Company Number 3549477 Moseley Railway Trust (Company Limited by Guarantee) Registered Charity No. 1100827 Trustees, Report and Financial Statements 31 Deeember 2023 Contents Page Report of the Trustees Independent Examiner's Report Profit and Loss Account Balance Sheet Ststement of Financial Activities Notes Detailed Income and Expenditure Account 15
Moseley Railway Trust Report of the Trustees The trnstees. who are also directors ofthe charity for the purposes of the Companies Act 2006. present their report with the financial statements of the charity for the year ended 31 st December 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities: Ststement 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 l January 2015)- Structure, Governance and Msnagement The Company is governed by a Memorandum and Articles of Association, and is a company limited by guarantee. Its Directorsrrrustees are appointed or proposed by existing directors, then conftnned by election at the next Annual General Meeting for a tenn 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 Fenington Richard David Grey (Deputy Chairnjan) Simon Robert Lomax Philip Charles Robinson (Chairman) John Arthur Selwyn Rowlands Michael David Salt (Appointed 22nd April 2023) The trustees have given guarantees on the same basis as all other members of the company. The truslees 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 Ckwity No 1072104) to develop the Aped21e site and the County 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 l&qsed to the two charities. There is also consultation and collaboration with Staffordshire County Council regarding the Apedale County 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.
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 Lal Authorities in granting leases for railway construction. In respect of the fornier. 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 th¢ company is education of th¢ 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 l 100827. It holds a larg¢ collection of industrial narrow-gauge locomotives. rolling stock and other items. Mernbers of the Trust also give talks. publish books, and assist other railways in order to publicise Moseley Railway Trust and further its objectives. During 2023 no fiwther progress was made on the Museum Building project. The trustees continue to consider possible funding options. During the year further work was done on fitting out the 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 tenns of the lease of the station building. The tnteeS are hopeful that the extremely protractd completion of this lease transaction will be completed during 2024. Operationally, passenger numbers in 2023 were at similar levels to those achiev¢d in 2022. Passenger trains were run at weekends for the fidl season from April to October 2023, plus at Halloween and a full prollMe of Santa Trains was run on five days prior to Christmas 2023. The Income and Expenditure Account sury)lus for 2023 of £13.5k compares to a surylus of £24.2k in 2022, with 2022 having benefitted from an abnorn]al£y high level of donations. Once adjustment has been made for this particular item. 2023's operational results were similar to those achieved in 2022. The company's fmancial policy is for its Income and Expenditure Accoun( under nonnal circumstances, to at least break even. This relies on fund rdising from its membership and from external funding bodies to supplernent 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
Moseley Railway Trust Report of the Trustees (contimled) described previously, the rate of prOsS of these developments is managed so as to match the fmance available. From time to time, particular artefacts become available, and the Trust rnay raise or desIte funds to acquire these if they compIy with its Collection Policy. All monies received for specific purposes are credited to separnte accounts until expended. The Trnst 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: I l Ashwood Road. Disley, Stockpo Cheshire. SK12 2EL
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF MOSELEY RAILWAY TRUST LIMITED BY GUARANTEE I report on the accounts for the year ended 3 ISE December 2023 set out on pages six to fifteeft. Respeetive 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 201 l Act to follow the Procedures laid down in the General Directions given by the Charity Commission (under Section 145(5Xb) of the 2011 Act). and to state whether particular matters have come to my attention. Basls of the Independent examiner's report My examination was carried out in accordance with the Genernl 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 presenled with those records. It also includ¢s consideration of any unusual items or dis¢losures ITJ 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 Tequired 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. ndependent examiner's statement IT] connection with my examination, no matter has come to my attention: (i) which gives me reasonable cause to believe that, in any material respecL 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 ot 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 Stsndard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2015) have not been met. or (2) to which, in my opinion, attention should b¢ drawn in order to enable a proper understanding of the accounts to be reached. Darren Clark Cooper BA (Hons), F.C.A.. C.T.A. A Allen & Son Limited 45 Union Road New Mills High Peak SK22 3EL 8 February 2024
Moseley Railway Trust Profit and Loss Account For theyear ended 31 December 2023 Group 2023 Group Company Company 2022 2023 2022 Turnover 84,136 93.865 75,214 86.043 Expenses 70.625 69,644 61,703 61,822 Profit on Ordinary Activities before Taxation 13,511 24,221 13.511 24,221 Taxation Profit after Tax transferred to Reserves 13.511 24,221 13.511 24,221 Profit is stated after Charging: Group 2023 Group Company Company 2022 2023 2022 Independent Accountant's fee Depreciation Bank and PayPal charges 688 18,992 1,716 676 550 19,169 18,992 1,687 201 550 19,169 346
Moseley Railway Trust Balance Sheet at 31 December 2023 Note Group 2023 Group Company Company 2022 2023 2022 Fixed A&gets 553,105 563.828 553.105 563,828 Investments 13,500 13.650 14,500 14,650 Current Assets Stocks Debtors Cash at bank and in hand 10,752 15,022 8.955 8,561 7,043 18.557 5,550 11,607 120.494 98,819 Creditors". amounts falling due within one year Net Current Assets 119.219 97,629 73,723 54,347 72.723 53,347 Long Terni Liabilities Net Assets Deferred Capital GrnDts Restricted Funds Income and Expendithre Account Revaluation Account Members, Funds 367,847 5,935 189.066 374,890 367.847 5,935 189,066 374,890 1,900 175,105 10 175.105 For the year ended 31 December 2023 the MpanY was entitled to exemption under Section 477(2) of the Companies Act 2006. The members have nol required the ¢ompany to obtain an audit in a¢cordance with Section 476 of the Companies Act 2006. The directors acknowledge their responsibility for: i. ensuring the company keeps accounting records which comply with Seclion 386 and 387 of the Companies Act 2006 and: ii. preE)aring accounts which give a trne and fair view of the state of affairs of the company as 8t the end of the financial year, and of its profit or loss foT the fJnancia] year. in acrdanCe with the requirements of section 394 and 395 and which oth¢rwise comply with the requirements of the Companies Act 2006 Telating to accounts, so far as is appli(xbl¢ to the company. The accounts have been pr¢par&l in accorth(Y with the special provisions in Part 15 of the Cornpanies Act 2006 relating to small companies. These financial statements were approved by the board of directoTh on ioth February 2024 and were signed on its behalf by.. P C Robinson Director A F Ferrington Treasurer The notes on pages 8 to 14 forn] part of the Financial Statements.
Moseley Railway Trust Statement of Financial ActiVMties For the year ended 31 December 2023 Note Unrestrieted Restricted Funds Funds Total INCOMING RESOURCES Membership Subscriptions Donations and Gift Aid in Cash Retail Sales Contribution Storage recharged to Members Train Fare Income Other Income 3,384 10,352 6,675 6,650 33,342 1.266 3,384 17,815 6,675 6,650 33.342 1,266 7,463 Total Ineoming Resollrees 61,669 7,463 69,132 RESOURCES EXPENDED Direct Charitsble Expenditure Management and Administration of the Charity 48,048 48,048 10,581 10,581 Total Resources Expended 58,629 58,629 Net Resources Expended 3,040 10,503 Members, Funds brought forward 623.115 1,900 625,015 Transfers relating to Capital Expenditure 3,428 (3.428) Members, Funds carried forward 629,583 5,935 635,518
Moseley Railway Trust Notes to the Statement of Financial Activities l. Retail Sales Contribution Sales Less Cost of Sales 11,947 5,272 6,675 2. Direet Charitable Expenditure Insurance Rent and Electricity Equipment and Property Maintenance Fuel Maintenance Reserve Transport Depreciation 3,228 6,782 10,028 4,268 2,625 2.125 18.992 48,048 3. Management and Administration of tbe Charity Membership Administration Marketing and Publicity Accountant's Fee Telephone Heritage Railway Association Membership Bank and PayPal Charges Administration and Miscellaneous 1,976 4,515 688 446 195 1,716 1,045 10,581 4. Reconciliation to Profit and Loss Aeeount Net Incoming Resources as above Add: Deferred Capital Grants released Deduct: Donations to Restricted Funds Capital Grants 10,503 10,471 (7.463) Profit on Ordinary Activities before Taxation 13,511
Moseley Railway Trust Notes to the Accounts (formingpart of Ihefinancial statements) Accounting Policies The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's fmancial 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 l January 2015),. Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ir¢land' EFA. the and the Companies Act 2006. In preparing the financial statements it has been assumed that the company will ontinue 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 UnstrICted donations receive(L 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 Resourees 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 red 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 (contim4ed) Remuneration of Directors No director received any emoluments. Filed Assets - Group and Company Leasehold Land and Blllldlnp Exblblts Exhibits Plant 2nd Owned by on Loan Equipment CompaDy to Company Totsl Tangible Assets COST At start of year Additions Disposals 361,471 7,089 140,330 290,066 1,180 2,810 794,677 8,269 At end of year DEPRECIATION At start of year Charge for year Eliminated on disposals 135.317 11.585 90,182 6,957 5.350 450 230,849 18,992 At end of year Net book value 2022 226,154 50.148 284,716 2.810 563,828 Net book valuc 2023 221.658 44,371 284.266 2,810 553,105 Investments Group 2023 Group 2022 Company Company 2023 2022 Shares in Joint Venture Company (Bugsworth Navigation Ltd) Loan to Bugsworth Navigation Ltd Shares in Subsidiary Company 10,000 3,500 i 0.000 3,650 10.000 3,500 10,000 3,650 13,500 13,650 14.500 14,650
Moseley Railway Trust Notes (conn"nued) Investments (continued) 2023 2022 Bugswortb Navigation Ltd. Nature of business: leasing of land and buildings Class of shares: Ordinary shares of £250 each Holding Aggregate Capitsl and Reserves (Loss)IProfit for the fmancial year 20,002 (4) 20,006 Apedale Valley Light Railway Ltd. Nature of business: Railway events and sales Class of shares: Ordinary shares of £1 each Holding Aggregate capital and reserves Profitl(Loss) for the fjnancial year 1,000 1.000 Debtors Group Group Company Company 2023 2022 2023 2022 Amounts due from Third Parties Amount due from Subsidiary Company Prepaid Expenses 11,356 4,583 11,324 3,567 3.784 3,845 Creditors: amounts fg11ing due wltbln one year Group Group Company Company 2023 2022 2023 2022 Creditors and Accruals Income received in advance 42.535 38,014 42.260 37,824 46.771 44,472 46.496 44,282 12
Moseley Railway Trust Notes (conn"nued) Long term liabilities - Group and Company 2023 2022 Loans from Members repayable between l and 2 years Loans from Members repayable between 2 and 5 years Liability in respect of Loaned Fixed Assets 2.000 2.000 2,000 The l(Mns are unsecured. The liability to Lenders of Fixed Assets will crystallise only if the OWTAers recall the items concerned. Deferred Capital Grants- Group and Company 2023 2022 At start of year R¢ceiv¢d from Funders Transferred frorn Restricted Funds Released to Profit and Loss Account 374,890 371,819 3.428 13,866 (10,471) (10.795) At end of year 367,847 374,890 Restricted Funds - Group and Company Hudswell Clarke Hayfield Coaeb Iobp Ruston Other Funds Total At start of year 465 1.435 1.900 Donations received during the year 4,035 3.428 7,463 Transfer to Deferred Capital Grants (3,428) (3,428) At end of year 13
Moseley Railway Trust Notes (conlinued) 10. Profit and Loss Account - Group and Cotnpany 2023 2022 At start of year Profit for year Transfer from Revaluation Account 175,105 150,434 13.511 24,221 450 450 At end of year 189,066 175.105 I l. Revaluation Account - Group and Company 2023 2022 At start of y¢ar Fixed Assets Donated during the year Fix¢d Assets Disposed of during the year Released to Profit and Loss Account 73,120 73.570 (450) (450) At end of year 12. Capital Commitments- Group and Company 2023 2022 Authorised and contracted Authorised. not contracted 1,500 2,000 1,500 2,000 14
Moseley Railway Trust Detailed Income and Expenditure Account For theyear ended 31 December 2023 Group 2023 Group 2022 Income Shop Sales Storage Charges to Members Donations from Members Other Donations Gift Aid Refunds Annual Subscriptions Santa Train Receipts Party Visits Train Fares NGRS Rent Receivable Deferred Capital Grants Released 11,947 6,650 3,083 17.368 6,509 3,895 i i 4,674 2,595 3,384 18,771 266 21,295 I,(K)o 10,471 10.145 2.853 3,520 14.990 542 22.014 1,234 10,795 Total Income 84,136 93,865 Expenditure Cost of Shop Sales Insuran¢¢ Rent and Electricity Loco, Stock and Plant & Permanent Way Maintenance Fucl Transport Maintenance Reserve Special Event Costs Santa Train Costs Membcrship Administration Legal and Professional Fees Marketlng and Publicity Administration and Miscellaneous Bank and PayPal Charges Depreciation of Buildings and Equipment 5,272 3,228 6.782 10,028 4,268 2,125 2,625 2,050 4,674 1,976 688 4,515 1,686 1.716 18,992 6.978 3,048 6,222 11,452 3,309 150 2,075 1,110 3,989 1.731 3,676 4,018 1,030 1.687 19,169 Total Expenditure 70,625 69.644 Surplus for year trnnsferred to Reserves 13,511 24,221 15