BuildAn8 tor the tuture by learning from the past Leicester Transport Heritage Trust Limited Company Limited by Guarantee Report and Accounts 31 Dember 2024 Charity number 1124024 Cornpany number 06406326
Leicester Transport Heritage Trust Limited (a company limited by guarantee) Report and accounts for the year ended 31 December 2024 Contsnts Page Legal and administralive inforntiOn Tru8tee8' annual report 2to8 Independent examiners report gto10 Statement of financlal actlvltles 11 Balance sheet 12 Notss to the accounts 13to18
Leicester Transport Heritage Trust Limited (a company limited by guarantee) Legal and adminlstrative information Charity number 1124024 Company number 064Q326 (England and Wales) Governing instrument The Memorandum and Articles of Association Company secretary C D Jinks TrusteeslDirectors R J Womian- Chairman M W Greenwood C D Jinks A P Newland A G Tucker T P Follows R H Bruce Registered office 8 Ingrams Way Wigston Leicestershire LE18 3TU Independent examiner J A Bailey FFA FIPA FA Bailey & Grifftths Limited offi 17 The Atkins Building Lower Bond Street Hinckley Leicestershire LE10 1QU Bankers Natwest Bank plc. 1 Granby Street Leicester LE19GT
Leicester Transport Herftage Trust Limited la Company limited by Guarantee) Report of the Trustees for the year ended 31 December 2024 The Trustees who are also the directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2024. The trustees have adopted the provisions of Accounting and Reporting by the Charities: Statement of Recommended Practice applicable to chartties preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015). Introduction The directors (also the trustees. for the purpose of charity law) who serrfed during the year were:_ Richard Woman {Chaimian and Restorations Director) Chris Jinks (Director and Secretary) Peter Newland (Finance Director) Mike Greenwood (Director of Archives and Research) Andrew Tucker (Sales Director) Trevor Follows (Director) Richard Bruce (Events Director) Nigel E99leton continued as President. Under the requirements of the Memorandum & Articles of Association, the Honorary Secretary and Honorary Treasurer have to retire in alternate years, each holding office for a two year term. At the AGM held in June it was the Honorary Treasurer (Peter Newland) who was required to retire. In addition, two of the ordinary directors are required to retire each year and at the AGM it was Richard Womian and Trevor Follows who retired. H¢)wever, all three of the aforementioned persons were duly re-elected. Public Benefrt Our Pu oses and Ob"ectives The purposes of the charty are: 1. To advance public education by establishing and mainlaining for the benefft of the nation permanent display of historic commercial and public carriage vehicles at a Museum in Leicestershire and for the like purpose to promote a permanenl preservation of all historic commercial and public carriage vehicles and equipment, and items of general transport interest of actual or potential historic or saentific importants and educative value; and 2. To exhibit to the public any such vehicles, equipment and items as aforesaid by means of temporary or permanent exhibttions and to demnstrate and assist in demonstrating to the public the working and operatDn of any such vehicles, equipment and related items by means of static or mobile displays and by carrying the public on such vehicles or otherwise. Our vision of estsblishing a pennanent museum remains a key objective. During the year the Trust undertook further minor remedial work and assessment on the Stoneygate Tram Depot and the building was once again opened to the public (as described later in this report). The trustees therefore believe that, under the circumstances, our charitable purposes and objectives continue to be successfully met. The trustees have had regard to the guidance provKled by the Charty Commission on public benefit reporting.
Achievements and Perfonnance Herita e Bus Ral and Railcar Weekend uorn & Woodhouse Station This year's event (with a suitable new title) took place for the first time over both the Saturday and Sunday in the middle of May when on the Saturday 2,747 passenger trips were recorded (another new record) which 180 were children whilst on the Sunday 1,118 were carried (including 112 children) on five different routes. There were over 50 buses in attendance whilst 53 volunteers helped out on the Saturday and 33 on the Sunday, boosted by excellent and varied catering facilities. Due to its success a similar weekend event has already been planned for May 2025. Workin Relationshi with the Great Central Railw The Trust was able to provide volunteer assistance during eight further days of GCR organised events. 100th Anniversa of Munici al Buses in Leicester This event had been in the planning stages as far back as October 2023. Although three of the directors attended iwo highly promising meetings with officials of Leicester City Football Club wrth a view to holding a large event at the King Power Stadium during the summer. we leamed from the club as late as March that the Football Association had scuppered the arrangement by wanting to stage an event there themselves on the date planned. We therefore sought the help of the Cty Mayor and through the wonderful assistance of several members of the council we were able to stage a Magnrflnt event on Saturday 27 July based both in the grounds of the very photogenic De Monttort Hall and part of the adjacent Victoria Park wrth 34 free return bus trips made over the day by as many as 11 different vintage ex-Leicester City Transport buses on a 10 minute frequency to Stoneygate Tram Depot and back and a further four trips to St. Philip's Church (the location of the very first outer terminus in 1924). A total of 1,360 passengers were carried during the day of which 203 were children. Assistance was provided by 33 Trust volunteers, many of whom were needed to cater for the 800 visrtors at the tram depot. 13 buses gathered at the end of the day for a final informal procession to the tram depot and back. A special brochure was produced and all but two of the 250 copies printed were sold on the day l The Trust is most grateful to all the volunteers and private owners of all the buses which took part on this memorable occasion. Staff at De Montfort Hall. who really bought into the event and who also assisted greatly on the day, complimented the Trust on the organisation of the event and would be keen to hold a similar event at some stage in the future. Also, Leicester City Football Club's historian having seen some of the Trust's archive material is now keen to include in a future match day programme a feature on °Football Specials. operated by Leicester Cty Transport and others. so there were very many positives to come out of all the interactions. Local Communrties A talk was given by a Director to the Leicester & Rutland Famity History Society in May, a bus was taken to the Western Park Play Scheme in August and a sales stand was provided for the Family History Golden Jubilee Fair in October. Website and Media Ex osure We continued to receive many enquiries and feedback through our website and were pleased to report thal there were 4,658 visitors to the websrte. Trust's Facebook page had increased to 5,900 followers around the end of the year and there were 554 followers of the Trust's °X° (fornierly Twrtter) account. "Dennis.n.friends' Initiative Following the success of the first books aimed at children, work started on a third book in the series concerning the 'Confiden¢e' Routemaster bus in the Trust's associated collection with a 'busonality' called °Ken.' The "Dennis & Friends. following had risen to 448.
Stoneygate Tram Depot The Trust continues to lease the building on a peppercom rent basis with an option to purchase the freehold title from Leicester Cty Council for a nominal sum when the Trust feels that rt is appropriate to do so. Nevertheless, the council's Estate & Buikling Services department are very much aware that the building appears on two of the council's local heritage lists and have Continued to negotiate with their own contractors to provide the Trust with the necessary assistance to ensure that the exterior of the building is not allowed to deteriorate, with particular attention to the roof slates, guttering and repointing of walls. During the year, the Trust spent funds on providing pull handles to the panels which had previously been installed across the entrance to the undercroft. The fire extinguishers were updated in April. Besides the aforementioned 100th anniversary event. the doors of the tram depot were once again opened to the public during the year when there were opportunities to sell many donated models and second-hand books as well offering some interesting new displays. However, the first event was a private one involving a visit by the Bristol Area Transport Group in April when a party of 25 enjoyed a day of different transport related historical locations in Leicestershire. Next came the Clarendon Park Festival in June when 148 adults and 46 chiklren came through the door and vintage buses provided free rides back and forth to Victoria Park which were used by 469 adults and 102 children. August saw the annual Oadby Motorfest when 208 adults and 75 children came through the door. There were 706 adult passengers and 304 children conveyed free of charge on two Trust vehicles and one guest vehicle backwards and forwards to Oadby in what proved to be a very busy day. The final public event of the yearwas the Heritage Open Day in September when 143 adults and 30 children came through the door with similar numbers using hvo altemative free circular rides around the area. Over the year as a whole, over 1,500 people visited the tram depot. Vehicle Collection At the end of the year. the Trusys vehicle collection remained at sixteen, of which fourteen were buses. It was pleasing to see several of the Trust's vehicles Carrying passengers at many events, notsbly TBC 50X, FJF 193, ARY 225K. UFP 233S, and PHA 505G although much time was expended by volunteers in ensuring that these vehicle5 remained roadworthy. It was also pleasing to note restoration priyJress on the folkMing vehicles owned by the Trust :_ GRY 60D: A 1966 Park Royal bodied eX-LeIster Cty Transport Leyland PD3 saw further work done by volunleers. Once work was Completed at the front end by the summer. much progress was noted in work on the rear wheelarch areas. OJF 191: A huge amount of progress was made during the year on this professional restoration incurring almost £12,000 in expenditure between Juty and December alone. thus depleting the bus's allocated fund for the first time, resulting in around half of the aforementioned expendtture needing to be covered out of the General Account. Consequently, an appeal to Trust members was included wilh the Winter edition of the 'Wheels' journal which was despatched in the middle of December. It was expected that further funds from an expected (but unconfirmed) legacy would also be utilised in the restoration during 2025. The details and payment of this legacy were delayed due to the liquidation (in September 20231 of Sterling Trust Corporation Limited, the company acting in the administration of an ex-Trust memberfs estate. In the circumstances, work on the bus was suspended from November OardS in the hope that a resumption could be made during the first half of 2025. PBC 113G.' A Park Royal bodied Leyland Atlantean had been waiting many years in the restoration queue, but work finalty began during the summer to assess the condition of the bus and some progress was made due in particular to the enthusrasm shown by a fairly new member.
As well as minor restoration work to other vehicles. maintenance and repairs to the running fleet were carried out during the year. Vehicles were rotated between the storage centres during the year to frt it with the timetsbling for proposed future restoration and maintenance work. Other Rallies and Events Vehicles owned by the Trust or its members appeared at many events during the year including Wellingborough Bus Ralty (April) People, Places & Events, Snibston Colliery Park (April) Delaine Bus Museum Heritage Running Day, Bourne (April) Nottingham Area Bus Society Running Day. Ruddington (July) Market Bosworth Station Transport Gala (August) Bus Fest. Sywell Aerodrome (September) Northampton Transport Heritage, Daventry (September) Rugby Heritage Open Day (September) Autumn Running Day & Midland Red 120, Wythall (October) Archive and Archive Storage Areas Items added to the collection during the year included Bus Registration plates and front panels Photographic Collection from 1976-1983 'Brush° wooden panel (believed to be) from a Leicester tram Scissors with an inscription to commemorate the opening of the new omnibus garage in 1934 Trophies and Plaques The most vulnerable and important archive items continued to be kept in storage in the cty centre location (rental charge £2,000 per annum) whilst many other items were stored (free of charge) inside a large tent at the tram depot in archive specffied storage boxes. Vehicle Storage Centres By the end of the year, the Trust's vehicles were all stored in LeIstershire across four srtes (not including the long tem professional restoration in Stafft)rdshire). The rental payment for the storage of the vehicle (and archive) collections continues to be the Trust's greatest financial burden. Accordingly, the acquisition of a freehold site, where the whole or part of the collection can be housed and displayed to the public continues to be a top priorty for the Trust and possible opportunrties are continualty being assessed. Throughout most of the year, Trust volunteers continued to spend their Saturdays (and some midweek days) at one or more of the current vehicle storage centres, either undertaking restoration work or carrying out essential maintenance work. Their assistance- sometimes in freezing conditions was once again greatly appreciated. War Memorfal The War Memorial, commemorating Leicester Tramways and Electricity Depathent workers who gave their lives in the two World Wars, continues to reside in the halfvNay of the deconsecrated chancel at the rear of All Saints Church, Highcross Street, Leicesterwhere it is cared for by members of the Leicester City, County & Rutland At Risk War Memorials Project pending ts full restoration. The society hopes that it will be able to move its whole collection to an improved site in 2025. Members We were pleased to be able to recruit 14 new members whiGh took the total by the year end to 230 ahOUgh there were around 35 members who had not yet renewed by that time. The monthly social meetings at Braunstone Civic Centre continued throughout the year whilst monlhty 'Zoom' meetings were also held from January to May and from October to December (when there were fewer events being organised, allowing time for such meetings). The popular high qualty quarterty joumal for members ('V¥heels') was once again produced in March, June, September and December by editor, Stuart Render.
It is, however, sad to report that during the year we were advised ofthe deaths of members Paul Gray and Margaret Kent-Francis. Organisations of which the Trust is a Member The Trust remained a paid-up member of the following organisations :_ Association of Independent Museums (AIM) Dennis Bus Owners, Association Ford Sidevalve Owners. Club Leicestershire & Rutland Herttage Forum (LRHF) Museum Development Midlands (MDM) National Association of Road Transport Museums (NARTM) National Transport Trust (fonnerty the Transport Trust) Stoneygate Conservation Area Society (SCAS). The Trust is also represented on the Land Transport Archive Network (LTAN) which utilises the 'Zoom' virtual meeting piafform. LTAN is part of The National Archives. The Trust also works closety with The Bus ArchNe. Business and Community Relationships The TrLrst continued to work with major local bus operator First Leicester and the Great Central RaiVaY. Meetings were also held with Snibston Colliery Park and North West Leicestershire District Council with a view marking the 1 Ooth anniversary of MKlland Red in Coalville by staging a suitable event at Snibston in September 2025. The Trust was also represented at meetings of the Leicester Cty Council's Heritage Partnership chaired by the City Mayor. Local firm, Aspects Engineering Limited, continued to sponsor a workshop space at our main vehicle storage centre. Financial Review The trustees consider the financial result for the period yS satisfactory as a result of continued careful management of expenditure during the year. Membership fees and donations remained our main source of steady income, with some of the latter being in respect of specrfic projects which are shown within restricted income funds in the accounts. The remainder were of a more general nature and most were available for Gift Aid. Happily, sales income also flowed in from the many events held throughout the year. Out of pocket expenses incurred by directors and members were once again reimbursed by the Trust on production of the relevant receipts. Some of these amounts were donated back (along with all amounts in connection with mileage claims). The opportunty to transact business by card was appreciated more and more by the public, particularly at our events and it was considered likety that a furthef card machine would be purchased in time for the events commencing in Spring 2025. Paypal payments continued to be accepted with the balance being transferred to the currenl account at Ihe end of each month. We did, however, encounter a problem with Paypal payments in September when during one weekend it appeared that 18 out of around 350 people had apparently been successful in paying for some of the Trust's sales items which appeared on the website. However, these transactions were very quickly found to be fraudulent and all was rectified by Paypal during October when the relevant customers were refunded. On 1 February the sum of £50,000 was transferred to a new 95 days, noti Liquidity Management Account with Natwest earning interest initially at the rate of 4.250h per annum (reducing slightly over the yearl, the interest of which up to the end of December {£1.826.42) went a long way in paying for one bus's annual rent at the main vehicle storage centre. However, 95 days, notice was given to the bank on 1 October to transfer back to the Current Account the sum of £20,000 in the expectation that we would need to utilise some of these funds in the New Year, not only wtth regard to OJF 191's restoration, but also to draw on more of the John Page legacy from 2023 to maintain the running fleet.
To complete the banking picture, the Virgin Money account which was by then earning a poor rate of interest was closed in February. The Trust's cashflow position was also affected from October to DvEmber as a result of the Trust's generous agreeing with the private vehicle owners at the main vehicle storage srte that instead of having to pay six months, rent to the Trust in advance, they would onty be required to pay for three months in advance. The upshot of the new arrangement is that the Trust's intemal accounting procedures will be greatly simplified. No endowment funds are currently held by the Trust. An overall deficii of £10,501 arose (after end of year provisions) after spending £23,597 on specific projects. Transfers from the General Fund were made during December to ensure that none of the specific funds were in deficit at the year end and it is anticipated that this practice will continue for the foreseeable future. Total restricted funds for specffic projects at the end of the year were £110,795 leaving £29,362 in unrestricted funds, but prudence in the use of funds remains important. There have been no signfficant events which have affected the financial results during the year. The principal risk faced by the charty would be the loss of storage accommodation for its vehicles and archive items, and the trustees are fully aware of the need to manage this risk and remain vKJilant in seeking a long-term storage solution. Structure, Governance and Management Trustees, Responsibilities, Management and Oryanlsation Leicester Transport Herrtage Trust Limited is a company limrted by guarantee governed by rts Memorandum of Association dated 29 September 2007 and its Articles of Association dated 27 May 2017. It is registered as a charity with the Charty Commission. Anyone over the age of 18 can become a member of the Company, each of whom agrees to contribute £1 in the event of the charrty being wound up. The trustees are responsible for the management of the charity and for preparing a trustees, annual report and financial statements in accordance wrth appluble law and United Kingdom Accounting Standards. The trustees held seven face-to-face Board Meetings during 2024 and exercise prudent financial management at all times with updated figures being circulated behveen the directors on a monthly basis by Finance Officer, Vivienne Foltows. The Trust's Annual General Meeting was once again held in person on 8 June 2024 with a total of 32 in attendance. Those present moved a motion to authorise Bailey & Grifftths to carry out the Independent Examiner's Report in respect of the Annual Report and Financial Ststements for the year ending 31 December 2024. In order to compty wrf(h Charty Commission requirements the Trust has written policies in place on Risk Management, Investment, Safeguarding Vulnerable Persons l Beneficiaries, Conflicts of Interest, Volunteer Management, Code of Conduct, Equal Opportunities, Dats Protection, Driver Responsibility, Complaints Handling, Recrurtment of Trustees. Health and Safety and the Acquisition and Disposal of Vehicles, Tyres, Archive items, Social Media, Environmental and Volunteer Working during COVID-19 Restrictions, Collections, Drivers. A new policy being created is one for General Safeguarding. Risk Assessments are carried out for events which the Trustees arrange and when considered necessary for outreach activities. Additional insurance cover is taken out when required. Action continues to be taken to ensure that the TNst complies with the General Data ProtectK)n Regulation (GDPR) which came into force on 25 May 2018. Trustees, Induction and Training All new trustees I company directors are introduced to their new ro and given copies of the Trust Deed l Memorandum & Articles of Association and guide to the policies and procedures adopted by the charty. Publications from the Charty Commission are also provided including the guidance on chartties and public benefrt, thus ensuring that new trustees are aware of the scope of
their responsibilities under the Charities Act. The process adopted by the Charty is that the new trustees work with the existing trustees assisting on particular activrties and projects run by the charity. Once the new trustees have gained enough experience. they are given the task of leading a particular activity or project and, accordingly, of reporting progress at the trustees, regular meetings. Reserves Policy The trustees are responsible for setting a Reserves Policy which takes into account the administrative overheads of the charity. Sufficient reserves are held to ensure that future calls upon the charity can be met and also as noted under Risk Management. At December 2024 the charty held total unrestricted funds of £29,362 and restricted funds of £110,795. The restrded funds include £78,956 in respect of the valuation of the vehicle collection. Future Plans The financial statements show that the Trust has continued to progress satisfactorily during the year and we expect that to Continue during 2025, although reserves are likely to reduce again with the continuing professional restoration of the 1956 Leyland Tiger Cub single4eck bus and the repairs and restoration work needed to several of the buses. With work on the Tram Depot being taken forward as soon as possible, these remain challenging but exciting times and the trustees expect to demonstrate further our charitable objectNes during 2025. Risk Management The trustees have identrfied the princtpal risk to the charity is a lack of guaranteed funding support, which could result in inability to continue to meet its objectives. To mitigate this risk, the Trustees plan to build over a time a minimum reserve equal to one year's operational expenditure. Careful annual budgeting. tight controls on expendtture and effective fundraising from ¢ommer¢ial and individuals, sponsors and Charitable Trust are important factors in achieving this goal, and have been pursued vigorousty in the period under review. The Board has currently drawn up a wrrtten risks register. with a note of planned mrtigations for each identified risk. This will be discussed, updated and agreed each year. Small Company Provisions This report has been prepared in accordance with the Special Provisions for Small Companies under Part 15 of the Companies Act 2006. The trustees, report was approved by the board on 29th March 2025 and signed on its behaw by Richard Worman Chairman Leicester Transport Heritage Trust Limited
Leicester Trangport H•rttage Trust Lirnlt•d la compony limlted by guar•nteel Report of the Independent Examin•r to the TrUIt• of tho charltsble company on tl occounts for th• end•d 31 D8cemb¢r 2024 I report to the Trustees on my exarnination of the financiol staternents of the charitsbk company on pages 1110 18 for the year ended 31 Decernber 2024 vthich have been prepared in xcordance 1th the chanb.es Act 2011 Ilhe Act) and %Mth the Finanual Reporting Standard 102, leffectsve 1st January 20161 as modified by FRS 102 SORP Istaternent of Recommended Practi for Accounting and Reporting by Charities) 2015, las amended by Bulletin ISSU In October 2018 and applrable to all 8ccountiryJ peri¢yY$ beginning on or after 1st January 20191. (The SORPI. published ty the Charrty Commission in England & Wale5 ICCEW) . and under the historical ¢y)st convenlion 8TrJ th8 accountirvj pJlKS set wt on page 1>14. Respective r•sponsibilitiès of the Truste•s and the Independont ExaminBr and basis of report As the charitable company's Trustees, a 81s0 fv Directors of the Cornp8ny lor purpjw of Cornpany law. you are responsible for the preparation of the financial statements in ac£ordance with the Companies Act 2006, the Charities Act 201 l and all other applicable law and 1th United lfjngdom Generaty Accepted Aco)unting Ptxtsce, appltsble to smaller entities. and fo being satisfied that the financial statements gwe a true and fair vw. The Trustees considerthat the audit requirement of SeciKJn 144111 of the Ch8ritEs Act 2011 (the Actl doès not apply. and that there 13 no requirement in the rnernor&ndum and artdes of the charrty for the conducting of an audrt. and that the accounts do not require an audit In 8ccordance wth Part 18 of the Companies Acl 20C6 and that no rnember or members have requested an audit pursuanl to Section 476 olthe Companies Act 2006. As a consequenrA. the Trustees have cted that the finanal statements be subjeet to independent exarninatb)n. Having satisfied myself that the financial statements are rY>t requireil to be aLKlrt•J uThJer any legal provison, or othemse. 8nd a eligible for independent examination. it is rny responsiblty to-.- al examine the finanaal Statements of the chanty under Section 145 ofthB Act.. bl follow the applicable wctedure$ in the Directions gNen by the Charity Comrnission undef section 14515llbl of the Act. Basis of Indendent Exami$ Slaternent and scope of TAI)rk undertaken I report in respect of rny examination of the tharivs finanri81 statements Car out under s145 ofthe Act. In carrying oul my examination. I have fOlld all the applKable Direction5 given by the Charty ComMissn under section 14515llbl of the Act setting out the duties of an independent exarniner in ¢elatil to the conductiryJ of an independenl examination. An independent examination includes a vieW of the ac£ounting recA)rds kept by th8 tharitsble company and of the ac£ounting systems em 0Yed by the Charitab company and a comparison of Ihe financial statements presented knith those rrs. It abo indudes con51deration of any unusual items or disdosus in the financial statements. and seeking exrdanations from you, as Truste85, concerning such matters. The purpose of the examin&tK)n is to estsblish as far as p0sble that ih8r8 have been no breaches of charity l$lation and thaL on a test basis of evidence reVant to the amounts and disdosures m&Ye. Ihe finar181 staternents cornpty the SORP. The procedures undertaken do not provide all Ihe evidence that Uld be required in an atyjit. and infom)ation supplied by the Trustees in the course of the exarninatk)n subj8¢ted to audit tests or erUlneS and does cover all the matters that an audrtor I)Uld consKler in amving at an opinion. The ann1ThJ and cond1 of an audrt goes beyond the limited assurance that an independent examination can provide. Consequently, I do not express an a1t opinitin on Ihe vwwgNen by the ffinancial ststements, and in parficuLqr. l express no opinion as to thether the fiThan81 statements giv& a true fair of Ihe affairs of the chanty. a1 my rerort is limrted to the matters Bet out in the $tsternent belcw. I planned and perfomied my &y2minatn so as to satsfy rnysell that the obite5 ofthe irknJepeTrJent examinat are achieved and before finalising the report l obtained VTitten assuraThx frcffi the Trust of gjl mate141 matters. Independent Examine? Ststernert Report and Opin5on Attention 13 dr8vm to the accounting tdicy statirrfJ that. nothS1ng the eXpl1t requirement in the exlant statutory gulabO$, the Charities (Account5 and Reports) Regufations 2008, to Prepa the financial statements in acujrdance wlh the SORP 2005, in view of the fact that the SORP 2005 has been wlhjraw). in order b accord ith curn1 best practice, the Trustees have detem)Inecl to prepare the financol ststements in accordance ¥th th8 FRS 102 SORP Islatement of RecDmmended Practice for Accounting and Reportiry by Charrtie51 2015. 185 arnended by Ihe Bulatin ssued in October 2018 and applub18 to all accounti periods b89inning on or after 1st January 20191,1Th8 SORPI. . l o)ncw wth this appn)ath. and any lenceS in my report to the regulats'ons should te read subject to this commenL Subject lo thg lirnilattons upjn th8 8CQPg of my Kirk as detaled above, I have completeLI my ey•mln8b.' and can confirn th8t'.- The accounts of this charitab company are Thjt requ¥eJ to b8 audrted under Part 16 of the COMpank Act 26..
This is a report in reSpt of an exarnination rned out under 145 of the Ad and in a¢cordance wth DI10Th5 given by the Charty Commission under SeCtn 14515llbl of the Act which moy applicab", and that no rn3terial matters have come to my attontion in connoctKm ilh the exarninat giving m& c•uso to telwe thal in any rnaterial re5P8Ct".- 1. accounbng records were not k•pt in res ofthe dhprty as requir•J by secb.on 386 ofthe Compani8$ Act 20LK and Section 130 of The Charities Act 2011", 2. the financi81 staternents do not accyyd iih fv)se rpcovds", or 3. the financial statements do not comply ¥th the 8pplic4ble wuirements concemir¥J the lorni and content of ac£ountS Set out in $8Ction 396 of the Comp8ni8s Act 20C6 other than any rwulMent th91 the accounts give a IruE and fairf view, thich is not a rnatter considered as part of an independent exarninatK)n'. 4. have not been prepared in accordance %Mth the methods and prinupbs set out in the FRS 102 SORP Iststernent of RecA)mmended Praclirn for AccountiThJ and Reporling by Chare$l 2015. las 8rnended ty Ihe Bumebn issued in October 2018 and applicable to all accounting perh?ds beginning on or after 1st January 20191. (The SORPI. I have no conc•ms and have come across no other matter¥ in o]nneCti ith the eXaMwl5n k) attentKJn should be dr in thi5 report in order to enable a proper understsnding ofth8 finan¢yal atements to be d. J A Bailey FFA FIPA FFTA Bailey & Griffiths Limited Office 17 The Atkins 8uslding Lower Bond Street Hinckley Leicestershi LE10 1QU 29 March 2025 10
Leicester Transport Heritsge Trust Limited (a company limlted by guarantee) Statement of Flnancial Activities lincluding the Income and Expenditure Account for the year ended 31 December 2024. as required by the Companies Act 2006) Unrestricted Restricted Funds Fund5 2024 2024 Note Total Funds 2024 Total Funds 2023 Income and Endowments from: Donations and legacies Charitable activities: Activities for generating funds 22,747 11,003 33,750 46,465 38,449 3,109 41,558 34,908 Investment income 2,078 2,078 589 Totsl income 63.274 14.112 77,386 81,962 Expenditure on: Raising funds 8,738 8,738 10,460 Charitsble activities 34,3 44,753 79,149 67,939 Totsl expenditure 43.134 44,753 87.887 78,399 Net incomelexpenditure for the year 12 20,140 -30,641 -10,501 3,563 Transfers between funds -21.770 21.770 Net movement in funds -1,630 -8,871 -10,501 3,563 Reconciliation of funds:. Total funds brought forNard 30,992 119,666 150,658 147,095 Total funds carrled foNard 29,362 110.795 140,157 150,658 All activities derive from continuing operations. The notes form an integral part of these accounts.
Leicester Transport Heritage Trust Limited la company limited by guarantee) Balance Sheet as at 31 December 2024 Unrestricted funds Restricted funds Notes 2024 2023 Fixed assets Tangible assets 78,956 78,956 78,956 Current assets Debtors Cash at bank and in hand 2,431 33,342 35,773 2,431 65,277 67,708 2,588 81,094 83,682 31.935 31,935 10 Credltors.. amounts falling due within one year -6,411 ,507 -11,980 Net current assets 29.362 31,839 61,201 71,702 Total assets less current liabilitles 29,362 110,795 140,157 150,658 The total net assets of the charty 29,362 110.795 140,157 150,658 Charity funds Unrestricted funds Restricted funds 29.362 29,362 110,795 30,992 119,666 110,795 Total funds 29.362 110,795 140,157 150,658 The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. The members have not required the company to obtsin an audit in accordance with section 476 of the Act. The directors acknowledge their responsibilrties for complw'ng wth the requirements of the Companies Act 2006 with respect to x¢ounting records and the preparation of accounts. The charty is subject to Independent Examination under charty legislation, and the report of the Independent Examiner is on pages 9-10. The financial statements have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006. applicable to companies subject to the small companies regime. R J Worman Chairman 29 March 2025 12
Leicester Transport Heritage Trust Limited (a company Ilmited by guarantee) Notes to the Accounts for the year ended 31 December 2024 1 Accounting policies Basis of preparation and accountlng convention The financial statements of the charitable company. which is a publ benefit entty under FRS 102, have been prepared in accordance with the Charities SORP {FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practi applicable to charities preparing their accounts in accordance wth the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015)'.The Financial Reporting Standard 102 The Financials Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006. The financial statements have been prepafed under the historical cost convention. Financial reporting 102 - reduced disclosure exemptions The charity has taken advantsge of the following disck)sure exemption in preparing these financial statements, as pennitted by FRS 102 The Financral Reporting Standard applicable in the UK and Republic of Ireland: - the requirement of Section 7 Statement of Cash Flows Income recognition All incoming resources are recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. Voluntary income is received by way of donations and gifts and is included in full in the Statement of Financial Activities when receivable. The value of services provided by volunteers has not been included. No amount included in the financial statements for volunteer time in line with the SORP (FRS 102). Further detsils are grrfen in the Trustees Annual Report . Fixed assets gifts in kind are recognised when recewable and are included at fair value. They are not deferred over the lrfe of the asset. For legacies, entitlement is the earfier of the charty being nottfied of an impending distribution or the legacy being received. At this point income is recognised. On occasion legacies will be notified to the charty however it is not possible to measure the amount expected to be distributed. On these ¢x¢asions, the legacy is treated as a contingent asset and disclosed. The charity receives govemment grants in respect of repair of the buses. Income from government grant and other grants are recognised at fair values when the charty has entitlement. The grant is recognised when it is probable that the income will be received and the amounl can be measured relBbty. Expenditure recognition Liabilities are recognised as expenditure as soon a8 there is a legal or constructive obligation committing the charty to that expendrture, it is probable that a transfer of economic benefits will be required in settlement and the amount of the oblvJation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been albcated to acttvities on a basis consistent with the use of resources. 13
Leicester Transport Heritage Trust Limited (a company limited by guarnntee) Notss to the Accounts for the year ended 31 December 2024 Accountin olicies - cont'd Tangible Fixed Assets and Depreciation Tangible fixed assets are capitalised and included at cost or valuation together with any incidental expenses of acquisition. No depreciation is provided on motor vehicles, as in the opinion of the TrUStS there is no permanent diminution in value of these assets as a resuft of extensive maintenance and restoratKin of the vehicles owned by the Trust. Depreciation is provided on other red assets at rates calculated to write off the cost less residual value of each asset over its expected useful lrfe, as follows: Fixtures and rIngS 25% on cost Taxation The charity is exempt from corporation tax on ts charitable actNtties. Debtors and creditors receivablelpayable wlthin one year Debtors and creditors are stated at transaction price. Cash and cash equivalents Cash and cash equivalents comprise cash on hand and cash on deposit. Funds acGounting Restricted funds are funds that can onty be used for particular restricted purpose within the objects of the charty. Restrictions arise when specrfied by donor or when funds are raised for a particular restrided purpose. Unrestricted funds are incoming resources receivable for expenditure on the general objectives of the charty. Transfers behveen funds are made where necessary. Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. Leases Rentals payable and receivable under operating leases are charged to the SOFA on a straight line basis over the perDd of the lease. Going concern The financial statements have been prepared on a going concern basis as trustees believe that no material uncertainties exist. 14
Leicestsr Transport Heritage Twst Llmltsd (a company lirnitsd by guarnntso) Notes to the Accounts for the yoar ended 31 December 2024 Unrestrlcted R8strictsd Funds Funds 2 Donatlons and l•gacies Total 2024 Unrnstrictsd Restricted Funds Funds Totsl 2023 Donations and legacies Grants, awards and sponsorship Grft Aid 12,021 4,445 6.281 11,003 23,024 4,445 6,281 11,607 6,755 5,533 18,420 4,150 30,027 10,905 5,533 22.747 11.003 33.750 23.895 22,570 46,465 3 Charitable activltieg Unrestricted Restrictgd Funds Fund8 Totsl 2024 Unrestricted Restricted Funds Funds Total 2023 Activities for generating funds Membership subscriptions Rent Entrance fees Sales Members lottery 7.440 20,400 2,043 8,566 7.440 20.400 2.043 8,566 3,109 5,672 15.120 4.532 6.757 5,672 15,120 4,232 6.757 3,127 3.109 3,127 38.449 3,109 41.558 32,081 3,127 34,908 4 Investment income Unrestricted Restricted Fund8 Funds Totsl 2024 Unrestricted Restricted Funds Funds Totsl 2023 Interest receivable 2,078 2,078 589 589 S Raising funds Unrestrictod Re8trictsd Funds Funds Total 2024 Unre8tricted Restricted Funds Funds Totsl 2023 Mileage expenses Publications Advertising, subs & donations Goods PLtrchased for resale Bank chargeslPaypal 3.571 2.676 998 1,416 3,571 2,676 998 1,416 3,728 3,147 1.654 1.848 83 3,728 3,147 1,654 1,848 83 8.738 8,738 10,460 10,460 6 Charitable activitie8 Unrestricted Restricted Funds Funds Totsl 2024 Unrestiicted Restrf¢tsd Funds Funds Total 2023 Activities for generating funds Rent Fuel ReslorationlmateriaLs Road Lix Insurance Breakdown insurance & MOT Towinglrecovery Members meeting costs Archive items Utilities- electrierty Members lottery prizes Website Support costs Stationery, postsge & consumables Sundries Independent exarniners fees Protessional fees 24,C60 1.093 2,682 17,160 41,220 1.093 18,296 18,739 1.599 15,720 34,459 1,599 15,132 15,614 14,568 1,398 1,475 1,264 2,873 1,264 1,440 1,605 1.280 3,045 1,280 1,676 1,676 7,983 391 645 13 1.498 1,498 6,934 393 765 13 7,983 391 645 6.934 393 765 13 13 1,311 659 1,380 124 221 1.532 659 1.380 124 1,106 309 1.380 13 13 1.119 309 1,380 13 34,396 44.753 79.149 26.661 41,278 67,939 15
Leicester Transport Heritage Trust Limited (a company limited by guarantse) Notes to the Accounts for the year ended 31 December 2024 7 Fixed assets At cost or Accurnulated 2024 valuation Additions Disposals depreciation Total 2023 Total Motor vehlcles Leyland Titan PD2 FJF 193 Leyland Tiger Cub OJF 191 Ford Van PRY 808 Leyland Titan PD3 264 ERY BMMO D9 6314 HA Leyland Tilan PD3 GRY 60D Leyland Atlanlean PBC 113G BMMO S22 PHA 505G Metro Scania ARY 225K Melropolitan UFP 175S Dennis Dominator UFP 233S Leyland Leopard BAH 809X Dennis Dominator TBC 50X Leyland Olympian A502 EJF Scania L113 CRL S350 MFP Kirby & Wesl Milk Float WRY 342 Fixtures & fingS 20.Crf)) 1.539 1.9Crf) 10,0fy) 20,000 1,539 1.93 10.000 1,000 3.000 517 10,000 5,000 2.OlXI s,0 6,000 5,500 2.000 5,000 5¢XI 20,000 1,539 1.9(J) 10.000 1,000 3,000 517 10,000 5,000 2.00) 5.000 6.000 5,500 2,000 5,000 500 517 10.1 2.000 145 145 79,101 145 78.956 78,9 The market value of the motor vehides have not changed since last year and therefore no adjustments were required to be made in these accounts accordingty. Debtors Unrestrfcted Restrlcted Funds Funds Total 2024 Total 2023 Trade debtors Grants re1vable Prepayments Tax refund receNable 251 220 76 1,884 251 220 76 1,884 236 21XJ 73 2,079 2,431 2,431 2,588 9 Creditors: amounts falling due within one year Unrestrlcted Restricted Funds Funds Total 2024 Total 2023 Trade creditors Membership subscriptions received in advance Rent received in advan Independent examiners fee Arual$ Professional fees Sponsorship in advan Electricty- tram shed 251 4,780 251 4,780 237 4,518 3.840 1.380 1,380 70 70 70 1,900 35 26 6.411 6.507 11,980 16
LeiGester Transport Heritage Trust Limited (a company limited by guarantee) Notes to the Accounts for the year ended 31 December 2024 Unrestricted Restrlcted Funds Funds 10 Funds of the Charity - Allocation summary Total 2024 Totsl 2022 General account Rent account Archive Tram Depot Legacy FJF 193 OJF 191 PRY 808 264 ERY 6314 HA GRY 60D PBC 113G PHA 505G ARY 225K UFP 175S UFP 233S BAH 809X TBC 50X A502 EJF S350 MFP 35.773 35,773 39,027 3,840 1,065 1,907 8.588 1,208 5,400 663 1.133 3,186 2,213 1,140 1,249 2,312 1.791 2,144 1,636 2,131 2,142 907 1,087 1,062 6,372 763 1,008 663 1.974 3,206 2,086 1,052 2,048 1,993 1,088 1,925 731 2,021 2,092 764 1,087 1,062 6,372 763 1.008 663 1,974 3,206 2,086 1,052 2,048 1,993 1,088 1,925 731 2,021 2,092 764 35,773 31,935 67,708 83,682 The above balances split as follow5: Unrestricted Restricted Funds Funds Total 2024 Total 2023 Debtors Cash at bank 2,431 33,342 2,431 65,277 2,588 81,094 31,935 35,773 31,935 67,708 83,682 11 Movement in funds Transfer Asat movement between 0110112024 in funds funds Asat 3111212024 Unrestricted funds General fund 30,992 20,140 -21,770 29,362 Restricted fund Restricted funds 119,666 -30.641 21,770 110,795 150,658 -10,501 140,157 17
Leicester Transport Heritage Trust Limited (a company Ilmited by guarantee) Notes to the Accounts for the year ended 31 December 2024 12 Net movement in funds. included In the above are as follows: Incoming Resources Movement resources expended in funds UnstrICted funds General fund 63,274 43,134 20,140 Restricted funds Restricted funds 14,112 44,753 -30,641 77,386 -87.887 -10,501 Restricted funds The restricted funds are made up of tangible assets as in note 7 of £78,956 less a creditor of £96 in note 9 plus funds balance in note 10 of £31,935. Transfers made between the unrestricted and restricted funds during the year was £21,770 to cover the overspend in the restricted funds. 13 Stock Stock of publications and goods for resale are prudently wrttten off vthen purchased. the value of stock at cost at 31 December 2024 and 31 December 2023 was not material. 14 Trustees, remuneration None of the trustees received any remuneration during the year (2023 - £nil). 15 Trustees and members expenses Mileage expenses of £2,331 were paid to 2 trustees and £1.240 to 4 members (2023 - £2,641 paid to 4 trustees and £1,087 to 2 members) - these were donated back to the trust. 16 Related party dlsclosures There were no related party transactions for the year ended 31 December 2024. 17 Amounts payable to Independent examiner The amount paid to the independent examiner was £1,380 (2023 - £1,380). 18 Company limited by guarantee The company is limited by guarantee arKI therefore does not have any share capital. 19 Other financial commitments The Gompany has annual rental commitments of £2.000 on a rolling basis. 18