NORTH EAST BUS PRESERVATION TRU5f LIMTfED REPORT AND FINANCIAL STATEMENTS YEAR ENDED 315r DECEMBER 2023 COMPAt4Y REGisfRATEON NO. 04961248 CHARITY NUMBER 1103051 NORYH EAST BUS PRESERVATION TRusf UMrrED FINANCIAL STAIEMENTS YEAR ENOED 31ST DECEMBER 2023 Contents Page Referen￿ and Adrnini#rative Infomiatlon Trustee5 Annual ReF#>rt Independent Eyamlners Report Stslement of Flnandal Affalrs Balance Sheet Notes formlng part ol the flnanclal S￿*￿nts 8.12 NORTh &isr BU5 PRESERVAnON TRUST LIMllED ReFeRENCE AND ADMINISIRATIVE INFORMATION YEAR ENDED 31ST DECEMBER 2023 The fn&ees present thelr repjrt and flnanclal statements for the year ended 31st December 2023. CONsYrrunoN North East 8us Preservatlon Trust Is a cofflpany iknY¢ed by guafanlee and a ￿gISt￿ed (harty. DIRÉCTORS ANO TRVSTEES The Tnjstees of the thariraNe corn￿nY (the th4rltyl are Its Trustees lor the purpose of charity law and throughout thls reFQrt are col*cthly rdeffed to as the Trustees. CHARrrY NAME North easr 8ys Pr¢servatlon Trust Llmlted COMPANY NUMBER 4961248 CHARrri NVMOER 1103051 REGISTERED OFFICE 8 Seabjrn Hlll Seabum Sundertand SR6 B8S BOARD OF TRusfEES Trevor Hines{￿5￿ned 25th Aprfl 2024) Phlllp ￿ale lan Alderson Andrew Dolan {reS￿ned 25th Aprtl 2024) Davkl Gaffl￿e5 Rlchard Slater Peter Elllott RO￿rt Ke¢1 {resl9ned 25th 2024) Carollne Elllott (reS￿ned 25th 41prS120241 DIV￿ Wirren lapwnted 13th Aprll 2023) Peter Mltchell lappolntsd 13th Aprll 20231 The followlng Trustees were also Dlrectors ol the comyny durlng the year ended 31st Decemter 2023.. Twor Hlne5 IreY9ned 25th Aprll 20241 Phlllp Log¢e tan Aldetson kndrew DglaTh IreY9ned 25th Aprll 2024) Ptr Elliott - Chalrman COMPANY SECRETARY Trevor Hines Ireslgned 25th Aprfl 20241 ACCOUNTANTS Wethater5 34 Fredellck Street Sunderfand SRI ILP BANKERS Utyds TSB Durham NORTH EAST BUS PRESERVATION TRusf UMrrED TRUSTEES REPORT YEAR ENDED 31ST DECEMBER 2023 The Trustees are pleased to present their report together wSth the flnancial statements of the charlty for the year ended 31st December 2023. Objects of the charlty The objects of the charty are Set out in the memorandum and articles of associatr'on. Organi5Jtlon and background The charity is administered by ts boar(J of Trustees in accordance with the Articles of Association. For the year to 31st December 2023, the board was comprised of the Trustees listed at page 2. The Trustees meet monthly on the the second Tue9Jay of every month. and members attend indoor wlntsr meetings or outd¢X)r summer trips on the fourth Tuesday of every month. The soclety was formed In 1980 to encourage the preservation and display of public transport vehlcles from the North East of England with charitable status bein9 gained In 2003. Runnin9 Alms We intend to continue with our programme of Heritage and Museum work and will also continue to attend and 5UPPQrt a number of cultural events. In the past these have included Heritage Open Day5, Local Historical Socleties, Charitles and L¢xal Communlty Falrs. We Intend to expand on thls over the comlng years. Premises Aims A5 has been the case for some year5 now we continue to search for our own premlses to enable us to store, maintain and display our vehicles In one building. We maintsin the sum of £50,000 in a separate fund specifically designated for this purpose should a suitable opportunty arise. In the meantlme the premlses we currently occupy has been slgnlficantly enhanced In re￿￿t times and this has been supplemented by the use of h05Pitality vehicle Routemaster RM2530 for visitors. Athlevements In Ye•r The year ended 31st De￿rnber 2023 proved to be a very busy one for North East Bus Preservation Trust. As well a5 Qur ongoing work to restore and maintain our vehicle collettion we We￿ also involved In numerous other activltSes durlng the year. Highlights included our rallies at the Metrocentre, Durham and Seaburn. These were all very well attended and garnered excellent feedback from members of the public. In addltlon we held several depot open days durlng the year and agaln these were well attended and seemed to be thoroughly enjoyed by attendees and we also continued our highly Suc￿sSfUl collaboratlon with the ever popular Beamish Museum. The Trustees should like to express our heartfelt gratitude to everbody who donated thelr time and money to North East Bus Pre5eNation Trust during the year and without whose assistance we would be unable to cary out our charrtable and educational activities. Future Developments There are a number of vehicles that are being repainted and mechanically improved and the team who undertake thi5 work will continue in their endeavours. In addrtion we will continue to foster c105e links wrth organlsations simllar to our own and to assist and share technical and other knowledge wlth these organisatlons. NORTH EAST BUS PRESERVATION TRusf ￿M￿ED TRUSTEES REPORT Y&IR ENDED 31ST DECEMBER 2023 Trustees Responsibilities Company law requires the Trustees to prepare financial statements that give a true and fair view of the stste of affairs of the charity at the end of the financial year and of its surplus or deficit for that period. In preparing tho* accounts, the trustees are required to.. select suitsble accountlng policies and apply them consistently.. * obseNe the methods and principle5 in the Charities SORP (FRS 102); make judgements and estimates that are reasonable and prudent: prepare the accounts on the going concern ba&'s unless it Is inapproprlate to presume that the company will continue in business. The Trustees are responsible for keeping proper accounting records whlch disclose with reasonable accuracy at any time the financlal position of the company and to enable them to ensure that the accounts comply with the Companies Art 2006, They are a19J responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other Irregularities. By order of the Board )7.￿7 2024 P Elliott Chairmanrrrustee NORTH EAST BUS PRE5ERVATtON TRUST UMrrED INDEPENDENT EXAMINER'S REPORT YEAR ENDED 315r DECEMBER 2023 We rep)rt on the acc(¥Jnts of the NORTH EAsf BUS PREseRVATIOt4 TRUST UMrrED for the year ended 31st December 2023. whlch are set tyJt on pages 6 to 12. These accounts have b&n wepared In accordance with the financlal Rer￿rt1rtg Stsndard appllcabk in the UK and Aepubllc of Jreland IFRS 1021, under the h15t0￿(al c05t conventlon and the acrounbng pollcles Set out on pages 8 and 9. RESPEcfivE RESPONSIBILMES OF DIRECfORS AND EXAMIIIERS As the chadty's Trustees you are responslble for the preparatbn of the accounts,. you congder that the audlt requlrement of sethoTh 14412) of Chadtles Act 2011 (the 2011 Act) does not apply. Jt is our responstbS11ty to state, on the bas15 of procedu￿ ¥*o"fled In the General Dlrectyon glven by the Charlty Commlsslon under settlon 14515lb of the 2011 Art, whether any partlcular matters have come to ow atteThtyon. BASIS OF INDEPENDENT EXAMINER'S REPORT r exaMIna￿On was carrled out In accordance ￿th the General Dlrectlon5 by the Ch4rlty Comrnlssloner5. An examln•¥on Include5 a revlew of the accountlng records kept by the charfty and a compaNson of the accounts presented wlth those records. It also Indudes consk1erallJo of any unusual lteTr￿ or d15c105ure5 and 5eeklft9 explantlpns from you ag trustees con￿rn[￿g such matters. The proceduos undertaken do not provlde all the evldence that would be requlred ITh an audlt and Consequentty we do not express an audlt oplnlors on the vle* glven * the accounts. Independent èxaminer's statsment In connethon wlth our exarnlnatyon, no matter has come to our attwt*on'. 11 Whlch gives us reasonable caux to belleve that In any materlal respect the requlrernefits . to keep accountlng records in accordance with sectlon 130 of the 2011 Aa.. and . to prepa￿ accounts whSch accord wlth the accountln9 ￿(OrdS and to compty wlth th¢ accountlng requlremEnts ol the 2011 Act have not been met,. 21 To byhlch, in our 0￿￿10ft, attenfjon should be drawn In order to en•ble a proFer unde￿andIng of accounts to be reached. wesTWATERS 10 July 2024 NORTH EAST 8VS PAE5ERVATION fRUSf UMfiED srATEMENT OF FINANCIAL AcrrvrriES (INCLUDING INCOME AND EXPENDrruREI YEAR ENDED 31ST DECEMBER 2023 TOTAL FUNDS 2022 UNRE¥fR1￿ED DesiGNATED RESITrICTEO FUNDS FUNDS FVNDS TOTAL FUNOS 2023 Notes INCOMING RESOURces Incomlng resour￿5 frorn generated funds - Voluntary Incorre ActI￿tIeS lor generatlng funds - Investment lficome Incoming resour￿$ from charftsble actlvltles Profit ￿ sale of fixoj assets 19824 720 2fXS 9064 9390 29214 720 200 9064 446 14023 720 430 11517 roTAL INCOMING ResouRCES 30254 9390 39644 26690 AESOURCES EXPENDeo Costs of genera￿n9 funds - Costs of generadng voluntsry Income - Fundra1￿￿9 tradlng:co# of goods 501d and other costs - InvestmeTht managwent costs Charftable athvldes Governance costs 1782 1782 2369 24544 1482 1280 25B24 1482 38353 1416 TOTAL RESOURCES E%PENOED 27808 1280 29088 42138 INCOMINGIOUTGOING RESOURCES BEFORE TPANSFERS eiio IOSS6 UNREAUSEO INVEThT G4JNI(LOSSI -2986 NEf Mo￿lENT IN FUNDS 2446 8110 10556 .18434 TRANSFER 8￿EEN FUNDS TOTAL FUNDS BROUGKf FORWARD 55891 19975 125866 144300 TOTAL FUM)S CARRIED FORWARO 58337 50000 28085 136422 125866 NORTr1 BUS PRESERVATION TRusf UMrrED BALA￿£ SHE YEAR ENDED 31sr DECEMBER 2023 2023 2022 Notes Fixed Assèts Tanglble Assets Invwwifs 97175 98175 26216 124391 97175 Curr¢nt AsRts Cash at bank and Ir* hand 41097 3199 Tot*1 Current Assets 41097 3194 Currént Li•bllltle$ Credltors'.knwnts ljlllng due wlthln one year io 1850 1850 1719 1719 N•t Currtnt AsMts 39247 147S Net A55ets 136422 125866 Funds of the Charity Restrfcted funds Delgnated funds Unrestrkted funds 2808S SO￿J0 58337 19975 li 55891 T¢)tsl Ch•rlty Fundi 136422 125866 These acceunts have been prepa￿￿ In accordance wKh the 5peclal provlslon5 ￿latIng tp 5mill comynles wlthln Part IS of the Companies Att 2006 and In accordance with tht Accountlng ind Repo￿n9 by Charltle5'. 5taternent of Recommended Pra(ty￿ appllcat4e tg charit￿$ prepartng thelr accounts In attordance wbth the Flnèndal Reportlng Stsndard appllcable In the UK ané Republlc of Ireland (FIS 1021. For the flnanclal year ended 31st Oecember 2023, the company wès entltled te exernption froffl autht under settlon 477 Companles Act 20t*,' and no n9￿Ce has been dep051ted under sectygn 476. The diredors acknowledge thelr responslbllltles for complyln9 wlth the reoulrtments of the thmpanSe5 Act 2006 wr(h respett to ac¢ounYn9 records and the preparatlon of accounts. These accounts wue approved ty the b)ard on ... 2024. P MfTCHELL TrUsfEE NORTh EA￿ BVS PRESERVATJC*4 TRusf UMITED YEAR ENCEO 31ST DECEMBER 2023 l. Actsuntlng Polla*s The Prfnopal accounbng pjlldes are summarfsed telow. The accountlng polkles have been applSed conlstentty throughwt the year. (•) Basis of Accoyntln9 The flnandal slèttmtnts have been prepared under the hlstorlcal w5t conveniJoTh In accordance wlth the FInar￿al Re￿[tyn9 Standard aP￿Scable In the UK and Republk ol Ireland (FRS 1021, the Charths Art 2011, the Companle5 Act 2006 and UK Genwally kcepted A£coontlng Practlce. (b) Fund Accountlng . Unrestrfcted fvnd5 afe avalloble for use at the dlscretbn ol the trustees in furtherance of the general oblethves of the chartty. Restrftted funds ao subjected to restrtthons on Ihelr expendllure Imposed by the donor. (c) Ihtsjmino R•soum• I Incomlng resour￿ are Induded ITh staternent of flnanclal a¢tlvltles when the charlty Is enutted to the Incorne and the all￿)￿nE can be qvantified ￿￿th reasonable accuraty. lThe followln9 5Fedflc pollcle5 ore applled ¢0 partlcular categorfes of Income.. - Voluntsry Incorne Is receSved ty way of sub5crfptlons, donatlon5 and glfts a*)d Is Included lft full It) the Statema)t of FSnandal Actlvlt*s when recelvable. (d} Rewurc41 expended xpendlturt Is recognb5ed on an acuuals bas15 as a 11a￿￿ty 55 Incurred. Expendlture Indude5 any VAT whlch cannDt tye fvlly recovered and Is rep%ted as plrt or the eyndlture to whlch It rdates.. - c￿lS of qenera¥r4 funds comwtse the assodated wlth attracuftg volurtary Income. - Charltable expendlture ¢ompiises tho* co&s Incurred by the charity In the dellverance of Its aCti￿[te5 and servlces lor It's beneft¢laiies. It Includes bofh cg*s that can te allocated d1￿CtlY ￿ such actlvities and those Costs of an Indirert natu￿ nffewry to 5UPPOrt them. - Govemance costs Indude those cots assoclatsd wlth meetln9 the constltuUNal and #Jtutory wulrernents of the ¢harfty and Incl￿¢ the audr( fee5 and costs Ilnked to the strateglc managerneni of the charty. - costs are allocated between the expendItU￿ categorles of the SOFA on a basls delgned to refiert the use of th¢ resource. Costs rela￿n9 to a par￿OJ13r activlty a￿ allocated dlrethy, others are 4ppJrtloned on an approprfate basls l.e. floor ayeas, per caplts or e5tirnatd usage as set ovt In Note 4. NORTH ￿ BVS PRESERVATION TRU￿ LIMrrED r•)res TO THE AccouKrs YEAR ENDED 31ST 0ECEM8ER 2023 (e) Fix•d Tanglble flxed assets and deweclari Deweclauon Is P￿ded at the fo11th￿r￿j annual fates In orf UMrrED li YEAR ENDED 31ST DECEMBER 2023 8.Tan9lbl¢ Fixed A￿ets Vehides Totsl At 1st )•nuary 2023 Addltlons Revaluath)ns Dbsposats 98175 98175 -iooo At 31st December 2023 97175 97175 At 1st )anuary 2023 Charge for Year Dlspoa At 31st December 2023 At 31st December 2023 97175 97175 At 31# December 2021 9B175 98175 No asgets have teefi held duilng the year to 31st December 2023 under a flnafi¢e lejse agreement. 9. Fixed Amet In¥e5tments 2023 Market Value 1st January 2023 Addltlops durfng the year ended 31st Oecember 2023 Dlsposa15 durlng the year ended 31st Decerter 2023 DIstrIbut￿n5 ret3lned In M&G fund Net Investsnent {Iossesl 9aln on disp)sal Z6216 -26862 200 446 Mat*et Value as at 31st Decembef 2023 10. Creditt>r5: Amounts Fallin9 Due within One Year 2023 2022 Amounts falllng due ￿h1n one year: Accruats txpen5e5 payable to R Kdl 1482 368 1850 1416 303 1719 IUITH FJST BUS PRESERVATtON TRU￿ LIMrrED 12 )TES TOThE ACCOUNTS YEAR ENDED 31ST DECEMBER 2023 11. Deslgnated Fundi alanct 1st Jan 2023 Balance 31st Dec 2023 Movement in Resources ljKoming Out90iPg Tr•nslerJ UnrealSsed Galn on Xnvtstmenrs Property Fund De$qnat￿ Fund at 31st December 2023 5Crf)00 501 soooo soooo 12. A￿lysIS ol Net Assets Betw•en Funds General Funds Desi9n#ed Funds Restricttd Funds Total Funds Tanglble Rxed Assets Flxed Asset investments Current Assets rrent Uabllltles 60187 28085 97175 41097 41097 -1850 -1850 Net A55ets at 315t Oecernber 2023 58337 50000 28085 136422 13. Movemlnt In Fund• At 31 Dec 2021 IncomSng Aeiources Outgolng Resourc¢$ At 31 Dae 2023 Trnnsl• Rethrted Fund5 19975 939D .1280 28085 Tctal Restrkted Funds 199?5 93WJ -1280 28085 DesEgn*tèd F￿n￿0 S￿00 soooo Totsl De*gnated Funds 50000 Unrtstrlrted Funds 55891 30254 -27808 58337 Totsl Unr&strcted Funds 55891 30254 -27808 58337 14. R•strlrted Funds At31 Oec 2011 Zncomrn• Resoufcos Outyoiftg Resourc•i At31 D•¢ 1023 Tr•nsfers Purchase of Bus HKL826 Purchase of Bus thN699 R24toration ￿ Bus A8R433 Restoratlon & malntenance of other speclfled buses 80 2075 18010 2075 9900 8110 1280 .1280 Totsl ReSt￿cted Fu 19975 939) -1280 280B5 NORTH EA>f BUS PRESERVATION TRU￿ LIMITED APPENDrx i. INCOME AND ExpEND￿uRE ACCOUNT YEAR ENDED 31ST DECEMBER 2023 NORTh EA>f ws PRESERVATION TRUST UMrrED 2023 2022 INCOME ANO EXPENDrruRe Incomlrtg resources Contrlbutlons to Storage Membershlp fees Oonats"oThs Grants ￿e1ved Rè11y Income GiftA vestmeftt Income Mlscellaneou5 Induding outrngs Profit on sale of fixed J55et Investment 720 1376 14942 8110 8364 4727 200 700. 446 720 1445 4924 3424 10787 4073 430 730 Totsl Inurnln9 Re50urces 39585 26S33 Resour￿5 Expefided Rent Storage costs Newsletter 8us expenses Ralty expen5e5 Admlryl¥traYon costs Annual Retums ntancy 5th)0 3051 io?1 17454 319 711 78 1272 S013 1982 1080 29557 1645 1289 78 1206 28956 41850 Movemeftt In Funds 10629 -15317 tKiTH EAST 8US PRESERVATION TRUST UMfTED APPENDIX 2. INCOME AND EXPENDrnJRE KCOUNT YEAR ENDEO 31￿ DECEMBER 2023 NIJiThERN OMNIWS TRusr 2023 2022 114COME AND EXPENDnuRE Incomlng resources Donètlons & r4ft Ald Total incornlng Resources 59 157 157 59 Resources Ex￿dea 8us expenses Atlmlnlstratlon exrenses IS6 132 132 132 288 Net Movement In Funds -73 -131