audited undgr Part 16 of tha 2006 Act and are e1igib18 for independent gx8rnination, I report in resp8Ct of my examination of the Charitys financial statements carwiEd oul under sedion 145 of the Charitles Act 2011 (th8 2011 AGtI In carying out my examlnation I have followwj all th$ appllcat4e Dirgctions given by the Charty Commisslon under sèctN)n 1495Xbl ol the 2011 ACL Independent examinorfs slatsment I h8ve comp18t8d my examination. l ¢onllm) that r￿ matt6rs have o)me to my 8ttenllon in ¢onnedlon wlth thè èX8minalion giving rne ¢8use to bdl8ve that in material respect.. acwunting records We￿ not kept in respect of Ihe Charity 88 raquired by section 386 of the 2c4J6 Ac¢. OT the finanual statements do not accord wth Ihose ￿cOrdS,. or tho financ4al st8t8ments Ib not cornpty with the acc£)untir4J wulr8ments of seclk)n 398 of th• 2008 Act other than any requirement that th& arbjthits gNe a twe an¢J fair vlew whlch 15 not a mattor considgred as part of an ind6pendent ex8minab"on', Of the thanC1￿ st8t8rnénts have not bBen prepa￿d in accordènce wth the mgllM)ds a)d prindple3 of the Ststèment of Recommended PrACti￿ for 8¢countfing and reporting by Char￿e8 applicable to charitias preparing their accounts in aco)rdanee with the Financial Reportlng Standard applicabb Sn the UK and Republic of Ireland (FRS 102). I hav8 Thj cL￿¢eMS and have LY)me across no other rnatters in connection with the exarninatitsn to %th¥ch attenlion shoukl be drawn in this ￿port in Orderto enable a proper undeTStanding of the finan¢kg1 statements lo be re8ched. Mrs H Rumsey, Ensors Accountants LLP COnnèX￿n$ 159 Prin￿$ Street Ipswich IP1 1QJ ¢yffju> UJ bl TJ Vy ¢7) )m 75 * 7J IPSWICH TRANSPORT MUSEUM CIO BALANCE SHEET AS A T 29 FEBRUAR Y2024 2024 2023 F5x•d a88ets TAngl￿8 assets Investments 152,245 391 182,855 391 12 152,636 183,246 Current aas•ts Debtors CBsh 8t b8nk and In ￿n￿ 13 5.943 467.650 13.086 428.493 473.593 441,579 ¢r•dltorg: amounts falllng duè T*lthln one year 14 118,4721 {12,580) Not current assets 455,121 428,999 Totsl a55ets less li¥blltl•s 607,757 612,245 Not ass¢ts ucluding ponslon Ilabllty 607,757 812,245 The funds ofth• Charity Restricted income funds Unresthctsd funds- general Unrestricted funds- Heading #ac997 15 62.406 351.675 193,676 56,465 362,104 193.676 16 7.757 612.245 The company Is ontilled to th8 exemptirm from the audit requlrement u)nt8lned In seclKin 477 ofth& Companies Act 2006, for the ￿ar ended 29 February 2024. The directors 8d(nowle(Ige tholr r&spor￿Ibl1itl*S for complying with the roquirements of the Comp8nie$ Act 2006 wllh respact to accountbng records and the preparation of Ilnanrial sl*am8nts. Th8 m8mbers hav8 ntst required th¢ eoryany to obtAin on audK of Its finand31 ststem&nts for the year In cue8t￿on in ac￿rdanc￿wth section 476. These financial statements hav6 b98n pr8pargd in accordance with th8 provithn8 appllcatle to cC￿panIeS subject lo tha small companies regimg. Th& financk?15ts1ements were approved by lh& trust￿$ on.... 3ULX B Simpson Tru8te¢ MASrnith Truste? Coffyany rw"stration nurnbar CE030248 (England and ￿les) 10- IPSWICH TRANSPORT MUSEUM CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024 Aceountlng pollcles Charlty Inforn￿n On the 20 September 2022 th8 company convertgd from a Compsny Limit8d by Guarante8 to a Ch8ritabl8 incorporat6d Organ15ation. Ipsweh Transport Musgurn CIO is Incorporated in England and Wa1è8. Th8 registered off￿e Is Old Tro118ybus Depot, Cobham R08d. Ipswich, IP3 9JD. 1.1 Ac¢ountln9 convontlon The ffinancial ststeJn8rts have been pfypared In acrx)rdanc% with Accounting and Repottng by Chartlies.. st8t8m&nt of Recommended Practi￿ apph'cable to rj)an￿eS preparing their accounts In accordance wrth the Financial Repuyting Standard for Smaller Entities published on 16107114. the Financial Reporting St8ndard for Small6r Entities leff8clive January 20151 and the Companies Ad 2￿)6. Assets and IK4bilitl85 ar8 Snth"ally reo)gnised at historical ctht or trans9￿￿ value unless olhèrwise stated in the relevant accounting pdicy rM>tèls). The finanryal statements are prepared in sterfing. whic* is the funcllonal Djrrency cl th8 Chwlty. Monetary amounts in Ihase flnarKial statements a￿ Younded to the nearest£. The financial statements hav8 b8en prepared undèr thè hislorKal cDst (x)nventSon, Imdrfi8d to include ihe revalu8l.on of freehold properties and to include invgstmgnt Ptoperties and certsin financial instrumènts at falr valuel. Tha ptinopai accounting policies 8th)pted arè set ￿Jt bek)w. 1.2 Going ¢on¢•m Th8se accounts h8v8 b88n prepared on a going concem besis subjècl to the impact that tho ongoing COVID 19 pandernlc might C￿ntInUe to have on th8 Charity- The Government hav8 Tecently ConfiM￿d th& date with which social distsnung restrictM)ns wtll bo Ilfted in the UK ￿vIng genuing hopo that a return lo normal operdllon for the thanty can soon commence. At the lime of appro￿ng the financial 5t8lem¢nts. the trustees have a ￿?Sonable 8xpectalion that the Charity has adequ8te resources to continue in operational existence th8 forasaeat40 fU￿rfr. Thus the tsustegs cJJntinue to adopt thg going concEm basls of accounting in preparing fv financial stotements. 1.3 Chartt•bl• funds Unrestrfcted funds 8re available for use 8t th8 dlscreiion of trustees In ftjrtharanca of theic chwitablo oblectivos. Regtricted funds are $ubject to specific Ix)rKlibons by donors or grantors os to how they moy bè used. Tho pwpws and uses ofthe restricted funds are set out in Ihe notes to tho fin8n¢ial statements. 1.4 Incomlng resourcos Inco￿￿ ts recognised wtten the G￿rity is legally gnttt18d to it aftef any perf0mlar￿ condluons have been meL tha BnKJunts can be mea$ured reliabty. and 6t Is prcthble that ineome will be receivèd. Cash donatiDns are rgcognised on teceipt. Other donations are reccMJni8ed ON￿ the Chaity h8s bgen notified of thè donation, unkgsa performance ¢onthbons ￿quire d9ferral of tho amount. Inco￿￿ tax reGoverabLg In relati(￿ to donatlons Teceived undgr GiftAid ￿ deeds of covenant is re¢ognised at the time of the donation. Legacigs arp rowgnls6d on Teceipl or 01h￿l$e rf the Chanty has been nolifted of An ImpeThJing distribution, th8 amount is known, and rec*ipt is 8xpected. If tha anount is not known, Ihe legacy is treated ￿ a cc*)tingent asstrt. Gr8nts ar8 rwn4s0d wh8n the charity i5 •lltIt￿d to receipt. 11 IPSWICH TRANSPORT MUSEUM CIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 29 FEBRUARY 2024 A¢countln9 pollckns IContlnu8dl 1 A R•sour¢g$ •xpond•d Expenditure is iecognised once thère Is a legal or conslructiva obliga¢M)n to transfer economic benefft to a third party, il is prob8ble thèt & transleT of economlc benefits will be required In settlement. and th8 anK)UDI of the obligatK)n (%n be measured reliably. Exponditura is dasslfied by g¢tlvity. The costs of 88th actmty are made up of the totsl of direct costs shared crxts, includirwJ support costs involved in undertaking each advity. Direct ¢x)sls attributsble to a siffjle 8ctNity are alk)cated diredy to Ihat athvity. Shar6d costs which rAJntribute to nYJre than one actiwty and support rx>sl8 which are not attn"but8ble to a single activity ar8 aPPDrtioned those a¢*"vities on a basis consistent th the use of resources. Centr81 staff rthts 8re althated on the basis of time spent, and eprerA•tion Charg￿ are allocat8<1 on the portion rfthe assefs use. Expendrture is recogrrised once there is 818wal Lw £c￿StruCtIV8 obligation to make a payrnent to a third party. is probab￿ Ihst s6tdemenl will be rgquired and Ihe 8mthJnt of the oblMJ81ion can be measured rg16ably. 1.6 Tanglblo flxgd a$¥et8 Tangibig assets are inTtsally [￿88sure￿ at ¢(6t and subsequently rnea3ured at o)st or Va￿al￿)n. nel of dèprecAth"on and any Imp81rment losses. Depre(i8lMxh Ls recognised 80 as to writa off thg co&ofv8luatk)n of assgts less Ih8ir values ovèr thdr usaful Ives on thg frAlowing bases.. Land $nd buldlngs Lw&88hokJ Propaty Stsght line basts over 20 years straight Ilne basis over the lease tsfm of 25 years from June 2001 20% on reducing balance 20% on reducing balance PLrynt and ma¢hinery FIxtL￿S. fjttlngs & equlpment The 9ain or loss arising on tha disposal of an assol 1$ det8rmin8d as the diffgr8nc8 beiween the sale Proceeds and the cawiing value ol the asset. and is r8cognrs&J in Ihe ststgrnent ol finaThial activities. 1.7 Flxod a￿•1 Investm•nts Fixed asset investrn$nts are inrtially measured at transadon prlce exduding tsansgdon costs. and are subwu&rtty measured * fair value at each reporting dale. Chanuas in fair value are rtct¥Jr.Is¢d in net inwmellexpenditural for the year. Trydnsath"on costs are expensed as incurre(l. A subsidi￿ is an entity controlled by th8 Charlty. Control i8 tho p￿r to govem Ihe finw¢ial ond operatlng poliThes of ihe entity so as lo obtain benefits from its activitses. 1.8 Impalrni•nt OffiX￿ ass•ts At each reporbng end date, the Charity rgVi¢WS the carying amounts of Its tangtrjle Assets to det8imine whether th8r8 is any indiGqtion that those assgts have suffered an impalrment loss. If any indlcation exlsts, the recov•rabl& amount of th9 $88et is estimated in order to detemine tha èxtènt of the impaimienl 108$ lif any). 12- IPSWICH TRANSPORT MUSEUM CIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 29 FEBRUARY 2024 A¢¢ountlng poll¢lg# IContInu￿) Re¢ov&r8blè arnc￿nt is ts higher of falr value IBSS costs to sell and va￿t in use. In as8es8ing wdlue In use, the •stimated ftrture cash flows are discounted to their pre8gnt vglue using a pre-￿X discount ra￿ that reffiects currgnt tnarket assessments of lh6 tlme vatU8 of money and th8 rtsks specific to the asset for which th8 ostlmates offvtur8 ￿$h llows have not been adjusted. If the recnverable anount of an asset is estknatsd lo bg18SS than its carying srnount. the c2rying arThJunt of the asset is redvced to its I￿Verable amount. An impaimient loss is reo)gnised irrwnediatdy In incomel 18xpenditur81 for the year. unless the relevant assgt r4 carrtwj at a rgvalued am(wnt. in whtch case the irnpalrm￿I loss Is treatwl as a revaluat•?n d#ctsAse. Rgcognls8d Impairment l¢)ss8s are reversed If, and only if, thè reasons for thg impaimient loss hava ceÈsgd to appty. Where ￿ Impainnent IDSS subsequently rèvorses, the carying arnount of the ass￿ is increased to the revlsed estirnate of tts t8cover8ble ￿￿Trt. but so Ihat the increased carrying amount does not exceed the Carr￿ng amount that ￿VId have been determinad had no imp8irmtrnt loss been reeognise(J frjr the assgt in piior years. A wersal of an impairment Ioss is Tecognised immediately. un18ss Ihe rdovant asset ts CAMed in 81 a r8valu8d amunl, In which cas8 thg ￿Versal ol the impairrnent Ioss 15 treatsd as a revaluabon Inc￿Se. 1.9 Cash and cash equiv•lonts Cash and ￿8h gquival•nts Indud& cash In hand, dèposits hold at ￿11 with banks, ￿eT SI￿rt-tem1 I￿Ul￿ investmonts with original rnalurities of thr88 mDnths or les3, and bank overdrafts. Bank overdrats are shown within borrowings in uJr￿n1 liabilrties. 1.10 Fln8ndal instruments The Charity hxs dected to apply the provisons of Section 11 'Ba8ie Finan(aal Irtstruments, and Secltjn 12 'othor Flnandal Instrurnenls Issues. of FRS 102 to all of tts financ181 inslwmgnts. Finanaal Instruments arè recognised in the Charitys balance sheet when Charlty becomes party to the contractual provislons of the in8trument. Financkwl 8ssety and liabAitles 8tè offseL with th& ngt amounts prasent8d ￿ Ihe ffinèrrial staterThenK whon thar6 is a *ally enforcèable right to set off the recognised amounts and IherB i% an intention to sett￿ on net ba81$ or lo reallse th9 a888t and $8llle th8 Irdbility $imultaneou5ty. 3asic Ilnan¢lal as$6ts Basic finandal assots. wtrx¢h include debttys and cash 8nd bank balaneEs. are initially measurgd at transaclKJn price Induding trans8dfion costs and are subsequerrfy ¢athed at 8mortised cost uslng tt)e eff8¢tive Interest rnellmxl unl&ss the arrdng8rnent constitutés a financing Iransaclon. where the trans8ction is measured at thè present value of the fu￿re r8c8lpts dIScoun￿ ai o market rate of intsfvst. Flnanclal as8ets classified as receivable vAlhin one year are rv)t amortiS8d. sle Ilnanclal Ilablllti8S B8sic flnancial liabili￿5. incluthng ¢r8ditots and bank loans are iniually r8cx)gnis8d at transaction prlce unless the arrang&ment constitut88 a flnancang Ir8n8actlon. wh8fe the debt instrument IS rn8asured at the prgsent value of the firture payTh&nts thscount•d ot a market ratg of Interest. Fin8nei81 lia￿11￿85 Cla￿rIed as payable within one year ar8 not arrK)rtis6d. Dèbt Sn*Nm8nt8 are sub8oqugnUy carri￿ at amortisod ¢osC u¥ing the effective interest rale method. Trade cr&dltors are ob}￿8￿"0nS to pay forgoods or services that have been al4ul￿d in the ordinary course of operations from suppl￿[S. Amourrts payabte 8re cLqssiffed as ¢Uffent liabilities If payrn8nt Ss due wthin one ye8r or I￿. If not, thèy are presented as non