**Charity Registration No. 268204** **Company Registration No. 01171938 (England and Wales)** EAST ANGLIA TRANSPORT MUSEUM SOCIETY LIMITED ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 EAST ANGLIA TRANSPORT MUSEUM SOCIETY LIMITED ## LEGAL AND ADMINISTRATIVE INFORMATION |**Trustees**|Mr S R Eteson|| |---|---|---| ||Mr G Woods|| ||Mr M Watts|| ||Mr K C Blacker|| ||Mrs W A Houghton|| ||Mrs S A Jones|| ||Mr M P Bates|| ||Mr M Carr|| ||Mr D. Jordan|| ||Mr G Stoakes|(Appointed 4 September| |||2021)| ||Mr C Drage|(Appointed 4 September| |||2021)| ||Mr A Bertram|| |**Secretary**|Mr K C Blacker|| |**Charity number**|268204|| |**Company number**|01171938|| |**Principal address**|The East Anglia Transport Museum|| ||Chapel Rd|| ||Carlton Colville|| ||Lowestoft|| ||Suffolk|| ||NR33 8BL|| |**Registered office**|The East Anglia Transport Museum|| ||Chapel Rd|| ||Carlton Colville|| ||Lowestoft|| ||Suffolk|| ||NR33 8BL|| EAST ANGLIA TRANSPORT MUSEUM SOCIETY LIMITED ## CONTENTS ||**Page**| |---|---| |Trustees report|1 - 2| |Independent examiner's report|3| |Statement of financial activities|4| |Balance sheet|5| |Statement of cash flows|6| |Notes to the financial statements|7 - 14| EAST ANGLIA TRANSPORT MUSEUM SOCIETY LIMITED ## TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) ## FOR THE YEAR ENDED 31 DECEMBER 2021 The trustees who are also Directors for the purpose of the Companies Act 2006, present their annual report and financial statements for the year ended 31 December 2021. 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 Companies Act 2006 and "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) " (effective 1 January 2019 ). ## **Objectives and activities** The object of the charity is to establish & maintain for the benefit of the Nation an operating transport museum and for the like purpose to promote the permanent preservation of transport vehicles and equipment and items of general transport interest of actual or potential interest or scientific importance and educational value. The trustees may carry out the objectives particularly by restoration e.g. Lowestoft Tramcar No. 14 of 1904 and Leyland Olympian L263 which was the last product to come from the Lowestoft factory of Eastern Coachworks. Both of which will be on public exhibition or otherwise used for public benefit. In planning the activities the trustees kept in mind the Charity Commissions guidance at their meetings. ## **Achievements and performance** During the winter months site works continue, concentrating on the railway extension onto the new land. Vehicle restoration works continuethroughout the year along with general site maintenance. ## **Financial review** The charitys total incoming resources for the year were £318,267 (2020 £209,769), and total net income/resources/ expenditure before revaluation gains/losses were £78,004 (2020 £64,924). An increase of £60,704 in respect of unrestricted funds and an increase of £17,300 in respect of restricted funds. The charitys total funds as at 31st December 2021 were £1,750,179 (2020 £1,672,175) of which £1,602,204 (2020 £1,559,173) relates to the charitys tangible fixed assets (buildings, vehicles & equipment). 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. The high level of funds held in the Companys bank accounts at the year end were for the purchase of a new Tram depot directly after the year end, using an amount of £105,278. ## **Structure, governance and management** The charity is controlled by its Memorandum and Articles of Association, and a Charity Commission Scheme dated 6th March 2004. The charity is a limited company, limited by guarantee, as defined by the Companies Act 2006. It was incorporated on 29th May 1974. - 1 - EAST ANGLIA TRANSPORT MUSEUM SOCIETY LIMITED ## TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) ## FOR THE YEAR ENDED 31 DECEMBER 2021 The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were: Mr S R Eteson Mr G Woods Mr M Watts Mr R F Makewell (Resigned 4 September 2021) Mr K C Blacker Mr B R Drage (Resigned 4 September 2021) Mrs W A Houghton Mrs S A Jones Mr M P Bates Mr M Carr Mr D. Jordan Mr G Stoakes (Appointed 4 September 2021) Mr C Drage (Appointed 4 September 2021) Mr A Bertram Trustees are appointed annually at the Annual General Meeting, Retiring trustees are eligible for re-election. Any vacancies arising between AGMs may be filled by the committee. At the AGM following their appointment they will be eligible to stand for election as a trustee. The committee (board of trustees) shall consist of a chairman, deputy chairman, secretary, treasurer and not less than seven but not more than eight ordinary committee members. The committee administers the charity. The treasurer maintains the financial records of the charity. The trustees r eport was approved by the Board of Trustees. .............................. Mrs S A Jones **Trustee** Date: ............................................. - 2 - EAST ANGLIA TRANSPORT MUSEUM SOCIETY LIMITED To The Trustees Of East Anglia Transport Museum Society Limited ## INDEPENDENT EXAMINER'S REPORT I report to the trustees on my examination of the financial statements of East Anglia Transport Museum Society Limited (the charity) for the year ended 31 December 2021. ## **Responsibilities and basis of report** As the trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act). Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act) . In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. ## **Independent examiner's statement** Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of ICAEW, which is one of the listed bodies. 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 386 of the 2006 Act; or - 2 the financial statements do not accord with those records; or - 3 the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or - 4 the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). 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. Dated: ......................... - 3 - EAST ANGLIA TRANSPORT MUSEUM SOCIETY LIMITED ## STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT ## FOR THE YEAR ENDED 31 DECEMBER 2021 |**Unrestricted**
**Restricted**
**funds**
**funds**
**2021**
**2021**
**Notes**
**£**
**£**
**Income from:**
Donations and legacies
**3**
130,618
18,224
Charitable activities
**4**
169,425
-
**Total income**
300,043
18,224
**Expenditure on:**
Raising funds
**5**
34,315
831
Charitable activities
**6**
205,024
93
**Total resources expended**
239,339
924
**Net income for the year/**
**Net movement in funds**
60,704
17,300
Fund balances at 1 January 2021
1,446,272
225,903
**Fund balances at 31 December**
**2021**
1,506,976
243,203|**Total Unrestricted**
**Restricted**
**funds**
**funds**
**2021**
**2020**
**2020**
**£**
**£**
**£**
148,842
146,121
9,953
169,425
53,695
-
318,267
199,816
9,953
35,146
15,266
-
205,117
115,717
13,862
240,263
130,983
13,862
78,004
68,833
(3,909)
1,672,175
1,377,439
229,812
1,750,179
1,446,272
225,903|**Total**
**2020**
**£**
156,074
53,695| |---|---|---| |||209,769| |||15,266| |||129,579| |||144,845| |||64,924
1,607,251| |||1,672,175| The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006. - 4 - ## EAST ANGLIA TRANSPORT MUSEUM SOCIETY LIMITED ## BALANCE SHEET ## AS AT 31 DECEMBER 2021 |**Notes**
**Fixed assets**
Intangible assets
**9**
Tangible assets
**10**
**Current assets**
Stocks
**11**
Debtors
**12**
Cash at bank and in hand
**Creditors: amounts falling due within one**
**year**
**13**
Net current assets
**Total assets less current liabilities**
**Income funds**
Restricted funds
Unrestricted funds|**2021**
**£**
10,619
15,904
121,636
148,159
(7,524)|**£**
7,340
1,602,204
1,609,544
140,635
1,750,179
243,203
1,506,976
1,750,179|**2020**
**£**
12,623
17,648
82,076
112,347
(6,685)|**£**
7,340
1,559,173| |---|---|---|---|---| |||||1,566,513
105,662| |||||1,672,175| |||||225,903
1,446,272| |||||1,672,175| The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 December 2021. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. The members have not required the company to obtain an 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 applicable to companies subject to the small companies regime. The financial statements were approved by the Trustees on ......................... .............................. Mrs S A Jones **Trustee** ## **Company Registration No. 01171938** - 5 - EAST ANGLIA TRANSPORT MUSEUM SOCIETY LIMITED ## STATEMENT OF CASH FLOWS ## FOR THE YEAR ENDED 31 DECEMBER 2021 |**Notes**
**Cash flows from operating activities**
Cash generated from operations
**19**
**Investing activities**
Purchase of tangible fixed assets
**Net cash used in investing activities**
**Net cash used in financing activities**
**Net increase/(decrease) in cash and cash equivalents**
Cash and cash equivalents at beginning of year
**Cash and cash equivalents at end of year**|**2021**
**£**
(54,998)|**2020**
**£**
**£**
**£**
94,558
71,607
(112,550)
(54,998)
(112,550)
-
-
39,560
(40,943)
82,076
123,019
121,636
82,076| |---|---|---| - 6 - EAST ANGLIA TRANSPORT MUSEUM SOCIETY LIMITED ## NOTES TO THE FINANCIAL STATEMENTS ## FOR THE YEAR ENDED 31 DECEMBER 2021 ## **1 Accounting policies** ## **Charity information** East Anglia Transport Museum Society Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is The East Anglia Transport Museum, Chapel Rd, Carlton Colville, Lowestoft, Suffolk, NR33 8BL. ## **1.1 Accounting convention** The financial statements have been prepared in accordance with the charity's [governing document], the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) 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)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102. The financial statements are prepared in sterling , which is the functional currency of the charity . Monetary a mounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. 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 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. ## **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. ## **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. - 7 - EAST ANGLIA TRANSPORT MUSEUM SOCIETY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) ## FOR THE YEAR ENDED 31 DECEMBER 2021 ## **1 Accounting policies** ## **(Continued)** ## **1.6 Intangible fixed assets other than goodwill** Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity. Amortisation 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: Patents & licences not depreciated ## **1.7 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: Freehold land and buildings not depreciated Plant and equipment 15% on cost Fixtures and fittings 25% on cost Vehicles not depreciated 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 . The charitys main aim is the preservation of its vehicles & to this end maintenance is continually carried out to keep them at a high standard of preservation. Depreciation is not considered appropriate as the vehicles are specialist, were mostly aquired at residual values & are not considered to have a measurable finite life. These assets are reviewed & revalued each year by the trustees. ## **1.8 Impairment of fixed assets** At each reporting end date, the charity reviews the carrying amounts of its tangible and intangible 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 ) . ## **1.9 Stocks** Stocks are valued at the lower of cost and net realisable value, after making due allowances for obsolete and slow moving items. ## **1.10 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. - 8 - EAST ANGLIA TRANSPORT MUSEUM SOCIETY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) ## FOR THE YEAR ENDED 31 DECEMBER 2021 ## **1 Accounting policies** ## **(Continued)** ## **1.11 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. ## _**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 p aymen ts 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. ## _**Derecognition of financial liabilities**_ Financial liabilities are derecognised when the charity ’s contractual obligations expire or are discharged or cancelled. ## **2 Critical accounting estimates and judgements** In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors 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 to 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 periods where the revision affects both current and future periods. - 9 - EAST ANGLIA TRANSPORT MUSEUM SOCIETY LIMITED ## NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) ## FOR THE YEAR ENDED 31 DECEMBER 2021 ## **3 Donations and legacies** |**Unrestricted**
**Restricted**
**funds**
**funds**
**2021**
**2021**
**£**
**£**
Donations and gifts
47,534
18,224
Grants
74,287
-
Membership fees
8,797
-
130,618
18,224
**Grants receivable for**
**core activities**
East Suffolk Council
25,287
-
National Heritage
-
-
Arts Council
40,000
-
Local Council
-
-
Suffolk County Council
9,000
-
74,287
-|**Total**
Unrestricted
Restricted
funds
funds
**2021**
2020
2020
**£**
£
£
65,758
45,790
9,953
74,287
92,841
-
8,797
7,490
-
148,842
146,121
9,953
25,287
27,700
-
-
17,000
-
40,000
45,000
-
-
3,141
-
9,000
-
-
74,287
92,841
-|Total
2020
£
55,743
92,841
7,490| |---|---|---| |||156,074| |||27,700
17,000
45,000
3,141
-| |||92,841| ## **4 Charitable activities** ||**Year Ended Year Ended**|**Year Ended Year Ended**| |---|---|---| ||**2021**|**2020**| ||**£**|**£**| |Shop income|30,110|10,680| |Cafe|32,225|9,568| |Admission Charges|101,195|30,276| |Other Income|960|389| |Fundraising Events|4,935|2,782| ||169,425|53,695| ## **5 Raising funds** ||**Unrestricted**|**Restricted**|**Total**|Unrestricted| |---|---|---|---|---| ||**funds**|**funds**||funds| ||**2021**|**2021**|**2021**|2020| ||**£**|**£**|**£**|£| |Fundraising and publicity||||| |Staging fundraising events|2,936|-|2,936|2,427| - 10 - EAST ANGLIA TRANSPORT MUSEUM SOCIETY LIMITED ## NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) ## FOR THE YEAR ENDED 31 DECEMBER 2021 ## **5 Raising funds** |**Raising funds**
Trading costs
Opening Stock
Shop
Cafe
Closing Stock
Trading costs|12,623
11,493
17,882
(10,619)
31,379
34,315|-
831
-
-
831
831|**(Continued)**
12,623
12,670
12,324
3,854
17,882
8,938
(10,619)
(12,623)
32,210
12,839
35,146
15,266| |---|---|---|---| ## **6 Charitable activities** ||**Year ended**|**Year ended**| |---|---|---| ||**31.12**|**31.12**| ||**2021**|**2020**| ||**£**|**£**| |Depreciation and impairment|11,967|16,005| |Vehicle Operations|16,424|14,357| |Property Repairs|32,429|19,170| |Hire of Plant & Machinery|3,688|915| |Rates & Water|3,603|2,109| |Insurance|8,727|9,841| |Light & Heat|10,890|10,384| |Telephone|2,150|3,315| |Postage, Stationery & Advertising|7,677|7,972| |Bank Charges|3,914|1,261| |Accountancy|8,250|4,459| |Restoration|64,156|25,031| |Newsletter|5,471|3,666| |Rent of Storage Unit|13,800|8,775| |Computer Costs|10,407|1,644| |Other charitable expenditure|1,564|675| ||205,117|129,579| ||205,117|129,579| |**Analysis by fund**||| |Unrestricted funds|205,024|115,717| |Restricted funds|93|13,862| ||205,117|129,579| ## **7 Trustees** None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year. - 11 - EAST ANGLIA TRANSPORT MUSEUM SOCIETY LIMITED ## NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) ## FOR THE YEAR ENDED 31 DECEMBER 2021 ## **8 Employees** The average monthly number of employees during the year was: ||**2021**|**2020**| |---|---|---| ||**Number**|**Number**| |Total|-|-| There were no employees whose annual remuneration was more than £60,000. ## **9 Intangible fixed assets** |**Intangible fixed assets**|||| |---|---|---|---| |**Cost**
At 1 January 2021 and 31 December 2021
**Amortisation and impairment**
At 1 January 2021 and 31 December 2021
**Carrying amount**
At 31 December 2021
At 31 December 2020
**Tangible fixed assets**
**Freehold land**
**and buildings**
**£**
**Cost**
At 1 January 2021
1,297,604
Additions
40,886
At 31 December 2021
1,338,490
**Depreciation and impairment**
At 1 January 2021
-
Depreciation charged in the year
-
At 31 December 2021
-
**Carrying amount**
At 31 December 2021
1,338,490
At 31 December 2020
1,297,604|**Plant and**
**equipment**
**Fixtures and**
**fittings**
**£**
**£**
123,569
83,093
14,112
-
137,681
83,093
103,490
65,434
3,085
8,882
106,575
74,316
31,106
8,777
20,079
17,659|**Patents & licences**
**£**
7,340
-
7,340
7,340
**Vehicles**
**Total**
**£**
**£**
223,831
1,728,097
-
54,998
223,831
1,783,095
-
168,924
-
11,967
-
180,891
223,831
1,602,204
223,831
1,559,173|| ||||-| ||||7,340| ||||7,340| ||||**Total**
**£**
1,728,097
54,998| ||||1,783,095| ||||168,924
11,967| ||||180,891| ||||1,602,204| ||||1,559,173| ## **10 Tangible fixed assets** The land & buildings were valued by Mr D A Chapman MRICS of O A Chapman & Sons Limited in January 2015. The valuation was prepared on an open market value basis & this is in accordance with generally accepted accounting practice. The charity's vehicles & equipment were valued by the committee during the 2017 season. - 12 - EAST ANGLIA TRANSPORT MUSEUM SOCIETY LIMITED ## NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) ## FOR THE YEAR ENDED 31 DECEMBER 2021 |**11**
**Stocks**
Raw materials and consumables
**12**
**Debtors**
**Amounts falling due within one year:**
Trade debtors
Prepayments and accrued income
**13**
**Creditors: amounts falling due within one year**
Trade creditors
Other creditors
**14**
**Retirement benefit schemes**
The Company does not employ anyone, and as such does not have a Pension Scheme.
**15**
**Analysis of net assets between funds**
**Unrestricted**
**funds**
**Restricted**
**funds**
**Total**
Unrestricted
funds
**2021**
**2021**
**2021**
2020
**£**
**£**
**£**
£
Fund balances at 31
December 2021 are
represented by:
Intangible fixed assets
7,340
-
7,340
7,340
Tangible assets
1,397,078
205,126
1,602,204
1,365,762
Current assets/(liabilities)
102,558
38,077
140,635
73,170
1,506,976
243,203
1,750,179
1,446,272||**2021**
**£**
10,619
**2021**
**£**
1,435
14,469
15,904
**2021**
**£**
3,944
3,580
7,524
Restricted
funds
2020
£
-
193,411
32,492
225,903|**2020**
**£**
12,623| |---|---|---|---| ||||**2020**
**£**
-
17,648| ||||17,648| ||||**2020**
**£**
3,360
3,325| ||||6,685| ||||Total
2020
£
7,340
1,559,173
105,662| ||||1,672,175| The high level of funds held in the Companys bank accounts at the year end were for the purchase of a new Tram depot directly after the year end, which used the amount of £105,278. - 13 - EAST ANGLIA TRANSPORT MUSEUM SOCIETY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) ## FOR THE YEAR ENDED 31 DECEMBER 2021 ## **16 Leasing Agreements** |Minimum lease payments|under non-cancellable operating leases fall due as follows:|under non-cancellable operating leases fall due as follows:| |---|---|---| ||31.12.21|31.12.20| ||£|£| |Within one year|6,900|6,900| |Between one & five years|
27,600|27,600| |In more than five years|12,075|18,975| ||_______|______| ||53,475|60,375| _______ ______ The charity leased a storage unit at Ellough, Beccles for twenty five years from 3rd November 2003. The lease is subject to rent review with effect from every third anniversary of the start of the lease period. The rent paid during the 2021 year was £6,900 (2020 £8,775). ## **17 Ultimate Controlling Party** The East Anglia Transport Museum Society Limited is a company registered under the Companies Act, where the liability of members is limited by guarantee. The charity is therefore jointly controlled by its members. ## **18 Related party transactions** There were no disclosable related party transactions during the year (2020 - none) . ## **19 Cash generated from operations** |**Cash generated from operations**
Surplus for the year
Adjustments for:
Depreciation and impairment of tangible fixed assets
Movements in working capital:
Decrease in stocks
Decrease/(increase) in debtors
Increase/(decrease) in creditors
**Cash generated from operations**|**2021**
**£**
78,004
11,967
2,004
1,744
839
94,558|**2020**
**£**
64,924
16,005
47
(6,947)
(2,422)
71,607| |---|---|---| ## **20 Analysis of changes in net funds** The charity had no debt during the year. - 14 -