**Charity registration number 1139786 (England and Wales) Company registration number 06999964**
## **CAMBRIAN HERITAGE RAILWAYS LIMITED**
# **ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025**
## **CAMBRIAN HERITAGE RAILWAYS LIMITED**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
|**Trustees**|Mrs J Pickstock|
|---|---|
||Mr R Williams|
||Mr P Bradley|
||Mr A Rudd|
||Mr P McCracken|
||Mr A Green|
||Mr M Boland|
||Mr D Davies|
|**Charity number (England and Wales)**|1139786|
|**Company number**|06999964|
|**Registered office**|Old Station Building|
||Oswald Road|
||Oswestry|
||Shropshire|
||SY11 1RE|
|**Independent examiner**|Border Accountants Ltd|
||5 Lower Brook Street|
||Oswestry|
||Shropshire|
||SY11 2HG|
## **CAMBRIAN HERITAGE RAILWAYS LIMITED**
## **CONTENTS**
||**Page**|
|---|---|
|Trustees' report|1 - 2|
|Independent examiner's report|3|
|Statement of financial activities|4|
|Balance sheet|5|
|Notes to the financial statements|6 - 15|
## **CAMBRIAN HERITAGE RAILWAYS LIMITED**
## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)** _**FOR THE YEAR ENDED 31 MARCH 2025**_
The trustees present their annual report and financial statements for the year ended 31 March 2025.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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)".
## **Objectives and activities**
The charity's objectives are:
- The preservation, operation, restoration, maintenance and protection of such of the structures, buildings, plant, locomotives, rolling stock, railway track and equipment on or adjacent to or connected with the railway lines between Gobowen and Llanymynech and beyond and Llynclys Junction and Llanddu and beyond as are of historic, cultural, architectural, constructional or scientific interest.
- The advancement of the education of the public in the history and heritage of the railway by such means as the trustees may determine.
- The provision of transport facilities in Oswestry and its hinterland for people who have special need of such facilities because they are elderly, poor or disabled, people with young children or those living 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.
## _Public benefit_
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
## **Achievements and performance**
## _Significant activities and achievements against objectives_
During 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 requirements of the charity in light of the additional works being undertaken.
## _Reserves policy_
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.
## **Structure, governance and management**
The charity is a company limited by guarantee.
- 1 -
## **CAMBRIAN HERITAGE RAILWAYS LIMITED**
## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2025**_
The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
Mrs J Pickstock Mr R Williams Mr P Bradley Mr D Jones (Resigned 9 November 2024) Mr A Rudd Mr P McCracken Mr A Green Mr M Boland Mr D Davies
## _Recruitment and appointment of trustees_
People who are interested in the cause are recruited by word of mouth or through other trustees. Their interest in the charity is discussed with them and existing trustees, resulting in appointment if deemed suitable.
None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.
The trustees' report was approved by the Board of Trustees.
.............................. Mrs J Pickstock
## **Trustee**
Date: .............................................
- 2 -
## **CAMBRIAN HERITAGE RAILWAYS LIMITED**
## **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF CAMBRIAN HERITAGE RAILWAYS LIMITED**
I report to the trustees on my examination of the financial statements of Cambrian Heritage Railways Limited (the charity) for the year ended 31 March 2025.
## **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.
Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the Companies Act 2006 and are eligible for independent examination, I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.
## **Independent examiner's statement**
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
- 1 accounting records were not kept in respect of the charity as required by section 386 of the Companies Act 2006.
- 2 the financial statements do not accord with those records; or
- 3 the financial statements do not comply with the accounting requirements of section 396 of the Companies Act 2006 other than any requirement that the financial statements give a true and fair view, which is not a matter considered as part of an independent examination; or
- 4 the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
## **Border Accountants Ltd**
5 Lower Brook Street Oswestry Shropshire SY11 2HG Date: ............................
- 3 -
## **CAMBRIAN HERITAGE RAILWAYS LIMITED**
## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT**
## _**FOR THE YEAR ENDED 31 MARCH 2025**_
|**Unrestricted**
**Restricted**
**funds**
**funds**
**2025**
**2025**
**Notes**
**£**
**£**
**Income from:**
Donations and legacies
**3**
74,694
9,729
Charitable activities
**4**
15,595
-
Investments
**5**
966
-
**Total income**
91,255
9,729
**Expenditure on:**
Raising funds
**6**
9,033
-
Charitable activities
**7**
93,401
3,075
**Total expenditure**
102,434
3,075
**Net income/(expenditure) and**
**movement in funds**
(11,179)
6,654
**Reconciliation of funds:**
Fund balances at 1 April 2024
98,895
179,094
**Fund balances at 31 March**
**2025**
87,716
185,748|**Total**
**Unrestricted**
**Restricted**
**funds**
**funds**
**2025**
**2024**
**2024**
**£**
**£**
**£**
84,423
127,614
683
15,595
15,331
-
966
878
-
100,984
143,823
683
9,033
11,653
-
96,476
128,392
4,065
105,509
140,045
4,065
(4,525)
3,778
(3,382)
277,989
95,117
182,476
273,464
98,895
179,094|**Total**
**2024**
**£**
128,297
15,331
878|
|---|---|---|
|||144,506|
|||11,653
132,457|
|||144,110|
|||396
277,593|
|||277,989|
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
- 4 -
## **CAMBRIAN HERITAGE RAILWAYS LIMITED**
## **BALANCE SHEET**
## _**AS AT 31 MARCH 2025**_
|**Notes**
**Fixed assets**
Tangible assets
**12**
**Current assets**
Stocks
**13**
Debtors
**14**
Cash at bank and in hand
**Creditors: amounts falling due within**
**one year**
**16**
**Net current assets**
**Total assets less current liabilities**
**Creditors: amounts falling due after**
**more than one year**
**17**
**Net assets**
**The funds of the charity**
Restricted income funds
**18**
Unrestricted funds
**19**|**2025**
**£**
9,472
4,133
65,993
79,598
(73,715)|**£**
274,539
5,883
280,422
(6,958)
273,464
185,748
87,716
273,464|**2024**
**£**
11,225
10,753
77,072
99,050
(70,188)|**£**
278,419
28,862
307,281
(29,292)
277,989
179,094
98,895
277,989|
|---|---|---|---|---|
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 March 2025.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the trustees on .........................
..............................
Mrs J Pickstock **Trustee**
Company registration number 06999964 (England and Wales)
- 5 -
## **CAMBRIAN HERITAGE RAILWAYS LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 MARCH 2025**_
## **1 Accounting policies**
## **Charity information**
Cambrian Heritage Railways Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Old Station Building, Oswald Road, Oswestry, Shropshire, SY11 1RE.
## **1.1 Accounting convention**
The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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)". The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities not to prepare a statement of cash flows.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
## **1.2 Going concern**
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
## **1.3 Charitable funds**
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
## **1.4 Income**
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
- 6 -
## **CAMBRIAN HERITAGE RAILWAYS LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2025**_
## **1 Accounting policies**
**(Continued)**
## **1.5 Expenditure**
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.
Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
## **1.6 Tangible fixed assets**
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings None Plant and equipment 15% reducing balance Computers 33% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
## **1.7 Impairment of fixed assets**
At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
## **1.8 Stocks**
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct 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 is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.
## **1.9 Cash and cash equivalents**
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
- 7 -
## **CAMBRIAN HERITAGE RAILWAYS LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2025**_
## **1 Accounting policies**
## **(Continued)**
## **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 charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
## _**Basic financial assets**_
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
## _**Basic financial liabilities**_
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
## _**Derecognition of financial liabilities**_
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
## **1.11 Employee benefits**
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
## **2 Critical accounting estimates and judgements**
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
- 8 -
## **CAMBRIAN HERITAGE RAILWAYS LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2025**_
## **3 Income from donations and legacies**
||**Unrestricted**|**Restricted**|**Total**|**Unrestricted**|**Restricted**|**Total**|
|---|---|---|---|---|---|---|
||**funds**|**funds**||**funds**|**funds**||
||**2025**|**2025**|**2025**|**2024**|**2024**|**2024**|
||**£**|**£**|**£**|**£**|**£**|**£**|
|Donations and gifts|74,694|9,729|84,423|127,614|683|128,297|
## **4 Income from charitable activities**
||**Unrestricted**|**Unrestricted**|
|---|---|---|
||**funds**|**funds**|
||**2025**|**2024**|
||**£**|**£**|
|**Charitable activities**|||
|Fundraising|8,384|9,526|
|Membership fees|2,876|3,155|
|Charitable rental income|1,975|-|
|Other income|2,360|2,650|
||15,595|15,331|
## **5 Income from investments**
|||**Unrestricted**|**Unrestricted**|
|---|---|---|---|
|||**funds**|**funds**|
|||**2025**|**2024**|
|||**£**|**£**|
||Interest receivable|966|878|
|**6**|**Expenditure on raising funds**|||
|||**Unrestricted**|**Unrestricted**|
|||**funds**|**funds**|
|||**2025**|**2024**|
|||**£**|**£**|
||**Trading costs**|||
||Other trading activities|9,033|11,653|
- 9 -
## **CAMBRIAN HERITAGE RAILWAYS LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2025**_
## **7 Expenditure on charitable activities**
|||**Restoration**|**Restoration**|
|---|---|---|---|
|||**2025**|**2024**|
|||**£**|**£**|
||**Direct costs**|||
||Depreciation and impairment|13,480|9,354|
||Rent|999|1,001|
||Operational costs|40,379|48,910|
||Insurance|8,439|11,429|
||Light and heat|8,293|7,081|
||Rates|1,451|609|
||Postage and stationery|2,223|3,503|
||Advertising|4,448|6,933|
||Legal|1,772|-|
||Repairs and renewals|5,045|33,850|
||Accountancy|2,036|2,787|
||Sundries|6,065|5,643|
||Other charitable expenditure|1,846|1,357|
|||96,476|132,457|
||**Analysis by fund**|||
||Unrestricted funds|93,401|128,392|
||Restricted funds|3,075|4,065|
|||96,476|132,457|
|**8**|**Net movement in funds**|**2025**|**2024**|
|||**£**|**£**|
||The net movement in funds is stated after charging/(crediting):|||
||Fees payable for the independent examination of the charity's financial|||
||statements|1,750|1,750|
||Depreciation of owned tangible fixed assets|13,479|9,354|
## **9 Trustees**
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
## **10 Employees**
The average monthly number of employees during the year was:
||**2025**|**2024**|
|---|---|---|
||**Number**|**Number**|
|Total|-|-|
There were no employees whose annual remuneration was more than £60,000.
- 10 -
## **CAMBRIAN HERITAGE RAILWAYS LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2025**_
## **11 Taxation**
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
## **12 Tangible fixed assets**
|**Freehold land**
**and buildings**
**Plant and**
**equipment**
**£**
**£**
**Cost**
At 1 April 2024
152,337
166,246
Additions
-
9,599
At 31 March 2025
152,337
175,845
**Depreciation and impairment**
At 1 April 2024
-
40,700
Depreciation charged in the year
-
13,302
At 31 March 2025
-
54,002
**Carrying amount**
At 31 March 2025
152,337
121,843
At 31 March 2024
152,337
125,546
**13**
**Stocks**
Finished goods and goods for resale
**14**
**Debtors**
**Amounts falling due within one year:**
Other debtors
Prepayments and accrued income|**Computers**
**£**
1,261
-
1,261
725
177
902
359
536
**2025**
**£**
9,472
**2025**
**£**
-
4,133
4,133|**Total**
**£**
319,844
9,599|
|---|---|---|
|||329,443|
|||41,425
13,479|
|||54,904|
|||274,539|
|||278,419|
|||**2024**
**£**
11,225|
|||**2024**
**£**
7,154
3,599|
|||10,753|
- 11 -
## **CAMBRIAN HERITAGE RAILWAYS LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 MARCH 2025**_
|**15**
**Loans and overdrafts**
Bank loans
Loans from related parties
Payable within one year
Payable after one year
**16**
**Creditors: amounts falling due within one year**
**Notes**
Bank loans
**15**
Other borrowings
Other taxation and social security
Trade creditors
Other creditors
Accruals and deferred income
**17**
**Creditors: amounts falling due after more than one year**
**Notes**
Bank loans
**15**
Other creditors|**2025**
**£**
4,893
64,961
69,854
69,146
708
**2025**
**£**
4,185
64,961
918
1,826
-
1,825
73,715
**2025**
**£**
708
6,250
6,958|**2024**
**£**
8,974
49,061|
|---|---|---|
|||58,035|
|||53,143
4,892|
|||**2024**
**£**
4,082
49,061
-
11
15,209
1,825|
|||70,188|
|||**2024**
**£**
4,892
24,400|
|||29,292|
- 12 -
## **CAMBRIAN HERITAGE RAILWAYS LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2025**_
## **18 Restricted funds**
The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.
||**At 1 April**|**Incoming**|**Resources**|**At 31 March**|
|---|---|---|---|---|
||**2024**|**resources**|**expended**|**2025**|
||**£**|**£**|**£**|**£**|
|Community Orchard|-|1,256|(1,256)|-|
|Weston Line|170,570|-|(1,177)|169,393|
|08 Fund|5,878|-|(251)|5,627|
|Norma|195|-|-|195|
|NRM Coach|2,451|-|(391)|2,060|
|Weston playpark|-|8,473|-|8,473|
||179,094|9,729|(3,075)|185,748|
|**Previous year:**|**At 1 April**|**Incoming**|**Resources**|**At 31 March**|
||**2023**|**resources**|**expended**|**2024**|
||**£**|**£**|**£**|**£**|
|Community Orchard|1,122|683|(1,805)|-|
|Weston Line|172,006|-|(1,436)|170,570|
|08 Fund|6,081|-|(203)|5,878|
|Norma|195|-|-|195|
|NRM Coach|3,072|-|(621)|2,451|
||182,476|683|(4,065)|179,094|
## **Community Orchard**
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 resources in this fund are to be used on the extended line through Gas Works Bridge to Weston Wharf.
## **08 Fund**
The resources in this fund are restricted for use on the Norma engine.
## **NRM Coach**
This fund represents the donation of a coach from the National Railway Museum.
## **Weston Playpark**
This represents a grant raised to build a playpark at Weston.
- 13 -
## **CAMBRIAN HERITAGE RAILWAYS LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2025**_
## **19 Unrestricted funds**
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
||**At 1 April**|**Incoming**|**Resources**|**At 31 March**|
|---|---|---|---|---|
||**2024**|**resources**|**expended**|**2025**|
||**£**|**£**|**£**|**£**|
|General funds|98,895|91,255|(102,434)|87,716|
|**Previous year:**|**At 1 April**|**Incoming**|**Resources**|**At 31 March**|
||**2023**|**resources**|**expended**|**2024**|
||**£**|**£**|**£**|**£**|
|General funds|95,117|143,823|(140,045)|98,895|
|**Analysis of net assets between funds**|||||
|||**Unrestricted**|**Restricted**|**Total**|
|||**funds**|**funds**||
|||**2025**|**2025**|**2025**|
|||**£**|**£**|**£**|
|**At 31 March 2025:**|||||
|Tangible assets||88,986|185,553|274,539|
|Current assets/(liabilities)||5,688|195|5,883|
|Long term liabilities||(6,958)|-|(6,958)|
|||87,716|185,748|273,464|
|||**Unrestricted**|**Restricted**|**Total**|
|||**funds**|**funds**||
|||**2024**|**2024**|**2024**|
|||**£**|**£**|**£**|
|**At 31 March 2024:**|||||
|Tangible assets||100,914|177,505|278,419|
|Current assets/(liabilities)||27,273|1,589|28,862|
|Long term liabilities||(29,292)|-|(29,292)|
|||98,895|179,094|277,989|
## **20 Analysis of net assets between funds**
## **21 Related party transactions**
There were no disclosable related party transactions during the year (2024 - none).
- 14 -
## **CAMBRIAN HERITAGE RAILWAYS LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 MARCH 2025**_
## **21 Related party transactions**
**(Continued)**
Included within creditors due within one year is a loan of £45,000 which was received from Cambrian Railways Trust, a charity that has Trustees in common with Cambrian Heritage Railways.
The building at Weston Wharf is being built on land owned by Cambrian Railway Society, a charity that has Trustees in common with Cambrian Heritage Railways. There is a memorandum of understanding in place between the charities that they will work towards common goals. As such, Cambrian Heritage Railways uses the land with no rent being charged.
Included within debtors due within one year is an amount of £1,750 owing from Cambrian Railways Trust, a charity that has Trustees in common with Cambrian Heritage Railways.
Included within creditors are amounts due to members in relation to the purchases of equipment in the sum of £18,500.
- 15 -