Registered number. 01920215 Charity number.. 519832 THE LINCOLNSHIRE STEAM AND VINTAGE RALLY LIMITED (A company limlted by guarantee) UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
THE LINCOLNSHIRE STEAM AND VINTAGE RALLY LIMITED (A company Ilmlted by guarantee) CONTENTS Page Raferencè and admlnlstrativ• details of the charlty• Its trustees and advl8•r8 Trust••8' report Ind•p•nd•nt examlner's report stst•m•nt of flnanclal actlvltl•s Balance shaot Notes to the flnanclal 8tatem•nts 9-16
THE LINCOLNSHIRE STEAM AND VINTAGE RALLY LIMITED (A company lirnited by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITABLE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2024 Trustees D G Macdonald, Chalrman HECury G Dawson L Walker Company rng1s1er number 01920215 Charlty rogistered number 519832 R•glstered offlc• 21 Linden Walk, Louth, Linc8, LN119HT Company 8¢crotary Mrs S Macdonald Accountants Streets LLP. Tower House, Lucy Tower Street. Lincoln, LN11 XW Page 1
THE LINCOLNSHIRE STEAM AND VINTAGE RALLY LIMITED (A company Ilmlted by guarantse) TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Trustees present their annual report together with the financial statements for the 1 April 2023 10 31 March 2024. The Trustees confirm that the Annual Report and financial statem8nts of the company comply wilh the current statutory requirements. the requirements of the company's governing document and the provisions of the Statement of Recornmended Practice {SORP). applicable to charities preparing their accounts in accordance with the Financial Reporting Standard appllcable in the UK and Republic of Ireland IFRS 102). Since Ihe charitable company qualifies as small under section 383, the strategic report required of medium and large companles under The Companies Act 2006 (Strategic Report and Director's Report) Regulations 2013 Is not required. Objectlves and A¢tlvltles . POLICIES AND OBJECTIVES The princlpal objective of the company is to educate the general public and to increase their knowfedge, understanding and appreciation of all types of steam and vintage englne5. b. ACTIVITIES FOR ACHIEVING OBJECTIVES The company held an annual steam 8nd vintage engine show to attract and educate the general public. c. VOLUNTEERS The charitable company did not rely on unpaid volunleers other than the time contributed by the trustees in organising the show. Achievementx and performanc• . KEY FINANCIAL PERFORMANCE INDICATORS The main performance indicator for the trustees was to malntain the necessary working capital to meet its charitable objectives. The company accounts show net assets of £323,478 (2023 £331,817) which the trustees consKlered satlsfactory to achieve this objective. b. REVIEW OF ACTIVITIES During the year Ihe company wa5 able lo hold its final annual show. The show was well altended by the public and the trustee5 believe that the charitable company achieved its objects'ves in this way and were pleesed by the amount of interest shown in the exhibits. FinanGial review . GOING CONCERN The trust885 have decided to wind up the charitsble company and the accounts have been prepared on the cessation basis. Page 2
THE LINCOLNSHIRE STEAM AND VINTAGE RALLY LIMITED (A company Ilmlted by guarantee) TRUSTEES. REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2024 b. RESERVES POLICY The trustees maintained sufficlent res8rves to provkle the working capital lo fund it's annual show and rneet it's charitable objectives. c. PRINCIPAL FUNDING The principal funding for the charity came from the variou5 sources of Income generated by its annual show. Structure, gov•rnanc• and managemenl . CONSTITUTION The charitable company 15 registered as a charitable company limited by guarantee and was Sel up by a Trust deed on 17 May 1988. b. METHOO OF APPOINTMENT OR ELECTION OF TRUSTEES The management of the charllable company is the SPOnsIbl111Y of the directors who are elected and co-opted under the temis of the Trust deed. The director who retires by rolalion 15 Mr G Daw50n, who. being eligible, offers hlmself for reweleclion. c. POLICIES ADOPTED FOR THE INDUCTION AND TRAINING OF TRUSTEES New trustees are made aware of their responsibilities for the affairs of the charity. All trustees are made aware of the updates sent out by the charity commission. d. ORGANISATIONAL STRUCTURE AND DECISION MAKING The charitable company is controlled and decisions made by its trustees who are also directors of the company. e. RISK MANAGEMENT The directors have assessed the major risks to which the ¢h8rltable company is exposed, in particular those related to the operations and finances of the charitable company. and are sat15fied thal systems and procedures are in place to mitigate our exposure to Ihe major risks. Plans for future periods a. FUTURE DEVELOPMENTS The charitable company did not hold its annual show in 2024 and the decision has now been reached to wind up the charitable company and distribute the assets in line with rts charitable objectives. Page 3
THE LINCOLNSHIRE STEAM ANO VINTAGE RALLY LIMITED (A company Ilmited by guarantee) TRUSTEES, REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2024 TRUSTEES. RESPONSIBILITIES STATEMENT The Trustees (who are also directors of The Lincolnshire Steam and Vinlage Rally Limited for the purposes of company law) are SpOnsIble for PparIng the Trustees, report and the financial statements in accordance wilh applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare financial slalemenls for each financial year. Under ¢ompany18W the Trustees musl not approve ihe financial statements unless they are satisfied that th8y give a true and fair view of the slat8 of affairs of the charitable company and of the incoming resources and application of resourcés, indudlng the Income and èxpenditure, of the charitable company for that period. In preparing ihese financial slalemenls. the Truslees are required lo.. select suitable accounting policies and then apply them consistently- obseNe the methods and principles in the Charities SORP: make judgments and accounting estlmates that are reasonable and prudent,. prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation. The Trustees are responsible for keepin9 adequate accounting records that are sufficlent to show and explain the charitable companys transactions and disclose wlth reasonable accuracy at any lime the financial position of the charitable company and enable them to ensure that the financial statements compty with the Companies Act 2006. They are also responslble for safeguarding the assets of the charitable company and hence for laking reasonable steps for the prevention and detection of fraud and other irregularities. This report was approved by the Trustees, on 3 December 2024 and signed on Iheir behalf by., D G Macdonald - Trust•• Page 4
THE LINCOLNSHIRE STEAM AND VINTAGE RALLY LIMITED (A company limltad by guarantee) INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2024 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE LINCOLNSHIRE STEAM AND VINTAGE RALLY LIMITED (the 'charitabl• company.) I report to the charity Trustees on My examination of the accounts of the charitable company for the year ended 31 March 2024. This report is made solely lo the charitable companrfs Trustees. as a body, in accordance with Part 4 of the Charities (Accounls and Reports) Regulations 2008. My work has been undertaken 50 that I might slale lo the charitable companls Trustees those malters l am required to state lo them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility lo anyone other than the charitable Company and the charitable companvs Trusle8s as a body. for my work or for this report. RESPONSIBILITIES AND BASIS OF REPORT As the Trustees of the charitable company (and its directors for the purposes of company law) YDU are responsible for the preparation of the accounts in accordance with the requlrements of the Companies Act 2006 {'the 2006 Act,). Havlng sallsfied myself that the accounts of the charltable company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respecl of my examlnation of the ch8rilable company's accounts Carried out under section 145 of Ihe Charities Act 2011 I'lhe 2011 Act.). In carrying out my examination I have followed the Directions given by the Charily Commlssion under sectlon 14451(b) of the 2011 Act. INDEPENDENT EXAMINER'S STATEMENT I have completed my examination. I ran confirm that no matters have come to my atlentipn in connection with the examination giving me cause to beli8ve'. accounting records were not kepi In respect of the Gharitable company as required by sectlon 388 of the 2006 Act., or the accounts do not accord with those records: or the accounts do not comply with ihe accounting requirements of section 396 of the 2006 Act other than any requirement that Ihe accounts glve a Irue and falff VRW which is not a matter wnsidered as part of an independont examination,. or Ihe accounts have not been prepared in accordarKe with Ihe methods and principles of the Slatement of Recommended Practice for accounting and reporting by charities lapplicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102)J. I have no Goncerns and have come across no other matters in Connection with the examination to which attention 8hould be drawn in this report in order to enable a proper undersianding of the ac¢ounts to be reached. Page 5
THE LINCOLNSHIRE STEAM AND VINTAGE RALLY LIMITED (A company limlted by guarantee) INDEPENDENT EXAMINER'S REPORT (continuod) FOR THE YEAR ENDED 31 MARCH 2024 Signed: Dated: 3 December 2024 RCLEE FCA STREETS LLP Chartered Accountants Tower House Lucy Tower Str88l Lincoln LN11XW Pag8 6
THE LINCOLNSHIRE STEAM AND VINTAGE RALLY LIMITED (A company limited by guarantee) STATEMENT OF FINANCIAL ACTIVITIES INCORPORATING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Unrestricted funds 2024 Total funds 2024 Total funds 2023 INCOME FROM: Show income Investments 110,734 4,384 110,734 4.384 105.335 741 TOTAL INCOME 115,118 115,118 106.076 EXPENDITURE ON: Charitable activities 123,457 123,457 122,496 TOTAL EXPENDITURE 123,4S7 123,457 122,496 NET EXPENDITURE BEFORE OTHER RECOGNISED GAINS AND LOSSES NET MOVEMENT IN FUNDS {8,339) (8,339) (8,339) (8,339> (16,420) (16,420) RECONCILIATION OF FUNDS: Total funds brought fonvard 331,817 331,817 348.237 TOTAL FUNDS CARRIED FORWARD 323.478 323,478 331,817 The notes on pages 9 to 16 form part of these financial statements. Page 7
THE LINCOLNSHIRE STEAM AND VINTAGE RALLY LIMITED (A company limited by guarantee> REGISTERED NUMBER: 01920215 BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Not• FIXED ASSETS Tangible 8sseis CURRENT ASSETS Debtors Cash at bank and in hand 50 62 12 934 335.555 327,035 327,035 336.489 CREDITORS: amounls falling due withln one year 13 13,6071 (4. 734) NET CURRENT ASSETS 323,428 331.755 NET ASSETS 323,478 331.817 CHARITY FUNDS Unrestricted fund5 14 323,478 331,817 TOTAL FUNDS 323,478 331,817 The charilable companvs financial statements have been prepared in accordance wilh the provisions aPIcable to companies subject to the small companies regime. The Trustees conslder that the charitable company is entit18d lo exemption from the reqU1ment to have an audit under the provisions of section 477 of the Companies Act 2006 ("the Acl'l and members have not reqUId the charitable company lo obtain an audit for the year in question in accordance with section 476 of the Act. The Trustees acknowledge their responsibilities for complying with the requirements of Ihe companies Act 2006 with respect to accounting records and Ihe pr8paration of financlal statements. The financial statements were approved and authorised for issue by the Trustees on 3 December 2024 and signed on their behalf, by: D G Ma¢donald - Trustee L Walker - Trustee The noles on pages 910 16 form part of these financial statements. Page 8
THE LINCOLNSHIRE STEAM AND VINTAGE RALLY LIMITED {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES 1.1 Bas18 of proparatlon of flnanclal statements Th8 financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice appllcable to chaflties preparing their accounts in accordance with the Financial Reporting Slandard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 1021>. the Financial Reporting Standard applicable In the UK and Republic of Ireland and the Companie5 Act. The Llncolnshire Steam and Vintage Rally Limited meets the definition of a public benefit enlity under FRS 102. Assets and liabilitle5 are initially recognised at historical cost or transaction value unless otherwlse stated in the relevant accounting policy. The accounts have been prepared on a ces8atlon basis. 1.2 Company stalus The charitable company 15 a company limited by guarantee. The members of the company are the Trustees named on page 1. In the event of the charitable company being wound up, the liability in respect of the guarantee limited to £1 per member of th8 charitable company. The charitable company's functional and presentation currency is POLJnds sterling. 1.3 Fund accountlng General funds are unrestrlcted funds which are available for use al the discretion of the Trustees in furtheran¢8 of the general objectives of the charitable Company and which have nol been designated for other purposes. 1.4 Income All income is recognised once the charitable company has entitlement to the income, It is probable that the income will be received and th8 amount of income receivable can be measured reliably. Other income is recognised in the period in which it is receivable and to the 8Xtenl the goods have been provided or on completion of the service. Page 9
THE LINCOLNSHIRE STEAM AND VINTAGE RALLY LIMITED (A company Ilmited by 9uarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES (continued) 1.5 Expendlture Expendllure is recognised once there is a legal or construclive obllgation lo transfer economic benBfit lo a third party. it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligalion can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the lolal of direct costs and shared costs, including support costs involved In undertaking each actlvity. Direct costs attributable to a single activity are allocated directly lo that activily. Shared costs which contribute to fflore than one activily and support cosls which are not attributable lo a single activity are apportloned between those activities on a basis consistent with the use of resources. Central staff cosls are allocated on the basis of tim8 spenl, and depreciation charges allocated on the portion of the asset's use. Governance costs are those Incurred in connectlon wllh adminlslration of the charitable company and compliance wSth conslitulional and statutory requirements. Charitable activities and Governance costs are costs incurred on the charitable compaws educational operation8, including SUPPOrt costs and costs relating to the governance of the charilable company apportloned to charltable actlvities. 1.6 Tanglble flxed aslets and depreciation All assets costing MO than £500 are capltalised. A VIeW for impairmenl of a fixed asset is Carried out if events or changes in clrcumstances indicate that the carrying value of any fixed asset may nal be recoverable. Shortfalls bemieen the carrying value of flxed assets and their recoverable amounts are recognised as impairments. Impairmenl losses are recognised in the Statement of financial activities incorporating income and experKliture account. Tangible fixed assets are carried at cost, net of depreciation and any provision for impaimient. Depr8ciation is provided al rates calculated lo wrile off the cost of fixed assets, less their e8tirnaled residual value, over their expected useful lives on the following bases.. Equipment 20% reducing balance 1.7 Interest recelvablo Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charitable cornpany., this is normally upon notification of the interest paid or payable by the Bank. 1.8 Debtors Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 1.9 Cash at Bank and in hand Cash at bank and in hand includes cash and short term highly liquid investments With a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. Page 10
THE LINCOLNSHIRE STEAM AND VINTAGE RALLY LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES (continuod) 1.10 Llabllllles and provlslons Liabili16es are recognised when there is an obligation at the Balance sheet date as a result of a past event, it Is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be eslimated reliably. Li8bilities are recognised at the amount that the charitable company anticipate5 It will pay to setlle the debt or the amounl It has receNed as advanced payments for the goods or services il must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. SHOW INCOME Unrn4trlcted fund$ 2024 Total funds 2024 Total fvnds 2023 Ice cream Catering Fairground Tradeslands Programme Sales Programme advertislng Gale ticket sales Caravan sales Beer tent Electric money Other show income 3,101 6,000 1,910 10,488 3,101 6,000 1,910 10,488 1,646 100 85,297 16,762 5,020 350 3, 100 6,050 2,470 10,507 2,034 100 85,297 16.762 5,020 350 60 59,344 15,835 4,900 895 loo 110,734 110,734 105.335 Total 2023 105,335 105.335 INVESTMENT INCOME Unrestricted funds 2024 Total funds 2024 Tolal funds 2023 Bank interest 4.384 4.384 741 Total 2023 741 741 Page11
THE LINCOLNSHIRE STEAM AND VINTAGE RALLY LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENT8 FOR THE YEAR ENDED 31 MARCH 2024 ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES Unrestrlctod funds 2024 Total funds 2024 Total funds 2023 Direct costs 116,879 116,879 116,134 Total 2023 116.134 116,134 DIRECT COSTS Annual Show Total 2024 Total 2023 Advertislng Prinling, stickers etc Programmes Insurance Security PA system Police, fire 8nd first ald cover Rent of showground Coal supplies Donalions Signposting Entert4inmenV appearance money Expenses pald lo engine owners Section secretary expenses Water pipe fitting and skip hire Electrical services and radio set hire Tractor hlre, tanker repairs and waste collection Postage and stationery Sundry show expenses including helpers grfts Depreciation 2,682 3,081 3,245 1,008 7,400 850 9,160 38,209 7,371 4.500 1,502 750 17,400 212 S,267 2,972 2,682 3,081 3,245 1,008 7.400 850 9,160 38,209 7,371 4,500 1.502 750 17,400 212 5,267 2,972 2,380 2,041 3,134 811 8,676 850 5.267 38,478 8,872 4, 750 1,358 250 18,939 563 7.530 2.629 9,712 900 9,712 900 7,524 1,198 870 14 11 11 118,879 116,879 116.134 Total 2023 116,134 116, 134 Page12
THE LINCOLNSHIRE STEAM AND VINTAGE RALLY LIMITED (A company limited by guarantae) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 GOVERNANCE COSTS Unrestrlctod funds 2024 Total funds 2024 Total fvnds 2023 Travel expenses Accountancy and legal fees Web site development costs Wages and salarles Depreciation - tangible fixed assets 1.250 2,130 197 3,000 1,250 2,130 197 3,000 1.256 1,908 197 3.000 6,578 6.578 6.362 ANALYSIS OF EXPENDITURE BY EXPENDITURE TYPE Slaff costs Deprociation Oth•r costs 2024 2024 )24 Total 2024 Total 2023 Direct costs Expenditure on governance 11 116,888 3,577 116,879 6,578 116.134 6.362 3.000 3,000 12 120,445 123,457 122,496 Total 2023 15 119,481 122.496 NET INCOMEI{EXPENDITURE) This is staled after charging.. 2024 2023 Depr8Ci8tion of tangible fixed assets.. - owned by the charity 12 15 During the year, no Trustees received any remuneration (2023 - £NIL). During the year, no Trustees received any benefils in kind (2023 - £NIL). 4 Truslees received reimbursement of expenses amounting to £2744 in the current year, (2023 £918). INDEPENDENT EXAMINERS REMUNERATION The Independent Examinerfs remuneration amounts lo an Independent Examination fee of £2.310. Page 13
THE LINCOLNSHIRE STEAM AND VINTAGE RALLY LIMITED (A company limlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 10. STAFF COSTS Staff costs were as follows: 2024 2023 Wages and salaries 3,000 3.000 The average number of pèrsons employed by the charitable company during the year was as follows: 2024 No. 2023 No. Administration No employee received remuneration amountlng to more than £60,000 in either year. 11. TANGIBLE FIXED ASSETS Equlpment Co•t At 1 April 2023 and 31 March 2024 9,869 D•preciatlon At 1 April 2023 Charg8 for the year 9,807 12 At 31 March 2024 9,819 Net book value Al 31 March 2024 so At 31 March 2023 62 12. DEBTORS 2024 2023 Prepayments and accrued income 934 13. CREDITORS: Amounts falling dug within one year 2024 2023 Accruals and deferred Income 3.fA17 4.734 Page 14
THE LINCOLNSHIRE STEAM AND VINTAGE RALLY LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 14. STATEMENT OF FUNDS STATEMENT OF FUNDS - CURRENT YEAR Balance at 31 March 2024 Balance at 1 April 2023 Income Expenditurn Unrostricted fund8 General Fund 331.817 115,118 (123,457) 323,478 STATEMENT OF FUNDS- PRIOR YEAR BalanGe at 31 March 2023 8alanca al 1 April 2022 InGome Expenditure General Fund 348.237 106,076 (122,496) 331,817 Total of funds 348,237 106,076 (122,496) 331,817 SUMMARY OF FUNDS- CURRENT YEAR Balance at 31 March 2024 Balance at 1 April 2023 Incom¢ Expendlture General fund 331.817 115,118 {123,457) 323,478 SUMMARY OF FUNDS. PRIOR YEAR Balance el 31 March 2023 Balance at 1 Apnl 2022 Income Expenditure General fund 348.237 106,076 (122,496) 331.817 Page 15
THE LINCOLNSHIRE STEAM AND VINTAGE RALLY LIMITED (A company limlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 1 S. ANALYSIS OF NET ASSETS BETWEEN FUNDS ANALYSIS OF NET ASSETS BETWEEN FUNDS- CURRENT YEAR Unrestrfcted funds 2024 Total funds 2024 Tangible fixed assets Current ass8ls Creditors due within one year 50 327,035 13,607) 50 327,035 (3,807) 323,478 323,478 ANALYSIS OF NET A55ETS BETWEEN FUNDS - PRIOR YEAR Unrestricted funds 2023 Totsl funds 2023 Tangible fixed assets Current assets Creditors due within one year 62 336,489 (4, 734) 62 336,489 (4. 734) 331.817 331,817 16. RELATED PARTY TRANSACTIONS The company is controlled by its dlrectors. Page 16