REGISTERED COMPANY NUMBER: 02475754 (England and Wales) REGIERED CHAIUTY NUMBER: 328539 Re rt of the Trustees and Unaudited Financial Statements for the Year Ended 31st December 2024 BRITISH COMMERCL4L VEHICLE MUSEUM TRusr BK Plus- Chorley Chartered Certified Accountants 41 St Thomas's Road Chorley Lancashire PR7 IIE
BRITISH COMMERCIAL VEHICLE MUSEUM TRU Contents of the Financial Statements for the Year Ended 31st Dember 2024 Page Report ofthe ThteeS I to 4 Independent Examiner's Report Statement of FinanaalActivities Balan Sheet Notes to the Financlal Statements 9 to 15
BRITISH COMMERCIAL VEHICLE MUSEUM TRusr REGISTERED NUMBEIL. 02475754 Re rt of the Trustees for the Year Ended 3tst December 2024 The trustees who are also dirertors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31st Dernber 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019). OBIEcfivESAND AcfiviTIES Principal artivities and objectives The principal attivities of the company are the provision of a vehicle museum for the public, the restoration of vehicles of historic interest and the maintenance ofarchives of the commercial vehicle industry. The trusvs central objective is to preSee for future generntions. vehicles of special significance in the development of the British commercial vehide industry. The museum trnstees. chosen to provide a range of expertise reflecting both the operation and manufacture of trucks and buses, determine collertion policy. They seek to maintain a representative dlsplay of vehicles spanning the whole heritage of the British commercial vehicle industry. The trustees, second n1n objertive is to ensure the widestPQs5ible access and visibility for the Collectio STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The charity is controlled by its governing docurnenL a deed of trusL and constitutes a limited company, limited by guarantee, as defmed by the Companies Act 2006. Corporate status The British Commercial Vehicle Museum Trust is a registered charity. which was incorporated under the Companies Art 1985 as a company limikd by guarantee on l March 1990. The company does not have a share capital and the liability in respert of guarantee is limited to £1 per trustee. For the purpose of the Companies Act 2006, the trustees act as dirertors of the company. The cornpany was established under a Memorandurn of Association, which established the objects and powers of the charitsble company and is governed under its Articles of Associatio Trustees responsibilities Company law requires the trustees to prepare financial statements for each financial year which give a trne and fair view of the state of affairs of the company and of the surplus or deficit of the company for that period. In preparing those financial ststements. the trustees are required to: - select suitable accounting policies and then apply them consistently - make judgements and estimates that are reasonable and Prudent prepare the finanaal statements on the going contrrn b3sis unless It is inappropriate to presume that the company will continue in business The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the finanoal statements comply with Companies Art 1985. They are also responsible for safeguarding the assets of the company and hence for tsking reasonable steps forthe prevention and detection of fraud and other irregularitie& REFERENCEAND ADMINWRATIVE DAlls Regtstered Company number 02475754 (England and Wales) Registered Charlty number 328539 Page I
BIUTISH COMMERCIAL VEHICLE MUSEUM TRUST REGISTERED NUMBEIL. 02475754 Re )ort of the TteeS for the Year Ended 31st Dember 2024 Registered office King Street ikyland lancashire PR25 2LE I P Gilchri5t (resigned 18.9.24) W G Robinson (resigned 14.3.24) D H Bennett D Mitchell (resigned 3.10.24) C Roberton l.A McKevitt T l Haley Ms C L Melia D B Forrest K l Ellison Dirertor (resigned 3.10.24] l G Southworth Director P lukes Chairman Ms A L Mayo (appointed 18.9.24] B Ramaswamy (appointed 18.9.24) Qpmpany Secretary T J Flaley Independent Examiner Andrew Carl Caunce BK Plus- Chorley Chartered Certified Accountsnts 41 St Thomas's Road Chorley Lancashire PR71IE Page 2
BRITISH COMMERCIAL VEHICLE MUSEUM TRU REGISTERED NUMBER: 02475754 Re ._rt ofthe Trustees for the Year Ended 31st December 2024 TeeS The Trustees in office at 31st December 2024 are listed below: I P Gilchrist- Chairman (resigned 18.09.24) W G Robinson (resigned 14.03.24) D H Bennett D Mitchell (resigned 03.10.24) C Roberton J.A McKevitt T l Haley Ms C L Melia D B Forrest K l Ellison (resigned 03.10.24) l G Southworth P lukes A L Mayo (appointed 18.09.24) B Ramaswamy (appointed 18.09.24) Registration and Appolntment of Trustees The Articles of Association of The British Comrneraal Vehicle Museum Trust require one third of the Trustees to retire by rotatioll at each Annual General Meeting. Subjert to the provisions of the Articles, the Trustees to retire by rotation shall be those who have been longest in oifice since their last appointment or re-appointmenL but as between persons who becarne or were last re-appointed Trustees on the same day, those to retire shall be detern)ined bylot. The Trustees retiring are: . -TIHaley - D B Forrest - C Robertson These Trustees may. ifwilling to acL be re-appointed. The Articles of Association require Trustees to retire at their first Annual Gener21 Meeting. Review of activities The trustees report a deficit for the year ended 31 December 2024 of £49,506. This compares to a surplus in the year ended 31 December 2023 of £114,415. last year's surplus was achieved due to a very large one-off donation from The Engert Watford Motor Museum. Donations, legaaes and grants this year amounted to £38,804 as compared to £191.555 for the previous year. Income generated by the museums trading activities amounted to £158,239 (2023 £159,586). Overheads increased by 4.17% to £246,607 [2023 £236.726]. However. this includes the cost of rep1arnent windows of which £22.892 was covered by a grant of £18,000 The net assets of the museum on 31 December 2024 were £2,150,999. Museum Activities Page 3
BIUTISH COMMERCIAL VEHICLE MUSEUM TRUST GISTERED NUMBEL. 02475754 Re rt ofthe Trustees for the Year Ended 3tst December 2024 Nonnal trading income for 2024 decreased to £158.239 (2023 - £159.586). Full details are enclosed in note 2 to these accounts. Volunteers and staff The museum currently operate5 with five employees. The Trustees value their contributions and enthu5ia5rn and appreciate that they also work many extra hours on a voluntary basis. The financial success of the Trust would not be possible without the huge support and efforts of its voluntee. Approximately fifty people volunteer their time, skills and expertise to help the museum, archives, cinema and special events to function. The rnuseum is very grateful to all the volunteers who keep the museurn repaired and open, and to those who entertain and inforni the visitor& Without this dedication the museum could not filnction. The Futyre The challenge in 2025 is to increase the museums income from regular trading acttvities. Several steps have already been taken to address this issue as part of a five-year plan to move the museum from not just breaking even but achievinga healthysurplus. The trustees are now one year into a thorough review and adoption of the eight essential elements of a successful board as contained in The Charity Governance Codei produced by NCVO. The eight elements include: - Organisational purpose - IEadeT5hip - Integrity - Decision-making - Risk and control - Board effectivene&s Equality, diversity and inclusion - Openness and accountability Reserves Pollcy The Trustees look forward to achieving surpluses in the fure in order to build up the reserves of the museurn. Approved by rder of the board oftrustees on 4th September 2025 and signed on its behalf by: P lukes- Tryst Page 4
Independent Examlner's Re rt to the TheeS of British Commercial Vehide Museum Trust Independent e3aminer's reportto the trnstees of British Commerdal Vehlcle Museum Trust (the Con)panyJ report to the charity trustees on my examination of the accounts of the Company for the year ended 31st December 2024. RespK•Dslbllltles and basts of rew)rt s the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 Cthe 2006 Act,). Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Art 2011 ('the 2011 Act,). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) 0)) of the 2011 ACL Independent examiner's statement I have completed my examination. I confirni that no matters have come to my attention in connertion with the examination givingrne cause to believe: accounting records were not kept in respect of the Company as required by Sertion 386 of the 2006 ACL or the accounts do not accord with those records; or the accounts do not comply with the accounting requirements of Section 396 of the 2006 Art other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or the accounts have not been prepared in accordance with the methods 2nd principles of the Ststement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of IrelaDd (FRS 102)). I have no COnrnS and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reache(L Andrew Carl Caunce BK Plus- Chorley Chartered Certified Accountants 41 St Thomas's Road Chorley iAncashire PR7 IJE 0810912025 Page S
BRITISH COMMERCL4LVEHICLE MUSEUM TRUST Statementof Financial Activities for the Year Ended 3tst December 2024 31.12.24 Total funds 31.12.23 Total funds Unrestricted fund Restricted fund Notes INCOME AND ENDOWMEKfs FROM Donations, lecleS and grants 38,804 38,804 191,555 Other trading activities Investment income 158,Z39 58 158,239 58 159,586 Total 197,101 197,101 351,141 EXPENDrruRE ON Raising funds 17,2SI 17,251 15.585 Charitable activities Employment costs General administrative expense5 73,331 156,025 73.331 156,025 73.518 147.623 Total 246,607 246,607 236,726 INCOME/{EXPENDrruREJ (49,506) (49,506) 114,415 RECONCILIATION OF FUNDS Total funds brought forward 2,200.505 349.000 2,549,505 2.435,090 TOTAL FUNDS CARRIED FORWARD 2,150,999 349,000 2,499,999 2,549,505 The notes forni part of these financial statements Page 6
BRITISH COMMERCIAL VEHICLE MUSEUM TRUST REGisfERED NUMBEIL. 024757S4 Balance Sheet 31st Dece]nber 2024 31.12.24 Total funds 31.12.23 Totsl funds Unrestrirted fund Restricted fund Notes FIXED ASSETS Tangible assets Heritage assets 1,945,633 1,945,633 349,000 1.966,795 349,000 349,000 1,945,633 349.000 2,294,633 2,315.795 CURRENT ASSETS Stocks Debtors Cash at bank and in hand io li 3,000 3J22 212.072 3,000 3,322 Z12,072 3,000 5.848 242.632 218,394 218,394 251.480 CREDITORS Amounts falling due within one year 12 (13,028) {13,028) (17.770) CURRE A$ss 205,366 20S,366 233,710 TOTAL ASss LESS CURRENT LIABILrriES 2,150,999 349,000 2,499,999 2.549,505 NEf ASSETS 2,150,999 349,000 2,499,999 2,549,505 FUNDS Unrestricted funds Restricted tunds 13 2.150,999 349,000 2,200,505 349,000 TOTAL FUNDS 2,499,999 2,549,505 The charitsble company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2024. The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2024 in accordance with Section 476 of the Companies Act 2006. The trustees acknowledge their responsibilities for (a) ensuring that the charitable cornpany keeps accounting record5 that comply with Sections 386 and 387 of the Companies Art 2006 and preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements. so far as applicable to the charitable company. tb) The notes ftirni part of these financial statements Page 7 continued.-
BIUTISH COMMERCIAL VEHICLE MUSEUM TRU GISTERED NUMBEIL. 02475754 Balan Sheet- continued 31st December 2024 These financial statements have been prepared in accordance with the provisions applicable to charitsble companies siibject to the small companies regime. The financial statements were approved by the Board of Trustees and authorised for issue on 4th September 2025 andwere s ned n its behalf by: P lukes- Trus The note5 forrn part of these financial statements Page 8
BRITISH COMMERCIALVEHICLE MUSEUM TRUST Notes to the Flnanclal Statements for the Year Ended 31st December 2024 ACCOUNTING POLICIES Basis of preparingthe financial statements The financial statements of the charitsble company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Prartice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effertive I january 2019),. Financial Reporting Stsndard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Companies Act 2006. The financial ststements have been prepared under the historical cost convention. Income All income is recognised in the Ststement of Financial Activities once the charity has entidement to the funds. it is probable that the income will be received and the amount can be measured reliably. Expenditure Liabilities are recognised as expendIre as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlemeiit and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be dirertly attributed to particular headings they have been allocated to artivities on a basis consistent with tlie use ofresources. Heritage assets Due to changes in FRS 30, the charity is now required to capitalise any donated heritsge assets. A valuation was carried out in 2007 (by professional valuers Thirnbleby & Shorland) and an estimated value of £349,000 was placed on these donated assets. There have been no additions/disposals to the collection since this date. Tangible fixed assets Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Improvements to property Fixtures and fittings Computer equipment 50kn on cost IO% on cost 200h on cost In a departure from FRS 102 Section IA for small entities. no depreciation is provided in respect of freehold properties. This is a departure from the requirements ofthe Companies Art 2006 which requires properties to be depreciated. The tteeS consider that to depreciate them would not give a true and fair view. Depreciation is only one of the many elements reflerted in the annual valuation of properties and accordingly the amount of depreciation which might otherwise have been charged cannot be separately identified or quantified. The tntee5 considerthat this policy results in the financial ststements giving a true and fair view. Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving itsms. Taxation The charity is exernpt from corporation tax on its charitable activitie& Fund accounting Unrestricted funds can be used in accordance with the charitsble objectives at the discretion of the trustees Page 9 continued...
BRITISH COMMERCL4L VEHICLE MUSEUM TRU Notes to the Financial Statements- continued for the Year Ended 31st December 2024 AccouKfiNG POIICIFS- continued Fund accounting Restricted funds can only be used for particular restrirted purposes within the objects of the charity. Restrictions arise when specified hy the donor or when ndS are raised for particular rertticted purpose5. Hire purchase and leasing commitments Rentals paid under operating leases are charged to the $12tement of Financial Activities on a straight line basis over the period oFthe lease. Pension costs and otherpost-retirement benefits The charitable company operates a defined contribution pension scheme. Contributions payable to the charitsble company's pension scheme are tharged to the S13tement of Financial Activities in the period to which they relate. Bulldlngs The museum operates from premises provided by English Partnership& There is no rent paid for the building subjert to the condition that the buildings are used to rther the trusts activities, and cannot be realised unless the museum re sites in another 'new town, area. Consequently the buildings are not recorded in the balance sheeL OTHER TRADING A1vrriEs 31.12.24 31.12.23 Entrance fees Shop income Archive income Other good5 Cafe rent 100,133 19,102 2,193 24,047 12,764 105.746 20,205 705 22.671 10,259 158,239 159,586 INvEME INCOME 31.12.24 31.12.23 Bank interest received 58 NET lNCOME/(EXPENDITURE) Net incorne/(expenditure] is stated after charging/(crediting): 31.12.24 31.12.23 Depreciation- owned assets Hire of plant and rnathinery 23,674 3270 24.988 3,770 Page 10 continued...
BRITISH COMMERCtALVEHICLE MUSEUM TRU Notes to the Financial Statements - continued for the Year Ended 31st December 2024 TRUSTEES. REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefits for the year ended 31st December 2024 nor for the year ended 31st December 2023. Trnstees. expenses During the year, no expenses were paid to trustees (2023 - Nil). STAFF COSIS There was an average of 5 full time employees throughout the year. COMPARATIVES FOR THE sfATEMEKf OF FINANCIAL AcfiviTIES Unrestricted fund Restricted fund Totsl funds INCOME AND ENDOWMENTS FROM Donations. legacies and grants 191.555 191,555 Other trading activities 159,586 159,586 Total 351,141 351,141 EXPENDITURE ON Raising funds 15,585 15,585 Charitable activities Employment costs General administrative expenses 73,518 147,623 73,518 147,623 Total 236,726 236,726 INCOME 114,415 114,415 RECONCILIATION OF FUNDS Total funds brought forward 2,086,090 349,000 2,435.090 TOTAL FUNDS C4RRIED FORWARD 2,200,505 349,000 2,549,505 Page 11 continued...
BRITISH COMMERCIALVEHICLE MUSEUM TRUST Notes to the Financial Statements- continued for the Year Ended 31st Dember 2024 TANGIBLE FIXED ASSETS Impmvernents to Fixtures and fittings Freehold property Computer equipment property Totals co At Istlanuary 2024 AdditiOT]S 1.721,000 314.115 41,421 1.050 41.066 1,462 2.117.602 2,512 At 31st December 2024 1,721.000 314,115 42,471 42,528 2,120,114 DEPRECIATION At Istlanuary 2024 Charge foryear 91,720 15.707 35,464 1,488 23.623 6,479 150,807 23,674 At 31st December 2024 107,427 36,952 30,102 174,481 NET BOOK VALUE At 31st December 2024 1,721,000 206,688 5,519 12,426 1,945,633 At 31st December 2023 1.721,000 222,395 5,957 17,443 1,966.795 In 2019 the Trust made an application to the HM land Registry to be recognised as the legal owners of the building. The application was approved and granted by the HM Land Registy and the property had been brought into the accounts at the value registered atthe HM Land Registry of the arnount £1,721,000. HERITAGE ASS5 Total MARKET VALUE At 1st lanuary 2024 and 31st December 2024 349,000 NEf BOOKVALUE At 31st December 2024 349,000 At 31st December 2023 349.000 The vehicles and archives in the museurn have either been donated or are on loan to the British Comrneraal Vehicle Museum. They are considered to be heritage assets. The vehicles are held to provide a commercial vehicle museum for the benefit of future generations. They nge from the horse drawn era through to steam wagons and early petrol vehicles, up to the present day. There are 62 vehicles on display. No vehicles can be disposed of without the approval of the donor and a special resolution of the Trust The archives contain in excess of 256.000 items ofphotographic material and artifacts. Page 12 continued..
BRITISH COMMERCIAL VEHICLE MUSEUM TRUST Notes to the Financial Statements- continued for the Year Ended 31st December 2024 10. STOCKS 31.12.24 31.12.23 Stock 3,000 3,000 ii. DEO[L$. AMOUNTS FALLING DUE WITHIN ONEYL4R 31.12.24 31.12.23 Th7de debtors Other debtors VAT Prepayments and accrued income 3,085 152 97 2.514 2.438 3,322 5,848 12. CREDrroRS: AMouKfs FALLING DUE WITHIN ONE YL4R 31.12.24 31.12.23 Trade creditors VAT Other credito Accruals and deferred income 3,553 2,000 500 6.975 12,841 300 4,629 13,028 17,770 13. MOVEMEKt IN FUNDS Net rnovement in funds At 1.1.24 31.12.24 Unrestrlrted funds General fund 2,200,505 (49.506) 2,150,999 Restrirted funds Restrirted 349,000 349,000 TOTAL FUNDS 2.549,50S (49,506) Z,499,999 Net movement in funds, induded in the above 3re as follows: Incoming resources Resources expended Movement in funds Unrestricted funds Gener21 fund 197,101 (246,607) (49,506) TOTAL FUNDS 197,101 (246,607) (49,506) Page 13 continued...
BIUTISH COMMERCIAL VEHICLE MUSEUM TRUST Notes to the Financial Statements- continued for the Year Ended 31st December 2024 13. MOVEMEKf IN FUNDS- continued Comparatives for moveD]ent in ndS Net movement in funds At 31.12.23 Atl.1.23 Unrestricted funds General fund 2,086,090 114,415 2,200,505 Restricted funds Restricted 349,000 349,000 TOTAL FUNDS 2.435,090 114,415 2.549,505 Comparative net rnovement in funds, included in the above are a5 follows: Incoming resources Resources expended Movement in funds Unrestricted funds General fund 351,141 (236,726) 114,415 TOTAL FUNDS 351.141 (236,726) 114,415 A currentyear 12 months and prTror year 12 months combined position is as follows: Net movement in funds At 31,12.24 At 1.1.23 Unre5tiicted funds General fund 2.086,090 64,909 2,150.999 Restrlcted funds Restricted 349,000 349,000 TOTAL FUND5 2.435,090 64,909 2,499,999 Page 14 continued.-
BIUTISH COMMERCIAL VEHICLE MUSEUM TRUST Notes to the Financial Ststements- contlnued for the Year Ended 31st December Z024 13. MOVEMENT IN FUNDS- contlnued A current year 12 months and prior year 12 Months combined net movement in nds, included in the above are as follows- Incoming resources Resources expended Movement in funds Unrestrirted funds General fund 548,242 [483,333) 64,909 TOTAL FUNDS 548,242 (483,333) 64,909 14. RELATED PARTY DISCLOSURES There were no related partytransactions forthe year ended 31st December 2024. (2023- Nil) Is. ULTIMATE CONTROLLING PARTY The company is controlled by the trustees. Page 15