REGISTERED COMPANY NUMBER: 02475754 (England and Wales) REGISTERED CHARITY NUMBER: 328539 Re orl of the Trustees and Unaudited Financial Statement5 for the Year Ended 31st December 2023 for BRITISH COMMERCIAL VEHICLE MUSEUM TRUST Abrarns Ashton - Cliorley Liimiied Chartered Certified Accountants 41 St Thomd%'% Road Chorley Lanca5hire PR7 IJE BRJTJ.%H COMMERCIAL VEHICLE MUSEUM TRUST Contents of the Flnanclal Statements for thi, Ycur EndL.d 31st DLLLmber 2023 Page Report of the Trustees Independent ExAMlller's Report Statement ot. Flnanclal Actlvltles Balanee Sheet Notes to the Flnanclal Statement5 9 to 15 BRJTJ.%H COMMERCIAL VEHICLE MUSEUM TRUST {REGISTERED NUMBER: 02475754 orr of the Trustees for the Yexr Ended 31st December 2023 The Irustees who are also directors of the cliarity for th¢ purtK)5es of the Compaiiies Act £006, present their report with the financial staTemenls of the chaniy for Ilie year ended 3 1st December 2023. The Iruslees have adopted the provisions of Accounting and RLPOrting by Chttritie%.' StatcmLnt uf Recommcndcd PrnLtiLc appliLthblL to LharitlL.% prLparing Ihcir llLLount% in aLLord￿Ll, With the Financial Reporting Starbdard applical)le iii tlie UK aiid Republic of Ireland {FRS 102) (effective l January 2019). OBJECTIVES AND ACTIVITIES Prlnclpal aetivltles and objeetlves Tlic principal aclLvilics uf the compaiiy arc IhL provision of a vchiclL musciiin for tlic public, Ihc rcstoration of vchicles of liistoriL interest and the Inaintenance of'archives of'tlie comrnercial vehicle industry. Tlie iru.4t'.4 central objective iq to pre%erve t.or tuture gTeneratioii%, vehicle% of %pecial %ig7niticance iii The deNelopinenl ot. the Brilish commercial vehicle indiislry. The miigeiiin Irusiees, chosen lo provide a range of experiise reflecling boih the operalion and manuf&LturL ot" IrLJLks aiid busLS, dctLrniinc LoIILLlion policy. Thcy scck lo maintain a rcprescnlativc display L)f vehiLlcs spanning Ihc whole lieritage ot'the Brit15h commercial vehicle indusiry. Tlie Iru%lee.%' %econd main objective ]% to en%ure the wide¥t poi%ible dcce%% and vi.%ibility tor the collection. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing doeunient The ihai'iiy is controlled by its governing document. a deed of tnist, and constitutes a limited company, limiied by giiarantee. as delined by the Coillpdnie4 Act 2006. Corporate status The British Coininercial Vehicle Miis¢um Ttvst is a regyislered Charity, which was incorporated under the Cornpanies Act 1981 as a company limited by guaranlee on l March 191)O. The company does not have a share capilal and the liability in respeLI of giiaranlee 1% liinited lo £1 per tru4tee. For the purpv%e ot the Cvnipunie5 ALI 2006. the Iru%tee4 aLt a% dire¢tors uf the Loinpany. The ¢onipuny was eslablisl)ed under a meiii0raiidui￿ of Association. which established the objects and powers of the charitable cornpany and is governed under ils Articles ot AssoLiatiL)n. Trustees respDn5ibllltles Company law requires the Irusiees lo prepare financial sta¢einents for each financial year wliich gI￿e a true and fair view of the slale of aftairs of the company and of the SLirplus or deficit of the company for that period. In preparing those finoncial slolemenls, the trustee5 are required to.. sLILLI suitabli uLLvuniing p¢JliLILS und IhLn upply ihLrn LonsislLntly make judgeinents and estimates that are reasonable and prudeiil prepare the financial sialements on the goiiig concern basis unless il Ib inappropriate lo presume Ihal the company ivill coniinue in business ThL Iru%tLL% arc rLsponiiblL lor kLLping prDPLf ULLounting rLLord% wliiLh di%Llo%c with rLu%unublL uLLiifJLy al uny tiinL thL finanLiuI position of tlie compan), aiid to enable thein to ensure that tlie financial slalenieiils comply with Coinpanies Act 1985. They are also responsible for safegiiarding the assets of the company and hence for taking reasonable steps for the prevenlioi) and detection of fraud and other irregyularities. REFERENCE AND ADMTNISTRATIVE DETAILS Registered Compan} number 02475754 (England and Wales) Reg15tei-ed Chai-lty nuiiiber 32x539 Reglstered office King Street Leyland LanLaghirt PR25 2LE Page I BRJTJ.%H COMMERCIAL VEHICLE MUSEUM TRUST {REGISTERED NUMBER: 02475754 orr of the Trustees for the Yexr Ended 31st December 2023 Trustees .1 P Gil¢hrist Chairinaii W G Robinson (resigned 14.3.241 D H BLnncti D m1￿hell C Robertoii J.A McKevilt T J Haley MsCLMcli D B Fon'esl K J Ellison DireL'tor J G Soulhwortli Director P Jukes Compan!, Secretary T J Haley Independent Examlner Andrem, C'arl CtsunLe Abraiiis Ashton Chorley Liiniled Chartered Certified Accountanis 41 Si ThomdS'S Rodd Chorley Laniashiie PR7 IJE Page 2 BRJTJ.%H COMMERCIAL VEHICLE MUSEUM TRUST {REGISTERED NUMBER: 02475754 orr of the Trustees for the Yexr Ended 31st December 2023 TThstees ThL Trubtees in office at 3 l%t DeLeiuber 20?3 thrL listed bclow: J P Gilchrist Chairman W G Robinson (resig7iied 14.3.241 D H Bennett D MilLhcll C Roberton J.A MeKevilt T J Hdley Ms C L Melia D B Forrcsl K J Ellison J G Soulhworth P Jukes Registrlltion and Appointment of Trustees The Articles of Asgocialion of The British Cominercial Vehicle Museum Trusi require one third of the Tnistees to retire by rotation ai eucli Annudl Generdl Meeiing. Siibjecl lo tlie provi%ion4 ot Ihe Anicle%, tlie TnJNree% lo retire by rotation %hdll be tho4e who hdve been longesi in office since Ilieir lasi appoiniineni or re-appoinirnent, bui as be(ween persons who became or were lasi re-appoinied Trusiees on the same day, those to retire shall be determined by lot. The Trusiees reiiring are: J A McKevill J P GilLhrist Msc L Melia Th¥%e Tru.%tee% muy, it ivilling lo ULI. b¢ r¢.appLTrinl¥d. The Articles of Association require Trustees to retire ai their tirst Annual General Meeting, Revlew of activltle5 The Irusiees are pleased to repori a surplus for the year ended 31 December 2023 of £114,415. This coinpares lo a deficii in Ihe year ended I l December 2022 of (Ll,531). The surplus was achiev¢d largely due lo an increased receipt of donalions and legacies of £191.555 (2022 - £97,766). Donations and ILgtsiiL% inLludL inoniL% fLLcivLd by Wdy of grant%. The Trustees are particularly grateful to the 'The Engert Watford Motor Museum, for making a grant of £141,000 received in March 2023 aiid a turther gTranl trom the Heritagpe Lollery fund paid under,staLie 2 of the museum refurbishTnent progirani received in Jai)uary 2021. Incoine generated by the museums trading activities increased by 22.50/￿ 10 £159,586 (202" £130,269). Overhe produLLd by NCVO. ThL trustees have enbvabiLd a consuliani io undertake a review and provide reLomtneiidationg to ensure we comply Miiih the eight eleinents inLluding.' OrLTraiiisational purpose Leadei'sliip Integrity Decision-making Risk and LonlrJl Board etle¢iiveness Eqiialily, diversity and iiiclusion Openness and aLLuunl&bilily Reserves Policy The Trustees look fonvard lo building up the reserves of Ihe museuin as a result of increased revenue sli'eams Ihal will generale fulure iirplii%e%. Approved by order of the board of trustees on 18th September 2024 and signed on its behalf by.. J P Gilchri51 Trustee Page 4 Jnde endent Examiner'5 Re otnmcrfia ort to the Trustees or USCUlll rust Independent examiner's report to the trustees of British CDmmer¢ial N'ehicle Museum Trust {'the Companv,) I report to the charity trustees ov] my exaillination of the accounts of the Coinpany for the year ended .31 sl December 202.3. Re5ponsibilitie5 and bgsi5 of report As the charit} s Iruslees ol the Coinpany {aiid also ils directors for the purposes of company law) yOLi are responsible for Ilie prcpurutiun uf the acLuunt% in alL￿rdance with the requirem￿l￿t% uf thc Coinpunie% ALt 2006 ('thL 20U6 Act,). H&ving salisfi=d myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 ALt and are eligFibl¢ t.or independ¢iil examiiiatioii, I report iii respect of my examination of your charity's account5 a5 carried out under Section 145 of the C'harities Aci 2011 ('Ihe 201 l Act,). In carrying out my examinalion I have followed the Directions given by the C.harily Q'.ommission under ScLtion 145(51 (b) of the 201 I ALt. Independent examlner's stxtement Since your charity'% gFro%% income exceeded £25n,000 your examiner mu4t be a member of a li4ted body. I can contirm that l ain qualified 10 underiake the examination because l am a member of Ilie Association of Chartered Certified Accounlanls. which is one of thL listLd bodics. I hav¢ completed tny examination. I confinn thal no tnalters hav¢ come lo iny attention in ¥onnection willi th¢ exainination giving me cau%e lo bel ieve.. fACLounting reLords were not kept in respeLI of the Company as required by SeLtion 386 (jf the 20U6 Act; or the accounts do not acco1￿ with those records.. or the accoiints do noi coinply with the accoiinling reqiiirements of Seciion 396 of the 2006 A¢1 other than any requirement thai the dCCOLini% giwe d true and t'uir i'iew whicli is not d llidller considered IL4 Part ot dl) independent exLJn)indlion; or Ihe accounis have noi been prepared in accordance wilh ilie merliods and prinkniples of ihe S(a(einenT of Recommended PraLtiLe ftsr aLiouiiling And reporting by charities (appliLable to Lharilies preparing their acLounls ill accordance with the Fiiiancial Reportin&y Standard applicable in the UK ai)d Republ ic of Ir¢laiid (FRS 102)). I liuve no ¢unLerns und have Lvme no uiher Imatters in ¢onlleLliun with the exdiMin&tion to whilh allenliun %hoLild be drdwn in this report in order to enable a proper understanding of ¢he accounts lo be reached. AndrL'w Cdrl CdunL'L Abrams Ashton - Chorley Limited Chartered Certified Accounlan15 41 Sl Thomas's Road ChorlLy Lancashire PR7 IJE 2.5 th September 2024 Page 5 BRJTJ.%H COMMERCIAL VEHICLE MUSEUM TRUST Statemenl of Financial Activities for the Yexr Ended 31st December 21123 31.12.23 Total funds 31.12.22 Total fiinds Unrestricted lund Restricted fund INCOME AND ENDOWMENTS FROLWI Dondtion4 IcguLiL. 191,555 191.555 97,766 Other tradinu aLtivitic Total 159 $86 351 141 159,586 351,141 130269 228,U35 EXPENDITURE OLN Rdl8ing fund 15,585 15,5115 9,099 Ch￿ritable *ctivities Employinenl costs Esldblishment LO%t GenL'ral (Idminislraiive expenses D¢p￿lI￿lI0￿ Losls Total 73,518 80,104 29,709 86,311 147.623 147,623 236 726 27(} 566 NET INCOME/{EXPENDITURE) 114,415 114,415 {1,531) RECONCILIATION OF FUNDS Tolal (unds brouglii forward 2.0146,090 349,000 2,435.090 2,436,621 TC)TAI, FIINt>S C.ARRIF.fJ FnRWARf) 2 21111 SlbS .149 2 549 2 4.1.f The notes fonn parl of iliese finaneial statements Page 6 BRJTJ.%H COMMERCIAL VEHICLE MUSEUM TRUST {REGISTERED NUMBER: 02475754 Balance Sheet 31st Deceniber 2023 31.12.23 Total funds 31.12,22 Total fiinds Unrestricted lund Restricted fund FIXED ASSETS Tangiblc a%%Lt Heritage assets 1,966,795 1,966.795 -14Y OUO 2,31 %,795 1,991,26 349 000 2,340,2611 349 000 349,000 1,966,795 CIIRRENT ASSETS Siocks Debi(Trr5 Cash al bank and in hand 3,000 5,848 3.000 5.848 242.632 251,480 3,000 3,080 103 977 110.057 10 251,480 CRF.DITORS Amounts falling due within one year (17,770) (17.770) (15,235) NETCURRENT ASSETS 233 710 94,822 TOTAL ASSETS LESS CURRENT LIABILITIES 2,200,505 349,000 2,549,505 2.435,OL)O NET ASSETS FUNDS Unrestricted funds Remtricted fund% 2 2110 .$05 .149 000 2 54y.$05 2 435 090 12 2,200.505 349 2 544 505 2,086,090 349 Ono 2 415 090 TOTAL FUNDS The Chariiable company is enlilled lo exemption from aiidit under Section 477 of rhe Companies Acl 2006 for the year ended .31 sl Decembei- 21)23. The niembers have not required the coinpaiiy to obtain ali audit of ils finaiicial 8lateinents lor the year ended 31 st Deceinber 2023 in accordance with Section 476 of Ihe Companies Aci £006. The trustees acknowledge their respollsibililies for (a) ensurin&i that the ¢haritsbl¢ conipany keeps accountin&y records that coinply with Section8 38() and 387 ot the Companies Act 2006 8nd preparing finaiicidl slateiments- which give a true and fair view ut the %tate uf affair% Df the Charit￿ble Lompllny at the qid uf eaLli fii)dn¢ial year and vf ils surplus or dvficit for each financial year in ac¥()rdan¢e wilh 11)e r¥quireinLnts of Sections 394 and 395 and which otherwise coinply with the requirernenls of Ihe Companies Act 2006 relating lo financial statel￿entS. so tar a% applicable to the charitable ¢1llnpany. Ib) The notes fonn parl of iliese finaneial statements Page 7 continued..- BRJTJ.%H COMMERCIAL VEHICLE MUSEUM TRUST {REGISTERED NUMBER: 02475754 Balance Sheet- continued 31st Deceniber 2023 These financial statements have been prepared in aLcordanLe with the provisions appliLable lo charitable cotnpanies subject tt) the small compaiiies regime. The Iinancial statements were approved b}, the Board of Trustees and authorised for issue on 18th September 2024 and were signed on its behalf by.. J P Gilchri%i Trustee The notes fonn parl of iliese finaneial statements Page 8 BRJTJ.%H COMMERCIAL VEHICLE MUSEUM TRUST Notes to the Financial Statement5 for the Yexr Ended 31st December 21123 ACCOUNTING POLICIES Basls of preparlng the financial statements ThL finunLial %tatcmLnt% of the Lliaritdble conipuny, whiLh 1% a public benefit Lntily under FRS 102, huve becn prep£￿Ld in accordance with the Charilies SORP (FRS 102) 'Accounting ai)d Reporting by Charilies- Sialeinent of Recoinm¢nded Practice applicable lo charities preparing their accounis it) aLcordance with the Financial Reporting Standard applicable in the UK and Republic of Jreland {FRS 102) (etlective l Janiiary 2019}', Financial Reporting Standard 102 'The Financial Reporiing Standard applicable in the UK and Republic of Ireland, and the C,ompaiiies Aet 2006. The financial slalements IiawL bccn prLparL'd undcr thc hisloriLal Lost LollvLntion. Incorne All incoille is recogFnised in tlie Stdtemenl ot Financidl Activities once ihe charity has eiititlement lo ihe fund%, it 1% pmbable that the income will be received and the amouni can be measured reliablj. Expenditure Liabilities are recognised as ¢xpenditure as soon as there is a legal or constructive obligation comtnitting the Charity lo thal expenililiire, il li probable that a tran%fer ot econoinic benefit% will be required in %eltlemenl and Ihe dmoiint of the ohl igpiilion cali bL Ineasured reliably. Expenditure is acLuuntL.d for on an accruals basis and has been classified uiider hL'' & Sl)oi'lai)d) and an esliiiiated value ot £349,UOO was placed on these donated assets. There have beeii no additioiisldisposals to the collectioii since this dale. Tangwible fixed asset Depreciation is provided al the following annual rates in order lo write off each asset over its estimated useful life. Improveimenls lo propei'ly FixtLirv4 and titling% Computei. equipiiienl 5 /11 011 COSI 200/0 on cost In a departure trom FRS 102 Section l A t'oi. small enlitie￿, no depreciation is proNided in respect of freehold prop¢rlies. This is a departure from Ihe requirements of the Companies Act 2006 whiuli requires all properties lo be depreLialed. Tl)e Iruslees Lun4idLr thdt to dLprLciatL tIILm wuuld noi ¥iVL 11 truL diid fdir viLw. DLprLL'iUtiun 1% only onc of thu Inany LILmLnLs rLflL'LtLd iii the annual valuation of properties and accordingly the amount of depreciation which might otherwise have been charged cannot be separately identified or quantified. The trustees consider that this policy results in the financial slalemenis giving a true and fair view. Stocks Stocks are valued at Ihe lower of cost and nel realisable value, after making due allowance for obsolete and slow rnoving items. TAx#tlon ThL Lhurily Is CXLInpt from Lorporation tax on it% LliarilablL dLlivitic%. Fund *ccountlDg Unreslricled fund% can be utyed in accor(lance with the charilal)le objectives at the di%crelion of the trustees. Rcstrictcd funds can onl> bc USLd for partlLular rcstriLtcd purposes within the objLLts ot Ilic cliarity. Restrictions arisc whLn specified by the donor or when tunds are raised tor parliculaT Testricted purposes. Page 9 continued..- BRJTJ.%H COMMERCIAL VEHICLE MUSEUM TRUST Notes to the Financial Statements - continued for the Yexr Ended 31st December 21123 ACCOUNTING POLICIES - continued Hlre purchase and leaislng eommltments RLlltul% Pdid under operating drc LhargLd to thL StuteinLnt of FinunLial ilLtLVltic% un u %lraight line btLSi% over tE]e period of tlie lease. Pension costs gnd other post-retirement benefits The charitable company operates a defiiied conlribulion pension scheme. Contributions payable lo the charitable company's pcnsion sLhcmL arL Lhargcd lo Ilic StalcmLnt of FinanLial Activilics in thu pcriod tL) which thcy rcl&tL. Bulldlngs The mu4eum operateq from premi%e% provided by Eng,li4h Partnerqhip.4. There is no rent paid tor ihe building? Subject to the coiidilion Ihal the buildings are used lo fiiriher the i￿St$ aciiviiies, and cannot be realised iinless Ihe niuseum re siles in nothLr 'ncw toi¥n' arLa. C".tsnsequcntly thc buildings arc not rLLordcd in Ilic balance sheet. OTHER TRADING ACTIVITIES 31.12,23 31.12.22 Entrdnce fee4 Shop income Arcliive incoine Olhcr goods Cafe rent 105,746 20,205 705 22,671 91,636 17,254 2,394 12,533 6.452 IIU 269 159,580 NET INCOMEI{EXPEIYDITURE) Nel incomellexpendiiure) is slated after charginwlcrediling): 31.12.23 31.12.22 Depreciation - owned clSSels Hire uf plant and muuhiiiery 24,r)88 TRUSTEES, REMUNERATJON AND BENEFITS There were no trustees, remuneration or other benefits for the year ended 31 sl December 2023 nor for the year ended .3 I st Deceimber 2022. Trustees, expenses Durill¥ the yedr, no expense% were paid to trustees (2022 - Nil). P¥AEe l O continued..- BRJTJ.%H COMMERCIAL VEHICLE MUSEUM TRUST Notes to the Financial Statements - continued for the Yexr Ended 31st December 21123 STAFF COSTS There was an aN'erage of 5 full lime ernployees throughou( tl)e year. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted fund Restrlcled fund Total tuiids INC'OME AND EIYDOIYME]YTS FROM Donations and legacies 97,7CI6 97,766 Oiher trO TOTAL FUNDS 1 436621 ￿1531) 2 43fj 090 Comparaiive nel moveineni in fuiids, included in the above are as follows.. Incoining resources Resources expended Movement in funds Unrestricted funds (Jeneral tund 228,U35 (22l),566) {15311 TOTAL FUNDS 228 U35 229 566) A current year 12 months and prior year 12 monlhb combined position is as follows.. Nel rnovcnicnl in funds At 1.1.22 31.12.23 Unrestricted funds General fund 2,087,621 112,884 2,200,505 Restri¢ted funds ReslriLtecl 349,000 349.￿0 TOTAL FUNDS 2 436 621 112884 2 549 .505 A ciirrent year 12 months and prior yetir 12 months combined net inoveme.nl in fiinds, incliided in the above <2re as follows.. Incoining resourLes Resources expended Movement in funds Uiirestrlcted fuiids CJener(Il flind 579,176 (466,292) 112,884 TOTAL FUNDS 579 176 46h 292 112884 P¥AEe 14 continued..- BRJTJ.%H COMMERCIAL VEHICLE MUSEUM TRUST Notes to the Financial Statements - continued for the Yexr Ended 31st December 21123 13. RELATED PARTY DISCLOSURES There were no related party transactions for Ilie year ended 31 st December 2023. (2022 - Nil) 14. ULTIMATE CONTROLLING PARTY The coinpaiiy is controlled by the trustees. Page 15 This document was delivered using electronic communications and authenticated in accordance with thc registrar's rulcs relating to elcctronic form, authentication and manner of delivery under section 1072 of the Companies Act 2006.