COMPANY REGISTRATION NUMBER: 01792482 CHARI￿ REGISTRATION NUMBER: 288655 The Wandle Industrial Museum Company Limited by Guarantee Unaudited Financial Statements 31 March 2023 Iiiilliiiii •ACIUQAPV' 21112Q023 COMPANIES HOUSE A27 #313 The Wandle Industrial Museum Company Limited by Guarantee Financial Ststements Year ended 31 March 2023 Page Trustees, annual report (incorporating the directo¢s report) Independenl examiner's report to the trustees Statement of financial activities (including income and expenditure account) Statement of financial position Notes to the financial statements The Wandle Industrial Museum Company Limited by Guarantee Trustses. Annual Report (Incorporating the Director's Report) Year ended 31 March 2023 The trustees, who are also the directors for the purposes of company law. present their report and the unaudited financial ststemenls of the charity for the year ended 31 March 2023. Reference and adrnini$tAtivè details Registered charity narne The Wandle Industrial Museum Charity registration number 288655 Company registration number 01792482 Principal office and r•gistgr•d Suite 14. Zeal House office 8. Deer Park Road London SW19 3GY The tru$tses Father D Pennells MrNDHart Mr J N Hawks Mr J Harding Company ¥oGrgtary MrNDHart Accountants Axis Accountants Ltd Tlas Mitchell Rodngues &.Co Chartered aecountsnt Suite 14. Zeal House, 8, t)eer Park Road London SW19 3GY The Wandle Industrial Museum Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (continued) Year ended 31 March 2023 structure. governance and management INTRODUCTION The Wandle Induslrial Mijseum ts an indeFendenty govemed museum registered as a charity. 11 was founded in 1983 by a group of volunteers and was successful in its initsal aim of preventing the demolition of an historic riverside factory complex in Merton. South London. In its formative years it was nded by the Manpower Services Commission. Ifs aim5 and objectives are being updated conhnually to meet the need$ 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 Ofganisational stnjcture introduced in 2014115 is such that the duty of administering the Tnjst Ilhe company) is vested in the Trustees named herein. with day lo day organisalion handled by an operations team. The Organisalion exists lo enhance the a￿Enity value of the Wandle Valley environment by collecting. preserving. restoring. demon5trab"ng. and interpreting it's industrial heritage for the public benefi( educatt.on and enjoyment. FINANCIAL CONTROLS The Museum operates a Financial Control Policy with aSK￿lated Pr(¢edu￿. INVESTMENT POWERS AND RESTRICTIONS Governed by the Memorandum of Associab"on of The Wandle Industrial Museum The Wandle Industrial Museum Company Limited by Guarante• Trustees. Annual Report (Incorporating the Director's Report) (cpnlinu¢dJ Year ended 31 March 2023 Objectives and activities OBJECTIVES OF THE WANDLE INDUSTRIAL MUSEUM LIMITED It aims lo raise awareness through education lo prOff￿te scvènbfic understanding and seeks to involve the local community, students and special inleresl groups. 11 will provide and promote access lo the widest possible public. It also aims lo promote community pride in the Wandle Valley. REVIEW OF DEVELOPMENTS, ACTIVITIES AND ACHIEVEMENTS The Chaim)an's annual Stateff￿nt detsils the Museum's devebpments. activities and achievements. Progress has been made. and contsnues to be made, in obtaining donations. sponsorship fees. subscriptions and legacies to encourage and lmpleff￿nI vartous projects. ANY OTHER MAThERS AS DESCRIBED The Wandle Industrial Museum has been successfvl in renewing museum xcreditation which is a national scheme lo maintain excellence in Museums and is now run by the Arts Council of England. The Museum has also been Certified as achieving the "Invesbng in Volunteers. stsndard in the Wandle Valley - now the nabonal standard. Strategic report The folbwing sections for a¢hEvements and performan¢e and finanaal ￿VIeW form the strategic report of the ¢harity. Achievements and performance Financial review During the year lotsl income amounted lo £32,672. Expenditure on Charitabk Activities amounted lo £30,289, details of which are shown in note 5,6,7 and 8 The trustees, annual report and the strategic report were approved on 11 October 2023 and signed on behalf of the board of trustees by.. Father O Pennells Chair of Trustees The Wandle Industrial Museum Company Limited by Guarantee Independent Examiner's Report to the Trustees of The Wandle Industrial Museum Year ended 31 March 2023 I report to the truslees on my examination of the accounts of the above charity ("the Trust") for the year ended 31 March 2023 Responsibililies and basis of report As the Charity's trustees. you are responsible for the preparation of the accounts in accordan￿ with the requirements of the Charities Act 2011 1.the Act"). I report in respect of my examination of the Trust's accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. Independent examinerfs statement I have completed my examination. - I confirm that no material matters have come to my attention in connection with the examination (other than that disclosed below ") which gives me cause to believe that in. any material resped: the accounting records We￿ not kept in accordance with sectM)n 130 of the Charities Act: or the accounts did not accord with the accounting records" or the accounts did not comply with the applicable requirements Con￿rning the fomi and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fairf view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understsnding of the accounts to be reached. The Wandle Industrial Museum Company Limited by Guarantee Independent Examinerfs Report to the Trustees of The Wandle Industrial Museum (continued) Year ended 31 March 2023 AXIS ACCOUNTANTS LTD Charteretj Certffied Accountants & Registered Auditors Suite 14, Zeal Hwse. 8. Deer Park Road London SW19 3GY ID¥3 The Wandle Industrial Museum Company Limited by Guarantee Ststsment of Financial Activities (including income and expenditure account) 31 March 2023 2023 Restricted fund5 Total funds Total funds 2022 Unrestricted nds Income and endowments Donations and legacies Other trading acb"vilies Investment income 30.391 2.210 71 30,391 1210 71 29.304 893 Total income 32.672 32.672 30,199 Expenditure Expenditure on raising funds". Costs of other trading xtNit Total expenditure 130,2891 130.289) (30,289) 130.289 128.082} 128,082} Net income and net movement in funds 2.383 2.383 2.117 Reconciliation of funds Total funds brought fonvard Total funds carried forward 34,955 11.799 46.754 44.637 37.338 11.799 49,137 46,754 The stalemenl of financial activrties indude5 all gains and1055es recggnised in the year. All income and expenditure derive from conb"nuing thities. Thè notés on pages 9 to 14 fomi part of these financial ststements. The Wandle Industrial Museum Company Limited by Guarantee ststement of Financial Position 31 Ma￿h 2023 2023 2022 Flxed assets Tangible fixed assets 10 496 662 Current assets Stocks Cash at bank and in hand 11 4,464 43,831 46,372 50,836 48,295 Cfedltots: amounts falling due within one year Ngt ¢urrent assets 12 2,203 2,203 48,633 46,092 Total assets less current Ilabllltles 49.129 46,754 46,754 Net assets 49,129 Funds of the charlty. Restricted funds UnreslTiCted funds 11,799 37,338 11,799 34.955 Total unrestricted fund$ 37.338 34,955 Total charity funds 13 49,137 46,754 For the year ending 31 March 2023 the charity was entr.ued to exemption from audrt under section 477 of the Cor￿anieS Acl 2006 relating to small companEs. Trustees responsibilib"es'. The members have not required the charity to obtain an audit of its financial statements for the year in questi￿ in accordance with section 476". The trustees acknowledge their responsibilities for complying with the requirements of the Act with respect lo accounting re￿rdS and the preparation of financial statements. These finan¢ial statements were approved by the tM)ard of trustees and authorised for issue on 11 Oct 2023 and are signed on behalf of the board by-. Father D Pennells Chair of Trustees COMPANY REGISTRATION NUMBER: 01792482 The notes on pages 9 to 14 forni part of these financial statemenls. The Wandle Industrial Museum Company Limited by Guarantee Statement of Cash Flows Year ended 31 March 2023 2023 2022 Cash Ilows from operating activlties Nel income 2,375 2,117 Adjustments for.. Depreciation of tsngible fixed assets Other interest receNable and similar incoff Interest payable and similar charges 221 121 278 171 389 Changes in.. SlcKks 1267) 2,347 Cash generated from oF¢fat￿lS 2,859 Interest paid Interest received 13891 71 1278) Net cash from operating acb"vitr"es 2,$41 2,071 Net increase in ¢ash and cash equivalents Cash and cash oquivalents at beginning of y¢ar Cash and cash equlvalents at end of year 2,541 43.831 2,071 41,760 46,372 43,831 The notss on pages 9 to 14 forni part of these financial statem•nts. The Wandle Industrial Museum Company Limited by Guarantee Notes to the Financial Statements Year ended 31 March 2023 General infomwtion The charity is a private company limiled by guarantee. registered in England and Wales and a registered charity In England and Wales. The address of the registered office is Suite 14, Zeal House. 8, Deer Park Road, London. SW19 3GY. Statement of compliance These financial statements have been prepared in complian¢e wrth FRS 102, 'The Financial Reporting Stsndard applicable in the UK and Ihe Republ￿ of Ireland.. the Statement of Recommended Practice applicable to charitses preparing their accounts in accordance with the Financial Reporting Standard appluble in the UK and Republic of Ireland IFRS 1021 {Charilies SORP IFRS 102)} and the Charities Act 2011_ Accounting policies Basis of preparation The finanaal statements have been prepa￿d on the historical cost basis, as modified by the revaluation of Certain financial assets and liabilities and inveslment propert￿$ measured at fair value through income or expenorture. The financial siatemenls are prepared in sterling. which rs the fvnctional ￿ffenCY of the entsty. Going concom There are no matèrial uneértairtties about the charity's ability to continue. Fund accounting Unrestricted fvnds are available for use at the dixfeti￿ of the trustees to further any of the charity's purposes. Designated funds are unrestricted funds earmarked by the trustees for parts"cular fijture project or commitment. Restricted fLtnds are subjected lo restrictions on their eX￿ndItUre declared by the donor or through the terms of an appeal. and fall into one of tsvo sutKlas5es.' reStr￿ted income fvnds or endowment funds. The Wandle Industrial Museum Company Limited by Guarantee Notes to the Financial Statements (continwdj Year ended 31 March 2023 Accounting policies fconiiftued) Incoming resources All incoming resources are included in the stslemenl of financial actNlties when enlillemenl has passed to the charity., it is probable that the economtc benefits associated with the transactior) will flow to the charity and the amount can be reliabEy measured. The following Specific policies are applied to path'cular categor￿5 of income.. income from donat￿15 or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and ts amount can be measured reliabty. legacy income is recognised when r￿lpt is probable and entiuement is established. incorne from donated goods is ffeasured al the fair value of the goods unless this is impractical lo measure reliably. in which case the value is derived from the cost lo 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. income from contracts for the supply of services is recogni5ed with the delivery of the contracted serv￿e. This is classified as unre5tr¢ted funds unless there 6 a contractual requirement for it to be spent on 8 particular purpose and returned if unspent, in which case it may be regarded as restncted. Resources expended Expenditure is recognised on an xcruals basis as a liabilty is incurred. Expenditure includes any VAT which cannot be ful￿ recovered. and is classified u￿ler headings of the statement of financial actNlties lo wh￿h il relates.. expenditure on raising hjnds includes the costs of all fundraising ath"vitEs. events, nonsses. -10- The Wandle Industrial Museum Company Limited by Guarantee Notes to the Financial Ststements (eontinued) Year ended 31 March 2023 Accounting policies (conlinuvd) Tangible assets (conts"nu•dJ 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 impairrnenl that ha5 previously been reeognised as expenditure within the statement of financial aclivilies. A decrease in the carrying amount of an asset as a ￿sU11 of revaluation. is recognised in other recognised gains and losses, except to which il offsets any p￿ViouS revaluation gain, in which case the Ioss Is Shown within other recognised gains and losses on the stslement of financial activities. Depreciation Depreciation is calculated $0 as to write off the cost or valuab'on of an asset. less its residual value, over the useful economic life of that assel as follows". Fixtures. Fittings & Equipment 25% reducing balance Stocks Stocks are ffEasured at the lower of cost and eslimaled Selling price less costs to complete and sell. Cost includes all costs of purchase. cos15 Qf conversion and other costs incurred in bringing the stock to its present I0￿￿"0n and Condition. Financial instruments A financial asset or a financial liabilty is recognised onty when the charity becomes a paty lo the contractual provisions of the inslnjment Basic financial instruments a￿ initialty recognised at the amount receNable or payable including any related transaction costs. Current assets and current liabilities are subsequenlty ThEasured * the cash or other conS￿eration expected to be paid or received and not discounted Debt instruments are 5ubsequenYy measured at amortised cost. ere inve5trnenls in share5 are publicly traded or their fair value can otherwise be measured reliably. the inveslrnent is subsequently measured at fair value wf(h changes in fair value recognised in income and expendiiure. All other such investments are subsequently ff￿asured at osl ￿55 irnpairrrent. Other financial instruments. In¢luding derivatives, are initi'alty recognised at fair value, unless payment for an asset 15 deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is rnea5ured at the present value of the futu payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured al fair value. with any changes recognised in the stslement of financial acbvities, with the exception of hedging Instrumenls in a designated hedging relationship. 11 The Wandle Industrial Museum Company Limited by Guarantee Notes to the Financial Statements {conth Year ended 31 March 2023 Accounting pollcies (c¢wrflnuedJ Financial instruments fcontinue Financial assets that are measured at cost or am0￿5ed cost are revEwed for obje¢b've evidence of impairment at the end of each reporting dale. If Ihere Is objective evidence of impairment. an impairment loss is recognised under the appropriate heading in the statement of financial activities in wh￿h the initial gain was rect>Jnised. For all equity instruments regardless of significance. and other financial assets that are individually significant. these are assessed individually for irnpaimient. Other financial assets are either assessed individualty or grouped on the basis of similar credit risk charactenslies. Any reversals of impaimEnt a￿ recognised imffediaiely. to the exlent 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 impaimient not p￿vioUSlY been fec&Jnised. Llmlted by guarantee The charity is a company limited by guarantee. Donations and legaties Unrestr￿ted Total Funds unrestn.cled Tolal Funds Funds 2023 Fund5 2022 Donations Membership fees & donations 827 827 Grants Grants 29.387 29,387 30.391 28,477 28.477 30.391 29,304 29,304 Other trading activltles Unrestrthd Total Funds unresth.cled Totsl Fund$ Funds 2023 Fund5 2022 Sales & admiSS￿n5 Chnslmas lunch Open days 322 322 332 260 301 332 260 301 1.888 2.210 1,888 2,210 893 893 Investment income UnreStr￿ted Totsl Funds Un￿StriCted Total Funds Funds 2023 Funds 2022 Bank interest ￿¢￿Vable 71 71 -12- The Wandle Industrial Museum Company Limited by Guarantee Notss to the Financial Ststements (coftiTftuedJ Year ended 31 March 2023 Costs of other Irading activities Unrestricted Total Funds Unrestricted Total Funds Funds 2023 Funds 2022 Opening stock Purchases Closing stock Rent Insuran Postsge. printing & stationery Accountancy fees Telephone Sundries Depreciatson Christmas dinner subscript￿ns Filing fee 4.197 301 14,4641 23.507 774 599 660 659 932 221 278 406 12 4,197 301 14.4641 23,507 774 599 660 659 932 221 278 406 12 2,420 14.4641 23.507 779 61 2,420 14.4641 23.507 779 61 660 777 1,211 165 381 317 11 777 1.211 165 381 317 30.289 30.289 28,082 28,082 Not income Net income is ststed after charginglleredth"ngi'. 2023 2022 Dep￿latIOn of tsngible fixed assets 166 221 10. T•ngiblo fixèd assets Flxtures and rittin9S At 1 Apr 2022 ond 31 Mar 2023 Depreciation At l April 2022 Charge for the year At 31 March 2023 9,501 8.839 166 9.005 Carrying amount At 31 March 2023 496 At 31 March 2022 662 11. Stocks 2023 2022 Raw materials and consumables 4.464 4,464 -13- The Wandle Industrial Museum Company Limited by Guarantee Notss to the Financial Statements (c¢7nbnuedJ Year ended 31 March 2023 12. Crnditors: amounts falling due within one year 2023 2022 Accruals and defe￿ed income Other creditors 703 1,500 2,203 703 1,500 2.203 13. Analysis of charilable funds Unreslricted funds At 1 April 2022 Al Inconp Expenditu￿ 31 March 2023 Un￿striCted Fund 34.955 32,672 130.2891 37.338 Restri¢ted funds At 1 April 2022 At Income Expenditure 31 March 2023 Restn"cted Fund 11.799 11.799 14. Independent examinatlon fees 2023 2022 Fees payable to the independent examiner for. Independent examinats'on of the financial ststements -14-