Charity Registration No. 532259 Company Registration No. 01119455 (England and Wales) THE NORTHERN MILL ENGINE SOCIETY LIMITED TRUSTEES REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
THE NORTHERN MILL ENGINE SOCIETY LIMITED LEGAL AND ADMINISTRATIVE INFORMATION Trustees Chairman Treasurer and Secretary Membership Secretary 'Flywheel' Editor Publicity Officer N Carney J Phillp M Bray Vacant D Lewis Elected Members of Council G Drake, D Raffe, B Patel, A Ratcliffe S Dimunates, M Bray, J Leifer Secretary J Phillp Charity number 532259 Company number 01119455 Registered office 84 Walkin Road Clayton-Le-Woods Chorley Lancs PR6 7PX Independent examiner Chadwicks Chartered Accounlants Capital House 272 Manchester Road Droylsden Manchester M43 6PW Bankers The Royal Bank of Scolland pl¢ Customer Setvice Centre Drummond House 1 Redheughs Avenue Edinburgh EH12 9JN Nalional Savings & Inveslmenls Glasgow G58 ISB Nationwide Building Society Kings Park Road Moulton Park Northampton NN3 6NW
THE NORTHERN MILL ENGINE SOCIETY LIMITED CONTENTS Page Trustees report Independent examinels report Statement of financial activities Balance sheel Statement of cash flows Notes to the financial statements 8-12
THE NORTHERN MILL ENGINE SOCIETY LIMITED TRUSTEES REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 DEGEMBER 2024 The trustees, who are also directors of the company present their report together with the unaudiled financial statements of the charity for the year ended 31 December 2024. The accounts have been prepared in accordance wilh the accounting policies set out in note 1 to the accounts and comply with the Charily's Act 2011, the Companies Act 2006 and "Accounting and Reporting by Charities". Slalement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102} {effeclive 1 January 20151" Objectives and activities The Qbject of the Charity is lo advance the education of Ihe public in the field of Industrial Archaeology. The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Charity should undertake. The main activity has been the continued development and operation of the Society's museum - known as the 'Bollon Steam Museum. where work has continued on the restoration and display of the collection of stationary steam engines that originally provided power to the mills of the North West textile industry. The museum has received Accredited status with the Arts Council England which recognises that although there are no employees and it is run entirely by volunteers, it is operated lo professional museum standards as regards collections managemenl, visitors. services, procedures and ethics. Public Benefit The directors and trustees of The Northern Mill Engine Society Limited have considered the implications of the Charities Act 2011 with regard to public benefit, and have paid due regard to the guidance on public benefit issued by the Charity Commission when exercising any powers or dulles lo which the guidance would be relevant. They are satisfied that Ihe charitable company'5 activilies are in line with its charitable objects (above) and are being delivered for the benefil of the general public. Achievements and performance During 2024 the society held 10 Steam days and a special steaming for private party during the year al the museum. Approximately 1,400 visitors also attended on other days lo view the engines when some were operated on electric drive. The society had to pay twice the 2021 rale for the gas supply ID fire the steam boiler and almost 3 times the rate for electricity. In spite of this, the Truslees do not consider that these additional costs will significantly affect the operalion of the museum.lt was not necessary to use any external grants or loans. Interpretation of the collection is provided by photographic displays. museum guides, informalion panels and verbally by museum volunteers. In addition, a programme of lectures lo external bodies on local industrial archaeology subjects is undertaken and a website is maintained where pholographs and full technical details of the entire engine collection are available, together with descriptive malerial lo set the engines in their historic context. Membership of the Society is open to anyone on payment of a modest subscriplion. A magazine - 'The Flywheel. containing articles on sleam engineering and industrial hislory, is issued to members periodically. Financial review Reserves policy The Council regularly reviews the amount of reserves held by the Society. The Society ha5 no secure regular source of income, apart from membership subscriptions, which are insufficient lo cover operational costs. The majority of income is from donations. which vary from year to year. In addition, as part of the future mLJseum development plans, and to provide for one-off maintenance work. the Society will be expected to fund at least part of the costs frorn ils own resources. The trustees consider it prudenl to hold reseNes lo cover a years normal running costs of £25,000 together with a reserve to enable future development of its museum and the Possible purchase of heritage assets as they may arise. Results The Society had a surplus of income over expenditure during Ihe year of £11,324 compared with a surplus of £7,580 for the previous year (unrestricted transactions).
THE NORTHERN MILL ENGINE SOCIETY LIMITED TRUSTEES REPORT (CONTINUED){INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 Risk management The major risks lo which Ihe Society is exposed. as identified by the Council, have been reviewed and a system has been established to miligale those risks. Structure* governance and management The registered name of the charity is The Northern Mill Engine Society Limited. The charity is also known as Bolton Steam Museum. The Northern Mill Engine Society Limited is a company limited by guarantee and does not have any share capital Iregislered in England, number 01119455). The Northern Mill Engine Society Limiled is also registered as a charity, number 532259. The Trustees. who are also the directors for the purpose of company law. and who served during the year and up to the date of signature of the financial statements were= J Phillp N Carney J Edwards D Lewis J Marsh G Drake M Pybus D Raffe B Shaw B Patel A Ralcliffe S Dimuantes M Bray J Leifer (Resigned 5 May 2024) (Resigned 5 May 20241 (Resigned 5 May 2024) (Appointed 5 May 2024) Management ofThe Northem Mill Engine Society Limited is vested in a Council of Management, who are also the directors and truslees of the Charity. All trustees give their lime voluntarily and receive no remuneration or other benefits. The company was incorporated on 22 June 1973, and is govemed by ils Memorandum and Articles of Association as amended by special resolutions dated 27 February 1974, 17 December 1980 and 20 November 2007. In accordance with the Articles of Association of the Company all Ihe Office Bearers and one-third of the elected members of the Council of Managemenl retire from office al the Annual General Meeling and are eligible for re- election. Direclorsffruslees are recruited from the body of general members of the Society and recommended for appointment by the Council. They are then elected al the Annual General Meeting. Induction and training is undertaken by existing members of the Council, using both their experience and resources available from the Charity Commission where necessary.
THE NORTHERN MILL ENGINE SOCIETY LIMITED TRUSTEES REPORT {CONTINUED)(INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 Statement of Tntstees responsibilities The Trustees, who are also the directors of The Northem Mill Engine Society Limiled for the purpose of company law, are responsible for preparing the Trustees Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (Uniled Kingdom Generally Accepted Accounting Practice). Company Law requires the Trustees lo prepare financial statements for each financial year which give a true and fair view of the stale of affairs of the Charity and of the incoming resources and applicalion of resources. including the income and expenditure, of the charitable company for that year. In preparing these financial stalemenls, the Trustees are required to- select suitable accounting policies and then apply them consistently.. observe the methods and principles in the Charities SORP., make judgements and estimates that are reasonable and prudent-, stale whether applicable UK Accounting Standards have been followed. subject to any material departures disclosed and explained in the financial slalements.. and prepare the financial statements on the going concem basis unless it is inappropriate lo presume that the Charity will continue in operation. The Trustees are responsible for keeping adequate accounting records thal disc105e with reasonable accuracy at any time the financial position of the Charity and enable them lo ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustees report was approved by the Board of Truslees. J Phillp Trustee Dated:
THE NORTHERN MILL ENGINE SOCIETY LIMITED INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE NORTHERN MILL ENGINE SOCIETY LIMITED I report on the accounts of the Charity for the year ended 31 December 2024. which are set out on pages 5 10 12. This report is made solely lo the charity's tru51ees, as a body, in accordance with Section 145 of the Ch3rilies Act 2011. My work has been undertaken so that I might state to the charily's Iruslees those matters l am required to slate to them in this independent accountanls, report and for no other purpose. To the fullest extent permilled by law, I do not accept or assume responsibility to anyone other than the charity and the charity's Iruslees as a body, for my reporiing ivork, for this report, or for the opinions I have formed. Respective rosponsibillties of Trustees and examiner The charity's Iruslees (who are also the directors of Ihe company for the purposes of company law) are responsible for the preparation of financia5 slalemen15. The Iruslees consider that an audit is not required for this year under Section 144(21 of the Charities Acl 2011 (the '2011 Acl'} and that an independenl exaTninalion is needed. Having satisfied myself that the charily is not subjecl to audit under company law and is eligible for independenl examination, il is my responsibility to.. examine the financial statements under section 145 of the 2011 Act. (ill lo follow the procedures laid down in the general Directions given by the Charily Commission under section 14515)(b) of the 2011 Act.. and lili) lo slate whether particular matters have come to my attention. Basis of independent examlner's report My examination was carried out in accordance viiih the general Directions given by the Charity Commission. An examination includes a review of the accob'nling records kept by the charity and a comparison of the financial slalemenls presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, 2nd seeking explanations from you as ITUStees concerning any such mallers. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the financial 51atemen15 presenl a 'lrue and fair view. and the report is limited lo those mallers sel oul in the next slalemenl. Independent examinels ststement In connection with my examination, no matter has come lo my allenlion.. lal which gives me reasonable cause lo believe Ihat in any material respect the requirements-. lo keep accounting records in accordance with section 386 of the Companies Act 2006., and lil) to prepare financial statements which accord wilh the accounting records. comply with the accounting requirements of section 396 of the Companies Act 2006 and ivith the methods and principSes of the Slalemenl of Recommended Practice-. Accounting and Reporting by Charities-, have not been met. Ibl No other matter has come lo my attention in connection with my examination to which, in my opinion, allenlion should be drawn in order to enable a proper understanding of the financial slalemenls lo be reach d. Claire L Taylor BA {Honsl. FCCA Chadwicks Chartered Accountants Capital House 272 Manchester Road Droylsden Manchester M43 6PW Dated..
THE NORTHERN MILL ENGINE SOCIETY LIMITED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Notes Income from: Voluntary income Charitable activities Investment income 24,001 9,512 2,037 19,749 9,235 1,494 Total income 35,550 30,478 Ex enditure on: Raising funds 13,154 11,388 Charitable activities 11,072 11,510 Total resources expended 24.226 22,898 Net income for the yearl Net movement in funds 11,324 7,580 Fund balances al 1 January 2024 123,380 115,800 Fund balances at 31 December 2024 134,704 123,380 The statement of financial activities also complies wilh the requirements for an income and expenditure account under the Companies Act 2006. There are no restllcted funds this year.
THE NORTHERN MILL ENGINE SOCIETY LIMITED BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2023 Notes Current assets Stocks Debtors Cash at bank and in hand 11 12 1,789 4.750 129,587 1,887 4,388 119,558 136,126 125,833 Creditors: amounts falling due within one year 13 (1,422) (2,453) Net Current assets 134,704 123,380 Net assets excluding pension liability 134,704 123,380 The funds of the Charity Unrestricted funds 134.704 123,380 134,704 123,380 The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 December 2024. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect lo accounting records and the preparation of financial statements. The members have not required the company to oblain an audit of its financial statements for the year in question in accordance with section 476. These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The financial statements were approved by the Trustees on ... J Phillp Trustee Company registration number 01119455 (England and Wales)
THE NORTHERN MILL ENGINE SOCIETY LIMITED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Notes Cash flows from operating activities Cash generated from operations 17 7.992 6.843 Investing activities Interest received 2,037 1,494 Net cash generated from investing activities 2,037 1,494 Net cash used in financing activities Net increase in cash and cash equivalents 10,029 8,337 Cash and cash equivalents at beginning of year 119,558 111,221 Cash and cash equivalents at end of year 129,587 119,558
THE NORTHERN MILL ENGINE SOCIETY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies Company infomiation The Northern Mill Engine Society Limiled is a private company limited by guarantee incorporated in England and Wales. The registered office is 84 Walkin Road. Clayton-Le-Woods, Chorley. Lancs, PR6 7PX. 1.1 Accounting convention The financial statements have been prepared in accordance with Ihe Charity's governing document, the Companies Act 2006 and "Accountir)g 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 1021" (as amended for accounting periods commencing from 1 January 2016). The Charity is a Public Benefit Enlity as defined by FRS 102. The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. Tangible fixed assets The costs of acqLJiSition and erection of exhibits and the proceeds from Ihe sale of assets. have been written off to the Statement of Financial activities. Heritage assets The charity owns and maintains various heritage assets, dating from the mid 1800's, as part of the museum. In the opinion of the trustees, it is not appropriate to include these at either cost or valuation in the financial statements as cost information is not readily available, valuations would be subjective and the benefits of obtaining valuations for these items would not justify the cost. Maintenance costs of the heritage asset5 is reported in the SOFA in the year it is incurred. 1.2 Charitable funds Unreslricled funds comprise those funds which the trustees are free lo use in accordance with the charitable objects. 1.3 Incoming resources Voluntary income includes donations and legacies. Income from activities for generating funds includes income from sale of goods and other sundry income. Incoming resources from charitable expenditure comprises membership subscriptions and grants received. Investment income comprises interesl, and is accounted for on a received basis. 1.4 Resources expended Expenditure is recognised on an accrua15 basis as a liability is incurred. The charity is not registered for VAT, and consequently all relevant expenditure includes VAT which cannot be recovered, and is reported as part of the expenditure to which 15 relales. Costs of generating funds comprise of the costs rèlating to activities where the primary aim is to raise funds. Gharilable aclivilies comprise of Ihose costs incurred by the charity where the primary aim is the delivery of activities and services within the objects of the charity. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. Governance costs include those costs associaled with meeling the constitutional and slatutory requirements of the charity and include the reporting accountants, fees and cos15 linked lo the strategic management of the charity.
THE NORTHERN MILL ENGINE SOCIETY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DEGEMBER 2024 A¢¢ounting policies (Continued) All costs are allocated beeen the expenditure categories of the SOFA on a basis designed lo reflect the use of the resource. Costs relating lo a particular aclivity are allocated directly. 1.5 Stocks Stocks are slated al Ihe lower of cost and eslimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost. 1.6 Cash and cash equivalents Cash and cash equivalents include cash in hand, depostts held al call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. Income from donations and legacies Unrestricted funds 2024 Unrestricted funds 2023 Donations and gifts 24,001 19,749 3 Charitable activities Mambgrs Activities for $ub$criptions g&nerating funds Total 2024 Total 2023 2024 2024 Activities for generating funds Consultancy and museum hire 1,829 6,403 1,280 8.232 1,280 6,845 2,390 1,829 7.683 9,512 9,235 Income from investments Unrestricted Unrestricted funds funds 2024 2023 Interest receivable 2,037 1,494
THE NORTHERN MILL ENGINE SOCIETY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Raising funds 2024 2023 Costs of generaling voluntary income Rent Other premises expenses Other costs 450 11,679 1,025 450 9.887 1,051 13,154 11,388 Charitable activities 2024 2023 Materials and services purchased (Unrestricted funds) Refreshments and others Subscriptions 8,786 1,243 49 9,399 1,021 117 10,078 10,537 Share of governance costs (see note 71 994 973 11,072 11,510 Support costs Goveman¢e costs 2024 2023 AcGountancy Company confirmation slatemenl 960 960 960 34 13 994 994 973 Analysed between Charitable activities 994 994 973 Employees The average monthly number of employees during the year was.. 2024 Number 2023 Number Total 10-
THE NORTHERN MILL ENGINE SOCIETY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Employees (Continued) No remuneration or expenses were paid to the trustees in either year. There were no employees whose annual remuneration was more than £60,000. Taxation The charity is exempt from taxation on tts aclivilies because all its income is applied for charilable purposes. 10 Heritage assets The Charity maintains a collection of heritage assets in accordance with its published slatement of purpose.. "To collect and consetve examples of the slalionary steam engine. particularly as used in the textile and engineering Industries of the North and North-wesl England, and to interpret the history, technical development and application of this important prime mover. To share collections and knowledge with visitors. steam enthusiasts nationwide and with the local community." 30 restored engines are on display at the museum. ranging in dale from 1840 to 1960, and there is an associated collection of technical and archival malerial. The whole collection is documented and managed in accordance wilh Accredited Museum policies. Acquisitions and disposals are made in accordance with a formal written policy - a copy of which is published on the Society's website (www.nmes.org) or is available on request from the regislered office. Occasional acquisitions to the collection are made by purchase or donation. During the year ended 31 December 2024. 20 iterns were formally added to the museum collection. These consisted of archive photographs, books and engine name-plates. In the view of the trustees. the value of the items is not material. There have been no purchases or disposals in the last 10 years. 11 Stocks 2024 2023 Finished goods and goods for resale 1,789 1,887 12 Debtors 2024 2023 Amounts falling due within one year: Gift aid recoverable Prepayments and accrued income 4,191 559 3,820 568 4,750 4,388 13 Creditors: amounts falling due within one year 2024 2023 Accruals and deferred income 1,422 2,453 11
THE NORTHERN MILL ENGINE SOCIETY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 14 Unrestricted funds The unrestricted funds ofthe charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as lo how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes. At 1 January 2024 Incoming resources Resources expended At31 December 2024 General funds 123,380 35.550 (24,2261 134,704 Previous year: At 1 January 2023 Incoming resources Resources expended At31 December 2023 General funds 115,800 30,478 122,898) 123.380 15 Commitments The company is controlled by the members in accordance with the Memorandum and Articles ofAssocialion. The liability of the members is limited lo £1 each. 16 Related party transactions There were no disclosable related party transactions during the year {2023 - none). 17 Cash generated from operations 2024 2023 Surplus for the year 11,324 7,580 Adjuslmenls for.. Investment income recognised in statement of financial activities {2,037) 11,4941 Movements in working capital.. Decrease in stocks Ilncrease) in debtors (Decreasellincrease in creditors 98 13621 (1,031) 287 14871 957 Cash generated from operations 7.992 6,843 12-