Restoring London's Tramcars Gai-- LONDON COUNTY COUNCIL TRAMWAYS TRUST Registered Charity Number 298606 REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS 31 OCTOBER 2024 On 13 September 2024 LCC No. 1 was launched into servfce at the Na￿n￿l Tffimway Museum, and is seen here 8fter the inaugural run 8t Town End, tcgether with LCC No. 106 and L T No. 1622. All thTre tTrms have had a substantial Trsloration input in terms of cash tvphysical woht by the Tnlst. fPhotsJ￿Ph courtesy Andy Martin/TMS) LONDON COUNTY COUNCIL TRAMWAYS TRUST - TOUSTEES. REPORT YEAR ENDED 31 OCTOBER 2024 The Trustees present their rep(Yt arKI the financial statements of the Trust for the year end￿1 4? October 2024. REFERENCE AND ADMINISTRATIVE DEfAILS The Trust's Registered Charity number is 298606 and its prinapal address is 2. Sanctuary Close. Kessingland, Suffolk, NR33 7SX. The Trustees of the Chartty for the year to 31 October 2024 were:_ Mr l. Ross (Chaiman) Mr A.J. Bertram (Treasurer) Mr P.D. Wamer (Secretary) Mr D. Jones Mr AP. 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 a￿VayS a minimum of 3 and a maximum of 5. The Chaimian is appointèd by the Truste8s who are also solely ￿sponSI￿e for making SUrta￿e appointment{s) when8ver a vacancy occurs. OBJECTIVES ANO ACTIVITIES The objective of the Charity is 'to educate the public in ￿ history of tramways and the technical details, engineering and perfomiance of such transport with regard to G￿ater London,. In support of this objective the principal activty of the Trust during the year was to raise funds for the restoration to workiThJ order of London County Council Tramways tramcar No.1. The restoration work was undertaken in the Conservation Workshop of the National Tramway Museum (Registered Chartty No.313615) arKJ ccrfnffEnced in June 2014. The restoration was completed in September 2024 and the Trust has made a grant to the Museum to fund the wotk. The estimated total cost of this restoration was approximately £500,OCQ, including materials, costs of employment of staff. arKJ provision for irfation and increases in the cosl of materials over the pericKJ of restoration. Further referen￿ is made to this in Note 9 to the accounts. Discussions between the Trust and the National Tramway Museum continued warding the possibilities for future restoration work that might be fisnded in whole or part by the Trust. The funds raised by the TrLtst 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 ils aims and otlectives. The wholty owned company, LCCTh (Promotions) Limited, ceased trading on 31 October 2020. PUBLIC BENEFIT The activities of the Trust Sin￿ ts establishnEnt have been, and continue to be. directed towards meeling its objective in the most effective manner. The Trustees, policy of ensuring that examples of London tramcars are available for public wewing and demonstration at the National Tramway Museum. and else4Yhere. and of lodgirKJ smaller artefacts and engIn￿ring drawings in the Museum arthDie with access freely available to member5 of the public wishing to carry out research. is considered to be in line with the guidelines on pulli¢ benefft published by the Charity Commissioners. LONDON COUNTh COUNCIL TRAMWAYS TRUST The National Tramway Museum typically attracts approximatdy 100,000 paying visrf(ors in a year., in the year under consideration this number was r￿UCed due to restrictions placed on the operation of the Museum following an extemal party inspection. The Museum offers reduced admission pri￿ for persons of pension age. for children. and a combined admission ticket for families thereby making the collectton accessible to as many peO￿e as possible. Facilities for mobility-impaired visitors indude the availabilty of wheelchairs and the provision of a smooth surface walking roule for those using wheelchairs and pushchairs. During the year covered by this report work began on providing a repla￿ment SFecially adapted tramcar capable of onveying mobilty impaired visrtots. The Museum has a part-ts'me staff member whose remit covers lif&long leaming in the fullest sense. induding kY&school. primary and secorKlary higher education. adults, families and communty groups. The Museum provides a work experience programme in conjunction with local secondary schools. allowing *udents to obtain experien￿ in a number of activities including curatorial and engineering. The range of students benefitting from this opportunity includes some with leaming difficulties for whom the Museum prowdes an environment in which to develop social skills. ACHIEVEMENTS AND PERFORMANCE The gross incom8 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 £950. The fomial management process established lor this project continued up to completion. Regular meetings were held at which representstives of the Museum in the Curatorial and Engineering departments reviewed physical and budgetary progress. The Chainnan of the Trustees attended these meetings lo ensure thal the interests of the Trust were properly taken into account. During the project detailed decisions were dealt with jointly on an arising basis. FINANCIAL REVIEW The finanrial position of the Trust for the year ended 31 Ocaober 2024 is shown on pages 5 to 8. The gross inGome raised by the Trust and made available for charitable application was £78,239. The net increase of funds of £74,910 during the year represents a very satisfactory outcome, refiecting the interest shovm by the supporters of the Trust, and others, in the current restoration project. and the amount of grant made to the Nab'onal Tramway Museum. The Rostricted Fund established to raise fvnds specificdty for the restoration to Wofking order of London County Council tramcar No.1 attracted further donations together wth interest and Gift Aid. The Restricled Fund estsblished speafically for the restoration of North Metropolitan doubl ded( horse tramcar No 184 continued to receive donations. with a total at the year end of £51,939. Further Iow-level discussions between the Trust and the National Tramway Museum regardirNJ a timescale for this project took pTra￿ during the year. Mr l R05s- Chaimian 23 June 2025 iONtM)N COUNTY COUNQL TRAMWAYSTRUST IReglstered Charity No. 29￿) INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES I rerort on Ihe acccAmts irf tha Lormlon C￿Y CowKil Trarypways Trust for tt18 year erthd 31 OctL*er 2024. RESPECTIVE RESPONSIBILITIES OF TRUSTEES AND EXAMINER The ch8riiVs trustees are responsi￿6 for preparation of Ihe aecoLmls. Tr charitvs trustees tDnsider that full professional audit under secbon 144(21 of the Charibes Act 2011 (the 2011 Ac*) is not rfjquifèd, bul that an Indyndent Examination is suffiaent. It is my r95ponsibilrty to: examine the str￿Unts urKler Se(lion 145 of ts 2011 Ad; to follow the procedures lah4 dCfi￿ in th8 geT￿al Dir8dions given by th8 Charity Commission under Seth'on 145(51(bl of the 2011 Ad,. and to stat6 whether particular matters fthe ccfft to my attention. BASIS OF INDEPENDENT EXAMINER'S REPORT My axaminalicii wa8 carried ￿Jt in acctydarKt with the D￿ectionS given by the Charity Commission. An examination indudes a review of the ￿)Untr.ng records k6pt by th& charity and a comparison of the accounts presented with those records. It also iTrJudo$ ¢onsidwation of any unusual it￿$ or disdosures in tho a¢¢ounts, and sethng eyplanations from you as tru$lees con￿1ng any such matters. The procedwes undertaken do not provid8 all the evidence that VA￿ld be required in an audit and ¢onsequ8ntly M opinion 1$ given as to whether Ihe accourrts present a'lrue 8nd fair atvj th8 r8Wt is limited to those matters Set out in tho statement b8luw. INDepENDENT EXAMINEifs STATEMENT In conneth'on with my examination, no matters have come to my attonti that give m8 reasonatAe cause to believ• that in ary material respgd tho rwirements to keep 8cccAJnling records in ac¢tyd*Ke with sec*1￿ 130 of the 2011 Act., requiremants of the 2011 A have not been met., andlor (2) lo ￿lCh. in my wn1L￿, attention shouhd be drawn in to onabl8 a propw und&rstarvJing ol thg 8￿nIS to be rexhed. DECLARATION OF INTEREST l am a regular subxfiber to the London CW Council Tramways Trust ILCCTf). bJt ap8rt from acting as IrKlependenl Examiner I not had other diretl invdvemenl in tho finwcaal management of this cknarity. A J VIILLIAMS. B.Sc.. 55 Bthvmans Road. DartrrKd. Kent. DA13QP. Signed. 25 July 2ry25 LONDON COUNTY COUNCIL TRAMWAYS TRUST CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 OCTOBER 2024 INCOME AND EXPENDITURE Notes Unrestricted Restricted Funds Funds 2024 Total 2023 Total INCOMING RESOURCES From generated funds: Donations armj legaaes Income tax recovered on d(Thlions Miscellaneous income Inleresl re￿iVed Sales income Commercial trading operation8 49.772 2.735 53,626 30,345 3,698 5.949 105 3,841 1,937 6.249 14.166 500 6,749 14,166 TOTAL INCOMING RESOURCES 72,922 5,317 78,239 42,177 RESOURCES EXPENDED Cost of generating funds.. Sales purchases Commercial trading operations 38 38 133 38 38 133 Direct charitable expenditure Donations. grants arKI other expenses towards the restoration and consetvalion of London Trams 950 2 950 29,662 Govemance costs: Meeting expenses Postage Travel expenses Miscellaneous 75 116 75 116 75 118 150 150 171 341 341 TOTAL RESOURCES LXPENDED 2,379 950 3 329 30,159 NET MOVEMENT OF FUNDS IN THE YEAR 70.543 4.367 74,910 12,018 Total funds brought forward 441,739 45.527 487,266 475,248 TOTAL FUNDS CARRIED FORWARD 512.282 49.894 562.176 487,266 LONDON COUNTY COUNCIL TRAMWAYS TRUST BALANCE SHEETS AS AT 31 OCTOBER 2024 2024 2023 Notes Group Charity Group Charity FIXED ASSETS Heritage Assets Investment 100 100 100 100 CURRENT ASSETS Stock Debtors.. LCc￿ (Promotions) Limited Other debtors Prepayments Balances at Banks: Deposit and investment accounts Current accounts Cash in harKI 3.698 5,949 5,949 657.278 $57.278 481,040 481,040 1.200 1.200 2,000 2,000 $62,176 562,176 488.989 488.989 CURRENT LIABILITIES Creditors falliro due within one year.. FundraisirvJ Other 100 100 1,723 1,723 1,823 1,823 NEf CURRENT ASSErs 562176 562076 487,266 487166 TOTAL NET ASSETS 662176 562176 487266 487266 Represented By:" Restncted Income Funts Unrestricted Income Funds General Designated 54644 54.644 50.276 50276 162.400 162,400 121,858 121,858 345.132 345,132 315,132 315,132 507,532 507,532 436.990 436,990 562 176 562,176 487,266 487,266 The notes on pages 7 8r¥J 8 form part of these accounts. Approved by the body of Trustees on 23 June 2025 and signed on its behalf by:_ Mr l. Ross. Chairman Mr AJ. Bertram, Treasurer LONDON COUNTY COUNCIL TRAMWAYS TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 OCTOBER 2024 ACCOUNTING POLICIES Basis of Accounting.. These accounts have been prepared under 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 the Charities Act 2011. Income Ta Incorne Tax recoveraL4e by the Tnjst from HM Revenue and Customs on incoming donations is credited to the Consolidated Stat￿￿tt of Financial Activibes as it arises. Stocks.. Slocks are stated at the lower of cost or net realisable value. No value is plawl on donated items and on some second hand purchases where their value is not considered material. Basis of Consolidation: The ¢onsdidated accounts cOMpr￿e the acccmjnts of the tharitable Trust togethw with those of its subsidiary c¢Jmpany LCCTh {Promotions) Limited. The subsidiary did not trade during the year. COMMERCIAL TRADING OPERATIONS AND INVESTMENT IN TRADING SUBSIDIARY The financial acti•Aties sh¢y•m in the conscAidatgJ statement indude those of the Charit￿9 wholly- owned subsidiary LCCTh (Promotions) Limtted. 2024 2023 Tumover Cost of sales and administration expenses Interest received Net pr¢)fft Amount passed to parent ch*ity Profrt retained The assets and liats'lities were". Current assets Creditors." Amourts falling (kne wllhtn one year 100 100 Total net assets represent&J by issued share cawtsl 100 100 DONATIONS, GRANTS AND OTHER EXPENSES TOWARDS THE CONSERVATION AND RESTORATION OF LONDON TRAMS Unrestrirted Restricted Funds Funds 2024 Total 2023 Totsl London County Council 1 Conlribution to National Tramway Museum for trolley poles (LT 1622) and launch costs (LCC 1) Total 950 950 2.000 20,962 8,700 2,C(iO 950 2,950 29,662 LONDON COUNTY COUNCIL TRAMWAYS TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 OCTOBER 2024 SUMMARY ¢JC MOVEMENT IN FUNDS Opening Incune Expenditure Transfer Balance Closing Balance Restricted Ir)come Funds: North Metropolitan Tramcar 184 LorKlon County CourKil 1 50,276 1.663 3,655 51,939 2,705 (950) Unrestricted Income FUNI 121.858 72.921 (2.379) (30,OW) 162,400 Designated Inc¢yne FurKIs: North Metropolrtan Tramcar 184 London County Council 1 London Transport 1858 Other London Tramway 150,000 20.000 5,132 140.000 150,000 50.000 5,132 140,000 30,000 TOTALS 487.266 78.239 3.329 REIMBURSEMENTS OF EXPENDITURE No expenditure was reimbursed to the Trustees {2023'. nil) in respEct of expenses incurred vthilst urKJertakn'ng work on tehalf of the Trust. EMPLOYEES The Trust had no emFdoye8s during the year (2023.. none). FIXED ASSETS- HERITAGE ASSETS The Trustees are custodians of a small numter of London tramway artefacts. These have been acquired over the life of the Trust by way of grft or acquisftion. It is not practical or meaningful to value the items and hence they are recorded in the accounts at nil value. FIXED ASSET INVESTMENT 2024 Charlty 2023 Charity owned company. LCCTh (Pr(xntthrts) Limited 100 Shares of £1 eath, at cost: 100 FINANCIAL COMMITMENTS AND POST BALANCE SHEEf EVENTS London County Council Tramways tramcar no. 1 The Trust entered into an agreement dated 8 November 2014 with the Tramway Museum Society (a registered charity) to fund the cost of matefials. wnpIo￿nent 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 approximatety £500.OCrf) over a period of five years with completion in 2018. The restoration was completed on 13 September 2024. At 31 Odober 2024 the Trust had paid over to the Society £497,569.