REGISTERED COMPANY NUMBER: 04087762 (England and Wales) REGISTERED CHARITY NUMBER.. 1097347 REPORTOF THE TRusfEE5 AND U14AU(XTED FINANaALSTATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 ISLE OF WGTrrr Bus & COACH MUSEUM UMITED Bright Bnmn Limited Chartered Accountants Exchange House St. Cross Lane Newport Isle of Wi8ht P030 S8Z 1111 AE790540 211071202S COMPANIES HOUSE
ISLE QF WIGHY BUS & COACH MUSEUM LIMITED CONTENTS OF THE FINANOAL STATEMENTS FOR THE YEAR E14DED 31 DECEMBER 2024 egort of thtTrus¢ees 1 10 4 Independent Examtnerfs Report ststement of Finandal ArtbAties Balanc• Sheei Notes to the Financlal Slatements 9 to 17 Detsiled Ststement of Finan¢i•l Attivitios 18 to 19
ISLE OF WIGHT BUS4 COACH MUSEUM LIMITED IREGisf£RED NUMBER: 04LW762) REPORT OF THE TRIJSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 The trustees who are also dIrtOrS of the tharity for the purposes of the Companies Att 2CQ6. present their report with the financial statements ot the chariry forthe year ended 31 December 2024. The trustees have adopted the provisions of Accounting and Reporting by Charittes.. Statement of Recommended Practice applicable to tharities pparIng th•r account5 in accordance wtth the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffEcti¥e l January 20191. 08JECTIVES AND AcfMnES Obje¢tL¥Q5 of the Charitable company To advance public education by establishinR a permanent display of historic commercial and public carriage vehicles at a museum on the Isle of Wight. Whilst some of these ¥ehtcles act as static exhibits only. others are road le8313nd are regularly employed to carry passengers OA spe¢ial eveni days. Additionally for like purpose to promote a permanent pieservatlDTh ol all acquired historic cornmercial and public carTia8e vehicles and their related equipment, including iterns of general transport interest. especially where potential hi5tori¢ or scientific importance and educative values are involved. Rwi•w of the developm•nt and achievement ofthe dritable(OmPlnY It's been a very encouraging year on many fronts mainly down to the incredible numbers of houis worked by our devoted volunteers. Our visitor numbers have increased by an amazing 27%. compared with last year. Tht5 is at a tirne when many attractions have seen their numbers fall. We are also Erateful for the many generous donatioTrs reteNed. However we can afford to bé complacent. Unexpected challenges can ahvays confront us. Like any other charity. our main aim on the financial side is io cover our ever increasing overheads each year. We ilso hope that we can rnake an appropriate surplus based on our ttsrnover. This helps support the c05t of vehitle re5toratitsn projects and maintain both our regular running fieet along th our 1930's buslding. We are pleased to report. that for the second year runniw we have won the Silver Award for Best Small Attrartion in the Red Funnel IS of Wight Awards. based on votes cast. We also again achieved Trip AdM5er Travellers. Choice award. This refiects well on what we are achieving. Wi8htrider. our major annual event. hdd in October. is now in it5 third year and. supported by much fine weathEr, proved to be very successful, both financially and also as a visiiof 3ttrattion. The smaller May evenL Rydabus was also a gfeat succe5S. We must aayS be prepared to adapt and try out new idea5 in order to raise extra income. One such idea was a one day end of season event which we called 'Winteryder'. Luckily it proved to be very k)opular with many more visitors than we were expectin8. Bus trips were provided from within our own collectlon, whilst we were particularly pleased to attract a differeni type of audience. no doubt prompted by the stallholders. Santa's Grotto or listening to the'scottish Fiddlers,. Rather than IwJyin8 in prepared sandwiches we now hzve the fa(ilitie5 znd approval lo make our own. Wi8htrider was the First rnajor event wth our excellent café team continualty makin8 theirown to satisfy the strong demand. We are alway5 happy to host cornmunity groups and musical groups for no charge. Another remarkable athievement w35 our museum winnin8 fifsi priie in bthh Ryde CamNals. We had an impressive line up of five vehicles. Page I
ISLE OF WGHT BUS & COACH MUSEUM LIMITED IREGSSTERED NUMBER: 040877621 REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 OBJECTIVES AND ACllVITIES On the vehicle front. we are makin£ strong progress with the complete re5toratbon of our 19205 Daimler CK. We We s)art of a channel 5 program ors the Isle of Wight and the engine was shown running for the first time on this show. The restoration ol oui ex Southem Vectis Bristol K IJDL 40fleet number 7661 is pro8ressing well. After fully sounding out the market. our trustees have instructed a company to create a completely new comprehensive and cost effective webstte. By incorporating our database and websiie from the outset. this will save a significant amount of expense and will better future proof our infrastructure. Thiswill be a major step forwaid and. amongst other thing5, will increase our visitor numbets and pvomotè our professional image_ Following keenness from our front of house and café reams. we experimented with opening each Thursday and Sunday during November. However despite some success. the onset of colder we?ther in December made it impossible to continue and we decided to d05e Ulltil Easter 2025. We have had continued support from Ryde Town Council during the year with a grant to help with runnin8 Costs. We also ceived grants following our flood from the Isle ol Wight Council and Royal Pavilion and Museum Trust. With added financial support from members and the 8eneral public we were abk not onty repaif the flood damage of late 2023. but improve kitchen facilities to be able to reopen on time at Easter. The Trustee5 ale keen to become an accredited museum and wrk has continued to athieve this airn. Durin8 the yearTrnstee Jonathan Lamb stood down.. we thank him for hi5 considerable contribution to the Mu5eurn. The Trustees would like to thank all who have helped athieve w much in our nbneth year of opening in our own. r*ow loan free. freehold premise5. FINANCIAL REWEW Results for the financial year Total income for the year arnounted to £155.212023.. £132.7271 indudin8 £?.(l2023.. £2.0) ol restricted intome. Total e¥pendrfcure in the year amounied to £138,64212023.. EIIO,0581 including costs of raising fvnds of £29,979 12023.. £15,334) and costs of running the Bus Museum 01 £108.66312023.. £94.7241. Restricted expend((ure amouThted to £2.679 IZ023.. £2,556>. Unrestricted funds tarried fofward at the eThd of the year arnounted to £532.986. 12023.. £520,047) and restritted funds carrieé forward at the end of ihe year amounted to £5.6W12023.. £1.2791. Resetyes pollcv It is the policy of the tharttable company to maintain unre5trirted lunds. whith are the Iret serveS of the tharitable company, at a level whÈch equates to app¥oximatety six months untricted expenditure. This pfovides sufficient funds to cover governance and support ttjsts. In addition the charitable cornpany maintain5 additional unrestricted funds to enable the charity to acquire fvrther vehicles as they become available. Addttional furnds will be used to enhance the museum di5play5 etc. and allow the charty to invest in the collettion vthen the opportunity arises. The free unrestricted general funds of the thar¥ty amounted to £119.689, whith the Trustees consider adequate to meet the aims set out in thi5 policv. The Trustee5 may invest the funds of the tharrty as they see rrt. Page 2
ISLE OF WIGlff BUS & COACH MUSEUM LIMITED IREGISTEAED NUMBER: 040877621 REPORTOF THE TRUSTEE5 FOR THE YEAR ENDED al DECEMBER 2014 FUTURE PLANS As always. we have to strive to keep eosts down aThd revenue up and this will continue to be the focus for the Trustees. To this end we will continue to seek donations and in parti(ulaf exploit the conslderable scope to increase the participation of rnembers rather than use paid staff or contractors. We will continue with our policy of using volunteer staff. We wll continue work on our Oaimler CK. Work will continue to rebuild the body u5in8 as much of the original structure and fittings as possible. We will also be seeking grani lunding to help with the hi8h cost of thi5 projett. Thè restoration of our ex Southern Vertis Bristol K IJDL40 Iltet number 7661 wll continue. Trustees have allocated fund5 to ensure high quality restorations can be completed by our volunteers with Specialist work carried out as required. Funding has also been allocated next year for two professional repaint5. The Bedford SB. ODL 400 and Bristol FLF 611 ICDL479CI. have been stletted. We expect our newwebsite to go Iwe during the year and hope this will play its part in further growingvisitor numbers. With a wew to using all the space in the museum we will be installing z staircase so we can use the floor spate above the kitchen. Work will continue on our desi to achieve attredited museum status. and hope this Might be achieved by the end of 2025. sTRuvRE. GOVERNANCE AND MANAGEMENT Governinq d¢xumeni The charity is controlled by its 8overnin8 document. the melradUM and arricles of association. dated 11 October 2CKIO. Recruitment and appointment of new trustees A new tvustee may be appointed by a resolution of the trn5tees rÈcorded in the minutes and signed by the new trustee. and such record shall be conclusive evidence of his aPPtyhtmenL Risk management The trustees hève examined the major strategic. bu5ine55 and operational risks which the charitable comyany faces and confirm that SV5tems have been established to enable regular reports io be produced so that the necessary step5 can be taken to lessen these risks. REFERENCE AND ADMINISTrATIVE DETAI Relistered Company nurnber 04087?62 (England and Wales) Re$istered Charity number 1097347 fteglstered offi¢e The Bus Oepot Park Rtsad Ryde Isle ol Wieht P033 28E Page 3
ISLE OF WIGlff BUS & COACH MUSEUM LIMITED IRÉfj15TERED NUMBER: 040877621 AÉPORTOF THE TRUStEES FOR TrIÉ YEAR ENDED 31 DEC£mft 2024 Trystees R J Newman K Randle L G Robert5 8 8artram T Whelan G Brazier lappointed 13.1.251 T Wood D Priddle rsSEWinn Company Secretary B Woolven Independent Examiner Bri8ht Brown Limited Chartered AccoJntants Exchange House St. Cross Lane Newport Isle of WIRhl P030 $8Z Bankers Lloyds TS8 39 Union Street Ryde Isle of Wi8ht P033 2AB Thi5 report has been prepared in xcordance with the special F0VIsIOnS of Part IS of the Companies Act 2006 relating to small companies. [...S........&s. and signed on its behalf bv: Approved by ordèr of the tJard of trustees on.... D Priddle- Trustee Pa8e 4
INDEPENDENT EXAMINERS REPORT TOTHE TRUSTEESOF ISLE OF WIGHT BUS & COACH MUSEUM UMITED (REGISTERED NUMBER: 040877621 Independent ex•miner's to thetruste*s of Ssl•of Bu5 & Coach Museum Limited cOmnTIl I reporr to the charity trustees oft my examinaiion of the accounts of the Company for the year ended 31 December 2024. Responsibilities and basis of report As the Charity's trustees of the Company land also its directors for the purpose5 of company lawl you are responsible for the preparaiion of the accounts irn aceordance with the requirements of the Companies Act 20061'the 2006 Act'l. Ha¥7n8 sattsf1ed myself thèt 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 reporr in rEspect of my exèminètion of your charity's accounts as carried out under Section 145 of the Charities Act 2011 I'rhe 2011 Act'l. In cafrying out my examination I have followed the Direction5 given by thè Charity Commission under Section 14515) Ibl of the 2011 Act. Independent examiner's ststement I have completed rny exarninatioTh. I confirm tt no matters have corne to rny attention in connection with the eyamination giving me cause t4 believe.. accountin8 records were not kept in respett of the Company as required by 5eciion 386 of the 2006 Art,. or the accounts do not accord with those cecords.. or the account5 do not comply with the accounting requirements of Section 396 of the 2006 Act other than any reouirement that the accounts give a tme and fair view which is not a matter cofi5ided as part of an independent examination.. or the accounts have not been prepared in 3ccordaTh with the rnethods and principles of the Staternent of Recommended Prartice for accountin8 and reportin8 by charities (applicab to charities preparing their accounts in aCrdanCe with the Financial Reporting Slandard applicable in the UK Republic ol Ireland IFRS 10211. I have no concerns and have come auoss no other matters in connection with the examination to which attention should be drawn bn this report in orderto enable a proper undefstanding of the actounts io be reached. David Stevens Bright Brown Limited Chartered Accountants Exchange House St. Cross Lane Newport Isle of Wighi P030 58Z Date.. loz Page 5
ISLE OF WIGTrrf BU5 & COACH Museum UMITED STATEMENT OF FINANCIAL AcmimES FOR THE YEAR ENDÉD 31 OECEMBÉA 21)24 2024 Total funds 2023 Total funds Uniestrited funds Restricted fund Notes INCOME AND ENDOWMENTS FROM Donations and legaties 53,234 60.234 Charltable afthillies Runnin8 ofthe 8u5 Museum 87.048 87.048 64,104 Other tradin8 attivities Other intome 1.453 7.167 1.453 7.167 12,999 5,620 Totsl I8.12 7.oc 155,902 132.727 EXPENDITURE ON Raising funds 29,979 29.979 IS.334 Charitable artivitie5 Running of the 8us Museum 105.984 2.679 108.663 94.724 Total 135.%3 2.679 138.642 110.058 NET INCOME 12.939 4.321 17,260 22,669 RECONCILIATION OF FU14DS Total funds brought forward 520.047 L279 521.326 498.657 TOTAL FUNDS CARWED FORWARD 532.986 538.586 521,326 The notes form part of these finanoal statemenis Page 6
ISLE OF WIGHT BUS & COACH MUSEUM LI•AfTED {REGISTÉRÉD NUM8ER:1>10877621 LANCE SHEET 31 DECEMBER 2024 2024 Total funds 2023 Total funds Unrestricted funds Restrtcted fund Notes FIXED ASSETS Tangible assets 413.297 413.297 401.602 CURRENT ASSErs Stocks Debtors Cash at bank and in hand 1.02S 11.626 110.439 1.02S 11.626 116.039 7.515 114.862 I23.07 128,690 122,377 CREDITORS Amounts falling due within Me year 13.4011 13.4011 12.6531 NET CURRENT AS$ 119.689 125.289 119.724 TOTAL ASSEfs LESS CURRENT UABILMES 532.986 538.586 521,326 NET ASSETS 532.986 538.586 521,326 FUNDS Unrestricted funds Restricted funds li 532.986 520,047 1.279 TOTAL FUNDS 538.586 521,326 The Iharitsble company 15 entitled to exemption from audit under Section 477 of the Companies Art 20(% lor the year ended 31 December 2024. The members have not required the cornpan¥ to obtain an audil of it5 financial statements for the year ended 31 t>ecember 2024 in accordance with Section 476 of the Companies Aci 2C¥ The trustees acknowledge their re5pon5ibilities for ensuring that the charltable cornpany keep5 accounting record5 Ihat comply with Secttons 386 and 387 of the Companies Att 2CK)S and preparing financial statements which a true and fair view of the state of affairs of ihe tharitable company as at the end of each financial year and ol its surplus or deficit for eath financial year in accordance with the requirements of Sertiofts 394 and 395 and which otherwise comply with ihe requirerT*nts of the Companies Act 21Y)6 relating to financial statements, so far as applicable to the charitable company. The notes form part of these financial statements Page 7 continued...
ISLE OF WIGHT BUS & COACH MUSEUM LIPAIYED {REGisfERED hlUMBER.. 04087762) BALANCE SHEEf- continued 31 DECEMBER 2024 These financial statements have been prepared in xcordance with the provisions applicable to charitable companies subjett ¢0 the small companies regirne. The financial statements were approved by the Board of Tru5tee5 and aUth¢y for issue on and were signed on its behalf by.. D Piiddle-T¥ustee RIJN n- Trusie The notes form part of these finanoal statements Pa8e 8
ISLE OF WIGHT BU5 & COACH MUSEUM LIMITED NOTES TO THE FINANaALSTATEME14TS FOR THE YEAR ENDED 31 DECE•ABER 20Z4 ACCOUNTING POUCIES asi5 of preparin8 the financial statements The financial statements of the charitable companyi whith is a public benefit entity under FRS 102. have been prepared in accordance wilh the Chaflties SORP IFRS 1021 'AOuntIng and Reporting by Charities." Statement of Recommended Practice applicable to charities preparin8 their account5 in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffettNe I lanuary 20191,, Financial Reporting Standard 102 'The Financial ReportinR Siand3rd applicable in the UK and Republic of Ireland, and the Companies Act 2Q)6. The financial statements have been prepared under the histortcal cost convention. The Isle of Wight 8us and Coach Museum knmiied is a pri¥aie wmpany limited by guarantee and incorporated in England. The finanual statements are presented in Sterlin& which is the functional currency of the charitable company. There are no material uncertainties about the charity's ability to continue_ Inmm Voluntary income Voluntary iA¢ome is recognised in the Ststement of Finala1 Activities once the charitable eornpany has entitlement to the funds. it is probable thatthe income 11 be receNed and the amount can be measured reliably. For donations thbs is generally upon receipt. Grants are TecognisY when unconditional entitlement to the income is passed to the charitable company. Where th are pertormance related terms and condttions that must be met before unconditional entitlement passes to the charitable company. the income reco8nised once it is highly probable that these will be mei. Where no such conditlOn5 exist the income 15 recognised when it 15 received. Charitable and othertrzding artlvlties Income from trading activities i5 fEcognised net of VAT and all other sale5 taxes when the goods are delivered or semces are prowded. Membership income is reco8nised even over the period the meMbehIp relates to. Investm*nt incorne Interest receivaNe is reccgnised o¥ef the period it is accrued. Expenditure tsabilities are recognised as expenditure as soon as there is a legal or constructive obli8atioTr comrnitting the tharity to ihat expelldituie, it is probable that a transfer of econornic benefit5 will be re4uired 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 headin8$ that a8gre8ate all cost related to the (ate80ry. Where costs cannot be directlv attributed to particular headings they have been allocated to artivitie5 on a basis consistent with the use of resources. Tangible fixéd assets Depreciation is provided at the fcAlowingannual rates in ¢yder to write off each a55et over it5 estimated useful life. Fixtu5 and fttln 15% on reducrn8 balan aftd IO%on cost Pa8e 9 continued...
15LE OF WIGHT BUS& COACH MUSEUM UMITED NOTESTO THE FINANCIALsfATEMENTS- eontinued FOR THE YEAR ENDED 310ECEMBER 2024 ACCOUNTING pouaE5- ¢oDtinued Tan¢iNe filed assets The TrLJStees are of ihe opinion that the residual value of the property owned would be Rreatsr than the initial cost and 50 no depreciation has been charBed on thefreehokl property included in fixed assets. No depreciation has been chargefl on the motor vehides included iTh fixed assets. Due to the unique nature of the moior vehides. the trustees are of the opinion that these assets are expected to only appreciate in value. and the charity intend5 to keep a lull maintenance programme on each vehicle in order to ensure that they are kept in their exlsting condition_ All of ihe fixed assets are vsed in dKect furtherance of the tharity's objectNes. The trustees consider that the buse5 are investment assers and have a value of overtheirtost of £68.57112023.. £68.5711. Stocks Stocks are valued at the lower of cost and net reall5ab value. after makin8 due allowan for obsolete and slow movin8 irems. r•Jt•tioii The charity 15 exempt from corporation tax on it5 tharitable activit5. Fund actountinz Unrestricted funds cart be used in accordanwith the charitable objectNe5 at the discretion of the tru5tee5. Restrirted fvnds tan onty be used for particular $ted purposes wthin the objects ol 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 eath fvnd is included in the notes to the financial statements. OTHÉR TRADINfj AcrivrnES 2024 2023 Salè5 1.453 12.999 Pa8e 10 continued...
ISLE OF WIGHT BUS & COACH MUSEUM LIMITED NOTES TOTHE FINANaAL STATEMEP4TS- ¢oniinued FOR THE YEAR ENDED 31 DECEMBER 2024 INCOMEIIEXPENorruREI Net in¢ome/lexpenditurel is stated afterthar8inyj1cItingI= 2024 2023 Depreciation- owned assets Defiot on disposal of fixed assets 4.924 198 TRVSTEES. REMUNERATION AND BENEFrrs There were no trustees. MuneratIon or other benefits for the year ended 31 December 2024 nor for the year ended 31 Decernber 2023. Trustees. expenses There were no trustees expenses paid tor in the year ended 31 December 2024. The followin8 ferry costs irbcuired by ihe charity We reimbursed by trustees in 2024.. Benjamin Bartram £447 12023-. É6181. Brian Dicks £65612023: £4541. and Leo Roberts £7412023: £nill. COMPARATIVES FOR THE STATEMENT OF FINANaALAcnvrriES Unrestricted lunds Rèstritted fund Total funds INCOME AND ENDOWMEP4TS FROM Donations and le8acie5 Charitsble activities Runnin8 ofthe Bus Museum 64,ILM 64,104 Other trading activitie5 Other income 12.999 5,620 12,999 5,620 Totsl 130.727 2,OC 132.727 expENDITURE ON Raising fund5 15.334 15.334 Charitable artivltie5 Running of the Bus Museum 92.168 1556 94.724 Total 107.502 2.556 110,058 NET INCOMEIIEXPENDfTUREI 23.225 15561 22,669 Pagè 11 continued...
ISLE OF WIGHT BUS S COACH MUSEUM LIMITED NOTES TO THE FINANaAL STATEMENTS. Wined FOR THE VEAR ENDED 31 DECEMBER 2024 COMPARATIVES FOR THE ATEMENT0F ANANOALACTMTIES- continued Unrestricied fund5 Restricted fund Total lunds Transfers between funds 365 136SI Net movement in lunds 23.59¥) 19211 22.669 RECONCIUATION OF FUNDS Total fvnds brought forward 496.457 2.200 498.657 TOTAL FUNDS CARRIED FORWARD 520.047 1.279 521.326 The comparatwes for the ststement of ffinancial actwities are all IA latiOn to unstrIrted funds. TANfjIBLE FIXED A55Efs FFXtures and littin85 Freehold property Motor vehicles Totals COST At l January 2024 Addttions 304.261 47.776 IB.735 68.571 420,608 18.735 At 31 ember 2024 304.261 66.511 68.571 439.343 DEPRECIAnON At l January 2Q24 Charge loi year 19.006 I9.6 At 31 December 2024 26,046 26,046 NET BOOK VALUE At 31 December 2024 304.261 40.465 68,571 413,297 At 31 December 2023 304.261 28.770 68.571 401.602 PaÉe 12 continued...
IS(E OF WIGHTBUS & COACH MUSEUM LIMITED NOTES TO THE FINANCIAL STATEMENTS- Continued FOR TrIE YEAR ENDEO 310ECEM6EA 2024 srocKS 2024 2023 Stocks 1.025 DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Other debtors Prepayment5 S.212 6.414 2.OQ) 5,515 11.626 7.S15 CREDITORS: AMOUNTS FAWNG DUE WtrHIN OP4E YEAR 2024 2023 Other creditors Accrued expenses i.ioo 2.301 2.653 3.401 2,653 io. SECURED DEBTS ii. MOVEME14T IN FUNDS Net movement in funds Transfers between funds At 31.12.Z4 At 1.1.24 Unrestrirted funds General fund Property fund Fixed A$5ets 118.310 304.261 97.476 19.979 118.6001 119,689 304.261 109.036 17.0401 18.600 520.047 12.939 S32.986 Resiri¢ted fvnds Restricted Fund 1,279 4.321 TOTAL FV14DS 521,326 17.260 538,586 Page 13 continued...
ISLE OF WIGHT BUS & COACH MUSEUM UMITED NOTES TO THE FINANaAL sfATEMEN7S- ContUed FOR THE YEAR ENDED 31 DECEM8ER 2024 ii. MOVEMENT IN FUNOS- cltInUed movement in funds. induded in the above are a5 follow5-. Incomin8 fe50urces Resources expended Movement in funds Unrertricted fvnds General fund Fixed Assets I48.2 1128.9231 17.0401 J9,979 17.0401 148. 1135.9631 12.939 Restri¢ted fund5 Restricted Fund 12.6791 4.321 TOTAL FUNDS 155,9)2 1138,6421 17.260 Comparatives for mo¥efflent in fvnds Net rnovement in funds Transfers between fvnds At 31.12.23 At 1.1.23 UnstrIcted fvnds General fund Property fund Fixed Assers 99.326 298.382 98.749 28.348 iii IS.1221 19.3641 5,880 3,849 118.310 304,26J 97.476 496.457 23.225 36S 520.047 Restricted funds Restrirted Fund 15561 13651 1.279 TOTAL FUN05 498.657 22.669 521.326 Page 14 continued...
15LE OF WIGHT BUS & COACH MUSEUM UMITED NOTES TO THE FINANCIALSTATEMEIITS- ¢onthiued FOR THE YEAR ENDED 31 DECEMBER ZOZ4 ii. MOVEMENT IN FUNDS- coAtlnued COryarative net movement in funds. indvded in the above are as follows". Intomin8 resources Resources expended Movement in funds Unrertri¢ted fvnds General fLtnd Pfoperty fund Fixed Assets 130.728 1102.3801 28.348 15.1221 15.1221 130.727 1107.5021 23.225 Restrlcted funds Restritted Fund 12.5561 15561 TOTAL FIJNDS 132.727 1110.0581 22.669 A current year 12 Months and prioryear 12 monlhs Lombined position a5 follows." Net movement in funds Transfer5 between funds At 31.12.24 At 1.1.23 Unrtstrfrted ld$ General fund Property fund Fixed Assets 99.326 298,382 98.749 48.327 127.9641 S,880 22.449 119,689 304,261 109.036 112.1621 496.457 36.164 365 532.986 Restrlrted fvnd5 Restricted Fund 3.765 13651 5.600 TOTAL FUNOS 498.657 39,929 538,586 Pa8e 15 continued...
ISLE OF WIGHT BUS & COACH MUSEUM LIMITEO NOTESTO THE FINANaAL STATEMENTS- Continued FOR THE YÉAR ENOEO 31 OECEM6ER 2024 ii. MOVEMENT IN FUNDS- continued A curreni year 12 months and prior year 12 months cwbined net movement in lunds. induded in the above are as follows.. Intomw resources Resources expended Movement in funds Unrestrirted fvnds General fund Property fund Fixed Assets 279.630 1231.3031 48.327 112,1621 112.1621 279.629 1243,4651 36,164 Restricted funds Re5tricred Fund 15.2351 3.765 TOTAL FUNDS 288.629 I248.7[} 39.929 Restrltted Funds During the period, £l.CKL) relatin8 to educaiional 8iani from the Isle of Wight Council has been expended and used on new flgoring for our educational room. £1,1 relatin8 to a grani from Royal Pavilion has been spent on replacin8 the floor in the ladies and disabled toilets Restricted lunds remaining at the end of the year con5i5ts of £600 held over from 2022 to be spent on the repaintin8 of Bristol MW18061 and £S.ocKI for reslorin8 the Mercede5 Midi Coach. Transfers between funds OesiBnated Funds: Property Fuftd The transfer ol Nil12023 £5.8801 relating to the value of the property less any outstandin8 loans secured on the property was transferred from the 8eneral fvnd to the desi8nated fvnd. Th¢s reflett5 the value of the loan repaid in the year frorn general funds. Fixed Asset Fund The transfer 01 £18.600.12023- £3.8491 rtraligns the value of the fund with the Thet bk vahTre of the hxturè5 and fitt¢n85 and moior vehicles at the year end. Restritted Funds: The transfer of NÉI 12023 £3651 relates to lixed assets wrchased using restricted funds whith have been transferred into 8eneral use. Page 16 coniinued...
ISLE OF WIGHT BUS & COACH MVSEUM LIMifED NOTES TO THE F114AP4CIAI STATEMENT5_ continued FOR THE YEAR ENDED 31 DECEMBER 2024 OThER FINANOAL COMMffMÉNTS As at 31 December 2024 ihe Iharity was committetl to expenses under nOn-CanlIable operating leases of freehold pvoperty amounting to £8.778 due in le5$ than one year. £18.313 due in two to five year5 and £3,782 due in more than five years. 13. RÉLATED PARTY DSCLOSURES The charity has continued to make paymehis of £3.444 for the year within the tems ol its lease agement to Mr D Priddle. for the rental of a bèrn thai the charty uses for the storage of vehicles. Mr Priddle has been appointed a trustee duringthe year. Page 17
15LE OF WIGHT BUS & COACH MUSEUM UMITED DETLED STATEMENT OF FINANCIAL AcriviriES FOR THE YEAR ENOEO 31 DECEMBER 2024 2024 2023 INCOME AND ENLYOWMENTS Oonation5 and leg3(ies Donations Gift aid Legacies GraThts 42,887 5.212 io.oc 2,135 33,206 5,298 8.500 60.234 50.CQ4 Other tradinl attiyltles Sales 1.4S3 12.999 Charitable artlvities Admissions and tours Subscriptions 78.547 8.501 53.897 10,207 87,1)48 64,104 Other Incomè Other intome Interest received 5,825 1.342 5.280 340 7.167 5.620 Totsl Incoming resour¢es 155.902 132,727 EXPENDITURE Rakslnl donatlons and le¢{e$ Postsge and stationery 7.362 5.630 Other tradlng aahitles Purchases Closing stock 23.642 11.0251 22.617 9,704 Charitable artivlties Rate5 and water Carried forward 35S 355 424 424 This page does n¢X fom part ofthe statutLwyffinancial statements Page 18
ISLE OF WIGHT BUS & COACH MUSEUM LIMITED DETAILED STATEMENT OF FINANCIAL ACTivrfiES FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Charitabfe artiwties Brought forward Insurante Light and heat Telephone Advert15in8 Sundries Motor expenses Travellin8 Rent Repair5 and renewals Event5 Fixtures and ftttlll85 Loss on sale of tangible fixed assets Mortgage interest 355 9,229 6.242 779 4.035 179 23.282 12.336 11,473 24.S78 5.945 7,Otl0 424 8.820 4.914 623 5,794 78 17,784 12,596 10,445 14,713 7.776 4,924 198 359 105.473 89,448 Support cosis Governance r05ts Actountancy fees Professional fees Subscripti5 1.5 1.830 3,133 313 3.190 5,276 Toial resources expended 138.642 110,OS8 Ntt income 17,260 22,669 This page does not form part gf the statutory financial statements Page 19