Registered number: 02587015 Charity number: 1098733
THE DELTIC PRESERVATION SOCIETY LIMITED
(A company limited by guarantee)
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021
THE DELTIC PRESERVATION SOCIETY LIMITED
(A company limited by guarantee)
CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the company, its Trustees and advisers | 1 |
| Trustees' report | 2 - 5 |
| Independent examiner's report | 6 |
| Statement of financial activities | 7 |
| Balance sheet | 8 - 9 |
| Notes to the financial statements | 10 - 23 |
THE DELTIC PRESERVATION SOCIETY LIMITED
(A company limited by guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 SEPTEMBER 2021
| Trustees | R M Brown |
|---|---|
| G R Clarke(resigned 14 March 2021) | |
| P Gildersleve(appointed 12 December 2020) | |
| D Greenwood(appointed 12 December 2020) | |
| M J Hallam-Rudd | |
| D Marsh | |
| S A Page(appointed 12 December 2020) | |
| M D Palfreyman(appointed 12 December 2020) | |
| P Stojanovic | |
| R N E Walsh | |
| Company registered number 02587015 Charity registered number 1098733 Registered office Barrow Hill Railway Centre Campbell Drive, Staveley Chesterfield S43 2PR Independent examiner Philip Allsop FCA BHP LLP 2 Rutland Park Sheffield S10 2PD |
Page 1
THE DELTIC PRESERVATION SOCIETY LIMITED
(A company limited by guarantee)
TRUSTEES' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2021
The Trustees present their annual report together with the financial statements of the The Deltic Preservation Society Limited for the year ended 30 September 2021. The Annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).
Since the company qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.
Objectives and activities
a. Public benefit that is provided by the charity
The Board of Trustees have complied with the duty of Section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charities Commission.
b. The contribution of volunteers
The Trustees wish to record their gratitude for the work done by volunteers, without which the trust would not exist. There are no paid staff employed by the trust. We are always looking for new volunteers, with relevant skills, to work at Barrow Hill on Wednesdays, Saturdays, and Sundays. The board is actively looking to encourage diversity and has approached various organisations for advice.
Achievements and performance
a. Main achievements and performance
The Board of Trustees are satisfied with the performance of the charity during the year and the position at 30 September 2021 and consider that the charity is in a satisfactory position to continue its activities during the coming year, and that the charity's assets are adequate to fulfil its obligations.
b. Review of activities
The charity has been following the Government's advice for dealing with Covid 19 and our depot has been in lockdown for most of the year with only restricted access when rules have been relaxed. At the end of the year, all our locomotives are now in our depot at Barrow Hill. Steps have been taken to reduce expenditure, with the exception of D9009 where work has continued, funded by money received from the insurance claim.
Following the electrical failure whilst on a mainline tour in March 2019, D9009 Alycidon is currently out of service and undergoing major repairs. The cause of the failure has been deemed to have been accidental and the majority of the costs involved with the repair have been covered by our insurers, the insurance pay out was received during 2020. We hope to return it to service in 2022.
Page 2
THE DELTIC PRESERVATION SOCIETY LIMITED
(A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2021
Financial review
a. Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.
With the continued support of our members the Trustees do not currently foresee any financial difficulties but have reserved £40,000 of our cash balances to cover any unforeseen issues. It is anticipated that the effect of the pandemic within the Heritage Rail sector will be felt for the next two years and will seriously affect our income. To address this the Trustees have instigated a number of fund raising initiatives, diversified our online sales outlets and have received a Heritage Lottery grant over this and next year to develop management and strategy. The Trustees have confidence that the action being taken will sustain the business in the foreseeable future.
During the year under review, the DPS Friends scheme was launched whereby members could support the charity with regular donations, for which this would be tangibly recognised with some form of ‘thank you’. The scheme immediately took off and by the 30 September 2021, some £15K was being donated annually. This figure has since grown – to be reflected in the following year’s financial statements.
b. Financial review
The financial statements are set out on pages 7 to 23. As stated in the introduction to this report, the trustees consider the financial performance by the charity during the year to have been satisfactory.
The Statement of Financial Activities shows net income for the year of a revenue nature of £18,543 (2020: £224,233). Total income for the year was £86,960 (2020: £490,090) and total expenditure was £68,417 (2020: £265,857). There is a revaluation gain of £835,855 (2020: £nil). Income received included legacies of £nil (2020: £87,337) and insurance receipts of £nil (2020: £305,446).
The total reserves at the year end stand at £1,662,965 (2020: £808,567).
Free unrestricted liquid reserves amounted to £306,835 (2020: £123,552)
c. Financial Performance of the charity's subsidiary undertakings
The charity has a wholly owned subsidiary DPS Commercial Services Limited, a company registered in England and Wales, whose principal activity is raising funds through commercial operations in support of its parent company. Although locomotive hire was suspended during the year due to the pandemic, DPS Commercial Services Ltd continued to contribute with its other sales activities.
Page 3
THE DELTIC PRESERVATION SOCIETY LIMITED
(A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2021
d. Reserves policy
The objectives of the Trust require that, unless specified by the donor, all funds are applied as soon as possible to maintain assets in the care of the Trust. Therefore, beyond maintaining sufficient funds for ongoing running costs for at least a year ahead (which is around £110,000 on average per year), the Trustees have no requirement to build up further reserves, unless a particular project is to be funded. Free reserves at 30 September 2021 totalled £306,835.
The Trust is currently holding restricted funds, for the development of a Deltic Museum and the remainder of the D9009 insurance fund.
Structure, governance and management
a. Constitution
The company/charity is governed by the Memorandum and Articles of Association of the Companies Act 2006 and the Charities Act 2011. It is incorporated as a charitable company limited by guarantee. Each member's liability is £1. The trust is run by a Board of 10 members who are appointed, as unpaid volunteers, according to their qualifications or experience in relevent fields of engineering, finance etc. Details of their competencies are shown in the official magazine, "Deltic Deadline". One third of the Trustees resign at the AGM and are subject to re-election by the members, plus any Trustee appointed during the year.
The object of the company continues to be the promotion and encouragement of restoration, preservation, maintenance and operation of English Deltic and other diesel locomotives.
b. Methods of appointment or election of Trustees
Any person can apply to become a Trustee, subject to a satisfactory assessment of their competencies by appropriate Trustees. Vacancies are also advertised in "Deltic Deadline", the official magazine of the Trust.
Page 4
THE DELTIC PRESERVATION SOCIETY LIMITED
(A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2021
Statement of Trustees' responsibilities
The Trustees (who are also the directors of the company for the purposes of company law) are responsible for preparing the Trustees' report and the 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 financial . Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles of the Charities SORP 2019 (FRS 102);
-
make judgments and accounting estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the members of the board of Trustees and signed on their behalf by:
R M Brown
Date:
Page 5
THE DELTIC PRESERVATION SOCIETY LIMITED
(A company limited by guarantee)
INDEPENDENT EXAMINER'S REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2021
Independent examiner's report to the Trustees of The Deltic Preservation Society Limited ('the company')
I report to the charity Trustees on my examination of the accounts of the company for the year ended 30 September 2021.
Responsibilities and basis of report
As the Trustees of the company (and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the company's accounts carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
-
accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination; or
-
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Signed: Philip Allsop FCA
Dated:
BHP LLP
Chartered Accountants 2 Rutland Park Sheffield S10 2PD
Page 6
THE DELTIC PRESERVATION SOCIETY LIMITED
(A company limited by guarantee)
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 30 SEPTEMBER 2021
| Note Income from: Donations and legacies 2 Investments 3 Other income 4 Total income Expenditure on: Raising funds 5 Charitable activities 6 Total expenditure Net income/(expenditure) Transfers between funds 15 Net movement in funds before other recognised gains Other recognised gains: Gains on revaluation of fixed assets 10 Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2021 £ 82,966 29 3,965 86,960 4,660 12,957 17,617 69,343 30,000 99,343 835,855 935,198 610,151 935,198 1,545,349 |
Restricted funds 2021 £ - - - - - 50,800 50,800 (50,800) (30,000) (80,800) - (80,800) 198,416 (80,800) 117,616 |
Total funds 2021 £ 82,966 29 3,965 86,960 4,660 63,757 68,417 18,543 - 18,543 835,855 854,398 808,567 854,398 1,662,965 |
Total funds 2020 £ 170,514 251 319,325 |
|---|---|---|---|---|
| 490,090 | ||||
| 2,691 263,166 |
||||
| 265,857 | ||||
| 224,233 - |
||||
| 224,233 - |
||||
| 224,233 | ||||
| 584,334 224,233 |
||||
| 808,567 |
The Statement of financial activities includes all gains and losses recognised in the year.
Page 7
THE DELTIC PRESERVATION SOCIETY LIMITED
(A company limited by guarantee)
REGISTERED NUMBER: 02587015
BALANCE SHEET
AS AT 30 SEPTEMBER 2021
| Note Fixed assets Tangible assets 10 Investments 11 Current assets Stocks 12 Debtors 13 Cash at bank and in hand Creditors: amounts falling due within one year 14 Net current assets Total assets less current liabilities Total net assets Charity funds Restricted funds 15 Unrestricted funds Designated funds 15 General funds 15 Revaluation reserve Total unrestricted funds 15 Total funds |
18,320 39,591 317,557 375,468 (4,027) 40,000 669,494 835,855 |
2021 £ 1,274,524 17,000 1,291,524 371,441 1,662,965 1,662,965 117,616 1,545,349 1,662,965 |
18,320 27,764 362,431 408,515 (46,547) 40,000 570,151 - |
2020 £ 429,599 17,000 |
|---|---|---|---|---|
| 446,599 361,968 |
||||
| 808,567 | ||||
| 808,567 | ||||
| 198,416 610,151 |
||||
| 808,567 |
Page 8
THE DELTIC PRESERVATION SOCIETY LIMITED
(A company limited by guarantee)
REGISTERED NUMBER: 02587015
BALANCE SHEET (CONTINUED) AS AT 30 SEPTEMBER 2021
The company was entitled to exemption from audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
R M Brown
Date:
The notes on pages 10 to 23 form part of these financial statements.
Page 9
(A company limited by guarantee)
THE DELTIC PRESERVATION SOCIETY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
1. Accounting policies
1.1 Basis of preparation of financial statements
The financial statements 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
The Deltic Preservation Society Limited 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.
1.2 Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.
The Trustees have been following the Governments advice for dealing with Covid-19 and our depot has been in lockdown for most of the year with only restricted access when rules have been relaxed. All our locomotives are now in our depot at Barrow Hill. Steps have been taken to reduce expenditure, with the exception of D9009 where work has continued, funded by money received from the insurance claim.
With the continued support of our members the Trustees do not currently foresee any financial difficulties but have reserved £40,000 of our cash balances to cover any unforeseen issues. It is anticipated that the effect of the pandemic within the Heritage Rail sector will be felt for the next two years and will seriously affect our income. To address this the Trustees have instigated a number of fund raising initiatives, diversified our online sales outlets and have received a Heritage Lottery grant over the next two years to develop management and strategy. The Trustees have confidence that the action being taken will sustain the business in the foreseeable future.
1.3 Income
All income is recognised once the company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Grants are included in the Statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.
Insurance claims are recognised as income when virtually certain.
Page 10
THE DELTIC PRESERVATION SOCIETY LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
1. Accounting policies (continued)
1.4 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 on raising funds includes all expenditure incurred by the company to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the company's objectives, as well as any associated support costs.
1.5 Tangible fixed assets and depreciation
Tangible fixed assets are initially recognised at cost.
Included in fixed assets there are three locomotives, which are deemed to be heritage assets. As the assets are used in the operations of the charity, they are accounted for as tangible fixed assets. Heritage assets are recognised on the balance sheet and initially measured at cost when purchased or if donated, their valuation. Assets are subsequently stated at valuation and accumulated impairment losses. Fair values for donated assets are estimated by reference to market prices.
No depreciation is provided on fixed assets as the directors consider the current value of the property and locomotives to be in excess of original costs.
1.6 Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities.
Investments in subsidiaries are valued at cost less provision for impairment.
1.7 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the company; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
1.8 Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.
Page 11
(A company limited by guarantee)
THE DELTIC PRESERVATION SOCIETY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
1. Accounting policies (continued)
1.9 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
1.10 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
1.11 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.
1.12 Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
1.13 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the company and which have not been designated for other purposes.
Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
Page 12
THE DELTIC PRESERVATION SOCIETY LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
2. Income from donations and legacies
| Donations from subsidiary company Other donations Legacies Membership subscriptions Total 2020 |
Unrestricted funds 2021 £ 29,428 37,083 - 16,455 82,966 120,514 |
Restricted funds 2021 £ - - - - - 50,000 |
Total funds 2021 £ 29,428 37,083 - 16,455 82,966 170,514 |
Total funds 2020 £ 37,000 32,623 87,337 13,554 |
|---|---|---|---|---|
| 170,514 | ||||
3. Investment income
| Bank interest receivable Total 2020 |
Unrestricted funds 2021 £ 29 251 |
Total funds 2021 £ 29 251 |
Total funds 2020 £ 251 |
|---|---|---|---|
Page 13
THE DELTIC PRESERVATION SOCIETY LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
4. Other incoming resources
| Raffles etc Sundry income Loss of earnings receipt Insurance claim Total 2020 |
Unrestricted funds 2021 £ 3,965 - - - 3,965 13,879 |
Restricted funds 2021 £ - - - - - 305,446 |
Total funds 2021 £ 3,965 - - - 3,965 319,325 |
Total funds 2020 £ 3,475 404 10,000 305,446 |
|---|---|---|---|---|
| 319,325 | ||||
5. Expenditure on raising funds
| Cost of goods sold Total 2020 |
Unrestricted funds 2021 £ 4,660 2,691 |
Total funds 2021 £ 4,660 2,691 |
Total funds 2020 £ 2,691 |
|---|---|---|---|
Page 14
THE DELTIC PRESERVATION SOCIETY LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
6. Analysis of expenditure by activities
| Charitable expenditure Total 2020 Analysis of support costs |
Activities undertaken directly 2021 £ 54,363 253,795 |
Support costs 2021 £ 9,394 9,371 |
Total funds 2021 £ 63,757 263,166 |
Total funds 2020 £ 263,166 |
|---|---|---|---|---|
| Governance costs (note 7) Total 2020 |
Activities 2021 £ 9,394 9,371 |
Total funds 2021 £ 9,394 9,371 |
Total funds 2020 £ 9,371 |
|---|---|---|---|
7. Governance costs
| Independent examiner's fee Insurance Management of the charity |
2021 £ 1,669 7,710 15 9,394 |
2020 £ 1,950 7,421 - |
|---|---|---|
| 9,371 |
8. Independent examiner's remuneration
The independent examiners remuneration amounts to £1,669 (2020: £1,950).
Page 15
THE DELTIC PRESERVATION SOCIETY LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
9. Staff costs
The company has no employees other than Trustees, who did not receive any remuneration (2020: £nil).
No employee received remuneration amounting to more than £60,000 in either year.
10. Tangible fixed assets
| Cost or valuation At 1 October 2020 Additions Revaluations At 30 September 2021 Net book value At 30 September 2021 At 30 September 2020 |
Long-term leasehold property £ 223,824 3,000 - 226,824 226,824 223,824 |
Heritage assets/ plant and machinery £ 204,133 3,675 835,855 1,043,663 1,043,663 204,133 |
Fixtures and fittings £ 1,642 2,395 - 4,037 4,037 1,642 |
Total £ 429,599 9,070 835,855 |
|---|---|---|---|---|
| 1,274,524 | ||||
| 1,274,524 | ||||
| 429,599 |
Included in fixed assets there are three locomotives, which are deemed to be heritage assets. As the assets are used in the operations of the charity, they are accounted for as tangible fixed assets.
During the year the trustees have revalued the assets within plant and machinery. The three locomotives and the eleven engines, previously held at their cost, have been revalued based on the trustees' experience of a reasonable market selling price.
The carrying amount under the cost model of the assets which have been revalued would have been £207,808 (2020 - £204,133 ) .
Page 16
THE DELTIC PRESERVATION SOCIETY LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
11. Fixed asset investments
| Cost or valuation At 1 October 2020 At 30 September 2021 Net book value At 30 September 2021 At 30 September 2020 Principal subsidiaries The following was a subsidiary undertaking of the company: Name DPS Commercial Services Limited The financial results of the subsidiary for the year were: Name Income £ DPS Commercial Services Limited 63,611 12. Stocks Stocks |
Investments in subsidiary companies £ 1,000 1,000 1,000 1,000 Expenditure £ (42,365) |
Unlisted investments £ 16,000 16,000 16,000 16,000 Company number 04611162 Share capital and reserves £ 23,381 2021 £ 18,320 |
Total £ 17,000 |
|---|---|---|---|
| 17,000 17,000 |
|||
| 17,000 | |||
| Holding 100% Profit £ 21,246 2020 £ 18,320 |
Page 17
THE DELTIC PRESERVATION SOCIETY LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
13. Debtors
| Amounts owed by group undertakings Other debtors Prepayments and accrued income Creditors: Amounts falling due within one year Accruals and deferred income |
2021 £ 29,511 1,850 8,230 39,591 2021 £ 4,027 |
2020 £ 8,830 11,256 7,678 |
|---|---|---|
| 27,764 | ||
| 2020 £ 46,547 |
14. Creditors: Amounts falling due within one year
Page 18
THE DELTIC PRESERVATION SOCIETY LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
15. Statement of funds
Statement of funds - current year
| Unrestricted funds Designated funds Income shortfall contingency General funds General Funds Revaluation reserve Total Unrestricted funds Restricted funds Insurance claim Museum legacy Total of funds |
Balance at 1 October 2020 £ 40,000 570,151 - 570,151 610,151 148,416 50,000 198,416 808,567 |
Income £ - 86,960 - 86,960 86,960 - - - 86,960 |
Expenditure £ - (17,617) - (17,617) (17,617) (40,800) (10,000) (50,800) (68,417) |
Transfers in/out £ - 30,000 - 30,000 30,000 (30,000) - (30,000) - |
Gains/ (Losses) £ - - 835,855 835,855 835,855 - - - 835,855 |
Balance at 30 September 2021 £ 40,000 |
|---|---|---|---|---|---|---|
| 669,494 835,855 |
||||||
| 1,505,349 | ||||||
| 1,545,349 | ||||||
| 77,616 40,000 |
||||||
| 117,616 | ||||||
| 1,662,965 |
Page 19
THE DELTIC PRESERVATION SOCIETY LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
15. Statement of funds (continued)
Statement of funds - prior year
| Unrestricted funds Designated funds Income shortfall contingency General funds General Funds Total Unrestricted funds Restricted funds Tulyar Bogie Appeal Insurance claim Museum legacy Total of funds |
Balance at 1 October 2019 £ - 547,212 547,212 37,122 - - 37,122 584,334 |
Income £ - 134,644 134,644 - 305,446 50,000 355,446 490,090 |
Expenditure £ - (71,705) (71,705) (37,122) (157,030) - (194,152) (265,857) |
Transfers in/out £ 40,000 (40,000) - - - - - - |
Balance at 30 September 2020 £ 40,000 |
|---|---|---|---|---|---|
| 570,151 | |||||
| 610,151 | |||||
| - 148,416 50,000 |
|||||
| 198,416 | |||||
| 808,567 |
Page 20
(A company limited by guarantee)
THE DELTIC PRESERVATION SOCIETY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
15. Statement of funds (continued)
Restricted funds:
Tulyar Bogie Appeal - funds donated for the overhaul of the Tulyar Bogies.
Insurance claim - monies received for the repairs to the D9009 Alycidon following mechanical faults.
Museum legacy - funds received for the development of a museum.
Designated funds:
Income Shortfall Contingency - funds designated by the Trustees to cover any unforeseen issues during the next 24 months.
Transfers :
A transfer has been made from restricted funds to general funds for the updated assessment of remaining repairs work funded by the insurance claim.
16. Summary of funds
Summary of funds - current year
| Designated funds General funds Restricted funds |
Balance at 1 October 2020 £ 40,000 570,151 198,416 808,567 |
Income £ - 86,960 - 86,960 |
Expenditure £ - (17,617) (50,800) (68,417) |
Transfers in/out £ - 30,000 (30,000) - |
Gains/ (Losses) £ - 835,855 - 835,855 |
Balance at 30 September 2021 £ 40,000 1,505,349 117,616 |
|---|---|---|---|---|---|---|
| 1,662,965 |
Summary of funds - prior year
| Designated funds General funds Restricted funds |
Balance at 1 October 2019 £ - 547,212 37,122 584,334 |
Income £ - 134,644 355,446 490,090 |
Expenditure £ - (71,705) (194,152) (265,857) |
Transfers in/out £ 40,000 (40,000) - - |
Balance at 30 September 2020 £ 40,000 570,151 198,416 |
|---|---|---|---|---|---|
| 808,567 |
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(A company limited by guarantee)
THE DELTIC PRESERVATION SOCIETY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
17. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Tangible fixed assets Fixed asset investments Current assets Creditors due within one year Total |
Unrestricted funds 2021 £ 1,238,514 17,000 293,862 (4,027) 1,545,349 |
Restricted funds 2021 £ 36,010 - 81,606 - 117,616 |
Total funds 2021 £ 1,274,524 17,000 375,468 (4,027) |
|---|---|---|---|
| 1,662,965 |
Analysis of net assets between funds - prior year
| Tangible fixed assets Fixed asset investments Current assets Creditors due within one year Total |
Unrestricted funds 2020 £ 393,589 17,000 246,109 (46,547) 610,151 |
Restricted funds 2020 £ 36,010 - 162,406 - 198,416 |
Total funds 2020 £ 429,599 17,000 408,515 (46,547) |
|---|---|---|---|
| 808,567 |
18. Members' liability
Each member of the charitable company undertakes to contribute to the assets of the company in the event of it being wound up while he/she is a member, or within one year after he/she ceases to be a member, such amount as may be required, not exceeding £1 for the debts and liabilities contracted before he/she ceases to be a member.
19. Transactions with Trustees
No expenses were paid to Trustees or persons connected with them.
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THE DELTIC PRESERVATION SOCIETY LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
20. Related party transactions
DPS Commercial Services Limited is a wholly owned subsidiary of The Deltic Preservation Society.
At the year end, a balance of £29,511 (2020: £8,830) remains owed to the charity from DPS Commercial Services Limited and is included within debtors.
A gift aid donation of £29,428 (2020: £37,000) was received in the year from DPS Commercial Services Limited.
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