Company registration number: 03299431 Charity registration number: 1060193
Devon Diesel Society Limited
(A company limited by guarantee)
Unaudited Annual Report and Financial Statements
for the Year Ended 31 December 2023
Peplows Limited Chartered accountants Moorgate House King Street Newton Abbot Devon TQ12 2LG
Devon Diesel Society Limited
Contents
| Reference and Administrative Details | 1 |
|---|---|
| Trustees' Report (including Directors’ report) | 2 to 4 |
| Independent Examiner's Report | 5 |
| Statement of Financial Activities | 6 |
| Balance Sheet | 7 |
| Notes to the Financial Statements | 8 to 16 |
Devon Diesel Society Limited
Reference and Administrative Details
Trustees
Jon Morton Rob Evans Ian Mills David Martin Karl Atkinson Chris Deacon (appointed 9 November 2023) Derek Higgs (appointed 9 November 2023) Adam Howard (appointed 9 November 2023)
Company secretary
David Martin
Principal Office
78 Brantwood Drive Paignton Devon TQ4 5HY Company Registration Number
03299431
Charity Registration Number
1060193
Page 1
Devon Diesel Society Limited
Trustees' Report (including Directors’ report)
The Trustees present their report and the unaudited financial statements of the charity for the year ended 31 December 2023. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” in preparing the annual report and financial statements of the charity.
The trustees, who are directors for the purposes of company law, present the annual report together with the financial statements of the charitable company for the year ended 31 December 2023.
Trustees
Jon Morton Karl Atkinson Rob Evans Ian Mills David Martin Chris Deacon (appointed 9 November 2023) Derek Higgs (appointed 9 November 2023) Adam Howard (appointed 9 November 2023)
Structure, governance and management
Nature of governing document
The charity is controlled by its governing document, the articles of association, and constituted as a limited company, limited by guarantee, as defined by the Companies Act 2006.
The company was incorporated on 6 January 1997 and registered as a charity on 16 January 1997.
The liability of full members of the charity is an undertaking to contribute to the assets of the charitable company in the event of it being wound up, while a member, or within one year of ceasing to be a member, a sum not exceeding one pound.
Recruitment and appointment of trustees
There should be a minimum of three trustees at any time, but there is no maximum. A third of trustees automatically retire at every AGM but may be reappointed if they wish to continue. New trustees must be recommended by existing trustees and must be at least 18 years old.
Arrangements for setting key management personnel remuneration
Trustees are not remunerated.
Organisational structure
The Charity is not part of a group.
The trustees meet at least three times a year to discuss progression against objectives and to formulate future plans.
Page 2
Devon Diesel Society Limited
Trustees' Report (including Directors’ report)
Objectives and activities
Objects and aims
The Charity’s objectives are to advance the education of the public in the history and development of railways and locomotion by the preservation of diesel locomotives, rolling stock and other equipment and items.
The Charity currently owns three locomotives, Class 50 D402, Class 37 D6737 and Class 04 D2246. The company also owns a 100 year old former Great Western Railway tool van, a Rec Tank flat bed rail vehicle and a Siphon “G” goods vehicle.
There have been no changes in the Charity's objectives since the last report.
Any surplus generated by its activities is applied to its charitable purposes.
The aims of the Charity are to preserve the long term future of the rolling stock and to provide members of the public with educational information to learn about the maintenance and restoration of locomotives and rolling stock.
Objectives, strategies and activities
The Charity raises funds predominantly by running various beer festivals on the South Devon Railway, and the receipt of regular subscriptions and donations.
Public benefit
Education of the public in the maintenance and the running of the locomotives.
The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.
Grant making policies
The Charity can use surplus unrestricted funds to makes grants to other organisations if such applications are in accordance with the objectives of the Charity.
Use of volunteers
The Charity receives the benefit of volunteer services; these are not quantified in the accounts as this cannot be quantified.
The volunteers fill various roles, such as vehicle restoration and maintenance and assisting with fund raising activities.
All of the Board of Trustees are volunteers.
Achievements and performance
During the year the charity made a surplus/(deficit) from fund raising events of £16,215 (2022 – £12,989) and had charitable expenditure of £30,299 (2022 - £49,091). The deficit for the year was £482 (2022 - £28,597). The deficit was planned as the charity is investing heavily in the repair and refurbishment of its locomotives.
Page 3
Devon Diesel Society Limited
Trustees' Report (including Directors’ report)
Financial review
At the end of the year the charity had unrestricted reserves of £17,312 (2022 - £21,216).
Policy on reserves
The Charity continues its policy of accumulating funds to provide for large scale restoration/overhaul work on its locomotives and rolling stock.
Principal funding sources
Funds are predominantly raised via regular donation amounts and by the running of beer festivals on the South Devon Railway.
Going concern
The accounts are prepared on the going concern basis as no material uncertainties exist.
For the financial year ending 31 December 2023 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 Charity to obtain an audit of its accounts for the year in question in accordance with section 476; and
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The annual report was approved by the trustees of the Charity on 18 September 2024 and signed on its behalf by:
Jon Morton Trustee
Page 4
Devon Diesel Society Limited
Independent Examiner's Report to the trustees of Devon Diesel Society Limited
I report to the charity trustees on my examination of the accounts of the company for the year ended 31 December 2023 which are set out on pages 6 to 16.
Responsibilities and basis of report
As the charity trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 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 your company’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 that in any material respect:
-
accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or
-
the accounts 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 accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities.
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.
...................................... Michael Young FCA
Moorgate House King Street Newton Abbot Devon TQ12 2LG
20 September 2024
Page 5
Devon Diesel Society Limited
Statement of Financial Activities for the Year Ended 31 December 2023 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)
| Note Income and Endowments from: Donations and legacies 2 Other trading activities 3 Investment income 4 Total Income Expenditure on: Raising funds 5 Charitable activities 6 Other costs 7 Total Expenditure Net Income / (Expenditure) Gross transfers between funds Other recognised gains and losses Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward 14 |
Unrestricted funds £ Restricted funds £ Total 2023 £ Total 2022 £ 7,625 7,545 15,170 8,673 37,760 - 37,760 32,582 - 128 128 9 |
|---|---|
| 45,385 7,673 53,058 41,264 |
|
| (21,545) - (21,545) (19,255) (26,048) (4,251) (30,299) (49,091) (1,696) - (1,696) (1,515) |
|
| (49,289) (4,251) (53,540) (69,861) |
|
| (3,904) 3,422 (482) (28,597) |
|
| - - |
|
| (3,904) 3,422 (482) (28,597) 21,216 12,989 34,205 62,802 |
|
| 17,312 16,411 33,723 34,205 |
All of the Charity's activities derive from continuing operations during the above two periods.
The funds breakdown for 2023 is shown in note 14.
Page 6
Devon Diesel Society Limited
(Registration number: 03299431) Balance Sheet as at 31 December 2023
| 2023 | 2023 | 2022 | 2022 | ||
|---|---|---|---|---|---|
| Note | £ | £ | |||
| Fixed assets | |||||
| Tangible assets | 12 | 998 | 2,761 | ||
| Current assets | |||||
| Cash at bank and in hand | 33,925 | 32,644 | |||
| Creditors: Amounts falling due within one year | 13 | (1,200) | (1,200) | ||
| Net current assets | 32,725 | 31,444 | |||
| Net assets | 33,723 | 34,205 | |||
| Funds of the Charity: | |||||
| Restricted income funds | 16,411 | 12,989 | |||
| Unrestricted income funds | 17,312 | 21,216 | |||
| Total funds | 33,723 | 34,205 |
For the financial year ending 31 December 2023 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 Charity to obtain an audit of its accounts for the year in question in accordance with section 476; and
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements on pages 6 to 16 were approved by the trustees, and authorised for issue on 18 September 2024 and signed on their behalf by:
Ian Mills Trustee
Page 7
Devon Diesel Society Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
1 Accounting policies
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Basis of preparation
Devon Diesel Society Limited is a charity and a private company, limited by guarantee, in England and Wales. 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 address of the registered office is given in the charity information on page 1 of these financial statements. The nature of the charity's operations and principal activities are given in the trustees' report.
The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, and UK Generally Accepted Accounting Practice.
The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £.
Income and endowments
Beer festival income:
Receipts and payments related to the beer festivals are credited to income and debited to expenses as they are transacted.
Donations and legacies
Subscription and appeal income:
Subscriptions and appeal revenues are credited to income as they are received.
Investment income
Interest:
Bank interest received is credited to income as it is received.
Expenditure
Raising funds
These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds.
Page 8
Devon Diesel Society Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Charitable activities
Charitable expenditure comprises those costs incurred by the Charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Support costs
Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources.
Governance costs
These include the costs attributable to the Charity’s compliance with constitutional and statutory requirements, including examination, strategic management and Trustee’s meetings and reimbursed expenses.
Taxation
The Charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
Tangible fixed assets
Fixed assets are included initially at cost.
Depreciation and amortisation
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:
Asset class Depreciation method and rate Locomotives straight line 20 years Rolling stock straight line 5 years Computer and other equipment straight line 3 years
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Page 10
Devon Diesel Society Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Fund accounting
Unrestricted income funds are general funds that are available for use at the trustee's discretion in furtherance of the objectives of the Charity.
Designated funds are unrestricted funds and are resources set aside for specific purposes at the discretion of the trustees.
Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose.
2 Income from donations and legacies
| Regular giving and capital donations | Total 2023 £ Total 2022 £ |
|---|---|
| 15,170 8,673 |
£7,545 (2022 - £7,170) of the above income was attributed to the restricted funds.
£7,625 (2022 - £1,503) of the above income was attributed to the unrestricted funds.
3 Income from other trading activities
| Income from fundraising events; Beer festival income and miscellaneous sales |
Total 2023 £ Total 2022 £ |
|---|---|
| 37,760 32,582 |
£37,760 (2022 - £32,582) of the above income was attributed to the unrestricted funds.
4 Investment income
| 4 Investment income | |
|---|---|
| Interest receivable and similar income; Interest receivable on bank deposits |
Total 2023 £ Total 2022 £ |
| 128 9 |
£128 (2022 - £9) of the above income was attributed to the restricted funds.
£Nil (2022 - £Nil) of the above income was attributed to the unrestricted funds.
Page 10
Devon Diesel Society Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
5 Expenditure on raising funds
Cost of trading activities
| Costs of goods sold Support costs Donations |
Total 2023 £ Total 2022 £ 20,035 17,667 1,510 1,488 - 100 |
|---|---|
| 21,545 19,255 |
£Nil (2022 - £Nil) of the above costs were attributed to the restricted funds. £21,545 (2022 - £19,255) of the above costs were attributed to the unrestricted funds.
6 Expenditure on charitable activities
| Maintenance of locomotives | Activity undertaken directly £ Activity support costs £ Total 2023 £ Total 2022 £ 28,034 2,265 30,299 49,091 |
|---|---|
£4,251 (2022 - £12,509) of the above costs were attributed to the restricted funds. £26,048 (2022 - £36,582) of the above costs were attributed to the unrestricted funds.
Page 11
Devon Diesel Society Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
7 Analysis of governance and support costs
Support costs allocated to charitable activities
| Basis of allocation Maintenance of locomotives A |
Total 2023 £ Total 2022 £ 2,265 2,232 |
|---|---|
Support costs allocated to other expenditure
| Basis of allocation Fund raising activities B |
Total 2023 £ Total 2022 £ 1,510 1,488 |
|---|---|
Basis of allocation
Reference Method of allocation A 60% of general support costs, including governance costs, are allocated to the charitable activities of the charity.
B 40% of general support costs, including governance costs, are allocated to the fund-raising activities of the charity.
Governance costs
| Independent examinations fees Other governance costs |
Total 2023 Total 2022 £ £ 1,416 1,236 280 279 |
|---|---|
| 1,696 1,515 |
£Nil (2022 - £Nil) of the above costs were attributed to the restricted funds.
£1,696 (2022 - £1,515) of the above costs were attributed to the unrestricted funds.
Page 12
Devon Diesel Society Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
8 Net incoming/(outgoing) resources
Net incoming resources for the year include:
| Depreciation of fixed assets | 2023 £ 2022 £ (1,763) (1,763) |
|---|---|
9 Trustees’ remuneration and expenses
No trustees, nor any persons connected with them, have received any remuneration from the charity during the year.
During the year the trustees have received reimbursement for expenses paid totalling £Nil (2022 - £5,003). 5 of the trustees were reimbursed for the expenses during the year, which related to the charitable activities of the company.
As the Charity does not have its own credit card facilities, trustees frequently pay bills on behalf of the Charity using personal credit cards and then reclaim the costs
10 Staff costs
The monthly average number of persons (including senior management team) employed by the Charity during the year expressed as full time equivalents was as follows:
| 2023 | 2022 | |
|---|---|---|
| No | No | |
| Trustees | 8 | 5 |
No employee received emoluments during the year.
11 Taxation
No tax was charged in the year (2022 - £nil).
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Devon Diesel Society Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
12 Tangible fixed assets
| 12 Tangible fixed assets | |||||
|---|---|---|---|---|---|
| Computer and | |||||
| Rolling stock | other equipment | Locomotives | Total | ||
| £ | £ | £ | £ | ||
| Cost | |||||
| At 1 January 2023 | 1,450 | 7,552 | 51,995 | 60,997 | |
| At 31 December 2023 | 1,450 | 7,552 | 51,995 | 60,997 | |
| Depreciation | |||||
| At 1 January 2023 | 1,450 | 7,552 | 49,234 | 58,236 | |
| Charge for the year | - | - | 1,763 | 1,763 | |
| At 31 December 2023 | 1,450 | 7,552 | 50,097 | 59,999 | |
| Net book value | |||||
| At 31 December 2023 | - | - | 998 | 998 | |
| At 31 December 2022 | - | - | 2,761 | 2,761 | |
| 13 Creditors: amounts falling due within one year | |||||
| 2023 | 2022 | ||||
| £ | £ | ||||
| Accruals | 1,200 | 1,200 |
Page 14
Devon Diesel Society Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
| 14 Funds Unrestricted funds Unrestricted general funds General fund Unrestricted designated funds Maintenance Fund Total unrestricted funds Restricted funds Class 50 Fund Class 37 Fund Maintenance Fund Total restricted funds Total funds Unrestricted funds Unrestricted general funds General fund Unrestricted designated funds Class 50 Fund Class 37 Fund Maintenance Fund Total unrestricted funds Restricted funds Class 50 Fund Class 37 Fund Maintenance fund Total restricted funds Total funds |
Balance at 1 January 2023 £ Incoming resources £ Resources expended £ Transfers £ Balance at 31 December 2023 £ 21,216 45,385 (49,289) - 17,312 - - - - - |
|---|---|
| - - - - - |
|
| 21,216 45,385 (49,289) - 17,312 |
|
| 815 4,415 (2,438) - 2,792 9,437 1,726 (781) - 10,382 2,737 1,532 (1,032) - 3,237 |
|
| 12,989 7,673 (4,251) - 16,411 |
|
| 34,205 53,058 (53,540) - 33,723 |
|
| Balance at 1 January 2022 £ Incoming resources £ Resources expended £ Transfers £ Balance at 31 December 2022 £ 45,913 34,085 (53,584) - 21,216 - - - - - - - - - - 3,768 - (3,768) - - |
|
| 3,768 - (3,768) - - |
|
| 49,681 34,085 (57,352) (5,198) 21,216 |
|
| 4,188 4,222 (7,595) - 815 7,566 1,610 (2,200) 2,461 9,437 1,367 1,347 (2,714) 2,737 2,737 |
|
| 13,121 7,179 (12,509) 5,198 12,989 |
|
| 62,802 41,264 (69,861) - 34,205 |
Page 15
Devon Diesel Society Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
The specific purposes for which the funds are to be applied are as follows:
Class 50 Fund
This fund is restricted to direct expenditure to maintain and overhaul the class 50 locomotive owned by the Charity.
Class 37 Fund
This fund is restricted to direct expenditure to maintain and overhaul the class 37 locomotive owned by the Charity.
Maintenance Fund
This fund is restricted to direct expenditure to maintain the Charity’s fleet of locomotives and vehicles.
There were £Nil (2022 - £3,768) of transfers from the Designated to General Fund in the year to 31 December 2023.
15 Analysis of net assets between funds
| Tangible fixed assets Current assets Current liabilities Total net assets |
General funds Restricted funds Total funds £ £ £ 998 - 998 17,514 16,411 33,925 (1,200) - (1,200) |
|---|---|
| 17,312 16,411 33,723 |
16 Related party transactions
There were no related party transactions in the year.
Page 16