Company No. 1241335 THE HISTORIC COMMERCIAL VEHICLE SOCIETY REPORT AND AccouNrs for the YEAR ENDED 31S1 OCTOBER 2025 Charity No. 271123 CONTENTS Page General inforn]ation 2to4 Truslees, report Independent ex8miner's report Statement of financial activities Balance sheet 8t012 Notes forniing part of the aoUftts AEZStw 021041202e COPIPANIES HOLISE A13
THE HISTO]UC COMMERCIAL VEHICLE SOCIETY GENERAL fNFORMATION TRUSTEES & DIRECTORS Oliver Warburton (acting chainnan) David Heasman (deputy chaiman) John Kilby (treasurer) Geoffrey Heels Robert Wright Sarah Carling-wright (secretary) Steven Gray COMPANY SECRETARY REGISTERED OFFICE Mutfords Hare Street Buntingford Hertfordshire SG9 OED CHARITY No. 271123 COMPANY No. 1241335 DEPENDENT ACCOUNTANT Michelle A Hume 15 Porters Close Buntin8ford Hertfordshire SG9 9BW BANKERS Lloyds Bat)k plc Corporation Street Blackpool Branch PO Box 1000 BXI ILT
THE HISTORIC COMMERCIAL VEHICLE SOCIETY DIRECTORS, AND TRUSTEES, REPORT FOR THE YEAR ENDED 31" OCTOBER 2025 The Trustees (who are also directors of the charity for the pury)oses of the Companies Act) present their annual report, together with the unaudited a¢count$ of The HistOTi¢ Commercial Vehicle Society (the company) for the year ended 31" October 2025. The trustees confinn that the annual report and accounts of the company comply with the cuellt statutory requirernents. the requirements of the company's governing document and the provision5 Of the Accounting and Reporting by Charities Siatement of Recommended Practice (SORP) and Financiaj Reporting Standard l 02. Objectives and activities The Society's objective continues to be the encourdgem¢nt of the preservation. restoration and operation of historic commercial vehicle5 aJ]d ihe promolion and filltherance of the study of, and research into such vehicles. When plannin8 our athivities 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 Oliver Warburton (deputy chairn]an - appointed 12 April 2025) Fraser Clayton (chairman- resigned 31, December 2025) David Heasman (deputy chairnian) John Kilby (treasurer) Geoffrey Heels (resigned 10 November 2025) Alan Greenwood (died 29, January 2026) Robert Wright Sarah Carling-wright (secretary - app)inted 12, April 2025) Steven Gray (appointed 12 April 2025) Risk Management The Trustees have assessed tK)tential risks to the charity and iaken aclion 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. Achievem¢nts and performance During the year, regular meetings have been held for Society members in six areas and we have been able to carry out the Charity's aims for publi¢ benefit. Talks have been given on historic commercial vehicles and allied subjects. Events such as road runs and static displays of members. historic commercial vehicles have been carried on during this financial year. The London to Brighton run was held with a new start from Brooklands and this proved to be very popular.
THE HISTORJC COMMERCIAL VEHICLE SOCIETY DIRECTORS. AND TRUSTEES, REPORT (Continued) FOR THE YEAR ENDED 3 I. OCTOBER 2025 Financial revRew Incoming resources were £88,710 (2024 - £87.140) and resources expended were £60.411 (2024 - £61,556). The surplus for the year of £28.299 (2024 - £25.584) fluctuated from the previous year due to the investments. The value of the Society's investments increased in value by £27.083 10 £185,278 as at 31, October 2025. These investmenls are intended to be held for the long terni, 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 member5 of staff were paid in the year covered by these aCCOWLts. Futhre plans Future developments, as always. include th¢ 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 uttlises draft legislation in order to keep up to date with such prospeGtive developments. The Society is also a member of the F¢deration of British Historic Vehicle Clubs which consults and lobbies on belmlf of British vehicle clubs. Re$erves Policy The Trustees aim to maintain at least a minimum level of reserves as recommended by the Charity Commission, and to keep sufficient funds in order to see the funded projects to their conclusion. 2025 2024 Unrestricted fimds Revaluation reserve £357,214 30.000 £328,915 30.000 £ 387,214 £358,915 Going Coneern After making appropriate enquiries, the tstee5 have a reasonable expectation that the company has adequate resources to continue in operational existence for ihe foreseeable future. For this reason, they continue to adopt the going con¢¢rn basis in preparing the accounts.
THE HISTORIC COMMERCIAL VEHICLE SOCIETY DJRECTORS, AND TRUSTEES. REPORT (continued) FOR THE YEAR ENDED 31" OCTOBER 2025 Structure) governance and m*nagement The company is registered as a charitable company limited by guantee, incorporated and conslituted under Articles of Associalion, registered nurnber 1,241.335. It is an English registered charity, number 271,123. The managernent of the company is the responsibility of the trustees who are elected and co- opted under the tern]s of the Article5 of Association. Addilional trustees may be co-opted by the existing trustees as they deem advisable from lime to time. and then stand for election as required by the Articles of Association. The Trwstees of th¢ 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 aRd, the Officers theTrof report. directly to the Society Trustees. Reference and athninigtrative details can k found on page l of the accounts. This report has been prepared in accordance with the General Directions given by the Charity Commissioners in the Charities Act 2011. Trustees RespoDsibilities The members have not required the. charity to obtaln 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. This report was approved by the tnistées on 28 March 2026 and signed on their behalf by.. Oliver Warburton Chainnan Trustee
THE HISTORIC COMMERCIAL VEHICLE SOCIETY INDEPENDENT EXAMfNER'S REPORT FOR THE YEAR ENDED 31" OCTOBER 2025 Independent ExamiDer'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 October 2025 which are set out on pages 6 to 12. Responsibilities and basis of report As the charity trustees of the company (and also its alt0[$ for the Purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Cornpgnies 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 acwunts as carried out under section 145 of the Charilie5 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 confinn that no matters have come to my attention in comiection with my examination giving me cause to believe that in any malerial respect: accounting records were not kept in reSpt 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 ¢omply with the accounting requirements of section 396 of the 2006 Act other than any requir¢rnent that ihe 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 ITeland (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 lo be reached. Michelle A Hume Chartered Accountant 15 Porters Close Buntingford. Hertfordshire SG9 9BW 28 March 2026
THE HISTORIC COMMERCIAL VEHICLE SOCIETY STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31" OCTOBER 2025 note 2025 2024 INCOMtNG RESOURCES Charilable activities £ 48.222 £ 47,904 Donations 9.505 10.084 Investment income 3.900 4.321 Total incoming resources £ 61.627 £ 62,309 RESOURCES EXPENDED Charitable activities 33,775 33.154 Raising funds Governance Costs 22,019 22,156 4,617 6,246 Total resources expended £ 60.411 £61.556 Net in¢oming resources for the year 1.216 753 Net gains from investments io 27.083 24,831 Net movement in funds for the year 28,299 25,584 Funds brought forward 328.915 303,331 Funds carried forward £ 357,214 £ 328,915 The statement of financial activities includes ail gains and losses in the year. All income and expenditure derive from continuing activities. The notes on pages 8 to 12 forni part of these accounts
THE HISTORIC COMMERCIAL VEHICLE SOCIETY BALANCE SHEET 31" OCTOBER 2025 Note 2025 2024 FIXED ASSETS Tangible &ssets Heritsge asset Investments £ i.iio 30,000 185,278 £ 1,221 30.000 158,195 io 216,388 189,416 CURRENT ASSETS Stocks Debtors and prepayments CCLA deposit account Bank balance Area bank balances £ 531 5.608 78,323 11,860 79,140 £ 351 16.801 75.004 16.494 81.774 175,462 190,424 CREDITORS - amounts falling within one year 12 4.636 20,925 Net current assets 170.826 169,499 NET ASSETS £ 387,214 £358.915 Represented by: unStriCted funds Revaluation reserve 357.214 30,000 328,915 30.000 £ 387.214 £ 358,915 For the year ended 31 October 2025 the charity was entided to exemption from audit under section 477 of the Companies Act 2(KJ6 relating to smal! compantes. 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 trnstees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the pr¢paration of accounts. These accounls were approved by the board of Trustees on 28 March 2026 and signed on its behalf by.. Oliver Warburton Chairn]an The notes on pages 8 to 12 forrn part of these accounts
THE HISTORIC COMMERCIAL VEHICLE SOCIETY NOTES TO THE AccouKrs YEAR ENDED 31° OCTOBER 2025 l. Accounting policies The charity constitutes a public benefit entity as defined by FRS102. The accounts have been prepared in accordance Accounling and Reporting by Charities.. Ststement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Siand8sd applicable in the UK and Republic of Ireland issued in October 2019. the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102). the Charities Act 2011 and UK Generally Accepted Accounting Practice. The significant accounting policies applied In the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless othenwise slated. Funds Unrestricted funds are available for use at the discretion of the tnJste¢s in furtherance of the general objectives of the charity and which have not been designaied for other purpose5. Ineoming resources All inwming resources are included in the SOFA when the charity is le8ally entitled to the incorne and the amount C8J] be quantified with reasonable accuracy. The following specific policies ar¢ applied to particular categories of income.. 'Incoming resources from ¢haritabl¢ trading activity Iiiclud¥s income earned trom members subscriptions, fimdraising events and trading activities to raise fimds for the charity. Incom¢ is recognised when entitlement has occurred. Donations and voluntary income are recognised when receivable. Investment in¢ome is included when receivable. Resources expended All expenditure is a¢counled for on an accruals basis and has been classified under headings that aggregate all costs related to the category. All costs are allocated between the expenditure categories of the Sialement of Financial A¢tivities on a basis designed to reflect the use of the resource. Costs of raising fimds comprise the costs as50¢iated with attracting voluntary income. Expenditure on charitable activity includes magazine production cosls and those costs associated with meeting the constitutional and slatutory requirements of the charity. Governance costs include those costs associated with meeting the constitutiona] and statutory r¢quirements of the charity.
THE HISTORtC COMMERCIAL VEHICLE SOCIETY NOTES TO THE ACCOUNTS YEAR ENDED 31" OCTOBER 2025 (continued) Tangible fixed assets #nd depreciation All tangible fixed assets costing more than £1,000 are capitalised and slated at cost less depreeiation. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less iheir estimated residual value. over their expected usefijl lives as follows: Equipment Reference books Challenge ¢ups and trophies 250/u on reducing balance IOO/o on cost at nominal value Heritage assets - motor vehicle The Leyland "Chivers" vehicle was donated to the charitable company and has been capitalised as ihe tteeS constder the vehicle is a heritage assets. defined by the Statement of Recommended Practice (SOB). 2019. The heritage asset is slated al its insured value. The trustees consider the insured value is a reasonable basis for valuation. The trustees eotisider that the vehicle h&% 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 conlinuing retention of this vehicle is direct furtherance of the charitable company's objects. Inv¢$tments Investments are stated at fair value at each reporting date with changes in fair value reci)gnised in 'net gains on investments. in the SOFA. Taxation The charity is exempt from CoratIOn Tax on its charitable activities. Stocks Stocks are valued at the lower of cost or net reaiisable value, after making due allowance for obsolete and slow moving items. Going Con¢¢rn The financial statements have been preped on a going concem basi5 as the trustees believe that no material uncertainties exist. The trustees have considered the level of fidS held and the expected level of income and expenditure for 12 months from authorising tbese financial statements. The budgeted income and expenditure are sufficient with the level of reserves for the charity to be able to continue a going concem.
THE HISTORIC COMMERCIAL VEHICLE SOCIETY NOTES TO THE ACCOUNTS YEAR ENDED 31" OCTOBER 2025 2025 2024 2. Ineome from charitAble activities Membership subscriptions Gift aid Brighton rally Area rallies nel income Area donations Activities g¢nerdting funds Regalia surplusl{deficit) £ 44,883 5.131 (2,461) (779) 742 173 533 £ 40.741 9,000 (2.961) 34 449 793 (152) £ 48.222 £ 47,904 3. Donalions Donations Insurance donations Vehicle registrations Advertising £ 1.735 7.495 275 £ 1.230 8.744 iio £ 9,505 £ 10.084 4. Investment income Bank interesl receivable - CCLA Bank deposit interest Building society interest 3,318 454 128 4.034 287 £ 3,900 £4.321 5. Expenditure on charitable aetivities Magazine Area administratlon Costs 27.137 2,196 616 2.301 1,525 25,607 3.333 788 1,566 1.525 335 AGM AGM circular Chivers vehicle expenses Sundry £ 33,775 £33,154 10
THE HISTORJC COMMERCIAL VEHICLE SOCIETY NOTES TO THE ACCOUNTS YEAR ENDED 31" OCTOBER 2025 2025 2024 6. Cost of raising funds Membership administration cosls Membership renewal notice Rent Insuran¢e Telephone Printing. stationery and postage Computer and website Advertising and website Calendars Depreciation Subscriptions £ 4.852 1,725 6,811 1.566 1,186 1,416 447 2,894 £ 5.688 1,917 6,839 1.779 961 759 498 2,425 180 207 903 880 £22,019 £ 22,156 7. Governance e05ts Costs of tte¢ meelings Bank charges Cost of confidenGe vote Legal cosls of change of constitution Accountancy fees £ 1,842 474 £ 870 515 4.861 2,301 £4,617 £ 6.246 8. Tangible fixed xssets Referenee Books Equipment & Trophies Cost As at l Novetnber 2024 DisNysals £ 39.093 As at 31, October 2025 £ 39,093 Depreciation As at I" November 2024 Charge for the year 37,872 iii As at 31, October 2025 £ 37.983 Net book value As at 31, October 2025 £ i.iio A5 at 31 October 2024 £ 1.221
THE HISTORJC COMMERCIAL VEHICLE SOCIETY NOTES TO THE ACCOUNTS YEAR ENDED 3 I" OCTOBER 2025 2025 2024 9. Heritage asset Leyland "Chivers" As at l November 2024 Additions £ 30.000 As at 31 October 2025 £ 30.000 The v¢hi¢le is stated at its insured value. The last insurance valuation was in September 2019. 10. Fixed 4ss¢t investm¢nt Funds and shares Hargreaves Lansdown Fund Brought forward Profitl(loss) on revaluation £ 158.195 27,083 £ 133.364 24.831 Value at 31" October 2025 £ 185,278 £ 158.195 11. Debtors and prepayments Prepayments Other debtors 3,342 2.266 2,496 14.305 £ 5,608 £ 16,801 12. Creditors: amounts falling due within one year Subscriptions in adv8J]ce Main Society accruals 3.316 1,320 19,605 1.320 £ 4.636 £ 20,925 13. Company staS The company is a company limited by guarantee. The members of the company are the trustees named on page l. 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