TANFIELD RAILWAY TRUST LIMITED
ACCOUNTS
YEAR ENDED 31 JULY 2021
Charity Number : 1072449
Company Number : 03232794
Tanfield Railway Trust Limited
Accounts
Year ended 31 July 2021
Contents
| Page | |
|---|---|
| Legal and administrative information | 1 |
| Report of the trustees | 2 - 3 |
| Report of the independent examiner | 4 |
| Statement of financial activities | 5 |
| Balance Sheet | 6 |
| Statement of Cash Flows | 7 |
| Notes forming part of the financial statements | 8-9 |
Tanfield Railway Trust Limited
1
Accounts
Year ended 31 July 2021
Legal and administrative information
Charity number 1072449 Trustees T M Hartley I Cowan D Smith - Chairman P Weightman R G Charlton D Allinson C S Walker Secretary A M Pickering Principal address Tanfield Railway Marley Hill Sunniside Newcastle upon Tyne NE16 5ET
Independent examiner
R A Page BA FCCA 511 Durham Road Gateshead NE9 5EY
Tanfield Railway Trust Limited
Accounts
Year ended 31 July 2021
Report of the Trustees
The trustees present their report together the accounts of the charity for the year ended 31 July 2021. The accounts have been prepared in accordance with the accounting policies set out on page 8 and comply with applicable law.
Constitution and objects
The organisation is a charitable company limited by guarantee, incorporated on 1 August 1996 and registered as a charity on 13 November 1998. The company was established under Memorandum of Association which established the objects and powers of the charitable company.
The overriding objects of the charity are to advance education by acquiring housing exhibiting conserving restoring and repairing objects and collections of an educational nature. The charity looks to establish acquire and maintain museums galleries libraries and other places where such purposes may be achieved and where education educational research enquiry and the exchange and dissemination of relevant views and information may happen.
Name change
The charity was renamed Tanfield Railway Trust on 4 August 2019.
Trustees
The members of the board who served during the year were as follows
I Cowan T M Hartley D Smith P Weightman C S Walker R G Charlton D Allinson – appointed 22 May 2021 D G Watchman served during the year but resigned 22 November 2020.
Organisation
The charity is administered by a board of trustees. Applications are sought annually.
Policies
Health and safety issues are covered by a rigorous policy.
3
Tanfield Railway Trust Limited
Year ended 31 July 2021
Report of the Trustees - continued
Public Benefit
The trustees are satisfied that in accordance with the Charities Commission guidelines they meet the public benefit requirements.
Review of the activities and achievements
The year has been dominated by the effects of Covid-19. Together with our operating partner, the Tanfield Railway Company (TR Co), we had to limit access or close our sites to the public and volunteers during lockdowns, which has led to less work being done, reduced railway opening, fewer days of train operation, and less income. Fortunately we have received grants which have assisted our work and some public opening.
The rebuilding of the loco Horden was extended by about a year, but it has now hauled public passenger trains. Similarly, the reroofing of Marley Hill Engine Shed (our main historic asset) has stalled, but other major refurbishment work on the shed has continued.
We continue to develop more detailed plans and work to celebrate the tercentenary of the Tanfield Waggonway in 2025. A route has been cleared for the replica wooden waggonway near Causey arch, and noticeboards erected. Ready for 2025, a book about the Tanfield Waggonway has been published, and another about the railway is being developed.
Financial review
Incoming funds amounted to £59,291 (2020 - £72,535). Of this £6,000 was rent from Tanfield Railway Company Limited. Other donations and gift aid were £11,869. Grants to mitigate the effects of Covid were £40,422 were received in the year.
Approved by the trustees and signed on their behalf by
D Smith
31 March 2022
Tanfield Railway Trust Limited
Year ended 31 July 2021
Report of the independent examiner on the accounts
I report on the financial statements of Tanfield Railway Trust Limited for the year ended 31 July 2021 which are set out on pages 5 to 9.
Respective responsibility of trustees and examiner
The charity’s trustees are responsible for the preparation of the financial statements. The charity’s trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011(the Charities Act) does not apply. It is my responsibility to
Examine the accounts under section 145 of the Charities Act
To follow the procedures laid down in the general Directions given by the Charity Commission (under section 145(5)(b) of the Charities Act) and To state whether particular matters come to my attention.
Basis of independent examiner’s report
My examination was carried out in accordance with the General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the charity and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair’ view and the report is limited to those matters set out in the statement below.
Independent examiner’s statement
In connection with my examination, no matter has come to my attention :
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(1) which gives me reasonable cause to believe that in any material respect the requirements
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. to keep accounting records in accordance with section 130 of the Charities Act; and
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. to prepare financial statements which accord with the accounting records and to comply with the accounting requirements of the Charities Act,
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have not been met ;or
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(2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached.
R A Page BA FCCA 511 Durham Road Gateshead Tyne & Wear NE9 5EY
31 March 2022
5
Tanfield Railway Trust Limited
Year ended 31 July 2021
| Statement of financial activities INCOMING RESOURCES Donations and Gift aid Rates Relief Grant Grants - GMBC Grants – Community Foundation Rent Total income RESOURCES EXPENDED Grants to Tanfield Railway Company Rates Equipment Waste Depreciation Accountancy Sundry Total expenses Deficit for the year Funds at 1 August 2020 Funds at 31 July 2021 |
Total 2021 £ 11,869 - 40,422 - 6,000 58,291 49,000 3,607 2,583 1,248 7,845 876 31 65,190 (6,899) 262,785 255,886 |
Total 2020 £ 27,751 25,000 146 7,638 12,000 |
|---|---|---|
| 72,535 | ||
| 4,965 2,519 - 7,845 360 80 |
||
| 15,769 | ||
| 56,766 206,019 |
||
| 262,785 |
Tanfield Railway Trust Limited Balance Sheet as at 31 July 2021
6
| Notes Fixed Assets Tangible fixed assets 2 Museum equipment Current assets Stock Other debtors Bank account Creditors: Amounts due in one year - Accruals Net current assets Net assets Represented by Funds |
£ 1,000 6,000 168,502 |
2021 £ 80,028 1,810 |
£ 1,000 - 173,062 |
2020 £ 87,873 1,810 |
|---|---|---|---|---|
| 81,838 174,048 |
89,683 173,102 |
|||
| 175,502 1,454 |
174,062 960 |
|||
| 255,886 | 262,785 | |||
| 255,886 | 262,785 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2021.
The trustees have not required the charitable company to obtain an audit of its financial statements for the year ended 31 July 2021 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
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(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
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(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Section 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 charitable company.
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 (FRS 102) (effective 1 January 2015) – (Charities SORP (FRS 1023), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
The financial statements were approved by the Board of Trustees on 31 March 2022 and were signed on its behalf by
D Smith
Tanfield Railway Trust Limited
7
Year ended 31 July 2021
Statement of Cash Flows
| Cash used in operations Net movement in funds (Increase) in debtors Increase in accruals Depreciation Net cash absorbed from operations Change in cash in the year Cash brought forward Cash carried forward |
2021 2020 £ £ (6,899) 56,766 (6,000) 6,000 494 360 7,845 7,845 |
|---|---|
| (4,560) 70,971 |
|
| (4,560) 70,971 173,062 102,091 |
|
| 168,502 173,062 |
Tanfield Railway Trust Limited
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Year ended 31 July 2021
Notes to the accounts
1 Accounting policies
Basis of preparation
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 (FRS 102) (effective 1 January 2015) – (Charities SORP (FRS 1023), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Reconciliation with previous Generally Accepted Accounting Practices
In preparing the financial statements the trustees have considered whether in applying the accounting policies required by FRS 102 and the Charities SORP FRS 102 the restatement of comparative items was required. No restatements were required.
Incoming resources
Grants and donations are only included in the SoFA when the charity has unconditional entitlement to the resources.
Resources expended
Costs are recognised as and when there becomes a legal or constructive obligation committing the charity to pay out the resources.
Unrestricted funds
Funds described as restricted funding are available for any expenditure the trustees consider appropriate to the meet the charity’s objects.
Depreciation
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life
Buildings 5% on cost
Tanfield Railway Trust Limited
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Year ended 31 July 2021
Notes to the accounts
| 2 Tangible fixed assets Cost As at 1 August 2020 Additions As at 31 July 2021 Depreciation As at 1 August 2020 Charge for year As at 31 July 2021 Net book value at 31 July 2021 Net book value at 31 July 2020 |
Building £ 155,657 - |
|---|---|
| 155,657 | |
| 67,784 7,845 |
|
| 75,629 | |
| 80,028 | |
| 87,873 |
3 Related parties
In order to present some of its aims, The Trust supports the Tanfield Railway Company in operating the Tanfield Railway.