COMPANY REGISTRATION NUMBER: 04102029 CHARITY REGISTRATION NUMBER: 1092160 Tetbury Rail Lands Regeneration Trust Limited Company Limited by Guarantee Financial Statements 30 November 2023
INDEX TO THE FINANCIAL STATEMENTS PAGE REFERENCE AND ADMINISTRATIVE DETAILS TRUSTEES, ANNUAL REPORT STRUCTURE. GOVERNANCE AND MANAGEME AIMS, 08JECtIVES AND ACtIVlTIES PVBLIC BENEFIT STATEMENT ACHIEVEMENTS AND PERFORMANCES FINANCIAL REVIEW TRUSTEES. RESPONSIBILITY STATEMENT io REPORTOF THE INDEPENDENT EXAMINER 12 STATEMENT OF FINANCIAL ACTIVITrES 13 BALANCE SHEET 14 NOTES TO THE FINANCIAL STATEMENTS 15
TETBURY RAIL LANDS REGENERATION TRUST COMPANY LIMITED BYGUARANTEE YEAR ENDED 30 NOVEMBER 2023 REFERENCE ANO ADMINlStRATIVE DETAILS Registered tharity name Tetbury Rail Land5 Re8eneration Trust Charity registration number 1092160 Comp3ny registration numljer 4102029 Principal office and registered office Tetbury Goods Shed Old Station Yard Cirencester Road Tetbury GlOucestShIre GL8 8EY Dirertors and Trustees The Trustees who served the company during the year and until the date of signing, an(1 the sub-committees on which they Served, were as follows= Mrs H Estall (resigned 20161231 Mr J Golob (resigned 6111241 Mr S Hirst (Tetbury Town Council (TTCII stood down 1917123 io Mr P Hodson Mr R Lark Mr D Looman Mrs C Paton Mr R Warrington, Chair ol Trustees Dr T Walsh Irrc) stood down 1917123 Mrs Rwright Mr Peter Coleman IITtCl appointed 19171231 Mrs Melanie Henry (appointed 20111120231 Mr J Duining appointed lappointed 1917120231 5,7,8 io Committees to the Board BUildinEstate Management111 Opeiations Committee Group121 Events Committee131 Finance/Audit Committee141 Fundraising Committee151 Volunteers Committee161 MarketinFJpublicity Group171 Community Group181 Café Board Repre5enlative191 Tetbury Trail1101 Chair Vacant Chair Mr R Warrington Chair Mr J Golob Chair Mr J Dumir Chair Mr D Looman Chair Mrs Wright Chair Mrs R Lark Chair Mrs C Paton Trustee Mr P Hodson Chair Mr P Coleman Company Secretary Mr D Walker larbd Treasurer- Comminees 1.41
TEfBURY RAIL LANDS REGENERATION TRUST COMPANY LIMITED BYGUARANTEE YEAR ENDED 30 NOVEMBER 2023 REFERENCE AND ADMINi¥fRATIVE DETAIiS Key Personnel The management of the Trust is overseen by a team of stsff employed by the Trust during the year to 30 Novembei 2023. This comprised a5 follows.. Kathryn Limoi Nicholas Ullmann Kate Raw Kairen Vann Office Manager Artistic Director Event5 C(H)Tdinator (resigned 31171231 Administration Assistant In addition to the volunieer Trustees, Ihe Trvst also relies heavily on the assistance of a particular individual= David Walker, Treasurerl Company Secretary The Trust has employed the services of a consultant. Ms Shona Nicolson, to Support the trust's fundraisinÈ initiatives throughoui the period. The Trust 15 dependent on a team of volunteers foT their sUPPOrt in the provision of various role5 that ensure that the Trust. trading as Tetbury Goods Shed,, can operate as an effective and efficient Commijnity Arts and Entertainment Centre. Accountant and independent examiner. Ruth Herbert. FCCA Wenn Townsend Chartered Accountants 5 Gosditch Street Cirence51er Gloucestershire GL7 2AG Bankers Lloyd5 Bank 14 Castle Street Cirerbcester Gloucestershire GL7 IQI
TETBURY RAIL LANOS REGENERATION TRUST COMPANY LIMITED By GUARANTEE YEAR ENDED 30 NOVEMBER 2023 TRUSTEES. REPORT The Trustees. who are also direciors for the purposes of comp3ny law. present their annual dirertors, Teport rOgher with the financial Statements of the company for the year ended 30 November 2023. which are hlso prepared to meet the requirements for Companies Act purposes. The financial statements comply with ihe Ch3ritie5 Att 2011, the Companies Act 2(M)6. the Memorandum and Articles of Association, and Accountirkg and Reporting by Charities= Staiement of Recommended Practice applicable to charitie5 preparing their accounts in accordance with the Finarbcial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffective l January 20191. sTrucruRE. GOVERNANCE AND MANAGEMENT Governlng Document Tetbury Rail Lands Regeneration Trust ITRLRTI is governed by Memorandum and Articles of A$50Clation incorporated on 3 November 21KK) as amended by special resolution on 27 April 2C(J2 and 5 September 2018. The Trust was registeied as a charity on 22 May 22. Durin8 2023 the Board ha5 ieviewed the Memorandum and Articles of TRLRT and proposed an amendeil version based on the current Chariiy Commission template. which was adopted at the AGM on 19 July 2023. The organisation structure of TRLRT is that of a registered charity and a private company registered in England and Wale5. that is limited by guarantee and without share capttal. The Trust 15 governed by a Board of Trustees. all of whom are unpaid volunteers and the tefm of oflrce for individual trustees is three years, after which pefiod the Trustee may be able to stand for rtrelection to a limit of nine years, with a break of one year between the second and ihird term5_ There 15 one T¥ustee appointed by Teibury Town Council, the Trust's landlords. In addition to the Trustees. as at Novernber 2023, the management team included three paid part-time staff, who SSlSt with the running of the Tetbury Goods Shed Arts Centre- an Artistic Dhrector, an OffTrce Manager and an Administration Assistant. AIMS, OBJEcfivES AND AcrivtnES TRLRT was established as a charity and rural social enterprise to regenerate the land and buildings comprising the former railway branch line in Tetbury. Tetbury Town Council Eranied TRLRT 3 25-year lease on the former GWR good5 shed in 2017. The Trust has refurbished this buildin& now rÈfÈrrÈd to as the Tetbury Goods Shed ITGSI. and has since established a successful and inclusive community arts and entertainment hub for the benefit of the iesident5 of the market town of Tetbury and surrounding villages, extendin8 TRLRT's remit to promote inclusion, social engagemeni and wellbeing irk the local community IhrouEh a programme of aris-based activities, performance5 and a varied programme of concerts. A5 an arts centre, TGS prides itself on tts inclusive ethos and is a volunteer-led operation, whose Trustee5 are all local residents. The Trustee5 developed a Three-year Development Strare@y1202V22 ro 20231241. which has been reviewed and updated. but confirm5 the focu5 on Three Imperatives, that make up the 'optimal' Goods Shed Arts Centre and links all the activities ihat go on at thÈ venue- Art15tic Ambition., Financial Su5tainabilitv- Communityl Public Benefrt- known in the arts world as the rIple Bottom Lin@- The overall airn of TGS is to become a first-class venue for the arts. a'Gem in the Cotswolds. attracting top performers. but also encouraging a diverse audience spread. Financial year 2022-23 was the first since 2018-19. itself only TGS'S second full year of operation5. that the trust was able to deliver an entire yearfs programme without the haneovei effect of the Covid Pandemic. This has been crucial for the Tmstees to understand the ¢apabilitie5 and full potential of the trust, and particularly rGS arts centre, which has settled into ils role of bringing the best possible art and culture to TetbLSry and its surrounding area. TGS 15 now established as a popular local amentty and allocates more than half of the avaiSable time and resources to community-facing acti¥ities.
TETBUR Y RAIL LANDS REGENERAMON TRUST COMPANY LIMITED BY GUARANTEE YEAR ENDED 30 NOVEMBER 2023 TRUSTEES. REPORT However. as ha5 been the situation in many if not all rural. community arts cenires across the country, the year ended a@ain in an operational deficit. which ha5 reinforced the Board of Trustee'5 view that TGS will always cost rnore to run than it makes purely from the events and acirvilies it puts on, although not dramatically so. Ans centres generally have to live with the perpetual balancing art of the Yriple Bottom Line" across the three imperatives of Art15tic Ambition, Financial Sustainability, and Communityl Public Benefit. TGS has been building a reputation for first-class entertainment, but also importarktly offering a wide mix of rnu%ical genres. as well as theaire. cinema, talks. art exhibitions, dance classes and children's events_ In its relatively short lifetime, TGS has created a venue that is popular across all age Eroups. showcastng perfoimances from artists who often play more prestigious concert ha115, whi15t still delivering $0(ially-priced community progr3wnming and activities. Trading subsidiary The Whistle Stop Café IWSCI was incorporated on 27 December 2018 and is the trading subsidiary of TRLRT, which owns 100% of its share capital. The cafe opens for 6 d3y5 each week (Tuesday to Sunday) during the summer months (reducing to 5 days a week during the winierl providing high quality refreshments for the people of Tetbury and visitors to the town. The employment situation across the hospitality industry has been challengin& but the café team have managed to provide an excellent Service. The Café has three Director5, including one Trustee of TRLRT (Mr P Hodsonl. is chaired by Mrs C Moi8an and is manaEed by Ms S JÈnner_ The turnover for the cafe in the year to 30 November 2023 was £216.953. TRLRTcharge5 the café a licence fee for the use of facililies owned by the Charity. This licence fee is set at £1,500 per month. Adjusted taxable profils made by WSC are donateil lo TRLRT and in the year lo 30 November 2023, WSC made a profit before charitable Ewfts of £14.44612021122= E16W51 which with £2.999 of profit from the previotjs year wa5 donated to TRLRT. Further details relating to the results of WSC carl be found in note 7 of the accounts. Trustee Reryuitment and Appointment TRLRT has an active policy of recruitment looking to brinE individuals onto the Board who have specialist knowledge or experience required to help run the TGS operation and to contribute to the plan5 for future development and fjnancial sustainability, as well 3$ enthusiasm for the future projects being planned. To thi% end. the Board regularly reviews it5 composition to ensure a good balance of talent and to identify gaps in available expertise. Each Trustee is allocated an aiea of responsibility to ovÈisee, working with individuals who have volunteered to assist in an area of their choice. The Board of Trustees is always keen to look for individuals with experlence in overseeing the finance5 of a charity. charity fundraising, human resources and general experience of property rnanagement. Finding individua15 Wlth the appropriaie skill sets that would enable the Board to have a suitable breadth of experience. age. and diversity is an ongoing challenge. Organisational Strurture The Board of Trustees meet every monih on the ihird Monday (with the exception of August to avoid clashes with summer holiday51. The sub-committee5 and working Broups'meet Tegulaily - foi in5tance= Staff meet weekly," Events rneet monthly.. Marketing meet at least monthly,. Fundraising meet at least monthly,. Finance/ Audit meet when considered nece55ary- and Volunteers, recruitment is a critical focus so is meeting monthly. As previously noted. TRLRT employ5 3 part-time 5ff - Artistic Dirertor, Office Manager, and Administratton Assistant - two working three days 3 week,. the other four days. alone5ide the critically important team of volunteers. WSC. the trading Subsidiary of the Trust. 15 run by a full time cook/manaBer and several part-time kitchen and serving staff. who are a150 a5sisled by a small group of tasual contract stafl and volunteers. The enormous contribution and support provided by our staff and volunteers is acknowledged and very much appreciated by the Trustees. Volunteers offer expertise at all levels.
TETBURY RAIL LANDS REGENERAON TRUST COMPANY LIMITED BY GUARANTEE YEAR ENDED 30 NOVEMBER 2023 TRUSTEES. REPORT All events and concerts are supported by a team of trained volunteers led by a Duty Manager for each event. and include 3 certified first alder. plus a small team of bar staff, wherb required. Daily opening (Wednesday to Sunday) of the Goods Shed hall allows visitors to view reEular art exhibitions wrth the reception manned by volunteer stewards. TGS pays for the part-time services of two self-employed marketing specialists. and two book-keepers. who produce wnonthly financial reports on all areas ol activity For boih the Trust and the trading subsidiary. WSC. These reports assist the Trustees in keèping a close watch on income and expenditure. Our Treasurer and Cornpany Secretary Imr D Walker) brings together regular reports on cash-flow and events. tskin85. Other positions are filled by the Trustees covering finance. business plannin& events oversight, marketing and fund-raising. HR 5UPPOrt is provided by a professional consultant. Ms C Jeffries. as and when required. The Trustees allocated responsibility for specific areas do so voluntarily and can spènd a considerable amount of time addressing iheir areas_ The Trustees have continued to monrtor the Performan of the events. programme and sÈt t318ets, analyse the results, then use the data to projett lorward to provide a more holistic piciure of the expetted contribution to TGS'S future income levels. The Trustee5 understand how well the oveiall events programme is progressing, but are very aware that the events programme does not cover the operational costs of running the art% tentre, so fundraising is a critical focus. Pay Policy for Key Members of Staff The pay for the key members of staff is reviewed by ihe Bo3id ofTrustees annually and is normally increased in accordance with average earningslcost of Itving ri5e5. or increased on a performance related bas15, if the remit of an individual'5 job role ha5 changed. At the end of November 2023. the Board decided that a 4.6% rise was appropriate based on the relevant index. Across the arts world this level of pay increase was not common. but the Trusiees felt that tt Was Still justified in the circumstances. where staff had shown loyalty and commitment to the Trust. Performance related pay rises are still under review. bui have not been introduced 35 yet. Risk Management The major risks to whtch the Trust may be exposed are revièwÈd by the Board during the year and systems havè been established to mitieaie any risks that are idenlifieil. Health & Safety risks are reviewed regularly and the Trust employs an outside firm ISureTeaml to undertake an assessment Iquasi-auditl to review how risk matter5 are being handled. All the necessary equipment and security checks are completed each year. PUBUC BENEFtr srATEMENT The Trustees believe that they have complied with their duty to provide public benefit through this Charity. TRLR T was established as a charity and rural social enterprise to regenerate the land and buildings comprising the former railway branch line in Tetbury. and lo give the people of Tetbury and surroundine area5 the opportunity to discover, learn. enjoy and prattise a wide range of visual, literary and performing arts by providing a well-equipped Goods Shed art5 facrlity along with a comprehensive programme of performances, exhibitions, classes and discussions. The Trustee5 have worked hard to extend TrLRT's remit to promoie inclusion, social engageffient. enviionmental impacl. and wellbeine across the local cornmunity, and the success of the Whistle Stop Café ha5 shown how much the community has èppreaated the quality of the refreshments available, which in turn has provided importarbt addittonal income lo help run TGS. The national Parkrun charity holds its weekly running event at the Goods Shed and along the Tetbury Trail lsee belowl. The Trust has also raised funds whith have allowed itto maintain the much-used pedestrian and cycle path. now known a5 the Tetbvry Trail, along the former branch4ine from Tetbury io the Trouble House on the A433.
TETBURY RAIL LANDS REGENERATION TRUST COMPANY LIMITED BY GUARANTEE YEAR ENDED 30 NOVEMBER 2023 TRUSTEES. REPORT Further details of how the Trustees have met the ChaiiW5 objertives and. therefore continued to provide public benefit, can be found throughout the textof thi5 Trustees. Report but. particularly, in relation to the next section of this ieport, 'Achtevement and Performance.. ACHIEVEMENT AND PERFORMANCE TRLRT has coniinued to build a successful track record of running TGS as an arts centre. Ongoing maintenance work, and improvements to the facilities, will always be required and is included within TGS'S future plans. The Trustees bought a converted Shipping container, which is now a fully operatiorkal bar, 50 an irnportanl income Eenerator Supplementing the contribution from evening events ticket sales. Expansion plans to extend the café kitchen and provide indoor seating have been shared with Cotswold Di5trirt Council ICDCI who have @iven outline approval. Further planning work has been completed to work out the costings for rhe kitchen refit, wilh upgraded design proposals showing realistic artist's impress40ns of how the exlen5iorh will look to enable thè trustees to present to potential donors lund-raising 15 a critical element of the projett and the trust will not proceed until l(K)% funding is guaranteed. i.e. no element will be funded from free reserves. The Trustees continue to lookfor ways to broaden the TGS appeal. Whilst anticipating that each event will cover its costs. bui not necessarily making a profit. the Trustees hope that by trying out new ideas they might be particularly popular for differing sectors of the community_ Some concerts may not break even, but others will be sufficiently successful to subsidise them. All part of the Communityl Public Benefit imperative. TGS has established itself as a tremendous amenity for Tetbury and the surroundin8 afea. plus attractingvisitor5 from further afield. From recent audien analysis TGS has been attracting Significant numbers from the Tetbury post codes. but also people coming to events from as far afield as Bristol and Gloucester. Looking al the top income generating events over the year there 15 no one type or genre that has been the most popular - the range has included tribute bands. theatre. jazz. a book festival. cinema. and comedy. In addition, OLJr detailed analysis show5 that there 15 relatively little overlap between 3ud4ence5 for dtfferent forms. which tells that w are calering for a very diverse range of tastes and preferences in the community. TGS continues to put on 3 diverse range of offerings. TGS even staged its firsi comic.con event in October. The Trustees want to provide variety. but at the same time realising that the Trust must cover its Costs. Durin8 the year the 200 Club has provided some extra funding and 31 ihe beginning of 2023, the Red Carpet Club was launched to help raise funds with special benefits for members. The Trustees are always looking to maxitnise income. but being very aware of pricing tickets to encourage community engagement. The Trnst continues to be indebted to its core of loyal, willinR, volunteers. who give their time. energy and experiise to TRLRT. The Trustees are not complacent and are very conscious of the enormous contributic*n prtivided by these volunteers. whose lime and ialents ensure the smooth runnin8 of the arts centfe on a weekly ba515. Without these volunteers TGS could not survive. As noted, the Trust 15 very aware that it cannot survtve only on the income from events, so the cafe is a key contributor to the sustainability of the operation. but il is also necessary to seek out donations and fundslgrants from exiernal sources to enable the Trust to explore some of the iniriatives it wishes to pursue. The Community Benefit obligation is an important element for TGS'S future ambilion. so there continues to be 3 focus on engaging with local schools to encourage arts and entertainment inli0@ment. in particular pupil participation. nd hopefully then boost attendance in the younger agfrgroups. Development Plan As noted previotE51y, the Trustees have been workine to a Development Strategy through to 2024, with the Three Imperatives. as the backbone to reaching our goal5.
TETBUR Y RAIL LANDS REGENERATION TRUST COMPANY LIMITED BY GUARANTEE YEAR ENDED 30 NOVEMBER 2023 TRUSTEES. REPORT The year of 2022123 ha5 been for consolidation and provinE that TGS is growing its reputation as a souEht-after venue in the Ctstswold5. It has beerb important for the Trustees to understand a large number of operational metri(5 and indicators in order to identify opportunities, but a150 avoid potential pitfalls. Ilesearch shows that approxirnately 98 ir)dividuals were beneficiaries of the TGS offerings through the past year, ranging from freelance mu5ician5and local artists toyotsng parents and seniorcitizens. A5 rioted previously, the audiences are not just coming from Tetbury post codes. but from further afield. The question then is how does this differ for each musical genre- will people travel further for a tribute band than a classical musician. The analysis continues. Regarding event profitabilily there is always a potential pressure point relating to customer affordability- how much should each ticket cost? Again. does this alter dependent on musiol genre? Then, how much does the ancillary bar income impact the overall event profitability? Such challenges over financial susiainability could influence thè types of rnusician TGS decides to put on- bui the Trustees are of the view thatvariety and diversitv are importani factors in the success for TGS. not Just the financial focus_ Artistic Ambilion is definitely an equal imperative to Financial Sustainability- The work being done. reviewing the 'trading perfoman. of TGS and the Trust. ha5 highlighted that TGS and the Café are close io the upper limits for trading income potential. given the rural location and subsequent population constraints_ There is a natural cap on ticket price5 that our customers will pay, there is also a finite level of volunteer resources, and finally local café competition. Through 2022123 we have managed to increase our events turnover by £21,594 to £107.776, but we know we rely on grants. donations and sponsorship to a Ereat degree_ The support from Foyles Foundaiion eased the piessure on the Trust to meet our key objective of providing a diverse range of events. as the Trustees have always had to keep their eye on operalional profitability. which is not always possible event by Èvent for some less popular musical genres. The Martirb Stnith Foundation donation has contributed towards meetin8 thè Board'5 fundraising focus thereby enabling the Goods Shed to contirhue its Community objective. whilst the David Thornas Trust fund has enabled the Trust lo ensure we meet our healih and safety obligations important operational aspects of ¥unning ihe Goods Shed. PJI thèse generous Erantsldonations have kept the Trust's head above water to continue with our ambition to be a 'Gem in the Cotswolds, for the arts. Therefore, the future Development Plans will be focused on how io raise further funds to support TGS operations_ We intend to offer sponsorship opportunities. encourage other donations, and look for other fund- raising routes to enable the Tryst to remain as a Community Arts Centre whilst bioadening the choice of artistic activity and reachrng as diveise 3 cu5tomerl user base a5 possible in our location. FINANCIAL REVIEW Principal Sources of Funding TRLRT generates its income from running events/concerts/exhibitions. hiring the hall for local businesses li.e. dance classes. meetings, Wl. U3AI, cinema, and from the Café coniribution. The Trust relies on grants and donations from other or8arbisations and individuals. During the period under review. gTant5 were received, but importantly. unrestricted donations were given by the Foyle Foundation. the David Thomas Trusr. the Martin Smith Foundation, and local Tetbury bu5ine55es. Perry Bishop. Cotswold Wealth and Steepletorb, a5 well as sponsorship sums from Uley Brewery and Renishaw. for which the Trustees are extremelygialeful a5 unrestricted funds enable TGS to operate on a day-to-day basis and deliver the arts and entertainment programme it endeavours to do. The Board also secured funding from Te5CO'S local cornmunity supporl initiative to subsidise the cost of a series of events specific3lty focused on chrldren's entertainment. Fundraising will always be an important element io support the financial sustainability of the Trust.
TETBURY RAIL LANDS REGENERATION TRUST COMPANY LIMITED BYGUARANTEE YEAR ENDED 30 NOVEMBER 2023 TRUSTEES. REPORT Results. In the year under review. the Trust recorded an unrestricied fund surplus of £1.23512022.' deficit of £10,285) before transfeis from the restricted fund5_ This was added to the brought forward reserves of £292.08312022-. E299,6711 to leave a carried forward balance of E293.018 (2022." £292,0831 held in the unrestricted funds at the year end. A surplus of £3,60212022.. deficit of £4.5411 was recorded by the restricted fvnds in the year under review. This surplus wa5 added to the brought forward reserves of £23,569 12022.. £28,110) to leave a carried forward balance of £27.17112022'. £23.5691 held in restricted funds at the year end. The total funds held by the Trust at the year*nd amounted to £320,48912022.. £315,662). Further details on ie5erves can be found in notes 18. 19 and 20. Reserves Policy At the end of the year under rlew. the Trust held unrestricted funds of £293,01812022= £292.0831. Of this amount. £211,362 12021.. £225.7361 were presented by fixed asset5. leaving a balance of £81,65612021.. £66,347) as free reserves. Trustees review the Trusvs reserves and working capital requirements on a regular basis to ensure they are adequate to support the Chariws nÈed5 at that point in time. Currently the Trustees have set a target offree reserves of between E40k and £k. This target Is based on the following requirements for reserves.. Target for free reseThes Lower levd Upper level Reserve to meet ongoing obligations relating to staff. lease commitments. creditors etc Reserve to meet ongoing maintenan Reserve to meet fixed costs during restricted operations 17.(M)O 5,(KJO 31.CM)O 22,IXK) 36.( s3.0 66.(XJO As the level of free reserves held by the Charity was £81k at the year-end, the Trustees feel that this level of reserves is adequaie for the need5 of the organisation al thai point in time. Howevei, the Trustees are mindful of the fact that in the year under review the surplus retained bythe Charrty was mFnimal. The Trustees recognise that to ensure Its long-term future, the Charity need5 to be in a position where it is able to continue to invest in development projects to improve the 'offerf to the public and with this in mind. the Trustees will continue to look for way5 to increase its ffee reserves through the generation of unTestricted fund svrpluses and they hope to achieve this through a combination of fundraising and hosting events that will generate surpluses. Further details on reserves can be found in notes 18. 19 and 20. Investment Policy The Trust does not hold arhy investments other than in the form of short notice bank deposit accounts and its shareholding its Irading Subsidiary, the Whistle Stop Cale (see note 7 for further details).
TETBUR Y RAIL LANDS REGENERATION TRUST COMPANY LIMITED BY GUARANTEE YEAR ENDED 30 NOVEMBER 2023 TRUSTEES. REPORT FINANCIAL REVIEW Icontlnuedl TRUSTEES. RESPONSIBILMES sfATEMENT The Trustees (who are also the Directors of TRLRT for the purposes of comparhy lawl are responsible for preparing the Trustees Annual Report and finarFcial stalements in accordance wilh applicable law and United Kingdom Accounting Standards Iunited Kingdom Generally AtcÈptÈd AccountinE Practice). Company13w requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Trust and of the incoming resources and application of resources, includinE income and expenditure. of the Trusi for the year. In preparing these finanaal statements. the Trusiees are required to.. selett suitable accounting policies and apply them consistenUy- obsèNe the method5 and principles in the Charities SORP- make judgements and accounring estimates that are reasonable and prudent- stale whether applicable UK Accountin8 Standards have been followed. subjett to any rnaterial departures disclosed and explained in the financial sthtements.. an prepare the financial statements on the going concern basis unless it 15 inapproprtate lo presume that the company will continue in operation. The Tru5tee5 are responsible for keepinE adequate accounting records that disclose with reasonable accuracv at any time the financial position of the Trust and enable them lo ensure thal the financial statements comply with the Companies Act 2006. They are a150 responsible for safeguarding the a55ets of the Trust and hence for taking reasonable steps for the prevention and detedion of fraud and other irregularities. The Trustees are responstble foi the maintenance and integrity of the coiporate and financial information included on the Trusys website. Legislation in the United Kingdom 8overninE the preparation and di55eminati()n of financial statements may differ from legislation in other jurisdiciions. STATEME14T AS TO DISCLOSURE TO OUR It4DEPENDENT EXAMINER In $0 far as the Trustees are aware at the time of approving the Tru5tees' annual report.. there is no relevant accountTrn@ informatron of which the Trusvs independeni examiner is unaware.. and the Trustees. having made enquiries of fellow Trustees that they ought to have individually taken. have each taken all steps that hèlshe is obliged to tske as a director in order io make themselves aware of any relevant accounting information and to e5tabli5h that the independent examiner is aware of that information. io
TETBURY RAIL LANDS REGENERATION TRUST COMPANY LIMITED BYGUARANTEE YEAR ENDED 30 NOVEMBER 2023 TRUSTEES, REPORT INDEPENDENT EXAMINER The Trustees appointed Ruth Herbert, a Chartered Certified Accountant ak the independent examiner for the Trust. The Trustees Annual Re ort was approved by the Tnjstees on the 29 May 2024. and signed on their behalf. by=_ Richard War Chair on li
TETBURY RAIL tANDS REGENERATION TRUST COMPANY LIMITED BY GUARANTEE YEAR ENDED 30 NOVEMBER 2023 INDEPENENT EXAMINER'S REPORT Independent Examinerfs Report to the Trustees Tetbury Rail lands Regeneration Trust Ltd I'the Charit) I report to the Trustees on my examination of the accounts of the Charity forthe year ended 30 November 2023. Responsibilities and Basis of Report the Trustees ol the Charity land also Trts directors for the purposes of company lawl you are responsible for the preparation of the accounts in a¢cordance with the requirements of the Cornparbie5 Art 20061'ihe 2006 Act'l. Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination. I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 20111.the 2011 Att'l. In carrying out my examination I havefollowed the Directions given bythe Chartty Commission under section 145151 Ibl of the 2011 Art. Independent Examinerfs Statement Since the Charitvs consolidated gross income exceeded £250.000 your examiner must be a member of a bodv listed in section 145 of the 2011 Act. I Confi1 that l am qualified to undertake the examination because l am a member of Chartered Institute of Certified Accountants. which is one of the listed bodies. I have completed rny examination_ I confirm that no matters have come lo my attention in connertion with the examination giving me cause to believe.. accounting records were not kept in respect of the C¢Mnpany as required by section 386 of the 2006 Act.. or the accounts do not accord with those records- or the accounts do not comply wilh the accounting requirements of section 396 of the 21X)6 Act other than any requirement that the accounts give a'true and fair view which 15 nol a matter considered as part of an independent examination." or the accounts have not been prepaied in actordantè with the methods and principles of the Statèmènt ol Recommended Practice for accounting and reporting by charitie5 lapplicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 10211. I have no concerns anil have come across no other matter5 in conneclion with the examination to wh*ch attention should be drawn in this report in older to enable a pioper undeTStanding of the accounts to be reached. Ruth Herbert, FCCA Wenn Townsend Chartered Accountants 5 Gosditth Street Cirencester Gloucestershire GL7 2AG Date.. 3 lune 2024 12
TETBURY FIAIL LANDS REGENERATION TRUST COMPANY LIMITED BY GUARANTEE YEAR ENC>ED 30 NOVEMBER 2023 STATEMENT OF FINANCIAL AcrivlEs (INCORPORATING THE INCOME AND EXPENDfwRE AccouNn Unrestricted Funds RelICted Funds Total Funds 2023 Total Funds 2022 Notes INCOME Donations. sponsorship & subscriptions Grants receivable Incomefroffl chaiit(Jble activities.. Events income- mustc and arts Evenr income- cinema Income from other trodin9 Ortivities.. Bar sales Facilities hire and mèrket trading Facilitie5 licence fee charge to trading subsidiary Donation from 1rading subsidiary Other income 71.570 71.570 60.153 14.000 97,302 10,474 97,302 10.474 76,539 9,643 27.469 9,351 27.469 9.351 23.239 11,133 18.(KJO 17.465 572 18,IKX) 17,465 572 18,000 4,732 147 TOTAL INCOME 252.203 252.203 217,586 EXPENDITURE Expenditure on choritoble octNitie5'. Tetbury Trail The Signal Box Cafe Canopy Events costs- mustc and arts Events costs- cinema Expenditure on roising funds- Café and bar purchases Facilities hire & market trading costs Facilities licen fee charge to trading subsidiary 114.5461 114.5461 17.829 1.258 14,546 14,546 142,61X) 18,481 142.6tx> 18.481 109,034 19.106 53,921 14.364 53.921 14.364 47,499 16,989 18,(KN) 18.IXX) 18,000 TOTAL EXPENSES 247.366 247,366 229.715 NET INCOME BEFORE TRANSFERS 4.837 4.837 112,1291 TRANSFERS 8EYWEEN FUNDS 18.19 13,602} 3.602 NET MOVEMENT IN FUNDS 1,235 3.602 4.837 112,1291 RECONCILIATION OF FUNDS Total funds brought forward 18.19 292,083 23.569 315,652 327,781 TOTAL FUNDS CARRIED FORWARD 293.018 27,171 320,489 315.652 The Statement of Financial Activities includes all gains and losses in the year and therefore a statement of total recognised gains and losses has not been prepared. All of the above amounts relate to continuing activities. The accompanying accounting policies and note5. on pa8e$ IS to 29, fom? an inte8ral part of these financial statements. See note 12 for fund a¢¢ounting comparative figures. 13
TETBURY RAIL LANDS REGENERATION TRUST COMPANY LIMITED BY GUARANTEE YEAR ENDED30 NOVEMBER 2023 BALANCE SHEET 2023 2022 Notes FIXED ASSEfs Tangible asset5 Investrnent in trading subsidiary 13 14 211.362 100 225,736 loo 211.462 225,836 CURRENT ASSETS Stock5 Debrors and prÈpayments Cash at bank and in hand 2,710 12,048 106,065 596 21.022 86,431 15 120,823 108.049 CREDITORS: Amounts falling due wrthin one year 16 111.7961 118,2331 NET CURRENT ASSErs 89,816 TOTAL ASSETS LESS CURRENT UAblUTIES 315,652 CREDITORS: Amounts falllng due In more than one year 17 TOTAL NET ASS5 320,489 315.652 FUNDS Restricted funds Unrestlltted fund5 18.20 19,20 27.171 293,018 23.569 292,083 TOTAL FUNDS 320.489 315.652 For the year ending 30 November 2023. the company was entitled to exemption from audit under section 477 of the Comparbies Act 2006 relating to small companie5. No members have required the company to obtain an audit of its accounts forthe year in que51ioTF in accordance with section 476 of ihe Companies Act 21))6. The dirÈttors acknowledge their resw>nsikn"Irty for comp18 wth the requirements of the Act w¢th respect to accounting records and for the preparation of atcount5_ These accounts have been pTed in accordance with the provish)ns applble to companies subiect to the small ¢Otnpanie5' regime. ThÈ5e financial statements were approved by the 803rd of Tnjstees and authorised for issue on 29 May 2024 and are sig on behal Richard Chair rington The accompanying accountin8 policies and notes. on pages 15 to 29. fomi an inteBral part of these financial statements 14
TETBURY RAIL LANDS REGENERATION TRUST COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 30 NOVEMBER 2023 ACCOUNTING POLICIES The principal accounting policies adopted, judgements and key sour5 of estimation uncertainty in the preparation of the financial statements are a5 follows= Basis of accounting The financial statements have been prepared in accordance with Accounting and Reporting by Charities." Statement of Recommended Practice applicable to charities preparing their ac£otJnt5 in accordance with the Financial Reporting Siandard applicable in the UK and Republic of Ireland IFRS 1021 leffective l January 20191- Icharities SORP IFRS 10211. the Financial Reporting Standard applicable in the UK ar)d Republic of Ireland IFRS1021 and the Companies Act 2(Kl6. Teibtjry Rail Lands Regeneration Trust meets the definition of a public benefit entity under FRS 102. A55ets and liabilities are inilially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes. The Trust's functional and presentational currency is pound5 sterling. Going concem The Trustees believe that the Charity's financial statemenls have been prepaied on a going concern basis, The Tiustees have confidence in the Chariws ability to continue as a going concem. Judgernents and key sour5 of elllmaiion The only areas where estimate5 and judgeThents have been made in the preparation of the financial staie¥nenis is for expense accruals which total less than £10,0. Expenses acciuals have been based on invoices received after the end of the year. Fund accounttng Unrestricted funds are available fgr use at the disClon of the trustees to fvrther any of the Charrty's purposes. Restricted funds are subjerted to re5triction5 on their expenditure declared by the donoT or through the term5 of an appeal and fall into one of two sub-classes= restricted income fund5 or endowment funds. 15
TETBURY RAIL LANDS REGENERATION TRUST COMPANY LIMITED BYGUARANTEE NOTESTO THE FINANCIAL sTATEmEr5 YEAR ENDED 30 NOVEMBER 2023 Incoming resourtes All incoming resources are induded in the statement of financial artivities when entitlement has passed to the charity,. it Is probable that Ihe economic benefits asso(iated with the transaction will flow to the charity and the amount can be reliably measured. The following speafic policies are applied to particular ategories of income= income from donations or grants is recognised when theie is eviden of entitlement to the gift. receipt is probable. and its aFnount can be measured reliablv. legacy intome is recognised when reIpt is probable. and entitlement 15 established. income from donated goods is measured ai the fair value of the goods unless this is impractical ro measure reliably. in which case the value is derived from the cost to the donor or the estimated resale v3lue. Donaled facilities and services are recogni5ed in the accounts when received if the value can be reliably measured. No afflounts are included for Ihe coniribuiion of genÈral volunteers. incorne Irom contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unle55 there is a contractual requirement for il to be spent on a particular purpose and returned if unspent. in which case it may be regarded as restricted. Resourtes expèndÈd Expenditure is recognised on an accrua15 ba515 a5 3 liability 15 incurred. Expenditure includes any VAT which cannot be fully recovered. and 15 classified under headings of the statemènt of financial activilies to which it re13te5.' expenditure on raising funds includes the Costs of all fundraising activities. evenls. non-charttable trading actÈvities. and the sale of donated goods. expenditure on charitable activities include5 all cost5 incurre(I by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries. including those sUPPOrt Costs and costs relating to the Eovern3nce of the charity apportioned to charitable activities. other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on chariiable attivities. All costs are allocated to expenditure categorie5 reflectingthe useof the resource. Direct costs attributable to 3 single aciivity are allocated directly lo Ihar activity. Shared costs are apportioned between the activities they contribute to on a reasonable. justifiable and Consistent basis. Operating leases Lease pèyments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recoEnised as 3 reduction to expense over the lease term, on a straiEht-line basis. 16
TETBURY RAIL LANDS REGENERATION TRUST COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 30 NOVEMBER 2023 Tangible assets Tangible assets are initlally recorded at cost, and subsequently stated at cost less any accumulated depleciation and impairment105ses. Any tanFJble assets carried at revalued amounts are recorded at the fair value at the date of revaluation le55 any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amouni of an asset a5 a result of a revaluation, is recognised in other recoEnised gains and losses. unless it reverses a eharge for impairment that has previously been re¢ogni5ed as expenditure within the statement of financial activities. A decrease in the carrying amount of an a55et as a result of revaluation. is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain. in which case the10ss is shown within other recognised gains and losses on the Statement of financial activities. Depreciation Depreciatiori 15 calculated so as to write off the cost or valuation of an asset. less It5 residual value, over the useful economic life of that asset as follows= Leasehold property Fixtures and ftttin8S Grand Piano Equipment 2% 5trai8ht line improvements 15% reducing balance 5% straight line 25% reducing balance Impairment of fixed assets A review for indicators of impairment is Cètried out at each reporting date, with the recoverable amount being estimated where such indtcators exist. Where the carrying value excèeds the recoverable amount, the asset is impaired accordingly. Prior impaitments ale also reviewed for possible reversal at each reporting date. For the purposes of impairmeni testin& whèn it is not possible to estimate the recoverable amount of an individual asset. an estimate is made of the recoverable amount of the cash*enefating unit to which the asset belongs. The cash-generating unit IS the Smallest identifiable group of assets that includes the asset and generates cash inflows thai largely independent of the cash inflows from other assets or group5 of assets. For impairmentte5ting of goodwill. the goodwill acquired in 3 business combination 15, from the acquisition date. allooted to each of the ca5h-generatinE units that are expected to benefit from the synergie5 of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units. Stocks Stocks are measured at the lower of cost and estimated selling price less costs to complele and sell. Cctrsr include5 all costs of purchase, costs of conversion and other costs incurfed in bringing ihe stock io Its present location and condition. 17
TETBURY RAIL LANDS REGENERATION TRUST COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 30 NOVEMBER 2023 Financial in5trument5 A financial asset or a financial liability is recogntsed only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amounl receivable or payable includinE any related transaction costs. Current assets and current liabilitie5 are subsequently measured at the tash or other consideration expected to be paid or received and not discounted. Pension costs Under the terms of auto enrolment. the Charity make5 contriljutions into a defined coniribution scheme for all QLJalifyinÈ stsff. Thi5 scheme is operated for all qualifying staff who choose to opt into the scheme. The employerfs contribution rate was 3%. The total pension contributions made by the Charity Én the year amounted lo £50012022= £5191. No pension payments were out51anding at the ye3r*nd12022: None outstandin81. DONATIONS, SPONSORSHIP AND SUBSCRIPTIONS Unrestricted Funds Restricted Funds Totsl Funds 2023 Total Funds 2022 Donations Restncted Tetbury Trail The Signal Box Canopy Unre5trirted David Thomas Trust The Foyle Foundation Tesco Other Sponsorship 17,243 io.(K 20.(KM) 1.125 12.015 io.(x)o 20,WO 1,125 12.015 10.000 6.080 Perry Bishop Martin Smith Foundation Cotswold Wealth Subscriptions 200 Club Red Carpet Club 500 20,(M)O 20.(KKI 20,000 5,000 1.530 1.530 6,400 1,830 71.570 71.570 60.153 18
TETBURV RAIL LANDS REGENERATION TRUST COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 30 NOVEMBER 2023 GRAp¥fs RECEIVABLE Unrestrirted Funds Restricted Total Funds Funds 2023 Total Funds 2022 Cotswold District Council GIOuSterShlre County Council Tetbury Town Council 4,000 5.000 14.000 EVENTS INCOME- MUSIC AND ARTS ljnrestricted Funds Total Funds 20Z3 Total Funds 2022 Live performances Exhibitions Art, crafts and workshops Talks 72,944 3.299 12.990 8,069 72,944 3.299 12,990 8,069 63.924 939 3.340 8.336 97.302 97.302 76,539 BAR SALES Unrestricted Total Funds Funds 2023 Total Funds 2022 Event bar sales 27,469 27,469 23,239 27.469 27.469 23.239 19
TETBURY RAIL LANDS REGENERATION TRLIST COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 30 NOVEMBER 2023 FACILMES HIRE AND MARKETTRADING Unrestrirted Funds Total Fund5 2023 Total Funds 2022 Hall hire 9..351 9,351 11.133 9.351 9.351 11,133 tK)NATION FROM TRADING SUBSIDIARY TetbEJry Rail Lands Regeneration Trust owns a tradine subsidiary called The Whistle Stop Café which is a private company. limited by shares. registered in England and Wale5, registration number 11741459. The reeistered address of the trading subsidiary isThe Goods Shed. Cirencestef Road. Tetbury. Gloucestershire. GL88EY. The Charity own5 100% of the issued share capital. being I(KJ share5 of El each. The results of thè trading subsidiary are detailed below". Year to 30 November 2023 Year to 30 November 2022 Turnover Cost of sales 216.953 187.6041 203,067 180.7571 Gr055 profit Wages and salaries TRLRT license fee Other cost5 129.349 179,4041 I18.(] 117,4791 122,310 169,0771 I18,0) 118,3481 Surplus before donation to TRLRT Donation to TRLRT 14.466 117,4651 16,885 14,7321 Retained profit 12,9991 12,153 FAcILlEs HIRE AND MARKETTRAD114G Unrestrirted Total Fund5 Funds 2023 Total Funds 2022 Mi5cellaneotss 137 Bank rnterest 572 572 io 572 572 147 20
TETBURY RAIL LANDS REGENERATION TRUST COMPANY LIMITED BYGUARANTEE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 30 NOVEMBER 2023 ANALYSIS OF TOTAL RESOURCES EXPENDED 2023 Direct Costs Wages and Salaries Depreciation Allocated Overheads Total 2023 Choritoble Attivities Tetbury Trail The Sign31 Box Café Canopy Events- musit and arts Events- cinema 114.5461 114.5461 14.546 48,127 5.181 14.546 142,600 18,481 63.074 2.392 20,438 9,728 10.961 1,180 Raising Funds Bar costs Facilities hire & market tTadin8 Facilities costs for Subsidiary 11.727 25.513 8.686 3,094 1.054 2,028 13,587 4,624 15.972 53,921 14.364 18,000 77,193 64.365 18.317 87.491 247.366 2022 Direct Costs Wages and Salaries DÈprÈci3tion Alloc3ted Overheads Total 2022 Charitable Artivitie5 Tetbury Trail The Signal Box Grand Piano Events- music and arts Events- cinema 17.829 1.258 17.829 1.258 49.429 4.390 18.396 9.524 11,707 1,475 29,503 3,717 ID9,034 19.106 Raislng Funds Bar costs Facilities hire & market trading Facilities costs for subsidiary 12.050 22.942 10,995 3,553 1,703 2.753 8,954 4.291 15,247 47.499 16.989 18.0 84,956 61.857 21.191 61.712 229.715 In analy5ing the expenditure by the Charsty some costs have been apportioned. The cost5 were apportioned to appropriate costs caiegortes. using income generated as the basis for apportionment. The costs allocated to rhe trading subsidiary licence fee were capped at the value of the licen fee income. being £15.24? in 2023 £18.OCO12022- £18.0001. 21
TETBURY RAIL LANDS REGENERATION TRUST COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMEN75 YEAR ENDED 30 NOVEMBER 2023 ANALYSIS OF TOTAL RESOURCES EXPENDED Iconlinuedl APPORTIONMENT OF OVERHEAD Cosrs 2023 Wages and Salaries Depreciation Total 2023 Income Overhead5 Chqritable Activities retbury Trail Grand Piano Events- music and èrts Events- cinewna N/A N/A 97.302 10.474 10.961 1,180 48,127 5,181 59,088 16.089 9,728 Raising Funds Bar costs Facilities hire & markei trading Fatilitie5 Costs for subsidiary 27,469 9,351 18.tNX) 25,513 8.686 3,094 1,054 2.028 13.587 4.624 15.972 42,194 14,364 18,0 43.927 18,317 87,491 149,735 2022 Wage5 and Salaries Depreciation Total 2022 Income Overheads Chorit¢7ble Artivities Tetbury Tiail Grand Piano Events- music and arts Events- cinema N/A N/A 76.539 9,643 11.707 1.475 29,503 3.717 41,210 14.716 9,524 Roising Funds Café and bar costs Facilities hirÈ & market trading Facilities costs for subsidiary 23,229 11.133 18,iXXI 22,942 10.995 3,553 1.703 2.753 8.954 4.291 15.247 35,449 16.989 18,tKXI 43.461 21.191 61.712 126,364 22
TETBURY RAIL LANDS REGENERATION TRUST COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 30 NOVEMBER 2023 10. ANALYSIS OF STAFF COSTS AND EMOIUMENTS. TRUSTEE REMUNERATION AND EXPENSES, AND THE COST OF KEY MANAGEMENT PEIiSONNEL Total staff costs were as follows.. 2023 2022 Wa8e5 and salarie5 Social security cosrs Other pension costs 62,364 1,501 500 58.792 1.527 519 64,365 60,838 No employees. rernuneration exceeded £60.(N)O within theyear or the previous year. The salary costs havè increased in the curreni year because a new events ctrordinator was employed part way through the year. 11. STAFF NUMBERS The average number of employees and workers duiing the year. calculated based on full-time equivalents, was as follows". 2023 No 2022 Number of employed The average number of employees and workers during the year. on a per head basis, was as follows.. 2023 2022 No No Number of employed 23
TETBURY RAIL iANDS REGENERATION TRUST COMPANY LIMITED BYGUARANTEE NOTESTO THE FINANCIAL STATEME5 YEAR ENDED 30 NOVEMBER 2023 12. PREVIOUS YEAR FUND ACCOUNTING COMPARATIVES Unrestricted Funds Restrirted Total Funds Funds 2022 INCOME Donations. sponsorship & subscriptions Grants receivable Incomefrom choritable ortivffties.. Events income- music and arts Event nCoMe- cinema Incomefrom other trading activyties." Café and bar sales Facilitie5 hire and market trading Facilities licence fee thaige to trading subsidiary Donation from trading subsidtary Bank interest received 42.910 14,OCK) 17.243 60.153 I4,0 76.539 76.539 23.239 11,133 23.239 11,133 18,(KK) 16.885 18,000 16.885 TOTAL INCOME 202.7( 17.243 219.949 EXPENDrruRE Expenditure on churitoble octivities". Tetbury Trail The Signal Box Grand piano Events costs- music and arts Events costs- cinema Expenditure on r(Jisingfunds= Café and bar purcha5e5 Facilities hire & market trading costs Facilities licen¢e fee charge to trading substdiary I129 1,258 17,829 1.258 109.034 19,106 109.034 19,106 47.499 16,989 47.499 16,989 18,0(Kl 18.0 TOTAL EXPENSES 210.628 19,087 229.715 14ET INCOME BEFORE TRANSFERS 17.9221 11.8441 19,7661 TIiANSFERS BEnVEEN FUNOS NMovEmENT IN FUNDS 17,9221 11.8441 19,7661 RECONCILIATION OF FUNDS Total funds brought foThv3rd 299,671 28.110 327,781 TOTAL FUNDS CARRIED FORWARD 291.749 26.266 318.015 24
TETBURY RAIL LANDS REGENERATION TRusr COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 30 NOVEMBER 2023 13. TANGIBLE FIXED ASSErs Equipment Fixtures & & Railway fftting5 Carriage Leasehold Improvements Grand 14ano Total COST At l December 2022 Additions Disposa15 136.227 3.(X)3 42,680 120,047 95,147 940 394.101 3,943 At ao November 2023 139.2ao 42,680 120.047 96.087 398,044 DEPRECIAnoN At l Decembei 2022 Charge for the year Write back on disposals 16.079 2,785 10.670 2.134 67.757 7.842 73.859 5,556 168,365 18.317 At 30 November 2023 18.864 12,804 75.599 79.415 186.682 NET BOOK VALUE At 30 November 2023 120.366 29.876 16,672 211,362 At 30 November 2022 120,148 32.010 52.290 21,288 225,736 The tangible fixed assets are all used for the chayitsble purposes of the Trust. In the Trustees. opinion, there have been no events or circumstances which indicate that the carryÈngvalue of fixed assets may have been impaired. 14. INVEsfMENT The Charity owns a 100% shareholdinÈ of a trading subsidiary Cdlled The Whistle Stop Café. See ngte 7 for furthèr detail5. 2023 2022 100 Ofdinary Class A shares at £1 nomtnal value 100 l(Kl 25
TETBUR Y RAIL LANDS REGENERATION TRUST COMPANY LIMITED BY GUARANTEE NOTESTO THE FINANCIAL STATEMENTS YEAR ENDED 30 NOVEMBER 2023 15. DEBTORS AND PREPAYMENts 2023 2022 Trade debtor5 Amounts due from tradin8 subsidiary Other debtors 27 12,021 27 20,826 169 12.048 21.022 16. CREDITORS: Amounts falling due within one year 2023 2022 Trade creditor5 Accruals and deferred income Other creditors 5,581 5,067 1,148 6.858 10.691 11.796 18.233 26
TETBURY RAIL LANDS REGENERATION TRUST COMPANY LIMITED BY GUARANTEE NOTESTO THE FINANCIAL sTATEMEr5 YEAR ENDED 30 NOVEMBER 2023 17. REsfRicfED FUNDS Balance at Incoming l Dec 2022 resources Outgoing resources Balance at 30 Nov 2023 Tranders Tetbury Trail, used to fund costs relating to the Te8eneration of the railway line 18,147 18,147 Piano fund, used for the purchase and maintenance of the Erand piano 5.341 5.341 Piano series fund. used to meet 50rne of the costs relating to piano 3,682 3.682 Donation towaid5 Costs relating to the installation and m3Èntenance of The Signal Box Café Canopy 14.546 114.5461 23,569 3,602 27,171 Since its inception, TRLRT has been very fortunate to have received significant funding from external sources. Fundin@ has been received fiom commercial entities. charitable and Government bodies as well as individu315 in sUPPOrt of a variety of projects that have been urbdertaken by the Trust in relation to the refurbishment of The Goods Shed lincludir¢& in previous years, the auditorium seatin& cinema equipment and hearing loopl. the reÈenei3tion of the railway line Ihrough the creation and extension of the Tetbury Trail. the fefvrbishment of the railway carriage and the purchase of a grand piano foT ihe concert hall. 27
TEfBURY RAIL LANDS REGENERATION TRUST COMPANY LIMITED BY GUARANTEE NOTESTO THE FINANCIAL STATEME[5 YEAR ENDED 30 NOVEMBER 2023 18. UNREsfRicfED FUNDS Balance al l Dec 2022 Incoming tgoing resources Balance at 30 Nov 2023 Transfers Fixed asset designated fund Free reserves 225,736 66.347 114.3741 1232.9921 211,362 81.656 252.203 13,6021 292.083 252,203 1247.3661 13.6021 293,018 The fixed asset de518n3ted fund represents the fixed assets of the Trust. The free reserves represent the unrestricted fund5 of the Trust that are not represented by fixed asset5 or designated for a specific PUFPOSe. 19. ANALYSIS OF NET ASSEfs BEtWEEN FUNDS AS AT 30 NOVEMBER 2023 Tangible fixed assets Net current assets Investments Total Restricted funds 27.171 27.171 Unre5trirted fvnd5 Fixed Asset designated fund Free reserves 211.362 211.362 81,656 81.556 211.362 100 293.018 Total funds 211.362 100 108.727 315.652 28
TETBUR Y RAIL LANDS REGENERATION TRUST COMPANY LIMITED BYGUARANTEE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 30 NOVEMBER 2023 20. ANALYSIS OF NET ASSEfs 8EfwEEN FUNDS Icontinuedl AS AT 30 NOVEMBER 2022 Creditors due Net current more than I assets Tangible fixed assets Investments year Total Restricted funds 23,569 23,569 Vnrestrithed funds Fixed A55et designated fund Free reserves 225,736 225.736 66,347 100 66.247 225,736 IQNJ 66.247 225,736 Total funds 225,736 i(K) 89,816 315,652 21. LIMITED BY GUARArirEE The Charity does not have any share capital having been incorporated under guarantee. In the event of an insolvent windrng up the liability of the Mernber5 is limited to £1 each. 29