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2021-02-28-accounts

Company Registration Number: 05035702 Registered Charity Number: 1125980

THE THAMES VALLEY AND GREAT WESTERN OMNIBUS TRUST

(A Company Limited by Guarantee and not having a share capital)

TRUSTEES’ REPORT AND FINANCIAL STATEMENTS UNAUDITED

FOR THE YEAR ENDED 28 FEBRUARY 2021

THE THAMES VALLEY AND GREAT WESTERN OMNIBUS TRUST

(A Company Limited by Guarantee)

COMPANY INFORMATION – TRUSTEES, DIRECTORS and PROFESSIONAL ADVISORS Year ended 28 February 2021

Directors / Trustees Dr C J Billington Dr H M Bolt G G Green R D Rampton (terminated 27 June 2020) D T Sheppard M J Williams (appointed 4 December 2020) Company Secretary Dr H M Bolt Company Number 05035702 Charity Number 1125980 Principal/ Registered Ledger Farm Office Forest Green Road, Fifield Maidenhead SL6 2NR Bankers: Lloyds Bank plc Lloyds Commercial National Clubs & Charities Centre PO Box 1000 BX1 1LT Insurance Brokers: TH March Insurance Brokers (Museum and event insurance) Hare Park House Yelverton PL20 7LS Tollgate Private Clients (Vehicle insurance) Tollgate House 96 Market Place Romford RM1 3ER Independent Examiner: T W Bennett CALIBF 16 Manor Close Bradford Abbas Sherborne Dorset DT9 6RN

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THE THAMES VALLEY AND GREAT WESTERN OMNIBUS TRUST

(A Company Limited by Guarantee)

TRUSTEES’ ANNUAL REPORT

Year ended 28 February 2021

STRUCTURE, GOVERNANCE AND MANAGEMENT

The trustees are pleased to present their annual directors’ report together with the financial statements of the Trust for the year ending 28 February 2021 which are also prepared to meet the requirements for a directors’ report and accounts for Companies Act purposes.

The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and Accounting and Reporting by Charities: Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Report Standard applicable in the UK and Republic of Ireland (FRS 102) effective 1 January 2015.

Company Number 05035702 Charity Number 1125980

Status

The Thames Valley & Great Western Omnibus Trust is a company limited by guarantee, having no share capital and registered in England & Wales on 5 February 2004. Each of the members is liable to contribute an amount not exceeding £10 towards the assets of the company in the event of liquidation. It is a registered charity. The charity was incorporated on 22 September 2008 and is bound by its Memorandum and Articles of Association. In their letter of 8 December 2009, HM Revenue & Customs accepted The Thames Valley & Great Western Omnibus Trust as a charity for tax purposes under reference XT21974 from 30 August 2008.

In accordance with the Articles of Association the first Trustees & Directors were those persons notified to Companies House as the first directors of the Charity. All three directors were willing to continue beyond the first Annual General Meeting and remain in post. A fourth Director joined the Board on 13 February 2013 and a fifth on 21 March 2019. As subscribers to the memorandum, both also became members. The existing Directors can appoint a person who is willing to act to be a Director either to fill a vacancy or as an additional Director.

Under Article 31(6) and on the basis of formal legal advice, it was necessary for the appointment of one of the first Trustees & Directors to be terminated with effect from 27 June 2020. The Articles of Association were modified by Special Resolution on 31 October 2020 to clarify conditions for terminating membership and for appointing / removing Trustees & Directors who may not also be members. An additional Trustee & Director was appointed on 4 December 2000. At the end of the period, the Trust had five Trustees & Directors, two of whom are first subscribers and two others are also members. With the increasing scale of charitable activity, the Board intends to appoint further Trustees & Directors as suitable persons are identified.

Principal Activity

The company was dormant until December 2009 but has been active since, working in furtherance of its objects.

Charity’s Aims and Objectives

The principal object of The Thames Valley & Great Western Omnibus Trust (TV&GWOT/the Trust) is:

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THE THAMES VALLEY AND GREAT WESTERN OMNIBUS TRUST

(A Company Limited by Guarantee)

In furtherance of this object the Trust powers include:

REVIEW OF THE YEAR & PUBLIC BENEFIT REPORT

At the start of the year the Trust owned the following vehicles :

During the year the Trust acquired the following vehicle which had been on long-term loan since 2015 when the centenary of motor bus operations in the Thames Valley was celebrated (TV100):

The Trust also accepted an offer to acquire, without charge, the following derelict vehicle which had been bequeathed to another road transport heritage charity, The Oxford Bus Museum, but which fell outside their sphere of interest and collection policy:

At the start of the year the Trust had on long-term loan from Trust Chairman, Dr Colin Billington, eleven significant historic vehicles relevant to the Thames Valley and Great Western region. The standard terms of loan agreements mean the owner remains responsible for funding storage, insurance, restoration and general operational costs. The loan vehicles comprise:

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THE THAMES VALLEY AND GREAT WESTERN OMNIBUS TRUST

(A Company Limited by Guarantee)

At the start of the year, one vehicle was on long term loan to the Trust from Trustee, Richard Rampton, namely:

As a collection, the vehicles span the Trust’s region of operation and a 57 year chronology from 1912 to 1979. As a result they also represent a range of technologies giving an invaluable basis for heritage skills retention and training during their restoration and operation. During the year volunteer opportunities for restoration involved vehicles from the 1920s through to 1960s (VW203, RU8805, FTA634, LTA748, BOD25C). In addition to public access to the workshops as work progresses, the acquisition of restored and operational vehicles by the Trust (DBL154, NDP38R, MO9324 and FMO938), the completion of restoration of vehicles on long term loan (YF714, JUO992, MOD973, EDV555D) and the availability of operational vehicles also on long term loan (OTA290G, FDV790V) has enabled the Trust to develop an intensive programme of appearances at its own and others’ public historic road transport events when conditions allow across the region.

Other support underpinning the Trust’s activities includes the Trust Chairman’s commitment to make the museum facility (archive, gallery and display area) at his West Country home available to the Trust free of charge to host Trust events and displays. Similarly facilities at his base in the Thames Valley, including siting of the former Thames Valley Traction Co.’s Maidenhead waiting room and ticket office and the use of former offices for archive storage and research, are available without cost for volunteer activity and to host public visits when circumstances allow.

Activities during the 2020-21 year were impacted significantly by the Covid-19 pandemic both due to laws requiring people to stay at home, limiting gatherings and avoiding indoor contacts, and caution given the older age profile of many normally active Trust Supporters. Trustee meetings and the AGM were held virtually via Zoom. Large scale events which thrive on the opportunities for the public to experience bygone travel in vintage buses & coaches were all but eliminated, although innovative ways to use social media to offer virtual travel were deployed successfully. The Trust took its duty of care to volunteers and the public seriously and acted promptly and decisively as plans had to be cancelled or altered. The loss of income from events was significant but Supporters were generous with annual renewals, new Supporters were attracted, and a project

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THE THAMES VALLEY AND GREAT WESTERN OMNIBUS TRUST

(A Company Limited by Guarantee)

funding appeal was launched with success. Working parties for both the archives and restoration were suspended then restarted as rules allowed, albeit generally with smaller groups and a focus on individual tasks but with increased frequency to maintain progress. Communication with Supporters was prioritised as they provide the foundation for the Trust’s future. In addition to the flagship magazine To and fro’ , an informal Newsletter ( Service-19 ) was produced to keep Supporters in touch while normal opportunities to meet and advance Trust interests were on hold. Careful use was also made of the Trust’s website and social media to keep the Trust in public view. Details about the various activities that could proceed in furtherance of the Trust’s charitable objectives are described below.

Despite pandemic restrictions, restoration progress has been made:

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THE THAMES VALLEY AND GREAT WESTERN OMNIBUS TRUST

(A Company Limited by Guarantee)

In parallel with restoration activities maintenance of the operational fleet has continued. For example:

A remarkable feat by a small group of Trustees and Supporters through the summer of 2020 was to rescue and recover 1951 Royal Blue Bristol LL6B No. 1264 which had been donated to the Trust by The Oxford Bus Museum (see above). The vehicle had been abandoned in a Devon field since 1979 but is remarkably complete with the potential to provide some parts for 1929 Royal Blue Reliance No. 3615 currently undergoing restoration by the Trust. Social distancing and other restrictions added to the complexity of the recovery which involved several visits to prepare the vehicle for transportation but it succeeded without incident as a result of thorough logistical planning and cooperation between the Trust and a number of external parties. Video shared on the Trust’s Facebook page and publicity on the website resulted in significant positive responses picked up and disseminated in the enthusiasts’ press. It is the Trust’s intention to store this vehicle in the dry to preserve it for potential restoration in the future taking advantage of facilities offered free of charge.

The Trust Supporters Group was established in 2015, for anyone interested in the work of the Trust and wishing to provide financial and/or volunteer support. During the 2020-21 year the number of Supporters rose from 223 at the start to 238 at the year end despite the absence of public events. In addition the Trustees are sad to report the deaths of four Supporters during the period - Graham Geoghegan, Peter Pribik, Michael Stephens, and John Whitehead. Each was significant for their individual contribution to the Trust and for their activities variously as preservationists, researchers, photographers, collectors and authors capturing the passenger road transport heritage the Trust seeks to preserve. The Trust is grateful to have benefitted from

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THE THAMES VALLEY AND GREAT WESTERN OMNIBUS TRUST

(A Company Limited by Guarantee)

materials bequeathed from individual estates but the knowledge and vibrant engagement of the gentlemen themselves will be missed.

During the period, the Trust produced four editions of its quarterly Supporters' magazine, To and fro' . The magazine comprises a mix of Trust news, reports on activities and original, high quality articles on historical topics within the Trust's scope. The latter are produced by Supporters, some of them regular correspondents, who are able to make full use of the Trust's archives and their own collections to research and illustrate their topics. The result is a high quality publication which inspires and furthers interest in our core topics, exploits and showcases the Trust's collections, and has a lasting and cumulative value.

The enforced break in Trust events during the pandemic (and therefore the loss of retrospective reports normally carried in To and fro’ ) gave significant editorial challenges during the period and might have resulted in shorter publications were it not for the efforts of Supporters to compensate with higher volumes of historical articles. In the event, the average length of To and fro’ increased from 40 to 44 pages during the period, with a ‘bumper edition’ reaching 52 pages beyond the period end in the Summer of 2021. The content, contributing to the public education in the history of the Thames Valley & Great Western and successor companies, was as follows:

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THE THAMES VALLEY AND GREAT WESTERN OMNIBUS TRUST

(A Company Limited by Guarantee)

These magazines contained 40 original and exclusive features (2019-20: 41), of which 23 were historical articles (2019-20: 18). They featured and interpreted 246 images (2019:20: 273), of which 186 (2019:20: 157) were historic and/or from the Trust's archives.

Back numbers of To and fro’ are normally sold at modest cost on the Trust’s sales stand at events but the ‘Shop’ facility on the Trust’s website proved popular during the year such that some editions are now out of print. Sales not only generate useful revenue but also encourage wider engagement with the Trust and extend the access to material in Trust archives.

At the start of the year, successful public events from previous years were scheduled to be repeated and expanded in 2020, for example at Penzance (April) and Kingsbridge (September). With 2020 being the centenary of the formation of the National Omnibus & Transport Company ( NOTC ) on 13 February and of the Thames Valley Traction Company ( TVTCo .) on 10 July, both of which are central to the heritage TV&GWOT preserves, special events were also planned.

Organisation and planning of a trip to launch TV&GWOT’s “ SU60 ” celebrations, commemorating 60 years of the Bristol SU bus and coach design was substantially complete and scheduled for 29 March 2020, to recreate a 1974 tour by the now-defunct Plymouth Bus Club, in which a Bristol SU coach (No. 1207) was hired and used to traverse the former Western National Kingsbridge depot routes across the South Hams. The two original organisers, now TV&GWOT Supporters, had worked closely with Trustees to research and plan the route and timetable. Photographs of the occasion from their collections were used to create a souvenir booklet, with the intention of recreating each photograph on the day. The imposition of what would turn out to be the first of several lock-downs prevented the event going ahead but it is ‘oven-ready’ for a future date.

The Trust’s annual Royal Blue run was to be an epic five-day venture travelling to Essex to the original NOTC headquarters before continuing back across the country through Hampshire, Dorset, Devon, Cornwall, Somerset, Wiltshire and Gloucestershire taking in the principal NOTC depot towns. A rolling programme of pop-up exhibitions was planned for each town, at publicly accessible venues chosen for high footfall. Exhibition material was planned to celebrate both the local transport heritage while also placing it in the context of the NOTC centenary. This was to give local relevance to the public, offer a visitor trail between venues, and provide a link to the Royal Blue coach run spectacle that was to pass through the towns in mid-summer. Planning was advanced and a National Lottery Heritage Fund bid was being finalised.

For the TVTCo. centenary in July, a vintage bus running day centred near the original station terminus in Reading was planned with special services around Maidenhead where the original headquarters were based. A Trust Supporter and TVTCo. expert was bringing out a new pictorial history to coincide with the anniversary and the Trust was working with other Supporters, several with direct experience of the industry, to produce a book describing the public transport enterprises that served the market after the TVTCo. entity disappeared with the ascendance of the National Bus Company in 1971.

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THE THAMES VALLEY AND GREAT WESTERN OMNIBUS TRUST

(A Company Limited by Guarantee)

These approaches to the milestone events were novel and designed both to provide for wider public engagement and to advance the educational purposes of the Trust. However, as the Covid-19 pandemic took hold, it became clear in March 2020 that the Trust had to cancel plans for large gatherings or for offering public rides in the confines of preserved buses and coaches.

The Trust acted early and decisively and despite some disappointed observers the decisions were vindicated by the ongoing restrictions on movement through the remainder of the year. In particular the early decisions have ensured the Trust has not forfeited expenditure on preparations even though a large number of volunteer hours had been expended on planning and preparation for what would have been the Trust’s largest events programme in its history.

Other 2020 planned events that were affected included a special one-off event “Belles and Buses” planned for May in conjunction with the Northern Belle Trust to celebrate the bus and ferry links of the Rame Peninsula. Regrettably the subsequent demise of the Northern Belle means that event cannot now take place.

Plans had also been underway for the Trust to support the Great Western Society with its transport heritage event at Didcot in early summer 2020. The cooperation between the complementary charities will be resurrected in future years.

Rather than miss the important milestones, the Trust hoped to run the NOTC and TVTCo. events in 2021 as Centenary+1 celebrations and similarly mark the first manufacture of the Bristol SU buses 60 +1 years on at Kingsbridge in the September.

While the above explains what the Trust could not do by way of public benefit in the 2020-21 year, alternative ways were nevertheless found to maintain activity on the Trust’s traditional event dates and raise its profile in positive ways that are educational and enjoyable. The success of associated Social Media innovations is described more fully later in this report.

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THE THAMES VALLEY AND GREAT WESTERN OMNIBUS TRUST

(A Company Limited by Guarantee)

In previous years event success has been measured in terms of (a) passenger journeys for members of the public carried on vintage bus services by Trust vehicles or on vehicles attending Trust events (24,758 in 2019-20), (b) the number of (vehicle) days Trust and Trustees’ vehicles participating in TV&GWOT events were on the road on public display (262 vehicle days in 201920), and (c) the associated mileage covered (19,692 miles in 2019-20). Such metrics are meaningless in 2020-21 conditions and the representation around the country at all, utilising novel forms of public engagement, and the positive reaction to the Trust’s efforts are taken to point to success in delivering the Trust’s charitable objectives.

However, the free availability of online content means the ability to raise funds as part of these events and educational activities is minimal. Measures in 2019-20 were the sale of over 1,700 programmes (at £4-6) at Penzance, Didcot, Tavistock and Kingsbridge events containing articles of historic interest and some 250 sales (£12.95) of the TV&GWOT book written for the Reading Motorbus centenary event. Similarly advertising opportunities in event programmes drew revenue from the major transport companies including in 2019-20 First Group, Plymouth Citybus, Tally Ho Coaches of Kingsbridge, Transport for London (Victoria Coach Station), Stagecoach South West, Reading Buses and Thames Travel. Losing this again impacted the Trust’s 2020-21 income. A further knock-on effect without events was the loss of a catalyst for local and regional press and broadcasters to engage, as they normally would, publicising the charitable activities. The indirect benefits, encouraging greater public interest and involvement in the Trust more generally, were also lost.

The Trust’s collections have necessarily been closed to the public, so there have been no group visits to either our Thames Valley or West Country facilities in the 2020-21 year.

A priority for the Trust, despite ongoing pandemic uncertainty, was therefore to plan for a return to holding public events of the quality and significance for which the Trust is known with important heritage vehicles restored and maintained to exemplary standards. To this end a project was conceived to engage Supporters and others in that vision:

The process has engaged and enthused a wide range of existing and new Supporters which can be capitalised on at the future event.

Other activity initiated to maintain levels of engagement through the year in light of pandemic constraints included:

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THE THAMES VALLEY AND GREAT WESTERN OMNIBUS TRUST

(A Company Limited by Guarantee)

TV&GWOT Chairman, Colin Billington, is also Deputy Chairman of the National Association of Road Transport Museums (NARTM). He also performs two specific functions for NARTM in a voluntary capacity – (1) the development of strategy for and management of NARTM’s lobbying of regulatory bodies and responses to relevant public consultations, and (2) responsibility for NARTM guidance to its members on the provision of free bus services in furtherance of the charitable aims of NARTM’s members. Activity in the year included clarifying the outcome of legislative changes on tyres and measures applicable to heritage vehicles. The Government response to the consultation on the proposals to ban tyres more than 10 years old on steering axles of heavy vehicles (buses, coaches and heavy goods vehicles [HGVs]) was published on 15 July 2020 and confirmed that the exemption proposed in the initial consultation document for Vehicles of Historic Interest (i.e. vehicles more than 40 years old which have not been substantially modified during the past 30 years) would be carried forward into the proposed legislation, although the exemption would not apply to commercially used vehicles nor to HGVs where the exemption would only apply to HGVs built before 1960. The NARTM submission to the consultation had been prepared by TV&GWOT Chairman, Colin Billington, following wide consultation with NARTM members. This had further proposed extending the exemption to non-commercially operated buses and coaches over 20 years old as this was the age at which, typically, vehicles became available for preservation, having been withdrawn from commercial use. This proposal was not included in the Government’s proposals for further legislation so will result in a significant financial barrier to ongoing preservation of vehicles built less than 40 years ago. The revised legislation came into force on 1 February 2021. Colin Billington also participated in the NARTM committee and AGM meetings online. Dissemination of sector guidance via NARTM for museums and archives has been a valuable guide for Trust actions in mounting events and resuming activities as pandemic restrictions ease.

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THE THAMES VALLEY AND GREAT WESTERN OMNIBUS TRUST

(A Company Limited by Guarantee)

Other links have been forged, for example with the Archives and Records Association , which have produced a variety of webinars and online training courses which Trustees have participated in to advance skills and knowledge required for the Trust both in general and specific to Covidrelated measures. Topics covered included archive accreditation, different aspects of collection care, maintaining and exploiting digital collections, and The National Archives catalogue service Discovery. A place was secured on The National Archives’ Novice to Know-how certified course on digital preservation to further enhance Trustee skills. Towards the end of the year the Trust was invited to join the newly formed Land Transport Archive Network , coordinated by The National Archive as an informal network for archivists, curators, custodians and researchers, interested in the care and use of archives relating to any aspect of any form of land transport: including vehicles, operators, personnel, passengers, manufacturers, freight and infrastructure. TV&GWOT Trustee Helen Bolt is leading the LTAN survey activity in the passenger road transport sector into the scope of archive holdings, alongside her study on the University of Plymouth MA in Archival Practice, all of which bring spin-off benefits for the Trust.

The website has increased in importance for the Trust to maintain ‘virtual’ contact with the public (providing up to date reference material about the status of events, the collection and opportunities to get involved as a Supporter as well as access to educational materials through the online shop facility) and is complemented by the Facebook page (providing real time updates on Trust activities). In addition to the website, which continues to be the principal point of first enquiry and summarises the Trust’s objectives, organisation, activities, collections, events and opportunities for volunteers, we communicate immediate news and responses to queries and comments through Facebook.

During the 2020-21 year, platform-wide changes occurred in the way Facebook pages were administered and their performances measured. Most significantly, page ‘likes’ (of which the Trust’s page had 1,813 at the start of the period) were translated into ‘followers’, a more relevant measure encompassing all who subscribe to updates. Since the end of the period, the Trust’s Facebook following has grown to 2,260 . Many more users receive the Trust's content virally as a result of both organic and strategic sharing of our posts. Our Facebook page remains the market leader in both the Thames Valley and West Country area among those for comparable groups and charitable Trusts by a significant margin.

The challenges of the pandemic, especially the enforced cancellation of Trust events, called for great innovation to ensure the Trust’s public benefit remit was fully satisfied to the very best of its ability. Social Media gave an outstanding opportunity and the Trust fully exploited this to fill the void left by the necessary cancellation of its events. The following are some key examples from the period showing a timeline of adaptability and innovation through the current period and beyond:

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THE THAMES VALLEY AND GREAT WESTERN OMNIBUS TRUST

(A Company Limited by Guarantee)

The Trust acknowledges the skills and creativity of social media lead, Trustee David Sheppard, and the technical help of the webmaster, Supporter Gerry Tormey, which underpins the Trust’s success in engaging the public in this area. These communication routes are maintaining and increasing awareness of the Trust and helping engage new Supporters from far afield. These connections will be important to draw people to Trust events once pandemic restrictions ease.

In addition to the work of the Trustees, in normal times activities rely on the voluntary help from others who increasingly have come forward to marshal at events, prepare and crew vehicles giving rides to the public, and work on maintenance and restoration projects. In addition, key Supporters lead and organise the archive work at both locations, coordinate the Supporter’ Group, and apply professional design skills to the magazine. Figures for 2019-20 showed 246 individuals helped with Trust activities, contributing 17,300 volunteer hours , with 210 of these volunteers involved in crewing the 121 different vehicles which attended TV&GWOT events. The Supporters’ group normally provides a focus for like-minded individuals to identify with the Trust objectives and have the satisfaction of contributing to a shared endeavour while bringing educational benefit and enjoyment to the wider public but the opportunity was to a large extent denied due to the pandemic. However, of the 238 people registered as Supporters at the year end, a very significant proportion have engaged with lockdown activities such as funding the restoration of 556, contributing to the Service-19 Newsletter and To and fro’ , and working on archives from home. While hours and working groups cannot be measured in the established way, Trustees wish to thank Supporters and other volunteers for their continued help, patience and financial support through this difficult period.

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THE THAMES VALLEY AND GREAT WESTERN OMNIBUS TRUST

(A Company Limited by Guarantee)

ACTIVITY & PUBLIC BENEFIT IN 2021, BEYOND THE YEAR END

At the year end (28 February 2021) the country still faced ongoing restrictions and uncertainty about the wisdom and viability of gatherings in the months ahead. Although the Trust planned for a sequence of public events to its former timetable, celebrating centenary+1 anniversaries where appropriate, limits affecting the size of gatherings and conditions in enclosed spaces disrupted these plans. As in 2020-21, success cannot be measured using traditional metrics such as passenger numbers, volume of programme sales etc but instead the Trust has maintained a constructive presence focussed on what can be done.

Despite the strictures, the Supporters’ Group has continued to flourish with 15 new Supporters coming on board in the seven months beyond the year end. Three further editions of the Supporters’ magazine To and fro’ have been produced containing a further 26 original and exclusive features, of which 16 were historical articles. They featured and interpreted 227 images, of which 156 were historic and/or from the Trust's archives.

In addition two editions of Service-19 were issued early in the year while movements were still restricted. A final edition is planned for autumn 2021 and there is interest in a more formal publication to capture the many gems the ad hoc newsletters have contained.

Engagement of Trust Supporters as volunteers in archive and vehicle restoration and maintenance working groups was gradually restarted as permitted by the Government’s Covid road-map. Covid-safe practices and precautions remain in place but at the time of writing (October 2021), three-weekly and monthly archive days are in full flow in Berkshire and Devon respectively, and twice weekly vehicle working groups with multiple work fronts in Berkshire.

The Trust’s archive and small object collection has received significant material as collectors and people who formerly worked in the industry have sadly died or are no longer able or wishing to care for it. Increasingly the archive is providing a comprehensive basis for research and production of educational material relating to the public transport heritage as evidenced by articles in To and fro’ and Service-19 . Recording and cataloguing the collection continues to progress with collaboration between Berkshire and Devon bases and work to standardise storage, referencing and cataloguing practices in line with Sector standards for accreditation.

Since the year end the following events have taken place :

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THE THAMES VALLEY AND GREAT WESTERN OMNIBUS TRUST

(A Company Limited by Guarantee)

Cornwall, Somerset, Wiltshire and Gloucestershire. Despite horrendous weather, parties limited to six, accommodation restrictions, and an epic 750 mile route, the vehicles and their crews triumphed – testament to the owners’ care and commitment. Heads were turned across the country and live footage was posted online on the Trust’s facebook page with a post-event compilation.

The event also marked SU60+1 with eight SUs, almost matching Kingsbridge’s maximum allocation, parking between services at the former Western National depot and participating in an SU cavalcade around the town as a grand finale to the day. The accompanying programme included specially produced articles on West County SUs (by Trustee David Sheppard) and on the history of Totnes-Kingsbridge-Salcombe bus services (by Trustee Colin Billington and Supporter Bryan Gibson) putting the activities of the day in heritage context.

In addition to Trust events, participation in third party activities resumed, particularly picking up learning for Trust events.

The return of more familiar Trust events in Summer and Autumn 2021 was matched with our usual extensive social media coverage but now with the wider following arising from the reputation gained by the Trust’s Facebook account during the 2020-21 reporting period (and, no doubt, new

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THE THAMES VALLEY AND GREAT WESTERN OMNIBUS TRUST

(A Company Limited by Guarantee)

users attracted to the platform among our actual Supporters). Consequently, the Trust’s cumulative coverage of the Royal Blue Run 2021 was seen by a record 12,000+ Facebook users and our Kingsbridge Running Day highlights reached 10,800 users, another record. Further innovations outside the period include a trial of Facebook’s “Premiere” feature, in which followers were invited to ‘attend’ a virtual launch-screening of our 2021 Royal Blue Run highlights video . Around one hundred did, and gave the video sufficient traction to reach over 1,400 users in total.

In the months beyond the 2020-21 period end restoration work has continued:

Ahead of the Kingsbridge event in September, all participating vehicles were required to have MoTs or roadworthiness inspections (as appropriate to their age / taxation class). This applied equally to Trust loan vehicles and Trustee-owned vehicles made available for the event. Commercial inspection services and those of suitably qualified Supporters were deployed with defects and any resulting rectification required being recorded. Necessary remediation was carried out before

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THE THAMES VALLEY AND GREAT WESTERN OMNIBUS TRUST

(A Company Limited by Guarantee)

vehicles were used on passenger service. This was a major task after such a period of inactivity to ensure events could be held safely.

Delivery was also taken of sets of destination blinds made to Trust specification by Tearne’s, a long-standing original maker of linen blinds whose business closed in 2021. Trustees Colin Billington and David Sheppard spent considerable time ensuring the design and layout were historically accurate and covered destinations frequented in Trust Running Days. Deploying these around participating vehicles will add to the authenticity of Trust running days, and particularly in the scenes captured by photographers.

Generous funding of the Trust by Supporters continued beyond the 2020-21 year end, particularly through annual renewal donations which contribute to the Trust’s standing and overhead costs. Additional costs of producing Service-19 were also covered.

The original appeal to purchase and undertake the bodywork restoration of 556 was fully subscribed within a few weeks in the course of the reporting year and work proceeded as described above. Although showcasing the newly painted bus for the TVTCo+1 centenary was within reach, plans were thwarted by the Government’s delay to the road-map which meant public gatherings exceeding 30 people were still banned on the intended event date. The disappointment was turned to an opportunity to include refurbishment of the interior in the project before the next occasion for its public unveiling. A new “556 – The Final Push” appeal was therefore launched in August 2021 with a leaflet illustrating the quality of the bodywork restoration and seeking funds for seat frames of the correct design to be modified for the narrow 556 configuration, and for timber seat bases to be manufactured and upholstered with moquette to the original specification. Early responses enabled work to commence and, with the donation of the required moquette, in October 2021 a successful outcome is anticipated.

The Trust has also pursued grants and was awarded £400 by the Royal Borough of Windsor & Maidenhead from its voluntary organisations funding scheme to raise awareness within the local communities of the significance of Maidenhead to the origins of the TVTCo. a century (+1 year) ago and to the links to sustainable public transport today with the ‘Thames Valley’ name resurrected for services in the Maidenhead, Windsor and surrounding areas.

Further grant funding opportunities are now being pursued by the Trust to open new income streams. Similarly the Trust has registered with Amazon Smile and is beginning to receive spin-off charitable donations. It has further set up a contactless payment device to remove reliance on cash at events.

Support from the major transport companies has returned in the form of advertising in the Kingsbridge event programme in September 2021. Support from Tally Ho Coaches, Go South West (Plymouth Citybus) and Stagecoach was augmented by Great Western Railway in relation to the integrated transport initiatives. Other local advertisers have also returned encouraging the Trust to include this pre-pandemic funding model in future years

Despite the pandemic disruption, the Trust continues to be well resourced financially benefitting from its prudent reserves policy. The Trustees have been able to limit the Trust’s expenditure in anticipation of unpredictable and limited opportunities to generate income while also diversifying its funding sources as described above.

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THE THAMES VALLEY AND GREAT WESTERN OMNIBUS TRUST

(A Company Limited by Guarantee)

RISKS

The Trustees of The Thames Valley & Great Western Omnibus Trust are fully aware of and implement policies to address any risks appropriate to the Trust. The risk management strategy comprises:

This work has ensured that financial sustainability in the short (1-3 years) and medium (3-5 years) term is assured because of the reserves held, the funding terms of loan agreements, and securing of commercial advertising associated with key events which all serve to protect the Trust from financial risk.

Non-financial risks related to health and safety are under constant review with additional consideration of Covid-safe measures. For workshop activity competence is assessed and work supervised as appropriate and expenditure is made where necessary to ensure that equipment is maintained to the required standards. Public educational events such as running days follow best practice guidelines such as that issued by the National Association of Road Transport Museums. It is also recognised that safe and professional conduct of such events is critical to managing reputational risk and measures are therefore addressed in earnest.

The principal risk identified by the Trustees for ensuring the level of activity is sustainable remains the potential for Trustees becoming over-burdened. Spreading the workload more widely wass helping ensure the burden on Trustees was manageable, enabling them to fulfil their strategic as well as day to day roles. However, restrictions in the pandemic did put additional burden back on Trustees who were equipped to maintain the Trust’s profile and core functions from home office environments. The Supporters group was established expressly to provide a pool of volunteers willing to help in a variety of ways. There had been considerable success with help at events with regular working groups established at both South Devon and Thames Valley bases to work on archives and on vehicles but this was halted in the period due to the pandemic. Fortunately signs beyond lockdown are for continued enthusiasm and engagement and Trustees are working hard to develop inclusive plans. This valuable resource will be further developed enabling team leaders to take responsibility for organising the Trust’s work in specific areas. This is intended as a stage in identifying potential additional Trustees and will again be prioritised in line with the strategic plan.

The widespread impact of the Covid-19 pandemic was not previously foreseen and risks had been linked to individual events or activities. The reserves policy and Trustee actions, together, had been sufficiently prudent to protect the Trust against these perceived risks and have proved adequate through the reporting period and beyond. The consideration of risks has therefore been continued beyond the 2020-21 year end to address more fundamental risks to the style of Trust activity, sources of heritage funding and the availability of volunteers.

Page 19

THE THAMES VALLEY AND GREAT WESTERN OMNIBUS TRUST

(A Company Limited by Guarantee)

PUBLIC BENEFIT

The Charities Act 2006 introduced the requirements for charities to demonstrate they provided public benefit. In shaping our objectives for the year and planning our activities, the trustees have recognised this and considered the Charity Commission’s guidance on public benefit, including the guidance ‘Public benefit: running a charity (PB2)’. Emphasis has been placed on access and affordability as demonstrated in this report. We have sought wide involvement from all within the community and have used social media with considerable success while also providing material accessible to those without internet access.

The Trustees have reviewed the objects, goals, services and objectives of the Trust in this light and can confirm that The Thames Valley & Great Western Omnibus Trust serves the public benefit. Details of the Trust’s charitable activities are provided in the Review of the Year above. The approach has had to be modified in the period in light of the Covid-19 pandemic but the Trustees remain confident that the novel and alternative approaches have delivered significant public benefit to the extent that is reasonable and practicable in the circumstances and can confirm this remains the Trust’s priority.

Trustees & Directors

The Trustees who are also Directors who served during the period were:

Dr C J Billington

Dr H M Bolt

G G Green

R D Rampton (position vacated with effect from 27 June 2020)

D T Sheppard

M J Williams (from 4 December 2020)

POLICIES

Pay policy for senior staff

The Directors/Trustees comprise the key management personnel of the Trust in charge of directing and controlling, running and operating the Trust on a day to day basis. All Directors give of their time freely and no Director received remuneration in the year in respect of their responsibilities as Directors & Trustees. Details of Directors’ expenses and related party transactions are disclosed in Notes 9 and 10 to the accounts.

The Trust has no employees. All work is carried out by volunteers and Supporters who also give their time without charge.

Investment policy

The Trustees have adopted a cautious policy on investment and available funds (restricted and unrestricted) have been held in an interest bearing account with our bank, Lloyds Bank plc. In order to maximise the return whilst maintaining free cash liquidity, a sweep operated on a daily basis between the current and deposit accounts leaving a current account balance of £6,000 at the end of each day. This facility was removed by Lloyds for all account holders in 2021 and transfers are now managed by the Trust’s Treasurer. Due to wider economic circumstances deposit rates have been depressed but that same uncertainty undermines confidence in other financial instruments so other alternatives had not been pursued. The investment policy and security of reserves remains under review and a proportion of the reserves were placed on money markets via Lloyds Bank to secure a better rate of interest in May 2018 securing an improved level of interest. The action was accompanied by renewed assurance from Lloyds on the security of the capital sums.

Page 20

THE THAMES VALLEY AND GREAT WESTERN OMNIBUS TRUST (A Company Limited by Guarantee) Reserves policy and going concern The cumulative Currenl reserve funds at the end ol Ihe period are £186198 (2020.. £176352) in the Reslricled Funds and £7275412020.. £71101 l Unreslricled Funds. The Trust's policy had been to hold unrestricted rosoNes to a level- lal sufficient to cover risks outside Ihe Trust's control le.g. inclement wealherl associated with the major events carried out by the Trust within the year., Ibl to provide lor the development and expansion of the Trust's educational and training activities- and Ic) lo build up reserves lo provide match funding as r9quired by grant making bodies for future piojects. Previous vehicle acquisitions {e.g. Southern National Bristol KSW 18521 and fLJture potential underline the need for significant reserves to be held to address Icl in particular. The Trustees had therttfore considered that the ideal level of reserves should be al least £40000 when Major projects are in the ofling. The prudence ol this policy has been confirmed with the Covid-19 pandemic when restrictions on activity from March 2020 meant that all the Trust's public evenls and gatherings (the principal mechanism for delivering public benefit and raising lundsl for the 2020-21 financial year have had to be cancelled. The reserve funds mean the Trust is able to cover its standing support costs and develop new ways lo engage the public and generate fresh revenue streams whilst also progressing the Trust's objects with advance funding held in restricted funds for this purpose. In view of the ongoing uncertainty about Covid-19 and the potential for ils iesurgence andlor the emergence of other similar pandemics, as well as Ihe impact on the economy and uncertainty over future charitable giving and leisure practices for the general public, the Trustees now consid8r reserves of at leasl £55000 should be maintained and built on where possible for the foreseeable lulure. The policy will continue lo be reviewed annually with a view lo reducing the roseTVQ levgl once the picture is more certain. Five of the seven restricted ILJnds have zero or positive balances at Ihe year end wilh formal commitments from benelaclors to provide financial support sullicient lo cover all outgoings on restoration projects and associated educationallovenl activity. RF6 which ring-lences funding for Southern National No. 1852 has a small negative cash balance bul has a notional lixed asset value of £1000 Ir8118Cting ils purchase pricel. RF7, relating lo Thames Valley No. 556, has a negative cash balance bul again this is less that its (conservalivel capilal valuation based on purchase price (£50001 and furthermore I￿nding pledges cover the restoration costs beyond the year end, more than oflsel the shorllall. In the cases ol RF4 (Reading VR No. 381 and RF5 (Thames Valley No. 1521 shorllalls in direct funding to the restricted funds have been ollsel by modest contributions from general unreslricled funds The policy on expendllure is not to commit to any item of expendilurg un18ss income is guaranteed or can be covered by existing reseives taking due account of risks and uncertainlies involved. The Trustees have reviewed the ciicumstances of the Thames Valley & Greal Western Omnibus Trust and consider that adequate resources Conlinue to be available lo fund the activities ol Ihe Trust foi the foreseeable future. The Truslees are ol the view that the Trust is a going concern. This report was approved by the board on 30 October 2021 and signed on its behalf. Dr C J Billington Director Page 21

THE THAMES VALLEY AND GREAT WESTERN OMNIBUS TRUST (A Company Limited by Guarantee) Statement ot Trustees, Responsibilities in relation to the financial statements The Trusl trustees (who arè also directors of The Thames Valley and Great Western Omnibus Company lor Ihe purposes ol company lawl are responsible for preparing the Trustees. Report and the financial slatemenls in accordance with applicable law and UK Accounting Standards Iuniled Kingdom Generally Accepted Accounting Practice). Company law requires the Trust Iruslees to prepare financial statements for each financial year which give a Irue and lair view ol the slate of affairs ol the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the Trust for thal period. In preparing Ihosg financial slalem8nls, the Irus188s are required to.. select suitable accounting polici8s and then apply them consislenlly., observe the tnethods and principles in Ihe Charities SORP- make judgements and estimates that are reasonable and prudent., slate whether applicable UK accounting slandards have been followed, subject to any material departures disclosed and explained in the financial stalemenls., and prepare the financial statements on the going concern basis unless il is inapprop¥iate to presume that the Trust will continue Its operatrons. The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy al any lime Ihe financial position of the Trust and lo enable them lo ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detection ol fraud or other irregularities. The trustees are responsible lor the maintenance and int&grily of the corporate and financial information included on the charitable company's websi18. Legislation in the United Kingdom governing the preparation and dissemination ol financial slalemenls may diller from legislation in other jurisdictions. Statement as to disclosure In so lar as the trustees are aware al the lime ol approving our Iruslee5' annual report- There is no relevanl informalion, being information needed by the Independent Examiner in connection with preparing the report ol which the independent examiner is unaware, and The trustees, having made enquiries ol fellow directors, have each taken all steps that helshe is obliged to take as a director in order lo make Ihernselves aware of any information relevant lo the independent examination and to establish Ihal the independent examlner is aware ol that information. Preparation of the Flnanclal Statements This report has been prepared in accordance with SORP IFRS 1021 lefleclive 1 January 20151 and the special provisions of Part 15 of the Companies Act 2006 relaling to small companies. By Order of th Board Dr Colin J Bllllngton TrusteelDlrector Date 30 Oclob8r 2021 Page 22

THE THAMES VALLEY AND GREAT WESTERN OMNIBUS TRUST (A Company Limited by Guarantee) BALANCE SHEET As at 28 February 2021 2021 2020 Fixed assets Tangible assets Nulg11 117144 110066 Currenl assels Stock Debtors Note 14 Gash al Bank and in hand 2145 277024 279169 1378 252661 254039 Llabllltles Creditors falling due within one year Net current assets Noi6 15 (20216) 258953 (6585) 247454 Total assets less current Ilabllltles 376096 357520 The net funds of the Trust: Noie¥ 17& 18 Restricted - current Restricted - fixed Unrestricted currgnt Unrestricted fixed 186198 84977 72754 32167 376096 176352 79977 71101 30090 357520 For the financial year in question the company was entitled to exemption under Section 477 01 Ihe Companies Act 2006 relating to small companies. In preparing these financial slatemenls: no members have required the company to obtain an audit of its accounts lor the year in question in accordance with section 476 Companies Act 2006, and the directors acknowledge their responsibility for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. The accounts have been prepared tor reporting in accordance with the micro-entity provisions and delivered in accordance with the provisions applicable to companies subject lo the small companies regim8 These financial statements w8r8 approved and signed on the company's behalf. Dr Colln J Blllington Truslee/Direclor Page 25

THE THAMES VALLEY AND GREAT WESTERN OMNIBUS TRUST

(A Company Limited by Guarantee)

BALANCE SHEET

As at 28 February 2021

Fixed assets
Tangible assetsNote 11
Current assets
Stock
DebtorsNote 14
Cash at Bank and in hand
Liabilities
Creditors falling due within one yearNote 15
Net current assets
Total assets less current liabilities
The net funds of the Trust:Notes 17 & 18
Restricted – current
Restricted – fixed
Unrestricted – current
Unrestricted – fixed		 2021
£
117144
0
2145
277024
279169
(20216)
258953
£ 376096

186198
84977
72754
32167		 2020
£
110066
0
1378
252661
254039
(6585)
247454
£ 357520
176352
79977
71101
30090
£ 376096 £ 357520

For the financial year in question the company was entitled to exemption under Section 477 of the Companies Act 2006 relating to small companies.

In preparing these financial statements:

The accounts have been prepared for reporting in accordance with the micro-entity provisions and delivered in accordance with the provisions applicable to companies subject to the small companies regime

These financial statements were approved and signed on the company’s behalf.

Dr Colin J Billington Trustee/Director

Page 25

THE THAMES VALLEY AND GREAT WESTERN OMNIBUS TRUST

(A Company Limited by Guarantee)

STATEMENT OF CASH FLOWS
For year ending 28 February 2021
Cash used in operating activitiesNote 19
Cash flows from investing activities
Interest income (bank)
Purchase of tangible fixed assets
Cash provided by (used in) investing activities
Cash used in financing activities
(Decrease) in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Total cash and cash equivalents at the end of the
year		 2021
£
31998
254
(7890)
(7635)
0
24363
252661		 2020
£
17738
1090
0
1090
0
18828
233832
£ 277024 £ 252660

Page 26

THE THAMES VALLEY AND GREAT WESTERN OMNIBUS TRUST

(A Company Limited by Guarantee)

The notes below form part of these financial statements.

NOTES TO THE FINANCIAL STATEMENTS For the period ended 28 February 2021

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

1. Accounting Policies

Page 27

THE THAMES VALLEY AND GREAT WESTERN OMNIBUS TRUST

(A Company Limited by Guarantee)

The current threshold for recognising donated goods is £500 for a small object Collection item and £1000 for a large object Collection item (vehicle).

Given their long term value the depreciation rate is 0% for Collection assets. However, where external factors might be considered to impose a step change in valuation (e.g. impact of the pandemic or Government policy affecting the desirability of Collection assets), a re-valuation is carried out. Computer and machinery/equipment assets are added at cost (cost of purchase or cost to refurbish to safe working order in the case of second hand equipment) and depreciated over their estimated useful economic life on a straight line basis as follows:

follows:
Asset category Annual rate
Computer equipment 25%
Machinery/equipment 20%

2. Legal Status of the Trust

The Trust is a company limited by guarantee and does not have share capital. In the event of the Trust being wound up, the liability in respect of the guarantee is limited to £10 per member of the Trust (where members are those Directors/Trustees who are subscribers to the memorandum and articles of association of the company/charity).

3. Donations and legacies

The income from donations includes £10974 to unrestricted funds (2020: £12979) and £77651 (2020: £66010) to restricted funds. Of the restricted fund donations:

Page 28

THE THAMES VALLEY AND GREAT WESTERN OMNIBUS TRUST

(A Company Limited by Guarantee)

Trustees’ donations contributed £248 (2020: £2694) to the unrestricted funds total above. Where they have been entitled to and received travel and subsistence expenses in relation to the governance of the Trust (trustee meetings or educational events for public benefit), the Trustees have previously elected to make a donation of similar value to the Trust and the Trust has claimed Gift Aid on these donations. The absence of in-person meetings (and reliance on on-line communications) and cancellation of events due to the pandemic have reduced this significantly in the current year. The amounts donated to unrestricted funds by each Trustee in the period (before Gift Aid was added) were as follows, relating principally to Supporter donations:

ions:
Dr C J Billington
Dr H M Bolt
G G Green
R D Rampton
D T Sheppard
MJ Williams		 £
82
112
30
0
0
24
248

Annual donations from the growing number of registered Supporters received in the period have been apportioned between financial years (the Supporters’ year runs June to May) and contribute £7872 (2020: £6266) to the unrestricted funds in the period with a further £2088 (2019-20: £1609) carried forward to 2021-22.Supporters have been particularly generous with donations in the year recognising the reduction in income to be generated with public event under pandemic restrictions.

Other ad hoc donations to unrestricted funds in the year total £2854 (2020: £4018).

The Trust benefits greatly from the involvement and enthusiastic support of its many volunteers and registered Supporters, details of which are given in our annual report. In accordance with FRS102 and the Charities SORP (FRS 102), the economic contribution of general volunteer effort is not recognised in the accounts.

4. Investment income

The Trust’s investment income of £254 (2020: £1090) arises from money held in an instant access interest bearing deposit account and a longer term deposit account set up in May 2018 to improve the level of investment return. The return is down on the previous year due to low bank base rates.

Page 29

THE THAMES VALLEY AND GREAT WESTERN OMNIBUS TRUST

(A Company Limited by Guarantee)

5. Income from charitable activities

The income from charitable activities to the unrestricted funds is £822 (2020: £16808), the substantial reduction being caused by the pandemic stopping normal activities. Income was generated in response to the ad hoc Service-19 Newsletter providing conservational articles on matters of relevant transport heritage interest where Supporters made donations to cover the printing and postage costs of distribution to those without online access.

6. Gift Aid

Gift Aid is claimed on donations from tax payers where appropriate. Gift Aid receipts are accounted for in the financial year the donations are received.

7. Charitable Activities

Expenditure on charitable activities was £79743 (2020: £80022) of which £6881 was from unrestricted (2020: £19140) and £72862 from restricted funds (2020: £60882). The reduction on previous years is wholly due to pandemic restrictions. Unrestricted fund expenditure related to support costs (including fixed costs) sustaining the charitable operation and restricted fund expenditure was able to continue on work contracted to largely one-person enterprises who

The table shows the cost of the main charitable activities and the sources of income (restricted or unrestricted funds) to finance these activities. The figures include governance and support costs as defined and apportioned in Note 8 below.

Restoration/preservation
projects (tangible assets and
loan collection)
Education / event activity		 Restricted
Funds 2021
£
72862
0
72862		 Unrestricted
Funds 2021
£
0
6881
6881		 Total Funds
2021
£

72862
6881
79743		 Total Funds
2020
£
59678
20344
80022

8. Analysis of governance and support costs

The Trust identifies the costs of its support functions. It then identifies those of these costs which relate to the governance function (which by law or good governance practice are necessary irrespective of the level of charitable activities carried out). The governance and remaining support costs are apportioned between the key charitable activities undertaken in the year, accounting for commitments within vehicle loan agreements to cover certain base costs from restricted funds. General governance and support costs to be covered by unrestricted funds of £5393 (2020: £8370) are apportioned in full to the principal charitable activity of education and events. Support costs covered by restricted funds of £4958 (2020: £5623) under the loan agreements are allocated to the charitable activity associated with restoration and preservation.

Page 30

THE THAMES VALLEY AND GREAT WESTERN OMNIBUS TRUST

(A Company Limited by Guarantee)

Governance costs
Accountancy
Travel & subsistence for
trustee & business meetings
Insurance (liability)
Professional fees
Co Hse filing fee / charges
Subscriptions (NARTM)
Total Governance:
Other support costs
Website
Supporter admin costs
Insurance (event vehicles)
Bad debt
Rent & rates
Depreciation
Computer running costs
Maintenance
Sundry expenses
Total Other support:*		 Restricted
Funds 2021
£
0
0
0
1932
0
0
1932
0
0
773
0
2253
0
0
0
0
3026
4958		 Unrestricted
Funds 2021
£
0
0
1202
0
13
0
1215
100
2270
0
0
347
812
0
424
225
4178
5393		 Total Funds
2021
£

0
0
1202
1932
13
0
3147
100
2270
773
0
2600
812
0
424
225
7204
10351		 Total Funds
2020
£
-150
716
1058
1512
13
35
3184
84
2498
773
0
4160
1334
0
1487
545
10881
14065

9. Trustees’ Expenses

No salary or remuneration is paid or payable directly or indirectly out of the funds of the Trust to any trustee or to any person known to be connected with any of them for the administration of the Trust. Costs paid by Trustees on behalf of the Trust (which does not have a credit card) totalling £8229 (2020: £9895) were reimbursed at cost as follows:

Of these, costs of £347 (2020: £488) were covered by unrestricted funds (companies house filing fee, website fees, stationery and postage), £1231 (2020: £1770) were event ( Service-19 ) costs covered by event/sponsorship and Supporter donation income to unrestricted funds; £216 were costs covered by Supporter donations; £43 (2020: £12202) were event/education costs covered by 80% donations and associated Gift Aid; and £6598 (2020: £4889) of restoration costs and event/education costs associated with loan vehicles were covered by prior donations held in restricted funds. Travel & subsistence costs and event costs incurred by Trustees in support of the charitable activities £0 (2020: £1528) were reimbursed at cost and normally would have been matched by equivalent Trustee donations to the general unrestricted funds of the Trust. Trustee donations to unrestricted funds in the year totalled £248 (2020: £2694) (see Note 3) to which £62 Gift Aid was added (2020: £673) in year.

Page 31

THE THAMES VALLEY AND GREAT WESTERN OMNIBUS TRUST

(A Company Limited by Guarantee)

10. Related party transactions

Out of pocket expenses paid to Trustees and donations from Trustees to the restricted and unrestricted funds of the Trust are covered in Notes 9 and 3.

Related party transactions have provided the Trust with cost-effective, convenient and expert services to further its charitable objectives as set out below. The arrangements are scrutinised and subject to approval by independent Trustees each year and the decisions are formally documented. In all cases it was deemed the quality of services could not have been achieved on more favourable terms on the open market. For the purposes of transparency details of the transactions are provided below.

Donation income from profits of Helacol Limited of which Drs Billington and Bolt are the owners and directors is set out in Note 3. Much of the charity’s restoration and public access is at properties owned by Drs Billington and Bolt. No charge is made for the facilities or the time involved. The archive office at Fifield is subject to a formal lease with peppercorn rent. A number of Trust vehicles either owned or on loan are housed in buildings owned by Helacol Limited. The space would otherwise be let commercially to private owners of vehicles at £28 per week (2020: £28). As such space is in demand, Helacol Ltd must charge for the use of the space/loss of other income but without the directors deriving undue personal benefit. The Trustees have therefore agreed that a favourable rent of £20/week (2020: £20) is charged for storing vehicles owned by, or on loan from unrelated parties to, the Trust. During the pandemic the Helacol Ltd landlords offered a reduced rent in light of the Trust’s limited ability to raise funds and further did not charge for the space reserved for 556 when it was away for restoration. The storage costs incurred and sources of Trust income to cover the expenditure in the current year are as follows:

Vehicle
Date storage
commenced
Thames Valley Bristol K
type 446 – Trust owned
19 Oct 2014
Reading VR 38 – Trust
owned from January
2017
1 Jan 2017
Thames Valley Tilling-
Stevens 152 – loan
vehicle
until
Trust
owned from May 2017
8 Mar 2015
Thames Valley Bristol L
556 – loan vehicle
17 July 2015
Thames Valley Bristol L
556 – Trust owned from
July 2020
1 July 2018
Total		 2021
£
2020
£
Funding
1040
1040
Restricted fund RF3
607
1040
Restricted fund RF4 from 1 Mar 2019
supplemented by unrestricted fund and
income from related educational events
607
1040
Restricted fund RF5 supplemented by
unrestricted fund and income from
related educational events
347
1040
Unrestricted fund – income from related
educational events
0
-
Restricted fund RF7 supplemented by
unrestricted fund and income from
related educational events
2601
4160

High quality reprographic, finishing and binding machines owned by Helacol Services Limited (a consultancy company of which Drs Billington and Bolt are owners and directors) have been used on site by the Trust to produce Service-19 Newsletters and fundraising leaflets. No charge is made for staff time and copies are charged at cost. These services provide flexibility for multiple variants of documents which would be impractical with an external printer particularly during lockdown where Service-19 could be produced even when commercial facilities were closed. In line with HMRC rules production of publicity material is charged without VAT but general printing is charged with VAT. Total charges of £303 (2020:711) gross relate to nine editions of Service-19 and a keep-in-touch Newsletter, a legacy leaflet, a report on the 152 appeal and restoration results, and leaflets for the 556 appeal.

Page 32

THE THAMES VALLEY AND GREAT WESTERN OMNIBUS TRUST

(A Company Limited by Guarantee)

The specialist mechanical engineering services of Graham Green Commercial Vehicle Engineers have been used by the Trust since inception. He has unrivalled expertise in the design and operation of the early vehicles in the Trust’s care and is able to work at the Trust’s facilities when required without the overhead and transportation issues associated with reliance on other fixed premises. As a respected preservationist and historian he is a Trustee, as of March 2019, but it is essential for the ongoing care of the Trust’s Collection that his services remain available. Trustees scrutinised alternatives but deemed it was in the Trust’s interest to continue the work already underway on Trust vehicles and furthermore no other similar expertise, or commercial terms from third parties could be identified. In the year £9872 was paid to Graham Green Commercial Vehicle Engineers for work on three Trust owned/loan vehicles (2020: £9647) ranging from minor repairs to engine rebuilds and restoration projects as follows:

Thames Valley Tilling-Stevens 152
Western National FLF 2065
National Omnibus & Transport Co. 2407
Source
RF5
RF1
RF1		 £
4398
2682
2792
9872

In the case of RF5, work on Trust-owned Tilling-Stevens 152, a 10% discount was applied by Graham Green in comparison with his standard commercial rates.

11. Tangible fixed assets

Cost
At 29 February 2020
Additions
At 29 February 2021
Depreciation
At 29 February 2020
Charge for the year
At 28 February 2021
Net book value
At 29 February 2020
At 28 February 2021		 Machinery/
equipment
(Note 12)
£
7566
2890
10456
7476
812
8288
89
2168		 Collection
(Note 13)
£
109977
5000
114977
0
0
0
109977
114977		 Total
£
117543
7890
125433
7476
812
8288
110066
117145

12. Machinery & Equipment fixed assets

Just prior to lockdown in early March 2020, the Trust committed to the purchase of four laptops to deploy between archive groups in Devon and Berkshire with the associated development of an Office 365 cloud-based environment. Roll-out has been delayed as planned specification meetings and consultancy support had to be postponed but the capital value and in-year depreciation (at 25% per annum) have been recognised.

13. Collection fixed assets

Collection fixed assets at the start of the year consisted of a 1946 Thames Valley double deck bus acquired following a public appeal for funding and a group of First World War vintage chassis, body frames and parts for restoration of three vehicles. Small collection items include a hand built model, original Great Western Road Motors brass cap badges and tickets. All items

Page 33

THE THAMES VALLEY AND GREAT WESTERN OMNIBUS TRUST

(A Company Limited by Guarantee)

are now on secure display for visitors to the collection. They were purchased using funding from an expendable endowment.

The Trust also owns Southern National Bristol KSW No. 1852, Reading VR (NDP38R) No. 38 and the Thames Valley Tilling-Stevens (MO9324) No 152. The valuations have been set at the purchase price (£1,000) and insurance values of £10,000 and £20,000 respectively in accordance with Policy 1(j) in the notes to these accounts. Restricted funds have been established (RF6, RF4 and RF5) with associated appeals to secure income towards their ongoing upkeep and preservation.

Within the year the Trust had the opportunity to purchase Thames Valley LL 556 which had been on loan since 2015. Following a successful appeal the vehicle was purchased and forms part of the Trust fixed assets. The value is set at the purchase price of £5000. The appeal is also funding significant restoration so no depreciation is applied.

14. Debtors

Donations committed prior to, but received after, the
year end (general fund)
Donations committed prior to, but received after, the
year end (restricted fund)
Gift Aid eligible but received after the year end (general
fund)
Gift Aid eligible but received after the year end
(restricted fund)
Sponsorship committed prior to, but received after, the
year end (general fund)		 2021
£
0
0
172
1973
0
2145		 2020
£
554
0
577
248
0
1378

15. Creditors: amounts falling due within one year

Creditors (restricted fund)
Creditors (general fund)Note 16
Accruals		 2021
£
15885
2443
20216		 2020
£
4142
2443
6585

16. Deferred income

Deferred income comprises advance donations from the growing number of registered Supporters where the activity year and associated costs runs from June to May. Income has been deferred and is shown within creditors on a prorata basis (£2088 2020-21 creditor (201920: £1609)) leaving £7872 income in 2019-20 (2019-20: £6266).

Page 34

THE THAMES VALLEY AND GREAT WESTERN OMNIBUS TRUST

(A Company Limited by Guarantee)

17. Analysis of charitable fund balances

Fixed assets
Current assets
Current liabilities		 Restricted
Funds 2021
£
84977
202083
(15885)
271175		 Unrestricted
Funds 2021
£
32167
77085
(4331)
104921		 Total Funds
2021
£

117144
279168
(20216)
376096		 Total Funds
2020
£
110067
254038
(6585)
357520

18. Analysis of charitable fund movements

Analysis of movements in unrestricted funds – current and previous year. All unrestricted funds are free reserves within the general fund, there being no designated funds.

Opening Income Expenditure Transfers Funds at
Unrestricted funds balance £ £ £ year end
– General fund £ £
29 February 2020-28 February
2021		 101191 14007 7016 -3397 104921
28 February 2019-29 February
2020		 86831 33500 19140 0 101191

Analysis of movements in restricted funds

Restricted fund
RF1 – Donor Dr C J
Billington (West Country
vehicles and Trust
Collection)
RF 2 – Donor R D Rampton
(Thames Valley vehicles)
RF3 – Thames Valley Bristol
K Type 446
RF4 – Reading Transport
VR 38 #
RF5 - Thames Valley
Tilling-Stevens 152 #
RF6 – Southern National K
type 1852
RF7 – Thames Valley Bristol
LL 556
Total*		 Opening
balance
£
29 Feb 2020
Income
£
Expenditure
£
Transfers
£
Funds at
year end
£
28 Feb 2021
216958
50000
32165
0
234793
5502
0
1932
-3570
0
33168
375
1419
892
33016
(2908)
700
717
2925
0
2003
2775
7035
2257
0
357
0
55
0
302
1250
30461
29538
893
3066
256329
84311
60882
3397
271175

Page 35

THE THAMES VALLEY AND GREAT WESTERN OMNIBUS TRUST

(A Company Limited by Guarantee)

Analysis of movements in restricted funds - previous year

Restricted fund
RF1 – Donor Dr C J
Billington (West Country
vehicles and Trust
Collection)
RF 2 – Donor R D Rampton
(Thames Valley vehicles)
RF3 – Thames Valley Bristol
K Type 446
RF4 – Reading Transport
VR 38
RF5 - Thames Valley
Tilling-Stevens 152
RF6 – Southern National K
type 1852
RF7 – Thames Valley Bristol
LL 556
Total		 Opening
balance
£
28 Feb 2019
Income
£
Expenditure
£
Transfers
£
Funds at
year end
£
29 Feb 2020
198711
61738
43491
0
216958
7091
0
1589
0
5502
34258
562
1652
0
33168
(1843)
770
1835
0
(2908)
11451
2812
12260
0
2003
412
0
55
0
357
0
1250
0
0
1250
250079
67132
60882
0
256329

Name of restricted fund Description, nature and purposes of the fund

RF1 – Donor Dr C J Billington (West Country vehicles and Trust Collection)

RF 2 – Donor R D Rampton (Thames Valley vehicles)

To fund long term access to West Country vehicles from Dr Billington’s collection to further the Trust’s education and preservation objectives and to secure for the Trust’s collection significant heritage objects relevant to the history of bus and coach operations in the Thames Valley and Great Western corridor.

To fund long term access to Thames Valley and Reading vehicles from Mr Rampton’s collection to further the Trust’s education and preservation objectives.

RF3 – Thames Valley Bristol K Type 446

Established in September 2014 to fund the purchase, maintenance and public access to this iconic Thames Valley vehicle in furtherance of the Trust’s charitable objectives.

Page 36

THE THAMES VALLEY AND GREAT WESTERN OMNIBUS TRUST

(A Company Limited by Guarantee)

Name of restricted fund Description, nature and purposes of the fund

RF4 – Reading Transport 38 was donated to the Trust in excellent condition in November VR 38 2016 and the fund was established in 2017-18 to contribute to the ongoing maintenance, storage and running costs so the condition is preserved and to ensure 38 can play a full part in public events in the area. # A transfer from unrestricted funds was made to cover expenditure to date not directly covered by donations to the restricted fund. RF5 – Thames Valley 152 was donated to the Trust in April 2017. The fund was Tilling-Stevens 152 established to enable essential repairs to the gearbox and upgrading of the electrical system to enable safe operation of the vehicle for public education and enjoyment. # A transfer from unrestricted funds was made to cover expenditure not directly covered by donations to the restricted fund. RF6 – Southern National The fund was established following a successful bid in October Bristol KSW 1852 2017 to acquire 1852 upon disposal by the Haynes Motor Museum, firstly to secure the vehicle and then to establish a restoration project with a significant educational / skills transfer element to redress the damage caused by years of external storage.

RF7 – Thames Valley The fund was set up to hold monies to purchase and restore 556 Bristol LL 556 once an agreement had been reached with the previous owner for the Trust to acquire the vehicle which had previously been on loan. A successful appeal to fund the purchase of the vehicle and its restoration to show condition for the Thames Valley Traction Co. Centenary celebrations was launched in July 2020 enabling the acquisition and initiation of work in the 2020-21 year.

19. Reconciliation of net movement in funds to net cash flow from operating activities

Net movement in funds
Add back depreciation charge
Deduct interest income shown in investing activities
Decrease (increase) in stock
Decrease (increase) in debtors
Increase (decrease) in creditors
Net cash used in operating activities		 2020
£
2020
£
18576
20610
812
1334
(254)
(1090)
0
0
(767)
94
13631
(3210)
£ 31998
£ 17738

20. Corporation Taxation

The Trust is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

Page 37