North West Museum Of Transport Limited - Charities report - 22.2

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 2023

FOR

NORTH WEST MUSEUM OF TRANSPORT LIMITED

Page

Report of the Trustees

1

Independent Examiner's Report

2

Statement of Financial Activities

3

Balance Sheet

4

Notes to the Financial Statements

5

to

10

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 2023. 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

C R Arnold

M G Ashcroft

P F Holmes (resigned 24.4.22)

R Hughes

P Lambert (resigned 31.1.23)

S R Mcgarry (resigned 2.5.22)

K Naylor

G Pennington

M B Davies

Company Secretary

C R Arnold

Independent Examiner

NRB

1st Floor Waterside House

Waterside Drive

Wigan

Lancashire

WN3 5AZ

Approved by order of the board of trustees on 30 October 2023 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 2023.

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

NRB

1st Floor Waterside House

Waterside Drive

Wigan

Lancashire

WN3 5AZ

30 October 2023

31.3.23

31.3.22

Unrestricted

Restricted

Total

Total

fund

fund

funds

funds

Notes

£

£

£

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

2

631

284

915

752

Charitable activities

5

Operation of a transport museum

48,090

-

48,090

49,052

Other trading activities

3

33,909

-

33,909

25,273

Investment income

4

80

-

80

6

Other Income

4,199

-

4,199

26,389

Total

86,909

284

87,193

101,472

EXPENDITURE ON

Raising funds

6

1,962

-

1,962

2,319

Charitable activities

7

Operation of a transport museum

95,332

1,000

96,332

109,181

Total

97,294

1,000

98,294

111,500

NET INCOME/(EXPENDITURE)

(10,385

)

(716

)

(11,101

)

(10,028

)

RECONCILIATION OF FUNDS

Total funds brought forward

129,701

6,425

136,126

146,154

TOTAL FUNDS CARRIED FORWARD

119,316

5,709

125,025

136,126

31.3.23

31.3.22

Unrestricted

Restricted

Total

Total

fund

fund

funds

funds

Notes

£

£

£

£

FIXED ASSETS

Tangible assets

13

25,865

-

25,865

29,730

Heritage assets

14

45,650

-

45,650

45,650

71,515

-

71,515

75,380

CURRENT ASSETS

Debtors

15

16,563

-

16,563

16,590

Cash at bank

47,865

5,709

53,574

52,641

64,428

5,709

70,137

69,231

CREDITORS

Amounts falling due within one year

16

(16,627

)

-

(16,627

)

(8,485

)

NET CURRENT ASSETS

47,801

5,709

53,510

60,746

TOTAL ASSETS LESS CURRENT LIABILITIES

119,316

5,709

125,025

136,126

NET ASSETS

119,316

5,709

125,025

136,126

FUNDS

17

Unrestricted funds

119,316

129,701

Restricted funds

5,709

6,425

TOTAL FUNDS

125,025

136,126

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 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 30 October 2023 and were signed on its behalf by:

M G Ashcroft - 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

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

31.3.23

31.3.22

£

£

Donations from individuals

915

752

3.	OTHER TRADING ACTIVITIES

31.3.23

31.3.22

£

£

Membership Subscriptions

2,848

3,169

Shop and Cafe

18,965

8,036

Other Event Income

12,096

14,068

33,909

25,273

4.	INVESTMENT INCOME

31.3.23

31.3.22

£

£

Bank interest received

80

6

5.	INCOME FROM CHARITABLE ACTIVITIES

31.3.23

31.3.22

Operation

of a

transport

Total

museum

activities

£

£

Vehicle accommodation

44,340

46,084

RMRC Rental Income

3,750

2,968

48,090

49,052

6.	RAISING FUNDS

Other trading activities

31.3.23

31.3.22

£

£

Advertising

1,326

1,250

Event expenditure

636

1,069

1,962

2,319

7.	CHARITABLE ACTIVITIES COSTS

Support

Direct

costs (see

Costs

note 8)

Totals

£

£

£

Operation of a transport museum

91,618

4,714

96,332

8.	SUPPORT COSTS

Governance

costs

£

Operation of a transport museum

4,714

9.	NET INCOME/(EXPENDITURE)

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

31.3.23

31.3.22

£

£

Depreciation - owned assets

5,489

3,473

Other operating leases

33,848

33,848

10.	TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 March 2023 nor for the year ended 31 March 2022.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 March 2023 nor for the year ended 31 March 2022.

11.	STAFF COSTS

The average monthly number of employees during the year was as follows:

31.3.23

31.3.22

Museum Operations

1

1

No employees received emoluments in excess of £60,000.

12.	COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted

Restricted

Total

fund

fund

funds

£

£

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

39

713

752

Charitable activities

Operation of a transport museum

49,052

-

49,052

Other trading activities

25,273

-

25,273

Investment income

6

-

6

Other Income

26,389

-

26,389

Total

100,759

713

101,472

EXPENDITURE ON

Raising funds

2,319

-

2,319

Charitable activities

Operation of a transport museum

109,181

-

109,181

Total

111,500

-

111,500

NET INCOME/(EXPENDITURE)

(10,741

)

713

(10,028

)

RECONCILIATION OF FUNDS

Total funds brought forward

140,442

5,712

146,154

TOTAL FUNDS CARRIED FORWARD

129,701

6,425

136,126

13.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 April 2022

48,293

Additions

1,624

At 31 March 2023

49,917

DEPRECIATION

At 1 April 2022

18,563

Charge for year

5,489

At 31 March 2023

24,052

NET BOOK VALUE

At 31 March 2023

25,865

At 31 March 2022

29,730

14.	HERITAGE ASSETS

Total

£

COST

At 1 April 2021 and 31 March 2022

45,650

NET BOOK VALUE

At 31 March 2022

45,650

At 31 March 2021

45,650

15.	DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.23

31.3.22

£

£

Trade debtors

1,270

515

Prepayments and accrued income

15,293

16,075

16,563

16,590

16.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.23

31.3.22

£

£

Trade creditors

15,901

8,485

Social security and other taxes

246

-

Other creditors

480

-

16,627

8,485

17.	MOVEMENT IN FUNDS

Net

movement

At

At 1.4.22

in funds

31.3.23

£

£

£

Unrestricted funds

General fund

129,701

(10,385

)

119,316

Restricted funds

Restricted fund

6,425

(716

)

5,709

TOTAL FUNDS

136,126

(11,101

)

125,025

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

Incoming

Resources

Movement

resources

expended

in funds

£

£

£

Unrestricted funds

General fund

86,909

(97,294

)

(10,385

)

Restricted funds

Restricted fund

284

(1,000

)

(716

)

TOTAL FUNDS

87,193

(98,294

)

(11,101

)

Comparatives for movement in funds

Net

movement

At

At 1.4.21

in funds

31.3.22

£

£

£

Unrestricted funds

General fund

140,442

(10,741

)

129,701

Restricted funds

Restricted fund

5,712

713

6,425

TOTAL FUNDS

146,154

(10,028

)

136,126

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

Incoming

Resources

Movement

resources

expended

in funds

£

£

£

Unrestricted funds

General fund

100,759

(111,500

)

(10,741

)

Restricted funds

Restricted fund

713

-

713

TOTAL FUNDS

101,472

(111,500

)

(10,028

)

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

Net

movement

At

At 1.4.21

in funds

31.3.23

£

£

£

Unrestricted funds

General fund

140,442

(21,126

)

119,316

Restricted funds

Restricted fund

5,712

(3

)

5,709

TOTAL FUNDS

146,154

(21,129

)

125,025

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

187,668

(208,794

)

(21,126

)

Restricted funds

Restricted fund

997

(1,000

)

(3

)

TOTAL FUNDS

188,665

(209,794

)

(21,129

)

18.	RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 March 2023.