North West Museum Of Transport Limited - Charities report - 21.2

REGISTERED COMPANY NUMBER: 01657828 (England and Wales)

REGISTERED CHARITY NUMBER: 513262

REPORT OF THE TRUSTEES AND

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

FOR

NORTH WEST MUSEUM OF TRANSPORT LIMITED

Page

Report of the Trustees

1

to

2

Independent Examiner's Report

3

Statement of Financial Activities

4

Balance Sheet

5

to

6

Notes to the Financial Statements

7

to

14

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2021. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

Structure, governance and management

Governing document

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

Reference and administrative details

Registered Company number

01657828 (England and Wales)

Registered Charity number

513262

Registered office

The Old Bus Depot

51 Hall Street

St Helens

Merseyside

WA10 1DU

Trustees

J G Arkle (resigned 21.12.20)

C R Arnold

M G Ashcroft (appointed 22.5.20) (resigned 1.12.21)

A S Goss (resigned 20.12.20)

P F Holmes (appointed 20.12.20)

D J Horn (resigned 20.12.20)

R Hughes

N E Johnstone (resigned 20.12.20)

P Lambert

M Lloyd

S R Mcgarry (appointed 20.12.20)

K Naylor (appointed 20.12.20)

G Pennington (appointed 20.10.21)

P J Roberts

D Thrower (resigned 1.6.20)

Company Secretary

C R Arnold

Independent Examiner

NR Barton

1st Floor Waterside House

Waterside Drive

Wigan

Lancashire

WN3 5AZ

Statement of trustees' responsibilities

The trustees (who are also the directors of North West Museum Of Transport Limited for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland"

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to

-	select suitable accounting policies and then apply them consistently;

-	observe the methods and principles in the Charity SORP;

-	make judgements and estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by order of the board of trustees on 20 December 2021 and signed on its behalf by:

C R Arnold - Trustee

Independent examiner's report to the trustees of North West Museum Of Transport Limited ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2021.

Responsibilities and basis of report

As the charity's 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 charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the 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:

1.	accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or

2.	the accounts do not accord with those records; or

3.	the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or

4.

the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Neil Whittingham BA (Hons) FCA ATT

NR Barton

1st Floor Waterside House

Waterside Drive

Wigan

Lancashire

WN3 5AZ

20 December 2021

31.3.21

31.3.20

Unrestricted

Restricted

Total

Total

fund

fund

funds

funds

Notes

£

£

£

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

2

36

236

272

4,792

Charitable activities

5

Operation of a transport museum

54,246

-

54,246

51,610

Other trading activities

3

6,422

-

6,422

26,508

Investment income

4

8

-

8

10

Other Income

49,947

-

49,947

7,906

Total

110,659

236

110,895

90,826

EXPENDITURE ON

Raising funds

6

303

-

303

5,081

Charitable activities

7

Operation of a transport museum

63,648

1,299

64,947

89,604

Total

63,951

1,299

65,250

94,685

NET INCOME/(EXPENDITURE)

46,708

(1,063

)

45,645

(3,859

)

RECONCILIATION OF FUNDS

Total funds brought forward

93,734

6,775

100,509

104,368

TOTAL FUNDS CARRIED FORWARD

140,442

5,712

146,154

100,509

31.3.21

31.3.20

Unrestricted

Restricted

Total

Total

fund

fund

funds

funds

Notes

£

£

£

£

FIXED ASSETS

Tangible assets

12

20,104

-

20,104

18,018

Heritage assets

13

45,650

-

45,650

45,650

65,754

-

65,754

63,668

CURRENT ASSETS

Debtors

14

8,462

-

8,462

8,751

Cash at bank

68,775

5,712

74,487

30,190

77,237

5,712

82,949

38,941

CREDITORS

Amounts falling due within one year

15

(2,549

)

-

(2,549

)

(2,100

)

NET CURRENT ASSETS

74,688

5,712

80,400

36,841

TOTAL ASSETS LESS CURRENT LIABILITIES

140,442

5,712

146,154

100,509

NET ASSETS

140,442

5,712

146,154

100,509

FUNDS

16

Unrestricted funds

140,442

93,734

Restricted funds

5,712

6,775

TOTAL FUNDS

146,154

100,509

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

(a)	ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.

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

The financial statements were approved by the Board of Trustees and authorised for issue on 20 December 2021 and were signed on its behalf by:

C R Arnold - Trustee

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s). The financial statements are prepared in sterling which is the functional currency of the charity.

Legal status of the charity

The charity is a company limited by guarantee and has no share capital. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £5 per member of the charity.

Going Concern

COVID-19 measures led to the temporary closure of the museum. However, with the support received in the form of local support grants administered by local authority, the organisation has been able to trade through the period.

Having reviewed the current trading position, the trustees consider that there are no material uncertainties about the ability of North West Transport Museum Limited to continue as a going concern.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

33% on reducing balance and 5% on reducing balance

The need for any impairment of a fixed asset write down is considered if there is a concern over the carrying value of an asset and is assessed by comparing the carrying value in use or realisable value of the asset when appropriate.

Heritage assets

The charity holds heritage assets, which are tangible fixed assets of historical, artistic or scientific importance that are held to advance preservation and conservation objectives of the charity.

The very long expected lives of the heritage assets, due to their nature, value and need to be preserved means that depreciation is not material and is therefore, not provided. In addition, many of the assets could actually rise in value as time goes on, thus making depreciation less applicable.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.

2.	DONATIONS AND LEGACIES

31.3.21

31.3.20

£

£

Donations from individuals

272

2,064

Gift aid

-

2,728

272

4,792

3.	OTHER TRADING ACTIVITIES

31.3.21

31.3.20

£

£

Membership Subscriptions

3,655

2,676

Sale of goods

2,767

6,515

Other Event Income

-

17,317

6,422

26,508

4.	INVESTMENT INCOME

31.3.21

31.3.20

£

£

Bank interest received

8

10

5.	INCOME FROM CHARITABLE ACTIVITIES

31.3.21

31.3.20

Operation

of a

transport

Total

museum

activities

£

£

Vehicle accommodation

49,135

47,860

RMRC Rental Income

5,111

3,750

54,246

51,610

6.	RAISING FUNDS

Other trading activities

31.3.21

31.3.20

£

£

Purchases

-

1,446

Advertising

303

606

Event expenditure

-

3,029

303

5,081

7.	CHARITABLE ACTIVITIES COSTS

Support

Direct

costs (see

Costs

note 8)

Totals

£

£

£

Operation of a transport museum

63,947

1,000

64,947

8.	SUPPORT COSTS

Governance

costs

£

Operation of a transport museum

1,000

9.	NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

31.3.21

31.3.20

£

£

Depreciation - owned assets

1,285

724

Other operating leases

33,848

33,848

Deficit on disposal of fixed assets

-

4,916

10.	TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 March 2021 nor for the year ended 31 March 2020.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 March 2021 nor for the year ended 31 March 2020.

11.	COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted

Restricted

Total

fund

fund

funds

£

£

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

4,492

300

4,792

Charitable activities

Operation of a transport museum

51,610

-

51,610

Other trading activities

26,508

-

26,508

Investment income

10

-

10

Other Income

7,906

-

7,906

Total

90,526

300

90,826

EXPENDITURE ON

Raising funds

5,081

-

5,081

Charitable activities

Operation of a transport museum

89,604

-

89,604

Total

94,685

-

94,685

NET INCOME/(EXPENDITURE)

(4,159

)

300

(3,859

)

Transfers between funds

(1,047

)

1,047

-

Net movement in funds

(5,206

)

1,347

(3,859

)

RECONCILIATION OF FUNDS

Total funds brought forward

98,940

5,428

104,368

TOTAL FUNDS CARRIED FORWARD

93,734

6,775

100,509

12.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 April 2020

31,823

Additions

3,371

At 31 March 2021

35,194

DEPRECIATION

At 1 April 2020

13,805

Charge for year

1,285

At 31 March 2021

15,090

NET BOOK VALUE

At 31 March 2021

20,104

At 31 March 2020

18,018

13.	HERITAGE ASSETS

Total

£

COST

At 1 April 2020 and 31 March 2021

45,650

NET BOOK VALUE

At 31 March 2021

45,650

At 31 March 2020

45,650

14.	DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.21

31.3.20

£

£

Prepayments and accrued income

8,462

8,751

15.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.21

31.3.20

£

£

Trade creditors

1,549

-

Accruals and deferred income

1,000

2,100

2,549

2,100

16.	MOVEMENT IN FUNDS

Net

movement

At

At 1.4.20

in funds

31.3.21

£

£

£

Unrestricted funds

General fund

93,734

46,708

140,442

Restricted funds

Restricted fund

6,775

(1,063

)

5,712

TOTAL FUNDS

100,509

45,645

146,154

Net movement in funds, included in the above are as follows:

Incoming

Resources

Movement

resources

expended

in funds

£

£

£

Unrestricted funds

General fund

110,659

(63,951

)

46,708

Restricted funds

Restricted fund

236

(1,299

)

(1,063

)

TOTAL FUNDS

110,895

(65,250

)

45,645

Comparatives for movement in funds

Net

Transfers

movement

between

At

At 1.4.19

in funds

funds

31.3.20

£

£

£

£

Unrestricted funds

General fund

98,940

(4,159

)

(1,047

)

93,734

Restricted funds

Restricted fund

5,428

300

1,047

6,775

TOTAL FUNDS

104,368

(3,859

)

-

100,509

Comparative net movement in funds, included in the above are as follows:

Incoming

Resources

Movement

resources

expended

in funds

£

£

£

Unrestricted funds

General fund

90,526

(94,685

)

(4,159

)

Restricted funds

Restricted fund

300

-

300

TOTAL FUNDS

90,826

(94,685

)

(3,859

)

A current year 12 months and prior year 12 months combined position is as follows:

Net

Transfers

movement

between

At

At 1.4.19

in funds

funds

31.3.21

£

£

£

£

Unrestricted funds

General fund

98,940

42,549

(1,047

)

140,442

Restricted funds

Restricted fund

5,428

(763

)

1,047

5,712

TOTAL FUNDS

104,368

41,786

-

146,154

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Incoming

Resources

Movement

resources

expended

in funds

£

£

£

Unrestricted funds

General fund

201,185

(158,636

)

42,549

Restricted funds

Restricted fund

536

(1,299

)

(763

)

TOTAL FUNDS

201,721

(159,935

)

41,786

17.	RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 March 2021.