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 2025
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 2025
| 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 | to | 14 |
TELFORD HORSEHAY STEAM TRUST COMPANY LIMITED
REPORT OF THE TRUSTEES for the Year Ended 28th February 2025
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 2025. 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.
ACHIEVEMENTS 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 2025
Trustees
C D Whitehead Builder M Paynter Aircraft engineer S P Owen Director D V J Stoddart Retired (resigned 17.7.25) R A Owen Land Registrar A R Hook Engineer (resigned 17.7.25) A P Green Retired J J Woodland (appointed 17.7.25) W A T Whitehouse (appointed 17.7.25)
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 25th February 2026 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 2025.
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:
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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
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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
25th February 2026
Page 3
TELFORD HORSEHAY STEAM TRUST COMPANY LIMITED
STATEMENT OF FINANCIAL ACTIVITIES for the Year Ended 28th February 2025
| Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 12,611 Charitable activities Operating the trains and track 76,253 Investment income 2 6,077 Other income 5,268 Total 100,209 EXPENDITURE ON Charitable activities Operating the trains and track 174,982 NET INCOME/(EXPENDITURE) (74,773) RECONCILIATION OF FUNDS Total funds brought forward 644,407 TOTAL FUNDS CARRIED FORWARD 569,634 |
Restricted funds £ - - - - - - - 50 50 |
28.2.25 29.2.24 Total Total funds funds £ £ 12,611 134,331 76,253 83,205 6,077 4,736 5,268 19,871 100,209 242,143 174,982 181,893 (74,773) 60,250 644,457 584,207 569,684 644,457 |
28.2.25 29.2.24 Total Total funds funds £ £ 12,611 134,331 76,253 83,205 6,077 4,736 5,268 19,871 100,209 242,143 174,982 181,893 (74,773) 60,250 644,457 584,207 569,684 644,457 |
|---|---|---|---|
| 242,143 | |||
| 181,893 | |||
| 60,250 584,207 |
|||
| 644,457 |
The notes form part of these financial statements
Page 4
TELFORD HORSEHAY STEAM TRUST COMPANY LIMITED
BALANCE SHEET
28th February 2025
| Unrestricted fund Notes £ FIXED ASSETS Tangible assets 6 395,884 CURRENT ASSETS Stocks 7 19,574 Debtors 8 107,944 Cash at bank and in hand 61,960 189,478 CREDITORS Amounts falling due within one year 9 (15,728) NET CURRENT ASSETS 173,750 TOTAL ASSETS LESS CURRENT LIABILITIES 569,634 NET ASSETS 569,634 FUNDS 10 Unrestricted funds Restricted funds TOTAL FUNDS |
Restricted funds £ - - - 50 50 - 50 50 50 |
28.2.25 Total funds £ 395,884 19,574 107,944 62,010 189,528 (15,728) 173,800 569,684 569,684 569,634 50 569,684 |
29.2.24 Total funds £ 291,216 7,125 271,626 85,023 363,774 (10,533) 353,241 644,457 644,457 644,407 50 644,457 |
|---|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28th February 2025.
The members have not required the company to obtain an audit of its financial statements for the year ended 28th February 2025 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
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(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
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(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
continued...
Page 5
TELFORD HORSEHAY STEAM TRUST COMPANY LIMITED
BALANCE SHEET - continued
28th February 2025
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 25th February 2026 and were signed on its behalf by:
C D Whitehead - Trustee
M Paynter - Trustee
W A T Whitehouse - Trustee
S P Owen - Trustee
A P Green - Trustee
J J Woodland - Trustee
R A 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 2025
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 2025
2. INVESTMENT INCOME
3.
| INVESTMENT INCOME | ||
|---|---|---|
| 28.2.25 | 29.2.24 | |
| £ | £ | |
| Interest received | 6,077 | 4,736 |
| NET INCOME/(EXPENDITURE) | ||
| Net income/(expenditure) is stated after charging/(crediting): | ||
| 28.2.25 | 29.2.24 | |
| £ | £ | |
| Depreciation - owned assets | 46,085 | 41,483 |
| Surplus on disposal of fixed assets | - | (3,721) |
4.
TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 28th February 2025 nor for the year ended 29th February 2024.
Trustees' expenses
There were no trustees' expenses paid for the year ended 28th February 2025 nor for the year ended 29th February 2024.
5.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted fund £ INCOME AND ENDOWMENTS FROM Donations and legacies 134,331 Charitable activities Operating the trains and track 83,205 Investment income 4,736 Other income 19,871 Total 242,143 EXPENDITURE ON Charitable activities Operating the trains and track 181,893 NET INCOME 60,250 RECONCILIATION OF FUNDS Total funds brought forward 584,157 |
Restricted funds £ - - - - - - - 50 |
Total funds £ 134,331 83,205 4,736 19,871 |
|---|---|---|
| 242,143 | ||
| 181,893 | ||
| 60,250 584,207 |
continued...
Page 8
TELFORD HORSEHAY STEAM TRUST COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 28th February 2025
5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
6.
| Unrestricted Restricted fund funds £ £ TOTAL FUNDS CARRIED FORWARD 644,407 50 TANGIBLE FIXED ASSETS Building Tools and improvements Equipment £ £ COST At 1st March 2024 35,621 97,240 Additions 32,400 18,800 At 28th February 2025 68,021 116,040 DEPRECIATION At 1st March 2024 25,364 55,905 Charge for year 3,353 14,731 At 28th February 2025 28,717 70,636 NET BOOK VALUE At 28th February 2025 39,304 45,404 At 29th February 2024 10,257 41,335 Train & Extension coach expenditure costs £ £ COST At 1st March 2024 126,991 225,570 Additions 64,354 8,000 At 28th February 2025 191,345 233,570 DEPRECIATION At 1st March 2024 32,615 101,228 Charge for year 6,278 12,699 At 28th February 2025 38,893 113,927 NET BOOK VALUE At 28th February 2025 152,452 119,643 At 29th February 2024 94,376 124,342 |
Total funds £ 644,457 Railtrack £ 71,633 27,199 98,832 50,727 9,024 59,751 39,081 20,906 Totals £ 557,055 150,753 707,808 265,839 46,085 311,924 395,884 291,216 |
Total funds £ |
|---|---|---|
| 644,457 |
continued...
Page 9
TELFORD HORSEHAY STEAM TRUST COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 28th February 2025
| 7. STOCKS Stocks 8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Loan - THST 5619 Ltd Loan - TSRE21 Ltd VAT 9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade creditors Social security and other taxes Accrued expenses 10. MOVEMENT IN FUNDS Unrestricted funds General fund Restricted funds National lottery funding for engine refurbishment TOTAL FUNDS Net movement in funds, included in the above are as follows: Unrestricted funds General fund TOTAL FUNDS |
At 1.3.24 £ 644,407 50 644,457 Incoming resources £ 100,209 100,209 |
28.2.25 29.2.24 £ £ 19,574 7,125 28.2.25 29.2.24 £ £ 11,860 7,295 96,084 264,163 - 168 107,944 271,626 28.2.25 29.2.24 £ £ 4,596 8,933 9,532 - 1,600 1,600 15,728 10,533 Net movement At in funds 28.2.25 £ £ (74,773) 569,634 - 50 (74,773) 569,684 Resources Movement expended in funds £ £ (174,982) (74,773) (174,982) (74,773) |
|---|---|---|
continued...
Page 10
TELFORD HORSEHAY STEAM TRUST COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 28th February 2025
10. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Unrestricted funds General fund Restricted funds National lottery funding for engine refurbishment TOTAL FUNDS Comparative net movement in funds, included in the above are as follows: Unrestricted funds General fund TOTAL FUNDS A current year 12 months and prior year 12 months combined position is a Unrestricted funds General fund Restricted funds National lottery funding for engine refurbishment TOTAL FUNDS |
At 1.3.23 £ 584,157 50 584,207 Incoming resources £ 242,143 242,143 s follows: At 1.3.23 £ 584,157 50 584,207 |
Net movement At in funds 29.2.24 £ £ 60,250 644,407 - 50 60,250 644,457 Resources Movement expended in funds £ £ (181,893) 60,250 (181,893) 60,250 Net movement At in funds 28.2.25 £ £ (14,523) 569,634 - 50 (14,523) 569,684 |
|---|---|---|
continued...
Page 11
TELFORD HORSEHAY STEAM TRUST COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 28th February 2025
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:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 342,352 342,352 |
Resources Movement expended in funds £ £ (356,875) (14,523) (356,875) (14,523) |
|---|---|---|
11. 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 2025
| 28.2.25 | 29.2.24 | |
|---|---|---|
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Donation - TSRE21 Ltd | 8,000 | 99,260 |
| Donation - Other | 3,735 | 34,599 |
| Membership fees | 876 | 472 |
| 12,611 | 134,331 | |
| Investment income | ||
| Interest received | 6,077 | 4,736 |
| Charitable activities | ||
| Train and tram rides | 12,813 | 15,532 |
| Shop and cafe | 38,440 | 46,173 |
| Hire of locomotives and carriages - TSRE21 Ltd | 25,000 | 21,500 |
| 76,253 | 83,205 | |
| Other income | ||
| Other income | 5,268 | 19,871 |
| Total incoming resources | 100,209 | 242,143 |
| EXPENDITURE | ||
| Charitable activities | ||
| Rates and water | - | 308 |
| Insurance | 7,425 | 6,220 |
| Electricity and gas | 20,851 | 30,689 |
| Telephone | 1,110 | 1,134 |
| Postage and stationery | 3,157 | 2,464 |
| Repairs and renewals | 58,217 | 59,313 |
| Sundries | 10,168 | 4,976 |
| Advertising | 100 | 4,740 |
| Cafe and shop purchases | (725) | 13,413 |
| Coal and oil | 22,493 | 14,366 |
| Bank charges, merchant services and paypal fees | 551 | 708 |
| Accountancy | 1,350 | 1,600 |
| Book keeping services | 4,200 | 4,200 |
| Depreciation of building improvements | 3,353 | 2,645 |
| Depreciation of tools and equipment | 14,731 | 13,464 |
| Depreciation of railtrack | 9,024 | 6,990 |
| Depreciation of train and coach costs | 12,699 | 12,980 |
| Carried forward | 168,704 | 180,210 |
This page does not form part of the statutory financial statements
Page 13
TELFORD HORSEHAY STEAM TRUST COMPANY LIMITED
DETAILED STATEMENT OF FINANCIAL ACTIVITIES for the Year Ended 28th February 2025
| 28.2.25 | 29.2.24 | |
|---|---|---|
| £ | £ | |
| Charitable activities | ||
| Brought forward | 168,704 | 180,210 |
| Depreciation of extension | 6,278 | 5,404 |
| Profit on sale of assets | - | (3,721) |
| 174,982 | 181,893 | |
| Total resources expended | 174,982 | 181,893 |
| Net (expenditure)/income | (74,773) | 60,250 |
This page does not form part of the statutory financial statements
Page 14