Restoring London's Tramcars LONDON COUNTY COUNCIL TRAMWAYS TRUST Registered Charity Number 298606 REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS 31 OCTOBER 2022 IJ I, IMI-" LCC Tramcar No. 1 on 8 July 2023 on ts fitst trHI at the National Tramway Museum after the Museum had dosed for the day. (Phot(uraph by Dan Heeley) LONDON COUN￿ COUNCIL TRAMWAYS TRUST THE TRUSTEES, REPORT YEAR ENDED 31 OCTOBER 2022 The Trustees present tTrEir report and the financtal staternents of the Trust for the year ended 31 October 2022. REFERENCE AND ADMINISTRATIVE DETAILS The Trusfs Registered Charity number is 298606 and rts principal a(Idress is 2, Sanctuary Close, Kessingland, Suffolk. NR33 7SX. Tha Trustees of the Charity f¢y the year to 31 October 2022 were'.- Mr l. Ross (Chainnan) Mr KJ. Bertram (Treasurer) Mr P.D. Wamer (Secretary) Mr D. Jones MrAP. 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 daled 14 January 1988. It is managed by a body of Trustees of which there shall a￿VaYS be a minimum of 3 and a maximum of 5. The Chairman is appointed by the Trustees who are also soldy responsible for makn'ng suitable appointment(s) whenever a vacancy occurs. OBJECTIVES AND AcnMTIES The objective of the Charty is 'to educate the public in the history of tramways and the technical details, engineering and perfomiance of such transport with regard to Greater London,. support of this objective the principal activty 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 restorats'on 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 referen￿ is made to this in Note 9 to the accounts. Discussions belween the Trust and the National Tramway Museum continued regarding the possibilities for future restoration work that might be furKled in whole or part by the Trust. The funds raised by the Trust are mainly derived from single and regular donations, and the Trustees Ihank all who have supported the Trust during the year by making donations towards its aims and obj'ectives. The wholly owned company, LCCTh (Promotions) Limited, ￿aSed trading on 31 October 2020. PUBLIC BENEFIT The activities of the Trust since its establishment have teen, and continue to be, directed towards meeting rts objective in the most effeth.ve 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 a￿$S freely available to members of the public wishing to carry out research, is considered to be in line with the guidelines on public t￿efft published by the Charity Commissioners. LONDON COUNTY COUNCIL TRAMWAYS TRUST The National Tramway Museum typically attracts approximately 100.Crf)O paying visitors in a year; in the year under con&deration this number was reduced due lo restrictions placed on the operation of the Museum following an exiemai party inSk￿￿10n. The Museum t)ffers r&Juced admission prices for persons of pension age, for children. and a combined admission ticket for families thereby making the ccAlection a￿ssIbte to as many people as possi￿e. Facilities for mobility-impaired visitors indude the availalilty of wheelchairs. a specially-adapted tramcar. and the provision of a smooth surface walking roule for those using wheelchairs and pushchairs. The Museum has a part time staff member whose remit covers lif&long leaming in the fullest sense. including prtrschool. primary arKI secondary higher education. adults. families and community groups. The Museum provides a work experience programrne in conjunction with local secondary schools, alloviing students to obtain experience in a nUM￿r of artivities including curatorial and engineering. The range of students benefitting from this opportunity includes some Y￿th leaming difficulties for whom the Museum provides an environment in which to develop social skills. ACHIEVEMENTS AND PERFORMANCE The gross income raised during the year bs irKlicated in the Financial Rèview and the detailed financial statements. The amount of grant made to the National Traffway Museum towards the restoration of London County CounGil Tramways tramcar No.1 during the year was £18,616. The Trust also passed the balance of the restncted fund for LorKlon Unrted Tramcar No. 159 to the Museum for ex￿nditure on the tramcar. The fomal management process established for th& London County Council Tramways tramcar No.1 project has continued. Regular meelings are held at which representatives of the Museum in the Curatorial and Engineering departments review physical and budgetary progress. Th8 Chaiman of the Trustee5 attends these meetings to ensure that the interests of the Trust are property taken into account. In addition to this formal process detailed decisions are dealt with jointly on an arising ba￿s. FINANCIAL REVIEW The finanual pO￿tIon of the Tru* for the year ended 31 October 2022 is shown on pages 5 to 8. The gross income raised by the Trust and made available for charitable application was £38,563. The nel increase of funds of £12,658 during the year represents a very satisfactory outcome, refiecting the interesl shown by the supporters of the Trust, and others, in the current restoration project. and the amount of grant made to the National Tramway Museum. The Restricted Fund established to raise funds specffically for the restoration to working order of London County Council tramcar No.1 attracted further donabons t￿Jether with interest and Gift Aid. The Restricted Fund established specffically for the restoration of North Metropolitan doubl deck horse tramcar No.184 continued to receive donations. Vlllth a totsl at the year end of £43.119. Further low-level discussions behveen the Trust and the National Tramway Museum regarding a timescale for this project took place during the year. MrlRoss- aiman 5 July 2023 LONDON COUNTY COUNCIL TRAMWAYS TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES I report on the accwnts of the Trust the year 310(*ober 2022. RESPECTIVE RESPONSIBIUTIES OF TRUSTEES AND EXAMINER The charitls Trustees are respJnsl￿e for the preparati¢Jn of the accounts. The charitys Trustees consider that an audit is not required for Ihbs year under section 144{2) of the Charilies Act 2011 (the 2011 Act) and that an Indepen￿ examination is ne*d. It is my resportsi￿'1ty to: examine the accowts under sed50n 145 of the 2011 Art to fdltAY the procedur8s laid dcAwn in the general Direclions given by the Charity Commission urKler se(lion 145(5)(b) of ts 2011 Act; and to state ￿tr￿er pwbcular matters have (x)me to my attenlion. BASIS OF INDEPENDENT EXAMINER'S REPORT My examination was carried out in accordan￿ IMth the goneral Directioro given by the Charity Commission. An examination irKludes 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 disdowres in the accounts. and seeking 8xplanations from you as Trustees conceming any such matters. The procedures undertaken do not provide all the 8¥idence that would be required in an audit arKI consequently no opinion is given as to whether the accounts tKesent a and fair vithv and the report is limiW to those matters set out in the statement below. INDEPENDENT EXAMINEFfs STATEMENT In connection with my examination, matter has coTh to my attention: (1) which gives me reasonable cause to believe that in any materi* resr*d the requir￿ents. to keep accounting records in ac(xxdano with seLlion 130 (lthe 2011 Act; and to prepare accounts which accord with the accountir¥J re(x)rds and comply with the accourting requirwnents of the 2011 Act have not been mot: or (2) to which, in my opinion. attention shoukl be drawn in order to enable a Fxoper understandirvJ of the accounts to be reach&J. DECLARATION OF INTEREST l am a regular subscriber to the London County Council Tramways Trust, but apart from acting as Independent Examirw I have nol had dired inv(Ivement in the financial Manag￿Trent of this thanty. A J WILLIAMS. B.So. 55 Bowmans Road, Dartford, Kent, DA1 3QP. 11 Juty 2023 LONDON COUNTY COUNCIL TRAMWAYS TRUST CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 OCTOBER 2022 INCOME AND EXPENDITURE Notes Unrestricted Restncted Funds Funds 2022 Total 2021 Total INCOMING RESOURCES From generated funds.. Donations and legacies Income tax recovered on donatit)ns Mis￿lIaneOUS inc¢)me Interest received Sales income Commercial trading operations 18.798 3,809 13,482 3,396 30,280 28.410 7,205 6.828 80 1,569 435 332 746 332 TOTAL INCOMING RESOURCES 21,685 16,878 38,563 37.322 RESOURCES EXPENDED Cost of generating funds.. Sales purchases Commercial trading 0￿ratiOnS 417 417 105 417 417 105 Direct charitable expenditure Donations, grants and other expenses towards the restoration and conservation of London Trams 19.761 24,827 16 542 Governance costs.. Meeting expenses Postage Travel expenses Mi￿ellane0us 75 78 133 375 75 78 133 375 112 120 661 661 232 TOTAL RESOURCES EXPENDED 20.839 25905 16 879 NET MOVEMENT OF FUNDS IN THE YEAR 11.812 12.658 20.443 Total funds brought f0Th4ard 431,283 31,307 462,590 442,147 TOTAL FUNDS CARRIED FORWARD 432,129 43.119 475,248 462,590 LONDON COUNTY COUNCIL TRAMWAYS TRUST BALANCE SHEETS AS AT 31 OCTOBER 2022 2022 2021 Group Charity Group Charity Notes FIXED ASSETS Heritage Assets Investment 100 100 100 CURRENT ASSETS stock Debtors.. LCCTh (Promotions) Limited Other debtors Prepayments Balances at Banks". Deposit and investment accounts Current accounts Cash in hand 5,930 5.930 5,827 5.827 482,889 482,889 454.898 454,898 (5,205) 15,205) 2,0(X) 2,000 483 614 483 614 462,725 462.725 CURRENT UABILITIES Creditors falling due within one year= Fundraising other 39 196 235 96 135 NET CURRENT ASSETS 475 248 475,148 462,590 462,490 TOTAL NET ASSETS 475,248 475.248 462,59) 462,590 Represented By:" Restricted Income Funds Unrestricted In¢om8 Funds General Designated 43,119 32,307 32,307 161,997 161,997 141,283 141.283 270,132 270,132 290,000 290,OCN) 432,129 432.129 431,283 431,283 475.248 475,248 462,590 462,590 The notes on pages 7 8 form part of these accounts. Approved by the body of Trustees on 5 July 2023 and signed on rts behalf by:_ Mr llfchaimian r AJ. Bertram. Treasurer LONDON COUNTY COUNCIL TRAMWAYS TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 OCTOBER 2022 ACCOUNTING POLICIES Basis of Accounting.. These accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otheTh¥ise stated in the relevant note to these accounts. These accounts have been prepared in a¢￿dance with the FinanrAal Reporting Standard applicable in the Untted Kingdom (FRS102) and with the Charitres Ad 2011. Income Tax: Income Tax recoverable by the Trust from HM Revenue and Customs on incoming donations is credited to the Consolrdated Statement of Financial Activitses as it arises. Stocks: Stocks are stated at the l¢)wer of cost or nel realisable value. No value is placed on donated ilems and on some second hand purchases where th￿r value is not considered material. Basis of Consolidation.. The consolidated accounts comwise the accounts of the charitsble Trust tog8ther wrth those of its subsidiary company LCCTh (Promotions) Limited. The subsidiary did not trade during the year. COMMERCIAL TRADING OPERATIONS AND INVESTMENT IN TRADING SUBSIDIARY The financial activiti'es shown in the consolidated statement indude those of the charity's vtholly- owned subsidiary Lccrr (Promotions) Limited. 2022 2021 Tumover Cost of sales and administration expenses Interest received Net profit Amount passed to parent charity Profrt retained The assets and liabilrties were: Cuffent assets Credit￿. Amounts falling due within one year 100 100 Total net assets represent8J by issued share capital 100 100 DONATIONS, GRANTS AND OTHER EXPENSES TOWARDS THE CONSERVATION AND RESTORATION OF LONDON TRAMS Unrestricted Restricted Funds Funds 2022 Total 2021 Total London County Council 1 London Unf(ed Tramways 159 London Transport 1622 London Transwrt 1858 Photographic prints for wchtves Total 14,732 18,616 1,182 13,666 1,182 2,840 4,868 162 24.828 162 19,762 36 16,542 5.066 LONDON COUNTY COUNCIL TRAMWAYS TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 OCTOBER 2022 SUMpaARY OF MOVEMEpif IN FUNDS Opening Balance Income Expenditure Transfer Closing Balan Restrict8d Income Furvjs: North Metropolitan Tramcar 184 London United Tramways 159 London County Counol 1 30.125 1.182 12,994 43,119 (1.182) {3.884) Unrestricted Income Fund 141,283 21.685 (1,239) 268 161,997 Designated Income Funds.. North Metropolitan Tramcar 184 London County Council 1 London Transport 1858 Other Landon Tramway Artefacts 1CM),000 40.0(J) 100,000 {268) 25,000 10.000 5,132 (10.000) 140,000 {14,7321 (4,868) 150,000 TOTALS 462,590 38.563 25,905 475,248 REIMBURSEMENTS OF EXPENDITURE No expenditure was reimbursed to the Trustees (2021.. nil) in reskxt of expenses incurred whilst undertaking work on behalf of the Trust. EMPLOYEES The Trust had no employees during the year (2021: none). FIXED ASSETS - HERITAGE ASSETS The Trustees are custt)dians of a small number of London tramway artefacts. These have been acquired over the lrfe of the Twst by way of grft or acquisrtion. It is not practical or meaningful lo value the items hence they are recorded in the accounts at nil value. FIXED ASSEf INVESTMENT 2022 Charity 2021 Charity Wholly owned company: LCc￿ (Promotions) Limited 100 Shares of £1 each, at cost: 100 100 FINANCIAL COMMITMENTS AND POST BALANCE SHEET EVENTS London County Council Tramways tramcar no. 1 The Trusl has entered into an agreement with the Tramway Museum Society la registered charity) to fund the cost of malerials. employment of staff and other relat￿1 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 esb'mated cost of the restoration was approximately £500,(N￿ over a period of five years vthh completion in 2018. This completion dale has since been revised to 2023. This reflects the effect of the Covid pandemic upon the operation of the Conservation Workshop at the National Tramway Museum in previous years. At 31 October 2022 the Trust had paid over to the Society £475.689.