REGISTERED COMPANY NUMBER: 03040336 (England and Wales)
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REGISTERED CHARITY NUMBER: 1046614
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023
FOR
LLANGOLLEN RAILWAY TRUST LIMITED
M. D. Coxey and Co. Limited Chartered Accountants and Statutory Auditors 25 Grosvenor Road Wrexham LLU IBT
LLANGOLLEN RAILWAY TRUST LIMITED
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CONTENTS OF ‘THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023
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|Page|
|Report|of|the Trustees|1|tw|6|
|Statement ofTrustees’|Responsibilities|7|
|Report|of|the|Independent|Auditors|8|to|ll|
|Statement|of Financial|Activities|12|
|Balance|Sheet|13|
|Cash Flow|Statement|14|
|Notes to the Cash Flow|Statement|1s|
|Notes|to|the|Financial|Statements|16|lo|26|
|Detailed|Statement of|Financial|Activities|27|to|28|
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ANGOLLEN RAILWAY TRUST
LIMITED
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The trustees who are also directors of the charity for the purpose of the Companies Act 2006, present their report with the financial statements of the charity for the ycar ended 31st December 2023.
This report has been prepared in accordance with the small company regime of the Companies Act 2006. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) Accounting and reporting by Charities 2011. The trustees have complied with the duty in section 17(5) of the 2011 Charities Act.
OBJECTIVES AND ACTIVITIES
ObjectivesLlangollenThe objectives Railwayand aimsof thefor charitythe benefitremainof thethe public.samc, being to support the restoration, preservationund operation of the
~ The management, maintenunce and restoration of a heritage railway.
- The encouragement of volunteer activity in support of the above aims. ~ The preservationof heritage skills. ~ Preserving the railway and its history to the public in an immersive informative educational style. ~ Expanding membership of the railway.
Public benefit
The Llangollen Railway has a very high profile both locally and nationally and its interaction with the public is vital. The public and the towns of Llangollen and Corwen benefit cnormously by the railway's presence as a tourism, leisure, transportand educational facility.
The line first opened in the 1860s and is operated to 21st century standards in a way that in addition to being cducational allows a fun and safe experience, knowing (hut participation is helping to preserve real history for the future.
The Railway is open to all, either on a visitor level or as an opportunity to volunteer ies # working member. "Everyone is welcome” hus always been a cornerstone of the Railway's philosophy, and since restoration started over forty years ago it has provided an enhancing experience for innumerable people locally, nationally and internationally.
The Railway bus a very significant cffect on the local economy both in the employment it provides and also the number of visitors it attracts to the Dee Valley and North East Wales.
TheStatementtrusteesof compliancehave referred to the Charity Commission's general guidance on public bencfit when reviewing the 2023 activitics and making plans for future periods, and believe that they have complied with their duty to have duc regard to this guidance.
Volunteers
allVolunteersof the opr e rstioprese n al,t a considcrableengineering, humancommercialresourceand contributioncustomer focussingto the operationdepartments.of our HeritagThis in e vitablyRailway,servesthro u ghouts an intrinsic componcnt of a viable and sustainable business. Through a volunteer framework and policy of engagement, induction, training, and on-going supervision, volunteers are integrated within the small employee team to ensure the Railway can deliver its charitable purpose being the primary custodian of a heritage railway, which centres on the widerinterpretationcommunityand preservationidentity, whilstof servingan industrialas anheritage attraadditional c c tiononomicfor publicdriver benefit.for the widerThe projectlocal andthereforeregional contributestourism andto business sectors. basisThe Railway(during operstionalcurrently hasperiods).380 registered volunteers, with approximately 250 volunteersroutinely rostcring on a weekly The volunteer framework allows for people (many of the older age brackets), to remain active and involved in a project they are enthusiastic about, whilst cqually in the knowledge they are supporting a charitable cause.
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LLANGOLLENRAILWAY TRUST LIMITED
STRATEGIC REPORT Achievementand performance
There were two standout occasions in 2023, being the formal opening of Corwen Station on 2nd June and 7754 being back in steam and joining the Santa Specials in December.
Both were after many years of hard work by relatively small groups of volunteers and, as regards Corwen Station, in all weathers, Llangollen Railway owes all those volunteers a huge debt of gratitude as the railway, its members and volunteers, and the general public, enjoy the benefits for years to come.
There was a third significant development which will also benefit the railway for years to come but doesn't feature in the shop window. This was the approval of a grant of £375,000 from theGovernment'sShared Prosperity Fund,
This grant is to fund new saluried posts for volunteer co-ordination, training, customer experience and environmental andprotection.Llangollenthe AbbeyRuilway’s[t Roadalso endincludespotentialof the roadfundingpart bridgein DenbighshireforindevelopmentalLlangollenCountyspecifically.surveysCouncil'sin those areas,plans for the extending additionally developmentofCorwen togenerally,embrace
Financial performance
At first glance the trading loss looks horrendous. However it was within budget simply because we have the cush.
Given the railway's much documented and well known problems of recent years investment in infrastructure and the coachingslock was minimal. As a result a major and costly plan of investment was embarked upon with significant
Ticket sales were ahead of budget but still well below pre-pandemic levels.
The Board wishes to record its appreciation and thanks for the hard work and contribution of all our volunteers and employees as we continue to look to normalise and build a sustainable railway since the dark days of 2021.
Outlook A major concer for the Trust, the heritage railway sector gencrally and numerous other organisations which rely on volunteers, both national and local, big and small, is the availability of voluntccrs. Our numbers arc about 30% down and this is reflected across the voluntary sector as a whole,
This Icads to concems also for the preservation of heritage skills. We will be trying to work with local colleges, for example, to try to address this by means of work experience and apprenticeships.
Thevolunteers.cost ofThelivingtrusteesandwillenergycontinuecrisesto areact cautiouslymajor concemsas regardsin termsmoliveofpowerpassengerund discretionary numbers,costsspend. and impact on our The environment ‘This is also an obvious concem for the sector and is being uddressed by the Heritage Railway Association as best it can. Whilst it can be said that steam power in the industry contributes very little to the overall problem, that particular argument docsn't really stand scrutiny, The firct is, taken together with all the other so-called minor contributors, it all adds up to the biz problem the world faces.
There are no casy solutions to the fuel issue currently but greener alternatives are being developed and tested.
We are working with our public sector und third sector partners on carbon offset activities.
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LLANGOLLEN RATLWAY TRUST LIMITED
FOR THEREPORTYEAR ENDEDOF THE 31STTRUSTEES DECEMBER 2023
Financial review
TheInvestmentnature ofpolicythe trust's and objectivesfunding is such that there will never be cnough funds to do everything we wish to achieve in terms of heritage restoration. The Trust continues to depend very heavily on donations, legacies and grunts to carry oul larger projects in particular, forexamplethe building ofCorwen Station,
It is the board's policy to continue to operate debt-free with the exception of the odd small finance lease which may be expedient. In this respect we have to bear in mind there is a working capital need January to June in particular of
Where surplus funds arise these are invested in short term interest bearing deposit accounts.
Reserves policy
The trustees have established the level of reserves the charity ought to maintain to endeavor to ensure financial viability for the long term. The trustees have deemed it prudent to create a Capital Reserve of £300,000. This amount is cash-backed and resides in a separate account with Barclays Bank PLC.
£100,000 is intended to at Icast begin to cover a major catastrophe or some other significant and unforescen nocd. £200,000 is intended to be used, if necessary, as working capital to cover the seasonal needs of the business, Whilst these monies are intended for emergency use only, the demands of the business arc that these funds will be called upon in the first few months of the ycar prior to the reserve being re-established through the lattcr months of the year, the operating budget will be compiled without reliance on these funds accordingly.
‘The account with Barclays Bank also holds the £30,000 Advance Sales Reserve created in the wake of our experience in the administration and eventual liquidation of Llangollen Railway PLC.
| Restricted funds | £ |
|---|---|
| Total Restricted funds | 1,192,368 |
| Less: | |
| Restricted Tangibleassets | (1,093,967) |
| Restricted Intangiblc assets Restricted debtor Restricted funds heldforfuture————— periods (Bank): |
(18,958) (29,030) ————— $0,413 |
| Unrestricted funds: Designatedfunds: |
1,088,911 330,000 |
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FOR THEREPORTYEAR ENDEDOF THE31STTRUSTEESDECEMBER 2023
STRATEGIC REPORT
Principalrisks and uncertainties
The charitable company’s operations expose it to a varicty of financial risks including price risk, credit risk, liquidity risk and cash flow risk.
The charitable company's principal financial instruments comprise sterling bank accounts together with trade debtors and trade creditors that arise directly from operations.
Price risk - Price risk is marieged by monitoring the market, current rates of inflation and costing products and services in accordancewith these factors.
Credit risk - Credit risk is mitigated by monitoring and managing the credit limits given to our customers.
monthsLiquidity risk - Liquidity risk is managed by maintaining sufficientcash balances for working capital duringthe first 6 are relativelyof thelow.year, a balanced mix of income streams, and managing closcly the debtors/creditors mix. Stock holdings Cash flow risk - Cash flow risk is managed through careful budgcting, our crodit management procedures and negotiation of payment terms where practicable.
Vinancial and risk management objectives and policies The trustees review the risk register at least annually and review the major risks to which the company is exposed. The principal risks to Llangollen Railway Trust Limited as at 31st December 2023 were: + Failure to secure grant funding to fulfil the organisation's business plan ~ Poor performance or dissatisfaction with the quality of delivery to all of our customers - Loss of business-criticalstaff and volunteers ~ Cost of living‘cnergycrisis
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document LlangollenAssociation Railway Trust Limited is a company limited by guarantee governed by itsMemorandumand Articles of overcharitythebeingagedatedofwound18 6thcanup. Marchbecome1995.a memberIt is registeredof the ascompany.a charityEach with themember Charityagrees Commission,to contribute number£1 in 1046614,the eventAnyoneof the
Governance Review
Following the formal, external review in 2020 much work hus gone into ensuring we have the policies and procedures of a well-managed 21st century charity and company. There remains more to do and the trustees/directors need some additional resource to ensure we have the requisite commercial, financial and legal skills necessary.
We have a clear framework of responsibility to provide leadership and oversight.
Our strategic plan and operational prioritics have been shared throughout the organisation. These documents will be continualupdatedandbasis.shared regularly with volunteers and cmployces through the prism of the One Ruilway initiative on a
AsAppointmentset out in theof newArticle tru s teesof Association one third of the trustees retire by rotation each year and shall if they so wish offer thernselves for re-clection. The trustees have the power to co-opt such trustco(s) as they see fit, such trustee(s) co-opted shall be appointed until the following AGM, where they may stand for formal appointment.
Organisational structure
‘The board of trustees, which shall number a minimum of four with no maximum numbers, administers the charity.
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LLANGOLLEN RAILWAY TRUST LIMITED
FOR THE YEAR ENDED 31ST DECEMBER 2023
STRUCTURE, GOVERNANCE AND MANAGEMENT
Decision making
LRT has a small employed senior management team (Trust Manager & Chief Engincer). Both have experience of Organisational Managernent within the charitable and heritage sectors, specific to organisations that have both engineering and public/tourism components. Both scnior manageove r sees a strategic section of4 principal divisions - Organisation/Administrution, Operutional, Engineering and Volunteering. Each division incorporsever a ltes‘heads of departments’ within them, which serve to dircctly oversee cach departmental plun, which has been endorsed and mandatedwhich by the SeniorManagementTeam. The Senior Management Team is answerable to the Board of Trustees work closclythroughwitha ‘Frameworktheir respectivof R e sponsibility’departments outlinesand HODs. delegatedThereauthoritiesis regular to thecontactmanagementwith specificteam,Wioardwho inTrusteesturn willon severul specific matters (¢.g. Finance, HR, Safety elc), which is also reinforced by a routinc, monthly Board meeting, to ensure appropriate oversight (checks and balances).
Each department has a plan of activity, be it engineering, inlerpretation or commercially focussed. Each plan incorporates iis actions, in an economic sense, into the Organisation's budget forecast, which is directly (daily/weekly) overscen by the senior management team, with the Board collectively affording scrutiny at monthly meetings.
Due tw the close communication between the HODs, the Senior Management Tcam and the Board, it is felt suituble
addressed,
Should additional advice be required to inform internal organisational decision making, c.g volunteer management or HR matters (including payroll) etc, the Board and Management team will work collaboratively with suitable external agenciesand seck opinion. This is cxamplcd with utilising an extemal HR company to support ongving staffing matters,
LRT has now developed an organisational strategy which hopes to ‘set its stall out’, which aims to demonstrate a mature approach to sustainability, whilst appreciating lessons feurnt from the past. The strategyis based on the following structure;
~ Purpose - Our Charitable Objectives
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Principles - Collaboration, Communication,Complianceand Cohesion - Priorities - 1. Governance and Leadership, 2. Commitment to Heritage Preservation 3. Public Benefit 4. Financial Resilience5. Volunteer Experience
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Plans - purposeful und costed to support each priority.
Induction and training of new trustees
New trustees undergo a training process to explain to them their statutory obligations under charityand company law, the Memorandum and Articles of Association, the organisational structure and decision-making process. Trustees are encouraged to attend suitable external cvents where these will enhance the substance and quality of their role. All trustees, both existing und newly uppoinied, ure required to confirm that they have read and understood the Charity Commission booklets OC3, "The essential trustee" 6 main dutics "The essential trustee, what you need to know, whit you needto do”.
Related parties companyLlangollenis Railwand h a sy Trustbeen dormanthas a wh f o rlly-ownedmany years.subsidiary, being Liangolicn & Corwen Railway (Trading) Limiled. ‘This
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number 0340336 (England and Wales)
Registered Charity number 1046614
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REPORT OF THE TRUSTEES
Registered office ‘The Station Abbey Road Liangollen Denbighshire 11.20 8SN Trustees P J Coles (Chairman) PH Freeth R J Creasey P J Edwards M Theobald — (appointed 18.02.2023) R Abbott (resigned 12.12.2023) P Brewer (appointed 15.04.2023) Company Secretary RJ Creascy Auditors M. D. Coxey and Co. Limited Chartered Accountants and Statutory Auditors 25 Grosvenor Road Wrexham LL11 1BT Bankers Barclays Business Direct Leicester LE87 2BB
AUDITORS TheMeeting.auditors, M. D. Coxeyand Co, Limited, will be proposed for re-appointment at the forthcoming Annual General
Report of the trustees, incorporating u strategic report, approved by order of the board of trustees, us the company directors,on 27th April 2024 and signed on the bourd’s behalf by:
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PH Freeth - Trustee
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STATEMENT OF TRUSTEES' RESPONSIBILITIES
The trustees (who are also the directors of Llangollen Railway Trust Limited for the purposcs of company law) are responsibleUnited Kingdomfor preparingAccountingtheStandardsReport of the(UnitedTrusteesKingdomand Gencrallythe financialAcceptedstatementsAccountingin accordancePractice).with applicablelaw and Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the churituble company for that period. In preparing those financial statements, the trusteesare required to
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select suitable accounting policics and then apply them consistently;
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Observe the methods and principles in the Charity SORP;
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make judgements and estimates that are reasonable and prudent,
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~ Slate whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial sialemenis on the going concem basis unless it is inappropriate to presume that the charilable company will continuc in business.
Thethe trusteesarc responsible for keeping proper accounting records which disclose with reasonable accuracy al any time the financialCompanicspositionAct 2006, of theThey charitabare a l esocomparespo n sibley andforto safeguardingenable them totheensureasscts thatof thethe financiacharitab l e companystatementsandcomplyhencewithfor taking reasonable steps for the prevention and detection of fraud and other irregularitics.
In so far as the trustocs are aware;
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there is no relevant wudit information of which the charitable company’s auditors are unaware; and
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the trustecs have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to cstablish that the auditors are aware of that information.
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Opinion
endedWe have31stauditedDecernberthe financial2023 whichstatementscompriseof Llangollenthe StatementRailwayof FinancialTrust LimitedActivitics, (the ‘charitablethe Balancecompany‘)Sheet, theforCast h e Flowyear Statement and notes to the financial statements, including a summary of[significant][accounting][policies,] The[financial] Standardsreporting framework(United Kingdomthat hasGenerally been appliedAcceptedin Accountingtheir preparationPractice).is applicable law and United Kingdom Accounting
In our opinion the financial statements:
- give a truc and fair view of the state of the charitable company’s affairs as at 31st December 2023 and of its incoming resources and application of resources, including its income and expenditure, for the yeur then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the requirements of the Companies Act 2006.
Basisfor opinion
We[conducted] our audit in accordance with International Standardson Auditing (UK) (ISAs (UK)) and applicable law. financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, evidenceand we havewe havefulfilledobtainedour otheris sufficientcthical responsibilitiesand appropriate toin sccordanceprovide a basiswithfortheseour opinion,requirements. We[believe] that the audit
Conclusionsrelating to going concern theIn auxditingpreparationthe offinancialthe financialstatements,statementswe haveis appropriate.concluded that the trustees’ use of the going concern basisof accounting in Based on the work we hive performed, we have not identified any matcrial uncertaintics relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company’s ability to continuc as a going concer for a period of at Icast twelve months from when the financial statements are authorised for issue.
Our responsibilitics and the responsibilities of the trustees with respect to going concem are described in the relevant sectionsof this report.
Other information Annual‘The trusteesReport,areotherresponsiblethan the forfinancialthe other statementsinformation.and ourTheReportotherofinformationthe IndependentcomprisesAuditorsthe informationthereon. included in the Our opinion on the financial statements docs not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
so,In connectionconsider whetherwith ourtheauditotherof theinformationfinancial isstatements,materiallyourinconsistentresponsibilitywithistheto readfinancialthe otherstatementsinformationor ourand,knowledge in doing obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencics or apparent muterial misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves, If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
tn our opinion, based on the work undertaken in the course of the audit:
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the information given in the Report of the Trustees for the financial year for which the financial statements arc prepared is consistent with the financial statements; and
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the Report of the Trustees has been prepared in accordance with applicable legal requirements.
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LLANGOLLEN RAILWAY TRUST LIMITED
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
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adequate accounting records have not becn kept or returns adequate for our audit have not been received from branchesnol visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of trustees’ remuneration specified by law arc not madc; or - we have not roceived all the information and explanations we require for our audit.
AsResponsibilitiesexplained moreof trusteesfully in the Statement of Trustees’ Responsibilities, the trustees (who ure also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements thut are free from material misstatement, whether due to fraud or error.
Tn preparing the finuncial statements, the trustees are responsible for assessing the charitable company’s ability to continuc as a going concem, disclosing, as applicable, mutters reluted to going concem and using the going concem basis of accounting unless the trustees cither intend to liquidate the charitable company or to cease operations, or have no realistic alternabut t oivedo so.
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LLANGOLLENRAILWAY TRUST LIMITED
OurOur responsibilitiesobjectives ure toforobtainthe auditreas o fnable the financiassur a lncest a tementsbout whether the financial statements as a whole ure free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion, Reasonable assurance is a high level of assurance, but is not guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud of error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial siatements.
The extent to which our procedures are capable of detecting irregularitics, including fraud is detailed below:
Our approach to identifying and assessing the risks of matcrial misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
- the engagement partner ensured that the engayement teum collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; - we identified the laws and regulations applicable to the company through discussions with directors and management; ~ we assessed the extent of compliance with the laws and regulations identified above through making enquiries of Management and inspecting legal correspondence;and - identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances ofnon-compliancethroughout the audit.
Weassessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understof how fr a udndingmight occur, by:
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making enquiries of management as to where thcy considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fruud; and
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considering the intemal controls in place to mitigate risks of fraud and non-compliance with laws and regulations;
To uddress the risk of fraud through management bias and override of controls, we: - performed analytical procedures to identify any unusual or unexpected relationships; ~ assessed whether judgements and assumptions made in determining accounting estimates were indicative of potential bias; and
‘There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud cun be harder to detect than those that arise from error ss they may involve deliberate concealment or collusion.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.
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REPORT OF THE INDEPENDENT AUDITORSTO THE MEMBERS OF
Use of our report Thisthe Companiesreport is madeActsolely2006. toOurtheauditcharitablework company’shas been undertukenmembers, assoa thatbody,wein mightaccordancestate withto the Chaptercharilable3 of Partcompany's 16 of members those matters we are required tw stale to them in an auditors’ report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable compuny's members as a body, for our audit work, for this report, or for the opinions we have formed.
Joanne Evans (Senior Statutory Auditor) Charteredfor and on behalfofM, D, Coxey andCo, Limited and Accountants 25[Grosvenor] Statutory AuditorsRoad Wrexham LLILIBT
27th April 2024
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LLANGOLLEN RAILWAY TRUST LIMITED
7
STATEMENT OF FINANCIALACTIVITIES
FOR THE YEAR ENDED 31ST DECEMBER 2023
| 31.12.23 | 31.12.22 | ||||
|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | Total | ||
| Notes | funds £ |
fund £ |
funds £ |
funds £ |
|
| INCOMEANDENDOWMENTSFROM | |||||
| Donationsandlegacies | 2 | 74.312 | 166,132 | 240,444 | 306,148 |
| Othertradingactivities Investment income |
3 - |
1,082,848 4,254 |
- - |
1,082,848 4,254 |
919,928 $53 |
| Total | 1,161,414 | 166,132 | 1,327,546 | 1,226,629 | |
| EXPENDITUREON | |||||
| Raisingfunds | 5 | $24,419 | 78,514 | 902,933 | 635,952 |
| Charitableactivities | 6 | ||||
| Generalcasts Propertycosts |
545,864 85,675 |
2,500 43,368 |
348,364 129,043 |
465,495 100,547 |
|
| Total | 1,455,958 | 124,382 | 1,580,340 | 1,201,904 | |
| Netgainsoninvestments | - | - | - | 19,808 | |
| NET INCOMEAEXPENDITURE) Transfersbetweenfunds |
9 | (294,544) 73,803 |
41,750 (730,803 ) |
(252,794) - |
44 AAS - |
| Netmovement in funds | 436,259 | (689,053 ) | (252,794) | $4443 | |
| RECONCILIATIONOFFUNDS | |||||
| Totalfundsbrought forward | 982,652 | 1,881,421 | 2,864,073 | 2,819,630 | |
| TOTALFUNDSCARRIEDFORWARD | 1,418,911 | 1,192,368 | 2,611,279 | 2,864,073 |
The notes form purt of these financial statements
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BALANCE SHEET
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||||||||
|---|---|---|---|---|---|---|
|Unrestricted|31.12.23|31.12.22|
|funds|Restricted|Total|Total|
|Notes|£|fund£|funds£|funds£|
|FIXED ASSETS|
|Intangible assets|12|6,400|18,958|25,358|28,658|
|Tangible|assets|13|1,092,565|1,093,967|2,186,532|2,124,769|
|Investments|14|1|-|1|1|
|1,098,966|1,112,925|2,211,891|2,153,428|
|CURRENT|ASSETS|
|Stocks|15|18,575|-|18,575|37,055|
|Debtors|16|146,489|29,030|175,519|213,822|
|Cash at bank and|in hand|433,572|50,413|483,985|636,796|
|$98,636|79,443|678,079|$87,673|
|CREDITORS|
|Amounts|falling due within one ycar|17|(278,691)|-|(278,691)|(177,028)|
|NET|CURRENT ASSETS|319,945|79,443|399,383|710,645|
|TOTAL ASSETS LESS CURRENT|
|LIABILITIES|1AIs911|1,192,368|2,611,279|2,864,073|
|NET ASSETS|1,418,911|1,192,368|2,611,279|2,864,073|
|FUNDS|19|
|Unrestricted|fines|1,418,911|982,652|
|Restricted|1,192,368|1,881,421|
|TOTAL FUNDS|2,611,279|2,864,073|
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Thesignedfinancial on its statcmentsbehalf by: were approved by the Bourd of Trustees and authorised for issue on 27th April 2024 and were
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( Qe
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PH Freeth - Trustee
‘The notes form part ofthese financial statements
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CASH FLOW STATEMENT
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|||||||||
|---|---|---|---|---|---|---|---|
|£|£|
|Notes|31.12.23|31.12.22|
|Cush|flows from operating activities|
|Cash generated|from operations|1|36497|77,320|
|Net cush provided by operating activities|AIT|77,320|
|Cash flows from investing activities|
|Purchase of|intangible|fixed assets|-|(8,000)|
|Purchase oftangible fixed assets|(190,806)|(141,742)|
|Sale of tangible fixed assets|1,500|-|
|Sale of fixed asset|investments|-|61,024|
|Sale of|investment|property|-|19,808|
|Net|cash|used|in|investing|activities|(189,306)|(68,910)|
|Change in cash and cash|equivalents in|
|the reporting period|(152,809)|$410|
|Cash and cush|equivalents|at|the|
|beginning of|the reporting period|=|636,794|628,384|
|Cush|and|cash equivalentsat|the|end|of|
|the reporting period|2|483,985|636,794|
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The notes form part of these financial statements
Puge 14
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NOTES TO THE CASHSTATEMENTFLOW
1. RECONCILIATION OF NET (EXPENDITUREYINCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
a
s
| 31.12.23 | 31.12.22 | ||
|---|---|---|---|
| £ | £ | ||
| Net(expenditure)/incomeforthereporting period(wsperthe | |||
| StatementofFinancial Activities) | (252,794) | at.s4) | |
| Adjustments for: | |||
| Depreciation charges | 90,602 | 103,847 | |
| Lossesoninvestments | - | (19,808) | |
| Loss on disposal of fixed assets | 40,241 | - | |
| Decrease(increase) ingroupdebtors Decrease increase) instocks Decrcaso'(increase) indebtors |
(348) 18,480 38,651 |
= (930) (160,176) |
|
| Increaseincreditors | 101,665 | 109,944 | |
| Netcashprovidedbyoperations | 36,497 | 77,320 | |
| ANALYSISOFCASH ANDCASHEQUIVALENTS | |||
| 31.12.23 | 31.12.22 | ||
| £ | £ | ||
| Cash inhand Noticedeposits(fessthan3months) Overdrafts included in hank loans and overdratts falling due within |
one ycar | 1,662 482,323 - |
2,322 634474 (Q) |
| Totalcashandcushequivalents | 483,985 | 636,704 | |
| ANALYSISOFCHANGES IN NETFUNDS | |||
| At 1.1.23 | Cash flaw | At 31,12,23 | |
| £ | £ | £ | |
| Netcash | |||
| Cash at hank and in hand Bankoverdraft |
636,796 (2) |
(152,811) 2 |
483,985 - |
| 636,794 | (152,809) | 483,985 | |
| Total | 636,794 | (152,809) | 483,985 |
The notes form part of these financial statements
Page 15
LLANGOLLEN RAILWAY TRUST LIMITED
‘
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023
i. ACCOUNTING POLICTES
Basis of preparing the financial statements
‘The financial statements of the charitable company, which is a public benefit entity under RS 102, have been prepared in accordance with the Charities SORP (FRS 102) ‘Accountingand Reporting by Charities: Statement of RecommendedPractice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard upplicuble in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019, Financial Reporting Standard 102 “the Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companics Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included ut market value.
‘The trustees consider that there are no material uncertainties about the Trust's ability to continue as a gving concem.
Llangollen Railway Trust Limited is a company limited by guarantee, incorporated in England and Wales. Its Registered Office is The Station, Abbcy Road, Llangollen, Denbighshire, LL20 8SN.
The principal activity of the company is that of the repair and maintenance of transport equipment.
Financial reporting standard 102 - reduced disclosure exemptions
The charitable company has taken advantage of the following disclosure exemptions in preparing these financial statements,as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland’:
- — the requirementsof TL AR(c}
of paragraphs 11.42, 11.44, 11.45, 11.47, 11 48(a)(iii), 11.48(a\iv), 1 1.48(b) and
- the requirementsof paragraphs 12.26, 12.27, 12.29(a), 12.29%(b) and 12.29A.
Significant judgements and estimates
In the upplication of the Company’s accounting policics, management are required to make judgements, estimates and assumptions about carrying values of[ussets][and][liubilities][that][ure][not][readily][available][from][other] sources. The estimates and undcrlying assumptions arc based on historical expericnce and other factors that arc considered to be relevant. Actual results may differ from these estimates.
The key judgements and sourcesof estimation uncertainty that have a significant effecton the amounts recognised in the financial statements are described below-
- Estimated uscful lives and residual valucs of fixed assets: ‘The carrying value of fixed assets are reviewed cach year cnd for indicators of impairment triggers. If such triggersflow mauelcxist,to managementdetermine theirwouldvalucbein requireduse on atocash-gencrating carry out a formalunit basis.impairmentThe valucreviewin usinguse calculationa discountedrequirescash Management to estimate the future cush flows expected to arise from the cash-gencrating unit and a sustainable discount rate in order to calculate the present value.
Depreciation of tangible fixed assets hus been bused on estimated useful lives and residual values deemed appropriate by the directors. Estimated useful lives and residual values ure reviewed annually und revised as appropriate. Revisions take into account estimated uscful lives used by other companies operating in the sector and actual asset lives and residual values, as evidenced by disposals during current and prior accounting periods.
Income All income is recognised in the Statement of Financial Activities once the charity has cntitlement to the funds, it is probable that the income will he received and the amount can be measured reliably.
Page 16
continued...
LLANGOLLEN RAILWAY TRUST LIMITED
.
NOTES TO THE FINANCIAL STATEMENTS - continued
1. ACCOUNTING POLICIES - continued
Expenditure
Liabilitics arc recognised as expenditure as soon as there is # legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic bencfits 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 beenattributedclassifiedto particularunder headingsheadingsthattheyaggregatehave beenall allocatedcost relatedto activiticsto the category,on a basisWhereconsistentcosts cannotwith bethe dirus e ctlyof resources,
Raising funds
Costs of gencrating funds comprise those costs directly attributable to the commercial activities of the Trust,
Charitable activities
charitableThe costs activities.directly attributable to the maintenance of the railways. Donations to other charitiesare allocated to
Goodwill
evenlyGoodwill,over itsbeingestimatedthe amountusefulpuidlifeinof connectionten years, with the acquisition of a busincss in 2021,is being amortised
Tangiblefixed assets
Depreciation is provided at the following annual rates in order to write off cach asset over its estimated useful life.
----- Start of picture text -----
ComputerRollingLund,MotorPlant andBuildingsvehiclesstockmachineryequipmentand Improvements ----- atThe2%33%on10%varying lengthon00 cost cost ratesof theonleasecost
----- End of picture text -----
Expenditure of
capital nature is recognised as an addition to fixed assets. All fixed assets are stated af cost.
TheRelatedparty exemption ‘The charitableFinancial Reportingcompany hasStandard taken advantageapplicableofinexemption,the UK andunderRepublic the termsof Ircland,of Financialnot toReportingdisclose relatedStandardparty102
Stocks
Stocks are valued at the lower of cost and net realisable value, after making duc allowance for obsolete and slow moving items,
‘Taxation
The charity is exempt from corporation tax on its charitable activitics.
Fund accounting
Unrestricted fiuncls can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricled funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial staternents.
Llire purchase and leasing commitments overRentalsthe paidperiodunderof theoperatinglease. leases are charged to the Statement of Financial Activitieson a straight line basis
Page 17
continued...
’
NOTES TO THE FINANCIAL STATEMENTS- continued
Fe ACCOUNTING POLICIES - continucd
Pension costs and other post-retirement benefits
Thecompany'scharitablepensioncompanyschemeoperatesere chargeda defincdto thecontributionStatement ofpensionFinancialscheme.ActivitiesContributionsin the period payableto whichto thethey relate.charitable Financial instruments The following assets and liabilitics are classificd as financial instruments - trade debtors and trade creditors.
Trade debtors and trade creditors arc measured at the undiscounted amount of cash or other consideration expected to he paid or received,
Financial assels are assessed at the end of cach reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit and loss.
The charity's functional and presentational currency is the Pound Sterling (£).
| 2. | DONATIONSANDLEGACIES | ||||
|---|---|---|---|---|---|
| Unrestricted funds |
Restricted funds |
31.12.23 Total funds |
31.12.22 Total funds |
||
| £ | £ | £ | £ | ||
| Donations Giftaid Legacies |
19,205 2,614 $2,493 |
33,550 - - |
$2,755 2,614 $2,493 |
59,381 29,841 160,348 |
|
| Grantincome | - | 132,582 | 132,582 | 36,578 | |
| 74,312 | 166,132 | 240,444 | 306,148 |
Grants received, included in the above, are as follows:
| 31,12,23 | 31,12,22 | |||
|---|---|---|---|---|
| £ | £ | |||
| Corwenplatformgrant | - | 1,386 | ||
| Corwencanopy | - | 55,192 | ||
| Levelingupfund SharedProsperity |
103,552 29,030 |
- - |
||
| 132,582 | 56,578 | |||
| OTHERTRADINGACTIVITIES | ||||
| 31.12.23 | 31.12.22 | |||
| Unrestricted funds |
Restricted funds |
Total funds |
Total funds |
|
| £ | £ | £ | £ | |
| Cafeincome Ticketsales Subscriptions Magazines, raMesandlocomotivehire |
104,002 864,072 20,480 ATAS3 |
- - - - |
104,002 $64,072 20,480 47,453 |
68,477 748,650 32,674 29,630 |
| Holiday lettingincome Othersales |
24,087 22,754 |
- - |
24,087 22,754 |
22,040 18,487 |
| 1,082,848 | - | 1,082,848 | 919,928 |
3. OTHER TRADING ACTIVITIES
Page 18
continued...
LLANGOLLEN RAILWAY TRUST LIMITED
,
4. INVESTMENT INCOME
----- Start of picture text -----
|||||||
|---|---|---|---|---|---|
|31.92.23|31.12.22|
|Unrestricted|Restricted|Total|Total|
|funds|funds|funds|funds|
|£|£|£|£|
|Bank|interest|4,254|-|4,254|553|
|4.|RAISING|FUNDS|
|Other trading activities|
|Unrestricted|Restricted|31.12.23Total|31.12.22Total|
|funds|funds|funds|funds|
|£|£|£|£|
|Purchases|243,937|78,514|322,451|24212|
|Staff|costs|414,673|-|414,673|297,227|
|Hire ofplant and machinery|73,403|-|73,403|22.2%|
|Steaming expenses|80,361|-|80,361|1$,379|
|Holiday|letting expenses|12,045|-|12,045|6,838|
|824,419|78,514|902,933|635,952|
|6.|CHARITABLE ACTIVITIES COSTS|
|Support|
|Direct|custs (see|
|Costs|note 7)|Totals|
|£|£|£|
|General costs|2,415|$45,949|548,364|
|Property costs|-|129,043|129,043|
|2,415|674,992|677,407|
|%|SUPPORT COSTS|
|Management|Finance|Other|Totals|
|£|£|£|£|
|General costs|350,461|3,139|192,349|$45,949|
|Property costs|-|-|129,043|129,043|
|350,461|3,139|321,392|674,992|
----- End of picture text -----
% NET INCOMEAEXPENDITURE)
Net incume/(expenditure) is stated after charging/( crediting):
----- Start of picture text -----
||||||
|---|---|---|---|---|
|31.12.23|31.12.22|
|£|z|
|Depreciation-|*.|- owned assets|$7,302|100,547|
|Nire ofplant and machinery|73,403|22,296|
|Deficit on disposal|offixed assets|40,241|-|
|Goodwill amortisation|3,300|3,300|
|Auditors remuneration|6,300|6,300|
----- End of picture text -----
Page 19
continued...
- TRUSTEES' REMUNERATION AND BENEFITS
,
LLANGOLLENRAILWAY TRUST LIMITED
NOTES TO THE FINANCIAL STATEME - FOR THE YEAR ENDED 31ST DECEMBER 2023
There were no trustees’ remuncration or other benefits for the year ended 31st December 2023 nor for the year ended 31st December 2022.
Trustees’ expenses
There were no trustecs’ expenses paid for the year ended 31st December2023 nor for the year ended 31st December 2022.
- STAFF COSTS
| 31.12.23 | 31.12.22 | |
|---|---|---|
| £ | £ | |
| Wagesand salaries | 386,650 | 275,403 |
| Socialsecurity costs Otherpensioncosts |
22.732 5,291 |
17,885 3,939 |
| 414,673 | 297,227 | |
| Key management wages and salaries in the year ammount to £154,941 | ||
| ‘The average monthly number of employees during the year was us follows: | ||
| Administration | 31.12.23 20 |
31.12.22 18 |
No employees received emoluments in excess of £60,000.
- COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted funds |
Restricted fund |
Total funds |
||
|---|---|---|---|---|
| £ | £ | £ | ||
| INCOME ANDENDOWMENTSFROM | ||||
| Donationsandlegacies | 196,936 | 109,212 | 306,148 | |
| Othertrulingactivities Investmentincome |
919,928 553 |
- - |
919,928 553 |
|
| Total | 1,117,417 | 109,212 | 1,226,629 | |
| EXPENDITUREON | ||||
| Rarsingfunds | 436,814 | 199,138 | 635,952 | |
| Charitable activities | ||||
| Generalcosts Property costs |
459,110 40,252 |
6385 60,295 |
465,495 100,347 |
|
| Total | 936,176 | 265,818 | 1,201,994 | |
| Netgainsoninvestments | 19,808 | - | 19,808 | |
| NETINCOME\EXPENDITURE) Transfersbetweenfunds |
201,049 57.278 |
(156,606) (37,278) |
$4,443 - |
|
| Page20 | continued... |
LLANGOLLEN RAILWAY TRUST LIMITED
‘
NOTES TO THE PINANCIAL STATEMENTS-
eae
----- Start of picture text -----
|||||
|---|---|---|---|
|11.|COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES|- continued|
|Unrestricted|Restricted|Total|
|funds|fund|funds|
|£|3|£|
|Net movement in funds|258,327|(213,884)|44,443|
|RECONCILIATION OF FUNDS|
|Total funds brought forward|724,325|2,095,305|2,819,630|
|TOTAL FUNDS CARRIED FORWARD|982,652|1,881,421|2,864,073|
|12|INTANGIBLE FLXED ASSETS|
|Goodwill|
|£|
|COST|
|At|Ist January 2023 and|
|31st December 2023|33,000|
|AMORTISATION|
|At|1st January 2023|AH2|
|Charge|for year|3,300|
|At 31st December 2023|7,642|
|NET BOOK VALUE|
|At|31st December 2023|25,358|
|At 31st December 2022|28,658|
----- End of picture text -----
- ‘TANGIBLE FIXED ASSETS
----- Start of picture text -----
|||||||
|---|---|---|---|---|---|
|Land,|
|Buildings|
|and|Plant anc|Rolling|
|Improvements|machinery|stack|
|£|£|£|
|COST|
|At|Ist January 2023|2,442,183|$90,779|.|
|Additions|189,229|1577|-|
|Disposals|.|(245,993)|4|
|Reclassification|(1,237,960)|(186,069)|1,407,499|
|At3ist|December 2023|1,393,452|160,294|1,407,499|
|DEPRECIATION|
|At|Ist January 2023|674,919|236,709|-|
|Charge|for|year|34,007|15,910|31,550|
|Eliminated on disposal|-|(204,252)|-|
|Reclassification/transler|(437,716)|-|434,974|
|At 31stDecember2023|271,210|48,367|466,524|
|NET BOOK VALUE|
|At|31stDecember2023|1,122,242|111,927|940,975|
|At 31st December 2022|1,767,264|354,070|-|
|Page 21|continued...|
----- End of picture text -----
- TANGIBLE FIXED ASSETS - continued
é
LLANGOLLEN RAILWAY TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS - FOR THE YEAR ENDED 31ST DECEMBER 2023
continued
| 13. | TANGIBLE FIXED ASSETS - continuedASSETS - continued- continuedcontinued | |||
|---|---|---|---|---|
| Motor vehicles |
Computer equipment |
Totals | ||
| £ | £ | £ | ||
| COST | ||||
| At fstJanuary 2023 Additions Disposals Reclassification |
3,800 - - - |
- - : 16,530 |
3,036,762 190,806 (245,993) - |
|
| Al3IstDecember2023 | 3,800 | 16,530 | 2,981,575 | |
| DEPRECIATION | ||||
| At IstJanuary2024 Chargeforycar |
365 380 |
- 5,455 |
911,993 87,302 |
|
| Eliminatedondisposal | : | “ | (204,252) | |
| Reclassification/transfer | - | 2,742 | - | |
| At31stDecember2023 | 745 | 8,197 | 795,043 | |
| NETBOOKVALUE | ||||
| At3istDecember2023 | 3,055 | $,333 | 2,186,532 | |
| At31st December2022 | 3,435 | - | 2,124,769 | |
| 14, | FIXEDASSETINVESTMENTS | |||
| Shares in | ||||
| . : “ A |
||||
| £ | ||||
| MARKETVALUE | ||||
| At IstJanuary 2023and | ||||
| 31stDecember2023 | t | |||
| NETBOOKVALUE | ||||
| At31st December2023 | 1 | |||
| AL31stDecember2022 |
There were no investment assets outside the UK.
he company’s investments at the balance sheet date in the share capital of companics includethe following:
Liangollen & Corwen Railway (Trading) Limited
Registered office: The Station, Abbey Road, Llangollen, Denbighshire, 11.20 8SN
Nature of business: Hire of locomotives
----- Start of picture text -----
%
Class of shire: holding
Ordinary 100
31.12.23 31.12.22
£ £
Aggregate capital and reserves (4.240) (3,820)
Loss for the year (420) (325)
----- End of picture text -----
Page 22
continued...
LLANGOLLEN RAILWAY TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS- continued
,
----- Start of picture text -----
|||||||||||
|---|---|---|---|---|---|---|---|---|---|
|15.|STOCKS|
|31,12,23|31,12.22|
|£|£|
|Stocks|18,575|37,055|
|16.|DEBTORS: AMOUNTS FALLING|DUE|WITLILLN ONE YEAR|
|31,12.23|31.12.22|
|£|é|
|Trade debtors|2,553|9,474|
|Amountsowed|by|group|undertakings|3,530|3,182|
|VAT|14,674|7,639|
|Prepayments and accrued income|154,600|187,864|
|Gill ad|162|3,663|
|175,519|213,822|
|17.|CREDITORS: AMOUNTS FALLING DUE|WITIIIN ONE YEAR|
|31.12.23|31.12.22|
|£|£|
|Bank loens and overdrafts (sce note|18)|-|2|
|Trade creditors|201,796|124,587|
|Social security and other taxcs|20,559|16,597|
|Other creditors|34,028|-|
|Accruals and deferred income|22,308|35,842|
|278,691|177,028|
|18|LOANS|
|An|analysis|of|the|muturity|of|loans|is|given|below:|
|31.12.23|31.12.22|
|£|£|
|Amounts falling due within|one|yeur on demand:|
|Bank overdrafts|-|2|
|19,|MOVEMENT IN FUNDS|
|Net|Transfers|
|movement|between|At|
|At|11,23|in|funds|funds|31.12.23|
|£|£|£|£|
|Unrestricted funds|
|General fund|982,652|(294,544)|400,803|1,088,911|
|Designated|fund|-|-|330,000|330,000|
|Restricted|funds|982,652|(294,544)|730,803|1,418,911|
|Restricted|1,881,421|41,750|(730,803|)|1,192,368|
|TOTAL FUNDS|2,864,073|(252,794)|-|2,611,279|
----- End of picture text -----
Page 23
continued...
LLANGOLLEN RAILWAY TRUST LIMITED
7
NOTES TO THE FINANCIAL STATEMENTS- continucd
19, MOVEMENT IN FUNDS - continued
Net movernent in funds, included in the above are as follows:
----- Start of picture text -----
||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
|Incoming|Resources|Movement|
|resources|expended|in funds|
|£|£|£|
|Unrestricted|funds|
|General|fund|1,161,414|(1,455,958|)|(294,544)|
|Restricted|funds|
|Restricted|166,132|(124,382)|41,750|
|TOTAL FUNDS|1,327,546|(1,580,340|)|(252,794)|
|Compuratives|for movement in funds|
|Net|‘Transfers|
|movement|between|At|
|At1,1,22|in|funds|funds|31.12.22|
|£|2|£|£|
|Unrestricted|funds|
|General fund|694,325|201,049|(242,722)|652,652|
|Designated fund|30,000|-|300,000|330,000|
|Restricted|funds|724,325|201,049|57,278|982,652|
|Restricted|2,095,305|(156,606)|(57,278)|1,881,421|
|TOTAL FUNDS|2,819,630|44.443|-|2,864,073|
|Comparativenet|movement|in|funds,|included|in|the|above|ure|us|follows:|
|Incoming|Resources|Gains and|Movement|
|resources|expended|losses|in funds|
|£|£|£|£|
|Unrestricted|funds|
|General|fund|1,117,417|(936,176)|19,808|201,049|
|Restricted|funds|
|Restricted|109,212|(265,818)|-|(156,606)|
|TOTAL FUNDS|1,226,629|(1,201,994)|19,808|44,443|
----- End of picture text -----
é
LLANGOLLENRAILWAY TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS-continued FOR THE YEAR ENDED 31ST DECEMBER 2023
19. MOVEMENT IN FUNDS - continued
A current ycar 12 monthsand prior ycar 12 months combined position is as follows:
----- Start of picture text -----
|||||||
|---|---|---|---|---|---|
|Net|Transfers|
|movement|between|At|
|At|1.1.22|in funds|funds|31.12.23|
|£|£|£|Z|
|Unrestricted|funds|
|General|fund|694,325|(93,495)|158,081|758,911|
|Designated fund|30,000|-|630,000|660,000|
|724,325|(93,495)|788,081|1418911|
|Restricted|funds|
|Restricted|2,095,305|(114,356)|(788,081)|1,192,368|
|TOTAL FUNDS|2,819,630|(208,351)|-|2,611,279|
----- End of picture text -----
A current year 12 months and prior year 12 months combined netmovemein funds, i n cludedt in the above are as follows:
----- Start of picture text -----
|||||||||
|---|---|---|---|---|---|---|---|
|Incoming|Resources|Gains and|Movement|
|resources|expended|losses|in funds|
|£|£|£|£|
|Unrestricted|funds|
|General fund|2,278,831|(2,392,134)|19,808|(93,495)|
|Restricted|funds|
|Restricted|275,344|(390,200)|-|(114,856)|
|TOTAL. FUNDS|2,554,175|(2,782,334)|19,808|(208,351)|
|Restricted|Funds;|Balance b/fwd|Income|Transfers|Expenditure|Balance c/fwd|
|Pannicr Fund 7754|-|16,000|-|-|16,000|
|Engine Shed|25,000|-|°|(25,000)|x|
|Wagon Fund|440|-|-|(22)|Als|
|Corwen Extension|1,406,495|-|(723,569)|(20,088 )|662,838|
|Flail Appeal|$,618|:|.|(624)|4991|
|SPF grant|-|29,030|-|-|29,030|
|TSO Coach|975|-|-|(20)|955|
|‘Truck|Maintenance Fund|6,500|-|.|(6,500)|-|
|Cowans - Crane Fund|13,500|8,000|-|(13,800)|$,000|
|CCRD - capital|66,805|9,550|-|(19,713)|56,642|
|Full steasn ahead|fund|128,192|-|(7,231)|(14,883)|106,078|
|Corwen canopy DOC|64,401|96,601|-|(4,735)|156,267|
|Grunt|- platform|project|163,380|-|-|(12,232)|151,149|
|General|Fundraising|118|-|-|(117)|-|
|L.881421|159,18)|(730,800)|(117.434)|1,192,368|
----- End of picture text -----
Page 25
continuod...
LLANGOLLEN WAY TRUST TE
‘
NOTES TO THE FINANCIAL STATEMENTScontinued
20. CAPTTAL COMMITMENTS
31.12.23 31.12.22 £ £ Contracted but not provided for in the financial statements - 96,601
21. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31st December 2023.
22. GUARANTEES BY MEMBERS
‘The company is limitedby guarantee. Each member has agreed to pay £1 in the event if the charity being wound up.
Page26
,
LLANGOLLEN RAILWAY TRUST LIMITED
| 31.12.23 | 31.12.22 | |
|---|---|---|
| £ | £ | |
| INCOMEANDENDOWMENTS | ||
| Donationsandlegacies | ||
| Donations | 52,755 | 39,381 |
| Giftaid | 2,614 | 29,841 |
| Legacies Grant income |
52,493 132,582 |
160,348 56,578 |
| 240,444 | 306,148 | |
| Othertradingactivities | ||
| Cafeincome Ticketsales Subscriptions Magazines,ralesandlocomotivehire |
104,002 $64,072 20,480 47,453 |
68,477 748,650 32,674 29,630 |
| Holiday Icttingincome Other sales |
24,087 22,754 |
22,040 18,457 |
| 1,082,848 | 919,928 | |
| Tavestment income | ||
| Bankinterest | 4,254 | $53 |
| Totalincomingresources | 1,327,546 | 1,226,629 |
| EXPENDITURE | ||
| Othertradingactivities | ||
| Purchases Cateringpurchasesandconsumables Wages Socialsecurity Pensions Hireofplantandmachinery Steamingexpenses Holiday lettingexpenses |
240,239 $2,212 386,650 22,732 5,291 73,403 80,361 12,045 |
241,642 52,570 275,403 17,885 3,939 22,296 15,379 6,338 |
| 902,933 | 635,952 | |
| Charitable activities | ||
| Advertising | 2.415 | 1,359 |
| Supportcosts | ||
| Management | ||
| Rentundrates Insurance Lightandheat Telephone ‘ Printing, stationery and advertising Curriedforward |
36,739 102,086 99.269 16,497 12,716 267,307 |
20,438 $7,814 77,907 2,270 11,356 199,785 |
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|---|---|---|---|---|---|---|---|---|
|DETAILED STATEMENT OF FINANCIAL ACTIVITIES|
|FORTHE|YEAR|ENDED|31ST|DECEMBER|2023|31.12.23|31.1222|
|£|£|
|Management|
|Brought|forward|267,307|199,785|
|Legal and professional|10,353|14,805|
|Sundries|32,824|AG|6A4|
|Accountancy|8,198|16,360|
|Travel and motor expenses|11,750|2,055|
|Training and recruitment|6,704|6913|
|Subscriptions|13,125|6,462|
|350,461|293,024|
|Finance|
|Bank|charges|3,139|3,673|
|HMRC|interest|-|215|
|3,139|3,888|
|Other|
|Repairs and maintenance|95,259|93,608|
|Contractors|95,290|70,316|
|Goodwill|3,300|3,300|
|Land, building and|improvement depreciation|34,007|$1,965|
|Plant and machinery depreciation|16,290|48,582|
|Depn ofrolling stock|31,550|-|
|Computer equipment|5,455|-|
|Profit|on|sale|of|tangible|fixed|asscts|40,241|-|
|321,392|267,771|
|Total resources expended|1,580,340|1,201,994|
|Net (expenditurc)/income|before gains and|
|bosses|(252,794)|24,635|
|Realised|recognised|gains and|losses|
|Realised gisins/losses on unlisted investments|-|19,808|
|Net (expenditurc)/income|(252,794)|44,443|
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