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.
- The general public who visit the museum
- Local families and communities
- The London Borough of Waltham Forest Council who own the site
- Owners of items on loan to the museum
- 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
1. 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.
2. At the same time a collection, appropriate to the main themes of the museum, is being built up and displayed to the public.
3. 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.
4. 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.
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 and growth of the Charity 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.
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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.
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.
3. 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:
- 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