Charity Registration No. 1116386
Company Registration No. 01420635 (England and Wales)
YORKSHIRE DALES RAILWAY MUSEUM TRUST (HOLDINGS) LIMITED (A COMPANY LIMITED BY GUARANTEE) TRUSTEES' REPORT AND UNAUDITED ACCOUNTS FOR THE YEAR ENDED 31 JANUARY 2021
YORKSHIRE DALES RAILWAY MUSEUM TRUST (HOLDINGS) LIMITED (A COMPANY LIMITED BY GUARANTEE) LEGAL AND ADMINISTRATIVE INFORMATION
| Trustees | R Shaw |
|---|---|
| N A Hubbs | |
| J N Beesley | |
| A Wright | |
| D J Ferguson | |
| M D Edwards | |
| Secretary | M Edwards |
| Charity number | 1116386 |
| Company number | 01420635 |
| Principal address | Embsay Station |
| Embsay | |
| Skipton | |
| BD23 6AX | |
| Registered office | Carleton Business Park |
| Skipton | |
| BD23 2DE | |
| Independent examiner | Shepherd Partnership Limited |
| Carleton Business Park | |
| Skipton | |
| BD23 2DE | |
| Bankers | Barclays Bank plc |
| 49 High Street | |
| Skipton | |
| BD23 1DH |
YORKSHIRE DALES RAILWAY MUSEUM TRUST (HOLDINGS) LIMITED (A COMPANY LIMITED BY GUARANTEE) CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 4 |
| Independent examiners' report | 5 |
| Statement of financial activities | 6 |
| Balance sheet | 7 - 8 |
| Notes to the accounts | 9 - 14 |
YORKSHIRE DALES RAILWAY MUSEUM TRUST (HOLDINGS) LIMITED (A COMPANY LIMITED BY GUARANTEE) TRUSTEES' REPORT
FOR THE YEAR ENDED 31 JANUARY 2021
The trustees present their report and accounts for the year ended 31 January 2021.
The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Companies Act 1985 and the Statement of Recommended Practice, "Accounting and Reporting by Charities", issued in March 2005.
Structure, governance and management
The charity is a company limited by guarantee governed by its Memorandum and Articles of Association dated 17 May 1979 and amended to allow for current governance arrangement on 17 January 2007. It is registered as a charity with the Charity Commission. Every member of the Company undertakes to contribute such amount as may be required (not exceeding £10) to the Company's assets if it should be wound up while he or she is a member or within one year after he or she ceases to be a member, for payment of the Company's debts and liabilities contracted before he or she ceases to be a member, and of costs, charges and expenses of winding up, and for the adjustment of the rights of the contributors among themselves.
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 were:
R Shaw N A Hubbs M Arshad (Resigned 18 May 2021) J N Beesley A Wright D J Ferguson R P Jones (Appointed 8 July 2020 and resigned 2 July 2021) M D Edwards
As set out in the articles of Association the number of trustees shall not be less than three, and there shall not be more than seven selected trustees. One trustee shall serve as chairman.
Subject to the provisions of the Act, the Memorandum and Articles and to any directions given by special resolution, the business of the charity shall be managed by the trustees who may exercise all powers of the charity.
At each annual general meeting one third of the trustees or, if their number is not three or a multiple of three, the number nearest to one third shall retire from office; but, if there is only one trustee who is subject to retirement by rotation, he or she shall retire.
The directors John Beesley and Anthony Wright have a beneficial interest in the company by providing the company with motive power services and Robert Shaw has a beneficial interest in the company by providing digital media services through RJS Media Ltd. All of the trustees are members of the company and guarantee to contribute (not exceeding £10) in the event of a winding up.
The charity's wholly owned subsidiary, The Embsay Steam Railway Trading Company Limited was established to manage the shops and catering facilities at the Bolton Abbey and Embsay railway stations. The subsidiary gift aids the majority of its profits to the charity.
The trustees has assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
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YORKSHIRE DALES RAILWAY MUSEUM TRUST (HOLDINGS) LIMITED (A COMPANY LIMITED BY GUARANTEE) TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2021
Objectives and activities
The objects are the advancement of the education of the public with regard to railways of Britain in particular by restoring, maintaining and operating the railway alongside a museum on land formerly occupied by the Skipton and Ilkley Railway of 1888, the Yorkshire Dales Railway of 1902 and latterly by British Railways, or parts thereof.
The income and property of the company shall be applied solely towards the promotion of the objects.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
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YORKSHIRE DALES RAILWAY MUSEUM TRUST (HOLDINGS) LIMITED (A COMPANY LIMITED BY GUARANTEE) TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2021
Achievements and performance
During the 2020-2021 financial year the railway consolidated its position despite the extremely volatile circumstances of the covid-19 pandemic which dominated the year. The start of the year coincided with the beginning of the pandemic and the resulting cancellation of our key heritage-based events brought several significant challenges.
The Trust spent much of 2020-2021 in hibernation, with the lockdowns hitting revenue and charitable activities significantly. Train fares were down by 40% and overall revenue was down too, although the impact on revenue was fortunately mitigated by other successful fundraising initiatives.
Initially spending was significantly curtailed, limited to essential overheads to ensure the continued viability of the organisation, until the onset of the successful appeals, grant schemes and limited opening periods eased the financial pressures.
The appeal for donations raised a significant sum of money, along with successful grant applications (Retail, Leisure & Hospitality grant and the Heritage Emergency Fund - mainly to complete the restoration of one coach) and the Trust also benefitted from employment support from the Coronavirus Job Retention Scheme. Collectively these limited the financial damage from the lockdowns, enabling the Trust to retain its employees and continue to undertake some essential conservation activities with an eye on our post-lockdown reopening.
Subsequent lockdowns, local restrictions and social distancing requirements continued to significantly affect our revenues and activities throughout the year, with the first two weekends of our traditional winter season also falling victim to the pandemic. However, with flexible approach, revenues through the remaining winter period remained strong and the Trust benefitted from a boost towards the end of the year with the successful completion of our winter heritage events, at a time when many comparable organisations were still unable to open.
Although during 2020-2021 our ability to open to the public and run heritage events was limited, the opportunity to focus on heritage asset restoration and conservation was not lost, with efforts being directed to these activities where possible. The Trust ended the year with a greatly improved quality of heritage coaching stock, with our major project "YDR No. 7" brought to completion and plans formulated for a longer carriage shelter in which to preserve our heritage coaches.
The Wheldale team continued their highly successful fundraising activities (as much as was possible given the pandemic). We again record our grateful thanks to the fundraisers for the activities in the very challenging circumstances of this particular year.
The Trading Company (owned by the Trust) also continued to trade where possible in very difficult trading conditions, and we thank the directors for their efforts throughout the difficult year and look forward to the Trading Company returning to profit next year.
Wages continued to rise in line with our recent growth and fortunately the Coronavirus Job Retention Scheme was able to cover a significant portion of the wage bill which reduced our exposure to this liability when our revenues were decimated.
The balance of our longstanding members' loans continued to reduce, and the interest rates paid on these loans was also renegotiated and significantly reduced, further reducing our long-term liabilities.
The bottom line of a £56,000 surplus (pre depreciation) is an outstanding result considering the worldwide turbulence seen throughout this period and sets the Trust up well to emerge from the pandemic in a position from which we can continue to grow, secure and conserve our heritage assets, educate the public through heritage events and continue to develop partnerships with community groups and similar heritage organisations such as the 1903 Electric Autocar Trust and LNER Coach Association.
As ever, our successes and continued existence is down to the hard work of our volunteers and staff. Thank you to all involved with our continued success and long may this continue.
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YORKSHIRE DALES RAILWAY MUSEUM TRUST (HOLDINGS) LIMITED (A COMPANY LIMITED BY GUARANTEE) TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2021
Financial review
At the year end the charity's funds stood at £514,617 of which £106,971 was designated and £407,646 unrestricted. The policy is to continue to build up reserves subject to prior demands of further capital expenditure to equip the railway with facilities to maintain the railway's objectives.
It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.
In accordance with the charity's Memorandum and Articles of Association, the trustees have the power to make any investments which they see fit.
On behalf of the board of trustees
R Shaw
Trustee Dated: 28 October 2021
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YORKSHIRE DALES RAILWAY MUSEUM TRUST (HOLDINGS) LIMITED (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF YORKSHIRE DALES RAILWAY MUSEUM TRUST (HOLDINGS) LIMITED
I report on the accounts of the charity for the year ended 31 January 2021, which are set out on pages 6 to 14.
Respective responsibilities of trustees and examiner
The trustees, who are also the directors of Yorkshire Dales Railway Museum Trust (Holdings) Limited for the purposes of company law, are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011, the 2011 Act, and that an independent examination is needed. The charity's gross income exceeded £250,000 and I am qualified to undertake the examination being a qualified member of .
Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility to:
-
(i) examine the accounts under section 145 of the 2011 Act;
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(ii) to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
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(iii) to state whether particular matters have come to my attention.
Basis of independent examiner's report
My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statement below.
Independent examiner's statement
In connection with my examination, no matter has come to my attention:
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(a) which gives me reasonable cause to believe that in any material respect the requirements:
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(i) to keep accounting records in accordance with section 386 of the Companies Act 2006; and
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(ii) to prepare accounts which accord with the accounting records, comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the Statement of Recommended Practice: Accounting and Reporting by Charities;
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have not been met; or
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(b) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
A J Dutton FCCA
Carleton Business Park Skipton BD23 2DE
Dated: 28 October 2021
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YORKSHIRE DALES RAILWAY MUSEUM TRUST (HOLDINGS) LIMITED (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 JANUARY 2021
| Notes Incoming resources from generated funds Other incoming resources 2 Operating a railway 3 Investment income 4 Exceptional income 5 Other incoming resources 6 Total incoming resources Resources expended 7 Costs of generating funds Costs of generating donations and legacies Fundraising trading: operating a railway 3 Net incoming resources available Governance costs Total resources expended Net income for the year/ Net movement in funds Fund balances at 1 February 2020 Fund balances at 31 January 2021 |
2021 £ 36,645 410,187 4,609 451,441 118,393 37,978 607,812 18,757 285,408 304,165 303,647 247,885 552,050 55,762 458,885 514,647 |
2020 £ 16,320 655,218 5,105 |
|---|---|---|
| 676,643 - 11,733 |
||
| 688,376 | ||
| 34,212 429,562 |
||
| 463,774 | ||
| 224,602 223,915 |
||
| 687,689 | ||
| 687 458,198 |
||
| 458,885 |
The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
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YORKSHIRE DALES RAILWAY MUSEUM TRUST (HOLDINGS) LIMITED (A COMPANY LIMITED BY GUARANTEE) BALANCE SHEET
AS AT 31 JANUARY 2021
| 2021 Notes £ Fixed assets Tangible assets 10 Investments 11 Current assets Stocks 13,273 Debtors 12 15,701 Cash at bank and in hand 195,190 224,164 Creditors: amounts falling due within one year 13 (149,460) Net current assets/(liabilities) Total assets less current liabilities Creditors: amounts falling due after more than one year 14 Net assets Income funds Designated funds Unrestricted funds |
2020 £ £ 389,943 50,000 439,943 1,950 36,398 174,357 212,705 (230,962) 74,704 514,647 - 514,647 106,971 407,676 514,647 |
£ 432,118 50,000 482,118 (18,257) 463,861 (4,976) 458,885 106,648 352,237 458,885 |
|---|---|---|
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 2021. No member of the company has deposited a notice, pursuant to section 476, requiring an audit of these accounts.
The directors acknowledge their responsibilities for ensuring that the company keeps accounting records which comply with section 386 of the Act and for preparing accounts which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its incoming resources and application of resources, including its income and expenditure, for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to accounts, so far as applicable to the company.
These accounts have been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.
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YORKSHIRE DALES RAILWAY MUSEUM TRUST (HOLDINGS) LIMITED (A COMPANY LIMITED BY GUARANTEE) BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2021
The accounts were approved by the Board on 28 October 2021
R Shaw Trustee
Company Registration No. 01420635
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YORKSHIRE DALES RAILWAY MUSEUM TRUST (HOLDINGS) LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 JANUARY 2021
1 Accounting policies
1.1 Basis of preparation
The accounts have been prepared under the historical cost convention.
The accounts have been prepared in accordance with applicable accounting standards, the Statement of Recommended Practice, "Accounting and Reporting by Charities", issued in March 2005 and the Companies Act 2006.
1.2 Incoming resources
All incoming resources are included in the Statement of Financial Activities when the charity is legally entitled to the income and the amount can be quantified with accuracy.
Donations, legacies and other forms of voluntary income are recognised as incoming resources when receivable, except insofar as they are incapable of financial measurement.
Trading income is directly attributable to the operation of the trains and railways.
No amounts are included in the financial statements for services donated by volunteers.
Volunteers time is not recognised in the accounts.
1.3 Resources expended
All expenditure is accounted for on an accrual basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to a particular heading, they have been allocated to activities consistent with use of resources.
Trading costs are those incurred directly from the operating of the trains and railways.
1.4 Tangible fixed assets and depreciation
Tangible fixed assets other than freehold land are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Freehold land is not depreciated Freehold buildings 20 Year straight line Rolling stock 15% Reducing balance Fixtures, fittings & equipment 15% Reducing balance Track and signals 10 Year straight line
1.5 Leasing and hire purchase commitments
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals payable under operating leases are charged against income on a straight line basis over the period of the lease.
1.6 Investments
Fixed asset investments are stated at market value.
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YORKSHIRE DALES RAILWAY MUSEUM TRUST (HOLDINGS) LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2021
| 1 Accounting policies 1.7 Stock Stock is valued at the lower of cost and net realisable value. 2 Other incoming resources Donations and gifts 3 Operating a railway Operating a railway Fundraising trading: operating a railway Net Operating a railway 4 Investment income Rental income Interest receivable 5 Exceptional income National Heritage Grant Government Grants Coronavirus Job Retention Scheme |
(Continued) 2021 2020 £ £ 36,645 16,320 2021 2020 £ £ 410,187 655,218 (285,408) (429,562) 124,779 225,656 2021 2020 £ £ 4,200 4,200 409 905 4,609 5,105 2021 2020 £ £ 41,900 - 36,000 - 40,493 - 118,393 - |
|---|---|
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YORKSHIRE DALES RAILWAY MUSEUM TRUST (HOLDINGS) LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2021
6 Other incoming resources
| Net gain on disposal of fixed assets Other income Total resources expended Costs of generating funds Costs of generating donations and legacies Fundraising trading: operating a railway Total Governance costs |
Staff Depreciation costs £ £ - - - - - - 144,021 34,051 144,021 34,051 |
Other costs £ 18,757 285,408 304,165 69,813 373,978 |
2021 £ 31,178 6,800 37,978 Total 2021 £ 18,757 285,408 304,165 247,885 552,050 |
2020 £ 4,933 6,800 |
|
|---|---|---|---|---|---|
| 11,733 | |||||
| Total 2020 £ 34,212 429,562 |
|||||
| 463,774 223,915 |
|||||
| 687,689 |
7 Total resources expended
Governance costs includes payments to the auditors of £nil (2020: £nil) for audit fees and £4,787 (2020: £4,246) for other services.
8 Trustees
None of the trustees or any persons connected with them received any remuneration during the year
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YORKSHIRE DALES RAILWAY MUSEUM TRUST (HOLDINGS) LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2021
9 Employees
Number of employees
The average monthly number of employees during the year was:
| Administration Employment costs Wages and salaries Other pension costs |
2021 Number 10 2021 £ 141,599 2,422 144,021 |
2020 Number 10 |
|---|---|---|
| 2020 £ 84,775 2,456 |
||
| 87,231 |
There were no employees whose annual remuneration was £60,000 or more.
10 Tangible fixed assets
| Land and buildings Track and signals £ £ Cost At 1 February 2020 762,558 67,698 Disposals - - At 31 January 2021 762,558 67,698 Depreciation At 1 February 2020 370,828 79,718 On disposals - - Charge for the year 29,213 3,137 At 31 January 2021 400,041 82,855 Net book value At 31 January 2021 362,517 (15,157) At 31 January 2020 391,730 (12,020) |
Rolling stock Fixtures, fittings & equipment £ £ 33,136 58,014 - (14,443) 33,136 43,571 7,570 31,172 - (6,319) - 1,701 7,570 26,554 25,566 17,017 25,566 26,842 |
Total £ 921,406 (14,443) |
|---|---|---|
| 906,963 | ||
| 489,288 (6,319) 34,051 |
||
| 517,020 | ||
| 389,943 | ||
| 432,118 |
11 Fixed asset investments
£
Market value at 1 February 2020 and at 31 January 2021
50,000
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YORKSHIRE DALES RAILWAY MUSEUM TRUST (HOLDINGS) LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2021
11 Fixed asset investments
(Continued)
| Historical cost: At 31 January 2021 At 31 January 2020 |
50,000 |
|---|---|
| 50,000 |
Holdings of more than 20%
The company holds more than 20% of the share capital of the following companies:
| Company | Country of registration or | Shares held | ||
|---|---|---|---|---|
| incorporation | ||||
| Class | % | |||
| Subsidiary undertakings | ||||
| The Embsay Steam Railway | England and Wales | Ordinary | 100 | |
| Trading Company Limited |
The aggregate amount of capital and reserves and the results of these undertakings for the last relevant financial year were as follows:
| Capital and | Profit/(loss) for the year | ||
|---|---|---|---|
| reserves | |||
| Principle Activities | £ | £ | |
| The Embsay Steam Railway | Retail shop and catering | ||
| Trading Company Limited | facilities. | 55,342 | (18,417) |
| - |
| 12 | Debtors | 2021 | 2020 |
|---|---|---|---|
| £ | £ | ||
| Other debtors | 15,701 | 36,398 |
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YORKSHIRE DALES RAILWAY MUSEUM TRUST (HOLDINGS) LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2021
| 13 Creditors: amounts falling due within one year Bank overdrafts Trade creditors Amounts owed to group undertakings Taxes and social security costs Owing on hire purchase Other creditors |
2021 £ - 24,928 40,240 3,292 - 81,000 149,460 |
2020 £ 34,960 59,805 40,811 1,011 2,389 91,986 |
|---|---|---|
| 230,962 |
The bank loans and overdraft is secured by a charge dated 15 February 2007 over the land and buildings at Bolton Abbey Station, Bolton Abbey, Skipton, North Yorkshire.
| 14 Creditors: amounts falling due after more than one year Other creditors 15 Pension and other post-retirement benefit commitments Defined contribution Contributions payable by the company for the year 16 Commitments under operating leases |
2021 £ - 2021 £ 2,422 |
2020 £ 4,976 |
|---|---|---|
| 2020 £ 2,456 |
||
At 31 January 2021 the company had annual commitments under non-cancellable operating leases as follows:
| Land and buildings | ||
|---|---|---|
| 2021 | 2020 | |
| £ | £ | |
| Expiry date: | ||
| Between two and five years | 600 | 600 |
17 Related parties
The charity has a wholly owned subsidiary, The Embsay Steam Railway Trading Company Limited. The subsidiary manages a retail shop and catering services for the benefit of the charity and donates its profits - to it annually. During the year the subsidiary donated £Nil (2020 £7,657) to the charity. Rental income - - includes £4,200 (2020 £4,200) charged to the subsidiary and other income includes £6,800 (2020 £6,800) charged as management fees. At the balance sheet date the amount due to the subsidiary was £40,238 (2020 - £40,811).
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