**REGISTERED COMPANY NUMBER: 03417427 (England and Wales) REGISTERED CHARITY NUMBER: 01074702**
## **REPORT OF THE TRUSTEES AND**
## **UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021**
## **FOR**
## **RIBBLE VEHICLE PRESERVATION TRUST LIMITED**
Wallwork Nelson & Johnson Chandler House 7 Ferry Road Office Park Riversway Preston Lancashire PR2 2YH
**RIBBLE VEHICLE PRESERVATION TRUST LIMITED**
## **CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021**
|||**Page**||
|---|---|---|---|
|**Report of the Trustees**|1|to|3|
|**Independent Examiner's Report**||4||
|**Statement of Financial Activities**||5||
|**Balance Sheet**|6|to|7|
|**Notes to the Financial Statements**|8|to|13|
|**Detailed Statement of Financial Activities**|14|to|15|
**RIBBLE VEHICLE PRESERVATION TRUST LIMITED**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2021**
The trustees present their report with the financial statements of the charity for the year ended 31 August 2021. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
The report is prepared in accordance with the small company regime (section 419(2) of the Companies Act 2006).
## **OBJECTIVES AND ACTIVITIES Objectives and aims**
The objectives and aims of the charity in the year under review were to:
- preserve the heritage of Ribble Motor Services of the period 1919 to 2013,
- preserve, restore and where possible operate buses which served in the Ribble fleet during those years,
- maintain an archive of Ribble artefacts which help to tell the story of the company,
- use our restored buses in service at historic bus events, local festivals, educational schools visits and in support of other local charities where it is appropriate.
When planning the activities for the year the Trustees have considered the Commission's guidance on public benefit. The policy of Ribble Vehicle Preservation Trust is to display the collection of restored vintage buses in public places to illustrate to the public how vehicle design and operation has changed over the decades.
The charity regularly uses its vehicles to provide free services to the public so that they can enjoy the experience of riding on vintage buses. This is often done in conjunction with, and in support of, other local charity and heritage groups.
## **ACHIEVEMENT AND PERFORMANCE**
## **Charitable activities**
The beginning of 2021 started off poorly due again to the pandemic as we had to cancel two of our main events held at Morecambe and Lytham. Many charities and groups also followed and cancelled their events which meant we did not attend the number of events we usually do.
The situation improved slightly when restrictions were lifted. We were able to complete 1467's restoration and it is now part of the RVPT's running fleet.
We organised a member's day at our depot at Freckleton. Members of the RVPT could visit and look behind the scenes and with our fleet of buses, we ran a special road run through to Blackpool and back. We also held a small ceremony to name Dennis Trident 18139 'Douglas Bailey M.B.E' to remember our good friend and long-serving member, with his widow Helen who unveiled the plaque inside the bus. This bus had links to Douglas and was kindly donated by Stagecoach to the RVPT.
We attended the Town and District Bus Show at Great Harwood in September which was a two-day event. Taking a number of our buses. We visited Manchester Transport Museum who held a Salford 100 event which allowed us to take our latest completed restoration project 1467 which was on display in the main hall.
We have nearly completed the restoration of 377 and our team have just started to restore a 1972 Leyland National 382 which is the last surviving Ribble Leyland National (dual door). Hopefully, work can carry on undisrupted without any more lockdowns or restrictions due to Covid.
## **FINANCIAL REVIEW**
## **Principal funding sources**
The principal funding sources during the year were from sponsorships and donations.
Page 1
**RIBBLE VEHICLE PRESERVATION TRUST LIMITED**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2021**
## **FINANCIAL REVIEW**
## **Reserves policy**
In accordance with guidelines issued by the Charity Commissioners, the Trustees have adopted a policy regarding the reserves which should ensure that:
a) Excluding those funds allocated to fixed assets, general reserves do not exceed more than 15 months anticipated expenditure;
b) There are adequate funds to ensure that the Charity is able to meet all current and known future liabilities.
The level of resources is considered at regular intervals by the Finance Committee.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Governing document**
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
The results for the year and financial position of the company are as shown in the annexed financial statements.
The company became a Registered Charity (No 1074702) on 17 March 1999 under a Trust Deed which is registered with the Charity Commissioners. All the directors have been appointed as trustees.
Investment decisions are delegated to professionally qualified managers.
The directors are satisfied that the accounts comply with current statutory requirements, the Trust Deed and the Statement of Recommended Practice 2005 'Accounting and Reporting by Charities'.
Directors are appointed by the Board of Trustees subject to approval at the following Annual General Meeting. The documents containing the provisions that regulate the purposes and administration of the charity are the company's Memorandum and Articles of Association.
## **Related parties**
There were no related party transactions during the year. The trustees did not receive any remuneration or amounts in respect of expenses in the year.
## **REFERENCE AND ADMINISTRATIVE DETAILS**
## **Registered Company number**
03417427 (England and Wales)
## **Registered Charity number**
01074702
## **Registered office**
Chandler House 7 Ferry Road Office Park Riversway Preston Lancashire PR2 2YH
Page 2
**RIBBLE VEHICLE PRESERVATION TRUST LIMITED**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2021**
## **Trustees**
M L Smith C J F Fenner (resigned 17/4/2021) J Green P Cooper L D Jobson T Jobson
## **Company Secretary**
L D Jobson
## **Independent Examiner**
Michael James Barker FCCA Wallwork Nelson & Johnson Chandler House 7 Ferry Road Office Park Riversway Preston Lancashire PR2 2YH
## **Bankers**
NatWest Bank 68 Church Street Lancaster LA1 1LN HSBC 26 Market Street Chorley PR7 2RX
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
Approved by order of the board of trustees on 27 February 2022 and signed on its behalf by:
L D Jobson - Secretary
Page 3
## **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF RIBBLE VEHICLE PRESERVATION TRUST LIMITED**
## **Independent examiner's report to the trustees of Ribble Vehicle Preservation Trust Limited ('the Company')**
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 August 2021.
## **Responsibilities and basis of report**
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.
## **Independent examiner's statement**
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Michael James Barker FCCA Wallwork Nelson & Johnson Chandler House 7 Ferry Road Office Park Riversway Preston Lancashire PR2 2YH
27 February 2022
Page 4
**RIBBLE VEHICLE PRESERVATION TRUST LIMITED**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2021**
|Unrestricted
fund
Notes
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
2
72,181
Other income
-
**Total**
72,181
**EXPENDITURE ON**
**Charitable activities**
Restoration of motor transport buses and
coaches
63,208
**NET INCOME/(EXPENDITURE)**
8,973
**RECONCILIATION OF FUNDS**
**Total funds brought forward**
183,638
**TOTAL FUNDS CARRIED FORWARD**
192,611|Restricted
fund
£
-
-
-
1,100
(1,100)
62,400
61,300|31/8/21
Total
funds
£
72,181
-
72,181
64,308
7,873
246,038
253,911|31/8/20
Total
funds
£
70,031
466
70,497
71,944
(1,447)
247,485
246,038|
|---|---|---|---|
The notes form part of these financial statements
Page 5
## **RIBBLE VEHICLE PRESERVATION TRUST LIMITED**
## **BALANCE SHEET 31 AUGUST 2021**
|Unrestricted
fund
Notes
£
**FIXED ASSETS**
Tangible assets
6
141,159
**CURRENT ASSETS**
Debtors
7
15,385
Cash at bank
37,567
52,952
**CREDITORS**
Amounts falling due within one year
8
(1,500)
**NET CURRENT ASSETS**
51,452
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
192,611
**NET ASSETS**
192,611
**FUNDS**
9
Unrestricted funds
Restricted funds
**TOTAL FUNDS**|Restricted
fund
£
61,300
-
-
-
-
-
61,300
61,300|31/8/21
Total
funds
£
202,459
15,385
37,567
52,952
(1,500)
51,452
253,911
253,911
192,611
61,300
253,911|31/8/20
Total
funds
£
196,550
13,915
40,083
53,998
(4,510)
49,488
246,038
246,038
183,638
62,400
246,038|
|---|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2021.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2021 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
- (a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
- (b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The notes form part of these financial statements
Page 6
continued...
**RIBBLE VEHICLE PRESERVATION TRUST LIMITED**
## **BALANCE SHEET - continued 31 AUGUST 2021**
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 27 February 2022 and were signed on its behalf by:
M L Smith - Trustee
The notes form part of these financial statements
Page 7
**RIBBLE VEHICLE PRESERVATION TRUST LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021**
## **1. ACCOUNTING POLICIES**
## **Basis of preparing the financial statements**
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
## **Income**
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
## **Expenditure**
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
## **Tangible fixed assets**
Assets purchased for use by the charity on an ongoing basis are capitalised.
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land - nil Buildings - 2% on cost Plant and machinery etc - 20% on cost
The company has in its possession approximately 30 commercial vehicles and certain plant and equipment, all of which have been gifted to the charity or acquired at costs that cannot be determined.
## **Taxation**
The charity is exempt from corporation tax on its charitable activities.
## **Fund accounting**
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
## **Going concern**
The trustees have considered the expected income from various sources for the next twelve-month and five-year periods and planned expenditure accordingly.
If income falls short of expectations, the trustees are confident that the expenditure can be controlled such that together with retained reserves there are sufficient funds such that there is no threat to the charity being able to continue as a going concern
continued...
Page 8
**RIBBLE VEHICLE PRESERVATION TRUST LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2021**
## **2. DONATIONS AND LEGACIES**
|**DONATIONS AND LEGACIES**|||
|---|---|---|
||31/8/21|31/8/20|
||£|£|
|Sponsorship|47,277|48,688|
|Gift aid|12,033|11,358|
|Collection/donation|1,120|5,149|
|RVPG|8,246|4,898|
|Roger Davies book sales|-|(1,161)|
|Models and video sales|5|99|
|Sale of 1391 and 1399 (spares)|-|1,000|
|Sale of Gay Hostess 25|3,500|-|
||72,181|70,031|
## **3. NET INCOME/(EXPENDITURE)**
Net income/(expenditure) is stated after charging/(crediting):
||31/8/21|31/8/20|
|---|---|---|
||£|£|
|Auditors' remuneration|1,500|1,500|
|Depreciation - owned assets|7,166|5,912|
|Surplus on disposal of fixed assets|-|(466)|
## **4. TRUSTEES' REMUNERATION AND BENEFITS**
There were no trustees' remuneration or other benefits for the year ended 31 August 2021 nor for the year ended 31 August 2020.
## **Trustees' expenses**
There were no trustees' expenses paid for the year ended 31 August 2021 nor for the year ended 31 August 2020.
## **5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**
|Unrestricted
fund
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
70,031
Other income
466
**Total**
70,497
**EXPENDITURE ON**
**Charitable activities**
Restoration of motor transport buses and
coaches
70,845
**NET INCOME/(EXPENDITURE)**
(348)|Restricted
fund
£
-
-
-
1,099
(1,099)|Total
funds
£
70,031
466
70,497
71,944
(1,447)|
|---|---|---|
continued...
Page 9
**RIBBLE VEHICLE PRESERVATION TRUST LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2021**
|**5.**
**COMPARATIVES FOR THE STATEMENT OF FINANCIAL**
**RECONCILIATION OF FUNDS**
**Total funds brought forward**
**TOTAL FUNDS CARRIED FORWARD**
**6.**
**TANGIBLE FIXED ASSETS**
Freehold
property
£
**COST**
At 1 September 2020
233,767
Additions
-
At 31 August 2021
233,767
**DEPRECIATION**
At 1 September 2020
51,987
Charge for year
3,676
At 31 August 2021
55,663
**NET BOOK VALUE**
At 31 August 2021
178,104
At 31 August 2020
181,780|**ACTIVITIES -**
Unrestricted
fund
£
183,986
183,638
Plant and
machinery
£
20,831
2,280
23,111
15,269
1,984
17,253
5,858
5,562|**continued**
Restricted
fund
£
63,499
62,400
Motor
vehicles
£
12,000
10,795
22,795
2,792
1,506
4,298
18,497
9,208|Total
funds
£
247,485
246,038
Totals
£
266,598
13,075
279,673
70,048
7,166
77,214
202,459
196,550|Total
funds
£
247,485|
|---|---|---|---|---|
|||||246,038|
The Charity has in its possession approximately 33 commercial vehicles and certain plant and equipment, all of which have been gifted to the charity or acquired at costs that cannot be determined. Some are on long term loan to the charity.
## **7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Prepayments
|31/8/21|31/8/20|
|---|---|
|£|£|
|15,385|13,915|
continued...
Page 10
**RIBBLE VEHICLE PRESERVATION TRUST LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2021**
|**8.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Accrued expenses
**9.**
**MOVEMENT IN FUNDS**
At 1/9/20
£
**Unrestricted funds**
General fund
183,638
**Restricted funds**
Building purchased with lottery funding
62,400
**TOTAL FUNDS**
246,038
Net movement in funds, included in the above are as follows:
Incoming
resources
£
**Unrestricted funds**
General fund
72,181
**Restricted funds**
Building purchased with lottery funding
-
**TOTAL FUNDS**
72,181
**Comparatives for movement in funds**
At 1/9/19
£
**Unrestricted funds**
General fund
183,986
**Restricted funds**
Building purchased with lottery funding
63,499
**TOTAL FUNDS**
247,485|31/8/21
31/8/20
£
£
1,500
4,510
Net
movement
At
in funds
31/8/21
£
£
8,973
192,611
(1,100)
61,300
7,873
253,911
Resources
Movement
expended
in funds
£
£
(63,208)
8,973
(1,100)
(1,100)
(64,308)
7,873
Net
movement
At
in funds
31/8/20
£
£
(348)
183,638
(1,099)
62,400
(1,447)
246,038|
|---|---|
continued...
Page 11
**RIBBLE VEHICLE PRESERVATION TRUST LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2021**
## **9. MOVEMENT IN FUNDS - continued**
Comparative net movement in funds, included in the above are as follows:
||Incoming|Resources|Movement|
|---|---|---|---|
||resources|expended|in funds|
||£|£|£|
|**Unrestricted funds**||||
|General fund|70,497|(70,845)|(348)|
|**Restricted funds**||||
|Building purchased with lottery funding|-|(1,099)|(1,099)|
|**TOTAL FUNDS**|70,497|(71,944)|(1,447)|
A current year 12 months and prior year 12 months combined position is as follows:
|**Unrestricted funds**
General fund
**Restricted funds**
Building purchased with lottery funding
**TOTAL FUNDS**|At 1/9/19
£
183,986
63,499
247,485|Net
movement
in funds
£
8,625
(2,199)
6,426|At
31/8/21
£
192,611
61,300|
|---|---|---|---|
||||253,911|
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
||Incoming|Resources|Movement|
|---|---|---|---|
||resources|expended|in funds|
||£|£|£|
|**Unrestricted funds**||||
|General fund|142,678|(134,053)|8,625|
|**Restricted funds**||||
|Building purchased with lottery funding|-|(2,199)|(2,199)|
|**TOTAL FUNDS**|142,678|(136,252)|6,426|
## **Unrestricted funds:**
Unrestricted funds are used for the charity's general purpose and objectives as outlined in the Report of the Trustees on pages 1 to 3.
## **Restricted funds:**
Funds received from the Heritage Lottery Fund are restricted for the purpose of premises in which to store the Trust's collection of historic buses. They are not used for any other purpose.
continued...
Page 12
**RIBBLE VEHICLE PRESERVATION TRUST LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2021**
## **10. RELATED PARTY DISCLOSURES**
There were no related party transactions for the year ended 31 August 2021.
## **11. COMPANY STATUS**
The company is limited by guarantee and has no issued share capital. The liability of its members shall not exceed £1 each.
Page 13
**RIBBLE VEHICLE PRESERVATION TRUST LIMITED**
## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2021**
|**DETAILED STATEMENT OF FINANCIAL ACTIVITIES**
**FOR THE YEAR ENDED 31 AUGUST 2021**|||
|---|---|---|
||31/8/21|31/8/20|
||£|£|
|**INCOME AND ENDOWMENTS**|||
|**Donations and legacies**|||
|Sponsorship|47,277|48,688|
|Gift aid|12,033|11,358|
|Collection/donation|1,120|5,149|
|RVPG|8,246|4,898|
|Roger Davies book sales|-|(1,161)|
|Models and video sales|5|99|
|Sale of 1391 and 1399 (spares)|-|1,000|
|Sale of Gay Hostess 25|3,500|-|
||72,181|70,031|
|**Other income**|||
|Sale of scrap|-|466|
|**Total incoming resources**|72,181|70,497|
|**EXPENDITURE**|||
|**Charitable activities**|||
|Postage and stationery|2,405|4,354|
|Sundries|214|159|
|Materials|688|100|
|Motor fuel|1,025|866|
|Motor vehicle repairs|30,892|38,042|
|Motor vehicle insurance|2,458|1,926|
|Event expenses|-|150|
||37,682|45,597|
|**Support costs**|||
|**Finance**|||
|Bank charges|25|27|
|**Other**|||
|Rates and water|3,671|3,657|
|Insurance|1,729|2,284|
|Light and heat|1,692|2,307|
|Premises repairs and renewals|4,883|5,181|
|Property rent|5,760|5,480|
|Freehold property depreciation|3,675|3,674|
|Plant and machinery depreciation|1,984|1,445|
|Motor vehicle depreciation|1,507|792|
||24,901|24,820|
This page does not form part of the statutory financial statements
Page 14
**RIBBLE VEHICLE PRESERVATION TRUST LIMITED**
## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2021**
|**FOR THE YEAR ENDED 31 AUGUST 2021**|||
|---|---|---|
||31/8/21|31/8/20|
||£|£|
|**Other**|||
|**Governance costs**|||
|Auditors' remuneration|1,500|1,500|
|Accountancy and legal fees|200|-|
||1,700|1,500|
|Total resources expended|64,308|71,944|
|**Net income/(expenditure)**|7,873|(1,447)|
This page does not form part of the statutory financial statements
Page 15