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2021-12-31-accounts

The Foxfield Light Railway Society Ltd.

Annual Report and Accounts For the year ending 31[st] December 2021.

Registered Charity, number ; 1127378
Company Number ; 01034972
Registered office ; The Foxfield Light Railway Society Ltd.
Caverswall Road Station,
Blythe Bridge,
Stoke on Trent,
ST11 9GB

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Notice of the 51[st ] Annual General Meeting of the Foxfield Light Railway Society Ltd.

Meeting to take place via Zoom at 19.30 hrs on Friday 9th December 2022

Agenda for the Annual General Meeting.

Dated 18[th] November 2022, by Order of the Directors and Trustees

Notes

A voting slip is enclosed for items 2, 3, & 4 above only for Full Members who cannot attend in person.

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1.0 Confirmation of the Extraordinary General Meeting, held 26th November 2021

It was agreed that the Board would be increased by two Directors from 10 to 12. This had been included within a Postal Ballot and the following was recorded: For: 28 Against 8 Abstentions 1 Total 37

2.0 Confirmation of the minutes of the Fiftieth Annual General Meeting, held 26th November 2021

Due to the COVID 19 Pandemic, the meeting was held using the “ZOOM” platform.

The Chairman, Mr. Scragg, opened the Zoom meeting to an audience of 16 members and commenced the meeting with a minute’s silence in memory of our President Brian Allen who had passed away in October.

He then passed the Chair over to Mr. Whalley who had been appointed president by the board.

Mr. Whalley advised that voting for the various items had been carried out by postal ballot. Mr A and Mrs P Jones had been appointed the Returning Officers for the ballots.

The meeting closed at 7.45pm

3.0 Annual Report of the Directors, for the year ending December 31[st] , 2021.

The Directors and Trustees are pleased to present their annual report together with the financial statements of the Company for the year ending 31[st] December 2021. These are also prepared to meet the requirements for a directors’ report and accounts for Companies Act purposes.

The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Trust’s Memorandum and Articles of Association, and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard for Smaller Entities.

3.1 Chairmans’ Report for the year ending December 31[st] , 2021.

The impact that the Covid 19 epidemic had upon our railway in 2021 was very serious. The loss of income for the Society was one thing, the impact that it had upon many members health and wellbeing was another.

The loss of the 2020 Santa’s had been mitigated by the National Lottery Heritage Fund (NLHF) in that year. We were fortunate indeed to gain further support from the same source in 2021.

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As the membership returned to the railway as they felt able to do so a myriad of tasks awaited. Track clearance, rolling stock inspection and not least competency assessments for operating staff following the down time.

By the middle of the year, we were able to operate a service once more, offering family compartments in a structured, Covid safe environment. The effort put in to run in this manner was not to be underestimated, safe seating arrangements with suitable distancing and regular cleaning of the three coach trains hauled by Wimblebury was carried out with great professionalism.

We have benefited from the advice and guidance provided by ORR following inspection in the autumn.

The impact of social distancing in several areas began to be felt as the year passed. Permanent Way being no exception. A major track relaying project was undertaken in October / November to remove a wet bed section of the formation at Dilhorne Park and to replace life expired sleepers, the first major project by the team since the pandemic hit.

Special events were cancelled of course but the railways reliance upon the Santa Specials remained high. With covid precautions in place it was clear that we faced additional problems, many of the older members who traditionally provided the backbone of the on-train catering and entertainment service felt unable to do so. The issue was resolved with the provision of paid entertainers. The trains were well managed and our visitors happy and safe in the environment provided.

The emergence of Marston Thompson & Evershed No 3 from its long overhaul period was a notable success, as was that of Kerr Stuart 4388. Both locomotives looked splendid, complementing the very high standards achieved by the C & W team on the MK1 coaches.

The Knotty Coach Trust coaches only ran on one occasion in 2021, provision of suitable screens making this possible.

2021 also provided a very sad moment with the passing of our President Brian Allen MBE. He had been a main influencer at the railway for many years and only recently stepped down from being actively involved. He will be sadly missed by many.

By the end of the year, it was clear that the railway and its membership would face several challenges in 2022, there was a strong optimism that it would do so to maintain the standards required to run the railway in a safe manner in 2022.

Mr David M Scragg, Chairman Foxfield Light Railway Society Limited

3.2 Financial review for year ended 31[st] December 2021

The income and expenditure figures are presented in the next sections.

2021 saw integration completed onto the online financial platform Xero along with the full use of an EPOS system provided by Tevalis. This system being installed in our Buffet and Shop areas.

This has enabled many financial systems to be streamlined and effectively give up to date information as and when needed.

Nearly all Financial information is now saved electronically on the Microsoft 365 cloud system which has helped reduce the amount of paper and printing and on costs of these.

In July 2021 Foxfield also saw the retirement of our Administration Officer and Bookkeeper Kathy Hudson who had served the Railway conscientiously for many years. Since her departure the online

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systems have been used and are still in development to give management and budget reporting information to assist in future planning.

For the purposes of the Charity Commission, our Charitable details are:

Charity number ; 1127378 Company Number ; 01034972 Registered office ; The Foxfield Light Railway Society Ltd. Caverswall Road Station, Blythe Bridge, Stoke on Trent, ST11 9BQ Our Independent Examiners are: Hunter Jones Alton. Chartered Accountants, 36, Bridge Street, Belper, Derbyshire, DE56 1AX Our bankers are: National Westminster Bank. Longton.

Jane Bate MCIPS Financial Director, FLRS Ltd.

3.4 Directors, Trustees, and related parties

The directors of the charitable company (the charity) are its trustees for the purpose of charity law.

The Trustees, Directors and Officers serving at the start of 2021 were:

Chairman, Acting Secretary, Operations & Signalling ; Mr R H Whalley
Vice Chairman and Acting Chair, Workshops ; Mr D M Scragg
Infrastructure ; Mr J W Adshead
IT advisor ; Dr D R Allen
Marketing Director ; Dr R A Warren
Permanent Way ; Mr T Barnett
Traction & Rollingstock ; Mr M Higham
Minutes ; Mr S J Turner
Catering & Franchises ; Mr P Dore
Finance and Admin ; Mrs J Bate

The Trustees, Directors and Officers serving at the end of 2021 were as above less Mr M Higham who resigned from the Board during the 2021 season.

This statement is a requirement of the Charities Commission as any connection between a trustee or staff member of the charity with a supplier to the charity must be disclosed to the full board of Trustees. Details of Trustees’ expenses and related party transactions are disclosed in the accounts.

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3.5 Risk Management

The Trust maintains a continual overview of the potential risks that could affect the charity in future years. The trustees are satisfied that sufficient provision is in place to mitigate these risks and that the reserve funds are necessary and prudent in the circumstances.

3.6 Trustees’ Responsibilities in Relation to the Financial Statements

The charity trustees (who are also the directors of Foxfield Light Railway Society for the purposes of company law) are responsible for preparing a Trustees’ annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charitable company and the group and of the incoming resources and application of resources, including the income and expenditure, of the charitable group for that period. In preparing the financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Statement as to disclosure to our Independent Examiner

Independent Examiners

A resolution proposing Hunter Jones Alton be appointed as independent examiners of the charity will be put to the Members at the Annual General Meeting.

Approval

This report has been approved by the Board of Directors and Trustees and is signed on its behalf by:

J Bate

Financial Director Dated: 18[th] November 2022

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3.7 Report of the Independent Examiners to the Members of Foxfield Light Railway Society Limited

We report on the financial statements for the year ended 31 December 2021 on pages nine to sixteen which have been prepared under the historical cost convention and the accounting policies

3.7.1 Respective responsibilities of trustees and examiners

As described, the charity’s trustees who are also the directors of the Foxfield Light Railway Society Limited for the purposes of company law, are responsible for the preparation of financial statements in accordance with applicable law and United Kingdom Accounting Standards. The charity’s trustees consider the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.

Our responsibility is to:

3.7.2 Basis of independent examiners’ report

Our examination was carried out in accordance with the General Directions given by the Charity Commissioners. 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 the seeking of 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, we do not express an audit opinion on the view given by the accounts.

3.7.3 Independent examiners’ statement

In connection with our examination, no matter has come to our attention which gives us reasonable cause to believe that, in any material respect, the requirements: to keep accounting records in accordance with S41 of the 1993 Act; and to prepare accounts which accord with the accounting records and to comply with the accounting requirements of the 1993 Act have not been met; or to which, in our opinion, attention should be drawn to enable a proper understanding of the accounts to be reached

Hunter Jones Alton Chartered Accountants 36 Bridge Street Belper Derbyshire DE56 1AX

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Foxfield Light Railway Society Limited (Limited by Guarantee) Statement of Financial Activities for the Year Ended 31 December 2021

Income
Donations and legacies
Charitable trading
activities
Other income
Total incoming
resources
Expenditure
Charitable activities
Other expenditure
Total expenditure
Net income / (loss) for
the year
Net movement in
funds
Reconciliation of
funds
Total Funds brought
forward
Movement in funds
Total funds carried
forward		 Notes
3
4
5
6
7		 Restricted
funds 2021
£
0.00
0.00
0.00		 Unrestricted
funds 2021 £
98,746
148,470
8,621
255,837
112,568
137,428
249,996
5,841
-
487,778
5,841
493,619		 All
unrestricted,
restricted
and endowed
funds 2021 £
98,746
148,470
8,621
255,837
112,568
137,428
249,996
5,841
487,778
5,841
493.619		 All
unrestricted,
restricted
and endowed
funds 2021 £
98,746
148,470
8,621
255,837
112,568
137,428
249,996
5,841
487,778
5,841
493.619		 All
unrestricted,
restricted and
endowed
funds 2020 £
103,135
7,101
15,743
125,979
41,647
77,233
118,880
7,099
-
480,679
7,099
487,778		 All
unrestricted,
restricted and
endowed
funds 2020 £
103,135
7,101
15,743
125,979
41,647
77,233
118,880
7,099
-
480,679
7,099
487,778

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The notes on pages ten to sixteen form part of these financial statements.

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Foxfield Light Railway Society Limited (Limited by Guarantee)

Balance Sheet as at 31 December 2021

Notes 2021 2020
£ £ £ £
Fixed Assets
Tangible Assets 8 286,280 282,419
Current Assets
Debtors 9 19,373 35,100
Stocks 125 114
Cash at bank & in hand 311,189 300,469
330,687 335,683
Creditors:Amounts falling due
within one year 10 24,046 18,631
Net Current Assets 317,052
306,641
Total Assets Less Current 592,921 599,471
Liabilities
Creditors: Amounts falling
due after one year
Locomotive repair fund 11 (99,302) (111,693)
Net Assets 493,619 487,778
The funds of the charity:
Unrestricted income funds
493,619 487,778

The financial statements on pages eleven to sixteen were approved by the Trustees on 18 November 2022 and were signed on its behalf by:

Director:

Dated: 19 November 2022

The notes on pages eleven to sixteen form part of these financial statements

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Foxfield Light Railway Society Limited (Limited by Guarantee)

Notes to the Financial Statements for the Year Ended 31 December 2021

1 ACCOUNTING POLICIES

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

a) Basis of preparation

The financial statements have been prepared on a going concern basis in accordance with 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 (Charities SORP(FRS102)), and the Companies Act 2006 and the Charities Act 2011.

Foxfield Light Railway Society Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at cost or transaction value unless otherwise stated in the relevant accounting policy notes.

b) Preparation of the accounts on a going concern basis

The Trustees have at the time of approving the financial statements a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing the financial statements.

c) Income recognition policies

Items of income are recognised and included in the accounts when all of the following criteria are met:

d) Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity, this is normally upon notification of interest receivable per the bank / building society.

e) Fund accounting

Unrestricted funds are available to spend on activities that further any of the purposes of the charity. Restricted funds are unrestricted funds of the charity which the Trustees have decided at their discretion to set aside to use for a specific purpose.

f) Expenditure

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required, and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:

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Foxfield Light Railway Society Limited (Limited by Guarantee)

Notes to the Financial Statements for the Year Ended 31 December 2021 (continued)

Stocks

Stocks are valued at the lower of cost or net realisable value after making due allowances for obsolete and slow-moving items.

Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid after taking account of any trade discounts due.

Cash at bank and in hand

Cash at bank and cash in hand includes cash, current account and deposit accounts / fixed term accounts with a maturity of twelve months or less from the date of opening.

Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Taxation

The company is exempt from corporation tax on its charitable activities

Pensions

The company makes payments to a defined contribution pension scheme on behalf of certain staff. Contributions are charged to the Statement of Financial Activities as they fall due.

Legal status of the Trust

The Trust is a company limited by guarantee and has no share capital. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per Member of the charity.

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Foxfield Light Railway Society Limited (Limited by Guarantee)

Notes to the Financial Statements for the Year Ended 31 December 2021 (continued)

3

Income from donations
Donations received
Legacies received		 2021
£
2020
£
27,195
103,135
71,551
-
98,746
103,135

The Trust is grateful for a number of small donations received throughout the year. The donation box in reception continues to be successful.

The Trust benefits greatly from the involvement and enthusiastic support of its many volunteers, details of which are given in our annual report. In accordance with accounting standards, the economic contribution of general volunteers is not measured in the accounts.

4

5

Income from charitable activities
Fares
Cream Teas
Driver & footplate experience
Santa specials
Other
Member subscriptions
Shop
Income from other trading activities
Rental income
Sale of scrap
Other income
Government grant		 2021
£
2020
£
22,112
2,847
3,214
282
-
663
99,017
-
14,723
415
3,114
2,773
6,290
121
148,470
7,101
2021
£
2020
£
6,985
4,042
1,938
1,437
(302)
264
-
10,000
8,621
15,743

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Foxfield Light Railway Society Limited (Limited by Guarantee)

Notes to the Financial Statements for the Year Ended 31 December 2021 (continued)

6
Expenditure on charitable activities
Fares
Cream teas
Locomotives
Santa specials
Rolling stock
Events
Other
Fuel
Marketing
Shop purchases
7
Other expenditure incurred
Heat & light
Land & buildings
Admin wages & NIC
Bank charges
Profit/loss on sale of assets
Depreciation
Other admin costs
Bad debt write off
Audit & accountancy fee
Legal fees		 2021
£
2020
£
-
536
425
-
54,174
27,071
30,639
(185)
-
-
10,246
845
34
73
-
5,471
13,417
7,186
3,633
650
112,568
41,647
2021
£
2020
£
4,828
3,755
57,589
22,266
16,759
11,771
3,747
1,265
-
-
25,752
25,183
25,975
10,419
-
-
2,458
1,892
320
682
137,428
77,233

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Foxfield Light Railway Society Limited (Limited by Guarantee)

Notes to the Financial Statements for the Year Ended 31 December 2021 (continued)

8 FIXED ASSETS

Cost
As at 1 January 2021
Disposals
Additions
As at 31 December
2021
Depreciation
As at 1 January 2021
Charge for the year
As at 31 December
2021
Net Book Value
As at 31 December
2021
As at 31 December
2020		 Freehold
land and
Buildings
Plant &
Equipment
Fixtures &
Fittings
£
£
£

448,901
167,969
39,203
-
-
-
7,988
15,723
5,901
456,889
183,692
45,104
293,249
56,308
31,803
8,182
13,939
2,860
301,431
70,247
34,663
155,458
113,445
10,441
155,652
111,661
7,400		 Rolling
Stock
£

30,545
-
-
30,545
22,839
770
23,609
6,936
7,706		 TOTAL
£
686,618
-
29,612
716,230
404,199
25,751
429,950
286,280
282,419

9 DEBTORS

Trade Debtor
VAT
Locomotive repair fund
Gift aid
Other debtors		 2021
£
960
3,955
14,228
-
230
19,373		 2020
£
1,430
10,594
23,076
-
35,100

10

CREDITORS: Amounts falling due within one year

Accruals
Trade Creditors
Taxation and social security
Locomotive repair fund
Other creditors		 2021
£
1,470
9,501
-
13,000
75
24,046		 2020
£
1,400
4,249
(18)
13,000
18,631

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11 Creditors: Amounts falling due after one year

Locomotive repair fund
Loans from members & directors		 2021
£
99,302
-
99,302		 2020
£
111,693
-
111,693

12 Analysis of net assets between unrestricted funds

Fixed Current Current Liabilities due Total
Assets Assets Liabilities after one year
Unrestricted
Funds 286,280 330,687 (24,046) (99,302) 493,619
__ _ ___ __ ______

There is a surplus on unrestricted funds of £493,619 (2020 - £487,778) at the year end. Unrestricted funds comprise the funds which the Trustees are free to use in accordance with charitable objects.

Related party transactions

There have been no related party transactions in the year to 31 December 2021 (2020 – None).

4 Appointment of our Independent Examiners of Accounts for 2021

The Board proposes that we appoint:

Hunter Jones Alton Chartered Accountants 36 Bridge Street Belper Derbyshire DE56 1AX

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5 Appointment of Directors and Trustees.

Members elected to the Board of Directors will also become Trustees. To comply with Charity Commission rules, each person has been asked to declare that they are fit to stand as a Trustee and to declare any potential conflicts of interest.

The Company can have a maximum of 12 Directors / Trustees.

Under Article 39, Members who have been co-opted by the Board retire and are proposed by the Board, additionally three other members of the Board retire by rotation and are eligible for re-election. These persons are also proposed by the Board.

Members retiring by rotation are selected by length of service. In this case over three Directors had been elected at the same time and so the names are selected in alphabetical order.

The requirements of the Charities Commission are that we should appoint Trustees who are able to aid the Charity in areas where skills are lacking.

Members retiring by rotation and proposed by the Board are:

Mr T Barnett, Mr D Allen, and Mr D Scragg

Mr P Dore retires but is not seeking re-election.

Nominations received :

Nominations have been received from members co-opted onto the Board in 2021, these being Mr T Brammer and Mr G Riley

Below, in alphabetical order, is Information in relation to those standing:

Allen D

Proposed by: The Board

Occupation: General Manager for JCB Excavator

FLRS Activities:

David has been a member of Foxfield Railway for over 20 Years

He applied to Microsoft 365 3 years ago for a free charity license which is being used by a few of the Directors Foxfield and has a Licence for 300 Members to use this facility which was set up for all directors and most of them are using the facility via email, but the system is more powerful than just email which is why we share the accounts online

David has a Full Licence for Zoom which the team make good use of as well

Barnett T

Proposed by: The Board

Occupation: Permanent Way Plant Manager

FLRS activities:

Trevor has been a member for around 47 years and for much of that time has been a director with the role of being responsible for our Permanent Way, significantly at a time when all heritage railways are coming under scrutiny by ORR.

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Brammer T

Proposed by:

Mrs J Bate, Director

Occupation:

Complaints Advisor (BT)

FLRS Activities:

Tom has a strong drive to ensure Foxfield Railway’s running future is secure for a long time to come with happy volunteers at the heart of operations. He holds railway permanent way track induction certification and worked on the Mainline for a couple of years before moving into customer service and has a great deal of knowledge and experience in safety critical working. Tom recently has been taking a strong interest in PWay and is eager to develop in this area. He is also a regular team member within the Steam Team and can be found happy firing engines when he can

Lock D

Proposed by: Mr T Lewis - Member

Occupation: Retired Electrical Power Engineer/Part Time Lecturer

FLRS Activities:

Dave has volunteered at Foxfield for the last 2 years and has made tremendous improvements within the buffet which has resulted 5* Hygiene rating recently. He has a great deal of experience in Health and Safety Legislation and Safe Systems of work as well as his electrical skills from his many years of work experience as a manager within power stations.

Riley G

Proposed by: The Board

Occupation:

Chief Executive

FLRS Activities:

Geoff is presently responsible for CCTV, Phone and Communication Systems, Portable appliance and equipment testing for FLRS.

Having been a senior manager for over 35 years in the public and private areas with a sound knowledge of current business practice plus technical expertise in the areas of responsibility at FLRS. A large part of Geoff’s business responsibilities are in the area of funding applications.

Scragg D

Proposed by: The Board

Occupation: Executive Grade Engineering Manager, BAE Systems

FLRS Activities:

David has been an active member for 50 years and has taken on the role of Gala Manager, Press Officer and Charter organise. He is currently the Chairman and has held the position for two years.

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The rebuild of his project, Hawarden is very close to completion after a very long period of restoration. He has been on the Board for many years and has previously been Chair for three previous periods. He is also a Trustee of the NSRRSRT and has been closely involved in the research, development and building of the prestigious KHT. In the last year he has been involved in the Project Management of the Hollick Shed extension which should be completed early in the new year and be another asset for the Railway.

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Voting arrangements IMPORTANT

Members can return Postal/electronic Votes should they not be able to attend the AGM.

An electronic voting slip will be attached with the electronic version of the Annual Accounts AGM items 2, 3, & 4. This should be returned to bill.sellwood@foxfieldrailway.co.uk no later than Tuesday 6[th] December 2022.

Postal Votes should be returned to:

Bill Sellwood The Old Stores Mount Pleasant Derrington Staffordshire ST18 9NB

No later than 6pm on Tuesday 6[th] December 2022.

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