CREWE HERITAGE TRUST {A company limited by guarantee) UNAUDITED REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 REGISTERED CHARITY NUMBER lo111 COMPANY REGISTRATION NUMBER 0270(97
CREWE HERITAGE TRUST (A company limited by guarantee) CONTENTS Pag8 Legal and Adminlslralive Information Truslees. Annual Report Independent Examinerfs Report Slalement of Financial A1vIlle$ 10 Balan Sheel Statement of Cash Flows Notes lo the Financial Slatemenls
CREWE HERITAGE TRUST IA company limited by guarantee) LEGAL AND ADMINISTRATIVE INFORMATION Trustees Brian Thomas Bailey stephen John Blackburn Gordon Heddon Amanda Jenkins Stuart Martin Mackay Allison Tara Sundaram Catherine Goodwin Registered Office and Principal Address Crewe Heritage Centre Vernon Way Crewe Cheshire CW12DB Registered Charity Number 1011961 Company Registration Number 027c697 Independenl Examiners John Greenall & Co Limited 20 Crewe Road Sandbath Cheshire CW114NE Bankers HSBC Bank PLC Crewe Branch 30 Market Slreel Crewe Cheshire CW1 2ES Page 1
CREWE HERITAGE TRUST (A company limited by guarantee) TRUSTEES. ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025 The trustees, who are also directors of the charity for the purposes of the Companies Act. present theirannual report and the unaudited financial statements ofthe charity forthe year ended 31 March 2025, which are also prepared to meet the requirements for a directors, report and accounts. to comply with the Charitie5 Act 2011 2nd Companies Act 2006. The trustees have adopted the provision5 of the Statement of Recommended Practice {SORPI "Accounting and Reporting by Charities" (FR5 1021, second edition issued October 2019, effective from l January 2019 in preparing the annual report a nd fi nancial statements of the charity. The charity is a charitable company limited by guarantee and was set up on 26 March 1992. It is governed by a memorandum and articles of association. It5 object5 are to advance the educatiorb of the public in the social, economic and industrial history and development of Crewe and its surrounding area and in the history of railways and their part in the history and development of the area. Reference and adminlstrative details of the charity, its management and advisers The charitable company's name is Crewe Heritage Trust, and it operates as the Crewe Heritage Centre. The other reference and administrative details of the charity are as stated under the legal and administrative information on page l. The charity is organised so that the trustees meet regularly to manage Its affalrs, and new members are appointed by the trustees. During 2023, the trustees entered into a Community Partnership Agreement with Crewe Town Council which initially ran for two years from l October 2023 to I October 2025. This was reviewed in November 2024 and extended to 31 March 2027. The agreement has provided one full-time manager since 4 December 2023, The post is jointly funded but is an employee of Crewe Town Council who act as the host partner. The Centre Manager manages the day- to-day operations and administration of the charity. Since 7 January 2025, the agreement has also provided one full-tirne Funding & Development Off icer, also hosted by Crewe Town Council. The Funding & Development Officer's role is to explore funding stream5 and develop the income strategy for the charity. Crewe Heritage Trust remains corporately responsible for the Crewe Heritage Centre, all its activities, assets, accounts, liabilitie5 a nd obligation5. We are a150 gratef ul to the volunteers who help in the running and maintenance of the Crewe Heritage Centre. The directors of the charitable company are its trustees for the purposes of charity law. The charitv trustees who have served during the year and up to the date of this report are as follows: Brian Thomas Bailey Stephenjohn Blackburn Gordon Heddon Amanda Jenkins Allison Tara Sundaram Stuart Martin Mackay C3therine Anne Marie Goodwin Page 2
CREWE HERITAGE TRUST (A company limited by guarantee) Structure, governance and management The charity is constituted as a company limited by guarantee and wa5 Set up on 26 March 1992. The governing document for the charity is the memorandum and article5 of association. There is no maximum number of trustees, but the minirnum number shall be three; every trustee has one vote. Charity tru5tee5 are appropriately selected and appointed by the existing trustees. Risk management The trustees consider the risks the charitable company is exposed to, the impact of them and the steps they can take to mitigate them. These are recorded in a Risk Register which is reviewed by the trustees on a quarte rly basis. Al I funds are held in the charity's bank accounts, with su rplus funds i nvested i n deposit accounts to earn some bank interest, so there is minimal investment risk and the funds remain easily accessible. Trustees, responsibllitles statement The trustee5, who are a150 directors of Crewe Heritage Trust for the purposes of company law, are responsible for preparing the Tru5tees' Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company 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 charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In prepa ring these f inancial statements, the trustees are required to.. select suitable accounting policies and then app ly them consistently: observe the methods and principles in the Charities SORP 2019 IFRS 1021; make judgments and estimates that are reasonable and prudent- state whether applicable United Kingdom Accounting Standards have been followed, subject to any materi31 departures dlsclosed and explained in the financial Statements,. prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charita ble company will conti nue in ope ration. The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the a55ets of the charitable company and hence for taking reasonable steps for the prevention a nd detection of fraud and other i rregula rities. Objectives and activities Objective5 Crewe Heritage Trust operates as the Crewe Heritage Centre, existing to educate people about the history and development of the town of Crewe and its industries. Page 3
CREWE HERITAGE TRUST IA company limited by guarantee) TRUSTEES. ANNUAL REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 The charitable company's objects, as set out in the memorandum and article5 of association (the charity's governing document) are to advance the education of the public in the social. economic and industrial history and development of Crewe and its surrounding area and in the history of railways and their part in the history and development of the area. Activities undertaken for the publlc benefit in relation to these objectives The trustees have had due regard to the guidance issued by the Charity Commission on public benefit in deciding what activities the charity should undertake to meet the stated objectives. The governing document notes the powers the trustees may exercise in furtherance of the charitable company's objects. Crewe Heritage Centre is a social history museum and facility based in Crewe, Cheshire. The charitv has many permanent displays and associated information detailing the history of the town and the railway industry. These displays are generally open to members of the public at weekends and on Bank Holidays between the start of April and the beginning of November whlch generates the admission and facility fees required to operate the museum and to maintain the exhibits for future visitor5. The charity also encourages local school tours midweek to advance the education of young people i n the local area. A mi niatu re rai Iway is operated, providing rides for visitors of 211 ages, to help to make their learning fun. Special events are hosted,. any specialist machinery and equipment required for such events are hired as and when needed to avoid overinvesting funds in unnecessary fixed assets and permanent displays. Volunteers The cha rity 15 gratef ul for the efforts of its volunteers who are involved In providlng services for the operation of the working museum and the maintenance of the locomotives, infrastructure and premises. The charity previously identified priority areas for volunteer recruitment and produced volunteer role descri ptions. These continue to be advertised on local forums, this has diversified the applications received. The charity has 75 active volunteers who have provided 4,548 hours of support. Achievements and performance This year the charity has generated incoming resources amounting to £97.25012024.' £157,702). The charity has seen i ncome overall fall, due to the reduction in sa les of model trains and memorabi lia, following the closure of the online shop. During this fi nancial year the cha rity received admission income of £35,512. retail income of £8,682. catering income of £16,478 and hire income of £12.204. The trustees received donations of £1.278. whereas £5219 was received in the previous year. During this financial year, the charity received no grants. but received £15900 in the 202312024 year. The expenditure for the charity was £234,630. None of the incoming resources received during the year were given for specific purposes. The reserves held by the charitable company at the year-end are all in respect Df unrestricted funds. The trustees have designated earmarked reserves for identified workstreams. The charity is i n good financial health, enabling the trustees to continue to Page 4
CREWE HERITAGE TRUST (A Company limited by guarantee) grow the charity and educate more people about the social history of Crewe, including its railway heritage. The charity opened Crewe Heritage Centre from 29 March to 3 November 2024, on weekends and bank holidays during this period. The Centre also opened on Wednesdays during Cheshire East school holidays With activity provided by Crewe Town Council. The provision of this activity meant the Centre could open free of charge to encourage local families to take part. The free Wednesdays were well received by the local community with visitor numbers peaking on these days. Overall. the Heritage Centre was open for 83 days. a total of $46 hours. Regular attractions to the site included: static locomotive displays, restored to origi nal livery model railway displays the miniature railway which includes locomotives and passenger coaches to provide rides signal boxes exhibition material glft shop cafe In addition, the Heritage Centre hosts special events which all linked to an aspect of the town's heritage or enhance the permanent displays. In 2024, these included a Toy & Train Fair. the Crewe Rail Ale Festival, the Modern Image O Gauge Exhibition, Classic Car meets, Wheels of War, Crewe Dav. Local History Month, and Heritage Open Days. The charity also partnered with Crewe Town Council for another year to deliver the previous yearfs revamped exhibition Forging History.. The legacy of Crewe Works. The exhibition explored how the decision to move the Grand Junction Railway Engineering Works to a small hamlet in Cheshire became the catalyst for the growth of Crewe. The exhibition also featured the Coal Tank No.1054, with thanks to the Bahamas Locomotive Society and the Prince George locomotive build thanks to the LNWR George the Fifth Steam Locomotive Trust. The charity partnered with several local businesses and 8roups to celebrate Local History Month In May including Crewe Lyceum, the Friends of Queens Park, the Statue for Ada Group and Cheshire Archives & Local Studies to spotlight different elements of Crewe's history and the organi5ations that care for it. The partner5 provided a series of talks, exhibitions and activities. In J uly, we celebrated Crewe Day with two Crewe built steam locomotives visiting site, commemorating 4 July 1837 when the first train passed through Crewe. The annual visitor figures were 14.548. of which 3,238 were children. Thi5 is a sign ificant increase of 38Yo from 2023, 3 n increase of 3,997 visitors demonstrating the impact of a further year of the development of the charity's audience led programming. The charity operated a website and social media platforms including Facebook, Instagram and Linkedln. There were 138,000 unique visits to the website and 439,000 impressions from search engines. The charity saw a 36/0 increase on follows and likes. a 156Yo increase in reach, a 16.60A increase on interactions and a 7.4Yo increase on visits across its social media platforms. The trustees appointed in 2023 have now fully embedded into the charity and their expertise have had a significant impact on the operational development of the charity- The trustees intend to recruit further trustees to specific briefs i ncluding finance and sustainability. In October 2023, the charity entered into a community partnership agreement with Crewe Town Council which has now been extended for a further 18 months to March 2027. The purpose of the agreement is to work in partnership and jointly oversee and deliver the operational development of the Crewe Heritage Centre as it moves towards achieving museum status and preparation for a large-scale project design and feasibility phase. Crewe Heritage Trust remains corporately responsible for the Crewe Heritage Centre. all its activities. assets, accounts. l labilities a nd obligations. The agreement provides a full-time manager, employed by Crewe Town Council but jointly funded by the Council and the charity. The agreement extension also allowed 80% of the Crewe Town Council Heritage Managers time to be appointed to focus on the development of Crewe Heritage Centre. In November 2024 the agreement was expanded Page 5
CREWE HERITAGE TRUST {A company limited by guaranleel to additionally appoint 3 Funding and Development officer to generate income and funding opportunities for Crewe Heritage Trust. employed by Crewe Town Council but solely funded by the charity. The Trust has continued to improve governance arrangements. Accountancy support is provided b¥John Greenall & Co Limited 2nd financial management software. Xero. has been fully embedded to support day-to-day management of the charity's finances. Rhino Safety Limited continue to provide health and safety support. The manager arbd trustees have worked closely with Rhino to ensure that all recommendations have been addressed and that the charity is performing safely. A full Fixed Electrical Wiring Test was completed by April 2024. The membershlp has continued to grow to 297 members at 31 March 2025. Membership entitles individua15 and families to receive a newsletter and pay a reduced admission fee when visiting the Centre on non third-party event days. Work has begun to evaluate the membership to improve the benefits to members including a members, feedback form issued in early spring 2025. Plans for future periods The trustees will continue to develop the Centre to achieve Museum Accreditation with an application expected by 30 September 2025. In the next financi31 year, the charity will continue its focus on developing the infrastructure and processes to ensure the 51te is fully compliant with current practices. This may require further upgrade5 to site infrastructure and support to develop policy and procedures, Where this work 15 Outside of revenue budgets, the spend will be drawn from the ear- marked reserves identified during the budget setting process or prioritized as a potential funding opportunity. The charity will also focus on income development to identify new income streams and potential funding opportunities. The Funding & Development Officer will continue work to ensure the prioritisation of securing funding to allow the charity to further develop and undertake required projects. The trustees will continue to review current expenditure contracts to ensure best value for money for revenue budgets. The charity will conti nue to develop audience-led programming to increase visitor numbers including a strong focus on exhibition and heritage related programming. A new exhibition. Crewe ot Wor will open in spring. created in partnership with Crewe Town Council and MPire Books. This exhibition will mark the 80 anniversary of the end of the Second World War and will explore what life was like in Crewe during the war years. It will explore the lives of those on the front line and those left at home by telling the stories ofthe people of Crewe. Special event weekends will be programmed to celebrate this exhibition incl uding a 1940,5 weekend with special guests. With one building being closed due to Health and Safety in February 2025 a full review of the Centre's offer has been actioned and implemented, including a new café and retail area being located in the Exhibition Hall for the 2Q25 season {25126 financial year) and portable toilets being installed externally. Reviews of catering and retail offerings will continue to take place to look to further increase the spend per head to meet the needs of known audiences and appeal to potential audiences. There will be a continuation to identify other streams of income for detailed development and to provide growth and sustainability for the charity. The ongoing planning for the capital redevelopment followi ng the feasibil ity study will continue and funding streams will be identified to plan for the delivery of this project. Page 6
CREWE HERITAGE TRUST IA company limited by guarantee} Financial review Policy on reserves The trustees believe that it is in the charit¢s best interests to retain a reasonable level of reserves in order to ensure that the charitable objectives can continue to be met effectively without any unnecessary disruptions which may occur due to unforeseen circumstances. Admission and facility fees can sometimes be boosted by holding specialised events and undertaking promotional activities. The other trading income is essential for bringing in sufficient income to be able to maintain the main attractions of the cha rity a nd pay for its general administration. Some of the unrestricted funds, a5 shown in the balance sheet on page 15, are represented by fixed assets held for use within the charity, so these are to be excluded from the funds balance in order to give a better representation of the level of reserves that are freely available for immediate use in achieving the cha ritable objectives. This basis has been used to calculate the freely available reserves figure noted below. The freely available reserve5 for the year ended 31 March 2025 is calculated to be £SOI,646 {2024: £639,026). This is al l i n respect of unrestricted f unds. There are no restricted f unds held at the year end. Although a number of designated reserves were set up during the year, these are still treated as unrestricted as they were not set up at the request of a donor. The trustees aim for the level of freely available reserves to be at least £75,000. The trustees monltor the level of reserves at the end of each financial year in order that they can review and update the policy to ensure that it conti nues to reflect the perceived levels of expenditure anticipated, given the most recent and expected future circumstances, and also allows sufficient funds to be instantly available to be able to meet any unforeseen expenses. The risks and uncertainties facing the charity are considered by the trustees, as fa r as practicable, so that the level of f uture charitable activities can be adequately planned for. The trustees are confident that they can continue to sustain the charity adequately over the next few years given the level of freely available reserves. The level of excess funds have ena bled the charity to undertake additional maintenance work to strengthen its exhibits without adversely affecting the cha rity's operations. Overall, the trustees have e5tabli5hed a policy whereby the charity has sufficient li q uid reserves to allow for the continued operation of the Crewe Heritage Centre for at least the next twelve months. Furtherfinancial review The charity holds cash deposits with high street banks which have 3 low level of risk, the funds are easily accessible 2nd offers an acceptable rate of interest. An investment of £350.000 was made in 2023 with CCLA, a renowned Charity and Public Sector bank. At the end of the year, this was valued at £370,352, as well as producing interest income of £13,317 over the course of the year. The result5 of the charity for the year are shown i n the statement of financia l activities on page 10 and the position of the company at the year end is shown in the balance sheet on page 11. Page 7
CREWE HERITAGE TRUST (A company limited by guarantee) Declaratlon This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption in the Companies Act 2006. This report was approved by the board of director5 on 14, January 2026 and signed on behalf of the charity's trustees by- Gordon Heddon Brian Thomas Bailey Director Director Page 8
CREWE HERITAGE TRUST IA company limited by guarantee) INDEPENDENT EXAMINER'S REPORTTO THE TRUSTEES OF CREWE HERITAGETRUST I report to the charily trustees on my examination ofthe accounts of Crewe Heritage Trust (registered charity number 1011961, company registration number 02700697, 'the Company'l forthe yearended 31 March 2025 which aré set cut On pages 10 to 23. Respective responsibilities of trustees and examiner As the charity Iruslees 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 20061'lhe 2006 Act'l and the Charities Act 2011 {'the 2011 Act'l The charity's trustees consider that an audit is not required for this year under Section 144 of the 2011 Act and that an independent examination is needed. Having satisfied myself that the accounts of the Company are not required lo be audited under Part 16 of the 2006 Act and are elioible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the 2011 Act. In carrying oul my examination I have followed the Directions given by the Charity Commission under Section 145(5)(b) of the 2011 Act. It is my responsibility to state whether particular matters have come to my attention. Basis of independent examinerfs ststement My examination was carried out in accordance with general Directions given by the Charity Commission. An examination includes a review ofthe accounting records kept by the charity and a comparison ofthe accounts presented with those records. It also includes consideration of any unusual items or disGlosures in the accounts, and seeking explanations from you as Iruslees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a 'true and fair view, and the report is limited to those matters set out in the statement below. Independent examinerfs ststement I have completed my examination. I confirm that no matters have come lo my attention in connection with the examination giving me cause to believe that in any material respect.. the accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act nor in accordance with Section 130 of Ihe 2011 Act,, or the accounts do not accord with those records- or the accounts do not comply wilh Ihe 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.. Accounting and Reporting by Charities (FRS 102). I have no concerns and have come across no Dther 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 had. Stephen Ollerhead FCCA for and on behalf of John Greenall & Co Limited January 14, 2026 20 Crewe Road, Sandbach, Cheshire, CW114NE. Chartered Certified Accountants Page 9
CREWE HERITAGE TRUST IA company limited by guarantee STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2025 Unrestricted Restricted funds nds Total 2025 Total 2024 Notes Income and endowments from: Donations and legacies 1,278 1,278 21,219 Charltable activities 70,451 70,451 112,679 Other trading activities 12,204 12.204 12,476 Investments 13.317 13,317 11.328 Total income and endowments 97.250 97,250 157,702 Expenditure on: Raising funds 16,360 16,360 66,975 Charitable activities 181,603 161.603 123,456 Spent from designated reserves 56.667 56,667 Total expendlture 234.630 234,630 190,431 Net income I (expenditure) and net movement in funds for the year {137.380> {137,380) 132.729) Reconciliation of funds.. Total funds brought forward 639,026 639,026 671,755 Tolal funds carried forward 501.646 501.646 639.026 All inwme and expenditure derives from continuing actmties. The statement of financial activities includes all gains and losses recognised in the year. Page 10
CREWE HERITAGE TRUST (A company Ilmited by guarantee) BALANCE SHEET AS AT 31 MARCH 2025 Total 2025 Total 2024 Note$ Fixed assets: Tangible assets 14 93,370 ,886 Total fixed assets 93,370 96.886 Currenl assets: StcKks Debtors Cash at bank and in hand 15 16 8,185 2.162 406,040 12,100 815 534,816 Total current assets 416,387 547,731 Llabilities: Creditors.. amounts falling due within one year 17 (8,111) (5,591 > Net current assets 408,276 542,140 Total net as3ets 501,646 639,026 The funds of the charity: Reslricled funds Unrestricted funds 18 18 501,646 639,026 Total charlty fund5 501.646 639,028 For the financial year ended 31 March 2025 the company was entitled lo exemption from audit under Section 477 of the Companies Acl 2006 relating to small companies. The directors acknowledge their responsibilities for complying with the requirements of the Act with respect lo accounting records and the preparation of financi81 statemenls. The members have not required the company to obtain an audit of lis financial statements for the year in question in accordance with Section 476. These financial statements have been prepared in accordance with the provisions 8pplicable lo companies subject to the small companies. regime. The financial slatemenls set out on pages 10 to 23 were approved and authorised for issue by the board of directors on 14th January 2026 and signed on behalf of the charity's Iruslees by.. Gordon Heddon - Director Brian Thomas Bailey- Director Company registration number 02700697 Page11
CREWE HERITAGE TRUST (A company limited by guarantee) STATEMENT OF CASH FLOWS FOR THEYEAR ENDED 31 MARCH 2025 Notes 2025 2024 Cash flows from operating activities Cash generated froml<absorbed by) operations Interest paid 21 (138817) (27,651) Net cash inflowsl(oufflows) fmm operating activities (138817) {27,651) Cash flows from Investing activilles Payments lo acquire tangible fixed assets Proceeds from disposal of tangible fixed assets Interest received {3,276) 13,317 11,328 Net cash generated fmml{used in) investing activities 10,041 11,328 Net increaselldeGreasel In cash and cash equivalents (1287761 (16,323) Cash and cash equivalenls al beginning of year 534,818 551,139 Cash and cash equlvalents at end of year 406,040 534.816 Cash and cash equivalents conslsts of: Cash at bank and in hand 406,040 534,816 Cash and cash equlvalents at end of year 4C6,Q40 534,818 Page 12
CREWE HERITAGE TRUST (A company limited by guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounting pollcies 1.1 Company status and legal fomi Crewe Herrtage Trust is a charitable private company limited by guarantee ané so has no share capital. 11 was constituted on 26 March 1992 and incorporated in England and Wales. The members of the company are the trustees named on page 1. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. The registered off ice address is Heritage Centre, Vernon Way, Crewe, Cheshire, CW12DB. 1.2 Basis of preparation The financial statements have been prepared on a going concern basis under the historical cost convention, unless otheiSe stated. and in accordance with the requirements of the Charilies Act 2011 and Companies Act 2006. The financial statements are prepared in sterling, which is the functional currency of the company Monetary amounts in these financial statements are rounded to the nearest£. The charity constitutes a public benefit entty as defined by FRS 102. The financial slalements have been prepared in accordance with the Slatemenl of Recommended Practice ISORP) 'Accounting and Reporting by Charities" (FRS 102}. second edition issued October 2019, effective from 1 January 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 102) and UK Generally Accepted Accounting Practice, The signrficant accounting policies applied in the presentation of these financial statements are sel out below. These policies have been consistently applied to 811 years presented unless otherwise staled. 1.3 Fund accounting General funds are unreslricled funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for olhei purposes. Designated fund5 comprise unrestricted funds that have been set aside by Ihe trustees for particular purposes The aim and use of each designaleé fund is set out in the notes lo the financial slatements. Restricted funds are funds which are to be used in accordance with specrfic restrictions imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is sel out in the notes lo the financial statements. Endowment funds represent those assets which must be held permanently by the charity. principally investments. Income arising on the endowment funds can be used in accordance with the objects of the charity and is included as unrestricted income. Any capital gains or losses arising on the investments form part of the fund. Inve5tmenl management charges and legal advice relating to the fund are charged against the fund. Page 13
CREWE HERITAGE TRUST IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 1.4 Income recognition All incoming reSourS are included in the Statement of Financial Activities (SOFA) when the charity is legally entitled to the income after any performance condilions have been met, the arnount can be measured reliably and it is probable that the income will be received. Where incoming resources have related expenditure, as with fundraising events, the incoming resources and related expenditure are reported gross in the SOFA and are not offset unless otherwise required by the SORP. For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing. If there are condilions att8ched lo the donations, requiring a level of performance before obtaining enlitlemenl, the income is deferred until those conditions Sre mel. For legacies, entitlement is the earlier of the charity being notified of an impending dislribulion or the legacy being received. Where legacies have been notified lo the charily bul it is not possible lo determine the amount expected, the legacy is treated as a contingent asset and disclosed. Gifts in kind donated for distribution to the beneficiaries are included at valuation and recognised 88 income upon receipt, where practicable. If such a valuation cannot be determined wilhoul undue cost and effort, then it is recognised within donations on distribution 8nd an equivalenl amount shown within charitable expendilure. Gifts don8ted for resale are included at fair value, being the expected sale proceeds less any expected cost of sale. in income from other trading activities on receipt, unless determining the fair value is impractical, in which case the income is not recognised unlil the item is sold. Donated facilities are recognised in income al fair value when the economic benefit is probable, il can be measured reliably and the Ghaiity has control of the item, with a corresponding amcunl recognised in expenditure, No amounls are included in the financial statements fortime donated by volunteers in line with the SORP (FRS 102) Supporters, subscriptions provide the holders the right lo receive services or other benefits. The incoming resources are recognised as income earned from the provision of goods and services in income from charilable activities. Income from trading activities includes income earned from fundraising events and trading activities to raise funds for the charity. Income is received in exchange for supplying goods and services in order lo raise funds and is recognised when entitlement has occurred. Income from government and other grants are reccgnised at fairvalue when the charity has entitlement after any performance conditions have been met, it is probable that the income will be received and the amount can be measured reliably. If entitlement is not met then these amoun15 are deferred until such time that it is fulfilled. Interest receivable on funds held on deposit is included when receivable and the amount can be measured reliably, normally upon notification by the bank. Page 14
CREWE HERITAGE TRUST (A company limitsd by guarantee) NOTES TOTHE FINANCIAL STATEMENTS {CONTINUED> FOR THE YEAR ENDED 31 MARCH 2025 1.5 Expenditure recognition All expenditure is accounted for an on accruals basis and has been classified under headings that aggregate all Costs related lo the category. Expenditure is recogniseé where there is a legal or constructive cbligation to make payments to third parties, il is probable that the settlement will be required and the amount of the obligation can be measured reliably. The charity is not registered for VAT. Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred. Expenditure is classrfied under the appropriate activily headings.. Expenditure on raising funds includes 811 expenditure incurred by the charity lo raise funds for its charitable purposes but do not include those costs incurred in direct support of the charitable activities.11 includes the costs of all fundraising activities and events, seeking donations. non-charitable trading activities, the sale of donated goods and the costs of managing inveslments., Expendilure on charitable activilies are those costs incurred by the charity in undertaking activities for the furtherance of ils aims and objectives for the benefit of ils beneficiaries and include support costs and costs relating to the governance and administration of the charity., Other expenditure is any other expenditure which is nol related to fund raisin9 for charitable purposes or spent lowards achieving the charitable objectives. Support cosls are those functions which assist the Work of the charity but do not directly represent charitable aclivrties, including personnel, finance, administration and governance costs. Where support costs are unable to be directly altribuled lo particular 8clivily headings they are allocated beteen the cost of raising funds and expenditure on charitable activities on a basis consistent with the use of the resources. Where applicable, the basis of apportionment is staled in the analysis of support costs, Fundraising costs are those expenses incurred in seeking voluntary contributions and do not include the Costs of disseminating information in support of the charitable activities. 1.6 Tangible fixed assets Tangible fixed assels are capitalised if they are material in value and can be used for more than one year. They are stated at cost, unless they are gifted, including any incidental expenses of acquisition and those costs required to get the assets operating as inlended. Gifted assets are brought in al the value lo the charity on receipt. Depreciation is provided at the rates calculated to write off the cost less the estimated residual value of tangible fixed asset5 over their estimated useful economic lives as follows.. Propety improvements Railway line Miniature railway Locomotives Locomotive improvements Plant and equipment 29/0 per annum straight line 4 /0 per annum straighl line 150/0 per annum straight line 2 % per annum straight line 100/0 per annum straight line 15°/o per annum straight line Page 15
CREWE HERITAGE TRUST IA company limlted by guarantee NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 1.7 Stocks stocks held for resale are measured at the lower of cost or net realisable value. Stock items added in the period are brought in at purchase price, less any impairrnent recognised. Cost is calculated using the first-in firsl-oul method. The value is expensed as the stock items are utilised. The net realisable value of items held at the period end is considered and any impaimient is expensed or reversed as necessary. Provisions are provided for damaged, obsolete and slow-moving stock where appropriate. Stocks held for distribution are measured at net realisable value based on the service potential provided. Donated goods are included at fair value, being the expected sale proceeds less any expected cost of sale, unless determining the fair value is impractical, in which case the value of Ihe ilems held is not recognised until the period in which the item is sold. 1.8 Debtors and creditors Debtors and creditors are recognised at the settlement amount due afler any discounts offered. Provisions arise where, al the balance sheel date, the charity has a present obligation resulting from a past event which is prcbable lo result in an outflow ot economic benefits and the amount due lo settle the obligation can be reliably estimated. Losses arising from impairment are recognised in expenditure. 1.9 Flnancial instruments The charitable company only has basic financial assets and liabilities. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement valuo. 1.10 Taxation The charitable company is exempt from corporation lax on its charitable activities. 1.11 Golng concern The financial statements have been prepared on a going concern basis. The trustees have considered the level of funds held and the expected level of income and expenditure for e1ve months from authorising these financial statements. The budgeted income and expenditure is sufficient, along with the level of reserves, for the Gharity lo be able to continue as a going concern. Income from donations and legacies Total 2025 Total 2024 Donations from individuals Grants Corporate donors 1,278 5.219 15.900 1,278 21,119 Page 16
CREWE HERITAGE TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Income from donations and legacies Icontinuedl Income from donations and legacies was all attributable to unrestricted funds in bolh years. The charitable company has access to 8 pool of around 5512024.. 55) unpaid general volunleers who 8ssisl the trustees with carrying out specific charitable activities, with skilled engineers undertaking any necessary mainlenance work and others helping out with events for othertrading aclivilies, as and when required. The benefits arising to the charity from the contributions provided by these volunteers are not able to be measured reliably so cannot be included as income in Ihe accounts. Income from charitable activities Total 2025 Total 2024 Admissions Facility fees Supporters, subscriptions 35.512 33,927 1,012 31,222 78.906 2,551 70,451 112,679 Income from charitable activities was all attributable to unrestricted funds in both years. Income from othertrading activities Total 2025 Total 2024 Fundraising events and ancillary income Letting and licensing arrangements 3,C64 9,140 12,190 12,204 12,476 Income from other trading activities was all attributable to unrestricted funds in both years. Page17
CREWE HERITAGE TRUST (A eompany limited by guarantee) NOTESTO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Income from investments Total 2025 Total 2024 Bank interest rec8ivabl8 13,317 11,328 Income from investments was all atlribulable to unrestricted funds in both years. Expenditure on raising funds Total 2025 Total 2024 Fundraising costs and ancillary expenditure 16,380 68,775 Expenditure on raising funds was all atlribulable lo unrestricted funds in both years. Expenditure on charitable activities Total 2025 Total 2024 Notes Maintenance and exhibition Costs Cleaning Charity promotion wsls Ulililies and insurance Haulage Printing, postage and slalionery Telephone Bank charges Sundry expenses Depreciation {Profil)110ss on disposal of assets Support ¢0s15 48,495 2,643 882 17.725 42,005 2,084 4,022 22,567 4.074 2,635 1,876 3,065 6,792 1,810 1,889 8,830 8,949 73.416 26,956 161,603 123,456 Expendilure on charitable activities was all allribulable to Ljnreslricled funds in both years. Due lo the size and nature of the charity, expenditure on charilable activities is unable lo be analysed between distinct types of aclivily. The aclivilies undertaken by the charily lo achieve its objectives are not separately identifiable as each area is dependent on the rest lo enhance the knowledge provided. Page 18
CREWE HERITAGE TRUST IA company limited by guarantee) NOTES TOTHE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Support costs Notes 2025 2024 Travelling expenses Trustees, expenses Training Staff costs Payroll services Accountancy VAT advice Accountancy software Consultancy fees Recharged support costs 1,122 236 25 7.953 330 3,420 5.910 457 5,467 48,4 1.798 265 12 13 18,386 1,173 4,134 10 1,20J 73,416 26,956 Net Sncom81{expenditure) for the year 2025 2024 Nel incomellexpendilure) is slated after chargingl(¢rediling)', Depreciation of owned langible fixed assets 6,792 8,949 Profil on disposal of tangible fixed assets 10 Independent examiner's remuneration 2025 2024 Independent examination f Other fees paid to the independent examiner 1.140 2994 2,460 3,420 4,134 11 Directors, and key management personnel remuneration The trustees neither received nor waived any emoluments during the year (2024.. £nil). Key management personnel comprise solely of the trustees who are also the directors of the chantable company. The aggregate compensation paid to key management personnel was £nil 12024.. £nil). Pag& 19
CREWE HERITAGE TRUST IA company limitsd by guarantee) NOTES TOTHE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 12 Trustee5' expenses and related party transactions Out of pockel expenses were reimbursed lo Iruslees as follows., 2025 Number 2025 2024 Number 2023 Fundraising costs and ancillary expenditure Maintenance and exhibition cosls Cleaning Sundry expenses Trustees, expenses - travel Information technology 50 1,046 1.567 70 Total expendilufe reimburs8d 236 2683 13 Staff ccffji8 2025 2024 Wages and salaries Social securily costs 7,953 18,386 7,953 18,386 The average monthly number of employees and full_time equivalent employees during the year was 2 (2024.. 2). The employees spend part of Iheii lime working for the charitable activities of the charitable company bul are also involved wilh govemance. No employees reiVed total employee benefits of More than £60,000 (2024.. nil). Page 20
CREWE HERITAGE TRUST IA Gompany limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 14 Tanglble fixed assets Propety improvements Plantand machinery Total Cost At 1 April 2024 Additions Disposals 113,466 175,610 3,276 289.076 3,276 Al 31 March 2025 113,466 178,886 292.352 Depreciation At 1 April 2024 Charge for the year Eliminated on disposals 68,826 2,269 123,364 4.523 192,190 6,792 At 31 March 2025 71,095 127,887 198,982 Net book value At 31 March 2025 42,371 50,999 93,370 At 31 March 2024 44,640 52,24e 96,886 14 Stocks Charitable Other trading Stock held activities activities for resale Cost or valuation Al 1 April 2024 Added in year Expensed in year Impaired in year 600 9,535 (9,6301 11,500 2910 (6,730) 12,100 12,445 {16,360) At 31 March 2025 505 7,680 8,185 Recognised in expenses during the year are stock amounts of £12,445 {2024.. £65,874) with impairment of stock of £nil12024', £nil}. 16 Debtors 2024 2023 Prepayments and accrued income 1642 815 Page 21
CREWE HERITAGE TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 17 Creditors: amounts falling due within one year 2025 2024 Accruals. trade creditors and deferred income 8,111 5,391 18 Funds reconciliation Balance at 1 April 2024 Incoming Resources resources expended Balance at 31 March 2025 Restricted funds Totsl restrlcted funds Unrestricted funds Designated reserves General resetves 99,200 539,826 1&8,e671 (177,963) 42,533 459,113 97,250 To121 unrestricted funds 639,026 97,250 (234,6301 501,646 Total funds 639,026 97,250 (234,630) S01,646 Reslricted funds comprise of specific reseNes that are to be applied in accordance with the restrictions imposed by the donors or which have been raised for a particular purpose. There were no restricted funds arising this year, Designated reserves within unrestricted funds are amounts that have been set aside by the trustees for a staled purpose. General reserves within unrestricted funds represent the free funds of the charity that are available for use al the discretion of the trustees in furtherance of the charity's objectives and which have not been designated for a particular purpose. 19 Analysis of net assets between fvnds Unrestricted Designated funds funds Restricted funds Totsl funds Tangible fixed assets Cash at bank and in hand Othei net current assetsl{liabilities} 93,370 363,507 2,236 93,370 406,040 2,236 42,533 Total net assets 459,113 42,533 501,646 Page 22
CREWE HERITAGE TRUST IA company limited by guarantee NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 20 Control The charitable company is controlled by the Iruslees. who are also the directors of Ihe charity for Ihe purposes of the Companies Act. Every member has one vole, so no individual has overall Gontrol. 21 Reconciliation of net incomel(expenditure} to net cash flows from operating aclivltles 2025 2024 Net incomellexpendilure) for the year Adjustments for Intere51 receivable Interest payable Depreciation and impairment of tangible fixed assets (Profil)Iloss on disposal of tangible fixed assets Movements in worklng Capital.. (Inciease)Idecrease in stock Ilncrease)Idecrease in debtors Incr8asel(deciease) in creditors Cash generated fromllabsorbed by) operations (137,3801 (32,729) 113,317) (11.3281 6.792 8,949 3.915 (1,347) 2,520 4,780 1,118 1.559 1138.8171 (27.651) 22 Analysls of changes in n8tfunds 1 April 2024 Cash flov Other changes 31 March 2025 Cash at bank and in hand Obligations under finance agreements 534,816 (128,776) 406,040 534,816 {128,7761 406,040 Page 23