THE NEW MECHANICS LIMITED (A COMPANY LIMITED BY GUARANTEE) (THE NorriNGHAM MECHANICS) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024 COMPANY RE6IsTERED NUMBER 00929885 Registered in England CHARITY REGISTERED NUMBER 522274
THE NEW MECHANICS LIMITED (THE NOThINGHAM MECHANICS- founded 1837) (Limited by Guarantee - Registered in England No. 00929885) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024 CONTENTS PAGE The Council and Administration Report of the Chairman Directors, Report 317 Independent Examinerfs Report Statement of Financial Activities Balance Sheet 10 Accounting Policies and Notes 11121
THE NEW MECHANICS LIMITED (THE NorriNGHAM MECHANICS - founded 1837> (Limited by Guarantee - Registered in England No. 00929885) THE COUNCIL ADMINISTRATION STATUS The New Mechanics Limited is a charitable company limited by guarantee and has no share capital. It was incorporated on 1 st April 1968 and is a registered charity {No. 522274). PRESIDENT Mrs J Morris VICE PRESIDENT Vacant COUNCIL MEMBERS (BOARD of DIRECTORS) Mrs C A Atton MrsllHart Mrs V Apple (Died 12.11.2024) Mr R W Smith Ms KJ Price Mrs P Tilley Mr G R Freeman Mrs H Hundley Mrs J Morris Mrs J Bird HONORARY SECRETARY Mrs V Apple { Died 12th November 2024) Vacant HONORARY TREASURER ANAGER Mr A Carlton REPORTING ACCOUNTANTS MrA R R Pri FCA Pells Chartered Accountants 17 Newstead Grove NOTTINGHAM NG14GZ BANKERS Virgin Money 11 Smithy Row NOINGHAm NG13EJ SOLICITORS Geldards LLP The Arc Enterprise Way NOTTINGHAM NG2 1EN REGISTERED OFFICE 3 North Sherwood Street NOTTINGHAM NG14EZ
THE NEW MECHANICS UMITED (THE NOThINGHAM MECHANICS - ft)unded 1837) (Limited by Guarantee - Registered in England No. 00929885) REPORT OF THE CHAIRMAN FOR THE YEAR ENDED 31ST DECEMBER 2024 It's been a busy year behind the scenes with various discussions needing attention. The biggest of these being our financial situation, which I've mentioned at the last years Annual General Meeting and our recent Extra Emergency General Meeting. The sale going ahead with Nottingham Trent University was the best all round deal for both our parties. The correct sale price, plus an 18 months free rental agreement letting us keep business as usual while we seek a new local rentedeaSed building, smaller than this one for our relocation. Investing the money from the sale would create income and enable us to draw down money to cover any shortfalls in operational costs as we feel this wtll still be a concern l estimate that the new arrangement will see us through the next 18 years plus, even if charitable donations are forthcoming in the near future. Adam and Wes have now completed a successful year with their°Leisure Leaming programs.. A profitable scheme which adds to our income. Thank you to you both for making it a success. Once again thank you to the members for your support. to the Council, Staff and to Adam our general manager who manages to pull it all together for us. What I have said will be padded out a Itttle in Adarns report. I have not at this moment of reporting had an update of the sale details. We will update you each month via the newsletter on how things are progressing. MR G R FREEMAN CHAIRMAN ' xk.L. ?0)=.
THE NEW MECHANICS LIMITED (THE NorriNGHAM MECHANICS- founded 1837) (Llmited by Guarantse - Registered in England No. 00929885) REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31ST DECEMBER 2024 Re ort of the Trustees for the Year Ended 31st December 2024 The Trustees are pleased to present their annual Directors, Report. together with the financial statements of the Charity for the year ended 31st December 2024, which are also prepared to meet the requirements for a Directors, Report and accounts for Companies Act purposes. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006 and "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 United Kingdom and Republic of Ireland (FRS 102) (effective 1st January 2019) Trustees of the Chari The Directors of the charitable company are its Trustees for the purposes of charity law. The Trustees who have served during the year and Sin the year end were as follows'.- Mrs C Alton Mrs H Hundley Mrs V Apple { Died 12th November 2024) Mrs I l Hart Ms KJ Price Mrs P Tilley Mr GR Freeman Mrs J Bird Mr R W Smith anisational Structure and Mana ement The New Mechanics Limited is a charitable company limited by guarantee and has no share capital. It was incorporated on 1st April 1968 and is a registered charity (No. 522274). Its constitution is set out in the Memorandum and ArtiGles of Association. The controlling body is the Council of Management (Board of Directors) of up to 20 rnembers who are the registered Directors. Meetings of the Board of Directors are normally held monthly. Directors must have been members of the Association for at least 12 rnonths and are elected to serve for three years. all retiring Directors are eligible for re-election. The procedures for nomination and election of Directors are set out in the Articles of Association. The Honorary Secretary and the Honorary TaSurer a appointed by the Board of Directors for a period of two years and are eligible for reappointment, the Honorary Secretary and the Honorary Treasurer are ex officio Directors. Directors are Trustees of the charity and use "The Good Trustee Guide" published by NCVO Publications as their training manual.
THE NEW MECHANICS LIMITED {THE NOTTINGHAM MECHANICS- founded 1837) (Limitsd by Guarantee - Registered in England No. 00929885) REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31ST DECEMBER 2024 Or anisational Structure and Mana ment (Continued) The President and Vice Presidents are honorary positions, nominated by the Board of Directors and appointed by the membership at the AGM for a peri¢)d of three years, and are eligible for reappointment. The Board of Directors have delegated responsibility for day to day operations to Mr A Carlton, the Manager, including the provision of catering facilities. Catering is provided as a service to members ancillary to other activities. Risk Review The Manager has carried out risk assessments for fire and health and safety requirements and brokers are employed to advise on insurance policies. Maintenance contracts with regular inspections are used for boilers, plant and equipment including the passenger and goods lifts. Ob"ectlves and Activities The Memorandum of Association sets out in paragraph 3{b) the main objective: "To promote the benefit of the inhabitants of the City of Nottingham and the neighbourhood thereof by the advancement of eduGation and the provision. in the interests of social welfare and with the objects of improving the conditions of lrfe. of facilities for recreation and other leisure time occupations." In addition paragraph 3{1) states 'To... Support... any charitable associations or institutions... in any way connected with the purposes of the Association or calculated to fvrther its objectives." The Nottingham Mechanics owns and occupies premises in the centre of Nottingham and seeks to meet these objectives in two ways, firstly to organise its own activities, and secondly to hire rooms at favourable rates to organisations whiGh have similar aims. It is a policy to keep the subscription as low as possible to enable those on low incomes to become members. (Lower rates are maintained for those aged less than 18 years). This is considered an important policy as most members are elderly and many are on low incomes. Activities for our members, therefore, concentrate on dancing, aerobics and other similar physical activities to help members to keep fit, such as table tennis and cultural and mental pursuits SUGh as bridge, whist and chess with regular recorded opera and classical music sessions. Weekly illustrated lectures throughout most of the year prove popular and are well attended, and are open to non-members at a visitor fee of £2.00. The provision of computers for intemet aCsS has proved popular. We also aange day trips and short breaks for our members to places of interest in the UK.
THE NEW MECHANICS LIMITED (THE NOINGHAm MECHANICS- ftlunded 1837) (Limited by Guarantee - Registsred in England No. 00929885) REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31ST DECEMBER 2024 Ob"ectives and Activities Continued The Nottingham Mechanics provides subsidised access to its building for a wide range of organisations with shared or complementary objectives, many of which have been associated with us for several years. These include the Dickens Fellowship, the National Trust, the Nottingham Probus Club, the Nottingharn Shakespeare Society, the Nottingham Writers Club, the R.C.T.S., and the Thoroton Society In August last year, we launched our Leisure Leaming programme, which has proven to be significant SucSS-partIcUlarlY as the W.E.A. no longer runs classes at our venue. This initiative has expanded our educational offering and strengthened community engagement. In addition to comrnunity use, we also hire roorns at commercial rates to organisations for meetings and training. Regular clients include Frarnework, Age UK, and the NHS. Member activities continue to be a vital part of our operation. The balance between these and external lettings has been enhanced through intemal reconfiguration-specifically, reducing the size of the library to expand the rnembers, area. Together, our income from room hire, members. subscriptions, investment retums. and food and beverage sales fomi the core of our financial sustainability Achievements and Performance The results for the year (as detailed in the attached financial statements) were as follows.'- Incoming ReSoUrS Outgoing ReSoUrS 160,133 252,450 Net Outgoing Resources for the Year (92,317) Net gains/(losses) on investments (231) Balance brought forward 1,433,097 Total Unrestricted Funds as at 31st December 2024 1.340,549 The above funds have been allocatsd as follows".- Resources used for Net Acquisitions of Fixed Assets Investment portfolio Working Capital Liabilities falling due after more than one year 1,205,915 161,488 (18,521) 8,333 Total Funds as at 31st December 2024 1,340,549
THE NEW MECHANICS LIMITED (THE NorriNGHAM MECHANICS - founded 1837) (Limited by Guarantee - Registered in England No. 00929885) REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31ST DECEMBER 2024 Achlevements and Performance Our standout achievement over the past year is undoubtedly the development of Leisure Learning. What began as a small idea, inspired by a visit to the Ipswich Institute, has been successfully brought to life by Adam and Wes. The programme now features a dedicated website, professionally produced marketing materials, and widespread positive feedback The project continues to grow, vith 34 courses already scheduled for the upcoming Autumn and Winter tenns. We continue to monitor all levels of activity within the Institute and strnie to keep cost down in this environment of ever-increasing costs. The number of members at 31 st December 2024 was 217 {2023:195) Reserves Polic The Board have considered that unrestricted funds not invested in fixed assets should be maintained at a level of three months of resources expended (currently equating to 60, 000) to enable the current actiVFties of the charity to continue in the event of a significant drop in funding. Our unrestricted funds total £1,340,549 of which £1,205,915 is represented by the building and other fixed assets £161,488 is set aside for the investment portfolio and designated funds of £5, 909 leaving free funds in deficit by £32,763 at the end of the year as detailed in note 15. Steps are being taken that will eliminate the deficit arising from the proposed sale of the building as mentioned in future plans below and detailed in note 18 on page 21 of these accounts. Investment Powers Under the charity's Memorandum of Association. the Board is empowered to make any investment tt deems appropriate in pursuit of our charitable objectives. Following a thorough review of available options, we selected Canaccord as our investment partner to help us deliver on these aims responsibly and effectively. Future Plans Looking ahead, we intend to revisit and refine our charitable purpose to ensure it remains at the heart of everything we do. The potential sale and relocation of The Nottingham Mechanics Institute presents a valuable opportunity to reflect, reset, and realign our operating model with our mission. We are actively exploring altemative models and leaming from best practi across the sector. This strategic development will help us further our charitable objectives and strengthen our future
THE NEW MECHANICS LIMITED (THE NOINGHAm MECHANICS - founded 183T) (Limited by Guarantee - Registered in England No. 00929885) REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31ST DECEMBER 2024 Political Contrlbutions No donations for political purposes have been made. Re ortin Accountants Pells, Chartered Accountants, are reappointed as Reporting Accountants for the ensuing year. Publlc Benefit Statement The Board of Directors have cornplied with their duty to have due regard to the guidance on public benefit, including the 'guidance public benefit: running a Charity PB2' published by the Charty Commission in exercising their powers or duties. This report has been prepared in accordanGe WFth the Statement of Recommended Practice Accounting and Reporting by Chaiities SORP 2019 FRS (102) and in accordance with the special provisions for Small Companies under part 15 of the Cornpanies Act 2006. BY ORDER OF THE COUNCIL Mr G R Freeman
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE NEW MECHANICS LIMITED I report to the Charity Trustees on my examination of the accounts for the Gompany for the year ended 31st Dember 2024, which comprise the statement of financial activities, statement of financial position and the related notes set out on pages 11 to 21 Responsibilities and Basis of Report As the Charity's Trustees of the company (and also its Directors for the purpose 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 carying out my examination I have followed the directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act. Independent ExarnineVs Statement I have completed my examination. I confinn that no matters have come to my attention in connection with the examination giving me Gause to believe: accounting records were not kept in respect of the company as required by Section 386 of the 2006 Act,. or the accounts do not accord with those records" or the accounts do not comply WFth the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair view, which it nor a matter onsidered as part of an independent examination; or the acGounts have not been prepared in accordan 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 whiGh attention should be drawn in this report to enable a proper understanding of the accounts to be reached. A R R PRICE FCA Member of the Institute of Chartered Accountants in England and Wales For and on behalf of Pells Chartered Accountants 17 Newstead Grove NOINGHAm NG14GZ
THE NEW MECHANICS LIMITED (THE NOTTINGHAM MECHANICS- founded 1837) {Limited by Guarantee - Registered in England No. 00929885) STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31ST DECEMBER 2024 Totsl Funds 2024 Total Funds 2023 Notes UNRESTRICTED FUNDS INCOME Income and Endowments from: Donations and gr8nts Charitable Activities Other Trading Activities Investment incorne 36,540 96,529 12,167 14,897 9,626 83,851 14,611 19,310 TOTAL INCOME 160,133 127,398 EXPENDITURE ON: Raising Funds Charitable Activities 2,552 249.898 2,882 240,238 TOTAL EXPENDITURE 252,450 243,120 Net Outgoing Resources for the Year (92,317) (115,722) Net gainsl{losses) on Investments (231) (2,489) Loss on Revaluation of Investment Property NET MOVEMENT IN FUNDS (92, 548) (118,211) Total Funds at 1st January 2024 1,433.097 1,551,308 TOTAL FUNDS AT 31ST DECEMBER 2024 1,340,549 1,433.097 All the above results are derived from continuing activities.
THE NEW MECHANICS LIMITED (THE NoINGHAm MECHANICS - founded 1837) {Limited by Guarantee - Regtsred in England No. 00929885) BALANCE SHEET AS AT 31ST DECEMBER 2024 2024 2023 Notas FIXED ASSETS Tangible Assets Investments 10 11 1,205,915 161,488 1,224,504 232 278 1.367,403 1,456,782 CURRENT ASSETS Stfxks Debtors Cash funds held at Canaccord Cash at Bank and in Hand 2.456 3,856 2,053 16.611 2,568 5.439 13,610 17,619 12 24.976 39,236 CREDITORS: amounts falling due within one year 13 43,497 44,588 NEf CURRENT {LIABILITIESyASSETS (18,521) 1,348,882 (5,352) 1,451,430 CREDITORS: amounts falling due after more than one year 14 18.333) {18,333) NET ASSETS 1,340,549 1A33,097 UNRESTRICTED FUNDS Designated Funds General Funds 15 15 5,909 5,909 1,427 188 TOTAL CHARITY FUNDS 1,340,549 1,433.097 The D1CtorS ale satisfied that the company is entiued to expIlon frorn audit under Section 477 of the Companies Act 2006 relating to small companiés. The DirectrJrs' Responsibilities." The mefflber5 have not r8quired the company to oblain an aLtdrt of its accounts for the year ended in accordan Section 476. The Directors acknowledge their responsibilitie5 tr comptying wth the qUement of the Act vth pert to accounting CordS and preparation of accounts. The financial statements have been prepared in accordan the provis)ns applicable to small companies, subject to the small compani&s regime and in aceofjlance th FRS {102) SORP. These financial statements werè approved by the Board on and signed on its behalf. BY ORDER OF THE COUNCIL Mr G R Freeman Mrs C A Alton The ncles on pages 11-21 fom part of thesè financial statements 10
THE NEW MECHANICS LIMITED (THE NorriNGHAM MECHANICS- founded 18371 (Limited by Guarantee - Registsred in England No. 00929885) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024 ACCOUNTING POLICIES SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (a) General Inforniation and Basis of Preparation The New Mechanics Limrted is a company limtted by guarantee in the United Kingdom. In the event of the Charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the Charity. The address of the registered office is give in the Charity information on page 1 of these financial statements. The nature of the Charity's operations and principal activities are.. To promote the benefit of the inhabitants of the City of Nottingham and the neighbourhood, thereof by the advancernent of education and the provision in the interests of social welfare with the objects of improving the conditions of life, of facilities for recreation and other leisure lime occupations. In addition to supporting charitable organisations or institution connected with the purpose of the Association or calculated to further its objectives. The financial statements have been prepared in accordance with the charity's governing document. the Companies Act 2006 and "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 United Kingdom and Republic of Ireland (FRS 102) (effective 1 st January 2019) The financial statements are prepared on a going concem basis under the historical cost convention, modified to include certain items at fair value. The financial statements are ppared in sterling which is the functional currency of the Charity. The Charity constitutes a public benefit entity as defined by FRS 102. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. Funds Unrestricted funds are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and whiGh have not been designated for other purposes. Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the Notes to the Financial Statements.
THE NEW MECHANICS LIMITED rrHE NorriNGHAM MECHANICS - founded 1837) (Limited by Guarantee - Registered in England No. 00929885) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024 ACCOUNTING POLICIES (Continued) Funds Continued Restricted funds are funds which are to be used in accordan with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The cost 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. Income Reco nltlon All incoming reSoUrS are included in the Statement of Financial Activities (SOFA) when the Charity is legally entitled to the income after any perfomance conditions have been met. the amount can be measured reliably and rt is probable that the income will be received. For donations to be recognised, the Charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then the income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the Charity and it is probable that they will be fulfilled. For legacies, entitlement is the earlier of the Charity being notified of an impending distribution Income from trading activrties includes income eamed from fundraising events and trading activities to raise funds for the Charity. Income is received in exchange for supplying goods and services in order to raise funds and is recognised when entitlement has occurred. Investment income is earned through holding assets for investment purposes. It includes interest and nt. Interest income is recognised using the effective interest method and rent income is recognised as the Charity's right to receive payment is established. Revenue grants are recognised when the Charity has entitlement to the funds, any perfomiance conditions attached have been met, it is probable that the income will be received and the amount can be measured reliably. Ex enditure Reco nition 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 Gonstructive 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. It is ategorised under the following headings: Costs of raising funds includes costs of managing the investrnent property and room hire" 12
THE NEW MECHANICS LIMITED (THE NorriNGHAM MECHANICS - founded 1837) (Limited by Guarantee - Registered in England No. 00929885) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024 ACCOUNTING POLICIES (Continued) enditure Reco nition Continued Members, subscriptions, cultural excursions. the restaurant and bar. and supporting Charities and other Institutions connected with the purpose of the Charity through letting of rooms at a redUd rate. Other expenditure represents those ttems not falling into the categories above. ort Costs Allocation Support costs are those that assist the work an the Charity but do not directly represent charttable activities and include office costs, govemance costs, administrative payroll costs. The are incurred directly in support of expenditure on the objects of the Charity. Where support costs cannot be directly attributed to particular headings they have been allocated to cost of raising funds and expenditure on charitable activrties on a basis consistent with use of resources. Tan ible Fixed Assets Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows'.- Freehold Land Freehold Buildings Equipment and Fixtures and Fittings Furnishings Computer Equipment Investments Not depreciated 2010 Straight line basis 6.60A straight line basis 5'h straight line basis 200h straight line basis Investments are stated at market value as advised by the fund managers. Realised and unrealised gains are recognised in 'net gainsl(losses) on investrnents, in the SOFA. stocks Stocks are stated at the lower of cost and estimated selling pri less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first- out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate. 13
THE NEW MECHANICS LIMITED ITHE NOThINGHAM MECHANICS - founded 1837) (Llmited by Guarantee - Reglstered in England No. 00929885) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024 ACCOUNTING POLICIES (Continued) Debtors and Creditors RecelvablelPa able Within One Year Debtors and cdItorS with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure. Im aimient Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each Balance Sheet date. If suth indication exists. the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. When the carrying amount exceeds its recoverable arnount, and impaiment loss is recognised in profit or loss unless the asset is carried at a revalwl amount where the impairment loss is a revaluation decrease. Tax The Charity 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 with the definition of a charitable company for UK corporaticn tax purposes. Goin Concern The ff nancial statements have been prepared on a going concern basis as the Trustees believe that no material uncertainties exst. The Trustees have considered the level of funds held and the expected level of incorne and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure and the future sale of the investment propety will enable the Charity to continue as a going conrn. VOLUNTARY INCOME 2024 2023 Donations 36,540 9,626 9,626 36.540 14
THE NEW MECHANICS LIMITED (THE NOThINGHAM MECHANICS - founded 1837) (Limited by Guarantee - registered in England No. 00929885) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024 INCOME FROM CHARITABLE ACTIVITIES 2024 2023 Members, Subscriptions Members, Cultural Excursions Restaurant and Bar Lettings of Rooms Visitor Tickets Leisure Learning Library and Sundry 8,386 2,376 52,903 23,834 27 8,695 308 8,727 2,733 49,442 22,497 98 354 96,529 83,851 OTHER TRADING ACTIVITIES Room Hire 12,167 14,611 INVESTMENT INCOME Investment Interest Car Parking Charges 7,604 7,293 7,652 11,658 14,897 19,310 RAISING FUNDS Investment Management Costs: Investment management fees 2.157 3,215 2.157 3,215 {333) Provision for Doubfful Debts Advertising 395 2,552 2,882 15
THE NEW MECHANICS LIMITED (THE NorriNGHAM MECHANICS- founded 1837) (Limitsd by Guarantse - Registered in England No. 00929885) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024 ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES 2024 2023 Restaurant and Bar: Purchases Wages Repairs Equipment Hire Rates & Water Electricity and Gas Cleaning( Incl wages) and Sundries Depreciation 19,119 20,516 377 18,504 24,863 724 639 5,892 6,318 1,102 1,487 4,607 5,174 981 52,261 58,986 Members. Cultural Excursions 2,963 2,992 Leisure Learnlng General.. 4,113 Managernent and Office Salaries and Wages Rates, Water, Electricity, Gas, Insuran and Telephone Printing, Stationery and Postage Sundry Depreciation Repairs and Maintenance Bank Interest Credit Card Charges 60,185 28.226 1,214 7,221 1,183 278 809 148 58,394 31,929 689 4,410 1,753 3,405 862 1,542 99,264 102,984 Bulldings: Wages Facilities Repairs and Maintenance Cleaning Wages Cleaning and Sundries DepreGiation 47,905 4,790 13,158 2,478 17,576 33,712 4,214 10,490 3,090 18,290 85,907 69,796 16
THE NEW MECHANICS LIMITED (THE NOTTINGHAM MECHANICS - founded 1837) (Limited by Guarantee - registered in England No. 00929885) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024 ANALYSIS OF EXPENDITURE ON CHARITABLE EVENTS {Continued) 2024 2023 Governance Costs: Independent Examiners Fees Other Accounting Sep4ices Bank Charges 1,700 3,690 1,675 3,755 50 5,390 5.480 TOTAL FOR CHARITABLE ACTIVITIES 249,898 240,238 STAFF COSTS AND NUMBERS staff Costs were as follows: Salaries and Wages Social Security Costs Pension Costs - Deferred Contribution 139,304 4,223 1,542 124.699 3,265 1,385 145,069 129,349 No ernployee received emoluments of more than £60,000. The average numbers of and employees during the year were: No. No. Employees: Directors Office and Administration Facility Staff The President, Vice Presidents and Honorary Officers are appointed by the Council. The Trustees neither received nor waived any remuneration during the year {2023: £Nil). The Trustees did not have any expenses reimbursed durtng the year (2023 £Nil). Total key management remuneration arnounted to £ 33,186 (2023: £31,721). 17
THE NEW MECHANICS LIMITED (THE NOTTINGHAM MECHANICS- founded 1837) (Lirnited by Guarantee - registered in England No. 00929885) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024 NET EXPENDITURE FOR THE YEAR 2024 2023 This is stated after charging: Depreciation Independent Examinerfs Fee Other Accounting Services 19,740 1,700 3,690 21,145 1,595 3,835 10 TANGIBLE FIXED ASSErs Equipmen( Fixtures and Fittin Freehold Land and Buildln Total Tangible Assets Computer s Equi ment Furnishin COST At 1.1.24 Additions Disposals 1,567.336 281,421 1,151 70,366 26.074 1,945,197 1,151 At 31.12.24 1,567,336 282,572 70,366 26,074 1,946,348 DEPRECIATION At 1.1.24 Charge for the Year On Disposals 355.920 17,576 274,185 981 64,875 904 25,713 279 720,693 19,740 At 31.12.24 373,496 275.166 65,779 25,992 740,433 NET BOOK VALUE At 31.12.24 1,193,840 7,406 4,587 82 1,205,915 At 31.12.23 1,211.416 7,236 5,491 361 1,224,504 The net book values represent fixed assets used for direct charitable purposes 18
THE NEW MECHANICS LIMITED (THE NOTTINGHAM MECHANICS- founded 1837> (Limited by Guarantee - Registered in England No. 00929885) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024 2024 2023 11 INVESTMENTS Market value at 1st January 2023 Acquisitions at cost Sale prOedS from disposals Realised Gainl(loss) in the year Unrealised Gainl(loss) in the year Market value at 31st December 2024 232,278 81,135 (151,957) 289,454 (54,687) (5,144) 2,655 232,278 32 161.488 Investments at market value comprised: Debt and fixed interest Equities 55.572 105,916 161,488 79,894 152,384 232,278 Historical cost as at 31st DeGember 2024 158.801 229,622 12 DEBTORS 2024 2023 Trade Debtors Prepayments and Accrued Income 1,090 2,766 2,654 2,785 3,856 5,439 13 CREDITORS: Amounts Falling Due Within One Year Bank loan Trade Creditors Accruals and Deferred Income Taxation and Social Security Other Creditors 10,000 3,642 19,592 6.918 3,345 10,000 3,458 18,994 8,572 3.564 43,497 44,588 Included in accruals and defeed income is deferred income relating to members, subscriptions which are paid in advance. This amounts to £4.837 (2023". £4,497). 19
THE NEW MECHANICS LIMITED (THE NOTTINGHAM MECHANICS - founded 1837) {Llmiled by Guarantee - Registorod In England No. 00929885) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024 14 CREDITORS: Amounts Falling Due After More Than One Yr 2024 2023 Bank loan 8.333 18,333 The bank loan is repayable by instalments within 5 years 15 MOVEMENT IN FUNDS At 01.01.24 Incoming Outgoing Resources Resources Transfer At 31.12.24 Unrestrictad Funds: Designated Funds= Special Funds Reserve 5.909 5,909 Unrestricted Funds '. Fixed Assets Investment Reserve General Funds 1,224,504 232,278 29.594) 1.427,188 (18,589) (70,790) 89.379 1,205,915 181.488 32,763) 1,334,640 1eo.133 160.133 {252.681 (252.681 TOTAL FUNDS 1.433,097 160.133 (252,681) 1,340,549 Unrestricted Funds Fixed Assets: This represents the net book value of fixed assets. Investment Reserve". This represents the balance of fijnds from the sale of the investment propety at Phoenix Park, Nottingham inv8Sted with Canaccord Genuity in listed UK securities Speclal Funds Reserve: This Fund includes.. Sir Albert Atkey and E A HaNey Bequesls The J N Derbyshire Foundab'on Fund £682 £5,227 682 £5.227 The funds previously shown under the heading of 'Special Funds. were released to the General Fund in 1966 on the following conditions.. that the identity of the funds be preserved and sho1 in the financial statements" that the funds would be reinstated from fijture income of the general fund after meeting running expenses and allowng for depreciation.. Ihal until reinststement the Council will provide out of general funds for the continuance of the ststed objectiv@s of the abov& named Fur)ds. 20
THE NEW MECHANICS LIMITED (THE NOThINGHAM MECHANICS- founded 1837) (Limited by Guarantse - RegiSted in England No. 00929885) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024 16 ANALYSIS OF NET ASSETS BETWEEN FUNDS Unrestrlcted Funds Designated Funds Total Fund Balances as at 31st December 2024 are represented by: Tangible Fixed Assets Investments Net Current Liabilities Creditors amount falling due after more than one year 1.205,915 161.488 (24.430) 1,205,915 161,488 (18,521) 5,909 8,333 1.334,640 8.333 1,340,549 5.909 Fund Balances as at 31st December 2023 are represented by: Tangible Fixed Assets Net Current Assets Creditors amount falling due after more than one year 1,224.504 232,278 {11.261) 18,333 1,427.188 1,224,504 232,278 (5,352) 18,333 1.433,097 5.909 5,909 17 RELATED PARTIES There are no related party transactions that require disclosure. 18 POST BALANCE SHEET EVENT Sale of 3 North Sherwood Street to Nottingham Trent University Negotiations regarding the sale of 3 North Sherwood Street Cornmend in April 2025. Following the conclusion of preliminary discussions, the proposal and accompanying plan were presented to the Board of Trustees at its June meeting. The Board resolved that the sale was in the best interests of the chartty. In July 2025, Heads of Terms were aged for both the leaseback and the sale of the propety. These have been passed to our solicitors, Geldards LLP. who are now undertaking the legal process, including due diligence and property searches. The prOsS has been communicated to members, and copies of the plan have been rnade available. 21