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 2022
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 2022
| 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 2022
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.
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RIBBLE VEHICLE PRESERVATION TRUST LIMITED
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2022
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
Trustees
M L Smith J Green P Cooper L D Jobson T Jobson
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RIBBLE VEHICLE PRESERVATION TRUST LIMITED
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2022
REFERENCE AND ADMINISTRATIVE DETAILS 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 ............................................. and signed on its behalf by:
........................................................................
L D Jobson - Secretary
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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 2022.
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:
-
accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
-
the accounts do not accord with those records; or
-
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
-
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
Date: .............................................
Page 4
RIBBLE VEHICLE PRESERVATION TRUST LIMITED
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2022
| Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 2 96,793 Other income 1,294 Total 98,087 EXPENDITURE ON Raising funds 6,948 Charitable activities Restoration of motor transport buses and coaches 75,586 Total 82,534 NET INCOME/(EXPENDITURE) 15,553 RECONCILIATION OF FUNDS Total funds brought forward 192,611 TOTAL FUNDS CARRIED FORWARD 208,164 |
Restricted fund £ - - - - 1,100 1,100 (1,100) 61,300 60,200 |
2022 Total funds £ 96,793 1,294 98,087 6,948 76,686 83,634 14,453 253,911 268,364 |
2021 Total funds £ 72,181 - |
|---|---|---|---|
| 72,181 | |||
| - 64,308 |
|||
| 64,308 | |||
| 7,873 246,038 |
|||
| 253,911 |
The notes form part of these financial statements
Page 5
RIBBLE VEHICLE PRESERVATION TRUST LIMITED
BALANCE SHEET 31 AUGUST 2022
| Unrestricted fund Notes £ FIXED ASSETS Tangible assets 6 141,070 CURRENT ASSETS Debtors 7 17,983 Cash at bank 50,610 68,593 CREDITORS Amounts falling due within one year 8 (1,499) NET CURRENT ASSETS 67,094 TOTAL ASSETS LESS CURRENT LIABILITIES 208,164 NET ASSETS 208,164 FUNDS 9 Unrestricted funds Restricted funds TOTAL FUNDS |
Restricted fund £ 60,200 - - - - - 60,200 60,200 |
2022 Total funds £ 201,270 17,983 50,610 68,593 (1,499) 67,094 268,364 268,364 208,164 60,200 268,364 |
2021 Total funds £ 202,459 15,385 37,567 52,952 (1,500) 51,452 253,911 253,911 192,611 61,300 253,911 |
|---|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2022.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2022 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
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continued...
RIBBLE VEHICLE PRESERVATION TRUST LIMITED
BALANCE SHEET - continued 31 AUGUST 2022
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 ............................................. 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 2022
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...
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RIBBLE VEHICLE PRESERVATION TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2022
2. DONATIONS AND LEGACIES
3.
| Sponsorship Gift aid Heritage Lottery Fund Grant Grants Collection/donation Leyland Society Rally RVPG 1467 Restoration Models and video sales Float refund Sale of Gay Hostess 25 Grants received, included in the above, are as follows: Other grants NET INCOME/(EXPENDITURE) Net income/(expenditure) is stated after charging/(crediting): Auditors' remuneration Depreciation - owned assets Surplus on disposal of fixed assets |
2022 £ 47,241 14,309 10,000 250 9,519 160 11,400 2,130 84 1,700 - 96,793 2022 £ 250 2022 £ 1,560 8,020 (1,294) |
2021 £ 47,277 12,033 - - 1,120 - 8,246 - 5 - 3,500 |
|---|---|---|
| 72,181 | ||
| 2021 £ - 2021 £ 1,500 7,166 - |
4. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 August 2022 nor for the year ended 31 August 2021.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 August 2022 nor for the year ended 31 August 2021.
continued...
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RIBBLE VEHICLE PRESERVATION TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2022
| 5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted fund £ INCOME AND ENDOWMENTS FROM Donations and legacies 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 6. TANGIBLE FIXED ASSETS Freehold Plant and Motor property machinery vehicles £ £ £ COST At 1 September 2021 233,767 23,111 22,795 Additions - 6,432 - At 31 August 2022 233,767 29,543 22,795 DEPRECIATION At 1 September 2021 55,663 17,253 4,298 Charge for year 3,675 2,198 2,080 At 31 August 2022 59,338 19,451 6,378 NET BOOK VALUE At 31 August 2022 174,429 10,092 16,417 At 31 August 2021 178,104 5,858 18,497 |
Restricted fund £ - 1,100 (1,100) 62,400 61,300 Computer equipment £ - 399 399 - 67 67 332 - |
Total funds £ 72,181 64,308 7,873 246,038 253,911 Totals £ 279,673 6,831 286,504 77,214 8,020 85,234 201,270 202,459 |
Total funds £ 72,181 |
|---|---|---|---|
| 64,308 | |||
| 7,873 246,038 |
|||
| 253,911 |
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.
continued...
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RIBBLE VEHICLE PRESERVATION TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2022
| 7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Prepayments 8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Accrued expenses 9. MOVEMENT IN FUNDS At 1.9.21 £ Unrestricted funds General fund 192,611 Restricted funds Building purchased with lottery funding 61,300 TOTAL FUNDS 253,911 Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 98,087 Restricted funds Building purchased with lottery funding - TOTAL FUNDS 98,087 Comparatives for 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 |
2022 2021 £ £ 17,983 15,385 2022 2021 £ £ 1,499 1,500 Net movement At in funds 31.8.22 £ £ 15,553 208,164 (1,100) 60,200 14,453 268,364 Resources Movement expended in funds £ £ (82,534) 15,553 (1,100) (1,100) (83,634) 14,453 Net movement At in funds 31.8.21 £ £ 8,973 192,611 (1,100) 61,300 7,873 253,911 |
|---|---|
continued...
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RIBBLE VEHICLE PRESERVATION TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2022
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 | 72,181 | (63,208) | 8,973 |
| Restricted funds | |||
| Building purchased with lottery funding | - | (1,100) | (1,100) |
| TOTAL FUNDS | 72,181 | (64,308) | 7,873 |
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 1.9.20 £ 183,638 62,400 246,038 |
Net movement in funds £ 24,526 (2,200) 22,326 |
At 31.8.22 £ 208,164 60,200 |
|---|---|---|---|
| 268,364 |
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 | 170,268 | (145,742) | 24,526 |
| Restricted funds | |||
| Building purchased with lottery funding | - | (2,200) | (2,200) |
| TOTAL FUNDS | 170,268 | (147,942) | 22,326 |
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...
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RIBBLE VEHICLE PRESERVATION TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2022
10. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 August 2022.
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.
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RIBBLE VEHICLE PRESERVATION TRUST LIMITED
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2022
| DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2022 |
||
|---|---|---|
| 2022 | 2021 | |
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Sponsorship | 47,241 | 47,277 |
| Gift aid | 14,309 | 12,033 |
| Heritage Lottery Fund Grant | 10,000 | - |
| Grants | 250 | - |
| Collection/donation | 9,519 | 1,120 |
| Leyland Society Rally | 160 | - |
| RVPG | 11,400 | 8,246 |
| 1467 Restoration | 2,130 | - |
| Models and video sales | 84 | 5 |
| Float refund | 1,700 | - |
| Sale of Gay Hostess 25 | - | 3,500 |
| 96,793 | 72,181 | |
| Other income | ||
| Sale of scrap | 1,294 | - |
| Total incoming resources | 98,087 | 72,181 |
| EXPENDITURE | ||
| Charitable activities | ||
| Postage and stationery | 2,802 | 2,405 |
| Sundries | 2,602 | 214 |
| Materials | - | 688 |
| Motor fuel | 6,688 | 1,025 |
| Motor vehicle repairs | 28,101 | 30,892 |
| Motor vehicle insurance | 2,739 | 2,458 |
| Event expenses | 235 | - |
| 43,167 | 37,682 | |
| Support costs | ||
| Finance | ||
| Bank charges | 107 | 25 |
| Other | ||
| Rates and water | 3,247 | 3,671 |
| Insurance | 2,404 | 1,729 |
| Light and heat | 4,342 | 1,692 |
| Sundries | 928 | - |
| Premises repairs and renewals | 13,819 | 4,883 |
| Property rent | 6,040 | 5,760 |
| Freehold property depreciation | 3,675 | 3,675 |
| Carried forward | 34,455 | 21,410 |
This page does not form part of the statutory financial statements
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RIBBLE VEHICLE PRESERVATION TRUST LIMITED
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2022
| DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2022 |
||
|---|---|---|
| 2022 | 2021 | |
| £ | £ | |
| Other | ||
| Brought forward | 34,455 | 21,410 |
| Plant and machinery depreciation | 2,198 | 1,984 |
| Motor vehicle depreciation | 2,080 | 1,507 |
| Computer equipment | 67 | - |
| 38,800 | 24,901 | |
| Governance costs | ||
| Auditors' remuneration | 1,560 | 1,500 |
| Accountancy and legal fees | - | 200 |
| 1,560 | 1,700 | |
| Total resources expended | 83,634 | 64,308 |
| Net income | 14,453 | 7,873 |
This page does not form part of the statutory financial statements
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