Company No. 1241335
THE HISTORIC COMMERCIAL VEHICLE SOCIETY LIMITED REPORT AND ACCOUNTS
for the
YEAR ENDED 31[st] OCTOBER 2021
Charity No. 271123
CONTENTS
Page
| 1 | General information |
|---|---|
| 2 to 3 | Trustees’ report |
| 4 | Independent examiner’s report |
| 5 | Statement of financial activities |
| 6 | Balance sheet |
| 7 to 11 | Notes forming part of the accounts |
| The following | page does form part of the statutory accounts |
| 12 | Income & expenditure account |
THE HISTORIC COMMERCIAL VEHICLE SOCIETY LIMITED
GENERAL INFORMATION
TRUSTEES & DIRECTORS Fraser Clayton (chairman) David Heasman (deputy chairman) Andrew Lord (secretary) John Kilby (treasurer) Alwin Harrison Geoffrey Heels Clive MacDonald Edward Taylor COMPANY SECRETARY Andrew Lord REGISTERED OFFICE Mutfords Hare Street Buntingford Hertfordshire SG9 0ED CHARITY No. 271123 COMPANY No. 1241335 INDEPENDENT Michelle A Hume ACCOUNTANT 15 Porters Close Buntingford Hertfordshire SG9 9BW BANKERS Lloyds Bank plc Corporation Street Blackpool Branch PO Box 1000 BX1 1LT
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THE HISTORIC COMMERCIAL VEHICLE SOCIETY LIMITED
DIRECTORS’ AND TRUSTEES’ REPORT FOR THE YEAR ENDED 31[st] OCTOBER 2021
The trustees (who are also directors of the charity for the purposes of the Companies Act) present their annual report, together with the unaudited accounts of The Historic Commercial Vehicle Society Limited (the company) for the year ended 31[st] October 2021. The trustees confirm that the annual report and accounts of the company comply with the current statutory requirements, the requirements of the company’s governing document and the provisions of the Accounting and Reporting by Charities Statement of Recommended Practice (SORP) and Financial Reporting Standard 102.
Trustees and directors
Fraser Clayton (chairman) David Heasman (deputy chairman) Andrew Lord (secretary) John Kilby (treasurer) Michael Clark (died 18 December 2021) Alwin Harrison Geoffrey Heels Clive MacDonald Edward Taylor
Structure, governance and management
The Trustees of the Society are fully responsible for the overall management of the Society and they meet regularly to manage its affairs. All administration duties are undertaken by volunteers. The Society has reduced the number of areas to 6 and these are constituted in accordance with Article 33 of the Society’s Memorandum and Articles of Association and the Officers thereof report directly to the Society Trustees.
Objectives and activities
The Society’s objective and its principle activity continues to be encouragement of the preservation, restoration and operation of historic commercial vehicles and the promotion and furtherance of the study of, and research into such vehicles.
Achievements and performance
During the year regular meetings have been held on-line for Society members in six areas when talks have been given on historic commercial vehicles and allied subjects. The Society’s activities have been severely restricted due to the pandemic and we have not been able to carry out the Charity’s aims for public benefit. Road runs and static displays of members’ historic commercial vehicles have been put on hold due to Covid restrictions and the general public have not been able to see such vehicles but plans are in place to resume activities in 2022.
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THE HISTORIC COMMERCIAL VEHICLE SOCIETY LIMITED
DIRECTORS’ AND TRUSTEES’ REPORT (continued) FOR THE YEAR ENDED 31[st] OCTOBER 2021
Financial review
Covid restrictions has meant that rallies, meetings and events have had to be cancelled during this period, but the financial side has not been affected as most of the Society’s income is generated from membership subscriptions.
The value of the Society’s investments increased in value by £30,612 to £148,645 as at 31[st] October 2021. These investments are intended to be held for the long term and the Trustees continue to believe that they will increase in value in coming years.
Plans for the future
Future developments, as always, include the making of representations to appropriate bodies in connection with any proposed British regulations which could affect the retention and use of historic commercial vehicles. The Society utilises draft legislation in order to keep up to date with such prospective developments. The Society is also a member of the Federation of British Historic Vehicle Clubs which consults and lobbies on behalf of British vehicle clubs.
This report has been prepared in accordance with the General Directions given by the Charity Commissioners in the Charities Act 2011.
This report was approved by the trustees on 14[th] March 2022 and signed on their behalf by:
Fraser Clayton Chairman Trustee
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THE HISTORIC COMMERCIAL VEHICLE SOCIETY LIMITED
INDEPENDENT EXAMINER’S REPORT FOR THE YEAR ENDED 31[st] OCTOBER 2021
I report on the accounts which are set out on pages 4 to 11.
Respective responsibilities of trustees and examiner
The Trustees who are also Directors of the company for the purpose 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 Charities Act) and that an independent examination is needed. Having satisfied myself that the charity is not subject under company law and is eligible for independent examination, it is my responsibility to examine the accounts under section 145 of the 2011 Act; follow the procedures laid down in the general directions given by the Charity Commission (under section 145(5)(b) of the 2011 Act); and state whether any 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 disclosure 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
I have completed my examination. I confirm that no matters have come to my attention in connection with my examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or
-
the accounts do not accord with those records; or
-
the accounts 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
-
the accounts 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 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 accounts to be reached.
Michelle A Hume 14[th] March 2022 Chartered Accountant 15 Porters Close Buntingford, Hertfordshire SG9 9BW
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THE HISTORIC COMMERCIAL VEHICLE SOCIETY LIMITED
STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31[st] OCTOBER 2021
| note | 2021 | 2020 | |
|---|---|---|---|
| ------ | ------- | ------- | |
| Incoming resources | |||
| Incoming resources from generated funds | |||
| Charitable activities | 2 | £ 56,421 | £ 54,944 |
| Voluntary income | 3 | 10,169 | 8,170 |
| Activities to generate funds | - | - | |
| Investment income | 4 | 173 | 263 |
| --------- | --------- | ||
| 66,763 | 63,377 | ||
| Net gains/(losses) from investments | 10 | 30,612 | (2,567) |
| --------- | --------- | ||
| Total incoming resources | £ 97,375 | £ 60,810 | |
| --------- | --------- | ||
| Resources expended | |||
| Cost of generating funds | 5 | 17,945 | 14,172 |
| Charitable activities | 6 | 27,967 | 33,079 |
| Governance costs | 7 | 1,512 | 2,918 |
| --------- | --------- | ||
| Total resources expended | £ 47,424 | £ 50,169 | |
| --------- | --------- | ||
| Net movement in funds | 49,951 | 10,641 | |
| Total funds brought forward | 243,981 | 233,340 | |
| ----------- | ----------- | ||
| Total funds carried forward | £ 293,932 | £ 243,981 | |
| ----------- | ----------- |
All the above amounts relate to continuing activities.
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THE HISTORIC COMMERCIAL VEHICLE SOCIETY LIMITED
BALANCE SHEET
31[st] OCTOBER 2021
| BALANCE SHEET 31stOCTOBER 2021 ______ |
|||||
|---|---|---|---|---|---|
| Note | 2021 | 2020 | |||
| ------ | ------- | ------- | |||
| FIXED ASSETS | |||||
| Tangible assets | 8 | £ 694 | £ 1,043 | ||
| Heritage asset | 9 | 30,000 | 30,000 | ||
| Investments | 10 | 148,645 | 118,033 | ||
| ---------- | ---------- | ||||
| 179,339 | 149,076 | ||||
| CURRENT ASSETS | |||||
| Stocks | £ 315 | £ 748 | |||
| Debtors and prepayments | 11 | 2,704 | 336 | ||
| Bank balances | 167,983 | 151,403 | |||
| ---------- | ---------- | ||||
| 171,002 | 152,487 | ||||
| CREDITORS - Amounts falling | |||||
| within one year | 12 | 26,409 | 27,582 | ||
| --------- | ---------- | ||||
| Net current assets | 144,593 | 124,905 | |||
| ----------- | ---------- | ||||
| NET ASSETS | £ 323,932 | £ 273,981 | |||
| ----------- | ---------- | ||||
| Represented by: | |||||
| FUNDS | |||||
| Unrestricted funds | 293,932 | 243,981 | |||
| Revaluation reserve | 30,000 | 30,000 | |||
| ----------- | ----------- | ||||
| £ 323,932 | £ 273,981 | ||||
| ----------- | ----------- |
For the year ended 31[st] October 2021 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the charity to obtain an audit of its accounts for the year in question in accordance with section 476; and the trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts were approved by the board of Trustees on 14[th] March 2022 and signed on its behalf by:
Fraser Clayton Chairman
The notes on pages 7 to 11 form part of these accounts
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THE HISTORIC COMMERCIAL VEHICLE SOCIETY LIMITED
NOTES TO THE ACCOUNTS YEAR ENDED 31[st] OCTOBER 2021
1. Accounting policies
The accounts have been prepared in accordance with the Statement of Recommended Accounting Practice: Accounting and Reporting by Charities (SORP 2015), UK Accounting Standards and the Charities Act 2011.
Incoming resources
All incoming resources are included in the SOFA when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income:
Voluntary income and donations are included in full in the Statement of Financial Activities when receivable, except when the donors specify that they must be used in future accounting periods or donors conditions have not been fulfilled, the income is deferred.
Investment income is included when receivable.
Incoming resources from charitable trading activity are accounted for when earned.
Resources expended
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of the resources.
Cost generating funds comprise the costs associated with attracting voluntary income and the costs of trading for fundraising purposes including the charity’s shop.
Charitable expenditure comprises those costs associated with meeting the constitutional and statutory requirements of the charity.
Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity
All costs are allocated between the expenditure categories of the Statement of Financial Activities on a basis designed to reflect the use of the resource.
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THE HISTORIC COMMERCIAL VEHICLE SOCIETY LIMITED
NOTES TO THE ACCOUNTS YEAR ENDED 31[st] OCTOBER 2021
1. (continued) Tangible fixed assets and depreciation
All tangible fixed assets costing more than £1,000 are capitalised and stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives as follows:
Equipment 25% on reducing balance Reference books 10% on cost Challenge cups and trophies at nominal value
Heritage assets - motor vehicle
The Leyland “Chivers” vehicle was donated to the charitable company and has been capitalised as the trustees consider the vehicle is a heritage assets, as defined by the Statement of Recommended Practice (SORP), 2015.
The heritage asset is stated at its insured value. The trustees consider the insured value is a reasonable basis for valuation. The trustees consider that the vehicle has an indefinite useful life and high residual value which would result in any depreciation charges being immaterial and hence no depreciation is provided on such asset. The continuing retention of this vehicle is direct furtherance of the charitable company’s objects.
Investments
Investments are stated at cost less impairment, if any.
Taxation
The charity is exempt from Corporation Tax on its charitable activities.
Stocks
Stocks are valued at the lower of cost or net realisable value, after making due allowance for obsolete and slow moving items.
| 2021 | 2020 | ||
|---|---|---|---|
| ------- | ------- | ||
| **2. ** | Charitable activities | ||
| Membership subscriptions | £ 45,082 | £ 43,203 | |
| Gift aid | 9,221 | 9,445 | |
| Brighton rally | 317 | 273 | |
| Area rallies net income | 1,077 | 409 | |
| Area donations | 724 | 1,614 | |
| --------- | --------- | ||
| £ 56,421 | £ 54,944 | ||
| --------- | --------- |
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THE HISTORIC COMMERCIAL VEHICLE SOCIETY LIMITED
NOTES TO THE ACCOUNTS YEAR ENDED 31[st] OCTOBER 2021
| NOTES TO THE ACCOUNTS YEAR ENDED 31stOCTOBER 2021 _______ |
||
|---|---|---|
| 2021 | 2020 | |
| ------- | ------- | |
| 3. Voluntary income | ||
| Donations | £ 2,010 | £ 1,690 |
| Insurance donations | 7,520 | 6,395 |
| Vehicle registrations | 479 | 85 |
| Advertising | 160 | - |
| --------- | -------- | |
| £ 10,169 | £ 8,170 | |
| --------- | -------- | |
| 4. Investment income | ||
| Bank interest receivable | 8 | 79 |
| Building society interest | 165 | 184 |
| ----- | ----- | |
| £ 173 | £ 263 | |
| ----- | ----- | |
| 5. Costs of generating funds | ||
| Costs of stock | 404 | 346 |
| Membership administration costs | 4,846 | 2,752 |
| Rent | 5,341 | 4,103 |
| Insurance | 1,604 | 1,296 |
| Telephone | 726 | 673 |
| Printing, stationery and postage | 1,377 | 1,785 |
| Advertising and website | 2,249 | 1,958 |
| Calendars | 233 | - |
| Depreciation | 349 | 389 |
| Subscriptions | 816 | 870 |
| --------- | --------- | |
| £ 17,945 | £ 14,172 | |
| --------- | --------- | |
| 6. Charitable activities | ||
| Magazine | 25,739 | 28,139 |
| Area administration costs | 375 | 1,616 |
| AGM/NEC | - | 100 |
| AGM circular | 1,345 | 1,551 |
| Chivers vehicle expenses | 383 | 1,296 |
| Miscellaneous | 125 | 377 |
| --------- | --------- | |
| £ 27,967 | £ 33,079 | |
| --------- | --------- |
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THE HISTORIC COMMERCIAL VEHICLE SOCIETY LIMITED
NOTES TO THE ACCOUNTS YEAR ENDED 31[st] OCTOBER 2021
| 2021 | 2020 | ||
|---|---|---|---|
| ------- | ------- | ||
| 7. | Governance costs | ||
| Accountancy fees | £ - | £ - | |
| Costs of trustee meetings | 616 | 1,952 | |
| Bank charges | 896 | 966 | |
| -------- | -------- | ||
| £ 1,512 | £ 2,918 | ||
| -------- | -------- | ||
| **8. ** | Tangible fixed assets | Reference Books | |
| Equipment & Trophies | |||
| Cost | |||
| As at 1stNovember 2020 | £ 37,867 | ||
| Additions | - | ||
| --------- | |||
| As at 31stOctober 2021 | £ 37,867 | ||
| --------- | |||
| Depreciation | |||
| As at 1stNovember 2020 | 36,824 | ||
| Charge for the year | 349 | ||
| --------- | |||
| As at 31stOctober 2021 | £ 37,173 | ||
| --------- | |||
| Net book value | |||
| As at 31stOctober 2021 | £ 694 | ||
| ------ | |||
| As at 31stOctober 2020 | £ 1,043 | ||
| -------- | |||
| 9. | Heritage asset | Leyland | |
| “Chivers” | |||
| As at 1stNovember 2020 | £ 30,000 | ||
| Additions | - | ||
| --------- | |||
| As at 31stOctober 2021 | £ 30,000 | ||
| --------- |
The vehicle is stated at its insured value. The last insurance valuation was in September 2019.
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THE HISTORIC COMMERCIAL VEHICLE SOCIETY LIMITED
NOTES TO THE ACCOUNTS YEAR ENDED 31[st] OCTOBER 2021
| 2021 | 2020 | ||
|---|---|---|---|
| ------- | ------- | ||
| **10. ** | Fixed asset investment | ||
| Funds and shares | |||
| Hargreaves Lansdown Fund | |||
| Brought forward | £ 118,033 | £ 120,600 | |
| Profit/(loss) on revaluation | 30,612 | (2,567) | |
| ---------- | ----------- | ||
| Value at 31stOctober 2021 | £ 148,645 | £ 118,033 | |
| ---------- | ----------- | ||
| **11. ** | Debtors and prepayments | ||
| Prepayments | 2,704 | 336 | |
| Other debtors | - | - | |
| -------- | ------ | ||
| £ 2,704 | £ 336 | ||
| -------- | ------ | ||
| **12. ** | Creditors: amounts falling due within one year | ||
| Area trade creditors | 1,829 | 1,572 | |
| Subscriptions in advance | 20,460 | 22,179 | |
| Main Society accruals | 4,120 | 3,831 | |
| --------- | --------- | ||
| £ 26,409 | £ 27,582 | ||
| --------- | --------- |
13. Company status
The company is a company limited by guarantee. The members of the company are the trustees named on page 1. In the event of the company being wound up, the liability in respect of the guarantee is limited to £1 per member of the company.
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THE HISTORIC COMMERCIAL VEHICLE SOCIETY LIMITED
INCOME & EXPENDITURE ACCOUNT YEAR ENDED 31[st] OCTOBER 2021
| INCOME & EXPENDITURE ACCOUNT YEAR ENDED 31stOCTOBER 2021 ________ |
||||
|---|---|---|---|---|
| 2021 | 2020 | |||
| ------- | ------- | |||
| INCOME | ||||
| membership subscriptions | £ 45,082 | £ 43,203 | ||
| donations | 2,010 | 1,690 | ||
| insurance donations | 7,520 | 6,395 | ||
| gift aid | 9,221 | 9,445 | ||
| vehicle registrations | 479 | 85 | ||
| advertising | 160 | - | ||
| activities generating funds | - | - | ||
| Brighton rally | 317 | 273 | ||
| area rallies net income | 1,077 | 409 | ||
| area donations | 724 | 1,614 | ||
| bank interest | 165 | 184 | ||
| building society interest | 8 | 79 | ||
| --------- | --------- | |||
| 66,763 | 63,377 | |||
| LESS OVERHEAD EXPENSES: | ||||
| HCVS News | £ 25,739 | £ 28,139 | ||
| stock | 404 | 346 | ||
| membership administration costs | 4,846 | 2,752 | ||
| rent | 5,341 | 4,103 | ||
| depreciation | 349 | 389 | ||
| Chivers expenses | 383 | 1,296 | ||
| telephone | 727 | 673 | ||
| stationery, postage and computer | 1,376 | 1,785 | ||
| subscriptions FBHVC and Transport Trust | 816 | 870 | ||
| advertising and website | 2,249 | 1,958 | ||
| calendars | 233 | - | ||
| AGM circular | 1,345 | 1,651 | ||
| sundry | 125 | 377 | ||
| area administration costs | 375 | 1,616 | ||
| trustee meetings | 616 | 1,952 | ||
| accountancy | - | - | ||
| bank charges | 896 | 966 | ||
| insurance | 1,604 | 1,296 | ||
| ------- | 47,424 | ------- | 50,169 | |
| --------- | --------- | |||
| 19,339 | 13,208 | |||
| Investment Gain/(loss) | 30,612 | (2,567) | ||
| --------- | --------- | |||
| NET SURPLUS for the year | £ 49,951 | £ 10,641 | ||
| --------- | --------- |
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