2022-05-31-accounts

Trustees’ Annual Report for the period

From 1[st] June 2021 Period start date To 31[st] May 2022 Period end date

Charity name: Museum of Power ‘MoP’

Charity registration number: 1087459

Objectives and Activities

	SORP reference
Summary of the purposes of the charity as set out in its governing document	Para 1.17	The advancement of education by acquiring, housing and exhibiting, conserving, restoring and repairing objects and collections of an educational nature and by establishing, acquiring, managing and maintaining museums, galleries, libraries and other places where such purposes may be achieved and where education and educational research and enquiry and the exchange and dissemination of relevant views and information may happen.
Summary of the main activities in relation to those purposes for the public benefit, in particular, the activities, projects or services identified in the accounts.	Para 1.17 and 1.19	The MoP aims to conserve heritage artefacts (especially engineering related) to help educate visitors (especially young people) about science, technology, engineering and mathematics (STEM) and broaden this to include arts (STEAM) and to serve our local community. This is achieved through three main channels, firstly conservation of the Langford steam pumping station and the power related museum based there: secondly through educational and promotional events, visits and presentations: thirdly involvement with the community providing a social venue and services to the local community.
Statement confirming whether the trustees have had regard to the guidance issued by the Charity Commission on public benefit	Para 1.18	The Trustees confirm they comply with the requirements of the Charities Act and its own Governance document. In setting their objectives and planning their activities the Trustees have given careful consideration to the Charity Commission’s guidance on public benefit.

Additional information (optional) You may choose to include further statements where relevant about:

SORP reference The Museum does not make grants Para 1.38 Policy on grant making

Policy on social investment including program related investment	Para 1.38	The Museum does not undertake social investment
Contribution made by volunteers	Para 1.38	We acknowledge the contribution made by our volunteers without whom the Museum would not continue to exist. Many hours were put in during the year with overall membership numbers remaining static, however it is recognised that improvements to induction, management and support are required, and practices and procedures are under review. Volunteer management and recruitment support has been received through AIM / SHARE with a limited hours consultancy support
Other

Achievements and Performance

	SORP reference
Summary of the main achievements of the charity, identifying the difference the charity’s work has made to the circumstances of its beneficiaries and any wider benefits to society as a whole.	Para 1.20	The Museum has successfully recovered from the previous year’s restrictions due to the pandemic and with the support of various organisations has achieved a surplus income. This has primarily been due to a higher level of attendance at fund raising events. The number of visitors to the museum outside of these evens has not returned to pre-pandemic levels. The education delivery for school students has been severely restricted with many unable to attend due to COVID restrictions and high cost of transport to the museum. The social engagement through the volunteer network has continued when possible and has successfully managed to reengage with the majority of the volunteers upon reopening. Collaboration continued with the Local Council and other independent museum in pooling assets and assisting in reopening and providing new exhibitions are being used at multiple sites across Essex.

Additional information (optional)

You may choose to include further statements where relevant about:

Achievements against objectives set	Para 1.41	A bid was submitted to the National Lottery Heritage Fund for improvements to the facilities and to create an improved educational platform supported by strong income generation activities. The Museum was successful in its application and was awarded the fund in March. However, the museum has been unable to accept the fund to date due two outstanding issues and these are still to be resolved. These are the legal issues regarding the lease between the Landlord and the Lottery and the increased costs due to inflationary pressures on building materials and labour. The Trustee due diligence review in ongoing and ensuring that the viability of the museum is not compromised in the acceptance of grant. Work continues with the NLHF to reduce the risks and find a financial baseline that we can proceed from.
Performance of fundraising activities against objectives set	Para 1.41	Fund raising activities have been successful and has enabled us to achieve a 23% increase over the budget. This has been due to the major fund-raising events being well attended by the public after the pandemic restrictions.
Investment performance against objectives	Para 1.41	Funds not immediately required for operations are held in an interest-bearing account. A periodic review of alternative accounts to determine if a better return can be obtained is undertaken.
Other
Financial Review
Review of the charity’s financial position at the end of the period	Para 1.21	The financial position at year end shows an excess of income over expenditure. In addition to an operating reserve, additional reserves are being held to support the matched funding requirements for the planned lottery grant. Due to the good financial performance this year it has been possible to meet the NLHF matched funding amounts when considered with the outstanding pledges which are to be received when the museum accepts the grant.

Statement explaining the policy for holding reserves stating why they are held	Para 1.22	The Board has maintained a cash based reserve to cover unseen eventualities and meet future investment commitments.
Amount of reserves held	Para 1.22	£60,000
Reasons for holding zero reserves	Para 1.22	Not applicable
Details of fund materially in deficit	Para 1.24	Not applicable
Explanation of any uncertainties about the charity continuing as a going concern	Para 1.23	The charity remains a going concern with clear plans for the future. The risk management process established ensures that within the limits of the reserves and budgetary processes the charity can continue to operate.

Additional information (optional) You may choose to include further statements where relevant about:

The charity’s principal sources of funds (including any fundraising)	Para 1.47	Memberships & Donations (9%) Visitor’s admissions (11%) Events and venue hire (66%) Catering franchise (4%) Sponsorship - NWG (0%) Grants (5%) School / Group visits (5%)
Investment policy and objectives including any social investment policy adopted	Para 1.46	Plans for the future investment in site facilities to improve the educational and community engagement aspects dictate that at present any surplus funds are held on short term deposit.
A description of the principal risks facing the charity	Para 1.46	The key risk is the loss of valuable expertise in an ageing volunteer workforce. At Trustee level a review has identified the appropriate skills required to take the museum forward. Financially the main risk remains the dependence on large event incomes and their impact from external effects such as weather.
Other

Structure, Governance and Management

Description of charity’s trusts:
Type of governing document (trust deed, royal charter)	Para 1.25	Memorandum and Articles of Association
How is the charity constituted? (e.g unincorporated association, CIO)	Para 1.25	Company limited by guarantee
Trustee selection methods including details of any constitutional provisions e.g.	Para 1.25	Trustees are appointed by the members after meeting selection criteria defined by

election to post or name of any person or body entitled to appoint one or more trustees		the board of trustees and proposed by the board at the AGM. The landlord of the museum site and principal sponsor of the museum has the right to nominate a representative and exercised that right through an elected Trustee. The potential conflict of loyalty has been acknowledged and monitored by the Board.

Additional information (optional) You may choose to include further statements where relevant about:

Policies and procedures adopted for the induction and training of trustees	Para 1.51	A procedure is in place for the induction of new Trustees and appropriate documentation provided to them as well as training. All new Trustees are required to sign the Trustee Declaration Form and are annually required to confirm they are not automatically disqualified by events outside the knowledge of the charity.
The charity’s organisational structure and any wider network with which the charity works	Para 1.51	The Board of Trustees has overall responsibility for the direction and operation of the charity; it has a management committee to undertake all operational responsibilities and has established a funding committee to manage financial viability going forward.
Relationship with any related parties	Para 1.51	Essex and Suffolk Water (part of the Northumbrian Water Group) are the landlords and principal sponsor of the museum.
Other

Reference and Administrative details

Charity name	Museum of Power
Other name the charity uses	MoP
Registered charity number	1087459
Charity’s principal address	Hatfield Road, Langford, Maldon, Essex CM9 6QA

Names of the charity trustees who manage the charity

1 2 3	Trustee name	Office (if any)	Dates acted if not for whole **year **	Name of person (or body) entitled to appoint trustee (ifany)
	Roger Griffin	Chairman		Members of the Charity
	Richard Waylen	Finance Director		Ditto
	Mark Weale	Safety& Income		Ditto

4 5 6 7	John Lowe	HonoraryPresident		Ditto
	Graham Wood	Curator		Ditto
	Mark Gallagher	Estates and Facilities		Ditto
	Stephen Capper	Governance		Ditto

– Corporate trustees names of the directors at the date the report was approved Director name

Name of trustees holding title to property belonging to the charity

Trustee name Dates acted if not for whole year

Funds held as custodian trustees on behalf of others

Description of the assets None held in this capacity Name and objects of the NA charity on whose behalf the assets are held and how this falls within the custodian charity’s objects Details of arrangements for NA safe custody and segregation of such assets from the charity’s own assets

Additional information (optional)

Names and addresses of advisers (Optional information)

Names and addresses of advisers (Optional information)	Names and addresses of advisers (Optional information)	Names and addresses of advisers (Optional information)
Type of adviser Name Address
Accountant	P.F.Michael LLP	69-71 East Street, Tollesbury, Maldon, Essex CM9 8QE
Solicitors	Birketts LLP	Brierly Place, New London Road, Chelmsford CM2 0AP

Name of chief executive or names of senior staff members (Optional information)

Patricia Breeze (Treasurer to the Charity) – Volunteer Terence Soame (Secretary to the Board) – Volunteer Debbie Thomas (Museum Manager) – Paid Staff

Exemptions from disclosure

Reason for non-disclosure of key personnel details

NA

Other optional information

Declarations

The trustees declare that they have approved the trustees’ report above.

Signed on behalf of the charity’s trustees

Signature(s) Full name(s) Position (eg Secretary, Chair, etc) Date
	Roger Griffin
	Chairman
	7thFebruary 2023
	7thFebruary 2023

	Page
Gompanylnformation		1
Directorc Report		2
Accountants Report		3
Profit and LossAccount		4
Balance Sheet		5
Notesto theFinancia!Statements		6
Trading and Profit and LossAccount		11

	2022	2021
	E	E
Turnover	159,558	90,875
Cost of Sales	33,689	10,637
GrossProfit	125,869	80,239
Administrative expenses	86,063	75,217
Otherlncome
OperatingProfit	39,806	5,021
lnterest receivable	119	220
Profit on Ordinaryactivitiesbeforetaxation	39,925	5,241
Profit for the financialyear aftertaxation	39,925	5,241
Extraordinary items after taxation
ProfiU(Loss)forthefinancial year	39,925	5,241

BALANCESHEET As at3lMay 2022
		2022		2021
Notes		L		E
FIXEDASSETS
TangibleAssets		52,929		56,078
CURRENTASSETS
Stocks	944		395
Debtors	3,752		5,490
Cash at bank and in hand	260,000		253,924
	264,756		259,809
CREDITORS
Amountsfallingduewithinone	6,929		36,029
year
NET CURRENTASSETS		257,827		223,780
TOTAL ASSETS LESSCURRENT		310,756		279,858
LIABILITIES
ACCRUALS ANDDEFERRED		102,051		111,079
INCOME
NETASSETS		208,705		169,790
CAPITAL ANDRESERVES
Profit and loss account		208,705		168,780
		208,705		168,780

3	TANGIBLEFIXED ASSETS
		lmprovements	Plant&	Fixtures&
		to		Fi t	Totals E
	COST:
	At1June2021	51,59547,1_29		2,315	101,039
	Additions
	Disposals
	At3lMay2022	51,595 47,1292,315			101,039
	DEPRECIATION:
	At1June2021	38,533	5,525	903	44,961
	Charge for the year	1,391	1,594	174	3,149
	Disposals
		39,914	7,119	1,077	48,110
	NETBOOK VALUE
	AtSlMay2022	11,681	40.010	1,238	52,929
	Al31May 2021	13,062	41,604	1,412	56,078

2022	2021,
e	E
3,752 3,752	5,490 5,490
2022	2021
6,929	36,029

ACCRUALSANDDEFERRED INCOME
	2022	2021
	t2
Heritage Engineering Network	1,608	1,477
Resilience/LivingWellFund	2,475	2,475
ACEFund	-	18,395
Education Fund	3,5:71	4,380
Heritage LotteryFund	59,931	38,134
Michael Clark Fund (restricted)	50,000	50,000
	117,585	114,861

	e
LIVINGWELLFUND
Opening balance	2475
lncome	0
Expenditure	0
Balance at yearend.	2475

LOTTERYFUND
Lottery Fundopeningbalance
Lottery fund grant received	10,224
Museum transfertoLottery	19,360
Lottery Expenditure	20,328
GrantClosingBalance	9,256
MatchedFunding Openingbalance Matched Fundinglncome Matched FundingExpenditure - MatchedFundlng GloslgBalance	38,134 13,812 1,272 50,675

lncome	18,395
Expenditure	(18,3e5)
ClosingBalance

Additionally themuseum has a board app of 860,000.	roved policyofretai
	E
Michael Glark Fund	50,000
Heritage Lottery Fund	59,931
Education Fund	3,571
ACEFund
LivingWellFund	2,475
Heritage Engineering Network	1,608
	'117,595