IRIS Accounts Production v24.2.0.383 Other Company accounts True false Pounds 1.1.23 31.12.23 31.12.23 FY FRS 102 Independent examiner Small companies regime for accounts Full Charities SORP true false true true true false true false false 5 7 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh024757542022-12-31024757542023-12-31024757542023-01-012023-12-31024757542021-12-31024757542022-01-012022-12-31024757542022-12-3102475754ns0:CharitableCompanyLimitedByGuarantee2023-01-012023-12-3102475754ns15:PoundSterling2023-01-012023-12-3102475754ns11:FRS1022023-01-012023-12-3102475754ns11:IndependentExaminationCharity2023-01-012023-12-3102475754ns11:SmallCompaniesRegimeForAccounts2023-01-012023-12-3102475754ns11:FullAccounts2023-01-012023-12-3102475754ns11:CharitiesSORP2023-01-012023-12-310247575422023-01-012023-12-3102475754ns16:EnglandWales2023-01-012023-12-3102475754ns11:RegisteredOffice2023-01-012023-12-3102475754ns0:Trustee12023-01-012023-12-3102475754ns0:Trustee22023-01-012023-12-3102475754ns0:Trustee32023-01-012023-12-3102475754ns0:Trustee42023-01-012023-12-3102475754ns0:Trustee52023-01-012023-12-3102475754ns0:Trustee62023-01-012023-12-3102475754ns0:Trustee72023-01-012023-12-3102475754ns0:Trustee82023-01-012023-12-3102475754ns0:Trustee92023-01-012023-12-3102475754ns0:Trustee102023-01-012023-12-3102475754ns0:Trustee112023-01-012023-12-3102475754ns0:Trustee122023-01-012023-12-3102475754ns11:CompanySecretary12023-01-012023-12-3102475754ns0:TotalUnrestrictedFunds2023-01-012023-12-3102475754ns0:TotalRestrictedIncomeFunds2023-01-012023-12-3102475754ns0:Activity82023-01-012023-12-3102475754ns0:Activity8ns0:TotalUnrestrictedFunds2023-01-012023-12-3102475754ns0:Activity8ns0:TotalRestrictedIncomeFunds2023-01-012023-12-3102475754ns0:Activity82022-01-012022-12-3102475754ns0:Activity92023-01-012023-12-3102475754ns0:TotalUnrestrictedFundsns0:Activity92023-01-012023-12-3102475754ns0:Activity9ns0:TotalRestrictedIncomeFunds2023-01-012023-12-3102475754ns0:Activity92022-01-012022-12-3102475754ns0:Activity102023-01-012023-12-3102475754ns0:TotalUnrestrictedFundsns0:Activity102023-01-012023-12-3102475754ns0:Activity10ns0:TotalRestrictedIncomeFunds2023-01-012023-12-3102475754ns0:Activity102022-01-012022-12-3102475754ns0:Activity112023-01-012023-12-3102475754ns0:Activity11ns0:TotalUnrestrictedFunds2023-01-012023-12-3102475754ns0:Activity11ns0:TotalRestrictedIncomeFunds2023-01-012023-12-3102475754ns0:Activity112022-01-012022-12-3102475754ns0:TotalUnrestrictedFunds2022-12-3102475754ns0:TotalRestrictedIncomeFunds2022-12-3102475754ns0:TotalUnrestrictedFunds2023-12-3102475754ns0:TotalRestrictedIncomeFunds2023-12-3102475754ns0:TotalUnrestrictedFundsns10:WithinOneYear2023-12-3102475754ns0:TotalRestrictedIncomeFundsns10:WithinOneYear2023-12-3102475754ns10:WithinOneYear2023-12-3102475754ns10:WithinOneYear2022-12-3102475754ns10:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2023-01-012023-12-3102475754ns10:FurnitureFittingsToolsEquipment2023-01-012023-12-3102475754ns10:ComputerEquipment2023-01-012023-12-310247575422023-01-012023-12-310247575432023-01-012023-12-310247575412023-01-012023-12-310247575412022-01-012022-12-3102475754ns10:OwnedAssets2023-01-012023-12-3102475754ns10:OwnedAssets2022-01-012022-12-3102475754ns0:TotalUnrestrictedFunds2022-01-012022-12-3102475754ns0:TotalRestrictedIncomeFunds2022-01-012022-12-3102475754ns0:Activity8ns0:TotalUnrestrictedFunds2022-01-012022-12-3102475754ns0:Activity8ns0:TotalRestrictedIncomeFunds2022-01-012022-12-3102475754ns0:TotalUnrestrictedFundsns0:Activity92022-01-012022-12-3102475754ns0:Activity9ns0:TotalRestrictedIncomeFunds2022-01-012022-12-3102475754ns0:TotalUnrestrictedFundsns0:Activity102022-01-012022-12-3102475754ns0:Activity10ns0:TotalRestrictedIncomeFunds2022-01-012022-12-3102475754ns10:LandBuildingsns10:OwnedOrFreeholdAssets2022-12-3102475754ns10:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2022-12-3102475754ns10:FurnitureFittings2022-12-3102475754ns10:ComputerEquipment2022-12-3102475754ns10:LandBuildingsns10:OwnedOrFreeholdAssets2023-01-012023-12-3102475754ns10:FurnitureFittings2023-01-012023-12-3102475754ns10:LandBuildingsns10:OwnedOrFreeholdAssets2023-12-3102475754ns10:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2023-12-3102475754ns10:FurnitureFittings2023-12-3102475754ns10:ComputerEquipment2023-12-3102475754ns10:LandBuildingsns10:OwnedOrFreeholdAssets2022-12-3102475754ns10:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2022-12-3102475754ns10:FurnitureFittings2022-12-3102475754ns10:ComputerEquipment2022-12-31
REGISTERED COMPANY NUMBER: 02475754 (England and Wales)
REGISTERED CHARITY NUMBER: 328539















Report of the Trustees and

Unaudited Financial Statements for the Year Ended 31st December 2023

for

BRITISH COMMERCIAL VEHICLE MUSEUM TRUST

BRITISH COMMERCIAL VEHICLE MUSEUM TRUST






Contents of the Financial Statements
for the Year Ended 31st December 2023




Page

Report of the Trustees 1 to 4

Independent Examiner's Report 5

Statement of Financial Activities 6

Balance Sheet 7 to 8

Notes to the Financial Statements 9 to 15

BRITISH COMMERCIAL VEHICLE MUSEUM TRUST (REGISTERED NUMBER: 02475754)

Report of the Trustees
for the Year Ended 31st December 2023


The trustees who are also directors 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 December 2023. 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 1 January 2019).

OBJECTIVES AND ACTIVITIES
Principal activities and objectives
The principal activities of the company are the provision of a vehicle museum for the public, the restoration of vehicles of historic interest and the maintenance of archives of the commercial vehicle industry.

The trust's central objective is to preserve for future generations, vehicles of special significance in the development of the British commercial vehicle industry. The museum trustees, chosen to provide a range of expertise reflecting both the operation and manufacture of trucks and buses, determine collection policy. They seek to maintain a representative display of vehicles spanning the whole heritage of the British commercial vehicle industry.

The trustees' second main objective is to ensure the widest possible access and visibility for the collection.

STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

Corporate status
The British Commercial Vehicle Museum Trust is a registered charity, which was incorporated under the Companies Act 1985 as a company limited by guarantee on 1 March 1990. The company does not have a share capital and the liability in respect of guarantee is limited to £1 per trustee. For the purpose of the Companies Act 2006, the trustees act as directors of the company. 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.

Trustees responsibilities

Company law requires the trustees to prepare financial statements for each financial year which give a true 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 statements, 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 financial statements on the going concern basis 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 financial statements comply with Companies Act 1985. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
02475754 (England and Wales)

Registered Charity number
328539

Registered office
King Street
Leyland
Lancashire
PR25 2LE

BRITISH COMMERCIAL VEHICLE MUSEUM TRUST (REGISTERED NUMBER: 02475754)

Report of the Trustees
for the Year Ended 31st December 2023

Trustees
J P Gilchrist Chairman
W G Robinson (resigned 14.3.24)
D H Bennett
D Mitchell
C Roberton
J.A McKevitt
T J Haley
Ms C L Melia
D B Forrest
K J Ellison Director
J G Southworth Director
P Jukes

Company Secretary
T J Haley

Independent Examiner
Andrew Carl Caunce
Abrams Ashton - Chorley Limited
Chartered Certified Accountants
41 St Thomas's Road
Chorley
Lancashire
PR7 1JE


BRITISH COMMERCIAL VEHICLE MUSEUM TRUST (REGISTERED NUMBER: 02475754)

Report of the Trustees
for the Year Ended 31st December 2023


Trustees

The Trustees in office at 31st December 2023 are listed below:

J P Gilchrist - Chairman
W G Robinson (resigned 14.3.24)
D H Bennett
D Mitchell
C Roberton
J.A McKevitt
T J Haley
Ms C L Melia
D B Forrest
K J Ellison
J G Southworth
P Jukes

Registration and Appointment of Trustees

The Articles of Association of The British Commercial Vehicle Museum Trust require one third of the Trustees to retire by rotation at each Annual General Meeting. Subject to the provisions of the Articles, the Trustees to retire by rotation shall be those who have been longest in office since their last appointment or re-appointment, but as between persons who became or were last re-appointed Trustees on the same day, those to retire shall be determined by lot.

The Trustees retiring are: -

- J A McKevitt
- J P Gilchrist
- Ms C L Melia

These Trustees may, if willing to act, be re-appointed.

The Articles of Association require Trustees to retire at their first Annual General Meeting.

Review of activities

The trustees are pleased to report a surplus for the year ended 31 December 2023 of £114,415. This compares to a deficit in the year ended 31 December 2022 of (£1,531).

The surplus was achieved largely due to an increased receipt of donations and legacies of £191,555 (2022 - £97,766). Donations and legacies include monies received by way of grants.

The Trustees are particularly grateful to the 'The Engert Watford Motor Museum' for making a grant of £141,000 received in March 2023 and a further grant from the Heritage Lottery fund paid under stage 2 of the museum refurbishment program received in January 2023.

Income generated by the museums trading activities increased by 22.5% to £159,586 (2022 £130,269).

Overheads increased by 3.1% to £236,726 (2022 £229,566).

The net assets of the museum on 31 December 2023 were £2,549,505.

Museum Activities

Normal trading income for 2023 increased to £159,586 (2022 - £130,269). Full details are enclosed in note 2 to these accounts.



BRITISH COMMERCIAL VEHICLE MUSEUM TRUST (REGISTERED NUMBER: 02475754)

Report of the Trustees
for the Year Ended 31st December 2023


Volunteers and staff

The museum currently operates with five employees. The Trustees value their contributions and enthusiasm 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 volunteers. Approximately fifty people volunteer their time, skills and expertise to help the museum, archives, cinema and special events to function. The museum is very grateful to all the volunteers who keep the museum repaired and open, and to those who entertain and inform the visitors. Without this dedication the museum could not function.

The Future

The challenge in 2024 is to continue to increase visitor numbers, commercial income from sponsorship and the use of conferencing facilities.

The trustees have committed to undertake a thorough review of the adoption of the eight essential elements of a successful board as contained in The Charity Governance Code, produced by NCVO. The trustees have engaged a consultant to undertake a review and provide recommendations to ensure we comply with the eight elements including:
- Organisational purpose
- Leadership
- Integrity
- Decision-making
- Risk and control
- Board effectiveness
- Equality, diversity and inclusion
- Openness and accountability

Reserves Policy

The Trustees look forward to building up the reserves of the museum as a result of increased revenue streams that will generate future surpluses.

Approved by order of the board of trustees on 18th September 2024 and signed on its behalf by:





J P Gilchrist - Trustee

Independent Examiner's Report to the Trustees of
British Commercial Vehicle Museum Trust

Independent examiner's report to the trustees of British Commercial Vehicle Museum Trust ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31st December 2023.

Responsibilities and basis of report
As 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 ('the 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 Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.

Independent examiner's statement
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Association of Chartered Certified Accountants, which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

1. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act 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
4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).

I have no concerns 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 reached.








Andrew Carl Caunce

Abrams Ashton - Chorley Limited
Chartered Certified Accountants
41 St Thomas's Road
Chorley
Lancashire
PR7 1JE

25th September 2024

BRITISH COMMERCIAL VEHICLE MUSEUM TRUST

Statement of Financial Activities
for the Year Ended 31st December 2023

31.12.23 31.12.22
Unrestricted Restricted Total Total
fund fund funds funds
Notes £    £    £    £   
INCOME AND ENDOWMENTS FROM
Donations and legacies 191,555 - 191,555 97,766

Other trading activities 2 159,586 - 159,586 130,269
Total 351,141 - 351,141 228,035

EXPENDITURE ON
Raising funds 15,585 - 15,585 9,099

Charitable activities
Employment costs 73,518 - 73,518 80,104
Establishment costs - - - 29,769
General administrative expenses 147,623 - 147,623 86,311
Depreciation costs - - - 24,283
Total 236,726 - 236,726 229,566

NET INCOME/(EXPENDITURE) 114,415 - 114,415 (1,531 )


RECONCILIATION OF FUNDS
Total funds brought forward 2,086,090 349,000 2,435,090 2,436,621

TOTAL FUNDS CARRIED FORWARD 2,200,505 349,000 2,549,505 2,435,090

BRITISH COMMERCIAL VEHICLE MUSEUM TRUST (REGISTERED NUMBER: 02475754)

Balance Sheet
31st December 2023

31.12.23 31.12.22
Unrestricted Restricted Total Total
fund fund funds funds
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 7 1,966,795 - 1,966,795 1,991,268
Heritage assets 8 - 349,000 349,000 349,000
1,966,795 349,000 2,315,795 2,340,268

CURRENT ASSETS
Stocks 9 3,000 - 3,000 3,000
Debtors 10 5,848 - 5,848 3,080
Cash at bank and in hand 242,632 - 242,632 103,977
251,480 - 251,480 110,057

CREDITORS
Amounts falling due within one year 11 (17,770 ) - (17,770 ) (15,235 )

NET CURRENT ASSETS 233,710 - 233,710 94,822

TOTAL ASSETS LESS CURRENT
LIABILITIES

2,200,505

349,000

2,549,505

2,435,090

NET ASSETS 2,200,505 349,000 2,549,505 2,435,090
FUNDS 12
Unrestricted funds 2,200,505 2,086,090
Restricted funds 349,000 349,000
TOTAL FUNDS 2,549,505 2,435,090

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2023.


The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2023 in accordance with Section 476 of the Companies Act 2006.


The trustees acknowledge their responsibilities for
(a)ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
(b)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.


BRITISH COMMERCIAL VEHICLE MUSEUM TRUST (REGISTERED NUMBER: 02475754)

Balance Sheet - continued
31st December 2023

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


The financial statements were approved by the Board of Trustees and authorised for issue on 18th September 2024 and were signed on its behalf by:





J P Gilchrist - Trustee

BRITISH COMMERCIAL VEHICLE MUSEUM TRUST

Notes to the Financial Statements
for the Year Ended 31st December 2023

1. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements of the charitable 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 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 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure
Liabilities are recognised as expenditure 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 settlement 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 directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Heritage assets
Due to changes in FRS 30, the charity is now required to capitalise any donated heritage assets. A valuation was carried out in 2007 (by professional valuers Thimbleby & 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 - 5% on cost
Fixtures and fittings - 10% on cost
Computer equipment - 20% on cost

In a departure from FRS 102 Section 1A for small entities, no depreciation is provided in respect of freehold properties. This is a departure from the requirements of the Companies Act 2006 which requires all properties to be depreciated. The trustees consider that to depreciate them would not give a true and fair view. Depreciation is only one of the many elements reflected 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 trustees consider that this policy results in the financial statements giving a true and fair view.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
The charity is exempt from corporation tax on its charitable activities.

Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.


BRITISH COMMERCIAL VEHICLE MUSEUM TRUST

Notes to the Financial Statements - continued
for the Year Ended 31st December 2023

1. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

Buildings
The museum operates from premises provided by English Partnerships. There is no rent paid for the building subject to the condition that the buildings are used to further 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 sheet.

2. OTHER TRADING ACTIVITIES
31.12.23 31.12.22
£    £   
Entrance fees 105,746 91,636
Shop income 20,205 17,254
Archive income 705 2,394
Other goods 22,671 12,533
Cafe rent 10,259 6,452
159,586 130,269

3. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

31.12.23 31.12.22
£    £   
Depreciation - owned assets 24,988 24,283
Hire of plant and machinery 3,770 5,586

4. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31st December 2023 nor for the year ended 31st December 2022.


Trustees' expenses

During the year, no expenses were paid to trustees (2022 - Nil).


BRITISH COMMERCIAL VEHICLE MUSEUM TRUST

Notes to the Financial Statements - continued
for the Year Ended 31st December 2023

5. STAFF COSTS

There was an average of 5 full time employees throughout the year.

6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted Restricted Total
fund fund funds
£    £    £   
INCOME AND ENDOWMENTS FROM
Donations and legacies 97,766 - 97,766

Other trading activities 130,269 - 130,269
Total 228,035 - 228,035

EXPENDITURE ON
Raising funds 9,099 - 9,099

Charitable activities
Employment costs 80,104 - 80,104
Establishment costs 29,769 - 29,769
General administrative expenses 86,311 - 86,311
Depreciation costs 24,283 - 24,283
Total 229,566 - 229,566

NET INCOME/(EXPENDITURE) (1,531 ) - (1,531 )


RECONCILIATION OF FUNDS
Total funds brought forward 2,087,621 349,000 2,436,621

TOTAL FUNDS CARRIED FORWARD 2,086,090 349,000 2,435,090


BRITISH COMMERCIAL VEHICLE MUSEUM TRUST

Notes to the Financial Statements - continued
for the Year Ended 31st December 2023

7. TANGIBLE FIXED ASSETS
Improvements Fixtures
Freehold to and Computer
property property fittings equipment Totals
£    £    £    £    £   
COST
At 1st January 2023 1,721,000 314,115 41,421 40,551 2,117,087
Additions - - - 515 515
At 31st December 2023 1,721,000 314,115 41,421 41,066 2,117,602
DEPRECIATION
At 1st January 2023 - 76,019 33,838 15,962 125,819
Charge for year - 15,701 1,626 7,661 24,988
At 31st December 2023 - 91,720 35,464 23,623 150,807
NET BOOK VALUE
At 31st December 2023 1,721,000 222,395 5,957 17,443 1,966,795
At 31st December 2022 1,721,000 238,096 7,583 24,589 1,991,268

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 Registry and the property had been brought into the accounts at the value registered at the HM Land Registry of the amount £1,721,000.

8. HERITAGE ASSETS
Total
£   
MARKET VALUE
At 1st January 2023 and
31st December 2023

349,000

NET BOOK VALUE
At 31st December 2023 349,000
At 31st December 2022 349,000

The vehicles and archives in the museum have either been donated or are on loan to the British Commercial 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 range 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 of photographic material and artifacts.


BRITISH COMMERCIAL VEHICLE MUSEUM TRUST

Notes to the Financial Statements - continued
for the Year Ended 31st December 2023

9. STOCKS
31.12.23 31.12.22
£    £   
Stocks 3,000 3,000

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 3,085 1,524
Other debtors 152 -
VAT 97 -
Prepayments and accrued income 2,514 1,556
5,848 3,080

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade creditors 12,841 2,521
Social security and other taxes - 9,797
Other creditors 300 -
Accruals and deferred income 4,629 2,917
17,770 15,235

12. MOVEMENT IN FUNDS
Net
movement At
At 1.1.23 in funds 31.12.23
£    £    £   
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

Net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
General fund 351,141 (236,726 ) 114,415

TOTAL FUNDS 351,141 (236,726 ) 114,415


BRITISH COMMERCIAL VEHICLE MUSEUM TRUST

Notes to the Financial Statements - continued
for the Year Ended 31st December 2023

12. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Net
movement At
At 1.1.22 in funds 31.12.22
£    £    £   
Unrestricted funds
General fund 2,087,621 (1,531 ) 2,086,090

Restricted funds
Restricted 349,000 - 349,000

TOTAL FUNDS 2,436,621 (1,531 ) 2,435,090

Comparative net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
General fund 228,035 (229,566 ) (1,531 )

TOTAL FUNDS 228,035 (229,566 ) (1,531 )

A current year 12 months and prior year 12 months combined position is as follows:

Net
movement At
At 1.1.22 in funds 31.12.23
£    £    £   
Unrestricted funds
General fund 2,087,621 112,884 2,200,505

Restricted funds
Restricted 349,000 - 349,000

TOTAL FUNDS 2,436,621 112,884 2,549,505

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
General fund 579,176 (466,292 ) 112,884

TOTAL FUNDS 579,176 (466,292 ) 112,884

BRITISH COMMERCIAL VEHICLE MUSEUM TRUST

Notes to the Financial Statements - continued
for the Year Ended 31st December 2023

13. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31st December 2023. (2022 - Nil)

14. ULTIMATE CONTROLLING PARTY

The company is controlled by the trustees.