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← Museum Of Power

2025-05-31-accounts

REGISTERED COMPANY NUMBER: 03203668 (England and Wales) REGISTERED CHARITY NUMBER: 1087459

REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2025

FOR

MUSEUM OF POWER

Baverstocks Limited Chartered Certified Accountants Dickens House Guithavon Street Witham Essex CM8 1BJ

MUSEUM OF POWER

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025

Page
Reference and Administrative Details 1
Report of the Trustees 2 to 6
Independent Examiner's Report 7
Statement of Financial Activities 8
Balance Sheet 9
Notes to the Financial Statements 10 to 19
Detailed Statement of Financial Activities 20 to 21

MUSEUM OF POWER

REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 MAY 2025

Trustees Mrs I E Allen (appointed 9.6.2024) Mr T Barber Mrs A E Bell (appointed 9.6.2024) Mr S E Capper Dr R Griffin Mr J H Lowe Mr R D Waylen Mr C D Waylen Company secretary Mr T A Soame Registered office Steam Pumping Station Hatfield Road Langford Maldon Essex CM9 6QA Registered company number 03203668 (England and Wales) Registered charity number 1087459 Independent examiner Baverstocks Limited Chartered Certified Accountants Dickens House Guithavon Street Witham Essex CM8 1BJ Solicitors Birketts LLP Brierly Place New London Road Chelmsford Essex CM2 0AP Senior management P Breeze, Treasurer D Thomas, Manager

1

MUSEUM OF POWER

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MAY 2025

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 May 2025. 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

The object of the trust is the advancements of education by acquiring, housing and exhibiting, conserving, restoring and repairing objects 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.

The Museum of Power ais 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 included arts (STEAM) and serve our local community.

This is achieved through three main channels:-

Ensuring our work delivers our aims

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 considered the Charity Commission's guidance on public benefit.

The aims and objectives and activities are reviewed on an annual basis and updated during the year depending upon the feedback from visitors and the wider community.

2

MUSEUM OF POWER

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MAY 2025

Objectives and activities

Significant activities

The year has been dominated by the completion of the National Lottery Heritage Funded (NLHF) grant for the refurbishment and relocation of the museum exhibits and the construction of a side extension to house an extended tearoom. Toilets and new entrance area for the museum. The board of trustees approved the go-ahead at the end of the 2023-2024 financial year. Grant of £1.6M was received by the NLHF and is in addition to the matched funding raised by the museum of £240,000.

The NLHF project will be completed in September 2025 and all funding will have been received by then. The only item outstanding is the construction of an education building which will be funded by a balance of monies from the NLHF and a generous donation from the estate of a past trustee, to create a larger multipurpose building which will include a dedicated education room.

The museum continues to attract visitors, especially to the large-scale events, even though is its noticeable that numbers are reduced from previous year.

The education delivery for school students has recovered and a network of schools established that use the museum for their science classes in support of the school curriculum. The lottery funded activities provided a closer alignment with the school curriculum in the science and mathematics areas, improving the visitor experience and promoting future repeat visits.

The social engagement through the volunteer network has continued and has successfully managed to reengage with the majority of the volunteers upon reopening, although there is a shortage of volunteers for some of the events. We have been successful in the recruitment of new trustees, of which one role is aimed at the engagement of new volunteers, this activity continues into the next financial year.

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. A small grant was received through the Museum Development South East (MDSE) and Essex County Council (ECC) to establish an information hub with the community energy groups in promoting renewable energy usage in the community and corporately. The final report is due summer 2025.

The museum supports work experience through local communities for vulnerable people and has also provided access to the grounds for residents to use the riverside and countryside walks. Playground equipment has also been installed for the younger children to use and will be developed further through grant awards.

Public benefit

Serving the community is achieved by three main channels:-

The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.

Museum users

The primary users of the museum are Baby Boomers who are attracted to the museum exhibits and Steam Tea Room. However, a wide range of users attend the major field events, and we are starting to interest them in the new arrangement of exhibits and rehousing into the power themes of power at Home, Work, Transport, Water and a cross-cutting theme of Future Power.

The younger generation (Generation Alpha) attend the museum through their school science lessons and there has been a trend of the students coming back with their families after the school visits. We hope to build upon this in the coming years.

3

MUSEUM OF POWER

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MAY 2025

Objectives and activities Education

The education programme continues to attract the local schools in support of their science programmes. The numbers of students attending the activities has increased by 15% over the previous year with circa 2,300 students attending the classes with their teachers. The biggest cost for the schools is the transport for the children attending the museum and this has undoubtedly prevented some schools from attending. These activities are supported by a large number of volunteers for which the museum is grateful for their time and efforts.

Volunteers

The social engagement through the volunteer network has continued and has successfully managed to reengage with the majority of the volunteers upon reopening, although there is a shortage of volunteers for some of the events. This is recognised at the trustee board and a new trustee has been appointed focussing on the engagement of volunteers for the current roles and looking into the future for trustees with more computer experience.

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 with support from external consultants.

Financial review

Financial position

During the year the charity has once made a surplus between income and outgoings.

Principal funding sources

Fund raising activities have been successful and has enabled us to a similar but less, surplus of income over expenses from last year. This has been due to the major fund-raising events being well attended by the public and a tight control on expenditure. The source of income for last financial year is shown below.

Membership fees and donations £7,855 (3.9%)
Visitors fees, train rides and shop £51,831 (25%)
Catering franchise £9,000 (4.4%)
Events and venue hire £106,078 (52%)
Sponsorship £11,167 (5.5%)
School and group visits £17,501 (8.6%)

In addition small grants to the value of £936 were received and a legacy donation of £104,090.

Investment policy and objectives

The museum does not make grants or undertake social investments within the local communities.

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.

Reserves policy

The Board has maintained a cash-based reserve to cover unseen eventualities and meet operational unknown commitments. The value set by the board is £40,000.

In addition to an operating reserve, additional reserves are held to support the matched funding requirements for the National Lottery Heritage Fund grant. At the end of the financial year we have met the major milestones of the lottery grant that posed the greatest financial risk, which is allowing to museum to look at other investment opportunities. The key investment identified for 205/2026 is the construction of the multipurpose room which will require circa £200,000 from the museum reserves.

4

MUSEUM OF POWER

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MAY 2025

Future plans

The plan is to complete the infrastructure project by mid-2026 before further investments are made. Future investments beyond mid 2026 are likely to be focussed on the improvement of interactive displays within the museum. The infrastructure projects are:

The other key activity is the planning for re-accreditation, which had been expected to be conducted mid-2025, but has been delayed by the ARTS council. The museum plans have been completed, and documentation is in place for any visit in 2026.

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.

The organisation is a charitable company, limited by guarantee, incorporated on 24 May 1996 with the latest amendment in October 2015 and registered as a charity on 11th July 2001. The company was established under a Memorandum of Understanding and governed by the associated Articles of Association. In the event of the company being wound up members are required to contribute an amount not exceeding £1.

Recruitment and appointment of new trustees

Trustees are appointed by the members after meeting selection criteria defined by the board of trustees and proposed by the board at the AGM. The Trustees are elected for a maximum of three years, after which they must either resign or offer themselves for re-selection by the members at the AGM. The maximum number of trustees is 9.

All members of the Trustee Board give their time voluntarily and receive no benefits from the charity.

Dr Roger Griffin was requested by the trustee board to continue on as Chair, although he had completed the maximum three-year period, to ensure continuity during the discussions with the NLHF and major sub-contractors for the Powering forward project. This was ratified at the last AGM by the members of the museum. An active programme to recruit a new chairman is underway with support from the MDSE.

The landlord of the museum site and principal sponsor of the museum has the right to nominate a representative and exercise that right through an elected Trustee. The potential conflict of loyalty has been acknowledged and monitored by the Board. Currently there is no landlord representation.

Organisational structure

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.

The museum employs three full time staff, Manager, Assistant Manager and Events Manager, to undertake the daily operational management of the museum and to provide the outward looking services in support of the operational aims. Additional contracted staff may be employed to cover short term events and services. The Manager has a direct line report to one of the Directors.

Induction and training of new trustees

A procedure is in place for the induction of new Trustees and appropriate documentation provided to them as well as training. Trustees are also encouraged to use the training courses operated by AIM and SHARE, which the museum is members of.

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.

5

MUSEUM OF POWER

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MAY 2025

Structure, governance and management Related parties

Essex and Suffolk Water (part of the Northumbrian Water Group) are the landlords and principal sponsor of the museum.

Risk management

The charity remains a going concern with clear strategies and plans. A Risk Management processes is in place and is regularly reviewed by the Trustee Board. The short-term risks are dominated by the proposed NLHF project "Powering Forward" and their mitigation form part of the due diligence process before accepting the Grant.

.

For the longer term the museum's operational risks remain:

Approved by order of the board of trustees on 4 November 2025 and signed on its behalf by:

Dr R Griffin - Trustee

6

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF MUSEUM OF POWER

Independent examiner's report to the trustees of Museum of Power ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 May 2025.

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

Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Association of Chartered Certified Accountants, which is one of the listed bodies.

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.

S Goths

Steven Collins FCCA

The Association of Chartered Certified Accountants

Baverstocks Limited Chartered Certified Accountants Dickens House Guithavon Street Witham Essex CM8 1BJ

4 November 2025

7

MUSEUM OF POWER

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MAY 2025

Notes
Income and endowments from
Donations and legacies
2
Charitable activities
4
Charitable activities
Other trading activities
3
Total
Expenditure on
Raising funds
5
Charitable activities
6
Charitable activities
Other
Total
NET INCOME/(EXPENDITURE)
Transfers between funds
16
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward		 Unrestricted
funds
£
108,595
15,139
184,725
308,459
47,552
26,491
55,985
130,028
178,431
(22,260)
156,171
200,915
357,086		 Restricted
funds
£
120,064
-
-
120,064
4,985
180,284
-
185,269
(65,205)
22,260
(42,945)
1,515,128
1,472,183		 2025

Total
funds
£
228,659
15,139
184,725
428,523
52,537
206,775
55,985
315,297
113,226
-
113,226
1,716,043
1,829,269		 2024
Total
funds
£
1,430,342
14,944
147,094
1,592,380
43,183
117,601
55,987
216,771
1,375,609
-
1,375,609
340,434
1,716,043

The notes form part of these financial statements

8

MUSEUM OF POWER

BALANCE SHEET 31 MAY 2025

Notes
Fixed assets
Tangible assets
12
Current assets
Stocks
13
Debtors
14
Cash at bank and in hand
Creditors
Amounts falling due within one year
15
Net current assets
Total assets less current liabilities
NET ASSETS
Funds
16
Unrestricted funds
Restricted funds
Total funds		 Unrestricted
funds
£
31,766
392
9,876
324,556
334,824
(9,504)
325,320
357,086
357,086		 Restricted
funds
£
1,441,101
1,531
431
29,118
31,080
2
31,082
1,472,183
1,472,183		 2025

Total
funds
£
1,472,867
1,923
10,307
353,674
365,904
(9,502)
356,402
1,829,269
1,829,269
357,086
1,472,183
1,829,269		 2024
Total
funds
£
1,500,212
669
9,913
226,107
236,689
(20,858)
215,831
1,716,043
1,716,043
200,915
1,515,128
1,716,043

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2025 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

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 4 November 2025 and were signed on its behalf by:

Dr R Griffin - Trustee

The notes form part of these financial statements

9

MUSEUM OF POWER

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025

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.

Museum of Power meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

Critical accounting judgements and key sources of estimation uncertainty

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Going concern

The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the charity.

Income and endowments

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.

Donations and legacies

Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the charity before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that these conditions will be fulfilled in the reporting period.

Grants receivable

Grants are recognised when the charity has an entitlement to the funds and any conditions linked to the grants have been met. Where performance conditions are attached to the grant and are yet to be met, the income is recognised as a liability and included on the balance sheet as deferred income to be released.

Deferred income

Deferred income represents amounts received for future periods and is released to incoming resources in the period for which, it has been received. Such income is only deferred when:

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, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Other support activities are allocated based on the spread of staff costs.

10

continued...

MUSEUM OF POWER

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MAY 2025

1. Accounting policies - continued

Raising funds

These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds.

Charitable activities

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Support and governance costs

Support costs

Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage.

Governance costs

These include the costs attributable to the charity's compliance with constitutional and statutory requirements, including audit, strategic management and trustees meetings and reimbursed expenses.

Tangible fixed assets

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

Short leasehold - Over the term of the Lease
Improvements to property - Over the term of the Lease
Plant and machinery - 15% on reducing balance
Improvements to Exhibition - 15% on reducing balance
Computer equipment - 15% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

The charity is considered to pass the tests set out in paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

Fund accounting

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

Designated funds are unrestricted funds set aside for specific purposes 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.

11

continued...

MUSEUM OF POWER

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MAY 2025

1. Accounting policies - continued

Pension costs and other post-retirement benefits

The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

2. Donations and legacies

Donations
Legacies
Grants		 Unrestricted
funds
£
4,505
104,090
-
108,595		 Restricted
funds
£
400
-
119,664
120,064		 2025

Total
funds
£
4,905
104,090
119,664
228,659		 2024
Total
funds
£
54,480
-
1,375,862
1,430,342

Grants received, included in the above, are as follows:

2025 2024
£ £
Grant 119,664 1,375,862

3. Other trading activities

Unrestricted
funds
£
Subscriptions
3,351
Events
181,374
184,725
Income from charitable activities
Activity
Other income
Charitable activities		 Restricted
funds
£
-
-
-		 2025
Total
funds
£
3,351
181,374
184,725
2025
£
15,139		 2024
Total
funds
£
3,104
143,990
147,094
2024
£
14,944

4. Income from charitable activities

12

continued...

MUSEUM OF POWER

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MAY 2025

5. Raising funds

Other trading activities

Unrestricted
Restricted
funds
funds
£
£
Purchases
4,383
-
Direct costs
43,169
4,985
47,552
4,985		 2025
Total
funds
£
4,383
48,154
52,537		 2024
Total
funds
£
5,467
37,716
43,183

6. Charitable activities costs

Charitable activities
7.
Support costs
Charitable activities
Support costs, included in the above, are as follows:
Wages
Social security
Pensions
Auditors' remuneration
Insurance
Light and heat
Telephone
Postage and stationery
Sundries
Accountancy fees
Legal fees
Repairs and maintenance
Computer software
Advertising
Staff training
Cleaning
Depreciation of tangible fixed assets		 Direct
Costs
£
982		 Support
costs (see
note 7)
Totals
£
£
205,793
206,775
Governance
costs
£
205,793
2025
2024
Charitable
Total
activities
activities
£
£
27,987
31,872
2,879
2,437
128
576
-
4,800
8,833
7,673
-
1,726
936
939
2,472
1,043
3,151
4,619
2,314
1,800
1,314
494
5,832
5,588
3,483
611
3,490
3,088
19,324
5,439
1,733
593
121,917
40,798
205,793
114,096

13

continued...

MUSEUM OF POWER

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MAY 2025

8. Net income/(expenditure)

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

Auditors' remuneration
Depreciation - owned assets		 2025
£
-
121,916		 2024
£
4,800
40,798

9. Trustees' remuneration and benefits

There were no trustees' remuneration or other benefits for the year ended 31 May 2025 nor for the year ended 31 May 2024.

No trustees, nor any persons connected with them, have received any remuneration from the charity during the year

. No trustees have received any reimbursed expenses or any other benefits from the charity during the year.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 May 2025 nor for the year ended 31 May 2024.

10. Staff costs

Wages and salaries
Social security costs
Other pension costs
The average monthly number of employees during the year was as follows:
Administration staff		 2025
£
81,699
3,186
1,904
86,789

2025
3		 2024
£
86,019
2,437
1,822
90,278
2024
3

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

11. Comparatives for the statement of financial activities

Income and endowments from
Donations and legacies
Charitable activities
Charitable activities
Other trading activities
Total		 Unrestricted
funds
£
4,179
14,944
147,094
166,217
Restricted
funds
£
1,426,163
-
-
1,426,163
Total
funds
£
1,430,342
14,944
147,094
1,592,380

14

continued...

MUSEUM OF POWER

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MAY 2025

11. Comparatives for the statement of financial activities - continued

Expenditure on

Raising funds
Charitable activities
Charitable activities
Other
Total
NET INCOME
Transfers between funds
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
12.
Tangible fixed assets
Cost
At 1 June 2024
Additions
At 31 May 2025
Depreciation
At 1 June 2024
Charge for year
At 31 May 2025
Net book value
At 31 May 2025
At 31 May 2024		 Unrestricted
Restricted
funds
funds
£
£
42,328
855
29,555
88,046
55,987
-
127,870
88,901
38,347
1,337,262
(2,538)
2,538
35,809
1,339,800
165,106
175,328
200,915
1,515,128
Improvements
Short
to
leasehold
property
£
£
51,595
963,334
-
44,107
51,595
1,007,441
41,995
10,885
329
33,811
42,324
44,696
9,271
962,745
9,600
952,449		 Unrestricted
Restricted
funds
funds
£
£
42,328
855
29,555
88,046
55,987
-
127,870
88,901
38,347
1,337,262
(2,538)
2,538
35,809
1,339,800
165,106
175,328
200,915
1,515,128
Improvements
Short
to
leasehold
property
£
£
51,595
963,334
-
44,107
51,595
1,007,441
41,995
10,885
329
33,811
42,324
44,696
9,271
962,745
9,600
952,449
Total
funds
£
43,183
117,601
55,987
216,771
1,375,609
-
1,375,609
340,434
1,716,043
Plant and
machinery
£
28,346
30,456
58,802
11,282
6,610
17,892
40,910
17,064

15

continued...

MUSEUM OF POWER

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MAY 2025

12. Tangible fixed assets - continued

Cost
At 1 June 2024
Additions
At 31 May 2025
Depreciation
At 1 June 2024
Charge for year
At 31 May 2025
Net book value
At 31 May 2025
At 31 May 2024
13.
Stocks
Stocks
14.
Debtors: amounts falling due within one year
Trade debtors
Other debtors
Prepayments and accrued income
15.
Creditors: amounts falling due within one year
Trade creditors
Other creditors
Accruals and deferred income		 Improvements
to
Computer
Exhibition
equipment
£
£
546,854
3,275
20,008
-
566,862
3,275
27,343
1,687
80,928
238
108,271
1,925
458,591
1,350
519,511
1,588
2025
£
1,923
2025
£
2,406
1,299
6,602
10,307
2025
£
4,256
301
4,945
9,502
Totals
£
1,593,404
94,571
1,687,975
93,192
121,916
215,108
1,472,867
1,500,212
2024
£
669
2024
£
1,770
1,457
6,686
9,913
2024
£
14,987
-
5,871
20,858
Totals
£
1,593,404
94,571
1,687,975
93,192
121,916
215,108
1,472,867
1,500,212
2024
£
669
2024
£
1,770
1,457
6,686
9,913
2024
£
14,987
-
5,871
20,858

16

continued...

MUSEUM OF POWER

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MAY 2025

16. Movement in funds

Net
movement
At 1.6.24
in funds
£
£
Unrestricted funds
General fund
200,915
178,431
Restricted funds
Heritage lottery
1,512,951
(65,143)
Education fund
571
(421)
Living well fund
351
-
Heritage engineering
1,255
359
1,515,128
(65,205)
TOTAL FUNDS
1,716,043
113,226
Net movement in funds, included in the above are as follows:
Incoming
resources
£
Unrestricted funds
General fund
308,459
Restricted funds
Heritage lottery
119,664
Education fund
-
Heritage engineering
400
120,064
TOTAL FUNDS
428,523
Comparatives for movement in funds
Net
movement
At 1.6.23
in funds
£
£
Unrestricted funds
General fund
165,106
38,347
Restricted funds
Heritage lottery
171,606
1,338,807
Education fund
571
-
Living well fund
3,151
(1,545)
175,328
1,337,262
TOTAL FUNDS
340,434
1,375,609
Transfers
between
funds
£
(22,260)
22,260
-
-
-
22,260
-
Resources
expended
£
(130,028)
(184,807)
(421)
(41)
(185,269)
(315,297)
Transfers
between
funds
£
(2,538)
2,538
-
-
2,538
-
At
31.5.25
£
357,086
1,470,068
150
351
1,614
1,472,183
1,829,269

Movement

in funds
£
178,431
(65,143)
(421)
359
(65,205)
113,226

At
31.5.24
£
200,915
1,512,951
571
1,606
1,515,128
1,716,043



17

continued...

MUSEUM OF POWER

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MAY 2025

16. Movement in funds - continued

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

Unrestricted funds
General fund
Restricted funds
Heritage lottery
Living well fund
TOTAL FUNDS		 Incoming
resources
£
166,217
1,425,863
300
1,426,163
1,592,380
Resources

expended
£
(127,870)
(87,056)
(1,845)
(88,901)
(216,771)
Movement

in funds
£
38,347
1,338,807
(1,545)
1,337,262
1,375,609

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

Unrestricted funds
General fund
Restricted funds
Heritage lottery
Education fund
Living well fund
Heritage engineering
TOTAL FUNDS		 At 1.6.23
£
165,106
171,606
571
3,151
-
175,328
340,434		 Net
movement

in funds
£
216,778
1,273,664
(421)
(1,545)
359
1,272,057
1,488,835		 Transfers

between

funds
£
(24,798)
24,798
-
-
-
24,798
-
At
31.5.25
£
357,086
1,470,068
150
1,606
359
1,472,183
1,829,269

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

Incoming
resources
£
Unrestricted funds
General fund
474,676
Restricted funds
Heritage lottery
1,545,527
Education fund
-
Living well fund
300
Heritage engineering
400
1,546,227
TOTAL FUNDS
2,020,903		 Resources
Movement
expended
in funds
£
£
(257,898)
216,778
(271,863)
1,273,664
(421)
(421)
(1,845)
(1,545)
(41)
359
(274,170)
1,272,057
(532,068)
1,488,835

18

continued...

MUSEUM OF POWER

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MAY 2025

17. Related party disclosures

There were no related party transactions for the year ended 31 May 2025.

19

MUSEUM OF POWER

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MAY 2025

Unrestricted
funds
£
Income and endowments
Donations and legacies
Donations
4,505
Legacies
104,090
Grants
-
108,595
Other trading activities
Subscriptions
3,351
Events
181,374
184,725
Charitable activities
Other income
15,139
Total incoming resources
308,459
Expenditure
Other trading activities
Fundraising costs
4,383
Direct costs
43,169
47,552
Charitable activities
Direct costs
-
Rent
-
Trade subscriptions
520
520
Other
Wages
53,712
Social security
307
Pensions
1,776
Repairs and maintenance
190
55,985
Support costs
Governance costs
Wages
1,912
Social security
-
Carried forward
1,912		 Restricted
funds
£
400
-
119,664
120,064
-
-
-
-
120,064
-
4,985
4,985
462
-
-
462
-
-
-
-
-
26,075
2,879
28,954		 2025
Total
funds
£
4,905
104,090
119,664
228,659
3,351
181,374
184,725
15,139
428,523
4,383
48,154
52,537
462
-
520
982
53,712
307
1,776
190
55,985
27,987
2,879
30,866		 2024
Total
funds
£
54,480
-
1,375,862
1,430,342
3,104
143,990
147,094
14,944
1,592,380
5,467
37,716
43,183
625
1,220
1,660
3,505
54,147
-
1,246
594
55,987
31,872
2,437
34,309

This page does not form part of the statutory financial statements

20

MUSEUM OF POWER

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MAY 2025

Unrestricted
funds
£
Governance costs
Brought forward
1,912
Pensions
128
Auditors' remuneration
-
Insurance
8,833
Light and heat
-
Telephone
936
Postage and stationery
1,076
Sundries
2,931
Accountancy fees
2,194
Legal fees
649
Repairs and maintenance
3,244
Computer software
53
Advertising
1,240
Staff training
-
Cleaning
921
Short leasehold
329
Improvements to property
-
Plant and machinery
1,287
Improvements to exhibitions
-
Computer equipment
238
25,971
Total resources expended
130,028
Net income
178,431		 Restricted
funds
£
28,954
-
-
-
-
-
1,396
220
120
665
2,588
3,430
2,250
19,324
812
-
33,811
5,324
80,928
-
179,822
185,269
(65,205)		 2025
Total
funds
£
30,866
128
-
8,833
-
936
2,472
3,151
2,314
1,314
5,832
3,483
3,490
19,324
1,733
329
33,811
6,611
80,928
238
205,793
315,297
113,226		 2024
Total
funds
£
34,309
576
4,800
7,673
1,726
939
1,043
4,619
1,800
494
5,588
611
3,088
5,439
593
329
10,885
1,961
27,343
280
114,096
216,771
1,375,609

This page does not form part of the statutory financial statements

21