Company No. 1061762
THE LONDON BUS PRESERVATION TRUST LIMITED
REPORT AND FINANCIAL STATEMENTS
for the
YEAR ENDED 31 DECEMBER 2024
Charity No. 1053383
THE LONDON BUS PRESERVATION TRUST LIMITED
CONTENTS
| Page | |
|---|---|
| 1 | General information |
| 2 to 6 | Trustees’ report |
| 7 to 9 | Independent auditors’ report |
| 10 | Statement of financial activities |
| 11 | Balance sheet |
| 12 to 20 | Notes forming part of the accounts |
THE LONDON BUS PRESERVATION TRUST LIMITED
GENERAL INFORMATION
| CHARITY No. | 1053383 |
|---|---|
| COMPANY No. | 1061762 |
| TRUSTEES | Leon Daniels, chairman |
| Roger Stagg, vice-chairman (retired 23 June 2024) | |
| John Duff, treasurer (appointed 17 January 2024) | |
| Peter Brown, secretary | |
| Aaliah Haq | |
| Richard Hastings (appointed 1 January 2025) | |
| David Mulvey (appointed 25 September 2024) | |
| Peter Osborn (retired 23 June 2024) | |
| Paul Sainthouse (retired 8 March 2025) | |
| Richard Telling | |
| Owen Wright (retired 7 July 2024) | |
| Mark Yexley | |
| REGISTERED OFFICE | Cobham Hall |
| Brooklands Road | |
| Weybridge | |
| Surrey | |
| KT13 0QS | |
| AUDITORS | John D Kilby & Co |
| Mutfords | |
| Hare Street | |
| Buntingford | |
| Hertfordshire | |
| SG9 0ED | |
| BANKERS | CAF Bank |
| 25 Kings Hill Avenue | |
| Kings Hill | |
| West Malling | |
| Kent | |
| ME19 4JQ |
1
THE LONDON BUS PRESERVATION TRUST LIMITED
TRUSTEES’ REPORT
The Trustees present their report, together with the audited accounts for the London Bus Preservation Trust Limited, known as London Bus Museum. The Trust is an incorporated registered charity (charity number 1053383) as well as a company limited by guarantee registered with Companies House (company number 1061762). The Trustees of the Museum are also directors of the company.
The Trust has two subsidiary companies, London Bus Museum Limited (company number 5903873), which operates the shop at the museum, and London Bus Preservation and Repair Limited (company number 7147492), a dormant asset holding company.
Trustees of London Bus Museum
The Trustees who have served during the year and since the year end are detailed on page 1. Trustees serve for a term of six years, which can be extended to a maximum term of nine years if authorised by an Ordinary Resolution of Members. New Trustees are co-opted by the Chairman in consultation with existing Trustees in order to ensure that at all times there is the correct balance of skills and experience available to further the objectives of the Museum. Such new Trustees must put themselves forward for election at the AGM. New Trustees are provided with copies of all key documents, including Annual Accounts and Memorandum and Articles of Association. Online training is provided to ensure Trustees are aware of their responsibilities and ways to ensure that they can fully contribute towards the running of the museum.
The principal roles of the Trustees are to ensure the objectives of the Museum are fully met and that all resources are managed prudently to avoid unnecessary risk. This is achieved through the scrutiny of reports submitted by the Council of Management. The Trustees met on four occasions throughout 2024, and this included a full day visiting the three offsite storage locations currently used by the museum.
The Council of Management is responsible for the day to day running of the museum on behalf of the Trustees, and consists of department heads appointed by the Chairman. The Chairman, vice Chairman, Secretary and Treasurer, in addition to being members of the Council of Management are also ex-officio Trustees of the Museum. The Council of Management meets bi-monthly throughout the year and a summary of discussions and decisions is circulated to members after each meeting.
Objectives and Activities
The London Bus Preservation Trust Limited has been established to create and maintain the most representative and authoritative collection of London buses and associated artefacts covering the period from Victorian to modern times and to achieve the highest possible standards of restoration and conservation.
The Trust aims to achieve this objective through the operation of a benchmark museum which preserves and presents a collection of heritage London buses and associated artefacts for inspiration, learning and research, the enjoyment of the public and education of future generations.
The museum, based on the Brooklands Heritage site, is open seven days a week throughout the year (except for a short closure over Christmas) and offers the public an opportunity to learn about the rich history of bus transport in London and to view and also ride on heritage buses. Special school tours are operated throughout the year where the museum volunteers take a
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THE LONDON BUS PRESERVATION TRUST LIMITED
TRUSTEES’ REPORT
heritage bus to local schools, and in collaboration with Brooklands Museum, organised guided tours of the site are provided for school children.
The museum holds three event days each year, in Spring, Summer and Autumn where private operators are invited to showcase their own vehicles alongside the museum collection. There are also opportunities for the public to ride on these buses around the Surrey countryside. In addition to stallholders selling transport related items, family entertainment is provided in order to attract the widest possible range of visitors and establish these events as a major fundraiser for the museum.
The Trust also aims to take buses out to the community so that the greatest number of people can experience and enjoy the heritage fleet. During 2024, three route running days were organised in London where museum and other privately owned heritage buses ran alongside TfL buses on specific routes allowing the public to travel free of charge and serving all standard stops on the route.
The museum also sent buses to a number of events during the year including Safeguard running day, Epping Ongar Railway, Routemaster 70[th] anniversary, and Bromley Garage open day.
Transport was once again provided for the Association of Dunkirk Little Ships veterans’ cruise and the Surrey Mayors’ civic day.
The museum is currently involved in the restoration of four vehicles, NS174 (an AEC open top bus used in London between 1923 and 1937), RT2657 (an AEC Regent III double decker built in 1948), T357 (a unique coach built in 1931 and converted to run on gas during WWII) and a Four-light horse bus.
Volunteers
All the activities and work at the museum is carried out entirely by volunteers, with the Trust having no paid employees. The volunteers give freely of their time and expertise to run and operate the museum seven days a week to restore and maintain the heritage fleet with vehicles only getting sent to specialist contractors where necessary, to clean, drive and conduct buses, in addition to administrative, marketing, IT, finance and fundraising activities. During 2024 we had approximately 180 active volunteers and it is estimated they worked the equivalent of 6,350 days both onsite and remotely.
The Trustees are indebted to the generosity of all volunteers for their contribution to the success of the museum and continue to encourage new and younger people to come forward to learn the many skills needed to maintain our activities. The Trustees are very proud of the positive welcoming culture of the museum which has been supported through the development of specific volunteer policies. This ensures the act of volunteering can be an enriching inclusive experience providing benefit to the wellbeing of volunteers and affording opportunities to enjoy the company of like-minded people and to learn and develop specialist skills.
Fundraising Activities
The Trust relies on the following sources of funds:
- (i) Share of the Brooklands Museum gate entry where all visitors to the site pay one entry fee for access to both museums,
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THE LONDON BUS PRESERVATION TRUST LIMITED
TRUSTEES’ REPORT
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(ii) Annual membership subscriptions. As at the end of 2024 there were 1,064 members paying from £45 for single direct debit membership to a maximum of £84 for full family membership.
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(iii) Income generated from ancillary activities such as the museum shop, bus rides, bus hire and operations.
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(iv) Income derived from the three event days held each year.
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(v) Donations and legacy income
During the year a total of £308,318 was donated to the Trust compared to £199,011 in 2023. This figure includes funds received from an appeal launched in April 2023 to fund the restoration of T357. It also includes legacies of £233,389, of which £200,000 was an extremely generous donation from the estate of John Hawkins. The London Transport Museum Friends also kindly donated £6,000 to the museum. Throughout the year a number of artefacts are regularly donated which will be either sold or retained by the museum as appropriate. No funding is received from the Public Purse.
The Trustees are extremely grateful to the kind generosity of both members and the public in general who continue to support the activities of the museum.
The Trustees are extremely grateful to the kind generosity of both members and the public in general who continue to generously support the activities of the museum.
Activities of the Trust
The Trust intends to continue its main activities at the museum, including the three annual events and providing heritage bus rides by operating our buses on TfL routes and also at special running days throughout the year. Exhibits at the museum are regularly rotated so as to provide a new experience for members and returning visitors.
The workshop will continue the restoration of the above four vehicles having successfully launched T448 at Octoberfest 2024. The day to day maintenance of the operating fleet and enhancement of the collection overall will of course continue. This work is becoming ever more challenging given the scarcity of historic parts and specialist expertise.
In addition, we will work with Brooklands Museum to investigate joint initiatives which could increase the visitor numbers and enhance the visitor experience.
The Trustees are constantly reviewing the heritage fleet and are conscious of the need to add more recent bus models. This is considered essential in order that the full history of transport in London can be displayed and also to generate and maintain the interests of younger visitors who can be attracted to vehicles of a more recent era.
During 2024, three new vehicles were added to the collection.
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(i) XF3, a 1965 Daimler Fleetline which was an experimental bus operated by London Transport as they attempted to find a replacement for the Routemaster. This vehicle was kindly donated to the museum by Gary Wood and Nigel Coupe.
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(ii) “Milly” a six wheel drive recovery vehicle built in 1953 and after work with the army spent several years as a roadside rescue vehicle with LT, mainly based at Camberwell garage. The vehicle has lived in Brooklands for a number of years and it is planned to restore it to the original red colour and display it alongside the other LT support vehicles at the back of the museum.
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THE LONDON BUS PRESERVATION TRUST LIMITED
TRUSTEES’ REPORT
(iii) We have also received, on long term loan, a Leyland Cub, C4, which is currently on display.
Financial Review
Results of activities
The surplus for the year after depreciation was £370,786 compared to a surplus of £153,710 in 2023. This surplus arose mainly as a result of legacy income during the year of £233,389 (2023 £101,811). Income excluding legacies was £427,678 (2023 £355,046) and expenses were £302,712 (2023 £303,147). The surplus for the year has enabled the Trust to earmark funds for a number of strategic priorities as Designated Funds, as set out below and in note 16.
Reserves Policy
The Trust aims to maintain a minimum level of Reserves as recommended by the Charity Commissioners. This is equivalent to the level of General Reserves covering at least one year’s expenses in the event of a serious downturn/failure in fund raising. This policy is kept under regular review, especially following the Covid pandemic where the cost of pandemic insurance cover is now considered uneconomical and therefore this risk has to be self-insured.
Reserves comprised:
| General Reserve £ Designated Funds - Strategic Reserve Designated Funds - T357 Designated Funds – Cobham Hall covering Designated Funds – Museum development Designated Funds - Fixed Asset Reserve Unrestricted Reserves Revaluation Reserve Restricted Funds Total Reserves £ |
2024 359,294 £ - 50,000 155,000 520,000 2,494,556 3,578,850 1,605,671 55,504 5,240,025 £ |
2023 476,133 235,192 - - - 2,512,284 3,223,609 1,605,671 39,959 4,869,239 |
|---|---|---|
Going Concern
The Trustees are satisfied that adequate financial reserves are available at the time of approving the accounts. After making appropriate enquiries, The Trustees have reasonable expectation that the Trust can continue in operation for the foreseeable future and they can adopt the Going Concern basis in the preparation of the accounts.
Trustees’ Responsibilities Statement
The Trustees are responsible for the preparation of the accounts which have been prepared in accordance with the accounting policies as set out in the notes to the accounts and comply with the Charities’ Act 2011 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; published October 2019.
Company law requires the Trustees to prepare accounts for each financial year. Under company law, the Trustees must not approve the accounts unless that they are satisfied that they give a
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THE LONDON BUS PRESERVATION TRUST LIMITED
TRUSTEES’ REPORT
true and fair reflection of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure of the charitable company for that period. In preparing these accounts, the Trustees are required to:
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Select suitable accounting policies and then apply them consistently
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Observe the methods and principles of the Charities SORP 2019 (FRS 102)
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Make judgements and accounting estimates that are reasonable and prudent
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State whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the accounts
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Prepare the accounts on a going concern basis unless it is inappropriate to presume that the charitable company will continue in operation.
The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the accounts comply with Companies Act 2006. They are also responsible for the safeguarding of assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Trustees have complied with their duty to have due regard to the guidance on public benefit published by the Charity Commission in exercising their powers.
Disclosure of Information to the Auditors
In so far as the Trustees are aware,
-
there is no relevant audit information of which the charitable company’s auditors are unaware, and
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each of the Trustees have taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the charitable company’s auditors are aware of that information.
This report was approved by the Trustees on 13[th ] August 2025 and signed on their behalf by
Leon Daniels Chairman Trustee
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John Duff Treasurer
Trustee
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6
THE LONDON BUS PRESERVATION TRUST LIMITED
INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF THE LONDON BUS PRESERVATION TRUST LIMITED
Opinion
We have audited the accounts of The London Bus Preservation Trust Limited for the year ended 31 December 2024 which comprise of the statement of financial activities, balance sheet and notes to the accounts, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (UK Generally Accepted Accounting Practice).
In our opinion the accounts:
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a. give a true and fair view of the state of the charitable company’s affairs as at 31[st] December 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
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b. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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c. have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards of Auditing (UK) (ISAs UK)) and applicable law. Our responsibilities under those standards are further described in the auditor’s responsibilities for the audit of accounts section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the accounts in the UK including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the accounts we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the accounts is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company’s ability to continue as a going concern for a period of at least twelve months from when the accounts are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
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THE LONDON BUS PRESERVATION TRUST LIMITED
INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF THE LONDON BUS PRESERVATION TRUST LIMITED
Other information
The other information comprises the information included in the trustees’ annual report, other than the accounts and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the accounts does not cover the other information and we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and in doing so, consider whether the other information is materially inconsistent with the accounts or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the accounts themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:
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a. the information given in the trustees’ report is inconsistent in any material respect with the accounts; or
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b. sufficient accounting records have not been kept; or
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c. the accounts are not in agreement with the accounting records and; or d. we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the Trustees’ Responsibilities Statement (set out on pages 5-6), the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the accounts and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of accounts that are free from material misstatement, whether due to fraud or error.
In preparing the accounts, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or to have no realistic alternative but to do so.
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THE LONDON BUS PRESERVATION TRUST LIMITED
INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF THE LONDON BUS PRESERVATION TRUST LIMITED
Auditor’s responsibilities for the audit of the accounts
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made of having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the accounts as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these accounts.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of accounts is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the charitable company’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company’s trustees those matters we are required to state to them in an auditor’s 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 the charitable company’s trustees as a body, for our audit work, for this report, or the opinions we have formed.
Mutfords Hare Street Buntingford Hertfordshire SG9 0ED
John D Kilby & Co Chartered Accountants Statutory Auditors
13[th] August 2025
John D Kilby & Co is eligible to act as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.
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THE LONDON BUS PRESERVATION TRUST LIMITED
STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 DECEMBER 2024
| Unrestricted | Unrestricted | Restricted | Total | Total | |
|---|---|---|---|---|---|
| Note | funds |
funds | 2024 | 2023 | |
| ------ | ------------ | ----------- | ------- | ------------- | |
| INCOME FROM: | |||||
| Donations, legacies and grants | 2 | £ 291,913 | £ 16,405 | £ 308,318 | £ 199,011 |
| Charitable activities | 3 | ||||
| Visitor income | 145,324 | - | 145,324 | 113,882 | |
| Income from events | 34,503 | - | 34,503 | 24,753 | |
| Membership income | 54,453 | - | 54,453 | 52,111 | |
| Bus hire and rides | 25,768 | 12,033 | 37,801 | 27,251 | |
| Investment income | 4 | 25,800 |
- | 25,800 | 13,703 |
| Other | |||||
| Gift aid recovered | 35,418 | - | 35,418 | 14,298 | |
| Miscellaneous | 19,450 | - | 19,450 | 11,848 | |
| ---------- | --------- | ----------- | ---------- | ||
| Total incoming resources | £ 632,629 | £ 28,438 | £ 661,067 | £ 456,857 | |
| ---------- | --------- | ----------- | ---------- | ||
| EXPENDITURE ON: | |||||
| Raising funds | 5 | (3,637) |
180 | (3,457) | 23,318 |
| Charitable activities | 6 | 295,939 |
6,070 | 302,009 | 275,709 |
| Governance costs | 7 | 4,160 |
- | 4,160 | 4,120 |
| ---------- | -------- | ---------- | ---------- | ||
| Total resources expended | £ 296,462 | £ 6,250 | £ 302,712 | £ 303,147 | |
| ---------- | -------- | ---------- | ---------- | ||
| Net income / (expenditure) | £ 336,167 | £ 22,188 | £ 358,355 | £ 153,710 | |
| ---------- | -------- | ---------- | ---------- | ||
| Transfers between funds | 6,643 | (6,643) | - | - | |
| Gains on investments | 12,431 | - | 12,431 | - | |
| ---------- | -------- | ---------- | ---------- | ||
| Net movement in funds | £ 355,241 | £ 15,545 | £ 370,786 | £ 153,710 | |
| ---------- | -------- | ---------- | ---------- | ||
| Reconciliation of funds | |||||
| Funds brought forward | £ 4,829,280 | £ 39,959 £ 4,869,239 | £ 4,715,529 | ||
| ------------ | -------- | ------------ | ------------ | ||
| Funds as at 31 December 2024 | £ 5,184,521 | £ 55,504 £ 5,240,025 | £ 4,869,239 | ||
| ------------ | -------- | ------------ | ------------ |
The notes on pages 12 to 20 form part of these accounts.
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THE LONDON BUS PRESERVATION TRUST LIMITED
BALANCE SHEET 31 DECEMBER 2024
| Re-stated | |||||
|---|---|---|---|---|---|
| Note | Note | 2024 | 2023 | ||
| ------ | ------ | ------- | ---------- | ||
| FIXED ASSETS | |||||
| tangible assets | 10 | £ 1,882,662 | £ 1,882,662 | £ 1,921,888 | £ 1,921,888 |
| heritage assets | 11 | 2,217,565 | 2,217,565 | 2,196,065 | |
| investments | 12 | 892,722 | 413,854 | ||
| ------------ | ------------ | ------------ | ------------ | ||
| 4,992,949 | 4,992,949 | 4,531,807 | 4,531,807 | ||
| CURRENT ASSETS | |||||
| debtors and prepayments | 13 £ 104,901 | 13 £ 104,901 | £ 100,711 | £ 100,711 | |
| investments | 14 | 55,932 | 53,128 | ||
| bank balances | 128,832 | 235,840 | |||
| ---------- | ---------- | ||||
| 289,665 | 389,679 | ||||
| CREDITORS - amounts falling | |||||
| within one year | 15 | 42,589 | 52,247 | ||
| ---------- | 247,076 | --------- | 337,432 | ||
| ------------ | ------------ | ------------ | ------------ | ||
| NET ASSETS | £ 5,240,025 | £ 5,240,025 | £ 4,869,239 | £ 4,869,239 | |
| ------------ | ------------ | ------------ | ------------ | ||
| Represented by: | |||||
| Restricted funds | 16 | 55,504 | 39,959 | ||
| Unrestricted funds | |||||
| General funds | 16 | 359,294 | 476,133 | ||
| Designated funds - fixed assets | 16 | 2,494,556 | 2,512,284 | 2,512,284 | |
| Designated funds - other | 16 | 725,000 | 235,192 | ||
| ------------ 3,578,850 ------------- 3,223,609 | ------------ 3,578,850 ------------- 3,223,609 | ------------ 3,578,850 ------------- 3,223,609 | ------------ 3,578,850 ------------- 3,223,609 | ||
| Revaluation reserve | 17 | 1,605,671 | 1,605,671 | 1,605,671 | 1,605,671 |
| ------------ | ------------ | ------------ | ------------ | ||
| £ 5,240,025 | £ 5,240,025 | £ 4,869,239 | £ 4,869,239 | ||
| ------------ | ------------ | ------------ | ------------ |
The accounts were approved and authorised for issue by the trustees on 13[th] August 2025 and signed on their behalf by:
Leon Daniels, Chairman Trustee
John Duff, Treasurer Trustee
Company registration number 1061762
The notes on pages 12 to 20 form part of these accounts
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THE LONDON BUS PRESERVATION TRUST LIMITED
Notes forming part of the accounts for the year ended 31 December 2024
1. Accounting policies
a. Basis of preparation of accounts
The charity constitutes a public benefit entity as defined by FRS 102. These accounts have been prepared in accordance with the Accounting and Reporting by Charities: Statement of Recommended Accounting Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
In the opinion of the trustees, the charity and its subsidiary undertakings comprise a small group. The charity has therefore taken advantage of the exemption provided by section 139(2) of the Charities Act 2011 not to prepare group accounts.
b. Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the company and which have not been designated for other purposes.
Restricted funds are funds which are used in accordance with specific restrictions imposed by donors or which have been raised by the company for particular purposes. The aim and use of each restricted fund is set out in the notes to the accounts.
c. Income recognition
All incoming resources are included in the Statement of Financial Activities when the company has entitlement to the funds, certainty of receipt and the amount can be measured with sufficient reliability. For legacies, entitlement is the earlier of the company being notified of an impending distribution or the legacy being received.
Income tax recoverable in relation to donations received under Gift Aid is recognised when the amount of the claim is established.
d. Expenditure recognition
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required, and the amount of the obligation can be measured reliably. Governance costs are those incurred in connection with administration of the company and compliance with constitutional and statutory requirements.
e. Tangible fixed assets and depreciation
All tangible fixed assets costing more than £5,000 are capitalised and stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives as follows:
Freehold and long leasehold property 1% on cost Leasehold improvements 2% on cost Fixtures, fittings and machinery 10% on cost
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THE LONDON BUS PRESERVATION TRUST LIMITED
Notes forming part of the accounts for the year ended 31 December 2024
f. Heritage assets - museum buses and artefacts
The buses and other artefacts owned by the charitable company have been capitalised, as the trustees consider the vehicles and artefacts are heritage assets, as defined by the Statement of Recommended Practice (SORP) 2019.
The heritage assets are stated at their insured value. The trustees consider the insured value is a reasonable basis for valuation. The trustees consider that the vehicles and museum artefacts have an indefinite useful life and high residual value which would result in any depreciation charges being immaterial and hence no depreciation is provided on such assets. The continuing retention and use of this collection of vehicles and museum artefacts is in direct furtherance of the charitable company’s objects.
If at the time of acquisition buses and other artefacts require restoration to bring them to a state where they can be considered as heritage assets, the restoration costs are expensed as incurred. After restoration is complete and if the buses and other artefacts are in the opinion of the trustees a heritage asset they are included in heritage assets at valuation.
g. Investments
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value with changes recognised in ‘net gains / (losses) on investments’ in the SoFA if the shares are publicly traded or their fair value can otherwise be measured reliably.
Investments in subsidiaries are measured at cost less impairment.
Fixed asset investments include cash on deposit and cash equivalents with a maturity of more than one year.
Current asset investments are short term highly liquid investments and are held at fair value. These include cash on deposit and cash equivalents with a maturity of less than one year and held for investment purposes.
h. Taxation
The charity is exempt from Corporation Tax on its charitable activities.
i. Voluntary help
Volunteers contribute a significant amount of time towards the operation of the charity’s activities, which is donated free of charge. It is not possible to quantify the value of the time given and accordingly it is neither recorded as donated income, nor as an expense in the accounts.
j. Going concern
The accounts have been prepared on a going concern basis as the trustees believe that the trust holds sufficient funds in the face of the current uncertainties. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements.
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THE LONDON BUS PRESERVATION TRUST LIMITED
Notes forming part of the accounts for the year ended 31 December 2024
| 2024 | 2023 | |
|---|---|---|
| ------ | -------- | |
| 2. Income from donations, legacies and grants | ||
| Restricted donations (see note 16) | £ 16,405 | £ 43,690 |
| Legacies | 233,389 | 101,811 |
| Donation from trading subsidiary | 31,238 | 27,955 |
| Other cash donations | 13,084 | 16,792 |
| Sale of donated items | 14,202 | 8,763 |
| ---------- | --------- | |
| £ 308,318 | £ 199,011 | |
| ---------- | --------- | |
| 3. Income from Charitable Activities | ||
| Visitor entry - general | £ 145,324 | £ 113,882 |
| Visitor entry - events | 18,014 | 15,330 |
| Bus rides - events | 7,983 | 3,703 |
| Stall rent - events | 7,825 | 5,720 |
| Other event income | 681 | - |
| Membership subscriptions | 54,453 | 52,111 |
| Bus rides - general | 22,433 | 22,611 |
| Bus rides – restricted | 12,033 | - |
| Film and other hires | 3,335 | 4,640 |
| ----------- | ---------- | |
| £ 272,081 | £ 217,997 | |
| ----------- | ---------- | |
| 4. Investment income | ||
| Dividends - equities | £ 5,810 | £ 5,730 |
| Interests – deposits | 19,990 | 7,973 |
| --------- | --------- | |
| £ 25,800 | £ 13,703 | |
| --------- | --------- | |
| 5. Raising funds | ||
| Advertising and publicity | £ (3,457) | £ 23,318 |
| -------- | --------- |
An overprovision of publicity costs in 2023 has resulted in a credit in 2024. Expenditure on raising funds includes £180 from Restricted Funds; see Note 16.
6. Expenditure on charitable activities
| Expenditure on charitable activities | ||
|---|---|---|
| Museum operations and displays | £ 99,957 | £ 102,301 |
| Vehicle restoration and operation | 101,103 | 87,216 |
| Membership costs | 17,050 | 13,972 |
| Event costs | 17,434 | 10,072 |
| Volunteers and administration | 27,239 | 19,733 |
| Depreciation of tangible fixed assets | 39,226 | 42,415 |
| ---------- | ---------- | |
| £ 302,009 | £ 275,709 | |
| ---------- | ---------- |
Expenditure on charitable activities includes £6,070 from Restricted Funds; see Note 16.
14
THE LONDON BUS PRESERVATION TRUST LIMITED
Notes forming part of the accounts for the year ended 31 December 2024
2024 2023 ------------ 7. Governance costs Auditors’ remuneration £ 4,160 £ 4,120 -------------- 8. Net incoming resources Net incoming resources are stated after charging: Depreciation and loss on disposal of tangible fixed assets £ 39,226 £ 42,415
7. Governance costs
8. Net incoming resources
9. Employees
During the year, there were no employees and no trustees received any remuneration or benefits in kind in respect of their roles as trustees (2023 - nil).
10. Tangible fixed assets
| Tangible fixed assets | |||
|---|---|---|---|
| Freehold & | Fixtures, | Total | |
| long term leasehold | fittings & | ||
| property & | machinery | ||
| improvements | |||
| Cost | |||
| As at 1 January 2024 | £ 2,228,260 | £ 82,995 | £ 2,311,255 |
| Additions | - | - | - |
| ------------- | --------- | ------------- | |
| As at 31 December 2024 | £ 2,228,260 | £ 82,995 | £ 2,311,255 |
| ------------- | --------- | ------------- | |
| Depreciation | |||
| As at 1 January 2024 | 306,372 | 82,995 | 389,367 |
| Charge for the year | 39,226 | - | 39,226 |
| ----------- | --------- | ----------- | |
| As at 31 December 2024 | £ 345,598 | £ 82,995 | £ 428,593 |
| ----------- | --------- | ----------- | |
| Net book value | |||
| As at 31 December 2023 | £ 1,921,888 | £ - | £ 1,921,888 |
| ------------ | -------- | ------------ | |
| As at 31 December 2024 | £ 1,882,662 | £ - | £ 1,882,662 |
| ------------ | -------- | ------------ |
15
THE LONDON BUS PRESERVATION TRUST LIMITED
Notes forming part of the accounts for the year ended 31 December 2024
| 11. | Heritage assets | Museum | Buses & | Total |
|---|---|---|---|---|
| artefacts | vehicles |
|||
| As at 1 January 2024 | £ 250,565 | £ 1,945,500 | £ 2,196,065 | |
| Additions | - | 21,500 | 21,500 | |
| Revaluation | - | - | - | |
| ---------- | ------------ | ------------ | ||
| As at 31 December 2024 | £ 250,565 | £ 1,967,000 | £ 2,217,565 | |
| ---------- | ------------ | ------------ |
The collection of 47 vehicles (2023: 45 vehicles) and museum artefacts are stated at their insured value. The last vehicle valuation was on 28 March 2022 with the next valuation due in 2025. Further information on heritage assets can be found in the trustees’ report.
12. Fixed asset investments
| Listed | Cash | Subsidiary |
Total | |
|---|---|---|---|---|
| investments | deposits | undertakings | ||
| re-stated | ||||
| Cost or valuation: | ||||
| As at 1stJanuary 2024 | £ 201,000 | £ 212,852 | £ 2 |
£ 413,854 |
| Additions | - | 466,437 | - | 466,437 |
| Disposals | - | - | - |
- |
| Revaluation | 12,431 | - | - |
12,431 |
| ---------- | ---------- | ----- |
----------- | |
| As at 31 December 2024 | £ 213,431 | £ 679,289 | £ 2 |
£ 892,722 |
| ---------- | ---------- | ----- |
----------- |
Subsidiary undertakings
| The following were subsidiary undertakings of the company: | |
|---|---|
| Name | Holding |
| London Bus Museum Limited, Co. No. 5903873 | 100% |
| London Bus Preservation & Repair Limited, Co. No. 7147492 | 100% |
The aggregate of the share capital and reserves as at 31 December 2024 and of the profit and loss for the year ended on that date for the subsidiary undertakings were as follows:
| Aggregate of | ||
|---|---|---|
| share capital | ||
| and reserves | Profit/(loss) | |
| London Bus Museum Limited | £ 11,396 | - |
| London Bus Preservation & Repair Limited | 1 | - |
| -------- | ------ |
16
THE LONDON BUS PRESERVATION TRUST LIMITED
Notes forming part of the accounts for the year ended 31 December 2024
| 13. 14. 15. 16. |
2024 2023 Re-stated Debtors ------ ------------ Trade debtors £ 36,311 £ 38,947 Prepayments 5,454 440 Amounts owed by group undertakings 31,148 33,935 Other debtors 31,988 27,389 ---------- ---------- £ 104,901 £ 100,711 ---------- ---------- Current asset investments Short term deposits £ 55,932 £ 53,128 -------- --------- Creditors: amounts falling due within one year Accruals £ 40,902 £ 52,247 Income in advance 1,687 - -------- --------- £ 42,589 £ 52,247 -------- --------- Fund reconciliation Restricted funds: As at Incoming Resources Transfers As at Current Year 1 Jan 24 resources expended 31 Dec 24 Vehicle acquisition £ 4,700 £ 2,353 £ - £ (6,643) £ 410 Horse buses 908 - (908) - - T357 29,339 25,935 (180) - 55,094 T448 5,012 150 (5,162) - - --------- --------- ---------- --------- --------- Total restricted funds £ 39,959 £ 28,438 £ (6,250) £ (6,643) £ 55,504 --------- --------- ---------- --------- --------- |
|---|---|
The transfer of £6,643 between restricted and unrestricted funds relates to the use of the vehicle acquisition fund to part-fund the purchase of a vehicle.
| As at | Incoming | Resources | Transfers | As at | |
|---|---|---|---|---|---|
| Prior Year | 1 Jan 23 | resources | expended | 31 Dec 23 | |
| Vehicle acquisition | £ 2,336 | £ 2,364 | £ - | £ - | £ 4,700 |
| Horse buses | 6,040 | - | (5,132) | - | 908 |
| T357 | - | 31,326 | (1,987) | - | 29,339 |
| T448 | - | 10,000 | (4,988) | - | 5,012 |
| -------- | --------- | ---------- | -------- | ---------- | |
| Total restricted funds | £ 8,376 | £ 43,690 | £ (12,107) | £ - | £ 39,959 |
| -------- | --------- | ---------- | -------- | ---------- |
17
THE LONDON BUS PRESERVATION TRUST LIMITED
Notes forming part of the accounts for the year ended 31 December 2024
| Unrestricted funds: | ||||||
|---|---|---|---|---|---|---|
| As at | Incoming | Resources | Transfers | As at | ||
| Current Year | 1 Jan 24 | resources | expended | 31 Dec 24 | ||
| General fund | £ | 476,133 | £ 645,060 | £ (296,462) £ (465,437) | £ 359,294 | |
| Designated funds: | ||||||
| Strategic reserve | 235,192 | - | - | (235,192) | - | |
| Fixed asset reserve | 2,512,284 | - | - | (17,728) | 2,494,556 | |
| T357 restoration | - | - | - | 50,000 | 50,000 | |
| Cobham Hall covering | - | - | - | 155,000 | 155,000 | |
| Museum development | - | - | - | 520,000 | 520,000 | |
| ------------ | ---------- | ---------- | --------- | ------------ | ||
| Total unrestricted funds | £ | 3,223,609 | £ 645,060 | £ (296,462) | £ 6,643 | £ 3,578,850 |
| ------------ | ---------- | ---------- | --------- | ------------ | ||
| As at | Incoming | Resources | Transfers | As at | ||
| Prior Year | 1 Jan 23 | resources | expended | 31 Dec 23 | ||
| General fund | £ | 431,591 | £ 413,167 | £ (291,040) | £ (77,585) | £ 476,133 |
| Designated funds: | ||||||
| Strategic reserve | 115,192 | - | - | 120,000 | 235,192 | |
| Fixed asset reserve | 2,554,699 | - | - | (42,415) | 2,512,284 | |
| T357 restoration | - | - | - | - | - | |
| Cobham Hall covering | - | - | - | - | - | |
| Museum development | - | - | - | - | - | |
| ------------ | ---------- | ---------- | --------- | ------------ | ||
| Total unrestricted funds | £ | 3,101,482 | £ 413,167 | £ (291,040) | £ - | £ 3,223,609 |
| ------------ | ---------- | ---------- | --------- | ------------ |
Fund descriptions
a) Restricted Funds
The vehicle acquisition fund relates to money received and expended in respect of unspecified vehicles. Regular donations enable the fund to be replenished following additions to the vehicle fleet. The horse bus, T357 and T448 funds relate to the funds raised specifically for the restoration of these vehicles.
b)Unrestricted funds
Designated Strategic reserve
This fund has been replaced by new designated funds to more accurately reflect the purposes of the funds held.
18
THE LONDON BUS PRESERVATION TRUST LIMITED
Notes forming part of the accounts for the year ended 31 December 2024
Fixed assets reserve fund
A separate designated reserve (the fixed assets reserve) has been set up to distinguish the “free” reserves from those locked up in fixed assets. The balance on this reserve taken with that on the revaluation reserve reflects the book value of fixed and heritage assets and investments.
T357 fund
This fund has been set up to earmark extra resources for the restoration of T357 – there is already a separate restricted fund for this but the restoration cost is expected to exceed the restricted funds secured.
Cobham Hall covering fund
The covering of the Museum building will become time-expired in due course and will require replacement. Funds are being set aside for this purpose.
Museum development fund
Funds have been designated to fund strategic priorities such as additional space as the vehicle collection grows, future vehicle purchases and other expansion of the museum collection and facilities.
General reserves
The general reserves reflect the remaining unrestricted net current assets.
| 2024 | 2023 | |
|---|---|---|
| ------ | ------- | |
| Revaluation reserve | ||
| As at 1stJanuary 2024 | £ 1,605,671 | £ 1,605,671 |
| Revaluation in year | - | - |
| ------------ | ------------ | |
| As at 31stDecember 2024 | £ 1,605,671 | £ 1,605,671 |
| ------------ | ------------ |
17. Revaluation reserve
18. Company status
The company is a company limited by guarantee. The members of the company are the trustees named on page 1. In the event of the company being wound up, the liability in respect of the guarantee is limited to £1 per member of the company.
19. Operating lease commitments
At 31 December 2024 the company had no operating lease commitments.
19
THE LONDON BUS PRESERVATION TRUST LIMITED
Notes forming part of the accounts for the year ended 31 December 2024
20. Related party transactions
The exhibits in the museum include vehicles not owned by the charity, but made available on loan for display and use. During the year, two trustees had an interest in vehicles which are loaned to the museum. Peter Osborn is the owner of RT4779, which is loaned on the museum’s standard loan agreement terms. The bus is available to be used by the museum at no cost to the museum (except for fuel, routine maintenance and tax and insurance). Roger Stagg is a part-owner of 738J which is loaned on the museum’s standard loan agreement terms. These vehicles have been determined by the trustees to enhance the visitor experience at the museum.
Trustees may choose to claim reimbursement of out-of-pocket expenses they have incurred on behalf of the charity. No trustee has been paid for their time or expertise. Certain other members may from time to time be paid for services undertaken on behalf of the charity on maintenance and restoration work; where any such sums may be significant, such payments will only be made following a competitive tendering process.
During the year, the aggregate of transactions, including funds received and payments made on behalf of London Bus Museum Limited, which is wholly owned by the Trust and operates the museum shop, amounted to £106,923 (2023 - £76,870). At the balance sheet date the Trust was owed £31,148 by London Bus Museum Limited (2023 - £33,935). The Trust has accrued for donations of £31,238 (2023 - £27,955) from London Bus Museum Limited in accordance with the covenant. This amount will be paid to the Trust after the approval of the accounts of London Bus Museum Limited and within nine months of the financial year end.
21. Prior Year Adjustment
The cash deposits have been restated according to SORP19 into current asset investments and fixed asset investments depending upon the maturity date of the fixed rate deposits and whether the monies are held for investment purposes.
20