Draft Financial Statements
Charity registration number 1013314
Company registration number 02173226 (England and Wales)
STROUD VINTAGE TRANSPORT & ENGINE CLUB ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024
Draft Financial Statements STROUD VINTAGE TRANSPORT & ENGINE CLUB
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees Mr M Slater Mr P Simper Mr J Grange Mr M Smith Secretary Mr M Smith Charity number 1013314 Company number 02173226 Principal address 6 Far Westrip Stroud Glos GL6 6HD Registered office 6 Far Westrip Stroud Glos GL6 6HD Independent examiner Griffiths Marshall 4th Floor Llanthony Warehouse The Docks Gloucester Gloucestershire GL1 2EH
Draft Financial Statements STROUD VINTAGE TRANSPORT & ENGINE CLUB
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 2 |
| Independent examiner's report | 3 |
| Statement of financial activities | 4 |
| Balance sheet | 5 |
| Notes to the financial statements | 6 - 11 |
Draft Financial Statements STROUD VINTAGE TRANSPORT & ENGINE CLUB
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 OCTOBER 2024
The trustees present their annual report and financial statements for the year ended 31 October 2024.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the SVTEC's articles of association, the Companies Act 2006 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2016)
Objectives and activities
To advance the education of the public by increasing knowledge and interest in:
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All types of historic mechanically propelled vehicles including but without prejudice to the generality of the foregoing traction engines, steamrollers and other steam vehicles.
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Other historic mobile machinery including but without prejudice to the generality of the foregoing fair organs, fairground and showman's equipment, agricultural machinery and agricultural equipment.
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Other historic machinery of a static nature including but without prejudice to the generality of the foregoing all or any mill, factory or industrial equipment and machinery whether the same be powered by steam, water, electricity, petrol or diesel oils but including also those driven by the action of wind or tide.
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All or any historic crafts and craftmanship b) to make any payments in favour of such registered charities or for such charitable purposes in the united kingdom as the directors shall from time to time determine.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the SVTEC should undertake.
Achievements and performance
SVTEC exists to inform and educate the public in all aspects of vintage machinery. To achieve that, we run an annual steam and vintage event featuring vintage machinery of all types, from bicycles to full size road steam vehicles.
The Charity also runs monthly lecture programmes during the Autumn and Winter featuring experts in the field of vintage transport and industrial archaeology.
Financial review
The company was incorporated on 2 October 1987. The company is limited by guarantee and does not have any share capital. The company was registered as a charity in 1992.
The company made a surplus before donations of £47,687 (2023 - Deficit of £18,006). Donations of £5,358 (2023 - £11,693) were made to charities during the year. The net incoming resources of £53,045 (2023 - (£29,699) have been added to the accumulated funds.
The directors have examined the requirement for free reserves which are those unrestricted funds not designated for specific purposes. These free reserves represent the unrestricted funds arising from past and present operating results. It is the directors policy to maintain these reserves at such a level that any significant drop in funding or results would not hinder them from continuing the current activities of the company. The level of these funds were £371,186 (2023 - £318,141) at the balance sheet date which the directors believe is satisfactory.
The trustees have assessed the major risks to which the SVTEC is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
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Draft Financial Statements STROUD VINTAGE TRANSPORT & ENGINE CLUB
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024
Structure, governance and management
The SVTEC is a company limited by guarantee.
The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
Mr M Slater
Mr P Simper Mr J Grange Mr M Smith
The trustees are the directors of the company. The directors are the Chariman and the Vice Chairman of the SVTEC. They are elected by the SVTEC membership annual general meeting.
SVTEC comprises of four trustees who are all directors of the company. These four are responsible for the day to day management of the Charity.
The Trustees' report was approved by the Board of Trustees.
..............................
Mr M Slater
Director Dated: .........................
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Draft Financial Statements STROUD VINTAGE TRANSPORT & ENGINE CLUB
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF STROUD VINTAGE TRANSPORT & ENGINE CLUB
I report to the trustees on my examination of the financial statements of Stroud Vintage Transport & Engine Club (the SVTEC) for the year ended 31 October 2024.
Responsibilities and basis of report
As the trustees of the SVTEC (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).
Having satisfied myself that the financial statements of the SVTEC are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the SVTEC’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
Since the SVTEC’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of The Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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1 accounting records were not kept in respect of the SVTEC as required by section 386 of the 2006 Act; or
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2 the financial statements do not accord with those records; or
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3 the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
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4 the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
Griffiths Marshall
Independent Examiner
4th Floor Llanthony Warehouse The Docks Gloucester Gloucestershire GL1 2EH
Dated: .........................
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Draft Financial Statements STROUD VINTAGE TRANSPORT & ENGINE CLUB
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 OCTOBER 2024
| Notes Income from: Donations and fundraising 3 Investments 4 Total income Expenditure on: Raising funds 5 Total resources expended Net income/(expenditure) for the year/ Net movement in funds Fund balances at 1 November 2023 Fund balances at 31 October 2024 |
2024 £ 261,779 6,279 268,058 215,013 215,013 53,045 318,141 371,186 |
2023 £ 194,188 3,102 197,290 226,989 226,989 (29,699) 347,840 318,141 |
|---|---|---|
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Draft Financial Statements STROUD VINTAGE TRANSPORT & ENGINE CLUB
BALANCE SHEET
AS AT 31 OCTOBER 2024
| Notes Fixed assets Tangible assets 11 Current assets Cash at bank and in hand Creditors: amounts falling due within one year 12 Net current assets Total assets less current liabilities The funds of the SVTEC Unrestricted funds 13 |
2024 £ 367,845 (5,099) |
£ 8,440 362,746 371,186 371,186 371,186 |
2023 £ 323,281 (5,140) |
£ - 318,141 |
|---|---|---|---|---|
| 318,141 | ||||
| 318,141 | ||||
| 318,141 |
The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 October 2024.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the trustees on .........................
.............................. Mr M Slater Director
Company registration number 02173226 (England and Wales)
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Draft Financial Statements STROUD VINTAGE TRANSPORT & ENGINE CLUB
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024
1 Accounting policies
Charity information
Stroud Vintage Transport & Engine Club is a private company limited by guarantee incorporated in England and Wales. The registered office is 6 Far Westrip, Stroud, Glos, GL6 6HD.
1.1 Accounting convention
The financial statements have been prepared in accordance with the SVTEC's articles of association, the Companies Act 2006 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2016). The SVTEC is a Public Benefit Entity as defined by FRS 102.
The SVTEC has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling, which is the functional currency of the SVTEC. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the SVTEC has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the SVTEC.
1.4 Incoming resources
Income is recognised when the SVTEC is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the SVTEC has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the SVTEC has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
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Draft Financial Statements STROUD VINTAGE TRANSPORT & ENGINE CLUB
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024
1 Accounting policies
(Continued)
1.5 Resources expended
Expenditure is recorded on the accruals basis and liabilities are included when the legal obligation has been created.
Expenditure in charitable activites represents the cost incurred in carrying out the charitable objectives of the project.
As a registered charity, the activites are generally exempt from Income Tax and Capital Gains Tax in connection with its direct charitable purpose.
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
1.6 Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
no depreciation
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
1.7 Impairment of fixed assets
At each reporting end date, the SVTEC reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.8 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
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Draft Financial Statements STROUD VINTAGE TRANSPORT & ENGINE CLUB
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024
1 Accounting policies
(Continued)
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the SVTEC’s contractual obligations expire or are discharged or cancelled.
2 Critical accounting estimates and judgements
In the application of the SVTEC’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3 Donations and fundraising
| **Unrestricted ** | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2024 | 2023 | |
| £ | £ | |
| Membership and stands | 30,429 | 28,490 |
| Camping and gate income | 184,275 | 133,347 |
| Programme sales and advertising | 9,451 | 3,721 |
| Donations | 8,540 | 2,389 |
| Concessions and other miscellaneous income | 28,667 | 25,177 |
| Club Sales | 417 | 1,064 |
| 261,779 | 194,188 | |
| Membership and Stands | ||
| Membership | 1,934 | 2,015 |
| Trade stands, craft tents and tables | 28,496 | 26,475 |
| 30,429 | 28,490 |
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Draft Financial Statements STROUD VINTAGE TRANSPORT & ENGINE CLUB
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024
3 Donations and fundraising
(Continued)
| Concessions and other miscellaneous income Concessions Miscellaneous Income Camping and Gate Income Camping Ticket and gate receipts |
28,010 657 28,667 13,825 170,450 184,275 |
24,850 327 |
|---|---|---|
| 25,177 | ||
| 11,504 121,843 |
||
| 133,347 |
4 Income from investments
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Interest receivable | 6,279 | 3,102 | |
| 5 | Raising funds |
| **Unrestricted ** | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2024 | 2023 | |
| £ | £ | |
| Fundraising and publicity | ||
| Office supplies, telephone, computer costs, and marketing | 19,187 | 12,796 |
| Members meetings, events, and expenses | 5,900 | 7,187 |
| Catering and bar entertaining | 5,220 | 3,593 |
| Site Rent | 12,000 | 11,000 |
| H&S, security and traffic management | 36,638 | 32,194 |
| Public address and commentary | 4,653 | 4,550 |
| Toliets, plant maintenance, coal and other fuels, and programmes | 44,269 | 60,741 |
| Waste disposal | 16,200 | 14,100 |
| Insurance | 3,744 | 3,391 |
| Fundraising and publicity | 147,811 | 149,552 |
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Draft Financial Statements STROUD VINTAGE TRANSPORT & ENGINE CLUB
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024
| 5 Raising funds Administration costs Bank Charges Accountancy Donations & Sponsorship Bus service, fencing, show fees, and plant and marquee hire Miscellaneous costs Animals and countryside Administration costs 6 Net movement in funds The net movement in funds is stated after charging/(crediting): Fees payable to the charity's independent examiner: - for the independent examination of the charity's financial statements - for other financial services 7 Auditor's remuneration Fees payable to the charity's auditor and associates: For audit services Audit of the financial statements of the charity For other services All other non-audit services |
(Continued) 840 305 2,100 1,110 5,358 11,693 47,016 50,341 343 3,088 11,545 10,900 67,202 77,437 215,013 226,989 2024 2023 £ £ 900 - 1,200 - 2024 2023 £ £ 900 - 1,200 - |
(Continued) 840 305 2,100 1,110 5,358 11,693 47,016 50,341 343 3,088 11,545 10,900 67,202 77,437 215,013 226,989 2024 2023 £ £ 900 - 1,200 - 2024 2023 £ £ 900 - 1,200 - |
|
|---|---|---|---|
| 77,437 | |||
| 226,989 | |||
| 2023 £ - - |
|||
| 2023 £ - |
|||
| - |
8 Trustees
None of the trustees (or any persons connected with them) received any remuneration during the year, but 4 of them were reimbursed a total of £900 travelling expenses (2023 - were reimbursed £0).
9 Employees
The average monthly number of employees during the year was:
| 2024 | 2023 | |
|---|---|---|
| Number | Number | |
| Total | - | - |
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Draft Financial Statements STROUD VINTAGE TRANSPORT & ENGINE CLUB
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024
10 Taxation
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
11 Tangible fixed assets
| Tangible fixed assets | |
|---|---|
| Plant and | |
| equipment | |
| £ | |
| Cost | |
| Additions | 8,440 |
| At 31 October 2024 | 8,440 |
| Carrying amount | |
| At 31 October 2024 | 8,440 |
12 Creditors: amounts falling due within one year
| Creditors: amounts falling due within one year | ||
|---|---|---|
| Trade creditors Accruals and deferred income |
2024 £ 3,000 2,099 5,099 |
2023 £ 4,032 1,108 |
| 5,140 |
13 Unrestricted funds
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
| At 1 November 2023 Incoming resources Resources expended At 31 £ £ £ General funds 318,141 268,058 (215,013) Previous year: At 1 November 2022 Incoming resources Resources expended At 31 £ £ £ General funds 347,840 197,290 (226,989) |
October 2024 £ 371,186 |
|---|---|
| October 2023 £ 318,141 |
14 Related party transactions
There were no disclosable related party transactions during the year (2023 - none).
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