Company No. 1241335
THE HISTORIC COMMERCIAL VEHICLE SOCIETY
REPORT AND ACCOUNTS
for the
YEAR ENDED 31[st] OCTOBER 2022
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 8 to 12 Notes forming part of the accounts
Company No. 1241335
THE HISTORIC COMMERCIAL VEHICLE SOCIETY
REPORT AND ACCOUNTS
for the
YEAR ENDED 31[st] OCTOBER 2022
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 8 to 12 Notes forming part of the accounts
The following page does form part of the statutory accounts 13 Income & expenditure account
THE HISTORIC COMMERCIAL VEHICLE SOCIETY
GENERAL INFORMATION
TRUSTEES & DIRECTORS Fraser Clayton (chairman) David Heasman (deputy chairman) Andrew Lord (secretary) John Kilby (treasurer) Alwin Harrison Geoffrey Heels Clive MacDonald 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
1
THE HISTORIC COMMERCIAL VEHICLE SOCIETY
DIRECTORS’ AND TRUSTEES’ REPORT FOR THE YEAR ENDED 31[st] OCTOBER 2022
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 (the company) for the year ended 31[st] October 2022. 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.
Objectives and activities
The Society’s objective continues to be the 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.
When planning our activities for the year, we have considered the Charity Commission’s guidance on public benefit as explained in more detail in the achievements and performance section below.
Trustees and directors
Fraser Clayton (chairman) David Heasman (deputy chairman) Andrew Lord (secretary) John Kilby (treasurer) Michael Clark (died 18th December 2021) Alwin Harrison Geoffrey Heels Clive MacDonald Edward Taylor (resigned 1[st] February 2022)
Risk Management
The Trustees have assessed potential risks to the charity and taken action to put into place systems to mitigate those risks. Over the year the trustees will be reviewing and revising its policies regarding business risks, financial risks, health and safety risks and other identifiable risks.
Achievements and performance
During the year, after the pandemic restrictions, regular meetings have been held for Society members in six areas. Talks have been given on historic commercial vehicles and allied subjects. Post pandemic restrictions, we have been able to carry out the Charity’s aims for public benefit. Events such as road runs and static displays of members’ historic commercial vehicles have been resumed during this financial year. The Society has also donated many historic publications to the care of The National Motor Museum Trust, Beaulieu where they will be catalogued and preserved in a secure, controlled environment.
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THE HISTORIC COMMERCIAL VEHICLE SOCIETY
DIRECTORS’ AND TRUSTEES’ REPORT (continued) FOR THE YEAR ENDED 31[st] OCTOBER 2022
Financial review
Incoming resources were £49,421 (2021 - £97,375) and resources expended were £49,187 (2021 - £47,424). The surplus for the year of £234 (2021 – £49,951) fluctuated from the previous year due to the investments. The value of the Society’s investments decreased in value by £19,142 to £129,503 as at 31[st] October 2022. 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.
The principal source of income in the year was from membership subscriptions. No members of staff were paid in the year covered by these accounts.
Future plans
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.
Reserves Policy
The Trustees aim to maintain at least a minimum level of reserves as recommended by the Charity Commission, and to keep sufficient restricted funds in order to see these funded projects to their conclusion.
| projects to their conclusion. | ||
|---|---|---|
| 2022 | 2021 | |
| ------- | ------- | |
| Unrestricted funds | £ 294,166 | £ 293,932 |
| Revaluation reserve | 30,000 | 30,000 |
| ----------- | ----------- | |
| £ 324,166 | £ 323,932 | |
| ----------- | ----------- |
Going Concern
After making appropriate enquiries, the trustees have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, making due allowance for a period of shutdown due to the coronavirus. For this reason they continue to adopt the going concern basis in preparing the accounts.
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THE HISTORIC COMMERCIAL VEHICLE SOCIETY
DIRECTORS’ AND TRUSTEES’ REPORT (continued) FOR THE YEAR ENDED 31[st] OCTOBER 2022
Structure, governance and management
The company is registered as a charitable company limited by guarantee, incorporated and constituted under Articles of Association, registered number 1,241,335. It is an English registered charity, number 271,123.
The management of the company is the responsibility of the trustees who are elected and coopted under the terms of the Articles of Association. Additional trustees may be co-opted by the existing trustees as they deem advisable from time to time, and then stand for election as required by the Articles of Association.
The Trustees of the Society are fully responsible for the overall management of the Society, and they meet regularly to manage its affairs. 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.
Reference and administrative details can be found on page 1 of the accounts.
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 20[th] March 2023 and signed on their behalf by:
Fraser Clayton Chairman Trustee
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THE HISTORIC COMMERCIAL VEHICLE SOCIETY
INDEPENDENT EXAMINER’S REPORT
FOR THE YEAR ENDED 31[st] OCTOBER 2022
Independent Examiner’s Report to the Trustees of The Historic Commercial Vehicle Society
I report to the charity trustees on my examination of the accounts for the year ended 31[st] October 2022 which are set out on pages 5 to 12.
Responsibilities and basis of report
As the charity trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (the “2006 Act”).
Having satisfied myself that the accounts of the company 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 your company’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
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 Chartered Accountant 15 Porters Close Buntingford, Hertfordshire SG9 9BW
20[th] March 2023
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THE HISTORIC COMMERCIAL VEHICLE SOCIETY
STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31[st] OCTOBER 2022
| note | 2022 | 2021 | |
|---|---|---|---|
| ------ | ------- | ------- | |
| INCOMING RESOURCES | |||
| Charitable activities | 2 | £ 58,787 | £ 56,421 |
| Voluntary income | 3 | 9,770 | 10,169 |
| Investment income | 4 | 6 | 173 |
| --------- | --------- | ||
| 68,563 | 66,763 | ||
| Net (losses)/gains from investments | 10 | (19,142) | 30,612 |
| --------- | --------- | ||
| Total incoming resources | £ 49,421 | £ 97,375 | |
| --------- | --------- | ||
| RESOURCES EXPENDED | |||
| Charitable activities | 5 | 30,545 | 27,967 |
| Cost of generating funds | 6 | 16,699 | 17,945 |
| Governance costs | 7 | 1,943 | 1,512 |
| --------- | --------- | ||
| Total resources expended | £ 49,187 | £ 47,424 | |
| --------- | --------- | ||
| Net incoming resources for the year | 234 | 49,951 | |
| Funds brought forward | 293,932 | 243,981 | |
| ----------- | ----------- | ||
| Funds carried forward | £ 294,166 | £ 293,932 | |
| ----------- | ----------- |
The Statement of Financial Activities includes all gains and losses in the year and therefore a statement of recognised gains and losses has not been prepared.
All the above amounts relate to continuing activities.
6
THE HISTORIC COMMERCIAL VEHICLE SOCIETY
BALANCE SHEET
31[st] OCTOBER 2022
| BALANCE SHEET 31stOCTOBER 2022 ______ |
|||||
|---|---|---|---|---|---|
| Note | 2022 | 2021 | |||
| ------ | ------- | ------- | |||
| FIXED ASSETS | |||||
| Tangible assets | 8 | £ 1,774 | £ 694 | ||
| Heritage asset | 9 | 30,000 | 30,000 | ||
| Investments | 10 | 129,503 | 148,645 | ||
| ---------- | ---------- | ||||
| 161,277 | 179,339 | ||||
| CURRENT ASSETS | |||||
| Stocks | £ 315 | £ 315 | |||
| Debtors and prepayments | 11 | 7,474 | 2,704 | ||
| Bank balances | 178,230 | 167,983 | |||
| ---------- | ---------- | ||||
| 186,019 | 171,002 | ||||
| CREDITORS - Amounts falling | |||||
| within one year | 12 | 23,130 | 26,409 | ||
| --------- | ---------- | ||||
| Net current assets | 162,889 | 144,593 | |||
| ----------- | ---------- | ||||
| NET ASSETS | £ 324,166 | £ 323,932 | |||
| ----------- | ---------- | ||||
| Represented by: | |||||
| Unrestricted funds | 294,166 | 293,932 | |||
| Revaluation reserve | 30,000 | 30,000 | |||
| ----------- | ----------- | ||||
| £ 324,166 | £ 323,932 | ||||
| ----------- | ----------- |
For the year ended 31[st] October 2022 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Trustees Responsibilities:
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 20[th] March 2023 and signed on its behalf by:
Fraser Clayton Chairman
The notes on pages 8 to 12 form part of these accounts
7
THE HISTORIC COMMERCIAL VEHICLE SOCIETY
NOTES TO THE ACCOUNTS YEAR ENDED 31[st] OCTOBER 2022
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.
Costs of 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.
8
THE HISTORIC COMMERCIAL VEHICLE SOCIETY
NOTES TO THE ACCOUNTS YEAR ENDED 31[st] OCTOBER 2022
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 do allowance for obsolete and slow moving items.
| 2022 | 2021 | ||
|---|---|---|---|
| ------- | ------- | ||
| **2. ** | Charitable activities | ||
| Membership subscriptions | £ 45,286 | £ 45,082 | |
| Gift aid | 9,035 | 9,221 | |
| Brighton rally | 858 | 317 | |
| Area rallies net income | 925 | 1,077 | |
| Area donations | 1,684 | 724 | |
| Miscellaneous | 999 | - | |
| --------- | --------- | ||
| £ 58,787 | £ 56,421 | ||
| --------- | --------- |
9
THE HISTORIC COMMERCIAL VEHICLE SOCIETY
NOTES TO THE ACCOUNTS YEAR ENDED 31[st] OCTOBER 2022
| NOTES TO THE ACCOUNTS YEAR ENDED 31stOCTOBER 2022 _______ |
||
|---|---|---|
| 2022 | 2021 | |
| ------- | ------- | |
| 3. Voluntary income | ||
| Donations | £ 2,010 | £ 2,010 |
| Insurance donations | 7,465 | 7,520 |
| Vehicle registrations | 135 | 479 |
| Advertising | 160 | 160 |
| -------- | --------- | |
| £ 9,770 | £ 10,169 | |
| -------- | --------- | |
| 4. Investment income | ||
| Bank interest receivable | 3 | 8 |
| Building society interest | 3 | 165 |
| ----- | ----- | |
| £ 6 | £ 173 | |
| ----- | ----- | |
| 5. Charitable activities | ||
| Magazine | 24,949 | 25,739 |
| Area administration costs | 2,671 | 375 |
| AGM/NEC | 421 | - |
| AGM circular | 1,622 | 1,345 |
| Chivers vehicle expenses | 882 | 383 |
| Miscellaneous | - | 125 |
| --------- | --------- | |
| £ 30,545 | £ 27,967 | |
| --------- | --------- | |
| 6. Costs of generating funds | ||
| Costs of stock | 78 | 404 |
| Membership administration costs | 4,033 | 4,846 |
| Rent | 5,216 | 5,341 |
| Insurance | 1,706 | 1,604 |
| Telephone | 673 | 726 |
| Printing, stationery and postage | 832 | 1,377 |
| Advertising and website | 2,476 | 2,249 |
| Calendars | 498 | 233 |
| Depreciation | 277 | 349 |
| Subscriptions | 910 | 816 |
| --------- | --------- | |
| £ 16,699 | £ 17,945 | |
| --------- | --------- |
10
THE HISTORIC COMMERCIAL VEHICLE SOCIETY
NOTES TO THE ACCOUNTS YEAR ENDED 31[st] OCTOBER 2022
| 2022 | 2021 | ||
|---|---|---|---|
| ------- | ------- | ||
| 7. | Governance costs | ||
| Accountancy fees | £ - | £ - | |
| Costs of trustee meetings | 1,083 | 616 | |
| Bank charges | 860 | 896 | |
| -------- | -------- | ||
| £ 1,943 | £ 1,512 | ||
| -------- | -------- | ||
| **8. ** | Tangible fixed assets | Reference Books | |
| Equipment & Trophies | |||
| Cost | |||
| As at 1stNovember 2021 | £ 37,867 | ||
| Additions | 1,357 | ||
| --------- | |||
| As at 31stOctober 2022 | £ 39,224 | ||
| --------- | |||
| Depreciation | |||
| As at 1stNovember 2021 | 37,173 | ||
| Charge for the year | 277 | ||
| --------- | |||
| As at 31stOctober 2022 | £ 37,450 | ||
| --------- | |||
| Net book value | |||
| As at 31stOctober 2022 | £ 1,774 | ||
| -------- | |||
| As at 31stOctober 2021 | £ 694 | ||
| ------ | |||
| 9. | Heritage asset | Leyland | |
| “Chivers” | |||
| As at 1stNovember 2021 | £ 30,000 | ||
| Additions | - | ||
| --------- | |||
| As at 31stOctober 2022 | £ 30,000 | ||
| --------- |
The vehicle is stated at its insured value. The last insurance valuation was in September 2019.
11
THE HISTORIC COMMERCIAL VEHICLE SOCIETY
NOTES TO THE ACCOUNTS YEAR ENDED 31[st] OCTOBER 2022
| 2022 | 2021 | ||
|---|---|---|---|
| ------- | ------- | ||
| **10. ** | Fixed asset investment | ||
| Funds and shares | |||
| Hargreaves Lansdown Fund | |||
| Brought forward | £ 148,645 | £ 118,033 | |
| Profit/(loss) on revaluation | (19,142) | 30,612 | |
| ---------- | ----------- | ||
| Value at 31stOctober 2022 | £ 129,503 | £ 148,645 | |
| ---------- | ----------- | ||
| **11. ** | Debtors and prepayments | ||
| Prepayments | 2,117 | 2,704 | |
| Other debtors | 5,357 | - | |
| -------- | -------- | ||
| £ 7,474 | £ 2,704 | ||
| -------- | -------- | ||
| **12. ** | Creditors: amounts falling due within one year | ||
| Area trade creditors | 1,970 | 1,829 | |
| Subscriptions in advance | 17,917 | 20,460 | |
| Main Society accruals | 3,243 | 4,120 | |
| --------- | --------- | ||
| £ 23,130 | £ 26,409 | ||
| --------- | --------- |
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.
12
THE HISTORIC COMMERCIAL VEHICLE SOCIETY
INCOME & EXPENDITURE ACCOUNT YEAR ENDED 31[st] OCTOBER 2022
| INCOME & EXPENDITURE ACCOUNT YEAR ENDED 31stOCTOBER 2022 ________ |
||||
|---|---|---|---|---|
| 2022 | 2021 | |||
| ------- | ------- | |||
| INCOME | ||||
| membership subscriptions | £ 45,286 | £ 45,082 | ||
| gift aid | 9,035 | 9,221 | ||
| Brighton rally | 858 | 317 | ||
| area rallies net income | 925 | 1,077 | ||
| area donations | 1,684 | 724 | ||
| activities generating funds | 999 | - | ||
| donations | 2,010 | 2,010 | ||
| insurance donations | 7,465 | 7,520 | ||
| vehicle registrations | 135 | 479 | ||
| advertising | 160 | 160 | ||
| bank interest | 3 | 165 | ||
| building society interest | 3 | 8 | ||
| --------- | --------- | |||
| 68,563 | 66,763 | |||
| LESS OVERHEAD EXPENSES: | ||||
| HCVS News | £ 24,949 | £ 25,739 | ||
| area administration costs | 2,671 | 375 | ||
| AGM and proxy vote letter | 2,043 | 1,345 | ||
| Chivers expenses | 882 | 383 | ||
| sundry | - | 125 | ||
| stock | 78 | 404 | ||
| membership administration costs | 4,033 | 4,846 | ||
| rent | 5,216 | 5,341 | ||
| insurance | 1,706 | 1,604 | ||
| telephone | 673 | 727 | ||
| stationery, postage and computer | 832 | 1,376 | ||
| advertising and website | 2,476 | 2,249 | ||
| calendars | 498 | 233 | ||
| depreciation | 277 | 349 | ||
| subscriptions FBHVC and Transport Trust | 910 | 816 | ||
| trustee meetings | 1,083 | 616 | ||
| accountancy | - | - | ||
| bank charges | 860 | 896 | ||
| ------- | 49,187 | ------- | 47,424 | |
| --------- | --------- | |||
| 19,376 | 19,339 | |||
| Investment (Loss)/Gain | (19,142) | 30,612 | ||
| --------- | --------- | |||
| NET SURPLUS for the year | £ 234 | £ 49,951 | ||
| --------- | --------- |
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