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2024-12-31-accounts

Charity registration number 268204 (England and Wales)

Company registration number 01171938

EAST ANGLIA TRANSPORT MUSEUM SOCIETY LIMITED (THE) ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

EAST ANGLIA TRANSPORT MUSEUM SOCIETY LIMITED (THE)

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mr G Woods
Mrs S A Jones
Mr G Stoakes
Mr C Drage
Mr A Bertram
Mr O Harris
Mr I Reed
Mr Chris Ramsden
Mr Stuart Lamming (Appointed 25 May 2024)
Mr A Nightingale (Appointed 25 May 2024)
Mr R Alger (Appointed 25 May 2024)
Mr S Hobbs (Appointed 25 May 2024)
Secretary Mr S Hobbs
Charity number (England and Wales) 268204
Company number 01171938
Principal address The East Anglia Transport Museum
Chapel Road
Carlton Colville
LOWESTOFT
Suffolk
NR33 8BL
Registered office The East Anglia Transport Museum
Chapel Road
Carlton Colville
LOWESTOFT
Suffolk
NR33 8BL
Independent examiner Waveney Accountants Limited
T/as Newman & Co
Chartered Accountants
7 Hungate
Beccles
Suffolk
NR34 9TT

EAST ANGLIA TRANSPORT MUSEUM SOCIETY LIMITED (THE)

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 - 16

EAST ANGLIA TRANSPORT MUSEUM SOCIETY LIMITED (THE)

TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT)

FOR THE YEAR ENDED 31 DECEMBER 2024

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 2024.

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

Significant activities and achievements against objectives

During the winter months site works continue, concentrating on the development of the new land. Vehicle restoration works continue throughout the year along with general site maintenance.

Financial review

The charity's total incoming resources for the year were £272,804 (2023 £339,853), and total net income/resources/expenditure before revaluation gains/losses were £76,617 (2023 £162,757). An increase of £78,617 in respect of unrestricted funds and a decrease of £2,000 in respect of restricted funds.

The charity's total funds as at 31st December 2024 were £1,800,327 (2023 £1,800,327) of which £1,883,625 (2023 £1,836,662) relates to the charity's tangible fixed assets (buildings, vehicles & equipment).

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 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.

EAST ANGLIA TRANSPORT MUSEUM SOCIETY LIMITED (THE)

TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

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 G Woods
Mr M Watts (Resigned 25 May 2024)
Mr K C Blacker (Resigned 25 May 2024)
Mrs S A Jones
Mr M P Bates (Resigned 25 May 2024)
Mr G Stoakes
Mr C Drage
Mr A Bertram
Mr O Harris
Mr I Reed
Mr Lewis Barnes (Resigned 25 May 2024)
Mr Chris Ramsden
Mr Stuart Lamming (Appointed 25 May 2024)
Mr A Nightingale (Appointed 25 May 2024)
Mr R Alger (Appointed 25 May 2024)
Mr S Hobbs (Appointed 25 May 2024)

Recruitment and appointment of trustees

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.

Organisational structure

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 report was approved by the Board of Trustees.

..............................

Mrs S A Jones

Trustee

Date: .............................................

To The Trustees Of East Anglia Transport Museum Society Limited (The)

EAST ANGLIA TRANSPORT MUSEUM SOCIETY LIMITED (THE)

INDEPENDENT EXAMINER'S REPORT

I report to the trustees on my examination of the financial statements of East Anglia Transport Museum Society Limited (The) (the charity) for the year ended 31 December 2024.

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.

Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the Companies Act 2006 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. 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

Since the charity’s gross income exceeded £250,000, the independent examiner must be a member of a body listed in section 145 of the Charities Act 2011. 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:

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.

Waveney Accountants Limited

T/as Newman & Co Chartered Accountants 7 Hungate Beccles Suffolk NR34 9TT Date: ............................

EAST ANGLIA TRANSPORT MUSEUM SOCIETY LIMITED (THE)

STATEMENT OF FINANCIAL ACTIVITIES

INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2024

Unrestricted
Restricted
funds
funds
2024
2024
Notes
£
£
Income and endowments from:
Donations and legacies
3
52,052
41,245
Charitable activities
4
175,313
-
Investments
5
150
-
Other income
6
4,043
-
Total income
231,558
41,245
Expenditure on:
Raising funds
7
5,180
-
Charitable activities
8
155,549
35,457
Total expenditure
160,729
35,457
Net income and movement in
funds
70,829
5,788
Reconciliation of funds:
Fund balances at 1 January 2024
1,698,406
264,679
Fund balances at 31 December
2024
1,769,235
270,467		 Total
Unrestricted
Restricted
funds
funds
2024
2023
2023
£
£
£
93,297
130,811
48,780
175,313
160,104
-
150
158
-
4,043
-
-
272,803
291,073
48,780
5,180
6,977
-
191,006
149,901
20,218
196,186
156,878
20,218
76,617
134,195
28,562
1,963,085
1,564,211
236,117
2,039,702
1,698,406
264,679		 Total
2023
£
179,591
160,104
158
-
339,853
6,977
170,119
177,096
162,757
1,800,328
1,963,085

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

EAST ANGLIA TRANSPORT MUSEUM SOCIETY LIMITED (THE)

BALANCE SHEET

AS AT 31 DECEMBER 2024

Notes
Fixed assets
Intangible assets
13
Tangible assets
14
Current assets
Debtors
15
Cash at bank and in hand
Creditors: amounts falling due within one
year
17
Net current assets
Total assets less current liabilities
The funds of the charity
Restricted income funds
18
Unrestricted funds
19		 2024
£
36,795
162,797
199,592
(50,855)		 £
7,340
1,883,625
1,890,965
148,737
2,039,702
270,467
1,769,235
2,039,702		 2023
£
39,308
129,106
168,414
(49,331)		 £
7,340
1,836,662
1,844,002
119,083
1,963,085
264,679
1,698,406
1,963,085

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 2024.

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 number 01171938 (England and Wales)

EAST ANGLIA TRANSPORT MUSEUM SOCIETY LIMITED (THE)

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2024

Notes
Cash flows from operating activities
Cash generated from operations
24
Investing activities
Purchase of tangible fixed assets
Proceeds from disposal of tangible fixed assets
Investment income received
Net cash used in investing activities
Net cash used in financing activities
Net increase in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2024
£
(56,828)
4,043
150		 £
86,326
(52,635)
-
33,691
129,106
162,797		 2023
£
(68,033)
86
158		 £
144,678
(67,789)
-
76,889
52,216
129,106

EAST ANGLIA TRANSPORT MUSEUM SOCIETY LIMITED (THE)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1 Accounting policies

Charity information

East Anglia Transport Museum Society Limited (The) is a private company limited by guarantee incorporated in England and Wales. The registered office is The East Anglia Transport Museum, Chapel Road, Carlton Colville, LOWESTOFT, Suffolk, NR33 8BL.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's memorandum and articles of association, 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 amounts 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 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.

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.

EAST ANGLIA TRANSPORT MUSEUM SOCIETY LIMITED (THE)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

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 charity's main aim is the preservation of its vehicles and 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 acquired at residual values and are not considered to have a measurable finite life. These assets are reviewed and 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 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.

1.10 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.

EAST ANGLIA TRANSPORT MUSEUM SOCIETY LIMITED (THE)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.11 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

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.

3 Income from donations and legacies

Unrestricted
Restricted
funds
funds
2024
2024
£
£
Donations and gifts
47,613
3,000
Legacies
(5,720)
36,245
Grants
-
2,000
Membership fees
10,159
-
52,052
41,245		 Total
Unrestricted
Restricted
funds
funds
2024
2023
2023
£
£
£
50,613
10,665
48,780
30,525
100,492
-
2,000
9,413
-
10,159
10,241
-
93,297
130,811
48,780		 Total
2023
£
59,445
100,492
9,413
10,241
179,591

EAST ANGLIA TRANSPORT MUSEUM SOCIETY LIMITED (THE)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

3
Income from donations and legacies
Unrestricted
Restricted
funds
funds
2024
2024
£
£
Grants
National Heritage
-
-
Suffolk County Council
-
2,000
Norfolk County Council
-
-
-
2,000
4
Income from charitable activities
Charitable activities
Shop income
Cafe
Admission Charges
Other Income
Fundraising Events
5
Income from investments
Interest receivable
6
Other income
Auction of transport spares		 Total
Unrestricted
Restricted
Total
funds
funds
2024
2023
2023
2023
£
£
£
£
(Continued)
-
5,843
-
5,843
2,000
570
-
570
-
3,000
-
3,000
2,000
9,413
-
9,413
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
-
3,705
-
2,057
174,316
153,068
672
630
325
644
175,313
160,104
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
150
158
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
4,043
-

EAST ANGLIA TRANSPORT MUSEUM SOCIETY LIMITED (THE)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

7 Raising funds

Unrestricted Unrestricted
funds funds
2024 2023
£ £
Fundraising and publicity
Staging fundraising events 5,180 2,949
Trading costs
Opening Stock - 2,639
Shop - 128
Cafe - 1,261
Trading costs - 4,028
5,180 6,977
Direct costs
Depreciation and impairment
Vehicle Operations
Property Repairs
Hire of Plant & Machinery
Rates & Water
Insurance
Light & Heat
Telephone
Postage, Stationery & Advertising
Bank Charges
Accountancy
Restoration
Newsletter
Rent of Storage Unit
Computer Costs
Other charitable expenditure
Analysis by fund
Unrestricted funds
Restricted funds		 2024
£
9,865
39,592
45,005
3,328
(1,363)
19,071
11,403
1,141
1,433
1,692
3,247
27,831
3,666
6,900
5,767
12,428
191,006
155,549
35,457
191,006		 2023
£
7,158
27,227
36,398
2,619
-
18,141
9,656
620
9,790
4,332
3,967
23,625
6,300
6,900
5,765
7,621
170,119
149,901
20,218
170,119

EAST ANGLIA TRANSPORT MUSEUM SOCIETY LIMITED (THE)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

9 Net movement in funds 2024 2023
£ £
The net movement in funds is stated after charging/(crediting):
Fees payable for the independent examination of the charity's financial statements - -
Depreciation of owned tangible fixed assets 9,865 7,158
Profit on disposal of tangible fixed assets (4,043) -

10 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

11 Employees

The average monthly number of employees during the year was:

2024 2023
Number Number
11 12

There were no employees whose annual remuneration was more than £60,000.

12 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

13 Intangible fixed assets

Intangible fixed assets
Patents &
licences
£
Cost
At 1 January 2024 and 31 December 2024 7,340
Amortisation and impairment
At 1 January 2024 and 31 December 2024 -
Carrying amount
At 31 December 2024 7,340
At 31 December 2023 7,340

EAST ANGLIA TRANSPORT MUSEUM SOCIETY LIMITED (THE)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

14 Tangible fixed assets

Freehold land
and buildings
£
Cost
At 1 January 2024
1,574,620
Additions
16,187
At 31 December 2024
1,590,807
Depreciation and impairment
At 1 January 2024
-
Depreciation charged in the year
-
At 31 December 2024
-
Carrying amount
At 31 December 2024
1,590,807
At 31 December 2023
1,574,620		 Plant and
equipment
Fixtures and
fittings
£
£
145,837
83,435
31,308
9,333
177,145
92,768
119,090
83,219
7,446
2,419
126,536
85,638
50,609
7,130
26,748
215		 Vehicles
£
235,079
-
235,079
-
-
-
235,079
235,079		 Total
£
2,038,971
56,828
2,095,799
202,309
9,865
212,174
1,883,625
1,836,662

The land and 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 and this is in accordance with generally accepted accounting practice.

The charity's vehicles and equipment were valued by the committee during the 2017 season.

15 Debtors

Amounts falling due within one year:
Trade debtors
Other debtors
Prepayments and accrued income
Loans and overdrafts
Other loans
Payable within one year		 2024
£
699
21,103
14,993
36,795
2024
£
38,500
38,500		 2023
£
687
14,012
24,609
39,308
2023
£
38,500
38,500

16 Loans and overdrafts

The loans are unsecured with no fixed repayment terms. It is intended that the loans are repaid within five years.

EAST ANGLIA TRANSPORT MUSEUM SOCIETY LIMITED (THE)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

17 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
Borrowings
Trade creditors
Other creditors		 2024
£
38,500
8,605
3,750
50,855		 2023
£
38,500
6,601
4,230
49,331

18 Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

At 1 January
2024
£
264,679
Previous year:
At 1 January
2023
£
236,117		 Incoming
resources
Resources
expended
At 31 December
2024
£
£
£
41,245
(35,457)
270,467
Incoming
resources
Resources
expended
At 31 December
2023
£
£
£
48,780
(20,218)
264,679

19 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 January
2024
£
General funds
1,698,406
Previous year:
At 1 January
2023
£
General funds
1,564,211		 Incoming
resources
Resources
expended
At 31 December
2024
£
£
£
231,558
(160,729)
1,769,235
Incoming
resources
Resources
expended
At 31 December
2023
£
£
£
291,073
(156,878)
1,698,406

EAST ANGLIA TRANSPORT MUSEUM SOCIETY LIMITED (THE)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

20 Analysis of net assets between funds

Unrestricted
Restricted
funds
funds
2024
2024
£
£
At 31 December 2024:
Intangible fixed assets
7,340
-
Tangible assets
1,678,499
205,126
Current assets/(liabilities)
91,184
57,553
1,777,023
262,679
Per balance sheet
1,769,235
270,467
Balance to allocate
(7,788)
7,788
Unrestricted
Restricted
funds
funds
2023
2023
£
£
At 31 December 2023:
Intangible fixed assets
7,340
-
Tangible assets
1,631,536
205,126
Current assets/(liabilities)
59,530
59,553
1,698,406
264,679		 Total
2024
£
7,340
1,883,625
148,737
2,039,702
2,039,702
-
Total
2023
£
7,340
1,836,662
119,083
1,963,085

21 Leasing Agreements

Minimum lease payments under non-cancellable operating leases fall due as follows:

Minimum leasepayments under non-cancellable operatingleases fall due as follows:
31.12.24 31.12.23
£ £
Within oneyear 6,900 6,900
Between one & fiveyears 18,975 25,875
_ ______
25,875 32,775
_ ______
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
2024year was £6,900(2023 £6,900).

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 2024 year was £6,900 (2023 £6,900).

EAST ANGLIA TRANSPORT MUSEUM SOCIETY LIMITED (THE)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

22 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.

23 Related party transactions

There were no disclosable related party transactions during the year (2023 - none).

24 Cash generated from operations 2024 2023
£ £
Surplus for the year 76,617 162,757
Adjustments for:
Investment income recognised in statement of financial activities (150) (158)
Gain on disposal of tangible fixed assets (4,043) -
Depreciation and impairment of tangible fixed assets 9,865 7,158
Movements in working capital:
(Increase)/decrease in stocks - 2,639
Decrease/(increase) in debtors 2,513 (22,389)
Increase/(decrease) in creditors 1,524 (5,329)
Cash generated from operations 86,326 144,678
25 Analysis of changes in net funds
At 1 January 2024 Cash flows At 31 December
2024
£ £ £
Cash at bank and in hand 129,106 33,691 162,797
Loans falling due within one year (38,500) - (38,500)
90,606 33,691 124,297