Banbury Steam Society Contents Reftrence ￿ Admrnistrative Details Tr￿, Report 2to5 Statement of R&sw>n8ibilities Independent Exatllin*8 Report Ststem¢nt of F￿alL(loJ Activities Bala￿ce 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 Nu￿ber 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. preSe￿t 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 adYat*e the edu￿10￿ of the publi¢ by illcreasll￿ and D￿l￿r¥In￿￿8 interest ill z]1 typES of steam engines, tr3¢tors. 08riculturai j1￿￿1ncry and tAPEipmen( veteran and vinta8E cars alld athy M￿hinery of historical iD*rest. T1￿¢ ha5 been dHJge in t?￿Se duritig the year. ObJe¢tives, stroleg1￿ 17nduL*iw"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 a￿d 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 ContinU￿j fo wre85¢ public awaren￿ of steam alld other nJachitL¢ry ofhistoricat inJw>rtance. The fftncome of thE charity is generated frotD g*e 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¢l*l 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 c1￿1t1&s ill firtU￿ years once a sufficient S￿￿h)S has been Created on an aDnLd b&%is. Trust¢¢s and officers The t￿Slee$ and officers s¢ning during the year and Since the ytar end were &% foll0v￿. T￿S￿¢s.. Mrs Jane Jay Mr PaerRtginaid Jay Mr GefflE¢ PorliKk-Ailall Mr Briall ArtIll￿ Wells struC￿re￿ goverBante and xunagernent NofyTe ofgovernlng documelll The clwrty is a Co￿PanY 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 t￿Ste¢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 t￿￿ee$ we all aware of their roles arc made avrare of any relevant events or Mettin￿ wbich ty are advi5Ed to attend for the u￿dertaking of their Tol¢s ag tsugtee. ArrungementsfoT5ell¥•g key ntoft•gemeRtper50nAelremunerotson Durittg thc year no trustees were ￿l￿bur3￿ for expeJLw that they in¢wred in the rKrfon)￿Ce oftheir duties. Page 3 Banbury Steam Society Trnste￿. Report 0rgortbuf1o￿lS1IMtfylre 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 cI￿lties 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 ￿n￿ittee, consisiing of section leader5. bealilk and safety and iJJSLLT8nce officer. Decisions ar6 mwje through discussio￿8 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 St*tement of tn15tets' responsibilities The tru￿CeS (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 f￿anciat stalements Én accordance wth applicabl¢ law a]Ml Uniied Kingdo]D Accounting Standards (Unitrd KU￿d05n Gene￿ilY Atcewed Accounti￿8 P￿1(¢), illcludinB FRS L02 "The FinanGial RepDrtillg Standard applicable in the LK a￿d Republic of Ireland". Cotnpany Law requires the truste¢5 to prepare fiJjattcl￿ stat￿ents 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 ex￿ndit￿re, of the charitsble company for perio(L In preparing th￿¢ r]nat]cial 51atEtnents, the trusttes are r4uired to.. seleth suitable acc(K￿ting 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￿ accO￿ting re¢oTd5 that can di￿10St with reasonable accU[￿Y al any time the finallcial position of the charithble COMp￿Y 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 d￿ltable co￿panY 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 a￿ll 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 si￿ed on its behalf by.. M]s Jan Trustee Page 5 Banbury Steam Society Statement of Trustees, ResponsibilitieJ The trustees (who are also thE dir￿torS 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￿% t￿Y are saLisfi¢d thal th¢}, give a true alld fair view of the Si￿e of I￿alTS 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 ￿lI￿L 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 fil￿￿lai 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 5arw￿l￿g 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 co￿p￿'S website. Legislation governing the preparatton and IlissemiJJation of financial staternents tnay differ from legisl￿10[1 ill Oth￿ jurisdictions. AppTtsved by the trustees of th¢ dwity on 28 June 2024 and sigDed on its TrEh￿r 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 Inde￿dent examination. it is my responsibrlity to.. arniDe the accounts under sectiou 145 of thc 2011 Act to follow the pro￿dureS latd in the gelletsl Dircdions give￿ by thc ch￿tty cOt)￿lS$10n under section 1451SXb) of the 2011 A¢L and to State wh¢th¢r particular matters have come to attentio B*8i4 of indepeDdeDt examiner's r¢port My examinatitsn was carri￿￿ out in accordattce with the gend Directions given by the Chgrity ComnhiSSiOn. An examiJJation incllld¥ a review of tk accouniittg records kept by the ch￿lty aDd a compaTison of the accounts prcstnted with those records. It ajso includes collsiderdtion olany utwsua] items or disclosurG8 in the aC￿unt8, and seekittg explanations frotn you as tTUStets trLst¢e conC￿n￿E anv such maile￿. The procedures UDdertaketk do not provide all the evidence that wou]d be required ia an audit aud consequently Tho opinton is giveu as to wheth¢r the 2CCOUllts present a'true aTKt fair view. atxd the report rs Limitrd ￿ those ￿￿1￿15 sel out in the statement below. llldEpeDd¢nt ex￿1￿¢￿.$ 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 the￿quiteMents. . 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 Batauce Sheet &8 al 30 September 2023 Th¢ charitable CODxp&ny is entitled to exemption from audit ￿ Se¢tion 477 of the COm￿nieS 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 s￿lI￿n$ 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 rJn￿GIal year alld of its wrplus or defj¢it lor each fi￿anCIal year in aGcordance with the r¢quirements of Sections 394 aDd 395 and which Othe￿tse comply with the tEquiy¢￿tlltS of the Companies Act 2006 relatingto fiTwKiai Statemen￿ 50 far a3 applicable w the tharitable ¢Q￿p8ny. These fllkngncia] statements have bcert prepared a¢cordallce witb thc sp￿la1 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$te¢ The notes on pages I I to 19 foTth • integra] w ofthese fJ]wi¢ial statements. Page 10 Banbtsry Steam &￿Iety Not￿ to the Fingn¢ial Statements for Ihe Year Ellded 30 September 2023 I Charity ststss Th¢ ¢h4Tity 15 a charity limited by guarantee and cowuently do¢s not have sb2te capital. Each of the truste¢s is liable to C(mtrlbu￿ arl arnourlt ooi exr¢¢ding £1 towdrds the of th6 inthe eveLt of ]iquidation. 2 Actountkng poli¢ies Summary of signifieant *¢eounting polities key att0a￿tIng tJtimate5 Th¢ prinGipaJ accowjting policies applied in the preparation of these fin&llcÉ&l s1aterne￿ts are set out b¢low. T7 policies have b¢¢n consislelltly typlied to atl the yeats preseftt￿. uni¢&s ￿atsd. StateMe￿t Df ￿￿P]lanCe The financia] ststemtnts have been pr￿￿d in xcordance with Aco)unting and Reportillg by Clwities.. Statement of ReGommetMled Prathice (applicable to charities P￿p￿l￿g their ￿)￿lts in a¢¢ordanee with the FiTLanGial Reporting Siandard appli¢ablt in the UK attd Republic of trcl8tsd (FRS 102}} (issued in O¢tober 2019)- {Chattties SORP (FRS l(r2)). the FiDancia] R4￿rtIllg Stsn(knrd applicable ill the UK and Republic of Inland (FRS 102) and the comp9￿leS Act 2(Kl6. Basis of prepAratio Baobury Steam Society meets the definition of a public benefit ￿tity. under FRS 102. A&set5 and liabilities a initially re¢ogni5ed at hisioTiC21 ¢OSE or traDsaciion value unl￿$ otherwise *a￿d 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 SI￿lfiCalLt Sr￿ of un¢¢rtainty that the willg value of awts hEld by the charity. Ex¢mption from prepatltyg a cash flow $t*t¢meDt The charity opted to early adopt Butl¢tin I published orn 2 Febnthry 2016 and h2ve thetefotc not included a ¢a5h flow ￿alernent iD these finan¢ia] thtemetts. Income gknd eudowmtnts Exp¢ndithTe All ¢xpeThditure is tecogJi5ed once therE i5 a legal or CotJStr￿Tre obliwioD to that expendibare, li is probable settlemcnl is ￿qUired and tb¢ arnol￿1 caTJ m&￿￿e￿ rtliably. All cosrs ore ajlocated to the applicable expendih]re heading thai aggregate similar costs to thai category. Trre costs caanoi be (b￿llY attributed to p&tiGulaF headings they have been allocated on a b￿lS consistent with thc use of ￿oUr￿￿. with central stgff costs allocated on the b￿1$ 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 deli￿ery of its activitiu and sety1c￿ for its ￿nefI¢14TECS. It includes both costs that b¢ atl(Kated ￿l￿tlY to sucb &tivitie5 and those ¢OSL8 of an indir￿1 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 a￿fj 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 cot￿ltUtIOnal and statutl>ry WUiTeTnents, incIL￿ing audit. strategic mpllageneni and tr￿te¢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 taX￿lon in respecl of in¢ome or capi¢aJ gains received within c&¢gortes cgvered by Chapter 3 Part I I of the co￿oration 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 a￿1 SubseqU￿t accumu]a*d 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 V￿Ue. 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 beI￿ren 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 effe￿1￿ intcrest mal￿A ¥JKt is in¢ludEd in interest payable and similar charges. Borrowings are Glassified as Cu￿ent 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 JEF￿rting dth. Fund siru¢ture Ullr&stri¢ted incomc ftsrt(ts are g¢n¢ral fi￿{ts are available for ￿ ar tbe tr￿SleeS discretion ill furth￿anCe of the objectives of the Ch￿lty. 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 c0lltr￿t 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 tra￿dIon 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 v￿uc 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 fin￿1￿ 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 1rd￿rerS to atther parry 5ub5ralltidly all of the risk5 and rew?Ids of oK￿erShIp 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 dereCo￿lscd 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 cOnd￿li0￿S are subwu¢ntly M￿SUred 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¢ t￿tion orlaw. or (li) the new txte is a llL￿et rate of Allterest alld satisfies Coj￿[lti0n (a). (d) Tbere is no cOntr￿(ual provisi¢)n that coul4 by its tertll& re￿￿kn 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 contractt￿l 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 insttutne￿ts, 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 i￿pai￿lent. Invesiments in noTrconveruble preference shayes and non-puttabl¢ ordinary or preferenrc shares {Wh￿e 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 M￿￿red ￿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 pl￿8 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¢ deriV￿l¥e fiTJallcial instsutuents for5￿￿8*Ave putposes. Derivatives aTe initiaLiy recogttised at fair value at the da￿ a derivative ¢ontract is entered into and are subseq￿entIY 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 cffe￿1ve 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 Itteftsurew￿l The best evidence of f￿r 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 trat￿tions of an idcntical on th¢tr tswn are Doi a £¢od estIn￿te 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 Ge￿e￿I 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 Ge￿tr•I Allocated support costs Tot#1 for2023 4.736 4,736 4,736 4,736 Total for2022 1,370 1.370 6 Indepe￿d¢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 eqU￿81¢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 th￿r are suffici￿L fiuLd5 for the charity to bc able to r￿c¢ 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 CU￿rnt 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 f￿d5 General Re5tritted d5 Tangible fjxed a￿ets 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 C￿h at bank and itl band 36,853 36,853 Net debt 36,853 Page 19