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← Rhyl Steam Preservation Trust

2023-12-31-accounts

RHYL STEAM PRESERVATION TRUST

UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023

Charity Registration No. 1103953

RHYL STEAM PRESERVATION TRUST

CONTENTS YEAR ENDED 31ST DECEMBER 2023

Legal and administrative information 1
Trustees' Report 2 - 4
Independent Examiner's Report 5
Statement of Accounts 6 - 16

RHYL STEAM PRESERVATION TRUST

YEAR ENDED 31ST DECEMBER 2023

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 2023 (CONTINUED)

STRUCTURE, GOVERNANCE AND MANAGEMENT

The Trustees present their annual report and financial statements for the year ended 31st December 2023.

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 a trading subsidiary company. Rhyl Miniature Railway Limited which 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 £18,067 (2022: £2,852) . 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.

2

RHYL STEAM PRESERVATION TRUST

TRUSTEES' REPORT FOR THE YEAR ENDED 31ST DECEMBER 2023 (CONTINUED)

ACHIEVEMENTS AND PERFORMANCE

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.

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 2023

The railway's 2023 operating season followed the pattern of 2022 with the long period of summer daily running. Passenger numbers were slightly reduced from 2022 but this was offset by the increased fares for this season.

The railway continues to benefit from the support of volunteers from the 'Friends of Rhyl Miniature Railway'. The Trust employed Justin Bell as railway manager, and two part time staff were employed as usual between Easter and September.

This year the engieering focus was on steam locomotives. On 25th May Joan, Railway Queen, Michael and Billie were all steamed for boiler inspection, and Michael entered passenger service shortly afterwards. Billie had been out of service for forty years but proved to run well, and first entered service at the end of August.

On 23rd September Billie was christened back into service by the Mayor of Rhyl, Councillor Ms Jacquie McAlpine, as part of the Trust's Everything Goes Gala weekend. These two days saw all four of the Trust's locomotives built in Rhyl in steam and working trains together. This was definitely the pinnacle of our achievement over the last ten years.

FINANCIAL REVIEW

Review of the Year

This year like all heritage railways we experienced rises in our core costs, for instance wages, electricity and coal supplies. Fortunately asset expenditure and planned maintenance costs were lower this year and income held up well, meaning that the closing bank position was quite favourable.

Shop sales are now 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 2023 (CONTINUED)

FINANCIAL REVIEW

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 2023 amounted to £278,228. Bank balances totalled £106,260.

PLANS FOR FUTURE PERIODS

As yet, the Trust has not been able to schedule any special events for the 2024 season, because of uncertainty whether the Marine Lake car park would or would not be available. We have purchased enough Welsh steam coal for most of the 2024 season, when that has gone then the only remaining sources for steam coal will be overseas.

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 for the future.

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 .

S Townsend

Trustee

4

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

YEAR ENDED 31st DECEMBER 2023

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 2023.

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

==> picture [107 x 36] intentionally omitted <==

Date: 27 August 2024

5

RHYL STEAM PRESERVATION TRUST AND SUBSIDIARY

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31st DECEMBER 2023

Note
Income from:
Charitable activities
Fares - normal days
Fares - special events
Donations - cash
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
2023
Funds
Funds
2022
£
£
£
£
£
£
-
90,213
90,213
-
86,891
86,891
-
16,400
16,400
-
14,430
14,430
-
413
413
-
600
600
-
1,255
1,255
-
122
122
-
56,328
56,328
-
61,526
61,526
-
8
8
-
-
-
-
164,617
164,617
-
163,569
163,569
-
39,766
39,766
-
38,588
38,588
-
88,238
88,238
-
80,061
80,061
26,137
15,827
41,964
26,842
17,350
44,192
-
1,900
1,900
-
1,124
1,124
26,137
145,731
171,868
26,842
137,123
163,965
(26,137)
18,886
(7,251)
(26,842)
26,446
(396)
482,849
259,342
742,191
509,691
232,896
742,587
456,712
278,228
734,940
482,849
259,342
742,191

6

RHYL STEAM PRESERVATION TRUST

CONSOLIDATED BALANCE SHEET YEAR ENDED 31st DECEMBER 2023

Note
FIXED ASSETS
Tangible Assets
10
Station building project
2.5
Station building improvements
2.5
Plant and equipment
2.5
Heritage assets
2.5
CURRENT ASSETS
Stock
2.6
Debtors
12
Bank
2.7
CURRENT LIABILITIES
Creditors
13
NET CURRENT ASSETS
TOTAL NET ASSETS
THE FUNDS OF THE CHARITY
Unrestricted funds
Restricted funds
2.9, 15
TOTAL CHARITY FUNDS
Approved at a meeting of the Trustees on
L Hughes
S Townsend		 £
£
£
£
341,974
370,473
-
-
70,108
79,569
218,302
218,302
630,384
668,344
17,988
7,697
1,175
1,930
106,260
69,522
125,423
79,149
(20,867)
(5,302)
104,556
73,847
734,940
742,191
278,228
259,342
456,712
482,849
734,940
742,191
Trustee
Secretary
2022
2023		 £
£
£
£
341,974
370,473
-
-
70,108
79,569
218,302
218,302
630,384
668,344
17,988
7,697
1,175
1,930
106,260
69,522
125,423
79,149
(20,867)
(5,302)
104,556
73,847
734,940
742,191
278,228
259,342
456,712
482,849
734,940
742,191
Trustee
Secretary
2022
2023
742,191
259,342
482,849
742,191

7

RHYL STEAM PRESERVATION TRUST TRUST ONLY

BALANCE SHEET YEAR ENDED 31st DECEMBER 2023

Note
FIXED ASSETS
Tangible Assets
10
Station building project
2.5
Station building improvements
2.5
Plant and equipment
2.5
Heritage assets
2.5
Investment in Subsidiary
11
CURRENT ASSETS
Stock
2.6
Debtors
12
Bank
2.7
CURRENT LIABILITIES
Creditors
13
NET CURRENT ASSETS
TOTAL NET ASSETS
THE FUNDS OF THE CHARITY
Unrestricted funds
Restricted funds
2.9, 15
TOTAL CHARITY FUNDS
Approved at a meeting of the Trustees on
L Hughes
S Townsend		 £
£
£
£
341,974
370,473
-
-
70,108
79,569
218,302
218,302
630,384
668,344
3
3
630,387
668,347
17,988
7,697
1,281
2,085
106,260
69,522
125,529
79,304
(20,867)
(5,302)
104,662
74,002
735,049
742,349
278,337
259,500
456,712
482,849
735,049
742,349
Trustee
Secretary
2022
2023		 £
£
£
£
341,974
370,473
-
-
70,108
79,569
218,302
218,302
630,384
668,344
3
3
630,387
668,347
17,988
7,697
1,281
2,085
106,260
69,522
125,529
79,304
(20,867)
(5,302)
104,662
74,002
735,049
742,349
278,337
259,500
456,712
482,849
735,049
742,349
Trustee
Secretary
2022
2023
742,349
259,500
482,849
742,349

8

RHYL STEAM PRESERVATION TRUST AND SUBSIDIARY NOTES TO THE ACCOUNTS YEAR ENDED 31st DECEMBER 2023

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 have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

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.

9

RHYL STEAM PRESERVATION TRUST AND SUBSIDIARY

NOTES TO THE ACCOUNTS (CONTINUED) YEAR ENDED 31st DECEMBER 2023

2 Accounting policies (continued)

2.5 Tangible fixed assets

2.6 Stocks

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

2.7 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short term liquid investments with original maturities of three months or less, and bank overdrafts.

2.8 Financial instruments

The charity 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.

2.9 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.

2.10 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2.11 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2.12 Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

10

RHYL STEAM PRESERVATION TRUST AND SUBSIDIARY

NOTES TO THE ACCOUNTS (CONTINUED) YEAR ENDED 31st DECEMBER 2023

2 Accounting policies (continued)

2.13 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

3
Donations
Donations and gifts - cash & gift aid
4
Grant income
Other		 Restricted
Unrestricted
Total
Total
Funds
Funds
2023
2022
£
£
£
£
-
413
413
600
Restricted
Unrestricted
Total
Total
Funds
Funds
2023
2022
£
£
£
£
-
1,255
1,255
122

Grants receivable during 2023 were Welsh Water £1,000 (compensation); Rhyl Town £255 (2022: £122).

5 Investment income

Restricted Unrestricted Total Total
Funds Funds 2023 2022
£ £ £ £
Bank interest - 8 8 -

11

RHYL STEAM PRESERVATION TRUST AND SUBSIDIARY

NOTES TO THE ACCOUNTS (CONTINUED) YEAR ENDED 31st DECEMBER 2023

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
2023
2022
£
£
£
£
-
7,166
7,166
4,294
-
2,120
2,120
1,460
-
35,552
35,552
29,569
-
7,792
7,792
7,350
-
7,463
7,463
3,629
-
2,245
2,245
1,638
-
909
909
873
-
550
550
684
-
9,508
9,508
18,929
-
6,509
6,509
5,028
-
3,711
3,711
3,496
-
4,713
4,713
3,111
-
88,238
88,238
80,061

7 Governance costs

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
2023
2022
£
£
£
1,900
1,900
1,124
2023
2022
£
£
41,964
44,192
1,900
1,124

Justin Bell, Trustee, received remuneration during the year amounting to £13,750. 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 (2022: nil).

12

RHYL STEAM PRESERVATION TRUST AND SUBSIDIARY

NOTES TO THE ACCOUNTS (CONTINUED) YEAR ENDED 31st DECEMBER 2023

9 Staff costs

Wages and salaries
Social security costs
Other pensions costs		 2023
2022
£
£
34,155
28,766
-
-
1,397
803
35,552
29,569

The average number of persons employed by the charity during the year was as follows:

2023 2022
No No
Full time equivalent staff 2 2
There were no employees whose annual remuneration was more than £60,000.

10 Tangible assets (Group and Charity)

Cost or valuation
at 1st January 2023
Additions at cost
during the year
Additions at valuation
during the year
Disposals
Balances at 31st December 2023
Depreciation
at 1st January 2023
Charge for the year
Disposals
Balances at 31st December 2023
Net Book Value
At 31st December 2023
At 31st December 2022		 Station
Building
Plant
Building
Improve-
and
Heritage
Project
ments
Equipment
Assets
Total
£
£
£
£
£
803,046
10,449
215,502
218,302 1,247,299
-
-
4,004
-
4,004
-
-
-
-
-
-
-
-
-
-
803,046
10,449
219,506
218,302 1,251,303
432,573
10,449
135,933
-
578,955
28,499
-
13,465
-
41,964
-
-
-
-
-
461,072
10,449
149,398
-
620,919
341,974
-
70,108
218,302
630,384
370,473
-
79,569
218,302
668,344

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

13

RHYL STEAM PRESERVATION TRUST AND SUBSIDIARY

NOTES TO THE ACCOUNTS (CONTINUED) YEAR ENDED 31st DECEMBER 2023

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 2023 Rhyl Miniature Railway Limited made a trading surplus of £49.

12 Debtors

Prepayments
Amount due from subsidiary undertaking		 Total
Total
Total
Total
2023
2022
2023
2022
£
£
£
£
1,175
1,930
1,175
1,930
-
-
106
155
Charity
Group
1,175
1,930
1,281
2,085

13 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
Group Charity
Total Total Total Total
2023 2022 2023 2022
£ £ £ £
Interest free loan from Trustee 18,067 2,852 18,067 2,852
Accruals 2,800 2,450 2,800 2,450
20,867 5,302 20,867 5,302
Analysis of net assets between funds
Year ended 31 December 2023
Restricted Restricted Restricted Unrestricted Total
Funds Funds Fund - Funds
Building Locomotive Gateway
Project Fund Project
£ £ £ £ £
Tangible fixed assets (556,456) 278,228 734,940 173,672 630,384
Stock - - - 17,988 17,988
Debtors - - - 1,175 1,175
Bank - - - 106,260 106,260
Creditors due within one year - - - (20,867) (20,867)
(556,456) 278,228 734,940 278,228 734,940

14 Analysis of net assets between funds

14

RHYL STEAM PRESERVATION TRUST AND SUBSIDIARY

NOTES TO THE ACCOUNTS (CONTINUED) YEAR ENDED 31st DECEMBER 2023

14 Analysis of net assets between funds (continued)

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
-
-
-
1,930
1,930
-
-
-
69,522
69,522
-
-
-
(5,302)
(5,302)
(518,684)
259,342
742,191
259,342
742,191

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 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 2023

Station building and museum project
Gateway Project Fund		 Balance at
Incoming
Transfer re
Balance at
1 January
resources depreciation31 December
2023
2023
£
£
£
£
482,849
-
(26,137)
456,712
-
-
-
482,849
-
(26,137)
456,712

15

RHYL STEAM PRESERVATION TRUST AND SUBSIDIARY

NOTES TO THE ACCOUNTS (CONTINUED) YEAR ENDED 31st DECEMBER 2023

15 Restricted funds (continued)

Year ended 31 December 2022

Year ended 31 December 2022
Station building and museum project
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

16 Related party transactions

During 2023, the Trust paid £112,900 to Mr S Townsend, a Trustee, to reimburse direct charitable expenditure of £128,116. The Trust owed £18,067 to Mr Townsend at the year end.

16