REGISTERED COMPANY NUMBER: 03105760 (England and Wales) REGISTERED CHARITY NUMBER: 1049895
South Yorkshire Transport Museum Ltd
Unaudited Financial Statements For The Year Ended 31 December 2020
South Yorkshire Transport Museum Ltd
Contents of the Financial Statements For The Year Ended 31 December 2020
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 2 |
| Independent Examiner's Report | 3 | ||
| Statement of Financial Activities | 4 | ||
| Balance Sheet | 5 | ||
| Notes to the Financial Statements | 6 | to | 11 |
South Yorkshire Transport Museum Ltd
Report of the Trustees For The Year Ended 31 December 2020
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2020. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The charitable objectives per the governing documents are to advance public education by establishing a permanent display of historic commercial and public carriage vehicles at a museum in South Yorkshire and for like purpose to promote a permanent preservation of all historic commercial and public carriage vehicles. The museum also aims to exhibit any such vehicles and items, as aforesaid, to the public.
The trustees have referred to the guidance in the Charity Commission's general guidance on public benefit when reviewing aims and objectives and in planning future activities.
Public benefit
The activities undertaken for the public benefit include the permanent display of historic vehicles and general items of transport interest. The museum is open to all members of the public, schools visits are arranged to show the pupils the historic commercial and public carriage vehicles and visits by care in the community organisations are actively encouraged.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
Unfortunately, there was an interruption to normal activities in the spring of 2020 due to Covid 19. The Museum has since remained closed to the public for the remainder of 2020 and all bus hire activity ceased.
FINANCIAL REVIEW
Financial position
During the year, the museum had a decrease in funds of £20,139 (2019: £131,950 increase which included a legacy of £125,912).
Reserves policy
The South Yorkshire Transport Museum reserves policy is to ensure that the bank balance does not fall below the amount required to comply with the terms of our PSV operators License. This being £25,800.
At the year end the Museum held unrestricted funds of £299,793 (2019: £317,081) and restricted funds of £0 (2019: £2,851). Total reserves were £299,793 (2019: £319,932). Its free reserves were £252,988 (2019: £270,101).
Reserves are significantly higher than the reserves policy target due to large legacies.
Going concern
In the opinion of the Trustees there are no issues regarding going concern for the medium term,
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document
The company is registered as a company limited by guarantee, without a share capital. Its governing instrument is its Memorandum and Articles of Association.
Recruitment and appointment of new trustees
Trustees are appointed for a period of 2 years. Members of the charity are asked for nominations for trustees who are standing down or standing for re-election. Members can submit a postal vote or attend the AGM to vote for those standing.
Organisational structure
There are currently 7 elected trustees who take responsibility for the day to day operation of the Charity.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number 03105760 (England and Wales)
Registered Charity number
1049895
Registered office
Unit 9 Waddington Way Rotherham S65 3SH
Page 1
South Yorkshire Transport Museum Ltd
Report of the Trustees For The Year Ended 31 December 2020
Trustees
I P Saunders Treasurer D J Dean Chair C P Morton D C Tummon (appointed 20.2.2021) T D Miller K K Birkett (resigned 6.7.2021) D J Casey D Jordan
Company Secretary
I P Saunders
Independent Examiner
Allotts Business Services Ltd Chartered Accountants The Old Grammar School 13 Moorgate Road Rotherham South Yorkshire S60 2EN
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
................................................................................ I P Saunders - Trustee
Page 2
Independent Examiner's Report to the Trustees of South Yorkshire Transport Museum Ltd
Independent examiner's report to the trustees of South Yorkshire Transport Museum Ltd ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2020.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
-
accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or
-
the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
-
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Mark Garrison BCom FCA DChA Allotts Business Services Ltd Chartered Accountants The Old Grammar School 13 Moorgate Road Rotherham South Yorkshire S60 2EN
Date: .............................................
Page 3
South Yorkshire Transport Museum Ltd
Statement of Financial Activities
(Incorporating an Income and Expenditure Account) For The Year Ended 31 December 2020
| Unrestricted Restricted fund funds Notes £ £ INCOME AND ENDOWMENTS FROM Donations and legacies 3 846 - Charitable activities 5 Museum of transport 57,343 7,228 Investment income 4 228 - Total 58,417 7,228 EXPENDITURE ON Charitable activities 6 Museum of transport 75,705 10,079 NET INCOME/(EXPENDITURE) (17,288) (2,851) RECONCILIATION OF FUNDS Total funds brought forward 317,081 2,851 TOTAL FUNDS CARRIED FORWARD 299,793 - |
2020 Total funds £ 846 64,571 228 65,645 85,784 (20,139) 319,932 299,793 |
2019 Total funds £ 128,749 102,767 270 |
|---|---|---|
| 231,786 99,836 |
||
| 131,950 187,982 |
||
| 319,932 |
The notes form part of these financial statements
Page 4
South Yorkshire Transport Museum Ltd (Registered number: 03105760)
Balance Sheet 31 December 2020
| Notes FIXED ASSETS Tangible assets 12 Heritage assets 13 CURRENT ASSETS Stocks 14 Debtors 15 Cash at bank and in hand CREDITORS Amounts falling due within one year 16 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 19 Unrestricted funds: General fund Restricted funds TOTAL FUNDS |
2020 £ 4,950 41,855 46,805 100 9,330 248,274 257,704 (4,716) 252,988 299,793 299,793 299,793 - 299,793 |
2019 £ 5,125 41,855 |
|---|---|---|
| 46,980 100 11,258 264,768 |
||
| 276,126 (3,174) |
||
| 272,952 | ||
| 319,932 | ||
| 319,932 | ||
| 317,081 2,851 |
||
| 319,932 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2020.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2020 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
-
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
-
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
............................................. I P Saunders - Trustee
The notes form part of these financial statements
Page 5
South Yorkshire Transport Museum Ltd
Notes to the Financial Statements For The Year Ended 31 December 2020
1. STATUTORY INFORMATION
South Yorkshire Transport Museum Ltd is a private charitable company, limited by guarantee, registered in England and Wales. The company's registered number and registered office address can be found in the Report of the Trustees.
The charity is a public benefit entity.
2. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Receipt of a legacy is recognised when evidence of entitlement has been established and it is probable that it will be received. Receipt is normally probable when there has been a grant of probate. The executors have established that there are sufficient assets in the estate, after settling any liabilities to pay the legacy, and any conditions attached to the legacy are either within the control of the charity of have been met.
Income is not recognised for volunteer time. However the museum has no staff so is totally dependent on the services of volunteers for all functions.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 10% on reducing balance Computer equipment - 33% on reducing balance
Heritage assets
The heritage assets held by the charitable company are classic vehicles used for private hire and as a tourist attraction in a museum.
The charitable company acquires heritage assets based on relevant subjects or theme, periods of time and geographic areas which are decided by the board. For example, the board's expressed policy since 2007 has been to increase the proportion of non-bus vehicles.
The charitable company does not own any heritage assets which are not appropriate. The asset would be disposed of should it become inappropriate. This first disposal option to be considered would be to offer it to another museum. If this course is not successful, sale or private gift would be considered. Destruction of the asset would be considered the final option.
Heritage assets are managed and preserved in accordance with the charitable company's Collections Care and Conservation Plan.
The charitable company's Collections Development Policy details the number and type of classic vehicle held.
Heritage assets are held at cost and are regularly maintained, so are considered to have indefinite useful lives and are therefore not depreciated.
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Taxation
The charity is exempt from corporation tax on its charitable activities.
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South Yorkshire Transport Museum Ltd
Notes to the Financial Statements - continued For The Year Ended 31 December 2020
2. ACCOUNTING POLICIES - continued
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Financial instruments
Debtors and creditors are recognised at the amount expected to be received or paid, excluding any future interest.
3.
DONATIONS AND LEGACIES
| 2020 | 2019 | ||||
|---|---|---|---|---|---|
| £ | £ | ||||
| Donations | 846 | 2,837 | |||
| Legacies | - | 125,912 | |||
| 846 | 128,749 | ||||
| 4. | INVESTMENT INCOME | ||||
| 2020 | 2019 | ||||
| £ | £ | ||||
| Deposit account interest | 228 | 270 | |||
| 5. | INCOME FROM CHARITABLE ACTIVITIES | ||||
| 2020 | 2019 | ||||
| Activity | £ | £ | |||
| Rent received | Museum of transport | 28,205 | 32,294 | ||
| Events | Museum of transport | - | 8,174 | ||
| Membership lottery | Museum of transport | 1,757 | 2,006 | ||
| Other | Museum of transport | 14,567 | 38,870 | ||
| Grants | Museum of transport | 3,482 | - | ||
| Subscriptions | Museum of transport | 1,695 | 2,393 | ||
| School visits | Museum of transport | 363 | 1,522 | ||
| Retail | Museum of transport | 3,304 | 7,366 | ||
| Exhibit sponsorship | Museum of transport | 11,198 | 10,142 | ||
| 64,571 | 102,767 | ||||
| Grants received, included in | the above, are as follows: | ||||
| 2020 | 2019 | ||||
| £ | £ | ||||
| Association of Independent Museums | 3,482 | - | |||
| 6. | CHARITABLE ACTIVITIES | COSTS | |||
| Direct | Support | ||||
| Costs (see | costs (see | ||||
| note 7) | note 8) | Totals | |||
| £ | £ | £ | |||
| Museum of transport | 83,499 | 2,285 | 85,784 |
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South Yorkshire Transport Museum Ltd
Notes to the Financial Statements - continued For The Year Ended 31 December 2020
7. DIRECT COSTS OF CHARITABLE ACTIVITIES
| 2020 | 2019 | |
|---|---|---|
| £ | £ | |
| Property | 52,445 | 62,469 |
| Exhibition costs | 5,623 | 5,003 |
| Print and postage | 449 | 1,269 |
| Sundry expenses | 6,554 | 9,534 |
| Heritage buses | 16,812 | 18,004 |
| Bank charges | 859 | 1,166 |
| Depreciation | 757 | 656 |
| 83,499 | 98,101 | |
| SUPPORT COSTS | ||
| Governance | ||
| costs | ||
| £ | ||
| Museum of transport | 2,285 | |
| Support costs, included in the above, are as follows: | ||
| 2020 | 2019 | |
| Museum of | Total | |
| transport | activities | |
| £ | £ | |
| Independent examination fees | 2,285 | 1,735 |
| NET INCOME/(EXPENDITURE) | ||
| Net income/(expenditure) is stated after charging/(crediting): | ||
| 2020 | 2019 | |
| £ | £ | |
| Depreciation - owned assets | 757 | 656 |
| Rent | 47,250 | 54,000 |
8. SUPPORT COSTS
9.
Rent expense was £47,250 after a temporary rent reduction of £6,750.
10. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2020 nor for the year ended 31 December 2019.
Trustees' expenses
No trustees were reimbursed for travel and subsistence in the year (2019: one trustee was reimbursed £139).
11. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted Restricted fund funds £ £ INCOME AND ENDOWMENTS FROM Donations and legacies 128,749 - Charitable activities Museum of transport 99,977 2,790 Investment income 270 - Total 228,996 2,790 |
Total funds £ 128,749 102,767 270 231,786 |
|---|---|
EXPENDITURE ON
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South Yorkshire Transport Museum Ltd
Notes to the Financial Statements - continued For The Year Ended 31 December 2020
| 11. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued Unrestricted Restricted fund funds £ £ Charitable activities Museum of transport 96,335 3,501 NET INCOME/(EXPENDITURE) 132,661 (711) RECONCILIATION OF FUNDS Total funds brought forward 184,420 3,562 TOTAL FUNDS CARRIED FORWARD 317,081 2,851 12. TANGIBLE FIXED ASSETS Plant and Computer machinery equipment £ £ COST At 1 January 2020 15,039 3,836 Additions - 582 At 31 December 2020 15,039 4,418 DEPRECIATION At 1 January 2020 10,142 3,608 Charge for year 490 267 At 31 December 2020 10,632 3,875 NET BOOK VALUE At 31 December 2020 4,407 543 At 31 December 2019 4,897 228 13. HERITAGE ASSETS COST At 1 January 2020 and 31 December 2020 NET BOOK VALUE At 31 December 2020 At 31 December 2019 |
11. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued Unrestricted Restricted fund funds £ £ Charitable activities Museum of transport 96,335 3,501 NET INCOME/(EXPENDITURE) 132,661 (711) RECONCILIATION OF FUNDS Total funds brought forward 184,420 3,562 TOTAL FUNDS CARRIED FORWARD 317,081 2,851 12. TANGIBLE FIXED ASSETS Plant and Computer machinery equipment £ £ COST At 1 January 2020 15,039 3,836 Additions - 582 At 31 December 2020 15,039 4,418 DEPRECIATION At 1 January 2020 10,142 3,608 Charge for year 490 267 At 31 December 2020 10,632 3,875 NET BOOK VALUE At 31 December 2020 4,407 543 At 31 December 2019 4,897 228 13. HERITAGE ASSETS COST At 1 January 2020 and 31 December 2020 NET BOOK VALUE At 31 December 2020 At 31 December 2019 |
11. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued Unrestricted Restricted fund funds £ £ Charitable activities Museum of transport 96,335 3,501 NET INCOME/(EXPENDITURE) 132,661 (711) RECONCILIATION OF FUNDS Total funds brought forward 184,420 3,562 TOTAL FUNDS CARRIED FORWARD 317,081 2,851 12. TANGIBLE FIXED ASSETS Plant and Computer machinery equipment £ £ COST At 1 January 2020 15,039 3,836 Additions - 582 At 31 December 2020 15,039 4,418 DEPRECIATION At 1 January 2020 10,142 3,608 Charge for year 490 267 At 31 December 2020 10,632 3,875 NET BOOK VALUE At 31 December 2020 4,407 543 At 31 December 2019 4,897 228 13. HERITAGE ASSETS COST At 1 January 2020 and 31 December 2020 NET BOOK VALUE At 31 December 2020 At 31 December 2019 |
Total funds £ 99,836 131,950 187,982 319,932 Totals £ 18,875 582 19,457 13,750 757 14,507 4,950 5,125 |
|
|---|---|---|---|---|
| Total | ||||
| £ | ||||
| 41,855 | ||||
| 41,855 | ||||
| 41,855 | ||||
Heritage assets include classic buses and other classic vehicles held for private hire and as a tourist attraction in a museum. Further information is detailed in the objectives and activities paragraph of the report of the trustees.
There have been no additions, disposals, donations or impairments of heritage assets during the last 5 years.
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South Yorkshire Transport Museum Ltd
Notes to the Financial Statements - continued For The Year Ended 31 December 2020
14. STOCKS
| Stocks DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other debtors VAT Prepayments and accrued income CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Accruals and deferred income |
2020 2019 £ £ 100 100 2020 2019 £ £ 1,176 2,178 4,031 3,872 4,123 5,208 9,330 11,258 2020 2019 £ £ 4,716 3,174 |
2019 £ 100 |
|---|---|---|
| 2019 £ 2,178 3,872 5,208 |
||
| 2019 £ 3,174 |
15.
16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Accruals and deferred income includes deferred income in respect of income received for events taking place in the following year.
17. LEASING AGREEMENTS
Minimum lease payments under non-cancellable operating leases fall due as follows:
| 2020 | 2019 | ||||
|---|---|---|---|---|---|
| £ | £ | ||||
| Within one year | 54,000 | 54,000 | |||
| Between one and five years | 4,500 | 58,500 | |||
| 58,500 | 112,500 | ||||
| ANALYSIS OF NET ASSETS BETWEEN FUNDS | |||||
| 2020 | 2019 | ||||
| Unrestricted | Restricted | Total | Total | ||
| fund | funds | funds | funds | ||
| £ | £ | £ | £ | ||
| Fixed assets | 46,805 | - | 46,805 | 46,980 | |
| Current assets | 256,528 | 1,176 | 257,704 | 276,126 | |
| Current liabilities | (3,540) | (1,176) | (4,716) | (3,174) | |
| 299,793 | - | 299,793 | 319,932 | ||
| MOVEMENT IN FUNDS | |||||
| Net | |||||
| movement | At | ||||
| At 1.1.20 | in funds | 31.12.20 | |||
| £ | £ | £ | |||
| Unrestricted funds | |||||
| General fund | 317,081 | (17,288) | 299,793 | ||
| Restricted funds | |||||
| Restoration projects | 2,851 | (2,851) | - | ||
| TOTAL FUNDS | 319,932 | (20,139) | 299,793 |
18. ANALYSIS OF NET ASSETS BETWEEN FUNDS
19. MOVEMENT IN FUNDS
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South Yorkshire Transport Museum Ltd
Notes to the Financial Statements - continued For The Year Ended 31 December 2020
19. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 58,417 | (75,705) | (17,288) |
| Restricted funds | |||
| Restoration projects | 3,746 | (6,597) | (2,851) |
| Association of independent museums grant | 3,482 | (3,482) | - |
| 7,228 | (10,079) | (2,851) | |
| TOTAL FUNDS | 65,645 | (85,784) | (20,139) |
Comparatives for movement in funds
| Net | |||
|---|---|---|---|
| movement | At | ||
| At 1.1.19 | in funds | 31.12.19 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 184,420 | 132,661 | 317,081 |
| Restricted funds | |||
| Restoration projects | 3,562 | (711) | 2,851 |
| TOTAL FUNDS | 187,982 | 131,950 | 319,932 |
| Comparative net movement in funds, included in the above are as follows: | |||
| Incoming | Resources | Movement | |
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 228,996 | (96,335) | 132,661 |
| Restricted funds | |||
| Restoration projects | 2,790 | (3,501) | (711) |
| TOTAL FUNDS | 231,786 | (99,836) | 131,950 |
20. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 December 2020.
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