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REGISTERED COMPANY NUMBER: 02738413 (England and Wales)
REGISTERED CHARITY NUMBER: 1060457















Report of the Trustees and

Unaudited Financial Statements

for the Year Ended 31 July 2024

for

Keighley Bus Museum Trust Limited

Keighley Bus Museum Trust Limited






Contents of the Financial Statements
for the Year Ended 31 July 2024




Page

Reference and Administrative Details 1

Report of the Trustees 2 to 4

Independent Examiner's Report 5

Statement of Financial Activities 6

Statement of Financial Position 7 to 8

Notes to the Financial Statements 9 to 16

Keighley Bus Museum Trust Limited

Reference and Administrative Details
for the Year Ended 31 July 2024



TRUSTEES S Waye Director
Ms M Waye Director
N Shepherd Director
J Hewitt Director
N A Halliday Director
A S Haley Director (appointed 26.11.23)
P Cribbin Director
D Byrne Director
M Berry Director


COMPANY SECRETARY S Waye


REGISTERED OFFICE Unit 5, River Technology Park
Riverside
Dalton Lane
Keighley
West Yorkshire
BD21 4JP


REGISTERED COMPANY
NUMBER
02738413 (England and Wales)


REGISTERED CHARITY
NUMBER
1060457


INDEPENDENT EXAMINER Stirk Lambert & Co
Chartered Accountants
Russell Chambers
61a North Street
Keighley
West Yorkshire
BD21 3DS


BANKERS National Westminster Bank Plc
63 North Street
Keighley
West Yorkshire
BD21 3SN

Keighley Bus Museum Trust Limited (Registered number: 02738413)

Report of the Trustees
for the Year Ended 31 July 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 31 July 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 aim of charity is the continuing education of the public by providing within West Yorkshire a static museum of transport history and transportation archaeology covering all aspects of road public passenger transport.

To achieve this principal objective, the main objective of 2024 was to finalise the purchase of a permanent building capable of accommodating the Museum's collection of approximately 140 vehicles and associated transport memorabilia and artefacts, such that they can be exhibited in a manner which fulfils the Charity's educational purpose. This purchase has now been completed and the charity can now direct funds towards the acquisition and restoration of a representative collection of buses, coaches and ancillary vehicles. It is the Trustees' firm conviction that the charity has, and will continue to have, sufficient income to make it self-sustaining on an indefinite basis.

The Museum has purchased a premises at River Technology Park, Keighley, which accommodates the vehicles owned by or loaned to the Charity (currently 39), together with over 100 privately owned vehicles which pay an economic rent for the space occupied. Given the improvements that have been made to the building and surroundings, several Open Days are held each year, and these are used to promote the work of the Charity. In addition, we attend events throughout the region to educate and inform the public of the Charity's work. We invite local schools to the museum for educational visits.

Additionally, we also act as a clearing house and help service for those seeking accommodation for historic vehicles, parts or advice on restoration of buses, or information on matters of transport industry history and practice.

Public benefit
The trustees confirm that they have paid due regard to the charity's commissions guidance on public benefit and consider their activities to comply therewith.

Plans for Future Periods

The trust since completing the purchase of the building will continue to raise funds to repair and modernise the building by holding special events and open days either at our premises or in the community. The trust will raise additional income by renting surplus space to private individuals.

A programme of lighting upgrades has been started with the aim to increase safety in low light areas, improve lighting conditions for visitors and reduce the cost of lighting the building.

Independent Examiner

Stirk Lambert & Co were appointed to report on the financial statements for the year ended 31 July 2024 and have been re-appointed as independent examiner for the ensuing year.

ACHIEVEMENT AND PERFORMANCE
Achievements and Performance
The building has now been purchased and is solely owned by Keighley Bus Museum Trust Ltd. The Trustees continue to work on improving the cleanliness and facilities within the premises.

With the purchase of the building there has been a significant reduction in the reserve funds held by the charity, after paying the purchase, surveying, legal and land fees.


Keighley Bus Museum Trust Limited (Registered number: 02738413)

Report of the Trustees
for the Year Ended 31 July 2024

FINANCIAL REVIEW
Financial Review
The operating profit for the year was £7,666 to carry forward to the following year. Reserves at the end of the year were £276,119 including restricted funds of £5,271 and endowment funds of £44,548. The Charity held fixed assets with a net book value of £605,431 of which £51,514 are endowment funds. The present level of unrestricted reserves available to the charity is £226,300 which are used to finance additional projects and trading in the ensuing year as a backup reserve.

Restricted funds
The charity holds £5,271 of restricted fund of which £1,600 is residue of £2,000 which was gifted from the Leeds Transport Historical Society for use only in maintaining and restoring former Leeds buses. Restoration work on Leeds 980 will soon be in progress, and these funds will be considerably reduced in the near future.

Reserves policy
The continued surplus of income over expenditure has allowed the trust to increase the sums held on deposit. Whilst insufficient to fund any major expenditure, these now provide a reasonable buffer against unforeseen fluctuations in running costs and income.

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.

The Keighley Bus Museum Trust is a company limited by guarantee, governed by its memorandum and articles dates 7th August 1992, as amended on 18th December 1996, 3rd July 1997 and 28th May 1998. It is registered as a charity with the charity commission. Anyone 18 years of age can become a member with voting rights, subject to board approval. There is also a provision for junior members and KBMT 'friends' who do not enjoy voting rights. There are currently some 73 members (2023 - 74 members), each of whom undertakes to contribute £1 in the event of the company winding up.

Appointment of new trustees
Each year an AGM (Annual General Meeting) is held, and the election of the trustees takes place as part of this meeting. In all, three trustees can be elected: two trustees and an officer ie. Chairman, Secretary, or Treasurer. In addition, any trustees who have resigned during the year prior to the AGM can be replaced.

Those elected then serve for a term of two years in the case of a trustee or for a term of three years in the case of Chairman, Treasurer or Secretary. Those appointed serve until the AGM that is held in their final year unless they resign or are otherwise disqualified according to the Articles of Association. In addition to those elected, the trustees have the power to both replace those who resign (or are disqualified) and to co-opt up to four additional trustees, who serve until the next AGM.

Co-opted trustees are generally added to provide specific expertise, knowledge, capability or capacity not available from those who were elected.

Organisational structure
The organisation consists of around 100 members who join by annual subscription with around 30 of those active volunteers who work to further the objectives of the trust.

The Board of trustees, which can consist of up to nine members, meets regularly to discuss and review all key topics of the trusts business. Many of the trustees carry out voluntary work at the museum and use this opportunity to discuss operational matters and relevant activity. On an ongoing basis the trustees are in touch via e-mail, social media and telephone to ensure that significant developments are known to all and quickly attended to.

There is a formal sub-committee in place looking at the trusts event programme, which is made up of both trustees and ordinary members. Consideration is being given to establish more sub-committees for other matters as this has proved effective and is within the trustees power to delegate authority. Some activities are delegated to members who produce monthly board reports. These activities remain the responsibility of the trustees.

Each of the trustees also take on specific roles such as vehicle maintenance, compliance, memberships etc. with these being agreed by all the trustees from the outset.

Keighley Bus Museum Trust Limited (Registered number: 02738413)

Report of the Trustees
for the Year Ended 31 July 2024


STRUCTURE, GOVERNANCE AND MANAGEMENT
Trustees Induction and Training
All Trustees are appointed from within the membership of the trust and so will be familiar with the objectives and functions and extensive training is not therefore required.

Each new trustee will be provided with a copy of the memorandum and articles of association and will be provided with on-the-job guidance by experience trustees.

Risk management
Weekly checks are performed to safeguard against potential fire risk coupled with annual testing of fire extinguishers to maintain the trusts compliance to fire prevention and mitigation. Health and safety issues are identified, discussed and subsequently resolved at monthly board meetings, supporting the trusts culture to operate a safe culture for members and visitors.

Financial risks are minimised by a regular scrutiny of all commitments, reserves and cash-flow predictions by the trustees.

Approved by order of the board of trustees on 16 March 2025 and signed on its behalf by:





S Waye - Trustee

Independent Examiner's Report to the Trustees of
Keighley Bus Museum Trust Limited (Registered number: 02738413)

Independent examiner's report to the trustees of Keighley Bus Museum Trust Limited ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 July 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.








Mr Richard Stratton ACA

Stirk Lambert & Co
Chartered Accountants
Russell Chambers
61a North Street
Keighley
West Yorkshire
BD21 3DS

25 March 2025

Keighley Bus Museum Trust Limited

Statement of Financial Activities
for the Year Ended 31 July 2024

31.7.24 31.7.23
Unrestricted Restricted Endowment Total Total
funds fund funds funds funds
Notes £    £    £    £    £   
INCOME AND ENDOWMENTS FROM
Donations and legacies 8,718 - - 8,718 63,981

Other trading activities 2 84,636 - - 84,636 71,141
Investment income 3 2,339 - - 2,339 1,390
Total 95,693 - - 95,693 136,512

EXPENDITURE ON
Raising funds 6,841 - - 6,841 1,193

Charitable activities
Charitable activities - expenditure
74,878

-

775

75,653

104,812
Total 81,719 - 775 82,494 106,005

NET
INCOME/(EXPENDITURE)

13,974

-

(775

)

13,199

30,507
Transfers between funds 14 55,265 - (55,265 ) - -
Net movement in funds 69,239 - (56,040 ) 13,199 30,507

RECONCILIATION OF FUNDS
Total funds brought forward 162,594 5,271 100,588 268,453 237,946

TOTAL FUNDS CARRIED
FORWARD

231,833

5,271

44,548

281,652

268,453

Keighley Bus Museum Trust Limited (Registered number: 02738413)

Statement of Financial Position
31 July 2024

31.7.24 31.7.23
Unrestricted Restricted Endowment Total Total
funds fund funds funds funds
Notes £    £    £    £    £   
FIXED ASSETS
Tangible assets 7 553,917 - 51,514 605,431 51,077

CURRENT ASSETS
Stocks 8 - - - - 2,936
Debtors 9 - - - - 460
Cash at bank 17,689 5,271 (6,966 ) 15,994 226,018
17,689 5,271 (6,966 ) 15,994 229,414

CREDITORS
Amounts falling due within one
year

10

(36,440

)

-

-

(36,440

)

(12,038

)

NET CURRENT ASSETS (18,751 ) 5,271 (6,966 ) (20,446 ) 217,376

TOTAL ASSETS LESS
CURRENT LIABILITIES

535,166

5,271

44,548

584,985

268,453

CREDITORS
Amounts falling due after more
than one year

11

(303,333

)

-

-

(303,333

)

-

NET ASSETS 231,833 5,271 44,548 281,652 268,453
FUNDS 14
Unrestricted funds 231,833 162,594
Restricted funds 5,271 5,271
Endowment funds 44,548 100,588
TOTAL FUNDS 281,652 268,453

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2024.


The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 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.


Keighley Bus Museum Trust Limited (Registered number: 02738413)

Statement of Financial Position - continued
31 July 2024

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 16 March 2025 and were signed on its behalf by:





S Waye - Trustee

Keighley Bus Museum Trust Limited

Notes to the Financial Statements
for the Year Ended 31 July 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 resources are included in the statement of financial activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income.

Rents receivable represent the total rental income received from members who store their buses at the museum.

Grants and donations for specific purposes are credited to a designated reserve until such time as that purpose is met.

Where grants and donations are given for specific purposes then they are separated into endowment funds (to be kept on a permanent basis), restricted funds (given for specific purpose) and unrestricted funds (given to be utilised as the trustees thinks best suit the charity).

Donated goods, services and facilities are included at the value to the charity where this can be quantified. The value of services provided by our volunteers has not been included in the accounts.

Investment income is included when receivable.

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
All fixed assets are measured at cost less accumulated depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Plant & Machinery 25% reducing balance
Motor Vehicles 1.1% straight line

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.


Keighley Bus Museum Trust Limited

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

1. ACCOUNTING POLICIES - continued

Fund accounting
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

2. OTHER TRADING ACTIVITIES
31.7.24 31.7.23
£    £   
Fundraising events 3,378 4,670
Other income 178 506
Rents received 81,080 65,965
84,636 71,141

3. INVESTMENT INCOME
31.7.24 31.7.23
£    £   
Bank interest received 2,339 1,390

4. NET INCOME/(EXPENDITURE)

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

31.7.24 31.7.23
£    £   
Depreciation - owned assets 847 -
Independent examiners remuneration 1,865 1,337

5. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 July 2024 nor for the year ended 31 July 2023.


Trustees' expenses

There were no trustees' expenses paid for the year ended 31 July 2024 nor for the year ended 31 July 2023.


6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted Restricted Endowment Total
funds fund funds funds
£    £    £    £   
INCOME AND ENDOWMENTS FROM
Donations and legacies 63,981 - - 63,981

Other trading activities 71,141 - - 71,141
Investment income 1,390 - - 1,390
Total 136,512 - - 136,512

EXPENDITURE ON
Raising funds 1,193 - - 1,193


Keighley Bus Museum Trust Limited

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
Unrestricted Restricted Endowment Total
funds fund funds funds
£    £    £    £   
Charitable activities
Charitable activities - expenditure 104,053 - 759 104,812
Total 105,246 - 759 106,005

NET INCOME/(EXPENDITURE) 31,266 - (759 ) 30,507


RECONCILIATION OF FUNDS
Total funds brought forward 131,328 5,271 101,347 237,946

TOTAL FUNDS CARRIED FORWARD 162,594 5,271 100,588 268,453

7. TANGIBLE FIXED ASSETS
Freehold
property Fleet A Fleet B Equipment Totals
£    £    £    £    £   
COST
At 1 August 2023 - 30,500 38,466 17,444 86,410
Additions 553,701 1,500 - - 555,201
At 31 July 2024 553,701 32,000 38,466 17,444 641,611
DEPRECIATION
At 1 August 2023 - 8,454 9,723 17,156 35,333
Charge for year - 352 423 72 847
At 31 July 2024 - 8,806 10,146 17,228 36,180
NET BOOK VALUE
At 31 July 2024 553,701 23,194 28,320 216 605,431
At 31 July 2023 - 22,046 28,743 288 51,077

8. STOCKS
31.7.24 31.7.23
£    £   
Stocks - 2,936


Keighley Bus Museum Trust Limited

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.24 31.7.23
£    £   
Prepayments - 460

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.24 31.7.23
£    £   
Other loans (see note 12) 35,000 -
Trade creditors - 5,533
Other creditors - 5,485
Accrued expenses 1,440 1,020
36,440 12,038

11. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.7.24 31.7.23
£    £   
Other loans (see note 12) 303,333 -

12. LOANS

An analysis of the maturity of loans is given below:

31.7.24 31.7.23
£    £   
Amounts falling due within one year on demand:
Other loans 35,000 -
Amounts falling between one and two years:
Other loans - 1-2 years 35,000 -
Amounts falling due between two and five years:
Other loans - 2-5 years 105,000 -
Amounts falling due in more than five years:

Repayable by instalments:
Other loans more 5yrs instal 163,333 -

13. SECURED DEBTS

The following secured debts are included within creditors:

31.7.24 31.7.23
£    £   
Other loans 338,333 -

The loan is secured against the freehold property owned by the charity.


Keighley Bus Museum Trust Limited

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

14. MOVEMENT IN FUNDS
Net Transfers
movement between At
At 1.8.23 in funds funds 31.7.24
£    £    £    £   
Unrestricted funds
Unrestricted 162,594 13,974 55,265 231,833

Restricted funds
Restricted funds 5,271 - - 5,271

Endowment funds
Fleet A 22,045 (352 ) - 21,693
Fleet B 23,278 (423 ) - 22,855
Mr David Bentley Dec'd 55,265 - (55,265 ) -
100,588 (775 ) (55,265 ) 44,548
TOTAL FUNDS 268,453 13,199 - 281,652

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

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
Unrestricted 95,693 (81,719 ) 13,974

Endowment funds
Fleet A - (352 ) (352 )
Fleet B - (423 ) (423 )
- (775 ) (775 )
TOTAL FUNDS 95,693 (82,494 ) 13,199


Keighley Bus Museum Trust Limited

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

14. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Net
movement At
At 1.8.22 in funds 31.7.23
£    £    £   
Unrestricted funds
Unrestricted 131,328 31,266 162,594

Restricted funds
Restricted funds 5,271 - 5,271

Endowment funds
Fleet A 22,381 (336 ) 22,045
Fleet B 23,701 (423 ) 23,278
Mr David Bentley Dec'd 55,265 - 55,265
101,347 (759 ) 100,588
TOTAL FUNDS 237,946 30,507 268,453

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

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
Unrestricted 136,512 (105,246 ) 31,266

Endowment funds
Fleet A - (336 ) (336 )
Fleet B - (423 ) (423 )
- (759 ) (759 )
TOTAL FUNDS 136,512 (106,005 ) 30,507

Keighley Bus Museum Trust Limited

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

14. MOVEMENT IN FUNDS - continued

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

Net Transfers
movement between At
At 1.8.22 in funds funds 31.7.24
£    £    £    £   
Unrestricted funds
Unrestricted 131,328 45,240 55,265 231,833

Restricted funds
Restricted funds 5,271 - - 5,271

Endowment funds
Fleet A 22,381 (688 ) - 21,693
Fleet B 23,701 (846 ) - 22,855
Mr David Bentley Dec'd 55,265 - (55,265 ) -
101,347 (1,534 ) (55,265 ) 44,548
TOTAL FUNDS 237,946 43,706 - 281,652

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
Unrestricted 232,205 (186,965 ) 45,240

Endowment funds
Fleet A - (688 ) (688 )
Fleet B - (846 ) (846 )
- (1,534 ) (1,534 )
TOTAL FUNDS 232,205 (188,499 ) 43,706

15. RELATED PARTY DISCLOSURES

During the year the charity received rental income from trustees for the storage cost of their own buses on the museum's premises. This was charged at the same rate as for other members and was intended to accurately reflect the storage costs incurred by the museum.


Keighley Bus Museum Trust Limited

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

16. ENDOWMENT FUNDS

Fleet A

In 1999 the museum received funding of £30,500 in total to purchase nine vehicles from the failed Transperience collection, under the terms of the funding the museum effectively cannot dispose of these vehicles and is responsible for their general maintenance and upkeep. The funding received was made up of grants from the trustees of the National Heritage Memorial Fund (£20,500), the Science Museum PRISM Fund (£5,000) and a Bradford council grant (£5,000).

Fleet B

In 1999 the museum was gifted four old Leeds buses from the Leeds Regent Group. Under the terms of the gift the museum cannot dispose of these buses and is responsible for their general maintenance and upkeep.

Mr David Bentley dec'd

In March 2017 the museum received a legacy from the estate of Mr David Bentley dec'd. Under the terms of this legacy, this is to be specifically used for the purpose of acquiring premises for the benefit of the charity. Freehold property has been acquired in the 2024 financial year and this fund has been released as part of funding this purchase.

17. RESTRICTED FUNDS

There has been no movement on the restricted funds during the year ended 31 July 2024.
The Charity holds £5,271 of which £1,600 is the residue of £2,000 which was gifted from the Leeds Transport Historical Society for one use only in maintaining and restoring former Leeds buses. Restoration work on Leeds 980 will soon be in progress and these funds will be considerably reduced in the near future.

18. COMPANY LIMITED BY GUARANTEE

The company is limited by guarantee and has no share capital.

Every member of the company undertakes to contribute to the assets of the company, in the event of a winding up, such an amount as may be required not exceeding £1.