RECEIVED 2 6 JUN 2025 NEWMAN & CO The London Troll preSerV10n Socie Lirnited Limited b Guaranitt Acom Com No.. O 971 N . 265426 stD em Waven¢y Aecountsnts Limited tla Newman & Co Chartered Accountsnts 7 Hungate Beccles Suffolk NR34 9rr
The London Trolle Limited Contents of the Financial StateTn¢nts for th¢ Year Ended 31 December 2024 P8g¢ Company Infonnation Report of the Directors (Tte¢s, Reporf) Income and Exp¢ndiwre Account Balance Sheel Note to the Finan¢i$l Siat¢m¢nts Independent Examination Detailed Income and Expenditure Account 10
Th¢ London Trolle bus Preserva Acom Limited b Guarant ons ie Limited Co an Infomiation for th¢ Year Ended 31 Decem DIRECTORS.. (TRiiSTEES): S E LaTTuoill8 A J Bertram PK Williams (r¢signed 12.7.24) SECRETARY: REGISTERED OFFICE: E*51 Angli& Transport Museum Chapel Road Carlton Colville Lowestoft Suffotk NR33 8BL REGISTERED NUMBER: 01068971 (England and Wales) CHAIUTY NUMBER: 265426 INDEPENDENT EXAMINERS: W&Yeney Accountants Limited Va Newman & Co 7 Hunga¢e Beccles Suffolk NRJ4 9rr Page I
Th London Trolle bu5 Pr¢5ervatiOll Soci rt of the Directors e Year Ended 31 December 2024 Limitrd For INrRODUCTION Th¢ Trnstees who art also Directors for Companies Act purpose& submit their annual report, tog¢ther M'ith the unauditd accounts for the year ended 31st Dec¢mber 2024. The unaudit¢d #¢eounts comply with the Ststement of R¢¢ommended Practice: Ac¢ounting and Reporting by Charities (SORP 2005) issued by the Charity Commission gnd the Companies Act 2006. CURRENT STATUS Th¢ London Trolleybu5 Preservation Society is registered in England and Wales as a company limited by guarantee ai Companies House, numb¢T 01068971, and is a registered ¢hariry, with the Charity Comrnission. iunber ?.654?.6. The Company was established under a MemoTandum of Association, whi¢h sets out the objects and powers of the company and is governed under its Articles of Association. Trustees are ele¢i¢d at an appropriate Annual General Me¢iing and stand for a m&ximum of three yetrs before rerflection. During the year there were 27 members. RISK ASSESSMENT AND POLICY DOCUMENTS The ttustees have review1 risk asse$sm¢nts and policy documents and by default adopted those generic ones of the East Anglia Transport Museum, with who it operaies under their umbrella. Specific ones, relating to our own particular risks to comply with ¢hangin8 circumsrance5 and legislaiion, are prepared and used as 4ppropriaie. MEETINGS Regular group membership meeiings are usually held on sile at Carlton Colville and other locations where mu¢h of the ongoing business of the Society i5 regularly dis¢uss¢d with minutes prUced of those meeiings, which ar¢ cirrulated to the Group membership. The trustdIreCtorS mea OlOn8]ly. FINANCIAL REVIEW AND RESERVES POLICY The year ha5 5¢en n¢¢e5sary expendilure on the vehicle flee( workshop equipmeni and upkeep ofinfrastructure all of which alluws us to ensute we Lan up¢rdl¢ (yur lle¢L for pas5eii8ers forthe fulfilment of our charitable aim5. The safety-up8rade work in the depot complex wa5 ¢omplet¢d in the 5tmimer and now provides a modem safe space for our volunteers to work safely on vehicle restordlion and l]eet maintenance. A150 in the summer, we had to spend a significant sum of money on our court v)sts relating to the legal dispute about our trolleybus depot complex at Ellough. As this report 15 written, th¢r¢ have been advances in the resolution of the dispute and we are close to a settlement, which we ¢xp¢¢l will happ¢n in QI 2025. The director5 clos¢ly monitor the reserves of the company and where Surplus income and res¢rves have arisen, they have been utilised for the trolleybus mainten8mce/restoration pro8Tamrne (both planned and required) and the new depo¢ oomplex we hope to build at the museum. BUSINESS DEVELOPMENTS AND ACTIVITIES We have Continued our nomial operations during the year and continue to be eommitted to obtaining finance to maintain and restore preserved trolleybus fleeL buildings. and infrastructur¢. This applies to both our locations at the East Anglia Tran5PQrt Museum, where our regisiered office 15 Loca together with our trolleybus depot Complex at Ellough. The legal action regarding the Ellough complex 15 ODgoin8, but in a more positive way. We hope to have completed a settlernent agreement by QI 2025 after which we can gei back to focussing on the Society's future in pursuil of its charitable aitn5. We continue Éo pursu¢ the oppornjniry to build a new and much need¢d trolleybus depot on the museurn's new land. The building of a n¢w facility will provide vital Storage for our expanding collection and will fi]rtheT a]low us to transfonn our existing buildings into equally needed wo]*shop, resioration baylpaint shop and a suitable exhibition area for visitors. Page 2
The London Trolle bus Preservation Soci Acom Limited b Limited Re ort of the Directors r the Ye8x Ended 31 December 2024 A major function of our activities bs the provision of op¢rntional trolleybuses for the museum to display. operate and for the carriage of visitors. However. providing ongoing maintenance and restoration is becoming haTder with both the ageing of our volutlieers and lack of appropriat¢ 'rnodern stsndards, skills. W¢ have scraped through 2024, though it has been fraughi and put unnecessary stress and burd¢n on those of our Yolunt¢¢r5 who ar¢ properly skilled and able. The directors ar¢ th¢refore beginning to assess ways in which the charity can raise mor¢ funds {and skilled volunteers) for its int¢Dded activities. One of the 5ugg¢stlODS is to open the Soci¢ty'5 offering and develop a'Friends of the LTPS, category, in which donations and skills can be sought from people who are not ¢urrently &8sociated with LTPS. In the WOTSt-cps¢ scenario. we may have ¢0 s(art employing professional mechanics, engineers, r¢storers. etc.. so having fun(ts to allow us io do that is vital. London trolleybu$ 796 remains onloon io us and the103n-agrttment w&$ renewed for a further 10 years earlier in the year. We continue to hold, as own¢TS, fvll or part colleclions of trolleybw% related photographs which we have purchased or had don¥4t¢d to U5 and we ar¢ always willing to allow their use in publications for a royalty fee. SMALL COMPANY STATUS The Report of th¢ Director5 ha5 been prepared in accordanc¢ with the special provisions of Part 15 of the Companies Act 2006 relating to sm811 companies. CHARITABLE STATUS The company is a registered ¢hgrity. Its registration number is 265426. PRINCIPAL 0EIVEs The principal obje¢¢iv¢ of th¢ Company during the year was the conlinuing promotion and maintengn¢¢ of it$ Trolleybu5 activities io a¢hieve on op¢rntional presence al The East AThslia Transport Museum. DIRECTORS The directors shown below have held office during the whole of the period from Ill Jll&ry 2024 to the date of this report. A J Bertram S E Lamming PK William5 (resigned 12.7.24) This report been prepared in aecordance with the special provisions of Part 15 of the Companie5 Act 2006 relating to small companies.- ON BEHALF OF THE BOARD: S. E. Lam ing- Director Date.. 1£."..4F.¢.IL !oL.f....... Page 3
The L ndon Tmll bus Preservation Socie Income and Ex enditure Account for the Year ED l Decernber 2024 Limited 31.1224 31.12.24 Restrictrd Unrestricted 31.12.24 Totsl 31.12.23 Total Not¢5 TURNOVER 43.061 44232 87.293 11,961 Cost of Sale5 GROSS SURPLUS 43.061 44232 87.293 11,961 Administrative Expenses 68295 68,295 12,682 43.061 (24,063) 18.998 (721) Othei operatin8 income OPERATING SURPLUSI(DEFICIT) 43,061 124,063) 18,998 (721) Inter¢si payable and similar charges SURPLUSI(DEFICIT) ON ORDINARY Tax on surplus on ordinary A¢livities 43.061 (24,063) 18,998 (721) SURPLUSI(DEFICIT) FOR THE FINANCIAL YEAR 43,061 (24,063) 18.998 (721} The notes forn) part of these financial statements Pag¢ 4
The London Tolle U5 Pr¢s¢rvation Limited B<ilanLv Sh ¢1 31 Decem er2 31.12.24 31.12.23 No$ FIXED ASSETS Tengible Assets 306,379 306,379 CURRENT ASSETS Debtor5 Cash at bank 2.300 79,672 2.287 58.368 81.972 60.655 CREDITORS 17.063 14.744 64,909 46,911 TOTAL ASSETS LESS CURRENT LIABILITIES £371288 £352,290 RESERVES Revaluation reserve Restricted Funds Unrestri¢t¢d Funds 187,448 66,452 117,388 187,448 23,391 141,451 £371288 £352,290 The company is eniitled io ex¢mpiion from audit under Secti(m 477 of the Companies Act 2006 for the year ended 31 Decemb¢r 2024. The members have not required the company to obtain an audit of its finanei81 ststements for the year ended 31 December 2024 in ac¢ordanee with Seciion 476 of the Companies Act 2006. The directorg acknowledge their responsibilities for: (a) ensuring that the company keeps accounting recor(ts which comply with Section5 386 and 387 of the Cumpani¥5 ALI 2006. and pr¢paring financial statements which give a true and fair view of the state of #ffairs of the company as at the end of ea¢h fan¢1)I year and ofits surplus or deficit for each fmancial year in accordance with th¢ requirem¢nts of Section$ 394 and 395 and which otherwise comply with th¢ requirements of the Companie$ A¢t 2006 relating io fmancial statements, so far a5 applicable to th¢ ¢omp8ny. (b) The fmaneial statements have been prepared in accordance with the special provision of Part 15 of the Companies Act 2006 r¢lating to small companies. The financial atements were approved by the Board of Directors on ... signed on its behalf by.. . and were S Lamming Diredor The not¢s fortn part of tbese fllwicial statements Page 5
The London Trolle bus Preservation Socie Notes to the Financial Statements for the Year ¢nded l December 2024 Limited STATUTORY INFORMATION The London Troll¢ybus Preservation Soclety Limited is a private company, limited by guaraniee, regist¢red in England and Wales. The company's registered number and registered office addr¢ss can be found on the Cornpany Infornhaiion page. ACCOUNTING POLICIES Basts of preparlng the lTrnaneial statements The r]nancial staiemenis have been pr¢par¢d in accordance with th¢ provisions of S¢ction IA "Small Entities" of Financial Reporting Standard102"The Financial Reporting Standard appli¢obl¢ in the UK and RepublTC of Ireland" the Companie5 Act 2006 and the Sratemeni of Recommend¢d Practice.. Accounting and Reporting by Charities issued in Mar¢h 2005. The finaD¢ial sthtements hav¢ been prepared under the historical ¢osi ¢onveniion. Turnover Tumover includes the sates of books. paraphernalia and the rnail ord¢r trade of publi¢ations, as well ay donations. TaDilble Flxed Assets Depreciation is provided at the following w)nual rates in order to writ¢ off each a55et over its estimated U5¢ful life. Plani and machinery- nil EMPLOYEES AND DIRECTORS The average number ofemployees during the year was 3 (2023 - 3). OPERATING SURPLUS The operating surplus is ststed after charging.. 31.12.24 31.12.23 Directors, remuner4tion and other benefits etc Page 6
The London Trolle bus Preservation So ie Notes to the Financial Ststernents Conld.... for the Year etnber 2024 Limited TANGIBLE FIXED A&SETS Plant and machinery iJnd and Buildings Tots15 COST OR VALUATION Ai l January 2024 and 31 December 2024- Cost - Va]uation 75297 187,448 262,745 43,634 306,379 Additions 262,745 43.634 306,379 NET BOOK VALUE At 31 D¢c¢mb¢r 2024 262,745 43,634 306,379 At 31 December 2023 262,745 43,634 306.379 The company's Freehold land and buildings were re•valued on 24th March 2020 at £262.745 by I)urrants. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.12.24 31.12.23 Trade d¢bior$ Other d¢btors 2,300 2,287 2,300 2,287 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.12.24 31.12.23 Trade ¢reditor5 17,063 14,744 RESERVES Income and Expenditure Arcounl Revaluation Reserve Restricted Funds Tota15 At l January 2024 Surplu51(Deficit) for the year 141,451 (24,063) 187,448 23.391 43,061 352,290 18.998 £117.388 £187,448 £66,452 £371288 Page 7
TheL on Troll bus Preservation oci Notes io the Financial Statem¢nts conid... For Year Ended 31 December 2024 LIMITED BY GUARANTEE The company is limited by guardllte¢ and does not have any share capitsl. The liability of the members ID the eventofthe company being wound up is limited to £10 per m¢mber. 10. RELATED PARTY TRANSACTIONS During the period in whi¢b the administration of the company wa5 affe¢ted by Covid, the Dir¢ctors received reimbursements of ¢xp¢ndi¢ure incurred on behalf of the company in th¢ year totalling £Nil (2023 £Nil) Page 8
The London Trolle U5 Preservation Soci Limited Inde endent Examiner's Re rt to the Ttustees of The London Trolle eservation Soci Lirnited to 31 December 2024 I report on the accounts of th¢ ¢ompany for the year ended 31° December 2024 which are set out on pages 6 to Respective responsibilities of Trustw #nd Examiner The trustees (Th,ho are also the directors of the company for the PUTposes of company law) are responsible for the preparntion (Trf th¢ accounts. The tntee5 consider an audit is noi required for this year under section 144(2} of the Charities Act 2011 {the 2011 Act) and that on independent exarnination is needed. The charity's gros5 illcoTDe did not exceed £250.000 and l am qualified to undertake the examination by being a qualified member of the Institrjie of Clwtered Ac¢ountsnts in England and Wal¢s. Having sat15f?ed myself that the charity i5 no¢ subj¢¢i io audit undercompgny law and 15 eligible for independent examination. it 15 my responsibiliry to.. examine the a¢counts' under section 145 of the 2011 Act; io follow the procethires laid down in the general Direclions given by the Charity Commission under section 14515Xb) of the 2011 Aci., and to stat¢ whether particular matt¢TS hov¢ come to my atten¢lOn. B¥$ls of Independent Examlner's Report My examination w&% ¢arried out in accordan¢¢ with the general dire¢iion$ given by the Charity Commission. An examination includ¢s a review of the accounting re¢ords kept by the tharity and a cornpaTi50n of the Accounts presented with those rKords. li also includes consid¢ratiort of any unusual ilem$ or disclosures in th¢ accounts, and seeking explanation5 from you as trustees concerning any such matteTS. The procedures undertoken do not provide all the evidence thai would be required in an audit and ¢onsequently no opinion is given as to whether the accounts Present a 'tsue and fair view. and the report is limited to those mau¢rs sei out in the staiemeni below. Independent Ex¥mlner's Stgtement En cotu)ection with my examination, no matters have ¢ome to my attentÈon'. which give me reasonable Cause io believe thal in any material respe¢ the requirements.. to keep accounting records in accordance with section 386 of the Compani¢s Act 2006. and to prepore accounts whi¢h accord with the accounting re¢ords. comply with the accounting requirements of seciion 396 of th¢ Companies Act 2006 and with the methods and principles of the Ststement of Recommended Practice.. Accounting and Reporting by Chariti¢5 h&v¢ not been met., or to whi¢h, in my opinion. attention should b¢ ¢Jrnwn in order to enable a proper understsnding of the ac ounts to b¢ r¢ached. ewm Waveney Accountants Ltd tla Newman and Co Chartered A¢couniants and Registered Auditors 7 Hungate Beccles Suffolk NR34 9TT This page does not forn) part of th¢ statutory fmancial ststements Page 9
The London Troll bus Preservation Socie Detsiled Income and Ex endiwre Account for the Year Ended 31 December 2024 Limit 31.12.24 Restricted 31.12.24 31.12.23 Totsl Unrestricted Turnover Subscriptions Donations GiftAid Sale of goods 260 9,144 2,287 270 42.931 130 32.279 11.372 581 75.210 11.502 581 43.061 44.232 87293 11,961 Expenditure Rates and water Servi¢¢s & insurance Light and heat T¢l¢phone V¢hiele maintenance Building maintenance Accountancy G¢neral expenses Stationery Professional f¢es 1,788 2.294 996 752 9,959 8,081 895 34 88 43.304 1.788 2,294 996 752 9,959 8.081 895 34 88 43.304 1,657 1,410 439 618 5,644 1.955 870 68.191 68,191 12,593 43.061 (23.959) 19.102 (632) Flnan¢e Costs Bank charges 89 NET SURPLUSI (DEFICIT) £43,061 £(24.063) £18,998 £{721) This page doe5 not foTm part of the 5tatulOry fancIal sratements Page 10