Charity registration number 1198891 (England and Wales)
SOUTH YORKSHIRE TRANSPORT TRUST
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025
SOUTH YORKSHIRE TRANSPORT TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
| Trustees | Mr G Taylor | |
|---|---|---|
| Mr C Lemons | ||
| Mr D Sentance | ||
| Mr M Saunders | ||
| Mr P Lee | ||
| Charity registration | England and Wales | 1198891 |
| Principal address | Units 1, 2 & 3 | |
| Chesterton Road | ||
| Eastwood Trading Estate | ||
| Rotherham | ||
| South Yorkshire | ||
| S65 1SU | ||
| Independent examiner | Brearley & Co Accountants Limited | |
| 39/43 Bridge Street | ||
| Swinton | ||
| Mexborough | ||
| South Yorkshire | ||
| S64 8AP | ||
| Bankers | Cashplus Bank | |
| Cottons Centre | ||
| Cottons Lane | ||
| London | ||
| SE1 2QG |
SOUTH YORKSHIRE TRANSPORT TRUST
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 2 |
| Independent examiner's report | 3 |
| Statement of financial activities | 4 |
| Balance sheet | 5 |
| Notes to the financial statements | 6 - 12 |
SOUTH YORKSHIRE TRANSPORT TRUST
TRUSTEES' REPORT FOR THE YEAR ENDED 31 MAY 2025
The trustees present their annual report and financial statements for the year ended 31 May 2025.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Charities Act 2011, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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)".
Objectives and activities
The main objectives of the charity is to restore vintage buses and exhibit them, by holding open days and running days for the educational benefit of the public. The vehicle collection is generally focused on, but not limited to the South Yorkshire area.
Public benefit
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
Achievements and performance
Significant activities and achievements against objectives
The charitable trust continued in its operations to educate the public in the history of road transport through the preservation and restoration of public transport.
The charity has continued to fund itself through donations, gifts and charitable activities.
Financial review
The charitable trust received donations and gifts in the year of £52,255 (2024: £80,326). Income from charitable activities was £22,516 (2024: £24,575).
The trust recognised a surplus again in the year of £4,892 (2024: £32,694) and unrestricted reserves are currently at £42,051.
Reserves policy
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 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 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.
Structure, governance and management
The trustees who served during the year and up to the date of signature of the financial statements were:
Mr G Taylor Mr C Lemons Mr D Sentance Mr M Saunders Mr P Lee
Recruitment and appointment of trustees
Trustees are appointed in accordance with the charity’s governing document. New trustees may be nominated by existing board members and are appointed following approval by the full board. All appointments are made based on the skills and experience required to support the effective governance of the charity.
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SOUTH YORKSHIRE TRANSPORT TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MAY 2025
The Trustees' report was approved by the Board of Trustees.
Mr G Taylor Trustee
20 March 2026
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SOUTH YORKSHIRE TRANSPORT TRUST
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF SOUTH YORKSHIRE TRANSPORT TRUST
I report to the trustees on my examination of the financial statements of South Yorkshire Transport Trust (the charity) for the year ended 31 May 2025.
Responsibilities and basis of report
As the trustees of the South Yorkshire Transport Trust you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).
I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.
Independent examiner's statement
Your attention is drawn to the fact that the charity has prepared the financial statements in accordance with the relevant version of the Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn. I understand that this has been done in order for the financial statements to provide a true and fair view in accordance with UK Generally Accepted Accounting Practice.
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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: 1 accounting records were not kept in respect of the charity as required by section 130 of the Charities Act 2011.
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2 the financial statements do not accord with those records; or
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3 the financial statements do not comply with the applicable requirements concerning the form and content of financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financial statements give a true and fair view, which is not a matter considered as part of an independent examination.
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.
Brearley & Co Accountants Limited
39/43 Bridge Street Swinton Mexborough South Yorkshire S64 8AP 23 March 2026
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SOUTH YORKSHIRE TRANSPORT TRUST
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MAY 2025
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2025 | 2024 | ||
| Notes | £ | £ | |
| Income and endowments from: | |||
| Donations and legacies | 3 | 52,255 | 80,326 |
| Charitable activities | 2 | 22,516 | 26,519 |
| Investments | 4 | 42 | 33 |
| Other income | 6 | 1,554 | 1,630 |
| Total income | 76,367 | 108,508 | |
| Expenditure on: | |||
| Charitable activities | 5 | 71,475 | 75,814 |
| Total expenditure | 71,475 | 75,814 | |
| Net income and movement in funds | 4,892 | 32,694 | |
| Reconciliation of funds: | |||
| Fund balances at 1 June 2024 | 37,159 | 4,465 | |
| Fund balances at 31 May 2025 | 42,051 | 37,159 |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
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SOUTH YORKSHIRE TRANSPORT TRUST
BALANCE SHEET
AS AT 31 MAY 2025
| Notes Fixed assets Tangible assets 12 Current assets Debtors 14 Cash at bank and in hand Creditors: amounts falling due within one year 15 Net current assets Total assets less current liabilities The funds of the charity Unrestricted funds 16 |
2025 £ 60 4,866 4,926 (1,519) |
£ 38,644 3,407 42,051 42,051 42,051 |
2024 £ 314 4,027 4,341 (2,731) |
£ 35,549 1,610 |
|---|---|---|---|---|
| 37,159 | ||||
| 37,159 | ||||
| 37,159 |
The financial statements were approved by the trustees on 20 March 2026
Mr G Taylor Trustee
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SOUTH YORKSHIRE TRANSPORT TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025
1 Accounting policies
Charity information
South Yorkshire Transport Trust is a charity. It's registered address is Units 1,2 and 3, Chesterton Road, Eastwood Trading Estate, Rotherham, S65 1SU.
1.1 Basis of preparation
The financial statements have been prepared in accordance with the charity's governing document, the Charities Act 2011, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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)". 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 not to prepare a statement of cash flows.
The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
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. 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.
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SOUTH YORKSHIRE TRANSPORT TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
1 Accounting policies
(Continued)
1.5 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.
Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
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:
Plant and equipment 25% Reducing Balance Motor vehicles 25% Reducing Balance
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.
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.
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SOUTH YORKSHIRE TRANSPORT TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
1 Accounting policies
(Continued)
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.
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.
2 Income from charitable activities
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2025 | 2024 | |
| £ | £ | |
| Charitable activity | ||
| Rent received | 21,895 | 22,883 |
| Bus storage | 621 | 1,692 |
| Rust bucket | - | 339 |
| Open Day | - | 1,605 |
| 22,516 | 26,519 |
3 Income from donations and legacies
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2025 | 2024 | |
| £ | £ | |
| Donations and gifts | 52,255 | 80,326 |
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SOUTH YORKSHIRE TRANSPORT TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
4 Income from investments
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2025 | 2024 | |
| £ | £ | |
| Interest receivable | 42 | 33 |
5 Expenditure on charitable activities
| Charitable | Charitable | |
|---|---|---|
| activity | activity | |
| 2025 | 2024 | |
| £ | £ | |
| Direct costs | ||
| Depreciation and impairment | 10,752 | 11,116 |
| Rent | 53,603 | 53,599 |
| Rates | - | (558) |
| Premises insurance | 2,603 | 2,540 |
| Repairs and renewals | 1,344 | 2,169 |
| Power, heat & light | 624 | 1,110 |
| Motor expenses | 714 | 1,484 |
| Advertising | - | 1,922 |
| 69,640 | 73,382 | |
| Share of support and governance costs (see note 8) | ||
| Support | 797 | 1,322 |
| Governance | 1,038 | 1,110 |
| 71,475 | 75,814 | |
| Analysis by fund | ||
| Unrestricted funds | 71,475 | 75,814 |
6 Other income
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2025 | 2024 | |
| £ | £ | |
| Net gain on disposal of tangible fixed assets | (10) | - |
| Other income | 1,564 | 1,630 |
| 1,554 | 1,630 |
Other income has been received from HMRC charities £1,564 (2024 - £1,630).
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SOUTH YORKSHIRE TRANSPORT TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MAY 2025
7 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
Two Trustees were reimbursed for the purchase of fixed assets in the year. The total cost of the fixed assets was £1,280.
8 Support costs allocated to activities
| 8 | Support costs allocated to activities | ||
|---|---|---|---|
| 2025 | 2024 | ||
| £ | £ | ||
| Subscriptions | - | 90 | |
| Public liability insurance | 381 | 170 | |
| Print, post and stationery | 15 | 42 | |
| Website hosting | 216 | 115 | |
| Telecommunications | 40 | 48 | |
| Bank charges | 76 | 125 | |
| Sundry | 69 | 732 | |
| Governance costs | 1,038 | 1,110 | |
| 1,835 | 2,432 | ||
| Analysed between: | |||
| Charitable activity | 1,835 | 2,432 | |
| 9 | Net movement in funds | 2025 | 2024 |
| £ | £ | ||
| The net movement in funds is stated after charging/(crediting): | |||
| Fees payable for the independent examination of the charity's financial | |||
| statements | 1,038 | 990 | |
| Depreciation of owned tangible fixed assets | 10,752 | 11,116 | |
| Loss on disposal of tangible fixed assets | 10 | - | |
| 10 | Employees | ||
| The average monthly number of employees during the year was: | |||
| 2025 | 2024 | ||
| Number | Number | ||
| Total | - | - |
There were no employees whose annual remuneration was more than £60,000.
11 Taxation
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
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SOUTH YORKSHIRE TRANSPORT TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MAY 2025
| 12 Tangible fixed assets Plant and equipment £ Cost At 1 June 2024 22,900 Additions 2,314 Disposals - At 31 May 2025 25,214 Depreciation and impairment At 1 June 2024 5,613 Depreciation charged in the year 4,739 Eliminated in respect of disposals - At 31 May 2025 10,352 Carrying amount At 31 May 2025 14,862 At 31 May 2024 17,287 13 Loans and overdrafts Other loans Payable within one year 14 Debtors Amounts falling due within one year: Prepayments and accrued income 15 Creditors: amounts falling due within one year Borrowings Accruals and deferred income |
Motor vehicles £ 24,020 12,543 (1,200) 35,363 5,758 6,013 (190) 11,581 23,782 18,262 2025 £ 481 481 2025 £ 60 2025 £ 481 1,038 1,519 |
Total £ 46,920 14,857 (1,200) 60,577 11,371 10,752 (190) 21,933 38,644 35,549 2024 £ 1,741 1,741 2024 £ 314 2024 £ 1,741 990 2,731 |
|---|---|---|
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SOUTH YORKSHIRE TRANSPORT TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MAY 2025
16 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 June | Incoming | Resources | At 31 May | |
|---|---|---|---|---|
| 2024 | resources | expended | 2025 | |
| £ | £ | £ | £ | |
| General funds | 37,159 | 76,367 | (71,475) | 42,051 |
| Previous year: | At 1 June | Incoming | Resources | At 31 May |
| 2023 | resources | expended | 2024 | |
| £ | £ | £ | £ | |
| General funds | 4,465 | 108,508 | (75,814) | 37,159 |
17 Related party transactions
There were no disclosable related party transactions during the year (2024 - none).
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