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 2023
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 2023
| 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 2023
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 2023. 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 continued to benefit from the income from TSRE21 Ltd though the income has been lower than previous years.
There has been continued investment in the infrastructure and assets of the railway.
The Trustees have continued to closely reviewed and managed the finances.
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 2023
Trustees
C D Whitehead Builder M Paynter Aircraft engineer A S Oliver Director (resigned 16.3.23) S P Owen Director D V J Stoddart (appointed 31.3.23) R A Owen (appointed 31.3.23) A R Hook (appointed 31.3.23) A P Green (appointed 31.3.23)
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 30th November 2023 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 2023.
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
-
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
D E Ball & Co Limited Chartered Accountants 15 Bridge Road Wellington Telford Shropshire TF1 1EB
30th November 2023
Page 3
TELFORD HORSEHAY STEAM TRUST COMPANY LIMITED
STATEMENT OF FINANCIAL ACTIVITIES for the Year Ended 28th February 2023
| Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 88,319 Charitable activities Operating the trains and track 53,465 Other income 4,854 Total 146,638 EXPENDITURE ON Charitable activities Operating the trains and track 137,733 NET INCOME 8,905 RECONCILIATION OF FUNDS Total funds brought forward 575,252 TOTAL FUNDS CARRIED FORWARD 584,157 |
Restricted funds £ - - - - - - 50 50 |
28.2.23 Total funds £ 88,319 53,465 4,854 146,638 137,733 8,905 575,302 584,207 |
28.2.22 Total funds £ 362,873 56,734 26 |
|---|---|---|---|
| 419,633 | |||
| 156,388 | |||
| 263,245 312,057 |
|||
| 575,302 |
The notes form part of these financial statements
Page 4
TELFORD HORSEHAY STEAM TRUST COMPANY LIMITED
BALANCE SHEET
28th February 2023
| Unrestricted fund Notes £ FIXED ASSETS Tangible assets 5 301,508 CURRENT ASSETS Stocks 6 7,125 Debtors 7 196,364 Cash at bank and in hand 90,629 294,118 CREDITORS Amounts falling due within one year 8 (11,469) NET CURRENT ASSETS 282,649 TOTAL ASSETS LESS CURRENT LIABILITIES 584,157 NET ASSETS 584,157 FUNDS 9 Unrestricted funds Restricted funds TOTAL FUNDS |
Restricted funds £ - - - 50 50 - 50 50 50 |
28.2.23 Total funds £ 301,508 7,125 196,364 90,679 294,168 (11,469) 282,699 584,207 584,207 584,157 50 584,207 |
28.2.22 Total funds £ 247,858 7,125 47,627 299,385 354,137 (26,693) 327,444 575,302 575,302 575,252 50 575,302 |
|---|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28th February 2023.
The members have not required the company to obtain an audit of its financial statements for the year ended 28th February 2023 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 2023
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 30th November 2023 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 2023
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 2023
2. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
| 28.2.23 | 28.2.22 | |
|---|---|---|
| £ | £ | |
| Depreciation - owned assets | 42,378 | 28,148 |
3. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 28th February 2023 nor for the year ended 28th February 2022.
Trustees' expenses
There were no trustees' expenses paid for the year ended 28th February 2023 nor for the year ended 28th February 2022.
4. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted fund £ INCOME AND ENDOWMENTS FROM Donations and legacies 362,873 Charitable activities Operating the trains and track 56,734 Other income 26 Total 419,633 EXPENDITURE ON Charitable activities Operating the trains and track 156,388 NET INCOME 263,245 RECONCILIATION OF FUNDS Total funds brought forward 312,007 TOTAL FUNDS CARRIED FORWARD 575,252 |
Restricted funds £ - - - - - - 50 50 |
Total funds £ 362,873 56,734 26 |
|---|---|---|
| 419,633 | ||
| 156,388 | ||
| 263,245 312,057 |
||
| 575,302 |
continued...
Page 8
TELFORD HORSEHAY STEAM TRUST COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 28th February 2023
5. TANGIBLE FIXED ASSETS
| Building improvements £ COST At 1st March 2022 32,671 Additions - At 28th February 2023 32,671 DEPRECIATION At 1st March 2022 20,941 Charge for year 2,200 At 28th February 2023 23,141 NET BOOK VALUE At 28th February 2023 9,530 At 28th February 2022 11,730 Extension expenditure £ COST At 1st March 2022 94,256 Additions 14,010 At 28th February 2023 108,266 DEPRECIATION At 1st March 2022 21,741 Charge for year 5,048 At 28th February 2023 26,789 NET BOOK VALUE At 28th February 2023 81,477 At 28th February 2022 72,515 |
Tools and Equipment £ 31,883 63,890 95,773 27,508 14,933 42,441 53,332 4,375 Train & coach costs £ 202,947 18,128 221,075 78,596 13,206 91,802 129,273 124,351 |
Railtrack £ 71,633 - |
|---|---|---|
| 71,633 | ||
| 36,746 6,991 |
||
| 43,737 | ||
| 27,896 | ||
| 34,887 | ||
| Totals £ 433,390 96,028 |
||
| 529,418 | ||
| 185,532 42,378 |
||
| 227,910 | ||
| 301,508 | ||
| 247,858 |
continued...
Page 9
TELFORD HORSEHAY STEAM TRUST COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 28th February 2023
| 6. STOCKS Stocks 7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade debtors Loan - THST 5619 Ltd Loan - TSRE21 Ltd 8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade creditors Social security and other taxes Accrued expenses 9. MOVEMENT IN FUNDS At 1.3.22 £ Unrestricted funds General fund 575,252 Restricted funds National lottery funding for engine refurbishment 50 TOTAL FUNDS 575,302 Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 146,638 TOTAL FUNDS 146,638 |
28.2.23 28.2.22 £ £ 7,125 7,125 28.2.23 28.2.22 £ £ 9,240 - 7,295 1,845 179,829 45,782 196,364 47,627 28.2.23 28.2.22 £ £ 9,337 32,434 164 (6,209) 1,968 468 11,469 26,693 Net movement At in funds 28.2.23 £ £ 8,905 584,157 - 50 8,905 584,207 Resources Movement expended in funds £ £ (137,733) 8,905 (137,733) 8,905 |
|---|---|
continued...
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TELFORD HORSEHAY STEAM TRUST COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 28th February 2023
9. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| At 1.3.21 £ Unrestricted funds General fund 312,007 Restricted funds National lottery funding for engine refurbishment 50 TOTAL FUNDS 312,057 Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 419,633 TOTAL FUNDS 419,633 A current year 12 months and prior year 12 months combined position is as follows: At 1.3.21 £ Unrestricted funds General fund 312,007 Restricted funds National lottery funding for engine refurbishment 50 TOTAL FUNDS 312,057 |
Net movement At in funds 28.2.22 £ £ 263,245 575,252 - 50 263,245 575,302 Resources Movement expended in funds £ £ (156,388) 263,245 (156,388) 263,245 Net movement At in funds 28.2.23 £ £ 272,150 584,157 - 50 272,150 584,207 |
|---|---|
continued...
Page 11
TELFORD HORSEHAY STEAM TRUST COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 28th February 2023
9. 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:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 566,271 566,271 |
Resources Movement expended in funds £ £ (294,121) 272,150 (294,121) 272,150 |
|---|---|---|
10. RELATED PARTY DISCLOSURES
TSRE21 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 2023
| 28.2.23 | 28.2.22 | |
|---|---|---|
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Donation - TSRE21 Ltd | 85,128 | 322,226 |
| Donation - Other | 2,655 | 39,572 |
| Membership fees | 536 | 1,075 |
| 88,319 | 362,873 | |
| Charitable activities | ||
| Train and tram rides | 9,899 | 11,523 |
| Shop and cafe | 29,266 | 12,013 |
| Hire of locomotives and carriages - TSRE21 Ltd | 14,300 | 24,000 |
| Hire of locomotives and carriages - Other | - | 1,000 |
| Surplus on disposal of rolling stock | - | 8,198 |
| 53,465 | 56,734 | |
| Other income | ||
| Other income | 4,854 | 26 |
| Total incoming resources | 146,638 | 419,633 |
| EXPENDITURE | ||
| Charitable activities | ||
| Insurance | 6,027 | 10,490 |
| Electricity | 5,149 | 3,697 |
| Telephone | 1,022 | 943 |
| Postage and stationery | 43 | 281 |
| Repairs and renewals | 48,210 | 78,737 |
| Sundries | 5,670 | 8,298 |
| Cafe and shop purchases | 12,966 | 10,941 |
| Coal and oil | 9,108 | 8,398 |
| Hire of other equipment | 320 | - |
| Bank charges, merchant services and paypal fees | 615 | 755 |
| Accountancy | 1,500 | 1,500 |
| Book keeping services | 4,725 | 4,200 |
| Depreciation of building improvements | 2,200 | 2,337 |
| Depreciation of tools and equipment | 14,933 | 1,425 |
| Depreciation of railtrack | 6,991 | 6,992 |
| Depreciation of train and coach costs | 13,206 | 12,561 |
| Depreciation of extension | 5,048 | 4,833 |
| 137,733 | 156,388 | |
| Total resources expended | 137,733 | 156,388 |
| Net income | 8,905 | 263,245 |
This page does not form part of the statutory financial statements
Page 13