Company No. 1061762 THE LONDON BUS PRESERVATION TRUST LIMITED REPORT AND FtNANCIAL STATEMENTS for the YEAR ENDED 31 DECEMBER 2025 Charity No. 1053383 THE LONDON BUS PRESERVATION TRUST LIMITED CONTENTS Page Generdl inforniation 2to6 Trustees, report 7tolO Independent auditors, report Statement of financial activities 12 Balance sheet 13to21 Notes fomiing part of the accounts THE LONDON BUS PRESERVATION TRUST LIMITED GENERAL INFORMA TION CHAIUTY No. 1053383 COMPANY No. 1061762 TRUSTEES L￿n Daniels, chairnian John Duff. tre&surer Peter Brown (retired 7 January 2026) Aallah Haq Richard Hastings (appointed l January 2025) David Mulvey Paul Sainthouse {retired 8 March 2025) Richard Telling Mark Yexley SECRETARY Peter Brown REGISTERED OFFICE Cobham Hall Brooklands Road Weybridge Surrey KT13 OQS AUDITORS John D Kilby & Co Mutfords Hare Street Buntingford Hertfordshire SG9 OED BANKERS CAF Bank 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ THE LONDON BUS PRESERVATION TRUST LIMITED TRUSTEES. REPORT The Trustees present their reN)rL together with the awlited a￿Unts for the London Bus Preservation Trust Limit￿[ known as London Bus Museum. The Trust is an incorporated registered charity (charlty 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 IK)ndon Bus Museum Limited (company number 5903873). which 0￿rateS the shop * the museum. and London Bus Preservation and Repair Limited (company number 7147492), a donnant asset holding company. Tru$t¢¢s of IAMdon Bus Museum The Tnjstees who have served during the year and since the year end are detsiled on page l. Trustees serve for a tern) of six years. which can be extended to a maximum terni of nine years if authorised by an Ordinary Resolution of Members. New Trustees are cklands Museum gate enlry where all visitors to the site pay one enty fee for access to both rnuseums, Annual membership sUb￿riPtions. As at the end of 2025 there were 1,109 members paying from £45 for single direct debit membership to a maxirnum of £88 for full family membership. (iii) Income generated from ancillary activities such as the museum shop. bus rides. bus hire and operations. (iv) Income derived from the three ￿ent days held each year. (v) Donations and legw income and interest earned on our reserves. During 2025 a total of£99,550 was donated to the Trust wmpared to £308,318 in 2024. This figure included a final distribution of £45.655 frorn the estste of John Hawkfftns. for which we are very gratefvl. Thr(MJghout the year a number of artefacts are regularly donated which will either b¢ sold or relained by the museum as appropriate. Finally. the National AwKiation of Road Transp)rt Museums gave us a grant of £1,995 in December to be used to acquire workshop equipment. No funding is received from the Public PuTSe. The Trustees are extremely grateful to the kind generosity of both members and the public in general who continue to sUp￿rt the activities of the museum. (li) Future Activitios The Trust intends to continue its main activities at the museum, including the thTee annual events. and provtding heritage bus rides by o￿TatIng our buses on TtL routes and also at special running days throughout the year. Exhibits at the museum are regularly rotated so a8 to provide a new experience for membeTS and returning visitors. The workshop will continue the restorntion of the above three vehicles with the horse bu5 having been completed other than for sign writing by the end of the year. The day to day maintenance of the operating fleet and enhancement of the collection overdll will of course ¢ontTnue. Each year we mention the ever relevant comrnent that such work becomes more and more challenging given the scarcity of historic parts and specialist expertise. In addition, we will continue our work with Brooklands Museum to investigate joint initiatives aimed at incre&sing visitor numbers and enhancing the vtsitor experience. The Tnjstees 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 k displayed and also to generate and maintsin the interests of younger visitors who can be attracted to vehicles of a more r￿t er THE LONDON BUS PRESERVATION TRUST LIMITED TRUSTEES, REPORT During 2025, two new vehicles were added to the collection. (i) A 1975 Bristol LHS BS4 generously donated to the rnuseum by Chris Stanley. The BS Class w&$ a unique set of17 short manual buses bought by LT to replace their Ford Trdnsits which had proved unreliable and unsuited for the demands of bus operation in London. BS 4 was allocated to Holloway Garage in August 1975 for route C I l and was boughi by the London Borough of Richmond in 1981 passing into preservation in 1994. The ownership of RT4779 was generously passed to the museum by Peter Osborn in December 2025. This vehicle has long lived at the museum and is a frequent operator of museum rides and also tnany running days throughout the year. (ii) Financial Review Results of activities The surplus for the year after depreciation w&8 £228.435 compared to a surplus of £370.786 in 2024. This year's surplus arose mainly as a result of the revaluation of &8sets during the year of £194,550 (2024 £nil). Income excluding legacies w&8 £344.247 (2024 £427,678) and expenses were £354.185 {2024 £302,712). The surplus for the year has enabled the Trust lo annark further funds for a number of strdtegic priorities as Designated Funds. as out below and in note 17. Reserves Polic The Trust aims to maintain a minimum level of Reserves as rewmmended 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 downturnlfailure in fund rdising. This policy is kept under regular review. esp￿18]lY following the Covid pandemic where the cosi of pandemic insurance cover is now considered uneconomical and therefore this risk has to be self-insured. Reserves comprised: 2025 2024 General Reserve Designated Funds- Fixed A&set Reserve Designated Funds- T357 Designated Funds- Cobham Hall covering Designated Funds- Museum development Revaluatton Reserve Unrestricted Reserves Restricted Funds Totsl R¢Yrves £ 373,965 2,463,712 50.000 2(K),(M)O 520,IK)O £ 359,294 2.494.556 50,000 155.000 520,000 1605 671 5.184.521 5,407,898 £5.46&460 £5240,025 Goin Concem The Trustees are satisfied that adequate financial teserves are available at the time of approving the accounts. After making appropriate enquiries The Truste&8 have reasonable expectation that the Trust can continue in operation for the foreseeable future and they can adopt th¢ Going Concern basis in the preparation of the aecounts. THE LONDON BUS PRESER VA TtON TRUST LIMITED TRUSTEES. REPORT Trustees, RespODsibilit￿ Statement The Trusiees are reswnsible for the preparation of the accounts which have been prepared in accordance Viith the accounting w)licies as sei out in the notes to the accounts and comply with the Charities. 2011 and Accouniing and Reporting by Lbariues: S￿lemen[ of Recommended Practice applicable to charities preparing their accounts in accordance ￿ll￿th The Financial R¢porting Sthndard applicable in the UK and Republic of Ireland; published Ociober 2019. Company law requires th¢ Trustees ¢0 prepare accounts for each fuwKial year. Under company law, the Trnsteeg musi not approve the accounts Unle￿ that they are satisfied th8t they give a trlte and fair ￿ flection of the sthie of affairs of the charitable wmpany and of the incoming resources 2nd applicAtion of resources. including the income and expenditure of the charitable company for peri(Kl. In preparing thes¢ a(￿unts. the T￿￿CeS are rcquir¢d ￿. Select suiTabl¢ accounting wTrlicies and then applv them consistently Observe the tneth(Kls and principle5 ofthe Charities SORP 2019 (FRS 102) Make judgements and a¢¢ounting estirnates that are rel￿nable and prudent Stste whether applicable UK ACC￿nI1￿g Stsndards have tttn followed Pr¢Pa￿ the accounis on th¢ concern basis unless li is inappropriate to presume that the charitable company will continue tn operation. The Trustees ar¢ r¢sFK>nsible for keeping adequate accountTng records thai disclose with reasonable accuracy at ans lime the fiTJancial position ofihe charitable company and to enable Ihem to ensure that the accounts wmply with Companies Aci 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking re2sonable steps for the prevention and detection of fraud and other irregulariiies. The Trustees have complied with Iheir duty to havedue regard to the guidance on public benefit published by the Charity Commission in exc￿lSing their poweT5. Diselosure of IDforrngtiOD to the Auditors In so far as the TNstees are awar< there is no relevant a￿111 infornthtion of which the charirable company"'s auditors ar¢ unaware, and each of the Truxees have taken all the steps that ought to have been tsken as a dir¢ctor in orderio k aware ofany televant audit inforn]ation and to establish th￿ the charitable company's auditors are aware of that infomiation. This report was proved by the T￿st*S on 12 August 2026 and si&￿ed on their behalf by Leon Daniels Trustee John Duff Treasurer Trustee THE LONDON BUS PRESERVA TION 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 2025 which comprise of the statement of financial activities. balance sheet and notes to the accounts, including a suEnmary of signifiGqnt accounting ￿)litIeS. The financlal reporting framework thai has been applied in their Preparation is applicable law and United Kingdom Accounting Standards. including Financial Reporting Standard 102 The Financial Rew)rting Standard applicable in the UK and Republic of Ireland {UK Generally Accepted Accounting Practice). In our opinion the accounts- give a true and fair view of the state of the charitable company's affairs as at 31 December 2025 and of its incoming resources and application of resources including its income and expenditure. for the year then ended. have been properly prepared in accordance with Uniled Kingdom Generally Accepted Accounting Prnciice; and have been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinion We conducted our audit in a¢cordance with International StAndards of Auditing IUK) (ISAS UK}) and applicable law. Our resw)nsibilities under those standards are further described in the auditor's responsibilities for the audit ofaccounts section of OUT report. We are independent of the charitable company Èn accordance with the ethical requirements that are relevant to our audit of the a￿Unts 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 obtsined is suftTJcient and appropriate to provide a basis for our opinion. Conclusions relating to going toocern In auditing the accounts we have concluded that the trnstees. use of the going concern basis of accounting in the preparation of the accounts is appropriate. Based on the work we have perfornied. we have noi identified any material uncertainties relating to events or conditions thaL individually or collectively, may signtficant doubt on the Charitable company's ability to ￿ntinUe as a going concern for a period of at least twelve onths from when the accounts are authorised for i$5ue. OUT responsibilities and the resw)nsibilities of the trustees with respect to going concern are described in the ttlevant sections of this [C￿rt. THE LONDON BUS PRESERVATION TRUST LIMITED INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF THE LONDON BUS PRESERVATION TRUST LIMITED Other inforniAtioD The other inforniation comprises the inforniation included in the trustees, annual ￿￿rl other than the accounts and our auditor's rew)rt thereon. The trustees are responsible for the other infomiation. Our opinion on the accounts does not cover the other infomiation and we do not express any forn) of assurance conclusion thereon. Our responsibility is to read the other inforn)ation and in doing so, cmsider whether the other infonnation is materially inconsistent with the accounts orour knowledge obtained in the audit or otherwise appears to be materially misslated. If we identify such material inconsistencies or app￿nt material misstatements, we are required to deternline whether this gives rise to a material misstatement in the accounts themselves. If, b&sed on the work we have perfornied, we conclude that th￿C is a materlal misstatement of this other infomiation, we are required to report that fact. We have nothing to rew)rt ID this regard. Matters on which we are required to rew)rt by exception We have nothing to rery)rt in respect of the following matters in relation to which the Charities (Ac¢ounts and Reports) Regulations 2(M)8 require us to rep)rt to you if, in our opinion: the infonnation given in the trusttts. rew)rt is inconsistent in any mateTial respect with the accounts. or sufficient accounting records have not been kep¢ or the accounts are not in agreement with the accounting records and. or we have not received all the Inforn￿tion and explanations we require for our audit. Responsibilities of truste¢s As explained more fully in the Trustees, Responsibilities Statement (set out on page 6), the trnstees (who are also the directOT5 of the charitable company for the PUTposes of company law) are responsible for the preparation of the accounts and for being satisfied that they give a trne and fair view, and for such internal control as the ttustees deterniine is necessary to enable the Preparation of accounts that a￿ free from material misstatemenL whether due to frdud or error. In preparing the accounts, the tnjstees are resp)nsible for assessing the charitable company's ability to continue as a going conc¢rn, di￿lOSIng. as applicable. matters related to going eoncern and using the going concffli basis of a¢counting unle&s the trustees either intend to liquidate the ¢haritsble company or to cease operation4 or to have no realistic alternative but to do so. THE LONDON BUS PRESERVATION TRUST LIMITED tNDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF THE LONDON BUS PRESERVATION TRUST LIMITED Auditor's rfsw)nsibilili£5 for the audit ofthe a¢¢ounts We have been appointed as auditor under s¢ction 144 of the Charities Act 2011 and report in accordance with the Act and relevant Tegulations made of having effect thereunder. Our objectives are to obtain reasonable assurance about whether the accounts as a whole are free from material misstatem¢nL whether due to frdud or error. and to issue an auditor's report that includes our opinion. Re&sonable assurdnce is a high level of assurdnce. but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. MA&stst¢ments can arTse Gqn arise from fraud or error and are considered material if. individually or in the aggregate. they could reawnably be expected to influence the economic decisions of users tsken on the basis of these accounts. Irregularities, including fraud. are instances of non-cornpliance with laws and regulations. We design procedures in line with our reswnsibilities, outlined above. to detect rnaterial misstatements in respect of irregularities, including fraud. In identifying and a&se55ing risks of material misststement in respect of Irregulariti￿ including fraud and non-compliance with laws and regulation4 we considered the nature of the chartty. its control environment and the industy in which it operates. We identified the principal Tisks of non-compliance with laws and regulations relating to charity law. company law. taxation legislation and the requirements of the Charities SORP. Our procedures included. enquiries of management and thos¢ charged with governance regarding known or suspected instances of fraud and non-compliance with laws and regulations, reviewing minutes of meetings of those charged with governance, reviewing correspondence with regulators and r¢levant authorities, evaluating the design and tmplementstion of controls relevant to the prevention and detection of fraud. testing journal entries and other adjustments for appropriatene&s and indications of managernent ove￿Ide of ontrols. awssing accounting estimates and judgements for evidence of bias. kind perfomling substantive testing of transactions and balances including testing Trvenue recognition where Considered to be a signifI¢ant fraud risk. We also communicated relevant laws and regulations and potential fraud risks to the engagement team and remained alert throug1￿Ut the audit to any indications of fraud or non- compliance with laws and regulations. Because of the inherent limitations of an audiL 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 viith regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the fll]ancial thtements. as we will be less likely to 1￿cOme aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealmenL forgery, collusion, omission or misrepresenlation. A further description ofour reswnsibilities forthe audit of accounts is located on the Financial Reporting Council's webslte at.- w*w.fr¢.or .uklauditorsres foms part of our auditor's rep)rL nsibilities. This description THE LONDON BUS PRESERVATION TRUST LIMITED tNDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF THE LONDON BUS PRESERVATION TRUST LIMITED Use ofour rewbrt ThTS report is made solely to the charitable company's tTUStees, 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 ￿Ex￿rt and for no other pur￿)Se. To the fullest extent perynitted by law. we do not accept or ￿ume responsibility to anyone other than the charitsble company and the charitable company's trustees 2$ a b¢xly, for our audit worL for this reporL or the opinions we have fonned. Mutfords Hare Street Buntingford Hertfordshire SG9 OED John D Kilby & Co Chartered Accountants Statutory Auditors 12" August 2026 John D Kilby & Co is eligible to act Is auditor of the charity by virtue of its eligibility for appoinlment as auditor of a company under sectton 1212 of the Companies Act 2006. io THE LONDON BUS PRESERVATION TRUST LIMITED STATEMENT OF FINANCIAL AcfiviTIES YEAR ENDED 31 DECEMBER 2025 Unrestricted Restricted fimds funits Total 2025 Total 2024 Note INCOME FROM: Donations, legacies and grdnts Charitable activities Visitor income Income from events Membership In￿Me Bus hire and rides Investment income Other Gift aid recover Miscellaneous £ ￿,026 £ 9.524 £ 99.550 £308.318 117.105 21.468 56,151 35.135 37.436 117.105 21,468 56.151 37.025 37.436 145,324 34.503 54,453 37,801 25,800 1,890 35,418 19.450 21.167 21,167 Total incoming resources 378.488 11.414 389.902 661,067 EXPENDITURE ON: Charitable activities Raising funds Governance costs 338,428 4.839 4,562 6.281 75 344.709 4,914 4,562 302,009 (3,457) 4.160 Total resources expended 347.829 6,356 354,185 302,712 Net income / (expenditure) 30.659 5.058 35.717 358,355 Gains / (losses) on investments Gains on revaluation of heritage assets Impairnient reversal on heritage (10.217) 194.550 8,385 {10217) 194,550 8,385 12,431 Net movement in funds 223,377 5.058 228,435 370.786 RecoDciliation of fund$ Funds brought forward 5,184,521 55.504 5,240,025 4.869,239 Funds as at 31 December 2025 £ 5.407.898 £ 60.562 £ 5.468,460 £ 5,240.025 The Ststement of Financial Activities includes all gains and losses in the year and therefore a statement of recognised gains and lo&ses h&8 not been prepared. All the above amounts relate to continuing activities. The notes on pages 13 to 21 forn) part of these accounts. THE LONDON BUS PRESERVATION TRUST LIMITED BALANCE SHEET J I DECEMBER 2025 Noie 2025 2024 FIXED ASSETS iangiblc asset5 heritsge assets investments 10 £ 1,843.435 2.420.51KI ,021.614 £ 1,882,662 2.217.565 892,722 12 5285.549 4,992.949 CUiiRENT ASSETS debtors and prepayments investments bank balances 13 £ 79.829 14 58225 108,176 £ 104,901 55.932 128,832 246.230 289.065 CREDITORS - amounts falling within one year 15 63.319 42,589 182,911 247,076 NET ASSETS £ 5,468,460 £ 5,240,025 Represented bv: Restrteted funds Unrc5triclcd funds General funds Dc5ignatcd funds- fixcd as5cts Designated fvnds- other 16 60.562 55,504 16 373.96) 10 2.463,712 16 770,000 359.2Y 2,494.558 725.000 3.607.677 1.8(Ki,221 3.578.850 ,605,671 Revaluation reserve 17 £ 5.468.460 £ 5.240.025 Thc arrounts w¢ signed on their approved and authoris¢d for i&sue by th¢ trustces on 12 August 2026 and alf by= Leon D TTh￿tee els, Chaftrman John Duff. Treasurer TrUS￿e Company registration number 1061762 Thc nolcs on pages 13 to 21 fonn part of these accoun 12 THE LONDON BUS PRESERVATION TRUST LIMITED Notes fonning part of the accounts for the year ended 31 D¢cember 2025 l. Accounting policies . Basis of preparation of ¥¢¢ouRts The charity constitutes a public benefit entity as defined by FRS 102. These accounts have been prepared in accordance with the Accounting and Rep)rting by Charities: Ststement of Recommended Accounting Practi¢¢ applicable to charities preparing their accounts in 2¢wrdance 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 trustee& the charity and its subsidiary undertakings cornprise a small group. The charity has therefore laken advantage ofthe exemption provided by section 398 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 fiwtherance of the general objectives of the c4)mpany 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 purw)ses. The aim and use of each restricted fund is set out in the notes to the accounts. . Income recognikn)n All incoming resources are included in the Ststement of Financial Activities when the company has entitlement to the funds. certainty ofreceipt and the amount can be me&sured with sufficient reliability. For legacies. entitlement is th¢ earlier of the company being notifIed of an impending distribution or the lega¢y 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. 2nd 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. . Tangibk fixed gs8ets and depreciation All tangible fixed assets costing more than £5.000 are capttaltsed and stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cosi of fixed assets, less their estimated residual value. over their expected useful lives as follows: Freehold and long le￿hOld property Leasehold improvernents Fixtures. fittings and machinery 2/0 on cost I￿/0 on cost 13 THE LONDON BUS PRESERVATION TRUST LIMITED Notes fomiing part of the accounts for the year ended 31 December 2025 £ Heritage a￿ets- museum bus08 and xrtefacts The buses and other artefacts owned by the charitable company have been capitalised, as the trustees consider the vehicles 2nd artefacts are heritage assets, as defjned by the Ststement of Recommended Practice (SORP) 2019. The heritsge &ssets are stated at their insured value. The trustees consider the insured value is a reasonable basis for valuation. The tn￿teeS 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 &&sets. the restoration costs are expensed as incurred. After restoration is complete and ifthe buses and other artefacts are in the opinion of the trustees a heritage assct they are included in heritage assets at valuation. g. Investments Investments are recognised initially at fair value which is nornially the transaction pr&ce excluding transaction Costs. Subsequently, they are measured at fair value with changes recognised in 'net gains / (losses) on investments. in the SOFA if the Shar￿ are publicly traded or their fair value can otherwise k meawed Teliably. Investments in subsidiaries are me&sured at cost less impairnienL Fixed &sset inv¢stments include cash on dqM>sit and c4sh equivalents with a maturity of more than one year. Current asset investments are short terni highly liquid investments and ￿ held at fair value. These include cash on deposÈt and equivalents with a maturity of less than one year and held for investment purFrf)ses. h. Taxation The charity is exempt frorn Corporation Tax on tts charitable activities. i Voluntary help Volunteers contribute a signifIcant amount of time towards the operation of the charity's activities, which is donat¢d free of charge. It is not possible to quantify the valu¢ of the time given and accordingly it is neither recorded &s donated incorne. nor as an expense in the accounts. j. Going concern The accounts have been prepa￿d on the going concern basis as the trustees believe that the trust holds sufficient funds in the face of the current uncertainties. The ITUStees have consldered the level of funds held and the exP￿ted level of income and expenditure for 12 months from authorising these financial statements. 14 THE LONDON BUS PRESERVATION TRUST LIMITED Notes fomiing part of the accounts for the year ended 31 D￿ernber 2025 2025 2024 2. Income from donations legaci&% and grants Restricted donations (see note 16) Restricted Grants L¢gaeies Donation from trading subsidtary Other cash donations Sale of donated items £ 7,529 £ 16,405 1,995 45.655 233.389 20.446 31,238 9,661 13.084 14,264 14.202 £ 99,550 £ 308,318 3. Income from Charitabk Activities Visitor enlry - general Visitor entry - events Bus rides - events Stall rent- events Other event income Memkrship subscriptions Bus rides- general Bus rides- restricted Film and other hires £ 117,105 £ 145,324 10,408 18,014 5.613 7.983 5,242 7,825 205 681 56.151 54.453 31.879 22,433 1,890 12,033 3,256 3.335 £ 231,749 £ 272,081 4. Investtnellt iD¢ome Dividends- equities Interests- deposlts £ 5,966 £ 5,810 31,470 19,990 £ 37,436 £ 25,800 5. ￿pendIture on charitable 2clivitios Museum operations and displays Vehicle restoration and operdtlon Membership costs Event costs Volunteers and administration D¢preciation of tangible fixed a&s¢ts 106.836 99.957 134,339 101,103 13,637 17.050 13.583 17,434 37,087 27,239 39.227 39.226 £ 344.709 £ 302.009 Expenditure on charitable activities includes £6.28 l from Restricted Funds- see Note 16. 15 THE LONDON BUS PRESERVATION TRUST LIMITED Notes fomiing part of the accounts for the year ended 31 December 2025 2025 2024 6. Raising funds Advertising and publicity £ 4,914 £ (3,457) Expendituff on raising funds includes £75 frorn Restricted Funds" see Note 15. 7. Governance costs AuditOTS' remuneration £ 4,562 £4,160 8. N¢t incoming resources Net incoming resources are ststed after charging: Depreciation and loss on disposal of tangible r￿ed assets £ 39,227 £ 39,226 9. Employff5 During the year. there were no employees and no truste¢s re¢¢ived any remuneration or benefits in kind in respect of their roles as trustees (2024- nil). 10. Tangible r￿ed Freehold & long terni leasehold property & improvements Fixtures, fittings & machinery Total Cost As ai l January 2025 Additions Disposals £ 2.228.260 £ 82,995 £2,311,255 As at 31 December 2025 2228.260 82.995 2.311,255 Depreciation As at l January 2025 Charge for the year Eliminated on disposals 345.598 39.227 82.995 428,593 39,227 As at 31 December 2025 384,825 82,995 467,820 Net book value As at 31 December 2024 £ 1,882.662 £ 1.882.662 As at 31 December 2025 £ 1,843,435 £ 1,843.435 16 THE LONDON BUS PRESERVATION TRUST LIMITED Notes fomiing part of the accounts for the year ended 31 December 2025 11. Heritage 9&8ets Museum artefacts Buses & vehicles Total As at l January 2025 Additions Impainnent reversal Revaluation £ 250,565 £ 1,967.000 £ 2.217,565 8.385 145.115 8,385 194,550 49,435 As at 31 December 2025 £ 3(K>.0￿ £ 2.120.500 £ 2,420,500 The collection of 49 vehicles (2024: 47 vehicles) and museum artefacts are stated at their insured value. An impairni¢nt review was carried out and previous costs written off were reversed. The last vehicle valuation was on 14 October 2025 with the next valuation due in 2028. Further inforniation on heritage assets Can be found in the trustees, reFK)rt. 12. Fixed ass¢t inve8tmeDts Listed investments Cash Substdiary deposits undertakings Total Cost or valuation: As at l January 2025 Additions Disposals/mati￿itles Revaluation losses £ 213,431 £ 679.289 196.412 (57,303) £ 2 £ 892.722 196,412 (57,303) {10,217) {10217) As at 31 December 2025 £ 203.214 £ 818,398 2 £ 1,021.614 Subsidiary undertakings The following were subsidiary undertakings of the company: Name London Bus Museum Limited, Co. No. 5903873 London Bus Preservation & Repair Limit￿ Co. No. 7147492 Holding loo% I OOO/o The aggregate of the share capitsl and reserves as at 31 December 2025 and of the profit and loss for the year ended on that date for the subsidiary undertakings were as follows: Agg￿gate of share capital and reserves Profitl(loss) London Bus Museum Limited London Bus Preservation & Repair Limited £ 11.396 17 THE LONDON BUS PRESERVATION TRUST LIMITED Notes fonning part of the accounts for the year ended 31 December 2025 2025 2024 13. Debtors Trade debtors Prepayments Amounts owed by group undertakings Other debtors £ 13.743 4,168 41,178 20,740 £36,311 5,454 31.148 31,988 £ 79,829 £ 104,901 14. Current knet Invostments Short temi deposits £ 58.225 £ 55,932 15. Creditors: falling due witbiD one y¢ar Accruals Incoffte in advance £62,318 £ 40,902 1,687 £63J19 £ 42.589 16. Fund Reconciliation Restricted funds Asat Incoming Resources Transfer l Jan 25 resources expended between funds Asat 31 Dec25 Current Vehicle acquisition BS4 T357 NARTM 410 £ 2.480 £ 2,890 2,000 53,677 1,995 55.094 4,939 1.995 (6.356) Totsl restricted funds £ 55.504 £ 11.414 £ (6.356) £ 60,562 Asat lJan24 Incoming Resources Transfer resour￿$ expended between funds Asat 31 Dec24 Prior Vehicle acquisition Horse buses 4.700 £ 2.353 908 29,339 5,012 £ (6,643) 410 (908) (180) (5,162) T357 T448 25,935 150 55,094 Total reslTiCted fijnds £ 39.959 £ 28.438 £ {6.250) £ (6.643) £ 55,504 The transfer of £6.643 between Trstricted and Unrestrict￿ funds relates to the use of the vehicle acquisition fund to part-fund the purch&%e of a vehicle. 18 THE LONDON BUS PRESERVATION TRUST LIMITED Notes fomiing part of the accounts for the year ended 31 December 2025 Unrestricted funds Asat lJan25 Incoming Resources Transfer resources expended between funds £ 359.294 £ 376.656 £ (347,829) £{14.156) £ 373,965 Asal 31 Dec25 Current ear General fund Designated funds: Fixed asset reserve T357 restoration Cobham Hall covering Museurn development 2.494,556 50.0(K) 155.000 520,0 (30.844) 2.463.712 50.000 200,000 520,000 45,000 Total unrestrictd funds £ 3.578.850 £ 376.656 £ (347,829) £ £ 3,607.677 Asat Incoming Resources Transfer l Jan 24 resources expended between funds £ 476,133 £645,060 £ (296.462)£ (465.437) £ 359,294 Asat 31 Dec24 Prior General fund Designated funds: Strategic reserve Fixed asset reserve T357 restoration Cobham Hall covering Museum development 235,192 2.512284 (235,192) (17,728) 2,494,556 50.000 50,000 155.000 155.000 520,000 520,000 Total unrestricted fimds £ 3.223,(A19 £ 645,060 £ (296.462) £ 6,643 £ 3.578.850 Fund descri tion$ (a) Restricted funds The vehicle acqulsition fund relates to money received in respect of unspecified vehicles. Regular donations enable the fund to be replenished following additions to the vehicle fleet. The BS4 and T357 fund relates to funds raised specifi￿llY for the restoration of these vehicles. The NARTM fund relates to a grant received for the purchase of equipment. (b) UnrestrRcted funds Fixed ass¢ts ro¥erve fuDd A separate designated reserve (the fixed assets reserve) has been set up to distingutsh the "free" reserves from those locked up in fixed assets. The balance on this reserve taken with that on the revaluation reserve reflects the b(K)k value of fixed and heritage assets. 19 THE LONDON BUS PRESERVATION TRUST LtMITED Notes fonning part of th¢ accounts for the year ended 31 December 2025 T357 fund This fund has been set up to eannark resources for the restoration of T357 - there is a separate restricted fund for this but the restoration cost is expected to exceed the restricted funds secured. Cobham Hall covering hnd The covering of the Museum building will become time