COMPANY REGISTRATION NUMBER: 00790125 CHARITY REGISTRATION NUMBER: 1039817
Welsh Highland Railway Limited Company Limited by Guarantee Unaudited Financial Statements 31 December 2021
SKS BAILEY GROUP LTD
Chartered Accountants Units 10-12 County End Business Centre Jackson Street Springhead Oldham OL4 4TZ
Welsh Highland Railway Limited
Company Limited by Guarantee
Financial Statements
Year ended 31 December 2021
| Page | |
|---|---|
| Trustees' annual report (incorporating the director's report) | 1 |
| Independent examiner's report to the trustees | 9 |
| Statement of financial activities (including income and | |
| expenditure account) | 10 |
| Statement of financial position | 11 |
| Statement of cash flows | 13 |
| Notes to the financial statements | 14 |
| The following pages do not form part of the financial statements | |
| Detailed statement of financial activities | 29 |
| Notes to the detailed statement of financial activities | 31 |
Welsh Highland Railway Limited
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report)
Year ended 31 December 2021
The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 31 December 2021.
Reference and administrative details
Registered charity name Charity registration number 1039817 Company registration number 00790125 Principal office and registered The Station Building office Tremadog Road Porthmadog Gwynedd LL49 9DY
Welsh Highland Railway Limited
The trustees
Mr M M Chapman Mr S G W Currinn Mr G Farr Mr R W Harrison (Died 2 August 2021) Mr S M Holden (Resigned 18 December 2021) Mr A McNicol Mr R A Sinclair Mr M C Herbert Mr N Pell Company secretary C R Willby Independent examiner Mr C Bailey A.C.A. Chartered Accountant Units 10-12 County End Business Centre Jackson Street Springhead Oldham OL4 4TZ
1
Welsh Highland Railway Limited
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 31 December 2021
Structure, governance and management
The charity is a company limited by guarantee. The registered company number is 790125 (England and Wales) and the registered charity number is 1039817.
The company's governing document is its Memorandum and Articles of Association. Each member has undertaken to contribute a maximum of £1 to the assets of the company in the event of its winding up.
Directors
The members of the Board are each elected by the membership and serve for three years.
At the 2021 Annual General Meeting, which was conducted remotely, Messrs M. M. Chapman, M. C. Herbert, S. M. Holden, N. Pell and R. A. Sinclair stood down by rotation having completed their elected period. All were re-elected to serve, except S. M. Holden who did not seek re-election.
G Farr was subsequently re-elected as Chairman and N Pell elected as deputy.
In addition, Mr R W Harrison served as a director until his death on 2 August 2021.
Statement of Directors' Responsibilities for the Financial Statements
The directors, who are also trustees for the purposes of the Charities Acts, are required by law to prepare financial statements which give a true and fair view of the state of affairs of the charity at the end of the financial year, and of the financial activities and total recognised gains or losses for the year.
The directors are of the opinion that, in preparing the financial statements, appropriate accounting policies have been consistently applied, supported by reasonable and prudent estimates and judgements and all applicable accounting standards have been followed. They are also satisfied that the charity has adequate resources to meet its operational needs for the foreseeable future, and accordingly, we continue to adopt the going concern basis in preparing the financial statements.
The directors are responsible for ensuring that the charity keeps accounting records which disclose with reasonable accuracy the financial position of the charity, and which enable us to ensure that the accounts comply with the Companies Act 2006 and Statement of Recommended Practice; Accounting and Reporting by Charities. The directors are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
2
Welsh Highland Railway Limited
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 31 December 2021
Objectives and activities
In pursuing the charity's objectives set out in its Memorandum of Association the directors continue to give careful consideration to the advice of the Charity Commission on public benefit. These objectives include:
a) to advance the education of the public in matters concerning railways; and
b) for the public benefit to provide or assist in the provision of facilities for the recreation and other leisure time operations in the interest of social welfare and with the object of improving conditions of life, with particular reference to the former narrow gauge railway between Dinas and Porthmadog known as the Welsh Highland Railway.
The charity is continuing to develop its conservation work, and its interpretation to visitors to its operation in Porthmadog, including making further improvements to:
a) its museum/heritage centre, which illustrates the development of narrow gauge railways in the area and around the world; b) its demonstration railway which links physically with the re-instated Welsh Highland Railway at Pen-y-mount Junction; and c) the railway rolling stock and other railway artefacts in its care.
Members' continued support in this is vital, whether as volunteers, donors or simply by supporting from a distance.
Strategic report
The following sections for achievements and performance and financial review form the strategic report of the charity.
3
Welsh Highland Railway Limited
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 31 December 2021
Achievements and performance
Covid-19
The Covid-19 pandemic continued to have a substantial impact on the Company's activities in 2021, continuing through into 2022. Trains were operated and the museum opened on 82 days in 2021, compared with 12 days in 2020 and 145 days in 2019. Capacities and frequencies continued to be reduced from normal to meet distancing and hygiene requirements whilst keeping the overall experience as close as possible to what is normally offered.
To help cover fixed and revenue expenditure 'The Resilience Fund' emergency appeal continued to be promoted and Welsh Government business rate related financial support continued to be sought.
Visitor Numbers
Based on tickets sold the total number of visitors in 2021 is 4,474 compared with 561 for 2020 and 8,564 for 2019.
Museum/Heritage Centre
The museum, the newer part of which was completed in 2009, continues to be the centrepiece of our offer to our visitors. It contains a wide range of exhibits illustrating the development of the various narrow-gauge railways that operated in the area. There is an emphasis on participation, with visitors able to access several exhibits providing an interactive ‘hands on’ experience. It takes in the carriage shed, erected in 1984, which continues to house the locomotives and other operational rolling stock of the railway.
Train Service
The timetable remains under constant review, both in terms of days of operation, and the service offered. Our passenger numbers continue to be heavily dependent on public and school holidays, with daily patterns fluctuating according to weather conditions. Passenger reaction will continue to be monitored.
Fares were increased for 2021, examples being adult to £10.75 and family to £28.25. Public comments suggest that our offer continues to represent good value for money.
All services have operated between Porthmadog and Pen-y-mount.
Miniature Railway
The miniature railway continues to be very popular with our visitors.
Marketing
We have continued to use Facebook to provide a frequent stream of news, photographs and details of new sales items. This costs little more than time and is also a way of engaging instantly with potential customers.
In pursuit of our search for new markets, we have continued to participate in the re-invigorated Great Little Trains of Wales marketing panel.
4
Welsh Highland Railway Limited
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 31 December 2021
There continues to be a need for better researched information to help inform decisions on marketing strategy
Volunteers
A small but faithful band of volunteers maintains the company's operations and infrastructure. We are pleased to have recruited several young enthusiastic staff to the railway who constitute a very welcome addition to complement those active but aging retirees who form the other significant group.
The company suffers from the same problems of recruitment which affect other heritage railways, and voluntary organisations in general.
Membership
Membership numbers again showed a decrease. For historic reasons a disproportionate number of our members are life members.
The membership total at the end of 2021 was 517, made up of Life 280, Senior 136, Full 48, Associate 14, Family 13, Junior 2, and Unwaged 9.
Locomotives and Rolling Stock
Russell and Gelert
Steam locomotive Gelert was used occasionally during the season
Emma and Glaslyn
Diesel locomotive Emma worked the majority of turns, with Glaslyn as standby.
Baldwin
This locomotive, which is the subject of a long-term loan arrangement with the Imperial War Museum, is in the workshops of Vale of Rheidol Trading Ltd., who have contracted to complete its rebuilding. Physical work began in early 2019 with completion in 2022 now envisaged due to delays caused by the pandemic.
Kathy
Overhaul of Kathy continued, based at Gelert's Farm. Completion and commissioning will provide welcome relief for Glaslyn, which has given nearly forty years of service as main or standby passenger diesel locomotive.
Heritage Train
The rebuild of 'Toastrack' No. 42 has continued, based at Gelert's Farm, scheduled for completion in 2022. Sponsorship is in place to enable the construction of a replica Pickering brake carriage, and to fit it and one or more of our existing heritage carriages with dual braking to enable interoperability with Festiniog Railway Company equipment. Construction of the brake carriage by the Festiniog Railway Company at the latter's Boston Lodge Works was completed in 2021 and the vehicle, in which bespoke accommodation for disabled passengers is incorporated, operated successfully throughout
5
Welsh Highland Railway Limited
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 31 December 2021
the latter part of the season.
Health and Safety
The directors take the view that the safety of the travelling public and those working on the railway is paramount. We are pleased that the charity was able to maintain its good safety record during 2021.
Land and Buildings
Detailed plans have been drawn up for extensive refurbishment of the carriage shed to bring it up to a standard commensurate with its additional museum function.An initial financial contribution towards a completed refurbishment has been received.
Construction will be dependent on our being able to secure additional finances. Temporary repairs to the roof have been undertaken in the meantime.
Substantial repairs to the machine workshop roof have commenced during the year. Further works on the Company's land at Cae Hir continue to be temporarily deferred.
Risk Management
Detailed assessments of the risks facing the charity have been drawn up as part of a series of business plans prepared over the years, the most recent having been adopted by the Board in 2009. This is kept under constant review, with the risks identified being taken into account informally as part of the day to day operation of the company. The directors are working towards the preparation of a new business plan, including a more comprehensive risk management strategy.
Staff and Directors
The directors wish to thank all of our members, volunteers, paid staff and sponsors for their manifold contributions during 2021. Our successes could not have been achieved without the hard work of a great many people, whether for just a few hours volunteering, or from a distance.
Access to the railway beyond Pen-y-mount
It has not been possible to progress further operating railway events involving the Festiniog Railway Company during 2021. The co-operation initiated in recent years has resumed in 2022.
6
Welsh Highland Railway Limited
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 31 December 2021
Financial review
The results for the year are summarised in the Statement of Financial Activities on page 10, showing a net surplus on unrestricted funds of £11,835, (2020: Deficit £26,075), together with donations received for Special Projects of £28,352 (2020: £15,349).
There was a deficit on operating the railway of £35,221 (2020: £82,171) before donations.
Gross income from operating the Railway, including the contributions from the gift shop and cafe, amounted to £37,598 (2020: £8,351). Operating costs amounted to £72,819 (2020: £90,472).
Significant items in operating costs include wages £5,694 (2020: £ Nil), insurance £11,610 (2020: £19,440), marketing £2,684 (2020: £5,551) and depreciation £25,784 (2020: £25,862).
Other income offsetting the operating deficit consisted of donations to general funds of £16,413 (2020: £8,087), donations to the ‘Resilience Fund’ of £5,475 (2020: £18,349), Welsh Government grants totalling £17,785 (2020: £27,785), and membership subscriptions of £6,933 (2020: £6,275). The costs of servicing the membership with Journals and other administration expenditure amounted to £1,965 (2020: £4,730).
Cwmni Rheilfford Beddgelert cyf
As a charity we are required to operate our book and gift shop through a separate company in order to protect charity assets from commercial pressures. Shop sales increased to £36,960 (2020: £21,806) resulting in a net surplus of £4,001 (2020: Deficit £4,001) after overheads. Cwmni Rheillfordd Beddgelert cyf bears half the staff wage cost of the ticket office and shop plus all the running costs of the building.
In addition to the retained profit for the year cancelling out the previous year’s loss, the company was able to make a covenanted payment of £2,270 to the holding company.
Reserves Policy
The directors currently have a policy to maintain unrestricted reserves to support an operating season's expenditure costs. This is reviewed based on activities and the nature of the charitable company's income streams.
The calculation of the required reserves is an integral part of the charitable company's planning and budgeting processes and is reviewed on an annual basis. When capital expenditure has been authorised by the Trustees on projects that have been the subject of a specific appeal, the company transfers an equivalent sum from restricted funds to unrestricted reserves in order to recognise the expenditure during the year on the relevant project.
Restricted Funds (Special Projects)
There is a table under note 23 showing the donations received under fundraising for special projects, together with expenditure charged against each fund and the cumulative position.
7
Welsh Highland Railway Limited
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 31 December 2021
The trustees' annual report and the strategic report were approved on 23 June 2022 and signed on behalf of the board of trustees by:
C R Willby Charity Secretary
8
Welsh Highland Railway Limited
Company Limited by Guarantee
Independent Examiner's Report to the Trustees of Welsh Highland Railway Limited
Year ended 31 December 2021
I report to the trustees on my examination of the financial statements of Welsh Highland Railway Limited ('the charity') for the year ended 31 December 2021.
Responsibilities and basis of report
As the trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements 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 the charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
-
accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or
-
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 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 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 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.
Mr C Bailey A.C.A. Chartered Accountant Independent Examiner
Units 10-12 County End Business Centre Jackson Street Springhead Oldham OL4 4TZ
23 June 2022
9
Welsh Highland Railway Limited
Company Limited by Guarantee
Statement of Financial Activities (including income and expenditure account)
Year ended 31 December 2021
| 2021 | 2020 | ||||
|---|---|---|---|---|---|
| Unrestricted | Restricted | ||||
| funds | funds | Total funds | Total funds | ||
| Note | £ | £ | £ | £ | |
| Income and endowments | |||||
| Donations and legacies | 5 | 49,000 | 28,352 | 77,352 | 75,845 |
| Other trading activities | 6 | 37,598 | – | 37,598 | 8,351 |
| Investment income | 7 | 21 | – | 21 | 280 |
| ---------------------------- | ---------------------------- | -------------------------------- | ---------------------------- | ||
| Total income | 86,619 | 28,352 | 114,971 | 84,476 | |
| ============================ | ============================ | ================================ | ============================ | ||
| Expenditure | |||||
| Expenditure on raising funds: | |||||
| Costs of raising donations and | |||||
| legacies | 8 | 1,965 | – | 1,965 | 4,730 |
| Costs of other trading activities | 9 | 72,819 | – | 72,819 | 90,472 |
| ---------------------------- | ---------------------------- | -------------------------------- | ---------------------------- | ||
| Total expenditure | 74,784 | – | 74,784 | 95,202 | |
| ============================ | ============================ | ================================ | ============================ | ||
| ---------------------------- | ---------------------------- | -------------------------------- | ---------------------------- | ||
| Net income/(expenditure) | 11,835 | 28,352 | 40,187 | (10,726) | |
| ============================ | ============================ | ================================ | ============================ | ||
| Transfers between funds | 45,644 | (45,644) | – | – | |
| ---------------------------- | ---------------------------- | -------------------------------- | ---------------------------- | ||
| Net movement in funds | 57,479 | (17,292) | 40,187 | (10,726) | |
| Reconciliation of funds | |||||
| Total funds brought forward | 1,548,454 | 222,476 | 1,770,930 | 1,781,656 | |
| ----------------------------------------- | -------------------------------- | ----------------------------------------- | ----------------------------------------- | ||
| Total funds carried forward | 1,605,933 | 205,184 | 1,811,117 | 1,770,930 | |
| ========================================= | ================================ | ========================================= | ========================================= |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 14 to 27 form part of these financial statements.
10
Welsh Highland Railway Limited
Company Limited by Guarantee
Statement of Financial Position
31 December 2021
| 2021 | 2020 | ||
|---|---|---|---|
| Note | £ | £ | |
| Fixed assets | |||
| Tangible fixed assets | 14 | 1,269,471 | 1,247,173 |
| Investments | 15 | 40,003 | 40,003 |
| ----------------------------------------- | ----------------------------------------- | ||
| 1,309,474 | 1,287,176 | ||
| Current assets | |||
| Stocks | 17 | 6,000 | 1,000 |
| Debtors | 18 | 90,047 | 89,593 |
| Cash at bank and in hand | 447,924 | 455,523 | |
| -------------------------------- | -------------------------------- | ||
| 543,971 | 546,116 | ||
| Creditors: amounts falling due within one year | 19 | 42,328 | 62,362 |
| -------------------------------- | -------------------------------- | ||
| Net current assets | 501,643 | 483,754 | |
| ----------------------------------------- | ----------------------------------------- | ||
| Total assets less current liabilities | 1,811,117 | 1,770,930 | |
| ----------------------------------------- | ----------------------------------------- | ||
| Net assets | 1,811,117 | 1,770,930 | |
| ========================================= | ========================================= | ||
| Funds of the charity | |||
| Restricted funds | 205,184 | 222,476 | |
| Unrestricted funds: | |||
| Revaluation reserve | 110,237 | 110,673 | |
| Other unrestricted income funds | 1,495,696 | 1,437,781 | |
| ----------------------------------------- | ----------------------------------------- | ||
| Total unrestricted funds | 1,605,933 | 1,548,454 | |
| ----------------------------------------- | ----------------------------------------- | ||
| Total charity funds | 23 | 1,811,117 | 1,770,930 |
| ========================================= | ========================================= |
For the year ending 31 December 2021 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
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;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
The statement of financial position continues on the following page.
The notes on pages 14 to 27 form part of these financial statements.
11
Welsh Highland Railway Limited
Company Limited by Guarantee
Statement of Financial Position (continued)
31 December 2021
These financial statements were approved by the board of trustees and authorised for issue on 23 June 2022, and are signed on behalf of the board by:
Mr R A Sinclair Director
The notes on pages 14 to 27 form part of these financial statements.
12
Welsh Highland Railway Limited
Company Limited by Guarantee
Statement of Cash Flows
Year ended 31 December 2021
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Cash flows from operating activities | ||
| Net income/(expenditure) | 40,187 | (10,726) |
| Adjustments for: | ||
| Depreciation of tangible fixed assets | 25,784 | 25,862 |
| Government grant income | (17,785) | (27,785) |
| Other interest receivable and similar income | (21) | (280) |
| Accrued expenses | 3,150 | 2,203 |
| Changes in: | ||
| Stocks | (5,000) | – |
| Trade and other debtors | (454) | 69,981 |
| Trade and other creditors | (23,184) | (18,406) |
| ---------------------------- | ---------------------------- | |
| Cash generated from operations | 22,677 | 40,849 |
| Interest received | 21 | 280 |
| ---------------------------- | ---------------------------- | |
| Net cash from operating activities | 22,698 | 41,129 |
| ============================ | ============================ | |
| Cash flows from investing activities | ||
| Purchase of tangible assets | (48,082) | (90,084) |
| ---------------------------- | ---------------------------- | |
| Net cash used in investing activities | (48,082) | (90,084) |
| ============================ | ============================ | |
| Cash flows from financing activities | ||
| Government grant income | 17,785 | 27,785 |
| ---------------------------- | ---------------------------- | |
| Net cash from financing activities | 17,785 | 27,785 |
| ============================ | ============================ | |
| Net decrease in cash and cash equivalents | (7,599) | (21,170) |
| Cash and cash equivalents at beginning of year | 455,523 | 476,693 |
| -------------------------------- | -------------------------------- | |
| Cash and cash equivalents at end of year | 447,924 | 455,523 |
| ================================ | ================================ |
The notes on pages 14 to 27 form part of these financial statements.
13
Welsh Highland Railway Limited
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 31 December 2021
1. General information
The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is The Station Building, Tremadog Road, Porthmadog, Gwynedd, LL49 9DY.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Companies Act 2006.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no material uncertainties about the charity's ability to continue.
Consolidation
The charity is not required to prepare consolidated accounts in accordance with the Charities Act 2011, and has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the charity and its subsidiary undertakings comprise a small group.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
14
Welsh Highland Railway Limited
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 December 2021
3. Accounting policies (continued)
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.
Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.
Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
Incoming resources
All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:
-
income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
-
legacy income is recognised when receipt is probable and entitlement is established.
-
income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers.
-
income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
15
Welsh Highland Railway Limited
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 December 2021
3. Accounting policies (continued)
Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
-
expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods.
-
expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
-
other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property - 2% straight line Rail, rolling stock and plant - Various rates between 10% reducing balance and 2% to and machinery 50% straight line
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses.
16
Welsh Highland Railway Limited
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 December 2021
3. Accounting policies (continued)
Investments in associates (continued)
Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value taken through income or expenditure. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted.
Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the charity will comply with the conditions attaching to them and the grants will be received.
Where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
17
Welsh Highland Railway Limited
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 December 2021
3. Accounting policies (continued)
Financial instruments
A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs.
Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.
Debt instruments are subsequently measured at amortised cost.
Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment.
Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised.
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Limited by guarantee
The charity is a company limited by guarantee, having no issued share capital. 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 number of members at 31 December 2021 was 517 (2020: 527).
18
Welsh Highland Railway Limited
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 December 2021
5. Donations and legacies
| Unrestricted | Restricted | Total Funds | |
|---|---|---|---|
| Funds | Funds | 2021 | |
| £ | £ | £ | |
| Donations | |||
| General donations | 16,413 | – | 16,413 |
| Baldwin 590 | – | 21,849 | 21,849 |
| Gelert restoration | – | 60 | 60 |
| Russell restoration | – | 6,143 | 6,143 |
| Heritage train fund | – | 300 | 300 |
| Resilience fund | 5,599 | – | 5,599 |
| Grants | |||
| Government grant income | 17,785 | – | 17,785 |
| Subscriptions | |||
| Membership subscriptions | 6,933 | – | 6,933 |
| Other donations and legacies | |||
| Covenanted donation from subsidiary company | 2,270 | – | 2,270 |
| ---------------------------- | ---------------------------- | ---------------------------- | |
| 49,000 | 28,352 | 77,352 | |
| ============================ | ============================ | ============================ | |
| Unrestricted | Restricted | Total Funds | |
| Funds | Funds | 2020 | |
| £ | £ | £ | |
| Donations | |||
| General donations | 8,087 | – | 8,087 |
| Baldwin 590 | – | 10,066 | 10,066 |
| Gelert restoration | – | 60 | 60 |
| Russell restoration | – | 4,983 | 4,983 |
| Heritage train fund | – | 240 | 240 |
| Resilience fund | 18,349 | – | 18,349 |
| Grants | |||
| Government grant income | 27,785 | – | 27,785 |
| Subscriptions | |||
| Membership subscriptions | 6,275 | – | 6,275 |
| Other donations and legacies | |||
| Covenanted donation from subsidiary company | – | – | – |
| ---------------------------- | ---------------------------- | ---------------------------- | |
| 60,496 | 15,349 | 75,845 | |
| ============================ | ============================ | ============================ |
19
Welsh Highland Railway Limited
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 December 2021
6. Other trading activities
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
|---|---|---|---|---|---|
| Funds | 2021 | Funds | 2020 | ||
| £ | £ | £ | £ | ||
| Income from traffic | 35,778 | 35,778 | 7,054 | 7,054 | |
| Cafe franchise fee | 1,820 | 1,820 | – | – | |
| Sundry and scrap sales | – | – | 1,297 | 1,297 | |
| ---------------------------- | ---------------------------- | ----------------------- | ----------------------- | ||
| 37,598 | 37,598 | 8,351 | 8,351 | ||
| ============================ | ============================ | ======================= | ======================= | ||
| 7. | Investment income | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2021 | Funds | 2020 | ||
| £ | £ | £ | £ | ||
| Bank interest receivable | 21 | 21 | 280 | 280 | |
| ============== | ============== | ============== | ============== | ||
| 8. | Costs of raising donations and legacies | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2021 | Funds | 2020 | ||
| £ | £ | £ | £ | ||
| Costs of raising donations and | |||||
| legacies - Subscriptions | 1,965 | 1,965 | 4,730 | 4,730 | |
| ======================= | ======================= | ======================= | ======================= | ||
| 9. | Costs of other trading activities | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2021 | Funds | 2020 | ||
| £ | £ | £ | £ | ||
| Costs of other trading activities – | |||||
| Operating costs | 70,108 | 70,108 | 86,303 | 86,303 | |
| Costs of other trading activities - | |||||
| Finance | 2,711 | 2,711 | 4,169 | 4,169 | |
| ---------------------------- | ---------------------------- | ---------------------------- | ---------------------------- | ||
| 72,819 | 72,819 | 90,472 | 90,472 | ||
| ============================ | ============================ | ============================ | ============================ | ||
| 10. | Net income/(expenditure) | ||||
| Net income/(expenditure) is stated after | charging/(crediting): | ||||
| 2021 | 2020 | ||||
| £ | £ | ||||
| Depreciation of tangible fixed assets | 25,784 | 25,862 | |||
| ============================ | ============================ |
20
Welsh Highland Railway Limited
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 December 2021
11. Independent examination fees
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Fees payable to the independent examiner for: | ||
| Independent examination of the financial statements | 2,500 | 2,475 |
| ======================= | ======================= |
12. Staff costs
| The total staff costs and employee benefits for the reporting period are analysed as | The total staff costs and employee benefits for the reporting period are analysed as | follows: |
|---|---|---|
| 2021 | 2020 | |
| £ | £ | |
| Wages and salaries | 5,694 | – |
| ======================= | ============== |
| The average head count of employees during the year was 5 (2020: Nil). | The average | number of |
|---|---|---|
| full-time equivalent employees during the year is analysed as follows: | ||
| 2021 | 2020 | |
| No. | No. | |
| Number of staff - engineering | 1 | – |
| Number of staff - booking office | 1 | – |
| -------------- | -------------- | |
| 2 | – | |
| ============== | ============== |
No employee received employee benefits of more than £60,000 during the year (2020: Nil).
13. Trustee remuneration and expenses
No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.
14. Tangible fixed assets
| Freehold | Plant and | ||
|---|---|---|---|
| property | machinery | Total | |
| £ | £ | £ | |
| Cost | |||
| At 1 January 2021 | 414,056 | 1,257,126 | 1,671,182 |
| Additions | – | 48,082 | 48,082 |
| -------------------------------- | ----------------------------------------- | ----------------------------------------- | |
| At 31 December 2021 | 414,056 | 1,305,208 | 1,719,264 |
| ================================ | ========================================= | ========================================= | |
| Depreciation | |||
| At 1 January 2021 | 117,700 | 306,309 | 424,009 |
| Charge for the year | 6,000 | 19,784 | 25,784 |
| -------------------------------- | ----------------------------------------- | ----------------------------------------- | |
| At 31 December 2021 | 123,700 | 326,093 | 449,793 |
| ================================ | ========================================= | ========================================= | |
| Carrying amount | |||
| At 31 December 2021 | 290,356 | 979,115 | 1,269,471 |
| ================================ | ========================================= | ========================================= | |
| At 31 December 2020 | 296,356 | 950,817 | 1,247,173 |
| ================================ | ========================================= | ========================================= |
21
Welsh Highland Railway Limited
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 December 2021
15. Investments
| Shares in | |
|---|---|
| group | |
| undertaking | |
| s | |
| £ | |
| Cost or valuation | |
| At 1 January 2021 and 31 December 2021 | 40,003 |
| ============================ | |
| Impairment | |
| At 1 January 2021 and 31 December 2021 | – |
| ============================ | |
| Carrying amount | |
| At 31 December 2021 | 40,003 |
| ============================ | |
| At 31 December 2020 | 40,003 |
| ============================ |
All investments shown above are held at valuation.
16. Investment entities
Subsidiaries and other investments
| Percentage | ||||
|---|---|---|---|---|
| of shares | ||||
| Class of share | held | |||
| Subsidiary undertakings | ||||
| Cwmni Rheilffordd Beddgelert Cyfyngedig | Ordinary | 100 | ||
| Ashbury Railway Carriage & Iron Company | Limited | Ordinary | 100 | |
| North Wales Narrow Gauge Railways Limited | Ordinary | 100 | ||
| The results for subsidiaries and other undertakings are as follows: | ||||
| Capital and reserves | Profit/(loss) | for the year | ||
| 2021 | 2020 | 2021 | 2020 | |
| £ | £ | £ | £ | |
| Subsidiary undertakings | ||||
| Cwmni Rheilffordd Beddgelert | ||||
| Cyfyngedig | 35,999 | 35,999 | 4,001 | (4,001) |
| Ashbury Railway Carriage & Iron | ||||
| Company Limited | 2 | 2 | – | – |
| North Wales Narrow Gauge Railways | ||||
| Limited | 1 | 1 | – | – |
| ============================ | ============================ | ======================= | ======================= | |
| Stocks | ||||
| 2021 | 2020 | |||
| £ | £ | |||
| Loco fuel and lubricants | 6,000 | 1,000 | ||
| ======================= | ======================= |
17. Stocks
22
Welsh Highland Railway Limited
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 December 2021
18. Debtors
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Amounts owed by group undertakings | 15,789 | 19,491 |
| Prepayments and accrued income | 200 | 464 |
| Other debtors | 74,058 | 69,638 |
| ---------------------------- | ---------------------------- | |
| 90,047 | 89,593 | |
| ============================ | ============================ |
19. Creditors: amounts falling due within one year
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Trade creditors | 3,947 | 28,846 |
| Amounts owed to group undertakings | 3 | 3 |
| Accruals and deferred income | 19,173 | 16,308 |
| Members' loans | 2,100 | 2,100 |
| Other creditors | 17,105 | 15,105 |
| ---------------------------- | ---------------------------- | |
| 42,328 | 62,362 | |
| ============================ | ============================ |
20. Deferred income
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| At 1 January 2021 | 6,408 | 6,693 |
| Amount released to income | (285) | (285) |
| ----------------------- | ----------------------- | |
| At 31 December 2021 | 6,123 | 6,408 |
| ======================= | ======================= |
21. Government grants
The amounts recognised in the financial statements for government grants are as follows:
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Recognised in creditors: | ||
| Deferred government grants due within one year | 6,123 | 6,408 |
| ======================= | ======================= | |
| Recognised in income from donations and legacies: | ||
| Government grants income | 17,785 | 27,785 |
| ============================ | ============================ |
22. Covid-19
During the year the company's activities have again been severely curtailed by the effects of the Covid-19 pandemic. Government restrictions have adversely affected tourism necessary for the company to pursue its objectives and traffic activities continued to be limited.
The company has again received financial support from the Welsh government which has assisted in enabling the company to return to its full activities in the future, although the improvement in 2021 has been limited to the second half of the year.
23
Welsh Highland Railway Limited
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 December 2021
23. Analysis of charitable funds
Unrestricted funds
| Unrestricted funds | |||||
|---|---|---|---|---|---|
| At | |||||
| At | 31 December | ||||
| 1 January 2021 | Income | Expenditure | Transfers | 2021 | |
| £ | £ | £ | £ | £ | |
| General funds | 1,437,781 | 86,619 | (74,784) | 46,080 | 1,495,696 |
| Revaluation reserve | 110,673 | – | – | (436) | 110,237 |
| ----------------------------------------------------- | ---------------------------- | ---------------------------- | ---------------------------- | ----------------------------------------- | |
| 1,548,454 | 86,619 | (74,784) | 45,644 | 1,605,933 | |
| =================================================== | ============================ | ============================ | ============================ | ========================================= | |
| At | |||||
| At | 31 December | ||||
| 1 January 2020 | Income | Expenditure | Transfers | 2020 | |
| £ | £ | £ | £ | £ | |
| General funds | 1,373,642 | 69,127 | (95,202) | 90,214 | 1,437,781 |
| Revaluation reserve | 111,109 | – | – | (436) | 110,673 |
| ----------------------------------------------------- | ---------------------------- | ---------------------------- | ---------------------------- | ----------------------------------------- | |
| 1,484,751 | 69,127 | (95,202) | 89,778 | 1,548,454 | |
| =================================================== | ============================ | ============================ | ============================ | ========================================= | |
| Restricted funds | |||||
| At | |||||
| At | 31 December | ||||
| 1 January 2021 | Income | Expenditure | Transfers | 2021 | |
| £ | £ | £ | £ | £ | |
| Rolling stock | 186,420 | 28,352 | – | (45,644) | 169,128 |
| Extension fund | 36,056 | – | – | – | 36,056 |
| ----------------------------------------------------- | ---------------------------- | -------------- | ---------------------------- | -------------------------------- | |
| 222,476 | 28,352 | – | (45,644) | 205,184 | |
| =================================================== | ============================ | ============== | ============================ | ================================ | |
| At | |||||
| At | 31 December | ||||
| 1 January 2020 | Income | Expenditure | Transfers | 2020 | |
| £ | £ | £ | £ | £ | |
| Rolling stock | 260,849 | 15,349 | – | (89,778) | 186,420 |
| Extension fund | 36,056 | – | – | – | 36,056 |
| ----------------------------------------------------- | ---------------------------- | -------------- | ---------------------------- | -------------------------------- | |
| 296,905 | 15,349 | – | (89,778) | 222,476 |
|
| =================================================== | ============================ | ============== | ============================ | ================================ |
24
Welsh Highland Railway Limited
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 December 2021
23. Analysis of charitable funds (continued)
Restricted funds - Rolling stock
| At 1 | At 31 | ||||
|---|---|---|---|---|---|
| January | Donations | Capital | Fund | December | |
| 2021 | received | expenditure | transfers | 2021 | |
| £ | £ | £ | £ | £ | |
| Baldwin 590 | (50,360) | (21,849) | – |
– | (72,209) |
| Gelert restoration | (2,628) | (60) | – |
– | (2,688) |
| Russell restoration | (34,279) | (6,143) | – |
– | (40,422) |
| Karen restoration | (4,477) | – | – | – | (4,477) |
| Heritage train fund | (94,676) | (300) | 45,644 |
– | (49,332) |
| -------------------------------- | ---------------------------- | ---------------------------- | -------------- | -------------------------------- | |
| (186,420) | (28,352) | 45,644 |
– | (169,128) | |
| ================================ | ============================ | ============================ | ============== | ================================ |
The Restricted Funds above arise from appeals for donations to enable the Trustees to undertake specific capital expenditure which is beyond the resources of the everyday operation of the railway.
Baldwin 590
This locomotive is on long term loan from the Imperial War Museum on the understanding that it will returned to operation on our railway, in the guise of 590, one of the original three locomotives on the Welsh Highland. To date we have purchased a boiler and a contract has been signed with Vale of Rheidol Trading Ltd for the completion of the rebuilding of this locomotive, which is the subject of a long-term loan arrangement with the Imperial War Museum. Physical work began in early 2019, with completion envisaged in 2022.
Gelert
Ownership of Gelert is now in the hands of a formally constituted charitable trust, the use of the locomotive being subject of a formal long-term loan arrangement with the company.
Russell
Russell is owned by the company and is the one surviving locomotive from the original Welsh Highland. The Trustees wish this fund to continue in order to assist in future maintenance.
Karen
Karen is owned by a consortium of members and the company, and is currently an important exhibit in the museum. Karen was the first steam locomotive operated by the company in 1983.
Heritage Train Fund
This fund was instigated to raise funds for the restoration and maintenance of rolling stock other than locomotives, including the original Welsh Highland Buffet Car and replica coach 25. Fundraising has continued in order to restore and construct other Welsh Highland rolling stock in the future.
25
Welsh Highland Railway Limited
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 December 2021
23. Analysis of charitable funds (continued)
Extension Fund
This fund commenced more than 20 years ago to raise funds for the rebuilding of the part of the original Welsh Highland trackbed that extends from our boundary to Pont Croesor. The company expended £158,263 of the funds raised, plus volunteer labour, but expenditure ceased when the Festiniog Railway took possession of the trackbed, requiring the company to eliminate the value of this work from the balance sheet. Some donors have generously continued their donations to the fund.
24. Analysis of net assets between funds
| Unrestricted | Restricted | Total Funds | |
|---|---|---|---|
| Funds | Funds | 2021 | |
| £ | £ | £ | |
| Tangible fixed assets | 1,269,471 | – | 1,269,471 |
| Investments | 40,003 | – | 40,003 |
| Current assets | 338,787 | 205,184 | 543,971 |
| Creditors less than 1 year | (42,328) | – | (42,328) |
| ----------------------------------------- | -------------------------------- | ----------------------------------------- | |
| Net assets | 1,605,933 | 205,184 | 1,811,117 |
| ========================================= | ================================ | ========================================= | |
| Unrestricted | Restricted | Total Funds | |
| Funds | Funds | 2020 | |
| £ | £ | £ | |
| Tangible fixed assets | 1,247,173 | – | 1,247,173 |
| Investments | 40,003 | – | 40,003 |
| Current assets | 323,640 | 222,476 | 546,116 |
| Creditors less than 1 year | (62,362) | – | (62,362) |
| ----------------------------------------- | -------------------------------- | ----------------------------------------- | |
| Net assets | 1,548,454 | 222,476 | 1,770,930 |
| ========================================= | ================================ | ========================================= |
25. Analysis of changes in net debt
| At | At | ||
|---|---|---|---|
| 1 Jan 2021 | Cash flows | 31 Dec 2021 | |
| £ | £ | £ | |
| Cash at bank and in hand | 455,523 | (7,599) | 447,924 |
| Debt due within one year | (3) | – | (3) |
| -------------------------------- | ----------------------- | -------------------------------- | |
| 455,520 | (7,599) | 447,921 |
|
| ================================ | ======================= | ================================ |
26
Welsh Highland Railway Limited
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 December 2021
26. Capital commitments
At 31 December 2021 the company had contracted for capital commitments totalling £40,250 (2020: £58,354). In addition, there are non-contracted for but authorised commitments of £39,000 (2020: £35,490).
27. Related parties
During the year ended December 31, 2021, the company received donations from the trustees totalling £1,229 (2020: £953).
27
Welsh Highland Railway Limited
Company Limited by Guarantee
Management Information
Year ended 31 December 2021
The following pages do not form part of the financial statements.
28
Welsh Highland Railway Limited
Company Limited by Guarantee
Detailed Statement of Financial Activities
Year ended 31 December 2021
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Income and endowments | ||
| Donations and legacies | ||
| General donations | 16,413 | 8,087 |
| Baldwin 590 | 21,849 | 10,066 |
| Gelert restoration | 60 | 60 |
| Russell restoration | 6,143 | 4,983 |
| Heritage train fund | 300 | 240 |
| Resilience fund | 5,599 | 18,349 |
| Government grant income | 17,785 | 27,785 |
| Membership subscriptions | 6,933 | 6,275 |
| Covenanted donation from subsidiary company | 2,270 | – |
| ---------------------------- | ---------------------------- | |
| 77,352 | 75,845 | |
| ---------------------------- | ---------------------------- | |
| Other trading activities | ||
| Income from traffic | 35,778 | 7,054 |
| Cafe franchise fee | 1,820 | – |
| Sundry and scrap sales | – | 1,297 |
| ---------------------------- | ----------------------- | |
| 37,598 | 8,351 | |
| ---------------------------- | ----------------------- | |
| Investment income | ||
| Bank interest receivable | 21 | 280 |
| -------------- | -------------- | |
| -------------------------------- | ---------------------------- | |
| Total income | 114,971 | 84,476 |
| ================================ | ============================ |
29
Welsh Highland Railway Limited
Company Limited by Guarantee
Detailed Statement of Financial Activities (continued)
Year ended 31 December 2021
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Expenditure | ||
| Costs of raising donations and legacies | ||
| Journal costs | 1,118 | 2,468 |
| Membership administration | 847 | 2,262 |
| -------------------------------- | ---------------------------- | |
| 1,965 | 4,730 | |
| -------------------------------- | ---------------------------- | |
| Costs of other trading activities | ||
| Purchases | 1,655 | 1,663 |
| Wages and salaries | 5,694 | – |
| Rates and water | 323 | 152 |
| Light and heat | 5,162 | 4,250 |
| Repairs and maintenance | 14,087 | 27,744 |
| Insurance | 11,610 | 19,440 |
| Other establishment costs | 631 | 280 |
| Legal and professional fees | 2,325 | 2,475 |
| Telephone | 1,292 | 1,262 |
| Other office costs | – | 514 |
| Depreciation | 25,784 | 25,862 |
| Bank charges | (1,079) | 458 |
| Gala and marketing expenses | 2,685 | 5,551 |
| Printing and stationery | – | 547 |
| Sundry operating expenses | 2,650 | 274 |
| ---------------------------- | ---------------------------- | |
| 72,819 | 90,472 | |
| ---------------------------- | ---------------------------- | |
| ---------------------------- | ---------------------------- | |
| Total expenditure | 74,784 | 95,202 |
| ============================ | ============================ | |
| ---------------------------- | ---------------------------- | |
| Net income/(expenditure) | 40,187 | (10,726) |
| ============================ | ============================ |
30
Welsh Highland Railway Limited
Company Limited by Guarantee
Notes to the Detailed Statement of Financial Activities
Year ended 31 December 2021
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Costs of raising donations and legacies | ||
| Memberships | ||
| Journal costs | 1,118 | 2,468 |
| Membership administration costs | 847 | 2,262 |
| ----------------------- | ----------------------- | |
| 1,965 | 4,730 | |
| ----------------------- | ----------------------- | |
| ----------------------- | ----------------------- | |
| Costs of raising donations and legacies | 1,965 | 4,730 |
| ======================= | ======================= | |
| Costs of other trading activities | ||
| Operating costs | ||
| Loco fuel and lubricants | 1,655 | 1,663 |
| Wages costs | 5,694 | – |
| Water rates | 323 | 152 |
| Electricity | 5,162 | 4,250 |
| Repairs and maintenance | 14,087 | 27,744 |
| Insurances | 11,610 | 19,440 |
| Museum costs | 631 | 280 |
| Telephone | 1,292 | 1,262 |
| Other office costs | – | 514 |
| Depreciation | 25,784 | 25,862 |
| Marketing costs | 1,220 | 4,862 |
| Sundry operating expenses | 2,650 | 274 |
| ---------------------------- | ---------------------------- | |
| 70,108 | 86,303 | |
| ---------------------------- | ---------------------------- | |
| Costs of other trading activities - Administration | ||
| Legal and professional fees | 2,325 | 2,475 |
| Bank charges | (1,079) | 458 |
| Postage | 1,465 | 689 |
| Stationery and printing | – | 547 |
| ----------------------- | ----------------------- | |
| 2,711 | 4,169 | |
| ----------------------- | ----------------------- | |
| ---------------------------- | ---------------------------- | |
| Costs of other trading activities | 72,819 | 90,472 |
| ============================ | ============================ |
31