COMPANY REGISTRATION NUMBER: 04102029 CHARITY REGISTRATION NUMBER: 1092160 Tetbury Rail Lands Regeneration Trust Limited Company Limited by Guarantee Financial Statements 30 November 2024
INDEX TO THE FINANCIAL STATEMENTS PAGE REFERENCE AND ADMINISTRATIVE DETAILS TRUSTEES, ANNUAL REPORT STRUCTURE, GOVERNANCE AND MANAGEMENT AIMS, OBJECTIVES AND ACTIVITIES PUBLIC BENEFITSTATEMENT ACHIEVEMENTS AND PERFORMANCES FINANCIAL REVIEW TRUSTEES, RESPONSIBILITY STATEMENT 8-10 11-12 REPORT OF THE INDEPENDENT EXAMINER 13 STATEMENT OF FINANCIAL ACTIVITIES 14 BALANCE SHEET 15 NOTES TO THE FINANCIAL STATEMENTS 16-30
TETBURY RAIL LANDS REGENERATION TRUST COMPANY LIMITED BY GUARANTEE YEAR ENDED 30 November 2024 REFERENCE AND ADMINISTRATIVE DETAILS Registered charity name Tetbury Rail Lands Regeneration Trust Charity registration number 1092160 Company registration number 4102029 Principal office and registered office Tetbury Goods Shed Old Station Yard Cirencester Road Tetbury Gloucestershire GL8 8EY Directors and Trustees The Trustees who served the company during the year and until the date of signing, and the sub-committee5 on which they served, were as follows.. Mr P Hodson Mr R Lark (resigned 3 January 20251 Mr D Looman Mrs C Palon Mr R Warrington, Chair of Trustees Mrs R Wrighl Mr Peter Coleman Mrs Molanie Flenry Ms Fiona James lappointed 15 April 20241 Mr J Durnin8 Islood down 6 April 2024 re-appointed 19 December 5,7,8 io 202413,4 Committees to the Board Building/Estale Management111 Operations Committee Group121 Evenls Committee131 Finance/Audit Committee141 Fundraising Committee151 Volunteers Committee161 Marketing/Publicily Group171 Community Group181 Café Board Representative191 Tetbury Trail1101 H R/St'aff Chair Vacant Chalr Mr R Warrington Chair MrJ Durning Chair Mrj Durning Chair Mr D Looman Chair Mrs Wright Chair Mrs C Paton Chair Mrs C Paton Trustee Mr P Hodson Chair Mr P Coleman Trustee Mrs M Henrv Company Secretary Mr D Walker land Treasurer- Committees 1,41
TETBURY RAIL LANDS REGENERATION TRUST COMPANY LIMITED BY GUARANTEE YEAR ENDED 30 November 2024 REFERENCE AND ADMINISTRATIVE DETAILS Key Personnel The management of the Trust is overseen by a team of staff employed by the Trust durinE the year to 30 November 2024. This comprised as follows.. Richard Kingdom Kalhryn Limoi Kairen Vann General Manager (appointed 4 December 20241 Office. Manager Administration Asslstant The role of Art15tic Director, held by Nicholas Ullmann, was made redundant on 6 April 2024 In addition to the volunteer Trustees, the Trust also relies heavily on the assistance of a particular individual.. David Walker, Treasurer/ Company Secrelarv The Trust is dependent on a team of volunteers for their support in the provision of various roles that ensure thal Ihe Trust, trading as 'Telbury Good5 Shed,, can operate as an effective and efficient Community Arts and Entertainment Centre. Accountant and Independent examiner: Ruth Herbert, FCCA Wenn Townsend Chartered Accountants 5 Gosdi Ich Street Cirencester Gloucestershire GL7 2AG Bankers Lloyds Bank 14 Castle Street cirence.ster Gloucestershire GL7 IQJ
TETBURY RAIL LANDS REGENERATION TRUST COMPANY LIMITED BY GUARANTEE YEAR ENDED 30 November 2024 TRU5TEES' REPORT The Truslees, who are also directors for the purposes of company law, present their annual directors, report together with the financial staternents of the company for the year ended 30 November 2024, which are a150 prepared to meet the requirements *or Companies Act purposes. The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance wilh the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective l January 20191. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing Document Tetbury Rail Lands Regeneration Trust ITRLRTI is governed by Memorandum and Articles of Association incorporated on 3 November 2000 as amended by special resolu lion on 27 April 2002 and 5 September 2018. The Trust was registered as a charity on 22 May 2002. During 2024 the Board has re.viewed Ihe Memorandurn and Articles of TRLR T and proposed an amended version based on the current Charlty Commission template, which was adopted at the AGM on 19 July 2024. The organi5ation structure of TRLRT is that of a registered charity and a private company registere.d in England and Wales, that is limited by guarantee and without share capital. The Trust is governed by a Board of Trustees, all of whom are unpaid volunteers and the term of office. for individual truslees is thre.e. years, after which pp.riod the Trustee may be able to stand for re-election to a limit of nine years, with a break of one year between the second an(J third terms. There. i.s one Trustee appointp.d by Tp.(bury Town Council, the Trust's landlords. In addition to the Trustees, a5 at November 2024, the management team included three paid part-time staff, who assist with the running of the Telbury Good.G Shed Arts Ce.ntre. - an Gp.ne.rcil Mtinager, an Office. Manager and an Administration A551Stant. AIMS, OBJECTIVE5 AND ACTIVITIES TRLRT wa5 established as a charity and rural social enterprise to regenerate the land and buildin8s comprising the former railway branch line in Tetbury. Telbury Town Council granted TRLR T a 25-year lease on Ihe former GWR goods shed in 2017. The Trust has refurbished this bu ilding, now referred to a5 the Tetbury Goods Shed ITGSI, and has since established a 5ucces5f.ul and inclusive. community arls and enlertainmen I hub for I'hL% be.nefit of the residents of the market town of Tetbury and surrounding villages, extending TRLR T's remit to promote inclusion, social engagement and wellbeing in Ihe local communily through a programmp of art5-brise.d activities, performances and a varied programrne of concerts. As an arts centre, TGS prides Itself on its inclusive ethos and is a volunteer-led operation, whose Trustees are all local residents. The Tru5lees developed a Three-year Development Slrategy12021122 to 20231241, which has been reviewed and updated, but confirm5 the focus on 'Three I mperatives, that make up the 'optimal' Goods Shed Arts Centre and links all the activities that go on at the venue - Art15tic Ambition,. Financial Sustainability,. Community/ Public Benefit - known in the art5 world as the "Triple Bottom Line" The overall aim of TGS 15 to become a first-class venue for the arts, a 'Gem in the Cot5wolds' attracting top performers, but also encouraging a diverse audience spread. Financial year 2023-24 wa5 the first since 2018-19, itself only TGS'S second full year of operations, that the Trust was able to deliver an entire year's programme without the hangover effect of the Covid Pandemic. This has been crucial for the Trustees to understand the capabilities and full potential of the Trust, and particularly TGS arts centre, which has settled into its role of bringing the best possible art and culture to Tetbury and its surrounding area. TGS is now established as a popular local amenity and allocates more than half of the available time and resources to community-facing activities. The Trustees are very encouraged with the way that Tetbury has supported TGS
TETBURY RAIL LANDS REGENERATION TRUST COMPANY LIMITED BY GUARANTEE YEAR ENDED 30 November 2024 TRUSTEES, REPORT However, as has been the situation in many if not all rur31, community arts centre5 across the country, the vear ended again in a trading loss, which has reinforced Ihe Board of Trustee's view that TGS will always cost more to run than it makes purely from the events and activities it puts on, although not dramatically so. This highlights the ongoing need for fund-raising, sponsDrship and donations lo ensure the arts centre's survival. Arts cenlres generally have to live with the perpetual balancing act of the "Triple Bottom Line" across the three imperatives of Artistic Ambition, Financial Sustainability, and Community/ Public Benefit. TGS has been building a reputation for fir5t~clas5 entertainment, but also importanlly of fering a wide mix of musical genres, as well as theatre, 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 groups, Showcasing performances from artists who often play more prestigious concert halls, whilst still delivering socially-priced community programming and activities. Trading subsidlary The Whistle Stop Café IWSCI was incorporatpd on 27 December 2018 and is the trading subsidiary of TRLRT, which owns 100% of its share capilal. The café opens for 6 days each weok ITuesday lo Sunday) during the summer months Ireducing to 5 days a week during the winter) providing high quality refrp.shme.nts for thp. people of Tetbury and visitors to the town. The employment situation across the hospitality industry has been challenging, but the café team have managed to provide an excpllp.nt service. The Cafe. has three. Dire.ctors, includin8 one Trustee of TRLRT (Mr P Hodsonl, was chaired by Mrs C Morgan to 30 November 2024, is now chaired by Mr N Berry and is mana8ed by Ms S Jenner. The turnover for the café in the year to 30 November 2024 was £234,979. TRLR T charges the café a licence fee for the use of facilities owned by the Charity. This licence fee 15 set at £1,500 per month. Adjusted taxablp. profil's made by WSC are donated to TRLRT and in the ye.ar to 30 Novp.mbe.r 2024, WSC made a profit before charitable 8ifts of £26,02212022/23- £14,446). Further detai15 relating to the results of WSC can be found in note 7 of the accounts. Trustee Recruitment and Appointment TRLRT has an active policy of recruitment looking to bring individuals onto the Board who have specialist knowledge or experience required to help run I'he TGS operation and to contribute to the plans for fulure development and financial sustainability, as well as enthusiasm for the future project5 being planned. To this end, the Board regularly review5 Its composil'ion to ensure a good balance of talenl and lo identify gaps in available expertise. Each Trustee is allocated an area of responsibility to oversee, working with individuals who have volun leered to assist in an area of their choice. The Board o'f TrusLees is always keen lo look for individua15 with experience in overseeing the finances of a tharity, charity fundraising, human resources and general experience of property management. Finding individuals Wlth the appropriate skill sets that would enable the Board to have a suitable breadth of experience, age, and diversity is an ongoing challenge. Organisatlonal Structure The Board of Trustees meet every month on the third Monday (with the exception of August to avoid clashes with summer holidays). The sub-cornmittees and working groups meet regularly for instance.. StaFf meeL weekly,. Events meet monthly,. Marketing meet at least monthly,. Fundraising meet at least monthly,. Finance/ Audit meet when considered necessary,. and Volunteers, recruitment Is a critical locus so is meeting monthly. As previously noted, TRLRT employs 3 part-time staff - General Manager, Office Manager, and Administration Assistant - two working three days a week,. the other four days, alongside the critically important team of volunteers. During the period of these accounts, the Trustees decided that the role of Artistic Director should be made redundant and a General Manager position should be created with a wider responsibility for running TGS on a day-to day ba515. The position would mean TGS had a person 'in charge, of the operation. Recruitment
TETBURY RAIL LANDS REGENERATION TRUST COMPANY LIMITED BY GUARANTEE YEAR ENDED 30 November 2024 TRusfEES' REPORT started in April 2024, but whilst this was underway, an interim position was filled by Mr J Du rning, who stood down as Trustee until the new person was recruited. This was achieved by the end of the financial year the new General Manager Started on 4 December 2024. Mr Durning was then re-appointed as Trustee. WSC, the trading subsidiary of the Trust, is run by a full time cook/manager and several part-time kitchen and serving staff. The enormous contribution and support provided by our staff and vo5unteers is acknowledged and very much appreciated by the Trustees. Volunteers offer expertise at all levels. All events and concerts are supported by a team of trained volunteers led by a Duty Manager for each event, and include a certified first alder, plus a small team of bar staff, when required. Daily opening (Wednesday to Sundayl of the Goods Shed hall allows visitors to view regular art exhibitions with the reception manned by volunteer stewards. TGS pays for the part-tirne services of two self-employed marketing specialists, and two book-keepers, who produce monthly financial reports on all areas of activity for both Ihe Trust and the trading subsidiary, WSC. These report5 a551St I'he Trustees in keeping a c105e watch on income and expenditure. Our Treasurer and Company Secretary (Mr D Walker) brings together regular reports on cash-flow and events, takings. Thè Trustees have also aBreed to use the Services of two external contractors - an arts prograrnme consultant, who identifies and supports booking of the artists, and a fund-raiser, who has experience of writinE grant applications and other fund-raising documental'ion. Other positions are filled by the Trustees covering finance, business planning human resources/staff matters, events oversight, marketing and fund-raising. The Tru.stees allocate.d re.sponsibility for specific areas do so voluntarily and can spend a considerable amount of time addressing their areas. The Trustees have continued to monitor the performance of the events, programme and set target5, analyse the results, then use the data to proje.ct. forward to provide a more. holi_stic picture. of the expe.cted conlribu lion to TGS'S future incorne levels. The Trustees understand how well the overall events programme 15 progressing, but are very aware. thai iho evp.nts proEramme does not cover the operational cost5 of running the arts centre, so fundraising is a critical focus, Pay PolScy for Key Members of Staff The pay for the key rnembers of staff is reviewed by the Board of Trustees annually and 15 normally increased in accordance wi Ih avera2e earnings/cost of living rises, or increased on a performancp rela Ip.d b¢lS15, if ihe re.rnit of an individual's job role has changed. At the end of November 2024, the Board decided that a 3Yo rise was appropriate based on the relevanl index. Across the arts world ihis level OF pay increase was nol common, but the Trustees felt that it was still justified in the circumstances, where staff had shown loyalty and commitment to the Trust. Performance related pay rises are still under review, but have not been introduced a5 yel. Risk Management The major ris1(5 to which the Trust may be exposed are reviewed by the Board during the year and systems have been established to mitigate any risks that are identified. Health & Safety risks are reviewed regularly and the Trust employs èn outside firm ISureTeaml to undertake an assessment Iquasi-auditl to review how risk matters are being handled. All the necessary equipment and security checks are completed each year. PUBLIC BENEFIT STATEMENT 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 to give the people of Tetbury and surrounding areas the opportunity to discover, learn, enjoy and practlse a wide range of visual, literary and performing arts by providing a well-equipped Goods Shed arts facility along with a comprehensive programme of performances, exhibitions, classes and discussions. The Trustees have worked hard lo extend TRLRT'S remit to promote
TETBURY RAIL LANDS REGENERATION TRUST COMPANY LIMITED BY GUARANTEE YEAR ENDED 30 November 2024 TRUSTEES, REPORT nclusion, social engagement, environmental impact, and wellbeing across the local commu nity, and the success of the Whistle Stop Café has shown how much the community has appreciated the quality of the refreshments available, which in turn has provided important additional income to help run TGS. The national Parkrun charity holds its weekly running event at the Goods Shed and along the Telbu ry Trail Isee below). The Trust has also raised funds which have allowed it to mai ntain the much-used pedestrian and cycle path, now known as the Tetbury Trail, along the former branch-line from Tetbury to the Trouble House on the A433. Further details of how the Trustees have met the Charity's objectives and, therefore continued to provide pu blic benefit, can be found throughout the text of this Trustees, Report but, particularly, in relation to the next section of this report, 'Achievement and Performance,. ACHIEVEMENT AND PERFORMANCE TRLR T has continued 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 15 included within TGS'S future plans. The Trustees bought a converted shipping container, which is now a fully operational bar, so an important income generator supplementin8 the contribution from evening events ticket 5ale5. Expansion plans to extend Ihe café kitchen and provide indoor seating have been shared with Cotswold District Council ICDCI who have given outline approval. Further design work has been completed to work out the costings for the kitchen refit, with additional architectural proposals, together wilh realistic artist's impressions of how the exte.nsion will look, ta enable the Trustees to present to potential donors - fund-raising is a critical element of the project, and the Trust will not proceed until planning is granted and IOOY, funding is secure.d, i.e. no element will be funded from free reserves. The Trustees continue to look for ways to broaden the TGS appeal. Whilst anticipating that each event will cover Its costs, but not necessarily makinE a profit, the Trustees hope Ihat by trying out new ideas thoy miEhl be. particularly popular for differing sectors of the community. Sorne concerts may not break even, but others will be sufficiently successful to subsidise them. All part of the Communitv/ Public Benefit imperative. TGS havc eslablished itself as a tremendous amenity for Tetbury and the Surrounding area, plus attracting visitors from fu rther afield. From recent audience analysis TGS has been attracting significant nu mbers f rom the Tetbury post codes, but also people coming to events from as far afield a5 Bristol and Gloucester. Looking at the top income 8enerating event5 over the year there is no one type or genre that has been the most popular- the rango has included classical music cind tribute. b<inds, theatre, jazz, a book festival, cine.m<l, and comedy. In addition, our detailed analysis show5 that there is relatively little overlap between audiences for different forms, which tells that we are cal'ering for a very diverse range of taste5 and prefe.rences in Ihe communily. During the past yecir, TGS staged tho Second comic.con event in October, a Pride event, a Wool Fair, a Book Festival, several craft fairs, and a serie5 of musical and theatre performances for children. The Trustees want to provide a variety, but at the same li me realising thal the Trust must cover its costs. During the year the 200 Club has provided some extra funding and at the beginning of 2023, the Red Carpet Club was launched to help raise funds with special benefits for members. The Tru5lees are always looking to maximise income, but are very aware of pricing tickets to encourage community engagement. The Trust continues to be indebted to its core of loyal, willing, volunteers, who give their time, energy and expertise to TRLRT. The Trustees are not complacent and are very conscious of the enormous conlribu lion provided by these volunteers, whose time and talents ensure the smooth running of the arts centre on a weekly basis. Without these volunteers TGS could not survive. A5 noted, the Trust is very aware that it cannot be sustainable on the income from events, so the café is a key contributor to the operation, but it is also necessary to seek out donations, sponsorship, and fund5/grants from external sources to enable the Trust to explore some of the initiatives it wishes to pursue. The Community Benefit obligation is an important element for TGS'S future ambition, so there continues to be a focus on
TETBURY RAIL LANDS REGENERATION TRUST COMPANY LIMITED BY GUARANTEE YEAR ENDED 30 November 2024 TRUSTEES, REPORT engaging with local schools to encourage arts and entertainment involvement, in particular pupil participation, and hopefully then boost attendance in the you nger age-groups. Development Plan As noted previously, the Trustees have been working to a Development Strategy through to 2024, with the 'Three Imperatives, 35 the backbone to reachinE our goals. The Trustees are pleased to see that TGS has established itself as a very important resource for Tetbury to enjoy- music and the arts Support the well-being of the community. The year of 2023/24 has been for consolidation and proving that TGS is growing it5 reputation as a sought-after venue in the Cotswolds. It h35 been important for the Trustees to understand a large number of operational metrics and indicators in order to identify opportunities, but also avoid potential pitfalls. Research and analysis of the Trust's data show that approximate.ly over 10,000 individuals were beneficiaries of the TGS offerings through the past year, ranging from freelance musicians and local artists to the audiences of young parents and the.ir children, a wide range of local residents and senior citizens. ReEarding e.ve.nt profitability ther@ is always a potential pressure poinl relating to customer affordability - how much should each ticket cost? Again, doe5 this alter dependent on musical genre? Then, how much does the ancillary bar income impact the overall evp.nt profitabili'lv? Such challenges over financial sustainability could influence the types of musicianslbands TGS decides to put on - but the Trustees are of the view that variety and diversity are important factors in the success for TGS, not just the financial focus. Artistic Ambition 15 definitely an equal imperative to Flnanclal Sustainability. The work being done, reviewinB the 'trading performance, of TGS and the Trust, has highlighted that TGS and the Café are close to the upppr limits for trading income potential, given the rural location and subsequent population constraints. There is a natural cap on ticket prices that our customers will pay, there is also a finite level of volunteer resources, and finally local café compe'tition. Through 2023124 we have manage.d to incroase our events turnover by £31,142 to £138,918, but we know we rely on grants, donations and sponsorship to a great degree. The continued support from the David Thomas Trust, the Martin Smilh Foundalion, Perry Bishop and in this last year the CDC $106 grant and funds from Lennox Hanney have eased the pressure on the Trust to meet our key objective of providlng a diverse range of event5, whils't the Trustees hrl.ve kept their eye on oporalion<il profitabilily. It is nol always possible lo be profitable event by event for some less popular muslcal genres. All these generous grant5/donations have kept the Trust's head above waler to conlinue wilh our ambilion lo be a Gem in Ihe Cotswolds, for ihe arls. Therefore, the future Development Plans will be focused on how to raise further funds to Support TGS operations. We intend to offer 5pon50rship opportunities, encourage other donations, and look for other fu nd- raising routes lo enable the Trust lo remain as a Community Arts Centre whilst broadening the choice of. art15tic activity and reaching as diverse a customer/ user base as p055ible 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 Cafe contribution. The Trust relies on Erants and donations from other organisations and individuals. During the period under review, grants were received, but importantly, unrestricted donations were given by the David Thomas Trust, the Martin Smith Foundation, Lennox Hanney and local Tetbury business, Perry Bishop, as well as sponsorship sums from Uley Brewery and Renishaw, for which the Trustees are extremely grateful as
TETBURY RAIL LANDS REGENERATION TRUST COMPANY LIMITED BY GUARANTEE YEAR ENDED 30 November 2024 TRUSTEES, REPORT unrestricted funds enable TGS to operate on a day-to-day basis and deliver the arts and entertainment programme it endeavours to do. During the year, a donation of £750 was received to be added to the Restricted Fund allocated to the Tetbury Trail. Work has been limited during 2023124, but further donations are expected in 2025 to enable the resurfacing work to continue towards Newnton Hill. Fundraising will always be an important element to support the financial sustainability of the Trust. Results. In the year under review, the Trust recorded an unrestricted fund surplus of £3,090 before the write off the original leasehold improvements of £108,962 leaving a deficit of £103,02612024'. surplus of £1,235) before transfers from the restricted funds. This was deducted f rom the brought forward reserves of £293,3 1812022.. £292,083) to leave a carried forward balance of £187,446 {2023'. £293,0181 held in the unrestricted funds at the year end. During a review of the detailed figure5 over the last financial year, the Trustees have realised that a grant of £126,700 made to Tetbury Town Council in December 2016, was a grant to furthp.r the. aims of the. Trus1 bv regenerating the rails lands and had wrongly been entered into the TRLR T accounts as a fixed asset, a leasehold improvement at that lime. As the grant had in no way been a payment for a lease and as it has no present contlnuing value to the Trust, the Trustees agreed that the accounts should be adjusted by writing-off thi5 specious asset. A surplus of £75012023 £3,062) was addpd to the brought forward reserves of £27,17112022'. £23,569) which after transfers leaves a carried forward balance of £25,07512023- £27,171) in restricted fu nds at the year end. The lotal funds held by the Trust at the year-end amounted to £215,36712023'. £320,489). Further details on reserves can be found in notes 18, 19 and 20, Reserve5 Policv At the end of the year under review, the Trusl held unrestricted funds of £187,44612023.' £293,018). Of this amount, £92,52612023'. £211,362) were represented by fixed assets, leaving a balance of £94,92012023'. £81,656) as free reserves. Trustees review the Trusl's reserves and workinB capital requireme.nts on a rp.gulcir ba515 to ensure they are adequate to support the Charity's needs at that point in time. Cu rrently the Truslees have set a target of free rcserves of between 153k and £66k. This target is base.d on Ihe following requirement.G for reserves.. Target for free reserves Lower level Upper level Reserve to meet ongoing obligations relating to staff, lease commitments, creditors etc Reserve to meet ongoing maintenance Reserve to meet fixed cost5 during restricted operations 17,000 5,000 31,000 22,000 8,000 36,000 53,000 66,000 As the level of free reserves held by the Charity was £94k at the year-end, the Trustees feel that this level of reserve5 15 adequate for the needs of the organisation at that point in time. However, the Trustees are mindful of the fact that in the year under review the surplus retained by the Charity was minimal. The Trustees recognise that to ensuie its long-term future, the Charity needs to be in a position where it is able to continue to invest in
TETBURY RAIL LANDS REGENERATION TRUST COMPANY LIMITED BY GUARANTEE YEAR ENDED 30 November 2024 TRUSTEES, REPORT development projects to improve the 'offer' to the public and with thi5 in mind, the Trustees will continue to look for ways to increase its free reserves through ihe generation of unrestricted fund surpluses 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 hDld any investments othpr than in the forrn of short notice bank deposit accounts and it5 shareholding in it5 trading subsidiary, the Whisile Stop Café15ee note 7 for further details). 10
TETBURY RAIL LANDS REGENERATION TRUST COMPANY LIMITED BY GUARANTEE YEAR ENDED 30 November 2024 TRUSTEES, REPORT FINANCIAL REVIEW (continued) TRUSTEES, RESPONSIBILITIES STATEMENT The Trustees Iwho are also the Directors of TRLRT for the purposes of company lawl are responsible for preparing the Trustees Annual Report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare financial statements for each flnancial 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, including income and expenditure, of the Trust for the year. In preparing these f1nanclal statements, the Trustees are required to.. select suitable accounting policies and apply them consistently,. observe the methods and prlnciples in the Charities SORP; make judgements and accountin8 estimates that are reasonable and prudent,, state whether applicable UK Accounting Standard5 have been followed, subject to any material departure5 disclosed and explained in the financial sta lemcnts,. and prepare the financial statements on the going conccrn basis unless it is in¢ippropriatc to presume that the company will continue in operation. The Trustee5 are responsible for keeping adequate accounting record5 that disclose with reasonable accuracy at any time the financial position of tho. Trust and enablo I'hem to ensure that the financial sLatements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Trust and hence for taking reasonable 5tep5 for the prevention and detection of fraud and other irregularilies. The Trustees are responsible for the maintenance and inl'ogri'ly of the corporate and financia1 informal.ion included on the Trust's web51te. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. STATEMENT AS TO DISCLOSURE TO OUR INDEPENDENT EXAMINER I n $0 far as the Trustees are aware at the time of approving the Tru5tees' annual report.. there is no relevant accounting information of which the Trust's independent examincr is unaware,. and the Truslees, having made enquiries of fellow Trustees thal they ought to have individually laken, have each taken all steps that he/she is obliged to take as a director in order to make themselves aware of any relevant accounting information and to establish that the independent examiner is aware of that information. 11
TETBURY RAIL LANDS REGENERATION TRUST COMPANY LIMITED BY GUARANTEE YEAR ENDED 30 November 2024 TRUSTEES, REPORT INDEPENDENT EXAMINER The Trustees appointed Ruth Herbert, a Chartered Certified Accountant as the independent examiner for the Trust. The Trustees A al Report was approved by the Trustees on the 28 April 2025 , and signed on their behalf, by.'_ Richard Warrington Chair 12
TETBURY RAIL LANDS REGENERATION TRUST COMPANY LIMITED BY GUARANTEE YEAR ENDED 30 November 2024 INDEPENDENT EXAMINER'S REPORT Independent Examinerfs Report to the Trustees Tetbury Rail Lands Regeneration Trust Ltd I'the Charity'l I report to the Trustees on my examination of the accounts of the Charity for the year ended 30 November 2024. Responslbllltles and Basis of Report As the Trustees of the Charity land also its directors for the purposes of company lawl you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 20061'the 2006 Act'l. Having Satisfied myself that the accounts of the Compciny 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 accou nts as carried out u nder section 145 of the Charities Act 2011 I'the 2011 Act'l. In carrying out my exarnination I have followed the Directions given by the Charity Commission under section 145151 Ibl of the 2011 Act. Independent Examiner's Statement Since the Charity's consolidated gross income excooded £250,000 your examiner must bo ti mo.mber of a bodv listed in section 145 of the 2011 Act. I confirm that l am qualified to undertake the examination because l am a member of Chartered Institule of Certified Accountanls, which is ono ol the listed bodies. I have completed my examination. I confirm that no matters have. come to my attention in connoction with the examination giving me cause to believe.. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Acl,. or the accounts do not accord with those records,. or the accounts do not comply with Ihe accounting requirements of seclion 396 of the 2006 Act olher than any requirement that the accounts give a 'true and fair view which Is not a matter considered as part of an independent examinalion,. or the accounts have not been prepared in accordance with the method5 and prlnclples of the Statement of Recommended Praclice for accounling and reporting by charilies lapplicdble to charilies preparing their accounts in accordance with the Financial Reportlng Standard applicable in the UK and Republic of Ireland IFRS 10211. I have no concerns and have come acro55 no other matters in connection with the examination to which attention should be drawn in thi5 report in order to enable a proper understanding of the accounts to be reached. Ruth Herbert, FCCA Wenn Townsend Chartered Accountants 5 Gosditch Street Cirencester Gloucestershire GL7 2AG Date.. 28 April 2025 13
TETBURY RAIL LANDS REGENERATION TRUST COMPANY LIMITED BY GUARANTEE YEAR ENDED 30 November 2024 STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING THE INCOME AND EXPENDITURE ACCOUNT) Unrestricted Funds Restricted Funds Total Funds 2024 Total Funds 2023 Notes INCOME Donations, sponsorship & subscriptions Grants receivable Incomefrom charitoble activities.. Event5 income- music and arts Event income- cinema Income from other trading octivities.. Bar sales Facilities hire and market trading Facilities licence fee charge to trading subsidiarv Donation from trading sub5idiarv Other incomo 45,011 16,704 750 45,761 16,704 71,570 135,165 3,753 135,165 3,753 97,302 10,474 35,296 9,304 35,296 9,304 27,469 9,351 18,000 31,507 1,170 18,000 31,507 1,170 18,000 17,465 572 TOTAL INCOME 295,910 750 296,660 252,203 EXPENDITURE Expenditure on charitable activities.. Tetbury Trail The Signal Box Café Canopy Evont.£ costs - music and arts Events Costs - cinema Expenditure on raisingfunds: Bar purchases Facilities hire & markel I'radinR cosI"s Facilities licence fee charge to tradlng subsidiary 114,5461 14,546 142,600 18,481 170,813 11,438 170,813 11,438 77,301 15,267 77,301 15,267 53,921 14,364 18,000 18,000 18,000 TOTAL EXPENSES 292,820 292,820 247,366 NET INCOME BEFORE TRANSFERS 3,090 750 3,840 4,837 LOSS ON D15POSALS 1108,9621 1108,9621 TRANSFERS BETWEEN FUNDS 18,19 2,846 12,8461 NET MOVEMENT IN FUNDS 1103,0261 12,0961 1105,1221 4,837 RECONCILIATION OF FUNDS Total funds brought forward 18,19 293,318 27,171 320,489 315,652 TOTAL FUNDS CARRIED FORWARD 190,292 25,075 215,367 320,489 The Statement of Financial Activities includes all gains and losses in the year and therefore a statement of total recognised gains and105ses has not b@en prepared. All of the above amounts relate to continuing activities. The accompanying accounting policies and notes, on pages 15 to 29, form an integral part of these financial Statements. See note 12 for fund accounting comparative figures. 14
TETBURY RAIL LANDS REGENERATION TRUST COMPANY LIMITED BY GUARANTEE YEAR ENDED 30 November 2024 BALANCE SHEET 2024 2023 Notes FIXED ASSETS Tangible assets I nvestment in trading subsidiary 13 14 92,526 loo 211,362 loo 92,626 211,462 CURRENT ASSETS Stocks Debtors and prepayments Cash at bank and in hand 2,147 177 139,255 2,710 12,048 106,065 15 141,579 120,823 CREDITORS: Amounts falllng due wlthln one year 16 118,8381 111,7961 NET CURRENT ASSETS 121741 109,027 TOTAL ASSETS LESS CURRENT LIABILITIES 2157 320,489 CREDITORS: Amounts falllng due In more than one year 17 TOTAL NET ASSETS 215,367 320,489 FUNDS Reslricted f unds Unrestricted funds 18,20 19,20 25,075 190,292 27,171 293,318 TOTAL FUNDS 215,367 315,652 For the year ending 30 November 2024, the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. No members have required the company to obtain an audit of its accounts for the year in question in accordance with section 476 of the Companie5 Act 2006. The director5 acknowledge their responslbllity for complying with the requirements of the Act wlth respect to accounting records and for t.he preparation of account5. These accounts have been prepared In accordance with the provisions applicable to companles subject to the small companies, regime. These financia and are si emenls were approved by the Board of Trustee5 and authorised for issue on 28 April 2025 heir behalf by.. Richard Warringto Chair The accompanying accounting policies and notes, on pages 15 to 29, form an integral part of these financial statement5 15
TETBURY RAIL LANDS REGENERATION TRUST COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 30 November 2024 ACCOUNTING POLICIES The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as 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 accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective ljanuary 20191- (Charities SORP IFRS 10211, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 and the Companies Act 2006. Telbury Rail Lands ReEeneration Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless Otherwise stated In the relevant accounting policy notes. The Trust's functional and presentational currency is pounds sterling. Golng concern The Trustees believe that the Charity's financial statements have been prepared on a Eoing concern basis, The Trustees have confidence in the Charity's ability to continue as a going concern. Judgements and key sources of estimation The only areas where estimates and judgements have been made in the preparation of the financial statements 15 for expense accruals which total less than £10,000. Expenses accrual.s hcive been b<isod on invoices received after the end of the year. Fund accountlng Unrestricted funds are available for use at the discretion of the trustee5 to further any of the Charity's purposes. Reftricted funds are subjected to reslriclions on their expendilure declarod by 'lhe donor or through the terms of an appeal and fall into one of two sub-clas5es'. restricted income funds or endowment funds. 16
TETBURY RAIL LANDS REGENERATION TRUST COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 30 November 2024 Incoming resources 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 charitv and the amount can be rellably measured. The following specific policies are applied to particular categories of income.. income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt 15 probable, and its amount can be measured reliably. leEa¢y income is recognised when receipt is probable, and entitlement is established. income from donated goods is measurod at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the c05.1 lo the donor or the estimated resale value. Donated facilities and services are rp.cognised in the. accounts when received if the value. can be reliably measured. No amounts are included for the contribution of general volunteers. Income from contracts for the supply of services is recognised wlth the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be. spp.nt on a particular purpose and returned if unspent, in which case it may be regarded as restricted. Resources expended Expenditure is recognised on an accruals basis as a liability is incurred. Expendltu re Includes any VAT which cannot be fu Ily recovered, and is classified under headings of Ihe slalemenl of financial activities to which it relates- expenditure on raising funds Includes the costs of all fundralsin8 actlvlties, events, non-charitable Irading activities, and the sale OF donated goods. expendilure on charil.able activities includes all costs incurred 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 governance of the charity apporlioned to charitable activities. other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charltable activities. All costs are allocated to expenditure categories reflecting the use of the resource. Direct C05t5 attributable to a single activity are allocated directly to Ihat activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and con515tent basis. Operatlng leases Lease payments are recognised a5 an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basi5. 17
TET8URY RAIL LANDS REGENERATION TRUST COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 30 November 2024 Tangible assets Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losse5. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gain5 and losse5, unless it reverses a charge for impairment that has previously been recognised a5 expenditure within the statemenl of financial activities. A decrease in the carrying amou nt of an asset a5 a result of revaluatSon, Is recognised in other recognised gains and lossos, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on Ihe statement of financial activities. Depreclatlon Depreciation is calculated so as to write. off the cost or valuation af an asset, less Its residual value, over the Useful economic li fe of Ihat asset as follows.. Leasehold propertv Fixtu res and fittings Grand Piano Equipment 2Yo Straight line improvements 15/a reducing balance 5Yo Straight line 25Yo reducing balance Impalrment of fixed assets A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the a55et 15 impaired accordingly. Prior impairments are also reviewed for po55iblo rp.ve.rsal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable ¢imoun l of the cash-eeneratinF unit to which the asset belong5. The ca5h-generating unit is the smallest identif iable group of assets that includes the asset and generates cash inflows that largely independent of the ta5h inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash~Beneraling units that are expected to bencfit From the synergies 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 c05t and estimated sel ling price less costs to complete and sell. Cost includes all cost5 of purchase, costs of conversion and other costs incurred in bringing the stock to it5 present location and condition. 18
TETBURY RAIL LANDS REGENERATION TRUST COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 30 November 2024 Financial instruments A financial asset or 3 financial liability is recognised only when the cornpany becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or payable including any related transactlon costs. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. Pension costs Under the terms of auto enrolment, the Charity makes contributions into a defined contribu'tion scheme for all qualifying staff. This scheme Is operated for all qualifying staff who choose to opt into the scheme. The employer's contribution rate was 3Y.. The total pension contributions made by the Charity in Ihe year amounted to £81912023.. ESOOI. No penslon payments were outstanding at the year-end12023'. None outstandingl. DONATIONS, SPONSORSHIP AND SUBSCRIPTIONS Unrestrlcted Funds Restricted Funds Total Funds 2024 Total Funds 2023 Donations Restrlcted Tetbury Trail The Signal Box Canopy Unrestricted David Thomas Trust The Foyle Foundation Tesco Other Sponsorship 750 750 10,000 10,000 10,000 20,000 1,125 12.015 13,331 13,331 Perry Bishop Martin Smith Foundation The Lennox Hannay Subscriptions 200 Club Red Carpet Club 500 15,000 1,000 500 15,000 1,000 500 20,000 180 5,000 180 5,000 1,530 6,400 45,011 750 45,761 71,570 19
TETBURY RAIL LANDS REGENERATION TRUST COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 30 November 2024 GRANTS RECEIVABLE Unrestricted Funds Restricted Funds Total Funds 2024 Total Funds 2023 Colswold District Council Gloucestershire County Council Tetbury Town Council 16,704 16,704 16,704 EVENTS INCOME- MUSIC AND ARTS Unrestricted Funds Total Funds 2024 Tolal Funds 2023 Llve performances Exhibitions Art, crafts and workshops Talks 106,067 2,942 15,593 10,203 106,067 2,942 15,953 10,203 72,944 3,299 12,990 8,069 135,165 135,165 97,302 BAR SALES Unrestricted Funds Total Funds 2024 Total Funds 2023 Event bar sales 35,296 35,296 27,469 35,296 35,296 27,469 20
TETBURY RAIL LANDS REGENERATION TRUST COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 30 November 2024 FACILITIES HIRE AND MARKETTRADING Unrestricted Funds Total Funds 2024 Total Funds 2023 Hall hire 9,304 9,304 9,351 9,304 9,304 9,351 DONATION FROM TRADING SUBSIDIARY Tetbury Rail Lands Regeneration Trust own5 3 trading subsidiary called The Whistle Stop Café which is a private company, limited by shares, registered in England and Wale.s, registration number 11741459. The registered addre55 of the trading subsidiary Is Thè Goods Shed, Cirencester Road, Tetbury, Gloucestershire. GL8 8EY. The Charity owns IOOYO of the issued share capi lal, being 100 shares of £1 each. The results of the Irading subsidiary aro detailed below.. Year to 30 November 2024 Year to 30 November 2023 Turnover Cost of sales 234,979 189,9591 216,953 187,6041 Gross profit Wa8es and salaries TRLR T license fee Other cosls 145,020 181,7821 118,0001 145,2381 129,349 179,4041 118,0001 117,4791 Su rplus before donation to TRLRT Donation to TRLR T 26,022 131,5071 14,466 117,4651 Retained profil 15,4851 12,9991 OTHER INCOME Unrestricted Funds Total Funds 2024 Total Fund5 2023 Miscellaneous Bank interest 1,170 1,170 572 1,170 1,170 572 21
TETBURY RAIL LANDS REGENERATION TRUST COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 30 November 2024 ANALYSIS OF TOTAL RESOURCES EXPENDED 2024 Direct Cost5 Wages and Salaries Depreciation Allocated Overheads Total 2024 Charltable Actlvities Telbury Trail The Signal Box Café Canopy Events - music and art5 Events- cinema 11,145 5,280 52,064 2,008 8,524 328 99,080 3,822 170,813 11,438 Raising Fund5 Bar costs Facililies hire & market trading Facilities costs for subsidiary 19,382 18,886 4,978 3,092 815 1,577 35,941 9,474 16,423 77,301 15,267 18,000 35,807 77,936 14,336 164,740 292,820 2023 Direct Costs WaBes and Salaries Depreciation Allocated Overheads Total 2023 Charltable Activlties Tetbury Trail Tho Signal Box Cafe Canopy Events - music and arts Event5- 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 trading Facilities costs for subsidiary 11,727 3,094 1,054 2,028 13,587 4,624 15,972 53,921 14,364 18,000 8,686 77,193 64,365 18,317 87,491 247,366 In analysinE the expenditure by the Charity some costs have been apportioned. The costs were apportioned to appropriate costs categories, usinE income generated as the basis for apportionment. The cost5 allocated to the trading subsidiary licence fee were capped at the value of the licence fee income, being in 2024 £18,000 12023.. £18,000). 22
TETBURY RAIL LANDS REGENERATION TRUST COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 30 November 2024 ANALYSIS OF TOTAL RESOURCES EXPENDED {continued) APPORTIONMENT OF OVERHEAD COSTS 2024 Wages and Salaries Depreciation Total 2024 Income Overheads Charltable Actlvltles Telbury Trail Grand Piano Events - music and arts Events- clnema N/A N/A 135,165 3, 753 52,064 2,008 8,524 328 99,080 3,822 159,668 6,158 Rolslng Funds Bar cos'ls Facilities hire & market trading Facilities costs for subsidiary 35,296 9,304 18,000 18,886 4,978 3,092 815 1,577 35,941 9,474 16,423 57,919 15,267 18,000 77,936 14,336 164,740 257,012 2023 Wages and Salarios Depreciation Total 2023 Income Overheads Charitable Actlvltles Tetbury Trail Grand Piano Events - music and arts Event5 - cinema N/A N/A 97,302 10,474 10,961 1,180 48,127 5,181 59,088 16,089 9,728 Raising Fund5 Café and bar costs Facilities hire & market trading Facilities costs for subsidiary 27,469 9,351 18,000 25,513 8,686 3,094 1,054 2,028 13,587 4,624 15,972 42,194 14,364 18,000 43,927 18,317 87,491 149,735 23
TETBURY RAIL LANDS REGENERATION TRUST COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 30 November 2024 10. ANALYSIS OF STAFF COSTS AND EMOLUMENTS, TRUSTEE REMUNERATION AND EXPENSES, AND THE COST OF KEY MANAGEMENT PERSONNEL Total staff costs were as follows: 2024 2023 Wages and salaries Social security costs Other pension costs 76,498 1,438 819 62,364 1,501 500 78,755 64,365 No employees, remuneration exceeded £60,000 withln the year or the previous ye.ar. The salary costs have increased in the current year because a new events co-ordinator was employed part way through I'he year. 11. STAFF NUMBERS The average number of employees and workers durin8 the year, calculated based on full-time equivalents, was as follows.. 2024 No 2023 No Number of employed The averaEe number of employees and workers during the year, on a per head basis, was as follows.. 2024 No 2023 No Number of employed 24
TETBURY RAIL LANDS REGENERATION TRUST COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 30 November 2024 12. PREVIOUS YEAR FUND ACCOUNTING COMPARATIVES Unrestricted Funds Restricted Funds Total Funds 2023 INCOME Donations, sponsorship & subscriptions Grants receivable Income from ¢horitoble activities.. Evenls income - rnusic and arts Event Income-cinema Income from other truding octivitie5,' Café and bar sales Facilities hire and market trading Facilities licence fee charge to tradlng subsidiary Donation from trading subsidiarv Bank interest received 71,570 71,570 97,302 10,474 97,302 10,474 27,469 9,351 27,469 9,351 18,000 17,465 572 18,000 17,465 572 TOTAL INCOME 2J2,203 252,203 EXPENDITURE Expenditure on charitable octivities.. Tetbury Trail The Signal Box Cafe Canopy Events Costs - music and arts Event.5 costs - cinema Expenditure on rai5ingfurJds: Café and bar purchases Facilities hire & market trading cost5 Facilitip.s licence fee charge to tradin8 subsidiary 114,5461 114,5461 14,546 14,546 142,600 18,481 142,600 18,481 53,921 14,364 53,921 14,364 18,000 18,000 TOTAL EXPENSES 247,366 247,366 NET INCOME BEFORE TRANSFERS 4,837 4,837 TRANSFERS BETWEEN FUNDS 13,6021 3,602 NET MOVEMENT IN FUNDS 1,235 3,602 4,837 RECONCILIATION OF FUNDS Total funds brought forward 292,083 23,569 315,652 TOTAL FUNDS CARRIED FORWARD 293,318 27,171 320,489 25
TETBURY RAIL LANDS REGENERATION TRUST COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 30 November 2024 13. TANGIBLE FIXED ASSETS Equipment Grand Fixtures & & Railway Piano flttlngs Carriage Leasehold Improvements Total COST At l December 2023 Additions Disposals 139,230 42,680 120,047 96,087 4,462 398,044 4,462 1126,7001 1126,7001 At 30 November 2024 12,530 42,680 120,047 100,549 275,806 DEPRECIATION At l December 2023 Charge for the year Write back on disposals 18,864 251 117,7381 12,804 2,134 75,599 6,667 79,415 5,284 186,682 14,336 117,7381 At 30 November 2024 1,378 14,938 82,266 84,699 183,280 NET BOOK VALUE At 30 November 2024 11,152 27,742 37,782 15,850 92,526 At 30 November 2023 120,366 29,876 44,448 16,672 211,362 The tangible fixed assets are all used for the charitable purposes of the Trust, In the Trustees, opinion, there have bcen no even'ts or circumstances which indicate that the carrying value ol fixed assets may have been impaired. See page 9 regarding Leasehold disposal. 14. INVESTMENT The Charily owns a IOOYO shareholding of a trading subsidiary called The Whistle Stop Café. See note 7 for further details. 2024 2023 100 ordinary Class A shares at £1 nominal value loo loo 26
TETBURY RAIL LANDS REGENERATION TRUST COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 30 November 2024 15. DEBTORS AND PREPAYMENTS 2024 2023 Trade debtors Amounts due from trading subsidiary Other debtor5 27 27 12,021 150 177 12,048 16. CREDITORS: Amounts falllng due within one year 2024 2023 Trade creditors Accruals and deferred Income Amounts due to tradin8 subsidiary Other creditors 7,821 6,302 3,845 870 5,581 5,067 1,148 18,838 11,796 27
TETBURY RAIL LANDS REGENERATION TRUST COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 30 November 2024 17. RESTRICTED FUNDS Balance at l Dec 2023 Incoming resources Outgoing resources Balance at 30 Nov 2024 Transfers Tetbury Trail, used to fund costs relating to the regeneration of the railway line 18,147 750 501 Piano fund, used for the purchase and maintenance of the grand piano 5,342 13,0441 2,298 Piano series fund, used to meet some of the costs relaling lo piano recitals 3,682 13031 3,379 27,171 750 12,8461 25,075 Since its inception, TRLRT has been very fortunate to have received significant funding from external sources. Funding has been received from commercial enl'i'lies, charitable and Government bodies as well as indiviLluals in support of a variety of projects that have been undertaken by the Trust in relation to the refurbishment of The Goods Shed lincluding, in previous years, the auditorium seating, cinp.m equipment and hearing loop), the regeneration of the railway line through the creation and extension of the Tetbury Trail, the refurbishment of the railway carriage and the purchase of a grand piano for Ihe concert hall. 28
TETBURY RAIL LANDS REGENERATION TRUST COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 30 November 2024 18. UNRESTRICTED FUNDS Balance at l DÈC 2023 Incoming resources Outgoing resources Balance at 30 Nov 2024 Transfers Fixed asset designated fund Free reserves 211,362 81,956 1118.8361 1282,9461 92,526 97,766 295,910 2,486 293,318 295,910 1401,7821 2,486 190,292 The fixed a55et designated fund represents the fixed assets of the Trust. The free reserves represent the unrestricted fu nds of the Trust that are not represented by fixed assets or designated for a specific purpose. 19. ANALYSIS OF NET ASSETS BETWEEN FUNDS AS AT 30 November 2024 Tangible flxed asset5 Net current assets Investments Total Restricted funds 25,075 25,075 Unrestrirted funds Fixed Asset designated fund Free reserves 92,526 92,526 97,766 loo 97,666 92,526 loo 97,666 190,292 Total funds 92,526 loo 122,741 215,367 29
TETBURY RAIL LANDS REGENERATION TRUST COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 30 November 2024 20. ANALYSIS OF NET ASSETS BETWEEN FUNDS {continued) AS AT 30 NOVEMBER 2023 Credltors due Net current more than I assets Tangible fixed assets Investments year Total Restricted funds 27,171 27,171 Unrestricted funds Fixed Asset designated lund Free reserves 211,362 221,362 81,956 loo 81,856 211,362 loo 66,247 293,318 Total funds 211,362 loo 108,727 320,489 21. LIMITED BY GUARANTEE The Charity does nol. have any share capital having been incorporated under guarantee. In Ihe event of an insolvent windin8 UP the liabillty of the Members is limited to £1 each. 30