**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: 1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or 3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or 4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)). I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. 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. Page 6 continued... **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| Page 7 continued... **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** Page 8 continued... ## **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. Page 9 continued... **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** Page 10 continued... ## **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. Page 11