When was the last oil change? what oil? the water if in the engine will be sitting at the bottom of the sump until its mixed buy the action of the pump and engine movement. If the car is not 'run up' to operating temp the moisture will accumulate inside the engine. If run up to operating temp then the moisture will evapourate. Keep an eye on water levels in the cooling system, only remove cap when engine is cool!

Morgans 1934 MX, 1947 Series 1, 1956 +4 TR4, 2000 +4 T16
Triumph Herald 1969 13/60
Morris 1970