Company Number 3549477
## **Moseley Railway Trust**
(Company Limited by Guarantee)
Registered Charity No. 1100827
## **Trustees’ Report and Financial Statements**
## **31 December 2022**
|_Contents_|_Page_|
|---|---|
|Report of the Trustees|2|
|Independent Examiner’s Report|5|
|Profit and Loss Account|6|
|Balance Sheet|7|
|Statement of Financial Activities|8|
|Notes|9|
|Detailed Income and Expenditure Account|15|
## **Moseley Railway Trust**
## **Report of the Trustees**
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 31st December 2022. 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 2015).
## **Structure, Governance and Management**
The Company is governed by a Memorandum and Articles of Association, and is a company limited by guarantee. Its Directors/Trustees are appointed or proposed by existing directors, then confirmed by election at the next Annual General Meeting for a term of three years. They retire in rotation.
The Trustees who held office during the year and at the date of signing this report were as follows:-
Adam Forgham Ferrington Richard David Grey (Deputy Chairman) Simon Robert Lomax Philip Charles Robinson (Chairman) John Arthur Selwyn Rowlands
The trustees have given guarantees on the same basis as all other members of the company. The trustees have no other financial interest in the company.
The company is a member of the Heritage Railway Association, and as a railway-related organisation it places great emphasis on safety. All its trustees are signatories to its Safety Management System. Moseley Railway Trust works closely with the Apedale Heritage Centre (Registered Charity No 1072104) to develop the Apedale site and the Country Park within which they are both located. To this end a jointly owned company, Bugsworth Navigation Ltd., was set up to acquire land to be leased to the two charities. There is also consultation and collaboration with Staffordshire County Council regarding the Apedale Country Park.
The company has a wholly owned subsidiary company, Apedale Valley Light Railway Ltd. This company carries on commercial activities such as special events and sales of souvenirs and donates its profits to its parent. Its figures are consolidated within these accounts.
2
## **Moseley Railway Trust**
## **Report of the Trustees** _(continued)_
After safety, the trustees consider the main risks currently to be availability of funding for capital projects, and loss of co-operation by Local Authorities in granting leases for railway construction. In respect of the former, new projects are assessed for eligibility for grant funding, and work does not commence until a funding source has been secured. In many cases this requires the membership to make good any shortfall of external funding. As regards the Local Authorities, goodwill exists, but it is necessary to be patient and not carry out work nor risk costs where there is a perceived risk that the administrative or legal processes cannot be completed.
## **Principal activities**
The principal activity of the company is education of the public through the maintaining and running of a narrow-gauge railway (the Apedale Valley Light Railway) and museum, on land at Apedale in North Staffordshire. The company is Registered Charity No 1100827. It holds a large collection of industrial narrow-gauge locomotives, rolling stock and other items. Members of the Trust also give talks, publish books, and assist other railways in order to publicise Moseley Railway Trust and further its objectives.
During 2022 little further progress was made on the Museum Building project. The trustees are currently considering the possible funding options, including an HLF bid, or applying to other funding sources.
During the year further work was done on fitting out the recently second Storage Building, Aurora 2, which was built in 2020 in order to ease site storage problems and better preserve the Trust’s and Members’ assets.
During 2020, the Trust came to a revised agreement with Apedale Heritage Centre over the terms of the lease of the station building. The trustees remain hopeful that the protracted completion of this lease transaction will finally be completed during the early months of 2023.
Operationally, passenger numbers continued to rebound well in 2022, after the significant impact in 2020 of the effects of COVID-19. Passenger trains were run at weekends for the full season from April to October 2022, plus at Halloween and a full programme of Santa Trains was run on the two weekends prior to Christmas.
The Income and Expenditure Account surplus for 2022 of £24.2k compares to a surplus of £8.3k in 2021, with higher passenger numbers, better shop sales and higher donations significantly contributing to this result.
The company’s financial policy is for its Income and Expenditure Account, under normal circumstances, to at least break even. This relies on fund raising from its membership and from external funding bodies to supplement sales of publications, ticket sales for train rides and open days, and recharging storage costs to members whose locomotives are housed by the company. Surplus funds are directed into development of the site and railway. As
3
## **Moseley Railway Trust**
## **Report of the Trustees** _(continued)_
described previously, the rate of progress of these developments is managed so as to match the finance available. From time to time, particular artefacts become available, and the Trust may raise or designate funds to acquire these if they comply with its Collection Policy. All monies received for specific purposes are credited to separate accounts until expended.
The Trust continued to be active during the year in providing its locomotives and rolling stock to other railways for their galas and other events, thus allowing the Trust’s assets to be enjoyed by as wide an audience as possible.
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. In order to comply with SORP: Accounting and Reporting by Charities, a Statement of Financial Activities has also been included at page 8. A reconciliation of this statement to the Profit and Loss Account is shown at page 10.
By order of the Board
**M Roberts** _Secretary_
Registered Office: 11 Ashwood Road, Disley, Stockport, Cheshire, SK12 2EL
4
## **to the Trustees of Moseley Railway Trust (Limited by Guarantee)**
I report on the accounts for the year ended 31[st] December 2022 set out on pages six to fifteen.
## **Respective responsibilities of trustees and examiner**
The charity's trustees (who are also the directors for the purposes of company law) are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this year (under Section 144(2) of the Charities Act 2011 (the 2011 Act)) and that an independent examination is required.
Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility to:
- examine the accounts under Section 145 of the 2011 Act
- to follow the procedures laid down in the General Directions given by the Charity Commission (under Section 145(5) (b) of the 2011 Act); and
- to state whether particular matters have come to my attention.
## **Basis of the independent examiner's report**
My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a 'true and fair view ' and the report is limited to those matters set out in the statements below.
## **Independent examiner's statement**
In connection with my examination, no matter has come to my attention:
- (1) which gives me reasonable cause to believe that, in any material respect, the requirements
- to keep accounting records in accordance with Section 386 and 387 of the Companies Act 2006; and
- to prepare accounts which accord with the accounting records, comply with the accounting requirements of Section 394 and 395 of the Companies Act 2006 and with the methods and principles of the 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 2015)
have not been met; or
- (2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Darren Clark Cooper BA (Hons), FCA, CTA A. Allen & Son Limited 45 Union Road New Mills High Peak SK22 3EL
> 9[th] February 2023
5
## **Moseley Railway Trust**
## **Profit and Loss Account**
_For the year ended 31 December 2022_
||**Group**|**Group**|**Company**|**Company**|
|---|---|---|---|---|
||**2022**|**2021**|**2022**|**2021**|
||**£**|**£**
|**£**|**£**|
|Turnover|93,865|66,621|86,043|61,691|
|Expenses|69,644|58,343|61,822|53,413|
||_____|______|_____|______|
|Profit on Ordinary Activities before|24,221|8,278|24,221|8,278|
|Taxation|||||
|Taxation|-|-
|-|-|
||_____|_____|_____|______|
|**Profit after Tax transferred to Reserves**|24,221|8,278|24,221|
8,278|
||=====|=====|=====|=====|
|Profit is stated after charging:|||||
||**Group**|**Group**|**Company**|**Company**|
||**2022**|**2021**|**2022**|**2021**|
||**£**|**£**|**£**|
**£**|
|Independent Accountant’s fee|676|682|550|550|
|Depreciation|19,169|19,368|19,169|19, 368|
|Bank and PayPal charges|1,687|1,213|346|252|
6
## **Moseley Railway Trust**
## **Balance Sheet**
_at 31 December 2022_
|_Note_
**Fixed Assets**
_3_
**Investments**
_4_
**Current Assets**
Stocks
Debtors
_5_
Cash at bank and in hand
Creditors: amounts falling due within
one year
_6_
**Net Current Assets**
**Long Term Liabilities**
_7_
**Net Assets**
**Deferred Capital Grants**
_8_
**Restricted Funds**
_9_
**Income and Expenditure Account**
_10_
**Revaluation Account**
_11_
**Members’ Funds**
|**Group**
**2022**
**£**
563,828
13,650
8,955
8,561
81,303
98,819
(44,472)
54,347
(6,810)
625,015
374,890
1,900
175,105
73,120
625,015|**GroupCompanyCompany**
**20212022** **2021**
**£**
**£ £**
571,325 563,828 571,325
13,800 14,650 14,800
6,858 5,550 4,098
6,296 11,607 8,729
54,725 80,472 53,887
67,879 97,629 66,714
(43,471) (44,282) (43,306)
24,408 53,347 23,408
(11,810) (6,810) (11,810)
597,723 625,015 597,723
371,819 374,890 371,819
1,900 1,900 1,900
150,434 175,105 150,434
73,570 73,120 73,570
597,723 625,015 597,723|
|---|---|---|
For the year ended 31 December 2022 the company was entitled to exemption under Section 477(2) of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with Section 476 of the Companies Act 2006.
The directors acknowledge their responsibility for:
i. ensuring the company keeps accounting records which comply with Section 386 and 387 of the Companies Act 2006 and:
ii. preparing accounts which give a true and fair view of the state of affairs of the company as at the end of the financial year, and of its profit or loss for the financial year, in accordance with the requirements of section 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to accounts, so far as is applicable to the company.
The accounts have been prepared in accordance with the special provisions in Part 15 of the Companies Act 2006 relating to small companies.
These financial statements were approved by the board of directors on 9[th] February 2023 and were signed on its behalf by:
**P C Robinson** _Director_
**A F Ferrington** _Treasurer_
The notes on pages 8 to 14 form part of the Financial Statements.
7
## **Moseley Railway Trust**
## **Statement of Financial Activities**
_For the year ended 31 December 2022_
||**Note**|**Unrestricted**|**Restricted**|**Total**|
|---|---|---|---|---|
|||**Funds**|**Funds**||
|||**£**|**£**|**£**|
|**INCOMING RESOURCES**|||||
|Membership Subscriptions||3,520|-|3,520|
|Donations and Gift Aid in Cash||16,893|13,866|30,759|
|Retail Sales Contribution|_1_|10,390|-|10,390|
|Storage recharged to Members||6,509|-|6,509|
|Train Fare Income||31,904|-|31,904|
|Other Income||1,776|-|1,776|
|||**--------**|**--------**|**--------**|
|**Total Incoming Resources**||**70,992**|**13,866**|**84,858**|
|||**=====**|**=====**|**=====**|
|**RESOURCES EXPENDED**|||||
|Direct Charitable Expenditure|_2_|45,425|-|45,425|
|Management and Administration|||||
|of the Charity|_3_|12,141|-|12,141|
|||---------|--------|--------|
|**Total Resources Expended**||**57,566**|**-**|**57,566**|
|||**=====**|**=====**|**=====**|
|**Net Resources Expended**|_4_|**13,426**|**13,866**|**27,292**|
|Members’ Funds brought forward||595,823|1,900|597,723|
|Transfers relating to Capital Expenditure||13,866|(13,866)|-|
|||----------|---------|----------|
|**Members’ Funds carried forward**||**623,115**|**1,900**|**625,015**|
|||**======**|**=====**|**======**|
8
## **Moseley Railway Trust**
## **Notes to the Statement of Financial Activities**
|**1. **|**Retail Sales Contribution**|**£**|
|---|---|---|
||Sales|17,368|
||Less Cost of Sales|6,978|
|||--------|
|||10,390|
|||====|
|**2. **|**Direct Charitable Expenditure**||
||Insurance|3,048|
||Rent and Electricity|6,222|
||Equipment and Property Maintenance|11,452|
||Fuel|3,309|
||Maintenance Reserve|2,075|
||Transport|150|
||Depreciation|19,169|
|||---------|
|||45,425|
|||=====|
|**3. Management and Administration of the Charity**||
|---|---|
|Membership Administration|1,731|
|Marketing and Publicity|4,018|
|Accountant’s Fee|676|
|Telephone|417|
|Heritage Railway Association Membership|195|
|Legal Fees|3,000|
|Bank and PayPal Charges|1,687|
|Administration and Miscellaneous|417|
||---------|
||12,141|
||=====|
|**4. **|**Reconciliation to Profit and Loss Account**||
|---|---|---|
||Net Incoming Resources as above|27,292|
||Add: Deferred Capital Grants released|10,795|
||Deduct: Donations to Restricted Funds|(13,866)|
||Capital Grants|-|
|||--------|
||Profit on Ordinary Activities before Taxation|24,221|
|||=====|
9
## **Moseley Railway Trust**
## **Notes to the Accounts**
_(forming part of the financial statements)_
## **1. Accounting Policies**
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company’s financial statements.
## **Basis of Preparation**
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 2015)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' EFA, the and the Companies Act 2006.
In preparing the financial statements it has been assumed that the company will continue to trade. The validity of this statement is dependent on the continued support of its members, who have indicated that they will continue to support the company.
## **Turnover**
Turnover represents the amounts derived from the provision of goods and services to customers, and of unrestricted donations received, during the year.
## **Incoming Resources**
All incoming resources are included in the Statement of Financial Activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy.
## **Resources Expended**
Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs relating to that 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.
## **Depreciation**
No depreciation is currently charged on fixed assets which are either museum artefacts or other railway equipment whose value is being maintained by their restoration and storage. All other plant and equipment is written off over periods of four to twenty years, which represent its estimated economic life.
## **Grants and Donations**
Separate individual Restricted Funds are created for grants and donations specified by their funders for the purchase of fixed assets. Monies are held here until they are expended. They are then transferred to Deferred Capital Grants and released to the Income and Expenditure Account over the life of the related assets.
10
## **Moseley Railway Trust**
## **Notes** _(continued)_
## **2. Remuneration of Directors**
No director received any emoluments.
## **3. Fixed Assets - Group and Company**
|**Leasehold**
**Land and**
**Buildings**
**£**
**Tangible Assets**
COST
At start of year
352,015
Additions
9,456
Disposals
-
_______
At end of year361,471
DEPRECIATION
At start of year
123,922
Charge for year
11,395
Eliminated on disposals
-
_______
At end of year
135,317
Net book value 2021 228,093
Net book value 2022 226,154
**4. Investments**
Shares in Joint Venture Company
(Bugsworth Navigation Ltd)
Loan to Bugsworth Navigation Ltd
Shares in Subsidiary Company
|**Exhibits Exhibits Total**
**Plant and Owned by on Loan**
**Equipment** **Company to Company**
**£ £**
**£**
**£**
138,114 290,066 2,810 783,005
2,216 - - 11,672
-
-
-
-
______________________________________
140,330 290,066 2,810 794,677
82,858 4,900
- 211,680
7,324 450
- 19,169
-
-
- -
______________________________________
90,182 5,350-230,849
55,256 285,166 2,810 571,325
50,148 284,716 2,810 563,828
**Group Group Company Company**
**2022**
**2021 2022 2021**
**£**
**£**
**£**
**£**
10,000 10,000 10,000 10,000
3,650
3,800 3,650 3,800
-
- 1,000 1,000
13,650
13,800 14,650 14,800
**=====**
**===== ===== =====**|
|---|---|
||
82,858
7,324
-
___________
90,182|
||
55,256
50,148
**Group**
**2022**
**£**
10,000
3,650
-
13,650
**=====**
|
11
## **Moseley Railway Trust**
## **Notes** _(continued)_
|**4. Investments (continued)**||||
|---|---|---|---|
||||**2022 2021**|
|**Bugsworth Navigation Ltd.**||||
|Nature of business: leasing of land and buildings||||
|Class of shares:||||
|Ordinary shares of £250 each|Holding||50.00% 50.00%|
||||**£**
**£**|
|Aggregate Capital and Reserves|||20,006 20,004|
|Profit/(Loss) for the financial year|||2 -|
||||===== =====|
|**Apedale Valley Light Railway Ltd.**||||
|Nature of business: Railway events and sales||||
|Class of shares:||||
|Ordinary shares of £1 each|Holding||100.00% 100.00%|
||||**£**
**£**|
|Aggregate capital and reserves|||1,000 1,000|
|Profit/(Loss) for the financial year|||- -|
||||**==== ====**|
|**5. Debtors**||||
|**Group Group**|||**Company Company**|
||**2022**|**2021**|**2022 2021**|
||**£**
|**£**|**£**
**£**|
|Amounts due from Third Parties|4,583 2,490||3,784 2,490|
|Amount due from Subsidiary Company|-
|-|3,845 2,433|
|Prepaid Expenses|3,978 3,806||3,978 3,806|
||8,561 6,296||11,607 8,729|
|**6. Creditors: amounts falling due within one year**||||
||**Group Group**||**Company Company**|
||**2022**|**2021**|**2022 2021**|
||**£**|**£**|**£ £**|
|Creditors and Accruals|38,014 36,306||37,824 36,141|
|Income received in advance|6,458|7,165|6,458 7,165|
||44,472 43,471||44,282 43,306|
||===== =====||===== =====|
12
## **Moseley Railway Trust**
## **Notes** _(continued)_
## **7. Long term liabilities – Group and Company**
|
Loans from Members repayable between 1 and 2 years
Loan from Members repayable between 2 and 5 years
Liability in respect of Loaned Fixed Assets
|**2022**
**£**
2,000
2,000
2,810
6,810|**2021**
**£**
5,000
4,000
2,810
11,810|
|---|---|---|
The loans are unsecured.
The liability to Lenders of Fixed Assets will crystallise only if the owners recall the items concerned.
## **8. Deferred Capital Grants – Group and Company**
||**2022**|**2021**|
|---|---|---|
||**£**
|**£**|
|At start of year|371,819|374,068|
|Received from Funders|-|-|
|Transferred from Restricted Funds|13,866|8,750|
|Released to Profit and Loss Account|(10,795)|(10,999)|
||________|_______|
|At end of year|374,890|371,819|
||=======|=======|
## **9. Restricted Funds – Group and Company**
||**Storage**|**Hayfield**|**10hp**|**Other**|**Total**|
|---|---|---|---|---|---|
||**Building**|**Coach**|**Ruston**|**Funds**||
||**£**|**£**|**£**
|**£**|**£**|
|At start of year|-|465|1,435|-|1,900|
|Donations received||||||
|during the year|5,500|-||8,366|13,866|
|Transfer to Deferred||||||
|Capital Grants|(5,500)|-|-
|(8,366)|(13,866)|
||_____________________________________________|||||
|At end of year|-|465|1,435|-|1,900|
13
## **Moseley Railway Trust**
## **Notes** _(continued)_
## **10. Profit and Loss Account - Group and Company**
|||**2022**|**2021**|
|---|---|---|---|
|||**£**|**£**|
||At start of year|150,434|141,706|
||Profit for year
|24,221|8,278|
||Transfer from Revaluation Account|450|450|
|||______|______|
||At end of year|175,105|150,434|
|||======|======|
|**11.**|**Revaluation Account - Group and Company**|||
|||**2022**|**2021**|
|||**£**
|**£**|
||At start of year|73,570|74,020|
||Fixed Assets Donated during the year|-
|-|
||Fixed Assets Disposed of during the year|-
|-|
||Released to Profit and Loss Account|(450)|(450)|
|||______|______|
||At end of year|73,120|73,570|
|**12.**|**Capital Commitments - Group and Company**|||
|||**2022**|**2021**|
|||**£**
|**£**|
||Authorised and contracted|-
|-|
||Authorised, not contracted|2,000|4,000|
|||______|______|
|||2,000|4,000|
|||=====|=====|
14
## **Moseley Railway Trust**
## **Detailed Income and Expenditure Account**
_For the year ended 31 December 2022_
||**Group**|**Group**|
|---|---|---|
||**2022**|
**2021**|
||**£**|**£**|
|**Income**|||
|Shop Sales|17,368|10,436|
|Storage Charges to Members|6,509|5,672|
|Donations from Members|3,895|4,426|
|Other Donations|10,145|5,010|
|Gift Aid Refunds|2,853|1,311|
|Annual Subscriptions|3,520|3,337|
|Santa Train Receipts|14,990|7,656|
|Party Visits|542|125|
|Train Fares|22,014|16,322|
|NGRS Rent Receivable|1,234|1,327|
|Deferred Capital Grants Released|10,795|10,999|
||--------|--------|
|Total Income
|93,865|66,621|
||=====|=====|
|**Expenditure**|||
|Cost of Shop Sales|6,978|4,368|
|Insurance|3,048|2,778|
|Rent and Electricity|6,222|6,524|
|Loco, Stock and Plant & Permanent Way Maintenance|11,452|10,897|
|Fuel|3,309|2,149|
|Transport|150|750|
|Maintenance Reserve|2,075|1,535|
|Special Event Costs|1,110|-|
|Santa Train Costs|3,989|2,333|
|Membership Administration|1,731|1,568|
|Legal and Professional Fees|3,676|682|
|Marketing and Publicity|4,018|3,226|
|Administration and Miscellaneous|1,030|952|
|Bank and PayPal Charges|1,687|1,213|
|Depreciation of Buildings and Equipment|19,169|19,368|
||---------|--------|
|Total Expenditure|69,644|58,343|
||=====|=====|
|**Surplus for year transferred to Reserves**|**24,221**|**8,278**|
||**=====**|**====**|
15