THE KEW BRIDGE ENGINES TRUST AND WATER SUPPLY MUSEUM LTD (trading as '￿)ndOn Museum of W¥ter & Steam") FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 COLLARDS Chartered Aeeountants 5-9 Eden Street Kingston-Upoo-Thames Surrey KTI IBQ •AEBZSTIKI* 1111 27ffjm5 COMPANIES HOUSE THE KEW BRIDGE ENGINES TRUST AND WATER SUPPLY MUSEUM LTD (trading as "London Museum of Water & Steam") INDEX TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Page No. Report of ihe Truste¢s Report of the Independeni Auditors 10 Consolidated Statement of Financial Activities li Consolidated Balance Sheet 12 Company Balan¢¢ Sheet 13-19 Not￿ io th¢ Finon¢ial Stat¢m¢nts THE KEW BRIDGE ENGINES TRUST AND WATER SUPPLY MUSEUM LTD (trading as "London Museum of Water & Steam") COMPANY INFORMATION FOR THE YEAR ENDED 31 DECEMBER 2024 CHAIR: Mr John Waxman REGISTERED OFFICE: Kew Bridge Sieam Museum Green Dragon Lane Breniford Middlesex. TW8 OEN TRUSTEES: MT Frederick Hollom Mr Benjamin Russell Ms Georgina Salzedo Mr Nig¢1 Barnes Mr John Waxman SECRETARY: Mr Frederick Hollom REGISTRATION NUMBER: 1190608 CHARITY NUMBER: 269285 MUSEUM NUMBER: 32 AUDITORS: 5-9 Eden Street Kingston-upon-Thames SutTey KTI IBQ THE KEW BRIDGE ENGINES TRUST AND WATER SUPPLY MUSEUM LTD (trading as "IA)ndon Museum of Water & Steam") REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 21124 The Trnstees have pleasure in submitting their antvjal report and financial statements foi the year ended 31 December 2024. They have adopted the provisions of tbe Statemeni of Recommended Practice applicable to charities PTeparing their accounts In accordance with the Financial Reporting Siandard applicable in the UK and Republic of Ireland (FRS 102) {effective l January 2019). OBJECTS OF THE CHARITY The Trust is established: To operate and maintain the London Museum of Water and Steam. in order to advance education of th¢ publi¢ in understanding apprecialing the social, economic and iechnological history of London's water supply, and the role clean wai¢r played in making London the City it is today. To preserve and conserve for the public ben¢fit, the site of the Kew Bridge Waterworks, its historic buildings and its collection of engines and other art¢fa¢ts asso¢iated with the history of London's waier supply.. and To educate the public in other subjects of industrial archaeological importance. STRUCTURE We are a litnited Company (no. 1190608), limiied by guarantee rather than share capital, and registered as a charity (no. 269285). The compan￿$ wholly owned subsidiary. His￿riC Steam Ltd. TS engaged in trading activities of ihe museum. The trust is run by a board of Trust¢¢s ¢onsisting of Chair, TreasurerlSe¢retary, and up to eight other Tn]stee5. At the end of 2024. Ihe board consisled of a total of five tnjstees. Trustees have established commTtt¢¢s for Compliance, and Collections and Sustainability, to assist in effective management of the charity. Each of the commilt¢es is chaired by a Trustee. The Trustees meet regularly to Teceive the reports and recommendations of its Committ¢¢s and to conduct the business of the Charity. All decisions are taken following a vote. Trustee during and since the year under rcvtew were: J Waxman (Chair) T 0[￿ry F Hollom B Russell G Salzedo N Barnes Appointed 12 April 2024 Resigned 31 December 2024 Page I THE KEW BRtDGE ENGINES TRUST AND WATER SUPPLY MUSEUM LTD {trading as "London Museum of Water & Steam") REPORT OF THE TRUSTEES {¢ontinued) FOR THE YEAR ENDED 31 DECEMBER 2024 FINAIYCIAL POSITION The Consolidated Siatement of Financial Activities on page 10 shows a deficit on Un￿stricted fvnds of £16.776. Thi5 compares with a deficit of £44.266 in 2023. Resources expended amounted to £361.093 compared with £372.685 in 2023. Unrestricted funds at the end of the year stood at £77.169 and totsl fuDds at £288,480. SIGNIFICANT EVENTS The Tnuseum continued on its transitional journey ID 2024 with Museum Director Hannah Harte now r)rn￿Y established ai the helm. It will take sevetal years for some signifi¢ant ¢hang¢s to b¢¢ome embedded but considerable progress is already being made. The operating environment remained challenging in 2024 but there were some positive signs that the reset of i)bjectives and the structural changes instigated by Hannah were starting io bear some fruit. And having returned to steam ai the end of 2023, the museum was able lo run 'Steam Up, events throughout 2024. boosting the visitor offer. A successful ¢rowd-fimd¢r ¢ampai instigated towards the end of 2023 hel￿d to stsve off the immediate threat of closure in early 2024 (and paved the way for future crowd-funding effort5). We are grateful to the team and benefactors for this success. The Museum's financial position continued to be the main issue of concern in 2024 as visiior numbers were again lower than anticipated. This appeared to be a fairly cornujoll problem across the independent museum se¢ior. How¢v¢r. ch#ng¢s io th¢ Muscum's pricing Structure hel￿d io rais¢ th¢ averag¢ yield which was an en¢oura8in8 developmeni. There was a meii¢ulous focus on cost ￿ductiOn. in¢luding IT spend where migrdtions to a new ticketing system and new mU￿￿M archive nunag¢ment Sysrem were wmpleted and costs of supporting legacy on-premises servers and sofiware avotded. Financial losses were incurred in connection with the theft of lead flashings, and a larger than expected gas bill due to a smart meter failure. The entranc¢ doors also suffered a serious structural failure, necessitating their replacement. However despite these pressures we did not see a repeat of th¢ criti¢al ￿hfloW situaiion whi¢h had led to an emergency Trustees meeiing in October 2023. The Museum finished the year (January - Decernber 2024) with an operating loss of £16,776 and unrestricted reserves of £77,169. The unrestricted reserves outturn was not enough in itself lo guarantee that the Museum would not ultimately out of money by the end of 2025. A subsequent reprofiling of the closedown fund and the anticipated yield from a range of contingencies in 2025 will serve to strcngthcn the bottom line. And our tenants continue to provide important income and continuity with regards io the commercial ecosystem. But there is still considerable financial Jeopardy and the team remains very focused on finding operaiional savings. boosting the visitor offer and encouraging more donations to avoid the need for closure. In February and March 2024 the Museum undertook a restructure programmc. Two staff mcmbeTS accepted voluntary redundancy and their posts were removed, allowing us io reshape the ieam with a stionger focus on commercial activity, including marketing. café. retail and venue hire. The previous srrncttjre was loo small to sustain op¢rations or deliver growth, and this investment was essential to securing financial sustainability at a critical moment. Without these Changes the Museum faced the risk of ongoing decline. with them, we have built a more resilient foundation for ihe fufure. In June 2024 the museuTn appointed a Finance & Development Lcad to support financial planning goin8 fonvard bui unforttthately the postholder was unable to continu¢ in the role for more than a few months. At th¢ time of writing this post remains vacant. We are thankful to our supporters who made generous donations or legacies in 2024. Th¢ Museum was given notice that it had been bequeath¢d a 15 /0 share of an individual'5 private estate, however this money was subject to a house sale that has not yet OCCUTred. tNB. It is one of the contingencies mentioned abovel. A legacy sum of £IO(K> was also re￿IVed from another source in 2024. Page 2 THE KEW BRIDGE EI¥GINES TRUST AND WATER SUPPLY MUSEUM LTD (trading as "Loodon Museum ofw2ter & Steam") REPORT OF THE TRUSTEES (continued) FOR THE YEAR ENDED 31 DECEMBER 2024 SIGNIFICANT EVENTS (continued) In Autumn 2024 Our Barn served notice of its intention io withdraw (in January 2025) from the long- Standing catering partnership a￿ange[￿enL This provid¢d tk muscum with an opportunity to r¢d¢fine th¢ cafe offer going forward and Trustees subsequently approved a switch to an in-house caiering setvic¢. [Th¢ Our Barn gardening ieam have also withdTawn. due io the need to be located close to the resi of the charity.] The cleaning contractor service was nor renewed - the museum opting instead to utilise freelance cleaners at lower ¢osL and the new bin emptying ¢ontra¢l was awarded to Lampton (Local Authority contractors). Trustees were pleased that 2024 saw a rise in the number of school visits to the Museum - nine more than the previous year. However, the charge for such visits increased at the beginning of December 2024 so it remains to be seen whether this growth can be sustoined. Some good news was received from ACE in May 2024 that LMWS'S MEND4 'Expr¢ssion of Interest. application - to ￿nd major repairs to the interior and exterior of the Great Engine House (GEH) - had been successful. A great deal of time and effort was subsequenily expended to submit a Second round application by the August 15th deadline. Trustees wish to thank the team for their impressive endeavour in this regard. To support the bid, there was a requirement to raise match-funding of £256,¢XYJ and this was achicved. A success￿1 crowd-fimding campaign called The Great Engine House Project rnised £50K (plus Gift Aid) toward this target. A generous £1 OK donation was also made toward rhe GEH project by an anonymous donor. The imperdtive for the GEH ¢ODservation works was broughi into sharp relief when the b¢am floors were closed to the public due to the risk of falling plasterwork and broken glass, and an outbreak of dry rot was discovered in the 90- roof void. In November 2024 there was a positive meeting on site with senior representatives of the National Lottery Heritage Fund. This provided an opportunity to shar¢ our developing masierplan for the site and ascertain which aspects mighi potentially attract future NHLF fvnding support given thai the museum had already received (in 2023) a £242,792 NLHF grdnt to SUPFrf)rt ihe 'Steaming into Sustainability, proje¢t. In 2024 this project facililal¢d the first tst run of the 90 inch ertwne after a lay off of seven years, plus general maintenance and cleaning works ro the Waddon. Easton and Amos and Dancers End engines. A donated water-softening plant for the new boiler was installed by volunteers. Trustee Mr Tom O'Leary stepped down tn December 2024. The museum owes bim a particular debt of gratitude for kindly serving as interim Chair between April 2022 and April 2024 - considerably longer than had originally been anticipated. His expertise and analyttcal acumen will be missed. We would like to than him for his service and wish him well for the future. RESERVES The policy of the Trust was changed Tecenily (in 2025) to maintain. as far as possible, unrestricted reserves at a level in excess of £30.000. This change occurred as a result of a reassessment of the level of funding required to mothball the museum. The Trust will continue lo seek external funding for all Tnajor restoration projects. Page 3 THE KEW BRIDCE ENGINES TRUST AIYD WATER SUPPLY MUSEUM LTD (trading as "London Museum of Water & Steam") REPORT OF THE TRUSTEES {contihued) FOR THE YEAR ENDED 31 DECEMBER 2024 RJSK MANAGEMENT The risks identified by the Trustees fall under three main h¢adings= i) Operational Risks The major risk her¢ is to the health and safety of staff. volunte￿5 and visitors. There are specific risks arising from tbe operation of large machinery, pressure ve&sels and moving vehicles. as well as the more general ODes arising from the public opening of any historic buildings. After our experience of the Covid pandemic, we have reviewed and refreshed our protocols should w¢ n¢¢d to close the Museum at short notice. for whatever reason. The Trust ha5 established a specific Compliance Committee to address health and safery. Thc best advice is sought from GovernrnenL other Museums and other 51tes opening to the public, and ￿ndIng is secU￿d to deliver any necessary physical changes and appropriate training. Now that Tom O'I£ary has st￿ped down as a trustee, we only have five boord members. This number is considered to be too low given the imperative to maintain a quorum (three) at iM)ard meetings and a150 ensure that there 15 sufficient governance capacity available routinely to cover all aspects of museum business. Following a planned gap analysis exercise. up to Iwo new trustees will be re¢Tuit￿ in due course. ii) Financial Risk The Trust ha5 always been dep¢nd¢nt for its financial survival on its operational income supplemented by donations from Members and other supporters and grdnts and fimding for spe¢ific projects and pUn￿se$. As reported above the museum is still rna￿.ng an operdting loss and this is clearly not sustainabl¢. Whilst valuable savings and e(ficiencie5 have been identified, as thing5 Stand we cannot be genuinely confident of remaining open to visitors beyond a six month horizon. Whilst the Museum has shown itself io be remarkably proficienr at attracting grants and donations for defined projects. a key problem remaiDS that there is a shortage of unrestricted funds available for discretionary spending purposes. Finan¢ial perfomiance will continue to be closely monitored, and fundraising efforts intensified, in an effort to avert closur¢ and s￿Vre the Museum's future. Whilst the Finance and Development Lead p051 remains unfilled li will be harder to identify where financial processes could b¢ improved and fijrther savings made, although the re-establi5hment of the Finance Committee will deliver an extra layer of financial oversight to support decision-making. iii) Conservation Risk The Trust relies heavily on grdnt funding and private donations io maintain the integrity of the historic buildings in its care. L￿ewise. bringing st¢am ¢ngin¢s back into Consistent operaiion may not be achievable withoui financial support from external sour¢¢s. Grant appli¢aiions Can be lime consuming and do not necessarily result ID success. Private donations might not necessarily be sufficient in all situations. particularly if fundraising campaigns are regular occU￿enCes. Even if the rquisite external fvnding can be secured, there ¢ould be a shortage of people with the relevanl trainirt8 and expertise to undertake specialist cons¢rvation work. Any failure to address maintcnance and r¢pair work in a timely fashion could adversely affect the visitor offer, underniine legal cornpliance andlor impact negatively on the Tru5t'5 reputstion. Mitigations tnclude the development of a preventative wnservationlmaintenance prO￿amMe and building the volunteer teams for collection51plantthuildinss. ensuring skills can be shared rather than remaining unique io individuals. PUBLIC BENEFIT tn September 2020, M¢mb¢rs adopied a new constitution. which in¢orporates revised Charity Commission approved charitable objecis (see above) and reinforces our cotnmitm¢Dt io deliveTing public benefit tt). and in association with. our stakeholders and partners. Page 4 THE KEW BIUDGE ENGINES TRUST AND WATER SUPPLY MUSEUM LTD (tr•ding as "London Museum of Water & Steam") REPORT OF THE TRUSTEES (continued) FOR THE YEAR EIYDED 31 DECEMBER 2024 TRUSTEES RESPONSIBILITIES Company Law requires the Trustees to prepare financial statements for each financial year. Under that law the Trusrees have ¢l¢cted to prepare the financial ststements in accordance with applicable law and United Kingdom Ac¢ounting Standards (United Kingdom Generally Accepted Accounting Practic¢). including Finan¢ial Reporting Standard 102 "The Financial ReportiDg Standard applicabl¢ in the UK and republic of Ireland" Under company law the Trustees must not approve the finan¢ial staiemenLS unless they are satisfied that they give a true and fair view of the stale of affairs and of the profit or loss of the company for that period. In preparing ihese financial sthi¢menis the Trustees are required to.. select suitsble accounting policies and apply them consistently- make judgemenls and estimates that are reasonablc and prudent- siaie wheiher applicable accounting siandards have been followed, subj¢¢t to any material deparnjres disclosed and explained in the financial statements- prepare the financial statements on a going concern basi5 unless it is inappropriate to presume that the company will continue in busin¢5S. The Trustees are responsible for keeping adequaie accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and to enabl¢ them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking steps for the prevention and detection of frd¥Jd and other irregularities. STATEMENT AS TO DISCLOSURES OF INFORMATION TO AUDITORS So far a5 th¢ Trustees are aware, ther¢ is no relevant audit Infom￿ll0n (as defined by Section 418 of the Companies Act 2006) of which tbe company's auditors are unaware. and the Trustees have taken all the steps that ought io have been taken in order to rnake themselves aware of any r¢l¢vant audit infom)ation and to establish that the company's auditors are aware of thai infom)ation. AUDITORS A resolution to re-appoillt Collards as auditors will be proposed at the annual general meeting. This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 21N)6 relating to small companies. ON BEHALF OF THE TRUSTEES kL Mr F Hollom - SECRETARY Date.. ia/0 q/zoL£ Page 5 THE KEW BRIDGE ENGINES TRUST AND WATER SUPPLY MUSEUM LTD (trading as "London Musevm of Water & Steam") INDEPENDENT AUDrroRS' REPORT TO THE MEMBERS ON THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 OPINION We have audited the financial statements of Associaiion of The Kew Bridge Engines Trust and Watrr Supply Museum Ltd (the barent charitable Compan￿) and il's subsidiary (the group) for the year ended 31 DeCe￿ber 2024 which comprise the Consolidated Statement of Financial Activities, the Consolidated Balance Sheet, company Balance Sheet and notes to the financial statements, including a summary of significani accounting policies. The financial reporttng framework that has been applied in their preparation is applicable law and United Kingdom A¢couniing Standards IUnit¢d Kingdom Generally Accepted Acrounting Pra¢tsc¢). In our opinion the financial stat¢tnent5'. giv¢ a tru¢ and fair view of the stste of the group and parent charitable compan￿5 affatrs as at 31 December 2024 and of its incoming resources and application of resources, including the ￿0Up,5 income and expenditure, for the year then ended. have been properly prepared in accordance with United Kingdom Generally Accepted Accounring Practice applicable to Smaller Entities. and have been prepared in accordance with the requirements of the Companies Aci 2006 and the Charities Act 2011. BASIS OF OPINIO We conducted our audit in accordance with International Standards on Auditing IUK) (ISAS {UK)) and applicable law. Our responsibilities under th95¢ 5tandard5 are further described in the Auditor5 responsibililies for the audit of the financial statements section of our report. We are independent of th¢ ¢haritabl¢ company in a¢cordaT)ce wilh the ethical requirements that are relevant to our audit of the financial stat¢m¢nts in thr UL including ihe FRC'S Ethical Standard. and we have fulfilled our other ¢thical r¢spon5ibilities itk accordance with these requiremen(s. We believe that the audit ¢vid¢nce we have obtained is sufficient and appropriate to provide a basis for our opinion. CONCLUSION RELATING TO COtNC CONCERN We have nothing io report in respect of the following rnaners in relation to which the ISAS (UK) r¢quire us to report to you where.. the trustees, use of the going concern basis of accounting in ihe preparaiion of the financial statements is not appropriate. or the trustees have not disclosed in ihe financial stai¢ments any id¢ntifi¢d mat¢rial uncertainties that may cast significant doubi about the charitsble company's ability to continue to adopi the going ¢on¢¢rn basis of accouniing for a period of at least twelve monihs from ihe dat¢ when the financial statements are authorised for issue. OTHER INFORMATION The trust¢es or¢ responsible for the other infonnation. Th¢ other infOrn￿tion comprises the information included in the annual report. other thoD the financial statements and our Report of the tndependent Audttors thereon. Our opinion on the financial statements does noi cover the oth¢r infornialion and, except to the extent otherwise explicitly ststed in our report, we do noi express any forni of assuTance conclusion ihereon. Page 6 THE KEW BRtDGE ENGINES TRUST AND WATER SUPPLY MUSEUM LTD (trading as "London Museum of Water & S¢eam-) INDEPENDENT AUDITORS, REPORT TO THE MEMBERS (tontinued) ON THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 In connection with our audit of th¢ financial statemenrs. our responsibility is to read the other inforn)ation and. in doing so, consider whether the other infornution is materially inconsisteni with the financial statements or our knowledge obtained in the audit or othen¥is¢ app¢ats to be maierially misststed. If we identify such nmterial in¢onsisteDeies or apparent material misstatements. we ar¢ r¢quir¢d to detern)ine whether there is a material misstatement in the financial statements or a material misststement of the other inforn)ation. If, based on rhe work we have perforn)ed, we conclude that there 15 a material mis5taiunent of this other infom)ation. we are required to report that fact. We have noibing io retrt)rt in this regard. OPINIONS ON OTHER MATTERS PRESCRtBED BY THE COMPANIES ACT 2006 In our opinion. based on the work undertaken in the ¢ourse of the audit". the infom)ation given in the Report of the Trustees for the financial year for whieb the financial statemenis are prepared is Consistent with the financial statements- and the Report of the Trustees has been prepared in accordance with applicable legal requiTements. MArrERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION In the light of the knowl¢dge and understsnding of the charitable company and its environment obtained in the course of the audit. we have not identified material misstatements in the Report of the Trustees. We have nothing ￿ report in respect of the following mallers where the Companies Act 2006 requires us to report to you if. in our opinion.. adequat¢ accounting records have not been kept or returns adequate for our audit have not been received from branches not visitcd by us- or the financial statements are not in ogreemeni with the accounling records and rethrns- or c¢nain disclosures of irustees, remuneration Specifi￿ by law are not made. or we have not re¢¢ived all the inforn)ation and explanations we require for our audit. or the trustees were not entitled to prepare the fJnan¢ial statemenis in accordance with the small companies regtme and thke advantsge of the small companies exemption from the requirement to prepare a Strategjc Report or in Preparing the Report of the Trusiees. RESPONSIBILITIES OF TRUSTEES As explained more fully in ihe Statement of Trnslees ResFKgnsibilities, the trustees (who are 81so the directors of the charitable ¢ompany for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied ihat they give a true and fair view. and for such iniernal control as the trustees determine is necessary to enable the preparation of fmancial statemenis that are fr¢e from material misstaiemenL whether due to fraud or error. In preparing the financial staiements. the trustees are responsible for assessing the group'5 and charitsble company's ability to ¢ontinue as a going concern, disclosing. ￿ appli¢able. matters related to going concern and using the going concern basis of ac¢ouniing unless the trustees either intend to liquidate the group and charitable company or ￿ cease operations. or have no realistic alternative but to do so. Page 7 THE KEW BIUDGE ENGINES TRUST AND WATER SUPPLY MUSEUM LTD {tr•diD8 as -IA)ndon Museum ofwater & Sieam") INDEPENDENT AUDITORS, REPORT TO THE MEMBERS {¢ontinued) ON THE FI.YANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 OUR RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENT Our obJ￿t]v¢S ar¢ to obtain r￿sonabl¢ assurdnce alK)ui whether the financial ststements as a whole are free from material tnisstat¢menL whether due io fraud or error. and (o issue a Report of ihe Independent Auditots that ocludes our opinion. Reasonable assurance is a bigh level of assurance, but 15 not # Euarantee that an audit conducied tn accordance with ISAS (UK) will always detect a material misst4teTr]ent when it exists. Misstatements can arise from fraud or error and are considered mat¢rial if. individually oi in th¢ aggregate, they could reasonably be expected tts influence the economic decisiofts of users taken on the basis of these financial stafemenrs. We gained an undersranding of the legal and regulatory framework applicable to the company and the industy in whsch it operates an(L considered the risk of acts by Manag¢llKnt which w¢r¢ contrary to applicable laws and regulations, including fraud. W¢ m8d¢ enquiTi¢S of the Dire¢tors to obtsin further understsnding of risks of non- ¢ompliance. We focused on laws and regulations that Could give rise io a materi41 missthtemeni in the fina￿CIal agreeM￿t of the financial stsiemeni dis¢losures w underlying supporting documentation. - enquirie5 olmanagement regarding known or suspected instances of non-compliance witb laws and regulatiODS- - review of minutes of the Board meetings throughoui the year. and obtainsng an undersianding of the control environment in place to prevent and detect irTegularitie5. Our audit procedures were d&signed to respond io risks of maierial misslatement in the fin8J]cial stsiements. recognising that the risk of not detectlll8 a material misstatrment due w fraud is higher than th¢ risk of not detecting one resulting from error. as fraud may involve deliberate concealment by. for example, forgery, misr¢pr¢%ntations or through collusion. Th¢r¢ inh¢r¢nt limitations in the audit pi(￿edUrES perforn)ed and the fithher removed non for ovr audit work. for this report. or for the opinions we have fornied. Jonathan Addison FCA {Senior Statutory Auditor) For and on behalf of COLLARDS Chart¢red Accountants & Registered Audl¢ors 5-9 Eden Street Kingston-upon-Thames Surrey KTI IBQ Dated. 44 /9/4•4¢ Page 9 THE KEW BRtDGE ENGINES TRUST AND WATER SUPPLY MUSEUM LTD (trading Is "London Museum of Water & Steam") CONSOLIDATED STATEMENT OF FINANCIAL ACTivfTIES FOR THE YEAR ENDED 31 DECEMBER 2024 Unrestricted Trdding Designaied Restricied fund5 subsidiary funds nds Totsl 2024 Totsl 2023 Incoming Resources Donations bequests and grants Membership Rents receivable Admissions ift-aid Trading subsidiary Sbop sales Site & function 5etvtces Engin¢ering sales Interest received SMP recovery 49.171 16,250 87.886 137.559 14.701 224.364 273.535 16250 87,886 137.559 27,058 155,057 5,910 94,545 146,875 34,071 12.357 13.123 24241 13,123 24,241 16,698 6,087 1.386 .386 .156 6,574 To¢*1 Incoming Resources 306,953 37.364 236,721 581,038 466,973 Resourees Expended Direct charitable expenditure: Restoration and upgrade costs Trading subsidiary: Shop cost of sales Site & function setvices Public opening= Advertising & publicity Site maintenance Reopening costs Gas & electricity Cost of gat¢ Other expenses.. PayToII costs Rented property costs Insurn]ce Business costs and bank charges Deprcciation Bad debts Governance costs.. Audit fees Le881 #nd professional fees Finan¢ial & se¢r¢tsrial fees 51.715 51,715 81,190 6.863 1,056 6,863 1.056 1,443 295 3.302 37.IX$8 402 4.505 3.704 41.513 6.304 60.592 48,482 11.721 5.902 1.427 54.384 14208 48.977 17,742 157.090 1.584 11,974 21.883 8.889 360 19.122 63,572 239.784 1,584 13,432 27.119 9.988 360 165.014 5.540 19,623 30,672 12.238 lJ20 1.458 2,572 5.114 623 5.737 12,886 8,559 5,843 5.071 10,240 12,880 8,559 Total Resources Expended Trdth'ng deficit of subsidfftary 315.972 7.757 45.121 {7.75D 131.799 492.892 482.104 Net Tncomingl(Outgoing) Re$oMr¢es before Trnnsfers Transfer between fund$ Fund balances broughi forward (16.776) {3.928) 97.873 104,922 448 55.230 88.146 (15.131) 3.480 47.231 2￿,334 215,465 Fund balantes carried forward 77,169 50,711 160,600 288,480 200,334 The group has not acquired or ¢onunenced any new business aciivities in th¢ year and it has DO other comprebensive gains or lo￿5 other than the d¢fi¢ii for the year. Th¢ not¢s oul on pages 13 to 19 fom) part of these financial statements. Page 10 THE KEW BRIDGE ENGINES TRUST AND WATER SUPPLY MUSEUM LTD (tr*dlng as "London Museum of Water & Steam") CONSOLIDATED BALANCE SHEET FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Notes FIXED ASSETS: Tangible assets 45,751 55,432 CURRENT ASSETS: Sto¢ks Debtors Cash ai bank and in hand 4.157 37.295 225.570 6.000 25.630 158,944 267.022 190.574 CREDrroRS: Arnounts falling due within one year 10 24,293 45,672 NET CURRENT ASSETS 242.729 144.902 NET ASSETS 288.480 21M).334 CAPITAL AND RESERVES: Profit and Loss account Restricted funds Designaied funds 77.169 160.600 50.711 97,873 55,230 47.231 li 12 288.480 200,334 These financial statements have been prepared in accordance with the special Provisions of Part 15 of the Companies Act 2006 relaiing to small Companies. ON BEHALF OF THE BOARD: J Waxman F Hollom Date. 23101 Iz The Dotes set out on page5 13 to 19 forni part of these fina￿la1 statements Pagell THE KEW BRIDGE ENGINES TRUST AND WATER SUPPLY MUSEUM LTD {trading as "London Museum of Water & Steam") COMPANY BALANCE SHEET FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Note5 FIXED ASSETS: Tangible assets Investmenl 45,751 100,100 55,432 100,l(M) 145.851 155.532 CURRENT ASSETS: D¢btors Cash at bank and in hand 187,189 225.570 169.610 158,944 412,759 328,554 CREDITORS: Amounts falling due within one year 10 24.293 45.672 NET CURRENT ASSETS 388.466 282.882 NET ASSETS 534.317 438.414 CAPITAL AND RESERVES Profit and lo&s account of the company Restricted Funds Designated Funds 323.006 160.6(M) 50,711 335,953 55.230 47.231 12 534.317 438,414 Thesc financial slalcments have been prepared in accordao¢¢ with th¢ spe¢ial provisions of Part 15 of the Companies Act 2006 relating to small companies. ON BEHALF OF THE BOARD: F Hollom Dale: 23 10?12a£r The noies set out on pages 13 to 19 form part of these financial Stslements Page 12 THE KEW BRIDGE ENGINES TRUST AND WATER SUPPLY MUSEUM LTD (trading as "London Museum of Water & Steam") NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Principal Accounting Policie5 Stalulory Information Kew Bridge Engines Tn￿t & Water Supply Museum Ltd is a private company. limited by guarantee and registered in England and Wales. The company'5 registered number and registered office address Can be found on the Company InfOrn￿tiOn page. Accomnling Convention The financial statements are prepared on a going concern basis in aeeordance with the provisions of Seciion IA 'Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in ihe UK and Republic of Ireland". the Companies Act 2006 and the Charities C￿￿ Flowstotement In the opinion of the Trustees the group qualifies &s a small group and accordingly a cash flow stat¢ment is not required. Depréciotion Depreciation is calculated to write down the COSL less estimated residual value. of all tangible fixed assets, which comprise. in the company's and group accounts, only equipment used to support museum operations over their eXp￿ted useful lives. The rates generally applicable are: Workshop Plant and machinerylDiesel house iny)rovements Office equipment Furniture Steam locomotive straight line over 50 years straight line over 10 years 330/0 reducing balance basis straight lin¢ ov¢r 10 years strai8hi line over 30 years Investments Investments are in¢luded at cost less amouuis written off. Profil or losses arising from disp05als of fixed asset investments are treated as pan of the resuli from ordinary activilies. Stocks Stocks and work in progress are valued at the lower of cost and net realisable value. after making due allowance for obsol¢t¢ and slow moving items. Limited Liability The company is limited by guaTantee and does not have a share capital. Page 13 THE KEW BRIDGE KNGINES TRUST AND WATER SUPPLY MUSEUM LTD (tr2ding 25 "London Museum of Water & Steam") NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 3 Operating (Defi¢itySurplus The operating (DefititySurplu$ is stAted after eharging or 2024 2023 Group Amounts payable to the auditors in respect of audit services Depreciation 3.940 9,988 3.510 8.356 Company 2024 2023 Amounis payable io the auditors in respeci of audit services Depreciation 3.940 9.988 3.510 8.356 4 Donations bequests and Gran¢s DesI￿ated Funds 2024 Restricted Unrestricted Funds Fund5 2024 Tolal Total 2024 2024 2023 Public Authorities Private Donations 125273 111,448 125.273 160,619 48.305 110,371 49,171 236,721 49.171 285,892 158,676 S Trustees. Remuneration and Benefits During the year no Trusiee received remuneration (2023 - zero) Trustees. Expenses During ihe year £nil (2023 - zero) wa5 paid to trustees for expenses incurred on behalf of the charity. 6 Staff Costs and Numbers 2024 2023 Salaries and wages Social security costs Pension costs 211,755 13.442 14.587 148.969 5.352 10.693 239,784 165.014 The average Dumber of staff employed was 10 (2023 - 11). No employees received emoluments in excess of £60,OCKI. Page 14 THE KEW BRIDGE ENGINES TRUST AND WATER SUPPLY MUSEUM LTD (trading •5 '[￿nd￿n Museum of Water & Stexm") NOTES TO THE FINANCIAL STATEME.YTS FOR THE YEAR ENDED 31 DECEMBER 2024 7 Tangible Fixed Assets Croup And C•mpAny Leasehold Steam locomtive Plant and FumiDJre & machine rittin Computer ui Clfwd COST: At l January 2024 Additions 82.399 58.512 33,794 46.696 36.644 307 258.045 307 Ai 31 December 2024 82,399 58.512 33.794 46.696 36,951 258.J52 DEPRECIATION: Ai l January 2024 Charge for year 74.341 1.298 28,fA 1.950 33.144 626 42.343 1.407 28,601 4.707 207.033 9,988 At 31 December 2024 75.639 30.554 33.770 43.750 33.308 217.021 NET BOOK VALUE: At 3 1 December 2024 6.760 27.958 24 2.946 3.643 41J31 Ai 31 December 2023 8,058 29.9)8 650 4,353 8.043 51,012 Heritsge Blfwd COST: At l January 2024 Addiiions 258.045 307 4,420 262.465 307 At 31 December 2024 258,352 4,420 262,772 DEPRECIATRON: At l January 2024 Charge for year 207,033 9,988 207.033 9.988 At 31 December 2024 217.021 217.021 NET BOOK VALUE: At 31 December 2024 41.331 4,420 45.751 At 31 December 2023 51.012 4.420 55,432 Page 15 THE KEW BRJDCE ENCINES TRUST AND WA TER SUPPLY MUSEUM LTD (trading 11$ 'I￿nd￿n Musewm ol Water & Ste*m"> NOTES TOTHE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 8 Fixed Asset Inve5tments- Company Group Undertaking Ai l January 2024 and 31 Dettmber 2024 100.100 et Book v￿lle At 31 D￿ernber 2024 100,100 At 31 December 2023 100.100 Detsils of group undertakings at the balance sheet d* are as follows: CDuntry of Registr#tiott (or Incorporation) Class Proportion Nature of d Operation of Sb*re Held Business Net Def￿￿( for ihe Year Total net Liabilities Name His￿riC Steam England Limiied Ordinary I shares Trading activities (145.737) of the museum at Kew Bridge Pumping Ststion (7,757) 9 Debtors- Group 2024 2023 Trade debtors Other d¢biors 6,742 30.553 5,070 20.560 37.295 25,630 Debtors- CompAny 2024 2023 Amount due from subsidiary Trade debiors Other debwrs 149.894 6,742 30,553 143,980 5,070 20.560 187,189 169,610 Page 16 THE KEW BRIDGE ENGINES TRUST AND WATER SUPPLY MUSEUM LTD (Irading as -London Museum of Water & Sieam") NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 10 Credl¢ors- Group Amounts falllng due wlihin one yt8r 2024 2023 Trade creditors Taxes and Social Security Accruals 4.659 4.868 14,766 32.207 5,052 8.410 24,293 45.669 Credltors- Compaoy Amounts f4lling due within one year 2024 2023 Trade creditors Taxes and Social Security Accruals 4.659 4,868 14.766 32,207 5,052 8.410 24,293 45,669 Page 17 THE KEW BRIDGE ENGINES TRUST AND WATER SUPPLY MUSEUM LTD {trAding as "London Museum of Water & Steam") NOTES TO THE FtNANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 I l Restricted Funds Balance 01101124 Grantsllncorne EXpendi￿re Received IncU￿£d Trdll5fers between nds Balance 31112124 Colleetlon$ Fuhd {448) 448 WaddoD 3.436 (530) 2,906 Water Conservatorslsehool Burs*ries 4,480 (1,060) 3.420 Wild Play G*rdenlLondon Borough of Hounslow 997 997 STEAM Explorers Clublwater Conservation Trust 412 3.700 (2.858) ,254 Steam Plant." engines & related planl 50.455 (10.207) 40.248 Steaming Into Sustaingbility (30.534) 125.273 (110.151) (15,412) LBH Thriving Communities 25.932 25,932 UCL Hack2thon 500 500 Volunteer Fund 1.250 (120) 1,130 Engine House Projeets 104.698 (4,873) 99,825 Climate Action Grant 1.800 (2.000) (200) 55.230 236.721 131,799) 448 160,600 Page 18 THE KEW BRIDGE ENGINES TRUST AND WATER SUPPLY MUSEUM LTI) (trading as "London Museum of Water & Steam") NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 12 Deslgna¢ed Funds Balance Income Receivedl DesI￿ated Expenditure Transfers between Balan¢¢ 01101124 incurred 31112124 Tower fund Closedown Costs 50,(M)O 50,000 Archive Software {3,480} 3,480 47.231 3,480 50.711 13 Analysis of Net Assets between funds 2024 Tolal 2023 Total Restricted Designated Unrestricted Tangible fixed asseis Current assets Creditor5 45.751 55.711 (24293) 45,751 267.022 (24,293) 55,432 190,574 (45,672) 160.6 50.71 160.6Crf) 50,711 77,169 288,480 200,334 14 Individual st*tetnent of ¢omprehenslve income As pemiitted by Section 408 of the Companies Act 2006. the Income Sthtement of the parent company is noi presented as paTt of these financial statements. 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