COMPANY REGISTRATION NUMBER: 01792482 CHARITY REGISTRATION NUMBER: 288655
The Wandle Industrial Museum Company Limited by Guarantee Unaudited Financial Statements
31 March 2024
The Wandle Industrial Museum
Company Limited by Guarantee
Financial Statements
Year ended 31 March 2024
| Page | |
|---|---|
| Trustees' annual repor (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 2024
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 2024.
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 ND Hart Mr JN Hawks Mr J Harding
Company secretary Mr ND Hart
Accountants Axis Accountants Ltd T/as Mitchell Rodrigues & Co Chartered accountant 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 2024
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 Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 31 March 2024
Objectives and activities
OBJECTIVES OF THE WANDLE INDUSTRIAL MUSEUM LIMITED
It aims to raise awareness through education to promote scientific understanding and seeks to involve the local community, students and special interest groups. It will provide and promote access to the widest possible public. It also aims to promote community pride in the Wandle Valley.
REVIEW OF DEVELOPMENTS, ACTIVITIES AND ACHIEVEMENTS
The Chairman's annual statement details the Museum's developments, activities and achievements.
Progress has been made, and continues to be made, in obtaining donations, sponsorship fees, subscriptions and legacies to encourage and implement various projects.
ANY OTHER MATTERS AS DESCRIBED
The Wandle Industrial Museum has been successful in renewing it's museum accreditation until September 2020 which is a national scheme to maintain excellence in museums and is now run by the Arts Council of England. The Museum has also been certified as achieving the "Investing in Volunteers" standard in the Wandle Valley - now the national standard.
Strategic report
The following sections for achievements and performance and financial review form the strategic report of the charity.
Achievements and performance
The charity has continued to provide the excellent service to the community including talks to the adult organisations and classes to local school children.
Financial review
During the year total income amounted to £30,914 Expenditure on Charitable Activities amounted to £27,004, details of which are shown in note 5,6,7 and 8
The trustees' annual report and the strategic report were approved on 9 October 2024 and signed on behalf of the board of trustees by:
Father D Pennells Chair
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The Wandle Industrial Museum
Company Limited by Guarantee
Independent Examiner's Report to the Trustees of The Wandle Industrial Museum
Year ended 31 March 2024
I report to the trustees on my examination of the accounts of the above charity ("the Trust") for the year ended 31 March 2023
Responsibilities and basis of report
As the charity's trustees, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ("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 examiner's 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 respect:
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the accounting records were not kept in accordance with section 130 of the Charities Act; or
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the accounts did not accord with the accounting records; or
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the accounts did not comply with the applicable requirements concerning the form 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 fair' 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 understanding of the accounts to be reached.
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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 2024
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 2024
| 31 | March 2024 | ||||
|---|---|---|---|---|---|
| 2024 | 2023 | ||||
| Unrestricted | Restricted | ||||
| funds | funds | Total funds | Total funds | ||
| Note | £ | £ | £ | £ | |
| Income and endowments | |||||
| Donations and legacies | 5 | 28,839 | 28,839 | 30,391 | |
| Other trading activities | 6 | 1,856 | 1,856 | 2,210 | |
| Investment income | 219 | 219 | 71 | ||
| Total income | 30,914 | 30,914 | 32,672 | ||
| Expenditure | |||||
| Expenditure on raising funds: | |||||
| Costs of other trading activities | 8 | (27,004) | (27,004) | (30,297) | |
| Total expenditure | (27,004) | (27,004) | (30,297) | ||
| Net income and net movement in funds | 3,910 | 3,910 | 2,375 | ||
| Reconciliation of funds | |||||
| Total funds brought forard | 37,330 | 11,799 | 49,129 | 46,754 -- |
|
| Total funds carried forard | 41,240 | 11,799 | 53,039 | 49,129 |
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 Industrial Museum
Company Limited by Guarantee
Statement of Financial Position
31 March 2024
| 2024 | 2023 | |||
|---|---|---|---|---|
| £ | £ | £ | ||
| Fixed assets | ||||
| Tangible fixed assets | 11 | 372 | 496 | |
| Current assets | ||||
| Stocks | 12 | 4,464 | 4,464 | |
| Cash at bank and in hand | 50,427 | 46,372 | ||
| 54,891 | 50,836 | |||
| Creditors: amounts falling due within one year | 13 | 2,224 | 2,203 | |
| Net current assets | 52,667 | 48,633 | ||
| -- | -- | |||
| Total assets less current liabilities | 53,039 | 49,129 | ||
| Net assets | 53,039 | 49,129 | ||
| Funds of the charity | ||||
| Restricted funds | 11,799 | 11,799 | ||
| Unrestricted funds | 41,240 | 37,330 | ||
| Total unrestricted funds | 41,240 | 37,338 | ||
| Total charity funds | 14 | 53,039 | 49,129 |
For the year ending 31 March 2024 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Trustees responsibilities:
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The members have not required the charity to obtain an audit of its financial statements for the year in question in accordance with section 4 76;
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The trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the board of trustees and authorised for issue on 9 October 2024, and are signed on behalf of the board by:
Father D Pennells Trustee
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
Statement of Cash Flows
Year ended 31 March 2024
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Cash flows from operating activities | ||
| Net income | 3,910 | 2,375 |
| Adjustments for: | ||
| Depreciation of tangible fixed assets | 124 | 166 |
| Other interest receivable and similar income | (219) | (71) |
| Interest payable and similar charges | 373 | 389 |
| Accrued expenses | 21 | |
| Cash generated from operations | 4,209 | 2,859 |
| Interest paid | (373) | (389) |
| Interest received | 219 | 71 |
| Net cash from operating activities | 4,055 | 2,541 |
| Net increase in cash and cash equivalents | 4,055 | 2,541 |
| Cash and cash equivalents at beginning of year | 46,372 | 43,831 |
| -- | ||
| Cash and cash equivalents at end of year | 50,427 | 46,372 |
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 2024
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 2024
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 2024
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 2024
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
| Donations and legacies | ||||
|---|---|---|---|---|
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
| Funds | 2024 | Funds | 2023 | |
| £ | £ | £ | £ | |
| Donations | ||||
| Membership fees & donations | 812 | 812 | 1,004 | 1,004 |
| Grants | ||||
| Grants | 28,027 | 28,027 | 29,387 | 29,387 |
| 28,839 | 28,839 | 30,391 | 30,391 |
6. Other trading activities
| Other trading activities | ||||
|---|---|---|---|---|
| Un restrictedTotal Funds | Unrestricted | Total Funds | ||
| Funds | 2024 | Funds | 2023 | |
| £ | £ | £ | £ | |
| Sales & admissions | 823 | 823 | 322 | 322 |
| Talks & Walks | 1,033 | 1,033 | ||
| Open days | 1,888 | 1,888 | ||
| -- | ||||
| 1,856 | 1,856 | 2,210 | 2,210 | |
| Investment income | ||||
| UnrestrictedTotal Funds | Unrestricted | Total Funds | ||
| Funds | 2024 | Funds | 2023 | |
| £ | £ | £ | £ | |
| Bank interest receivable | 219 | 219 | 71 | 71 |
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 2024
8. Costs of other trading activities
| 8. | Costs of other trading activities | ||||
|---|---|---|---|---|---|
| UnrestrictedTotal Funds | Unrestricted | Total Funds | |||
| Funds | 2024 | Funds | 2023 | ||
| £ | £ | £ | £ | ||
| Opening stock | 4,464 | 4,464 | 4,464 | 4,464 | |
| Purchases | 205 | 205 | 2,420 | 2,420 | |
| Closing stock | (4,464) | (4,464) | (4,464) | (4,464) |
|
| Rent | 23,507 | 23,507 | 23,507 | 23,507 | |
| Insurance | 808 | 808 | 779 | 779 | |
| Postage, printing & stationer | 61 | 61 | |||
| Accountancy fees | 660 | 660 | 660 | 660 | |
| Telephone | 951 | 951 | 777 | 777 | |
| Sundries | 92 | 92 | 1,211 | 1,211 | |
| Depreciation | 124 | 124 | 165 | 165 | |
| Christmas dinner | 373 | 373 | 381 | 389 | |
| Subscriptions | 250 | 250 | 317 | 317 | |
| Filing fee | 34 | 34 | 11 | 11 | |
| 27,004 | 27,004 | 30,297 | 30,297 | ||
| 9. | Net income | ||||
| Net income is stated after charging/(crediting): | |||||
| 2024 | 2023 | ||||
| £ | £ | ||||
| Depreciation of tangible fixed assets | 124 | 166 | |||
| 10. | Independent examination fees | ||||
| 2024 | 2023 | ||||
| £ | £ | ||||
| Fees payable to the independent examiner for: | |||||
| Independent examination of the financial | statements | 660 | 660 | ||
| 11. | Tangible fixed assets | ||||
| Fixturesand | |||||
| fittings | |||||
| £ | |||||
| Cost | |||||
| At 1 Apr 2023 and 31 Mar 2024 | 9,501 | ||||
| Depreciation | |||||
| At 1 April 2023 | 9,005 | ||||
| Charge for the year | 124 | ||||
| At 31 March 2024 | 9,129 | ||||
| Carrying amount | |||||
| At 31 March 2024 | 372 | ||||
| At 31 March 2023 | 496 |
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The Wandle Industrial Museum
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 March 2024
12. Stocks
| 12. | Stocks | ||
|---|---|---|---|
| 2024 | 2023 | ||
| £ | £ | ||
| Raw materials and consumables | 4,464 | 4,464 | |
| 13. | Creditor: amounts falling due within one year | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Accruals and deferred income | 724 | 703 | |
| Other creditors | 1,500 | 1,500 | |
| 2,224 | 2,203 |
14. Analysis of charitable funds Unrestricted funds
| At | At | |||
|---|---|---|---|---|
| 1 April 2023 | Income | Expenditure31 March 2024 | ||
| £ | £ | £ | £ | |
| Unrestricted Fund | 37,330 | 30,914 | (27,004) | 41,240 |
| Restricted funds | ||||
| At | At | |||
| 1 April 2023 | Income | Expenditure31 March 2024 | ||
| £ | £ | £ | £ | |
| Restricted Fund | 11,799 | 11,799 |
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