Draft Financial Statements at 13 December 2023 at 12:11:16
Charity Registration No. 1134602
Company Registration No. 03322838 (England and Wales)
BARROW TRANSPORT MUSEUM TRUST LIMITED TRUSTEES' REPORT AND UNAUDITED ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2023
Draft Financial Statements at 13 December 2023 at 12:11:16 BARROW TRANSPORT MUSEUM TRUST LIMITED
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Mr S P Killip Mr P Craig Mr J Hambler Ms S Morrall
Secretary Mr S P Killip Charity number 1134602 Company number 03322838 Registered office 66 Holker Street Barrow-in-Furness LA14 5RW Independent examiner Melville & Co Unit 17-18, Trinity Enterprise Centre Furness Business Park Ironworks Road Barrow-in-Furness LA14 2PN
Draft Financial Statements at 13 December 2023 at 12:11:16 BARROW TRANSPORT MUSEUM TRUST LIMITED
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 2 |
| Independent examiners' report | 3 |
| Statement of financial activities | 4 |
| Balance sheet | 5 |
| Notes to the accounts | 6 - 8 |
Draft Financial Statements at 13 December 2023 at 12:11:16 BARROW TRANSPORT MUSEUM TRUST LIMITED
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 MARCH 2023
The trustees present their report and accounts for the year ended 31 March 2023.
The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's Memorandum and Articles of Association, the Companies Act 2006 and the Statement of Recommended Practice, "Accounting and Reporting by Charities", issued in March 2005.
Structure, governance and management
The charity is a company limited by guarantee, not having share capital and is governed by a Memorandum and Articles of Association dated 24 February 1997. It's company registered number is 03322838. On 2 March 2010 the company became a registered charity with a charity number 1134602.
The trustees, who are also the directors for the purpose of company law, and who served during the year were: Mr D Caton (Resigned 11 December 2023)
Mr S P Killip Mr P Craig Mr J Hambler Ms S Morrall
The Board consists of people with considerable interest and experience in the area of transport history, who are able to draw on their past experience in appropriate fields.
None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.
The Board of Trustees (directors) is the responsible body of the organisation and meets regularly throughout the year deciding on strategies and exercising management and strategic oversight of the charity.
There are no related parties of the charity.
The trustees has assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
Objectives and activities
The charity's objects are to educate the public by establishing within the Barrow, Furness and Cartmel areas of Cumbria one or more operational or static museums of transport history and archaeology covering all aspects of road transport.
In planning and carrying out the charity's activities the Board are always aware that such activities must be for the public benefit. As such the Board confirm that they have had due regard to the Charity Commission's published guidance on the 'public benefit' motive.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
The activities of the company, as in previous years, continue during the period 2022/23 to be concerned with the preservation, restoration and use of historic public service vehicles, with the eventual aim of establishing a permanent museum illustrating the history of public transport within the Morecambe Bay area as a whole, and Barrow in Furness in particular.
The company continues to rent a warehouse on the Sowerby Woods Industrial Estate at the premises of H Wicks (Lindal) Ltd, which is large enough to house all of the collection and spares under one roof,. Wooden shelving to store the large collection of spares the company has accumulated have been constructed around three sides of the building, and the majority of parts and spares are now on these, freeing up more space to work on the vehicles. The company continues to have a good working relationship with Mr David Wicks.
- 1 -
Draft Financial Statements at 13 December 2023 at 12:11:16 BARROW TRANSPORT MUSEUM TRUST LIMITED
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
Achievements and performance
Working groups at our garage have returned to their pre-covid levels and a core group of members meet on a regular basis to work on the vehicles. Several vehicles have received attention this year, some have had routine maintenance and others are long term projects.
The group ran trips to events throughout the North West, some being regular events but there were one or two new events which were well attended. The main vehicles used this year were the Tiger coach, Mercedes minibus and Leyland PD2 169. We were involved with the organization of the Barrow Transport Festival where we provided vehicles for trips and also static display. This event, as on previous occasions, was a big success and we hope to use our contacts amongst other bus groups and owners to build on this in future years.
The Volvo B10 half-open top single Decker arrived from storage at the Hooton Hall collection at Ellesmere Port. The bus had some panel work done and then was repainted into a special Barrow Transport Group colour scheme. It attended several events throughout the year, and being a unique vehicle caused quite a lot of interest on social media helping promote the groups activities. Unfortunately this vehicle still suffers from some electronic issues which limited its use this year. We are awaiting some expert advice to overcome these problems.
Another new bus joined the collection this year. A 1961 Devon General open top Leyland Atlantean, one of only 5 remaining. It was hoped to run this vehicle as a rolling restoration, i.e. using the vehicle on a regular basis and to restoration jobs in-between its trips away. However after a few runs out it became apparent that the vehicle needed a lot more work than we had hoped. It is now one of the main projects in the workshop.
The Group would like to acknowledge the support given by Andy Camp from North Western Motor Services whose mechanical and technical expertise has continued to help the group this year.
The Barrow Transport Museum Trust Ltd continues to run a fund raising scheme based around the bonus ball number drawn every Saturday in the National lottery. Fifty nine numbers are allocated, each one costing £2, raising a possible £118 per week, the winning member receives £50 and the remaining £68 goes to Trust funds. Initially 53 of the 59 numbers were taken, hopefully all the remaining numbers will soon be allocated. This scheme has remained popular and a steady income for the group.
As in previous years, the trust continues to work closely with local operator Stagecoach, Cumbria Classic Coaches,KT Coaches and other preservation groups including the Workington Transport Heritage Trust, Ribble Vehicle Preservation Trust, Merseyside Transport Trust and the North West Vehicle Restoration Trust. The company looks forwards to continuing its links with organizations and individuals within the community in support of its objectives.
The Committee would like to thank all those who help the Barrow Transport Museum Trust in whatever capacity
Financial review
The results for the year are summarised in the Statement of Financial Activities (income and expenditure account). Incoming resources increased by £24,889 (68%) to £61,372. Expenditure totalled £39,722, an increase of £15,050 (35%). This lead to an increase in the fund balance of £3,431 to £18,946.
It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees considers that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.
On behalf of the board of trustees
..............................
Trustee Dated: .........................
Mr J Hambler
- 2 -
Draft Financial Statements at 13 December 2023 at 12:11:16 BARROW TRANSPORT MUSEUM TRUST LIMITED
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF BARROW TRANSPORT MUSEUM TRUST LIMITED
I report on the accounts of the charity for the year ended 31 March 2023, which are set out on pages 4 to 8.
Respective responsibilities of trustees and examiner
The trustees, who are also the directors of Barrow Transport Museum Trust Limited for the purposes of company law, are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011, the 2011 Act, and that an independent examination is needed.
Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility to:
-
(i) examine the accounts under section 145 of the 2011 Act;
-
(ii) to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
-
(iii) to state whether particular matters have come to my attention.
Basis of independent examiner's report
My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statement below.
Independent examiner's statement
-
(a) which gives me reasonable cause to believe that in any material respect the requirements:
-
(i) to keep accounting records in accordance with section 386 of the Companies Act 2006; and
-
(ii) to prepare accounts which accord with the accounting records, comply with the accounting requirements of 396 of the Companies Act 2006 and with the methods and principles of the Statement of Recommended Practice: Accounting and Reporting by Charities;
-
(b) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
S Oram Melville & Co
Chartered Certified Accountant Unit 17-18, Trinity Enterprise Centre Furness Business Park Ironworks Road Barrow-in-Furness LA14 2PN
Dated: .........................
- 3 -
Draft Financial Statements at 13 December 2023 at 12:11:16 BARROW TRANSPORT MUSEUM TRUST LIMITED
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2023
| Notes Incoming resources from generated funds Donations and gifts 2 Incoming resources from charitable activities 3 Total incoming resources Resources expended 4 Charitable activities Purchases Lottery prizes Total charitable expenditure Governance and administrative costs Total resources expended Net income/(expenditure) for the year/ Net movement in funds Fund balances at 1 April 2022 Fund balances at 31 March 2023 |
2023 £ 60,082 1,290 61,372 139 2,600 2,739 55,202 57,941 3,431 15,515 18,946 |
2022 £ 36,483 - 36,483 569 2,600 3,169 39,722 42,891 (6,408) 21,923 15,515 |
|---|---|---|
The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
- 4 -
Draft Financial Statements at 13 December 2023 at 12:11:16 BARROW TRANSPORT MUSEUM TRUST LIMITED
BALANCE SHEET
AS AT 31 MARCH 2023
| Notes Fixed assets Tangible assets 7 Current assets Stocks Debtors 8 Cash at bank and in hand Creditors: amounts falling due within one year 9 Net current assets Total assets less current liabilities Income funds Unrestricted funds |
2023 £ 325 15,201 4,157 19,683 (9,486) |
£ 8,749 10,197 18,946 18,946 18,946 |
2022 £ 464 9,055 3,350 12,869 (7,488) |
£ 10,134 5,381 |
|---|---|---|---|---|
| 15,515 | ||||
| 15,515 | ||||
| 15,515 |
The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2023. No member of the company has deposited a notice, pursuant to section 476, requiring an audit of these accounts.
The directors acknowledge their responsibilities for ensuring that the company keeps accounting records which comply with section 386 of the Act and for preparing accounts which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its incoming resources and application of resources, including its income and expenditure, for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to accounts, so far as applicable to the company.
These accounts have been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.
The accounts were approved by the Board on .........................
| .............................. | .............................. |
|---|---|
| Mr J Hambler | Ms S Morrall |
| Trustee | Trustee |
Company Registration No. 03322838
- 5 -
Draft Financial Statements at 13 December 2023 at 12:11:16 BARROW TRANSPORT MUSEUM TRUST LIMITED
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2023
1 Accounting policies
1.1 Basis of preparation
The accounts have been prepared under the historical cost convention.
The accounts have been prepared in accordance with applicable accounting standards, the Statement of Recommended Practice, "Accounting and Reporting by Charities", issued in March 2005 and the Companies Act 2006.
1.2 Incoming resources
Donations, legacies and other forms of voluntary income are recognised as incoming resources when receivable, except insofar as they are incapable of financial measurement.
1.3 Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Plant and machinery 25% reducing balance Motor vehicles not depreciated, see below
The motor vehicles represent heritage assets. The trustees believe there are still stated at fair value.
1.4 Stock
Stock is valued at the lower of cost and net realisable value.
2 Donations and gifts
| Gift Aid Tax Rebate Gift Aid Subscriptions Gift Aid Donations Gift Aid Donations with Subscription Subscriptions Donations non-Gift aid with Subscriptions Donations Lottery Bonus Ball income Sales, incl. raffles Recharge 572 Group Recharge 104 Group Recharge No. 9 Group Meal contributions Bus trips Contributions to storage Contributions to insurance Donations and gifts |
2023 £ 7,281 620 34,607 814 190 - 3,359 6,169 4,284 236 118 425 631 - 1,100 248 60,082 |
2022 £ 5,164 390 20,048 375 120 60 1,514 5,289 1,383 110 110 60 - 270 1,200 390 |
|---|---|---|
| 36,483 |
- 6 -
Draft Financial Statements at 13 December 2023 at 12:11:16 BARROW TRANSPORT MUSEUM TRUST LIMITED
NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
| 3 Incoming resources from charitable activities Local Discretionary Covid Grant 4 Total resources expended Charitable activities Purchases Lottery prizes Governance and administrative costs Insurance Repairs and maintenance Vehicle storage Motor expenses Coach hire, trips and events Printing, postage and stationery Recharges 572 group Recharges 104 group Recharges No. 9 group Depreciation Accountancy |
2023 £ 1,290 Total 2023 £ 139 2,600 2,739 3,292 23,300 13,290 10,515 738 150 236 118 425 1,385 1,753 55,202 57,941 |
2022 £ - |
|
|---|---|---|---|
| Total 2022 £ 569 2,600 |
|||
| 3,169 | |||
| 2,995 10,648 14,150 7,454 230 451 110 110 60 1,847 1,667 |
|||
| 39,722 | |||
| 42,891 |
5 Trustees
None of the trustees (or any persons connected with them) received any remuneration during the year, but 4 of them were reimbursed a total of £6,065 travelling expenses (2022: 4 were reimbursed £3,469).
6 Employees
There were no employees during the year.
- 7 -
Draft Financial Statements at 13 December 2023 at 12:11:16 BARROW TRANSPORT MUSEUM TRUST LIMITED
NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
| 7 Tangible fixed assets Plant and machinery Motor vehicles £ £ Cost At 1 April 2022 and at 31 March 2023 12,200 4,601 Depreciation At 1 April 2022 6,667 - Charge for the year 1,385 - At 31 March 2023 8,052 - Net book value At 31 March 2023 4,148 4,601 At 31 March 2022 5,533 4,601 £ The motor vehicles represent heritage assets: - Ex-Barrow Corporation 1950 Leyland PD2/3 No 147 1 - Ex-Barrow Corporation 1950 Leyland PD2/3 No 124 Tow Wagon 1 - Ex-Barrow Corporation 1980 Leyland National No 23 499 - 99.5 Ex-Barrow Corporation Bus - - Leyland Tiger Caribbean 1985 3,600 - Archive records - - Ex-BBT 1988 Talbot Minibus No 100 E571 MAC 500 4,601 8 Debtors 2023 £ Other debtors 15,201 9 Creditors: amounts falling due within one year 2023 £ Other creditors 9,486 |
Total £ 16,801 |
|---|---|
| 6,667 1,385 |
|
| 8,052 | |
| 8,749 | |
| 10,134 | |
| 2022 £ 9,055 |
|
| 2022 £ 7,488 |
- 8 -