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2022-12-31-accounts

RHYL STEAM PRESERVATION TRUST

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31st DECEMBER 2022

Charity Registration No. 1103953

RHYL STEAM PRESERVATION TRUST

CONTENTS YEAR ENDED 31st DECEMBER 2022

Trustees' Report 1 - 4 Independent Examiner's Report 5 Statement of Accounts 6 - 15

RHYL STEAM PRESERVATION TRUST

TRUSTEES' REPORT FOR THE YEAR ENDED 31ST DECEMBER 2022

LEGAL AND ADMINISTRATIVE INFORMATION

Charity Registration No. 1103953
Accredited Museum No. 2263
Operational Address Central Station
Marine Lake
Wellington Road
Rhyl
LL18 1AQ
Adminstrative Office 10 Cilnant
Mold
Flintshire
CH7 1GG
Trustees Leslie Hughes Chairman
Simon T Townsend LLB Secretary
Carol Hughes
Justin D Bell
Lucille Green
Louise Webster
Independent Examiners DSG
Unit 5 Evolution House
Lakeside Business Park
St David's Park Estate
Ewloe
Flintshire CH5 3XP
Bankers Lloyds Bank Plc
22 Mostyn Street
Llandudno
Gwynedd
LL30 2RU

1

RHYL STEAM PRESERVATION TRUST

TRUSTEES' REPORT FOR THE YEAR ENDED 31ST DECEMBER 2022 (CONTINUED)

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Document and Charitable Status

The Trust's governing document is its Trust Deed dated 18th July 2000. Charitable status was granted on 26th May 2004.

Recruitment and Appointment of Trustees

Trustees with appropriate skills are appointed by the existing Trustee body. Trustees reaffirm annually that they wish to continue to hold office. Where no reaffirmation is received this is taken to mean that they wish to resign. The Trustees have resolved that ownership of some locomotives and stock shall revert to the Hughes family in the event that the Trust should ever be wound up.

Trustee Induction and Training

Prospective Trustees are asked to review the Charity Commission's leaflet CC3 concerning the responsibilities of Charity Trustees. The present Trustees have wide experience within business, local government and the professions.

Risk Management

The Trustees have reviewed the major risks faced by the charity. Railway operating risks have been analysed in a risk assessment document and are covered by the Trust's public liability insurance policy for claims of up to £5,000,000.

The Trust's building 'Central Station' opened to the public in May 2007. The financial risks facing the Trust now arise from maintainance and operation costs of its infrastructure. The Trustees continue to monitor these risks and to offset them wherever possible.

Organisational Structure

Most day to day financial activities of the Trust are managed by its Secretary, with frequent input from other Trustees and from members of the support organisation 'Friends of Rhyl Miniature Railway'. The Trustees aim to meet formally three or four times a year, to decide upon the strategic direction of the Trust.

Subsidiary Company

The Trust has formed a trading subsidiary company. Rhyl Miniature Railway Limited was incorporated on 11th March 2022 and commenced to trade on 2nd April 2022.

Related Parties

A Trustee has made a loan to the Trust, totalling to date £2,852 (2021: £30) . No interest is charged and there are no terms for repayment.

OBJECTIVES AND ACTIVITES

Objects

The Trust's objects are:

To preserve and operate the historic miniature steam trains on the Rhyl Miniature Railway, at Marine Lake in the County of Denbighshire, for the benefit and education of future generations.

Public Benefit

The Trustees are confident that the charitable aims of the Trust satisfy the principles of public benefit as defined in the Charities Act 2011.

The Trustees ensure that nobody is excluded from the benefits of the Trust's activities. This is achieved by low fares for train rides, and free admission to the Trust's other facilities. We also provide access to our building and to train rides consistent with the Equality Act.

2

RHYL STEAM PRESERVATION TRUST

TRUSTEES' REPORT FOR THE YEAR ENDED 31ST DECEMBER 2022 (CONTINUED)

ACHIEVEMENTS AND PERFORMANCE

Mission Statement

The Trust's mission statement is:

To advance education of the public about the history of Rhyl Miniature Railway, through the continued operation of heritage steam trains, and in the context of

To achieve this through promoting greater access to our collection, that involves adults, children, families and schools of all cultures, genders and abilities.

Railway Operations 2022

The railway's 2022 operating season was the longest of all recent times, including two weeks around Easter, and 8½ weeks of daily running from July into September. During the summer Marine Lake and the railway were very busy due to people again taking 'staycations' in North Wales.

Over the Queen's Platinum Jubilee weekend (3rd - 5th June) we partipated in a popular special event held at Marine Lake. Christmas trains ran on nine days during December and were again fully booked.

The railway continues to benefit from the support of volunteers from the 'Friends of Rhyl Miniature Railway'. The Trust's two part time staff were employed as usual between Easter and September. In addition Justin Bell, Trustee, was employed as railway manager commencing work in February. This change was considered by the Trustees to be necessary in order to address the maintenace needed to operate the railway safely.

During this year we maintained our four operational steam locomotives in working order, along with Clara our passenger diesel locomotive. On 18th May we received back our loco Michael with its boiler re-tubed. Work has proceeded in our own workshop to re-assemble the locomotive so that it will be able to re-enter service next year.

The highlights of the year were the purchase of additional heritage assets for our collection. We were able to purchase surviving parts of several four wheeled coaches that had operated on the railway when it first opened. Then we heard that we might be able to buy the locomotive Billie , which had been built in Rhyl, but sold when new to operate at Margate. This arrived at Central Station on 28th June and we are hopeful that it too might be made operational during 2023.

FINANCIAL REVIEW

Review of the Year

The favourable opening position of retained reseves allowed us to spend £52,200 on additional heritage assets without resorting to any appeals amongst our supporters. By the end of the year reserves were again heading upwards, reflecting good customer demand and a lot of hard work from the small team who operate the railway.

Before the start of the 2022 season, layout of the shop area was changed with a new partition, access doors and displays. This contributed to another record year of shop sales, which will be expressed through the accounts of the Trust's subsidiary trading company Rhyl Miniature Railway Limited.

3

RHYL STEAM PRESERVATION TRUST

TRUSTEES' REPORT FOR THE YEAR ENDED 31ST DECEMBER 2022 (CONTINUED)

FINANCIAL REVIEW

Review of the Year (continued)

Some of the projects undertaken during the year have been treated as cyclical revenue costs so have not been capitalised. These include relaying the worst section of track with brand new rail and sleepers, the entrance partition described above, steam locomotive projects including new bearings and lubricators, changes to the track layout in Central Station, and making a new taller body for the railway's largest enclosed carriage. These projects became feasible because of the additional skilled hours now available on site by comparison with the year 2021.

Reserves policy

Many of the railway's annual costs (including insurance, inspection and publicity) are incurred before the beginning of each operating season. The policy of the Trust is to build up sufficient reserves to enable at least these costs to be borne each year without the use of borrowing. The Trustees intend to take every future opportunity to increase unrestricted reserves.

Unrestricted reserves of the Trust at 31st December 2022 amounted to £232,896. Bank balances totalled £69,522.

PLANS FOR FUTURE PERIODS

The Trust is expecting increased costs of operation during 2023, particularly due to inflation and rises in the national living wage, together with also increased costs for electricity, coal and insurance. In addition site constraints at Marine Lake are again likely to see closure of the public car park principally used by our visitors. The Trustees have therefore decided to increase the train fares to £3.50 for adults and £2.50 for children.

The Trust's five year plan has identified a need for better volunteer facilities and for storage areas inside 'Central Station' which are bigger and more easily accessible. The Trustees intend to discuss these issues further, but our short term priorities have been maintaining our railway equipment and on resilience during the period of the virus.

INDEPENDENT EXAMINER

Messrs DSG were appointed as the Trust's independent examiners during the year and have expressed their willingness to continue in that capacity if so required.

The financial statements have been prepared in accordance with the accounting policies set out in note 2 to the financial statements and comply with the charity's trust deed, the Charities Act 2011 and "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)".

Adopted by the Trustees at their meeting dated 16 October 2023 .

S Townsend

Trustee

4

INDEPENDENT EXAMINERS' REPORT TO THE TRUSTEES OF RHYL STEAM PRESERVATION TRUST

YEAR ENDED 31st DECEMBER 2022

I report to the Trustees on my examination of the accounts of the Rhyl Steam Preservation Trust (the Trust) for the year ended 31st December 2022.

This report is made solely to the charity’s trustees, as a body, in accordance with section 145 of the Charities Act 2011. My work has been undertaken so that I might state to the charity’s trustees those matters I am required to state to them in this report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for my work, for this report, or for the opinions I have formed.

Responsibilities and basis of report

As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’) .

I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner’s statement

Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.

I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.

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.

Jean Ellis BA FCA CTA DSG Chartered Accountants Unit 5 Evolution House Lakeside Business Park St David's Park Estate Ewloe Flintshire CH5 3XP

Date: 16 October 2023

5

RHYL STEAM PRESERVATION TRUST AND SUBSIDIARY

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31st DECEMBER 2022

Note
Income from:
Charitable activities
Fares - normal days
Fares - special events
Donations - cash
3
Donations - kind
3
Grants
4
Other trading activities
Shop income
Investments
5
Total Income
2.3
Expenditure on:
Raising funds
Cost of shop purchases
Charitable activities:
Railway operating costs
6
Depreciation
Governance costs
7
Total Expenditure
Net (Expenditure)
/ Income
8
Total funds at 1 January
Total funds at 31 December		 Restricted Unrestricted
Total
Restricted Unrestricted
Total
Funds
Funds
2022
Funds
Funds
2021
£
£
£
£
£
£
-
86,891
86,891
-
78,217
78,217
-
14,430
14,430
-
13,028
13,028
-
600
600
-
391
391
-
-
-
-
-
-
-
122
122
-
10,122
10,122
-
61,526
61,526
-
53,667
53,667
-
-
-
-
1
1
-
163,569
163,569
-
155,426
155,426
-
38,588
38,588
-
35,262
35,262
-
80,061
80,061
-
47,981
47,981
26,842
17,350
44,192
27,692
19,212
46,904
-
1,124
1,124
-
1,070
1,070
26,842
137,123
163,965
27,692
103,525
131,217
(26,842)
26,446
(396)
(27,692)
51,901
24,209
509,691
232,896
742,587
537,383
180,995
718,378
482,849
259,342
742,191
509,691
232,896
742,587

6

RHYL STEAM PRESERVATION TRUST

CONSOLIDATED BALANCE SHEET YEAR ENDED 31st DECEMBER 2022

Note 2022 2021
£ £ £ £
FIXED ASSETS
Tangible Assets 10
Station building project 2.5 370,473 398,971
Station building improvements 2.5 - 1,044
Plant and equipment 2.5 79,569 87,432
Heritage assets 2.5 218,302 166,102
668,344 653,549
CURRENT ASSETS
Stock 2.6 7,697 5,405
Debtors 11 1,930 1,560
Bank 69,522 83,153
79,149 90,118
CURRENT LIABILITIES
Creditors 12 (5,302) (1,080)
NET CURRENT ASSETS 73,847 89,038
TOTAL NET ASSETS 742,191 742,587
THE FUNDS OF THE CHARITY
Unrestricted funds 259,342 232,896
Restricted funds 2.7, 14 482,849 509,691
TOTAL CHARITY FUNDS 742,191 742,587
Approved at a meeting of the Trustees on 16 October 2023
L Hughes Trustee
S Townsend Secretary

7

RHYL STEAM PRESERVATION TRUST TRUST ONLY

BALANCE SHEET YEAR ENDED 31st DECEMBER 2022

Note 2022 2021
£ £ £ £
FIXED ASSETS
Tangible Assets 10
Station building project 2.5 370,473 398,971
Station building improvements 2.5 - 1,044
Plant and equipment 2.5 79,569 87,432
Heritage assets 2.5 218,302 166,102
668,344 653,549
Investment in Subsidiary 11 3 0
668,347 653,549
CURRENT ASSETS
Stock 2.6 7,697 5,405
Debtors 12 2,085 1,560
Bank 69,522 83,153
79,304 90,118
CURRENT LIABILITIES
Creditors 13 (5,302) (1,080)
NET CURRENT ASSETS 74,002 89,038
TOTAL NET ASSETS 742,349 742,587
THE FUNDS OF THE CHARITY
Unrestricted funds 259,500 232,896
Restricted funds 2.7, 15 482,849 509,691
TOTAL CHARITY FUNDS 742,349 742,587
Approved at a meeting of the Trustees on 16 October 2023
L Hughes Trustee
S Townsend Secretary

8

RHYL STEAM PRESERVATION TRUST AND SUBSIDIARY NOTES TO THE ACCOUNTS YEAR ENDED 31st DECEMBER 2022

1 Charity information

The Rhyl Steam Preservation Trust is an unincorporated charity whose trust deed was adopted on 18 July 2000. The principal address is shown on page 1 of the trustees' report.

2 Accounting policies

The principal accounting policies are summarised below. The accounting policies have been applied consistently throughout the year and in the preceding year.

2.1 Basis of accounting

The financial statements have been prepared in accordance with the charity's governing document, the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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 Trust constitutes a public benefit entity as defined by FRS102.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

Except for Heritage Assets the accounts have been prepared under the historical cost convention with items recognised at cost or transaction value.

The charity has taken advantage of the provisions of the SORP for charities applying FRS102 update bulletin 1 not to prepare as statement of cash flows’.

The assets, liabilities, costs and revenues of the subsidiary company are fully consolidated on a line-by-line basis, while the carrying value of consolidated investments held by the Holding Charity and the consolidated companies is eliminated against the related share of equity.

2.2 Fund accounting

2.3 Income

All incoming resources are included in the statement of financial activities when the charity is entitled to the income and the amounts can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income:

2.4 Expenditure

Expenditure is recognised on an accrual basis as a liability is incurred. Expenditure includes any VAT which cannot be recovered, and is reported as part of the expenditure to which it relates.

2.5 Tangible fixed assets

9

RHYL STEAM PRESERVATION TRUST AND SUBSIDIARY

NOTES TO THE ACCOUNTS (CONTINUED) YEAR ENDED 31st DECEMBER 2022

2 Accounting policies (continued)

2.5 Tangible fixed assets (continued)

2.6 Stocks

Stocks are valued at the lower of cost and net realisable value.

2.7 Restricted funds

Balances on restricted funds created by grants and donations received for capital projects will be released to unrestricted funds against depreciation of the relevant assets.

2.8 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

3 Donations

Donations and gifts - cash & gift aid
Grant income
Other		 Restricted
Unrestricted
Total
Total
Funds
Funds
2022
2021
£
£
£
£
-
600
600
391
Restricted
Unrestricted
Total
Total
Funds
Funds
2022
2021
£
£
£
£
-
122
122
10,122

4 Grant income

Grants receivable during 2022 were Rhyl Town Council, £122 (2021: £122), Welsh Government £0 (2021: £10,000).

5 Investment income

Restricted Unrestricted Total Total
Funds Funds 2022 2021
£ £ £ £
Bank interest - - - 1

10

RHYL STEAM PRESERVATION TRUST AND SUBSIDIARY

NOTES TO THE ACCOUNTS (CONTINUED) YEAR ENDED 31st DECEMBER 2022

6 Expenditure on charitable activities

Railway Operating Costs
Coal and oil
Inspection fees
Wages
Insurance
Electricity
Telephone and alarm maintenance
Water rates
Rent and rates
Repairs and maintenance
Special event costs
Leaflets and advertising
Sundries, museum equipment
and consultancy		 Restricted
Unrestricted
Total
Total
Funds
Funds
2022
2021
£
£
£
£
-
4,294
4,294
3,283
-
1,460
1,460
1,018
-
29,569
29,569
17,059
-
7,350
7,350
6,240
-
3,629
3,629
2,168
-
1,638
1,638
1,533
-
873
873
761
-
684
684
367
-
18,929
18,929
6,206
-
5,028
5,028
4,351
-
3,496
3,496
2,609
-
3,111
3,111
2,386
-
80,061
80,061
47,981

7 Governance costs

Restricted
Funds
£
Independent examiner's fee
-
8
Net income for the year
This is stated after charging:
Depreciation
Independent examiner's remuneration		 Restricted
Funds
£
-		 Unrestricted
Total
Total
Funds
2022
2021
£
£
£
1,124
1,124
1,070
2022
2021
£
£
44,192
46,904
1,124
1,070

Justin Bell, Trustee, received remuneration during the year amounting to £11,166. He is considered to be key management of the Trust.

None of the trustees or any persons connected with them received any other remuneration or were reimbursed expenses during the year (2021: nil).

11

RHYL STEAM PRESERVATION TRUST AND SUBSIDIARY

NOTES TO THE ACCOUNTS (CONTINUED) YEAR ENDED 31st DECEMBER 2022

9 Staff costs

2022 2021
£ £
Wages and salaries 28,766 16,710
Social security costs - -
Other pensions costs 803 349
29,569 17,059
The average number of persons employed by the charity during the year was as follows:
2022 2021
No No
Full time equivalent staff 2 1
Tangible assets (Group and Charity)
Station Building Plant
Building Improve- and Heritage
Project ments Equipment Assets Total
£ £ £ £ £
Cost or valuation
at 1st January 2022 803,046 10,449 208,715 166,102 1,188,312
Additions at cost
during the year - - 6,787 52,200 58,987
Additions at valuation
during the year - - - - -
Disposals - - - - -
Balances at 31st December 2022 803,046 10,449 215,502 218,302 1,247,299
Depreciation
at 1st January 2022 404,075 9,405 121,283 - 534,763
Charge for the year 28,498 1,044 14,650 - 44,192
Disposals - - - - -
Balances at 31st December 2022 432,573 10,449 135,933 - 578,955
Net Book Value
At 31st December 2022 370,473 - 79,569 218,302 668,344
At 31st December 2021 398,971 1,044 87,432 166,102 653,549

10 Tangible assets (Group and Charity)

The station building project is located on land leased for a period of thirty years from 8th March 2006.

12

RHYL STEAM PRESERVATION TRUST AND SUBSIDIARY

NOTES TO THE ACCOUNTS (CONTINUED) YEAR ENDED 31st DECEMBER 2022

11 Fixed Asset Investments - Charity only

The fixed asset investment of £3 represents 100% of the share capital of the trading subsidiary, Rhyl Miniature Railway Limited, a company incorprated in England & Wales.

During the period ended 31st December 2022 Rhyl Miniature Railway Limited made a trading deficit of £158.

12 Debtors

Prepayments
Amount due from subsidiary undertaking		 Total
Total
Total
Total
2022
2021
2022
2021
£
£
£
£
1,930
1,560
1,930
1,560
-
-
155
-
Charity
Group
1,930
1,560
2,085
1,560

13 Creditors: amounts falling due within one year

Interest free loan from Trustee
Accruals		 Total
Total
Total
Total
2022
2021
2022
2021
£
£
£
£
2,852
30
2,852
30
2,450
1,050
2,450
1,050
Group
Charity
5,302
1,080
5,302
1,080

14 Analysis of net assets between funds

Year ended 31 December 2022

Tangible fixed assets
Stock
Debtors
Bank
Creditors due within one year		 Restricted
Restricted
Restricted
Unrestricted
Total
Funds
Funds
Fund -
Funds
Building
Locomotive
Gateway
Project
Fund
Project
£
£
£
£
£
(518,684)
259,342
742,191
185,495
668,344
-
-
-
7,697
7,697
-
-
-
2,085
2,085
-
-
-
69,522
69,522
-
-
-
(5,302)
(5,302)
(518,684)
259,342
742,191
259,497
742,346

13

RHYL STEAM PRESERVATION TRUST AND SUBSIDIARY

NOTES TO THE ACCOUNTS (CONTINUED) YEAR ENDED 31st DECEMBER 2022

14 Analysis of net assets between funds (continued)

Year ended 31 December 2021

Tangible fixed assets
Stock
Debtors
Bank
Creditors due within one year		 Restricted
Restricted
Restricted
Unrestricted
Total
Funds
Funds
Fund -
Funds
Building
Locomotive
Gateway
Project
Fund
Project
£
£
£
£
£
508,986
-
705
143,858
653,549
-
-
-
5,405
5,405
-
-
-
1,560
1,560
-
-
-
83,153
83,153
-
-
-
(1,080)
(1,080)
508,986
-
705
232,896
742,587

15 Restricted funds

Monies received by way of capital funding for the station building project have been credited to the station building project fund. Following completion of the project an annual depreciation charge for the building is being charged to the fund. The effect of the policy will be to reduce the balance of the fund to zero over the same period as the fixed asset concerned.

Monies received by way of capital funding for the restoration of locomotives have been credited to the locomotive projects fund. Following completion of each project an annual depreciation charge for the locomotive is being charged to the fund. The effect of the policy will be to reduce the balance of the fund to zero over the same period as the fixed asset concerned.

Monies received by way of capital funding for the Museum Gateway project have been credited to the Gateway Project fund. The main item funded this way was a wooden canopy which enhances the approach to Central Station. The depreciation charge on these items is being charged to the fund. The effect of the policy will be to reduce the balance of the fund to zero over the same period as the fixed assets concerned.

Year ended 31 December 2022

Station building and museum project
Locomotive Projects Fund
Gateway Project Fund		 Balance at
Incoming
Transfer re
Balance at
1 January
resources depreciation31 December
2022
2022
£
£
£
£
508,986
-
(26,137)
482,849
-
-
-
-
705
-
(705)
-
509,691
-
(26,842)
482,849

14

RHYL STEAM PRESERVATION TRUST AND SUBSIDIARY

NOTES TO THE ACCOUNTS (CONTINUED) YEAR ENDED 31st DECEMBER 2022

15 Restricted funds (continued)

Year ended 31 December 2021

Year ended 31 December 2021
Station building and museum project
Locomotive Projects Fund
Gateway Project Fund		 Balance at
Incoming
Transfer re
Balance at
1 January
resources depreciation31 December
2021
2021
£
£
£
£
535,123
-
(26,137)
508,986
850
-
(850)
-
1,410
-
(705)
705
537,383
-
(27,692)
509,691

16 Related party transactions

During 2022, the Trust paid £111,510 to Mr S Townsend, a Trustee, to reimburse direct charitable expenditure of £114,332. The Trust owed £2,852 to Mr Townsend at the year end.

15