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← Anglesey Vintage Equipment Society

2023-12-31-accounts

Charity registration number 1159003

Company registration number 09255316 (England and Wales)

ANGLESEY VINTAGE EQUIPMENT SOCIETY

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

ANGLESEY VINTAGE EQUIPMENT SOCIETY

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees S Kersey
L Pritchard
L Pritchard
W Davies
A Milburn
A Wilkes
A Wilkes (Mrs)
O Owen
C Furnival
D Hughes
S Roberts (Appointed 23 February 2023)
J Horabin (Appointed 23 February 2023)
Secretary S Kersey
Charity number 1159003
Company number 09255316
Registered office Unit F1, Intec Ffordd Y Parc
Parc Menai
Bangor
Gwynedd
United Kingdom
LL57 4FG
Accountants Crestmere Limited
Unit F1
Intec
Parc Menai
Bangor
Gwynedd
Wales
LL57 4FG

ANGLESEY VINTAGE EQUIPMENT SOCIETY

CONTENTS

Page
Trustees' report 1 - 3
Statement of trustees' responsibilities 4
Independent Examiner's report 5
Statement of financial activities 6
Balance sheet 7
Notes to the financial statements 8 - 13

ANGLESEY VINTAGE EQUIPMENT SOCIETY

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023

The trustees present their annual report and financial statements for the year ended 31 December 2023.

The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charitable company's Memorandum and Articles of Association, the Companies Act 2006, the Charities Act 2011 and 'Accounting and reporting by charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and the Republic of Ireland (FRS 102)', effective January 2015 (the Charities SORP FRS 102).

Objectives and activities

The objects of the charity, as set out in its governing document, are:

To foster and promote the education of the general public in the application and practical study of the development, preservation and restoration of industrial, agricultural, marine, commercial and domestic equipment and machinery.

Regular meetings and activities are held by the society, including an annual rally.

There has been no change in these objectives and activities during the year.

Public benefit

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

Activities

The trustees have met formally on a regular basis putting plans in place and designing projects to take us forward as a society.

ANGLESEY VINTAGE EQUIPMENT SOCIETY

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Achievements and performance

Significant activities and achievements against objectives

The Society was able to hold its annual Rally again. Overall the Rally was a success with slightly fewer attendees by the public but was also hit by rising costs. As always the organisers of the Rally worked tirelessly both before and during the Rally and deserve a huge vote of thanks.

During the Rally in 2022 the Society’s single deck bus was damaged and an insurance claim was made in order to pay for the repairs. The insurance claim has been honoured and the damage to the bus was repaired and it is now awaiting new tyres and the re-spray to be finished. We hope it will be returned in time to help promote the 2024 Rally and appear at the Rally.

The meeting room continued to be used by the Society for its monthly meetings and it has been available for local groups to use. Three separate groups have been taking advantage of the facility and they have made donations to the Society. The Wood turning group have returned to their previous venue in Llandygai and no longer use our facilities.

The Trustees were able to fulfil their commitments and held meetings to ensure that the Society was being managed.

The plan for installing better toilet facilities and additional storage and working space is still ongoing.

The idea of what is now called Members’ Shed, which is the meeting of various members on Tuesday mornings to enjoy each other’s company and to work on renovating various pieces of equipment, has proved popular and continues. The weekly meetings have enabled the fire engine to be partially renovated (ongoing with a view to exhibiting it at the Rally) and the Treasurer’s hut, which is vital during the Rally, to be overhauled. Work on the wheeled hut has now started. The area around the buildings is also being cared for on a regular basis.

The Open Day at Dolwen to allow the public to see what the Society is actually doing was continued. No entrance fee was charged but donations for the installation of a defibrillator at Star were requested. This charity was nominated as a member who passed away donated £1,060 to the Society. These donations are currently held in the Society’s bank account and will be specified as for the purpose of the installation of a defibrillator or should this not be required, an alternative satisfactory purpose.

A Christmas meal was organised for members which was held at the Lastra Farm hotel and with the proceeds from the raffles held in December the Society was able to donate £127 to the St Davids Hospice just before Christmas.

Financial review

The trustees consider that the charity is on a sound footing with adequate resources to continue its activities in the future.

Reserves policy

It is the policy of the society 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 consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the society’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.

Major risks

The trustees have 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.

ANGLESEY VINTAGE EQUIPMENT SOCIETY

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Structure, governance and management

The charity is a company limited by guarantee and a charity registered in England and Wales.

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

S Kersey L Pritchard L Pritchard W Davies A Milburn A Wilkes A Wilkes (Mrs) E Griffiths (Resigned 23 February 2023) O Owen C Furnival D Hughes S Roberts (Appointed 23 February 2023) J Horabin (Appointed 23 February 2023)

Recruitment and appointment of trustees

Trustees are elected at the annual general meeting and serve for a term of three years before re-election with a maximum of nine years.

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.

Organisational structure

The organisational structure of the charity is simple, policy decisions being determined by the trustees with specific tasks co-opted to individuals.

Relationship with related parties

There are no related parties.

The trustees' report was approved by the Board of Trustees.

A Wilkes (Mrs)

Trustee

20 August 2024

ANGLESEY VINTAGE EQUIPMENT SOCIETY

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 31 DECEMBER 2023

The directors/trustees acknowledge that they are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company Law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

In preparing these financial statements, the trustees are required to:

The Directors/Trustees acknowledge their responsibility for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

ANGLESEY VINTAGE EQUIPMENT SOCIETY

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF ANGLESEY VINTAGE EQUIPMENT SOCIETY

I report to the trustees on my examination of the financial statements of Anglesey Vintage Equipment Society (the charity) for the year ended 31 December 2023.

Responsibilities and basis of report

As the trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).

Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

Barrie Buels FCCA FCIE Crestmere Limited Unit F1 Intec Parc Menai Bangor Gwynedd LL57 4FG Wales

Unit F1, Intec, Parc Menai Bangor, Gwynedd LL57 4FG

Dated: 20 August 2024

ANGLESEY VINTAGE EQUIPMENT SOCIETY

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2023

Unrestricted Unrestricted
funds funds
2023 2022
Notes £ £
Income from:
Donations and legacies 3 7,115 7,623
Charitable activities 4 56,530 59,171
Total income 63,645 66,794
Expenditure on:
Charitable activities 5 47,990 37,778
Total expenditure 47,990 37,778
Net income and movement in funds 15,655 29,016
Reconciliation of funds:
Fund balances at 1 January 2023 135,347 106,331
Fund balances at 31 December 2023 151,002 135,347

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

ANGLESEY VINTAGE EQUIPMENT SOCIETY

BALANCE SHEET

AS AT 31 DECEMBER 2023

Notes
Fixed assets
Tangible assets
10
Heritage assets
11
Current assets
Debtors
12
Cash at bank and in hand
Creditors: amounts falling due within
one year
13
Net current assets
Total assets less current liabilities
The funds of the charity
Unrestricted funds
14		 2023
£
50
61,923
61,973
(1,647)		 £
68,787
21,889
90,676
60,326
151,002
151,002
151,002		 2022
£
139
43,283
43,422
(400)		 £
70,436
21,889
92,325
43,022
135,347
135,347
135,347

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 December 2023.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the trustees on 20 August 2024

A Wilkes (Mrs)

Trustee

Company registration number 09255316 (England and Wales)

ANGLESEY VINTAGE EQUIPMENT SOCIETY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

1 Accounting policies

Charity information

Anglesey Vintage Equipment Society is a private company limited by guarantee incorporated in England and Wales. The registered office is Unit F1, Intec Ffordd Y Parc, Parc Menai, Bangor, Gwynedd, LL57 4FG, United Kingdom.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's Memorandum and Articles of Association, the Companies Act 2006 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2016). The charity is a Public Benefit Entity as defined by FRS 102.

The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

1.5 Expenditure

All costs are recognised on the accruals basis, inclusive of irrecoverable VAT.

ANGLESEY VINTAGE EQUIPMENT SOCIETY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

1 Accounting policies

(Continued)

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings

4% per annum straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

No depreciation is charged on freehold land.

No depreciation is charged on equipment regarded as heritage assets. The trustees consider that such a charge would not be appropriate given the nature of the equipment and the expenditure incurred to keep it in operating condition, that expenditure being charged to resources expended.

Individual assets costing less than £500 are not capitalised, except in the case of heritage assets.

1.7 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.8 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

ANGLESEY VINTAGE EQUIPMENT SOCIETY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

1 Accounting policies

(Continued)

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.10 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3 Donations and legacies

Unrestricted Total
funds
2023 2022
£ £
Subscriptions 5,190 2,410
Sundry income 1,925 5,213

ANGLESEY VINTAGE EQUIPMENT SOCIETY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

3 Donations and legacies

(Continued)

Other

Sundry income includes an insurance claim of £925 (2022 - £4,570).

4 Charitable activities

Annual rally
Annual rally		 Total Total
admission
site rent,		 2023 2022
charges trade stands
etc.
2023 2023
£ £ £ £
Annual rally 44,561 11,969 56,530 59,171
5 Cost of charitable activities
Rally and Rally and
related related
costs costs
2023 2022
£ £
Depreciation and impairment 1,649 1,649
Site fees etc. 34,492 31,134
IT costs 258 432
Fuel 64 118
Sundry expenses 127 -
Insurance 1,962 1,814
Repairs and utilities 8,778 2,211
Accountancy 660 420
47,990 37,778
6 Net movement in funds 2023 2022
£ £
The net movement in funds is stated after charging/(crediting):
Depreciation of owned tangible fixed assets 1,649 1,649

7 Trustees

None of the trustees (or any persons connected with them) received any remuneration or expenses during the year.

ANGLESEY VINTAGE EQUIPMENT SOCIETY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

8 Employees

The average monthly number of employees during the year was:

2023 2022
Number Number
Total - -
There were no employees whose annual remuneration was more than £60,000.

9 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

10 Tangible fixed assets

Tangible fixed assets
Land and buildings
£
Cost
At 1 January 2023 80,536
At 31 December 2023 80,536
Depreciation and impairment
At 1 January 2023 10,100
Depreciation charged in the year 1,649
At 31 December 2023 11,749
Carrying amount
At 31 December 2023 68,787
At 31 December 2022 70,436

The trustees estimate the the current value of freehold land included in the accounts at cost is £100,000.

11 Heritage assets

£
At 1 January 2023 and at 31 December 2023 21,889

ANGLESEY VINTAGE EQUIPMENT SOCIETY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

11 Heritage assets

(Continued)

The charity owns a small collection of vintage equipment, which is included in the accounts at cost or, where donated, estimated value on acquisition.

Items in the collection comprise a Leyland Tiger coach, a caravan, a Steam Roller, a Muck Spreader a Jones Cub Baler, a Threshing Machine and a Ford D Series Fire Engine.

Estimated current value is £56,500.

12 Debtors

12
Debtors
Amounts falling due within one year:
Other debtors
13
Creditors: amounts falling due within one year
Accruals and deferred income		 2023
£
50
2023
£
1,647		 2022
£
139
2022
£
400

14 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1
General funds
Previous year:
At 1
General funds		 January
2023
Incoming
resources
Resources
expended
At 31
December
2023
£
£
£
£
135,347
63,645
(47,990)
151,002
January
2022
Incoming
resources
Resources
expended
At 31
December
2022
£
£
£
£
106,331
66,794
(37,778)
135,347

15 Related party transactions

There were no disclosable related party transactions during the year (2022 - none).