Company Registration number.. 11986804 Charity Registration number". 1189611 County Classics Motor Museum IA company limited by guarantee) Annual Report and Unaudited Financial Statements for the Year Ended 31 May 2024 E Bagg - Accounts 51 Kings Drive Weslonzoyland Somerset TA7 OHJ
County Classics Motor Museum Contents Company Information Trustees, Report Independent Examiner's Report Statement of Financial Activities Balance Sheet Notes lo the Financi81 Statements Income and Expenditure Account 10
County Classics Motor Museum Company Infonnation Directors Mr Patrick Hawkins Mr Derek Corbett Mrs Elizabeth Bagg Janel Linda Pritchard Company number 11986804 Charity number 1189611 Prlnclpal address 52-53 North Street Taunton Somerset TA1 1ND Reglstered offlce E Bagg - Accounts 51 Kings Drive Weslonzoyland Somersel TA7 OHJ Accountants E Bagg- Accounts 51 Kings Drive Westonzoyland Somerset TA7 OHJ Page 1
County Classics Motor Museum Trustees, Report including Directors, Report The trustees present their annual report and financial statements for the year ended 31 May 2024. The financial slalemenls have been p pared in ac¢ord8nce with the accounting policies sel out in note 1 to the financial slalements and comply with the charity's Memorandum and Articles of Association, the Companies Act 2006 and Accounting and Reporting by Charities. Slalement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" (effective 1 January 20191. Objectives and activities The objects of the charity, as sel out in the governing document are". To advance education by the eslablishmenl and maintenance of a museum lo promote appreciation and knowledge in the developrnent and evolution of the motor car and other motor vehicles and their attendant parts, designs and teehnology.. and by the preservation and restoration of motor vehicles and moloring related items to inform the study of the motor vehicle. Achlevements and perfomiance During the financial year work continued on the refurbishment of the museum in preparation for opening to the public. During this lime the trustees have applied the guidan on public benefit issued by the Charity structure. governance and management The charity Is a charitable company limited by guarantee registered on 9 May 2019 under charity number 1189611. The goveming document is the company's Memorandum and Articles of Association drafted 8 October 2019. Responsibility for setting policy and for determining the parameters within which the charity should operate rests with the Iruslees who meet regularly to monitor the activities of the charity. The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the dale of signature of the financial ststemenls were.. Mr Patrick Hawkins Mr Derek Corbett Mrs Elizabeth Bagg Janel Linda Prilchard The charity may by ordin2ry resolution appoint a person who is willing to act to be a trustee either lo fill a vacancy or as an additional Iruslee and may also determine the rotation in which any additional trustees are lo retire. The number of Iruslees shall not be less than three bul there is no maximum number None of the trustees has any beneficial interest in the company All of the Iruslees are member5 of the company and guarantee lo contribute a maximum of £10 in the event of a winding up. Key risks and uncertainties The charity is exposed lo various risks be they opèrational. financial or reputational. The director Iruslees review the charity's activities regularly to identify significant risks and, where possible. they take appropriate measures lo mitigate those risks. The risk register is updated 3 monthly and considered at each Board meeting. Page 2
County Classics Motor Museum Trustees, Report including Directors, Report (Continued) The trustees, report was approved by the Board of Trustees. Mr P Hawkins Chair 24th October 2024 Page 3
Independent Examinerf8 Report to the Trustee8 and Dlrectors of the County Cla88iC8 Motor Museum for the Y•ar Ended 31 May 2024 I reportto the trustees on my examination ofthe financial slAtements of County Classts Motor Museu (the charity) for the year ended 31 May 2024. Responslblllt106 and bash of report A% the trustees of the charity land also its directors for the purposes of company law} you are re$ponsible for the preparat of the financial statements in accordance with the iequirements of the Companies Act 2006 Ithe 2006 Actl. Having satvsfied myselfthal the finan¢ial ststemenls of the charity are not required to be audited under Part 16 of the 2006 Act and are eligibl& for independent examination, I report ir4 respect of my examination of the charity'sfinancial statements carried out urider sKtion 145 of U).e Cttaritses Act 2011 (the 20? 1 Act}. In carying out my examinab'on I have folkjwed all the applicable D5CtiOns gNen by the Charity Commission ur*der section 145{5}Ib) of the 2011 Act. Indondent oxaminef6 ststpmgnt I have completed my examination. I confirm that no matters have come to my attention in connection with the examination gtving me cause to believe that in any material respect.. accounting records were not kept ift respect of the charity as required by seth.on 386 of the 20C6 Act.. or 2. the finanttal statements do not accord with those records,, or 3. the financial stateThnts do not compty with the accounting requirnets of section 396 of the 20C6 Act oth8r than any wuirement that the accounts give 8 true and fair view which ig not a matter considered as part of an IrePer$denI examination. or 4. the financial statements hav8 riot been prepared in accordanceth the methods and principles ofthe Ststement of Recommended Practtce for accounting and rePong by char"e5 applicable to chaNties preparing their accounts in accordance wth the Financial Reporting Standafd appl¢able in the UK and Republic of Ireland IFRS 1021. I have no con¢ems and have come across no other matters in connection with the examination lo which attention should be drawn in this report in order to enable a proper understsnding of the fin8ncial ststements to be reached. Rev Geoff Bowyer FCA CTA GeeFa Accountsncy Limited 36 Bakers Cbse Bishops Hull Tauntors TAI 5HD Dated. As 2è1f
County Classics Motor Museum Statement of FinancialActivities including Incom8 and Expenditure Account forthe year ended 31 May 2024 2024 2023 Income from: Grants Donations S81es Total Income 247 246,837 Expenditure on.. Purchases Staff Pensions Wages Rent, rates and services Utilities Insurance Repairs & Renewals Depreciation Telecommunications Legal and professional Accountancy Advertising Independent Examination Printing, postage and stationery Uniform Subscriptions Sundry Motor Expenses Bank Charges Total R8sources Expended 39,531 505 110,766 11471 13,180 2,717 31.336 8,180 81 1,367 538 691 7,595 821 5,984 4,328 250 827 2,000 250 4,007 172 1,135 1,010 49 Not incoming resources Fund balance at 1 June 2023 &0SB Fund balance as 31 May 2024 The statement of financial activities includes all gains and losses recognised in the year All income and expenditure derive f rom continuing activities The statement of financial activities also complies with the requ irements for an income and expenditure account under the Companies Act 2006
County Classics Motor Museum Balance Sheet as at 31 May 2024 Fixed Assets Tangible Assets 2024 42,999 2023 32,967 Current Assets Cash at Bank Debtors 37,287 1,869 1,630 Creditors Amounts falling due within one year Trade creditors Taxation and social security Accruals 1.180 6,049 13,063 3,677 Net Current Assets 26,093 -2,047 Credltors: amounts falling due after more than one year Loan 56.058 38,221 Total net assets 13.034 -7.301 Income Funds Unrestricted funds Total Funds The comp8ny is entitled to the exemption from the audit requirement contained in sections477 ofthe Companies Act 2006for theyear ended 31 May2024 The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the prep8ration of financi81 statements. The members have not required the company to obtain and 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 8ppIic8ble to companies subject to the small companies regime and in accordance with FRS102 SORP The financi81 statements were approved by the Trustees on 24, October 2024. Mr PHawkins Trustee
County Classics Motor Museum Notes to the Financial Ststements for the Year Ended 31 May 2024 1 General information The company is a company limited by guarantee, incorporated in England and Wales. and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £10 towards the assets of the corllpany in the event of liquidation. The address of Ils registered office is". E Bagg Accounts 51 Kings Drive Weslonzoyland Somerset TA7 OHJ The principal place of business is.. 52153 North Street Taunton Somersel TA1 1ND 2 A¢¢ounting pollcles 2.18asis of preparation The financial statements have been prepared in accordance with the charity's Memorandum and Articles of Association, the Companies Act 2006, FRS 102 Se¢lion 1A The Financial Reporting Standard applicable in the UK and Republic of Ireland" l FRS 102,1 and the Charities SORP "Accounting and Reporting by Charities." Slalemenl of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Stsndard applicable In the UK and Republic ol Ireland IFRS 1021" leffeclive 1 January 20191 The charity h2s taken advantsge of the provisions in the SORP for charities not lo prepare a Stslement of Cash Flows. The financial slalements have been prepared under the hisloricaS cost convention. The principal accounting policies adopted are sel out below 2.2 Going ¢on¢ern At the lime of approving the financial slalements. the trustees have a reasonable expectation that the charity has adequate resources lo continue in operational existence for the lore5eeable future. Thus the trustees continue lo adopt the going concern basis of accounting in preparing the financial slalemenls. 2.3 Charitable funds Unreslricled funds are available for use al the discretion of the trustees in furtherance of their charitable objectives. 2.4 Ineome Income is recognised when the charity is legally entitled to it after any performance conditions have been mel, the amounts can be measured reliably, and il is probable that income will be received. 2.5 Expenditure Expenditure is recognised once there is a legal or constructive obligation lo transfer economic benefit to a third p8ty. it is probable that a Iransler of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably. Page 7
County Classics Motor Museum Notes to the Financial Statements for the Year Ended 31 May 2024 2. Accounting polieles {Continuedl 2.6 Tangible fixed assets Tangible fixed assets are initially measured al cost and subsequently measured at ¢051 or valuation. nel of depreciation and any impairment losses. Depreciation is recognised so as lo write off the cost or valuation of assets less their residual values over their useful lives on the following bases.. Plant and equipment- 200/0 pa 2.7 Impairment of flxed assets Al each reporting end dale. the charity reviews the carying amounts of its tangible assets lo 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 lo determine the exlenl of the impairment loss lif snyl. 2.8 Financial instruments The charity has elected lo apply the provisions of Section 11 'Basic Financial Inslrumenls. and Section 12 '01her Financial Instruments Issues, of FRS 102 to all of ils financial instruments. Financial instruments are recognised in the charity's balance sheet when the charity becomes paty lo the contractual provisions of the Instrument. Financial assets and liabilities are offset, with the nel amounts presented in the financial stalemenls, when there is a legally enforceable right lo set off the recognised amounts and there is an intention to settle on a net ba51s or lo realise the asset and settle the liability simultaneously. Basic financial assets Basic fi'nancial 8ssets, which include debtors and cash and bank balances, are initially measured al transaction price Including transaction costs and are subsequently carried al amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measurerj 81 the present value of the future receipts discounted al a market rate of interest. Financial assets classified as re1vable within one year 8re not amortised. Basic financial liabilities Basic financial liabi5i11es. Including creditors and bank loans are initially recognised at transaction price unless the arrangement conslilutes a financing Iransaclion. where the debt Instrument Is measured at the present value of the future payments discounted at a market rale of interest. Financial liabi1ilies 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 lo 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-currenl liabilities. Tmde creditors are recognised initially al transaction price and subsequently measured al amortised cost using the effective interest method. Derecognition of financial liabilities Financial Iiabililies are derecognised when the charity's contractual obligation5 expire or are discharged or cancèlled. Page 8
County Classics Motor Museum Notes to the Financial Statements for the Year Ended 31 May 2024 3. Critical accountlng estimates and judgements In the application of the charity's accounting policies, the trustees are required lo make judgen)ents, eslimales and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other Sources. The eslimales and associated assumptions are based on historical experience and other faetors 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 lo 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 peiiods where the revision affects both current and future periods. 4. Trustees None of the Iruslees lor any persons connected with Iheml received any remuneration or benefits from the charity during the year. 5. Tangible fixed assets Plant and equipment Cost Al 1 June 2023 Additions Disposals At 31 May 2024 53,037 26,380 -8169 Depre¢iatlon and Impaimient At 1 June 2023 Depreciation charged in the year Al 31 May 2024 20,070 8,179 Carrying amount Al 31 May 2023 Al 31 May 2023 32,967 42,999 6. Related party transactions E B2gg-Accounts, who provides accountancy 2nd bookkeeping services lo the charity, is owned by Mrs Elizabeth Bagg who is a trustee. The value of services provided during the year were £5,984 12023 £2.0001 including VAT and are considered at arms length. There is an accrual of £5,984 at the year end for these services. There were no other disclosable related party transactions during the year. Page 9
This page does not form part of the statutory financial statements. Page 10
Company Registration No 11986804 County Classics Motor Museum Income and Expenditure Account forthe year ended 31 May 2024 2024 2023 Income from: Grants Donations Sales Total Incom8 246,837 Expendlture on: Purchases Staff Pensions Wages Rent, rates and services Utilities I nsurance Repairs & Renewals Depreciation Telecommunications Legal and professional Accountancy Advertising Independent Examination Printing, postage and stationery Uniform Subscriptions Sundry Motor Expenses Bank Charges Total Resources Expended 39,531 505 110,766 11471 13,180 2.717 31,336 8.180 81 1,367 538 691 7.595 821 5,984 4.328 250 827 4,007 172 2.000 250 1,135 1.010 49 226.47 Net incoming resources 20,364 Fund balance at 1 June 2023 Fund balance as 31 May2024 13,063