Banbury Steam Society Contents Reftrence Admrnistrative Details Tr, Report 2to5 Statement of R&sw>n8ibilities Independent Exatllin*8 Report Ststem¢nt of FalL(loJ Activities Balace Sheet 9tolO N(rtts to the Fi]Lincial Staf¢]nents 11 to 19
Banbury Steam Sotiety Reference and Admini8¢ntive Detaib Cbarity RegtstratiOD Nurnber 1070352 Registration Nuber 03341176 Registered Office 4. 6 Ihe Wharfccntre TrarfStr¢et W*rwick CV34 SLB ltsdepelld¢Mt Examlner 4. 6 The Wharf C¢ntr¢ wtwf Street WatVii¢k CV34 5LB Page I
Ballbury Steam Socfiety Trnstees, Report The trusEees, Iv1¥) ire direciors for the pury)05ts of company 14w. preSet the onnual report together with the fillancial sratements and awlitors. report of the charitable cothpany forthe year e[ed 30 Sept¢fftkr 2023. Objettfves etivitl¢$ Ob]ts The chariiies objeGltves are to adYate the edu10 of the publi¢ by illcreasll and Dlr¥In8 interest ill z]1 typES of steam engines, tr3¢tors. 08riculturai j11ncry and tAPEipmen( veteran and vinta8E cars alld athy Mhinery of historical iDrest. T1¢ ha5 been dHJge in t?Se duritig the year. ObJe¢tives, stroleg1 17nduLiw"d¢s The tnJ8t¢¢s haye paid due regard to guidance tssued by the Charity Conuui&%ion in deciding what a¢tivitics the charity should un(krtake with regard to pllblic benefiL Public Rej11 The charities objectives are to adv2txce the educatton of the publit by iELcrwing and rnaintailling itit¢re5t in ail type5 of steam engines, tTrc¢or5. a[cultural machinery and equipThenL veteran ad vintsge cars any ma¢hinery of historical interest. There bEen no change tn these during the year. The trustees couftrm that they have complied wilh the r¢quirema)ts of sectiott 17 of tbe Chariti¢$ Act 2011 to have du¢ Tegard to the publi¢ benefit guidance publtshed by the Clwity Commissiffl forEngland and Wal&s. Use of volunlee Banbury Steam Society 13 SUPWtcd through the volutttsry 3S5islatLce of a nutll1 of ittdividuais. A¢bitvetneDts attd p¢rforntan¢¢ During the year ended 30 Sepielllber 2023, the ¢harity ContinUj fo wre85¢ public awaren of steam alld other nJachitL¢ry ofhistoricat inJw>rtance. The fftncome of thE charity is generated frotD ge money of the rallyj market tr2der5. vertIsing arml memlxrs subscripiioD5. As in the p&8t year5 the chairty orgsnised ITS '21)23 Rotly.. Total itwme of £120.055 (2022 . £123.9631 was reci¢v¢ Fmgn¢ll review The Charitys assets are availabl¢ and adequ*e to fvlfill the oblig8ttons ofthe charity both as a whole and on the b&%is of cach type of fi]nd A desigtlated fund been set WJ to eDsutE there are sufflcient fimds for the dJan"ty to be able to fmonce the annually held ralty. Poll¢y Teserves The charitys a53ets available and a(kquate (o fu]rd obl[yOUS of the cbtrity both os a whole and on the ba518 of eath rype of fiuMI. Page 2
Banbury Steam Society Trustees. Report Fmnds in deJ7¢41 A designated fund bEeD set up to eTLwre are 5ufficiew the charity to be able to finance the annually h¢ld rally. P]alls for fu¢Hre periods Acdvldesplonmedto rfehieve4im¥ It is proposed to contiiiue 10 run the Glub at orgoni5e thc a[Ual rally furth dollations to be DJ&le to Io c11t1&s ill firtU years once a sufficient Sh)S has been Created on an aDnLd b&%is. Trust¢¢s and officers The tSlee$ and officers s¢ning during the year and Since the ytar end were &% foll0v. TS¢s.. Mrs Jane Jay Mr PaerRtginaid Jay Mr GefflE¢ PorliKk-Ailall Mr Briall ArtIll Wells struCre goverBante and xunagernent NofyTe ofgovernlng documelll The clwrty is a CoPanY Itnitcd by 8iiareDttt. Recruilment (PpOintmento¥n{ During the period from l October2021 tts the da* ofthis rEport O resigThe41 Any trnstee ha5 the poMEr (o nominatt ally appropriate individuals as llew truste¢& The appoitLtinent of a new trustee n)ust be approved by all tSte¢s. None of the uwstecs has atty henEfiGiai interest iti the company. All of the SleeS are M¢Wbe o£the cornpany and giiarelltre to contributo to am&uimum of £1 in the event of ivinding up. The tee$ we all aware of their roles arc made avrare of any relevant events or Mettin wbich ty are advi5Ed to attend for the udertaking of their Tol¢s ag tsugtee. ArrungementsfoT5ell¥•g key ntoft•gemeRtper50nAelremunerotson Durittg thc year no trustees were lbur3 for expeJLw that they in¢wred in the rKrfon)Ce oftheir duties. Page 3
Banbury Steam Society Trnste. Report 0rgortbuf1olS1IMtfylre The (Tustees, who are also Ihe directors for the puTp05e of company law. and wlKy setv¥l duritig the year were: Mr5 J Jay MrPRJay -kfr N G P-Allan Mr B A Wells Banbury Stcatjj Society is a charitable tnJsL with no &so¢iated cIlties Of fQTnpanie5. The stsucture of the orgxni.%ation Gonsists of the presideDL folli)wed by vice presidet)4 followed by the corttmittee tonsistillg of chairnian s J Jay, vir£ ¢harngn attd tyu5Etts. follow'ed by the r]Y co-ordit]ator 3nd nittee, consisiing of section leader5. bealilk and safety and iJJSLLT8nce officer. Decisions ar6 mwje through discussio8 at trusrce meetings followed by amajority show of hand& The tfU5tees have assessed tbe major risks to whi¢b the charity is exposed, aDd aresatisfi&l t1 systems are in pla¢e lo miiigate exposure to the n]ajor risks. Sufficieni fi(ts are put inlo r2sern.es to ensure that any lo& incutred iD rllnnit the annuaj Raity a resuli of advetse we4th¢r be Gover Sttement of tn15tets' responsibilities The truCeS (who aTt a]so the direclors of Banbury stea Society for the pul of compny18w) aT¢ resrM>nsible for pr¢vaTi the trustees. report and the fanciat stalements Én accordance wth applicabl¢ law a]Ml Uniied Kingdo]D Accounting Standards (Unitrd KUd05n GeneilY Atcewed Accounti8 P1(¢), illcludinB FRS L02 "The FinanGial RepDrtillg Standard applicable in the LK ad Republic of Ireland". Cotnpany Law requires the truste¢5 to prepare fiJjattcl statents for financial year. Under ctsmpany l&w the trusiees musi not approve the fll*tJciai statements ulll they wisfie41 thit they give a ÉTue attd f2ir view of the sraie of affairs of the charitable COD][Y atyt of the ÉDcoming r&8ources alld appb"cation of r¢50urccs. including its inco]n¢ and exnditre, of the charitsble company for perio(L In preparing th¢ r]nat]cial 51atEtnents, the trusttes are r4uired to.. seleth suitable acc(Kting Tx>licies and apply theJD conststently. observe the meththjs and prinGLples intht Charities SORP. make judgetnents and esitmates th&t are reasonable a]]d prudent" state whether &pplicable accounting 5tsndards, e<¥rnptisillg FRS 102 have Er¢n follow, sllbject io any nateri&l departures disc105ed aDd explained in th¢ fitlancial sw¢ments' and prepare the fJnan¢ia] 51ataneDts on the 8Otng concern b&8is it is irwpriate to presunie thai the chartrable company will CDnunu¢ in busintss. The truste¢s are responsible for keeping pro accOting re¢oTd5 that can di10St with reasonable accU[Y al any time the finallcial position of the charithble COMpY athd enable them Éo ¢tL%twe thai the fiJ)ancial 5tatemenls cotnply with the coMpat¢S Aci 2006. They also rtsponsible for safeguardinE the assets of the dltable copanY amd hence for iakillg r¢a8onable steps for the preventiot) aod drfedion of fraud aDd otheT irregularities. Page 4
Ballbury Steam Society TrDstees' Report The truMee5 ar¢ rtsponsible for the tnailltenaa¢e 3nd intrgTity of the and fitwial infornation included o the charitable companys website. Legislatiotk govrArJiDg the prepamion all di&semination of firwicial staternenis may differ from legislation in other jurisdiction& The anrtu31 report approved by the trustees ofthe ctwity on 28 Jutle and sied on its behalf by.. M]s Jan Trustee Page 5
Banbury Steam Society Statement of Trustees, ResponsibilitieJ The trustees (who are also thE dirtorS of Banbury. Steam Society for the PUTW>5es of company law) are r¢sponBible for pr¢paring the tru5tces' report and the fjllarttiaj sthtetDeDts in accordw with applicabl¢ lam and LTnitd KTngdoEn AceourLting StandaTd5 (LTniied Kingdom Genera]ly Acw AccouDtittg Practice}, including FRS 102 The Finan¢iaJ Reporting Stslldanl applicable in the UK and Republic of Ireland". Compatt>' law TequiiE5 tk trustees to prepare fmaD¢iaJ stwteEnents for each financial year. Under company Iaw the trustees rllust not approve the fJnaNia] sthtetDents Unl% tY are saLisfi¢d thal th¢}, give a true alld fair view of the Sie of IalTS of the charitsble cornpally and of the inGoming reS¢)Ur attd applicaiion ofresources, includiDg its incortte alld expendin]re. of the Gharithble compatty for that lIL In preparing these finaocial staternenis, the trnstees are wuired to: seleci suitabl¢ accounting Folicics and apply theTn COrySiSTentiy" observe the and PTin¢iple5 in the Cknities SORP. make judgements and estijnates that ar¢ rn50llable and prndenL stste whether appli¢able accounting standards, COmPTiSing FRS 102 have beell followed. subject to atty material departLwes disclosed and explain¢d in the fillai sta*ments' attd pttpare the finaneiai statements on the going COEWll b&8is th it is iDapproprialt to pre5Utthe that the clwirable cotnpany will continue busine The trustees are responsiblE keeping prorKr xcoulltiDg recolds Can di5¢105C 7th reasonable accurdcy &t any tiTn6 the financial position of the c]Jaritsble and enable them to ¢t)surt that th¢ fin3nGial 5tateTllents comply with the Companie5 Act 21)06. Tho are a]so respot)sible for 5arwlg th¢ ets of the chariÉable totnpaA)' and hence fortaktThg Jwonable Steps forthe prevention alld detection of frzud DtILer intgularities. The twstees are responsible for the maintetwKe ¥nd integrity of the COfjM)rnte and fm8n¢iai iTLformation included on the charitable cop'S website. Legislation governing the preparatton and IlissemiJJation of financial staternents tnay differ from legisl10[1 ill Oth jurisdictions. AppTtsved by the trustees of th¢ dwity on 28 June 2024 and sigDed on its TrEhr by: Trustee Page 6
Banbury Sttam Society llldependent Examiner's Report to th¢ trustees of nbllry Steam Soeiety I r¢rt on the accounts of the chariiy foi the yw ¢lldcd 30 Scptmjber 2023 which are Set out on pages 7 to 21. Rp5pective respoDsftbS1ities of trnstees ¥od txamlll¢r The trns(ees Iwho areis also the directors of the ¢ompanv ftr the purposos of company law) areis respDnsible for the preparation of tke ac¢ounts. The iruMees ¢on5iders that audit ts OOT wU]r for this y&qr under section J4412) of thE Charities Act 2011 (thc 2011 AGI) that an iDdependettt exa]ntnation is needed. Having saii5fJed mys¢lf that the chatity 15 not subject to audii ¢ornwy law and is eligible for Indedent examination. it is my responsibrlity to.. arniDe the accounts under sectiou 145 of thc 2011 Act to follow the produreS latd in the gelletsl Dircdions give by thc chtty cOt)lS$10n under section 1451SXb) of the 2011 A¢L and to State wh¢th¢r particular matters have come to attentio B*8i4 of indepeDdeDt examiner's r¢port My examinatitsn was carri out in accordattce with the gend Directions given by the Chgrity ComnhiSSiOn. An examiJJation incllld¥ a review of tk accouniittg records kept by the chlty aDd a compaTison of the accounts prcstnted with those records. It ajso includes collsiderdtion olany utwsua] items or disclosurG8 in the aCunt8, and seekittg explanations frotn you as tTUStets trLst¢e conCnE anv such maile. The procedures UDdertaketk do not provide all the evidence that wou]d be required ia an audit aud consequently Tho opinton is giveu as to wheth¢r the 2CCOUllts present a'true aTKt fair view. atxd the report rs Limitrd those 115 sel out in the statement below. llldEpeDd¢nt ex1¢.$ Statement In conneclion with my exatnination, no malleT come to my attention". 11) which giles me reasonabl¢ Gause to betieve that in any maletial respect thequiteMents. . to keep accounting records in accordance with section 386 of the Companies Act 201kS.' and . to prepare a¢¢ounts which at£ord the ¥¢ounting re£or<L8, totDply with the atcounting requirements of section 396 of the Companies Aa 2006 and with the metho(L% thd principles of the Statcment of lie¢oEnrnenda Pyactice: ACCOting and Rwrting by Chariiies have noi been or (2) to Whic in ]ny opfftnion. attention Should be drawn in order to ellabl¢ a pmper undersianding of the accounts trp be r¢a¢hed. Martin Cox 4- 6 The Wharfcentre Wharf Street Warmck Warwickshire CV34 5LB 28 June 2024 Page 7
Banbury Steam Society Statement of Financial Aetivities for tbe Yr Ended 30 Sep(¢mber 2023 ncluding Income and Expenditure A¢¢ount and Statement of Totsl Reeognised Gains and LTDrntrirted (und5 R¢stiirted fuMd$ Tot¥1 2023 Not¢ JnÉomt and from: Charilable activiri¢s 120.055 120,055 Total itjcome 120.055 120,055 Espendltllre on: Raising tlS Charttable 4clivities (94.8721 (4,736) (94,872) {4,73 Total expenditure Net income (99.608) (99,608 20.447 20.447 Net movement in funds 20.447 20.447 Retolltilixtton of fun Total funds brought fonvdrd Totsl funds GHrried 63,442 28.000 91,442 12 83,889 28.OiXI Restricted 111,889 Totsl 2022 LttrestrÈ¢ted (unds Nole Jllcome and EndoTrw]nettts froJD: Chariiablc aetivities 123.963 123.963 Total income 123.963 123.96J pendilmre on: Raising fund5 chitable actjV1ti¢5 {73,523) (1.370) (73,523} (1,370) Total expenditute {74.8931 74,893) Net income 49,070 49,070 Net movement itt funds 49.070 49.070 Re¢onciliatiott ofhDd5 Total funds brought foThvard Total fidS raJTied forward 14,372 28,000 42,372 12 63,442 28,(KN) 91,442 All of the Ghily'S aciivitie5 derive from ronlinuing opernioDs durine the above two periods. The fid5 breakd(pwi for2022 is showD in note 12. The notes on pag&s I l 19 fonD aD integrnl part ofthese fina[01 statements. Page 8
Banbury Society (Regi¥tration number: 03341176) Balate Sheet as at 30 September 2023 1023 2022 Nt)te FI1 assets Tangible assets 3,839 4264 Current 055ets stks Cash at bank and in hand 2.7(X) 107,330 2,700 86,397 10 110.030 89,097 Creditors: Amoullts falling due withiD oue year Net trrellt assets .980) 11,919 l(k8.050 87,17S Net &%stts 111,889 91,442 of the tharity: Restri¢l¢d income fiwds Restricted fund3 28,0(X) 28,1X)O uDrestried iDcowe funds Unrestricted full(ts 83,889 63,442 Totsi fullds 12 111.889 91,442 For tht finanrial year ending 30 SeptenEtr 2023 the charity w&$ ¢ntit]cd to exemlxion from audit under slI0Th 477 of the CopanieS Act 2006 relating to small CoMpe$. DiCtOrS, respons1btliti£= The members have not required the charity to obtstn an audit of its acco for the year in qtjestion ill acrdance with seGtion 476,. and The directors acknowl¢dg¢ their rc8Jx)nsibilities for coroplyijig with the reqUireents of the Act with respect to accounting reGords and the ptrpartion of our. The not¢s ou page5 1 I to 19 forni an iDtegral part of these fjnaneiat SWe[nts. Page 9
Banbury Steam Society IRegistration number: 03341176> Batauce Sheet &8 al 30 September 2023 Th¢ charitable CODxp&ny is entitled to exemption from audit Se¢tion 477 of the COmnieS Act 2(N)6 for the year ended 30 S¢ptemttr 2020. The m&nbers b&ve no¢ required the tharitsble cornpany to obtstn att alltht of its financia] ststements for th¢ ye ended 30 Septe]nb¢r 2020 in aGcordallc¢ with Section 476 of the Compantes Act 21>06. Tbe trufftes acknowledge ¢heir re5POtTrsibililies for la) ¢nsuring that the Charitable ¢ompatty kee &countsttg Trojrds ¢i>mpty with slIn$ 386 and 387 of the Compatties Art 2006 attd Ib) preparing r]TthncÉa] srat¢]nEnts whtcb give a true and fair view of the stale of affaits of the charitmble Gompeny &s at the end of each rJnGIal year alld of its wrplus or defj¢it lor each fianCIal year in aGcordance with the r¢quirements of Sections 394 aDd 395 and which Othetse comply with the tEquiy¢tlltS of the Companies Act 2006 relatingto fiTwKiai Statemen 50 far a3 applicable w the tharitable ¢Qp8ny. These fllkngncia] statements have bcert prepared a¢cordallce witb thc spla1 provrsioThs of Part 15 of the CompaTti¢s Act 21W6 relating to srnail charitable ¢ornpanics and tsith the Finmcial Reporting Stsndard applicable the UK and Ireland IFRS I(r2) l¢ffec(iYe January 201) The fttJan¢ial staiemellts on page$ 8 kn 19 were 4JproYed by th¢ trust, and authoris¢d f(Y issue on 28 June 2024 alld swjed on thetr behalf by.. MTSJ Tru$te¢ The notes on pages I I to 19 foTth • integra] w ofthese fJ]wi¢ial statements. Page 10
Banbtsry Steam &Iety Not to the Fingn¢ial Statements for Ihe Year Ellded 30 September 2023 I Charity ststss Th¢ ¢h4Tity 15 a charity limited by guarantee and cowuently do¢s not have sb2te capital. Each of the truste¢s is liable to C(mtrlbu arl arnourlt ooi exr¢¢ding £1 towdrds the of th6 inthe eveLt of ]iquidation. 2 Actountkng poli¢ies Summary of signifieant ¢eounting polities key att0atIng tJtimate5 Th¢ prinGipaJ accowjting policies applied in the preparation of these fin&llcÉ&l s1aternets are set out b¢low. T7 policies have b¢¢n consislelltly typlied to atl the yeats preseftt. uni¢&s atsd. StateMet Df P]lanCe The financia] ststemtnts have been prd in xcordance with Aco)unting and Reportillg by Clwities.. Statement of ReGommetMled Prathice (applicable to charities Pplg their )lts in a¢¢ordanee with the FiTLanGial Reporting Siandard appli¢ablt in the UK attd Republic of trcl8tsd (FRS 102}} (issued in O¢tober 2019)- {Chattties SORP (FRS l(r2)). the FiDancia] R4rtIllg Stsn(knrd applicable ill the UK and Republic of Inland (FRS 102) and the comp9leS Act 2(Kl6. Basis of prepAratio Baobury Steam Society meets the definition of a public benefit tity. under FRS 102. A&set5 and liabilities a initially re¢ogni5ed at hisioTiC21 ¢OSE or traDsaciion value unl$ otherwise ad ID thc rclevant accounting policy notes. Going conc¢ro The trustees wn$id¢r that there are llo matcriai uncertaiuli¢5 about the c]wtty's ability to continue as a going ¢on¢¢rn nor any SIlfiCalLt Sr of un¢¢rtainty that the willg value of awts hEld by the charity. Ex¢mption from prepatltyg a cash flow $t*t¢meDt The charity opted to early adopt Butl¢tin I published orn 2 Febnthry 2016 and h2ve thetefotc not included a ¢a5h flow alernent iD these finan¢ia] thtemetts. Income gknd eudowmtnts Exp¢ndithTe All ¢xpeThditure is tecogJi5ed once therE i5 a legal or CotJStrTre obliwioD to that expendibare, li is probable settlemcnl is qUired and tb¢ arnol1 caTJ m&e rtliably. All cosrs ore ajlocated to the applicable expendih]re heading thai aggregate similar costs to thai category. Trre costs caanoi be (bllY attributed to p&tiGulaF headings they have been allocated on a blS consistent with thc use of oUr. with central stgff costs allocated on the b1$ of time spent. and depreciation charges 8llocat¢d on the portiOEL of the &sset's Se. Other 5UPPOrt costs a allocated bas onthe spread of #aff costs. Pa8e 11
Banbury Steam Soclety Note5 to the Financial Statements for the Year Ended 30 September 2023 These are ¢osts incurred in attrdcting volunwy iDcorne, the of investhents and those iThcurred in rrading actiwiti# that rats¢ fut]d& Ch4rli&bie acthTilie5 Charitable expctsditur¢ comprts¢s those costs inwred by the charity in the deliery of its activitiu and sety1c for its nefI¢14TECS. It includes both costs that b¢ atl(Kated ltlY to sucb &tivitie5 and those ¢OSL8 of an indir1 nature necessary to supp)rt them. GTuNIpTOViSiQI Provision5 for grant5 are made wben the intention to m8ke 4 gr3ni ]Jas been comrnuni¢ed to the recipient butt1¢ is uttcenainty aboui either the tirning of the graN 01 the amouttt of wt pa}'obl¢. Support tosls Supwrt CQ5ts include ¢elltral fimctions afj have been allocatrd to activity ¢0# rategories on a b&8is consistent wi the us¢ of r£8ources, for exampl< allocating property costs by lloor alw. or per capiw staff costs by the time spent and other costs by their usage. Gov¢rnaDce tosts Th¢se include the ¢osts attributablr to the tharity's cotDplianGe with cotltUtIOnal and statutl>ry WUiTeTnents, incILing audit. strategic mpllageneni and trte¢S TU¢¢tiogs and ]YimbuE5ed cxpe]w. Tuation The charÈty is coll5idered to pass the trsts set out in Par4graph I Sthedule 6 of the Finance Act 2010 and therefute it meets the deftt)ition of a charitable compan) for UK corpo]7¢ioD tsx pwp0s¢5. Accordingly, the charity is potentially excmpt from taXlon in respecl of in¢ome or capi¢aJ gains received within c&¢gortes cgvered by Chapter 3 Part I I of the cooration AGI 2010 or Section 256 of the Taxation of Chargeable Gains Acl 1991 to the exr¢nt that such cOme or gains are applied exclusivcly lo dlarifable purposes. TIDglble fixed assets Individual fLxed a556ts COstti £O.IKI or MOTE are intlially rccordcd at COSL less ally 5ub5equent a¢¢umuiated depreciation a1 SubseqUt accumu]ad impairnxent IosRs. Depr¢¢iation attd xmDrti59tion Depreciation is provided on tangible fixed assets so to wrii¢ off the CO OT vaiuatioffj less any estimtted residual valu¢, over thetr expe¢ied us¢tuJ ecDnoffjiG life as follows". Casb and fasb equiv#l¢llts Cash and Gash equiialents coDpnse cash on hand and cajl depostts, and other short-term highly liquid itivestn]¢nts that are rtadily ¢onvertible to a known amowlt ofc&sh ond are subjed iTwifit3llt rssk of change in VUe. Page 12
Banbury Steam So¢iety Notes to the Financial Ststements for the Year Ended 30 Septemb¢r 2023 Borrowthg$ Interest-b¢aring bomwillgs are initially record¢d at fair va]ue. net of trNn5Xtion COSLS. Interest-bearing borrawings are subsequently carri¢d at aiiiorti5d eo4 with the difference beIren the PT(Keeds. t of Iransartion cost4 attd the amount dut on redemption refjogni as a Ch TO the Stat¢llJ¢nt of Financi81 Adivities OVEr the period of the r¢levtht borrowitlg. Interest exp¢rtse is rewgllis on the basis of the effe1 intcrest malA ¥JKt is in¢ludEd in interest payable and similar charges. Borrowings are Glassified as Cuent liabilities unless the ch¥ity has ull¢onditiOn ri)t io d¢f¢r settleffjent of the liabiliry for at le&st twelve months after the JEFrting dth. Fund siru¢ture Ullr&stri¢ted incomc ftsrt(ts are g¢n¢ral fi{ts are available for ar tbe trSleeS discretion ill furthanCe of the objectives of the Chlty. Restrict incorne fillmls ar¢ those donated for in a particular area or fox specific purposes, th¢ u5¢ ofwhi¢h 15 restrickd ti) that are& or PUTPOSe. Finanti¥l iustnTments Financial &85ets and flllancial liabilitics are recognised when the charity [¢5 a paty ro tbc contracluai provisions of the iDstrument. Financial Itabilities and equity" iTrmitnents are ctss5ified accordts)g to thc subMatKe of the ¢onlrnctuat atydngements enteTed iTJto. An equity instnllnffii is any c0lltrt that evidencu a r¢SIdu interest in the assets of th¢ charity aliet deducting a][ of it5 liabilitit5. Reco8MIrfott All fjnanciai a&sets and liabilitie8 are in¥tialty mw8uted at tradIon prite (cludtng trdDsaetion c4sts), except for those fjnan¢tal a55ets c13Ssified as at fair Val thtough profit or loss, wbi¢h are initia]ly at faÈr value (whi¢h is nornidly the transathioll price excluding transa¢tion costsx w]]e55 the aJrangernent Conslitutes a fJEW]Ging trdnsauion. If 3J) alrdnge¢nt constityte5 a fijjattcing traDsauion, the finan¢ial &t or finall¢ial Liability is measured at the present vuc of th¢ firtUTe paymertts discourttd * amarka ratc of interE51 for a sitnilat debt insttument Financia] assets a[ Irabiliiies are oni}. offset ij) the 5tatrrnethi of fin1 posttion th, and only WITh there ¢xist5 a IEgally enforceable right (0 set off the rccognised ammts and th¢ cEwity ittrnd5 either tts settle on a basi5, or to realise the wet and Settle th¢ liability sitnultaneously. Financia] &55ets dere¢ogni5ed when and only Wh a) the contrartuaj rights to the flow5 fiDrn the fitlancial &%s¢t expire or are 5ettlel b) the charity 1rdrerS to atther parry 5ub5ralltidly all of the risk5 and rew?Ids of oKerShIp of the financial asset. or c) thc charKty. despit¢ having retsit*d e, but not all, significant risks and TNvaTds of ownership. has ttaDsfcrred control of the &wi to anothtr party. Fillancial liabilities are dereColscd only wheD ihe obligation specified in the conir&t i5 dischwE¢d. cancelled or expires. Page 13
Banbllry Steam Society Notes to the Financial Stalements for the Year Ended 30 Septernber 2023 Debl IAttruMwits Debt instruments which meet the folli>wing cOndli0S are subwu¢ntly MSUred at aDJortis&l ¢05t U5iThg tht effe¢tive interest m¢thod.. (a) The contractual to th¢ holder is li) a fTxed amounl (ill a positive fix ¢ or 4 PDsitiv¢ wiable rate,. or {iiA} a combination of a w)sitive or anegatiye fixd rdi¢ and a trf)sitive voriablc rate. (bl The conlract may provide foT ttpayments of the principal or the ieturn to thc holder {but J]oi both} to be linked to a Sillgle relevallt obsctvable index of general price iThfl&ion of the cum¢y in whtth the debi itkncTht is denotniDated, PTovid¢d Such lijjks are not leverag¢iL {¢) Tbe COJJtrdCi may provide for a deterniinable varialion ofthe rettun to thc holdtr during the life of th¢ in5fnunenL provided that (i) the thew rate satisfie$ ¢ondition (a) and the iwiatioll 15 not contingent oxj funwe events other than (l) a change of a contrdetu variable rat¢,. {2) io protect the holder ainSt credit deterioration of thE tssu¢r,' (3) changes in levies apptie4f by a central bank or aTi5iDg frotD ¢hang&s ID rtIevan¢ ttion orlaw. or (li) the new txte is a llLet rate of Allterest alld satisfies Coj[lti0n (a). (d) Tbere is no cOntr(ual provisi¢)n that coul4 by its tertll& rekn in th6 holder IositiE th¢ princtpal amowit or arly intere# attributsble to the ¢urrent periikfj vr PTiorperiods. {e) Contracbjal proYi8iO]LS that penDiL the issuer lo pway a debt itTrstiume or PErmit th¢ holderto put it back ro thc issuer before maturity ar¢ not contingent on future other than to prot¢ct the holder against the credit delerioraiion of the issuer or 2 change in control of the i55uer, or io ptotect the knlder QT iW]er against ¢haDg¢5 levAes applied by a centr3] bank or arising from changes itt rtlevan( twtion or law. lfj contracttl provisions may permit the cxtension of the tenn of the debt instiwenL rxovided that the tttt)rn to the holder alld any oth¢r contractsa] prtsvisioThs applirable durinE the ext&tded temi satisfy the conditions of paragraphs lal to Ic). Debt instrumcnts that are c1&85ified as payable or receivable witbÉn one yeJr oll ITh1ti recognition and which me the above ¢onditions are measured at the unitiscountd amount of the c&sh or other ¢onsiderdtion expected to be paid or receivc¢L net of impairneJ)L With tbe exception of somc hEdging insttutnets, other debt instiments not medtng conditions are m¢a5ured ai fair value through Profit or los& Commitsnents to make atsd re¢eive loans whtcb meet the condiiion5 melltioll&l abov¢ are measuttd at C05t {which May be nil) less ipailent. Invesiments in noTrconveruble preference shayes and non-puttabl¢ ordinary or preferenrc shares {Whe thares are publicly traded or the fair vduc is reliably measurdble) aJr rnea%ured al CaiT value through profit or loss. Wknere fair value canllot be Mred lIablY, investmenls are me&wrcd al cost l&ss impmcnt. Investnents in subsidiaries and &830¢iates measured at cost le iTnpaiTment. For investsllents in subsidiaTie5 acquired for consideraiioD including thc issue of5bar£s qua]ifying for mergtr tYlie( cost is nJeasuKd by reference to tbe nomi[ value of the shares issued pl8 fatr va]ue of oth¢r ¢ollswJeratioTh Aoy prernium is ignored. Page 14
Banbury Steam Society Notes to th¢ Fittattcial Statements for the Year Ended 30 September 2023 The charity u5¢5 duiv&iv¢ fitNicial i]LStnullents io rcduee exp)SUTe to forei &x¢hange risk alld interest rate D)ovemrnts. The charity does not hold or i&su¢ deriVl¥e fiTJallcial instsutuents for58Ave putposes. Derivatives aTe initiaLiy recogttised at fair value at the da a derivative ¢ontract is entered into and are subseqentIY reme&8ured to their fair va]ue at each reEKJrting date. TILe resuiiing gatn or loss is rt¢tsgllised in statement of fjnancial activiti¢s imMe(e[Y unlcss the derivative 15 desigThat and cffe1ve as a hEdging illsttVttL¢llt. in svhich event the timillg of the recogllition in 5tatem¢nt of finattci81 a¢tivitie5 d¢put&8 on the of the hedgt r¢lationthip. vttl¥e Itteftsurewl The best evidence of fr value is a quotrd price for an identita] assd in an Xtive tnark¢L Wb¢n quoted pric4s are unavailable, the pric£ of a receot trallsxtion for ideDticai pwvides idenCe of fair value long 35 there has thoi been a signifirant change in ecotLOmiC cirGumskances or & sigllifieat]i lapse of time sintr Èhe transaction took place. If the market is noi a¢tive and went trattions of an idcntical on th¢tr tswn are Doi a £¢od estInte of fair Val the fair va]ue ostitD&ed by a valu&tii)n ie¢hnique. 3 Intom¢ from cbarltsblt etiYities UJArestrieted Totsl funds GvDeral 120 055 120,055 Total for2023 120,055 120,055 Totsl for 2022 123.963 L23,963 4 Expexditur¢ on chatitablt 4etivilKs Total 2023 Tot*1 2022 GeeI Support Cost5 Rally Expenditu 6.716 92,892 6.716 92.892 3,350 71.543 99.608 99,608 74,893 Ullrtstrirted fitDds Gener%1 TDt fund5 Note Gov¢maTJce costs 4,736 4,736 Totwl for 2022 .370 1,370 gEIS
Banbury Steam Society Not&s to the Financial Statements for the Year Ended 30 September 2023 5 Analys of goTrernaRce *lld supportttssts Raisillg funds exp¢JAditure Cov¢rw4nte costs Unrestrltttd Tota] ffiJDd5 Getr•I Allocated support costs Tot#1 for2023 4.736 4,736 4,736 4,736 Total for2022 1,370 1.370 6 Indeped¢ll1 examiuer's remull¢r4ti0 2023 2022 Examijjation of fitmncial statements 1.980 1.980 7 Taxgtion The ¢harity is a registered clwity and is therefoie exempt fio]tt tsxatio Page 16
Banbury Steam Society Notes to the Financi21 Statements lor the Year EDded 30 September 2023 8 Tangible 15xed •ssets Furnltsre eq4iprrtent Cost At l Octokr 2022 15,496 15,496 At 30 Sepiember 2023 15,496 15,496 Depre¢i¥iioD At l October 2022 Charge for the y¢ar AI 30 kptember 2023 11,231 426 11,231 426 11.657 11.657 Net book value At 30 Sept¢rnber 2023 3.839 3,839 At 30 Se¢ber 2022 4,265 4.265 9 Stock 2023 202Z Finished good5 2,7 2,700 10 Cash and r45b eqU81¢nts 2023 2021 C&8h at bank 107,330 86,397 IA Creditoly: fa]ItDgdue wlthin one yur 2023 2022 Other cirditors Accruals 1.980 1.920 1,980 1,919 Page 17
Banbury Steam So¢i¢ty Notes to the Finan¢ial Statements for the Y¢ar Ended 3(1 September 2023 12 FuDds Balance at 30 Septembèr Z023 Bxl*tt¢¢ at I October 21122 expended Ullrestrlthd funds G¢nrral 63.442 120.055 {99.608) 83,889 Re$trictsd fun 28.IMM) 28,000 Total 91,442 120,055 99,608 111.889 B#l#D¢¢ at30 Septembtr 2022 Bal8Dte #t I Ottober 2021 Resoure¢$ expended resourtes Unrestrltted thDd5 General 14,372 123,963 (74,893) 63,442 Re5trieted fullds . 28.0(Kl 28,000 Total fuDds 42.372 123.963 {74.893) 91,442 The specific purposes forwhich the are to bE applted aJt follows." The above r&8trirted funds has been stt up to ensure thr are sufficiL fiuLd5 for the charity to bc able to rc¢ the yearly held rnlly. 13 All4ly515 of net Assets b¢tsveeD fuTr¢i8 Unrtstrfjtted funds G¢M¢rdl TotaI fullds #t JO September 2023 Re5trA¢ted fuod5 Tangible fLx¢d asscts Curreat assets CUrnt liabilitie5 3.839 82,030 {I,980 3.839 110,030 ,980 28.0(X Total net assets 83.889 28,000 IRI,889 Pa8e 18
Banbllry St¢4m Society Notes lo the FillADcial Statements for the Year Ended 30 September 2023 Total at 30 September 2022 fd5 General Re5tritted d5 Tangible fjxed aets Current e5sets cu[nt liabilitie5 4.264 61,097 11.919) 4,264 89,097 (1,919 28.IKK) Totsl net &sscts 63,442 28.000 91.442 14 Aualy$5s of net funds At30 September 2023 At l October 21J22 Cash at bank and ill hand 86,397 86,397 Net debt 86.397 86,397 At30 S¢pt¢mbtr 2022 At l (ktober 1021 Ch at bank and itl band 36,853 36,853 Net debt 36,853 Page 19