Registered No 1151841
The Bala Lake Railway Trust Report and Accounts of the Trustees for the Year ended 30 April 2024
Thanks to Major Supporters, Donors and Grant Funders
SHCOSMITHS)
Registered No 1151841
The Bala Lake Railway Trust Trustees Report for the Year ended 30 April 2024
The Trustees present their Report for the year from 1 May 2023 to 30 April 2024.
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 resigned 3 May 2024 | |
| Steve Valentine | appointed | 4 July 2018 resigned 22 May 2024 |
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 also to establish facilities for the sustainable safe keeping and exhibition of the artefacts whilst providing 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 meters into Bala Town itself
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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.
In March we resubmitted the planning application and it is expected to be heard later this year and local support has been exceptional.
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.
Fundraising
Total donations excluding grants for the year amounted to £73,026 (2023, £32,139). 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 and consultants whose time commitments and donated services are estimated to be approximately £60,000 (2023 £80,000) for the year.
In Nov 2017, a sponsorship scheme was launched to help raise funds for the Red Dragon appeal. This appeal is now closed to new donors and has raised a total of £83,890 of which £800 remains due for payment at the year end and costs of benefits are estimated at £2,000.
In March, NUCLEAR Restoration Services (NRS), formerly Magnox, awarded the Trust a grant of £36,725 to assist with the additional planning fees needed for the resubmission. Once the final accounts have been received from the consultants, the grant will be claimed and accounted for in the 2025 accounts.
The analysis of specific restricted funds is detailed in Note 2 on Page 6.
Costs
Expenditure for the year amounted to £84,761 (2023 £235,468) of which £752 (2022 £669) relates to general expenditure. Other costs related to fundraising, including a new website, totalled £2,756 (2023 £1,172). Donations made to Bala Lake Railway Ltd for the Red Dragon Project planning application costs were £81,252 (2023 £233,345).
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 Caulmert Ltd Structural Engineers.
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Future Activities
The Trustees are continuing to work hard to secure planning, engage with local residents and the railway fraternity, to ensure we have both financial and local support whilst we raise funds to progress this.
Approved by the Trustees on 8[th] August 2024 and signed on their behalf by
Julian Birley Chairman
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The Bala Lake Railway Trust Accounts for year ending 30 April 2024
| Income and Expenditure Accounts | Income and Expenditure Accounts | Income and Expenditure Accounts | ||||||
|---|---|---|---|---|---|---|---|---|
| 2024 | 2023 | |||||||
| Income | ||||||||
| Donations | General | £2,049.01 | ||||||
| Gift Aided donations | General | £0.00 | ||||||
| Donations(Restricted) | Red Dragon | £63,824.96 | £30,920.03 | |||||
| Gift Aided donations(Restricted) | Red Dragon | £6,173.60 | £740.00 | |||||
| Gift Aid reclaim | £978.24 | £479.04 | ||||||
| Grants | £77,000.00 | |||||||
| Loan | ||||||||
| Bank Interest | £2,260.08 | £1,515.11 | ||||||
| Total Income | £75,285.89 | £110,654.18 | ||||||
| Expenditure | ||||||||
| Red Dragon donations to BLR(Restricted) | £81,252.36 | £233,345.00 | ||||||
| Fundraisingcosts(Restricted) | £2,756.00 | £1,171.50 | ||||||
| General expenses | £660.00 | £669.00 | ||||||
| Bank charges | £92.40 | |||||||
| Donations from donated funds | ||||||||
| Land acquistion costs | £282.60 | |||||||
| Landpurchases | ||||||||
| Total Expenditure | £84,760.76 | £235,468.10 | ||||||
| Net income foryear | -£9,474.87 | -£124,813.92 | ||||||
| plus b/fwdprevyear | £149,694.13 | £274,508.05 | ||||||
| Excess to Reserves | £140,219.26 | £149,694.13 | ||||||
| Represented by Totalfunds | ||||||||
| Cash in hand | 0 | £0.00 | ||||||
| Bank Current Account | 11,055 | |||||||
| Gold Account | 140219.26 | 138,639 | ||||||
| 140219.26 | 149,694 | |||||||
| 2024 | 2023 | |||||||
| General funds b/fwd | £33,699 | £34,368 | ||||||
| net income(expenditure) | £3,557 | -£669 | ||||||
| General funds c/fwd | £37,256 | £33,699 | ||||||
| Restricted funds b/fwd | £115,995 | £240,140 | ||||||
| net income(expenditure) | -£13,032 | -£124,145 | ||||||
| Restricted funds c/fwd | £102,963 | £115,995 | ||||||
| Totalfunds atyear end | £140,219 | £149,694 |
The notes on page 6 form part of these accounts.
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The Bala Lake Railway Trust Statement of Assets and Liabilities as at 30 April 2024
| General | Restricted | 2024 | 2023 | ||
|---|---|---|---|---|---|
| Notes | funds | funds | Total | ||
| Monetary assets | |||||
| Cash | Nil | Nil | Nil | Nil | |
| Bank deposit a/c | 2,3 | £36,863 | £102,963 | £139,826 | £138,639 |
| Bank current a/c | 2.3 | £393 | £0 | £393 | £11,055 |
| £37,256 | £ £102,963 | £ £140,219 | £149,694 |
Gift aid due for repayment as at 30 April 2024 amounted to £1,532 (2023 £170) Insurance costs in respect of Trustee Liability are paid for by the Bala Lake Railway.
The following commitments to planning fees were unpaid at the year-end but have been settled at the time of signing the accounts.
Caulmert fees £4,935
The following other contingent liabilities at the year-end were: Balance of funds for payment of land £34,650 Balance of funds for payment of warehouse £70,000
See Note 4 £104,650 (2023 £104,650)
Bala Lake Railway - £50,000 commitment to the flood defences work to be paid once planning has been approved and funding for the construction secured.
Land Assets at 30 April 2024 were valued at cost paid to date £146,560 (2023 £146,560) being land and railway assets such as track etc.
During the year the Trust acquired, at no cost, the director’s saloon of 1896 which was displayed behind the unique locomotive Fire Queen of 1848. This went on public display on 3 May at the Vale of Rheidol Railway’s new museum who have given it a home for the foreseeable future to ensure its future is safe and secure. The director’s saloon is valued at £300,000.
The notes on page 6 form part of these accounts.
These financial statements were approved by the Trustees on 8[th] August 2024
Julian Birley Chairman
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The Bala Lake Railway Trust Notes to the Accounts for year ending 30 April 2024
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 £37,256 (2023: £33,699).
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.
5. Related Party transactions
The commitment of £50,000 (see page 5) is noted as a related party transaction because Julian Birley is also a director of the Bala Lake Railway Limited. There were no other connected third-party transactions during the year.
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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
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CHARITY COMMISSION FOR ENGLAND AND WALES Independent examiner's report on the accounts Section A Independent Examiner's Report Report to the truste members of Charity Name Bala Lake Railway Trust On accounts for the year ended 30 April 2024 Charlty no (if any) 1151841 Set out on pages 1to7 I report to the trustees on my examination of the accounts of the above charity (Ihe Trust.) for the year ended 3010412024. Responslbilities and As the charity trustees of the Trust, you are responsible for the preparation basis of report of the accounts in accordan with the requirements of the Charities Act 2011 {'Ihe Acf). I report in respect of my examination of the Trust's accounts carried out under section 145 of the 2011 Act and in G2rrying out my examination, I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. I have completed my examination. I confimi 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: accounting records were not kept in accordance with section 130 of the Act or the accounts do not accord with the accounting records Independent examlnerfs statement I have no concems and have come across no other matters in connection with the examination to which attention should be drawn in order to enable a proper understanding of the accounts to be reached. Signed: Dat•: 201 Name.. S J Tweedle Relevant professional quallflcation{s) or body (if any): Bsc, FCA, DChA Address: W R Partners Chartered Accountants Belmont House, Shrewsbury, SY2 6LG Disclosure Section B Only complete if the examiner needs to highlight matters of concem (see CC32, Independent examination of charity accounts: dlrections and guidance for examiners}.
Glve here brlef details of any items that the examiner wishes to disclose. N/a