Walthamstow Pumphouse Museum 10 South Access Road, Walthamstow, London E17 8AX Charity Reg No: 1104509
Walthamstow Pumphouse Museum
Trustee’s Annual Report and Financial Statements For the year ending 31 January 2024
Trustee’s Annual Report and Financial Statements - Y/E 31 Jan 2024
Contents
Contents ............................................................................................................................................................................ 2 Reference and Administrative Details ................................................................................................................................ 4 Trustees ......................................................................................................................................................................... 4 Corporate trustees ........................................................................................................................................................ 4 Trustees holding title to property belonging to the charity ........................................................................................... 4 Funds held as custodian trustees ................................................................................................................................... 4 Chief Executive Officer .................................................................................................................................................. 4 Trading Subsidiary .......................................................................................................................................................... 4 Primary Bank ................................................................................................................................................................. 4 Trustees’ Report ................................................................................................................................................................ 5 Beneficiaries ................................................................................................................................................................... 5 Purpose of the Charity .................................................................................................................................................. 5 Main Activities ................................................................................................................................................................ 5 Grant Making ................................................................................................................................................................. 5 Social Investments .......................................................................................................................................................... 5 Contribution of volunteers ............................................................................................................................................ 6 Main Achievements ........................................................................................................................................................ 6 Public Benefit ................................................................................................................................................................. 6 Investment Policy ........................................................................................................................................................... 6 Reserves Policy .............................................................................................................................................................. 7 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 .............................................................................................................................................................. 11 Audit Exemption Disclosure ........................................................................................................................................ 12 Notes to The Financial Statements ............................................................................................................................. 13 Trustees’ Approval ...................................................................................................................................................... 15
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Walthamstow Pumphouse Museum
Trustee’s Annual Report and Financial Statements - Y/E 31 Jan 2024
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Walthamstow Pumphouse Museum
Trustee’s Annual Report and Financial Statements - Y/E 31 Jan 2024
Reference and Administrative Details
Charity Name Walthamstow Pumphouse Museum Charity Registration Number 1104509 Principal Address 10 South Access Road, Walthamstow, London E17 8AX
Trustees
Trustee Name Dates acted (if not for whole year) Cllr. Rosalind Doré - Mr. Allan Graveson Resigned 17/04/2023. Mr. Andrew Lewis 23/07/2023 Mr. Ian Mclaughlin 23/07/2023 Mr. Malcolm Yull - Mrs. Maureen Blunden - Ms. Katie Ann Smith 31/08/2023
Corporate trustees
None.
Trustees holding title to property belonging to the charity
None.
Funds held as custodian trustees
None.
Chief Executive Officer
Mr. Abdullah Seba
Trading Subsidiary
WPM Trading Limited
Primary Bank
The Co-operative Bank p.l.c., P.O. Box 101, 1 Balloon Street, Manchester M60 4EP
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Walthamstow Pumphouse Museum
Trustee’s Annual Report and Financial Statements - Y/E 31 Jan 2024
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.
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The general public who visit the museum
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Local families and communities
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The London Borough of Waltham Forest Council who own the site
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Owners of items on loan to the museum
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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 reconstruction 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.
These objects form the purpose of the charity.
Main Activities
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The main activity in terms of time and money expended has been to enhance the building and site, which was formerly a sewage pumping station to make it fit for purpose as a museum serving the local community.
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At the same time a collection, appropriate to the main themes of the museum, is being built up and displayed to the public.
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The museum is open to the public every Tuesday, Thursday and Sunday with free admission. The museum open throughout the week for volunteering activities and special events.
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Activities appropriate to the nature of the Charity which bring in income have been encouraged provided that they do not detract from the service to the public.
Grant Making
The Charity does not make any grants.
Social Investments
The Charity does not make social investments.
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Walthamstow Pumphouse Museum
Trustee’s Annual Report and Financial Statements - Y/E 31 Jan 2024
Contribution of volunteers
Most 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. The Charity employs a limited number of paid staff.
Main Achievements
The Trustees are pleased to report that the growth and development of the charity has been progressing and the Trustees can once again report a record turnover for the Charity this financial year. Visitor numbers and school visits have also passed previous records with visitors number each Sunday now averaging 300 across the year. This equates roughly to 40% increase in visitors to the museum. The museum continues to be free of charge for the public as well as schools, making it a valuable resource for local communities and particularly families.
Despite the growth in these areas, volunteer availability has become more limited in comparison to previous years, creating a number of challenges as well as opportunities for the Trustees to consider. It is anticipated that the museum will slowly move towards an increasing number of staff in order for the charity to maintain it’s current levels of growth and deliver its services to the public and local communities.
A number of improvements to site have been made with the aim of making the museum site more welcoming and accessible. This includes and new activity area by the museum’s main entrance and new bicycle stands which have been part-funded by Waltham Forest Council. The Charity has also focused its efforts on developing The Tool House, a community makerspace intended to attract younger people into STEM subjects and educate the public on skills such as DIY and carpentry. These skills are critical for the museum’s long-term sustainability, and it is critical that the charity continues to attract young people as volunteers and provide them with the necessary skills to care for the museum’s specialist collection long into the future. The Tool House is expected to become a more significant part of how the museum delivers its educational programmes.
The museum continues to work with local colleges and schools and well other charities with similar interests. The Charity has provided Waltham Forest College students with a number of work placement opportunities which are valuable for young people to gain hand-on and practical experience as well as supporting the museum’s work and the volunteers. The museum has worked closely with Markfield Beam Engine and Museum, a Tottenham based charity and Museum. It is expected that the two museums will work more closely together on their jointly shared interests.
Public Benefit
The museum is open to the public every Tuesday, Thursday and Sunday in addition to private tours by schools and touring groups. Visits by school groups 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 local community is recognised by the local council.
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.
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Walthamstow Pumphouse Museum
Trustee’s Annual Report and Financial Statements - Y/E 31 Jan 2024
Reserves Policy
The Museum currently has a reserves policy of £10,000.
Structure, Governance and Management
Governing Document
The Charity is constituted as a Charitable Incorporated Organisation (CIO) and governed by its CIO Constitution.
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
The Charity is run by a Board of Trustees who meet quarterly. The Board is responsible for the high-level, strategic and legal operation of the Charity and ensures that the strategic interests and charitable objectives of the Charity are met and protected in an open and transparent manner. The Board is also legally responsible for risk management and due diligence in order to protect its interests and the image of the charity. It scrutinises policy and ensures that Museum departments act in accordance with the set policy in order to ensure that the heritage, community and educational interests of the charity as well as the Grade II listed building are protected. The Board acts as a body, and no individual trustee has authority outside the body, although the Chair can exercise discretionary authority on behalf of the Board and has overall responsibility. The Board derives its powers from its charitable constitution, a legally binding and governing document. The Chief Executive Officer is responsible for administering the policies set by the Board, maximising the potential of the Charity, managing its operations, finance, and providing leadership for the Charity’s growth and development.
Financial position
The Charity had three financial objectives for the year.
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To provide free admission to the public on a weekly basis throughout the year, although voluntary donations were welcomed.
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To ensure that there was always enough money to pay for the ongoing development programme, so the work and growth of the Charity was never hindered by a shortage of money
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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.
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Walthamstow Pumphouse Museum
Trustee’s Annual Report and Financial Statements - Y/E 31 Jan 2024
Financial Report
Income & Expenditure Account
Walthamstow Pumphouse Museum Year Ended 31st January 2024
| Incoming Resources Supperclub (Legacy) Supperclub Contributions Retail Sales Location Hire Tool House Ticket Sales Tool House Pass Sales Other Sales Card Donations (Visitors) Cash Donations (Visitors) Easy Fundraising Donations Legacies Visitor Activity Sales Cash Back Gift Aid Grants Stripe Fees Reimbursement Amazon Smile Donations Donations Received from Trading Subsidiary Total Incoming Resources Outgoing Resources Transaction Fees (On Income) Location Hire Agent Fees Café Stock Café Supplies & Equipment Shop Stock Tool House Workshop Payments Tool House Expenses Tool House Consumables Cloud & Software Subscriptions Insurance |
2024 £ 3,334 - 7,890 10,874 2,281 267 100 5,238 2,290 60 9,226 - - 314 4,113 950 5 42 112,966 159,949 226 555 2,310 409 1,743 660 4,111 76 3,653 1,611 |
2023 £ 20,004 3,000 5,218 62,127 - - - 2,646 1,787 165 11,540 5,000 148 280 3,389 - 309 82 - |
|---|---|---|
| 115,694 165 680 2,153 841 329 - - - 2,139 1,548 |
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Walthamstow Pumphouse Museum
Trustee’s Annual Report and Financial Statements - Y/E 31 Jan 2024
| 2024 | 2023 | |
|---|---|---|
| Tax & Import Duty | 250 | - |
| Loyverse Discounts | 420 | - |
| Consulting | 1,026 | - |
| Legal Expenses | 2,694 | 2,758 |
| Bank Fees | 1 | 5 |
| Visitor Activity Costs | - | 60 |
| Telephone & Internet | 991 |
854 |
| Play Equipment | 160 | - |
| Waste Collection | 4,314 | 3,139 |
| Water & Electricity | 871 | 1,050 |
| Website | 421 |
187 |
| Trading Subsidiary Overheads | - | 12 |
| Office Equipment & Stationery - £1 rounding diff | 208 |
184 |
| Business Rates | - 409 |
998 |
| Retail Services | 24 | - |
| Card Transaction Fees (Retail) | 104 | 55 |
| Accountancy, Payroll & Independent Examination Fees | 2,322 | 1,849 |
| Gross Staff Salaries | 28,199 | 5,885 |
| Pension Contributions | 441 | 25 |
| Temporary Staff Costs | - |
263 |
| Computer Equipment (Legacy) | 679 | 2,371 |
| Educational Supplies | 342 | - |
| Conferences & Event Tickets | 45 | - |
| IT Software & Consumables | - |
109 |
| Student Expenses | 68 | - |
| Travel | 224 |
449 |
| Staff Benefits | 4,174 | 1,054 |
| Technical & Maintenance Department | 14 | 1,517 |
| Staff Training | 108 | 1,429 |
| Asbestos Removal | - |
176 |
| Security & Access | 3,558 | 10,051 |
| Storage | 547 |
217 |
| Tools | 2,798 | 4,228 |
| Tools (Consumables) | 138 |
318 |
| Fuel | 456 |
266 |
| Fundraising Expenses | 36 | - |
| Murals & Artwork | - | 2,530 |
| Radio and Comms Systems | - | 1,929 |
| Transportation & Lifting | 637 |
400 |
| Fire Station Expenses | - | 32 |
| Site Maintenance | 1,532 |
550 |
| PPE | 207 |
570 |
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Walthamstow Pumphouse Museum
Trustee’s Annual Report and Financial Statements - Y/E 31 Jan 2024
| Pest Control Postage, Freight & Courier Engineering Supplies Building Supplies IT Supplies Building Maintenance Building Materials (Legacy) General Supplies Compliance & Health & Safety Gallery Services Cleaning Cleaning Supplies Marketing & Community Engagement Membership Subscriptions Craft Activities Visitor Services Electrical Supplies Depreciation of Tangible Fixed Assets Historical Research Personnel Department Collections Acquisition Collections Department Project Costs Collection Store New Toilets New Office & Storage Model Railway Electrical Installation IT System Bike Area (Restricted) New Café Total Outgoing Resources Net Surplus (Deficit) for the Year |
2024 127 17 190 3,682 4,921 - 4,826 1,217 1,005 - 429 217 7,573 628 - 235 3,995 8,693 - - 289 - - 737 - 347 - - 18,402 3,357 133,841 26,108 |
2023 52 201 - - - 367 970 2,184 1,572 596 86 - 726 310 907 1,645 - 2,901 54 961 - 1,819 - 13,771 6,254 1,937 1,248 104 - 2,390 |
|---|---|---|
| 94,426 | ||
| 21,268 |
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Walthamstow Pumphouse Museum
Trustee’s Annual Report and Financial Statements - Y/E 31 Jan 2024
Balance Sheet
Walthamstow Pumphouse Museum
Year Ended 31st January 2024
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Tangible Fixed Assets | ||
| Equipment | 14,485 | 5,802 |
| Current Assets | ||
| Trade Debtors | 67 | - |
| Cash & Bank Balances | 46,853 | 30,906 |
| Current Liabilities | ||
| Overdrawn Balances | 78 | - |
| Trade Creditors | - | 2,661 |
| Social Security Liabilities | 232 | 38 |
| Pension Contributions Payable | 91 | 59 |
| Accruals | 1,512 | 1,440 |
| Inter-Organisation Account with Trading Subsidiary | 875 | - |
| Net Current Assets | 44,132 | 26,708 |
| Net Assets | 58,618 | 32,510 |
| Charity's Reserves | ||
| Unrestricted Funds | 58,618 | 32,510 |
| 58,618 | 32,510 |
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Walthamstow Pumphouse Museum
Trustee’s Annual Report and Financial Statements - Y/E 31 Jan 2024
Audit Exemption Disclosure
For the year ending 31[st] January 2024, 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.
Name: Mrs. Maureen Blunden Date: 27/11/2024
Signed:
Signed on Behalf of The Trustees.
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Walthamstow Pumphouse Museum
Trustee’s Annual Report and Financial Statements - Y/E 31 Jan 2024
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.
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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.
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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.
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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
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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.
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Potential assets are capitalised based on the trustees' judgement.
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If the charity does identify assets, then depreciation is provided at the following rates in order to write off each asset over its estimated useful life:
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a. Equipment – 33.3% straight line basis.
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
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.
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Walthamstow Pumphouse Museum
Trustee’s Annual Report and Financial Statements - Y/E 31 Jan 2024
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.
4. Tangible Fixed Assets
| Cost | Equipment (£) |
|---|---|
| As At 01 February 2023 | 8,703 |
| Additions | 17,376 |
| Disposals | - |
| As At 31 January 2024 | 26,079 |
| Depreciation | |
| As At 01 February 2023 | 2,901 |
| Charges | 8,693 |
| Eliminations | - |
| As At 31 January 2024 | 11,594 |
| Net Book Value | |
| As At 01 February 2023 | 5,802 |
| As At 31 January 2024 | 14,485 |
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Walthamstow Pumphouse Museum
Trustee’s Annual Report and Financial Statements - Y/E 31 Jan 2024
Trustees’ Approval
Name: Mrs. Maureen Blunden
Date: 27/11/2024
Signed:
~~WDD~~
Signed on Behalf of The Trustees.
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Walthamstow Pumphouse Museum
CHARITY COMMISSION FOR ENGLAND ANO WALES Independent examiner's report on the accounts Section A Independent Examiner's Report Report to the trustees WALTHAMSTOW PUMPHOUSE MUSEUM On accounts for the year ended 31 January 2024 Charity no (if any) 1104509 Set out on pages 7t014 I report to the trustees on my examination of the accounts of the above charity {"the Trust") for the year ended 3110112024. Responsibilities and basis of report As the charity's trustees, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ("the Act"). I report in respect of my examination of the Trust's accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed all the applicable Directions given by the Charity Commission under section 145(5){b) of the Act. Independent I have completed my examination. I confirm that no material matters have examiner's statement come to my attention in connection with the examination which gives me cause to believe that in, any material respect: the accounting records were not kept in accordance with section 130 of the Charities Act., or the accounts did not accord with the accounting records; or Ihe accounts did not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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. 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. Signed: Date: 27.11.2024 Name: Daniel Cooper Relevant professional qualification{s) or body (if any): Chartered Certified Accountant with Appropriate Experience. Address: Havard & Associates, Suite 1, Concept House, 23 Billet Lane, RM11 1XP. IER Oct 2018
Section B Disclosure Only complete if the examiner needs to highlight material matters of concern (see CC32, Independent examination of charity accounts: directions and guidance for examiners). Give here brief details of any items that the examiner wishes to disclose. IER Oct 2018