Charity registration number 276626 (England and Wales) Company reglstratlon number CE030774 IPSWICH TRANSPORT MUSEUM CIO ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025
IPSWICH TRANSPORT MUSEUM CIO LEGAL AND ADMINISTRATIVE INFORMATION Trustees B Simpson A H Cooper S Z Marszal M A Smith E Mouser R M Mellor EGKing S Cobb D J Frost R Hanley P J Meredith (Appointed 12 November 20241 Secretary Mr S Z Marszal Charity number 276626 Company number CE030774 Registered office Old Trolley Bus Depot Cobham Road Ipswich IP39JD Independent examiner Ensors A¢¢ounlanls LLP Connexions 159 Princes Street Ipswich IP1 1QJ
IPSWICH TRANSPORT MUSEUM CIO CONTENTS Page Trustees report Slalernent of trustees responsibilities Independent examinerfs report Statement ol financial activrties Balance sheet 10 Notes to the financial statetmenls
IPSWICH TRANSPORT MUSEUM CIO TRUSTEES REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 28 FEBRUAR Y 2025 The trustees presènt their annual report and financial stalernenls for the year ended 28 February 2025. The financial statements comply with the Chaiitie5 Act 2011, the Companies Act 2006. the Memorandum and Articles of Association, and Accounting and Reporting by Charities. Statement of Recommended Piactice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard for Srnallei Entities. Objectlves and activities Thè museutll exists to preserve the transport and engineering history of the Ipswich area. 11 does this through the operation of the museum itself in Cobham Road. Ipswich, through its website wwN.ipswichlransportmuseum.co.uk, through the organisation of external events such as exhibitions and iallies. through lectures lo other organisalions 8nd through public access to ils archive, costume and photographic eollections. There is no intention of changing this policy in the foreseeable future The following give a summary ol the museum's collecting and disposal policy. The policy is to collect artifacts relating to transport and engineering made or used in Ipswich and the surrounding area. This includes for example records, photograph5. books plans and costumes. The trustee5 accept the principle that there is a strong presumption again51 the disposal of any itèms in the museum's collection. Decisions to dispose of items will not normally be made with the principle aim of generating funds. 11 a decision to dispose of an item is taken. the procedures in the model acquisilions and disposals policy issued by Arts Council England, will be followed. Any monies received by the trustees from the disposal of ilerns will be applied for the benefit of the collections. This normally means the purchase ol further acquisitions. A copy of the lull acquisitions and disposals policy Can be obtained from the museum. Public benefit The Iruslees have paid due regard lo guidance issued by the Charity Commission in deciding what adivilies the Charity should undert8ke. Activities The Museum moved fiom a Company Limited by Guaianlee lo a Charitable Incorporated Organisation in 202212023 financial year. The current financial year therefore represents the first full yèar of CIO Iiading. Mark Smith continued as Chair of Trustees lfiisl Appointed Novèmbef 20221. New appointments as tiustees were Peter Meiedilh. and a non-executive li.e. non-votingl advisor, Mark Barrett on an initial 6 month trial. extended for a further 6 months. Mark ha5 a Curatorial Advisory role. The museum remains acciedited with the Arts Council as an accredited museum, and althouoh expected to have lo re-apply for this slalus al some point soon. A formal invitation is awaited. The museum maintains a published and publicly awessible Forward Plan. which expiies in 2026 and therefore due for review. The current plan cover5 the period 2021-2025. Progress against the plan in rneaskjred and reported at regular Intervals. Our professional 'museum mentor, post remains vacant. (Our prèvious mentor re51gned in 20221. Mark Barrett is covering this role In an admsory capacity at present. bul no formal appointment had been made al the ol the financial yeai.
IPSWICH TRANSPORT MUSEUM CIO TRUSTEES REPORT {INCLUDING DIRECTORS, REPORTI (CONTINUED) FOR THE YEAR ENDED 28 FEBRUAR Y 2025 The museum continuès to bè entirely staffed by volunteers with no paid staff. Volunteer recruitment 'manager' rernain5 a vacant post ¢overed by the chairman. We have successfully brought In several new volunteers during the year. who cover a variety of roles, so the future continues to be encouraging In thi5 règaid. The museum maintained the number of open day5 in 2024 following the pattern sel in 2023. This ieflect5 the continued challenge in maintaining a fully staffed rota. There remains an urgent need to increase the number of duty officeis who are prepared to cover Sundays in particular. We are extremely grateful to our loyal stewards and duty officers. We have made improvernents lo the mLJseum's administration of Social Media and Gaieth Perkins is assisting with online publicily and posters. We do not ourrenlly envisage employing paid staff as we do not considèr this sustainable in our current business model. The museum sitelsl The tnuseurn site continues to operate predominantly from Ihe Priory Heath site with two other storage location5. Work continues to develop pioposals to increase storage accommodation al Piiory Heath. There is now insufficient space to stole all rnuseum objects under cover, without sionificanlly ieducing space around exhibits al Piiory Heath. and our ability to collect further objects is severely limited. Some space has been gained by rationalising storage of lew existing objects. bul the museum remains pretty much 'full'. We have enga9ed the seNices of a Building SuNeyor who has agreed lo prepare plans for an additional store building la5 8 volunteer at no costl. Last year I noted a deal with Greenscape Energy where Solar Panels on the museum roof would supply the mains grid in return for below market rate tariff Electricity for the Musèum, giving improved security on volatile energy costs. Completing this deal has not yet proved possible and we continue to engage with Greenscape to get the panels up and iunning While there has been no direct cost to the museum. the challenge ol arranging a new electricity meter for the museum and organising a UKPN supply to the national gild for Greenscape have so far proven insurmountable. We are not in dispLJle with Greenscape as such. bul negotiations lo conclude the matter satlslactorily are taking 8 signifi¢ant chunk of managerial time. We aim to have the deal concluded in the forthcoming year. Stakeholdèrs The museum continues lo maintain positive links with our Landlord. Ipswich Borough Council, local politicians and various stakeholders who 5UPPOrt and assisl the museum. We also continue to work with other museums and voluntary organisalions via the Association lor Suffolk Museums, Ipswich Heritage Group. National Association of Road Transpori Museums and other5. We ale fortunate ID count on the support ol loGal politicians and COLincil officers and continue have a relatively free hand lo shape the future of the museurn In any way we desire. The ITM Chaifman was elected to the board ol directors of the Association ol Suffolk Museums during the yeai. Achievements and performance The museum continLJes to collect new objects in a measured and objective way In accordance wilh our collections management strategy. The financial year 2024125 saw the acquisition ol a 1912 Steam Fire Pump and a 1989 Volvo F12 lorry tractor unil. The loan of the Ransomes Ciusader combine harvester was teirninated. Ownership ol the Barfoid and Perkins roller has passed lo Suffolk Avi31ion Heritage Museum, along with the loan of the Ipswich Airport Land Rover Fire Tender lo the same organisation. The Collections continue lo be periodically reviewed, and two significant incoming loans under review during the period covered by this report will be conclvded ln the 20251 2026 financial year. Work in progress indudes the Ransomes Trolleybus, Cranfields Trailer Pump. Bedford WLB bus and Daimler Hearse. We have secured significant financial donations and a further grant to finance the bas1c bodywork rèsloiation ol the 1920s Tilling Slevens bus. This will en3ble a completed shell with stairs and upper deck to be fitted out and completed in house. The vehicle will depart soon into the next financial year lor circa 6 months. Basic conservation work on the Bristol LS bus has been sanctioned with a view to it being operation81 again during 2025. Further iestoiations will be considered on a case-by-case b351s. provided they have a proper iestoration and funding plan lo support thèm.
IPSWICH TRANSPORT MUSEUM CIO TRUSTEES REPORT {INCLUDING DIRECTORS. REPORTI {CONTINUED) FOR THE YEAR ENDED 28 FEBRUAR Y 2025 Various 'restored' vehicles have reoeived conservation. maintenance or repaii dLJring thè course of the year. ensunng a variety could be demonstraled lo the public al special events and off sitè al various local events, rallies nd shows. Significant work has been carried out on the Bristol Lodekka bus arid Chevrolet LQ. Thè AEC Tower Wagon has also continued lo re1ve attention. along with Ihe Bedfoid OB coach, Bristol L bus and Bnslol K bus. The children's fire engine replic3 was successfully'road tested, in December 2024. A significant re-organisation of exhibits look place over the winter of 202412025. once again organised predominantly by Stephen Cobb. This has crealed space for further objects which will be loaned lo us in 20251 2026. The rear yard ha5 been signilicanlly reorganised with additional containers, which have been moved a lo new location and internally re-ordered. Jake and Owen Phillip5 worked alongside a small team who carried out this significant task of sorting out sp2ies and coherently storing them. Ted King and Adrian Cooper organised the rearrangement ol thè yard and disposal of rubbish and 5orap. The false wall in the Rapier Room has been removed and all 'hidden' objects stored properly Mention also needs lo be made of our floor painte15. who transformed the museum environment before we re-opened. The archives team have continued to make inioads into formally accessioning photographs. plans and ephemera. Each object is now catalogued individually rather than as a collection. This means our 'objecl count. Is now thousands more than at our last attreditalion submissionl The Vernon CMS software used to catalogue our accessioned objects ha5 been in use foi a two lull years and 15 working well. The displays have been Improved with a revised layout of fhe museum, and new panels covering road haulage, railway5 and lawnmowers. The museum placed trolleybus 105 lo the EastAnglia Transport MuseuTn on loarTr until the end 012024. and this was extended for a further 12 months. We May again seek lo extend this If EATM 15 agreeable. The museum Continues to maintain two additional sites where objects are stored. These are virtually full. so there is now little scope lo expand the collection further unless additional covered accommodation is created, preferably at Priory Heath The alternative is to disp05e of existing objects which are no longer deemed appropriate to the collections. Financial review The museum continues to perform sat15faclorily financially, albeit against a 21 /0 ieduction of visitors In 202417885 vs 8893 In the previous yearl. generating circa £43k income. We contiriue to successfully manage the resource challenge of staffing the museum. The balance sheet shows museum net assets have increased in the past yeai. with Inorea5ed income and decrea6ed costs. Donations arid legacies are considerably higher in the year The Trustees therefore continue to tread the fine line of rnatching costs and income suocessfully. We operated a piogramme of special events, as well as group visits and school visils. which continue lo contiibLJte our varied income streams. We are indebted to Bernard Simpson and Steve Marszal for their continued diligence in managing museum finances, and ensuring our investments are iealising the best possible rates of interest. We a150 recorded a significant grant award of £15k frorr Garfield Weston for the TllIng-stevens Bus restoration. The Ipswich lo Felixstowe Historic vehicle was a success as usual and generates significant goodwill and publicity for the rnuseum as well as some financial gain via the trading subsidiary. The team who managed the event in 2024 are duly thanked hele for their contribution. The museum continues lo derive significanl income from trading in the shop. managed by Eddie King and the shop, managed by Josh Steward. Friends of Ipswich Transport Museum continue to contribute donations and again l am pleased to record thanks to the FOITM committee for their efforts.
IPSWICH TRANSPORT MUSEUM CIO TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) {CONTINUED) FOR THE YEAR ENDED 28 FEBRUAR Y 2025 Resernes policy The reserve policy of the charity is lo maintain fLJnds to meet one yearfs fixed costs to ac¢umulal8 Other funds to evelop the useuM premises and facilities, acquire new artefacts and impmve thè irbterpretstion of thè exhibits. The investsnent policy bs to hold in a risk free liquid fom ndS to meet one yearfs costs and to hold other ftlnds in low risk inveslmenis designed to provide growth over the short term. At present all funds are on short tèm dgposiL Majorrisks The tnjstees carry out an annual review of the companys finanal position and other risks that may affect the operations of the museum. Amongst other things this reviews the charivs feserve policy. The main risks faced by the company are a fall in visitor numbers and a fall in the number of volunteers or supporters. To mitigate such risks, the Council of Management monitors dosely visitor. voluntser and supporter numbéTs. The museum is wdgly promotèd. The charity is totally dendent on its volunteers and the trustÈ8$ 8re conscious of the need to tske their views into accovnl. This is facilitsted through the Friends of Ipswich Transport Museum which eleds trustees and is consulted ift various ways. The museum premistrs are monilored for seujrity and fire. VarÈous Health and Safety policies have been prepared and these are reviewed as appropriate. ConelusioTr The museum has traded positively and continues to attract polth'cal and public support. I'd Irke lo thank everyone who has eontrbuled to the many and varied achièvements during the course of tha year, and look forward to thè continued development of the organisation in 2025 and beyond. The museum is fimily established and widely Teca)gnised as an essential 8nd embedded cultural attraction. and long may this remain the case. Strycture, governance and man4g•mgnt Thè Charity is Charitable Incorporated Organisalion, and a registered museum under the Museums. Libraries and Archives Council Scheme (No RD890). The trust885, who are also the directllfs for the purposg of cornpany law. and who sèrvgd during the year and up to the dale of signature of Ihe financfal stslements were.. B Simpson AH Coopg S Z Marszal M A Smith E Mouser R M Mellor EGKing S Cobb A J Burke D J Frost R Hanley P J Mere(litti (Resigned 9 May 20241 IAppointed 12 November 2024} Recrnitment and appOIntnI of trustees Trustees are elected by the members. One third are nominated by the supporbng organisabon Friends of Ipswich Transport museum by ballot at their annual general meeting. None of the Iwstees has any beneficial interest in the company.
IPSWICH TRANSPORT MUSEUM CIO TRUSTEES REPORT (INCLUDING DIRECTORS. REPORn (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2025 Organisabonal structure The Injsteos fomi a cwrscil of Management which administers the Company. It meet5 monthly. There are no paid staff, all fflanagers and workers b8ing unpaid volunteers. Thè day to day managemenl of the museum is carried out by the trustees led by the chairman, vice Chaian and secretary. Relatsonship wtsh relatedparties The charity's wholly owned subsidiary Ipswich Transport Museum SeNces Limited was estsblished lo operate the museum shop and tea roorn and to carry on other operational trading opportunities. It donates all its profits to the charity. The directors of this eompany are appoinled by the tharity. Olsablèd persons Applicatsons for employment by disabled persons are aayS fully eon5idered, bearing in rn1r the aptitudes of the applicant concemèd. In the evènt of membèr5 of staff becoming disabled, every effort is made to ensure that their employment within the Charity continues and that the appropriate training is arranged. It is the policy of the Charity that the tratning, career developmènt and promth.on of disabled p8rsons should, 8$ f8r as possiblè, be id8nttcal to that of other employees. Employe• Involvement The Charity's policy is to (x)nsull and discuss th mOYees. thfough unions. staff councils and at meetings, matters likely to affect employees, interests. Infomiation of matters of concern to employees is given through infomiation bullelins and reports which seek to achieve a common awarene55 on the part of all employees of the financial and èconom factors affecbng the group's perfomance. The truste85 r ort Was approved by the Board of Trustees. M Asmith Tru$te• Date..
IPSWICH TRANSPORT MUSEUM CIO STATEMENT OF TRUSTEES RESPONSIBILITIES FOR THE YEAR ENDED 28 FEBRUAR Y 2025 The Iruslees. who are also the directors of Ipswich Transport MuseLJm CIO for the purpose of company law. are responsible for preparing the Trustees Report and the financial statements in accordance thqth appli¢able law and United Kingdom Accountin9 Standards (United Kingdom GenerallyAccepted Accounting Practice) Company law requires the trustees lo prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resourc£s, including the income and expenditure, of the Charitable company for that year. In preparing these financial slalemenls, the Iruslees are required lo.. select suitable accounting policies and then apply them CDnsistenlly', observe the methods and principles in the Charities SORP., make iudgttmenls and eslimales that are reasonable and prudent", slate whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements., and prepare the financial slatements on the going concern basis unless it is inappropriate to presume that the Charity will wnlinue in operation. The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any lime the financial position of the Charity and enable them lo ensure that the financial slalemerrts comply with the Companies Act 2006. They are also responsible lor safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection ol fraud and other irregularities.
IPSWICH TRANSPORT MUSEUM CIO INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF IPSWICH TRANSPORT MUSEUM CIO I report to the trustees on my examination ol the financial statements of Ipswch Transport Museum CIO Ithe Charity) for the year ended 28 February 2025. Responsibilities and basis of report A5 the trustees of the Charity land also ils directors for the purposes of company lawl, you are responsible for the preparation ol the financial statements in accordance with the requirements of the CompaniesAct 2006 Having satisfied myself that the financial slalernenls of the Charity are not required lo be audit1 under Part 16 of the Companies Act 2006 and are eligible for independent examination, I report in SpeCt of my examination of the Charity's financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followeL the Directions given by the Charity Commission under section 14515llbl of the Charities Act2011. Independent examinerfs statement I have completed my examination. I confirm that no rnatlers have come lo my attention in connection with the examination giving me cause to believe that in any material respect". accounting records weie not kept in respect of the Charity as required by section 386 of the Companies Act 2006. the financial slalements do not accord with those records.. or the financial statements do not comply with the accounting requirements of section 396 of the Companies Act 2006 other than any requirement that the financial statements give a true and fair view, which is nc a matter considered as part of an indepenclenl examination.. or the financial slalemenls have not been prepared In accordance with the methods and principles of the Slalemenl of Recommended Practice for ac¢oLJnling and reporting by charities applicable to Charities preparing their financial statements in accordance with the Financial Reporting Siandard applicable in the UK and Republic ol Ireland IFRS 1021. I have no concerns and have come across nts other matters In connectlDn with the examination to which attention should be drawn In this report in order to enable a proper understsnding of the financial slalemenls to be reached. Mrs H Rumsey, FCA Ensors Accounlanls LLP Connexions 159 Princes Street Ipswich IP1 1QJ Dated". XOLS
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IPSWICH TRANSPORT MUSEUM CIO BALANCE SHEET ASAT 28 FEBRUARY2025 2025 2024 Notes Fixed assets Tangible assets Inveslments 11 12 124.719 391 152.245 391 125.110 152.636 Currènt assèts Debtors Cash at bank and in hand 13 11.201 526.840 5,943 467.650 538.041 473.593 Creditors: amounts falllng du• wtthin one year 14 {24,4271 118,472} Net current assets 513,614 455,121 Totsl assets less current liabilities 638,724 607,757 The funds of th• Chafity Restricted incomè funds Unrestricted funds- general Unrestricted funds- Heading #8¢997 15 17 16 116.374 328,674 193,676 62,406 351,675 193,676 638.724 607,757 The company is entiued tts the exemption from Ihe audit requiremènt contsined in section 477 of the Ci)mpanies Act 2006. for the ye8r ended 28 February 2025. The directors acknow18dge theif SpOnsIbl1$'eS for complying with thè requirements of the Companies Act 2006 with respect to 8¢counling records and the preparation of finan¢i81 slatemenls. The members have not required the company to obtain an audit of its finan¢ial statements for the year in question in accordan¢e with sedion 476. These financial statements have been prepared in accordance with the provisions applbcable to companies subject to the small u)mpanies regime. The financial statements were approved by the trustees on ......... B Slmpson Trnstee MASmith Tntstèe Company gIstratIon number CE030774 {England and Wales) 10-
IPSWICH TRANSPORT MUSEUM CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY2025 A¢countlng policles Charity information On the 20 Septembor 2022 the company converted from a Company Limited by Guarantge to a Charrtable incorpordled Or9anisation. Ipswich Transport Museum CIO is incorporated in England and Wales. The registered Offi is Old TToSleybus Depot, Cobham Road, Ipswich, IP3 9JD. 1.1 Accountlng conventSon The financtal stslements have been prepared in aco)rdancE with Aecotsnting and Reporting by Ch8nties.' Ststement of Recommended Pfactice applicable to charities preparing their accounts in accordance wlh the Financial Reporting Standard for Smaller Enlrties Pulshd on 16107114, the Financial Repo9 Standard for Smaller Entities (effective January 20151 and the Companies Act 2006. Assets and liabilities ave inrtially recognised at historical cost or tsansactson value unlvss otheiSe stated in the ielevant acc4)unting pdicy The financial stst8ments arè prepared in steding, whith is the functional currency of the Charity. Mon$tsry amounts in these financial statements are fovnded to the nearest £. The finanaal statements hav$ been prepared under the historical cost convention, Imo(ttfieil to indud8 the rèvaluation ol freehold properties and to include investment propeTbes and certain financial instruments at fair valuel. The principal accountsng pdiaas adopted are set out below. 12 Going concérn These accounts have been pr•p8red on a going con(Ym basis subject lo the impact Ihat the ongoing COVID 19 pandemic mighl continue to have on the Charity. The Govemment havè recenuy confirmed the date wth which social distancing restrictions will b8 lifted in the UK giving genuine hope that a retum to norm81 operation for the charity can soon ¢ommence. At th& b.me of approving the finanryal 5tstements, the trustees have a reasonable expectatson that the Charity has adequate resources to continue in operaliorlal existence frjr the forèseeable future. Thus the trustees continue to adopt thè going concem basis of accounts.ng in preparing the financial statemenls. 1.3 Chariiable funds Unrestricted fvnds are available for use at the discrebon of the tNslees in fvrtherance of their charitablo objethves. Restri¢tsd funds are subjecl to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds a set out in the notes to thè financial ststemenls. 1.4 In¢omlng r•sources Income is recognised when the Charity is legalty entiued to it after any perf0mnCe conditions have been met. th& amounts can be measured relFably, and it is probable that income will be r$cèN8d. Cash donations are rècognised on receipt. Other donations arè recognised once IhÈ Charity has been notified of the donation, unless perfom)an¢e condits'ons require deferral of the amount. Incorne tsx rgcoverable in relab.on to donalt"orTrs received under Gift Aj'd or deeds of covenant is recognised al the lime of the donats"on. Legacies are recognised on rÈ¢eipt or otherwse if the Charity has beèn notified of an impending distribution. the amount ss known, and reIpl is expected. If the amount is not known, the legacy is treated as a (x)nts'ngent asset. Grants are Tecogni$811 wher the charity is entiued to receipt. 11
IPSWICH TRANSPORT MUSEUM CIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 28 FEBRUAR Y 2025 Accounting policFèS Icontlnuedl 1.5 Resources expended Expenditure is rècognised once there is a legal or ¢onstructive obligation lo Iiansfer economic benefit to a third party, it Is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably. Expenditure is classified by aclivily. The costs of each activity are made up of Ihe tot81 ol dired costs and shared costs, including support costs irivolved in undertaking each activity. Direct costs altribulable to a single activity ale allocated directly lo that activity. Shared costs which conliibute to more than one activity and 5UPPQrt costs which are not atlribulable lo a singlè activily are apportioned between those activities on a basi5 con51Stent with the use of resources. Gentral staff costs are allocated on the basis of time spent, and depreciation chaiges are allocated on the portion of the asset's use. Expendilvre is iecognised once there is a legal OT constructive obligation lo make 3 payment to 8 third party, it 15 probable that settlement will be required and the amount ol the oblioalion can be measured reliably. 1.6 Tangible fixed assèts Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depie¢iation and any impairment losse5. Depreciation is recognised so 85 to write off the cost or valuation of assèts less their residual values over their vsefLJI lives on the following bases.. Land and buildings Leasehold Property Straight line ba51s over 20 years Straight line basis over the lease term of 25 years from June 2001 20.10 on reducing balance 20tyA on reducing balance Plant and ma¢hinery Fixture5. fillings & equipment The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset. and Is recognised in the stalernént ol financial activitie5. 1.7 Fixed asset Investments Fixed asset investments are initially measured al transaction price exduding transaction eosls, and are Subsequently measured al fair value at each reporting dale. Ghanges in fair value are recognised in net incomellexpendilurel for the year. Transaction costs are expensed as incuired. A subsidiary is an enlily controlled by the Charity. Control is the power to govern the financial and operating policie5 of the entity so as lo oblain benÈf1ts from its activities. 1.8 Impalrment of fixed asset5 At each reporting end dale, the Charity reviews the cairying amounts of its tangible assets to determine whether there 15 any indiGation that those assets have suffered an impairment 1055. If any such indication exists, the recoverable amount of the asset is estimated In older to determine the extent ol the impaiment loss lif any). 12-
IPSWICH TRANSPORT MUSEUM CIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 28 FEBRUAR Y 2025 A¢¢ounting policies Icontinuèdl Recoverable atnounl is the higher of fair value less costs lo sell and value in use. In assessing value in use, the estimated lulure cash flows ale discounted lo their present value using a pre-tax discount rate that reflects current market assessments of the lirne value of money and the risks specific lo the asset for which the estimates of future cash flows have not been adjusted. If the rÈcoveiable amount of an asset is estimated lo be less than its Carrying amount, the carrying amount of the asset Is reduced to Ils recoverable amount. An impairment loss Is recognised immediately in incomel lexpendilurel for the yeai, UT)less the relevant asset is carried al a revalued atnount, in which case the impaiiment loss is treated as a revaluation decrease. Recogr)ised impairrnenl losses are reversed if, and only if, the reason5 for the impairment loss havè ceased to apply. IM)ere an Impairment loss subsequenlly reveisès, the carrying amount of the asset is increased to the revised estimate of ils recovérable amount, but so that the Increased carrying amount does not exceed the carrying amoLJnt that would have been determined had no irnpairmenl loss been recognised for the asset in prior years. A reversal ol an Impairment loss is recognised immediately, unless the relevant asset is carried in at a revalued amount. in which case the réversal of the impairment loss is treated as a revaluation increase. 1.9 Cash and cash equivalents Cash and oa5h equivalents include cash in hand. deposits held al call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.10 Financial instruments The Chaiity has elected lo apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 'Other Financial Instruments Issues, ol FRS 102 to all of its financial instruments. Financial instruments are recognised in the Charity's balancè sheet when the Charity becomes party to the contractual provisions of the instrument. FnanCIal assets and liabilities are offset. with the net amounts presented in the financial staternents. when there is a legally enforTrable right to set off the rècognised arnounls and there is an intention to settle on a net basis or to realise the asset and settle the liability Simultaneously. Basie financial assets Basic financial assets, which Include debttsrs and cash and bank balances, are initially measured at transaction price includillg tr8nsaclion costs and are subsequently carried at amortised cost using the effective Interest method unless the arrangement conslitules a financing Iiansaction. where the transaction is measured al the present value ol the future receipts discounted al a market rale ol interest. Financial assets cla55ified as receivable within one year are not amortised. Basic financlal liabilities Basio financial liabilitiès, including creditors and bank loans are Initially recognised at transaction price unless the arrangement con51ilules a linaneing Iransaclion, where the debt instrument is me85ured al the present value of the future payments discounted at a market rate of Inleiest. Financi31 liabilities classified as payable within one year are not amortised. Debt instrkjmenls are subsequently carried at amortised cost. using the effective inlerest rale method. Trade creditors are obligations lo pay lor goods or services thal have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Tr8dè creditors are recc)gnised initially at transaction price and subsequently measured al amortised cost Ljsing the effedive inlèièsl method. 13
IPSWICH TRANSPORT MUSEUM CIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2025 Accounting policies (Continued) Dèrècognltion of financial liabilities Financial liabilities are derecognised when the Charity's conlradual obligats'ons expire or are discharged or cancelled. Crkti¢al a¢counting •Stlmates and judgements In the application of the Charity's accounting policies. Ihe tiustees are required lo make judgements. eslimales and assumptions about the carrying amount ol asse15 and Iiabililies that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered lo be relevant. Actual iesults may differ from these estimates. The eslirnales And underlying assumptions are rewewed on an ongoing basis. Revisions lo accounting estimates are recognisèd in the period in which the estitHate is revised where the ievision affects only that period, or in the period of the revision and future periods where the revision affects both current and fuluie periods. Incom• from donations and legacies Unrestricted Restricted funds funds 2025 2025 Total Unrestri¢ted Rèstricted funds funds 2024 2024 Total 2025 2024 Donations and gifts 25,720 34,029 59,749 21.926 20.345 42,271 14-
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IPSWICH TRANSPORT MUSEUM CIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 28 FEBRUAR Y 2025 Income from investments unrestricted Unrestricted funds funds 2025 2024 Interest receivable 15,993 13.393 Expènditure on charitable activities Charitable acts"vities 2025 Charitable activities 2024 Direct costs Depreciation and impaiment Prernises expènses Exhibit costs Operating Museum Vehicle5 Publicity 28,111 34,261 9,258 11,771 427 29,639 34,318 18,918 7.418 890 83.828 91,183 Share of support and governance costs (see note 71 Support Governance 17,894 1,225 16.661 1.055 102,947 108,899 Analysis by fund Unreslricled funds Restricted funds 92,386 10,561 87,846 21,053 102,947 108,899 16-
IPSWICH TRANSPORT MUSEUM CIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 28 FEBRUAR Y 2025 Support ¢osts allocatèd to activities 2025 2024 Depreciation Telephone Postage, stationery and printing Computer expenses Subscriptions General insurance Miscellaneous Governance costs 1.115 839 1,566 906 307 5,400 7.761 1.225 972 560 1.431 1,768 267 4,629 7,034 1,055 19,119 17.716 Analysed bets¥tèn'. Charitable activities 19,119 17.716 Net movement in funds 2025 2024 The net movement in funds is statert after chargingllcreditin91.. Fees payable for the independent examination of the Charity's financial statements Depreciation of owned tangible fixed as5els 1.225 29,226 1,055 30,611 Trustees None ol the Iruslees lor any persons connected with them) received any remuneration during the year. 10 Employees The average monthly number of employees during the yÈai was. 2025 Number 2024 Number Total Theiè were no employees whose annual rémuneralion was more than £60,000. 17-
IPSWICH TRANSPORT MUSEUM CIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 28 FEBRUAR Y 2025 11 Tangible fsxed assets Land and buSldinys Leasehold Property Plant and machlnery Fixtures, rittings & oqulpmont Total Cost Al 1 Maich 2024 328,123 209.439 20,114 8.375 566.051 At 28 February 2025 328,123 209,439 20.114 8,375 566,051 Depreciation and impairment At 1 March 2024 Depreciation charged in the year 196,812 16,401 192.912 11,605 14,775 1,066 7,607 154 412.106 29.226 Al 28 February 2025 213,213 204,517 15.841 7,761 441,332 Carrying amount Al 28 February 2025 114,910 4,922 4.273 614 124.719 At 29 February 2024 131.311 16,527 3,639 768 152,245 12 Fixed asset investments Other investments Cost or valuation At 1 March 2023 & 28 February 2024 391 Carrying amount Al 28 February 2025 391 At 29 February 2024 391 18-
IPSWICH TRANSPORT MUSEUM CIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 28 FEBRUAR Y 2025 12 Fixed asset InvÈ5tments (Continued) 202S 2024 Othei Investments comprise.. Notes Investments in subsidianes 20 391 391 13 Dèbtors 2025 2024 Amounts fa114ng due within ont year.. Other debtors Prepayments and accrued incomè 702 10.499 1,095 4,848 11.201 5,943 14 Creditors.. amounts falling due within onè year 2025 2024 Accruals and deferred income 24.427 18,472 15 Restricted funds The restricted funds of the ch8rity comprise the unexpended balances of donations and gran15 held on tiust SLtbjecl lo specific conditions by donors as lo how they may be used. At 1 March 2024 Incoming resources Resource5 expended Transfèrs At28 Ftbruary 2025 Building fund Archives Restoration projects funds 14.410 639 47,357 14.9121 1691 {5,580} 9,498 1.498 105.378 928 48,101 15,500 62.406 49,029 110,5611 15,500 116.374 Previous year: At 1 March 2023 Incoming resourcès Resources expendèd Transfers At29 February 2024 Building fund Archives Restoration projects funds 19.322 562 36,582 14,9121 11471 115.9941 14,410 639 47,357 224 20.121 fj.648 56,466 20,345 121.0531 6,648 62,406 19-
IPSWICH TRANSPORT MUSEUM CIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 28 FEBRUAR Y 2025 15 Restricted funds (Continued) The Building Fund represents the grant from the Heritage Lottery Fund toward5 the Leasehold Improvements and is being written off over the period ol the lease. The other Resloralion Funds represent donations and grants towards the restoration of these assets less expenditure lo dale. 16 Unrestricted funds- These are unreslricled funds which are material to the Ch8rrty s actiwlies. At 1 March At28 2024Fèbruary 2025 Special projects Museum Development fund 43,676 150.000 43,676 150,000 193.676 193,676 Previous year: At 1 March At29 2023 February 2024 Special projects Museum Oeveloprnenl fund 43,676 150,000 43,676 150,000 193,676 193,676 17 Unrestricted funds The unrestricted fund5 of the charity comprise the unexpended balances of don8lion5 and grants which are not subject to specific conditions by donors and grantors as lo how they may be used, These include designated funds which have been set aside oul ol unrestricted funds by the trustees for specific purposes. At 1 Mar¢h 2024 Incoming resources Resour¢es expended Transfers At28 Fèbruary 2025 General fund5 351.675 84,885 192.3861 115,5001 328.674 Previous year.. At l March 2023 Incoming resourcès ReSoue5 expended Transfers At29 February 2024 Gèneral funds 382,103 84.066 187,8461 16,6481 351.675 -20-
IPSWICH TRANSPORT MUSEUM CIO NOTES TO THE FINANCIAL STATEMENTS {CONTINUED> FOR THE YEAR ENDED 28 FEBRUAR Y 2025 18 Analysis of nèt assets beeen funds Unrestrictèd funds Matsrial funds Heading
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2025 Restrfcted funds Totsl 2025 2025 2025 At 28 Fèbruary 2025: Tangible assets Investtnents Current assetsllliabililiesl 124.719 391 203,564 124,719 391 513,614 193,676 116.374 328,674 193.676 116,374 638.724 Unrestricted funds Material funds Heading
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2024 Restricted funds Total 2024 2024 2024 At 29 February 2024- Tangible assets Investments Current asselsllliabililiesl 152,245 391 199,039 152.245 391 455.121 193,676 62,406 351,675 193,676 62.406 607.757 19 Related paty transactions There were no disclosable related party transactions during the year12024- nonel. 20 SubsidiariÈ$ Details of the Chaiity5 subsidiaries al 28 February 2025 aré as follows.. Name of undertaking Registered office Nature of business Class of shares held °/u Held Direct Indirect Ipswich Transport Museum England & Wales Tèa shop and Gift shop Services Ltd Ordinary 100.00 21
IPSWICH TRANSPORT MUSEUM CIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 28 FEBRUAR Y 2025 20 Subsidiaries Icontinuèdl The aggregate capital and reserves and the result for Ihe year of subsidiaries excluded from consolidation was as follows.. Name of undertaking ProfitllLos51 Capital and Resèrvès Ipswich Transport Museum Services Ltd 397 22-