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2021-07-31-accounts

KEIGHLEY BUS MUSEUM TRUST LTD

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021

Company registration number 2738413

Charity Number 1060457

Keighley Bus Museum Trust Ltd Financial Statements For The Year Ended 31 July 2021

Contents

Contents
Page
Members of the Board and professional advisers 3
Trustees’ Annual Report 4
Independent examiner’s report to the trustees 8
Statement of financial activities (incorporating the income and expenditure account) 9
Balance Sheet 10
Notes to the Financial Statements 11

Keighley Bus Museum Trust Ltd Members of the Board and Professional Advisers For The Year Ended 31 July 2021

Trustees Mr Michael Merry
Mr Gerald Newton
Mr Michael Berry
Mrs Marlene Waye
Mr Simon Daymond
Mr Simon Waye
Mr Neil Halliday
Secretary Mr Simon Waye
Company Number 2738413
Charity Number 1060457
Registered Office Unit 5, River Technology Park
Riverside, Dalton Lane
Keighley
West Yorkshire
BD21 4JP
Independent Examiner Greenwood Barton Limited
Chartered Certified Accountants
Premier House
Bradford Road
Cleckheaton
West Yorkshire
BD19 3TT
Bankers National Westminster Bank plc
63 North Street
Keighley
West Yorkshire
BD21 3SN

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Keighley Bus Museum Trust Ltd Company No. 2738413 Trustees’ Annual Report For The Year Ended 31 July 2021

The trustees, who are also directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 31 July 2021.

REFERENCE AND ADMINISTRATIVE DETAILS

Reference and administrative details are shown in the schedule of members of the board and professional advisers on page 3 of the financial statements.

THE TRUSTEES

The trustees who served the charity during the year were as follows:

Mr M Berry Mr S Daymond Mr N Halliday Mr M Merry Mr N Shepherd RESIGNED 31/7/2021 Mr D Byrne RESIGNED 31/7/2021 Mr Gerald Newton APPOINTED 31/7/2021 Mrs Marlene Waye APPOINTED 31/7/2021 Mr Simon Waye APPOINTED 31/7/2021

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Keighley Bus Museum Trust Ltd Company No. 2738413 Trustees’ Annual Report For The Year Ended 31 July 2021

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The Keighley Bus Museum Trust is a Company Limited by Guarantee, governed by its Memorandum and Articles dated 7[th] August 1992, as amended on 1[st] December 1996, 3[rd] July 1997 and 28[th] May 1998. It is registered as a Charity with the Charity Commission. Anyone 18 years of age can become a member with voting rights, subject to Board approval. There is also a provision for junior members and KBMT ‘Friends’ who do not enjoy voting rights. There are currently some 100 members (2020 - 170 members), each of whom undertakes to contribute £1 in the event of the company winding up.

Appointment of trustees

Each year an AGM (Annual General Meeting) is held and the election of Trustees takes place as part of this meeting. In all, three Trustees can be elected: two Trustees and an officer ie. Chairman, Secretary, or Treasurer. In addition, any Trustee’s who have resigned during the year prior to the AGM can be replaced.

Those elected then serve for a term of two years in the case of a Trustee or for a term of three years in the case of Chairman, Treasurer and Secretary. Those appointed serve until the AGM that is held in their final year unless they resign or are otherwise disqualified according the Articles of Association. In addition to those elected the Trustees have the power to both replace those who resign (or are disqualified) and to co-opt up to four additional Trustees, who serve until the next Annual General Meeting.

Co-opted trustees are generally added to provide specific expertise, knowledge, capability or capacity not available from those who were elected.

Trustee Induction and Training

All Trustees are appointed from within the membership of the trust and so will be familiar with the objectives and functions and extensive training is not therefore required.

Each new Trustee will be provided with a copy of the Memorandum and Articles of Association and will be provided with on the job guidance by experienced Trustees.

Organisation

As a whole the organisation consists of around 100 members who join by annual subscription with around 30 of those active volunteers who work to further the objectives of the trust.

The board of Trustees, which can consist of up to eleven members, meets regularly to discuss and review all key topics of the Trusts business. Many of the Trustees also work at the museum premises and use this opportunity to discuss operational matters and relevant activity. On an ongoing basis the Trustees are in touch by e-mail and telephone to ensure that significant developments are known to all and quickly attended to.

There is a formal sub-committee in place looking at the Trusts event programme, which is made up of both Trustees and ordinary members. Consideration is being given to establish more sub-committees for other matters as this has proved effective and is within the Trustees power to delegate authority. Some activities are delegated to Members who produce monthly Board Reports. These activities remain the responsibility of the trustees.

Each of the Trustees also take on specific roles such as vehicle maintenance, private hire duties, compliance, memberships etc. with these being agreed by all the Trustees from the outset.

Risk Management

Weekly checks are performed to safeguard against potential fire risk coupled with annual testing of fire extinguishers maintain the Trusts compliance to fire prevention and mitigation. Health and safety issues are identified, discussed and subsequently resolved at monthly Board meetings, supporting the Trusts culture to operate in a safe environment.

The private hire fleet is maintained and safety checked on a 10 weekly basis with a DVSA approved centre on a predefined contractual basis. Risk assessments are performed and any corrective actions applied prior to public events.

Financial risks are minimised by a regular scrutiny of all commitments, reserves and cash-flow predictions by the Trustees.

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Keighley Bus Museum Trust Ltd Company No. 2738413 Trustees’ Annual Report For The Year Ended 31 July 2021

OBJECTIVES AND ACTIVITIES

The aim of the Charity is to educate the public by establishing within the Keighley and Aire Valley area of West Yorkshire one or more operational or static museums of transport history and archaeology covering all aspects of road public passenger transport.

To achieve this principal objective is to acquire on a freehold a permanent building or buildings capable of accommodating the Museum’s collection of vehicles and artefacts, such that they can be exhibited in a manner which fulfils the Charity’s educational purpose. At the same time, the avoidance of an ongoing rental payment will enable the Charity to direct funds towards the acquisition and restoration to running order of a representative collection of buses, coaches and ancillary vehicles. It is the Trustees’ firm conviction that the charity has, and will continue to have, sufficient income to make it self-sustaining on an indefinite basis, once the initial hurdle of permanent accommodation is resolved, and for this reason acquiring such accommodation is the focus of long-term development plans.

In order to advance its aims, the Museum leases a building at River Technology Park, Keighley, which accommodates the vehicles owned by, or loaned to the Charity, (currently twenty nine) together with some seventy seven privatelyowned vehicles which pay an economic rent for the space occupied. Given the improvements that have been made to the building and surroundings several Open Days are held each year and these are used to promote the work of the Charity. In addition we attend events throughout the region to educate and inform the public of the Charity’s work. We invite local schools to the museum for educational visits.

Additionally, we hold a PSV Operator’s Licence, which permits us to operate vehicles for hire & reward. This enables us to offer historic vehicles for hire, both increasing exposure to a radius of some 50 miles from our base and generating substantial revenues. We also act as a clearing house and help service for those seeking accommodation, parts or advice on the restoration of buses, or information on matters of bus industry history and practice.

Public benefit

The Trustees confirm that they have paid due regard to the Charity Commission’s guidance on public benefit and consider their activities to be in compliance therewith.

ACHIEVEMENTS AND PERFORMANCE

After instructing Colliers, Leeds, to undertake a structural survey and valuation of the premises at Riverside, the KBMT Board were advised by Colliers and ABL mortgage brokers that the premises would not attract a mortgage from any lender. Having built a good relationship with the current landlord it was then decided that the KBMT would enter into a formal lease for the premises at Riverside. These negotiations are still ongoing.

The Trustees continue to work on improving the cleanliness and facilities within the premises.

Financial Review

The period covered by these accounts is arguably one the most challenging times we have encountered since the formation of the Trust.

Our main revenue stream continues to be the rent paid by private vehicle owners which covers the building rent and associated utilities costs.

Unfortunately Covid-19 restrictions resulted in the cancellation of virtually all private hire bookings for the year and the closure of the museum to the public ceased all revenue producing events. These activities have in the past supplied the Trust with a welcome boost to our funds.

Nevertheless, the Trust emerged from this period still making a small surplus of funds. This was due to being successful in obtaining a £10,000 grant from one of the Covid-19 related government business support funds. We also had some significant success in obtaining overdue rent from a small number of vehicle owners.

Given the conditions in place at the time we must congratulate ourselves on emerging relatively unscathed during this

unprecedented period.

The operating profit for the year was £14,971 to carry forward to the following year. Reserves at the end of the year were £217,078 including restricted funds of £5,271 and fixed assets of £53,216 of which £46,841 are endowment funds. The present level of reserves available to the charity is £103,326 which are used to finance additional projects, trading in the ensuing year as a backup reserve.

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Keighley Bus Museum Trust Ltd Company No. 2738413 Trustees’ Annual Report For The Year Ended 31 July 2021

Restricted funds

The charity holds some £5,271, £1,600 of which is residue of £2,000 which was gifted from the Leeds Transport Historical Society for use only in maintaining and restoring former Leeds buses. Restoration work on Leeds 980 will soon be in progress, and these funds will be considerably reduced in the near future.

Reserves policy

The continued surplus of income over expenditure has allowed the Trust to significantly increase the sums held on deposit. Whilst insufficient to fund any major expenditure, these now provide a reasonable buffer against unforeseen fluctuations in running costs and income.

PLANS FOR FUTURE PERIODS

The Trust hopes to enter into a lease with the current landlord which will ensure that the collection is safely housed. The Trust will then look again at the possibility of purchasing more suitable premises to house the collection in the long term. The Trust will continue to raise funds to meet this aim by continuing to offer Private Hire work and hold special events and open days either at our premises or in the community. The Trust will raise additional income by renting surplus space to private individuals.

INDEPENDENT EXAMINER

Greenwood Barton Limited were appointed to report on the financial statements for the year ended 31 July 2021 and have been re-appointed as independent examiner for the ensuing year.

Signed by order of the trustees

Mr Norman Shepherd 13/04/2022

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Keighley Bus Museum Trust Ltd Independent Examiner's Report For The Year Ended 31 July 2021

I report on the accounts of the charity for the year ended 31 July 2021 which are set out on pages 9 to 17.

RESPECTIVE RESPONSIBILITIES OF TRUSTEES AND EXAMINER

The trustees (who are also the directors of Keighley Bus Museum Trust Ltd for the purposes of company law) are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.

Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility to:

BASIS OF INDEPENDENT EXAMINERS REPORT

My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statement below.

INDEPENDENT EXAMINER’S STATEMENT

In connection with my examination, no matter has come to my attention:

have not been met; or

Mr Richard Ineson FCCA Independent examiner Greenwood Barton Limited Chartered Certified Accountants Premier House Bradford Road Cleckheaton West Yorkshire BD19 3TT

13 April 2022

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Keighley Bus Museum Trust Ltd Statement of Financial Activities (incorporating the Income and Expenditure Account) For The Year Ended 31 July 2021

Notes
INCOME AND ENDOWMENTS
Donations and legacies
2
Other trading activities
3
Investment income
4
Other income
5
TOTAL INCOME
EXPENDITURE
Expenditure on raising funds: Costs of raising
donations and legacies
6
Expenditure on charitable activities
7/8
TOTAL EXPENDITURE
NET INCOME AND NET MOVEMENT IN FUNDS FOR
THE YEAR
10
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Total Funds
2021
£
11,753
72,310
11
-

84,074
(1,073)
(68,030)
(69,103)
14,971
202,108
217,078		 Total Funds
2020
£
4,247
63,551
181
-
67,979
(1,138)
(73,099)
(74,237)
(6,258)
208,366
202,108

The Statement of financial activities includes all gains and losses in the year.

All the above amounts relate to continuing activities.

The notes on pages 11 to 17 form part of these financial statements.

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Keighley Bus Museum Trust Ltd Balance Sheet As at 31 July 2021

Notes
FIXED ASSETS
Tangible Assets
13
CURRENT ASSETS
Stocks
14
Debtors
Cash at bank and in hand
Creditors: Amounts Falling Due Within One
Year
15
NET CURRENT ASSETS (LIABILITIES)
TOTAL ASSETS LESS CURRENT LIABILITIES
NET ASSETS
FUNDS OF THE CHARITY
Endowment funds
16
Restricted income funds
17
Unrestricted income funds
18
MEMBERS' FUNDS		 2021
£
£
52,818
1,727
460
174,111
176,298
(12,038)
164,260
217,078
217,078
102,106
5,271
109,701
217,078		 2021
£
£
52,818
1,727
460
174,111
176,298
(12,038)
164,260
217,078
217,078
102,106
5,271
109,701
217,078		 2020
£
£
53,748
1,727
460
158,211
160,398
(12,038)
148,360
202,108
202,108
102,865
5,271
93,972
202,108		 2020
£
£
53,748
1,727
460
158,211
160,398
(12,038)
148,360
202,108
202,108
102,865
5,271
93,972
202,108
164,260
148,360
176,298
(12,038)		 160,398
(12,038)
217,078 202,108
217,078 202,108
102,106
5,271
109,701		 102,865
5,271
93,972
217,078 202,108

For the year ending 31 July 2021 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Trustees' responsibilities:

These financial statements were approved by the members of the committee and authorised for issue on the 13 April 2022 and are signed on their behalf by:

On behalf of the board

Mr Norman Shepherd 13/04/2022

The notes on pages 11 to 17 form part of these financial statements.

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Keighley Bus Museum Trust Ltd Notes to the Financial Statements For The Year Ended 31 July 2021

1. ACCOUNTING POLICIES

Basis of Preparation of Financial Statements

The financial statements are prepared under the historical cost convention, as modified by the revaluation of certain fixed assets and investments measured at market value. The financial statements have been prepared in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015), and the requirements of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015) (SORP 2015).

Income

All incoming resources are included in the statement of financial activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income.

Rents receivable represent the total rental income received from members who store their buses at the museum.

Grants and donations for specific purposes are credited to a designated reserve until such time as that purpose is met.

Other grants and donations are credited to the income and expenditure account in the year in which they are received.

Where grants and donations are given for specific purposes then they are separated into endowment funds (to be kept on a permanent basis), restricted funds (given for specific purpose) and unrestricted funds (given to be utilised as the trustees think best suits the charity's objectives).

Donated goods, services and facilities are included at the value to the charity where this can be quantified. The value of services provided by volunteers has not been included in these accounts.

Investment income is included when receivable.

Expenditure

Expenditure is recognised when a liability is incurred. Irrecoverable VAT is charged to the sofa as incurred.

Cost of raising donation and legacies are those costs incurred in attending events.

Charitable activities include museum running costs including governance costs which are costs relating to constitutional and statutory requirements.

Fund accounting

Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity.

Restricted funds are subjected to restrictions on their expenditure imposed by the donor or through the terms of an appeal. The charity has one restricted fund, which is to be used for the upkeep of Fleet B.

Designated funds are unrestricted funds of the charity which have been set aside to fund a particular activity.

Tangible Fixed Assets and Depreciation

All fixed assets are measured at cost less accumulated depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Plant & Machinery 25% reducing balance Motor Vehicles 1.1% straight line

Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.

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Keighley Bus Museum Trust Ltd Notes to the Financial Statements (continued) For The Year Ended 31 July 2021

2. DONATIONS AND LEGACIES

Donations
Donations and grants
Subscriptions
Donations
Donations and grants
Subscriptions		 Unrestricted
Funds
Endowment
Funds
Total Funds
2021
£
£
£
-
10,452
-
10,452
1,301
1,301
-
11,753
11,753
Unrestricted
Funds
Endowment
Funds
Total Funds
2020
£
£
£
2,806
-
2,806
1,441
-
1,441
4,247
-
4,247

3. OTHER TRADING ACTIVITIES

Rents receivable
Events and stall sales
Sale of scrap
Other revenue		 Unrestricted
Funds
Total Funds
2021
Unrestricted
Funds
Total Funds
2020
£
£
£
£
70,323
70,323
56,483
56,483
1,947
1,947
7,047
7,047
40
40
21
21
-
-
-
-
72,310
72,310
63,551
63,551

4. INVESTMENT INCOME

Bank interest receivable

Unrestricted Total Funds Unrestricted Total Funds
Funds 2021 Funds 2020
£ £ £ £
11 11 181 181

5. OTHER INCOME

Unrestricted Total Funds Unrestricted Total Funds
Funds 2021 Funds 2020
£ £ £ £
Gains on disposal of tangible fixed assets for - - - -
charity’s own use

12

Keighley Bus Museum Trust Ltd Notes to the Financial Statements (continued) For The Year Ended 31 July 2021

6. COSTS OF RAISING DONATIONS AND LEGACIES

Unrestricted Total Funds Unrestricted Total Funds
Funds 2021 Funds 2020
£ £ £ £
Event costs 1,073 1,073 1,138 1,138

7. COSTS OF CHARITABLE ACTIVITIES BY FUND TYPE

Support costs
Support costs		 Unrestricted
Funds
Endowment
Funds
Total Funds
2021
£
£
£
68,030
-
68,030
Unrestricted
Funds
Endowment
Funds
Total Funds
2020
£
£
£
73,099
-
73,099

8. COSTS OF CHARITABLE ACTIVITIES BY ACTIVITY TYPE

Museum running costs
Governance costs		 Support
costs
Total Funds
2021
Total Funds
2020
£
£
£
66,693
66,693
71,942
1,337
1,337
1,157
68,030
68,030
73,099

9. ANALYSIS OF SUPPORT COSTS

Rent
Rates and water
Light and heat
Repairs and maintenance
Depreciation
Printing, postage and stationery
Sundry
Subscriptions
Insurance
Bank charges
Professional fees
Accountancy		 Total 2021
£
43,978
9,005
2,786
2,560
929
1,205
1,552
-
4,678
-
-
1,337
68,030		 Total 2020
£
43,978
8,999
1,246
5,390
986
1,484
3,066
-
4,993
-
1,800
1,157
73,099

13

Keighley Bus Museum Trust Ltd Notes to the Financial Statements (continued) For The Year Ended 31 July 2021

10. NET INCOMING RESOURCES FOR THE YEAR

This is stated after charging:

his is stated after charging:
2021 2020
£ £
Depreciation 929 986

11. STAFF COSTS AND EMOLUMENTS

No salaries or wages have been paid to employees, including the members of the committee, during the year.

12. TRUSTEES’ REMUNERATION

None of the trustees have been paid any remuneration during the year (2020 – Nil)

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Keighley Bus Museum Trust Ltd Notes to the Financial Statements (continued) For The Year Ended 31 July 2021

13. TANGIBLE ASSETS

Cost
As at 1 August 2020
As at 31 July 2021
Depreciation
As at 1 August 2020
Provided during the period
As at 31 July 2021
Net Book Value
As at 31 July 2021
As at 1 August 2020
4. STOCKS
Stocks		 Equipment
£
17,444		 Fleet A
£

30,500		 Fleet A
£

30,500		 Fleet B
£

38,466		 Total
£

86,410
17,444
30,500
38,466
86,410
16,761
171		 7,448
335		 8,453
423		 32,662
929
16,932 7,783 8,876 33,591
512 22,717 29,590 52,819
683 23,052 30,013 53,748
2021
£
1,727
1,727		 2020
£
1,727
1,727

14. STOCKS

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Trade creditors
Other creditors
Accruals and deferred income		 2021
£
5,533
5,485
1,020
12,038		 2020
£
5,533
5,485
1,020
12,038

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Keighley Bus Museum Trust Ltd Notes to the Financial Statements (continued) For The Year Ended 31 July 2021

16. ENDOWMENT FUNDS

Permanent endowments
Fleet A
Fleet B
Mr David Bentley dec’d		 Balance at
1 August
2020
Received
Expenditure
Balance at
31 July
2021
£
£
£
£
23,053
(336)
22,717
24,547
(423)
24,124
55,265
-
-
55,265
102,865
-
(759)
102,106

Fleet A

In 1999 the museum received funding of £30,500 in total to purchase nine vehicles from the failed Transperience collection, under the terms of the funding the museum effectively cannot dispose of these vehicles and is responsible for their general maintenance and upkeep. The funding received was made up of grants from the Trustees of the National Heritage Memorial Fund (£20,500), the Science Museum PRISM Fund (£5,000) and a Bradford Council grant (£5,000).

Fleet B

In 1999 the museum was gifted four old Leeds buses from the Leeds Regent Group. Under the terms of the gift the museum cannot dispose of these buses and is responsible for their general maintenance and upkeep.

Mr David Bentley dec’d

In March 2017 the museum received a legacy from the estate of Mr David Bentley dec’d. Under the terms of this legacy, this is to be specifically used for the purpose of acquiring premises for the benefit of the Charity.

17. RESTRICTED INCOME FUNDS

Restricted Fund

Balance at 1 August 2020 and at 31 July 2021 £ 5,271

There have been no movements on restricted funds during the year ended 31 July 2021.

The Charity holds £5,271 of which £1,600 is the residue of £2,000 which was gifted from the Leeds Transport Historical Society for use only in maintaining and restoring former Leeds buses. Restoration work on Leeds 980 will soon be in progress and these funds will be considerably reduced in the near future.

18. UNRESTRICTED INCOME FUNDS

Balance at Balance at
1 August Income Expenditure 31 July
2020 2021
£ £ £ £
General Funds 93,972 84,074 (68,345) 109,701

16

Keighley Bus Museum Trust Ltd Notes to the Financial Statements (continued) For The Year Ended 31 July 2021

19. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Restricted Income Funds:
Restricted Fund
Endowment Funds:
Fleet A
Fleet B
Mr David Bentley dec’d
Unrestricted Income Funds
Total Funds		 Tangible fixed
assets
Net current
assets
Total
£
£
£
-
5,271
5,271
22,717
-
22,717
24,124
-
24,124
-
55,265
55,265
6,375
103,326
109,701
53,216
163,862
217,078

20. RELATED PARTY TRANSACTIONS

During the year the Charity received rental income from Trustees for the storage costs of their own buses on the museum’s premises. This was charged at the same rate as for other members and was intended to accurately reflect the storage costs incurred by the museum.

21. COMPANY LIMITED BY GUARANTEE

The company is limited by guarantee and has no share capital.

Every member of the company undertakes to contribute to the assets of the company, in the event of a winding up, such an amount as may be required not exceeding £1.

9. GENERAL INFORMATION

Keighley Bus Museum Trust Ltd is a private company, limited by guarantee, incorporated in England & Wales, registered number 2738413. The registered office is Unit 5, River Technology Park, Riverside, Dalton Lane, Keighley, West Yorkshire, BD21 4JP.

17