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2020-12-31-accounts

London Transport Museum Friends

Financial Statements

For the period 12 September 2019

to

31 December 2020

Registered Charity Number 1185277

LONDON TRANSPORT MUSEUM FRIENDS

FOR THE PERIOD 12 SEPTEMBER 2019 TO 31 DECEMBER 2020

CONTENTS PAGE
Information 2
Charity Trustees’ Report (including ‘The Team’) 3-8
Independent Examiner’s Report 9
Statement of Financial Activities 10
Balance Sheet 11
Cash Flow Statement 12
Notes to the Financial Statements 13-16
Income and Expenditure Account 17

Cover: The new ‘London’s Transport at War’ gallery to which the Friends contributed:

Entrance to London Transport Museum’s London’s Transport at War gallery

One-person air raid shelter, from Hainault depot, 1942

1

LONDON TRANSPORT MUSEUM FRIENDS

INFORMATION AS AT 31 DECEMBER 2020

CHAIRMAN OF TRUSTEES Colin Hamling
SECRETARY MsSusan Gilbert
TREASURER Richard Browning
REGISTERED OFFICE Albany House
98 Petty France
London
SW1H 9EA
Independent Examiners Amy Beecroft, FCA
Chartered Accountant
19, Newton Road,
Lindfield
Haywards Heath,
West Sussex
RH16 2NB
BANKERS HSBC Bank Plc
133 Regent Street
London W1A 4BQ
CAF Bank Ltd
25 Kings Hill Avenue
Kings Hill
West Malling
Kent ME19 4JQ

2

LONDON TRANSPORT MUSEUM FRIENDS

TRUSTEES’ REPORT FOR THE PERIOD 12 SEPTEMBER 2019 TO 31 DECEMBER 2020

The Trustees present their first Report and Financial Statements of the London Transport Museum Friends (‘Friends’) for the period from the date of first registration with the Charity Commission on 12 September to 31 December 2020. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Friends’ constitution, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102).

OBJECTIVES & PRINCIPAL ACTIVITIES FOR THE PUBLIC BENEFIT

The principal activity of the Charity is the advancement of public education in the history of transport, in particular, by assisting and encouraging the work and activities of the London Transport Museum (‘the Museum’) located in Covent Garden, London including work and activity carried out jointly or in co-operation with any other museum, art gallery, preservation society or similar organisation.

REVIEW OF THE BUSINESS

The London Transport Museum Friends was registered as a Charitable Incorporated Organisation (‘CIO’) (Charity Registered number: 1185277) on 12 September 2019. The CIO’s work is entirely reliant on income raised by the Friends to support the Museum primarily from the following sources:

  1. Individual Friends membership fees

  2. Income from legacies

  3. Donations, including those from the sale of memorabilia at the Open Weekends held at the Acton Depot reserve collection and elsewhere, talks to external groups and special fundraising projects.

Income from legacies

The opportunity to suggest leaving a legacy in favour of this CIO is taken wherever possible and promoted by leaflets.

Donations

Varying amounts of money are received each year from unsolicited donations, from talks given by the Friends and from the donation of the proceeds of sales by members of such items as timetables, tickets, maps, signs etc.

Heritage Trains Fund

During 2006 the Friends, under its previous charity structure - The Friends of the London Transport Museum - received a Project Planning Grant from the Heritage Lottery Fund (HLF) to scope a project to restore a set of four Underground Q Stock cars owned by the Museum and produce the associated Conservation Management, Access, Audience Development, Education and Training Plans. An application for a grant for the restoration work was submitted in 2007 but proved unsuccessful. However, the Friends’ fundraising campaign for the Project had already raised over £190,000 when gift aid recoveries are included, and contributions continue to be received including a substantial legacy earmarked for this project. In addition, the Friends decided in 2007 to transfer £250,000 from their general fund to the Project. During 2016 a Project Manager appointment was and is continuing to be funded from the Friends’ Heritage Trains Fund. As project plans develop, a view will need to be taken on whether this Fund alone will be sufficient to cover project costs in total, or whether a further allocation of funds (possibly from the legacies and/or further specific appeals) will be necessary. The latest total estimate project cost, subject to any new operational requirements that may be required, is in the region of £660,000.

3

LONDON TRANSPORT MUSEUM FRIENDS

THE TEAM

___________

Colin Hamling Chairman

Oliver Green Trustee Without Portfolio

Barry LeJeune Trustee Chief Executive Officer

Graham Miller Trustee Grant Management & Project Oversight

John Kateley Trustee Friends’ Events

Richard Browning Trustee Hon Treasurer (Resigned 31 December 2020)

David Martin Trustee Hon Treasurer (Appointed 1 January 2021)

Philip Thrower Trustee Governance and Risk Management

Dr Olivia Carlton Trustee Membership & Recruitment

Sam Mullins Trustee as Director of the London Transport Museum

Susan Gilbert Trustee and General Secretary

4

LONDON TRANSPORT MUSEUM FRIENDS

STRUCTURE, GOVERNANCE AND MANAGEMENT

______________

The Charity is registered, number 1158277, and is governed by its constitution as a Charitable Incorporated Organisation (CIO).

TRUSTEES

New trustees are appointed by invitation following open advertisement encompassing media where the organisation can attract applicants from those areas where it is low in representation - in particular women and BAME - and subsequent interviews. There are no nomination rights. At the trustees’ meetings, the trustees agree the broad strategy and areas of activity for the Charity, including consideration of grant making, investment, reserves and risk management policies and performance. The Charity operates through the Trustees’ Meeting, which make decisions by consensus or straight votes. Trustees throughout the year 2020 were as follows:

Trustees
Colin Hamling Chairman
(Appointed 12 September 2019)
Barry LeJeune Trustee Chief Executive Officer
(appointed 12 September 2019)
Richard Browning Trustee & Hon Treasurer
(appointed 12 September 2019 and resigned
31 December 2020)
Sam Mullins Trustee (as Director of the Museum)
(appointed 1 January2020)
Graham Miller Trustee Grant Management & Project Oversight
(appointed 1 January 2020)
Dr. Olivia Carlton Trustee Membership and Recruitment
(appointed 1 January 2020)
Philip Thrower Trustee Governance and Risk Management
(appointed 1 January 2020)
John Kateley Trustee Friends’ Events
(appointed 1 January 2020)
Oliver Green Trustee without Portfolio
(appointed 1 January 2020)
Ms Susan Gilbert Trustee General Secretary
(appointed 1 January 2020)
David Martin Trustee and Hon Treasurer
(appointed 1 January 2021)

All Trustees serve in an honorary capacity.

5

LONDON TRANSPORT MUSEUM FRIENDS

TRUSTEES’ ANNUAL REPORT

VOLUNTEERS

Approximately 150 Friends and other volunteers undertake a variety of voluntary roles in support of the Museum. For the past few years, it has been an important part of the Friends’ policy to actively encourage members to commit themselves to such voluntary tasks. Some of the types of activity undertaken by Friends’ volunteers include:

The volunteer service was created by a joint Friends/Museum Working Party and is bound by the Museum policies (on such issues as Safeguarding) and practices.

Part of the Friends’ volunteering policy is to further expand the use of volunteer Friends as this provides an opportunity for them to become involved in the Museum’s work. This is clearly helpful to the Museum as it provides the Museum’s Director with a skilled and enthusiastic voluntary workforce. It also enables those members who volunteer to achieve greater fulfillment from their membership through the employment of their varied personal skills. The many hours of work contributed by volunteers each year constitutes a valuable cost-free resource for the Museum.

A member of the Museum’s staff manages the volunteer effort.

GRANT MAKING POLICY

The Charity has established its grant making policy to achieve its objects for the public benefit. The grants are made for specific projects, both artifact purchase and conservation, on the basis of an annual budget, priorities for which are agreed by the trustees in consultation with the Museum’s curatorial staff. The sizes of the grants vary with the funds available in any year.

RESERVES POLICY

The Trustees have agreed that cash reserves equivalent to one year’s day to day expenditure should normally be maintained in the General Fund as a buffer against loss of income, together with sufficient Working Capital for day-to-day operations.

The Heritage Trains Fund remains open and since funds required still exceed that in reserve the Museum will commence fundraising for the balance. Funds will be released progressively as resources are available to undertake the work described above now that the final scope of the project for which it is intended has been established.

Accounting policies are set out in the Notes to the Financial Statements which follow.

RISKS MANAGEMENT

The Trustees have assessed the major risks to which the Charity is exposed on an ongoing basis and are satisfied that systems are in place to reduce exposure to these risks.

6

LONDON TRANSPORT MUSEUM FRIENDS

______________

GOVERNANCE POLICY

The Charity complies with its Charitable Incorporation Organisation constitution, its Organisation and Arrangements document and its various operational policies. It largely meets the aspirations of the Charity Code published in July 2017.

FRIENDS MEMBERSHIP

At the year-end there were 2,745 members spread over both individual and household membership. This compares with 3,073, an all time high, on 31 December 2019 at hand over from the old charity. This drop occurred largely because we were denied the recruitment opportunities from Museum visitors during temporary Covid-related closures and from the three cancelled Acton Depot Open Weekends.

ACTIVITIES DURING 2020

2020 started on an optimistic note. Transition to the new CIO structure, from the former Charity governed by a Trust Deed (Charity Commission Registration 285108), had progressed well. The new Trustees, largely formed from the previous Trustees and Friends’ management team, were in place for the new CIO to commence operations on 1st January. There were plans to spend £131,000 in support of Museum conservation and public engagement plans in the 2020 year, plus a budget allocation of £144,000 to progress the Underground Q-stock restoration. Friends could look forward to an active programme of meetings and visits.

Then, in March, the Covid 19 pandemic struck. Plans were put into disarray and uncertainty, which continued throughout the remainder of the year. With most Museum curatorial staff on furlough for much of the year, and others focusing entirely on the Museum’s survival plans, it has been possible in the 2020 year to spend only £46,000 on Museum project support. This included a grant of £23,000 towards the new ‘London Transport at War’ gallery, which opened at Covent Garden in October 2020.

The Friends’ management team adapted quickly and effectively to working from home. Whilst the programme of visits and excursions had to be abandoned, the meetings programme was conducted on-line, with popular pre-recorded talks covering topical and historical subjects posted on You Tube.

Four issues of the Friends News magazine were produced, with significant input from members, who shared their experiences and knowledge. Regular updates on Friends and Museum plans and activities were communicated by the enews (email) newsletter.

In spite of there being no Open Days at Acton Depot and elsewhere, the Sales Team were able to achieve some £11,000 towards our funds through on-line auctions and other innovative activities. These are the last accounts to be prepared by our Treasurer, Richard Browning, who is taking a wellearned retirement after eight years in that voluntary post. We record out appreciation for Richard’s dedicated service.

PLANS FOR THE FUTURE

Most of the budgeted support for Museum projects has been rolled forward to 2021. This provision totals £125,000 for the year (excluding Q-stock).

The 2021 curatorial project list comprises: Document and poster conservation/display: £6,000 Bus Restoration, including scoping and restoration work on pre-WW2 vehicles: £19,000 Heritage Bus Operations: £7,000 Heritage Train Restoration (excludes Q stock, which is separately funded): £9,000 1967 Tube Stock exhibit: £4,000 Vehicle Interpretation, including modifications to mobile display vehicle £5,000

.

7

LONDON TRANSPORT MUSEUM FRIENDS

______________

In addition, £17,000 for the Library Management System project, approved in 2020, is also carried forward to 2021.

The Friends will give £21,000 in support for Building on Excellence in Volunteering in 2021. This project supports the communication and marketing of the Museum’s volunteering programmes for people of retirement age.

In addition, the Museum sought funding for two new projects, which will develop the resources available at the Acton Depot.

The first project, for which £26,000 has been allocated by the Friends, is to develop a “Community Hub in Acton”. The project focusses on supporting young people to overcome barriers to employment and opportunity.

The second project is “Engineering Your Neighbourhood”. The Museum sought a contribution of £10,000 from the Friends towards the cost of this project, which has also attracted external funding. The project has two broad aims:

Progress with these projects in 2021 will inevitably depend on the availability of Museum curatorial resources and on the removal of restrictions related to the Covid pandemic.

Susan Gilbert: Hon Secretary Dated: ……………17 March 2021

8

LONDON TRANSPORT MUSEUM FRIENDS

INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES

I report to the trustees on my examination of the accounts of London Transport Museum Friends’ financial statements for the period 12 September 2019 to 31 December 2020.

Responsibilities and basis of report

The CIO’s trustees are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (the Charities Act).

I report in respect of my examination of the Charity’s accounts carried out under section 145 of the Charities Act 2011 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 examiner’s statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

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.

Amy Beecroft FCA Chartered Accountant 19 Newton Road Lindfield Haywards Heath West Sussex RH16 2NB

Dated: …17 March 2021

9

LONDON TRANSPORT MUSEUM FRIENDS

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE PERIOD 12 SEPTEMBER 2019 TO 31 DECEMBER 2020

Income and endowments
Donations and legacies
Investment Income
Total income
Expenditure on:
Investment & management costs
Charitable activities:
Grant making
Fund raising
Visits
Total expenditure
Net income and movement in
funds
Reconciliation of Funds
Total funds brought forward from
Friends of London Transport
Museum
Funds carried forward		 Note
4
5
6		 UNRESTRICTED
FUNDS
2020
£
95,919
_1,330
97,249
47,640
34,843
827
(258)
35,412
83,052
14,197
291,562
305,759		 RESTRICTED
FUNDS
2020
£
5,019

3,197
_
8,216

1,059
12,896
-
-
12,896
13,955
(5,739)

439,384

433,645
 TOTAL
FUNDS
2020
£
100,938
4,527
105,465
48,699
47,739
827
__ (258)
48,308
97,007
8,458
730,946
739,404

10

LONDON TRANSPORT MUSEUM FRIENDS

BALANCE SHEET AS AT 31 DECEMBER 2020 BALANCE SHEET AS AT 31 DECEMBER 2020
CURRENT ASSETS
Debtors
Short Term Deposits
Cash at Bank and in Hand
CURRENT LIABILITIES
Creditors
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
CAPITAL AND RESERVES
Fund Balances		 Note
8
9
10
11		 Unrestricted
Funds
2020
£
19,487
183,358
137,781
340,626

34,867
305,759
305,759
305,759		 Restricted
Funds
2020
£
2,889
360,358
71,908
435,155

1,510
433,645

433,645

433,645
 Total
Funds
2020
£
22,376
543,716
209,689
775,781
36,377
739,404_
739,404
739,404







Notes at pages 13 to 16 form part of these accounts

Approved by the Trustees on 17 March 2021 Signed by: …………………………………… Colin Hamling Chairman

11

LONDON TRANSPORT MUSEUM FRIENDS

STATEMENT OF CASH FLOWS

FOR THE PERIOD12 SEPTEMBER TO 31 DECEMBER 2020

Notes




Cash flows from investing activities
Interest received
Net cash provided by financial activities
Change in cash and cash equivalents in the year
Cash and cash equivalent brought forward from
Following closure of Friends of London
Transport Museum
Cash and cash equivalents carried forward
12




Total
Funds
2020
£
(525,784)
4,527
(521,257)
(521,257)
730,946
209,689




12

LONDON TRANSPORT MUSEUM FRIENDS

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD 12 SEPTEMBER 2019 TO 31 DECEMBER 2020

1. TRUSTEES’ RESPONSIBILITIES

The Trustees acknowledge their various accounting responsibilities, in particular the requirements to maintain proper and accurate accounting records and the need to safeguard assets and take reasonable steps for the prevention and detection of fraud and other irregularities. In addition, the Trustees also acknowledge their responsibility for the Financial Statements, which have been prepared from the accounting records.

The Financial Statements are required to give a true and fair view. To achieve this, the Trustees have chosen accounting policies suitable to the charity, applied them consistently and made judgments on estimates that they consider prudent and reasonable. They have applied the going concern basis of accounting, which they consider appropriate in the circumstances.

2. ACCOUNTING POLICIES

Accounting Convention

The Financial Statements have been prepared under the historical cost convention in accordance with Accounting and Reporting by Charities: Statements of Recommended Practice applicable to charities in the UK and Republic of Ireland (FRS 102), – (Charities SORP (FRS 102)), the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102).

Assets

The Friends own a painting of a Routemaster bus crossing Westminster Bridge by David Shepherd which has been valued at £25,000 but is shown in these accounts at cost (£nil). This was gifted to the Friends of the London Transport Museum and then, on the latter’s closure on 31 December 2019, was transferred at cost (£nil) to the London Transport Museum Friends. It subsequently been loaned to the Museum.

3. CHARITABLE STATUS

The Charity, Friends of the London Transport Museum, was registered on 25 June 1982 (number 285108). However, on 31 December 2019, owing to the change in the Charity’s structure, it ceased to operate with all its assets and liabilities being transferred to London Transport Museum Friends, the new charitable incorporated organisation (CIO), which was registered as a charity (No.1185277) on 12 September 2019 and commenced operations with effect from 1 January 2020.

13

LONDON TRANSPORT MUSEUM FRIENDS

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD 12 SEPTEMBER 2019 TO 31 DECEMBER 2020

4. INVESTMENT AND MANAGEMENT COSTS

2020
Unrestricted
Funds
£
2020
Restricted
Funds
£
Magazine
32,780
-
Office expenses
14,503
1,059
Accountancy
___357
-_
47,640
1,059		 2020
Total
Funds
£
32,780
15,562
___357
48,699

5. CHARITABLE ACTIVITY – GRANT MAKING

2020
Unrestricted
Funds
£
2020
Restricted
Funds
£
Gifts to the London Transport
Museum
34,843
12,896		 2020
Total
Funds
£
47,739

The gifts to the Museum were in direct support of artifact purchase, conservation projects and not towards the Museum’s running costs.

There is also a commitment to support the Museum’s ‘Enjoyment to Employment’ programme (£21,000 in 2021 and £25,000 in 2022).

6. CHARITABLE ACTIVITY - FUNDRAISING

2020 2020 2020
Unrestricted Restricted Total
Funds Funds Funds
£ £ £
Publicity Material and Website 827 - 827

14

LONDON TRANSPORT MUSEUM FRIENDS

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD 12 SEPTEMBER 2019 TO 31 DECEMBER 2020

7. TANGIBLE FIXED ASSETS

ANGIBLE FIXED ASSETS
Computer Equipment
2020
£
Transferred in on 1 January 2020 2,070
Accumulated Depreciation transferred in 2,070
Net Book Value at 31 December 2020 -

8. DEBTORS

Reimbursement of volunteer expenses
Gift Aid

Interest Receivable
VAT Refund
Sundry Prepayments
 2020
£
2,422
17,651
1,872
95
336
22,376

9. SHORT TERM DEPOSITS

Short Term Deposits are held mainly in respect of the Heritage Trains Fund Restoration Appeal and future conservation grants and will be released in stages as projects proceed.

10. CREDITORS



Individual Members’ subscriptions attributed
o 2021
Gifts to the Museum
Bank charges
Other



2020
£
29,824
2,741
3,124
688
36,377

11. FUND BALANCE

The unrestricted funds are available to be spent for any of the purposes of the charity. The Heritage Trains Fund Restoration Appeal Fund (Restricted Income Fund) was opened in 2001 with a £100,000 bequest from the Estate of the late Bob Greenaway and has been designated restricted by the Trustees as further contributions have and are being received specifically to facilitate the Heritage Trains Restoration.

15

LONDON TRANSPORT MUSEUM FRIENDS

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD 12 SEPTEMBER 2019 TO 31 DECEMBER 2020

12.
RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW		 12.
RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW
FROM OPERATING ACTIVITIES
2020
£
Net movements in funds 8,458
Interest income shown in investing activities (4,527)
Decreases (increases) in debtors (22,376)
Decreases (increases) in short term deposits (543,716)
Increases (decreases) in creditors 36,377
Transfer of fixed assets -
Net cash used in operating activities (525,784)

16

TRANSPORT MUSEUM FRIENDS

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD 12 SEPTEMBER 2019 TO 31 DECEMBER 2020

Donations and Sales
Individual Membership Fees
Gift Aid
OTHER INCOME
Bank Interest
TOTAL INCOME
OVERHEADS
Visits
Direct charitable expenditure
Insurance
Committee expenses
Printing of magazine
Publicity material and Website
Sundries
Postage
Subscriptions
Bank charges
Accountancy
INCOME (DEFICIT) OVER EXPENDITURE
EXCESS OF INCOME OVER EXPENDITURE
BROUGHT FORWARD FROM FRIENDS OF
LONDON TRANSPORT MUSEUM
EXCESS OF INCOME OVER EXPENDITURE
CARRIED FORWARD
2020
£
(258)
47,739
3002
4,593
32,780
827
167
1,703
200
5,898
356



 2020
£
20,001
63,286
17,651
_
100,938
_4,527
4,527
105,465
97,007
8,458
730,946
739,404

17