Charlty registration number 1016237 (England and Wales Company registratlon number 02644128 CHINNORAND PRINCES RISBOROUGH RAILWAY ASSOCIATION LIMITED ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
CHINNORAND PRINCES RISBOROUGH RAILWAY ASSOCIATION LIMITED LEGAL AND ADMINISTRATIVE INFORMATION Trustees J M Goodman S J Growcott SLHart J Henderson P C Maynard C S Ogilvie J J Satchell K Soughton J P Townsend D bvoodward (Appointed 7 August 2024) (Appointed 23 April 2024) (Appointed 7 August 2024) Secretary RDIX (Appointed 30 April 2024) Charity number 1016237 Company number 02644128 Reglstsred office Chinnor Station Station Approach Station Road Chinnor Oxfordshire OX39 4ER Independent examiner Richardsons 30 Upper High Street Thame Oxfordshire OX9 3EZ
CHINNOR AND PRINCES RISBOROUGH RAILWAY ASSOCIATION LIMITED CONTENTS Page Trustees, report Independent examiner's report Statement of financial activities Balance sheet Notes to the financial statements 7-19
CHINNORAND PRINCES RISBOROUGH RAILWAY ASSOCIATION LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 The trustees present their annual report and financial statements for the year ended 31 December 2024. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's memorandum and articles of association, the Companies Act 2006 and "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 aryj Republic of Ireland (FRS 102). (as amended for accounting periods commencing from 1 January 2016) The Chinnor and Princes Risborough Railway Association (CPRRA) is a registered charity and company limited by guarantee, governed by a board of directors who also serwe as trustees. The board oversees the charity's governance and strategic direction. Members can be elected at the AGM or appointed by the board (with later confirmation at the AGM). One-third of the board must stand for re-election each year, prioritising those longest in service. The trustees also serve as directors of the CPRRA'S wholly owned commercial subsidiary, the ChinncK & Princes Risborough Railway Company Limited. Together, these entities operate as the Chinnor & Princes Risborough Railway (CPRR). The board hereby presents its annual report and the financial statements for the year ending 31 December 2024. Objectives and actlvltles The charity's purpose is to preserve, restore, and operate steam and other raitway equipment-especially from the former Great Western Railway for public enjoyment and education. Its main activities include preserving a section of the old Princes Risborough to Watlington branch line, restoring related locomotives and equipment, and raising funds to support this work. The Association owns most railway assets, while its trading subsidiary, the Company, owns consumaljes and manages retail operations. The Company also operates the trains under legal orders held by the Assoaation, maintaining assets as instructed. Trustees meet regularly to oversee the charity's operations, with specific directors responsible for both charity and Company activities. The railway infrastructure-particularly the track and bridges-is Vital to the Chinnor & Princes Risborough Railway's operation. Following 8 2022 inspection by the Office of Rail and Road (ORR), weight and speed restrictions {5mph) were imposed on West Lane and Perry Lane bridges. These restrictions still apply, limiting the use of some heavy equipment and locomotives. Initial assessments for West Lane proposed costly solutions based on Network Rail standards, which were unaffordable. Further assessments identified necessary repairs, including replacing cross girders. Work is scheduled for completion before the 2025 season, with CPRR volunteers assisting. Both bridges are being monitored for movement in their abutments. Improvements were also made to Wainhill Level Crossing, with new rubber panels and relaid track, despite delays in securing pemissions. Additionally, redundant track from Neork Rail has enabled progress on the Chinnor Independent Line, improving access to Princes Risborough. Work includes reconfiguring track at Thame Junction and installing new signalling. Ongoing infrastructure maintenanctr-track, signalling, and fencing-is carried out by skilled volunteer teams.
CHINNORAND PRINCES RISBOROUGH RAILWAY ASSOCIATION LIMITED TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Preservatlon, Restoratlon & Hire Preservation and restoration-especially of railway vehicles-remain central and ongoing activities for the railway, despite limited volunteer staffing in the Engineering and Carriage & Wagon Departments. Heritage equipment requires frequent maintenance and, in some cases, full restoration due to its age. In 2024, the railway operated with a loaned Class 03 shunter, as two of its own diesel shunters we under repair. Work on one (Haversham) is pending contractor estimates, while parts are being sourced for the other (Iris). The Class 31 locomotive remains with a repairer and is expected back in summer 2025, with some volunteer work still needed to return it to service. Locomotive hires, managed by the commercial company, help meet the charity's goals. In 2024, a visually striking but resource-heavy steam locomotive was hired from the Dart Valley Railway, and a smaller engine was hired for the Sants season from the South Devon Railway. other preservation efforts included maintaining signal boxes, relaying coping stones on Chinnor platform, and refurbishing the Cambrian carriage into a museum and mess space. A 1940s model of Watlington and themed displays enhanced public engagement with the railway's history. Development of the Allotment Slte After the 2024 AGM, in the general meeting, there was a presentation on a possible development of the fomier allotment site, principally where the marquee has resided. The general principal for such a building was welcomed by members and, subsequently, the Board approved applying for planning consent. In spite of objections, South Oxfordshire District Council approved the application. Two things remain before the project can get under way: agreement on the actual building and its appearance., raising sufficient funds. Volunteerlng As stated in previous years, rf we had more volunteers, we could either undertake more or provide a quicker turn round, as appropriate to the activity. This particularly applies to the maintenance and restoration of rolling stock, but also to the number of days we can operate. Effort is being made to attract more volunteers and part of this is to appeal to a younger group, particularly through the Miniature Railway. Minlature Railway The miniature railway (MR) is still under the direct auspices of the Association. It is aimed at attracting the next generation of volunteers to the main railvrfay. A Safeguarding Officer was appointed to ensure and advise on safeguarding young volunteers. Governance Concern was raised prior to the 2024 AGM about some elements of governan. The Trustees decided that it was time that there was a review of governance, as it may not be meeting modern expectation. The Association Company Secretary announced at the AGM that he would undertake this review and has been consulting on this throughout the remainder of 2024, with the aim to report back to members at the 2025 AGM. Commercial Matters As stated at the outset, this report also covers aspects which are the remit of the Company. This is the wholly owned, and not for profit Company that trades on behalf of the Association, in accordance with the requirements of the Charity Commission. The first Steam Gala in the Company's history was held in September and proved highly successful, with two visiting steam locomotives to supplement the resident locomotive for the year. In spite of a der8ilment on a NeOrk Rail track defect approaching Princes Risborough, volunteers worked with Network Rail to re&ore Servi rapidly, once permission had been granted from the regulatory and accident investigalion bodies. The Company continued its agreement with Adventure001 to sell certain seNices on our trains, leading to many trains being full to capacity. This has led to a significant increase in revenue. Direct revenue has remained relatively stable and our Santa trains remain exiremely popular.
CHINNORAND PRINCES RISBOROUGH RAILWAY ASSOCIATION LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Structure, governance and management The charity is a company governed by its Memorandum and Articles of Association, and it is limited by guarantee. The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of sionature of the financial statements w@re- G C Compton (Resigned 11 January 2024) P J Dickson (Appointed 23 April 2024 and resigned 17 October 2024) J M Goodman S J Growcott SLHart J Henderson P C Maynard C S Ogilvie J J Satchell K Soughton J P Townsend D INoodward (Appointed 7 August 2024) (Appointed 23 April 2024) (Appointed 7 August 2024} New Trustees are co-opted by the Board of Trustees. They are also appointed as Directors and as such ratified by the members of the charity at the next AGM. None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up. The charity is governed by the Directors, with the assistance of managers, volunteers, and members. The charity has no paid employees. Everything is undertaken by approximately 300 volunteers (who are drawn from the members). Some volunteers work two or three days every week. Some two days a year. Most volunteers work in more than one area, with some using the skills from their day job, and others totally different skills. Volunteers frequently comment on the extremely friendly Yamily. feel to the organisation. Final note from the Chalmian As always, it goes without saying that without our loyal volunteers the railway would not survive. Vle continue to have challenges.. from unexpected events. through difficulty in liaising with some outside bodies., to a shoriage of resources - both money and volunteers. I want to thank all our volunteers for their hard work and members for their support. The trustees. report was approved by the Board of Trustees. J P Townsend Trustee Dated: 11
CHINNOR AND PRINCES RISBOROUGH RAILWAY ASSOCIATION LIMITED INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF CHINNOR AND PRINCES RISBOROUGH RAILWAY ASSOCIATION LIMITED I report to the trustees on my examination of the financial statements of Chinnor and Princes Risborough Railway Association Limited (the charity) for the year ended 31 December 2024. Responsibillties and basis of report As the trustees of the charity (and also its directors for the purposes of company lawl, you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006. Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the Companies Act 2006 and are eligible for independent examination, I report in respect of my examination of the charity's financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) cf the Charities Act 2011. Independent examlnerfs statement Since the charity's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that l am qualified to undertake the examination because l am a member of ICAEW, which is one of the listed bodies. Idve have completed our examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect.. accounting records were not kept in respect of the charity as required by section 386 of the Companies Act 2006. the financial statements do not accord with those records-, or the financial statements do not comply with the accounting requirements of section 396 of the Companies Act 2006 other than any requirement that the financial statements give a true and fair view, which is not matter considered as part of an independent examination; or the financial statements 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 financial statements 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 financial statements to be reached. Jemima King Richardsons 30 Upper High Street Thame Oxfordshire OX9 3EZ
CHINNORAND PRINCES RISBOROUGH RAILWAY ASSOCIATION LIMITED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 Unrestrfcted Deslgnated Restrlcted funds funds funds Total Total 2024 2024 2024 2024 2023 Notes Donations and legacies Charitable activities Other trading activities Investments 61,830 225,620 2,678 5,525 33,178 14,961 94,808 240,581 2,676 5,525 123,027 164,293 6,224 3,331 Total income 295,451 48,139 343,590 296,875 Raising funds 109 Charitable activities 205,216 9,178 47,760 262,152 231,423 Total resources expended 205,216 9.178 47,760 262,152 231,532 Net Incomlng resources before transfers 90,235 (9,176) 379 81,438 65,343 Gross transfers beeen fvnds (108,000) 106,000 Net {expendlture)Ilncome for the yearl Net movement In funds (15,765) 96,824 379 81,438 85,343 Fund bal8nces 8t 1 January 2024 700,004 96,530 190,276 986,810 921,467 Fund balances at 31 December 2024 25 684,239 193,354 190,855 1,068,248 986,810 The ststement of financial activities includes all gains and losses recognised in the year. The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The statement of financial activities also complies with the requirements for an income and expendrture account under the CompaniesAct 2006.
CHINNORAND PRINCES RISBOROUGH RAILWAY ASSOCIATION LIMITED BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2023 Notes Fixed assets Tangible assets Investments 14 15 454,936 488,604 454,939 488.607 Current assets Stocks Debtors Cash at bank and in hand 16 17 912 223,621 440,718 2,878 177,078 377,882 665,251 557,838 Creditors: amounts falling due within one year 20 (44,317) (43,549) Net current assets 620,934 514,289 Total assets less current liabilitles 1,075,873 1,002,896 Credltors: amounts falling due after more than one year 21 (7,625) (16,086) Net assets 1,068,248 986.810 The funds of the charity Designated funds Restricted funds Unrestricted funds 23 22 193,354 190,655 684,239 96,530 190,276 700,004 1,068,248 986,810 The company is entitled to the exemption from the audit requirement contsined in section 477 of the Companies Act 2006, for the year ended 31 December 2024. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2008 with respect to accounting records and the preparation of financial statements. The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476. These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The financial statements were approved by the trustees on ..x4[.w..l..ts. J P Townsend Trustee Company registration number 02644128 (England and Wales)
CHINNORAND PRINCES RISBOROUGH RAILWAY ASSOCIATION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng pollcles Charity information Chinnor and Princes Risborough Railway Association Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Chinnor Station, Station Approach. Station Road, Chinnor, Oxfordshire, OX39 4ER. 1.1 Accountlng convention The financial statements have been prepared in accordance with the charity's memorandum and articles of association, the Companies Act 2006 and °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)° (as amended for accounting periods commencing from 1 January 2016). The charity is a Public Benefit Entity as defined by FRS 102. The charty has taken advantage of the provisions in the SORP for charities applying FRS 102 UpdaÈ Bulletin 1 not to prepare a Statement of Cash Flows. The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. 1.2 Golng concern The trustees have a reasonable expectation that the charrty has adequate resources to continue in operational existence for the foreseeable future. Thus, the trustees continue to adopt the going concern basis of accounting in preparing the financial statements. 1.3 Char5table funds Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives. Designated funds comprise funds which have been set aside at the discretion of the trustees for specific purposes. Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. 1.4 Income Income is recognised when the charty is legally entitled to it after any performan conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performan conditions require deferral of the amount. Income tsx recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised upon receipt. Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution. the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as conts'ngent asset.
CHINNOR AND PRINCES RISBOROUGH RAILWAY ASSOCIATION LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng policles {Contlnued) 1.5 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 can not be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. 1.6 Tangible flxed assets Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impaimient losses. Depreciation is recognised so as to vKite off the cost or valuation of assets less their residual values over their useful lives on the following bases.. Freehold land and buildings Leasehold land and buildings Plant and equipment 20A 200/0 Straight Line basis on buildings only No depreciation to date 200h Straight Line basis The gain or loss arising on the disposal of an asset is determined as the difference beeen the sale proceeds and the carrying value of the asset, and is recognised in net incomel(expenditure) for the year. No depreciation is provided on leasehold land and buildings. It is the company's policy to maintan the land and propety in such condition that the value as a whole is not impaired by the passage of time. 1.7 Flxed asset Inveslments Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net incomel(expendtture) for the year. Transaction costs are expensed as incurred. A subsidiary is an entty controlled by the charity. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities. 1.8 Impalrment of fixed assets At each reporting end date, the charity reviews its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). 1.9 Stocks Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost. Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution. 1.10 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-tenn liquid investments with original maturities of three months or less.
CHINNOR AND PRINCES RISBOROUGH RAILWAY ASSOCIATION LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng pollcles (Contlnued) 1.11 Financial Instruments The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 'other Financial Instruments Issues, of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charity's balance sheet when the charity becomes paty to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, vthen there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Baslc financlal assets Basic financial assets, vthich indude debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Baslc flnan¢lal Ilabilities Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities dassified as payable wrthin one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or ServIS that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequentty measured at amortised cost using the effective interest method. Derecognltlon of flnanclal Ilabilities Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled. 1.12 Leases Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases. Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to net incomel{expenditure) for the year so as to produce a constant periodic rate of interest on the remaining balance of the liability.
CHINNOR AND PRINCES RISBOROUGH RAILWAY ASSOCIATION LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Crltlcal accountlng estimates and Judgements In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects cnly that period, or in the period of the revision and future periods where the revision affects both current and future periods. Income from donations and legacles Unrestrlcted Restrlcted funds funds 2024 2024 Total Unrestricted Restricted funds funds 2023 2023 Total 2024 2023 Donations and gifts Grants Membership fees Donated goods and seprfices 48,023 33,178 81,201 77.358 28,106 4,630 105,464 4,630 12,733 13,507 13,507 12,733 100 100 200 200 61,630 33.178 94,808 90,291 32,736 123,027 Grants Other 4,630 4,630 4,630 4,630 10-
CHINNOR AND PRINCES RISBOROUGH RAILWAY ASSOCIATION LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Charltable actlvltles 2024 2023 Management Fee from Trading Company other income 218,214 22,367 160,762 3,531 240,581 164,293 Analysis by fund Unrestricted funds Restricted funds 225,620 14,961 163,107 1,186 240,581 164,293 Income from other trading activities Unrestrlcted Unrnstricted funds funds 2024 2023 Fundraising events 2,676 6,224 Income from Investments Unrestricted Unrastricted funds funds 2024 2023 Interest receivable 5,525 3,331 Expendlture on raislng funds Unrestricted Unrestricted funds funds 2024 2023 Fundraising and publicity Advertising 109 11
CHINNOR AND PRINCES RISBOROUGH RAILWAY ASSOCIATION LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Charitable actlvlties 2024 2023 Depreciation and impairment Membership costs Management administration Direct charitsble expenditure 33,669 7,430 35,733 181,258 34,996 7,475 50,605 134,510 258,090 227,586 Share of governance costs (see note 9) 4,062 3,837 262,152 231,423 Anatysls by fund Unrestricted funds Designaled funds Restricted funds 205,216 9,176 47,760 198,120 9,307 23,996 262,152 231,423 For the year ended 31 December 2023 Unrestricted funds Designated funds Restricted funds 198,120 9,307 23,996 231,423 Support costs Support Governance costs costs 2024 2023 Independent Exam fee Legal and professional 2,700 1,362 2,700 1,362 2,600 1,237 4,062 4,062 3,837 Analysed between Charitable activities 4,062 4.062 3,837 Govemance costs includes payments to the Independent Examiner of £2,70012023 - £2,600) for independent exam fees. 12-
CHINNORAND PRINCES RISBOROUGH RAILWAY ASSOCIATION LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 10 Net movement In funds 2024 2023 The net movement in funds is ststed after chargingl(crediting)- Fees payable for the independent examination of the charity's financial statements Depreciation of owned tsngible fixed assets 2,700 33,669 2,600 34,996 11 Trustees None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year. 12 Employees There were no paid employees during the year. 2024 Number 2023 Number There were no employees whose annual remuneration was more than £60,000. 13 Taxatlon The charity is exempt from taxation on its activities because all its income is applied for charitable purposes. 13-
CHINNORAND PRINCES RISBOROUGH RAILWAY ASSOCIATION LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 14 Tangible flxed assets Freehold land and buildings Leasghold land and buildlngs Plant and equlpment Totsl Cost At 1 January 2024 352,735 148,100 427,443 928,278 At 31 December 2024 352,735 148,100 427,443 928,278 Depreclatlon and Impairment At 1 January 2024 Depreciation charged in the year 71,911 11,636 367,762 22,033 439,673 33,669 At 31 December 2024 83,547 389,795 473,342 Carrylng amount At 31 December 2024 269,188 148,100 37,648 454,936 At 31 December 2023 280,823 148,100 59,681 488,604 15 Flxed asset investments Other investments Cost or valuatlon At 1 January 2024 & 31 December 2024 Carrylng amount At 31 December 2024 At 31 December 2023 2024 2023 Other investments comprise.. Notes Investments in subsidiaries 28 16 Stocks 2024 2023 Raw materials and consumables 912 2,878 14-
CHINNOR AND PRINCES RISBOROUGH RAILWAY ASSOCIATION LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 17 Debtors 2024 2023 Amounts falling due within one year: Trade debtors Amounts owed by fellow group undertakings Prepayments and accrued income 2,815 218,012 2,794 1,803 160,612 14,663 223,621 177,078 18 Loans and overdrafts 2024 2023 Other loans 10,700 13,200 Payable wsthin one year Payable after one year 7.500 3,200 6,300 6,900 19 Flnance lease obligations Future minimum lease payments due under finance leases.. 2024 2023 Within one year Within two and five years 5,493 4,425 5,493 9,186 9,918 14,679 The fair value of the charity's lease obligations is approximately equal to their carrying amount. 20 Creditors: amounts falllng due withln one year 2024 2023 Notes Obligations under finance leases Borrowings Other taxation and social security Trade creditors Accruals and deferred income 19 5,493 7,500 13,994 6,704 10,626 5,493 6,300 10,342 18,794 2.620 44,317 43,549 15-
CHINNORAND PRINCES RISBOROUGH RAILWAY ASSOCIATION LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 21 Creditors.. amounts falling due after more than one year 2024 2023 Notes Obligations under finance leases Borrowings 19 4,425 3,200 9,186 6,900 7,625 16,086 Loans Chinnor and PrinS Risborough Railway Association Limited has outstsnding members loans due to the members, which include trustees. The total amount outstanding due to trustees is 2024.. £9,000 (2023.. £11,000). 22 Restricted funds The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used. At 1 January 2024 Incoming resources Resources expended At31 December 2024 190,276 48,139 (47,760) 190,655 Prevlous year: At 1 January 2023 Incomlng resources Resources expended At31 December 2023 180,350 33,922 (23,996) 190,276 16-
CHINNORAND PRINCES RISBOROUGH RAILWAY ASSOCIATION LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 23 Deslgnated funds These are designated funds which are material to the charity's activities. At 1 January 2024 Resources expended Transfers At31 December 2024 96,530 (9,176) 106,000 193,354 Prevlous year. At 1 January 2023 Resources expended Transfers At31 December 2023 35,837 (9,307) 70,000 96,530 Unrestrlcted funds The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes. At 1 January 2024 Incoming resources Resources expended Trdnsfers At31 December 2024 General funds 700,004 295,451 {205,216) (106,000) 684,239 Previous year: At 1 January 2023 Incoming resources Resources expended Transfers At31 December 2023 General funds 705,280 262,953 (198,229) (70.000) 700,004 17-
CHINNORAND PRINCES RISBOROUGH RAILWAY ASSOCIATION LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 25 Analysls of net assets between funds Unrestrlcted Deslgnated funds funds Restricted funds Total 2024 2024 2024 2024 At 31 December 2024: Tangible assets Investments Cuent assetsl{liabilities) Long term liabilities 440,554 8,807 5,575 454,936 248,107 (4,425) 184,547 188,280 {3,200) 620,934 (7.625) 684,239 193,354 190,655 1,068,248 Unrestricted Designated funds funds Restricted funds Total 2023 2023 2023 2023 At 31 December 2023: Tangible assets Investments Current assetsl{liabilities) Long tem liabilities 482,502 16,127 9,975 488,804 247,685 (10,186) 80,403 186,201 {5,900) 514,289 (16,086) 700,004 96,530 190,276 986,810 26 Analysis of net assets between funds - Detalled Cash at bank included in current assetsllliabilities).. Unrestricted: £65,975,. (2023= £111,567) Designated.. £110,499., (2023- £72,783) Restricted.. £264,244., (2023.. £193,532) 27 Related party transactlons Chinnor & Princes Risborough Rallway Company Limited Chinnor and Princes Risborough Railway Association Limited receives management fees for the use of its assets by the subsidiary. A fee continues to be paid by said subsidiary during the year. Management Fee for 2024: £218,214 (2023.. £160,762). At the 31st December 2024 an amount of £218,012 (2023: £160,612) was owed by Chinnor & Princes Risborough Railway Company Ltd to Chinnor & Princes Risborough Railway Association Ltd. 18
CHINNORAND PRINCES RISBOROUGH RAILWAY ASSOCIATION LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 28 Subsidiarles These financial statements are separate charity financial statements for Chinnor and Princes Risborough Railway Association Limited. Details of the charity's subsidiaries at 31 Dember 2024 are as follows.. Name of undertaking Registered offlce Nature of buslness Class of '% Held shares held Direct Indirect Chinnor & Princes Risborough Railway Company Limited England Passenger rail transport Ordinary shares 100.00 19-