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2024-12-31-accounts

RHYL STEAM PRESERVATION TRUST

UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024

Charity Registration No. 1103953

RHYL STEAM PRESERVATION TRUST

CONTENTS YEAR ENDED 31ST DECEMBER 2024

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 2024

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 2024 (CONTINUED)

STRUCTURE, GOVERNANCE AND MANAGEMENT

The Trustees present their annual report and financial statements for the year ended 31st December 2024.

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 £1,021 (2023: £18,067) . 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 2024 (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 2024

The railway's 2024 operating season followed the pattern of 2023. Passenger numbers were slightly reduced overall from 2023, but during the main summer season the railway was still very busy.

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.

All six steam locomotives owned by the Trust were used to haul passenger trains during 2024. Prior to Easter the wheels from diesel locomotive Clara were extracted and were re-profiled. Also during this period a long length of track adjacent to the main line was lifted and then replaced with a new ballast base.

During April 2024 the Trust Chairman, Les Hughes, celebrated his eightieth birthday. It was Les who originally purchased the trains during 1980 with the aim of preserving them all in Rhyl. The Trust continues to benefit from his support, and from the support of his family members.

FINANCIAL REVIEW

Review of the Year

During this year the Trust ended up with an increase in net current assets of £18,124, and also financed capital expenditure of £10,671. The increased spend on cyclical maintenance was mainly caused by the long length of railway track that we re-laid.

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 2024 (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 2024 amounted to £289,483. Bank balances totalled £106,251.

PLANS FOR FUTURE PERIODS

At the end of the year we were planning to lift and relay a further long length of railway track, this time using hired plant and machinery. We have been considering extending the railway operating season through October, and have decided to give this a try during 2025. In order to remain accessible we will be maintaining our train fares at the existing prices.

The Trust was invited to submit a return to continue museum accreditation during January 2025. As part of this process we have prepared a new forward plan running until 2029. The plan envisages the Trust holding reserves in case it is able in the future to acquire the sixth steam locomotive built in Rhyl. There are several other projects which we might also undertake in 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 . Adopted by the Trustees at their meeting dated <2 —>_ ( 4 /[2S]

S Townsend 3 Townsend

Trustee Trustee

4

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

YEAR ENDED 31st DECEMBER 2024

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 2024.

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 Date: 22/09/2025 St David's Park Estate Ewloe Flintshire CH5 3XP

5

RHYL STEAM PRESERVATION TRUST AND SUBSIDIARY

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31st DECEMBER 2024

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
2024
Funds
Funds
2023
£
£
£
£
£
£
-
83,229
83,229
-
90,213
90,213
-
17,668
17,668
-
16,400
16,400
-
441
441
-
413
413
-
255
255
-
1,255
1,255
-
57,353
57,353
-
56,328
56,328
-
9
9
-
8
8
-
158,955
158,955
-
164,617
164,617
-
35,455
35,455
-
39,766
39,766
-
91,775
91,775
-
88,238
88,238
26,137
17,540
43,677
26,137
15,827
41,964
-
2,930
2,930
-
1,900
1,900
26,137
147,700
173,837
26,137
145,731
171,868
(26,137)
11,255
(14,882)
(26,137)
18,886
(7,251)
456,712
278,228
734,940
482,849
259,342
742,191
430,575
289,483
720,058
456,712
278,228
734,940

6

RHYL STEAM PRESERVATION TRUST

CONSOLIDATED BALANCE SHEET YEAR ENDED 31st DECEMBER 2024

Note 2024 2023
£ £ £ £
FIXED ASSETS
Tangible Assets 10
Station building project 2.5 313,475 341,974
Station building improvements 2.5 - -
Plant and equipment 2.5 65,601 70,108
Heritage assets 2.5 218,302 218,302
597,378 630,384
CURRENT ASSETS
Stock 2.6 17,910 17,988
Debtors 12 1,240 1,175
Bank 2.7 106,251 106,260
125,401 125,423
CURRENT LIABILITIES
Creditors 13 (2,721) (20,867)
NET CURRENT ASSETS 122,680 104,556
TOTAL NET ASSETS 720,058 734,940
THE FUNDS OF THE CHARITY
Unrestricted funds 289,483 278,228
Restricted funds 2.9, 15 430,575 456,712
TOTAL CHARITY FUNDS 720,058 734,940
Approved at a meeting of the Trustees on
Approved at ameetingoftheTrusteéson
AF		 22fQ[7 tea
:
L Hughes
LHughes a		 -ee—_—a Trustee
Trustee
S Townsend
S Townsend
—		 Secretary
Secretary

7

RHYL STEAM PRESERVATION TRUST TRUST ONLY

BALANCE SHEET YEAR ENDED 31st DECEMBER 2024

==> picture [461 x 577] intentionally omitted <==

----- Start of picture text -----
|||||| |---|---|---|---|---| |Note|2024|2023| |£|£|£|£| |FIXED ASSETS| |Tangible Assets|10| |Station building project|2.5|313,475|341,974| |Station building improvements|2.5|-|-| |Plant and equipment|2.5|65,601|70,108| |Heritage assets|2.5|218,302|218,302| |597,378|630,384| |Investment in Subsidiary|11|3|3| |597,381|630,387| |CURRENT ASSETS| |Stock|2.6|17,910|17,988| |Debtors|12|1,441|1,281| |Bank|2.7|106,251|106,260| |125,602|125,529| |CURRENT LIABILITIES| |Creditors|13|(2,721)|(20,867)| |NET CURRENT ASSETS|122,881|104,662| |TOTAL NET ASSETS|720,262|735,049| |THE FUNDS OF THE CHARITY| |Unrestricted funds|289,687|278,337| |Restricted funds|2.9, 15|430,575|456,712| |TOTAL CHARITY FUNDS|720,262|735,049| |é|‘| |Approved at a meeting of the Trustees on|Approved|at a|meeting|of| |the Trappe on|22/9 [2|—| |a||| |L Hughes|Trustee| |L Hughes|ZA|pooaan|Trustee| |S Townsend|Secretary| |5S Townsend|—|A|Secretary|

----- End of picture text -----

8

RHYL STEAM PRESERVATION TRUST AND SUBSIDIARY NOTES TO THE ACCOUNTS YEAR ENDED 31st DECEMBER 2024

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 2024

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 2024

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
2024
2023
£
£
£
£
-
441
441
413
Restricted
Unrestricted
Total
Total
Funds
Funds
2024
2023
£
£
£
£
-
255
255
1,255

Grants receivable during 2024 were Rhyl Town Council £255 (2023 : £255), Welsh Water £0 (2023: £1,000 compensation).

5 Investment income

Restricted Unrestricted Total Total
Funds Funds 2024 2023
£ £ £ £
Bank interest - 9 9 8

11

RHYL STEAM PRESERVATION TRUST AND SUBSIDIARY

NOTES TO THE ACCOUNTS (CONTINUED) YEAR ENDED 31st DECEMBER 2024

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
7
Governance costs
Independent examiner's and professional fees
8
Net income for the year
This is stated after charging:
Depreciation
Independent examiner's remuneration		 Restricted
Funds
£
-
-
-
-
-
-
-
-
-
-
-
-		 Unrestricted
Total
Total
Funds
2024
2023
£
£
£
5,534
5,534
7,166
1,860
1,860
2,120
37,641
37,641
35,552
7,356
7,356
7,792
6,352
6,352
7,463
2,369
2,369
2,245
930
930
909
550
550
550
13,938
13,938
9,508
5,891
5,891
6,509
3,267
3,267
3,711
6,087
6,087
4,713
- 91,775
91,775
88,238
Restricted
Funds
£
-		 Unrestricted
Total
Total
Funds
2024
2023
£
£
£
2,930
2,930
1,900
2024
2023
£
£
43,677
41,964
2,930
1,900

Justin Bell, a Trustee, received remuneration of £13,150 during the year in respect of his role as Railway Manager. This role is considered part of the charity’s key management personnel. The arrangement was approved by the Charity Commission on 16 December 2021 under Clause T(1) of the Trust’s governing document. No other Trustees or persons connected with them received any remuneration or reimbursement of expenses during the year, and Justin Bell was the only member of key management personnel to receive remuneration.

12

RHYL STEAM PRESERVATION TRUST AND SUBSIDIARY

NOTES TO THE ACCOUNTS (CONTINUED) YEAR ENDED 31st DECEMBER 2024

9 Staff costs

Wages and salaries
Social security costs
Other pensions costs		 2024
2023
£
£
36,430
34,155
-
-
1,211
1,397
37,641
35,552

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

Full time equivalent staff 2024
2023
No
No
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 2024
Additions at cost
during the year
Additions at valuation
during the year
Disposals
Balances at 31st December 2024
Depreciation
at 1st January 2024
Charge for the year
Disposals
Balances at 31st December 2024
Net Book Value
At 31st December 2024
At 31st December 2023		 Station
Building
Plant
Building
Improve-
and
Heritage
Project
ments
Equipment
Assets
Total
£
£
£
£
£
803,046
10,449
219,506
218,302 1,251,303
-
-
10,671
-
10,671
-
-
-
-
-
-
-
-
-
-
803,046
10,449
230,177
218,302 1,261,974
461,072
10,449
149,398
-
620,919
28,499
-
15,178
-
43,677
-
-
-
-
-
489,571
10,449
164,576
-
664,596
313,475
-
65,601
218,302
597,378
341,974
-
70,108
218,302
630,384

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 2024

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 2024 Rhyl Miniature Railway Limited made a trading deficit of £95.

12 Debtors

Prepayments
Amount due from subsidiary undertaking		 Total
Total
Total
Total
2024
2023
2024
2023
£
£
£
£
1,240
1,175
1,240
1,175
-
-
201
106
Charity
Group
1,240
1,175
1,441
1,281

13 Creditors: amounts falling due within one year

Interest free loan from Trustee
Accruals		 Total
Total
Total
Total
2024
2023
2024
2023
£
£
£
£
1,021
18,067
1,021
18,067
1,700
2,800
1,700
2,800
Group
Charity
2,721
20,867
2,721
20,867

14 Analysis of net assets between funds

Year ended 31 December 2024

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
£
£
£
£
£
(578,966)
289,483
720,058
166,803
597,378
-
-
-
17,910
17,910
-
-
-
1,240
1,240
-
-
-
106,251
106,251
-
-
-
(2,721)
(2,721)
(578,966)
289,483
720,058
289,483
720,058

14

RHYL STEAM PRESERVATION TRUST AND SUBSIDIARY

NOTES TO THE ACCOUNTS (CONTINUED) YEAR ENDED 31st DECEMBER 2024

14 Analysis of net assets between funds (continued)

Year ended 31 December 2023

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
£
£
£
£
£
(556,456)
278,228
734,940
173,672
630,384
-
-
-
17,988
17,988
-
-
-
1,175
1,175
-
-
-
106,260
106,260
-
-
-
(20,867)
(20,867)
(556,456)
278,228
734,940
278,228
734,940

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 2024

Station building and museum project
Gateway Project Fund		 Balance at
Incoming
Transfer re
Balance at
1 January
resources depreciation31 December
2024
2024
£
£
£
£
456,712
-
(26,137)
430,575
-
-
-
456,712
-
(26,137)
430,575

15

RHYL STEAM PRESERVATION TRUST AND SUBSIDIARY

NOTES TO THE ACCOUNTS (CONTINUED) YEAR ENDED 31st DECEMBER 2024

15 Restricted funds (continued)

Year ended 31 December 2023

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

16 Related party transactions

During the year, the Trust reimbursed Mr S Townsend, a Trustee, a total of £145,200 in respect of direct charitable expenditure paid on behalf of the charity. This amount related to a brought forward balance of £18,067 from the prior year and further payments totalling £128,154 made privately by Mr Townsend on behalf of the Trust during 2024. As the reimbursement did not fully cover these amounts, a balance of £1,021 remained payable to Mr Townsend at the year end.

16