THE KEW BRtDGE ENGINES TRUST AND WATER SUPPLY MUSEUM LTD (trading 25 "London Museum of Water & Steam") FINANCIAL STATEMETrirs FOR THE YEAR ENDED 31 DECEMBER 2023 COLLARDS Chgrtered Accoyntants
9 Eden Strctt Klng5ton-Upon-Tham¢s Surrty KTI IBQ 'ADCLFBCA* 2PJ0912024 COMPANIES TrIWSE
182
THE KEW BRtDGE ENGINES TRusf AND WATER SUPPLY MUSEUM LTD (trading as "Ind0# Museum of Water & Steam") INDEX TO THE FINANCIAL STATEMEPUS FOR THE YEAR ENDED 31 DECEMBER 2023 Page No. 14 Report of the Trustees Re[ of the Independertt Auditors Consolidated Ststernent of Financial Activities 10 Consolidated Balance Sheet Company Balance Sheet 12-18 Notes io the Financial Statements
THE KEW BRIDGE ENGIIYES TRUST AND WATER SUPPLY MUSEUM LTD {tr*dlng zs 'Lndn Museum ofwater & SteArn") COTrfPANY INFORMATION FOR THE YEAR ENDED 31 DECEMBER 2023 CHA. Mr John Waxman REGISTERED OFFICE: K¢w Bridge Steam My5eum Green Dragon IAne Brentford Middl¢sex. TW8 OEN TRUBEs. Mr Tom O'L¢ary Mr Frederick Hollom Mr Benjamin Russell Ms Georgina Salzedo Mr Nigel Bames Mr John Waxman SECRETARY: Mr Frederick Hollom REGISTRATION NUMBER.. 1190608 CHARITY NUMBER: 269285 MUSEUM NUMBER: 32 AUDITOtLS: COLLARDS 5-9 Eden Street Kingston-upon-Thames Surrey KTI IBQ
THE KEW BRIDGE ENGINES TRUST AND WATER SUPPLY MUSEUM LTD (trading ¥$ "LondoTh Museum of Water & Steam") REPORT OF THE TRUSTEES FOR THE YEAR EP4DED 31 DECEMBER 2023 Th¢ Trustees have pleasure in submitting their annual report and financial statements for the year ended 31 December 2023. They have adopted the provisions of the Ststem¢nt of R¢comm¢nded Practice applicable to chartties preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019). OKtEcfs OF THE CHARITY The TTUSI 15 e5tsbli5hed.. To operdie and maintain ihe London Museum of Water and Steam. in order to advance education of the public in understanding and apprecialing the social, economic and ieehnologtcal history of London's water supply. and the role clean wat¢r played in making London the city it is today. To preserve and conserve for the public benefiL the site of the Kew Bridge Waterworks, its historic buildings and its collection of engines and other art¢farts a%)¢131¢d with the history of London'5 water supply.. and To ¢ducaie the publi¢ in other subje¢LS of industrial 8rde0]08]Cal importance. STRUCTiIRE We are a limited comparty (no. 1190608), limited by guardntee rather than Share capital, and registered a5 a Charity (no. 269285). The wrnpatys whol]y owned subsidiary. Historic Stegm Ltd. is engaged in trading actlVLties of th¢ mu5eunJ. The tr$t is run by a board of Trustees consisting of Chair, Treasurertsecretsry. and up to eight other Trustees. At the ej of 2023. the board consis1 of a iotal of six trustees. Trn5tees have established committees for Compliance. and Collections and Sustainability, to assist in effective management of the charity. Each of the committe¢s is chaired by a Trystee. The Tntee5 meet regularly lo receive ihe reports and recornmendations of its Cthnmittees and to onducl th¢ business of th¢ Charity. All decisions are taken following a vote. Tn]51¢¢ durin8 and since the year under review were: J Waxman (Chair) Appointed 12 April 2024 T (YLeary Appointed 28 April 2023 H Thomas Resigned 10 July 2023 F Hollom B Russell G Salzedo S Bat¢helor Barnes Resigned 27 Seoemb¢r 2023 Page I
THE KEW BRIDGE ENGINFS TRUST AND WATER SUPPL Y MUSEUM LTD (trgdiTr£ as"London Museum of Water & Steam") REPORT OF THE TRUSTEES (continued) FOR THE YEAR ENDED 31 DECEMBER 2023 FINANCIAL POSITION The Consolidated Statement of Financial Activities on page 9 shows a deficil on unr¢stricted furHls of £44260. This compares with a defrcit of £51.464 in 2022. Resources exp¢nd¢d amounted to £372,685 compar¢d with £319.206 in 2022. Unrestricted funds at the end of the year stood at £97.873 and totsl fimds ai £2W.334. SIGNIFJCANT EVENrs 2023 marked the start of a transitional phw the Musewn that will 185t for severdl years whilst 5ignificartt changes become embedded. A new Museum Director, H8nn8h Hart< wos appointed in June And she led ihe development of a new and exciting vision that has res¢¢ objective5 and fm¢55¢d values so that th¢ Museum is now better pla¢¢d to respond to fvture opportunilies and thrive in what remains a challenging operating envirolunent. The Museum's fmancial posilion continued to be an issue of concern in 2023. A deterioraling siluation with respect to the forttasted level of unrestrided teserves ultimately led to th¢ convening of an extrdordinary Trustees. meeting in October at which an amended budget w&s tabled. The Board signed ihis off, agreeing to a range of measure5 to boost income and redu¢¢ expendiiure. It W&5 recognised that a review of the stsff strueture was needed to ensure that the museum had sufficient capacity to drive up income and maintain operdlional integrity. A resitucture was completed in March 2024, with recruitment io all posts cornpleted by May. As a result of the various measures taken. Ihe financial outlook has improved but th¢ museum is not yet in a stture FK)Sition. Delivering long term f]nancial 5UStainability therefor¢ r¢mains a key fows goin8 forward for the Museum Direetor and Trustees. The Museurn finished the year (January - December 2023) with a operating loss of £44.266 and unresrricied reserves of £97.873. The Museum had a success1 year in t¢tms of atlracting grant fidIng and private donations, sVrIng in the region of £360.000 from multiple sourc¢5 - although much of the income i5 restricted and has to be utilised for specific projects rath¢r than to cover 8en¢rdl day to day operating costs. Most notably the Museum was awrfed £242,792 by the National Lottery Heritage Fund to support the 'Steaming into Sustainability, PTOj¢Ct. This project will utilise een technologies to boost energy efficiency and minirnise carbon foolprint. supporting a fijndamentsl aspiration to Tetsin and enhance LMWS'S status as a working steam rnu5eurn. After a hiatus of almost two year4 the Museum returned io steam at the end of 2023 following the installation of a replacement boiler. The first steam up event was h¢ld over th¢ New Year weekend. The Trnstees 8ratefvlly acknowledge ihe support the Museum received from the volunteers and benefactors who collectiv¢ly made the return to steam possible. Tom O'L¢ary had previoy51y accepted the role of lrtterim Chair of Trusttts in 2022 with an inlention of stepping down by the erld of 2023. The recruitment of a pennonent successor took longer than anticipated, and Mr. O'Leary actually remained in post until April 2024 when John Waxman formally took on the role. Mr. Waxman has experience of working both in the water management secitsr and the heritsge sector. RESERVES The policy of the Tst ¢ontinue5 to be to tnaintain, as far a5 possible. unrestricted r¢s¢twes at a lev¢1 in excess of £50,000. The Trnst will continue to seek ext¢mal funding for all major restoration projects. How¢v¢r. Ihe reserves policy is currently under review and May therefore change in due ¢our5e (subject to TN5t¢' agreement). Page 2
THE KEW BRIDGE ENCINES TRUST AND WATER SVPPLY MUSEUM LTD (ir4ding as "London Mwseum of Water & Steam") REPORT OF THE TRUSTEES {continu¢d) FOR THE YEAR ENDED 31 DECEMBER 2023 IUSK MANAGEMENr The risks identified by the TTUStees fall under thr¢¢ main h¢adings= i) Operational Risk5 The major risk h¢re i$ to th¢ h¢alth and saf¢ty of staff. volunteers and visitors. There are specific risks arising from the operdiion of large machinery, pressure vessels and moving vehicles, as well as ihe more general ones #rising from the public onIng of any historic buildings. After our experience of the Covid pandemi4 we have reviewod and refre5h¢d our protocols should we need to close the Museum al short notice. for whatever reason. The Trust has estsblished a specific Cornpliance Committee to address health and safety. The best advic¢ i5 soughi from Governmenl other Musewns and other sites opentng to the public. and funding 15 5¢cured to deliver any necessary physi1 changes and appropriate training. ii) Financial Risk The Trusi has always been dependent for its financÉal suryival OD its operalional incom¢ supplemented by donations from Members and other suprKJrters and grants and fimding for specific projects purposes. As reported abov¢ the museum is rnaking an operdting loss and tFLiS is not sustainable. Measures are in plac¢ to address this issue and the early indications are encouraging. Financial performance will of course be closely monitored in the coming months to ensure that the jtyjrney io financial suslainability remains on track. iii) Consetvation Risk The Trust relics heavily on grant fimding and private don*ions to maintain the integrity of the iStori¢ buildings in its eare. Likewise, bringing steam engines back into consistent operation may not be achievable without financial support from external sources. Grant applications can be time conswning and do nol necessarily re5uh in success. Private donations might not necessarily be sufficient in all 5ibJation& parti¢ularly if fundraistng carnpkigns are regL21ar occurrence5. Ev¢n if ihe requisite extemal fi]nding can be secur¢d, there could be a shortage of peopl¢ with the relevant training and expertise to undertake specialist conservation work. Any failure to address maintenance and repair work in a timely fashion could adversely affect the visitor offtr. undemine legal compliance an¢Vor irnpact negalively on the Trust's reputation. Mitigations includ¢ the d¢v¢loprn¢nt of a w¢ventative cons¢rvationlmaintenance programme and building the volunte¢r te4ms for colle¢tionslplantfbuildings, ertsuring skills can be shared rather than rernaining wiique to individuals. PUBLIC BENEFIT In September 2020, Members adopied a new constitution, which incorporates revised Charity Cornmi5sion approved charitable objects (see al)ove) and Teinforce5 our commitment to delivering public b¢nefkl to. and in as5¢xiation with, our stakeholders and parther5. Page 3
THE KEW BRIDGE ENGINES TRUST AND WATER SUPPLY MUSEUM LTD {tradiDg as"LKJndon Museum of Water & Steam") REPORT OF THE TRUSTEES (continued) FOR THE YEAR ENDED 31 DECEMBER 2023 TRUSTEES RESPONSIBILITIES Company Law r¢quires th¢ Trustees to prepare fu)ancial staiements for each financial year. Under that law the Trustees have elected to prepare the financial stsiements in accordance wilh applicable law and United Kingdom Accounting Standards Ojnited Kingdom GeneTally Accepted Arxounting Practice), iD¢luding Financial Reporting Stsndard 102 "The Financial R¢wrting Standard appIlble in th¢ UK and republic of treland.. Under company law the Trustee5 must not approve the fmancial Ststements unless they are satisfied thal they give a tNe and fair view of the state of affai and of ihe profit or loss of the company for that period. In pr¢paring these financi81 staiem¢nts the Trustees are required to: select suitable accounting policies and apply them consistently- - make judgements 2nd estimates that are reasonable and prwdenl. stsie wheiher applicable accounting standards have been followed, subject to any materi departur¢5 di5¢1osed and ¢xplaincd in th¢ financial sts¢ementS- prepare the financial statements on a going concem basbs unless it is inappropriate to presurne that the company will continue in business. The Trustees are responsible foT keeping adequate accounting records that are 5uffi¢ient to show and explain the company'5 trarctIonS and disclose with reasonable accurdcy #t any tim¢ the financial poshtion of the company and to enable theTn io ensure that the financial staternents eomply with the Companies Act 2006. They are also responstble for safeguardÉn8 the assets of the company and hence for taking steps for the pventIon and detection of fraud and other iThegularitie& STATEMEfU AS TO DJSCLOSURFS OF INFORMATION TO AUDITOILS So faT as the Trustees are aware, there is no relevant audit inforn)ation (as defined by Section 418 of the Comparties Act 2006) of which the company's audito are wjaware. and the Trustees have taken all the steps that ought to have been taken in order to make themselves aware of any relevant audil inforniaiion and to establish that the wmpany's auditor5 are aware of that inf0rniat1. AUDITORS A re501ution to Te-appoini Collards as auditors will b¢ proposed at th¢ 8nnual general me¢tin8. This report has been prepar¢d accordance with the special provisions of Part 15 of the Companies Att 2006 relating io small companies. ON BEHALF OF THE TRUSTEES Mr F Hollom- SECRETARY Date: 19 September 2024 Page 4
THE KEW BRIDGE ENGINES TRUST AND WATER SUPPLY MUSEUM LTD (trading 5 "London Museum of Water & St¢#m") INDEPENDENT AVDITORS, REPORT TO THE MEMBERS ON THE FINAf4CIAL &fATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 OPIP410N We have audited the finthcial statements of Associotion of The Kew Bridge Engines Trust and Water Supply Mus¢um Ltd (the'parent charitabl¢ company.) and it's subsidiary (the group) for the year ended 31 December 2023 which Comprise the Consolidaied Stsiement of Financial Activities. the Con501idated Balance SheeL company Balar)¢e Sheet and notes to the financial swements, in¢lLJding a summary of significant accounting Folicies. The financial r¢FQrting framework that has been applied in their weparation is applicable law and United Kingdom Accounting Standards {Unittd Kingdom Genernlly Ac¢ep¢ed Accounting Practi¢e). In our opÈnion th¢ finaneial statements= - 8ive a twe and fatr view of the state of the group and parent charitable company's affairs as at 31 December 2023 and of tts in¢omtng resourc¢s and applicatFon of resour. including the 8roup's in¢ome and ¢xpendiiur4 for the year then ertded: - have bcen properly prepared in a¢cordancc with United Kingdom Genrrnlly Accepted A¢¢ountins Practice applicable to STnaller Entities- and have been prepared in a¢cordan¢e with the requirements of the Companies Aci 2006 and th¢ Charities Act 2011. BASIS OF OPIN10Tr4 We condu¢ted our audit in ac£ordart¢e with Ini¢mational Stsndards on Auditing IUK) OSAS (UK)) and applicable law. OUT resrx>nsibilities under those standards are fiwther described in the Auditors r¢sponssbilities for the audii of the financial statements sc¢ti¢)n of ¢Jur repcxt. We are indcpenderf of th¢ charitable company in accordance with the eihical requiremenLS that are relevant to our audii of the finan¢i81 stam¢nts in the UK, Including the FRCS Ethical Standard, and we have fijlfilled ourother ethical responsibilities in a¢cordan¢¢ with thes¢ requirements. W¢ b¢li¢ve that the audii ¢vidence w¢ have obtained is sufficient and appropriate to provide a basis for out opinion. CONCLUSION RELATING TO GOING CONCERN We have nothing ¢0 report in respect of the following matters in relation lo which thc ISAS (UK) require us to report to you where: tht tru$tees' use of the going ¢oTh¢¢m Imsis of accounting in the preparation of the financial statemcnts is no( appropriate. or the tnLStees have not disclosed in the financial sta*M¢r any idcntifieJ material uncertainties that may Signifi1 doubt about the £Irible company's ability to continue to adopt ihe going con¢ern basis of accountin8 for a period of at It twelve month5 from the date when the financial stsiements are authorised for issue. OTHER INFORMATION The trusiees are responsible for the other inf0mtion. The other inforn)ation mprISeS the information included in Ihe annual TepoFL other than the fiNn¢ial Maternents and our Rert of the Independent Auditor5 thereon. Our op5nion on the finartial stsiements does not cover the Imher infwmation and. except tothe extent otherwise explicitly $tsted in our reporL we do express any fom) of ¥suran¢¢ conclusion thereon. Page 5
THE KEW BRtDGE ENGINLS TRUST AND WATER SUPPLY fvIVSEUM LTD (trading 'indOn Museum of Water & Sttm") INDEPENDENT AUDITORS. REPORT TO THE MEMBERS (fontsnued) ON THE FINANCIAL STATEMEfTS FOR THE YEARENDED 31 DECEMBER2023 In conneciiot) our audii of the finan¢ial s¢at¢m¢rts, our responsibility is to read ihe oiher information and, i doing 50, consider whether the other infornation is materially inconsistent with the financial 5tatemertts or OUT knowledge obtained in the audit OT Otherwise appears to be materially misstated. If we identify such mat¢rial inconsistencies or apparent material miss1eMents. wc aTe required to determine whether there is a material mLS5talcment in the financial statemcnts or a material misstaiement of the other infomiation. If, bastd on the work we hove perfomed. we ¢on¢lude thai ih¢re is a material misstaternent of thi5 Other inforrnation, we aTC required to report that fact. We have nothing to report in this regard. OPINIONS ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 21N)6 In our opinion, bascd on the work undenaktn in thc course of the audit.. the information given in the Report of the Truste¢5 for the flnancial year for which the financial ststernents are PTepared is consistenl with the financial $emen[S- and - the Report of the Tru5te¢s h&5 trKen Prepared in accordance with applicable legal requirements. MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION In the ligh¢ of the knowledge and understartdiDg of the charitsble ¢ompany and its ¢nvironment obtsined in the course of tht audit, we have not identified material misststernents in the Report of the TrLg¢s. We have nothillg its report in Tesp¢¢r of ihe following mattus wher¢ Companies Au 2006 requires us to r¢port to you if. in OUT opinion.. - adequaie accouniing Txords hav¢ not been kept or fftum5 adequate for our audit have not been received from bran¢hes not visited by us. or - the fillal81 stat¢menrs are not in agreement with the accounting records and relrn5. or - certain disclosures of trusiees, remuneration slfied by law are not made- or we have not re¢eiv¢d all the inftrmaiioth and explan*ions we requi for our audit- or the trustees were n¢X entitlcd to prepare the financial statemenis in accordance with the small companies Tegim¢ and take advantage of the small ¢ompanie5 exempiion from the requirement to prepafe a Strategic Report OT in preparing the Report of the Trustees. RESPONSIBILITIES OF TRUSTEES A5 explained more fully in the Ststement of Trnsttts R¢sponsibilities, rhe mLStees (who a also the dire¢¢ors of the Charitable company for the purposes of ¢offlpany law) ar¢ reswnsible for the preparation of the financial statements and for being satisfied that they gi¥c a true and fair view. ar for such internal conirol as ihe tTUSittS detemine is necessary to en2bl¢ the preparalion of financial stst¢m¢nts that are fie¢ from material mi5slatement, whether due to fraud or error. In Preparing ihe financial sraiements. the trusitts a r¢s[nsible for ass¢s5ing the gmup's and ch8ritabl¢ company's ability to continue a goin8 concern. disclosin& applicable. matters Tclated to going ¢on¢ern and using the going concern basis of a¢¢ounting uThless the trusiees ei¢heT intend to liquidate the group and ChItable cornpany or io Cease operations. or have no realisti¢ alternativ¢ but to do so. Page 6
THE KEW BRIDGE ENGINEsTRu AND WATERSUPPLY MUSEUM LTD {1ry4ding s 'lnd& Museurn of Wt¢r & St¢Am") INDEPENDENT AUDITORS. REPORT TO THE MEMBERS (tOllliDu¢d) ON THE FINANCIAL STA TEMENTS FOR THE YEAR ENDED 31 DECEMBER2023 OUR RESPOIYSIBILITIES FOR THE AUDIT OF THE Fif4ANCIAL STATEMENT Our objectives aTe io obtsin reasonable assurance th)ut whether the financial statements as a whole are free from material mi5Statemcnt. whether due io fraud or crror. and io issue a Report of the Independeni AvditOTS thai includes our opinion. Re&sonabl¢ assurance is a high levcl of wurancc. but is not a guarantee that an audit condueted in acrdanCe with ISAS (UK) will always detttt a malerial misstatement when it exis($. Misstatements ¢an orise from fraud or error and art ¢onsideTe4 mat¢rial if. individualty or in the aggregate. they could re&sonably be expxted to influence the cconomic dccisions of usets tsken ¢Jn the ba515 ofthese financial sra¢ements. We gain¢d an und¢rstandirbg of the le8aJ and regulatory framework applicable to the Company and ihe industry in which it opente$ an(L ¢onsideTed the risk of acts by Managemeni which were contrary to applicable laws and regulaiions, includin8 fraud. We made enquirie5 ofthe DiTtctOT5 to obtsin further understhnding of risks of nort- ¢ompli4n¢¢. W¢ focused on laws and regulations that could 8ivc ri5C to a rnaterial mi55tatcmenl in the financial 88reement of the financial statem¢nt disclosures to undertying siipfA)rting documentation- - enquiries of managemut re8ardittg known or suspethed instartw of non-compliance with laws and regulations. review of mirtute$ of the Board meetiogs througboui ihe year, and ob¢aining an understarlTrg of the coDtroI environmertt in place io prevent artd detect irregularities. Our audit procedures were dcsj8ned to respond to risks of material misstatcmeni itt the financial st¢¢1$. recognising thai ihe risk of not deie¢ting a maL¢rial rnisststrment due to fraud is higher than the risk of noi detecting onc re5ultin8 from error. frdud may involve deliberate n¢¢a]ment by. for example, forgeryj misrepresentations or ihrou8h collusion. Thete are inherent limitstions in the audit procedures performed and the fvrther rcmoved non-compliance with laws and r¢gulaiion5 is from the events othd transactions reflected in the financial srat¢menw the less likely we ar¢ to tttome awarè of 1¢. A fvrther description of our responsibilities for ihe audit of rhe financial statements is lOted on the Financial Reporting Council's website .frC.orVklaUd1tOr5[tspOn$lbiIltIeS. This deseription forrn5 part of our Report of the Indepcnd¢nt Auditors. Pagc 7
THE KEW BRIDGE ENGINES TRUST AND WATER SUPPLY UsEUm LTD (trading a$ "London Museum of Water & Steam") INDEPENDETrrr AUDITORS, REPORT TO THE MEMBEILS (eontlnued) ON THE FtNANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 USE OF OUR REPORT This report is made solely to the charitable company's memEtrs, as a body. in accordan¢¢ wilh Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undeTtak¢n so that we might state to the charitable company's members those matters we are required to state to them in an auditors, report and for no other purpos¢. To the fullest cxtent penThitted by law, w¢ do not accept or assume responsibility 10 anyone other than the eharrtsble company and the charitable company'5 members as a body. for our audil work. for this report. or for the opinions we have forned. Jonathan Addison FCA (Senior Ststutory Auditor) For and behalfofCOLLARDS Chartered Accoutants & Rtgisttred Auditors Dated.. 19 September 2024 5-9 Eden Street Kingston-upon-Thames Surrey KTI IBQ Pag¢ 8
THE KEW BRIDGE ENGANES TRUST AND WATER SUPPLY MUSEUM LTD (tradlrtg #s "London Museum of Water & Ste*Th") CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR Ef4DED 31 DECEMBER 2023 Unrestricted Tradin8 tk5ignated Restricied funds subsidiary funds Total 2022 2023 Intoming ResOTCe5 Donations bequests and grants Membership Rents receivable Admissions Gift-aid Tr2ding subsidiary Shop sales Sitc & function serviets Engineering 5ale5 Inreresi revived Insurance claims SMP recovery 20,122 5.910 94,545 146.875 30.452 134,935 155.057 5.910 94,545 146,875 34.071 79,214 s.110 114.487 12.458 3.619 16.698 6,087 16.698 6,087 15.195 6.500 127 214 2,943 760 1.156 1.156 6,574 6.574 Totgl Ineoming Rtsources 305.634 22.785 138,554 466.973 331.668 Resourtes Expended Direct charitable expendituie- Restoration and up8ra(k costs Trading sub5idiary'. Shop cosi of sales Site & function servic Public opening-. Advert>sing & publicity Site mainienance Reopenin8 costs Gas & ele¢iri¢ity Cost of gate Other expenses= Payroll costs Rented property Costs Insurance Business costs and bank charges Depreciatioo Bad debt5 Governance costs: Audii fees Legal and professional ftts Financial & secretaria] fet5 3.480 77.710 81.190 25,819 11,443 295 11,443 295 9.722 6.936 5,867 54.768 437 4.083 6,304 60,592 10,379 47.527 25,449 44,137 24.193 1,741 45.579 13,147 3J98 980 48.977 17,742 3.615 132.412 5.540 18.262 28,412 1,389 lJ20 9,871 22.73 I 165.014 5.540 19,623 30.672 12,238 1.320 124.176 lJ61 2.118 849 24.728 32.540 8,357 142 5.438 5,071 10.240 405 5.843 5,071 10,240 7.888 2.406 8.282 Totsl Resour¢¢5 Expended Trddin8 deficit ofsubsidiary 337.445 11455 35,240 {12.455) 3,480 105,939 482,104 402,539 Net IncominW(Outgoin&) Resource5 before TrAnsfer5 Transfer beNeen fund5 Fund balances brought forward 144266) {3.480) 32,615 {15.131) (70,8711 142.139 50.711 22,615 215.465 221.732 Fund balAnees carrled forwgrd 97,873 47.231 5S,230 200,334 150,861 Thc group h&s not acquired or ¢ommen¢ed any new business activities in the yvdr and it has no other wmpr¢hensive 8aÈns or10sses other than the defjcii for thc year. The notes set out on p4es 12 to 18 fomi part of ihese financial staiem¢nts. P8ge 9
THE KEW BRIDGE ENGINES TRU AND WATER SUPPLY MUSEUM LTD (Ir8ding as "London of Water & Ste*m") CONSOLIDATED BALANCE SHEET FOR THE YEAR Ef4DED 31 DECEMBER 2023 2023 2022 Notes FIXED AETS. Tangible assets 55.432 59268 CURRENT ASSETS: Stocks Debtors Cash at bank and in hand 6.0) 25,630 158,944 5.367 22.902 172.806 IA).574 201.075 CREDITORS: Amounts falling due within one year 10 45,672 44.878 NET CURRENT ASSETS 144.902 156.197 NET ASSETS 200.334 215.465 CAPJTAL AND RESERVES: Profjt and Loss account Restricted funds DeSiated fvn(ts 97,873 55.230 47231 142,139 22,615 50.711 12 200,334 215.465 These financial statements have been prepared in accordantt with the special provisions of Part 15 of the Companies Act 2006 relating to small cmpanies. ON HALF OF THE BOARD: J Waxman F Hollom Date.. 19 September 2024 The notes sei out on pages 12 to 18 forni part of these financial statements Pag¢ 10
THE KEW BRIDGE ENGINES TRUST AND WATER SUPPLY MUSEUM LTD (tr*dimg as "London Museum of Water & Steam") COMPANY BALANCE SHEET FOR THE YEAR ENDED31 DECEMBER 2023 2023 2022 N¢5 FIXED ASSETS: Tangible a55¢ts Investment 55,432 100.100 59,268 100.100 155.532 159.368 CURRENT ASSETS: Debtors Cash at bank and in hand 169.610 158.944 153.794 172,806 328,554 326,600 CREDITOILS: Amounts falling due within one year 10 45,672 44,878 . NET CURRENT ASSETS 282.882 281.722 P4ET ASSETS 438,414 441,090 CAPITAL AND RESERVFS Profit and loss a¢¢ount of the rnpanY R¢slricted Fund5 Designated Funds 335.953 55230 47231 367.764 22,615 50.711 12 438,414 441.090 These financial statements have been prepared in a¢cordance with the spla1 provisiotjs of Part IS of the Companies Act 2006 relating to small componi¢s. ON BEHALF OF THE BOARD: J Waxman F Hollom Date: 19 Septemttr 2024 The notes sei out on page5 12 to 18 forn) part of these financial ststemenis Pag¢ 11
THE KEW BRIDGE ENGINES TRUST AND WATER SUPPLY MUSEUM LTD (tr*ding as"London Museum orwater & Steam") NOT&8 TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Pr5ntlpal A¢eouDting Policies SIGthiOry InforméKion Kew Bridge Engines Tn&st & Water Supply Museum Ltd is a private cornpany. limittd by guardntee and registered ID England a1 Wales. The company's re8lSter¢d number and registered offic¢ address Can be found on the Cornpany Infomation page. Accounling con110 The financial statements are prepared on a going concern basis in accordance with th¢ provisions of Section IA "Small Entities. of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in th¢ UK and Republic of Ir¢land" th¢ Compani¢s A¢1 2006 and the Charilies Cafh Flow Siaiemeui In the opinion of the Trusiees the group qualifies as a small group and accordingly a cash flow statement is not required. Depreelthlon Depreciation is ealeulated to writ¢ down the Cost, less estimated residual valu4 of all tangible fixed sset& which comprise. in th¢ ¢iNnpany's and group accounts. only equipment used to support museum operdiions over their eXrcted use1 lives. The rates generally applicable are: Workshop Plant and ma¢hin¢rymi¢5¢1 house improvements Offic¢ equipm¢nt Furniture Steam locomotive Straight lin¢ over 50 y¢ars 5trdight line over 10 years 33°h Teducing balance basis straight line over 10 year5 Straight line over 30 years Inveslments Investments are included at cosl less amounts itten off. Profit or losse5 arising from disposals of fixed asset inv¢stments are trealed a5 Part of the result from ordinary activhties. ocks Stocks 2nd Work in progress aTe valued the lower of c05t and realisable value. after making due allowance for obsolele and slow moving items. Limited Li4bil4ty The company is limitcd by Buaranlee and does not have a share capital. Page 12
THE KEW BRLDGE Ef4GINES TRUST AND WATER SUPPLY MUSEUM LTD (trnding s 'IndOn Museum ofwter & Steam") NOTES TO THE FINANCIAL ATEivIENTs FOR THE YEAR ENDED 31 DECEMBER 2023 3 Operating (Dtf1¢it)rpltsS The oper•ting (D¢ficiiySurplus is stated after ehareimg or 2023 2022 Group Amounts payable to the auditors in respect of audit service5 Depreciation 3510 12238 3.510 ,356 Company 2¢)23 2022 Amounts payable to the 2uditors in resw of audit services Depreciation 3.510 12.238 3.510 8.356 4 Donation5 bequests and CrnDts D¢5igned Restricted Unrestricted Funds Funds Funds 2023 2023 2023 Totsl Total 2023 2022 Public Authorilies Private Donations 48J05 90249 48.305 110,371 66.549 12,665 20.122 138,554 20.122 158.676 79,214 5 Trustee5' Remuneration ¥Trd B¢n¢fJts During the year no Trustee received remuneration (2022- zero) Tnjstees. Expenses During the year £nil (2022 - £76) paid io trust¢¢5 for ¢xpen5es incurr¢d on behalf of the charity. 6 Staff Costs and Numbers 2023 2022 SalarL¢5 and wag Social security costs 101.130 3,884 122.078 2.098 165.014 124.176 The average number of staff employed wls 11 (2022- 9). No employees received emoluments in excess of £60.000. Page 13
THE KEW BWDGE ENGINFS TRUST AND WATER SUPPLY MUSEUM LTD {trJdiuK u"LondLWL of Watev & Sieam") NOTES TO THE FtNAP4CIAL STATEMENTS FOR THE YEAR ENDED JI DECEMBER 2023 7 Tgngibl¢ Fis¢d AssEts Groxp and C)mpany L%asehold Steam comoii Plat)1 and Fumiturc & Compulcr ritti COST: At l Jartuary 2023 Additions 82.399 5(512 33.794 4A696 28,242 249.643 8.402 At 31 fkeemtrT 2023 8139¥) 5&512 33.794 4A696 36.644 258.045 DEPRECIATIOIY: Al l January 2023 Chargc fory¢8r 73,043 26.654 1.950 31.579 1.565 39.523 1820 23.996 4.605 194.795 l2.238 Ai 31 Decem1 2023 74.341 28.604 33.144 41343 24601 207,033 NET BOOK VALUE: At 31 D¢c¢mt¢r 2023 8,058 650 4.353 &lJ13 51.012 Ai 31 DeCemr2022 9.356 31.858 1215 7,173 4246 54,848 H¢ritag¢ Totsl COST.. Al l Janw 2023 Additions 249.643 8.402 4.420 254.063 8.402 At 31 tkc¢mtrÉr2023 258.045 4,420 262,465 DEPRECIATION: At I JAnuary 2023 Charge for year 194.795 12.238 194.795 11238 At 31 DecemEer 2023 207.033 207.033 NET BOOK VALUE: Ai 31 De¢emFKr 2023 51.012 4.420 55.432 At 31 De¢¢mF¢r 2W22 54,848 4.420 59268 Pagc 14
THE KEW BRIDGE EPIGIEIES TRUST AND WATER SUPPLY MUSEUM LTI) {trding as"LondoA Museum ofwgttr & Steam") r4oTES TO THE FINATr4CIAL STA TEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 8 Fixed Asset InvestmeAts- CompaDy Croup Undertaking Cost At l January 2023 and 31 Deccfflbcr 2023 100.100 Nel Book Value At 31 De¢emb¢r 2023 i(K>.ioo Ai 31 December 2022 IOD,100 Dctsils of group undertakin8s ihc ba]artce sheeL da are &8 follows: Coulltry of Registration {or Intorporatio) ClsJ Proportlon Natur¢ of and Optratioth of Sh•n Held Bu51rttss Net Defieit for th¢ Yrar Totsl n¢t Libilitits Nm¢ Hisiori¢ Sam England Limited Ordinary l(K TT*Jing activities (137,980) (12,455) ofthe museum Kcw Bridge Pumping Station 9 Debtors- GMUP 2023 2022 Trade debtOf5 her debto 5.070 20.5 2,775 20.127 25,630 22.902 D¢btOT5- Compa4y 2023 2022 Amount due from subsidiary Trade d¢btors Other debtors 143,980 5,070 20.56A) 130,892 1775 20.127 169,610 153,794 Page 15
THE KEW BRIDGE ENGINES TRU AND WATER SUPPLY MUSEUM LTD (trading s"London Museum ofwa¢er & Stearn") NOTES TO THE F1Tr4A14CIAL STATEMENTS FOR THE YEAR ENDED 31 DECEi¥fBER 2023 10 Creditors- Group Amounts falling due within one year 2023 2022 Trade Creditors Taxes and Social Security Accrua15 32207 5.052 8.413 28.779 3,382 12.717 45.672 44,878 Cr¢ditors- C•mpny AmouDts falling du¢ withiTr one yur 2023 2022 Tr¥de erediiors Taxes and Social Security Accruals 32,207 5.052 8.413 28,779 3.382 12.717 45,672 44.878 Pag¢ 16
THE KEW BRIDGE ENGINES TRU AND WATER SUPPLY MUSEUM LTD (trading a5"London of Wt¢r & Steam") NOTLS TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 11 Restrltted Fund$ Bzlance Grdntsnncome Expenditur¢ Transftrs OIIOlQ3 Received Incurr&l beNeen nds Balanee 31112U3 Electriul Fund 1.741 (1.741) Colltetlons F¥md 642 1.766 (2,856) (448) Waddon 3,436 3,436 Brentford Tower5 2.665 (2.665) Water Constrvatorslsehool Burs•ries 630 (150) 4,480 SteJn T¢amlWorley 3.650 (3.650) BDulton and Watt Model 4.087 (4.087) Hounslow Community GraTrts FundlSi¢grn Telm (1.543) 1.543 Wild Play GrdenlLondon Borougb or Hounslow 6,553 (5.556) 997 STEAM EKplorer5 Clublwaler CoDs¢rvation Tr51 2,085 750 {2,423} 412 Colleetion Cart AIMIPilgrim Tr5¢ 2,319 3.437 (5.756) Steam PlaDt: ¢Mgines & related plaTrt 83.558 (33.103) 50.455 Magn¢la Clock 125 (125) Atcess AuditlCB Trust 3.580 (1..s%n) St¢ming Int(tr Sustainability (30.534) (30,534} LBH Thriving Communities 44.r25 (17.250) (1.543) 25.932 UCL Haek*¢hon 5LK) 500 22.615 146.091 (113,476) 55230 Page 17
THE KEW BRIDGE ENGJNES TRUST AND WATER SUPPLY MUSEUM LTD (tradiThg #s "L•Ddom Musemm of Waler & Sttam") NOTES TO THE FINANCIAL ATEmENTs FOR THE YEAR ENDED 31 DECEMBER 2023 12 Design4ted Funds Balan¢¢ Income Expenditrj Trdnsfers between fimds Balance oiioir23 tksignated inCLttTed 31112r23 Tower fund 711 Closedown ¢05ts 50.OtM) 50.oc ATehive Software (3.480) (3,480) 50.711 3,480 47,231 13 AnAlysis of Net Assets between funds 2023 Total 2022 Total Restricted Designated Unrestricted Tangible fixed assets CutTent assets Creditors 55.432 88.113 (45.672) 55.432 190.574 (45.672) 59,268 201,075 (44,878) 55230 47231 55230 47231 97,873 200.334 215.465 14 Individual statement of ¢omprehtnsive iDcomt A$ perniitted by StiOn 408 of ihe Cornp8mi¢s A¢t 2006. ihe Incorne Staterneni of the parent company IS Dot pr¢sented part of these financial stat¢rn¢nts. Page 18