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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 2024

FOR

NORTH WEST MUSEUM OF TRANSPORT LIMITED

NORTH WEST MUSEUM OF TRANSPORT LIMITED






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




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

NORTH WEST MUSEUM OF TRANSPORT LIMITED (REGISTERED NUMBER: 01657828)

REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2024


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 2024. 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 (resigned 19.11.23)
R Hughes
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 16 August 2024 and signed on its behalf by:





C R Arnold - Trustee

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF
NORTH WEST MUSEUM OF TRANSPORT LIMITED

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 2024.

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

16 August 2024

NORTH WEST MUSEUM OF TRANSPORT LIMITED

STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 MARCH 2024

31.3.24 31.3.23
Unrestricted Restricted Total Total
fund fund funds funds
Notes £    £    £    £   
INCOME AND ENDOWMENTS FROM
Donations and legacies 2 1,854 201 2,055 1,016

Charitable activities 5
Operation of a transport museum 47,065 - 47,065 48,090

Other trading activities 3 45,335 - 45,335 33,808
Investment income 4 424 - 424 80
Other Income 3,590 - 3,590 4,199
Total 98,268 201 98,469 87,193

EXPENDITURE ON
Raising funds 6 3,686 - 3,686 1,962

Charitable activities 7
Operation of a transport museum 87,931 - 87,931 96,332
Total 91,617 - 91,617 98,294

NET INCOME/(EXPENDITURE) 6,651 201 6,852 (11,101 )


RECONCILIATION OF FUNDS
Total funds brought forward 119,316 5,709 125,025 136,126

TOTAL FUNDS CARRIED FORWARD 125,967 5,910 131,877 125,025

NORTH WEST MUSEUM OF TRANSPORT LIMITED (REGISTERED NUMBER: 01657828)

BALANCE SHEET
31 MARCH 2024

31.3.24 31.3.23
Unrestricted Restricted Total Total
fund fund funds funds
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 13 22,479 - 22,479 25,865
Heritage assets 14 47,650 - 47,650 45,650
70,129 - 70,129 71,515

CURRENT ASSETS
Debtors 15 2,625 - 2,625 16,563
Cash at bank 60,907 5,910 66,817 53,572
63,532 5,910 69,442 70,135

CREDITORS
Amounts falling due within one year 16 (7,694 ) - (7,694 ) (16,625 )

NET CURRENT ASSETS 55,838 5,910 61,748 53,510

TOTAL ASSETS LESS CURRENT LIABILITIES 125,967 5,910 131,877 125,025

NET ASSETS 125,967 5,910 131,877 125,025
FUNDS 17
Unrestricted funds 125,967 119,316
Restricted funds 5,910 5,709
TOTAL FUNDS 131,877 125,025

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.


The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 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 16 August 2024 and were signed on its behalf by:





C R Arnold - Trustee

NORTH WEST MUSEUM OF TRANSPORT LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

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.


NORTH WEST MUSEUM OF TRANSPORT LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

2. DONATIONS AND LEGACIES
31.3.24 31.3.23
£    £   
Gifts - 1
Donations from individuals 2,055 1,015
2,055 1,016

3. OTHER TRADING ACTIVITIES
31.3.24 31.3.23
£    £   
Membership Subscriptions 3,434 2,848
Shop and Cafe 14,502 12,517
Other Event Income 27,399 18,443
45,335 33,808

4. INVESTMENT INCOME
31.3.24 31.3.23
£    £   
Bank interest received 424 80

5. INCOME FROM CHARITABLE ACTIVITIES
31.3.24 31.3.23
Operation
of a
transport Total
museum activities
£    £   
Vehicle accommodation 43,315 44,340
RMRC Rental Income 3,750 3,750
47,065 48,090

6. RAISING FUNDS

Other trading activities
31.3.24 31.3.23
£    £   
Advertising 1,009 1,326
Event expenditure 2,677 636
3,686 1,962

7. CHARITABLE ACTIVITIES COSTS
Support
Direct costs (see
Costs note 8) Totals
£    £    £   
Operation of a transport museum 83,157 4,774 87,931


NORTH WEST MUSEUM OF TRANSPORT LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

8. SUPPORT COSTS
Governance
costs
£   
Operation of a transport museum 4,774

9. NET INCOME/(EXPENDITURE)

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

31.3.24 31.3.23
£    £   
Depreciation - owned assets 4,094 5,489
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 2024 nor for the year ended 31 March 2023.


Trustees' expenses

There were no trustees' expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023.


11. STAFF COSTS

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

31.3.24 31.3.23
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 732 284 1,016

Charitable activities
Operation of a transport museum 48,090 - 48,090

Other trading activities 33,808 - 33,808
Investment income 80 - 80
Other Income 4,199 - 4,199
Total 86,909 284 87,193

EXPENDITURE ON
Raising funds 1,962 - 1,962

Charitable activities
Operation of a transport museum 95,332 1,000 96,332
Total 97,294 1,000 98,294

NET INCOME/(EXPENDITURE) (10,385 ) (716 ) (11,101 )


NORTH WEST MUSEUM OF TRANSPORT LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

12. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
Unrestricted Restricted Total
fund fund funds
£    £    £   

RECONCILIATION OF FUNDS
Total funds brought forward 129,701 6,425 136,126

TOTAL FUNDS CARRIED FORWARD 119,316 5,709 125,025

13. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 April 2023 49,917
Additions 708
At 31 March 2024 50,625
DEPRECIATION
At 1 April 2023 24,052
Charge for year 4,094
At 31 March 2024 28,146
NET BOOK VALUE
At 31 March 2024 22,479
At 31 March 2023 25,865

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 202145,650

15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 2,625 1,270
Prepayments and accrued income - 15,293
2,625 16,563


NORTH WEST MUSEUM OF TRANSPORT LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade creditors 7,631 15,899
Social security and other taxes 63 246
Other creditors - 480
7,694 16,625

17. MOVEMENT IN FUNDS
Net
movement At
At 1.4.23 in funds 31.3.24
£    £    £   
Unrestricted funds
General fund 119,316 6,651 125,967

Restricted funds
Restricted fund 5,709 201 5,910

TOTAL FUNDS 125,025 6,852 131,877

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

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
General fund 98,268 (91,617 ) 6,651

Restricted funds
Restricted fund 201 - 201

TOTAL FUNDS 98,469 (91,617 ) 6,852


Comparatives for 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

NORTH WEST MUSEUM OF TRANSPORT LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

17. MOVEMENT IN FUNDS - continued

Comparative 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 )

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

Net
movement At
At 1.4.22 in funds 31.3.24
£    £    £   
Unrestricted funds
General fund 129,701 (3,734 ) 125,967

Restricted funds
Restricted fund 6,425 (515 ) 5,910

TOTAL FUNDS 136,126 (4,249 ) 131,877

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 185,177 (188,911 ) (3,734 )

Restricted funds
Restricted fund 485 (1,000 ) (515 )

TOTAL FUNDS 185,662 (189,911 ) (4,249 )

18. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 March 2024.