**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 2024**
## **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 - 12|
|**Consolidated balance sheet**|13 - 14|
|**Society balance sheet**|15 - 16|
|**Consolidated statement of cash flows**|17|
|**Notes to the financial statements**|18 - 44|
**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 2024**
|**Patron**|HRH The Duke of Gloucester, KG, GCVO|
|---|---|
|**President**|RT Pennyfather, President (resigned 12 August 2023)|
||S Whiteley (appointed 12 August 2023)|
|**Vice-Presidents**|DJH Senior, OBE, MA (deceased 11 December 2023)|
||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 (resigned 11 November 2023)|
||P Milton1|
||AM Pendleton|
||J Roberts (resigned 25 July 2023)1|
||DP Webb|
||AJ Willis (resigned 11 November 2023)|
||NJ Sturgess (appointed 11 November 2023)|
||GP Wigglesworth (appointed 1 January 2024)|
|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 2024**
The Directors of the Board present their report and financial statements of the Society for the year ended 31 March 2024 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 11 November 2023 AJ Willis and 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 2024**
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,
Page 3
## **THE TRAMWAY MUSEUM SOCIETY**
## **(A company limited by guarantee)**
## **DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024**
education, tramcar restoration and a tramway archive and research library. 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 70,258 (2023: 60,708) with an additional 46,632 (2023: 35,785) 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.
## **Achievements and performance**
A key feature of the 2023 visitor season was the ‘cost of living crisis’ being experienced by a proportion of our key target market, young families. There was evidence that some of our visitors were seeing the purchase of an annual ticket as an investment, coming for frequent repeat visits, but not indulging in treats and secondary spend.
During the season we achieved paying visitor numbers that approximated to 80% of those achieved in 2019, the last year before the Covid pandemic. This figure is less than sustainable, and a key priority will be achieving preCovid visitor numbers and then growth going forward.
Planning work for the new visitor catering facilities was completed during 2023, finally achieving full planning permission. The project was put out to Tender with three companies expressing an interest. Stevensons were selected and work began on the development at the end of the visitor season in November 2023. The new facility will provide full accessibility to both the Red Lion public house and the cafeteria. Work is planned for completion and opening to the public in September 2024.
During the year work has continued on several tramcar engineering projects. Blackpool 298 is starting to take shape in the workshop. Newcastle 102 is having the final touches put to safety adjustments, and will be ready for public service during 2024. The ten-year project to completely restore LCC1 ‘Bluebird’ is nearing completion, and the tramcar is undergoing test runs. LCC1 will have its official launch in 2024.
Page 4
## **THE TRAMWAY MUSEUM SOCIETY**
## **(A company limited by guarantee)**
## **DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024**
Infrastructure work has continued during the year. A mobile elevated working platform was acquired to enable trained operatives to undertake work on site independently from contactors. A source has been found to supply bespoke engineered traction poles, to further this crucial area of development during the winter of 2024/25.
The autumn storms in 2023 caused severe flooding at the Clay Cross store, it has been concluded that this is no longer an appropriate environment for our purposes and plans are being put in place to erect suitable accommodation on site at Crich, to relocate the rationalised collections.
The reopening to visitors in March 2024 took place slightly later than planned. This was due to a number of factors. Major work was carried out by Severn Trent water directly across the entrance to the Museum. Rodents had made ingress into our communications cables which needed to be replaced. The setting up of the replacement catering facilities in the Poulson room was delayed by the demolition work. Finally, replacement of Traction poles 1 and 2 at Town End, with new ones supplied by West Midlands Metro, proved to be a more complicated process than originally planned.
## **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 £1,795,000 (2023: £1,378,000).
In the financial year paying customers were 70,258, up 9,550 on the previous year. On a calendar basis, the Museum received 70,230 paying customers compared to 62,023 in 2022. Unrestricted donations and membership subscriptions provided a further £407,000 towards the Society's general funds. After costs of generating funds of £605,000 and charity governance costs of £20,000, the net unrestricted incoming resources available for charitable activities was £1,577,000. Of this amount £595,000 was used for Museum operation including admission expenses, workshop and other tramway costs, exhibitions and education. A further £770,000 was spent on the Museum site itself including infrastructure costs, publicity and promotion, and Society membership expenses. £109,000 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 £234,000 surplus to a £342,000 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 £77,237 in the year. Restricted expenditure in the year of £148,000 included tramcar restoration £68,000, site costs £49,000 and exhibitions £18,000.
The Museum continues to operate successfully its admission scheme incorporating 12-month season tickets. This has allowed the Museum to reclaim £95,000 of Gift Aid in the year (2023 : £72,000).
The membership of the Society at 31 March 2024 was 1,271, including non-voting members and family members; this reflects an decrease of 404 during the year.
## **Reserves policies**
At 31 March 2024 the level of free reserves after the pension deficit was £1,577,000 (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 increased to £400,000, and the Replacement Cafe fund has reduced to £498,000. The MEWP fund is now at £40,000. We have set up a trams repair fund from legacies received £67,000 and a similar fund for building repairs of £107,000.
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
Page 5
## **THE TRAMWAY MUSEUM SOCIETY (A company limited by guarantee)**
## **DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024**
the future of the Museum, these free reserves are sufficient at present to provide this cover.
## **Plans for the future**
Plans are now advanced to paint the Bowes-Lyon Bridge and repair the metal structures (the pointing and stonework has already been repaired) over the winter 2024/5.
Access Tram 2 is starting to take shape using Tramcar Blackpool 645, external funding is now being sought to enable the project to progress.
During 2024 a new 3-phase 415v power supply will be installed at Wakebridge to replace life expired 11kv equipment.
## **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.
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.
Page 6
## **THE TRAMWAY MUSEUM SOCIETY**
**(A company limited by guarantee)**
**DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024**
## **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: 27 July 2024
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 2024 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 2024 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 FCA (Senior Statutory Auditor)**
for and on behalf of
## **Bates Weston Audit Ltd**
Statutory Auditors Chartered Accountants The Mills Canal Street Derby DE1 2RJ
22 August 2024
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 2024**
|**Note**
**Income from:**
Donations and
legacies
4
Charitable activities
5
Other trading activities
6
Investments
**Total income**
**Expenditure on:**
Raising funds
Charitable activities
8
**Total expenditure**
**Net**
**income/(expenditure**
**)**
**Other recognised**
**gains/(losses):**
Actuarial gains on
defined benefit
pension schemes
24
Pension surplus not
recognised
24
**Net movement in**
**funds**|**Unrestricted**
**funds**
**2024**
**£**
**374,720**
**1,205,139**
**599,328**
**23,993**
**2,203,180**
**609,205**
**1,482,985**
**2,092,190**
**110,990**
**334,000**
**(342,000)**
**102,990**|**Restricted**
**funds -**
**Revenue**
**2024**
**£**
**77,237**
**-**
**-**
**16,963**
**94,200**
**-**
**72,300**
**72,300**
**21,900**
**-**
**-**
**21,900**|**Restricted**
**funds -**
**Capital**
**2024**
**£**
**-**
**-**
**-**
**-**
**-**
**-**
**76,089**
**76,089**
**(76,089)**
**-**
**-**
**(76,089)**|**Total**
**funds**
**2024**
**£**
**451,957**
**1,205,139**
**599,328**
**40,956**
**2,297,380**
**609,205**
**1,631,374**
**2,240,579**
**56,801**
**334,000**
**(342,000)**
**48,801**|_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)_|
|---|---|---|---|---|---|
Page 11
## **THE TRAMWAY MUSEUM SOCIETY**
## **(A company limited by guarantee)**
## **CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024**
|**Note**
**Reconciliation of**
**funds:**
Total funds brought
forward
Net movement in
funds
**Total funds carried**
**forward**|**Unrestricted**
**funds**
**2024**
**£**
**2,956,059**
**102,990**
**3,059,049**|**Restricted**
**funds**
**2024**
**£**
**1,020,231**
**21,900**
**1,042,131**|**Restricted**
**funds - class**
**ii**
**2024**
**£**
**1,941,625**
**(76,089)**
**1,865,536**|**Total**
**funds**
**2024**
**£**
**5,917,915**
**48,801**
**5,966,716**|_Total_
_funds_
_2023_
_£_
_5,963,254_
_(45,339)_
_5,917,915_|
|---|---|---|---|---|---|
The Consolidated statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 18 to 44 form part of these financial statements.
Page 12
## **THE TRAMWAY MUSEUM SOCIETY**
## **(A company limited by guarantee) REGISTERED NUMBER: 744229**
## **CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2024**
|**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**
**Total net assets**|**87,637**
**229,465**
**2,565,007**
**2,882,109**
**(262,879)**|**2024**
**£**
**3,347,486**
**3,347,486**
**2,619,230**
**5,966,716**
**5,966,716**
**5,966,716**|_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_|
Page 13
## **THE TRAMWAY MUSEUM SOCIETY (A company limited by guarantee) REGISTERED NUMBER: 744229**
## **CONSOLIDATED BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2024**
|**Note**
**Charity funds**
Restricted funds:
Restricted funds - Revenue
18
Restricted funds - Capital
18
Total restricted funds
18
Unrestricted funds
18
**Total funds**|**1,042,131**
**1,865,536**|**2024**
**£**
**2,907,667**
**3,059,049**
**5,966,716**|_1,020,231_
_1,941,625_|_2023_
_£_
_2,961,856_
_2,956,059_|
|---|---|---|---|---|
||||||
|||||_5,917,915_|
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: 27 July 2024
The notes on pages 18 to 44 form part of these financial statements.
Page 14
## **THE TRAMWAY MUSEUM SOCIETY**
## **(A company limited by guarantee) REGISTERED NUMBER: 744229**
## **SOCIETY BALANCE SHEET AS AT 31 MARCH 2024**
|**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**
**Total net assets**|**56,665**
**753,656**
**1,960,005**
**2,770,326**
**(243,237)**|**2024**
**£**
**3,347,486**
**2**
**3,347,488**
**2,527,089**
**5,874,577**
**5,874,577**
**5,874,577**|_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_|
Page 15
## **THE TRAMWAY MUSEUM SOCIETY (A company limited by guarantee) REGISTERED NUMBER: 744229**
## **SOCIETY BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2024**
|**Note**
**Charity funds**
Restricted funds:
Restricted funds - Revenue
18
Restricted funds - Capital
18
Total restricted funds
18
Unrestricted funds
Designated funds
18
General funds
18
Unrestricted funds excluding pension
reserve
18
Total unrestricted funds
18
**Total funds**|**1,042,131**
**1,865,536**
**1,110,737**
**1,856,173**
**2,966,910**|**2024**
**£**
**2,907,667**
**2,966,910**
**5,874,577**|_1,020,231_
_1,941,625_
_1,038,529_
_1,863,521_
_2,902,050_|_2023_
_£_
_2,961,856_
_2,902,050_|
|---|---|---|---|---|
||||||
|||||_5,863,906_|
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: 27 July 2024
The notes on pages 18 to 44 form part of these financial statements.
Page 16
## **THE TRAMWAY MUSEUM SOCIETY**
## **(A company limited by guarantee)**
## **CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024**
|**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 18 to 44 form part of these financial statements|**2024**
**£**
**519,744**
**(531,068)**
**(531,068)**
**(11,324)**
**2,576,331**
**2,565,007**|_2023_
_£_
_(289,465)_
_(44,853)_
**(44,853)**
**(334,318)**
_2,910,649_
_2,576,331_|
|---|---|---|
Page 17
**THE TRAMWAY MUSEUM SOCIETY (A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **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 18
## **THE TRAMWAY MUSEUM SOCIETY**
**(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **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 19
## **THE TRAMWAY MUSEUM SOCIETY**
**(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **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 20
## **THE TRAMWAY MUSEUM SOCIETY**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **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.
## **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.
Page 21
## **THE TRAMWAY MUSEUM SOCIETY (A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **2. Accounting policies (continued)**
## **2.11 Fund accounting (continued)**
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 2023 has been used by the actuary in valuing the pensions liability at 31 March 2024. 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.
## **4. Income from donations and legacies**
|**Government grants**
Arts Council|**Unrestricted**
**funds**
**2024**
**£**
-
-|**Restricted**
**funds -**
**Revenue**
**2024**
**£**
3,411
3,411|**Total**
**funds**
**2024**
**£**
**3,411**
**3,411**|_Total_
_funds_
_2023_
_£_
_-_|
|---|---|---|---|---|
|||||_-_|
Page 22
## **THE TRAMWAY MUSEUM SOCIETY**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **4. Income from donations and legacies (continued)**
|Donations and legacies
Members' subscriptions
Sundry receipts
_Total 2023_|**Unrestricted**
**funds**
**2024**
**£**
300,132
38,795
35,793
374,720
374,720
_439,126_|**Restricted**
**funds -**
**Revenue**
**2024**
**£**
73,826
-
-
73,826
77,237
_51,045_|**Total**
**funds**
**2024**
**£**
**373,958**
**38,795**
**35,793**
**448,546**
**451,957**
_490,171_|_Total_
_funds_
_2023_
_£_
_432,566_
_39,665_
_17,940_|
|---|---|---|---|---|
|||||_490,171_|
||||||
|||||_490,171_|
||||||
## **5. Income from charitable activities**
|Admission
Education
Library income
_Total 2023_|**Unrestricted**
**funds**
**2024**
**£**
1,195,467
2,066
7,606
1,205,139
_917,584_|**Total**
**funds**
**2024**
**£**
**1,195,467**
**2,066**
**7,606**
**1,205,139**
_917,584_|_Total_
_funds_
_2023_
_£_
_913,803_
_2,579_
_1,202_|
|---|---|---|---|
||||_917,584_|
|||||
Page 23
**(A company limited by guarantee)**
## **THE TRAMWAY MUSEUM SOCIETY**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **6. Income from other trading activities**
## **Income from non charitable trading activities**
|Retail
Catering
_Total 2023_
**Expenditure on raising funds**
Retail costs
Catering costs
Fundraising costs
Administration|**Unrestricted**
**funds**
**2024**
**£**
233,481
365,847
599,328
_464,576_|**Total**
**funds**
**2024**
**£**
**233,481**
**365,847**
**599,328**
_464,576_
**2024**
**£**
**192,742**
**349,448**
**20,275**
**46,740**
**609,205**|_Total_
_funds_
_2023_
_£_
_187,433_
_277,143_|
|---|---|---|---|
||||_464,576_|
||||_2023_
_£_
_163,308_
_282,927_
_2,137_
_41,370_|
||||_489,742_|
## **7. Expenditure on raising funds**
Page 24
**THE TRAMWAY MUSEUM SOCIETY (A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **8. Analysis of expenditure on charitable activities**
## **Summary by fund type**
|Admission and customer costs
Collections and research
Museum costs
_Total 2023_|**Unrestricted**
**funds**
**2024**
**£**
766,920
111,230
604,835
1,482,985
_1,494,695_|**Restricted**
**funds**
**2024**
**£**
18,072
90,329
39,988
148,389
_128,356_|**Total**
**2024**
**£**
**784,992**
**201,559**
**644,823**
**1,631,374**
_1,623,051_|_Total_
_2023_
_£_
_791,885_
_198,466_
_632,700_|
|---|---|---|---|---|
|||||_1,623,051_|
||||||
## **Summary by expenditure type**
|Admission and customer costs
Collections and research
Museum costs
_Total 2023_|**Staff costs**
**2024**
**Depreciation**
**2024**
**£**
**£**
367,471
98,509
63,732
25,935
211,263
85,325
642,466
209,769
_687,322_
_203,513_|**Other costs**
**2024**
**£**
319,012
111,892
348,235
779,139
_732,216_|**Total**
**2024**
**£**
**784,992**
**201,559**
**644,823**
**1,631,374**
_1,623,051_|_Total_
_2023_
_£_
_791,885_
_198,466_
_632,700_|
|---|---|---|---|---|
|||||_1,623,051_|
||||||
Page 25
## **THE TRAMWAY MUSEUM SOCIETY**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **9. Analysis of expenditure by activities**
|Admission and customer costs
Collections and research
Museum costs
_Total 2023_|**Activities**
**undertaken**
**directly**
**2024**
**£**
739,713
175,858
516,157
1,431,728
_1,483,120_|**Support**
**costs**
**2024**
**£**
45,279
25,701
128,666
199,646
_139,931_|**Total**
**funds**
**2024**
**£**
**784,992**
**201,559**
**644,823**
**1,631,374**
_1,623,051_|_Total_
_funds_
_2023_
_£_
_791,885_
_198,466_
_632,700_|
|---|---|---|---|---|
|||||_1,623,051_|
||||||
## **10. Auditors remuneration**
_-_ The auditors' remuneration amounts to an auditor fee of £6,500 _(2023 £5,600)_ , and accountancy and taxation work of £3,250 ( _2023_ - _£3,000_ ).
## **11. Directors' remuneration and expenses**
During the year, no Directors received any remuneration or other benefits _(2023 - £NIL)_ .
During the year ended 31 March 2024, expenses totalling _£_ 50 were reimbursed or paid directly to 1 Director _(2023 - £NIL_ ).
In addition the Directors have personally incurred expenses which they have not reclaimed from the Society.
Page 26
**(A company limited by guarantee)**
## **THE TRAMWAY MUSEUM SOCIETY**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **12. Staff costs**
|Wages and salaries
Social security costs
Pension costs|**Group**
**2024**
**£**
**855,878**
**69,537**
**30,272**
**955,687**|_Group_
_2023_
_£_
_789,719_
_64,967_
_39,415_
_894,101_|**Charity**
**2024**
**£**
**855,878**
**69,537**
**30,272**
**955,687**|_Charity_
_2023_
_£_
_789,719_
_64,967_
_39,415_|
|---|---|---|---|---|
|||||_894,101_|
The average number of persons employed by the Society during the year was as follows:
|Finance and administration
Sales outlets
Others|**Group**
**2024**
**No.**
**5**
**14**
**26**
**45**|_Group_
_2023_
_No._
_4_
_16_
_24_
_44_|**Charity**
**2024**
**No.**
**5**
**14**
**26**
**45**|_Charity_
_2023_
_No._
_4_
_16_
_24_|
|---|---|---|---|---|
||||||
|||||_44_|
The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:
|||**Group**|_Group_|
|---|---|---|---|
|||**2024**|_2023_|
|||**No.**|_No._|
|In the band £60,001|- £70,000|**1**|_-_|
Page 27
**THE TRAMWAY MUSEUM SOCIETY (A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **13. Tangible fixed assets**
## **Group and Charity**
Included in cost of land and buildings is freehold land of £64,897 (2023: £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 2023
Additions
At 31 March 2024
**Depreciation**
At 1 April 2023
Charge for the year
At 31 March 2024
**Net book value**
At 31 March 2024
_At 31 March 2023_|**Freehold**
**property**
**£**
**4,520,608**
**340,897**
**4,861,505**
**1,883,856**
**92,511**
**1,976,367**
**2,885,138**
_2,636,752_|**Permanent**
**exhibition**
**£**
**1,482,712**
**-**
**1,482,712**
**1,404,006**
**14,268**
**1,418,274**
**64,438**
_78,706_|**Permanent**
**way and**
**overhead**
**£**
**1,087,871**
**92,095**
**1,179,966**
**853,945**
**65,541**
**919,486**
**260,480**
_233,926_|**Plant and**
**machinery**
**£**
**803,844**
**98,076**
**901,920**
**723,493**
**40,998**
**764,491**
**137,429**
_80,351_|**Computer**
**equipment**
**£**
**187,147**
**-**
**187,147**
**183,122**
**4,024**
**187,146**
**1**
_4,025_|**Total**
**£**
**8,082,182**
**531,068**|
|---|---|---|---|---|---|---|
|||||||**8,613,250**|
|||||||**5,048,422**
**217,342**|
|||||||**5,265,764**|
|||||||**3,347,486**|
|||||||_3,033,760_|
## **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 28
## **THE TRAMWAY MUSEUM SOCIETY**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **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 2023
At 31 March 2024|**Investments**
**in**
**subsidiary**
**companies**
**£**
**2**|
|---|---|
||**2**|
## **Principal subsidiaries**
The following was a subsidiary undertaking of the Society:
|**Name**|**Company**|**Registered office or principal**|**Registered office or principal**|**Class of**|
|---|---|---|---|---|
||**number**|**place of business**||**shares**|
|Tramway Museum Services|06058747|Crich Tramway|Village, Crich,|Ordinary|
|(R&C) Limited||Matlock, Derbyshire, DE4 5DP|||
|**Holding**|||||
|100%|||||
|The financial results of the subsidiary for the year were:|||||
|**Name**||**Income**|**Expenditure**|**Profit/(Loss)**|
|||**£**|**£**|**for the year**|
|||||**£**|
|Tramway Museum Services||**599,328**|**(507,189)**|**92,139**|
|(R&C) Limited|||||
The financial results of the subsidiary for the year were:
Page 29
## **THE TRAMWAY MUSEUM SOCIETY**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **14. Fixed asset investments (continued)**
**Net assets £**
**92,141**
## **15. Stocks**
|Goods for resale
Permanent way
**Debtors**
Amounts owed by group undertakings
Other debtors
Prepayments and accrued income
Tax recoverable|**Group**
**2024**
**£**
**30,972**
**56,665**
**87,637**
**Group**
**2024**
**£**
**-**
**169,114**
**7,144**
**53,207**
**229,465**|_Group_
_2023_
_£_
_31,937_
_56,665_
_88,602_
_Group_
_2023_
_£_
_-_
_304,645_
_122,785_
_8,641_
_436,071_|**Charity**
**2024**
**£**
**-**
**56,665**
**56,665**
**Charity**
**2024**
**£**
**524,239**
**169,066**
**7,144**
**53,207**
**753,656**|_Charity_
_2023_
_£_
_-_
_56,665_|
|---|---|---|---|---|
||||||
|||||_56,665_|
|||||_Charity_
_2023_
_£_
_700,954_
_304,645_
_122,785_
_8,641_|
||||||
|||||_1,137,025_|
## **16. Debtors**
## **17.**
## **Creditors: Amounts falling due within one year**
|Trade creditors
Accruals and deferred income|**Group**
**2024**
**£**
**190,618**
**72,261**
**262,879**
**Group**|_Group_
_2023_
_£_
_153,345_
_63,504_
_216,849_
_Group_|**Charity**
**2024**
**£**
**171,324**
**71,913**
**243,237**
**Charity**|_Charity_
_2023_
_£_
_135,163_
_63,504_|
|---|---|---|---|---|
||||||
|||||_198,667_|
|||||_Charity_|
Page 30
## **THE TRAMWAY MUSEUM SOCIETY**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **17. Creditors: Amounts falling due within one year (continued)**
|Deferred income brought forward
Resources deferred during the year
Amounts released from previous periods|**Group**
**2024**
**£**
**2024**
**£**
**(1,859)**
**-**
**-**
**(1,859)**|_Group_
_2023_
_£_
_2023_
_£_
_-_
_33,234_
_(35,093)_
_(1,859)_|**Charity**
**2024**
**£**
**2024**
**£**
**33,234**
**-**
**-**
**33,234**|_Charity_
_2023_
_£_
_2023_
_£_
_35,093_
_33,234_
_(35,093)_
_33,234_|
|---|---|---|---|---|
Deferred income relates to advance subscriptions and prepaid tickets.
Page 31
## **THE TRAMWAY MUSEUM SOCIETY (A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **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)
Tramcar
Repairs (xvi)
Site
Maintenance
(xvii)
**General funds**
General funds
Pension
reserve
**Total**
**Unrestricted**
**funds**|**Balance at 1**
**April 2023**
**£**
**400,000**
**838,529**
**100,000**
**-**
**-**
**1,338,529**
**1,617,530**
**-**
**1,617,530**
**2,956,059**|**Income**
**£**
**-**
**-**
**-**
**-**
**-**
**-**
**2,202,180**
**1,000**
**2,203,180**
**2,203,180**|**Expenditure**
**£**
**-**
**-**
**-**
**-**
**-**
**-**
**(2,099,190)**
**7,000**
**(2,092,190)**
**(2,092,190)**|**Transfers**
**in/out**
**£**
**-**
**(340,897)**
**(60,529)**
**66,782**
**106,852**
**(227,792)**
**227,792**
**-**
**227,792**
**-**|**Gains/**
**(Losses)**
**£**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**(8,000)**
**(8,000)**
**(8,000)**|**Balance at**
**31 March**
**2024**
**£**
**400,000**
**497,632**
**39,471**
**66,782**
**106,852**|
|---|---|---|---|---|---|---|
|||||||**1,110,737**|
|||||||**1,948,312**
**-**|
|||||||**1,948,312**|
|||||||**3,059,049**|
**Restricted funds - Revenue**
Page 32
**THE TRAMWAY MUSEUM SOCIETY (A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **18. Statement of funds (continued)**
## **Statement of funds - current year (continued)**
|Cabmen's
Shelter
Track Fund
Subscriber Plus
Fund (vi)
Disabled
Access
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|**Balance at 1**
**April 2023**
**£**
**2,293**
**11,948**
**33,228**
**15,599**
**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**|**Income**
**£**
**3,411**
**-**
**3,076**
**-**
**-**
**-**
**-**
**4,250**
**6,900**
**330**
**-**
**-**
**3,900**
**18,164**
**1,800**
**49,796**
**413**
**2,160**
**94,200**|**Expenditure**
**£**
**(3,927)**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**(18,164)**
**-**
**(49,796)**
**(413)**
**-**
**(72,300)**|**Transfers**
**in/out**
**£**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**|**Gains/**
**(Losses)**
**£**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**|**Balance at**
**31 March**
**2024**
**£**
**1,777**
**11,948**
**36,304**
**15,599**
**5,600**
**20,546**
**7,065**
**216,936**
**355,526**
**20,191**
**6,409**
**27,392**
**198,794**
**-**
**91,800**
**-**
**-**
**26,244**|
|---|---|---|---|---|---|---|
|||||||**1,042,131**|
Page 33
## **THE TRAMWAY MUSEUM SOCIETY (A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **18. Statement of funds (continued)**
## **Restricted funds - Capital**
|**Restricted**
**funds - Capital**|||||||
|---|---|---|---|---|---|---|
|Barnsley Bus
No. 5
Clay Cross
Extension (i)
Workshop
Extension (ii)
Library
Extension (iii)
Stone
Workshop (iv)
Depot
Improvements
(xii)
Victoria Park (v)
Woodland
Walk/
Wakebridge
Holroyd Smith
Exhibition
Bandstand
Trackwork
**Total**
**Restricted**
**funds**
**Total of funds**|**39,000**
**28,727**
**175,233**
**634,551**
**731,174**
**173,926**
**69,831**
**44,152**
**38,970**
**6,061**
**1,941,625**
**2,961,856**
**5,917,915**|**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**94,200**
**2,297,380**|**(6,500)**
**(1,004)**
**(5,898)**
**(20,952)**
**(19,140)**
**(3,952)**
**(1,837)**
**(8,152)**
**(7,645)**
**(1,009)**
**(76,089)**
**(148,389)**
**(2,240,579)**|**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**|**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**(8,000)**|**32,500**
**27,723**
**169,335**
**613,599**
**712,034**
**169,974**
**67,994**
**36,000**
**31,325**
**5,052**|
|||||||**1,865,536**|
|||||||**2,907,667**|
|||||||**5,966,716**|
Page 34
**(A company limited by guarantee)**
## **THE TRAMWAY MUSEUM SOCIETY**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **18. Statement of funds (continued)**
## **Statement of funds - prior 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|_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_|_Income_
_£_
_-_
_-_
_-_
_-_
_1,825,369_
_-_
_1,825,369_
_1,825,369_
_-_
_-_|_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_|
Page 35
**THE TRAMWAY MUSEUM SOCIETY (A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **18. Statement of funds (continued)**
## **Statement of funds - prior year (continued)**
|Subscriber Plus
Fund (vi)
Disabled
Access
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|_Balance at_
_1 April 2022_
_£_
_29,875_
_15,599_
_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_|_Income_
_£_
_3,353_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_25,728_
_-_
_2,491_
_16,171_
_3,342_
_51,085_|_Expenditure_
_£_
_-_
_-_
_-_
_-_
_-_
_(550)_
_-_
_-_
_-_
_-_
_-_
_(25,728)_
_-_
_(2,491)_
_(16,171)_
_-_
_(52,267)_|_Transfers_
_in/out_
_£_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_-_|_Gains/_
_(Losses)_
_£_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_-_|_Balance at_
_31 March_
_2023_
_£_
_33,228_
_15,599_
_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_|
**Restricted funds - Capital**
Page 36
**(A company limited by guarantee)**
## **THE TRAMWAY MUSEUM SOCIETY**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **18. Statement of funds (continued)**
## **Statement of funds - prior year (continued)**
|Barnsley Bus
No. 5
Clay Cross
Extension (i)
Workshop
Extension (ii)
Library
Extension (iii)
Stone
Workshop (iv)
Depot
Improvements
(xii)
Victoria Park (v)
Woodland
Walk/
Wakebridge
Holroyd Smith
Exhibition
Bandstand
Trackwork
**Total**
**Restricted**
**funds**
**Total of funds**|_Balance at_
_1 April 2022_
_£_
_45,500_
_29,731_
_181,131_
_655,503_
_750,314_
_177,878_
_71,668_
_52,304_
_46,615_
_7,070_
_2,017,714_
_3,039,127_
_5,963,254_|_Income_
_£_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_51,085_
_1,876,454_|_Expenditure_
_£_
_(6,500)_
_(1,004)_
_(5,898)_
_(20,952)_
_(19,140)_
_(3,952)_
_(1,837)_
_(8,152)_
_(7,645)_
_(1,009)_
_(76,089)_
_(128,356)_
_(2,112,793)_|_Transfers_
_in/out_
_£_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_-_|_Gains/_
_(Losses)_
_£_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_191,000_|_Balance at_
_31 March_
_2023_
_£_
_39,000_
_28,727_
_175,233_
_634,551_
_731,174_
_173,926_
_69,831_
_44,152_
_38,970_
_6,061_|
|---|---|---|---|---|---|---|
|||||||_1,941,625_|
|||||||_2,961,856_|
|||||||_5,917,915_|
Page 37
## **THE TRAMWAY MUSEUM SOCIETY**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **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.
- (xvi) Fund designated to meet costs and tramcar repairs
- (xvii) Fund designated to meet costs of building repairs
## **Transfers**
The transfers reflect the increase in the Business Interruption Fund the creation of the tramcar and building repair funds and the costs to date of the new catering facilites.
Page 38
**THE TRAMWAY MUSEUM SOCIETY (A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **19. Summary of funds**
## **Summary of funds - current year**
|||||||**Balance at**|
|---|---|---|---|---|---|---|
||**Balance at 1**|||**Transfers**|**Gains/**|**31 March**|
||**April 2023**|**Income**|**Expenditure**|**in/out**|**(Losses)**|**2024**|
||**£**|**£**|**£**|**£**|**£**|**£**|
|Designated|||||||
|funds|**1,338,529**|**-**|**-**|**(227,792)**|**-**|**1,110,737**|
|General funds|**1,617,530**|**2,203,180**|**(2,092,190)**|**227,792**|**(8,000)**|**1,948,312**|
|Restricted|||||||
|funds|**1,020,231**|**94,200**|**(72,300)**|**-**|**-**|**1,042,131**|
|Restricted|||||||
|funds - Class II|**1,941,625**|**-**|**(76,089)**|**-**|**-**|**1,865,536**|
||**5,917,915**|**2,297,380**|**(2,240,579)**|**-**|**(8,000)**|**5,966,716**|
|**Summary of funds - prior year**|||||||
|||||||_Balance at_|
||_Balance at_|||_Transfers_|_Gains/_|_31 March_|
||_1 April 2022_|_Income_|_Expenditure_|_in/out_|_(Losses)_|_2023_|
||_£_|_£_|_£_|_£_|_£_|_£_|
|Designated|||||||
|funds|_1,348,694_|_-_|_-_|_(10,165)_|_-_|_1,338,529_|
|General funds|_1,575,433_|_1,825,369_|_(1,984,437)_|_10,165_|_191,000_|_1,617,530_|
|Restricted|||||||
|funds|_1,021,413_|_51,085_|_(52,267)_|_-_|_-_|_1,020,231_|
|Restricted|||||||
|funds - Class II|_2,017,714_|_-_|_(76,089)_|_-_|_-_|_1,941,625_|
||_5,963,254_|_1,876,454_|_(2,112,793)_|_-_|_191,000_|_5,917,915_|
Page 39
**(A company limited by guarantee)**
## **THE TRAMWAY MUSEUM SOCIETY**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **20. Analysis of net assets between funds**
## **Analysis of net assets between funds - current period**
|**Unrestricted**
**funds**
**2024**
**£**
Tangible fixed assets
1,481,950
Current assets
1,839,978
Creditors due within one year
(262,879)
**Total**
3,059,049
Free reserves equal £1,577,099.|**Restricted**
**funds -**
**Revenue**
**2024**
**£**
-
1,042,131
-
1,042,131|**Restricted**
**funds -**
**Capital**
**2024**
**£**
1,865,536
-
-
1,865,536|**Total**
**funds**
**2024**
**£**
**3,347,486**
**2,882,109**
**(262,879)**
**5,966,716**|
|---|---|---|---|
## **Analysis of net assets between funds - prior period**
|Tangible fixed assets
Current assets
Creditors due within one year
**Total**|_Unrestricted_
_funds_
_2023_
_£_
_1,092,135_
_2,080,773_
_(216,849)_
_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_|
|---|---|---|---|---|
Page 40
## **THE TRAMWAY MUSEUM SOCIETY**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **21. Reconciliation of net movement in funds to net cash flow from operating activities**
|Net income/expenditure for the period (as per Statement of Financial
Activities)
**Adjustments for:**
Depreciation charges
Decrease 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**
**2023**
**£**
Cash at bank and in hand
**2,576,331**
**2,576,331**||**Group**
**2024**
**£**
**56,801**
**217,342**
**965**
**206,606**
**46,030**
**(8,000)**
**519,744**
**Group**
**2024**
**£**
**2,565,007**
**2,565,007**
**Cash flows**
**£**
**(11,324)**
**(11,324)**|_Group_
_2023_
_£_
_(236,339)_
_212,709_
_1,972_
_(277,753)_
_(3,054)_
_13,000_
_(289,465)_
_Group_
_2023_
_£_
_2,576,331_
_2,576,331_
**At 31 March**
**2024**
**£**
**2,565,007**
**2,565,007**|
|---|---|---|---|
|||||
Page 41
**THE TRAMWAY MUSEUM SOCIETY (A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **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):
||**At 31 March**|_At 31 March_|
|---|---|---|
||**2024**|_2023_|
||**%**|_%_|
|Discount rate|**3.80**|_4.75_|
|Future salary increases|**2.80**|_4.00_|
|Future pension increases|**4.80**|_3.00_|
||**At 31 March**|_At 31 March_|
|---|---|---|
||**2024**|_2023_|
||**Years**|_Years_|
|Mortality rates (in years)|||
|- for a male aged 65 now|**20.8**|_21.0_|
|- at 65 for a male aged 45 now|**21.6**|_21.8_|
|- for a female aged 65 now|**23.8**|_24.0_|
|- at 65 for a female aged 45 now|**25.3**|_25.5_|
## **Sensitivity analysis**
||**At**|**31**|**March**|_At_|_31 March_|
|---|---|---|---|---|---|
||||**2024**||_2023_|
||||**£**||_£_|
|Discount rate -0.1%|||**18,000**||_18,000_|
Page 42
**THE TRAMWAY MUSEUM SOCIETY (A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **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**
**2024**
**£**
**933,640**
**302,060**
**96,110**
**41,190**
**1,373,000**|_At 31 March_
_2023_
_£_
_834,240_
_278,080_
_101,120_
_50,560_
_1,264,000_|
|---|---|---|
The actual return on scheme assets was 9.3% (2023 - _-3.2%)_ .
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**|**2024**
**£**
**(14,000)**
**49,000**
**(48,000)**
**(13,000)**|_2023_
_£_
_(25,000)_
_34,000_
_(48,000)_
_(39,000)_|
|---|---|---|
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**|**2024**
**£**
**1,025,000**
**48,000**
**4,000**
**(27,000)**
**(33,000)**
**14,000**
**1,031,000**|_2023_
_£_
_1,474,000_
_39,000_
_3,000_
_(458,000)_
_(58,000)_
_25,000_
_1,025,000_|
|---|---|---|
Page 43
**THE TRAMWAY MUSEUM SOCIETY (A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **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 gains/(losses)
Contributions by employer
Contributions by scheme participants
Benefits paid
Pension surplus not recognised
**Closing fair value of scheme assets**|**2024**
**£**
**1,025,000**
**49,000**
**307,000**
**21,000**
**4,000**
**(33,000)**
**(342,000)**
**1,031,000**|_2023_
_£_
_1,296,000_
_34,000_
_(267,000)_
_17,000_
_3,000_
_(58,000)_
_-_
_1,025,000_|
|---|---|---|
The current actuarial assumptions and movements have been disclosed above. The corresponding FRS 102 actuarial report recognises a net asset of £342,000. However, the asset has been restricted to £nil on the balance sheet at 31 March 2024 as there is no entitlement or expectation of receipt.
The group expects to contribute £21,000 to its defined benefit pension scheme to the year ended 31 March 2025.
## **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**
K Rigg is on the board of trustees of High Peak Community and Voluntary Support. During the year ended 31 March 2024 the Society paid £861 to a High Peak CVS staff member (2023: £nil) for freelance work.
## **27. Controlling party**
The Society has no single controlling party.
Page 44