Mid-Suffolk Light Railway Company
Annual Report of the Board of Trustees from October 1[st] October 2020 to September 30[th] 2021
Introduction
The Mid-Suffolk Light Railway Company is a company limited by guarantee managed by a board of trustees elected by its members. Membership is open to all on payment of an annual subscription or as a life member. The company is also a registered educational charity.
The principal objects of the company are defined in its memorandum of association which states:
The company is established to advance the education of the public with regard to a history of Suffolk, and the Mid-Suffolk Light Railway in particular, by collecting, preserving, interpreting and documenting material evidence and associated information by the maintenance of a museum for items of historic railway interest, and by the restoration, maintenance and operation of a demonstration railway and the display and demonstration of railway equipment, operations and engineering crafts and in the furtherance of the foregoing objective the company will be vested with the powers of operation of the Mid-Suffolk Light Railway.
To fulfil these aims the company administers the Mid-Suffolk Light Railway Museum at Brockford Station, Wetheringsett, Stowmarket, Suffolk. The museum site together with just over nine hundred metres of former railway route is currently held on a thirty year lease signed on the 1[st] November 2012.
The company is a member of the Heritage Railway Association, the Association of Independent Museums, the Association of Suffolk Museums and Community Action Suffolk
Personnel and management
The Board of Trustees met twice during the above period.
Due to Covid-19 restrictions in 2021 the annual general meeting of the company is planned to be held on 2[nd] October 2021 at Brockford instead of in late spring.
For the reporting period the Board consisted of ten trustees.
Following the Annual General Meeting the Trustees were: Mr J. Stark Chairman Mr I Meigh Vice Chairman Mr. C. Baddeley Company Secretary Mr. J. Price Treasurer. Mr D. Bates Mr S. Davies Mr. J. Holmes Mr M. Watkins Mrs R.Weller Mr W.Wicks There were no other Trustees during the reporting period
The board continues to complete its short, medium and long term plans to advance the company objectives. Railway track construction and maintenance, locomotive and rolling stock restoration and maintenance and the maintenance of the railway buildings continue to be led by project leaders operating to a budget and reporting to the board on a regular basis.
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Membership
Membership numbers have remained stable during this period and are still over 500. Existing members have generally continued to renew their membership, often including generous donations with their subscriptions.
The museum closed to the public in September 2020, but the six Santa Special days were held in December 2020. The museum was then re-opened to the public from 30[th] May 2021 with visitors requiring pre-booking for events for the remainder of the season.
The scheme providing local residents, on application, special tickets giving free entry to the museum, except for special events, which is currently suspended, will continue to be offered in future when normal operation can be restored.
Finance
The company’s gross income including donations, restoration appeals and Covid-19 support payments was £132,650
The Middy Trading Company transferred £7,750 from their trading profits for the year.
The company operated without a financial reserve.
A Summary of Accounts for the year ended 30[th] September 2021 is provided separately
Achievements
We were fortunate to be one of the recipients of a generous legacy and in September 2017 received an interim payment of £99,450 with the final payments still to be made.
The Santa Specials operated on four days in 2020, the 6[th] , 13[th] , 19[th ] & 20[th] of December. Only three Sunday's were initially put on sale due to concerns over staffing levels. All three days sold out and it was agreed to add an additional day on Saturday 19th December which was 3/4 full. Total visitor numbers for the four days were 494 adults and 338 children (832), a lower figure than the 2019 total of 1544 adults & children. Unlike in 2020 we were able in to offer Driver Experience sessions during the 2021 summer season and fourteen drivers took part over the six days.
The operating year 2020 - 2021 saw two out of three steam locomotives running, with the TRAM 2525 and Bagnall 2565 operating the public services which did run during permitted periods between Covid lockdowns. The Y7 985 was taken out of service at the start of 2020 for its ten yearly boiler overhaul, which is being carried out off site by a contractor appointed by the Y7 Locomotive Trust. The diesel locomotives were used for shunting and works trains, with the Ruston 165 and Fowler being available. The Ruston 48 remains stored out of service awaiting new wheels, a project being managed by the locomotive owner. Maintenance work was carried out on all operating locomotives throughout the year, and work on 1604’s boiler continued at the contractor’s works.
Members continue to donate towards the cost of renting the industrial unit at Brockford where it provides essential workshop and storage space, enabling restoration work to be carried out under cover. Restoration of the Haughley Hut was completed and, within the regulations, essential work continued to be carried out for other departments. Tools and equipment continue to be acquired, some by donation, to assist with the restoration work.
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Carriage & Wagon. Vehicles 12 & 13 were used throughout the year on passenger services, accruing 131 miles each. The Toad brake van and MSLR brake were used on occasion to strengthen the train consist and for Driver Experience events. Maintenance was carried out of all vehicles during the year in accordance with MSLR procedures.
The planned re-organisation of the restoration shed machine shop, storage racks and workbenches has taken place and is now waiting the machines to be reconnected to the electrical supply for completion. New guard rails have been installed to close off the workshop area and limit access to authorised persons only. Our common user machines (pillar drills, tool grinder and mechanical hacksaw) have been moved from the machine shop into the general workspace for use by the whole 1604 team. The underframe of the Y7 locomotive has been covered and moved outside of the shed and will be brought back in for cleaning and painting some weeks before the overhauled boiler is returned from the NNR (currently expected to be Q4, 2022). The loco water tanks and boiler cladding have been cleaned and repainted. All other components removed have been overhauled and cleaned as required. Work on our Hudswell Clarke loco number 1604 is continuing with preparation of the underframe to receive the boiler when it is returned. The boiler is progressing well at Yaxham. The inner firebox and foundation ring are now installed and 280 copper stays are being fitted. A new front tube plate has been manufactured and fitted. There is no estimate as yet for the return of the boiler to the Middy for assembly to the underframe.
The tram loco is has been winterised and the Bagnall locomotive will reach the end of its 10 year boiler ticket in 2022
The members of 1604 team have been invited in to work when required during the reporting period in compliance with the relevant MSLR Covid restrictions.
Permanent Way. As with all departments the two lockdown periods interrupted the scheduled routine maintenance programme, but by September all the routine maintenance tasks other than fish plate maintenance were up to date. The replacements of suspect sleepers across the network continued with another 22-sleepers replaced. New GRP open mesh grating has now been installed on our three ground frames and our two single throw points. Some additional ballast has been laid on the curve of the main line to prevent track movement.
A PW display area has been installed behind the restoration shed, this is a short length of track complete with a hand trolley and a two-lever ground frame, the display also includes various types of tracks, chairs, keys, and fixing methods. The PW team undertook the installation of new fencing from Dovebrook platform to the new foot bridge, a new five bar gate and pedestrian gate at the top of the driveway to the picnic site and fencing between the new gates and the bridge. Also new fencing and a pedestrian gate at the new footpath crossing and felt on the Dovebrook platform to prevent slip, trips, and falls.
The web site continued to be maintained by Mr J. Reeve as webmaster.
The Museum was re-accredited by the Arts Council in March 2016 for a period of three years, but along with all other museums our accreditation has been continually extended due firstly to changes in the process and now COVID. The earliest we will be invited to re-apply is now winter 2022, with 6 months to complete the application and we remain fully accredited in the meantime. Despite the lockdown, the archivists are continuing to manage the Museum’s collection in conformance with the SPECTRUM standards, and have been able to work on improving documentation and procedures, as well as answering numerous queries from researchers.
The management structure, with six management committees reporting to the Board, involves more of the volunteers in the operation and scheduled Trustee meetings normally occur on alternate months, however for the reporting period this has been limited to three scheduled trustee meetings.
Line extension. Phase 2 of the line extension project was completed by TES2000 in March when they laid an additional 73m of track and installed a new footpath crossing where the SCC FP46 crosses the line extension.
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Recorded volunteer working hours in 2020/2021 increased to 16,249 hours, due to easing in the Covid restrictions although figures are likely to be under recorded due to offsite work not being fully logged. Visitor numbers at 4,674, while higher than 2020, were lower than the pre-Covid years.
The refreshment room, bar and shop were open in 2021 during the same period as the other site facilities.
The 100 Plus Club organised by David Chappell, has been well supported by the members and has been raising funds for many years. The popular Mid-Suffolk Light Railway talks given by John Stark to local organisations publicizing the railway, earning valuable income and attracting new members and visitors have been suspended and will restart when restrictions are lifted. The Board of Trustees are very appreciative of work done carrying out these fund raising activities.
Following the 2020 season limited maintenance in the closed season went into essential maintenance of the site and buildings, preparation of the permanent way and rolling stock and planning events for 2021 within our permitted annual limit of 30 steam events. The Santa Specials again provided a valuable source of income in the closed season. However due to the Covid-19 restrictions, the events planned prior to the 30[th] May 2021 were cancelled, but the remaining events for the season, which all required pre-booking and were operated in compliance with Covid-19 restrictions, ran but with lower visitor numbers.
Middy Trading Company
The Middy Trading Company is an incorporated company in its own right. Its purpose is to raise funds by various means including commercial activities to provide funding support for the Mid-Suffolk Light Railway Company. The Santa Specials are formally run by the MTC under licence from the MSLR.
During the reporting period the Middy Trading Company transferred £7,750 to the Mid-Suffolk Light Railway Company. The Board of Trustees values greatly the vital contribution that the Middy Trading Company makes to the success of the Mid-Suffolk Light Railway Company.
Conclusion
The years 2020/2021 have again seen the company continue to make good progress despite the Covid-19 restrictions in place during this period. The Santa Specials in December 2020 and helped bring in additional sources of income which, along with the generous donations, membership subscriptions and the sleeper & locomotive restoration appeals, have provided essential funding for work on the line extension and enhancement of the Museum. Although visitor numbers were lower than during the pre-Covid years, prudent financial management and the receipt of Covid-19 support payments have ensured that the Railway remains financially secure.
The rental of an industrial unit continues to facilitate restoration and storage of artefacts and the restoration of our steam locomotive, 1604 continues in the Restoration Shed
Relationship with the local communities remains good and the scheme to provide local residents with free entry will be re-instated when the Covid-19 restrictions are lifted.
The continued progress of the museum is dependent on the support of the members and especially on the active volunteers and the Board again wish record their thanks. It is also vital for our future development that we attract new members and that more choose to become active volunteers. The planned projects and expansion of events impose a heavy load on the existing volunteers and unless more can be found, particularly those willing to take on the responsible management roles, future expansion of the railway will be difficult. Currently there are around one hundred active volunteers, but more are needed and would be very welcome.
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MID-SUFFOLK LIGHT RAILWAY COMPANY
a company limited by guarantee
Report of the Directors and Unaudited Financial Statements
For the year ended 30 September 2021
Registered No. 03244631 (England)
MID-SUFFOLK LIGHT RAILWAY COMPANY a company limited by guarantee
CONTENTS OF THE UNAUDITED FINANCIAL STATEMENTS
For the year ended 30 September 2021
| Page | ||
|---|---|---|
| Company Information | 1 | |
| Report of the Directors | 2 | |
| Profit and Loss Account | 3 | |
| Balance Sheet | 4 | |
| Notes to the Unaudited Financial Statements | 5 - 8 | |
| Income and Expenditure Account | - Unrestricted | 9 |
MID-SUFFOLK LIGHT RAILWAY COMPANY a company limited by guarantee
For the year ended 30 September 2021
COMPANY INFORMATION
DIRECTORS:
DIRECTORS: John Stark (Chairman) Ian Meigh (Vice Chairman) Chris Baddeley (Co Secretary) John Price (Hon Treasurer) John Holmes Wayne Wicks Rose Weller Stephen Davies Mike Watkins David Bates REGISTERED OFFICE: Brockford Station Wetheringsett Stowmarket Suffolk IP14 5PW REGISTERED NUMBER: 03244631 (England) INDEPENDENT EXAMINER Christopher F. Thomas Christopher Thomas & Co Accountants 6 Queen Street Coggeshall Colchester Essex CO6 1UF
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MID-SUFFOLK LIGHT RAILWAY COMPANY a company limited by guarantee
REPORT OF THE DIRECTORS Company Number: 03244631(England)
For the year ended 30 September 2021
The directors present their report with the unaudited financial statements of the company for the year ended 30 September 2021.
PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of a railway museum for the public benefit. The company is a registered charity (No. 1063635).
REVIEW OF ACTIVITIES
In common with other businesses in the hospitality and museum sector, the company's activities were curtailed by Covid, with open days only possible after May. However, the subsequent summer season saw successful trading, and our volunteers continued with maintaining and refurbishing the site. We are pleased to report the completion of the new restoration shed. Progress continued on the restoration of 1604.
The Board would like once more to thank the ever increasing number of volunteers who have given their time and efforts during the year.
REVIEW OF FINANCES
During the year, the company has benefitted from £53722 (2020 - £30000) of Government Covid Support Grants. This has enabled the improvements related above, with necessary maintenance expenditure. The company remains financially sound and resilient.
DIRECTORS
The directors who held office in the year of review were:
J. Stark (Chairman) I. Meigh (Vice Chairman) C. Baddeley (Secretary) J. Price (Treasurer) J. Holmes S. Davies R.Weller W. Wickes M. Watkins D. Bates
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies and in accordance with the General Directions of the Charities Commission under S.145(5)(b) of the Charities Act 2011.
ON BEHALF OF THE BOARD AND APPROVED ON: 14 May 2022
J. Stark (Chairman)
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MID-SUFFOLK LIGHT RAILWAY COMPANY a company limited by guarantee
PROFIT AND LOSS ACCOUNT (All funds)
For the year ended 30 September 2021
| Notes TURNOVER Cost of sales GROSS PROFIT Administration Operating profit (2020 - loss) Other income - Legacy SURPLUS (2020 -DEFICIT) FOR THE FINANCIAL YEAR 2 & 3 RETAINED SURPLUS brought forward RETAINED SURPLUS carried forward The retained surplus represents restricted and unrestricted funds of: Restricted Funds (see note 9) Unrestricted Funds |
2021 £ 131177 (66110) 65067 (27935) 37132 - 37132 127581 164713 £ (33325) 198038 164713 |
2020 £ 87641 (61453) 26188 (29121) (2933) 2000 (933) 128514 127581 £ (19632) 147213 127581 |
|---|---|---|
The notes on pages 5 to 8 form part of these financial statements.
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MID-SUFFOLK LIGHT RAILWAY COMPANY a company limited by guarantee
BALANCE SHEET
As at 30 September 2021
| Notes FIXED ASSETS: Tangible assets 4 CURRENT ASSETS: Debtors 5 Cash at banks and in hand due within one year 6 NET CURRENT ASSETS NET ASSETS RESERVES: Capital reserves 7 Income and expenditure funds CREDITORS:Amounts |
£ £ 145612 6378 146416 152794 (928) 151866 297478 132765 164713 297478 2021 |
£ £ 45013 5801 105402 111203 (1209) 109994 155007 27426 127581 155007 2020 |
|---|---|---|
For the year ended 30 September 2021 the company was entitled to exemption from audit under section 477, Companies Act 2006 and no notice has been deposited under section 476. The directors acknowledge their responsibilities for ensuring that the Company keeps accounting records which comply with section 386 of the Act and preparing financial statements which give a true and fair view of the state of affairs of the Company as at the year end and of its surplus or deficit for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the Company. The financial statements have been prepared under the provisions of Part 15 of the Companies Act 2006 for small companies and the Financial Reporting Standard for Smaller Entities.
ON BEHALF OF THE BOARD:
J. Stark (Chairman) Company No. 03244631 (England) Approved by the Board on: 14 May 2022
The notes on pages 5 to 8 form part of these financial statements.
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MID-SUFFOLK LIGHT RAILWAY COMPANY a company limited by guarantee
NOTES TO THE UNAUDITED FINANCIAL STATEMENTS
For the year ended 30 September 2021
1. ACCOUNTING POLICIES
Basis of accounting
The financial statements have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities.
Turnover
Turnover represents the amount derived from the provision of goods and services including donations and grants falling within the company's activities after excluding value added tax.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Buildings - 2% straight line on buildings Track and rolling stock - 10% on reducing balance Tools and equipment - 25% on reducing balance Heritage assets - 15% on reducing balance
Grants
Grants received in respect of capital expenditure are allocated against that capital cost. Grants in respect of revenue are shown as income on the profit and loss account. When the projects are completed the costs are capitalised by increasing Fixed Assets and Capital Reserves.
2. SURPLUS
The surplus is stated after charging:
The surplus is stated after charging: 2021 2020 £ £ Depreciation - owned assets 4740 2200 Directors' emoluments - -
3. TAXATION
There is no liability to UK corporation tax on ordinary activities due to the charitable status of the company.
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MID-SUFFOLK LIGHT RAILWAY COMPANY a company limited by guarantee
NOTES TO THE UNAUDITED FINANCIAL STATEMENTS
For the year ended 30 September 2021
4. TANGIBLE FIXED ASSETS
| COST At 1 September 2020 Additions Disposals At 30 September 2021 DEPRECIATION: At 1 September 2020 Charge for year Written back on disposals At 30 September 2021 NET BOOK VALUES: At 30 September 2021 At 30 September 2020 5. DUE WITHIN ONE YEAR Value Added Tax Tax recoveries - Gift Aid Others 6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade creditors DEBTORS: AMOUNTS FALLING |
Buildings £ 58213 102760 - 160973 19872 3219 - 23091 137882 38341 |
Track & rolling stock £ 28912 - - 28912 23863 505 - 24368 4544 5049 |
Tools & equipment £ 10724 2579 - 13303 9443 965 - 10408 2895 1281 |
Heritage Assets £ 3097 - - 3097 2755 51 - 2806 291 342 2021 £ 1921 4400 57 6378 2021 £ 928 928 |
Total £ 100946 105339 - 206285 55933 4740 - 60673 145612 45013 2020 £ 1901 3900 - 5801 2020 £ 1209 1209 |
|---|---|---|---|---|---|
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MID-SUFFOLK LIGHT RAILWAY COMPANY a company limited by guarantee
NOTES TO THE UNAUDITED FINANCIAL STATEMENTS
For the year ended 30 September 2021
7. CAPITAL RESERVES
During the year the work on the new Restoration Shed was completed. The Company now recognises this expenditure as a Fixed Asset. Consequently the external costs of the building of £102760 and further tools and equipment of £2579 have been capitalised as additions to Tangible Fixed Assets (see Note 4). This has added to the Reserves as follows:
| Capital Reserves At 01/10/2020 Additions - Tangible Fixed Assets (Restoration Shed) At 30/09/2021 |
2021 £ 27426 105339 132765 |
2020 £ 27426 - 27426 |
|---|---|---|
The Board greatly appreciates that all the funding for this project was provided by donations from members and others and by grants and institutional funds.
8. LIABILITY OF MEMBERS
The company is a company limited by guarantee. At the date of these accounts there are 500 members (2020 - 500) whose liability is limited to £1 each.
9. RESTRICTED FUNDS
a) Restoration Shed
For building the restoration shed with assistance from donations and grants.
| At 1 October 2020 Income - Grants Expenses - Costs At 30 September 2021 |
2021 £ 4987 - - 4987 |
2020 £ 5106 214 (333) 4987 |
|---|---|---|
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MID-SUFFOLK LIGHT RAILWAY COMPANY a company limited by guarantee
NOTES TO THE UNAUDITED FINANCIAL STATEMENTS
For the year ended 30 September 2021
b) Engine 1604
For the restoration of Engine 1604 - Alston
| At 1 October 2020 Income - Donations Gift Aid Expenses - Costs At 30 September 2021 c) Line extension For the reinstating of permanent way At 1 October 2020 Income - Donations Gift Aid Legacy Expenses - Costs At 30 September 2021 |
2021 £ 246 5666 400 (12746) (6434) 2021 £ (24865) 13900 2059 - (22972) (31878) |
2020 £ 19322 4876 432 (24384) 246 2020 £ (28638) 4943 1000 2000 (4170) (24865) |
|---|---|---|
10. RELATED PARTY TRANSACTIONS
During the year the Company received donations of £7745 (2020- £24100) and income from hiring's of £550 (2020 - £4100) from the Middy Trading Company Limited which trades alongside this Company and whose objects are to support this Company. The Mid-Suffolk Light Railway Company is reliant upon these donations to continue as a going concern.
11. GENERAL INFORMATION
Mid-Suffolk Light Railway Company is a private company limited by guarantee of £1 per member and is incorporated in England. Its registered office is Brockford Station, Wetheringsett, Stowmarket, Suffolk IP14 5PW. The financial statements are presented in Sterling (GBP) which is the functional currency of the Company.
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MID-SUFFOLK LIGHT RAILWAY COMPANY a company limited by guarantee
INCOME AND EXPENDITURE ACCOUNT - Unrestricted
For the year ended 30 September 2021
| INCOME Subscriptions Admissions Donations - MTC - Others Gift aid tax recoveries Grants and awards (Covid Grants - £53722) Other sales, hiring's and steam days Recycling credits LESS: COST OF GOODS/SERVICES Newsletter costs Membership (postage etc) Locomotive Carriage and Wagon Permanent way Buildings and operations Archive Non - loco event costs Health and safety GROSS SURPLUS for the year LESS: EXPENSES Works rent Wages and national insurance Utilities Advertising and public relations Office Insurances Legal and professional fees General expenses Bank charges Depreciation SURPLUS FUNDS brought forward SURPLUS FUNDS carried forward NET SURPLUS for the year |
£ £ 6432 22578 7745 10799 2145 54072 4950 431 109152 1926 1836 8628 319 661 12578 366 2912 1166 30392 78760 6400 1529 2410 2713 933 4086 2271 1947 906 4740 27935 50825 147213 198038 2021 |
£ £ 4874 1808 24100 8001 522 30350 6379 142 76176 1260 1455 6946 515 3636 16367 213 473 1701 32566 43610 6400 1566 6275 4605 1271 3887 745 1992 180 2200 29121 14489 132724 147213 2020 |
|---|---|---|
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CHARITY COMMISSION: Independent examiner's FOR ENGLAND AND WALES, report on the accounts Section A Independent Examinerfs Report Report to the trusteesl members of IO_ SUFFOLK LI &HI RikwAY Cor)) PAKI On accounts for the year ended 30 SEPTEH8ER IOXI Charity no (if any) 1063b35 Set out on pages ts I report to the trustees on rny examination of the accounts of the above tharity (Yhe Trust-l for the year ended 30 09 24 Xl Responslbilities and As the charity trustees of the Trust, you are responsible for the preparation basis of report of the accounts in accordance with the requirements of the Charities Act 2011 Ilhe Act-). I report in respect of my examinats'on of th8 Trusl's acc(ntS carried out under section 145 of the 2011 Act and in carying out my examination, I have followed the applicable Directions given by the Charity Commission under section 145151(b) of the Act. I have completed my exarnination. I confimi that no material matters have come lo my attention (other than that disclosed below.) in connection with the examination which gives me cause to believe that in. any material respect.. accounting records Ere not kept in accordance with section 130 of the Aci or the accounts do nol accord with the accounting records Independent examinerfs statement I have no concems and have come across no other matters in connection with the examination to which attenlion should be drawn in order to enable a proper understanding of the accounts to be reached. . Pleas delete th ords in the brackets il they do not apply. Signed: Date: 13 107 1202 Name: fMftIJTofH¢ K Relevant professional qualification(s) or body (if any)- IN451 iTvTf< CCRI Et) 6c*oK. kEEPEéS Address: COLCHESTER ESSEX C06 IUF IER October 2018
Section B Disclosure Only complete rf the examiner needs lo highlight mattets of concern (see CC32, Independent examination of charty accounts: directions and guidance for examiners). Give here brief details of any items that the examiner wishes to disclose. IER October 2018