RUSHDEN HISTORICAL TRANSPORT SOCIETY
TRUSTEE’S REPORT YEAR ENDING Sept 2023 Charity no 285535
Report of Trustees ending 30th September 2022
The trustees are pleased to present their annual report along with the financial statement of the charity for the year.
TRUSTEES:
President: John Sugars
Chairman – Richard Lewis
Vice-chairman: Colin Robinson
Treasurer: John Blackadder
Secretary: n/a
Other Main committee members:
David Floyd, Robert Smith, David Chambers, Mark Lawman
Our purpose and activities
To advance the education of the public in the history of transport and to provide a museum for the public exhibition of vehicles and other artefacts of relevant historical interest.
The strategies used to achieve the charity’s AIMS:
1.) Provision of Station Museum
2.) Running of Heritage railway
-
3.) Regular themed running and community events held at the Station.
-
4.) Development of the Goods Shed as a Community Hub
-
5.) Preservation and display of heritage commercial vehicles and railway rolling stock.
6.) Use of facilities to community groups and educational and cultural visits.
The financial year ending 30th September 2023 has been a year of ensuring stability throughout the Society after the disruption caused by the Covid outbreak and challenges from the closure of the railway. Although overall income was down on the previous year this was due to a decrease in grant income compared with previous years. The overheads in running the charity have significantly increased particularly with insurance, utility charges and wages. The Society must continue its programme of fundraising and find new ideas to increase revenue.
The success of the Heritage Railway operated by the Society has continued with record passenger numbers for this financial year. The number of event days for the Railway has increased and events continue to be sold out. Offering family orientated events such as Santa Specials has proved to be a great success.
The Society in collaboration with other organisations staged the third Classic Car Show in the centre of the town which again introduced the Society and its activities to many local people. The Goods Shed continued to offer a unique experience and is building a reputation as an interesting venue to host weddings and parties. Other activities included craft fairs, award ceremonies and hiring out the building for one off activities such a polling Station or a TV programme set. With events taking place in the station bar, the railway and the Goods shed the Society has a good community offer and we are acknowledged as a significant community facility in Rushden.
The Society has used grants from North Northamptonshire council to improve the infrastructure of the Station site. These improvements include re-surfacing the Goods Shed car park and the Station platform. The building of a new toilet block has started and is expected to be completed during the coming financial year.
The trustees of Rushden Historical Transport Society offer services and facilities to the community that we believe take due regard of public benefit as stated in section 4 of the Charities Act 2006.
CHARITY REGISTRATION NUMBER: 285535
Rushden Historical Transport Society Unaudited Financial Statements 30 September 2023
REID & CO CORPORATE SERVICES LIMITED
Chartered accountants Artemis House 4a Bramley Road Mount Farm Milton Keynes MK1 1PT
Rushden Historical Transport Society
Financial Statements
Year ended 30 September 2023
| Page | |
|---|---|
| Trustees' annual report | 1 |
| Independent examiner's report to the trustees | 3 |
| Statement of financial activities | 4 |
| Statement of financial position | 5 |
| Notes to the financial statements | 6 |
| The following pages do not form part of the financial statements | |
| Detailed statement of financial activities | 16 |
| Notes to the detailed statement of financial activities | 18 |
Rushden Historical Transport Society
Trustees' Annual Report
Year ended 30 September 2023
The trustees present their report and the unaudited financial statements of the charity for the year ended 30 September 2023.
Reference and administrative details
Registered charity name Rushden Historical Transport Society Charity registration number 285535 Principal office
The trustees
Mr R Lewis (Appointed 5 December 2022) Mr M Lawman (Appointed 7 December 2022) Mr R Smith Mr D Chambers Mr D Floyd Mr J E Sugars Mr C R Robinson Independent examiner Reid & Co Corporate Services Limited Artemis House 4a Bramley Road Mount Farm Milton Keynes MK1 1PT
Structure, governance and management
The Charity is an unincorporated association governed by a constitution. Eligibility for the membership of the charity, and membership of the board of trustees is governed by the constitution. There are no restrictions in the governing document on the operation of the charity or on its investment powers, other than those imposed by general charity law.
The Charity has no responsibility for, nor is it answerable to, any other organisation.
The Charity is open to the usual financial risks of any organisation, and the Charity has introduced controls to minimise these risks. In addition, the accounts are regularly explained to members of the Charity and are open for member's inspection at any time.
Objectives and activities
To advance the education of the public in the history of transport and to provide a museum for the public exhibition of vehicles and other artifacts of relevant historical interest.
1
Rushden Historical Transport Society
Trustees' Annual Report (continued)
Year ended 30 September 2023
Achievements and performance
The trustees have resolved to establish reserves to provide for future activities, and to provide funding for any unexpected losses in the future.
The policy on reserves is that the existing assets are retained to produce income which is wholly utilised to support existing activities. there is no intention in the long term to either increase or decrease the capital significantly. This policy is justified in that it is necessary to preserve income at the present levels in order to maintain the activities of the Charity.
Financial review
The financial statements are set out on pages 9 to 14. The trustees consider the financial performance of the Charity during the year too have been satisfactory.
The statement of Financial Activities show net outgoing resources for the year of a revenue nature of £5,380 (2022: incoming £44,504)
The total reserves at the year end stand at £731,443 (2022: £736,823).
The trustees' annual report was approved on 22 April 2024 and signed on behalf of the board of trustees by:
Mr R Lewis Trustee
2
Rushden Historical Transport Society
Independent Examiner's Report to the Trustees of Rushden Historical Transport Society
Year ended 30 September 2023
I report to the trustees on my examination of the financial statements of Rushden Historical Transport Society ('the charity') for the year ended 30 September 2023.
Responsibilities and basis of report
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 charity’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
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 the Institute of Chartered Accountants in England and Wales (ICAEW), which is one of the listed bodies.
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the charity as required by section 130 of the Act; or
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the financial statements do not accord with those records; or
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the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.
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.
Reid & Co Corporate Services Limited Independent Examiner
Artemis House 4a Bramley Road Mount Farm Milton Keynes MK1 1PT
22 April 2024
3
Rushden Historical Transport Society
Statement of Financial Activities
Year ended 30 September 2023
| 2023 | 2022 | ||||
|---|---|---|---|---|---|
| Unrestricted | Restricted | ||||
| funds | funds | Total funds | Total funds | ||
| Note | £ | £ | £ | £ | |
| Income and endowments | |||||
| Donations and legacies | 4 | 19,572 | – | 19,572 | 133,597 |
| Other trading activities | 5 | 290,582 | – | 290,582 | 243,205 |
| Investment income | 6 | 535 | – | 535 | 270 |
| -------------------------------- | -------------- | -------------------------------- | -------------------------------- | ||
| Total income | 310,689 | – | 310,689 | 377,072 | |
| ================================ | ============== | ================================ | ================================ | ||
| Expenditure | |||||
| Expenditure on raising funds: | |||||
| Costs of other trading activities | 7 | 208,627 | – | 208,627 | 179,357 |
| Expenditure on charitable activities | 8,9 | 35,808 | 62,979 | 97,787 | 142,792 |
| Other expenditure | 10 | 8,655 | – | 8,655 | 10,419 |
| -------------------------------- | --------------------------- | -------------------------------- | -------------------------------- | ||
| Total expenditure | 253,090 | 62,979 | 316,069 | 332,568 | |
| ================================ | =========================== | ================================ | ================================ | ||
| -------------------------------- | --------------------------- | -------------------------------- | -------------------------------- | ||
| Net (expenditure)/income and net | |||||
| movement in funds | 57,599 | (62,979) | (5,380) | 44,504 | |
| ================================ | =========================== | ================================ | ================================ | ||
| Reconciliation of funds | |||||
| Total funds brought forward | 658,333 | 78,490 | 736,823 | 692,319 | |
| -------------------------------- | --------------------------- | -------------------------------- | -------------------------------- | ||
| Total funds carried forward | 715,932 | 15,511 | 731,443 | 736,823 | |
| ================================ | =========================== | ================================ | ================================ |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 6 to 14 form part of these financial statements.
4
Rushden Historical Transport Society
Statement of Financial Position
30 September 2023
| 2023 | 2022 | ||
|---|---|---|---|
| Note | £ | £ | |
| Fixed assets | |||
| Tangible fixed assets | 15 | 752,401 | 752,401 |
| Investments | 16 | 2 | 2 |
| -------------------------------- | -------------------------------- | ||
| 752,403 | 752,403 | ||
| Current assets | |||
| Stocks | 17 | 12,655 | 12,654 |
| Debtors | 18 | 545 | – |
| Cash at bank and in hand | 111,797 | 138,749 | |
| -------------------------------- | -------------------------------- | ||
| 124,997 | 151,403 | ||
| Creditors: amounts falling due within one year | 19 | 28,957 | 40,983 |
| -------------------------------- | -------------------------------- | ||
| Net current assets | 96,040 | 110,420 | |
| -------------------------------- | -------------------------------- | ||
| Total assets less current liabilities | 848,443 | 862,823 | |
| Creditors: amounts falling due after more than one year | 20 | 117,000 | 126,000 |
| -------------------------------- | -------------------------------- | ||
| Net assets | 731,443 | 736,823 | |
| ================================ | ================================ | ||
| Funds of the charity | |||
| Restricted funds | 15,511 | 78,490 | |
| Unrestricted funds | 715,932 | 658,333 | |
| -------------------------------- | -------------------------------- | ||
| Total charity funds | 22 | 731,443 | 736,823 |
| ================================ | ================================ |
These financial statements were approved by the board of trustees and authorised for issue on 22 April 2024, and are signed on behalf of the board by:
Mr R Lewis Trustee
The notes on pages 6 to 14 form part of these financial statements.
5
Rushden Historical Transport Society
Notes to the Financial Statements
Year ended 30 September 2023
1. General information
The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is The Station, Station Approach, Rushden, Northants, NN10 0AW, England.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Charities Act 2011.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no material uncertainties about the charity's ability to continue.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires trustees to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.
Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.
Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
6
Rushden Historical Transport Society
Notes to the Financial Statements (continued)
Year ended 30 September 2023
3. Accounting policies (continued)
Incoming resources
All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:
-
income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
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legacy income is recognised when receipt is probable and entitlement is established.
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income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers.
-
income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
-
expenditure on raising funds includes the costs of all fundraising activities, events, noncharitable trading activities, and the sale of donated goods.
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expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
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other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
7
Rushden Historical Transport Society
Notes to the Financial Statements (continued)
Year ended 30 September 2023
3. Accounting policies (continued)
Tangible assets
All assets are stated at cost price.
No depreciation is provided on fixed assets, as it is considered by the trustees’ that their current value exceeds the book value in the accounts.
Investments
Unlisted equity investments are initially recorded at cost less impairment.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs.
Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.
Debt instruments are subsequently measured at amortised cost.
Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment.
Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
8
Rushden Historical Transport Society
Notes to the Financial Statements (continued)
Year ended 30 September 2023
3. Accounting policies (continued)
Financial instruments (continued)
Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised.
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises.
4. Donations and legacies
| Unrestricted | Restricted | Total Funds | |
|---|---|---|---|
| Funds | Funds | 2023 | |
| £ | £ | £ | |
| Donations | |||
| Donations | 19,572 | – | 19,572 |
| Grants | |||
| Grants receivable | – | – | – |
| --------------------------- | -------------- | --------------------------- | |
| 19,572 | – | 19,572 | |
| =========================== | ============== | =========================== | |
| Unrestricted | Restricted | Total Funds | |
| Funds | Funds | 2022 | |
| £ | £ | £ | |
| Donations | |||
| Donations | 287 | 400 | 687 |
9
Rushden Historical Transport Society
Notes to the Financial Statements (continued)
Year ended 30 September 2023
4. Donations and legacies (continued)
| Unrestricted | Restricted | Total Funds | |||
|---|---|---|---|---|---|
| Funds | Funds | 2022 | |||
| £ | £ | £ | |||
| Grants | |||||
| Grants receivable | 64,910 | 68,000 | 132,910 | ||
| --------------------------- | --------------------------- | -------------------------------- | |||
| 65,197 | 68,400 | 133,597 | |||
| =========================== | =========================== | ================================ | |||
| 5. | Other trading activities | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2023 | Funds | 2022 | ||
| £ | £ | £ | £ | ||
| Subscriptions | 8,970 | 8,970 | 9,146 | 9,146 | |
| Bar income | 216,588 | 216,588 | 234,059 | 234,059 | |
| Catering income | 13,407 | 13,407 | – | – | |
| Transport income | 48,592 | 48,592 | – | – | |
| Retail income | 3,025 | 3,025 | – | – | |
| -------------------------------- | -------------------------------- | -------------------------------- | -------------------------------- | ||
| 290,582 | 290,582 | 243,205 | 243,205 | ||
| ================================ | ================================ | ================================ | ================================ | ||
| 6. | Investment income | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2023 | Funds | 2022 | ||
| £ | £ | £ | £ | ||
| Bank interest receivable | 535 | 535 | 270 | 270 | |
| ============== | ============== | ============== | ============== | ||
| 7. | Costs of other trading activities | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2023 | Funds | 2022 | ||
| £ | £ | £ | £ | ||
| Costs of other trading activities | 208,627 | 208,627 | 179,357 | 179,357 | |
| ================================ | ================================ | ================================ | ================================ | ||
| 8. | Expenditure on charitable activities | by fund type | |||
| Unrestricted | Restricted | Total Funds | |||
| Funds | Funds | 2023 | |||
| £ | £ | £ | |||
| Support costs | 35,808 | 62,979 | 98,787 | ||
| =========================== | =========================== | ================================ | |||
| Unrestricted | Restricted | Total Funds | |||
| Funds | Funds | 2022 | |||
| £ | £ | £ | |||
| Support costs | 140,192 | 2,600 | 142,792 | ||
| ================================ | ======================= | ================================ |
10
Rushden Historical Transport Society
Notes to the Financial Statements (continued)
Year ended 30 September 2023
9. Expenditure on charitable activities by activity type
| Support | Total funds | Total funds | |||
|---|---|---|---|---|---|
| costs | 2023 | 2022 | |||
| £ | £ | £ | |||
| Governance costs | 98,787 | 98,787 | 142,792 | ||
| ================================ | ================================ | ================================ | |||
| 10. | Other expenditure | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2023 | Funds | 2022 | ||
| £ | £ | £ | £ | ||
| Other expenditure - Bank and credit | |||||
| card charges | 7,872 | 7,872 | 5,324 | 5,324 | |
| Other expenditure - Bad debts written | |||||
| off | – | – | 4,206 | 4,206 | |
| Other expenditure - Sundry expenses | 783 | 783 | 889 | 889 | |
| ----------------------- | ----------------------- | --------------------------- | --------------------------- | ||
| 8,655 | 8,655 | 10,419 | 10,419 | ||
| ======================= | ======================= | =========================== | =========================== | ||
| 11. | Net (expenditure)/income | ||||
| Net (expenditure)/income is stated after charging/(crediting): | |||||
| 2023 | 2022 | ||||
| £ | £ | ||||
| Operating lease rentals | 11,566 | 10,190 | |||
| =========================== | ============== | ||||
| 12. | Independent examination fees | ||||
| 2023 | 2022 | ||||
| £ | £ | ||||
| Fees payable to the independent examiner for: | |||||
| Independent examination of the financial | statements | 1,500 | 1,850 | ||
| ======================= | ======================= | ||||
| 13. | Staff costs | ||||
| The total staff costs and employee benefits for the reporting period are analysed as | follows: | ||||
| 2023 | 2022 | ||||
| £ | £ | ||||
| Wages and salaries | 75,573 | 75,930 | |||
| Social security costs | 2,869 | 791 | |||
| Employer contributions to pension plans | 884 | 2,372 | |||
| Other employee benefits | 4,558 | – | |||
| --------------------------- | --------------------------- | ||||
| 83,884 | 79,093 | ||||
| =========================== | =========================== | ||||
| The average head count of employees during the year | was 11 (2022: | 12). The average number of | |||
| full-time equivalent employees during the | year is analysed as follows: | ||||
| 2023 | 2022 | ||||
| No. | No. | ||||
| Number of staff engaged on charitable activities | 11 | 12 | |||
| ============== | ============== |
11
Rushden Historical Transport Society
Notes to the Financial Statements (continued)
Year ended 30 September 2023
13. Staff costs (continued)
No employee received employee benefits of more than £60,000 during the year (2022: Nil).
14. Trustee remuneration and expenses
There were no fees or other remuneration paid to the trustees.
15. Tangible fixed assets
| Freehold | Plant and | |||
|---|---|---|---|---|
| property | machinery | Total | ||
| £ | £ | £ | ||
| Cost | ||||
| At 1 October 2022 and 30 September 2023 | 552,467 | 199,934 | 752,401 | |
| ================================ | ================================ | ================================ | ||
| Depreciation | ||||
| At 1 October 2022 and 30 September 2023 | – | – | – | |
| ================================ | ================================ | ================================ | ||
| Carrying amount | ||||
| At 30 September 2023 | 552,467 | 199,934 | 752,401 | |
| ================================ | ================================ | ================================ | ||
| At 30 September 2022 | 552,467 | 199,934 | 752,401 | |
| ================================ | ================================ | ================================ | ||
| 16. | Investments | |||
| Other | ||||
| investments | ||||
| £ | ||||
| Cost or valuation | ||||
| At 1 October 2022 | 2 | |||
| Additions | – | |||
| -------------- | ||||
| At 30 September 2023 | 2 | |||
| ============== | ||||
| Impairment | ||||
| At 1 October 2022 and 30 September 2023 | – | |||
| ============== | ||||
| Carrying amount | ||||
| At 30 September 2023 | 2 | |||
| ============== | ||||
| At 30 September 2022 | 2 | |||
| ============== | ||||
| All investments shown above are held at valuation. | ||||
| 17. | Stocks | |||
| 2023 | 2022 | |||
| £ | £ | |||
| Raw materials and consumables | 12,655 | 12,654 | ||
| =========================== | =========================== |
12
Rushden Historical Transport Society
Notes to the Financial Statements (continued)
Year ended 30 September 2023
18. Debtors
| 2023 | 2022 | ||
|---|---|---|---|
| £ | £ | ||
| Trade debtors | 545 | – | |
| ============== | ============== | ||
| 19. | Creditors: amounts falling due within one year | ||
| 2023 | 2022 | ||
| £ | £ | ||
| Trade creditors | 14,973 | 26,042 | |
| Accruals and deferred income | 6,550 | 4,468 | |
| Corporation tax | 72 | 72 | |
| Social security and other taxes | 7,362 | 10,401 | |
| --------------------------- | --------------------------- | ||
| 28,957 | 40,983 | ||
| =========================== | =========================== | ||
| 20. | Creditors: amounts falling due after more than one year | ||
| 2023 | 2022 | ||
| £ | £ | ||
| Loans | 117,000 | 126,000 | |
| ================================ | ================================ |
21. Pensions and other post retirement benefits
Defined contribution plans
The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £884 (2022: £2,372).
22. Analysis of charitable funds
Unrestricted funds
| At | At | |||||
|---|---|---|---|---|---|---|
| 1 | October | 30 | September | |||
| 2022 | Income | Expenditure | 2023 | |||
| £ | £ | £ | £ | |||
| General funds | 658,333 | 310,689 | (253,090) |
715,932 | ||
| ================================ | ================================ | ================================ | ================================ | |||
| At | At | |||||
| 1 | October | 30 | September | |||
| 2021 | Income | Expenditure | 2022 | |||
| £ | £ | £ | £ | |||
| General funds | 679,629 | 308,672 | (329,968) |
658,333 | ||
| ================================ | ================================ | ================================ | ================================ |
13
Rushden Historical Transport Society
Notes to the Financial Statements (continued)
Year ended 30 September 2023
22. Analysis of charitable funds (continued)
| Restricted funds | ||||||
|---|---|---|---|---|---|---|
| At | At | |||||
| 1 | October | 30 | September | |||
| 2022 | Income | Expenditure | 2023 | |||
| £ | £ | £ | £ | |||
| Restricted Fund | 78,490 | – | (62,979) |
15,511 | ||
| =========================== | ============== | =========================== | =========================== | |||
| At | At | |||||
| 1 | October | 30 | September | |||
| 2021 | Income | Expenditure | 2022 | |||
| £ | £ | £ | £ | |||
| Restricted Fund | 12,690 | 68,400 | (2,600) |
78,490 | ||
| =========================== | =========================== | ======================= | =========================== |
14
Rushden Historical Transport Society
Management Information
Year ended 30 September 2023
The following pages do not form part of the financial statements.
15
Rushden Historical Transport Society
Detailed Statement of Financial Activities
Year ended 30 September 2023
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Income and endowments | ||
| Donations and legacies | ||
| Donations | 19,572 | 687 |
| Grants receivable | – | 132,910 |
| --------------------------- | -------------------------------- | |
| 19,572 | 133,597 | |
| --------------------------- | -------------------------------- | |
| Other trading activities | ||
| Subscriptions | 8,970 | 9,146 |
| Bar income | 216,588 | 234,059 |
| Catering income | 13,407 | – |
| Transport income | 48,592 | – |
| Retail income | 3,025 | – |
| -------------------------------- | -------------------------------- | |
| 290,582 | 243,205 | |
| -------------------------------- | -------------------------------- | |
| Investment income | ||
| Bank interest receivable | 535 | 270 |
| -------------- | -------------- | |
| -------------------------------- | -------------------------------- | |
| Total income | 310,689 | 377,072 |
| ================================ | ================================ |
16
Rushden Historical Transport Society
Detailed Statement of Financial Activities (continued)
Year ended 30 September 2023
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Expenditure | ||
| Costs of other trading activities | ||
| Purchases | 112,977 | 100,264 |
| Wages and salaries | 75,573 | 75,930 |
| Employer's NIC | 2,869 | 791 |
| Pension costs | 884 | 2,372 |
| Other post-retirement benefits | 4,558 | – |
| Operating leases | 11,566 | – |
| Rent | 200 | – |
| -------------------------------- | -------------------------------- | |
| 208,627 | 179,357 | |
| -------------------------------- | -------------------------------- | |
| Expenditure on charitable activities | ||
| Rent | 1,502 | 825 |
| Rates and water | (2,885) | 12,765 |
| Light and heat | 10,887 | 10,099 |
| Repairs and maintenance | 4,774 | 72,756 |
| Insurance | 14,335 | 11,309 |
| Other establishment | 42,560 | – |
| Other motor/travel costs | 852 | 181 |
| Legal and professional fees | 11,600 | 7,659 |
| Telephone | 1,364 | 1,566 |
| Other office costs | 1,945 | 5,417 |
| Laundry and cleaning | 7,856 | 10,025 |
| Hire of equipment | 1,604 | 10,190 |
| Advertising | 2,393 | – |
| -------------------------------- | -------------------------------- | |
| 98,787 | 142,792 | |
| -------------------------------- | -------------------------------- | |
| Other expenditure | ||
| Other expenditure - Bank and credit card charges | 7,872 | 5,324 |
| Other expenditure - Bad debts written off | – | 4,206 |
| Other expenditure - Sundry expenses | 783 | 889 |
| ----------------------- | --------------------------- | |
| 8,655 | 10,419 | |
| ----------------------- | --------------------------- | |
| -------------------------------- | -------------------------------- | |
| Total expenditure | 316,069 | 332,568 |
| ================================ | ================================ | |
| -------------------------------- | -------------------------------- | |
| Net (expenditure)/income | (5,380) | 44,504 |
| ================================ | ================================ |
17
Rushden Historical Transport Society
Notes to the Detailed Statement of Financial Activities
Year ended 30 September 2023
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Costs of other trading activities | ||
| Costs of other trading activities | ||
| Bar costs | 112,977 | 100,264 |
| Wages | 75,573 | 75,930 |
| employer's NIC | 2,869 | 791 |
| pension costs | 884 | 2,372 |
| Catering costs | 4,558 | – |
| Transport costs | 11,566 | – |
| Retail costs | 200 | – |
| -------------------------------- | -------------------------------- | |
| 208,627 | 179,357 | |
| -------------------------------- | -------------------------------- | |
| -------------------------------- | -------------------------------- | |
| Costs of other trading activities | 208,627 | 179,357 |
| ================================ | ================================ | |
| Expenditure on charitable activities | ||
| Governance costs | ||
| Governance costs - rent | 1,502 | 825 |
| Governance costs - rates & water | (2,885) | 12,765 |
| Governance costs - light & heat | 10,887 | 10,099 |
| Governance costs - repairs & maintenance | 4,774 | 72,756 |
| Governance costs - insurance | 14,335 | 11,309 |
| Governance costs - other establishment | 42,560 | – |
| Governance costs - other motor/travel costs | 852 | 181 |
| Governance costs - accountancy fees | 8,270 | 1,850 |
| Governance costs - legal and other professional fees | 3,330 | 5,809 |
| Governance costs - telephone | 1,364 | 1,566 |
| Governance costs - other office costs | 1,944 | 5,417 |
| Governance costs - laundry and cleaning | 7,856 | 10,025 |
| Governance costs - hire of equipment | 1,604 | 10,190 |
| Governance costs - advertising | 2,393 | – |
| -------------------------------- | -------------------------------- | |
| 98,787 | 142,792 | |
| -------------------------------- | -------------------------------- | |
| -------------------------------- | -------------------------------- | |
| Expenditure on charitable activities | 98,787 | 142,792 |
| ================================ | ================================ |
18
RUSHDEN HISTORICAL TRANSPORT SOCIETY INDIVIDUAL FUND ACCOUNTS FOR THE YEAR ENDED 30TH SEPTEMBER 2023
(For trustee and member information only)
| Incoming resources of a revenue nature from Governem East Northants District Council National Heritage Total Incoming resources of a revenue nature from non Public Sundry Donations Total Total Grants, Legacies and Donations Received Other Voluntary Income Members' Subscriptions Total other voluntary income Total Voluntary Income Activities for generation funds Fundraising activities Total of activities for generating funds Investment Income other bank deposit interest received Total Investment Income Total Incoming Resources Cost of generating funds Costs of genertating vountary income Cost of fundraising activities Management and adminstration costs in support of char Direct suport costs Gross wages and salaries - charitable activities Emplouee costs Motor expenses Premises costs: Rent payable Rates, water and service charges Insurance Light and heat Laundry and cleaning Premises repairs and renewals Toilet block works General admistrative expenses Telephone and internet Printing, postage, stationery and advertising Hire of Equipment Bad debts and amounts written off Bank charges and interest Sundry expenses Professional fees Legal and professional fees Total Support costs Total Expended on Charitable Activities Governance Costs Specific governance costs Total governance costs Net profit/(loss) for the year |
Total Funds 2023 £ nt and Public Bodi 0 0 0 Bodies 19,572 19,572 19,572 8,970 8,970 28,542 281,612 281,612 535 535 310,689 112,977 112,977 itable activities 83,884 83,884 852 852 1,702 (2,885) 14,335 10,887 7,856 4,774 42,560 79,229 1,364 4,338 13,170 0 7,872 783 27,527 4,580 4,580 196,072 196,072 7,020 7,020 (5,380) |
Transport Bar RHTS Buffet Fund Fund Retail Carriage 2023 2023 2023 2023 £ £ £ £ es 0 0 0 0 0 0 0 0 0 0 0 0 19,572 0 0 0 19,572 0 0 0 19,572 0 0 0 8,970 0 0 0 8,970 0 0 0 28,542 0 0 0 48,592 216,588 3,025 13,407 48,592 216,588 3,025 13,407 535 0 0 0 535 0 0 0 77,669 216,588 3,025 13,407 11,566 96,654 200 4,557 11,566 96,654 200 4,557 15,820 68,064 0 0 15,820 68,064 0 0 852 0 0 0 852 0 0 0 1,702 0 0 0 (3,500) 520 0 95 12,911 1,424 0 0 4,899 4,900 544 544 2,585 5,271 0 0 4,247 527 0 0 42,560 0 0 0 65,404 12,642 544 639 1,364 0 0 0 4,338 0 0 0 13,170 0 0 0 0 0 0 0 1,184 6,688 0 0 783 0 0 0 20,839 6,688 0 0 3,330 1,250 0 0 3,330 1,250 0 0 106,245 88,644 544 639 106,245 88,644 544 639 7,020 0 0 0 7,020 0 0 0 (47,162) 31,290 2,281 8,211 |
Total Funds 2022 £ 131,660 1,250 132,910 687 687 133,597 9,146 9,146 142,743 234,059 234,059 270 270 377,072 100,264 100,264 79,093 79,093 181 181 825 12,765 11,309 10,099 10,025 72,756 0 117,779 1,566 5,417 10,190 4,206 5,324 889 27,592 5,809 5,809 230,454 230,454 1,850 1,850 44,504 |
Transport Bar RHTS Buffet Fund Fund Retail Carriage 2022 2022 2022 2022 £ £ £ £ 115,000 16,660 0 0 1,250 0 0 0 |
|---|---|---|---|---|
| 116,250 16,660 0 0 |
||||
| 687 0 0 0 |
||||
| 687 0 0 0 |
||||
| 116,937 16,660 0 0 |
||||
| 9,146 0 0 0 |
||||
| 9,146 0 0 0 |
||||
| 126,083 16,660 0 0 |
||||
| 51,268 164,303 2,075 16,413 |
||||
| 51,268 164,303 2,075 16,413 |
||||
| 270 0 0 0 |
||||
| 270 0 0 0 |
||||
| 177,621 180,963 2,075 16,413 |
||||
| 3,234 90,881 1,181 4,968 |
||||
| 3,234 90,881 1,181 4,968 15,139 63,954 0 0 |
||||
| 15,139 63,954 0 0 |
||||
| 181 0 0 0 |
||||
| 181 0 0 0 |
||||
| 825 0 0 0 11,729 1,036 0 0 11,138 171 0 0 2,816 7,283 0 0 2,753 7,272 0 0 72,756 0 0 0 0 0 0 0 |
||||
| 102,017 15,762 0 0 |
||||
| 1,566 0 0 0 5,417 0 0 0 10,190 0 0 0 4,206 0 0 0 1,664 3,609 51 0 444 445 0 0 |
||||
| 23,487 4,054 51 0 |
||||
| 3,499 2,310 0 0 |
||||
| 3,499 2,310 0 0 |
||||
| 144,323 86,080 51 0 |
||||
| 144,323 86,080 51 0 |
||||
| 1,850 0 0 0 |
||||
| 1,850 0 0 0 |
||||
| 28,214 4,002 843 11,445 |
CHARITY REGISTRATION NUMBER: 285535
Rushden Historical Transport Society Unaudited Financial Statements 30 September 2023
REID & CO CORPORATE SERVICES LIMITED
Chartered accountants Artemis House 4a Bramley Road Mount Farm Milton Keynes MK1 1PT
Rushden Historical Transport Society
Financial Statements
Year ended 30 September 2023
| Page | |
|---|---|
| Trustees' annual report | 1 |
| Independent examiner's report to the trustees | 3 |
| Statement of financial activities | 4 |
| Statement of financial position | 5 |
| Notes to the financial statements | 6 |
| The following pages do not form part of the financial statements | |
| Detailed statement of financial activities | 16 |
| Notes to the detailed statement of financial activities | 18 |
Rushden Historical Transport Society
Trustees' Annual Report
Year ended 30 September 2023
The trustees present their report and the unaudited financial statements of the charity for the year ended 30 September 2023.
Reference and administrative details
Registered charity name Rushden Historical Transport Society Charity registration number 285535 Principal office
The trustees
Mr R Lewis (Appointed 5 December 2022) Mr M Lawman (Appointed 7 December 2022) Mr R Smith Mr D Chambers Mr D Floyd Mr J E Sugars Mr C R Robinson Independent examiner Reid & Co Corporate Services Limited Artemis House 4a Bramley Road Mount Farm Milton Keynes MK1 1PT
Structure, governance and management
The Charity is an unincorporated association governed by a constitution. Eligibility for the membership of the charity, and membership of the board of trustees is governed by the constitution. There are no restrictions in the governing document on the operation of the charity or on its investment powers, other than those imposed by general charity law.
The Charity has no responsibility for, nor is it answerable to, any other organisation.
The Charity is open to the usual financial risks of any organisation, and the Charity has introduced controls to minimise these risks. In addition, the accounts are regularly explained to members of the Charity and are open for member's inspection at any time.
Objectives and activities
To advance the education of the public in the history of transport and to provide a museum for the public exhibition of vehicles and other artifacts of relevant historical interest.
1
Rushden Historical Transport Society
Trustees' Annual Report (continued)
Year ended 30 September 2023
Achievements and performance
The trustees have resolved to establish reserves to provide for future activities, and to provide funding for any unexpected losses in the future.
The policy on reserves is that the existing assets are retained to produce income which is wholly utilised to support existing activities. there is no intention in the long term to either increase or decrease the capital significantly. This policy is justified in that it is necessary to preserve income at the present levels in order to maintain the activities of the Charity.
Financial review
The financial statements are set out on pages 9 to 14. The trustees consider the financial performance of the Charity during the year too have been satisfactory.
The statement of Financial Activities show net outgoing resources for the year of a revenue nature of £5,380 (2022: incoming £44,504)
The total reserves at the year end stand at £731,443 (2022: £736,823).
The trustees' annual report was approved on 22 April 2024 and signed on behalf of the board of trustees by:
Mr R Lewis Trustee
2
Rushden Historical Transport Society
Independent Examiner's Report to the Trustees of Rushden Historical Transport Society
Year ended 30 September 2023
I report to the trustees on my examination of the financial statements of Rushden Historical Transport Society ('the charity') for the year ended 30 September 2023.
Responsibilities and basis of report
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 charity’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
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 the Institute of Chartered Accountants in England and Wales (ICAEW), which is one of the listed bodies.
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the charity as required by section 130 of the Act; or
-
the financial statements do not accord with those records; or
-
the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.
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.
Reid & Co Corporate Services Limited Independent Examiner
Artemis House 4a Bramley Road Mount Farm Milton Keynes MK1 1PT
22 April 2024
3
Rushden Historical Transport Society
Statement of Financial Activities
Year ended 30 September 2023
| 2023 | 2022 | ||||
|---|---|---|---|---|---|
| Unrestricted | Restricted | ||||
| funds | funds | Total funds | Total funds | ||
| Note | £ | £ | £ | £ | |
| Income and endowments | |||||
| Donations and legacies | 4 | 19,572 | – | 19,572 | 133,597 |
| Other trading activities | 5 | 290,582 | – | 290,582 | 243,205 |
| Investment income | 6 | 535 | – | 535 | 270 |
| -------------------------------- | -------------- | -------------------------------- | -------------------------------- | ||
| Total income | 310,689 | – | 310,689 | 377,072 | |
| ================================ | ============== | ================================ | ================================ | ||
| Expenditure | |||||
| Expenditure on raising funds: | |||||
| Costs of other trading activities | 7 | 208,627 | – | 208,627 | 179,357 |
| Expenditure on charitable activities | 8,9 | 35,808 | 62,979 | 97,787 | 142,792 |
| Other expenditure | 10 | 8,655 | – | 8,655 | 10,419 |
| -------------------------------- | --------------------------- | -------------------------------- | -------------------------------- | ||
| Total expenditure | 253,090 | 62,979 | 316,069 | 332,568 | |
| ================================ | =========================== | ================================ | ================================ | ||
| -------------------------------- | --------------------------- | -------------------------------- | -------------------------------- | ||
| Net (expenditure)/income and net | |||||
| movement in funds | 57,599 | (62,979) | (5,380) | 44,504 | |
| ================================ | =========================== | ================================ | ================================ | ||
| Reconciliation of funds | |||||
| Total funds brought forward | 658,333 | 78,490 | 736,823 | 692,319 | |
| -------------------------------- | --------------------------- | -------------------------------- | -------------------------------- | ||
| Total funds carried forward | 715,932 | 15,511 | 731,443 | 736,823 | |
| ================================ | =========================== | ================================ | ================================ |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 6 to 14 form part of these financial statements.
4
Rushden Historical Transport Society
Statement of Financial Position
30 September 2023
| 2023 | 2022 | ||
|---|---|---|---|
| Note | £ | £ | |
| Fixed assets | |||
| Tangible fixed assets | 15 | 752,401 | 752,401 |
| Investments | 16 | 2 | 2 |
| -------------------------------- | -------------------------------- | ||
| 752,403 | 752,403 | ||
| Current assets | |||
| Stocks | 17 | 12,655 | 12,654 |
| Debtors | 18 | 545 | – |
| Cash at bank and in hand | 111,797 | 138,749 | |
| -------------------------------- | -------------------------------- | ||
| 124,997 | 151,403 | ||
| Creditors: amounts falling due within one year | 19 | 28,957 | 40,983 |
| -------------------------------- | -------------------------------- | ||
| Net current assets | 96,040 | 110,420 | |
| -------------------------------- | -------------------------------- | ||
| Total assets less current liabilities | 848,443 | 862,823 | |
| Creditors: amounts falling due after more than one year | 20 | 117,000 | 126,000 |
| -------------------------------- | -------------------------------- | ||
| Net assets | 731,443 | 736,823 | |
| ================================ | ================================ | ||
| Funds of the charity | |||
| Restricted funds | 15,511 | 78,490 | |
| Unrestricted funds | 715,932 | 658,333 | |
| -------------------------------- | -------------------------------- | ||
| Total charity funds | 22 | 731,443 | 736,823 |
| ================================ | ================================ |
These financial statements were approved by the board of trustees and authorised for issue on 22 April 2024, and are signed on behalf of the board by:
Mr R Lewis Trustee
The notes on pages 6 to 14 form part of these financial statements.
5
Rushden Historical Transport Society
Notes to the Financial Statements
Year ended 30 September 2023
1. General information
The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is The Station, Station Approach, Rushden, Northants, NN10 0AW, England.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Charities Act 2011.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no material uncertainties about the charity's ability to continue.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires trustees to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.
Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.
Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
6
Rushden Historical Transport Society
Notes to the Financial Statements (continued)
Year ended 30 September 2023
3. Accounting policies (continued)
Incoming resources
All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:
-
income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
-
legacy income is recognised when receipt is probable and entitlement is established.
-
income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers.
-
income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
-
expenditure on raising funds includes the costs of all fundraising activities, events, noncharitable trading activities, and the sale of donated goods.
-
expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
-
other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
7
Rushden Historical Transport Society
Notes to the Financial Statements (continued)
Year ended 30 September 2023
3. Accounting policies (continued)
Tangible assets
All assets are stated at cost price.
No depreciation is provided on fixed assets, as it is considered by the trustees’ that their current value exceeds the book value in the accounts.
Investments
Unlisted equity investments are initially recorded at cost less impairment.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs.
Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.
Debt instruments are subsequently measured at amortised cost.
Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment.
Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
8
Rushden Historical Transport Society
Notes to the Financial Statements (continued)
Year ended 30 September 2023
3. Accounting policies (continued)
Financial instruments (continued)
Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised.
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises.
4. Donations and legacies
| Unrestricted | Restricted | Total Funds | |
|---|---|---|---|
| Funds | Funds | 2023 | |
| £ | £ | £ | |
| Donations | |||
| Donations | 19,572 | – | 19,572 |
| Grants | |||
| Grants receivable | – | – | – |
| --------------------------- | -------------- | --------------------------- | |
| 19,572 | – | 19,572 | |
| =========================== | ============== | =========================== | |
| Unrestricted | Restricted | Total Funds | |
| Funds | Funds | 2022 | |
| £ | £ | £ | |
| Donations | |||
| Donations | 287 | 400 | 687 |
9
Rushden Historical Transport Society
Notes to the Financial Statements (continued)
Year ended 30 September 2023
4. Donations and legacies (continued)
| Unrestricted | Restricted | Total Funds | |||
|---|---|---|---|---|---|
| Funds | Funds | 2022 | |||
| £ | £ | £ | |||
| Grants | |||||
| Grants receivable | 64,910 | 68,000 | 132,910 | ||
| --------------------------- | --------------------------- | -------------------------------- | |||
| 65,197 | 68,400 | 133,597 | |||
| =========================== | =========================== | ================================ | |||
| 5. | Other trading activities | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2023 | Funds | 2022 | ||
| £ | £ | £ | £ | ||
| Subscriptions | 8,970 | 8,970 | 9,146 | 9,146 | |
| Bar income | 216,588 | 216,588 | 234,059 | 234,059 | |
| Catering income | 13,407 | 13,407 | – | – | |
| Transport income | 48,592 | 48,592 | – | – | |
| Retail income | 3,025 | 3,025 | – | – | |
| -------------------------------- | -------------------------------- | -------------------------------- | -------------------------------- | ||
| 290,582 | 290,582 | 243,205 | 243,205 | ||
| ================================ | ================================ | ================================ | ================================ | ||
| 6. | Investment income | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2023 | Funds | 2022 | ||
| £ | £ | £ | £ | ||
| Bank interest receivable | 535 | 535 | 270 | 270 | |
| ============== | ============== | ============== | ============== | ||
| 7. | Costs of other trading activities | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2023 | Funds | 2022 | ||
| £ | £ | £ | £ | ||
| Costs of other trading activities | 208,627 | 208,627 | 179,357 | 179,357 | |
| ================================ | ================================ | ================================ | ================================ | ||
| 8. | Expenditure on charitable activities | by fund type | |||
| Unrestricted | Restricted | Total Funds | |||
| Funds | Funds | 2023 | |||
| £ | £ | £ | |||
| Support costs | 35,808 | 62,979 | 98,787 | ||
| =========================== | =========================== | ================================ | |||
| Unrestricted | Restricted | Total Funds | |||
| Funds | Funds | 2022 | |||
| £ | £ | £ | |||
| Support costs | 140,192 | 2,600 | 142,792 | ||
| ================================ | ======================= | ================================ |
10
Rushden Historical Transport Society
Notes to the Financial Statements (continued)
Year ended 30 September 2023
9. Expenditure on charitable activities by activity type
| Support | Total funds | Total funds | |||
|---|---|---|---|---|---|
| costs | 2023 | 2022 | |||
| £ | £ | £ | |||
| Governance costs | 98,787 | 98,787 | 142,792 | ||
| ================================ | ================================ | ================================ | |||
| 10. | Other expenditure | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2023 | Funds | 2022 | ||
| £ | £ | £ | £ | ||
| Other expenditure - Bank and credit | |||||
| card charges | 7,872 | 7,872 | 5,324 | 5,324 | |
| Other expenditure - Bad debts written | |||||
| off | – | – | 4,206 | 4,206 | |
| Other expenditure - Sundry expenses | 783 | 783 | 889 | 889 | |
| ----------------------- | ----------------------- | --------------------------- | --------------------------- | ||
| 8,655 | 8,655 | 10,419 | 10,419 | ||
| ======================= | ======================= | =========================== | =========================== | ||
| 11. | Net (expenditure)/income | ||||
| Net (expenditure)/income is stated after charging/(crediting): | |||||
| 2023 | 2022 | ||||
| £ | £ | ||||
| Operating lease rentals | 11,566 | 10,190 | |||
| =========================== | ============== | ||||
| 12. | Independent examination fees | ||||
| 2023 | 2022 | ||||
| £ | £ | ||||
| Fees payable to the independent examiner for: | |||||
| Independent examination of the financial | statements | 1,500 | 1,850 | ||
| ======================= | ======================= | ||||
| 13. | Staff costs | ||||
| The total staff costs and employee benefits for the reporting period are analysed as | follows: | ||||
| 2023 | 2022 | ||||
| £ | £ | ||||
| Wages and salaries | 75,573 | 75,930 | |||
| Social security costs | 2,869 | 791 | |||
| Employer contributions to pension plans | 884 | 2,372 | |||
| Other employee benefits | 4,558 | – | |||
| --------------------------- | --------------------------- | ||||
| 83,884 | 79,093 | ||||
| =========================== | =========================== | ||||
| The average head count of employees during the year | was 11 (2022: | 12). The average number of | |||
| full-time equivalent employees during the | year is analysed as follows: | ||||
| 2023 | 2022 | ||||
| No. | No. | ||||
| Number of staff engaged on charitable activities | 11 | 12 | |||
| ============== | ============== |
11
Rushden Historical Transport Society
Notes to the Financial Statements (continued)
Year ended 30 September 2023
13. Staff costs (continued)
No employee received employee benefits of more than £60,000 during the year (2022: Nil).
14. Trustee remuneration and expenses
There were no fees or other remuneration paid to the trustees.
15. Tangible fixed assets
| Freehold | Plant and | |||
|---|---|---|---|---|
| property | machinery | Total | ||
| £ | £ | £ | ||
| Cost | ||||
| At 1 October 2022 and 30 September 2023 | 552,467 | 199,934 | 752,401 | |
| ================================ | ================================ | ================================ | ||
| Depreciation | ||||
| At 1 October 2022 and 30 September 2023 | – | – | – | |
| ================================ | ================================ | ================================ | ||
| Carrying amount | ||||
| At 30 September 2023 | 552,467 | 199,934 | 752,401 | |
| ================================ | ================================ | ================================ | ||
| At 30 September 2022 | 552,467 | 199,934 | 752,401 | |
| ================================ | ================================ | ================================ | ||
| 16. | Investments | |||
| Other | ||||
| investments | ||||
| £ | ||||
| Cost or valuation | ||||
| At 1 October 2022 | 2 | |||
| Additions | – | |||
| -------------- | ||||
| At 30 September 2023 | 2 | |||
| ============== | ||||
| Impairment | ||||
| At 1 October 2022 and 30 September 2023 | – | |||
| ============== | ||||
| Carrying amount | ||||
| At 30 September 2023 | 2 | |||
| ============== | ||||
| At 30 September 2022 | 2 | |||
| ============== | ||||
| All investments shown above are held at valuation. | ||||
| 17. | Stocks | |||
| 2023 | 2022 | |||
| £ | £ | |||
| Raw materials and consumables | 12,655 | 12,654 | ||
| =========================== | =========================== |
12
Rushden Historical Transport Society
Notes to the Financial Statements (continued)
Year ended 30 September 2023
18. Debtors
| 2023 | 2022 | ||
|---|---|---|---|
| £ | £ | ||
| Trade debtors | 545 | – | |
| ============== | ============== | ||
| 19. | Creditors: amounts falling due within one year | ||
| 2023 | 2022 | ||
| £ | £ | ||
| Trade creditors | 14,973 | 26,042 | |
| Accruals and deferred income | 6,550 | 4,468 | |
| Corporation tax | 72 | 72 | |
| Social security and other taxes | 7,362 | 10,401 | |
| --------------------------- | --------------------------- | ||
| 28,957 | 40,983 | ||
| =========================== | =========================== | ||
| 20. | Creditors: amounts falling due after more than one year | ||
| 2023 | 2022 | ||
| £ | £ | ||
| Loans | 117,000 | 126,000 | |
| ================================ | ================================ |
21. Pensions and other post retirement benefits
Defined contribution plans
The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £884 (2022: £2,372).
22. Analysis of charitable funds
Unrestricted funds
| At | At | |||||
|---|---|---|---|---|---|---|
| 1 | October | 30 | September | |||
| 2022 | Income | Expenditure | 2023 | |||
| £ | £ | £ | £ | |||
| General funds | 658,333 | 310,689 | (253,090) |
715,932 | ||
| ================================ | ================================ | ================================ | ================================ | |||
| At | At | |||||
| 1 | October | 30 | September | |||
| 2021 | Income | Expenditure | 2022 | |||
| £ | £ | £ | £ | |||
| General funds | 679,629 | 308,672 | (329,968) |
658,333 | ||
| ================================ | ================================ | ================================ | ================================ |
13
Rushden Historical Transport Society
Notes to the Financial Statements (continued)
Year ended 30 September 2023
22. Analysis of charitable funds (continued)
| Restricted funds | ||||||
|---|---|---|---|---|---|---|
| At | At | |||||
| 1 | October | 30 | September | |||
| 2022 | Income | Expenditure | 2023 | |||
| £ | £ | £ | £ | |||
| Restricted Fund | 78,490 | – | (62,979) |
15,511 | ||
| =========================== | ============== | =========================== | =========================== | |||
| At | At | |||||
| 1 | October | 30 | September | |||
| 2021 | Income | Expenditure | 2022 | |||
| £ | £ | £ | £ | |||
| Restricted Fund | 12,690 | 68,400 | (2,600) |
78,490 | ||
| =========================== | =========================== | ======================= | =========================== |
14
Rushden Historical Transport Society
Management Information
Year ended 30 September 2023
The following pages do not form part of the financial statements.
15
Rushden Historical Transport Society
Detailed Statement of Financial Activities
Year ended 30 September 2023
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Income and endowments | ||
| Donations and legacies | ||
| Donations | 19,572 | 687 |
| Grants receivable | – | 132,910 |
| --------------------------- | -------------------------------- | |
| 19,572 | 133,597 | |
| --------------------------- | -------------------------------- | |
| Other trading activities | ||
| Subscriptions | 8,970 | 9,146 |
| Bar income | 216,588 | 234,059 |
| Catering income | 13,407 | – |
| Transport income | 48,592 | – |
| Retail income | 3,025 | – |
| -------------------------------- | -------------------------------- | |
| 290,582 | 243,205 | |
| -------------------------------- | -------------------------------- | |
| Investment income | ||
| Bank interest receivable | 535 | 270 |
| -------------- | -------------- | |
| -------------------------------- | -------------------------------- | |
| Total income | 310,689 | 377,072 |
| ================================ | ================================ |
16
Rushden Historical Transport Society
Detailed Statement of Financial Activities (continued)
Year ended 30 September 2023
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Expenditure | ||
| Costs of other trading activities | ||
| Purchases | 112,977 | 100,264 |
| Wages and salaries | 75,573 | 75,930 |
| Employer's NIC | 2,869 | 791 |
| Pension costs | 884 | 2,372 |
| Other post-retirement benefits | 4,558 | – |
| Operating leases | 11,566 | – |
| Rent | 200 | – |
| -------------------------------- | -------------------------------- | |
| 208,627 | 179,357 | |
| -------------------------------- | -------------------------------- | |
| Expenditure on charitable activities | ||
| Rent | 1,502 | 825 |
| Rates and water | (2,885) | 12,765 |
| Light and heat | 10,887 | 10,099 |
| Repairs and maintenance | 4,774 | 72,756 |
| Insurance | 14,335 | 11,309 |
| Other establishment | 42,560 | – |
| Other motor/travel costs | 852 | 181 |
| Legal and professional fees | 11,600 | 7,659 |
| Telephone | 1,364 | 1,566 |
| Other office costs | 1,945 | 5,417 |
| Laundry and cleaning | 7,856 | 10,025 |
| Hire of equipment | 1,604 | 10,190 |
| Advertising | 2,393 | – |
| -------------------------------- | -------------------------------- | |
| 98,787 | 142,792 | |
| -------------------------------- | -------------------------------- | |
| Other expenditure | ||
| Other expenditure - Bank and credit card charges | 7,872 | 5,324 |
| Other expenditure - Bad debts written off | – | 4,206 |
| Other expenditure - Sundry expenses | 783 | 889 |
| ----------------------- | --------------------------- | |
| 8,655 | 10,419 | |
| ----------------------- | --------------------------- | |
| -------------------------------- | -------------------------------- | |
| Total expenditure | 316,069 | 332,568 |
| ================================ | ================================ | |
| -------------------------------- | -------------------------------- | |
| Net (expenditure)/income | (5,380) | 44,504 |
| ================================ | ================================ |
17
Rushden Historical Transport Society
Notes to the Detailed Statement of Financial Activities
Year ended 30 September 2023
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Costs of other trading activities | ||
| Costs of other trading activities | ||
| Bar costs | 112,977 | 100,264 |
| Wages | 75,573 | 75,930 |
| employer's NIC | 2,869 | 791 |
| pension costs | 884 | 2,372 |
| Catering costs | 4,558 | – |
| Transport costs | 11,566 | – |
| Retail costs | 200 | – |
| -------------------------------- | -------------------------------- | |
| 208,627 | 179,357 | |
| -------------------------------- | -------------------------------- | |
| -------------------------------- | -------------------------------- | |
| Costs of other trading activities | 208,627 | 179,357 |
| ================================ | ================================ | |
| Expenditure on charitable activities | ||
| Governance costs | ||
| Governance costs - rent | 1,502 | 825 |
| Governance costs - rates & water | (2,885) | 12,765 |
| Governance costs - light & heat | 10,887 | 10,099 |
| Governance costs - repairs & maintenance | 4,774 | 72,756 |
| Governance costs - insurance | 14,335 | 11,309 |
| Governance costs - other establishment | 42,560 | – |
| Governance costs - other motor/travel costs | 852 | 181 |
| Governance costs - accountancy fees | 8,270 | 1,850 |
| Governance costs - legal and other professional fees | 3,330 | 5,809 |
| Governance costs - telephone | 1,364 | 1,566 |
| Governance costs - other office costs | 1,944 | 5,417 |
| Governance costs - laundry and cleaning | 7,856 | 10,025 |
| Governance costs - hire of equipment | 1,604 | 10,190 |
| Governance costs - advertising | 2,393 | – |
| -------------------------------- | -------------------------------- | |
| 98,787 | 142,792 | |
| -------------------------------- | -------------------------------- | |
| -------------------------------- | -------------------------------- | |
| Expenditure on charitable activities | 98,787 | 142,792 |
| ================================ | ================================ |
18
RUSHDEN HISTORICAL TRANSPORT SOCIETY INDIVIDUAL FUND ACCOUNTS FOR THE YEAR ENDED 30TH SEPTEMBER 2023
(For trustee and member information only)
| Incoming resources of a revenue nature from Governem East Northants District Council National Heritage Total Incoming resources of a revenue nature from non Public Sundry Donations Total Total Grants, Legacies and Donations Received Other Voluntary Income Members' Subscriptions Total other voluntary income Total Voluntary Income Activities for generation funds Fundraising activities Total of activities for generating funds Investment Income other bank deposit interest received Total Investment Income Total Incoming Resources Cost of generating funds Costs of genertating vountary income Cost of fundraising activities Management and adminstration costs in support of char Direct suport costs Gross wages and salaries - charitable activities Emplouee costs Motor expenses Premises costs: Rent payable Rates, water and service charges Insurance Light and heat Laundry and cleaning Premises repairs and renewals Toilet block works General admistrative expenses Telephone and internet Printing, postage, stationery and advertising Hire of Equipment Bad debts and amounts written off Bank charges and interest Sundry expenses Professional fees Legal and professional fees Total Support costs Total Expended on Charitable Activities Governance Costs Specific governance costs Total governance costs Net profit/(loss) for the year |
Total Funds 2023 £ nt and Public Bodi 0 0 0 Bodies 19,572 19,572 19,572 8,970 8,970 28,542 281,612 281,612 535 535 310,689 112,977 112,977 itable activities 83,884 83,884 852 852 1,702 (2,885) 14,335 10,887 7,856 4,774 42,560 79,229 1,364 4,338 13,170 0 7,872 783 27,527 4,580 4,580 196,072 196,072 7,020 7,020 (5,380) |
Transport Bar RHTS Buffet Fund Fund Retail Carriage 2023 2023 2023 2023 £ £ £ £ es 0 0 0 0 0 0 0 0 0 0 0 0 19,572 0 0 0 19,572 0 0 0 19,572 0 0 0 8,970 0 0 0 8,970 0 0 0 28,542 0 0 0 48,592 216,588 3,025 13,407 48,592 216,588 3,025 13,407 535 0 0 0 535 0 0 0 77,669 216,588 3,025 13,407 11,566 96,654 200 4,557 11,566 96,654 200 4,557 15,820 68,064 0 0 15,820 68,064 0 0 852 0 0 0 852 0 0 0 1,702 0 0 0 (3,500) 520 0 95 12,911 1,424 0 0 4,899 4,900 544 544 2,585 5,271 0 0 4,247 527 0 0 42,560 0 0 0 65,404 12,642 544 639 1,364 0 0 0 4,338 0 0 0 13,170 0 0 0 0 0 0 0 1,184 6,688 0 0 783 0 0 0 20,839 6,688 0 0 3,330 1,250 0 0 3,330 1,250 0 0 106,245 88,644 544 639 106,245 88,644 544 639 7,020 0 0 0 7,020 0 0 0 (47,162) 31,290 2,281 8,211 |
Total Funds 2022 £ 131,660 1,250 132,910 687 687 133,597 9,146 9,146 142,743 234,059 234,059 270 270 377,072 100,264 100,264 79,093 79,093 181 181 825 12,765 11,309 10,099 10,025 72,756 0 117,779 1,566 5,417 10,190 4,206 5,324 889 27,592 5,809 5,809 230,454 230,454 1,850 1,850 44,504 |
Transport Bar RHTS Buffet Fund Fund Retail Carriage 2022 2022 2022 2022 £ £ £ £ 115,000 16,660 0 0 1,250 0 0 0 |
|---|---|---|---|---|
| 116,250 16,660 0 0 |
||||
| 687 0 0 0 |
||||
| 687 0 0 0 |
||||
| 116,937 16,660 0 0 |
||||
| 9,146 0 0 0 |
||||
| 9,146 0 0 0 |
||||
| 126,083 16,660 0 0 |
||||
| 51,268 164,303 2,075 16,413 |
||||
| 51,268 164,303 2,075 16,413 |
||||
| 270 0 0 0 |
||||
| 270 0 0 0 |
||||
| 177,621 180,963 2,075 16,413 |
||||
| 3,234 90,881 1,181 4,968 |
||||
| 3,234 90,881 1,181 4,968 15,139 63,954 0 0 |
||||
| 15,139 63,954 0 0 |
||||
| 181 0 0 0 |
||||
| 181 0 0 0 |
||||
| 825 0 0 0 11,729 1,036 0 0 11,138 171 0 0 2,816 7,283 0 0 2,753 7,272 0 0 72,756 0 0 0 0 0 0 0 |
||||
| 102,017 15,762 0 0 |
||||
| 1,566 0 0 0 5,417 0 0 0 10,190 0 0 0 4,206 0 0 0 1,664 3,609 51 0 444 445 0 0 |
||||
| 23,487 4,054 51 0 |
||||
| 3,499 2,310 0 0 |
||||
| 3,499 2,310 0 0 |
||||
| 144,323 86,080 51 0 |
||||
| 144,323 86,080 51 0 |
||||
| 1,850 0 0 0 |
||||
| 1,850 0 0 0 |
||||
| 28,214 4,002 843 11,445 |