North West Museum of Transport Limited
Annual Report 2020-2021
Registered Charity no. 513262
## CONTENTS
Trustees’ Annual Report
## Financial Statements
## Cover photo:
From the Museum’s historic vehicle collection, preserved St Helens Corporation Transport Leyland Titan bus no.54, built in 1966, outside the Museum.
North West Museum of Transport Ltd., 51 Hall Street, St. Helens, Merseyside WA10 1DU
## Trustees’ annual report (in **c** luding Directors’ report) for the period
From: 1 April 2020 to 31 March 2021
Charity name: NORTH WEST MUSEUM OF TRANSPORT LIMITED
Charity registration number: 513262 Company number: 01657828
## Objectives and activities
||SORP
reference||
|---|---|---|
|Summary of the purposes of
the charity as set out in its
governing document|Para 1
.17|The North West Museum of Tran**s**
Limited, a registered charity, was
1982 to establish and maintain fo
education and benefit of the publi
Merseyside, the North West of E**n**
North Wales, an operating transp
museum, the North West Museu**m**
Transport. The Charity aims to d**o**
promoting the permanent preser**v**
road transport vehicles and relat**e**
actual or potential historic or scie**n**
importance or educational value,
encourage and promote public in**t**
public education in the same.
port
founded in
r the
c of
gland and
ort
of Road
this by
ation of
d items of
tific
and to
erest and|
|Summary of the main
activities in relation to those
purposes for the public
benefit, in particular, the
activities, projects or services
identified in the accounts.|Para 1
1.19
.17 and|The principal activities and object
operate a transport museum to c**o**
and preserve historic road transp**o**
and related items of interest for t**h**
education and information of the**p**
has carried out this activity in its**c**
premises since 1986. The museu
to the public at weekends, and ot**h**
by arrangement.
The Charity will acquire, restore,**c**
and display vehicles and artefact**s**
associated with its aims in a man**n**
portrays their places in road tran**s**
and also work to conserve the fa**b**
integrity of the original.
The Charity will continue to prom**o**
in historic road transport for the b**e**
public by encouraging the public**t**
museum, and by providing educa
displays. It will also do this by tak
vehicles and related artefacts to**s**
events and schools etc. forthe b**e**
ives are to
nserve
rt vehicles
e benefit,
ublic. It
urrent
m is open
er times
onserve
er that
port history
ric and
te interest
nefit of the
o visit the
tional
ing historic
uitable
nefit of|
|||those who may not visit the museum itself.
The Charity will continue to encourage
anyone with an interest in its aims to be
involved and participate in its activities. It will
act in a professional manner to safeguard
and further its aims and the assets that are
in the Charity’s care. By encouraging the
involvement of volunteers in its activities,
several of whom have retired from the motor
industry and have experience and skills in
the construction and maintenance of road
transport vehicles, the Charity provides a
focus for the retention of these skills and an
educational opportunity for these skills to be
passed on to future generations.
The Charity will not discriminate against
anyone on ground of race, gender, sexual
orientation, age or disability.|
|---|---|---|
|Statement confirming
whether the trustees have
had regard to the guidance
issued by the Charity
Commission on public
benefit|Para 1.18|The trustees have had regard to the
guidance issued by the Charity Commission
on public benefit.|
## Additional information (optional)
## You may choose to include further statements where relevant about:
||SORP reference||
|---|---|---|
|Policy on grant making|Para 1.38|The Charity does not make grants.|
|Policy on social investment
including program related
investment|Para 1.38|Does not apply.|
|Contribution made by
volunteers|Para 1.38|The activities of the Charity are carried out
entirely by its volunteer members, except for
professional services such as financial
examination and activities requiring
specialist skills that are beyond the
capabilities of the volunteers. The Charity
does not employ any paid staff.|
|Other|||
## Achievements and performance
||Summary of the main
achievements of the charity,
identifying the difference the
charity’s work has made to
the circumstances of its
beneficiaries and any wider
benefits to society as a
whole.|Para 1.20|Background
The North West Museum of Road Transport
is housed in the former St. Helens
Corporation bus depot in St. Helens town
centre. The building has been in continuous
use for road transport purposes for over 100
years, housing at various times horse-drawn,
steam and electric trams, trolleybuses and
motorbuses used on local public transport
services. The museum building retains many
of its original features, and being used as a
road transport museum is very appropriate.
The Charity has approximately 30 historic
vehicles in its care, mainly buses from the
North West but also lorries, cars,
motorcycles and pedal cycles. There is also
a large quantity of road transport archive
material from the region and elsewhere. The
Charity also provides accommodation for
display and restoration of privately-owned
historic road vehicles that complement its
own collection, including buses, cars, fire
appliances and motorcycles.
Visitors
The museum would normally be open to the
public at weekends, but due to the COVID-
19 restrictions, it was closed for much of the
period under review. This meant that we
were also unable to host organised school
and group party visits during the year. The
restrictions also reduced the number of
volunteer staff available due to shielding etc.
when the museum was allowed to reopen.
The museum reopened on 1 August 2020,
with precautions in place in line with the then
current guidance. Visitor numbers were
understandably lower than usual during this
time. The museum closed again in October
due to the Tier 3 restrictions and remained
closed for the rest of the period under
review.
The number of visitors during the time that
the museum was open was approximately
250, which is understandably very much
lower than would normally be expected over
the same period, given the circumstances.
Despite this, we aim for the museum to
appealto allages. Family groups ofparents|
|---|---|---|---|
and grandparents with young and older children make up a large proportion of our visitors. We aim for the displays to be educational and appealing to the wide variety of levels of interest among our visitors. Events Due to COVID restrictions, we have been unable to hold any special events this year. Membership and volunteers Despite the challenges of COVID, the number of members increased slightly over the year to around 180. There is a wideranging membership profile, from interested locals to transport enthusiasts from the region and further afield. Outreach to members is through a quarterly magazine and social media. The museum relies totally on volunteer staff for opening to the public. There are about 30 regular active volunteers who work on a rota basis to open the museum to visitors. They are also involved with vehicle maintenance and restoration, archive conservation and outreach, using relevant skills and passing these on to others for their training and education. Vehicle restoration In the circumstances, there was little progress with the Museum’s vehicle restoration projects during the year, and work was mainly confined to maintenance and cleaning. Conservation and collection management It has been possible to make some further progress on the review and cataloguing of the transport-related material in the Charity’s archive collection, with some items being placed on display. In preparation for reopening, the small items on display were refreshed to provide new interest and information for visitors. The vehicle display was re-arranged prior to the August reopening, which enabled the presentation of several vehicle exhibits that were previously unseen by visitors. Three restored vehicles were donated to the museum during the year, these being a 1960 Ford Consul car, a 1963 BMC lorry, and a Honda Melody moped. There were also some changes in the privately-owned vehicles in the collection and on display.
## General
|General|General|
|---|---|
|The public benefits from the Charity’s||
|activities by:||
|`•`|Providing a focus for skills retention|
||and teaching to a new generation;|
|`•`|Being a centre for the retention of|
||local transport history and relating|
||this to present and future generations|
||for educational purposes;|
|`•`|Giving the opportunity to experience|
||and gain a better understanding of a|
||part of life in a bygone era.|
Additional information (optional) You may choose to include further statements where relevant about:
||||
|---|---|---|
|Achievements against
objectives set|Para 1.41|See above.|
|Performance of fundraising
activities against objectives
set|Para 1.41|The Charity has raised sufficient funds
during the year to achieve the objectives of
operating a transport museum for the
education and benefit of the public and
continuing to conserve and restore its
historic assets.|
|Investment performance
against objectives|Para 1.41|Does not apply.|
|Other||The Charity provides accommodation in part
of its premises for the Rainhill Model Railway
Club undera sub-lease.|
## Financial review
|Review of the charity’s
financial position at the end
of the period|Para 1.21|Income for the period: £110,895.
Expenditure: £65,250.
Surplus for the year: £45,645.|
|---|---|---|
|Statement explaining the
policy for holding reserves
stating why they are held|Para 1.22|The Trustees have reviewed the Charity's
requirements for reserves in line with Charity
Commission guidance, and after
consideration of the main risks to the
organisation. They have established a policy
whereby the unrestricted funds not
committed or invested in tangible fixed
assets should be maintained at £30,000,
which will cover approximately 4 months of
normal expenditure.|
|Amount of reserves held|Para 1.22|£30,000 as of 31/3/2021.|
|Reasons for holding zero
reserves|Para 1.22|Does not apply|
|Details of fund materially in
deficit|Para 1.24|None|
|Explanation of any
uncertainties about the
charity continuing as a going
concern|Para 1.23|None|
## Additional information (optional)
|Additional information (optional)|Additional information (optional)||
|---|---|---|
|You may choose to include further statements||where relevant about:|
|The charity’s principal
sources of funds (including
any fundraising)|Para 1.47|Principal sources of funds for the period
under review are:
`•`
member subscriptions (3%)
`•`
entrance fees to the museum,
catering and shop sales (3%)
(museum closed due to COVID
restrictions)
`•`
income from accommodation of
privately owned vehicles and Rainhill
Model Railway Club (49%)
`•`
appeals and donations (1%)
`•`
other income (3%)
`•`
grants (41%) (extraordinary COVID
support grants).|
|Investment policy and
objectives including any
social investment policy
adopted|Para 1.46|The Charity does not hold any investments.|
|A description of the principal
risks facing the charity|Para 1.46|The Trustees have examined the major
strategic, business and operational risks to
which the Charity is exposed, and confirms
that systems are established to take steps to
reduce these risks.|
|Principal risks include:|Principal risks include:|
|---|---|
|`•`|Catastrophic loss of premises and|
||collection|
|`•`|Unexpected early termination of|
||lease on premises|
|`•`|Financial pressure or failure|
|`•`|Unexpected major building repairs|
||not covered by insurance|
|`•`|Loss or reduction of volunteer|
||support|
|`•`|Ageing active volunteer membership,|
||and possible reduction in active|
||contribution|
|`•`|Effects of COVID-19 on visitor|
||income due to closure of the|
||museum to the public|
Other
## Structure, governance and management
|Description of charity’s
trusts:|||
|---|---|---|
|Type of governing document:
for example,trust deed,
memorandum and articles of
association etc|Para 1.25|Memorandum and Articles of Association
incorporated 11 August 1982.|
|How is the charity
constituted?
for example limited company,
unincorporated association,
CIO|Para 1.25|The Charity is controlled by its governing
document, a deed of trust, and constitutes a
limited company, limited by guarantee, as
defined by the Companies Act 2006.|
|Trustee selection methods
including details of any
constitutional provisions e.g.
election to post or name of
any person or body entitled
to appoint one or more
trustees|Para 1.25|Trustees, who are also Directors of the
company, are elected by subscriber
members of the company at the annual
general meeting in accordance with the
Articles of Association. The Trustees also
have the power to appoint new Trustees by
co-option. The maximum number of
Trustees / Directors is 12, with a
complement of 9 at the end of the reporting
period.|
## Additional information (optional)
## You may choose to include further statements where relevant about:
||||
|---|---|---|
|Policies and procedures
adopted for the induction and
training of trustees|Para 1.51||
|The charity’s organisational
structure and any wider
network with which the
charity works|Para 1.51|The Charity has links with some of the other
charitable organisations in the St. Helens
area that provide historical educational
facilities and entertainment attractions for the
local population, and with the cultural
departments of the local authority.
The Charity has continued its liaison with St.
Helens council and is involved with the St
Helens visitor economy network strategy
group, which endeavours to improve and
promote St Helens as a visitor attraction, to
benefit the people of the town and its
economy and wellbeing.
The Charity is a founder member of the
National Association of Road Transport
Museums (charity no. 11431218).|
|Relationship with any related
parties|Para 1.51||
|Other|||
## Reference and administrative details
|Charity name|North West Museum of Transport Limited|
|---|---|
|Other name the charity uses|North WestMuseumof RoadTransport|
|Registered charity number|513262|
|Charity’s principal address|The Old Bus Depot
51 Hall Street
St. Helens
Merseyside
WA101DU|
Names of the charity trustees who manage the charity
|1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20|Trustee name|Office (if any)|Dates acted if not for whole year|Name of person (or body)
entitled to appoint trustee
(if any)|
|---|---|---|---|---|
||John Arkle||Until 21 December 2020||
||Clive Arnold|Secretary|||
||Mark Ashcroft|Treasurer (from
January2021)|From 22 May 2020||
||Adam Goss||Until 20 December 2020||
||David Horn|Vice Treasurer|Until 20 December 2020||
||Robert Hughes||||
||Norman Johnstone|Treasurer|Until 20 December 2020||
||Paul Lambert||||
||Michael Lloyd|Chairman until
January2021|||
||Keith Naylor|Chairman from
January2021|From 20 December 2020||
||Peter Roberts||||
||David Thrower||Until 1 June 2020||
||Paul Holmes||From 20 December 2020||
||Shaun McGarry||From 20 December 2020||
||||||
||||||
||||||
||||||
||||||
||||||
– Corporate trustees names of the directors at the date the report was approved
Director name None
Name of trustees holding title to property belonging to the charity
|Trustee name|Dates acted if not for wholeyear|
|---|---|
|None||
|||
|Funds held as custodian trustees on behalf of others|Funds held as custodian trustees on behalf of others||
|---|---|---|
|Description of the assets
held in this capacity|None||
|Name and objects of the
charity on whose behalf the
assets are held and how this
falls within the custodian
charity’s objects|Does not apply||
|Details of arrangements for
safe custody and
segregation of such assets
from the charity’s own assets|Does not apply||
## Additional information (optional)
Names and addresses of advisers (optional information)
|Names and addresses of advisers (optional information)|Names and addresses of advisers (optional information)|Names and addresses of advisers (optional information)|
|---|---|---|
|Type of
adviser
Name
Address|||
||||
||||
||||
||||
|Name of chief executive or names of senior staff members (optional information)|||
||||
## Exemptions from disclosure
Reason for non-disclosure of key personnel details
## Other optional information
## Declarations
The company has taken advantage of the small companies’ exemption in preparing the report above.
The trustees declare that they have approved the trustees’ report (including directors’ report) above.
Signed on behalf of the charity’s trustees/directors
|Signature(s)
Full name(s)
Position (for example
Secretary, Chair, etc)
Date|||
|---|---|---|
||Keith Naylor|Clive Richard Arnold|
||Chairman|Secretary|
||15 December 2021||
||15 December 2021||
**REGISTERED COMPANY NUMBER: 01657828 (England and Wales) REGISTERED CHARITY NUMBER: 513262**
## **REPORT OF THE TRUSTEES AND**
## **UNAUDITED FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 31 MARCH 2021**
## **FOR**
## **NORTH WEST MUSEUM OF TRANSPORT LIMITED**
NR Barton 1st Floor Waterside House Waterside Drive Wigan Lancashire WN3 5AZ
**NORTH WEST MUSEUM OF TRANSPORT LIMITED**
**CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021**
|||**Page**||
|---|---|---|---|
|**Report of the Trustees**|1|to|2|
|**Independent Examiner's Report**||3||
|**Statement of Financial Activities**||4||
|**Balance Sheet**|5|to|6|
|**Notes to the Financial Statements**|7|to|14|
**NORTH WEST MUSEUM OF TRANSPORT LIMITED (REGISTERED NUMBER: 01657828)**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021**
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2021. The trustees have adopted the provisions of 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) (effective 1 January 2019).
## **Structure, governance and management Governing document**
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
## **Reference and administrative details**
## **Registered Company number**
01657828 (England and Wales)
**Registered Charity number** 513262
## **Registered office**
The Old Bus Depot 51 Hall Street St Helens Merseyside WA10 1DU
## **Trustees**
J G Arkle (resigned 21.12.20) C R Arnold M G Ashcroft (appointed 22.5.20) (resigned 1.12.21) A S Goss (resigned 20.12.20) P F Holmes (appointed 20.12.20) D J Horn (resigned 20.12.20) R Hughes N E Johnstone (resigned 20.12.20) P Lambert M Lloyd S R Mcgarry (appointed 20.12.20) K Naylor (appointed 20.12.20) G Pennington (appointed 20.10.21) P J Roberts D Thrower (resigned 1.6.20)
## **Company Secretary**
C R Arnold
## **Independent Examiner**
NR Barton 1st Floor Waterside House Waterside Drive Wigan Lancashire WN3 5AZ
## **Statement of trustees' responsibilities**
The trustees (who are also the directors of North West Museum Of Transport Limited for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland"
Page 1
## **NORTH WEST MUSEUM OF TRANSPORT LIMITED (REGISTERED NUMBER: 01657828)**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021**
## **Statement of trustees' responsibilities - continued**
Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charity SORP;
- make judgements and estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the board of trustees on 20 December 2021 and signed on its behalf by:
C R Arnold - Trustee
Page 2
## **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF NORTH WEST MUSEUM OF TRANSPORT LIMITED**
## **Independent examiner's report to the trustees of North West Museum Of Transport Limited ('the Company')**
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2021.
## **Responsibilities and basis of report**
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.
## **Independent examiner's statement**
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or
3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Neil Whittingham BA (Hons) FCA ATT NR Barton 1st Floor Waterside House Waterside Drive Wigan Lancashire WN3 5AZ
20 December 2021
Page 3
## **NORTH WEST MUSEUM OF TRANSPORT LIMITED**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2021**
|Unrestricted
fund
Notes
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
2
36
**Charitable activities**
5
Operation of a transport museum
54,246
Other trading activities
3
6,422
Investment income
4
8
Other Income
49,947
**Total**
110,659
**EXPENDITURE ON**
Raising funds
6
303
**Charitable activities**
7
Operation of a transport museum
63,648
**Total**
63,951
**NET INCOME/(EXPENDITURE)**
46,708
**RECONCILIATION OF FUNDS**
**Total funds brought forward**
93,734
**TOTAL FUNDS CARRIED FORWARD**
140,442|Restricted
fund
£
236
-
-
-
-
236
-
1,299
1,299
(1,063)
6,775
5,712|31.3.21
Total
funds
£
272
54,246
6,422
8
49,947
110,895
303
64,947
65,250
45,645
100,509
146,154|31.3.20
Total
funds
£
4,792
51,610
26,508
10
7,906
90,826
5,081
89,604
94,685
(3,859)
104,368
100,509|
|---|---|---|---|
The notes form part of these financial statements
Page 4
## **NORTH WEST MUSEUM OF TRANSPORT LIMITED (REGISTERED NUMBER: 01657828)**
## **BALANCE SHEET 31 MARCH 2021**
|Unrestricted
fund
Notes
£
**FIXED ASSETS**
Tangible assets
12
20,104
Heritage assets
13
45,650
65,754
**CURRENT ASSETS**
Debtors
14
8,462
Cash at bank
68,775
77,237
**CREDITORS**
Amounts falling due within one year
15
(2,549)
**NET CURRENT ASSETS**
74,688
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
140,442
**NET ASSETS**
140,442
**FUNDS**
16
Unrestricted funds
Restricted funds
**TOTAL FUNDS**|Restricted
fund
£
-
-
-
-
5,712
5,712
-
5,712
5,712
5,712|31.3.21
Total
funds
£
20,104
45,650
65,754
8,462
74,487
82,949
(2,549)
80,400
146,154
146,154
140,442
5,712
146,154|31.3.20
Total
funds
£
18,018
45,650
63,668
8,751
30,190
38,941
(2,100)
36,841
100,509
100,509
93,734
6,775
100,509|
|---|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
- (a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
- (b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The notes form part of these financial statements
continued...
Page 5
## **NORTH WEST MUSEUM OF TRANSPORT LIMITED (REGISTERED NUMBER: 01657828)**
## **BALANCE SHEET - continued 31 MARCH 2021**
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 20 December 2021 and were signed on its behalf by:
C R Arnold - Trustee
The notes form part of these financial statements
Page 6
**NORTH WEST MUSEUM OF TRANSPORT LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021**
## **1. ACCOUNTING POLICIES**
## **Basis of preparing the financial statements**
The financial statements of the charitable company, which is a public benefit entity under FRS 102, 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) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s). The financial statements are prepared in sterling which is the functional currency of the charity.
## **Legal status of the charity**
The charity is a company limited by guarantee and has no share capital. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £5 per member of the charity.
## **Going Concern**
COVID-19 measures led to the temporary closure of the museum. However, with the support received in the form of local support grants administered by local authority, the organisation has been able to trade through the period.
Having reviewed the current trading position, the trustees consider that there are no material uncertainties about the ability of North West Transport Museum Limited to continue as a going concern.
## **Income**
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
## **Expenditure**
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
## **Tangible fixed assets**
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings
- 33% on reducing balance and 5% on reducing balance
The need for any impairment of a fixed asset write down is considered if there is a concern over the carrying value of an asset and is assessed by comparing the carrying value in use or realisable value of the asset when appropriate.
## **Heritage assets**
The charity holds heritage assets, which are tangible fixed assets of historical, artistic or scientific importance that are held to advance preservation and conservation objectives of the charity.
The very long expected lives of the heritage assets, due to their nature, value and need to be preserved means that depreciation is not material and is therefore, not provided. In addition, many of the assets could actually rise in value as time goes on, thus making depreciation less applicable.
## **Taxation**
The charity is exempt from corporation tax on its charitable activities.
continued...
Page 7
**NORTH WEST MUSEUM OF TRANSPORT LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021**
## **1. ACCOUNTING POLICIES - continued**
## **Fund accounting**
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
## **Hire purchase and leasing commitments**
Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.
## **2. DONATIONS AND LEGACIES**
|**2.**|**DONATIONS AND LEGACIES**|||
|---|---|---|---|
|||31.3.21|31.3.20|
|||£|£|
||Donations from individuals|272|2,064|
||Gift aid|-|2,728|
|||272|4,792|
|**3.**|**OTHER TRADING ACTIVITIES**|||
|||31.3.21|31.3.20|
|||£|£|
||Membership Subscriptions|3,655|2,676|
||Sale of goods|2,767|6,515|
||Other Event Income|-|17,317|
|||6,422|26,508|
|**4.**|**INVESTMENT INCOME**|||
|||31.3.21|31.3.20|
|||£|£|
||Bank interest received|8|10|
|**5.**|**INCOME FROM CHARITABLE ACTIVITIES**|||
|||31.3.21|31.3.20|
|||Operation||
|||of a||
|||transport|Total|
|||museum|activities|
|||£|£|
||Vehicle accommodation|49,135|47,860|
||RMRC Rental Income|5,111|3,750|
|||54,246|51,610|
continued...
Page 8
**NORTH WEST MUSEUM OF TRANSPORT LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021**
## **6. RAISING FUNDS**
## **Other trading activities**
|Purchases
Advertising
Event expenditure
**CHARITABLE ACTIVITIES COSTS**
Operation of a transport museum
**SUPPORT COSTS**
Operation of a transport museum
**NET INCOME/(EXPENDITURE)**
Net income/(expenditure) is stated after charging/(crediting):
Depreciation - owned assets
Other operating leases
Deficit on disposal of fixed assets|31.3.21
31.3.20
£
£
-
1,446
303
606
-
3,029
303
5,081
Support
Direct
costs (see
Costs
note 8)
Totals
£
£
£
63,947
1,000
64,947
Governance
costs
£
1,000
31.3.21
31.3.20
£
£
1,285
724
33,848
33,848
-
4,916|
|---|---|
## **7. CHARITABLE ACTIVITIES COSTS**
## **8. SUPPORT COSTS**
## **9. NET INCOME/(EXPENDITURE)**
## **10. TRUSTEES' REMUNERATION AND BENEFITS**
There were no trustees' remuneration or other benefits for the year ended 31 March 2021 nor for the year ended 31 March 2020.
## **Trustees' expenses**
There were no trustees' expenses paid for the year ended 31 March 2021 nor for the year ended 31 March 2020.
continued...
Page 9
## **NORTH WEST MUSEUM OF TRANSPORT LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021**
|**11.**
**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**
Unrestricted
fund
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
4,492
**Charitable activities**
Operation of a transport museum
51,610
Other trading activities
26,508
Investment income
10
Other Income
7,906
**Total**
90,526
**EXPENDITURE ON**
Raising funds
5,081
**Charitable activities**
Operation of a transport museum
89,604
**Total**
94,685
**NET INCOME/(EXPENDITURE)**
(4,159)
**Transfers between funds**
(1,047)
**Net movement in funds**
(5,206)
**RECONCILIATION OF FUNDS**
**Total funds brought forward**
98,940
**TOTAL FUNDS CARRIED FORWARD**
93,734|Restricted
fund
£
300
-
-
-
-
300
-
-
-
300
1,047
1,347
5,428
6,775|Total
funds
£
4,792
51,610
26,508
10
7,906
90,826
5,081
89,604
94,685
(3,859)
-
(3,859)
104,368
100,509|
|---|---|---|
continued...
Page 10
**NORTH WEST MUSEUM OF TRANSPORT LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021**
## **12. TANGIBLE FIXED ASSETS**
|**12.**|**TANGIBLE FIXED ASSETS**|||
|---|---|---|---|
||||Fixtures|
||||and|
||||fittings|
||||£|
||**COST**|||
||At 1 April 2020||31,823|
||Additions||3,371|
||At 31 March 2021||35,194|
||**DEPRECIATION**|||
||At 1 April 2020||13,805|
||Charge for year||1,285|
||At 31 March 2021||15,090|
||**NET BOOK VALUE**|||
||At 31 March 2021||20,104|
||At 31 March 2020||18,018|
|**13.**|**HERITAGE ASSETS**|||
||||Total|
||||£|
||**COST**|||
||At 1 April 2020 and 31 March 2021||45,650|
||**NET BOOK VALUE**|||
||At 31 March 2021||45,650|
||At 31 March 2020||45,650|
|**14.**|**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**|||
|||31.3.21|31.3.20|
|||£|£|
||Prepayments and accrued income|8,462|8,751|
continued...
Page 11
## **NORTH WEST MUSEUM OF TRANSPORT LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021**
|**15.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Trade creditors
Accruals and deferred income
**16.**
**MOVEMENT IN FUNDS**
At 1.4.20
£
**Unrestricted funds**
General fund
93,734
**Restricted funds**
Restricted fund
6,775
**TOTAL FUNDS**
100,509
Net movement in funds, included in the above are as follows:
Incoming
resources
£
**Unrestricted funds**
General fund
110,659
**Restricted funds**
Restricted fund
236
**TOTAL FUNDS**
110,895
**Comparatives for movement in funds**
Net
movement
At 1.4.19
in funds
£
£
**Unrestricted funds**
General fund
98,940
(4,159)
**Restricted funds**
Restricted fund
5,428
300
**TOTAL FUNDS**
104,368
(3,859)|31.3.21
31.3.20
£
£
1,549
-
1,000
2,100
2,549
2,100
Net
movement
At
in funds
31.3.21
£
£
46,708
140,442
(1,063)
5,712
45,645
146,154
Resources
Movement
expended
in funds
£
£
(63,951)
46,708
(1,299)
(1,063)
(65,250)
45,645
Transfers
between
At
funds
31.3.20
£
£
(1,047)
93,734
1,047
6,775
-
100,509|
|---|---|
continued...
Page 12
**NORTH WEST MUSEUM OF TRANSPORT LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021**
## **16. MOVEMENT IN FUNDS - continued**
Comparative net movement in funds, included in the above are as follows:
|Incoming
resources
£
**Unrestricted funds**
General fund
90,526
**Restricted funds**
Restricted fund
300
**TOTAL FUNDS**
90,826
A current year 12 months and prior year 12 months combined position is as follows:
Net
movement
At 1.4.19
in funds
£
£
**Unrestricted funds**
General fund
98,940
42,549
**Restricted funds**
Restricted fund
5,428
(763)
**TOTAL FUNDS**
104,368
41,786|Resources
Movement
expended
in funds
£
£
(94,685)
(4,159)
-
300
(94,685)
(3,859)
Transfers
between
At
funds
31.3.21
£
£
(1,047)
140,442
1,047
5,712
-
146,154|
|---|---|
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
|**Unrestricted funds**
General fund
**Restricted funds**
Restricted fund
**TOTAL FUNDS**|Incoming
resources
£
201,185
536
201,721|Resources
Movement
expended
in funds
£
£
(158,636)
42,549
(1,299)
(763)
(159,935)
41,786|
|---|---|---|
continued...
Page 13
**NORTH WEST MUSEUM OF TRANSPORT LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021**
## **17. RELATED PARTY DISCLOSURES**
There were no related party transactions for the year ended 31 March 2021.
Page 14