Registered No 1151841
## **The Bala Lake Railway Trust** _**Report and Accounts of the Trustees for the Year ended 30 April 2021**_
Visitors in June 2021 walking the proposed extension.
Registered No 1151841
## **The Bala Lake Railway Trust Trustees Report for the Year ended 30 April 2021**
The Trustees present their Report for the year from 1 May 2020 to 30 April 2021.
## **Reference and administrative information**
The Bala Lake Railway Trust (‘the Trust’) was formed on 12 February 2013 and was registered on 30 April 2013 with the Charity Commission – Charity No: 1151841
The Trustees are as follows:
Julian Birley Chairman appointed 12 February 2013 Christina Kennedy appointed 4 April 2013 Toby Watkins appointed 4 April 2013 Roger Hine appointed 12 February 2013 resigned 4 April 2013 Reappointed 4 Dec 2014 Steve Davies appointed 10 July 2017 Steve Valentine appointed 4 July 2018
The Trustees were chosen for their specific expertise in railway and heritage preservation, and business experience.
## **Structure, governance and management**
The management and duties of the Trustees are set out in the Trust Deed, which is filed with the Charity Commission. The Trustees have complied with the requirement to hold at least two meetings a year, which can be electronic. The Trustees have appointed Christina Kennedy as Secretary to undertake the administrative management and Roger Hine to undertake the day-to-day financial management of the Trust.
The Trustees will consider the appointment of further Trustees, or the replacement of Trustees as the need arises.
## **Objectives.**
The objectives of the Trust as defined in the Trust Deed, are to advance education and learning and to promote public benefit through the preservation, restoration, maintenance and exhibition of steam railway locomotives and other railway artefacts, establishing facilities for the safe-keeping and exhibition of them and the provision of information and education about the history of such locomotives and other railway artefacts directly associated with the slate industry of North Wales and in particular those regions of Dinorwic and Penrhyn. It is to establish facilities for the sustainable safe keeping and exhibition of them and the provision of information for education and learning about the history of such locomotives, rolling stock and associated artefacts of the slate industry.
## **Overview**
The main activity during the year has continued to be based around Prosiect y Ddraig Goch, (The Red Dragon Project) which is a scheme to realise the dream of The Bala Lake Railway to extend the line from its current remote northern terminus at Penybont, 1200 metres into Bala Town itself arriving at a new station close to the town centre. This will provide public benefit not only to the surrounding communities but also to visitors to the railway and the local area.
1
Registered No 1151841
During the year we have continued to build closer links with the local community and support for the extension of the railway into the town of Bala has been unprecedented. The Trustees have continued their negotiations to secure land to enable the line extension to access the proposed station in the town. In addition, the Trustees have been working very closely with Natural Resources Wales to include the formation for the railway during their forthcoming scheme to upgrade the flood defences along Llyn Tegid.
The Trustees have regard to the public benefit regulations and are aware that, as the project is still in development stages, with planning and other statutory permissions required, there is limited general public benefit derived from the project at present. However, the publicity arising from the project and the Trust’s working relationship with the local community, Bala Lake Railway and Natural Resources Wales are helping to create local benefit through growing community support for the longer-term outcome of the project. Furthermore, over the weekend of 12th and 13th June 2021 for the first time in 56 years, locals experienced the sight and sound of a steam locomotive in the town of Bala as the railway celebrated the progress of the extension with the Bala ReRailed event at which the name board for the new Bala station was unveiled.
Quarry Hunslet "Winifred", built in 1885 to work at the Penrhyn Quarry’s harbour near Bangor, ran along a demonstration line that had been constructed on the site of the new Bala Town station so locals could see the benefits to Bala town and experience the heritage aspects of the railway.
## _Fundraising_
Total donations excluding grants for the year amounted to £150,782 (2020, £127,781). Funds have continued to benefit from appeals through the railway press and at railway events and donations of services. Our thanks go to all who have contributed, and we look forward to their continued support, including volunteers whose time commitments and donated services are estimated to be approximately £100,000 (2020 £150,000) for the year.
In Nov 2017, a sponsorship scheme was launched to help raise funds for the Red Dragon appeal. Details of the scheme can be found on the website. At the year end this had raised in total £84,000 of which £71,000 had been received and future committed donations to the sponsorship scheme amount to £13,000.
The analysis of specific restricted funds is detailed in Note 2 on Page 5.
2
Registered No 1151841
## _Costs_
Expenditure for the year amounted to £102,993 (2020 £67,732) of which only £97 (2020 £676) relates to general expenditure. Other costs related to fundraising costs of £1,090 and donations to Bala Lake Railway Ltd for the Red Dragon Project planning application costs of £101,805.
So many people have kindly donated their time and services to enable the project to progress and have helped keep our costs to date to a minimum. Our continued thanks go to all those who are providing this valuable support, and in particular to our solicitor Lisa Williams and surveyor Roland Doyle.
## **Future Activities**
On the 19th May 2021 Natural Resources Wales (NRW) was granted planning permission by Snowdonia National Park Authority to upgrade the flood defences around the town of Bala. NRW have been a great support to the railway, agreeing to design and incorporate the additional civil engineering required for the railway to be laid on top of the defences along the north shore of the lake.
As a result of a successful fund-raising campaign in February, the Trust will enter into an agreement with NRW to pay for the additional engineering work. This work will cover nearly a third of the whole route and the Trust wishes to express its deep gratitude to NRW.
With planning permission now granted for NRW, the Trust will imminently be submitting the application for planning permission for the full 1,200m of the extension.
The major focus of the Trustees continues to be securing land for the development of the project and the submission of grant applications to facilitate this.
## **Covid Pandemic Impact**
At the time of signing these accounts the trustees have not recorded any major financial impact from the pandemic. Donations have continued to be made by individuals to the project. Although we expected some shortfall in donations income during 2020/2021 because of the closure of the railway to the public restricting one-off donations made at the station, our appeals were very well supported by individuals.
The trustees are continuing to pursue grants to facilitate the project so there should be very little financial impact to the future of the project arising from the pandemic.
Approved by the Trustees and signed on their behalf by
Julian Birley Chairman
12/11/2021
3
Registered No 1151841
## **The Bala Lake Railway Trust Accounts for year ending 30 April 2021**
|
**_Income and Expenditure Accounts_**|
**_Income and Expenditure Accounts_**|
**_Income and Expenditure Accounts_**|
**_Income and Expenditure Accounts_**||||||
|---|---|---|---|---|---|---|---|---|
|||||**2021**|||**2020**||
|**_Income_**|||||||||
||||||||||
|Donations||General||£219.25|||£330.45||
|Gift Aided donations||General|||||£129.00||
|Donations||Red Dragon||£126,604.27|||£121,667.45||
|Gift Aided donations||Red Dragon||£17,398.83|||£4,770.35||
|Gift Aid reclaim||||£6,559.25|||£884.17||
|Grants|||||||£0.00||
|Loan|||||||£0.00||
|Bank Interest||||£15.24|||£280.48||
|**Total Income**||||£150,796.84|||£128,061.90||
||||||||||
||||||||||
|**_Expenditure_**|||||||||
|Red Dragon donations||||£101,805.24|||£26,531.50||
|fundraisingcosts||||£1,090.45|||||
|General expenses||||£25.18|||615.63||
|Bank charges||||£72.00|||£60.00||
|Donations from donated funds|||||||£1,554.50||
|Landpurchases|||||||£38,970.00||
|**Total Expenditure**||||£102,992.87|||£67,731.63||
||||||||||
|Net income foryear|||||£47,803.97|||£60,330.27|
|plus b/fwdprevyear|||||£254,947.46|||£194,617.19|
|**_Excess to Reserves_**|||||£302,751.43|||£254,947.46|
||||||||||
||||||||||
|**_Represented by Totalfunds_**|||||||||
|Cash in hand|||||£0.00|||£0.00|
|Bank Current Account|||||£79,658.84|||£4,964.62|
|Gold Account|||||£223,092.59|||£249,982.84|
||||||£302,751.43|||£254,947.46|
||||||||||
||||||**2021**|||**2020**|
|General funds b/fwd|||||£33,522|||£33,458|
|net income(expenditure)|||||£137|||£64|
|General funds c/fwd|||||£33,659|||£33,522|
||||||||||
|Restricted funds b/fwd|||||£221,425|||£161,159|
|net income(expenditure)|||||£47,667|||£60,266|
|Restricted funds c/fwd|||||£269,092|||£221,425|
||||||||||
|**_Totalfunds atyear end_**|||||**_£302,751_**|||**_£254,947_**|
The notes on page 6 form part of these accounts.
4
Registered No 1151841
## **The Bala Lake Railway Trust Statement of Assets and Liabilities as at 30 April 2021**
|**_Notes_**
**Monetary assets**
Cash
Bank deposit a/c
**2,3**
Bank current a/c
**2,3**|**General**
**funds**
**Restricted**
**funds**
**2021**
**Total**
_2020_
Nil
Nil
Nil
_Nil_
Nil
£223092
£223,092_£249,982_
£33,659
£46,000
£79,659
_£4,965_|
|---|---|
||**£33,659**
**£269,092**
**£302,751**_£254,947_|
Gift aid due for repayment as at 30 April 2021 amounted to £69 (2020 £430) Insurance costs in respect of Trustee Liability are paid for by the Bala Lake Railway There were the following unpaid or contingent liabilities at the year-end: Balance of funds for payment of land £34,650 Balance of funds for payment of warehouse £70,000
_______ £104,650 (2020 £104,650)
Estimated costs of benefits to donors to the Red Dragon Sponsorship scheme £2,000 (2020 £1,000)
The notes on page 6 form part of these accounts.
These financial statements were approved by the Trustees on 12/11/ 2021.
**Julian Birley Chairman**
5
Registered No 1151841
## **The Bala Lake Railway Trust Notes to the Accounts for year ending 30 April 2021**
**1 Accounting policies**
The financial statements have been prepared in accordance with section 42(3) of the Charities Act 1993 using the receipts and payments basis.
## **2 Restricted Funds**
These funds have been donated for special purposes, the majority of which relate to the extension of the line to Bala Town (The Red Dragon Project). These funds cannot be used for general purposes without the prior written agreement of the donors.
## **3 General funds and Reserves**
The Trustees have a policy to hold reserves for general use of a minimum of £500, being sufficient to cover general expenditure in the event of an emergency.
Free reserves at the end of the financial year stood at £33,659 (2020: £33,522).
## **4. Land Purchases for Bala Town Station**
The Trust has exchanged contracts for the land and warehouse purchase at Bala, valued at £38,500 and £77,500, subject to the title being registered. Whilst the ownership is secure, this is subject to registration initially by the prior owner’s solicitor and it is hoped this will be completed shortly.
## **5. Connected Third Party payment**
There were no connected third-party payments during the year.
6
Registered No 1151841
## **Contact Addresses**
## _**Chairman**_
Julian Birley e-mail: julian.birley@balalakerailwaytrust.org.uk Tel: 07831 120564
_**Secretary, Governance and Charity Administration**_ Christina Kennedy Allways West Shepton Shepton Mallet Somerset BA4 5UH e-mail: christina.kennedy@balalakerailwaytrust.org.uk Tel: 07710 252155
## _**Financial Administration**_
Roger Hine New Inn, Friog, Fairbourne, Gwynedd, Wales LL38 2NX e-mail: roger.hine@balalakerailwaytrust.org.uk Tel: 07979 914170
_**Website:**_ http://www.thebalalakerailwaytrust.org.uk
7
## **Independent examiner's report on the accounts**
## **Section A Independent Examiner’s Report**
**Report to the trustees/** Charity Name **members of** The Bala Lake Railway Trust **On accounts for the year** 30 April 2021 **Charity no** 1151841 **ended (if any) Set out on pages** 1-7 (remember to include the page numbers of additional sheets)
I report to the trustees on my examination of the accounts of the above charity (“the Trust”) for the year ended 30/04/2021.
**Responsibilities and** As the charity's trustees, you are responsible for the preparation of the **basis of report** accounts in accordance with the requirements of the Charities Act 2011 (“the Act”).
I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
## **Independent examiner's statement**
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination which gives me cause to believe that in, any material respect:
- the accounting records were not kept in accordance with section 130 of the Charities Act; or
- the accounts did not accord with the accounting records; or
- the accounts did not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.
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 accounts to be reached.
* _Please delete the words in the brackets if they do not apply._
**Signed: Date:** 30/11/2021 **Name:** S J Tweedie BSc, FCA, DChA **Relevant professional** Fellow of the Institute of Chartered Accountants in England and Wales **qualification(s) or body (if any): Address:** Belmont House Shrewsbury Business Park, Shrewsbury
**Oct 2018**
1
**IER**
Shropshire SY2 6LG
## **Section B Disclosure**
Only complete if the examiner needs to highlight material matters of concern (see CC32, Independent examination of charity accounts: directions and guidance for examiners).
**Give here brief details of any items that the examiner wishes to disclose** .
**Oct 2018**
2
**IER**