COMPANY REGISTRATION NUMBER: 01792482
CHARITY REGISTRATION NUMBER: 288655
The Wandle Industrial Museum Company Limited by Guarantee Unaudited Financial Statements
31 March 2021
The Wandle Industrial Museum
Company Limited by Guarantee
Financial Statements
Year ended 31 March 2021
| Page | |
|---|---|
| Trustees' annual report (incorporating the director's report) | 1 |
| Independent examiner's report to the trustees | 4 |
| Statement of financial activities (including income and | |
| expenditure account) | 6 |
| Statement of financial position | 7 |
| Notes to the financial statements | 9 |
The Wandle Industrial Museum
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report)
Year ended 31 March 2021
The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 31 March 2021.
Reference and administrative details
Registered charity name The Wandle Industrial Museum Charity registration number 288655 Company registration number 01792482 Principal office and registered Suite 14, Zeal House office 8, Deer Park Road London SW19 3GY
The trustees
Father D Pennells Mr N D Hart Mr J N Hawks
Company secretary
Company secretary Mr N D Hart Accountants Axis Accountants Ltd T/as Mitchell Rodrigues & Co Chartered Certified Accountants Suite 14, Zeal House, 8, Deer Park Road London SW19 3GY
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The Wandle Industrial Museum
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 31 March 2021
Structure, governance and management
INTRODUCTION
The Wandle Industrial Museum is an independently governed museum registered as a charity. It was founded in 1983 by a group of volunteers and was successful in its initial aim of preventing the demolition of an historic riverside factory complex in Merton, South London. In its formative years it was funded by the Manpower Services Commission. It's aims and objectives are being updated continually to meet the needs of the Community.
LEGAL STATUS
The name of the company is The Wandle Industrial Museum Company Registration Number 01792482 Company limited by guarantee and not having a share capital Charity Number 288655
ORGANISATION
The Museum's organisational structure introduced in 2014/15 is such that the duty of administering the Trust (the company) is vested in the Trustees named herein, with day to day organisation handled by an operations team. The Organisation exists to enhance the amenity value of the Wandle Valley environment by collecting, preserving, restoring, demonstrating, and interpreting it's industrial heritage for the public benefit, education and enjoyment.
FINANCIAL CONTROLS
The Museum operates a Financial Control Policy with associated Procedures.
INVESTMENT POWERS AND RESTRICTIONS
Governed by the Memorandum of Association of The Wandle Industrial Museum
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The Wandle Industrial Museum Company Llmlted by Guarantee Trustees. Annual Report {Incorporating the Director's Report) f¢4)nthiuedl Year ended 31 March 2021 Objectives and activities OBJECTIVES OF THE WANOLE INDUSTRIAL MUSEUM LIMITED 11 aims lo raise aw8reness ihrough education lo promote scnlific urKJerstanding 8¢KI seeks lo involve the local comrnltnrty. students and spec1 lniere gioups. It will pr¢vKJe and promote access lo the widesi possible public It also aims lo promote community pThJe In the Wandb Valley. REVIEW OF DEVELOPMENTS, ACTIVITIES AND ACHIEVEMENTS The Chaiman's annu81 statement det•ls the Museums de4lowMnls. adMtie5 arwj aGhievemenls. Pfl)3res5 has t*en made. and Continues io be made. In obtalning donallons. sponsotship fees. Subscripiions and wjle5 to encou(age and Implemeni v8rnUS prqeas. ANY OTHER MAThERS AS DESCRIBED The Wandle Induslrial Museum has been surThssful in renewirYJ rt's museum accredilaiion until Seplember 2022 which a natne1 scheme to maintain ex(%llenr£ In museums 8ThJ ts now run by the Arts Council ol Engkind. The Museum has also been certified a5 athievin9 Ihe "Investing in Volunteers" sland4rd in the W8ndle Valey - the natn91Staa8[d. Sirategic report The following sections for achievements 9Th1 perfoman¢8 and fmancial leeW form the strate9C report of the charrty. A¢hievem¢niS and p•rfomi•n¢• Flnanclal revlew During the year lolal income amounted lo £28.207 Expertdilure on Charilabbe Aclivilies amounted lo £26,716, details of whkh are shown in note 9 The Iruslees. annual report and the stfale9ic report were approved on on behalf ol ihe board ol Irusièes by.. nd Siyne Father D Pen Trustee
The Wandle Industrial Museum
Company Limited by Guarantee
Independent Examiner's Report to the Trustees of The Wandle Industrial Museum
Year ended 31 March 2021
I report on the financial statements for the year ended 31 March 2021, which comprise the statement of financial activities (including income and expenditure account), statement of financial position, statement of cash flows and the related notes.
Respective responsibilities of trustees and examiner
The trustees (who are also the directors of the company for the purposes of company law) are responsible for the preparation of the financial statements. The trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility to:
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examine the accounts under section 145 of the 2011 Act;
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to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
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to state whether particular matters have come to my attention.
Basis of independent examiner's report
My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a 'true and fair view' and the report is limited to those matters set out in the next statement.
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The Wandle Industrial Museum
Company Limited by Guarantee
Independent Examiner's Report to the Trustees of The Wandle Industrial
Museum (continued)
Year ended 31 March 2021
Independent examiner's statement
In connection with my examination, no matter has come to my attention:
(1) which gives me reasonable cause to believe that in any material respect the requirements:
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to keep accounting records in accordance with section 386 of the Companies Act 2006, and
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to prepare accounts which accord with the accounting records, comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the Statement of Recommended Practice: Accounting and Reporting by Charities
have not been met, or
(2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
AXIS ACCOUNTANTS LTD T/AS MITCHELL RODRIGUES & CO Chartered Certified Accountants
Suite 14, Zeal House, 8, Deer Park Road London SW19 3GY
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The Wandle Industrial Museum
Company Limited by Guarantee
Statement of Financial Activities (including income and expenditure account)
31 March 2021
| 31 | March 2021 | ||||
|---|---|---|---|---|---|
| 2021 | 2020 | ||||
| Unrestricted | Restricted | ||||
| funds | funds | Total funds | Total funds | ||
| Note | £ | £ | £ | £ | |
| Income and endowments | |||||
| Donations and legacies | 5 | 28,136 | – | 28,136 | 29,304 |
| Other trading activities | 6 | 64 | – | 64 | 1,598 |
| Investment income | 7 | 7 | – | 7 | 33 |
| ──────── | ──── | ──────── | ──────── | ||
| Total income | 28,207 | – | 28,207 | 30,935 | |
| ════════ | ════ | ════════ | ════════ | ||
| Expenditure | |||||
| Expenditure on raising funds: | |||||
| Costs of other trading activities | 8 | (26,716) | – | (26,716) | (27,883) |
| ──────── | ──── | ──────── | ──────── | ||
| Total expenditure | (26,716) | – | (26,716) | (27,883) | |
| ════════ | ════ | ════════ | ════════ | ||
| ──────── | ──── | ──────── | ──────── | ||
| Net income and net movement in funds | 1,491 | – | 1,491 | 3,052 | |
| ════════ | ════ | ════════ | ════════ | ||
| Reconciliation of funds | |||||
| Total funds brought forward | 31,347 | 11,799 | 43,146 | 40,094 | |
| ──────── | ──────── | ──────── | ──────── | ||
| Total funds carried forward | 32,838 | 11,799 | 44,637 | 43,146 | |
| ════════ | ════════ | ════════ | ════════ |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 9 to 14 form part of these financial statements.
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The Wandle Industrlal Museum Company Limited by Guarantee Statement of Financial Position 31 March 2021 2021 2020 Fixed assets Tangible fixed assets 883 1,177 CUTnt asseis Siocks Cash al bank and in hand 12 4.197 41,760 4.299 39.873 45,957 44,172 Credltors: amounls lalling due within one year Net current assets 13 2.203 2.203 43,754 41.969 Total assets l•ss current liabiliti•s 44,637 43.146 N•t ass•ts 44.637 43.146 Funds of the charlty Restriued funds Unreslncled funds 11,799 32,838 11,799 31,347 Total Unrestr1¢t funds 32,838 31.347 Total charily fund$ 14 44,637 43.146 For the year endirrfJ 31 Mar¢h 2021 the Chgrbly was enlilled lo extmpiion from audit under seclitsn 477 of Ihe Companies Act 2006 rel8liro lo small companies. Trusiees respon5ibilrtie5'. The members h•ve not oquir¢d Ihe ch8ffiy lo oblain 8n audit of ils financio151alem8nls for the year in question in accoryjance wilh section 476: The Iruslees aGknowledge Iheir fesF)onsibilrties for CMPlyINj with the requirements of Ihe Act wmh respect lo accounting recor(Is and Ihe preparallon of flnancial siaièmonts. The Clal laiemenls were approved by the b08rd ol Iruslees 8nd 8uthofised lor issue on and are SKJned on b8haM ol the board by". Father D Tnj ennelL8 The natu on p9•# 9 to 14 frjrrn p•rt ol thew fin•nci •tatemÈnts.
The Wandle Industrial Museum
Company Limited by Guarantee
Statement of Cash Flows
Year ended 31 March 2021
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Cash flows from operating activities | ||
| Net income | 1,491 | 3,052 |
| Adjustments for: | ||
| Depreciation of tangible fixed assets | 294 | 392 |
| Other interest receivable and similar income | (7) | (33) |
| Interest payable and similar charges | – | 350 |
| Changes in: | ||
| Stocks | 102 | – |
| ─────── | ─────── | |
| Cash generated from operations | 1,880 | 3,761 |
| Interest paid | – | (350) |
| Interest received | 7 | 33 |
| ─────── | ─────── | |
| Net cash from operating activities | 1,887 | 3,444 |
| ═══════ | ═══════ | |
| Cash flows from investing activities | ||
| Purchase of tangible assets | – | (589) |
| ─────── | ─────── | |
| Net cash used in investing activities | – | (589) |
| ═══════ | ═══════ | |
| Net increase in cash and cash equivalents | 1,887 | 2,855 |
| Cash and cash equivalents at beginning of year | 39,873 | 37,018 |
| ──────── | ──────── | |
| Cash and cash equivalents at end of year | 41,760 ════════ |
39,873 ════════ |
The notes on pages 9 to 14 form part of these financial statements.
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The Wandle Industrial Museum
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 31 March 2021
1. General information
The charity is a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is Suite 14, Zeal House, 8, Deer Park Road, London, SW19 3GY.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Charities Act 2011.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no material uncertainties about the charity's ability to continue.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.
Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.
Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
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The Wandle Industrial Museum
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 March 2021
3. Accounting policies (continued)
Incoming resources
All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:
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income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
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legacy income is recognised when receipt is probable and entitlement is established.
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income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers.
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income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
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expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods.
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expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
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other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
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The Wandle Industrial Museum
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 March 2021
3. Accounting policies (continued)
Tangible assets (continued)
An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures, Fittings & Equipment - 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs.
Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.
Debt instruments are subsequently measured at amortised cost.
Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment.
Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship.
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The Wandle Industrial Museum
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 March 2021
3. Accounting policies (continued)
Financial instruments (continued)
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised.
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Limited by guarantee
The charity is a company limited by guarantee.
5. Donations and legacies
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2021 | Funds | 2020 | |
| £ | £ | £ | £ | |
| Donations | ||||
| Membership fees & donations | 419 | 419 | 1,647 | 1,647 |
| Grants | ||||
| Grants | 27,717 | 27,717 | 27,657 | 27,657 |
| ──────── | ──────── | ──────── | ──────── | |
| 28,136 | 28,136 | 29,304 | 29,304 | |
| ════════ | ════════ | ════════ | ════════ |
6. Other trading activities
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2021 | Funds | 2020 | |
| £ | £ | £ | £ | |
| Fundraising events | – | – | 196 | 196 |
| Sales & admissions | 64 | 64 | 267 | 267 |
| Visits & Talks | – | – | 805 | 805 |
| Christmas lunch | – | – | 330 | 330 |
| ──── | ──── | ─────── | ─────── | |
| 64 | 64 | 1,598 | 1,598 | |
| ════ | ════ | ═══════ | ═══════ | |
| Investment income | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
| Funds | 2021 | Funds | 2020 | |
| £ | £ | £ | £ | |
| Bank interest receivable | 7 | 7 | 33 | 33 |
| ════ | ════ | ════ | ════ |
7. Investment income
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The Wandle Industrial Museum
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 March 2021
8. Costs of other trading activities
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
|---|---|---|---|---|---|
| Funds | 2021 | Funds | 2020 | ||
| £ | £ | £ | £ | ||
| Opening stock | 4,299 | 4,299 | 4,299 | 4,299 | |
| Purchases | 318 | 318 | 448 | 448 | |
| Closing stock | (4,197) | (4,197) | (4,299) | (4,299) | |
| Rent | 23,507 | 23,507 | 23,507 | 23,507 | |
| Insurance | 730 | 730 | 717 | 717 | |
| Postage, printing & stationery | 157 | 157 | 167 | 167 | |
| Travel & subsistence | – | – | 171 | 171 | |
| Accountancy fees | 660 | 660 | 660 | 660 | |
| Telephone | 557 | 557 | 556 | 556 | |
| Booking Fees | – | – | 25 | 25 | |
| Sundries | 125 | 125 | 575 | 575 | |
| Depreciation | 294 | 294 | 392 | 392 | |
| Christmas dinner | – | – | 350 | 350 | |
| Subscriptions | 252 | 252 | 302 | 302 | |
| Filing fee | 14 | 14 | 13 | 13 | |
| ──────── | ──────── | ──────── | ──────── | ||
| 26,716 | 26,716 | 27,883 | 27,883 | ||
| ════════ | ════════ | ════════ | ════════ | ||
| 9. | Net income | ||||
| Net income is stated after charging/(crediting): | |||||
| 2021 | 2020 | ||||
| £ | £ | ||||
| Depreciation of tangible fixed assets | 294 | 392 | |||
| ════ | ════ | ||||
| 10. | Independent examination fees | ||||
| 2021 | 2020 | ||||
| £ | £ | ||||
| Fees payable to the independent examiner for: | |||||
| Independent examination of the financial | statements | 660 ════ |
660 ════ |
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The Wandle Industrial Museum
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 March 2021
11. Tangible fixed assets
| Fixtures and | ||
|---|---|---|
| fittings | ||
| £ | ||
| Cost | ||
| At 1 Apr 2020 and 31 Mar 2021 | 9,501 | |
| ═══════ | ||
| Depreciation | ||
| At 1 April 2020 | 8,324 | |
| Charge for the year | 294 | |
| ─────── | ||
| At 31 March 2021 | 8,618 | |
| ═══════ | ||
| Carrying amount | ||
| At 31 March 2021 | 883 | |
| ═══════ | ||
| At 31 March 2020 | 1,177 | |
| ═══════ | ||
| Stocks | ||
| 2021 | 2020 | |
| £ | £ | |
| Raw materials and consumables | 4,197 | 4,299 |
| ═══════ | ═══════ | |
| Creditors: amounts falling due within one year | ||
| 2021 | 2020 | |
| £ | £ | |
| Accruals and deferred income | 703 | 703 |
| Other creditors | 1,500 | 1,500 |
| ─────── | ─────── | |
| 2,203 | 2,203 |
|
| ═══════ | ═══════ |
12. Stocks
13. Creditors: amounts falling due within one year
14. Analysis of charitable funds
Unrestricted funds
| Unrestricted funds | |||||
|---|---|---|---|---|---|
| At | At | ||||
| 1 April 2020 | Income | Expenditure | 31 |
March 2021 | |
| £ | £ | £ | £ | ||
| Unrestricted Fund | 31,347 | 28,207 | (26,716) | 32,838 | |
| ════════ | ════════ | ════════ | ════════ | ||
| Restricted funds | |||||
| At | At | ||||
| 1 April 2020 | Income | Expenditure | 31 |
March 2021 | |
| £ | £ | £ | £ | ||
| Restricted Fund | 11,799 | – | – | 11,799 | |
| ════════ | ════ | ════ | ════════ |
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