The London Trolleybus Preservation Society Limited (A Company Limited by Guarantee) Company No: 01068971
Charity No: 265426
Report and Accounts
For the Year Ended 31st December 2022
Waveney Accountants Limited t/a Newman & Co Chartered Accountants
7 Hungate Beccles Suffolk NR34 9TT
The London Trolleybus Preservation Society Limited
Contents of the Financial Statements for the Year Ended 31 December 2022
| Page | |
|---|---|
| Company Information | 1 |
| Report of the Directors (Trustees’ Report) | 2 -3 |
| Income and Expenditure Account | 4 |
| Balance Sheet | 5 |
| Note to the Financial Statements | 6-8 |
| Independent Examination | 9 |
| Detailed Income and Expenditure Account | 10 |
The London Trolleybus Preservation Society Limited (A Company Limited by Guarantee) Company Information for the Year Ended 31 December 2022
DIRECTORS: S R Eteson – deceased 23.6.22 (TRUSTEES): S E Lamming A J Bertram PK Williams - appointed 23.9.22 SECRETARY: REGISTERED OFFICE: East Anglia Transport Museum Chapel Road Carlton Colville Lowestoft Suffolk NR33 8BL REGISTERED NUMBER: 01068971 (England and Wales) CHARITY NUMBER: 265426 INDEPENDENT EXAMINERS: Waveney Accountants Limited t/a Newman & Co 7 Hungate Beccles Suffolk NR34 9TT
Page 1
The London Trolleybus Preservation Society Limited Report of the Directors For the Year Ended 31 December 2022
INTRODUCTION
The Trustees who are also Directors for Companies Act purposes, submit their annual report, together with the unaudited accounts for the year ended 31st December 2022.
The unaudited accounts comply with the Statement of Recommended Practice: Accounting and Reporting by Charities (SORP 2005) issued by the Charity Commission and the Companies Act 2006.
CURRENT STATUS
The London Trolleybus Preservation Society is registered in England and Wales as a company limited by guarantee at Companies House, number 01068971, and is a registered charity, with the Charity Commission, number 265426.
The Company was established under a Memorandum of Association, which sets out the objects and powers of the company and is governed under its Articles of Association. Trustees are elected at an appropriate Annual General Meeting and stand for a maximum of three years before re-election. During the year there were 27 members.
RISK ASSESSMENT AND POLICY DOCUMENTS
The trustees have reviewed Risk Assessments and policy documents and by default adopted those generic ones of the East Anglia Transport Museum, with who it operates under their umbrella. Specific ones, relating to our own particular risks to comply with changing circumstances and legislation, are prepared and used as appropriate.
MEETINGS
Regular group membership meetings are usually held on site at Carlton Colville and other locations where much of the ongoing business of the Society is regularly discussed with minutes produced of those meetings, which are circulated to the Group membership. The Trustees/Directors meet occasionally.
FINANCIAL REVIEW AND RESERVES POLICY
The year has seen significant expenditure needed on some of the vehicles to get them into working condition so they may operate for passengers for the fulfilment of our charitable aims. Further work has been completed on the the depot complex, continuing to make necessary safety upgrades, which is vital for our volunteers to work safely on vehicle restoration and fleet maintenance. The Directors closely monitor the reserves of the Company and where surplus income and reserves have arisen, they have been utilised for the trolleybus maintenance/restoration programme (both planned and as required).
BUSINESS DEVELOPMENTS AND ACTIVITIES
Despite the ongoing global impact of Covid-19, albeit in lesser extent than in 2020 and 2021, we have continued, where possible, our normal operations during the preceding 12 months and are committed to obtaining finance to maintain and restore our preserved trolleybus fleet, buildings and infrastructure. This applies to both our locations at the East Anglia Transport Museum, where our registered office is located, together with our trolleybus depot complex at Ellough. The complex is the subject of legal action relating to ownership and we are awaiting a decision to be confirmed by the court. We continue to pursue the opportunity to build a new and much needed trolleybus depot on the Museum's new land. The building of a new facility will provide vital storage for our expanding collection and will further allow us to transform our existing buildings into equally needed workshop, restoration bay/paint shop and a suitable exhibition area for visitors. A major function of our activities is the provision of operational trolleybuses for the Museum to display, operate and for the carriage of visitors and with the majority of the fleet reduced, owing to reduced operational demand, maintenance and repairs were carried out to our fleet as required. London trolleybus 796 remains on loan to us and its upkeep is funded by separately donated monies. We continue to hold, as owners, full or part collections of trolleybus related photographs which we have purchased and are always willing to allow their use in publications for a royalty fee.
Page 2
The London Trolleybus Preservation Society Limited (A Company Limited by Guarantee)
Report of the Directors
for the Year Ended 31 December 2022
SMALL COMPANY STATUS
The Report of the Directors has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
CHARITABLE STATUS
The company is a registered charity. Its registration number is 265426.
PRINCIPAL OBJECTIVES
The principal objective of the Company during the year was the continuing promotion and maintenance of its Trolleybus activities to achieve an operational presence at The East Anglia Transport Museum.
DIRECTORS
The directors shown below have held office during the whole of the period from 1[st] January 2022 to the date of this report.
A J Bertram S R Eteson – deceased 23rd June 2022.
S E Lamming
In addition, P K Williams was appointed Director and Chair on 23[rd] September 2022.
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.-
ON BEHALF OF THE BOARD:
......................................................................... S. E. Lamming – Director
Date: ………………………………………
Page 3
The London Trolleybus Preservation Society Limited Income and Expenditure Account for the Year Ended 31 December 2022
| 31.12.22 | 31.12.22 | 31.12.22 | 31.12.21 | ||
|---|---|---|---|---|---|
| Notes | Restricted | Unrestricted | Total | Total | |
| £ | £ | £ | £ | ||
| TURNOVER | 900 | 12,784 | 13,684 | 28,554 | |
| Cost of Sales | - | - | - | - | |
| _____ | ______ | ______ | ______ | ||
| GROSS SURPLUS | 900 | 12,784 | 13,684 | 28,554 | |
| Administrative Expenses | 1,907 | 34,698 | 36,605 | 15,071 | |
| _____ | ______ | ______ | ______ | ||
| (1,007) | (21,914) | (22,921) | 13,483 | ||
| Other operating income | - | - | - | - | |
| ______ | ______ | ______ | ______ | ||
| OPERATING (DEFICIT)/SURPLUS | 4 | (1,007) | (21,914) | (22,921) | 13,483 |
| Interest payable and similar charges | - | - | - | - | |
| _____ | ______ | ______ | ______ | ||
| (DEFICIT)/SURPLUS ON ORDINARY | (1,007) | (21,914) | (22,921) | 13,483 | |
| Tax on surplus on ordinary | |||||
| Activities | - | - | - | - | |
| _____ | ______ | ______ | ______ | ||
| (DEFICIT)/SURPLUS FOR THE | |||||
| FINANCIAL YEAR | (1,007) | (21,914) | (22,921) | 13,483 | |
| ==== | ===== | ===== | ====== |
The notes form part of these financial statements Page 4
The London Trolleybus Preservation Society Limited
| Balance Sheet | |||||
|---|---|---|---|---|---|
| 31 December 2022 | |||||
| 31.12.22 | 31.12.21 | ||||
| Notes | £ | £ | £ | £ |
|
| FIXED ASSETS | |||||
| Tangible Assets | 5 | 303,216 | 303,216 | ||
| CURRENT ASSETS | |||||
| Debtors | 6 | 2,663 | 5,479 | ||
| Cash at bank | 65,370 | 81,425 | |||
| ______ | ______ | ||||
| 68,033 | 86,904 | ||||
| CREDITORS | 18,238 | 14,188 | |||
| ______ | ______ | ||||
| 49,795 | 72,716 | ||||
| __ | _ | ||||
| TOTAL ASSETS LESS CURRENT LIABILITIES | £353,011 | £375,932 | |||
| ======= | ======= | ||||
| RESERVES | |||||
| Revaluation reserve | 8 | 187,448 | 187,448 | ||
| Restricted Funds | 8 | 25,752 | 26,759 | ||
| Unrestricted Funds | 8 | 139,811 | 161,725 | ||
| _ | _ | ||||
| £353,011 | £375,932 | ||||
| ======= | ======= |
The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 in accordance with Section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for:
-
(a) ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006; and
-
(b) preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.
The financial statements have been prepared in accordance with the special provision of Part 15 of the Companies Act 2006 relating to small companies.
The financial statements were approved by the Board of Directors on …………………………….. and were signed on its behalf by:
………………………………………………..
S Lamming – Director
The notes form part of these financial statements
Page 5
The London Trolleybus Preservation Society Limited Notes to the Financial Statements for the Year ended 31 December 2022
1. STATUTORY INFORMATION
The London Trolleybus Preservation Society Limited is a private company, limited by guarantee, registered in England and Wales. The company’s registered number and registered office address can be found on the Company Information page.
2. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements have been prepared in accordance with the provisions of Section 1A “Small Entities” of Financial Reporting Standard 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”, the Companies Act 2006 and the Statement of Recommended Practice: Accounting and Reporting by Charities issued in March 2005. The financial statements have been prepared under the historical cost convention.
Turnover
Turnover includes the sales of books, paraphernalia and the mail order trade of publications, as well as donations.
Tangible Fixed Assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery – nil
3. EMPLOYEES AND DIRECTORS
The average number of employees during the year was 2 (2021 – 2).
4. OPERATING SURPLUS
The operating surplus is stated after charging:
| 31.12.22 | 31.12.21 | |
|---|---|---|
| £ | £ | |
| Directors’ remuneration and other benefits etc | - | - |
| ====== | ====== |
Page 6
The London Trolleybus Preservation Society Limited Notes to the Financial Statements Contd…. for the Year ended 31 December 2022
5. TANGIBLE FIXED ASSETS
| TANGIBLE FIXED ASSETS | ||||
|---|---|---|---|---|
| Plant and | ||||
| Land and | machinery | |||
| Buildings | etc | Totals | ||
| £ | £ | £ | ||
| COST OR VALUATION | ||||
| At 1 January 2022 and 31 December | 2022 - Cost | 75,297 | ||
| - Valuation | 187,448 | |||
| ______ | ||||
| 262,745 | 40,471 | 303,216 | ||
| _ | ______ | ______ | ||
| 262,745 | 40,471 | 303,216 | ||
| _ | ______ | ______ | ||
| NET BOOK VALUE | ||||
| At 31 December 2022 | 262,745 | 40,471 | 303,216 | |
| ====== | ===== | ====== | ||
| At 31 December 2021 | 262,745 | 40,471 | 303,216 | |
| ====== | ===== | ====== | ||
| The company’s Freehold land and | buildings were re-valued on 24thMarch 2020 at £262,745 by | |||
| Durrants. |
6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
7.
8.
| 31.12.22 | 31.12.21 | |||
|---|---|---|---|---|
| £ | £ | |||
| Trade debtors | - | - | ||
| Other debtors | 2,663 | 5,479 | ||
| _____ | _____ | |||
| 2,663 | 5,479 | |||
| ===== | ===== | |||
| CREDITORS: AMOUNTS | FALLING DUE | WITHIN ONE | YEAR | |
| 31.12.22 | 31.12.21 | |||
| £ | £ | |||
| Trade creditors | 18,238 | 14,188 | ||
| ===== | ===== | |||
| RESERVES | ||||
| Income and | ||||
| Expenditure | Revaluation | Restricted | ||
| Account | Reserve | Funds | Totals | |
| £ | £ | £ | £ | |
| At 1 January 2022 | 161,725 | 187,448 | 26,759 | 375,932 |
| (Deficit) for the year | (21,914) | - | (1,007) | (22,921) |
| _ | ______ | _____ | ______ | |
| £139,811 | £187,448 | £25,752 | £353,011 | |
| ====== | ====== | ===== | ====== |
Page 7
The London Trolleybus Preservation Society
Notes to the Financial Statements contd… For the Year Ended 31 December 2022
-
LIMITED BY GUARANTEE
-
The company is limited by guarantee and does not have any share capital.
The liability of the members in the event of the company being wound up is limited to £10 per member.
- RELATED PARTY TRANSACTIONS
During the period in which the administration of the company was affected by Covid, the Directors received reimbursements of expenditure incurred on behalf of the company in the year totalling £Nil (2021 - £Nil)
Page 8
The London Trolleybus Preservation Society Limited Independent Examiner’s Report to the Trustees of The London Trolleybus Preservation Society Limited Year to 31 December 2022
I report on the accounts of the company for the year ended 31[st] December 2022 which are set out on pages 6 to 8.
Respective responsibilities of Trustees and Examiner
The trustees (who are also the directors of the company for the purposes of company law) are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. The charity’s gross income did not exceed £250,000 and I am qualified to undertake the examination by being a qualified member of the Institute of Chartered Accountants in England and Wales.
Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility to:
-
examine the accounts under section 145 of the 2011 Act;
-
to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
-
to state whether particular matters have come to my attention.
Basis of Independent Examiner’s Report
My examination was carried out in accordance with the general directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statement below.
Independent Examiner’s Statement
In connection with my examination, no matters have come to my attention:
-
which give me reasonable cause to believe that, in any material respect, the requirements:
-
to keep accounting records in accordance with section 386 of the Companies Act 2006; and
-
- to prepare accounts which accord with the accounting records, comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the Statement of Recommended Practice: Accounting and Reporting by Charities
-
have not been met; or
-
to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Les Newman FCA Waveney Accountants Ltd t/a Newman and Co Chartered Accountants and Registered Auditors 7 Hungate Beccles Suffolk NR34 9TT
Dated:…………………………
This page does not form part of the statutory financial statements
Page 9
The London Trolleybus Preservation Society Limited Detailed Income and Expenditure Account for the Year Ended 31 December 2022
| 31.12.22 | 31.12.22 | 31.12.21 | |||
|---|---|---|---|---|---|
| Restricted | Unrestricted | Total |
Total | ||
| £ | £ | £ | £ | £ | |
| Turnover | |||||
| Subscriptions | - | 260 | 260 | 250 | |
| Donations | 900 | 9,851 | 10,751 | 22,680 | |
| Gift Aid | - | 2,663 | 2,663 | 5,479 | |
| Sale of Goods | - | 10 | 10 | 145 | |
| ______ | ______ | _ | ______ | ||
| 900 | 12,784 | 13,684 | 28,554 | ||
| Other Income | |||||
| Bank Interest | - | - | - | - | |
| ______ | ______ | ______ | ______ | ||
| 900 | 12,784 | 13,684 | 28,554 | ||
| Expenditure | |||||
| Rates and water | - | 1,186 | 1,186 | 1,489 | |
| Services & Insurance | - | 4,000 | 4,000 | 5,255 | |
| Light and Heat | - | 559 | 559 | 500 | |
| Telephone | - | 544 | 544 | 354 | |
| Vehicle Maintenance | 1,907 | 18,992 | 20,899 | 3,147 | |
| Building Maintenance | - | 8,380 | 8,380 | 3,340 | |
| Accountancy | - | 950 | 950 | 895 | |
| ______ | ______ | ______ | ______ | ||
| 1,907 | 34,611 | 36,518 | 14,980 | ||
| ______ | ______ | ______ | ______ | ||
| (1,007) | (21,827) | (22,834) | 13,564 | ||
| Finance Costs | |||||
| Bank charges | - | 87 | 87 | 91 | |
| ______ | ______ | ______ | ______ | ||
| NET (DEFICIT)/ | |||||
| SURPLUS | £(1007) | £(21,914) | £(22,921) | £13,564 | |
| ===== | ===== | ===== | ====== |
This page does not form part of the statutory financial statements Page 10