The Leamington & Warwick Model Railway Society
A Company Limited by Guarantee Registered in England & Wales No: 04938339 A Registered Charity in England & Wales No: 1117232
Annual Report and Accounts For the Year Ended 31 March 2024
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The Leamington & Warwick Model Railway Society
Annual Report and Accounts For the Year Ended 31 March 2024
| Contents | Page |
|---|---|
| Annual Report of the Council of Management | 3-6 |
| Independent Examiner’s Report | 7 |
| Statement of Financial Activities | 8 |
| Balance Sheet | 9-10 |
| Notes forming part of the accounts | 11-12 |
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The Leamington & Warwick Model Railway Society Annual Report of the Council of Management For the Year Ended 31 March 2024
The Council of Management presents its annual report and accounts for the year ended 31 March 2024.
REFERENCE AND ADMINISTRATIVE INFORMATION
Charity name: The Leamington & Warwick Model Railway Society
Charity registration number: 1117232
Company registration number: 04938339
Registered office address: 71 Admiral Way Leamington Spa Warwickshire CV31 1AX Operating address: New House Farm Knightcote Warwickshire CV47 2DA
COUNCIL OF MANAGEMENT
Covers the period 1 April 2023 to 31 March 2024 Mr S G Butler Mr A Cope elected 15[th] June 2023 Mr K Croucher Mr J V Gowers Dr P Hutchinson Chairman Mr J Mole Mr D Roots Mr S Ridgway Treasurer Mr G Smith Mr IN Spalding retired 15[th] June 2023 Mr SD Wilcock
SECRETARY Mr SG Butler. elected 15[th] June 2023
BANKERS
HSBC UK, 65 Cornmarket Street, Oxford, Oxfordshire, OX1 3HY
STRUCTURE, GOVERNANCE AND MANAGEMENT
The Society is a charitable company limited by guarantee. The company was incorporated on 21 October 2003 and was registered as a charity on 13 December 2006. The company was established under a Memorandum of Association, which established its objects and powers and is governed under its Articles of Association. In the event of the company being wound up, each member is required to contribute an amount not exceeding £1.
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The directors of the company are also the trustees of the charity and under the company’s Articles of Association are known as members of the Council of Management. The members of the Council of Management are elected at the Society’s Annual General Meeting. Under the Articles of Association, at least one-third of the Council of Management is bound to retire by rotation at each Annual General Meeting. The retiring members may offer themselves for re-election.
RISK MANAGEMENT
The Council of Management has considered the major risks to which the charity is exposed and has established procedures to manage those risks.
OBJECTIVES, ACTIVITIES, ACHIEVEMENTS AND PERFORMANCE
The Society’s objectives are to advance public education, to foster a general interest in railways and model railways and to encourage a high standard of modelling by its members.
When planning its activities, the Council of Management has considered the Charity Commission’s guidance on public benefit. There follows a summary of the principal activities of the Society which relate to its objectives.
The Society has decided not to promote its own two-day exhibition for the foreseeable future due to the financial risk involved. However, we supported the Great British Model Railway Show at Gaydon again in October 2023. We had the club stand to promote the club and club members demonstrated various modelling skills. We also took one of our club layouts Kimble, and a club member’s layout Richmond. Two weeks after this exhibition, we had a public Open Day at the club house, which was well attended and some new members were recruited.
In November 2023, the club stand went to, what turned out to be the last, “Warley Model Railway” show at the NEC promoted by the Warley MRC. Members demonstrated various modelling skills and Keith Croucher kindly took his test track, which was well patronised by modellers, who had bought locomotives that they wished to test. This facility was greatly appreciated by those who used it and donations were received for Myton Hospice, Warwick. The club stand has also been to The International N Gauge Show in September 2023 and the Midlands Garden Railway Show in March 2024. These events allowed us to promote and encourage an interest in model railways generally and provide broader services to the local community.
Several of the Society’s layouts were exhibited during the year. The Society’s large O gauge layout, Kimble, attended the Gauge O Guild’s main summer exhibition at Stafford and left with the “Best in Show” award. The club’s P4 layout, Clarendon & Scrubbs Lane, attended Abrail in Abingdon, Oxfordshire. Meacham was well turned out for the Great British Model Railway Show at Gaydon in October 2023. Several members layouts have also had outings to exhibitions.
The Society’s Gauge 1 Outdoor Track is now complete and has hosted several running days that have been open to non-members. These have been well attended. The Outdoor Track has attracted a couple of new members that would not have joined otherwise.
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The Society also makes its club rooms available to other railway groups in order to hold meetings as a further means of meeting its charitable aims. This has included several meetings for MERG (Model Electronic Railway Group) during the year.
For many years the Society has produced a Society Newsletter which contains articles about the club, its layouts and general railway related articles. This is now sent out to not only the Society members but also to a wider audience as a means of encouraging an interest in model railways.
During the year, the Society received through its website, a large number of enquiries on a wide range of railway, modelling and associated subjects. The Society endeavours, by allocating the enquiry to members with appropriate experience, to respond to the enquiry in a timely manner. Members have helped by providing advice, guidance, offers of help and detailed information and this helps to further the Society’s objectives to advance public education and foster a general interest in railways and model railways.
An example of the type of enquiries included contacts from relatives of recently deceased modellers requesting help with disposing of the deceased model railway items and the Society advised them on a variety of avenues that they might like to pursue to Dispose of the items.
FINANCIAL REVIEW
The Statement of Financial Activities shows a deficit for the year of £21,879 (in 2022/23 there was a surplus of £4,148).
The dominating factor over year has been the commencement of the construction of an additional floor in the building used as a clubhouse. The expenditure to date of £29,000 has had a major impact on the reserves held which were reduced by £22,000.
Although member’s contributions increased by nearly £2,000 (higher membership numbers) and gross interest increased by £1,000, the overall increase in income over last year of only £200 is mainly because Gift Aid (tax changes) and the 2[nd] hand stall surplus were down a little on previous years. Expenditure was up from £21,496 to £47,719 because of the new build and an extra £2,500 on maintenance (several items which are not annual, outdoor lights and dishwasher replaced, a full year of cleaning).
As in previous years, receipt of £2,011 Gift Aid (£2,955 last year) has been a significant contributor to the surplus. This shows the benefit the work by Ian Spalding to make the submission, and of members agreeing to support it.
Over the past year basic running costs of £13,672 (£12,788 in 2022/23). This figure did not include money that we owe the farm for all the electricity charges for 2023/24, which could amount to £4,000. The surplus would then only be in the order of £2,000.
The Society incurred no non-recurring expenditure during the year.
Gift Aid claims will continue to be made in the future.
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As in previous years, receipt of £2,011 Gift Aid (£2,955 last year) has been a significant contributor to the surplus. This shows the benefit the work by Ian Spalding to make the submission, and of members agreeing to support it. Over the past year basic running costs of £13,672 (£12,788 in 2022123). This figure did not include money that we owe the fann for all the electricity charges for 2023124, which could amount to £4,000. The surplus would then only be in the order of £2,000. The Society incurred no non-recurring expenditure during the year. Gift Aid claims will continue to be made in the future. RESERVES POLICY At an EGM in January 2024, it was decided by the membership that the Society's reserves should be used to construct a new floor in the current club house to convert it into a building with two floors. We desperately needed more space to accommodate a growing membership and allow for new scale/gauge sections to be developed. The decision was taken on the grounds that our CurIty of tenure at New House fann was as secure as it could be and that the eventual resolution of the probate issues would not change this. There was also a realisation that should we ever lose our current club house, finding new suitable premises at an affordable rent would be almost impossible in our area. Therefore, there seemed little point in sitting on a large sum of money that would probably end up being distributed to other model railway clubs, if we were to lose our current premises. In addition. as we are no longer promoting a show, we do not need a reserve to cover any financial loss on this. In the future, we anticipate having a much smaller reserve to cover unexpected maintenance costs. layout development and other bills relating to our current premises. The level of reserves will continue to be reviewed at each Annual General Meeting of the Society. SERIOUS INCIDENTS REPORTING The Charity Commission requires that a charity should report any serious incidents (ones which have resulted or could result in a significant loss of funds or a significant risk to a charity's propety, worl beneficiaries or reputation). The Society can confinn that there have been no serious incidents or other matters over the last financial year which should have been reFM)rted. Peter Hutchin Chairn]an Stephen Butler Secretary
Independent Examiner’s Report to the Council of Management of The Leamington & Warwick Model Railway Society For the Year Ended 31 March 2024
I report on the accounts of the company for the year ended 31 March 2024, which are set out on pages 8 to 12.
Respective responsibilities of the Council of Management and examiner
The Council of Management, who are also the directors of the company for the purposes of company law, are responsible for the preparation of the accounts. The Council consider that an audit is not required for the period under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
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:
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Examine the accounts under section 145 of the 2011 Act;
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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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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 the council of management 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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Which gives me reasonable cause to believe that in any material respect the requirements:
- To keep accounting records in accordance with section 386 of the Companies Act 2006; and
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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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To which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Bernice Jaggard FCCA FFA FMS (Hereford) Limited
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T he Leamington & Warwick Model Railway Society Statement of Financial Activities For the Year Ended 31 March 2024
| Statement of Financial Activities For the Year Ended 31 March 2024 |
||
|---|---|---|
| 2024 | 2023 | |
| 12 Months | 12 Months | |
| Unrestricted | Unrestricted | |
| Fund | Fund | |
| Total | Total | |
| Incoming resources | ||
| Incoming resources from generated funds | ||
| Voluntary income | ||
| Members contributions | 17,580 | 15,821 |
| Donations and bequests | 260 | 103 |
| Gift Aid | 2,011 | 2,955 |
| Activities for generating funds | ||
| 2ndhand stall | 1,940 | 2,355 |
| Club clothing revenue | 132 | 410 |
| Investment income | ||
| Bank interest (nil tax 2022/23) | 1,226 | 274 |
| Incoming resources from charitable activities | ||
| Outdoor Railway | 500 | - |
| Room hire income | 426 | 327 |
| Other Income | 1,765 | - |
| Fixed Assets increased | - | 2,277 |
| Stock Increase (club clothing @ cost) | - | 1,122 |
| ______ | ______ | |
| Total incoming resources |
25,840 | 25,644 |
| ______ | ______ | |
| Resources expended | ||
| Costs of generating funds | ||
| Fundraising trading: cost of goods sold and other costs | ||
| Club clothing stock sold | 110 | 382 |
| Charitable activities | ||
| Exhibition expenditure (2ndHand costs)- 2024 | 1,754 | - |
| Exhibition expenditure (2ndHand costs)- 2023 | - | 2,065 |
| Layout expenditure | - | 208 |
| Outdoor Railway build (costs plus new assets) | - | 2,552 |
| Other expenses | ||
| Rent, Council Tax and utilities | 8,838 | 10,562 |
| Insurance | 626 | 606 |
| Expenditure on clubrooms (including layout barriers) | 1,260 | 1,898 |
| Maintenance | 3,794 | 1,293 |
| Depreciation | 256 | 285 |
| Other expenses | 1,766 | 1,645 |
| Miscellaneous expenses | 414 | - |
| Mezzanine Build | 28,901 | - |
| ______ | ______ | |
| Total resources expended | 47,719 | 21,496 |
| ______ | ______ | |
| Net movement in funds | (21,879) | 4,148 |
| Total funds brought forward at | ||
| Financial Year start | 77,436 | 73,288 |
| ______ | ______ | |
| Total funds carried forward at | 55,557 | 77,436 |
| Financial Year end | ______ | ______ |
The Statement of Financial Activities includes all gains and losses in the year. All incoming resources and resources expended derive from continuing activities.
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The Leamington & Warwick Model Railway Society Balance Sheet as at 31 March 2024
| 2024 | 2023 | ||
|---|---|---|---|
| Total | Prior Year | ||
| Notes | Funds | Funds | |
| £ | £ | ||
| Fixed assets | |||
| Tangible assets | 2 | 2,304 | 2,560 |
| ______ | ______ | ||
| Total fixed assets | 2,304 | 2,560 | |
| ______ | ______ | ||
| Current assets | |||
| Stocks | 3 | 1,640 | 1,749 |
| Debtors and prepayments | 4 |
- | - |
| Cash at bank and in hand | 51,613 | 73,602 | |
| ______ | ______ | ||
| 53,253 | 75,351 | ||
| Creditors:Amounts falling due | |||
| Within one year | 5 | - | (475) |
| ______ | ______ | ||
| Net current assets | 53,253 | 74,876 | |
| ______ | ______ | ||
| Net assets | 55,557 | 77,436 | |
| ______ | ______ | ||
| The funds of the charity | |||
| Unrestricted funds | |||
| General funds | 55,557 | 77,436 | |
| Total unrestricted funds | ______ | ______ | |
| and Total charity funds | 55,557 | 77,436 | |
| ______ | ______ |
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The LeamiDgtoD & Warwick Model Raihvay Society Balance Sheet at 31 Mareh 2024 (continued) For the year ended 31 March 2024, the company was entitled under section 477 of the Companies Act 2006 to exemption from the audit of its accounts. Members have not required the company to obtain an audit kn accordance with Section 476 of the Companies Act 2006 in relation to its accounts for the year. The directors are responsible for ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and for preparing accounts which give a true and fair view of the state of affairs of the company as at the end of each financial period and of its income and expenditure for each period in accordance with the requirements of Sections 394 and 395 of the Act and which othertrvise comply with the requirements of the Companies Act 2006 relating to accounts. so far as applicable to the company. The accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. Approve y the Directors on 12, LJ/2 024 and signed on its behalf by: Peter Hutchinson, Chainnan Stephen Butler, Secretary The notes on pages I l and 12 forn] part of these accounts. 11
The Leamington & Warwick Model Railway Society Notes to the Abbreviated Financial Statements For the Year Ended 31 March 2024
1. Accounting Policies
Basis of accounting
The accounts have been prepared under the historical cost convention and in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities (SORP 2005) issued in March 2005, applicable accounting standards and the Companies Act 2006.
Depreciation
Depreciation is provided on all tangible fixed assets in use at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Plant and equipment - 10% on reducing balance
Stock
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
| 2. Tangible Fixed Assets | 2. Tangible Fixed Assets | |
|---|---|---|
| Cost: | £ | |
| Initial purchase | Spray Booth | 220 |
| Ultrasonic cleaner | 392 | |
| Lathe + milling m/c | 400 | |
| Grass patch maker | 55 | |
| Outdoor railway | 2,276 | |
| Disposals | - | |
| ___ | ||
| 31 March 2024 | 3,343 | |
| ___ | ||
| Depreciation | ||
| 1 April 2023 | 783 | |
| Provision for the year | 256 | |
| Disposals | - | |
| ___ | ||
| 31 March 2024 | 1,039 | |
| ___ | ||
| Net book value | ||
| 31 March 2024 | 2,304 | |
| ___ | ||
| 31 March 2023 | 2,560 |
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The Leamington & Warwick Model Railway Society Notes to the Abbreviated Financial Statements For the Year ended 31 March 2024 (continued)
3. Stocks
| 3. Stocks | ||
|---|---|---|
| 2024 | 2023 | |
| £ | £ | |
| Society sweatshirts, polo shirts and T shirts etc. held | 1,640 | 1,749 |
| for sale to members, valued at cost price | _____ | _____ |
| 1,640 | 1,749 | |
| _____ | _____ | |
| 4. Debtors and prepayments | ||
| 2024 | 2023 | |
| £ | £ | |
| - | - | |
| _____ | ____ | |
| - | - | |
| _____ | ____ | |
| 5. Creditors –Amounts falling due within one year | ||
| 2024 | 2023 | |
| £ | £ | |
| - | 475 | |
| _____ | ____ | |
| - | 475 | |
| _____ | ____ |
6. Trustee remuneration
No member of the Council of Management received any remuneration during the year.
7. Guarantee
The company was incorporated under the Companies Act 1985 and, not having a share capital, is limited by guarantee. The guarantee of each member is £1. The position at the period end concerning members giving a guarantee was as follows:
No of members Total members guarantee At 31 March 2024 100 £100
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