KBMT L%i 199? KEIGHLEY BUS MUSEUM TRUST LTD FINANCIAL STATEMENTS FOR ThE YEAR ENDED 31 JULY 2023 Company r¢glstratloTr nurnr 2738413 Char5ty Number 1060457 uiiiii •A03NbNJ7• 2210512024 CCWPMIES HCiJSE
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Kel9hley Bus Museum Trust Ltd Finandal Statements For The Year EThd 31 july 2023 Contents Pa9e Members of the Board and professional advisers Trustees, Annual Report Independent examinerfs report to the trustees Statement of financial artivitie5 {in¢orporalpng the Income and expenditure account) Balance Sheet io Notes to the Financial Statements li
Keighley Bus Museum Trust Ltd Members of the Board and Professional Advlsers For The Year Ended 31 July 2023 Trust••s Mr Norman Shepherd Mr Andrew Haley Mr Michael Berry Mrs Madene Waye Mr Peter Cribbin Mr Simon Waye Flr Neil Halliday Mr Oavld Byme Mr John Hewlett Secretary Mr Simon Waye Company Number 2738413 Charlty Number 1060457 Registered Office Unit 5, Rt¥er Technology Park Riverside. Dalton Lane Keighley West Yorkshire 8D21 4JP Independent Examlner Greenwood Barton Mited Chartered Certified Accountsnts Premier House Bradford Road Cleckheaton West Yorkshi BD19 3 Bankers Natlonal Westmlnster Bank plc 63 North Street Keighlev West Yorkshi BD21 3SN
Kel9hley Bus Museum Trust Ltd Company No. 2738413 Tstee5. Annual Rwrt For The Year Ended 31 July 2023 The trustees. who are also directors for the purposes of company law. present their report aThJ the unaudite(J finanaal statements of the charity for the year ended 31 July 2023. REFERENCE AND ADMINISTRATIVE DEfAILS Reference and administrative details a shown in the schedule of members of the board and professional advlsers on page 3 of the financial 5tstements. THE TRUSTEES The trustees who served the charity durin9 the year were as follows: MrMB APPOINTED 15/0112017 0410812022 0210412024 2610112022 2610112022 2011012021 2610112022 0411212022 0411212022 APPOINTED AppINTED APPOINTED APPOINTED APPOINTED MrAHal She APPOINTED APPOINTED APPOINTED Mr David B Mr Peter Crbbbln me
Keighley Bus Museum Trust Ltd Company No. 2738413 Trustets. Annual Report For The Year Ended 31 July 2023 STRucfuRE, GOVERNANCE AND MANAGEMEIIT Governing document The Keighley Bus Museum Trust is a Company Lirnited by Gvarantee. govemed by its Memorandum and Articles dated 7th August 1992. as amended on l* December 1996, 3rd July 1997 and 28th May 1998. It is registere{1 as o Charlty with the Charfty Commission. Anyone 18 year5 of age can become a member with voting rights. SLtrbject to Board approval. There Is also a pmvision for J"unior member5 and KBMT'Friends' who do not enjoy votlng rights. There are currently some 74 members (2022 - 74 members). each of whom undertake5 to contribute £1 in the event of the company winding up. Appointment of truste•s Each year an AGM (Annual General Meetong) is held and the dection of Trustees tskes pl as part of th15 meetlng. In all, three Trustees can be elected: two Trustees and an officer ie. Chairman, Secretaryi or Treasurer. In addition, any Trustee's who have resigned during the year prior to the AGM can replaced. Those elected then serve for a term of two year5 in the case a Trustee or fr)r a terni of three years In the case of Chairman, TO$r and Secretary. Those appointed serve until the AGM that is he in their flnal year unless they reslgn or art otherwise disqualified according the Artides of Association. In additi'on to those eletted the Trustees have the power to both replace th¢)se who resign (or are disqualified) and to co-opt up to four addltlonal Trustees, who setve until the next Annual General Meeting. Co-opted trustees are generally added to provxle specific expertise. knowledge, capabillty or capacity not available from those who were elected. Trustee Indurtlon and Trnlnlng All Trustees are appointed from within the membership of the trust so will be familiar with the objectives and functlons and extensove training Is Mt therefore requlred. Each new Trustee wlll be provided with a copy of the Mernoiandum and Articles of Association and will be provided with on the Job guidance by experience(1 Trustees. Oryan15ation As a whole the organisation consists of around 100 members who join by annual subxription with around 30 of those active volunteers who work to fvrther the objecb¥es of the tnjst. The board of Trustees, which can consist of up to eleven members, meets regularfy to discuss and review all key topics of the Trusts business. Many of the Trustees als¢ work at the museum premises and use this opportunity to discuss operatlonal matters and relevant activity. On an ongoing Iklsis the Trustees are in touch by e-mall and telephone to ensure that significant developments a 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 ordirnary members. Consideration is being given to estaNish more sub-committees for other matters as this has proved effettive and is within the Trustees power to delegate authority. Some attivities a delegated to Members who produce monthly Board Reports. These ath"vits"es main the responsibility of the trustees. Each of the Trustees also take on speufic reS such as vehide maIntenan• private hire dutles, compliance. membershlps etc. wlth these belng agreed by all the Trustees from the ryJtseL Rlsk Management Weekly checks are performed to safeguard against potential fire risk coupled wrth annual testlng of fire extinguishers maintain the Tnjsts compliance to fire pventiOrt and mits"gation. Health and safety issues are identified, di5cussesJ and subsequenuy resolved at rnonthly Board meetings. supporting the Tnjsts Cultu to operate in a safe envlronment. The private hire fleet is maintained an¢J safety ched(ed on a 10 weekly basis with a DVSA approved centre on a pre- defined contrattual basls. Risk assessments are perfomed and any corrective artions applied prior to publlc events. Finanoal risks a mlnimised by a regular scrutiny of all commltrnents. reseryes and cash-tlow predirtlons by the Trnstee5.
Kei9hley Bus Museum Trust Ltd Company No. 2738413 Trustees. Annual Report For The Year Ended 31 July 2023 OBJEcfivES AND AcrivrriES The aim of the Charity is to educate the public by estsblishin9 within the Keighley and Al Valley area of West Yorkshire one or MO operational or stats"¢ museums of transport history and archaeology vering all aspects of road public pa55enger tran5POrt. To achieve this principal objective is to acquire on a freehold a perniant building or buildings capable of accommodating the Museum's collection of vehides and artef47cts. 5uth that they can be exhibited in a manner which fulflls the Charity's educat6onal wrpose. At the same ts"me. the avoidan of an ongolng rental payment will enable the Charity to direct funds towards the acquisition and restoration to running order of a pentatIVe collertion of buses, coaches and ancillary vehides. It is the Tnjstees, firm conviction that the charity has. and will conb'nue to have, sufficient income to make it self-sustsining on an indefintte bags, once the inrtial hurdle of permanent ccommodation is re$Ved, and for this reason acquiring Such accommodation Is the focus of long-temi development plans. In order to advance its aims. the Museum leases a building at River Technology Park. Keighley. which accornrnodates the vehicles owned by. or loaned to the Charity. (currendy Thirty two) together with some seventy seven privately- owned vehicles which pay an economTrc rent for the space ocojpied. Given the improvement5 that have been made to the building and surroundin9s 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 910n to educate and Inform the public of the Charity's work. We invlte local schools to the museum for educational visits. Additionallys we also act as a dearing house and help service for those seeking accommodation. parts or advice on the restoration of buses, or Informatfon on matters of bus industry history and practice. Publlc benellt The Trustees confirm that they have paid due regard to the Charity Commission's 9uidance on public benefit and consider their activities to be in compliance therewith. ACHIEVEMENTS AND PERFORMANCE The buildlng has now been purchased an(i is solely owned by Kelghley Bus Museum Trust Ltd. The Twstees continue to work on improving the deanliness and faalities WTthln the pmIses. Financial Review 7he operating profit for the year was £30.508 to cary fonvard to the following year. Reserves at the end of the year were £268,454 including restricted funds of £5,271 and fixed assets of £51.699 of which £45.324 a endowment funds. The present level of reserves available to the tharity is £156,219 which are used to finan addib'onal projects, trading in the ensuing year as a backup reserve.
Kel9hley Bus Museum Trust Ltd Company No. 2738413 Trustees. Annu•l Aeport For The Year Ended 31 July 2023 Rostrltt•d funds The charity holds some £5,271. £1.600 of whith is ldue of £2.000 which was glfted trom the Lee(is Transport Historical Society for use only in maintaining and restoring former Leeds buses. Restoratlon work on Leeds 980 will soon be in progress, and these fvrtds will be con&derably reduced in the near fiJture. Reserves policy The continued surplus of Income over expenditure has allowed the Trust to gnificanY increase the sums held on deposrt. Whilst insuffioent to fvnd any major expenditure. these now provide a reasonable buffer against unforeseen fluctuations in running costs and income. PLAf4S FOR FiTfuRE PERIODS The Trust since completing the purthase of the buikling will continue to raise fvnds to repair and modemise the building by holding Special events and open days either at our premises or in the community. The Trust wlll ralse addltional income by renting surplLbS spa to private individuals. INDEPENDENT EXAMINER Greenwood Barton timited were appointed to report on the financial statements for the year ended 31 July 2023 and have been -appOInte¢l as independent examiner for the ensuing year. Mr Slmon Wave 29104124
Keighley Bus Museum Trust Ltd Independent Examlner's Report For The Year Ended 31 July 2023 I report on the accounts of the charlty for the year ended 31 July 2023 whlch are set out on pages 9 to 17, RESPECTIVE RESPOt4SZBILITIES OF TRUSTEES AND EXAMZNER The trustees (who are also the dlrectors of Keighley Bus Museum Trust Ltd for the purposes of company law) are responslble frjr the preparation of the accounts. The trustees consider that an audit is not requlred for thi5 year under section 144(2} of the Charities Att 2011 (the 2011 Act) and that an independent e¥ominatFon is needed. Havlng satisfied myself that the tharity is not subject to audit under company law and is eliglble for Independent examination, it Is my responsibility to: examine the accounts under sethon 145 of the 2011 Art: to follow the Procedu laid down In the generdl Directions glven by the Charity Commission under sertion 145{5)(bl of the 2011 Act: and to stste whether Paclar matters have come to my attention. BASIS OF INDEPENDENT EXAMINERS REPORT My examination was carried out in accor(lonce with the general Dirertions given by the Charty Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the èccounts presented with those records. It also indudes consideration of any unusual items or disdoSu in the accounts, and seeking explanations fvom you as trustees conceming any such matters. The prOdureS undertaken do not provlde 11 the evidence that would be required in an audit and consequently no opini is given a5 to whether the accounts present a 'true and fair view. and the report is limited to those matters set out in the 5tstement below. INDEPENDENT EXAMINER'S STATEMENr In connection with my examination, no matter has come to my attention: (l) whi¢h gives me a reasonable cause to believe that In any material respect the requlrements: to keep accounting records In accordan with settion 386 of the Companie5 Act 2006: and to prepare 4ccounts whith accord with the accounting records, comply with the accounting requirements of section 396 of the CompanSes Act 2006 and with the mÈthods and principles of the statement of Recommended Practi. Accourting and Reporting by Charities have not been met; or (21 to which, in my opinion, attention should be drawn in order to enable a proper understsnding of the accounts to be aChed. Mr Richard Ineson FCCA Independent examiner Greenwood Barton Umlted Chartered Certified Accountants Premier House Bradford Road Cleckheaton West Yorkshi BD19 3 29 April 2024
Kelghley Bus Museum Trust Ltd statement of FInala1 Actlvltles (fincoryratin9 the Income and Expendlture Account) For The Year Ended 31 July 2023 Total Funds 2023 Totsl Funds 2021 INCOME AND INDOWMENTS Donations and legacies Other trading activities Investment income 63.980 71.140 1.390 24,403 73.809 49 Other income TOTAL INCOME 136,510 98,261 EXPENDrruRE Expenditure on raising fvnds: Costs of rnising donatlons and legaoes Expenditure on charitable artNithes (1,193) (2.577) 718 {104.809) {75,2051 TOTAL EXPENDITURE (106,002) (77.782) NET INCOME AND IIET MOVEME14T IN FUNDS FOR THE YEAR 30.508 20,479 RECONCJLIATJON OF FUNDS Total funds brought forward 237.946 217.467 TOTAL FUNDS CARRIED FORWARD 268.454 237,946 The Statement of financial activities indudes all galns and losses in the year. I the above amounts relate to continuing activities. The notes on pages 11 to 17 form part of these financial statements.
Keighley Bus Museum Trust Ltd Balance Sheet As at 31 July 2023 2023 2022 FIXED ASSETS Tangible A55ets 13 51.078 51,932 CURRENT ASSErs Stocks Debtors Cash at bank and in hand 14 2.936 460 226,018 2,727 545 194.780 229,414 198.052 eredltors.. Amounts Falllng Due Wlthln One Year 15 (12.038) (12.038) NET CURRENT ASSEfs (UABILMES) 217,376 186,014 TOTAL ASSETS LESS CURRENT LIABILITIES 268.454 237,946 NEf ASSErs 268.454 237.946 FUNDS OF THE CHARITY Endowment fttnds Restricted income funds Unrestritted income funds 16 17 100.589 5,271 162,594 101,347 5,27 I 131.328 MEMBERS. FUNDS 268,4S4 237,946 For the year ending 31 July 2023 the tharity was ents.tled to exemption from audit urK1er seLtion 477 of the Companies Act 2006 rdatlng to small companie5. Trustees. responsibilltles: The members have not qUIred the company to obtaln an audit in accordance with sectlon 476 of the Companies Act 2006. The trustees acknowledge their responsibilities for complying wlth the requirements of the Art with respert to accounting records and the preparation of accounts. These financial statements We approved by the member5 of the commtttee and authorised for i55ue on the 29 April 2024 and are signed on their behalf by- On behalf of the board Mr Simon Waye 2910412024 The notes on page5 11 to 17 form part of these financial ststements. io
Kei9hley Bus Museum Trust Ltd Notes to the Financial Statements For The Year Ended 31 July 2023 I. ACCOUP4nNG poucies Basls of Preparatlon of Financlal Statements The financial statements are prepared under the historical cost convention, as modified by the revaluation of rtain fixeil assets and investments measured at market value. The finantial statements have been prepared In accordance with the Financial Reporting 5tsrtdard for Smaller Entities leffettive January 2015). and the reqUIrnents of Accounting and Repo"ng by Charities.. Statement of Recommended Practice applicable to charities pparing their accounts in acconlan¢e with the Financial Reporting Standard for Smaller Entities (effective January 2015) {SORP 2015). Income All incoming resources a Included In the statement of financial attivities when the charity is entitle¢J to the income and the amount can be quantified with reasonable accurary. The followlng specific policies are applied to particular categories of income. Rents recwvable represent the total rental income received frDm members who Sto thwr buses at the museum. Grants and donations for specific purposes are (Tedited to a designated reserve until such time as that purpose 15 met. other grants and donations are credited to the income and expenditure account in the year in which they are celved. Where grants and donation5 are given for specific wrposes then they are separated into endowment fvnds (to be kept on a permanent basis). restricted funds (given for specific purpose) and unrestricted funds (given to be utilised as the trustees think ljest surts the charity's obJe¢lives). Donated goods. services and faolities a included at the value to the chanty where this can be quantified. The value of seNices provlded by volunteers has been induded in these accounts. Investment income is included when re1¥able. Expendlture expendlture is recognised when a liability is inojrred. Irrecoverable VAT Is charyed to the sofa as incurred. Cost of raising donation and le9acies are those costs incurred in attending events. Charitable artivities indude museum runnlng costs Induding govemance costs which are costs relatlng to constitutional and ststutory reqU1ments. Fund accounting Unrestrtcted funds are available for use at the discretion of the trustees in furtherance of the general objettives of the charity. Restricted funds are svbjerted to restrictions on their expenditu imposeil by the donor or through the terms of an appeal. The charity ha5 one restricted fund. which is to be used for the upkeep of Fleet B. Deslgnated funds are un$trotted funds of the charity which have been set aslde to fvnd a partlcular artlvlty. Tangible Flxed Assets and Depreclatlon All fixed assets are meaSUd at cost le55 accumu)4 depredation. Depreciation is provided at rates calculated to write off the cost of the fixed a55ets. le55 their estimated residual value, over their experted useful lives on the following bases.. Plant & Machinery Motor Vehicles Stocks Stocks are valued at the lower of cost and net reallsable value after making due allowan for obsolete and slow- moving stocks. 25% reducing balance l.l% straight line li
Kei9hley Bus Museum Trust Ltd Notes to the Flnandal Statemerts (continued) For The Year Ended 31 July 2023 2. DONATIONS AND LEGACIES Vnrestrlcted Endowment Total Funds Fund5 Funds 2023 Domtlons Donations and grants Subscriptions 61,361 2.619 61,361 2.619 63.980 63.980 Unrestricted Endowment Total Funds Funds Funds 2022 Donatlons Donations and grants Subscriptions 23,261 1,142 23,261 1.142 24.403 24,403 3. OTHER TRADING ACTIVITIES Unvestrfcted Totrl Funds Unrnstricted Totsl Funds Funds 2023 Fund5 2022 Rents receivable Events and stall sale5 Sale of scrap Other revenue 65.964 4.670 356 150 65.964 4.670 356 k50 65,972 7.776 61 65.972 7.776 61 71,140 71,140 73.809 73,809 4. XNVESTMENT INCOME Unrestrfrted Total Funds Unrestrirted Tot•1 Funds Funds 2023 Funds 2022 Bank Interest re1vable 1.390 1,390 49 49 5. OTHER INCOME Ilnrestrfcted Totsl Funds Vnrestr•¢ted Total Funds Funds 2023 Funds 1022 Gain5 on dTrsposal of tangible fixed assets for charity's own use 12
Kei9hley Bus Museum Trust Ltd Notes to the Financial Statements (continued) For The Year Ended 31 July 2023 6. COSTS OF RAISING DONATIONS AND LEGACIES Unrestrlcted Total Funds Unrestrirted Totsl Funds Funds 2023 Funds 2022 Evènt costs 1,193 1,193 2,577 2,577 7. cosrs OF CHARrrABLE ACTIvrrxES BY FUND TYPE Unrestricted Endowment Total Funds Funds Funds 2023 Support costs 104.809 104.809 Unr•stritt•d Endowment Tot•1 Funds Funds Funds 2022 Support costs 74,816 74,816 8. cosrs OF CHARITABLE AcfIvmES BY ACllVITY TYPE Support Total Funds Total Funds 2023 2022 Museum runnlng costs Governance costs 103.472 1.337 103.472 1.337 73,479 1,337 104.809 104.809 74,816 9. ANALYSIS OF SUPPORT cosrs Total 2023 Total 2022 Rent Rates and water Llght and heat Repairs and maintenan Depreciation Pdntingi Postage and stationery Sundry Subscriptions Insurance Bank charges Professional fees Accountancy 49.862 9,339 6,560 3,980 854 1,795 1.541 37.276 9.143 4,598 7,011 887 1.377 1.070 25 5,512 9.399 20,142 1.337 6.580 1,337 104,809 74.816 13
l(elghley Bus Museum Trust Ltd Notes to the Finandal Statsments (contlnued) For The Year Ended 31 July 2023 10. NET INCOMING RESOURCES FOR TH£ YEAR Thos Is stated after charging: 2023 2022 Depreciatlon 854 I I. STAFF COSTS AIID EMOLUMENTS No salaroes or wages have been paid to employees. induding the member5 of the committee, during the year. 12. TRUSTEES. REMUNERATION None of the trustees have l)een paid any remuneration durlng the year {2022 - Nil) 14
Kei9hley Bus Museum Trust Ltd 14otes to the Flnan¢ial Statements (corrtlnued) For The Year Ended 31 july 2023 13. TANGIBLE ASSETS Equlpment Fleet A Total As at l August 2022 17,444 30.500 38,466 As at 31 July 2023 17.444 30,500 38,466 86.410 Depreclatlon As at l August 2022 Provlded during the period 17.060 96 8.119 335 9,299 423 34.478 854 As at 31 July 2023 17,156 8.454 9,722 35,332 Net Book Value As at 31 July 2023 288 22.046 28,744 51,078 As at l August 2022 22.381 29.167 51.932 14. STOCKS 2023 2022 stocks 2.936 IS. CREDITORS: AMOUNTS FALLING DUE wrrHIN ONE YEAR 2023 2022 Trade creditors Other creditor5 Accruals and defer irÈcome 5.533 5,485 1.020 5.533 5,485 1,020 12,038 12.038 15
Keighley Bus Myseum Tryst Ltd Notes to the Flnanclal Statements (contlnued) For The Year Ended 31 july 2023 16. ENDOWMENT FUNDS Balance at I August Received Expendlture 2022 Balance at 31 Julv 2023 Péfmanent endowmwts Fleet A Fleet B Mr David Bentley dedd 22.381 23,701 55.265 (3351 (423) 22,046 23.278 55,265 101.347 1758} 100.589 Fleet A In 1999 the museum ceiVed fvnding of £30.500 in total to purthase nine vehides from the failed Transperience collertion. under the tems of the funding the museum effectivety cannot disp05e of these vehides and Is Sponsible for their general maintenance and upkeep. The funding received was made up of grants from the Trustees of the National Heritage Memorial Fund 1£20,500). the Science Museum PRISM Fund (£S,000) and a Braéford Council grant (£5,000). Fleet B In'1999 the museum was gifte(J four old Leeds trSe$ from the Leeds Regent Group. Under the terms of the gift the museum cannot dlspose of these buses and is responsible for thelr general Maintenan and upkeep. Mr Davld Bentley dec'd In March 2017 the museum received a legacy from the estste 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 FUIIDS Balance at l August 2022 and at 31 july 2023 fléstficted Fund 5.271 There have been no movements on restrirted fvnds t1uring the year enfjed 31 2023. The Charity holds £5,271 of vdhich El,600 is the residue of £2,000 which was gifted from the Leeds Transport Hlstorical Soclety for use only in maintaining and $tOn9 fomier Leeds buses. Restoratlon work on Leeds 980 wlll soon be in progress and these fvnds will be ConSerablY reduced in the near future. 18. UNRESTRIcfED INCOME FUNDS Balance at 31 July 2023 I Au9YSt 2022 Zncome txpenditure General Funds 131.328 136.510 105,244 162.594 16
Keighley 8us Museum Tntst Ltd Notes to the Financial Statements (contlnued) For The Year Ended 31 Juty 2023 19. ANALYSIS OF NET ASSEfs BEfwEEN FUNDS Tanglble flxed Net current Total Restricted Income Funds: Restricted Fund Endowment Funds: Fleet A Fleet B Mr David Bentley dec'd Unre$trirted Income Funds 5.271 5,271 22.046 23.278 22,046 23,278 55,265 162,$94 SS,265 156,219 6.375 Total Funds 51,699 216.755 268,454 20. RELATED PARTY TRANSACTIONS During the year the Charity reiVed rental income from Trustees for the storage costs of their own buses on the museum's premtses. This was charged at the same rate as for other members and wa5 intende{1 to accurately flert the storage costs incurred by the museum. 21. COMPA14Y LIMrrED BY GUARANTEE The company Is limited by guarantee and has no share capltal. 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 Él. 9. GENERAL INFORMATION Kelghley Bus Museum Trust Ltd is a private company. limited by 9uarantee. incorporated in England & Wales, registered number 2738413. The registered office is Unit 5, River Technology Park. Riverside. Dalton Lane. Kelghley, West Yorksttire, BD21 4JP. 17