THE CLAUDE JESSETT TRUST COMPANY REPORT OF THE TRUSTEES JIND FINANCIAL STATEMENTS for the year ended 31st DECEMBER 2024 Charity Commission - 0 6 JAN 2026 Received CoTrrpany Number 04620481 Reglstered Charity Number 1107337
THE CLAUDE JESSETf TRUST COMPANY CoNTErS OF THE FINANCIAL STATEMENTS Contents Page Reference and adrninistrative details of the charity, its trustees and advisers Report of the Trnstees Statement of Trustees, Responsibilities Independent Examiner, s Report statement of Financial Activities io Balance Sheet li Notes to the Financial Staternents 12 19
THE CLAUDE JESSETT TRUST COMP14NY REFEREIfjCE AFUD ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS f or the year ended 31st DECEMBER 2024 Company number 04620481 Charity number 1107337 Trustees Z TDaly B J Floyd P J Greinig P Haining J J Hatf ield G S Osborne C N Rogers Secretary P Haining Registered Of f ice Horns Lodge, Meres Lane, Cross-in-Hand, Heathf ield, East Sussex, TN21 OTK. Bankers Barclays Bank PLC, 73/75 Calverley Road. Tunbridge Wells, Kent, TNI 2UZ. Metro Bank PLC, One Southampton Row, London, WCIB SHA. Solicitors T G Baynes, 5 Market street, Dartf ord, Kent. DAI IDB. Independent Examiner
THE CLATJDE JESSE TRUST COMPANY REPORT OF THE TRUSTEES for the year ended ended 31st DECEMBER 2024 The trustees (who are also directors of the charity for the purposes of the Companies Act} present their annual report together with the financial statements of The Claude Jessett Trust Company (the company) for the year ended 31st December 2024. trustees confinn that the Annual Report and Financial Statements of the charity comply with the current statutory requireTnents of the charity's governing document and the provisions of the Staternent of Recommended Practice ISORPI applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Ireland IFRS102) (effective January 20151. OBJECTIVES AND ACTIVITIES Policies and Objectives In setting objectives and planning for activities. the trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit and in particular to its supplementary public benefit guidance as to deciding what activities the trust should undertake. The rnain objectives of The Claude Jessett Trust Cornpany are the foundation and maintenance by such means as are charitable of a public museum for the exhibition of steam engines, fair organs and other historic vehicles and mechanical equiprnent. b) The trust is principally engaged in the preservation and restoration of steam engines, fair organs and other historic vehicles and mechanical equipment. ACHIEVEMENTS AND PERFORMANCE Review of Activities Work on various heritage assets has proceeded. Work on the restoration of an ex-London Transport single deck bus continued along with work on the roof of the Bristol open top bus which was donated to the trust in 2012. The Limonaire fair organ has had a major overhaul after many years of faithful service and water darnage to the Mortier fair organ caused by a problem with the roof of the organ Museum building has been rectified. Following completion of the restoration of the pre-war Fordson tractor, the Bren Gun carrier which has been out of action for many years has been moved into the workshop for restoration including the fitting of the correct type of engine. Following receipt of the rebuilt boiler for Aveling & Porter steam roller "Daisy" work on reassembling the engine continues and it should he operational in 2026. After two road accidents involving Trust steam vehicles in 2023, Aveling & Porter steam tractor nsouthern Queen" has been back in operation in 2025 and the repair work on the Tasker roller is well advanced, so this too should be operational in 2026. The trustees are investigating the potential f or shared fwiding f o future major building projects. Work has been almost completed on the renlovation of Lhe railway engine shed and plans are in hand to renovate a further railway storage shed.
THE CLAUDE JESSEIT TRUST COMPANY REPORT OF THE TRUSTEES for the year ended 31st DECEMBER 2024 (continued) The trostees normally promote the trust at various external events and in particular the annual display at the Festival of Transport at Hellingly at the end of August has become a well established part of that event. The Trust has continued to hold internal events and to welcome enthusiast groups to look at the collection. In 2021 a foThwl system of section leader8 was put in place to co-ordinate activity in their areas and to report to the trustees on a regular basis. bl InvestTnent Policy and Perf oThance The Trust's investment properties are managed directly by the trustees and continue to provide the appropriate return. The portf olio continues to generate fees frorn lease extensions. The Trust, s non-property portfolio is invested on a medium risk basis with an independent investment management company which is regulated by the Financial Services Authority to ensure that the Trust, s objectives can be met each year, with any surplus being invested for the longer tem. FIN21NCIAL REVIEW Going concern Af ter making appropriate enquiries, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the f inancial stateTnents. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies. bl ReserSTes Policy The trustees have forecast the level of free reserves (that is those funds not tied up in fixed assets, and designated as restricted funds) the charity will require to sustain its operations. The trustees are pleased to note that there are sufficient free reserves to provide f inancial f lexibility f or the f oreseeable f uture. The closing reserves at 31st Decener 2024 amounted to £7,159,209 12023: £7, 075,2091 Material Investments Policy Following the death 0£ Mrs Jessett in April 2004, the trust received, apart from the land and buildings at Hadlow Down. which were to be the basis for the establishment and development of the museum, a portfolio of investment properties and a significant amount of cash. At the time of transfer from the estate of Mrs Jessett to the Trust in 2005, these assets comprised property with a valuation of £2.091m and cash of £1.319m.
THE CLAUDE JESSETT TRUST COMPANY REPORT OF THE TRUSTEES for the year ended 31st DECEMBER 2024 Icontinuedl These assets are required to finance the development of the site which will include the establishment of new buildings for the storage. restoration and display of the heritage assets, and for related site inf rastructure development including water, drainage and electricity. Planning pennission for several new buildings on the site has been obtained. The assets are also required to finance the restoration of the Trust's heritage assets and the purchase of further heritage assets in accordance with the collection policy of the Trust. Income frorn these assets is utilised in covering routine running costs of the Trust but it is the capital which is the primary consideration to finance the capital proj ects outlined above. The trustees took the decision to nintain a balance between property and financial investments in much the same proportion as the inherited position. Mindful of the attitude of both Mr and Mrs Jessett to investments involving risk, the decision was taken to retain the rnajority of the non-property funds as cash on deposit but in view of the risk of erosion of capital in the mediurn and long term if inflation exceeds interest received, to invest £500,000 in investTnent trusts with a low to medium risk profile. The detailed investment decisions for this sum were delegated to independent qualified financial advisers. The trustees also took the decision to purchase land f orroing part of Wilderness Wood to the west of the site for £100, 000. This land is close to the location of the new buildings and was seen by the trustees as an important step to saf eguard the trust against future development ot Wilderness Wood which is not planned by the current owners but which might result in residential development close to the buildings with the risk of conwlaints about noise, etc. After a protracted process with the Barclays bank compliance department who were attempting to understand the workings of a company lirnited by guarantee, process which resulted in the bank paying the Trust a total of £450 in compensation, but which had resulted in a threat for many months of the bank unilaterally f reezing the cornpany, s bank account and preventing it from being able to continue, (a fate which the trustees know has been applied to other SiTnilar entities by this bank) , the trustees took the decision to open accounts with a second bank as a precaution against any future actions by a single bank. Metro bank was selected and accounts have been opened in 2024. STRUCTURE, GOVERNANCE 3IND MANAGEMENT Constitution The company was incorporated in December 2002 and is limited by guarantee. The liability of Tnembers is limited to £10 per member. bl Method of Appointment or Election of Trustees The number of trustees shall not be less than three.. there is no maxirnurn number. The original trustees were the trustees of The Claude Jessett Trust. Under the Articles of Association all trustees retire from office at the f irst annual general meeting and at every subsequent annual general meeting one third of the trustees retire by rotation. New trustees may be appointed during the year by the trustees and will be subject to reappointment at the next annual general meeting. Otherwise a resolution to appoint a new trustee must be included in the notice of the annual general meeting and be voted on by the members at the annual general meeting.
THE CLAUDE JESSETT TRUST COMPANY REPORT OF THE TRUSTEES for the year ended 31st DECEMBER 2024 Icontinuedl Risk Management The trustees are continuing to carry out a detailed review of the charity's activities and are producing a comprehensive strategic plan setting out the major opportunities available to the charity and the risks to which it is exposed. The trustees meet quarterly and will monitor progress against the strategic objectives at each rneeting and a comprehensive review of the plan will be carried out annually. As part of the process, the trustees are instigating a risk llWAagement strategy which comprises: i) An annual review of the risks which the charity may face; 2) The establishrnent of systems and procedures to mitigate those risks identif led in the plan; and The irnplernentation of procedures designed to minimise any potential impact on the charity should any of those risks materialise. PLANS FOR FiTfuRE PERIODS The trustees will continue to itnprove and develop the site of the museum including the construction of new buildings permitted under the terms 0£ the existing planning permissions, and continue to work to restore more of the collection while maintaining rnaintenance on those iterns within the collection currently in working order. TRUSTEES, RESPONSIBILITIES We acknowledge our responsibilities a8 trustees as set out on page 7. SMALL COMPAIqY PROVISIONS These f inancial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies. regime withinn Part 15 of the Companies Act 2006. This report was approved by the Trustees on Its September 2025 and signed on their behalf by Trustee www. tinkerspark. corn
THE CLADDE JESSErr TRUST COMPANY STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE ACCOUNTS for the year ended 31st DECEMBER 2024 The trustees are responsible for preparing the Trustees, Annual Report and the f inancial stateTnents in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Cenerally Accepted Accounting Practice} , including FRS 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Irelandl The law applicable to charities in England and Wales requires trustees to prepare f inancial staternents for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are rectuired to: select suitable accounting policies and apply them consistently,. observe the llLethods and principles in the Charities SORP; ake judgements and estimates which are reasonable and prudent.. state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the f inancial statements,. prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. bl dl The trustees are responsible for keeping suf ficient accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable thellt to ensure that the £inancial staternents cornply with the Charities Act 2011. the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention of fraud and other irregularities In so far as the trustees are aware: there is no relevant audit information of which the company's independent examiner is unaware," and bl the trustees have taken all steps they ought Lo have taken to make thernselves aware of any relevant audit infortnation and to establish that the independent exarniner is aware of that infonnation.
REPORT OF THE INDEPENDENT EXAMINER TO THE TRUSTEES OF THE CLAUDE JESSETT TRUST COMPANY I report on the financial statements of the charitable cornpany for the year ended 31st Decenther 2024 as set out on pages 10 to 19. This report is made solely to the charity's trustees, as a body, in accordance with section 145 of the Charities Act 2011 and regulations made under section 154 of that Act. My work has been undertaken so that I rnight state to the charity's trustees those matters I arn required to state to them in this report and for no other purpose. To the fullest extent permitted by law. I do not accept or assurne responsibility to anyone other than the charity and the charity, s trustees as a bodyrf for my work, for this report or for the opinions I have formed. RESPECTIVE RESPONSIBILITIES OF TRUSTEES AND EXAMINER The charity, s trustees (who are also the directors of the company for the purposes of company lawl, are responsible for the preparation of financial statements. The trustees consider that an audit is not required for this year under section 144 (21 of the Charities Act 2011 Ithe '2011 Act, l and that an independent examination is needed. Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility." to examine the financial staternents under section 145 of the 2011 Act,. to follow the procedures laid down in the General Directions given by the Charity ComTnission under section 145 (51 Ibl of the 2011 Act,. and to state where particular rnatters have come to my attention. BAS IS OF INDEPENDENT EXAMINER, S REPORT My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the financial statements presented with those records. It also includes consideration of any IsuaL items or disclosures in the financial statements and seeking explanation8 Erom you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the financial statements present a 'true and fair, view and the report is lirnited to those matters set out in the statement below. INDEPENDENT EXAMINER, S STATEMENT In connection with rny exafflination, no matter has come to my attention: which gives rne reasonable cause to believe that in any material respect the requirements . to keep accounting records in accordance with section 386 of the Companies Act 2006; to prepare f inancial statements which accord with the accounting records and to corffply with the accounting requirenents of Lhe section 396 of the Cornpanies Act 2006 and with rnethods and principles of the Statement of Recommended Practice". Accounting and Reporting by Charities have not been met" or
REPORT OF THE INDEPENDEwf EXAMINER TO THE TRUSTEES OF THE CLAE7DE JESSETT TRUST COMP34NY I continued) bl to which. in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached. Date: Ji October 2025
io THE CLAUDE JESSE TRUST COMPAWY STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31st DECEMBER 2024 INCOME AND EXPENDITURE 2024 Unrestricted f unds 2023 Total funds Notes INCOME FROM InvestTnents Dividends received Interest received Rent received Ground rent and fees received Lease extensions Compensation f rom bank Wayleave Proceeds of old life policy Recharge of accountancy and secretarial costs to subsidiary 18.690 5.177 103. 989 2,338 20,500 17,399 1, 155 91, 186 2,490 7,700 200 176 161 180 930 920 151, 804 121,387 Charitable Activities Sale of scrap Sale of artef acts Sale of logs and oil Net surplus on coal Exhibit income: attendance at events Site visits by enthusiast groups Narrow gauge railway takings Miniature railway takings Compensation for damage to gate Cash donations received Recharged site expenses Donation f rom subsidiary cornpany 1,137 iio io 28 425 1,000 1,260 200 2,237 2,777 2,221 3,866 500 228 104 1,500 7,463 5,002 15.534 14,534 TOTAL INCOME 167,338 135, 921 EXPENDITURE ON Direct charitable ejcpenditure Governance costs Raising funds 84,325 1, 702 45,745 85,351 1.474 47,523 TOTAL EXPENDITURE 1131, 7721 1134,3481 NET INCOME BEFORE OTHER GAINS AND IL)SSES 35,566 1,573 Net gains/ Ilossesl on investment assets 47.835 60,566 NET MOVEMENT IN FUNDS Total funds at 1st January 2024 83,401 7,075,808 62,139 7,013,669 Total funds at 31st DeCeIter 2024 £7,159,209 £7,075,808 The notes on pages 12 to 19 forn part of these financial statements
li Company number 4620481 THE CL[1DE JESSETT TRUST COMPANY BALANCE SHEET as at 31st DECEMBER 2024 2024 2023 Notes FIXED ASSETS Tangible assets Heritage assets Investments 1,339, 902 1,818,875 3.456,187 1, 333,419 1.796,693 3,399,386 6,614,964 6,529,498 CURREwf ASSETS stock Debtors Cash at bank and in hand io 15,359 25,307 552. 188 7,203 21,159 535, 324 li 592. 854 563, 686 CREDITORS: amounts f alling due within one year 12 {48,6091 117,376) NET CURRENT ASSETS 544, 245 546,310 NET ASSETS £7,159,209 £7,075,808 CHARITI FUNDS Unrestricted Funds 13 £7,159.209 £7,075,808 The trustees consider that the company is entitled to exernption f rorn the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 (' the Act, l and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Act. The trustees acknowledge their responsibilities f or complying with the requirements ot The Companies Act 2006 with respect to accounting records and the preparation of f inancial statements. The f inancial statements have been prepared in accordance with the special provisions applicable to companies subject to the small companies, regirne of the Companies Act 2006. The financial statements on pages 10 to 19 were approved by the trustees on Ic* September 2025 and signed on their behalf by: Trustee
12 THE CLAUDE JESSETT TRUST COMPANY NOTES TO THE FINANCIAL STATEMENTS for the year ended 31st DECEMBER 2024 ACCOUNTING POLICIES Accounting Convention The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts. The financial statements have been prepared in accordance with the Staternent of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 issued oll 16th July 2014 and charities Act 2011. The financial statements include all transactions, assets and liabilities for which the trustees are responsible in law. The COTtpany has not produced consolidated accounts on the grounds that it qualifies for exemption as a small couanY and the results of the subsidiary are not material to the group. Fund Accounting General Funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance ot the general objectives of the charity and which have not been designated for other purposes. Investment income, gains and losses are allocated to the appropriate fund. Income All income is recognised once the charity has entitlement to the income, it is probable that the resources will be received and the amount of income can be measured. Income tax recoverable in relation to investment income and Gift Aid donations is recognised at the time the income is recognised. Expenditure Expenditure is recognised once there is a legal or constructive obligation to Tnake payment to a third party. it is probable that settlement will be required and the amount of the obligation can be measured reliably. All expenditure is accounted for on au accruals basis. All expenses including support costs and governance costs are allocated to the applicable expenditure headings. Governance costs are those incurred in connection with the administration of the charity and compliance with the constitutional and statutory requirernents. Irrecoverable VAT is charged against the expenditure heading for which it was incurred.
13 THE CLAUDE JESSETT TRUST COMPANY NOTES TO THE FINANCIAL STATEMENTS for the year ended 31st DECEMBER 2024 (eontinuedl Grants Grants are accounted under the accruals model as perrnitted by FRS102. Grants relating to expenditure on tangible f ixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included as deferred income. Grants of a revenue nature are recognised in the Statement of Financial Activites in the same period as the related expenditure. Investrnents Quoted investments are a forn of basic financial instrument and are intially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted rnarket price. The statement of Financial Activities includes the net gains and losses arising on revaluation and disposals throughout the year. Investment properties are stated at their open Tnarket value at the balance sheet date including any adjustrnents for improvement or impairnent in value. Interest Receivable Interest on funds held on deposit is included when receivable and the arnount can be rneasured reliably by the charity," this is norraally upon notif ication of the interest paid or payable by the bank. Tangible Fixed Assets The tangible fixed assets are stated at cost or valuation at the date of receipt by the company. No depreciation is provided on the land and buildings at Bracherlands Fann, Hadlow Down, since the company policy is to maintain buildings so as to extend their anticipated useful life such that any depreciation charge would be imrnaterial. Likewise no depreciation is provided on the heritage assets in the collection since it is the purpose of the company to maintain those items so as to ensure their anticipated useful life is indef inite. Any depreciation charge on these items would therefore be imrnaterial. In order to comply with the requirements of Financial Reporting standard No 15, impairnent review is carried out at the end of each accounting period in accordance with the requireTnents of Financial Reporting standard No 11 on all items which are not being depreciated. Depreciation of other tangible f ixed assets is provided at rates calculated to write of f their cost or valuation less any residual value over their estimated useful lives. The rates used are as follows: Equipment 25* per annum on the reducing balance basis. stock stock is valued at the lower of cost and net realisable value. Debtors Trade and other debtors are recognised at the settlernent amount af ter any trade discount of fered. Prepayments are valued at the arnount prepaid net of any trade discounts due. Cash at Bank Cash at bank includes cash and short tern highly liwid investrnents with a short maturity of three months or less frorn the date of acquisition or opening of the deposit of a similar amount.
14 THE CLAUDE JESSETT TRUST COMPANY NOTES TO THE FINAFICIAL STATEMELwrs for the year ended 31st DECEMBER 2024 Icontinuedl Creditors and Provisions Creditors and provsions are recognised where the charity has a present obligation resulting froTn a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are nortnally recognised at their settlement amount net of any trade discounts due. Financial Instrurnents The charity only has financial assets and liabilities of a kind which qualify as basic financial instrurnents. Basic financial instruments are initially recognised at transaction value and subsequently Measured at their settlernent value. DIRECT CILARITABLE EXPENDITURE 2024 2023 Site maintenance Exhibit rnaintenance Coal for steam exhibits Site utilities Rates 10,178 37,238 24,886 19,982 2,051 10,956 5,834 9,936 5,964 117 472 247 8,072 4,700 12,092 5,884 99 518 160 Insurance Accountancy and secretarial Subscriptions Freight Travel and subsistence Entertaining stationery and postage Volunteer day expenses Waste disposal Computer expenses Website, internet and publicity Bank charges Compensation paid to rectify dayllage Depreciation Sundry expenses 180 168 157 394 544 142 174 712 130 264 861 2,434 4,130 £84,325 £85, 351 COST OF RAISING FLfFIDS Investment property management expenses Investment property expenses Legal fees re investment properties Listed investrnents Tnanagement fees 9,422 25,588 8,030 28,341 1,335 9,817 10,735 £45, 745 £47, 523
15 THE CLAUDE JESSE TRUST COMPANY NOTES TO THE FINANCIAL STATEMEFrrs for the year ended 31st DECEMBER 2024 Icontinuedl GOVERNANCE COSTS 2024 2023 Independent examiner, s f ee Cornpanies House fee Inf ornation Commisioner, s fee 1, 600 62 1,394 £1,702 £1,474 ANALYSIS OF RESOURCES EXPENDED BY EXPENDITURE TYPE Expenditure on investment nHnagement 45,745 47,523 45,745 47,523 Costs of generating funds: Expenditure on charitable activities EKpenditure on governance 84,325 1,702 85,351 1,474 £131, 772 £134,348 TRANSACTIONS WITH TRUSTEES No trustees received any benefits in kind 12023: £Nill . 5 trustees received reimbursernent 0£ Trust expenses paid personally totalling £55,924 12023: 6 trustees, £56,087) The Kings Mill Practice of which Mr P Haining. a trustee, is the principal was paid £5, 884 for accounting and secretarial services 12023: £5, 9641 Invatek Computer Services Limited, a company of which Mr P J Greinigi trustee, is a director, was paid £1, 492 f or provision of communication serrfices and computer support services. 12023: £2, 0731 Mr B J Floyd, a trustee, was paid £6,248 for specialist engineering services 12023: £3, 977)
16 THE cuDE JESSETT TRUST COMPANY NOTES TO THE FINANCIAL STATEMENTS for the year ended 31st DECEMBER 2024 Icontinuedl TANGIBLE ASSETS Land & buildings Equipment Total Cost or valuation: At 1st January 2024 Additions Disposals 1. 326, 116 140 90,637 1,416,753 10,473 10,613 At 31st Decenther 2024 1, 326,256 101, 110 1, 427, 366 ccurnulated depreciation: At 1st January 2024 Charge f or the year Elirninated on disposals 83,334 4,130 83,334 4,130 At 31st December 2024 87,464 87,464 Net book value: At 31st December 2024 £1,326,256 £13, 646 £1. 339, 902 At 315t Decenther 2023 £1, 326, 116 £7,303 £1,333.419 The land and buildings are freehold property comprising Bracherlands Farm, Hadlow Down, East Sussex. The property was valued at £650, 000 by the trustees in April 2004 on the basis of its open market value. The balance 0£ the cost or valuation represents capital improvernents undertaken since that date. There were no capital commitments at 31st December 2023 or 31st Decetrber 2024.
17 THE CLAUDE JESSETT TRUST COMPANY NOTES TO THE FINANCIAL STATEMENTS for the year ended 31st DECEMBER 2024 (continued) HERITAGE ASSETS Archive Heritage material assets Total Cost or valuation: At 1st January 2024 Additions Disposals 1,248 1, 795,445 1, 796, 693 22,182 22,182 At 31st Decenther 2024 1,248 1, 817.627 1, 818, 875 Accumulated depreciation: At 1st January 2024 Charge f or the year Eliminated on disposals At 31st Deceniber 2024 Net book value: At 31st December 2024 £1,248 £1, 817,627 £1,818, 875 At 31st December 2023 £1,248 £1,795.445 £1, 796, 693 The heritage assets were valued by the trustees in April 2004 on the basis of their open market value.
18 THE CLAUDE JESSETT TRUST COMPANY NOTES TO THE FINANCIAL STATEMENTS for the year ended 31st DECEMBER 2024 Icontinuedl INVESTMENTS Investment in Investment Listed subsidiary properties investment Total Cost or valuation: At 1st January 2024 Additions Increase/ Idecreasel in market value recognised in accounts 151 2,525,000 874,235 3, 399, 386 130.0001 86,801 56,801 At 31st December 2024 151 2,495.000 961, 036 3, 456, 187 Provision for diminution in value: At 1st January 2024 Eliminated in year At 31st December 2024 Net book value At 31st Decentser 2024 £151 £2,495, 000 £961, 036 £3,456, 187 At 31st Decernber 2023 £151 £2.525, 000 £874,235 £3,399, 386 The investment properties were valued by the trustees on 31st December 2024 on the basis of their open market values. The investment in subsidiary comprises an investment in the whole of the issued share capital of Tinkers Park Lirnited, a company which was incorporated on 25th Noventher 2003. The company comtnenced trading during 2005 when it took over the running of The Tinkers Park Rally. At 31st December 2024 the net liabilities of the company aEnounted to £3,237 comprising share capital of £2 and acCull1ated losses of £3, 239. Income during the year amounted to £67, 927 and &xpenditure to £67, 927 with a cozporation tax liabilty arising of £Nil. Investrnents at market value comprise: Overseas 2021 2020 Listed investments Investment properties Investment in subsidiary 462, 739 2.495,000 151 498,297 961,036 874,235 2,495.000 2,525,000 151 151 £2,957,890 £498, 297 £3.456, 187 £3.399, 386
19 THE CLAUDE JESSETT TRUST COMPANY NOTES TO THE FINANCIAL STATEMENTS Eor the year ended 31st DECEMBER 2024 Icontinuedl 2024 2023 io. STOCK Coal Goods f or resale 14,399 960 7,203 £15,359 £7,203 ii. DEB TORS Arnount due frorn subsidiary undertaking other debtors PrepanentS and accrued income 18,344 250 6.713 15,895 1,137 4,127 £25.307 £21, 159 12. CREDITORS: amounts falling due within one year other creditors and accrnals £48. 609 £17,376 13. STATEMENT OF FUNDS Summary of funds (all unrestricted) Brought forward Gains/ Ilossesl Carried f orward IncomeExpenditure General Ftlnds 7,075,808 167, 338 1131.7721 47,835 7, 159.209 14. AVERAGE NiIMBER OF EMPLOYEES The average number of ernployees was nil 12023.. nil)