Restoring London’s Tramcars
LONDON COUNTY COUNCIL TRAMWAYS TRUST Registered Charity Number 298606
REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS 31 OCTOBER 2021
LCC Tramcar No. 1 on 14 May 2022 during a trial clearance run around the depot track fan at the National Tramway Museum.
(Photograph by Dan Heeley)
LONDON COUNTY COUNCIL TRAMWAYS TRUST
THE TRUSTEES’ REPORT
YEAR ENDED 31 OCTOBER 2021
The Trustees present their report and the financial statements of the Trust for the year ended 31 October 2021.
REFERENCE AND ADMINISTRATIVE DETAILS
The Trust’s Registered Charity number is 298606 and its principal address is 2, Sanctuary Close, Kessingland, Suffolk, NR33 7SX. The Trustees of the Charity for the year to 31 October 2021 were:-
Mr I. Ross (Chairman) Mr A.J. Bertram (Treasurer) Mr P.D. Warner (Secretary) Mr D. Jones Mr A.P. Simpson
There have been no changes to the above list by the date of this report.
STRUCTURE, GOVERNANCE AND MANAGEMENT
The Trust is established under a deed dated 14 January 1988. It is managed by a body of Trustees of which there shall always be a minimum of 3 and a maximum of 5. The Chairman is appointed by the Trustees who are also solely responsible for making suitable appointment(s) whenever a vacancy occurs.
OBJECTIVES AND ACTIVITIES
The objective of the Charity is ‘to educate the public in the history of tramways and the technical details, engineering and performance of such transport with regard to Greater London’. In support of this objective the principal activity of the Trust during the year was to raise funds for the restoration to working order of London County Council Tramways tramcar No.1. The restoration work is being undertaken in the Conservation Workshop of the National Tramway Museum (Registered Charity No.313615) and commenced in June 2014. The Trust is making a grant to the Museum to fund the work.
The estimated total cost of this restoration is approximately £500,000, including materials, costs of employment of staff, and provision for inflation and increases in the cost of materials over the period of restoration. Further reference is made to this in Note 9 to the accounts.
Discussions between the Trust and the National Tramway Museum continued regarding the possibilities for future restoration work that might be funded in whole or part by the Trust.
The funds raised by the Trust are mainly derived from single and regular donations, and the Trustees thank all who have supported the Trust during the year by making donations towards its aims and objectives. The trading surplus from the wholly owned company, LCCTT (Promotions) Limited, was in previous years passed as a Gift Aid donation to the Trust. The company ceased trading on 31 October 2020.
PUBLIC BENEFIT
The activities of the Trust since its establishment have been, and continue to be, directed towards meeting its objective in the most effective manner. The Trustees’ policy of ensuring that examples of London tramcars are available for public viewing and demonstration at the National Tramway Museum, and elsewhere, and of lodging smaller artefacts and engineering drawings in the Museum archive with access freely available to members of the public wishing to carry out
- 2 -
LONDON COUNTY COUNCIL TRAMWAYS TRUST
research, is considered to be in line with the guidelines on public benefit published by the Charity Commissioners.
The National Tramway Museum typically attracts approximately 100,000 paying visitors in a year; in the year under consideration this number was reduced due to the effects of the Covid pandemic. The Museum offers reduced admission prices for persons of pension age, for children, and a combined admission ticket for families thereby making the collection accessible to as many people as possible. Facilities for mobility-impaired visitors include the availability of wheelchairs, a specially-adapted tramcar, and the provision of a smooth surface walking route for those using wheelchairs and pushchairs.
The Museum has a full time staff member whose remit covers life-long learning in the fullest sense, including pre-school, primary and secondary higher education, adults, families and community groups. The Museum provides a work experience programme in conjunction with local secondary schools, allowing students to obtain experience in a number of activities including curatorial and engineering. The range of students benefitting from this opportunity includes some with learning difficulties for whom the Museum provides an environment in which to develop social skills.
ACHIEVEMENTS AND PERFORMANCE
The gross income raised during the year is indicated in the Financial Review and the detailed financial statements.
The amount of grant made to the National Tramway Museum towards the restoration of London County Council Tramways tramcar No.1 during the year was £13,546. The Trust also made a grant of £2,600 to the Museum in respect of signwriting advertisements, etc., to London Passenger Transport Board tramcar No.1622.
The formal management process established for the London County Council Tramways tramcar No.1 project has continued. Regular meetings are held at which representatives of the Museum in the Curatorial and Engineering departments review physical and budgetary progress. The Chairman of the Trustees attends these meetings to ensure that the interests of the Trust are properly taken into account. In addition to this formal process detailed decisions are dealt with jointly on an arising basis.
FINANCIAL REVIEW
The financial position of the Trust for the year ended 31 October 2021 is shown on pages 5 to 8.
The gross income raised by the Trust and made available for charitable application was £37,322. The net increase of funds of £20,443 during the year represents a very satisfactory outcome, reflecting the interest shown by the supporters of the Trust, and others, in the current restoration project, and the reduced amount of grant made to the National Tramway Museum owing in part to the Covid pandemic.
The Restricted Fund established to raise funds specifically for the restoration to working order of London County Council tramcar No.1 attracted further donations together with interest and Gift Aid.
The Restricted Fund established specifically for the restoration of North Metropolitan doubledeck horse tramcar No.184 continued to receive donations, with a total at the year end of £30,125. Further discussions between the Trust and the National Tramway Museum regarding a timescale for this project took place during the year.
Mr I Ross – Chairman
5 July 2022
- 3 -
LONDON COUNTY COUNCIL TRAMWAYS TRUST
INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES
I report on the accounts of the Trust for the year ended 31 October 2021.
RESPECTIVE RESPONSIBILITIES OF TRUSTEES AND EXAMINER
The charity's Trustees are responsible for the preparation of the accounts. The charity's Trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
It is my responsibility to:
examine the accounts under section 145 of the 2011 Act;
- to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
to state whether particular matters have come to my attention.
BASIS OF INDEPENDENT EXAMINER'S REPORT
My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as Trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a 'true and fair view' and the report is limited to those matters set out in the statement below.
INDEPENDENT EXAMINER'S STATEMENT
In connection with my examination, no matter has come to my attention:
(1) which gives me reasonable cause to believe that in any material respect the requirements:
-
to keep accounting records in accordance with section 130 of the 2011 Act; and
-
to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act
have not been met; or
(2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
DECLARATION OF INTEREST
I am a regular subscriber to the London County Council Tramways Trust, but apart from acting as Independent Examiner I have not had any other direct involvement in the financial management of this charity.
A J WILLIAMS, B.Sc., 55 Bowmans Road, Dartford, Kent, DA1 3QP. 11 July 2022
- 4 -
LONDON COUNTY COUNCIL TRAMWAYS TRUST CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES
YEAR ENDED 31 OCTOBER 2021
INCOME AND EXPENDITURE
| Notes INCOMING RESOURCES From generated funds: Donations and legacies Income tax recovered on donations Miscellaneous income Interest received Sales income Commercial trading operations 2 TOTAL INCOMING RESOURCES RESOURCES EXPENDED Cost of generating funds: Sales purchases Commercial trading operations 2 Direct charitable expenditure Donations, grants and other expenses towards the restoration and conservation of London Trams 3 Governance costs: Meeting expenses Postage Travel expenses Miscellaneous TOTAL RESOURCES EXPENDED NET MOVEMENT OF FUNDS IN THE YEAR Total funds brought forward 4 TOTAL FUNDS CARRIED FORWARD 4 |
Unrestricted Funds Restricted Funds 2021 Total 2020 Total £ £ £ £ 10,022 18,388 28,410 12,024 2,231 4,597 6,828 2,656 80 - 80 100 1,569 - 1,569 2,275 435 435 - - - - 832 |
|---|---|
| 14,337 22,985 37,322 17,887 |
|
| 105 - 105 - - - - 439 |
|
| 105 - 105 439 7,207 9,335 16,542 35,448 |
|
| - - - - 112 - 112 105 - - - - 120 - 120 120 |
|
| 232 - 232 225 |
|
| 7,544 9,335 16,879 36,112 |
|
| 6,793 13,650 20,443 (18,225) 424,490 17,657 442,147 460,372 |
|
| 431,283 31,307 462,590 442,147 |
- 5 -
LONDON COUNTY COUNCIL TRAMWAYS TRUST
BALANCE SHEETS AS AT 31 OCTOBER 2021
| Notes FIXED ASSETS Heritage Assets 7 Investment 8 CURRENT ASSETS Stock Debtors: LCCTT (Promotions) Limited Other debtors Prepayments Balances at Banks: Deposit and investment accounts Current accounts Cash in hand CURRENT LIABILITIES Creditors falling due within one year: Fundraising Other NET CURRENT ASSETS TOTAL NET ASSETS Represented By:- Restricted Income Funds 4 Unrestricted Income Funds General 4 Designated 4 |
2021 2020 Group Charity Group Charity £ £ £ £ - - - - - 100 - 100 |
|---|---|
| - 100 - 100 |
|
| - - - - - - - - 5,827 5,827 1,352 1,352 - - - - 454,898 454,898 438,795 438,795 2,000 2,000 2,000 2,000 - - - - |
|
| 462,725 462,725 442,147 442,147 |
|
| 39 39 - - 96 196 - 100 |
|
| 135 235 - 100 |
|
| 462,590 462,490 442,147 442,047 |
|
| 462,590 462,590 442,147 442,147 |
|
| 32,307 32,307 17,657 17,657 |
|
| 141,283 141,283 119,490 119,490 290,000 290,000 305,000 305,000 |
|
| 431,283 431,283 424,490 424,490 |
|
| 462,590 462,590 442,147 442,147 |
The notes on pages 7 and 8 form part of these accounts.
Approved by the body of Trustees on 5 July 2022 and signed on its behalf by:-
……………………………………………………... ……………………………………………………... Mr I. Ross, Chairman Mr A.J. Bertram, Treasurer
- 6 -
LONDON COUNTY COUNCIL TRAMWAYS TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 OCTOBER 2021
1. ACCOUNTING POLICIES
A Basis of Accounting:
These accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note to these accounts. These accounts have been prepared in accordance with the Financial Reporting Standard applicable in the United Kingdom (FRS102) and with the Charities Act 2011.
B Income Tax:
Income Tax recoverable by the Trust from HM Revenue and Customs on incoming donations is credited to the Consolidated Statement of Financial Activities as it arises.
C Stocks:
Stocks are stated at the lower of cost or net realisable value. No value is placed on donated items and on some second hand purchases where their value is not considered material.
D Basis of Consolidation:
The consolidated accounts comprise the accounts of the charitable Trust together with those of its subsidiary company LCCTT (Promotions) Limited. The subsidiary did not trade during the year.
2. COMMERCIAL TRADING OPERATIONS AND INVESTMENT IN TRADING SUBSIDIARY The financial activities shown in the consolidated statement include those of the charity’s wholly– owned subsidiary LCCTT (Promotions) Limited.
| Turnover Cost of sales and administration expenses Interest received Net profit Amount passed to parent charity Profit retained The assets and liabilities were: Current assets Creditors: Amounts falling due within one year Total net assets represented by issued share capital |
2021 £ 2020 £ - 832 - (439) |
|---|---|
| - - |
|
| - 393 - (393) |
|
| - - |
|
| 100 100 - - |
|
| 100 100 |
3. DONATIONS, GRANTS AND OTHER EXPENSES TOWARDS THE CONSERVATION AND RESTORATION OF LONDON TRAMS
| RESTORATION OF LONDON TRAMS | |
|---|---|
| London County Council 1 London Transport 1622 Photographic prints for archives Total |
Unrestricted Funds Restricted Funds 2021 Total 2020 Total £ £ £ £ 4,331 9,335 13,666 33,948 2,840 - 2,840 1,500 36 - 36 - |
| 7,207 9,335 16,542 62,741 |
- 7 -
LONDON COUNTY COUNCIL TRAMWAYS TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 OCTOBER 2021
| 4. | SUMMARY OF MOVEMENT IN FUNDS | SUMMARY OF MOVEMENT IN FUNDS | ||||
|---|---|---|---|---|---|---|
| Opening | Income | Expenditure | Transfer | Closing | ||
| Balance | Balance | |||||
| £ | £ | £ | £ | £ | ||
| Restricted Income Funds: | ||||||
| London Horse Tramcar | 16,475 | 13,650 | - | - | 30,125 | |
| London United Tramways 159 | 1,182 | - | - | - | 1,182 | |
| London County Council 1 | - | 9,335 | (9,335) | - | - | |
| Unrestricted Income Fund | 119,490 | 14,337 | (3,213) | 10,669 | 141,283 | |
| Designated Income Funds: | ||||||
| London Horse Tramcar | 100,000 | - | - | - | 100,000 | |
| London County Council 1 | 55,000 | - | (4,331) | (10,669) | 40,000 | |
| Other London Tramway | 150,000 | - | - | - | 150,000 | |
| Artefacts | ||||||
| TOTALS | 442,147 | 37,322 | (16,879) | - | 462,590 |
5. REIMBURSEMENTS OF EXPENDITURE
No expenditure was reimbursed to the Trustees (2020: nil) in respect of expenses incurred whilst undertaking work on behalf of the Trust.
6. EMPLOYEES
The Trust had no employees during the year (2020: none).
7. FIXED ASSETS – HERITAGE ASSETS
The Trustees are custodians of a small number of London tramway artefacts. These have been acquired over the life of the Trust by way of gift or acquisition. It is not practical or meaningful to value the items and hence they are recorded in the accounts at nil value.
8. FIXED ASSET INVESTMENT
| Wholly owned company: LCCTT (Promotions) Limited 100 Shares of £1 each, at cost: |
2021 Charity £ 100 |
2020 Charity £ 100 |
|---|---|---|
9. FINANCIAL COMMITMENTS AND POST BALANCE SHEET EVENTS
London County Council Tramways tramcar no. 1
The Trust has entered into an agreement with the Tramway Museum Society (a registered charity) to fund the cost of materials, employment of staff and other related costs to restore the above tramcar to working order. The amount of funds provided was to be net of any other grants obtained by the Society for the same purpose. The estimated cost of the restoration was approximately £500,000 over a period of five years with completion in 2018. This completion date has since been revised to 2022. This reflects the effects of the Covid pandemic upon the operation of the Conservation Workshop at the National Tramway Museum. At 31 October 2021 the Trust had paid over to the Society £457,074.
- 8 -