REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
Report of the Trustees and |
Financial Statements |
for the Year Ended 5 April 2024 |
for |
We'll Meet Again Museum Ltd |
REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
Report of the Trustees and |
Financial Statements |
for the Year Ended 5 April 2024 |
for |
We'll Meet Again Museum Ltd |
We'll Meet Again Museum Ltd |
Contents of the Financial Statements |
for the year ended 5 April 2024 |
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 | 15 |
We'll Meet Again Museum Ltd (Registered number: 11100970) |
Report of the Trustees |
for the year ended 5 April 2024 |
The trustees, two of whom 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 5 April 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). |
OBJECTIVES AND ACTIVITIES |
Objectives and aims |
To provide a unique, hands on WW2 Home Front and Home Guard experience in a friendly environment. To enhance the knowledge of local and national heritage on a site of historical importance and to provide a fully integrated visitor experience whilst enhancing the local tourist economy of Boston and its environs. |
Our Charitable purposes remain the same as our constitution and we have during the past year maintained our faith in attempting to deliver a unique WW2 Museum and experience for the benefit of Lincolnshire and its surroundings. The new virtual reality Avro Lancaster experience has been met with good reviews and has added to the experience of the museum. |
The trustees have considered the Charity Commission's guidance on public benefit, including the guidance 'public benefit: running a charity (PB2)'. |
FINANCIAL REVIEW |
Reserves policy |
The Trustees' ongoing reserves policy is to maintain free reserves (unrestricted net current assets) |
at between three to six months of operating expenditure which equates to £30,000. At |
this level, the management committee feel that they would be able to continue the current activities |
in the event of a significant drop in funding. The charity had a positive free reserve of £61,931 at |
the end of the period. |
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 |
Registered Charity number |
Registered office |
We'll Meet Again Museum Ltd (Registered number: 11100970) |
Report of the Trustees |
for the year ended 5 April 2024 |
Trustees |
Independent Examiner |
Nicholsons |
Chartered Accountants |
Newland House |
The Point |
Weaver Road |
LINCOLN |
Lincolnshire |
LN6 3QN |
EVENTS SINCE THE END OF THE YEAR |
Information relating to events since the end of the year is given in the notes to the financial statements. |
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. |
Approved by order of the board of trustees on |
Independent Examiner's Report to the Trustees of |
We'll Meet Again Museum Ltd |
Independent examiner's report to the trustees of We'll Meet Again Museum Ltd ('the Company') |
I report to the charity trustees on my examination of the accounts of the Company for the year ended 5 April 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. |
Mrs Joanne Brown ACA |
Nicholsons |
Chartered Accountants |
Newland House |
The Point |
Weaver Road |
LINCOLN |
Lincolnshire |
LN6 3QN |
6 November 2024 |
We'll Meet Again Museum Ltd |
Statement of Financial Activities |
for the year ended 5 April 2024 |
2024 | 2023 |
Unrestricted | Restricted | Total | Total |
fund | fund | funds | funds |
Notes | £ | £ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies | 2 |
Charitable activities | 4 |
Other trading activities | 3 |
Other income |
Total |
EXPENDITURE ON |
Raising funds | 5 |
Charitable activities | 6 |
Total |
NET INCOME/(EXPENDITURE) | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 56,784 |
We'll Meet Again Museum Ltd (Registered number: 11100970) |
Balance Sheet |
5 April 2024 |
2024 | 2023 |
Unrestricted | Restricted | Total | Total |
fund | fund | funds | funds |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 12 |
CURRENT ASSETS |
Debtors | 13 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 14 | ( |
) | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
NET ASSETS |
FUNDS | 15 |
Unrestricted funds | 56,784 |
Restricted funds | - |
TOTAL FUNDS | 56,784 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 5 April 2024. |
The members have not required the company to obtain an audit of its financial statements for the year ended 5 April 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. |
We'll Meet Again Museum Ltd (Registered number: 11100970) |
Balance Sheet - continued |
5 April 2024 |
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 |
We'll Meet Again Museum Ltd |
Notes to the Financial Statements |
for the year ended 5 April 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. |
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. |
Government Grants |
Government grants which have been accounted for under the performance model are recognised when it is reasonable to expect that the grants will be received and that all related conditions will be met. |
Government grants which have been accounted for under the accruals model, in respect of capital expenditure are recognised within income on a systematic basis over the expected useful life of the asset. |
Government grants which have been accounted for under the accruals model in respect of a revenue nature are credited to income so as to match them with the expenditure to which they relate. |
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. |
Plant and machinery | - |
Fixtures and fittings | - |
Computer equipment | - |
Taxation |
The charity is exempt from corporation tax on its charitable activities. |
We'll Meet Again Museum Ltd |
Notes to the Financial Statements - continued |
for the year ended 5 April 2024 |
1. | ACCOUNTING POLICIES - continued |
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 |
2024 | 2023 |
£ | £ |
Donations |
3. | OTHER TRADING ACTIVITIES |
2024 | 2023 |
£ | £ |
Café | 16,771 | 39,035 |
4. | INCOME FROM CHARITABLE ACTIVITIES |
2024 | 2023 |
Activity | £ | £ |
Fundraising events | Charitable Activities | 58,625 | 11,793 |
Fundraising events | Grant Income | 56,978 | - |
We'll Meet Again Museum Ltd |
Notes to the Financial Statements - continued |
for the year ended 5 April 2024 |
5. | RAISING FUNDS |
Raising donations and legacies |
2024 | 2023 |
£ | £ |
Purchases | 2,960 | 4,347 |
Other trading activities |
2024 | 2023 |
£ | £ |
Purchases |
Aggregate amounts | 10,979 | 9,361 |
6. | CHARITABLE ACTIVITIES COSTS |
Direct |
Costs (see |
note 7) |
£ |
Charitable Activities | 104,204 |
7. | DIRECT COSTS OF CHARITABLE ACTIVITIES |
2024 | 2023 |
£ | £ |
Trustees' remuneration etc | 60,650 | 55,055 |
Rent | - | 910 |
Rates and water | 894 | 602 |
Insurance | 4,531 | 3,966 |
Light and heat | 1,480 | 1,176 |
Telephone | 1,786 | 1,498 |
Postage and stationery | 1,974 | 1,439 |
Advertising | 1,438 | 430 |
Repairs/building work | 6,670 | 5,366 |
Motor & travel expenses | 294 | 240 |
Accountancy fees | 1,680 | 2,060 |
Legal & professional | 4,037 | - |
Admin costs | 747 | 529 |
Bank fees | 918 | 704 |
Subscriptions | 82 | 229 |
Depreciation | 17,023 | 2,167 |
104,204 | 76,371 |
Included in accountancy fees is £412 for fees incurred in relation to the independent examination in accordance with the Charities Commission SORP requirements. |
We'll Meet Again Museum Ltd |
Notes to the Financial Statements - continued |
for the year ended 5 April 2024 |
8. | NET INCOME/(EXPENDITURE) |
Net income/(expenditure) is stated after charging/(crediting): |
2024 | 2023 |
£ | £ |
Depreciation - owned assets |
Other operating leases | - | 910 |
9. | TRUSTEES' REMUNERATION AND BENEFITS |
2024 | 2023 |
£ | £ |
Trustees' salaries |
Included in the above is remuneration directly paid in relation to their work for the entity. The trustees' remuneration consists of pay relating to the two directors. |
Trustees' expenses |
Trustees' expenses in the year amounted to £3,050 (2023: £3,050) relating to reimbursement of motor expenses. These expenses were incurred by one trustee. |
10. | STAFF COSTS |
2024 | 2023 |
£ | £ |
Wages and salaries |
60,650 | 55,055 |
The average monthly number of employees during the year was as follows: |
2024 | 2023 |
General Staff |
We'll Meet Again Museum Ltd |
Notes to the Financial Statements - continued |
for the year ended 5 April 2024 |
11. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
Unrestricted | Restricted | Total |
fund | fund | funds |
£ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
Charitable activities |
Other trading activities |
Other income |
Total |
EXPENDITURE ON |
Raising funds |
Charitable activities |
Total |
NET INCOME/(EXPENDITURE) | ( |
) | ( |
) |
Transfers between funds | (562 | ) | 562 | - |
Net movement in funds | ( |
) | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward | 74,067 | (562 | ) |
TOTAL FUNDS CARRIED FORWARD |
56,784 |
- |
56,784 |
We'll Meet Again Museum Ltd |
Notes to the Financial Statements - continued |
for the year ended 5 April 2024 |
12. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Computer |
machinery | fittings | equipment | Totals |
£ | £ | £ | £ |
COST |
At 6 April 2023 |
Additions |
At 5 April 2024 |
DEPRECIATION |
At 6 April 2023 |
Charge for year |
At 5 April 2024 |
NET BOOK VALUE |
At 5 April 2024 |
At 5 April 2023 |
13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Prepayments and accrued income |
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
VAT | 837 | 1,851 |
Other creditors |
Accrued expenses |
We'll Meet Again Museum Ltd |
Notes to the Financial Statements - continued |
for the year ended 5 April 2024 |
15. | MOVEMENT IN FUNDS |
Net |
movement | At |
At 6.4.23 | in funds | 5.4.24 |
£ | £ | £ |
Unrestricted funds |
General fund | 56,784 | 56,244 | 113,028 |
Restricted funds |
Restricted Funds | - | 49,235 | 49,235 |
TOTAL FUNDS | 105,479 | 162,263 |
Net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 163,684 | (107,440 | ) | 56,244 |
Restricted funds |
Restricted Funds | 56,978 | (7,743 | ) | 49,235 |
TOTAL FUNDS | ( |
) | 105,479 |
Comparatives for movement in funds |
Net | Transfers |
movement | between | At |
At 6.4.22 | in funds | funds | 5.4.23 |
£ | £ | £ | £ |
Unrestricted funds |
General fund | 74,067 | (16,721 | ) | (562 | ) | 56,784 |
Restricted funds |
Restricted Funds | (562 | ) | - | 562 | - |
TOTAL FUNDS | 73,505 | (16,721 | ) | - | 56,784 |
We'll Meet Again Museum Ltd |
Notes to the Financial Statements - continued |
for the year ended 5 April 2024 |
15. | 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 | 69,011 | (85,732 | ) | (16,721 | ) |
TOTAL FUNDS | 69,011 | (85,732 | ) | (16,721 | ) |
A current year 12 months and prior year 12 months combined position is as follows: |
Net | Transfers |
movement | between | At |
At 6.4.22 | in funds | funds | 5.4.24 |
£ | £ | £ | £ |
Unrestricted funds |
General fund | 74,067 | 39,523 | (562 | ) | 113,028 |
Restricted funds |
Restricted Funds | (562 | ) | 49,235 | 562 | 49,235 |
TOTAL FUNDS | 73,505 | 88,758 | - | 162,263 |
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 | 232,695 | (193,172 | ) | 39,523 |
Restricted funds |
Restricted Funds | 56,978 | (7,743 | ) | 49,235 |
TOTAL FUNDS | 289,673 | (200,915 | ) | 88,758 |
We'll Meet Again Museum Ltd |
Notes to the Financial Statements - continued |
for the year ended 5 April 2024 |
16. | RELATED PARTY DISCLOSURES |
In the year, related party transactions consisted of £55,055 relating to trustees' remuneration payable to the directors of the company in relation to their work for the entity. |
Included within the Creditors balance is an amount owing to the Trustee's of the Charity. |
Year Ending 05/04/2023 | Period Ending 05/04/2023 |
Balance Brought Forward | 5,158 | 3,523 |
Funds Withdrawn | - | (59 | ) |
Funds Introduced | 12,699 | 1,694 |
Balance Carried Forward | 17,857 | 5,158 |
This amount was unsecured and not subject to any interest in the accounting period. |
17. | POST BALANCE SHEET EVENTS |
As at 5th April 2024, the company continued to generate revenues through their café and admissions to the museum. The company remains a going concern for the future. |