REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
| REPORT OF THE TRUSTEES AND |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31ST MARCH 2025 |
FOR |
| HAVERING MUSEUM LIMITED |
REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
| REPORT OF THE TRUSTEES AND |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31ST MARCH 2025 |
FOR |
| HAVERING MUSEUM LIMITED |
HAVERING MUSEUM LIMITED |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2025 |
Page |
Report of the Trustees | 1 | to | 3 |
Independent Examiner's Report | 4 |
Statement of Financial Activities | 5 |
Statement of Financial Position | 6 |
Notes to the Financial Statements | 7 | to | 11 |
HAVERING MUSEUM LIMITED (REGISTERED NUMBER: 04265110) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31ST MARCH 2025 |
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31st March 2025. The trustees have adopted the provisions of Accounting and Reporting by Charities: 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) (effective 1 January 2019). |
OBJECTIVES AND ACTIVITIES |
Objectives and aims |
| The objectives are to educate the public by promotion, support, assistance and improvement of the Havering Museum. The policies adopted in furtherance of these objectives have not changed during the year. The charity was formed to administer and run the Havering Museum located at 19-21 High Street, Romford , Essex, RM1 1JU. The Board of Directors has paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake. The charity's primary activity throughout the year was the administration and promotion of the Havering Museum. |
| Achievements and performance |
| The Chair would like to thank all the retiring Directors, Trustees and Volunteers. They steered Havering Museum through unprecedented times; historic times, that included recovery from a global pandemic and a cost of living crisis. We would like to acknowledge the great contribution of retiring Chair, Jan Shingleton and Director Leanne Westwood. Although Leanne retired as a Director she continues to provide professional advice to the Museum on policy and the appointment of a Museum Officer. This is helping to lay the ground for the recruitment of a new fixed term post dedicated to improving the Museum's sustainability. |
| The Board of Havering Museum has therefore concentrated on recruiting new directors and trustees with appropriate skills. They are bringing new energy to running the Museum and are enthusiastic supporters of the frontline Volunteers. Many of our frontline Volunteers have provided long-term service to the Museum. The Museum cannot function without them. We value them. It is very hard to put a financial value on the Volunteers' service but collectively they enable the Borough's Museum to open three days a week (Wednesday through to Friday) and on some Saturdays for special events. The Board would like to applaud the Volunteers on the front line; without them and the income they help to generate, Havering would not have a vibrant Borough Museum. |
| The Board is proud of the Museum's past work with schools through the provision of loan boxes and school visits. This work was driven by Dr Ian Browne, Projects Manager and Schools Facilitator and by Ann Young our Volunteer Manager. Ian's retirement has left a gap in our services and finances. Whilst Ann and Lorraine Morris-Picton (Collections Manager) continue to develop loan boxes for schools the Board is seeking to secure a new volunteer so we can resume our schools service. |
| Ellen Owen made a significant contribution to the formulation of the London Borough of Havering's new Cultural Strategy "A Good Life 2025 - 2028". To help deliver content aligned to the strategy, Ellen has been working with London Borough of Havering officers to secure funding from the Community Infrastructure Levy (CIL). Ellen and her husband Peter continue to run popular events including weekly reminiscence and photography sessions and talks. |
FINANCIAL REVIEW |
Financial position |
The Charity has generated incoming resources of £15,160 (2023-2024: £ £42,047) following a significant reduction leading to a net deficit of £24,727 (2023-2024: £6,443 surplus ) after deducting all related expenditure. The drop can be accounted for by a welcome, but one-off donation in 2022 and the loss of income through global uncertainties, reduced admissions and school work following the retirement of Dr Ian Browne. The Board is pursuing a concerted effort to restore the income stream, particularly through the engagement of the aforementioned part-time sustainability post funded through CIL. The costs of £39,887 (2023-2024: £35,604) related to both operational and administrative costs including utilities, repairs and maintenance and insurance. The Board has been proactive in monitoring those costs and making changes to reduce expenditure without impacting on visitor experience. |
Given the change in the overall financial position, the Directors are undertaking a review of all the major risks to which the charity is exposed. |
HAVERING MUSEUM LIMITED (REGISTERED NUMBER: 04265110) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31ST MARCH 2025 |
FINANCIAL REVIEW |
Reserves policy |
| It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to at least three month's expenditure. The Board of Directors consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity's current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained. |
Going concern |
Reduced resourcing has been a significant challenge this year but due to the flexibility and hard work of the volunteers and the Board, the Museum is still positively moving forward. The ideas from the audience development work will help to attract more volunteers and more diverse visitors. Funding in the form of grants will be sought to implement some of the recommendations from both the Strategic Review and Audience Development Project. Time and funding will be needed to collate all the different recommendations and move us forward with a revised business plan. |
Partnerships |
The local business community has been, as always, generous in their support for the activities of the Museum and groups. |
Sponsorship |
Our sponsors/partners are: |
Moore Kingston Smith - Education programme and leaflet |
Mullis & Peake Solicitors LLB - Reminiscence Group |
Clemence Hoar Cummings Variety Club - Free School visits |
Tesco Gallows Corner - Easter and Christmas Family Event Sponsorship |
Friends of Havering Museum - Purchase of equipment |
We continue to be actively involved as a member of the DiscoverMe Partnership (www.discoverme.london) an on-line virtual front door and we would like to acknowledge the help and advice provided by Valence House Museum. |
The London Borough of Havering has continued to actively support the Museum and provided help and guidance on a variety of topics which we greatly appreciate. We continue our Partnership with Havering College Students Union, Abellio Greater Anglia Trains Days Out/Essex Tourist in providing discount tickets. |
FUTURE PLANS |
The Board is working towards securing funds for the part time, fixed term paid Museum Sustainability Post. We hope to go out to advert in the new financial year. |
In June 2025 the Museum will be celebrating its 15th Anniversary. This is all thanks to past Volunteers Directors, Trustees, sponsors, businesses, community and visitors. |
Securing funding from different revenue streams in the next eighteen months will be crucial if the Museum is to celebrate another significant anniversary. |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Governing document |
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. |
REFERENCE AND ADMINISTRATIVE DETAILS |
Registered Company number |
Registered Charity number |
HAVERING MUSEUM LIMITED (REGISTERED NUMBER: 04265110) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31ST MARCH 2025 |
Registered office |
Trustees |
L K Westwood (resigned 19.12.24) |
A S Curtin Teacher |
P A Young (resigned 31.8.24) |
N A H Wilkes |
E J McKiernan |
J E Keane Retired (appointed 3.10.24) |
P J Hale Facilities Manager (appointed 19.12.24) |
S Crouch Healthcare Manager (appointed 19.2.25) |
Independent Examiner |
Clemence Hoar Cummings |
Chartered Accountants |
Riverside House |
1-5 Como Street |
Romford |
Essex |
RM7 7DN |
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. |
Approved by order of the board of trustees on |
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF |
HAVERING MUSEUM LIMITED |
Independent examiner's report to the trustees of Havering Museum Limited ('the Company') |
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31st March 2025. |
Responsibilities and basis of report |
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act'). |
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act. |
Independent examiner's statement |
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe: |
1. | accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or |
2. | the accounts do not accord with those records; or |
3. | the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act 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; or |
4. | the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)). |
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. |
Lee Blunden FCCA CTA |
Clemence Hoar Cummings |
Chartered Accountants |
Riverside House |
1-5 Como Street |
Romford |
Essex |
RM7 7DN |
17th December 2025 |
HAVERING MUSEUM LIMITED |
STATEMENT OF FINANCIAL ACTIVITIES |
FOR THE YEAR ENDED 31ST MARCH 2025 |
2025 | 2024 |
Unrestricted | Restricted | Total | Total |
funds | fund | funds | funds |
Notes | £ | £ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies | 2 |
Charitable activities | 5 |
Other trading activities | 3 |
Investment income | 4 |
Total |
EXPENDITURE ON |
Raising funds | 6 |
Charitable activities |
Total |
NET INCOME/(EXPENDITURE) | ( | ) | ( | ) |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 149,418 |
HAVERING MUSEUM LIMITED (REGISTERED NUMBER: 04265110) |
STATEMENT OF FINANCIAL POSITION |
31ST MARCH 2025 |
2025 | 2024 |
Unrestricted | Restricted | Total | Total |
funds | fund | funds | funds |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 10 |
CURRENT ASSETS |
Stocks | 11 |
Debtors | 12 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 13 | ( | ) | ( | ) | ( | ) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
NET ASSETS |
FUNDS | 14 |
Unrestricted funds | 149,418 |
TOTAL FUNDS | 149,418 |
| The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2025. |
| The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2025 in accordance with Section 476 of the Companies Act 2006. |
| The trustees acknowledge their responsibilities for |
| (a) | ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. |
These financial statements have been prepared in accordance with and delivered in accordance with the special provisions applicable to small charitable companies subject to the small companies regime. |
The financial statements were approved by the Board of Trustees and authorised for issue on |
HAVERING MUSEUM LIMITED |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2025 |
1. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: 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) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
Income |
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. |
Expenditure |
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. |
Tangible fixed assets |
| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Fixtures and fittings | - |
Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
| The charity is exempt from corporation tax on its charitable activities. |
Fund accounting |
| Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. |
| Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. |
| Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. |
HAVERING MUSEUM LIMITED |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2025 |
2. | DONATIONS AND LEGACIES |
2025 | 2024 |
£ | £ |
Donations |
Donated services and facilities |
3. | OTHER TRADING ACTIVITIES |
2025 | 2024 |
£ | £ |
Shop income |
4. | INVESTMENT INCOME |
2025 | 2024 |
£ | £ |
Deposit account interest |
5. | INCOME FROM CHARITABLE ACTIVITIES |
2025 | 2024 |
Activity | £ | £ |
Admissions | Admissions and promotion | 7,085 | 9,785 |
6. | RAISING FUNDS |
Other trading activities |
2025 | 2024 |
£ | £ |
Staging fundraising events | 3,981 | 6,768 |
7. | NET INCOME/(EXPENDITURE) |
Net income/(expenditure) is stated after charging/(crediting): |
2025 | 2024 |
£ | £ |
Depreciation - owned assets |
8. | TRUSTEES' REMUNERATION AND BENEFITS |
| There were no trustees' remuneration or other benefits for the year ended 31st March 2025 nor for the year ended 31st March 2024. |
Trustees' expenses |
| There were no trustees' expenses paid for the year ended 31st March 2025 nor for the year ended 31st March 2024. |
HAVERING MUSEUM LIMITED |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2025 |
9. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
Unrestricted | Restricted | Total |
funds | fund | funds |
£ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
Charitable activities |
Other trading activities |
Investment income |
Total |
EXPENDITURE ON |
Raising funds |
Charitable activities |
Total |
NET INCOME |
RECONCILIATION OF FUNDS |
Total funds brought forward | 142,975 | - |
TOTAL FUNDS CARRIED FORWARD | 149,418 | - | 149,418 |
10. | TANGIBLE FIXED ASSETS |
Fixtures |
and |
fittings |
£ |
COST |
At 1st April 2024 and 31st March 2025 |
DEPRECIATION |
At 1st April 2024 |
Charge for year |
At 31st March 2025 |
NET BOOK VALUE |
At 31st March 2025 |
At 31st March 2024 |
HAVERING MUSEUM LIMITED |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2025 |
11. | STOCKS |
2025 | 2024 |
£ | £ |
Finished goods |
12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2025 | 2024 |
£ | £ |
Trade debtors |
Prepayments |
13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2025 | 2024 |
£ | £ |
Trade creditors |
VAT | 52 | 14 |
Accrued expenses |
14. | MOVEMENT IN FUNDS |
Net |
movement | At |
At 1.4.24 | in funds | 31.3.25 |
£ | £ | £ |
Unrestricted funds |
General fund | 104,931 | (24,727 | ) | 80,204 |
Heritage Lottery fund | 24,487 | - | 24,487 |
Designated fund | 20,000 | - | 20,000 |
(24,727 | ) |
TOTAL FUNDS | (24,727 | ) | 124,691 |
Net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 15,160 | (39,887 | ) | (24,727 | ) |
TOTAL FUNDS | ( | ) | (24,727 | ) |
HAVERING MUSEUM LIMITED |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2025 |
14. | MOVEMENT IN FUNDS - continued |
Comparatives for movement in funds |
Net | Transfers |
movement | between | At |
At 1.4.23 | in funds | funds | 31.3.24 |
£ | £ | £ | £ |
Unrestricted funds |
General fund | 118,488 | 6,443 | (20,000 | ) | 104,931 |
Heritage Lottery fund | 24,487 | - | - | 24,487 |
Designated fund | - | - | 20,000 | 20,000 |
142,975 | 6,443 | - | 149,418 |
TOTAL FUNDS | 142,975 | 6,443 | - | 149,418 |
Comparative net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 42,047 | (35,604 | ) | 6,443 |
TOTAL FUNDS | 42,047 | (35,604 | ) | 6,443 |
Heritage Lottery Fund |
This fund had an opening balance of £24,487. During the year none of grant funds have been expended, leaving a remaining balance of £24,487. This project is to facilitate the continued development of the museum which includes marketing, maintenance and development of new projects, training, enhancing customer experience and collections. |
Designated Fund |
A one off donation was made from one of the museum's founding members during the year. The Trustees wish to designate the funds, so that they can be used for a specific purpose, rather than to cover operational expenditure. The purpose is as yet undecided. |
15. | RELATED PARTY DISCLOSURES |
| There were no related party transactions for the year ended 31st March 2025 (2024: nil) |