Company regi5rrntTron number.. 03299431 Chan"ty registration number. 1060193 Devon Diesel Society Limited (A company limited by guarnntee) Unaydited Annual R¢pon and Fioan¢ial Swemertts for thc Year Ended 31 Dember 2022 Peplows Limiied Chartered a¢counthnts Moorgate House King Street Newion Abt4)t Devon TQ12 2LG 111111 1111 *AC48ZSIIT4 1W0812023 COMPANIES HOUSE A07
Devon Diesel Society Limited Contents Reftrence and Administrdtivc Detsils Tntres, R¢pon (Including Di¢10. ryort) 2to4 Independent Examincrf5 Report SraE¢ment of Fioancial Activilies Balance Shtet Notes lo the Financial Staiem¢n 8t0 16
Devon Diesel Society Limited Reference and Administrative Details TTUStees Mr J K Morton Mr R A Evans Mr I S Mills Mr D Martin Mr K D Atkinson Comp•ny sttret8ry Mr D Martin Prineipl Office 78 Brarttwood Prive Pajgnton Devon TQ4 SHY Company Registration Number 03299431 Charity Regislrlion Number 1060193 Page I
Devon Dlesel Society Limlted Trustees. Report (including Dfirettors. report) The Tnte¢S pres¢nt their r¢FKJrt and the unaudited finan¢ial sthiements of the crity for the year ended 31 December 2022. The ttusiee5 have adopte4J the provision5 of the SiatemMt of Recornmended Prnctice (SORP) "Accounting a1 Reporting ty Clw"Ities- in preparin8 the 4nnual report and financial $ements of the cbarity. The tnLStees, who are directors for the purposes of company law. preseni the annual report together with the financial stat¢m¢Thrs of the chariiabl¢ cornpany for the year ended 31 December 2022. Tr•sttts Mr J K Morton MT K D AtkiiL80tt Mr R A Evans Mr I S Mills Mr D Martin Stru¢hr< govertsnee and mn%emeHI Th¢ charity is Gontrolled by its govemitsg docutnts( a MeTr)randM of associatioo and constilute5 a limittd Compally, limjted by guaTatLtee, as d¢fin¢d by the Companies A¢t 2006. The cornpany was incorporated on 6 January 1997 and rc8isrcd a5 a charity on 16 Jartll 1997. The liability of full member5 of the charity is art ttndcrtakirtg to corttribut¢ to the ass¢t$of th¢charttsble company in the evenl of li b¢in¥ wound up. while a member. or within one year of ctasing io b¢ a member, a sum not cxcceding on¢ pound. RecrMibNentoMd appoirtimenl oftru5tses Th¢re should b¢ a minimum of thr¢e trustees at any time. but theTe is no maximum. A (hird of trustee5 ailtomatically retire at ¢very AGM but may be reappoiThled if they wish to continue. New truste¢s must bc recomrn¢ndeJJ by existing trustees and must b¢ ai leasl 18 Y15 01 Tn1$ are 1 remuneTated. OYgonisetioNdslrnclMre The Chartly is not part of a group. The tnL5t¢¢s meet at le&4 three tirncs a yearto di5cussprogr¢s5ion against objertives andto fom)ulate fijture plans. Pagc 2
Devon Diesel So¢iety Llmited Trustees. Report {including Directors, report) obj¢1¥e5 xfti¥itie5 Objects ainss The Charity's objectivcs are to advance the education of the public in the history and development of rdilway$ and locomotion by thepreservation of diesel lo¢Omotiv. rolling sto¢k aml other equipment and im¥ Th¢Chanty ¢LLrrtritlyown$ thF¢e lo¢omoiiv¢s. Clas$ 50 D402. 37 D6737 andClass04 D2246. The company also owns a I) year old fonner Greai Wesrn B2ilway t1 VaD. a Rec Tknk flat bEd rail vehicle and a Siphon '[" goods vchiclc. There have been no changes in the Charity's obfflives since the report. Any sUlUS geThered by its activjties is applied to its charitablt purposes. The aims of the Charity are to preserve the long terni fi]thrt of the rolling stwk and to provide mefflb of the public with cducaiional infonDalioTr Tr learn I1 thc mainlcnan¢c aThJ 011(} of locomolives and rolling stock. Objectives 51r4legies And&clivilies The Charity rdises fund5 Predorninantly by nmnin8 vafiDUS bccr ftstiv81$ on the South Devort Railway, and ¢he rEceip¢ of regular subscriptions_ P#hlic b¢nefil Educalion of th¢ public in the mainienance and the runnin¥ of ihe l¢xotnotiv&. The irusiees confrn thai they have complied with the wuitements of stttion 17 of the Ctwitics Act 2011 ¢0 have due regard to the public benefii guidance wlish by the Ch¥ity Cornmission for England and Wal¢s. Granl •Kolringpolicies The Charity can use 5wpIu5 unrestricd fid$ to mak¢s to other i)[8ati1os if suGh applications ore in accordance with the objectives of ihe Charity- The Charity rteeives the beDefit of volunteer 5crvice5" these art not vthed ill the accounts as this cannoi be quaniified. Tbe volunteers fill wious roks. such ¥ vehi¢l¢ rtsioration and D)aintenaTrce and a55i$ling with fund rai5in8 All of th¢ Board of Truses ar¢ volwiteers. Achi¢vemeRts 4ndonOn<¢ During the yeai the rhariry mad¢ a surplu51(defJcit} from nd raisin8 tvents of£1 3.32712021 ~£5,311) and had chatiiable expenditsue of £49.091 (2021- £41.480). The defi¢ii for the year wa5 £28.597 {2021 £28,353). The deficit was planned 35 the charity is invesiing heavily io the repair and refurbishmcnl of its locomotJ¥es. Page 3
Devon Diesel Society Lirnited Trusttts. Report (Including Dirertors, report) Financ541 review Ai the end of the year the cbarity had W¢stria¢d SerV¢S of £21316 (2021 . £49,681). Policy reserv The Charity continues irs policy of a¢¢thnulating fiLt)d% provide for large stal¢ restQTalionloverhaul work on its locomotives and rtslling Swck. Prin¢ip4lfxndiMg50Mrees Fund5 are predominantly rald via regular donation amounts and by the nwfiing of b¢rr frstivals on the South Devon Railway. Going concern The accoun15 prepared on the going ri)ntern b&sis as no maierLal uncertairtLLes exist. For the financtal year ending 31 December 2022 th¢ Charity •itiLled io ex¢mpiion from audit un(kr 5cction 477 of the CompaniES Aci 2006 relating to srn3U Companics. Directors, responsibilities.. Th¢ members have not requi th¢ Charity to obtsiTh an audit of 115 accounts for the y¢ar in question in a¢¢ordance wilh stttion 476. artd Th¢ direciors a¢knowledgt their r¢sponsJbiliiies for ¢omplyin8 with the requirements of the Act with respect io accountsThg ffcords and the pr¢paration of accounts. These accounts have been prepaTtd in ac¢ordarttwith the pmvisioAs applicable to companies subject to rhe small cornpanirs Tegime. The annual repon was approved by th¢ tnLStee5 of the Chariry on 15 Augum 2023 8x¥J s>gned on its behalf by.. Morton TnL5tee Page 4
Devon Diesel Society Limited Independent Examfiner's Report to the trustees of Devon Diesel Society Limited I report to the ¢h8nty tnjsiees on my examination of the accounts of ihtcompany forthe y¢ar ended 31 DeceMr 2022 which ar¢ set out on pages 6 10 16. Responsibilities and basis of report As Ihe charity truste¢s of th¢¢ompany {andalso Itsdirecto forthe pul[Se5 ofcompany law}you are responsibl¢ for the preparation of th¢ a¢¢ounts in a¢¢ordance with the requirements of th¢ Cornpanies Aci 20061'ih¢ 2006 Act,). Having satisfied mys¢lf that the accounts of the company are not required to be audited under Pan 16 of the 2006 Act and are eligible for Independent examination. I re in re5peci of my examination of your company's accounts as carried rjut under se¢iion 145 of the Charitie5 Act 2011 ('thc 2011 Act.). In carying out my examination I have follow¢d the Directions vert by the Cbarity CornmiSSiOD under section 145{5)(b) of th¢2011 ACL Ind£p¢ndent ex#ThiNer'$ 5taternent I have completed my examination. l ¢onfimi th* no rnattc have cornc to my attention in connection with the examination giving me cause to believe thai any matcrial respec1= l. acrounting records were not kept in Tespect of the cornpany as required by section 386 of ihe 26 Aci" or 2. the actounts do not accord with those rttords.. or 3. the accounts do I¢ comply wilh the accouolin8 rquir&nents of secrion 396 of the 26 Act other than any requiremerti ihai the aount581yc a'lrue and fair view. which Is nota maiterconsidertd as part of an independent examiDation- or 4. Ihe aLrtsuniS have not been prepared in accordaftrx with the methods and principl¢s of the Statement of Recommended Praciice for accouniing and reporting by ¢hariii¢s. J have concems and hav¢ Come a¢TOSS nD iJttKr rnatte in conncctton with the cxamination to which attention should be drawn Jo this repori its order io enabk a proper under5tandin8 of the accounts to be reaclied. Michael Young FCA Moorgaie House King Sirect Newton Abbot Devon TQ12 2LG 15 August 2023 Pag¢ 5
Devon Diesel Society Limited Statement of Financial Activities for the Year Ended 31 December 2022 (Including Income and Expenditure Account and Statement of Tot81 Recognised Galns and Losses) UMrestr¥¢ted f•d$ Tot•1 2022 Tot81 2021 Res¢rkted Income znd EndoY4ments from: Donations and legacies Other trading activitics IAveslm¢nt incotnc 1,503 32.S82 7.170 8.673 32.582 9.618 14,737 Total In¢otne EIpenditure OD: Raisirtg fvnds Charitable adivities (19.255) 136,582) (19,255) 149.091) (9,426) (41.480) (12,509) Other costs Total Expenditur¢ Net Income I (Expenditure) 28.353 Gross transfers between funds Other recogni5ed 84in5 #nd losses Nel movement Jn funds (28,465) (132) (28,597) (28J53) Reconciliation of fuTrds To¢al fund5 brought forward 49.681 13.121 Total fur¥ls Carr1 forward 14 All of the Charity's activities derive from continuiD8 operaiioos duriD8 the ats)ve two periryJ& The ful bTeakdown for 2022 is shown in ty)te 14. Pa8e 6
Devon Diesel Soelety Limited (Registration number." 03299431) B21anee Sheet as at 31 December 2022 21122 2021 Note Flx¢d $¢t$ Tangible ass¢is 12 2.761 4.524 Cuent assets Cash 4t bank and in hand 32,644 59.478 Creditors: Amouttts flliBg du wltbln ott¢ ytsr 13 Net ¢urrent Assets Net ¥s$¢t$ 34.205 Funds of the Charlty: Restricted incornt funds 14 12.989 Unrestrl¢ted income funds 14 Total funds Foi the fJnaDcial year ending 31 D¢c¢mb¢T 2022 the Chanty enliiled io exemptbon frojn audit under seciion 477 of Ihe Companies Aci 21NJ6 rt131ing small companies. DirectOT5' re5pJn$ibilLties.' Th¢ members have nor required the Charity to obtain an audit of its ac¢ounts for th¢ year in question in accordance with section 476. and The direclors acknowledge their responsibilities for complyxog with the requirements of the Act with t¢spe£t to accounling record5 and the preparation of ac1Tr Thc5c accounts have bttn prcparcd in accordance with thc provisions applicabl¢ to companies sllbjt to the small cotnpanie5 regime. The financial $tatem¢nts on pages 6 to 16 were approved by the truste4 and authon"s¢d for i$5ue on 15 Augusi 2023 and signed or) tb¢ir behalf by= Tntee Pa8t 7
Devon Diesel Society Limited Notes to the Flnancial Ststements for the Year Ended 31 Detember 2022 l Aecounting policie5 Summary of slgifÈ¢ant ¢¢ounting pgli¢iu and key c¢ounting e5tim8tes The principal attouniirtg p)li¢i¢s applied iti the preparation of these finan¢ial slatetnenls are xt out below. These policies have been ¢onsisiertily applied to all the years presente4 unless otherwise stated. B$is of pr¢p•rtion Devott Diesel Society Limited is a charity aDd a prive compatty. limiied by guaraDtee, in England and Wales. In lh¢ ewent of the Charity being wound up. th¢ liability in TESpe¢t of the guardntee is IimLtrd to £1 per member of the charity. Th¢ address of th¢ r¢8JStered tsifi¢¢ LS given Jn the charity irtfomiaiion rjn pa8e l of these fiDan¢ial stalemcnts. The of the ¢hariry'S operatiotss and prirtcipal actlvllies art given in the Irustccs, report. The charity ¢onsiiNtes a public beoefii eniiry &sdefJTred by FRS 102. The fmaDcial Ststements hav¢ bccn prepared in accordance wilh Accountin8 and Reportin8 by Charities.. sement of Recommended Practice applieable to charitles PTeparjtL8 their account5 Ln accordance with tht Financial Reporting Standard appljcable in ihe UK attd R¢publi¢ of Ireland issued in Octobrr 2019. thc Financial Rew)rting Standard #pplitable in the United Kingdom and Republic of Ircland {FRS 102). the Charitics Acr 2011. and UK Gentrally Accepted Aceounling Practice. The financial statements art prepared on a going ¢on¢ern basis uThd¢r th¢ hLStorical ¢ost convention. rnodified to includ¢ certasn iierns at fair value. The financ131 Sthlernents or¢ prtsenied in sterlin8 whTrch is the fvnclion31 urrency of the charity and rounded to the neatem £. Incomt #nd endowmeThts Beer festival incorne.. Rec¢ipts and payments related to the beer festivals are credited income and debited w expenses as they a Iransa¢i¢d. Substriptjon and appeal inrome: Subscriptjons and appeal rtvenues are trld 10 irKorne they are received. Invesrmeni income Int¢st.. Bank intrrest received 15 credited to inrAJme it L$ Tffeived. Expenditurt Roistngfullds These are costs incurred in attncting volutsrary irKom< th¢ mana8em¢ot of investments and ihose incurred in rrading aciiYiti&s that rntse t[as. P•ge 8
Devon Diesel Society Limited Note$ to the FIneIl Statements for the Year Ended 31 December 2022 ChtTriloble ÈTcliwli¢5 Charitabl¢ expenditure corttpfise5 ibose sts uKurrrd by the Cbarity In the delivery of its activities and services for its bentficiarics. It includes both costs thai can be allocatcd directly to such activities and those costs of an IndiCl natll necessary to support them. Support ¢ost$ Support costs include ¢ertlrdl functions and have bcrn alktsied to activity Cost categories on a basis consistent wilh the use of resow¢e& Goverwan£e costs These include th¢ costs attributabl¢ the Tharity's ¢ompliance with ¢onstitutional and statutory requirements. ncludin8 ¢xaminatlW4 5traiegi¢ 11]aoa8¢tneni and Tnlsiee's rne¢Lin8s and teimbursed expenses. T•x#tion The ChaTLty is considered to pass ihe tests sel out in Paragraph I Schedule 6 of the Finan¢e Aci 2010 and therefore it meets ihe definition of a charitabl¢ rompany for UK ¢wratiOn lax purposes. Aceordin8ly. the Charity is Polenlially ex¢mpt from wtion Jn rrspecl of InMe or Capitsl gains received within categoric5 covered by Chapter 3 Part I l of the Corporation Tax Atl 2010 or Seeiion 256 of the Taxation of Chargeablc Gain5 Act 1992. rts the exicnt that SiLth ineome or gains ale 4)plied exclusively io charitsble purposts. Tangffible fixed a55ets Fixed &ssets are included ioitiaily ot ¢05t. Dtpre¢l•tion thd #mortistioth Depreciatton is provided on Mngible fjxed assets so as to wriieoff the¢0 or valuation. lessany ¢stimal&l residual value. over their pected useful cconornic life as follows= Asset class Locomotives Rolling stock Computer and othu equipmenl Deprtciititsn method 8Ad rAte straigbt line 20 year5 51rnighi lint 5 ycaFS straighi line 3 years Cash and cash equlval¢nts Casb and cash equivalents comprise ¢4sh on hatKl¥nd call d¢tM)sits, and othershort-t¢rm hi8hly liquid investnjents thai are readily convertible to a kTh)wn amowif ofcash aThl are subje¢1 to an insignIfant risk of change in Value. Page 10
Devon Diesel Soeiety Limited Noles to the Financfial Statements for the Year Ended 31 December 2022 FuThd 8rcouAtimg Unreslricted income funds arc 8eneral fun& ihat are available for use at the trustee'5 discretion in furtherdn# of Ihe objectives of the Charity- Designaied fimds are un51¢ted fwids and are resrrtLW seÈ aside for 5pecifLC purposes at the discretitin of th¢ Irustees. Restricted in¢ome funds are those donad for use in a parti¢ular arca or for specific PUTPDses. thE us¢ of whi¢h is restricted to ihal area or pu$t. 2 Income from donatlon5 aDd l¢c¢ks Total 2021 2022 Regutar 8JVLng and capiral donations 8.673 £7.170 (2021- £8.119) of the above income was anributed to th¢ restrictrd filnds. £1,503 {2021- £1.499) of the al%)v¢ inwtll¢ Wds altribut¢d to the unrestricted funds. 3 In£om¢ frnm other trAdiog •¢tlvitl¢s Tot1 Z022 2021 InLome from futthi$ing event5. Beer festival income and mI¢11ant0uS sak5 £32,582 {2021- £14.737) of the above inwme attributed to the unrtstricted fvtjds. 4 InvtSith¢Dt Intome Tot1 2022 Tot81 2021 Interesi r¢teivable and similar it)com¢" Int¢r¢st r¢ceivable on bank deposits £9 {2021- £41 of the alKsve iocome was attributed io the testricied fi]nds. £Nil (2021 - £Nill of the al)ove in¢ome wa5 attributrd to the unTEStriCt funds. Page 10
Devon Diesel Society Limited Notes to the Finan¢i41 Slatements for the Yer Ended 31 De¢ember 2022 S Expend51¥re on r#islnR f4ds Cost of trading activities Total 2022 Total 2021 Costs of goods sold Support costs Donations 17.667 1,488 100 7.806 69 £Nil {2021- £Nil} of th¢ above ¢osts were attributed w the restri¢i¢d fiuMI& £19,25512021- £9,426) of th¢ at#)ve ¢osts were attribuied w the wirestri¢ted fund& 6 Expeditur¢ on ¢hritAbk 2£tiviti Artivity dert*ke dlredly Activity support C115ts Total 2022 Total 2021 Mainienance of locomotives 32 £12.50912021- £18.285) of thc above ¢0515 wcrc attrilted to th¢ r¢stri¢ied fijnds. £36.582 (2021- £23.195) of the above Co$ were attriiwted io the ride4j funds. Pagell
Devon Diesel Society Limited Notes to the Financial Statements for the Year Ended 31 D¢¢emb¢r 2022 7 An#lysls of gffvv¢rn•ne¢ 2nd support Costs Support $t5 allotat¢d to chri¢bk 4ctivities Totxl 2022 Totsl 2021 Basis of llotlion Maintrnan¢¢ of lo¢omoiiv¢s 2.326 Supp(rt ¢osts allocated to other expendilure Tot#J 2022 Total 21121 B$l$ ol allocatio Fund raising activities Basls of alloratio Ref¢rtn¢¢ Mdh(Ml of *lJotation 6(PA of general support COSIS. including govemance co5, are allocated to the charitable activirits of the ¢harity. 4 of general $llprt costs, including govemaD ¢lSSt8 are allocated to the fuThJr#ising actLVltits of the charity- Total Z022 T•t41 Ifidepetmleni eKthinations fees otr governan¢e tijsts 1.236 279 1,488 318 1.806 £Nil {2021- £Nil) of the aFx)ve Costs were a¢tribu¢cil to th¢ Strir1ed funds. £1.51512021- £1,806) of the above COSLS were attributed ¢0 the utWi¢Led fvnd5. Page 12
Devon Diesel Society Llmited Notes to the FiDgndal Statements for the YeAr Ended 31 December 2022 8 Net intomirty/loytgoSngl r¢SOT£e1 Net incoming resou¢$ for the year include: 2022 2021 Depreciation of fed assets 763 9 Trustees. remuneration gThd expenses No truste¢s. nor any persons ¢onn¢ci¢d with thenL hav¢ rettiv¢d any remuneration frorn the charity during the year. Durin8 the year the tnLSttrs have rtceivl reimburstm¢nt for expenses paid totalliD8 £5.WJ (2021- £5.003). 5 of the tru51eu were reimbursed for the expenses during the ytar. which related to the charitable adiviti¢s of th¢ company. A$ ihe Charity does t have its own cth"t card faciliti¢4 tnL5tees frequently pay bills on bthifof Ihe Charity usin8 personal credii cards ar1 then reclaim the costs 10 SIAff costs Th¢ monthly av¢rng¢ Durn[ o(p¢rso&s(inrludtng senior managemcttt team) crnployed by iht Charity dwing the year expres5eil as full-tim¢ cquivalenls was as follows." 1022 2021 No Tnts¢tts No employcc Te¢eiv¢d emolumenis during the year. I l Taxatio No tax was chargtd in theyear (2021- £nil). Page 13
Devon Diesel Society Limited Notes to the Financial SLgtements for the Year Ended 31 Dttember 2022 12 Tngible fixed assets Computer and Rolling 51vk other equipment Locomotives Total Cost Al l January 2022 7.552 At 31 Decemb¢r 2022 7.552 Depreci# At l January 2022 Charge for th¢ year 1,450 7.552 47.471 1.763 56.473 1.763 Ai 31 tkr¢mber 2022 7.552 58 36 Net book v41ve At 31 December 2022 2.761 2.761 At 3] De¢emb¢r 2021 4.524 13 Credilors: arnounts falling due witbin one yer 2022 2021 Page 14
Devon Diesel Society Limited Notes to the Financial Ststements for the Year Ended 31 December 2022 14 Fund5 Balance at I January 2022 Incoming resources Resourtts expended Trnn$fers Bal•nt¥ at 31 December 202Z Vnre5tricled fuDd$ unrestr1ctsdge#erfThds General fund 45.913 34.085 (53.584) (5.198) 21,216 Uhres¢ricledde$igff41edf44Td5 Maintenance Fund 3.768 3.768 3.768 3.768 Totgl rtrIcted f•hds Re5trieted funds Clas5 50 Fund Class 37 Fund Maintenance Fund 4.188 7.566 4222 1,610 (7.595) (2,200) 815 9,437 2,461 Total resiricted fwnds Toiil funds 41 Balance at I January 2021 Incoming resources Re5ource5 expended Tr8n5fers B8lance #t 31 Decernber 2021 Unre5trrcted fund5 UMrestrictsdgeM¢rolf#*ds General fijr 37.634 16236 (15.708) 7.751 45.913 Unre51rirleddesign4¢edfund5 Class 50 Fund Class 37 Fund Maintettan¢e Fund 16,093 10.082 (IS.169) (3.255) 295 (924) (6.827) T•t•l unrestricted funds 67,872 Rairicted funds Class 50 Fund Class 37 Fund Maintenance fiu)d 17.426 5,857 5,047 1,709 (18,285) 4,188 7.566 Total restrlcted funds 8.1?3 Trfgl fund5 91.155 24.359 52.712 Page 15
Devon Diesel Society Limited Nole$ to the Financigl Statements for tbe Year Ended 31 December 2022 The 5peeifJc PUfFW5 for which th¢ funds are io bc appliedare &$ follows: Class 50 Fur This fiujd 15 restricted 10 direct expenditure io mainlain and overhaul ihe class SO locomotive owned by the Charity. Class 37 Fund This futKI is restricted to direct expenditure to tnainiaiD aThJ ovcthaul the class 37 locomotive owned by the Ch)rity. Maintenats¢e Futhd This fiEnd is restricied 10 direct eXPdIDre io maintsin Charity's fleet of lo¢omoiives and vehicles. 15 Angty$i$ of net assets between fund5 Gcneral fund Resrricted Totsl Tangible fixed assets Currcnt as5ers 2,761 19.655 (l21)0) 21.216 2,761 32.644 (1,200) 34.205 12.989 Curreni liabililies Total net &WL5 12.989 16 Related party transactions Th¢r¢ were no relaied patty trnnsactions in the Yr. Page 16