INGROW WEST Ii•i a£&UR1 KEIGHLEY ICILEI C.I.JUICTI D N VINTAGE CARRIAGES TRUST UNAUDITED FINANCIAL STATEMENTS 31 MARCH 2024 Charity Registration Number: 1156931 STtIEETS SPENSER WILSON CHARTERED ACCOVNTANTS
VINTAGE CARRIAGES TRUST FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 PAGE Trnstees, annual report Independent examiner's report to the TnteeS Statethent of financial activitics Statcmcnt of fllmncial position Notes to tlie financial statements io Tlie folloiving pages do not forni part of the financial statements Detailed st2tem¢nt of finaucial activities 21 Not¢s to tlie detaiEcd statement of financial activities 22
VINTAGE CARRIAGES TRUST TRUSTEES, ANNUAL REPORT YEAR ENDED 31 MARCH 2024 The Trustees present tlieir report and the unau(h'ted fillancial statetnents of the charity for tl)e year ended 31 Marcli 2024. REFERENCE AND AD,MtNISTRATtVE DETAILS Registered charity name Vintage Catrtages Trust Charity regtstration number 1156931 Principal olCe The Railway Station Haworth Keighley West Yorkshire BD22 8NJ England The Trustees T R Enuland D NT Carr S A Seabro()k l B Smith R L Sprot CGSmyth S Astley P E Bowker R J Taggart D J Cross A S Haley D Cullingivorth K A CarIton P Yewdall (Resigned I l November 2023) (Resigned I l November 2023) (Appointed I l November 2023) (Appointed I l Noveniber 2023) Baiiker CAF Bank 25 Kings l-till Avenue kings Hill West Malling Kent MEI 9 4JQ Independent Examiner Mrs E A ShortFCA EquAtable House 55 Pellon Lane Halifax HXI 5SP
VINTAGE CARRLIGES TRUST TRUSTIES, ANNUAL REPORT ( coijiinued) YEAR ENDED 31 MARCH 2024 ,STRUCTURE, GOVERNAI¥CE AND MANAGEMENT Governing document Vintage CatTiages TRst is a Charitable Encoryorated Organisation (CIO), registered cliarity No. 1156931 and is govenied by its constitution. Governancc aud management Jlie overalL IEsponsibiLity for Vintage Carriages Trust rests with the Trustees of the charity. Recruitment and appointment of Truste Tnistees are elected by inembership at the Annual Meeting and are recruited to address the specÈfic needs of tbe organisation. Trustee Induction xnd Training Induction of Trustees is largely t1Ollgh infonnal discussion with iiew recruits. Trnstees are supplied with an agreed policy defining the Trustees, roles and responsibilities togethei. with a copy of ihe collstitutkon. Risk Managenient The Trustees have assessed the major risks to which die clwity is exposed. Whcre appmpriate, systeLtIs and procediires Iiave beffli established to mitigate the risks tbe charity Faces, and additional policies are being pul in place wliei'e required. Internal risks 'e minitnised by the irnplemcntation of procedures for authorisation of all transactions and projeLts. Proccdur&8 are in place to ensure compliance with health and safety of niembers and volunteers and visitors. OBJECTIVES AND ACTIVITIES To educate the public through the establisbment of a railway n]useum and to acquire and prcserve railway cariiages, railway locomotives and otlier itenis of rolling stock and associated equipment. Restore and maintain such items, house tliem and put then] on display, loan or hire them so tbat they may be used if practicable, and make suitable arrangements for tlieir colltiiiued preservation as fai. as possible. To sponsor the publication of books, articles etc, containing information about these items and rolling stock and railways generajly, and otherwise to promote interest in these subjects.
VINTAGE CARRIAGES TRUST TRUSTEES. ANNUAL REPORT f YEAR KNDED 31 MARCH 2024 ACHIEVEMI ENTS AND PERFORMANCE General The period iipon whicli we arc reporting has. in some respects, m2rked a return to relative certainty, iii that the piiblic have been able visit The knage Works oll aiiy day of the week, and we have been abEe to offer our usual range of retail items. Il'e haiie rem&uied able to ofter members the apportEity to attend both Chainnan's Day and the Annual Gene121 leeting at a inoi"e spacious and comfoitable venue. We have however, exercised due diligence in Iiiiancial mattei"s, seeking competitive quotes wheie expeiiditure was necessary. alld saving considerdbly in dealing with anew insuraiice broker. experienced lli the needs of Museums. We havc constantly soiigbL through Jonathan Yewdall, grant funding Lo support 0. enterprises, eventually securing a grant froin Museums Development North (MDN) foi. display interpietation boards. To gene17te income, we aJo eed a modest increase in adniission prices with oui" partners at Bahamas Locomotive Society (BLS)" aiid w¢ agreed a payment in i'espect of Day Rover 'licket admissions with Keighley & Wortb Valley Railway (KWVR) niore in keepintr with tlie numbers of visitors we are admirtiLiO to the MuscunL The fiD&ncial bonus for the ye&. tbougb was the visit of "Flying Scotsman," wlios¢ positioning outside our prejntses, led to an influx of visitors. With regard to persollt]el, we welcomed Sheila Sbrook back at thc start of the financial year aftei. a period of ill heaIth. but we, unfortunately. did Dot bave die benefit of tlie experience and guidance of cl18 Smyth, who suffered one health set back after another. The Trustees decided to award Cliris a Vice Presidency as a inark of our gratitud¢ for his long service to the T(. At the AGM in November. Bob GWe, our recenlly appointed Accreditation Mentor, after a thought- provoking address to ibe meeting, resign¢d to take up a new post at Llangollern The previous month, Riith Wilson resigned from hcr part-time post as MuseuTll Retail Assistant. but we have continued to welcome her as a volunteer in th¢ sl)op. An apintMent for her replace]nent was inade to cojiimence Work ill April 2024, Jolm Astley being selectd. We sliould also note the resignation of Paula Bowkei" froni the role of Treasurer and acknowledge the professional expertise that she brought to the Tiustee body. Possibly the most significant and tangible progress made througliout the yeai", has been completion of Pbase l of our Museum refurbishment, to budget alld on time. Artefaets have been carefully selected for display witliin discrete Éhemes. and interpretation panels have been designed (with signifjcant iiiput froni Paul Holi'oyd) following the professional advice fi"oJTr MDN. Interpretation panels have been redesigned for the cenlral walkway. and tlianks to the generosity of the National Science and Media Museum in BradforiL (and the sweated labour of our teaill ol volunleei"s) wc acquired a set of display cabinets, far younger, and in much better condition than those that had served us so well previously. As each new cabinet was brought into service, it has acquired relevant artefacts, with ijit¢rpr¢tation in keeping with the adopted house style. The project was progressed, with Nvork foi- Phase 2, in January 2024, with further gr<ltit fi]nding support, so the entllt shop side ol.the Museiim has now been re-clad. Trial displays and interpretation were progressed, and the public were consulted, so that their feedback would inform tUre work.
VINTAGE CARRIAGES TRUST TRUSTEESI ANI¥UAL REPOR'ff ¢onlin4ed) YEAR ENDE.D 31 MARCH 2024 Beyond th2s essfflitial developTnent of our facilities are the re-modelling of toilet facilities, to accomn]odate the ever iiicreasijig nuinbers of coacli 2nd educational parties, and a Lnorc modei'n Mess Room to provTde ttse essential brew" tIMt generntes workshop endcavour. Other iinprovements we have made, whEch may not b¢ immediatcly apparent to tbe casual visitor, iiiclude.. an inspection of electrical circuits (leading to replacements to meet all safety requiremcnts) new Sens0 fitted in the Mess Room and Engineering Store new fire doors new exteiioi" signage new brackets and flaps for the central walkRvy inspection of workshop lifting equiptnent On the Health & Safety Fron( Chris Smith reAiewed his workiug at Iicight qualification. and we are gratethl to Richard Jones foi. updating our Workshop and Museum Risk Assessments. Restoration As was reported in our previous Annual Report, restoration work bas been confined to just two carriages, Midland 358 and the Cliatham. Two factors have decided this course of action, the first being a limited iiumber of workshop volunteers. Secondly and significantly, in a timc of financial unccrtainly, when a degree of protection against fuknre events has to bc taken, the TnteeS have made the decision that no flllther nem, project should be undertaken in our workshop. The Trustees have made the conscious decision to redevelop our Museum displayi and to modernise the lilteretation of our artefacts to make tliem relevant Èo the wider range of the public, for whom we now cater. Howevei., Midland 358 did becotne inore recognisabl¢ with the return of the wheelsets, and their subsequent replacement beneath the caiiiage body. With regard to our locomotives, 'Sir Berkeley., a long established favourite at the Middleton Railway, where it is well cared for by Steve Roberts and his team, neatly bookends tliis ieport. In Apiil, 2023, we noted tlie com&)letion of the locomotive's overliaul, and its return to niiilling. prior to a fonnal laimch in June. and in Marcty 2024,"Sir Berkeley" IK)oked as a guest engine at BeIlls. Our other viable locomotive, on loan with the Foxfield Railway, "Bellerophon,, lliadc sonic progi.ess towards tlic repair of its venerable firebox. The Tnistees llde clear to our partner oiganisation tliat there is finite funding available for this project. As Cver, we try to be a valued partner OiEanÉsation. and we loaned some Mid1]d Railway door handles to Fioxfield, to enable the manufacture of replicas for one of iheii. projects. Operations Our Carriages have continued to be enjoyed by passengers on KWVR, on Vintage Tizins and special events. Metropolitan Third 465 saw use durtng the Vintage Trains progLamme' whilst agreement with tlie Embsay and Bolton Abbey Railway was reacbed, to extend Bulleid S1469's period of loan, and it has provided conifortabl¢ dining and special events accommodation as required.
VINTAGE CARRIAGES TRUST I'RUSTEES, ANNUAL REPORT I YEAR ENDED 31 MARCH 2024 FINANCIAL REVIEW Transactions and Financial Position The operating surplus for the year was £77,529 (2023 - £38,852) to carry forward to the following year. The Ti'ustees are very grateful for the gencrous bequests received during tl)e yeaT. Reserves at the end of the year were £673,136 (2023 - £595,608) including restricted funds of £22,503 (2023 - £19,883), which will be used to fund tL}re activities. Work is still ongoing in bring tlie museu back up to standard following the long period of Glosure brouglit about by the pandemic. Reserves policy Thc Trustees have exan]ined the charity's requirements for reserves in light of the main risk8 to the organisatlOD and liave estabJisl)ed a policy whereby die unrestricted fvnds not committed or illvested iii tangible fixed assets lield by the charity should be in the region of 6 months of expenditure, Tn view of, cuttent econoniic difticulties, which amounts to approximately £70,000. Unrestricted funds are £650,633 including Xed assets of £443.386. Therefore, the present leTrel of frcc Tcservcs availabIe to tlic charity is £207,267. During the year thc Charity has invested £52.008 in flI]er refuibishment of Museuni to further enhance the C.harity's woi"k to the con)niunity. The charity h&8 impaid volullteers to help run its various activities. The Tiustees WILL be investing surplus r&8erves in projects that aim to increase the ch]ty'S service to the commwiity. Principal funding sources Tlie principal gources of income were: Donations and legacies 540/0 (2023: 42 /), income from visitors admissions and coach and locomotive hir¢ I l % (2023.. 18 /)" and sales of books, magdzines and relics and contract woik 33 % (2023= 390/). Investment income 20/0 (2023 - J Q/D PLANS VOR VUTURE PKRIODS As ]]as been indicated aboi'e: the Trustees have made the commitEnent to develop our Museutn display. in the belief that tliis will make our collection rclevant to a wideL- audience, and will contribute to our tute fmancial security. We note that we have progressed the Forward Plarj 2024-29, and that the process of updatillg our policies, in readin¢ss for our next Museum Reaccieditation. is ongoing. Thanks again to Richaid Jones for creating a new and consistent house style to present each of ourpolicies. In additioll. a good start has been made on modeniising the website, to encourage access by tbe non-enthusiast browser. Wc concluded last yeavs reporL witli Ibe expression of hope tliat we rniglit mak¢ progress in our bid to ensure tlie sustainability of our organisation. We believe that we have acliieved this, at least in parL by judicious recruittnent. In addition, the OtTicers havc met several times to consider the roles that they currently undertake, and which aTe their key functions. This should serv¢ to ÈofoiTn decisions to enable contilluity of progress and the sustainability of our oiEanisation. We hope you agJEe that his very busy peiiod lias genuinely been one of ienewal.
VINTAGE CARRIAGES TRUST TRUSTEES, ANNUAL RFPORTc¢ YLAR ENDTr.D31 MARCH 2024 The Trustees, annual report was approved on ......... ........ Trustees by: ..21N and signed on behalf of the board of T R England Trustee R L Sprot Trustee
VINTAGE CARRIAGES TRUST INDEPENDENI. EXAllItNER'S REPORT TO THE TRUSTEES ofi VINTA.GE CARRIAGES TRUST YEAR Eh'DED 31 MARCH 2024 I report to the Trustees on my eMInatIon of the financial ststements of Vintage CaiTiages Trust {'tli¢ charity,) for the year ended 31 Mairh 2024. RESPONSIBILITJES AND BASIS OF REPORT As the Trustees of the charity you are responsible for the preparation of the financfial statements in accordanc¢ with the requirements of the Charities Act 2011 ('tlie Act,). I report in respect of my exan]ination of the charity's financial statements canied oiit under section 145 of the 2011 Act and in canying out my examination I have followed all the applicable Directions given by the Charity Commission under sectioll 145(5)(b) of th¢ ACL tNDEPENDENT EXAMtNER'S STATEMEtS'T I have completed my examination. I confLrnI that no material lltters have come to my atteiition in connection with the examitlation giving me cause to beliel'e that in any malei.ial EEspeit: accounting records were not kept in respect of the charity as Ltquired by section 130 of Ibe tlie financial statements do not accord with those records" or tlie financial statenients do not comply with the applicable requirements Collcerning tbe form and content of accounts set out in tlie Charities (Accounts and Reports) Regulations 2008 otlier than any requirement that th¢ accoiints give a 'ttiJe and fate View which is llot a matter considered &% pt of an independent exatttinatiorL I bave no concerns and Iiave come acro&s no other Tnatter5 in connection with the cxamination to which attention should b¢ drawn in this report in order to enable a proper understanding of tbe accounts to be Teached. MRS E A SHORT FCA Independent Examiner Equitable House 55 Pellon IAne Halifax HXI 5SP
VINTAGE CARRIAGES TRUST STAT.EMF.N"r OF FINANCIAL ACTIVtTtES YEAR EhU)ED 31 MARCH 2024 2024 Restticted fiuKls Total fund5 Total funds Unrestricted fid5 Note Income and endoivmcnts Donations and legacies Cliaritable activities Other trading activities Investment income 114,624 23,603 72,551 3,702 2,150 116,774 23,603 72,551 4,172 69,434 30,476 64,722 1,650 166,282 470 Total income 214,480 2,620 217,100 Expenditure Expenditure on raising fullds: Costs of otlier li-ading activities Expenditure on charitable aclivities I'otal expenditure 33,725 105,847 33,725 105,847 .31,268 96,162 139,572 139,572 127,430 Net iiicome and net movemellt in funds 74,908 2,620 77,528 38,852 Reconciliation of funds Total funds brougbt forward Total fuiids earried forwai"d 575,976 l9,633 595,609 556,756 650,884 22.253 673,137 595,609 Tlie stateiYLent of fu]ancial activities includ&s all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The notes on pages 10 to 19 form part of these fInancial statements.
VINTAGE CARRIAGES TRUST s'rA'I'LMTr;N"I' OF FINANCIAL POSITION 31 MARCH 2024 2024 2023 Note FIXED ASSETS Tangible fixed assets 15 443,386 401,717 CURRENT ASSETS Stocks Debtors Cash at bank and in hand 16 17 2,714 6,039 225,710 2,781 22.685 173.427 234,463 198,893 CREDITORS: amounts falling due within one year NET CURRENT ASSLI'S 18 4,712 5.001 229,751 193,892 TOTAL ASSETS LESS CURREINT LIABIL,ITIF.S 673,137 595,609 NET ASSETS 673,137 595,609 FUNDS OF THF. CHARITY Restricted funds Unrestricted funds 22,253 650,884 19,633 575,976 Total charity funds 20 673,137 595,609 These fina cial statements were approved by the board of Trustees and authorised for issue on ts- and are signed on behalf of the board by: P4.J T RF.ryGLAND TTUStee R L SPROT Trustce The notes on pages 10 to 19 form part of these financial statements.
VllYTAGE CARWAGES TRUST NOTF.s 'ro THE FINANCIAL s"fATEMEYTS YEAR EIYDED 31 MARCH 2024 GENERAL INFORMATION Thc charity is a public bcnefit entity and a registered charity in England and Wales and is unincoryorated. The address of the principal oifice is Vintage cala(seS Trust, The Railway Station, Hawortb, Keighley, Wesl Yorkshi, BD22 8NJ. STATEMENT OF COMPLIANCE These financial statements have been prepared COTnpliance with FRS 102, 'he Financia Reporting Standard applTrcable ID tlie UK and the Republic of treland,, the Statement of Recommended Practice applicable to cbarities prepai'ing tbeir accoullts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS I02) {Charities SORP (FRS 102)) and the Charities Act 2011. AcCOuNTG POLTCIES Basis of preparation The flnancial statements havc becn prepared oil the historical cosl basis as illodified by tlie revaluation of certain financial assets and liabilities. The financial statements are prq)ared in sterling. whicb is the functional currency of tlie eiitity. Going concern There are no material uncertainfies about the charity's ability to continue. Judgetnents and key sources of estAmation uncertainty The preparation of the financial statements requires managcinent to make judgen]ents, estimates at]d assumptions that affect the amounts reported. These estimates and judgcmcnts aj'e continually Tevicwed and are based on experience and otlier factors, including expectations of tutuTe events that are believed to be reasonabIe under the circun)stances. Thci'e arc not considered to be any judgements or accounting estitnates or assumptiolls that have a gilifiCallt llnpact on the fncIal statements Fund aecounting Unrestticted funds are available for use at the discretion of the I'rustees in furtherancc of the general objecttves of the Lharity. io
VINTAGE CARRIAGES TRUST OTES TO THE FINANCIAL STATEIWENTS { ¢oiiiiuiied) YEAR ENDID 31 MARCH 2024 ACCOUNTINC POLICIES (coJiiiiiuÉd) Incoming resources All income is includcd in thc statcment of fancIal activities when entitlement has passed to the charity, it is probabRe that tlie economic benefits Issociated viith the ts2usaction wÉll flow to Ihe cbarity and tlie aEnount can be reliably measured. The following specific policies ar¢ applicd to particular categories of incon]e: incoin¥ frotn donatiolls or grants is rccognised when there is evidence of eDtitle]nent to the gift, receipt is probable and its amouiit can be measured reliably. income from gOvernent grants is COgnised whai there is reasonable assw?nce that the tnt will comply with the conditions attaching to them and the grants will be received. Grants, receivable relating to Covid-19 are recognised immediately as income ill the Statement of Financial Activities. Where applied for and reccived these grants include payments unda. the Coi"onavirus Job Retention Scheme, CJRS, (rIoUgh paytnents) and Small Business Support Grants. legacy income is recognised when receipt is probable and entitleinent is esiablishcd. incotne from doiiated uoods is measured at the fair value of the goods unless this is inipraclical to measure reliably. in which case tlie value is dciived from the cost to the dollor or the estiEnated resale vallle. Donated facilities and Servic ar¢ r¢cognised in the accowits when received if the value can bc reliably mcasured. No amounts are included for the contribution of genet21 volUntes. income from contracts for the supply of services is recognised with tbe delivery of the cotttracted service. This is classified as unrcstricled funds unless tli¢re is a contractual requireineiit foi" it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted. Life membership receipts Subscriptiojis received are credited lo income in full in the year ot"receipt. Resources expended Expenditure is recognised on an accruals basis as a liabllity is incurred. Expenditure includes any VAT wbich caT]notbe fully recovered. and is classified under headings of the stateFnent of financtal activities to whicb it relates- li
VINTAGE CARRIAGES TRUST NOTLS TO THE FINIINCIAL STATEMENTS leonli114ed) YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES (tolllinued) Resources expended (copjriiiutdj expenditui'e on raising funds includes the costs. of all fundraising activities, events, non- charitable trading activities, and the sale of donat¢d goods. expenditurc on charitsbIe act1viti includes all costs incurred by a cliarity in undertaking activities that furtlier its cliaritable aims for the benefit of its benefieiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activitics. other expenditUiE includes all expenditure that is neither related to raisiug funds foi. the chaTity nor part of its expenditure on charitable activities. All costs are allocated to expenditure categoi.ies reflecting the use of the resource. Direct costs attributable to a single activity are allocated dtrcctly to that activity. Shared costs are appojtioned between the activities they contribute to on a reasonable, justifiable alld consistent basis. Coach & locomotive repair & restoration work All costs of Testoration are written off against revenue when paTd Oll the basis that the restotion Ivork is repailing thc dcleiioration ill the vellicles. It must be ackllowledged tliat there is an elemetrt of itnprovement to vehicles through this woA(. but no attempt has been made to quantify such improvemenls after the veliicl&s have initially reached working condltions. Tangible assets Tangible assets are initiauy rccorded at cosL and subsequently stated at cost less any accumulated depreciation and itnpaiiTnent losses. Depreciltion Depreciation is calculated so to write off the cost or valuation of all asset, less its residual valuc, over th¢ useful ccoiiomic life of that asset as follows: Property Equipment 20/ts Straiglit line 15 % reducing balance No depreciation is provided on the Icases aiid iolliug stock as the TteeS consider that the cutTent market value of these assets will be in excess of cost. The charity aims to maintains its carriages and other rolling sto¢k items in full working order, and all routine maintenance cosL8 are char(red to the Statelnent of Financial Activities wlien incurred. Carriages and othei Tolling stock items are therefore considered to have indetern]inate lives and tbe Trustees do not coiisider it appropriate to charge depreciation. 12
VINTAGE CARRIAGES TRUST L¥OTES TO THE FINANCIAL STATEME[s ( YFAR ENDED 31 MARCH 2024 3.ACCOUNTtr%G POLICIES (coMi1K¢&) Stocks Stocks which cornprise books, tnagazincs and r¢lics, ai"e ineasured at the lower of cost and net realÈsable vaEue. 'Financial instrulnents Tlie chaiity only lias finaiicial assets and financial liabilities of a kind that quality as blC financial instiumeiits. Basic financial instrumenls are initially recognised at tra]Isaction value and subsequently measured at their settlement value M'ith the exception of bal loans which are subsequclltly measured at arnortised cost using the effective illterest metliod. Defined contrAbutioll pl2lls Contributions to defined contribution plans are recognised as an expen iii the pcriod in which the related service is piovided. Prepaid contributions are recognised as an asset to the extent thai the prepayment will lead to a reduction in future payments or a cash refund. DONATIONS AND LEI GACIES Unrestricted Funds Restricted Total f4unds Fuiids 2024 Donations Gift aid tax rcclaimed on donations Legacies Membership subscriptions Adveitising income 17,425 4,298 88,892 3,869 140 2,150 4,298 88,892 3,869 140 114,624 2,150 116,774 Unrestiicted Funds Reshicted Total Funds Funds 2023 Donations Gift aid tsx reclaimed on donations Legacies Membership siibscriptions Adveitising income 1,387 4,094 39,737 4,478 217 19,521 20,908 4,094 39,737 4,478 217 49,913 19,521 69,434 13
VINTAGE CARRIAGES TRUST NOTES TO THE FINANCIAL s'fATETrIENTS Icoiiliiiiied) YEAR ENDED 31 IIIARCH 2024 CHARITABLE ACTIVITIES Unrestricted Total Funds Urn'estiicted Tota] Funds Funds 2Q24 Funds 2023 Visitor admissions KWVR "Day Rover admissions C02ch and locomotive hire Other incomc 988 17.061 3,400 2,154 988 17,061 3,400 2,154 762 16,903 10,730 2,081 762 16,903 10,730 2,081 30,476 23,603 23,603 30,476 OTHER TRADING ACTIVITILS Unrestricted Total Funds Unrestricted Totsl Funds 2024 F]dS 2023 Sale of books. maga7.ines, relÉcs, ete 72,551 72.551 64,722 64,722 INVESTMINT ]NCOME Unrestricted Funds Restricted Total lknt nds Funds 2024 Bank interest receivable 470 4,172 UDrcstricted Rcstricted Total Funds Funds Funds 2023 Bank interest receivable 1.539 111 1,650 COSTS OF OTHER TII4DING ACtJVlTIES Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Fwids 2023 Cost of generating tiinds 33,725 33,725 31,268 31,268 14
VINTAGE CARIUAGES TRUST NOTES TO THE FINANCIAL STATE]WENTS ICOKI iWUEdJ YEAR ENDED 31 MARCH 2024 EXPENDITURE ON CHARITABL ACTIVITIES BY AcfIviTY TYPE Activities undertaken dÉrectly Support costs Total funds 2024 Total fulld 2023 Collection, care and interpretation Governance costs 34,566 68,670 2.611 103,236 2,611 90,794 5,368 34,566 71,281 105,847 96,162 10. ANALYSIS OF SUPPORT COSTS Total 2024 Total 2023 Premises General office Tiisurance Coinputei- costs and copier hire Stationery, printing and postage Membership fees Other expenditure Teleplione Ncwslettei- Accountancy Bank dnd credit card charges Lcoal and professional 38,488 10,339 9,872 2,022 2,717 491 2,003 992 1,746 1,125 1,486 30,958 5,072 7,537 2,007 3,901 980 1,157 854 1.430 910 1,532 2,926 71,281 59,264 I I. NET IINCOIVI Net income is stated after charging/(ciediting).' 2024 2023 Depreciation of tangible fixed assets 10,339 15
VINTAGE CARRIAGES TRUST NOTES TO THE FINANCIAL STATEMENI'S c comiiiii*d) YrAR ENDED 31 MARCH 2024 12. INDEPENDENT EXAMINATION FEES 2024 Fees payable to the independent exaininer for: llldependellt examination of the I-llnCial statements 1,125 910 13. STAFF COSTS The total staff costs and employe¢ benefits for the reporting period are analysed as follows: 2024 2023 Wage,q and %alaries Einployer contributions to pension plans 47,728 965 45,653 859 48,693 46,512 Tlie avcrdge head count of employees during the year was 2 (2023: 2). Tlie averdge number of full- time equivalent employees durittg the year is analysed follows: 2024 2023 Number of staff No employee received employee benefits of nu)re than £60,000 durtng the year (2023: Nil), 14. TRUSTEE REMUNERATION AND EXPENSES No remuneration or other benefits froTn employment with the charity or a related entity weiE received by the Tntees. Money has been rellnbursed to two Truste in relation to expeDs¢s incurred durkng the year ended 31 March 2024 of £522 {2023 - Nil). 16
VINfAGE CARRIAGES TRUST NOTES TO THE FINANCIAL STATEMENTS CcoiiliNutdJ YEAR ENDED 31 MARCH 2024 IS. TANGIBLE FIXED ASSETS LA)ng leasehold property Equipment Freehold pmperty Total Cost At l April 2023 Additions 437,669 59,008 717 524,407 52,008 At 31 Mareh 2024 489,677 717 86,021 576,415 Depreciation AL l April 2023 Cbarge for the yeaT At 31 March 2024 44,915 9,101 54,016 77,775 1,238 122,690 IOJ39 133,029 79,013 Carrying amount At 31 March 2024 435,661 717 7,008 443,386 At 31 mai.ch 2023 392,754 717 8.246 401,717 16. STOCKS 2024 2023 Raw materials and consuniables 2,714 2,781 17. DEBTORS 2024 2023 Pi'cpaytnenL8 and accrued illcome Other debtors 1,148 4,891 1,696 20,989 6,039 22,685 18. CREDITORS: amounts falling due within one year 2024 2023 Accruals and deferred income Social security attd other taxes Other ci'editOTS 3,147 415 1,150 4,712 3,497 354 1,150 5,001 17
VINTAGE CARRIAGES TRUST NOTES J'O THL FINANCIAL STATF.MENTS c YEAR ENDED 31 MARCH 2024 19. PENSIONS AND OTHER POST RETIREMENT BENEFITS Defined contril)ution plans The ount rccognised in income or expenditure as an expense in relation to dered contribution plans was £965 (2023: £859). 20. ANALYSIS OF CHARITABLE FUIYDS Unrestricted funds l April 2023 Income Expenditure 31 Mar 2024 General funds 575.976 214,480 (139,572) 650,884 l April 2022 Income Expenditur¢ 31 Mar 2023 General fiinds 556.756 146,650 {127:430) 575,976 Restricted funds l April 2023 Income EXpendIte 31 Mai. 2024 Bellerophon fiLnd Midland fi]nd 19,383 250 2,620 22,003 250 19,633 2,620 22,253 l April 2022 h)come Expenditure 31 Mar 2023 BelleToplion fund Midland fillid 19,383 250 19,383 250 19.633 19,633 Restricted funds relate to donation specifically given toward the restoration of the carriages. 18
VINTAGE CARRIAGES TRUST OTES TO ITtE FINANCIAL STA'fEMENTS I YEAR FNDED 31 MARCH 2024 21. ANALYSIS OF NET ASSETS BETWEEN FUNDS Unrestsicted Funds Restricted Total Funds Funds 2024 Tangible ftxed assets CiiLTent assets Creditors less tlian l year Net assets 443,386 212,210 (4,712) 650,884 443,386 234,463 (4,712) 673,137 22,253 22,253 Unrests'icted Funds Restricted Total Funds Funds 2023 Tangible fed assets Cunent ass¢ts Creditor8 less than l year Net assets 401.717 179,259 (5,001) 575,975 401,717 198,892 (5,001) 595,608 19.633 19,633 22. CUAII4NTEES AND OTHER FINANCIAL COMMITMENTS The Trustees confinn, in accordance with tIie Charitabl¢ Incorporated Organisation (General Regulation 2012), tllat at the year end the CIO did not hav¢ any outstaiiding guaiantees to third partics nor any debts secured on the assets of the CIO. 19
VINTAGE4 CARRIAGES TRUST MANAGEMFNT INFORMATJON YEAR ENDED 31 MARCH 2024 The foUowinL Pae5 do not form part of the finallcial statements. 20
VINTAGE CARRIAGES TRUST DE'fAtLED STATEMENT OF FINANCIAL ACTTVITIES YEtlR ENDED 31 MARCH 2024 2024 2023 Income and endowments Donations Gifl aid tax reclaimed on donations Legacies Membership subscriptions Adi'ertising income 19,575 4,298 88,892 3,869 140 20,908 4,094 4,478 217 116,774 69,434 C112rit2ble activities Visitoi- admissions KWVR "Day Rover" admissions Coach and loc00t1ve hire Otliei- income 988 17,061 3,400 2,154 762 16,903 10,730 2,081 23,603 30,476 Other trading activities Sale of books, magazines. relics. etc 72,551 Investment inconje Bank interest receivable 4,172 1,650 Total income 217,100 166,282 21
VINTAGE CARRIAGES TRUST NO'fES TO THL DETAILED sTA"fEMK,T OF FINANCT AL ACTTVITILS I YEAR ENDED 31 MARCH 2024 2024 2023 Expenditure Costs of other trading activities Purchase of goods & tickets foi. resale Wages and salaries Pension costs Volunteers, reiinbursed ¢xpenses Advertising and publicity 8,921 22.148 385 1,192 I,Q79 7,559 22,153 341 736 33,725 31,268 Expenditure on charitable activities Workshop wages Workshop pension costs Carriage repairs Workshop costs in relation to CalTAage repairs 25,580 580 6,371 2,035 34,566 23,500 518 II,2LI 2,310 37,539 Support Costs Rates and water Light and heat secui.ity system and repairs Insurance Membership fees Telephone Stationery, piinting and postage Depreciation Computer and copier hire Newsletter and Railstory leafiets Other expenditure 587 17,445 20,457 9,872 491 992 2,717 10,339 2,022 1,746 2,002 1,089 17,356 12,513 7,538 338 854 3,953 2,007 I,430 1,105 68,670 53,255 Governance costs Governance costs - accountancy fces Governance costs - legal and other professioiial fees Bank and credit cai'd charges 1,125 910 1,486 I,532 2,611 5,368 Expenth'thre on charitable activities 139,572 96,162 Net income 77,528 38,852 22