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2023-03-31-accounts

Charity Registration No. 702783

Company Registration No. 02369000 (England and Wales)

THE MOIRA FURNACE MUSEUM TRUST LIMITED

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

THE MOIRA FURNACE MUSEUM TRUST LIMITED

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mrs S I McKendrick (Chair)
Mr P V Montgomery (Treasurer)
Mr S R Scotney
Mr D Bell
Mr R L Burrows
Mr P F McCaffrey
Mrs A MacKenzie
Mrs J Woolner
Mr J Baker
Charity number 702783
Company number 02369000
Registered office and Furnace Lane
principal address Moira
Swadlincote
Derbyshire
DE12 6AT
Independent examiner P T Barnett FCCA
Newby Castleman LLP
West Walk Building
110 Regent Road
Leicester
LE1 7LT
Bankers Lloyds Bank Plc
20 Belvoir Road
Coalville
Leicestershire
LE67 3QH

THE MOIRA FURNACE MUSEUM TRUST LIMITED

CONTENTS

Page
Trustees' report 1 - 3
Independent examiner's report 4
Statement of financial activities 5
Balance sheet 6
Notes to the financial statements 7 - 18

THE MOIRA FURNACE MUSEUM TRUST LIMITED

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 MARCH 2023

The trustees present their report and the independently examined financial statements of the charity for the year ended 31 March 2023.

The financial statements have been prepared in accordance with the accounting policies set out in the notes to the accounts and comply with the charity’s governing document, the Companies Act 2006, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland FRS 102 (2019).

The legal and administrative information forms part of this report.

OBJECTIVES AND ACTIVITIES

The objects of the charity per the governing document are as follows:

The Moira Furnace Museum Trust (MFMT) is set in a country park alongside the Ashby Canal. Activities include guided tours of the museum to learn about the iron making process and public boat trips and cruises on our historic narrow boat. Fishing passes can be purchased and our site also features wild areas, a children’s playground, picnic facilities, a story telling circle and woodland walks.

Public benefit

The trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the charity’s aims and objectives and have complied with their duties under the Charities Act 2011.

ACHIEVEMENTS AND PERFORMANCE

April to September 2022 was the first ‘post pandemic’ open season. We believe footfall remained well up on pre pandemic levels but declined a little from the 2021 ‘staycation’ year. This contributed to the summer season being a little less successful than 2021, and some activities experienced a decline in income – the areas affected with explanation as follows:

Variance Explanations
Boat income – decreased
£18,279 from £21,384		 Marginal decline. General reduction in footfall as people started to holiday
outside of the staycation advice applicable in 2021. The boat did suffer
some mechanical issues and the engine needed refurbishment.
Museum income and educational
visits – increased
£8,188 from £4,795		 Special effort made to target schools, which were allowed outside visits
again having been banned during covid.
Events income – increased
£17,553 from £11,667		 Successful events staged - additional craft fairs and growing success of the
car rally meetings.

THE MOIRA FURNACE MUSEUM TRUST LIMITED

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2023

Variance Explanations
Fishing income – decreased
£4,310 from £5,052		 Marginal decrease – one or two matches were cancelled.
Shop income – decreased
£17,334 from £24,451		 General reduction in footfall as noted above. During 2021 season we had
done exceptionally well because the cafe in the courtyard (not operated by
the Trust) was slow to reopen after covid.

We continue to attract volunteers and our total volunteer hours for the year ended 31 March 2023 were 4,555 – roughly in line with 2021/22. The Trust is fortunate to benefit from the incredibly hard working and dedicated team of volunteers who are the lifeblood of our work, and we thank each of them for their support, dedication and passion.

We thank our excellent small team of staff who provided strong leadership to ensure our visitor offer for 2022/23 was delivered, as always, to a consistently high standard and in particular, the high standard of cleanliness of the site and its facilities.

MFMT welcomed the continued financial and practical support from members and officers of North West Leicestershire District Council (NWLDC). We thank the Council for its commitment to the continued preservation and development of this key industrial heritage asset at the heart of The National Forest. We continue to work closely with NWLDC on a programme of essential maintenance and this work will continue to preserve and improve the fabric of the building.

FINANCIAL REVIEW

The results for the year ended 31 March 2023 are shown in the Statement of Financial Activities on page 5 and the position of the charity as at 31 March 2023 is shown on the Balance Sheet on page 6.

Total income for the year amounted to £137,084 (2022 - £121,269). The principal source of funding continued to be a partnership grant with North West Leicestershire District Council (“NWLDC”). This was supplemented by core museum and heritage activity and fund raising events.

Total expenditure for the year amounted to £146,295 (2022 - £117,466). A breakdown of expenditure is set out in the notes to the financial statements.

The funds for the charity at the year-end totalled £64,114 which comprise unrestricted funds of £61,852 and restricted funds of £2,262.

The Trustees are pleased to report that the financial position at the end of the reporting period is satisfactory, and they have no concerns about the Trust remaining a going concern going forward.

Reserves policy

The Trustees’ policy is to maintain minimal unrestricted funds because they consider the majority of funding is to be spent on charitable expenditure. However, the Trustees recognise the need to maintain a level of reserves to manage any sudden significant drop in funding so that they will be able to continue the Trust’s activities whilst consideration is given to ways in which additional funds may be raised. As a result, their policy is to maintain the free reserves of the Trust at a level of approximately three months of core fixed costs, being approximately £35,000. The trustees define their free reserves as being total unrestricted funds less unrestricted tangible fixed assets and heritage assets.

As at 31 March 2023 the free reserves amounted to £17,701 (2022 - £24,378), which remains below the target level of reserves. The Trustees will look to maintain the current level of reserves and consider measures to build up free reserves going forward.

THE MOIRA FURNACE MUSEUM TRUST LIMITED

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2023

STRUCTURE GOVERNANCE AND MANAGEMENT

Governing document

The Moira Furnace Museum Trust is a charitable company limited by guarantee and is governed by its Memorandum and Articles of Association. It was incorporated on 6 April 1989 and registered as a charity on 18 April 1990. The Articles were amended on 30 June 2015. In the event of the company being wound up the members are required to contribute an amount not exceeding £10.

Trustees

The trustees, who are also the directors of the company for the purposes of company law, and who served during the year were as follows:

Mrs S I McKendrick (Chair) Mr Paul Montgomery (Treasurer)

Mr S R Scotney Mr D Bell Mr R L Burrows Mr P F McCaffrey Mrs A MacKenzie Mrs T Handley Resigned 3 April 2023 Mrs J Woolner Mr J Baker

Recruitment and appointment of trustees

The Articles of Association provide for the appointment of a minimum of three trustees. New trustees are usually identified from museum volunteers. The Moira Furnace Museum Trust Limited strives to ensure that trustees have the relevant business and practical experience required.

Risk management

The trustees confirm that they have reviewed the risks of the Trust.

The trustees implement a risk management strategy which comprises:

Organisational structure

The Board of Trustees administers the charity. Meetings are held regularly throughout the year. The day-to-day responsibility for running the museum lies with the site/operations manager.

Independent examiner

A resolution will be proposed at the Annual General Meeting that P T Barnett of Newby Castleman LLP be appointed independent examiner of the charity for the ensuring year 2023/24.

This report has been prepared in accordance with the special provisions relating to small companies within part 15 of the Companies Act 2006.

Approved by the board of trustees on 5 October 2023 and signed on its behalf:

Mrs S I McKendrick (Chair)

Trustee

THE MOIRA FURNACE MUSEUM TRUST LIMITED

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF THE MOIRA FURNACE MUSEUM TRUST LIMITED

I report to the trustees on my examination of the accounts of the company for the year ended 31 March 2023.

Responsibilities and basis of report

As the 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 company's accounts as carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable 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 that in any material respect:

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 financial statements to be reached.

P T Barnett FCCA (Independent Examiner)

Dated: 5 October 2023

Newby Castleman LLP West Walk Building 110 Regent Road Leicester LE1 7LT

THE MOIRA FURNACE MUSEUM TRUST LIMITED

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2023

Unrestricted
Restricted
funds
funds
Notes
£
£
Income from:
Donations and legacies
3
15,865
4,274
Charitable activities
4
77,067
-
Other trading activities
5
39,878
-
Total
132,810
4,274
Expenditure on:
Raising funds
6
58,604
730
Charitable activities
7
85,443
1,518
Total
144,047
2,248
Net (expenditure)/income
(11,237)
2,026
Transfers between funds
18
1,993
(1,993)
Net movement in funds
(9,244)
33
Reconcilliation of funds
Total funds brought forward
71,096
2,229
Total funds carried forward
61,852
2,262		 Total
2023
£
20,139
77,067
39,878
137,084
59,334
86,961
146,295
(9,211)
-
(9,211)
73,325
64,114		 Total
2022
£
15,871
63,779
41,619
121,269
46,602
70,864
117,466
3,803
-
3,803
69,522
73,325

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

THE MOIRA FURNACE MUSEUM TRUST LIMITED

BALANCE SHEET

AS AT 31 MARCH 2023

2023
Notes
£
Fixed assets
Tangible assets
12
Heritage assets
13
Current assets
Stocks
14
3,517
Debtors
15
8,739
Cash at bank and in hand
22,405
34,661
Liabilities
Creditors: amounts falling due within one
year
16
(14,698)
Net current assets
Net assets
Total funds of the charity
Restricted funds
18
General funds
43,802
Revaluation reserve
18,050
Unrestricted funds
19
Total charity funds		 2022
£
£
26,101
18,050
44,151
1,819
4,978
30,514
37,311
(11,204)
19,963
64,114
2,262
52,096
19,000
61,852
64,114		 £
28,218
19,000
47,218
26,107
73,325
2,229
71,096
73,325

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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 March 2023. No member of the company has deposited a notice, pursuant to section 476, requiring an audit of these accounts.

The trustees acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of the accounts.

The financial statements were approved and authorised for issue by the board of trustees on 5 October 2023 and are signed on its behalf by:

Mr P V Montgomery (Treasurer)

Trustee

Company Registration No. 02369000

The notes on pages 7 - 18 form part of these financial statements.

THE MOIRA FURNACE MUSEUM TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

1 Accounting policies

Charity information

The Moira Furnace Museum Trust Limited ("the trust") is a private company limited by guarantee incorporated in England and Wales. The address of the registered office and place of business is given in the legal and administrative information page of these financial statements.

The members of the trust include the trustees named within the legal and administrative information. In the event of the trust being wound up, the liability in respect of the guarantee is limited to £10 per member of the charity.

1.1 Basis of preparation

The trust is a Public Benefit Entity as defined by FRS 102. These financial statements have been prepared in accordance with: the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), Accounting and Reporting by Charities: the Statement of Recommended Practice for charities applying FRS 102 (2019), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Accounting Practice.

The financial statements are prepared in sterling, which is the functional currency of the trust. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of certain heritage assets. The principal accounting policies adopted are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the trust has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the trust 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.

1.4 Income recognition

Income is recognised when the trust is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other Donations are recognised once the trust has been notified of the donation, unless performance conditions require the deferral of the amount.

Government grants are recognised at fair value when the trust has entitlement after any performance conditions are met, it is probable that the income will be received and the amount can be measured with reliability. If entitlement is not met, the the amounts are deferred.

Donated facilities and donated services are recognised as income at their fair value when their economic benefit is probable, it can be measured reliably and the trust has control over the item. Fair value is determined on the basis of the value of the gift to the trust. For example, the amount the trust would be willing to pay in the open market for such facilities and services. A corresponding amount is recognised in expenditure.

THE MOIRA FURNACE MUSEUM TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

1 Accounting policies

(Continued)

Donated assets are recognised at the value of the gift to the trust which is the amount the trust would have been willing to pay to obtain an asset of equivalent economic benefit on the open market. They are included in the SOFA and balance sheet as appropriate.

Income from charitable activities primarily includes grant income from North West Leicestershire District Council, boat income, museum income and income from educational visits. Such income is recognised at fair value when the trust has entitlement after any performance conditions have been met, if it is possible that the income will be received and the amount can be measured with reliability. If entitlement is not met, then the amounts are deferred.

Income from other trading activities includes income earned from the retail shop, fundraising events and trading activities to raise funds for the trust. Income is received in exchange for supplying goods and services in order to raise funds and is recognised when entitlement has occurred.

1.5 Expenditure recognition

All expenditure is accounted for on an accruals basis and has been classified under the headings that aggregate all costs relating to the category. Expenditure is recognised when there is legal or constructive obligation to make the payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. It is recognised under the following headings:

Support costs

Support costs are those that assist the work of the trust but do not directly represent charitable activities and costs of raising funds and include office costs, governance costs and administrative payroll costs. They are incurred directly in support of expenditure on the objects of the charity. Support costs are allocated to costs of raising funds and expenditure on charitable activities on a basis consistent with use of the resources.

The analysis of these costs is included in note 9.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Boardwalk 15% reducing balance Fixtures, fittings and equipment 25% reducing balance

Freehold land is not depreciated.

THE MOIRA FURNACE MUSEUM TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

1 Accounting policies

(Continued)

1.7 Heritage assets

Heritage assets comprise a narrowboat and certain collections within the museum which are deemed to be irreplaceable. The furnace building in which the charity operates is owned by North West Leicestershire District Council and is therefore not recognised on the balance sheet.

The narrowboat was built around 1908, with its original style paintwork, canal ware, and recreation of a 19thcentury canal barge cabin, it provides a historical insight into what life was like for boat families in this period. Some of the museum collections include two iron tracks housed in the bridge loft which were used in the transport of coal from the doorway into the furnace during the industrial revolution.

The heritage assets are maintained and managed by both staff members and volunteers in accordance with defined policies and they can be viewed by members of the public during the months of April to October.

The narrowboat is the only heritage assets for which reliable historic information is available for cost or valuation and has therefore been recognised on the balance sheet. The museum collections have not been recognised in the balance sheet as information on their cost or valuation cannot be obtained at a cost commensurate with the benefit to the users of the accounts.

The Narrowboat is stated at valuation less depreciation (5% reducing balance).

1.8 Impairment of fixed assets

At each reporting end date, the trust reviews the carrying amounts of its tangible and heritage assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset, or the asset’s cash generating unit, is estimated and compared to the carrying amount in order to determine the extent of the impairment loss (if any). Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in the Statement of Financial Activities (SOFA) unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

1.9 Stocks

Stocks are stated at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stock items. Stock is recorded at invoice price net of any discounts received.

1.10 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less.

1.11 Financial instruments

Financial instruments are recognised in the trust's balance sheet when the trust becomes party to the contractual provisions of the instrument.

Debtors and creditors with no stated interest rate and receivable or payable within one year are measured at transaction price. Any losses arising from impairment are recognised in the SOFA.

1.12 Taxation

The Moira Furnace Museum Trust Limited is a registered charity and no taxation provision is required as its income from charitable activities falls within the various exemptions available to registered charities.

1.13 Employee benefits

When employees have rendered service to the charity, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

THE MOIRA FURNACE MUSEUM TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

1 Accounting policies

(Continued)

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2 Critical accounting estimates and judgements

In the application of the trust’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key Sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Valuation of heritage assets (Narrowboat)

The valuation of the Narrowboat is reassessed annually by the trustees and, when necessary, amended to reflect current estimates.

3 Income from donations and legacies

Unrestricted
Restricted
funds
funds
2023
2023
£
£
Donations and gifts
2,781
-
Grants
6,834
4,274
Donated facilities and
services
6,250
-
15,865
4,274		 Total
Unrestricted
Restricted
funds
funds
2023
2022
2022
£
£
£
2,781
2,666
-
11,108
4,273
2,932
6,250
6,000
-
20,139
12,939
2,932		 Total
2022
£
2,666
7,205
6,000
15,871

4 Income from charitable activities

Unrestricted Restricted
funds
funds
2023
2023
£
£
Boat income
18,279
-
Museum income and
educational visits
8,188
-
North West Leicestershire
District Council
50,600
-
77,067
-		 Total
Unrestricted
Restricted
funds
funds
2023
2022
2022
£
£
£
18,279
21,384
-
8,188
4,795
-
50,600
37,600
-
77,067
63,779
-		 Total
2022
£
21,384
4,795
37,600
63,779

THE MOIRA FURNACE MUSEUM TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

5 Income from other trading activities

Unrestricted
Restricted
funds
funds
2023
2023
£
£
Income from events
17,553
-
Fishing income
4,310
-
Shop income
17,334
-
Other trading income
681
-
39,878
-
Expenditure on raising funds
Unrestricted
Restricted
funds
funds
2023
2023
£
£
Events expenditure
5,834
730
Advertising and leaflets
9,075
-
Shop purchases
10,529
-
Support costs (note 9)
33,166
-
58,604
730		 Unrestricted
Restricted
funds
funds
2023
2023
£
£
Income from events
17,553
-
Fishing income
4,310
-
Shop income
17,334
-
Other trading income
681
-
39,878
-
Expenditure on raising funds
Unrestricted
Restricted
funds
funds
2023
2023
£
£
Events expenditure
5,834
730
Advertising and leaflets
9,075
-
Shop purchases
10,529
-
Support costs (note 9)
33,166
-
58,604
730		 Total Unrestricted
Restricted
funds
funds
2023
2022
2022
£
£
£
17,553
11,667
-
4,310
5,052
-
17,334
24,451
-
681
449
-
39,878
41,619
-
Total
Unrestricted
Restricted
funds
funds
2023
2022
2022
£
£
£
6,564
1,944
-
9,075
6,774
-
10,529
11,414
-
33,166
26,470
-
59,334
46,602
-		 Total Unrestricted
Restricted
funds
funds
2023
2022
2022
£
£
£
17,553
11,667
-
4,310
5,052
-
17,334
24,451
-
681
449
-
39,878
41,619
-
Total
Unrestricted
Restricted
funds
funds
2023
2022
2022
£
£
£
6,564
1,944
-
9,075
6,774
-
10,529
11,414
-
33,166
26,470
-
59,334
46,602
-		 Total Unrestricted
Restricted
funds
funds
2023
2022
2022
£
£
£
17,553
11,667
-
4,310
5,052
-
17,334
24,451
-
681
449
-
39,878
41,619
-
Total
Unrestricted
Restricted
funds
funds
2023
2022
2022
£
£
£
6,564
1,944
-
9,075
6,774
-
10,529
11,414
-
33,166
26,470
-
59,334
46,602
-		 Total
2022
£
11,667
5,052
24,451
449
41,619
Total
2022
£
1,944
6,774
11,414
26,470
46,602
Expenditure on charitable activities
Activities
undertaken
directly
Support
Costs
Note 8
Note 9
£
£
13,422
66,989
6,550
-
19,972
66,989		 Total
2023
£
80,411
6,550
86,961
85,443
1,518
86,961		 Total
2022
£
66,191
4,673
Museum and educational visits expenditure
Boat expenditure
Unrestricted funds
Restricted funds
70,864
69,612
1,252
70,864

6 Expenditure on raising funds

7 Expenditure on charitable activities

THE MOIRA FURNACE MUSEUM TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

8 Activities undertaken directly

Boat
expenditure
Museum
and
educational
visits
expenditure
£
£
Boat costs
5,600
-
Depreciation
950
-
Museum maintenance and running costs
-
2,233
Staff and volunteer expenditure
-
2,036
Discharge licences
-
718
Ground maintenance
-
5,946
Health and safety
-
2,489
6,550
13,422
Support costs
Staff costs
Telephone and internet
Office and computer costs
Insurance
Rent and service charge
Heat, light and water
Independent examination fees
Sundries
Depreciation
Analysed between:
Raising funds
Charitable activities		 Boat
expenditure
Museum
and
educational
visits
expenditure
£
£
Boat costs
5,600
-
Depreciation
950
-
Museum maintenance and running costs
-
2,233
Staff and volunteer expenditure
-
2,036
Discharge licences
-
718
Ground maintenance
-
5,946
Health and safety
-
2,489
6,550
13,422
Support costs
Staff costs
Telephone and internet
Office and computer costs
Insurance
Rent and service charge
Heat, light and water
Independent examination fees
Sundries
Depreciation
Analysed between:
Raising funds
Charitable activities		 Total
2023
£
5,600
950
2,233
2,036
718
5,946
2,489
19,972
2023
£
55,754
847
6,104
2,342
6,000
14,210
5,867
3,154
5,877
100,155
33,166
66,989
100,155		 Total
2022
£
3,673
1,000
2,301
2
718
1,605
6,230
£
5,600
950
-
-
-
-
-
6,550
15,529
2022
£
44,501
1,266
4,515
2,327
6,000
9,893
3,892
3,152
6,259
Telephone and internet
Office and computer costs
Insurance
Rent and service charge
Heat, light and water
Independent examination fees
Sundries
Depreciation
Analysed between:
Raising funds
Charitable activities
81,805
26,470
55,335
81,805

9 Support costs

Support costs have been allocated to activities on a basis consistent with the use of the resource. Support costs include governance costs totalling £5,867 (2022: £3,892).

10 Trustees

None of the trustees received nor waived any remuneration or benefits or reimbursements from the charity during the year, or in the previous year.

No trustee was reimbursed travel expenses during the year or prior year.

THE MOIRA FURNACE MUSEUM TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

11 Employees

Number of employees

The average monthly number of employees during the year was:

2023 2022
Number Number
Museum and Operational 2 2
Cleaner 1 1
3 3
Employment costs 2023 2022
£ £
Wages and salaries 54,236 43,383
Other pension costs 1,518 1,118
55,754 44,501

The staff are assisted by an enthusiastic group of volunteers and it is estimated that they provided 4,555 volunteer hours during the year (2022 - 5,320).

There were no employees whose annual remuneration was £60,000 or more.

12 Tangible fixed assets

Freehold
Boardwalk
Fixtures,
land
fittings and
equipment
£
£
£
Cost or valuation
At 1 April 2022
3,000
22,377
25,067
Additions
-
-
3,760
At 31 March 2023
3,000
22,377
28,827
Depreciation and impairment
At 1 April 2022
-
8,635
13,591
Depreciation charged in the year
-
2,061
3,816
At 31 March 2023
-
10,696
17,407
Carrying amount
At 31 March 2023
3,000
11,681
11,420
At 31 March 2022
3,000
13,742
11,476		 Total
£
50,444
3,760
54,204
22,226
5,877
28,103
26,101
28,218

THE MOIRA FURNACE MUSEUM TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

13 Heritage assets

Heritage assets
Narrowboat
£
Carrying amount at 1 April 2022 19,000
Depreciation (950)
At 31 March 2023 18,050

The charity owns a narrow boat called the Joseph Wilkes, which is used for boat trips on the Ashby Canal. The narrow boat was purchased in 1999 and was subsequently repaired and rebuilt. At 31 March 2019 the trustees made a decision to adopt a policy of revaluation for the narrow boat. The last formal valuation of the boat was carried out by Iain Jones, a marine surveyor and boat safety scheme examiner, on 25 February 2017. At that time, the open market valuation was in the region of £24,000 to £25,000. Based on this valuation and the market value of similar narrowboats listed for sale, the board of trustees considered the fair value as at 31 March 2021 to be £20,000. The board have reassessed their valuation of the boat and still consider it to be reasonable.

Five year financial summary of heritage asset transactions

2023
£
Revaluation increase/
(decrease)
-
Depreciation
950
950
14
Stocks
Goods for resale
15
Debtors
Amounts falling due within one year:
Trade debtors
Other debtors
Prepayments and accrued income		 2022
£
-
1,000
1,000		 2021
£
(4,000)
-
(4,000)		 2020
£
24,000
-
24,000
2023
£
3,517
2023
£
3,039
1,630
4,070
8,739		 2019
£
-
-
-
2022
£
1,819
2022
£
-
2,394
2,584
4,978

THE MOIRA FURNACE MUSEUM TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

16 Creditors: amounts falling due within one year

Other creditors
Accruals and deferred income		 2023
£
42
14,656
14,698		 2022
£
-
11,204
11,204

Deferred income represents income from events that are due to take place after the year end.

17 Retirement benefit schemes

Defined contribution schemes

The charitable company operates a defined contribution pension scheme for all qualifying employees.

The charge to the SOFA in respect of defined contribution schemes was £1,518 (2022 - £1,118). This expenditure has been allocated to support costs and unrestricted funds.

18 Restricted funds

The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:

Movement in funds Movement in funds Movement in funds Movement in funds
Balance at Income Expenditure Transfers Balance at
1 April 2022 31 March 2023
£ £ £ £ £
LCC - Options appraisal 1,729 - - - 1,729
MDEM - Small Grants Fund 500 - - (500) -
The Royal Society - 1,626 (446) (1,180) -
MDEM - Kids in Museums - 763 (580) - 183
The National Forest Grant - 385 (72) (313) -
MDEM - The Wild Escape - 1,500 (1,150) - 350
2,229 4,274 (2,248) (1,993) 2,262
Movement in funds
Balance at Income Expenditure Transfers Balance at
1 April 2021 31 March 2022
£ £ £ £ £
LCC - Options appraisal 1,729 - - - 1,729
MDEM - Small Grants Fund 667 200 (167) (200) 500
Shire Environment Grant - 1,647 - (1,647) -
The National Forest Grant - 1,085 (1,085) - -
2,396 2,932 (1,252) (1,847) 2,229

THE MOIRA FURNACE MUSEUM TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

18 Restricted funds

(Continued)

LCC - Options Appraisal

This is money received to be spent on museum development support.

MDEM - Small Grants Fund

This fund represents the net book value of IT equipment which was purchased out of the grant specifically given for this purpose. A transfer has been made from restricted funds into unrestricted funds after the restriction lapsed following the purchase of fixed assets.

Royal Society Grant

Places of science grant awarded to assist with setting up the Museum Audio Tours. A transfer has been made from restricted funds into unrestricted funds after the restriction lapsed following the purchase of fixed assets.

Shire Environment Grant

This is money received to be spent on battery powered equipment. A transfer has been made from restricted funds into unrestricted funds after the restriction lapsed following the purchase of fixed assets.

MDEM - Kids in Museums

This is money received to create sensory backpacks to improve accessibility in the museum.

The National Forest Grant

2022 - This is money received to be spent on the dredging of the pond. 2023 - This is money received for the purchase of tools and equipment for coppicing the Moira Furnace woodlands. A transfer has been made from restricted funds into unrestricted funds after the restriction lapsed following the purchase of fixed assets.

MDEM - The Wild Escape

This is money received for rewilding the furnace: discovering nature in a former industrial landscape.

19 Unrestricted funds

The income funds of the charity include the following components of unrestricted reserves:

Balance at
1 April 2022
£
General funds
52,096
Revaluation
reserve
19,000
71,096		 Movement in funds
Income
Expenditure
Transfers
Revaluation
surplus
Balance at
31 March 2023
£
£
£
£
£
132,810
(144,047)
2,943
-
43,802
-
-
(950)
-
18,050
132,810
(144,047)
1,993
-
61,852		 Movement in funds
Income
Expenditure
Transfers
Revaluation
surplus
Balance at
31 March 2023
£
£
£
£
£
132,810
(144,047)
2,943
-
43,802
-
-
(950)
-
18,050
132,810
(144,047)
1,993
-
61,852
61,852

THE MOIRA FURNACE MUSEUM TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

19
Unrestricted funds
(Continued)
Movement in funds
Balance at
1 April 2021
Income
Expenditure
Transfers
Revaluation
surplus
Balance at
31 March 2022
£
£
£
£
£
£
General funds
47,126
118,337
(116,214)
2,847
-
52,096
Revaluation
reserve
20,000
-
-
(1,000)
-
19,000
67,126
118,337
(116,214)
1,847
-
71,096
20
Analysis of net assets between funds
Unrestricted
funds
Restricted
funds
Total
2023
2023
2023
£
£
£
Fund balances at 31 March 2023 are represented by:
Tangible assets
26,101
-
26,101
Heritage assets
18,050
-
18,050
Current assets/(liabilities)
17,701
2,262
19,963
61,852
2,262
64,114
Unrestricted
funds
Restricted
funds
Total
2022
2022
2022
£
£
£
Fund balances at 31 March 2022 are represented by:
Tangible assets
27,718
500
28,218
Heritage assets
19,000
-
19,000
Current assets/(liabilities)
24,378
1,729
26,107
71,096
2,229
73,325
21
Related party transactions
Remuneration of key management personnel
The remuneration of key management personnel is as follows.		 19
Unrestricted funds
(Continued)
Movement in funds
Balance at
1 April 2021
Income
Expenditure
Transfers
Revaluation
surplus
Balance at
31 March 2022
£
£
£
£
£
£
General funds
47,126
118,337
(116,214)
2,847
-
52,096
Revaluation
reserve
20,000
-
-
(1,000)
-
19,000
67,126
118,337
(116,214)
1,847
-
71,096
20
Analysis of net assets between funds
Unrestricted
funds
Restricted
funds
Total
2023
2023
2023
£
£
£
Fund balances at 31 March 2023 are represented by:
Tangible assets
26,101
-
26,101
Heritage assets
18,050
-
18,050
Current assets/(liabilities)
17,701
2,262
19,963
61,852
2,262
64,114
Unrestricted
funds
Restricted
funds
Total
2022
2022
2022
£
£
£
Fund balances at 31 March 2022 are represented by:
Tangible assets
27,718
500
28,218
Heritage assets
19,000
-
19,000
Current assets/(liabilities)
24,378
1,729
26,107
71,096
2,229
73,325
21
Related party transactions
Remuneration of key management personnel
The remuneration of key management personnel is as follows.		 19
Unrestricted funds
(Continued)
Movement in funds
Balance at
1 April 2021
Income
Expenditure
Transfers
Revaluation
surplus
Balance at
31 March 2022
£
£
£
£
£
£
General funds
47,126
118,337
(116,214)
2,847
-
52,096
Revaluation
reserve
20,000
-
-
(1,000)
-
19,000
67,126
118,337
(116,214)
1,847
-
71,096
20
Analysis of net assets between funds
Unrestricted
funds
Restricted
funds
Total
2023
2023
2023
£
£
£
Fund balances at 31 March 2023 are represented by:
Tangible assets
26,101
-
26,101
Heritage assets
18,050
-
18,050
Current assets/(liabilities)
17,701
2,262
19,963
61,852
2,262
64,114
Unrestricted
funds
Restricted
funds
Total
2022
2022
2022
£
£
£
Fund balances at 31 March 2022 are represented by:
Tangible assets
27,718
500
28,218
Heritage assets
19,000
-
19,000
Current assets/(liabilities)
24,378
1,729
26,107
71,096
2,229
73,325
21
Related party transactions
Remuneration of key management personnel
The remuneration of key management personnel is as follows.		 19
Unrestricted funds
(Continued)
Movement in funds
Balance at
1 April 2021
Income
Expenditure
Transfers
Revaluation
surplus
Balance at
31 March 2022
£
£
£
£
£
£
General funds
47,126
118,337
(116,214)
2,847
-
52,096
Revaluation
reserve
20,000
-
-
(1,000)
-
19,000
67,126
118,337
(116,214)
1,847
-
71,096
20
Analysis of net assets between funds
Unrestricted
funds
Restricted
funds
Total
2023
2023
2023
£
£
£
Fund balances at 31 March 2023 are represented by:
Tangible assets
26,101
-
26,101
Heritage assets
18,050
-
18,050
Current assets/(liabilities)
17,701
2,262
19,963
61,852
2,262
64,114
Unrestricted
funds
Restricted
funds
Total
2022
2022
2022
£
£
£
Fund balances at 31 March 2022 are represented by:
Tangible assets
27,718
500
28,218
Heritage assets
19,000
-
19,000
Current assets/(liabilities)
24,378
1,729
26,107
71,096
2,229
73,325
21
Related party transactions
Remuneration of key management personnel
The remuneration of key management personnel is as follows.		 19
Unrestricted funds
(Continued)
Movement in funds
Balance at
1 April 2021
Income
Expenditure
Transfers
Revaluation
surplus
Balance at
31 March 2022
£
£
£
£
£
£
General funds
47,126
118,337
(116,214)
2,847
-
52,096
Revaluation
reserve
20,000
-
-
(1,000)
-
19,000
67,126
118,337
(116,214)
1,847
-
71,096
20
Analysis of net assets between funds
Unrestricted
funds
Restricted
funds
Total
2023
2023
2023
£
£
£
Fund balances at 31 March 2023 are represented by:
Tangible assets
26,101
-
26,101
Heritage assets
18,050
-
18,050
Current assets/(liabilities)
17,701
2,262
19,963
61,852
2,262
64,114
Unrestricted
funds
Restricted
funds
Total
2022
2022
2022
£
£
£
Fund balances at 31 March 2022 are represented by:
Tangible assets
27,718
500
28,218
Heritage assets
19,000
-
19,000
Current assets/(liabilities)
24,378
1,729
26,107
71,096
2,229
73,325
21
Related party transactions
Remuneration of key management personnel
The remuneration of key management personnel is as follows.
71,096
Total
2023
£
26,101
18,050
19,963
64,114
Total
2022
£
28,218
19,000
26,107
73,325
2023 2022
£ £
Aggregate compensation 32,698 30,374

Other than those transactions disclosed in note 10 to the accounts, there were no other related party transactions.

THE MOIRA FURNACE MUSEUM TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

22 Controlling party

The trustees of the charity are elected members and act as directors of the charity who are deemed to be the controlling party of the charity.