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 2025
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 2025
| 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 2025
| DIRECTORS: | ||
|---|---|---|
| (TRUSTEES): | S E Lamming | |
| A J Bertram | ||
| D M Lawrence – appointed | ||
| 1.8.2025 | ||
| SECRETARY: | D M Lawrence | |
| 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 2025
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 2025.
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 26 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 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
Unlike previous years, this year has seen little expenditure, however there has been necessary expenditure on the vehicle fleet, workshop equipment and upkeep of infrastructure all of which allows us to ensure we can operate our fleet for passengers for the fulfilment of our charitable aims. This year, the legal dispute, ongoing since 2018, came to an end and the company received funds from the sale of its share of the property at Ellough. This income, together with income received from bequests, totalling £100,000, has been invested in one-year savings bonds at c. 4% interest. 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) and the new depot complex we hope to build at the museum.
BUSINESS DEVELOPMENTS AND ACTIVITIES
We have continued our normal operations during the year and continue to be committed to obtaining finance to maintain and restore our preserved trolleybus fleet, buildings, and infrastructure. The legal action regarding the Ellough complex came to an end and the sale of the company’s share of the property completed. 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.
Page 2
The London Trolleybus Preservation Society Limited Report of the Directors continued For the Year Ended 31 December 2025
A major function of our activities is the provision of operational trolleybuses for the museum to display, operate and for the carriage of visitors. However, providing ongoing maintenance and restoration continues
to be challenging with both the ageing of our volunteers and lack of appropriate ‘modern standards’ skills. The directors continue to seek ways in which the charity can raise more funds (and skilled volunteers) for its intended activities.
We continue to hold, as owners, full or part collections of trolleybus related photographs which we have purchased or had donated to us and we are always willing to allow their use in publications for a royalty fee.
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 2025 to the date of this report.
A J Bertram S E Lamming D M Lawrence – appointed 1[st] August 2025
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 2025
31.12.25 31.12.25 31.12.25 31.12.24 Notes Restricted Unrestricted Total Total £ £ £ £
| TURNOVER | 10,000 | 7,902 | 17,902 | 87,293 | |
|---|---|---|---|---|---|
| Cost of Sales | - | - | - | - | |
| _____ | ______ | ______ | ______ | ||
| GROSS SURPLUS | 10,000 | 7,902 | 17,902 | 87,293 | |
| Administrative Expenses | - | 10,329 | 10,329 | 68,295 | |
| _____ | ______ | ______ | ______ | ||
| 10,000 | (2,427) | 7,573 | 18,998 | ||
| Other operating income | - | - | - | - | |
| ______ | ______ | ______ | ______ | ||
| OPERATING SURPLUS/(DEFICIT) | 4 | 10,000 | (2,427) | 7,573 | 18,998 |
| Interest payable and similar charges | - | - | - | - | |
| _____ | ______ | ______ | ______ | ||
| SURPLUS/(DEFICIT) ON ORDINARY | 10,000 | (2,427) | 7,573 | 18,998 | |
| Tax on surplus on ordinary | |||||
| Activities | - | - | - | - | |
| _____ | ______ | ______ | ______ | ||
| SURPLUS/(DEFICIT) FOR THE | |||||
| FINANCIAL YEAR | 10,000 | (2,427) | 7,573 | 18,998 | |
| ==== | ===== | ===== | ====== |
The notes form part of these financial statements Page 4
The London Trolleybus Preservation Society Limited
| Balance Sheet | |||||
|---|---|---|---|---|---|
| 31 December 2025 | |||||
| 31.12.25 | 31.12.24 | ||||
| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Assets | 5 | 43,634 | 306,379 | ||
| CURRENT ASSETS |
| Debtors | 6 | 1,515 | 2,300 | ||
|---|---|---|---|---|---|
| Cash at bank | 150,076 | 79,672 | |||
| ______ | ______ | ||||
| 151,591 | 81,972 | ||||
| CREDITORS | 1,000 | 17,063 | |||
| ______ | ______ | ||||
| 150,591 | 64,909 | ||||
| __ | _ | ||||
| TOTAL ASSETS LESS CURRENT LIABILITIES | £195,010 | £371,288 | |||
| ======= | ======= | ||||
| RESERVES | |||||
| Revaluation reserve | 8 | - | 187,448 | ||
| Restricted Funds | 8 | 76,452 | 66,452 | ||
| Unrestricted Funds | 8 | 118,558 | 117,388 | ||
| _ | _ | ||||
| £195,010 | £371,288 | ||||
| ======= | ======= |
The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2025.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 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 2025
- 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.
- 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 3 (2024 – 3).
- OPERATING SURPLUS
The operating surplus is stated after charging:
| 31.12.25 | 31.12.24 | |
|---|---|---|
| £ | £ | |
| 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 2025
5. TANGIBLE FIXED ASSETS
| TANGIBLE FIXED ASSETS | |||
|---|---|---|---|
| Plant and | |||
| Land and | machinery | ||
| Buildings | etc | Totals | |
| £ | £ | £ | |
| COST OR VALUATION | |||
| At 1 January 2025 and 31 December 2025 - Cost | 75,297 | ||
| - Valuation | 187,448 | ||
| ______ | |||
| 262,745 | 43,634 | 306,379 |
| Additions | - | - | - |
|---|---|---|---|
| Disposals | (262,745) | - | (262,745) |
| _ | ______ | ______ | |
| - | 43,634 | 43,634 | |
| _ | ______ | ______ | |
| NET BOOK VALUE | |||
| At 31 December 2025 | - | 43,634 | 43,634 |
| ====== | ===== | ====== | |
| At 31 December 2024 | 262,745 | 43,634 | 306,379 |
| ====== | ===== | ====== |
EXCEPTIONAL ITEM
Litigation between the Charity and a third party has continued over the last few years. The Court has ruled that the third party was entitled to a greater position than expected by the Charity. The interest in the property has now been sold and is reflected in the loss on sale of fixed assets within these accounts.
6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| 31.12.25 | 31.12.24 | |||||
|---|---|---|---|---|---|---|
| £ | £ | |||||
| Trade debtors | - | - | ||||
| Other debtors | 1,515 | 2,300 | ||||
| _____ | _____ | |||||
| 1,515 | 2,300 | |||||
| ===== | ===== | |||||
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN | ONE | YEAR | |||
| 31.12.25 | 31.12.24 | |||||
| £ | £ | |||||
| Trade creditors | 1,000 | 17,063 | ||||
| ===== | ===== | |||||
| 8. | RESERVES | |||||
| Income and | ||||||
| Expenditure | Revaluation | Restricted | ||||
| Account | Reserve | Funds | Totals | |||
| £ | £ | £ | £ | |||
| At 1 January 2025 | 117,388 | 187,448 | 66,452 | 371,288 | ||
| Surplus/(Deficit) | (2,427) | - | 10,000 | 7,573 | ||
| Transfer from the Revaluation Reserve | ||||||
| 187,448 | (187,448) | - | - | |||
| Loss on Disposal of Land & Buildings | ||||||
| (184,636) | - | - | (184,636) | |||
| _ | ______ | _____ | ______ | |||
| £118,558 | £- | £76,452 | £195,010 | |||
| ====== | ====== | ===== | ====== | |||
| Page | 7 |
The London Trolleybus Preservation Society
Notes to the Financial Statements contd… For the Year Ended 31 December 2025
9. 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.
10. RELATED PARTY TRANSACTIONS
During the period the Directors received reimbursements of expenditure incurred on behalf of the company in the year totalling £Nil (2024 - £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 2025
I report on the accounts of the company for the year ended 31[st] December 2025 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.
Leslie 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 2025
| 31.12.25 | 31.12.25 |
31.12.2024 | ||
|---|---|---|---|---|
| Restricted | Unrestricted | Total | Total | |
| £ | £ | £ | £ | |
| Turnover | ||||
| Subscriptions | - | 228 | 228 | - |
| Donations | 10,000 | 2 | 10,002 | 75,210 |
| Gift Aid | - | 7,672 | 7,672 | 11,502 |
| Sale of goods | - | - | - | 581 |
| ______ | ______ | _ | ______ | |
| 10,000 | 7,902 | 17,902 | 87,293 |
Expenditure
| Rates and water | - | 593 | 593 | 1,788 |
|---|---|---|---|---|
| Services & insurance | - | - | - | 2,294 |
| Light and heat | - | 507 | 507 | 996 |
| Telephone | - | 266 | 266 | 752 |
| Vehicle maintenance | - | 7,386 | 7,386 | 9,959 |
| Building maintenance | - | 486 | 486 | 8,081 |
| Accountancy | - | 955 | 955 | 895 |
| General expenses | - | 34 | 34 | 34 |
| Stationery | - | - | - | 88 |
| Professional fees | - | - | - | 43,304 |
| ______ | ______ | ______ | ______ | |
| - | 10,227 | 10,227 | 68,191 | |
| ______ | ______ | ______ | ______ | |
| 10,000 | (2,325) | 7,675 | 19,102 | |
| Finance Costs | ||||
| Bank charges | - | 102 | 102 | 104 |
| ______ | ______ | ______ | ______ | |
| NET SURPLUS/(DEFICIT) | £10,000 | £(2,427) | £7,573 | £18,998 |
| ===== | ===== | ===== | ====== |
This page does not form part of the statutory financial statements Page 10