REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
Report of the Trustees and |
Unaudited Financial Statements |
for the Year Ended 30 November 2024 |
for |
Lancashire Traction Engine Club Limited |
REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
Report of the Trustees and |
Unaudited Financial Statements |
for the Year Ended 30 November 2024 |
for |
Lancashire Traction Engine Club Limited |
Lancashire Traction Engine Club Limited |
Contents of the Financial Statements |
for the year ended 30 November 2024 |
Page |
Chairman's Report | 1 |
Report of the Trustees | 2 | to | 3 |
Independent Examiner's Report | 4 |
Statement of Financial Activities | 5 |
Balance Sheet | 6 |
Notes to the Financial Statements | 7 | to | 11 |
Lancashire Traction Engine Club Limited |
Chairman's Report |
for the year ended 30 November 2024 |
2024 was a good year for the club. The April AGM in Fleetwood saw 3 new members of the committee elected who have been very active for the club throughout the year, and I thank them for their efforts, along with the rest of the committee. The AGM was preceded by an informative tour of the Blackpool Tower Complex which was enjoyed by those who attended. Once again, the club held its annual event in May, The Lancashire Steam Heritage Festival, along with the Lancashire Mining Museum. The event was not as well attended as previous years, with both exhibitor and spectator numbers down. In review, this was due to a number of issues - some within our control and some outside of it. Despite this, it was a worthwhile event which still returned a profit to both organisations. However, the Lancashire Mining Museum has indicated to us that they do not wish to run the event in 2025, but have not ruled it out in the future. This is disappointing, and we are keeping our options open with the museum but it does provide us with additional opportunities which the committee are currently exploring. A well organised visit to the Keighley and Worth Valley Railway took place in January 2025, and was very well supported with around 40 members attending. We look forward to 2025 with the additional possibilities it brings. |
Sam Bozson |
Chairman |
Lancashire Traction Engine Club Limited (Registered number: 01552477) |
Report of the Trustees |
for the year ended 30 November 2024 |
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 30 November 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 1 January 2019). |
OBJECTIVES AND ACTIVITIES |
Objectives and aims |
The principal activity of the charity in the year under review was that of advancing the education of the public by maintaining interest in historic mechanically propelled vehicles and other historic machinery. |
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. |
REFERENCE AND ADMINISTRATIVE DETAILS |
Registered Company number |
Registered Charity number |
Registered office |
Trustees |
Company Secretary |
Independent Examiner |
Mayes Business Partnership Ltd |
Chartered Certified Accountants |
22-28 Willow Street |
Accrington |
Lancashire |
BB5 1LP |
Lancashire Traction Engine Club Limited (Registered number: 01552477) |
Report of the Trustees |
for the year ended 30 November 2024 |
REFERENCE AND ADMINISTRATIVE DETAILS |
Bankers |
Box 1 |
Todmorden |
BX4 7SB |
Approved by order of the board of trustees on |
Independent Examiner's Report to the Trustees of |
Lancashire Traction Engine Club Limited |
Independent examiner's report to the trustees of Lancashire Traction Engine Club Limited ('the Company') |
I report to the charity trustees on my examination of the accounts of the Company for the year ended 30 November 2024. |
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 |
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. |
Sylvie Baxter |
Mayes Business Partnership Ltd |
Chartered Certified Accountants |
22-28 Willow Street |
Accrington |
Lancashire |
BB5 1LP |
13 February 2025 |
Lancashire Traction Engine Club Limited |
Statement of Financial Activities |
for the year ended 30 November 2024 |
30/11/24 | 30/11/23 |
Unrestricted | Total |
fund | funds |
Notes | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
Other trading activities | 2 |
Total |
EXPENDITURE ON |
Raising funds | 3 |
NET INCOME |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 35,877 |
Lancashire Traction Engine Club Limited (Registered number: 01552477) |
Balance Sheet |
30 November 2024 |
30/11/24 | 30/11/23 |
Unrestricted | Total |
fund | funds |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 7 |
CURRENT ASSETS |
Cash at bank |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
NET ASSETS |
FUNDS | 8 |
Unrestricted funds | 35,877 |
TOTAL FUNDS | 35,877 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2024. |
The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2024 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. |
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 |
Lancashire Traction Engine Club Limited |
Notes to the Financial Statements |
for the year ended 30 November 2024 |
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. |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Fixtures and fittings | - |
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. |
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. |
Cash and cash equivalents |
Cash and cash equivalents comprise cash on hand and call deposits, and other short- term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. Bank overdrafts are shown within borrowings in current liabilities. |
Debtors |
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business. |
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. |
Creditors |
Lancashire Traction Engine Club Limited |
Notes to the Financial Statements - continued |
for the year ended 30 November 2024 |
1. | ACCOUNTING POLICIES - continued |
Cash and cash equivalents |
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities. |
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. |
2. | OTHER TRADING ACTIVITIES |
30/11/24 | 30/11/23 |
£ | £ |
Fundraising events |
3. | RAISING FUNDS |
Raising donations and legacies |
30/11/24 | 30/11/23 |
£ | £ |
Postage and stationery |
Sundries |
Room, refreshment and speakers | 345 | 453 |
Fundraising event expenses | 2,375 | 3,778 |
Advertising | - | 273 |
Depreciation |
Support costs |
3,917 | 5,845 |
4. | NET INCOME/(EXPENDITURE) |
Net income/(expenditure) is stated after charging/(crediting): |
30/11/24 | 30/11/23 |
£ | £ |
Depreciation - owned assets |
5. | TRUSTEES' REMUNERATION AND BENEFITS |
There were no trustees' remuneration or other benefits for the year ended 30 November 2024 nor for the year ended 30 November 2023. |
Trustees' expenses |
There were no trustees' expenses paid for the year ended 30 November 2024 nor for the year ended 30 November 2023. |
Lancashire Traction Engine Club Limited |
Notes to the Financial Statements - continued |
for the year ended 30 November 2024 |
6. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
Unrestricted |
fund |
£ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
Other trading activities |
Total |
EXPENDITURE ON |
Raising funds |
NET INCOME |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 35,877 |
7. | TANGIBLE FIXED ASSETS |
Fixtures |
and |
fittings |
£ |
COST |
At 1 December 2023 and 30 November 2024 |
DEPRECIATION |
At 1 December 2023 |
Charge for year |
At 30 November 2024 |
NET BOOK VALUE |
At 30 November 2024 |
At 30 November 2023 |
Lancashire Traction Engine Club Limited |
Notes to the Financial Statements - continued |
for the year ended 30 November 2024 |
8. | MOVEMENT IN FUNDS |
Net |
At | movement | At |
1/12/23 | in funds | 30/11/24 |
£ | £ | £ |
Unrestricted funds |
General fund | 35,877 | 1,564 | 37,441 |
TOTAL FUNDS | 1,564 | 37,441 |
Net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 5,481 | (3,917 | ) | 1,564 |
TOTAL FUNDS | ( |
) | 1,564 |
Comparatives for movement in funds |
Net |
At | movement | At |
1/12/22 | in funds | 30/11/23 |
£ | £ | £ |
Unrestricted funds |
General fund | 33,233 | 2,644 | 35,877 |
TOTAL FUNDS | 33,233 | 2,644 | 35,877 |
Comparative net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 8,489 | (5,845 | ) | 2,644 |
TOTAL FUNDS | 8,489 | (5,845 | ) | 2,644 |
Lancashire Traction Engine Club Limited |
Notes to the Financial Statements - continued |
for the year ended 30 November 2024 |
8. | MOVEMENT IN FUNDS - continued |
A current year 12 months and prior year 12 months combined position is as follows: |
Net |
At | movement | At |
1/12/22 | in funds | 30/11/24 |
£ | £ | £ |
Unrestricted funds |
General fund | 33,233 | 4,208 | 37,441 |
TOTAL FUNDS | 33,233 | 4,208 | 37,441 |
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 | 13,970 | (9,762 | ) | 4,208 |
TOTAL FUNDS | 13,970 | (9,762 | ) | 4,208 |
9. | RELATED PARTY DISCLOSURES |