THE KEW BRtDCE ENGINES TRUST AND WATER SUPPLY MUSEUM LTD (trading as "LoDdon Museum olW#ter & Steam") FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 COLLARDS Chartered AetOllDtants 9 Edett Street KiDgston-Upoft-Thames Surrey Icri IBQ "JAEIRK8X* 2910912021 COMPANIES HOUSE
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THE KEW BRIDGE ENGINES TRUST AND WATER SUPPLY MUSEUM LTD (trdiAg "14)ndon Museum of Wter & Steam") INDEX TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 Page No. 14 Report of the Trustees 5-8 Report of th¢ Independent Auditors Consolidated Statement of Financial A¢tivittes 10 Consolidated Balance St1 Company Bance Sheet 12-18 Notes io the Financial Siatemenis
THE KEW BRIDGE ENGINES TRUST AND WATER SUPPLY MUSEUM LTD {trading gs "L¥>ndon Museum of Water & Steam") COMPANY INFORMATION FOR THE YEAR ENDED 310ECEMBER2020 CO4HAJRS: Ms C Grist Taylor Mr E Stannard REGISTERED OFFICE: Kew Bridge Steam Museum Green Dragon Lan¢ Brertiford Middlesex. TW8 OEN TRUSTEES: Mr Edward Stannard Mr Peter Roland Ms Clare Grisi Taylor Mr Frederick Hollom Mr Benjamin Russell SECRETARY.. Mr Frederick Hollom REGISTRATION NUMBER: 1190608 CHARITY NUMBER: 269285 MUSEUM NUMBER: 32 AUDITORS: COLLARDS 5-9 Eden Street Kingsion-up)n-Thames Surrey KTI IBQ
THE KEW BRIDGE ENGINES TRUST AND WATER SUPPLY MUSEUM LTD (tr¥ding *$ "IA)Ddon Museum of Water & Steam") REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020 The Trustees have ple&sure in submitting their annual report and financial statements for the year ended 31 December 2020. They have adopted the provisions of the Statement of Recommended Practice applicable to chariiies preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2015). OBJEcfs OF THE CHARITY The Trust is established= To operate and maintain the London Museum of Water and Steam. in order to advance education of the public in understsnding and appreciating the social. economic and technological history of London's water 5uppIy> and the role clean water played in making London the city it is today. To pSerVe and ¢onserve for th¢ public benefiL the site of the Kew Bridge Waterworks. its historic buildings and its colle¢tion of ¢ngin¢s and other artefacts a$slated with the history of London's waier supply.. and To educate the public in other subjects of industrial archaeological importance. STRUCTURE We are a limited company (no. 1190608), limited by guarantee rather ihan share capital. and registered &5 a chariry (no. 269285). The company's wholly owned subsidiary, Historic Stearn Ltd, is engaged in trading activities of the museum. The trust is run by a board of Trustees consisting of Chair. Treasurerlsecrelary, and up to eight (currently three) other Trustees. Trustee5 have eablIShed commirtees for Compliance. Colle¢tions, and Income to LSSjSI in effective management of the charity. E8ch of the Committees is chaired by Trustee. The Trustees meet regularly 10 receive lh¢ reports and recommendations of its Committees and io conduct the business of the Charity- All decisions are taken following a vote. Trnstee during and since the year under review were: C Grisi Taylor crthair E Stannard C(FChair F Hollom P Roland B Russell G Houston C Jones O (Y Leary O Pearcey E Power Resigned 24 September 2020 Resigned 24 January 2020 Resigned 23 July 2020 Resigned 24 September 2020 Re$led 23 July 2020 Page I
THE KEW BRIDGE ENGINES TRUST AND WATER SUPPLY hfUSEUM LTD {tr*ding #s "London Museum of Water & Steam") REPORT OF THE TRUSTEES (continued) FOR THE YEAR ENDED 31 DECEMBER 2020 FINANCIAL POSITION The Consolidaied Staiement of Financial Activities on page 9 shows a surplus on unrestri¢i¢d funds of £34.555 after transferring £55.925 to designated funds. This cornpares with a deficit of £4.070 in 2019. Resources expended amounted to £168,824 compared with £366.594 in 2019. Unre51rict¢d funds ai the end of the year 00d at £148.232 and total funds £221.732. SIGNIFICANT EVENTS 2020 was characterised more than ar]ything by the Covid-19 pandemi¢. After a promising start to the year, we ¢losed our doors to visitors and volunteers on 15rh March. losing 89Vo of our income stream ovemight. Although we were able to offer free outside acce5S to visitors over the summer. and worked hard to plan for a safe indoor visitor route. a series of lockdowns meant that we were able to open fully for only 13 days during the rest of the year. When the pandemic hit, our focus turned io minimising costs. working closely wilh stakeholders like our tenants and our Members and securing ernergency funding from a wide range of sources, including Hounslow Council. Arts Council England. Thames Water. Southwest Rail Community Fund. Creative Land Trust and the National Lottery Heritage Fund. Through a judicious use of the government's Job Retention Scheme and successful fundraising efforts, we were able to weather the immediate storn). delivering along the way a series of projects and initiatives that have reinforced our community focus and improved out infrastructure for the long¢r term. It's an approach and focus that we've continued durin8 the firsi half of 2021. At the time of writing, we are again open- on a managed b8sis- for community groups. volunteers and visitors 8nd are starting the long process of re-building relationships with all of our audienc¢5. RESERVES 'I'he policy ot. th¢ .1 rusr Coniinues to be to maintain. as tsr as possible. unresiricied reserves at a level in excess of £50,000. The Trust will ¢oniinue io seek external funding for all major restoration projects, and in Ihe light of recent evenls and success¢s in revenue fund raising will be assessing whether we should be aiming at a higher level of unrestricted reserves to be funded both through irading surpluses and spKcific grant fundin& Page 2
THE KEW BIUDGE ENCINES TRUST AND WATER SUPPLY MUSEUM LTD (trading as 'LndOn Museujn of Water & Sieam") REPORT OF THE TRUSTEES (coTrtlDued) FOR THE YEAR EI¥DED 31 DECEMBER 2020 RISK MANAGEMENr The risks identified by the Trusiees fall under two main headings.. i) Operational Risks The Major risk here is to the health and safety of staff, volunteers and visitors. In addition to the new risks associated with reThopening a public attraction in the teeth of a pandemic, there are the sp¢cifi¢ risks arising from the operation of large machinery, pr¢ssure vessels and moving vehicles, as well as the more general ones arising from the public opening of any hisioric buildings. The limrted numbers of onsite staff and unpredictable Covid related restrictions means that operation of the museum ntInueS to be vulnerable to interruplion at short notice. The Trust has established a specific Compliance Committee to address health and safety, ond the Direetor ha5 specific r¢levant experience from previous employment. The best advice is sought from Gov¢mment. other Museums and other siies opening to the public. and funding is secured to deliver any necessary physical changes and appropriate iraining. li) Financial Risk The Trust ha5 always been dependent for its financial survival on its operalional income supplemented by donations from Members and other supporters and grants for larger ¢apito1 projects. The impact of the pandemic has thrown sharply into relief the need to review ihe reserves policy and to look much harder at the scope for raising grant to supp)rt our revenue activities. The Board has esiablished an Income Committee to look ID detail at fundraising strategy for the future supported by a part time fund raising post. PUBLIC BENEFIT lrt September 2020. Members adopted a new constitution. which incorporates revised Charity Commission approved chariiable objects (see above) and reinforces our commitment to delivering publi¢ benefit to, and in association with, our stakeholders and partners. TRUSTEES RESPONSIBILITIES Company Law requires the Trusiees to pr¢par¢ financial statemenis for ea¢h financial year. Under that law the Trustees have elected to prepare the finan¢ial st*ements in a¢¢ordan¢e with applicable law and United Kingdom Accounting Standards (Uniied Kingdom Generally Accepted A¢¢ountin8 Practice), including Financial Reporting Standard 102 "The Financial Reportirtg Stsndard applicable in the UK and republic of Ireland" Under company law the Trustees must not approve the financial statcm¢nis unless they are satisfied that they give a true and fair view of the state of affairs and of the profit or loss of the Company for that period. In preparing these financial stsiem¢nts ihe Trustees are required to: select suitsble accounting policies and apply them ¢onsistently- make judRements and esiimates thw ore rwonable ond prudent- state whether applicable accounting standards have been followed. subject to any malerial departures disc105ed and ex¢)lained in the financial siaiements- prepare the financial statements on a going concern basis unless it is inappropriate to presume thai the company will continue in bwiness. Page 3
THE KEW BRIDGE ENCINES TRUST AND WATER SUPPLY MUSEUM LTD (trading as "LoDdon Museum of Water & Steam") REPORT OF THE TRUSTEES (continued) FOR THE YEAR ENDED 31 DECEMBER 2020 TRUSTEES RESPONSIBILITIES {contiAu¢d) The Trustees are responsible for keeping adequate accounting records that.are sufficient to show and explain the ¢ompany's transactions and disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial stsiemenis comply wi(h 1he Companie5 Act 2006. They are also responsible for safeguarding the assets of the ¢ompany and hence for tsking steps for the prevention and detection of fraud and other irregulariiies. STATEMENT AS TO DISCLOsus OF INFORMATION TO AUDfTORS So far as the Trusiees ar¢ aware. there is no relevant audit inforniation (as defined by Section 418 of the Companies Aci 2006) of whi¢h the compan5 auditors are unaware. and the Trustees have taken all the eps that oughi to have been tsken in order io make themselves Awore of any relevant audil inforniation and to establish thai the company's auditors are aware of that inforniation. AUDITORS A resolution to re-appoint Collards as auditors will k proposed 8t ttr annual general meetin This report been prepared in a¢¢ordan¢e wilh the special provisions of Part 15 of the Companies A¢t 2006 relatirbg to small companies. ON BEHALF OF THE TRUSTEES Mr F Hollom- SECRETARY Dat¢.. oi/0 qlto£i Page 4
THE KEW BRIDCE ENGINES TRUST AND WATER SUPPLY MUSEUM LTD (¢rAdiDg as "London MuseuTr of W•t¢r & St") INDEPENDENT AVDITORS. REPORTTO THE MEMBERS ON THE FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 OPINION We have audited the financial statements of Association of The Kew Bridge Engines TnLSt and Water Supply Museum Ltd (the 'charitsble companY) for the year ended 31 December 2020 Ivhich comprise Ihe Statement of Financial Aciivities, the Balance Sheet and notes to ihe flnancial staiements, including a sumtnary of significant a¢counting wJlicie5. The financial reFKJrting framework that has been applied in their preparation is applicable law and Unitrd Kingdom Acc4)unting Standards (Uniled Kingdom Generally Accepted Accounling Practice). In our opinion ihe financial statements-. - gÉve a tru¢ and fair view of the state of the charitsble companYs affairs as at JI December 2020 and of its incoming resources and application of resources. including its income and expenditure, for the year then ended- - have been properly prepared in accordance with United Kingdom Generally Aeeepted Accounting Practice applicable to Smaller Entities- and - have been prepared in aeeordance with th¢ requirements of ih¢ Companies Act 2006 and the Charities Aet 2011. BASIS OF OPINION We conducted our audit in acwrdance with International Standards on Audiiing (UK) (ISAS {UK)) and applicabl¢ law. Our re5ponsibililies under those stsndards are rther described in the Auditors r¢5pon5ibilities for the audit of the financial statetnents seclion of our report. We ar¢ inderEndent of the charitable company in accordanc¢ with the ethical requirements that are relevant to Ouf audit of the financial statements in the UK. including the FRC'S Ethical Standarl and we have fulfllled our oiher ethical responsibilities in accordance with these requirements. We lIeVe that th¢ audit ¢viden¢¢ we have obtained is sutTieient xnd appropriate to provide a basis for our opinion. CONCLUSION RELATING TO GOING CONCERN We have nothing to report in respect of the following matters in relarion to which the ISAS {UK) require ug io rewrt to you wh¢r¢'. the trust¢¢s' use of the going concern basis of accounting in the preparation of the financial the truslees have not disclosed in ihe fillancial statrments any iderltified material OTHER INFORMATION The trustees are resFd)nsible for ihe other information. The other infomiaiion comprises the infomation included in th¢ annual reporc other than the financial statements at]d our Report of the Our opinion on the financial statements does not cover the other infomiaiion and, except to the extent oiherwise explicitly stated in our reirt we do not express any forni of UranCe conclusion thereon. Pa8e 5
THE KEW BRIDGE ENGIIYFS TRUST AND WATER SUPPLY MUSEUM LTD (trading Is "Londoth Mustum of Water & Stem") INDEPENDENT AUDITOIiS' REPORT TO THE MEMBEKS (contiDu¢d) ON THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 21120 In connection with our audit of the financial statements. our responsibiltty is to read the other information and. in doing so, consider whether the other inforn)alion is materially inconsist¢ni with th¢ finan¢ial st#tern¢nts or our knowledge obtsined in the audit or otherwise appears to be materially rnisst8ted. If we identify such material inconsist¢n¢ies or appareni mawial Misstatemen we are iequired io deiem)in¢ wheiher there is a material misstatement in the fjnancial ststemenis or a material misststement of the tsth¢r information. If. based on the Work we have perfomied. we conclude that there is a marial missratement of this oiher inf0m170ft. we are required to report that fact. We have nothing to rewjrt in thi5 re8ard. OPINIONS ON OTHER MAThERS PRESCRIBED BY THE COMPANILS 21K16 In our opinion, based on the work undertaken in the course of the audit.. - the infomiatton given in the ReFOrt of the Trustees for the fInal81 year for which the financiaj stsiements are prepartd 15 consistent with the finaftcial stsm¢nts- and - the Report of the T1¢¢$ ha5 been Prepared in accordance with applicable legal requirements. MArrERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION In the light of th¢ knowledge and undeTStanding of the charithble company and its environment obtained in the OUTS¢ of the audiL we have not identified mertal mis$teMentS in the Report of the Tntees. We have nothing to report in respea of the following matters where the Companie5 Act 2006 requires us to report to you if. in our opinion.. adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not Vlslted by us,. or - the financial stalements are not in agreement with the accounting records and returns" or cert#in di5closur¢s of tnjsiees. MnUner70n specified by law are not rnade- or we have not received all ihe infomiation and explanions we require for our audit. or the trustees were not eniitled to prepare the financial ststcments in accordance with the small companie5 regime and rake adwantsge of the small companie5 exernption from the re4uirem¢nt to prepare a Strei¢ Report or in Lireparin2 the Rert of the Trustees. RESPONSIBILITIES OF TRUSTEFS As explained more fully in the Staterneni of Trnstees Responsibilities. Ihe irusiees (who are also the directors of the charitable company for the purposes of ¢ompany law) are respDnsible for the preparation of the financial Slements and for being satisfie41 that they giv¢ a true and fair view. and for such Inrnal control as the trustees determine 15 ne¢¢ssary lo enable the preparation of financi#l stm¢nts that are fr¢¢ from material mi5s¢aiemenL whether due to fraud or ern)r. In preparing the financial ststements. the trn5tees are responsible for assessing the charitable company's ability to contLrtue as a going concern, dixlosin& as applicable. matters related TQ going concern and using ihe going concern basi5 of a¢¢ouniing unless the trustees either intend to Itquidate the charitable company or to cease op¢Nions, or hawe no realistic alternativ¢ but to do so. Page 6
THE KEW BIUDGE ENGINES TRUST AND WATER SUPPLY MUSEUM LTD (trading $ "knmdon Must of W#ttr & Steam") INDEPENDENT AUDITORS. REPORTTOTHE MEMBERS (tomtinued) ON THE FINANCIAL sfATEMEwrs FOR THE YEAR ENDED31 DECEMBER 2020 OUR RESPONSIBILITtES FOR THE AUDIT OF THE FINANCIAL STATEMENT Our objectives are to obtain rSOnable a55ufdnce about whether the financial statements &% a whole are free from mtrial misstsremeni, whether due to fraud or error. and to issue a Repon of the Independent Auditors that includes our opinion. Re&sonable wurdnc¢ 15 a high l¢vel of 8s5ufdnce. but is not a guarantee that an audit conducted in a¢¢ordanc¢ with ISAS (UK) will always det¢ct a merial missratem¢nt when it exists. Missta¢ements can arise from fraud or error and are considered material if. indivtdually or in the aggregate. they could re&sonably b¢ expected to influence the pxonomic decisions of users tak¢n on the basis of these financial ststements. We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operdtes and, considered the risk of acts by Manag¢m¢nt which w¢r¢ contrary to applicable laws and regulations. including fraud. We mad¢ enquiries of the Dir¢¢tots obrain rther understsnding of risks of non-complian¢e. We focused on laws ond regulations that could wve rise io a material rnisststement ift the financial statements. agreement of the financial siatemeni di5c105ures to Lfftd¢rlying supportin8 documentstion; - enquiries of management regarding known or 5uspecied inslances of nonvcompliance with laws and regullOns- review of minutes of the Board meetings throughout the ye4r.' and obtaining an understsnding of the control environmenL in place to prevent and detect irregularities. Our audit procedures were designed to respond io risks of merIal misstatement in the fjnancsal ststements, recognising that the risk of not detecting a maierial misstsiement due to fraud 15 higher than the risk of not deteciing one resulting from ¢rror. as fraud may involve deliberaie concealment by. for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures perfomed and the further removed non-compliance with laws and regulations is from the events and transactions reflec*4 in the finan¢ial 5ratemen the less likely wr are to become aware of it. A further description of our responsibilities for the audit of the financial ststemen¢s is locaied on the Financial R¢poning Coun¢il's website at www.fr¢.org.uklauditowsresponsibiliÈies. This description foTms part of our Rewrt of the Independent Auditors. Pa8e 7
THE KEW BRIDGE ENGINES TRUST AND WATER SUPPLY MUSEUM LTD (trading as "London Museum of Water & Steam") INDEPENDENT AUDITORS, REPORT TO THE MEMBERS (eontiwued) ON THE FINANCIAL STATEMENIS FOR THE YEAR ENDED 31 DECEMBER 2020 USE OF OUR REPORT This report is made solely to the charitable cOmpanS mernl, &$ a IM)dy, in xcordance with Chapter 3 of Part 16 of ihe Companies Act 2006. Our audil work has been undertaken so that we might state to th¢ chariiable CoMpanS members those matters we are required to 5rate to thern in an auditors, report and for no other purpose. To the fullest exieni pemiitted by law. we do not accept or ume responsibility to anyone oihei than the charitsble company and th¢ charitable companys member5 as a body. for our audit work, for this repor¢ or for the opirtions we have fomied. Jonathan Addison FCA (Sentor Statutory Auditor) For and on behalf of COLLARDS Chartered AetouThtaBts & Regi$tered Auditors Dated.. a? 5-9 Eden Street Kingston-upon-Thames Surrey KTI IBQ /)/uii Page 8
THE KEW BRIDGE ENGINESTRVST ANDWATER SUPPLY MUSEUM LTD (trading as "London Museum of WAter & Steam") CONSOLIDATED STATEMENT OF FINANCIAL AcfiviTIES FOR THE YEAR ENDED31 DECEMBER2020 Unrestricted Trading De5ignateil R&%tricted funds subsidiary ds funds Total 2020 Totsl 2019 Incoming R¢sour¢¢$ Donations and grants Membership Rents receivable Admissions Gift-aid on Season tickets Trading subsidiary Shop sales Site & fvnction services Engineering sales Interest received Insuranc¢ claims 102,365 4.805 69.523 34.825 7.103 173.166 275.531 4,805 69.523 34.825 7,103 46.517 6.410 87.613 160,949 16.164 5,096 7.598 1.459 5.096 7,598 1.459 10 26,520 19,638 40.519 1,560 23 26.520 Totsl Incorning Resources 245.151 14.153 173.166 432,470 379.393 Resour¢¢$ Expended Direct ¢haritabl¢ expendilure= Restoration and upgrdde costs Trading subsidiary.. Shop cost of sale5 Site & function 5ervic¢s Public opening.. Advertising & publicity Site maintenance Reopening costs Gas & electricity Cost of gate thher expenses". Payroll costs Rented property maintenance Insurance Business costs and bank charges Rent r¢durtion grant IT upgrades Depre¢iatron Irrecoverable VAT Governanee costs.. Audit fee5 Legal and professional fees Financial & secretsrial fees 43.645 43.645 16.714 3.037 765 3,037 765 14.482 3.136 2.518 9.769 307 1,189 2.825 14,697 43,167 28.214 519 13,442 26.673 3.739 43.167 25.152 463 3,062 56 32,243 6,289 64.063 200 6,789 18.139 7,798 26,304 98.165 200 24,607 20.347 9.413 16.583 8,118 180.872 563 28,914 22.501 826 2208 16.992 9.413 16583 8.118 8.210 18,337 4.787 569 5.356 6,930 9.009 3,160 6,930 9.009 9.560 Totsl Resources Exp¢nd¢d Trading deficit of subsidi8ry 149,007 5.664 19.817 (5,664) 6.930 159.843 335.597 385.096 Net Incomingl(Outgoing) Res0ree$ before Transfers Transfer b¢et fund5 Fund balances brought forward 90.480 (55,925) 113.677 16.9iO) 55.925 1,716 13.323 96,873 (5.703) 9.466 124.859 130.562 Fund bAlgnc¢s carrled forw*rd 148.232 50.711 22,789 221,732 124,859 The group hos not acquired or comrnenced any new Iwsiness activities in the year and li has other MprehenSive gains or losse5 Other than the deficit for the year. The notes sei out on pages 12 to 18 fonn pan of these financial stat¢ments. Page 9
THE KEW BRIDGE ENGINES TRUST AND WATER SUPPLY MUSEUM LTD (tradiDg a5 "LoDdoD M•5eum of Water & Steam") CONSOLIDATED BAIANCE SHEET FOR THE YEAR EI¥DED 31 DECEMBER 2020 2020 2019 Noies FIXED ASSETS: Tangible &ssets 67.213 75.331 CURRENT ASSETS: Sto¢ks Debtors C&8h at bank and in hand 7.160 59.640 169.215 7.748 47.983 76.296 236.015 132.027 CREDrroRS.. Amounts falling due within one year 10 81,496 82,499 NET CURRENT ASSETS 154.519 49,528 NET ASSETS 221.732 124.859 CAPTTAL AND RESERVES: Profit and Loss account Restricted funds Designated funds 148,232 22,789 50,711 13.677 12 1.716 221,732 124,859 These finan¢ial siatements have been prepared in accord8n¢e with the specia] provisions of Part 15 of the Companies A¢1 2006 relating to small companies. ON BEHALF OF THE BOARD: C Grist Taylor Stsnnard F Hollom Date.. 2021 The notes set out on pages 12 to 18 forni part of these financial ststements Page 10
THE KEW BRIDGE ENGINES TRUST AND WATER SUPPLY MUSEUM LTD (trading as "IA>Ddon Museum of W•ter & Stum") COMPAI¥Y BALANCE SHEET FOR THE YEAR ENDED 31 DECEMBER 2020 2020 2019 Notes FIXED ASSETS: Tangible asseis Investment 67.213 100.100 75,331 100,1 167.313 175,431 CURRENT ASSETS: Debtors Cash at bank and in hand 169.520 169.216 152.788 76.296 338,736 229,084 CREDrroRS: Amounts falling due wirhin one year 81,496 82.499 NET CURRENT A&SETS 257,240 146,585 NET ASSETS 424.553 322,016 CAPITAL AND RESERVES Profit and loss &count of the company Restricted Fund5 Designated Funds 351.053 22,789 50,711 310.834 9.466 1,716 12 424.553 322.016 These finartcial statements have been prepared in accordance with the special provisions of Part 15 of the Companies A¢1 2006 relating to small companies. ON BEHAL THE BOARD.. C Grist Taylor E Stannard F Hollom I w/i12021 The notes set out on pages 12 to 18 form part of these financial statements Pagell
THE KEW BRIDGE ENGINES TRUST AI¥D WATER SUPPLY MUSEUM LTD {trading as"IA)ndott Museum of W*ter & Sts•m") NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 Prineipal Acco11ftg Polities srul0ry Informalion Kew BridEe Engines Trust & wer Supply Museum Ltd is a private company, limited by guarlee and registered in Eng]and and Wales. The company's registered number and registered office address can be found on the Company Inforniation page. Aeeounting Conventson The financial statements are prepared on a going concern basis in accordance with the provision5 of S¢¢tion IA 'Small Enlities" of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland" Ihe Companies Act 2006 and the Charities Cash Flowsiaiemeni In the opinion of the Trustees ihe group qualifies as a small wup and a¢cordingly a cash flow statement IS not required. Depreciotion Depreciation is calculated to write down the cost, less ¢stimxted r¢sidual value. of all tangible fixed assets. which ¢ompTise. in the cornpanYs and gmup accounts. only equipment used to support museum operations over their expected useful lives. The rates generdlly applicable are: Workshop Plant and machinerylDies¢l house improvements oirice equipment Furniture Sieam locomotive strnight line over 50 years Straight line over l O years 33Vo redu¢ing balan¢¢ basis straighi line over l O years Slraighi line over 30 years JnvesTrnents Investments are included ai Cost less amount5 written off. Profit or1055es arising from disposa]s of fixed asset investments are ireai¢d as part of the result from ordinary activities. Stocks Stocks and work in progress are valued at the lower of cost and nei realisable value. afteT making due allowance for obsolete and slow moving items. Limited Liability The company is limited by guarantee and does not have a share capital. Page 12
THE KEW BRIDGE ENGINES TRUST AIYD WATER SUPPLY MUSEUM LTD {trxdinE as ,ndoll Mllseum of Water & Steam") NOTES TO THE FINANCIAL STATEMENrs FOR THE YEAR ENDED 31 DECEMBER 2020 3 Operating Profit The operatlng Protit Is st2¢ed •ft¢r ¢h•rglug or ¢r¢ditiDg: 2020 2019 Group Amounts payable to ihe auditors in respect of audit service5 Depreciation 2.925 8,118 2,970 8,210 Comp4ny 2020 2019 Amounts payable to the auditors in respect of audit service5 Depreciation 2.925 8,118 2.442 11.024 4 DoD4¢ion5 and Grants Designated Restricted Unrestricted Funds Funds Fund5 2020 2020 2020 Total 2020 2019 Public AhOrI11eS Private Donations 7.857 165.559 54.434 47.931 62,291 213.490 1.500 45.017 173.416 102.365 275.781 46.517 Included under grants from Public Authorities are govemm¢nt grants amounting to £29.435. These were re¢¢ived via the government's CoronaviTUS Job Renteniion Scheme. The charity also received grants from the local authority as part of the Coronavirus support s¢h¢m¢s. 5 Trustees, RemuneratlOD Ind Benefits Mr5 Elizabeth Power resigned on 23 July 2020. During her capacity as Trustee she received remuneraiion tolalling £19,733 (2019- £18.818} in her capacity as museum director. Trustees, Expenses During the year £nil (2019 - £372) was paid to trus*es' for expenses incurred on behalf of the charity. 6 Colts and Numbers 2020 2019 Salaries and wages Social security costs 94,882 3,283 169,208 11,664 98,165 180.872 The average number of staff employed was 5 (2019- 9). No employees received emoluments in excess of £60.000. Page 13
THE KEW BRIDGE E]YGINES TRUST AND WATER SUPPLY MUSEUM LTD {trnding s"LIMon Mw5eum of Water & Stem" NOTES TO THE FINANCIAL STATEMENrs FOR THE YEAR ENDED 31 DECEMBER 2020 7 Tangible FiA¢d Assets Gnwp and Company Leaseknld Sieam locomotive Plant and Furnitte & mxhinc flttin Computer ui COST: At l January 2020 and At 31 December 2020 82J99 58.512 33,794 44,397 22.831 241.933 DEPRECIATION: At l January 2020 Charg¢ for year 69.145 1,3 20.800 1,952 26.131 1.816 33,164 2,(KJ I 21,782 1,049 171.022 8,118 Ai 31 December 2020 70.445 22,752 27.947 35.165 22.831 179,140 NET BOOK VALUE: At 31 December 2020 11.954 35.760 5.847 9232 62,793 At 31 December 2019 37,712 7,663 11233 1.049 70.911 Heritage Blfwd co. At l January 2020 and At 31 December 2020 241.9)3 4.420 246.353 DEPRECIA TION: At l January 2020 Charge for year 171.022 8.118 171,022 8.118 At 31 December 2020 179.140 179.140 NET BOOK VALUE: At 3 1 December 2020 62.793 4.420 At 31 December 2019 70.911 4.420 75.331 Pa8e 14
THE KEW BRIDGE ENCINES TRUST A14D WATER SUPPLY MUSEUM LTD (trnding #s "LondoTr Museum of Water & Stearn") NOTES TO THE FINANCIAL sfATEMEKrs FOR THE YEAR ENDED 31 DECEMBER 2020 8 Fixed Asset Investments- Ct)mPally Grovp Undertsking Cost At l January 2020 and 31 December 2020 100.100 Net Book Valy¢ At 31 Dettrnber 2020 ioo,ioo At 31 December 2019 loo.100 Details of 8roup undert2kings ai ihe balance shectdate are a5 follow5.' Country of Registration (or Incorporation) Class Proportion Nature of amd Operation of Share Held Business J¥et Deficit for the Vur Total net Liabilitie5 NAM¢ Historic Sieam England Limited Ordinary ]( shares Tradin8 actLVlties 1102.583) of the museum at Kew Bridge Pumpin8 Slation (5.6641 9 Debtors- Group 2020 2019 Trdde debtOTS Other debtors 12.969 46.67] 18,503 29,480 59.640 47,983 Debtors- CoMp4bly 2020 2019 Amtsunt due from subsidiary Trade debtor5 Other debto 109.880 12,969 46.671 104.805 I8.S03 29.480 169.520 152,788 Pagt 15
THE KEW BRIDGE ENGINES TRUST AND WATER SUPPLY MUSEUM LTD (trading as "London Museum of Water & Steam") NOTES TO THE FINANCIAL sfATEMENTS FOR THE YEAR ENDED31 DECEMBER 2020 10 Credi¢ors- Group Amounts falling due within OB¢ yr 2020 2019 Trade ¢redilors VAT payable Taxes and Social Security Accruals 36.324 32,347 6,325 41.575 40.524 81.496 82.499 Creditors- Company Amounts f*lling d¥e within ont year 2020 2019 Trade creditors VAT payable Taxes and Social S¢¢urity Accruals 36.324 32,347 6.325 3,30) 40,524 i.597 41.575 81,496 82.499 Page 16
THE KEW BRIDGE ENGINES TRUST AND WATER SUPPLY MUSEUM LTD (trAdbng as "L•ndon Museum of Water & Steam") NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 11 Restricled Funds Balance oiioino Grantsllncome Expenditure Received Incurred Transfers between funds Balan¢e 31112120 Electrical Fund 4.507 (38) 4,469 Clegg GardeD Fund Arthive 1.558 70 (58) 1.570 Ali$tair Overh#ul (166) 1.250 {288) 796 W#ddoD 3.436 3.436 Brentford Towers 4.690 {2.025) 2,665 Water Conservators 1.220 (30) 1.190 Arts Council EnglaDdlCovid 28.304 (28.304) Creative Land Trust 9.413 (9,413) Houtt$low R¢spoMse FuDd 3.167 (3.167) Heritage Lottery Emergen¢y Fynd 196.0(K)) Thme$ Water 18,552 (18,552) BoultOD 8Dd Wtt 10,500 (1.968) 8.532 9,466 173.166 159.843 22.789 Page 17
THE KEW BRIDGE ENGII¥ES TRUST AND WATER SUPPLY MUSEUM LTD (tradittg *% "LK•ttdott Museum ofw4ter & Steam") NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR EIYDED 31 DECEMBER 2020 12 Designaied Funds Balance Incorne Receivedl Designated Expenditure Transfers between funds Balan oiffjino in¢urred 31112120 Tower fund 711 Closedown costs 50,000 50,OIK) New CoDStitutiott Fees 1.005 (6,930) 5,925 1.716 (6,930) 55.925 50,711 13 Analysis of Net Assets behv¢¢n fund5 2020 Total 2019 Total Restricted Designated Unrestricted Tangible fixed assets Current asseis Credicors 67.213 162,515 {81.496) 67,213 236,015 {8 1.496) 75.331 132,026 (82.499) 22.789 50.711 22.789 50.711 148.232 221.732 124,858 Page 18