{ j | q { ° REGISTERED COMPANY NUMBER: 04087762 (England and Wales) . REGISTERED CHARITY NUMBER: 1097347 i } ! | i ; i i i i i i i : } i ## REPORT OF THE TRUSTEES AND ## UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 ## FOR , ISLE OF WIGHT BUS & COACH MUSEUM LIMITED **----- Start of picture text -----**
CHARITY COMMISSION
FIRST CONTACT
1 O JAN 2023
ey. ACCOUNTS
"__ RECEIVED
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## Bright Brown Limited i Chartered Accountants Exchange House , St. Cross Lane Newport Isle of Wight PO30 5BZ ; i is i ISLE OF WIGHT BUS & COACH ‘ MUSEUM LIMITED ( I : | i j F i 4 § i : CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 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 B to 14 Detailed Statement of Financial Activities 15 to 16 | ; i 4 i i ! i & i i } ! i 4 : i ; : } i i i ‘ } : ' } j j i p E ; i : ; : : 3 : ; : : : : | b i 5 | 4 ¥ i **----- Start of picture text -----**
. ISLE OF WIGHT BUS & COACH
MUSEUM LIMITED (REGISTERED NUMBER: 04087762)
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## REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021 The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present thelr report with the financial statements of the charity for the year ended 31 December 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}. OBJECTIVES AND ACTIVITIES Objectives of the charitable company To advance public education by establishing a permanent display of historic commercial and public carriage vehicles at a.museum on the Isle of Wight. Whilst some of these vehicles act as static exhibits only, others are road legal and are regularly employed to catry passengers on special event days. Additionally for like purpose to promote a permanent preservation of all acquired historic commercial and public carriage vehicles and their related equipment, including items of general transport interest, especially where potential historic or scientific importance and educative values are Involved. Review of the development and achlevement of the charitable company Another year dominated by Covid restrictions. We were unable to host any of our usual event weekends with both Rydabus and Beer and Buses cancelled, However we were able to hold an event in October to celebrate the centenary of the Vectis Bus Company. This was most successful and although much smaller than Beer and Buses It made a goad financial return. Normal opening was delayed until mid May but was able to continue to our planned end of October closing. We were also able to run a nuriber of free bus services an some Sundays around the local Ryde area to promote the Museum. We were pleased with the revenue from this curtalled opening but obviously it was less than we should have achieved. ; We have had continued support from Ryde Town Council during the year with grants to help with publicity and security fencing. Work on the archive area was completed during 2021. During the year we had grants totaling £1,300 fram the Southern Co Op and £400 of this was for carbon neutral projects and will be spent planting our borders, A successful bid to the Royal Pavillon and Museum Trust for £2,700 will be spent improving our Committee and Children's area. We also received Government grants of £24,500 to compensate for our forced closure and effects of Covid restrictions. Major work on our Ryde premises took place with new security fencing and repairs to the front wooden doors. Work continued on the major restorations of our Daimler CK and Bristol K, with the majority of the work being carried out by volunteers. Withno major events it was possible to carryout some much needed repairs to our fleet of vehicles and we are pleased to report that there is very little required work left to be completed, Our Chairman and Trustee Bill Ackroyd sadly died in August. He played a major role in our move to Ryde and will be greatly missed by us all. We send our deepest sympathy to his family. Derek Priddie has reptaced Bill as our Chairman. The Trustees would like to thank all who have helped achieve so much in our sixth year of opening in our own freehold premises. FINANCIAL REVIEW Results for the financial year : Total income for the year amounted to £96,900 (2020: £87,770) including £13,699 (2020: £16,900} of restricted grant income. Total expenditure.in the year amounted to £78,019 (2020: £105,041) including costs of raising funds of £11,195 (2020: £32,552) and costs of running the Bus Museum of £66,824 (2020: £72,489). Restricted expenditure amounted to £6,415 (2020: £6,400}. Unrestricted funds carried forward at the end of the year amounted to £466,760, (2020: £448,099) and restricted funds carried forward at the end of the year amounted to £3,700 (2020: £3,480). Reserves policy It is the policy of the charitable company to maintain unrestricted funds, which are the free reserves of the charitable company, at a level which equates to approximately six months unrestricted expenditure. This provides: sufficient funds to cover governance and support costs. In addition the charitable company maintains additional unrestricted funds to enable the charity to acquire further vehicles as they become available. Additional funds will be used to enhance the museum displays etc, and allow the charity to invest In the collection when the opportunity. arises. The free unrestricted genera! funds of the charity amounted to £73,834, which the Trustees consider adequate to meet the alms set out In this policy. The Trustees may invest the funds of the charity as they see fit. Page 1 ISLE OF WIGHT BUS & COACH . MUSEUM LIMITED (REGISTERED NUMBER: 04087762) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 20214 . : i i t i } j j j é | i } | i: ' i | : : ; ‘ j : | H ; ‘ i j j ‘ i : } , i i i i | | ; | | | | , i i i § i po **----- Start of picture text -----**
: AsFUTURE PLANS always we have to strive toa keep costs down and revenue up and this will continue to be the focus for the Trustees. To this end
we will continue to seek donations and in particular exploit the considerable scope to increase the participation of members rather
than use paid staff or contractors.
We will continue work on our Daimler CK. At year end the vehicle the chassis had been reassembled and work is about to start on
the body. The restoration of aur ex Southern Vectis Bristol K {JDL 40 fleet number 766) is progressing well. Trustees have allocated
funds to ensure high quality restorations can be completed by our valunteers with specialist wark carried aut as required. A repaint
for our Bristol MW bus (ex Southern Vectis 806) was planned for 2021 but could not be done during the Covid restrictions but has
been rescheduled for 2023 part funded by specific donations.
There are no major refurbishment plans for the premises apart from the grant funded garden planting and committee and children's
room upgrade.
It Is unlikely that it will be possible to have a Beer and Buses weekend in October 2022, but Rydabus is scheduled for May 2022. An
event will take place in October 2022 and options are currently being considered,
COVID 19
We are uncertain how Covid 19 will affect the museum In 2022: we are hopeful that we can havea full opening season from Easter
to the end of October. if required we will curtail Investment during 2022 to ensure we continue to be financially sound in the
coming years.
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STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The charity Is controlled by its governing document, the memorandum and articles of association, dated 11 October 2000. Recruitment and appointment of new trustees A new trustee may be appointed by a resolution of the trustees recorded in the minutes and signed by the new trustee, and such record shall be conclusive evidence of his appointment. Risk management The trustees have examined the major strategic, business and operational risks which the charitable company faces and confirm that systems have been established to enable regular reports to be produced so that the necessary steps can be taken to lessen these risks. REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number 04087762 (England and Wales} Registered Charity number 1097347 Registered office The Bus Depot Park Road Ryde iste of Wight PO33 2BE **----- Start of picture text -----**
s
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Page 2 . ISLE OF WIGHT BUS & COACH MUSEUM LIMITED (REGISTERED NUMBER: 04087752) | | : | | | é i ; i i i i f : : £i E ‘ i { j i i : | | REPORT OF THE TRUSTEES FOR THE VEAR ENDED 31 DECEMBER 2021 i 4 TrusteesRJ Newman LGK RandleRoberts W Ackroyd {resigned 19,8.21) R Cluitt 8 R Dicks B Bartram T Whelan G Brazier (appointed 14.8.21) T Wood {appointed 17.10.21) D Priddle (appointed 15.8.21) Company Secretary BR Dicks Independent Examiner Bright Brown Limited Chartered Accountants Exchange House St. Cross Lane Newport isle of Wight PD30 SBZ **----- Start of picture text -----**
,
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Bankers Lloyds TSB 39.Union Street Ryde Isle of Wight PO33 2AB This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 reiating to small companies. ‘Approved by order of the board of trustees on Se oe and signed on its behalf by: ee ; D Priddle - Trustee | Page 3 i : | | |: | | i j ( | i | ‘ | , : : : i i f | t i { ; i z **----- Start of picture text -----**
.
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF
‘SLE OF WIGHT BUS & COACH
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MUSEUM LIMITED (REGISTERED NUMBER: 04087762) Independent examiner's report to the trustees of Isle of Wight Bus & Coach Museum Limited (‘the Company’) | report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 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 Companles Act 2006 (‘the 2006 Act’). **----- Start of picture text -----**
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, | report in respect of my examination of your charity's accounts as carried out under section
145Commissionof the Charities under sectionAct 2011 145(5)('the (b)2011 oftheAct’). 2011in Act.carrying aut my examination | have followed the Directions given by the Charity
Independent examiner's statement
{ have completed my examination. | confirm that no matters have come to my attention in connection with the examination giving
me cause to believe:
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.
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1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
2.3. the accountsthe accounts dodo notnot accord with those comply with the records;accounting orrequirements 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 thelr accounts in accordance with the
Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
| have no concerns and have come across no other matters in cannection 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.
|
|
|David Stevens
: ACA |
Bright Brown Limited
; Chartered Accountants
Newport .
Isle of Wight ;
Date: BI) zor.
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| i . ; ; Page 4 ISLE OF WIGHT BUS & COACH MUSEUM LIMITED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2021 | i | i |} i f i : i : i } i i 5 i | : ! i : + | : | ; k : ; **----- Start of picture text -----**
||||||| |---|---|---|---|---|---| |Unrestricted|Restricted|2021Tatal|2020Total| |funds|fund|funds|funds| |Notes|£|£|£|£| |INCOME AND ENDOWMENTS FROM| |Donations and legacies|41,399|13,699|55,098|64,685| |Charitable|activities| |Running of the Bus Museum|29,380|-|29,390|15,859| |Other trading activities|2|7,072|-|7,072|3,306| |Other|Income|5,340|-|5,340|3,920| |———|—>__|eS|——|ee| |Total|83,201|13,699|96,900|87,770| |EXPENDITURE ON| |Raising|funds|10,570|625|11,195|32,552| |Charitable|activities| |Running of the Bus Museum|61,034|5,790|66,824|72,489| |Tatal|71,604|6,415|78,019|105,041| |NET INCOME/{EXPENDITURE}|11,597|7,284|18,881|(17,271)| |Transfers between funds|13|7,064|(7,064)|-|-| |Net movement in funds|18,661|220|18,881|(17,271)| |RECONCILIATION OF FUNDS| |Total funds brought forward|448,099|3,480|451,579|468,850| |TOTAL FUNDS CARRIED FORWARD|466,760|3,700|470,460|451,579| **----- End of picture text -----**
The notes form part of th **e** se financial statements e | i Page S ISLE OF WIGHT BUS & COACH , ; ' 1 i i : i i | i i i \ i i i: | | i { i : : : i i : i i i i ; 3 3 it,[t] : ## MUSEUM LIMITED (REGISTERED NUMBER: 04087762) ## BALANCE SHEET ## 31 DECEMBER 2021 |||||2021|2020|| |---|---|---|---|---|---|---| |||Unrestricted
funds|Restricted
fund|Total
funds|Total
funds|| |;|Notes|£|£|£|£|| |‘FIXEDASSETS
Tangibleassets|6|399,114|~|399,114|369,617|| |CURRENTASSETS
Stocks|7|-|-|-|4,497|| |Debtors
Cashatbankand inhand|g|5,252
93,313
—_—_|-
3,700
—_—|5,252
97,013
—_——|4,586
104,333
—_|| |;||98,565|3,700|102,265|113,416|| |CREDITORS
Amountsfallingduewithinoneyear|9|(25,107)|-|(25,107)|(25,265)|| |NETCURRENTASSETS||—_——
73,458|——-
3,700|—___
77,188|——_
88,151|| |TOTALASSETSLESSCURRENTLIABILITIES||472,572|3,700|476,272|457,768|| |CREDITORS|||||;|,| |Arnounts fallingdue aftermorethan oneyear|10|(5,812)|-|(5,812)|(6,189)|| |NETASSETS||466,760|3,700|470,460|451,579|| |FUNDS|“2B|||||| |Unrestrictedfunds||||466,760|448,099|| |Restricted funds||||3,700|3,480|| |TOTALFUNDS||||470,460
—_——_—_|451,579
ane|| The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023. The members have not required the company to obtain an audit of Its financial statements for the year ended 31 December 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 financtal 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 applicablé to: the charitable company. The nates form part of these financial statements . Page 6 continued... : |i | i | ‘ i i i | :| 4 i § 53 H ; ISLEMUSEUM OF WIGHT UMITEDBUS (REGISTERED &COACH NUMBER: 04087762) BALANCE SHEET - continued 31 DECEMBER 2021 These financial statements have been prepared in accordance with the provisions applicable to charitable companies subjectto the small companies regime. The financial statements wére approved by the Board of Trustees and authorised for issue on... Lf. 6fnt SmaNd SmaNdaNd were signed on Its behalf by: > 6fnt SmaNd SmaNdaNd were D Priddle - Trustee ocNo ewthan - trustee : : The notes form part of these financial statements : z : r Page7 { ; | : i . i : | : : 4 $3 i | | | :. pO : i i **----- Start of picture text -----**
ISLE. OF WIGHT BUS & COACH
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__ MUSEUM LIMITED (REGISTERED NUMBER: 04087762).
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BALANCE SHEET - continued 31 DECEMBER 2021 These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. **----- Start of picture text -----**
The financial statements were approved by the Board of Trustees and authorised for issue On ...... Af MiMi trenand were
signed on its behalf by:
LHL
D Priddle - Trustee
RJ NeWman - Trustee
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j j : i i ih } ; | g | The notes form part of these financial statements : +--+ _-—— **----- Start of picture text -----**
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Page 7 | {SLE OF WIGHT BUS & COACH ‘ MUSEUM LIMITED | NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 . **----- Start of picture text -----**
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 thelr accounts in accordance with the Financial Reporting Standard applicable in the UK
and Republic of tretand (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.
_ The Isle of Wight Bus and Coach Museum Limited is a private company limited by guarantee and incorporated in England.
The financial statements are presented in Sterling, which is the functional currency of the charitable company. There are no
material uncertainties about the charity's ability to continue.
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Valuntary income Voluntary income Is recognised in the Statement of Financial Activities once the charitable company has entitlement to the funds, it Is probable that the Income will be received and the amount can be measured reliably. For donations this Is generally upon receipt. Grants are recognised when unconditional entitlement to the incame Is passed-to the charitable company. Where there are performance related terms and conditions that must be met before unconditional entitlement passes to the charitable company, the income is recognised once it is highly probable that these will be met. Where no such conditions exist the income fs recognised when it is received. Charitable and other trading activittes Income from trading activities ls recognised net of VAT and all other sales taxes when the goods are delivered or services are provided. Membership income Is recognised evenly-over the period the membership relates to. Investment incame interest receivable is recognised over the period it is accrued. 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. Tanglble flxed assets Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Fixtures and fittings ~ 15% on reducing balance The Trustees are of the opinion that the residual value of the property owned would be greater than the initial cost and so no depreciation has been charged on the freehold property included in fixed assets. No depreciation has been charged on the motor vehicles included in fixed assets. Due to the unique nature of the motor vehicles, the trustees are of the opinion that these assets are expected to only appreciate in vatue, and the charity intends to keep a full maintenance programme on each vehicle in order to ensure that they are kept in their existing condition, All of the fixed assets are used in direct furtherance of the charity's objectives. The trustees consider that the buses are investment assets and have a value of over their cost of £70,571 (2020: £72,014). ; . : : : i i i i i . i : . ; i é } 3 h i . i] ; i ' i : 7 i 4 i : - i i | ; : 4 ; : z 3 i 7 i ; j i : : Page 8 continued... | | 7 | i | | ! ' ! | | i : ; ; i i ii | i | { | : 4 t . ; : : ; 4 i | : | i i ## . ISLEMUSEUM OF WIGHTLIMITED BUS & COACH NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021 1. ACCOUNTING POLICIES - continued Stocks Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. ## Taxation **----- Start of picture text -----**
The charity is exempt from corporation tax on Its charitable activities.
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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 fs included In the notes to the financial statements. 2. OTHER TRADING ACTIVITIES ## 3. **----- Start of picture text -----**
2021 2020
Sales 7,072£ 3,306£
—_—sNET INCOME/(EXPENDITURE}
Net income/(expenditure) is stated after charging/(crediting):
2021 2020
£ £
Depreciation - owned assets 4,285 2,578
Deficit on disposal of fixed assets 743 -
= ===:
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4. TRUSTEES’ REMUNERATION AND BENEFITS There were no trustees’ remuneration or other benefits for the year ended 31 December 2021 nor for the year ended 31 December 2020. ## Trustees’ expenses There were no trustees expenses paid for in the year ended 31 Oecember 2021. The following ferry costs Incurred by the charity were reimbursed by trustees in 2021: Benjamin Bartram £434 (2020: £191], Brian Dicks £326 (2020: Enil}, and Bill Ackroyd fnil (2620; £66]. : **----- Start of picture text -----**
continued...
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Page 9 ISLE OF WIGHT BUS & COACH ° MUSEUM LIMITED ; > NOTESTO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021 | i | t i ' i i i | i : i 5 i :; : | : ' : . : : i | é . . ; i ( . : : i | 4 | ## 5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES The comparatives for the statement of financial activities are ail {n relation to unrestricted funds. ## 6. TANGIBLE FIXED ASSETS |6.|TANGIBLE FIXED ASSETSASSETS||||| |---|---|---|---|---|---| ||||Fixtures||| ||cost|Freehold
property
£|and
fittings
£|Motor
vehicles
£|Totals
£| ||At 1January2021
Additions
Disposals|282,994
21,267
-
en|19,388
13,955
:
—|72,011
-
(1,440)
—|374,393
35,222
(1,440)
—_———| ||At31December2021
DEPRECIATION
At 1January2021|304,261
—_——_—-
-|33,343
—
4,776|70,571
—
.|408,175
_
4,776| ||Chargeforyear|-|4,285|-|4,285| ||At31December 20214|:|9,061|-|9,061| ||NETBOOKVALUE||||| ||At31December2021|304,261|24,282|70,571|399,114| ||At31December2020|282,994|14,612|72,011|369,617| |7.|STOCKS|||2021|2020| |||||£|£| ||Stocks|||-|4,497| |8.|DESTORS:AMOUNTSFALLINGDUEWITHINONEYEAR||||| |||||2021|2020| |||||£|£| ||Otherdebtors
Prepayments|||1,298
3,954|690
3,896| |||||_
5,252|—
4,586| Page 10 continued... ISLE OF WIGHT BUS & COACH MUSEUM LIMITED | . : | | { i | i ! i : : i | ; | | i| ; | i i i | i | i i i : f i ## NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021 |9.|CREDITORS:AMOUNTS FALLING DUEWITHIN ONEYEAR||| |---|---|---|---| |||2021
£|2020
£| ||Bank loansand overdrafts (seenote 11)|375|358| ||Loan|22,910|22,910| ||Accrued expenses|1,822
25,107|1,997
25,265| |10.|CREDITORS:AMOUNTSFALLING DUE AFTERMORETHANONEYEAR|2021
f|2020
£| ||Bankloans (see note11)|5,812|6,189| |41.|LOANS
.||| ||Ananalysisofthematurityof loans isglvenbelow:||| |||2024|2020| |||£|£| ||Amauntsfallingduewithinoneyearondemand:||| ||Mortgage|375|358| ||Amountsfallingbetween oneand twoyears:||| ||Mortgage-1-2years|393|375| ||Amountsfallingduebetweentwoandfiveyears:||| ||Mortgage-2-5years
.|1,297
==|1,238
==| ||Amountsfallingdue Inmorethanfiveyears:||| ||Repayable byinstalments:
Mortgagemore5yr|4,122|4,576| |12,|SECURED DEBTS||| ||Thefollowingsecureddebtsare includedwithincreditors:||| |||2021|2020| |||£|£| ||Bankloans|6,187|6,547| ||Themortgagehasbeensecuredonthecompany'sfreehaldproperty.|=|==_=_| The mortgage has been secured on the company's freehald property. Page 11 continued... 3 {SLE OF WIGHT BUS & COACH : MUSEUM UMITED . : | , | ji : j ; } i i i i i } f ‘ , 4 i é : H 7 . : i ‘ . ‘ : é i : 3 g 3 } i : ## NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE VEAR ENDED 31 DECEMBER 2021 ## 13. MOVEMENT IN FUNDS |MOVEMENT IN FUNDSIN FUNDSFUNDS|||||| |---|---|---|---|---|---| |||Net
movement||Transfers
between|At| ||At 1.1.21|in funds||funds|31.12.21| |Unrestricted funds|£|£||£|£| |Generalfund
Propertyfund
FixedAssets|85,030
276,447
86,622|11,597
-
-||(22,793)
21,627
8,230|73,834
298,074
94,852| ||448,099|11,597||7,064|466,760| |Restrictedfunds
Restricted Fund|3,480|7,284||(7,064)|3,700| |TOTALFUNDS|—
451,579|Cl
18,881||ee
-|SS
470,460| |Netmovement in Funds, included intheabove|areas follows:|:|||| |||Incoming||Resources|Movement| |||resources||expended|infunds| |||£||£|£| |Unrestricted funds
Generalfund||83,201||(71,604)|11,597| |Restrictedfunds|||||| |Restricted Fund||13,699||(6,415)|7,284| ||||a||| |TOTALFUNDS||96,900||(78,019)|18,881| |Comparativesformovement Infunds|||||| |||Net||Transfers|| ||At1,1.20|movement
infunds||between
funds|At
31.12.20| ||£|£||£|£| |Unrestrictedfunds
General fund|178,407|(27,771)||(65,606)|85,030| |Propertyfund|215,708|-||60,739|276,447| |FixedAssets|70,235|-||16,387|86,622| ||464,350|(27,771)||11,520|448,099| |Restricted funds|||||| |RestrictedFund|4,500|10,500||(11,520)|3,480| |TOTALFUNDS|468,850|(17,271)||-|451,579| ||OO|—||a|—| | Page 12 continued... { 7 | | : i i i i ; 4 4 ISLE OF WIGHT BUS & COACH MUSEUM LIMITED NOTES TO THE FINANCIAL STATEMENTS - continued FORTHE VEAR ENDED 31 DECEMBER 2021 i ; : H i ‘ | i ; | i | : i : E : i : ‘ : : i i | i & **----- Start of picture text -----**
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13. MOVEMENT IN FUNDS - continued Comparative net movement in funds, included in the above are as follows: **----- Start of picture text -----**
||||| |---|---|---|---| |incoming|Resources|Movement| |resources|expended|in funds| |Unrestricted funds| |General fund|70,870|(98,641)|(27,771)| |Restricted funds| |Restricted Fund|16,900|(6,400)|10,500| |TOTAL FUNDS|87,770|{105,041}|(17,271)| **----- End of picture text -----**
Acurrent year 12 months and prior year 12 months combined position is as follows: **----- Start of picture text -----**
||||||| |---|---|---|---|---|---| |Net|Transfers| |movement|between|At| |At|1.1.20|in funds|funds|31.12.21| |£|£|£|£| |Unrestricted funds|.| |-|General fund|178,407|(16,174)|(88;399)|73,834| |Property fund|215,708|-|82,366|298,074| |Fixed Assets|70,235|-|24,617|94,852| |464,350|(16,174)|18,584|466,760| |Restricted funds| |Restricted Fund|4,500|17,784|(18,584)|3,700| |TOTAL FUNDS|468,850|1,610|-|470,460| **----- End of picture text -----**
Acurrent year 12 months and prior year 12 months combined net movement in funds, included'in the above are as follows: **----- Start of picture text -----**
|||||| |---|---|---|---|---| |Incoming|Resources|Movement| |resources|expended|in funds| |Unrestricted|funds| |General fund|:|154,071|(170,245}|(16,174)| |Restricted|funds| |Restricted|Fund|30,599|(12,815)|17,784| |TOTAL FUNDS FUNDS|184,670|(183,060)|1,610| **----- End of picture text -----**
## TOTAL FUNDS FUNDS ## Restricted Funds Restricted funds held from 2020 of £3,480 Swire Foundation Grant have been expended and used for the Museums display carouse), £3,700 restricted funds are remaining at the end of the year, £2,700 relates to the Royal Pavillon and Museums grant, £400 relates to the Co-op carbon neutral project and £600 donation received fram Mir D Andrews. Page 13 continued... ISLE OF WIGHT BUS & COACH MUSEUM LIMITED : ' i i | | | } | | | | i | | | | | : i i i § . **----- Start of picture text -----**
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021
a
13. MOVEMENT IN FUNDS- continued
Transfers between funds
Property fund
£21,627, (2020 - £60,739) relating to the value of the property less any outstanding loans secured on the property was
transferred from the general fund to the designated fund. This reflects the value of the loan repaid in the year from general
funds.
**----- End of picture text -----**
Fixed Asset Fund The transfer of £8,230 re-aligns the value of the fund with the net book value of the fixtures and fittings and motor vehicles at the year end. **----- Start of picture text -----**
14. OTHER FINANCIAL COMMITIMENTS
As at 31 December 2021 the charity was committed to expenses under non-cancellable operating leases of freehold
property amounting to £7,656 due in less than one year and £10,194 due in two to five years.
15. RELATED PARTY DISCLOSURES
**----- End of picture text -----**
The charity has continued to make payments of £2,748 for the year within the terms of its lease agreement to Mr D Priddle, for the rental of a barn that the charity uses for the storage of vehicles. Mr Priddle has been appointed a trustee during the year. Page 14 ISLE OF WIGHT BUS & COACH * MUSEUM LIMITED DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2021 i 1 | H | p : i | | 5 | ' , | i | j | i ; | i ' i j ; k i : I ! i i } i ‘ t : |||2021|||2020| |---|---|---|---|---|---| |||£|||£| |INCOMEAND ENDOWMENTS|||||| |Donationsand legacies|||||| |Donations||14,699|||12,733| |Glit ald|:|1,899|||697| |Legacies
Grants||:
38,500|||6,605
44,650| |Other
tradingactivities
Sales||55,098
7,072|°||«64,685
3,306| |Charitableactivities|||||| |Admissions andtours
Subscriptions||18,809
10,581|||8,741
7,118| |||29,390||°|= 15,859| |OtherIncome|||||| |Otherincome||5,339|||3,911| |Interest received||1|||9| |Totalincomingresources||5,340
——--
96,900|||3,920
—_—-~
87,770| |EXPENDITURE|||||| |Raisingdonationsandlegacies|||||| |Postageandstationery||3,980|||3,761| |Othertradingactivities
Openingstack
Purchases||4,497
2,718|||6,782
1,477| |Baddebts
Closingstock||-
-|||25,029
(4,497)| |||7,215|||28,791| |Charitable activities
Ratesandwater
Insurance
Lightandheat||-
6,741
4,053|||357
6,278
3,654| |Telephone||662|||664| |Advertising||§,472|||1,910| |Sundries|.|138|||13| |Motorexpenses
Travelling||20,418
1,562|||29,221
974| |Carriedforward||39,046|||43,071| ||Thispage doesnotformpartofthe statutoryfinancialstatements||||| ||Page15||||| ISLE OF WIGHT BUS & COACH MUSEUM UMITED i i j ? 4 4 4 | i| : | . 3 i i i } ## DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2021 ||Charitable activities|2021
£|2020
£||
|
i||| |---|---|---|---|---|---| ||Brought forward|39,046|43,072||| ||Rent
Repairsandrenewals
Events
Fixtures and fittings|9,702
7,803
3,321
4,285|9,718
-11,282
2,849
2,579|j
|
i
.|| ||
||Losson saleoftangiblefixed assets
Mortgageinterest
Supportcosts|743
298
65,198|-
1,474
70,973||
|
:
5|| |i|i|i|i|i&|&| |!
Governancecosts
;|||||| |||Accountancyfees
Subscriptions|1,392
234|1,332
134||
i|| |||1,626|1,516|||| ||Totalresourcesexpended
Netincame/(expenditure)|78,019
18,881
——|105,041
(17,271)
——|i
|||| |||||;|;|| |||||{|| |||||i|| This page does not form part of the statutory financial statements | | Page 16