Charlty reglstratlon n umber 1101785 Company reglstratlon number 04017910 (England and Wales) ONLINE TRANSPORT ARCHIVE LIMITED Annual report and unauditsd financial statements For the year ended 30 June 2024
ONLINE TRANSPORT ARCHIVE LIMITED Legal and administrative information Trustees MrT G F8rris Mr J G Green Mr F E M Jenklns Mr K R Mccormack Dr C C Roberts MsCGSalt Mr N J Sturgess Mr M P Waller Mr PA Mltehead Secretsry Mr M P Waller Charlty number 1101785 Company number 04017910 Prlnclpal address 25 Monkmoor Road Shrewsbury Shropshire SY2 SAG Reg istered office 25 Monkmoor Road Shrewsbury Shropshire SY2 SAG Independent •xarnlner Cadwallader & Co LLP Eagle Hous8 26 Severn Street Welshpool Powys SY217AD
ONLINE TRANSPORT ARCHIVE LIMITED Contents Page Trustees report Indep8ndent examin8fs report Statement of financial activities Balan sheet Notes to the financial statements 9-15
ONLINE TRANSPORT ARCHIVE LIMITED Trustsas report (including directors. report) For the year ended 30 June 2024 The trustees present their annual report and financial statements for the year ended 30 June 2024. The financial statements have been prepared in accordan with the accounting pollcies set out In note 1 to the financial statements and comply with the Companles Act 2006 and "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). Objectlves and activltles The principal activity of the company during the year continued to be the archiving and preservation of transport related film, video and photographlc material. Since tts formation in 2001 Online Transport Archive (OTA) continues to make progress with the arthiving and preservation of transport-related film and photographic material. It has become a valuable resource for authors and publishers in the transport field. Since January 2004, the company has been registered as a charty. It5 Stated object, as registered with the Charity Commissioners. is" -to advan the education of the public. particularly but not exclusively, in the history of railway, tramway, road, air and water transport through the collection of film, colour slides. photographic negatiV8s and prints, videotape. electronlc images in all formats and other artefacts., Its activities can be summarised as: care and administration of transport-related film and photograph collections conservation work relating to these collections assistance to bona fide aLrthorslres8archers in thls field availability of the Archive to bona fide publishers thereby ensuring that the co118Ctions are made available to the public at large Publlc beneflt The trustees have reviewed the objects, goals, services and ot¥'e¢tives of the charlty in the light of Public Beneflt requirement and oan confirm that the OTA serves the public benefrt. Thls annual report includes evidence as to how the chanty strives to meet needs. The trustee8 confirm that they have complied wlth the requirements of section 4 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Ccfnmission for England and Wales. The charity fulfills its obligations through a number of avenues.. It provides a safe and secure environment for the preservation of a worfd class collectlon of historical material this ensuring its availability for future generations-, It creates opportunities for people to volunteer their services to assist in the charity's work on catsloguing and conserving the collection., It makes material available free of charges to other charits'es and not for profit organisations in order to enable them to improve the information that they can offer those interested in their projects Bona Fide researchers are welcorne to the offices in order to undertake research on transport and social history Content is made available and discussion engendered through an active social media profile . Through links to other organisations, such as the Land Transport Archive NeOrk, it shares experien and knedge with other organisations involved in the consenfation of historic records
ONLINE TRANSPORT ARCHIVE LIMITED Trustses report (includlng directors, report) (continued) For the year ended 30 June 2024 Achlevements and perfomiance The OTA'S involvement in the authoring of transport titles has continued in the year under review as has the provision of images to third-paty authors and publishers. Amongst publications that have featured images from the collection are: Railways of Bradford and Leeds (Pen & Sword), KehleY & Worth Valley Railway {Pen & Sword). Lost Tramways of Devon and Comwall (Graffeg). Lost Tramways of Manchester North (Graffeg). Lost Tramways ol Manchester South (Graffeg). Trolleybuses of West Centrdl London (Adam Gordon), Tramway Review (LRTA), Southem Way 61 (Crecy), Southem bvay 62 (Crecy). Soulhem Way 63 {Crecy). Bachmann Collectots, Magazine (Bachmann). Canals in the 1950s-1970s (Canal Book Shop), The London V3s (Unique Books). Settle & Carfisle.. The Post-war Years {Unique Books), Railways Remembered.. North-East England {Crecy). Backtrack (Atlantic Publishing), RM70 - Seventy Years of a London Icon {Amberley), Watenvays Worfd (INW Magazines), Great Westem Branch Line Gallery (Pen & Sword). Railways RememberBd." North-East England (Crecy), Railways Renmbered.. The Westem Region - Thames V811ey and South Midlands (Crecy) and Town and City Buses {Capital Transport). The previous year's account5 (for 2022123) showed the impact of the significant bequest received from the estst8 from the late Arthur Weise. The £630.000 was received towards the end of the financial year and so ts arrival initially increased the OTA'S reserves. The Directors agreed that the bulk of the money received shculd be invested to support the OTA'S long-term aims of acquiring tts own property to ensure the security of the collection. There remains a small sum held by the solicitors pending any posslble claim for tsxation from the HMRC. it had been hoped that the residual amount would be passed to the OTA durin9 the 2023124 financial year. However, this was not the case and it is now hoped that the sum will be received during the 2024125 financial year. Over the past three years, slnce Arthur Weise's death, the Directors have been fomiulating a policy for the purchase of a property. As report8d in last year's annual report the OTA'S ambition is to acquire Its own pramises and, during the year, considerable efforts have gone into the search for suitsble accommodation. Various buildings and projects have been examined but. sadly none as yet has proved ideal. The charity recognises that it requires a warehouse unit of about 3,000 square feet with sufficient height either to install a mezzanine floor or to maximise the intem81 racking within a climate-controlled 'pod'. We are grateful to The Bus Archrve for the demonstration of their new facilities at Drorlwich, which demonstrated what could be achieved and is an excellent exemplar of vthat the OTA aspires for its own collection. Sadly, those units within the selected area of about 3,000 square ft seem only to be available on a short-term lease, [ch is inapproprtate for the investment required in fitting out the space with the racking systems etc. There are developments where the developer is prepared to offer either freehold or very long {999-year) leases, which would be ideal, but, unfortunately. none of these new build properties had accommodation of less than 5,000 5qU8re feet which is greater than the OTA required or could afft)rd. More rently, the agent for one of these developments has intimated that a Spa of about 3,000 square feet may be available: if that is the G9se, then it is hoped that the 2024125 financial year will see more substantial progress towards the completion of the first phase - the purchase- of a suitable building for the OTA'S purposes. Stripping out the bequest, the income for 2023124 (£35,722) was higher than in 2022123 (£20,507) with an increase in income from gifts and donations a5 VRII as frorn the licensing of images,. the latter was also higher than in the previous year. Wth a number of new publiGations either published or commissioned ti is anticipated that the revenue from the use of images will increase in future years. The Trustees are also actively seeking channels by which the Increasing amount of digrtised film can be brought to a wider audien. The sale of digital images through thetransportlibrary.co.uk c¢Mtinues to prove benefiaal. The bequest and increase in interest rates over the year have resulted in a large increase in interest received" this will also benefit the income likety in the 2024r25 financial year. In temis of expenditure. there was also an increase over the sums expended In the previous year from £27,815 to £30,894. The major area of expenditure Is the cost of the premises occupied. expenditure in this area - primarlly as a result of having established leases - is largely unchanged. Expenditure on archival material and on the transfer of the film collection to a digital format was higher than in 2022123. In addition the Trustees authorised the purchase of additional high capacty NAS drives for the storage of scanned Images and dlgitised films. As reported at the AGM of 11 November 2023, the Board has tsken the declsion to revise its depreciation pollcy. The af0mentioned NAS drives are being depreciated over three years, in line with many companies, policies, and this will be applied to future IT haroware purchases.
ONLINE TRANSPORT ARCHIVE LIMITED Trustses report (including directors. report) (continued) For the year ended 30 June 2024 There was also an increase in expenditure in the cost of accountancy and professional fees, partly resulting from the Trustees, decision to seek advice on the possibilty of registering for VAT. Some of the £10,000 from the bequest transferred to 5UPPOrt the digital transfer work remained unspent at the end of the 2022123 financia year but was expended during the first few months of the 2023124 financial year. The overall result was a surplus for the 2023r24 finanaal year of £4,155- this is inevitably a signfficant dedine in the result than in the previous year when the company made a surplus of £822,692 but this was skewed by the receipt of the £630.000 bequest from the estate of the late Arthur Weise during the 2022123 financial year. The Trustees anticipate a modest surplus for the 2024125 financial year with income remaining at a more normal level and expenditure staying fairly consistent. Overall, the Archive rernains in a healthy financtal position because of its reserves.Corporate governance is provided through a Board of Directors m05t of whom have standing in the world of transport heritage, photography and film making. The Board has continued to ensure that fInanS have been managed on a prudent basis. The Directors each take an adive role in furthering the company's aims and they are actively assisted in this by a number of members. During 2023124 the Archive received further important film and photographlc donations and collect10nrnat8na[S. Notable amongst these have been historically importanl collections (or parts of collections) from Bill Alborough, Chris Bennett, Barry Cross, Brian G. Dutton. Martin Eady. Peter Grace, Ivor Harding, Geofftey Heywo(xl. Marts'n James, Martin Jenkins, Peter Johnson, Glynn Parry, Vemon Parry. Alan PrythercFFEvans, Bill Ryan, rim Stubbs and John Symons. The number of enquiri88 relating to future deposit of collections continues to increase notably. In th8 same period material from collections held by the OTA has been published in a number of transport-related magazines and books, wrth material being requested from sever81 publishers and other bodies. The two premises currently occupied by the OTA offer secure and attractive working environm8nts and. as a result. It has proved possible to undertake a considerable amount of conservation work on various collections. The work undertaken over the year in transferring collections to low-acid storage boxes has had th6 benefit both of making many of the collections more accessible - aiding the pr¢xess of scanning and cataloguing - whilst also optimising the space available In order to accommodate the new collections that have been passed to the OTA over the past 12 months. This process is ongoing as the number of collectlons either held by, or offered to, th8 OTA continues to grow. The OTA has continued to benefit during the year from close connections with other archives and from advice from the National Archives. The contractual arrangement with thetransportlibrary.co.uk ha5 continued and. as more Images are uploaded to their site, rt generates increasing income for The OTA as well a5 making more images available to a wider audience. The OTA'S own website continues to generate interest. Alongside this, the OTA maintains a social media presence through Facebook and the selective use of images on this has geneted further interest; the Facebook page is currently updated three times a week. The number of unsolicited requests for the OTA to become custodians of collections is testament to its greater visibility. The OTA also issues a newsletter three times a year- this is distributed to a small number by FM)St and to an increasingly number by email. The newsletter provides infomiation on the OTA'5 activities and also profiles individuals whose collections now form part of the OTA collection. The lease5 on the current premises continue until December 2024 (Roy Fletcher Centre) and June 2027 (The Wightman Building). The expectation is that the former will be automatically renewed for a further three years. The OTA is making good progr8ss and has worked hard to ensure effective storage of its collections, whilst continuing to work hard lo make material available to the errthusiast community. Flnanclal revlew Going conc8m After making appropriate enquiries, the Directors have a reasonable expectation that the Company has adequate resources to continue in operatlon81 existence for the foreseeable future. The company's reserves, at the end of the financial year, stood at £656,437, largely as a result of a slgnificant lequest rec8ived during the previous financial year from the estate of the late Arthur Weise.
ONLINE TRANSPORT ARCHIVE LIMITED Trustses report (including directors. report) (continued) For the year ended 30 June 2024 ReseNes policy 1. Vthilst the prime aim of the OTA is to meet its charitable objectives. the Trustees. having revIevd the risks to which the OTA 15 exposed. are of the opinion that the charity could incur unexpected and unbudgeted costs. 2. As a result, the Trustees have resolved to establish reserves both to ensure against unexpected k)ss of income. and to provide for future activiti'es. not least being the development of the OTA'S plans for a secure. environmentally controlled site in which to accommodate its collection. This building - part of a two centre approach by the charity (the other being a town centre Offi that will ad as a portal to the colleXion in order to engage with the community and provide acc8SS to the colledion). 3. The OTA notes th8 Charity Commission's recommendats'ons about the usual level of reserves. these should be generally about three times the level of expenditure on an annual basis 8xduding exceptional circumstances. The OTA'S nonnal running expenses are circa £20,000 per annum and so, having noted the Charlty Commission's guidance, the OTA'S reserves should be exduding extraordinary circumstances about £60.000. 4. The OTA'S plans for the development of the Iwo sites - the secure dimate controlled storage facility and the town centre portal - viill mean tha( as funds are ratsed to support the work {vthich is estimated to cost in all over a perlod of tlme beten £1.Smillion and £2million), the level of r8serves will inevltably exceed the recommended level over the short to medium temi. 5. The costs of Iransferring the collection into archfval standard low acid storage boxes is recognised by the Twstees as being an essential part of ensuring the long-tenn survival of the collection and essential to the storage of the collectlon once the climate controlled warehouse facility is completed. To this end, the Trustees have approved the use of the interest generated from the reserves to fvnd the purchase of these low acid storage boxes as and when required. 6. The Trustees will review this policy at least annually, nomially after the Annual General Meeting has approved the OTAS accounts. to review the £60,000 resetve and to confirm whether that target is still an appropriate figure. The Trustees will minute any decision to retain the policy as it currently is. in order to demonstrate that it has carried out the review. structure. govemance and management The OTA is a charitable company limited by guarantee incorporated in 2001 and registered as a charity on 2004 The Charitys Memorandum of Association sets oirt its objects and pOVr5 and its Articles of Association sets out its governance. In the event of the Company being wound up members are required to contribute £10. The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of srgnature of the financi81 ststements were: MrT G Ferrls Mr J G Green Mr F E M Jenkins Mr K R Mccomiack Dr C C Roberts MsCGSalt Mr N J Sturgess Mr M P Waller Mr P A Whitehead R6crultmont and appolntment of trustees The directors of the company are also the charity trustees for the purpos88 of charity law and under the company's Artides are known as Trustees. All twsteesldirectors are elected at the AGM and hold the role for three years. At the end of each three-year period, each trusteeldirector can be r8418Ct8d for a further three-year period. A new trusteel director can be appointed by the existing Board during the course of the year but each new co-opted trusteeldlrector must be confirmed in his or her position at the first avai18bleAGM after his or her co-opts'on.
ONLINE TRANSPORT ARCHIVE LIMITED Trustses report (including directors, report) (continued) For the year ended 30 June 2024 Organisational Structure The Trust888 meet a minimum of six times per year and are responsible for strategic direction and policy. Day to day operatlonal management of the charity is handled by the Chairman, Tr8a8urer and Secretary. The OTA has no paid employees. Inductlon and tralning of trusteès All the Trustees have an interest in andlor are already involved in charitieslvoluntary organisations. They are therefore familiar with the roles, funding, management and regulation of charities. On appointmenuelection new Trustees are given a briefing by the Chaimian and recerve a set of briefing papers as detailed in the charity's protocols. The trustees report was approved by the Board of Trustees. Roberts Trustee 2 November 2024
ONLINE TRANSPORT ARCHIVE LIMITED Independent examiner's report TO THE TRUSTEES OF ONLINE TRANSPORT ARCHIVE LIMITED I report to the trustees on my examination of the financial statements of Online Transport Archive Limtted (the charity) for the year ended 30 June 2024. Responslbllltles and basis of rnport As the trustees of the charity (and also its directors for the purFrf)ses of company law) you are responsrble for the preparation of the financial ststements in accordance with the requirements of the Companies Act 201 (the 201 Act). Having satisfied myself that the financial statements of the charity are not required to be audited urKler Part 16 of the 2006 Act and are eligible for independent examination. I report in respect of my examination of the charitls financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Dir*ions given by the Charity Commission under section 145(5)<b} of the 2011 Act. Independent examlnerfs statement I have completed my examination. I confimi that no matters have come to my attentlon in connection with the examination giving me cause to belleve that In any material respect: accountirrfJ records were not kept in respect of the charity as required by sectlon 386 of the 2006 Act. or the financial ststements do not accord with those records" or the financial statements do not comply wlth 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 examlnatlon; or 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 charFties preparing their accounts in accordance wlth the Financial Reporting Standard applicable In the UK arKI Republic of Ireland (FRS 102). I have no ¢x)ncems and have Come across no other matters In connectlon with the examination to which attention should be draTr in this rew)rt ' rder to enable a proper understanding of the financial statements to be reached. MJ CadwalladerACA for and on behalf of Cadwallader & Co LLP Eagle House 25 Sevem Street WelshpoDI Powys SY217AD Dated.. 10 January 2025
ONLINE TRANSPORT ARCHIVE LIMITED Statsment of financial activities Including income and expenditure account For the year ended 30 June 2024 Unrestrlcted Unrestricted funds funds 2024 2023 Notes Income from: Donations and legacie8 Charitable adivities Investments 17,071 9,399 9,252 641,489 7.447 1.571 Total income 35.722 650,507 Expendfture on: Charitable activities 31.567 27,815 Total expendlture 31,567 27,815 Net Income and movem•nt In funds 4.155 822,692 R•conciliation of funds: Fund balances at 1 July 2023 651,609 28,917 Fund balances at 30 June 2024 655,784 651,609 The statement of financial activitles Indudes all gains and losses recognised in the year. All income and expenditure derive from continuing 8Ctivities.
ONLINE TRANSPORT ARCHIVE LIMITED Balance sheet As at 30 June 2024 2024 2023 Notes Flxed assets Tangible assets 11 2,699 Current assets Debtors Cash at bank and in harid 12 536 654,129 652.329 654,665 652,329 Creditors: amounts falling due wlthln one year 13 (1.600) {720) Net current assets 653,065 651,609 Totsl assets less current liabilities 655,764 651,609 The funds of the charity Unrestricted funds 14 655,764 651,609 655,764 651,609 The company is entitled to the exemption from the audit requirement contained in sectlon 477 of th8 Companies Act 2006, for the year ended 30 June 2024. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financlal ststements. 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. These financial statements have been prepared In accordan with the provisions applicable to companies subject to the small companies regime. e financial ststements were approved by the trustees on 2 November 2024 Roberts Tru$ts• Company registratton number 04017910 (England and Wales)
ONLINE TRANSPORT ARCHIVE LIMITED Notes to the financial statements For the year ended 30 June 2024 Accountlng pollcies Charity Informatlon Online Transport Archive Limited is a private company limited by gusrantee incorporated in England and Wdles. The reglstered office is 25 Monkmoor Road, Shrewsbury, Shropshire. SY2 SAG. 1.1 Accountlng conventlon The financial ststements have been prepared in accordance with the charty's tgoveming documentj, the Companies Act 2006, FRS 102 Yhe Financial Reportlng Standard applicsble in the UK and Republic of Ireland. fFRS 102") and the Charities SORP 'Accounting and ReportirKJ by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Rewrting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entlty as defined by FRS 102. The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows. The financial statements 8re prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention. The principal accounting polic$ adopted are set out telow. 1.2 Golng concern At the time of approving the financi81 ststements, the trustees have a reasonable expectation that the charity has adequate resources to contlnue in operational existence for the foreseeable future. Thus the tnBtees continue to adopt the going concern basis of accounting in preparing the financial statements. 1.3 Charftsble funds Unrestricted funds are available ft)r use at the discretlon of the trustees in furtherance of their charitable oblectlves. R88trid8d funds are subject to specific conditions by donors or grantors 8S to how they may be used. The purposes and uses of the restricted funds ar8 set out in the notes to the financi£l statements. Endowment funds are subject to specific condltlons by donors that the capital must be maintsined by the harity. 1.4 Income Income is recognised en the charity is legally entitled to it after any performance conditions have been met. the amounts can be measured reliably, and it is probable that incom8 will be received. Cash donations are rQgnised on receipt. Other donations are recognised once th8 charity has been notified of the donation, unless perfomian¢e condttions require def8rral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Legacies are recognlsed on receipt or otherwise if the charity has been notified of an impending distribution, the amount is knovm, and receipt is expected. If the amount is not known. the legacy is treated as contlngent asset.
ONLINE TRANSPORT ARCHIVE LIMITED Notes to the financial statements (continued) For the year ended 30 June 2024 Accountlng pollcies (Contlnued) 1.5 Expenditure Expenditure is cogniSed once there Is a legal or constructive obligation to transfer economic benefit to a third paty. it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliabty. Expenditure is classified by activity. The costs of each activty are made up of the total of dFr&t costs and shared costs. including support costs involved in urKlertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs vthich contribute to more than one activty and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allated on the basis of time spent, and depreciation charges are allocated on the portion of the asset's use. 1.6 Tanglble fixed assets Tangible fixed assets are initially measured at cost and subsequently measured at Gost or valuation, net of depreciation and any impairment losses. Depreciation is recognised so as to wrlte off the cost or valuation of assets less their residual values over their useful lives on the following bases.. Plant and equipment 330h straight line The gain or loss arising on th8 disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, arKI is recognised in the statement of financial activlues. The charty's obj8Ctive is the preservation of transport related film, vldeo and photographic material. All such materlals 2nd collectlons have been donated to the charty so have no direct cost. The Directors, therefore, consider that it is not possible to place a value on them. HL)wever. they are now taking posltive steps to catslogue and record the collections held. 1.7 Impalmient of fixed assets At each reporting end date, the charity reviews the carrying amounts of Its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists. the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). 1.8 Cash and cash equlvalents Cash and cash equivalents include cash in hand, deposits held at call wtth banks. other short-tenn liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.9 Flnanclal Instruments The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments. and Section 12 'Other Financial Instruments Issues. of FRS 102 to all of its financial instruments. Financial instrument5 are recognised in the charity's balance sheet vthen the charity becomes paty to the contractual provisions of the Instrument. Flnancial assets and liabilities are offset, with the net amounts pr8sented in the financial statements. when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simuttaneously. 10-
ONLINE TRANSPORT ARCHIVE LIMITED Notes to the financial statements (continued) For the year ended 30 June 2024 Accounting policies (Contlnued) Basic financial assets Basic financial assets. which include debtors and cash and bank balances. are initially measured at transaction price including transaction costs and are subsequently Caled at amortised cost using the effective interest method unl8SS th8 arrangement constitutes a financing transaction, wh8re the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Finanoal assets classified as receivable within one year are not amortised. Basic flnanclal Ilabllltles Basic financial liabilities, including creditors and bank loans are Inltlally recognised at transactlon price unless the arrangement constFtutes a financing transaction. where the debt instrument is measur8d at the present value of the future payments discounted at a market rate of interest. Financial liabilitles classified as payable within one year are not 8mortis8d. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are Obligatn$ to pay for goods or seNlces that have been acquired in the ordln*y course of operations from suppliers. Amounts pay8bl8 are classified as current liabilities if payment is due within one year or less. If not. they are presented as non4urrent lialylities. Trade creditors are recognised initially at transaction price and subs8quently measured at amortised cost using the effective interest method. Derecognltlon of flnaneial liabilities Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or rAncelled. Critical accounting estlmatss and Judgements In the appltcation of the charity's accounting policies, the trustees are requlred to make judgements, estlmates and assumpts'ons about the carying amount of assets and liabilities that are not readlly apparent from other sources. The estimates and associated assumptions are based on hlstr)rical experience and other factors that are consldered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accountlng estimates are recognised in the perlod In which the estimate is revised where the revision affects lY that period, or in the period of the revision and future periods where the revislon affects both current and future periods. Income from donatlons andlogacies Unrestrlcted funds 2024 Unrestrlctsd funds 2023 Donations, gffts and legacies Gift aid 13,760 3,311 639,312 2,177 17,071 641,489 11
ONLINE TRANSPORT ARCHIVE LIMITED Notes to the financial Statements (continued) For the year ended 30 June 2024 Income from charltable activltles Unrestrlcted funds 2024 Unrestrictsd funds 2023 Archlved Collections Sale of goods Other income 9,353 46 7,061 386 9,399 7,447 Income from Investments Unrostrlct•d Unrestricted funds funds 2024 2023 Interest receivable 9,252 1,571 Expndlture on charttable actlvlties Archived Collectlons 2024 Archived Collecllons 2023 Dlrect costs Depreciation and impairrnent Royatties Conservation Materlals and Storage Containers Production Costs Director Expenses Rent Premises Costs Postage and Stationery Travelling Expenses Sundry Expenses Bank Charges Companies House Costs Accountancy Enter ac918 in database 1,349 92 4,836 6.899 10 12,046 1,070 260 913 588 82 321 3,442 8,358 49 11,905 1,493 251 101 85 26 720 2,272 1,116 31,567 27,815 Analysls by fund Unrestricted fijnds 31,567 27,815 12-
ONLINE TRANSPORT ARCHIVE LIMITED Notes to th8 financlal statements (continued) For the year ended 30 June 2024 Net movement in funds 2024 2023 The net movement in funds is stated after charglngl(crediting)'. Depreciation of owned tangible fixed assets 1,349 Trustee5 None of the trustees (or any persons connected with them) received any remunerats'on or beneffts from the charity during the year. Employ••s The average monthly numter of employees during the year was: 2024 Number 2023 Number Total There were no employees whose annual remuneration was more than £60.000. 10 Taxatlon The charity is exempt from t8xation on its activities because all its income is applied for charitable purposes. 11 Tangibl8 fixed assets Plant and equipmgnt Cost At 1 July 2023 Additions 2.178 4,048 At 30 June 2024 6.226 Depreclatlon and Impairment At 1 July 2023 D8pr8ciation charged in the year 2,178 1,349 At 30 June 2024 3,527 Carrylng amount At 30 June 2024 2.699 At 30 June 2023 13-
ONLINE TRANSPORT ARCHIVE LIMITED Notes to the financial statements (continued) For the year ended 30 June 2024 12 Debtors 2024 2023 Amounts falllng due wlthln one year: Prepayments and accrued income 536 13 Credltors: amounts falllng duo wlthin on8 year 2024 2023 Accruals and deferred income 1,600 720 14 Unrestrlctsd funds The unrestricted funds of the charity comprise the unexpended balan5 of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes. At 1 July 2023 Incoming resources Resources expended At 30 Juno 2024 General funds 651,609 35,722 {31,567) 655,764 Previous year: At 1 July 2022 Incomlng resources Resources expended At 30 June 2023 General funds 28,917 850,507 (27,815) 651,609 -14-
ONLINE TRANSPORT ARCHIVE LIMITED Notes to the financial statements (continued) For the year ended 30 June 2024 16 R•lated party transactlons Transactlons wlth related parties The Directors meet a number of expenses on behalf of the charity for whiGh they are reimbursed. During the period the Directors Mpre reimbursed a total of £5.781 {2023.' £2,196). The Directors expenses of £10 wer8 Costs associated with the reproductlon of archive materlal. 16 Voluntéers The charity has about 25 rnembers and a small number of non-members give up their time to assist ryth scanning, sorting and transportation of collections as WRII as the cataloguing of materials and other actrvities th8t support the ongoing work of the charlty. 15-