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2023-12-31-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 PERIOD ENDED 31 DECEMBER 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 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 - 4
Independent examiner's report 5
Statement of financial activities 6
Balance sheet 7
Notes to the financial statements 8 - 21

THE MOIRA FURNACE MUSEUM TRUST LIMITED

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2023

The Trustees present their report and the independently examined financial statements of the charity for the period 1st April 2023 to 31 December 2023.

It is important to note that the financial statements in this report represent 9 months of activity. This earlier report is to enable the Trust to change its reporting period from 1st April to 31st March to one based on the calendar year – 1st January to 31st December. This change has been made because the Trust’s main activities are undertaken in ‘open season’ – April to October. The revised accounting period will enable trustees to monitor each year more closely and compare one ‘open season’ with another more easily. We file our accounts with Companies House and the Charity Commission, and both bodies confirmed the change of reporting period.

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

This has been a successful period for MFMT. We have continued to educate and inform visitors about the industrial heritage of the Moira Furnace and the surrounding area. Museum visitor numbers remained strong at around 3,000, similar to year end March 2023. We have been successful in attracting more school trips – 178 school children in the current period compared with 74 in the year to March 2023. Our events and activities on the parkland site remain very popular and well attended, albeit that 5 events were cancelled owing to extremely wet weather. NWLDC have increasingly seen the Trust as a key component of making the National Forest and the surrounding area a growing tourism destination.

THE MOIRA FURNACE MUSEUM TRUST LIMITED

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

FINANCIAL REVIEW

The results for the year ended 31 December 2023 are shown in the Statement of Financial Activities on page 5. The following table provides a simple projection of 12 month income and expenditure outturn. This gives a comparator between last year’s financial performance, with the caveat that timing and seasonal differences makes this an indicative rather than an accurate comparison.

----- Start of picture text -----
Year end Period end Arithmetic Comment
31/03/03 31/12/23 projection to
31/03/24
Total £137,084 £114,062 £152,083 Projected income is exaggerated, because we
income (12/9ths) are not open January – March. Receipts for
those months historically been in the £6k to
£20k range. The conclusion is therefore that
income dropped during the 2023 season. This
is consistent with:
 5 planned outdoor events being
curtailed/cancelled owing to bad weather
 A one off grant (£15k) from NWLDC
inflating 2022/23 income
Total £146,295 £109,749 £146,332 A close comparison and more reliable
expenditure because of the 12-month spread of fixed
costs and overheads.
----- End of picture text -----

The principal source of funding continued to be a partnership grant with North West Leicestershire District Council (“NWLDC”). This was supplemented by core museum, heritage activity and fund-raising events.

The funds for the charity at 31/12/2023 totalled £68,427 which comprise unrestricted funds of £66,325 and restricted funds of £2,102.

The long view

We are pleased that over six years spanning the pandemic and a period of burgeoning inflation the Trust has maintained a degree of financial stability.

----- Start of picture text -----
Financial period end date
Income / Expenditure 31/03/2019 31/03/2020 31/03/2021 31/03/2022 31/03/2023 1/04/2023-
31/12/23
Gross income £80k £104k £73k £121k £137k £114k
Total expenditure £75k £93k £90k £117k £146k £110k
NWLDC grants £40k £35k £40k £38k £51k £28k
----- End of picture text -----*

(* 9 month period)

THE MOIRA FURNACE MUSEUM TRUST LIMITED

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

We are indebted to our staff and volunteers for the enthusiastic way they have gone about increasing income substantially over time. However, cumulative inflation over the same period has been in the region of 25%, so we have been unable to build up significant reserves.

MFMT have had positive discussions with NWLDC regarding ongoing financial support and we are grateful to members and officers. A significant programme of essential building maintenance is soon to be undertaken by NWLDC and this work will continue to preserve and improve the fabric of the building. 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.

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 most of the 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 of 31 December 2023, the free reserves amounted to £26,442 (as at 31 March 2023 - £17,701). This represents a small degree of progress but 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.

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 (resigned 26 July 2024) Mr R L Burrows Mr P F McCaffrey Mrs A MacKenzie 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.

THE MOIRA FURNACE MUSEUM TRUST LIMITED

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

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.

Plans for the future

In addition to the refurbishment of the Furnace building to take place early 2025, NWLDC are also working with us to refresh and clarify site signage and story boards. We are using the museum downtime caused by the refurbishment to completely refresh the exhibits and displays. We have also identified some woodland management issues during periods of bad weather, and we have recently had the site surveyed by woodland specialists. This will enable us to draw up a prioritised plan to ensure that the site remains well maintained and safe for visitors.

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 2024.

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 30 October 2024 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 period ended 31 December 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: 30 October 2024

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 PERIOD ENDED 31 DECEMBER 2023

Total Total
Period end Year end
Unrestricted Restricted December March
funds funds 2023 2023
Notes £ £ £ £
Income from:
Donations and legacies 3 19,313 1,067 20,380 20,139
Charitable activities 4 51,505 - 51,505 77,067
Other trading activities 5 42,177 - 42,177 39,878
Total 112,995 1,067 114,062 137,084
Expenditure on:
Raising funds 6 40,264 - 40,264 59,334
Charitable activities 7 69,325 160 69,485 86,961
Total 109,589 160 109,749 146,295
Net income/(expenditure) 3,406 907 4,313 (9,211)
Transfers between funds 18 1,067 (1,067) - -
Net movement in funds 4,473 (160) 4,313 (9,211)
Reconcilliation of funds
Total funds brought forward 61,852 2,262 64,114 73,325
Total funds carried forward 66,325 2,102 68,427 64,114

The statement of financial activities includes all gains and losses recognised in the period. All income and expenditure derive from continuing activities.

THE MOIRA FURNACE MUSEUM TRUST LIMITED

BALANCE SHEET

AS AT 31 DECEMBER 2023

Period end Year end
December March
2023 2023
Notes £ £ £ £
Fixed assets
Tangible assets 12 22,736 26,101
Heritage assets 13 17,147 18,050
39,883 44,151
Current assets
Stocks 14 1,738 3,517
Debtors 15 6,804 8,739
Cash at bank and in hand 37,701 22,405
46,243 34,661
Liabilities
Creditors: amounts falling due within one
year 16 (17,699) (14,698)
Net current assets 28,544 19,963
Net assets 68,427 64,114
Total funds of the charity
Restricted funds 18 2,102 2,262
General funds 49,178 43,802
Revaluation reserve 17,147 18,050
Unrestricted funds 19 66,325 61,852
Total charity funds 68,427 64,114

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the period ended 31 December 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 30 October 2024 and are signed on its behalf by:

Mr P V Montgomery (Treasurer)

Trustee

Company Registration No. 02369000

The notes on pages 8 - 21 form part of these financial statements.

THE MOIRA FURNACE MUSEUM TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 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 PERIOD ENDED 31 DECEMBER 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 PERIOD ENDED 31 DECEMBER 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 PERIOD ENDED 31 DECEMBER 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

Total Total
Unrestricted Restricted Period end Unrestricted Restricted Year end
funds funds December funds funds March
2023 2023 2023 2023 2023 2023
£ £ £ £ £ £
Donations and gifts 10,841 1,067 11,908 2,781 - 2,781
Grants 3,972 - 3,972 6,834 4,274 11,108
Donated facilities and
services 4,500 - 4,500 6,250 - 6,250
19,313 1,067 20,380 15,865 4,274 20,139
Total Total
**Unrestricted ** **Restricted ** Period end Unrestricted Restricted Year end
funds funds December funds funds March
2023 2023 2023 2023 2023 2023
£ £ £ £ £ £
Boat income 16,056 - 16,056 18,279 - 18,279
Museum income and
educational visits 7,249 - 7,249 8,188 - 8,188
North West Leicestershire
District Council 28,200 - 28,200 50,600 - 50,600
51,505 - 51,505 77,067 - 77,067

THE MOIRA FURNACE MUSEUM TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2023

5 Income from other trading activities

Total Total Total
Unrestricted Restricted Period end Unrestricted Restricted Year end
funds funds December funds funds March
2023 2023 2023 2023 2023 2023
£ £ £ £ £ £
Income from events 14,587 - 14,587 17,553 - 17,553
Fishing income 2,874 - 2,874 4,310 - 4,310
Shop income 23,353 - 23,353 17,334 - 17,334
Other trading income 1,363 - 1,363 681 - 681
42,177 - 42,177 39,878 - 39,878
6 Expenditure on raising funds
Total Total
Unrestricted Restricted Period end Unrestricted Restricted Year end
funds funds December funds funds March
2023 2023 2023 2023 2023 2023
£ £ £ £ £ £
Events expenditure 3,746 - 3,746 5,834 730 6,564
Advertising and leaflets 2,840 - 2,840 9,075 - 9,075
Shop purchases 9,614 - 9,614 10,529 - 10,529
Support costs (note 9) 24,064 - 24,064 33,166 - 33,166
40,264 - 40,264 58,604 730 59,334
7 Expenditure on charitable activities
Activities Support Total Total
undertaken Costs Period end Year end
directly December March
2023 2023
Note 9 Note 10
£ £ £ £
Museum and educational visits expenditure 15,333 51,933 67,266 80,411
Boat expenditure 2,219 - 2,219 6,550
17,552 51,933 69,485 86,961
Unrestricted funds 69,325 85,443
Restricted funds 160 1,518
69,485 86,961

THE MOIRA FURNACE MUSEUM TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2023

8 Trustees

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

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

9 Activities undertaken directly

Museum Museum
and
educational Total Total
Boat visits Period end Year end
expenditure expenditure December March
2023 2023
£ £ £ £
Boat costs 1,316 - 1,316 5,600
Depreciation 903 - 903 950
Museum maintenance and running costs - 2,535 2,535 2,233
Staff and volunteer expenditure - 2,694 2,694 2,036
Discharge licences - - - 718
Ground maintenance - 7,194 7,194 5,946
Health and safety - 2,910 2,910 2,489
2,219 15,333 17,552 19,972

THE MOIRA FURNACE MUSEUM TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2023

10 Support costs

Support costs
Period end Year end
December March
2023 2023
£ £
Staff costs 41,758 55,754
Telephone and internet 605 847
Office and computer costs 4,706 6,104
Insurance 2,000 2,342
Rent and service charge 4,500 6,000
Heat, light and water 8,592 14,210
Independent examination fees 4,230 5,867
Sundries 3,435 3,154
Depreciation 5,024 5,877
Loss/(Profit) on disposal of tangible fixed assets 1,147 -
75,997 100,155
Analysed between:
Raising funds 24,064 33,166
Charitable activities 51,933 66,989
75,997 100,155

Support costs have been allocated to activities on a basis consistent with the use of the resource. Support costs include governance costs totalling £4,230 (Mar-2023: £5,867).

11 Employees

The average monthly number of employees during the period was:

Period end Year end
December March
2023 2023
Number Number
Museum and Operational 2 2
Cleaner 1 1
Total 3 3

THE MOIRA FURNACE MUSEUM TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2023

11 Employees (Continued)
Period end Year end
December March
Employment costs 2023 2023
£ £
Wages and salaries 40,705 54,236
Other pension costs 1,053 1,518
41,758 55,754

The staff are assisted by an enthusiastic group of volunteers and it is estimated that they provided 4,217 volunteer hours during the year (Mar-2023 - 4,555).

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

Remuneration of key management personnel

The remuneration of key management personnel is as follows.

Period end Year end
December March
2023 2023
£ £
Aggregate compensation 17,941 32,698

THE MOIRA FURNACE MUSEUM TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2023

12
Tangible fixed assets
Freehold
Boardwalk
Fixtures,
land
fittings and
equipment
£
£
£
Cost or valuation
At 1 April 2023
3,000
22,377
28,827
Additions
-
-
2,806
Disposals
-
-
(2,041)
At 31 December 2023
3,000
22,377
29,592
Depreciation and impairment
At 1 April 2023
-
10,696
17,407
Depreciation charged in the period
-
1,752
3,272
Eliminated in respect of disposals
-
-
(894)
At 31 December 2023
-
12,448
19,785
Carrying amount
At 31 December 2023
3,000
9,929
9,807
At 31 March 2023
3,000
11,681
11,420		 Total
£
54,204
2,806
(2,041)
54,969
28,103
5,024
(894)
32,233
22,736
26,101

THE MOIRA FURNACE MUSEUM TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2023

13 Heritage assets

Heritage assets
Narrowboat
£
Carrying amount at 1 April 2023 18,050
Depreciation (903)
At 31 December 2023 17,147

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

Period end Year end
December March Year end Year end Year end
2023 2023 2022 2021 2020
£ £ £ £ £
Revaluation increase/
(decrease) - - - (4,000) 24,000
Depreciation 903 950 1,000 - -
903 950 1,000 (4,000) 24,000
14 Stocks Period end Year end
December March
2023 2023
£ £
Goods for resale 1,738 3,517
15 Debtors
Period end Year end
December March
2023 2023
Amounts falling due within one year: £ £
Trade debtors 1,084 3,039
Other debtors 1,452 1,630
Prepayments and accrued income 4,268 4,070
6,804 8,739

THE MOIRA FURNACE MUSEUM TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2023

16 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
Period end Year end
December March
2023 2023
£ £
Other taxation and social security 294 -
Other creditors 390 42
Accruals and deferred income 17,015 14,656
17,699 14,698

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 £1,053 (Mar-2023 - £1,518). This expenditure has been allocated to support costs and unrestricted funds.

18 Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

Movement in funds Movement in funds Movement in funds Movement in funds
Balance at Income Expenditure Transfers Balance at
1 April 2023 31 December
2023
£ £ £ £ £
LCC - Options appraisal 1,729 - - - 1,729
MDEM - Kids in Museums 183 - (160) - 23
MDEM - The Wild Escape 350 - - - 350
Go-Fund-Me - Power tools - 1,067 - (1,067) -
2,262 1,067 (160) (1,067) 2,102

THE MOIRA FURNACE MUSEUM TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2023

18 Restricted funds

(Continued)

Movement in funds 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

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.

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.

Go-Fund-Me - Power Tools

This was money received to purchase new power tools after various assets were stolen during the year. A transfer has been made from restricted funds into unrestricted funds after the restriction lapsed following the purchase of fixed assets.

THE MOIRA FURNACE MUSEUM TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2023

19 Unrestricted funds

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

Movement Movement in funds
Balance at Income Expenditure Transfers Revaluation Balance at
1 April 2023 surplus 31 December
2023
£ £ £ £ £ £
General funds 43,802 114,495 (110,186) 1,067 - 49,178
Revaluation
reserve 18,050 - (903) - - 17,147
61,852 114,495 (111,089) 1,067 - 66,325
Movement in funds
Balance at Income Expenditure Transfers Revaluation Balance at
1 April 2022 surplus 31 March 2023
£ £ £ £ £ £
General funds 52,096 132,810 (144,047) 2,943 - 43,802
Revaluation
reserve 19,000 - - (950) - 18,050
71,096 132,810 (144,047) 1,993 - 61,852
Analysis of net assets between funds
Unrestricted Restricted Total
funds funds
2023 2023 2023
£ £ £
Fund balances at 31 December 2023 are represented by:
Tangible assets 22,736 - 22,736
Heritage assets 17,147 - 17,147
Current assets/(liabilities) 26,442 2,102 28,544
66,325 2,102 68,427

20 Analysis of net assets between funds

THE MOIRA FURNACE MUSEUM TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2023

20 Analysis of net assets between funds (Continued)
Unrestricted Restricted Total
funds funds
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

21 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.