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2025-12-31-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 YEAR ENDED 31 DECEMBER 2025

THE MOIRA FURNACE MUSEUM TRUST LIMITED

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mr M Scothern (Chair from Mar-25) (Appointed 12 February 2025)
Mr P V Montgomery (Treasurer)
Mr S R Scotney
Mr R L Burrows
Mr P F McCaffrey
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 - 20

THE MOIRA FURNACE MUSEUM TRUST LIMITED

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

The Trustees present their report and independently examined financial statements of the charity for the year ended 31 December 2025.

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) operates within a country park setting alongside the Ashby Canal. The furnace and museum were closed during the whole of 2025 owing to extensive refurbishment undertaken on behalf of NWLDC. However, the Trust provided:

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

The Trust and its volunteers worked hard and maintained a continuous public offering while the site was subject to restricted access and its beauty compromised by scaffolding and building work.

The Trust continued to promote the industrial heritage of Moira Furnace throughout 2025. Key achievements included:

The Trustees are pleased that the Trust continued to deliver meaningful public benefit and maintained a stable level of engagement with visitors and local communities during a period of unavoidable disruption, and our strong financial performance reflects this.

THE MOIRA FURNACE MUSEUM TRUST LIMITED

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

FINANCIAL REVIEW

The results for the year ended 31 December 2025 are shown in the Statement of Financial Activities on page 6. In summary, the total income for the year amounted to £169,845 (2024: £145,800), total expenditure amounted to £147,915 (2024: £154,656). The resulting net surplus for the year was £21,930.

Cash Flow Position

Total bank receipts amounted to £150,393 (2024: £130,384). Total bank payments amounted to £145,659 (2024: £143,051).

Cash at bank on 31 December 2025 was £28,176 (31 December 2024: £23,442).

The charity is in a more positive cash position at the end of this financial year. This is also reflected in the accounts, which are prepared on an accruals basis.

Principal Funding Sources

The Trust’s income in 2025 included:

Museum admissions were completely lost in 2025 owing to refurbishment – in 2024 this had amounted to £9,249.

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 2025, the free reserves amounted to £33,013 (2024 - £10,739). The trustees, staff and volunteers have worked hard during the year to improve the Trust's financial position and as a result our free reserves now align more closely to our policy. The Trustees will look to maintain the current level of reserves going forward.

THE MOIRA FURNACE MUSEUM TRUST LIMITED

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

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:

Mr M Scothern – Chair from March 2025 (appointed 12 February 2025)

Mrs S I McKendrick – Chair until March 2025 (resigned 10 December 2025)

Mr P Montgomery (Treasurer)

Mr S R Scotney Mr R L Burrows Mr P F McCaffrey Mrs A MacKenzie (resigned 10 December 2025) Mrs J Woolner Mr J Baker Ms J Cooper (appointed 12 March 2025 and resigned 11 February 2026)

Recruitment and appointment of trustees

The Articles of Association provide for the appointment of a minimum of three trustees. New trustees may be drawn from the volunteer base or sought by trustees to bring the skill and experience needed to support its charitable objectives. They are then appointed by the Board.

Risk management

The Trustees review risks annually and have implemented procedures to mitigate identified risks, including:

Organisational structure

The Board of Trustees meets regularly to oversee strategy and governance. Day to day operations are managed by the site manager, supported by volunteers.

Plans for the future

Transition

After many years of dedicated service, Sue McKendrick stepped down as Chair in March 2025. During her leadership, she guided the Trust through significant challenges, including the 2020 pandemic and the recovery period that followed. Since her appointment in 2016, the Trust’s income has risen from £103,000 to nearly £170,000 in 2025, reflecting a strong post covid recovery after the pandemic.

In a final act of commitment, Sue remained as a trustee until December 2025 to support a smooth handover to Mark Scothern, who became Chair in March 2025.

THE MOIRA FURNACE MUSEUM TRUST LIMITED

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

Plans for the future (continued)

Transformation

The Moira Furnace site is owned by NWLDC and jointly managed by the council and MFMT. The museum and the site could receive a £2.4 million second-phase upgrade as part of a larger regeneration project recently announced by NWLDC. The income and expenditure for this project will be excluded from the MFMT accounts as it is being funded externally; however, the improvements will significantly benefit the charity. Proposed improvements include a new visitor centre, café, storage space, better parking, and electric vehicle charging points, with additions such as play facilities and canal safety works.

The museum, originally built in 1806, reopened in April 2026 after £490,000 of water-damage repairs, which formed the first phase of the scheme. The first phase was externally funded.

A third phase could later add a new entrance area and improved interpretation and lighting. As with the first and second phases, the third phase would also be externally funded.

The Trustees intend to:

The Trust remains committed to preserving Moira Furnace as a significant industrial heritage asset for the benefit of the public.

We are proud to report that the Art’s Council has awarded MFMT full museum accreditation, marking a significant achievement during a period of major refurbishment.

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 ensuing year 2026.

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 21 July 2026 and signed on its behalf:

Mr M Scothern (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 December 2025.

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: 22 July 2026

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 DECEMBER 2025

Unrestricted
Restricted
funds
funds
2025
2025
Notes
£
£
Income from:
Donations and legacies
3
31,378
20,043
Charitable activities
4
71,384
-
Other trading activities
5
47,040
-
Total
149,802
20,043
Expenditure on:
Raising funds
6
45,957
1,880
Charitable activities
7
86,500
13,578
Total
132,457
15,458
Net income/(expenditure)
17,345
4,585
Transfers between funds
2,236
(2,236)
Net movement in funds
19,581
2,349
Reconciliation of funds:
Total funds brought forward
49,140
10,431
Total funds carried forward
68,721
12,780		 Total
2025
£
51,421
71,384
47,040
169,845
47,837
100,078
147,915
21,930
-
21,930
59,571
81,501		 Total
2024
£
37,561
63,858
44,381
145,800
53,663
100,993
154,656
(8,856)
-
(8,856)
68,427
59,571

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 DECEMBER 2025

Notes
£
Fixed assets
Tangible assets
12
Heritage assets
13
Current assets
Stocks
14
1,527
Debtors
15
29,146
Cash at bank and in hand
28,411
59,084
Liabilities
Creditors: amounts falling due within one
year
16
(13,291)
Net current assets
Net assets
Total funds of the charity
Restricted funds
19
General funds
53,246
Revaluation reserve
15,475
Unrestricted funds
20
Total charity funds		 2025
£
£
20,233
15,475
35,708
1,233
13,582
23,694
38,509
(17,339)
45,793
81,501
12,780
32,850
16,290
68,721
81,501		 2024
£
22,111
16,290
38,401
21,170
59,571
10,431
49,140
59,571

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 2025. 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 21 July 2026 and are signed on its behalf by:

Mr P V Montgomery (Treasurer)

Trustee

Company Registration No. 02369000

The notes on pages 8 - 20 form part of these financial statements.

THE MOIRA FURNACE MUSEUM TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

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 DECEMBER 2025

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 10.

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 DECEMBER 2025

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 asset 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 DECEMBER 2025

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
2025
2025
£
£
Donations and gifts
15,505
-
Legacies receivable
1,000
-
Grants
8,808
20,043
Donated facilities and
services
6,000
-
Donated assets
65
-
31,378
20,043		 Total
Unrestricted
Restricted
funds
funds
2025
2024
2024
£
£
£
15,505
10,037
-
1,000
-
-
28,851
8,536
9,818
6,000
6,000
-
65
3,170
-
51,421
27,743
9,818		 Total
2024
£
10,037
-
18,354
6,000
3,170
37,561

THE MOIRA FURNACE MUSEUM TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

4 Income from charitable activities

Unrestricted
Restricted
funds
funds
2025
2025
£
£
Boat income
12,957
-
Museum income and
educational visits
277
-
North West
Leicestershire District
Council
58,150
-
71,384
-		 Total
Unrestricted Restricted
funds
funds
2025
2024
2024
£
£
£
12,957
16,820
-
277
9,438
-
58,150
37,600
-
71,384
63,858
-		 Total
2024
£
16,820
9,438
37,600
63,858

5 Income from other trading activities

Unrestricted
Restricted
funds
funds
2025
2025
£
£
Income from events
22,301
-
Fishing income
4,609
-
Shop income
20,130
-
Other trading income
-
-
47,040
-		 Total
Unrestricted
Restricted
funds
funds
2025
2024
2024
£
£
£
22,301
12,410
-
4,609
4,697
-
20,130
27,224
-
-
50
-
47,040
44,381
-		 Total
2024
£
12,410
4,697
27,224
50
44,381

6 Expenditure on raising funds

Unrestricted
Restricted
funds
funds
2025
2025
£
£
Events expenditure
2,027
1,880
Advertising and leaflets
226
-
Shop purchases
10,589
-
Support costs (note 10)
33,115
-
45,957
1,880		 Total Unrestricted
Restricted
funds
funds
2025
2024
2024
£
£
£
3,907
2,125
1,000
226
944
-
10,589
12,101
-
33,115
37,493
-
47,837
52,663
1,000		 Total
2024
£
3,125
944
12,101
37,493
53,663

THE MOIRA FURNACE MUSEUM TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

7 Expenditure on charitable activities

Activities
undertaken
directly
Note 9
£
Boat expenditure
2,614
Museum and educational visits expenditure
27,656
30,270
Unrestricted funds
Restricted funds		 Support
Costs
Note 10
£
-
69,808
69,808		 Total
2025
£
2,614
97,464
100,078
86,500
13,578
100,078		 Total
2024
£
9,199
91,794
100,993
100,504
489
100,993

8 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.

9 Expenditure on activities undertaken directly

Boat
expenditure
Museum
and
educational
visits
expenditure
£
£
Boat costs
1,799
-
Depreciation
815
-
Museum maintenance and running costs
-
2,075
Staff and volunteer expenditure
-
1,660
Discharge licences
-
1,397
Ground maintenance
-
18,578
Health and safety
-
3,946
2,614
27,656		 Total
2025
£
1,799
815
2,075
1,660
1,397
18,578
3,946
30,270		 Total
2024
£
8,342
857
1,536
78
718
9,793
3,275
24,599

THE MOIRA FURNACE MUSEUM TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

10 Expenditure on support costs

Staff costs
Depreciation
Telephone and internet
Office and computer costs
Insurance
Sundries
Rent and service charge
Heat, light and water
Strategical planning
Independent examination fees
Loss/(profit) on disposal of tangible fixed assets
Analysed between:
Fundraising
Charitable activities		 2025
£
67,195
4,621
1,028
3,793
3,640
2,465
6,000
4,771
1,022
8,388
-
102,923
33,115
69,808
102,923		 2024
£
64,713
5,047
967
4,340
4,191
2,528
6,000
17,712
-
8,220
169
113,887
37,493
76,394
113,887

Support costs have been allocated to activities on a basis consistent with the use of the resource. Support costs include governance costs totalling £8,388 (2024: £8,220).

11 Employees

The average monthly number of employees during the year was:

Museum and Operational
Cleaner
Total
Employment costs
Wages and salaries
Social security costs
Other pension costs		 2025
Number
2
1
3
2025
£
64,618
776
1,801
67,195		 2024
Number
2
1
3
2024
£
62,948
-
1,765
64,713

The staff are assisted by an enthusiastic group of volunteers and it is estimated that they provided 6,425.5 volunteer hours during the year (2024: 5,336).

THE MOIRA FURNACE MUSEUM TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

11 Employees

(Continued)

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.

2025 2024
£ £
Aggregate compensation 35,827 35,111

12 Tangible fixed assets

Freehold
Boardwalk
Fixtures,
land
fittings and
equipment
£
£
£
Cost or valuation
At 1 January 2025
3,000
22,377
33,469
Additions
-
-
2,744
At 31 December 2025
3,000
22,377
36,213
Depreciation and impairment
At 1 January 2025
-
13,937
22,799
Depreciation charged in the year
-
1,266
3,355
At 31 December 2025
-
15,203
26,154
Carrying amount
At 31 December 2025
3,000
7,174
10,059
At 31 December 2024
3,000
8,440
10,671		 Total
£
58,846
2,744
61,590
36,736
4,621
41,357
20,233
22,111

THE MOIRA FURNACE MUSEUM TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

13 Heritage assets

Heritage assets
Narrowboat
£
Carrying amount at 1 January 2025 16,290
Depreciation (815)
At 31 December 2025 15,475

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
Year end Year end December March Year end
2025 2024 2023 2023 2022
£ £ £ £ £
Depreciation 815 857 903 950 1,000
815 857 903 950 1,000

14 Stocks

14
Stocks
Finished goods and goods for resale
15
Debtors
Amounts falling due within one year:
Trade debtors
Other debtors
Prepayments and accrued income		 2025
£
1,527
2025
£
100
1,452
27,594
29,146		 2024
£
1,233
2024
£
3,417
1,452
8,713
13,582

THE MOIRA FURNACE MUSEUM TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

16 Creditors: amounts falling due within one year

2025
£
Other creditors
350
Accruals and deferred income
12,941
13,291
Deferred income represents income from events that are due to take place after the year end.
17
Financial instruments
2025
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
1,552
Carrying amount of financial liabilities
Measured at amortised cost
13,291		 2025
£
350
12,941
13,291		 2024
£
350
16,989
17,339
2025
£
1,552
13,291		 2024
£
4,869
17,339

Financial assets measured at amortised cost comprise trade and other debtors.

Financial liabilities measured at amortised cost comprise trade and other creditors and accruals and deferred income.

18 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 £1,801 (2024 - £1,765). This expenditure has been allocated to support costs and unrestricted funds.

THE MOIRA FURNACE MUSEUM TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

19 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 Movement in funds
Balance at Income Expenditure Transfers Balance at
1 January 31 December
2025 2025
£ £ £ £ £
LCC - Options appraisal 1,729 - (1,022) - 707
MDEM - Kids in Museums 23 - - - 23
The National Forest
Management Grant - 11,160 (11,160) - -
The National Forest Woodland
Grant - 2,646 - - 2,646
MDEM - The Wild Escape 350 - - - 350
MDM Open Grant - Gazebos 3,829 - (574) (2,236) 1,019
UK-SPF Community Grant 4,500 - - - 4,500
The National Forest - Training
contributions - 570 (570) - -
MDM Open Grant - Office
equipment - 3,167 - - 3,167
NWLDC - Woodland Festival
2025 - 2,500 (2,132) (368) -
NWLDC - Woodland Festival
2026 - - - 368 368
10,431 20,043 (15,458) (2,236) 12,780
Movement in funds
Balance at Income Expenditure Transfers Balance at
1 April 31 December
2023 2024
£ £ £ £ £
LCC - Options appraisal 1,729 - - - 1,729
MDEM - Kids in Museums 23 - - - 23
MDEM - The Wild Escape 350 - - - 350
The National Forest Company's
Small Grants Scheme - 1,000 (1,000) - -
MDM Open Grant - Gazebos - 3,829 - - 3,829
UK-SPF Community Grant - 4,500 - - 4,500
The National Forest - Training
contributions - 489 (489) - -
2,102 9,818 (1,489) - 10,431

THE MOIRA FURNACE MUSEUM TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

19 Restricted funds

(Continued)

LCC - Options Appraisal

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

MDEM - Kids in Museums

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

The National Forest Management Grant

This money was received to help with the tree felling work which was urgently required during the year.

The National Forest Woodland Grant

This is money received to help with the additional tree works required following specialist advice to be completed January to March 2026.

MDEM - The Wild Escape

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

The National Forest Company's Small Grants Scheme

This money was received to help fund the Moira Furnace Woodlands Festival - Engage with your woodland.

MDM Open Grant - Gazebos

This is money which has been awarded to fund towards the purchase of branded gazebos to take into the community, strengthen local relationships and promote and encourage volunteering and interest in the museum. A transfer has been made from restricted funds into unrestricted funds after the restriction lapsed following the purchase of fixed assets.

UK-SPF Community Grant

This money has been received to help fund the upgrade of the museum interpretation boards.

The National Forest - Training contributions

This is money received to contribute towards various training courses during the year.

MDM Open Grant - Office equipment

This is money which has been awarded towards "Securing technology for the future" for the purchase of new desktops, monitors and tower desktop for improved graphics operation.

NWLDC - Woodland Festival

This is money received to contribute towards the Woodland Festival held in September 2025 and will be held again in September 2026.

20 Unrestricted funds

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

Balance at
1 January
2025
£
General funds
32,850
Revaluation
reserve
16,290
49,140		 Movement in funds
Income
Expenditure
Transfers
Revaluation
surplus
Balance at
31 December
2025
£
£
£
£
£
149,802
(131,642)
2,236
-
53,246
-
(815)
-
-
15,475
149,802
(132,457)
2,236
-
68,721

THE MOIRA FURNACE MUSEUM TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

20 Unrestricted funds

Unrestricted funds (Continued)
Movement in funds
Balance at Income Expenditure Transfers Revaluation Balance at
1 April surplus 31 December
2024 2024
£ £ £ £ £ £
General funds 49,178 135,982 (152,310)
-		 - 32,850
Revaluation
reserve 17,147 - (857)
-		 - 16,290
66,325 135,982 (153,167)
-		 - 49,140
Analysis of net assets between funds
Unrestricted Restricted Total
funds funds
2025 2025 2025
£ £ £
Fund balances at 31 December 2025 are represented by:
Tangible assets 20,233 - 20,233
Heritage assets 15,475 - 15,475
Current assets/(liabilities) 33,013 12,780 45,793
68,721 12,780 81,501
Unrestricted Restricted Total
funds funds
2024 2024 2024
£ £ £
Fund balances at 31 December 2024 are represented by:
Tangible assets 22,111 - 22,111
Heritage assets 16,290 - 16,290
Current assets/(liabilities) 10,739 10,431 21,170
49,140 10,431 59,571

21 Analysis of net assets between funds

22 Related party transactions

Other than those transactions disclosed in note 8 to the accounts, there were no other related party transactions.

23 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.