REGISTERED COMPANY NUMBER: 01970570 (England and Wales) REGISTERED CHARITY NUMBER: 1003150
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28TH FEBRUARY 2021
FOR
TELFORD HORSEHAY STEAM TRUST COMPANY LIMITED
D E Ball & Co Limited Chartered Accountants 15 Bridge Road Wellington Telford Shropshire TF1 1EB
TELFORD HORSEHAY STEAM TRUST COMPANY LIMITED
CONTENTS OF THE FINANCIAL STATEMENTS for the Year Ended 28th February 2021
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 2 |
| Independent Examiner's Report | 3 | ||
| Statement of Financial Activities | 4 | ||
| Balance Sheet | 5 | to | 6 |
| Notes to the Financial Statements | 7 | to | 12 |
| Detailed Statement of Financial Activities | 13 |
TELFORD HORSEHAY STEAM TRUST COMPANY LIMITED
REPORT OF THE TRUSTEES for the Year Ended 28th February 2021
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 28th February 2021. 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 company in the year under review was that of raising funds to promote the interest in steam trains in the locality.
The charity continues towards its objective to advance the education of the public in the presentation of steam and other railway locomotives, rolling stock, machinery and equipment of educational and historic interest.
Public benefit
The main activity is undertaken to further our charitable objective for the public benefit.
ACHIEVEMENT AND PERFORMANCE
Fundraising activities
The charity has been hugely impacted by Covid 19 both in it's activities and also from benefitting from donations and income from it's connected company TSR Events Limited.
Previous years retained surplus has been used in the current year to invest in the infrastructure.
The Trustees have closely reviewed and managed the finances and are confident for the future as lock down restrictions are eased.
FINANCIAL REVIEW
Reserves policy
The general fund is maximised so as to provide funds to meet expenditure towards achieving the charity's objectives.
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
01970570 (England and Wales)
Registered Charity number
1003150
Registered office
The Old Locomotive Shed Bridge Road Horsehay Telford Shropshire TF4 2NF
Page 1
TELFORD HORSEHAY STEAM TRUST COMPANY LIMITED
REPORT OF THE TRUSTEES
for the Year Ended 28th February 2021
Trustees
P M Hughes Sign Maker (resigned 26.2.21) C D Whitehead Builder
K Jones Management (resigned 8.6.20) I J Heighway Director (resigned 8.6.20) M Paynter Aircraft engineer I Loffman Railway guard (resigned 8.6.20) R Moss Engineer (resigned 1.9.20) A S Oliver Director (appointed 26.2.21) S P Owen Director (appointed 26.2.21)
Independent Examiner
D E Ball & Co Limited Chartered Accountants 15 Bridge Road Wellington Telford Shropshire TF1 1EB
Approved by order of the board of trustees on 17th November 2021 and signed on its behalf by:
C D Whitehead - Trustee
Page 2
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF TELFORD HORSEHAY STEAM TRUST COMPANY LIMITED
Independent examiner's report to the trustees of Telford Horsehay Steam Trust Company Limited ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 28th February 2021.
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:
-
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
-
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
-
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.
Russell Ball ICAEW D E Ball & Co Limited Chartered Accountants 15 Bridge Road Wellington Telford Shropshire TF1 1EB
17th November 2021
Page 3
TELFORD HORSEHAY STEAM TRUST COMPANY LIMITED
STATEMENT OF FINANCIAL ACTIVITIES for the Year Ended 28th February 2021
| Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 4,300 Charitable activities Operating the trains and track 14,016 Other income 12 Total 18,328 EXPENDITURE ON Charitable activities Operating the trains and track 61,875 NET INCOME/(EXPENDITURE) (43,547) RECONCILIATION OF FUNDS Total funds brought forward 355,554 TOTAL FUNDS CARRIED FORWARD 312,007 |
Restricted funds £ - - - - - - 50 50 |
28.2.21 Total funds £ 4,300 14,016 12 18,328 61,875 (43,547) 355,604 312,057 |
29.2.20 Total funds £ 3,558 111,748 89 115,395 141,745 (26,350) 381,954 355,604 |
|---|---|---|---|
The notes form part of these financial statements
Page 4
TELFORD HORSEHAY STEAM TRUST COMPANY LIMITED
BALANCE SHEET
28th February 2021
| Unrestricted fund Notes £ FIXED ASSETS Tangible assets 5 265,002 CURRENT ASSETS Stocks 6 7,125 Debtors 7 23,361 Cash at bank and in hand 27,579 58,065 CREDITORS Amounts falling due within one year 8 (3,019) NET CURRENT ASSETS 55,046 TOTAL ASSETS LESS CURRENT LIABILITIES 320,048 CREDITORS Amounts falling due after more than one year 9 (8,041) NET ASSETS 312,007 FUNDS 10 Unrestricted funds Restricted funds TOTAL FUNDS |
Restricted funds £ - - - 50 50 - 50 50 - 50 |
28.2.21 Total funds £ 265,002 7,125 23,361 27,629 58,115 (3,019) 55,096 320,098 (8,041) 312,057 312,007 50 312,057 |
29.2.20 Total funds £ 267,819 14,125 13,780 138,027 165,932 (70,106) 95,826 363,645 (8,041) 355,604 355,554 50 355,604 |
|---|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28th February 2021.
The members have not required the company to obtain an audit of its financial statements for the year ended 28th February 2021 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.
The notes form part of these financial statements
Page 5
continued...
TELFORD HORSEHAY STEAM TRUST COMPANY LIMITED
BALANCE SHEET - continued
28th February 2021
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 17th November 2021 and were signed on its behalf by:
C D Whitehead - Trustee
M Paynter - Trustee
A S Oliver - Trustee
S P Owen - Trustee
The notes form part of these financial statements
Page 6
TELFORD HORSEHAY STEAM TRUST COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS for the Year Ended 28th February 2021
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.
Building improvements - 10% on cost Tools and Equipment - 25% on reducing balance Railtrack - 4% on reducing balance Extension expenditure - 5% on cost Train & coach costs - 10% on reducing balance
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.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
continued...
Page 7
TELFORD HORSEHAY STEAM TRUST COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 28th February 2021
2. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
| 28.2.21 | 29.2.20 | |
|---|---|---|
| £ | £ | |
| Depreciation - owned assets | 2,817 | 28,543 |
3. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 28th February 2021 nor for the year ended 29th February 2020.
Trustees' expenses
There were no trustees' expenses paid for the year ended 28th February 2021 nor for the year ended 29th February 2020.
4. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted fund £ INCOME AND ENDOWMENTS FROM Donations and legacies 3,558 Charitable activities Operating the trains and track 111,748 Other income 89 Total 115,395 EXPENDITURE ON Charitable activities Operating the trains and track 135,891 NET INCOME/(EXPENDITURE) (20,496) Transfers between funds 5,343 Net movement in funds (15,153) RECONCILIATION OF FUNDS Total funds brought forward 370,707 TOTAL FUNDS CARRIED FORWARD 355,554 |
Restricted funds £ - - - - 5,854 (5,854) (5,343) (11,197) 11,247 50 |
Total funds £ 3,558 111,748 89 115,395 141,745 (26,350) - (26,350) 381,954 355,604 |
|---|---|---|
continued...
Page 8
TELFORD HORSEHAY STEAM TRUST COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 28th February 2021
5. TANGIBLE FIXED ASSETS
| Building improvements £ COST At 1st March 2020 and 28th February 2021 32,671 DEPRECIATION At 1st March 2020 18,342 Charge for year 262 At 28th February 2021 18,604 NET BOOK VALUE At 28th February 2021 14,067 At 29th February 2020 14,329 Extension expenditure £ COST At 1st March 2020 and 28th February 2021 94,256 DEPRECIATION At 1st March 2020 16,414 Charge for year 494 At 28th February 2021 16,908 NET BOOK VALUE At 28th February 2021 77,348 At 29th February 2020 77,842 6. STOCKS Stocks |
Tools and Equipment £ 36,910 30,419 162 30,581 6,329 6,491 Train & coach costs £ 191,447 64,868 1,200 66,068 125,379 126,579 28.2.21 £ 7,125 |
Railtrack £ 71,633 |
|---|---|---|
| 29,055 699 |
||
| 29,754 | ||
| 41,879 | ||
| 42,578 | ||
| Totals £ 426,917 |
||
| 159,098 2,817 |
||
| 161,915 | ||
| 265,002 | ||
| 267,819 | ||
| 29.2.20 £ 14,125 |
continued...
Page 9
TELFORD HORSEHAY STEAM TRUST COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 28th February 2021
| 7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||||
|---|---|---|---|---|---|
| 28.2.21 | 29.2.20 | ||||
| £ | £ | ||||
| Trade debtors | 22,816 | - | |||
| Loan - THST 5619 Ltd | 545 | - | |||
| Loan - TSR Events Ltd | - | 13,780 | |||
| 23,361 | 13,780 | ||||
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||||
| 28.2.21 | 29.2.20 | ||||
| £ | £ | ||||
| Trade creditors | 1,025 | 74,539 | |||
| Social security and other taxes | (594) | (6,833) | |||
| Telford & Wrekin Council Loan | 500 | 500 | |||
| Loan - THST 5619 Ltd | - | 837 | |||
| Accrued expenses | 2,088 | 1,063 | |||
| 3,019 | 70,106 | ||||
| 9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR | ||||
| 28.2.21 | 29.2.20 | ||||
| £ | £ | ||||
| Telford & Wrekin Council Loan | 8,041 | 8,041 | |||
| 10. | MOVEMENT IN FUNDS | ||||
| Net | |||||
| movement | At | ||||
| At 1.3.20 | in funds | 28.2.21 | |||
| £ | £ | £ | |||
| Unrestricted funds | |||||
| General fund | 355,554 | (43,547) | 312,007 | ||
| Restricted funds | |||||
| National lottery funding for engine | |||||
| refurbishment | 50 | - | 50 | ||
| TOTAL FUNDS | 355,604 | (43,547) | 312,057 | ||
| Net movement in funds, included in the above are as follows: | |||||
| Incoming | Resources | Movement | |||
| resources | expended | in funds | |||
| £ | £ | £ | |||
| Unrestricted funds | |||||
| General fund | 18,328 | (61,875) | (43,547) | ||
| TOTAL FUNDS | 18,328 | (61,875) | (43,547) |
continued...
Page 10
TELFORD HORSEHAY STEAM TRUST COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 28th February 2021
10. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Net movement At 1.3.19 in funds £ £ Unrestricted funds General fund 370,707 (20,496) Restricted funds National lottery funding for engine refurbishment 50 - Purchase of Diesel Motor Unit 11,197 (5,854) 11,247 (5,854) TOTAL FUNDS 381,954 (26,350) Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 115,395 Restricted funds Purchase of Diesel Motor Unit - TOTAL FUNDS 115,395 A current year 12 months and prior year 12 months combined position is as follows: Net movement At 1.3.19 in funds £ £ Unrestricted funds General fund 370,707 (64,043) Restricted funds National lottery funding for engine refurbishment 50 - Purchase of Diesel Motor Unit 11,197 (5,854) 11,247 (5,854) TOTAL FUNDS 381,954 (69,897) |
Transfers between At funds 29.2.20 £ £ 5,343 355,554 - 50 (5,343) - (5,343) 50 - 355,604 Resources Movement expended in funds £ £ (135,891) (20,496) (5,854) (5,854) (141,745) (26,350) Transfers between At funds 28.2.21 £ £ 5,343 312,007 - 50 (5,343) - (5,343) 50 - 312,057 |
|---|---|
continued...
Page 11
TELFORD HORSEHAY STEAM TRUST COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 28th February 2021
10. MOVEMENT IN FUNDS - continued
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 | 133,723 | (197,766) | (64,043) |
| Restricted funds | |||
| Purchase of Diesel Motor Unit | - | (5,854) | (5,854) |
| TOTAL FUNDS | 133,723 | (203,620) | (69,897) |
11. RELATED PARTY DISCLOSURES
TSR Events Limited is set up to run steam related events with all profits being donated to Telford Horsehay Steam Trust Co. Ltd.
Page 12
TELFORD HORSEHAY STEAM TRUST COMPANY LIMITED
DETAILED STATEMENT OF FINANCIAL ACTIVITIES for the Year Ended 28th February 2021
| 28.2.21 | 29.2.20 | |
|---|---|---|
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Other donations and legacies | 3,743 | 2,461 |
| Membership fees | 557 | 1,097 |
| 4,300 | 3,558 | |
| Charitable activities | ||
| Train and tram rides | 2,511 | 7,191 |
| Shop and cafe | 232 | 24,651 |
| Driving lessons | - | 9,985 |
| Hire of locomotives and carriages - TSR Events | ||
| Ltd | 11,273 | 69,921 |
| 14,016 | 111,748 | |
| Other income | ||
| Other income | 12 | 89 |
| Total incoming resources | 18,328 | 115,395 |
| EXPENDITURE | ||
| Charitable activities | ||
| Wages | - | 3,418 |
| Insurance | 10,453 | 12,411 |
| Electricity | 3,521 | 3,802 |
| Telephone | 1,062 | 1,566 |
| Postage and stationery | 1,282 | 519 |
| Repairs and renewals | 23,693 | 47,397 |
| Sundries | 4,285 | 7,742 |
| Advertising | - | 1,194 |
| Cafe and shop purchases | 1,970 | 17,064 |
| Coal and oil | 1,239 | 2,950 |
| Haulage of locomotive | - | 5,854 |
| Hire of other equipment | - | 3,633 |
| Bank charges, merchant services and paypal fees | 143 | 1,273 |
| Accountancy | 1,025 | 1,025 |
| Book keeping services | 4,900 | 3,354 |
| Consultancy fees | 5,485 | - |
| Depreciation of building improvements | 262 | 2,675 |
| Depreciation of tools and equipment | 162 | 2,161 |
| Depreciation of railtrack | 699 | 5,409 |
| Depreciation of train and coach costs | 1,200 | 13,225 |
| Depreciation of extension | 494 | 5,073 |
| 61,875 | 141,745 | |
| Total resources expended | 61,875 | 141,745 |
| Net expenditure | (43,547) | (26,350) |
This page does not form part of the statutory financial statements
Page 13