THE SCOTTISH VINTAGE BUS MUSEUM
(Registered Charity no. SC011494)

FINANCIAL STATEMENTS 

YEAR ENDED 31 MARCH 2026

THE SCOTTISH VINTAGE BUS MUSEUM

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

Scottish Charity Number:	SC 011494

Principal Address:	M90 Commerce Park
	Lathalmond
	Dunfermline
	Fife KY12 0SJ

Solicitor:	Ian M Allan LL.B
	Stenhouse, Husband & Irvine
	Solicitors

Independent Examiner:	Emma Holland FCCA
	EAC Accountancy Limited
	Chartered Certified Accountant

- 1 -

THE SCOTTISH VINTAGE BUS MUSEUM

REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2026

The Trustees submit their report and financial statements of the Scottish Vintage Bus Museum for the year ended 31 March 2026.

1) The Museum was set up by Private Deed of Trust dated 23 October 1986, and is administered by seven Trustees. A Deed of Amendment was adopted on 12 November 2003 which extended the powers of the trustees in furtherance of certain additional objectives deemed necessary. A further Deed Of Amendment was adopted on 6 December 2012 which removed the Trustees' age limit requirement and altered the procedure for the adoption of new Trustees.

2) The principal activity of the Museum continues to be the encouragement of the preservation, restoration and operation of historic buses and other vehicles of a basically Scottish nature or origin, whether owned by or on loan to the Museum, and the furtherance of the study of and research into such vehicles and related matters. 
During the year changes were made to the structure of governance which resulted in the Trustees stepping back from day-to-day management. As a result this is now undertaken by a committee of volunteers  which meets on a regular basis and reports directly to the Trustees. The Museum also benefits from the efforts of a considerable number of other volunteers who are themselves dedicated to furthering the Museum's objectives. Membership is open to interested parties, and in addition to public opening on a regular basis open events are periodically held. The Museum’s income is derived principally from these activities, together with storage charges for vehicles, rent from outside parties for on-site activities, and other donations.

3) The Museum experienced a deficit amounting to ￡44,366 (2025: surplus ￡86,237) which has been added to funds brought forward at 1 April 2025 giving a closing funds balance of ￡530,223  of which ￡12,177 are restricted and ￡518,046 are unrestricted. 

4)  The Museum enjoyed another successful year although public admissions were down marginally on last year. The long-term upgrades to electrical systems previously referred to were at last completed during the year, affecting the results by some ￡57,700 which has again been reflected in Repairs, maintenance and upkeep. A new 'Starlink' communication system was installed during the year which is expected to result in significant cost savings in the long term. 

The Trustees continue to be satisfied with the progress of ongoing development and enhancement of the Museum’s facilities. 

5) The Trustees who served the Museum throughout the year are:-

	David G. Heathcote	Keith A. Gascoine	Andrew C. Walker	Edward Taylor 
	Jasper W. Pettie	David L. Hoare	 	Ian M Allan  

New trustees can be appointed, approved by a majority of two-thirds of the existing Trustees. Such appointees are made having regard to their experience, expertise and suitability for office.

6) The Museum's other officers are as follows:-

 	Bankers: Royal Bank of Scotland plc,  2 Newmarket Centre,  Falkirk FK1 1JX
	Solicitor: Ian M Allan LL.B, Stenhouse, Husband & Irvine, 3 East Port, Dunfermline KY12 7JG
	Independent Examiner: Emma Holland FCCA, EAC Accountancy Limited, 191 Station Road, Shotts ML7 4BA

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THE SCOTTISH VINTAGE BUS MUSEUM

REPORT OF THE TRUSTEES (continued)

7) The Trustees have assessed the major risks to which the Museum is exposed, and are satisfied that systems are in place to mitigate their exposure to the major risks. The level of public liability insurance cover is considered adequate, and the Trustees actively review all aspects of financial control and cash security.

8) Charity 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 Museum and the incoming resources and application of resources, including the net income, of the Museum for the year. 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;
•	state whether applicable accounting standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements;
•	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Museum will continue in operation.

The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Museum and which enable them to ensure that the financial statements comply with the Charities Accounts (Scotland) Regulations 2006. They are also responsible for safeguarding the assets of the Museum and for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 9) A resolution to re-appoint Emma Holland FCCA as Independent Examiner will be put to the Trustees at the Annual General Meeting.

By Order of the Trustees

     David G Heathcote              Chairman  

          Jasper Pettie                Trustee

M90 Commerce Park 
Lathalmond
Dunfermline, Fife KY12 0SJ

14 June 2026

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REPORT OF THE INDEPENDENT EXAMINER

Respective responsibilities of Trustees and Examiner

The charity trustees consider that an independent examination is needed under section 44(1)(c) of the  Charities and Trustee Investment (Scotland) Act 2005. It is my responsibility to examine the accounts under section 44(1)(c) of the Act and to state whether particular matters have come to my attention.

Basis of Independent Examiner's statement

An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the accounts.

Independent Examiner's statement

In the course of my examination of the statement of accounts for the year ended 31 March 2026 no matter has come to my attention:
1.	which gives me reasonable cause to believe that in any material respect:
•	accounting records have not been kept in accordance with Section 44 (1)(a) of The Charities and Trustee Investment (Scotland) Act 2005 and Regulation 4 of The Charities Accounts (Scotland) Regulations 2006
•	the accounts do not accord with those records
•	the statement of accounts do not comply with any of the requirements of Regulation 8 of The Charities Accounts (Scotland) Regulations 2006

2.	to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

E Holland

Emma Holland FCCA
EAC Accountancy Limited
Chartered Certified Accountant
191 Station Road
Shotts
ML7 4BA

23  June 2026
–	4  -
–	
THE SCOTTISH VINTAGE BUS MUSEUM
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 MARCH 2026
	2025		2026
		Unrestricted	Restricted
		Funds	Funds	Total
	￡	￡	￡	￡
Incoming resources
Incoming resources from generated funds
	1,890	Donations: under Gift Aid	365	1,000	1,365
	2,361	: tax recovered	2,143	250	2,393
	113,992	: other	8,206	0	8,206
	7,890	Membership fees	8,550	0	8,550
	21,732	Shop and café	21,824	0	21,824
	1,721	Stallholders’ fees	1,675	0	1,675
	1,542	Interest on deposits (gross)	1,104	115	1,219
Activities in furtherance of the charity's objects:
	43,423	Public admissions	41,660	0	41,660
	 119,015	Rent, storage and miscellaneous	125,552	0	125,552
	313,566	Total incoming resources	211,079	1,365	212,444

Resources expended
Charitable expenditure:
		Running expenses
	0	Vehicle restoration	0	0	0
	18,579	Insurance	19,015	0	19,015
	51,816	Heat, light and telephone	64,392	0	64,392
	109,915	Repairs, maintenance and upkeep	126,794	0	126,794
	37	Open day expenses	1,493	0	1,493
	21,366	Depreciation	18,320	0	18,320
	7,972	Motor expenses	10,320	0	10,320
	209,685		240,334	0	240,334

		Support costs			
	4,505	Publicity and advertising	2,701	0	2,701
	6,691	Stationery and printing	8,380	0	8,380
	5,428	Rates and water charges	4,415	0	4,415
	0	Professional fees	0	0	0
	60	Bank charges	20	0	20
	16,684		15,516	0	15,516
	226,369	Total charitable expenditure	255,850	0	255,850

Governance costs:
	960	Independent examiner’s remuneration	960	0	960
	227,269	Total resources expended	256,810	0	256,810
	86,237	Surplus/(Deficit)	(45,731)	1,365	  (44,366)
	488,352	Funds brought forward at 1 April 2025	563,777	10,812	574,589
	574,589	Funds carried forward at 31 March 2026	518,046	12,177	530,223
	=======		=======	====	======
There were no other recognised gains or losses. All amounts relate to continuing operations.
The accompanying notes form an integral part of these financial statements.

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THE SCOTTISH VINTAGE BUS MUSEUM

BALANCE SHEET AS AT 31 MARCH 2026

	2025	2026
	￡	￡	￡

	472,153		Fixed assets - tangible assets (note 2)		453,833

Current assets
	128,038	Bank and cash deposits	99,933
	4,261	Debtors (note 3)	2,392
	---------		----------
	132,299		102,325
	---------		

Less: Current liabilities
		Creditors: amounts falling due
	29,863	within one year (note 4)	25,935
	---------		----------
	102,436	Net current assets		76,390
	----------			------------
	574,589		Total assets less current liabilities		530,223
	=======				=======

Represented by:
	10,812	Restricted funds (note 7)	 	12,177
	563,777	Unrestricted funds (note 7)		518,046
	----------			------------
	574,589			530,223
	=======			=======

The financial  statements were approved by the Trustees on 14 June 2026.

       David G Heathcote             Chairman  

                                                                                    Jasper Pettie                   Trustee	

The accompanying notes form an integral part of these financial statements.

-  6  -

THE SCOTTISH VINTAGE BUS MUSEUM
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2026

1. Accounting Policies

(a) These financial statements have been prepared under the historic cost convention and in accordance with applicable accounting standards, and follow the recommendations in the Statement of Recommended Practice: Accounting and Reporting by Charities (the SORP) issued in 2005. The principal accounting policies have remained unchanged from the previous year. 

(b) Fixed assets are stated at cost less accumulated depreciation. Expenditure that enhances an asset is capitalised. All other expenditure, such as repairs, is written off in the period in which it is incurred. Depreciation is calculated to write off the cost less estimated residual value of tangible fixed assets (except on Historic Vehicles) over their expected useful lives in equal annual instalments, as follows:-

	Freehold land and buildings	2% straight line
	Plant and machinery	20% straight line

(c) All incoming resources are included in the Statement of Financial Activities when the Museum is entitled to the income and the amount can be quantified with reasonable accuracy. Voluntary income is received by way of membership fees, donations and gifts and is included in full in the Statement of Financial Activities when receivable. Where entitlement is not conditional on the delivery of a specific performance by the Museum, voluntary income is recognised when the Museum becomes unconditionally entitled to it. Donated services and facilities are included at the value to the Museum where this can be quantified. The value of services provided by the volunteers has not been included in these accounts. Income from public admissions, the shop and café are recognised when earned. Income from rents is recognised when receivable.

(d) Expenditure is recognised when a liability is incurred. Charitable activities include expenditure associated with the restoration of vehicles, the running of the Museum and the open days and include both the direct and indirect costs and support costs relating to these activities. Governance costs include those incurred in the governance of the Museum and its assets and are primarily associated with constitutional and statutory requirements.

(e) The Museum has two types of funds for which it is responsible and which require separate disclosure. Restricted funds are those earmarked by the donor or the terms of an appeal for specific purposes within the overall aims of the organisation. The Museum has one such fund, which consists of donations received where the donor has specified that the donation must be spent on the restoration of bus P573. The unrestricted funds are funds which are expendable at the discretion of the Trustees in furtherance of the objects of the Museum.

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THE SCOTTISH VINTAGE BUS MUSEUM
NOTES TO THE ACCOUNTS (continued)
FOR THE YEAR ENDED 31 MARCH 2026

2. Fixed assets - tangible assets
	Land and	Plant and	Historic
	Buildings	Machinery	Vehicle	Total
	￡	￡	￡		   ￡
	Cost at 1 April 2025	792,004	240,500	                     11,932	1,044,436
	Additions	0	0	0	     	0
	Disposals	0	0	0	            	0
		----------	-----------	     ---------	-------------
	At 31 March 2026	792,004	                    240,500                          11,932     	1,044,436
		======	=======	======	========
	Depreciation at 1 April 2025	340,572	231,711	0	   572,483
	For year	15,840	2,480	0	     18,320
	Disposals	0	0	0	               0
		---------	----------	---------	-------------
	At 31 March 2026	356,412	234,191	0	   590,603
		======	=======	======	========
	Net book value at 31 March 2026	435,592	6,309	11,932	   453,833
		======	=======	======	========
	Net book value at 31 March 2025	451,432	3,800	11,932	   483,004
		======	=====	======	========

The Charity derives rental income from the property as shown in the income and expenditure account. No revaluation has been undertaken to ascertain the market value of the property as the Trustees consider that due to the nature of the Charity the resultant figures would be of little benefit and the cost of any revaluation would not further the purposes of the Charity.

Although most of the vehicles are owned by individuals there is a small number which have been gifted to the Museum and these are not valued in the above figures. One of these, P573, is being restored, funded by specific donations, and this is represented by the restricted funds shown in these Financial Statements. 

3. Debtors
	2026	2025
	￡	￡
	Sundry debtors	4,261	2,393
		====	====

4. Creditors: amounts falling due within one year
		2026	2025
		￡	￡	
	Accruals and prepayments	25,935	29,863
		======	======

5. Taxation
	The Museum has Charitable status and is exempt from taxation.

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THE SCOTTISH VINTAGE BUS MUSEUM
NOTES TO THE ACCOUNTS (continued)
FOR THE YEAR ENDED 31 MARCH 2026

6. Commitments
	
           There were no commitments at 31 March 2026 or at 31 March 2025.				

			

7. Funds
			Restricted	Unrestricted
			￡	￡
	Balance at 1 April 2025	10,812	563,777
	Surplus/(deficit) for the year	     1,365	(45,731)

			-------	-----------
	Balance at 31 March 2026	12,177	518,046
			=====	=======

8. Payments to Trustees

	During the year three Trustees (2024: four) received reimbursement of expenses incurred by them amounting to
	 ￡ 4,447 (2025: ￡2,864). The Trustees did not receive any remuneration for the year.

9. Status

	The Museum is registered as a Charity in Scotland, number SC011494.

10. Contingent liabilities

	There were no contingent liabilities at 31 March 2026 or at 31 March 2025. 

			Restricted	Unrestricted 	Total
			￡	￡	￡
	Fixed assets		0	453,833	453,833	
	Net current assets	12,177	64,213	76,390
			-------	----------	-----------
			12,177	518,046	530,223
			=====	======	======