Yearbook 2009/10: The Year of Suburbia - London Transport Museum

Yearbook 2009/10
The Year of Suburbia
∙ Curating the suburbs
∙ Inspiring the next generation
∙ High-speed rail Jim Steer vs Stephen Glaister
∙ Young people and policing

Yearbook 2009/10
The Year of Suburbia
Incorporating the Annual Report of the Trustees and
financial statements for the year ended 31 March 2010

05 | Message from the Chair of Trustees
and Managing Director
06 | History of the Museum
09 | What we do
10 | The year in summary
13 | Education and engagement
19 | Access and museum operations
25 | Heritage and collections
Feature articles*
31 | Curating the suburbs
David Bownes
32 | Inspiring the next generation
Tim Herbert
33 | Young people and policing
Graham Daly
34 | Young Consultants bridge the gap
LTM Young Consultants
35 | Cubic and the London
Transport Museum
Roger Crow
36 | A proud tradition of entrepreneurs
and innovators
Lord Adonis
37 | Forum for debate
Claire Williamson
38 | Why Britain needs high-speed rail
Jim Steer
39 | The uncertain gains of high-speed rail
Stephen Glaister
* Feature articles do not form part of
the audited Report of the Trustees.
40 | Plans for the future
43 | Income and support
48 | Public programme
54 | Structure, governance
and management
58 | Trustees’ statement
59 | Independent auditors’ report
61 | Trustees and advisors
62 | Financial review

04 | Introduction Introduction | | 05
Message from the Chair of Trustees and Managing Director
Sir David Bell and Sam Mullins
We are pleased to present
the second London Transport
Museum Yearbook. This review
of activities throughout the year
celebrates our wide-ranging
work to share knowledge of the
Capital’s remarkable transport,
and is complemented by a
series of articles written by our
colleagues and collaborators.
In March 2010 London Transport Museum
(LTM) celebrated 30 years in Covent
Garden. During that time this young
Museum has built an excellent reputation
for audience access and engagement. Its
exhibitions and public events have broken
the static museum mould to reflect the
colour, light and movement of London’s
transport. We have built a unique
competence in outreach. LTM delivers
engaging programmes to young people to
promote their safety and good citizenship,
undertakes restorative work with young
offenders, and promotes community
curation in support of new research and
collecting. We take the Museum off-site,
but just as importantly, bring these new
voices and ideas back into the Museum.
Since 1980 LTM has welcomed an
estimated six million visitors to the
galleries and many others to the online
collection. We have demonstrated the
ever-present triumph achieved by our
buses and Tubes in moving millions of
men, women and children round London
each day, and the rich design heritage of
stations, signs, vehicles and posters.
Transport for London and its predecessor
London Transport have long fostered
the development of the world’s leading
museum of urban transport – from its
simple beginnings at Syon Park in 1973,
through the far-sighted move to Covent
Garden in 1980, to the steady growth
of the multi-faceted museum we have
become today. In 2010, LTM is known for
its nationally designated collections and
research library; its topical educational
programmes that achieve real impact in
the Capital; a rich and engaging website;
and a showpiece collection store at
Acton, all supported by a deep base
of scholarship and research.
The support of the Heritage Lottery
Fund, the Renaissance programme of
the Museums, Libraries and Archives
Council (MLA) and nearly 100 corporate
sponsors and partners has been essential
to the Museum’s progress. Our Thought
Leadership programme has established
LTM as a forum for debate about
transport and London’s future, and
provided networking opportunities
for our corporate partners.
It is already difficult for us to
remember the Museum which closed for
refurbishment in 2005. So much has been
achieved in the two and a half years since
the launch of the ‘new’ Museum. We are
attracting 40% more visitors, mounting
regular high-quality exhibitions, engaging
with the new social opportunities of
the web and running a busy events
programme throughout the year.
Plans are already in hand for London
Journeys, our contribution to the Cultural
Olympiad and the 2012 Olympic Games.
We are also preparing a remarkable year
of celebration in 2013, when we mark the
opening of the world's first underground
railway between Paddington and
Farringdon in January 1863.
Our sincere thanks go to all staff
and volunteers, our fellow Trustees
and the Friends, and everyone who has
supported our work throughout the
year and furthered the Museum’s
continuing success.

06 | History of the Museum History of the Museum | 07
History of the Museum
London Transport Museum traces its origins to the formation
by the London General Omnibus Company (LGOC) of a small
collection of early buses at Chiswick Works in the 1920s and 1930s.
In 1929 the LGOC built a replica of George Shillibeer’s horse-drawn
omnibus to celebrate the centenary of London’s first ‘hail and ride’
public bus service in 1829. The two original horse buses and the
B-type motorbus now on display at Covent Garden also took part
in the celebrations.
In 1933 the London Passenger Transport
Board was formed. It established a policy
of preserving significant vehicles as they
were withdrawn from service. In 1951
the British Transport Commission
recommended the preservation of
transport heritage collections and the
addition of further records and vehicles
at the end of their operational life. London
Transport and its successors were given
a statutory duty to preserve the material
collected to date.
The Museum of British Transport was
set up in a former London Transport
garage at Clapham to house the national
transport collections. A curator was
appointed and a small exhibits section
opened in 1961, followed by the main
hall in 1963. While the main line railway
material was moved to the new National
Railway Museum at York which opened in
1975, the London material moved to Syon
Park, Brentford, opening as the London
Transport Collection in 1973.
In the 1970s, a more central location
to display this important collection was
identified. The London Transport Museum
was created in the former Flower Market
at Covent Garden and opened in 1980.
Since then the Museum has been strongly
supported by London Transport and its
successor Transport for London (TfL).
A major refurbishment led to the
Museum’s relaunch in November 2007,
with extended gallery space and new
displays, upgraded visitor facilities and
a new exhibitions suite.
In April 2008, a new scheme of
governance made LTM a subsidiary
company of TfL with charitable status.
This was adopted to sustain the long-term
future of the Museum. It has enabled LTM
to retain its close connection with TfL,
but also draw on the benefits of being
a charity. In March 2010, the Museum
completed 30 years in Covent Garden,
welcoming Londoners and visitors to the
Capital to share the important story of
London’s transport and how it has shaped
the city we know today.

08 | What we do What we do | 09
What we do
London Transport Museum is an educational and heritage
preservation charity.* Its purpose is to conserve and explain the
history of London’s transport, to offer people an understanding of
the Capital’s past development and to engage them in the debate
about its future. We deliver public benefit across three main areas
of activity:
Education and engagement
Led by the Museum’s Learning department, our education and engagement activities
deliver learning opportunities to a wide range of audiences through activities on-site
at the Museum in Covent Garden and the Depot in Acton, and via a variety of outreach
programmes off-site. Educational outcomes are considered for all temporary and
permanent exhibitions and the Museum offers a library and information service for
independent learning and research.
Access and museum operations
Led by the Visitor Services and Support Services departments, our access and museum
operations activities make the collection available for the enjoyment of people of all
ages, abilities and backgrounds through the daily operation of the Museum and galleries,
special events at the Depot in Acton and via extensive online Museum resources.
Heritage and collections
Led by the Collections department, our heritage and collections work involves
preserving, managing, researching and acquiring transport-related objects and material
for the use and enjoyment of the public through permanent and temporary exhibitions,
heritage vehicle outings and other collections-based activities. The breadth and quality
of the collections, now totalling some 350,000 objects, mean that they are relevant to
far more than just transport history and constitute an important resource for the study
and interpretation of industrial design and the social, urban and economic history
of London.
* For full details of our approach to governance and public benefit, see page 54

10 | The year in summary The year in summary | 11
The year in summary
Despite the challenging background of the deepest economic
recession since the 1930s, LTM was able to deliver its plans for
2009/10.
The refurbished Museum at Covent
Garden enabled us to exceed our
visitor target by 5%, while investment
in online content attracted more web
visitors than ever before. Our high-quality
youth engagement work continued to
attract young people to engineering
as a career and saw the development
of new into-work schemes for the
young unemployed.
We exceeded our expectations of income
from corporate sources, delivering the
Thought Leadership programme and
deepening our relations with existing
partners and new sponsors.
Although retail growth was constrained
by market conditions, we maintained our
retail turnover and saw a modest increase
in online income. Cost savings were
achieved across the organisation through
better resource management and rigorous
contract negotiation. Plans for the future
development of services at Acton Depot
were developed but have been put on
hold while the feasibility of access to the
site for new London Underground rolling
stock is established.
Suburbia was highly
commended for the
2010 Museum & Heritage
Awards for excellence
Year of Suburbia
The Museum’s public programme
in 2009/10 was themed around the
relationship between public transport and
the creation of the suburbs. The Suburbia
exhibition was our first heritage-led
exhibition since reopening. It broke new
ground by exploring how transport shaped
the suburbs and celebrated suburban
lifestyle, architecture, design and
popular culture.
Suburbia used a wide variety of
collections to illustrate both the myth
and the reality of the suburbs, from the
first suburb created by the Tube, Golders
Green in 1907, to the present day. The
exhibition included contemporary and
community collections, a garden with
pond and gnomes, Gerry and Margot
from the 1970s BBC sitcom The Good
Life, as well as photographic content
generated through direct Flickr feeds
into the exhibition.
The rich mix of London Transport
posters, property advertisements,
community video, postcards and personal
accounts was popular with visitors and
the media alike, leading to outstanding
editorial coverage for the exhibition
and programme. Suburbia supported
the redefinition of a transport museum,
as a place for thought and debate on
the influence of transport on place and
identity in London. We are grateful to
American Express for their support which
underpinned the success of Suburbia.
Suburbia
in numbers
156,293: Number
of visitors to the
Suburbia exhibition
236: Number of
objects from the LTM
collection on display
in Suburbia
5790: Number of
visitors who used the
gallery interactive to
tell us what suburbia
means to them
718: Number of
photos submitted
to our ‘Share your
suburbia’ group
on Flickr
15.2%: Proportion
of visitors surveyed
who came to Suburbia
on the recommendation
of friends
12: Number of garden
gnomes lurking in the
Suburbia galleries

Education and engagement

14 | Education and engagement
Education and engagement | 15
Education and engagement
In 2009/10, the Learning Department delivered creative
programmes to a wide range of audiences both on-site and
through outreach to schools and communities across London.
Families filled the galleries in holiday periods and weekends,
exploring the collections through innovative displays and activities.
There were 16,271 school visits to the
Museum and Depot over the course of
the year. Disappointingly, this was down
from the previous year, with schools
reporting increased economic and
administrative barriers to museum visits
across the sector. To reverse this decline,
we intend to invest in what we offer
schools and improve communication
with teachers about the benefits of our
school programmes.
The Safety and Citizenship team worked
with young people to improve their skills
in using London’s public transport system.
This year the team introduced a mobile
rail display vehicle which recreates the key
elements of a station but with inflatable
trains. This allows young people to
experience potential risks while remaining
in a safe environment. The initial ambition
to deliver the programme to all Year 6
schoolchildren in TfL’s operational region
has, due to reduced funding, been scaled
down to those in the Greater London
area. Closer cooperation with British
Transport Police included the training of
volunteer Transport Youth Engagement
Officers, recognising the expertise of our
learning staff in dealing positively with
young people.
To encourage young people to consider
careers in the transport industry, ‘Route
into Work’ was developed. A partnership
with TfL and the London Apprenticeship
Company, this new programme uses
practical activities to increase the
employability of young people who are
outside the education system. Projects
with local groups across the Capital saw
video productions, dance performances
and new displays help us achieve stronger
relationships with our partners. All helped
to position LTM as an active force in
London’s local communities.
Journalists, writers, artists and
students are among those who seek
information from LTM about transport
services and the people who run and use
them. In 2009/10, 734 researchers used
the library, and we provided 3376 in-depth
replies to enquiries by email, phone and in
person. Adults with a wider interest in
transport history attended our courses
through Birkbeck, City Lit and the
Workers’ Education Association.
New and exciting talks and events
attracted diverse audiences looking for a
dose of culture with a twist. These ranged
from a lecture on Southgate’s spaceship
(and other amazing Tube stations) to a
spring hat parade and sing-a-long Street
Beat. Themed Friday Lates cast new light
on the galleries, as musicians, artists, quiz
masters, speed daters and even bingo
callers redrew the map of WC2, installing
LTM as the place to be for a fun and
engaging night out.
The education pages of the Museum’s
website were redesigned in 2009,
providing more Web 2.0 functions. The
site now includes Flickr feeds, podcasts
and short video clips. The expansion of
this mini-site will eventually replace the
Museum’s current website. A virtual
assistant was also launched, with an initial
set of 100 questions and answers based
on the enquiries most commonly received
by the Museum. Topics range from
collection-based queries to questions
about opening hours. The trial proved
successful and we aim to add more
questions in 2010/11.
1137: Number
of schools across
Greater London
visited by the
Safety and
Citizenship
team in 2009/10

16 | Education and engagement Education and engagement | 17
Key Performance Indicators
Pupils seen by the Safety and
Citizenship programme
140,000
Education visits to the Museum
25,000
102,979
16,271
0k 20k 40k 60k 80k 100k 120k 140k 160k
0k 5k 10k 15k 20k 25k 30k
Target
Actual
Target
Actual

Access and museum operations

20 | Access and museum operations
Access and museum operations | 21
Access and museum operations
Over 287,000 people visited LTM in 2009/10, making it
another successful year despite difficult economic conditions.
Accreditation under the Visitor Attractions Quality Assurance
Scheme (VAQAS) was maintained for the provision of a consistently
high quality of customer service. Following extensive visitor
research and feedback, signage and other aspects of public
communication are being upgraded. This work will continue
in 2010/11 across all sites.
LTM hosted three exhibitions during
2009/10. A View of London (18 May –
14 June 2009) was a collaboration with
the Association of Illustrators and
showcased original works of art by
some of Britain’s leading illustrators.
Street-smart (26 July – 31 August 2009)
combined displays and activities for
families. The hands-on exhibition – from
a super-sized game of Skids and Ladders
to driving a remote-controlled mini –
encouraged children’s safe use of London’s
streets and public transport. The year’s
major exhibition was the critically
acclaimed Suburbia (15 October 2009 –
30 April 2010), which was extended for
one month due to popular demand.
The Museum’s Depot in Acton opened its
doors in October 2009 and March 2010
for special events, attracting a total of
5200 visitors. The family-themed October
weekend drew on TfL’s important Safety
and Citizenship programme. The March
weekend featured ‘London transport in
miniature’, an annual display of working
and fixed models which in 2009/10
attracted its highest-ever advanced
ticket sales.
For the first time, online ticketing
for special events was made available
in 2009/10. This, in tandem with our social
networking on Facebook and Twitter, has
succeeded in increasing event ticket sales.
The Museum’s Flickr site was reworked
and expanded its community of followers,
who generated live photographic content
that was innovatively incorporated
into three themed displays in the
Suburbia exhibition.
The LTM film collection got its first
online screening via our new film browser.
An initial set of eight films from the
collection, totalling 1.5 hours, went live
in 2010, along with catalogue information
about the clips. As anticipated, the film
collection has proved incredibly popular.
It achieved an impressive 30,000 visits in
the first month.
‘Pick + Mix’ is a new user-generated
exhibition resource that allows web
visitors to select and curate any of the
Museum’s 26,000 photographs, posters
and objects to create, and share, their
own personal gallery. A preview was held
in October 2009 and the web resource
went live in March 2010.
2500: Largest
number of
visitors to LTM
in a single day –
18 February 2010

22 | Access and museum operations Access and museum operations | 23
Key Performance Indicators
Museum and Depot visitors
Unique visits to Museum website*
275,000
900,000
287,663
984,660
150k 170k 190k 210k 230k 250k 270k 290k
860k 880k 900k 920k 940k 960k 980k 1000k
Target
Actual
Target
Actual
* Visits represent the number of individual sessions
initiated by all visitors to the website. Data and
definition from Google Analytics.

Heritage and collections

26 | Heritage and collections
Heritage and collections | 27
Heritage and collections
LTM’s historic collection of over 350,000 items is at the heart of
the Museum’s purpose – inspiring and engaging visitors of all ages
and providing a rich cultural resource for researchers and heritage
organisations. New ways of interpreting the collection, and new
methods of collecting material, have ensured the continuing
relevance of this amazing resource for special exhibitions, learning
programmes, media requests, loans and audience engagement.
Key Performance Indicator
Number of collections records enhanced
Future annual target for records enhancement
50,000
Last year, over 7500 items were added
to the permanent collection, from
humble tickets to significant artworks.
Some were acquired specifically for the
major exhibition, Suburbia, which also
showcased artefacts from the reserve
collection, many of which were displayed
for the first time.
Our fully restored four-car unit of 1938
Tube stock made several successful trips
onto the London Underground network
in 2009, while vehicles from the road
collection appeared at events across
London. Our RT bus was judged first in
class by the Historic Commercial Vehicle
Society for its standard of restoration
and presentation.
Following a hugely successful run at
Covent Garden, The Art of the Poster
exhibition went on tour to the Dresden
Transport Museum in 2009. It was
seen by over 43,000 visitors during
its four-month run, and received
extensive media coverage in Germany.
The exhibition will tour to Denmark
in 2010. As a result of this successful
collaboration, LTM is now working with
Dresden and Coventry transport museums
to commemorate the London Blitz
and the bombing of Dresden. The joint
exhibition will open at Covent Garden in
September 2010.
Community curators work to reflect
the experiences of London’s diverse
communities. Our projects have added
new layers of interpretation to exhibitions
and the collections. ‘Suburban Stories’
was a community-led series of walks
exploring Golders Green. Video interviews
with local residents also provided lively
content for the Suburbia exhibition.
Working with Tate Modern’s community
film club, ‘Digital Storytelling’ developed
films which reinterpret the collections to
give personal perspectives of travel and
transport in London.
Co-curation and contemporary collecting
have also been a key feature of this
year’s ‘London Moves East’ community
collectors project in Hackney. Trained
in curatorial techniques, local residents
and TfL staff produced documentaries,
interviews, photographs and posters
which record the effects of constructing
four new London Overground stations
in Hackney.
Volunteer projects continue to improve
access to the reserve collection. Ongoing
digitisation has added 5000 photographs
and posters to LTM’s online catalogue,
while at Acton Depot an externally funded
engineering project led to the redisplay
of a number of large artefacts, including
the remains of the Holloway Road ‘spiral
escalator’, one bay of an original LGOC
horse stable and an inter-war tram shelter.
0k 10k 20k 30k 40k 50k
Target
Actual

28 | Heritage and collections Articles | 29
23.2: Total width
in kilometres if
every poster in the
LTM collection was
placed side by side

30 | Articles Feature articles | 31
Curating the suburbs
David Bownes, Head of Collections, LTM
Feature articles
Colleagues and collaborators discuss
contemporary transport issues,
safety programmes and more
‘Live in the Land of Sunshine at
the End of the Underground.’
It may sound like an unlikely
marketing message now,
but for over 100 years the
growth of London has been
shaped by its public transport
network. The stories, people,
homes and gnomes behind
this development featured
in Suburbia (15 October 2009 –
30 April 2010), LTM’s major
2009/10 exhibition, sponsored
by American Express.
Aspiring to be a new type of display, Suburbia
used the LTM collections, interactivity,
co-curation and immersive design to explore
the impact of transport on the identity of
London and Londoners. From the outset, we
decided that the exhibition needed to have
a different look and feel from the permanent,
narrative-driven galleries. Audience research
identified key themes which became the
structure of the exhibition: suburban growth,
marketing techniques, architecture, gardens,
commuting, leisure and shopping. There
was little appetite for a rehearsal of line
opening dates and vehicle types. Instead,
emphasis was placed on lifestyle choices,
popular culture and personal experiences,
together with a desire to celebrate suburbia
and engage with modern-day suburbanites.
This approach empowered curators to take
a fresh look at the reserve collection as well
as providing a focus for contemporary
collecting and community involvement.
The aim was to range as widely as possible,
so that all aspects of suburban life could be
examined – from Metro-land to Docklands,
modernist architecture to astro-turf.
The resulting exhibition successfully
challenged perceptions that transport
museums are all about historic vehicles.
Interviews with local residents and
commuters along with specially commissioned
films with youth groups from Redbridge and
Kingston played an active part in the display,
as did user-generated content submitted via
Flickr direct to screens in the gallery.
Interactives also drew visitors into the display.
You could name your own suburb or try to
guess the titles of suburban pop songs leaked
from the earphones of a giant iPod.
Suburbia was extremely well received by
press and public alike. National and regional
media coverage was extensive, from the
Daily Mail to the New Statesman. The
exhibition, after its run was extended by
popular demand, was seen by more than
half of all visitors to the Museum. Talks and
events attracted our highest participation
rates, with many events either sold out or
near capacity. The collection, too, benefited,
with over 400 new items acquired and
over 1000 records enhanced as a result of
exhibition research and public involvement.
Taken as a whole, Suburbia has changed
the culture of LTM, and the lessons
learned from its success are, even now,
being applied to future exhibitions.
‘reveal[s] just how
integral the Underground
has been in creating both
the landscape and character
of the suburbs’
Telegraph, 29 September 2009
David Bownes manages a team of curators who develop, care for and interpret the Museum’s
collection of over 350,000 artefacts.

32 | Feature articles Feature articles | 33
Inspiring the next generation
Tim Herbert, Programme Manager, TfL
Young people and policing
Graham Daly, Head of Crime Reduction and Police Liaison, TfL
Tackling skills shortages in the
transport sector is an important
aim for TfL. Our 10-year Skills
and Employment Strategy seeks
to ensure that TfL and its
supply chain continue to have
the workforce we need to
deliver our transport objectives.
Since 2008 TfL has been working with
LTM on two areas of the strategy: trying to
maximise interest in the transport industry
and ensuring that disadvantaged groups
benefit from any employment and training
opportunities arising from TfL works.
LTM is playing a crucial role in raising
awareness of the transport industry
and the opportunities it has to offer. ‘TfL
Inspire’ is a programme that encourages
children aged 11 to 14 to consider a career
in engineering or transport planning.
TfL engineers and planners are introduced
to young people to explain what they do in
their jobs and challenge any misconceptions.
The programme also runs fun activities to
demonstrate how both areas can offer
interesting, dynamic careers. Over 1000
young people have taken part in the
programme so far and the Museum is
actively seeking to expand TfL Inspire.
As part of the programme the young people
also visit the LTM Depot at Acton. There
they meet members of TfL’s ‘Ambassadors’
programme – professionals who describe
the nature of their work and experience,
and make themselves available to answer
questions. They then break into groups
to take part in a practical ‘Eggsperiment’,
requiring the safe transport of an egg over
a set distance. The task demands innovation,
teamwork, budgeting, client liaison and
good practical sense. Working with the
Ambassadors has been fantastic for both the
young people and the engineers themselves,
who develop their communication skills with
a new audience.
A new strand of the programme for young
people aged 16 to 18 is called ‘Route into
work’, a partnership between TfL, LTM and
the London Apprenticeship Company. The
project is targeted at young people classified
as NEET (not in employment, education or
training). Reducing the proportion of such
young people is a key government priority.
The programme’s activities equip them with
skills to become apprentices, gain sustained
employment and widen their horizons.
Over six weeks 60 young people are offered
a structured pre-employment programme.
The London Apprenticeship Company
undertakes an initial assessment. LTM then
leads a three-day programme at the Museum
where participants explore the collections to
build their work-related skills. During the
sessions the young people learn about
presentation, how to prepare for an interview
and other fundamental skills for securing
employment. On the third day of each week
the young people meet employers from
TfL’s supply chain who are offering training
or job opportunities.
The partnership between TfL and LTM
is hugely successful. TfL provides real-life
examples of engineering initiatives and
inspiring practitioners, while LTM uses its
collections and unique approach to connect
with young people in a way that can lead
to lasting change. Working together, we
aspire to satisfy the future needs of TfL
and its supply chain, while also ensuring
disadvantaged youth within London are
given better access to employment and
training opportunities.
The times that TfL or the police
get to speak to young people
are rare, and we try to make
the most of them. They occur
when the Safety and Citizenship
(S&C) team work with young
people in schools, or when
the TfL-funded Metropolitan
Police Safer Transport Teams
(STT) visit schools, patrol bus
stops or travel on buses.
The need for such contact is critical –
not just to prevent crime, but to help
young people travel securely and avoid
any risks associated with travelling.
The S&C team works with young people
about to use public transport independently
for the first time. The programme has a
proven impact in preventing crime and
anti-social behaviour on public transport.
Given the team’s enthusiasm and
adaptability with its different audiences,
I’m not at all surprised by its success.
The advice the S&C team provides is now
the standard we use for training Safer
Transport Teams (STT) of police constables
and community support officers to engage
with schools. TfL has worked closely with
the LTM team to ensure that liaison with the
police is as effective as it can be. All STTs are
aware of the work of the S&C team and many
have officers who are trained volunteers.
Teams that have had this contact with S&C or
received the training are far more effective at
dealing with school-related transport issues.
When young people and transport are
mentioned together, it is usually in relation
to allegations or perceptions of their criminal
or anti-social behaviour. Young people do
commit a disproportionate amount of crime
on our transport system, although it is worth
remembering that the perpetrators are still
a very small percentage of the total number
of youth passengers. Police STTs are making
headway in reducing crime on the bus
network in particular (over 18% reduction
in 2008/09 and a further 8.1% in 2009/10).
Where they can engage with schools,
they have had a demonstrably positive
impact in lowering disruptive behaviour.
Young people are also more likely to be
the victims of crime. Bullying, robbery and
violence are experienced during school
journeys and the S&C education programme
has now incorporated messages for young
people about their personal safety.
The work is developing in new directions.
TfL recently identified a need for the S&C
team to engage with specific secondary
schools, including sixth form colleges. Issues
raised by TfL staff, drivers or police officers
are assessed using a partnership problemsolving
approach and in many cases the S&C
team are requested to make visits to schools
which have significant crime and disorder
problems. This contact and the ‘personal
face’ representing TfL is a key factor in
bringing about a change of behaviour.
From my experience in working with the
police and understanding the causes
of anti-social behaviour on transport, I
have no doubt that the work of the S&C
team is invaluable in both preventing and
reducing crime, making journeys safer for
all, but especially for young people.
Tim Herbert leads on the development and implementation of TfL’s Skills and Employment
requirements within TfL’s supply chain.
Graham Daly is part of the TfL team responsible for working with the police to keep the
transport system secure.

34 | Feature articles Feature articles | 35
Young Consultants bridge the gap
Adelah Bilal, William Franco, Elvis Miranda and Aobakwe Mokgalagadi,
LTM Young Consultants
Cubic and the London Transport Museum
Roger Crow, Managing Director, Cubic Transportation Systems Ltd
We are Young Consultants.
We are here to help change
London Transport Museum
for the better. We are a
bridge between this museum
and the young people of
today… and tomorrow.
Visit the Museum any day and you notice
that the main visitor groups are young
children (with their parents) or older
visitors (perhaps grandparents). There are
few visitors of our age, late teens or early
twenties. Many people may assume that
young people are only interested in music,
fashion and the latest trends. Our interests
are actually much broader, and we enjoy
new cultural experiences of all kinds.
Young Consultants are part of London:
World City, a project within Stories of the
World, the London 2012 Cultural Olympiad
programme of museum exhibitions across
the UK. Our role as Young Consultants
is to create pathways between the
Museum and our age group, making
decisions that encourage more diverse
visitors to enjoy this cultural experience.
We are here to learn from the Museum,
and help LTM learn as well. We are the
first example of active participation in
programming by young people at LTM:
we are enjoying what this Museum can
offer us, but we are also helping shape
what is offered to other people our age.
How did we become LTM Young
Consultants In November 2009 we took
part in a nerve-racking selection day at
the Museum. We four were chosen from
over thirty hopefuls. To succeed against
such strong competition felt fantastic,
but the selection day also showed
the potential interest in working with
museums among many young people.
We are now paid museum professionals,
and over the past few months have
helped recruit artists, plan reinterpretation
projects, make films, write articles… and
this is just the start! We will help get other
young people involved and build towards
the Museum’s major exhibition in 2012.
At the beginning we were unsure of
what role we would play, and what
responsibilities we would have. What has
been really rewarding is how our opinions
are listened to, and what we do is valued.
This makes us feel important, professional
and a huge part of the Museum team.
We may not have wanted to work at a
museum before we saw the opportunity to
become Young Consultants, but now we are
getting a fantastic look behind the scenes
of a real workplace. We know there are
many ways we can strengthen our current
skills and interests through London: World
City. This is important for both our personal
development and our future careers.
LTM is here for everyone, but it is
not always used by everyone. We
are here to help this change.
‘I would like to help
shape the future of
this museum, and
see how my work
makes a difference.’
Elvis Miranda (17)
Cubic Transportation Systems’
connection to London spans
more than three decades.
We provide automated fare
collection systems around
the world – from New York
to Brisbane – and have been
implementing collection
solutions continuously for the
Capital since the late 1970s. We
are proud of our longstanding
association with TfL and the
London Transport Museum.
The Museum has rightly won numerous
plaudits and awards for providing visitors
with a fascinating insight into the
development of the transport system.
But it also showcases contemporary urban
issues and how London is gearing up for
future challenges. This juxtaposition of past,
present and future encapsulates how we at
Cubic view our relationship with TfL, the
Museum and London itself. As more and
more people need to get around this great
city, we’re working hard to keep today’s
Oyster network performing smoothly for
the traveller, and we are excited by the
opportunities to apply cutting-edge
technology to make public transport
as attractive as possible.
As a leading supporter of the Museum,
we benefit from our relationship with
LTM in a number of ways. We were
delighted to sponsor the construction of
the Cubic Theatre as part of LTM’s major
refurbishment programme in 2005–07.
The Cubic Theatre was officially opened
in 2008 by Peter Hendy, Commissioner of
TfL. Cubic employees and guests arrived
following a special hour-long bus trip – with
the Commissioner himself at the wheel.
This unusual arrangement had come
about (and has been subsequently
repeated) following Cubic’s successful
bid at the Museum’s annual Fundraising
Dinner to have the Commissioner drive
us along a route of our choice in London.
We concluded the journey with a short
talk from the Commissioner before he
declared the Theatre officially open,
followed by a few celebratory drinks.
Cubic sees the Museum as having an
important series of functions to fulfil –
to tell the story of London through its
transportation system; to act as a focal
point for meetings, debate and the exchange
of ideas (which the Theatre certainly helps to
promote); and to inspire young people to use
public transport and consider it as a career.
We welcome the prospect of young people
joining the industry – and in some cases
Cubic, of course. We are delighted to provide
the means to help make that happen.
As part of our ongoing support for the
Museum, we use the Cubic Theatre from
time to time. It is gratifying to learn, when
we enquire as to availability, that the
bookings diary is frequently full and the
waiting list is growing – this is the most
eloquent confirmation of the great job
that the Managing Director and his team
at the Museum have done in creating a
superb presentation space at the heart
of such an impressive institution.
Adelah Bilal, William Franco, Elvis Miranda and Aobakwe Mokgalagadi are part of the London: World
City project. More information can be found at www.ltmuseum.co.uk/learning/londonworldcity
Roger Crow has overall responsibility for the UK and Nordic businesses of Cubic Transportation
Systems Ltd. Cubic has been a partner of the Museum since 1991.

36 | Feature articles Feature articles | 37
A proud tradition of entrepreneurs and innovators
Andrew Adonis, former Secretary of State for Transport
Forum for debate
Claire Williamson, Assistant Director, Marketing & Development, LTM
Britain has a rich transport
heritage – and we are very
fortunate in this country
to have many exceptional
museums dedicated to
preserving and honouring
this heritage. Among the very
best is the London Transport
Museum, which is an inspiration
for anyone who is passionate
about public transport and
the history of this great city.
From the early horse-drawn buses and trams,
and the stunning (and still running) 1922
Metropolitan Line Sarah Siddons electric
locomotive, to the iconic Routemaster,
the Museum is a reminder of the many
pioneering engineers and industrialists
who blazed a trail for the British transport
industry in the 19th and 20th centuries.
But as I look around LTM, it doesn’t make me
feel nostalgic or dewy-eyed about a bygone
golden age for British transport. Instead it
excites me to think that what we’ve achieved
in the past we can achieve again in the future.
‘The Museum is
in great shape’
Lord Adonis
What I see is a celebration of British
design, manufacturing and entrepreneurial
excellence – just the skills and qualities we
will need if we are to meet the requirements
of the travelling public in the future, and
if the British transport industry is to take
advantage of the significant opportunities
presented by the green transport agenda.
To meet these new challenges, we need to
rediscover the boldness and innovation of
earlier pioneers. It seems to me that spirit
is going strong. The automotive industry
is rising to the challenge of delivering
ultra-low-carbon vehicles. We can see
the way ahead for a national high-speed
rail network for Britain. And there is a
focus on more sustainable transport.
I wish this wonderful Museum every success
for the future. And I hope that 100 years
from now, visitors will be able to reflect on
the early 21st century as another golden era
for British transport, with British companies
and the city of London at the forefront of
a global transition to low-carbon travel.
The museum as a static
environment, fixing the past
and holding it in place, is no
longer true. Museums today are
places of activity – connecting
not just to audiences who
enter them, but helping to
shape the issues of the day.
In 2009, LTM launched a series of debates
and events on contemporary and future
transport issues. ‘Connected Britain’ was
a public debate developed in partnership
with our Futures Gallery sponsor, Orange,
and was held at the Museum on 3 February
2010. Participants debated how the face of
Britain will change as technology redefines
how we work and travel. A lively panel,
chaired by BBC Radio 4’s Today programme
presenter Evan Davis, included writer and
broadcaster Janet Street-Porter, the London
Mayor’s transport advisor Kulveer Ranger,
Orange’s Robert Ainger and futurologist
James Bellini. The event sold out, with a
long waiting list wanting to get in on the
action. Twitter and Facebook were used in
the publicity campaign and many members
of the audience ‘tweeted’ live from the
event. Coverage of the event ranged from
the mainstream press to YouTube, where the
debate – as debates should – continues.
A new Thought Leadership programme for
industry, developed in partnership with law
firm Eversheds, was established in 2009.
Business breakfasts and dinners are held
at the Museum, in which participants can
discuss a range of cutting-edge topics.
The 2009/10 programme saw transport
expert Jim Steer and Stephen Glaister,
Professor of Transport and Infrastructure
at Imperial College, London, present
different views on the funding and
viability of high-speed rail.
Former Transport Minister Stephen Norris
chaired a pair of debates on future trends
and the role of technology in transport
strategy. Several events were developed in
partnership with the Independent Transport
Commission. ‘Decarbonisation and You’
was led by Professor Gwyn Prins of the
London School of Economics and explored
the facts behind climate change and how
companies can find the business incentive to
reduce emissions. An event led by Professor
Joyce Dargay of Leeds University provided
industry leaders with an essential briefing
on important new research, including trends
for the future of inter-city travel in the UK.
We were delighted to end the year with a
business breakfast with the then Secretary
of State for Transport Lord Adonis,
who gave the Museum’s invited guests
a preview of his ideas on low-carbon
transport strategy before launching to
the press shortly after. His presence at
Covent Garden confirmed the Museum
as a hub for debate about the future of
transport in London and across the world.
The Right Honourable Lord Adonis discussed his low-carbon transport strategy at a
Thought Leadership business breakfast held at the Museum on 19 November 2009.
Claire Williamson leads on marketing and development strategy for the Museum.

38 | Feature articles Feature articles | 39
Why Britain needs high-speed rail
Jim Steer, Director, Greengauge 21
The uncertain gains of high-speed rail
Stephen Glaister, Director, RAC Foundation
Greengauge 21 was established
five years ago to identify the
arguments for (and against)
high-speed rail. Much has
happened since then. The
Channel Tunnel Rail Link
opened to national acclaim;
Greengauge 21 has brought the
debate into the public domain;
and political will across the
parties has come out in strong
support of high-speed rail.
The new coalition government is committed
to its implementation. With a hold on
runway expansion in south-east England,
and little wish for a return to major new
highway construction nationally, the
pressure to progress high-speed rail is
palpable. So it is important to be clear
why high-speed rail is needed, why it has
garnered such widespread support and
why it would be a mistake to delay.
High-speed rail is a proven technology. With
suitable demand (typically for journeys of
over 50 miles), it offers the safest, fastest,
most efficient and most comfortable way
to travel. A large part of UK travel demand
is over longer distances. True, the numbers
of trips are relatively small (most journeys
are of course very short), but trips over 25
miles already account for nearly half of all
person-miles travelled in Britain. This is why
getting investments right and seeking to
rebalance transport usage in this category
towards the most environmentally benign
travel mode, as well as offering greatest
customer appeal, is so important.
We cannot sensibly rely on fuel availability
from the oil-producing nations, and
we cannot continue to have nearly half
the vehicle miles travelled on longer
distance journeys increase significantly,
given the serious consequences for
carbon and other emissions.
The benefits from high-speed rail are
particularly keenly felt regionally. One of
our critical assets, Heathrow, is becoming
less and less available for cities outside
the south-east, and access to the capital –
Europe’s great financial centre – is critical
in the real world of business activity. For
Britain to function efficiently, it needs
to get better productivity out of the
Midlands, the North, Wales and Scotland.
This cannot be achieved if basic transport
communication links are left to decline.
And decline they will without further
investment and a stronger approach at a
national level to regional policy-making.
With forecast population rises, the intercity
connections that the remoter parts
of the country use to reach the capital –
whether by road or rail – will be swamped
with ever more long-distance commuting.
So the choice is between different ways
to invest in new capacity. High-speed rail
not only provides the best answer, as all of
the evidence now shows, but it creates the
opportunity for businesses and government
to think differently about location decisions.
High-speed rail’s high degree of political
support stems from the fact that it
solves a known economic problem and
does so in a way that reduces carbon
emissions. There is simply no other way of
adding capacity to our national transport
infrastructure that has these benefits.
None of the work to date on the case
for high-speed rail assumes that it will be
necessary to charge premium fares. To bring
the benefits that can be so clearly foreseen,
high-speed rail needs to be accessible to all.
Consideration of transport
infrastructure investment
has to start by asking: what
is the problem to be solved
For surface transport the main
issue is shortage of capacity
on both road and rail. This
is likely to worsen. With
population growth in England
estimated to be about 16%
over the next 20 years, there
will be significant new demands
on the transport networks,
particularly on local roads.
High-speed rail is one proposed solution.
In the months leading to the 2010 General
Election, it dominated the transport debate.
Yet its benefits are highly contested, as
a report by HS2 Ltd, published by the
government, would suggest. In terms of
diminishing road congestion, HS2 studies
confirm that only 8% of high-speed rail’s
forecast passenger demand comes from
roads (with a further 8% from air). Its
implementation would reduce traffic on the
southern section of the M1 by a mere 2%.
Claims that high-speed rail would
reduce carbon emissions are also uncertain.
Estimated net carbon savings may be
positive or negative, and are described
by HS2 as ‘a minor consideration’.
What does the general public want
Nationally, rail only carries 7% of
passenger miles (this includes London
which has much higher rail use than
average), and only 5% of the population
use a train more than once a week. For
most people their daily lives depend on the
road network, so it is not surprising that its
condition and performance is their priority.
Then there is the problem of the national
finances. If high-speed rail does progress,
it is inevitable that it will compete for
funds against both road and classic rail.
On HS2’s estimate, the London to
Birmingham section would require £12 billion
from the Exchequer and the government’s
own Command Paper shows that a larger
network would require far more.
Should high-speed rail be considered an
instrument of social policy Little work
seems to have been done on this, but rail
is predominantly used by higher income
groups. It seems unlikely that the
beneficiaries of high-speed rail would
be poorer on average than current rail users.
So we are left with two things that highspeed
rail would achieve. It would make the
journey quicker for some rail users and that
is certainly a benefit. And it would provide
a large increase in rail capacity on the
West Coast Main Line corridor, where it is
certainly needed.
But it is only reasonable to ask that
the proposals for high-speed be put into
a context of strategic transport policy.
Does it offer good enough value for very
scarce public money and should it be funded
at the expense of conventional railways
and roads In particular, it is essential that
high-speed rail be considered even-handedly
within the planning process for railways in
general. Otherwise enthusiasm for it would
fail to take into account the reality that more
high-speed rail will mean less classic rail.
Whatever the merits of high-speed
rail proposals, one should not forget
the point made in March 2010 by
the House of Commons Transport
Select Committee that ‘the major road
network is the most important part of
the UK’s transport infrastructure’.
Jim Steer is a leading authority on UK transport. He founded the consultancy Steer Davies Gleave,
is Director of Greengauge 21 and a columnist for the Transport Times.
Professor Stephen Glaister is Director of the RAC Foundation and
Emeritus Professor of Transport and Infrastructure at Imperial College London.

40 | Future Plans for Plans the future
Plans for the future | 41
Plans for the future
Given the strength of LTM’s performance since reopening in 2007,
we have a hard act to follow. With the recession affecting our
visitors, supporters and sponsors, our short-term aims are to
consolidate the Museum’s success and maintain our high standards
of operation, engagement and collections care. Our longer-term
goal is to deliver efficiency and value for money, and increase
self-generated income to support our exciting programme of
exhibitions, events and activities.
Education and engagement
A three-year programme of exhibitions and associated educational activities will be
delivered. These include Senseable City (2011); London Journeys, part of the Cultural
Olympiad’s Stories of the World (2012); and a celebration of the 150th anniversary of
the London Underground (2013).
Access and museum operations
LTM aims to attract at least 275,000 visitors to the Museum annually (which is nearly
50% more than throughout the last decade of the ‘old’ Museum before refurbishment)
and to achieve at least 82% customer satisfaction for those visitors. Once the London
Underground’s needs are better understood, the implementation of greater public
access at the Museum Depot in Acton will be restarted.
Heritage and collections
Additions to the collection will be targeted to support the exhibition programme,
and our knowledge base expanded by enhancing 50,000 records a year. Many will
incorporate user-generated content drawn from community engagement, online
content and use of social networking channels.
29,393: Number
of kilowatt hours
of electricity
generated by the
solar cells on the
LTM roof – an 11%
increase on the
previous year
Generating funds
Existing funding sources for our youth and community outreach are likely to be under
severe pressure over the next few years. We are exploring new ways to fund and deliver
our important charitable work by being more socially entrepreneurial and developing
greater commercial income from our trading subsidiary.

42 | Income and support Income and support | 43
Income and support
LTM radio advert,
Classic FM
Radio adverts are a
key part of the Museum’s
marketing mix
Scene-setting
Murmur of conversation
and chink of glasses, as at
a gallery private view.
Brian Sewell
Gosh, what a remarkable
piece this is. Rarely
have form and function
been combined to such
luminescent effect. The
elegance of the design
belies the brutal content.
But what is the artist
really trying to say
The overt message –
Please keep feet off seats,
if you will – leaves the
answer tantalisingly out
of reach.
Voice-over
Discover an ever-changing
selection of iconic
posters – and some
more everyday transport
artefacts – at London
Transport Museum,
Covent Garden…
Get carried away.
The wide range of charitable activities the Museum offers is
supported by income generated from retail and commercial
activities, fundraising, marketing and the generous donations
of time and funds by LTM volunteers and Friends.
London Transport Museum
(Trading) Limited
Despite economic conditions and poor
weather in early 2010, LTM’s trading
subsidiary maintained turnover at £2.1m
for the year, generating an operating profit
of £187,000. While this is much lower
than in the previous period, it should be
noted that an initial transfer of stock at
nil cost significantly boosted profit in the
company’s inaugural trading period.
Retail
New homewares, stationery and
souvenirs featured designs taken from
posters in the LTM collection. Licensed via
TfL, the products won both Best Licensed
Product and Best Overall Product for 2009
in the Association for Cultural Enterprises
annual awards. The range of furniture
and accessories was expanded to
include a 1959 Routemaster moquette.
The specially commissioned fabric is
an exact match of the original pattern.
E-commerce
A print-to-order service was launched
in 2009 for the LTM online collection
of more than 5000 posters. Posters are
available in a range of finishes and sizes up
to A0. A print-to-order service was also
launched on the LTM and TfL webshops
that allows customers to zoom in on any
part of the London Underground map and
print the results on mugs, T-shirts and
other merchandise.
Venue hire
The Grade II listed building in Covent
Garden now has three main spaces
available for hire: the galleries, for evening
drinks receptions and formal dinners;
the stylish 121-seat Cubic Theatre
and foyer; and the recently renovated
LTM boardroom for smaller daytime
meetings. Clients and corporate sponsors
appreciated the Museum’s unique venue,
quality service and prestigious central
London location. Over 200 events
were held in 2009/10, including award
ceremonies, product launches
and conferences.
Marketing
Campaigns in 2009/10 targeted families,
young professionals, art aficionados
and others. Popular culture and relevant
stories were used to raise awareness of
the new LTM and increase the Museum’s
audience base. A new advertising
campaign featured in print and outdoor
media, while radio promotion included a
Classic FM advert with Evening Standard
art critic Brian Sewell discussing the
Museum’s poster collection.
Press coverage of Suburbia included
BBC Radio 4’s Today programme, and
Gardeners’ Question Time (with a
suburban theme) was recorded at the
Museum in October 2009. The exhibition
was covered by The One Show on BBC
television and newspaper coverage
included the Telegraph, Guardian,
Independent and Financial Times.
Fundraising
The Suburbia exhibition was made
possible by the generous sponsorship
of American Express, who provided
£125,000, and Clear Channel, who
donated an outdoor advertising campaign
worth £240,000 – enabling LTM literally
to take the Suburbia exhibition into
London’s suburbs.

44 | Income and support
Income and support | 45
A new series of Thought Leadership
events for Corporate Members made LTM
an important destination for transport
industry colleagues to exchange ideas
about topical issues. As a result, we were
able to reverse a decline in Memberships
and end the year with a 10% increase in
Corporate Membership. The Thought
Leadership programme was funded
and developed in partnership with
international law firm, Eversheds.
Cubic Transportation agreed a further
three years’ sponsorship of the Museum’s
Cubic Theatre. Along with Visa, the
company has become an enthusiastic
bidder at the LTM annual Fundraising
Dinner and again secured London’s
Transport Commissioner, Peter Hendy,
as their bus driver for the day.
This year’s dinner and auction were
attended by 350 transport industry guests
and raised £134,000. Mayor of London
Boris Johnson and Peter Hendy both
spoke on transport strategy and their
vision for London. The date of the next
Fundraising Dinner has been set for
28 September 2010.
Volunteers
In 2009/10, 170 volunteers contributed
over 9000 hours to assist LTM activities.
They helped in the library, led tours at
Covent Garden and Acton, supported
oral history projects and worked with the
collections. Golders Green walking tours
saw volunteers recruited from the local
community, and volunteers also ran an
object-handling table during Christmas
and February half-term. Youth volunteers
were also recruited for the first time.
A new volunteer uniform was designed
to communicate to visitors the important
part played by volunteers in customerfacing
roles. The Voluntary School Liaison
Officer (VSLO) scheme was expanded
and updated this year. VSLOs come
to us from across TfL and other allied
transport companies and are now known
as Transport Youth Engagement Officers
to reflect their widened role.
To find out more about volunteering,
visit ltmuseum.co.uk/getinvolved
London Transport
Museum Friends
The London Transport Museum Friends
are a charitable organisation established
for the advancement of public education
in the history of transport. They assist
and encourage the Museum’s work and
activities. The Friends provide valuable
expertise, knowledge and enthusiasm
as well as financial support to LTM.
Thanks to their generosity, the Museum
was able to acquire a number of
significant items for the collection
in 2009/10, as well as fund ongoing
restoration projects such as the Q-stock
underground train and LT-type bus.
To find out more about LTM Friends,
visit ltmuseum.co.uk/friends
Corporate supporters
LTM establishes corporate relationships
that work hard to achieve the business
needs of both the Museum and its
partners. Corporate Members benefit
from senior level places at our popular
Thought Leadership business breakfasts
and dinners, tickets to our annual
networking reception which attracts
around 400 industry professionals, free
admission to the Museum for their staff,
a discount at the Fundraising Dinner, and
generous discounts on hire of the galleries
and Cubic Theatre. ‘Leader’ level members
and sponsors receive free use of the new
boardroom suite.
LTM also offers multiple opportunities
for industry to partner the Museum on
exhibitions and important educational
initiatives. Our emphasis from 2010 will
be to develop our work in the areas of
transport sector skills shortages and
apprenticeships. We already work with
over 100,000 schoolchildren in London
and, in partnership with industry and
TfL, will build on this network to
encourage young people to discover
careers in engineering and science to
promote the future prosperity of our
transport industry.
To get involved, please contact
LTM Marketing & Development
on 020 7565 7293
Peter Hendy (left), Commissioner
of Transport for London, and
Stephen Shewmaker, President
of Cubic Transportation
19: Number
of years the
Corporate
Membership
Scheme has
supported the
work of LTM

46 | Income and support
Income and support | 47
Corporate members
Sponsors and donors
Leader
Abellio
ALSTOM Transport*
Arriva London
Bombardier Transportation UK
East London Bus Group
FirstGroup UK Bus*
Halcrow Group
Serco
Driver
Covent Garden London
EnterpriseMouchel*
Eversheds*
Fujitsu*
The Go-Ahead Group
Invensys Rail*
Mansell Construction
Ringway Jacobs
Sacker & Partners*
Member
Atkins
Capgemini
Citylink Telecommunications
Cubic Transportation Systems*
Deloitte*
EDF Energy Powerlink
Freshfields*
Herbert Smith*
Mott MacDonald*
PricewaterhouseCoopers
SGS UK
Siemens
telent Technology Services
Trapeze
Associate
Balfour Beatty Engineering Services*
Bircham Dyson Bell*
Birse Metro
Canary Wharf Group*
Freight Transport Association
Heathrow Express
Hyder Consulting UK
KPMG
Mane Contract Services
Metroline
Radio Taxis Group
YJL Infrastructure
Honorary Corporate Member
4-RAIL Services
Clear Channel Outdoor*
Major funders
Transport for London
Heritage Lottery Fund
Major supporters
DCMS /Wolfson Foundation Museums and
Galleries Improvement Fund
London Transport Museum Friends
Luke Rees-Pulley Charitable Trust
MLA Renaissance
Principal sponsor
Tube Lines*
Sponsors
Alexander Dennis
ALSTOM Transport*
Arriva London
Capita
CBS Outdoor
Compak Ramps
Conran Design Group
Corus
Cubic Transportation Systems*
Docklands Light Railway
East London Bus Group
Eversheds*
FirstGroup*
Hammonds
HCL Axon
HP Enterprise Services
Hyder Consulting
London Central/London General (Go-Ahead)
Macquarie Group
Mercedes-Benz buses and coaches
Metroline
National Express UK
Network Rail
Optare UK
Orange
Parsons Brinckerhoff
Peek Traffic*
Renaissance London
Ringway Jacobs
SAP (UK) Ltd
Serco
Skanska McNicholas
Stagecoach London
Thales*
Toyota (GB)
Transdev
Volvo Bus
Wrightbus
Donors
Biffaward – a Landfill Communities Fund
Energy Saving Trust
Foresight, Government Office for Science
Garfield Weston Foundation
John Lyon’s Charity
Small donors
Coutts
The Fishmongers’ Company
The Goldsmiths’ Company
Osborne Clarke
Exhibition sponsors
American Express – Suburbia
Advertising support
Clear Channel Outdoor*
* Thank you to these companies who purchased tables at our 2009 Covent Garden
dinner and auction, as did Amey, Ashurst, Bechtel, CSC, IBM, Lexicon Partners,
McKinsey & Company, Telefónica O2 and Visa Europe.

48 | Public programme Public programme | 49
Public programme
The Museum offers a wide and engaging range of exhibitions and
programmes that cater to London’s diverse community. Below is a
record of events and activities offered to visitors during 2009/10.
Family events
Event
Capital Science: London Landscapes
Craft workshop
Creation station
Creative play
Eco pots
Craft workshop
Funky floral badges
Craft workshop
Gnome finger puppets
Craft workshop
Let it snow! Snowglobe
Craft workshop
London Transport Lotto
Bingo with museum objects
Secret gardens
Craft workshop
Sing-a-long Suburbia
Under 5s song and story
Snowy Stories
Under 5s song and story
Spooky spiders
Craft workshop
Spring hat parade
Craft workshop
Street smart
Road safety learning
Thames tunnel vision
Craft workshop
Transport tales and railway rhymes
Under 5s song and story
Partner/speaker/in association with:
The Royal Society
Talks, debates, seminars and lectures
Event
Betjeman and Metro-land
Public talk
Connected Britain
Partnership event / Debate
European Capital of Culture
Partnership event / Debate
Great Transport Debate
Schools debating competition
Home Comforts
Public talk
London Moves East: Community Collectors
University lecture / Community event
Revisiting Collections: Working with
communities to reinterpret collections at LTM
Seminar / Community engagement
Transformed by the Tube
Public talk
Museum activities and events
Event
An evening with Lorinc Barabas
Jazz concert
Budapest Retro by Gábor Zsigmond Papp
Film screening
Commuter Love
Friday late
Crime in the City
Friday late
Garden Party
Friday late
I Love Budapest by Agnes Incze
Film screening
Linear
Film screening and presentation
London on Sea
Friday late
Sounds of the Suburbs
Friday late
Suburban Style
Friday late
Waterloo Sunsets
Friday late
Partner/speaker/in association with:
David Bownes, LTM Head of Collections, and
John Heald, Vice Chairman of the Betjeman Society
Orange
Hungarian Cultural Centre
The English Speaking Union
Emmanuelle Dirix, fashion historian
Birkbeck College
Museum Professionals Group
Oliver Green, LTM Research Fellow
Partner/speaker/in association with:
Hungarian Cultural Centre
Hungarian Cultural Centre
Dating: When the Music Stops
Craft workshops: The Make lounge
Author: Cathi Unsworth
Band: The Real Tuesday Weld
Richard Reynolds: Guerilla gardening
Art, magic and craft workshops
Heals design consultant
Hungarian Cultural Centre
Art on the Underground, TfL
Artist: Dryden Goodwin
Band: The Squadron Leaders
Dancer and author: Karen McLeod
AV DJs: D:Fuse, Electrovision, *Spark and Labmeta
Craft workshops: The Make Lounge
DJ: Tunnelsounds
DJ: Saint Etienne
Film screening

50 | Public programme Public programme | 51
Community and schools events
Event
Partner/speaker/in association with:
Community and schools events continued
Event
Partner/speaker/in association with:
1a Film Project
Film project
1a Arts etc
TfL Inspire
Engineering and planning careers programme
TfL, Science Museum
A London Line
Dance performance with young people
Union Dance
Transitions Project
Diploma support programme
Crossrail, ICE, BBC
Bag-making
Craft activity with youth club
Bag-making with girls youth group
Craft session for young people
Balloon Buses
Community activity
Castlehaven Community Centre
Dragon Hall Community Centre
Hornchurch churches
Walk the Line
Winter Celebration
Community forum event
Boundary Women’s Group at St. Hilda’s East
Community Centre, Aspirations Group at Tower
Hamlets College, Senior BEES at Building Exploratory
Bedford House Playscheme
Activities for children
ESOL resources
Community and learning project
Every Object Tells a Story
Reminiscence session
Hackney Junior Citizenship Scheme
Activity for school groups
Journeys of Change Year 4 (Run by IWM)
Community project
Kew Bridge WW2 day
Festival
London Transport Lotto
Bingo session
Lost in Transit schools tour
Maida Hill family day
Festival
Memory Lane
Film screenings
Mind the Gap
Drama performance
Platform in Focus
Community project
Race for ideas
Children’s activity
Bedford House
City and Islington College
History Talk, Open Age, Time and Talents, WEA,
Stroke Association, Westminster Adult Education,
Mayfair Library, St. Hilda’s East Community Centre,
Bishop Ho Ming Wah Centre, Beckenham and Penge
Gateway Group, Abbey Centre
Safety and Citizenship Team
Debanma Supplementary School,
Imperial War Museum
Kew Bridge Steam Museum
Millman Street Centre
Art of regeneration, Lewisham College
Harrow Road Neighbourhood Partnership
St. Hilda’s East Community Centre,
Bishop Ho Ming Wah Centre
Link up
One KX
Camden Council
Heritage vehicle outings
Event
Amersham Heritage Day
Heritage event
Sarah Siddons / RM1 – heritage vehicle outings
Depot Open Weekend
Enthusiast open weekend
RM1 – heritage vehicle outings
Depot Open Weekend
Family open weekend / B-type anniversary
RM1 – heritage vehicle outings
Depot Open Weekend
Family open weekend
RM1 – heritage vehicle outings
District line event
1938 stock – heritage vehicle outings
Hendon Pageant – Northern line run
1938 stock – heritage vehicle outings
Historic Commercial Vehicle Society
London to Brighton run
RM1 / LT165 – heritage vehicle outings
Jubilee line event
1938 stock – heritage vehicle outings
Rickmansworth Festival
Sarah Siddons / RM1– heritage vehicle outings
Partner/speaker/in association with:
Heritage committee
London Transport Museum Friends
Amersham event organisers
London Transport Museum Friends
London Transport Museum Friends
London Transport Museum Friends
Heritage committee
District line
Heritage committee
RAF Museum
Heritage committee
Jubilee line
Heritage committee
Rickmansworth Festival
London Transport Museum Friends
Refugee Week
Community talk
Acton Library
Seminar series
Community forum event
South Bank University Family Days
Family activities and Museum visit
South Bank University
Studio Days with Somerset House
Collaborative youth event
Somerset House

52 | Public programme Public programme | 53
Community curator events
Event
Black History Month Takeover Day
Combined community and learning event
Capturing Croydon
Community: Contemporary collecting project
Commuting
Community: Contemporary collecting
Connecting Anerley
Youth film project
Digital Storytelling
Community: Contemporary collecting film project
Line Through the Lens
Community: Contemporary collecting
London Moves East
Community poster project
London Moves South
Community poster project
Regeneration Southwark
Community art project
Shoreditch Festival
Combined community and learning event
Show Us Your Suburbia
Community: Web 2.0 / Contemporary
collecting project
Social Surfing
Community skill-building workshops
Suburban Stories: Golders Green Walks
Community: Public walks led by local guides
Partner/speaker/in association with:
In partnership with TfL’s BAME network group
Local residents and TfL, Croydon Local
Studies Library, Museum of Croydon
Streetwise Youth Centre, Chocolate Films
Tate Modern
Alternative Arts, Photomonth
Artist: James Lambert
Community Collector participants
Forest Hill Boys School
Art in the Park, Rainbow Arts Southwark
United Anglo Caribbean Society
Local residents and TfL
London: World City project
London: World City is part of Stories of the World, the London 2012 Cultural Olympiad programme
Event
Partner/speaker/in association with:
Bus Shelters art workshops at
Orleans House Gallery
Community art project
Bus Shelters art workshops in Hackney
Community art project
Reinterpretation film made by
Young Consultants
Youth participation: Revisiting collections
Reinterpretation project
Community: Revisiting collections project
Young Consultants recruitment day
Youth participation
HEART group, Jaime Taylor and Postcode Films,
Orleans House Gallery
Pedro Youth Club, Andrew Wright, Eastside
Educational Trust, Chocolate Films
Chocolate Films
Thames Reach, Chocolate Films

54 | Structure, governance and management Structure, governance and management | 55
Structure, governance
and management
Governing documents
London Transport Museum Limited (LTM) is a registered charity which was incorporated on
6 February 2008 as a company limited by shares and is governed by its Memorandum and
Articles of Association. Under the GLA Act 1999, Transport for London (TfL) has the power to
provide and maintain a museum of transport artefacts, records and other exhibits. While it is
more common for charities to be operated by companies limited by guarantee, the Transport
for London (Specified Activities) Order 2000 requires TfL to carry out museum activities
through a company limited by shares.
Under section 5.1 of the LTM Memorandum of Association, the property and funds of the
Museum must be used only for promoting the objects and no dividend is payable to TfL.
LTM has a wholly owned subsidiary, London Transport Museum (Trading) Limited (LTMTL),
through which it operates retail, corporate hire and other non-charitable activities to
generate funds for the furtherance of the Museum’s objects. All the profits of LTMTL
are donated to LTM.
Organisation
The Museum is governed by a Board of Trustees, chaired by Sir David Bell. The Board meets up
to six times a year for routine business and convenes meetings as necessary to consider urgent
issues. In addition, Trustees take part in an annual review of strategy. Day-to-day management
of the Museum is delegated to the Managing Director, Sam Mullins, and through him to the
Senior Management Team, employees and volunteers.
Appointment of Trustees
There are up to thirteen Trustees, three of whom are nominated by TfL and may be members,
officers or employees of TfL or the Greater London Assembly. Nine independent Trustees
unconnected with TfL are also appointed by the Board. The Managing Director of LTM is
automatically a Trustee by virtue of his office. Trustees serve a three-year term following which
they may be elected for another three years. The Articles of Association make allowance for a
second three-year extension in exceptional circumstances. Other than the Managing Director,
who is an employee of LTM, the Trustees receive no remuneration but may claim travel
expenses for attending meetings.
Recruitment of Trustees
Independent Trustees are selected on their ability to meet the knowledge and experience
of the vacancy to be filled. The Museum seeks to recruit Trustees with expertise across a
matrix of experience significant to its strategy and operation: community outreach, education,
museum practice, commercial transportation, finance and governance, retail operations and
public relations. It is also important to the Trustees that the Museum Board is recruited so
as to be representative of London’s diversity. The Museum supports TfL’s commitment to
promoting equal opportunity for everyone, eliminating discrimination and promoting good
relations between people of different ethnicity, religious belief and sexual orientation.
Trustee induction and training
New Trustees undergo an orientation programme to brief them on their obligations under
charity and company law, the content of the Memorandum and Articles of Association,
the committee and decision-making processes, the business plan and recent performance
of the Museum. During their induction they are invited to spend time with the LTM Managing
Director and meet senior staff, and are provided with a pack of reference material.
Audit Committee
The role of the Audit Committee is to assist and advise the Board of Trustees of LTM on
audit matters and oversee the relationship with TfL Internal Audit and external auditors.
This includes detailed review of the Annual Accounts and supporting information, and
consideration of Internal Audit Reports.
Risk management
The Trustees acknowledge their responsibility to assess and manage the risks facing the
Museum. The major risks to which the Museum is exposed, as identified by the Trustees,
have been reviewed. The Trustees have implemented a risk management strategy which
includes the following actions that were undertaken in the year:
∙ Periodic risk reviews by the Managing Director and Senior Management Team, advised
and assisted by the TfL Risk Management department
∙ Annual review of risk and risk management by the Trustees
∙ Maintenance of the Risk Map and Risk Register
∙ Maintenance of systems and procedures to mitigate risks identified in the Risk Map
and Risk Register
∙ Maintenance of procedures designed to minimise any potential impact on the Museum
should those risks materialise
∙ Regular audits of Museum operations carried out by TfL’s Internal Audit department
∙ Disaster recovery exercises and desktop simulations involving key Museum staff
The Museum’s key risks are identified as those with a potential impact that is rated ‘High’
or ‘Very High’. Of these, three have a Very High to High likelihood of occurring. These are:
∙ Loss of MLA Renaissance Funding for learning programmes
∙ Significant reduction in trading income
∙ Reduction of core funding from TfL
To mitigate these risks, the Museum has undertaken the following actions:
∙ Identified and obtained new sponsors for learning activities
∙ Introduced government-funded skills development programmes
∙ Identified and undertaken new online retail opportunities
∙ Formed retail partnerships with commercial businesses
∙ Undertaken an operational cost review
∙ Identified new revenue-generating activities to offset potential decrease in core funding

56 | Structure, governance and management Structure, governance and management | 57
Relationship with TfL
A series of written agreements exists between TfL and LTM which sets out the framework
for the continued provision and maintenance of the Museum, the operation and funding of
LTM, and the long-term relationship of the parties. The Museum cares for a collection of over
350,000 objects which remain the property of TfL and subject to a loan agreement between
LTM and TfL.
Employment policies
At the end of March 2010, the Museum employed 111 people.
The Museum is part of the TfL Framework for Consultation and Collective Bargaining.
Pay negotiations are conducted between the TfL Company Council for Collective Bargaining
and the recognised trades unions which are the National Union of Rail, Maritime and Transport
Workers (RMT) and the Transport Salaried Staff Association (TSSA).
Charitable objectives and public benefit
When reviewing the Museum’s aims and objectives, and in planning future activities, the
Trustees of LTM have had due regard to the principles of public benefit and the public benefit
guidance published by the Charity Commission. The Trustees believe that LTM delivers
important public benefits that uphold these principles.
Principle 1: There are identifiable benefits, related to our aims and balanced
against any harm.
LTM’s aims as a charity are to advance the heritage of transport in London and to educate
the public about the history of transport in London through the provision, operation and
maintenance of a transport museum for the public benefit. LTM also seeks to educate the
public about the role of transport in the life and work of London past, present and future.
Principle 2: The benefits to the public are not unduly restricted and do not exclude
people in poverty. Private benefits are incidental.
LTM delivers benefits to visitors at the Museum in Covent Garden and the Depot in Acton,
to users of our website and to schoolchildren across Greater London who take part in our
educational programmes. Our audience development and community outreach work engages
with people who would not normally visit museums and galleries. The Museum at Covent
Garden is fully accessible and welcomes visitors 363 days a year.
Our visitors come from across London and the world. We take our historic vehicles out onto
the roads and rails, visit schools and work with local community groups across the Capital. Our
comprehensive online Museum includes access to all the exhibits available in our main gallery
as well as thousands of objects not normally on public display. We also loan objects to other
institutions to extend our reach and increase access to our collections.
Online access is free and the Safety and Citizenship programme is delivered at no cost to
the schools taking part. Although the Museum charges admission for entry to the galleries
at Covent Garden, various measures are taken to ensure that charges do not unduly restrict
access to the collection. These include free entry to the Museum for children under the age
of 16; free entry for carers accompanying disabled visitors; and reduced admission charges for
senior citizens, students and other concessionary groups.
Where the Museum delivers private benefits to individuals or companies, these are subject to
appropriate commercial arrangements undertaken through a subsidiary company to generate
funds for the Museum. No LTM or TfL staff receive private benefit other than in an incidental
way and, with the exception of Sam Mullins who receives a salary in respect of his position as
the Museum’s Managing Director, the Board receive no payments for their role as Trustees of
the Museum.
The Museum provides clear and identifiable benefits to the public in three categories
of activity: education and engagement, access and museum operations, and heritage
and collections.
LTM does no harm or detriment through its charitable activities. The health and safety of staff
and visitors are taken very seriously and the Museum operates safety management systems
involving trained staff to reduce our risks to a level that is as low as reasonably practicable
for all our operations. We also seek to reduce our impact on the environment by reusing
materials purchased for temporary exhibitions where possible. LTM also uses photovoltaic
solar panels to generate an estimated 2.5% of the annual electricity required in the galleries.
This flagship installation is understood to be the largest ever undertaken on a listed building
in the centre of London.

58 | Trustees’ statement Independent auditors’ report | 59
Trustees’ statement
Independent auditors’ report
Statement of responsibilities of the Trustees of London Transport
Museum Limited in respect of the Trustees’ Annual Report and the
financial statements
The Trustees are responsible for preparing the Trustees’ Annual Report and the financial
statements in accordance with applicable law and regulations.
Company law requires the Trustees to prepare financial statements for each financial year.
Under that law they are required to prepare the group and parent company financial
statements in accordance with UK Accounting Standards and applicable law (UK Generally
Accepted Accounting Practice).
Under company law the Trustees must not approve the financial statements unless they are
satisfied that they give a true and fair view of the state of affairs of the group and charitable
company and of the group’s excess of income over expenditure for that period. In preparing
each of the group and charitable company financial statements, the Trustees are required to:
∙ select suitable accounting policies and then apply them consistently;
∙ make judgements and estimates that are reasonable and prudent;
∙ state whether applicable UK Accounting Standards have been followed, subject to any
material departures disclosed and explained in the financial statements; and
∙ prepare the financial statements on the going concern basis unless it is inappropriate to
presume that the group and the charitable company will continue its activities.
The Trustees are responsible for keeping adequate accounting records that are sufficient to
show and explain the charitable company’s transactions and disclose with reasonable accuracy
at any time the financial position of the charitable company and enable them to ensure that its
financial statements comply with the Companies Act 2006. They have general responsibility for
taking such steps as are reasonably open to them to safeguard the assets of the group and to
prevent and detect fraud and other irregularities.
This report was approved by the Board of Trustees on 15 June 2010 and signed on its
behalf by:
Sam Mullins, Managing Director
Independent auditors’ report to the shareholder of
London Transport Museum Limited
We have audited the group and charity financial statements (the ‘financial statements’) of
London Transport Museum Group for the year ended 31 March 2010 set out on pages 64–79.
These financial statements have been prepared under the accounting policies set out therein.
This report is made solely to the company’s shareholder in accordance with sections 495
and 496 of the Companies Act 2006. Our audit work has been undertaken so that we might
state to the charitable company’s shareholder those matters we are required to state to them
in an auditors’ report and for no other purpose. To the fullest extent permitted by law, we
do not accept or assume responsibility to anyone other than the charitable company and its
shareholder for our audit work, for this report, or for the opinions we have formed.
Respective responsibilities of the Trustees and auditors
The Trustees (who are also the directors of the company for the purposes of company law)
are responsible for preparing the Trustees’ Annual Report and the financial statements
in accordance with applicable law and UK Accounting Standards (UK Generally Accepted
Accounting Practice) and for being satisfied that the financial statements give a true and fair
view. These responsibilities are set out in the Statement of Trustees’ Responsibilities on page
58. Our responsibility is to audit the financial statements in accordance with relevant legal and
regulatory requirements and International Standards on Auditing (UK and Ireland).
We report to you our opinion as to whether the financial statements give a true and fair view,
have been properly prepared in accordance with UK Generally Accepted Accounting Practice
and have been prepared in accordance with the Companies Act 2006. We also report to you
whether in our opinion the information given in the Trustees’ Annual Report is consistent with
the financial statements.
In addition we report to you if, in our opinion, the charitable company has not kept adequate
accounting records, if the charitable company’s financial statements are not in agreement
with the accounting records and returns, if we have not received all the information and
explanations we require for our audit, or if certain disclosures of Trustees’ remuneration
specified by law are not made.
We read the Trustees’ Annual Report and consider the implications for our report if we
become aware of any apparent misstatement within it. We read the other information
contained in the Annual Report and consider whether it is consistent with the audited
financial statements. We consider the implications for our report if we become aware of
any apparent misstatements or material inconsistencies with the financial statements.
Our responsibilities do not extend to any other information.

60 | Independent auditors’ report Trustees and advisors | 61
Independent auditors’ report to the shareholder of
London Transport Museum Limited continued
Trustees and advisors
Basis of audit opinion
We conducted our audit in accordance with International Standards on Auditing (UK and
Ireland) issued by the Auditing Practices Board. An audit includes examination, on a test
basis, of evidence relevant to the amounts and disclosures in the financial statements. It also
includes an assessment of the significant estimates and judgements made by the Trustees in
the preparation of the financial statements, and of whether the accounting policies are
appropriate to the group’s and charitable company’s circumstances, consistently applied and
adequately disclosed.
We planned and performed our audit so as to obtain all the information and explanations
which we considered necessary in order to provide us with sufficient evidence to give
reasonable assurance that the financial statements are free from material misstatement,
whether caused by fraud or other irregularity or error. In forming our opinion we also evaluated
the overall adequacy of the presentation of information in the financial statements.
Opinion
In our opinion:
∙ the financial statements give a true and fair view of the state of the group’s and the
charitable company’s affairs as at 31 March 2010 and of the group’s incoming resources and
application of resources, including its income and expenditure, for the year then ended;
∙ the financial statements have been properly prepared in accordance with UK Generally
Accepted Accounting Practice;
∙ the financial statements have been prepared in accordance with the Companies Act 2006;
and
∙ the information given in the Trustees’ Annual Report is consistent with the financial
statements.
MG Fallon (Senior Statutory Auditor)
for and on behalf of KPMG LLP, Statutory Auditor
21 June 2010
Directors and Trustees
The Directors of the charitable company
are its Trustees for the purpose of charity
law and throughout this report are
collectively referred to as the Trustees.
Board of Trustees
Robert Ian Arthurton
Sir David Bell (Chair)
Howard Collins* (from 1 December 2009)
Roger Cooke
Leon Daniels
Jeremy Fraser
Judith Garfield
Glenn Lyons
Daniel Moylan* (from 21 May 2009)
Samuel Mullins (Managing Director)
Timothy O’Toole* (to 30 April 2009)
Janet Vitmayer
Jeroen Weimar* (from 15 May 2009
to 28 February 2010)
David Worthington
* Nominee of Transport for London
Audit Committee
Sir David Bell
Roger Cooke (Chair)
Leon Daniels
Company Secretary
Howard Carter
Ellen Howard
Directors of London Transport
Museum (Trading) Limited
Robert Ian Arthurton (from 8 March 2010)
Judith Garfield (from 8 March 2010)
Christopher Gilbert
Samuel Mullins
Randeep Sidhu
Michael Walton
David Worthington
Principal Bankers
HSBC
8 Victoria Street
London SW1H 0NJ
Auditors
KPMG LLP
1 Forest Gate
Brighton Road
Crawley
West Sussex RH11 9PT
Principal Legal Advisers
TfL In-House Legal Department
6th Floor Windsor House
42–50 Victoria Street
London SW1H 0TL
Chartered Accountants
1 Forest Gate
Brighton Road
Crawley
West Sussex
RH11 9PT

62 | Financial review Financial review | 63
Financial review
Following a year of successful fundraising, effective cost control and the conservation of
resources, we ended 2009/10 with an operating surplus of £1.1m and funds carried forward
of £29.4m (2009: £28.3m). The surplus will enable us to undertake the essential capital
expenditure on the Museum premises required to prevent water ingress and repair the damage
caused by the unexpectedly harsh winter. We will also be able to begin the important work to
upgrade the educational facilities and public toilets to sustain a high-quality visitor offer.
This year represents only the second full year of the charity’s operation following the Transfer
Scheme which saw £28.8m of premises and exhibition assets transferred to London Transport
Museum Limited (LTM) on 1 April 2008 along with a grant of £1m to meet pre-charitable
liabilities. Adjusting for these atypical transactions, our incoming resources are broadly
equivalent to last year’s at £12.4m with the core grant from TfL of £5.6m being our principal
source of income.
Turnover from our subsidiary trading company remained static at £2.1m, although profit was
down without the benefit of the one-off stock transfer that boosted results last year. The
operating profit made by London Transport Museum (Trading) Limited was £0.2m which will
be donated by Gift Aid to LTM.
Other significant income streams include admission charges to the Museum’s galleries and
events (£1m), support for the Safety and Citizenship programme from TfL Surface Transport
and London Underground (£1m), and over £0.4m of funding received this year
for exhibitions and youth engagement activities that will take place in 2010/11.
Control of costs, vacancy management and the renegotiation of major contracts such as
cleaning and security helped keep costs down to £11.3m against £12.8m in the previous
period. Savings were made primarily in support costs and did not impact on charitable
outcomes.
Reserves policy
The Trustees maintain reserves to provide funds for asset renewals, repairs and future capital
expenditure associated with the Museum’s premises, facilities and exhibitions. The target
range for reserves for this purpose is between £1m and £2m. This is based on the Museum’s
estimated capital expenditure needs of between £5m and £8m over the next ten years. In the
current year, transfers to the Museum Development Fund have allowed this fund to reach a
level which will enable us to begin our essential capital project work in 2010/11.
The balance sheet value of the Museum’s fixed assets at the date of transfer from TfL was set
aside in 2008/09 in a Designated Fixed Assets and Buildings Fund. This has been combined
with the Pre-Charitable Liabilities Fund to form a single Capital Fund which currently stands at
£26.7m. Adjustments have been made to provisions raised before charitable status and these
have had a beneficial impact upon the reserves position. As these reserves do not represent
funds readily available for other purposes, they have been set aside as designated funds in the
Capital Fund. The Capital Fund is written down annually by the value of the depreciation on the
Museum’s fixed assets.
As at 31 March 2010, the Trustees have designated £0.5m in a fund to reflect income received
in the current year that will be used for the delivery of exhibitions and activities in 2010/11.
These activities include the Overground uncovered exhibition, the electric vehicle exhibition
and various youth engagement projects.
Investments policy
It is the policy of the Museum to invest surplus funds in short-term cash deposits within
the UK.
Total reserves are now approaching a level similar to other prudent charities of our size and
scope and are more in line with our reserves policy.

64 | Financial review Financial review | 65
Consolidated statement of financial activities
Including income and expenditure account – Year ending 31 March 2010
Balance sheets
As at 31 March 2010
Note
Unrestricted
Funds
£000
2010 2010 2010 2009
Restricted
Funds
£000
Total
Funds
£000
Total
Funds
£000
Incoming resources
Incoming resources from
generated funds
Voluntary income:
Transfer of net assets from TfL – – – 28,834
Core grants 5,609 – 5,609 5,471
Other donations 671 25 696 820
2 6,280 25 6,305 35,125
Activities for generating funds 3 2,813 6 2,819 2,854
Investment income (bank interest) 27 – 27 65
Incoming resources from
charitable activities
Education and engagement 1,305 484 1,789 1,692
Access and museum operations 973 185 1,158 1,179
Heritage and collections 172 135 307 217
4 2,450 804 3,254 3,088
Total incoming resources 11,570 835 12,405 41,132
Resources expended
Cost of generating funds
Cost of generating voluntary income 535 25 560 600
Commercial trading operations 1,882 – 1,882 1,775
5 2,417 25 2,442 2,375
Cost of charitable activities
Education and engagement 2,911 459 3,370 3,799
Access and museum operations 3,495 131 3,626 4,114
Heritage and collections 1,709 108 1,817 2,475
5 8,115 698 8,813 10,388
Governance costs 7 46 – 46 65
Total resources expended 5 10,578 723 11,301 12,828
Net incoming resources
before transfers
992 112 1,104 28,304
Gross transfers between funds 128 (128) – –
Net movement of funds in year 1,120 (16) 1,104 28,304
Reconciliation of funds
Total funds brought forward 28,259 45 28,304 –
Total funds carried forward 15 29,379 29 29,408 28,304
2010 2009 2010 2009
Note Group Museum
£000 £000 £000 £000
Tangible fixed assets 11 26,344 27,609 26,344 27,609
Current assets
Stock 475 682 – –
Debtors 12 932 886 1,360 1,658
Cash 13 3,152 1,529 3,142 1,400
4,559 3,097 4,502 3,058
Creditors
falling due within one year
14 (1,495) (2,402) (1,438) (2,363)
Net current assets 3,064 695 3,064 695
Net assets 29,408 28,304 29,408 28,304
Represented by
Restricted funds 15a 29 45 29 45
Called up share capital 17 – – – –
Unrestricted funds
Designated funds
15a
Capital fund 26,745 27,744 26,745 27,744
Future exhibitions and education 500 – 500 –
Museum development 1,900 500 1,900 500
General unrestricted funds 234 15 234 15
15 29,379 28,259 29,379 28,259
29,408 28,304 29,408 28,304
These financial statements were approved by the Trustees on 15 June 2010 and signed on
their behalf by:
Sam Mullins, Managing Director
Company registration number 6495761
The notes on pages 66–79 form part of these accounts.
The statement of financial activities includes all gains and losses recognised in the year.
All incoming resources and resources expended derive from continuing activities.

66 | Financial review Financial review | 67
Notes to the financial statements
1. Accounting policies
a) Basis of preparation
The financial statements have been prepared under the historic cost convention and in
accordance with the Statement of Recommended Practice: ‘Accounting and Reporting
by Charities’ (SORP 2005) as well as the applicable UK Accounting Standards and the
Companies Act 1985. The principal accounting policies adopted in the preparation of
the financial statements are set out below.
b) Group financial statements
These financial statements consolidate the results of the charity and its wholly owned
subsidiary London Transport Museum (Trading) Limited on a line by line basis. Neither a
separate statement of financial activities nor an income and expenditure account are presented
for the charity itself following the exemptions afforded by section 230 of the Companies Act
1985 and paragraph 397 of the SORP. The charity’s total incoming resources (gross income)
for the year were £10.3m; the charity’s net incoming resources (net income) for the period
were £1.1m.
c) Incoming resources
Incoming resources are included in the statement of financial activities when the
Museum has entitlement and certainty of receipt, and the amount can be measured with
sufficient reliability.
Voluntary income includes donations, gifts, legacies and grants that provide core funding or
are of a general nature. These are recognised upon receipt. Such income would only be
deferred when:
∙ The donor specifies that the grant or donation must only be used in future accounting
periods; or
∙ The donor has imposed conditions which must be met before the Museum has
unconditional entitlement.
Income from commercial trading and sponsorship activities is recognised as the related goods
and services are provided.
Investment income is recognised on a receivable basis.
Income from charitable activities includes income received under contract or where
entitlement to grant funding is subject to specific performance conditions which is recognised
as the related goods or services are provided.
Goods, facilities and services donated for the Museum’s use, where the benefit is quantifiable
and the goods and services would otherwise have had to be purchased, are recognised in the
financial statements, as both income and expenditure, at a reasonable estimate of their value
in the period in which they are donated.
e) Resources expended
All outgoing resources are included in the Statement of Financial Activities inclusive of any
irrecoverable VAT. Expenditure is recognised when a liability is incurred and is classified under
the following principal categories:
∙ Costs of generating funds are those costs incurred in attracting voluntary income, and those
incurred in trading activities that raise funds.
∙ Charitable activities include expenditure associated with the operation of the Museum
and its educational and public programmes, and the management and development of the
Museum’s collections.
∙ Governance costs include those incurred in the governance of the Museum and its assets
and are primarily associated with constitutional and statutory requirements.
Where costs relate directly to an activity they have been allocated against that activity. Support
costs that relate to more than one activity have been allocated to activity cost categories on
the basis of staff numbers in each area of activity (see Note 6).
f) Operating leases
Costs relating to operating leases are charged to the Statement of Financial Activities on a
straight line basis over the life of the lease.
g) Tangible fixed assets
Individual fixed assets over £10,000 are capitalised at cost.
Tangible fixed assets are depreciated on a straight line basis over their estimated useful lives as
follows:
∙ Plant and Equipment 3–10 years
∙ Buildings and Refurbishments 10–35 years
Structural improvements to the fabric of the Museum building are depreciated over the
remaining life of the lease (34 years).
Other building work is capitalised where it is considered that future economic benefits in
excess of the originally assessed standard of performance will flow as a result of that work.
h) Stock
Stock is valued at the lower of cost or net realisable value.
i) Heritage assets
Heritage Assets are those assets of historical, artistic or scientific importance that are held to
advance the preservation, conservation and educational objects of the Museum. The Museum
collections consist of over 350,000 items and are on loan from TfL. Assets on loan are not
capitalised within these financial statements although expenditure relating to their use and
maintenance is included.
d) Volunteers
The value of services provided by volunteers is not incorporated into these financial
statements. Further details of the contribution made by volunteers can be found in the body
of the Trustees’ Annual Report.

68 | Financial review Financial review | 69
Notes to the financial statements continued
j) Funds structure
Restricted funds are funds to be used for particular purposes laid down by the donors or which
have been raised for a specific purpose.
Unrestricted funds are funds available for use at the discretion of the Trustees in furtherance
of the Museum’s charitable objectives. Designated funds comprise unrestricted funds that
have been set aside by the Trustees for particular purposes. The purposes and uses of the
funds held in each of these categories are given in Note 15.
k) Pensions
The Museum operates a pension scheme providing benefits based on final pensionable pay.
The assets of the scheme are held separately from those of the Museum. The parent charity is
a member of that pension scheme but is unable to identify its share of the underlying assets
and liabilities of the scheme on a consistent and reasonable basis and therefore, as permitted
by the multi-employer exemption in FRS 17 ‘Retirement Benefits’, it is accounted for as if
it were a defined contribution scheme. As a result, the amount charged to the Statement
of Financial Activities represents the contributions payable to the scheme in respect of the
accounting period. The disclosures required under FRS 17 are given in Note 18.
l) Related party transactions
Except in so far as disclosed in Note 19, the Museum has taken advantage of the exemption
set out in FRS 8 not to disclose any transactions with other TfL Group undertakings.
m) Taxation
The Museum is exempt from tax in respect of its income which is applied to its
charitable activities.
n) Cash flow
Following the exemptions afforded by FRS1 and the Companies Act 1985, where the
charity forms part of the Transport Trading Limited group, a separate cash flow statement
is not required.
2. Voluntary income
Unrestricted
£000
2010 2010 2010 2009
Restricted
£000
Total
£000
Total
£000
Transfer of net assets from TfL – – – 28,834
Core grant from TfL 5,609 – 5,609 5,471
Donated Services
Arriva – – – 20
Clear Channel 240 – 240 352
Seconded staff 121 – 121 121
Donations
Donations, Grants & Gift Aid 310 25 335 325
Legacies – – – 2
6,280 25 6,305 35,125
3. Activities to generate funds
Unrestricted
£000
4. Incoming resources from charitable activities
2010
Direct costs
2010 2010 2010 2009
Restricted
£000
2010
Apportioned
support costs
Total
£000
2010
Total
Total
£000
Retail sales 1,595 – 1,595 1,651
Other trading activities
Corporate hire 275 – 275 366
Catering income 64 – 64 73
Commercial sponsorships 125 – 125 –
Other activities to generate funds
Fundraising events and sponsorships 692 – 692 717
Other miscellaneous income 62 6 68 47
Group and Museum
Unrestricted
£000
2,813 6 2,819 2,854
2010 2010 2010 2009
Restricted
£000
Total
£000
Total
£000
Museum admissions 964 – 964 1,018
London Museums Hub grants – 785 785 548
Safety and Citizenship income 1,017 – 1,017 1,288
Grants for youth engagement activity 237 19 256 –
Grants for 2010 exhibitions 150 – 150 –
American Express Foundation grant – – – 126
John Lyon's Charity grant – – – 15
Luke Rees-Pulley Charitable Trust grant – – – 30
Other miscellaneous charitable income 82 – 82 63
5. Resources expended
2,450 804 3,254 3,088
2009
Total
£000 £000 £000 £000
Costs of generating funds
Costs of generating voluntary income 283 277 560 600
Cost of goods sold 872 – 872 780
Other trading costs 1,010 – 1,010 995
Charitable activities
Education and engagement 1,475 1,896 3,370 3,799
Access and museum operations 1,265 2,360 3,626 4,114
Heritage and collections 646 1,171 1,817 2,475
Governance 46 – 46 65
Total 5,597 5,704 11,301 12,828
The cost of generating voluntary income includes the cost of generating core funding.

70 | Financial review Financial review | 71
Notes to the financial statements continued
6. Shared support cost allocation
7. Governance costs
Education &
engagement
2010 2010 2010 2010 2010
Access &
museum
operations
Heritage &
collections
Activities to
generate
funds
Total
£000 £000 £000 £000 £000
Premises and facilities 1,136 1,414 702 166 3,418
Finance and management 410 510 253 60 1,233
Marketing 199 248 123 29 599
Systems 92 114 57 13 276
Design and presentation 59 73 37 9 178
Total cost 2010 1,896 2,359 1,172 277 5,704
Total cost 2009 2,139 2,902 1,376 305 6,722
Note: A management fee of £776,000 (2009: £787,000) was charged to the trading subsidiary during the year.
2010 2009 2010 2009
Group Museum
£000 £000 £000 £000
External audit 16 50 11 45
Consultancy 14 5 5 5
Systems 5 10 10 10
Other 11 – – –
46 65 26 60
LTMTL Balance sheet
2010 2009
£000 £000
Current assets
Stock 475 682
Debtors 146 104
Cash 11 129
632 915
Creditors: falling due within one
year (including Gift Aid to LTM)
(632) (915)
Net current assets – –
Called up share capital (£1) – –
9. Staff costs and staff numbers
(a) Total remuneration
2010 2009
Group and Museum £000 £000
Wages and salaries 3,330 3,452
Social security costs 252 263
Pension costs 802 766
4,384 4,481
8. Trading subsidiary
The Museum has a single subsidiary company, London Transport Museum (Trading) Limited
(LTMTL), having an issued share capital of £1, wholly owned by London Transport Museum
Limited. LTMTL undertakes retail and venue hire operations.
LTMTL Profit and loss account
2010 2009
£000 £000
The wages and salaries figure includes £121,000 (2009: £121,000) of costs relating to staff
seconded to the Museum from TfL and the Museums Association.
The Managing Director is the only paid director and received emoluments from the Museum,
including salary, fees, benefits in kind and other emoluments totalling £85,864 (2009: £90,128).
In addition, the Museum made contributions totalling £23,662 (2009: £22,708) to the TfL Pension
Fund, a defined benefit scheme on behalf of the Managing Director for the period. At 31 March
2010 the Managing Director had accrued an annual pension of £40,901 (2009: £39,623) in the
TfL defined benefit pension fund.
Turnover 2,068 2,089
Cost of operations (1,881) (1,213)
Operating profit 187 876
Gift Aid payable to
London Transport Museum
(187) (876)
Profit/(loss) before taxation – –
Taxation
Result for the year – –
Note: The 2009 operating profit benefited from a one-off stock transfer worth £561,000 at nil consideration.

72 | Financial review Financial review | 73
Notes to the financial statements continued
The number of employees whose emoluments amounted to over £60,000 in the period was:
£60,001–£70,000
£70,001–£80,000
£80,001–£90,000
£90,001–£100,000
2010 2009
No. No.
2
1
–
1
–
–
1
1
Contributions to the defined benefit pension scheme were made in respect of the three higher
paid employees and amounted to £62,196 (2009:£58,535).
(b) Other than the Managing Director, none of the Trustees received any remuneration
for their services. Reimbursements of expenses totalled £40 (2009: £436).
10. Net income
This is stated after charging:
11. Tangible fixed assets
2010 2009
£000 £000
Depreciation 1,267 1,266
Auditor's remuneration:
Audit – company 21 50
Audit – subsidiary company 5 5
Audit – other consultancy 5 2
Operating lease rentals – Buildings 1,026 1,203
Operating lease rentals – Office equipment 25 25
(c) The average number of persons (full-time equivalents) employed during the
year was:
Group and Museum
Property & Plant & Total
buildings equipment
£000 £000 £000
Group
Group
2010 2009
FTE FTE
Education and engagement 21.2 21.0
Access and museum operations 26.4 28.5
Heritage and collections 13.1 13.5
Activities to generate funds 18.1 18.0
Support functions
Premises and facilities 8.5 9.0
Finance and management 10.5 11.5
Marketing 2.0 2.0
Systems 2.5 2.0
Design and presentation 2.0 2.5
104.3 108.0
Plus seconded staff 3.3 3.5
Cost
At 1 April 2009 28,206 669 28,875
Additions/adjustments 13 (11) 2
At 31 March 2010 28,219 658 28,877
Accumulated depreciation
At 1 April 2009 (1,174) (92) (1,266)
Charge for the year (1,174) (93) (1,267)
At 31 March 2010 (2,348) (185) (2,533)
Net book value at 31 March 2010 25,871 473 26,344
Net book value at 31 March 2009 27,032 577 27,609
12. Debtors
2010 2009 2010 2009
Group Museum
£000 £000 £000 £000
Trade debtors 206 144 140 72
Sundry debtors 157 18 129 –
TfL Group debtors 196 247 164 237
Prepayments and accrued income 355 477 352 473
Taxation 18 – – –
Amounts owed by subsidiary undertakings – – 575 876
932 886 1,360 1,658

74 | Financial review Financial review | 75
Notes to the financial statements continued
13. Cash
14. Creditors: amounts falling due within one year
15. Statement of group funds
(a) The movements on funds are as follows:
2010 2009 2010 2009
Group Museum
£000 £000 £000 £000
Held in current accounts and in hand 134 222 131 163
Hold in short term deposit accounts 3,018 1,307 3,011 1,237
3,152 1,529 3,142 1,400
2010 2009 2010 2009
Group Museum
£000 £000 £000 £000
Trade creditors 181 248 149 228
TfL Group creditors 890 697 890 697
Taxation – 19 – –
Accruals 424 1,438 399 1,438
No balances fell due after more than one year.
Group and Museum
1,495 2,402 1,438 2,363
1 April
2009
Income Expenditure Transfers 31 March
2010
£000 £000 £000 £000 £000
Unrestricted funds
Designated funds
Capital fund 27,744 2 (1,401) 400 26,745
Future exhibitions and education – – – 500 500
Museum development 500 – – 1,400 1,900
Total designated funds 28,244 2 (1,401) 2,300 29,145
General unrestricted funds 15 11,568 (9,177) (2,172) 234
Total unrestricted funds 28,259 11,570 (10,578) 128 29,379
Restricted funds
Luke Rees-Pulley Charitable Trust 30 – (1) – 29
John Lyon's Charity 15 – (15) – –
Wolfson – 23 (23) – –
London Museums Hub – 794 (666) (128) –
Acton High Creative Partnership – 18 (18) – –
Total restricted funds 45 835 (723) (128) 29
Total funds 28,304 12,405 (11,301) – 29,408
Designated funds
The Fixed Assets and Buildings Fund represents the net book value of the Museum’s tangible
fixed assets.
The transfer of £400,000 into the Capital Fund represents balances required to reconcile
pre-charitable liabilities that will not crystallise.
The Trustees have transferred £1,500,000 to the Museum Development Fund to provide
for future investment in the Museum’s facilities, galleries and exhibitions.
The Trustees have designated £500,000 in a Future Exhibitions and Education fund for
committed future projects for which the Museum has received grants and donations in
the current year.
Restricted funds
The Luke Rees-Pulley Charitable Trust made a grant of £30,000 in 2009 to fund the
development of new learning resources to promote skills and careers in the transport
industry to school-age children.
John Lyon’s Charity made an enabling grant of £15,000 in 2009 to develop an educational
programme for the benefit of children from schools in Ealing and Westminster.
The DCMS/Wolfson Museums and Galleries Improvement Fund agreed a grant of £44,000 for
access improvements to the Museum library and Depot lecture theatre. The grant is drawn
down in arrears following completion of work.
(b) Analysis of group net assets between funds
Fund balances as at 31 March 2010
represented by:
16. Operating leases
At 31 March 2010 the Museum has annual commitments as follows:
Unrestricted Restricted Total
funds funds
£000 £000 £000
Fixed assets 26,344 – 26,344
Current assets 4,430 129 4,559
Current liabilities (1,395) (100) (1,495)
Total net assets 29,379 29 29,408
Land & building Other
Expiry date 2010 2009 2010 2009
£000 £000 £000 £000
Between 2 and 5 years – – 33 30
Over 5 years 978 1,207 – –
Note: The Fixed Assets and Building Fund and Pre-Charitable Liabilities Fund have been combined into a
single Capital Fund.

76 | Financial review Financial review | 77
Notes to the financial statements continued
17. Called up share capital
2010 2009
£ £
Authorised
1 ordinary share of £1 1 1
Allocated, issued and fully paid up
1 ordinary share of £1 1 1
At 31 March 2010 2009 2008
% % %
Inflation 3.75 2.90 3.60
Rate of increase in salaries 4.50 3.65 5.10
Rate of increase of pensions in payment
and deferred pensions
3.75 2.90 3.60
Discount rate 5.50 6.90 6.80
Investment return 7.37 6.40 6.80
18. Pensions
Background
The Museum offers retirement plans to its employees. The majority of the Museum’s staff
are members of the Public Sector Section of the TfL Pension Fund. This scheme, to which the
Museum contributes, is a defined benefit scheme where the benefits are based on employees’
length of service and final pensionable pay. The scheme is established under trust. The Fund’s
Trustee is the TfL Trustee Company Limited, a wholly owned subsidiary of Transport for
London. Under the rules of the Fund, its 18 trustee directors are nominated in equal numbers
by Transport for London and on behalf of the Fund’s membership. Transport for London and
the Museum’s fellow subsidiaries also participate in the Public Sector Section and it is not
possible to identify the Museum’s share of the underlying assets and liabilities.
The Fund’s Actuary makes periodic valuations and recommends the level of contributions
to be made by the participating employers to ensure long-term solvency of the Fund. The
latest valuation of the Fund was carried out as at 31 March 2009 by the Actuary, a partner of
consulting actuaries Towers Watson, using the projected unit method.
The level of contributions paid by the employer is 31.0% of pensionable pay.
Accounting
A separate valuation of the Public Sector Section has been prepared for accounting purposes
on a FRS 17 basis as at 31 March 2010.
It is not possible to identify the Museum’s particular share of the Public Sector Section’s assets
and liabilities on a consistent and reasonable basis, and as permitted by the multi-employer
exemption in FRS 17, it is accounted for as if it were a defined contribution scheme. The
Company’s contributions to the Public Sector Section of £801,900 (2008/09: £765,600) have
been charged to the profit and loss account.
FRS 17 specifies how key assumptions should be derived and applied. These assumptions are
often different to the assumptions adopted by the pension scheme actuary and trustees in
determining the funding position of pension schemes.
The FRS 17 valuation is broadly based on the Public Sector Section’s assets being valued at
market value at the balance sheet date with the Section’s liabilities being discounted at the
rate of return on high-quality corporate bonds of equivalent term to the liabilities. The major
assumptions used in this valuation were:
The fair value of the Public Sector Section’s assets, which are not intended to be realised in the
short term and may be subject to significant change before they are realised, and the present
value of the Public Sector Section’s liabilities, which are derived from cash flow projections
over long periods and thus inherently uncertain, were as shown below. Also shown are the
expected long-term rates of return which are the best estimates chosen from a range of
possible assumptions and, due to the time-scale covered, may not necessarily be borne
out in practice.
At 31 March
2010 2009 2008
Expected
return
%pa
Value at
31 March
£m
Expected
return
%pa
Value at
31 March
£m
Expected
return
%pa
Value at
31 March
£m
Equities 8.0 3,104.7 8.0 1,957.2 8.2 2,305.0
Bonds 5.0 1,657.6 4.3 1,171.7 4.9 1,605.3
Cash, property
and other assets
Total market value
of assets
Actuarial value of
section liabilities
4.1 107.4 3.7 266.5 5.2 168.7
– 4,869.7 – 3,395.4 – 4,079.0
– (6,965.4) – (4,415.8) – (4,675.7)
Deficit in section – (2,095.7) – (1,020.4) – (596.7)
The figures above include the assets and liabilities of the entire Public Sector Section of the TfL
Pension Fund, and include members who are employed by, and whose contributions are made
by, Transport for London. This is because, as stated above, it is not possible to identify the
Museum’s particular share. Further details of the Public Sector Section’s position can be found
in the Statement of Accounts of Transport for London.
Unfunded pension costs
The Museum bears the cost of:
∙ Augmentation of the pensions of certain employees, who retire early under voluntary
severance arrangements
∙ Ex-gratia payments, which are made to certain employees on retirement in respect of service
prior to the establishment of pension funds for those employees
∙ Supplementary payments, which are made to certain employees who retired prior to index
linking of pensions.

78 | Financial review Financial review | 79
Notes to the financial statements continued
19. Related party transactions
Transport for London
London Transport Museum Limited is a subsidiary company of Transport Trading Limited (TTL),
a Transport for London Group company. TfL provides financial assistance to the Museum in
the form of a core grant for Museum operations. In addition, certain divisions of TfL provide
financial support to the Safety and Citizenship Programme and other Museum operations as
agreed on a project by project basis.
The Museum also receives benefit from the activities of TfL group functions such as Finance,
Human Resources and Payroll. Management Fees are levied upon the Museum by TfL and TTL
for services provided. Fees are applied at the same rates as for all other TfL group companies.
TfL group companies receive discounts on the hire of Museum facilities. All TfL staff receive
free entry to the Museum and discounts in the Museum shop.
Under FRS 8 – ‘Related Party Disclosures’ the Museum is exempt from disclosing transactions
with other TfL Group undertakings but a summary of the total value of transactions with TfL is
given below.
Related party transactions with TfL Income Expenditure
£000 £000
Core grant 5,609 –
Other income 1,498 –
Group services provided – 434
As at 31 March the following amounts remained outstanding in respect of transactions
a-c above.
Related party Debtor Creditor Details
£000 £000
London Museums Hub (a) 365 159 Grants
20. Legal status and Ultimate Holding Company
LTM is a company limited by shares and a wholly owned subsidiary company of TTL, the
holding company for all the operating companies controlled by Transport for London. The
share capital of the company is 1 ordinary share of £1.
LTM’s Memorandum of Association states ‘the property and funds of the Charity must be
used only for promoting the Objects and no dividends shall be paid to the Member’.
21. Contingent Liabilities
The Museum received sponsorship income of £125,000 (2009: £nil) which may become
repayable in October 2010.
Other material related party transactions in the year:
Related party Income Expenditure Details
£000 £000
London Museums Hub (a) 718 678 Grants
London Transport Museum Friends (b) – 3 Volunteer expenses
FirstGroup (c) 14 – Corporate membership
(a) The Museum is a partner in the London Museums Hub together with the Museum of
London, the Geffrye Museum and the Horniman Museum. All Hub museums are in receipt
of funding via the Museums, Libraries and Archives (MLA) Renaissance funding stream.
LTM Trustee Janet Vitmayer is Managing Director of the Horniman Museum and a member
of the Renaissance London Board alongside LTM Managing Director Samuel Mullins.
(b) LTM Trustee Robert Ian Arthurton is Chairman of the London Transport Museum Friends,
a registered charity whose aims include assisting and encouraging the work and activities of
London Transport Museum.
(c) LTM Trustee Leon Daniels is Commercial Director UK Bus at FirstGroup plc.

‘The exhibition alludes
to the fact that London’s
private transport companies
were the sponsors and often
the creators of suburbia.’
Guardian, 21 November 2009
Design: LTM Design
Editor: Mark Kilfoyle
All images © London Transport Museum
and Transport for London, 2010

London Transport Museum
Covent Garden Piazza
London WC2E 7BB
Tel +44 (0)20 7379 6344
London Transport Museum Ltd
Charity number 1123122
Company number 6495761
Registered address:
Windsor House
42–50 Victoria Street
London SW1H 0TL
London Transport Museum
(Trading) Ltd
Company number 6527755
Registered address:
Windsor House
42–50 Victoria Street
London SW1H 0TL
Supported by
ltmuseum.co.uk