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REGISTERED COMPANY NUMBER: 03157171 (England and Wales) REGISTERED CHARITY NUMBER: 1094938
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CHARITY COMMISSION
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REPORT OF THE TRUSTEES AND
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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
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CYMDEITHAS RHEILFFORDD ERYRI : ALSO KNOWN AS WELSH HIGHLAND RAILWAY SOCIETY
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Williams Denton Cyf Chartered Certified Accountants Statutory Auditors Glaslyn Ffordd y Pare Parc Menai Bangor Gwynedd LL57 4FE
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CYMDEITHAS RHEILFFORDD ERYRI ALSO KNOWN AS WELSH HIGHLAND RAILWAY SOCIETY
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CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
Page Report of the Trustees 1 to 7 Report of the Independent Auditors 8 to 10 Statement of Financial Activities 11 Balance Sheet 12 to 13 Notes to the Financial Statements 14 to 21 Detailed Statement of Financial Activities 22 to 23
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CYMDEITHAS RHEILFFORDD ERYRI ALSO KNOWN AS WELSH HIGHLAND RAILWAY SOCIETY
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The charitable company is established for the advancement of the education of the public by encouraging and promoting public interest in the Caernarfon to Porthmadog Railway including the former Welsh Highland Railway (the WHR) which closed in the 1930s. This includes its history, restoration, operation, railway locomotives and rolling stock, machinery and equipment of historical and general interest.
The WHR is owned and operated by the Festiniog Railway Company (the Company). The Society's members play a leading part in the maintenance, development and operation of the WHR.
The most significant proportion of the Society's work involves sponsoring and funding projects around the railway. These range from the more obvious things such as the restoration of locomotives such as NG15 Nol34 Kalahari, together with the maintenance and improvement of the track, through to less glamorous tasks such as the construction of station signs and other furniture.
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CYMDEITHAS RHEILFFORDD ERYRI ALSO KNOWN AS WELSH HIGHLAND RAILWAY SOCIETY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023
ACHIEVEMENT AND PERFORMANCE
Charitable activities
2023 was a momentous year in the life of the Society in that it saw the second year of events commemorating the Centenary of the opening of the original Welsh Highland Railway in June 1923. The Society was pleased to support the planning and delivery of the WHR 100 celebration in June, when the historic weekend was marked by a number of special events put on in partnership with the Company, the Welsh Highland Heritage Railway and the Welsh Highland Heritage Group.
The Society hosted a successful AGM weekend in September 2023 with a number of special events and trains running throughout the weekend.
Towards the close of the 2023 season, Society Directors joined colleagues from the Ffestiniog Railway Society to support the Company's Bygones Weekend. Recognising the common aim of supporting the ongoing maintenance, development and running of the Welsh Highland and the Ffestiniog Railways, Directors from both societies now share examples of good practice and innovation.
The Society was again pleased to work alongside the Company staff in the planning and running of Santa trains. Celebrating three decades of operation means that we are now frequently welcoming the children of parents who themselves were passengers when they were children.. In addition to the recruitment of volunteer Elves - who collectively contributed over 230 hours of volunteer time - teams of other volunteers were on hand to prepare and pack gifts, to welcome and entertain children and families, and to clean the trains in preparation for afternoon trips. For many local families, trips on our bilingual Welsh and English language Santa trains are now an unmissable part of their Christmas preparations, and, for the Society, an ideal opportunity to promote interest in the Railway and its history and locomotives.
These activities are only possible because of our volunteers and a vita! aspect of the society's purpose is to support and encourage volunteering. In addition to the many members who have supported the Company through individual volunteering as locomotive crew and Guards, in Permanent Way and customer service roles (such hosts and stewards in stations and on trains), regular working parties have been co-ordinated. Groups such as the Black Hand Gang, Tuesday Gang and the Tuesday Engineering Gang provided vital input throughout the year into maintenance on and around the track and at Dinas works and locomotive shed. A significant focus of volunteer activity in the year has been the ongoing restoration of NG15 No134 Kalahari ‘Kalahari’. Around 2800 volunteer hours were put in between January and December 2023. During the year the skill base of the vohinteer group was expanded through a mix of training and on-the-job experience, enabling them to undertake a broader scope in the return of this magnificent locomotive to steam. As well as the volunteers work was carried out by locally employed Festiniog Railway Company staff. This work was funded by the Society.
The Society has been able to provide continuing support to volunteers who travel from a distance through its "Station View" accommodation at Dinas, which incorporates single or twin rooms, a fully fitted kitchen and comfortable sitting room. Space is also provided for caravans or motorhomes with electrical hook-up points’and water taps. Rates have been maintained at existing levels to ensure affordability for all. 294 bed night stays were logged in the course of 2023.
Four issues of the Society's journal, The Snowdon Ranger, were published during the year, continuing the aim of keeping members up to date with what is happening on and around the Railway. Occasional articles on the history of the Railway and other associated topics have also been included.
Throughout 2023 work was ongoing to re-design and update the Society's approach to communication of its activities. Regular posting of news and stories on social media has seen a significant increase in interest, and a new website is in preparation for launch during 2024.
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CYMDEITHAS RHEILFFORDD ERYRI ; ALSOAS WELSH KNOWN HIGHLAND RAILWAY SOCIETY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023
ACHIEVEMENT AND PERFORMANCE Fundraising activities
2023 saw the continued appeal to raise funds for the restoration of NG15 No134 Kalahari realise £17,462. This figure includes cash donations received through the highly successful on train envelopes and the Leftover Currency initiative which commenced towards the end of the year.
FINANCIAL REVIEW
Financial position
The main sources of funds are subscriptions, donations and bequests received from its members and other supporters.
During 2023 the Society donated £116,566 to the Company (2022: £252,408) as part of its objective to promote and support the WHR. The donations during 2023 related mostly to the NG15 refurbishment, but contributions were also made to gardening costs and the project to install running in boards at the “lost halts" as part of the WHR100 event.
During the year to December 2020 the Society made short term, interest free loans totalling £400,000 to the Company. These were to assist it with the then usual need for cash in the winter months and also to assist it in dealing with the exceptional cash flow issues resulting from the coronavirus restrictions put in place by the Welsh Government.
In the current year the Society converted £104,417 of the loan balance into grants which reduced the total indebtedness to £17,434. It is anticipated that this balance will be discharged by continuing conversion into grants in the course of 2024. ,
Principal funding sources
As in previous years, the majority of the Society's income came from the continued support of its much-valued members. The classification and breakdown of fee-paying memberships was as follows:
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2023-2022
Adults 920 969
Families 849 956
Juniors 3 5
Young Persons 4 8
Life Members 418 422
Associate Life Members 34 34
Total 2,228 2,394
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As can be seen membership numbers have not recovered from the sharp fall experienced during the COVID years and indeed continue to decline albeit at a slower rate.
Reserves policy
The Society's policy is to maintain an adequate reserve so as to enable it to discharge its charitable objectives, meet its ongoing day to day requirements, and maintain general funds to meet its obligations for committed WHR projects. The Society's Finance Director and Treasurer conduct regular reviews of current cash balances and projected cash flow for the forthcoming three years and report accordingly to the board.
FUTURE PLANS
The Society will continue its work supporting the development of the Welsh Highland Railway and be a sponsor for a variety of new projects and continuing to support long term aims and projects. In particular in 2024 the Society hopes to see completion of the project to restore NGI5 No134 Kalahari, commence construction of carriage 2050 and will be supporting the project to provide improved servicing facilities for Welsh Highland locomotives operating out of Boston Lodge.
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CYMDEITHAS RHEILFFORDD ERYRI ALSO KNOWN AS WELSH HIGHLAND RAILWAY SOCIETY
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document
The Society is controlled by its governing document, the Memorandum & Articles of Association, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006 and is a registered charity as defined by the Charities Act 2011.
Board meetings, recruitment and appointment
The Society trustees held regular meetings during the year which were attended by Society directors & officers, and on occasion, representatives of the Company and trustees of The Ffestiniog and Welsh Highland Railways Trust (The Trust).
During 2023 the Society reviewed and updated its business plan and also re-defined roles and responsibilities for individual Directors and Officers. A review of the Society's Risk Management was also undertaken and updating of its Risk Register is ongoing. At the first Board meeting following the AGM in September, to support the induction of new Board members, our responsibilities as directors and trustees were reviewed, with particular reference to the Charity Commission's guidance, The Essential Trustee (CG3).
All trustees are elected for a period of 3 years and may offer themselves for re-election every three years.
Wider network
No one person or body related to the Society (by this we refer to the Company, the Trust and associated companies) has the entitlement to appoint any of the charity's trustees. The Society's trustees are only appointed by the members of the Society.
The Society's relationships with its related parties do not directly impact the operating policies adopted by it as no related party can impose a policy decision or change upon it. The Society's role is to support the WHR and it does this mainly by contributing financially to duly considered requests for funds from related parties in the furtherance of those activities and objectives.
Related parties, Remuneration and Expenses Policy
The trustees consider the Society's key management team to comprise of the board of trustees and the senior officers as they are tasked with directing and controlling the operations of the Society on a day-to-day basis. There were no directors' remuneration, expenses or related party transactions in the year, and this confirmation is also disclosed by way of a statutory note in the accounts.
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Risk management
The trustees have a duty to identify and review the risks to which the Society is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number 03157171 (England and Wales) -
Registered Charity number 1094938
Registered office Station View Dinas Caernarfon LLS4 SUB
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CYMDEITHAS RHEILFFORDD ERYRI ALSO KNOWN AS WELSH HIGHLAND RAILWAY SOCIETY
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023
Trustees
DH Thomas IR King E Jones N S Memaster (resigned 16.9.23) S R Harris (resigned 16.9.23) M W Gardner A M Strachan BE Mccormick J M Charles S Gregory (appointed 16.9.23) DN Jones (appointed 16.9.23)
Company Secretary
J M Charles
Auditors
Williams Denton Cyf Chartered Certified Accountants Statutory Auditors Glaslyn Ffordd y Parc . Parc Menai ; Bangor Gwynedd ; LLS7 4FE
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Bankers Barclays Bank plc Leicester LE87 2BB
Metro Bank One Southampton Row London WCIB SHA
Officers Richard Watson - Membership Secretary. Bob Zeepvat - Editor of The Snowdon Ranger. Gareth Haulfryn Williams - Archivist. Stephen Cheeseman - Treasurer Dave Kent - President. Cedric Lodge - Vice President. Stuart McNair - Vice President
EVENTS SINCE THE END OF THE YEAR
information relating to events since the end of the year is given in the notes to the financial statements.
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The trustees (who are also the directors of Cymdeithas Rheilffordd Eryri for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
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CYMDEITHAS RHEILFFORDD ERYRI ALSO KNOWN AS WELSH HIGHLAND RAILWAY SOCIETY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023
STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued
Company law 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 charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charity SORP;
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- make judgements and estimates that are reasonable and prudent;
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prepare the financial statements on the going concer basis unless it is inappropriate to presume that the charitable company will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
In so far as the trustees are aware:
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there is no relevant audit information of which the charitable company's auditors are unaware; and
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the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.
The trustees (who are also the directors of Cymdeithas Rheilffordd Eryri also known as Welsh Highland Railway _ Society for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland”. Company law 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 charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charity SORP;
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make judgements and estimates that are reasonable and prudent;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
In so far as the trustees are aware:
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there is no relevant audit information of which the charitable company's auditors are unaware; and
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the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.
In addition to the above, the trustees confirm that they have complied with their duties as set out in Section 17(5) of the 2011 Charities Act to have due regard to the public benefit guidance published by the Charity Commission.
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CYMDEITHAS RHEILFFORDD ERYRI ALSO KNOWN AS WELSH HIGHLAND RAILWAY SOCIETY
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023
AUDITORS
The auditors, Williams Denton Statutory Auditors, will be proposed for re-appointment at the forthcoming Annual General Meeting.
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
Approved[by][order][ of][ the][board][of][ trustees][on][...het......] [Oe Mwity,. OMdend signedened onon its behalf by:
J M Charles - Trustee
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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF || CYMDEITHAS RHEILFFORDD ERYRI
, Opinion } We have : 31 :
We have audited the financial statements of Cymdeithas Rheilffordd Eryri (the ‘charitable company’) for the year ended 31 December 2023 which comprise the Statement of Financial Activities, the Balance Sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
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give a true and fair view of the state of the charitable company's affairs as at 31 December 2023 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
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- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors’ responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concem for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are descnibed in the relevant sections of this report.
Other information
The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and
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the Report of the Trustees has been prepared in accordance with applicable legal requirements.
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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF CYMDEITHAS RHELLFFORDD ERYRI
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
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adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
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- certain disclosures of trustees' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit; or
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the trustees were not entitled to take advantage of the small companies exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Trustees.
Responsibilities of trustees
As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concem basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have ’ no realistic alternative but to do so. Our responsibilities for the audit of the financia) statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud.
We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management and enquiries of legal counsel. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.
We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.
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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF CYMDEITHAS RHEILFFORDD ERYRI
Use of our report
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. Martin StevenON
for and on behalf of Williams Denton C
Chartered Certified Accountants
Statutory Auditors
Glaslyn
Ffordd y Parc Parc Menai Bangor Gwynedd LL57 4FE
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CYMDEITHAS RHEILFFORDD ERYRI ALSO KNOWN AS WELSH HIGHLAND RAILWAY SOCIETY
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STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023
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|OOOO|
|2023|2022|
|Unrestricted|Restricted|Total|Total|
|funds|funds|funds|funds|
|Notes|£|£|£|£|
|INCOME|AND|ENDOWMENTS|FROM|
|Donations and|legacies|24,794|3,395|28,189|87,131|
|Charitable|activities|
|Accommodation|3,336|-|3,336|2,989|
|Appeals|86,858|15,961|102,819|120,140|
|Other trading|activities|2|4,075|-|1,075|1,352|
|Investment|income|3|4,001|-|4,001|259|
|Totat|120,064|19,356|139,420|211,871|
|EXPENDITURE ON|
|Raising|funds|66|1,487|1,553|206|
|Charitable|activities|
|General|1,921|-|1,921|-|
|Donations to the Ffestiniog|Railway|company|7,185|109,381|116,566|252,408|
|Printing,Accommodatistati|o|nery,n|postage|etc|253|,|545781|~-|253|,|545781|245|,9|6337|
|Governance|and support|6,143|-|6,143|5,990|
|Total|44,641|110,868|155,509|286,504|
|NET INCOME/(EXPENDITURE)|75,423|(91,512)|(16,089)|(74,633)|
|Transfers|between|funds|13|(89,644)|89,644|-|-|
|ant|oO|||
|Net movement|in funds|(14,221)|(1,868)|(16,089)|(74,633)|
|RECONCILIATION OF FUNDS|
|Total|funds brought forward|443,230|35,379|478,609|553,242|
|TOTAL FUNDS CARRIED FORWARD|429,009|33,511|462,520|478,609|
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The notes form part of these financial statements
CYMDEITHAS RHEILFFORDD ERYRI ALSO KNOWN AS WELSH HIGHLAND RAILWAY SOCIETY
BALANCE SHEET
31 DECEMBER 2023
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|2023|2022|
|Unrestricted|Restricted|Total|Total|
|funds|funds|funds|funds|
|Notes|£|£|£|£|
|FIXED ASSETS|
|Tangible|assets|7|230,700|-|230,700|230,700|
|Investments|8|1|-|1|1|
|230,701|-|230,701|230,701|
|CURRENT ASSETS|
|Debtors|9|12,148|19,618|31,766|142,268|
|Cash|at bank|262,316|33,505|295,821|184,831|
|274,464|53,123|327,587|327,099|
|CREDITORS|
|Amounts|falling|due|within|one|year|10|(20,550)|(19,612)|(40,162)|(44,792)|
|NET CURRENT ASSETS|253,914|33,511|287,425|282,307|
|TOTAL|ASSETS|LESS CURRENT|
|LIABILITIES|484,615|33,511|518,126|513,008|
|CREDITORS|
|Amounts|falling|due|after more|than|one|year|11|(55,606)|-|(55,606)|(34,399)|
|NET ASSETS|429,009|33,511|462,520|478,609|
|—_———|—=—|————————|———_-_=|
|FUNDS|13|
|Unrestricted|funds|429,009|443,230|
|Restricted|funds|33,511|35,379|
|TOTAL FUNDS|462,520|478,609|
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The notes form part of these financial statements
CYMDEITHAS RHEILFFORDD ERYRI
ALSO KNOWN
AS WELSH HIGHLAND RAILWAY SOCIETY
BALANCE SHEET- continued
31 DECEMBER 2023
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 12: fl Steme202gnd were signed on its behalf by:
D H Thomas -Aine
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TR King - Trustee
The notes form part of these financial statements
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CYMDEITHAS RHEILFFORDD ERYRI ALSO KNOWN AS WELSH HIGHLAND RAILWAY SOCIETY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
- ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) ‘Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)’, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland’ and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income wil! be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Tangible fixed assets
Fixed assets are capitalised if they cost more than £1,000 and are deemed to have a useful life of more than five years. Once capitalised, qualifying assets are disclosed in line with the following policies, which the trustees have deemed appropriate in order for the financial statements to reflect a 'true and fair view’.
Freehold property
Station View, was acquired in 2017 for the purpose of providing low cost accommodation to railway volunteers, with this being one of the Society's primary objectives. The requirements are that a tangible fixed asset, less its residual value, must be depreciated on a systematic basis over its useful economic life, however the trustees are of the view that the property has a high residual value, which will remove the need for depreciation to be charged. Instead, an annual impairment review will be undertaken and a full revaluation will be carried out on a rolling 5 year basis, with the next revaluation being due
to be reported in the 31 December 2026 financial statements.
The annual impairment review, coupled with a rolling 5 year revaluation policy is deemed to be sufficient to ensure that the departure from the Charities SORP (FRS 102), FRS 102 (effective 1 January 2019) and Companies Act 2006 requirements are not material in nature.
The historical railway assets
Those recognised at a cost are comprised of a signal box sign, a model locomotive and the Nantlle map. Although these might be considered as historically important to the railway, they are not currently considered to be heritage assets. No depreciation is provided with regards these assets, as its affect upon the financial! statements is again deemed to be immaterial.
These departures from accounting standards, believed by the trustees to be necessary for a ‘true and fair view' to be reported, are not deemed to be material with regard their affect upon the financial statements.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Page 14
continued...
CYMDEITHAS RHEILFFORDD ERYRI ALSO KNOWN AS WELSH HIGHLAND RAILWAY SOCIETY
NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 DECEMBER 2023
1. ACCOUNTING POLICIES - continued
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
- OTHER TRADING ACTIVITIES
----- Start of picture text -----
|||||||
|---|---|---|---|---|---|
|2023|2022|
|£|£|
|Sales|;|112|379|
|Advertising|revenue|963|973|
|1,075|1,352|
|3.|INVESTMENT INCOME|
|||2023|2022|
|£|£|
|Deposit account|interest|4,001|259|
|4.|NET INCOMEK(EXPENDITURE)|
|Net|income/(expenditure)|is|stated|after|charging/(crediting):|
|2023|2022|
|£|£|
|Auditors’|remuneration|2,936|2,775|
|Other non-audit|services|1,260|1,330|
----- End of picture text -----
- TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees’ remuneration or other benefits for the year ended 31 December 2023 nor for the year ended 31 December 2022.
Trustees’ expenses
There were no trustees’ expenses paid for the year ended 31 December 2023 nor for the year ended 31 December 2022.
Page 15
continued...
CYMDEITHAS RHEILFFORDD ERYRI ALSO KNOWN AS WELSH HIGHLAND RAILWAY SOCIETY
NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 DECEMBER 2023
----- Start of picture text -----
||||||||
|---|---|---|---|---|---|---|
|6.|COMPARATIVES|FOR THE|STATEMENT|OF|FINANCIAL|ACTIVITIES|
|Unrestricted|Restricted|Total|
|funds|funds|funds|
|£|£|£|
|INCOME AND ENDOWMENTS|FROM|
|Donations|and|legacies|80,159|6,972|87,131|
|Charitable|activities|
|Accommodation|2,989|-|2,989|
|Appeals|94,160|25,980|120,140|
|Other|trading|activities|1,352|-|1,352|
|Investment|income|259|-|259|
|Total|178,919|32,952|211,871|
|EXPENDITURE|ON|
|Raising|funds|171|35|206|
|Charitable|activities|
|Donations|to|the Ffestiniog Railway company|4,829|247,579|252,408|
|Accommodation|5,937|-|§,937|
|Printing,|stationery,|postage|etc|21,963|-|21,963|
|Governance|and|support|5,990|-|5,990|
|Total|38,890|247,614|286,504|
|NET INCOME/(EXPENDITURE)|140,029|(214,662|}|(74,633)|
|Transfers|between|funds|(208,562)|208,562|-|
|Net movement|in|funds|(68,533)|(6,100)|(74,633)|
|RECONCILIATION|OF FUNDS|
|Total|funds|brought|forward|$11,763|41,479|$53,242|
|TOTAL FUNDS CARRIED FORWARD|443,230|35,379|478,609|
----- End of picture text -----
t
Page 16
continued...
CYMDEITHAS RHEILFFORDD ERYRI ALSO KNOWN AS WELSH HIGHLAND RAILWAY SOCIETY
|
NOTES TO THE FENANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 DECEMBER 2023
7. TANGIBLE FIXED ASSETS
----- Start of picture text -----
||||||||||
|---|---|---|---|---|---|---|---|---|
|Dinas|
|Freehold|signal|Model|Nantlle|
|property|box sign|Locomotive|map|Totals|
|£|£|£|£|£|
|COST|
|At|1|January|2023|and|
|31|December|2023|230,000|375|100|225|230,700|
|NET BOOK VALUE|
|At|31|December|2023|230,000|375|100|225|230,700|
|At|31|December|2022|230,000|375|100|225|230,700|
|FIXED|ASSET|INVESTMENTS|
|Unlisted|
|investments|
|£|
|MARKET VALUE|
|At|1|January|2023|and|31|December|2023|1|
|NET BOOK VALUE|
|At|31|December|2023|1|
|At|31|December 2022|1|
----- End of picture text -----
- FIXED ASSET INVESTMENTS
There were no investment assets outside the UK.
- DEBTORS
----- Start of picture text -----
|||||||||
|---|---|---|---|---|---|---|---|
|2023|2022|
|£|£|
|Amounts|falling due|within|one|year:|
|Trade|debtors|8,489|3,130|
|Gift|aid|claims|5,842|8,286|
|Bequests|1|9,001|
|Company Loans|17,434|-|
|31,766|20,417|
|Amounts|falling|due|after|more|than|one|year:|
|Company Loans|-|121,851|
|Aggregate|amounts|31,766|142,268|
----- End of picture text -----
|
Page 17
continued...
CYMDEITHAS RHEILFFORDD ERYRI ALSO KNOWN AS WELSH HIGHLAND RAILWAY SOCIETY
|
NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 DECEMBER 2023
eee
: ! !
|
----- Start of picture text -----
||||||||||
|---|---|---|---|---|---|---|---|---|
|10.|CREDITORS:|AMOUNTS|FALLING DUE WITHIN ONE YEAR|
|2023|2022|
|£|£|
|Bank|loans|and|overdrafts|(see|note|12)|19,612|-|
|Trade|creditors|9,622|800|
|Other|creditors|-|4,412|
|Accruals|and|deferred|income|10,928|39,580|
|40,162|44,792|
|11.|CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR|
|2023|2022|
|£|£|
|Accruals|and|deferred|income|55,606|34,399|
|12.|LOANS|
|An|analysis|of the|maturity|of loans|is|given|below:|
|2023|2022|
|£|£|
|Amounts|falling due|within|one|year on|demand:|
|Bank|overdrafts|19,612|-|
|13.|MOVEMENT|IN FUNDS|
|Net|Transfers|
|movement|between|At|
|At|1.1.23|in|funds|funds|31.12.23|
|£|£|£|£|
|Unrestricted|funds|
|General|fund|10,598|68,790|(72,486)|6,902|
|Historical|railway|assets|fund|700|-|-|700|
|Station View|property|fund|244,578|(444)|2,776|246,910|
|Smaller|project|allocation|fund|25,236|(6,831)|(4,585)|13,820|
|NGIS5|appeal|86|14,263|(14,349)|-|
|Third|class|saloon|appeal|fund|150,025|-|-|150,025|
|Dinas|facilities|contingency|fund|11,652|-|(11,000)|652|
|Coronavirus|appeal|fund|355|(355)|-|-|
|Boston Lodge|-|-|10,000|10,000|
|443,230|75,423|(89,644)|429,009|
|Restricted|funds|
|NG1S5|project|2,061|(91,705)|89,644|-|
|K1|project|33,318|193|-|33,511|
|35,379|(91,512)|89,644|33,511|
|TOTAL FUNDS|478,609|(16,089)|-|462,520|
----- End of picture text -----
Page 18
continued...
CYMDEITHAS RHEILFFORDD ERYRI ALSO KNOWN AS WELSH HIGHLAND RAILWAY SOCIETY
NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 DECEMBER 2023
13. MOVEMENT IN FUNDS- continued
Net movement in funds, included in the above are as follows:
----- Start of picture text -----
||||||||||
|---|---|---|---|---|---|---|---|---|
|Incoming|Resources|Movement|
|resources|expended|in|funds|
|£|£|£|
|Unrestricted|funds|
|General|fund|102,465|(33,675)|68,790|
|Station View|property|fund|3,336|(3,780)|(444)|
|Smailer project|allocation|fund|-|(6,831)|(6,831)|
|NG1S5|appeal|14,263|-|14,263|
|Coronavirus|appeal|fund|-|(355)|(355)|
|120,064|(44,641)|75,423|
|Restricted|funds|
|NG1S|project|19,163|(110,868)|(91,705)|
|K1|project|193|-|193|
|19,356|(110,868|)|(91,512)|
|TOTAL FUNDS|139,420|(155,509)|(16,089)|
|Comparatives|for movement|in|funds|
|Net|Transfers|
|movement|between|At|
|At|1.1.22|in|funds|funds|31.12.22|
|£|£|£|£|
|Unrestricted|funds|
|General|fund|44,572|125,965|(159,939|)|10,598|
|Historica!|railway|assets|fund|700|-|-|700|
|Station|View|property|fund|;|230,000|-|-|230,000|
|Station View|maintenance|fund|11,410|(2,948)|6,116|14,578|
|NGI1S5|project|contingency|fund|22,256|-|(22,256)|-|
|Smaller|project|allocation|fund|29,746|(4,829)|319|25,236|
|NG1S5|appeal|11,310|21,578|(32,802)|86|
|Third|class|saloon|appeal|fund|150,000|25|-|150,025|
|Dinas|facilities|contingency|fund|11,652|-|-|11,652|
|Coronavirus|appeal|fund|117|238|-|355|
|511,763|140,029|(208,562)|443,230|
|Restricted|funds|
|NGIS5|project|8,742|(215,243)|208,562|2,061|
|KI|project|32,737|581|-|33,318|
|41,479|(214,662)|208,562|35,379|
|TOTAL FUNDS|553,242|(74,633)|-|478,609|
----- End of picture text -----
Page 19
continued...
CYMDEITHAS RHEILFFORDD ERYRI ALSO KNOWN AS WELSH HIGHLAND RAILWAY SOCIETY
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023
13. MOVEMENT IN FUNDS- continued
Comparative net movement in funds, included in the above are as follows:
----- Start of picture text -----
|||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|Incoming|Resources|Movement|
|resources|expended|in|funds|
|£|£|£|
|Unrestricted|funds|
|General|fund|154,086|(28,121)|125,965|
|Station|View|maintenance|fund|2,989|(5,937)|(2,948)|
|Smaller project|allocation|fund|-|(4,829)|(4,829)|
|NGI1S|appeal|21,578|-|21,578|
|Third|class|saloon|appeal|fund|25|-|25|
|Coronavirus|appeal|fund|241|(3)|238|
|178,919|(38,890)|140,029|
|Restricted|funds|
|NGI1S5|project|32,371|(247,614)|(215,243 )|
|K1|project|581|-|581|
|32,952|(247,614)|(214,662)|
|TOTAL FUNDS|211,871|(286,504)|(74,633)|
|A|current|year|12|months|and|prior year|12|months|combined|position|is|as|follows:|
|Net|Transfers|
|movement|between|At|
|At|1.1.22|in|funds|funds|31.12.23|
|£|£|£|£|
|Unrestricted|funds|
|General|fund|44,572|194,755|(232,425)|6,902|
|Historical|railway|assets|fund|700|-|-|700|
|Station View property|fund|230,000|(444)|2,776|232,332|
|Station View|maintenance|fund|11,410|(2,948)|6,116|14,578|
|NG15|project|contingency|fund|22,256|-|(22,256)|-|
|Smaller|project|allocation|fund|29,746|(11,660)|(4,266)|13,820|
|NGIS5|appeal|11,310|35,841|(47,151)|-|
|Third|class|saloon|appeal|fund|150,000|25|-|150,025|
|Dinas|facilities|contingency|fund|11,652|-|(11,000)|652|
|Coronavirus|appeal|fund|117|(117)|-|-|
|Boston Lodge|-|-|10,000|10,000|
|$11,763|215,452|(298,206)|429,009|
|Restricted|funds|
|NGI1S5|project|8,742|(306,948|)|298,206|-|
|K1]|project|32,737|774|-|33,511|
|41,479|(306,174)|298,206|33,511|
|TOTAL FUNDS|553,242|(90,722)|-|462,520|
----- End of picture text -----
----- Start of picture text -----
'
----- End of picture text -----
Page 20
continued...
CYMDEITHAS RHEILFFORDD ERYRI ALSO KNOWN AS WELSH HIGHLAND RAILWAY SOCIETY
NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 DECEMBER 2023
- MOVEMENT IN FUNDS- continued
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
----- Start of picture text -----
|||||||||
|---|---|---|---|---|---|---|---|
|Incoming|Resources|Movement|
|resources|expended|in|funds|
|£|£|£|
|Unrestricted|funds|
|General|fund|256,551|(61,796)|194,755|
|Station|View property|fund|3,336|(3,780)|(444)|
|Station|View|maintenance|fund|2,989|(5,937)|(2,948)|
|Smaller project|allocation|fund|-|(11,660)|(11,660)|
|NGIS5|appeal|35,841|-|35,841|
|Third|class|saloon|appeal|fund|25|-|25|
|Coronavirus|appeal|fund|241|(358)|(117)|
|298,983|(83,531)|215,452|
|Restricted|funds|
|NGIS5|project|51,534|(358,482)|(306,948|)|
|K1|project|774|-|774|
|52,308|(358,482)|(306,174)|
|TOTAL FUNDS|351,291|(442,013)|(90,722)|
----- End of picture text -----
14. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 December 2023.
- EVENTS SINCE THE END OF THE YEAR
Information relating to any events since the end of the year is given in the notes to the financial statements.
Page 21
| ! | | | | |
CYMDEITHAS RHEILFFORDD ERYRI ALSO KNOWN AS WELSH HIGHLAND RAILWAY SOCIETY
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| INCOMEAND ENDOWMENTS | ||
| Donations and legacies | ||
| Donationsand legacies | 7,338 | 59,677 |
| Gift aid | 20,851 | 27,454 |
| 28,189 | 87,131} | |
| Othertrading activities | ||
| Sales | 112 | 379 |
| Advertising revenue | 963 | 973 |
| 1,075 | 1,352 | |
| Investmentincome | ||
| Deposit account interest | 4,001 | 259 |
| Charitable activities | ||
| Annual subscriptions Lifemembership |
65,506 7,460 |
63,315 8,065 |
| Diamond appeal Station view income |
2,236 3,336 |
2,210 2,989 |
| Coronavirus app | - | 235 |
| NG15 income | 15,807 | 25,515 |
| KI income | 154 | 465 |
| Third class saloon | - | 20 |
| NGI15 appeal |
11,656 | 20,315 |
| 106,155 | 123,129 | |
| Total incoming resources | 139,420 | 211,871 |
| EXPENDITURE | ||
| Other trading activities | ||
| Purchases | 1,553 | 206 |
| Charitable activities | ||
| Postage and stationery | 25,545 | 21,895 |
| Sundries | 1,921 | 68 |
| NGI5 | 109,380 | 247,579 |
| Other projects | 7,186 | 4,829 |
| Property repairs | - | 2,933 |
| Carriedforward | 144,032 | 277,304 |
This page does not form part of the statutory financial statements
Page 22
EE — =
7
~
—_
—
| !
\
,
CYMDEITHAS RHEILFFORDD ERYRI ALSO KNOWN AS WELSH HIGHLAND RAILWAY SOCIETY DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023
:
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Charitable activities | ||
| Broughtforward | 144,032 | 277,304 |
| Insurance | 477 | 459 |
| Heat& light | 912 | 857 |
| Rates & water | 293 | 233 |
| Cleaning& clearance | 1,462 | 400 |
| Repairs& renewals | 478 | 896 |
| Licences | 159 | 159 |
| 147,813 | 280,308 | |
| Support costs | ||
| Management | ||
| AGM expenses | 1,520 | 1,194 |
| Finance | ||
| Bankcharges | ~ | 597 |
| Discounts | 427 | - |
| 427 | 597 | |
| Governance costs | ||
| Auditors’ remuneration | 2,936 | 2,775 |
| Auditors' remuneration fornon audit work | 1,260 | 1,330 |
| Legal fees | - | 94 |
| 4,196 | 4,199 | |
| Total resources expended | 155,509 | 286,504 |
| Netexpenditure | (16,089) | (74,633) |
This page does not form part of the statutory financial statements
Page 23