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2023-01-31-accounts

Charity registration number 1115904

Company registration number 05668916 (England and Wales)

OSWESTRY STATION BUILDING TRUST LTD

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023

OSWESTRY STATION BUILDING TRUST LTD

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mr R G Date
Mr N Graham
Mr H Thomas
Mr A D Dart
Mr R Hoseason
Secretary Mr A D Dart
Charity number 1115904
Company number 05668916
Registered office Platform 1 - Gobowen Station
Gobowen
Oswestry
Shropshire.
SY11 3JS

OSWESTRY STATION BUILDING TRUST LTD

CONTENTS

Page
Trustees' report 1 - 2
Independent examiner's report 4
Statement of financial activities 3
Balance sheet 5 - 6
Notes to the financial statements 7 - 14

OSWESTRY STATION BUILDING TRUST LTD

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 JANUARY 2023

The trustees present their annual report and financial statements for the year ended 31 January 2023.

The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's governing document, the Companies Act 2006 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)” (as amended for accounting periods commencing from 1 January 2016)

Objectives and activities

When planning our activities for the year, the trustees have considered the Charity Commission's guidance on public benefit and we consider this to be a core foundation of the charity. The objectives and aims of the charity are as follows:

To preserve and protect the Oswestry Station Building, to safeguard the local railway heritage for the benefit of the people who live in, work in and visit Oswestry Borough.

To develop and promote educational activities surrounding the cultural and heritage aspects of Oswestry Borough.

To promote such other charitable purposes as may from time to time be determined.

Achievements and performance

The Oswestry Station Building Trust supported local tourism organisations and events as per their objectives by taking part in their fundraising activities and activity days with both time and assistance.

The Oswestry Station Building Trust has continued to work closely with local charities to promote community use of the Station Building and to assist the various railway groups to secure their aspirations of opening a Heritage Railway through Oswestry.

At Gobowen, the Station Trust has continued the repair work on the station, completing work on an empty unit which is now tenanted.

At Oswestry, issues with the building have continued to cause problems with no tenants currently in place. As there was no likelihood of the deadlock being broken, the Trustees have taken advice with the result that the proeprty was returned to the landlord in February 2023. Reassurances have been received in the handover that the property will continue to promote the railway heritage of Oswestry.

The Trustees have had due regard to the Charity Commission guidance on public benefit in planning the activities for the year.

Financial review

The charity is undertaking a programme of infrastructure improvements to the stations environs in keeping with its listed building status and in line with its charitable objectives. In addition to this the charity has a policy of keeping reserves to cover four months of operating costs. Once the funds designated for the infrastructure improvements have been taken into account the reserves of the charity are sufficient to cover four months of expenditure.

Principal funding sources for the charity include rents from office accommodation, grants from Shropshire Council, services paid by tenants and future events.

The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.

Structure, governance and management

The charity is registered as a charitable company limited by guarantee and was set up by a memorandum of association incorporated on 9th January 2006.

OSWESTRY STATION BUILDING TRUST LTD

TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 JANUARY 2023

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Mr P C May (Resigned 1 December 2022) Mr R G Date Mr N Graham Mr H Thomas Ms J M Owen (Resigned 1 December 2022) Mr A D Dart Mr R Hoseason

New trustees are recruited by word of mouth, through other trustees, or as a response to newspaper articles etc. Applicants complete a form and their interest in being a trustee is discussed by them with the existing trustees. A vote on appointment is then taken.

None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.

The trustees' report was approved by the Board of Trustees.

Mr R G Date

Trustee Dated: 6 September 2023

OSWESTRY STATION BUILDING TRUST LTD

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 JANUARY 2023

Unrestricted
Restricted
funds
funds
2023
2023
Notes
£
£
Income from:
Donations
4
21,905
-
Charitable activities
3
25,940
-
Investments
5
77
-
Total income
47,922
-
Expenditure on:
Charitable activities
6
16,418
2,012
Net income/(expenditure) for
the year/
Net movement in funds
31,504
(2,012)
Fund balances at 1 February
2022
151,494
29,018
Fund balances at 31 January
2023
182,998
27,006		 Total Unrestricted
Restricted
funds
funds
2023
2022
2022
£
£
£
21,905
1,260
-
25,940
13,162
-
77
-
-
47,922
14,422
-
18,430
11,570
4,482
29,492
2,852
(4,482)
180,512
148,642
33,500
210,004
151,494
29,018		 Total
2022
£
1,260
13,162
-
14,422
16,052
(1,630)
182,142
180,512

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

OSWESTRY STATION BUILDING TRUST LTD

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF OSWESTRY STATION BUILDING TRUST LTD

I report to the trustees on my examination of the financial statements of Oswestry Station Building Trust Ltd (the charity) for the year ended 31 January 2023.

Responsibilities and basis of report

As the trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).

Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

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

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 financial statements to be reached.

Dated: 6 September 2023

OSWESTRY STATION BUILDING TRUST LTD

BALANCE SHEET

AS AT 31 JANUARY 2023

Notes
Fixed assets
Tangible assets
10
Current assets
Debtors
11
Cash at bank and in hand
Creditors: amounts falling due within
one year
13
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after
more than one year
14
Net assets
Income funds
Restricted funds
15
Unrestricted funds
Designated funds
16
General unrestricted funds		 2023
£
3,342
82,819
86,161
(4,096)
-
182,998		 £
127,939
82,065
210,004
-
210,004
27,006
182,998
210,004		 2022
£
11
85,333
85,344
(12,771)
9,500
141,994		 £
127,939
72,573
200,512
(20,000)
180,512
29,018
151,494
180,512

OSWESTRY STATION BUILDING TRUST LTD

BALANCE SHEET (CONTINUED)

AS AT 31 JANUARY 2023

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 January 2023.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Trustees on 6 September 2023

Mr R G Date

Trustee

Company registration number 05668916

OSWESTRY STATION BUILDING TRUST LTD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023

1 Accounting policies

Charity information

Oswestry Station Building Trust Ltd is a private company limited by guarantee.

1.1 Accounting convention

The accounts have been prepared in accordance with the charity's governing document, the Companies Act 2006 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)” (as amended for accounting periods commencing from 1 January 2016). The charity is a Public Benefit Entity as defined by FRS 102.

The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

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 £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2 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.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

OSWESTRY STATION BUILDING TRUST LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2023

1 Accounting policies

(Continued)

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Land and buildings 0%

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

No depreciation is provided for in respect of land and property. The property will be undergoing renovations and will therefore be subject to review on an annual basis.

This is a departure from the Companies Act 2006 which requires all properties to be depreciated and the directors consider that to depreciate them would not enable the financial statements to give a true and fair view. The property is stated at market value at the balance sheet date.

1.7 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.8 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. Bank overdrafts are shown within borrowings in current liabilities.

OSWESTRY STATION BUILDING TRUST LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2023

1 Accounting policies

(Continued)

1.9 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.10 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 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

OSWESTRY STATION BUILDING TRUST LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2023

3 Charitable activities

Charitable Charitable
Income Income
2023 2022
£ £
Charitable rental income 25,940 13,162

4 Donations

**Unrestricted ** Unrestricted
funds funds
2023 2022
£ £
Donations and gifts 21,905 1,260
5 Investments
Unrestricted Total
funds
2023 2022
£ £
Interest receivable 77 -

OSWESTRY STATION BUILDING TRUST LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2023

6 Charitable activities

Property Property
management management
2023 2022
£ £
Rates and water 658 331
Insurance 3,540 2,765
Light and heat 7,796 2,877
Telephone 964 346
Postage and stationery 225 108
Repairs and renewals 2,012 8,009
Accountancy 1,140 795
Sundry expenses 1,465 569
Subscriptions and licenses 80 -
Other charitable expenditure 550 252
18,430 16,052
18,430 16,052
Analysis by fund
Unrestricted funds 16,418 11,570
Restricted funds 2,012 4,482
18,430 16,052

7 Independent examination

Included within accountancy costs are £835 (2022 - £795) relating to the Independent Examination of the accounts.

8 Trustees

There were no trustees' remuneration or other benefits for the year ended 31 January 2023 nor for the year ended 31 January 2022.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 January 2023 nor for the year ended 31 January 2022.

9 Employees

The average monthly number of employees during the year was:

2023 2022
Number Number
Total - -

OSWESTRY STATION BUILDING TRUST LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JANUARY 2023

9 Employees

(Continued)

There were no employees whose annual remuneration was more than £60,000.

10 Tangible fixed assets

Tangible fixed assets
Land and
Cost
At 1 February 2022
At 31 January 2023
Carrying amount
At 31 January 2023
At 31 January 2022		 buildings
£
127,939
127,939
127,939
127,939

Included within land and buildings is £20,000 which relates to the restricted funds used to purchase the Gobowen Railway Station buildings.

11 Debtors

Amounts falling due within one year:
Trade debtors
Other debtors
Prepayments and accrued income
Loans and overdrafts
Bank loans
Payable within one year
Payable after one year		 2023
£
1,529
-
1,813
3,342
2023
£
-
-
-		 2022
£
-
11
-
11
2022
£
31,429
11,429
20,000

12 Loans and overdrafts

The long-term debt is repayable over 7 years with nil interest payable. The debt instrument imposes no restrictions on the entity.

OSWESTRY STATION BUILDING TRUST LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JANUARY 2023

13 Creditors: amounts falling due within one year

Notes
Bank loans
12
Other taxation and social security
Trade creditors
Other creditors
Accruals and deferred income
14
Creditors: amounts falling due after more than one year
Notes
Bank loans
12		 2023
£
-
184
1,755
546
1,611
4,096
2023
£
-		 2022
£
11,429
-
-
546
796
12,771
2022
£
20,000

15 Restricted funds

The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:

Movement in funds Movement in funds
Balance at Resources Balance at Incoming Resources Balance at
1 February expended 1 February resources expended 31 January
2021 2022 2023
£ £ £ £ £ £
Purchase of station
buildings at Gobowen 20,000 - 20,000 - - 20,000
Provided to cover the costs
of maintaining and
improving Gobowen station 9,082 (4,482) 4,600 - (2,012) 2,588
Grant for works at
Gobowen 4,418 - 4,418 - - 4,418
33,500 (4,482) 29,018 - (2,012) 27,006

OSWESTRY STATION BUILDING TRUST LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2023

16 Designated funds

The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees the purposes of repairs and capital projects for the building:

Balance at
1 February
2021
£
Maintenance fund
9,500
9,500		 Repairs
Balance at
1 February
2022
£
£
-
9,500
-
9,500		 Transfers
Balance at
31 January
2023
£
£
(9,500)
-
(9,500)
-		 Transfers
Balance at
31 January
2023
£
£
(9,500)
-
(9,500)
-
-

Designated funds

The income funds of the charity included £9,500 of designated funds which had been set aside out of unrestricted funds by the trustees for the purpose of repairs and capital projects for the building as follows:

It has been agreed that due to the Oswestry Station being passed back to Council ownership, the expenditure will no longer happen and the funds are to be released from the designated fund.

17 Analysis of net assets between funds

Unrestricted
Restricted
2023
2023
£
£
Fund balances at 31
January 2023 are
represented by:
Tangible assets
103,521
24,418
Current assets/(liabilities)
79,477
2,588
Long term liabilities
-
-
182,998
27,006		 Total Unrestricted
Restricted
2023
2022
2022
£
£
£
127,939
103,521
24,418
82,065
67,973
4,600
-
(20,000)
-
210,004
151,494
29,018		 Total
2022
£
127,939
72,573
(20,000)
180,512

18 Related party transactions

There were no disclosable related party transactions during the year (2022 - none).