The trustees present their annual report and financial statements for the year ended 31 October 2025.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the SVTEC's articles of association, the Companies Act 2006 and “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)” (as amended for accounting periods commencing from 1 January 2016)
To advance the education of the public by increasing knowledge and interest in:
All types of historic mechanically propelled vehicles including but without prejudice to the generality of the foregoing traction engines, steamrollers and other steam vehicles.
Other historic mobile machinery including but without prejudice to the generality of the foregoing fair organs, fairground and showman's equipment, agricultural machinery and agricultural equipment.
Other historic machinery of a static nature including but without prejudice to the generality of the foregoing all or any mill, factory or industrial equipment and machinery whether the same be powered by steam, water, electricity, petrol or diesel oils but including also those driven by the action of wind or tide.
All or any historic crafts and craftmanship b) to make any payments in favour of such registered charities or for such charitable purposes in the united kingdom as the directors shall from time to time determine.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the SVTEC should undertake.
SVTEC exists to inform and educate the public in all aspects of vintage machinery. To achieve that, we run an
annual steam and vintage event featuring vintage machinery of all types, from bicycles to full size road steam
vehicles.
The Charity also runs monthly lecture programmes during the Autumn and Winter featuring experts in the field of vintage transport and industrial archaeology.
The company was incorporated on 2 October 1987. The company is limited by guarantee and does not have any share capital. The company was registered as a charity in 1992.
The company made a surplus before donations of £34,369 (2024 - £47,687). Donations of £6,810 (2024 - £5,358) were made to charities during the year. The net incoming resources of £41,179 (2024 - (£53,045) have been added to the accumulated funds.
The directors have examined the requirement for free reserves which are those unrestricted funds not designated for specific purposes. These free reserves represent the unrestricted funds arising from past and present operating results. It is the directors policy to maintain these reserves at such a level that any significant drop in funding or results would not hinder them from continuing the current activities of the company. The level of these funds were £371,186 (2024 - £318,141) at the balance sheet date which the directors believe is satisfactory.
The trustees have assessed the major risks to which the SVTEC is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
The SVTEC is a company limited by guarantee.
The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
The trustees are the directors of the company. The directors are the Chariman and the Vice Chairman of the SVTEC. They are elected by the SVTEC membership annual general meeting.
SVTEC comprises of four trustees who are all directors of the company. These four are responsible for the day to day management of the Charity.
The Trustees' report was approved by the Board of Trustees.
I report to the trustees on my examination of the financial statements of Stroud Vintage Transport & Engine Club (the SVTEC) for the year ended 31 October 2025.
Having satisfied myself that the financial statements of the SVTEC are not required to be audited under Part 16 of the Companies Act 2006 and are eligible for independent examination, I report in respect of my examination of the SVTEC’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.
Since the SVTEC’s gross income exceeded £250,000, the independent examiner must be a member of a body listed in section 145 of the Charities Act 2011. I confirm that I am qualified to undertake the examination because I am a member of The Institute of Chartered Accountants in England and Wales, 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 that in any material respect:
accounting records were not kept in respect of the SVTEC as required by section 386 of the Companies Act 2006.
the financial statements do not accord with those records; or
the financial statements do not comply with the accounting requirements of section 396 of the Companies Act 2006 other than any requirement that the financial statements give a true and fair view, which is not a matter considered as part of an independent examination; or
the financial statements 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 financial statements 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 financial statements to be reached.
Donations and fundraising
Investments
Raising funds
Stroud Vintage Transport & Engine Club is a private company limited by guarantee incorporated in England and Wales. The registered office is 6 Far Westrip, Stroud, Glos, GL6 6HD.
The financial statements have been prepared in accordance with the SVTEC's articles of association, the Companies Act 2006 and “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)” (as amended for accounting periods commencing from 1 January 2016). The SVTEC is a Public Benefit Entity as defined by FRS 102.
The SVTEC has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling, which is the functional currency of the SVTEC. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
At the time of approving the financial statements, the trustees have a reasonable expectation that the SVTEC has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Cash donations are recognised on receipt. Other donations are recognised once the SVTEC has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Expenditure is recorded on the accruals basis and liabilities are included when the legal obligation has been created.
Expenditure in charitable activites represents the cost incurred in carrying out the charitable objectives of the project.
As a registered charity, the activites are generally exempt from Income Tax and Capital Gains Tax in connection with its direct charitable purpose.
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
At each reporting end date, the SVTEC reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the SVTEC’s contractual obligations expire or are discharged or cancelled.
In the application of the SVTEC’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Donations and fundraising
Programme sales and advertising
Concessions and other miscellaneous income
Donations and fundraising
Raising funds
Raising funds
Administration costs
Administration costs
None of the trustees (or any persons connected with them) received any remuneration during the year, but 4 of them were reimbursed a total of £900 travelling expenses (2024 - were reimbursed £0).
The average monthly number of employees during the year was:
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
There were no disclosable related party transactions during the year (2024 - none).