Walthamstow Pumphouse Museum 10 South Access Road, Walthamstow, London E17 8AX Charity Reg No: 1104509 ## **Walthamstow Pumphouse Museum** **Trustee’s Annual Report and Financial Statement For the year ending 31 January 2022** Trustee’s Annual Report and Financial Statement - Y/E 31 Jan 2022 ## Contents Reference and Administrative Details ................................................................................................................................ 3 Trustees ......................................................................................................................................................................... 3 Corporate trustees ........................................................................................................................................................ 3 Trustees holding title to property belonging to the charity ........................................................................................... 3 Funds held as custodian trustees ................................................................................................................................... 3 Bank ............................................................................................................................................................................... 3 Trustees’ Report ................................................................................................................................................................ 4 Beneficiaries ................................................................................................................................................................... 4 Purpose of the Charity .................................................................................................................................................. 4 Main Activities ................................................................................................................................................................ 4 Grant Making ................................................................................................................................................................. 4 Social Investments .......................................................................................................................................................... 4 Contribution of volunteers ............................................................................................................................................ 5 Main Achievements ........................................................................................................................................................ 5 Public Benefit ................................................................................................................................................................. 5 Investment Policy ........................................................................................................................................................... 6 Reserves Policy .............................................................................................................................................................. 6 Structure, Governance and Management .......................................................................................................................... 7 Governing Document .................................................................................................................................................... 7 Trustee selection ........................................................................................................................................................... 7 Organisational structure ................................................................................................................................................ 7 Financial position ............................................................................................................................................................ 7 Financial Report ................................................................................................................................................................ 8 Income & Expenditure Account .................................................................................................................................... 8 Balance Sheet .............................................................................................................................................................. 10 Audit Exemption Disclosure ........................................................................................................................................ 11 Notes to The Financial Statements ............................................................................................................................. 11 Trustees’ Approval ...................................................................................................................................................... 12 Page 2 of 12 Walthamstow Pumphouse Museum Trustee’s Annual Report and Financial Statement - Y/E 31 Jan 2022 ## Reference and Administrative Details Charity Name Walthamstow Pumphouse Museum Charity Registration Number 1104509 Principal Address 10 South Access Road, Walthamstow, London E17 8AX ## Trustees Mr. Abdullah Seba Mr. Adam Taylor Mr. Allan Graveson Mr. Lindsay Collier Mr. Malcolm Yull Mrs. Maureen Blunden Mr. Melvin Mantell Mr. Michael Nash Mr. Paul Nicholls ## Corporate trustees None. ## Trustees holding title to property belonging to the charity None. ## Funds held as custodian trustees None. ## Bank The Co-operative Bank p.l.c., P.O. Box 101, 1 Balloon Street, Manchester M60 4EP Page 3 of 12 Walthamstow Pumphouse Museum Trustee’s Annual Report and Financial Statement - Y/E 31 Jan 2022 ## Trustees’ Report ## Beneficiaries The Trustees are aware of their responsibility to operate the charity for the public benefit. The following bodies are seen as the most likely beneficiaries. - The general public who visit the site - The London Borough of Waltham Forest Council who own the site - Owners of items on loan to the museum - Arts Council of England and Wales who will be asked in due course to give accreditation - Any organisation which is asked to give a grant - The volunteers who give their time freely ## Purpose of the Charity The charity was setup with the purpose of creating a museum in a former sewage pumping station which was redundant and facing the possibility of demolition. By focussing the themes of the museum on the industrial heritage of the region it was aimed at preserving not only the building and its two historic steam engines, but also the memory of bygone technologies and local industries for the benefit of the public, and particularly the residents of the local community in Waltham Forest. The Charity’s objects are: - To promote, initiate, advance, encourage, administer, support, and procure for the benefit of the public at large the collection, restoration, reconstitution, renovation, reinstatement, replacement, reproduction, and exhibition of sites buildings, pumps, engines, plant equipment, apparatus, devices, gadgets, contrivances, exhibits, plans, models, and inventions of historical and technical interest particularly as they may relate to the establishment, maintenance, and development of the supply of water, and its treatment also disposal of sewage, the handling of surface water, and/or where they are associated, aspects of schemes for the improvement of arrangements for the public health. These objects form the purpose of the charity. ## Main Activities 1. The main activity in terms of time and money expended has been to modify the building, which was formerly a sewage pumping station and then a Council depot to make it fit for purpose as a museum. 2. At the same time a collection, appropriate to the main themes of the museum, has been built up and displayed. 3. While this has been going on the museum has been open to the public every Sunday with free admission. 4. Activities appropriate to the nature of the museum which bring in income have been encouraged provided that they do not detract from the service to the public. So far, this has been sufficient to meet the museum's financial needs. ## Grant Making The Museum does not make any grants. ## Social Investments The Museum does not make social investments. Page 4 of 12 Walthamstow Pumphouse Museum Trustee’s Annual Report and Financial Statement - Y/E 31 Jan 2022 ## Contribution of volunteers The museum employs no paid staff. All activities are carried out by a team of volunteers except those which are put out to contract. Maintaining the size of the team and motivating them is an important part of the charity's activities. ## Main Achievements It is pleasing to report that the Museum has made steady progress during this period despite the government restrictions due to the Covid pandemic. The Museum first registered for accreditation in 2014 and renewed the application for ‘Working Towards Accreditation’ in 2017. A further renewal is likely, given that specific work only commenced, in earnest, in March of 2020. Accreditation has progressed steadily with the assistance of professional museum volunteers, recruited via the Leicester University Museums Jobs Desk. This work is being undertaken under the guidance of the registered accreditation Mentor. At the instigation of new Board members, the Board now meets every three months where substantive issues are discussed and decisions taken. This professional approach is assisting in bringing about much needed change. This has been aided by the adoption of an accounting package, ‘Xero’. This has facilitated the interrogation of specific costs and expenses with a degree of complexity not previously possible. Accountants have been engaged to provide specialist advice on request and to independent Examination the accounts. Security of the site and safety of visitors has been of prime consideration. Physically the site has undergone transformation. This has involved some challenging issues. Gates and perimeter fencing enhanced and security cameras installed. The site tidied with the removal of 15 skips of waste. Fire and safety equipment has been updated. An IT service room and archive space with air conditioning has been established. The cafe area is in the process of being renewed. Additional storage and new toilet facilities are work in progress. Improved promotional communication of the key assets, namely the pumphouse, fire station and tube cars has seen visitor numbers more than double. Despite progress (scenery), reconstruction of the model railway to represent the Liverpool Street to Chingford branch has suffered significant delays. This is being addressed. An increase in public opening hours is being tried. New and existing volunteers are making a valuable contribution to the sustainability and development of the Museum. The age profile of volunteers has significantly lowered, hence there are grounds for optimism. The priority for the year ahead is the completion of existing work. Protection of physical assets (pumphouse/tube cars) and further development can only take place with significant grant funding and Council support. ## Public Benefit The museum is open to the public every Sunday and for the whole of the London Open House weekend in September. Visits by school groups and adult clubs and societies can be made by arrangement on a weekday. The opening hours are currently restricted by the limited availability of volunteers to show people around. When further work has been done to complete the displays, it will be possible to make visitors less dependent on staff for information, and thereby to use them when available to increase the opening hours. Because of the free entry and the welcoming nature of the staff many visitors come quite regularly. The contribution of the museum to the cultural life of the Borough is recognised by the local council. Page 5 of 12 Walthamstow Pumphouse Museum Trustee’s Annual Report and Financial Statement - Y/E 31 Jan 2022 ## Investment Policy All the museum's money is either kept in the form of cash or in the current bank account. It has no long-term financial investments. ## Reserves Policy The Museum currently has a reserves policy of £10,000. Page 6 of 12 Walthamstow Pumphouse Museum Trustee’s Annual Report and Financial Statement - Y/E 31 Jan 2022 ## Structure, Governance and Management ## Governing Document The Museum was originally a company limited by guarantee, later becoming a charitable company limited by guarantee. However, as part of its governance review, the Museum reviewed its structure, and proposed to change to become a Charitable Incorporated Organisation (CIO) – this was eventually formally confirmed by the Charity Commission on 6 April 2021. ## Trustee selection The members appoint the trustees at the annual general meeting. Nominations can be made by the Board or by individual members. The Board seeks to find new trustees who can bring qualities to the Board not currently possessed by the current membership of the Board. The Trustees appoint one of their number to be the chairman for the following year and to make such other appointments to specific posts as they think fit. ## Organisational structure Most volunteers have a defined role, or roles, in the running of the museum. Some of the current trustees are active volunteers and therefore have specific jobs in addition to their trustee posts. The Board meets quarterly and considers the financial activities of the museum, authorising the larger amounts of proposed expenditure, applications for membership of the company, relations with the council and other external bodies, plans for development and other factors affecting the future wellbeing of the museum. Day to day decisions affecting the operation of the museum is made by the appropriate individuals and are not brought before the Board. ## Financial position The museum had three financial objectives for the year. 1. To provide free admission to the public on a weekly basis throughout the year, although voluntary donations were welcomed. 2. To ensure that there was always enough money to pay for the ongoing development programme, so the work of the volunteer team was never hindered by a shortage of money 3. To develop sources of income which would support the above. All the above objectives have been achieved, with the museum maintaining a high level of both income and expenditure on the development of both the buildings and the displays of the exhibits. There are no specific reasons to think that the future of the museum is insecure. Page 7 of 12 Walthamstow Pumphouse Museum Trustee’s Annual Report and Financial Statement - Y/E 31 Jan 2022 ## Financial Report ## Income & Expenditure Account Walthamstow Pumphouse Museum Year Ended 31st January 2022 |**Incoming Resources**
Basement Galley
Café Sales
Location Hire
Shop Sales
Other Sales
Contactless Donations (Visitors)
Cash Donations (Visitors)
Donations
Grants
Cash Back
Gift Aid
Stripe Fees Reimbursement
Insurance Pay-Outs
Amazon Smile Donations
Prior Year Miscellaneous Corrections
Loan Proceeds Converted Into Donation Income
**Total Incoming Resources**
**Outgoing Resources**
Cost of Goods Sold
Services
Transaction Fees (On Income)
Location Hire Fees
Café Stock
Shop Stock
Cloud & Software Subscriptions
Insurance
Tax & Import Duty
Office Activities
Legal Expenses
Telephone & Internet
Waste Collection|**2022**
**£**
20,004
1,709
45,118
15
63
666
768
9,835
-
226
783
320
4,810
5
1,268
13,900
**99,489**
9
-
112
1,141
788
351
803
1,248
171
-
1,099
700
2,914|**2021**
**£**
-
-
30,457
-
6,928
-
-
1,859
17,400
-
-
-
-
-
-
-| |---|---|---| |||**56,644**
-
5,330
-
-
-
-
-
-
-
8,519
-
-
-| Page 8 of 12 Walthamstow Pumphouse Museum Trustee’s Annual Report and Financial Statement - Y/E 31 Jan 2022 |Water & Electricity
Website
Outgoing Donations
Office Equipment
Independent Examiners' Fee
Computer Equipment
IT Software & Consumables
Travel
Staff Benefits
Technical & Maintenance Department
Security & Access
Tools
Tools (Consumables)
Fuel
Fundraising Expenses
Fire Station Expenses
Site Maintenance
PPE
Postage, Freight & Courier
Building Supplies
General Supplies
Compliance, Health & Safety
Cleaning
Advertising & Marketing
Membership Subscriptions
Visitor Services
Events
Collections Acquisition
Collections Department
COVID-19 Related Costs
**Project Costs**
Collection Store
Model Railway
Electrical Installation
IT System
New Café
**Total Outgoing Resources**
**Net Surplus (Deficit) for the Year**|113
108
205
51
1,170
670
298
96
138
11,836
2,451
23,378
599
158
136
5
230
216
96
728
1,399
2,199
339
78
125
2,159
52
2,590
242
-
6,572
1,488
5,541
4,591
20,151
**99,543**
**(54)**|-
-
-
-
-
-
-
-
-
34,180
2,253
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
5,407
-
2,516| |---|---|---| |||**58,205**| |||**(1,561)**| Page 9 of 12 Walthamstow Pumphouse Museum Trustee’s Annual Report and Financial Statement - Y/E 31 Jan 2022 ## Balance Sheet Walthamstow Pumphouse Museum Year Ended 31st January 2022 |**Current Assets**
Cash & Bank Balances
**Current Liabilities**
Overdrawn Balances
Trade Creditors
Accruals
**Net Current Assets**
**Non-Current Liabilities**
Loans Repayable

**Net Assets**
**Charity's Reserves**
Unrestricted Funds|**2022**
**£**
14,355
530
1,407
1,170
11,249
-
**11,249**
11,249
**11,249**|**2021**
**£**
25,203
-
-
-
25,203
13,900| |---|---|---| |||**11,303**| |||11,303| |||**11,303**| Page 10 of 12 Walthamstow Pumphouse Museum Trustee’s Annual Report and Financial Statement - Y/E 31 Jan 2022 ## Audit Exemption Disclosure For the year ending 31[st] January 2022, the charity, which is also a charitable incorporated organisation, was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The trustees have not required the charity to obtain an audit of its accounts for the year in question in accordance with section 476. The trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime. ## Notes to The Financial Statements ## **1. Accounting Policies** The principal accounting policies are summarised below. The accounting policies have been applied consistently throughout the year and in the preceding year. ## **A. Heritage Assets** The heritage assets form the basis of the museum's reasons for existing, i.e. it collects, preserves and displays these items for the benefit of the public. They fall into three groups in terms of ownership. 1. The land, buildings, and the Marshall engines together with the associated pipework belong to the lessor, the London Borough of Waltham Forest Council. The museum holds them on a thirty year lease. The value of these items is not shown on the balance sheet. 2. Many items are privately owned and are subject to a five year loan agreement with the museum. Their value is not shown on the balance sheet. 3. Items which belong to the museum have mainly been given either by other museums as being surplus to their requirements or by volunteers and other individuals. The museum assesses these in terms of their relevance to the collecting themes of the museum, but has no information as to the monetary value of these items, and considers that the cost of obtaining such information would be disproportionate to the benefit of the information. Museums which dispose of heritage items for money risk losing their accreditation status. For these reasons, their value is not shown on the balance sheet. ## **B. Other Tangible Assets** 1. Money has been expended on developing the site, but any new buildings or structures fastened to the ground or the buildings become the lessor's property. These items are not shown on the balance sheet. 2. - Potential assets are capitalised based on the trustees' judgement. ## **C. Fund Accounting** The museum has no restricted or designated funds. All funds are unrestricted and available for use at the discretion of the trustees in the furtherance of the general objectives of the charity. ## **D. Incoming Resources** All incoming resources are included in the income and expenditure account on an accruals basis. Grants are payments made by an outside body to enable the museum to carry out a specific activity. Services which are provided free to the museum are not included. ## **E. Resources Expended** Page 11 of 12 Walthamstow Pumphouse Museum Trustee’s Annual Report and Financial Statement - Y/E 31 Jan 2022 The museum is not registered for VAT and does not recover any VAT on purchases **2. Donations by Visitors** No charge is made for entrance to the museum but a collecting box, inviting donations, is on display. **3. Friends of The Pumphouse et al.** This is an organisation for people who wish to support the museum financially but without being committed to attending regularly or being responsible for any particular activities. There is a minimum level of subscription, but most people make an extra voluntary donation. ## Trustees’ Approval Name: Maureen Blunden Date: 24/11/2022 Signed: ## Signed on Behalf of The Trustees. Page 12 of 12 Walthamstow Pumphouse Museum CHARITY COMMISSION FOR ENGLAND AND WALES Independent examiner's report on the accounts Section A Independent Examiner's Report Réport to tho trusteosl member8 of Ch8rity N3me WALTHAMSTOW PUMPHOUSE MUSEUM On accounts for the yoar ended 31st January 2022 Charlty no (If any) 1104509 Set out on pages 7t011 Iremember to include the pago numb6rs of additional sheets) I report to the tTUSte85 on my examination of trie accounts of the above charity (Walthamstow Pumphouse Museum.) for the year ended 31st January 2022. Responslbllltles and basis of report As the charity's trustees. you are responsible for the preparation of the accounts in acwrdance with th8 requirements of the Charltl8s Act 2011 (°th8 Act.). I report in respect of my examination of Walthamslow Pumphouse Museum's accounts carried out under section 145 of th8 2011 Act and In carrying out my examination. I have followed all the applicable Directions given by the Charity Commission under $e¢tion 145(5Xb) of the Act. Indépendent I have completed my examination. I confirm that no material matters have examIne￿S statgment ￿rne to my attention in connection with the examination which gives me caLIS8 to b81ieve that In, any material respect: the accounting records We￿ not kept in accordance with section 130 of the Char5ties Act; or the accounts did not a¢¢ord with the accounting records., or the accounts did not comply with the applicable requirements on¢erning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give 8 'true and falr. vlew which is not a matter considered as part of an independent examination. I have no concerns and have come across no olher matters in connection with the examination to which attention should be drawn in this report in order to 9nabl8 a prop8r und8rslanding of the accounts to ba reached. . Please delete the words in the brackets If they do not apply. Signed: Date: 24.11.2022 Name: Daniel Cooper ACCA Relevant professlonal qualificatlon(s) or body {rfany): Association of Chartered Certrfied Accountants Addross: Havard & Associates, Suite 1, Conc8Pt House. 23 Billet Lane. RM11 1XP. IER Oct 2018 Section B Disclosure Only complete if the examiner needs to highlight material matters of concem (see CC32, Independent examination of charity accounts.. directions and guidan￿ for examiners). Glve here brlef detalls of any Items that the examinèr wishes to dlsclos•. IER Oct 2018