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2023-10-31-accounts

Restoring London’s Tramcars

LONDON COUNTY COUNCIL TRAMWAYS TRUST Registered Charity Number 298606

REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS

31 OCTOBER 2023

Upper saloon of LCC No.1 taken in 2006 by the late Allan Smith and on 5 July 2024 by Dave Jones

LONDON COUNTY COUNCIL TRAMWAYS TRUST

THE TRUSTEES’ REPORT

YEAR ENDED 31 OCTOBER 2023

The Trustees present their report and the financial statements of the Trust for the year ended 31 October 2023.

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 2023 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 wholly owned company, LCCTT (Promotions) Limited, 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 research, is considered to be in line with the guidelines on public benefit published by the Charity Commissioners.

LONDON COUNTY COUNCIL TRAMWAYS TRUST

The National Tramway Museum typically attracts approximately 70,000 paying visitors in a year. 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 and the provision of a smooth surface walking route for those using wheelchairs and pushchairs. At the end of the 2023 Museum season the specially – adapted tramcar previously available was taken out of service due to engineering concerns; options for replacement are under consideration.

The Museum has a part-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 £20,962. The formal management process established for the London County Council Tramways tramcar No.1 project continued during the year but the frequency of the formal meetings reduced reflecting the amount of work remaining on the tramcar. At these meetings representatives of the Museum in the Curatorial and Engineering departments review physical and budgetary progress together with the Chairman of the Trustees 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 2023 is shown on pages 5 to 8.

The gross income raised by the Trust and made available for charitable application was £42,177. The net increase of funds of £12,018 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 amount of grant made to the National Tramway Museum.

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 £50,276. Further low-level discussions between the Trust and the National Tramway Museum regarding a timescale for this project took place during the year.

Mr I Ross – Chairman

3 August 2024

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 2023.

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:

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.

3 August 2024

LONDON COUNTY COUNCIL TRAMWAYS TRUST

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES

YEAR ENDED 31 OCTOBER 2023

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
2023
Total
2022
Total
£
£
£
£
26,469
3,876
30,345
30,280
3,835
2,114
5,949
7,205
105
-
105
-
3,391
450
3,841
332
1,937
1,937
746
-
-
-
-
35,737
6,440
42,177
38,563
133
-
133
417
-
-
-
-
133
-
133
417
25,630
4,032
29,662
24,827
75
-
75
75
118
-
118
78
-
-
-
133
171
-
171
375
364
-
364
661
26,127
4,032
30,159
25,905
9,610
2,408
12,018
12,658
432,129
43,119
475,248
462,590
441,739
45,527
487,266
475,248

LONDON COUNTY COUNCIL TRAMWAYS TRUST

BALANCE SHEETS AS AT 31 OCTOBER 2023

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		 2023
2022
Group
Charity
Group
Charity
£
£
£
£
-
-
-
-
-
100
-
100
-
100
-
100
-
-
-
-
-
-
-
-
5,949
5,949
5,930
5,930
-
-
-
-
481,040
481,040
482,889
482,889
2,000
2,000
(5,205)
(5,205)
-
-
-
-
488,989
488,989
483,614
483,614
-
-
-
-
1,723
1,823
8,366
8,466
1,723
1,823
8,366
8,466
487,266
487,166
475,248
475,148
487,266
487,266
475,248
475,248
50,276
50,276
43,119
43,119
121,858
121,858
161,997
161,997
315,132
315,132
270,132
270,132
436,990
436,990
432,129
432,129
487,266
487,266
475,248
475,248

The notes on pages 7 and 8 form part of these accounts.

Approved by the body of Trustees on 3 August 2024 and signed on its behalf by:-

……………………………………………………... ……………………………………………………... Mr I. Ross, Chairman Mr A.J. Bertram, Treasurer

LONDON COUNTY COUNCIL TRAMWAYS TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 OCTOBER 2023

1.

A

ACCOUNTING POLICIES

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		 2023
£
2022
£
-
-
-
-
-
-
-
-
-
-
-
-
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 United Tramways 159
London Transport 1858
Contribution to National Tramway Museum
for Workshop Equipment
Photographic prints for archives
Total		 Unrestricted
Funds
Restricted
Funds
2023
Total
2022
Total
£
£
£
£
16,930
4,032
20,962
18,616
-
-
-
1,182
-
-
-
4,868
8,700
8,700
-
-
-
-
162
25,630
4,032
29,662
24,828

LONDON COUNTY COUNCIL TRAMWAYS TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 OCTOBER 2023

4. SUMMARY OF MOVEMENT IN FUNDS

Restricted Income Funds:
North Metropolitan Tramcar 184
London County Council 1
Unrestricted Income Fund
Designated Income Funds:
London Horse Tramcar
London County Council 1
London Transport 1858
Other London Tramway
Artefacts
TOTALS		 Opening
Balance
Income
Expenditure
Transfer
Closing
Balance
£
£
£
£
£
43,119
7,157
-
-
50,276
-
4,032
(4,032)
-
-
161,997
30,988
(9,197)
(61,930)
121,858
100,000
-
-
50,000
150,000
25,000
-
(16,930)
11,930
20,000
5,132
-
-
-
5,132
140,000
-
-
-
140,000
475,248
42,177
(30,159)
-
487,266

5. REIMBURSEMENTS OF EXPENDITURE

No expenditure was reimbursed to the Trustees (2022: nil) in respect of expenses incurred whilst undertaking work on behalf of the Trust.

6. EMPLOYEES

The Trust had no employees during the year (2022: 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:		 2023
Charity
£
100		 2022
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 2024. At 31 October 2023 the Trust had paid over to the Society £496,619.