## **Mid Suffolk Light Railway Company** _**Charitable company limited by guarantee.**_
# **Annual Report & Financial Statements Year Ended 30[th] September 2024**
**Registered Charity No 1063635 Registered Company No 3244631**
**Brockford Station, Wetheringsett, Stowmarket, IP14 5PW**
_**Mid Suffolk Light Railway Company Annual Report to 30 September 2024**_
## **Trustees’ Report and Financial Statements**
## **Contents**
||**_Page_**|
|---|---|
|_Trustees and Administration Information_|2|
|_Report from the Chair_|3|
|_Trustees’ Annual Report_|4|
|_Review of Activities_|6|
|_Statement of Public Benefit_|10|
|_Review of the Transactions and Financial Position of the Charity_|11|
|_Independent Examiner’s Report_|12|
|_Statement of Financial Activities_|13|
|_Balance Sheet_|14|
|_Accounting Policies and Notes to the Accounts_
|15|
1
_**Mid Suffolk Light Railway Company Annual Report to 30 September 2024**_
# **Mid Suffolk Light Railway Company**
Registered Charity No 1063635
## _**Trustees**_
Ian Meigh Chair David Clayton Secretary Peter Dodd CTA Hon. Treasurer John Price ( _Retired 8 June 2024)_ James Debenham _(Appointed 2 August 2024)_ Chris Baddeley John Holmes Wayne Wicks David Bates _(Retired 1 December 2024)_ John Reeve _(Retired 8 June 2024)_ Peter Connor
Secretary Hon. Treasurer _(Appointed 4 October 2024)_ ( _Retired 8 June 2024) (Appointed 2 August 2024)_
## _**Registered Office Address**_
Brockford Station, Wetheringsett, Stowmarket, IP14 5PW
_**Bankers**_
CAF Bank Limited 25 Kings Hill Avenue Kings Hill, West Malling, Kent ME19 4JQ
TSB Bank plc 7 Market Pl, Stowmarket IP14 1DY
## _**Independent Examiner**_
Rachel Marsh FMAAT AATQB Marsh Accountancy 67 Gardeners Road Debenham Suffolk IP14 6RX
2
_**Mid Suffolk Light Railway Company Annual Report to 30 September 2024**_
## **Report from the Chair**
## 2023/24 has been a very positive year for the Middy.
The long-awaited completion of the line extension is almost upon us. Our application for a Transport and Works Order, a process which began in January, was submitted on 1st August 2024, following delays due to the National Election. We are grateful to Terry Siemers, Project Leader and our solicitors, Winckworth Sherwood, for their work in producing the application. A successful outcome will allow the Middy to run trains carrying passengers along the new line extension and across Public Footpath 46.
In anticipation of a positive result, we are now planning the construction of a platform at the end of the extension. Planning consent and approved plans are in place, and we have begun site preparation. A borrowed “lowmac” wagon will facilitate the movement of equipment and materials along the line to the platform site. We await the final go-ahead from the Secretary of State.
Our volunteers are the lifeblood of our community and are crucial in maintaining our museum and railway. We are pleased to say that we welcomed a number of new volunteers to the Middy during the year. Volunteers bring a variety of skills that benefit the museum and the railway. We also provide training to fill gaps in necessary skills and to meet health and safety requirements.
It is with great sadness that I report the deaths of some wonderful, enthusiastic volunteers during the year, Graham Kean, Havilland Wilkins, Barry Reynolds and Alan Johnson. They will be greatly missed.
Another long-standing volunteer, John Price, retired on 30th September after 20 years as Treasurer. John's contribution to the museum's growth into an important and Accredited Museum has been invaluable. We thank him for his many years of service.
I am pleased to announce that Peter Dodd, CTA, has offered to take over as our Treasurer and Trustee. Peter brings many years of experience in charity finances, and we welcome him to the team.
We enjoyed another successful summer season, which concluded on 1st September with a very busy day featuring both steam and diesel locomotives, much to the delight of our volunteers and the public.
The heavy rainfall earlier in the year, which impacted visitor numbers and revenue, was offset by the excellent events built around our model railway exhibitions. We are already planning a model railway day for next year, showcasing various gauges by enthusiastic modelers.
The Middy Bar has been a great success this year, attracting good attendance on both Friday evenings and Sundays. The bar, combined with the excellent work of our Tea Room Team represents a vital income stream for the museum. They help put the Middy at the centre of our community.
It is essential for the museum's survival that we maximise our income from various sources. The Outreach Team has led an amazing programme of attending model railway and other exhibitions to great effect. They have developed an impressive display advertising the Museum and it’s Railway, as well as their collections of model railway locomotives, carriages, and other items, for sale. The team have created another vital income stream for the MSLR.
The Mid-Suffolk Light Railway Museum will be seeking re-accreditation. Maintaining our awardwinning museum is a priority, and we are constantly seeking ways to enhance our offerings to
3
## _**Mid Suffolk Light Railway Company Annual Report to 30 September 2024**_
visitors, both in terms of education and the preservation of our iconic local railway. We are fortunate to have the dedicated Team from the Archive Office leading the Re-Accreditation process, bringing extensive experience in museum services.
Finally, I want to emphasise our commitment to maintaining a robust training program across all aspects of railway operations. We are grateful to our dedicated Operations Manager and the Team for arranging for professionals from Network Rail to provide Railway Awareness courses, and Experts from the Heritage Railway community to provide comprehensive training for train crews, including 10 or more cleaners on Steam Locomotives. This enables them to progress to Firemen and eventually drivers, so strengthen our Locomotive Team.
Once again, I extend my sincere thanks to all our volunteers, including our friends at the Middy Trading Company, who do so much to help finance the Mid-Suffolk Light Railway Museum.
## **Ian Meigh** _**Chairman**_
4
_**Mid Suffolk Light Railway Company Annual Report to 30 September 2024**_
## **Trustees’ Annual Report**
The Trustees, submit their annual report and the independently examined financial statements for the year ended 30 September 2024.
## **Structure, Governance and Management.**
## _**Governing instrument**_
The Charity is governed as a Company Limited by Guarantee. The constitution was agreed and registered with the Charity Commission on 29 July 1997. The Charity is governed by its Board of Trustees.
## _**Trustees and Operational Structure**_
The Trustees of the Charity during the year were as shown on page 2. The Trustees are responsible for the strategic direction, governance and policies of the CIO. The day to day operation of the Charity is delegated to the Management Team.
## **Governance and Internal Control**
Company and Charity law require the Trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charity and of the surplus or deficit of the charity for that period. In preparing those financial statements, the Trustees have:
- selected suitable accounting policies and then applied them consistently;
- made judgements and estimates that are reasonable and prudent;
- prepared the financial statements on the going concern basis.
The Trustees have overall responsibility for ensuring that the charity has an appropriate system of controls, financial and otherwise. They are also responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities and to provide reasonable assurance that:
- the charity is operating efficiently and effectively;
- its assets are safeguarded against unauthorised use or disposition;
- proper records are maintained and financial information used within the charity for publication is reliable; and
- the charity complies with relevant laws and regulations.
The systems of internal control are designed to provide reasonable, but not absolute, assurance against material misstatement or loss. They include:
- a strategic plan and an annual budget approved by the Trustees;
- regular consideration by the Trustees of financial results, variance from budgets, and nonfinancial performance;
- delegation of authority and segregation of duties;
- identification and management of risks.
The Trustees are pleased to report that the charity’s internal financial controls, in particular, conform with guidelines issued by the Charity Commission.
5
_**Mid Suffolk Light Railway Company Annual Report to 30 September 2024**_
## **Objectives and Activities**
The objects of the Charity are to advance the education of the public with regard to a history of Suffolk and the Mid-Suffolk Light Railway in particular by maintenance of a museum and by restoring and operating a demonstration railway, operations, equipment and engineering crafts.
## **Review of Activities 2023/24**
## _**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 six times during the above period.
At the 8[th] June 2024 Annual General Meeting the following were re-elected, Mr David Bates and Mr Wayne Wicks. Mr John Price and Mr John Reeve did not stand for re-election.
Following the meeting the Board consisted of 7 trustees. There were two resignations from the Board during the reporting period Mr John Stark and Mr Stephen Davies
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
6
_**Mid Suffolk Light Railway Company Annual Report to 30 September 2024**_
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.
## _**Membership**_
Following a review of Membership details numbers have remained fairly static at 504. This shows that our existing members have generally continued to renew their membership, often including generous donations with their subscriptions.
The scheme providing local residents, on application, special tickets giving free entry to the museum, except for special events has been restored and will continue to be offered in future now that normal operation can be restored.
## _**Achievements**_
The Santa Specials operated on six days in 2023, the 4[th] , 5[th] , 11[th ] , 12[th] 18[th] & 19[th] of December. In spite of some challenging weather conditions all services ran if not to their intended timetable. Total visitor numbers were increased, whilst maintaining our separate compartment arrangements implemented to maintain safe travel during Covid regulations. Our visiting engine, Wissington, was able to complete its stay with us with a surprisingly successful 1[st] of January Heritage Light festival when we had over 550 visitors making it one of if not the best ever single day events.
The operating year 2023 - 2024 saw steam locomotives running, with the TRAM 2525, Hudswell Clarke 1700 Wissington and Andrew Barclay 0-4-0st no 1219 ‘Caledonia Works’ operating the public services which ran throughout the summer. The boiler overhaul for Y7 985 has continued off site by a contractor appointed by the Y7 Locomotive Trust. The diesel locomotives have proved invaluable for shunting and works trains, with the Ruston 165 and Fowler being available. They also acted as back up when the Tram was called into service and needed help on some steam days. Maintenance work was carried out on all operating locomotives throughout the year, and work on 1604 Hudswell Clarke’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 gate keepers hut was completed, and it was then located beyond the foot crossing 46, on the line extension. The team in the workshop also carried out essential work for other departments, often at short notice. Tools and equipment continue to be acquired, some by donation, to assist with the restoration work.
Carriage & Wagon. November 2023 a new roof was fitted to coach 13 as leaks had developed. Scaffolding was installed around the coach to provide a safe working platform and the old roof material removed and new one laid, all to a tight schedule as it was needed for the Santa specials. Additional maintenance was carried out of all vehicles during the year in accordance with MSLR procedures. Vehicles 12 & 13 were used throughout the year on passenger services, whilst carriage 140 remained out of service when it was found that it needed complete reupholstery following the discovery of mould. All of the soft fabrics were removed a large tarpaulin used to cover 140 in the absence of any covered storage space.
7
_**Mid Suffolk Light Railway Company Annual Report to 30 September 2024**_
The roof on the Engine shed has also been replaced by volunteers and a baffle inner layer installed in an effort to mitigate the corrosive effects of the omissions when engines are in steam.
The underframe of the Y7 locomotive and our own 1604 have been moved back inside of the shed and the frames have been cleaned and repainted. All other components removed have been overhauled and cleaned as required.
The Bagnall locomotive had reached the end of its 10-year boiler ticket and has been found a new home at the North Norfolk as a static exhibit.
Work on our Hudswell Clarke loco number 1604 continued with preparation of the underframe to receive the boiler which has been returned and after some herculean effort on the part of our engineering team is now resting on the underframe. The tram loco has continued to be kept in running order as part of our steam offering.
In January 2024 TESS 2000 installed the track along our extension almost doubling the length of our main line. A lot of prior planning and preparation was carried out by our PW team, and particularly their manager, which meant that the process went very well. The PW team completed the routine maintenance of fish plates, points, chairs and keys was completed along with any repairs or replacements. Sleeper and timber replacements continued as needed.
The site at Dovebrook has been completely overhauled and is now a much safer environment with everything in its place and a place for everything. Preliminary planning and preparations have started with a view to having a second siding at Dovebrook.
The web site continued to be maintained by Mr J. Reeve as webmaster.
The Museum accreditation by the Arts Council remains in place although we will be asked to renew shortly, probably during 2025 and will have 6 months to complete the application. 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. We have set aside space, the old ticket office, for a visiting collection from the Mendlesham Airfield Association 34[th] Bomb Group and they have created an added display attraction for our visitors.
The management structure, with six management committees reporting to the Board, involves more of the volunteers in the operation and scheduled Trustee meetings have occurred on alternate months throughout this reporting period.
The refreshment room, bar and shop were open during the 2023-4 season and are an essential part of our site facilities.
The running of the 100 Plus Club has been taken over by Mr R. Boardman and continues to be supported by the members and has been raising funds for many years.
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_**Mid Suffolk Light Railway Company Annual Report to 30 September 2024**_
The 2023-4 maintenance programme included a refurbishment of Dovebrook platform with repairs to the platform surface and fence painting. There has been the ever-present battle against the invasion of brambles and weeds, trees, shrubs and bushes that insist on growing on and across the track, and Nigel Pulham now has a few more LANTRA trained volunteers who can assist with this fight.
2023-4 saw increased activity from our outside events team who attended numerous shows in and around Suffolk. They are an invaluable means of promoting our museum, where we are and what we do. They are also a great source of much needed income and have increased their contribution throughout this period.
## _**Middy Trading Company**_
The Middy Trading Company is an incorporated company and maintains its own accounts which MSLR do not receive. However, as its purpose is to raise funds by various means including commercial activities to provide funding support for the Mid-Suffolk Light Railway the Board of Trustees thank them for their continued support and donations. The Santa Specials are formally run by the MTC under licence from the MSLR.
During the reporting period the Middy Trading Company continued to transfer funds 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 2023/2024 have seen the company make progress in spite of some difficult wet weather of last spring and the Board wish to express their gratitude to all of our volunteers who worked so hard to ensure that our visitors had a great experience.
The Santa Specials in December 2023 helped bring in additional sources of income which, along with the generous donations, membership subscriptions and individual project appeals, have provided essential funding for work on the line extension and enhancement of the Museum. Visitor numbers are improving year on year and with prudent financial management and support from our membership the railway remains financially secure.
The rental of an industrial unit continues to facilitate restoration and storage of artefacts and is a facility that can be expanded upon. The restoration of our steam locomotive, 1604 continues in the Restoration Shed and is progressing well.
Relationship with the local communities remains good and the scheme to provide local residents with free entry have been re-instated, with Friday night bars a great community asset.
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 to record their thanks. It is also
9
_**Mid Suffolk Light Railway Company Annual Report to 30 September 2024**_
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.
## **Reserves Policy**
At their meeting on 12[th] April 2025, the Trustees reviewed the charity’s needs for reserves in line with the guidance issued by the Charity Commission and resolved that:
a) That a General Reserve should be established and built up to a level which would finance a reasonable period in which to run down the organisation’s operations in the event of a major loss of funding.
b) That the level of General Reserve should be reviewed in line with this policy on an annual basis.
c) That the Capital Reserve should be maintained to reflect the value of Fixed Assets and reviewed on a regular basis
_Approved by the Board of Trustees_
## **Supporting Statement**
At their meeting on 12[th] April 2025 the Trustees agreed that a target figure of £20,000 based on a six month winding-down period should be set and maintained.
## **Statement of Public Benefit**
The objectives, and review of achievements and performance sections of this report clearly set out the activities which the Charity undertakes for the public benefit.
The Trustees confirm that they have complied with the duty in section 4 of the Charities Act 2006 to have due regard to the public benefit guidance published by the Commission in determining the activities undertaken by the Charity.
10
_**Mid Suffolk Light Railway Company Annual Report to 30 September 2024**_
## **Review of the transactions and financial position of the charity**
The format of the financial statements and accounts is in accordance with the recommendations of the Statement of Recommended Practice for Charity Accounts. Income and expenditure is analysed between restricted and non-restricted funds in the Statement of Financial Activities on page 9 and the balance sheet is included on page 10.
## **Results for the period**
The Income and Expenditure Account shows net deficit on unrestricted funds for the year ended 30 September 2024 of (£32,086) _(2022/23 surplus £37,635)_ . There is a surplus on all unrestricted funds of £204,269 _(2022/23 – £236,355)_ at 30 September 2024
The restricted funds have also been closely monitored. At the end of the period, the funds are showing a financial deficit due to the fact that expenditure on the underlying activities will be capitalised by increasing Fixed Assets and Capital Reserves when the projects are completed.
.
## **Financial position at balance sheet date**
The Board considers that the charity’s financial position at the balance sheet date is satisfactory.
## **Degree of financial dependency**
As mentioned above, the charity is dependent on the voluntary efforts of its members and volunteers. However, there is no significant degree of dependence on any single member or small group of members in respect of voluntary effort or financial contributions.
## **Political contributions**
The charity made no political contributions during the year.
## **Independent Examiner**
In accordance with the Charities Act 2011, the financial statements have been independently examined by Rachel Marsh FMAAT AATQB .
## **By Order of the Board**
_**Signed Date**_ 12th April 2025
**Peter Dodd CTA**
_**Hon. Treasurer**_
11
Mid Suffolk Liglit Railway Company
Annual Report to 30 September 2024
Inde
endent examiner's re
ort to thc trustees of Mid Suffolk Li
ht Railwa
Com
an
I report On the avLounis of IhL Company foi. the year eiided .10 Seplcmbcr 2024.
Respective responsibilities of trustees and examiner
The charit)1'8 trustees are responsiblL for ihc prcparatinn nf the accounls. l-hc eharily's trustees li¥ho are alsn ilie
dirculors ol- IhL Lompan}' for thc purposcs of cnmpaiiy law) con5idcr Iliat an audit is nnt requircd for Il)is ycar
under section 144{21 of Ihc Charitics Act 2011 {Ihe 201 l Act) and ihat all indcpcndent cxaminatinn is needed.
Having satisfied m)'seifihal thL Lharily is not 5ubjcct to audit under company law and is eligible for independenl
Aaminaliun. it is my rL'sponsibilitv to..
cxaTMillC the account.s under seclion 145 of tl)L 201 l Act;
lo follo, Ili¢ procLdurc5 laid down in the general l)irevlioiis givcn by Ihc Charity Ci)mmis8ion under
sLLtion 145151{bl of the 201 l Aul; and
(o slalc wlicihcr particular matters liave Come lo niy altclltion.
Basis of independent examiner's report
My cxaminalion was carricd out in accordance with the gencral DircLtior15 givcn by the Charily Commission.
An examinaliiin inLluJLs a rcviLWI uf IliL aLLounting rLcords kept b), tlie tyharilj. and a comparison of thc
acLounls prcsc'nicd with Ih05c fcLords. It al.so inLlude£ consideration of any unusual itcms or disclosure.s in the
aLLount.s. and .seLking explanations from you as IruslLLS LollLcrning any such matters. I'h¢ procidurL5
undLltakcn do noTrt providL all IhL cvidcncc that ivould he required in an audil and LollscquLntly no opinion is
given as to ivheiher the accounts present a 'true and fair vicw, and Ihc report is limited to those matlers sel out in
the slalcmcnt k.luw.
Independent examiner's statement
In Lonncclion '7th my Lxaminalioi). no maltcr has come to my attention..
( l ) IvhiLh givcs mc rca50nablc causc to believe that in aiiy material respect the requiru'menls:
to kecp accounting records in accordance wilh section 386 ofthc Companics Ail 2006-
and io prcparc aLcount.s wliich accoi'd witli the accountiiig recnrd.q Lomply willi ihe avcounling
rcquircmcnts ol. scction 39() of the Companies Act 20aC) and ii.'iih Ilie methods and prinLiples ol- the
Slaicmciil of RecommcndLd PraLIIcL.' ALcountillg and Rcporting by Charilics
hai'e not hccn mct. or
(2) 10 i%,hich. in niy opinion. altclltion should bc drawn in order to enable a proper understanding ol'the
accounts lo he reached.
Signed-
Date:_
&IL12J
Address
Marsh Accountancy
67 Gardeners Road
Debenham
Suffolk IP14 6RX
Tel.. 01728 860727
**Mid Suffolk Light Railway Company Year ended 30th September 2024**
## **Statement of Financial Activities Income and Expenditure Account**
|**_Note_**
**_Unrestricted_**
**_Restricted_**
**_Total_**
**_2022-23_**
**_£_**
**_£_**
**_£_**
**INCOMING RESOURCES**
Grant income
12
-
-
-
1,000
Charitable activity income
12
40,817
-
40,817
33,144
Donations and legacies
12
58,117
6,390
64,507
94,869
Trading income
13
3,719
-
3,719
-
Interest
146
-
146
129
**TOTAL INCOMING RESOURCES**
**102,798**
**6,390**
**_109,188_**
**_129,142_**
**RESOURCES EXPENDED**
**_Expenditure_**
Fundraising Costs
6,411
-
6,411
27,624
Charitable Activities
12
62,679
6,533
69,212
95,913
Operational costs
12
65,793
-
65,793
35,941
**TOTAL RESOURCES EXPENDED**
**_134,883_**
**_6,533_**
**_141,417_**
**_159,478_**
**SURPLUS /(DEFICIT)**
**(32,085)**
**(143)**
**(32,228)**
**(30,336)**
Reserves B/F
236,355
(123,943)
112,412
144,748
**Balance carried forward**
**204,270**
**(124,086)**
**80,184**
**114,412**|**_Note_**
**_Unrestricted_**
**_Restricted_**
**_Total_**
**_2022-23_**
**_£_**
**_£_**
**_£_**
**INCOMING RESOURCES**
Grant income
12
-
-
-
1,000
Charitable activity income
12
40,817
-
40,817
33,144
Donations and legacies
12
58,117
6,390
64,507
94,869
Trading income
13
3,719
-
3,719
-
Interest
146
-
146
129
**TOTAL INCOMING RESOURCES**
**102,798**
**6,390**
**_109,188_**
**_129,142_**
**RESOURCES EXPENDED**
**_Expenditure_**
Fundraising Costs
6,411
-
6,411
27,624
Charitable Activities
12
62,679
6,533
69,212
95,913
Operational costs
12
65,793
-
65,793
35,941
**TOTAL RESOURCES EXPENDED**
**_134,883_**
**_6,533_**
**_141,417_**
**_159,478_**
**SURPLUS /(DEFICIT)**
**(32,085)**
**(143)**
**(32,228)**
**(30,336)**
Reserves B/F
236,355
(123,943)
112,412
144,748
**Balance carried forward**
**204,270**
**(124,086)**
**80,184**
**114,412**|**_Note_**
**_Unrestricted_**
**_Restricted_**
**_Total_**
**_2022-23_**
**_£_**
**_£_**
**_£_**
**INCOMING RESOURCES**
Grant income
12
-
-
-
1,000
Charitable activity income
12
40,817
-
40,817
33,144
Donations and legacies
12
58,117
6,390
64,507
94,869
Trading income
13
3,719
-
3,719
-
Interest
146
-
146
129
**TOTAL INCOMING RESOURCES**
**102,798**
**6,390**
**_109,188_**
**_129,142_**
**RESOURCES EXPENDED**
**_Expenditure_**
Fundraising Costs
6,411
-
6,411
27,624
Charitable Activities
12
62,679
6,533
69,212
95,913
Operational costs
12
65,793
-
65,793
35,941
**TOTAL RESOURCES EXPENDED**
**_134,883_**
**_6,533_**
**_141,417_**
**_159,478_**
**SURPLUS /(DEFICIT)**
**(32,085)**
**(143)**
**(32,228)**
**(30,336)**
Reserves B/F
236,355
(123,943)
112,412
144,748
**Balance carried forward**
**204,270**
**(124,086)**
**80,184**
**114,412**|
|---|---|---|
||**_134,883_**
**_6,533_**
**_141,417_**
**_159,478_**||
||||
||**(32,085)**
**(143)**
**(32,228)**
**(30,336)**||
||236,355
(123,943)
112,412|144,748|
||**204,270**
**(124,086)**
**80,184**|**114,412**|
13
## **Mid Suffolk Light Railway Company Balance Sheet as at 30th September 2024**
|**_Note_**
**FIXED ASSETS**
Buildings
4
Track and rolling stock
4
Tools and equipment
4
Heritage assets
4
**_Tangible Fixed Assets_**
**Current Assets**
**_Bank and Cash_**
CAF current account
TSB current account
Float
**_Cash at bank and in hand_**
**_Debtors_**
_Debtors_
5
**Current Assets**
**Current Liabilities**
Creditors
**6**
**_Current liabilities_**
**Net Current Assets**
**FUNDS**
Capital Reserve
Unrestricted Funds
Restricted Funds|**_30 September 2024_**
129,834
3,350
1,782
105
**135,071**
79,415
5,772
56
**85,242**
3,918
**3,918**
**89,160**
11,283
**11,283**
**77,877**
**212,948**
132,765
204,269
(124,086)
**212,948**|**_30 September 2023_**
_131,444_
_3,722_
_2,376_
_124_|
|---|---|---|
|||**_137,666_**|
|||_72,500_
_35,099_
_169_|
|||**_107,769_**|
|||_482_|
|||**_482_**|
||||
|||**_108,251_**|
|||_740_|
|||**_740_**|
||||
|||**107,511**|
||||
|||**_245,177_**|
|||_132,765_
_236,355_
_(123,943)_|
|||_245,177_|
At the end of the period, restricted funds which show a surplus balance are due to the fact that income has been received in advance of expenditure on the projects' activities which will be made in future periods. Where a restricted fund shows a deficit, the deficit will be capitalised on completion of the project in accordance with note 1(d)
These financial statements were approved by the Board of Trustees at the Board meeting on 12th April 2025
**. .................................................................................**
**Signed:-**
14
**Mid Suffolk Light Railway Company Year ended 30th September 2024**
## **Notes to the Financial Statements Year ended 30th September 2024**
## **Note 1 Basis of Accounting**
The financial statements have been prepared under the historical cost convention and in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014
- a) Voluntary income is received by way of grants, donations and gifts and is included in full in the statement of financial activities when receivable. Volunteer time is not included in the
- financial statements.
- b) Grants are recognised in full in the statement of financial activities in the year in which they are receivable. Resources expended are recognised in the period in which they are incurred
- c) Depreciation is provided at rates calculated to write down the cost or initial valuation of other assets on a straight line basis over their expected useful life to their estimated residual value The depreciation rates in use are as follows:
Buildings 2% straight line on cost Track and rolling stock 10% on reducing balance Tools and equipment 25% on reducing balance Heritage Assets 15% on reducing balance
Assets with a purchase price of less than £100 are written off in the year of purchase.
- d) RGrants and donations 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
- e) Unrestricted funds are donations and other incoming resources receivable or generated for the objects of the Trust.
## **Note 2 Surplus**
||||
|---|---|---|
|**Surplus**|**2024**|**2023**|
||**£**|**£**|
|The surplus is stated after charging:|||
|Depreciation - owned Assets|2,595|3,828|
## **Note 3 Taxation**
There is no liabilty to UK corporation tax on ordinary activities due to the charitable status of the company
|**Fixed Assets**
**COST**
**At 30 September 2023**
Additions
Disposals
**At 30 September 2024**
**DEPRECIATION**
**At 30 September 2023**
Charge for year
Written back on disposals
**At 30 September 2024**
**NET BOOK VALUES**
At 30 September 2024
At 30 September 2023|**Buildings**
**Track and**
**rolling stock**
**Tools and**
**Equipment**
**Heritage**
**Assets**
**Total**
**£**
**£**
**£**
**£**
**£**
160,973
28,912
13,878
3,097
206,860
-
-
-
-
-
-
-
-
-
-|
|---|---|
||**160973**
**28912**
**13878**
**3097**
**206860**|
||29,529
25,190
11,502
2,973
69,194
1,610
372
594
19
2,595|
||**31,139**
**25,562**
**12,096**
**2,992**
**71,789**|
||129,834
3,350
1,782
105
135,071|
||131,444
3,722
2,376
124
137,666|
## **Note 4 Fixed Assets**
15
**Mid Suffolk Light Railway Company Year ended 30th September 2024**
|**Note 5**
**Debtors: amounts falling due within one year**
Value Added Tax
Other debtors
**Note 6**
**Creditors: amounts falling due within one year**
Trade Creditors
100 Club
Digger Fund
**_Total creditors_**
**Note 7**
**Capital Reserve**
At 30 September 2023
Movement in year
**_At 30 September 2024_**|**2024**
**£**
2494
1424|**2023**
**£**
482|
|---|---|---|
||**3918**|**482**|
||**2024**
**£**
9,476
767
1,040|**2023**
**£**
740|
||**11,283**|**740**|
||**2024**
**£**
132,765
-
**132,765**|**2023**
**£**
132,765
-|
|||**132,765**|
## **Note 8 Liability of Members**
The company is a company limited by guarantee. At the date of these accounts there are 504 members (2023 - 550) whose liability is limited to £1 each.
## **Note 9 Restricted Funds**
|**_At 30 September 2023_**
Income
Expenditure
**_At 30 September 2024_**|**Restoration**
**Shed**
**1605 - Alston**
**Line Extension**
**Total**
**£**
**£**
**£**
**£**
_2,864_
(15,774)
(111,033)
(123,943)
-
3,447.05
2,943
6,390
(1,896)
_(4,489)_
_(149)_
(6,533)|
|---|---|
||**968**
**(16,816)**
**(108,239)**
**(124,086)**|
## _**Funds for building the restoration shed with assistance from donations and grants. Funds for the restoration of Engine 1604 - Alston Funds for the reinstating of permanent way**_
## **Note 10 Related Party Transactions**
During the year the Company received donations of £46,807 (2022- £38,999) 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
## **Note 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.
16
**Mid Suffolk Light Railway Company Year ended 30th September 2024**
## **Note 12 Income and Expenditure - Unrestricted**
|**INCOME**
Subscriptions
Admissions
Donations - MTC
- Others
Gift aid tax recoveries
Legacies
Grants and awards
Other sales, hirings and steam days
Recycling credits
Bank interest
**_Total Income_**
**LESS: CHARITABLE ACTIVITIES**
Newsletter costs
Membership (postage etc)
Locomotive
Carriage and Wagon
Permanent way
Buildings and operations
Archive
Non - loco event costs
Health and safety
Display
**GROSS SURPLUS for the year**
**LESS: OPERATIONAL COSTS**
Works rent
Cleaning
Utilities
Advertising and public relations
Office
Insurances
Legal and professional fees
General expenses
Bank charges
Depreciation
**Total operative costs**
**_NET SURPLUS / (DEFICIT) for the year_**
UNRESTRICTED FUNDS brought forward
**_UNRESTRICTED FUNDS carried forward_**
**Note 13**
**Trading Income**
Outside events
Outside events expenses|**2024**
£
5,457
4,652
-
32,794
29,424
-
46,808
38,999
-
8,846
11,787
-
2,463
4,105
-
-
27,482
-
-
1,000
-
2,306
3,426
-
259
293
-
146
128
-
**99,079**
121,297
-
2,071
-
1,703
-
27,997
-
7,267
-
2,893
-
12,171
-
406
-
6,880
-
1,194
-
97
-|**2023**
**£**
4,652
0
29,424
0
38,999
0
-
11,787
0
-
2,605
1,500
-
27,482
0
-
1,000
-
2,426
1,000
-
294
1
129
1
-
**118,798**
2,499
-
1,967
1,754
18,937
453
616
15,536
424
1,786
568
**_42,041_**
**76,757**
6,400
#REF!
1,445
#REF!
12,280
#REF!
3,180
#REF!
1,014
#REF!
7,252
#REF!
809
#REF!
2,689
#REF!
224
#REF!
3,828
#REF!
**39121**
37,636
198,719
**236,355**|
|---|---|---|
||**_62,679_**||
||**36,400**
**121,297**
**-**||
||6,504
0
1,559
0
9,296
0
4,332
0
2,079
0
8,714
0
34,541
0
2,348
0
236
0
2,595
0
**72,204**
(35,805)
236,355
**200,551**
18,155
-
(14,436)
-
**3,719**||
17