REGISTERED COMPANY NUMBER: 04265110 (England and Wales)
REGISTERED CHARITY NUMBER: 1093763
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
FOR
HAVERING MUSEUM LIMITED
Clemence Hoar Cummings
Chartered Accountants
Riverside House
1-5 Como Street
Romford
Essex
RM7 7DN
HAVERING MUSEUM LIMITED
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
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Page |
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Report of the Trustees |
1 |
to |
3 |
Independent Examiner's Report |
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4 |
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Statement of Financial Activities |
|
5 |
|
Statement of Financial Position |
6 |
to |
7 |
Notes to the Financial Statements |
8 |
to |
13 |
Detailed Statement of Financial Activities |
14 |
to |
15 |
HAVERING MUSEUM LIMITED
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2023
ThetrusteeswhoarealsodirectorsofthecharityforthepurposesoftheCompaniesAct2006,present their
reportwiththefinancialstatementsofthecharityfortheyearended31March2023.Thetrustees have
adoptedtheprovisionsofAccountingandReportingbyCharities:StatementofRecommended Practice
applicabletocharitiespreparingtheiraccountsinaccordancewiththeFinancialReporting Standard
applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
Theobjectivesaretoeducatethepublicbypromotion,support,assistanceandimprovementofthe Havering
Museum.Thepoliciesadoptedinfurtheranceoftheseobjectiveshavenotchangedduringtheyear. The
charitywasformedtoadministerandruntheHaveringMuseumlocatedat19-21HighStreet,Romford ,
Essex,RM11JU.TheBoardofDirectorshaspaiddueregardtoguidanceissuedbytheCharityCommission in
decidingwhatactivitiesthecharityshouldundertake.Thecharity'sprimaryactivitythroughouttheyear was
the administration and promotion of the Havering Museum.
Achievements and performance
Themuseumfacessignificantchallenges.Certainareasofthemuseumbusinessanditsvolunteer base
remainsignificantlydowncomparedtopre-2020levels.Runningcosts,inparticularutilitieshave also
increased.
Asanorganisation,themuseumhasbeenproactiveidentifyinghowbesttoreshapestructurallyand create
newrevenuestreams.A£10,000LBHDiscretionaryGrantwasusedtocommissionthe2010Focus Group
ConsultantstocarryoutaStrategicReview,andanumberoftheirrecommendationshaveeither been
implementedorunderconsideration.Anadditional£3,825MuseumofLondonResetGrantwasalsoused to
identify gaps and invest in the permanent displays.
Admissionsandattendancetoeventshasmarginallyincreased,thoughfootfallfromroomhire remains
sluggish.However,therecontinuestobegroundsforoptimismwiththeexpansionofthe schools
programme and the reintroduction of a family activities programme for the summer of 2023.
FINANCIAL REVIEW
Financial position
Thecharityhasgeneratedincomingresourcesof£39,426(2022:£30,942)andanetsurplusof £4,106
(2022:£2,216)resultedafterdeductingallrelatedexpenditure.Theincomeincludesnormal museum
activitiessuchasadmissions,roomhiresandschoolvisitandalsodonations,sponsorshipsandgrant monies
awardedforspecificpurposesi.e.,amuseumStrategicReviewandanewmuseumexhibitiondisplay. The
costsof£35,320(2022:£28,726)relatedtobothoperationalandadministrativecostsincluding utilities,
repairsandmaintenanceandinsuranceandalsotoone-offexpenditureonundertakingtheStrategic Review
and establishing a new Romford Brewery display.
TheBoardofDirectorshaveassessedthemajorriskstowhichthecharityisexposedandaresatisfied that
systems are in place to mitigate exposure to these risks.
Reserves policy
Itisthepolicyofthecharitythatunrestrictedfundswhichhavenotbeendesignatedforaspecificuse should
bemaintainedatalevelequivalenttoatleastthreemonth'sexpenditure.TheBoardofDirectors consider
thatreservesatthislevelwillensurethat,intheeventofasignificantdropinfunding,theywillbeable to
continuethecharity'scurrentactivitieswhileconsiderationisgiventowaysinwhichadditionalfundsmay be
raised. This level of reserves has been maintained.
Page 1
HAVERING MUSEUM LIMITED
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2023
FINANCIAL REVIEW
Going concern
ResourcingattheMuseumremainsanissueandhasthepotentialtoinhibitgrowthofthecharity and
progressofongoingprojects.Withthisinmind,theMuseumhasbeenworkingwithaMuseum Development
OfficerattheMuseumofLondon.FollowinginitialconsultationsaSustainabilityReviewwas initiated
identifyingareaswithintheMuseumrequiringattentionandsettingrealistictargets,manyofwhich have
beenmet.AspartofthereviewwewerealsoinconsultationwiththeLondonBoroughofHavering who
assistedtheMuseuminapplyingforaDiscretionaryGrantof£10,000forthecommissioningofa Strategic
Review. Focus Consultants bid to carry out the review was subsequently commissioned.
Nevertheless,ourCollectionsandExhibitionteamhavemadegreatprogressensuringpartsofthe permanent
displayshavebeenrefreshedandthereisafulltemporaryexhibitionprogrammeshowcasinglocal talent.
OurmostrecentinstallationintheTemporaryExhibitionSpaceistheHaveringMuseumPhotography Group
annual exhibition. Work continues to utilise and digitise our archived in-house exhibitions.
Partnerships
Oursponsorshippartnershaveagreedtocontinuetheirsponsorshipin2023-24andourinvolvement with
DiscoverME and Valence House continues.
Our sponsors / partners are:
Moore Kingston Smith - Four education sessions, Family Day and two loan boxes.
Mullis & Peake - Reminiscence Group.
Clemence Hoar Cummings - Variety Club
Friends of Havering Museum - Purchase of equipment.
TheLondonBoroughofHaveringhasactivelysupportedtheMuseumandprovidedadviceand guidance
duringtheSustainabilityReviewandonanumberofothermatters,nottomentionusingtheMuseumto host
anumberofevents.WewillcontinueourpartnershipwithDaysOut/EssexTouristandDiscoverMe in
providing discount tickets when open.
FUTURE PLANS
StrategicandforwardplanningcontinuestobeguidedbytheStrategicReviewreportandMuseumof London
ResetGranthealthcheckfrom2022.AssuggestedbytheStrategicReview,theBoardintends to
commissionanAudienceDevelopmentProjecttoidentifynewandwideraudiences,expandour outreach
programmeanddevelopclearermarketingstrategies.Itwillalsobeutilisedtoformthebasisfor grant
applications to fund paid staff.
ThemuseumiscommittedtodevelopingitspermanentdisplaysthroughitsWorkingLivesProjectand invest
innewinteractiveandengagingsoftwareinthegalleries.Despiteresourcingissues,itsBoard, Managers,
Volunteers,SponsorsandFriendsofHaveringMuseumremaindedicatedtoensuringthemuseumgrows and
remains a welcoming heritage and community hub.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
Thecharityiscontrolledbyitsgoverningdocument,adeedoftrust,andconstitutesalimited company,
limited by guarantee, as defined by the Companies Act 2006.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
04265110 (England and Wales)
Registered Charity number
1093763
Page 2
HAVERING MUSEUM LIMITED
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2023
Registered office
Havering Museum
19-21 High Street
Romford
Essex
RM1 1JU
Trustees
P E Wilkes (deceased 27/12/2022)
B D Evans
J R Garnell
P S Johnson (resigned 20/10/2022)
J A Shingleton - Chair (from 27 January 2023)
P Stewart (resigned 27/1/2023)
L K Westwood
A S Curtin
P A Young
N A H Wilkes
S Boersma
E J McKiernan
Independent Examiner
Clemence Hoar Cummings
Chartered Accountants
Riverside House
1-5 Como Street
Romford
Essex
RM7 7DN
Approved by order of the board of trustees on 19 October 2023 and signed on its behalf by:
J A Shingleton - Trustee
Page 3
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF HAVERING MUSEUM LIMITED
Independent examiner's report to the trustees of Havering Museum Limited ('the Company')
IreporttothecharitytrusteesonmyexaminationoftheaccountsoftheCompanyfortheyear ended
31 March 2023.
Responsibilities and basis of report
Asthecharity'strusteesoftheCompany(andalsoitsdirectorsforthepurposesofcompanylaw)you are
responsibleforthepreparationoftheaccountsinaccordancewiththerequirementsoftheCompanies Act
2006 ('the 2006 Act').
HavingsatisfiedmyselfthattheaccountsoftheCompanyarenotrequiredtobeauditedunderPart16of the
2006Actandareeligibleforindependentexamination,Ireportinrespectofmyexaminationof your
charity'saccountsascarriedoutunderSection145oftheCharitiesAct2011('the2011Act').Incarrying out
myexaminationIhavefollowedtheDirectionsgivenbytheCharityCommissionunderSection145(5)(b) of
the 2011 Act.
Independent examiner's statement
Ihavecompletedmyexamination.Iconfirmthatnomattershavecometomyattentioninconnection 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)).
Ihavenoconcernsandhavecomeacrossnoothermattersinconnectionwiththeexaminationto which
attentionshouldbedrawninthisreportinordertoenableaproperunderstandingoftheaccountsto be
reached.
Lee Blunden FCCA CTA
Clemence Hoar Cummings
Chartered Accountants
Riverside House
1-5 Como Street
Romford
Essex
RM7 7DN
Date: .............................................
Page 4
HAVERING MUSEUM LIMITED
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2023
Unrestricted
funds
Notes
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
10,802
Charitable activities
5
Admissions and promotion
13,965
Other trading activities
3
564
Investment income
4
251
Other income
13,844
Total
39,426
EXPENDITURE ON
Raising funds
6
6,654
Charitable activities
Admissions and promotion
28,666
Total
35,320
NET INCOME
4,106
RECONCILIATION OF FUNDS
Total funds brought forward
138,869
TOTAL FUNDS CARRIED FORWARD
142,975 |
Restricted
fund
£
-
-
-
-
-
-
-
-
-
-
-
- |
2023
Total
funds
£
10,802
13,965
564
251
13,844
39,426
6,654
28,666
35,320
4,106
138,869
142,975 |
2022
Total
funds
£
8,382
4,166
411
(17)
18,000
30,942
2,295
26,431
28,726
2,216
136,653
138,869 |
|
|
|
|
The notes form part of these financial statements
Page 5
HAVERING MUSEUM LIMITED
STATEMENT OF FINANCIAL POSITION 31 MARCH 2023
Unrestricted
funds
Notes
£
FIXED ASSETS
Tangible assets
10
1,925
CURRENT ASSETS
Stocks
11
1,026
Debtors
12
5,210
Cash at bank and in hand
138,737
144,973
CREDITORS
Amounts falling due within one year
13
(3,923)
NET CURRENT ASSETS
141,050
TOTAL ASSETS LESS CURRENT
LIABILITIES
142,975
NET ASSETS
142,975
FUNDS
14
Unrestricted funds
TOTAL FUNDS |
Restricted
fund
£
-
-
-
-
-
-
-
-
- |
2023
Total
funds
£
1,925
1,026
5,210
138,737
144,973
(3,923)
141,050
142,975
142,975
142,975
142,975 |
2022
Total
funds
£
1,362
1,026
6,053
146,603
153,682
(16,175)
137,507
138,869
138,869
138,869
138,869 |
|
|
|
|
ThecharitablecompanyisentitledtoexemptionfromauditunderSection477oftheCompaniesAct2006 for
the year ended 31 March 2023.
Themembershavenotrequiredthecompanytoobtainanauditofitsfinancialstatementsfortheyear 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.
The notes form part of these financial statements
continued...
Page 6
HAVERING MUSEUM LIMITED
STATEMENT OF FINANCIAL POSITION - continued 31 MARCH 2023
Thesefinancialstatementshavebeenpreparedinaccordancewiththeprovisionsapplicableto charitable
companies subject to the small companies regime.
ThefinancialstatementswereapprovedbytheBoardofTrusteesandauthorisedforissue on
19 October 2023 and were signed on its behalf by:
J A Shingleton - Trustee
The notes form part of these financial statements
Page 7
HAVERING MUSEUM LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
Thefinancialstatementsofthecharitablecompany,whichisapublicbenefitentityunderFRS 102,
havebeenpreparedinaccordancewiththeCharitiesSORP(FRS102)'AccountingandReporting by
Charities:StatementofRecommendedPracticeapplicabletocharitiespreparingtheiraccounts in
accordancewiththeFinancialReportingStandardapplicableintheUKandRepublicofIreland (FRS
102)(effective1January2019)',FinancialReportingStandard102'TheFinancialReporting Standard
applicableintheUKandRepublicofIreland'andtheCompaniesAct2006.Thefinancial statements
have been prepared under the historical cost convention.
Income
AllincomeisrecognisedintheStatementofFinancialActivitiesoncethecharityhasentitlementto the
funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilitiesarerecognisedasexpenditureassoonasthereisalegalorconstructive obligation
committingthecharitytothatexpenditure,itisprobablethatatransferofeconomicbenefitswill be
requiredinsettlementandtheamountoftheobligationcanbemeasuredreliably.Expenditure is
accountedforonanaccrualsbasisandhasbeenclassifiedunderheadingsthataggregateall cost
relatedtothecategory.Wherecostscannotbedirectlyattributedtoparticularheadingsthey have
been allocated to activities on a basis consistent with the use of resources.
Tangible fixed assets
Depreciationisprovidedatthefollowingannualratesinordertowriteoffeachassetover its
estimated useful life.
Fixtures and fittings- 33% on cost
Stocks
Stocksarevaluedatthelowerofcostandnetrealisablevalue,aftermakingdueallowance for
obsolete and slow moving items.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestrictedfundscanbeusedinaccordancewiththecharitableobjectivesatthediscretionof the
trustees.
Restrictedfundscanonlybeusedforparticularrestrictedpurposeswithintheobjectsofthe charity.
Restrictionsarisewhenspecifiedbythedonororwhenfundsareraisedforparticular restricted
purposes.
Furtherexplanationofthenatureandpurposeofeachfundisincludedinthenotestothe financial
statements.
continued...
Page 8
HAVERING MUSEUM LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023
2.
DONATIONS AND LEGACIES
Donations
Donated services and facilities
3.
OTHER TRADING ACTIVITIES
Shop income
4.
INVESTMENT INCOME
Deposit account interest
5.
INCOME FROM CHARITABLE ACTIVITIES
Activity
Admissions
Admissions and promotion
6.
RAISING FUNDS
Other trading activities
Purchases
Staging fundraising events
Advertising
7.
NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
Depreciation - owned assets |
2023
£
9,612
1,190
10,802
2023
£
564
2023
£
251
2023
£
13,965
2023
£
-
6,654
-
6,654
2023
£
754 |
|
2022
£
7,636
746
8,382
2022
£
411
2022
£
(17)
2022
£
4,166
2022
£
206
1,989
100
2,295
2022
£
884 |
|
|
|
|
|
|
|
|
|
|
|
|
continued...
Page 9
HAVERING MUSEUM LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023
8. TRUSTEES' REMUNERATION AND BENEFITS
Therewerenotrustees'remunerationorotherbenefitsfortheyearended31March2023norfor the
year ended 31 March 2022.
Trustees' expenses
Therewerenotrustees'expensespaidfortheyearended31March2023norfortheyear ended
31 March 2022.
9. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
funds
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
8,382
Charitable activities
Admissions and promotion
4,166
Other trading activities
411
Investment income
(17)
Other income
18,000
Total
30,942
EXPENDITURE ON
Raising funds
2,295
Charitable activities
Admissions and promotion
25,431
Total
27,726
NET INCOME/(EXPENDITURE)
3,216
RECONCILIATION OF FUNDS
Total funds brought forward
135,653
TOTAL FUNDS CARRIED FORWARD
138,869 |
Restricted
fund
£
-
-
-
-
-
-
-
1,000
1,000
(1,000)
1,000
- |
Total
funds
£
8,382
4,166
411
(17)
18,000
30,942
2,295
26,431
28,726
2,216
136,653
138,869 |
|
|
|
continued...
Page 10
HAVERING MUSEUM LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023
10. TANGIBLE FIXED ASSETS
10. |
TANGIBLE FIXED ASSETS |
|
|
|
|
|
Fixtures |
|
|
|
and |
|
|
|
fittings |
|
|
|
£ |
|
COST |
|
|
|
At 1 April 2022 |
|
18,199 |
|
Additions |
|
1,317 |
|
At 31 March 2023 |
|
19,516 |
|
DEPRECIATION |
|
|
|
At 1 April 2022 |
|
16,837 |
|
Charge for year |
|
754 |
|
At 31 March 2023 |
|
17,591 |
|
NET BOOK VALUE |
|
|
|
At 31 March 2023 |
|
1,925 |
|
At 31 March 2022 |
|
1,362 |
11. |
STOCKS |
|
|
|
|
2023 |
2022 |
|
|
£ |
£ |
|
Finished goods |
1,026 |
1,026 |
12. |
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
|
|
|
|
2023 |
2022 |
|
|
£ |
£ |
|
Trade debtors |
1,567 |
1,596 |
|
VAT |
172 |
742 |
|
Prepayments |
3,471 |
3,715 |
|
|
5,210 |
6,053 |
continued...
Page 11
HAVERING MUSEUM LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023
13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade creditors
Deferred income
Accrued expenses |
2023
£
2,967
-
956
3,923 |
2022
£
1,109
14,166
900 |
|
|
16,175 |
14. MOVEMENT IN FUNDS
MOVEMENT IN FUNDS |
|
|
|
|
|
|
Unrestricted funds
General fund
Heritage Lottery fund
TOTAL FUNDS
Net movement in funds, included in the above are as follows:
Unrestricted funds
General fund
TOTAL FUNDS
Comparatives for movement in funds
Unrestricted funds
General fund
Heritage Lottery fund
Restricted funds
HLF WW1
TOTAL FUNDS |
|
At 1.4.22
£
114,382
24,487
138,869
138,869
Incoming
resources
£
39,426
39,426
At 1.4.21
£
111,166
24,487
135,653
1,000
136,653 |
|
Net
movement
in funds
£
4,106
-
4,106
4,106
Resources
expended
£
(35,320)
(35,320)
Net
movement
in funds
£
3,216
-
3,216
(1,000)
2,216 |
|
At
31.3.23
£
118,488
24,487
142,975
142,975
Movement
in funds
£
4,106
4,106
At
31.3.22
£
114,382
24,487
138,869
-
138,869 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
continued...
Page 12
HAVERING MUSEUM LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023
14. 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 |
30,942 |
(27,726) |
3,216 |
Restricted funds |
|
|
|
HLF WW1 |
- |
(1,000) |
(1,000) |
TOTAL FUNDS |
30,942 |
(28,726) |
2,216 |
Heritage Lottery Fund
Thisfundhadanopeningbalanceof£24,487.Duringtheyearnoneofgrantfundshave been
expended,leavingaremainingbalanceof£24,487.Thisprojectistofacilitatethe continued
developmentofthemuseumwhichincludesmarketing,maintenanceanddevelopmentof new
projects, training, enhancing customer experience and collections
15. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31st March 2023 (2022: nil)
Page 13
HAVERING MUSEUM LIMITED
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2023
INCOME AND ENDOWMENTS
Donations and legacies
Donations
Donated services and facilities
Other trading activities
Shop income
Investment income
Deposit account interest
Charitable activities
Admissions
Other income
Government grants
Total incoming resources
EXPENDITURE
Other trading activities
Purchases
Staging fundraising events
Advertising
Charitable activities
Repairs and maintenance
Cleaning
Light and heat
Computer costs
Postage and stationery
Insurance
Sundries
Subscriptions
Depreciation of tangible fixed assets
Support costs
Governance costs
Accountancy and legal fees |
2023
£
9,612
1,190
10,802
564
251
13,965
13,844
39,426
-
6,654
-
6,654
5,136
(870)
4,901
2,293
1,577
3,072
714
24
754
17,601
11,065 |
2022
£
7,636
746
8,382
411
(17)
4,166
18,000
30,942
206
1,989
100
2,295
8,427
3,446
2,928
1,942
1,672
2,451
1,369
75
1,419
23,729
2,702 |
|
|
|
This page does not form part of the statutory financial statements
Page 14
HAVERING MUSEUM LIMITED
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2023
Total resources expended
Net income |
2023
£
35,320
4,106 |
2022
£ |
|
|
28,726 |
|
|
2,216 |
This page does not form part of the statutory financial statements
Page 15