Company Number 3549477 Moseley Railway Trust (Cornpany Limited by Guarantee) Registered Clwity No. 1100827 Trustees, Report and Financial Statement& 31 December 2024 Contents Page Ileport of the Trustees Independent Examiner's Report Profit and Loss Account Balance Sheet Statement of Financial ActivitÉes 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, pr¢Tht th¢ir report with the financial staicmcnts of the charity for th¢ Gnd¢d 31 st December 2024. The trustees have adopted the provisions of AcLounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing thcir accounts in accordance with the Financial Reporting Standard applicable in ihe UK and R¢public of Ir¢lalld (FRS 102) (effective l 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 Directorsnrustees are appointed or proposed by existing directors, then confirnjed by election at the next Annual General Meeting for aE.mi of three years. They retire in rotation. The Trustees who held office during the year and at th¢ date of signing this report were as rollows..., Adam Forgham Ferrington Richard David Grey (Deputy Chainnan) Simon Robert Lomax (Joint Chainnan) Philip Charles Robinson (Resi]ed 23rd March 2024) John Arthur SelN*yn Rowlands (Joint Chairman) Michael David Salt Jonathan Paul Sharnian (Appointed 23rd March 2024) The trustees have given guarantees on the saEne basis as all other members of the company. Th¢ trustees have no other fLnancial 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 trustee5 are signatories to its Safety Management System. Moseley Railway Trst works closely with the Apedale Heritage Centre (Registered Charity No 1072104) to dcvclop the Apedale site and the County Park within which they are both located. To this end a jointly owned cOMp]y, Bugswortli 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 Counlry Park. The company has a wholty owned subsidiary company, Apedale Valley Light Railway Ltd. This company carries on commercial activities such as special cvents and sales of souvenirs and donates its profits to its parent. Its figur¢5 are consolftdated 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 oApital projects, and logs of co-op¢ration by L(yral Authoriii¢s in granting leases f.or railway construction. In respect of tiie 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 require5 the membeiship 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 ompleted. Principal activities 'rhe principal activity of the company is education of the public tlirough the maintaining and running of a narrow-gauge rnilway (the Apedale Valley Light Railwq) and museum, on land at Apedale in North Staffordshire. The cornpany is Registered ChaTity No 1100827. Tt holds a large ¢oll¢ction of industrial narrow-gaug¢ locomoliv¢s, rolling sto¢k and oth¢r items. Members of the Trust also give tall(s, publish books, and assist other railways in order to publi¢is¢ Moseley Railway Trust and further its objectives. During 2024 significant progress was made on thc Miiseum Building project. Thcrc is now a cl¢ar rout¢ to completion of the proje¢( with further slgnificant progress expected during 2025. During the year two locomotives were purchased - O&K .5662 and WOTO - at a cost of £180k. These purchases were fimd¢d by a combination of donations by trust members and non- members, During 2020, the Trust came to a revised agreement with Apedale Heritage Centre over the ternis of the lease of the station building. The trustees are confident that the extremely protracted completion of this leage transaction will be completed during 2025. Operationally, passenger numbers in 2024 were at similar levels to those achieved in 2023. Passenger trains were run at weekends for the full season from April to Ociober 2024, plus at Halloween and a full programme of Santa Trains was run on four da}TS prior to Christmas 20?4. The Income and Expenditure Account surplus for 2024 of £1 1.2k compares to a surplus of £13.5k in 2023. with 2024 being impacted by higher legal expenses in relation to the AHC staiion lease. Once adjustment has been made for this particular item. 2024's operational results were similar to those achieved in 2023. The coinpany s financial policy is for its Income and Expenditure Account, under nonnal circumstances, to at least bleak even. This relie5 on fund raising from its membership and from cxternal funding bodics to supplernent sales of publications, ticket sales for train rides and open days, and recharging storage costs to member.8 whose locomotives are lioused by
Moseley Railway Trust Report of the Trustees (continuèd) the company. Surplus funds are directed into development of the site and railway. As described prcviously. the rate of Progress of these developments is managed to match the fULce available. From time to time, particular artcfacts become available, and the Trust may raise or designate funds to acquire th¢s¢ if they comply with its Collection Policy. All monies received for specific pury)oses are credited to scparate accounts until exp¢nd¢d. 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 Activ ities has afr30 been included at page 8. A reconciliation of diis ststeinent to the Profit and Loss Account is shown at pa8e l O. By order of the Board M Roberts Secretary Registered Office: I l Ashwood Road, Disley, Stockpor( Cheshire, SK12 2EL
INDF,PF,NDF.NT F.XAMINER'S REPORT TO THE TRUSTEES ()F MOSELEY RAILWAY TRIIST LIMITF.I) BY C.UARANTEE I r¥p()rt iln the a¢Lounts t(TrT the >'e¢lT ¢T)ded 31 DLccmbcr 2024 sel out on paoes SIK to fifteen. Respective responsibilities of trustees and examiner The charitN s trustees (who are also the directors tor the purp()se& of company law) are responsible for the preparation of the aLLLFunts. The ch(Irily's tru51ees ciTrnsideT th(It dn audil 1% nol reqLiired for tl)is y'ear {under Section 144(2) of the Charities Act ?0 I l (the 201 l Act)) and tliat an independeni examinati()n 1% rcqtiired. Hdvin&y gdlistied my'self that the L,harity 15 nL)t subjeLt lo audit under coinpany law aiid is eligiible for independent examination, it is my responsibility t().. exwnin¢ the accounts under Section 145 of the 201 I ALt to tollow the procedures laid doMM iii the General Directions gTiven b J. Ihe Charity Commission (under Section 14.5(S)(b) ot"th¢ 201 l Act). wid to state wheth¢r particular tterS have come to my. attentii)n. Basis of the independent examiner's report M> ¢Xdmination w&s ca1¢d out in accoi-dance with the GinL'fdl DirL'clion9 giveii by rl)¢ Charitv Cummission. An examiiiation include.s a review nf the a¢caunting records kept by rhL' Lhurily and a comparisoii of the accounts presented with those records. It also iJ)cludes Lonsideralion of anJ' wiusual iteIns or disclosures in the accounts. and seekin explanations from Jou as Iruslees concerning any such maltcrs. The procedures undertaken do not provide all Ihe Ther Ihc accounis present a evidence Iliat would be required in an audit, and consequenil J. no opinion is given as lo 'het 'true and fair vie. atid ille report is liiniled to those ii)atters set out in tlle statenients beluw. Indepei)dent examiner's statemci)t In coiinection with Iny e*amiiiatlOll, 110 tter lias come to iiiy atteiition.. wliich gives Ine reasonable cause to believe that, in any material respect. the requiremenlb to keep accounting rccords in accordance with Section 3 86 ai)d 387 ot the Companies Act 2006; and to prepare accounls H,hich acLord with the accounliiig records, coiiiply ith the aL'counting requiretnents of 5eclion 394 an¢J 395 of Ihc Companius ALI 2006 and with the methods and principles of the Accounti1)8 and Reporling by Charilies Siclteinenl of Recoiiiimeiided Practice appliLable lo charities prepariiis, tlieir accounts in accnrdance with the Financial Reporting £tdndard applicable iii the UK and RLpuhlic ot Irelaiid (FRS 102) (eftective l Jil]iuar)' 2015) have not beeii iiiet: or (2) to which, in iny opinion, atleniion should be drawn in order to eiiable a proper understanding of the accounts to be reaclied. Darren Clark Cooper BA {Iloiis), F.C,A., C.T.A. A Allei) & Soli Liimited 45 IlniDn Road NL'M, Mills Hfrgh Pcak SK?? 3EL 1.3 February 202.$
Moseley Railway Trust Profit and Loss Account For the year ended 31 December 2024 C7roup 2024 Group Company Company 2023 2024 2023 Turnover 87,205 84 136 79,793 75,214 Expenses 76,044 70,625 68,632 61,703 Profit on Ordinary Activities before Taxation 11.16l 13,511 11,161 13.511 Taxation Profit after Tax transferred to Reserves 11.161 13.511 11,161 13,511 Profit is stst¢d after charging: Group 2024 Group Company Company 2023 2024 2023 Ind¢p¢nd¢nt Accountant's I'ee Depieciation Bank and PayPal charg¢s 715 17,731 1,256 688 575 18,992 17,731 1,716 84 550 18,992 201
Moseley Railway Trust Balance Sheet at 31 December 2024 Note Group 2024 Group 2023 Company Company 2024 2023 Fixed Assets 769.902 553,105 769,902 553,105 Investments 13.350 13.500 14J50 14,500 Currenl A&gets Stocks Debtors Cash at bank and in hand 7.682 15,422 992 102,096 10,752 15,022 4,266 19.207 7,043 18,557 120,494 100,948 119,219 Creditors: amounts falling due within one year Net Current Assets 496 72,723 49.733 73.723 48,733 Long Term Liabilitie8 Net A9ts Deferred Capilal Grnnts Restricted Funds Income and Expenditure Account Revaluation Account Members, Funds 552,878 2.400 200,227 367,847 5,935 189,066 552.878 2,400 200,227 367,847 5,935 189,066 10 For the year ended 31 December 2024 the company was entitled to exemption under Section 477(2) of the Companies Act 2(K)6. The members have not required the company to obtsin an audil in accordance with Section 476 of the Companies Act 2006. The directors acknowledge their responstbility for.. i. ensuring the company keeps accounting records whi¢h comply with Section 386 and 387 of the Companies Act 2006 and: li. preparing acUnts which give a true and fair view of the stste of affairs of the wmpany &8 at the end of the financial year. and of its profit or loss for the financial year. in arcordance with the requirements of section 394 and 395 and which otherwise comply with the rryuirements of the Companies Ad 2006 r¢lating to arwunts so far as is applicable to the company. The accounts have been prepared in accordance with the special provisions in Part 15 of th¢ Companies Act 2006 relatin8 to small companies. These finanrial slat¢ED¢nts W¢T¢ aptffoved by the board of dirwtors on I" February 2025 and were signed on its behalf by: S R Lomax Director A F Ferrington Treasurer The notes on pages 8 to 14 fonn part of the Financial Statements.
Moseley Railway Trust Statement of Financial Activities For theyear ended 31 December 2024 Note Unrestricted Restricted Funds Funds Total INCOMING RESOURCES Membership Subscriptions Donations and Gift Aid in Cash Retail Sales Contribution Storage recharged to MernbeTS Train Fare Income Other Income 3,422 16,532 5,110 5,507 32,590 1,988 3,422 211,368 5.110 5,507 31,878 2,700 194,836 Total Incoming Resources 65,149 194,836 259,985 RESOURCES EXPENt)FD Direct Charitable Expenditure Management and Administration of th¢ Charity 3,774 52,987 14,34l 14.341 Total Resources Expended 63,554 3,774 67.128 Net Resources Expended 1,595 191,062 192,657 Members, Funds brought forward 629,583 5,935 635,518 Transf¢rs relating to Capital Expenditure 194,597 (194,597) Memben, Funds carried forward 825,775 2,400 828,175
Moseley Railway Trust Iyotes to the Statement of Financial Activities l. Retail Sales Contribution Sales Less Cost of Sales 10,673 5,563 5,110 2. Direct Charitable Expenditure Insurnnc¢ Rent and Electricity Equipment and Property Maint¢nanc¢ Fuel Maintenance Reserve Transport Depreciation 3,201 7,961 15,208 5.406 2,680 800 17.731 52,987 3. Management and Administration of the Charity Membership Adrninistration Marketing and Publicity Accountant's Fee Legal and Professional Telcphone Heritage Railway Association Membership Bank and PayPal Cliarges Adrninistration and M iscellaneou8 2.253 4,678 715 3,707 269 153 1,256 1.310 14,341 4. Reconciliation to Profit and Loss Account Net Incoming Resources as above Add: Det¢rred Capital Grants r¢l¢&sed Restricted Funds utilised Deduct.. Donations to Restricted Funds Capital Grants 192,657 9,566 3,774 (239} (194,597) Profit on Ordinary Activitles before Taxation 11,161
Moseley Railway Trust Notes to the Accounts rformingpart ofihefinancial stalements) Accountin% Policies . The following accounting policies have been applied consistently in dealing with items which are considered rn41teridl in relation to the oornpany's fanCIal statements. Basis of Preparation The financlal statemcnts 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 Rq)orting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial R¢porting Standard applic6ible 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 Irelalld, EFA, the and the Companies Aci 2006. In preparing the financial statements it has been assumed that the company will conlinue lo trade. The validity ofthis staternent is dependent on the continlied sUPPOrt ol. 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 ustomers. and of unrestricted donations received, during the year. Incoming Resources All uicoming resources ar¢ in¢lud¢d in the Statement of Financial Activities when the charAty 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 und¢r headings that aggregate all costs relating to that category. Where costs cannot be directly attributed tD particular headings, they have been allocated to activities on a basis consistent with the use of resources. Depreciation No depreciation is currentty charged on fixed assets which are either museum artet'acts or other railway equipment whose value is being maintained by their restoralion and storage. All other plant and equipment is written off over periods of four to twenty years, which represenÉ its estimated economic life. Grants and Dollations Separate individual Restricted Funds are created for grants and donations specified by their fLmders 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 (contTnued) Remuneration of Directors No director received any ¢molurnents. Fixed Assets - Group and Company Leasehold Land Buildings Exhibit8 Exbibits Plant and Owned by on Loan Equipment Company kn Companv TTrtal TAngible Assets COST AÈ start of y¢ar Additions Disposals 368,560 50,886 141,510 290.066 2.810 802,946 3.867 179,775 234,528 At end of y¢aT 14 -469 841 2 810. 1037 4.7.4 DEPRECIATION At start of year Charge for year Elllninated on disposals 146,90? 11,647 97,139 6,084 5,800 249,841 17,731 At end of year Net book value 2023 221,658 44,371 284,266 2.810 553,105 Net book value 2024 260,897 42,154 464,041 2,810 769,902 Investments Group 2024 Group 2023 Company Company 2024 2023 Shares in Joint Venture Company (Bugsworth Navigation Ltd) Loan to Bugsworth Navigation Ltd Shares in Subsidiary Company 10.000 3,350 10.000 3,500 i 0.000 3.350 i 0,000 3,500 13,350 13,500 14,350 14,500
Moseley Railway Trust Notes (continued) Investment5 (Continued) Bugsworth Navigation Ltd. Nature of business: leasing of land and buildings Class of sharcs: Ordinary shares of £250 each Holding Aggregate Capital and Reserves Profitl(Loss) for the financÉal year 20,006 20,002 (4) Apedale Valley Light Railway Ltd. Nature of business: Railway events and sales Class of shares: OrdAiiary.skares of £1 each Holding 100.00 /0 Aggregale capital and reserves ProfitJ(Loss) for the fanCIal year 1,000 1,000 Debtors Group Group Company Company 2024 2023 2024 2023 Amounts due from Third Parties Amounl due trom Subsidiary Company Prepaid Expenses 9,576 11,356 9.576 3,785 11,324 3,567 15 422 15 022 19 Creditors: amounts falling due within one year Cvroup Cproup Company Company 2024 2023 2024 2023 Creditors and Accruals Incom¢ rec¢iv¢d in advance 45,816 42,535 45,668 42.260 52,363 46,771 46,496 12
Moseley Railway Trust Notes (contintded) Long term liabilities- Group and Company 2024 2023 Loans from Members r¢payabl¢ 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 The loans are unsecured. The liability to Lenders of Fixed Assets will crystallise only. if the owners recall the items concerned. Deferred Capital Grants- Group and Company 2024 2023 At start of year Received from Funders Tr]Sferred from Rcstricted Funds Released to Profit and Loss Account 367,847 374,890 194,597 3,428 (9,566) (10,471) At end of year 552.878 367,847 Restricted Funds - Group and Company Hudswell Clarke Hayfield Coach Iohp Ruston Total At start of year 4,035 465 1,435 5,935 Donations received during the year 239 239 UtiliS during the year (3,774) (3,774) At end of year 13
Moseley Railway Trust Notes (continued) 10. Profit and Loss Accfjunt - Group and Company 2024 2023 At start of year Profit for year Transfer from Revaluation Account 189 066 175,105 11.161 13.511 450 At end of y¢ar ?QO.227 189,066 I l. Revalugtion Account - Group and Company 2024 2023 At start of year Fixed Assets Dondkd during the year Fixed Assets Disposcd of during the year Released to Profit and IJOSS Account 72,670 73,120 (450) At end of year 72 67Q 12. Capital Commitments - Group and Company 2024 2023 Authorised and contracted Authoriscd, not contractcd 8,300 1,500 8,300 1,500 14
Moseley Railway Trust Detailed Income and Expenditure Account For the year ended 31 December 2024 Group 2024 Cwroup 2023 Income l>hop Sales Storagc Charg¢s to M¢mb¢rs l)un&lionb from Nl#mb(ws Othcr Donations (lift Aid Refunds Annual Subscriptions Santa Train Receipts Party Vi5iis Train Fares NGRS Rent IleLeivublc D¢ferr¢d Capital Grants Released 10,673 5,507 11,947 6.650 3,083 11,010 1,767 I I 3,422 15,285 712 24,508 1,000 9,566 3,384 18,771 266 21,295 1,000 10,471 Total Income 87,205 84,136 xpendlture Cost of Shop Sales Insurance Ilcnt and EILctriiity l.oco, Stock and Plant & Pernianent Way Maintenance FLscI Tran8POrt MaintenanrK R¢s¢rve %pcLi&l Evcnt CL)St¥ Santh Train Costs Membership Administration . l.egal an.d Professi.onal fees mkting land Publi¥ity Administration and Miscellaneous Bank and PayPal Charge.% DeplIation of Buildings and Equipment 5,272 3,228 6,782 10.028 4,268 2,1?5 2,625 2.050 4,674 1.976 688 4.515 1,686 .716 18,992 3,201 7,961 11,433 5,406 800 2,680 3.538 3,390 2,253 4.678 1,732 1,256 17,731 Total Expenditure 76,1144 70,625 Surplus for year transferred to Reserves 11,161 13,511 15