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REGISTERED COMPANY NUMBER: 01552477 (England and Wales)
REGISTERED CHARITY NUMBER: 512433













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
01552477 (England and Wales)

Registered Charity number
512433

Registered office
22-28 Willow Street
Accrington
Lancashire
BB5 1LP

Trustees
Miss D Carney Director
N Carney Director (resigned 7/4/24)
Mrs H Bregazzi Director
J C Bregazzi Director
Mrs R Bozson Director
S Bozson Director
Miss F J Walker Director
M P Ogden Director
J P Sheldrake Director
A Cowell Trustee (appointed 7/4/24)
G Townsend Trustee (appointed 7/4/24)
A Wiaczek Trustee (appointed 7/4/24)

Company Secretary
M D Priestner

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
TSB Bank PLC
Todmorden Branch
Box 1
Todmorden
BX4 7SB

Approved by order of the board of trustees on 13 February 2025 and signed on its behalf by:





J C Bregazzi - Trustee

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 1,514 1,392

Other trading activities 2 3,967 7,097
Total 5,481 8,489

EXPENDITURE ON
Raising funds 3 3,917 5,845


NET INCOME 1,564 2,644


RECONCILIATION OF FUNDS
Total funds brought forward 35,877 33,233

TOTAL FUNDS CARRIED FORWARD 37,441 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 7 147 175

CURRENT ASSETS
Cash at bank 37,294 35,702

NET CURRENT ASSETS 37,294 35,702

TOTAL ASSETS LESS CURRENT
LIABILITIES

37,441

35,877

NET ASSETS 37,441 35,877
FUNDS 8
Unrestricted funds 37,441 35,877
TOTAL FUNDS 37,441 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 13 February 2025 and were signed on its behalf by:





J C Bregazzi - Trustee

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 - 33% on reducing balance and 10% on reducing balance

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 3,967 7,097

3. RAISING FUNDS

Raising donations and legacies
30/11/24 30/11/23
£    £   
Postage and stationery 202 232
Sundries 51 150
Room, refreshment and speakers 345 453
Fundraising event expenses 2,375 3,778
Advertising - 273
Depreciation 28 35
Support costs 916 924
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 28 35

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 1,392

Other trading activities 7,097
Total 8,489

EXPENDITURE ON
Raising funds 5,845


NET INCOME 2,644


RECONCILIATION OF FUNDS
Total funds brought forward 33,233

TOTAL FUNDS CARRIED FORWARD 35,877

7. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 December 2023 and 30 November 2024 1,323
DEPRECIATION
At 1 December 2023 1,148
Charge for year 28
At 30 November 2024 1,176
NET BOOK VALUE
At 30 November 2024 147
At 30 November 2023 175


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 35,877 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 5,481 (3,917 ) 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

There were no related party transactions for the year ended 30 November 2024.