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2024-03-31-accounts

GREATER MANCHESTER TRANSPORT SOCIETY

(a company limited by guarantee)

UNAUDITED FINANCIAL STATEMENTS

31 MARCH 2024

CONTENTS
Page
Company information 1
Directors’ report 2-5
Independent examiners’ report 6
Statement of financial activities 7
Balance sheet 8
Notes to the financial statements 9-14

Company registration number: 3169301 Charity registration number: 509772R

1

GREATER MANCHESTER TRANSPORT SOCIETY

COMPANY INFORMATION

Reference and administrative information

Charity name: Greater Manchester Transport Society Charity registration number: 509772R Company registration number: 03169301- The company is limited by guarantee Registered office and Museum of Transport operational address: Boyle Street Manchester M8 8UW

Board of Management (Directors)

D J Talbot (Chairman) A M D Anderson P H Bradbury T P Cowling (appointed on 6 October 2023) J S Crankshaw C Jarman K W Platt J H A Pollock A Stephenson C P C Williams P F Wotton

Independent Examiner

Wheawill & Sudworth Limited Chartered Accountants 35 Westgate Huddersfield HD1 1PA

Bankers

HSBC Bank plc 109 Union Street Oldham OL1 1RT

2

GREATER MANCHESTER TRANSPORT SOCIETY

DIRECTORS’ REPORT

for the year ended

31 MARCH 2024

The directors present their report and the independently examined financial statements of the charitable company for the year ended 31 March 2024. The directors have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” (FRS 102) in preparing the report and financial statements of the charitable company.

The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charitable company’s governing document, the Charities Act 2011 and 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 published in October 2019.

Directors (Trustees)

The directors of the charitable company are the Trustees for the purposes of charity law. The Trustees who have served during the year and since the year end were as follows:

D J Talbot (Chairman) A M D Anderson P H Bradbury T P Cowling (appointed on 6 October 2023) J S Crankshaw C Jarman R Jarvis (retired on 6 October 2023) C Lonergan (deceased 9 September 2023) K W Platt J H A Pollock A Stephenson C P C Williams P F Wotton

Structure, governance and management

Governing document:

The organisation is a charitable company limited by guarantee, incorporated on 7 March 1996 and registered as a charity. The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association. In the event of the company being wound up members are required to contribute an amount not exceeding £10.

Recruitment and appointment of board members:

The board members are also directors of the company for the purposes of company law and under the company’s Articles. Under the requirements of the Memorandum and Articles of Association the board shall consist of not more than thirteen members of whom not more than twelve shall be elected by the full members of the Society and not more than one shall be a nominated Board member.

Transport for Greater Manchester or any successor institution, provided that it substantially succeeds to its function, shall have a right of nomination to the Board of the Society.

Board members shall have the power of co-option and termination of any co-option of up to two co-opted Board members.

Matters in connection with membership of the Board and officers of the Society are dealt with at the Annual General Meeting.

3

GREATER MANCHESTER TRANSPORT SOCIETY

DIRECTORS’ REPORT (continued)

for the year ended

31 MARCH 2024

Objectives and activities

Objectives

The principal activity and prime objectives of the organisation remain to encourage interest in the history of road passenger transport in the North West of England; to act as a focus for its study and to educate the public in this aspect of the United Kingdom’s national heritage; and to operate a museum to conserve items of interest to these aims for the benefit, education and information of the public.

The Society will be organised in a way which encourages anyone with an interest in its aims to be involved and to participate in the Society’s activities. However, it will act in a professional manner to safeguard and further its aims and the assets which are in the Society’s care.

The Society will acquire, conserve, restore and display vehicles and artefacts associated with its aims. This will be done in a manner which faithfully and accurately portrays their places in road transport history, whilst working to conserve the fabric and integrity of the original.

The Society will seek to maintain and increase public access to its assets within and outside the museum.

The Society will not discriminate against anyone on grounds of race, sex, age or disability.

The Board members of Greater Manchester Transport Society are responsible for compliance with the Companies Act and Charity Commission requirements and agree the financial policy. All policies for the day to day running of the Society are decided by the board members.

Achievements and performance

It is good to be able to report on a second consecutive full year unaffected by Covid so we can now compare the year’s outcome with the previous year. The year under review saw a slight increase in visitor numbers to over 20,000 with no increase in admission charges. It is good to see many families visiting the Museum as well as overseas tourists returning in significant numbers.

School party visits were resumed and are proving popular with the early years pupils and we have welcomed several new volunteers, some helping with the school visits but also involved with vehicle restoration and administration.

More visitors were attracted by more regular free bus services operating from the Museum on two Sundays in each month from April to September. These services also encourage people to use public transport to Manchester City Centre and then catch our free services from Shudehill to the Museum.

Sales in the shop and tea room increased and once the level of demand was assured, with rises in the cost of food, prices in the tea room were raised with no adverse comment. Further inflationary pressures mean that prices are again under review and many visitors comment on the value for money they receive. We have raised the salaries of our hard working staff team in line with the increases in the National Living Wage. Adult admission charges were not raised during the year, but this will be necessary in the current year. Accompanied children under 16 continue to be admitted free of charge, making the Museum a popular lowcost and interesting attraction for families.

As interest rates remained high through the year, the two short term fixed rate bond accounts and the easy access interest bearing account continued to provide a contribution of several thousand pounds. However, this only partly offsets the high inflation rates seen in the first half of the year under review.

4

GREATER MANCHESTER TRANSPORT SOCIETY

DIRECTORS’ REPORT (continued)

for the year ended

31 MARCH 2024

Achievements and performance (continued)

During the year the Tea Room servery was completely refitted with new kitchen equipment and units together with new furniture for our visitors. This follows the refurbishment of other public areas including the Shop and many enhanced displays in recent years. Other major items of expenditure were replacement overhead heaters, a fire control panel, stair lift and rebuilt ramp to the Metrolink car.

The year was again a good one for donations, for which the Society is very grateful. These were principally those referred to last year towards the purchase of Ashton 8, a 1928 Karrier WL6 single deck bus which joined the collection in May 2023 and for accounting purposes it is being treated as a non-depreciating heritage asset, so its value will remain the same as its purchase price.

In line with other museums large and small we have not previously included a valuation for any other items in the collection but going forward it has been decided to include the value of any significant items purchased for the Museum’s Collections. Other significant donations were made to the Manchester 436 restoration fund and that project is progressing very well with great progress on site and away from the museum with specialist contractors. The Bob Wingrove donations referred to last year resulted in an excellent display of fare collection equipment which we are sure he would have appreciated.

Gift Aid relating to the above donations and others has now been received and totals over £6,000 which is very valuable.

From 1[st] April 2023 Business Rates are no longer payable on the Museum premises, which will save several thousand pounds each year.

Vehicle restoration has continued through the year, with a major rebuild of the open top bus now nearing completion and restoration and maintenance work has continued on the rest of the collection with over thirty buses currently MOT tested and others also available for use.

The Board of Directors are satisfied with the level of operations of the charity.

Financial review

The attached financial statements show the results for the year. The Society has generated a surplus of income over expenditure for the year of £8,026 (2023: surplus of income over expenditure of £36,971).

Reserves policy

It is the policy of the Society to maintain unrestricted funds which are the free reserves of the charity, at a level which equates to at least twelve months unrestricted expenditure. This provides sufficient funds to cover management, administration and support costs.

Risk management

The Board of Management have examined the major strategic, business and operational risks which the Society faces and confirms that systems are established to enable regular reports to be produced so that the necessary steps can be taken to lessen these risks.

Reference and administrative details

Reference and administrative details for the company are included on page 1 company information.

5

GREATER MANCHESTER TRANSPORT SOCIETY

DIRECTORS’ REPORT (continued)

for the year ended

31 MARCH 2024

Exemption from disclosures

The charitable company has taken advantage of the exemptions within the SORP relating to smaller charities.

Approved by the board of directors on 11 October 2024 and signed by order of the board:

D J TALBOT Director

6

INDEPENDENT EXAMINERS’ REPORT TO THE DIRECTORS OF THE GREATER MANCHESTER TRANSPORT SOCIETY

I report to the charity trustees on my examination of the accounts of the company for the year ended 31 March 2024 which are set out on pages 7 to 14.

Respective responsibilities of trustees and examiner

As the charity 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 (the 2006 Act).

Having satisfied myself that the charity is not subject to an audit under company law and is eligible for independent examination, it is my responsibility to:

Basis of independent examiners’ statement

My examination was carried out in accordance with 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 examiners’ statement

In connection with my examination, no matter has come to my attention:

RICHARD TURNER

35 Westgate For and on behalf of: Huddersfield Wheawill & Sudworth Limited HD1 1PA Chartered Accountants 11 October 2024

7

GREATER MANCHESTER TRANSPORT SOCIETY

STATEMENT OF FINANCIAL ACTIVITIES

for the year ended

31 MARCH 2024

Unrestricted Restricted Total Total
funds funds funds funds
2024 2024 2024 2023
Notes £ £ £ £
INCOME FROM:
Donations:
Subscriptions and donations 19,339 12,797 32,136 49,297
Grant income - - - -
Gift Aid tax reclaimed 6,663 - 6,663 11,077
Charitable activities:
Door takings 50,939 - 50,939 44,854
Shop and Tea Room income 59,972 - 59,972 52,737
Event income 27,608 - 27,608 20,366
Vehicle rental income 10,710 - 10,710 9,480
Miscellaneous income 1,280 - 1,280 1,719
Use of vehicles and facilities 500 - 500 2,980
2 Investments 7,271 - 7,271 693
───── ───── ───── ─────
Total income 184,282 12,797 197,079 193,203
═════ ═════ ═════ ═════
EXPENDITURE ON:
Charitable activities 179,286 8,487 187,773 154,792
Governance costs 1,280 - 1,280 1,440
───── ───── ───── ─────
3 Total expenditure 180,566 8,487 189,053 156,232
═════ ═════ ═════ ═════
Net movement in funds 3,716 4,310 8,026 36,971
Reconciliation of funds:
Total funds brought forward 294,527 37,992 332,519 295,548
───── ───── ───── ─────
Total funds carried forward 298,243 42,302 340,545 332,519
═════ ═════ ═════ ═════

The statement of financial activities includes all gains and losses recognised in the year. All incoming resources and resources expended derive from continuing activities.

The notes on pages 9 to 14 form part of these financial statements.

8

GREATER MANCHESTER TRANSPORT SOCIETY

BALANCE SHEET

31 MARCH 2024

2024 2023
Notes £ £
Fixed assets
6 Tangible assets 54,128 45,033
7 Heritage assets 30,000 -
8 Investments 1,000 1,000
───── ─────
85,128 46,033
───── ─────
Current assets
Stocks 8,416 4,529
9 Debtors 20,520 24,647
Cash at bank and in hand 236,012 268,809
───── ─────
264,948 297,985
10 Creditors:amounts becoming due and payable within one year (9,531) (11,499)
───── ─────
Net current assets 255,417 286,486
───── ─────
Net assets 340,545 332,519
═════ ═════
Funds
11 General funds – unrestricted 298,243 294,527
12 Restricted funds 42,302 37,992
───── ─────
Total funds 340,545 332,519
═════ ═════

For the year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors’ responsibilities:

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

11 October 2024 and are signed on their behalf by

D J TALBOT ) ) Directors and trustees K W PLATT )

Company registration number : 03169301

The notes on pages 9 to 14 form part of these accounts.

9

GREATER MANCHESTER TRANSPORT SOCIETY

NOTES TO THE FINANCIAL STATEMENTS

31 MARCH 2024

1 Accounting policies

The charitable company constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with 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 United Kingdom and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Practice. The accounts present information about the company as an individual undertaking and not about its group. The group qualifies as a small group and group accounts are not required.

The financial statements are prepared on a going concern basis under the historical cost convention. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £1.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Restricted funds are funds which are used in accordance with restrictions imposed by donors or which have been raised by the charity for particular purposes. The aim and use of restricted funds is set out in the notes to the accounts.

All incoming resources are included in the statement of financial activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy.

No amount is included in the financial statements for volunteer time in line with the SORP (FRS 102).

(d) Grants

Grants in respect of expenditure on tangible fixed assets are treated as deferred income which is amortised in the statement of financial activities over the expected useful life of the related asset on a basis consistent with the depreciation policy. Grants of a revenue nature are recognised in the statement of financial activities of the period in respect of which they are paid.

10

GREATER MANCHESTER TRANSPORT SOCIETY

NOTES TO THE FINANCIAL STATEMENTS (continued)

31 MARCH 2024

1 Accounting policies (continued)

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably.

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Governance costs, included within support costs in note 3, include those costs associated with meeting the constitutional and statutory requirements of the charity and include the accountancy fees.

All costs are allocated between the expenditure categories of the statement of financial activities on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly, others are apportioned on an appropriate basis.

Tangible fixed assets are included at cost less accumulated depreciation. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided at the following rates in order to write off the assets over their estimated useful lives. In the year of acquisition tangible fixed assets are depreciated from 1 April.

Plant & equipment - 25% Per annum reducing balance Computer equipment - 33 1/3 % Per annum straight line

Heritage assets are recognised on the balance sheet and initially measured at cost when purchased or if donated, their valuation. Assets are subsequently stated at cost or valuation less accumulated depreciation and accumulated impairment losses.

Where information on the cost or valuation of heritage assets is not available or the cost of providing such information significantly outweighs any benefit to the users of the accounts then heritage assets are not recognised on the balance sheet

(h) Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

As a registered charity, the company benefits from rates relief and is generally exempt from corporation tax but not from VAT.

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

11

GREATER MANCHESTER TRANSPORT SOCIETY

NOTES TO THE FINANCIAL STATEMENTS (continued)

31 MARCH 2024

2 Income from investments 2024 2023
£ £
Bank interest receivable 6,896 693
Other interest receivable 375 -
───── ─────
7,271 693
═════ ═════
Charitable Governance Governance 2024 2023
Basis activities costs Total Total
£ £ £ £
Costs directly allocated to activities:
Festival and rally Direct 1,850 - 1,850 1,295
Publicity and education Direct 6,374 - 6,374 2,444
Visitor facilities Direct 9,778 - 9,778 1,207
Vehicle expenses and cost
of restoration Direct 33,830 - 33,830 34,750
Shop purchases Direct 10,145 - 10,145 13,676
Tea Room purchases Direct 23,628 - 23,628 12,188
Acquisition of objects for the
Museum Direct - - - -
Support costs allocated to activities:
Journal and membership expenses Direct 5,999 - 5,999 6,608
Rates Floor - - - 4,096
Insurance Usage 8,435 - 8,435 7,908
Building/Equipment maintenance Floor 12,542 - 12,542 12,697
Administrative and running costs Usage 46,448 1,280 47,728 32,946
Health and safety Direct 1,256 - 1,256 1,141
Telephone, postage and stationery
and office equipment Usage 3,950 - 3,950 5,093
Card collection charges Direct 3,331 - 3,331 3,275
Miscellaneous expenses Direct 746 - 746 1,265
Depreciation Direct 18,993 - 18,993 15,643
Loss on disposal of fixed assets Direct 468 - 468 -
──── ──── ──── ────
187,773 1,280 189,053 156,232
════ ════ ════ ════

£8,487 (2023: £9,325) of the above costs were attributable to restricted funds.

£180,566 (2023: £146,907) of the above costs were attributable to unrestricted funds.

4 Net income (expenditure) for the year 2024 2023
£ £
This is stated after charging:
Depreciation of tangible fixed assets 18,993 15,643
Loss on disposal of fixed assets 468 -
Independent examiner’s remuneration 1,280 1,440
════ ════

12

GREATER MANCHESTER TRANSPORT SOCIETY

NOTES TO THE FINANCIAL STATEMENTS (continued)

31 MARCH 2024

The directors of the company who also act as trustees neither received nor waived any remuneration in the year ended 31 March 2024 (2023: £Nil).

During this year and the course of last year, the directors have claimed mileage expenses for travelling to director’s meeting and on Society business. The directors have chosen to donate the amount of expenses received back to the Society that is eligible for Gift Aid. No further expenses have been claimed or reimbursed.

Plant and Computer
6 Tangible fixed assets equipment equipment Total
£ £ £
Cost:
At 1 April 2023 126,362 15,362 141,724
Additions 28,556 - 28,556
Disposals (9,516) - (9,516)
───── ───── ────
At 31 March 2024 145,402 15,362 160,764
───── ───── ────
Depreciation:
At 1 April 2023 82,280 14,411 96,691
Charge for the year 18,042 951 18,993
Disposals (9,048) - (9,048)
───── ───── ────
At 31 March 2024 91,274 15,362 106,636
───── ───── ────
Net book amount at:
31 March 2024 54,128 - 54,128
1 April 2023 44,082 951 45,033
═════ ═════ ════
Assets held
7 Heritage assets at cost Total
£ £
Cost:
At 1 April 2023 - -
Additions 30,000 30,000
───── ────
At 31 March 2024 30,000 30,000
───── ────
Depreciation:
At 1 April 2023 - -
Charge for the year - -
───── ────
At 31 March 2024 - -
───── ────
Net book amount at:
31 March 2024 30,000 30,000
1 April 2023 - -
═════ ════

13

GREATER MANCHESTER TRANSPORT SOCIETY

NOTES TO THE FINANCIAL STATEMENTS (continued)

31 MARCH 2024

7 Heritage assets (continued)

Heritage assets held at cost relate to the acquisition of 1928 Ashton-under-Lyne bus number 8, a Karrier WL6 at a cost of £30,000. The acquisition was partly financed by donations in response to an appeal to the membership. The donations received from the membership amounted to £14,512 and are included in restricted funds at note 12.

2024 2023
Investments £ £
Lancashire United Transport Limited 1,000 1,000
═════ ═════

The company owns 100% of the issued share capital of Lancashire United Transport Limited a company registered in England and Wales.

The aggregate of capital and reserves of Lancashire United Transport Limited at 31 March 2024 was £1,000 (2023: £1,000) and its profit for the year ended 31 March 2024 was £Nil (2023: £Nil).

9 Debtors 2024 2023
£ £
Prepayments and accrued income 20,520 24,647
═════ ═════
2024 2023
10 Creditors: amounts becoming due and payable within one year £ £
Trade creditors 2,426 2,720
Amount due to subsidiary 1,000 1,000
Other taxes and social security 689 585
Accruals 1,240 1,200
Deferred income 4,176 5,994
───── ─────
9,531 11,499
═════ ═════
2024 2023
11 Unrestricted funds £ £
Balance at 1 April 2023 294,527 275,547
Surplus for the year 3,716 18,980
───── ─────
Balance at 31 March 2024 298,243 294,527
═════ ═════

14

GREATER MANCHESTER TRANSPORT SOCIETY

NOTES TO THE FINANCIAL STATEMENTS (continued)

31 MARCH 2024

84 185 436
12 Restricted funds Total Fund Fund Fund
£ £ £ £
Balance at 1 April 2023 37,992 600 536 11,293
Amounts received in the year 12,797 - - 3,979
Amounts expended in the year (8,487) - - (5,706)
──── ─── ─── ────
Balance at 31 March 2024 42,302 600 536 9,566
════ ═══ ═══ ════
368 55 Museum Ashton 8
Fund Fund Fund Fund
£ £ £ £
Balance at 1 April 2023 1,818 270 17,781 5,694
Amounts received in the year - - - 8,818
Amounts expended in the year - - (2,781) -
──── ─── ──── ────
Balance at 31 March 2024 1,818 270 15,000 14,512
════ ═══ ════ ════
Analysis of net assets between funds 2024 2023
Unrestricted Restricted Total Total
funds Funds funds Funds
£ £ £ £
Fixed assets 55,128 30,000 85,128 46,033
Current assets 252,646 12,302 264,948 297,985
Current liabilities (9,531) - (9,531) (11,499)
──── ──── ──── ────
298,243 42,302 340,545 332,519
════ ════ ════ ════

14 Constitution

The company is limited by guarantee and registered as a charity. Every member undertakes to contribute pro rata the sum of £10 to the assets of the Society in the event of the same being wound up while they are a member.

15 Control of the company

The company is controlled by its members.