Charity registration number 1139786 Company Tegistration numbor 06999964 {England and Walesl CAMBRIAN HERITAGE RAILWAYS LIMITED ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
CAMBRIAN HERITAGE RAILWAYS LIMITED LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mrs J M Plckstock Mr R Willlams Mr P Bradley Mr D L Jones MrA Rudd Mr P J Mccracken MrA C Green Mr Martin Boland Mr David Davies (Appointed 13 February 2024} Charity number 1139786 Company number 06999964 Reglstered offlce Sulte 1 Old Station Bulldlng Oswald Road Oswestry Shropshire United Kingdom SY111RE Independent examiner BorderAccountants 5 Lower Brook Street Oswestry Shropshire SY112HG
CAMBRIAN HERITAGE RAILWAYS LIMITED CONTENTS Page Trustees. report Independent 6xaminerfs report ststement of financial activities Balance sheet Notes to the financial statements 6-15
CAMBRIAN HERITAGE RAILWAYS LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2024 The Trustees pr8sent their annual report and financial statements for the year ended 31 March 2024. 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 memorandum of associalion. 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 The charity's objective5 are: The preservation, operation. restoration, maintenance and protection of such of the structures. buildlngs. plant, locomotives. rollingstock. railway track and equipment on or adjac8nt to or connected with the railway lines belween Gobowen and Llanymynech and beyond, and Llynclys Junction and Llanddu and b8yond, as ar8 of historic, cultural, architectural. construclional or scientific interest. -The advancement of the education of the public in the hlstory and heritage of the rallway by such means as the trustees may determine. Tho provision of transport facilities in Oswestry and Its hinterland for people who have special ne8d of such facilities because they ar8 alderly, poor or disabled, people with young children or those Ilvlng In Isolated areas where there are no adequate public transport facilities. The relief of unemployment for the benefit of the public in such ways as may be thought fit including assistance to find employment. The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake. Achlevements and performance Durrng the year the charity has continued to run trains in line with its objectives. Work has continued to build more rail infrastructure to support services to run trains in line with its objectives. Financial review It is the trustees, policy to secure funds prior to making any financial commitments. The current level of reserves is In line with the requir8ments of the charity in light of the addition81 works belng undertaken. The Trustees have a duty to identlfy and revigw 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 chardy is a wmpany limited by guarantee.
CAMBRIAN HERITAGE RAILWAYS LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 The Trustees, who are also the directors for the purpose of cornpany law, and who served during the year and up to the date of signature of thg financial statements were- Mrs J M Pickstock Mr R Williaffls Mr P Bradley Mr D L Jones MrA Rudd Mr T Sanderson Mr P J Mccracken MrAC Green Mr Martin Boland Mr Matthew Higgins Mr Philip Ellson Mr David Davies {Resigned 17 July 2023} (R8signed 10 January 2024) (Resigned 29 July 20231 (Appointed 13 February 2024) None of the Trustees has any beneflcial 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 Williams Trustee ..18.1131.3.4 Date:...
CAMBRIAN HERITAGE RAILWAYS LIMITED INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF CAMBRIAN HERITAGE RAILWAYS LIMITED I report lo the Trustèes on my examination of the financial ststements of Cambrian Heritage Railways Limited (the charity) for the year ended 31 March 2024. 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 r8POrt in respect of my examination of the charity's financial statements carried out under section 145 of the Charslies Act 2011 (the 2011 Act>. In carrying out my examination I have followed all the applicablè Directions given by the Charity Commission under section 14515)(b} of the 2011 Act. Indepgndont examlnèrfs statement I have ¢ompleted my examination. I confirm that no matters have com8 to my attention in connectlon with the examlnation giving me cause to beli8v8 that in any material respect: accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act,. or the financial statements do rkot accord wlth those re¢ords' or the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination. or the financial statements have not been prepared in accordance with Ihe methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicabl8 to charities preparing their accounts in accordance with the Financial Reporting Slandard applicable in the UK and Republic of Ireland (FRS 102). I have no concems and have come across no other matters in connection with the examlnation to which attention should be drawn in this report in order to ènable a proper understsnding of the financial statements to be reached. Border Accountants S Lowèr Brook Street Oswestry Shropshire SY112HG Dated..
CAMBRIAN HERITAGE RAILWAYS LIMITED STATEMENT OF FINANCIALACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Unrestricted Restrlctod funds funds 2024 2024 Total Unrestricted Restrlcted funds funds 2023 2023 Total 2024 2023 Notes Income from: Donations and legacies Charitable activities Investments 127,614 15,331 878 683 128,297 15,331 878 79,819 55,158 158 55.467 135.286 55.158 158 Total income 143,823 683 144,506 135,135 55,467 190.602 Ex endlture on: Raising funds 11,653 11,653 6,551 6.551 Charltable activities 128,392 4,065 132,457 118,560 62.344 180,904 Total expenditure 140,045 4,065 144,110 125.111 62.344 187,455 Net In¢omel(expenditurè) for the yearl Nel movement in fund5 3,778 (3,382) 396 10.024 {6.877} 3.147 Fund balanc8s at 1 April 2023 85,117 192,476 277.593 75.093 199.353 274.446 Fund balances at 31 March 2024 88,895 189,094 277,989 85,117 192,476 277,593 The ststement of financial activities includes all gains and losses recognised In the year. All income and expenditure derive from continuing activities. The statement of financial adivities also complies with the requirements for an income and expenditure account under the Companies Ad 2006.
CAMBRIAN HERITAGE RAILWAYS LIMITED BALANCE SHEET ASAT31 MARCH 2024 2024 2023 Notes Fixod assets Tangible assets 11 278,419 260,385 Current assets Stocks Debtors Cash at bank and in hand 12 13 11,225 10.753 77,072 9,077 4.729 101,520 99.050 115,326 Creditors: amounts falllng due wlthln one year 15 (70,188) (62,645) Net current assets 28,862 52,681 Total assets less current liabilitios 307,281 313,086 Creditors: amounts falling due after more than one year 16 (29,292) (35.473) Net assets 277,989 277.593 Incoma funds Restricted funds Unrestrlcted fvnds 17 189,094 88,895 192,476 85,117 277.989 277,593 Tha rnpanY is enlitled to the exemption from the audlt requirement contained in section 477 of the Companies Act 2006, for the yaar ended 31 Mar¢h 2024. The directors acknowledge their responsibilities lor wmplying with the requirements of the Companies Act 2006 with réspect to accounting records and the preparation of financial statements. The members have not rèquired the company to obtain an audit of its financial slatemenls for the year in question in accordance with section 476. Thes8 financlal statements have been prepared In accordanc8 with the provisions applicable to companies subject to the small companies regim8. Tho financial statements were approved by the Trustees on .....IC)Irè.'.Ilioa Mr R Williarns Trustee Company registration number 06999964
CAMBRIAN HERITAGE RAILWAYS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 AOUntIng pollcles Charty inforn)atlon Cambrian Heritage Railways Limited is a prfvate company limited by guarantee incorporated in England and Wales. The registered office is Suite 1 Old Station Bullding. Oswald Road, Oswestry. Shropshire, SY11 1 RE, United Kingdom. 1.1 Accounting convention The accounts have been prepared in accordance with the charity's Memorandum and Articles of Association, 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 1021" (as amended for accounting periods commencing from 1 January 20161. The charity is a Public Benefit Entity as defined by FRS 102. The charity has taken advantage of the provisions in tt)e SORP for charities applying FRS 102 Update Bullelin 1 not to prepare a Statement of Cash Flows. The financial statements are pr8pared in sterting. which is the functlonal currency of th8 charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial stat8m8nts have been prepared under tha hlslorical cost conventlon, Imodified to include the revaluation of freehold propertles and lo include inveslment properties and certain financial instruments al fair value]. The principal accounting pollcles adopted are set out below. 1.2 Golng concern At the tima of approvlng thè financial statements, the Trustees have a reasonable expectation that the charity has adequate resources to continuo in operational existence for th6 foreseeable future. Thus the Trustees ontinue to adopt the going concem basis of aoUntIng in preparing the financial $18tèm6nts. 1.3 Charltable funds Unrestricted funds are available for usa at the discretion of tha Trustees in furtherance of their charitable objectives. Restricted funds are subject lo specific conditions by donors as to how they may be used. The purposes and uses of the reslricted funds are set oul in the notes to the financial statements. Endowmenl 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 thè charlty has been notified of the donation, unless perfomiance conditions requir8 deferral of the amount. Income tax reooverabl8 Sn relation to donatlons received undar Gift Aid or deeds of covenant is recognised at the time of Ihe donation. Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribuuon, the amount Ss known, and rec6iPt is exp9Qted. If the amount Is not known. the legacy Is treated as a ontingent asset.
CAMBRIAN HERITAGE RAILWAYS LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Aeeountlng pollcles (Continued) 1.5 Expenditure Expenditure is recognised once ther& Is 8 legal or constructive obllgation to transfer economic benefrt to a third party, it is probable that a transfer of economic benefits will be required in settlemen( and the amount of the obligation can be measured reliably. Expenditure is classlfiÉd by activity. The costs of each activty arè made up of the ti)tal of direct costs and shared costs. including support costs involved in undertaking each activity. Direct costs attributable to a single actsvity are allocated directly to that activity. Shared costs which contribule to more than one activity and support costs which are not alln'butable to a single activity are apportioned between those activities on a basi5 consistent with the use of resour. Cenlral staff costs are allocated on the basis of time spent. and depreciation charges are allocated on the portion of the assefs 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 aclivilies on a basis consistent with the use of resources. 1.6 Tanglblg fixed assets Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation. net of depreciation and any impainnent losses. Depreciation is recognised so as to wrfte off the cost or valuation of assets less their residual values over their useful Ilves on the ft)Ilowing bases.. Land and buildings Plant and machinery Computers None 150/0 reducing balance 33 /0 reducing balance The gain or loss arising on the disposal of an asset is determined as the difference beeen the sale proceeds and the carrying value of the asset, and is recognised in the statement of finsneial activities. 1.7 Impairnlent of fixed assets At èach reporting end date, th8 charity reviews the carrying amounts of its tangible assets to dètermine vthethèr there is any indication that those assets have suffered an impairynent loss. If any such indication exists. the recoverable amount of the asset is estimated in order to determlne the extent of the impaient loss (rf any). 1.8 stks StoGks are stated at the lower of cost and estimated selling Pri less costs to complete and sell. Cost comprises direcl materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost. Net realisable value 15 the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution. 1.9 Cash and eash equlvalents 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.
CAMBRIAN HERITAGE RAILWAYS LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accountlng polleles Icontlnued) 1.10 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 Gharitys balance sheet when the charity becomes party to the contractual provisions of the inslrument. 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 Ihere is an intention to setue on a net basis or to realise the asset and settle the liability simultaneously. Baslc financial assets Basic financial assets. which include debtors and cash and bank balances. are initially measur8d 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, wh8re the transaction is measured at the present value of the future receipts discounted at a market rate of interest. FinanGial assets classified as receivable within one year are not amortlsed. Baslc flnancial Ilabllltles Basic financlal liabilities, including creditors and bank loans are initially recognlsed at transaction price unless the arrang8m8nt constitutes a financing transaction. where the debt instrum8nt is m8asured at the present value of the future payments discounted at a market rate of interest. Financial liabilities Classtfied as payable within one year are not amortised. Debt instruments are subsequèntly carried at amortised cost, using th6 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 credilors are recognised initially at transaction Pri and subséquently measured at amortised cost using the effective interest method. Derecognitlon of financial liabilities Financial liabilities are derecognised when the charitys contractual obligations expire or are discharged or cancelled. 1.11 Employee benefits The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. Tennination benefits are recognised immediatety as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits. 1.12 Fund accounting Unrestricted funds Can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be us8d for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further 8xplanation of the natur8 and purpose of each fund is includ8d in the notes to the financlal statements. 1.13 Hlre purchase and leaslng Commitments Rentals pald under operating leases are charged to the Statement of Financial Activities on a straight line basis over the p8riod of thè lease.
CAMBRIAN HERITAGE RAILWAYS LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Crltical 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 appargnt from other sourc8s. The estlmates and associated assumptions are based on historical experience and other factors thal are consider8d to be relevant. Actual results may differ from thesa estlmates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates arè rècognised in the perfod in which the estimaté Is revised wher8 the revision affects only that pèriod. or In th8 period of the revision and future periods where the revision affects both current and future perrods. Donations and legaclos Unrestricted Restricted funds funds Total Unrestricted funds Restricted funds Total 2024 2024 2024 2023 2023 2023 Donations and gifts 127,614 683 128,297 79,819 55,467 135,286 Charitable activitiès Activilies for Activities for generating generatlng funds funds 2024 2023 Fundraising Membership fees Charitable rental income Other income 9,526 3,155 3,817 4.915 22.446 23,980 2,650 15,331 55,158 Investm•nts Unres*rlcted Unrestrlcted funds funds 2024 2023 Interest receivable 878 158
CAMBRIAN HERITAGE RAILWAYS LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Ralsing funds Unrostrlcled Unre$trieted funds funds 2024 2023 Tradin costs Other trading activities 11.653 6.551 11.653 6,551 10-
CAMBRIAN HERITAGE RAILWAYS LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Charftable activities Restoration Restoration 2024 2023 Depreciatlon and impaim8nt Rent Operational costs Insuranc8 Light and heat Rates Postage and stationery 9,354 1,001 48,910 11,429 7,081 609 3,503 9,210 16,901 32,466 11,872 4.109 562 1,296 E !] Advertising Repairs and renewals Accountancy Sundries Professional fees Other ¢haritsble expenditure 6,933 33,850 2,787 5,643 1,858 33,306 2,038 1,971 63,660 1,655 1,357 132,457 180,904 132,457 180,904 Analysls by fund Unrestricted funds Restricted funds 128,392 4,065 118,560 62,344 132,457 180,904 Forth¥ year ended 31 Mar¢h 2023 Unrestricted funds R8strlcted funds 118.560 62,344 180,904 The Gost of the examination for the year is £2,090. Trustees None of the Trustees (or any persons connected wlth them) rèceived any remuneratlon during the year. nor for the year ended 31 March 2023. No trustees were reimbursed Iravelling expenses durfng ihe ygar, nor for the yèar ended 31 March 2023. 11
CAMBRIAN HERITAGE RAILWAYS LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Employèes The average monthly number of employees during the year was: 2024 Number 2023 Number Total There were no employees whose annual remuneration was more than £60.000. 10 Taxation The charity is exempt from corporation tax on its charitabl8 aclivtties. 11 Tanglble fixèd assèts Land and bulldlngs Plant and ma¢hln•ry Comput•rs Total Cost At 1 April 2023 Additions 152,337 139,163 27,083 957 304 292,457 27,387 At 31 March 2024 152.337 166,246 1,261 319,844 Depreclatlon and lrnpalnnent At 1 April 2023 D8preciation charged in the year 31,610 9.090 461 264 32,071 9,354 At 31 March 2024 40.700 725 41,425 Carrylng amount Al 31 March 2024 152,337 125.546 536 278,419 At 31 March 2023 152,337 107.552 496 260,385 Includad in cost or valuation of tangible fixed assets is freehold land of £4,108. 12 Stocks 2024 2023 Finished goods and goods for resal8 11.225 9.077 12-
CAMBRIAN HERITAGE RAILWAYS LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 13 Debtors 2024 2023 Amounts tslling due within one year: 0th8rdebtors Prepayments and accrued income 7,154 3,599 1.750 2.979 10,753 4,729 14 Loans and overdrafts 2024 2023 Bank loans Loans from related parties 8,974 49,061 12,955 45,000 58,035 57,955 Payable within one year Payable after one year 53,143 4,892 48.882 9,073 No security has been offered for the borrowings. Th8 loan from related parties relates to a loan received from Cambrian Railways Trust. a charity that has Trustees in common wlth Cambrian Heritage Railway. The loan is repayable upon demand and carries no interest charge. 15 Creditors: arnounts falllng due wlthin one year 2024 2023 Notes Bank loans other borrowings Trade creditors Other creditors Accruals and deferred income 14 4.082 49.061 11 15,209 1,825 3,882 45,000 10.066 1,607 2.090 70.188 62,645 16 Creditors: amounts falllng due after more than one year 2024 2023 Notes Bank loans Other creditors 14 4,892 24,400 9.073 26,400 29,292 35,473 13-
CAMBRIAN HERITAGE RAILWAYS LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 17 Restrlctsd funds The incomè funds of the charity include restricted funds comprising lh8 following unexpended balanS of donations and grants held on trust for specific purposes- Movément in fundg In¢oming Resources Balanc• at resources •xp•ndod 1 April 2023 Movement In fund$ Incoming Resour¢e$ Balance at resourc oxpondod 31 Mar¢h 2024 Balincè at 1 Aprll 2022 Community Orchard Weston Line 08 Fund Norma NRM Coach Community Rall 5.341 173.909 6.295 195 3,613 1.217 (5,436) (1,903) (214) 1,122 172,006 6.081 195 3,072 683 {1,805) {1,436} 1203) 170,570 5.878 195 2,451 {541) {621) 10,000 54.250 {54.250) 10,000 10,000 199,353 55.467 {62,344) 192,476 683 (4.065) 189,094 Community Orchard fund The incoming resources in this fund are to be used to create. plant and maintain an orchard within the grounds maintained by Cambrian Heritage Railways. Weston Line The incoming r8sources in this fund ar8 to b8 used extending the line through Gas Works Brldge to Weston Wharf. 08 Fund The resources in this fund are used to purchase, bring into use and msintain the 08 Loco. Nomia The resources in this fund are restricted for use on the Nomia engine. Lottery This funding was to support the charity during the Covid restrictions. NRM Coach This fund reprosènts the donation of a coach from thè National Railway Museum. Community Rall This fund represents funds rasised and expensed in relation to th8 Community R8il projed. 14-
CAMBRIAN HERITAGE RAILWAYS LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 18 Analysis of net assets betwoen funds Unrostrlcted Rostricted 2024 2024 Total Unrestrictod Restrictod 2024 2023 2023 Totsl 2023 Fund balances at 31 Mar¢h 2024 are represented by.. Tangible assets Current assetsl{Ilab111ti8s) Long term liabilities 100,914 17.273 (29.292) 177,505 11.589 278,419 28.862 {29,292} 80,620 39,970 {35,473} 179,765 12,711 260,385 52,681 {35.473) 88.895 189,094 277,989 85,117 192,476 277,593 19 Related party transactions Included within creditors du8 within on6 year is a loan of £45,000 which was received from Cambrian Railways Twst, a charity that has Trustees in common with Cambrian Heritage Railways. The building at W8ston Wharf is being built on land owned by Cambrian Railway Soci8ty, a charity that has Trustees in common with Cambrian Hèritage Railways. There is a memorandum of understanding in place between the charities that they wlll work towards common goals. As such, Cambrian Heritage Railways uses the land with no rent being chargeable. During the prior year an Engine was purchased at open market value for £30,000. One of the owners of the Engine was a trustee of the Charity whilst negotiations to purchase the Engine were Undeay, the Truste6 did not seek re-election at the AGM and is no longer a trustee of the Charity. Included within debtors due within one year is an amount of £1,750 owing from Carnbrian Railways Trust, a charity that has Twstees in commone wlth Cambrian Heritage Railways. 15-