**Registered number: 744229 Charity number: 313615**
## **THE TRAMWAY MUSEUM SOCIETY**
**(A company limited by guarantee)**
**DIRECTORS' REPORT AND FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 31 MARCH 2023**
## **THE TRAMWAY MUSEUM SOCIETY (A company limited by guarantee)**
|**CONTENTS**||
|---|---|
||Page|
|**Reference and administrative details of the Society, its Directors and advisers**|1|
|**Directors' report**|2 - 7|
|**Independent auditors' report on the financial statements**|8 - 10|
|**Consolidated statement of financial activities**|11|
|**Consolidated balance sheet**|12 - 13|
|**Society balance sheet**|14 - 15|
|**Consolidated statement of cash flows**|16|
|**Notes to the financial statements**|17 - 42|
## **THE TRAMWAY MUSEUM SOCIETY**
## **(A company limited by guarantee)**
## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE SOCIETY, ITS DIRECTORS AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2023**
|**Patron**|HRH The Duke of Gloucester, KG, GCVO|
|---|---|
|**President**|RT Pennyfather (appointed 22 July 2022)|
||I Ross, BSc, CEng, FIET, FIMechE (retired 22 July 2022)|
|**Vice-Presidents**|GB Claydon, CB, LLB, M Inst. TA, CMILT|
||DJH Senior, OBE, MA|
||MC Crabtree IEng, MIET|
||C Heaton|
|**Directors**|KR Rigg, ACIB, Chairman|
||ID Pleace, FCA, MSc, BSc(Econ), Vice Chairman|
||PM Benham, FCILT1|
||JA Blythe, BA, MSc, MCIHT|
||DA Frodsham|
||DJ Heeley, M.Eng (hons), C.Eng, MIET, MIRSE|
||P Milton1|
||AM Pendleton|
||J Roberts (resigned 25 July 2023)1|
||DP Webb|
||AJ Willis|
||MC Wright, BSc, C Eng, MI Chem E, CMILT (resigned 12 November 2022)|
|1
Non-member director
**Company registered**
**number**
744229
**Charity registered**
**number**
313615
**Museum premises and**
**registered office**
Crich
Matlock
Derbyshire
DE4 5DP
**Arts Council England**
**Registered Museum no.**
508
**Auditors**
Bates Weston Audit Ltd
Statutory Auditors
Chartered Accountants
The Mills
Canal Street
Derby
DE1 2RJ
**Bankers**
Barclays Bank PLC
Leicester||
Page 1
## **THE TRAMWAY MUSEUM SOCIETY**
## **(A company limited by guarantee)**
## **DIRECTORS' REPORT FOR THE YEAR ENDED 31 MARCH 2023**
The Directors of the Board present their report and financial statements of the Society for the year ended 31 March 2023 and confirm the latter comply with the requirements of the Companies Act 2006 and the Charities SORP.
## **Reference and administrative information**
The Society, which is registered as a charity, owns and maintains the Crich Tramway Village, home of the National Tramway Museum at Crich, Derbyshire, (the Museum), which is devoted to tramways and allied interests. It is not liable to corporation tax or income tax.
The Directors of the Board (who act as directors under Company law and trustees under Charity law) are set out on page 1.
At the Annual General Meeting on 12 November 2022 MC Wright retired & Messrs DA Frodsham and DP Webb were re-elected.
## **Structure, governance and management**
## Governing document
The Society is governed by the Memorandum and Articles of Association, as last amended by Special Resolution of the Society on 12 November 2022. The Society is a company limited by guarantee and does not have any share capital.
## Recruitment and training of Board Members
Voting members of the Society may stand for appointment as Member Directors to the Board. Any two voting members may propose another voting member. The individual must be 18 or over and any such proposal must be in writing and be received by the Society no later than 42 days prior to the Annual General Meeting. If the number of candidates is fewer than or equal to the number of relevant posts available, all such candidates are deemed automatically elected. In the event of there being more candidates than posts available, a vote is held with each member having the right to vote entitled to cast his or her vote in favour of as many candidates as there are vacant posts. Casual vacancies may be filled by the Board but the individual appointed must retire and seek election at the next Annual General Meeting.
The Board also has the power to appoint up to three Non-Member Directors who are neither members of the Society nor employees.
Following election, newly elected directors receive an induction by the person appointed as Secretary and another director. The induction includes a detailed introduction and explanation of Board proceedings and content. Key areas are explained in detail, such as Finance, Personnel, Collection, Operations and Health & Safety.
All directors serve for an initial period of three years and thereafter for no more than two further consecutive periods of three years, Directors may not be eligible for re-election or re-appointment until a period of at least two years has elapsed.
## Organisational structure
Ultimate responsibility for all decisions made by the Society rests with the Board. These decisions are made on the recommendations of individual Society officers, in particular the General Manager, or the relevant standing committees which are currently Finance, Collections Management, Development, Health & Safety, Membership and Tramcar Conservation. All such officers, and committees, are accountable to the Board and report on a regular basis.
Page 2
## **THE TRAMWAY MUSEUM SOCIETY (A company limited by guarantee)**
## **DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023**
A subsidiary company, Tramway Museum Services (R&C) Limited, traded throughout the year from premises under licence from the Society. The subsidiary is wholly owned by the Society and hence the subsidiary's board is directly accountable to the Board of the Society.
## Arrangements for setting pay and remuneration of key management personnel
A Board sub-committee chaired by the General Manager sets the pay and remuneration of key management personnel via an annual review in consultation with the recognised Trade Union.
## Principal Risks and Uncertainties
The Board has identified the following four key areas of Business Risk;
- Personnel - including Board Members, employees and volunteers,
- Financial - including Visitor numbers, misappropriation and reserve policy,
- Operational - including the Tramcar fleet, accidents and regulation,
- Infrastructure - including buildings and visitor facilities, the tramway and the site.
Systems have been put in place to oversee all of these areas and these are reviewed on a regular basis. Full details are available in the “Business Risk Register” freely available to all members on request and held in electronic form on the Society's server accessible to all system users.
## **Objectives and activities**
## Objectives
The principal objectives of the Society are:
- To maintain for the benefit of the nation an operating tramway museum.
- To promote the permanent preservation of tramway vehicles and equipment, and items of general transport interest (either historic, scientific or educational) and to work as necessary with other institutions, societies and bodies, having similar aims, in any part of the world.
- To promote and further the study of and research into tramways and other forms of transport.
The objectives of the Society are interpreted through the Mission Statement which, as noted last year, are still under review as part of the Society’s strategy development and against which steady progress has been made. Key objectives for the coming year include the continuing improvement to facilities at Crich, the recruitment, training and retention of more volunteers, obtaining grant funding and increasing customer numbers.
The objectives of the Society have been reviewed as part of the National Lottery Heritage Fund (NLHF) funded Tramsformation project, which following the adoption of the new Articles of Association is now complete.
## Strategies
The Society receives no core funding and must therefore operate within its earned income, subscriptions, donations and grants. The Board has sought to continue to maximise earned income, take advantage of fiscal benefits and control costs. To contribute to the Society's sustainability the Board also continues to seek donations and grants for its development.
## Principal activities
The main activities undertaken by the Society in achieving its objectives include the operation of the Museum, education, tramcar restoration and a tramway archive and research library.
Page 3
## **THE TRAMWAY MUSEUM SOCIETY**
## **(A company limited by guarantee)**
## **DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023**
In accordance with the established accounting policies set out on pages 17 to 21 the financial results do not take account of the significant voluntary input at all levels of operation of the Museum. Whilst a financial evaluation of this input is difficult, it is estimated that the amount of voluntary input is equivalent to approximately 33 full time equivalent members of staff.
## **Public Benefit**
When planning activities for the year the Board has considered the Charity Commission general guidance on public benefit. In particular it has considered how the planned activities will contribute towards the aims and activities they have set.
As explained in the Objectives and activities section, the Society exists to preserve items of national heritage for the nation and promote these items.
During the financial year, paying customer numbers were 60,708 (2022: 67,849) with an additional 35,755 (2022: 31,271) of free admissions. The Society offers reduced admission price for senior citizens and children as well as a family ticket to make the collection accessible to as many people as possible. Wheelchairs are freely available for less able customers and a smoothway around the Museum is available to enhance accessibility for wheelchair and pushchair users.
The preservation and demonstration of tramway vehicles are central to the Society's objectives and restoration work continued on several historic tramcars during the year.
The Society is custodian of archives relating to tramways and other forms of transport, of national and international importance, which is made freely available to members of the public wishing to carry out research.
The Society employs education staff who work closely with schools to support teachers in their delivery of several areas of the national curriculum by way of facilitating school visits and offering themed workshops.
Further information about how the Society delivers public benefit in meeting its charitable objectives is provided throughout this report.
## **Achievement and performance**
The visitor season started uneventfully on Saturday the 12th March 2022, just prior to the start of the accounting year, and we were looking forward to the first season since 2019 without pandemic restrictions.
However, in early May we received notice of a visit by the Office of Rail and Road (The ORR) our regulator, which took place on the 17th May 2022. We understand that this followed a notification by a ‘whistle-blower’. The same afternoon ORR served the Society with two prohibition notices for areas of our overhead line infrastructure. Whilst one notice was resolved very quickly, a notice relating to the depot fan area prevented us from taking the tramcars in and out of the depots until the situation was fully resolved.
This was particularly frustrating as the Society had carried out as much maintenance as permitted during the Pandemic years and we were working in partnership with professional organisation ‘Pod-Trak’ to expedite the work further, with a full plan in place for both immediate work and further work for the winter of 2022/23.
At this point, as we were already contractually committed to the planned Seaside event, we opened to the public without operational tramcars. It quickly became evident that this was not financially viable over an extended period. The decision was taken to close the Museum to the public immediately following the end of the event. Whilst saving some expenditure on seasonal employees this inevitably still had a serious and fundamental impact on income as many of our other expenses remained.
Page 4
## **THE TRAMWAY MUSEUM SOCIETY (A company limited by guarantee)**
## **DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023**
To mitigate some of the maintenance expenses the Museum instigated a ‘sponsor a traction pole’ appeal which allowed sponsors to ‘adopt’ a traction pole and to have their name stencilled on it if they wished. Around £35,000 has been raised including gift aid. We were also extremely grateful to NET Nottingham for the donation of the Traction poles that enabled the immediate work to be completed.
Following the completion of the essential work on the depot fan area the Museum re-opened to the public with operational tramcars on 2nd July 2022. There had been an amount of publicity relating to the situation in the local press and we were surprised by the level of good will shown by the public when they returned.
There were a number of additional areas that the ORR highlighted in their report which have been or will be imminently addressed. Overall the Museum is now a safer place for everyone.
There were a number of further positives during the year:
The Museum maintained its consistently high score in the Visit England Quality Assurance Award.
Work continued on both LCC1 and Newcastle 102 and both are now expected to be launched fully in the foreseeable future.
## **Financial review**
The main source of income continues to be the paying customers of the Museum. Total customer income combining admissions, retail and catering takings was £1,378,000 (2022: £1,428,000).
In the calendar year paying customers were 60,708, down 7,141 on the previous year. On a calendar basis, the Museum received 62,023 paying customers compared to 63,813 in 2021. Unrestricted donations and membership subscriptions provided a further £447,000 towards the Society's general funds. After costs of generating funds of £490,000 and charity governance costs of £17,000, the net unrestricted incoming resources available for charitable activities was £1,318,000. Of this amount £757,000 was used for Museum operation including admission expenses, workshop and other tramway costs, exhibitions and education. A further £588,000 was spent on the Museum site itself including infrastructure costs, publicity and promotion, and Society membership expenses. £132,000 was used to fund collection and curatorial activities.
Following the requirements of Financial Reporting Standard 102 (FRS 102) Retirement Benefits, the Society's share of the defined benefit staff pension scheme operated by Derbyshire County Council has improved from a £178,000 deficit to a £234,000 surplus. The corresponding pension asset on the balance sheet has been restricted to nil as disclosed at note 24.
Restricted income from donating bodies totalled £51,000 in the year. Restricted expenditure in the year of £128,000 included tramcar restoration £45,000, site costs £49,000 and exhibitions £21,000.
The Museum continues to operate successfully its admission scheme incorporating 12-month season tickets. This has allowed the Museum to reclaim £72,000 of Gift Aid in the year (2022 : £74,000).
The membership of the Society at 31 March 2022 was 1,675, including non-voting members and family members; this reflects an decrease of 199 during the year.
## **Reserves policies**
At 31 March 2023 the level of free reserves after the pension deficit was £1,864,000 (see note 20) including the designated fund. The Business Interruption Contingency Fund created to meet potential costs arising due to a significant downturn in customer numbers has reduced to £200,000, and the Replacement Cafe fund has been set up with the proceeds of the sale of Field Cottage of £274,638 and the Richard Clarke legacy of £563,891. Remaining free reserves after these designated funds were £825,000.
Page 5
**THE TRAMWAY MUSEUM SOCIETY (A company limited by guarantee)**
## **DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023**
The level of free reserves should cover four months revenue expenditure. Taking account of the need to fund the Museum over the winter months and given the significant impact that an unforeseen event could have upon the future of the Museum, these free reserves are sufficient at present to provide this cover.
## **Plans for the future**
Work will be continued on improving our overhead line infrastructure and in this regard it is planned to acquire a mobile working at height elevated platform or MEWP during 2023/2024 to assist with our maintenance programmes and make the work more cost effective. Alongside this we wish to become more self-sufficient going forward, with staff and volunteers undertaking competence training and assessment to carry out the required work in-house.
Improvement work will be undertaken on the historical Bowes Lyon Bridge as soon as possible, repairing the metal structures and paintwork.
An area of vulnerability for the Museum is disability access. It is intended to develop a second accessible Tram for public use in the near future. This will facilitate a more reliable authentic Tramcar experience for our less able visitors.
A Changing Places facility will be installed as soon as a suitable location is identified.
Replacement of the café building and associated development of an access building connecting both the Red Lion public house and the café is a key priority. This will enable the removal of the temporary ramp structures and give improved accessibility for our visitors. Tendering is in process and commencement of demolition is expected for November 2023, with the new construction planned to be complete by May 2024.
Longer term it is planned to develop the Great Exhibition Hall into a more environmentally sustainable space and provide improved storage for our Tramcars in depots 5 and 6.
## **Directors' responsibilities**
The Board is responsible for preparing the Report of the Board and the financial statements in accordance with applicable law and regulations.
Company law requires the Board to prepare financial statements for each financial year. Under that law the Board has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).
Under company law the Board must not approve the financial statements unless they are satisfied that they give a true and fair view of the affairs of the Society and its subsidiary company (the Group) and of the income and expenditure of the Group for that period. In preparing those financial statements, the Board is required to:
- select suitable accounting policies and then apply them consistently;
- make judgements and estimates that are reasonable and prudent; and
- prepare the financial statements on a going concern basis unless it is inappropriate to presume that the Society will continue in business.
The Board is responsible for keeping adequate accounting records that are sufficient to show and explain the Society's transactions and disclose with reasonable accuracy at any time the financial position of the Society and enable them to ensure that the financial statements comply with the Companies Act 2006. It is also responsible for safeguarding the assets of the Society and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Page 6
## **THE TRAMWAY MUSEUM SOCIETY**
## **(A company limited by guarantee)**
## **DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023**
In so far as the Board is, individually, aware:
- there is no relevant audit information of which the Society's auditor is unaware; and
- the Board has taken all steps that it ought to have taken to make itself aware of any relevant audit information and to establish that the auditor is aware of that information.
The Board is responsible for the maintenance and integrity of the corporate and financial information included on the Society's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
## Going Concern
It is the view of the Board of Directors that it is appropriate to adopt the Going Concern basis in producing these financial statements. The Directors have reached this conclusion having reviewed financial forecasts which pay due regard to the financial risks posed by the short term closure of the Museum in June 2022, necessary to carry out work to the overhead line, as well as the broader economic context of cost of living pressures.
## **Freehold land and buildings**
The freehold land and buildings are carried in the Balance Sheet at cost and exclude the value of substantial amounts of unpaid labour, part volunteer, part Government Employment Support Schemes, not funded by the Society. The reinstatement value for insurance purposes of the buildings is about £6,000,000 in excess of the book value. Due to the historical nature of some of the buildings, and the specialised nature of the Museum complex and its unusual location, the Board does not feel able to place a market value on the property.
## **Auditor**
Bates Weston Audit Limited have expressed their willingness to continue in office and a resolution to reappoint them will be proposed at the Annual General Meeting.
Approved by order of the members of the board of Directors and signed on their behalf by:
**KR Rigg** Chairman Date: 2 September 2023
Page 7
## **THE TRAMWAY MUSEUM SOCIETY**
## **(A company limited by guarantee)**
## **INDEPENDENT AUDITORS' REPORT TO THE DIRECTORS OF THE TRAMWAY MUSEUM SOCIETY**
## **Opinion**
We have audited the financial statements of The Tramway Museum Society (the 'parent charitable company') and its subsidiaries (the 'group') for the year ended 31 March 2023 which comprise the Consolidated statement of financial activities, the Consolidated balance sheet, the Society balance sheet, the Consolidated statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
- give a true and fair view of the state of the Group's and of the parent charitable company's affairs as at 31 March 2023 and of the Group's incoming resources and application of resources, including its income and expenditure for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
In auditing the financial statements, we have concluded that the Directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report.
## **Other information**
The other information comprises the information included in the Annual report other than the financial statements and our Auditors' report thereon. The Directors are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Page 8
**THE TRAMWAY MUSEUM SOCIETY (A company limited by guarantee)**
## **INDEPENDENT AUDITORS' REPORT TO THE DIRECTORS OF THE TRAMWAY MUSEUM SOCIETY (CONTINUED)**
## **Opinion on other matters prescribed by the Companies Act 2006**
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Directors' report including the Strategic report for the financial year for which the financial statements are prepared is consistent with the financial statements.
- the Directors' report and the Strategic report have been prepared in accordance with applicable legal requirements.
## **Matters on which we are required to report by exception**
In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' report including the Strategic report.
We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion:
- the parent charitable company has not kept adequate and sufficient accounting records, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent charitable company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of Directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.
## **Responsibilities of Directors**
As explained more fully in the Directors' responsibilities statement, the Directors (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Directors are responsible for assessing the Group's and the parent charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.
## **Auditors' responsibilities for the audit of the financial statements**
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Based on our understanding of the charitable company and industry in which it operates, we considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and Charities Act 2011. Audit procedures performed by the engagement team included:
Page 9
## **THE TRAMWAY MUSEUM SOCIETY (A company limited by guarantee)**
## **INDEPENDENT AUDITORS' REPORT TO THE DIRECTORS OF THE TRAMWAY MUSEUM SOCIETY (CONTINUED)**
- Enquiry of management around actual and potential litigation and claims;
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
- Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
## **Use of our report**
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.
## **Wayne Thomas ACA (Senior Statutory Auditor)**
for and on behalf of
## **Bates Weston Audit Ltd**
Statutory Auditors Chartered Accountants The Mills Canal Street Derby DE1 2RJ
8 September 2023
Page 10
## **THE TRAMWAY MUSEUM SOCIETY**
## **(A company limited by guarantee)**
## **CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2023**
|**Note**
**Income from:**
Donations and legacies
4
Charitable activities
5
Other trading activities
6
Investments
**Total income**
**Expenditure on:**
Raising funds
7
Charitable activities
8,9
**Total expenditure**
**Net expenditure**
**Other recognised**
**gains:**
Actuarial gains on
defined benefit pension
schemes
24
**Net movement in**
**funds**
**Reconciliation of**
**funds:**
Total funds brought
forward
Net movement in funds
**Total funds carried**
**forward**|**Unrestricted**
**funds**
**2023**
**£**
**439,126**
**917,584**
**464,576**
**4,083**
**1,825,369**
**489,742**
**1,494,695**
**1,984,437**
**(159,068)**
**191,000**
**31,932**
**2,924,127**
**31,932**
**2,956,059**|**Restricted**
**funds -**
**Revenue**
**2023**
**£**
**51,045**
**-**
**-**
**40**
**51,085**
**-**
**52,267**
**52,267**
**(1,182)**
**-**
**(1,182)**
**1,021,413**
**(1,182)**
**1,020,231**|**Restricted**
**funds -**
**Capital**
**2023**
**£**
**-**
**-**
**-**
**-**
**-**
**-**
**76,089**
**76,089**
**(76,089)**
**-**
**(76,089)**
**2,017,714**
**(76,089)**
**1,941,625**|**Total**
**funds**
**2023**
**£**
**490,171**
**917,584**
**464,576**
**4,123**
**1,876,454**
**489,742**
**1,623,051**
**2,112,793**
**(236,339)**
**191,000**
**(45,339)**
**5,963,254**
**(45,339)**
**5,917,915**|_Total_
_funds_
_2022_
_£_
_446,300_
_964,016_
_469,356_
_(158)_
_1,879,514_
_445,787_
_1,583,198_
_2,028,985_
_(149,471)_
_174,000_
_24,529_
_5,938,725_
_24,529_
_5,963,254_|
|---|---|---|---|---|---|
The Consolidated statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 17 to 42 form part of these financial statements.
Page 11
## **THE TRAMWAY MUSEUM SOCIETY**
## **(A company limited by guarantee) REGISTERED NUMBER: 744229**
## **CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2023**
|**Note**
**Fixed assets**
Tangible assets
13
**Current assets**
Stocks
15
Debtors
16
Cash at bank and in hand
Creditors: amounts falling due within one
year
17
**Net current assets**
**Total assets less current liabilities**
**Net assets excluding pension liability**
Defined benefit pension scheme liability
24
**Total net assets**|**88,602**
**436,071**
**2,576,331**
**3,101,004**
**(216,849)**|**2023**
**£**
**3,033,760**
**3,033,760**
**2,884,155**
**5,917,915**
**5,917,915**
**-**
**5,917,915**|_90,574_
_158,318_
_2,910,649_
_3,159,541_
_(219,903)_|_2022_
_£_
_3,201,616_
_3,201,616_
_2,939,638_
_6,141,254_
_6,141,254_
_(178,000)_
_5,963,254_|
|---|---|---|---|---|
Page 12
## **THE TRAMWAY MUSEUM SOCIETY (A company limited by guarantee) REGISTERED NUMBER: 744229**
## **CONSOLIDATED BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2023**
|**Note**
**Charity funds**
Restricted funds:
Restricted funds - Revenue
18
Restricted funds - Capital
18
Total restricted funds
18
Unrestricted funds
Unrestricted funds excluding pension
reserve
18
Pension reserve
18
Total unrestricted funds
18
**Total funds**|**1,020,231**
**1,941,625**
**2,956,059**
**-**|**2023**
**£**
**2,961,856**
**2,956,059**
**5,917,915**|_1,021,413_
_2,017,714_
_3,102,127_
_(178,000)_|_2022_
_£_
_3,039,127_
_2,924,127_|
|---|---|---|---|---|
||||||
|||||_5,963,254_|
The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements were approved and authorised for issue by the Directors and signed on their behalf by:
## **KR Rigg**
Date: 2 September 2023
The notes on pages 17 to 42 form part of these financial statements.
Page 13
## **THE TRAMWAY MUSEUM SOCIETY (A company limited by guarantee) REGISTERED NUMBER: 744229**
## **SOCIETY BALANCE SHEET AS AT 31 MARCH 2023**
|**Note**
**Fixed assets**
Tangible assets
13
Investments
14
**Current assets**
Stocks
15
Debtors
16
Cash at bank and in hand
Creditors: amounts falling due within one
year
17
**Net current assets**
**Total assets less current liabilities**
**Net assets excluding pension liability**
Defined benefit pension scheme liability
24
**Total net assets**|**56,665**
**1,137,025**
**1,835,121**
**3,028,811**
**(198,667)**|**2023**
**£**
**3,033,760**
**2**
**3,033,762**
**2,830,144**
**5,863,906**
**5,863,906**
**-**
**5,863,906**|_56,665_
_600,846_
_2,391,514_
_3,049,025_
_(194,927)_|_2022_
_£_
_3,201,616_
_2_
_3,201,618_
_2,854,098_
_6,055,716_
_6,055,716_
_(178,000)_
_5,877,716_|
|---|---|---|---|---|
Page 14
## **THE TRAMWAY MUSEUM SOCIETY (A company limited by guarantee) REGISTERED NUMBER: 744229**
## **SOCIETY BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2023**
|**Note**
**Charity funds**
Restricted funds:
Restricted funds - Revenue
18
Restricted funds - Capital
18
Total restricted funds
18
Unrestricted funds
Unrestricted funds excluding pension
reserve
18
Pension reserve
18
Total unrestricted funds
18
**Total funds**|**1,020,231**
**1,941,625**
**2,902,050**
**-**|**2023**
**£**
**2,961,856**
**2,902,050**
**5,863,906**|_1,021,413_
_2,017,714_
_3,016,589_
_(178,000)_|_2022_
_£_
_3,039,127_
_2,838,589_|
|---|---|---|---|---|
||||||
|||||_5,877,716_|
The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements were approved and authorised for issue by the Directors and signed on their behalf by:
## **KR Rigg**
Date: 2 September 2023
The notes on pages 17 to 42 form part of these financial statements.
Page 15
## **THE TRAMWAY MUSEUM SOCIETY**
## **(A company limited by guarantee)**
## **CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2023**
|**Cash flows from operating activities**
Net cash provided by operating activities
**Cash flows from investing activities**
Purchase of tangible fixed assets
**Net cash used in investing activities**
**Change in cash and cash equivalents in the year**
Cash and cash equivalents at the beginning of the year
**Cash and cash equivalents at the end of the year**
The notes on pages 17 to 42 form part of these financial statements|**2023**
**£**
**(289,465)**
**(44,853)**
**(44,853)**
**(334,318)**
**2,910,649**
**2,576,331**|_2022_
_£_
_337,048_
_(35,760)_
**(35,760)**
**301,288**
_2,609,361_
_2,910,649_|
|---|---|---|
Page 16
## **THE TRAMWAY MUSEUM SOCIETY (A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023**
## **1. General information**
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
The Tramway Museum Society meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
The Society is able to continue to cater for significant customer levels and to support the exhibits only as a result of the activities disclosed in the accounts, combined with a major and unrecorded input of voluntary labour from its members.
The financial statements have been prepared on a going concern basis as the Directors believe that no material uncertainties exist. The Directors have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.
## **2. Accounting policies**
## **2.1 Income**
All income is recognised once the Society has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably, that being when the charity has been notified of the amounts and the settlement date in writing.
Donations and grants are credited to the Statement of Financial Activities (SOFA) as they become due.
Annual subscriptions are apportioned to calendar years and include the income tax reclaimable in respect of those under gift aid. Subscriptions for life membership are credited in full in the years of receipt. Although this is not in accordance with the recommendations of the SORP, the number of life members is small and the Board considers any amortisation of the life membership income would not be material to the figures.
Turnover comprises revenue recognised by the charity in respect of goods and services supplied during the year, exclusive of Value Added Tax.
Turnover from shop, food and drink sales is recognised at the date of supply.
Several independent organisations exist for the purpose of generating resources to be used on behalf of the Society. The activities of these organisations are recorded in these accounts only to the extent of cash received from them by the Society.
No amount is included in the financial statements for volunteer time in line with the SORP (FRS 102). Further detail is given in the Directors' Report.
Page 17
**THE TRAMWAY MUSEUM SOCIETY (A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023**
## **2. Accounting policies (continued)**
## **2.2 Expenditure**
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably.
Expenditure is classified under the principal categories of charitable and other expenditure rather than the type of expense, in order to provide more useful information to users of the financial statements.
Expenditure includes any VAT which cannot be fully recovered and is included within the costs of activities.
Charitable expenditure and the costs of the generating funds comprise direct expenditure including direct staff costs attributable to the activity. Where costs cannot be directly attributed, including administration or support costs, they have been allocated to activities on a basis consistent with the use of the resource.
Support costs are those that assist the work of the Society but do not directly represent charitable activities and include office costs, governance costs, administrative payroll costs. They are incurred directly in support of expenditure on the objects of the Society. Where support costs cannot be directly attributed to particular headings they have been allocated to cost of raising funds and expenditure on charitable activities on a basis consistent with use of the resources.
The Museum uses many of its key exhibits as operating assets. Because the historic value of the tramcars is the prime justification for the Museum's existence, the workshop expenditure on them is at a much higher level than would be needed if purely commercial considerations applied.
All workshop costs are charged to tramway operation, except for those identified as tramcar restoration. The treatment of tramcar restoration is described in accounting policy 2.6.
## **2.3 Government grants**
Government grants are recognised in income when the grant proceeds are received or receivable unless future performance-related conditions are specified that have not been met. Grants received before the income recognition criteria are satisfied are recognised as a liability.
## **2.4 Basis of consolidation**
The financial statements consolidate the accounts of The Tramway Museum Society and its subsidiary undertaking.
The Society has taken advantage of the exemption contained within section 408 of the Companies Act 2006 not to present its own Income and expenditure account.
## **2.5 Tangible fixed assets and depreciation**
The value of fixed assets represents cash paid by the Society, and does not take into account donations in kind, or members' voluntary labour.
Page 18
## **THE TRAMWAY MUSEUM SOCIETY**
**(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023**
## **2. Accounting policies (continued)**
## **2.5 Tangible fixed assets and depreciation (continued)**
Tangible fixed assets are carried at cost, net of depreciation and any provision for impairment.
Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Land - Nil Assets in course of construction - Nil Buildings - 2% or 10% on cost Woodland Walk and Sculpture - 10% on cost Trail Permanent exhibition - 10% on cost Permanent way and overhead - 10% on cost - Plant and equipment, including 10%, 20% or 33.3% on cost temporary buildings dependent on the anticipated life of the asset IT equipment - 33.3% on cost Motor vehicles - 25% on cost
## **2.6 Heritage assets**
The Society maintains 75 tramcars and associated artefacts in support of its objective to protect these historic vehicles for the benefit of future generations. The Directors consider that owing to the unique nature of the collection and the absence of an open market for these items, conventional valuation approaches lack sufficient reliability and costs of any valuations obtained would be excessive compared with the additional benefits derived by the Society and users of the accounts. As a result, no value has been reported for these assets in the Society's Balance Sheet.
## **Expenditure on major restoration**
The costs of associated major repairs of tramcars is reported in the SOFA in the year they are incurred. Tramcar restoration is defined as work done on a major element of each tramcar (body, electrical, mechanical) to make it operable, or, if body only, exhibitable, for ten years. The cost of remedying defects coming to light within two years of the tramcar leaving the workshop is also charged to tramcar restoration. Although of a capital nature, the cost of tramcar restoration is written off each year to the SOFA.
## **2.7 Operating leases**
Rentals under operating leases are charged to the Statement of Financial Activities on a straight line basis over the lease term.
## **2.8 Stocks**
Stocks represent goods for resale and rail for future use and are valued at the lower of cost and net realisable value, after making due allowances for obsolete and slow moving items. Cost is based on the latest purchase invoice value.
Rail stock is to be used on future projects and repair work.
Page 19
## **THE TRAMWAY MUSEUM SOCIETY (A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023**
## **2. Accounting policies (continued)**
## **2.9 Taxation**
The Society is an exempt charity within the meaning of Schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes.
The subsidiary pays all taxable profits arising in a reporting period to the Society under the gift aid scheme.
At the reporting date there was no legal obligation in place for the subsidiary to make this gift aid payment, although prior to the reporting date the subsidiary’s board had indicated its intention to pay the taxable profits to the Society in respect of the reporting period. The payment is expected to be made within 9 months of the end of the reporting date.
The accounting policy for gift aid payments results in the subsidiary recognising a taxation charge on its profits for the year. However, the application of the exception under paragraph 29.14A of FRS 102 provides relief in respect of the accounting for the tax charge. This results in an overall £nil charge for tax in the SOFA. This exception is only applicable as it is probable that the gift aid payment will be made by the subsidiary to the Society within 9 months of the reporting date.
## **2.10 Pensions**
The Society participates in the Derbyshire County Council local government pension scheme which is a defined benefit plan. Under defined benefit plans, the employer’s obligation is to provide the agreed benefits to current and former employees, and actuarial risk (that benefits will cost more or less than expected) and investment risk (that returns on assets set aside to fund the benefits will differ from expectations) are borne, in substance, by the employer. The Society recognises a liability for its obligations under the defined benefit plan net of plan assets. This net defined benefit liability is measured as the estimated amount of benefit that employees have earned in return for their service in the current and prior periods, discounted to determine its present value, less the fair value of plan assets. The calculation is performed by a qualified actuary using the projected unit credit method. Where the calculation results in a net asset, recognition of the asset is limited to the extent to which the Society is able to recover the surplus either through reduced contributions in the future or through refunds from the plan.
The Society also operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.
Page 20
## **THE TRAMWAY MUSEUM SOCIETY (A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023**
## **2. Accounting policies (continued)**
## **2.11 Fund accounting**
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the Directors.
General funds are unrestricted funds which are available for use at the discretion of the Directors in furtherance of the general objectives of the Group and which have not been designated for other purposes.
Designated funds comprise unrestricted funds that have been set aside by the Directors for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Society for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
Investment income, gains and losses are allocated to the appropriate fund.
## **3. Critical accounting estimates and areas of judgment**
Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Critical accounting estimates and assumptions:
The present value of the Local Government Pension Scheme defined benefit liability depends on a number of factors that are determined on an actuarial basis using a variety of assumptions. The assumptions used in determining the net cost or income for pensions include the discount rate. Any changes in these assumptions, which are disclosed in the notes to these financial statements, will impact the carrying amount of the pension liability. Furthermore a roll forward approach which projects results from the latest full actuarial valuation performed at 31 March 2022 has been used by the actuary in valuing the pensions liability at 31 March 2023. Any differences between the figures derived from the roll forward approach and a full actuarial valuation would impact on the carrying amount of the pension liability.
Critical areas of judgment:
Legacy income is only recognised where entitlement has been established, there is probability of receipt and the amount recoverable can be estimated with sufficient accuracy. The position on each legacy is reviewed following receipt of correspondence from the executors, which substantially determines whether the income recognition criteria has been satisfied.
Page 21
## **THE TRAMWAY MUSEUM SOCIETY**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023**
## **4. Income from donations and legacies**
|**Unrestricted**
**funds**
**2023**
**£**
**Government grants**
Coronavirus Job Retention Scheme
-
Amber Valley Borough Council
-
ACE grant
-
-
Donations and legacies
381,521
Members' subscriptions
39,665
Grants
-
Sundry receipts
17,940
439,126
439,126
_Total 2022_
_303,801_|**Restricted**
**funds -**
**Revenue**
**2023**
**£**
-
-
-
-
51,045
-
-
-
51,045
51,045
_142,499_|**Total**
**funds**
**2023**
**£**
**-**
**-**
**-**
**-**
**432,566**
**39,665**
**-**
**17,940**
**490,171**
**490,171**
_446,300_|_Total_
_funds_
_2022_
_£_
_-_
_24,000_
_204,746_|
|---|---|---|---|
||||_228,746_|
||||_155,793_
_47,704_
_10,000_
_4,057_|
||||_217,554_|
|||||
||||_446,300_|
|||||
## **5. Income from charitable activities**
|**Unrestricted**
**funds**
**2023**
**£**
Admission
913,803
Education
2,579
Library income
1,202
917,584
_Total 2022_
_964,016_|**Total**
**funds**
**2023**
**£**
**913,803**
**2,579**
**1,202**
**917,584**
_964,016_|_Total_
_funds_
_2022_
_£_
_958,671_
_2,271_
_3,074_|
|---|---|---|
|||_964,016_|
||||
Page 22
**THE TRAMWAY MUSEUM SOCIETY (A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023**
## **6. Income from other trading activities**
## **Income from non charitable trading activities**
|**Unrestricted**
**funds**
**2023**
**£**
Retail
187,433
Catering
277,143
464,576
_Total 2022_
_469,356_
**Expenditure on raising funds**
Retail costs
Catering costs
Fundraising costs
Administration|**Total**
**funds**
**2023**
**£**
**187,433**
**277,143**
**464,576**
_469,356_
**2023**
**£**
**163,308**
**282,927**
**2,137**
**41,370**
**489,742**|_Total_
_funds_
_2022_
_£_
_194,811_
_274,545_|
|---|---|---|
|||_469,356_|
|||_2022_
_£_
_149,804_
_246,793_
_9,204_
_39,986_|
|||_445,787_|
## **7. Expenditure on raising funds**
Page 23
**THE TRAMWAY MUSEUM SOCIETY (A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023**
## **8. Analysis of expenditure on charitable activities**
## **Summary by fund type**
|**Unrestricted**
**funds**
**2023**
**£**
Admission and customer costs
770,413
Collections and research
131,570
Museum costs
592,712
1,494,695
_Total 2022_
_1,367,548_|**Restricted**
**funds**
**2023**
**£**
21,472
66,896
39,988
128,356
_215,650_|**Total**
**2023**
**£**
**791,885**
**198,466**
**632,700**
**1,623,051**
_1,583,198_|_Total_
_2022_
_£_
_783,763_
_263,853_
_535,582_|
|---|---|---|---|
||||_1,583,198_|
|||||
## **Summary by expenditure type**
|Admission and customer costs
Collections and research
Museum costs
_Total 2022_|**Staff costs**
**2023**
**Depreciation**
**2023**
**£**
**£**
383,002
94,068
59,021
29,325
245,299
80,120
687,322
203,513
_683,815_
_249,238_|**Other costs**
**2023**
**£**
314,815
110,120
307,281
732,216
_650,145_|**Total**
**2023**
**£**
**791,885**
**198,466**
**632,700**
**1,623,051**
_1,583,198_|_Total_
_2022_
_£_
_783,763_
_263,853_
_535,582_|
|---|---|---|---|---|
|||||_1,583,198_|
||||||
Page 24
## **THE TRAMWAY MUSEUM SOCIETY**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023**
## **9. Analysis of expenditure by activities**
|Admission and customer costs
Collections and research
Museum costs
_Total 2022_|**Activities**
**undertaken**
**directly**
**2023**
**£**
728,059
174,747
580,314
1,483,120
_1,455,470_|**Support**
**costs**
**2023**
**£**
63,826
23,719
52,386
139,931
_127,728_|**Total**
**funds**
**2023**
**£**
**791,885**
**198,466**
**632,700**
**1,623,051**
_1,583,198_|_Total_
_funds_
_2022_
_£_
_783,763_
_263,853_
_535,582_|
|---|---|---|---|---|
|||||_1,583,198_|
||||||
## **10. Auditors remuneration**
_-_ The auditors' remuneration amounts to an auditor fee of £5,600 _(2022 £5,200)_ , and accountancy and taxation work of £3,000 ( _2022_ - _£3,600_ ).
## **11. Directors' remuneration and expenses**
During the year, no Directors received any remuneration or other benefits _(2022 - £NIL)_ .
During the year ended 31 March 2023, expenses totalling _£_ NIL were reimbursed or paid directly to Directors _(2022 - £NIL to Director)_ .
In addition the Directors have personally incurred expenses which they have not reclaimed from the Society.
Page 25
## **THE TRAMWAY MUSEUM SOCIETY**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023**
## **12. Staff costs**
|Wages and salaries
Social security costs
Pension costs|**Group**
**2023**
**£**
**789,719**
**64,967**
**39,415**
**894,101**|_Group_
_2022_
_£_
_778,092_
_55,323_
_42,232_
_875,647_|**Charity**
**2023**
**£**
**789,719**
**64,967**
**39,415**
**894,101**|_Charity_
_2022_
_£_
_778,092_
_55,323_
_42,232_|
|---|---|---|---|---|
|||||_875,647_|
The average number of persons employed by the Society during the year was as follows:
|Finance and administration
Sales outlets
Others|**Group**
**2023**
**No.**
**4**
**16**
**24**
**44**|_Group_
_2022_
_No._
_5_
_12_
_22_
_39_|**Charity**
**2023**
**No.**
**4**
**16**
**24**
**44**|_Charity_
_2022_
_No._
_5_
_12_
_22_|
|---|---|---|---|---|
||||||
|||||_39_|
No employee received remuneration amounting to more than £60,000 in either year.
The total remuneration received by key management personnel is £58,241 (2022: £56,918). The Society considers its key management personnel comprise those who are making day-to-day delegated executive decisions.
Page 26
**THE TRAMWAY MUSEUM SOCIETY (A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023**
## **13. Tangible fixed assets**
## **Group and Charity**
Included in cost of land and buildings is freehold land of £64,897 (2022: £64,897) which is not depreciated. For insurance purposes, tramcars are assessed at sums determined by the Board. Tramcars awaiting restoration are insured at a nominal £1,000 each plus inflation and other tramcars at higher figures based on the amounts spent on restoration, these figures being adjusted for inflation from time to time.
|**Cost**
At 1 April 2022
Additions
At 31 March 2023
**Depreciation**
At 1 April 2022
Charge for the year
At 31 March 2023
**Net book value**
At 31 March 2023
_At 31 March 2022_|**Freehold**
**property**
**£**
**4,520,608**
**-**
**4,520,608**
**1,782,044**
**101,812**
**1,883,856**
**2,636,752**
_2,738,564_|**Permanent**
**exhibition**
**£**
**1,482,712**
**-**
**1,482,712**
**1,384,072**
**19,934**
**1,404,006**
**78,706**
_98,640_|**Permanent**
**way and**
**overhead**
**£**
**1,066,171**
**21,700**
**1,087,871**
**797,614**
**56,331**
**853,945**
**233,926**
_268,557_|**Plant and**
**machinery**
**£**
**780,691**
**23,153**
**803,844**
**692,768**
**30,725**
**723,493**
**80,351**
_87,923_|**Computer**
**equipment**
**£**
**187,147**
**-**
**187,147**
**179,215**
**3,907**
**183,122**
**4,025**
_7,932_|**Total**
**£**
**8,037,329**
**44,853**|
|---|---|---|---|---|---|---|
|||||||**8,082,182**|
|||||||**4,835,713**
**212,709**|
|||||||**5,048,422**|
|||||||**3,033,760**|
|||||||_3,201,616_|
## **Heritage assets not recognised in the balance sheet**
The Society maintains 75 tramcars and associated artefacts which were acquired over a period of time. Other tramway-related artefacts are also held by the Society. Restoration work is carried out in order to bring the tramcars into a display condition and once they have reached this condition they are maintained in a state of good repair.
Acquisition, disposal, preservation and management
The acquisition, disposal, preservation and management of the Society's collection are governed in accordance with the Museum's Acquisition, Disposal and Conservation policies. Collection records are maintained in accordance with the Museum standards laid out in the Museum Documentation Association's "SPECTRUM" guidelines.
Page 27
## **THE TRAMWAY MUSEUM SOCIETY**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023**
## **13. Tangible fixed assets (continued)**
Access to the Society's collections is available during advertised Museum opening times and by prearranged appointment. The Society's policies and procedures were overseen and approved by the Museums, Libraries and Archives Council accreditation scheme. The Society has achieved full Accredited status.
## **14. Fixed asset investments**
|**Society**
**Cost**
At 1 April 2022
At 31 March 2023|**Investments**
**in**
**subsidiary**
**companies**
**£**
**2**|
|---|---|
||**2**|
## **Principal subsidiaries**
The following was a subsidiary undertaking of the Society:
|**Name**|**Company**|**Registered office or principal**|**Class of**|**Holding**|
|---|---|---|---|---|
||**number**|**place of business**|**shares**||
|Tramway Museum Services|06058747|Crich Tramway Village, Crich,|Ordinary|100%|
|(R&C) Limited||Matlock, Derbyshire, DE4 5DP|||
The financial results of the subsidiary for the year were:
|**Name**|**Income**|**Expenditure**|**Profit/(Loss)**|**Net assets**|
|---|---|---|---|---|
||**£**|**£**|**for the year**|**£**|
||||**£**||
|Tramway Museum Services|**464,576**|**(410,567)**|**54,009**|**54,011**|
|(R&C) Limited|||||
Page 28
## **THE TRAMWAY MUSEUM SOCIETY**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023**
## **15. Stocks**
|**Group**
**2023**
**£**
Goods for resale
**31,937**
Permanent way
**56,665**
**88,602**
**16.**
**Debtors**
**Group**
**2023**
**£**
Amounts owed by group undertakings
**-**
Other debtors
**304,645**
Prepayments and accrued income
**122,785**
Tax recoverable
**8,641**
**436,071**
**17.**
**Creditors: Amounts falling due within one year**
**Group**
**2023**
**£**
Trade creditors
**153,345**
Accruals and deferred income
**63,504**
**216,849**
**Group**
**2023**
**£**
Deferred income brought forward
**35,093**
Resources deferred during the year
**33,234**
Amounts released from previous periods
**(35,093)**
**33,234**|_Group_
_2022_
_£_
_33,909_
_56,665_
_90,574_
_Group_
_2022_
_£_
_-_
_70,011_
_81,824_
_6,483_
_158,318_
_Group_
_2022_
_£_
_158,440_
_61,463_
_219,903_
_Group_
_2022_
_£_
_31,768_
_35,093_
_(31,768)_
_35,093_|**Charity**
**2023**
**£**
**-**
**56,665**
**56,665**
**Charity**
**2023**
**£**
**700,954**
**304,645**
**122,785**
**8,641**
**1,137,025**
**Charity**
**2023**
**£**
**135,163**
**63,504**
**198,667**
**Charity**
**2023**
**£**
**35,093**
**33,234**
**(35,093)**
**33,234**|_Charity_
_2022_
_£_
_-_
_56,665_
_56,665_
_Charity_
_2022_
_£_
_442,528_
_70,011_
_81,824_
_6,483_
_600,846_
_Charity_
_2022_
_£_
_133,464_
_61,463_
_194,927_
_Charity_
_2022_
_£_
_31,768_
_35,093_
_(31,768)_
_35,093_|
|---|---|---|---|
Deferred income relates to advance subscriptions and prepaid tickets.
Page 29
**THE TRAMWAY MUSEUM SOCIETY (A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023**
## **18. Statement of funds**
## **Statement of funds - current year**
|**Unrestricted**
**funds**
**Designated**
**funds**
Business
Interruption
Contingency
Fund (xiii)
New Cafe Fund
(xiv)
Mobile Elevating
Work Platform
(MEWP) Fund
(xv)
**General funds**
General funds
Pension reserve
**Total**
**Unrestricted**
**funds**
**Restricted**
**funds -**
**Revenue**
Cabmen's
Shelter
Track Fund
Subscriber Plus
Fund (vi)
Disabled Access|**Balance at 1**
**April 2022**
**£**
**520,000**
**828,694**
**-**
**1,348,694**
**1,753,433**
**(178,000)**
**1,575,433**
**2,924,127**
**9,620**
**11,948**
**29,875**
**15,599**|**Income**
**£**
**-**
**-**
**-**
**-**
**1,825,369**
**-**
**1,825,369**
**1,825,369**
**-**
**-**
**3,353**
**-**|**Expenditure**
**£**
**-**
**-**
**-**
**-**
**(1,971,437)**
**(13,000)**
**(1,984,437)**
**(1,984,437)**
**(7,327)**
**-**
**-**
**-**|**Transfers**
**in/out**
**£**
**(120,000)**
**9,835**
**100,000**
**(10,165)**
**10,165**
**-**
**10,165**
**-**
**-**
**-**
**-**
**-**|**Gains/**
**(Losses)**
**£**
**-**
**-**
**-**
**-**
**-**
**191,000**
**191,000**
**191,000**
**-**
**-**
**-**
**-**|**Balance at**
**31 March**
**2023**
**£**
**400,000**
**838,529**
**100,000**|
|---|---|---|---|---|---|---|
|||||||**1,338,529**|
|||||||**1,617,530**
**-**|
|||||||**1,617,530**|
|||||||**2,956,059**|
|||||||**2,293**
**11,948**
**33,228**
**15,599**|
Page 30
**(A company limited by guarantee)**
## **THE TRAMWAY MUSEUM SOCIETY**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023**
## **18. Statement of funds (continued)**
## **Statement of funds - current year (continued)**
|Audience
Development
Edinburgh 35
Blackpool 236
Manchester
replica (vii)
Sheffield Trams
(viii)
P.C.C. fund (ix)
Car no: 5 appeal
Heavy
Restoration (xi)
Depots/
Exhibition (xii)
Tramcar
restoration -
LCC 1 (x)
Cadisch -
Tramcar
acquisition and
restoration
Blackpool 298
Newcastle 102
Other restricted
funds under £5k
**Restricted**
**funds - Capital**
Barnsley Bus
No. 5
Clay Cross
Extension (i)
Workshop
Extension (ii)|**Balance at 1**
**April 2022**
**£**
**5,600**
**20,546**
**7,065**
**213,236**
**348,626**
**19,861**
**6,409**
**27,392**
**194,894**
**-**
**90,000**
**-**
**-**
**20,742**
**1,021,413**
**45,500**
**29,731**
**181,131**|**Income**
**£**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**25,728**
**-**
**2,491**
**16,171**
**3,342**
**51,085**
**-**
**-**
**-**|**Expenditure**
**£**
**-**
**-**
**-**
**(550)**
**-**
**-**
**-**
**-**
**-**
**(25,728)**
**-**
**(2,491)**
**(16,171)**
**-**
**(52,267)**
**(6,500)**
**(1,004)**
**(5,898)**|**Transfers**
**in/out**
**£**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**|**Gains/**
**(Losses)**
**£**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**|**Balance at**
**31 March**
**2023**
**£**
**5,600**
**20,546**
**7,065**
**212,686**
**348,626**
**19,861**
**6,409**
**27,392**
**194,894**
**-**
**90,000**
**-**
**-**
**24,084**|
|---|---|---|---|---|---|---|
|||||||**1,020,231**|
|||||||**39,000**
**28,727**
**175,233**|
Page 31
**(A company limited by guarantee)**
## **THE TRAMWAY MUSEUM SOCIETY**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023**
## **18. Statement of funds (continued)**
## **Statement of funds - current year (continued)**
||||||||**Balance at**|
|---|---|---|---|---|---|---|---|
||**Balance at 1**||||**Transfers**|**Gains/**|**31 March**|
||**April 2022**|**Income**|**Expenditure**||**in/out**|**(Losses)**|**2023**|
||**£**|**£**||**£**|**£**|**£**|**£**|
|Library||||||||
|Extension (iii)|**655,503**|**-**|**(20,952)**||**-**|**-**|**634,551**|
|Stone Workshop||||||||
|(iv)|**750,314**|**-**|**(19,140)**||**-**|**-**|**731,174**|
|Depot||||||||
|Improvements||||||||
|(xii)|**177,878**|**-**|**(3,952)**||**-**|**-**|**173,926**|
|Victoria Park (v)|**71,668**|**-**|**(1,837)**||**-**|**-**|**69,831**|
|Woodland Walk/||||||||
|Wakebridge|**52,304**|**-**|**(8,152)**||**-**|**-**|**44,152**|
|Holroyd Smith||||||||
|Exhibition|**46,615**|**-**|**(7,645)**||**-**|**-**|**38,970**|
|Bandstand||||||||
|Trackwork|**7,070**|**-**|**(1,009)**||**-**|**-**|**6,061**|
||**2,017,714**|**-**|**(76,089)**||**-**|**-**|**1,941,625**|
|**Total Restricted**||||||||
|**funds**|**3,039,127**|**51,085**|**(128,356)**||**-**|**-**|**2,961,856**|
|**Total of funds**|**5,963,254**|**1,876,454**|**(2,112,793)**||**-**|**191,000**|**5,917,915**|
|**Statement of funds - prior year**||||||||
||||||||_Balance at_|
||_Balance at_||||_Transfers_|_Gains/_|_31 March_|
||_1 April 2021_|_Income_|_Expenditure_||_in/out_|_(Losses)_|_2022_|
||_£_|_£_||_£_|_£_|_£_|_£_|
|**Unrestricted**||||||||
|**funds**||||||||
|**Designated**||||||||
|**funds**||||||||
|Business||||||||
|Interruption||||||||
|Contingency||||||||
|Fund (xiii)|_545,000_|_-_|_-_||_(25,000)_|_-_|_520,000_|
Page 32
**(A company limited by guarantee)**
## **THE TRAMWAY MUSEUM SOCIETY**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023**
## **18. Statement of funds (continued)**
## **Statement of funds - prior year (continued)**
|New Cafe Fund
(xiv)
Mobile Elevating
Work Platform
(MEWP) Fund
(xv)
**General funds**
General funds
Pension reserve
**Total**
**Unrestricted**
**funds**
**Restricted**
**funds -**
**Revenue**
Cabmen's
Shelter
Track Fund
Subscriber Plus
Fund (vi)
Disabled Access
Audience
Development
Edinburgh 35
Blackpool 236
Manchester
replica (vii)|_Balance at_
_1 April 2021_
_£_
_818,694_
_-_
_1,363,694_
_1,796,753_
_(334,000)_
_1,462,753_
_2,826,447_
_13,562_
_11,948_
_25,885_
_15,599_
_5,600_
_20,546_
_7,065_
_213,236_|_Income_
_£_
_10,000_
_-_
_10,000_
_1,727,015_
_-_
_1,727,015_
_1,737,015_
_-_
_-_
_3,990_
_-_
_-_
_-_
_-_
_-_|_Expenditure_
_£_
_-_
_-_
_-_
_(1,795,335)_
_(18,000)_
_(1,813,335)_
_(1,813,335)_
_(3,942)_
_-_
_-_
_-_
_-_
_-_
_-_
_-_|_Transfers_
_in/out_
_£_
_-_
_-_
_(25,000)_
_25,000_
_-_
_25,000_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_-_|_Gains/_
_(Losses)_
_£_
_-_
_-_
_-_
_-_
_174,000_
_174,000_
_174,000_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_-_|_Balance at_
_31 March_
_2022_
_£_
_828,694_
_-_
_1,348,694_
_1,753,433_
_(178,000)_
_1,575,433_
_2,924,127_
_9,620_
_11,948_
_29,875_
_15,599_
_5,600_
_20,546_
_7,065_
_213,236_|
|---|---|---|---|---|---|---|
Page 33
**(A company limited by guarantee)**
## **THE TRAMWAY MUSEUM SOCIETY**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023**
## **18. Statement of funds (continued)**
## **Statement of funds - prior year (continued)**
|Sheffield Trams
(viii)
P.C.C. fund (ix)
Car no: 5 appeal
Heavy
Restoration (xi)
Depots/
Exhibition (xii)
Tramcar
restoration -
LCC 1 (x)
Cadisch -
Tramcar
acquisition and
restoration
Blackpool 298
Newcastle 102
Other restricted
funds under £5k
**Restricted**
**funds - Capital**
Barnsley Bus
No. 5
Clay Cross
Extension (i)
Workshop
Extension (ii)
Library
Extension (iii)
Stone Workshop
(iv)
Depot
Improvements
(xii)|_Balance at_
_1 April 2021_
_£_
_348,626_
_19,211_
_6,409_
_27,392_
_194,894_
_-_
_90,000_
_-_
_-_
_18,502_
_1,018,475_
_52,000_
_30,735_
_187,029_
_676,455_
_769,454_
_181,830_|_Income_
_£_
_-_
_-_
_-_
_-_
_-_
_15,498_
_-_
_106,084_
_14,037_
_2,890_
_142,499_
_-_
_-_
_-_
_-_
_-_
_-_|_Expenditure_
_£_
_-_
_-_
_-_
_-_
_-_
_(15,498)_
_-_
_(106,084)_
_(14,037)_
_-_
_(139,561)_
_(6,500)_
_(1,004)_
_(5,898)_
_(20,952)_
_(19,140)_
_(3,952)_|_Transfers_
_in/out_
_£_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_-_|_Gains/_
_(Losses)_
_£_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_-_|_Balance at_
_31 March_
_2022_
_£_
_348,626_
_19,211_
_6,409_
_27,392_
_194,894_
_-_
_90,000_
_-_
_-_
_21,392_|
|---|---|---|---|---|---|---|
|||||||_1,021,413_|
|||||||_45,500_
_29,731_
_181,131_
_655,503_
_750,314_
_177,878_|
Page 34
**(A company limited by guarantee)**
## **THE TRAMWAY MUSEUM SOCIETY**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023**
## **18. Statement of funds (continued)**
## **Statement of funds - prior year (continued)**
|Victoria Park (v)
Woodland Walk/
Wakebridge
Holroyd Smith
Exhibition
Bandstand
Trackwork
**Total Restricted**
**funds**
**Total of funds**|_Balance at_
_1 April 2021_
_£_
_73,505_
_60,456_
_54,260_
_8,079_
_2,093,803_
_3,112,278_
_5,938,725_|_Income_
_£_
_-_
_-_
_-_
_-_
_-_
_142,499_
_1,879,514_|_Expenditure_
_£_
_(1,837)_
_(8,152)_
_(7,645)_
_(1,009)_
_(76,089)_
_(215,650)_
_(2,028,985)_|_Transfers_
_in/out_
_£_
_-_
_-_
_-_
_-_
_-_
_-_
_-_|_Gains/_
_(Losses)_
_£_
_-_
_-_
_-_
_-_
_-_
_-_
_174,000_|_Balance at_
_31 March_
_2022_
_£_
_71,668_
_52,304_
_46,615_
_7,070_|
|---|---|---|---|---|---|---|
|||||||_2,017,714_|
|||||||_3,039,127_|
|||||||_5,963,254_|
Page 35
## **THE TRAMWAY MUSEUM SOCIETY**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023**
## **18. Statement of funds (continued)**
Each restricted fund has sufficient resources to enable the fund to be applied in accordance with the restrictions imposed. A summary of the nature and purpose of each of the more significant funds is set out below.
## **Restricted Funds**
- (i) Grant received from the Heritage Lottery Fund for the extension of the existing store at Clay Cross.
- (ii) Grants received from the Heritage Lottery Fund and Museums, Libraries and Archives Council (MLA) for the construction of an extension to the tramcar workshop facility, incorporating a new public viewing gallery and exhibition.
- (iii) Grants received from the Heritage Lottery Fund and MLA for the extension of the library.
- (iv) Grants received from the Heritage Lottery Fund for the restoration of the Stone Workshop. (v) The development of the Victoria Park area funded by individual donations and a transfer from the Subscriber Plus Fund.
- (vi) Donations received from members towards a variety of small revenue tramway related projects. (vii) Legacy received towards the re-creation of a Manchester bogie car.
- (viii) Legacy received towards the restoration of Sheffield tramcars in the collection.
- (ix) Donation received for the restoration and conservation of PCC cars.
- (x) Donations received for the restoration and conservation of LCC 1.
- (xi) Legacy received for restoration or heavy repairs of electric tramcars.
- (xii) Legacy received for extensions and improvements to tramcar accommodation and exhibitions.
## **Designated Funds**
- (xiii) Fund designated to meet potential costs arising due to a downturn in visitor numbers. (xiv) Fund designated to build new catering facilities.
- (xv) Fund designated for a mobile self-powered platform to be used to carry out repairs and maintenance to the overhead line.
## **Transfers**
The transfers reflect the reduction in the Business Interruption Fund and the creation of the MEWP Fund.
Page 36
**THE TRAMWAY MUSEUM SOCIETY (A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023**
## **19. Summary of funds**
## **Summary of funds - current year**
|Designated
funds
General funds
Restricted funds
- Revenue
Restricted funds
- Capital|**Balance at 1**
**April 2022**
**£**
**1,348,694**
**1,575,433**
**1,021,413**
**2,017,714**
**5,963,254**|**Income**
**£**
**-**
**1,825,369**
**51,085**
**-**
**1,876,454**
_Income_
_£_
_10,000_
_1,727,015_
_142,499_
_-_
_1,879,514_|**Expenditure**
**£**
**-**
**(1,984,437)**
**(52,267)**
**(76,089)**
**(2,112,793)**
_Expenditure_
_£_
_-_
_(1,813,335)_
_(139,561)_
_(76,089)_
_(2,028,985)_|**Transfers**
**in/out**
**£**
**(10,165)**
**10,165**
**-**
**-**
**-**
_Transfers_
_in/out_
_£_
_(25,000)_
_25,000_
_-_
_-_
_-_|**Gains/**
**(Losses)**
**£**
**-**
**191,000**
**-**
**-**
**191,000**
_Gains/_
_(Losses)_
_£_
_-_
_174,000_
_-_
_-_
_174,000_|**Balance at**
**31 March**
**2023**
**£**
**1,338,529**
**1,617,530**
**1,020,231**
**1,941,625**|
|---|---|---|---|---|---|---|
|||||||**5,917,915**|
|||||||_Balance at_
_31 March_
_2022_
_£_
_1,348,694_
_1,575,433_
_1,021,413_
_2,017,714_|
|**Summary of funds - prior year**|||||||
|Designated
funds
General funds
Restricted funds
- Revenue
Restricted funds
- Capital|_Balance at_
_1 April 2021_
_£_
_1,363,694_
_1,462,753_
_1,018,475_
_2,093,803_
_5,938,725_||||||
|||||||_5,963,254_|
Page 37
**(A company limited by guarantee)**
## **THE TRAMWAY MUSEUM SOCIETY**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023**
## **20. Analysis of net assets between funds**
## **Analysis of net assets between funds - current year**
|**Unrestricted**
**funds**
**2023**
**£**
Tangible fixed assets
1,092,135
Current assets
2,080,773
Creditors due within one year
(216,849)
**Total**
2,956,059|**Restricted**
**funds -**
**Revenue**
**2023**
**£**
-
1,020,231
-
1,020,231|**Restricted**
**funds -**
**Capital**
**2023**
**£**
1,941,625
-
-
1,941,625|**Total**
**funds**
**2023**
**£**
**3,033,760**
**3,101,004**
**(216,849)**
**5,917,915**|
|---|---|---|---|
Free reserves equal £2,956,059 minus £1,092,135 = £1,863,924
## **Analysis of net assets between funds - prior year**
|Tangible fixed assets
Current assets
Creditors due within one year
Provisions for liabilities and charges
**Total**|_Unrestricted_
_funds_
_2022_
_£_
_1,183,902_
_2,138,128_
_(219,903)_
_(178,000)_
_2,924,127_|_Restricted_
_funds -_
_Revenue_
_2022_
_£_
_-_
_1,021,413_
_-_
_-_
_1,021,413_|_Restricted_
_funds -_
_Capital_
_2022_
_£_
_2,017,714_
_-_
_-_
_-_
_2,017,714_|_Total_
_funds_
_2022_
_£_
_3,201,616_
_3,159,541_
_(219,903)_
_(178,000)_
_5,963,254_|
|---|---|---|---|---|
Page 38
## **THE TRAMWAY MUSEUM SOCIETY**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023**
## **21. Reconciliation of net movement in funds to net cash flow from operating activities**
|Net expenditure for the year (as per Statement of Financial Activities)
**Adjustments for:**
Depreciation charges
Decrease/(increase) in stocks
Decrease/(increase) in debtors
Increase/(decrease) in creditors
Defined benefit pension movement
**Net cash provided by/(used in) operating activities**
**22.**
**Analysis of cash and cash equivalents**
Cash in hand
**Total cash and cash equivalents**
**23.**
**Analysis of changes in net debt**
**At 1 April**
**2022**
**£**
Cash at bank and in hand
**2,910,649**
**2,910,649**|**Group**
**2023**
**£**
**(236,339)**
**212,709**
**1,972**
**(277,753)**
**(3,054)**
**13,000**
**(289,465)**
**Group**
**2023**
**£**
**2,576,331**
**2,576,331**
**Cash flows**
**£**
**(334,318)**
**(334,318)**|_Group_
_2022_
_£_
_(149,471)_
_257,477_
_(16,161)_
_115,297_
_111,906_
_18,000_
_337,048_
_Group_
_2022_
_£_
_2,910,649_
_2,910,649_
**At 31 March**
**2023**
**£**
**2,576,331**
**2,576,331**|
|---|---|---|
Page 39
**(A company limited by guarantee)**
## **THE TRAMWAY MUSEUM SOCIETY**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023**
## **24. Pension commitments**
The Society participates in the Derbyshire County Council Pension Scheme, a multi-employer defined benefit final salary scheme. The scheme is administered for the benefit of Local Authority employees and other bodies and is managed in accordance with the Local Government Pension Scheme Regulations 1997 (as amended).
Contributions to the scheme are determined with advice of independent qualified actuaries on the basis of triennial valuations using the projected unit method.
The employer's contribution rate was 8.8% of pensionable pay with an employee's contribution rate of 5.9% or 6.5% of pensionable pay.
Principal actuarial assumptions at the Balance sheet date (expressed as weighted averages):
|Discount rate
Future salary increases
Future pension increases
Mortality rates (in years)
- for a male aged 65 now
- at 65 for a male aged 45 now
- for a female aged 65 now
- at 65 for a female aged 45 now|**At 31 March**
**2023**
**%**
**4.75**
**4.00**
**3.00**|_At 31 March_
_2022_
_%_
_2.70_
_3.90_
_3.20_|
|---|---|---|
||**At 31 March**
**2023**
**Years**
**21.0**
**21.8**
**24.0**
**25.5**|_At 31 March_
_2022_
_Years_
_21.1_
_22.2_
_23.8_
_25.6_|
|**Sensitivity analysis**|||
|---|---|---|
||**At 31 March**|_At 31 March_|
||**2023**|_2022_|
||**£**|_£_|
|Discount rate -0.1%|**18,000**|_29,000_|
Page 40
**(A company limited by guarantee)**
## **THE TRAMWAY MUSEUM SOCIETY**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023**
## **24. Pension commitments (continued)**
The Group's share of the assets in the scheme was:
|Equities
Corporate bonds
Property
Cash and other liquid assets
**Total fair value of assets**|**At 31 March**
**2023**
**£**
**834,240**
**278,080**
**101,120**
**50,560**
**1,264,000**|_At 31 March_
_2022_
_£_
_855,000_
_272,000_
_104,000_
_65,000_|
|---|---|---|
||||
|||_1,296,000_|
The actual return on scheme assets was -3.2% (2021 - _7.1%)_ .
The amounts recognised in the Consolidated statement of financial activities are as follows:
|Current service cost
Interest income
Interest cost
**Total amount recognised in the Consolidated statement of financial**
**activities**|**2023**
**£**
**(25,000)**
**34,000**
**(39,000)**
**(30,000)**|_2022_
_£_
_(27,000)_
_24,000_
_(31,000)_|
|---|---|---|
||||
|||_(34,000)_|
Movements in the present value of the defined benefit obligation were as follows:
|Opening defined benefit obligation
Interest cost
Contributions by scheme participants
Actuarial gains
Benefits paid
Current service cost
**Closing defined benefit obligation**|**2023**
**£**
**1,474,000**
**39,000**
**3,000**
**(458,000)**
**(58,000)**
**25,000**
**1,025,000**|_2022_
_£_
_1,557,000_
_31,000_
_3,000_
_(112,000)_
_(32,000)_
_27,000_|
|---|---|---|
||||
|||_1,474,000_|
Page 41
## **THE TRAMWAY MUSEUM SOCIETY**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023**
## **24. Pension commitments (continued)**
Movements in the fair value of the Group's share of scheme assets were as follows:
|Opening fair value of scheme assets
Expected return on assets
Actuarial (losses)/gains
Contributions by employer
Contributions by scheme participants
Benefits paid
**Closing fair value of scheme assets**|**2023**
**£**
**1,296,000**
**34,000**
**(267,000)**
**17,000**
**3,000**
**(58,000)**
**1,025,000**|_2022_
_£_
_1,223,000_
_24,000_
_62,000_
_16,000_
_3,000_
_(32,000)_
_1,296,000_|
|---|---|---|
The current actuarial assumptions and movements have been disclosed above. The corresponding FRS 102 actuarial report recognises a net asset of £239,000. However, the asset has been restricted to £nil on the balance sheet at 31 March 2023 as there is no entitlement or expectation of receipt.
The group expects to contribute £17,000 to its defined benefit pension scheme in 2023.
## **25. Share Capital**
The Society is a charitable company limited by guarantee and has no share capital. Each member undertakes to contribute a maximum of £1 to the assets of the Society, in the event of a winding up.
## **26. Related party transactions**
M C Wright is on the board of trustees of the Tramcar Sponsorship Organisation. During the year ended 31 March 2023 the Society received a grant of £Nil (2022: £3,938) from the organisation for the restoration of Newcastle 102.
## **27. Controlling party**
The Society has no single controlling party.
Page 42