REGISTERED COMPANY NUM8ER.. 04087762 (England and Wales) REGISTE RED CHARITY NUMBER: 1097347 REPORT OF THE TRUSTEESAND UNAUDITEO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEM8ER 2023 FOR ISLE OF WIGHT BUS & COACH MUSEUM LIMITED INN ¢•D3WEgY• 1PI0512024 CCWPANIES HOUSE A15 Bright Brown knmited Chartered Accountanis Exchange House St. Cross Lane Newport Isle ot Wi8hi P030 5BZ
ISLE OF WIGHT BUS & COACH MUSEUM UMITED CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OECEMBER 2023 Report of the Trustees I to 4 Ind•pendent Erninr.$ R•port St•t•m•nt of Flnanci•l Acd¥ttl•s 8olanc• Sh••t Notes to Financial Statements 9 10 17 O•tall•d Statemen¢ of Fln•nd•l Artlvlties 18 to 19
ISLE OF WIGHT 8US & COACH MUSEUM UMITED IREG15TEREO NUMBER: 040877621 REPORT OF TM£ TRUSTEES FOR THE YEAR ENDED 310ECEMBEA 2023 The trusiee5 who are also directors of the tharity for ihe purposes of the Companies Act 26. present their report with the financial staternents of the charity for the year ended 31 December 2023. The trustees have adopted the provisions of Accounting and Reportin8 by Charities." Statement of Recommendèd PrattTrce applicable to charities preparing their accounts in accordan¢e with the Financi31 Reporting Standard applicable in the UX and Republic of Ireland IFRS 1021 leffertive l January 20191. OBJECTIVE5 AND ACTIVITIES Objectives of the charitable companv To advance public educatson by establishing a pemianent display of historK commercial aftd public cattiage vehicles at a museum on the Isle of Wight. Whilst some of these vehitlès art as static exhibtts only. others are road legal and are regularly employed to carry passengers on special event days. Additionally for like purpose to promote a permanent preservation of all acquired historic tommerc431 and public carriage vehicles and their related equipment, including items of 8eneral tran5POrt interest, especially Whe potential historit or scieniific importance and educative values are invdved. Revlèw of ih• dev•lopment and achle¥ement of the charitable comparsv The Museum has had a good trading year with shop and tea bar receipts well up on 2022. The Tea Bar has stocked a much w¢der range of food and drink and this 108ether with a more realistic pricin8 Structure has increased our profltabilrty. Due io generous gifts of sale items ihe Museum shop is now bein8 Stocked almost entirely from donations and this is adding to our profrtability. and the extensive ran8e of items is proving popular with visitors. In the autumn Ryde suffered some of the worst flooding in livin8 memory. The Museum was flooded to a depth of some 20cm. This caused Considerable damage especrally to Ollf kitchen and shop stock. li caused ihe Museum to have to Close earty for the winter and we missed the benefrt of the school half temi holiday revenue. Due to the building belng in a known flood plain we were unable to obtaTrn any flood insurance. We are very grateful to the many members and the lo¢al eommvnity for the generous financial support we received ¥¥hich has meant we have suffered very little real loss from the event. Our two event weekends. Rydabus in May and Wiehtrider ir) October. aregrowine irt popularity and profitabilitv. Membership is buoyant and although we may lose a few members. new ones more than make up for those who fail to rejoin. We have had continued support from Ryde Town Council during the year with a grant ro help with runnrng costs. We also received grants followin8 our flood from the Isle of Wight Council and Royal Pavilion and Museum Trust. The Trustees are keen to become an accredited museum and WO has continued to achieve this aim. Work has continued on the major restorètions of our Daimler CK and Bristol K, with the majority of the work bein8 carried out by volunteers. The Oaimler CK is progressin8 particulafly well with the engine now running_ The cha5SIS bs complete and ihe body is benning to take shape. Our 1972 Btdford YRQ ex Seaview Servites has had art extensive rtnovation and is now fully operational. When the bLtilding at Ryde was purchased we needed a bank mort8a8e. This wa5 mainly paid off leaving a small remaining loan. We have now fully paid off this debt and are ¢ornpletely debt free. Page I
ISLE OF VIIGHT BUS & COACH MUSEUM LIMITED IREGISTERED NUMBER: 040877621 REPORT OF THE TRUSTEES FOR THEYEAR ENDED 31 OECEMBER 2023 08JEUIVES ANDA1VITIEs Durin8 the year Trustees Russ Cluitt and Graeme Bia2ier resi8ned and we thank them for all their contributions to tht Museum. Both are still active volunteers. We wel¢omed Shirley Winn (Finance) and Jonathan Lamb (Secretary) to the board. The Trustees would like io thank all who have helped achieve so much in our ei8hth year of openin8 in our own. now loan free, freehold premises. FINANCIAL REVIEW Results for the financial year Total income for the year amounted to £132.727 12022= £108.0101 includin8 £2,LlXI12022.. £10.IOJI of restricted Income. Total expenditure in the year amounted to £110.058 12022.. £79.813.1 including costs of raisin8 funds of £15.334 12022.. £4.3071 and costs of running the Bus Museum of £94.724 12022= £75.5061. Restricted expenditure amounted to £2,55612022.. £9,974). Unrestrirted funds carried forward at the end of the year amounted to E520.047. 12022.. £496.4571 and restricted funds carnied forward at the end of rhe year amounted to £1.27912022." £2,200). Reseryes pollcy It is the policy of the charitable company to maintain unrestricted fvnds. which are the free reserves of the tharitsble company. at a level which equate5 to approximately six months vnresiricled expenditure. This provijjes sufficient fvnds to cover governance and svpport costs. In addition the chèritable company maintains additional unrestricted funds to enable the charity to acquire further vehicles as they become available. Addfrtional funds will be used to enhance the mvseum displays c, and allow the charity to invest in the collection when the opportunity arises. The free unrestricted general funds of the charity amoL*nteil 10 £118.310, which the Twstees consider adequate to mÈet the aims set out in this policy. The TrusteÈs may invest the funds of the thartty as they see fft. FUTiIRE PLANS As always, we have to strive to keep costs down and revenue up and thts will continue to be thè fotus for ihe Trustees. To this end we will continLte to seek donation5 and in particular explort the considerable scope to increase the participation of members rather than use paid staff or contractors. We will continue work on our Daimler CK. Work will continue to let11d the body using as much of the original structure and fittings as possible. The restoration of our ex Southern Vectis Bristol K IIDL 40 fleet number 7661 15 progressing well. Trustees have allocated funds to ensure hiqh quality restorations can be completed by our volunteers with specialist work ¢aNied out as required. Work will continue on our desire to achieve accredited musevm status. and hope this might be athieved by the end of 2024 Trustees are looking to renovate the entrance gates which are showing si@n5 of decay and have had many repairs. Following the floods of Aulumn 2023 the kitchen 15 being refitte(l and extended for the siart of the 2024 season. We are also investing in measure5 to make the museum more floryt reslstant. The gullie5 in the roof are rustin8 3nfl ¢ausin8 many leaks. some severe. We hope to be able to repair or replace 50 the building can be ak free. STRucfuRE, GOVERNANCE AND W4NAGEMENT Governlng docurnent The charity is controlled by its governing document, Ihe memorandum and artleS of association. dated 11 Ottober 2(MJO. Page 2
ISLE OF WIGHT BUS & COACH MUSEUM LIMITED IftEGlrya CRED NUMOCR: 04087762) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 310ECEMBER 2023 STRUCTURE, GOVERNANCE AND MANAGEMENT RetruStment and appointmtni of new trusteés A new trustee may be appointed by a reSUtOn of the trustees recorded in the minutes and 51Bned by the new trustee, and such record Shall be conclusive evtdence of his apwintment. Rlsk management The trustees have examined the major strategrc. business and operational risks which the charitable company faces and confirm that systems have been established to enable regular reports to be produced $0 that ihe necessary steps tan be taken to lessen these risks. REFERENCE AND ADMINISTrATIVE DETAILS R•eist*r Company nUMr 04087762 (England and Wales) Règlst¢r¢d Ch•rlty number 1097347 Registered olllte The Bus Depot Park Road Ryde Isl& of wht P033 28E TNsi•es RJ Newman K Randle L G Roberts R Cluitt (resigned 3.10.231 B R Dicks (resigned 6.5.231 B 8artram Twhelan G Brazier Iresigned IS.11.231 T Wood D Priddle Mrs S E Winn lappointed 12.6.231 Company Sffretary Indèpèndent Examln Blight Brown Limited Chartered Accountants Exchange House St. Cr0$5 Lane Newport 151e of Wight P0305BZ Page 3
ISLE OFWIGHT BUS & COACH MUSEUM LIMITED IREGISTERED NUMBER.. 040877621 REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEM8ER 2023 REFERENCE AND ADMINISTRATIVE DETAILS Bank•rs Lloyds TS8 39 Union Street Ryde Isle of Wight P033 2AB This report has been Prepared in accordance with the special pfovisrons ol Part 15 of the Companies Act 2006 relating to small companie5. Approved by order of the board of trustee5 1)n ............................................. and signed on its behalf by.. D Pridflle- Trusiee Page 4
INDEPENDENT EXAMINER'S REIIORTTO THE T8usfEES OF ISLE OF WIGHT BUS & COACH MUSEUM LIMITED IRIGlafTCREO NUMOCR.. 04087762) Independent examkn's rèport to the irust••s of Isle of Wt Bys & Coach Museum Llmlted I'the ComF>anv'l I r.eport to the charity tnJstee5 on my examination of the accoJnts of the Company for the year ended 31 December 2023. Responsibilities and basls of ¥eport As the charity'5 trustees of the Company land also its directors for the purposes of company lawl you are responslble for the preparation of the accounts in accordance with the requiiements of the Companies Act 20061'the 21J06 Act'l. 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 Acr 20111.ihe 2011 Acr'l. In carrying out my examination I have followed the Directions given by the Charity Commi$5ion under Sertion 145151 Ibl of the 2011 Act. IndÈpendÈnt examlner'5 5tatemeDt I have completed my examination. I confirm that no matters have tome to my attention in connection with the examination giving me cause to believe.. acctsuntin8 records were noi kept in sPert of the Company as required by Section 386 of the 2C()6 Att; Of the attounts do not accord with those records,. or the accounts do not comply with the accounting requirements of Sertion 396 of the 2006 Act other than any requirement that the accounts 8ive a true artd lair view which is not a matter considered as part ol an independenr examination.. or the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reF4)rting by charities (applicable to charities preparFng their accounts in accordance with ihe Financial Reportin8 Standard applicable in the UK and Republic of Ireland IFRS 10211. I have no concerns and have come across no other matters in connertion with the examination to which attention should be drawn in this report in order to enable a proper undefStandin8 of the accounts to be leached. Oavid Stevens 8right Brown Limited Chartered Accourttants Exchange House St. Cross Lane Newport Isle of Wight P030 58Z Page 5
ISLE OF WIGNT BUS & COACH MUSEUM UMITED STATEMENT OF FINANCIAL AcllviTIES FOR THE YEAR ENDED 31 DECEMBER 2023 2023 Total fuThJs 2022 Total funds Vnrestrtcted fund5 Restricteil fund Noies INCOME AND ENOOWMENT5 FROM Donations and le83cies 49.965 Charltable artlvltl•s Running ol rhe BLIS Museum 64.104 64.104 42.366 Other trading activities Other income 12,999 5.620 12.999 5,620 12.132 3,547 Total 130,727 132.727 108.010 EXPENDITUAE ON Raising funds 15.334 IS.334 4.307 Charltable actItIeS Running of the Bus MLtseum 92.168 2.556 94,724 75,506 Total 107.502 2.556 110.058 79,813 NET INCOME1(PENDlTuRE} Transfers betweon funds 23.225 365 15561 13651 22.669 28,197 12 Nei mwmént In fvnds 23.5 19211 22,669 28,197 RECONCILIATION OF FUNDS Total funds brought forward 496,457 2,2LWJ 498.657 470.460 TOTAL FUNDS CARRIED FORWARD 520.047 1.279 521.326 498,657 The notes fomi part of these finan¢ial statemènts Page 6
ISLE OF WIGHT BUS & COACH MUSEUM UMITED IREGISTEREO NUM8EA. 040877621 BALANCE SHEET 31 DECEMBER X123 2023 Total lunds 2022 Total funds Unrestricted funds Restricted fund Notes FIXED ASSEfs Tangible assets 401.602 401,602 403.010 CURRENT ASSErs Oebtors Cash ai bank and in hand 7.515 113,583 7.515 114.862 8,041 95.378 1,279 121,098 1,279 122.377 103.419 CREOITORS Amounts fall*ng due wrthin one year 12.6531 12.6531 12,2821 CURRENT ASSErs 118,445 1,279 119.724 101.137 TOTAL ASSETS LESS CURRENT LIABILMES 520,047 1,279 521.326 504.147 CREDITORS Amounts falling due after more than onè year 15.4901 NEf ASSETS 520.047 1.279 521.326 498.657 FUNDS Unrestricted funds Restricted funds 12 520,047 1.279 496,457 2.200 TOTAL FUNDS 521,326 498,657 The charitable company is entitled to exemption from aLKlit under Section 477 of rhe Companiès Act for the year ended 31 December 2023_ The members have noi requsred the company to obtain an audst of its financial ststements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Att 2¢XJ6. The trusiees acknowledge their responsibilities for lal ensuring that the charitable company keeps accounting records ihat comply with Sections 386 387 of ihe CompanÈes Act 2006 an preparing financial statements which give a truè and fair vlew of the state of affairs of the £hafltable tompafiv as at the efid of each fi.nancial yeaf and of its SLFrplus or deficit for each financial year in èccorclance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relatin8 to financial statements. so far as applicable to the charitable company. The notes form part of these financial statements Page 7 Continved...
ISLE OF WIGHT BUS & COACH MUSEUM LIMITED (REGISTERED NUMBER.. 040877621 BALANCE SHEET- contlnued 31 DECEM8ER 2023 These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small tompanie5 regime. The firtancial statements were approved by the Board of Trustees and authorised for issue on . ond were 5i8ned on its behalf bv.. D Priddle- Trustee . Trust The notes fomi part of these financial statements Page 8
ISLE OF WIGHT BUS & COACH MUSEUM LIMITED NOTES TO THE FINANaAL STATEPIIENTS FOR THE YEAR ENDED 31 DECEMBER 2023 ACCOUNTING POLiaES Basis of preparln8 the flnanclal statemènts The financial statements of ihe chafltable company, which is a public benefit entity under FRS 102. have been prepared in accordante with ihe Charities SORP IFRS 1021'Accounting and Reportlng by Charities.. statement of Recommended Praciice applicable to chariiies preparin8 their accounrs in accordance with the Financbal Reporting Standard applicable in the UK and Republit of Ireland IFRS 1021 leffertive l January 20191,, Financbal Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland. and the Companies Act 2(K76. The linancial statements have been pPared under the hrstorical cost convention. The Isle of Wight Bus and Coath Museum Limited is a privare company limited by guarantee and incorporated in England. The financial statemenis are presented in Sterling. which is the functional CulnCy of the charitable company. There 3fe no material uncertainties abotst the charity's ability to continue. Incomè Voluntary income Voluntary income 15 (Q6n15ed in the Staiement of Finaftcial ActNities once the charitable company ha5 entitlement to the funds. ri is probable that the income will be received and the amount can be measured reliably. For donations thls is generally upon receipt. Grants are recognised when unconditsonal entirment to the income is passed to the charitable companv. Where there are performance related terms aftd conditions that must be met before Ltntonditional entitlement passes to the charitable company. the income is recognised once it is highly probable ihat these will be met. Where no such conditions exisi the income is recognised when it is received. Charltable •nd other traditi8 •Oi¥ities Intome from trading attivities is 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 peri¢xl the membership relates to. Inv•stment income Interesi ieceivable is recognised over the pericJ it is acuued. Expèndlture Liabilities are recognised as expenditure as soon as thÈre is a legal or constructive obligation committing the charity to that expendiiure, it 15 probable that a transfer of etonornic benefits will be required in settlement and the amouni of the obligaiion can be measured reliably. Expenditure is accounied for on an accruals ba51S and has been classified under headings thai aggregate all cost related to the cate80ry. Where costs cannot be directly attributed to particular heading5 they have been allocated to artivities on a basis ¢onsistent with the use of resource5. Tan¥ibl fix•d a55ets Depreciation is provicled at the fdlowing annual rates in order to write off each asset over its estimated useful Fixtures and fittings IS% on reducing balance and IO% on cost The Trustees are of the opinion that the reydual value of the property owned would be greater than the inktial st and so no depreciation has been charged on the freehold property included in fixed assets. Page 9 continued..
ISLE OF WIGHT BUS & COACH MUSEUM UMITED NOTES TO THE FINANCIALSTATEMENTS- contlnued FOR THE YEAR ENDED 31 D£CEM8ER 2023 ACCOUNTING POLICIES- contlnued Tanglble fixed assets No depretiation has been thaiged on ihe 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 io only apprecFate in value. and the chariiy iniends io keep a full maintenance programme on eath vehicle in order to ensL•re that they are kept in their existin8 condition. All of the fixed assets are used in diiect furtherance of the charity's objectives. The tfustees consider that the buses are investment assets and have a value of over their cost of £68.57112022-. £68,571). Taxatlort The charity ts exempi from corporation tax on its charitable activities. Fund accountlng Unrestricted funds can be used in accordance with the charitable objectives ai the dlscretion of the trustees. Restricted fund5 can only be used for particular restricted purseS within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for partitular restrirted purposes. Further explanation of the nature and purpose of each hjnd is included in the notes to the financial ststement5. OTHER TRADING AcTrvmES 2023 2022 Sales 12.999 12,132 NET INCOMEIIEXPENDITUREI Net incomellexpenditurel is stated after Char81n{crediting>. 2023 2022 Depreciation- owned assets Deficit on disposal of fixed assets 4.924 198 5.073 Page 10 continued...
ISLE OF WIGHT BUS & COACH MUSEUM LIMITED NOTES TO ThE FINANCIAi STATEMENTS- tontlnued FOR THE YEAR ENDEO 310ECEMBER 2023 TRUSTEES. REMUNERATION AND BENEFIT5 There were no irustees. remuneration or other benefits for the year ended 31 Oecember 2023 ntsr for the year ended 31 December 2022. Twstèes. èxpens¢s There were no trustees expenses paid for in Ihe year ended 31 December 2023. The following ferry tosts incuned by the charity were reimbursed by trustees in 2023.. 8enjamin Bartram £618 12022.. £6831. Brian Dicks £45412022.. £3511. and Deiek Priddle £nil12022.. £1471. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTNMES Unrestricted funds Restrirted fund Total funds INCOME AND ENDOWMENTS FROM Donations and legacies 39.865 io.ioo 49.965 Charltablè actlvitles Running of the Bus Museum 42,366 42,366 Other trading activities Other income 12.132 3.547 12,132 3.547 Total 97.910 10,100 108,010 EXPENOITURE ON Raising funds 4.307 4.307 Charktable artivities Running of the Bus Museum 65.532 9,974 75.506 Total 69.839 9.974 79,813 NET INCOME Transfers between fvnds 28,071 1.626 126 11.6261 28.197 Net m0m•nt In funds 29,697 I1,5) 28,197 RECONcILON OF FUNDS Total fLtnds broughr forward 466.760 3,71JO 470.460 TOTAL FUNDS CARRIED FORWARO 496.457 2,200 498,657 The comparatives tor the statement of financial artivities are all in relatiL)n to Ltnfestricted fLtnds. Page 11 continued...
ISLE OF WIGHT 8US & COAQI MUSEUM IIMwfED NOTE5 TO THE FINAN STATEMENTS- continued FOR THE YEAR ENDED 31 DECEMBER 2023 TANGI8LE FIXED ASSErs Fixtures and fittings Freehold propertv Motor vehicles Totals C05T At I january 2023 Additions Disposals 304.261 44.312 3.714 12501 68,571 417.144 3.714 12501 At 310ecember 2023 304.261 47.776 68.571 420,608 oepRECIATION At l January 2023 Charge for year Eliminated on disposal 14.134 4.924 1521 14.134 4,924 1521 At 310ecember 2023 19.(t6 19.(lJ6 NET BOOK VALUE At 31 Oecembef 2023 304.261 28.770 68.571 401.602 At 31 December 2022 304.261 30.178 68.571 403,010 DEBTORS: Amoumfs FALLING DUE WIThIN ONE YEAR 2023 2022 Other debtors Prepayments 2,000 5.515 4.088 3.953 7.515 8.041 Page 12 continued...
ISLE OF WIGHT BUS & COACH MUSEUM LIMITED NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 DECEMBER 2023 CREDITORS.. AMOUNTS FALUNG DUE WITHIN ONE YEAR 2023 2022 Bank loans and overdrafts (see note 101 Accrued expenses 390 1.892 2.653 2.653 2.282 CREDITORS: AMOUNTS FAWNG DUE AFfEA MORE THAN ONE YEAR 2023 2022 8aftk loans Isee note 101 5,490 io. LOANS An analysrs of the maturity of loans is given below= 2023 2022 Amounts falling due within one year on demand.. Mortgage 390 Amounts fallin8 between one and two years.. Mortgage- 1-2 years 409 Amtyjnts falling due bÈtween two and five years". Mort8a8e- 2-5 years 1.349 Amounts falling due in more ihan five years= Aepayable by instalments= Mort8a8e more 5 yr 3,732 ii. SECURED DEBTS Page 13 continued...
ISLE OF WIGHT BUS & COACH MUSEUM LIMITED NOTES TO THE FINANCIAL STATEMENTS- ¢ontinu¢d FOR THE YEAR ENDED 31 DECEMBER 2023 12. MOVEMENT IN FUNDS Net movement in funds Transfers between funds At 31.12.23 At 1.1.23 Unrestrlrted funds General fvnd Property fttnd Fixed Assets 99.326 298.382 98.749 28.348 iii 15.1221 19.3641 5.880 3.849 118,310 304.261 97.476 496.457 23.225 365 520.047 Restridèd funds Restricted Fund 15561 13651 1,279 TOTAL FUNDS 498.657 22.669 521.326 Net movement in funds. included Én above are as follow5.' Incoming re50urees Resources expended Movement in fvnd5 Unrestrlrted funds General fund Property fund Fixed Assets 130.728 1102.3801 28.348 15.1221 15.1221 130.727 1107.5021 23.225 Restrlrted funds Restricted Fund 12.S561 15561 TOTAL FUNDS 132.727 1110.0581 22.669 Pa8¥ 14 eontinued...
ISLE OF WIGHT BUS & COACH MUSEUM LIMITED NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 DECEMBER 2023 12. MOVEMENT IN FUNOS- contlnued Comparatives for movemènt In funds Net vement in fvnds Transfer5 between fvnds At 31.12.22 Al 1.1.22 Unrèstrlrted lunds General fund Property fund Fixed Assets 73.834 298.074 94.8S2 33.143 17.6511 308 8.969 99,326 298,382 98.749 15.0721 466.7 28.071 1.626 496.457 Restrirted funds Restricted Fund 3,7C 126 {1.6261 2.2 TOTAL FUNDS 470.460 28.197 498.6S7 Comparative net movement in hjnds. included in the above are as follows-. Incoming resources Resources expended Movement in fund5 Unrestrlcted fvnds General fund Fixed Assets 97.909 164.7661 15,0731 33.143 15.0721 97.910 169.8391 28.071 Restrict funds Restricted Fund 10.1 19.9741 126 TOTAL FUNDS 108.010 179.8131 28.197 Page 15 continued.
ISLE OF WIGHT BUS & COACH MUSEUM LIMITED NOTES TOTHE FINANCIAL STATEMENTS- contlnu•d FOR THE YEAR ENDED 31 DECEMBER 2023 12. MOVEMENT IN FUNDS- cOnnutd A current year 12 months and prior year 12 months combined p051tion is as folbows.. Transfers between funds movement in funds At 31.12.23 At 1.1.22 UnréstrirtÈd lund5 General fund PropÈrty fund Fixed Assets 73.834 298,074 94.852 61.491 117,0151 6.188 12.818 118.310 304,261 97.476 110.1941 466.760 51.2% 1.991 520.047 R•strirted funds Restricted Fund 3.7WJ 14301 11.9911 1.279 TOTAL FUNDS 470.460 SO.866 521,326 A current year 12 months and prior year 12 months combined nei movement in funds. included In the above are as follows.. Incoming resources Re5oyrce5 expended Movement in funds Unrestrlrted funds General lund Property fund Fixed Assets 228.637 lil 1167,1461 61,491 iii 110.1941 110,1951 228,637 1177.3411 51.296 RÈstrlrted funds Restricted Fund 12.1(X) 112.5301 14301 TOTAL FUNDS 240.737 1189.8711 50.866 A•strld•d Funds During the pefiod. £1.2 of the fe5tricted funds held over from 2022 relatin8 to the Royal Pavilion and Museums grant has been expended and used on an organisation health check. £400 of the restricted funds held over from 2022 relating to the Co-op carbon neutral projert h45 been txpended on the garden. Restricted lunds Mainng at the end of the yeai cons$ of £679. which relate5 to the Royal Pavilion and Museums grant to be spend on an repairs which are required as a resuli of the flood suffered in the year and £6W held over from 2022 to be spent on the repainting of Brtstol MW18061. Page 16 continued...
ISLE OF WIGHT BUS & COACH MUSEUM LIMITED NOTES TO THE FINANCIAL STATEMENTS- cont5nued FOR THE YEAR ENDED 31 DECEMBER 2023 12. MOVEMENT IN FUNDS. conttnued Transfers between lunds Déslinated Funds: Property Fund The transfer of £5.880.12022- £3081 relatJ"ng to the ¥ale ol the property less any outstandin8 loans secured on the property wa5 transferred from the general fund to the desi8nated fvnd. This reflects the value of the 'loan repaid in the year from general funds. Fl¥ed Asset Fund The transfer of £3,849.12022- £8,969) re.aligns the value of the fund with the nei book value ol the fixtures an fittings and motof vehicles at the year end. Réstrirted Funds-. The transfer of £1365112022 . £1.6261 relates to fixed assets purchased using restricied funds which have been transferred into general use. ij. OTHER FINANCIAL COMM¥fMENTS As at 31 December 2023 the charity was Committed to expenses under non-¢an¢ellable operatlng leases of freehold property amounting to £4,091 due in less than one year. 14. RELATED PARTY DISCLOSURES The chartY has continued to make payments of £3.444 for the year wirhin the ierms of its lease agreement to Mr D Priddle. for the rental of a barn that ihe charity uses for ihe storage of vehicles. Mr Priddle ha5 been appointed a trustee during the year. Page 17
ISLE OF WIGHT BUS & COACH MUSEUM LIMITED OETAILeD STATEMENT OF FINANCIAL AcfiviTIES FOR THE YEAR ENDED JI DECEM8ER 2023 2023 2022 INCOME AND ENDOWMENTS l)onatlons and legad•$ Don•tion5 Gift aid Legacies Grants 33.2C6 5,298 35.075 2.79D 12.100 49.965 Othertradlng a¢tlvlttes Sales 12.999 12.132 Charlt•bk artivitles Admis0$ and tours Subscriptions 53.897 10.207 32.940 9.426 64.104 42.366 oiher Incom• Other income Interest recewed 5.280 340 3,543 5.620 3.547 Total Incomlng Msources 132,727 108.010 EXPENDFtURE Ra151ni donattons and l*¢¥lès Postage and statK)nery 5.630 1,930 oiher tradlng actl¥lil•s Purchases 9.704 2.377 Charlt•blè attfviti Rates and water Insurance Light and heat Telephone Advertising Sundries Carried forward 424 8.820 4.914 623 5,794 78 20.653 521 7.215 3,909 607 3.896 93 16.241 This page does t form part of the statutory financial statements Page 18
ISLE OF WIGHT BUS & COACH MUSEUM LIMITED DETAILED STATEMENT OF FINANCIAI AcfiviTIE5 FOR THE YEAR ENDED 31 DEceMBER 2023 2023 2022 Charltable a£tlvltl•s Brought forward Motor expenses Travelling Rent Repairs and renewals Events Fixtures and fittings Loss on sale of tangible fixed assets Mort6a8e interest 20,653 17,784 12,596 10.445 14.713 7.776 4,924 198 359 16,241 19.391 6.988 9,973 7,929 5.073 360 89,448 72,764 Support costs G0ManCe costs Attountancy leès Professional lees Substription5 1.830 3,133 313 1.476 1,054 212 5,276 2.742 Toial resources expended 110.058 79,813 Net Income 22.669 28.197 This pa8e does not form part of the statutory financial statements Page 19