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← Tanfield Railway Trust Limited

2025-07-31-accounts

Charity Registration No. 1072449

Company Registration No. 03232794 (England and Wales)

TANFIELD RAILWAY TRUST LIMITED

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2023

TANFIELD RAILWAY TRUST LIMITED

CONTENTS

Page
Trustees' Annual Report report 1
Independent examiner's report to the trustees 5
Statement of financial activities 7
Balance sheet 8
Notes to the financial statements 10

TANFIELD RAILWAY TRUST LIMITED

TRUSTEES' ANNUAL REPORT REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT)

FOR THE YEAR ENDED 31 JULY 2023

The Trustees who are also directors for the purpose of company law present their report and the unaudited financial statements of the charity for the year ended 31 July 2023.

Reference and administrative details

Registered charity name Tanfield Railway Trust Ltd Charity registration number 1072449 Company Registration Number 03232794 Principal office Tanfield Railway Marley Hill Sunniside Newcastle Upon Tyne NE16 5ET The Trustees D W Smith (Chairman) T M Hartley R G Charlton I Cowan P Weightman L Griffiths (Appointed September 2022) Secretary A M Pickering Independent Examiner Stephen Lamb FCA TC Group 12 Bessemer Court Hownsgill Park, Knitsley Lane, Consett, County Durham DH8 7BL

TANFIELD RAILWAY TRUST LIMITED

TRUSTEES' ANNUAL REPORT REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2023

Objectives and activities

The overriding objects of the charity are to advance education by acquiring housing, exhibiting, conserving, restoring and repairing objects and collections of educational nature. The charity looks to establish, acquire and maintain museums, galleries, libraries and other places where such purposes may be achieved and where educational research, enquiry and the exchange and dissemination of relevant views and information may happen.

Public benefit

The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit and in particular to its supplementary public benefit guidance on advancing education when reviewing the charity's aims and objectives and in planning future activities.

Grant making policy

The charity has established its grant making policy to achieve its objects for the public benefit. The application of the funds by way of grants is to institutions. The trustees consider they have met the public benefit when distributing the grants.

Strategic report

The following sections of achievements and performance and financial review form the strategic report of the charity.

TANFIELD RAILWAY TRUST LIMITED

TRUSTEES' ANNUAL REPORT REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2023

Achievements and performance

The charity received £99,720 in donations and legacies, rental income of £12,000 and rechargeable expenditure of £1,310.

In addition to the above the charity received a restricted grant receivable of £75,000. As at the year end none of the restricted funds were expended.

The charity had grants payable during the year amounting to £44,814, operational costs of £13,098 and support costs of £2,843. Included in that figure was fees payable of £612 for the independent examination.

With the above proceeds and expenditure the Tanfield Railway (TR) continues to develop under the TR Trust and TR Company. Major work on the main structure of the 1854 Marley Hill engine shed, the oldest in the world in which steam locomotives are still housed and maintained, has been completed. We have worked with authors on the publication of two books about the history of TR ready for our tercentenary in 2025. To tell and present the story of TR to the public we continue to liaise with Durham County Council on recreating a section of waggonway at Causey to represent the 1725 origins, and interpretation of the c1840 site of a stationary haulage engine. Together with the TR Company, we have arranged for major boiler repairs to Twizzell, a locomotive built in 1891 by Robert Stephenson & Co and used locally, this represents the final phase of the Tanfield Branch.

The charity has low governance costs comprising professional fees.

Grants over £5,000 made during the year to institutions are as detailed in the accounts.

There were no material fundraising costs during the year.

Related party transactions are disclosed as applicable in the notes to the accounts.

There was a net income and net movement in funds for the year amounting to £127,275.

Financial review

The trustees feel that the activity reflects the profile and standing within the local geographic area. The trustees would like to record their appreciation for all the financial support received from benefactors during the course of the year.

Reserves policy

The Unrestricted Fund represents the unrestricted funds arising from past operating results.

The Trustees are satisfied that the balance of the Fund is an acceptable level of reserves given the nature of receipts against expenditure.

In considering the financial obligations of the charity, the trustees have resolved to maintain a minimum reserve, being the net current assets of the charity.

The trustees are delighted to have made valuable education contributions to the wider community community as a result of this income and hope to be able to do so for many years to come.

The trustees feel that the activity reflects the profile and standing within the wider community. The impact for future years' expenditure is self evident and the trustees would like to record their appreciation for all the financial support received from benefactors during the course of the year.

The reserves, being the net current assets of the charity, stand at £273,559 of which £198,559 are unrestricted and £75,000 are restricted.

TANFIELD RAILWAY TRUST LIMITED

TRUSTEES' ANNUAL REPORT REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2023

Structure Governance and Management

Tanfield Railway Trust Ltd is constituted by Memorandum and Articles of Association and is a company limited by guarantee. It was incorporated on 1[st] of August 1996 as a company and the company number is 3232794. It was registered as a charity on 13[th] of November 1998 with a charity number 1072449.

Recruitment and appointment of new trustees would be in line with the Memorandum and Articles of Association and with the consent of the trustees. The criteria set for the suitable candidate would be someone who is sensitive to the needs and demands of the organisation. There is no chief executive officer.

The day-to-day affairs are undertaken by the trustees. All major decisions are taken collectively by the trustees and all the trustees give of their time freely. The trustees are unpaid and details of any related party transactions are disclosed as applicable in the notes to the accounts. The arrangements for setting the pay of the charity’s employees are the sole domain of the trustees. The charity does not employ anyone at the moment.

New trustees receive induction and training although there are no formal policies.

Risk review

The Trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the Trust, and are satisfied that systems are in place to manage our exposure to the major risks.

The major risks faced by the charity are principally those related to the implementation of the operations of the charity and the execution of the restoration of old structures and trains.

These risks are mitigated by the trustees implementing relevant policies to ensure the smooth running of the charity and its restorations works carried out.

Report back and review procedures strengthen these safeguards to ensure public benefit is achieved.

The trustees' annual report was approved by the trustees on 19 February 2024. The trustees report is signed on behalf of the board of trustees by:

D W Smith Trustee (Chairman) 19 February 2024

TANFIELD RAILWAY TRUST LIMITED

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF TANFIELD RAILWAY TRUST LIMITED

I report to the trustees on my examination of the financial statements of Tanfield Railway Trust Ltd ('the charity') for the year ended 31 July 2023.

Responsibilities and basis of report

As the trustees of the Charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 ('the 2006 Act’).

Having satisfied myself that the accounts of the charity (and the company for the proposes of company law) 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 the charity’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:

TANFIELD RAILWAY TRUST LIMITED

INDEPENDENT EXAMINER'S REPORT (CONTINUED)

TO THE TRUSTEES OF TANFIELD RAILWAY TRUST LIMITED

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 financial statements to be reached.

Stephen Lamb FCA Independent Examiner

TC Group 12 Bessemer Court Hownsgill Park, Knitsley Lane, Consett, County Durham DH8 7BL

Dated: 19 February 2024

TANFIELD RAILWAY TRUST LIMITED

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 JULY 2023

Unrestricted
Restricted
funds
funds
2023
2023
Notes
£
£
Income and endowments from:
Donations and legacies
3
99,720
75,000
Rental income
12,000
-
Other income
4
1,310
-
Total income
113,030
75,000
Expenditure on:
Charitable activities
5
60,755
-
Net income/(expenditure) for the year/
Net movement in funds
52,275
75,000
Fund balances at 1 August 2022
212,432
-
Fund balances at 31 July 2023
264,707
75,000		 Total Unrestricted
funds
2023
2022
£
£
174,720
33,648
12,000
12,000
1,310
1,938
188,030
47,586
60,755
91,040
127,275
(43,454)
212,432
255,886
339,707
212,432

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

TANFIELD RAILWAY TRUST LIMITED

BALANCE SHEET

AS AT 31 JULY 2023

Notes
Fixed assets
Tangible assets
12
Current assets
Stocks
13
Debtors
14
Cash at bank and in hand
Creditors: amounts falling due within
one year
15
Net current assets
Total assets less current liabilities
Income funds
Restricted funds
16
Unrestricted funds		 2023
£
1,000
7,248
265,984
274,232
(673)		 £
66,148
273,559
339,707
75,000
264,707
339,707		 2022
£
1,000
6,000
132,112
139,112
(673)		 £
73,993
138,439
212,432
-
212,432
212,432

TANFIELD RAILWAY TRUST LIMITED

BALANCE SHEET (CONTINUED)

AS AT 31 JULY 2023

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 July 2023.

The directors acknowledge their responsibilities for ensuring that the charity keeps accounting records which comply with section 386 of the Act and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its incoming resources and application of resources, including its income and expenditure, 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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Trustees on 19 February 2024

D W Smith

Trustee

Company Registration No. 03232794

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2023

TANFIELD RAILWAY TRUST LIMITED

1 Accounting policies

Charity information

Tanfield Railway Trust Ltd is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is: Tanfield Railway, Marley Hill, Sunniside, Newcastle Upon Tyne, NE16 5ET

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's Memorandum and Articles of Association, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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 2019). The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded top the nearest £

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus we trustees continue to adopt the going concern basis of accounting in preparing of the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.

Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.

Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.

TANFIELD RAILWAY TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2023

1 Accounting policies

(Continued)

1.4 Income

All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:

1.5 Expenditure

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:

TANFIELD RAILWAY TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2023

1 Accounting policies

(Continued)

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

The charity has elected not to depreciate fixtures and fittings, as the value is immaterial compared to the coalesced tangible assets.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings 5%
Fixtures and fittings 0%

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the year.

1.7 Impairment of fixed assets

At each reporting end date, the reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.8 Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

1.9 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charities balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

TANFIELD RAILWAY TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2023

(Continued)

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are recognised at transaction price.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised at transaction price.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charities contractual obligations expire or are discharged or cancelled.

2 Critical accounting estimates and judgements

The preparation of the financial statements did not require management to make judgements, estimates or assumptions that affect the amounts reported, besides the valuation of the charities freehold property at the year end.

3 Donations and legacies

Unrestricted
Restricted
funds
funds
2023
2023
£
£
Donations and gifts
35,251
-
Legacies receivable
60,269
-
Grants Receivable
4,200
75,000
99,720
75,000
Donations and gifts
Donations
35,251
-
35,251
-		 Total Unrestricted
funds
2023
2022
£
£
35,251
8,456
60,269
-
79,200
25,192
174,720
33,648
35,251
8,456
35,251
8,456		 Total Unrestricted
funds
2023
2022
£
£
35,251
8,456
60,269
-
79,200
25,192
174,720
33,648
35,251
8,456
35,251
8,456
33,648
8,456
8,456

TANFIELD RAILWAY TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2023

3
Donations and legacies
Legacies receivable
Legacies receivable
Grants receivable for core activities
Tanfield Railway Company Ltd
GMBC
Other Grants Receivable
4
Other income
Rechargeable Expenses		 60,269
60,269
-
-
4,200
4,200		 (Continued)
-
60,269
-
-
60,269
-
75,000
75,000
-
-
-
25,192
-
4,200
-
75,000
79,200
25,192
Unrestricted Unrestricted
funds
funds
2023
2022
£
£
1,310
1,938

TANFIELD RAILWAY TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2023

5 Charitable activities

Expenditure
Expenditure
on charitable
on charitable
activities activities
2023 2022
£ £
Depreciation and impairment 7,845 7,845
Rates 1,109 1,923
Printing and stationary 110 -
Materials 4,034 27,079
13,098 36,847
Grant funding of activities (see note 6) 44,814 51,000
Share of support costs (see note 7) 2,231 2,520
Share of governance costs (see note 7) 612 673
60,755 91,040

6 Grants payable

Expenditure
Expenditure
on charitable
on charitable
activities activities
2023 2022
£ £
Grants to institutions:
Tanfield Railway Company LTD 44,814 51,000
2022 £ 1,872 648 - 673 3,193 3,193
Support costs Support
Governance
2023Support costs Governance		 costs
costs
costs		 £
£
£
£
£		 Cleaning
1,248
-
1,248
1,872
-		 General office
503
-
503
648
-		 Professional fees
480
-
480
-
-		 Accountancy
-
612
612
-
673		 2,231
612
2,843
2,520
673		 Analysed between Charitable activities
2,231
612
2,843
2,520
673		 Governance costs includes payments to the independent examiner of £612 (2022: £673).
7

TANFIELD RAILWAY TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2023

8
Net movement in funds
2023
£
Net movement in funds is stated after charging/(crediting)
Depreciation of owned tangible fixed assets
7,845
9
Trustees
No remuneration or other benefits from employment with the charity or a related entity were
received by the trustees. No expenses were reimbursed to the trustees.
10
Employees		 2022
£
7,845

The average monthly number of employees during the year was:

2023 2022
Number Number
Total - -
11 Taxation

Tanfield Railway Trust Ltd is a registered charity and therefore is not liable to income tax or corporation tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities.

TANFIELD RAILWAY TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2023

12
Tangible fixed assets
Freehold land
and buildings
Fixtures and
fittings
£
£
Cost
At 1 August 2022
155,657
1,810
At 31 July 2023
155,657
1,810
Depreciation and impairment
At 1 August 2022
83,474
-
Depreciation charged in the year
7,845
-
At 31 July 2023
91,319
-
Carrying amount
At 31 July 2023
64,338
1,810
At 31 July 2022
72,183
1,810
13
Stocks
2023
£
Raw materials and consumables
1,000
14
Debtors
2023
Amounts falling due within one year:
£
Trade debtors
7,248
15
Creditors: amounts falling due within one year
2023
£
Accruals and deferred income
673		 Total
£
157,467
157,467
83,474
7,845
91,319
66,148
73,993
2022
£
1,000
2022
£
6,000
2022
£
673

TANFIELD RAILWAY TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2023

16 Restricted funds

The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:

Movement Movement
in funds in funds
Incoming Balance at Incoming Balance at
resources 1 August 2022 resources 31 July 2023
£ £ £ £
Match funding to unlock development projects - - 75,000 75,000

The fund is used to unlock development projects for the benefit of the Tanfield Railway, such as construction of or improvements to museum or storage buildings, land acquisition, or other major investments in the Tanfield Railway to further the educational aims of Tanfield Railway Trust.

17 Analysis of net assets between funds

Analysis of net assets between funds
Unrestricted
funds
Restricted
funds
2023
2023
£
£
Fund balances at 31 July 2023 are represented
by:
Tangible assets
66,148
-
Current assets/(liabilities)
198,559
75,000
264,707
75,000		 Total Unrestricted
funds
2023
2022
£
£
66,148
73,993
273,559
138,439
339,707
212,432
212,432

18 Related party transactions

There were no disclosable related party transactions during the year (2022 - none).

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