**COMPANY REGISTRATION NUMBER: 04228899** **CHARITY REGISTRATION NUMBER: 1088389** ## **THE OXFORD BUS MUSEUM TRUST LIMITED Company Limited by Guarantee Unaudited Financial Statements** ## **31 December 2020** ## **NOCKELS GEE** Chartered Certified Accountants 5 The Chambers Vineyard Abingdon-on-Thames ## **THE OXFORD BUS MUSEUM TRUST LIMITED** ## **COMPANY LIMITED BY GUARANTEE** ## **Trustees' Annual Report (Incorporating the Directors' Report)** ## **Year ended 31 December 2020** The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 31 December 2020. ## **The First year of Covid** Following government restrictions, the Museum closed on 18 March 2020 until reopening for five weeks in October and a further three weeks in December. ## **Reference and administrative details** **Registered charity name** The Oxford Bus Museum Trust Limited **Charity registration number** 1088389 **Company registration number** 04228899 **Principal office and registered** Old Station Yard **office** Main Road Long Hanborough Oxfordshire OX29 8LA ## **The trustees** N W Beckley C R Butterfield R F Collingwood S Jolly K Simms R P Statham N J R Taylor J Wells A B Short A Scott-Poole (Appointed 14 March 2020) J Palmer (Appointed 13 September 2020) **Arts Council Museum Registration** Number 1667 **Company secretary** C R Butterfield (Appointed 9 January 2021) S Jolly (Resigned 9 January 2021) **Independent examiner** Helen Gee FCCA 5 The Chambers Vineyard Abingdon-on-Thames **- 1 -** ## **THE OXFORD BUS MUSEUM TRUST LIMITED** ## **COMPANY LIMITED BY GUARANTEE** ## **Trustees' Annual Report (Incorporating the Directors' Report)** _**(continued)**_ ## **Year ended 31 December 2020** ## **Structure, governance and management** ## **Constitution and Governing Document** The company is registered as a private limited company by guarantee as defined by the Companies Act 1985 and was set up by a Memorandum and Articles of Association on 5 June 2001. The Charity was registered with the Charity Commission on 12 September 2001 is constituted under a Memorandum of Association dated 5 June 2001. ## **Organisation** The Charity is administered by the Trustees (Directors by Company Law) - not less than nine, but not exceeding twelve. Any paid-up member may stand for election at the Annual General Meeting to become a Trustee. The existing Trustees may co-opt any member of the Charity to fill a casual vacancy. Any member so appointed shall remain in office until the next Annual General Meeting, and shall be eligible for re-election. ## **Trustee selection** Any paid up member of The Oxford Bus Museum Trust Limited may be elected to the Board of Trustees. All trustees must be at least 18 years old and capable of managing their own affairs. New trustees are given training and support, as required. ## **Acknowledgements** The Trustees wish to thank all the members of the public and organisations who have donated or loaned items for display in the museum and assisted with the maintenance and restoration of the vehicles. ## **Objectives and activities** ## **Objectives** The principal objectives are the maintenance, for the benefit of the public, of a museum of transport containing vintage buses, Morris cars and bicycles, maintaining vehicles in running order and restoring acquired vehicles, the promotion of permanent preservation of buses and other vehicles of local interest, of actual or potential historic or scientific interest and educational value. ## **Charitable Activities** The charity maintains and restores some vehicles in running order in order to offer bus rides to the public, as well as housing a collection of artefacts including bus stops, ticket machines, timetables, posters and staff uniforms, and the historic preserved horse-drawn tram (including Oberon the horse). The charity operates the Morris Motor exhibition centre which houses a collection of Morris cars from the era of Lord Nuffield The museum displays about 50 historic cycles, including Ordinary bicycles, more commonly known as Penny Farthings. They illustrate the development and the technical advances in bicycle design during the nineteenth and twentieth centuries. **- 2 -** **THE OXFORD BUS MUSEUM TRUST LIMITED** ## **COMPANY LIMITED BY GUARANTEE** ## **Trustees' Annual Report (Incorporating the Directors' Report)** _**(continued)**_ ## **Year ended 31 December 2020** ## **Objectives and activities** _**(continued)**_ ## **Public Benefit** The trustees have complied with the duty under the Charities Act 2011 to have due regard to the Charity Commission's guidance on "Charities and Public Benefit" and uses this guidance to help with current and future activities. ## **Volunteers** The Trustees are grateful for the unstinting efforts of the members who volunteer in the activities of the charity. Members freely give their time, often unacknowledged, in many ways, whether facing the visitors in the café and shop, as drivers or conductors on free heritage rides or less visibly restoring or maintaining vehicles, cleaning the museum, maintaining the exhibits, producing Bus Lane, museum promotion or maintaining membership and archive records. The museum could not function without them. ## **Strategic report** The following sections for achievements and performance and financial review form the strategic report of the charity. ## **Achievements and performance** The charity continued to run the museum throughout the year. ## **Performance** The comparison of the 2020 year's results with 2019 is virtually meaningless, because of the closure of the museum during 2020 because of the government Covid restrictions. However, Company Law and Charity Commission regulations require this inclusion in this report. There were 2,181 visitors in 2020 (2019 - 7,295). Admission charges from visitors totalled £6,644 (2019 - £23,631). The 2020 planned programme of events during 2020 was mostly cancelled. The shop and café are staffed whenever the museum is open by our dedicated volunteers. The shop takings for the year were £2,006 (2019 - £7,761). The café offered a good selection of food and drinks and contributed profits of £2,466 (2019 - £7,192) to the museum in the year. Comments on our Visitors’ Surveys as well as in our Visitors' Book and on the internet continue to be positive about the museum and our helpful volunteers. Work on the preparation of scripts and photographs for visitors' audio visual guides was disrupted by the Covid restrictions. **- 3 -** **THE OXFORD BUS MUSEUM TRUST LIMITED** ## **COMPANY LIMITED BY GUARANTEE** ## **Trustees' Annual Report (Incorporating the Directors' Report)** _**(continued)**_ ## **Year ended 31 December 2020** ## **Achievements and performance** _**(continued)**_ ## **Restoration work in 2020** The directors have adopted a five year plan for restorations. For most of the year Covid restrictions curtailed restoration work. A 1942 utility Bedford OWB (BBW 291), which was new to House of Watlington, was purchased in 2019 and its restoration is being undertaken offsite along with the museum's 1949 AEC Regent III (OFC 393). In our workshop, work on the major restoration of the Leyland Atlantean PDR1 (NAC 416F) continued. The restoration of the 1916 Y type petrol bus concentrated on body work. The 1995 Volvo Plaxton Verde (N605 FJO) has been in the workshop throughout the year. Initially the intention was to carry out body repairs prior to repainting from the current yellow into its original livery, but it was discovered that the frame and part of the chassis were corroded, so a full restoration is under way. The restoration of the museum's South Midland minibus (B106 XJO), with the objective of adding it to the running fleet, was delayed by the Covid restrictions. As a result, the directors' plan to start the restoration of the museum's 1979 Leyland Leopard (BBW 21V) in 2020 was not fulfilled. The Trustees hope that this restoration will commence in 2021. The rebuild of our Morris 10 Series M (HON490) is nearing completion. ## **Financial review** ## **Principal Funding Sources** Unrestricted income, being income received on continuing regular activities, for the year totalled £50,584 (2019 - £52,914) . This is comprised of donations for general purposes, membership fees, legacies, grant income, museum admissions, café income, investment income, solar panel income and gift aid. This year the unrestricted income exceeded the general expenditure by £248 (2019 deficit - £22,714). The museum received Covid grants from the government of £27,000 (2019 - £nil). This is included in the unrestricted income above. The Trustees review current and future funding needs on a regular basis. ## **Reserves Policy** The unrestricted reserves of the charity were £59,815 (2019 - £57,717). There were also designated funds ringfenced for Property totalling £190,407 (2019 - £201,257) and Historic Vehicles £52,597 (2019 - £43,597). The charity also had restricted funds for specific projects, totalling £103,457 (2019 - £65,523). Following a review by the Trustees of the reserves of the charity, it was concluded that to allow the charity to be managed efficiently and to provide a buffer against interruptions to cashflow, a general reserve of £10,000 cash at bank should be maintained in the unrestricted funds ("the free reserves") not committed or invested in tangible fixed assets. Our reserves meet this requirement at the present time. **- 4 -** **THE OXFORD BUS MUSEUM TRUST LIMITED** ## **COMPANY LIMITED BY GUARANTEE** ## **Trustees' Annual Report (Incorporating the Directors' Report)** _**(continued)**_ ## **Year ended 31 December 2020** ## **Financial review** _**(continued)**_ ## **Excess Reserves** Additional funds currently held may be required for "matching funding" for current grant applications for proposed museum extensions and refurbishments and completing the restoration of buses. The level of reserves is regularly reviewed considering the number of buses undergoing and awaiting restoration. ## **Risk Management** The Trustees continue to carry out a detailed review of the charity's activities and produce a comprehensive strategic plan setting out the major opportunities available to the charity and the risks to which it is exposed. The charity has reviewed its principal risks and uncertainties and lists these to be:- - A sharp prolonged drop in income particularly donations, and numbers of members; - An exponential rise in costs; and - The withdrawal or reduction in charities relief for Business Rates. The Trustees monitor progress against strategic objectives set out in the plan. The trustees' annual report (incorporating the directors' report) and the strategic report were approved on 25 September 2021 and signed on behalf of the board of trustees by: C R Butterfield Charity Secretary **- 5 -** **THE OXFORD BUS MUSEUM TRUST LIMITED** ## **COMPANY LIMITED BY GUARANTEE** ## **Independent Examiner's Report to the Trustees of The Oxford Bus Museum Trust Limited** ## **Year ended 31 December 2020** I report to the trustees on my examination of the financial statements of The Oxford Bus Museum Trust Limited ('the charity') for the year ended 31 December 2020. ## **Responsibilities and basis of report** As the trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements 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 the 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 charity as required by section 386 of the 2006 Act; or 2. the financial statements do not accord with those records; or 3. the financial statements 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 financial statements 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. Helen Gee FCCA Independent Examiner 5 The Chambers Vineyard Abingdon-on-Thames 28 September 2021 **- 6 -** ## **THE OXFORD BUS MUSEUM TRUST LIMITED** ## **COMPANY LIMITED BY GUARANTEE** ## **Statement of Financial Activities (including income and expenditure account)** ## **Year ended 31 December 2020** ||||**2020**||2019| |---|---|---|---|---|---| |||Unrestricted|Restricted||| |||funds|funds|**Total funds**|Total funds| ||**Note**|**£**|**£**|**£**|£| |**Income and endowments**|||||| |Donations|**5**|37,639|45,360|**82,999**|63,655| |Other trading activities|**6**|11,259|–|**11,259**|38,656| |Investment income|**7**|35|–|**35**|40| |Other income|**8**|1,651|–|**1,651**|1,313| |||----------------------------|----------------------------|----------------------------|--------------------------------| |**Total income**||50,584|45,360|**95,944**|103,664| |||============================|============================|============================|================================| |**Expenditure**|||||| |Expenditure on raising funds:|||||| |Costs of raising donations|**9**|–|–|**–**|10,000| |Costs of other trading activities|**10**|5,457|–|**5,457**|4,850| |Expenditure on charitable activities|**11,12**|43,379|7,426|**50,805**|77,180| |Other expenditure|**13**|1,500|–|**1,500**|1,200| |||----------------------------|-----------------------|----------------------------|----------------------------| |**Total expenditure**||50,336|7,426|**57,762**|93,230| |||============================|=======================|============================|============================| |||----------------------------|----------------------------|----------------------------|----------------------------| |**Net income and net movement in funds**||248|37,934|**38,182**|10,434| |||============================|============================|============================|============================| |**Reconciliation of funds**|||||| |Total funds brought forward||302,571|65,523|**368,094**|357,660| |||--------------------------------|--------------------------------|--------------------------------|--------------------------------| |**Total funds carried forward**||302,819|103,457|**406,276**|368,094| |||================================|================================|================================|================================| The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. **The notes on pages 9 to 20 form part of these financial statements.** **- 7 -** ## **THE OXFORD BUS MUSEUM TRUST LIMITED** ## **COMPANY LIMITED BY GUARANTEE** ## **Statement of Financial Position** ## **31 December 2020** |||**2020**||2019| |---|---|---|---|---| ||**Note**|**£**|**£**|£| |**Fixed assets**||||| |Tangible fixed assets|**18**||**255,639**|260,447| |**Current assets**||||| |Stock|**19**|**4,200**||8,000| |Debtors|**20**|**2,687**||8,320| |Cash at bank and in hand||**146,352**||93,714| |||--------------------------------||--------------------------------| |||**153,239**||110,034| |**Creditors: amounts falling due within one year**|**21**|**2,602**||2,387| |||--------------------------------||--------------------------------| |**Net current assets**|||**150,637**|107,647| ||||--------------------------------|--------------------------------| |**Total assets less current liabilities**|||**406,276**|368,094| ||||--------------------------------|--------------------------------| |**Net assets**|||**406,276**|368,094| ||||================================|================================| |**Funds of the charity**||||| |Restricted funds|||**103,457**|65,523| |Designated funds|||**243,004**|244,854| |Unrestricted funds|||**59,815**|57,717| ||||--------------------------------|--------------------------------| |**Total charity funds**|**23**||**406,276**|368,094| ||||================================|================================| For the year ending 31 December 2020 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. Directors' responsibilities: - The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476; - The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements. These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime. These financial statements were approved by the board of trustees and authorised for issue on 25 September 2021 and are signed on behalf of the board by: C R Butterfield Trustee R F Collingwood Trustee **The notes on pages 9 to 20 form part of these financial statements.** **- 8 -** **THE OXFORD BUS MUSEUM TRUST LIMITED** ## **COMPANY LIMITED BY GUARANTEE** ## **Notes to the Financial Statements** ## **Year ended 31 December 2020** ## **1. General Information** The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is Old Station Yard, Main Road, Long Hanborough, Oxfordshire, OX29 8LA. ## **2. Statement of Compliance** These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Companies Act 2006. ## **3. Accounting Policies** ## **Debtors** Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. ## **Basis of preparation** The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure. The financial statements are prepared in sterling, which is the functional currency of the entity. ## **Cash at bank and in hand** Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. ## **Going concern** There are no material uncertainties about the charity's ability to continue. The reserves of the charity meet the requirement that has been set-out by the Trustees in their report, on page 4. ## **Creditors** Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. ## **Disclosure exemptions** The charity satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) No cash flow statement has been presented for the company. (b) Disclosures in respect of financial instruments have not been presented. **- 9 -** **THE OXFORD BUS MUSEUM TRUST LIMITED** ## **COMPANY LIMITED BY GUARANTEE** ## **Notes to the Financial Statements** _**(continued)**_ ## **Year ended 31 December 2020** ## **3. Accounting Policies** _**(continued)**_ ## **Judgements and key sources of estimation uncertainty** The preparation of the financial statements requires trustees to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. ## **Taxation** The Oxford Bus Museum Trust Limited is a registered charity and accordingly is exempt from taxation on its income and gains where they are applied for charitable purposes. ## **Fund accounting** Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds. ## **Volunteers** The value of the services provided by volunteers is not incorporated into these financial statements. This is because the trustees do not consider that an accurate valuation can be made for such important services, contributions and hours donated by the volunteers over many years, therefore it is not possible to capitalise any costs. ## **Incoming resources** All income is included in the statement of financial activities when entitlement has passed to the charity, it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income: - income from donations, memberships and grants is recognised when there is evidence of entitlement to the money, the receipt is probable and its amount can be measured reliably. - legacy income is recognised when receipt is probable and entitlement is established. - museum entry fees, shop sales and café sales are recognised when the entry or sale takes place. - other income includes income from the installed solar panels and the sale of workshop spares. The income is recognised when the receipt is probable and the amount can be measured reliably. **- 10 -** **THE OXFORD BUS MUSEUM TRUST LIMITED** ## **COMPANY LIMITED BY GUARANTEE** ## **Notes to the Financial Statements** _**(continued)**_ ## **Year ended 31 December 2020** ## **3. Accounting Policies** _**(continued)**_ ## **Resources expended** Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates: - expenditure on trading activities includes all costs incurred by the charity for the purchase of goods and supplies within the museum shop and café for resale. - expenditure on charitable activities includes all costs incurred by the charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities. - other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities. All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis. ## **Tangible assets** Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities. ## **Depreciation** Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows: Leasehold property - 5, 15, 20 or 50 years straight line Equipment - 5 years straight line ## **Impairment of fixed assets** A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. **- 11 -** **THE OXFORD BUS MUSEUM TRUST LIMITED** ## **COMPANY LIMITED BY GUARANTEE** ## **Notes to the Financial Statements** _**(continued)**_ ## **Year ended 31 December 2020** ## **3. Accounting Policies** _**(continued)**_ ## **Stocks** Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition. ## **4. Limited by Guarantee** The company is registered in England and Wales and is limited by guarantee. The liabilities of the members is limited to £1 per member. ## **5. Donations** ||Unrestricted|Restricted|**Total Funds**| |---|---|---|---| ||Funds|Funds|**2020**| ||£|£|**£**| |**Donations**|||| |Donations|2,574|37,860|**40,434**| |Membership fees|4,832|–|**4,832**| |Covenanted income|1,790|–|**1,790**| |Income tax refunds|1,443|5,500|**6,943**| |**Grants**|||| |West Oxon District Council - Grants|–|–|**–**| |Audio Guides|–|2,000|**2,000**| |West Oxon District Council - Covid Support|27,000|–|**27,000**| ||----------------------------|----------------------------|----------------------------| ||37,639|45,360|**82,999**| ||============================|============================|============================| ||Unrestricted|Restricted|Total Funds| ||Funds|Funds|2019| ||£|£|£| |**Donations**|||| |Donations|5,008|49,250|54,258| |Membership fees|4,598|–|4,598| |Covenanted income|1,495|–|1,495| |Income tax refunds|1,804|–|1,804| |**Grants**|||| |West Oxon District Council - Grants|–|500|500| |Audio Guides|–|1,000|1,000| |West Oxon District Council - Covid Support|–|–|–| ||----------------------------|----------------------------|----------------------------| ||12,905|50,750|63,655| ||============================|============================|============================| **- 12 -** **THE OXFORD BUS MUSEUM TRUST LIMITED** ## **COMPANY LIMITED BY GUARANTEE** ## **Notes to the Financial Statements** _**(continued)**_ ## **Year ended 31 December 2020** ## **6. Other Trading Activities** |||Unrestricted|**Total Funds**|Unrestricted|Total Funds| |---|---|---|---|---|---| |||Funds|**2020**|Funds|2019| |||£|**£**|£|£| ||Shop income|2,006|**2,006**|7,761|7,761| ||Museum entry fees|6,644|**6,644**|23,631|23,631| ||Cafe income|2,466|**2,466**|7,192|7,192| ||Other income|143|**143**|72|72| |||----------------------------|----------------------------|----------------------------|----------------------------| |||11,259|**11,259**|38,656|38,656| |||============================|============================|============================|============================| |**7.**|**Investment Income**||||| |||Unrestricted|**Total Funds**|Unrestricted|Total Funds| |||Funds|**2020**|Funds|2019| |||£|**£**|£|£| ||Bank interest receivable|35|**35**|40|40| |||==============|==============|==============|==============| |**8.**|**Other Income**||||| |||Unrestricted|**Total Funds**|Unrestricted|Total Funds| |||Funds|**2020**|Funds|2019| |||£|**£**|£|£| ||Solar panel income|1,651|**1,651**|1,313|1,313| |||=======================|=======================|=======================|=======================| |**9.**|**Costs of Raising Donations**||||| |||Restricted|**Total Funds**|Restricted|Total Funds| |||Funds|**2020**|Funds|2019| |||£|**£**|£|£| ||Costs of raising donations|–|**–**|10,000|10,000| |||==============|==============|============================|============================| |**10.**|**Costs of Other Trading Activities**||||| |||Unrestricted|**Total Funds**|Unrestricted|Total Funds| |||Funds|**2020**|Funds|2019| |||£|**£**|£|£| ||Costs of shop trading activities|5,457|**5,457**|4,850|4,850| |||=======================|=======================|=======================|=======================| **- 13 -** ## **THE OXFORD BUS MUSEUM TRUST LIMITED** ## **COMPANY LIMITED BY GUARANTEE** ## **Notes to the Financial Statements** _**(continued)**_ ## **Year ended 31 December 2020** ## **11. Expenditure on Charitable Activities by Fund Type** ||Unrestricted|Restricted|**Total Funds**| |---|---|---|---| ||Funds|Funds|**2020**| ||£|£|**£**| |Museum expenses|40,388|7,426|**47,814**| |Support costs|2,991|–|**2,991**| ||----------------------------|-----------------------|----------------------------| ||43,379|7,426|**50,805**| ||============================|=======================|============================| ||Unrestricted|Restricted|Total Funds| ||Funds|Funds|2019| ||£|£|£| |Museum expenses|66,875|7,602|74,477| |Support costs|2,703|–|2,703| ||----------------------------|-----------------------|----------------------------| ||69,578|7,602|77,180| ||============================|=======================|============================| ## **12. Expenditure on Charitable Activities by Activity Type** ||Activities|||| |---|---|---|---|---| ||undertaken|Support|**Total funds**|Total fund| ||directly|costs|**2020**|2019| ||£|£|**£**|£| |Museum expenses|47,814|–|**47,814**|74,477| |Governance costs|–|2,991|**2,991**|2,703| ||----------------------------|-----------------------|----------------------------|----------------------------| ||47,814|2,991|**50,805**|77,180| ||============================|=======================|============================|============================| In 2019, Major repairs were made to the 1961 Dennis Loline II (304 KFC) at a cost of £26,471. There was no restricted fund in place to cover this restoration therefore this was paid out of the unrestricted reserves. ## **13. Other Expenditure** ||Unrestricted|**Total Funds**|Unrestricted|Total Funds| |---|---|---|---|---| ||Funds|**2020**|Funds|2019| ||£|**£**|£|£| |Loss on disposal of tangible fixed||||| |assets held for charity's own use|1,500|**1,500**|1,200|1,200| ||=======================|=======================|=======================|=======================| |**Net Income**||||| |Net income is stated after charging/(crediting):||||| ||||**2020**|2019| ||||**£**|£| |Depreciation of tangible fixed assets|||**14,058**|14,008| |Loss on disposal of tangible fixed assets|||**1,500**|1,200| ||||============================|============================| ## **14. Net Income** **- 14 -** **THE OXFORD BUS MUSEUM TRUST LIMITED** ## **COMPANY LIMITED BY GUARANTEE** ## **Notes to the Financial Statements** _**(continued)**_ ## **Year ended 31 December 2020** ## **15. Independent Examination Fees** ||**2020**|2019| |---|---|---| ||**£**|£| |Fees payable to the independent examiner for:||| |Independent examination of the financial statements|**2,250**|1,900| ||=======================|=======================| ## **16. Staff Costs** There are no employees and therefore, no salaries or wages have been paid in the current or previous year. ## **17. Trustee Remuneration and Expenses** No remuneration or other benefits from employment with the charity or a related entity were received by the trustees in this or the previous year. Trustees are reimbursed if they meet Trust expenses out of their personal funds. ## **18. Tangible Fixed Assets** |||Historic||| |---|---|---|---|---| ||Leasehold|motor||| ||property|vehicles|Equipment|**Total**| ||£|£|£|**£**| |**Cost**||||| |At 1 January 2020|335,341|43,597|12,766|**391,704**| |Additions|–|14,000|250|**14,250**| |Disposals|–|(5,000)|–|**(5,000)**| ||--------------------------------|----------------------------|----------------------------|--------------------------------| |**At 31 December 2020**|335,341|52,597|13,016|**400,954**| ||================================|============================|============================|================================| |**Depreciation**||||| |At 1 January 2020|119,433|–|11,824|**131,257**| |Charge for the year|13,575|–|483|**14,058**| ||--------------------------------|----------------------------|----------------------------|--------------------------------| |**At 31 December 2020**|133,008|–|12,307|**145,315**| ||================================|============================|============================|================================| |**Carrying amount**||||| |**At 31 December 2020**|202,333|52,597|709|**255,639**| ||================================|============================|============================|================================| |At 31 December 2019|215,908|43,597|942|260,447| ||================================|============================|============================|================================| |**Stocks**||||| ||||**2020**|2019| ||||**£**|£| |Finished goods and goods for resale|||**4,200**|8,000| ||||=======================|=======================| ## **19. Stocks** **- 15 -** **THE OXFORD BUS MUSEUM TRUST LIMITED** ## **COMPANY LIMITED BY GUARANTEE** ## **Notes to the Financial Statements** _**(continued)**_ ## **Year ended 31 December 2020** ## **20. Debtors** ||**2020**|2019| |---|---|---| ||**£**|£| |Trade debtors|**–**|960| |Prepayments and accrued income|**2,202**|3,225| |Other debtors|**485**|4,135| ||-----------------------|-----------------------| ||**2,687**|8,320| ||=======================|=======================| |**Creditors:** **amounts falling due within one year**||| ||**2020**|2019| ||**£**|£| |Trade creditors|**–**|135| |Amounts owed to undertakings in which the charity has a||| |participating interest|**45**|45| |Accruals and deferred income|**2,250**|1,900| |Other creditors|**307**|307| ||-----------------------|-----------------------| ||**2,602**|2,387| ||=======================|=======================| ## **21. Creditors: amounts falling due within one year** ## **22. Interaction With Oxford Bus Museum Trust** On 1 January 2002 the operation and administration of the Museum was transferred from the Oxford Bus Museum Trust (Charity Number 283145). The assets and liabilities of the Trust, other than the land, buildings and permanent bus collection were also transferred at that date. On 1 January 2002 the land and buildings were leased to the Company on a 99 year lease and the vehicle and memorabilia collection loaned for the same period. ## **23. Analysis of Charitable Funds** ## **Unrestricted funds** |**Unrestricted funds**|||||| |---|---|---|---|---|---| ||At 1||||**At 31**| ||January||||**December**| ||2020|Income|Expenditure|Transfers|**2020**| ||£|£|£|£|**£**| |General funds|57,717|50,584|(39,486)|(9,000)|**59,815**| |Property|201,257|–|(10,850)|–|**190,407**| |Historic vehicles|43,597|–|–|9,000|**52,597**| ||--------------------------------|----------------------------|----------------------------|-----------------------|--------------------------------| ||302,571|50,584|(50,336)|–|**302,819**| ||================================|============================|============================|=======================|================================| ||At 1||||At 31| ||January||||December| ||2019|Income|Expenditure|Transfers|2019| ||£|£|£|£|£| |General funds|67,581|52,914|(64,778)|2,000|57,717| |Property|212,107|–|(10,850)|–|201,257| |Historic vehicles|33,847|–|–|9,750|43,597| ||--------------------------------|----------------------------|----------------------------|----------------------------|--------------------------------| ||313,535|52,914|(75,628)|11,750|302,571| ||================================|============================|============================|============================|================================| **- 16 -** **THE OXFORD BUS MUSEUM TRUST LIMITED** ## **COMPANY LIMITED BY GUARANTEE** ## **Notes to the Financial Statements** _**(continued)**_ ## **Year ended 31 December 2020** ## **23. Analysis of Charitable Funds** _**(continued)**_ There is a designated fund for the buildings and structures paid for by the company. There are three constructions comprising of the Morris Motors Exhibition Hall, Entrance Building and Mezzanine Flooring (in the Morris Motors Exhibition Hall). Their book value in the financial statements are reflected in the figures above and movements in the fund comprise of the annual depreciation charge. There is also a designated fund for the historic vehicles purchased by the company. The company bought a historic vehicle during the year ended 31 December 2020 costing £14,000 for restoration, which was funded by general unrestricted donations to the charity. The company sold a vehicle costing £5,000 during the year ended 31 December 2020. **- 17 -** ## **THE OXFORD BUS MUSEUM TRUST LIMITED** ## **COMPANY LIMITED BY GUARANTEE** ## **Notes to the Financial Statements** _**(continued)**_ ## **Year ended 31 December 2020** ## **23. Analysis of Charitable Funds** _**(continued)**_ ## **Restricted funds** |**Restricted funds**|||||| |---|---|---|---|---|---| ||At 1||||**At 31**| ||January||||**December**| ||2020|Income|Expenditure|Transfers|**2020**| ||£|£|£|£|**£**| |Bedford OB (1949)|||||| |DBW 613|3,607|–|–|–|**3,607**| |West Oxon District|||||| |Council|–|–|–|–|**–**| |Leyland Atlantean|||||| |(1967) NAC 416F|6,912|–|(296)|–|**6,616**| |Harwell Regent V|||||| |(1962) 243 AJB|–|–|–|–|**–**| |AEC Regent III (1949)|||||| |OFC 395|–|–|–|–|**–**| |Pre-1960 Bus to be|||||| |restored|–|–|–|–|**–**| |AEC Regent III (1949)|||||| |OFC 393 & 395|41,671|18,750|(996)|–|**59,425**| |Audio Guides|1,000|2,000|(2,528)|–|**472**| |Bedford OWB (1942)|12,333|15,000|(2,246)|–|**25,087**| |Vehicle restoration|–|–|–|–|**–**| |Band Bus|–|1,360|(1,360)|–|**–**| |Pre 1950 Bus|–|8,250|–|–|**8,250**| ||----------------------------|----------------------------|-----------------------|--------------|--------------------------------| ||65,523|45,360|(7,426)|–|**103,457**| ||============================|============================|=======================|==============|================================| ||At 1||||At 31| ||January||||December| ||2019|Income|Expenditure|Transfers|2019| ||£|£|£|£|£| |Bedford OB (1949)|||||| |DBW 613|3,607|–|–|–|3,607| |West Oxon District|||||| |Council|–|500|(500)|–|–| |Leyland Atlantean|||||| |(1967) NAC 416F|7,627|–|(715)|–|6,912| |Harwell Regent V|||||| |(1962) 243 AJB|10,000|–|(10,000)|–|–| |AEC Regent III (1949)|||||| |OFC 395|2,891|–|–|(2,891)|–| |Pre-1960 Bus to be|||||| |restored|20,000|–|–|(20,000)|–| |AEC Regent III (1949)|||||| |OFC 393 & 395|–|30,000|(1,220)|12,891|41,671| |Audio Guides|–|1,000|–|–|1,000| |Bedford OWB (1942)|–|18,000|(3,917)|(1,750)|12,333| |Vehicle restoration|–|1,250|(1,250)|–|–| |Band Bus|–|–|–|–|–| |Pre 1950 Bus|–|–|–|–|–| ||----------------------------|----------------------------|----------------------------|----------------------------|----------------------------| ||44,125|50,750|(17,602)|(11,750)|65,523| ||============================|============================|============================|============================|============================| **- 18 -** **THE OXFORD BUS MUSEUM TRUST LIMITED** ## **COMPANY LIMITED BY GUARANTEE** ## **Notes to the Financial Statements** _**(continued)**_ ## **Year ended 31 December 2020** ## **23. Analysis of Charitable Funds** _**(continued)**_ There are a number of restoration funds within the restricted fund. These are donations given mostly for the specific purpose of the restoration of the vehicles. There are also other restricted donations that relate to the operations of the museum. The vehicles covered by these funds are: Bedford OB (1949), Leyland Atlantean (1967), OFC 393 and OFC 395, and Bedford OWB (1942). Details of each project have been set out below. No work was done on the restoration of the Bedford OB and the balance held on 31 December 2020 was unchanged at £3,607. Restoration work commenced on the Leyland Atlantean in 2013 and was ongoing. There was £296 spent during 2020 and the balance held on 31 December 2020 was £6,616 (2019 - £6,912). A restoration fund was set up for the restoration of an OFC 393 and OFC 395 in 2019. There were restricted donations received in 2020 of £18,750 and expenditure of £996. The balance held on 31 December 2020 was £59,425 (2019 -£41,671). A restoration fund was also set up in 2019 for the purchase and restoration of a Bedford OWB. There were restricted donations received in 2020 of £15,000 and expenditure of £2,246. The balance held on 31 December 2020 was £25,087 (2019 - £12,333). There were restricted donations received totalling £1,360 to fund the replacement of the window seals for the Band Bus. The expenditure was also £1,360 and there is no carried forward fund balance. A new restoration fund was set up in 2020 for the purchase and restoration of a pre-1950s bus thanks to significant donations of £8,250 received in the year. Due to Covid, no progress has yet been made with regard to purchasing a suitable bus and the balance was unspent at 31 December 2020. There were also other grants received during the year: There was a £2,000 grant received towards the upcoming Audio Guide project, which allowed for the purchase of a number of iPod devices to be utilised for the Audio Tour, at a cost of £2,528. The balance held on 31 December 2020 was £472 (2019 - £1,000). When capital projects financed by restricted funds have been completed and the restrictions are at an end, the capital items are then transferred to unrestricted designated funds. **- 19 -** **THE OXFORD BUS MUSEUM TRUST LIMITED** ## **COMPANY LIMITED BY GUARANTEE** ## **Notes to the Financial Statements** _**(continued)**_ ## **Year ended 31 December 2020** ## **24. Analysis of Net Assets Between Funds** ||Unrestricted|Restricted|**Total Funds**| |---|---|---|---| ||Funds|Funds|**2020**| ||£|£|**£**| |Tangible fixed assets|255,639|–|**255,639**| |Current assets|49,783|103,457|**153,240**| |Creditors less than 1 year|(2,603)|–|**(2,603)**| ||--------------------------------|--------------------------------|--------------------------------| |**Net assets**|302,819|103,457|**406,276**| ||================================|================================|================================| ||Unrestricted|Restricted|Total Funds| ||Funds|Funds|2019| ||£|£|£| |Tangible fixed assets|260,447|–|260,447| |Current assets|44,512|65,523|110,035| |Creditors less than 1 year|(2,388)|–|(2,388)| ||--------------------------------|--------------------------------|--------------------------------| |**Net assets**|302,571|65,523|368,094| ||================================|================================|================================| Included within the Unrestricted Funds are Designated funds, as set out in note 23. The Designated funds are represented by tangible fixed assets. The unrestricted free reserves as at 31 December 2020 are represented as follows: ||£| |---|---| |Tangible fixed assets|12,635| |Current assets|49,783| |Creditors less than 1 year|(2,603)| |**Net assets**|**£59,815**| ## **25. Cash Commitments** The Trustees have committed to expenditure in future periods to renovate the vehicles in the museum. The authorised expenditure is as follows: ||Restricted|Unrestricted|TOTAL| |---|---|---|---| ||funds (£)|funds (£)|(£)| |a) Restorations in progress|||| |Leyland Atlantean (1967) -NAC 416F|6,616|1,500|8,116| |Volvo BIOB -N605 FJO|-|9,000|9,000| |AEC Regent III (1949) -OFC 393|59,425|27,109|86,534| |Ford Transit (1985) -B106 XJO|-|5,000|5,000| |b) Restorations to start within 24 months|||| |Leyland Leopard (1979) -BBW 21V|-|7,000|7,000| |Bedford OB (1949) -DBW 613|3,607|-|3,607| ||**69,648**|**49,609**|**119,257**| An estimate of the cost of a restoration can only be indicative, because it is only as the work gets underway that the amount of corrosion becomes apparent and the cost in money and time required can be assessed. **- 20 -**